Taking advantage of the crash: How Newmont, Silver Viper Minerals, and First Majestic Silver are poised for the silver boom

Newmont – Silver, strength with strategic compromises

While gold has dominated the headlines recently, Newmont's silver division also deserves attention. The Peñasquito polymetallic plant in Mexico is the linchpin. Here, the company is demonstrating strategic flexibility. Targeted shifts in mining towards gold-richer ore areas reduced silver production in the first half of 2025 to maximize the mine's long-term profitability. This focus on net present value (NPV) is typical of Newmont's efficiency-driven approach. Short-term volatility, such as the recent slide in silver prices, is accepted as long as the long-term health of the asset is secured.

However, the real core of the company currently shines in gold. Newmont paid off its last debts in the third quarter of 2025 and is now operating debt-free. This is a rare strength in the capital-intensive mining industry. At the same time, the group is generating record cash flows. This financial robustness is underpinned by operational successes. The new Ahafo North Mine in Ghana has commenced commercial production and is delivering immediate, profitable ounces. At the same time, a profound restructuring is bearing fruit. Through streamlined decision-making processes and consolidated business units, Newmont is sustainably reducing costs while maintaining production targets.

The combination of a strong balance sheet, growing production, and improved cost discipline positions Newmont excellently for the current market phase. Even short-term setbacks such as the recent fire at the Boddington site, which will slightly dampen production in the first quarter of 2026, do not change the solid foundation. For investors, the company offers direct exposure to the ongoing gold bull market, coupled with the operational stability and financial flexibility of a market leader. Against this backdrop, the valuation remains moderate, especially when taking expected growth into account. The stock is currently trading at USD 112.35.

Silver Viper Minerals – Becoming a multi-asset explorer

The precious metals environment is dynamic, and some explorers are positioning themselves wisely for the next phase. Silver Viper Minerals, a Canadian company focused on Mexico, recently made a fundamental adjustment to its course. Instead of relying on a single flagship project, it is now pursuing a clearly diversified strategy. Through the strategic acquisition of Coneto, management is systematically building a portfolio that offers multiple value levers. The goal is to diversify company-specific risk and grow through parallel progress on various fronts.

The company holds three projects in established Mexican mining regions. The most advanced is La Virginia (Sonora), which has an initial mineral resource and is currently being further developed with a drilling program. The recently added Coneto project (Durango) brings a historical resource in a well-known silver camp and represents the second strategic pillar. This is complemented by the early-stage Cimarron project (Sinaloa), a gold-copper porphyry target, as well as other exploration targets such as El Molino within La Virginia. This mix of advanced exploration and early-stage discovery potential offers scalable opportunities.

The roadmap for revaluation is concrete. Planned resource updates for the main projects in the coming months are a key value driver. At the same time, an active drilling program is continuously generating new data to underpin future potential. This operational agenda coincides with a silver market imbalance, with industrial demand exceeding supply. In addition, recent approvals in Mexico point to a more pragmatic government environment. The team is also strengthened by newly appointed finance and advisory experts with significant industry experience, and a recently completed capital increase secures the financial resources for the upcoming programs. The stock is currently trading at CAD 1.69.

First Majestic Silver - Operational review

The production figures published on January 15 mark the preliminary culmination of a transformative year for First Majestic Silver. In the fourth quarter of 2025, the company achieved record silver production of 4.2 million ounces, an increase of 77% over the same period last year. Total silver equivalent production amounted to 7.8 million ounces. This growth is largely attributable to the 70% stake in the Los Gatos Mine acquired in January 2025, which contributed 1.5 million ounces of silver directly in the quarter. The result for the full year 2025 was thus at the upper end of the forecast, as planned.

The integration of Los Gatos has sustainably strengthened the company's production profile. The mine is considered a high-grade and cost-effective asset that is giving the portfolio new momentum at just the right time. At the same time, the established San Dimas and La Encantada sites are also showing solid operational performance. The consistent exploration work is particularly noteworthy. With over 57,000 m drilled in the quarter and promising new discoveries such as "Santo Niño" near Santa Elena, reserves are being built up in a targeted manner near existing infrastructure, laying the foundation for future growth.

Operational strength forms the foundation for a robust financial position. In parallel with the production figures, management announced that it would increase the quarterly dividend from 1% to 2% of net sales from January 1, 2026. This decision underscores confidence in sustainable cash flow generation. The company had previously strengthened its capital structure through a successful bond sale and sold assets such as the Del Toro Mine. The combination of operational excellence, financial flexibility, and direct shareholder participation in revenue success paints a clear picture of the strategic direction. The share price is currently trading at USD 20.84.

The historic precious metals crash offers an opportunity to enter the structural silver supercycle. Newmont scores with a debt-free balance sheet and operational strength, deliberately accepting short-term silver production cuts in return. Silver Viper Minerals is transforming itself into a multi-asset explorer in Mexico and is focusing on resource updates as key value drivers. First Majestic Silver is underpinning its transformative acquisition with record production and a doubled dividend, demonstrating confidence in sustainable cash flows. Each company offers a unique approach to capitalizing on the fundamental dynamics of the silver market.