The silver market exploded in 2025, breaching the $30 mark early in the year before accelerating in the spring with a push of $32.94 on February 20 and a first-quarter peak of $34.21 on March 28.
In early June, silver reached a 13-year high of US$36.05, reaching US$37 by mid-month. The white metal rose above $39 in July and rose above $47 in August and September. Silver broke the US dollar’s 1980 record in October, briefly reaching $53 per pound before retreating to end the month around $47.
First Majestic sets new production record
First Majestic Silver (TSX:AG,NYSE:AG) led the quarter with a gain of 96 percent year-on-year increase in silver production, to 3.9 million ounces in the third quarter of 2025, compared to 2.0 million ounces a year earlier.
Of this total, 1.4 million ounces came from the newly integrated Los Gatos facility.
Sales for the quarter rose 95 percent to $285.1 million, the third consecutive quarter of record sales, driven by higher metal prices and increased production.
In total, approximately 56 percent of the total came from silver sales, with the company realizing an average silver equivalent price of US$39.03 per ounce.
Coeur Mining delivers record results and launches groundbreaking merger
Coeur Mining (NYSE:CDE) marked its second consecutive period of double-digit revenue and production growth. The company produced 4.8 million ounces of silver in the third quarter, an increase of 57 percent year over year.
The average realized silver price rose 15 percent to US$38.93 per ounce compared to the previous quarter, while gold rose 4 percent to US$3,148 per ounce.
Coeur delivered another quarter of record financial results, driven by higher prices, balanced contributions from all five of our North American gold and silver businesses, along with strong overall cost control.” said company president and CEO Mitchell J. Krebs.
Just days after reporting earnings, Coeur announced a US$7 billion all-stock merger with New Gold (TSX:NGD,NYSEAMERICAN:NGD), creating what analysts are calling a “North American powerhouse” in precious metals.
The transaction was described as the largest merger in the gold sector of 2025. The combined entity will be majority owned by Coeur shareholders (62 percent) and will operate exclusively in North America.
Royal Gold benefits from higher metal prices
Royal Gold (NASDAQ:RGLD) reported record quarterly revenue of US$252.1 million and operating cash flow of US$174 million in the third quarter of 2025, driven by higher average realized prices for gold, silver and copper.
Net income was $126.8 million, or $1.92 per share, while adjusted net income rose to $136.2 million, or $2.06 per share, both among the highest in the company’s history.
The royalty and streaming company’s revenue mix for the quarter was dominated by gold (78 percent), followed by silver (12 percent) and copper (7 percent).
“Our portfolio performed very well and enabled us to take full advantage of significantly higher gold and silver prices in the quarter, and record the gold price directly benefited our results,” said President and CEO Bill Heissenbuttel.
In August, the company completed a $1.0 billion gold flow deal with First Quantum Minerals (TSX:FM,OTC Pink:FQVLF)
Endeavor Silver is approaching a new production phase
Endeavor Silver (TSX:EDR,NYSE:EXK) reported steady production as the portfolio continued to perform in line with expectations.
Consolidated silver production thanks to higher throughput at Guanaceví and the inclusion of the new Kolpa mine in the third quarter increased 102 percent year-on-year to 1.77 million ounces. Silver equivalent production was 3.0 million ounces, taking into account gold and base metals.
The Terronera project, now in the final stages of commercial production, achieved an average silver yield of 82.8 percent and a gold yield of 72.3 percent in September.
America’s gold and silver doubles silver production
Americas Gold and Silver (TSX:USA) ended the quarter with one of the strongest percentage gains in the industry.
The company’s consolidated silver production increased 98 percent year-over-year to 765,000 ounces, supported by operating gains at the Galena Complex in Idaho and high-grade ore zones at the Cosalá operations in Mexico.
CEO Paul Andre Huet said the quarter marked a turning point for the company’s U.S. operations.
Huet noted, “Our Idaho operation is now beginning to show results after spending significant effort underground in Galena conducting numerous time studies, engineering work, productivity-oriented projects, implementing new equipment and adapting the mining method.”
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Securities Disclosure: I, Giann Liguid, have no direct investment interest in any company mentioned in this article.
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