A method for producing a contact material on the basis of silver-tin oxide or silver-zinc oxide is disclosed. Tin oxide particles and/or zinc oxide particles are mixed with a powder of a metal different from silver. The mixture is heated beyond the melting point of the metal powder such that the tin oxide particles and/or zinc oxide particles are wetted with liquid metal. The mixture is exposed to an atmosphere containing oxygen and the metal is thereby oxidized. Thereafter, the mixture product formed by the oxidation step is embedded as a powder into a silver matrix. The product further relates to a corresponding contact material.