What public companies are ramping up silver production
Executive summary
Major public silver miners and a handful of focused silver companies are signaling clear production ramps: Pan American Silver is guiding materially higher attributable silver ounces for 2026, Americas Gold & Silver is positioning to scale output via its Crescent acquisition and mine restarts, and several junior-to-developer names (Vizsla, GR Silver, First Majestic) are funding projects or drilling programs intended to materially lift silver output in the next 12–36 months [1] [2] [3].
1. Pan American Silver: corporate-scale ramp into 2026
Pan American, one of the largest publicly traded silver producers, reported outperforming 2025 targets and is guiding attributable silver production of 25.0–27.0 million ounces for 2026, citing contributions from Juanicipio and sequencing into higher-grade zones at Cerro Moro among operational drivers [4] [5]. The company’s public guidance also flags cost and capital nuances—higher royalties and sustaining capital in some mines—which show the ramp is deliberate and site‑specific, not just a blanket output push [5] [1].
2. Americas Gold & Silver and US-focused restarts
Americas Gold & Silver, a company with a high percentage of revenue from silver, is explicitly planning to scale production toward 3–4 million ounces annually as it completes the Crescent acquisition and advances development work that could add near-term ounces from nearby resources [2]. In the US, established producers including Hecla and Coeur (alongside Americas Gold & Silver) are cited as the largest domestic silver miners and are pursuing restarts and asset consolidation that will lift US silver supply in 2026 [6].
3. Developers and juniors with funded growth plans
Vizsla Silver closed $300 million in convertible notes to push Pánuco toward construction and first production targeted in H2 2027, illustrating how developers are turning strong financing into future ramped output [2]. GR Silver is funding a 15,000‑m step-out drilling campaign aimed at material resource expansion ahead of a resource update and PEA that could underpin higher production profiles [2]. First Majestic continues to emphasize silver-focused operations and downstream minting capacity that could amplify its ability to increase marketed silver production and sales [3].
4. Macro drivers and why miners are incentivized — but with limits
Rising industrial demand—particularly for electronics, EVs, solar and data‑center infrastructure—has elevated silver’s strategic importance and underpins many company expansions and financing drives [7]. At the same time, the market remains structurally tight after multi‑year deficits and declining mine output since 2016, meaning higher prices do not automatically translate into rapid production growth because roughly 70% of silver is a by‑product of other metal mines and capex and permitting constraints slow responses [8] [9].
5. Broader producer landscape and unstated agendas
Mexico and a handful of large producers still dominate global output, and industry reports and visuals emphasize national leaders and technological trends as context for company-level ramps [10] [11]. Industry advocacy groups like the Silver Institute promote demand narratives that support investment in supply expansion; some trade and company‑sponsored outlets (e.g., corporate press releases and sponsored investor profiles) may frame restarts and drill programs optimistically, so independent filings and technical reports remain necessary to validate claimed ramp trajectories [7] [12].
6. What reporting shows—and what it doesn’t
Public filings and press releases clearly identify which public companies are committing capital, acquisitions and drilling to lift silver output (Pan American, Americas Gold & Silver, Vizsla, GR Silver, First Majestic among them) [1] [2] [3]. What the available reporting does not fully resolve are exact timing risks from permitting, metallurgical uncertainty, workforce or capital markets stress and the scale of by‑product dilution at large diversified miners—gaps that require reading SEDAR+/SEC filings and technical studies beyond press summaries [5] [12].