I've been tracking the silver market closely, and there's something worth paying attention to here. When silver hit that triple-digit price earlier this year—we're talking US$121.62 per ounce back in January—it wasn't just a random spike. The white metal has structural support from both industrial demand and investment flows looking for alternatives to gold. That kind of momentum naturally spills over into the equities space, which is why canadian silver stocks have been performing pretty well so far in 2026.

Looking at the TSX and TSXV, I pulled together the top performers as of late March. BP Silver (TSXV:BPAG) caught my eye first—up 56 percent year-to-date with their Cosuño project in Bolivia showing some serious grade results. They hit 1,655 g/t silver over 1 meter in one hole, which is exactly the kind of exploration success that moves junior stocks. Share price climbed from C$0.62 to C$0.93 by late January.

Highlander Silver (TSX:HSLV) gained 41 percent, and the Eric Sprott US$40 million investment in January was a pretty significant catalyst. They've got the Mercedes mine in Mexico producing, plus the San Luis and Corani projects in Peru that are being positioned as high-grade assets. That institutional backing tends to move the needle on mid-cap canadian silver stocks.

Honey Badger Silver (TSXV:TUF) is more of an exploration play up north—Northwest Territories, Yukon, Nunavut. They closed an C$11.5 million private placement in March for the PC silver project acquisition. Year-to-date gain of 29 percent isn't bad for an early-stage company.

Then there's First Majestic Silver (TSX:AG), the second-largest by market cap. They reported 15.4 million ounces of silver production for 2025 and are guiding 13-14.4 million ounces for 2026. With four operating mines in Mexico, they're the kind of established producer that benefits from sustained silver prices. Stock went from C$22.06 to C$43.64 by late February—a 23 percent year-to-date move.

Silvercorp Metals (TSX:SVM) rounds out the top five, the fourth-largest silver miner globally. Operating in China with quarterly revenue up 51 percent year-over-year, they've gained 22 percent so far. The Kuanping satellite project coming online in June could be another growth driver.

What's interesting is how these canadian silver stocks have responded differently despite the same macro tailwind. The explorers moved harder, the producers moved steadier. If you're looking at silver exposure through equities rather than the physical metal, this mix gives you options across the risk spectrum. The structural supply deficit in silver that's supporting prices should keep this sector interesting for a while.