What Are the Top Silver Stocks on the ASX Right Now? | ASX 200 & All Ordinaries

Highlights:

• Primary silver companies are expanding on the ASX amid continued global supply deficits

• Several projects are progressing toward production or expanding exploration in Australia and the Americas

• ASX dividends remain a key factor for entities transitioning to cash-generating silver operations

A growing number of silver-focused companies are emerging across the Australian Securities Exchange, with many progressing through exploration, development, and early-stage production. While the silver price has remained subdued compared to gold, structural supply shortfalls and ongoing demand from industrial sectors are drawing increased attention to this segment of the resource industry. These developments are reflected across indexes such as the ASX 200 and All Ordinaries, where select tickers are positioned for increased sector relevance.

Active Silver Producers and Developers

Adriatic Metals (ASX:ADT) is currently producing silver concentrate from its Vares operation in Bosnia and Herzegovina. The company reported positive cash generation from recent output and is expected to declare full commercial production status.

Broken Hill Mines is preparing to enter the production stage following its acquisition of the Rasp mine and Pinnacles project. The entity is progressing through a reverse takeover of Coolabah Metals (ASX:CBH) and is targeting a dominant revenue share from silver.

Boab Metals (ASX:BML) has moved forward by acquiring infrastructure from Sandfire Resources (ASX:SFR), securing a processing plant for the Sorby Hills lead-silver development. A final investment decision on the project is expected this year.

Advanced Projects and Large-Scale Resources

Silver Mines (ASX:SVL) is advancing the Bowdens silver project in New South Wales, one of Australia’s largest undeveloped silver resources. The company is focused on securing project permits and is aiming to begin production over a long mine life.

Maronan Metals (ASX:MMA) is progressing with a resource update and development study for its lead-silver asset in Queensland. The project contains a substantial quantity of contained silver and lead across a large resource base.

International Exploration and Expansion

Sun Silver (ASX:SS1) controls the Maverick Springs project in Nevada. With one of the largest resources on the ASX, Sun has commenced drilling and metallurgical work to expand its understanding of the deposit.

Andean Silver (ASX:ASL) is operating in Chile at the Cerro Bayo site. The company is currently running a three-rig drilling program to further define its high-grade silver resource supported by existing infrastructure.

Unico Silver (ASX:USL) is active in Argentina, holding the Cerro Leon and Joaquin projects. A drilling campaign is underway at Joaquin as the company works to validate historical data and define current resource estimates.

Mithril Silver and Gold (ASX:MTH) is conducting an extensive drilling effort at its Copalquin project in Mexico. The company aims to enhance the defined resource base, which already includes both gold and silver content.

Early-Stage and High-Grade Prospects

Errawarra Resources (ASX:ERW), which is in the process of rebranding to West Coast Silver, has acquired the Elizabeth Hill project in Western Australia. Despite not having a defined resource currently, the site has a production history with very high grades. Fieldwork is underway to prepare for drilling.

Iltani Resources is developing the Orient silver-indium project in Queensland. Though no formal resource has been established, an exploration target has been outlined, and the company has resumed drilling following seasonal delays.

Sector Outlook and Dividend Relevance

Many of these emerging companies are positioning toward resource definition, feasibility assessment, and early production. As these businesses transition from exploration to operational status, the relevance of cashflow and asx dividends becomes increasingly prominent. Projects that achieve sustained output may contribute to broader income-generating profiles, attracting attention from dividend-focused market participants.

As the global silver market continues to navigate production deficits and industrial demand trends, the ASX silver segment remains active, with multiple listings contributing across different project stages.