2026 – likely the sixth consecutive silver deficit

Advertisement/Advertising – This article is distributed on behalf of Vizsla Silver Corp. and Vizsla Royalties Corp., with which SRC swiss resource capital AG has paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: April 24, 2026, 5:35 p.m. Zurich/Berlin

Even though demand is declining, supply is shrinking faster. Less silver is being used in the photovoltaic industry because silver is being partially replaced; silver is being conserved because it has become expensive. On the other hand, silver supply in 2026 is expected to be two percent lower than in 2025. And sectors such as silver bars and coins are seeing significant investor interest.

In the jewelry sector, the picture is mixed. From a global perspective, demand fell by around eight percent. India, Europe, and North America were particularly responsible for this decline. In contrast, there was growth in the jewelry sector in China and Thailand. In China silver was often used as an alternative to gold due to the high price of gold. Overall, demand for silverware also declined in 2025. But as mentioned, strong investor interest in bars and coins offset this decline; demand was particularly high in India, China, and the Middle East.

Silver mine production saw a three percent increase last year. The increase was primarily attributable to higher by-product volumes, such as those from copper mining projects in Peru. Lead and zinc mines were particularly important for silver production. Strong investor interest is also expected in the current year, as uncertainties regarding U.S. politics and geopolitical tensions are driving the search for safe havens. Not only gold but also silver is in demand as rarely before.

As a royalty company, Vizsla Royalties - https://www.commodity-tv.com/ondemand/companies/profil/vizsla-royalties-corp/ - offers in-house diversification and holds two NSR royalties. One is a 2% interest in the Panuco property in Mexico, which is a primary, high-grade silver resource. The other is a 3.5% interest in the Silverstone concessions.

Vizsla Silver - https://www.commodity-tv.com/ondemand/companies/profil/vizsla-silver-corp/ - owns the formerly producing Panuco gold-silver project in Mexico. Annual production is expected to reach 15.2 million ounces of silver equivalent. The feasibility study yielded very positive results.

Current company information and press releases from Vizsla Silver (- https://www.resource-capital.ch/en/companies/vizsla-silver-corp/ -) and Vizsla Royalties (- https://www.resource-capital.ch/en/companies/mag-silver-corp/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources: Vizsla Silver, Vizsla Royalties,

https://silvertrade.com/news/precious-metals/silver-news/the-silver-institute-releases-2026-world-silver-survey%E2%9A%A0%EF%B8%8F/;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

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