Top 3 ASX Silver Stocks Under $1 to Watch in 2026
Written by
Varun Ratra
USL, SVL and BML are three ASX Silver Stocks Under $1 attracting attention for their silver exposure and project development progress. Their activities range from mineral exploration and feasibility studies to mine construction and future production.
1. Unico Silver Limited (ASX: USL)
Unico Silver Limited (ASX: USL) published its FY26 annual report on 24 September 2026, highlighting its transition from exploration-led growth towards project development.
During FY26, the company established a combined JORC mineral resource of approximately 330 million ounces (Moz) of silver equivalent across its Joaquin and Cerro Leon projects.
Exploration continued at Joaquin, with assay results reported from 268 holes totalling 3,861 metres. Unico Silver also raised approximately $75 million through two institutional placements, ending June 2026 with a cash balance of $55 million.
The company had a market capitalisation of approximately $479.63 million. Its performance also benefited from a reported 63% rise in silver prices during FY26, amid a demand-supply imbalance.
What to watch: USL's priorities include advancing its maiden Pre-Feasibility Study (PFS) and expanding its mineral resource base. Progress on these fronts could influence its development pathway and future production prospects.
2. Silver Mines Limited (ASX: SVL)
Silver Mines Limited (ASX: SVL) published its FY26 annual report on 30 September 2026, highlighting progress towards developing its flagship Bowdens Silver Project.
A key milestone was the completion and release of the project's Definitive Feasibility Study (DFS) in July 2026. The study outlined the project's technical development plan, mine life and projected economics.
Bowdens is described as the world's sixth-largest undeveloped silver deposit, with a mineral resource estimate of approximately 184 million ounces of silver based on 1,138 drill holes.
Silver Mines reported a cash balance of approximately $35 million at the end of June 2026 and a market capitalisation of around $319.03 million.
What to watch: The company's focus is on progressing the Bowdens Silver Project through the New South Wales planning process and advancing its development pathway. Planning approvals and subsequent development milestones remain important considerations.
3. Boab Metals Limited (ASX: BML)
Boab Metals Limited (ASX: BML) published its FY26 annual report on 30 September 2026, highlighting development and construction activities at its flagship Sorby Hills Project.
Production is expected to commence in the second half of 2027, subject to project execution and other requirements.
During FY26, Boab Metals raised approximately $117 million in capital and secured a $236 million syndicated loan facility to fund construction. However, the loan funds were not yet available for drawdown because specified conditions remained outstanding.
The company reported an FY26 closing cash balance of $60.8 million and a market capitalisation of approximately $214.08 million.
After FY26, Boab Metals released an updated Mineral Resource Estimate (MRE) for Sorby Hills. The total mineral resource increased by 7% to 50.6 million tonnes, while Measured and Indicated Resources at the Bimota, Omega and Norton deposits increased by 10%.
What to watch: Investors may monitor construction progress, financing conditions, resource development and the company's ability to meet its targeted production timeline.
Important Considerations
Although these companies provide exposure to silver-related projects, they have different development profiles. USL is advancing exploration and feasibility work, SVL is progressing its Bowdens development pathway, and BML is constructing Sorby Hills.
Market capitalisations and project milestones can change, while development timelines may be affected by financing, approvals, operating conditions and commodity prices.
Note: Verify each company's latest share price before publication to confirm that USL, SVL and BML meet the article's under $1 price criterion. A company's market capitalisation alone does not establish that its shares trade below $1.
Source: Company announcements
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