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Question asked 16/05/2026

ASX Silver stocks

ASX Silver stocks are currently in a lull. I hold Andean Silver (ASX: ASL), Unico Silver (ASX: USL) and Sun Silver (ASX: SS1), all of which are up, but off their highs so far this year. Would you buy at current prices, do you have any preferred silver stocks and how do you see the valuations going forward? Thanks.

Answer

Hi David,

Andean Silver (ASX: ASL), Unico Silver (ASX: USL) and Sun Silver (ASX: SS1) are all small caps with market caps of ~$200mn & $500mn respectively, all of which are currently losing money. In other words, all three are essentially leveraged bets on the silver price continuing its extraordinary run — making previously marginal silver deposits suddenly very economic.

All three have been attracting attention despite being loss-making with the ounces in the ground and the silver price are everything when it comes to their respective valuation.

We are bullish towards silver from current levels, in line with our outlook for gold.

While we regard them as speculative in nature, we like Andean Silver (ASX: ASL) and Unico Silver (ASX: USL), in particular, at current levels looking for new highs, or initially +20% higher.

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Andean Silver (ASL) v Silver ($US/oz)

LAST UPDATED 13/05/2026 10:58

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