The rally in silver that began earlier this year has translated into a wave of strong third quarter results for leading industry firms.
The silver market erupted in 2025, breaking the US$30 barrier at the start of the year before accelerating into the spring with a February 20 print of US$32.94 and a Q1 peak of US$34.21 on March 28.
By early June silver hit a 13-year high of US$36.05, topped US$37, by mid-month. The white metal pushed past US$39 in July, and surged through August and September to exceed US$47. Silver went on to shatter its 1980 US dollar record in October to breifly touch US$53 per pounce before pulling back to end the month in the US$47 range.
First Majestic sets new production record
First Majestic Silver (TSX:AG,NYSE:AG) led the quarter’s gains with a 96 percent year-on-year surge in silver production, reaching 3.9 million ounces in the third quarter of 2025 compared to 2.0 million ounces a year earlier.
Of this total, 1.4 million ounces came from its recently integrated Los Gatos operation.
Revenue for the quarter soared 95 percent to US$285.1 million, the third consecutive quarter of record sales, driven by higher metal prices and increased output.
Overall, about 56 percent of the total came from silver sales, with the company realizing an average silver-equivalent price of US$39.03 per ounce.
Coeur Mining delivers record results, launches landmark merger
Coeur Mining (NYSE:CDE) marked its second consecutive period of double-digit revenue and production growth. The company produced 4.8 million ounces of silver during the third quarter, up 57 percent year-over-year.
Average realized silver prices rose 15 percent to US$38.93 per ounce compared to the prior quarter, while gold prices increased 4 percent to US$3,148 per ounce.
Coeur delivered another quarter of record financial results, driven by higher prices, balanced contributions from all five of our North American gold and silver operations along with overall strong cost control,” said company President and CEO Mitchell J. Krebs.
Just days after reporting earnings, Coeur announced a US$7 billion all-stock merger with New Gold (TSX:NGD,NYSEAMERICAN:NGD), creating what analysts are calling a “North American powerhouse” in the precious metals space.
The transaction was described as the largest gold-sector merger of 2025. The combined entity will be majority-owned by Coeur shareholders (62 percent) and will operate exclusively in North America.
Royal Gold benefits from higher metal prices
Royal Gold (NASDAQ:RGLD) reported record quarterly revenue of US$252.1 million and operating cash flow of US$174 million in the third quarter of 2025, driven by higher average realized prices for gold, silver, and copper.
Net income reached US$126.8 million, or US$1.92 per share, while adjusted net income rose to US$136.2 million, or US$2.06 per share—both among the highest in the company’s history.
The royalty and streaming company’s revenue mix for the quarter was dominated by gold (78 percent), followed by silver (12 percent) and copper (7 percent).
“Our portfolio performed very well and allowed us to take full advantage of the materially higher gold and silver prices in the quarter, and the record gold price directly benefited our results,” said President and CEO Bill Heissenbuttel.
In August, the company finalized a US$1.0 billion gold streaming agreement with First Quantum Minerals (TSX:FM,OTC Pink:FQVLF)
Endeavour Silver nears new production phase
Endeavour Silver (TSX:EDR,NYSE:EXK) reported steady output as its portfolio continued to perform in line with expectations.
Consolidated silver production driven by higher throughput at Guanaceví and the inclusion of its new Kolpa mine in the third quarter rose 102 percent year-over-year to 1.77 million ounces. Silver-equivalent output totaled 3.0 million ounces when accounting for gold and base metals.
CEO Dan Dickson said, “Our legacy mines continue to provide steady results, Kolpa is meeting expectations and integrating smoothly, and with Terronera nearing commercial production, we are entering the next phase of growth with significant momentum.”
The Terronera project, now in the final stages before commercial production, achieved average silver recoveries of 82.8 percent and gold recoveries of 72.3 percent in September.
Americas Gold and Silver doubles silver output
Americas Gold and Silver (TSX:USA) capped the quarter with one of the strongest percentage gains in the industry.
The company’s consolidated silver production surged 98 percent year-over-year to 765,000 ounces, supported by operational gains at the Galena Complex in Idaho and higher-grade ore zones at the Cosalá Operations in Mexico.
CEO Paul Andre Huet said the quarter marked a turning point for the company’s US operations.
Huet noted: “Our operation in Idaho is now starting to deliver results after spending significant effort underground at Galena conducting numerous time studies, engineering work, productivity-focused projects, implementing new equipment and adjusting the mining method.”
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
