7 Silver Stocks Set to Sizzle on Higher Demand

As you would expect, many of the top silver stocks are also mining stocks. But many mining stocks are primarily focused on gold. First Majestic Silver Corp. (NYSE: AG) is an exception.  

While not a pure-play silver stock, the company has a 7:1 mining ratio of silver to gold, and it generates more than 50% of its revenue from silver. It also has an industry leading 43% in silver purity. The company completed its acquisition of Gatos Silver in 2024. This allows the company to merge three world-class, producing silver mining districts that span 350,000 hectares under one umbrella. 

First Majestic also mints silver bullion through its First Mint operation that it started in 2024. The mint is led by professionals with over 20 years of experience working at two of the largest mints in North America.  

The Canadian company is also an attractive investment because of a strong balance sheet highlighted by 30% gross margins and significant free cash flow (FCF) generation. As of February 2025, the mint produced about 10% of the company’s silver production.  

Pan American Silver Corp. (NYSE: PAAS) brands itself as “The World’s Premier Silver Producer.” The company controls over 468 million ounces of proven and probable silver reserves, the world’s largest amount. And with production of 20.4 million ounces, it’s the world’s second-largest silver producer. The company’s ten operating gold and silver mines are spread throughout North and South America.  

Like many of the picks on this list, Pan America has a solid balance sheet that includes a disciplined capital allocation strategy that balances investments in future growth (48%) to fund expansions with a commitment to shareholder equity. Dividends and share buybacks are approximately 37% of the company’s capital spend.  

Pan American may be a better option for income-oriented investors because of its dividend that is reliable (it’s been paying a dividend for 15 years) and offers an attractive 1.6% yield.  

Endeavour Silver Corp. (NYSE: EXK) is a mid-tier silver producer with eight active mines and projects throughout the Americas. That includes its Terronera mine in Mexico from which the company is expecting to begin production in the second half of 2025. Endeavour’s combination of active and exploratory projects leads it to say it has the best organic growth profile in the sector. 

In 2024, the company generated 7.6 million of silver equivalent ounces and it has an 80:1 silver-to-gold production ratio. The Terronera project is expected to add six million equivalent ounces annually within the next few years.  

As of February 2025, EXK stock is still considered a penny stock that is trading below $5 per share. That introduces volatility into the stock. However, that volatility could bring opportunity, particularly if the company is successful at bringing some of its exploratory projects online.  

Fortuna Mining Corp. (NYSE: FSM) is a small-cap miner with a market cap of around $1.6 billion as of February 2025. But don’t let its small size fool you, Fortuna is showing solid revenue and earnings growth.  

Fortuna generates most of its silver production through its Caylloma Mine in Peru and its San Jose Mine in Mexico. However, only about 9% of the company’s mining operations are dedicated to silver production. That may make the mining company more appropriate for investors looking for broad exposure to precious metals. If that’s the case, it’s good to know that the company is planning major expansions at several of its existing mining operations.  

Like Endeavour Silver, FSM stock is trading at around $5 per share which may increase the volatility in the stock’s performance. That’s something to consider since Fortuna does not pay a dividend as of this writing.  

MAG Silver Corp. (NYSEAMERICAN: MAG) is another small-cap miner to consider. The company positions itself as a “Leading-Edge Tier 1 North American Silver provider. MAG Silver’s flagship mine is the Januicipio Mine in Mexico, from which 75% of the revenue comes from silver.  

The company holds a 44% interest in the project which is considered the world’s preeminent area for silver. As of February 2025, only 5% of the project was explored and the company has identified multiple high-priority targets.  

 The Vancouver-based company has two exploration projects: drilling is underway at its Phase 4 project in Utah. Its Ontario project is located in the Abitibi Greenstone Belt which is considered one of the world’s best gold regions.  

If you’re looking for another way to invest in silver, you may want to consider Wheaton Precious Metals Corp. (NYSE: WPM). The company is called a precious metals streaming company, which means it purchases all or some of the production from mines. This allows investors to benefit from the upside of traditional mining companies while avoiding several of the risks associated with traditional mining projects.  

As of this writing, the company had 18 operating mines and 28 development-stage projects. Wheaton generates most of its revenue from gold and recently signed a $175 million gold streaming agreement with Allied Gold in Africa that could boost its net asset value (NAV) for the next 10 years.  

Between 2024 and 2028, the company expects to generate approximately 36% of its revenue from silver. The revenue will come from its Blackwater Project in Canada and its Mineral Project Park in Arizona.  

Many investors find an exchange-traded fund (ETF) to be a more comfortable way to invest in precious metals. Funds like the iShares Silver Trust (NYSEARCA: SLV) are designed to give investors the benefit of owning precious metals without the security and liquidity concerns that come from owning physical coins and bars.  

The iShares Silver Trust is 100% invested in silver. The fund’s price will approximate but be slightly below the spot price of silver. As of this writing, the fund had $13.84 billion of assets under management (AUM) and had an expense ratio of 0.5%.  

While silver demand is expected to remain under pressure in 2025, analysts from Bank of America believe that investor interest in silver will remain strong as the market responds to the growing demand from manufacturing activity and the limited supply.