Global Silver Surge Fuels Junior Miner Advances

1. Irving Resources, Silver North, and Dolly Varden Silver are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000. Magma Silver has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Irving Resources, Silver North, Magma Silver, and Dolly Varden Silver.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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The silver market has remained at the center of investor attention in recent months, shaped by a combination of structural supply deficits, rising industrial usage, and shifting monetary policy expectations.

Demand from sectors such as solar energy, electronics, and electric vehicles has continued to expand, while investment flows have reflected silver's role as both a precious metal and an industrial commodity. Prices have risen sharply throughout the year, with analysts citing both fundamental supply shortages and safe-haven appeal as drivers of the current trend.

Industrial Demand and Persistent Supply Deficits

On August 16, Richard Mills wrote that silver had been in deficit for four straight years, with the Silver Institute projecting a fifth consecutive shortfall in 2025. Annual demand was expected to reach 1.20 billion ounces while supply was estimated at 1.05 billion ounces, leaving a 150-million-ounce gap. Mills explained that "around 60% of silver is utilized in industrial applications, like solar and electronics, leaving only 40% for investing." He added that technologies such as solar, electric vehicles, and AI-related electronics had increasingly absorbed global output, with solar demand alone potentially reaching 20% of supply in the coming years.

A report published on August 23 by Matt Myre reinforced the supply constraints, noting that "only one out of four silver ounces comes from a pure silver mine." He stated that global demand had exceeded production by about 200 million ounces annually for the past five years. Myre also emphasized that industrial usage, particularly in solar panels, accounted for as much as 19% of demand. He highlighted valuation metrics, writing that with the gold-to-silver ratio at 88:1 compared to a historical average of 65:1, silver appeared relatively undervalued.

Rising Prices and Investor Flows

Silver's market performance reflected these fundamentals. On August 25, Markets USA reported that the metal briefly touched US$39 per ounce, the highest level in a month, before closing around US$38.90. The publication noted silver had gained more than 34% year-to-date, outpacing gold.

According to Ahmad Assiri, research strategist at Pepperstone, "Powell's remarks fueled the conviction that policy easing lies ahead," which contributed to precious metals' strength.

That same day, Kitco News reported that the Saudi Central Bank had disclosed holdings of 932,000 shares in SLV valued at US$30.6 million and 203,700 shares of the Global X Silver Miners ETF valued at US$9.8 million.

Analysts cited by Kitco characterized the move as a bullish sign, reflecting growing investment demand, though they noted it was a relatively small position in the context of the bank's broader portfolio.

Rate Cuts and Market Sentiment

On August 26, FX Street wrote that silver traded near US$38.80 during European trading after the removal of Federal Reserve Governor Lisa Cook raised concerns about central bank independence. The publication explained that safe-haven demand had lifted silver as "firm expectations that the Fed will cut interest rates in the September policy meeting are continued to support the Silver price." Technical analysis showed silver holding above its 20-day Exponential Moving Average at US$38.10, with the July high near US$39.53 identified as a key resistance level.

As the silver market has been shaped by persistent supply deficits, rising industrial demand, and renewed investor interest, several companies operating in the sector have been working to position themselves within this environment. From exploration-stage firms to established producers, these companies have been developing projects, expanding resources, and advancing production strategies that reflect the broader themes driving the silver market. Their activities provide a closer look at how industry participants are navigating the current cycle.

Magma Silver Corp.

Magma Silver Corp. (MGMA:TSXV; MAGMF:OTCQB; FSE:BC21; WKN:A411DV) is a Canadian exploration company focused on advancing silver and gold projects, with its flagship Niñobamba property located in Peru. The company announced the start of its Q3 2025 fieldwork program at Niñobamba, a 4,100-hectare project that has seen significant historic investment. The program is aimed at refining exploration targets ahead of a Q4 drill campaign at the Jorimina and Randypata areas. Planned work includes geophysical surveys, geological mapping, and rock sampling, with oversight by Senior Geologist Edgar Leon and Senior Technical Advisor Jeffrey Reeder, P. Geo.

Chairman and CEO Stephen Barley said in a news release that the company was "excited to advise that our exploration team is now on site at the advanced Niñobamba silver-gold project," adding that the work is expected to refine drill targets and expand technical knowledge of the mineralized zones.

Niñobamba has been the subject of extensive historical exploration, with over CA$14.5 million invested by past operators including AngloGold, Bear Creek, and Newmont. Newmont previously drilled more than 7,800 meters on the property and produced an exploration potential estimate at Jorimina and Randypata under NI 43-101 guidelines, although it is not classified as a mineral resource. Past drilling and trenching confirmed both gold and silver mineralization, with intercepts such as 56 meters grading 1.03 grams per tonne gold and 98.9 grams per tonne silver, and 130 meters averaging 87 grams per tonne silver.

Located in the Ayacucho region about 500 kilometers southeast of Lima, Niñobamba hosts both high-sulfidation and low-sulfidation epithermal systems. Magma Silver holds 100% ownership of the project through staking and acquisition agreements and has secured community access agreements to support current exploration activities.

The company's near-term plans include completing the Q3 field program and initiating a Q4 drill campaign at Jorimina. Permitting is advancing for 20 additional drill platforms across Jorimina and Randypata, with further mapping and trenching scheduled for the Main zone in early 2026. Magma has also completed community consultation and environmental baseline studies to support its longer-term goal of establishing a National Instrument 43-101 compliant resource estimate.

According to the company, approximately 10.90% of the company is held by insiders and management, 22.90% is held by close associates, and the remaining 66.20% retail and public float. 

Leading shareholders include Michael Townsend with 7.37%, Dave Schmidt with 4.41%, and Cannon Bridge Capital Group with 4.95%, according to Refinitiv. 

Its market cap is CA$2.8 million with just over 34 million shares outstanding. It trades in a 52-week range of CA$0.060 and CA$0.255.

Silver North Resources Ltd.

Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) is a Canadian junior exploration company focused on advancing silver projects in Yukon. The company recently completed its 2025 field program at the Veronica property, part of its GDR project in southern Yukon Territory. The work was partially supported by the Yukon Mineral Exploration Program, which provides grants of up to US$30,000 for qualifying expenditures.

The Veronica property lies in the Silvertip district, an area known for carbonate replacement deposit (CRD) style mineralization containing silver, lead, and zinc. The project is located 16 kilometers northeast of the Silvertip mine and adjacent to the Silver North Tim property, which is under option to another operator. Silver North's eight-day program at Veronica included prospecting, mapping, soil geochemical sampling, and hand trenching. Crews collected 453 soil samples, 26 rock samples, and conducted two trenches and eight additional pits.

In the company announcement, President and CEO Jason Weber, P. Geo., described the program as "an important first step in assessing the property's potential to host carbonate replacement deposit style mineralization." He added that the discovery of galena mineralization "in what appears to be a prospective stratigraphic position" was a positive indicator for further work. The results build on a 2016 soil anomaly measuring 450 by 450 meters that returned values up to 31.1 ppm silver, 3,100 ppm lead, and 612 ppm zinc. Silver North's 2025 work marked the first trenching and testing of this anomaly.

The company's efforts have drawn attention from analysts. On July 16, Bob Moriarty of 321Gold.com described Silver North as a "remarkable story," highlighting results from its Haldane project. On July 25, Rick Mills of Ahead of the Herd called the company "an excellent silver investment opportunity in Canada's most productive silver region, Keno Hill," and emphasized his long familiarity with its management team. He noted that Silver North "controls excellent land positions within the Keno Hill district, conducting substantial drilling. They understand their assets and potential."

In the same exchange, Moriarty pointed out that the company demonstrated the characteristics investors look for in undervalued opportunities, while Mills added that Silver North represented "a pure silver opportunity where the team has already made several discoveries, documented substantial silver ounces, and I believe is progressing toward defining another Keno silver deposit." On August 11, Michael Ballanger of GGM Advisory Inc. reaffirmed his confidence, writing that he continued to hold shares in the company.

By completing its first program at Veronica, Silver North advanced exploration in one of Yukon's most prospective silver-lead-zinc districts, as noted in its investor presentation. The work provided initial trenching and sampling on a promising anomaly, while also strengthening the company's regional presence in the Silvertip area. Combined with the support of the Yukon Mineral Exploration Program and ongoing analyst commentary, the results position the company to continue refining targets and planning additional work within the district.

According to the company, ownership breaks down this way: private individuals own 19%, management owns 16%, funds own 12%, and the rest is retail.

The company has a market cap of CA$14.12 million and a 52-week range of CA$0.07–CA$0.38 per share.

Irving Resources Inc.

Irving Resources Inc. (IRV:CSE; IRVRF:OTCQX) is a Canadian company focused on advancing precious metal-bearing silica projects in Japan. Its strategy centers on supplying gold- and silver-rich silica as smelter flux to Japan's extensive base metal facilities, a model that reduces capital intensity by avoiding traditional milling.

In July, the company recently released results from its first shallow-angle diamond core hole at the Omui Mining License, completed under the direction of partner JX Advanced Metals Corp. Hole 24OMI-001 intercepted 101.1 meters averaging 84% silica, with assays of 1.14 grams per tonne gold and 16 grams per tonne silver. Technical adviser Quinton Hennigh noted that the 84% silica content could potentially be blended with higher-grade material from the nearby Omu Sinter zone to surpass the 90% silica threshold required by Japanese smelters.

At the Omu Sinter target, Irving has reported both silica and precious metal mineralization in earlier work. Historic drilling included 0.32 meters grading 118.5 grams per tonne gold and 1,410 grams per tonne silver from the Feeder Vein zone in hole 19OMS-002. Broader zones of mineralized sinter have also been outlined. In its June 2025 presentation, the company confirmed additional drilling was underway at Omu Sinter, with JX Metals directing exploration as part of its option agreement to earn an interest in the project.

On August 25, Irving announced the appointment of Mackenzie Clugston, former Ambassador of Canada to Japan, as an independent director. Mr. Clugston had previously advised the company since 2019, bringing decades of diplomatic experience, including multiple postings in Japan and service as Ambassador from 2012 to 2016. Following his retirement from the Canadian Foreign Service, he held directorships with major Japanese corporations and taught at Kwansei Gakuin University.

President and CEO Akiko Levinson said in the announcement, "Mr. Clugston's experience in building international relationships in Japan will prove to be a valuable help to Irving as the Company advances its Omu gold-silver silica flux project towards production alongside JX Advanced Metals and continues to explore its Yamagano gold joint venture with Newmont Corporation and Sumitomo Corporation."

Irving has also advanced the East Yamagano project, a joint venture with Newmont Corporation and Sumitomo Corp. Initial holes intersected broad zones of silicification with anomalous gold and silver values, though high-grade veins have yet to be defined. Additional deep drilling planned for 2025 aims to better test prospective structures.

On July 14, Chen Lin wrote in What is Chen Buying? What is Chen Selling? that "Irving is making good progress in drilling to and north as well as JV with Newmont to the south of Japan. Dr. Quinton Hennigh just visited them and he came back quite excited. We will watch the drilling results in the coming weeks."

The company said management and directors own about 9.3%, and strategic investors Newmont and Sumitomo own 19.2% and 5.2%, respectively.

Yahoo! Finance said about 1% is owned by institutions. The rest is retail.

According to Refinitiv, top insiders include President and Chief Executive Officer Akiko Levinson with 4.884% and Hennigh with 3.10%.

Irving Resources has a market cap of CA$14.62 million with 83,355,640 shares outstanding. It trades in a 52-week range of CA$0.19 and CA$0.48.

Dolly Varden Silver Corp.

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) is a Vancouver-based mineral explorer advancing the Kitsault Valley project in British Columbia's Golden Triangle, one of Canada's most prolific mining regions. The company recently expanded its 2025 drill campaign from 35,000 meters to 55,000 meters and added a fifth drill rig following a CA$29 million financing. The program is focused on expanding high-grade silver mineralization at the Wolf vein and testing additional silver, gold, and copper targets across the property.

According to a July 24 note from The Gold Advisor, analyst Jeff Valks remarked, "Dolly Varden Silver isn't just dipping a toe into British Columbia's mineral-rich terrain this summer — they're diving in head first," he wrote. "With more drills spinning, new zones lighting up, and strategy guiding the targets, Dolly Varden is clearly eyeing a bigger prize in the Kitsault Valley."

The expanded program also includes drilling at the Moose, Chance, and Red Point prospects, along with the Homestake Ridge deposit. The newly mobilized fifth rig is testing the Big Bulk copper-gold porphyry system, a 26.5-square-kilometer target located 10 kilometers east of Torbrit. Geological teams are concurrently mapping and sampling across the recently consolidated claim package, which now totals 100,000 hectares and includes multiple past-producing mines and underexplored zones.

Kitsault Valley itself encompasses the Dolly Varden and Torbrit mines, the Homestake Ridge deposit, and a range of additional targets. On July 24, Jeff Valks of The Gold Advisor highlighted the company’s expansion to a 55,000-meter drill campaign with five rigs in motion, writing that "with more drills spinning, new zones lighting up, and strategy guiding the targets, Dolly Varden is clearly eyeing a bigger prize in the Kitsault Valley." Valks and Jeff Clark both identified Dolly Varden as a core silver holding, with Valks adding that the company’s progress was "the kind of bold movement" that could influence both grades and the stock’s trajectory.

Analyst coverage has reflected optimism on Dolly Varden's outlook. Marcus Giannini of Haywood Securities has a Buy rating, citing the "uncapped growth potential" of Kitsault Valley and calling it an attractive acquisition target for larger producers. Raymond James' Craig Stanley also rated the company Outperform 2 in May, indicating expectations for performance above the S&P 500 over the next 12 to 18 months.  

According to Dolly Varden's Corporate Presentation, institutional investors own 50% of the company. These include Fidelity Management & Research Co., Sprott Asset Management LP, U.S. Global Investors Inc. and Delbrook Capital Advisors Inc.

Along with Hecla with 13.7%, other strategic investors include Fury Gold Mines Ltd. (FURY:TSX) with 13.5% and Eric Sprott with 9.5%. The rest is in retail.

Dolly Varden has 87.1 million (87.1M) outstanding shares and 90.5M fully diluted shares. Its market cap is CA$476 million. Its 52-week range, according to Refinitiv, is CA$3.21–CA$5.84 per share.