2025 has been a stellar year for precious metals.
Most notably, the gold price ballooned by 47% since the start of the year to reach a new all-time high earlier this week.
But another metal is shining even brighter.
Since early January, the silver price has surged by a spectacular 65% to surpass US$47 per ounce – its highest level in more than 14 years.
Silver's performance has also eclipsed the broader All Ordinaries Index (ASX: XAO) which has risen by about 8% during the same period.
However, opportunities to capitalise on the silver price momentum are surprisingly limited on the ASX.
Let's find out why and present some options for investors to potentially consider.
The silver conundrum
Silver is typically mined in small quantities as a by-product or co-product to other metals like zinc, gold, or copper.
For example, the historical Broken Hill mines in New South Wales are polymetallic.
In other words, they have been producing zinc, lead, and silver as a basket of commodities since their famous discovery in 1883.
Similarly, most silver producers on the ASX today are also polymetallic.
So, unlike gold, there are no dedicated silver mining stocks in the ASX 200.
That said, one practical avenue for exposure to the metal is through the Global X Physical Silver Structured (ASX: ETPMAG) exchange-traded fund (ETF).
This ETF is designed to generate returns that mirror the silver price in Australian dollars, excluding fees.
And shares in ETPMAG have jumped by about 50% since the start of the year to $65.97 apiece at Friday's close.
However, the ASX also hosts several smaller exploration and mining companies looking to capitalise on the booming silver price.
And three such silver stocks have been running white hot in 2025.
Andean Silver Ltd (ASX: ASL)
Andean Silver is focused on bringing to life its wholly owned Cerro Bayo silver and gold project in Chile.
So far, the company has defined a resource containing 47 million ounces of silver and 800,000 ounces of gold.
Its current activities are centred on growing the existing resource base through extension and exploration drilling.
The company is also conducting economic evaluations gauging the merits of bringing Cerro Bayo to production.
Andean's share price has surged by 150% since the start of the year to $2.10 at the close of trading on Friday.
Sun Silver Limited (ASX: SS1)
Sun Silver is advancing its Maverick Springs silver and gold project in the US state of Nevada.
Management believes Maverick Springs is the largest undeveloped primary silver project on the ASX.
It holds a resource containing 296 million ounces of silver and 2.16 million ounces of gold.
Sun Silver is now looking to build on these numbers with an ongoing drilling campaign.
It is also conducting metallurgical testing and early-stage economic studies.
Shares in Sun Silver haven jumped by 72% so far this year to $1.10 apiece at Friday's close.
Polymetals Resources Ltd (ASX: POL)
In June, Polymetals recommenced production at its recently acquired Endeavor silver and zinc mine in New South Wales.
The mine was previously operational for nearly 40 years until its closure in 2019.
Today, Endeavor holds a resource containing 44 million ounces of silver, 1.3 million tonnes of zinc, as well as some lead credits.
Polymetals is now targeting early silver cashflow from the mine.
Here, the group is aiming to produce five million ounces of silver in the first two years of an initial ten-year operation.
It also seeks to grow at Endeavor's mine life through resource extension drilling and the discovery of new deposits nearby.
Shares in Polymetals have risen by 55% so far this year to $1.23 per share at the end of last week.
