Silver inventories at COMEX and London have fallen sharply from pandemic-era peaks – COMEX registered stocks are down more than 75% to about 79.9 million oz., while LBMA vaults hold 27,454 tonnes (≈883 million oz.), 20% below their 2021 record – yet analysts argue this does not prove a structural shortage. The World Silver Survey 2026 projects a 46.3 million oz. deficit and estimates 762 million oz. drawn from above-ground stocks since 2021, but CPM Group stresses that investment flows, working inventories and scrap – including “billions of ounces” in jewellery and electronics – can rapidly re-enter the market.

Depletion of high-grade deposits, declining ore grades and sustained high commodity prices are pushing miners towards frontier resources in the Arctic, on abyssal plains and eventually in space. Capital is already moving into Arctic projects targeting onshore and offshore deposits in ice-affected conditions, while proposed deep-sea mining of polymetallic nodules on abyssal plains faces an intensifying regulatory battle at the International Seabed Authority. Asteroid mining remains a long-dated, largely conceptual option, but is shaping early research into in-situ resource utilisation, autonomous extraction systems and ultra-remote operations.

Triple Flag Precious Metals is paying $440 million in cash for a gold stream over Queensland’s Ravenswood open-pit mine, giving it rights to 5.5% of payable gold, stepping down to 3.75% after 194,200 oz and 2.5% after 253,000 oz, with deliveries priced at 10–20% of spot. The 8.6 Mtpa operation, owned by EMR Capital and Golden Energy and Resources, produced 134,000 oz in 2025 and is targeted to exceed 200,000 oz by 2028 following upgrades. The stream, covering 1,800 km² of exploration licences including Buck Reef West and Sarsfield-Nolans, lifts Triple Flag’s 2030 outlook to 150,000–160,000 GEOs.