Silver Miners Post Record Q2 Output Despite Volatility
Silver prices fell more than 22 percent in the second quarter of 2026, as high volatility and macroeconomic pressures pulled the metal down from its earlier heights.
However, top miners insulated their balance sheets by turning to production, driving record throughputs and strong operational execution.
Following an explosive first quarter that saw the metal spike to an all-time high of US$121.62 in January, silver spent much of Q2 plunging back to earth. The metal traded in a volatile US$57 to US$89 range before closing June near the US$58 mark.
Spot silver ultimately underperformed gold, dropping 13.3 percent through mid-June compared to gold’s 10.5 percent decline, as markets priced in a 67 percent probability of a Fed rate hike by September.
Institutional analysts subsequently slashed their price targets. ING downgraded its Q3 forecast to US$68 per ounce, while Macquarie expects the metal to remain rangebound before drifting to US$65 by the end of 2027.
Despite the hostile price environment and outlook downgrades, major producers capitalized on ongoing mine expansions and optimized processing circuits, allowing the sector to offset the sharp decline in realized prices through production.
Below is a breakdown of how several major players and explorers fared in Q2.
Aya Gold & Silver hits record throughput and production at Zgounder
Aya Gold & Silver (TSX:AYA,OTCQX:AYASF) posted record consolidated production of 1.68 million silver equivalent ounces for the second quarter, marking a 61 percent year-over-year increase. The company also recorded a 12 percent quarter-over-quarter gain.
The Zgounder silver mine in Morocco anchored the output, generating a record 1.49 million ounces of silver, which represents a 43 percent year-over-year jump. The processing plant averaged a record 3,889 tons per day, supported by 97 percent mill availability and a recovery rate of 91.2 percent.
A temporary crushing contractor mobilized late in the first quarter helped drive the surge. The contractor will remain on site until the company completes a planned crusher expansion at the Zgounder mill.
The company also advanced its Boumadine pyrite reclaiming operation, which produced 187,784 silver equivalent ounces during the quarter following weather-related disruptions earlier in the year.
First Majestic overcomes hurdles, upgrades production guidance
First Majestic Silver (TSX:AG,NYSE:AG) produced 3.8 million ounces of silver and 34,660 ounces of gold in Q2 across its four producing underground mines in Mexico, representing year-over-year increases of 3 percent and 2 percent, respectively.
The company achieved these figures despite facing notable operational disruptions. A rockfall on the main ramp at the Los Gatos Silver Mine temporarily disrupted mining operations and required rehabilitation, while labor negotiations delayed mine haulage at the…
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