Top Silver Stocks by Production (2026)

Data as of August 2026. Universe: the large silver-led producers with a published Metal Pilot analysis — Pan American, Coeur, Hecla and First Majestic, all senior-tier (market cap ≥ US$5B as of August 2026; Section 2). Figures are FY2025 attributable silver production from company annual reports; verify before acting.

The top silver stocks by production rank cleanly on one number every silver miner reports: attributable silver output in million ounces a year. This page ranks the four large silver-led producers Metal Pilot covers with a published analysis by FY2025 silver production — from Pan American’s 22.8 Moz to Coeur’s ~13 Moz — with 2026 guidance, reserves and cost beside each name. It is a data ranking, not a buy list. To screen every silver name on the same fields, use Metal Pilot.

1. Top silver stocks by production (2026)

Table 1. Top silver stocks by FY2025 attributable silver production

Source: each company’s FY2025 annual filing — a 10-K for Coeur and Hecla, an Annual Information Form for Pan American and First Majestic — as compiled in the four single-name analyses linked in Section 7 and in Silver Mining Stocks Compared . Silver production is attributable, latest full year (FY2025). Coeur’s ~13 Moz is a 2025 legacy figure, pre-New-Gold; its ~20 Moz 2026 line is pro-forma guidance, so it is shown as guidance, not ranked on. First Majestic’s reserves are the pure-silver portion of its 185 Moz silver-equivalent 2P; its AISC is per silver-equivalent ounce and is not on the same basis as the others (Section 2). Coeur reports cost on a gold-equivalent basis and discloses no comparable silver AISC (n/d). Market cap is a dated segment-boundary column, never the sort (R4).

Figure 1. FY2025 attributable silver production, ranked

Figure data: Table 1, this ranking. Bars scale to the highest value in the set (Pan American, 22.8 Moz) and every bar prints its true output. Coeur’s ~13 Moz is a FY2025 legacy figure; on 2026 pro-forma guidance (~20 Moz) it would rank second, but the table ranks FY2025 actuals for a like-for-like sort (Section 2).

Pan American leads at 22.8 Moz — a third more than Hecla’s 17.0 Moz — but scale on silver ounces is not the whole story: Hecla mines its ounces at roughly a third of Pan American’s cost, and Coeur, fourth on FY2025 silver, is guiding to ~20 Moz for 2026 as Rochester ramps. The full quality-and-value read on the same four names is in Silver Mining Stocks Compared .

2. How we selected and ranked them

The metric. We rank on attributable silver production — each company’s share of the silver mined at its operated and joint-venture mines — in the canonical unit, million ounces a year (Moz/yr), from each company’s latest annual report (FY2025). Silver output is the honest “biggest producer” measure: the physical scale of the business, before any price or valuation assumption. Pan American and Coeur earn most of their revenue from gold, so this silver-only ranking understates them as businesses; the gold context sits in each per-company note, and the sector comparison carries the full metal mix.

The basis, and its caveats, each stated rather than smoothed. Coeur’s FY2025 silver (~13 Moz) is a legacy, pre-New-Gold figure; its ~20 Moz 2026 number is pro-forma guidance, so the ranking uses the FY2025 actual for a like-for-like sort. First Majestic’s 101 Moz reserves are the pure-silver portion of its 185 Moz silver-equivalent 2P, and its AISC is per silver-equivalent ounce — a co-product basis not comparable with the by-product silver AISC the others report. Coeur reports cost on a gold-equivalent basis and discloses no clean silver AISC (n/d). Reserves are 2P under NI 43-101/CIM (Pan American, First Majestic), the US SEC standard (Hecla) and S-K 1300 (Coeur).

The universe. The four large silver-led producers Metal Pilot covers with a published analysis, all senior-tier — market capitalisation ≥ US$5 billion as of August 2026 (the silver senior band). Because that is fewer than the eight names a ranking usually carries, this is a thin-universe ranking, stated as such (Section 7). Three groups a reader might expect are excluded: Fresnillo, the world’s largest primary silver miner, has no published Metal Pilot analysis yet and lists primarily in London; royalty and streaming names such as Wheaton are ranked separately in Best Gold Royalty Stocks by GEOs , because their production is attributable-not-operated; and diversified by-product producers such as KGHM and Industrias Peñoles are not silver-led. Coeur is retained despite being gold-primary — a genuine top-four silver producer by volume, flagged not hidden.

This is a ranking on one disclosed, objective metric — not a valuation, a return forecast, or a recommendation to buy. It tells you which of these names mines the most silver today, not which is the best investment.

3. The top silver stocks, company by company

3.1 Pan American Silver (NYSE: PAAS)

Pan American tops the ranking at 22.8 Moz of FY2025 silver from twelve mines across the Americas, and it is guiding higher still, to 25–27 Moz in 2026. It also holds the group’s deepest silver inventory by far — 452 Moz of 2P reserves and over a billion ounces of measured-and-indicated resource — behind the giant suspended Escobal mine in Guatemala. The caveat that reframes it: Pan American earns most of its revenue from gold (742 koz in FY2025), so its silver leadership sits inside a business the market values largely on gold. See the Pan American analysis for the full scorecard.

3.2 Hecla Mining (NYSE: HL)

Hecla ranks second at 17.0 Moz and is the highest-quality name on the list: the largest US-based primary silver producer, in tier-one jurisdictions, mining silver at a consolidated AISC of ~US$6/oz — roughly a third of Pan American’s cost — with the Greens Creek flagship producing silver at a negative cash cost once by-product credits are netted. It carries 231 Moz of 2P silver on a ~14-year life and an effectively debt-free balance sheet, and guides to 15.1–16.5 Moz for 2026 as it ramps Keno Hill toward 20+ Moz. Details in the Hecla analysis .

3.3 First Majestic Silver (NYSE: AG)

First Majestic is third at 15.4 Moz, the most silver-led name in the group and the highest-beta, from four mines in Mexico plus the 70%-held Los Gatos joint venture. It is also the highest-cost here, at US$27.69–28.77 per silver-equivalent ounce, and holds the shortest reserve life — 101 Moz of pure-silver 2P on roughly six years. Its 2026 guidance of 14.6–15.5 Moz is broadly flat. The read is maximum leverage to the silver price with the thinnest margin of safety; more in the First Majestic analysis .

3.4 Coeur Mining (NYSE: CDE)

Coeur ranks fourth on FY2025 silver at ~13 Moz, but the number is about to jump: after the March 2026 New Gold acquisition and the Rochester expansion, it guides to ~20 Moz for 2026, which would lift it to second. It is a gold-primary, all-North-American producer — most of its value is gold and copper — that happens to be a top-four silver miner, with 280 Moz of 2P silver reserves and an unhedged book giving full leverage to record metals. Because it reports on a gold-equivalent basis, it discloses no clean silver AISC. See the Coeur analysis .

4. Production vs other ways to rank silver stocks

Attributable silver production measures current physical scale, which is exactly what a “biggest silver producers” query wants — but scale is not cost, mine life, or overall quality, and each of those re-ranks the four.

Table 2. What each metric tells you

Source: metric definitions per Section 2; for the metal behind the ounces see the Silver — A Complete Market Guide .

Rank these four by cost and Hecla leads by a wide margin; by reserves and Pan American’s 452 Moz dominates; by quality and price and Hecla again comes out ahead while First Majestic trails. Each is a legitimate lens, and none is the “most silver” answer this page gives. For the nine-dimension scorecard, per-dollar metrics and valuation across all four, see Silver Mining Stocks Compared ; for the market backdrop, the Silver — A Complete Market Guide .

5. Screen every silver stock yourself

This is the top four large producers by silver output. To rank every silver name — seniors, mid-tiers and juniors — by production, reserves, grade and cost, and filter by country or size, screen them on Metal Pilot.

6. Frequently asked questions

6.1 What are the top silver stocks by production?

By FY2025 attributable silver production, the largest silver-led producers with a published Metal Pilot analysis are Pan American Silver (22.8 Moz), Hecla Mining (17.0 Moz), First Majestic Silver (15.4 Moz) and Coeur Mining (~13 Moz). “Top” here means highest on that one disclosed metric, not the best investment.

6.2 How is silver production measured?

As attributable annual output — each company’s share of the silver mined at its operated and joint-venture mines — in million ounces a year, taken from the latest annual report (FY2025). It is a physical count, before any price or valuation assumption, which is why it is the honest “biggest producer” measure.

6.3 Why is Fresnillo not on the list?

Fresnillo is the world’s largest primary silver miner, but it has no published Metal Pilot single-name analysis yet and lists primarily in London, so it is outside this page’s defined universe. A wider senior-silver ranking would add it above Pan American; this page ranks the four large silver-led names Metal Pilot currently covers.

6.4 Why is Coeur ranked on ~13 Moz when it guides to ~20 Moz?

Coeur’s ~13 Moz is its FY2025 actual silver, pre-New-Gold; the ~20 Moz is 2026 pro-forma guidance. The ranking uses FY2025 actuals for every company so the sort is like-for-like — on 2026 guidance Coeur would move up to second as Rochester ramps.

6.5 How often is this ranking updated?

The figures are FY2025, refreshed at least annually as each company reports and re-checked quarterly; the “data as of” note above the table moves only when the underlying numbers do.

7. Sources, methodology & disclaimer

7.1 Sources & data vintage

This ranking is built from each company’s fiscal-2025 annual filing and most recent disclosed results, as compiled in four single-name analyses where every figure is sourced: Pan American Silver (PAAS) , Hecla Mining (HL) , First Majestic Silver (AG) and Coeur Mining (CDE) . Provenance: Pan American Silver Corp. — Annual Information Form 2025; Hecla Mining Company — Form 10-K 2025; First Majestic Silver Corp. — Annual Information Form 2025; Coeur Mining, Inc. — Form 10-K 2025. The deeper quality-and-value read on the same four names is Silver Mining Stocks Compared ; the market backdrop is the Silver — A Complete Market Guide . Data as of August 2026; refreshed at least annually and re-checked quarterly.

Three sanctioned adaptations are recorded here. First, this is a thin-universe ranking — four names rather than the usual eight-plus — because the large silver-led producers Metal Pilot covers with a published analysis are a small field; the universe is stated explicitly (Section 2) rather than padded with unrelated names. Second, royalty and streaming names are ranked separately, in Best Gold Royalty Stocks by GEOs , since their production is attributable-not-operated. Third, Coeur, a gold-primary producer, is retained as a genuine top-four silver producer by volume and flagged as gold-primary throughout; its silver AISC is not disclosed on a comparable basis and its FY2025 silver is a pre-New-Gold legacy figure, both noted in Sections 1–2.

7.2 Disclaimer & disclosure

This page is for informational purposes only and is not investment advice; do your own research or consult a licensed advisor. It ranks companies on one objective, disclosed metric — attributable silver production — and a ranking is not a recommendation to buy the top of it. Figures are estimates as of the stated date and can change; production, reserve and cost bases differ across the four companies, as noted in Section 2, and Coeur’s FY2025 silver is a legacy figure while First Majestic’s cost and reserves are on a silver-equivalent basis. This report was prepared with AI assistance; figures were sourced from company filings and reviewed, but readers should verify before acting. The author holds no position in any of the four companies as of the date of writing.