3 Silver Mining Stocks That Could Keep Surging

Along with gold, silver prices have skyrocketed to new all-time highs, with these two historic safe-haven metals having one of the strongest long-term relationships in global markets.

Ultimately, when gold prices rise, silver tends to follow. This time around, the unprecedented rise in gold prices has pulled up various commodities.

However, what makes the rally in silver hold more merit as opposed to other commodities that are following the ascent in gold prices is that, outside of also being a monetary metal like gold, silver is being used in a variety of industrial applications.

Serving as a further investor-driven catalyst, silver has become essential in the production of solar panels (photovoltaics), electric vehicles, electronics, including semiconductors, and medical devices.

To that point, silver has very unique properties, having the highest electrical and thermal conductivity of any metal, strong reflectivity, and natural antimicrobial behavior, which makes it indispensable in modern technology.

With front-month silver futures (XAGUSD) still trading near peaks of over $100 per ounce, here are three silver-mining stocks that have kept rallying and should be on investors' radars.

First Majestic Silver – AG

Stock Price: $29

Operating silver mines in Mexico, First Majestic Silver AG is a high-leverage miner that can dramatically improve margins even with a modest increase in silver prices, a cost structure that has magnified its upside.

Keeping this in mind, First Majestic produced record-breaking silver-equivalant output in 2025 at 15.4 million ounces and is expected to see its annual earnings climb 30% this year to $0.60 per share. Even better, fiscal 2027 EPS is projected to soar another 85% to $1.12, with First Majestic stock still trading at a tolerable 48X forward earnings multiple despite skyrocketing 400% in the last year and being one of the market’s top performers.

Through February, First Majestic stock is already up nearly 80% year to date as EPS revisions have soared across the board in the last 60 days for the current quarter, Q2, FY26, and FY27.

Buenaventura Mining – BVN

Stock Price: $40

Next up is Buenaventura Mining BVN, a leading miner in Peru, being a top gold producer that also has significant production in regard to silver, copper, lead, and zinc.

BVN shares are up 200% in the last year, which has shockingly been the lowest return on the list, but the company’s diversification is certainly attractive. Furthermore, BVN trades at a very intriguing 11X forward earnings multiple with high-double digit EPS growth in the forecast for the foreseeable future.

Fresnillo – FNLPF

Stock Price: $57

With captivating gains of more than 500% in the last year, Fresnillo's FNLPF stock has had the strongest performance on the list as the world’s #1 primary silver producer.

Headquartered and having mining operations in Mexico, Fresnillo has a strong production base as a silver and gold miner that also produces lead and zinc. Higher margins are doing wonders for Fresnillo, with FY26 EPS projected at $2.91 compared to $0.36 per share last year (+708%).

Notably, FY27 EPS is projected to increase to $3.01, and Fresnillo stock is trading at a reasonable forward P/E multiple of 18X. Driving sentiment for its improved operational leverage is that Fresnillo also has the most robust top line amongst its peers, with annual revenue projections surging past $5 billion.

Bottom Line

Silver prices have risen because industrial demand is strong, monetary conditions are shifting, and investors are seeking defensive hedges. It’s a classic case of both fundamental and psychological forces aligning.

This makes it noteworthy that the Zacks Mining-Silver Industry is currently in the top 6% of over 240 Zacks industries, and these three stocks stand out in particular with a Zacks Rank #1 (Strong Buy).

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This article originally published on Zacks Investment Research (zacks.com).

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