What are the largest primary silver projects in development and their expected timelines to production?
Executive summary
A handful of advanced primary-silver projects—many concentrated in Mexico and North America—are slated to move from development to production between 2026–2027, led by restart and brownfield projects that promise quicker timelines than greenfield builds [1]. Notable near-term names include Crescent (restart target mid‑2026), Pan American’s La Colorada Skarn (PEA update expected Q2‑2026), and Endeavour’s Terronera (contributing to 2026 output), while broader industry commentary pegs many advanced projects on 18–24 month construction horizons if financing and permits hold [2] [3] [4] [1].
1. Primary contenders and why they matter
Crescent—recently acquired and described as “past‑producing”—is being fast‑tracked with the owner targeting a mid‑2026 restart and an historical potential to add roughly 1.4–1.6 million ounces of silver annually if the resource converts to production as expected [2] [5]. Pan American’s La Colorada Skarn is being advanced under a phased development plan with an updated preliminary economic assessment scheduled for Q2‑2026, marking it as a leading internal growth project that could materially affect the company’s silver profile [3] [6]. Endeavour’s Terronera is already budgeted into the company’s 2026 guidance and is a principal contributor to consolidated silver output forecast for that year [4].
2. Timelines: mid‑2026, full‑year 2026, and into 2027
Company reporting and sector roundups cluster major milestones in 2026: Crescent’s operational restart goal is mid‑2026 (company updates cited in market press), Pan American’s La Colorada Skarn PEA is due Q2‑2026, and several Mexico projects are explicitly highlighted as starting in 2026 with additional projects rolling into 2027 according to BNamericas’ 2025 survey of Mexican developments [2] [3] [7]. Industry analysis also asserts that advanced projects—particularly those with existing infrastructure—can often be constructed in roughly 18–24 months, a time window that supports many 2026–2027 start dates if impediments are limited [1].
3. Scale: what “largest” means in ounces and company guidance
Scale varies: Pan American projects consolidated attributable silver production of 25.0–27.0 million ounces for 2026, reflecting multiple operating and growth assets rather than a single new mine [3]. Endeavour forecasts consolidated silver output of 8.3–8.9 million ounces in 2026 from Terronera, Guanaceví and Kolpa—a reminder that “new project” contributions are often blended into company totals rather than standalone single‑mine figures [4]. Crescent’s cited historical resource suggests a potential 1.4–1.6 million ounces per year contribution if fully realized, an example of how brownfield restarts can be meaningful but still modest next to multi‑mine producer totals [2].
4. Caveats, risks and the messaging in company reporting
Timelines and production forecasts in corporate releases and trade pieces are optimistic by design; PEA dates, restart targets and production guidance assume permitting, capital availability, and successful commissioning—conditions that can and do slip [3] [1]. Industry coverage and PR‑linked summaries emphasize strong economics and rapid construction for advanced projects, an upbeat narrative that can underplay regulatory, social‑license or financing risks noted in broader sector analysis, including resource‑nationalism and ESG constraints flagged by regional surveys [1] [8].
5. U.S. context and the dominance of Mexico in new supply
For context, the largest U.S. primary silver operations remain established mines such as Greens Creek, Rochester and Lucky Friday, but most of the fastest near‑term growth and “largest in development” projects are in Mexico and Canada where multiple greenfield and brownfield projects are scheduled to come online across 2026–2027 [2] [5] [7]. This geography matters because permitting regimes, infrastructure and community relations differ sharply between jurisdictions and therefore influence how realistic any 18–24 month construction claim is [1] [7].
6. Bottom line: who to watch and what to expect
Investors and observers should watch brownfield restarts like Crescent for the quickest supply additions (mid‑2026 targets), Pan American’s La Colorada Skarn for a potentially material phased development (PEA Q2‑2026), and company guidance from Endeavour and First Majestic for how new and expanded mills feed 2026 output numbers; however, every timeline is conditional on permitting, financing and execution risks that companies tend to understate in promotional materials [2] [3] [4] [9] [1]. The practical takeaway is a likely wave of new silver supply in 2026–2027 if plans hold, concentrated in Mexico and on projects that leverage existing infrastructure rather than true greenfield builds [7] [1].