4 Best Silver Mining Stocks to Buy in 2023

Silver mining companies are bouncing back after a volatile year in 2022. In this article, we will explore the best silver mining stocks for investors in 2023. Let’s get started!

The Four Best Silver Mining Stocks to Consider in 2023

Here are the four best silver stocks for investors in 2023:

First Majestic Silver Corp

• Price: $7.05
• Market cap: $2.1 billion

Based in Vancouver, Canada, First Majestic Silver Corp (AG) is a Canadian silver mining company that owns four mines, including the Jerritt Canyon gold mine. 

Through a series of acquisitions and mergers over the last two decades, First Majestic Silver Corp is now one of the largest silver mining companies by market cap.

The company produces, develops, explores, and acquires mineral properties, including silver and gold, in the United States and Mexico. Its revenues have increased from $366.68 million in 2020 to $626.85 million in 2022, approximately 71% in the past three years.

First Majestic Silver Corp was on my watch list for a while now. After finding out about the renewal of the company’s share repurchase program and a recent purchase of Sierra Madre’s common stock (69 million shares), I believe that AG is definitely one of the top silver stocks in 2023.

Newmont Corp

• Price: $35.21
• Market cap: $32.9 billion

Based in Colorado, Newmonth Corp (NEM) is an American gold mining company that also produces other metals, including silver, copper, and zinc. It owns silver-gold mines in Nevada, Colorado, Ontario, Quebec, and Mexico, among many others.

With only 4% of its sales arising from silver-related products, Newmont Corp is far from a silver mining company. 

However, due to its impressive balance sheet and a 12-month dividend payout of 4.5%, NEM is one of the best silver stocks on the New York Stock Exchange (NYSE).

Since NEM has a decent trading volume (over 8 million shares traded daily), it is a highly liquid asset for investors looking to diversify into precious metals.

Pan American Silver Corp

• Price: $13.74
• Market cap: $5.1 billion

Headquartered in Vancouver, Canada, Pan American Silver Corp (PAAS) is also a fantastic silver stock to consider if you’re looking to invest in precious metal mining companies. 

This Canadian mining company operates gold and silver mines in Mexico, Peru, Bolivia, and Argentina and is listed on the NYSE.

With a market cap of $5.1 billion, PAAS is one of the largest silver producers in the world that also supports the 10 United Nations Global Impact Principles. 

After going through the company’s annual reports, I was impressed by the fact that it consistently paid out dividends (trailing 12-month dividend of 2.9%) for the last 13 years.

Among the many silver companies, PAAS is a reliable option for investors to consider despite the losses incurred in 2022. The company has strong underlying fundamentals and solid future plans, making it a good asset that is currently being traded on the stock market.

Santacruz Silver

• Price: CAD 0.18
• Market cap: CAD 61.87

Based in Canada, Santacruz Silver has one of the lowest 12-month trailing price-to-sales (P/S) ratios, making it an excellent value for investors. The company acquires and explores mines in Mexico and Bolivia.

After reading its recent reports, I found out that the company’s silver production increased by 464% compared to the prior year quarter. That’s a good indication for investors.

The Best Silver Stocks in 2023 – Honorable Mentions

Although the following silver stocks didn’t make it on our list of the best silver mining companies in 2023, they are worth mentioning due to their excellent financial standing:

• Fortuna Silver Mines
• Wheaton Precious Metals
• MAG Silver Corp
• Aya Gold & Silver Inc
• Silvercorp Metals

Final Thoughts

By investing in silver mining companies, you can get greater returns than if you were to buy physical silver.

Although this article contains a list of the best-performing silver mining companies in 2023, you must do your own research before investing in any asset.