The silver market is capturing attention in 2025, fueled by a combination of industrial demand and its role as a safe-haven asset. As industries like solar energy, electric vehicles, and electronics continue to drive silver consumption—silver is a key component in solar panels and batteries—the metal’s dual nature as both an industrial commodity and an investment asset is coming into sharp focus. Adding to the narrative is silver’s relationship with gold, often measured through the gold-to-silver ratio.
Historically, the gold-to-silver ratio has averaged around 60:1, meaning it takes 60 ounces of silver to buy one ounce of gold. As of recent trends, this ratio has climbed to approximately 100:1, suggesting that silver may be undervalued relative to gold. This disparity has sparked interest among investors, as a higher ratio often signals potential for silver to outperform gold in the near term. With geopolitical tensions and economic uncertainty lingering, silver’s safe-haven appeal is also gaining traction, as noted in a recent analysis by Permutable, which highlighted a “silver safe haven demand breakout” earlier this year.
For investors looking to capitalize on silver’s momentum, the small-cap space offers a range of opportunities—and risks. To help you navigate this dynamic sector, we’ve compiled the SmallCapInvestor Silver Stocks List, a detailed snapshot of year-to-date (YTD) performance for silver producers, developers, and explorers as of May 21, 2025. This list, sourced from public filings and company disclosures, breaks down market caps and YTD returns, giving you a clear view of the silver market’s current landscape.
SmallCapInvestor Silver Stocks List: 2025 Performance Overview
Below is the full list of silver stocks across three categories—producers, developers, and explorers. The chart highlights each company’s ticker, market cap (in millions), and YTD performance, with averages for each category to provide context
Producers: Established Players with Mixed Results
Silver producers—companies actively mining and selling silver—show a wide range of performance in 2025. The average YTD return for this group is 27.1%, reflecting the sector’s potential but also its volatility.
- Top Performer: Avino Silver Mines (ASM) leads with a 199.0% YTD gain, boasting a market cap of $573 million.
- Laggard: Silver X Mining (AGX) is down -26.2% YTD, with a market cap of $34 million.
- Other notable names include Santa Cruz Silver (SCZ) at 98.3% YTD and Endeavour Silver (EDR) at -13.4% YTD.
Producers often provide more stability than developers or explorers, but as the data shows, performance can vary significantly depending on operational success, silver prices, and market sentiment.
Developers: High Potential, High Risk
Developers—companies working to bring silver projects into production—average a 23.7% YTD return. This category includes firms with promising projects but no active production, making them more speculative.
- Top Performer: Highlander Silver (HSLV) stands out with a 120% YTD increase and a market cap of $231 million.
- Laggard: Bear Creek Mining (BCM) has dropped -61% YTD, with a market cap of $47 million.
- Other names to note include Apollo Silver (APGO) at 60.9% YTD and Dolly Varden Silver (DV) at -5.8% YTD.
Developers often offer significant upside if their projects move toward production, but they can also face setbacks, as seen in the wide performance spread.
Explorers: The High-Risk, High-Reward Plays
Explorers—companies focused on discovering new silver deposits—average a more modest 9.9% YTD return. This group is the most speculative, with the potential for massive gains but also steep losses.
- Top Performer: First Andes Silver (FAS) leads with a 137.5% YTD gain, despite a small market cap of $5 million.
- Laggard: Reyna Silver (RSLV) is down -40.9% YTD, with a market cap of $17 million.
- Other explorers include Silver North (SNAG) at 88.9% YTD and Silver Hammer (HAMR) at -8.3% YTD.
Explorers are often the most volatile, as their value hinges on drilling results and market sentiment. As Rick Rule noted in a recent interview shared by EarthLabs, many successful investments in the mineral exploration space endure significant downturns—sometimes as much as 50%—before delivering 10x returns over a median of five years.
What This Means for Investors
The SmallCapInvestor Silver Stocks List reveals the diversity of opportunities in the silver sector, from established producers to speculative explorers. With an average YTD performance of 27.1% for producers, 23.7% for developers, and 9.9% for explorers, the data underscores both the potential rewards and the inherent risks of investing in small-cap silver stocks.
Silver’s outlook remains compelling, with industrial demand tied to the energy transition and its safe-haven status providing a dual tailwind. However, as the web results note, silver’s smaller market size compared to gold makes it more volatile, and industrial slowdowns could pose headwinds if economic conditions worsen.
We encourage you to use this list as a starting point for your research. Whether you’re drawn to the stability of producers, the growth potential of developers, or the high-risk, high-reward nature of explorers, there’s something for every investor in the silver space.
Disclaimer: Data is sourced from public filings and company disclosures as of May 21, 2025, per SmallCapInvestor.ca. While best efforts were made to ensure accuracy, figures may contain errors or
