Silver-mining companies and juniors have seen support from a strong silver price in 2025. The white metal has gained steadily since the start of the year, rising 11.47 percent to breach the US$32 per ounce mark.
Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.
Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.
So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.
How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.
1. Discovery Silver (TSX:DSV)
Year-to-date gain: 125.35 percent
Market cap: C$616.71 million
Share price: C$1.6
Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.
Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.
A 2024 feasibility study for the project outlined proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.
The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.
Discovery’s shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).
The Porcupine Complex is made up of four mines including two which are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.
Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12,493.5 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.
Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.
Discovery’s share price reached a year-to-date high of C$1.65 on February 4.
2. Avino Silver and Gold (TSX:ASM)
Year-to-date gain: 61.42 percent
Market cap: C$272.62 million
Share price: C$2.05
Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.
The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.
In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.
In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.
Avino’s share price marked a year-to-date high of C$2.05 on February 12.
3. Capitan Silver (TSXV:CAPT)
Year-to-date gain: 55.56 percent
Market cap: C$42.55 million
Share price: C$0.49
Capitan Silver is an exploration company focused on advancing silver and gold projects in Durango, Mexico.
The company’s flagship asset is the 100 percent owned Cruz de Plata project, in the heart of Mexico’s historic Penoles Mining District. The district is known for hosting significant silver mineralization and historic mining.
The Cruz de Plata project encompasses two historic silver mines — Jesus Maria and San Rafael — and the El Capitan oxide gold prospect, all within a 22.9 square kilometer land package. To date the company has completed 86 diamond drill holes totaling over 11,550 meters.
A 2020 technical report demonstrated an inferred resource of 16.99 million ounces of contained silver and 331,000 ounces of contained gold from 28.3 million metric tons of ore with grades of 18.7 g/t silver and 0.36 g/t gold.
Shares have seen steady gains since the start of the year as Captain Silver has been working to raise funds for exploration work at the project. The company announced on January 21 that it would receive a strategic investment through a C$4.2 million non-brokered private placement led by the Jupiter Silver and Gold Fund.
The company then announced on February 5 that the placement would be upsized to C$5.3 million and further amended terms of the placement on February 10, when it increased the warrant price to C$0.50 per share from C$0.40 per share.
Captain’s share price reached a year-to-date high of C$0.53 on February 9.
4. Silver Storm Mining (TSXV:SVRS)
Year-to-date gain: 52.63 percent
Market cap: C$71.36 million
Share price: C$0.145
Silver Storm Mining is an exploration and development company focused on advancing its silver projects in Durango, Mexico.
The company’s flagship asset, the La Parilla Silver mine complex, was wholly acquired from First Majestic Silver (TSX:AG,NYSE:AG) in a definitive asset purchase agreement that closed in August 2023.
The 69,478 hectare past-producing property is fully permitted and is home to five underground silver mines and one open pit. Production on the site was carried out between 2004 and 2019.
On February 11, 2025, Silver Storm announced a significant increase to the mineral resource estimate at La Parilla. The indicated resource increased 107 percent to 10.8 million silver equivalent ounces from 5.2 million, and the inferred resource increased 58 percent to 16.3 million silver equivalent ounces from 10.3 million. In terms of gross metal value, the silver-equivalent indicated and inferred resources draw 66 percent and 69 percent of their value from silver respectively.
The company also reported that it had modelled 23 additional mineralized structures at the site, including several previously mined by First Majestic.
“This significant growth in mineral resources enhances the potential of our project, supports our goal to restart the mine and join the exclusive rank of silver producers,” Silver Storm President and CEO Greg McKenzie said.
Silver Storm’s share price reached a year-to-date high of C$0.15 on February 6.
5. Zacatecas Silver (TSXV:ZAC)
Year-to-date gain: 50 percent
Market cap: C$10.42 million
Share price: C$0.09
Zacatecas Silver is a precious metals exploration and development company focused on advancing its Zacatecas silver project and Esperanza gold-silver project, which are located in Central Mexico.
Its Zacatecas project is a district-scale site located within the Fresnillo Silver Belt, which to date has produced more than 6.2 billion ounces of silver. In a January 2022 mineral resource estimate for the project’s Panuco deposit, the company reported inferred resources of 15 million ounces silver and 15,000 ounces of gold from 2.73 million MT of ore grading 171 g/t silver and 0.17 g/t gold.
Esperanza is an advanced-stage project that the company plans to develop to the mining stage. In a January 2023 mineral resource estimate, the company reported measured and indicated amounts of 913,000 ounces of gold and 8.5 million ounces of silver from 30.54 million metric tons (MT) of ore grading 0.93 g/t gold and 8.7 g/t silver.
Zacatecas shares have gained since the start of the year, but the increase accelerated after the company announced on January 20 that it had appointed Eric Vanderleeuw as CEO and director and brought on Mario Vetro as an advisor. The new team is focused on prioritizing exploration in the Zacatecas district, specifically the Panuco deposit and El Cristo vein system.
Zacatecas’ share price reached a year-to-date high of C$0.095 on February 9.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
