Best Silver Stocks (November 2026)

Best silver stocks, ranked as of 3 November 2026, on attributable silver production — the ounces each company owns — in FY2025, as each company filed it. Universe: producers that earn at least 20% of revenue from silver, with a market value of at least $5 bn at the 3 November close (Section 1). Silver: $49.59/oz (COMEX front month, 3 November close). FX: $1.3410/£ for Fresnillo. Ratings and value reads: as each analysis published them, 6 August – 1 October 2026. Reserves, guidance and 2026 output: each company’s latest filing to 3 November. Refreshed monthly.

1. How the ranking works

Five silver producers make this ranking, and each passes the three tests below. They are drawn from the silver producers Metal Pilot tracks in its silver mining stock screener and ranked by attributable silver production in 2025 — the measure of scale for a producer — in million ounces (Moz), from each annual filing (Section 2.2). Together they mined about 14% of the world’s 846.6 Moz that year (World Silver Survey 2026 p.9).

• Silver is a core product — at least 20% of the latest year’s revenue comes from silver. The test separates silver miners from the copper, lead-zinc and gold mines that produce 74% of the world’s silver as a by-product (silver market guide).
• In production — mines that produced through a full year, so there is output to rank. Developers, explorers, and royalty and streaming companies are left out.
• Large enough — a market value of at least $5 bn at the 3 November close, so each trades deeply enough for large funds to hold.

Table 1. The five silver producers, in rank order

Source: each company’s Metal Pilot analysis, linked in the table — its 2025 revenue by metal, gross of smelter charges, and its mines — except Coeur’s silver share, from its 2025 Form 10-K p.44, and First Majestic’s, from its 2025 financial statements p.46.

2. The ranking

The size order holds on revenue and market value. It breaks on operating margin and cost, where Hecla is second and first (2.1, 2.3), and in 2.2, where Pan American leads the reserve, Coeur and Hecla the producing life, and First Majestic the output per dollar.

2.1 Market value and financials

Fresnillo earns the most revenue at the widest operating margin and keeps the most as free cash flow; on operating margin Hecla, fourth in the ranking, is second.

Table 2. Market value and financials, in rank order

Source: share prices and silver, Yahoo Finance closes of 3 November 2026 for LSE:FRES, NYSE:PAAS, NYSE:CDE, NYSE:HL, NYSE:AG and COMEX silver, SI=F, in US dollars — Fresnillo’s 2,286p on the LSE converted at $1.3410/£, Pan American and First Majestic on their US listings; market capitalisation on each analysis’s fully diluted share count; enterprise value = market capitalisation − net cash at 30 June 2026, net cash being cash and short-term investments (Fresnillo $2,503 m, Pan American $1,618 m, Coeur $1,052 m, Hecla $483 m, First Majestic $1,093 m) less the debt row. Income statement and cash flow, FY2025: Fresnillo’s Annual Report and Accounts 2025 pp.214, 217; Pan American’s 2025 financial statements pp.7–8; Coeur’s 2025 Form 10-K pp.74–75; Hecla’s 2025 Form 10-K pp.F-4–F-5; First Majestic’s 2025 financial statements pp.1, 3. Operating income is each statement’s own line — “Profit before net finance costs and income tax”, “Earnings from operations”, “Income (loss) from operations” (Coeur and Hecla) and “Operating earnings (loss)” in column order; operating margin = operating income ÷ revenue; capital expenditure is the cash paid for property, plant, equipment and mining interests; free cash flow = operating cash flow − capital expenditure, each figure rounded on its own. Balance sheet, 30 June 2026: Fresnillo’s 1H26 interim results, interim consolidated balance sheet, Pan American’s Q2 2026 financial statements p.1, Coeur’s Q2 2026 Form 10-Q p.4 (total liabilities the sum of its current and non-current subtotals), Hecla’s Q2 2026 Form 10-Q p.5 and First Majestic’s Q2 2026 financial statements p.4; debt as each company’s net cash counts it. Basis differences are in the ledger, Section 6.1.

The margin lead is wide. Fresnillo’s 50.3% operating margin on $4,561 m of revenue is 14 points above Hecla’s 36.2% — price did the work, revenue up 30.5% on lower volumes (Fresnillo’s analysis). All five margins were earned at realised silver prices of $40.01–45.25 an ounce, 9–19% below the $49.59 close (Section 6.1).

Capital spending decides who keeps the cash. Capital expenditure took 17% of operating cash flow at Fresnillo and about a quarter at Pan American and Coeur, against 40% at First Majestic and 45% at Hecla, a quarter of it at Casa Berardi, sold in March 2026 (2025 Form 10-K p.77). That is why Hecla, first on AISC margin, kept 22% of its revenue as free cash flow and Fresnillo 41%. Per $100 of market value, 2025 free cash flow was $8.4 at Fresnillo, $6.3 at Pan American, $4.8 at Coeur, $4.5 at First Majestic and $3.5 at Hecla.

All five hold more cash than debt. Debt runs from $13 m at Hecla, all leases, to $841 m at Pan American, and net cash from Coeur’s $347 m to Fresnillo’s $1,663 m. Coeur’s assets more than tripled this year, to $15,204 m, with the New Gold mines it bought in 2026, not yet in FY2025 revenue (2025 Form 10-K p.73); Hecla’s no longer hold Casa Berardi.

2.2 Production and resource base

Fresnillo mines more than the next two combined, Pan American holds the deepest reserve, and Coeur and Hecla have the longest reserve lives once a suspended mine is set aside.

Table 3. Production and resource base, ranked on FY2025 attributable silver production

Source: the ranked row from each FY2025 annual filing — Fresnillo’s Annual Report and Accounts 2025 p.8, Pan American’s 2025 MD&A p.5, Coeur’s 2025 Form 10-K p.44, Hecla’s 2025 Form 10-K p.36 and First Majestic’s 2025 MD&A p.4, quoted in Section 6.1 with the 2024 figures the text cites; every other company figure from the five analyses linked in Section 1, Coeur’s reserve and its price from the same 10-K, p.37, Fresnillo’s reserve price from its Annual Report, p.290, Pan American’s reserve, resources and their prices from its reserves release of 16 September 2026 pp.1–6, and Hecla’s guidance from its Q3 2026 results release of 3 November, p.2. Reserve life = attributable reserves ÷ FY2025 production. The two per-dollar rows divide FY2025 production and attributable reserves by market capitalisation at the 3 November 2026 close (Table 2); each charges the whole company’s market value to its silver — gold, copper, zinc and lead are not credited — which makes the gold-heavy names, Fresnillo, Pan American and Coeur, look dearer per silver ounce than they are. ¹ First Majestic reports resources inclusive of reserves: 145.3 Moz − 101.1 Moz. ² Without Escobal, suspended since 2017, 10.8 yr (Section 5). Basis differences are in the ledger, Section 6.1.

Figure 1. Fresnillo mines twice the next producer, Pan American holds the deepest reserve: attributable silver production, FY2025, and P&P silver reserves at each reserve date (Moz)

Figure data: Table 3 — attributable production in FY2025 and attributable proven and probable reserves at each company’s reserve date. Both series share one axis in million ounces, so production’s columns sit short beside reserves’; every column prints its value.

The last three sit within 1.6 Moz. Fresnillo’s 48.7 Moz is two-fifths of the five’s output and Pan American leads Coeur by 4.9 Moz, but 1.6 Moz at most separates each of the last three, so one year’s output can reorder them.

Two of the five bought their place. Coeur’s silver rose 57% from 11.4 Moz in 2024 after buying SilverCrest and its Las Chispas mine in February 2025, and First Majestic’s 83% from 8.40 Moz after buying Gatos Silver and its 70% of Los Gatos. Pan American rose from 21.1 Moz, counting from September 2025 the 44% of Juanicipio it bought with MAG Silver. Fresnillo, which counts the other 56%, fell from 56.3 Moz on lower grades and less ore milled (Annual Report and Accounts 2025 pp.33–39), and Hecla edged up from 16.2 Moz.

The 2026 guidance keeps the order and narrows the bottom. Pan American is guided up on its first full year of Juanicipio, and Coeur on Las Chispas, Rochester’s ramp-up and New Gold’s mines. Fresnillo is guided down again, and Hecla’s range, raised on 3 November, stays below 2025 as Keno Hill’s permit limits bite; First Majestic holds near 15 Moz. Hecla’s and First Majestic’s ranges overlap — the one place the order could turn — but nine months in Hecla had mined 78% of its midpoint and First Majestic 72%, against the 75% of a straight-line year: at that pace Hecla would end above its range and First Majestic below its floor. Nine months in, Fresnillo had mined 73% of its midpoint, a pace inside its range; by June Pan American had mined half and Coeur 43%, its range kept in August (Section 6.1).

Pan American’s base is the deepest. Its 511.1 Moz, on its 30 June 2026 statement, which adds its 44% of Juanicipio, is two-fifths more than Fresnillo’s, and its 1,126.7 Moz of measured and indicated silver beyond the reserve is more than twice what the three others that report one hold together.

Escobal turns the reserve-life order over. On paper Pan American’s reserve lasts longest at 2025 output, 22.4 years. But 52% of Pan American’s reserve sits at Escobal, suspended since 2017. Without it the life is 10.8 years, and Coeur, at 15.3 years, and Hecla, at 13.6, have the longest producible lives.

Every reserve was estimated at a price well below today’s. The silver price behind each runs from $25 an ounce at Hecla to $35 at First Majestic, with Pan American’s mines between $20 and $40 — all at least 19% under the 3 November close. First Majestic’s is the highest company-wide price, so its short life is the least conservatively struck.

Per dollar of market value, the order turns over. First Majestic, fifth on output, buys the most silver per dollar, 2.18 Moz per $1 bn, a whisker ahead of Fresnillo’s 2.16. Coeur, third on output, buys the least, 1.29. On reserves Pan American buys the most silver in the ground per dollar, 31.7 Moz, and First Majestic the least, 14.3 Moz: its ounces are cheap for a year of output, not for a decade. Coeur’s per-dollar figures are low partly because its market value includes the New Gold mines, which its 2025 output and filed reserve do not.

2.3 Margin and cost

Of the three producers that publish a silver all-in sustaining cost (AISC), Hecla keeps the most of each ounce, and Fresnillo and Coeur publish no group figure.

Table 4. Silver all-in sustaining cost and margin, 2025 and 2026 guidance

Source: the analyses of Pan American, Hecla and First Majestic, each from its company’s FY2025 filing and 2026 guidance, Hecla’s as cut in its Q3 2026 results release of 3 November, p.2 — Pan American’s silver segment, Hecla’s Greens Creek and Lucky Friday, First Majestic per payable silver-equivalent ounce (AgEq); Fresnillo and Coeur publish no group silver AISC. Margin = $49.59, the 3 November close, less the midpoint of 2026 AISC guidance, on each company’s own basis. Basis differences are in the ledger, Section 6.1.

Fresnillo compares only mine by mine, Coeur not at all. Fresnillo publishes AISC only per mine, per silver-equivalent ounce: $15.82–32.87 in the first half of 2026, against First Majestic’s $27.67 on the same measure. Coeur, a gold-led reporter, publishes only a cost applicable to sales, the operating cost of the ounces sold before sustaining capital: $17.83 per ounce of silver in 2025 (Section 6.1).

The size order is not the cost order. Hecla, fourth on output, is first on margin, and no other name moves as far.

Each margin is on its company’s own basis. Hecla’s and Pan American’s are by-product costs, netting gold, zinc and lead sales against silver costs (Hecla’s at Greens Creek and Lucky Friday only — 82% of its silver, Keno Hill uncosted — Pan American’s across its silver segment); First Majestic’s is a co-product cost per payable silver-equivalent ounce that nets nothing, so its margin sits lowest partly by construction. The credits are large: $27.77 an ounce at Hecla and about $33 in Pan American’s silver segment in 2025, some 70% of each cost before them (Section 6.1). So the two lowest costs bet as much on gold, zinc and lead as on silver.

Costs rise at all three in 2026, Hecla’s least. The guided midpoints are 6% above 2025 at Hecla ($11.28 to $12.00), 22% at Pan American ($13.88 to $17.00) and 33% at First Majestic ($21.17 to $28.23) — on price-linked royalties and profit-sharing, plus lower grades at First Majestic’s Los Gatos and Santa Elena (Pan American, First Majestic) — so Hecla’s lead holds into 2026.

2.4 Summary

Fresnillo — the biggest and the most profitable, on the second-shortest reserve. First on output at 48.7 Moz and second per dollar of market value, it earned the widest operating margin, 50.3%, kept 41% of its revenue as free cash and holds the most net cash, $1,663 m. Against that, its output is guided down to 42.0–46.5 Moz for 2026, its reserve lasts 7.4 years and it publishes no group silver AISC.

Pan American — the deepest reserve, much of it out of reach. Second on output and guided up to 25.0–27.0 Moz, it holds the most reserve, 511.1 Moz, and the most per dollar, 31.7 Moz per $1 bn — but 52% sits at suspended Escobal, cutting its life from 22.4 to 10.8 years. Its operating margin, 34.1%, is fourth of the five; its AISC margin, $32.59, second of three.

Coeur — the longest producible life, the least silver per dollar. Third on output after buying Las Chispas and guided up again for 2026, it has 15.3 years of reserve life, the longest once Escobal is set aside. A dollar of its market value buys the least silver of the five, 1.29 Moz per $1 bn, its net cash after the New Gold deal is the smallest, $347 m, and it publishes no silver AISC.

Hecla — the lowest published cost, the thinnest free cash. Fourth on output and guided lower for 2026 as Keno Hill’s permit limits bite, it keeps the most of each ounce, a $37.59 AISC margin, and runs the second-widest operating margin, 36.2%. Capital spending took 45% of its operating cash flow, so it kept the least of its revenue as free cash, 22%; its reserve lasts 13.6 years.

First Majestic — the most silver per dollar, for a year. Fifth on output after buying Gatos Silver and its 70% of Los Gatos, it buys the most production per dollar of market value, 2.18 Moz per $1 bn, but the least reserve per dollar, 14.3 Moz — its 6.6-year life is the shortest of the five. Its AISC margin, $21.36 per silver-equivalent ounce, and its 31.6% operating margin are the lowest.

3. Ratings

Every Metal Pilot analysis scores its company on the same nine dimensions, 1 to 5 each. All five are producers, so all five carry the same weights: asset quality, cost, reserves, balance sheet and capital allocation at 15% each, the other four at 6.25%. A composite of 3.5–4.0 is Solid, 2.5–3.0 Average, rounded to the nearest half point first.

Table 5. The Metal Pilot scorecard, five companies

Source: the Metal Pilot Company Scorecard in Section 9 of each analysis — Fresnillo, Pan American, Coeur, Hecla and First Majestic — where every score cites its evidence. Composites recomputed as Σ(weight × score): Fresnillo 0.15 × (5+3+3+5+4) + 0.0625 × (2+2+2+3) = 3.00 + 0.56 = 3.56; Pan American 0.15 × 16 + 0.0625 × 12 = 2.40 + 0.75 = 3.15; Coeur 0.15 × 18 + 0.0625 × 14 = 2.70 + 0.88 = 3.58; Hecla 0.15 × 18 + 0.0625 × 13 = 2.70 + 0.81 = 3.51; First Majestic 0.15 × 12 + 0.0625 × 10 = 1.80 + 0.63 = 2.43 — each equal to its analysis’s published rating.

Asset quality is the widest of the heavy rows, and it follows the size order. Fresnillo’s six mines earn the only 5, First Majestic’s four mid-sized mines a 2. At 15% weight, those three points are worth 0.45 of composite.

Jurisdiction runs against the size order. Fresnillo and First Majestic, wholly Mexican, score lowest with Pan American, for Mexico, Peru, Bolivia, Argentina and Guatemala, while Hecla’s all-US-and-Canada base earns the only 5.

Cost and ESG barely separate the five. The analyses score cost mainly on the all-metal cash margin, not Section 2.3’s silver AISC margin: Pan American’s, the lowest of the five in 2025, earns a 2; Hecla’s 55.0%, held down by Casa Berardi and Keno Hill, earns the same 3 as the others, First Majestic’s included, though its costs are guided a third higher. ESG scores 3 for all five. Together they carry 21.25% of the weight and move the composites apart by 0.15 at most.

Pan American’s reserve 3 is a year old. Its analysis scored the 30 June 2025 reserve, 8.2 years without Escobal, near Fresnillo’s 7.4; Table 3’s newer one gives 10.8.

The balance-sheet row weighs more than net cash. First Majestic scores 3 on the second-largest net cash, $790 m, because its analysis sets $1.28 bn of Mexican tax reassessments against it; Hecla scores 5 on $470 m and Coeur 4 on $347 m.

Capital allocation falls with rank. Fresnillo’s share count has not moved, where Coeur’s, Pan American’s and First Majestic’s have roughly doubled or more through acquisitions since 2021 and Hecla’s rose 21% on share sales.

The quality order is not the size order, and it is sensitive to the weights. On the published composites Fresnillo and Coeur tie at 3.6/5, Hecla follows at 3.5, Pan American — second on output — is fourth at 3.2, and First Majestic is last at 2.4. Weight all nine dimensions equally and Fresnillo slips to third (Coeur 3.56, Hecla 3.44, Fresnillo 3.22), because its 5s sit on the heavy rows and its 2s on the light ones.

4. Valuation

Every read below is the analysis’s own, struck at its own price date and on its own deck — none is recomputed here. The five valuations were published between 6 August and 1 October 2026, and since then the shares have fallen 20–29% and silver to $49.59, below every base deck. The yardstick is price to net asset value (P/NAV), and the workings follow for members.

5. Verdict

Coeur is the best silver stock of the five, with an average place of 1.6, ahead of Pan American at 2.4 and Fresnillo at 3.0. Each company is placed first to fifth on each measure — output, guided growth, reserve life, Metal Pilot rating and P/NAV — the measures count equally, and the lowest average place wins.

Table 7. The best silver stock — each company’s place on five measures

Table data: Tables 3, 5 and 6 — guidance midpoints of 44.25, 26.00, 20.30, 15.70 and 15.05 Moz; the composites to two decimals, as recomputed beneath Table 5; P/NAV as each analysis published it, 6 August – 1 October 2026. Each company is placed first to fifth on each measure, highest first except P/NAV, lowest first; the average place is the mean of the five, and a tie would go to the lower P/NAV. ¹ Pan American’s producing reserve of 246.6 Moz: its filed 511.1 Moz at 30 June 2026 less the 264.5 Moz at Escobal (reserves release of 16 September 2026 p.3), suspended since 2017 with no restart date (2025 MD&A p.54); with Escobal its reserve would last 22.4 years.

Coeur — first, 1.6. It is first on three of the five measures: the longest producing reserve life, 15.3 years, the highest Metal Pilot rating, 3.58, and the lowest P/NAV, 1.47×. It is second on guided growth, though more than half of that growth is bought — a full year of Las Chispas and New Gold’s two mines — with most of the rest Rochester’s ramp-up (Section 6.1). Its weakest place is third, on output, at 17.9 Moz.

Pan American — second, 2.4. It leads guided growth, +14.0% for 2026, on the first full year of the 44% of Juanicipio it bought with MAG Silver in 2025, and is second on both output, 22.8 Moz, and P/NAV, 1.70×. Its rating is fourth, 3.15, and without Escobal its reserve life is 10.8 years.

Fresnillo — third, 3.0. It mines more than twice as much silver as the next, and its rating, 3.56, is second only to Coeur’s 3.58. Its 2026 output is guided down 9.1%, the weakest of the five, and its reserve lasts 7.4 years, fourth. Without the 1.1 Moz of a stream contract that ended in 2025, its fall is 7.0%, fourth on growth ahead of Hecla; no average place changes order.

Hecla — fourth, 3.4. Its reserve life, 13.6 years, is second only to Coeur’s and its rating is third, 3.51. It is fourth on output, on guided growth and on P/NAV, the second-highest, 2.91×.

First Majestic — fifth, 4.6. It is last on four of the five measures: the smallest output, the shortest reserve life at 6.6 years, the lowest rating, 2.43, and the highest P/NAV, 4.76×. Its one middle place, third on guided growth at −2.3%, goes to Hecla at the nine-month pace.

What the result rests on. Coeur’s first place holds if Escobal is counted — Pan American’s reserve life would then be the longest, at 22.4 years, and its average place 2.0 against Coeur’s 1.8 — and if Coeur and Fresnillo swap on rating, where both publish 3.6/5 and 0.02 separates them. It holds even if stripping bought ounces placed Coeur last on growth: 2.2 against Pan American’s 2.4 at best. Fresnillo’s 8% discount rate moves no place — to pass Pan American its P/NAV would have to fall below 1.70×, a NAV per share above $25.42, two-thirds over its $15.31. At the 3 November closes the five keep the same P/NAV order.

The same five, unranked and on one construction, are compared in Silver Producers Compared.

None of this is a recommendation. A ranking orders companies on one number; the ratings and value reads are analytical judgements at stated dates, not instructions to buy or sell. Compare the five, and every other silver producer, on live data in Metal Pilot’s silver mining stock screener.

6. Sources, methodology & disclaimer

6.1 Sources, methodology & data vintage

The five analyses — every figure in this post other than the filed figures cited where they stand and the market data comes from them, at their stated dates: Fresnillo (FRES), 20 August 2026; Pan American Silver (PAAS), 8 August 2026; Coeur Mining (CDE), 11 August 2026; Hecla Mining (HL), 6 August 2026; First Majestic Silver (AG), 1 October 2026.

The ranked figure, re-traced to each filing:

• Fresnillo — Annual Report and Accounts 2025, p.8, “Attributable silver production” 48.7 moz.
• Pan American Silver — 2025 MD&A, p.5, “Attributable silver production of 22.84 million ounces”.
• Coeur Mining — 2025 Form 10-K, p.44, consolidated operating statistics, “Silver ounces produced” 17,914,682.
• Hecla Mining — 2025 Form 10-K, p.36, metal quantities produced and sold, “Silver - Ounces produced” 17,026,785.
• First Majestic Silver — 2025 MD&A, annual highlights, p.4, “Silver Ounces Produced” 15,435,506, Los Gatos at 70%.

Filed since the analyses, and the other filed figures the prose cites:

• Pan American’s 30 June 2026 reserve — reserves release of 16 September 2026, “Total P&P Reserves” 511.1 Moz of silver (p.1), Escobal’s 39.5 + 225.0 Moz (p.3), “Total M&I Resources” 1,126.7 Moz (p.5) and the metal prices by mine (p.6).
• Hecla’s 2026 guidance and nine months’ output — Q3 2026 results release of 3 November 2026, “Consolidated 2026 silver production is expected to be 15.3-16.1 million ounces” with AISC of $11.50–12.50/oz (p.2) and “Total, ounces” 12,282,802 for the nine months (p.5).
• First Majestic’s nine months’ output, 10.79 Moz — “Silver ounces produced” 3,545,383 and 3,799,823 in its Q2 2026 production release (p.2) and 3,440,447 in its Q3 2026 production release of 8 October (p.2); its first-half AISC, “All-in Sustaining Cost per AgEq Ounce” $27.67, from its Q2 2026 MD&A (p.4).
• Output so far in 2026 — Fresnillo’s “Year-to-date attributable silver production of 32.4 moz” to September, with its range kept, “Attributable silver production expected to be in the range of 42.0 to 46.5 moz”, in its third quarter production report of 21 October 2026 (p.1); Pan American’s “Attributable Silver Production” of 12.90 Moz for the six months in its Q2 2026 results release of 12 August (p.5); Coeur’s “Silver ounces produced” 8,780,216 for the six months in its Q2 2026 Form 10-Q of 5 August (p.31), whose guidance table keeps the 18.7–21.9 Moz range (p.36).
• Realised silver prices, 2025 — Fresnillo $43.6 (Annual Report and Accounts 2025 p.50), Pan American $40.78 (2025 MD&A p.14), Coeur $40.01 (2025 Form 10-K p.44), Hecla $45.25 (2025 Form 10-K p.69) and First Majestic $41.52 (2025 MD&A p.4).
• By-product credits, 2025 — Hecla’s “By-product credits per ounce” $27.77 against an AISC before them of $39.05, Greens Creek and Lucky Friday (2025 Form 10-K p.85); Pan American’s “Silver segment by-product credits” $530 m on 16.0 Moz sold (2025 MD&A p.33).
• Fresnillo’s AISC per mine — 1H26 interim results, “ALL-IN SUSTAINING COST (AISC)”, in US dollars per eq. silver ounce, p.31; Coeur’s cost applicable to sales from its analysis, Section 2.
• Coeur’s 2026 silver guidance by mine — its Q2 2026 results release, 2026 production guidance table: Las Chispas, Palmarejo and Rochester against their 2025 output (2025 Form 10-K p.35), and 0.56 Moz at the midpoint from New Afton and Rainy River.
• Hecla’s Casa Berardi, sold in March 2026 — “total capital additions … $61.5 million” in 2025, against $252.4 m of capital expenditure (2025 Form 10-K pp.77, 90).
• World mine output — 846.6 Moz in 2025, The Silver Institute / Metals Focus World Silver Survey 2026, “Mine Production” (p.9).

Market data — the three-month silver averages behind the analyses’ decks, $67.83 to July 2026 and $63.63 to August, from the World Bank Pink Sheet series as the Pan American, Hecla and First Majestic analyses state them; closing prices of 3 November 2026 for LSE:FRES, NYSE:PAAS, NYSE:CDE, NYSE:HL, NYSE:AG, the COMEX silver front month (SI=F) and GBP/USD, from Yahoo Finance; market capitalisation on each analysis’s fully diluted share count (Fresnillo 736.9 m, Pan American 421.7 m, Coeur 1,033.1 m, Hecla 677.0 m, First Majestic 501.6 m).

Method. The universe is five producers that each earn at least 20% of their revenue from silver and carry a market value of at least $5 bn at the 3 November close; they are ranked on FY2025 attributable silver production, descending. The per-dollar figures divide that output and the attributable reserves by market capitalisation at the 3 November close. The scorecards are the analyses’ own, recomputed on the producer weights. The valuation reads are each analysis’s own at its own date and deck, and nothing is revalued here.

Table 8. Comparability ledger

Source: this post’s tables and the five analyses — Fresnillo, Pan American, Coeur, Hecla and First Majestic.

6.2 Disclaimer & disclosure

This ranking is for informational purposes only and is not investment advice; do your own research or consult a licensed advisor. It is a point-in-time snapshot: production figures are as filed for 2025, market data is as of 3 November 2026, and the ratings and valuation reads are as each analysis published them between August and October 2026 — share prices, the silver price and the reads all move, and silver-mining shares are especially volatile. Reserves and net asset values are estimates, not measured facts. A ranking is not a recommendation to buy its top name. This post was prepared with AI assistance; figures were sourced from company filings and market data and reviewed, but readers should verify before acting. The author holds no position in any of the five companies as of the date of writing.