7 Silver Stocks Set to Sizzle on Higher Demand

As you would expect, many of the top silver stocks are also mining stocks. But, overall, many mining stocks are primarily focused on gold. Canada-based 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. In 2024, the company completed its acquisition of Gatos Silver, which allowed 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, which 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 company is also an attractive investment because of its strong balance sheet, which is highlighted by 30% gross margins and significant free cash flow (FCF) generation. As of early 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 and a disciplined capital allocation strategy. Nearly half  of its available capital is invested in future growth, such as mine expansions and exploration. At the same time, the company prioritizes shareholder returns, allocating approximately 37% of its capital to dividends and share buybacks.

Pan American may be a solid option for income-oriented investors due to its reliable dividend—it has been paying a dividend for 15 years). It offers an attractive yield of 1.6%.

Endeavour Silver Corp. (NYSE: EXK) is a mid-tier silver producer with eight active mines and projects throughout the Americas. This includes the Terronera mine in Mexico, where production is expected to begin in the second half of 2025. With a mix of operational and exploratory projects, the company claims it has the strongest organic growth potential in the industry.

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

As of early 2025, EXK stock is still considered a penny stock, trading below $5 per share. This contributes to its volatility, but that same volatility could present investment opportunities, especially if the company successfully develops its exploratory projects.

Fortuna Mining Corp. (NYSE: FSM) may not be a pure silver play, but it remains an attractive option for investors looking to benefit from rising silver prices. With a market cap of around $1.6 billion, this small-cap miner is demonstrating strong revenue and earnings growth, positioning itself well for potential upside.

The company’s Caylloma Mine in Peru and San Jose Mine in Mexico contribute significantly to its silver production. While silver accounts for only about 9% of Fortuna’s overall mining operations, the company is actively expanding several of its existing mining projects, which could increase silver output in the future.

Like Endeavour Silver, FSM stock is trading around $5 per share, making it a highly accessible option. While this may introduce volatility, it also presents potential upside if silver prices rise. However, investors should note that Fortuna does not pay a dividend at this time.

Vancouver-based 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 Januicipio project, which is located in one of the world's most prolific silver regions. As of early 2025, only 5% of the project has been explored but the company has identified multiple high-priority targets, signaling significant future upside. 

Beyond Juanicipio, MAG Silver is expanding its footprint with two exploration projects: Phase 4 drilling in Utah and a project in Ontario’s Abitibi Greenstone Belt, one of the world’s richest gold regions.

Wheaton Precious Metals Corp. (NYSE: WPM) is 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.  

Wheaton has a diverse portfolio, with 18 operating mines and 28 development-stage projects. While most of its current revenue comes from gold—including a $175 million gold streaming agreement with Allied Gold in Africa that could enhance its NAV for the next decade—silver is set to play a growing role.

Between 2024 and 2028, Wheaton expects approximately 36% of its revenue to come from silver, primarily from two key projects: Blackwater Project in Canada and Mineral Park Project in Arizona.

For investors seeking silver exposure with lower risk than traditional mining stocks, Wheaton’s streaming model, diversified assets, and growing silver revenue make it an attractive option.

Many investors find an exchange-traded fund (ETF) to be a more comfortable way to invest in precious metals like silver. The iShares Silver Trust (NYSEARCA: SLV) is one of the most popular silver ETFs, designed to track the price of silver while eliminating concerns related to security, storage, and liquidity that come with holding physical silver coins or bars. Since SLV is backed by physical silver held in trust, it offers direct exposure to silver’s price movements while benefiting from the convenience of a stock-like investment.

SLV is 100% invested in silver, meaning its performance closely follows the metal’s price, though it typically trades slightly below the spot price of silver due to management fees. SLV has $13.84 billion in AUM and an expense ratio of 0.5%.