Are these the best ASX silver stocks to watch? [2026]

Discover some of the most popular silver mining companies on the ASX

Data as of 16 February 2026. Source: Stake, Google Finance.

These are predominantly smaller companies and many are at an earlier stage of production. Their share prices are more likely to have rapid short-term changes compared to larger firms with established operations.

*The list of shares mentioned is ranked by market capitalisation. When deciding what silver shares to feature, we analyse the company financials, recent news and project announcements, the state of the industry, and whether or not they are actively traded on Stake.

Decide what is the best silver stocks to watch

1. Unico Silver Limited ($USL)

Market Capitalisation: $519.40M

Stock price (as of 16/02/2026): $0.83

Stake Platform Bought / Sold (21 Feb 2025 - 16 Feb 2026): 56% / 44

Unico Silver Limited (ASX: USL) is an Australian exploration company focused on advancing its gold and silver assets in southern Argentina. 

Since moving to 100% ownership of the Conserrat project, the company has shifted into a more aggressive growth phase, delivering strong drilling results and expanding its exploration footprint across the broader Joaquin–Cerro Leon district. Recent drilling has returned broad, shallow silver-gold intercepts, supporting the potential to grow existing resources.

The company has also strengthened its balance sheet through oversubscribed capital raisings, providing funding to accelerate drilling and regional exploration programs. With full ownership of Conserrat now secured and active exploration underway, Unico is positioning itself to expand its resource base and advance development options across its Argentine portfolio.

2. Silver Mines Limited ($SVL)

Market Capitalisation: $462.76M

Stock price (as of 16/02/2026): $0.22

Stake Platform Bought / Sold (21 Feb 2025 - 16 Feb 2026): 65% / 35%

Silver Mines has purchased the Bowdens Silver Project near Mudgee in central New South Wales. The Bowdens Project is considered to be the largest undeveloped silver deposit in Australia. Together with the neighbouring Barabolar Project the company has consolidated land holdings of 2,007km.

A 2018 feasibility study indicated that Bowdens Silver Project could be responsible for producing 3.4m ounces of silver annually. Together with roughly 6,900 tons of zinc and 5,100 tons of lead at steady-state production. Due to the high-grade silver at the site, the initial silver production could be higher. In August 2025, the firm raised $33m from investors for further development.

3. Boab Metals Limited ($BML)

Market Capitalisation: $368.87M

Stock price (as of 16/02/2026): $0.64

Stake Platform Bought / Sold (21 Feb 2025 - 16 Feb 2026): 62% / 38%

Boab Metals has capitalised on its silver exploration in Western Australia's Kimberley region. The team is focused on plans to develop its flagship Sorby Hills lead-silver-zinc project. In December 2025, the team formally approved an investment decision to build the Sorby Hills mine, clearing the way for construction after years of drilling, engineering and permitting work. 

The project is now fully funded with a combination of equity and project debt, allowing the company to progress development and target first concentrate production in the second half of 2027. The company has also acquired the Manbarrum Zinc-Lead-Silver Project, which is only 25 km east of Sorby Hills.

4. Investigator Resources Ltd ($IVR)

Market Capitalisation: $208.38M

Stock price (as of 16/02/2026): $0.11

Stake Platform Bought / Sold (21 Feb 2025 - 16 Feb 2026): 63% / 36%

Investigator Resources Limited is a metals exploration company focused on South Australia's Gawler Craton. The Paris Silver Project in the Eyre Peninsula is the firm's high-grade silver asset. It’s one of Australia’s largest undeveloped primary silver deposits, with approximately 57M ounces of silver.

They recently finalised an agreement with traditional landowners that will allow further drill programs to take place. The firm's team has put these activities in place with funds from a share placement and the results from the drilling will determine future plans. Paris remains one of the few primary silver projects under active advancement on the ASX.

5. Manuka Resources Ltd ($MKR)

Market Capitalisation: $198.98M

Stock price (as of 16/02/2026): $0.130

Stake Platform Bought / Sold (21 Feb 2025 - 16 Feb 2026): 66% / 34%

Silver and gold producer Manuka Resources listed on the ASX in 2020. The team restarted operations at the Wonawinta silver and base metals project in the Cobar Basin of central New South Wales. They've been focused on silver processing operations of existing materials to help raise funds for future mining plans.

In December 2025, the firm also commenced exploration drilling at the Mt Boppy gold mine. They have another asset in New Zealand that's a potential vanadium and titanium mine but are currently one of the few ASX silver stocks that could derive the majority of its earnings from silver output.

6. Argent Minerals Limited ($ARD)

Market Capitalisation: $53.27M

Stock price (as of 16/02/2026): $0.034

Stake Platform Bought / Sold (21 Feb 2025 - 16 Feb 2026): 61% / 39%

Argent Minerals Limited ($ARD) is a junior mining company based in Australia, primarily engaged in the discovery, extraction, and marketing of precious metals. As an ASX-listed public company, Argent Minerals focuses on generating shareholder value through strategic projects.

The two projects Argent Minerals are working on is Kempfield Silver Deposit and Copperhead Project, 100% owned by them.

The Kempfield Polymetallic Project is the company’s flagship project, with 127.5 million ounces of silver equivalent contained metal (upgraded to JORC 2012 standard in September 2023) and a significant Mineral Resource of 38.9 million ounces. The site has been identified with a much larger mineralisation system including higher grade lead/zinc, silver, gold and potentially, copper. 

Argent has also kicked off a new 2026 drilling campaign at Kempfield, aiming to build on recent high-grade results. The program follows regulatory approvals for additional drilling and is backed by fresh funding from a recent capital raise.

How to invest in silver stocks in Australia?

One way of investing in silver is through silver miners and producers listed in Australia, using an online investment platform. Follow these steps below or check out our detailed guide on how to invest in silver for beginners.

1. Open a stock investing account

To invest in silver shares and ETFs, you'll need to sign up to an investing platform with access to the ASX and Cboe Australia. Lucky for you Stake has access to both stock exchanges.

2. Fund your account

Complete an application with your personal and financial details. Fund your account with a bank transfer, debit card or even Apple/Google Pay.

3. Search for silver shares or ETFs

Find the asset by searching for the name or ticker symbol. Do your own research to ensure it is the right investment product for your own circumstances.

4. Choose an order type and buy the asset

Buy on any trading day with a market, limit or stop order. Look into dollar cost averaging to spread out your risk, which smooths out buying at consistent intervals.

5. Monitor your investment

Optimise your portfolio by tracking how the security performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights that affect your shares.

What are the best performing silver stocks on the ASX?

There's no simple way to measure the top performing silver stocks listed on the ASX. This is because most miners that produce silver also produce numerous other metals or minerals.

Data from the Silver Institute shows that only 20-30% of silver comes from mines where the metal is the primary source of revenue. While major miners such as BHP Group ($BHP) sell silver, it’s a relatively small part of their metals portfolio.

The Australian silver miners listed above have higher exposure to silver. Of these, the top performing silver stocks on the ASX over the last 12 months (to Feb 16, 2026) are:

• Manuka Resources Ltd ($MKR): +333%
• Investigator Resources Ltd ($IVR): +256%
• Unico Silver Ltd ($USL): +254%

Silver supply and demand

According to the Silver Institute's data, global demand for silver has outpaced supply levels in recent years. The metal is now in such demand, it was added in 2025 to the US government’s list of critical minerals.

Like gold, silver is seen as a store of value, and demand for bars and coins has grown significantly in the past year. Investor demand for silver goes up during times of economic uncertainty and when interest rates are lower.

However, silver also has numerous practical uses. As a highly effective conductor of electricity, it’s a vital ingredient in electronics, including solar panels, LED lighting, flexible displays, touch screens, mobile technology and RFID tags. It's often used in the form of silver membrane switches, which allow buttons to work in human-machine interfaces in devices such as remotes and keyboards.

Silver is also valued in healthcare applications as it has antimicrobial properties and can be used for water purification. Its use in jewellery is due to being a rare, relatively tough metal, with anti-tarnish qualities. 

Impacts to mining production is another factor at play in the price of silver. Mexico is the world's largest silver producer. Together with Peru and China, these three nations accounted for 50% of total production in 2023. Around 80% of silver supply comes from mines and the rest is mostly sourced from recycling. Declines in mine output, especially from these countries, could potentially lead to silver shortages.

💡Related: Gold stocks ASX: Top 10 gold mining companies→

💡Related: Nickel stocks on ASX→

Benefits of investing in silver stocks

When you invest in silver mining companies, you typically get leveraged exposure to the price of silver. When silver prices rise, mining stock prices will often grow even more. When silver prices fall, you get a more dramatic price decline from the miners. 

Silver stocks also give you exposure to untapped opportunities, such as when a company discovers untapped mineral deposits or merges with a larger operator. By that same token, mining company prices can fall if exploration doesn’t meet results or if silver supply outpaces demand.

Inflation hedge: During a downturn investors often turn to precious metals as safe haven assets. Silver is considered a hedge against inflation and can be used to diversify a portfolio. Similar to gold, it's a physical asset that's been used as a store of value for centuries and can be readily exchanged for cash.

Industry use: Industrial activity increases when businesses are more confident about the future of the economy and expect better returns on their investments. Silver is used in various technologies that could see considerable growth in the longer term. These include photovoltaic (PV) cells used in solar panels, electronics systems in EVs, circuits and other devices essential to 5G technology.

Diversification: A precious metal like silver can be used to diversify your portfolio and help improve the overall risk profile. The commodity is not correlated with the stock market and we usually see precious metals rally when share prices are falling.

And the cons…

Stocks don’t reflect silver price: Investing in a silver mining company may not give you full exposure to the price of silver. What the company is doing and how it is being operated also plays into the valuation even if the price of silver is rising.

Higher risk level: Mining companies can be volatile and riskier than investing in other industries. Stock prices are driven by global supply and demand, environmental disasters that impact output and takeovers and insolvency are commonplace, especially among small-cap exploration miners.

Silver stocks FAQs

This does not constitute financial product advice nor a recommendation to invest in the securities listed. Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, particular needs. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.