1. Santacruz Silver (TSXV:SCZ)

Year-to-date gain: 765.45 percent
Market cap: C$866.79 million
Share price: C$2.38

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include a 45 percent stake in the Bolivar and Porco mines, which it shares with the Bolivian government, and a 100 percent ownership of the Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In its Q2 2025 results, Santacruz reported silver production of 1.42 million ounces from the mines, as well as silver equivalent production of 3.55 million ounces, which includes its zinc, lead and copper production.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project, an 8,325 hectare land package located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 percent stake in the Bolivar and Porco mines and a 100 percent interest in the Soracaya project. Under the terms of the deal, Santacruz made an initial payment of US$20 million and was obligated to make an additional US$90 million over a four-year period from the closing of the transaction. Glencore also retained a 1.5 percent net smelter return.

The pair amended the deal in October 2024, giving Santacruz the option to either pay off the US$80 million base purchase price through annual US$10 million installments or to accelerate the repayment by paying US$40 million by November 2025. The deal also includes additional terms such as monthly payments to Glencore contingent on zinc pricing benchmarks.

Santacruz chose the accelerated option through a structured payment plan, allowing it to satisfy the base purchase price of the properties while saving US$40 million compared to the annual installment option. On September 4, the company announced that it had made its fourth and fifth payments, completing all payments to Glencore.

The most recent news for the Soracaya project was announced on October 7, when Santacruz stated that it was initiating development activities and would be applying for a full production permit.

Shares in Santacruz reached a year-to-date high of C$2.79 on September 29.

2. Andean Precious Metals (TSX:APM)

Year-to-date gain: 563.48 percent
Market cap: C$1.14 billion
Share price: C$7.63

Andean Precious Metals is a precious metals company with a pair of operating assets in the Americas.

Its primary silver-producing operation is the San Bartolomé facility in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million metric tons. The company has transitioned from conventional mining and is processing feed from both its low-cost fines deposit facility and third-party ore purchases.

Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 metric tons per day cyanide heap leach and a Merrill-Crowe processing facility. A mineral reserve statement showed a measured and indicated silver resource of 11.24 million ounces from 41.81 million metric tons at an average grade of 8.37 g/t silver. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for total consideration of US$15 million.

On June 2, Andean announced it entered into an exclusive, long-term agreement with the Bolivian state-owned mining company Corporacion Minera de Bolivia to acquire up to 7 million metric tons of oxide ore from mining concessions in Bolivia.

The ore is located within a 250 kilometer radius of the processing facility at its San Bartolomé operation, where it will process the ore. Under the terms of the 10 year agreement, Andean will immediately receive an initial 250,000 metric tons of ore, with the remaining to be delivered in tranches of 50,000 metric tons.

On July 17, Andean released its Q2 operating results. During the first half of the year, it produced 2.04 million ounces of silver across its operations, toward the upper end of its guidance of 1.84 million to 2.16 million ounces. It also noted that it anticipates further ramp-up at both its mines in the second half of the year.

In its Q2 financial results released on August 12, the company reported an increase in net income for the first half of the year to US$32.02 million, compared to US$9.31 million during the first half of 2024.

Shares in Andean Precious Metals reached a year-to-date high of C$8.83 on October 1.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 455.12 percent
Market cap: C$1.06 billion
Share price: C$7.05

Avino Silver & Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350 meter mine access and haulage decline. The company said the first phase at the site is expected to cost less than C$5 million, which will be funded from cash reserves.

In Avino’s Q2 financial report released on August 13, the company noted that work was progressing at the site according to plan, with blasting and construction of the San Fernando main access decline underway. It added that a new jumbo drill was working on the ramp towards intercepting the Gloria and Abundancia veins.

On the production and finance side, the company reported improved cost-per-ounce metrics, with cash costs per silver equivalent payable ounce decreasing 7 percent to US$15.11 and all-in-sustaining costs decreasing 8 percent to US$20.93. It also reported a 50 percent year-over-year increase in revenue during the quarter to US$40.64 million, from US$27.18 million during the same period in 2024.

Avino indicated silver production of 549,300 ounces in the first half of 2025, an increase of 1 percent over H1 2024, and 283,619 silver ounces in Q2 alone, a decrease of 3 percent over Q2 2024.

Avino shares reached a year-to-date high of C$7.60 on October 3.

4. Capitan Silver (TSXV:CAPT)

Year-to-date gain: 404.76 percent
Market cap: C$181.29 million
Share price: C$1.59

Capitan Silver is an explorer focused on advancing silver and gold projects in Durango, Mexico. The company’s flagship asset is the 100 percent owned Cruz de Plata project in the heart of Mexico’s historic Peñoles Mining District. The region is known for hosting significant silver mineralization and historic mining.

The Cruz de Plata project encompasses two historic silver mines — Jesús Maria and San Rafael — and the El Capitan oxide gold deposit.

According to a 2020 technical report, the Jesús Maria deposit hosts an inferred resource of 15.16 million ounces of contained silver and 26,000 ounces of gold from 7.57 million metric tons of ore with average grades of 62.3 g/t silver and 0.12 g/t gold.

El Capitan hosts an inferred resource of 1.83 million ounces of silver and 305,000 ounces of gold from 20.72 million metric tons of ore grading 2.8 g/t and 0.46 g/t respectively.

Capitan Silver has made a series of strategic acquisitions during the second and third quarters.

On June 11, the company completed the purchase of a 2 percent net smelter royalty in place at Cruz de Plata from Exploraciones del Altiplano and eliminated the royalty. Total costs incurred by Capitan were US$1 million.

Then, on August 22, the company executed a definitive agreement to acquire a strategic land package surrounding its Cruz de Plata property from Fresnillo (LSE:FRES,OTC Pink:FNLPF) for total cash consideration of US$4 million. The transaction was initially announced in June.

The new parcel consists of seven mineral concessions covering 2,171.4 hectares. It increases Capitan’s total holdings in the area by 85 percent and the surface expression of the silver-gold trend by 1.2 kilometers to the east.

Capitan’s most recent news from Cruz de Plata came on October 1, when the company reported it identified six priority targets and is advancing them a drill-ready stage. It also increased the total length of known veins containing silver mineralization from 7 kilometers to 20 kilometers.

As for the exploration program at the site, the company expanded its Phase 1 drill program by 50 percent to 15,000 meters, and is expecting a property-wide geophysical survey to be completed during the first quarter of 2026.

Shares in Capitan reached a year-to-date high of C$1.85 on September 22.

5. Americas Gold and Silver (TSX:USA)

Year-to-date gain: 312.14 percent
Market cap: C$1.59 billion
Share price: C$5.77

Americas Gold and Silver is a US and Mexico-focused precious metals producer. The company is one of the US’ largest primary silver miners.

Its primary operations consist of the Galena Complex in Idaho, US, and the Cosala Operations in Sinaloa, Mexico.

The Galena complex operates in the Silver Valley, a historic mining district that is home to Bunker Hill, Sunshine and Lucky Friday mines.

Americas Gold and Silver is currently working on a two phase plan to increase efficiency at the mine’s No. 3 shaft. On September 16, the company announced it completed the first phase, upgrading the hoisting capacity from 40 tons to 80 tons per hour of material movement.

It also said that Phase 2 upgrades are scheduled to begin before the end of 2025, including upgrades to the hoist pads, the installation of a hoist control console and the deployment of an antenna system in the shaft that will support upgrades to automation.

The Cosala operations in Sinaloa comprise 67 mining concessions spanning 19,385 hectares and include the Los Braceros processing facility, the San Rafael mine, and the EC120 development project.

The company is currently transitioning its operations away from San Rafael to the EC120 orebody, aiming to bring EC120 into production by the end of 2025. While San Rafael contains higher levels of zinc and lead, EC120 hosts higher grades of silver and copper.

In its second quarter results released on August 11, Americas Gold and Silver reported a 36 percent year-over-year increase in consolidated silver production during the quarter to 689,000 ounces, with zinc and lead by-products bringing its production to 839,000 silver equivalent ounces.

Despite the increase in production, the company noted a 19 percent decrease in revenue at US$27 million versus US$33.2 million during Q2 2024. It attributed the revenue decline to lower production and byproduct revenue from zinc and lead sales as it transitioned away from San Rafael.

Shares in Americas reached a year-to-date high of C$6.02 on October 8.

Twists and turns in the EV race

The third quarter marked a pivotal period for the EV market.

Cox Automotive forecast in September that EV sales would hit a record of 409,000 units in Q3, in line with previous estimates that predicted a surge as buyers rushed in before the end of the US federal EV tax credit.

Automakers Ford Motor (NASDAQ:F), General Motors (NYSE:GM) and Hyundai Motor (KRX:005380,OTC Pink:HYMTF), all of which have extended EV discounts to after the expiration of the tax credit, reported record EV sales in Q3, with Ford’s EV sales rising over 30 percent, and GM’s EV sales more than doubling thanks to a diverse product lineup under the Chevrolet and Cadillac brands. Hyundai showed a 13 percent year-on-year increase, driven by EV sales.

In September, Ford announced a multibillion-dollar investment in American EV manufacturing facilities to pioneer a novel, efficient assembly process, aiming for a 2027 launch of a competitively priced midsize electric pickup.

Tesla’s (NASDAQ:TSLA) third quarter deliveries also hit a record, with estimates showing about 149,500 units, slightly higher compared to the 143,535 units reported in the second quarter. However, Cox Automotive’s numbers show that the company’s US market share has been steadily decreasing, slipping to 38 percent in August.

CEO Elon Musk said that the company will devote more of its resources to developing AI-driven autonomy going forward. Its robotaxi program officially launched this quarter, with initial testing beginning on July 1. The company reportedly experienced three crashes on its first day, underscoring ongoing technical hurdles. The National Highway Traffic Safety Administration has since launched another investigation into Tesla vehicles’ full self-driving technology, its second this year, after regulators received more than 50 reports of traffic violations and crashes.

Tesla also revealed its long-awaited more affordable EV models at the start of the fourth quarter. They were met with with cautious optimism by market participants. Investors will be carefully watching how these new models fare against intense price competition from domestic and foreign EV manufacturers.

Meanwhile, Tesla’s position in China continues to face pressure, with domestic manufacturer BYD Company (OTC Pink:BYDDF) surging ahead with a substantial lead. BYD delivered 582,500 pure EVs in the third quarter, nearly doubling Tesla’s China sales, which rebounded thanks to sales of the new Model Y L.

Advances in autonomous vehicle partnerships also progressed during the the third quarter, with Lyft (NASDAQ:LYFT) and Waymo collaborating on robotaxi services announced for launch next year in Nashville.

Waymo has moved to expand its user base by launching a new enterprise product, Waymo for Business, offering subsidized employee or event rides in its robotaxis in San Francisco, Los Angeles and Phoenix.

Facing rising competition, Uber Technologies (NYSE:UBER) said it plans to integrate autonomous vehicles alongside human drivers, partnering with Nuro and Lucid Group (NASDAQ:LCID) in a three part deal, with Uber purchasing 20,000 Lucid electric robotaxis over six years alongside licensing fees for Nuro’s self-driving technology.

Under the terms of the agreement, Uber will acquire minority stakes in both companies. The first robotaxis are expected to launch in a major US city next year.

Cleantech forecast for 2025

Q4 will be pivotal as the cleantech sector adjusts to the withdrawal of key federal incentives in the US, such as the rooftop solar tax credit, set to expire on December 31, and grapples with regulatory uncertainties.

Offshore wind projects face legal and administrative hurdles that may reshape regional renewable energy development.

Meanwhile, emerging areas of the cleantech market — such as advanced nuclear and climate fintech — offer promising growth paths, but require coordinated policy and investment frameworks. Reflecting this challenge, 11 states are collaborating to accelerate the development of advanced nuclear energy within their borders, seeking to create a strong and credible demand signal by coordinating commitments and dividing financial risks.

In autonomous vehicle innovation, Amazon’s (NASDAQ:AMZN) self-driving car subsidiary Zoox is seeking broader regulatory approval to operate up to 2,500 cars without traditional human controls.

If approved, Zoox would be able to conduct a first-of-its-kind paid commercial robotaxi service.

The US Department of Transportation plans to propose rules in spring 2026 to modernize vehicle safety standards for automated driving systems, including relaxing requirements tied to manual controls.

Forward-looking industry voices suggest cautious optimism, emphasizing the critical role of innovation, policy clarity and market adaptation in sustaining cleantech momentum into 2026.

Trump supports Biden-era AUKUS deal

Albanese and Trump also discussed the AUKUS submarine deal, a multibillion-dollar agreement between Australia, the UK and the US, which is geared at boosting security in the Indo-Pacific region.

When asked whether AUKUS is meant to be a “deterrent” for China, Trump answered yes. However, he also said he doesn’t think that will be needed as the US military is the best in the world.

‘We’re going to get along great with China,’ he said.

AUKUS is worth around US$239 billion, or AU$368 billion, over 30 years.

Starting in 2032, Australia plans to buy three Virginia-class submarines from the US, with the option to get two more. These will fill the gap while the UK and Australia develop a new submarine model. Trump also said the US is working on building more submarines for Australia and is going to expedite submarine exports to the country.

Australia is expected to receive the first of the new submarines in the early 2040s.

Copper price, July 1 to October 17, 2025.

Chart via TradingEconomics.

At the start of September, copper experienced some upward momentum, but really took off in the middle of the month as supply fundamentals took over. By the end of September, prices were closing back in on US$5.

Since the end of the quarter, the copper market has continued to gain strength, with prices breaking through US$5 on October 3 and rising to US$5.11 on October 9.

US copper tariffs stoke price volatility

The big story to start the quarter was the Trump administration’s copper tariff announcement on July 8.

The news came after months of speculation following the government’s February launch of an investigation into how tariffs could be used to bolster national security under Section 232 of the Trade Expansion Act.

Copper market participants were caught off guard by the timing, as some had expected the tariffs to come later in the year, and at a lower rate than the announced 50 percent. Traders began importing copper into the US from abroad ahead of the implementation of the tariffs, and the increased volume drove prices for the metal to record highs by the end of the month; it also created a significant disparity between the COMEX and the London Metal Exchange (LME).

“The announcement of a 50 percent tariff on copper imports in early July created extreme volatility in the US copper market, triggering a surge in physical shipments into the country as buyers rushed to get ahead of the duty. This buying drove COMEX futures sharply higher and pushed the US premium over LME prices to an unprecedented 30 percent.’

White explained that during a copper short squeeze on the COMEX in 2024, copper premiums peaked at 8 percent; he also noted that the five year average for the COMEX-LME disparity is near parity at 0.5 percent.

Ultimately, copper tariffs were only applied to unrefined copper, as well as semi-finished and copper-intensive derivatives, such as pipe fittings, cables, connectors and electrical components.

Refined copper tariffs will be phased in at 15 percent in 2027, and 30 percent in 2028. The move essentially pulled the rug out from under traders, causing COMEX prices to plummet by nearly 25 percent.

White stated that with the tariff situation cleared up, copper prices once again reflected the underlying supply and demand fundamentals of low inventories and high demand resulting from the energy transition.

“These structural forces pushed copper prices internationally higher overall for the quarter, despite the mid-summer volatility. The tariff episode reinforced copper’s strategic importance and highlighted the fragility of global supply chains, factors that may strengthen the case for higher prices going forward,” he said.

Copper faces supply-side disruptions

According to the International Copper Study Group’s copper market forecast, released on October 7, refined copper is expected to record a 178,000 metric ton surplus in 2025, significantly lower than the 209,000 metric ton surplus predicted in April. However, the group expects a 150,000 metric ton deficit in 2026.

The reason for the group’s downward revision is supply disruptions at Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula operation in the Democratic Republic of Congo, and at Freeport-McMoRan’s (NYSE:FCX) Grasberg mine in Indonesia. The assets are two of the world’s largest copper mines.

Kamoa-Kakula was temporarily shut down in May following a seismic event at the mine. While some operations began to ramp up again in June, Ivanhoe has revised its midpoint guidance down to 395,000 metric tons for 2025 after initially expecting 550,000 metric tons; it has also withdrawn the 600,000 metric tons expected in 2026.

At Grasberg, a liquid material ingress in early September killed seven workers and forced the suspension of operations. In a release on September 24, Freeport said consolidated copper sales across its operations will decline by 4 percent during Q3, but was unable to provide estimates for the fourth quarter.

The Grasberg site encompasses several underground mines: the Grasberg block cave, the Deep Mill Level Zone (DMLZ) and Big Gossan. DMLZ and Big Gossan were not affected, and could restart production in the fourth quarter.

However, according to Freeport, a preliminary assessment indicates a delayed restart of operations at the Grasberg block cave, resulting in the deferral of significant production in the near term. A ramp up in this area is not anticipated to begin until the first half of 2026, with the mine potentially returning to full production in 2027.

“This single event has pushed 2025 mine disruptions to 6 percent of global supply, above the historical average of 5 percent, and turned a near-balanced market into a clear deficit,’ White said.

‘With inventories already at multi-year lows and scrap unable to fully bridge the gap, the supply side offers little cushion. This tightening dynamic suggests higher prices may be necessary to incentivize new projects.’

Copper price forecast for 2025

Although some headwinds remain, primarily stemming from a worsening trade standoff between the US and China, copper’s future is likely tied to its fundamental supply and demand dynamics.

With little new supply scheduled to come online in the near term, this should signal more support for pricing as demand continues to grow from the energy transition and key sectors, such as artificial intelligence and data centers.

“On the demand side, copper’s growth drivers remain firmly in place. Electrification, grid modernization, artificial intelligence and data center buildouts and defense spending continue accelerating, making copper less tied to broad GDP growth and more linked to strategic sectors. These trends, combined with a deepening supply deficit, reinforce the structural bull case for copper,” White explained. He also suggested that any further disruptions will only add tailwinds to the copper price, benefiting producers and investors alike.

Silver price, July 1 to October 17, 2025.

Chart via Trading Economics.

Silver broke the US$40 mark on September 1, then continued on up, rising to US$42.69 on September 15.

By September 30, it was closing in on all-time highs, reaching US$46.66. As the fourth quarter began, the price continued to climb, reaching an all-time high of US$54.47 on October 17.

Silver’s industrial demand drivers

Silver’s price gains over the past few years have been driven partially by increasing demand from industrial segments, where the metal has various applications, including in the production of photovoltaics (PVs).

An April report from the Silver Institute notes that industrial demand for silver increased for the fourth year in a row in 2024, rising 4 percent and setting a record of 680.5 million ounces.

The rise was attributed mainly to the green economy, which includes PVs, and artificial intelligence (AI).

Although the institute isn’t forecasting gains for 2025, it’s still predicting that silver industrial demand will remain near record levels, at 677.4 million ounces, with 195.7 million ounces coming from PVs.

A key reason for the high demand for solar energy is that production costs have made it more competitive than coal, gas or wind. This has increased the attractiveness of PVs for use in data centers.

Speaking at the Metals Investor Forum in Vancouver, BC, at the end of September, Peter Krauth, editor of Silver Stock Investor and author of ‘The Great Silver Bull,’ discussed the staggering rise in demand for solar energy and noted that during the 2010s, deployment exceeded expectations by 200 percent.

“Data center power demand over the next four years is expected to grow 21 percent, and AI is expected to see a 33 percent annual growth in electricity demand over the next four years,” he said.

He explained that tech companies favor solar over wind three-to-one, and nuclear at a rate of five-to-one. That’s because solar is not only cheaper than other energy forms, but also faster to permit, as long as space is available.

While PVs remain a strong demand driver for silver, it’s not the only one.

“Silver, after oil, is the commodity with the single most applications worldwide,’ said Krauth.

‘So when you say silver is indispensable, it’s irreplaceable in some ways. It has so many applications that if silver were to disappear tomorrow, it would wreak havoc on a lot of industry,’ he continued.

“Silver’s main growth driver is industrial usage. Especially when it comes to electric cars and batteries, silver is nearly irreplaceable,” she said. However, she also noted risks coming from the US and its ability to influence the global market, suggesting that with high uncertainty, commodities can be unpredictable. Additionally, Khandoshko pointed to market saturation in the tech sector, suggesting tailwinds may not be what they once were.

“The technology market is on the verge of a breakthrough, but at the same time, it is close to saturation, and the potential for a sharp increase in demand is limited. As a result, I would say that it is not worth expecting rapid leaps from silver, although for now the metal is in plus,” she said.

Silver benefiting from investment demand

Although industrial components have grown in the past few years, they aren’t the only factor that drove silver during the third quarter. Investment demand also helped push it toward record highs.

In a July report, the Silver Institute states that as of June 30, 1.13 billion ounces of silver were held in exchange-traded products, 7 percent below the all-time high set in February 2021. It attributes the rise in silver investment to geopolitical tensions and economic uncertainty as more investors turn to silver as a safe-haven asset.

Additionally, many investors view silver as undervalued compared to gold.

Since 2000, the gold-silver ratio has averaged 69:1; however, in 2025, it has been significantly higher, reaching 104:1 in May. Although it has fallen, the ratio remains above the 25 year average, reaching 79:1 in October.

“If you take US$3,700 (per ounce) gold today, and you use the average going back to 2000, that puts you already at US$54. So we’re beyond that all-time high of silver potentially pretty easily just based on that ratio,” Krauth said.

He added that he expects the gold price to continue climbing, pushing up the potential for an even higher silver price if it approaches that 69:1 average.

Silver price forecast for 2025

As suggested by the Silver Institute, Krauth and Khandoshko, silver is supported not only by supply and demand fundamentals, but also by tailwinds on the investment side.

In his talk, Krauth suggested that US$95 isn’t out of the question for silver over the next 12 to 24 months. He also said that silver producers are likely to benefit from the metal’s increasing price.

“When money starts to flow into the silver stocks, the impact can be really massive,’ he said.

‘If you take the bottom essentially of the last year and a half since late February 2024, silver’s up 105 percent and silver stocks, juniors are up 183 percent so far,’ added Krauth. Although it is difficult to predict how long a cycle will last, Krauth looked to the past and suggested there could still be significant runway ahead.