Silver price chart, June 1 to September 2, 2025.

Alongside silver’s move, the gold price reached a fresh all-time high on Tuesday as expectations rose that the Fed will cut interest rates when it meets next from September 16 to 17.

Although inflation has been moving further from the Fed’s 2 percent target, there has been greater uncertainty in the labor force. July’s nonfarm payroll report indicated slowing growth in the jobs market and featured a downward revision of 258,000 fewer jobs in May and June combined. The next report, due on Friday (September 5), has analysts predicting further weakness in the US jobs market, with expectations of 73,000 jobs being added to the economy.

A weak jobs market has been fueled by uncertainty within the economy since the start of the year amid an ever-changing tariff policy under President Donald Trump. On August 29, a federal appeals court struck down the majority of Trump’s tariffs in a seven-to-four ruling, deeming the levies to be unconstitutional.

The tariffs will remain in place until October 14, giving the White House time to mount an appeal of the decision with the Supreme Court of the US. The order adds another level of uncertainty to an already chaotic market, pushing 10 and 30 year bond yields up and driving a selloff in equity markets. Investors are spooked that the ruling may require the government to repay tariffs that have already been collected, adding to the ballooning US federal debt.

The silver price is also benefiting from the high gold price, as some investors look for safe-haven assets at lower entry points. Additionally, silver has increasing industrial applications, which have driven a structural supply deficit in the market, providing underlying fundamental support for investors.

Investor Insight

Empire Metals (OTCQB:EPMLF, AIM:EEE) is unlocking one of the world’s largest and purest titanium deposits at its flagship Pitfield project in Western Australia. With growing global demand, a looming supply deficit, and near-term development milestones, Empire offers a compelling investment opportunity in the critical minerals space.

Overview

Empire Metals (OTCQB:EPMLF, AIM:EEE) is an Australian focused exploration and resource development company rapidly gaining international attention for its discovery and rapid development of what is believed to be the world’s largest titanium deposit.

The company is focused on advancing its flagship asset, the Pitfield project, located in Western Australia, a tier 1 mining jurisdiction. With a dominant landholding of more than 1,000 sq km, and a titanium mineral system that spans 40 km in strike length, Pitfield is emerging as a district-scale “giant” discovery with the potential to reshape the global titanium supply landscape.

Empire’s strategic focus on titanium comes at a pivotal time. Titanium is officially recognized as a critical mineral by both the European Union and the United States, owing to its essential role in aerospace, defense, medical technologies, clean energy and high-performance industrial applications. Global demand for titanium dioxide — the most widely used form of titanium — is surging due to its unmatched properties as a pigment and as a feedstock for titanium metal. Titanium supply chains are also increasingly being constrained by geopolitical risks, mine depletion and environmental challenges associated with traditional production. More than 60 percent of the global supply chain is currently concentrated in a handful of countries, notably China and Russia, creating significant vulnerabilities for Western markets.

Titanium has been designated as a critical mineral in both the EU and the US.

Against this backdrop, Empire Metals offers investors a compelling opportunity to gain exposure to a strategically vital metal through a large-scale, high-grade and clean titanium discovery. Unlike many traditional titanium sources, Pitfield’s mineralization is exceptionally pure — free from detrimental amounts of uranium, thorium, chromium and other contaminants — making it ideally suited for premium, high-purity end markets. Furthermore, the mineralized zone is near-surface and laterally extensive, allowing for low-strip and scalable bulk mining with conventional processing technologies.

With more than 22,000 meters of drilling already completed and only a fraction of the mineral system tested, Empire is aggressively advancing Pitfield towards a maiden JORC-compliant mineral resource estimate, targeted for H2-2025. Alongside this work, the company is also undertaking bulk sampling and metallurgical processing to advance flowsheet design and optimize product specifications. It is also engaging with industry players to assess product suitability for premium pigment and titanium sponge markets. Empire is planning to finalize, during the current calendar year, a mining study to evaluate the potential for a low-cost strip mining approach, utilizing continuous mining techniques.

The company is supported by a seasoned leadership team with deep expertise in exploration, resource development, mining, metallurgy and capital markets — ensuring that strategic decisions are guided by both technical excellence and a strong track record of value creation.

Company Highlights

• The flagship Pitfield project is the world’s largest known titanium discovery. It’s a district-scale “giant” titanium mineral system, characterised by high-grade, high-purity titanium mineralisation exhibiting exceptional continuity.
• Titanium is in a global supply deficit and recognized as a critical mineral by the EU and US.
• Drill intercepts at Pitfield include up to 202 meters at 6.32 percent titanium dioxide (TiO2) from surface, confirming vast scale and grade.
• Empire Metals operates in one of the world’s most secure, mining-friendly jurisdictions: Western Australia.
• The company is led by an experienced, agile team, with proven expertise in exploration, mine development, and value creation across multiple commodities.
• With a number of key development catalysts planned for 2025, including a maiden resource estimate, bulk sampling for scale-up of metallurgical testwork, and product optimisation, Empire remains significantly undervalued relative to its peers.

Key Projects

Pitfield Project – A World-Class Titanium Discovery

Located in Western Australia, the Pitfield project is Empire Metals’ flagship asset and represents one of the most exciting titanium discoveries globally. Spanning an area of approximately 1,042 sq km, the project has revealed a colossal mineral system measuring 40 km in length and up to 8 km in width, with geophysical indications of mineralization extending to at least a depth of 5 km.

Pitfield’s prime location in Western Australia

Extensive drilling across the project has intercepted thick, laterally continuous zones of high-grade titanium dioxide mineralization, highlighting the system’s enormous scale and consistency.

The titanium at Pitfield occurs predominantly in the minerals anatase and rutile within a weathered, in-situ cap that begins at surface. These minerals are exceptionally pure, often exceeding 90 percent titanium dioxide. They are free from harmful amounts of contaminants like uranium, thorium, chromium and phosphorus — qualities that are likely to make the deposit uniquely suitable for premium, high-purity titanium applications in aerospace, defense and clean technologies.

Pitfield is strategically located near the town of Three Springs, approximately 150 km southeast of the port city of Geraldton. The project benefits from direct access to essential infrastructure, including sealed highways, rail lines and an available water supply. This connectivity significantly enhances development potential by reducing logistics costs and simplifying future project build-out. Moreover, the Western Australian government actively supports critical mineral development, and Empire is operating within a stable, mining-friendly jurisdiction known for streamlined permitting and investment security.

Empire has completed more than 22,000 meters of drilling, confirming standout titanium dioxide (TiO2) results such as 154 meters at 6.76 percent TiO2, 148 meters at 6.49 percent TiO2, and 150 meters at 6.44 percent TiO2. Notably, mineralization remains open at depth in all tested zones, and to date, only around 5 percent of the interpreted system has been drilled. This underscores the immense upside potential for resource expansion.

The project’s development advantages are equally compelling: the mineralization is near-surface and amenable to simple, bulk mining methods with conventional processing. Its location in a tier-one mining jurisdiction offers access to infrastructure, a skilled workforce and strong regulatory support.

The Pitfield project presents a scalable processing pathway. Photo shows a gravity flotation test in process (left) and a close-up of a flotation test (right)

Pitfield is advancing toward a maiden JORC-compliant mineral resource estimate, expected by H2-2025. The project is already being recognized as a potential cornerstone asset in the global titanium supply chain.

In August 2025, Empire Metals achieved a metallurgical breakthrough, confirming that conventional processing can deliver strong results. Testwork returned 77 percent recovery in the rougher stage, 90 percent in cleaning, and 98 percent titanium dissolution, for an overall 67 percent titanium recovery. The process produced a high-purity TiO₂ concentrate grading 99.25 percent with ~5 percent Fe₂O₃, supporting plans for a lower-cost pilot plant.

Other Projects

In addition to Pitfield, Empire Metals maintains a portfolio of early-stage exploration assets offering optionality and exposure to other strategic and precious metals. Empire holds interests in two Western Australian projects — the Walton and Eclipse gold projects — both situated in historically productive mineral belts. While these assets are not the current focus, they contribute exploration upside and optionality within the company’s broader strategy.

Management Team

Neil O’Brien – Non-executive Chairman

Neil O’Brien is the former SVP exploration and new business development at Lundin

Mining, until he retired in 2018. He has an extensive global mining career as a PhD economic geologist, exploration leader and board executive.

Shaun Bunn – Managing Director

Shaun Bunn is a metallurgist based in Perth, Western Australia, with expertise in international exploration, mining, processing and development. He has a successful track record managing mining projects through all stages of development.

Greg Kuenzel – Finance Director

Based in London, Greg Kuenzel is a chartered accountant, and corporate finance and financial management expert. He has extensive experience working with resources-focused AIM listed companies.

Peter Damouni – Non-executive Director

With more than 20 years of corporate and finance experience focused in the natural resources sector, Peter Damouni holds executive and director roles in TSXV and LSE listed companies where he has played key roles in significantly enhancing shareholder value.

Phil Brumit – Non-executive Director

Phil Brumit is a veteran mining engineer and operations expert, delivering major global operations. His previous roles include international leadership positions at Freeport-McMoRan, Lundin Mining and Newmont Corporation.

Narelle Marriott – Process Development Manager

Narelle Marriott is a former BHP senior process engineer. Most recently, she was the general manager for process development for Hastings Technology Metals.

Andrew Faragher – Exploration Manager

Andrew Faragher is a former Rio Tinto exploration manager with more than 25 years of experience working across multiple commodities.

Arabella Burwell – Corporate Development

Arabella Burwell is a former Senior Director Corporate Development at NASDAQ-listed GoDaddy and a Partner, Capital Raising and Strategic Partnerships, at Hannam & Partners in London and South Africa.

Carrie Pritchard – Environmental Manager

Carrie brings over 20 years of international experience in environmental management, project development, regulatory approvals, and impact assessment. Her expertise spans mine closure and reclamation, stakeholder engagement, and the remediation of contaminated sites. She has led projects across Australia (Western Australia and Victoria) and New Zealand and has also contributed to initiatives in Malawi and Greenland.

David Parker – Commercial Manager

David Parker brings over 20 years of experience in equity capital markets, with a strong focus on the mining, industrial, and technology sectors. He has held senior roles as director and company secretary for several ASX-listed companies, providing strategic leadership and commercial oversight across diverse corporate environments.

1. Pan American Silver (TSX:PAAS)

Market cap: C$16.35 billion
Share price: C$45.06

Pan American Silver is among the world’s largest primary silver producers, with silver assets located throughout the Americas and operations in Peru, Mexico, Bolivia, Argentina and Chile.

According to its Q2 report, released on August 6, overall, the company produced 5.1 million ounces of silver during the period. Its largest silver-producing asset is the La Colorada mine in Mexico, which produced 1.51 million ounces of silver during the quarter.

Other significant contributors to its silver production were its El Peñon gold-silver mine in Chile at 968,000 ounces of silver, Huaron in Peru at 844,000 ounces, San Vicente in Bolivia at 755,000 ounces, Cerro Moro in Argentina at 488,000 ounces and Dolores in Mexico at 291,000 ounces.

The company also reaffirmed its 2025 operating outlook and expects full year silver production in the 20 million to 21 million ounce range, with all in sustaining costs in the US$16.25 to US$18.25 per ounce range.

Additionally, the company announced on May 11 that it had entered into a definitive agreement to acquire all of the issued and outstanding shares of MAG Silver (TSX:MAG,OTC Pink:FNLPF). Under the terms of the US$2.1 billion deal, MAG shareholders will be paid out a mix of cash totaling US$500 million and 0.755 shares in Pan American per MAG share.

Once complete, Pan American will control 44 percent of the Juanicipio mine in Central Mexico. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.

Pan American announced on August 25 that the Mexican Federal Economic Competition Commission approved the deal and expects the acquisition to be completed on approximately September 4.

2. First Majestic Silver (TSX:AG)

Market cap: C$6.03 billion
Share price: C$12.36

First Majestic has three wholly owned silver-producing mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The first two also produce gold.

The company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua as well. First Majestic acquired the property in January 2025 through a merger with Gatos Silver. Japan’s Dowa Holdings (TSE:5714) holds the remaining 30 percent interest.

In addition to its producing assets, First Majestic commenced bullion sales from its own minting facility in Nevada, US, named First Mint, in March 2024.

According to its Q2 2025 report, the company produced 3.7 million ounces of silver during the quarter, a 76 percent increase year-over-year, and set a record quarterly revenue of US$264.2 million.

Its recently acquired Los Gatos was its largest producer, delivering more than 1.52 million ounces of attributable silver. San Dimas took second place at 1.24 million ounces, while La Encantada and Santa Elena produced 628,105 ounces and 306,224 ounces respectively.

3. MAG Silver (TSX:MAG)

Market cap: C$3.39 billion
Share price: C$32.71

MAG Silver is a silver production company that has a 44 percent stake in the Juanicipio mine in Zacatecas, Mexico. Fresnillo owns the remaining 56 percent of the operation.

In addition to Juanicipio, the company also has two exploration projects, Deer Trail and Larder. Deer Trail is a silver, gold, lead, zinc and copper property in Utah, US, that hosts a historic mine, and Larder is a gold project located in Ontario, Canada.

In the company’s Q2 2025 financial results on May 8, MAG Silver reported mining operations at Juanicipio had produced 4.3 million ounces of silver during the second quarter of the year. Additionally, ongoing optimizations at the site’s processing plant boosted silver recovery to 94.6 percent in Q2, up from 92.4 percent during the same period last year.

On May 11, MAG announced that it had entered into a definitive agreement to be acquired by Pan American Silver in a US$2.1 billion deal. According to an announcement from Pan American, it is expected to close in September 2025.

4. Endeavour Silver (TSX:EDR)

Market cap: C$2.3 billion
Share price: C$7.99

Endeavour Silver is a silver company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus the commissioning-stage Terronera project and several exploration properties.

On May 1, the company announced that it had completed the acquisition of Compañia Minera Kolpa and the Huachocolpa Uno mine in Peru. The terms of the deal will see Endeavour pay total considerations of US$145 million in a combination of cash and Endeavour shares to Kopla shareholders.

Endeavour has also agreed to pay an additional US$10 million in cash in contingent payments if certain events are met, and will add US$20 million in net debt, which will remain outstanding and repayable by Minera Kolpa.

In the company’s Q2 earnings report, Endeavour reported silver production of 1.48 million ounces, 13 percent higher than during the second quarter of 2024. The company attributed the increased production to the acquisition of Kolpa.

The company also provided an update on development at Terronera, which is nearing commercial production. As of the end of July, milling rates had increased to 1,900 and 2,000 metric tons per day, with average silver recoveries of 71 percent.

5. Vizsla Silver (TSX:VZLA)

Market cap: C$1.66 billion
Share price: C$4.83

Vizsla Silver is advancing its Panuco silver-gold project in Sinaloa, Mexico, toward production with the development of the Copala test mine.

Viszla released an updated preliminary economic assessment for the Panuco project on February 20, suggesting a post tax net present value of US$1.14 billion with an internal rate of return of 85.7 percent and a pay back period of less than 1 year.

Measured and indicated silver resources at the site totaled 127.82 million ounces of contained silver from 12.96 million metric tons of ore with an average grade of 307 grams per metric ton (g/t) silver. Its inferred resource totals 73.62 million ounces of silver from 10.47 million metric tons of ore with an average grade of 219 g/t.

On June 18, Vizsla reported that it had advanced 125 meters at its Copala test mine and is progressing at a rate of 4 meters per day. Once the development reaches the main deposit, Vizsla will take a 10,000 metric ton bulk sample. The portal will also serve as the primary access for underground mining operations once a construction decision is made.

Additionally, in May, the company entered into an agreement to acquire the producing Santa Fe silver-gold mine and property located to the south of Panuco.

The property hosts operating mining infrastructure, including a processing plant and an underground mine built in 2018. Between 2020 and 2024, the mine processed 370,366 metric tons of ore, with an average head grade of 203 g/t silver and 2.17 g/t gold.

Under the terms of the agreement, Vizsla will have the option to acquire a 100 percent interest in the Santa Fe producing concessions for US$4 million in exploration expenditures, along with cash considerations of US$1.5 million and 1.37 million Vizsla shares over five years. It also entered a purchase agreement to buy the Santa Fe exploration concessions for a further US$1.43 million and 2.75 million common shares.

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