Silver better than gold – things can move quickly here: Silver North Resources, First Majestic Silver, Hecla Mining

Several trends are driving Silver

In 2025, silver is emerging as a key commodity for industry and investors. Experts at the Silver Institute are forecasting the fifth consecutive annual supply deficit. On the demand side, record applications in solar energy, e-mobility, and high-tech are driving demand: industrial yearly demand for silver is expected to exceed 700 million ounces for the first time. According to the International Energy Agency, a third of global production in the 2020s could already be consumed in the photovoltaic sector by 2030. Added to this are demand impulses from artificial intelligence and printed circuit board electronics. At the political level, global uncertainty is driving the price of silver: US trade tariffs, geopolitical tensions, and inflation concerns are supporting the trend toward precious metal investments. In fact, silver reached an all-time high of around USD 54.5 per ounce in the fall of 2025. That is a 67% return since the beginning of the year, which is more than gold.** Silver is being considered a safe haven in times of crisis and is increasingly classified as a critical commodity worldwide – reason enough to take a closer look at potential investment targets.

First Majestic Silver with impressive figures

First Majestic Silver shares are particularly well known in Germany. The Company is a Canadian-Mexican silver producer with multiple operating mines in Mexico. More than half of its revenue comes from silver, with the remainder derived from by-products such as gold, lead, and zinc. First Majestic sells its silver on the global market and also has its own mint, First Mint. The Company relies on regular dividend payments to retain shareholders. The good news is that First Majestic can more than afford to make these distributions. In the third quarter of 2025, the Company reported record revenue of USD 285.1 million and operating income of USD 99.1 million, a fourfold increase compared with the previous year. Free cash flow reached a record USD 98.8 million. The balance sheet is also strong: First Majestic holds approximately USD 435 million in cash and was virtually debt-free at the end of the third quarter.

Hecla Mining gets a boost from the Yukon

The development at Hecla Mining also shows that focusing on silver is highly profitable. The Company mines silver, gold, and base metals. Its most important projects include the Greens Creek mine in Alaska, which offers a high-grade silver-gold mix, the Lucky Friday silver-lead-zinc project in Idaho, the Casa Berardi gold mine in Canada, and, since 2023, the newly acquired Keno Hill Silver project in Canada's Yukon Territory. Hecla primarily serves the markets in North America and Asia. More than 60% of Hecla's revenue comes from silver, with gold accounting for most of the rest. The Company benefits from its many years of production and its experience in managing silver projects. Hecla Mining achieved record revenue and profits in the third quarter. The main growth driver is the Keno Hill Silver project in the Yukon. Silver North Resources, a promising junior silver company, operates in the immediate vicinity.

Silver North Resources: Yukon projects and producer contacts

Silver North's core projects are the high-grade Haldane Silver deposit in the Keno Hill district and the Tim Silver project in the Silvertip district in southern Yukon, which is operated as a joint venture with Coeur Mining. The 8,579-hectare Haldane project is located near Hecla's Keno Hill mine, which is an excellent source of hope for the silver producer. **At Haldane, Silver North has discovered two promising silver mineralizations in 2024 that are also geologically reminiscent of Keno Hill. One of the spectacular drill intersections returned 1.83 m at 1,088 g/t silver. In addition, the drill core contained gold, lead, and zinc. Silver North Resources is currently drilling 2,500 m to explore the property in more detail. The results already achieved are positive for the young company simply because the discoveries made so far allow it to go into detail – young exploration companies usually have to wait longer for such successes.

As a small company with a corresponding market capitalization, Silver North Resources is an extremely exciting stock in the current market environment: silver is benefiting from growing demand from industry and investors, and Silver North has already scored with high grades. Coupled with its proximity to large companies in the Yukon, the existing joint venture with Coeur Mining, and the experience of Silver North CEO Jason Weber, who was previously with Kiska Metals, the starting position for attractive returns is fundamentally good. If the Company succeeds in confirming the initial drilling results and defining a potentially profitable resource, Silver North could take off – its market capitalization of only around CAD 20 million leaves room for growth.