The Zacks Mining – Silver industry is experiencing strong momentum, driven by increasing silver prices and robust industrial demand, particularly from the solar energy sector. As of January 2026, silver prices hit a record high of $121.67 per ounce, showing a year-to-date increase of 16.4% amid ongoing geopolitical and economic uncertainties. The International Energy Agency projects that global renewable power capacity will double between 2025 and 2030, with solar photovoltaic technology accounting for 80% of this growth, significantly boosting silver demand which comprises 59% of total consumption.
Key players in the industry include **Fresnillo plc**, which reported silver production of 48.7 million ounces and completed the acquisition of Probe Gold; **Hecla Mining**, which produced 17 million ounces of silver and is focusing on high-return projects; **Buenaventura Mining**, set to increase gold production with its new San Gabriel operation; and **Avino Silver Mines**, which met its production guidance with 2.6 million silver equivalent ounces. These companies have shown strong stock performance, with gains of 85.2%, 95.8%, 72.9%, and 152.4%, respectively, over the past three months.
In terms of valuation, the industry’s trailing 12-month EV/EBITDA ratio is currently at 22.67, compared to the S&P 500’s 19.17. The Zacks Mining – Silver industry ranks #16, placing it in the top 7% of over 244 industries, indicating a positive outlook for investors.
