Silver just had an absolutely wild run in early 2026, and honestly, if you were paying attention to the Canadian market, some of these silver stocks were absolute performers. I'm talking triple-digit moves on the white metal itself—January saw silver hit $121.62 per ounce, which is insane compared to where it was just decades ago. Even though prices have pulled back since then, we're still sitting way above the previous 40-year high of around $50.

So what's driving this? You've got structural supply deficits in the physical market, industrial demand staying strong, and investors looking for safer alternatives to gold that don't require as much capital. That combination has been a recipe for silver stocks to absolutely rip on the TSX and TSXV.

Let me walk you through the five Canadian silver stocks that crushed it year-to-date through late March. I grabbed this data from TradingView's screener back on March 25, and all these companies had market caps over C$10 million at that time.

BP Silver on the TSXV was up 56.25 percent. They're working the Cosuño project in Bolivia—pretty substantial land package at 3,375 hectares with some serious alteration zones. The stock started the year at C$0.62 and ran to C$0.93 by late January. Then they dropped those drill results in February that showed some real grades—we're talking 600 grams per ton silver over multiple meters in some holes. The stock eventually hit C$1.32 by early March.

Highlander Silver was another big winner, up 41.3 percent. They've got a solid portfolio across Latin America—Mercedes mine in Mexico, Corani and San Luis projects in Peru. What caught everyone's attention was Eric Sprott putting in US$40 million in January. That kind of backing from a major investor tends to get people interested. By March 2, Highlander was trading around C$10.42, a huge move from where it started the year.

Honey Badger Silver saw a 28.95 percent gain with their exploration portfolio across Canada's north—Northwest Territories, Yukon, Nunavut. They just acquired the PC silver project, which is already permitted, and closed an C$11.5 million private placement to fund it. That's the kind of near-term catalyst that gets silver stocks moving.

First Majestic Silver is the big boy here—world's second largest silver miner by market cap. They operate four mines in Mexico and mint bullion on the side. They reported 15.4 million ounces of silver production for 2025 and guided for 13-14.4 million ounces in 2026. The stock was up 23.26 percent year-to-date, moving from C$22 to over C$43 by late February.

Silvercorp Metals rounds out the top five, also up over 21 percent. They're the world's fourth largest silver miner, operating mines in China. They're reporting solid production numbers and actually grew revenue by 51 percent year-over-year in their latest quarter to US$126.1 million. That's the kind of fundamental strength that supports these silver stocks when the commodity is moving higher.

The takeaway? When silver gets this kind of attention and you've got supply constraints meeting rising demand, Canadian silver stocks can deliver serious returns. Whether you're looking at pure exploration plays or established producers, there's been real money made in this sector recently.