In this piece, we discuss the 9 Most Undervalued Silver Mining Stocks to Buy Now.
Silver has had a volatile run over the past year. On a CNBC segment dated June 9, 2026, Manisha, a commodities expert, noted that silver prices are down nearly 10% on the week, 22% on the month, and have turned negative for the year, down about 5%, though still up roughly 85% over the past 12 months. At one point, that 12-month gain had reached 150%.
The bigger picture tells a different story. On January 1, 2025, silver traded at $30 an ounce. By January 1, 2026, prices had more than doubled to $71 an ounce. Silver then hit an all-time high of $120 an ounce on January 29, 2026, before pulling back to around $67 an ounce currently, still double where it stood at the start of 2025.
The supportive backdrop remains intact. This marks the sixth straight year of a global silver deficit, with supply for this year estimated at 1,066 million ounces against demand of 1,112 million ounces, leaving a 46-million-ounce shortfall. About 70% of silver supply comes as a byproduct of mining copper, lead, and zinc, and top producers, including Mexico, China, Peru, and Chile, have been restricting exports.
On the demand side, solar, green energy, EVs, AI, and data centers are driving consumption, while investment demand through physical buying and ETFs has pushed prices higher.
With that background in mind, let’s jump to our list of the most undervalued silver mining stocks to buy now.
Our Methodology
We used screeners to identify silver stocks trading below a forward P/E of 19x. With that, we ensured that these stocks trade at forward price-to-earnings (P/E) multiples at least 25% below the S&P 500’s P/E multiple of 25.73x as of June 5, 2026. These stocks are also popular among analysts and elite hedge funds.
Our final list is ranked in ascending order by forward P/E multiple.
Note: All data sourced on June 11, 2026.
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9. Royal Gold, Inc. (NASDAQ:RGLD)
With a forward P/E of 16.08x, Royal Gold, Inc. (NASDAQ:RGLD) ranks among the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 63.80% upside for the stock. However, the most recent update was bearish.
BofA cut its price target on Royal Gold, Inc. (NASDAQ:RGLD) to $245 from $246 on May 19, 2026, reiterating an “Underperform” rating. The move came after SSR Mining Inc. announced a definitive agreement with Lidya Mines of Turkiye to sell its 20% stake and operatorship in the Hod Maden project, with Royal Gold announcing plans to cut its own Hod Maden stake to 15% from 30%.
That resolution answers a question that Royal Gold, Inc. (NASDAQ:RGLD) faced repeatedly during its first-quarter 2026 earnings call on May 7, 2026. CEO William Heissenbuttel told analysts that any rationalization of the company’s Hod Maden interest would have to involve its partners, either to them or to a third party, with their consent. He added that an answer should come relatively soon, noting SSR had put its own timeframe of a few months on the strategic review.
On that same call, CFO Paul Libner explained how the Hod Maden equity investment runs through Royal Gold’s books. Royal Gold, Inc. (NASDAQ:RGLD) booked a $14 million cash call for its share of development costs in the first quarter, plus a $1.3 million pickup of joint venture losses in interest and other expense. Libner said those losses had typically run between $600,000 and $700,000 per quarter over the prior four to five quarters.
Royal Gold, Inc. (NASDAQ:RGLD) is involved in the acquisition and management of precious metal streams, royalties, and similar interests. Its operations are divided into the Acquisition and Management of Stream Interests and the Acquisition and Management of Royalty Interests segments.
8. Hudbay Minerals Inc. (NYSE:HBM)
Hudbay Minerals Inc. (NYSE:HBM) carries a forward P/E of 15.20x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 12.90% upside for the stock.
However, uncertainty over copper tariffs is back in focus, and Hudbay Minerals Inc. (NYSE:HBM) is among the names being watched closely as the White House edges toward a potential policy decision.
On June 12, 2026, Jefferies analysts said President Trump may announce a decision on refined copper tariffs later this month. The firm outlined a scenario where tariffs start at 15% in January 2027, rising to 30% in January 2028, though a delay of six to twelve months remains possible. Jefferies identified Freeport-McMoRan and Rio Tinto as having the most direct exposure to US copper prices, with Hudbay Minerals Inc. (NYSE:HBM) and Ivanhoe Electric also facing potential impacts.
The backdrop here matters. On August 1, 2025, Trump implemented Section 232 tariffs at a 50% rate on semi-finished copper products, citing national security concerns, though refined copper imports were excluded at that time. The Department of Commerce has since recommended a 15% tariff on copper raw material imports starting January 1, 2027, stepping up to 30% in January 2028, and must deliver an updated report by June 30, 2026, for Trump to act on refined copper.
Refined copper currently accounts for 40% to 50% of the US supply. Jefferies noted that extending tariffs to refined copper would lift domestic price premiums and tighten supply until new refining and smelting capacity comes online, a process expected to take several years. COMEX prices have already moved above LME in anticipation, though the current premium remains below the proposed 15% tariff level.
Separately, on May 28, Hudbay Minerals Inc. (NYSE:HBM) received Toronto Stock Exchange approval for a normal course issuer bid to repurchase up to 19,863,997 common shares, or 5% of shares outstanding as of May 21.
The program runs from June 1, 2026, to May 31, 2027, with repurchased shares earmarked for cancellation and funded through operating cash flow. Daily TSX purchases are capped at 469,604 shares, excluding permitted block purchases. The company renewed the program because it believes the current share price does not fully reflect its underlying value, though it offered no guarantee on the number of shares that will ultimately be bought back.
Hudbay Minerals Inc. (NYSE:HBM) is a mining company that produces copper concentrate, molybdenum concentrate, and zinc metal. The company’s focus is on the production, discovery, and marketing of base and precious metals.
