5 ASX Silver Stocks That Could Surge in January 2026

ASX silver stocks: 5 names to watch in January 2026

Silver had a wild December. The metal surged to a record US$84 per ounce before crashing 11% to around US$73 in its biggest single-day drop since 2020. While profit-taking played a role after a 140% rally, the selloff was accelerated by the CME Group raising margin requirements for silver futures, which forced leveraged traders to exit positions alongside the broader year-end correction. China’s new export controls took effect on January 1, restricting who can ship silver overseas. With China controlling around two-thirds of global refined supply, this creates a potential squeeze just as demand from solar panels and EVs keeps growing. For ASX investors, this price pullback could be a good chance to buy strong silver stocks at cheaper levels.

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Why January Could Be Big for Silver

The fundamentals remain strong. China’s licensing system now restricts hundreds of smaller exporters from shipping silver overseas; only companies producing at least 80 tonnes annually can obtain permits. Shanghai premiums surged above US$8 over London prices before the crash, signalling tight physical supply. Industrial demand for solar panels, EVs, and data centres continues growing. The silver market has run a supply deficit for five straight years. In our view, December’s crash cleared out weak holders, potentially setting the stage for a more stable move higher.

5 ASX Silver Stocks to Watch

Unico Silver (ASX: USL)

Unico Silver (ASX: USL) offers the most aggressive upside here. The company grew its Cerro Leon resource in Argentina by 73% to 162 million ounces at exceptional grades of 161 g/t. Canaccord Genuity maintains a speculative buy rating on the stock, recently highlighting the project’s scale as a key reason for their bullish price targets as the resource continues to expand. The trade-off? Argentina’s political risk is real, but the grades are among the best globally. This suits investors comfortable with higher risk.

Silver Mines (ASX: SVL)

Silver Mines owns the Bowdens Project in NSW, Australia’s largest undeveloped silver deposit. Shares have gained over 130% in the past year. While the NSW location avoids emerging market risk, investors should note that SVL is currently refreshing its ecological surveys following an August 2024 court ruling. This has moved the final permitting redetermination timeline to mid-2026, making it a play for those with a longer-term horizon.

Investigator Resources (ASX: IVR)

Investigator Resources (ASX: IVR) sits between explorer and developer. Its Paris Project in South Australia holds 57 million ounces at 73 g/t, high-grade by local standards. The company targets a Definitive Feasibility Study in early 2026, which will be the key catalyst. If economics stack up at current prices, this could rerate quickly.

Sun Silver (ASX: SS1)

Sun Silver (ASX: SS1) gives you US exposure in Nevada, the world’s top mining jurisdiction. Maverick Springs just grew to 539 million ounces, the largest undeveloped primary silver deposit on the ASX. The company also found antimony, a US critical mineral, adding strategic value. Fully funded with A$30 million raised, Sun Silver offers a scale that few peers can match.

DPM Metals (ASX: DPM)

DPM Metals (ASX: DPM) is the only producer on this list. The company operates the Vareš mine in Bosnia, producing around 700,000 ounces per quarter. Unlike explorers, DPM generates cash flow today. It won’t deliver 10x returns, but it offers direct silver leverage with lower execution risk. This suits conservative investors.

The Investor’s Takeaway

After gains of 140%+, selectivity matters more than ever. Explorers like Unico Silver and Sun Silver offer leverage to higher prices. DPM Metals provides producing exposure with cash flow. Investigator and Silver Mines sit in the middle as development plays. The key risk: If the Fed turns hawkish, silver could drop further. We believe selective buying into this pullback makes sense for patient investors who understand the risks.