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Silver has suffered its worst price collapse in history, marking the largest percentage decline since the 1980s. The precious metal hit an all-time high of $120 per ounce earlier this week before starting to pull back from that peak. It then collapsed more than 25% on Friday, ending at $85 per ounce — a 30% plunge from the high.
Even if the meteoric multi-year bull market in silver is over — one that even eclipsed gold’s surge — there is no guarantee it is; these three silver mining stocks remain strong buys.
First Majestic Silver (AG)
First Majestic Silver (NYSE:AG) operates as a primary silver producer with mines in Mexico, focusing on high-grade silver output without heavy reliance on byproduct metals. In its fourth quarter earnings, the company reported all-in sustaining costs (AISC) of $25 to $27 per silver equivalent ounce, keeping operations profitable even at lower silver prices. This cost structure provides a buffer against volatility, as global silver mine production remains constrained, with most supply coming as a byproduct of other metals like lead and zinc.
First Majestic achieved record quarterly silver production of 4.2 million ounces in the quarter, up 77% year-over-year, driven by contributions from its Santa Elena, San Dimas, and Los Gatos mines. Analysts at Citi forecast silver reaching $150 per ounce within three months, supported by industrial demand from solar and electric vehicles, which could amplify First Majestic’s upside as a pure-play silver miner.
With ongoing deficits in silver supply projected at 117 million ounces for 2026, the company’s focus on expanding output positions it to capitalize on any price rebound.
Hecla Mining (HL)
Hecla Mining (NYSE:HL) stands out as another primary silver producer, with operations in the U.S. and Canada that emphasize efficient, low-cost extraction. Its third quarter 2025 results showed an all-in sustaining cost of $11.01 per silver ounce after byproduct credits, significantly below industry averages and enabling robust margins regardless of short-term price drops.
The silver miner hit record quarterly revenue of $409.5 million in that period, a 35% increase over the prior quarter, fueled by strong silver output of 4.7 million ounces and favorable byproduct contributions from lead and zinc. The company’s Lucky Friday mine set a new milling record, while Keno Hill delivered its first positive free cash flow quarter, demonstrating operational improvements that enhance resilience.
Despite silver’s recent plunge, the ongoing market deficits — estimated at 95 million to 149 million ounces in 2025 — underscore Hecla’s value, as primary mines like its are rare and better equipped to meet demand from green technologies. Guidance for 2026 projects consolidated silver AISC of $15.00 to $16.25 per ounce, positioning Hecla to benefit from Citi’s $150 per ounce target amid dollar weakness and Chinese buying.
Global X Silver Miners ETF (SIL)
The Global X Silver Miners ETF (NYSE:SIL) offers investors a diversified basket of silver mining companies, reducing the risks of selecting individual stocks in a fluctuating market. Holding positions in major producers worldwide, including First Majestic, Hecla, and Pan American Silver (NASDAQ:PAAS), the exchange-traded fund (ETF) tracks the Solactive Global Silver Miners Total Return Index, providing exposure to both primary and byproduct silver operations without the need to pick winners.
This approach is particularly appealing given the silver market’s fifth consecutive structural deficit in 2025, driven by industrial demand outpacing supply, which totaled a shortfall of about 118 million ounces. By spreading investments across the sector, the ETF captures benefits from low AISC operations — typically in the $20 to $25 range for many holdings — and the limited number of dedicated silver mines, where most global output is a byproduct of gold or base metals production.
Citi’s forecast of $150 per ounce silver, fueled by applications in AI, solar panels, and electric vehicles, supports the ETF’s potential as demand pressures persist. With silver recycling reaching a 12-year high but still insufficient to close the gap, the ETF allows investors to benefit from sector-wide tailwinds like these without concentrating on single-company risks.