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April 23rd, 2026 | 07:05 CEST
The energy transition has completely transformed the markets for industrial metals. Silver plays a key role in photovoltaics due to its electrical conductivity. However, the industry faces a major problem. According to the latest World Silver Survey, the silver market is heading toward a structural supply deficit in 2026 for the sixth consecutive year. Experts forecast a shortfall of 46.3 million ounces. While solar market leaders such as JinkoSolar continue to expand their production, thereby keeping silver demand at record levels, established silver producers like Fresnillo are securing advantages by realigning their portfolios. In this tense situation, explorers such as Silver Viper Minerals, which are searching for tomorrow’s deposits, are gaining importance. Through the acquisition of the Coneto project, the company has solidified its position in Mexico and is developing precisely the resources that will be urgently needed for global module production in the future. We shed light on the market and opportunities.
time to read: 3 minutes | Author: Nico Popp
ISIN: SILVER VIPER MINER. CORP. | CA8283344098 | TSXV: VIPR , OTCQB: VIPRF , FRESNILLO PLC DL -_50 | GB00B2QPKJ12 , JINKOSOLAR ADR/4 DL-00002 | US47759T1007
Author
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
About the author
JinkoSolar has further solidified its position as the global market leader in the photovoltaic industry, shipping 86 GW of modules last year. For the current year, management plans to ramp up integrated production capacity to up to 100 GW. Despite this enormous volume, the company is under financial pressure, which resulted in a net loss of RMB 4.45 billion (approximately USD 635.6 million) in 2025. Analysts at Jefferies and Goldman Sachs point out that profitability depends heavily on the development of raw material prices, as silver accounts for up to 20% of the total cost of a solar cell. To protect its already slim margins and reduce expensive silver consumption, JinkoSolar is currently pushing for the widespread adoption of copper-based metallization methods. Nevertheless, silver demand remains at record levels due to the massive expansion of global solar installations, which is why investment banks such as Jefferies are maintaining their “Buy” recommendations for the photovoltaic market leader’s stock despite lowering their price targets.
As the world’s largest silver producer, Fresnillo is benefiting significantly from high precious metal prices, which drove revenue up by nearly 25% last year to an estimated USD 4.36 billion. Nevertheless, the company is navigating a challenging operating environment. Management had to lower its production forecast for 2026 to 42.0 to 46.5 million ounces of silver, as increasingly narrower veins are being mined at flagship mines such as Saucito. To protect margins, Fresnillo is focusing on strict portfolio optimization and divesting early-stage exploration projects to concentrate resources on key projects such as Juanicipio. By selling the promising Coneto project to Silver Viper Minerals, Fresnillo reduces its own capital requirements for exploration, but still secures a lucrative strategic stake in future successes through the equity component of the deal.
In this market environment, Silver Viper Minerals occupies a key position at the beginning of the value chain. With the USD 15 million acquisition of the nearly 5,000-hectare Coneto project in Durango, the company has positioned itself in one of Mexico’s most productive silver belts. The strategic partnership with its new major shareholder, Fresnillo, provides invaluable technical expertise and significantly reduces operational risk. The capital market is already rewarding this realignment. Following a share price increase of over 453% last year, Silver Viper was added to the TSX Venture 50 in February of this year. With secured financing of over CAD 20 million and the support of prominent investors such as Eric Sprott, Silver Viper is well-capitalized to carry out one of Mexico’s most extensive exploration programs.
Silver Viper Minerals’ strategic relevance within this supply chain is underscored by the sheer scale and key geological data of the Coneto Project. The area encompasses nearly 5,000 hectares of mineralized land and is located in close proximity to major deposits such as San Julián and La Pitarrilla. According to CEO Adam Cegielski, the planned extensive exploration program represents a transformative phase aimed at significantly expanding the resource base in one of the world’s most promising silver belts, thereby securing the urgently needed raw materials for the next generation of photovoltaic cells.
The interplay of these three players highlights the new dynamics in the silver market. As a module manufacturer, JinkoSolar ensures demand stability but is grappling with cost pressures. As an established producer, Fresnillo offers investors a degree of stability but faces operational challenges regarding production volumes. For speculative investors, Silver Viper Minerals could offer the strongest leverage, as the company is making new silver discoveries and is likely to benefit from the massive consolidation in the sector. Those looking to position themselves in a structurally undersupplied market will find a promising opportunity in this junior explorer at the beginning of the supply chain for the photovoltaic industry.
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Der Autor
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
About the author
Commented by André Will-Laudien on April 23rd, 2026 | 07:15 CEST
Prepared and published on behalf of Antimony Resources Corp.
The ongoing conflict in the Middle East once again highlights how vulnerable global supply chains for critical metals are when a strategic chokepoint like the Strait of Hormuz comes under pressure. What matters here is not so much the direct transport of metals through the strait, but rather its importance to global energy trade; a disruption there would rapidly drive up the costs of energy-intensive metals such as aluminum, copper, or nickel. Higher freight rates, more expensive insurance, and longer routes would further increase logistics costs and significantly slow down just-in-time structures in many industries. Raw materials that are indispensable for the energy transition, digitalization, and defense would be particularly affected. A recent study concludes that a prolonged blockade of the Strait of Hormuz could disrupt global trade flows worth up to USD 1.2 trillion annually. Which stocks are now in the spotlight?
Commented by Armin Schulz on April 23rd, 2026 | 07:00 CEST
Artificial intelligence devours chips, nuclear fusion consumes extreme heat, and the semiconductor industry is grappling with physical limits. All three fields of the future have one thing in common: they require tungsten. The metal, known for its exceptional hardness and heat resistance, is used in semiconductor interconnects, high-performance electronics, and withstands the stresses of fusion reactors. Yet China controls around 83% of global supply and is restricting exports. This is precisely where an opportunity is emerging for Western producers. Industry experts warn that the metal is virtually irreplaceable. Almonty Industries has already set the course and is ramping up operations at the largest tungsten mine outside of China, located in South Korea. This is helping establish a backbone for Western supply.
Commented by Nico Popp on April 22nd, 2026 | 07:30 CEST
Industry increasingly requires advanced materials for the energy and mobility transitions. Both megatrends depend on highly specialized inputs—whether for more powerful batteries, more efficient energy storage, or scalable hydrogen infrastructure. Established chemical companies like Evonik Industries contribute to this development through the production of materials such as pyrogenic silica, which supports thermal stability and performance in modern battery systems. At the same time, hydrogen pioneers like Plug Power are building comprehensive ecosystem solutions. The younger company HPQ Silicon fits into this picture with innovative processes for the low-emission production of nanomaterials and silicon anodes. Through its collaboration with Novacium, HPQ recently reported a milestone: prototype GEN4 battery cells with capacities exceeding 7,000 mAh, significantly outperforming conventional industrial cells. At the same time, the on-demand hydrogen production technology developed by HPQ offers a decentralized alternative to electrolysis infrastructure, such as that offered by Plug Power. Investors should take note: HPQ Silicon is positioning itself at the intersection of specialty chemicals and emerging hydrogen-related applications.
// news|financial – © 2026
