The best silver mining stocks to buy in November

Silver demand is already on the rise in November, and it still appears to be a solid opportunity for today’s investor. The price of silver has skyrocketed and has only fallen slightly in recent weeks. Does this mean there is a chance? Instead of going out and buying a bunch of silver bars, let’s look at two massive silver stocks we can pick up.

EASTER

Pan American Silver (TSX:PAAS) stands out as one of the best silver mining stocks to buy in November. It offers what few others in the industry can: scale, diversification and stability in a notoriously volatile space. It is one of the largest publicly traded primary silver producers in the world. The company operates in North, Central and South America and is well positioned to benefit from the metal’s dual appeal as an industrial raw material and as a safe haven.

Financially speaking, the silver stock is entering a stronger position after a few transformative years. In 2023, Pan American completed the acquisition of Yamana Gold’s Latin American operations. This move significantly increased production capacity and resource base. That deal gave the silver supply immediate access to high-quality gold and silver assets such as the Jacobina and El Peñón mines. These are properties with low costs and long mine life. In its most recent quarterly report, Pan American posted a record net profit of $189.6 million. In addition, silver production was 5.1 million ounces and gold production was more than 178,000 ounces.

It is important that Pan American maintains a healthy balance sheet. The all-in maintenance cost (AISC) for silver is around $19.69 per ounce. Therefore, any increase in the price of silver above that level immediately increases margins. With silver recently hovering around $50 and analysts predicting further upside, Pan American is well positioned to turn those tailwinds into earnings growth.

FSV

Fortuna Silver Mines (TSX:FVI) seems to be one of the best silver mining stocks to buy in November, looking like a bargain at 10 times earnings. Unlike many junior miners who are still looking for stability, Fortuna has evolved into a mid-market producer with a balanced portfolio of gold and silver assets spread across multiple jurisdictions.

Fortuna’s recent results underline how strong Fortuna’s activities have become. In its latest quarterly report, silver stock delivered US$73.4 million in free cash flow, up US$16 million from the last quarter only. Net profit rose to US$123.6 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to US$130.8 million, due to strict cost control and improved efficiency. These results show that Fortuna is not only benefiting from higher metal prices, but is also actively working to improve margins and profitability.

One of Fortuna’s strongest points is its ability to grow production organically. The Séguéla gold mine, which came online in 2024, is already exceeding expectations. It is now producing more ounces at a lower cost than originally forecast. Meanwhile, the silver supply continues to invest in exploration of the silver-rich San Jose and Lindero mines, extending the mine’s life and expanding its resources. This growth pipeline is achieved without overburdening the balance sheet.

In short

Both silver stocks offer growing capital while improving margins and decreasing costs. If you want to benefit from the rise in the price of silver, these are definitely the two I would go for first.