Rua Gold Inc. (TSXV: RUA, OTC: NZAUF, WKN: H8E)
An Emerging Gold Explorer with Two Highly Prospective Land Packages in New Zealand’s historical gold fields.
In 2023, the United States produced 1,000 tons of silver, a figure significantly lower than Mexico’s 6,400 tons, yet it remains one of the world’s important silver producers. Most of the silver in the U.S. is a byproduct of gold mining, with the top three silver-producing states being Alaska, Nevada, and Idaho. This year, the silver price surge has exceeded the expectations of industry insiders and investors alike.
Unlike gold, silver has a stronger industrial demand, accounting for approximately 50% of its total demand. As a utilitarian industrial precious metal, silver prices are expected to exhibit greater volatility in the future. In the renewable energy sector, silver is a key component of solar panels, leading to consistently high demand and a silver market that has been undersupplied for four consecutive years.
Here are the top 3 U.S. silver producers by market value (data as of May 13, 2024):
Hecla Mining (Market Value: US$3.3 billion) : Hecla Mining Co（NYSE:HL） operates silver mines in Alaska and Idaho, a silver operation in Canada’s Yukon Territory, a gold mine in Quebec, and numerous exploration projects across North America. The company reported a silver reserve of 238 million ounces in 2023, with a silver output of 14.3 million ounces and total sales of $720.2 million, all of which are the second highest in its history. Most of the production came from the Green Creek Mine in Alaska and the Lucky Friday Mine in Idaho. For 2024, the production guidance is set at 16.5-17.5 million ounces, predominantly expected to come from the U.S. Hecla’s first-quarter silver production increased by 43% compared to the fourth quarter of 2023 to 4.2 million ounces. With increased output from the Keno Hill project in the Yukon, the company is poised to become Canada’s largest primary silver producer.
Coeur Mining (Market Value: US$2.06 billion) : Coeur Mining Inc (NYSE: CDE) operates four mines in the Americas. In the U.S., its primary silver production comes from the Rochester silver-gold mine in Nevada, Other operations include the Wharf gold mine in South Dakota, the Palmarejo silver-gold complex in Mexico, and the Kensington gold mine in Alaska. Coeur is also advancing the Silvertip silver-zinc-lead project in British Columbia, Canada. Rochester’s silver production surged to 3.4 million ounces in 2023, and the mine is still ramping up, with 2024 guidance set at 4.8-6.6 million ounces. Additionally, the Wharf mine achieved record cash flow last year.
Americas Gold and Silver (Market Value: C$86.83 million) : Americas Gold and Silver Corporation (NYSEAMERICAN: USAS) owns two producing assets: Cosala (including the San Rafael mine) in Mexico and a 60% stake in the Galena Complex in Idaho. The company is also re-evaluating the Relief Canyon mine in Nevada and owns the San Felipe development project in Sonora, Mexico. The Galena Complex reported nearly 944,000 ounces of silver production in 2023. Currently, Americas Gold and Silver is working on resource expansion drilling at Galena, with bonanza-grade discoveries achieved in early 2024. In the coming years, the Galena Complex has strong potential to become one of the top three primary silver producers in the U.S., given its extensive exploration and resource growth potential.
