Top 5 Canadian Silver Stocks of 2025 | Commodities
Silver-mining corporations and juniors have seen assist from a robust silver price in 2025. Since the beginning of the 12 months, the price of silver has elevated by over 11 p.c as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.
Silver’s twin perform as a financial and industrial metallic provides great upside. Demand from vitality transition sectors, particularly to be used within the manufacturing of photo voltaic panels, has created tight provide and demand forces.
Demand is already outpacing mine provide, making for a optimistic scenario for silver-producing corporations.
So far, aboveground stockpiles have been protecting the price in examine, however the expectation is these stocks will probably be depleted in 2025 or 2026, additional limiting the availability aspect of the market.
How has silver’s price motion benefited Canadian silver stocks on the TSX, TSXV and CSE? The 5 corporations listed under have seen the best performances because the begin of the 12 months. Data was gathered utilizing TradingView’s stock screener on February 12, 2025, and all corporations listed had market caps over C$10 million at that time.
1. Discovery Silver (TSX:DSV)
Year-to-date gain: 185.92 p.c
Market cap: C$848.98 million
Share price: C$2.03
Discovery Silver is a valuable metals development company centered on advancing its Cordero silver project in Mexico. Additionally, it’s seeking to grow to be a gold producer with its lately introduced acquisition of the manufacturing Porcupine Complex in Ontario, Canada.
Cordero is positioned in Mexico’s Chihuahua State and consists of 26 titled mining concessions protecting roughly 35,000 hectares in a prolific silver and gold mining district.
A 2024 feasibility research for the project outlines confirmed and possible reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The website additionally hosts important zinc and lead reserves.
The report additionally indicated favorable economics for development. At a base case state of affairs of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax internet current worth of US$1.18 billion, an inner price of return of 22 p.c and a payback period of 5.2 years.
Discovery’s shares gained considerably on January 27, after the company introduced it had entered into a deal to accumulate the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).
The Porcupine Complex is made up of 4 mines together with two which can be already in manufacturing: Hoyle Pond and Borden. Additionally, a significant slice of the complicated is positioned within the Timmins Gold Camp, a area recognized for historic gold manufacturing.Discovery anticipates manufacturing of 285,000 ounces of gold yearly over the following 10 years and has a mine life of 22 years. Inferred sources on the website level to important enlargement, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.
Upon the closing of the transaction, Discovery pays Newmont US$200 million in money and US$75 million in common shares, and US$150 million of deferred consideration will probably be paid in 4 funds starting on December 31, 2027.
full-year 2024 financial outcomes
2. Almaden Minerals (TSX:AMM)
Year-to-date gain: 136.36 p.c
Market cap: C$16.47 million
Share price: C$0.13
Almaden Minerals is a valuable metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company web site, the deposit was found by Almaden’s crew in 2010 and has seen more than 200,000 meters of drilling throughout 500 holes.
A July 2018 useful resource estimate reveals measured sources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated sources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.
In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 could be reverted back to software standing after the court docket discovered there had been inadequate session when the licenses had been initially assigned.
Ultimately, the purposes had been denied in February 2023, successfully halting progress on the Ixtaca project. While subsequent court docket instances have preserved Almaden’s mineral rights, it has but to revive the licenses to proceed work on the project.
In June 2024, Almaden introduced it had confirmed up to US$9.5 million in litigation financing that will probably be used to fund worldwide arbitrations proceedings in opposition to Mexico below the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
In a December replace, the company introduced that a number of milestones had been achieved, together with the primary session with the tribunal, at which the company was requested to submit memorial paperwork outlining its legal arguments by March 20, 2025. At that time, the company acknowledged it could vigorously pursue the declare however most well-liked a constructive decision with Mexico.
In its most up-to-date replace on March 21, the company indicated that it had submitted the requested paperwork, claiming US$1.06 billion in damages. The memorial doc outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments with out compensation.
Shares in Almaden reached a year-to-date high of C$0.135 on February 24.
3. Avino Silver & Gold Mines (TSX:ASM)
Year-to-date gain: 98.43 p.c
Market cap: C$373.48 million
Share price: C$2.52
Avino Silver and Gold Mines is a valuable metals miner with two main silver belongings: the manufacturing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.
The Avino mine is succesful of processing 2,500 metric tons of ore per day ore, and in keeping with its FY24 report launched on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million kilos of copper final 12 months. Overall, the company noticed broad manufacturing will increase with silver rising 19 p.c, gold rising 2 p.c and copper rising 17 p.c 12 months over 12 months.
In addition to its Avino mining operation, Avino is working to advance its La Preciosa project towards the manufacturing stage. The website covers 1,134 hectares, and in keeping with a February 2023 useful resource estimate, hosts a measured and indicated useful resource of 98.59 million ounces of silver and 189,190 ounces of gold.
In a January 15 replace, Avino introduced it had obtained all vital permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine entry and haulage decline. The company stated the primary section on the website is anticipated to be below C$5 million and will probably be funded from money reserves.
The latest replace from Avino occurred on March 11, when it introduced its 2024 financial outcomes. The company reported file income of $24.4 million, up 95 p.c in comparison with 2023. Avino additionally decreased its prices per silver ounce offered.
Additionally, Avino reported a 19 p.c increase in manufacturing in 2024, producing 1.11 million ounces of silver in comparison with 928,643 ounces in 2023. The company’s gross sales additionally elevated, up by 23 p.c to 2.56 million ounces of silver in comparison with 2.09 million ounces the earlier 12 months.
Avino’s share price marked a year-to-date high of C$2.80 on March 27.
4. Highlander Silver (CSE:HSLV)
Year-to-date gain: 90 p.c
Market cap: C$160.17 million
Share price: C$1.90
Highlander Silver is an exploration and development company advancing tasks in South America.
Its main focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront money consideration and up to an extra US$37.5 million if Highlander meets sure manufacturing milestones.
The 23,098 hectare property, positioned within the Ancash division of Peru, hosts a historic measured and indicated mineral useful resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.
In July 2024, the company stated it was commencing subject actions on the project; it has not supplied outcomes from this system. In its December 2024 management dialogue and evaluation, the company acknowledged it was endeavor a review of prior exploration plans and targets, including that it believes there’s distinctive growth potential.
Highlander’s most up-to-date news got here on March 11, when it introduced it had closed an upsized purchased deal personal placement for gross proceeds of C$32 million. The company stated it can use the funding to additional exploration actions at San Luis and for basic working capital.
Shares in Highlander reached a year-to-date high of C$1.96 on March 31.
5. Santacruz Silver Mining (TSXV:SCZ)
Year-to-date gain: 85.45 p.c
Market cap: C$192.16 million
Share price: C$0.51
Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing belongings embody the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, together with the Zimapan mine in Mexico.
In a manufacturing report launched on January 30, the company disclosed consolidated silver manufacturing of 6.72 million ounces, marking a 4 p.c lower from the 7 million ounces produced in 2023. This decline was primarily attributed to a discount in average grades throughout all its mining properties.
In addition to its producing belongings, Santacruz additionally owns the greenfield Soracaya project. This 8,325-hectare land package deal is positioned in Potosi, Bolivia. According to an August 2024 technical report, the location hosts an inferred useful resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.
Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.
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Securities Disclosure: I, Dean Belder, maintain no direct investment curiosity in any company talked about on this article.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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