The first quarter of 2026 witnessed a historic surge in silver prices, propelling the precious metal into triple-digit territory and drawing considerable investor attention to silver-mining companies. During January, the price of silver reached an all-time high of US$121.62 per ounce. While prices have moderated in recent weeks, silver continues to trade well above its previous 40-year high of approximately US$50.
This robust price action has been underpinned by strong fundamentals. The white metal is experiencing a structural supply deficit, driven by persistent and robust industrial demand. Concurrently, investment demand is on the rise, with silver increasingly viewed as a more affordable safe-haven alternative to gold. This confluence of factors has created a favorable environment for silver producers, particularly those listed on Canadian exchanges.
Top Performers Among Canadian Silver Stocks
The Investing News Network, utilizing TradingView’s stock screener, identified five Canadian silver companies that demonstrated the best year-to-date performances as of March 25, 2026. The selection criteria included companies with market capitalization exceeding C$10 million at the time of data collection. These companies, listed on the TSX, TSXV, and CSE, have capitalized on silver’s price movement, delivering notable gains for investors.
1. BP Silver (TSXV:BPAG)
BP Silver, an exploration company, recorded an impressive year-to-date gain of 56.25 percent. With a market capitalization of C$46.1 million and a share price of C$1, the company is primarily focused on its flagship Cosuño silver project in Bolivia. This project spans approximately 3,375 hectares and features a 10.5 square kilometer alteration zone, with at least four primary exploration targets identified within its southern area.
Shares of BP Silver commenced the year at C$0.62, subsequently tracking the rising silver price to reach C$0.93 by January 29. The company released assay results from the first two holes of its Phase I drill program at Cosuño on February 2, highlighting 29 meters at 56 grams per metric ton (g/t) silver and 0.28 g/t gold. Further strong results were announced on February 27 from the final eight holes of the 11-hole program, including one hole delivering 600.4 g/t silver over 5 meters, with an intersection of 1,655 g/t silver over 1 meter. BP Silver’s stock value peaked at a year-to-date high of C$1.32 on March 2.
2. Highlander Silver (TSX:HSLV)
Highlander Silver posted a year-to-date gain of 41.3 percent. The company, with a market capitalization of C$1.49 million and a share price of C$7.63, holds a portfolio of precious metal assets across Latin America. Its operations include the Mercedes gold-silver mine in Mexico and the Corani silver project and San Luis gold-silver project in Peru.
A significant development for Highlander was the completion of its merger with Bear Creek Mining in February, an announcement made late last year. Shares began the year at C$5.46, climbing to C$7.89 by January 28. On January 27, Highlander announced a US$40 million strategic investment from Eric Sprott through a common share purchase. Daniel Earle, president and CEO of Highlander, stated that the additional capital would ‘accelerate growth plans within our portfolio,’ specifically mentioning the ‘bonanza grade San Luis gold-silver project’ and the ‘Corani silver project,’ described as one of the largest permitted primary silver deposits globally following the Bear Creek Mining combination. Highlander’s share price reached its highest year-to-date value of C$10.42 on March 2.
3. Honey Badger Silver (TSXV:TUF)
Honey Badger Silver, an exploration-stage company, achieved a year-to-date gain of 28.95 percent. The company’s market capitalization stands at C$31.93 million, with a share price of C$0.285. Its extensive portfolio includes greenfield and brownfield projects across Canada’s Northwest Territories, Yukon, and Nunavut.
A key recent acquisition is the PC silver project in the Northwest Territories, a permitted underground silver-zinc-lead project featuring a large, high-grade historical resource base and significant existing underground and development infrastructure. In late March, Honey Badger successfully closed an C$11.5 million private placement, earmarked to fund the costs associated with this acquisition. The company’s shares reached a year-to-date high of C$0.32 on January 23.
4. First Majestic Silver (TSX:AG)
First Majestic Silver, the world’s second-largest silver miner by market capitalization, recorded a year-to-date gain of 23.26 percent. With a substantial market capitalization of C$14.19 billion and a share price of C$28.77, the company operates four mines in Mexico: the San Dimas silver-gold mine in Durango, the Santa Elena silver-gold mine in Sonora, the La Encantada silver mine in Coahuila, and the Los Gatos silver mine in Chihuahua. Los Gatos, in which Japan’s Dowa Holdings holds a 30 percent share, also yields zinc, lead, and gold as by-products. Additionally, First Majestic mints and sells silver bullion from its First Mint facility in Nevada, US.
On January 15, the company reported its 2025 silver production at 15.4 million ounces. For 2026, First Majestic has set its production guidance at 13 million to 14.4 million ounces of silver, with silver equivalent all-in sustaining costs projected between US$26.15 and US$27.91 per ounce. The company’s stock value climbed from C$22.06 to a year-to-date high of C$43.64 on February 27.
5. Silvercorp Metals (TSX:SVM)
Silvercorp Metals, ranking as the world’s fourth-largest silver-mining company by market capitalization, achieved a year-to-date gain of 21.64 percent. The company commands a market capitalization of C$2.95 billion, with its shares trading at C$14.28. Silvercorp operates two silver mines in China: the Ying Mining District in Henan and the GC mine in Guangdong.
In its operations report for the third fiscal quarter of 2026, Silvercorp reported total silver production of 1.9 million ounces for the quarter, marking a 4 percent decrease from the same period last year. The company also disclosed plans for the Kuanping project, a satellite deposit for the Ying mine, with minor ore production anticipated to commence in June. On February 9, Silvercorp released its latest quarterly revenue figures, outlining US$126.1 million, a significant 51 percent increase over the corresponding period last year. After starting the year with a share price of C$11.45, the company’s stock rose to C$15.74 on January 16, ultimately reaching a year-to-date high of C$18.96 on February 27.
The exceptional performance of silver in early 2026 has provided a substantial tailwind for these Canadian-listed mining companies. With silver’s price remaining elevated due to fundamental supply-demand dynamics and increasing investment interest, these firms have demonstrated their capacity to leverage a buoyant commodity market, translating into significant shareholder value in the initial months of the year.
