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- FEATURED EDITORIAL
- FEATURED NEWS
- MARKET COMMENTARY
- WORLD NEWS
- TRENDING
- ECONOMICS
- POLITICS
This content is issued on behalf of First Andes Silver
For investors, the silver market in 2026 presents a rare convergence: a newly designated critical mineral, a sixth consecutive structural supply deficit, and accelerating demand from sectors that cannot easily substitute the metal away. Silver surged 147% in 2025 and printed a nominal all-time high of $121.64 in January 2026 before consolidating in the mid-$70s to mid-$80s — with most institutional desks viewing the structural setup as intact. ¹
"Silver has become indispensable to the technologies powering the 21st century economy."
In November 2025, the U.S. Department of the Interior added silver to the 2025 List of Critical Minerals for the first time.² With the U.S. importing roughly 64% of its silver consumption in 2024, supply security is now a federal priority — a clear tailwind for producers in stable jurisdictions.⁴
The U.S. is currently the only major economy with silver specifically on its national list, but the broader trend across critical minerals strategy is unmistakable:
China
Flipped from net exporter (~5,100 tons in 2025) to massive net importer in early 2026, importing 790 tons in January–February and a record 836 tons in March.²⁰ Beijing imposed government licensing on all silver exports starting January 1, 2026.²¹
European Union
Building its first coordinated critical minerals stockpile under the Critical Raw Materials Act, led by Italy, France, and Germany.²²
Japan and South Korea
Maintain long-standing strategic mineral reserves, with Japan’s JOGMEC targeting 60 days of domestic consumption.²³
Australia
A$1.2 billion Critical Minerals Stockpile Plan, with the government acting as guaranteed buyer to de-risk domestic mining.²⁴
India
National Critical Mineral Mission launched January 2025 with a ₹16,300 crore (~US$2 billion) budget over seven years.²⁵
"Peru stands out as a relatively stable and strategically vital mining jurisdiction."
Industrial applications consumed approximately 680 million troy ounces in 2024 — roughly 56% of total global silver demand of 1,219 million troy ounces.⁶ The four growth vectors are mutually reinforcing:
29% of industrial silver demand in 2024, up from 11% in 2014,⁷ at 15–20 grams per panel.⁸
25–50 grams per unit across battery management, charging, and motor controls.⁸
Identified by the Silver Institute as principal industrial growth drivers through 2030.⁹
Silver's conductivity, reliability, and corrosion resistance make it standard in military and aerospace electronics;¹⁰ elevated global defense budgets and active NATO restocking add a steady, partially non-recyclable demand layer.
"Silver demand is forecast to expand across key technology sectors."
J.P. Morgan Global Research projects silver will average approximately $81/oz across 2026.¹¹ Goldman Sachs sees a 2026 average in the $85–$100 range and views silver as a cornerstone metal of the green energy transition.¹¹ The LBMA analyst consensus averages $79.57,¹² while Bank of America has published a more aggressive $135–$309 year-end target range built on gold-silver ratio compression scenarios.¹³ The Silver Institute and Oxford Economics, in their December 2025 report Silver: The Next Generation Metal, project sustained demand expansion from solar, EV, and AI data center applications through 2030.¹⁴
The gold-silver ratio averaged 60:1 to 75:1 across the modern era, treated as a reliable mean-reversion signal.¹⁶ That framework assumed silver was primarily monetary. With roughly 60% of demand now industrial — solar, EVs, semiconductors, AI, and defense — and the market in a sixth consecutive structural deficit, the dynamic has shifted.¹⁷ The ratio compressed from a high of 85 in late 2025 to near 60 in Q1 2026.¹⁸ Silver no longer trades as gold’s slower-moving cousin; it trades on its own fundamentals
Critical-mineral designation, persistent structural deficit, byproduct-constrained supply, four compounding demand vectors, sovereign accumulation pressure, and a structurally repricing gold-silver ratio create an unusually favorable backdrop. The asymmetry favors leveraged exposure through well-funded producers and developers operating in top-tier silver jurisdictions.
First Andes Silver is an exploration and development company focused on one of the most compelling propositions in the junior silver space: a district-scale, high-grade epithermal vein system inside Peru’s premier silver belt that remained virtually untouched by modern systematic exploration until 2024.¹
The Company’s flagship Santas Gloria Silver Project sits 55 kilometers east of Lima in the heart of the prolific Miocene epithermal belt — the same geological terrain that hosts producing operations of Pan American Silver, Hochschild Mining and Volcan Compañía Minera. Since taking the project in hand, First Andes has moved with discipline: two phases of diamond drilling, integrated 50 km² WorldView-3 satellite alteration mapping, and a multi-phase soil geochemistry program designed to convert a sprawling vein field into a ranked, drill-ready target inventory.²
“Santas Gloria remained virtually untouched by modern systematic exploration until 2024.” ¹
In early 2026, the Company released the results of its Phase 1 property-wide soil sampling program, which covered 6.5 kilometers of cumulative vein strike across the northern half of the project. The results delineated multiple kilometer-scale silver-in-soil anomalies tracking known and suspected vein corridors, with the standout Kelly Anomaly emerging as the largest and most intense — measuring 850 by 400 meters, with peak values reaching 68.1 ppm silver. The Rosario and Paquita trends showed excellent multi-line continuity and suggested structural thickening at depth, while the integration of these soil results with WorldView-3 spectral mapping has produced a new pipeline of priority drill targets.³
“The results delineated multiple kilometer-scale silver-in-soil anomalies tracking known and suspected vein corridors.” ³
That backdrop sets the stage for the seven reasons investors are watching First Andes Silver closely heading into 2026.
First Andes Silver’s 1,100-hectare Santas Gloria Silver Project sits 55 kilometers east of Lima within Peru’s prolific Miocene epithermal belt, hosting a district-scale intermediate-sulphidation system with 23 mapped veins and cumulative strike length exceeding 12 kilometers.¹
Underground channel samples have yielded results exceeding 16,000 g/t Ag, 20% Pb, 9.1% Zn and 1.27 g/t Au, with surface channel samples returning up to 56 g/t Au — grade signatures consistent with successful producing operations in the surrounding belt.¹
Across the first 26 diamond drill holes, 21 have returned significant silver intercepts, confirming in-situ mineralized epithermal vein systems at San Jorge, Tembladera, Maribel and Paquita — including 11 of 14 holes in the 2025 follow-up program targeting the high-grade San Jorge vein.²
“21 of the first 26 drill holes have returned significant silver intercepts.” ²
Santas Gloria remained largely untouched by systematic modern exploration until 2024. WorldView-3 satellite spectral mapping across a 50 km² area has now delineated a 1.3 x 2.0-kilometer zoned alteration cell overlapping more than 5 kilometers of undrilled vein strike — generating a new pipeline of high-priority targets.³
The project benefits from a ~3-hour drive from Lima, proximal high-voltage power and water infrastructure, and is located within 40–50 kilometers of several operating mills in the Morococha Mining Camp with excess capacity — potentially eliminating the need to build a new plant. Early metallurgy on oxide samples returned over 97% gold and 82% silver recoveries.¹
“Over 97% gold and 82% silver recoveries on early oxide metallurgy.” ¹
First Andes recently closed the acquisition of three high-grade silver projects (Carrington, Stony Creek and Dartmoor) in New South Wales, covering 454 km² and at least 12 historic silver and gold mines in the world-class Lachlan Orogen — adding optionality across jurisdictions and commodity exposure.⁴
A board and management team with collective M&A deal flow exceeding C$3.9 billion is supported by ~40% insider/close-associate ownership, a recently closed oversubscribed C$2 million financing, and DTC-eligible OTCQB listing under the symbol FASLF. With approximately 3,500 metres of Phase 3 drilling planned at Santas Gloria, Phase 2 soil geochemistry, Australian fieldwork initiation and continued metallurgical test work all scheduled through 2026, the Company is well-capitalized to deliver a steady cadence of catalysts.⁵
With Phase 1 soil results validating the geological model across the northern half of the project, First Andes has wasted no time launching the next sequence of work. Phase 2 soil sampling began in March 2026, targeting approximately 1,430 samples across the southern half of Santas Gloria — including the newly defined 1.3 by 2.0 kilometer alteration center identified from WorldView-3 data. Results from Phase 2, integrated with Phase 1 soil assays and high-resolution spectral mapping, will be used to rank and refine targets for the Company’s Phase 4 drill program.⁵
"Phase 2 soil sampling: ~1,430 samples across the project's southern half." ⁵
"Phase 3 drilling: ~3,500 metres planned for Q2/Q3 2026 at Tembladera and San Jorge." ²
Management’s geological thesis is that the high-grade oxide mineralization observed at surface and in the drill core to date represents the upper portion of a well-preserved, fully intact sulphide system that remains open at depth.¹ The Phase 3 diamond drilling program — planned for Q2/Q3 2026 and comprising approximately 3,500 metres — is designed to test exactly that thesis. The program will focus on high-grade vein shoots along the Tembladera and San Jorge systems, with the potential to extend into additional veins property-wide. Concurrent metallurgical test work at SGS Lakefield will continue to assess the most economic processing flowsheet, including the potential to toll-mill ore through nearby Morococha facilities rather than building new plant capacity.²
Beyond Peru, fieldwork on the Lachlan Orogen portfolio will commence with stream-sediment and soil geochemistry to validate historic occurrences and prioritize first-pass drill targets across Carrington, Stony Creek and Dartmoor.⁴ Backed by the recently closed C$2 million financing, ~40% insider alignment and an expanded U.S. trading presence under FASLF, First Andes is also rolling out a dedicated corporate communications and investor relations program in 2026 — addressing what had previously been a market-awareness gap for a project of this scale and quality.
For investors seeking high-torque, discovery-driven exposure to silver, the combination of a proven exploration model, district-scale optionality and a near-term catalyst sequence makes First Andes Silver a story to watch closely through 2026 and beyond.
This content is hosted on Financial Gambits a site owned and managed by Ryan Johnson, VP of Corporate Development for First Andes Silver. No compensation has been paid to Financial Gambits in consideration of posing this article. For our full disclosure policy please click here.
¹ GoldSilver — Silver Price Forecast 2026–2027: The Bull Case and Bear Case Laid Out, April 2026
² U.S. Department of the Interior — Interior Department Releases Final 2025 List of Critical Minerals, November 2025
³ The Oregon Group — US Adds Copper, Silver, Uranium to 2025 Critical Minerals List, November 2025
⁴ Apollo Silver Corp. — Silver Added to USGS 2025 List of Critical Minerals, November 6, 2025
⁵ GoldSilver — Silver Price Outlook May 2026: Stop Chasing the Number (citing Silver Institute, World Silver Survey 2026)
⁶ GoldSilver — Silver Industrial Demand: Solar, EVs, and the Supply Gap (citing Silver Institute, World Silver Survey 2025)
⁷ Crux Investor — US-China Trade Stabilization & 6.15% Silver Surge Signal Industrial Demand Repricing, May 2026
⁸ Silver of Truth — Silver Industrial Demand 2026: Solar & EV Revolution
⁹ The Silver Institute — Silver Demand Forecast to Expand Across Key Technology Sectors, December 9, 2025
¹⁰ Metals Edge — Silver Plating in Aerospace and Military, October 2025
¹¹ J.P. Morgan Global Research — How Will Silver Prices Fare in 2026? (via GoldSilver / TheStreet, February 2026)
¹² DeVere Group — What’s Next for Silver in 2026: Analysts Predict Volatility Ahead (LBMA Precious Metals Forecast Survey)
¹³ Bank of America Global Research (Michael Widmer) — Silver 2026 outlook, April 2026 (via GoldSilver / Finance Magnates)
¹⁴ The Silver Institute / Oxford Economics — Silver: The Next Generation Metal, December 2025
¹⁵ Matthew Piggott, Metals Focus (via Money Metals / Kitco News) — Silver Designated a “Critical Mineral” By U.S. Government, November 11, 2025
¹⁶ USAGOLD — Gold-Silver Ratio Analysis: Complete 2025 Investment Guide, December 2025
¹⁷ GoldSilver — Why the Gold Silver Ratio Is Falling — and What It Means, May 2026 (citing Silver Institute)
¹⁸ KuCoin — Silver Industrial Demand: Why Silver Is No Longer Just Gold’s Shadow, April 2026
¹⁹ Crux Investor — The Silver Investment Opportunity: Why 2025 Could Be the White Metal’s Breakout Year, September 2025
²⁰ Bitget Research — Is China Buying Silver? A Strategic 2026 Market Shift, April 2026
²¹ FXStreet — A Perfect Storm of Policy, Supply, and Industrial Demand – The Great Silver Squeeze of 2026, December 2025
²² MINING.COM / Reuters — EU Targets Tungsten, Rare Earths Stockpile to Counter China’s Grip, May 2026
²³ Center for Social and Economic Progress (CSEP) — Critical Mineral Stockpiling: Global Approaches and India’s Strategy, April 2026
²⁴ IEEFA — Building Critical Mineral Stockpiles: A Key Priority for India
²⁵ India Press Information Bureau — India’s Critical Mineral Mission, September 2025
²⁶ The Globe and Mail — Peru’s Precious Metals Powerhouses: Why Investors Should Watch This Gold-Silver Sleeper Stock, June 4, 2025
²⁷ Auronum — Silver’s Global Hotspots: The Top 10 Countries Producing the Most Silver, March 2025
First Andes Silver — Santas Gloria Project Page: https://firstandes.com/project-page/
First Andes Silver Consolidates 2024–2025 Drilling Results, TMX Newsfile: https://www.newsfilecorp.com/release/272854/First-Andes-Silver-Consolidates-20242025-Drilling-Results-and-Prepares-for-Next-Phase-of-Exploration-Santas-Gloria-Project-Peru
First Andes Silver Reports Phase 1 Soil Assay Results, OTC Markets: https://www.otcmarkets.com/stock/MSLVF/news/First-Andes-Silver-Reports-Phase-1-Soil-Assay-Results-and-Delineates-Kilometre-Scale-Silver-in-Soil-Anomalies-Santas-Glo?e&id=3417961
First Andes Silver Closes Acquisition of Silver Projects in New South Wales, Australia, Nasdaq: https://www.nasdaq.com/press-release/first-andes-silver-closes-acquisition-silver-projects-new-south-wales-australia-2026
First Andes Silver Provides Exploration Program Update, Junior Mining Network: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2939-tsx-venture/fas/192902-first-andes-silver-provides-exploration-program-update-santas-gloria-project-peru.html