Silver just hit some wild numbers this year. January saw prices spike to over US$120 an ounce—a level nobody had seen before. Even though things have cooled down a bit since then, we're still looking at prices more than double what they were 40 years ago. The story here is pretty straightforward: structural supply issues combined with strong industrial demand and investors hunting for alternatives to gold. That's created a perfect environment for canadian silver stocks to run.

I've been watching how this price action has played out in the Canadian mining space, and the performance has been pretty interesting. The TSX, TSXV, and CSE have all seen some solid moves from silver-focused companies. Looking at the data from late March, here are the five that really stood out year-to-date.

BP Silver made some noise with a 56% gain. The company's pushing hard on its Cosuño project in Bolivia—a massive exploration zone with some serious potential. They kicked off the year at C$0.62, but by late January they were trading near C$0.93. The real story came from their drill results. When they released data in February, one hole absolutely crushed it: over 1,600 g/t silver in a 1-meter intersection. That's the kind of grade that gets people's attention. The stock eventually hit C$1.32.

Highlander Silver showed a 41% move, which is pretty solid for a company holding assets across Latin America. They operate the Mercedes mine in Mexico and are working on the Corani project in Peru. The real catalyst was Eric Sprott's US$40 million investment in late January—that kind of backing from a major player signals confidence. By early March, the stock had climbed to C$10.42.

Honey Badger Silver focused on the Canadian north, specifically the Northwest Territories, with greenfield and brownfield projects. They closed an C$11.5 million placement to fund acquisitions, and their year-to-date gain hit nearly 29%. It's a smaller play, but the exploration upside is real.

First Majestic Silver remains the heavyweight in this space—the world's second-largest silver miner by market cap. Operating four mines across Mexico, they reported 2025 production at 15.4 million ounces. They're guiding for 13 to 14.4 million ounces in 2026. The stock nearly doubled from C$22 to C$43 by late February, though that's a 23% year-to-date move from where it started.

Silvercorp Metals, the world's fourth-largest by market cap, operates in China and showed a 22% gain. They reported US$126 million in quarterly revenue—up 51% year-over-year—which shows the fundamentals are definitely there. The stock climbed from C$11.45 to nearly C$19 by late February.

What's clear is that canadian silver stocks have benefited massively from both the structural supply story and the price momentum. Whether you're looking at exploration plays or established producers, there's been real opportunity in this space. If silver fundamentals hold up, these companies could see more upside from here.