The silver price has been volatile so far this year, but what are the best silver stocks on the TSX? We’ve got the answers here.
Click here to read the latest best silver stocks on the TSX article.
Silver rallied to a seven year high in early 2021, coming in at US$28.55 per ounce. The precious metal didn't perform as well in the second half of the year, but some TSX-listed silver stocks enjoyed share price gains.
As of December 15, the price of the white metal looked set to finish the year around the US$22 range. Heading into 2022, experts believe the outlook for silver remains positive on the back of factors like growing industrial demand, investor demand for hedges against inflation and a looming silver supply deficit.
With the silver price slipping throughout H2, only a few TSX-listed silver stocks experienced share price growth. The three companies below are the best silver stocks on the TSX with the biggest share price gains year-to-date, but it's worth noting that despite having strong silver components, they are not solely focused on silver.
The best silver stocks list below was generated on December 15, 2021, using TradingView’s stock screener. All the silver-mining stocks listed had market caps above C$50 million at that time.
1. Aya Gold & Silver
Year-to-date gain: 121.3 percent; current share price: C$8.51
Aya Gold & Silver (TSX:AYA) has precious metals mining assets in the Kingdom of Morocco and Mauritania. The company operates the high-grade Zgounder silver mine in Morocco, where it also has a pipeline of prospective properties along the South Atlas fault, including past-producing mines and historical resources. Aya’s Tijirit gold project in Mauritania is advancing to feasibility.
Shares of Aya Gold & Silver hit a year-to-date high of C$11.85 on August 13. The spike followed the company’s news about record operating cash flow for the third consecutive quarter. In mid-December, Aya released an updated resource estimate for Zgounder. Measured and indicated resources increased by 116 percent compared to the firm's March resource estimate, and now stand at 96.1 million ounces of silver. Inferred mineral resources increased to 6.4 million ounces of silver, a 1,519 percent increase compared to March.
The company expects to deliver a feasibility study for a 2,000 tonne per day (tpd) mine and milling expansion by Q1 2022, bringing the total capacity of the Zgounder silver mine to 2,700 tpd.
2. Capstone Mining
Year-to-date gain: 121.43 percent; current share price: C$5.27
Capstone Mining (TSX:CS) is a base metals-focused company with two producing copper mines: Pinto Valley in the US and Cozamin in Mexico. Silver is produced as a by-product at Cozamin, and the company is working to convert significant sources of both copper and silver from its large resource into a new mine plan. Capstone has a 50 percent silver-streaming deal with Wheaton Precious Metals (TSX:WPM,NYSE:WPM) for silver from Cozamin.
In addition, Capstone has the large-scale, 70 percent owned copper-iron Santo Domingo development project in Atacama, Chile, in partnership with Korea Resources, as well as a portfolio of exploration properties.
In mid-May, Capstone’s share price hit its year high of C$6.64.
3. Dynacor Gold Mines
Year-to-date gain: 72.07 percent; current share price: C$3.09
Dynacor Gold Mines (TSX:DNG) is a dividend-paying industrial gold ore processor. Focused on Peru, the firm processes ore purchased from the artisanal and small-scale mining industry. Dynacor also owns Tumipampa, a gold exploration property, as well as the Anta property, a silver-gold-copper exploration project, both located in Peru. Anta resides in the center of the region’s epithermal gold-silver belt, which is host to some of the most important hydrothermal deposits in the country.
Shares of Dynacor rose to a yearly high of C$3.29 on November 19. This increase followed the announcement of a 25 percent raise in its quarterly dividend payment to investors.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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