One of the quirks of the recent surge in silver prices is the relative underperformance of silver mining stocks. Shares in Silver Wheaton Corp. (NYSE:SLW) – the world’s largest silver streaming company – have fallen 2.5 percent over the past month while the price of silver has rocketed up 24 percent in the same span of time.

That makes little sense. Because silver producers have relatively stable fixed costs (outside of rising energy prices), a $1 per ounce rise in the price of silver means a multi-million dollar spike in profits. Silver Wheaton Corp. (NYSE:SLW), for instance, forecasts attributable production of 27 to 28 million ounces of silver this year. With silver up $10 over the past month alone, Silver Wheaton’s bottom line could balloon by $280 million this year; assuming, of course, silver prices don’t fall off precipitously by the end of the year.

If silver prices remain high, expect silver mining shares to follow them up. Here’s a look at the top 10 best-performing silver mining stocks over the past six months:

Great Panther Silver Limited (TSE:GPR)
+240 percent over the past six months: Great Panther owns and operates the Topia Mine and Guanajuato Mine, both of which are in Mexico. Production at the mines rose 15 percent year-over-year to 607,225 ounces during Q1. The company sells bullion direct to consumers via its online store.

First Majestic Silver Corp. (TSE:FR)
+228 percent over the past six months: First Majestic has increased its output nearly as fast as Great Panther. The company dug up 1,825,366 equivalent ounces of silver during Q1, a 13 percent increase over 2010. All told, First Majestic expects to produce 7.5 million ounces of silver this year. The company also sells silver bullion direct to consumers online.

Endeavour Silver Corp. (TSE:EDR)
+144 percent over the past six months: Of the top three silver stocks of the past six months, Endeavour has grown its production the fastest. EDR mined 900,133 ounces of silver during Q1, up 17 percent over 2010′s numbers. Gold production was also up 33 percent, pushing revenues up 95 percent in Q1.

Alexco Resource Corp. (AMEX:AXU)
+86.6 percent over the past six months: Alexco entered production on its first mine in January, and the company hopes to yield “a minimum 2.8 million ounces of silver production in 2011″ (per AlexcoResource.com). The company’s also expanding its exploration efforts at its Keno Hill property in the Yukon.

Mag Silver Corp (AMEX:MVG)
+69.4 percent over the past six months: An exploration-stage company with rights to 100 square miles of prospective ground in Mexico, MVG got promising results from a prefeasibility study at its Juanicipio Mine, which could hold as much 46.5 ounces of silver per ton of ore (per SmallCapInvestor.com).

Five more silver mining stocks to watch

Metalline Mining Company (AMEX:MMG)
+62.8 percent over the past six months

Silvercorp Metals Inc. (NYSE:SVM)
+62.8 percent over the past six months

Coeur d’Alene Mines Corporation (NYSE:CDE)
+62.7 percent over the past six months

Silver Wheaton Corp. (NYSE:SLW)
+61.5 percent over the past six months

Hecla Mining Company (NYSE:HL)
+41.2 percent over the past six months

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Tags: AXU, CDE, HL, MMG, MVG, SLW, SVM, TSE:EDR, TSE:FR, TSE:GPR

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