The paragraph following the one you’ve quoted says “High-Density:
Arctic Silver 5 contains over 88% thermally Conductive filler by
weight.” That leaves only 12% of the material that could possibly be
silver. It also seems that the binder is designed to conduct heat,
not burn off and leave the silver. Sounds really different to me…
The Thermally Conductive Filler is silver. The other materials,
“thermally-enhanced ceramic particles”, will not burn off (an
assumption on my part). This product is designed as a thermal
conductor for electronics.