Silver Stocks: 5 Biggest Companies in 2025
During 2025, silver has continued to build on gains made in the previous year, soaring above US$40 per ounce in early September.
The gains have been driven by several factors, most notably the tightening of supply and demand fundamentals, resulting from higher demand from industrial sectors and its use in photovoltaics.
Additionally, prices have found tailwinds from safe-haven investors who find silver’s lower entry price compared to gold appealing. The moves have been fueled by uncertainty in the global financial markets as the United States implements its new trade and tariff policies. Investors have also been unsettled by an escalating tension in the Middle East and the unresolved conflict between Russia and Ukraine.
Below is an overview of the five largest silver-mining stocks by market cap as of August 25, 2025, as per data gathered using TradingView’s stock screener. Read on to learn more about the activities and operations of these large-cap silver stocks.
1. Pan American Silver (TSX:PAAS)
Market cap: C$16.35 billion
Share price: C$45.06
Pan American Silver is among the world’s largest primary silver producers, with silver assets located throughout the Americas and operations in Peru, Mexico, Bolivia, Argentina and Chile.
According to its Q2 report, released on August 6, overall, the company produced 5.1 million ounces of silver during the period. Its largest silver-producing asset is the La Colorada mine in Mexico, which produced 1.51 million ounces of silver during the quarter.
Other significant contributors to its silver production were its El Peñon gold-silver mine in Chile at 968,000 ounces of silver, Huaron in Peru at 844,000 ounces, San Vicente in Bolivia at 755,000 ounces, Cerro Moro in Argentina at 488,000 ounces and Dolores in Mexico at 291,000 ounces.
The company also reaffirmed its 2025 operating outlook and expects full year silver production in the 20 million to 21 million ounce range, with all in sustaining costs in the US$16.25 to US$18.25 per ounce range.
Additionally, the company announced on May 11 that it had entered into a definitive agreement to acquire all of the issued and outstanding shares of MAG Silver (TSX:MAG,OTC Pink:FNLPF). Under the terms of the US$2.1 billion deal, MAG shareholders will be paid out a mix of cash totaling US$500 million and 0.755 shares in Pan American per MAG share.
Once complete, Pan American will control 44 percent of the Juanicipio mine in Central Mexico. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.
Pan American announced on August 25 that the Mexican Federal Economic Competition Commission approved the deal and expects the acquisition to be completed on approximately September 4.
2. First Majestic Silver (TSX:AG)
Market cap: C$6.03 billion
Share price: C$12.36
First Majestic has three wholly owned silver-producing mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada…
