Today should be interesting….

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 3,231,402 SS1 Shares, 1,883,118 BKB Shares, 2,253,336 MTH Shares, 13,213,572 RCM Shares, 10,500,002 AVM Shares, 13,714,286 IVR Shares, 4,433,000 WCE Shares, 11,853,770 PFE Shares at the time of publishing this article. The Company has been engaged by these stocks to share our commentary on the progress of our Investment in them over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

Today will be the first time that ASX listed silver stocks get a chance to react to the ~6% surge in silver on Friday night.

(would that wretched weekend never end?)

The silver price closed at the highest it has EVER been in its history.

(well, since its recent recorded history of it being measured against the US dollar... also not accounting for significant inflation over that time)

Friday night's silver price surge was important because it convincingly broke out of what professional chart readers call a “technical cup and handle” formation...

...that has been building over the last 50 years.

Which means that the silver price is now in unchartered territory.

And if the “50 year cup and handle breakout” crowd are to be believed, we should see another leg up in the silver price today and over the near/medium term:

(you can watch the live silver spot price here, it opens at 10am AEDT too)

But no matter what we may have convinced ourselves that a crockery image superimposed onto a price chart image is telling us, chartists can be wrong too, and commodity prices can go DOWN as well as up.

We could be back in a few weeks with our tail between our legs after a silver price pullback - remember that anything can happen.

Either way, today’s open for the silver price and ASX listed silver stock should be fun to watch.

Regardless of any chart reading voodoo, silver still looks to have some serious momentum right now (up 18% for the month), promising some interesting viewing today.

There are also a lot of fundamental reasons that silver should have a strong run over the coming year (we summarise them in a list further down from here, plus a summary of all our silver stocks current silver stocks and what we are watching for next)

When the silver price goes up, silver stocks should follow.

We think it’s a pretty good time to be a silver company, and especially one that has price sensitive news to report on this morning (and just got lucky with the pop in the silver price to launch it into).

We originally called a possible silver price run back at the start of 2024 back when silver was trading around US $20/oz - it's now $56.4/oz. and looks to have nice upward momentum.

Here are the all the ASX silver stocks we have added to our Portfolio since we predicted a silver price run back at the start of 2024:

Our Leverage to a Rising Silver Price - The ASX silver stocks we are Invested in

Here are the 8 silver stocks we have in our Portfolio:

1. Sun Silver (ASX: SS1) - has the biggest pre-production silver asset on the ASX and in the USA. SS1’s current resource estimate sits at 480M ounces silver equivalent. It could also host a giant antimony resource.
2. Black Bear Minerals (ASX: BKB) - owns 100% of a previously producing, high grade silver project, in Texas, USA. The project has a 17.5M ounces of silver (non-JORC) resource estimate at an average silver grade of 289g/t AND over $150M in processing plant and infrastructure. The project was last producing silver in 2012-2013 when prices were <US$20 per ounce. BKB is aiming to get the project back into production with silver prices >US$50 per ounce.
3. Mithril Silver and Gold (ASX: MTH) - 373k ounce gold, 11M ounce silver, high grade JORC resource estimate in Mexico. MTH is set to have three rigs on the ground soon and is aiming to grow the resource estimate to ~2.5-3M ounces gold equivalent over the next 12-14 months.
4. Rapid Critical Metals (ASX: RCM) - Estimated 67M ounces of silver equivalent resources at a very high average grade of ~400g/t AgEq across three NSW projects. RCM’s target is to grow that number to 100M ounces silver equivalent. RCM is backed by major institutional investors Sprott, Tribeca, and Jupiter.
5. Advance Metals (ASX: AVM) - ~100M ounces of silver equivalent foreign resources across three Mexican projects and a high-grade gold project in Victoria. AVM is backed by major investors Tribeca, Jupiter, Lowell, and APAC. AVM is planning a North American dual listing and is drilling both its Mexican silver and Victorian gold assets.
6. Investigator Resources (ASX: IVR) - One of Australia’s highest-grade undeveloped silver projects (in South Australia), with an estimated 57M ounces of silver at average grades of 73g/t silver. Now advancing a Definitive Feasibility Study and permitting. IVR’s biggest shareholder is billion dollar precious metals fund Jupiter Asset Management.
7. West Coast Silver (ASX: WCE) - aiming to extend the Elizabeth Hill silver mine. Elizabeth Hill was the highest grade silver mine in Australia when it was last in production in the 1990s. WCE is aiming to extend the remnant historic resources at the mine and hopefully make a repeat discovery on its regional targets.
   
8. Pantera Minerals (ASX: PFE) - just recently picked up silver and antimony assets in Arkansas, USA. The project was mined over a 100 years ago, and there has been no modern exploration on the ground since. PFE recently sold its lithium asset (also in Arkansas for up to $40M) after picking up the ground only a few years ago. We are backing the PFE team to do the same again with the silver-antimony projects.

Yes, we are officially overweight silver in our Portfolio.

Why we think the silver price will run in 2026 and take our ASX silver stocks with it:

Here is a a bit more on our general silver thesis (written earlier this year, with some updates added on recent developments):

• We think silver is going to go a lot higher

If it does, it will take the few ASX listed silver stocks with it - compared to gold, there are not many silver stocks on the ASX.

• In a silver bull market, more money flows into the tiny number of silver stocks

The ASX understands (and likes) gold... not silver (until silver rips, then suddenly everyone magically understands and likes silver). There are hundreds of gold stocks on the ASX. There are maybe 20 silver stocks. Lots of peanut butter chasing not much toast.

• Silver is a precious metal

Rising inflation and fiat currency concerns are driving investors toward safe-haven assets like gold (and silver) to preserve wealth. Geopolitical tensions and global uncertainty (seen the news lately?) are boosting the appeal of assets perceived as stores of value.

• Silver's historical tendency to outperform gold during bull markets

Due to its higher volatility and relatively lower market capitalisation.

• Silver has industrial uses... and is used in the military industrial complex.

Military uses of silver are not talked about much due to secrecy/sensitivity. Silver is used in weapons systems, communication devices and aerospace technologies. (source)

• Silver was recently added to the US critical minerals list (source) and the Chinese government placed tighter rules on Chinese exporters of silver (source).
• Low silver price over the last 10 years means mines have not expanded or come online

In the last 10 years, there has been a lack of capital allocated to exploration and making major new silver discoveries. Silver is generally produced as a byproduct of mining other minerals, so even if the silver price goes up, those mines that produce silver won’t necessarily increase production (unless the main commodity being produced goes up too).

• Growing silver demand continues to exceed supply

Silver demand as a precious metal and other industrial uses are growing. Silver supply is not. Silver has been in structural deficit for years, so if we want to get it back into equilibrium - we will need more supply online.

• Volume of content about silver on our social media feeds is increasing daily

Have you seen a bullish silver post or reel on social media lately? We stare at this kind of stuff all day and the volume is increasing, which means more and more people will start to think about silver. For an example check out #silver on X/twitter, (buckle up though, if you thought we were down the rabbit hole bad, this is where the proper silver nuts hang out). Even Alan Kohler was talking about silver to boomers on free to air TV a few months back (remember TV?)

• Technical traders could start to lose their minds now that silver is “breaking out” of its “generational cup and handle” formation (the break out happened on Friday night).

Whether you believe in chart analysis or not, a LOT of people do, and they are watching for this cup and handle breakout. This could make technical traders pile into silver. In 1980 silver hit US $49.00 In 2011 it hit US $49.81... On Friday night silver closed at US $56.4.

• We have added ADVANCED STAGE silver projects to our Portfolio.

Taking lessons from the 2020 great lithium bull run - the stocks that performed best last lithium bull run were advanced lithium projects on the ASX, that nobody cared about until lithium ran - they were already lithium stocks BEFORE lithium became cool. We have taken lessons learned and added later stage silver stocks (hopefully ahead of the silver price run).

• Now we just wait for the generational silver price run to happen?

As of this morning, we are now in unchartered territory, silver is the highest it has EVER been, and will commence trading again this morning at the same time as the ASX opens for trading.

We will be watching the silver open here at 10AM AEDT.

A deeper dive into our silver Investments

As mentioned earlier, we hold 8 ASX listed stocks in our Portfolio as exposure to the silver price.

In the same order as earlier, below is a summary of each company, where we explain:

1. The company's story in a “nutshell”
2. Where the company’s assets are, market caps and cash in the bank
3. Why we like the company
4. The “one image” story, and
5. What we want to see next.

Sun Silver (ASX:SS1)

In a nutshell: SS1 is the largest pre-production silver asset on the ASX with a 480M ounce silver equivalent resource.

SS1 is also re-assaying old drillcore to see if its giant silver deposit also hosts antimony.

Location: Nevada, USA
Market Cap: $213M
Cash at Bank: $34.2M at 30th September (source)

Why we like SS1:

Being the largest pre-production silver asset on the ASX, SS1 could become the de-facto silver equity “ETF” (Exchange Traded Fund) on the ASX.

With a 480 million ounces of silver equivalent resource estimate, SS1 is very leveraged to move in the silver price (its share price chart basically tracks the silver price).

SS1 is also re-assaying its deposit to see if it hosts economic quantities of antimony.

Antimony is a critical mineral used in various defence and military applications. The US has no domestic antimony mines and the US government relies heavily on China for its supply.

The “one image” story:

What’s next for SS1: Assays from extensional holes, a resource upgrade to its already giant deposit and maybe even an antimony maiden resource estimate.

Read our latest deep dive: Giant silver and antimony project commences trading in the USA: (OTCQX: SSLVF)

Black Bear Minerals (ASX:BKB)

In a nutshell: BKB owns 100% of a previously producing, high grade silver project, in Texas, USA.

The project has a 17.5M ounces of silver (non-JORC) resource estimate at an average silver grade of 289g/t AND over $150M in processing plant and infrastructure. The project was last producing in 2012-2013 when silver prices were <US$20 per ounce.

BKB is aiming to get the project back into production at silver prices >US$50 per ounce.

Location: Texas, USA
Market Cap: $93M
Cash at Bank: $20M post acquisition of its silver project. (source)

Why we like BKB:

BKB’s project is inside US borders in Texas BUT geologically it sits on Mexico’s famous Sierra Madre belt, which is home to some of the world’s biggest silver producers.

We think BKB can upgrade its existing 17.5M ounces of silver (non-JORC) resource estimate with some drilling and eventually turn back on the ~$150M in processing plant and infrastructure to start producing from the mine again.

We also like that the average grade of BKB’s resource is well above that of similar projects in Mexico that are owned by multi billion dollar silver producers.

The “one image” story (sorry this one needed two):

(Source)

What’s next for BKB: BKB plans to start drilling on the project this quarter, targeting a maiden JORC resource estimate for the project in Q1-2026.

Read our latest deep dive: Our 2025 Small Cap Pick of the Year: Black Bear Minerals (ASX: BKB)

MTH: Mexican silver, aiming to double its resource estimate

In a nutshell: MTH is drilling with multiple rigs to try and multiply its existing 373k ounce gold, 11M ounce silver JORC resource estimate.

MTH has two rigs on the ground now, and a third is on the way. MTH is aiming to grow the current resource estimate to ~2.5-3M ounces gold equivalent over the next 12-14 months.

Location: Durango, Mexico
Market Cap: $76M
Cash at Bank: A$18.3m at 30th September (source)

Why we like MTH:

MTH’s Managing Director John Skeet has successfully delivered gold and silver mining projects before in Mexico.

He was GM of Projects at Bolnisi Gold from when it was a small cap exploration stock to a $1.1BN takeover in 2007.

MTH has only drilled a tiny fraction of the project, with the current resource only covering ~5% of the project area.

MTH is drilling right now to double the size of its existing 373k ounce gold, 11M ounce silver JORC resource and just started drilling one of our favourite silver targets going for a new discovery...

The “one image” story:

What’s next for MTH - Assays from its multi rig drill program. MTH is aiming to double its existing JORC resource at Target 1. MTH is also drilling Target 2 going after NEW discoveries and is now ready to start drilling on Target 3.

Read our latest deep dive: MTH: How to find a giant, high grade silver and gold system

Rapid Critical Metals (ASX:RCM)

In a nutshell: Has a 67Moz high-grade silver equivalent resource in NSW, targeting 100Moz. Backed by Sprott, Tribeca, and Jupiter; recently raised $14M and drilling is underway.

Location: NSW, Australia
Market Cap: $70M
Cash at Bank: $18.2M (pro-forma post the acquisition and the recent capital raise (source).

Why we like RCM: RCM’s projects have some of the highest silver equivalent resource grades in Australia (>400g/t silver equivalent).

We think that with some drilling RCM can grow that resource to a point where they have enough critical mass (and grade) to become developable.

The “one image” story:

What’s next for RCM: RCM is currently drilling its Webbs asset so we could see drill results announced from the project at arbitrary times. Drilling on the project has been ongoing since August.

Read our latest deep dive: RCM: Now drilling to expand 67 million ounce silver equivalent resource as silver price breaks new records every day.

Advance Metals (ASX:AVM):

In a nutshell: Holds 3 projects with a combined ~100M ounce silver equivalent foreign resource in Mexico plus a Victorian gold.

AVM is looking to increase its resource base in Mexico with drilling planned on all three projects inside the coming months.

Location: Mexico’s Sierra Madre Region
Market Cap: $41M (allowing for remaining unsettled shares from recent raise)

Cash at Bank: $5.7M at 5 November 2025 with $6.5M to come from a second tranche placement in December. (source)

Why we like AVM: AVM has 3 large and growing silver projects in Mexico that remain heavily underexplored and now has extensive exploration programs planned well into next year across all 3, having already begun drilling at Yoquivo last month.

The “one image” story:

What’s next for AVM: AVM is currently drilling one of its three Mexican silver assets (Yoquivo). The plan for AVM is to drill all three and convert the foreign resources into JORC status over the coming months.

We also note AVM is currently drilling its Victorian asset (with two diamond drill rigs).

Read our latest deep dive: AVM: We just increased our position (yep, after two weeks)

Investigator Resources (ASX:IVR)

In a nutshell: Is advancing the 57Moz high-grade silver project in SA toward production. DFS and permitting well underway. Recently $10M raised which was backed by Jupiter Asset Management.

Location: SA, Australia

Market Cap: $107M
Cash at Bank: $9M cash in the bank (26 November 2025) and $5.6M due to come in soon from a second tranche placement (source).

Why we like IVR: IVR has one of the highest grade pure silver projects in Australia.

IVR’s asset is also well advanced with a Definitive Feasibility Study (DFS) being completed on the project right now (due early 2026).

The slide below is a big part of the reason why we like IVR - we think that by plugging in updated silver prices, IVR’s DFS could surprise to the upside in terms of project economics.

The “one image” story:

What’s next for IVR: IVR’s DFS is due early next year where we hope the company can reset expectations for what a development scenario looks like for its project.

After that it will be about delivering on the permitting and the pre-development work that goes into building a mine.

We are also looking forward to seeing IVR drill some of its near-mine targets (where any new discoveries could be interesting).

Read our latest deep dive: Our New Investment: Investigator Resources (ASX: IVR)

WCE: Aiming to build “Elizabeth Hill 2.0” - Australia’s highest grade silver mine

In a nutshell: WCE is aiming to extend the Elizabeth Hill silver mine. This mine was the highest grade silver mine in Australia when it was last in production in the 1990s.

WCE is aiming to extend the leftover resources at the mine and hopefully make a repeat discovery on its regional targets.

Location: WA, Australia
Market Cap: $58M
Cash at Bank: $5.1M at 30th September (source).

Why we like WCE:

The Elizabeth Hill mine was the highest grade silver mine in Australia, with historic production using cheap and simple processing methods.

We think that if WCE can find a high-grade near-surface silver resource then it could quickly develop its project into a (hopefully) rising silver price.

WCE also has ~20 regional targets ranked where we are hoping repeat Elizabeth Hills are discovered. This area has had very little modern exploration done on it...

The “one image” story:

What’s next for WCE - WCE is currently drilling its near-mine targets at Elizabeth Hill.

After that, WCE is planning an exploration program across its regional targets through aircore drilling and geophysics.

Read our latest deep dive: WCE: High grade silver drilling starts today as silver price hits all time highs overnight - above US $51 per ounce.

Pantera Minerals (ASX:PFE)

In a nutshell: Pivoted to US silver-antimony exploration in Arkansas where it acquired land with at least 18 historic high-grade mines. Funded via its recent lithium asset sale, where it is to receive a total of $6M cash and currently valued ~$40M EnergyX stock.

Location: Arkansas, USA
Market Cap: $11M

Cash at Bank:

• $413k at 30th September, plus
• $2M received from lithium asset sale on 2nd October 2025
• $2M cash to be received on both July 1st 2026 & 2027

Why we like PFE: PFE has been there and done that in Arkansas, USA.

PFE acquired its lithium asset early before the oil supermajors started picking up ground in Arkansas, then it managed to sell the projects in a deal worth up to A$40M.

We are hoping PFE can do the same with its new silver and antimony projects - leveraging its local operating knowledge, experience and contacts.

We like that the new assets acquired have a history of mining (over 100 years ago) and no one has applied modern exploration techniques on the assets.

The “one image” story:

What’s next for PFE: With the recent acquisition, PFE will be running sampling and geophysics programs which will provide drill target generation and ranking ahead of drilling next year.

Read our latest deep dive: PFE: Announces new USA land package with 18 historic antimony and silver mines...

Silver content we are watching, reading and listening to

For anyone who has found themselves deep down in the silver rabbit hole (just like most of our team is), here are some good bits of content we have been listening to/watching over the last few weeks.

(try not to spend too long too far down into the dark bits of the silver rabbit hole - there are are some pretty wild theories and predictions down there)

FT - It’s now official, the US labels silver as a “critical mineral” signaling potential tariffs, federal support, and supply-chain prioritisation that could shake global markets.

Bloomberg - Silver is stealing the spotlight as a massive short squeeze sends prices surging, with gold simultaneously breaking records, igniting fresh excitement across global metals markets

Bloomberg - Silver smashed through previous highs, heading past US$52.50 per ounce to a new all-time with this explosive surge re-writing the playbook for precious-metals markets.

Bloomberg - Silver’s rally is now outpacing gold with a 70% gain this year vs. gold’s 55%, being driven by squeezed supply, surging investor demand, and shifting macro forces that are turning the metal into a must-watch asset.

Michael Oliver’s Most IMPORTANT ALERT for GOLD & SILVER Buyers Yet

Michael Oliver – It Is White Knuckles Time – Hold On For $100 Silver Potential In The Next 6 Months

Here’s a few more silver takes that we have gotten value from in recent weeks:

Bloomberg - Global silver market tightens as China’s stockpiles plummet to decade-low, record exports surge, and near-term prices climb in backwardation.

WSJ - Americans are cashing in old silver coins as prices soar, flooding dealers with “junk silver” while melt values hit decades-highs as hidden treasures could be worth far more than scrap.

Why Silver Prices Are Soaring

Don't Be Surprised If Silver Blows Past $200 Rapidly | Michael Oliver