War in focus, silver in the portfolio: Why Newmont, Silver Viper Minerals, and First Majestic Silver are now must-own stocks

Newmont – When the by-product becomes a cash flow support

Anyone who views Newmont exclusively as a gold company overlooks an important part of its business. The 2025 annual figures show that the company's silver production is considerable at 28 million ounces, even without any strategic focus on the white metal. The lion's share comes from polymetallic mines such as Peñasquito in Mexico, where silver is essentially a by-product. These quantities generate revenues that flow directly into the overall accounts and significantly improve the profitability of gold mining. However, silver production is subject to strong fluctuations because it depends on the respective mining sequence in the deposits. For the current year, management expects a similar order of magnitude – provided that the mine plans in Mexico and other locations remain stable.

The key figures for 2026 paint a clear picture. Attributable gold production will decline to around 5.3 million ounces, a decrease of approximately 10% compared to the previous year. At the same time, total costs per ounce are expected to rise significantly to USD 1,680. At first glance, this sounds like a step backwards, but it is a deliberate calculation. The background to this is planned mine conversions at several locations and higher investments in infrastructure. In Australia in particular, considerable funds are being invested in the expansion of production facilities. However, sales revenues from silver and copper will cushion part of this cost increase and stabilize the margin. Management is deliberately focusing on the synergy effect of its polymetallic production sites.

For investors, this constellation means two things. On the one hand, Newmont delivers solid cash flows even in a production trough, supported by revenues from by-products. On the other hand, the strategy shows that the group is not focused on maximizing short-term figures, but on sustainable value development. Investments in projects such as the Tanami expansion or the Panel Caves in Cadia will only pay off in the coming years. This may slow the pace of profit growth in 2026, but it will lay the foundation for more stable earnings from 2027 onwards. Investors in Newmont, therefore, get a gold stock with a built-in silver boost – without having to invest extra in pure silver stocks. The stock is currently trading at USD 118.52.

Silver Viper Minerals – Well-positioned for the next phase

Anyone currently involved in the silver and gold sector can hardly ignore Silver Viper Minerals. In recent months, the company has undergone a remarkable transformation, moving away from being a pure single-project explorer to a diversified portfolio developer with three promising properties in Mexico. What initially sounds like a classic exploration story turns out, on closer inspection, to be a strategically well-thought-out plan. The recent entry of Fresnillo, the world's largest primary silver producer, as a major strategic shareholder underscores the industry's confidence in the quality of the projects and the management's ability to develop them.

With the complete acquisition of Fresnillo's Coneto project in Durango, Silver Viper has significantly broadened its foundation. The historic mining district with over 40 documented vein structures not only provides a solid initial resource of approximately 538,000 ounces of gold equivalent, but also excellent infrastructure. At the same time, exploration is progressing rapidly at the flagship La Virginia project in Sonora. A 5,000 m drilling program is already underway, with initial sections in the El Molino target area intersecting the expected structures. The results are eagerly awaited, as they could pave the way for a significantly expanded resource, a clear value lever for the coming months.

The current market environment plays into the company's hands. Silver is in a structural deficit, with industrial demand picking up while supply is barely responding. In this environment, Silver Viper is positioning itself with a portfolio that offers both gold and silver exposure. This combination is rarely found among pure silver explorers. In addition, it has a high-caliber team of advisors with proven experience in Mexico and financing that enables several drilling campaigns to be carried out in parallel. For investors betting on a sustained precious metals bull market, this offers the opportunity to bet on discoveries and resource growth with a well-financed, strategically positioned company backed by an industry heavyweight as a major shareholder. The stock is currently trading at CAD 1.41.

First Majestic Silver – From silver producer to cash flow magnet

The year 2025 marks a fundamental turning point for First Majestic Silver. The Canadian producer has made an impressive comeback with record figures. The acquisition of Gatos Silver turned out to be a game-changer. The operational integration went smoothly and drove silver production up by 84% to 15.4 million ounces. At the same time, operating cash flow nearly quadrupled to USD 667 million. Revenue broke through the billion mark for the first time, landing at USD 1.26 billion, an increase of 124%. Management has thus proven that it can not only promise growth, but also deliver it.

The company's financial clout is completely different today than it was 12 months ago. First Majestic is sitting on a record cash balance of nearly USD 800 million, and its balance sheet is more stable than ever. This allows the company to be more generous. Starting in 2026, the dividend will be directly linked to quarterly revenue and raised to 2%. Those who value ongoing income will receive a direct share in the company's success. The in-house mint, First Mint, is also developing into a reliable second pillar, contributing USD 24 million to operating profit for the year as a whole.

Management is ambitious but realistic for the current year. The production forecast is for up to 14.4 million ounces of silver and 129,000 ounces of gold. At the same time, First Majestic is investing heavily in the future. Around USD 236 million is being spent on expansions and exploration. The focus is on higher throughput rates, for example, at Los Gatos, and the development of new discoveries such as Santo Niño. The increase in total costs is partly due to the strong performance of the silver price, which distorts the conversion ratio for by-products. The ongoing tax dispute with Mexico remains a side issue, but is not currently clouding the overall picture. The share price is currently trading at USD 28.37.

The silver market is undergoing a fundamental reassessment due to the geopolitical conflict, which goes far beyond traditional crisis protection. As one of the world's largest gold producers, Newmont is benefiting from this dynamic, as silver produced as a by-product is noticeably stabilizing cash flows. Silver Viper Minerals is positioning itself with strategic foresight as an exploration stock whose promising portfolio is receiving strong industry validation from major shareholder Fresnillo. First Majestic Silver, on the other hand, has achieved an operational turnaround and is transforming itself into a cash cow in the silver sector with a jump in production and record cash flow.