Built With Audio Brings Together Leading Talent and Partners to Showcase SiriusXM Media’s Expanding Ad Tech Ecosystem

Built With Audio Event Photos Here

Built With Audio Event Video Here

(Photo Credit: Jamie McCarthy)

NEW YORK, October 6, 2026 — SiriusXM Media’s second annual Built With Audio event brought together leading creators, technology partners and advertisers to showcase the growing scale and capabilities of its cross-platform advertising business.

Held at the Perelman Performing Arts Center (PAC NYC) and featuring talent including Hannah Berner and Paige DeSorbo of Giggly Squad; MrBallen; Katie Nolan; Trixie; Stavros Halkias; Sona Movsesian; The Deep 3; Dave LaGreca; Nikki and Brie and more, the evening demonstrated how audio is increasingly extending across video, social and live experiences. The event concluded with a performance by Grammy Award-winning artist Leon Bridges.

YouTube Audio Significantly Expands Scale and Incremental Reach

SiriusXM Media highlighted its agreement to serve as the exclusive reseller of YouTube and YouTube Music audio-first U.S. inventory. The partnership, announced last April, expands SiriusXM Media’s reach from 170 million monthly listeners at last year’s Built With Audio to approximately 255 million unduplicated monthly listeners today - reaching nearly 90% of the U.S. population 13+.

SiriusXM Chief Ad Revenue Officer Scott Walker was joined onstage by Bo Pulito, Head of Ad Platform Partnerships at YouTube, to share early campaign results demonstrating the incremental reach YouTube Audio can bring advertisers. Across beta campaigns, adding YouTube Audio has expanded advertisers’ total unique reach by up to 91%, underscoring the opportunity to reach millions of listeners beyond existing audio campaigns.

“At last year’s Built With Audio, we made the case that audio remained underleveraged relative to the time and attention it commands. This year, we showed how brands can act on that opportunity,” said Scott Walker, Chief Ad Revenue Officer, SiriusXM. “YouTube brings millions of incremental listeners and audio-first moments that advertisers may not have been reaching before. Combined with Apple’s evolving podcast experience and our premium content and technology, we are making that opportunity easier to access, activate and measure across the media plan.”

AdsWizz Powers the Infrastructure Behind Modern Audio Advertising

Underlying those expanded opportunities is AdsWizz, SiriusXM Media’s open audio advertising technology platform, which connects premium publishers and creators with programmatic demand, audience intelligence and measurement.

Today, AdsWizz powers one in four audio ads across the global open ecosystem and has monetized more than 1.3 trillion streaming and podcast impressions over the past decade. Its interoperable infrastructure enables advertisers to work with their preferred data, buying and measurement partners while accessing audiences across a growing range of platforms and formats.

“Listening and viewing are converging, but advertisers should not have to rebuild their media workflows every time consumer behavior changes,” said Sherene Hilal, Senior Vice President and Chief Advertising Product Officer, SiriusXM. “AdsWizz is designed to meet audiences wherever they listen - across publishers, creators, platforms and formats, now and in the future - giving advertisers one access point to premium audio and multimodal media that is easier to buy, more relevant and as measurable as the rest of the digital media plan.”

Trusted Creators Build Communities Across Platforms

Built With Audio also highlighted how leading creators are expanding beyond individual shows and feeds to build franchises and communities across podcasts, video, social media and live experiences.

Reflecting on SiriusXM’s new partnership with Giggly Squad’s Hannah Berner and Paige DeSorbo, SiriusXM President and Chief Content Officer Scott Greenstein said: “The strongest creators are building multi-platform businesses for their audiences and our role is to help support and grow their distinctive communities, while protecting the authenticity and trust at the heart of those relationships.”

SiriusXM Media is North America’s largest and most comprehensive digital audio advertising ecosystem and an access point to the creators, spaces, and communities shaping culture today. At last year’s Built With Audio, SiriusXM Media challenged the industry to put Audio In Every Media Plan. Since then, the Company has expanded the scale, technology and capabilities behind that ambition: partnering with YouTube audio; becoming one of the first partners integrated with Apple podcast video; expanding into the Amazon DSP; deepening its partnership with LiveRamp and RampID; and working with Barometer to bring audio-native brand-suitability signals at the podcast episode level.

Together, these capabilities give advertisers a simpler way to access premium audiences across an increasingly fragmented media landscape and position SiriusXM Media to capture a greater share of advertising investment as audio, video and creator-led media continue to converge.

About SiriusXM Media

SiriusXM Media is North America’s leading digital audio advertising ecosystem, connecting brands with approximately 255 million unduplicated monthly listeners across music, podcasts, sports, entertainment, news and creator-led media. Its portfolio includes SiriusXM, Pandora, SoundCloud, YouTube and YouTube Music inventory, the SiriusXM Podcast Network and premium publisher partners. Powered by AdsWizz technology, SiriusXM Media helps advertisers access, activate and measure audiences across streaming audio, podcasts, video and emerging media environments.

About Sirius XM Holdings Inc.

SiriusXM is the leading audio entertainment company in North America, with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a complete ecosystem of advertising solutions through SiriusXM Media and AdsWizz. SiriusXM offers live, on-demand, and human-curated programming across music, talk, news, sports, and podcasts, and the company reaches approximately 255 million monthly listeners across its platforms. With deep automotive manufacturer relationships and unique spectrum assets, SiriusXM is built to reach listeners wherever they are. The company connects fans to the voices, creators, and moments they love - creating communities where listeners engage, participate, and belong. For more about SiriusXM, please go to: https://www.siriusxm.com/

###

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our outlook and our future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning or the negative version of such words or phrases. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. All capitalized terms herein shall have the meaning attributable to them in our Quarterly Report on Form 10-Q for the period ended June 30, 2026 which is filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: Risks Relating to our Business and Operations: We face substantial competition, and that competition has increased over time; our SiriusXM service has suffered a loss of subscribers, and our Pandora ad-supported service has similarly experienced a loss of monthly active users; if our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, are not successful, our business will be adversely affected; we engage in extensive marketing efforts and the continued effectiveness of those efforts is an important part of our business; we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business; failure to successfully monetize and generate revenues from podcasts and other non-music content could adversely affect our business, operating results, and financial condition; we may not realize the benefits of acquisitions or other strategic investments and initiatives; and the impact of economic conditions may adversely affect our business, operating results, and financial condition.

TAMPA, Fla., Oct. 11, 2026 /PRNewswire/ -- Blue Purpose, a technology and data warehousing company focused on transforming long-term care through artificial intelligence and data-driven innovation, today announced that its founder, Don Glidewell, has been awarded his third U.S. patent associated with BOOMBOX, his emergency communications technology.

The milestone reflects more than two decades of Glidewell's work at the intersection of healthcare, technology and emergency preparedness.

BOOMBOX was conceived around a critical challenge: ensuring that organizations can communicate effectively when emergencies threaten normal operations. The latest patent expands Glidewell's intellectual property portfolio in emergency communications and represents another milestone in his work developing technology for mission-critical environments.

"Innovation has always been about solving problems that matter," said Glidewell. "When an emergency happens, communication can make an extraordinary difference. BOOMBOX grew out of that belief. Receiving a third patent is an exciting milestone, but what matters most to me is continuing to develop technology that can make a meaningful difference in people's lives."

From emergency communications to intelligent healthcare

That same philosophy drives Glidewell's leadership at Blue Purpose, where he and his team are developing VIBE, an integrated technology platform designed to help long-term care organizations reduce administrative burdens, improve operational visibility, strengthen compliance and give caregivers more time to focus on residents.

"Whether we're developing emergency communications technology or using AI to support a caregiver or healthcare operations, the question is the same: How can technology help people make better decisions when it matters most?" said Glidewell. "That's the mindset behind everything we're building at Blue Purpose."

A continued commitment to innovation

Glidewell's third BOOMBOX patent adds to a career spanning more than 20 years in long-term care technology and entrepreneurship. His recognition includes Mississippi's Top CEO and Top Entrepreneur, the Mississippi Healthcare Hero Award and the Florida Business Ambassador Award. He also serves on the Board of Directors of the Tampa Bay Economic Development Council. Glidewell is also an Amazon Best Selling Author.

About Blue Purpose

Blue Purpose is a healthcare technology company dedicated to helping long-term care organizations improve care, operational performance and compliance through artificial intelligence, automation and integrated data. Its VIBE platform brings together information and intelligent tools to support healthcare leaders and frontline caregivers.

Learn more: thebluepurpose.com

Media Contact

Phone: +1 (866)-856-2583

Email: [email protected]

SOURCE Blue Purpose

Share this article

Epsilon Economics, the firm behind economic impact studies of the Super Bowl, the Oscars, and the FIFA World Cup, finds the Amsterdam-based manufacturer has paid $681.5 million in wages and generated $49.5 million in state tax revenue since 2016

AMSTERDAM, N.Y., Oct. 11, 2026 /PRNewswire/ -- Sticker Mule today released an independent economic study showing the company has generated more than $2.7 billion in economic activity for New York State over the past decade. The study, conducted by nationally recognized economists at Epsilon Economics, covers 2016 through 2025 and measures the direct, indirect, and induced impact of Sticker Mule's operations on the state economy.

According to the study, Sticker Mule's growth has supported the creation of 9,500 year-long equivalent jobs in New York, including more than 4,000 jobs at suppliers, local businesses, and other employers outside the company. Those jobs came with $681.5 million in wages. The company's activity also generated $49.5 million in tax revenue for New York State, including $18 million in income tax, $15 million in corporate tax, and $6.2 million in sales tax.

"We started Sticker Mule to prove you could build a great company in Upstate, NY," said Anthony Constantino, CEO of Sticker Mule. "Upstate New York has been told for decades that manufacturing is finished here. We proved otherwise."

Key findings from the study include:

- $2.7 billion in total economic impact to New York State, made up of $1.7 billion in direct spending on wages and operations, $642 million in indirect spending on raw materials, equipment, and shipping that ripples through the supply chain, and $387 million in induced spending by employees and partner businesses on housing, dining, shopping, and entertainment.

- 9,500 year long equivalent jobs, including 5,501 directly at Sticker Mule and more than 4,000 follow on jobs in real estate, employment services, warehousing, security, restaurants, hospitals, and other industries across the state.

- $681.5 million in wages paid in connection with those jobs.

- $49.5 million in New York State tax revenue.

- More than $81 million invested in New York facilities and equipment since 2015, including buildings, land, production machinery, and manufacturing equipment in Amsterdam.

- Revenue growth from under $25 million in 2016 to more than $1.4 billion cumulatively, with average annual growth of roughly 50 percent between 2016 and 2021.

The study found that the manufacturing sector received the largest share of the benefit, with more than $1.7 billion in increased economic activity. The services sector saw $686 million, and the wholesale and retail sectors saw more than $188 million. The printing industry alone accounted for more than $1.6 billion of the total.

Beyond the numbers, the report also recognized Sticker Mule's community investment, including contributions to Amsterdam Youth Baseball and the Amsterdam Youth Soccer Club that have expanded access to youth sports for local families.

"When a business grows in a small city like Amsterdam, the whole region feels it," Constantino said. "Our employees buy homes here, eat at restaurants here, and send their kids to school here. Our suppliers hire more people. The study puts a number on something our neighbors already know. Sticker Mule is proof that you can build a world-class company in upstate New York, and we intend to keep doing exactly that."

Sticker Mule produces stickers, labels, magnets, buttons, apparel, and more for customers in over 70 countries. The company is headquartered in Amsterdam, New York, and operates additional manufacturing facilities in Gaffney, South Carolina, and Pisa, Italy.

The full report, The Economic Impact of Sticker Mule on the State of New York, 2016 to 2025, was authored by Ryan Smart, Joe Hale, and Jeremy De Gracia of Epsilon Economics using IMPLAN economic modeling.

You can read the full report here.

Epsilon Economics is one of the most respected names in economic impact analysis. Its economists have been commissioned by the Academy of Motion Picture Arts and Sciences and the Los Angeles Sports and Entertainment Commission to measure the economic impact of the Oscars, the College Football Playoff National Championship, and the FIFA World Cup, and have conducted impact studies of Super Bowl LVI and the NBA All-Star Game. Lead author Ryan Smart, Director at Epsilon Economics, has testified as an expert witness in U.S. District Court.

About Sticker Mule

Sticker Mule is the internet's favorite printer, making it easy to buy custom stickers, labels, magnets, buttons, apparel, and more. Founded in Amsterdam, New York, Sticker Mule ships to customers in more than 70 countries and is committed to American manufacturing and to the communities where its people live and work.

SOURCE Sticker Mule

Share this article

Vancouver, British Columbia – June 12th, 2026 – Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) (OTC: RYOOF), announces shareholder approval for all matters at the AGM.

All resolutions presented at Rio Silver’s annual general held on Friday, June 12, 2026, including the election of directors, the ratification of the appointment of its auditor for the year ended December 31, 2025, the reappointment of its current auditor and the approval of the company’s security based compensation plan.

A total of 13,099,198 common shares or 22.24% of Rio Silver’s issued and outstanding common shares at the record date were represented in person or by proxy at the AGM.

About Rio Silver Inc.

Rio Silver is a Canadian exploration and development company with an large per cent of insider, friends and family ownership, focused on Peru. Rio Silver continues to review precious and base metal properties in Peru while maintaining its interest in its Ontario Gerow Lake, critical metals project. This Transaction enables the Company to complete certain planned acquisitions that bring significant potential for near-term, cash flowing, production allowing the Company to leverage other similar opportunities, going forward, in a non-dilutive shareholder friendly way.

ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.

Christopher Verrico

Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information,

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: chris.verrico@riosilverinc.com

Website: www.riosilverinc.com

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.

Investor Summary

Peru is not a new silver story. It is one of the countries that shaped the global silver trade, and it still matters today. Recent data places Peru among the world’s top three silver-producing countries, behind Mexico and China, while its long-term reserve base remains one of the strongest globally.

For investors, that makes Peru difficult to ignore. The country has old mining camps, skilled underground miners, processing knowledge, power, roads and a deep supplier base. It also has the usual realities of Latin American mining: politics, community agreements, permitting, commodity swings and the need for careful project-by-project analysis.

This guide looks at silver mining in Peru from the investor’s side: where the country ranks, which districts matter, which silver mining companies operate there, and how to compare producers, developers and junior exploration companies without treating them as the same kind of risk.

Key Takeaways

Where Does Peru Rank Among Silver-Producing Countries?

Peru is one of the world’s largest silver producers. Current 2024 data places Mexico first, China second and Peru third. That is the clean answer to the silver production by country question. Peru has also historically ranked second, which is why many older summaries still describe it as the world’s number-two silver producer.

The distinction matters. A current investor guide should not repeat the “number two” line without context. The more useful point is that Peru remains in the top tier and has stayed there for decades.

Peru produced about 3,100 tonnes of silver in 2024, compared with about 6,300 tonnes from Mexico and 3,300 tonnes from China. That puts Peru slightly behind China on annual output, but it remains a major part of global supply. Peru’s reserve base is also unusually strong, with USGS data showing Peru among the largest holders of silver reserves in the world.

That reserve picture is one reason Peru silver mining keeps attracting attention. Annual production can move up or down because of mine sequencing, operating disruptions, investment cycles or metal prices. Reserves speak to the longer-term mineral endowment.

Useful references for production data: The Silver Institute and the USGS Silver Mineral Commodity Summary.

Why Is Peru a Leading Silver Jurisdiction?

Peru’s silver strength comes from geology first. The Andes host large mineralised systems where silver is often found with lead, zinc, copper and gold. In many cases, silver is not mined alone. It is produced as part of a polymetallic operation.

That point is easy to miss, but investors should not skip it. A company may look like a silver story, yet its economics may depend on zinc, lead, copper or gold credits. In other cases, silver may be a valuable by-product inside a broader base-metal mine. The headline metal is not always the only metal paying the bills.

Peru also benefits from a mining industry that already exists at scale. Roads, power, local contractors, underground crews, technical consultants, assay labs and processing knowledge are part of the country’s mining base. This can help companies advance projects more efficiently than they might in a jurisdiction with little mining history.

Another advantage is labour. Peru has generations of underground mining experience, especially in the central Andes. For narrow-vein silver-lead-zinc systems, that practical knowledge matters. These are not always simple bulk-tonnage deposits. They often require selective mining, careful development and experienced crews.

The legal and regulatory framework is also familiar to international mining investors. Peru is not risk-free, but it is a known mining jurisdiction. Investors can read technical reports, assess title, follow permitting stages and compare companies against a large peer group.

What Are Peru’s Main Silver Mining Regions?

Peru’s silver production is concentrated in the Andes, especially through the central and southern mining belts. The names investors see most often include Huancavelica, Huachocolpa, Cerro de Pasco, Hualgayoc, La Libertad and Puno.

Huancavelica is one of the most important regions for silver mining in Peru. It has a long history of underground mining and remains active for silver, lead and zinc. Several smaller public companies have exposure to this part of the country, which makes it especially relevant for investors looking beyond the large producers.

The Huachocolpa District, inside Huancavelica, deserves separate attention. It is known for high-grade silver-lead-zinc vein systems and a long mining record. Projects in this type of district are often evaluated differently from large open-pit deposits. Grade, vein continuity, mining width, access, dilution and processing routes matter a lot.

Rio Silver’s Maria Norte Project is located in the historic Huachocolpa District. The project gives a useful example of why juniors are still active in old Peruvian camps. These districts have been mined before, but they can still contain underexplored veins, extensions and targets that were not tested using modern exploration work.

Cerro de Pasco is another famous mining centre, known for large polymetallic systems. Hualgayoc, in northern Peru, has a long mining history as well. La Libertad is better known for gold-silver systems, including projects such as Igor. Puno, in southern Peru, is important for projects such as Berenguela, where silver occurs with copper and manganese.

Investors should be careful with district names. A good district helps, but it does not make every project good. The real work is still in the details: grade, width, ownership, metallurgy, access, permitting, community support and the company’s ability to finance its plans.

Which Silver Mining Companies Operate in Peru?

Silver mining companies in Peru range from large, established producers to smaller developers and junior explorers. That variety is useful for investors, but it can also make comparisons messy.

A producer with operating mines is not the same thing as a junior explorer with a high-grade target. A developer with a resource is not the same thing as a company still proving continuity. Liquidity, financing risk and news flow are different at each stage.

The table below gives a practical starting point. It is not a ranking and it is not investment advice.

Buenaventura is the large-cap name in this group. It gives investors exposure to a Peruvian precious-metals producer with a broader asset base. For investors who want Peru mining exposure but do not want a single-project junior, it is usually part of the first screen.

Kuya Silver is focused on the Bethania silver project in Huancavelica. It has reported production ramp-up activity, so it sits closer to the small-producer and developer category than a pure exploration story.

Silver X Mining is active at Nueva Recuperada in Huancavelica. It is another example of a company working inside Peru’s central silver-polymetallic belt, where existing mining history and district consolidation are part of the investment case.

PPX Mining is tied to the Igor gold-silver project in La Libertad, northern Peru. It gives investors a different regional and metal mix from the Huancavelica names.

Aftermath Silver is advancing Berenguela in Puno. This is not a simple silver-only story. It has silver, copper and manganese exposure, which makes it a different type of development asset.

Rio Silver Inc. is a Canadian junior focused on Peru. Its flagship Maria Norte Project sits in Huachocolpa, while the Santa Rita Project adds a 570-hectare silver-lead-zinc exploration asset in Huancavelica. Rio Silver describes Santa Rita as fully owned, royalty-free ground acquired through a government auction, with no earn-in obligations. The company has also reported high-grade sampling from Maria Norte, including silver values up to 991 g/t Ag over 0.70 metres, and has announced community permission to begin planned site activities at Maria Norte. For investors looking at junior silver mining stocks, that community access point is not a side detail. In Peru, it can be central to whether fieldwork can move forward.

How Should Investors Compare Peru Silver Stocks?

A better question than “what is the best silver stock in Peru?” is “what type of Peru silver risk am I actually buying?”

Start with stage. Producers are judged on output, costs, margins, reserves, safety, capital discipline and mine life. Developers are judged on resources, studies, metallurgy, permitting, financing and construction risk. Explorers are judged on land position, grade, targets, management, access and the ability to keep funding work without excessive dilution.

Then look at silver exposure. Some companies are genuinely silver-dominant. Others are polymetallic, meaning the project may rely on zinc, lead, copper or gold credits. That is not necessarily bad. It can improve economics. But investors should understand what actually drives revenue.

Next, read the technical information. High-grade silver sounds attractive, but grade is only one part of the picture. Width, continuity, true thickness, mining method, recovery, concentrate quality and access all matter. A narrow high-grade vein can be valuable, but it needs practical mining conditions.

Community status should also be part of the screen. In Peru, land access and local agreements can affect timelines. Investors should look for clear disclosure about community engagement, surface access, permits and next steps.

Finally, watch the balance sheet. Junior mining companies can have good projects and still struggle if markets close or financing becomes expensive. Cash, work commitments, option terms, royalties and share dilution are not accounting details. They are part of the investment risk.

What Are the Best Silver Mining Investments in Peru?

The best silver mining investments in Peru depend on the investor.

Investor Short Read

Silver has moved into a different kind of market. The old view was simple: weak economy, weak industrial demand, weaker silver. That still matters, but it no longer explains the whole picture.

The metal is now pulled from two sides at once. Investors still buy it as a precious metal, while industry uses it in solar panels, electronics, vehicles, grid equipment and data-centre infrastructure. At the same time, mine supply is slow to react because most silver is not mined from primary silver mines.

That is the basic reason the silver supply deficit has become so important. This article explains what the deficit means, why the market is forecast to remain in deficit for a sixth consecutive year, and which types of silver mining stocks may benefit if the imbalance continues.

Key Takeaways

What Is the Silver Supply Deficit?

A silver supply deficit occurs when annual silver demand exceeds the combined total of mine production and recycling, forcing the market to draw from above-ground inventories. The silver market is forecast to remain in deficit in 2026 for a sixth consecutive year.

The numbers are worth stating plainly. The World Silver Survey 2026, prepared by Metals Focus for the Silver Institute, projects a 46.3 million ounce silver market deficit in 2026, compared with a 40.3 million ounce deficit in 2025. The same research points to a cumulative drawdown from above-ground stocks since 2021, which is why even a smaller annual deficit can matter.

That is the clean definition. The investment meaning is slightly more interesting.

Silver is not consumed in one neat category. Some demand comes from jewellery, silverware, coins, bars and exchange-traded products. A large share comes from industrial fabrication. That includes electronics, electrical contacts, photovoltaics, automotive systems, medical uses, brazing alloys and other technical applications where silver’s conductivity, reflectivity and chemical properties are difficult to replace.

When demand stays high and supply cannot expand quickly, inventories become the balancing item. That is why investors pay attention to the deficit. It suggests the market is relying on existing metal, not simply new production.

A deficit by itself does not guarantee a higher silver price. Prices can still fall because of interest rates, currency strength, investor selling or weaker industrial cycles. But a repeated deficit changes the background. It tells investors the supply-demand balance is tighter than it looks from price action alone.

Why Can’t Mine Supply Catch Up?

Silver supply is structurally slow because most mined silver does not come from primary silver mines. Primary silver mines account for only a minority of global mine supply, while most silver comes from gold, copper, lead and zinc operations.

This is the part many silver arguments skip.

If the copper price rises, copper miners have a direct reason to expand copper output. If the gold price rises, gold miners have a direct reason to expand gold output. Silver is different. A large share of global silver comes out of mines that are not built mainly for silver. The mine plan may depend more on copper, zinc, lead or gold economics than on silver alone.

That means a higher silver price does not automatically bring a wave of new silver supply. A zinc-lead mine will not usually expand just because silver is strong if zinc and lead economics are weak. A copper mine may produce more silver only because copper output grows.

There is also the timing problem. New mines take years. Exploration, resource definition, metallurgy, engineering, permitting, financing, construction and commissioning rarely move quickly. Even brownfield expansions can be slow if equipment, labour, permits or capital are tight.

Grades matter too. Many mature mining districts have been producing for decades. Replacement ounces are not always easy to find. A higher price can make lower-grade material more attractive, but it does not create new high-quality deposits overnight.

That is why the market imbalance attracts attention from equity investors. If supply cannot adjust quickly, the companies with existing silver production, quality development projects or credible exploration pipelines may become more valuable to the market.

What Is Driving Industrial Silver Demand?

Industrial silver demand is one reason the supply gap has become harder to dismiss. Silver is no longer driven only by investment demand, jewellery and traditional industrial uses. It is now tied to several major technology themes.

Solar photovoltaic manufacturing has been one of the largest sources of silver demand growth over the past decade. Silver paste is used in solar cells because of the metal’s electrical conductivity. Automakers also use silver in electrical systems, sensors, safety features and electric vehicle components. Grid modernisation, power electronics, semiconductors and data-centre infrastructure add further industrial demand.

The demand picture is not perfectly one-way. The Silver Institute’s 2026 outlook points to weakness in photovoltaic-related silver demand because of thrifting and substitution, while data centres, AI-related technologies, automotive applications and power infrastructure are expected to continue supporting parts of industrial use.

That mix is important. It means industrial silver demand can soften in one segment while remaining supported in others. For investors, the question is not whether every demand category grows every year. The more useful question is whether total demand remains high enough to keep pressure on supply.

Which Silver Mining Stocks Benefit From the Deficit?

Primary silver producers, mid-tier miners, silver royalty and streaming companies, and high-grade junior developers each offer different exposure to a silver supply deficit. Producers tend to show faster cash-flow leverage. Juniors usually offer the highest potential upside, but with the highest risk.

The useful answer is not one ticker. It is a framework.

A silver deficit can help several kinds of companies, but not in the same way. The market often treats “silver stocks” as one group during a price move. That is rarely how the businesses work.

Primary Silver Producers

Primary silver producers usually benefit first because they already sell silver. When silver prices rise faster than costs, margins can expand. That is operating leverage.

Pan American Silver and First Majestic Silver are examples investors often watch in this category. They are not identical businesses, but both give direct public-market exposure to silver production. A larger producer may be less explosive than a small junior, yet it has one advantage juniors do not have: current production.

That matters in a deficit market. If metal prices strengthen, producers do not need to wait for a drill permit or feasibility study before seeing some benefit. They may capture higher realised prices on ounces already being mined.

The trade-off is that producers also carry mine operating risk. Labour costs, grades, recoveries, power, equipment, royalties, taxes and sustaining capital can all dilute the benefit of a higher silver price.

Mid-Tier Silver Miners

Mid-tier silver miners sit between the large producers and the speculative juniors. They may have operating mines, expansion projects and development assets, but they are usually still small enough for growth to matter.

Endeavour Silver is a useful example. It describes itself as a mid-tier precious metals mining company and has operations and development interests across several jurisdictions. This type of company can benefit from a silver deficit in two ways: current production may gain margin leverage, while new projects or expansions may receive a better valuation if investors believe silver prices can stay stronger for longer.

Mid-tiers can be attractive because they offer a mix of cash flow and growth. They are not as dependent on a single drill result as many juniors, but they may have more upside than mature producers with slower growth.

The risk is execution. A mid-tier miner can still disappoint if a new mine ramps up slowly, if costs rise, or if a recently acquired asset underperforms.

Silver Royalty and Streaming Companies

Silver royalty and streaming companies give exposure to metal prices without directly operating mines. Wheaton Precious Metals is the best-known example in the silver and precious-metals streaming space.

The model is different. A streamer typically provides upfront capital to a mining company in exchange for the right to buy a portion of future metal production at a fixed or formula-based price. If silver prices rise, the streamer may benefit from the spread between its purchase price and the market price.

This structure can be attractive in a deficit market because it avoids many direct mine-level costs. A streaming company is not usually responsible for operating the mine, hiring crews or managing day-to-day equipment issues.

That does not make the model risk-free. Streamers still depend on the mine operator. If the mine is delayed, shut down, underperforms or produces less silver than expected, the stream suffers. Valuation also matters. High-quality royalty and streaming companies often trade at premium multiples.

Junior Silver Developers

Junior silver developers offer the most speculative leverage to a silver supply deficit. They usually do not have meaningful revenue. Their value depends on discovery, development progress, technical de-risking, financing and market appetite for future silver supply.

This is where the risk-reward profile changes sharply.

A junior with a credible high-grade silver project may attract more attention during a deficit because investors begin looking for the next source of supply. That can help companies with strong grades, accessible infrastructure, community access, realistic work programs and clean ownership.

Rio Silver Inc.

Vancouver, British Columbia, July 15, 2026 – Rio Silver Inc. (“Rio Silver” or the “Company“) (TSX.V: RYO) (OTC: RYOOF), is pleased to announce its approval to uplist onto the OTCQB market.

The OTCQB is a U.S. trading platform operated by OTC Markets Group Inc., designed for developing and entrepreneurial-stage companies. The OTCQB is recognized by the Securities and Exchange Commission as an “established public market” for determining the public market price when registering securities for resale. The company’s common shares were approved for trading on the OTCQB Venture Market under the symbol “RYOOF,” giving U.S. retail and institutional investors improved access to the company’s shares at this inflection point where global silver production is decreasing and interest in the purest of silver metal-producers, is accelerating, especially when the majority of the co-product is gold.

In Addition, the company announces that it has granted an aggregate of 850,000 incentive stock options to consultants of the company, exercisable at a price of thirty-five cents with the exercise periods of one year and three years from the date of grant. The grant of these options is subject to the approval of the exchange.

About Rio Silver Inc.

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF) is a Canadian resource company advancing high-grade, silver-dominant assets in Peru, the world’s second-largest silver producer. The Company is focused on near-term development opportunities within proven mineral belts and is supported by a seasoned technical and operational team with deep experience in Peruvian geology, underground mining, and district-scale exploration. With a clear development strategy and a growing portfolio of highly prospective silver assets, Rio Silver is establishing the foundation to become one of Peru’s next emerging silver producers.

Learn more at www.riosilverinc.com

Stay Connected with Rio Silver

Investors and stakeholders are encouraged to follow Rio Silver for the latest company updates, project milestones, and event announcements across the Company’s official social media channels:

By following Rio Silver’s official channels, investors can stay informed as the Company advances its silver-dominant projects and executes on key development milestones.

ON BEHALF OF RIO SILVER INC.

Chris Verrico

Director, President and Chief Executive Officer

To learn more or engage directly with the Company, please contact:

Christopher Verrico, President and CEO

Tel: (604) 762-4448

Email: chris.verrico@riosilverinc.com

Website: www.riosilverinc.com

Cautionary Note Regarding Forward-Looking Information

This news release contains certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements include, but are not limited to, statements regarding anticipated development activities, underground access timing, permitting progress, community engagement, metallurgical testing and processing strategies, planned exploration and technical programs, the Company’s staged development approach, and the Company’s ability to advance the Maria Norte Project toward potential production, cash flow, or other operational milestones.

Forward-looking statements are based on a number of assumptions that management believes to be reasonable at the time such statements are made, including assumptions regarding continued community cooperation, the receipt of required permits and approvals, favorable market conditions, the availability of financing, the results of metallurgical and technical studies, and the Company’s ability to execute its development plans as currently contemplated. However, forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied by such statements.

Such risks and uncertainties include, without limitation, risks related to exploration and development activities, permitting and regulatory approvals, community relations, changes in commodity prices, availability of capital and financing, operational and technical challenges, environmental and social risks, and other risks described in the Company’s public disclosure documents filed under the Company’s profile on SEDAR+.

Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date hereof, and Rio Silver undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release

Junior silver mining stocks tend to attract attention for a simple reason: a small company can change quickly.

A useful discovery, a larger mineral resource, or a credible development study may re-rate a small company quickly. That creates real upside. It also creates room for speculation, promotional claims and sharp price swings.

Most junior miners do not have the financial resilience of established producers. Many are still spending money on exploration and studies, with no mine revenue coming in. If results disappoint or financing dries up, shareholders may face dilution, long delays or a permanent loss of capital.

The sensible way to approach the sector is not to search for one perfect silver stock. It is to apply the same questions to every company and see which ones stand up to closer examination.

Key Takeaways

- Junior silver miners are generally small companies exploring for or developing silver deposits.

- Many have no producing mine and rely on outside financing to keep their projects moving.

- The main areas to examine are jurisdiction, management, geology, metallurgy, finances, valuation and upcoming work.

- A strong assay result is only one piece of the story. Width, continuity, recovery and mining conditions matter too.

- Dilution is common in the junior sector, so investors should study both the treasury and the fully diluted share count.

- Junior mining stocks carry substantial risk and are usually treated as speculative positions rather than core holdings.

What Are Junior Silver Mining Stocks?

Junior silver mining stocks are shares in smaller companies that explore for silver deposits or work to move known deposits towards development. Most are not established, large-scale producers.

There is no single legal definition that separates a junior from every other mining company. The term usually describes a business with a relatively small market value, one or a few principal properties and limited operating revenue.

The companies themselves can be at very different points in the mining cycle.

An early explorer may be mapping the property, collecting surface samples and selecting its first drill targets. A more advanced company may already have a mineral resource and be working on metallurgy, engineering or environmental studies. Others may be applying for permits, arranging construction finance or bringing a small mine into operation.

These distinctions matter. An explorer with several promising targets cannot be judged by the same measures as a developer with a completed feasibility study.

Most junior mining companies spend cash before they make any. They must pay for geologists, drilling, assays, environmental work, property commitments and public-company expenses. That money usually comes from issuing shares or other securities.

For investors, this means that financing is not a side issue. It is part of the business model.

Are Junior Silver Stocks Worth Investing In?

Junior silver stocks may appeal to investors looking for exploration upside and greater sensitivity to the silver market. They also carry a high chance of disappointment, delay and shareholder dilution.

The attraction is easy to understand. A relatively small discovery can have a large effect on a company with a modest market value. A deposit may grow through drilling, advance towards construction or draw interest from a larger mining group.

Silver also has a mixed demand base. It is purchased as an investment metal, but it is also used in electrical, automotive, grid and other industrial applications. At the same time, much of the world’s mine supply comes from operations where silver is recovered alongside lead, zinc, copper or gold. Silver supply therefore does not depend only on the economics of primary silver mines.

None of that makes junior silver mining stocks safe. A promising geological idea may fail when drilled. A deposit may be too narrow, inconsistent or metallurgically difficult. Even a sound project can stall because of permitting, local opposition, higher costs or a lack of finance.

Juniors may have a place in a portfolio, but only where the investor understands that the outcome can be binary. Some projects advance. Many do not.

How Do You Evaluate a Junior Silver Mining Stock?

A useful review covers six broad areas: the jurisdiction, the people running the company, the quality of the mineralization, the company’s finances, the possible economics and the work expected next.

No single number settles the question. A spectacular grade cannot repair a poor ownership position. A good jurisdiction cannot turn weak geology into a mine. Strong management cannot remove commodity risk.

The value comes from putting the pieces together.

1. Can the Company Work in That Jurisdiction?

Start by asking whether the company has secure mineral rights, practical access to the ground and a realistic route through permitting and community consultation.

Country rankings provide some context, but they do not tell the whole story. Mining conditions may differ from one province, state or district to another. Local access and community relationships can be just as important as national mining law.

Check the basics:

- Does the company own the property, hold an option or operate through another agreement?

- What payments or exploration commitments must it meet?

- Are the mineral claims in good standing?

- Does the company have permission to enter and work on the land?

- Which environmental and operating approvals are already in place?

- Are local or Indigenous communities involved?

- Is water available for the type of work being proposed?

- Are roads, power and skilled workers reasonably accessible?

These questions should be answered with documents and dates, not broad statements about being located in a “mining-friendly” region.

Community support deserves particular attention. A company may hold a mineral concession while still lacking the surface access needed for drilling or construction. That can turn an apparently minor issue into a long delay.

2. Who Is Running the Company?

In a junior mining company, management is responsible for deciding where limited capital goes. A technically interesting project can still be damaged by poor financing, weak disclosure or constant changes in direction.

Read the biographies of the directors, senior officers and technical advisers. Then look beyond the biographies.

Has the team worked on comparable deposits? Do its geologists understand the mineral system being explored? Has management raised money through both strong and weak markets? Has anyone on the team helped advance a project beyond drilling?

Past experience should be relevant. Running an operating mine, making an early discovery and financing an exploration company are different jobs.

It is also worth reviewing previous public companies associated with the same people. Look at how much money was raised, what work was completed and what happened to the share structure. A project that ended unsuccessfully is not automatically a black mark. Exploration fails often. A repeated pattern of heavy promotion, limited fieldwork and continual recapitalization is more concerning.

Insider ownership may help align management with outside shareholders. The source of that ownership matters, however. Shares bought in the market or through a financing may carry more weight than a large option package issued at a low exercise price.

Pay attention to behaviour as well as percentages. Does management buy shares? Does it sell repeatedly? Does the company disclose poor results with the same clarity it uses for good ones?

3. Is the Mineralization Actually Good?

Grade is important, but grade without width, continuity, geometry and metallurgy tells investors very little about whether a deposit could be mined.

Silver assays are often reported in grams per tonne of silver, or g/t Ag. Where several metals are present, the company may also publish a silver-equivalent figure, shown as AgEq.

AgEq can make a polymetallic result easier to read, but it requires care. The calculation combines the assumed value of silver with metals such as gold, lead or zinc. Investors should be able to find the metal prices, recovery assumptions and formula used.

Never compare equivalent grades blindly. Two companies may use different prices, different assumed recoveries or different included metals.

The sample type matters just as much.

A grab sample may show that mineralization exists at a selected point, but it is not representative of an entire vein or deposit. A channel sample is collected across a defined exposure. A drill interval comes from a borehole, although the reported length may not equal the true width of the mineralized body.

Consider the difference between these statements:

- Silver was found at surface.

- A vein returned high grade over a measured channel.

- Several drill holes cut similar mineralization.

- Drilling established continuity along strike and at depth.

- Enough drilling was completed to estimate a mineral resource.

Each one carries a different level of evidence.

Rio Silver Inc. (TSX-V: RYO | OTCQB: RYOOF), a junior silver exploration and development company, offers a useful example of careful reading. At its high-grade silver project, Maria Norte, verification work returned up to 991 g/t Ag over 0.70 metres from a surface vein channel sample. This is a high-grade result from a measured surface exposure. It is not a drill intercept, mineral resource or proof that the project can support a mine.

That distinction applies to every company, not only Rio Silver.

When comparing other juniors, investors may encounter companies at very different stages. A mineral exploration company such as Dolly Varden Silver may be discussed mainly in terms of drilling and resource growth. A developer such as Silver Tiger Metals may have engineering studies and projected project economics to examine.

Silver sits in an unusual place. It is a precious metal that investors may hold during periods of economic uncertainty, but it is also an industrial material used in electronics, solar technology, vehicles and electrical infrastructure.

That mix draws people to silver when they want exposure beyond ordinary shares and bonds. Buying bars or coins is one route. Buying silver-related investments through a brokerage account is another.

The stock-market route is usually easier to trade, but the choices are not all alike. A silver producer, an exploration company, a streaming business and a silver fund can react very differently to the same move in the silver price.

This guide explains those differences and sets out the practical steps for someone investing in silver stocks for the first time.

Key Takeaways

- Silver stocks provide market-based exposure to silver without requiring the investor to store coins or bars.

- The main choices are producers, junior explorers and developers, royalty or streaming companies, and silver-related exchange-traded products.

- A product that tracks silver bullion behaves differently from a fund holding mining companies.

- Established producers generally have operating revenue, while junior explorers may depend entirely on outside financing.

- Beginners can start by opening a brokerage account, choosing the type of exposure they understand and keeping the first position modest.

- Silver-related investments can be volatile and should be considered within a broader portfolio rather than in isolation.

What Are Silver Stocks?

Silver stocks are shares in companies whose businesses are tied to silver, including miners, explorers, developers and precious-metals streaming companies. Investors can also buy exchange-traded products that track silver bullion or hold a group of silver mining shares.

Buying a silver stock is not the same as owning silver metal.

When you buy physical silver, you own coins, bars or another form of bullion. Its value is linked mainly to the metal price, less dealer premiums, storage costs and resale spreads.

When you buy shares in a mining company, you own part of a business. Its share price may be affected by silver, but also by production, costs, debt, management, permits, local conditions and the quality of its mineral deposits.

That difference can work in either direction. A profitable producer may earn more when silver prices rise, particularly if its costs remain stable. It may also underperform silver if a mine has operational problems.

Silver stocks are normally bought and sold through a brokerage account. This makes them liquid and easy to hold alongside other listed investments, although smaller junior shares may trade lightly and have wider bid-ask spreads.

What Are the Main Types of Silver Stocks?

The main types of silver exposure available through the stock market are established producers, junior explorers and developers, royalty or streaming companies, bullion-linked products and funds holding silver mining shares.

Each option exposes the investor to a different set of risks. The best starting point is to understand where the return is expected to come from.

Silver Producers

Silver producers own or operate mines that are already selling metal. Their financial statements usually contain revenue, production costs, capital spending and cash flow, giving investors more information to work with than they would have for an early explorer.

Examples include Pan American Silver, First Majestic Silver and Fresnillo. These companies also produce other metals, which is common in the silver industry. Silver is frequently found alongside gold, zinc, lead or copper, so even a company known for silver may not depend on silver alone.

A producer’s earnings may rise faster than the metal price when silver moves higher and operating costs stay relatively steady. This is sometimes described as operating leverage.

The reverse is also true. If the silver price falls while wages, fuel, power and processing costs remain high, profit margins may narrow quickly.

When looking at a producer, check:

- How much silver it actually produces

- Whether silver is its main source of revenue

- Production costs

- Mine life and reserve replacement

- Debt and cash flow

- Political and operating exposure by country

- Whether the company pays a dividend, and whether that dividend is sustainable

Producer shares may be easier for a beginner to study than exploration companies, but they are not a direct substitute for bullion.

Junior Explorers and Developers

Junior explorers search for deposits or try to define mineralization already found on a property. Developers are further along and may be completing engineering, environmental, permitting or financing work.

Most do not earn mine revenue. They raise money by issuing shares, which makes dilution a central risk.

The attraction is discovery and development upside. A junior’s market value may change substantially if drilling identifies a larger or better deposit. A credible economic study, permit or partnership may also alter how the market views the project.

The odds are less forgiving. Drilling may fail. A deposit may prove too small, too narrow or too expensive to develop. The company may run short of cash before reaching its next milestone.

Rio Silver Inc. (TSX-V: RYO | OTCQB: RYOOF), an exploration and development company advancing the Maria Norte high-grade silver project in Peru, is one example within this category. Other juniors may be at earlier or later stages, so comparisons should begin with project maturity rather than ticker price.

A beginner studying a junior should look at:

- The company’s cash position

- Its planned work program

- Past dilution

- Management’s technical and financing history

- The type and quality of exploration results

- Mineral rights, access and permitting

- Whether the company has a resource estimate

- What could realistically happen over the next 12 to 24 months

Junior silver stocks may offer the greatest upside in the group, but they also have the highest chance of a severe or total loss.

Royalty and Streaming Companies

Royalty and streaming companies help finance mining projects in exchange for an interest in future production or revenue.

A stream commonly gives the streaming company the right to buy a defined portion of future metal production at an agreed price. A royalty usually entitles the holder to a percentage of revenue or another measure linked to production.

Wheaton Precious Metals is a well-known streaming company with interests in silver, gold and other metals. It does not operate the underlying mines itself.

That structure can reduce direct exposure to mine construction and operating costs. The mine owner remains responsible for running the asset. The streamer, however, still depends on that operator delivering the expected production.

Royalty and streaming businesses are therefore not risk-free. Their returns can be affected by:

- Delays at partner mines

- Lower production

- Reserve changes

- Political or permitting problems

- Concentration in a few major assets

- The price paid for new streams

- Precious-metals prices

They may suit someone who wants exposure to mine production without owning the operator directly, but the business model should still be understood before buying.

Silver Bullion Products

Some exchange-traded products are designed to follow the price of physical silver rather than the performance of mining companies.

The iShares Silver Trust, trading under SLV, seeks to reflect the price performance of silver bullion. It holds silver and allows investors to gain exposure through shares traded on NYSE Arca. It is legally structured as a trust and is not a conventional registered investment-company ETF.

For practical purposes, many investors group SLV with silver ETFs because it trades in a brokerage account in much the same way. The distinction still matters when reviewing regulation, tax treatment, fees and prospectus language.

A bullion-linked product removes the need to arrange personal storage. It does not provide the operating leverage of a mining company, and it will not pay a dividend merely because the silver price rises.

Check:

- What the product holds

- How closely it tracks silver

- Sponsor or management fees

- Trading volume and spreads

- Whether shares trade at a premium or discount

- Tax treatment in the investor’s country

Silver Mining ETFs

A mining ETF owns shares in several companies rather than tracking bullion itself.

The Global X Silver Miners ETF, ticker SIL, seeks to follow an index of companies involved in silver mining. A single purchase therefore provides exposure to a basket rather than one operator or project.

Diversification can reduce the damage caused by a problem at one mine. It does not remove sector risk. If silver miners fall as a group, the fund may fall with them.

Investors should open the holdings list before buying. A fund labelled “silver miners” may include:

- Large producers

- Smaller miners

- Streaming companies

- Companies with meaningful gold or base-metals exposure

- Businesses from several countries

The name gives the theme. The holdings show what you actually own.

How Do I Start Investing in Silver Stocks?

To start investing in silver stocks, open a brokerage account, choose the kind of silver exposure you understand, research the investment and begin with a position that fits your tolerance for loss.

The mechanics are straightforward. The harder part is deciding what you are buying and why.

Step 1: Open a Suitable Brokerage Account

A brokerage account allows you to buy and sell listed stocks and exchange-traded products. Both US and Canadian investors can choose among banks, independent online brokers and full-service firms.

Silver occupies an unusual place in the investment world. It is a precious metal held by investors, but it is also an industrial material used across electronics, vehicles, power infrastructure and solar technology. That combination gives the silver market a different set of drivers from many other commodities.

For investors who want exposure to those drivers, owning physical silver is only one option. Silver mining stocks add another layer. A producer may benefit from wider margins when silver prices rise. An exploration company may gain value after a meaningful discovery or project milestone. Royalty and streaming companies offer yet another model, while mining ETFs spread exposure across several businesses.

Those opportunities come with substantially more company-specific risk than simply owning the metal. Understanding that distinction is central to deciding whether to invest in silver mining.

Key Takeaways

- Silver mining stocks can provide leveraged exposure to changes in the silver price because a producer’s margins may change faster than the underlying metal price.

- Exploration results, resource growth, permitting, technical studies and development milestones can create company-specific catalysts that do not depend entirely on silver prices.

- Silver continues to have important industrial uses, including electronics, automotive applications, data centres, AI-related infrastructure and solar energy.

- The Silver Institute’s World Silver Survey 2026 forecasts a 46.3 million ounce market deficit for 2026, which would make 2026 the sixth consecutive year in which total silver demand exceeds supply.

- Producers, junior explorers, streaming companies, mining ETFs and physical silver offer very different combinations of upside and risk.

- Mining equities can be considerably more volatile than silver itself. Leverage works in both directions.

Why Do Investors Buy Silver Mining Stocks?

Investors buy silver mining stocks primarily for three reasons: potential leverage to the silver price, company-specific growth opportunities and access to an asset class whose return drivers are not identical to those of a conventional equity portfolio.

The first distinction is important. Buying a bar or coin gives the investor direct ownership of silver. If the market value of silver changes, the value of that metal broadly changes with it, subject to premiums, spreads and storage costs.

A mining company is a business. Its value can therefore change for reasons that have little to do with the silver price on a particular day.

For a producer, costs, production levels, grades, recoveries and capital spending all matter. For an exploration-stage company, drilling results, financing, permitting and the geological potential of a project may matter more than current production economics because the company is not yet operating a mine.

That extra layer of complexity is also where much of the potential upside, and risk, comes from.

What Is Operating Leverage in Silver Mining?

Operating leverage is one of the main reasons investors choose silver mining stocks rather than direct ownership of the metal.

A producer earns the difference between the revenue generated by selling its metals and the cost of producing them. Some mining costs change with production, while others are relatively fixed or do not immediately rise at the same rate as the silver price.

If the price received for silver increases while production costs remain broadly stable, the miner’s margin per ounce can expand by a larger percentage than the percentage increase in silver itself.

A simple way to think about the mechanism is:

Operating margin per ounce = realised metal revenue per ounce minus the relevant production costs per ounce.

Once the cost base has been covered, additional revenue created by a higher silver price may therefore have an outsized effect on margins and cash flow.

This does not mean a given increase in silver will automatically produce a predictable increase in a mining company’s share price. Real mines have changing grades, labour costs, energy costs, sustaining capital requirements, by-product credits, taxes and other variables. Share prices also reflect expectations about the future, not simply today’s margin.

Large producers such as Pan American Silver and First Majestic Silver illustrate the producer model: investors receive exposure not only to silver prices but also to the economics and performance of operating mines.

Leverage also cuts both ways. If silver prices decline while costs stay high, margins can contract quickly. That is one reason silver mining equities may be much more volatile than the metal they produce.

How Do Exploration and Growth Catalysts Add Value?

Silver companies can also create value through events that are largely independent of a short-term move in the metal price.

For an explorer, one of the clearest examples is a discovery. Drill results or verified sampling can change the market’s understanding of a mineralized system. Follow-up work may then establish its size, continuity, grade and potential development characteristics.

Later-stage catalysts can include:

- additional resource definition;

- technical and economic studies;

- metallurgical test work;

- environmental and other permitting;

- infrastructure agreements;

- project financing;

- construction decisions; and

- higher production or mine-life extensions at established operations.

This helps explain why junior exploration companies behave differently from producing miners.

Rio Silver Inc. (TSX-V: RYO | OTCQB: RYOOF), for example, is a pre-production silver exploration and development company. At its Maria Norte project in Peru, technical work has reported silver grades of up to 991 g/t Ag over 0.70 metres. That kind of result does not establish a mine or guarantee economic development, but it illustrates the sort of geological information that can change how investors assess an exploration-stage asset.

At the other end of the spectrum, an established producer can create growth by expanding a mine, increasing throughput, extending reserves or adding another operating asset.

The common thread is that investors in mining equities are not relying exclusively on a higher silver price. They are also investing in what management can discover, develop or operate.

What Growth Trends Support Silver Demand?

Silver demand has two distinct sides: investment demand and fabrication demand.

Industrially, silver is valuable because of properties such as its electrical and thermal conductivity. It is used across electronics, electrical systems, photovoltaic cells and automotive applications, among others.

More recently, growth in data centres, AI-related technologies and increasingly electrified vehicles has added another source of demand for components that use silver.

The solar story requires some nuance. Global photovoltaic installations continue to expand, but manufacturers have also been reducing the amount of silver used per cell and, in some applications, substituting other materials. The Silver Institute therefore expects photovoltaic-related silver demand to decline in 2026 even as worldwide solar installations continue to grow.

That distinction matters. A growing end market does not necessarily translate into identical growth in the amount of silver consumed per product.

The broader market, however, remains in deficit. The Silver Institute and Metals Focus reported a 40.3 million ounce deficit for 2025 and forecast the shortfall to widen to 46.3 million ounces in 2026. If that forecast is realised, 2026 will be the sixth consecutive annual silver market deficit.

A deficit does not guarantee higher silver prices. Existing inventories, recycling, investor flows, industrial substitution, mine supply and economic conditions all influence the market. It does, however, form an important part of the longer-term supply-demand discussion around investing in silver.

How Does Silver Mining Fit Into a Diversified Portfolio?

Silver-related investments can add a different set of return drivers to a portfolio, but it is important not to confuse diversification with safety.

Precious metals are sometimes used by investors as a hedge against inflation, currency uncertainty or periods of financial stress. Silver has some of those characteristics, although its large industrial component means it can also respond strongly to economic growth expectations.

Silver mining stocks add another complication because they are equities.

A mining company’s share price may be influenced by:

- the silver price;

- broader equity-market sentiment;

- interest rates and financing conditions;

- local currencies;

- operating costs;

- geopolitical developments;

- project execution; and

- company-specific news.

As a result, mining stocks should not be assumed to behave like physical silver during every inflationary or risk-off period.

For investors considering a silver investment primarily for diversification, position size matters. A small allocation to a volatile mining company has a very different portfolio effect from placing a large portion of capital into a speculative explorer.

Which Type of Silver Investment Offers Which Benefit?

There is no single answer to how to invest in silver because different vehicles provide different forms of exposure.

Wheaton Precious Metals provides a useful example of how the streaming category differs from a conventional miner. Rather than operating the underlying mines, Wheaton enters agreements under which it purchases an agreed portion of future metal production, generally in exchange for an upfront payment and subsequent delivery payments.

A mining ETF takes another approach. The Global X Silver Miners ETF (SIL), for example, holds a portfolio of companies involved in the silver mining industry. That reduces dependence on a single company’s success or failure, although it does not eliminate commodity or mining-sector risk.