The Conversation (6)
May. 05, 2026 01:55PM PST
|Fact CheckedThis article has been reviewed and updated according to INN's rigorous fact-checking process. Our staff editors verify all articles against information and data from primary sources, reputable publishers and experts.
Learn about the operations of the five largest silver-mining companies, including Pan American Silver and First Majestic Silver.
OHishiapply / Shutterstock
Silver mining companies are being supported by a silver price bull run in 2026.
After climbing through 2025, silver broke its all-time high set in 1980 in October before reaching a new high of US$121.62 per ounce on January 29.
The factors driving the metal's rise remain, most notably tightening supply and demand fundamentals driven by higher demand from industrial sectors and its use in photovoltaics.
Additionally, prices have found tailwinds from safe-haven investors who find silver's lower entry price compared to gold appealing. They have moved toward silver on the back of uncertainty in global financial markets as the US implements tariff policies, as well as escalating tensions in the Middle East and the unresolved conflict between Russia and Ukraine.
Below is an overview of the five largest silver-mining stocks by market cap as of April 30, 2026, as per TradingView’s stock screener. Read on to learn more about the activities and operations of these large-cap silver stocks.
1. Pan American Silver (TSX:PAAS,NYSE:PAAS)
Market cap: C$29.61 billion
Share price: C$71.08
Pan American Silver is among the world’s largest primary silver producers, with silver assets located throughout the Americas and operations in Peru, Mexico, Bolivia, Argentina and Chile. Its largest wholly owned silver-producing asset is its La Colorada mine in Mexico.
Pan American also has a 44 percent stake in the Juanicipio mine in Central Mexico following its US$2.1 billion acquisition of MAG Silver that closed in September 2025. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.
According to Pan American's Q4 and full year 2025 report, its operations produced a record 7.28 million ounces of attributable silver in Q4 boosted by the addition of the Juanicipio mine. Juancipio is now the company's biggest silver producer, producing 1.91 million ounces of attributable silver in Q4.
The La Colorada mine was the second highest contributor at 1.61 million ounces of silver. Other significant contributions came from the El Peñon gold-silver mine in Chile at 1.06 million ounces of silver, Cerro Moro in Argentina at 920,000 ounces, Huaron in Peru at 780,000 ounces and San Vicente in Bolivia at 760,000 ounces.
For the full year, Pan American produced 22.8 million ounces of attributable silver, coming in above its annual guidance. The company also provided guidance for 2026, estimating production of 25 million to 27 million ounces of attributable silver and all-in sustaining costs for its silver segment of US$15.75 to US$18.25 per ounce.
On March 23, Pan American released a revised preliminary economic assessment for future expansion of La Colorada that would increase annual production by 15.8 million ounces of silver during its first five years of operation after ramp up, in addition to the 3.3 million ounces expected to be produced from the existing mine's reserves at that time.
2. First Majestic Silver (TSX:AG,NYSE:AG)
Market cap: C$12.82 billion
Share price: C$26.76
First Majestic Silver has three wholly owned silver-producing mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The first two produce gold as well.
Additionally, the company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua, Mexico, which also produces zinc, lead and gold as byproducts. First Majestic acquired the property in January 2025 through a merger with Gatos Silver; Japan's Dowa Holdings (TSE:5714) owns the remaining 30 percent.
On top of its mining operations, First Majestic mints and sells silver bullion from its First Mint facility in Nevada, US. The company commenced sales in March 2024.
According to its full year 2025 production report, First Majestic achieved record Q4 silver production of 4.17 million ounces of silver, a 77 percent year-over-year increase from 2.35 million ounces.
First Majestic's Los Gatos mine was its largest producer, delivering 1.49 million attributable ounces of silver during the quarter. San Dimas took second place at 1.32 million ounces, while La Encantada and Santa Elena produced 1 million ounces and 358,185 ounces, respectively.
On a yearly basis, First Majestic produced 15.44 million ounces of silver, near the upper end of its guidance. The company set guidance for 2026 at 13 million to 14.4 million ounces of silver, with silver equivalent all-in sustaining costs at US$26.15 to US$27.91 per ounce.
On April 2, First Majestic announced that it was planning a restart of operations at the Jerritt Canyon gold mine in Nevada for the second half of 2027. The mine was put on care and maintenance in 2023, but While the mine is primarily a gold mine, total measured and indicated resources point to a silver equivalent resource of 362.35 million ounces from 54.26 million metric tons of ore at an average grade of grade of 208 grams per metric ton (g/t).
3. Endeavour Silver (TSX:EDR,NYSE:EXK)
Market cap: C$3.6 billion
Share price: C$12.54
Endeavour Silver is a mining company with operations in Mexico and Peru.
In Mexico, Endeavour has two operating silver-gold mines — Guanaceví mine and Terronera — as well as a portfolio of exploration projects that includes the advanced Pitarilla silver project. The company achieved commercial production at Terronera in October 2025.
In Peru, the company owns the Kolpa silver mine, which also produces zinc, lead and copper. It acquired the Peruvian mine's owner Compañia Minera Kolpa in May 2025 for total consideration of US$145 million in a combination of cash and shares. Endeavour also agreed to pay up to US$10 million in cash in contingent payments if certain events are met.
In its Q4 and full year 2025 results, Endeavour reported Q4 silver production of 2.03 million ounces, up 146 percent year over year. For the full year, Endeavour produced 6.49 million ounces of silver, a 45 percent increase over its production of 4.47 million in 2024.
Much of these gains were driven by new production from Kolpa and Terronera, which contributed 631,867 and 352,002 ounces of silver respectively in Q4. Kolpa delivered 1.61 million ounces during its eight months of ownership in 2025.
The company also noted that it achieved commercial production at Terronera in October 2025, delivering 352,002 ounces of silver in the final quarter of the year. Another 608,388 ounces of silver were produced at its Bolanitos mine in Mexico in 2025.
On April 8, Endeavour announced continued production increases in its Q1 2026 results as the ramp up at Terronera proceeded according to plan. While the company's Q1 consolidated silver production of 1.88 million ounces was slightly less than planned, it was still up 56 percent year-over-year.
4. Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM)
Market cap: C$3.46 billion
Share price: C$16.33
Silvercorp Metals is a production and development company operating two silver mines in China: the Ying Mining District in Henan and the GC mine in Guangdong. It is also working to develop the copper primary El Domo project in Central Ecuador.
In the company's operations report for its fiscal Q4 and full year 2026 ended March 31, Silvercorp reported total silver production for the quarter of 1.5 million ounces, an 11 percent decrease from the same period last year. The majority of its output came from the Ying Mining District, which delivered approximately 1.4 million ounces of silver, with about 100,000 ounces coming from the GC mine.
It is constructing the Kuanping project as a satellite deposit for Ying, at which it expects to see minor development ore production beginning in June. In addition to mining activities, the company reported 76,607 meters of exploration drilling and 19,917 meters of tunnelling across Ying and GC.
On February 4, Silvercorp announced that the construction budget for its El Domo project had been increased by US$44 million to US$284 million. The largest component of the rise at US$16 million was an increase in the VAT rate from 10 percent to 15 percent; the company expects to recover the funds through tax credits in the first year of operation.
Silvercorp detailed its 2025 progress at El Domo in the release, which included moving over 2.6 million cubic meters of material for site preparation.
The company also entered an agreement in January to acquire a 70 percent interest in the Tulkubash-Kyzyltash gold project in Kyrgyzstan, with plans to bring the two deposits into production in 2027 and 2031 respectively. In addition to the site's gold resources, the Kyzyltash deposit hosts a measured and indicated silver resource of 14.38 million ounces of silver from 50.31 million metric tons of ore grading 2.44 g/t, according to a mineral resource estimate for the project released the following month.
5. AbraSilver Resource (TSX:ABRA,OTCQX:ABBRF)
Market cap: C$2.48 billion
Share price: C$16.08
AbraSilver Resource is an exploration and development company focused on its flagship Diablillos silver-gold project, which spans approximately 7,919 hectares in the Argentine Puna region of Argentina's Salta Province.
An updated prefeasibility study released in December 2024 estimated project economics with an after tax net present value of US$747 million, an internal rate of return of 27.6 percent and a payback period of 2 years, at a base case silver price of US$25.50 per ounce and gold price of US$2,050 per ounce.
If built, Abra is anticipating average annual production of 7.6 million ounces of silver and 72,000 ounces of gold over the 14 year mine life.
In July 2025, the company released an updated mineral resource estimate that reported a measured and indicated silver resource of 198.64 million ounces from 103.9 million metric tons grading 59 g/t.
On April 27, Abra announced it received approval for its environmental impact statement from the Salta Province government, a significant milestone as the company advances the project towards a construction decision in H2 2026.
FAQs for silver investing
Is silver a good investment?
Silver comes with many of the same advantages as its sister metal gold. Both are considered safe-haven assets, as they can offer a hedge against market downturns, a weakening US dollar and inflation.
Additionally, many investors like being able to physically own an asset, and with its lower price point, buying silver coins and bars is an accessible option for building a precious metals portfolio. Of course, physical silver isn’t the only way to invest in the metal — there are also silver stocks and various silver exchange-traded funds.
It’s up to investors to do their due diligence and decide whether silver is the right match for their portfolio.
Does silver go up when the stock market goes down?
Historically, silver has shown some correlation with stock market moves, although it’s not consistent. When the stock market has seen its worst crashes, silver has moved down, but by a less significant amount than the stock market has, showing that it can act as a safety net to lessen losses in tough circumstances.
However, silver is also known for its volatility. What's more, because it has industrial applications as well as a currency side, silver is less tied to the stock market than gold is.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
https://twitter.com/INN_Resource
https://www.linkedin.com/in/deanbelder
dbelder@investingnews.com
Dean has been writing in one form or another since penning stage plays in his youth. He is a graduate of both Emily Carr University and Simon Fraser University, with a BFA in photography and a BA in communications.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
INN Article Notification
Latest News
Outlook Reports world
Featured Silver Investing Stocks
Browse Companies
MARKETS
COMMODITIES
CURRENCIES
Dean has been writing in one form or another since penning stage plays in his youth. He is a graduate of both Emily Carr University and Simon Fraser University, with a BFA in photography and a BA in communications.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
Learn about our editorial policies.