Top Silver Shares on ASX: Five Biggest Producers Leading Market Growth in 2025

The bullish momentum for silver shares intensified throughout 2025, as the precious metal achieved milestone price levels not seen since 1980, driven by robust safe-haven demand and constrained global supply. Industry experts attribute this surge to multiple converging factors: tightening silver supply coupled with expanding industrial demand—particularly in electronics and renewable energy sectors. Silver’s superior conductivity makes it indispensable for photovoltaic cells in solar panel manufacturing. Simultaneously, investment demand grew as institutional and retail investors sought cost-effective alternatives to gold exposure.

In this dynamic environment, Australian silver shares have attracted considerable attention from market participants seeking exposure to precious metals production. This article profiles five of the largest primary silver producers listed on the ASX, ranked by market capitalization. Data referenced reflects market conditions as of early December 2025.

DPM Metals - Transforming into a Silver Shares Powerhouse

Market Capitalization: AU$9.38 billion
Share Price: AU$42.36

DPM Metals (ASX:DPM) stands as the preeminent Australian silver shares operator, following its transformative acquisition of Adriatic Metals. Formerly operating as Dundee Precious Metals, the company expanded its footprint into silver production through this strategic consolidation, which closed in early September 2025. The newly combined entity now operates multiple precious metals assets spanning three countries: a producing silver operation in Bosnia and Herzegovina, plus copper and gold mines in Bulgaria.

The centerpiece of DPM’s silver shares portfolio is the Vareš project near a historic mining region in Bosnia and Herzegovina. Adriatic achieved commercial production at Vareš beginning in July 2025, immediately focusing extraction on the Rupice deposit. By mid-year 2025, the deposit contained probable reserves totaling 9.46 million tonnes grading 228 grams per tonne of silver—a notable 12 percent upgrade from the prior quarter’s 192 g/t estimate. During the third quarter of 2025, Vareš delivered 717,400 ounces of silver, with 265,800 ounces generated in just the final month following acquisition completion. Management targets achieving full annual processing capacity of 850,000 tonnes by end of 2026, positioning these silver shares among the highest-volume Australian producers.

Silver Mines - Developing Australia’s Largest Undeveloped Reserve

Market Capitalization: AU$407.05 million
Share Price: AU$0.205

Silver Mines (ASX:SVL) represents a distinctly different silver shares opportunity—an advanced-stage developer holding some of Australia’s most substantial untapped silver resources. The company’s flagship Bowdens project, located 26 kilometres east of Mudgee in New South Wales, encompasses 2,115 square kilometres of concessions spanning 80 kilometres of prospective mineralization.

The December 2024 reserve estimate for Bowdens detailed proven and probable reserves of 71.7 million ounces of silver alongside measured, indicated and inferred resources reaching 180 million ounces of silver plus 426,000 ounces of gold. This positions Bowdens as Australia’s premier undeveloped silver resource. While the project received approval in April 2023, unexpected legal challenges reversed earlier court determinations in August 2024, temporarily delaying permitting progress. However, Silver Mines has maintained project momentum by furnishing all requested documentation to state planning authorities throughout 2025.

The company’s exploration drilling delivered exceptional results in late 2025, including an interval of 116 metres averaging 245 g/t silver alongside notable lead and zinc concentrations. Concurrently, Silver Mines expanded its silver shares exposure into California, completing acquisitions of the Calico North project and securing an 80 percent earn-in arrangement on the Kramer Hills project—both historic producing regions in San Bernardino County. Field work is anticipated to commence in 2026.

Unico Silver - Consolidating Argentina’s Premier District

Market Capitalization: AU$375.74 million
Share Price: AU$0.61

Unico Silver (ASX:USL) has rapidly emerged among Australia’s most compelling silver shares through aggressive regional consolidation in Argentina. Throughout 2024 and into 2025, the company orchestrated multiple acquisitions expanding its Cerro Leon platform, merging the greenfield Conserrat project (80 percent ownership) with the more advanced Pingüino and Sierra Blanca operations into a single district-scale entity.

The company released an updated resource estimate in September 2025 demonstrating Cerro Leon’s scale: 28.9 million ounces indicated resource plus 33.1 million ounces inferred resource from mineralization grading 95-104 g/t silver respectively. Including byproduct gold, lead and zinc credits, the project contains 162 million silver equivalent ounces from 161 g/t silver equivalent material.

Concurrent drilling at the recently acquired Joaquin project revealed multiple high-grade discoveries. Initial reporting highlighted a 90-metre interval averaging 144 g/t silver equivalent from the La Negra extension, with individual 4-metre sections grading 718 g/t. A subsequent discovery at the La Morocha deposit returned 69 metres of 163 g/t silver equivalent. Most impressively, November 2025 drilling at La Morocha produced a 42.4-metre intersection grading 437 g/t silver, containing micro-intervals grading 8,335 g/t—results positioning these silver shares as a primary target for district-scale exploration success.

Andean Silver - Revitalizing Chile’s Historic Production Region

Market Capitalization: AU$352.38 million
Share Price: AU$1.87

Andean Silver (ASX:ASL) is advancing Cerro Bayo, a past-producing silver-gold project in Southern Chile, acquired in early 2024. The historic operation generated 45 million ounces of silver and 650,000 ounces of gold across 15 years of production before suspension in 2022.

In April 2025, Andean reported an updated resource estimate showing a 22 percent increase to 111 million silver equivalent ounces from 9.8 million tonnes averaging 353 g/t silver equivalent. The company has maintained consistent drilling momentum, discovering additional high-grade zones outside the current resource boundary. October 2025 results included an intersection grading 250 g/t silver and 1.2 g/t gold over 16.1 metres, containing sub-intervals of 3,224 g/t silver and 12.2 g/t gold over 0.8 metres.

December 2025 drilling extended mineralization at the Laguna Verde main complex, with the Delia SE mine producing intersections of 692 g/t silver and 9.8 g/t gold over 2 metres. These results are feeding into an anticipated resource update planned for the first half of 2026, suggesting these silver shares may deliver material reserve expansion announcements in coming months.

Sun Silver - Positioning Nevada Assets Within US Strategic Framework

Market Capitalization: AU$230.62 million
Share Price: AU$1.142

Sun Silver (ASX:SS1) completed its initial public offering and ASX listing in May 2025 after acquiring the Maverick Springs silver-gold project in Nevada from Element79 Gold. The timing positioned these silver shares to capitalize on heightened US government attention to domestic precious metals production.

The company expanded its Nevada land package by 34 percent in November 2025 to 26.28 square kilometres through acquisition of 80 additional mining claims. Initial drill results released in mid-January 2026 highlighted an interval outside the resource boundary grading 84.5 g/t silver over 102 metres, containing 454.6 g/t over a 7.62-metre section. These results supported a March 2025 resource update increasing the inferred estimate by 13 percent to 79.8 million silver equivalent ounces.

By December 2025, following additional drilling and evaluation, Sun Silver released a substantially expanded resource estimate: 539 million silver equivalent ounces inferred at 71 g/t silver equivalent, comprising 347.2 million ounces of silver and 2.25 million ounces of gold. This near-tripling of the resource base represents one of the most aggressive resource growth trajectories among emerging Australian silver shares. The company’s October 2025 inclusion in discussions between the Australian Prime Minister and US President regarding critical minerals investment underscores Maverick Springs’ strategic significance. Sun Silver’s listing on the OTCQX market in November reflects management’s intentional focus on US investor relations, while ongoing re-assay programs evaluate additional value drivers including antimony potential.

Market Takeaway: Diverse Silver Shares Strategies for Different Investors

The five largest ASX-listed silver shares represent divergent approaches to silver exposure: from established DPM Metals’ immediate production profile to Sun Silver’s rapid resource expansion trajectory in the United States. The recovery in precious metals prices combined with strategic importance recognition creates multiple pathways for investors to gain exposure within the silver shares sector. Whether favoring near-term production cash flow from established operations or longer-duration exploration optionality through emerging discoveries, Australia’s public silver shares market offers opportunities aligned with various investment mandates.

Follow @INN_Australia for ongoing updates on Australian mining and precious metals.

**Disclaimer: The author holds no direct investment positions in companies mentioned. Views expressed represent analysis only and do not reflect positions of Nasdaq, Inc., or affiliated entities._