Silver Stocks

Wheaton Precious Metals finances mining companies through contracts that give it rights to purchase future metal output, usually with a further payment on delivery. Its portfolio includes gold and silver streams from mines such as Salobo, Antamina and Peñasquito. Wheaton does not operate these mines, but its deliveries depend on their performance and its counterparties. Both gold and silver contribute substantially to the business.

Fresnillo is a London-listed silver and gold producer controlled by Industrias Peñoles. Its Mexican mines include Fresnillo, Saucito, Juanicipio, San Julián and Ciénega, alongside gold operations. It owns 56% of Juanicipio, with Pan American Silver holding the balance. The January 2026 acquisition of Probe Gold added the Novador gold development project in Quebec. Gold is a material part of the group alongside silver.

Hindustan Zinc is an Indian integrated zinc, lead and silver producer majority owned by Vedanta. It mines ore in Rajasthan and processes it through its smelting and refining network. Silver is recovered alongside lead and zinc, including from Sindesar Khurd, and is an important contributor to earnings. The company provides silver exposure within a broader base-metals business.

Pan American Silver operates silver and gold mines across the Americas. Its portfolio includes La Colorada, Huaron and San Vicente, together with gold operations such as Jacobina and El Peñón. The acquisition of MAG Silver in September 2025 added a 44% interest in Juanicipio. It also owns Escobal in Guatemala, where operations have been suspended since July 2017 while an ILO 169 consultation with the Guatemalan government continues. Both gold and silver are material to the group.

Coeur Mining produces gold, silver and copper from mines in the United States, Mexico and Canada. Its main silver operations include Rochester, Palmarejo and Las Chispas, the latter acquired with SilverCrest Metals in 2025. The March 2026 acquisition of New Gold added the Rainy River gold mine and New Afton copper-gold mine. Silver remains an important product within a diversified precious-metals portfolio.

KGHM is an integrated Polish copper and silver producer. Its Lower Silesian mines supply concentrators, smelters and refineries that recover copper, silver and other metals. Silver is a byproduct of this copper business, but the scale of production makes it an important part of the company’s metals portfolio. KGHM also holds copper operations outside Poland.

South32 produces silver at Cannington in Queensland, Australia, and through its 45% interest in the Sierra Gorda copper mine in Chile. Its Taylor zinc-lead-silver project in Arizona is under construction and does not yet contribute operating silver output. The group also has other base-metal, manganese and aluminum businesses. A June 2026 agreement to sell specified bauxite, alumina and aluminum interests to Alcoa remains subject to approvals and other closing conditions.

Hecla Mining operates the Greens Creek mine in Alaska, Lucky Friday in Idaho and Keno Hill in Canada’s Yukon. These underground mines produce silver with varying contributions from gold and base metals. Following the sale of Casa Berardi in March 2026, its operating portfolio is more concentrated on silver mining in the United States and Canada.

First Majestic Silver produces silver and gold from San Dimas, Santa Elena and La Encantada in Mexico and its 70% interest in Cerro Los Gatos. It acquired the Los Gatos interest through the Gatos Silver transaction in January 2025. The company also owns the non-producing Jerritt Canyon gold mine in Nevada, where it announced a restart plan in April 2026. Its producing mines are concentrated in Mexico, with both silver and gold contributing to sales.

Buenaventura is a Peruvian mining group with silver, gold, copper and base-metals operations. Uchucchacua and Yumpag are important silver assets, while the San Gabriel underground gold-silver mine began operations in January 2026. The company also holds a minority interest in the Cerro Verde copper mine and other mining investments. Silver is one part of a diversified portfolio of operating mines and equity interests.

Discovery Mining operates the Porcupine gold complex and Kidd base-metals operations in Ontario and is developing the Cordero silver project in Mexico. Porcupine was acquired from Newmont, while the Kidd transaction added copper, zinc and silver exposure through assets acquired from Glencore. Cordero remains a development project. The company combines Canadian operating assets with a substantial Mexican silver development portfolio.

Aya Gold & Silver operates the Zgounder silver mine in Morocco, where an expanded plant entered commercial production in December 2024 and completed its ramp-up during 2025. It is also developing the Boumadine polymetallic deposit. A separate operation reclaiming historical stockpiles at Boumadine contributes current output. Its operating and development portfolio is concentrated in Morocco.

Hochschild Mining is a London-listed gold and silver producer. It operates the Inmaculada underground mine in Peru and holds 51% of the San José underground mine in Argentina. It also operates the Mara Rosa open-pit gold mine in Brazil. Its silver production comes principally from the underground operations, alongside a substantial gold business.

Fortuna Mining operates the Séguéla gold mine in Côte d’Ivoire, Lindero gold mine in Argentina and Caylloma silver-zinc-lead mine in Peru. After selling San José and Yaramoko in 2025, its operating silver exposure is concentrated in Caylloma. Gold dominates the wider business, which includes the Diamba Sud development project and the Bambadji exploration project in Senegal. Fortuna acquired Bambadji in August 2026.

Endeavour Silver operates Guanaceví and Terronera in Mexico and the Kolpa polymetallic operation in Peru. Terronera entered commercial production in October 2025. The company sold Bolañitos to Guanajuato Silver in January 2026. Its portfolio produces silver alongside gold and base metals, with operations spread across Mexico and Peru.

Silvercorp Metals operates the Ying and GC silver-lead-zinc mines in China. Its development portfolio also includes the El Domo copper-gold project in Ecuador and a 70% interest in the Tulkubash and Kyzyltash gold projects in Kyrgyzstan, acquired in January 2026. The Chinese mines provide current silver production, while the overseas projects broaden the company’s gold and copper exposure.

Americas Gold and Silver operates the Galena Complex in Idaho and the Cosalá operations in Mexico, including the EC120 orebody. It also owns the past-producing Crescent silver mine near Galena, acquired in December 2025. The company is working to use its Idaho infrastructure across these nearby assets. Silver production is accompanied by base-metal output, and Crescent remains distinct from the existing operating portfolio.

AbraSilver Resource is developing the Diablillos silver-gold project in Argentina’s Salta province, near the Catamarca border. It completed a definitive feasibility study in June 2026. Diablillos remains pre-production, with financing, permitting and construction requirements distinct from completion of the study. The company also holds the La Coipita copper-gold exploration project in Argentina.

Vizsla Silver is a Canadian developer advancing the wholly owned Panuco silver-gold project in Sinaloa, Mexico. Following its 2025 feasibility study, the company has progressed detailed engineering and equipment procurement. A permitted test mine supports bulk sampling at Copala. The proposed production mine still requires key permits and a construction decision; the test-mine permit does not authorize the full production project.

GoGold Resources operates the Parral tailings processing business in Chihuahua and is building the Los Ricos South silver-gold mine in Jalisco, Mexico. Construction at Los Ricos South began in August 2026 after permitting and board approval. The company also holds Los Ricos North. Parral provides current production while the Los Ricos projects account for its larger development program.

New Pacific Metals develops precious-metals projects in Bolivia, led by Silver Sand and Carangas. The projects have published economic studies, including an updated preliminary economic assessment for Carangas in 2026. Both remain pre-production and require further approvals and development work. Silver Sand is silver-focused, while Carangas contains silver and gold mineralization.

Highlander Silver owns the Corani silver development project and San Luis gold-silver project in Peru, together with the Mercedes gold-silver mine in Mexico. Corani and Mercedes were added through the February 2026 combination with Bear Creek Mining; San Luis was acquired separately in 2024. The portfolio combines existing mine production with development-stage silver and gold assets.

Avino Silver & Gold Mines operates the Avino silver-gold-copper mine in Durango, Mexico. It is also developing the nearby La Preciosa deposit, where underground development material is being trucked to the Avino mill for processing. This combines an established polymetallic operation with a silver development project using existing processing infrastructure.

Volcan Compañía Minera is a Peruvian polymetallic mining group with mines and processing facilities in the central Andes. It produces zinc, lead and silver from operations including Yauli, Chungar and Cerro de Pasco. Transition Metals, part of the Integra Capital group, acquired control from Glencore in 2024. Silver is one of several metals produced by the group.

Santacruz Silver Mining operates silver-zinc-lead mines and processing businesses in Bolivia and the Zimapán mine in Mexico. Its Bolivian portfolio includes Bolívar, Porco and Caballo Blanco, while San Lucas sources and processes ore as a separate business. Silver and zinc are co-products, with lead and copper also contributing to output.

Andean Precious Metals operates the San Bartolomé silver processing facility in Potosí, Bolivia, and the Soledad Mountain gold-silver mine in California. The Bolivian operation processes mineral feed, including purchased material, while Soledad Mountain uses heap-leach processing. The company therefore combines a silver processing business with an operating gold-silver mine in the United States.

Contango Silver & Gold holds a 30% interest in the Kinross-operated Manh Choh mine in Alaska, which produces gold and some silver. Its principal silver development exposure is Kitsault Valley in British Columbia, added through the Dolly Varden merger in March 2026. It also holds the Lucky Shot and Johnson Tract projects in Alaska. Current production is gold-led, while its larger silver ambitions depend on development projects.

Silver Tiger Metals is building the El Tigre silver-gold project in Sonora, Mexico. The board approved construction and the company appointed an engineering, procurement and construction-management contractor in March 2026. The project is designed as an open-pit heap-leach operation alongside underground resources in a past-producing district. It remains pre-production.

Blackrock Silver is developing the Tonopah West silver-gold project in Nevada. An updated preliminary economic assessment published in 2026 outlines a potential underground mine. Tonopah West remains pre-production, and the study does not establish a completed financing package or construction decision. The company also conducts exploration on its Nevada properties.

Sierra Madre Gold and Silver operates the La Guitarra silver-gold mine in Mexico, which returned to commercial production in January 2025. It acquired the past-producing Del Toro mine from First Majestic in June 2026 and is preparing that asset for a possible restart. The company also holds the Tepic project. La Guitarra supplies current production; Del Toro adds a separate development requirement.

Guanajuato Silver operates El Cubo, Valenciana, San Ignacio, Topia and Bolañitos in Mexico. Bolañitos was acquired from Endeavour Silver in January 2026. The portfolio includes both silver-led and gold-led mines, together with associated processing plants. Its operations are concentrated in the Guanajuato district and at Topia in Durango.

Silver Mountain Resources is restarting the Reliquias polymetallic silver mine in Peru’s Castrovirreyna district. The processing plant entered commissioning in July 2026 after rehabilitation work. The project is progressing through startup and operating tests, distinct from established commercial production. The company also explores other targets in its Peruvian land package.

Aftermath Silver advances silver projects in Peru and Chile, led by the Berenguela silver-copper-manganese deposit in Peru. It appointed DRA Global to lead a prefeasibility study for Berenguela in February 2026. Its Chilean portfolio includes the Challacollo and Cachinal silver-gold projects. The company is pre-production, with silver accompanied by other metals across its project portfolio.

Apollo Silver is advancing the Calico silver project in San Bernardino County, California, comprising the Waterloo, Langtry and Mule properties. Its work includes resource development, economic studies and exploration. It also holds an option on the Cinco de Mayo project in Chihuahua, Mexico. Both projects remain pre-production, and the Mexican interest has a different ownership basis from its US assets.

Outcrop Silver & Gold explores the Santa Ana silver-gold project in Colombia. Santa Ana already has a mineral resource estimate, and ongoing drilling is testing extensions and additional veins to support resource growth. The project remains at the exploration stage, with no current mine production.

Silver47 Exploration holds the Red Mountain polymetallic project in Alaska, Hughes in Nevada and Mogollon in New Mexico. Its portfolio contains silver, gold and base-metal exploration projects, with no current mine production. In August 2026, Silver47 agreed to be acquired by Bunker Hill Mining. The transaction remains subject to shareholder, court and regulatory approvals and other closing conditions. Bunker Hill’s operating assets are not yet part of Silver47.

Kuya Silver operates the Bethania underground silver mine in Peru and explores the Silver Kings project in Ontario. Bethania is in production and its mineralized material is processed at the Camila plant. Kuya is expanding the operating base while continuing exploration around Bethania and on its Canadian properties.

Kootenay Silver explores and advances silver projects in Mexico, including Columba in Chihuahua and La Cigarra. A preliminary economic assessment for La Cigarra is supported by a technical report filed in August 2026; it does not establish a producing mine. The portfolio also includes Promontorio and La Negra. In June 2026, the company announced a temporary stop to exploration following an accident at Columba.

IMPACT Silver operates silver mines and processing facilities in the Zacualpan district of Mexico. It also owns the Plomosas zinc-lead-silver project in Chihuahua, where mining was temporarily suspended in March 2026 while the company reviewed its operating plan. Zacualpan provides current production, and exploration continues across the portfolio.

Defiance Silver explores the San Acacio silver project in Zacatecas and the Tepal gold-copper project in Michoacán, Mexico. Its acquisition of Green Earth Metals in July 2025 added three copper-gold-silver projects in Sonora. The company is pre-production, with silver exposure at San Acacio and a broader portfolio that also targets copper and gold.