In this article, we will look at the 7 Best Silver Mining Penny Stocks to Buy.

Silver mining penny stocks are smaller, more volatile miners or developers whose shares can move sharply when silver prices rise, but also fall hard when financing, permitting, production, or commodity prices disappoint. Still, the setup for silver has become more interesting as investors look at both its monetary role and its industrial demand applications.

A precious metals-related global asset manager, Sprott, says the silver bull case is being driven by a “structural supply deficit,” “growing industrial demand,” and “renewed investor interest.” The same report notes that the “global silver market is likely to remain in deficit” and that “silver mine supply has declined by 7% since 2016.” That gives smaller silver miners a stronger backdrop, since rising prices can improve project economics and investor appetite. In its Sprott Silver Miners & Physical Silver ETF fact sheet, the firm points to “silver producers, developers and explorers” and says “Companies upstream in the supply chain may be well-positioned.” WisdomTree adds that “Multiple years of deficits are expected to continue,” with “limited scope for higher mine output,” and says “silver prices are well-positioned to move higher.”

A tighter silver market can make even smaller producers and explorers more visible to investors looking for higher silver exposure. With that in mind, let’s take a look at the 7 Best Silver Mining Penny Stocks to Buy.

Our Methodology

We used the Finviz screener to identify silver stocks that are trading below $5 per share and belong to the small-cap space. We then limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.

Note: The companies below are not pure-play silver mining stocks. Even so, they maintain a notable presence in the silver mining space through various aspects of their business.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).

7. Solitario Resources Corp. (NYSEAMERICAN:XPL)

On June 17, 2026, Solitario Resources Corp. (NYSEAMERICAN:XPL) announced that its 2026 Ponderosa drilling program is well advanced at its 100%-owned Golden Crest gold project in South Dakota. Drilling began in the second half of May, and four core holes have been completed in the Ponderosa area. Core samples from the first two holes have been shipped to the assay lab, while samples from the next two holes are being prepared for shipment. Initial assay results are expected in early August.

Solitario also said preparations are nearly complete for the first-ever drilling at its 100%-owned Cat Creek critical metals project in south-central Colorado. Cat Creek is located within the Climax-Henderson-Questa molybdenum porphyry belt. The project was originally discovered by Anaconda Copper in the early 1980s, but planned drilling did not proceed after company-wide exploration activities were shut down in early 1983. The property was never drill tested.

CEO Chris Herald said Solitario now has “two active drilling programs” with Ponderosa well advanced and Cat Creek drilling set to begin. The company is also advancing the drilling permit for its recently acquired Bright Angel copper-gold project in north-central Colorado. Solitario noted that all three active 100%-owned properties are located in the United States.

Solitario Resources Corp. (NYSEAMERICAN:XPL) engages in the acquisition and exploration of precious metal, zinc, and other base metal properties in North and South America.

6. Integra Resources Corp. (NYSEAMERICAN:ITRG)

On June 25, 2026, Integra Resources Corp. (NYSE American: ITRG) announced results from its updated Technical Report Feasibility Study and Life-of-Mine Plan for the producing Florida Canyon Mine in Nevada. Less than two years after acquiring Florida Canyon for $68 million, Integra said it has turned the operation into a larger, longer-life asset, with a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in annual gold production, and active mining extended through 2033.

The updated plan expects Florida Canyon to generate over $0.8 billion from gold production in after-tax free cash flow and total payable gold production of 685 thousand ounces over the life of mine, including 2 years of gold production from residual leaching starting in 2033. The report showed an after-tax net present value 5% of $601 M using base case metal prices and an after-tax NPV of ~$723 M using spot metal prices. Proven and Probable Mineral Reserves increased from 685 Koz Au in the 2024 Mineral Reserve Statement to 1.19 million ounces Au in the 2026 Mineral Reserve Estimate.

Earlier in June, Integra announced the appointment of Ausenco Engineering USA South Inc. as lead engineering partner for detailed engineering activities at the company’s DeLamar Project in southwestern Idaho. Ausenco retained SLR Consulting for heap leach engineering, metallurgy, and mine planning expertise. CEO George Salamis called the move a “major milestone,” noting that DeLamar is in the NEPA process and has the potential to support long-term economic growth and job creation in southwestern Idaho. The final Environmental Impact Statement and Record of Decision from the BLM are anticipated in the second half of 2027.

Integra Resources Corp. (NYSEAMERICAN:ITRG) explores and develops gold and silver mineral properties in the Great Basin of the Western United States.

5. Gold Resource Corporation (NYSEAMERICAN:GORO)

On July 2, 2026, Gold Resource Corporation (NYSEAMERICAN:GORO) announced that shareholders approved the previously announced Arrangement and Plan of Merger at the company’s Special Meeting of Shareholders. The agreement, dated January 25, 2026, and amended on May 15, 2026, is among Gold Resource Corporation, Goldgroup Mining Inc., and Goldgroup Merger Sub Inc. Under the agreement, Goldgroup Merger Sub will merge with and into Gold Resource Corporation, with Gold Resource Corporation surviving as a wholly owned subsidiary of Goldgroup. Subject to required approvals and closing conditions, the merger is expected to close on or about July 17, 2026, following completion of a share consolidation by Goldgroup.

Last month, Gold Resource Corporation announced updates ahead of the July 2, 2026, Special Meeting of Shareholders. The company said the definitive proxy statement had been filed with the Securities and Exchange Commission, and mailing had been completed to shareholders of record as of May 26. Under the terms of the amended Arrangement Agreement and Plan of Merger, Gold Resource Corporation will combine with Goldgroup Mining (GGAZF) through a reverse triangular merger with Goldgroup Merger Sub. Management said the proposed merger represents a net benefit for shareholders. GRC stockholders will receive 1.4476 common shares of Goldgroup for each share of GRC common stock they own. The company said the proposed merger would create a consolidated precious metals company with stronger asset utilization, expanded exploration potential, and a unified platform, while allowing shareholders to retain ongoing equity ownership in the combined enterprise.

Gold Resource Corporation (NYSEAMERICAN:GORO) engages in the exploration, development, and production of gold and silver projects in the United States.

4. Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG)

On June 22, 2026, Alliance Global raised the firm’s price target on Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) to $4 from $3.25 and kept a Buy rating on the shares after the company announced an initial assessment for its Sleeper Gold Project in Nevada. Alliance Global said the assessment outlines an “economically robust” project and continues to view Sleeper as overlooked for Paramount Gold.

On June 17, Paramount Gold Nevada announced results of an Initial Assessment prepared in accordance with S-K 1300 for its 100%-owned Sleeper Gold Project, a past-producing gold mine in Humboldt County, Nevada. The assessment evaluates a potential restart of the historic Sleeper Mine through the processing of existing waste rock dumps and mining of in situ oxide and mixed Mineral Resources, using conventional open-pit mining and a 30,000 tonne per day crush-agglomerate-heap-leach processing facility with Merrill-Crowe recovery.

The project economics are based on assumed metal prices of $3,600 per ounce of gold and $48 per ounce of silver, including an after-tax net present value, or NPV, at an 8% discount rate of $402M, an after-tax internal rate of return, or IRR, of 44%, and a payback period of approximately 1.4 years. Assuming metal prices of $4,700 per ounce gold and $80 per ounce silver, the project’s after-tax NPV increases to $867M, with an IRR of 66% and a payback period of 1.2 years. Over a 17-year mine life, the assessment projects average annual gold production of approximately 65,000 ounces and total payable gold production of approximately 1.1 million ounces.

Paramount Gold Nevada Corp. (NYSEAMERICAN:PZG) engages in the acquisition, exploration, and development of precious metal properties in the United States.

3. Trilogy Metals Inc. (NYSEAMERICAN:TMQ)

On June 9, 2026, Trilogy Metals Inc. (NYSEAMERICAN:TMQ) announced that field crews successfully mobilized to the site and seasonal field operations are underway for the 2026 summer exploration program at the Upper Kobuk Mineral Projects in northwestern Alaska’s Ambler Mining District.

The program is fully funded and centered on advancing the high-grade Arctic Copper-Zinc-Lead-Gold-Silver Project toward a construction decision. Trilogy also highlighted target assessments for drilling along a 100-kilometer VMS belt to support district-wide exploration planning for 2027, Bornite camp upgrades to set the stage for accelerated exploration and development in 2027, and the appointment of Ron Rimelman as President of Ambler Metals.

Earlier in June, Trilogy Metals provided an update on the previously announced proposed strategic equity investment of US$35.6 million by the U.S. Department of War. Trilogy and the DOW agreed to extend the targeted closing date for the investment from May 31, 2026, to July 31, 2026, to allow time to finalize definitive documentation. The company expects to close the transaction on or before July 31, 2026.

Trilogy Metals Inc. (NYSEAMERICAN:TMQ) engages in the exploration and development of mineral properties in the United States.

2. GoldMining Inc. (NYSEAMERICAN:GLDG)

On June 25, 2026, GoldMining Inc. (NYSEAMERICAN:GLDG) provided a message from its President and CEO updating shareholders on recent progress in advancing and unlocking value from its portfolio of assets. The company said it has no debt and holds approximately US$185 million in cash and publicly traded securities, a balance that almost equates to its entire market capitalization.

GoldMining also highlighted two preliminary economic assessments delivered this year at the São Jorge and La Mina Projects, which conceptually demonstrated modelled post-tax net present values at a 5% discount rate of US$532 million and US$1.0 billion, respectively. The company’s 74%-owned subsidiary, U.S. GoldMining Inc., also released an initial PEA on its 100%-owned Whistler Gold-Copper Project, with a conceptual NPV5% of US$2.0 billion.

On June 11, GoldMining announced the results of a PEA on its São Jorge Project in Pará State, Brazil. The PEA set out a base case scenario with an after-tax NPV5% of $532 million, an after-tax IRR of 42.4%, and an initial payback of 2.8 years, using a base case gold price of $3,500 per ounce. At spot gold prices of $4,400/oz, the after-tax NPV5% increases to $836.8 million, with an IRR of 58.6% and an initial payback of 2.4 years. The PEA also estimated an initial capital of $202 million, average annual gold production of 51,250 oz over a 10.6-year life of mine, peak annual production of 57,200 oz in years 2 through 4, and life-of-mine AISC of $1,464/oz.

GoldMining Inc. (NYSEAMERICAN:GLDG) engages in the acquisition, exploration, and development of projects in Canada, the United States, Brazil, Colombia, and Peru.

1. Vizsla Silver Corp. (NYSEAMERICAN:VZLA)

On June 16, 2026, Vizsla Silver Corp. (NYSEAMERICAN:VZLA) announced that it awarded the equipment supply agreement to FLSmidth for the company’s wholly owned Panuco silver-gold project in Sinaloa, Mexico. The agreement includes engineering and supply of major process plant equipment across the proposed process flowsheet outlined in the company’s 2025 Feasibility Study, with engineering work starting immediately and formal Notice to Proceed expected in the coming months.

The agreement covers eight major equipment packages across crushing, grinding, thickening, and counter-current decantation, Merrill Crowe, and refining circuits for the proposed process plant at Panuco. The equipment is specified to support the initial 3,300 tonnes per day Phase 1 operation and the planned expansion to 4,000 tpd outlined in the 2025 Feasibility Study. The parties initially entered into a limited notice to proceed agreement to begin early engineering and procurement activities while definitive terms continue to be finalized.

Toward the end of May, Vizsla Silver announced that Minera Canam S.A. de C.V., its Mexican subsidiary that holds the Panuco project, entered into an unsecured credit agreement for a MXN$173 million working capital facility with Fideicomiso de Fomento Minero. CEO Michael Konnert said the agreement represents “another important step” in the continued endorsement and validation of Panuco as an economically important development project for Sinaloa and Mexico.

Vizsla Silver Corp. (NYSEAMERICAN:VZLA) engages in the acquisition, exploration, and development of mineral resource properties in Canada and Mexico.

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