In this article, we will discuss the 10 Most Undervalued Silver Mining Stocks to Buy According to Analysts.
Fueled by growing demand across industrial, investment, and technological sectors, the silver mining industry continues to expand. According to The Business Research Company, the global silver ore industry has grown substantially from $7.87 billion in 2024 to $8.56 billion in 2025 at a CAGR of 8.7%. This has been driven by demand from renewable energy, medical devices, and consumer electronics. Moving forward, the industry is predicted to reach $11.87 billion by 2029 at a CAGR of 8.5%, backed by advancements in recycling initiatives, silver refining, and the rising role of silver in green technologies.
Silver prices rose, reaching their highest levels since 2011, surpassing $30 per ounce in 2024 due to the weakening U.S. dollar, inflationary pressures, and geopolitical instability. According to The Silver Institute, short covering and growing silver deliveries to CME warehouses have been fueled by climbing tariffs under the Trump administration, contributing to market volatility. Accordingly, silver Futures produced a 34.97% one-year return as of March 4, 2025, significantly outperforming the market’s 12.61% return. This reflects firm investor confidence in silver as a hedge against economic uncertainty.
Moreover, according to The Silver Institute, total consumption is forecasted to be 1.2 billion ounces, supporting the statement that silver demand will remain strong in 2025. The report further mentioned that fabrication demand will exceed 700 million ounces for the first time as industrial applications will drive most of the silver demand.
Silver is utilized in electric vehicle (EV) manufacturing in charging infrastructure, batteries, and semiconductors, highlighting its significant role in the automotive industry. The S&P Global Mobility forecasts that 2025 global battery electric vehicle sales are expected to reach 1.5 million units, reflecting a 30% growth from 2024 levels and accounting for 16.7% of total global light vehicle sales.
Silver consumption is anticipated to rise significantly due to this surge in EV adoption. Backed by the charging station expansion, infrastructure investments, and broader decarbonization efforts, The Silver Institute predicts that in 2025, silver demand will reach 90 million ounces.
The firm also highlighted global silver supply is predicted to rise by 3% to 1.05 billion ounces in 2025, marking an 11-year high. Due to increased output in Morocco, China, and Canada, silver mine production is forecasted to reach 844 million ounces. However, additional supply growth could be restricted due to limited capital expenditure in base metal mining and decreasing ore grades. Fueled by higher industrial scrap recovery, silver recycling is predicted to increase by 5%, exceeding 200 million ounces for the first time since 2012.
In 2025, the silver market is predicted to remain in a deficit of 149 million ounces despite the rising production, extending its supply shortfall for the fifth consecutive year. WisdomTree report projects that silver prices will be pushed to $40 per ounce by Q3 2025 due to a sustained deficit, coupled with strong industrial and investment demand.
Thus, silver remains an attractive investment due to constrained supply, ongoing economic uncertainties, and a strong demand outlook. With this, let us take a look at the 10 most undervalued silver mining stocks to buy according to analysts.
Photo by Scottsdale Mint on Unsplash
Methodology
To compose our list of the top 10 Most Undervalued Silver Mining Stocks to Buy According to Analysts, we utilized Finviz stock screener to find the 10 largest companies trading below the forward P/E ratio of 15, as of March 5, 2025. Furthermore, Insider Monkey’s Hedge Fund database was used to evaluate hedge fund sentiment as of Q4 2024. Finally, the stocks are organized in ascending order based on average upside potential.
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10. AngloGold Ashanti plc (NYSE:AU)
Average Upside Potential: 12.57%
Number of Hedge Fund Holders: 31
Forward P/E Ratio: 9.19
AngloGold Ashanti plc (NYSE:AU) is a global mining company with a diverse portfolio across Australia, the Americas, and Africa. Specifically, from its Cerro Vanguardia mine in Argentina, the company generates silver as a by-product, while its core focus is on gold production. The company holds a strong presence in the precious metals industry, with total measured and indicated silver resources of 441.21 million tons.
Fueled by higher production and disciplined cost management, AngloGold Ashanti plc (NYSE:AU) showcased strong financial performance for the year ended December 31, 2024. Improved operational efficiency and favorable commodity prices were reflected in free cash flow rising nine-fold to $942 million compared to $109 million in 2023.
Furthermore, revenue growth supported a 93% year-over-year increase in adjusted EBITDA, reaching $2.75 billion. A $46 million loss in 2023 was reversed by the headline earnings turning positive at $954 million. Although higher silver by-product revenue helped offset some cost pressures, total cash costs rose 4% year-over-year to $1,157 per ounce, despite the gains.
Through the acquisition of Centamin, AngloGold Ashanti plc (NYSE:AU) expanded its asset portfolio by adding the Sukari mine, which contributed 40,000 ounces of gold in Q4 2024. The company reinforced its long-term production outlook by increasing its gold reserves to 31.2 million ounces by year-end.
Moving forward, AngloGold Ashanti plc (NYSE:AU) projects that gold production will range between 2.9 million and 3.23 million ounces in 2025. To ensure stable returns, the company has revised its dividend policy to return 50% of free cash flow to shareholders. AngloGold Ashanti remains well-positioned for long-term growth with its strong liquidity, improved silver pricing, and disciplined cost controls. Thus, it is one of the most undervalued stocks to buy.
9. New Gold Inc. (NYSE:NGD)
Average Upside Potential: 15.15%
Number of Hedge Fund Holders: 26
Forward P/E ratio: 7.89
New Gold Inc. (NYSE:NGD) produces gold and silver and operates the Rainy River and New Afton mines. The company is required to deliver 60% of Rainy River’s silver production to Royal Gold under a streaming agreement. The obligation drops to 30% after cumulative deliveries reach 3.1 million ounces.
Revenue for the year ended December 31, 2024, rose 17.6% to $924.5 million from $786.5 million in 2023, supported by silver revenue of $14.7 million from Rainy River and $3.6 million from New Afton. New Afton’s C-Zone achieved a 19% sequential increase in gold production, whereas Rainy River delivered 265,000 ounces. Total costs declined by 15% quarter-over-quarter to $1,018 per ounce in Q4 as cost efficiency improved.
Although Rainy River’s Q4 was slightly affected by mechanical downtime, its full-year gold output stood at 226,000 ounces. The mine remained profitable, yielding $90 million in free cash flow. Over Q3, New Afton recorded a 19% growth in gold production and a 15% increase in copper output, contributing $24 million in free cash flow.
Along with these financials, New Gold Inc. (NYSE:NGD) reinforced its long-term asset value by extending mine life at both operations. By 2027, it predicts that copper output will surge by 90% to 405 million ounces, whereas gold production is forecast to grow from 300,000 ounces in 2024 to 410,000 ounces by 2027. Over the next three years, the company is forecast to generate over $1.7 billion in free cash flow. With increasing production and strong cash flow, New Gold Inc. (NYSE:NGD) remains one of the most undervalued stocks, well-positioned for 2025 and beyond.
8. Compañía de Minas Buenaventura S.A.A. (NYSE:BVN)
Average Upside Potential: 20.70%
Number of Hedge Fund Holders: 13
Forward P/E ratio: 9.16
Compañía de Minas Buenaventura S.A.A. (NYSE:BVN), a leading Peruvian mining company, is engaged in the exploration, development, and operation of mineral processing assets. Operating core mining units such as Tambomayo, Orcopampa, Uchucchacua, Julcani, and San Gabriel, the company yields gold, zinc, lead, silver, and copper. The company also holds interests in top mines, including Cerro Verde, El Brocal, and Coimolache.
Increasing silver sales and higher realized prices led to a drastic surge in the Compañía de Minas Buenaventura S.A.A.’s (NYSE:BVN) profitability in 2024. EBITDA reached $431 million, more than twice the $199 million reported in 2023. Substantial production and higher metal prices led to an EBITDA margin increase from 24% to 37%. Due to growing silver output and favorable market conditions, income rose to $402.7 million from just $19.9 million in 2023.
Furthermore, compared to 9.2 million ounces in 2023, silver production reached 15.5 million ounces, marking a 69% increase in 2024. Increased production from the Uchucchacua and Yumpag mines drove the growth. Despite this, increased exploration expenditures and inflationary pressures resulted in the company’s all-in-sustaining cost rising by 26% in Q4.
Moreover, backed by dividend inflows of $166.5 million and higher free cash flow, Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) strengthened its financial position with a cash balance of $478 million at the end of 2024. To refinance existing debt, the company issued $650 million in senior unsecured notes maturing in 2032. Moving forward, the San Gabriel project remains a key growth driver, with commissioning milestones planned for 2025.
However, challenges persist, including potential cost pressures at El Brocal due to lower by-product credits. By leveraging substantial silver output and ongoing project advancements, Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) remains positioned for further expansion. Thus, it is one of the most undervalued stocks to buy.
7. Newmont Corporation (NYSE:NEM)
Average Upside Potential: 23.31%
Number of Hedge Fund Holders: 69
Forward P/E ratio: 13.27
Newmont Corporation (NYSE:NEM) is a leading gold producer and has a broad portfolio of operations in Asia, Australia, North and South America, and Africa. The company leverages its significant-scale assets to drive long-term value, exploring copper, zinc, lead, silver, and gold.
Newmont Corporation (NYSE:NEM) announced an EPS of $1.40, which surpassed its earnings projections for Q4, which ended on December 31, 2024. During the year, the company produced 1.9 million gold equivalent ounces (GEOs) from silver, zinc, copper, and lead and 6.8 million ounces of gold. Higher production volumes and favorable commodity prices contributed to a record $2.9 billion in free cash flow for the year.
Furthermore, by returning $2.3 billion to shareholders via dividends and buybacks, Newmont Corporation (NYSE:NEM) strengthened its financial position. While maintaining a strong liquidity profile, it reduced its total debt below $8 billion by $1.4 billion.
Moreover, Newmont’s core contributor to its operations remains silver. In Q4 2024, the company sold 9 million ounces of silver at Peñasquito at an average realized price of $24.13 per ounce. Higher silver, zinc, and lead content is predicted in the upcoming years as the mine remains a significant revenue driver.
Moving forward, Newmont Corporation (NYSE:NEM) anticipates stable production levels, with yearly production averaging 6 million ounces of gold and steady contributions from its base metals portfolio. Reinforcing its position as one of the most undervalued stocks to buy, production is predicted to reach 28 million ounces for 2025. To drive long-term value, the company remains focused on operational efficiencies and strategic investments.
6. Fortuna Mining Corp. (NYSE:FSM)
Average Upside Potential: 24.86%
Number of Hedge Fund Holders: 19
Forward P/E ratio: 5.91
Fortuna Mining Corp. (NYSE:FSM) is a Canadian precious metals producer that operates five mines across Peru, Burkina Faso, Mexico, Côte d’Ivoire, and Argentina. With zinc and lead as by-products, the company mainly focuses on silver and gold production. To further broaden its portfolio, it is advancing the Diamba Sud Gold project in Senegal.
With 69% quarter-over-quarter growth, Fortuna Mining Corp. (NYSE:FSM) achieved a record $95.6 million in free cash flow, delivering a strong financial performance for Q4 ending December 31, 2024. Backed by elevated gold prices and stable cash costs, its full-year free cash flow reached $202.9 million. With cash reserves climbing to $231.3 million, net cash from operations stood at $141.6 million for the quarter and $438.2 million for the year.
Despite these financial achievements, Fortuna Mining Corp. (NYSE:FSM) divested the San Jose Mine in Mexico to realign its portfolio. The sale is expected to close in Q1 2025 and includes $6 million in staged payments and up to $11 million in additional proceeds. To advance its main projects, Fortuna allocated a $51 million budget for 2025, including the Séguéla mine in Côte d’Ivoire.
Looking ahead, Fortuna Mining Corp. (NYSE:FSM) remains one of the most undervalued stocks as the leach pad expansion project remains on track for completion in the first half of 2025.
5. Nexa Resources S.A. (NYSE:NEXA)
Average Upside Potential: 30.84%
Number of Hedge Fund Holders: 4
Forward P/E ratio: 6.68
Nexa Resources S.A. (NYSE:NEXA), an operator in the global zinc mining and smelting industry, has a broad portfolio that includes six polymetallic mines in Peru and Brazil. The company focuses on sustainable growth through high-return assets, yielding copper, lead, and zinc alongside other by-products. Its main strategic initiatives include the expansion of the Aripuanã project and the integration of the Cerro Pasco mine.
Nexa Resources S.A. (NYSE:NEXA) reported $714 million in adjusted EBITDA, an increase of 79%, for the year ended December 31, 2024. Higher by-product volume and strong zinc prices drove its strong performance. In the fourth quarter, revenue increased by 18% to $741 million compared to the previous year, and adjusted EBITDA reached $197 million. The company’s strong cash flow was due to its ability to control costs, despite the 11% drop in zinc production quarter over quarter.
Furthermore, Nexa Resources S.A.’s (NYSE:NEXA) commitment to improving its precious metal production capabilities was reflected in the Aripuanã mine’s output, which saw a remarkable 114% increase in silver production in 2024. The company also focused on strategic divestments and operational improvement, including the sale of non-operational assets like the Morro Agudo complex and the Pucacaca project.
Moving forward, Nexa Resources S.A. (NYSE:NEXA) predicts further reductions in cash costs as it anticipates sustained strong performance in 2025, mainly from its zinc production. Its entire production capacity will be supported by the successful installation of a fourth tailings filter at Aripuanã. By positioning itself for continued development and efficiency, the company ranks as one of the most undervalued stocks.
4. Sibanye Stillwater Limited (NYSE:SBSW)
Average Upside Potential: 36.44%
Number of Hedge Fund Holders: 18
Forward P/E ratio: 4.99
Sibanye Stillwater Limited (NYSE:SBSW), a global precious metals producer, operates across Europe, the U.S., Australia, and South Africa. In addition to expanding into recycling operations through the Reldan acquisition, the company mines nickel, silver, copper, gold, chrome, and platinum group metals (PGMs). It is one of the most undervalued stocks to buy.
Fueled by higher gold prices and contributions from Reldan, revenue rose 11.45% year-over-year to $3.17 billion for the second half of the year. Despite this, adjusted EBITDA stood at $715 million as full-year revenue dropped by 1% to $6.12 billion. Sibanye Stillwater Limited (NYSE:SBSW) could have posted a $191 million profit if impairments had been excluded; however, it reported a net loss of $311 million.
Furthermore, production results differed across segments. Backed by the Kroondal acquisition, South African PGM production grew 4% year-over-year to 1.83 million 4E ounces. Additionally, due to mine closures and seismic activity, total gold production dropped 16% to 543,000 ounces. Sibanye Stillwater Limited’s (NYSE:SBSW) total revenue from silver amounted to $53 million, and it also sold 804,429 ounces of silver in the second half of 2024. Its newly acquired Reldan recycling unit generated $15 million in adjusted EBITDA, increasing annual production and contributing to the sale of 1.7 million ounces of silver and other metals.
Moreover, by aiming to reduce total costs for Sibanye Stillwater Limited (NYSE:SBSW) operations to $1,000 per ounce within 36 months, the company seeks to optimize expenses. To support Sibanye Stillwater’s broader strategic initiatives, Reldan’s operations are forecasted to produce between 2 and 2.3 million ounces of silver in 2025. However, it faces potential legal liabilities of up to $522 million due to a canceled Brazilian mine deal, and the company will not issue a final dividend for 2024.
3. Silvercorp Metals Inc. (AMEX:SVM)
Average Upside Potential: 36.60%
Number of Hedge Fund Holders: 14
Forward P/E ratio: 9.26
Silvercorp Metals Inc. (AMEX:SVM) is a Canadian silver mining company that specializes in the acquisition, exploration, development, and mining of precious and base metals in China. It is positioned as one of the leading silver mining stocks due to its primary asset, the Ying Silver-Lead-Zinc Mine. Silvercorp Metals is one of the most undervalued stocks to buy.
Fueled by a 16% year-over-year increase in silver production and higher silver prices, Silvercorp recorded a 43% increase in revenue, reaching $84 million for the year ended December 31, 2024. Despite high energy and labor costs, revenue was boosted by the average realized silver price in Q4, which stood at $24.15 per ounce, offsetting some cost pressures.
However, net income more than doubled to $26 million, or $0.12 per share, in the fourth quarter, compared to the third quarter’s $11 million, or $0.05 per share. Factors such as favorable silver and zinc prices have supported this growth. Silvercorp Metals Inc. (AMEX:SVM)’s increase in profitability was backed by its ability to maintain strong operating margins amid cost inflation.
Furthermore, the company expanded its Ying Mine by 60% during the quarter, a move expected to drive growth in 2025. To support its long-term growth, it has also made significant discoveries through exploration efforts. In addition, to help broaden its portfolio and reduce dependence on silver prices, Silvercorp Metals Inc. (AMEX:SVM) is moving ahead with its international expansion with the El Domo copper-gold project in Ecuador.
For fiscal year 2025, the company forecasts silver production between 6.7 and 7.2 million ounces, driven by the expanded Ying Mine. With an emphasis on lowering energy costs, the company remains focused on maintaining cost discipline. Silvercorp Metals Inc. (AMEX:SVM) is well-positioned for continued development and strategic investment in 2025 and beyond.
2. Eldorado Gold Corporation (NYSE:EGO)
Average Upside Potential: 37.42%
Number of Hedge Fund Holders: 19
Forward P/E ratio: 10.72
Eldorado Gold Corporation (NYSE:EGO), a gold and base metals producer, operates in Greece, Turkey, and Canada, with its key assets such as the Kisladag and Efemcukuru mines in Turkey, the Olympias mine in Greece, and the Lamaque Complex in Quebec. The company extracts silver, lead, and zinc, while its core production is gold. It had 29.46 million ounces of silver as of September 30, 2024, classified as Measured Resources.
However, Eldorado Gold Corporation (NYSE:EGO) reported mixed financial performance for the year ending December 31, 2024. Q4 2024 produced the highest quarterly output at 155,668 ounces, and gold production increased to 520,294 ounces with a 7% year-over-year increase. Taking advantage of higher realized gold prices and higher sales volume, the revenue for the quarter surged 42% year-over-year to $435.7 million. Silver contributed $5.7 million to total revenue for the year. However, margins were affected by climbing production costs and royalty expenses, with net earnings from continuing operations reaching $301 million, or $1.48 per share.
Furthermore, Eldorado Gold Corporation (NYSE:EGO) advanced key projects across its portfolio. Backed by operational efficiencies and higher ore grades, Lamaque accomplished a record production of 196,538 ounces. Efemcukuru secured long-term output by extending its mine life by two years following a 23% increase in reserves. In Greece, Olympias completed labor negotiations, enabling expansion to 650,000 tons per year, while the Skouries project moved towards its first production in 2025.
Looking ahead, Eldorado Gold Corporation (NYSE:EGO) remains focused on disciplined capital allocation, cost optimization, and operational efficiency, despite inflationary pressures and growing costs. With the Skouries project driving long-term growth, the company predicts stable gold production in 2025, reinforcing its position as one of the most undervalued stocks to buy.
1. Coeur Mining, Inc. (NYSE:CDE)
Average Upside Potential: 47.19%
Number of Hedge Fund Holders: 37
Forward P/E ratio: 10.05
Coeur Mining, Inc. (NYSE:CDE), one of the most undervalued silver mining stocks, operates in Canada, Mexico, and the U.S. The company sells concentrates under off-take agreements and produces silver, lead, zinc, and gold. It currently operates five active mines, including the recently acquired Las Chispas operation and the newly expanded Rochester mine.
Coeur Mining, Inc. (NYSE:CDE) reported revenue that surpassed $1 billion, showcasing strong financial performance for the year ending December 31, 2024. High silver and gold production from Rochester and Palmarejo primarily drove the adjusted EBITDA to $339 million. The free cash flow turned positive as the company took advantage of increased operating efficiencies and higher metal sales, achieving $85 million in the second half.
In 2025, Coeur predicts that silver production will surpass 18 million ounces, reflecting a 62% rise year-over-year. Las Chispas’s integration is projected to further enhance output, while Rochester’s expansion is forecast to produce a 50% increase in silver production. Due to improved mine sequencing, silver equivalent costs per ounce are predicted to drop by 15%, and Palmarejo remains a major contributor.
Despite these positive trends, Q1 2025 results may be affected by one-time tax payments and transition costs from the Silvercrest acquisition, according to Coeur Mining, Inc. (NYSE:CDE) forecasts. However, with the goal of repaying its revolving credit facility by mid-year, the company anticipates that free cash flow will reach $75 million to $100 million per quarter starting in Q2. Coeur maintains its position as one of the most undervalued stocks in the market with its debt reduction strategies, strong production growth, and cost improvements.
Overall, Coeur Mining, Inc. (NYSE:CDE) ranks first on our list of the 10 Most Undervalued Silver Mining Stocks to Buy According to Analysts. While we acknowledge the potential of CDE, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CDE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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