How Rising Silver Demand Could Propel These Stocks in 2025
The year 2025 is shaping up to be a defining moment for the silver market. As global demand surges due to accelerating clean energy adoption, electric vehicle (EV) growth, and industrial use, silver is gaining fresh investor attention. On the ASX, two companies stand out for their potential to benefit from this silver renaissance — Legacy Mineral Holdings (ASX: LEG) and Polymetals Resources (ASX: POL). Both firms are well-positioned to capitalize on rising silver prices and expanding consumption trends.
Let’s explore how the ongoing silver rush could transform these juniors into serious growth stories.
Silver Rush: The New Megatrend
Silver is no longer just a precious metal used in jewelry or coins—it has become a critical component of modern technology. It’s essential in solar panels, batteries, electric vehicles, semiconductors, and 5G networks. With global economies ramping up clean energy investments, silver’s industrial demand is projected to reach record highs in 2025.
According to the Silver Institute, total silver demand could exceed 1.2 billion ounces in 2025, up nearly 15% year over year, driven largely by the renewable energy and EV sectors. Meanwhile, global silver supply is tightening due to mine depletions and limited new project approvals. This imbalance is pushing prices higher, with silver recently trading above US$32 per ounce, its highest level since 2012.
In such an environment, ASX-listed explorers and developers with large silver exposure have become prime leverage plays. As prices rise, even small discoveries or mine restarts can deliver outsized returns. Two such beneficiaries could be Legacy Mineral Holdings and Polymetals Resources—both strategically advancing projects in Australia.
Legacy Mineral Holdings (ASX: LEG): High-Grade Silver Ready for Growth
Legacy Mineral Holdings is rapidly earning recognition in the Australian mining space through its Mt Carrington Project in New South Wales. The project already holds a significant resource base of 24 million ounces of silver and 1.2 million ounces of gold equivalent, offering a strong foundation for future development.
In 2025, the company took major steps forward. With new environmental approvals in hand, Legacy launched a high-grade silver drilling program at the Mascotte Prospect, targeting extensions of previously identified rich mineral zones. Historical drilling at Mt Carrington revealed intercepts as high as 394g/t silver, indicating robust grades that could support strong economics once production begins.
Adding further excitement, Legacy is exploring the Battery Prospect, a zone first identified by Rio Tinto but never drilled. This underexplored area presents substantial upside potential for new discoveries, particularly given its proximity to existing infrastructure.
Financially, Legacy Minerals remains in the pre-production phase, typical of early-stage explorers. For the first half of FY25, the company reported a net loss of $3.09 million, which actually narrowed by 34.95% year-over-year due to tighter cost management and focused exploration spending.
Key Stats (H1 FY25):
Silver Resource: 24 Moz
Gold Equivalent Resource: 1.2 Moz
Net Loss: $3.09 million (↓34.95% YoY)
Drilling Target Grades: Up to 394g/t silver
Legacy’s upcoming drill results and development milestones could act as major catalysts for investors looking for exposure to high-grade silver projects in stable jurisdictions.
Polymetals Resources (ASX: POL): Reviving Endeavor as Silver Prices Jump
While Legacy Minerals is exploring for new silver resources, Polymetals Resources is taking a different approach — reviving a historic producer just as silver prices surge. The company’s flagship Endeavor Silver-Zinc Mine in New South Wales has a long history of production and strong infrastructure, giving it a clear path to restart operations quickly.
In September 2024, Polymetals secured a $30 million funding facility to restart mine development and secure offtake contracts for silver-lead concentrates beginning in H1 2025. This funding was a pivotal step toward bringing Endeavor back online, positioning the company as a potential +20-year polymetallic producer.
The market has rewarded this progress. Polymetals’ share price has soared 266% over the past year to $1.25, reflecting growing investor confidence in the company’s production plans and leverage to silver prices.
For FY25, Polymetals reported sales of $1,425, reflecting limited early-stage activity, while the net loss widened to $47.85 million due to significant restart and ramp-up expenses. However, these upfront costs are necessary investments that lay the groundwork for sustainable future earnings once production resumes.
Key Stats (FY25):
Funding Secured: ~$30 million
Net Loss: $47.85 million (↑due to restart costs)
Share Price: $1.25 (+266% YoY)
Expected Production: H1 2025
With the mine restart underway and silver prices strengthening, Polymetals Resources is transitioning from explorer to producer—a shift that often leads to major re-rating in the mining sector.
Growth Catalysts from Rising Silver Demand
The combination of industrial and investment-driven demand gives silver a unique dual role, making it one of the most dynamic metals in the market. Both Legacy Mineral Holdings and Polymetals Resources are well-positioned to benefit from several key growth drivers:
- Rising Silver Prices: Both companies have strong leverage to the silver price. A continued rally could deliver sharp valuation gains.
- Production Readiness: Polymetals’ Endeavor restart provides near-term production potential, turning exploration spending into future cash flow.
- Exploration Upside: Legacy’s drilling at Mt Carrington and Mascotte could uncover new high-grade zones, adding immediate excitement to its share performance.
- Green Energy Boom: Silver’s critical use in solar panels, EVs, and electronics ensures long-term demand growth.
- Strategic Assets in Safe Jurisdictions: Both projects are based in New South Wales, offering political stability and established mining infrastructure.
Outlook: Silver’s Shining Future
As the world transitions toward cleaner energy and more advanced technologies, silver’s strategic importance continues to grow. The metal’s combination of industrial utility and monetary value makes it an attractive investment theme for 2025 and beyond.
For ASX investors seeking exposure to this trend, Legacy Mineral Holdings and Polymetals Resources present two distinct but complementary opportunities—one focused on exploration upside, and the other on production revival.
If silver prices stay strong, both companies could experience substantial re-ratings, driven by new discoveries, production restarts, and the unrelenting global appetite for this essential metal.
Final Thoughts
Rising silver demand is not just a short-term trend—it’s a structural shift powered by the green energy revolution and global industrial growth. As investors seek to tap into this megatrend, companies like Legacy Mineral Holdings (LEG) and Polymetals Resources (POL) offer a front-row seat to silver’s next big chapter.
With major catalysts on the horizon—new drilling results for Legacy and production ramp-up for Polymetals—2025 could mark a breakout year for both. For those betting on the metal of the future, these ASX stocks might just be the silver lining investors are looking for.
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