Gold Mining Silver

Silver's two spikes, the Hunt brothers' 1980 corner and the 2011 peak, are among the most violent moves in any commodity. Roughly half of demand is industrial, with solar photovoltaics now one of the largest and fastest-growing end markets.

Operating margin for the most recent fiscal year. Primary silver miners run structurally thinner margins than gold producers, and the spread within the group is wide because byproduct credits differ enormously between mines.

Revenue for the most recent fiscal year. Pan American leads by a wide margin, and much of its revenue is actually gold, which is typical of companies labelled as silver miners.

Six years of revenue. MAG Silver is absent because it holds a joint-venture interest in Juanicipio accounted for by the equity method, so it reports no consolidated revenue.

World Silver Survey 2026, Metals Focus. Industrial offtake is the largest slice. Jewelry, silverware, photography and coin-and-bar investment make up the rest. 2026F is the survey's published forecast, labelled as such.

Silver used in solar cells, 2017 to 2026F, from the World Silver Survey. PV silver more than doubled from 2020 to 2024 as installations boomed, then cooled as loadings per watt fell even while installations stayed high.

Total supply minus total demand, million ounces. 2025 was the fifth consecutive deficit, 40.3 Moz, even after a 7% rise in total supply. 2026F is a sixth deficit in the survey's forecast. A deficit is a stock draw, not a price forecast.

USGS estimated 2025 mine production, tonnes of silver content. Mexico remains the largest producer. USGS world mine output is 26,000t in 2025e versus 25,300t in 2024. Country tonnes are metal content, not silver-equivalent ounces.

FY 2025 silver as reported. First Majestic is plotted as silver-equivalent, of which 15.44 Moz was silver. MAG's 44% of Juanicipio has no FY 2025 figure after Pan American closed the acquisition on 4 September 2025. AGEq is not silver.

Attributable silver and gold in thousand ounces. A company labelled silver still produces a lot of gold. 2025 attributable silver rose as gold ounces fell after the Yamana portfolio mix shifted.

Hecla's disclosed silver all-in sustaining cost per ounce, not a gold AISC and not an estimate. 2025 AISC of $11.28/oz is the figure Hecla printed. Other silver names on this roster do not publish a comparable silver AISC, so they are omitted rather than filled in.

Operating cash flow minus capex, USD. Coeur's Rochester expansion is the FCF inflection on this list. MAG is absent because it has no consolidated revenue under equity-method accounting for Juanicipio.