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Hecla Mining Continues to Ramp Up Silver Output: What's the Road Ahead?

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Key Takeaways

  • HL boosted silver output in Q3 as Greens Creek, Lucky Friday, and Keno Hill delivered solid production results
  • HL is investing in Greens Creek and advancing projects to expand capacity and access higher-grade ore.
  • HL's growth outlook is supported by Keno Hill gains and approval to start Polaris exploration in 2026.

Hecla Mining Company (HL - Free Report) is benefiting from strong performance across its operating assets. In the third quarter of 2025, the company’s Greens Creek mine in Alaska produced 2.3 million ounces of silver and 15,600 ounces of gold. Hecla Mining is increasing its investment at the Greens Creek project on account of ongoing projects and early-stage work on the dry-stack tailings expansion project.

Also, strength in HL’s Lucky Friday project augers well for the company. In the third quarter, the mine produced 1.3 million ounces of silver, supported by higher milled grades and stable operations. The surface cooling project at the mine continues to progress and is expected to be completed in the first half of 2026. This should allow access to deeper, higher-grade ore and extend the mine life.

Solid momentum in the company’s Keno Hill project remains positive. The mine produced 898,328 ounces of silver in the quarter, reflecting an increase of 20% sequentially. The increase was supported by improved power reliability and higher milling rates. Also, Hecla Mining’s Polaris Exploration Project in Mineral County, NV, has received approval to begin exploration activities in 2026. Solid momentum of Hecla Mining’s core operations and exploration projects, along with its strong balance sheet, positions the company for sustained growth in the quarters ahead.

HL’s Peer Performance

Pan American Silver Corp.’s (PAAS - Free Report) third-quarter silver production reached 5.5 million ounces, flat with the prior-year period. Driven by a strong performance from its stake in the Juanicipio mine, Pan American Silver had increased its silver production outlook. For 2025, Pan American Silver anticipates generating 22-25 million ounces, higher than the previously stated 20-21 million ounces.

First Majestic Silver Corp.’s (AG - Free Report) total silver production in the third quarter included a contribution of 1.4 million ounces from Cerro Los Gatos. The Cerro Los Gatos mine, combined with First Majestic’s San Dimas Silver/Gold mine and the Santa Elena Silver/Gold mine, is expected to boost AG’s annual production to 30-32 million ounces of silver equivalent. This includes silver ounces of 15-16 million.

HL's Price Performance, Valuation and Estimates

Shares of Hecla Mining have gained 71.7% in the past three months compared with the industry’s growth of 42.6%.

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From a valuation standpoint, HL is trading at a forward price-to-earnings ratio of 41.91X, above the industry’s average of 20.12X. Hecla Mining carries a Value Score of F.

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The Zacks Consensus Estimate for HL’s 2025 earnings has been on the rise over the past 60 days.

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Hecla Mining currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


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