The Best Silver Mining Stocks to Buy in October

Silver’s rally is more than a shiny story, industrial demand, supply deficits, and macro tailwinds put Pan American and Avino on watch.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published October 28, 2025 10:30 am EDT

| More on: ASMPAAS

Key Points

Industrial demand, supply shortfalls, weaker USD, and lower rates are fuelling silver’s recent price strength.
Pan American Silver (PAAS) is a large, diversified, low‑debt producer with stable output and accretive recent acquisitions.
Avino (ASM) is a low‑cost, small‑cap silver miner with La Preciosa expansion upside and competitive all‑in sustaining costs.

Silver is having its time to shine. It isn’t just a precious metal like gold; it has a large industrial component of demand. It’s used in electronics, solar panels, batteries, and other green and clean-tech applications. This has created an essential need for the product, and yet there has been a supply deficit. Add in a weaker U.S. dollar, lower interest rates, and geopolitical uncertainty, and silver looks like a solid investment. Yet in the longer term? These three silver stocks look ready to shimmer.

PAAS

Pan American Silver (TSX:PAAS) has become one of the standout opportunities for investors looking to ride the silver rally this October. The silver stock is one of the world’s largest primary silver producers, with additional exposure to gold, zinc, and copper. Its portfolio includes major mining operations in Mexico, Peru, Bolivia, Argentina, and Canada, along with development projects that can extend production for decades.

Pan American’s recent earnings reinforce that stability. In its second-quarter (Q2) 2025 results, the silver stock reported revenue of US$604 million, up sharply year over year, and a return to profitability after a challenging 2023. Production volumes improved thanks to stronger output at its Mexican and Peruvian mines, and management reaffirmed full-year production guidance. Perhaps most importantly, debt levels remain low, giving the company flexibility to reinvest and pursue accretive projects even if the market turns volatile.

The silver stock also continues to integrate its acquisition of Yamana Gold’s Latin American assets, completed last year. That deal added major producing mines, including Jacobina and El Peñón. In short, Pan American Silver stands out as the best silver mining stock to buy in October. It’s big enough to be stable, small enough to still grow, and disciplined enough to outlast the cycle.

ASM

Avino Silver & Gold Mines (TSX:ASM) is a small-cap Canadian miner that’s starting to punch above its weight, and October could be its moment. At its core, Avino is a pure-play silver producer. Its flagship operation, the Avino Mine, sits in Durango, Mexico, a region with over 500 years of continuous mining history.

The silver reported strong momentum in its Q2 2025 results, with revenue of US$12.2 million, up more than 20% year over year, and mine operating income of US$4.3 million, reflecting both higher silver prices and improved operational efficiency. Management also reaffirmed full-year production guidance of roughly 2.5 to 3 million silver-equivalent ounces, a figure that continues to climb each year.

What makes Avino especially appealing this October is its low-cost structure and balance sheet strength. The silver stock’s all-in sustaining costs remain competitive, around US$18 to US$19 per ounce, well below current silver prices near US$30. Beyond current operations, Avino has serious expansion potential. The company recently began advancing its La Preciosa project, also in Durango, one of Mexico’s largest undeveloped primary silver deposits, with over 100 million ounces of silver equivalent resources. In short, Avino stands out this October because it combines strong fundamentals with powerful upside potential.

Bottom line

Silver may be having a moment, but so are these two silver stocks. And what’s even better is that even when the popularity of the precious metal drops, these two have proven to be able to keep on rising. So, if you’re interested in silver stocks, be sure to add these to your watchlist today.