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Silver Miner Margins

The median all-in sustaining cost (AISC) of the primary silver producers versus the silver price, by quarter. Silver cohorts are smaller than gold’s: the reporter count is shown beside every median, and a thin quarter is visible rather than hidden.

Q2 2026 margin: quarter-average price minus Q2 2026 AISC $42.22/oz 57.4% of the silver price
Median AISC $31.29/oz silver averaged $73.50/toz
Quarter on quarter −$11.75/oz +$29.45/oz year on year

AISC margin is a production-cost spread, not company net profit.

Q2 2026 · updated 30 Sep 2026 · 8 of 8 reported · margin was last higher in Q1 2026

The silver cost curve

0.0020.0040.0060.0080.00100.00HL$6.07PAAS$17.80SVM$18.38AG$25.68EXK$36.89ASM$38.75USAS$40.63GGD$40.78
See the figures
cohort median
Company AISC $/oz
HL $6.07
PAAS $17.80
SVM $18.38
AG $25.68
EXK $36.89
ASM $38.75
USAS $40.63
GGD $40.78
2026-Q2 consolidated silver-basis AISC per company, as each company states it; AgEq bases carry chips in the table above.

The fixed cohort on one quarter, Q2 2026: every bar is the same period, so the order is a ranking by stated cost.

Company details

  1. Hecla Mining Company HL
    AISC $/oz
    $6.07
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Hecla Mining Company
  2. Pan American Silver Corp. PAAS
    AISC $/oz
    $17.80
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Pan American Silver Corp.
  3. Silvercorp Metals Inc. SVM
    AISC $/oz
    $18.38
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Silvercorp Metals Inc.
  4. First Majestic Silver Corp. AG
    AISC $/oz
    $25.68
    Basis
    AgEq
    Period
    Q2 2026
    Source
    Company release
    Company page
    First Majestic Silver Corp.
  5. Endeavour Silver Corp. EXK
    AISC $/oz
    $36.89
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Endeavour Silver Corp.
  6. Avino Silver & Gold Mines Ltd. ASM
    AISC $/oz
    $38.75
    Basis
    AgEq
    Period
    Q2 2026
    Source
    Company release
    Company page
    Avino Silver & Gold Mines Ltd.
  7. Americas Gold and Silver Corporation USAS
    AISC $/oz
    $40.63
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Americas Gold and Silver Corporation
  8. GoGold Resources Inc. GGD
    AISC $/oz
    $40.78
    Basis
    SEO
    Period
    Q2 2026
    Source
    Company release
    Company page
    GoGold Resources Inc.
0.0010.0020.0030.0040.0050.00AG, Q2 2026$25.68ASM, Q2 2026$38.75EXK, Q2 2026$36.89GGD, Q2 2026$40.78HL, Q2 2026$6.07PAAS, Q2 2026$17.80SVM, Q2 2026$18.38USAS, Q2 2026$40.63
Each company's most recent reported quarter. Periods can differ, so these bars are not ranks: they run by period, newest first, then by company, and no price or median line is drawn across them.

Company details

  1. First Majestic Silver Corp. AG
    AISC $/oz
    $25.68
    Basis
    AgEq
    Period
    Q2 2026
    Source
    Company release
    Company page
    First Majestic Silver Corp.
  2. Avino Silver & Gold Mines Ltd. ASM
    AISC $/oz
    $38.75
    Basis
    AgEq
    Period
    Q2 2026
    Source
    Company release
    Company page
    Avino Silver & Gold Mines Ltd.
  3. Endeavour Silver Corp. EXK
    AISC $/oz
    $36.89
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Endeavour Silver Corp.
  4. GoGold Resources Inc. GGD
    AISC $/oz
    $40.78
    Basis
    SEO
    Period
    Q2 2026
    Source
    Company release
    Company page
    GoGold Resources Inc.
  5. Hecla Mining Company HL
    AISC $/oz
    $6.07
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Hecla Mining Company
  6. Pan American Silver Corp. PAAS
    AISC $/oz
    $17.80
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Pan American Silver Corp.
  7. Silvercorp Metals Inc. SVM
    AISC $/oz
    $18.38
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Silvercorp Metals Inc.
  8. Americas Gold and Silver Corporation USAS
    AISC $/oz
    $40.63
    Basis
    Consolidated AISC per ounce, as the company states it
    Period
    Q2 2026
    Source
    Company release
    Company page
    Americas Gold and Silver Corporation

The cohort over time

1Y3Y5YMax
0.0020.0040.0060.0080.00100.00Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
See the figures
Cohort medians by quarter, US$ per ounce
Quarter Price avg Median AISC Median margin margin % Reported
Q3 2019 $17.10 $10.76 $6.34 37.1% 7
Q4 2019 $17.30 $11.78 $5.52 31.9% 6
Q1 2020 $16.90 $12.99 $3.91 23.1% 7
Q2 2020 $16.30 $9.33 $6.97 42.8% 5
Q3 2020 $24.50 $10.73 $13.77 56.2% 6
Q4 2020 $24.40 $15.63 $8.76 35.9% 6
Q1 2021 $26.30 $18.17 $8.13 30.9% 4
Q2 2021 $26.70 $16.36 $10.34 38.7% 5
Q3 2021 $24.30 $16.88 $7.42 30.5% 6
Q4 2021 $23.40 $13.57 $9.83 42.0% 7
Q1 2022 $24.00 $13.41 $10.59 44.1% 7
Q2 2022 $22.70 $15.95 $6.75 29.7% 7
Q3 2022 $19.20 $17.83 $1.37 7.1% 7
Q4 2022 $21.30 $18.63 $2.67 12.5% 7
Q1 2023 $22.50 $16.87 $5.63 25.0% 7
Q2 2023 $24.20 $16.78 $7.42 30.7% 7
Q3 2023 $23.60 $19.74 $3.86 16.4% 7
Q4 2023 $23.20 $21.48 $1.72 7.4% 5
Q1 2024 $23.40 $15.49 $7.90 33.8% 4
Q2 2024 $28.80 $18.85 $9.95 34.6% 6
Q3 2024 $29.50 $21.48 $8.02 27.2% 6
Q4 2024 $31.40 $15.69 $15.71 50.0% 4
Q1 2025 $31.90 $17.20 $14.70 46.1% 6
Q2 2025 $33.70 $20.93 $12.77 37.9% 5
Q3 2025 $39.60 $22.48 $17.12 43.2% 8
Q4 2025 $54.10 $25.96 $28.14 52.0% 8
Q1 2026 $84.00 $30.03 $53.97 64.2% 8
Q2 2026 $73.50 $31.29 $42.22 57.4% 8
28 quarters, Q3 2019 to Q2 2026. Latest median AISC $31.29/oz against a $73.50/toz average silver price, a median margin of $42.22/oz.

The companies

Next report
Hecla Mining Company HL [1] $6.07 $67.43 91.7% 4,208,827 Next report: around 4 November 2026, estimated from the company's past reporting pattern.
Pan American Silver Corp. PAAS [2] $17.80 $55.70 75.8% 6,470,000 Next report: around 11 November 2026, estimated from the company's past reporting pattern.
Silvercorp Metals Inc. SVM [3] $18.38 $55.12 75.0% 1,500,000 Next report: around 5 November 2026, estimated from the company's past reporting pattern.
First Majestic Silver Corp. AG AgEq [4] $25.68 $47.82 65.1% 6,727,304 Last reported: 30 July 2026 (Q2 2026); the next date is not yet announced.
Endeavour Silver Corp. EXK [5] $36.89 $36.61 49.8% 1,943,955 Last reported: 8 July 2026 (Q2 2026); the next date is not yet announced.
Avino Silver & Gold Mines Ltd. ASM AgEq [6] $38.75 $34.75 47.3% 534,945 Next report: around 5 November 2026, estimated from the company's past reporting pattern.
Americas Gold and Silver Corporation USAS [7] $40.63 $32.87 44.7% 664,971 Next report: around 9 November 2026, estimated from the company's past reporting pattern.
GoGold Resources Inc. GGD SEO [8] $40.78 $32.72 44.5% 477,464 Next report: around 11 November 2026, estimated from the company's past reporting pattern.

Outside the curve, and why

Companies in the coverage universe for this metal that the cost curve does not draw, each with the reason the measurement register gives. Explorers, developers and royalty companies are not producers and are not listed here.

  • Aya Gold & Silver Inc. AYA No comparable quarterly USD figure: No AISC stated

    quarterly cash costs US$/AgEq only; AISC only as LOM guidance

  • Coeur Mining, Inc. CDE No comparable quarterly USD figure: No AISC stated

    Adjusted CAS only, excludes sustaining capex/G&A/exploration

  • Compania de Minas Buenaventura S.A.A. BVN No comparable quarterly USD figure: Not comparable (reason below)

    EXCLUDED 30 Aug 2026: consolidated gold AISC NEGATIVE all four window quarters (-$1,645 to -$7,129/oz; Ag/Cu/Pb/Zn credits exceed gross costs, verbatim, cross-footed; panel-only is a V2-2 question). Stated in the release appendix (copper separate US$/MT)

  • Fortuna Mining Corp. FSM No comparable quarterly USD figure: Not comparable (reason below)

    CORRECTED 30 Aug 2026: consolidated AISC per GEO ONLY in the window (AgEq exists only mine-level at Caylloma post San Jose/Yaramoko disposal, silver cohort OUT). Formerly recorded as BOTH US$/GEO and US$/AgEq, dual-basis, could join either cohort

  • Fresnillo plc FRES No comparable quarterly USD figure: Half-yearly figures only

    H1/FY only; per-metal FY guidance is in the attributes registry

  • Hochschild Mining plc HOC No comparable quarterly USD figure: Half-yearly figures only

    attributable AISC US$/GEO, H1/FY only; quarterly reports carry guidance not actuals

  • Industrias Penoles S.A.B. de C.V. PENOLES No comparable quarterly USD figure: No AISC stated

    aggregate cost of sales only; Fresnillo reports separately

  • Korea Zinc Company, Ltd. 010130 No comparable quarterly USD figure: No AISC stated

    Korea Zinc: a smelter, not a miner, no per-ounce silver cost metric; its quarterly earnings deck discloses silver sales volume and revenue by metal plus benchmark zinc smelter treatment charges (TC/RC)

  • McEwen Inc. MUX No comparable quarterly USD figure: Not comparable (reason below)

    consolidated 100%-owned AISC US$/GEO (San José 49% separate)

  • SSR Mining Inc. SSRM No comparable quarterly USD figure: Not comparable (reason below)

    consolidated AISC US$/payable AuEq oz

  • Andean Precious Metals Corp. APM Not yet measured: Not yet measured

    not yet in the AISC measurement sweep

  • Boliden AB BDNNY Not yet measured: Not yet measured

    not yet in the AISC measurement sweep for this metal

  • Contango Silver & Gold Inc. CTGO Not yet measured: Not yet measured

    not yet in the AISC measurement sweep

  • Discovery Mining Ltd. DSV Not yet measured: Not yet measured

    not yet in the AISC measurement sweep for this metal

  • Guanajuato Silver Company Ltd. GSVR Not yet measured: Not yet measured

    not yet in the AISC measurement sweep

  • KGHM Polska Miedz S.A. KGHPF Not yet measured: Not yet measured

    not yet in the AISC measurement sweep for this metal

  • Santacruz Silver Mining Ltd. SCZM Not yet measured: Not yet measured

    not yet in the AISC measurement sweep

  • Sierra Madre Gold and Silver Ltd. SM Not yet measured: Not yet measured

    not yet in the AISC measurement sweep

How this page is made
Sources and methodology
Methodology

All-in sustaining cost (AISC) is a non-GAAP measure. Each company defines it in its own filings, and the figures on this page are consolidated AISC exactly as each company states it: no adjustments, no recalculations. Where a company states its consolidated figure on a particular basis (by-product credits, gold-equivalent ounces), the basis is noted beside its rows and applied consistently across its history.

Silver medians carry no minimum reporter count. The number of companies reporting is printed beside every silver figure, and a quarter with few reporters looks like what it is. Several silver miners state costs per silver-equivalent ounce, a conversion of by-product metals into silver at market prices, which mechanically rises when silver outperforms; rows on that basis are marked AgEq.

The silver cohort: Pan American Silver Corp. (PAAS) , Hecla Mining Company (HL) , First Majestic Silver Corp. (AG) , Endeavour Silver Corp. (EXK) , Silvercorp Metals Inc. (SVM) , Americas Gold and Silver Corporation (USAS) , GoGold Resources Inc. (GGD) , Avino Silver & Gold Mines Ltd. (ASM) .

Gold and silver figures are per troy ounce; copper figures are per pound. No chart or sortable column ever mixes the two.

A published figure changes only when the company itself restates it, and the change is dated here. Every figure links the release or filing it came from.

SilverTrade is a bullion trading platform. This page is market data and journalism, not investment advice, and SilverTrade does not issue price targets on any security.

Silver sources (8)
  1. Hecla Mining Company (HL), Q2 2026: Ex 99.1 to 8-K 'Hecla Reports Second Quarter 2026 Results', 4 Aug 2026. Headline: 'Silver cash cost of ($8.10) per ounce and AISC of $6.07 per ounce (both after by-product credits and excluding Keno Hill...)', 'from continuing operations'; reconciliation row $6.07. Production 4,208,827 oz (GC 2,051,022 + LF record 1,532,569 + Keno Hill 625,236).
  2. Pan American Silver Corp. (PAAS), Q2 2026: Exhibit 99.5 (Q2 2026 news release) to 6-K filed 13 Aug 2026 (acc. 0000771992-26-000063). Highlights: 'Silver Segment AISC of $17.80 per silver ounce were slightly above the 2026 Quarterly Operating Outlook range'; table 17.80 (vs 19.66 comparative). Production: 'attributable silver production of 6.47 million ounces, at the high end of the Outlook range.' No NRV qualifier in this release.
  3. Silvercorp Metals Inc. (SVM), Q2 2026: Q1 Fiscal 2027 results press release (three months ended Jun 30 2026 = calendar 2026-Q2), dated 10 Aug 2026, silvercorpmetals.com. Highlights: AISC net of by-product credits $18.38 (36% higher than $13.49 in Q1 FY2026); produced ~1.5 Moz silver.
  4. First Majestic Silver Corp. (AG), Q2 2026: Ex-99.2 Q2 2026 MD&A to 6-K acc. 0001628280-26-050781, filed 30 Jul 2026. 'AISC per attributable payable AgEq ounce in the second quarter was $25.68' (same in the ex-99.5 KPI table 'AISC per Silver Equivalent Ounce'). oz figure 'Payable silver equivalent ounces produced (D) 6,727,304' (PAYABLE basis). Silver oz produced 3,799,823. Los Gatos rockfall + San Dimas labour disruption this quarter.
  5. Endeavour Silver Corp. (EXK), Q2 2026: 'Endeavour Silver Announces Q2 2026 Financial Results', 29 Jul 2026 (6-K ex. 99.1, acc. 0001171843-26-005027). Highlights 'AISC of $36.89 per oz, net of by-product credits'; reconciliation Terronera $26.42 / Guanacevi $52.20 / Kolpa $29.40; Bolanitos nil. Silver produced 1,943,955 oz; AgEq 3,437,794 oz.
  6. Avino Silver & Gold Mines Ltd. (ASM), Q2 2026: 'Avino Reports Q2 2026 Financial Results', 12 Aug 2026 (6-K ex. 99.1). Operating table: AISC $38.75 (H1 2026 $36.52); AgEq produced 534,945 (Ag 267,305 + Au 2,178 oz + Cu 729,929 lbs). La Preciosa development production 100,658 AgEq oz included; AgEq sold 387,142.
  7. Americas Gold and Silver Corporation (USAS), Q2 2026: Q2 2026 MD&A (three months ended 30 Jun 2026), consolidated highlights table p.9 + non-GAAP reconciliation p.24: 'All-In Sustaining Costs/Ag Oz Sold ($/oz) $40.63'; silver produced 664,971 oz; cash costs $25.68/Ag oz sold.
  8. GoGold Resources Inc. (GGD), Q2 2026: 'GoGold Announces Q3 Financial Results' release PDF, 12 Aug 2026 (PR #10-2026), KPI table 'Three months ended Jun 30 2026': 'All in sustaining cost (AISC) per SEO $40.78'; production 477,464 SEO (268,673 Ag oz + 3,036 Au oz + 88 t Cu + 116 t Zn); SEO sold 419,986. COMPANY-STATED CAVEAT in the same release: gold:silver ratio change (98→62) added $8.58/SEO and a $2.5M non-cash stock-based-award fair-value adjustment added $5.85/SEO; 'Adjusting for these items would provide a comparative AISC of $26.35 per SEO.' Fiscal Q3 2026 (Apr-Jun 2026) = calendar 2026-Q2.

Margin series sequence 23, as of 30 Sep 2026. Coverage register sequence 17, as of 12 Sep 2026.

  • Company-reported data Every figure is the company's own, cited to the release or filing it came from.
  • Fixed cohorts The companies in each median are set for the calendar year, so a median never moves because membership moved.
  • No estimated costs No cost or margin here is estimated by us; where a company states no figure, the page says so.