The Best Silver Mining Stocks to Watch in 2025: Five Canadian Powerhouses

The silver market is experiencing a transformative year, and Canadian silver mining stocks are capturing significant investor interest. Silver’s remarkable ascent has created compelling opportunities for those seeking exposure to precious metals. The metal touched US$46.92 per ounce in Q3, then accelerated further to break the US$50 barrier, ultimately establishing a new record at US$52.64 on October 13.

This rally is underpinned by fundamental market dynamics. A persistent structural supply shortage continues to support prices, while industrial demand for silver remains elevated near historical peaks. Additionally, investors are increasingly turning to silver as a more accessible alternative to gold for portfolio diversification and wealth preservation. These factors have created an ideal environment for silver mining companies to thrive.

How Canadian Silver Mining Stocks Are Capitalizing on Market Momentum

Canadian-listed silver mining stocks across the TSX, TSXV, and CSE exchanges have delivered exceptional returns in 2025. The following five companies represent the strongest performers year-to-date, based on market data compiled as of mid-October 2025. All companies selected maintain market capitalizations exceeding C$10 million.

1. Santacruz Silver Mining: A Diversified Americas Portfolio

Year-to-date performance: 765.45 percent gain
Current market valuation: C$866.79 million
Stock price: C$2.38

Santacruz Silver has emerged as one of the year’s standout performers, operating a geographically diverse asset base spanning Bolivia and Mexico. The company controls a 45 percent interest in the Bolivar and Porco mining operations alongside government partners, maintains full ownership of the Caballo Blanco Group facilities in Bolivia, and operates the Zimapan mine in Mexico.

During the first half of 2025, Santacruz extracted 1.42 million ounces of silver directly from its mining operations, with total silver equivalent production reaching 3.55 million ounces when including zinc, lead, and copper byproducts. Beyond current production, the company is developing the Soracaya greenfield project, an 8,325-hectare property in Potosi, Bolivia. Technical assessments indicate the project hosts an inferred resource of 34.5 million ounces of silver contained within 4.14 million metric tons of mineralized material grading 260 g/t.

A significant milestone occurred in early October when Santacruz announced the commencement of development activities at Soracaya and filed applications for full production permitting. The strategic acquisition and subsequent payment restructuring with a major mining company in late 2024 streamlined the company’s capital obligations, enabling accelerated debt satisfaction through 2025. By early September, Santacruz had completed all scheduled payments, clearing the path for accelerated project advancement.

The stock reached C$2.79 during late September, reflecting strong market confidence in the company’s growth trajectory.

2. Andean Precious Metals: Scaling Operations Across the Americas

Year-to-date performance: 563.48 percent gain
Current market valuation: C$1.14 billion
Stock price: C$7.63

Andean Precious Metals operates two established producing assets in the Americas, with the San Bartolomé facility in Bolivia serving as its primary silver generator. The operation processes approximately 1.8 million metric tons of ore annually through an onsite facility, having transitioned from conventional extraction methods to now incorporating low-cost fines beneficiation and third-party ore purchases.

The company’s secondary asset, the Golden Queen mine in California, operates a 12,000-ton-per-day cyanide heap leach system coupled with conventional gravity separation processing. Mineral reserves at Golden Queen total 11.24 million ounces of silver across 41.81 million metric tons at an average grade of 8.37 g/t.

A transformative supply agreement signed in June 2025 with a Bolivian state-owned mining entity provides up to 7 million metric tons of oxide ore over a decade-long partnership. Initial deliveries commenced immediately at 250,000 metric tons, with subsequent tranches of 50,000 metric tons scheduled throughout the contract period. This feedstock will process through the San Bartolomé facility, substantially enhancing production capacity.

During the first half of 2025, Andean generated 2.04 million ounces of silver, positioning the company toward the upper band of its annual guidance range of 1.84 to 2.16 million ounces. Financial results reflected substantial profit expansion, with net income reaching US$32.02 million for H1 2025 versus US$9.31 million during the equivalent 2024 period—a gain exceeding 240 percent year-over-year.

Stock performance peaked at C$8.83 on October 1, demonstrating consistent investor enthusiasm.

3. Avino Silver & Gold Mines: Advancing Production and Development

Year-to-date performance: 455.12 percent gain
Current market valuation: C$1.06 billion
Stock price: C$7.05

Avino Silver & Gold Mines operates a dual-pronged strategy combining active production with advanced project development in Durango, Mexico. The flagship Avino mine processes 2,500 metric tons of ore daily and generated 1.1 million ounces of silver during fiscal 2024, accompanied by 7,477 ounces of gold and 6.2 million pounds of copper as byproducts. Year-over-year production metrics showed robust growth with silver output rising 19 percent, gold advancing 2 percent, and copper increasing 17 percent.

The adjacent La Preciosa project encompasses 1,134 hectares and hosts a measured and indicated resource totaling 98.59 million ounces of silver plus 189,190 ounces of gold. Following receipt of all necessary mining permits in January, Avino commenced underground development with initial phases funded from internal cash reserves at a projected cost below C$5 million. Current work involves establishing a 350-meter mine access decline and advancing development of primary access ramps.

Mid-year 2025 financial reporting revealed improving unit economics. Cash costs per silver equivalent ounce decreased 7 percent to US$15.11, while all-in sustaining costs fell 8 percent to US$20.93. Revenue surged 50 percent year-over-year to US$40.64 million in Q2 2025 from US$27.18 million in the prior year period. First-half 2025 silver production totaled 549,300 ounces, marginally up 1 percent versus H1 2024.

The stock established a year-high of C$7.60 on October 3, reflecting market recognition of the company’s operational momentum.

4. Capitan Silver: Strategic Consolidation in Mexico’s Premier Silver District

Year-to-date gain: 404.76 percent
Market cap: C$181.29 million
Share price: C$1.59

Capitan Silver pursues an exploration and development strategy concentrated in Durango, Mexico’s prestigious Peñoles Mining District, historically recognized as a significant silver-bearing region. The company’s primary asset, the Cruz de Plata project (100 percent owned), incorporates two historic silver mines—Jesús Maria and San Rafael—alongside the El Capitan oxide gold deposit.

According to 2020 technical assessments, Jesús Maria hosts an inferred resource of 15.16 million ounces of silver and 26,000 ounces of gold contained within 7.57 million metric tons grading 62.3 g/t silver and 0.12 g/t gold respectively. The El Capitan deposit contains an inferred resource of 1.83 million ounces of silver and 305,000 ounces of gold from 20.72 million metric tons of material averaging 2.8 g/t and 0.46 g/t respectively.

Strategic property consolidation accelerated during mid-2025. In June, Capitan eliminated a 2 percent net smelter royalty encumbering the Cruz de Plata property through a US$1 million acquisition. Subsequently, in August, the company secured a strategic land package from a major mining company encompassing 2,171.4 hectares across seven mineral concessions for US$4 million cash consideration. This acquisition expands Capitan’s land position by 85 percent and extends the lateral continuity of the known silver-gold mineralized trend by 1.2 kilometers eastward.

Recent exploration results announced in October identified six priority drill-ready targets while confirming an expansion of known veins containing silver mineralization from 7 kilometers to 20 kilometers in strike length. The company expanded its Phase 1 drilling program by 50 percent to encompass 15,000 meters total, with property-wide geophysical surveying anticipated for completion in early 2026.

The stock peaked at C$1.85 on September 22.

5. Americas Gold and Silver: Optimizing US and Mexican Operations

Year-to-date gain: 312.14 percent
Market cap: C$1.59 billion
Share price: C$5.77

Americas Gold and Silver maintains a leading position among North American primary silver producers, with core operations distributed between the Galena Complex in Idaho and the Cosala Operations in Sinaloa, Mexico.

At Galena, situated within Idaho’s historic Silver Valley mining district, the company executed a two-phase efficiency modernization program. Phase 1 completion in mid-September increased No. 3 shaft hoisting capacity from 40 metric tons to 80 metric tons per hour—a 100 percent productivity enhancement. Phase 2 upgrades are scheduled for late 2025, incorporating hoist pad improvements, control console installation, and shaft automation infrastructure deployment.

The Cosala operations span 19,385 hectares encompassing 67 mining concessions, featuring the Los Braceros processing hub, the San Rafael mine, and the EC120 development project. The company is strategically transitioning mining focus from San Rafael—which yields elevated zinc and lead byproducts—toward the EC120 deposit, which hosts superior silver and copper grades. Full production transition to EC120 is targeted for late 2025.

Q2 2025 results demonstrated operational scaling, with consolidated silver production increasing 36 percent year-over-year to 689,000 ounces, reaching 839,000 silver equivalent ounces including zinc and lead byproducts. However, revenue declined 19 percent to US$27 million versus US$33.2 million in Q2 2024, primarily attributable to lower zinc and lead byproduct realization during the operational transition phase away from San Rafael.

The stock achieved a year-to-date high of C$6.02 on October 8.

Investment Considerations

The resurgence of silver mining stocks reflects both macro precious metals trends and company-specific operational achievements. These five Canadian-listed entities represent the strongest year-to-date performers, each capitalizing on silver’s structural supply deficit and rising industrial and investment demand. Investors evaluating exposure to silver mining stocks should carefully assess individual company fundamentals, project advancement timelines, and capital structures alongside broader silver market dynamics.