Silver Mining Heats Up in Global Hotspots

1. Irving Resources, Silver North, and Dolly Varden Silver are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Irving Resources, Silver North, and Dolly Varden Silver.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

* Disclosure for the quote from the Clive Maund article published on April 25, 2025

1. For the quoted article (published on April 25, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$1,500.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

Clivemaund.com Disclosures

The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Silver prices climbed to their highest level in over a decade in June 2025, triggering what multiple analysts described as a technical breakout. According to USA News Group in a July 2 commentary, the price of silver rose past US$36 per ounce for the first time in 13 years, up from US$28.92 in January. The publication noted that "some analysts are calling [this] a generational technical breakout," citing investor momentum driven by expectations of ongoing industrial demand and tight supply. AI-based models forecasted near-term prices in the range of US$36 to US$42, while targets from major institutions ranged from US$40 to as high as US$130 per ounce.

The World Bank also reported elevated silver prices in its July 1 market outlook, stating the metal had gained nearly 20% in the first half of the year. While demand remained strong, particularly for silver's role as both an industrial input and a hedge against economic instability, the report highlighted the continuation of a multiyear trend of supply deficits. "Recycling, which accounts for about 20% of global supply, is expected to remain flat following a 6% increase in 2024," wrote Jeetendra Khadan and Kaltrina Temaj of the World Bank's Prospects Group.

That supply-demand imbalance has been compounded by the growing use of it in technology and renewable energy. A July 3 article from Economic Times reported that silver outperformed gold in June despite lower total returns for the first half of the year. "Silver has indeed outperformed gold recently, particularly in June, as industrial demand continues to strengthen," said Nirpendra Yadav, Senior Commodity Research Analyst at Bonanza. Yadav estimated that 60% of silver demand comes from sectors such as solar panels, electronics, and electric vehicles. He also noted that "underinvestment in silver mining — often a byproduct of other metals — has caused a fifth straight year of supply deficit."

Analysts Highlight Silver's Dual Role and Bullish Technicals

A June 30 report by Benzinga offered a longer-term perspective, observing that silver's dual identity as a precious and industrial metal made it "especially responsive to macroeconomic trends." The article highlighted that silver prices rose more than 20% in the first half of 2025 and were expected to maintain momentum. Forecasts from Bank of America pointed to US$40 per ounce by year-end, while other analysts predicted potential prices as high as US$49.

Technical analysis has supported the fundamental case for silver. According to the Silver Chartbook published June 30, silver's move above the US$35 resistance zone signaled a breakout after years of consolidation. The report stated, "After more than 13 years, silver is finally trading above USD 35 again," noting that the bullish trend had been slow but steady. It further identified support between US$34.50 and US$35.50 and near-term resistance at US$38.50. Institutional buying and increased military demand were also noted as contributing factors, although the latter remained largely undocumented due to the classified nature of defense applications.

Further commentary from Mining Discovery on July 2 acknowledged the June breakout as "very important," suggesting that a price floor had been established at just under US$35. "The breakout that has taken place cannot be 'undone,'" the author stated. Historical data pointed to similar surges in 2020, when silver jumped from US$18 to US$30 in two months, emphasizing how quickly market momentum can build in the silver space.

On July 3, Economies.com highlighted silver's attempts to "offload its clear overbought conditions" while maintaining a bullish posture on short-term charts. The site emphasized that positive support levels remained intact and suggested further upward movement pending momentum consolidation.

A July 5 MarketWatch opinion piece by Charlie Garcia characterized silver as the "shifty cousin" of gold — volatile, often overlooked, but capable of dramatic returns. Garcia noted that silver's dual use in industry and finance made it more prone to price swings. "Silver doesn't get headlines. It gets mug shots," he wrote, underscoring the metal's sometimes erratic performance history. However, he suggested that the current setup mirrored prior surges on an even larger scale.

Amid this renewed strength in the silver sector, several companies have recently reported progress on their silver-focused projects. These developments reflect broader trends in the market, including increased investor interest and the acceleration of exploration and production activity. The following updates highlight how select companies are actively engaging with the metal during this pivotal period for the industry.

Irving Resources Inc. 

Irving Resources Inc. (IRV:CSE; IRVRF:OTCQX) has continued to advance its portfolio of precious metal-bearing silica projects in Japan, targeting material that could serve as smelter flux for the country's extensive network of base metal facilities.

The company recently released results from its first shallow-angle diamond core hole at the Omui Mining License, drilled under the direction of partner JX Advanced Metals Corp. The 101.1-meter intercept from hole 24OMI-001 included 84% silica and returned 1.14 grams per tonne (g/t) gold and 16 g/t silver. This combination of high silica content and precious metals is key to Irving's strategy of supplying domestic smelters with gold- and silver-bearing flux.

The high silica content is especially relevant because Japanese smelters require flux with over 90% silica to blend with copper concentrates during the smelting process. Irving's ability to produce silica-rich material containing meaningful grades of silver has supported its unique low-CapEx model, which forgoes traditional milling. Technical adviser Quinton Hennigh said the 84% silica found in the latest drill hole could potentially be blended with higher-silica sinter material from the nearby Omu Sinter zone to meet the 90% threshold, enhancing the value and utility of the intercepts.

At the Omu Sinter target, the company has previously encountered multiple intercepts containing both silica and silver mineralization. Historic results include 0.32 meters grading 118.5 g/t gold and 1,410 g/t silver from hole 19OMS-002 in the Feeder Vein zone, along with broader zones of mineralized sinter. In its June 2025 corporate presentation, Irving confirmed it is now drilling additional holes to evaluate the viability of developing a precious metal-bearing silica mine at Omu Sinter. JX Metals has the option to earn an interest in the project and is currently directing ongoing exploration and drill programs.

Irving's broader exploration efforts also include the East Yamagano project, a joint venture with Newmont Corporation and Sumitomo Corp. Initial holes at East Yamagano intersected broad zones of silicification with anomalous gold and silver values, although no high-grade veins have yet been confirmed. The company has planned further deep drilling in 2025 to better target prospective structures and explore deeper zones of mineralization. According to a March commentary from analyst Jayant Bhandari, Omu and Yamagano represent strong geological potential for silica-rich material with precious metal credits.

Analyst Brian Leni of Junior Stock Review has also endorsed the company's direction, noting that Irving's focus on high-silica gold-silver systems could position it as a strategic domestic supplier. "IRV has stagnated for several months while similar companies have moved up," Bhandari added. "I prefer to invest when others aren't paying attention." He said Omu's high-grade silica is expected to remain in strong demand among Japanese smelters.

The company said management and directors own about 9.3%, and strategic investors Newmont and Sumitomo own 19.2% and 5.2%, respectively.

Yahoo! Finance said about 1% is owned by institutions. The rest is retail.

According to Refinitiv, top insiders include President and Chief Executive Officer Akiko Levinson with 4.884% and Hennigh with 3.10%.

Irving Resources has a market cap of CA$14.62 million with 83,355,640 shares outstanding. It trades in a 52-week range of CA$0.19 and CA$0.48.

Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) 

Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) recently launched a CA$2.1 million non-brokered charity flow-through financing to support exploration at its silver-focused Haldane and GDR projects in Yukon Territory.

The financing, conducted under the Listed Issuer Financing Exemption, consists of units priced at CA$0.21, each including a flow-through common share and half a warrant exercisable at CA$0.35 for 48 months. The proceeds will be used exclusively for qualifying exploration expenditures, with the company committing to renounce these expenses to investors by the end of 2025. Under Canadian tax law, the flow-through designation allows investors to deduct the full value of qualifying expenses from their taxable income.

The company's exploration focus remains squarely on silver, with drilling planned at two key assets. At the GDR Project's Veronica claim block, Silver North will initiate a mapping and sampling program over a 450 x 450 meter multi-element soil anomaly. The target has returned anomalous values in silver, lead, and zinc, and is believed to host potential Carbonate Replacement Deposit (CRD) mineralization. In parallel, a 10-hole, 2,500-meter diamond drill program is scheduled for the Haldane Project, located in the prolific Keno Hill Silver District. This program will follow up on a 2024 intercept from the Main Fault zone, where drilling returned 1.83 meters grading 1,088 g/t silver, 3.90 g/t gold, 1.89% lead, and 0.63% zinc.

Silver North's recent drilling results and regional activity have drawn attention from multiple market commentators. In a June 2025 commentary, analyst Rick Mills noted that the company will have "sufficient capital to drill a pure silver project in one of the world's premier mining regions," citing strong volume and rising prices.

Michael Ballanger of GGM also highlighted the quality of Silver North's assets, noting that only a portion of the 12-kilometer structural corridor at Haldane has been tested. At the Tim Property, where Coeur Mining is earning up to 80% through a feasibility-stage option, Ballanger said core from the 2024 campaign displayed encouraging CRD-style mineralization, with assays pending.

*Technical Analyst Clive Maund issued a "Strong Buy" rating in April 2025, describing Silver North as "a leading primary silver explorer in Canada." He pointed to the November 2024 Haldane intercept and the company's positioning during a period of rising silver prices. From a technical standpoint, he noted the stock was beginning to break out of a large base pattern with increasing volume and accumulation. Maund also cited the company's low float and strategic ownership as strengths that could enhance volatility on future upside moves.

In that regard, according to Refinitiv, eight strategic entities own 22.89% of Silver North Resources. The Top 3 shareholders are Pacific Opportunity Capital Ltd. with 7.88%, Fruchtexpress Grabher Gesellschaft mbH & Co. with 6.71%. The board and management hold 16.14%, according to Silver North, including Executive Chair Mark T. Brown who owns 5.5%.

The rest is in retail. Currently, there are no other institutional investors, yet.

Refinitiv reports Silver North having 61.2 million (61.2M) outstanding shares and 46.79M free float traded shares. The explorer has a market cap of CA$8 million and a 52-week range of CA$0.065–0.24 per share.

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) 

Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE) recently secured TSX Venture Exchange approval to acquire a 100% interest, or rights to a 100% interest, in several mineral claims in British Columbia's Golden Triangle.

The acquisitions include American Creek, BA, Theia, and Red Cliff, expanding the company's Kitsault Valley Project to approximately 77,000 hectares. This follows the earlier acquisition of the Kinskuch and Porter properties, the former of which was purchased from Hecla Mining Co. for CA$5 million or 1.35 million shares. Hecla, which retains a 2% net smelter return (NSR) royalty on Kinskuch, now holds a 12% stake in Dolly Varden.

The American Creek Property, home to the historic high-grade Mountain Boy silver mine, was highlighted by the company for its exceptional grades and exploration potential. Historic Minfile records noted silver grades ranging from 8,000 to 17,000 g/t, while drilling results from previous operators included 5.1 meters grading 5,258 g/t silver and 6.1 meters of 2,260 g/t. The acquisition includes a 1% NSR on several properties, but no royalties were granted for Red Cliff or Dorothy. Dolly Varden also assumed existing rights and obligations on joint ventures and option agreements tied to the properties.

The company completed a CA$28.76 million bought-deal placement in conjunction with these acquisitions, finalizing a three-part capital raise. Analyst Jeff Valks noted the participation of notable investors, including Eric Sprott, who now holds approximately 10%. Valks wrote that Dolly Varden's management was "carving out its claim" to become the premier advanced silver explorer in the Golden Triangle. The company's share price, which temporarily dipped on the raise's announcement, has since risen 18% over the last six months.

Ongoing drilling at Kitsault Valley is fully funded and expected to span over 35,000 meters, with results to be incorporated into an updated mineral resource estimate. According to Raymond James analyst Craig Stanley, the expanded land package now provides the company with triple the exposure along the Red Line — a geologic boundary linked to high-grade precious and base metal deposits. Stanley rated the stock "Outperform" and issued a target price of CA$3.52 per share, citing both geological upside and financial strength.

According to the company's latest corporate presentation in January 2025, 52% of its stock is held by institutional investors, including Fidelity Management & Research Company LLC, Sprott Asset Management LP, U.S. Global Investors Inc., and Delbrook. 

About 37% is with strategic investors, including 15% with Fury Gold Mines, 12% with Hecla, and Eric Sprott owns 10% himself. 

The rest, 11%, is with retail and high-net-worth investors.

The company has 77.1 mllion shares issued and 90.5 million fully diluted. Its market cap is CA$418 million, and its 52-week trading range is CA$3.21–CA$5.84 per share.