Silver mining companies are being supported by a silver price bull run in 2026.
After climbing through 2025, silver broke its all-time high set in 1980 in October before reaching a new high of US$121.62 per ounce on January 29.
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 February 26, 2026, 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$37.1 billion
Share price: C$92.37
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 wholly owned silver-producing asset is its La Colorada mine in Mexico.
Pan American also has a 44 percent stake in the Juanicipio mine in Central Mexico following its US$2.1 billion acquisition of MAG Silver that closed in September 2025. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.
According to Pan American’s Q4 and full year 2025 report, its operations produced a record 7.28 million ounces of attributable silver in Q4 boosted by the addition of the Juanicipio mine. Juancipio is now the company’s biggest silver producer, producing 1.91 million ounces of attributable silver in Q4.
The La Colorada mine was the second highest contributor at 1.61 million ounces of silver. Other significant contributions came from the El Peñon gold-silver mine in Chile at 1.06 million ounces of silver, Cerro Moro in Argentina at 920,000 ounces, Huaron in Peru at 780,000 ounces and San Vicente in Bolivia at 760,000 ounces.
For the full year, Pan American produced 22.8 million ounces of attributable silver, coming in above its annual guidance. The company also provided guidance for 2026, estimating production of 25 million to 27 million ounces of attributable silver and all-in sustaining costs for its silver segment of US$15.75 to US$18.25 per ounce.
2. First Majestic Silver (TSX:AG,NYSE:AG)
Market cap: C$19.75 billion
Share price: C$42.59
First Majestic Silver 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 produce gold as well.
Additionally, the company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua, which also produces zinc, lead and gold as byproducts. First Majestic acquired the property in January 2025 through a merger with Gatos Silver; Japan’s Dowa Holdings (TSE:5714) owns the remaining 30 percent.
On top of its mining operations, First Majestic mints and sells silver bullion from its First Mint facility in Nevada, US. The company commenced sales in March 2024.
According to its full year 2025 production report, First Majestic achieved record Q4 silver production of 4.17 million ounces of silver, a 77 percent year-over-year increase from 2.35 million ounces.
First Majestic’s Los Gatos mine was its largest producer, delivering 1.49 million attributable ounces of silver during the quarter. San Dimas took second place at 1.32 million ounces, while La Encantada and Santa Elena produced 1 million ounces and 358,185 ounces, respectively.
On a yearly basis, First Majestic produced 15.44 million ounces of silver, near the upper end of its guidance. The company set guidance for 2026 at 13 million to 14.4 million ounces of silver, with silver equivalent all-in sustaining costs at US$26.15 to US$27.91 per ounce.
3. Endeavour Silver (TSX:EDR,NYSE:EXK)
Market cap: C$5.33 billion
Share price: C$19.17
Endeavour Silver is a mining company with operations in Mexico and Peru.
In Mexico, Endeavour has two operating silver-gold mines — Guanaceví mine and Terronera — as well as a portfolio of exploration projects that includes the advanced Pitarilla silver project. The company achieved commercial production at Terronera in October 2025.
In Peru, the company owns the Kolpa silver mine, which also produces zinc, lead and copper. It acquired the Peruvian mine’s owner Compañia Minera Kolpa in May 2025 for total consideration of US$145 million in a combination of cash and shares. Endeavour also agreed to pay up to US$10 million in cash in contingent payments if certain events are met.
In its Q4 and full year 2025 results, Endeavour reported Q4 silver production of 2.03 million ounces, up 146 percent year over year. For the full year, Endeavour produced 6.49 million ounces of silver, a 45 percent increase over its production of 4.47 million in 2024.
Much of these gains were driven by new production from Kolpa and Terronera, which contributed 631,867 and 352,002 ounces of silver respectively in Q4. Kolpa delivered 1.61 million ounces during its eight months of ownership in 2025.
A large portion of the increase was due to the acquisition of Kolpa, which
The company also noted that it achieved commercial production at Terronera in October 2025, delivering 352,002 ounces of silver in the final quarter of the year. Another 608,388 ounces of silver were produced at its Bolanitos mine in Mexico in 2025.
On January 15, Endeavour announced it had completed the sale of the mine to Guanajuato Silver for upfront consideration of US$40 million, with additional payments to be made upon meeting production milestones at the mine.
4. Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM)
Market cap: C$3.96 billion
Share price: C$18.84
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 Q3 2026 ended December 31, Silvercorp reported total silver production for the quarter of 1.9 million ounces, a 4 percent decrease from the same period last year. The majority of its output came from the Ying Mining District, which delivered approximately 1.7 million ounces of silver, with about 100,000 ounces coming from the GC mine, according to the release.
It is constructing the Kuanping project as a satellite deposit for Ying, at which it expects to see minor development ore production beginning in June. In addition to mining activities, the company reported 76,607 meters of exploration drilling and 19,917 meters of tunnelling across Ying and GC.
On February 4, Silvercorp announced that the construction budget for its El Domo project had been increased by US$44 million to US$284 million. The largest component of the rise at US$16 million was an increase in the VAT rate from 10 percent to 15 percent; the company expects to recover the funds through tax credits in the first year of operation.
Silvercorp detailed its 2025 progress at El Domo in the release, which included moving over 2.6 million cubic meters of material for site preparation.
5. Americas Gold and Silver (TSX:USA,NYSEAMERICAN:USAS)
Market cap: C$3.34 billion
Share price: C$12.90
Americas Gold and Silver is a US and Mexico-focused silver producer. Its primary operations consist of the Galena Complex in Idaho, US, and the Cosala operations in Sinaloa, Mexico.
Americas is one of the largest primary silver miners in the US due to its Galena Complex in Nevada’s Silver Valley, a historic mining district that is home to the Bunker Hill, Sunshine and Lucky Friday mines. In addition to silver, Galena produces antimony and copper byproducts. In February, the company announced plans to build an antimony processing facility at the complex through a 51 percent owned joint venture.
In late 2025, Americas Gold and Silver completed a two phase plan to increase efficiency at the mine’s No. 3 shaft. The first phase upgraded the hoisting capacity from 40 to 80 metric tons per hour of material movement, while phase two included upgrades to the hoist pads, the installation of a hoist control console and the deployment of an antenna system in the shaft to support upgrades to automation.
The Cosala operations in Sinaloa comprise 67 mining concessions spanning 19,385 hectares and include the Los Braceros processing facility, the San Rafael mine and the EC120 mine. While San Rafael contains higher levels of zinc and lead, EC120 hosts higher grades of silver and copper. EC120 entered commercial production on January 1, 2026, as the company transitions its operations away from San Rafael.
In December, Americas Gold and Silver completed its acquisition of the past-producing Crescent silver mine, located 9 miles from the Galena Complex in Idaho. The company plans to restart production at the fully permitted mine, which produced more than 25 million ounces of silver between 1917 and 1981. Feedstock from the mine will be delivered to the milling site at the Galena Complex.
The company said it is fully funded and will rapidly advance Crescent to production, while also carrying out aggressive exploration programs at both sites.
On January 21, Americas announced it achieved record production from its Cosala operations, coming in at 1.19 million ounces of silver in 2025 and 463,000 ounces in Q4 alone.
Its combined full year silver production of 2.65 million ounces was up 52 percent over the 1.17 million attributable ounces it delivered in 2024, in part due to the company increasing its stake in Galena from 60 to 100 percent to end 2024.
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.