Top 5 Canadian Silver Stocks of 2025
Silver’s strong performance in 2025 is drawing attention to silver-mining companies.
During Q3, the silver price closed in on all-time highs, reaching a quarterly high of US$46.92 per ounce on September 29. It has continued to soar since then, breaking past US$50 on October 9 and then past US$60 on December 9 on its way to setting a new all-time high.
The price of the precious metal has seen firm support from fundamentals, as silver continues to experience a structural supply deficit, while industrial silver demand remains near record levels. Investment demand is also rising as investors return to the market, seeking a more affordable safe-haven alternative to gold.
How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE?
The five companies below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on December 9, 2025, and all companies listed had market caps over C$10 million at that time.
1. Santacruz Silver (TSXV:SCZ)
Year-to-date gain: 1,012.73 percent
Market cap: C$1.2 billion
Share price: C$12.24
Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include a 45 percent stake in the Bolivar and Porco mines, which it shares with the Bolivian government, and a 100 percent ownership of the Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.
In its Q2 results, Santacruz reported silver production of 1.42 million ounces from the mines, as well as silver equivalent production of 3.55 million ounces, which includes its zinc, lead and copper production.
In addition to its producing assets, Santacruz also owns the greenfield Soracaya project, an 8,325 hectare land package located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.
In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 percent stake in the Bolivar and Porco mines and a 100 percent interest in the Soracaya project. Under the terms of the deal, Santacruz made an initial payment of US$20 million and was obligated to make an additional US$90 million over a four-year period from the closing of the transaction. Glencore also retained a 1.5 percent net smelter return.
The pair amended the deal in October 2024, giving Santacruz the option to either pay off the US$80 million base purchase price through annual US$10 million installments or to accelerate the repayment by paying US$40 million by November 2025. The deal also includes additional terms such as monthly payments to Glencore contingent on zinc pricing benchmarks.
Santacruz chose the accelerated option through a structured payment plan, allowing it to satisfy the base purchase price of the properties while saving US$40 million compared to the annual…
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