Silver's Breakout Year: Four Mining Companies To Watch as Demand Surges

1. MAG Silver Corp., Dolly Varden Silver Corp. AbraSilver Resource Corp., and Silver North Resources Ltd.  is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
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* Disclosure for the quote from the Clive Maund article published on February 14, 2025

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Silver has emerged from the shadow of gold, gaining recognition as both a safe-haven asset and an increasingly valuable industrial metal. While historically viewed as a volatile alternative to gold, silver's price performance has nearly matched gold's over the past year and has outpaced it over the last five. With inflationary pressures, geopolitical uncertainty, and rising industrial demand, silver's trajectory appears increasingly bullish.

Industrial demand has been a major driver of silver's strength, particularly its use in solar panels. Supply constraints, coupled with growing investor interest, have created an environment where silver prices could continue to rise.

During a YouTube interview, Eric Sprott explained to Kitco Mining on March 3 that the silver market is set for a breakout due to persistent supply shortages and increasing investor demand. "I think silver is going to skyrocket," Sprott said, citing analysis from momentum strategist Michael Oliver, who projected that silver could reach US$250 per ounce. Sprott also noted that demand is already overwhelming available supply, stating, "The March silver contract saw 76 million ounces nominated for delivery — we don't even produce that much silver in a month."

As reported by The Economist on March 5, silver's rally has been fueled by both traditional and new investment avenues, with the publication noting that "traders in New York have been draining London's vaults of gold amid fears of tariffs, but they have been snapping up silver even faster." The report also highlighted the growing role of industrial demand, particularly in renewable energy, stating that "imports into China, which manufactures large quantities of solar panels, have shot up."

In that same vein, Ahead of the Herd reported on March 8 that silver's investment appeal has strengthened in recent years, with the report noting that "a once-niche asset is inching towards the mainstream." The analysis pointed to silver's outperformance over the past five years, stating, "Even gold enthusiasts have had to acknowledge silver's strength, as the metal has kept pace with gold over the past year and exceeded its returns in the longer term."

According to Excelsior Prosperity on March 9, commodities producers remain an attractive investment, particularly given supply constraints and rising prices across the sector. The publication emphasized that "investors seeking to capitalize on the cyclical nature of metals markets should look to resource stocks, where valuations remain disconnected from underlying fundamentals."

Silver Mining Companies Positioned for Growth

With silver prices on the rise and demand reaching new highs, mining companies are seeing increased investor attention.

Many producers and developers could be poised to benefit from these market trends, particularly those with strong production profiles, low costs, and exposure to key industrial markets.

Silver North Resources

Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) has reported a significant silver discovery at its Haldane project in Yukon, highlighting the potential for further resource expansion. 

The company recently announced drill results featuring 1.83 meters (true width) grading 1,088 grams per tonne (g/t) silver, along with 3.90 g/t gold, 1.89% lead, and 0.63% zinc. This high-grade intercept at the Main Fault zone has prompted the company to prioritize further exploration in the area.

At the Tim Silver project, which is optioned to Coeur Mining Inc. (NYSE:CDE), geological analysis has confirmed the presence of a Carbonate Replacement Deposit (CRD) system. Under the terms of the agreement, Coeur can earn a 51% interest in Tim by funding US$3.5 million in exploration, with an option to increase its stake to 80% upon completing a feasibility study and making a mine construction decision. The 2024 drilling program at Tim, totaling 2,250 meters, focused on structurally hosted "chimney" and "manto" mineralization. Final assay results are pending.

Beyond its core projects, Silver North secured additional claims in the Silvertip District, including the GDR Property, which exhibits potential for CRD-style mineralization. The Veronica claims, located adjacent to Tim, feature a 450-meter by 450-meter silver-lead-zinc geochemical anomaly with silver values up to 31 parts per million (ppm), marking it as a high-priority target for future exploration.

To support its exploration initiatives, Silver North raised US$1.48 million in financings in 2024 at prices ranging from US$0.10 to US$0.225 per share. Coeur also made a US$75,000 option payment in December for the Tim project. Looking ahead, the company expects to release final analytical results from Tim's 2024 drilling program in late February, which will help define additional drill targets for 2025.

The company is also advancing a new phase of drilling at Haldane, where the Main Fault zone remains a primary exploration focus. Additionally, early-stage exploration at the GDR Project and Veronica claim block is planned for 2025, with prospecting, geological mapping, and sampling to refine targets.

*According to technical analyst Clive Maund on January 30, Silver North is well-positioned for a breakout, stating that "Silver North is now poised to break out into a major bull market and is rated as a Strong Buy for all time horizons." Maund highlighted that the stock's technical outlook has improved significantly, supported by strong silver fundamentals and sector-wide momentum.

With silver prices remaining strong and industrial demand rising, Silver North intends to raise additional funds for future drilling at Haldane as market conditions allow. The company also continues to evaluate new acquisition opportunities in North America to further expand its project portfolio.

According to the company, 16.14% of the company is owned by Board & Management

Silver North Resources has 47.713 million outstanding shares and 38.14M free float traded shares.

Its market cap is CA$4.8 million. Over the past 52 weeks, the company traded between US$0.07 and US$0.24 per share.

AbraSilver Resource Group

AbraSilver Resource Corp. (ABRA:TSX.V; ABBRF:OTCQX) continues to advance its Diablillos project in Argentina, with new drill results confirming high-grade silver and gold mineralization at the Oculto East and Sombra targets. As the Phase IV drill program nears completion, these discoveries underscore the project's growing resource potential and its long-term development outlook.

Recent drilling at Oculto East, located 600 meters east of the Oculto deposit, has extended the known mineralized footprint. One of the standout intercepts came from drill hole DDH 24-058, which returned 24.5 meters grading 107 grams per tonne (g/t) silver, including a high-grade section of 3.0 meters at 465 g/t silver. Further south, hole DDH 24-064 intercepted 22.0 meters grading 2.78 g/t gold, with a higher-grade section of 9.0 meters at 5.35 g/t gold in oxides. Drilling at the Sombra target, positioned east of the JAC Zone, also delivered promising results, with hole DDH 24-062 encountering 23.0 meters grading 55 g/t silver at a shallow depth of 40 meters.

John Miniotis, President and CEO of AbraSilver, emphasized the significance of these results, stating, "The confirmation of high-grade mineralization at Oculto East is a positive development in our exploration strategy. The target remains open along strike and at depth, offering substantial expansion potential beyond the Oculto open pit as defined in the Pre-Feasibility Study."

With the final Phase IV drill results expected soon, the company is preparing for a Phase V drill program aimed at testing additional high-priority step-out targets, including Oculto East and Cerro Viejo.

AbraSilver has further strengthened its technical team with the appointment of Boris Caro as Project Director, bringing extensive international mining experience to oversee the completion of the Definitive Feasibility Study (DFS) for its flagship Diablillos Project in Argentina. Caro, who officially begins his role on April 1, 2025, has worked with major mining firms including Newcrest Mining (now part of Newmont), Rio Tinto, and Galan Lithium. His expertise in feasibility studies and project execution will be crucial as the company advances Diablillos toward a construction decision in the second half of 2026. The DFS is expected to be completed in the first quarter of 2026, following the approval of the Environmental Impact Assessment and qualification of the project under Argentina’s RIGI law. According to Jeremy Weyland, Senior Vice President of Projects & Development, Caro’s leadership will be "instrumental in advancing the project towards development" and ensuring key milestones are met.

AbraSilver remains well-funded to advance its development initiatives. According to its February 2025 Investor Presentation, the Diablillos project's updated Pre-Feasibility Study (PFS) outlines a net present value (NPV) of approximately US$555 million (converted from CA$747 million) at a 5% discount rate, with an internal rate of return (IRR) of 28%. The mine plan projects an average annual production of 13.4 million silver-equivalent ounces at an all-in-sustaining cost (AISC) of US$9.41 per ounce (converted from CA$12.67 per ounce).

AbraSilver's growth strategy is backed by strong financial and strategic partnerships, including investments from Kinross Gold and Central Puerto. The company may also benefit from Argentina's mining incentive program (RIGI), which offers tax savings and reduced capital costs for qualifying projects.

As the company incorporates Phase IV drill results into its upcoming Definitive Feasibility Study, scheduled for completion in the first quarter of 2026, it remains focused on expanding high-grade zones and advancing toward a construction decision by late 2026. With continued exploration success and growing investor confidence, AbraSilver is strengthening its position as a leading silver and gold asset developer in Argentina.

AbraSilver's continued exploration success has attracted attention from industry analysts and newsletter writers. According to Peter Krauth of The Silver Stock Advisor on February 18, the company's drilling at the Oculto East and Sombra targets has demonstrated strong expansion potential. The report highlighted high-grade intercepts, including 24.5 meters at 107 grams per tonne (g/t) silver, with a particularly high-grade section of 3.0 meters at 465 g/t silver at Oculto East. Krauth noted that the results indicate "significant gold and silver mineralization," reinforcing expectations that the deposit could extend beyond its current defined boundaries. The report also pointed to the scale of the Diablillos project, stating that "the eastern extension of Oculto is looking like a potentially high-grade target that could significantly extend the known mineralized footprint." With the Phase IV drill program nearing completion and results set to be incorporated into the upcoming Definitive Feasibility Study, experts have expressed optimism about the project's long-term growth potential. Additionally, Krauth highlighted that AbraSilver's stock had climbed approximately 70% since its inclusion in The Silver Stock Advisor's portfolio, reflecting growing investor confidence in the company's progress.

According to the AbraSilver, the top three shareholders are: Central Puerto with 9.9%, Eric Sprott with 8% and Kinross Gold with 4%.  Additionally, the top three insiders are CEO Miniotis with 1%, Director Hernan Zaballa with 0.83%, and Chairman and Director Robert Bruggeman with 0.86%. The top three institutional owners are Mirae Asset Global Investments at 1.90%, ETF Managers Group with 1.43%, and Tidal Investments at 1.22%.

The company has 152 million outstanding shares. Its market cap is CA$492 million. Its 52-week high and low are CA$3.58 and CA$1.30 per share, respectively.   

Dolly Varden Silver Corp.

Dolly Varden Silver Corp. (DV:TSX.V; DOLLF:OTCQX) has outlined ambitious plans for 2025, with CEO Shawn Khunkhun emphasizing the company's vision of establishing a multi-generational silver and gold mine at its Kitsault Valley project in British Columbia's Golden Triangle. Recent drilling success and strategic partnerships have reinforced this long-term outlook, drawing attention from analysts and investors.

The company's 2024 drill program, which included 69 holes totaling more than 31,000 meters, delivered high-grade silver and gold intercepts, particularly at the Homestake Silver deposit. The latest drill holes expanded and infilled multiple mineralized zones, strengthening the resource base. Planning is already underway for the 2025 drill season, which will focus on building upon these results and expanding known deposits. 

According to Haywood Capital Markets Analyst Marcus Giannini in a February 3 research note, the Kitsault Valley project offers significant exploration upside, both regionally and within existing deposits. He described the upcoming year as "catalyst-rich," particularly with drilling set to resume in the summer. Giannini maintained a Buy rating on Dolly Varden, assigning a CA$2.40 price target, more than double the company's current valuation.

Meanwhile, Research Capital Corp. Analyst Stuart McDougall noted in a February 3 update that recent drilling had highlighted expanding gold enrichment at Homestake Silver. He pointed to the latest results as further confirmation of the project's potential, with additional drilling expected to continue defining high-grade extensions. McDougall maintained a Speculative Buy rating with a CA$1.45 target price.

Jeff Valks, senior analyst for The Gold Advisor, also weighed in, highlighting Dolly Varden's aggressive drilling strategy and well-funded exploration plans. On February 3, he noted that the 2025 drill program aims to extend high-grade zones both along strike and at depth. "With a fully funded exploration plan for 2025, Dolly Varden is positioned to continue expanding its gold and silver resources within the Kitsault Valley trend," he wrote, adding that investors should expect substantial news flow in the coming months.

Additionally, Bob Moriarty of 321gold.com pointed to Dolly Varden's impressive resource base and strategic investor backing in his March 4 commentary. He emphasized that the company holds approximately 137 million silver-equivalent ounces or 1.836 million gold-equivalent ounces, positioning it as one of the few primary silver-focused exploration companies in North America. Moriarty also highlighted Dolly Varden's strong financial position, noting that institutional investors control 52% of its shares, while major mining entities such as Hecla Mining and Eric Sprott hold significant stakes.

Looking ahead, Dolly Varden is expected to continue aggressive exploration while advancing discussions on strategic partnerships. The company's land package remains largely unexplored, with only 10% of its property drilled to date. With a robust cash position and a high-grade resource in a prolific mining district, Dolly Varden is positioning itself as a key silver and gold player in the Golden Triangle.

According to the company's latest corporate presentation in January 2025, 52% of its stock is held by institutional investors, including Fidelity Management & Research Company LLC, Sprott Asset Management LP, U.S. Global Investors Inc., and Delbrook. 

About 37% is with strategic investors, including 15% with Fury Gold Mines, 12% with Hecla, and Eric Sprott owns 10% himself. 

The rest, 11%, is with retail and high-net-worth investors.

The company has 317 million outstanding shares. Its market cap is CA$326.41 million, and its 52-week trading range is CA$0.68–1.46 per share.

MAG Silver Corp.

MAG Silver Corp. (MAG:TSX; MAG:NYSE American) continues to strengthen its position as a top-tier silver producer, with the Juanicipio Mine in Mexico exceeding expectations and delivering strong production results. The company, which holds a 44% stake in the mine through a joint venture with Fresnillo Plc, reported total silver production of 18.6 million ounces (Moz) in 2024, a 10.5% year-over-year increase, alongside 39,029 ounces of gold. With operations running smoothly and further optimization efforts underway, the company anticipates maintaining strong production levels in 2025. 

According to BMO Capital Markets Analyst Kevin O'Halloran in a February 18 research note, Juanicipio exceeded its 2024 production guidance, primarily due to higher-than-expected silver grades, including 468 grams per tonne (g/t) silver. O'Halloran noted that the mine's 2025 guidance — set between 14.7 Moz and 16.7 Moz — was above BMO's internal projections, reinforcing expectations of continued strong performance. He maintained an Outperform rating with a CA$27 price target, citing Juanicipio's high-grade production, cost efficiencies, and free cash flow generation as key factors supporting the stock's upside.

MAG's strategic growth plans extend beyond Juanicipio. The company continues to explore its two other district-scale projects — Larder in Ontario and Deer Trail in Utah — which remain integral to its long-term strategy. While Juanicipio is the primary revenue driver, management sees significant exploration potential within the broader Fresnillo Silver District, of which only 10% has been explored. CEO George Paspalas expressed optimism about identifying additional high-grade silver zones on the property, which could further bolster future production.

In the January 29 edition of What is Chen Buying? What is Chen Selling?, Chen Lin highlighted MAG Silver's robust financial position and strong partnership with Fresnillo. He noted that Juanicipio's steady performance has turned producers like MAG into "huge free cash flow machines," emphasizing the company's ability to generate cash returns for shareholders. Fresnillo also ended the year with US$1.2–1.3 billion in cash, further solidifying the joint venture's stability.

Beyond Juanicipio, analysts are closely watching MAG's Larder and Deer Trail projects. H.C. Wainwright analyst Heiko F. Ihle reiterated in a November research note that positive exploration results at these assets could unlock significant shareholder value. While these projects are still in early stages, Ihle noted that MAG's methodical exploration approach and strategic partnerships position it well for future discoveries.

MAG's financial position remains strong, with CA$113 million in cash, further strengthened by US$103 million in distributions from the Juanicipio joint venture since commercial production began in June 2023. With Juanicipio delivering one of the best cash flow margins among silver mines globally, MAG is well-positioned for further growth. Looking ahead, investors will be watching for production updates, exploration results, and potential expansion efforts in the Fresnillo Silver District to gauge the company's next phase of development.

Institutions own 70% of MAG, and 30% is retail, according to the company.

Top institutional shareholders include Juanicipio operator Fresnillo Plc. with 9%, BlackRock Investment Management (UK) Ltd. with 10.8%, Van Eck Associates Corp. with 9%, First Eagle Investment Management LLC with 6.2%, and Sprott Asset Management LP with 3%, the company said.

MAG Silver has a market cap of US$2.32 billion. It has 103.36 million shares outstanding, according to Reuters. It trades in a 52-week range of US$8.20 and US$18.27.