Is Hecla Mining's Higher Silver Production a Catalyst for Future Growth?

Hecla Mining Company HL is positioning itself as a leading force among North American precious metals producers, supported by strong silver prices, stable operations and disciplined capital deployment. Per the latest production report, in 2025, the company produced 17.0 million ounces of silver, up 5% from the previous year.

The increase in silver production was mainly driven by Hecla Mining’s core operating assets, led by the Greens Creek mine in Alaska. During 2025, Greens Creek produced 8.7 million ounces of silver, up 3% compared with 2024.

HL’s Lucky Friday project also delivered improved performance during the year. The mine produced 5.3 million ounces of silver, driven by higher milled grades and throughput. The surface cooling project at the mine continues to progress and is expected to be completed in the first half of 2026, which should allow access to deeper, higher-grade ore and extend the mine life.

The Keno Hill project also showed steady improvement during 2025. The mine produced 3.02 million ounces of silver in the year (up 9% year over year), supported by improved power reliability and higher milling rates. HL continues to advance Keno Hill toward commercial production through ongoing investment in critical infrastructure, which is supporting the production ramp-up. Higher silver production and continued exploration investments position HL well to sustain growth momentum going forward.

HL’s Peer Performance

First Majestic Silver Corp.’s AG total production reached 7.8 million silver-equivalent (AgEq) ounces in the fourth quarter of 2025. In the same period, First Majestic Silver produced 4.2 million silver ounces. The AgEq ounces produced by First Majestic Silver marked a solid 37% year-over-year increase, attributed to a 77% surge in silver production.

Avino Silver & Gold Mines Ltd.’s ASM silver-equivalent production was 671,583 ounces in the fourth quarter of 2025, which marked a 9% increase from the fourth quarter of 2024. Avino Silver’s annual silver-equivalent production came in at 2.6 million ounces in 2025, down 2% year over year. However, the figure came within Avino Silver’s guidance of 2.5-2.8 million ounces.

HL's Price Performance, Valuation and Estimates

Shares of Hecla Mining have gained 191.6% in the past six months compared with the industry’s growth of 125.3%.

From a valuation standpoint, HL is trading at a forward price-to-earnings ratio of 35.92X, above the industry’s average of 18.89X. Hecla Mining carries a Value Score of F.

The Zacks Consensus Estimate for HL’s 2026 earnings has been on the rise over the past 60 days.

Hecla Mining currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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