Happy Tuesday, GoldBuzzers!

Silver’s consolidation continued through May, but you wouldn't guess it from some of the earnings I’ve been looking at this week. Three silver producers posted quarters strong enough to climb our rankings while the metal was still falling, and today's Take Action Tuesday examines how they did it.

Let’s get into it. ⬇️

Gold gave up early gains on Monday, falling nearly 2% to $4,485 per ounce - its lowest since late March. WTI crude surged over 5% to $92 a barrel after Iranian state media reported Tehran was cutting off communications with Washington over Israel's ground offensive in Lebanon, raising the prospect of a full Strait of Hormuz closure.

The oil shock fed directly into inflation fears, with traders now pricing in a 50% chance of at least one US rate hike before year-end. Both sides exchanged revised ceasefire proposals over the weekend, but nobody's claiming a breakthrough. Silver held up better, recovering from a weak $74.10 open to close just under $75 - though still well off its mid-May peak near $89.

All eyes turn to Friday's jobs report and a round of Fed speeches, including the first public remarks from Jerome Powell since his chairmanship ended May 15. Powell, still on the Board of Governors, used the occasion to warn about the dangers of a politicized central bank - a pointed message as new Chair Kevin Warsh settles in.

Welcome back to our regular Tuesday feature, where we take a deep dive into the world of mining company data to unearth some real nuggets. Last week, I looked at the Gold Producers, and today it’s the turn of the Silver Producers.

Silver Producers are mid-tier precious metals companies that generate meaningful revenue from silver, typically running one to three operating mines with annual production in the low millions of ounces. Market caps tend to run from a few hundred million to a few billion dollars.

These are companies with real production, real cash flow, and real exposure to the silver price. Unlike the Silver Majors above them in scale, Silver Producers can move faster on operational news because there's less institutional cushion around the stock and they generally carry far less risk than the Silver Juniors.

First, let’s see which sectors in the precious metals mining industry are currently attracting most capital flows.

The chart above shows the percentage of miners in each sector that are currently outperforming their benchmark ETF (GDX for gold, SIL for silver) - a way to gauge where relative strength is concentrated. Silver Majors made the biggest move of any sector, with 50% of names beating SIL, the largest positive delta across all seven sectors we track.

Gold Producers also strengthened, with 45% beating GDX. On the other side, Gold Majors gave back the most ground, dropping 8.0pp to 44% outperforming GDX. Silver Producers held flat at 36%.

Both the Gold and Silver Juniors aren’t getting much love at the moment. While gold and silver are correcting, the capital flows into precious metals stocks are all concentrating at the higher end of the market.

This week’s focus is on the Silver Producers, where three names in particular delivered catalysts that stand on their own. One just listed on Nasdaq, one published its first-ever mineral reserve, and one crossed a funding milestone for its next mine.

The sector was flat overall, which makes the individual moves sharper by contrast.

The rankings mentioned in this article are from GoldBuzz INSIDER's database, tracking more than 230 precious metals miners across a range of factors, incorporating price performance and fundamentals.

Aya Gold & Silver (AYA.TO) is #1 in the Silver Producers ranking, and the Q1 2026 numbers explain why. The Morocco-focused miner operates two assets - the producing Zgounder silver mine and the developing Boumadine polymetallic project - and both moved in the right direction this quarter.

Revenue hit $117 million, up 247% year-over-year, with operating cash flow of $70 million, both quarterly records. That's on top of five lost production days due to mountain snowstorms. In May, Aya also listed on Nasdaq and released new Boumadine drill results confirming a new parallel mineralized structure, adding another layer to the growth case for investors watching the stock.

Avino Silver & Gold (ASM) sits at #3, and the headline catalyst isn't the record quarterly revenue - it's what happened in April. Avino published its inaugural mineral reserve estimate: 127 million silver equivalent ounces across its Avino Mine and adjacent La Preciosa property in Mexico, the first time the company has ever formally defined proven and probable reserves.

That's a milestone that re-anchors the valuation conversation. Q1 2026 also delivered record free cash flow of $17.2 million and $139 million in cash with no secured debt - a balance sheet that funds the La Preciosa ramp-up without needing external capital.

GoGold Resources (GGD.TO) climbed three spots to #4, powered by two converging events. The company's Parral tailings mine in Chihuahua, Mexico posted record operating cash flow of $21.2 million in the quarter ended March 31, and the cash balance of $262 million now exceeds the entire initial capital requirement for Los Ricos South ($227 million per the feasibility study) - meaning the next mine is fully funded from cash on hand. GoGold has already launched detailed design work on Los Ricos South, with permits the remaining variable.

Hochschild Mining (HOC.L) fell one spot to #5 after Q1 2026 production of 6,840k silver equivalent ounces, with guidance held but a JPMorgan target cut adding some near-term drag.

Endeavour Silver (EXK) climbed one spot to #8 on the back of record Q1 2026 production of 3.34 million silver equivalent ounces and revenue of $209.7 million, with the Kolpa plant expansion completed.

Discovery Silver (DSV.TO) fell two spots to #7 despite Q1 2026 EBITDA of $178 million, up 41%, as integration work on the Glencore Kidd operations acquisition weighed on relative rank momentum.

The three featured names this week all had genuine operational stories behind their positions - a record quarter in the Atlas mountains, a transformational reserve disclosure in Mexico, and a fully funded mine build waiting on permits.

Aya's Boumadine feasibility study, due in the second half of 2026, will either confirm or test the growth case the current stock price is pricing in. For GoGold, the key date is the Los Ricos South construction permit. The cash is there; the permit is the only remaining gate.

And for Avino, the question is whether La Preciosa can advance from development ore to higher-grade production ore on the timeline management has laid out.

None of these recent moves depended on the silver price. While silver has pulled back from its mid-May high, these three names still climbed on results they delivered themselves. The rankings did the work the price didn't. And stocks that can outperform when silver is falling tend to be the ones that can move hardest once silver turns back up.

That’s all for this Tuesday, folks. I’ll see you on Thursday.

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Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com