Silver Rally Puts ASX Miners in the Spotlight

Highlights

• Silver price rebound highlights differences between pure-play and diversified ASX miners.
• Silver prices rose above USD 78 per ounce on Tuesday.
• Diversified miners report operational and infrastructure updates alongside mixed production outcomes.

Silver prices rose above USD 78 per ounce on Tuesday, extending gains for a third straight session and nearing record levels. Geopolitical developments involving US military action in Venezuela supported safe-haven demand, alongside weaker US manufacturing data and dovish Federal Reserve commentary, even as markets expect interest rates to remain unchanged. Against this backdrop, ASX-listed stocks with silver exposure, including Silver Mines Limited, BHP Group, and Zimplats Holdings, have drawn attention, reflecting varying price movements based on their respective commodity exposure and operational profiles.

Data source: Refinitiv

Silver Mines Limited and Bowdens Project Pathway
Silver Mines Limited (ASX:SVL) an Australia-based company, explores silver and gold through projects including Bowdens, Barabolar, Tuena, and Calico North. Its Bowdens and Barabolar projects cover 2,115 km² in central New South Wales, with additional gold interests in Tuena and Kramer Hills.

On 23 December 2025, company provided an update on the Bowdens Silver Project Development Application. The update followed the NSW Court of Appeal decision in August 2024 that voided the original project approval. Since that decision, the company has been working with the NSW Department of Planning, Housing and Infrastructure on a revised approval pathway that has not previously been applied.

As part of this process, Silver Mines decided to reduce regulatory risk by updating ecological surveys and its biodiversity assessment in accordance with the Biodiversity Conservation Act. The updated surveys are expected to be completed in early 2026. Submission of the revised biodiversity assessment is planned for mid-2026, after which the project is expected to move toward redetermination under the revised approval framework.

BHP Group Infrastructure Agreement
BHP Group Limited (ASX:BHP), an Australia-based resources company, produces commodities including copper, iron ore, nickel, potash, coal, and silver. Its global operations include underground copper-gold mines and supply of metals for renewable energy, EVs, and steel production.

On 9 December 2025, company announced a binding USD 2 billion infrastructure agreement with Global Infrastructure Partners, part of BlackRock. The agreement relates to BHP’s share of the inland power network supporting its Western Australia Iron Ore operations.

Under the arrangement, a new trust will be established, with BHP retaining 51% ownership and control. Global Infrastructure Partners will acquire a 49% interest by providing funding. BHP will continue to hold full operational control of the WAIO operations and associated assets, while paying a long-term tariff for power usage. The transaction is expected to be completed by the end of FY2026, subject to regulatory approvals.

Zimplats Operational and Cost Developments
Zimplats Holdings Limited (ASX:ZIM) a Guernsey-based company, produces platinum group metals and associated metals, including silver, from its mines and processing plants in Zimbabwe under mining leases ML36 and ML37.

The Company reported its quarterly results for the period ended 30 September 2025, highlighting improved safety performance with zero lost-time injuries recorded. Mined volumes declined 1% quarter-on-quarter but remained broadly in line with the same period last year, while milled volumes were unchanged.

Lower ore grades and inconsistent ore supply affected concentrator recoveries, contributing to a reduction in 6E metal output. Final product volumes declined 24% compared with the prior quarter. Operating cash costs increased due to higher labour, maintenance, and smelter-related expenses, resulting in higher cash costs per 6E ounce. Key capital projects, including the Mupani Mine, smelter expansion, and solar power developments, continued broadly in line with planned schedules.