The global silver demand is estimated to exceed 1 billion oz in 2021, reaching a six-year high. According to the Silver Institute, silver demand has risen in all industries – from electronics and solar panel manufacturers to the jewelry sector and investors. Expectations for 2022 suggest that the demand will remain as high or even higher in line with expanded global connectivity.
These expectations spell further increases to the price of silver and stand to benefit many exploration companies. According to the market analysis of Microsmallcap, among the companies to benefit most are Summa Silver, SilverCrest Metals Inc. and First Majestic Silver, all of which are developing high-potential properties.
Summa Silver recently commenced drilling on their Mogollon Property in New Mexico, US. The mine is located in historically prolific high-grade gold-silver region. Galen McNamara, CEO of Summa Silver stated: ‘The Mogollon district presents a very rare discovery opportunity” and “has the potential to be one of the great remaining vein fields still left in the US’.
Similar is the outlook for SilverCrest Metal’s Las Chispas property in Mexico. According to recent announcements, the company has made significant progress in the construction of the mine and has completed over 100 000 m (328 084 ft) of drilling as of September 30, 2021. Results will be released with Q4 statements.
First Majestic Silver has recently announced positive pre-feasibility results from its Santa Elena mine in Mexico. The report highlights that proven and probably mineral reserves have reached 12.6 million oz of silver and 418.4 oz of gold.