Silver Miners Deliver Record Earnings Amid Price Surge

Silver miners post record Q2 earnings on higher prices and production gains. Pan American Silver's net earnings reached $189.6 million, while First Majestic Silver reported record revenue of $264.2 million. Endeavour Silver's Q2 silver production increased 13% YoY to 1.48 million ounces. Strong industrial demand and a supply deficit have driven silver prices above $35 per ounce.

Silver miners have reported robust financial performances in the second quarter of 2025, driven by higher prices and increased production. Pan American Silver Corp. (TSX:PAA) and First Majestic Silver Corp. (NYSE:AG) (TSX:AG) (FSE:FMV) [1] have both posted record earnings, while Endeavour Silver Corp. (TSX:EDV) [2] saw a significant increase in silver production.

Pan American Silver's Strong Performance
Pan American Silver reported net earnings of $189.6 million in Q2 2025, a substantial improvement compared to the previous year. The company's earnings were bolstered by higher silver prices and increased production. The average realized silver price reached $35.62 per ounce, up from $30.31 in Q2 2024 [1].

First Majestic Silver's Record Revenue
First Majestic Silver achieved record quarterly revenue of $264.2 million in Q2 2025, representing a 94% year-over-year increase. The company's robust performance was primarily driven by a 48% increase in silver equivalent production, reaching 7.9 million ounces, and a 42% increase in payable silver ounces sold [1].

Endeavour Silver's Production Gains
Endeavour Silver's silver production increased by 13% year-over-year to 1.48 million ounces in Q2 2025. The company attributed its growth to strong industrial demand and a supply deficit, which has driven silver prices above $35 per ounce [2].

Industry Trends
The silver market has been buoyed by strong industrial demand and a supply deficit, leading to higher prices. The increased demand, particularly from the automotive and electronics sectors, has driven prices above $35 per ounce, benefiting silver miners.

References
[1] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-record-financial-results-for-q2-2025-and-quarterly-dividend-payment
[2] https://www.endeavoursilver.com/investors/news-releases/endeavour-silver-announces-strong-q2-2025-results/