Silver miners can feel like a caffeinated version of gold miners. When silver runs, it often runs fast, and the stocks tend to react with extra volume and extra drama.
That’s the appeal, and also the risk.
For 2026, the setup people keep circling back to is simple. Industrial demand keeps climbing, supply can’t quickly respond, and silver’s price has already proven it can move hard.
The silver price pushed into record territory above the low-to-mid $80s per ounce in 2025, and silver price forecasts for 2026 range from conservative (mid-$50s to $60s averages) to wildly bullish (triple digits, and in some outlooks far beyond that).
In this post, I’ve picked the 5 best silver mining stocks to invest in for 2026. I prioritize silver-focused producers first, then add high-upside developers and growers with credible projects and market attention heading into 2026.
Let’s get started!
Best silver mining stocks list: quick comparison
| Company | Ticker | Approx. market cap (USD) | Approx. TTM revenue (USD) | Best for |
|---|---|---|---|---|
| Pan American Silver | PAAS | ~$23.7B | ~$3.25B | Diversified miner exposure to silver across multiple countries |
| First Majestic Silver | AG | ~$13.6B | ~$965M | Higher-volatility “silver torque” producer with concentrated Mexico exposure |
| Wheaton Precious Metals | WPM | ~$59B | ~$2.52B | Silver exposure with reduced direct mine operating risk (streamer model) |
| Fortuna Mining | FSM | ~$4.43B | ~$1.26B | Mid-tier profile with operational upside across multiple jurisdictions |
| Hecla Mining | HL | ~$16.3B | ~$1.22B | US/North America jurisdiction-focused producer |
Selection criteria
A “good” silver stock isn’t just the one that ran last year. These are the practical filters that matter in 2026.
Production growth potential
We need to look for credible output growth plans, not just big promises. Watch for annual targets (or expansion goals), plus evidence they can execute.
Resource base quality
Key resource questions:
- How many ounces are in the ground (reserves and resources)?
- Are grades strong enough to support margins?
- Is the mine life long enough to matter?
Financial health
Balance sheets decide who survives the ugly years.
- Debt level and maturity schedule
- Operating cash flow durability
- Liquidity (cash, revolvers, working capital)
Management track record
Mining is execution. Teams that have built mines, expanded mills, and dealt with permitting earn a premium.
Valuation context
Raw numbers matter of course. Larger players, and those that have been around longer, tend to offer more reliability. This is similar to how the best gold mining stocks are often evaluated, with market cap, production consistency, and jurisdiction quality all affecting investor preference.
ESG and permit reality
Permits, water, tailings, and local community trust can move a stock more than a quarterly report. If the social license cracks, production can stall.
Jurisdiction risk
“Mining-friendly” still matters. Common lower-risk buckets often include Canada, the US, and Australia, with Mexico and Peru offering strong geology but more policy and social volatility.
1. Pan American Silver (NYSE: PAAS, TSX: PAAS)
Best for: investors who want diversified miner exposure to silver spread across multiple mines and countries
Pan American Silver is a large, diversified silver producer with operations across the Americas, including Mexico, Peru, Argentina, Bolivia, and more. Its current market cap is at roughly $23.7B market cap (range), with headquarters in Canada.
Pan American is known for operating multiple producing mines and maintaining a deep project bench. The dataset references a mix of assets across Mexico and Peru, which matters because it spreads operational risk, even if it doesn’t remove it.
Recent financials
- TTM revenue: about $3.25B
- TTM EBITDA: about $1.32B
- Reserves: described around 454 Moz
Potential risks to keep in view
- Mexico policy and tax shifts
- Water, permitting, and community issues
- Cost inflation (energy, labor, consumables)
Bottom line: Big production base, diversified mines, and strong torque to silver prices when margins expand.
2. First Majestic Silver (NYSE: AG, TSX: AG)
Best for: investors seeking a higher-volatility “silver torque” producer with concentrated operating exposure (notably Mexico)
First Majestic is a well-known silver name with a strong retail following. It has a near $13.6B market cap, and is headquartered in Canada.
The dataset highlights a portfolio spread across North America and Mexico, with a focus on silver-heavy operations and growth projects. First Majestic tends to be discussed as a higher-beta silver stock. This means that it can move a lot when silver moves.
Recent financials
- TTM revenue: about $965M
- TTM EBITDA: about $128M
- Reserves: described around 177 Moz
Potential risks to keep in view
- Operating cost pressure (mining costs can jump fast)
- Regulatory friction in Mexico
- Execution risk during project start-up and ramp-up
Bottom line: A classic “silver torque” name, with upside tied to smooth execution and stable costs.
3. Wheaton Precious Metals (NYSE: WPM, TSX: WPM)
Best for: investors who want silver exposure with less direct mine operating risk
Wheaton Precious Metals isn’t a miner in the traditional sense. It’s a streamer, meaning it finances mines in exchange for metal streams. It’s the largest on this silver mining stocks list by market cap at roughly $59B, headquartered in Canada.
Instead of operating mines, Wheaton collects silver (and gold) exposure through counterparties. That structure can reduce direct operating risk, but it introduces partner and contract risk.
Recent financials
- TTM revenue: about $2.52B
- TTM EBITDA: about $1.46B
- Reserves: 400+ Moz (approximation; most recent official source is from 2024)
Potential risks to keep in view
- Counterparty delays (your partner’s problem becomes your delivery problem)
- Political disruption at partner sites (the snapshot flags Peru as a risk zone)
- Less upside than a pure miner in a runaway bull move (sometimes)
Bottom line: A cleaner way to get silver exposure, with fewer day-to-day mine headaches.
4. Fortuna Mining (NYSE: FSM)
Best for: investors comfortable with mid-tier producer risk who want operational upside from running mines/projects across multiple jurisdictions
Fortuna is generally speaking a mid-tier producer. Their estimated market cap is about $4.43B, and they’re headquartered in Canada.
They have exposure in Latin America. For 2026, the key story is keeping operations steady while pushing incremental production growth.
Recent financials (as provided, approximate early 2026)
- TTM revenue: about $1.26B
- TTM EBITDA: about $625M
- Reserves: described around 45.6 Moz
Potential risks to keep in view
- Social and labor disruptions
- Country-level policy shifts
- Grade variability (common in underground mining)
Bottom line: Mid-tier profile with growth potential, with the usual Latin America risk package attached.
5. Hecla Mining (NYSE: HL)
Best for: investors who prioritize US/North American jurisdiction exposure in a long-lived operating company
Hecla is a US-based precious metals producer with a long operating history. They have an estimated $16.3B market cap, and are headquartered in Idaho, US.
Hecla is commonly tied to US jurisdiction exposure, which some investors prefer for rule stability. The flip side is that labor and compliance costs can bite.
Recent financials
- TTM revenue: about $1.22B
- TTM EBITDA: about $527M
- Reserves: described around 240 Moz
Potential risks to keep in view
- Labor tightness and wage inflation
- Operational disruptions (underground mines can be unforgiving)
- US regulatory and permitting timelines
Bottom line: A US-heavy silver producer profile, with expansion upside and cost discipline as the main watch items.
Why invest in silver mining stocks in 2026 (instead of physical silver)
Mining stocks can act like “silver with a volume knob.” If silver rises, miners can rise more because their margins expand (at least when costs don’t bite back). Some also pay dividends, and many offer growth through expansions, new zones, and better recoveries.
Compared with holding physical silver, mining stocks can offer:
- More upside when silver rallies (operating leverage, higher cash flow per ounce)
- Potential dividends or buybacks
- Company-specific growth (new mines, mill expansions, better grades)
Why silver is gaining attention in 2025 and 2026
Silver entered 2025–2026 with far more investor attention than in previous cycles, and it isn’t just because of inflation headlines. Three forces are driving the narrative:
- Structural supply deficits
- Strong industrial demand
- Macro tailwinds that favor metals
Let’s take a look at each one.
Structural supply deficits
Global silver supply has been in deficit since 2021, with cumulative shortfalls above 796 million ounces. 2025 showed a 149–215 million ounce deficit (about 15% of annual output), and UBS projects an even larger 293 million ounce deficit in 2026.
Since 70–80% of silver is produced as a byproduct of other metals like copper and zinc, higher prices don’t automatically boost mine supply. Inventories across exchanges have also thinned out. This created a firmer floor under prices.
Industrial demand from green tech
Unlike gold, silver is heavily industrial. In recent years, roughly 59% of total demand has come from industrial uses, and that share keeps rising as the global energy transition accelerates.
Here are the main reasons for silver demand in 2026:
- Solar photovoltaics (PV): Silver paste remains essential for photovoltaic cells, even with ongoing thrifting. Installations in China, India, and Europe have driven record demand numbers (roughly 180–200 million ounces in recent years), with estimates showing 10–15% annual growth.
- Electric vehicles (EVs): Silver plays a role in batteries, wiring, connectors, and charging systems. With EV adoption climbing across the US, Europe, China, and India, demand growth above 20% has been projected.
- Electronics, AI, data centers, and 5G: Semiconductors, high-speed connectors, and power electronics add consistent demand streams, with US policy already classifying silver as a critical mineral.
This industrial “stickiness” is important. Silver’s tied to growth markets with multi-year capex cycles, subsidized by policies like the US IRA and EU Green Deal.
Macro and market sentiment
Fed rate-cut expectations, a softer US dollar, and persistent inflation increase the appeal of precious metals. And silver offers higher beta than gold.
Because of this, investors see silver as both an industrial growth metal and a monetary hedge. It has upside potential if deficits continue and clean-energy demand expands through 2026.
The bottom line
Silver’s 2026 setup is built on a tug-of-war between strong industrial demand and a supply pipeline that hasn’t caught up. That mix is why silver prices have attracted big forecasts, big debates, and big moves.
The six names above cover a range of profiles, from large diversified producers (PAAS) to higher-torque miners (AG, MAG) to a streaming model that often smooths the ride (WPM).
If you want one takeaway – silver mining stocks can move a lot more than silver itself. So be aware that that includes both upside drivers and the risks that can be severe if you’re not careful.
Next, if you’re bullish on precious metals, check out our analysis on:
FAQ
What is the best silver mining stocks ETF?
There isn’t one single best silver mining ETF. Popular examples include:
- SIL (Global X Silver Miners ETF): best for broad exposure
- SILJ (ETFMG Prime Junior Silver Miners ETF): best for growth potential
- SLVP (iShares MSCI Global Silver Miners ETF) for a low expense ratio: best for a low expense ratio
How to invest in a silver mine?
Directly owning a physical mine (or a portion of it) is uncommon for retail investors, due to capital requirements, permitting complexity, and operational expertise.
Realistic ways include:
- Buying shares of publicly listed silver mining companies,
- Investing via mining-focused ETFs,
- Participating in private placements for exploration companies (higher risk)
- Investing in streaming/royalty companies that finance mines in exchange for metal streams