Top 5 ASX silver stocks to watch in 2026

Silver exploration companies listed on the ASX focus on finding and defining deposits through drilling and feasibility work, well before any metal is produced. The five companies in this article hold projects across Australia and South America, with Investigator Silver ($IVR) carrying a Joint Ore Reserves Committee (JORC) resource of over 57 million ounces of silver at its Paris Silver Project in South Australia.

How we built this list: We selected these companies based on their industry and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in A$. Data updated as of 10 August 2026.

Looking to invest in ASX silver stocks?

Sign up in minutes and get access to a CHESS-sponsored platform, where you can explore ASX silver stocks and more.

Open an account

1. Unico Silver ($USL)

Unico Silver (USL) share price over the last year: started at A$0.38, ended at A$0.83, a change of +117.1%. Range over the period: high A$1.14, low A$0.35. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $0.83 · Daily: 3.8% · Market cap: $529.1M · Sector: Basic Materials · Industry: Metals & Mining

Unico Silver ($USL) is an Australian exploration company with all three of its projects planted firmly in Argentina's Santa Cruz province, a region historically associated with silver and gold mineralisation. The company holds 100% of the Cerro Leon, Cerro Puntudo, and Joaquin projects, each sitting within the Deseado Massif geological province that stretches across southern Argentina.

The flagship Cerro Leon project lies roughly 130 kilometres northwest of the port town of San Julian, and about 45 kilometres northwest of AngloGold Ashanti's Cerro Vanguardia mine. That proximity to an established operation gives some geological context for the ground $USL is working through, though Cerro Leon remains at the exploration stage.

The Joaquin and Cerro Puntudo properties together cover more than 16 titles and approximately 35,946 hectares along the central eastern margin of the same geological province. At this point, $USL's work is centred on defining what's in the ground rather than moving any metal.

2. Silver Mines ($SVL)

Silver Mines (SVL) share price over the last year: started at A$0.12, ended at A$0.15, a change of +25.0%. Range over the period: high A$0.28, low A$0.12. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $0.15 · Daily: 0.0% · Market cap: $332.9M · Sector: Basic Materials · Industry: Metals & Mining

Silver Mines Limited ($SVL) centres its exploration work on the Bowdens Silver Project, an undeveloped deposit in central New South Wales. Bowdens sits about 26 kilometres east of Mudgee, and $SVL holds 100% of it through Exploration License 5920. Together with the nearby Barabolar Project, the consolidated tenement area covers 2,115 square kilometres along roughly 80 kilometres of strike of the Rylstone Volcanics.

$SVL also holds the Tuena Gold Project, 80 kilometres south of Orange in New South Wales, and a 747-square-kilometre land position in the Orange/Blayney district. The company has the right to earn up to an 80% interest in the Kramer Hills Project, rounding out a portfolio that extends across several exploration-stage assets in New South Wales.

3. Boab Metals ($BML)

Boab Metals (BML) share price over the last year: started at A$0.17, ended at A$0.49, a change of +197.0%. Range over the period: high A$0.71, low A$0.16. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $0.49 · Daily: 2.1% · Market cap: $283.5M · Sector: Basic Materials · Industry: Metals & Mining

Sitting about 50 kilometres from Kununurra in Western Australia's Kimberley region, the Sorby Hills Lead-Silver-Zinc Project is the core development focus for Boab Metals ($BML). The resource carries silver alongside lead and zinc.

Boab Metals ($BML) also holds two exploration projects nearby: Manbarrum in the Northern Territory, 25 kilometres east of Sorby Hills, and the Eight Mile Creek tenements, which cover around 206 square kilometres immediately to the south. CEO Simon Noon oversees interests in South America through the company's subsidiaries.

4. Investigator Silver ($IVR)

Investigator Silver (IVR) share price over the last year: started at A$0.026, ended at A$0.05, a change of +92.3%. Range over the period: high A$0.16, low A$0.025. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $0.05 · Daily: 4.2% · Market cap: $131.1M · Sector: Basic Materials · Industry: Metals & Mining

Investigator Silver ($IVR) is an exploration company working across South Australia's Gawler Craton. Its Paris Silver Project is the flagship, carrying a JORC-compliant resource of over 57 million ounces of silver and 99,000 tonnes of lead. The project lies about 70km north of Kimba on the Eyre Peninsula, with all activity still in the exploration phase.

The company also holds the Uno Morgans Project, 85km east of Paris. $IVR controls over 700 square kilometres within the Curnamona Province, a region that also hosts gold and copper deposits. The Paris Silver Corridor rounds out the portfolio, covering two tenements – Peterlumbo and Black Hill.

5. Manuka Resources ($MKR)

Manuka Resources (MKR) share price over the last year: started at A$0.042, ended at A$0.08, a change of +88.1%. Range over the period: high A$0.22, low A$0.034. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $0.08 · Daily: 5.3% · Market cap: $125.4M · Sector: Basic Materials · Industry: Metals & Mining

Silver and gold exploration in New South Wales sits alongside an offshore iron sands project in New Zealand for Manuka Resources Limited ($MKR). The Wonawinta Silver and Base Metals Project is in the Cobar Basin, and the Mt Boppy gold project lies about 43 km east of Cobar. Both fall under $MKR's Australian exploration segment.

The Taranaki VTM – vanadium titanomagnetite – iron sands project is a different kind of asset. It sits 22 to 36 km offshore inside New Zealand's Exclusive Economic Zone, and $MKR holds 100% of it. The company's Operations segment covers the appraisal, development and processing of gold and silver deposits, which places $MKR a step beyond pure exploration on those projects.

Common questions

How do I invest in ASX silver stocks in Australia?

All the companies in this list trade on the ASX, so you can buy shares through any brokerage platform that offers ASX access. You search the ticker, place an order, and shares settle through CHESS (the ASX's Clearing House Electronic Subregister System). Because most of these stocks are explorers or early-stage developers rather than producing miners, share prices tend to react to project news and drill results as much as to movements in the silver price itself.

What are the key risks of ASX silver stocks?

The silver price is quoted in USD on global commodity markets, which means the value of these companies' projects is influenced by both commodity price movements and the AUD/USD exchange rate. Most names in this list have little or no operating revenue and rely on equity raisings to fund ongoing work – a process that can dilute existing shareholders over time. Project-level risk applies at every stage: resource estimates can change, permits can take longer than expected, and feasibility work sometimes reveals costs that make a project harder to advance. Companies with assets outside Australia also carry jurisdiction-specific regulatory risk. $USL holds all three of its projects in Argentina, $MKR's iron sands project sits offshore New Zealand, and $BML holds South American interests through its subsidiaries.

Why do many silver stocks also hold gold and other metals?

Silver deposits are often polymetallic – the geological conditions that concentrate silver tend to also host gold, lead, zinc or other minerals in the same formation. Several companies in this list hold projects with meaningful secondary metal components alongside their primary silver focus. For a developer or producer, those by-product metals can affect project economics: revenue from gold or zinc offsets part of the cost of extracting silver, which changes how a project stacks up at different silver price levels.

Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.

Stake Desk

The freshest market insights

This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.