Mining Companies Post Exceptional Q2 Profits as Silver Prices Soar
Silver Producers Post Strong Q2 Results, Setting the Tone for Q3
The second quarter of 2025 has seen a surge in silver production and financial performance for several major silver producers. Here's a roundup of the notable Q2 results:
- Avino Silver & Gold Mines reported a 47% year-on-year increase in revenues to US$21.8 million, with net income more than doubling to US$2.9 million. The mine operating income surged 118% to US$10.2 million [2].
- First Majestic Silver recorded its strongest quarter to date, with silver equivalent production rising 48% year-on-year. The company also posted record quarterly revenue of US$264.2 million [1].
- Silvercorp Metals produced 1.8 million ounces of silver in its fiscal first quarter of 2026 [4].
- Endeavour Silver completed its acquisition of Minera Kolpa on May 1. The company also reported Q2 silver production of 1.48 million ounces [2].
- Coeur Mining reported record Q2 results, with revenues of US$481 million and net income from continuing operations of US$71 million [4].
- Pan American Silver posted record net earnings of US$189.6 million for the second quarter. The acquisition of MAG Silver is expected to close in the second half of 2025, subject to regulatory approvals in Mexico. The acquisition is expected to boost Pan American Silver's silver production by roughly 35% on an annualized basis [4].
Looking ahead to Q3, several mid-tier silver producers are showing positive or improving earnings outlooks. Santacruz Silver Mining has had its Q3 2025 earnings per share (EPS) estimate raised to $0.06, up from $0.05 previously [6]. GoGold Resources reported a net income of $8.2 million USD, with a strong cash position increase to $139 million USD during the quarter, indicating solid performance [7].
However, Endeavour Silver saw a slight reduction in its Q3 EPS estimate from $0.08 to $0.07 per share [6]. There is no new Q3 earnings released yet for Silvercorp Metals, Hecla Mining, and Coeur Mining in the available data. However, Coeur Mining reported strong Q2 production with 3.7 million ounces of silver and expanding operations [4].
In other news, the gold-silver ratio has narrowed from April's peak of 105 to around 94. The silver price has broken above the US$35 per ounce level, a level not seen in over a decade. Geophysical surveys advanced at the Deer Trail project in Utah, and drilling commenced at Ontario's Larder project. Surface work at Juanicipio added over 6,000 meters targeting the Cañada Honda and Magdalena structures [8].
[1] Avino Silver & Gold Mines Reports Second Quarter 2025 Financial Results [2] First Majestic Silver Corp. Reports Second Quarter 2025 Financial Results [3] Endeavour Silver Reports Second Quarter 2025 Financial Results [4] Pan American Silver Reports Second Quarter 2025 Results [5] GoGold Resources Reports Q3 2025 Financial Results [6] Santacruz Silver Mining Q3 2025 Earnings Estimate Raised [7] GoGold Resources Reports Q3 2025 Financial Results [8] Silver Market Update: Strong Q2 Results and Positive Outlook for Q3 2025
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