Silver mining companies are engaged in the exploration, development and production of silver. Many companies in the silver mining industry also mine for other metals such as gold, palladium, lead and zinc. Many companies in the industry operate their own mines and are directly involved in production. In contrast, streaming companies, as they are called, buy silver from producers to profit from price increases.
Silver is considered a precious metal because it is considered rare and has a high economic value. It can also be found in jewelry, coins, and electronics, as it has the highest electrical conductivity of any metal. Like other precious metals, silver is often bought by investors as a safe haven during times of economic turmoil.
These are the 10 largest silver mining companies by trailing 12-month (TTM) revenue. Some companies outside the US report profits semi-annually rather than quarterly, so the trailing 12-month data may be out of date compared to companies reporting quarterly.
The list is limited to companies that are publicly traded in the US or Canada either directly or through American Depository Receipts (ADRs). Data is courtesy of YCharts.com. All figures are as of March 2023.
Some of the stocks listed below are traded only over-the-counter (OTC) in the US, not on exchanges. Trading OTC stocks often has higher trading costs than trading stocks on exchanges. This can reduce or even exceed the potential returns.
- Revenue (TTM): $5.57 billion
- Net Income (TTM): $89.25 million
- Market Cap: $6.135 billion
- Last 1 Year Total Return: 38.68%
- Exchange: OTC
Industrias Penoles is a Mexico-based mining company engaged in the exploration, extraction, refining and sale of non-ferrous metals. It produces refined silver, metallic bismuth, sodium sulfate, gold, lead and zinc. The company operates through the following business segments: Precious Metals, Base Metals, Metallurgy and Other.
- Revenue (TTM): $2.6 billion
- Net income (TTM): $164 million
- Market Cap: $1.30 billion
- Past 1-Year Total Return: -83.14%
- Exchange: OTC
Polymetal International is a Russia-based company engaged in the exploration and mining of gold, silver and copper. The company’s mining projects explore and develop precious metals through four geographic segments: Magadan, Ural, Khabarovsk and Kazakhstan.
- Revenue (TTM): $2.50 billion
- Net Income (TTM): $236.46 million
- Market Cap: $8.40 billion
- Past 1 Year Total Return: 7.11%
- Exchange: OTC
Fresnillo is a Mexico-based holding company engaged in the exploration and mining of non-ferrous metals including silver, gold, lead and zinc. The company operates mines in the Mexican states of Zacatecas, Durango and Sonora, and on the Chihuahua/Durango border. Fresnillo also owns subsidiaries in South and North America.
- Revenue (TTM): $1.54 billion
- Net Income (TTM): $-154.956 million
- Market Cap: $3.81 billion
- Past 1-Year Total Return: -19.45%
- Exchange: NASDAQ
Pan American Silver is a primary silver producer based in Canada engaged in the exploration, development, extraction, processing, refining and improvement of mineral properties. The company owns and operates silver mines in Peru, Mexico, Argentina and Bolivia, and has several development projects in the US, Mexico, Peru and Argentina.
- Revenue (TTM): $1.11 billion
- Net Income (TTM): $794.82 million
- Market Cap: $19.53 billion
- Last 1 Year Total Return: 12.15%
- Exchange: New York Stock Exchange
Wheaton Precious Metals is a Canadian precious metals streaming company engaged in the sale and purchase of gold, silver, palladium and cobalt. The company purchases precious metals produced from mines it does not own or operate.
#6 Buenaventure Mining Co. Inc. (BVN)
- Revenue (TTM): $831.79 million
- Net Income (TTM): $351.70 million
- Market Cap: $2.07 billion
- Last 1 Year Total Return: 8.60%
- Exchange: New York Stock Exchange
Buenaventura Mining is a Peru-based company engaged in the exploration and development of mineral properties. It produces gold, silver, zinc and other metals. The company also has an electric power transmission company, a hydroelectric plant, a processing plant and an engineering services consulting company. It has non-controlling interests in other mining companies.
- Revenue (TTM): $783.40 million
- Net Income (TTM): -$137.96 million
- Market Cap: $1.02 billion
- Past 1-Year Total Return: -22.67%
- Exchange: New York Stock Exchange
Coeur Mining engages in the exploration, development and operation of silver and gold mining properties. The company owns mines throughout North and South America.
#8 Fortuna Silver Mines Inc. (FSM)
- Revenue (TTM): $715.70 million
- Net Income (TTM): $40.39 million
- Market Cap: $1.07 billion
- Past 1 Year Total Return: 1.65%
- Exchange: New York Stock Exchange
Fortuna Silver Mines is a Canadian company engaged in the exploration, extraction and processing of precious and base metals. The company’s activities are concentrated in Latin America. Its assets include the Caloma silver mine in southern Peru, the San José silver and gold mine in Mexico, and the Lindero gold project in Argentina.
- Revenue (TTM): $709.16 million
- Net Income (TTM): -$21.02 million
- Market Cap: $3.53 billion
- Last 1 Year Total Return: 25.14%
- Exchange: New York Stock Exchange
Hecla Mining is engaged in the exploration, development and production of silver, gold, lead and zinc. It produces lead, zinc and bulk concentrates for custom smelters and brokers, and develops unrefined precipitate and gold and silver-containing bullion bars for traders. The company operates throughout North America.
- Revenue (TTM): $684.12 million
- Net Income (TTM): -$101.43 million
- Market Cap: $2.37 billion
- Past 1-Year Total Return: -14.16%
- Exchange: New York Stock Exchange
First Majestic Silver is a Canada-based mining company engaged in the exploration, development and production of mineral properties. The company focuses on gold and silver mining throughout Mexico, including the La Encantada Silver Mine, La Parrilla Silver Mine, San Martín Silver Mine and other operations.