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?
Why Silver Miners Are Different
Most companies are hard to compare directly. Different products, different markets, different business models.
Silver miners are 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, no product differentiation. Every producer sells the exact same thing at the exact same market price.
That changes everything about how you can analyze them.
A Simpler Way to Evaluate Miners
With most stocks, you're digging through revenue mix, competitive positioning, market share, brand value — things that are hard to measure and easy to spin.
With silver miners, the product is identical. The market price is the same for everyone. So the only things that differentiate one producer from another are operational: how much they produce, and how much it costs them to produce it.
That's it. You can strip away the noise and focus on what actually drives profitability.
Two Numbers. That's All You Need.
Production Volume
How many ounces are they pulling from the ground? Is it 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?
A miner producing more ounces at lower costs is winning. A miner producing fewer ounces at higher costs is in trouble. Follow the trends.
Anyone Can Promise. The Data Shows Who Delivered.
Every mining company publishes production guidance, reserve estimates, and cost projections. And every year, some of them miss badly.
We focus on what actually happened — real production numbers and real costs from audited financial filings. Not projections. Not guidance. Not what management hopes will happen. What the filings say they actually did.
Six years of actual results. That's enough to see who's consistently executing and who's been declining while promising a turnaround.
Try Doing This Yourself
To build a proper comparison, you'd need to:
Pull annual reports from 15 different companies. Navigate different reporting formats — some report in 10-K filings, some in MD&A documents, some only in earnings releases. Reconcile different fiscal year ends. Normalize cost methodologies — some report AISC, some report cash costs, some report both differently. Then track it all over multiple years to spot the trends.
That's days of work. Per update cycle.
We Did the Work
We went through every primary silver producer we could find. Removed the ones that aren't actually producing. Excluded companies where silver isn't the primary product. And compiled years of verified production and cost data into one platform.
15 producers. 6 years of data. Every number sourced directly from official company filings — 10-K reports, MD&A documents, and earnings releases.
Every single data point links back to its original source. You can verify anything we show you.
15 Primary Silver Producers
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.