Silver mining companies are being supported by a silver price bull run in 2025.
After climbing through 2025, silver broke its all-time high set in 1980 this October, reaching a new high of US$54.47 per ounce on October 17.
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 November 10, 2025, 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$20.62 billion
Share price: C$52.51
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 silver-producing asset is its wholly owned La Colorada mine in Mexico.
On May 11, Pan American entered into a definitive agreement to acquire all of the issued and outstanding shares of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG). Under the terms of the US$2.1 billion deal, MAG shareholders will be paid out a mix of cash totaling US$500 million and 0.755 shares in Pan American per MAG share.
On September 4, Pan American announced the deal’s closing, giving it a 44 percent stake in the Juanicipio mine in Central Mexico. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.
According to its Q3 report, released on November 12, the company’s attributable silver production during the period totaled 5.46 million ounces.
The La Colorada mine was the biggest contributor, producing 1.51 million ounces of silver during the quarter. Other significant contributions came from the El Peñon gold-silver mine in Chile with 938,000 ounces of silver, Huaron in Peru at 755,000 ounces, San Vicente in Bolivia at 765,000 ounces and Cerro Moro in Argentina at 559,000 ounces.
Additionally, its attributable silver production from its 44 percent stake in Juanicipio in Mexico totaled 580,000 ounces in the month of September alone.
Pan American Silver also upgraded its 2025 operating outlook to account for Juanicipio’s additional production, and now expects full-year attributable silver production between 22 million to 22.5 million ounces. The company also lowered its expected silver segment all-in sustaining costs to a range of US$14.50 to US$16.00 per ounce.
2. First Majestic Silver (TSX:AG,NYSE:AG)
Market cap: C$7.83 billion
Share price: C$16.61
First Majestic 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 also produce gold.
The company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua as well. First Majestic acquired the property in January 2025 through a merger with Gatos Silver.
Japan’s Dowa Holdings (TSE:5714) holds the remaining 30 percent interest.
In addition to its producing assets, First Majestic sells bullion from its own minting facility in Nevada, US, named First Mint. It commenced sales in March 2024.
According to its Q3 report, the company achieved record quarterly production of 3.86 million ounces of silver, a 96 percent increase from the 1.97 million million ounces produced in the same period in 2024.
First Majestic’s recently acquired Los Gatos mine was its largest producer, delivering 1.41 million attributable ounces of silver. San Dimas took second place at 1.47 million ounces, while La Encantada and Santa Elena produced 575,193 ounces and 412,669 ounces, respectively.
3. Endeavour Silver (TSX:EDR,NYSE:EXK)
Market cap: C$2.93 billion
Share price: C$11.12
Endeavour Silver is a mining company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus the commissioning-stage Terronera project and several exploration properties.
On May 1, the company completed the acquisition of Compañia Minera Kolpa and the Huachocolpa Uno mine in Peru for total consideration of US$145 million in a combination of cash and Endeavour shares to Kolpa shareholders.
Endeavour also agreed to pay an additional US$10 million in cash in contingent payments if certain events are met, and will add US$20 million in net debt, which will remain outstanding and repayable by Minera Kolpa.
In its Q3 production report, Endeavour reported silver production of 1.77 million ounces, 102 percent higher than the 874,717 ounces in the third quarter of 2024. A large portion of the increase was owed to the acquisition of Kolpa, which delivered 598,689 ounces of silver through Q3.
The company also provided an update on Terronera, which is nearing commercial production. Between September 1 and September 23, milling rates averaged 1,866 metric tons per day, with average silver recoveries of 82.8 percent. Additionally, the mine delivered 212,043 ounces of silver during the third quarter.
4. Silvercorp Metals (TSX:SVM)
Market cap: C$1.94 billion
Share price: C$9.58
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 Q2 2026 ended September 30, it reported total silver production of 1.66 million ounces, a 0.2 percent increase from the same period last year. The majority of its output came from the Ying Mining District, which delivered 1.53 million ounces of silver, with the remaining 130,000 ounces coming from the GC mine.
In addition to mining activities, the company reported 77,507 meters of exploration drilling at Ying and 14,437 meters of tunnelling.
Silvercorp also reported that construction activities at El Domo had advanced during the quarter, with 1.29 million cubic meters of material removed from the site. Although the mine is being developed as a copper mine, it will also produce silver as a by-product metal.
The company’s environmental license for the project was the subject of a court challenge, but on August 5, Silvercorp announced that the Constitutional Court of Ecuador rejected the challenge in a unanimous decision.
5. Vizsla Silver (TSX:VZLA,NYSEAMERICAN:VZLA)
Market cap: C$1.9 billion
Share price: C$5.91
Vizsla Silver is advancing its Panuco silver-gold project in Sinaloa, Mexico, toward production.
It released an updated preliminary economic assessment for the Panuco project on February 20, suggesting a post tax net present value of US$1.14 billion with an internal rate of return of 85.7 percent and a pay back period of less than 1 year.
Measured and indicated silver resources at the site totaled 127.82 million ounces of contained silver from 12.96 million metric tons of ore with an average grade of 307 grams per metric ton (g/t) silver. Its inferred resource totals 73.62 million ounces of silver from 10.47 million MT of ore with an average grade of 219 g/t.
On June 18, Vizsla reported that it had advanced 125 meters at its Copala test mine and was progressing at a rate of 4 meters per day. Once development reaches the main deposit, Vizsla will take a 10,000 metric ton bulk sample. The portal will also serve as the primary access for underground mining operations once a construction decision is made.
Additionally, in May, the company entered into an agreement to acquire the producing Santa Fe silver-gold mine and property located to the south of Panuco. The property hosts operating mining infrastructure, including a processing plant and an underground mine built in 2018. Between 2020 and 2024, the mine processed 370,366 metric tons of ore, with an average head grade of 203 g/t silver and 2.17 g/t gold.
Under the terms of the agreement, Vizsla will have the option to acquire a 100 percent interest in the Santa Fe producing concessions for US$4 million in exploration expenditures, along with cash considerations of US$1.5 million and 1.37 million Vizsla shares over five years. It also entered a purchase agreement to buy the Santa Fe exploration concessions for a further US$1.43 million and 2.75 million common shares.
On September 5, Vizsla executed a mandate letter for up to US$220 million toward the development of the Panuco project. While the deal isn’t expected to close until Q1 2026, Vizsla will be able to draw an initial tranche of US$25 million for immediate funding of early development and construction preparation.
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.
Securities Disclosure: I, Dean Belder, own shares of Vizsla Silver.
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