Top 5 Canadian Silver Stocks in 2026

1. Honey Badger Silver (TSXV:TUF)

Year-to-date gain: 305.26 percent
Market cap: C$200.91 billion
Share price: C$0.77

Honey Badger Silver is an exploration-stage company with a large portfolio of greenfield and brownfield projects in Canada’s three territories: the Northwest Territories, Yukon and Nunavut.

This includes the newly acquired Prairie Creek (PC) project in the Northwest Territories. PC is a permitted underground silver-zinc-lead project that hosts a large, high-grade historical resource base with significant existing underground and development infrastructure.

The site was constructed in the early 1980s by the Hunt brothers, but they abandoned it in 1982 when silver prices crashed just weeks before operations were set to begin.

The PC project acquisition was announced on March 19, as part of Honey Badger’s 100 percent acquisition of owner Canadian Zinc from Resource Capital Fund VI.

In mid-April, Honey Badger closed on an C$11.5 million private placement to fund the costs associated with the acquisition. It closed the deal itself on April 29 for C$10 million in cash and 12.5 million shares of Honey Badger.

On May 27, the company outlined its primary near-term priorities for advancing the PC project with the goal of increasing the asset’s net present value as much as possible. Those top priorities include advancing work towards an all-season road, refurbishing the existing mill and surface infrastructure at the PC silver project and drilling underground and on surface to expand the existing resource base.

The following day, Honey Badger said it anticipates the completion of an updated preliminary economic assessment and updated mineral resource estimate (MRE) for the property in Q3 2026.

The company delivered both on September 17, releasing the updated PEA for what it now calls the PC Silver mine. The study outlines a post-tax net present value of C$1.2 billion, an internal rate of return of 29 percent and a payback period of 3.1 years at a base-case silver price of US$50 per ounce.

The updated MRE includes a measured and indicated resource of 11.63 million metric tons grading 424 grams per metric ton (g/t) silver equivalent.

“We have already received inbound interest from major smelters and off-takers, debt providers, government agencies and infrastructure investors, as well as two unsolicited expressions of interest for complete turnkey project financing,” Executive Chairman and Interim CEO Chad Williams said.

Honey Badger is moving to a feasibility study, which it targets for the second quarter of 2027, and plans to evaluate a staged restart and a lower-capital restart pathway that could bring the mine into production sooner.

Shares in Honey Badger reached a year-to-date high of C$1.17 on May 26

2. New Pacific Metals (TSX:NUAG)

Year-to-date gain: 86.73 percent
Market cap: C$1.75 billion
Share price: C$9.15

New Pacific Metals is an exploration and development company advancing two large silver projects in Bolivia: Silver Sand in the Potosí department and Carangas in the Oruro department.

In 2026, New Pacific has focused on its Carangas silver-gold project, which covers about 39 square kilometers. In February, the company signed a framework agreement with the local Carangas community, and on July 6 it completed the prior consultation process, obtaining community and regional consent to move the project toward a long-term mining framework.

On July 16, New Pacific released an updated preliminary economic assessment for Carangas that added a gold zone and a higher processing rate compared with its 2024 study. The study outlines a post-tax net present value of US$2.65 billion and an internal rate of return of 35.9 percent and a payback period of 2.4 years using a base case silver price of US$45 per ounce and gold price of US$3,400 per ounce.

The company followed that on August 26 when it announced it had signed administrative mining contracts covering the full Carangas project, which carry a 30 year term and convert its existing exploration licenses into a long-term mining framework, and would be submitting them for ratification and approval. New Pacific described the contracts as an important step in de-risking the project’s permitting pathway.

In the release, the company also noted it planned to begin an approximately 30,000 meter drill program on September 8 aimed largely at upgrading resources in both the silver and gold zones.

Shares in New Pacific Metals reached a year-to-date high of C$10.21 on August 27.

3. Aya Gold & Silver (TSX:AYA)

Year-to-date gain: 83.63 percent
Market cap: C$5.39 billion
Share price: C$36.91

Aya Gold & Silver is a precious metals mining company with feasibility-stage and producing assets in Morocco along the Anti-Atlas fault.

Aya’s Zgounder mine is a primary silver mine, and the company refines the output into silver doré. Aya ramped up a significant expansion of the operations in 2025 that included a new processing facility. The company also owns the Boumadine pyrite reclamation operations.

On March 31, Aya released its full year 2025 results, reporting that its operations produced 5 million ounces of silver equivalent, compared to 1.65 million ounces the prior year. The increased production and elevated silver prices supported a 417 percent year-over-year increase in the company’s 2025 revenue to US$202 million.

In mid-May, Aya reported drill results from its 2026 to 2027 infill and expansion drill program at the Boumadine project, which includes 360,000 meters of infill drilling. The company said the results confirmed strong high-grade continuity along the Boumadine Main Trend. This included its best drill intercept to date in terms of grade-thickness: 890 g/t silver equivalent over 51.5 meters, from 70 meters below pit shell.

On June 2, the company released its latest drill results from its exploration work at Zgounder. One highlighted interval intersected 6 meters grading 1,867 g/t silver, including 5,100 g/t silver over 2 meters in the open-pit area, from a depth of 96 meters.

Aya Gold & Silver was added to the VanEck Gold Miners ETF (ARCA:GDX) on June 19.

On October 14, Aya reported record Q3 production of 2.03 million silver equivalent ounces, up 51 percent year-over-year. Zgounder produced a record 1.5 million ounces of silver, up 11 percent from the same period last year, while the Boumadine reclaim operation contributed 244,875 ounces of silver and 4,300 ounces of gold.

“This strong operational execution is a direct result of the optimization work our team has implemented at site,” President and CEO Benoit La Salle said.

Drilling at Boumadine has also continued through the year. As of a September 22 update, Aya had drilled 145,719 meters at the project year-to-date, completing 38.6 percent of its infill program, which is designed to support a feasibility study.

Shares in Aya Gold and Silver reached a year-to-date high of C$42.68 on September 22.

4. Highlander Silver (TSX:HSLV)

Year-to-date gain: 34.07 percent
Market cap: C$1.48 billion
Share price: C$7.24

Highlander Silver is a silver-focused company developing advanced-stage assets in Peru and operating the Mercedes gold-silver mine in Mexico.

Its portfolio includes the Corani silver project in Puno, which the company describes as the world's largest fully permitted silver deposit, and the high-grade San Luis gold-silver project in Central Peru.

Highlander transformed its portfolio early in the year. On January 30, it closed a US$40 million strategic investment from Eric Sprott, who bought 8.06 million of the company's shares. Then, on February 26, Highlander completed its business combination with Bear Creek Mining, adding the latter company's Corani project and Mercedes mine to Highlander's assets. Additionally, Highlander's shares began trading on the NYSE American on March 11.

The company provided an update on April 7 following the merger regarding plans for its portfolio, including it commencing the first exploration drilling at Corani in more than a decade. At Corani, Highlander also began site preparation, including earthworks, road rehabilitation and substation construction. Additionally, the company was preparing an updated feasibility study based on a staged-development approach. As for its progress at Mercedes, Highlander restructured the operation’s finances, including extinguishing a gold stream, and appointed a new general manager to lead a recapitalization program.

Then, on June 25, Highlander released results from its geophysical study at Corani that evaluated data from its surveys, noting the study outlined a system far larger than the area covered by historical drilling, with untested extensions to the west and south hidden beneath shallow cover. The company said it identified several high-priority targets, including a new target called Corani West.

On September 23, Highlander announced that it signed a mandate letter with Natixis Corporate & Investment Banking to lead a fully underwritten US$330 million project finance facility. The financing is expected to close in the first quarter of 2027 and will be used to fund Corani's development and construction.

“Importantly, Highlander Silver has retained 100% of the offtake rights to the project to preserve optionality and maximize future value amidst an intensifying global competition for clean concentrates,” President and CEO Daniel Earle said.

Most recently, on October 13, Highlander reported meeting with Peruvian President Keiko Fujimori and the country’s minister of energy and mines to present its plans for Corani.

Shares in Highlander reached a year-to-date high of C$10.42 on March 2.

5. BP Silver (TSXV:BPAG)

Year-to-date gain: 28.12 percent
Market cap: C$53.78 million
Share price: C$0.82

BP Silver is an exploration company focused on its flagship Cosuño silver project in Bolivia.

Covering approximately 3,375 hectares, the project hosts a 10.5 square kilometer alteration zone with at least four tested primary exploration targets identified within the southern area.

BP Silver released assay results from the first two holes of its Phase 1 drill program at Cosuño on February 2. Highlights from the results include 29 meters at 56 g/t silver and 0.28 g/t gold.

On February 27, the company announced assay results from the final eight holes of the 11 hole drill program. This time, it highlighted high-grade intervals, with one hole delivering 600.4 g/t silver over 5 meters, including an intersection of 1,655 g/t silver over 1 meter.

In mid-April, the company closed on a non-brokered private placement with proceeds of approximately C$10.02 million that will be used in part to support its 2026 work program at the project, including geophysical surveys and a Phase 2 drill program.

On May 19, BP Silver shared that geological mapping as part of the exploration program has extended the mineralized corridor at Cosuño to approximately 3.5 kilometers after discovering multiple new veins and breccia structures at the project.

BP Silver began its Phase 2 drill program on June 30, initially planned at 2,000 meters, and later accelerated it, adding a second rig in late July. It also completed a magnetic drone survey covering about 37.5 square kilometers and began an induced polarization survey to help map the structures feeding the system at depth.

On September 29, BP Silver reported the first Phase 2 results, including its "best hole drilled to date at Cosuño," which intersected a 3 meter feeder structure grading 314.3 g/t silver, 2.62 percent bismuth and 0.74 percent antimony. BP Silver noted it has completed 19 holes in its now-expanded Phase 2 program, totaling 2,289.7 meters.

Then, on October 20, it reported a new polymetallic discovery at its Jalsuri North target, including a broad, near-surface 142 meter interval grading 1.42 percent zinc and 8.9 g/t silver that started at a depth of 5 meters, as well as a 2 meter interval grading 249 g/t silver and 3.46 percent zinc.

Shares in BP Silver reached a year-to-date high of C$1.32 on March 2.