Silver stocks in Canada

Most of Canada's silver is mined along with other metals. So a "silver company" is often exploring a deposit that also holds gold, lead, zinc or copper.

That mix matters when reading results. Companies often report a silver-equivalent grade that converts the other metals into silver at assumed prices. It is a useful shorthand, but the assumptions behind it are worth checking in the release.

Several companies on this list explore outside Canada, in Mexico and the United States for example, while being listed and headquartered here.

Silver trades partly as a precious metal and partly as an industrial one. The USGS estimates it averaged about US$38 an ounce in 2025, up 34%, and hit US$53.60 on November 13, with analysts pointing to a continued supply deficit. Coin and bar buying rose 7% in 2025. Industrial use stayed flat. Solar panel makers used less silver per panel, which offset growth in cars, electronics and power grids.

In Canada, most silver is a by-product. Keno Hill in Yukon is the country's only primary silver mine. Other mines produce silver alongside gold or base metals, NRCan says. Canadian mines produced about 356 tonnes of recoverable silver in 2025, led by Ontario, British Columbia and Yukon, according to Statistics Canada's preliminary figures. Silver export values jumped 64% in 2025 on higher prices.

Silver was added to the final 2025 US list of critical minerals. It isn't on Canada's list, though, so silver explorers don't get the 30% Critical Mineral Exploration Tax Credit. The general 15% Mineral Exploration Tax Credit applies instead.

A silver junior is a small company exploring for or developing a silver deposit, usually with no mine revenue yet. These details are worth checking in its announcements.

• Silver-equivalent grades: which metals are included and at what prices.
• Jurisdiction. A Canadian listing does not mean a Canadian project.
• Whether the silver is the main value in the deposit or a by-product.