In this article, we discuss the 12 best silver mining stocks to buy now. If you want to skip our detailed analysis of these stocks, go directly to 5 Best Silver Mining Stocks To Buy Now.
Global economic conditions, geopolitical events, currency fluctuations, and investment demand have all impacted the silver industry in the past few months. The prices of the rare metal can often be volatile, impacting the profitability and viability of silver mining operations. Over the past few years, declining ore grades, increasing production costs, regulatory compliance, community relations, and environmental concerns have also all weighed on the industry. However, silver mining firms have dealt with these challenges in their stride.
The global silver mining industry has been steadily producing silver for various industrial applications, jewelry, and investment purposes. According to data from the Silver Institute, global silver mine production for 2023 is expected to be 1.055 billion oz. The top silver producing countries in the world who will benefit from this include Mexico, Peru, China, Russia, and Australia. Mexico has been the world's largest producer of silver for many years, followed by Peru. These countries account for a significant portion of global silver production.
There are numerous mining companies involved in silver mining globally, ranging from large multinational corporations to smaller regional and local operators. Some of the major silver mining companies include Newmont Corporation (NYSE:NEM), Wheaton Precious Metals Corp. (NYSE:WPM), and Hecla Mining Company (NYSE:HL), among others discussed in detail below. Silver has a wide range of industrial applications, including electronics, solar panels, medical instruments, and automotive components, which drive demand for silver.
As a result, industrial demand for silver is a significant factor in the global silver mining industry. Silver is also used as a store of value and an investment asset, with demand coming from investors who seek exposure to precious metals. Silver is often used for investment purposes in the form of bars, coins, and exchange-traded products (ETFs), which can impact the demand for silver and subsequently the silver mining industry. Sustainability and responsible mining practices are important considerations for many stakeholders in the industry.
Our Methodology
For this article, we selected mining stocks that have interests in the silver business based on overall hedge fund sentiment. We have assessed the hedge fund sentiment from Insider Monkey’s database of 943 elite hedge funds tracked as of the end of the fourth quarter of 2022. The list is arranged in ascending order of the number of hedge fund holders in each firm.
Avino Silver & Gold Mines Ltd. (NYSE:ASM) engages in the acquisition, exploration, and advancement of mineral properties in Canada. It primarily explores for silver, gold, and copper deposits. In late January, the firm announced guidance for the 2023 fiscal year, revealing that approximately 700,000-750,000 tons are planned for mill processing and will be sourced from both the Avino Mine and stockpiles from La Preciosa.
Avino Silver & Gold Mines Ltd. (NYSE:ASM) expects to produce between 2.8 million and 3.2 million silver equivalent ounces. In addition, the firm aims to exceed the budgeted plans for 2023 through the integration of La Preciosa into the mill feed mix.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Avino Silver & Gold Mines Ltd. (NYSE:ASM) with 266,745 shares worth more than $181,000.
At the end of the fourth quarter of 2022, 3 hedge funds in the database of Insider Monkey held stakes worth $759,000 in Avino Silver & Gold Mines Ltd. (NYSE:ASM), the same as in the previous quarter worth $411,000.
Just like Newmont Corporation (NYSE:NEM), Wheaton Precious Metals Corp. (NYSE:WPM), and Hecla Mining Company (NYSE:HL), Avino Silver & Gold Mines Ltd. (NYSE:ASM) is one of the best silver mining stocks to buy now.
Almaden Minerals Ltd. (NYSE:AAU) engages in the acquisition, exploration, evaluation, and development of mineral properties. It primarily owns an interest in the Ixtaca gold-silver project located in Puebla State, Mexico. The firm was founded in 1980 and is based in Canada. The premier project of the firm has measured, indicated, and inferred resources of 2.27 million toz gold, and 131.46 million toz silver, including reserves of 1.39 million toz gold and 85.16 million toz silver.
Almaden Minerals Ltd. (NYSE:AAU) has reserves equal 2.5 million toz of gold equivalent or 189.2 million toz of silver equivalent, at a gold equivalent grade of 1.06 g/t. The firm plans to improve the head grades by approximately 30% in the coming months.
At the end of the fourth quarter of 2022, 4 hedge funds in the database of Insider Monkey held stakes worth $279,000 in Almaden Minerals Ltd. (NYSE:AAU), compared to 3 the preceding quarter worth $49,000.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Almaden Minerals Ltd. (NYSE:AAU) with 126,585 shares worth more than $30,000.
Endeavour Silver Corp. (NYSE:EXK) engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Mexico and Chile. The company explores for gold and silver deposits, and precious metals.In early January, the firm announced FY 2023 production guidance, anticipating output of 5.7M-6.3M oz of silver and 36K-40K oz of gold for gold equivalent production of 8.6M-9.5M oz. The company said 2023 guidance marks its fourth consecutive year of production growth.
On February 7, investment advisory CIBC maintained a Neutral rating Endeavour Silver Corp. (NYSE:EXK) stock and lowered the price target to C$6.5 from C$7.5. Analyst Cosmos Chiu issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Endeavour Silver Corp. (NYSE:EXK) with 271,506 shares worth more than $879,000.
At the end of the fourth quarter of 2022, 7 hedge funds in the database of Insider Monkey held stakes worth $7.8 million in Endeavour Silver Corp. (NYSE:EXK), compared to 8 the preceding quarter worth $4.5 million.
Silvercorp Metals Inc. (NYSE:SVM) engages in the acquisition, exploration, development, and mining of mineral properties in China and Mexico. The company primarily explores for silver, gold, lead, and zinc metals. One of the premier projects of the firm is the Ying project located in the Ying Mining District in Henan Province, China. On February 9, the firm posted earnings for the third fiscal quarter, reporting earnings per share of $0.07, beating market estimates by $0.04. The revenue over the period was $58.7 million, beating estimates by $2.6 million.
On February 10, investment advisory Raymond James maintained a Buy rating on Silvercorp Metals Inc. (NYSE:SVM) stock and raised the price target to C$6.5 from C$6.15. Analyst Craig Stanley issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Sigma Advisors is a leading shareholder in Silvercorp Metals Inc. (NYSE:SVM) with 2.3 million shares worth more than $6.8 million.
At the end of the fourth quarter of 2022, 7 hedge funds in the database of Insider Monkey held stakes worth $26 million in Silvercorp Metals Inc. (NYSE:SVM), compared to 12 in the previous quarter worth $31 million.
MAG Silver Corp. (NYSE:MAG) engages in the exploration and development of precious metal mining properties. It is based in Canada and was founded in 1999. The company explores for silver, gold, lead, and zinc deposits. In late January, the company announced that its production from the Juanicipio project for the fourth quarter totaled 1,861 koz of silver and 5,380 gold ounces. For 2022, the company produced 9,250 koz of silver and 22,253 gold ounces at Juanicipio.
On February 17, investment advisory Canaccord kept a Speculative Buy rating on MAG Silver Corp. (NYSE:MAG) stock and lowered the price target to C$26 from C$27. Analyst Michael Fairbairn issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Sprott Asset Management is a leading shareholder in MAG Silver Corp. (NYSE:MAG) with 5.1 million shares worth more than $81 million.
At the end of the fourth quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $95 million in MAG Silver Corp. (NYSE:MAG), compared to 14 in the previous quarter worth $85 million.
Fortuna Silver Mines Inc. (NYSE:FSM) engages in the precious and base metal mining in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It holds an interest in the Caylloma silver, lead, and zinc mine located in southern Peru. On March 14, the firm posted earnings for the fourth quarter of 2022, reporting earnings per share of $0.02, in line with market estimates. The revenue over the period was $164 million, down 17% compared to last year but beating estimates by $6.4 million.
On February 14, investment advisory National Bank maintained a Neutral rating on Fortuna Silver Mines Inc. (NYSE:FSM) stock and lowered the price target to C$5.75 from C$6. Analyst Don DeMarco issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Sprott Asset Management is a leading shareholder in Fortuna Silver Mines Inc. (NYSE:FSM) with 2.1 million shares worth more than $8.2 million.
At the end of the fourth quarter of 2022, 10 hedge funds in the database of Insider Monkey held stakes worth $24 million in Fortuna Silver Mines Inc. (NYSE:FSM), compared to 6 in the previous quarter worth $25 million.
First Majestic Silver Corp. (NYSE:AG) engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. On March 20, the company announced that it had acquired regulatory approval to prolong its share repurchase programme in accordance with a regular issuer bid in the open market. The firm now has the option to buy back up to 5 million of its common shares, or about 1.83% of the 274,479,942 issued and existing shares of the company as of March 10, 2023.
On February 14, investment advisory National Bank maintained a Sector Perform rating on First Majestic Silver Corp. (NYSE:AG) stock and lowered the price target to C$11 from C$14.50. Analyst Don DeMarco issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in First Majestic Silver Corp. (NYSE:AG) with 1.6 million shares worth more than $13 million.
At the end of the fourth quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $47 million in First Majestic Silver Corp. (NYSE:AG), up from 11 in the previous quarter worth $42 million.
Just like Newmont Corporation (NYSE:NEM), Wheaton Precious Metals Corp. (NYSE:WPM), and Hecla Mining Company (NYSE:HL), First Majestic Silver Corp. (NYSE:AG) of the best silver mining stocks to buy now.
