ASX Silver Shares in 2025: An Overview of Australia's Leading Silver Miners

Silver prices reached unprecedented heights in 2025, surpassing the 1980 record as safe-haven demand intensified and supply constraints tightened globally. The precious metal has become increasingly critical to modern industries, particularly in solar panel production and electronic manufacturing, while simultaneously attracting investor attention as a cost-effective precious metals alternative.

This landscape has created compelling opportunities within Australia’s silver sector. We examine five major ASX-listed silver shares and their respective positions in this strengthening market, with data current as of December 9, 2025.

DPM Metals: Dominant Market Position

Market cap: AU$9.38 billion | Share price: AU$42.36

DPM Metals (ASX:DPM) stands as the largest player in Australian silver shares. Following its September 2025 acquisition of Adriatic Metals, the company now controls the Vareš silver mine in Bosnia and Herzegovina alongside copper and gold operations in Bulgaria.

The Vareš project achieved commercial production in July 2024 and has demonstrated impressive output. During Q3, the operation produced 717,400 ounces of silver, with management targeting 850,000 tonnes annual processing capacity by end-2026. The deposit shows significant resource growth—April 2025 estimates confirmed probable reserves of 9.46 million tonnes at 228 g/t silver, a notable upgrade from previous assessments.

Sun Silver: Rapid Expansion in Nevada

Market cap: AU$230.62 million | Share price: AU$1.142

Sun Silver (ASX:SS1) represents one of Australia’s newest ASX silver shares, having completed its public listing in May 2024. The company operates the Maverick Springs project in Nevada, USA, which has demonstrated substantial growth potential.

Recent resource estimates have expanded dramatically. December 2024 figures showed an inferred resource of 539 million ounces of silver equivalent, comprising 347.2 million ounces of silver and 2.25 million ounces of gold. Land holdings were expanded by 34 percent in November 2024, now totaling 26.28 square kilometres. The company’s strategic importance was underscored when it was included in discussions between Australian and US political leaders regarding critical mineral investments.

Andean Silver: High-Grade Discoveries

Market cap: AU$352.38 million | Share price: AU$1.87

Andean Silver (ASX:ASL) operates the Cerro Bayo silver-gold project in Southern Chile, a past-producing mine acquired in early 2024. The property previously generated 45 million ounces of silver and 650,000 ounces of gold over 15 years of operation.

The company has achieved notable success in resource expansion and grade improvement. April 2025 estimates documented an indicated and inferred resource of 111 million silver equivalent ounces, representing a 22 percent increase. Recent drilling has uncovered exceptional grades outside the current resource area, with some intercepts grading 250 g/t silver and 1.2 g/t gold over 16.1 metres. These results support an anticipated resource update in H1 2026.

Unico Silver: Argentine Silver Plays Consolidation

Market cap: AU$375.74 million | Share price: AU$0.61

Unico Metals (ASX:USL) has pursued an aggressive consolidation strategy in Argentina, significantly expanding its Cerro Leon property through multiple 2024 acquisitions. Strategic purchases have integrated the Sierra Blanca project and positioned the Joaquin and Cerro Puntundo operations 60 kilometres from the core asset.

September 2025 assessments revealed an indicated resource of 28.9 million ounces of silver alongside an inferred resource of 33.1 million ounces, with silver equivalent resources reaching 162 million ounces when considering gold, lead, and zinc by-products. Recent drilling at Joaquin has identified district-scale silver-gold potential, with high-grade intercepts including 437 g/t silver over 42.4 metres at the La Morocha prospect.

Silver Mines: Australia’s Largest Undeveloped Resource

Market cap: AU$407.05 million | Share price: AU$0.205

Silver Mines (ASX:SVL) holds the distinction of controlling Australia’s largest undeveloped silver resource through its Bowdens project in New South Wales. The property encompasses 71.7 million ounces of proven and probable reserves alongside 180 million ounces of additional resources.

The project faced developmental setbacks in 2024 following an appeals court decision, though the company has since provided comprehensive information to regulatory authorities for permit reconsideration. November 2024 drilling returned exceptional results, including 116 metres at 245 g/t silver. Additionally, the company expanded into California with the acquisition of the Calico North project and an earnin agreement for the Kramer Hills project, both located in historic mining regions.

Market Outlook for ASX Silver Shares

The collective resource base of these five ASX silver shares exceeds 1.8 billion ounces of silver equivalent, positioning Australian operations as significant contributors to global supply. Industrial demand drivers—particularly solar energy infrastructure and electronics manufacturing—continue to support structural demand growth, while exploration success stories suggest further resource expansion remains probable.

Each silver shares listing examined represents distinct development stages, from producing operations to advanced explorers, offering varied risk-return profiles within Australia’s silver sector.