Silver Demand Hits a Sixth Straight Deficit, The Supply Math Doesn't Add Up
Rhea-AI Summary
Silver market faces a sixth consecutive structural deficit in 2026, with a projected shortfall of 67 million ounces and tight supply dynamics pushing prices higher. Major producers and developers cited include Americore Resources (AMCO), GR Silver, Pan American Silver, Hecla Mining (HL) and Vizsla Silver.
Notable company facts: Americore uncovered high‑grade historic cores and holds a 36 million‑ounce silver equivalent resource; Pan American produced 22.8M oz silver in 2025 and guides 25–27M oz in 2026; Hecla reports 231M oz reserves at year‑end 2025.
Positive
- Pan American produced 22.8M oz silver in 2025
- Pan American guidance of 25–27M oz silver for 2026
- Hecla reserves of 231M oz silver at year‑end 2025
- Americore found high‑grade historic drill intercepts (e.g., 153 ft at 185.94 g/t)
Negative
- Global supply projected to rise only 1.5% to 1.05B oz in 2026, failing to meet demand
- Mine production forecast up just 1% to 820M oz in 2026, short of industrial consumption
Key Figures
Market Reality Check
Peers on Argus
HL is down about 1.4% while peers are mixed: SBSW +0.9%, BVN +1.09%, TFPM -0.08%, SKE -0.52%, TMC -1.69%, pointing to stock‑specific trading rather than a clear sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Earnings results | Positive | +3.7% | Record 2025 revenue, net income and EBITDA with stronger balance sheet. |
| Feb 13 | Reserves & exploration | Positive | +8.2% | Year‑end 2025 reserves, strong exploration results, higher 2026 spend. |
| Feb 02 | Earnings call notice | Neutral | -4.3% | Announcement of upcoming Q4 and full‑year 2025 results call. |
| Jan 26 | Asset sale deal | Positive | -5.8% | Agreement to sell Casa Berardi for up to $593M to refocus portfolio. |
| Jan 26 | Production & guidance | Positive | -5.8% | Preliminary 2025 production, 2026 silver and gold guidance and cost outlook. |
Recent HL news has produced mixed reactions, with strong gains on reserve and earnings updates but selloffs on guidance and transaction announcements.
Over the past months, Hecla reported a series of operational and financial milestones. On Jan 26, it announced 2025 production and 2026 guidance alongside the planned Casa Berardi sale for up to $593 million, which saw a negative price reaction. A detailed reserve and exploration update on Feb 13 highlighting 231M oz silver reserves and a $55M 2026 exploration plan was followed by an 8.19% gain. Record 2025 results on Feb 17 with revenue over $1.4B and net income of $321M also supported shares. Today’s macro‑silver commentary fits into this backdrop of strengthening fundamentals and portfolio reshaping.
Market Pulse Summary
This announcement highlights a tightening silver market, with projected 2026 deficits up to 245M oz and total supply near 1.05B oz, alongside China’s estimated 70% share of refined supply. Hecla features in the article with 231M oz of silver reserves, 2025 production of 17M oz, and a planned $55M 2026 exploration budget. Investors may focus on how these macro trends intersect with Hecla’s existing reserve base, production profile, and ongoing portfolio reshaping.
Key Terms
net present value financial
internal rate of return financial
convertible notes financial
AI-generated analysis. Not financial advice.
Issued on behalf of Americore Resources Corp.
USANewsGroup.com News Commentary
VANCOUVER, BC , Feb. 26, 2026 /PRNewswire/ -- The silver market is heading for a sixth consecutive year of structural deficit in 2026, with the shortfall projected at 67 million ounces as industrial consumption continues to outpace mine supply[1]. J.P. Morgan Global Research sees silver prices averaging
Total global silver supply is forecast to rise just
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:
GR Silver Mining (TSXV: GRSL) commenced a 20,000-meter step-out drilling campaign at its San Marcial project in Mexico, accelerating its 2026 resource expansion program. Recent drilling has returned high-grade intercepts including 75 meters grading 260 g/t silver in hole SMS25-09 and 9 meters at 374 g/t silver in hole SMS 25-10A.
"2026 is expected to be a pivotal year for GR Silver Mining, as the Company leverages the five-year drilling permit obtained last year, together with its strong financial position, to advance resource growth at San Marcial," said Márcio Fonseca, President and CEO of GR Silver Mining.
The 20,000-meter campaign targets step-out expansion around the existing resource, building on a permit secured in 2025 that provides multi-year drilling flexibility across the project area.
Pan American Silver (NYSE: PAAS) (TSX: PAAS) achieved its 2025 guidance with silver production exceeding the top end of expectations. The company produced a record 7.3 million ounces of silver in the fourth quarter, bringing its full-year total to 22.8 million ounces. For 2026, the company is guiding for 25 to 27 million ounces of silver and 700,000 to 750,000 ounces of gold.
"Silver production in 2025 exceeded the top end of our guidance range. We increased our 2025 silver production estimate to reflect the addition of Juanicipio in September, and the mine has performed better than expected," said Michael Steinmann, President and CEO of Pan American Silver.
The integration of the Juanicipio mine continues to exceed expectations, contributing to a production outlook that positions the company among the largest primary silver producers globally heading into a tightening supply environment.
Hecla Mining (NYSE: HL), the largest silver producer in the United States and Canada, reported 231 million ounces of silver reserves at year-end 2025 after producing 17 million ounces during the year. Greens Creek delivered 8.7 million ounces, while Lucky Friday set a record with 5.3 million ounces produced.
"Our 231 million ounces of reserves at year-end 2025 reflects refined technical standards we've implemented across our reserve modeling as we've learned from mining these deposits, strengthening the quality and credibility of our estimates," said Rob Krcmarov, President and CEO of Hecla Mining.
The company is nearly doubling its exploration budget to
Vizsla Silver (TSX: VZLA) (NYSE: VZLA) recently provided its 2026 outlook following a 2025 Feasibility Study projecting 17.4 million ounces of silver equivalent annual production over a 9.4-year mine life at its Panuco project in Mexico. The study returned an after-tax net present value of US
"2025 was an extraordinary year for Vizsla, the Panuco project and the underlying commodities," said Michael Konnert, President and CEO of Vizsla Silver. "Throughout the year, Vizsla Silver employed a dual track approach focused on both advancing project development objectives, while maintaining exploration momentum in the hunt for new centers of mineralization."
The company holds a cash position of over US
CONTACT:
USA News Group
info@usanewsgroup.com
(604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Americore Resources Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Americore Resources Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of Americore Resources Corp. which were purchased in the open market, and/or through private placements, and reserve the right to buy and sell, and will sell shares of Americore Resources Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Americore Resources Corp.; this is a paid advertisement, we currently own shares of Americore Resources Corp. and will sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
SOURCES:
- https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/
- https://www.jpmorgan.com/insights/global-research/commodities/silver-prices
- https://www.kitco.com/news/off-the-wire/2026-02-10/rising-investment-keep-global-silver-demand-steady-2026-silver
- https://247wallst.com/investing/2026/01/05/the-us-just-added-silver-to-critical-minerals-list-and-these-investments-will-benefit/
Logo - https://mma.prnewswire.com/media/2838876/5826092/USA_News_Group_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/silver-demand-hits-a-sixth-straight-deficit-the-supply-math-doesnt-add-up-302698677.html
