Silver just had a wild run in early 2026 and it's reshaping how people look at mining plays. I've been watching the Canadian silver stocks space pretty closely, and there's some interesting momentum building here.

Back in January, silver hit US$121.62 per ounce - a triple-digit price that honestly surprised a lot of people. Even though we've pulled back from those peaks, the metal is still sitting way above its 40-year previous high of around US$50. What's driving this? Structural supply deficit, strong industrial demand, and investors hunting for a cheaper safe-haven alternative to gold. That combination is exactly what gets mining companies moving.

So which Canadian silver stocks have actually capitalized on this? I pulled data from late March to see which ones stood out. Here are the five that performed best year-to-date, all with market caps over C$10 million.

BP Silver (TSXV:BPAG) led the pack with a 56.25% year-to-date gain. This exploration company is focused on the Cosuño project in Bolivia - about 3,375 hectares with some serious potential. What caught my eye was their drill results in February showing some genuinely impressive grades. One hole delivered 600.4 g/t silver over 5 meters, with a 1-meter intersection hitting 1,655 g/t silver. That's the kind of assay result that gets people talking. Stock went from C$0.62 at the start of the year to C$0.93 by late January, eventually hitting C$1.32 by early March.

Highlander Silver (TSX:HSLV) came in second with a 41.3% gain. The company operates the Mercedes gold-silver mine in Mexico and is advancing projects in Peru. What's notable is Eric Sprott dropping US$40 million into the company via a strategic investment in late January - that kind of backing from a seasoned investor usually signals conviction. The stock climbed from C$5.46 at year start to C$10.42 by early March.

Honey Badger Silver (TSXV:TUF) sits third with 28.95% gains. They're an exploration play with a big portfolio across Canada's Northwest Territories, Yukon, and Nunavut. Late March they closed an C$11.5 million private placement to fund their newly acquired PC silver project - a permitted underground operation with solid historical resources.

First Majestic Silver (TSX:AG), the world's second-biggest silver miner by market cap, posted a 23.26% year-to-date gain. They operate four producing mines in Mexico and reported 15.4 million ounces of silver production in 2025. For 2026, they're guiding toward 13 to 14.4 million ounces. The stock nearly doubled from C$22.06 to C$43.64 by late February.

Silvercorp Metals (TSX:SVM), the fourth-largest silver mining company globally, rounded out the top five with a 21.64% gain. Operating in China with the Ying Mining District and the GC mine, they reported quarterly silver production of 1.9 million ounces and recently posted quarterly revenue of US$126.1 million - up 51% year-over-year. Stock moved from C$11.45 to C$18.96 by late February.

What strikes me about this Canadian silver stocks cohort is the range - from micro-cap explorers with massive upside potential to established producers with proven cash flow. The supply-demand dynamics in silver remain compelling, and these companies are positioned to benefit if the metal stays elevated. Worth keeping on your radar if you're looking at precious metals exposure.