The silver market opened 2026 with historic volatility, peaking at a record $121.64/oz in January before undergoing a sharp 38% correction by the end of March. While prices shifted, the operational reports for the 2025 calendar year reveal a sector defined by massive infrastructure completions and aggressive M&A. With the 2025 audited figures now finalized, the data shows that production growth was not uniform, but concentrated in companies that successfully executed major expansion projects.
The Expansion Leaders: Coeur and Hecla
2025 marked a transformative year for U.S.-based output. Coeur Mining reported 17,900,000 ounces for the year, a 57% increase over 2024 levels. This growth was specifically driven by the Rochester expansion in Nevada reaching its full design capacity of 32 million tons per year in the fourth quarter. Similarly, Hecla Mining reported 17,026,785 ounces, noting that production at its Lucky Friday mine reached a record high following its full return to operations and technical recovery earlier in the year.
Strategic Consolidation: First Majestic and Pan American
The most significant volume shift in the mid-tier sector came from First Majestic Silver, which reported a record 15,435,506 ounces. The 84% increase was almost entirely attributed to the integration of Gatos Silver. In a similar vein, Pan American Silver exceeded its annual guidance with 22,837,000 ounces, citing higher throughput rates and optimized recoveries at the Juanicipio mine as the primary catalyst for the beat.
Byproduct Power: Newmont and Southern Copper
For diversified miners, 2025 was a year of extreme fiscal efficiency. Newmont Corporation leveraged its silver byproduct output of 28,000,000 ounces to help generate a record $7.3 billion in free cash flow. Meanwhile, Southern Copper reported a 15% increase in annual silver production to 24,188,000 ounces, even as it reported a massive $3.1 billion in net income, highlighting the profitability of silver as a secondary metal in large-scale copper circuits.
Grade Pressure and Outlook
While Fresnillo PLC remains the global leader with 48,723,000 ounces, its report highlighted the challenges of maturing assets, leading to a downward revision of its 2026 production outlook despite beating gold production targets in 2025. This move signals a pivot toward grade-stabilization strategies for the coming year, a trend likely to be mirrored by other primary silver miners entering the latter half of the decade.
