Silver Mining M&A Boom (2024–2025)
- M&A activity accelerated sharply with transaction values rising to $14.3bn across 2024 and 2025, compared to $244m in the preceding five years (p. 1).
- The boom was driven by a small number of high-value deals, with the largest six transactions accounting for over 90% of the total value (p. 1).
- Capital favored de-risked operating assets over greenfield development, consolidating existing production rather than financing new primary silver capacity (p. 1).
Key Transactions and Characteristics
- The initial phase focused on low-cost operating mines in Mexico, transferring 18–21Moz/y of attributable silver production through three major deals (p. 1):
  - First Majestic acquired Gatos Silver, whose principal asset was a 70% interest in Cerro Los Gatos (p. 1).
  - Coeur Mining acquired SilverCrest Metals and its Las Chispas mine (p. 1).
  - Pan American Silver acquired MAG Silver, including its 44% interest in Juanicipio (p. 1).
- Acquired assets were already in commercial production with strong margins, resolved operational risks, and brownfield exploration potential (pp. 1, 3).
- Deals featured modest headline premiums (16% to 22%) and relied heavily on equity consideration, allowing target shareholders to retain exposure (p. 3).
Shift Toward Gold Exposure in 2025
- Silver companies increasingly used M&A to add gold exposure, with $11.3bn in primary silver company transactions mostly representing gold assets (p. 3).
- Major gold-focused deals included Coeur Mining's $7.0bn acquisition of New Gold, Discovery Silver's acquisition of Newmont's Porcupine operations for up to $425m, and Fresnillo's $560m agreement to acquire Probe Gold (p. 3).
2026 Activity and Portfolio Rationalization
- M&A activity slowed in 2026 to approximately $590m, shifting toward portfolio rationalization, junior consolidation, and selective diversification (p. 5).
- Hecla divested its Casa Berardi gold mine to Orezone Gold for $352m to focus on its core North American silver portfolio (p. 5).
- Silver-related transactions in 2026 primarily involved inactive or non-core assets, such as First Majestic's sale of San Martin and Sierra Madre's acquisition of Del Toro (p. 5).
Financials and Global Silver Supply Outlook
- Primary silver miners generated record operating cash flow in 2025 (up ~$4.9bn y/y), but capital expenditure rose by only ~$1.2bn, with excess cash directed to debt reduction, acquisitions, and shareholder returns (p. 5).
- Global silver mine supply is projected to increase by 123Moz over five years, but only about 40Moz will come from primary silver mines (p. 5).
- Primary silver mines account for only 26% of global silver production, with the rest coming from lead/zinc (29%), copper (28%), gold (16%), and other metals (1%) (p. 5).
Precious Metals Market Briefs
- Gold faced resistance near $4,100 after a post-FOMC rally, retreating toward $4,040 (p. 1).
- Silver net managed money longs on CME slipped to 56.4Moz (p. 1).
- Impala Rustenburg suspended platinum production from July 24 to 28 for a safety reset (p. 1).
- Nornickel's Q2 2026 platinum production rose 7% q/q to 145koz, while palladium production fell 3% q/q to 590koz (p. 1).

Silver Mining M&A Boom (2024–2025)
- M&A activity accelerated sharply with transaction values rising to $14.3bn across 2024 and 2025, compared to $244m in the preceding five years (p. 1).
- The boom was driven by a small number of high-value deals, with the largest six transactions accounting for over 90% of the total value (p. 1).
- Capital favored de-risked operating assets over greenfield development, consolidating existing production rather than financing new primary silver capacity (p. 1).
Key Transactions and Characteristics
- The initial phase focused on low-cost operating mines in Mexico, transferring 18–21Moz/y of attributable silver production through three major deals (p. 1):
  - First Majestic acquired Gatos Silver, whose principal asset was a 70% interest in Cerro Los Gatos (p. 1).
  - Coeur Mining acquired SilverCrest Metals and its Las Chispas mine (p. 1).
  - Pan American Silver acquired MAG Silver, including its 44% interest in Juanicipio (p. 1).
- Acquired assets were already in commercial production with strong margins, resolved operational risks, and brownfield exploration potential (pp. 1, 3).
- Deals featured modest headline premiums (16% to 22%) and relied heavily on equity consideration, allowing target shareholders to retain exposure (p. 3).
Shift Toward Gold Exposure in 2025
- Silver companies increasingly used M&A to add gold exposure, with $11.3bn in primary silver company transactions mostly representing gold assets (p. 3).
- Major gold-focused deals included Coeur Mining's $7.0bn acquisition of New Gold, Discovery Silver's acquisition of Newmont's Porcupine operations for up to $425m, and Fresnillo's $560m agreement to acquire Probe Gold (p. 3).
2026 Activity and Portfolio Rationalization
- M&A activity slowed in 2026 to approximately $590m, shifting toward portfolio rationalization, junior consolidation, and selective diversification (p. 5).
- Hecla divested its Casa Berardi gold mine to Orezone Gold for $352m to focus on its core North American silver portfolio (p. 5).
- Silver-related transactions in 2026 primarily involved inactive or non-core assets, such as First Majestic's sale of San Martin and Sierra Madre's acquisition of Del Toro (p. 5).
Financials and Global Silver Supply Outlook
- Primary silver miners generated record operating cash flow in 2025 (up ~$4.9bn y/y), but capital expenditure rose by only ~$1.2bn, with excess cash directed to debt reduction, acquisitions, and shareholder returns (p. 5).
- Global silver mine supply is projected to increase by 123Moz over five years, but only about 40Moz will come from primary silver mines (p. 5).
- Primary silver mines account for only 26% of global silver production, with the rest coming from lead/zinc (29%), copper (28%), gold (16%), and other metals (1%) (p. 5).
Precious Metals Market Briefs
- Gold faced resistance near $4,100 after a post-FOMC rally, retreating toward $4,040 (p. 1).
- Silver net managed money longs on CME slipped to 56.4Moz (p. 1).
- Impala Rustenburg suspended platinum production from July 24 to 28 for a safety reset (p. 1).
- Nornickel's Q2 2026 platinum production rose 7% q/q to 145koz, while palladium production fell 3% q/q to 590koz (p. 1).

What the silver mining M&A boom means for global silver supply

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What the silver mining M&A boom means for global silver supply

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