Silver Just Tripled. Which Miners Are Actually Profiting?
Production data and cost analysis for every primary silver producer — sourced from official filings, structured for comparison.
Explore the Dashboard — FreeThe Math That Makes Silver Miners Interesting
Before
After
A 220% price increase. A 550% profit increase. That's the leverage effect — and it hits low-cost producers hardest.
Not All Miners Are Equal
Silver tripled, but not every miner tripled their profits. Some had rising costs that ate into margins. Some saw production decline. Some didn't produce silver at all — they just explored for it.
The miners who benefit most are the ones who are actually producing, keeping costs low, and growing output. The question is: which ones?
Analyzing Silver Miners Is Nothing Like Analyzing Apple or Nvidia
With most companies, analysis is complicated. You're evaluating brand strength, product differentiation, market share, competitive moats — things that are subjective and hard to compare across companies.
Silver miners are fundamentally different. Silver is a homogeneous product — an ounce from a mine in Mexico is identical to an ounce from a mine in Canada. There's no brand premium. Every producer sells the exact same thing at the exact same market price.
That opens up a whole range of ways to evaluate them. You can look at mineral reserves, resource estimates, mine life, jurisdiction risk, production guidance, expansion plans, and more. All of those can be useful.
But we decided to focus on what matters most: what actually happened.
Not what a company says it will produce. Not what management projects costs will be. What the audited filings say they actually did. Because anyone can promise a great year — the data shows who delivered.
Two Numbers. That's All You Need.
Production Volume
How many ounces are they pulling from the ground? Is output growing year over year, or declining?
Production Costs
What does it cost them to produce each ounce? Are they becoming more efficient, or are costs creeping up?
Growing production and shrinking costs — that's often a winning company. Declining production and rising costs — that's a company in trouble. The trends tell the story.
Try Doing This Yourself
15 companies. Different reporting formats. Different fiscal year ends. Different cost methodologies — some report AISC, some report cash costs, some report both in different ways.
Pull the annual reports. Find the right numbers. Normalize them. Track them across years to spot trends.
That's days of work. Every update cycle.
We Did the Work
We focused on primary silver producers — companies where silver is the main product and production is active. These are the miners who benefit most when silver prices rise. Every ounce they pull from the ground at today's prices goes straight to the bottom line.
We went through every primary silver producer we could find. Compiled years of production and cost data from official filings — 10-K reports, MD&A documents, earnings releases. Every data point links to its original source so you can verify anything.
Here are the 15 we found:
Americas Gold and Silver Corp
USA
Andean Precious Metals Corp
APM
Avino Silver & Gold Mines Ltd
ASM
Aya Gold & Silver Inc
AYA
Coeur Mining Inc
CDE
Endeavour Silver Corp
EDR
First Majestic Silver Corp
AG
Fresnillo plc
FRES
GoGold Resources Inc
GGD
Guanajuato Silver Company Ltd
GSVR
Hecla Mining Company
HL
Pan American Silver Corp
PAAS
Santacruz Silver Mining Ltd
SCZ
Silver X Mining Corp
AGX
Silvercorp Metals Inc.
SVM
Only producers. No explorers. No development-stage companies. These are the miners pulling silver from the ground right now.
Know of a primary silver producer we missed? Let us know.