5 Silver Stocks that Pay Dividends (Updated 2023)

Market cap: GBP 5.91 billion; dividend yield: 1.77 percent

Major miner Fresnillo bills itself as the world’s leading primary silver producer. Its precious metals assets include the Fresnillo mine, which is the largest primary silver mine in the world, as well as a portfolio of development and exploration prospects.

This silver stock pays two dividends per year, and its dividend policy takes business profitability and underlying earnings growth into account, as well as capital requirements and cash flow. Dividends from the company are paid in pounds sterling unless shareholders elect to be paid in US dollars. Fresnillo paid its 2022 interim dividend of 2.78 pence, or US$0.034, on September 14, 2022, and it will pay its 2022 final dividend of 11.2 pence, or US$0.133, on May 25, 2023.

Market cap: US$4.02 billion; dividend yield: 0.34 percent

Hecla Mining is the largest primary silver producer in the US, as well as an emerging gold producer. It is the oldest precious metals miner in North America and owns operating silver mines in the US and Mexico, as well as a Quebec-based gold mine. The company acquired Klondex Mines in mid-2018, expanding its portfolio with three high-grade gold mines in Nevada. More recently, Hecla gained access to the Keno Hill silver district, which has Canada's highest-grade silver reserves, with the acquisition of Alexco Resource.

The silver stock pays an annual minimum common stock dividend of US$0.025 per share, distributing it on a quarterly basis at US$0.00375 per share. Hecla also pays a silver-price-linked common stock dividend based on the company’s average realized silver price for the preceding quarter. Hecla’s most recent quarterly dividend payment amounted to US$0.00625 per share on March 24, 2023, and it will pay its next dividend on June 9, 2023.

Market cap: C$9.4 billion, US$6.94 billion; dividend yield: 2.14 percent

Founded by Ross Beaty in 1994, Pan American Silver currently operates several mines located in Mexico, Peru, Canada, Bolivia and Argentina. In addition, the miner owns the Escobal mine in Guatemala, which is currently working through community consultations to recommence operations. The company’s 2022 silver production came in at 18.5 million ounces.

In March 2023, Pan American Silver announced the successful acquisition of Yamana Gold — which recently sold its Canadian assets — bringing Yamana's four producing Latin American assets into Pan American's portfolio.

The highest dividend Pan American has ever paid is US$0.125 per share, and it was able to pay a dividend of that amount a noteworthy nine times in a row between March 18, 2013, and March 13, 2015. The silver stock paid its most recent quarterly dividend on March 17, 2023, at US$0.10 per share.

Market cap: C$954.49 million, US$701.9 million; dividend yield: 0.62 percent

Silvercorp Metals has multiple silver-mining operations in China, and is focused on acquiring and growing underdeveloped projects with high upside. It sold about 1.9 million ounces of silver, 1,100 ounces of gold, 19.3 million pounds of lead and 7.1 million pounds of zinc in its third fiscal quarter of 2023.

Silvercorp offers shareholders a semiannual dividend, which it states is “based on a number of factors including commodity prices, market conditions, financial results, cash flows from operations, expected cash requirements and other relevant factors.” Its most recent dividend was paid on December 16, 2022, at a rate of US$0.0125 per share.

Market cap: C$30.23 billion, US$22.44 billion; dividend yield: 1.23 percent

Last on this list of silver stocks that pay dividends is Wheaton Precious Metals, a well-known name in the silver space largely because of its business model — it is the world’s biggest precious metals streaming company. Streaming companies operate differently from miners, making upfront payments to a variety of metals companies in order to gain the right to purchase all or a portion of their metal production at a low, fixed cost.

The company currently has streaming agreements in place for 20 operating mines and 12 development-stage projects. It is interested in companies operating in politically stable jurisdictions, and states that its value should rise with the price of silver and gold. As a result, Wheaton sees itself offering investors multiple benefits while reducing many of the downside risks that traditional miners face.

Wheaton pays a quarterly dividend, and it reached a record level of US$0.15 per share on September 9, 2021, a level that it has maintained since. Its latest dividend was paid on April 7, 2023.