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The Zacks Analyst Blog Fresnillo, Hecla and First Majestic Silver

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For Immediate Releases

Chicago, IL – December 17, 2025 – Zacks.com announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include  Fresnillo plc (FNLPF - Free Report) , Hecla Mining (HL - Free Report) and First Majestic Silver (AG - Free Report) .

Here are highlights from Wednesday’s Analyst Blog:

3 Silver Stocks to Ride the Powerful Bull Run

Silver is on track to post its strongest year. Prices reached an unprecedented high of $64 an ounce recently and are currently hovering at around $63 an ounce. This translated into a 114.8% year-to-date gain, eclipsing gold’s 63.9% rally. This outscores the 83% surge reported by silver in 2010.

Markets are increasingly pricing in a more supportive macro environment for 2026, driven by expectations of a more dovish Federal Reserve, solid demand and a persistent supply deficit in the silver market. For investors looking to ride this momentum, we suggest adding stocks like Fresnillo plc, Hecla Mining and First Majestic Silver. Backed by positive earnings revisions and strong growth visibility through 2026, these stocks appear well-positioned to extend their upward trajectory.

Why 2025 Became a Tipping Point for Silver

Silver’s powerful rally this year reflects a convergence of factors, including elevated geopolitical risks, economic uncertainty, resilient demand and tightening inventories. The rally gathered further steam following U.S. rate cuts. Also, 2025 marked a sharp reversal in ETF trends, with strong inflows after consecutive years of outflows, one of the key catalysts behind silver’s breakout.

Adding to the bullish narrative, the U.S. Geological Survey included silver in its 2025 List of Critical Minerals. This underscores its strategic importance in defense, clean energy, electronics, and medical technologies and is expected to unlock policy support, faster permitting and efforts to strengthen domestic supply chains.

Per the Silver Institute, total global silver supply is projected to rise 1% in 2025 to 1.022 billion ounces. This mainly factors in a 1% rise in recycling activity as mine production will likely remain flat. Total demand is projected at around 1.117 billion ounces, suggesting 4% drop from 2024. Industrial demand will be down 2% in 2025, reflecting the global economic uncertainty stemming from tariff policies and geopolitical tensions throughout the year. Jewelry demand is expected to remain weak due to the record high prices.

The silver market is expected to record another deficit in 2025 (at around 95 million ounces) for the fifth consecutive year, which bodes well for prices.

Silver Gaining Popularity as the Next Generation Metal

Usage of silver in photovoltaic (PV) applications has soared over recent years due to the increasing global adoption of solar technology, advances in solar cell design and the global push for renewable energy. Per the International Energy Agency (IEA), global renewable power capacity is expected to double between 2025 and 2030. Solar PV will account for 80% of the increase, given its low costs, faster permitting and rising social acceptance.

Silver has been used by the automotive industry for many years, and there has been a steady increase in the use of electrical and electronic components driven by demand for enhanced safety features and improved functionality. The electrification of the automotive industry has boosted demand further. Battery electric vehicles use significantly more silver than hybrids or internal combustion engine vehicles, while the growing number of electronic control units further boosts consumption.

At the same time, rapid digitalization and the rise of AI are emerging as powerful new demand drivers. As economies transition toward clean energy, electrification and AI-led digital infrastructure, silver is increasingly cementing its role as a critical “next-generation metal.”

3 Silver Stocks with Solid Growth Potential

Using the Zacks Stocks Screener we have shortlisted three silver stocks that currently sport a Zacks Rank #1 (Strong Buy) or 2 (Buy), and have solid earnings growth projections for this year as well as the next. The earnings estimates are also undergoing positive revisions, indicating analyst optimism. These stocks have yielded solid gains in the past six months and are expected to carry the momentum ahead in 2026.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Fresnillo: The company has agreed to acquire Canada-based exploration company, Probe Gold. It owns the Novador Gold Project, which has the potential to produce more than 200,000 ounces annually over more than 10 years and the early-stage Detour Gold project. The deal marks Fresnillo’s entry into Canada, adding 10 million ounces of gold resources and aligning with its strategy of acquiring early-stage precious metal projects to expand its portfolio.

The company is advancing its metallurgical and underground mining optimization projects, along with the ongoing analysis of brownfield projects, to boost production platform and cost base for the 2026-2030 period. It is also progressing with its greenfield projects, Rodeo, Tajitos, Orisyvo and Guanajuato. FNLPF’s high-quality assets, ample mineral resources, competitive margins and disciplined approach to development will continue to drive growth.

The Zacks Consensus Estimate for Fresnillo’s 2025 and 2026 earnings has moved up 38% and 50.4%, respectively, in the past 60 days. The consensus estimate indicates year-over-year growth of 380.6% for 2025 and 20.8% for 2026. FNLPF currently sports a Zacks Rank of 1.

Hecla Mining: The company continues to lower debt levels and strengthen the balance sheet with a focus on the highest risk-adjusted return projects and free cash flow generation. The company is striving to drive operational excellence through automation and advanced analytics. HL continues to advance Keno Hill toward commercial production through ongoing investment in critical infrastructure supporting the production ramp-up.

Keno Hill’s reserve life of 16 years provides visibility into future cash generation. Exploration results look promising, supporting asset life extension and production scaling opportunities. HL recently announced that the Polaris Exploration Project in Mineral County, NV, has been cleared for exploration activities to commence in 2026. This marks a milestone in advancing Hecla Mining’s exploration strategy in one of Nevada’s most prospective high-grade gold districts.

Also, at the Midas Project in Nevada, initial drilling of the previously untested two-mile-long Pogo Trend has discovered high-grade gold mineralization with visible gold on a new structure. This could position Midas as a low-capital-cost opportunity to expand HL’s production profile in the world-class mining district.

The Zacks Consensus Estimate for HL’s fiscal 2025 and 2026 earnings indicates year-over-year growth of 245.5% and 8.8%, respectively. Both the estimates have moved up in the past 60 days. HL currently carries a Zacks Rank of 2.

First Majestic Silver: In January 2025, the company completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG’s position as an intermediate primary silver producer. Total silver production in the third quarter included a contribution of 1.4 million ounces from Los Gatos.

The acquisition is also expected to immediately boost its free cash flow and lead to meaningful synergies. In August, the company announced positive exploration results from numerous veins at San Dimas, including near-mine extensions at Elia, Sinaloa, Roberta, and Santa Teresa, as well as a new high-grade silver and gold intercept of the Coronado vein in the West Block. At Los Gatos, expansionary drilling intersected significant silver and base metal mineralization in the South-East Deeps, Central Deeps and North-West Deeps zones in results announced in September.

First Majestic recently announced the start of preliminary mine planning studies for the Navidad and Santo Niño discoveries located at the Santa Elena Silver/Gold Mine in Sonora, Mexico. Additionally, the company announced positive exploration drilling results for the Santo Niño and Navidad targets that significantly increase the gold and silver mineralization beyond the currently declared 2024 Inferred Resources.

The Zacks Consensus Estimate for First Majestic’s both current-year and next-year earnings has moved north in the past 60 days. The estimate for 2025 and 2026 indicates year-over-year growth of 279% and 37%, respectively. First Majestic currently carries a Zacks Rank of 2.

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Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Previewreports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.


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