Six Years of Silver Deficits: Here Are Five Companies Holding Real Ounces
VANCOUVER, British Columbia, Feb. 19, 2026 (GLOBE NEWSWIRE) -- USANewsGroup.com News Commentary – The silver market is heading for its sixth consecutive annual supply deficit in 2026, with cumulative shortfalls now exceeding 800 million ounces over the past five years, roughly equivalent to an entire year of global mine production.[1] Industrial demand from solar panels, electric vehicles, and semiconductor manufacturing continues to outstrip new supply at a pace the market has not seen in modern history.[2] Five companies are positioned to benefit from this structural imbalance: Americore Resources (TSXV:AMCO) (OTCQB:AMCOF), Wheaton Precious Metals (NYSE:WPM) (TSX:WPM), Hecla Mining (NYSE:HL), Pan American Silver (NYSE:PAAS) (TSX:PAAS), and United States Antimony (NYSE:UAMY).
The five-year cumulative deficit now stands above 800 million ounces, and 2026 is projected to add another shortfall as solar and industrial demand alone consume nearly half of annual mine supply.[3] The math is straightforward: demand is growing faster than supply, and the companies that own proven silver resources in stable jurisdictions are holding the cards.
Americore Resources (TSXV:AMCO) (OTCQB:AMCOF) recently uncovered five historic core holes drilled by US Borax in 1985 at its Trinity Silver Project in Nevada that were never included in any previously reported resource estimates, signaling potentially significant silver amounts sitting in the data that nobody counted.
The drill results speak for themselves: Hole SC-4 alone returned 209.5 feet grading 145.98 g/t silver, including 153 feet at 185.94 g/t.
Hole SC-5 hit 246.5 feet at 97.52 g/t silver, with a higher-grade core of 70 feet at 128.26 g/t. Hole SC-1 cut 321.5 feet at 65.86 g/t, including 65 feet at 220.69 g/t.
These are wide intercepts with serious grade, drilled directly in and around the historic open pit. The fact that they were overlooked in prior resource models means the existing 36-million-ounce silver equivalent resource estimate may only tell part of the story.
"The evaluation of the drone survey over the next few weeks will allow us a better understanding of not only the historic resource but also the alteration halo extending from the pit," said Jeff Poloni, CEO of Americore.
On top of this, the company has also received all data from its recently completed drone magnetometer survey, which covered approximately 350 line-kilometers across a 6-kilometer strike zone running through the Trinity pit. That survey is now under comprehensive review and interpretation, with the goal of identifying every structural target in the corridor.
Now Americore is continuing its review of approximately 300Gb of legacy project data acquired from the property vendor, and these five overlooked core holes are the first major discovery from that process.
The company has also announced that it's evaluating options to monetize historic surface stockpiles containing approximately 400,000 ounces of silver in oxide material and 365,000 ounces in sulphide material, which represents potential near-term revenue while exploration advances.
The Trinity Project sits in Pershing County, Nevada, where previous operator US Borax mined over one million tons and produced approximately five million ounces of silver through heap-leach operations between 1987 and 1988.
To date, Americore has expanded its land position to approximately 22,700 acres through direct staking and a strategic option agreement with Primus Resources, controlling all ground covered by a 2012 estimate that tripled the resource base to 36 million ounces of silver equivalent. Near-term plans include twinning historic drillholes to verify data and provide fresh material for metallurgical testing, followed by step-out drilling toward a new mineral resource estimate targeted for Q2 2026.
CONTINUED… Read this and more news for Americore Resources at: https://usanewsgroup.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/
In other industry developments:
Wheaton Precious Metals (NYSE:WPM) (TSX:WPM) recently reported 2025 production of approximately 691,670 gold equivalent ounces, exceeding the upper end of its guidance range of 670,000 GEOs. The company also announced the acquisition of an additional silver stream on the Antamina mine through a new partnership with BHP, further strengthening its precious metals portfolio.
"Wheaton delivered an outstanding year in 2025, supported by the strength of our diversified portfolio of high-quality, low-cost assets," said Randy Smallwood, CEO of Wheaton Precious Metals. "We believe Wheaton is on track to reach unprecedented levels of precious metals production within the streaming space."
Wheaton Precious Metals is guiding for 860,000 to 940,000 GEOs in 2026 and projects approximately 50% growth to 1.2 million GEOs by 2030. With updated commodity price assumptions reflecting gold at $4,800 per ounce, the streaming model continues to offer leveraged exposure to precious metals without the operational risks of traditional mining.
Hecla Mining (NYSE:HL), the largest silver producer in the United States, recently reported full-year 2025 results showing silver production of 17.0 million ounces, exceeding 2024 production by over 5% and hitting the top end of consolidated silver production guidance. The Greens Creek mine in Alaska led the way with 8.7 million ounces, up 3% year over year.
Hecla Mining also outlined its 2026 to 2028 strategic plan at its Investor Day in New York City, signaling continued investment in domestic silver production at a time when supply security has become a federal priority.
Pan American Silver (NYSE:PAAS) (TSX:PAAS) achieved its 2025 guidance with attributable silver production of 22.8 million ounces, exceeding the updated annual range, including a record 7.3 million ounces in Q4 2025 alone. The Juanicipio mine, acquired in September 2025, contributed 2.5 million ounces and a $44 million dividend in December.
"Silver production in 2025 exceeded the top end of our guidance range," said Michael Steinmann, CEO of Pan American Silver. "The increase in our estimated year-end 2025 cash balance reflects strong silver and gold production and expanded operating margins from the increase in metal prices in Q4."
For 2026, Pan American expects attributable silver production between 25.0 and 27.0 million ounces and gold production between 700,000 and 750,000 ounces. The company closed 2025 with an estimated $1.32 billion in cash and short-term investments and total available liquidity of $2.07 billion, positioning it for continued growth investment.
United States Antimony (NYSE:UAMY) recently announced a hydromet advancement involving a new hydrometallurgical processing facility for refining antimony and other critical minerals on a commercial scale. The company has funded and assisted the development of a Bolivian facility that has expanded 15 times its original size, with first product receipt of approximately 150 tons anticipated in February or March 2026 at the expanded Thompson Falls smelter.
United States Antimony remains the only fully integrated antimony company in the world outside of China and Russia, a distinction that carries increasing strategic weight as DOD critical minerals initiatives accelerate. The company also anticipates duplicating its hydromet technology in one or more new facilities in the western United States or Alaska, controlled by USAC, expanding domestic refining capacity for a mineral that appears on every allied nation's critical list.
Article Source: https://usanewsgroup.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/
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SOURCES:
[2] https://investingnews.com/silver-institute-forecast/
