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My updated top 10 Silver Stocks, along with talk of a few others below that and other current holdings.
While these are my top 10, they are very close and is based more upon my risk/reward profile. So keep in mind what yours is if you take these rankings into account with your evaluations.. It really depends on exactly what type of investment you are looking for when it comes to size, stability, risk/reward profile, volatility, short term vs long term, jurisdictional risk, etc.
This is a long read, and I know people have extremely limited attention spans these days, so only read it all if you’d like to make a lot of money, even though this isn’t investment advice.
Also, see the notes right after the top 10. I first mention two companies I have just as large investments in and why, along with some others I also have similar investments in.
1. Vizsla Silver Corp. (VZLA) sits in a sweet spot as a Tier-1 Junior Developer on the absolute cusp of production. This is moving back up on my list (previously #1 before the incident with the Sinaloa Cartel a few months back, which actually made it a great buying opportunity, and now recently being backed by the government, this risk has almost entirely gone away). Vizsla has MASSIVE upside with very high quality management and assets.
Vizsla holds a highly unique profile compared to the others listed below. It currently generates zero commercial revenue, making it a pre-production asset play like Hycroft Mining. However, unlike Hycroft's multi-decade timeline, Vizsla is executing an aggressive, fast-tracked sprint to build its mine right now.
Matches Hycroft/Honey Badger (broken down below) on zero current revenue, but possesses an active build timeline.Primary ProjectPanuco Silver-Gold Project (Sinaloa, Mexico)Poised to challenge Endeavour’s Terronera as Mexico’s next premier asset. Some further details:
Incredible Economics at the Flagship "Panuco" Project
Vizsla owns 100% of the massive Panuco district in Sinaloa, Mexico. This is widely considered one of the highest-grade, highest-return silver development projects in the world.
The Scale: A feasibility study highlighted a massive 17.4 million ounces of silver-equivalent annual production over an initial 9.4-year mine life.
The Return Profile: Due to high grades, the asset boasts a staggering 111% After-Tax Internal Rate of Return (IRR) and an estimated 7-month capital payback period at modern commodity pricing. These metrics are nearly unmatched in the mid-tier mining sector.
Political Endorsement via Government Capital
Operating in Mexico carries unique jurisdiction and security risks, which has weighed on peer miners. Vizsla recently secured a major structural advantage to mitigate this.
The State Endorsement: In May 2026, Vizsla signed an agreement for a working capital facility with FIFOMI, a specialized financial institution backed directly by the Mexican government.
The Risk Cushion: Getting a direct stamp of approval and funding from a government entity serves as a massive shield against localized regulatory risks—something Americas Gold & Silver or Avino do not directly possess.
2. Endeavor Silver (EXK) - 4th highest % of their revenues come from Silver (70%) - very high quality project. It’s an emerging major with still a ton of upside. It sits on a goldmine (no pun intended) of multi-decade exploration properties.
The Terronera Growth Engine: Endeavour achieved commercial production at its mega-asset, the Terronera mine in Mexico, late last year. Production is aggressively scaling through 2026, driving an expected 35% increase in total silver-equivalent ounces year-over-year.
World-Class Pipeline: Beyond Terronera, Endeavour holds the 100%-owned Pitarrilla project in Mexico—one of the largest undeveloped silver deposits in the world. This provides the company an elite growth pathway that smaller peers simply cannot match over a 5-to-10-year horizon.
3, America’s Gold & Silver (USAS) - Derives 80% of it’s revenue from Silver (2nd highest % behind Aya) - after spending years hampered withburdensome stream agreements and legacy costs, the company is experiencing an immediate operational pivot that is acting as a massive catalyst.
Sudden Profit Turnaround: The company officially swung to a major profit, reporting record Q1 2026 revenue of $39.2 million and net earnings of $10.9 million ($0.10/share). This massive earnings beat caught the market off guard after a net-negative 2025. [
Balance Sheet Cleansing: In May 2026, the company successfully terminated restrictive silver and gold delivery contracts with Sprott Mining and Royal Gold. This allows the company to realize full, unhedged market prices on its metal production moving forward.
Immediate Grade Boost: Free cash flow is surging as the company shifts mining operations to the ultra-high-grade EC120 zone at its Cosalá Complex, generating immediate near-term cash expansion
4. Avino Silver & Gold Mines (ASM) - While some of this list are great short term plays (USAS) and others more great longer term plays, Avino offers both:
Avino posted a staggering 109% year-over-year revenue increase to $39.4 million for Q1 2026, beating consensus analyst expectations.
High Net Margins: Avino generated a clean $15.9 million in net income for the quarter. It is running an exceptional 32.7% net profit margin by mining pure-play silver at high spot prices.
The Growth Engine: Avino owns La Preciosa, one of the largest undeveloped silver deposits in Mexico.
Production Path: Avino currently produces around 2.5 to 2.8 million silver-equivalent ounces per year.
However, the progressive integration of La Preciosa is designed to triple its output to 8–10 million ounces by late 2029. This matches the multi-year scale expansion timeline of Endeavour's Terronera asset.
Fortress Liquid Position: Avino wrapped up its recent quarter sitting on a staggering $138.6 million in cash, which is more than triple its entire total corporate liabilities.
5. Guanajuato Silver Company Ltd. (GSVRF) serves as an exceptional high-leverage, fast-improving junior producer that is a high-purity silver play.
Valued at roughly $240 million USD, it is much smaller than seniors like Pan American Silver, but it punches far above its weight in silver exposure. Over 58% of its total revenue is derived directly from pure silver (and 97% from precious metals overall), making it one of the absolute purest silver producers on the public markets today.
The company just hit a massive, historic operational milestone that completely changes its risk profile.
The Q1 2026 Breakthrough: From Money Pit to Profit Engine
Historically, Guanajuato Silver was avoided by conservative investors because it struggled with narrow epithermal veins, operational bottlenecks, and high production costs, consistently posting net losses. However, its newly released financial updates reveal a massive corporate turnaround.
First Ever Net Profit: In late May 2026, Guanajuato Silver officially reported the first net-income positive quarter in its corporate history, banking $5.7 million USD in pure net profit. This marks an astonishing $35 million EBITDA swing compared to its deeply negative prior quarter.
The Bolanitos Windfall: This explosive turnaround was driven by the company closing its game-changing acquisition of the Bolanitos Gold-Silver Mine. Integrating Bolanitos caused Q1 2026 revenue to skyrocket 89% quarter-over-quarter to a record $43.1 million USD.
Massive District Consolidation: The company now operates four producing mines anchored by two central processing hubs (El Kubo and Bolanitos) in Mexico. By bringing formerly competing mines under a single corporate umbrella, management can now exploit high-grade exploration targets that were previously restricted by property borders.
Why Guanajuato Silver is a "Coiled Spring" for Capital Gains
If you want a stock that acts like a leveraged turbocharger on the price of silver, GSVRF fits perfectly into your high-growth bucket for several structural reasons:
1. Pre-Feasibility Discount
Unlike seniors that trade at massive valuation premiums because they have rigid, audited multi-decade mine plans, Guanajuato operates a nimbler strategy of reactivating historic past-producing mines. Because they don't rely heavily on massive, multi-million dollar institutional feasibility studies, the stock trades at a steep discount relative to its actual metal output. If they continue to prove profitability, this "valuation gap" will close aggressively.
2. Aggressive 2026 Drilling Blitz
Management is utilizing its fortified $30.5 million cash treasury to execute a massive, record-breaking 75,000-meter drilling program through the remainder of 2026. 45,000 meters of this is pure exploration drilling designed to expand known high-grade mineralization zones, providing a steady stream of near-term stock catalysts.
3. Room to Expand Mill Capacity
The company currently outputs around 3.3 to 4.0 million silver-equivalent ounces per year. However, its existing milling infrastructure is still under-utilized. As underground tunneling accesses newer vein structures later this year, the company can scale up production with very little additional capital cost, driving its operating costs down and profit margins up.
6. Santacruz Silver Mining Ltd. ( SCZM) functions as a highly unique, asset-rich turnaround machine that currently sits at a massive valuation discount.
Valued at roughly $450 million USD, Santacruz is a mid-tier polymetallic producer. It generates roughly 15 million silver-equivalent ounces annually, operating four producing mines across Bolivia and Mexico, alongside an ore-trading business.
One contrast you can look at with a company like Santacruz is how it compares to Aya, when they have nearly identical revenue.
The Valuation Reality Check: Santacruz generated higher top-line revenue ($127.5M vs $117.3M) than Aya in Q1 2026. Yet, Aya's total market value is over 6x larger than Santacruz.
Why the Split Exists: Aya commands a steep premium because it has an industry-low cost structure, trades on the NASDAQ, sits in ultra-stable Morocco, and boasts over 90% silver purity. Santacruz is penalized heavily by the market because of its base-metal exposure (Zinc/Lead) and its complex operation footprint in Bolivia
3 Core Traits Defining Santacruz Silver
1. Mind-Blowing Revenue Generation (The Valuation Gap)
The most striking element of the Santacruz profile is its immense revenue generation relative to its small market cap.
Massive Top-Line Surge: Propelled by a strong metal environment, its Q1 2026 revenue surged 81% year-over-year to $127.5 million USD.
Explosive Profits: Net income more than tripled to $28.5 million USD for the quarter, generating a robust $42.6 million in Adjusted EBITDA.
The Valuation Gap: The stock trades at a deep discount—roughly 0.5x to 0.75x of its Net Asset Value (NAV). The market is pricing it like a tiny junior explorer, even though it generates more revenue in a single quarter than most juniors generate in a decade.
2. The Debt-Free Transformation
Historically, Santacruz was bogged down by massive structural liabilities linked to buying its Bolivian assets from mining giant Glencore.
Clean Balance Sheet: Management successfully amortized and completely paid off its Glencore purchase agreement.
No Anchors: The company is operating with zero debt, zero streaming agreements, and zero royalties on its primary corporate engine. This leaves them with a healthy $64.9 million cash pile to self-fund optimizations.
3. High Geopolitical Risk (The Bolivia Factor)
The exact reason Santacruz trades at such a dirt-cheap price is its heavy geographic concentration in Bolivia, where it operates the Bolivar, Porco, and Caballo Blanco complexes.
Sovereign Tension: Recent political friction between political factions in Bolivia has caused broad market hesitation.
Operational Insulation: Operationally, the company has heavily insulated itself. They utilize rail lines to bypass road blockades and maintain substantial supply inventories at the mine sites, allowing them to hit all Q1 production budgets without interruptions. Furthermore, their San Lucas ore-sourcing business acts as a low-risk trading model that makes money on third-party ore without mining capital expenditures.
The Near-Term Growth Rocket: Soracaya
For your growth bucket, Santacruz has a massive near-term catalyst dropping right now. Their 100%-owned Soracaya asset in Bolivia—boasting an ultra-high grade of 260 g/t silver—is expected to begin initial commercial production by late 2026. This new mine will inject high-grade material into their mill circuits, sharply dragging down their consolidated All-In Sustaining Costs (AISC).
The Deep-Value Play: If you want a company that creates immense revenue, has zero debt, possesses multi-metal diversification, and is completely ignored by Wall Street algorithms due to a "Bolivia discount," Santacruz is an unbelievable deep-value pick.
7. Aya Gold & Silver Inc (AYA) - The only pure Silver play, with 98% of it’s revenues coming from Silver.
It operates on a different and much larger scale than the 3 I have listed above it, with a much higher market cap, far greater revenues and profit, and probably will eventually attractc more institutional interest, it also already trades at a hefty premium in relative to the above 3.
One of the other key differences from the three companies listed above, is that it operates in more mining friendly Morocco, which is far less exposed to the shifting regulatory, security, and tax landscapes that Mexico has.
Key differences and notes:
Explosive Top-Line Growth: Driven by its recently expanded mill, Aya’s Q1 2026 revenue skyrocketed 247% year-over-year to $117 million.
Monstrous Net Income: Aya pocketed $49 million in pure net income for Q1 2026 alone. It is converting top-line revenue into bottom-line profit at a pace the other three companies cannot match.
The Moroccan Advantage: Aya’s primary assets sit along the highly secure, mining-friendly South-Atlas Fault in Morocco. This safe legal jurisdiction is why large institutions favor Aya, resulting in its recent, high-profile listing on the Nasdaq Exchange.
Ramp-Up Complete: Aya declared commercial production on its massive Zgounder mine expansion. The plant is already operating at its full 3,650 tonnes-per-day capacity.
The Next Catalyst: Because Zgounder is fully funded and producing, Aya is using its $172 million cash pile to fast-track its next multi-decade asset, the Boumadine polymetallic project.
8. Discovery Silver Corp.(DSVSF) completely shattered its mold by executing a massive corporate metamorphosis, officially rebranding to Discovery Mining Ltd.
Valued at a massive ~$5.39 billion USD. It transitioned from a pre-revenue developer waiting on Mexico into an active, highly profitable Tier-1 gold and silver heavyweight based out of Canada. And of course Discovery still owns 100% of the Cordero Project in Chihuahua, Mexico—one of the largest undeveloped silver deposits on Earth.Some details:
1. The Transformation: From Story to Cash Engine
Historically, Discovery was valued like Vizsla or Hycroft—a pre-production developer waiting on its flagship asset. That narrative ended.
The Transformed Balance Sheet: Following its transformative acquisition of the Porcupine Mine Complex in Ontario from Newmont, Discovery became an absolute cash-printing machine.
Monstrous Q1 Financials: Discovery reported a staggering $81.7 million USD in net income for Q1 2026, marking a 25% sequential jump. It boasts $634.9 million in total liquidity, giving it the largest organic capital buffer of the entire group.
2. The Rebrand: Dropping the "Silver-Only" Label
On July 3, 2026, the company officially shed the "Discovery Silver" name to trade as Discovery Mining Ltd.
The Bimetal Shield: Discovery is no longer a pure-play silver stock. Its Canadian operations are churning out over 60,000 ounces of gold per quarter, aiming for 260,000 to 300,000 ounces annually.
Portfolio Stability: This gold cushion protects the company from erratic silver price swings, offering a smoothed out corporate profile compared to high-beta vehicles like First Majestic.
3. The Generational Asset: Cordero is Still Looming
While Discovery's Canadian gold assets fund the company's daily operations, its massive long-term silver catalyst remains completely intact.
The World's Largest Reserve: Discovery still owns 100% of the Cordero Project in Chihuahua, Mexico—one of the largest undeveloped silver deposits on Earth.
Organic Financing: In mid-2026, Discovery advanced permitting and power infrastructure at the $606 million Cordero site. Unlike other developers who must dilute their stock to build mines, Discovery can self-fund Cordero using its massive Canadian gold cash flows.
9. Silvercorp Metals (SVM) - Highly leveraged to Silver, with 75% of it’s revenue from Silver, SVM is a cash cow with massive revenue, profits and cash flow. Here are some details:
1. Financial Performance:
Record Top Line: Silvercorp brought in a massive $438.1 million in record revenue for Fiscal Year 2026, marking a 47% jump year-over-year.]
Exceptional Profitability: The company banked $151 million in adjusted net income ($0.69 per share).
The Cash Mountain: Silvercorp wrapped up its year sitting on $422 million in pure cash. This allows them to fund massive expansions without diluting shareholders.
2. Cost Structure: The Lowest AISC Around
Production costs dictate survival when commodity markets swing. Silvercorp operates with a structural cost advantage.
Insulated Margins: Silvercorp maintains an incredibly low All-In Sustaining Cost (AISC) hovering around $12.86 per ounce.
Peer Comparison: Compare this to Endeavour Silver, which is enduring compressed short-term margins with an AISC up around $27.00–$28.00/oz. Silvercorp captures massive profit spreads even if the price of silver takes a hit.
3. Growth Profile: Emerging Geopolitics
The main drawback preventing Silvercorp from trading at a high valuation premium like Aya Gold & Silver is its historic asset concentration in China.
The China Base: Its primary engine is the highly mechanized Ying Mining District in China. While highly efficient, some western funds avoid Chinese assets.
The Diversification Play: Management is using its massive cash reserves to aggressively diversify. They are building out the El Domo copper-gold project in Ecuador and the Kuanping project, both slated to heavily diversify their jurisdictional footprints.
10. Silver One Resources Inc. (SLVRF) is a Canadian-based junior mining and exploration company focusing strictly on the acquisition, exploration, and development of silver properties in the southwestern United States. Led by President and CEO Gregory Crowe, the company differentiates itself by focusing heavily on past-producing silver assets with existing historical infrastructure, rather than solely chasing high-risk greenfield exploration projects.
Project Portfolio Breakdown
1. Candelaria Project (Nevada) – Flagship Asset [1, 2]
Located in the historic Candelaria mining district of western Nevada, this is Silver One's cornerstone asset.
Production History: It is a past-producing mine that yielded over 68 million ounces of historical silver production.
The Resource Base: Silver One updated its mineral resource estimate to a current status, establishing a 70+ million ounce silver equivalent resource. This includes roughly 30 million ounces in the Indicated category and 15 million ounces Inferred, alongside expanding mineralization through ongoing drill programs.
Near-Term Catalysts & Strategy: The project provides a distinct near-term production pathway. A key strategy involves reprocessing existing heap leach pads using new technology to extract left-behind silver at current favorable silver prices.
Permitting & Path Forward: The asset holds a critical advantage in that it retains active permits in Nevada, and state regulators are actively encouraging a restart. The company is aggressively completing a 25,000-meter drilling program to push toward a highly anticipated Prefeasibility Study (PFS).
2. Phoenix Project (Arizona) – The Exploration "Torque"
Located in a prominent copper-silver mining district in Arizona, Phoenix provides the company with high-upside exploration optionality.
The Thesis: While Candelaria offers development certainty, Phoenix provides the massive speculative "torque" to the portfolio.
Market Impact: Success or structural discoveries at the Phoenix exploration project are viewed by management as a major potential re-rating driver for the company’s stock.
3. Cherokee Project (Nevada) – Longer-Dated Upside
An early-stage epithermal silver-gold-copper district property in Lincoln County, Nevada.
Status: It currently sits at the far end of the exploration spectrum and represents the asset where the market currently prices in the least value.
Role: It provides the company with extended p
ortfolio optionality and long-term upside without draining immediate development capital.
Strategic Outlook
Over the next 6 to 12 months, Silver One is locked into a definitive roadmap: executing its massive drill program, completing metallurgical testing on the heap leach pads, and advancing toward its Prefeasibility Study (PFS).
Honey Badger and Hycroft - These are two where I have as much invested in them as the ones above. Honey Badger is my largest, actually. However, I decided to put them outside my top 10 because they are completely different plays. Honey Badger is a micro cap stock with very high volatility with a lot of risk but a great deal of upside. Hycroft doesn’t really even do any mining yet, and has zero revenue, but they have extremely significant Silver resources in the ground, to it’s basically a pure leverage play on the Silver price. If you think Silver is going to $200, Hycroft will skyrocket. Hycroft is Eric Sprott’s largest investment and both Sprott and Rick Rule are significant investors in Honey Badger. Southern Silver Exploration lies in between these two as a micro cap which is a high leverage play, but is likely more of a candidate for buyout.
Honey Badger Silver (HBEIF) - Honey Badger is a completely different and more speculative play than the others on this list as a micro cap company.
While micro-cap exploration companies usually suffer from predatory financing, Honey Badger breaks this trend by having legendary resource titans on its roster. Heavy backing and key ownership from legendary silver bulls like Eric Sprott and Rick Rule give the company a major advantage in fundraising. They secured a $6.1 million CAD capital placement to fund their current operations.
They control highly prospective land packages in Canada’s northern territories (Yukon, Nunavut, and NWT), anchored by the recently acquired, permitted Prarie Creek Silver Mine restart project.
And while investing in Silver miners requires a tough stomach to withstand the high volatility, Honey Badger amplifies this, and can move 20% either way in a day. It also could face quite a bit of dilution when they may need to raise more funds to continue operations until it gets a mine into production.
Hycroft (HYMC) - Hycroft is much different than your traditional miner and into a massive scale speculative “option play”. Hycroft is extremely leveraged to Silver prices. For example, from last August to November, the stock price tripled. And then from that level it quadrupled in the Dec/Jan runup. So $3.50 or so in August to $10.50 by end of November, and then into the high $40s at the end of January, even closing a few days over $50. It is now trading at $23.32.
Hycroft owns one of the largest undeveloped gold and silver deposits in the United States (the Hycroft Mine in Nevada). However, because it is in a pre-production phase and currently generates $0 in commercial mining revenue, it operates less like a business and more like a high-leverage call option on gold and silver prices,
In early 2026, Hycroft announced a massive 55% increase in its measured and indicated resources, confirming over 562 million ounces of silver and 16.4 million ounces of gold.
They are operating at a loss since they only have costs with no income, but have nearly $190 million in cash and no debt.
Eric Sprott owns 40% of the company and it is his favorite asset. He has said he suspects they have 1.5 billion ounces of Silver in the ground.
I have a little bit of commentary on others in the first response.
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