Silver had quite the run earlier this year. I mean, we're talking triple digits for the first time in a long time. Back in January, the metal hit US$121.62 per ounce, and that kind of move gets everyone's attention, especially the people digging it out of the ground. Even though prices have pulled back since then, silver is still trading way above where it was four decades ago. The structural supply deficit keeps supporting prices, and industrial demand remains solid. Add in investment demand from people looking for a cheaper alternative to gold, and you've got a pretty compelling setup.

Naturally, when precious metals move like that, the Canadian mining stocks follow. I've been tracking which of the best canadian silver stocks actually capitalized on this momentum, and it's pretty interesting to see which companies made the most of the opportunity. The winners on the TSX, TSXV, and CSE had some serious runs year-to-date.

BP Silver caught my eye early on. Started the year at C$0.62, then rode silver higher to C$0.93 by late January. The real catalyst came when they dropped assay results from their Cosuño project in Bolivia. We're talking 600.4 g/t silver over 5 meters in one hole—that's the kind of grade that makes exploration investors sit up and pay attention. By early March, the stock had climbed to C$1.32, representing a 56 percent gain for the year. For an exploration play with a C$46 million market cap, that's solid momentum.

Highlander Silver took a different approach. They're running actual producing assets in Latin America, plus they closed a merger with Bear Creek Mining in February. But the real story was Eric Sprott's US$40 million strategic investment announced in late January. That kind of backing from a major investor signals confidence in their portfolio, which includes the San Luis project and the Corani deposit. Highlander kicked off 2026 around C$5.46 and climbed to C$10.42 by early March—a 41 percent year-to-date gain. That's the kind of performance you see when institutional money starts moving into best canadian silver stocks.

Honey Badger Silver is an interesting case because they're exploration-focused in Canada's far north. They picked up the PC silver project in the Northwest Territories, and in March closed an C$11.5 million private placement to fund the acquisition. That's a significant capital raise for a company with a C$32 million market cap, showing management is serious about advancing the project. Year-to-date they were up about 29 percent, which is respectable for an early-stage play.

Now, First Majestic is the heavyweight in this group. They're literally the world's second largest silver miner by market cap, operating four producing mines in Mexico plus a bullion minting operation in Nevada. In January they reported 15.4 million ounces of silver production for 2025, and they're guiding for 13 to 14.4 million ounces in 2026. Their stock was up 23 percent year-to-date, moving from C$22.06 to C$43.64 by late February. For a C$14 billion market cap company, that kind of move reflects significant investor interest in the sector. First Majestic is the kind of name that shows up in portfolios of people serious about exposure to best canadian silver stocks.

Silvercorp Metals rounds out the top performers. They're the world's fourth largest silver miner, operating in China with operations in Henan and Guangdong. Their latest quarterly report showed 1.9 million ounces of silver production, and they're ramping up the Kuanping project as a satellite operation. Revenue came in at US$126.1 million, up 51 percent year-over-year. The stock climbed from C$11.45 at the start of the year to C$18.96 by late February, a 21 percent gain. That's the kind of fundamental growth—production increases, revenue expansion—that should drive sustained interest in quality silver producers.

What I find interesting is the range of exposure you get across these best canadian silver stocks. You've got pure exploration plays like BP Silver and Honey Badger where you're betting on discovery and development. You've got mid-tier producers like Highlander that are consolidating assets and raising capital to scale. And you've got major producers like First Majestic and Silvercorp where the leverage to silver prices is already built into established operations.

The common thread is that earlier this year, when silver was making headlines, all of these companies benefited. The structural supply story is real—industrial demand from solar, electronics, and other applications keeps growing. And when you have investment demand layered on top of that because people want a safe haven that's cheaper than gold, you get the kind of price action we saw in January.

Of course, valuations and fundamentals matter. First Majestic and Silvercorp have the advantage of established cash flow and production. BP Silver and Honey Badger are higher risk but potentially higher reward if their projects work out. Highlander's merger and Sprott backing suggest management has a clear vision for consolidation and growth.

If you're looking at exposure to the silver story through Canadian equities, these companies represent the different ways to play it. Whether you want pure exploration upside, consolidation plays, or established production, there's something here. The key is understanding what you're actually buying into—are you betting on silver prices staying elevated, or are you betting on specific project success, or are you looking for cash-generative producers? Each of these best canadian silver stocks offers a different risk-reward profile.

The moves we saw earlier in the year show that when commodities move, the equities can move even harder. That's the leverage you get with mining stocks. But it also means you need to do your homework on the specifics of each company and project. That's what separates the smart money from the noise in this space.