Just been digging into the canadian silver stocks that caught fire when silver hit those crazy highs earlier this year. January was wild - spot price touched $121.62 an ounce, which got everyone talking about the mining companies backing up the move.

What's interesting is that silver's still sitting way above where it was decades ago. Even with the pullback from those peaks, we're talking $70+ territory versus the old $50 level from 40 years back. The fundamentals are solid too - there's this structural supply crunch and industrial demand staying strong, plus people treating it as a cheaper gold alternative for safety.

So which canadian silver stocks actually delivered? I looked at the performance data from late March, filtering for companies with real market caps over C$10 million. Five names really stood out.

BP Silver caught my eye first - up 56% year-to-date by late March. They're working the Cosuño project down in Bolivia, and February's assay results were genuinely impressive. One hole came back with 1,655 g/t silver over a meter stretch. That's the kind of grade that gets people excited. Stock went from C$0.62 at the start of the year all the way to C$1.32 at its peak.

Highlander Silver is another one worth watching - 41% gain by March. They've got the Mercedes mine in Mexico and are moving forward with Corani in Peru. What caught attention was Eric Sprott dropping US$40 million into the company in late January. When someone like that commits that capital, it usually means something. Share price jumped from C$5.46 to over C$10 at its high.

Honey Badger Silver grabbed 29% gains with their focus on Canadian projects in the Northwest Territories and Yukon. They just acquired the PC silver project and closed an C$11.5 million placement to fund it. Smaller cap play but the momentum was real.

First Majestic is the heavyweight here - world's second-biggest silver miner by market cap. They pumped out 15.4 million ounces in 2025 from their Mexican operations. Even with a 23% year-to-date gain, this one's more of a stable play for people wanting exposure to canadian silver stocks through an established producer. Stock ripped from C$22 to C$43.

Silvercorp Metals rounds out the five - up 22% and the world's fourth-largest by market cap. They're running operations in China but still listed on the TSX. Revenue jumped 51% year-over-year in their latest quarter. Hit C$18.96 by late February.

The whole sector clearly benefited from silver's structural story. Whether these moves hold depends on whether the supply deficit thesis stays intact, but the canadian silver stocks definitely had their moment in the sun this quarter.