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Reviewed by Tom Sullivan
First reported on MINING.com
Silver demand is set to outstrip supply for a sixth straight year, with the Silver Institute’s World Silver Survey 2026 projecting a 46.3-million oz. deficit after prices briefly spiked above US$120/oz in January from US$30/oz a year earlier. Photovoltaic silver use fell 6% in 2025 to 186.6 million oz. and is forecast to drop a further 19% to about 151 million oz. in 2026 as manufacturers adopt TOPCon cells, zero-busbar layouts and ultra-fine printing to push loadings below 5 mg/W by 2027. Analysts warn that even 10–20% thrifting and potential copper substitution cannot fully offset demand from solar, grid expansion, automotive and AI-driven power loads, so miners should plan around structurally tight silver markets rather than a simple linear link to installed PV capacity.
The projected 46.3-million-oz silver market deficit in 2026 aligns with another recent piece in our database where the Silver Institute also flagged a sixth straight annual deficit, signalling that even aggressive photovoltaic thrifting is unlikely to loosen the overall market for miners or refiners.
With China holding about 80% of global solar manufacturing capacity and targeting 315 GW of installations in 2025, any large-scale shift from silver to copper in cell metallisation would effectively be dictated by Chinese manufacturers such as LONGi and Trina Solar, concentrating technology risk and IP leverage in that jurisdiction.
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Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
Calgary-based Litus has signed a 25 May memorandum of understanding with Taiwan’s UWin Nanotech to jointly develop selective extraction, separation, recovery and purification flowsheets for cobalt, lithium, nickel and other elements from battery recycling and other secondary sources. The collaboration will combine Litus’ LiNC one-step direct lithium extraction platform for low- and high-concentration brines and its ReLiGN battery recycling process with UWin’s hydrometallurgical systems used in Apple-certified e‑waste and Li-ion recycling. Engineers should watch for integrated nanomaterial–hydromet circuits targeting both critical minerals and rare earth elements in circular supply chains.
Gold fell as much as 3.5% to $4,315/oz, its lowest since March, erasing 2026 gains after a strong US May nonfarm payrolls print pushed Treasury yields and the dollar higher and lifted Fed rate hike odds. US gold futures dropped over 3.2% to $4,342/oz, with CME FedWatch now pricing about a 68% chance of a December hike versus roughly 50% pre-data. Since the Iran war began and the Strait of Hormuz closure drove energy prices up, bullion has slid nearly 18%, raising the cost of carry for non-yielding gold.
Tungsten producer Almonty Industries is issuing US$700 million of 2.25% senior convertible notes, convertible at US$27.40 per share with a capped call at US$41.36, to fund about US$543 million of working capital plus US$50 million of debt refinancing, causing an 18% share price drop to roughly US$17.20. The notes, offered to qualified institutional buyers and settling on 9 June 2026, include an option for a further US$100 million. Funding supports ramp-up at the Sangdong mine in South Korea, where a 640,000 t/y plant targets 2,300 t/y tungsten concentrate, with Phase 2 aiming for 1.2 Mt/y and 4,600 t/y output.
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