Just been digging through the Canadian silver stocks that absolutely crushed it in the first quarter of 2026, and there's some genuinely interesting moves happening in this space. Silver hit triple digits early this year—we're talking US$121.62 per ounce in January—which basically woke everyone up to what's been brewing in the sector.

What's wild is that silver remains way above where it was 40 years ago, hovering well above US$50. The fundamentals are solid too. You've got this structural supply deficit, industrial demand holding strong, and investment money flowing in as people look for cheaper alternatives to gold. All of that has been lifting Canadian silver stocks across the TSX, TSXV, and CSE.

So here's what the top performers looked like by late March. BP Silver on the TSXV was up 56.25 percent year-to-date, sitting at C$1 per share with a market cap around C$46.1 million. They're running an exploration play on the Cosuño project in Bolivia and dropped some seriously impressive assay results in February—we're talking 1,655 grams per metric ton of silver over a meter in one hole. That kind of grade gets people's attention.

Highlander Silver caught some momentum too, up 41.3 percent with shares trading at C$7.63. They merged with Bear Creek Mining in February and Eric Sprott threw US$40 million at them in January. The portfolio includes some bonanza-grade assets in Peru and Mexico, which didn't hurt when silver was rallying.

Honey Badger Silver was up 28.95 percent, holding at C$0.285 per share. They just closed an C$11.5 million financing to fund the acquisition of the PC silver project in the Northwest Territories—a permitted underground mine with solid existing infrastructure.

First Majestic Silver, the world's second-largest silver miner by market cap, saw a 23.26 percent gain and hit C$43.64 by late February. They're running four mines in Mexico and produced 15.4 million ounces of silver in 2025. The company's guiding for 13 to 14.4 million ounces this year.

Silvercorp Metals rounded out the top five with a 21.64 percent year-to-date move, trading at C$14.28. They operate in China and just reported US$126.1 million in quarterly revenue, up 51 percent year-over-year. This is the world's fourth-largest silver mining company by market cap.

What's interesting is how these Canadian silver stocks responded to the price action. When silver rallied hard in January and February, the explorers and mid-caps moved first. The bigger producers like First Majestic and Silvercorp had more steady gains, which makes sense given their production bases and cash generation. If you're watching the silver sector, these names have been worth tracking.