Silver Miners Deliver Record Q2 Earnings as Price | Commodities
Top silver miners across the world delivered a slate of sturdy second quarter earnings reviews as a combination of increased metals costs and manufacturing good points boosted outcomes throughout the sector.The silver price has damaged decisively above the US$35 per ounce stage, rising to ranges not seen in over a decade. Its run has been fueled by a structural provide deficit and sturdy industrial demand.
Analysts additionally observe that silver is lastly starting to catch up with gold — the gold-silver ratio has narrowed from April’s peak of 105 to round 94, signaling the white steel’s relative power. Read on for particulars on Q2 earnings from main silver producers.
Pan American delivers file web earnings
Pan American Silver (TSX:PAAS,NYSE:PAAS) posted file web earnings of US$189.6 million, or US$0.52 per share, for the second quarter, supported by file mine working earnings of US$273.3 million. Revenue got here in at US$811.9 million, whereas silver output reached 5.1 million ounces and gold manufacturing was 178,700 ounces.The firm’s acquisition of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG), which was accredited by shareholders in July, is predicted to close within the second half of the 12 months. Pan American mentioned MAG’s Juanicipio asset ought to carry its silver manufacturing by roughly 35 p.c on an annualized foundation and meaningfully decrease all-in sustaining prices.The company additionally confirmed that it stays engaged in consultations with the native Xinka parliament on the Escobal mine in Guatemala beneath ILO Convention 169 amid pushback concerning the project’s deliberate restart.
First Majestic reviews file income
First Majestic Silver (TSX:AG,NYSE:AG) recorded its strongest quarter thus far, with silver equal manufacturing rising 48 p.c year-on-year to 7.9 million ounces, together with 3.7 million ounces of silver.The company additionally posted file quarterly income of US$264.2 million, almost double the US$136.2 million recorded a 12 months earlier. Average realized silver costs rose to US$34.62 per silver equal ounce, whereas payable gross sales volumes climbed 42 p.c. First Majestic ended the quarter with 424,272 ounces of silver in stock, valued at US$15.3 million (however not acknowledged in quarterly income). The board additionally declared a dividend of US$0.0048 per share.Production good points had been pushed by stronger efficiency on the San Dimas mine in Mexico, the place output rose 9 p.c, and contributions from the Los Gatos three way partnership, additionally in Mexico, which added 1.5 million attributable ounces of silver.
Endeavour Silver expands through Kolpa acquisition
Endeavour Silver (TSX:EDR,NYSE:EXK) reported Q2 silver manufacturing of 1.48 million ounces and gold output of 7,755 ounces, for complete silver equal manufacturing of 2.5 million ounces, up 13 p.c year-on-year. The silver-focused company’s general income rose 46 p.c to US$85.3 million for the period, supported by increased realized costs of US$32.95 per ounce of silver and US$3,320 per ounce of gold.
Furthermore, the company accomplished its acquisition of Minera Kolpa on May 1, funded partially by a US$50 million equity financing. Endeavour additionally mentioned that it has superior commissioning at its Mexico-based Terronera project, which is nearing industrial manufacturing. Milling charges reached up to 2,000 metric tons per day by late July, with silver recoveries averaging 71 p.c and gold recoveries at 67 p.c.
Hecla Mining hits data throughout the board
Hecla Mining (NYSE:HL) reported file quarterly income of US$304 million, a 16 p.c increase from the prior quarter. Net income got here in at US$57.6 million, or US$0.09 per share, whereas adjusted EBITDA reached US$132.5 million. The company mentioned free cashflow additionally reached file ranges.The US- and Canada-focused firm’s silver prices remained low, with money price per ounce after by-product credit at unfavorable US$5.46 and all-in sustaining prices at US$5.19.On the manufacturing facet, milestones had been set at key operations: the Lucky Friday mine (Idaho) established a new milling file of 114,475 metric tons, whereas Greens Creek (Alaska) delivered constructive gold output owing to increased grades.
Silvercorp Metals maintains consistency
Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM) produced 1.8 million ounces of silver in its fiscal first quarter of 2026, together with 2,050 ounces of gold, 15.7 million kilos of lead and 5.2 million kilos of zinc.
Output got here from its Ying Mining District in China’s Henan Province. The firm additionally posted income of US$81.3 million, with income from mine operations standing at US$35.8 million. Silvercorp mentioned that the margins are barely decrease in comparison with the prior 12 months as increased processing volumes elevated prices and royalties in China.The company mentioned though increased royalties and processing bills have offset some advantages of stronger realized costs, it stays profitable and cashflow constructive.
Fresnillo reviews decrease silver output
Fresnillo (LSE:FRES,OTC Pink:FNLPF), one of Mexico’s largest gold and silver producers, reported revenues of US$1.94 billion for the primary half of 2025, up 30 p.c from the identical period in 2024.The company reported that attributable silver manufacturing was 24.9 million ounces within the first half, down 11.7 p.c from the 12 months prior due to the closure of San Julián DOB and decrease grades at Ciénega and Juanicipio. By distinction, attributable gold manufacturing rose 15.9 p.c to 313,800 ounces, supported by increased ore grades at Herradura.Fresnillo additionally confirmed that mum or dad company Industrias Peñoles agreed to buy back the longstanding Silverstream contract for US$40 million. Since 2007, Peñoles has paid Fresnillo US$882 million for roughly 52 million ounces of silver delivered from the Sabinas mine beneath the association.
MAG Silver navigates takeover, advances exploration
MAG Silver entered Q2 beneath the highlight as its pending acquisition by Pan American Silver moved ahead. The transaction, accredited by MAG shareholders in July, provides shareholders the option of receiving both money or Pan American shares, with closing anticipated within the second half of 2025, subject to regulatory approvals in Mexico.Operationally, exploration remained energetic throughout the company’s portfolio. At Juanicipio in Mexico, MAG drilled almost 9,500 meters underground, with outcomes pending, whereas floor work added over 6,000 meters concentrating on the Cañada Honda and Magdalena buildings. In the US, geophysical surveys superior on the Deer Trail project in Utah, and drilling commenced at Ontario’s Larder project, the place over 5,200 meters had been accomplished on the Italian zone.
Avino delivers income growth, index inclusion
Avino Silver & Gold Mines (TSX:ASM,NYSEAMERICAN:ASM) posted sturdy second quarter financials, with revenues rising 47 p.c year-on-year to US$21.8 million.
Net income more than doubled to US$2.9 million, whereas mine working income surged 118 p.c to US$10.2 million, supported by economies of scale and file mill throughput.Production from the company’s portfolio of Mexican tasks reached 645,602 silver equal ounces, a 5 p.c increase regardless of decrease feed grades, as throughput good points offset grade variability. Beyond operations, Avino secured inclusions in each the S&P/TSX Global Mining Index (INDEXTSI:TXGM) and the Solactive Global Silver Miners Index during the quarter.
Coeur achieves file quarter on silver and gold power
Coeur Mining (NYSE:CDE) reported file Q2 outcomes with revenues of US$481 million and web income from persevering with operations of US$71 million, marking its fifth consecutive profitable quarter. Adjusted EBITDA rose 64 p.c from the prior quarter to US$244 million, whereas free cashflow soared eightfold to US$146 million.The company produced 4.7 million ounces of silver and 108,487 ounces of gold, up 79 and 38 p.c year-on-year, respectively, with sturdy contributions from all 5 operations. Meanwhile, crushed ore charges and manufacturing volumes climbed sharply from the company’s expanded Rochester mine in Nevada. Coeur reaffirmed its full-year steering of 380,000 to 440,000 ounces of gold and 16.7 million to twenty.3 million ounces of silver.
Silver price outlook
Silver’s breakout above US$35 has injected new momentum into the dear metals complicated, and has put silver back into focus after more than a decade of underperformance relative to gold.Traders are already eyeing the psychologically important US$40 stage and in the end the 2011 peak close to US$50, with market strategists noting that earlier strikes by way of the mid-US$30s have usually triggered speedy runs increased. The renewed pleasure comes as the gold price sits at a traditionally high stage, offering a sturdy comparative benchmark that has many buyers seeking to silver as a worth trade.Behind the price motion, silver’s fundamentals stay compelling. Industrial demand tied to inexperienced power functions, paired with persistent multi-year provide deficits, continues to erode aboveground stocks. Whether or not silver makes a sustained run within the close to time period, the alignment of macroeconomic elements and powerful tailwinds proves that silver’s resurgence in 2025 is being constructed on more than simply hypothesis.
Don’t overlook to comply with us @INN_Resource for real-time news updates!Securities Disclosure: I, Giann Liguid, maintain no direct investment curiosity in any company talked about on this article.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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