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.

Silver has had no shortage of attention from investors. The harder question is what to do with that interest once you move beyond the metal itself.

Junior silver companies can offer considerable upside when an exploration program works, a deposit grows or a project moves closer to production. They can also absorb years of capital without ever becoming a mine. That makes a list of silver stocks to watch useful only when there is a reason behind each name.

The better approach is to start with the project, not the share price. Grade, jurisdiction, financing, infrastructure, management and the next realistic catalyst all matter. So does the company’s stage. A producer ramping up an existing mine should not be judged in the same way as an explorer drilling its first serious target.

The companies below illustrate several different kinds of silver exposure. They are names worth following and comparing, not buy recommendations.

Key Takeaways

- Strong junior silver companies tend to combine good geology with enough capital, capable management and a credible route to the next development stage.

- High grade helps, but grade on its own does not make a project economic.

- Jurisdiction should be judged at the regional and community level, not just by country.

- Infrastructure can matter enormously, particularly for smaller deposits that may not justify construction of a large standalone processing complex.

- Vizsla Silver, Outcrop Silver, Kuya Silver, Rio Silver, Contango Silver & Gold and Silver Tiger offer very different stages and risk profiles.

- Dolly Varden Silver should no longer be treated as a standalone listed junior. Its merger with Contango was completed in March 2026 and the Kitsault Valley assets now sit within Contango Silver & Gold.

- Junior silver mining stocks remain speculative. Exploration failure, financing needs, dilution, permitting delays and metal-price volatility can all materially affect an investment.

What Makes a Junior Silver Company Worth Watching?

The best junior silver stocks are rarely identified by a single spectacular drill intercept. Stronger candidates tend to show several things working together: mineral quality, a workable location, credible people, access to money and a realistic sequence of upcoming events that could move the project forward.

That sounds straightforward. In practice, each part requires some digging.

Grade and resource quality

A headline silver grade is one of the first numbers investors notice, but it needs context.

An intercept of several hundred grams per tonne of silver can be significant. It does not tell you, by itself, whether the mineralization is continuous, how wide the zone is, how difficult it is to mine, how much material exists or how efficiently the metal can be recovered.

Width matters. Geometry matters. Metallurgy matters. So does the difference between a surface sample, a drill intersection and a mineral resource prepared under an accepted reporting standard such as NI 43-101.

For an early explorer, unusually strong results may justify more drilling. For a company with a defined resource, the question shifts towards scale, continuity, recovery and potential economics.

This is why comparing high-grade silver projects requires more than sorting a table from highest grade to lowest.

Jurisdiction is more local than it looks

Canada, Mexico, Peru and Colombia all have long histories of mineral exploration and mining, but country labels hide a great deal.

A project may sit in a well-established mining district with roads, skilled labour and nearby plants, while another project in the same country may face considerably more difficult access or community issues.

Investors should look at who controls the mineral rights, what permits are required, the relationship with local communities, access to water and power, environmental obligations and the region’s experience with mining.

Peru is a good example. It is one of the world’s important mineral-producing countries, yet projects can face very different realities depending on location. In established districts such as Huancavelica, existing mining knowledge and processing infrastructure may be useful. Community access and permitting still have to be earned.

Management and ownership

Junior exploration is as much a capital-allocation business as a geological one.

Management decides where to drill, how quickly to spend, when to raise money and whether to advance, partner or sell an asset. A technical team that has built or discovered mines before can therefore deserve attention, although a strong résumé is never a guarantee of another success.

Large strategic shareholders can also be relevant. Their involvement may improve access to capital or signal that an experienced resource investor has completed substantial due diligence. It should not be treated as proof that a company will succeed.

Insider ownership is worth examining too. The useful question is not simply whether management owns shares, but whether the incentives of management and outside shareholders are reasonably aligned.

Capital structure and financing

Good geology can be stranded by a bad balance sheet.

Exploration companies usually spend cash long before they produce revenue. If a company enters a major drilling program without enough money to complete it, another financing may follow. Repeated equity raises can steadily increase the number of shares outstanding and reduce an existing shareholder’s percentage ownership.

That does not make all dilution bad. Raising capital at a sensible valuation to fund work that materially increases a project’s value can be rational. The warning sign is dilution that repeatedly finances administration or inconclusive exploration without creating comparable progress.

Cash, expected expenditure, warrants, options and fully diluted share count deserve a place beside drill grades in any serious comparison of junior silver mining stocks.

Infrastructure and catalysts

A discovery in the middle of an established mining district is not economically identical to a discovery hundreds of kilometres from useful infrastructure.

Roads, power, water, available labour and processing options can all affect how much capital might eventually be required. Nearby mills are particularly interesting for certain smaller underground projects because they may create the possibility of toll milling or another lower-capital development route. Whether that route is actually available still requires technical work and a commercial agreement.

Then comes timing.

A company’s next catalyst should be identifiable. It may be drilling, an updated mineral resource, metallurgical testing, a preliminary economic assessment, permitting, construction or rising production.

A vague promise to “unlock shareholder value” is not a catalyst. A funded drill program with a defined target and a reporting schedule is.

Which Junior Silver Companies Are Worth Watching?

There is no defensible way to name one “best” junior silver company for every investor. These businesses sit at different points on the risk curve.

A useful shortlist should show those differences rather than hide them.

Vizsla Silver

Vizsla Silver has moved beyond the stage normally associated with a very early junior. Its 100%-owned Panuco silver-gold project in Sinaloa has progressed through resource definition and economic studies, with a feasibility study published in November 2025. Vizsla now describes itself as a development company working towards production.

That maturity is part of the attraction and part of the trade-off. There is considerably more technical information available than there would be for a grassroots explorer, reducing some forms of geological uncertainty. At the same time, the valuation and investment thesis increasingly depend on successful financing, construction and execution rather than on discovery alone.

One detail worth updating in older comparison articles is its listing. Vizsla now trades on the Toronto Stock Exchange under VZLA, not the TSX Venture Exchange.

The former Dolly Varden Silver, now Contango Silver & Gold

Dolly Varden remains one of the best-known names associated with high-grade Canadian silver, so investors searching for the best junior silver stocks will continue to encounter it. The corporate position changed in 2026.

Dolly Varden Silver completed its merger with Contango ORE on March 26, creating Contango Silver & Gold Inc. The combined company trades as CTGO on both the TSX and NYSE American. The former Dolly Varden company now sits within that structure rather than trading as an independent TSX-V issuer.

The underlying Kitsault Valley story remains relevant. The project in British Columbia’s Golden Triangle contains the Dolly Varden, Torbrit, Wolf and Homestake deposits and other exploration targets. Contango began a roughly 40,000-metre Kitsault Valley drill program in May 2026, aimed largely at infill work, resource expansion and supporting a new resource estimate and preliminary development work.

For an investor specifically seeking a tiny pure-play silver explorer, the merged company is a less direct comparison with Rio Silver or an earlier-stage junior. For someone interested in the former Dolly Varden assets, however, CTGO is now the relevant listed company to research.

Outcrop Silver

Outcrop Silver’s flagship Santa Ana project in Colombia offers a different proposition: high-grade silver-gold vein exploration backed by an existing NI 43-101 mineral resource.

The company remains active with the drill bit. During 2026 it reported further results from targets including Aguilar and Morena, adding information on vein continuity and potential extensions to the known mineralized system.

The attraction is relatively easy to understand. High-grade vein systems can produce meaningful resource growth if drilling demonstrates sufficient continuity and scale. The risk is equally straightforward.

There is more than one way to own a silver stock, and the business model behind it matters.

A silver miner finds, builds or operates mines. Its fortunes are tied directly to geology, production, costs and the silver price. A royalty or streaming company takes a different route. It provides capital to mining companies and receives a contractual interest in future production, while leaving the day-to-day work of running the mine to somebody else.

Both models can provide exposure to silver, but they behave differently when costs rise, a mine underperforms or a new discovery is made.

For investors comparing silver royalty companies with silver miners, the real question is therefore not which model is universally better. It is which risks, sources of upside and cash-flow characteristics make sense for the exposure being sought.

Key Takeaways

- Silver royalty and streaming companies obtain interests in mine production without operating the underlying mines themselves.

- A royalty usually entitles its owner to a defined share of revenue or production. A stream normally gives the holder the right to purchase an agreed share of future metal production under predetermined terms.

- Mining companies carry the direct costs and practical risks of exploration, construction and mine operation.

- Royalty and streaming businesses tend to have less direct exposure to labour, fuel and mine capital-cost inflation, but they still depend on the performance of the operators behind their assets.

- Producers can offer strong leverage to the silver price. Junior explorers add another source of potential upside through discovery and project development, along with considerably higher risk.

- Wheaton Precious Metals is one of the best-known precious-metals streaming companies with significant silver exposure. Franco-Nevada and Royal Gold are larger diversified precious-metals royalty and streaming businesses.

- Some investors use both models rather than treating them as substitutes.

What Is a Silver Royalty or Streaming Company?

A royalty or streaming company owns contractual interests in mines rather than operating those mines itself.

That distinction changes the economics considerably.

A royalty gives its owner the right to receive a portion of revenue, production or, in some cases, profit generated by a mining property. One common structure is a net smelter return royalty, usually shortened to NSR. An NSR is generally calculated as a percentage of the value of mineral production after certain deductions defined in the royalty agreement.

Other royalty structures exist, so the actual contract matters. A net profits interest, for example, is based on defined profits rather than simply gross mineral value.

A stream works differently. The streaming company usually provides a substantial upfront payment to a mine owner. In return, it receives the right to purchase an agreed percentage of future metal production. It then makes an additional payment when that metal is delivered, usually according to terms set out when the stream is negotiated.

Wheaton Precious Metals explains its own model this way: it makes an upfront payment for a share of future metal output and then pays a predetermined delivery payment as metal is received. The company subsequently sells that metal.

The practical advantage is that Wheaton does not have to employ the workforce, operate the equipment or fund every increase in a mine’s operating costs.

That is why streaming businesses are often described as capital-light compared with mine operators. It does not mean they require no capital. New streams can involve very large upfront investments, and the return on those investments still depends on the underlying mine producing enough metal over time.

Royal Gold uses both streams and royalties, while Franco-Nevada owns a broad portfolio of royalty and streaming interests. Franco-Nevada does not itself develop or operate mines.

There are relatively few large public companies that can accurately be described as pure silver royalty businesses. Most of the better-known names have exposure to several precious metals, even where silver remains important to part of the portfolio.

What Is a Silver Mining Company?

A silver mining company sits on the other side of the arrangement. It explores for mineral deposits, develops projects or physically operates mines.

That can mean very different things depending on the company’s stage.

A producer such as Pan American Silver or First Majestic Silver has operating mines and receives revenue from metal sales. First Majestic, for example, currently operates four producing underground mines in Mexico and reported 3.5 million ounces of silver production in the first quarter of 2026.

Its shareholders therefore have direct exposure to factors such as metal prices, tonnes processed, grades, recoveries, labour, energy, maintenance and capital spending.

A junior explorer is further back in the process.

Companies at this stage may have no operating revenue at all. Their value can depend on whether exploration confirms a meaningful mineralized system and whether that system can eventually support an economic mine.

Rio Silver Inc. (TSX-V: RYO | OTCQB: RYOOF), for example, is a pre-production silver exploration and development company advancing Maria Norte in Peru. It belongs firmly on the miner side of this comparison, even though it is not yet operating a mine. Rio Silver reported silver grades of up to 991 g/t Ag over 0.70 metres at Maria Norte in January 2026.

That kind of exploration result can become a catalyst for a junior, but it is not equivalent to production, cash flow or a completed economic study.

This is one reason the phrase “silver mining stocks” covers such a wide range of investments. A major producer and a small pre-revenue explorer may both be exposed to silver, yet the risks driving their valuations are quite different.

How Do Silver Royalty Companies and Miners Differ?

The easiest way to understand the distinction is to put both business models against the same criteria.

The differences become clearest when inflation hits a mine.

Suppose labour, diesel, explosives and maintenance become more expensive. The mine operator has to absorb those costs directly. If silver revenue does not increase enough to compensate, margins can tighten.

A royalty holder normally does not receive a bill for the mine’s higher diesel costs. Franco-Nevada notes that its royalty interests are generally not subject to cash calls for exploration, development, environmental or closure costs.

A streamer may still have an ongoing payment obligation when metal is delivered. At Wheaton, that payment is typically established under the stream agreement rather than rising in line with every mine-level expense.

This gives the model considerable insulation from operating-cost inflation.

It does not completely separate the royalty holder from what happens at the mine. If higher costs make an operation uneconomic and the operator closes it, a royalty attached to that mine may stop generating revenue as well.

Which Carries More Risk, Royalty Companies or Miners?

As a broad rule, a diversified royalty or streaming company carries less direct operating risk than a mine operator. An established producer takes on more mine-specific risk, while an early-stage junior explorer generally sits at the speculative end of the spectrum.

That is a useful framework, but not a universal ranking.

A royalty company can still make a poor investment. It may pay too much for a stream, depend heavily on one operating partner, hold interests in difficult jurisdictions or own royalties on assets that never reach production.

Royal Gold explicitly notes that royalty and stream owners are less exposed to operating and capital-cost risks than the producer, rather than claiming those risks disappear entirely.

There is another issue investors sometimes miss: valuation.

Established royalty and streaming companies can command relatively rich market valuations because investors value their margins, diversification and lower direct operating-cost exposure. Paying a high multiple for a good business can still produce disappointing returns if future growth fails to justify that valuation.

Miners face a different set of problems.

A producer can suffer a mill outage, poor recovery, falling grades, labour disruption or cost overruns. A developer can struggle to finance construction. A junior may drill for years and fail to establish an economic resource.

There is no contractual structure that removes the underlying geological reality of mining.

Which Offers More Upside?

The answer depends on what creates the upside.

A producing silver miner can benefit from operating leverage. If the realised price of silver rises while much of the company’s cost base stays relatively stable, the percentage increase in its operating margin can be greater than the percentage increase in the metal itself.

That leverage is attractive when conditions improve. It is painful when they deteriorate.

Junior silver miners add another mechanism: discovery.

A small exploration company can change substantially after a meaningful drill result, a new mineral resource, good metallurgical work or progress toward development. A discovery can alter what investors believe the underlying project is worth before a single ounce is commercially produced.

Maria Norte provides a straightforward example of that mechanism. Rio Silver’s reported result of up to 991 g/t Ag over 0.70 metres is the type of geological result that can justify further technical work and affect market perceptions of an early-stage project. It does not, on its own, demonstrate mine economics.

Royalty companies have upside too, but it arrives differently.

A royalty may benefit from higher metal prices, increased production or a larger reserve on a property without requiring the royalty owner to fund every additional exploration or mine-development dollar.

Canada’s public markets have long been closely associated with mining finance, but not every Canadian silver stock trades in the same place.

The Toronto Stock Exchange, or TSX, is home to many established producers and larger development companies. The TSX Venture Exchange, usually written as TSX-V or TSXV, was built for smaller and earlier-stage businesses seeking public venture capital. That makes it a natural home for junior mineral explorers and developers, including many companies with silver projects.

The difference matters. A TSX-listed producer with several operating mines is a very different investment from a TSX-V explorer that still depends on drilling and future financing.

For investors researching silver stocks in Canada, understanding the exchange is therefore a useful first filter. It tells you something about the company’s stage, but it does not tell you whether the underlying project is good.

Key Takeaways

- The TSX Venture Exchange is a Canadian public venture-capital market for emerging companies, including many mineral explorers and developers.

- The TSX and TSX-V are separate markets operated within the TMX Group ecosystem. The TSX generally attracts larger and more established businesses, while TSX-V requirements are designed for earlier-stage companies.

- Many junior silver stocks depend on external financing because they have not yet built a producing mine.

- A TSX-V listing does not automatically mean a stock is better, cheaper or more speculative than every TSX stock. Company stage and fundamentals still need to be examined individually.

- Current TSX-V silver-related names include Rio Silver, Blackrock Silver, Aftermath Silver and Silver Viper Minerals.

- Several former junior names, including Vizsla Silver and AbraSilver, now trade on the senior TSX. Moving from TSX-V to TSX is commonly referred to as graduation.

- First Majestic Silver now trades on the TSX under AG, not FR.

What Is the TSX Venture Exchange?

The TSX Venture Exchange is Canada’s public venture-capital marketplace for emerging companies. It provides access to public equity financing for businesses that may not yet meet the requirements or stage normally associated with the senior Toronto Stock Exchange.

Mining is an important part of that market, but the TSX-V is not a mining-only exchange. Technology, energy, life sciences and other small-cap businesses also trade there.

For mineral companies, the structure is particularly useful because exploration is expensive long before a project generates revenue. Geologists, drilling contractors, technical studies, environmental work and land payments all require capital. A venture listing gives companies access to public investors while they work through those earlier stages.

The exchange has specific listing requirements for mining issuers. TMX’s 2026 listing guide separates TSX-V mining applicants into Tier 1 and Tier 2 and sets requirements covering property interests, exploration work, working capital and proposed work programs. For example, the Tier 2 mining requirements include evidence of qualifying-property expenditure and a recommended work program supported by a geological report.

That matters because the TSX-V is not an unregulated holding area for speculative companies. It is a public exchange with listing, disclosure and continuing obligations, even though its requirements are tailored to smaller and earlier-stage issuers.

TSX vs TSX-V: What’s the Difference for Silver Investors?

The simplest distinction is company maturity.

The senior TSX tends to host larger producers, advanced developers and established businesses. TSX-V is designed for emerging companies that need venture capital to grow. TMX itself describes the senior exchange as a market for growth-oriented companies with stronger operating track records, while the venture exchange is intended for businesses seeking public capital to facilitate growth.

For silver investors, that often translates into the following:

The table is a generalization, not a rule.

Some TSX-V companies have advanced projects with economic studies and large mineral resources. Blackrock Silver, for instance, trades on the TSX-V while advancing its Tonopah West project in Nevada and has already published a preliminary economic assessment.

Conversely, a company moving to the senior TSX does not suddenly lose exploration risk.

Exchange status is useful context. It should not replace project analysis.

Why Do Junior Silver Companies List on the TSX-V?

Junior silver companies list on the TSX-V largely because exploration requires capital before it produces cash.

TMX positions the market specifically for earlier-stage companies and smaller financings, with listing and governance requirements adapted to small-cap issuers. The exchange also provides a route toward eventual graduation to the TSX if a company grows enough to meet the senior market’s requirements.

That structure fits the mining cycle surprisingly well.

A mineral explorer can spend several years drilling before it has enough information to estimate a resource. A developer may then need further engineering, metallurgy, environmental studies, permitting and financing before construction is even possible.

Public-market access allows that work to be financed in stages.

It also means shareholders need to pay attention to how the financing is done. A company that repeatedly issues new shares can advance its project while diluting existing owners. That is not automatically destructive. Raising money for a productive drill program may create more value than the dilution costs. Repeated financings without corresponding technical progress are more concerning.

The TSX-V also has an established investor community familiar with this kind of geological and financing risk, which helps explain its continued importance to junior mining.

What Silver Companies Trade on the TSX and TSX-V?

This is where many online lists become confusing.

Searches for “TSX silver stocks” often combine senior TSX producers, development companies, TSX-V juniors and even CSE issuers as though they belong to the same category.

They do not.

Larger silver companies on the senior TSX

Pan American Silver (TSX: PAAS) is an established precious-metals producer with operating assets across the Americas. It belongs on the senior-company side of the comparison rather than in a list of TSX-V explorers.

First Majestic Silver (TSX: AG) is also an operating producer. Its current TSX symbol is AG, following the change from the older FR symbol that still appears in some legacy material. The company’s own 2026 investor information confirms TSX: AG.

Endeavour Silver (TSX: EDR) is another established producer, with the company currently listing TSX: EDR and NYSE: EXK in its investor materials.

Silvercorp Metals (TSX: SVM) generates revenue from producing mines and reports its shares on both the TSX and NYSE American under SVM.

Aya Gold & Silver (TSX: AYA) operates the Zgounder silver mine in Morocco and continues active exploration across its portfolio.

Two names also illustrate how the junior-to-senior progression works.

Vizsla Silver now trades on the senior TSX rather than the TSX-V, while AbraSilver Resource Corp. currently trades as TSX: ABRA as it advances the Diablillos silver-gold project.

These companies may still carry development risk, but they should no longer be presented as current TSX-V examples.

Junior silver explorers and developers on the TSX-V

Rio Silver Inc. (TSX-V: RYO | OTCQB: RYOOF) is a pre-production silver exploration and development company focused on Peru. Its Maria Norte project in the Huachocolpa District has returned silver grades of up to 991 g/t Ag over 0.70 metres from verification sampling. The company remains at an early stage, so exploration, financing, permitting and development risk all remain relevant.

Blackrock Silver (TSX-V: BRC) is advancing the Tonopah West silver-gold project in Nevada. The company published an updated preliminary economic assessment in 2026 and is continuing resource-expansion drilling, putting it further along the development curve than a grassroots explorer.

Aftermath Silver (TSX-V: AAG) is another current venture-listed silver company. Its own investor materials confirm AAG on the TSX-V and AAGFF on the OTCQX.

Silver Viper Minerals (TSX-V: VIPR) is a Canadian junior focused on precious-metals projects in Mexico. It was included in the 2026 TSX Venture 50 and continues drilling at La Virginia while adding the Coneto silver-gold project to its portfolio.

These names are more useful examples for a current guide than Dolly Varden or Vizsla, both of which appear in older TSX-V silver-stock articles but no longer fit that description.

There are also silver companies outside the TMX exchanges. Kuya Silver, for example, trades on the CSE rather than the TSX-V. That is another reason investors should verify the actual listing instead of assuming every Canadian junior is a venture-exchange stock.

Graduation From TSX-V to TSX

One of the most useful concepts for investors new to Canadian silver stocks is “graduation.”

A company that grows and meets the senior TSX listing requirements can apply to move from the venture exchange to the TSX. TMX has a formal graduation process that reduces some duplication for eligible TSX-V issuers, including access to information already filed with the venture exchange.

The move can reflect a company’s increasing scale, financing capacity or stage of development. It should not be interpreted as an exchange-issued endorsement of the stock’s investment merits.

Nor does graduation remove commodity risk.

A newly graduated silver developer may still require hundreds of millions of dollars to build a mine. An explorer can still drill disappointing holes after changing exchanges. The listing tells you where the security trades and which requirements it satisfies, not what silver will do or whether the company’s project will succeed.

September 24, 2026

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NTT DOCOMO BUSINESS Launches “Pro”, a New docomo business SIGN® Offering for Large-Scale Global Connected Products

Enhanced Operational Capabilities Through Centralized IoT Connectivity Management, Plus Support for the SGP.32 eSIM Standard

Tokyo, Japan, September 24, 2026 — NTT DOCOMO BUSINESS, Inc. (formerly NTT Communications Corporation) announced today the launch of “Pro,” a new offering in the docomo business SIGN®1 lineup, an IoT-focused Network as a Service (NaaS) with built-in security features. Designed to support the large-scale and global deployment of connected products, “Pro” helps customers manage and operate tens of thousands of IoT connections. The service will be available from March 2027.

This new offering addresses the challenges of achieving more advanced operational management through the centralized management of domestic and international IoT connectivity, operational automation, and system integration, while also enhancing security. It will reduce the operational burden on customers while supporting the continued delivery of value through connected products and services.

1.Background

In recent years, against the backdrop of labor shortages resulting from Japan’s declining birthrate and aging population, various industries, such as manufacturing, logistics, healthcare, social infrastructure and mobility, have been pursuing labor-saving processes and more sophisticated operations through autonomous driving, remote monitoring and the use of AI. To support these initiatives, the adoption of connected products, which include communications functions embedded into vehicles, industrial machinery, surveillance cameras, medical equipment and other devices, has been expanding. GSMA Intelligence2 forecasts that the number of IoT connections worldwide will reach 38.7 billion by 2030, with business connections accounting for 63% of the total.3

Against the backdrop of the growing adoption of connected products, the number of connections and devices operated and managed by companies has expanded from several thousand to tens of thousands, increasing the importance of efficient operation and management. In particular, when providing services using connected products in Japan and overseas, companies face increasingly complex operational challenges, including lifecycle management (activating, suspending and terminating SIMs), integration with external systems, monitoring communications status, and responding to failures.

In addition, it has become increasingly important to address unauthorized communications and malware infections caused by cyberattacks targeting connected products and the networks that connect them. In response to these developments, companies providing services through connected products are required to not only manage connectivity and devices efficiently, but also to operate their services reliably while implementing security measures that incorporate the protection of communications pathways.

2.Key Features and Benefits of “Pro”

In addition to the patented security features provided as standard with this service,4 “Pro” offers advanced connectivity management functions for companies operating large-scale IoT businesses. It supports the entire lifecycle of IoT services, from streamlining SIM activation and initial configuration when deploying large numbers of IoT devices, to centrally managing connectivity and devices distributed across Japan and overseas, as well as facilitating system integration when expanding services. This allows customers to achieve stable service delivery and continued business growth while reducing the operational burden, management costs and security risks associated with business expansion.

The key benefits of “Pro” are as follows.

2.1 Automation of SIM Activation and Configuration

SIM configuration and activation tasks associated with the shipment and deployment of IoT devices can be streamlined through a portal or APIs. In addition, by integrating with customers’ systems and automating processes such as SIM activation, suspension and termination, the time and effort required to launch services when deploying large numbers of devices can be reduced.

2.2 Centralized Management of Domestic and International Connectivity and Devices

Customers can centrally monitor the status and usage of SIMs and devices deployed in Japan and overseas through a common operational platform. In addition, by automating anomaly detection and notifications, as well as processes associated with changes to contracts and configurations, the workload of operations personnel tasked with checking and responding across multiple systems can be reduced.

Furthermore, integration with security features enables customers to centrally monitor the operational status of SIMs and devices and security events through a single operational platform. This allows for faster initial responses when anomalies occur, supporting the safe and stable operation of services.

2.3 Expansion of Value-Added Services Through API Integration

SIM information and device status can be easily integrated with business systems and service platforms through APIs. This enables customers to rapidly provide value-added services, such as remote control and status notifications, while reducing the development burden associated with service expansion.

2.4 Improving Operations and Security Through Real-Time Visibility

By visualizing communications and device status, customers can remotely check conditions and identify the causes of issues when anomalies occur. This enables faster initial responses to failures; it also reduces the amount of work required on-site and helps lower the risk of service interruptions. In addition, integration with the security features enables the detection of unauthorized communications and the blocking of communications on an individual SIM basis, helping to reduce the security risks associated with connected products.

2.5 More Efficient Global Expansion Through the Use of eSIM (SGP.32)5

“Pro” will support SGP.32, the next-generation IoT eSIM standard, and is scheduled to be available from March 2027. This will enable customers to change communications profiles6 through a portal or APIs even after IoT devices have been manufactured and shipped. The most suitable communications profile can be applied without manufacturing separate products for each country or region, simplifying global product rollouts by allowing a single product configuration to be used across multiple countries and regions.7

In addition, communications service providers can be switched remotely after operations have begun without replacing physical SIMs. This will provide greater flexibility in making operational changes after service launch and optimizing the communications environment.

3.Availability

March 2027

4.Fees / Application Process

Interested parties should contact their NTT DOCOMO BUSINESS sales representative.

5.Future Development

Going forward, under the concept of the AI-Centric ICT Platform®,8 a next-generation ICT platform optimized for the AI era, NTT DOCOMO BUSINESS will continue to enhance security features and expand functions that support the effective use of IoT data. These efforts will address the diverse IoT use cases and customer needs emerging in the AI era.

6.Information on the NTT docomo Business Forum'26 Exhibition

This service is scheduled to be introduced at the “NTT docomo Business Forum'26,” to be held on Thursday, October 8 and Friday, October 9, 2026. Please refer to the exhibition information on our official website (Japanese only).

- Exhibition title: Turning Data Generated in the Field into Value with AI

- Exhibition number: IT-01

- Venue: The Prince Park Tower Tokyo, Floor B2

- Date and time: Thursday, October 8 and Friday, October 9, 2026, 9:30 a.m.–5:30 p.m.

- Attendance: By invitation only

- Admission: Free

1. An IoT-focused NaaS with built-in security features. See press release of September 16, 2025:

Launch of “docomo business SIGN,” a New IoT Service with Built-in Security Features (in Japanese)

2. A research and consulting division of GSMA (GSM Association), an international industry association representing the global mobile communications industry.

3. For details, please refer to the following website:

https://www.gsmaintelligence.com/research/iot-market-forecast-to-2030-connections-by-region-and-vertical

4. This patented function uses threat intelligence-based threat detection and blocking capabilities to detect communications between IoT devices and malicious servers in real time. Customers can block communications on an individual SIM basis when necessary.

5. An international standard established by GSMA for the remote management of eSIMs (remote SIM provisioning) for IoT devices. It enables communications profiles to be remotely delivered and changed even after IoT devices have been shipped.

6. Data that combines contract information with a communications service provider and the configuration information required to connect to a network. With an eSIM, the communications service provider being used can be changed by remotely downloading and switching communications profiles, without replacing a physical SIM.

7. Available in countries and regions excluding those where communications are subject to regulatory restrictions.

8. Refers to a next-generation ICT platform optimized for the AI era, in which companies use AI to achieve fundamental improvements in productivity, strengthen competitiveness and transform their business models.

About NTT DOCOMO BUSINESS

NTT DOCOMO BUSINESS, Inc. is Japan’s leading comprehensive global ICT solutions provider. We are an Industrial and Regional DX Platformer driving digital transformation across industries and communities, enabling the development of a decentralized, autonomous, and collaborative society where businesses and communities can thrive sustainably.

September 29, 2026

NTT DOCOMO BUSINESS, Inc.

NTT DOCOMO BUSINESS and stc group launch IoT connectivity solution for Komatsu construction equipment in Saudi Arabia

Tokyo, Japan, September 29, 2026 — NTT DOCOMO BUSINESS, Inc. (“NTT DOCOMO BUSINESS”; formerly NTT Communications Corporation) and stc group, Saudi Arabia’s leading digital enabler, today announced the launch of an IoT connectivity solution1 for Komatsu Ltd. (Komatsu) construction equipment in Saudi Arabia, a country with specific telecommunications regulations2.

AI-generated Image of construction equipment

1.Background

Komatsu’s construction equipment operates across Saudi Arabia. The company is expanding its connected services through “Komtrax3”, a telematics and remote monitoring system that wirelessly captures essential operational data from construction equipment. Through remote monitoring, data analytics, and predictive maintenance, the service offers greater visibility into equipment utilization, improving operational efficiency, and enhancing competitiveness.

To support the international expansion of Komatsu’s connected services, NTT DOCOMO BUSINESS partnered with stc group to deliver stable, in-country IoT connectivity that meets local telecommunications regulations for Komatsu’s construction equipment in Saudi Arabia.

NTT DOCOMO BUSINESS handled solution design and end-to-end delivery, while stc group provided local expertise, connectivity services and technology, including SIMs and Connectivity Management Platform4 (“CMP”), to support seamless deployment across the Kingdom.

2.Overview of the IoT connectivity solution

In Saudi Arabia, the solution delivers three core capabilities:

a. Regulatory-aligned, in-country connectivity services

NTT DOCOMO BUSINESS establishes the contractual and operational framework required to address local telecommunications regulations, while stc group provides in-country connectivity services to comply with those regulations.

b. High-quality connectivity powered by stc group’s network and CMP

The solution uses stc group’s advanced network and CMP to provide reliable and scalable connectivity for Komatsu’s construction equipment. This enables reliable telemetry data collection and management across broad coverage areas.

c. End-to-end support, from design to build-and-run

NTT DOCOMO BUSINESS provides end-to-end support from design through implementation and operations, helping Komatsu address country-specific telecommunications requirements while minimizing the need for changes to its connectivity model.

Overview of the solution and of each partner’s responsibilities

3.Looking Ahead: Scaling compliant IoT connectivity

NTT DOCOMO BUSINESS will continue to collaborate with global IoT service providers and local telecommunications operators to deliver end-to-end IoT connectivity solutions that comply with local telecommunications regulations and connectivity requirements across countries and regions.

More broadly, NTT DOCOMO BUSINESS is enhancing its platform capabilities under its “AI-Centric ICT Platform®5” vision to address the diverse IoT needs of the AI era. In line with this vision, the company continues to strengthen its service platform through the new, global-ready “Pro” plan of docomo business SIGN®6, a secure Network as a Service (NaaS) solution for IoT.

Through these solutions and services, NTT DOCOMO BUSINESS will continue to support the global expansion of customers providing advanced IoT devices and digital services, including construction equipment and automotive manufacturers.

About NTT DOCOMO BUSINESS

NTT DOCOMO BUSINESS, Inc. is Japan’s leading comprehensive global ICT solutions provider. We are an Industrial and Regional AX Platformer driving digital transformation across industries and communities, enabling the development of a decentralized, autonomous, and collaborative society where businesses and communities can thrive sustainably. Our mission is to unlock new value and help create prosperity for all. For more information, please visit https://www.ntt.com/en/index.html.

About stc group:

stc group is a digital enabler, offering advanced solutions and driving a role in the digitalization process. The group provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment. The group comprises 13 subsidiaries across the Kingdom of Saudi Arabia, the Middle East, North Africa, and Europe.

To know more about stc group: https://www.stc.com/content/stcgroupwebsite/sa/en/who-we-are.html

1. IoT connectivity solution: This solution is delivered by NTT DOCOMO BUSINESS as part of its broader global IoT connectivity framework, which is supported by strategic partnerships, including an agreement with Airlinq Inc. entered into in February 2026, to enable the deployment of IoT connected solutions in regulated markets.

Press Releases March 2, 2026:NTT DOCOMO BUSINESS and Airlinq Form Strategic Partnership for Global IoT

2. Country with specific telecommunications regulations: a country that restricts or prohibits long-term roaming or permanent telecommunications services by foreign operators that do not hold a telecommunications license in the country.

3. Komtrax: Komatsu’s wireless monitoring system that enables the remote collection and visualization of essential operational information from construction equipment.

4. Connectivity Management Platform: a system used to manage and control connectivity and SIM-related information for IoT devices in a unified manner.

5. AI-Centric ICT Platform®: a next-generation ICT platform designed for the AI era, enabling enterprises to leverage AI to fundamentally improve productivity, strengthen competitiveness, and transform their business models.

Press Releases September 24, 2026:NTT DOCOMO BUSINESS Launches “Pro”, a New docomo business SIGN® Offering for Large-Scale Global Connected Products

6. docomo business SIGN®: a Network as a Service (NaaS) for IoT provided by NTT DOCOMO BUSINESS, with security capabilities built in as standard features.

2026-R109

October 8, 2026

NTT DOCOMO BUSINESS, Inc.

Classiq

NTT DOCOMO BUSINESS and Classiq Enter Strategic Business Partnership to Accelerate Enterprise Adoption of Quantum Computing

Combining Classiq’s quantum software development platform with NTT DOCOMO BUSINESS's real-world implementation expertise to accelerate enterprise quantum adoption

TOKYO, Oct. 8, 2026 — NTT DOCOMO BUSINESS, Inc. (formerly NTT Communications Corporation) and Classiq Technologies G.K., the Japanese subsidiary of Classiq Technologies Ltd., today announced a memorandum of understanding establishing a strategic business partnership aimed at accelerating enterprise adoption of quantum computing1 in Japan.

Under the partnership, NTT DOCOMO BUSINESS will propose and sell the Classiq quantum software development platform and work with Classiq to help enterprises identify, develop and validate quantum computing use cases. Classiq will provide the platform, along with expertise and technical support related to quantum algorithms and quantum software technologies. The two companies will combine Classiq’s quantum software technology with NTT DOCOMO BUSINESS’s experience bringing advanced technologies into real-world enterprise environments.

Quantum computing is attracting growing interest across many industries for its potential to address computational challenges in areas including materials development and drug discovery, financial risk analysis, and logistics and network optimization. In Japan, expanding cloud access to gate-based quantum computers2 is enabling more organizations to move beyond research and begin evaluating potential applications.

Developing quantum software, however, requires specialized expertise. Quantum developers must account for concepts such as superposition and entanglement, while quantum circuits3 may also need to be adapted and optimized for different hardware architectures.

The Classiq platform is designed to abstract much of that complexity. It combines agentic AI interfaces, Qmod,4 Classiq’s high-level quantum modeling language, and an automated synthesis engine5 that transforms high-level functional models into optimized quantum circuits. This approach enables developers and technical teams to focus on algorithmic and business requirements while the platform handles many lower-level implementation decisions.

In addition, the Classiq platform supports simulators as well as quantum hardware based on diverse operational principles, including superconducting, neutral-atom, trapped-ion, and photonic architectures. Developers can execute algorithms across multiple types of quantum hardware directly from the Classiq platform without rewriting their code. By allowing organizations to select hardware targets based on their specific application requirements and machine time availability,6 the platform enables customers to advance their quantum initiatives and safeguard their digital assets without being locked into any single modality.

“Enterprises are increasingly interested in quantum computing, but turning that interest into concrete use cases requires both accessible development technology and the ability to integrate new capabilities into existing business environments,” said Yuichi Ikejiri, Head of the Innovation Center, NTT DOCOMO BUSINESS. “Through this partnership with Classiq, we will work with customers to identify where quantum computing can create value and help them build the capabilities needed to evaluate and develop practical applications.”

Through joint customer engagements, NTT DOCOMO BUSINESS and Classiq plan to assess business challenges where the Classiq platform can be applied and support the development and execution of quantum algorithms. The companies will work together to develop new use cases, build enterprise quantum readiness and facilitate access to quantum computing resources.

“Japan has a strong base of enterprises already exploring how quantum computing can contribute to their long-term technology strategies,” said Akira Tanaka, VP, Head of APAC at Classiq. “By combining NTT DOCOMO BUSINESS’s enterprise implementation experience with Classiq’s high-level quantum software development technology, we can help more organizations move from learning about quantum computing to developing and evaluating applications around their own business challenges.”

NTT DOCOMO BUSINESS works with customers across industries including manufacturing, financial services, logistics and the public sector, drawing on its experience deploying and operating networks, cloud services and AI infrastructure. The company is also pursuing quantum-related technology validation and implementation initiatives, including the development of a wide-area quantum-secure communications network using quantum key distribution (QKD)7,8 and security technologies leveraging post-quantum cryptography (PQC).9

Going forward, NTT DOCOMO BUSINESS and Classiq aim to expand quantum computing beyond specialized domains and help enterprises develop the capabilities needed to pursue practical business applications.

1 Quantum computing is a computing technology that applies principles of quantum mechanics, such as superposition and quantum entanglement, and has the potential to efficiently address problems that are difficult for conventional computers to solve within a practical timeframe.

2 Gate-based quantum computing is a general-purpose approach in which basic operations (gates) are applied to qubits in combination to execute a wide range of algorithms. Unlike Ising-machine approaches specialized for combinatorial optimization, gate-based systems are expected to support a broad range of applications, including machine learning and simulation.

3 A quantum circuit is an ordered sequence of basic operations (gates) applied to qubits, representing the set of instructions executed by a quantum computer.

4 Qmod is a high-level modeling language developed by Classiq for describing quantum algorithms. It enables quantum algorithm concepts to be expressed intuitively and at a high level of abstraction, from which quantum circuits are automatically generated.

5 The synthesis engine automatically translates high-level quantum models into quantum circuits while optimizing them against defined constraints and target hardware requirements.

6 Machine time refers to the allocated computing time available to execute jobs on a quantum computer.

7 Quantum key distribution (QKD) is a technology that uses principles of quantum mechanics to securely share cryptographic keys and can detect attempts by a third party to intercept the key exchange.

8 Announced June 30, 2026: “Construction Begins on Japan’s First Wide-Area Quantum-Secure Communications Network Spanning Approximately 600 km Across Tokyo, Nagoya and Osaka.” See https://www.ntt.com/about-us/press-releases/news/article/2026/0630_2.html (in Japanese)

9 Post-quantum cryptography (PQC) refers to cryptographic methods designed to provide protection against decryption attacks using quantum computers.

About NTT DOCOMO BUSINESS

NTT DOCOMO BUSINESS, Inc. is Japan’s leading comprehensive global ICT solutions provider. We are an Industrial and Regional AX Platformer driving digital transformation across industries and communities, enabling the development of a decentralized, autonomous, and collaborative society where businesses and communities can thrive sustainably. Our mission is to unlock new value and help create prosperity for all. For more information, please visit https://www.ntt.com/en/.

About Classiq

Classiq, a leading quantum computing software company, provides an enterprise-grade platform that makes it practical to develop scalable, efficient quantum applications. Used by dozens of global enterprises including Rolls-Royce, Comcast, The BMW Group, Intesa Sanpaolo, the Classiq platform combines AI agents, Qmod (a high-level quantum programming language) and synthesis-based design automation to accelerate the development of optimized, hardware-ready quantum software. The platform also supports hardware benchmarking, cost and performance optimization, and execution via the cloud across quantum hardware platforms.

Classiq, a Fast Company ‘Next Big Thing in Tech’ award winner, is backed by leading global investors and collaborates with quantum cloud providers, hyperscalers and quantum hardware companies. Follow Classiq on LinkedIn, X or YouTube, visit the Slack community, GitHub repository and www.classiq.io to learn more.

2026-R122

Northland Opens National Grid-Sponsored Clean Energy Learning Center

National Grid has been a proud partner of the Northland Workforce Training Center since its founding in 2018. On Sept. 25, the company’s ongoing support and commitment to workforce development were recognized with Northland’s 2026 President’s Award.

The company was recognized during Northland’s awards dinner, held each year to recognize business and community leaders who go above and beyond to help Northland and its students achieve their goals.

Northland offers hands-on training and education to close the skills gap of the local labor pool, while creating training and employment opportunities for western New Yorkers who are seeking careers in advanced manufacturing, automotive, HVAC and clean energy. 

In 2025, National Grid provided Northland with $2 million, to be distributed over a five-year period, to support students who are pursuing careers in electrical construction and clean energy. The funding was used to build a new Clean Tech Lab and Experience Center, for which a formal ribbon cutting also was held on the 25th.

The initiative is supported through National Grid’s Sustainability organization by its Social Impact and Community Engagement team, which partners with and invests in local nonprofits across the company's service area.

Northland’s new, state-of-the-art training center will be used to teach its Clean Energy program. Students will learn in an innovative smart facility that will include renewable energy technology, sustainable building systems and smart controls.

"National Grid has been a critical partner of Northland Workforce Training Center since the beginning,” said Stephen Tucker, Northland’s president and CEO, who added that National Grid’s economic development programs have assisted with Northland’s literacy and numeracy training, and helped purchase a van for student transportation. National Grid funding also was used to upgrade Northand’s electric lab. 

“Training the next generation in clean energy and electrical construction careers allows us to open the door to brighter futures for our students,” Tucker said.

"Investing in Northland represents more than just serving the community and delivering energy; it’s about empowering the next generation,” said Robert Simmons, Vice President, US Social Impact and Community Engagement, National Grid. “The new Clean Tech Lab and Experience Center will provide a level of interaction and practical experience; it represents a commitment that Northland made at its core that aligns with National Grid to develop the local workforce and build stronger communities.”

About National Grid

National Grid (NYSE: NGG) delivers electricity and natural gas to more than 20 million people across New York and Massachusetts. We’re committed to meeting our customers’ energy needs and supporting economic growth across the regions we serve—providing safe, reliable energy today and building the resilient networks of the future. National Grid Ventures, our commercial business, develops and operates infrastructure that delivers affordable and reliable energy to consumers. National Grid Partners, our venture capital and corporate innovation arm, invests in and collaborates with technology companies that are accelerating the future of energy and helping new technologies reach critical scale faster.

For more information, please visit our website, follow us on X, watch us on YouTube, like us on Facebook and find us on Instagram.

National Grid to Highlight ‘Winter Heating’ Support during October Customer Assistance Events Across Massachusetts

WALTHAM, MA – National Grid remains committed to delivering energy savings for its customers statewide. During the lead-up to the winter heating season, the company is encouraging customers to act now to get help with winter bills by attending one of the many Customer Assistance events that will take place across Massachusetts during October. At these events, National Grid’s team of Advocates can help customers gain access to bill management options and energy-saving tips that can help manage energy costs throughout the year, as well as the process to apply for support through Home Energy Assistance Programs (HEAP).

“As we head into the winter heating season, we’re encouraging customers to act now and take advantage of the programs and resources available to help manage their energy bills,” said Bill Malee, Chief Customer Officer at National Grid. “Our statewide customer events provide the opportunity to speak one-on-one with a trained Advocate who can answer billing questions, explain programs like the Bundle, and check into eligibility for discount programs.”

Help with Managing Energy Bills:

National Grid is committed to delivering safe and reliable energy to the customers and communities we serve. With colder weather on the horizon, now is an ideal time to explore programs that help manage energy costs, including:

- Payment assistance;

- Budget Plan;

- The Tiered Discount Rate Program; and

- The Arrears Management Program.

Income-eligible Massachusetts customers can apply for HEAP support as of October 1, 2026. National Grid gas and electric customers in Massachusetts can learn more about program eligibility and how to apply for each program at the links below:

Massachusetts Gas Customers

Massachusetts Electric Customers

Payment Assistance Bundle Helps Manage Energy Bills:

National Grid ‘s Payment Assistance Bundle, which was launched in mid-2025 to address customer billing concerns, combines three helpful payment solutions which make it easier to manage energy costs and pay down past-due amounts over a 12-month period. The programs included within the Bundle include:

- Deferred Payment Agreement: Spread out past-due balance into future monthly payments.

- Automatic Monthly Payments: Automatically deduct payments from your bank account each month and avoid missing due dates.

- Budget Plan: Break down annual energy costs into balanced monthly payments, making it easier to budget and plan expenses.

Residential customers interested in enrolling in the Payment Assistance Bundle or other Bill Assistance programs can enroll via their ‘My Account’ login or visit ngrid.com/hereforyou to learn more about these programs. Customers can also speak with a Customer Service Specialist by calling (800) 233-5325.

October 2026 Customer Assistance Events across Massachusetts:

The full list of in-person Customer Assistance events taking place in Massachusetts this October is included below.  These events, which are free and open to the public, are part of National Grid’s broader commitment to affordability and reliability.  Customers interested in attending an event are encouraged to visit the Massachusetts Customer Assistance event page to confirm the date, time, and location for all events. 

October 2026

Statewide Customer Assistance Events

Customers unable to attend an in-person event can view our August 2026 Bill Assistance Webinar hosted by our Advocates, which provided an overview of key customer-focused programs.

About National Grid

National Grid (NYSE: NGG) delivers electricity and natural gas to more than 20 million people across New York and Massachusetts. We’re committed to meeting our customers’ energy needs and supporting economic growth across the regions we serve—providing safe, reliable energy today and building the resilient networks of the future. National Grid Ventures, our commercial business, develops and operates infrastructure that delivers affordable and reliable energy to consumers. National Grid Partners, our venture capital and corporate innovation arm, invests in and collaborates with technology companies that are accelerating the future of energy and helping new technologies reach critical scale faster.

For more information, please visit our website, follow us on X, watch us on YouTube, like us on Facebook and find us on Instagram.

Modernized, Upgraded Buffalo Substation to Support Projected Electricity Load Growth, Economic Development

110-year-old site, bolstered by $32 million investment, is first milestone in multi-year reliability and resiliency plan

To meet anticipated load growth across Buffalo, National Grid has modernized and upgraded its Perry Street substation. The facility’s outgoing distribution delivery voltage has traditionally been 4,160 volts. But, as a result of a recently completed $32 million construction project, it now has the addition of 13,200-volt delivery to serve some large loads in the Larkinville and First Ward areas of the city. The Perry Street station represents the first of around a dozen substations that the company will either modernize or rebuild in the coming years to ensure that supply can meet projected demand increases. At the same time, it ensures that customers will continue to receive resilient, reliable electricity. 

“Growth across the City of Buffalo is driving change in electricity delivery,” said National Grid Regional Director Ken Kujawa. “The renovations at our Perry Street station were both necessary and a direct response to load growth in Larkinville and the First Ward that include projects exceeding 1 megawatt. As we look ahead, this substation project and others like it are part of our current planning process to meet increased electricity demand and anticipate capacity needs across the city.” 

Kujawa added that the original substation, built in 1916, has served the area well. But it was built at a time when large electricity loads weren’t as commonplace or anticipated as they are today. The new station cost $32 million to renovate and went online this past summer. 

            “Currently as many as two dozen mixed reuse, affordable housing, commercial, and retail projects are either in the planning or construction phases, and with this new station in place, we’ll be able to support additional load growth,” Kujawa said, adding that other factors including deployment of electric heat and expansion of electric transportation also will require more electricity.

National Grid installed murals on the brick wall facing Perry Street that include images of electricity pioneers who spent time in Western New York. Depicted, with their inventions, are: 

Thomas Edison, Jacob Schoellkopff, Nikolai Tesla, and George Westinghouse. All spent time in the region and played significant roles in the eventual harnessing of hydroelectric power in Niagara Falls and transmitting high-voltage electricity to Buffalo in 1896.

As part of National Grid’s long-term infrastructure investment plan, additional portions of the City of Buffalo will also be converted to 13,200-volt delivery. Doing so will require modernizing and upgrading older substations, retiring others, and building some new ones. 

“Modernized and upgraded facilities allow us to continue to prepare for electric load growth while at the same time, support economic development opportunities and continue to provide safe, reliable, resilient electricity upon which our customers in the City of Buffalo have come to rely,” added Kujawa.

About National Grid

National Grid (NYSE: NGG) delivers electricity and natural gas to more than 20 million people across New York and Massachusetts. We’re committed to meeting our customers’ energy needs and supporting economic growth across the regions we serve—providing safe, reliable energy today and building the resilient networks of the future. National Grid Ventures, our commercial business, develops and operates infrastructure that delivers affordable and reliable energy to consumers. National Grid Partners, our venture capital and corporate innovation arm, invests in and collaborates with technology companies that are accelerating the future of energy and helping new technologies reach critical scale faster.

For more information, please visit our website, follow us on X, watch us on YouTube, like us on Facebook and find us on Instagram.