The universe of silver stocks is relatively small, but these five companies are the largest by market cap.
After a weak 2022 for silver, the metal has performed strongly in March and April of this year.
Silver started 2023 in the US$24 per ounce range, and although it fell to around US$20 in early March, it has since taken off alongside sister metal gold, reaching US$26 on April 13. During that time, gold has broken above the US$2,000 per ounce mark multiple times, nearing US$2,050, close to an all-time high, the same day that silver hit its top level for the year.
The biggest silver stocks have performed well so far this year, and all have released significant news in 2023. The silver companies below were the largest by market cap as of April 12, 2023, as per data gathered using TradingView’s stock screener.
1. Pan American Silver (TSX:PAAS)
Market capitalization: C$9.28 billion; current share price: C$25.69
Pan American Silver describes itself as “the world’s premier silver mining company,” and its operations also include gold and copper mines. In March, Pan American Silver closed its purchase of Yamana Gold, acquiring four producing Latin American assets.
The company's portfolio spans the Americas. Including its new additions, it has four properties in Peru; two in Mexico, Chile and Argentina; and one in each of Guatemala, Bolivia and Canada. Of those, seven are currently producing mines, and four are on care and maintenance. Its largest silver-producing mine is La Colorada, located in Mexico.
Pan American Silver reported consolidated production of 18.5 million ounces of silver in 2022. The company has not yet released its 2023 guidance — which will take into account the Yamana mines — but plans to do so during the second quarter.
2. First Majestic Silver (TSX:FR)
Market capitalization: C$2.79 billion; current share price: C$10.27
First Majestic Silver is a silver-mining company operating four producing mines: the San Dimas and Santa Elena silver-gold mines and La Encantada silver mine in Mexico, and the Jerritt Canyon gold mine in Nevada, US. In addition to these, the company has eight silver exploration properties and a silver stream from the Springpole gold-silver project of 50 percent payable silver.
The company achieved another year of record production in 2022, putting out 31.3 million silver equivalent ounces, including 10.5 million silver ounces. While that's up 16 percent over 2021, it's slightly under the company's guidance for the year due to "lower-than-expected grades and throughput at Jerritt Canyon."
In late March, First Majestic suspended all mining activities at Jerritt Canyon as it works to find ways to make mining at the site more cost effective. During this time, the company will continue to process its stockpiles and explore targets to grow the mine's resources.
3. MAG Silver (TSX:MAG)
Market capitalization: C$1.9 billion; current share price: C$18.81
MAG Silver is a development and exploration company focused on projects in the Americas.
Its primary asset is the Juanicipio project in Mexico, which has silver, gold, lead and zinc mineralization. The project is a joint venture with Fresnillo (LSE:FRES,OTC Pink:FNLPF), and MAG's interest stands at 44 percent. The company is also working towards earning a 100 percent interest in the Deer Trail exploration project in Utah, US.
On March 27, the company released its 2022 annual results, which include updates on the commissioning of the Juanicipio project. At that time, full load commissioning was already underway at the Juanicipio processing plant, and the project saw its first lead concentrate production that month. MAG Silver reported at the time that it was expecting the first commercial shipment "in the coming weeks," with nameplate production expected in H2 2023.
4. Fortuna Silver Mines (TSX:FVI)
Market capitalization: C$1.57 billion; current share price: C$5.41
Fortuna Silver Mines has four operating silver and gold mines in Argentina, Burkina Faso, Mexico and Peru. It is constructing an additional mine in Côte d'Ivoire, the Séguéla gold project, and places a heavy focus on operational sustainability.
As for the company’s silver output at its mines, it announced production of 6.91 million ounces in 2022, coming out just above its guidance for the year of 6.2 million to 6.9 million ounces. For Q1 2023, the company produced 1.59 million ounces, down 5 percent year-on-year. Fortuna's 2023 silver guidance is set at 6.3 million to 6.9 million ounces.
Fortuna is nearing the finish line at Séguéla, which the company states in its Q1 update is on track to begin producing gold in May.
5. SilverCrest Metals (TSX:SIL)
Market capitalization: C$1.43 billion; current share price: C$9.70
SilverCrest Metals is developing its high-grade Las Chispas mining district in Sonora, Mexico. The company also has the El Picacho gold-silver property only 85 kilometers by road from Las Chispas, as well as a handful of other properties it is not currently exploring.
SilverCrest achieved commercial production in Q4 2022 after finishing construction last May. By the end of the year, Las Chispas had recovered 1.7 million ounces of silver and 17,800 ounces of gold, SilverCrest reported in its 2022 financial results.
CEO N. Eric Fier said in the results, "We remain focused on continuing to optimize the operation and deliver an updated technical report in Q2, 2023 which will form the basis for updated cost and production guidance.”
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