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ASX Silver Stocks: 5 Biggest Companies in 2024
As the fifth largest silver producer in the world, Australia is home to a slew of silver-focused companies. Here are the five largest by market cap.
As a precious metal, silver is often compared to gold, and similarly holds an important role in the production of jewellery and as a safe-haven investment. However, silver also has increasing industrial uses.
In addition to its applications in jewellery and silverware, the white metal is becoming important for its use in the energy transition, specifically for its conductive capacity, which makes it particularly useful in the production of photovoltaic panels. It also has a wide array of uses in the production of electronics, automobiles, medicine and photography.
Despite its important role, silver is still largely a secondary metal, being mined as a by-product of lead, gold, zinc and copper. There are, however, several Australian companies that have put silver first.
Read on to discover the largest primary silver companies listed on the ASX. Stocks are sorted in descending order of market cap, and data was gathered using TradingView’s stock screener on April 5, 2024.
1. Adriatic Metals (ASX:ADT)
Market cap: AU$806.92 million; current share price: AU$3.94
Adriatic Metals is a precious and base metals developer working to advance its mining assets in South-Central Europe.
Its Vareš mining project, located near Vareš, a historic mining town in Bosnia and Herzegovina, produced its first silver-lead concentrate and zinc concentrate at a recently constructed processing plant in late February of this year.
Adriatic’s mining efforts at Vareš are focused on the Rupice deposit, for which it released an ore reserve estimate on December 20. The estimate indicates an 18 year mine life and probable reserves of 83 million ounces of silver, 640,000 ounces of gold, 723,000 tonnes of zinc, 457,000 tonnes of lead, 64,000 tonnes of copper and 24,000 tonnes of antimony.
Now that the processing plant is in operation, the ramp up to its nameplate capacity of 800,000 tonnes per annum is slated to be complete in the fourth quarter of 2024.
2. Silver Mines (ASX:SVL)
Market cap: AU$286.53 million; current share price: AU$0.185
Silver Mines is an advanced-stage silver exploration and development company focused on its Bowdens silver project, which is located in Central New South Wales, 26 kilometres east of Mudgee.
Bowdens is made up of 2,115 square kilometres of titles, covers 80 kilometres of strike and represents the largest-known undeveloped silver resource in Australia. In its latest mineral resource estimate, released in March 2023, the company reported 169 million ounces of silver and 96,000 ounces of gold in the measured and indicated categories, with an additional inferred resource of 20 million ounces of silver and 96,000 ounces of gold.
The project was approved to proceed to the development and production stage in April 2023. Silver Mines is currently working on updating the mineral reserve estimate and subsequently the ore reserve for completion in the first half of 2024. A final investment decision is targeted for late 2024.
3. Investigator Resources (ASX:IVR)
Market cap: AU$76.03 million; current share price: AU$0.048
Investigator Resources is a polymetallic exploration and development company with assets throughout Australia and Tasmania. Its flagship property is the Paris silver project, located on South Australia’s Eyre Peninsula.
In a July 2023 mineral resource estimate update, Investigator increased Paris' indicated and inferred resources to 57 million ounces of silver and 99,000 tonnes of lead with average grades of 73 grams per tonne (g/t) silver and 0.41 percent lead from 24 million tonnes. The company has referred to Paris as Australia’s highest-grade primary silver project.
A November 2021 prefeasibility study for the project shows it could operate as a high-grade, near-surface, open-pit mine with a life of five to seven years. Investigator is working to produce a definitive feasibility study for the project. That work includes a regional exploration program with 5,000 metres of drilling; results are expected this May.
Paris also hosts the Apollo silver deposit, which is 5 kilometres from the main zone. The company's drilling at Apollo has revealed high grades, including an interval grading 1,262 g/t silver over 8 metres in August 2022. In a June 2023 announcement, Investigator noted that intersections and mineral, petrological and geologic observations support the belief that Apollo hosts the right conditions for "epithermal-type intermediate sulphidation silver-lead-zinc mineralisation."
4. Unico Silver (ASX:USL)
Market cap: AU$50.33 million; current share price: AU$0.17
Formerly known as E2 Metals, Unico Metals changed its name in March 2023. The company is focused on the development of assets in Southern Argentina, and its flagship project is Cerro Leon, which consists of two vein fields — the greenfields Conserrat project, in which Unico has an 80 percent stake, and the more advanced Pingüino project.
In its latest mineral resource estimate for Cerro Leon, released in May of last year, the company reported indicated and inferred resources of 40.9 million ounces of silver and 344,200 ounces of gold, as well as over 150,500 tonnes of zinc and 58,500 tonnes of lead.
5. Lode Resources (ASX:LDR)
Market cap: AU$11.21 million; current share price: AU$0.11
Lode Resources is an exploration company focused on the development of assets within the New England Fold Belt. Its flagship property is the Webbs Consol silver-base metals project, located 16 kilometres southwest of Emmaville, New South Wales. The resource was originally discovered in 1890 and was mined until the mid-1950s.
The company explored the property’s Tangoa West lode throughout 2023 and delivered a series of high-grade results. On February 1 of last year, it reported 254 g/t silver over 116.1 metres, including 419 g/t silver over 41.4 metres; a few months later, on May 18, it returned 389 g/t silver over 24.5 metres. Lode Resources has continued to test the Tangoa West lode down to a depth of 450 metres. According to the company, the increasing depth has provided it with greater confidence in the size and high value of the target, as well as a better understanding of its scale.
The most recent update from the site came on February 19, when Lode Resources reported a new high-grade silver discovery that expands the mineralisation footprint of the Webbs Consol project. In a press release, the company highlights that drill intercepts encountered in this area could represent multiple lodes or a larger mineralised body.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Gold | 2294.65 | -38.74 | |
Silver | 26.68 | -0.63 | |
Copper | 4.43 | -0.08 | |
Oil | 81.94 | +0.04 | |
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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