ASX Silver Shares: The 5 Most Valuable Mining Companies in 2026

Silver prices have reached unprecedented levels, surpassing the 1980 record as investors increasingly seek exposure to this precious metal. The combination of robust safe-haven demand and supply constraints has created compelling investment opportunities in silver shares, particularly among established ASX-listed producers. Beyond traditional investment appeal, silver’s critical role in solar technology and industrial applications continues to drive both supply pressures and long-term demand growth.

For investors interested in silver shares on the Australian Securities Exchange, understanding the largest players by market capitalisation provides important context. The following five companies represent the most significant ASX-listed silver mining enterprises as of late 2025, offering a mix of production, development, and exploration opportunities.

DPM Metals (ASX:DPM): The Producing Giant

Market capitalisation: AU$9.38 billion | Share price: AU$42.36

DPM Metals, formerly known as Dundee Precious Metals, emerged as the ASX’s dominant player in silver shares following its acquisition and September 2025 ASX listing. The company achieved this position by merging with Adriatic Metals, which held the largest producing silver operation in the region.

The cornerstone asset is the Vareš mine in Bosnia and Herzegovina, which commenced commercial production in mid-2025. During the third quarter, Vareš generated 717,400 ounces of silver, demonstrating the project’s operational momentum. The mineral resource continues to strengthen, with April 2025 estimates showing 9.46 million tonnes at 228 grams per tonne silver grade—a material upgrade from prior assessments.

Management targets full processing capacity of 850,000 tonnes annually by end-2026, positioning DPM Metals as a significant regional producer. The company also operates copper and gold mines in Bulgaria, creating a diversified precious metals portfolio that appeals to investors seeking exposure to multiple silver shares simultaneously.

Silver Mines (ASX:SVL): Australia’s Largest Undeveloped Resource

Market capitalisation: AU$407.05 million | Share price: AU$0.205

For investors tracking development-stage silver shares, Silver Mines represents one of Australia’s most substantial opportunities. The Bowdens project in New South Wales hosts the nation’s largest known undeveloped silver resource, comprising 71.7 million ounces in proven and probable reserves.

The company’s journey through the regulatory process reached a critical juncture in 2025. After an appeals court temporarily halted approvals in August 2024, Silver Mines worked to resubmit development applications throughout 2025, providing updated environmental and technical documentation. By mid-2025, the company had fulfilled all information requests from state planning authorities, positioning Bowdens for potential advancement.

Exploration results underscore the project’s quality. November 2024 drilling returned exceptional silver grades, including 116 metres grading 245 grams per tonne silver, with higher-grade intervals reaching 412 grams per tonne over 35 metres. These results validate the mineral resource estimate and support the project’s economic potential.

Beyond Bowdens, Silver Mines expanded into California with the acquisition of the Calico North project and an earn-in agreement on Kramer Hills. Both properties feature historic production and represent early-stage exploration opportunities. Investors in these silver shares can anticipate exploration activity at California properties commencing in 2026.

Unico Silver (ASX:USL): The Argentine Consolidator

Market capitalisation: AU$375.74 million | Share price: AU$0.61

Unico Metals has systematically consolidated one of South America’s most prospective silver districts through strategic acquisitions. The Cerro Leon project in Argentina, combined with Sierra Blanca and additional properties acquired in 2024, now represents a substantial regional platform for silver shares investors.

The company’s mineral resource estimate released in September 2025 demonstrates the scale of consolidation efforts. Cerro Leon hosts an indicated resource of 28.9 million ounces of silver and inferred resources of 33.1 million ounces, with additional byproduct credits for gold, lead and zinc bringing the total silver equivalent to 162 million ounces.

The adjacent Joaquin project has delivered high-grade exploration success throughout 2025. Multiple drilling programs returned exceptional assay results, including 144 grams per tonne silver equivalent over 90 metres and newly discovered zones grading 163 grams per tonne silver equivalent over 69 metres. By November, the company had identified intercepts exceeding 400 grams per tonne silver at La Morocha prospect, with one interval returning 8,335 grams per tonne over 1.85 metres.

These discoveries establish Joaquin as a district-scale system, supporting the company’s vision of a regional hub for silver shares investment. The combination of resource depth and exploration upside attracts investors seeking exposure to early-stage silver deposits with significant discovery potential.

Andean Silver (ASX:ASL): High-Grade Chilean Production

Market capitalisation: AU$352.38 million | Share price: AU$1.87

Andean Silver acquired the Cerro Bayo mine in Chile during early 2024, taking ownership of a past-producing asset with 15+ years of operational history. The mine had previously generated 45 million ounces of silver and 650,000 ounces of gold before placement on care and maintenance in 2022.

The company’s resource development strategy delivered results, with April 2025 estimates showing an indicated and inferred resource of 111 million silver equivalent ounces—representing a 22 percent increase from prior estimates. This upgrading trajectory provides confidence in the company’s resource definition capabilities.

Beyond the current resource, Andean has made significant discoveries. October 2025 drilling encountered extremely high-grade mineralisation, including intersections grading 250 grams per tonne silver and 1.2 grams per tonne gold over 16.1 metres. One intersection returned 3,224 grams per tonne silver and 12.2 grams per tonne gold over 0.8 metres, highlighting the exceptional grades present at depth.

December 2025 results confirmed the extension of mineralisation beyond existing resource boundaries. The Laguna Verde complex returned drilling results including 692 grams per tonne silver and 9.8 grams per tonne gold over 2 metres, validating the company’s regional exploration model. For investors tracking high-grade silver shares, Andean’s discovery momentum and planned 2026 resource update warrant close attention.

Sun Silver (ASX:SS1): Nevada’s Emerging Silver Shares Play

Market capitalisation: AU$230.62 million | Share price: AU$1.142

Sun Silver represents the newest entrant among major ASX silver shares, having completed its Australian public offering and commenced ASX trading in mid-2024. The company acquired the Maverick Springs project in Nevada and has rapidly expanded its holdings through strategic claim acquisitions.

The project received significant validation when the Australian government nominated Maverick Springs during high-level diplomatic discussions with US officials in October 2025, reflecting silver’s strategic importance to energy transition objectives. This diplomatic recognition underscores the geopolitical importance of diversified silver shares supply outside established mining regions.

Sun Silver’s mineral resource expanded substantially following initial exploration results. December 2025 estimates showed an inferred resource of 539 million ounces of silver equivalent at 71 grams per tonne silver equivalent, representing a 59 million ounce increase from prior estimates released in March 2025. The resource comprises 347.2 million ounces of silver at 45.5 grams per tonne and 2.25 million ounces of gold at 0.3 grams per tonne.

Beyond the primary silver-gold mineralisation, the company is evaluating antimony potential at Maverick Springs through a reassay program. The company’s November listing on the OTCQX market aligns with its US-focused development strategy. For investors seeking exposure to early-stage exploration in a geopolitically important jurisdiction, Sun Silver offers an alternative to more developed silver shares in traditional mining regions.

Positioning in the Silver Shares Market

The five largest ASX-listed silver shares present distinct investment profiles. DPM Metals offers exposure to near-term production cash flows from an operating mine. Silver Mines and Andean Silver provide development and exploration upside, respectively. Unico Silver and Sun Silver represent junior plays with significant discovery potential and resource growth trajectories.

As silver demand continues to benefit from industrial and investment considerations, these ASX silver shares collectively span the development spectrum from production to exploration, offering investors diversified exposure to the precious metals sector at different risk-return profiles.