Top 5 Silver Stocks on the TSX (Updated March 2022)

1. Americas Gold and Silver (TSX:USA)

Year-to-date gain: 27.45 percent; current share price: C$1.30

Americas Gold and Silver describes itself as a "high-growth precious metals mining company." The company works out of North America, and has multiple producing mines: the Cosalá operations in Sinaloa, Mexico, which include the San Rafael mine; and the Galena Complex in Idaho, US. It also owns the Relief Canyon mine in Nevada, US, although that mine is not yet in commercial production.

Americas Gold and Silver's share price has climbed throughout the year after starting at C$1.06. Shares hit a year-to-date low of C$0.90 days after the January 24 announcement that the company's Cosalá operations had reopened following a blockade by unionized workers that began in January 2020. Since that low, Americas Gold and Silver has climbed steadily through the release of its multi-year production outlook and 2021 production results; it reached a year-to-date high of C$1.56 on March 9.

On March 17, the company reported its 2021 full results, and discussed the disappointment seen at its Relief Canyon mine, which failed to enter commercial production last year due to metallurgical issues. However, the company is optimistic coming off the reopening of Cosalá and rising silver prices.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 22.67 percent; current share price: C$0.46

Almaden Minerals is another silver company operating in Mexico, where it has its Ixtaca silver-gold deposit in Puebla state. The company places a strong emphasis on community relations, and states it does so by "employing local people, respecting their culture and property, and financing projects that are important to them such as improving access to education, health care, and fresh water."

Almaden's share price rose in February before falling on its first news of the year. After a lawsuit was filed against the Mexican government calling its mining laws unconstitutional for not requiring consultation with Indigenous communities, the Mexican Supreme Court decided the laws are constitutional; however, it said Almaden's relevant mining claims should be declared ineffective and reissued following consultation with those communities. Although it has released no further news, Almaden's share price climbed in March to a year-to-date high of C$0.59.

3. First Majestic Silver (TSX:FR)

Year-to-date gain: 18.83 percent; current share price: C$16.72

First Majestic Silver is a silver-mining company operating four producing mines: the San Dimas and Santa Elena silver-gold mines and La Encantada silver mine in Mexico, and the Jerritt Canyon gold mine in Nevada, US. In addition to these, the company also has eight silver exploration properties and a silver stream from the Springpole gold-silver project of 50 percent payable silver.

On January 18, First Majestic released its Q4 2021 and full-year production results, plus its 2022 guidance. Its silver production hit a quarterly record of 8.6 million silver equivalent ounces in Q4, including 3.4 million silver ounces and 67,400 gold ounces. The company produced 26.86 million silver equivalent ounces in 2021, which was another record and a 32 percent increase over its 2020 output. For 2022, First Majestic's guidance points to production of 32.2 million to 35.8 million silver equivalent ounces, including 12.2 million to 13.5 million silver ounces.

The company's share price climbed throughout February without any announcements, and stayed elevated on the release of its 2021 full-year and Q4 financial results, which include the news of a CFO appointment.

4. Endeavour Silver (TSX:EDR)

Year-to-date gain: 10.28 percent; current share price: C$5.90

Endeavour Silver is a silver miner and developer with operations and projects in Mexico, Chile and the US. The company is focused on silver due to its importance in modern technology. Its primary asset is the Guanaveci high-grade silver mine in Northern Mexico, and its other operation is its Bolanitor gold-silver mine, which is also located in Mexico. The company describes its Terronera silver-gold project as its future flagship mine, with an expected output of 3.3 million ounces of silver and 32,874 ounces of gold per year.

In January, Endeavour released its 2022 guidance; the company anticipates between 4.2 million and 4.8 million ounces of silver and 31,000 to 35,000 ounces of gold. The firm's share price peaked in mid-March, during which it shared its 2021 financial and operating results, including the achievement of its highest revenue in five years.

5. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 2.7 percent; current share price: C$1.14

Avino Silver and Gold Mines owns two silver mines in Mexico, the Avino mine and the San Gonzalo mine, the latter of which is on care and maintenance. It also recently acquired La Preciosa, a development-stage project located in Mexico. In addition to these, the company owns a portfolio of exploration assets.

Avino has released plenty of news so far in 2022, including drill results from 2021 exploration, as well as its 2021 production results, 2021 financial results and 2022 outlook.

Its latest news was the aforementioned acquisition of the La Preciosa project from Coeur Mining (NYSE:CDE). David Wolfin, president and CEO of Avino, stated in a press release, “The closing of the acquisition of La Preciosa represents a major milestone for Avino as we advance our growth strategy to augment Avino to an intermediate silver producer with a large silver resource base."

The company's share price hit a year-to-date high of C$1.32 on March 10, and is still well above its low of C$0.90.