The Top Canadian Silver Stocks for March 2025

ByDan Kent Published On:

Key takeaways

Silver’s Dual Role in the Economy – Silver is both a precious metal and an industrial metal, meaning its price is influenced by investment demand (like gold) and industrial use in sectors like solar energy and electronics. This makes silver stocks particularly interesting in both inflationary periods and times of rising industrial demand.

Different Ways to Invest in Silver – Investors can gain exposure to silver in different ways: pure-play miners like First Majestic, low-cost producers like Silvercorp, and streaming companies like Wheaton Precious Metals that provide lower-risk, cash-flow-driven exposure. Each type of company has its own risk and reward profile.

Silver Price Volatility Creates Opportunity – Silver prices are notoriously volatile, which means silver stocks can experience sharp swings. While this creates risk, it also offers potential upside for investors who can time market cycles or hold long term in anticipation of rising demand.

3 stocks I like better than the ones on this list.

Many investors seek precious metal exposure among Canadian stocks listed on the TSX. Whether it be gold, copper, or silver stocks, people want precious metal exposure due to higher than average interest rates and inflation.

The bullish case for silver

Many investors’ counterpoint to precious metal exposure is that metals are not correlated with inflation and thus are not a hedge, which is true in high inflationary periods. However, during rapid inflation and economic uncertainty, metals like gold and silver have been known to perform exceptionally well.

There are a multitude of ways to gain exposure as well. You can buy physical silver bullion in the form of bars or through an ETF, silver futures, or you can buy what I will be going over in this article, which is the top silver stocks in Canada.

Inflation and the persistent issue of currency printing is not the only reason investors are interested in the top silver mining stocks. Despite what most people think, the majority of silver is used in industrial applications, while less than 20% of it is used in jewelry.

As we move towards EV vehicles, silver demand is expected to increase by 70% in the automotive sector, which should help miners generate more free cash flow.

As such, many Canadian investors are looking to learn the best options for top silver stocks here in Canada because they could be somewhat of a bullish play on the shift to greener forms of energy and human living.

Many miners will have some exposure to silver. Still, in this article, we will focus on companies that are essentially silver pure-plays, or in other words the vast majority of revenue comes from silver production and silver-producing mines.

Of note, some runners-up that didn’t make this list but could be added to a watchlist include Endeavour Silver (TSE:EDR), Mag Silver Corp (TSE:MAG), and Pan American Silver Corp (TSE:PAAS).

The best silver stocks to be looking at in Canada today

Pure-play silver miner with a focus on Mexico

First Majestic Silver (TSE:AG)

First Majestic Silver is one of the few silver miners that derive most of their revenue from silver rather than other metals. The company operates multiple mines in Mexico, including the flagship San Dimas mine. It also owns the Jerritt Canyon gold mine in Nevada but remains heavily weighted toward silver production.

P/E: –

5 Yr Revenue Growth: 8.9%

5 Yr Earnings Growth: -%

5 Yr Dividend Growth: -%

Yield: 0.3%

  • High Silver Exposure: Unlike many competitors, First Majestic is a true silver-focused miner, making it a strong play for silver bulls.
  • Mexican Operations: Its mines are located in Mexico, a top silver-producing country, providing a strong resource base.
  • Production Growth Potential: The company is expanding operations, including increasing output at San Dimas and Santa Elena.
  • Premium Bullion Business: First Majestic sells its own branded silver bars and coins directly to investors, adding another revenue stream.
  • Leverage to Silver Prices: The stock tends to move sharply with silver prices, offering significant upside if silver rallies.
  • Strong Management Team: The company has a track record of acquiring and optimizing silver mines efficiently.
  • Silver Price Movements: First Majestic’s stock is highly sensitive to silver price fluctuations.
  • Mexican Mining Policies: Any changes in regulations or taxation could impact operations.
  • Expansion Progress: Investors should monitor production growth at key assets like San Dimas and Santa Elena.
  • Gold Mine Contribution: While still a silver company, its Jerritt Canyon gold mine is a growing factor in its revenue mix.
  • High Volatility: This stock swings wildly with silver prices, which can be a double-edged sword.
  • Political Risks in Mexico: The country has a history of policy changes that could impact mining operations.
  • High Production Costs: Some of its assets have higher-than-average production costs, which could squeeze margins if silver prices drop.
  • Debt Levels: Expansion efforts have required financing, and any downturn in silver prices could pressure the balance sheet.

China-focused silver miner with a low-cost model

Silvercorp Metals Inc (TSE:SVM)

Silvercorp Metals is a unique silver miner, as it operates primarily in China. It focuses on high-grade silver-lead-zinc deposits and has built a reputation for being one of the lowest-cost silver producers in the world. The company benefits from strong margins and a conservative financial strategy.

P/E: 11.6

5 Yr Revenue Growth: 5.3%

5 Yr Earnings Growth: -2.2%

5 Yr Dividend Growth: 0.5%

Yield: 0.6%

  • Low-Cost Production: Silvercorp’s all-in sustaining costs are among the lowest in the industry, leading to strong profitability.
  • Chinese Operations: While riskier from a geopolitical standpoint, its China-based mines have been highly productive.
  • Strong Balance Sheet: The company carries little debt and has significant cash reserves, reducing financial risk.
  • Diversified Metals Exposure: While silver is the primary focus, lead and zinc sales add revenue stability.
  • Share Buybacks & Dividends: Silvercorp returns capital to shareholders through repurchases and dividends.
  • Exploration Upside: The company is consistently expanding its resource base with new discoveries in China.
  • Silver & Zinc Prices: The company benefits not just from silver but also from rising zinc and lead prices.
  • Chinese Regulations: Any policy shifts in China’s mining sector could affect Silvercorp’s operations.
  • Exploration Success: New high-grade discoveries could drive long-term growth.
  • Cash Deployment: With a strong balance sheet, how the company uses its cash—whether for acquisitions, dividends, or reinvestment—will be key.
  • Geopolitical Risk: Operating in China exposes Silvercorp to regulatory and trade-related risks.
  • Limited Asset Diversification: Most of its production comes from a handful of mines in China.
  • Market Perception: Some investors are wary of China-based companies, which may impact valuation.
  • Currency Risks: The company earns revenue in yuan but reports in U.S. dollars, exposing it to exchange rate fluctuations.

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One of the world’s largest precious metals streaming companies

Wheaton Precious Metals (TSE:WPM)

Wheaton Precious Metals is a silver and gold streaming company, meaning it provides upfront capital to miners in exchange for the right to buy silver and gold at a fixed price. Unlike traditional miners, Wheaton doesn’t operate mines, which keeps its costs low and margins high.

P/E: 66.0

5 Yr Revenue Growth: 8.3%

5 Yr Earnings Growth: 43.3%

5 Yr Dividend Growth: 11.5%

Yield: 0.8%

  • Diversified Asset Base: Wheaton has streaming agreements with multiple mines worldwide, reducing single-asset risk.
  • Low-Cost Model: As a streamer, it avoids the high operational costs associated with mining.
  • Strong Silver Exposure: While it also streams gold, silver remains a core part of its business.
  • Steady Cash Flow: Long-term contracts provide predictable revenue, even during market downturns.
  • Growth Through Deals: Wheaton continues to secure new streaming agreements, expanding its portfolio.
  • Dividend Growth: The company has a history of increasing its dividend alongside rising cash flows.
  • Silver & Gold Prices: As a streamer, Wheaton benefits from higher precious metal prices without the risk of direct mining costs.
  • New Streaming Deals: Investors should watch for new agreements that add to its long-term revenue pipeline.
  • Production at Partner Mines: Wheaton depends on its mining partners hitting their production targets.
  • Dividend Adjustments: Given its payout structure, rising cash flows should lead to higher dividends.
  • Dependent on Third Parties: Wheaton doesn’t operate mines, so if a partner fails to deliver production, its earnings take a hit.
  • Silver-Gold Mix Shift: Over time, the company has leaned more toward gold streams, potentially reducing its silver leverage.
  • Regulatory Risks: Taxation and regulatory changes in mining jurisdictions could impact future deals.
  • Commodity Price Volatility: While less risky than miners, Wheaton’s revenue is still tied to silver and gold price movements.

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Overall, these 3 Canadian silver stocks should provide a variety of options

Be aware that when you invest in a silver producer like First Majestic or Silvercorp, you’re relying heavily on the price of silver. This isn’t necessarily the case with Wheaton Precious Metals. With its streaming capability, it is likely to be less volatile. But with the other two, they will likely follow if silver dips or rises.

If you’re going to buy these silver stocks, you have to do so with a long-term mentality and be willing to withstand the general ebbs and flows of the commodity markets. These stocks are not for the faint of heart and will be subject to large volatility.

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