Silver is the most electrically and thermally conductive metal. Global mine production in 2024 was 819.7 million troy ounces (Moz), worth roughly $23 billion at the 2024 average price of $28.27/oz. The market has been in physical deficit every year since 2021, with cumulative shortfalls of 678 Moz — equivalent to 10 months of mine supply. About 70% of silver is mined as a byproduct of copper, zinc, and lead operations, meaning silver supply cannot be ramped independently. Silver traded at ~$74/oz in early June 2026, up from $28.27 average in 2024 and $23.35 in 2023.
Mexico produces ~6,300 tonnes/yr (25% of world output), nearly double second-place China at 3,300 tonnes. Peru is third at 3,100 tonnes. Three of the four tickers covered here operate primarily in Mexico.
Silver's 2024 average price of $28.27/oz rose to est. $31.50 in 2025, then surged above $116 briefly in January 2026 before settling to ~$74 by June 2026 — a ~160% increase in 18 months.
Silver Institute World Silver Survey 2025; USGS Mineral Commodity Summaries 2024; LBMA price data via metalcharts.org; exchange-rates.org spot price history.
Silver miners extract silver-bearing ore from underground or open-pit mines, then mill and refine it into doré bars or concentrates for sale. The product is measured in troy ounces (1 oz = 31.1g). Revenue = ounces sold × realized price per ounce. Most silver miners also produce gold, zinc, lead, and copper as co-products, which contribute meaningfully to revenue and lower the effective cost per silver ounce.
Three distinct business models are represented in this group:
The key cost metric is AISC per silver equivalent ounce (AgEq oz). Silver equivalent aggregates all metals into a single unit using prevailing price ratios (e.g., 1 oz gold = 75–85 oz silver equivalent). A miner is profitable when realized price exceeds AISC.
PAAS 2024 10-K; AG FY2025 press release (Feb 2026); WPM Q4 2024 earnings call; MAG Silver FY2024 financials (Mar 2025); Pan American Silver MAG acquisition announcement (Sep 2025).
| Demand category | 2024 (Moz) | YoY change | Share of total |
|---|---|---|---|
| Industrial fabrication | 680.5 | +4% | 59% |
| — of which photovoltaic (solar) | est. ~200 | +3% | ~17% |
| — of which electronics & electrical | est. record | — | — |
| Jewelry fabrication | 208.7 | +3% | 18% |
| Coin & bar (physical investment) | 190.9 | -22% | 16% |
| Silverware | 54.2 | -2% | 5% |
| Photography | est. ~25 | — | ~2% |
| Total demand | 1,160 | -3% | 100% |
contracted Industrial demand at 680.5 Moz was a record for the fourth consecutive year. Solar PV silver paste consumption was approximately 193.5 Moz in 2023 (up 64% YoY), and rose further in 2024. Electronics and brazing alloys also set records. China accounted for the largest industrial demand gains (+7%), while US industrial demand fell 6%.
The 3% total decline was driven by a 22% drop in coin/bar investment demand (five-year low). India was the exception, with coin/bar demand up 21%.
est. The Silver Institute projects 2025 total demand at 1,148 Moz (roughly flat). Industrial fabrication is forecast at 677.4 Moz (flat). Solar PV installation is growing (each GW uses ~20 tonnes of silver paste), but manufacturers are reducing silver content per cell (thrifting). Net effect has been demand growth so far, but thrifting could cap it.
est. AI-related demand works through solar: hyperscalers are building solar farms to power data centers. Silver also goes into electrical contacts, circuit board soldering, and chip packaging.
Silver Institute World Silver Survey 2025; Metals Focus interim report (Nov 2024); LBMA Alchemist Issue 117; mining.com (May 2025).
| Supply source | 2024 (Moz) | YoY change | Share |
|---|---|---|---|
| Mine production | 819.7 | +0.9% | 81% |
| Recycling (scrap) | 193.9 | +6% | 19% |
| Total supply | ~1,014 | +2% | 100% |
Global mine production of 819.7 Moz in 2024 was essentially flat. The top three producer countries — Mexico (6,300t), China (3,300t), Peru (3,100t) — account for over half of global output. The 2025 forecast is 835 Moz (+2%). Recycling hit a 12-year high at 193.9 Moz.
About 70% of mined silver is a byproduct of copper, zinc, and lead operations. Silver supply cannot increase without increasing base metal mining — and base metal mines are built for copper/zinc economics, not silver. Primary silver mines (where silver is the main product) are concentrated in Mexico and Peru and take 7–10 years to permit and build.
Silver Institute World Silver Survey 2025; USGS Mineral Commodity Summaries 2024 & 2026; Investing News Network country rankings.
The silver market has been in physical deficit for four consecutive years:
| Year | Deficit (Moz) | Silver avg price |
|---|---|---|
| 2021 | ~51 | $25.14 |
| 2022 | ~178 | $21.73 |
| 2023 | ~201 | $23.35 |
| 2024 | 149 | $28.27 |
| 2025 (forecast) | est. 118 | est. $31.50 |
The cumulative 678 Moz deficit over 2021–2024 equals 10 months of global mine supply. This has been drawn from above-ground inventories (COMEX vaults, London vaults, ETF holdings). Metals Focus forecasts this deficit will persist "for the foreseeable future."
Price has moved from $21.73 average in 2022 to ~$74/oz spot in June 2026. The January 2026 spike to ~$116 and pullback to ~$74 by June shows wide intra-year swings alongside the structural deficit.
Silver Institute deficits via World Silver Survey 2025; LBMA annual average prices via metalcharts.org.
| Metric | PAAS | AG | WPM | MAG |
|---|---|---|---|---|
| Business model | Miner | Miner | Streamer | JV (acquired) |
| Market cap (Jun 2026) | $22.2B | $9.8B | $56.9B | Delisted |
| Share price (Jun 3) | $52.59 | $19.77 | $124.95 | — |
| Shares out (M) | ~421 | ~494 | ~454 | ~104 (at delist) |
| — Most recent full year (FY2025 or latest) — | ||||
| Revenue | $4.0B (TTM) | $1,257M | $2,304M | $627M (100%, FY24) |
| Net income | $1,270M (TTM) | $211M | $1,472M | $78M (44% share, FY24) |
| Operating cash flow | $724M (FY24) | $667M | est. $1B+ (FY24) | $357M (100%, FY24) |
| — Production (attributable) — | ||||
| Silver oz (latest FY) | 22.8M (FY25) | 15.4M (FY25) | 20.7M (FY24) | 8.2M (44%, FY24) |
| Gold oz (latest FY) | 742K (FY25) | 147K (FY25) | 380K (FY24) | 17K (44%, FY24) |
| Silver % of revenue | est. ~40% | est. ~50% | est. ~36% | est. ~70% |
| — Cost structure — | ||||
| Silver AISC ($/oz) | $6.63 (Q1'26) | $21.17/AgEq (FY25) | $5–7 fixed payment | $5.54 (FY24, 100%) |
| — Balance sheet — | ||||
| Cash | $1.6B (Q1'26) | $793M | $818M (FY24) | $162M (at delist) |
| Debt | ~$800M | $350M convert | Zero drawn | Zero |
| — Forward guidance — | ||||
| Silver oz guidance | 25–27M (2026) | 13–14.4M (2026) | 20.5–22.5M (2025) | Now part of PAAS |
| AISC guidance | $15.75–18.25 (2026) | $26.15–27.91/AgEq (2026) | N/A (fixed cost) | — |
| Dividend | $0.72/yr (1.4%) | ~$0.03/yr (0.2%) | $0.66/yr (0.5%) | — |
PAAS is the largest primary silver miner by production (25–27M oz guided for 2026). It operates 9 mines across Mexico, Peru, Canada, Brazil, Bolivia, and Argentina. Q1 2026 silver AISC of $6.63/oz reflects large by-product gold/zinc/lead credits. It completed the MAG Silver acquisition in September 2025, adding Juanicipio's ~8M oz/yr (44% attributable). PAAS targets returning 35–40% of free cash flow to shareholders in 2026. Cash of $1.6B exceeds total debt of ~$800M. The La Colorada Skarn project ($265M approved) is the major growth investment.
AG operates four mines in Mexico (San Dimas, Santa Elena, La Encantada, Los Gatos). The January 2025 Gatos Silver acquisition nearly doubled silver production from 8.4M oz (FY24) to 15.4M oz (FY25). Revenue jumped 124% to $1.26B. 2026 guidance of 13–14.4M oz is lower than FY25 actuals due to lower planned grades. AISC of $26–28/AgEq oz is substantially higher than PAAS. Cash of $793M; $350M in convertible notes.
WPM is a streaming company with 16 operating mine streams and 27 development-stage agreements. It pays $5–7/oz for silver and $400–500/oz for gold under fixed contracts, then sells at spot. At $74/oz silver, its margin is ~$68/oz (~92%). Revenue of $2.3B and net income of $1.5B in 2025. WPM projects 40% production growth to 870K GEOs by 2029. In February 2026, it signed a $4.3B silver streaming deal with BHP for the Antamina mine, its largest transaction ever.
MAG was acquired by PAAS in September 2025. Its 44% stake in Juanicipio (18.6M oz silver at 100% in FY24, one of the world's highest-grade silver mines at 468 g/t) now flows through PAAS's financials. MAG's ticker is delisted. The deal valued MAG at ~$500M cash + 60.2M PAAS shares (~14.3% of diluted PAAS). Juanicipio's AISC of $5.54/oz (FY24, 100% basis) was among the lowest in the industry.
PAAS Q1 2026 press release, 2026 guidance; AG FY2025 press release (Feb 2026), 2026 guidance (Jan 2026); WPM Q4 2024 earnings call, FY2025 MarketBeat financials, Antamina deal (Feb 2026); MAG Silver FY2024 financials, PAAS acquisition completion (Sep 2025); stockanalysis.com for current prices/caps.
At ~$74/oz silver (June 2026), here is what each dollar of market cap buys in terms of annual silver production:
| Ticker | Market cap | Silver oz/yr (guided) | Cap per silver oz/yr | est. EV/EBITDA |
|---|---|---|---|---|
| PAAS | $22.2B | 26M (mid) | $854 | ~10× |
| AG | $9.8B | 13.7M (mid) | $715 | ~13× |
| WPM | $56.9B | 21.5M (mid) | $2,647 | ~30× |
WPM trades at $2,647 per annual silver oz vs $715–854 for the miners. WPM has zero operating risk, ~92% margins on silver at current prices, zero debt, and a portfolio of 43 agreements. WPM also has substantial gold production (~350–390K oz/yr) not captured in the per-silver-oz metric.
Sensitivity to silver price: If silver drops from $74 to $30/oz (the 2025 average), PAAS's silver AISC of $15.75–18.25 still leaves a $12–14/oz margin. AG's AISC of $26–28/AgEq oz would leave only $2–4/oz margin — potentially breakeven or negative depending on byproduct credits. WPM's fixed $5–7/oz cost means it is profitable at any silver price above ~$7/oz.
Sensitivity to gold: Gold is 40–60% of revenue for PAAS and WPM. PAAS produced 742K oz gold in 2025 at $1,700–1,850 AISC, with gold at est. ~$4,800/oz in Q1 2026. Gold subsidizes silver AISC — PAAS's Q1 2026 silver AISC of $6.63/oz is only possible because gold/zinc/lead byproduct credits offset most costs. If gold falls, silver AISC rises.
Revenue composition: PAAS's trailing-twelve-month revenue of $4.0B on ~23M silver oz + 742K gold oz means gold contributes roughly as much revenue as silver at current prices.
Market caps and prices from stockanalysis.com (Jun 3, 2026); AISC from company guidance; revenue from latest filings.