Silver has re‑emerged as a standout commodity going into 2026. After several years of supply‑demand imbalance, 2025 marks what many analysts call the fifth consecutive year of global silver deficits, with supply unable to keep pace with rising demand.
Industrial demand now drives the silver market more than ever. Use in solar panels, electric vehicles, semiconductors, 5G infrastructure, and clean‑energy systems continues to climb. In 2024 alone, industrial consumption hit roughly 680 million ounces, a record high, with the renewable‑energy and electronics sectors accounting for the majority of the increase.
At the same time, rising interest in precious metals has brought renewed investor attention. Silver’s dual role as both a critical industrial metal and a store of value has attracted inflows into silver ETFs and other investment vehicles, tightening physical supply further.
For investors seeking exposure to this momentum, Canadian silver‑mining equities offer a practical path. Rather than storing bullion yourself, buying shares in well‑positioned Canadian producers or explorers lets you tap into rising silver prices, global industrial demand, and structural supply constraints.
Here’s everything you need to know about investing in top Canadian silver stocks.
What are Canadian silver stocks?
Silver stocks are simply the shares of companies that produce and refine silver. Often, these companies are miners that raise capital to explore, acquire, develop, and produce silver mineral deposits.
Like all stocks, silver stocks are affected by the overall stock market’s movements. This is called market risk, measured by a stock’s beta. Beta is a calculation of how volatile a stock is relative to the market.
However, silver stocks are also correlated to the spot price of silver bullion. Drastic changes in the silver price can cause large swings in the share prices of silver stocks, even if their current fundamentals (revenues, margins, profits, cashflow, earnings, etc.) remain unchanged and no other events take place.
For example, if the price of silver drops sharply, silver stocks will most likely drop along with it, because the market will price in anticipated future losses. In other words, the value of deposits the silver companies own and the silver they could sell would both be worth less.
Investing in Canadian silver stocks
If you wanted to invest in silver directly, you could do it in several ways, such as by buying:
- Physical silver bullion (coins, bars) and storing it in a safe deposit box or at home in a fireproof safe
- An exchange-traded fund (ETF) that holds deposits of physical silver bullion
- An ETF that tracks silver futures derivatives
- Shares of silver miner stocks
The first approach provides the best exposure to silver prices, but storage and transportation costs can be quite high. Bid/ask spreads when buying and selling silver can also eat into your profits.
The second and third approaches allow you to get silver exposure in a TFSA or RRSP, but they also involve a management expense ratio (MER). This is a percentage fee that you must pay the ETF manager every year.
The last approach provides exposure to silver prices, but with additional benefits. Firstly, silver stocks can create value. An ounce of silver a decade later will still weigh an ounce, and an ETF holding silver will merely track whatever the current spot price is. A silver mining company, however, can produce many years of profits, earnings increases, balance sheet growth, cash flow, and perhaps even dividends for its investors.
Investors can therefore get the best of both worlds by investing in silver stocks. There’s the lower correlation of silver compared to stocks and bonds (which provides your portfolio with diversification benefits and a slight hedge), and the compounding potential associated with investing in stocks.
RELATED: Top Canadian Silver ETFs
How to value Canadian silver stocks
When investing in silver stocks, it is important to assess the following factors by examining the company’s audited financial statements and earnings reports:
- How many producing and/or exploration mines does the company currently have an interest in, and what is its percentage stake in each?
- What guidance has the company provided on future silver production, and how does it compare to previous periods?
- Does the company have a healthy and sustainable balance sheet (current ratio, total debt/equity ratio, total cash per share, etc.)?
- Is the company profitable (adequate operating and profit margins)?
- Is the company growing (quarterly revenue growth, earnings per share)?
With this in mind, let’s zero in on the top three Canadian silver stocks in order of market capitalization. All three of these stocks are dual-listed on U.S. exchanges as well, making them accessible for investors holding U.S. dollars.
Top silver stocks in Canada
Here are some of the top Canadian silver stocks on the Toronto Stock Exchange (TSX):
| Company | Description |
| Wheaton Precious Metals (TSX:WPM) | An international streamer of silver, gold, palladium, and cobalt deposits. |
| Pan American Silver Corp. (TSX:PAAS) | A silver exploration, development, extraction, processing, refining, and reclamation company. |
| Aya Gold & Silver (TSX:AYA) | Silver mining company with exploration and production operations exclusively in Morocco. |
Wheaton Precious Metals
Wheaton Precious Metals (TSX:WPM) provides investors with exposure to silver and gold without the operational risks of running a mine. Using a streaming model, the company purchases metals from operating mines at low, fixed costs, meaning most price gains flow directly into profit.
With 23 producing assets and 24 development projects, WPM offers a diversified portfolio and smoother, more predictable cash flow than traditional miners. Management expects a roughly 40% increase in attributable production by 2028, driven by expansions at key partner mines, including silver and copper assets benefiting from the global electrification boom.
The streaming business model allows Wheaton to maintain some of the highest margins in the industry with minimal single-mine or jurisdictional risk. The company reported record Q3 2025 revenue of $476 million, up 55% year-over-year, and net earnings surged 138% to $367 million, while continuing to pay a quarterly dividend of US$0.165 per share.
Pan American Silver
Pan American Silver (TSX:PAAS) is one of the world’s largest and most diversified primary silver producers, operating long-life, low-cost mines across Canada, Mexico, Peru, Argentina, and Bolivia. The company maintains a strong balance sheet, broad exposure to both silver and gold, and a disciplined approach to capital spending.
Pan American has expanded through major strategic acquisitions, most recently completing the purchase of MAG Silver Corp., which added a 44% interest in the high-grade Juanicipio mine in Mexico. This follows the 2023 acquisition of Yamana Gold, further strengthening its production profile across the Americas.
Recent results underscore the company’s momentum. Pan American reported revenue of over $850 million, rising silver and gold output, record free cash flow, and tighter cost controls. The company also boosted its quarterly dividend by 17%, reflecting confidence in sustained performance.
With analysts projecting strong earnings growth for 2026 and Juanicipio set to contribute meaningfully to lower costs and higher production, Pan American is well-positioned to benefit from firm silver prices. Its scale, diversification, and operational resilience continue to make it one of the top precious metals stocks for long-term investors.
Aya Gold & Silver
Aya Gold & Silver Inc. (TSX:AYA) is a fast-growing, pure-play silver producer based in Canada with all operations centered in Morocco. Its flagship Zgounder Silver Mine recently underwent a major expansion that quadrupled processing capacity, allowing Aya to leverage its strong position in a supportive mining jurisdiction while advancing a broader regional exploration strategy.
In Q3 2025, Aya reported record revenue of $54.3 million and net income of $12.4 million, driven by a sharp ramp-up at Zgounder and strong silver prices. Production reached 1.35 million ounces for the quarter, with exceptional recovery rates and low cash costs supporting healthy margins. While the stock saw a brief pullback on a minor EPS miss, the company’s expanding margins and efficient operations continue to strengthen its long-term investment outlook.
Looking to 2026, Aya aims to maintain high-volume production at Zgounder, targeting roughly 6 million ounces of silver for the year. The company’s major growth catalyst is the large-scale Boumadine project, where extensive drilling and development work are underway ahead of a planned Feasibility Study in 2027. This positions Aya for another significant phase of growth as it builds out one of Morocco’s most promising silver districts.
Are Canadian silver stocks right for you?
Before investing in silver stocks, it is worth looking over your investment thesis again. Investors should outline the reasons why they believe the silver segment will outperform and considering all the evidence supporting or debunking these reasons.
Good reasons to invest in silver stocks include wanting to hedge against geopolitical uncertainty, speculating on possible increases in silver prices, protecting against high inflation, or capitalizing on market momentum in the TSX mining sub-sector.
The market looks to remain volatile. There’s the fear, uncertainty, and doubt raised by the ongoing Russia-Ukraine conflict as well as further anticipated Bank of Canada rate hikes. Canadian silver stocks could be an excellent defensive investment for your portfolio.