Silver closed 2025 near $75 per ounce after a remarkable 150%+ gain — one of the strongest years on record for the metal. Industrial demand reached new highs (solar alone consuming over 250 million ounces), supply deficits persisted, and investment flows accelerated as silver played catch-up to gold's bull run.
As we enter 2026, with analysts forecasting averages from $55–$70 (Bank of America, J.P. Morgan) and upside scenarios higher, the question for experienced investors is which silver stocks offer the best exposure.
Pure-play silver companies are rare — most silver is produced as a by-product of base metal mining. True primary silver projects are even scarcer. This makes quality silver-focused names particularly valuable in a sustained bull.
Eric Sprott, one of the most respected names in precious metals investing, has long emphasized silver's undervaluation and structural upside. His portfolio reflects this conviction, with meaningful positions in several producers and developers that stand out as top silver stocks to invest in.
Below is a detailed look at standout silver stocks — primarily Canadian-listed — worth watching in 2026. These aren't recommendations, just observations based on public data: strong fundamentals, clear catalysts, and leverage to silver's outlook.
Important disclaimer: This is educational commentary only. It is not investment advice or a recommendation to buy, sell, or hold any security. All investments carry risk. Conduct your own research and consult professionals.
The Case for Silver Stocks in 2026
Silver's rally has been driven by fundamentals that show little sign of abating:
Industrial demand projected to grow 10–20% annually (solar, EVs, electronics)
Ongoing deficits (95–149 million ounces estimated for 2025)
Constrained primary supply response
Quality silver miners — especially those with low costs and growth profiles — offer leveraged exposure to this setup.
Top Silver Producers and Developers
Pan American Silver (PAAS.TO / PAAS Nasdaq)
The world's second-largest primary silver producer.
2025 production ~18–20 Moz silver, with major assets in Mexico, Peru, and Bolivia.
Strong balance sheet, diversified portfolio, and ongoing optimization at key mines.
Eric Sprott has maintained a significant position for years.
First Majestic Silver (AG NYSE / FR.TO)
Pure-play silver producer with Mexican operations.
2025 guidance ~21–23 Moz silver equivalent.
Focus on high-grade, low-cost production; recent acquisitions expanded pipeline.
Long-time Sprott holding.
MAG Silver (MAG.TO / MAG NYSE)
44% owner of the Juanicipio mine (Mexico) — one of the highest-grade silver projects globally.
Full-year 2025 production ramp contributed strong cash flow.
Exploration upside at Deer Trail (Utah).
Sprott has been a consistent supporter.
SilverCrest Metals (SIL.TO / SILV NYSE)
Las Chispas mine (Mexico) ramped to commercial production.
High-grade, low-cost operation with significant free cash flow generation in 2025.
Exploration potential on district-scale land package.
Hecla Mining (HL NYSE)
Largest U.S. silver producer with operations in Alaska, Idaho, and Quebec.
2025 production ~16–17 Moz silver.
Strong track record of reserve replacement.
Endeavour Silver (EDR.TO / EXK NYSE)
Mexican-focused producer with Terronera project advancing toward 2026 production.
Existing mines provide cash flow bridge.
Promising Silver Developers and Juniors
Dolly Varden Silver (DV.V)
High-grade Kitsault Valley project in BC's Golden Triangle.
2025 drilling expanded resources; 2026 program funded for further growth.
Sprott-backed with significant insider alignment.
Silver Tiger Metals (SLVR.V)
El Tigre project (Mexico) advancing toward feasibility.
High-grade open-pit and underground potential; recent drilling hits impressive widths.
AbraSilver Resource Corp (ABRA.TO)
Diablillos project (Argentina) — one of the largest undeveloped silver deposits globally.
DFS targeted Q1 2026; resource continues to grow.
Vizsla Silver (VZLA.V)
Panuco project (Mexico) — high-grade silver-gold with district potential.
Aggressive 2026 drilling planned.
Kootenay Silver (KTN.V)
Columba project (Mexico) delivering consistent high-grade hits.
Early-stage but with discovery upside.
Silver One Resources (SVE.V)
Candelaria project (Nevada) — past-producer with restart potential.
Eric Sprott's Influence on Silver Stock Selection
Eric Sprott's long-standing focus on silver has shaped many investors' watchlists. His positions often highlight companies with:
Primary silver exposure
High-grade resources
Experienced teams
Undervalued relative to peers
Names he's supported (public 13F/insider filings) include Pan American, First Majestic, MAG Silver, Dolly Varden, and others noted above.
Which Silver Stocks Benefit Most in 2026?
Higher sustained silver prices favor:
Low-cost producers (margin expansion)
Developers nearing production (re-rating)
High-grade juniors adding ounces cheaply
The top silver miners stocks for potential outperformance share clean metallurgy, Tier-1 or improving jurisdictions, and funded catalysts.
The Bottom Line
Silver's structural story — industrial growth meeting limited primary supply — remains intact heading into 2026.
The best silver stocks to invest in aren't the most hyped. They're quality producers and developers with leverage to rising prices and clear paths forward.
Many top Canadian silver stocks highlighted here fit that profile — offering exposure for investors comfortable with the sector's volatility.
Position selectively. The real winners emerge from patience and preparation.
Stay informed,
CanadianMiningReport.com
P.S. Silver's next phase will reward those focused on fundamentals. In The Wealthy Miner community, we track evolving positions and catalysts weekly. Join if you'd like that level of ongoing analysis.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.