Silver prices continued to make gains on Friday, trading above $36 per ounce, their highest level in more than 13 years.
Prices have increased approximately 24.3% since the start of the year, supported by a persistent supply deficit and increasing demand from both investors and industrial users.
Silver’s supply was 15% below demand in 2024, with another deficit expected in 2025, according to The Silver Institute.
Looking ahead, analysts forecast that silver could reach as high as $40 to $50 per ounce by the end of 2025 if current trends persist.
Amid continued momentum in silver prices, investors seeking leverage to the metal’s long-term uptrend have turned their attention to mid-tier producers and silver-focused juniors, and that is being reflected in this week's share price action.
First Majestic Silver Corp. (TSX:FR), a mid-tier producer with several operating mines in Mexico, including the San Dimas and Santa Elena mines, saw its shares gain 28% while Fortuna Silver Mines Inc (TSX:FVI), which operates multiple silver and gold mines across Latin America and West Africa, added almost 20%.
Among those capturing investor attention is Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF), with shares of the Latin America silver producer surging more than 35% this week.
The company has operations in Bolivia and Mexico, including the Bolivar, Porco, and Caballo Blanco mines as well as the Zimapan mine. During the fourth quarter, it produced 1.76 million ounces of silver and 4.71 million silver equivalent ounces, a reflection of steady operational performance and marking a 3% increase in silver output from the previous quarter.
Also seeing a surge in investor interest is Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF), with its shares up 30% in the past five days.
The company is advancing two significant silver projects in South America: the Berenguela project in Peru and the Challacollo project in Chile. Berenguela is a large-scale silver-copper-manganese deposit with a recent resource estimate and ongoing metallurgical studies. Challacollo is a high-grade silver project with an existing resource and exploration upside.
Seeing its shares gain about 10% over the past five days is Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) a junior working to restart production at the Mallay silver mine in Peru by mid-year.
The mine, built and operated by Buenaventura from 2012 to 2018, features significant existing infrastructure and historical reserves of 2.67 million ounces of silver equivalent.
Also seeing an approximately 10% appreciation in its share price this week was MAG Silver Corp (TSX:MAG), which holds a major interest in the high-grade Juanicipio mine in Mexico, operated by Fresnillo PLC (LSE:FRES).
Turning to the US, Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) is focused on the exploration and development of precious metals projects in the western part of the country.
Its flagship Philadelphia project in Arizona hosts high-grade, near-surface gold and silver mineralization, and recent drilling has confirmed both grade and continuity. The company’s shares have added 16% this week.
As prices rise, the narrative is shifting to investor behavior. Silver is entering a potentially transformative bull cycle, and a select group of emerging producers and explorers are well-positioned to benefit.