Top 3 Silver Stocks on the TSX (Updated May 2022)

Year-to-date gain: 12.3 percent; current share price: C$4.20

New Pacific Metals is a precious metals explorer and developer. Its current focus is its flagship Silver Sand project, which is in Bolivia. The company has two other silver assets in the country: Silverstrike and Carangas. New Pacific Metals has been exploring both Silver Sand and Carangas so far in 2022.

Although New Pacific Metals released two news items about exploration at Carangas in February — one announcing an interval grading 78 grams per metric ton (g/t) silver and the other sharing the discovery of gold mineralization — the company’s share price didn’t see significant gains until silver’s price spike in March.

Momentum from that drove New Pacific’s share price to a year-to-date high of C$3.11 on March 7, although it cooled off a week later. However, April news sharing intersections of 229 g/t silver at Silver Sand preceded another spike for the company. According to the company, it plans to complete 15,000 meters of drilling by April’s end.

Year-to-date gain: 5.88 percent; current share price: C$1.08

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 climbed throughout the early part of 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 full 2021 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 the rising silver price.

The company’s share price has sunk since then, but is still up year-to-date. Its most recent news was its Q1 production results, including output of 300,000 silver ounces and 1,274,000 silver equivalent ounces.

Year-to-date gain: 2.41 percent; current share price: C$32.32

Pan American Silver describes itself as “the world’s premier silver mining company.” Its mines are located throughout the Americas, with four in North and Central America and six in South America. Between its operations, it holds 529 million ounces in silver reserves and has produced 17.3 million ounces of silver. In addition to its mines, it also has exploration interests in a few companies, including a 9.96 percent undiluted interest in New Pacific Metals, as well as two advanced-stage development properties.

Pan American Silver released plenty of news in February, including an update on drilling at the La Colorada skarn, a C$0.12 dividend per share and its 2021 financial results and 2022 guidance. The company expects to produce 19 million to 20.5 million ounces of silver and 550,000 to 605,000 ounces of gold this year. Its share price gained momentum with the silver price spike, and stayed elevated throughout March without the release of news.

On April 6, the company shared that it would be releasing its Q1 results on May 11, and its share price saw another spike over the following week, hitting a year-to-date high of C$37.69 on April 14. However, it fell off quickly after that, staying just above its start of year levels.