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Hecla Mining vs. Avino Silver: Which Silver Mining Stock has Greater Upside?
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Key Takeaways
Hecla Mining lifted 2025 silver output 5% to 17M oz, driven by Greens Creek, Lucky Friday and Keno Hill.
HL generated $563M in operating cash flow, cut net leverage to 0.1x and agreed to sell Casa Berardi.
Avino Silver grew revenues 48% in nine months, with La Preciosa advancing and 2026 output guided higher.
Hecla Mining Company (HL - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) are both familiar names operating in the Zacks Mining - Silver industry. As competitors, these two are focused on the extraction of minerals, including silver, while driving growth through exploration activities, mine expansions and strategic partnerships.
Both companies have been benefiting from strong growth opportunities in the silver mining sector, supported by higher silver prices and sustained investments in expanding production capacity in recent years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for Hecla Mining
HL continues to strengthen its position as a leading North American precious metals producer, 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. Also, capital investment at Greens Creek in the fourth quarter of 2025 is expected to have increased due to ongoing projects and early-stage work on the dry-stack tailings expansion project.
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 continued to show 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.
In January 2026, the company agreed to sell the Casa Berardi operation in Quebec, Canada, for up to $593 million in total consideration. The move advances Hecla Mining's strategic transformation to focus on its premier silver assets and is expected to strengthen its financial position.
Also, HL’s Polaris Exploration Project in Mineral County, NV, has received approval to begin exploration activities in 2026. In addition, early drilling at the Midas Project in Nevada has delivered encouraging results. Initial drilling along the previously untested two-mile-long Pogo Trend identified high-grade gold mineralization, including visible gold on a new structure. These results highlight the potential for Midas to become a low-capital-cost growth opportunity and support the expansion of HL’s production profile in a well-established mining district.
In 2025, the company reported revenues of $1.4 billion, up 53% on a year over year, driven by higher metal prices and increased sales volumes of precious metals. Also, Hecla Mining delivered strong cash generation in the year, driven by solid operating performance. The company generated $563 million in operating cash flow and approximately $310 million in free cash flow. This cash generation supported continued balance sheet improvement. HL reduced its debt significantly and lowered net leverage from 1.6x to 0.1x at the end of 2025.
However, the company continues to face cost pressures. Hecla Mining reported an increase in its all-in-sustaining costs (AISC) per ounce, a key indicator of cost efficiency in mining. Higher labor costs and increased sustaining capital spending led to elevated operating expenses during the year.
The Case for Avino Silver
Avino Silver is benefiting from its strategy of advancing production, development and exploration projects in Mexico. In 2025, the company processed 736,935 tonnes, up 14% year over year, driven by higher mill availability and automation upgrades at the Avino Mine. Total production reached 2.6 million silver-equivalent ounces (AgEq), within guidance of 2.5-2.8 million AgEq ounces, supported by output of 1.16 million ounces of silver, 7,621 ounces of gold and 5.67 million pounds of copper.
A key growth driver remains the La Preciosa project, which was reclassified from exploration to development in April 2025 after demonstrating technical feasibility and commercial viability. During 2025, La Preciosa contributed initial mill feed and drilling returned high-grade results.
At the Avino Mine, higher throughput and better recoveries lifted gold output 21% year over year to 7,621 ounces in 2025, with gold recoveries improving to 74% from 70%. However, silver production declined to 1.16 million ounces.
Backed by this performance, in the first nine months of 2025, the company’s revenues rose 48% year over year, supported by higher realized metal prices, while mine operating income surged 141% to $30.7 million. Avino Silver generated net income of $16.2 million in the first nine months of the year compared with $3.0 million a year earlier.
For 2026, ASM expects to process 725,000-750,000 tonnes of material and produce 1.0-1.2 million ounces of silver, 5,000-7,000 ounces of gold and 6.0-7.5 million pounds of copper.
However, Avino Silver’s operating costs remain under pressure. Consolidated cash costs are expected to be $19-$21 per AgEq ounce in 2026, while all-in sustaining costs are expected to be $25-$27 per AgEq ounce. Higher labor costs, inflation in repair and operating materials and contractor services are likely to continue weighing on margins.
How Does the Zacks Consensus Estimate Compare for HL & ASM?
The Zacks Consensus Estimate for HL’s 2026 earnings per share (EPS) indicates growth of 28.6%. The company’s EPS estimates have been trending northward over the past 60 days for 2026.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ASM’s 2026 EPS implies year-over-year growth of 114.7%. The company’s EPS estimates for 2026 have increased over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of HL & ASM
In the past three months, Hecla Mining’s shares have surged 66.1%, while Avino Silver stock has gained 96.6%.
Image Source: Zacks Investment Research
Hecla Mining is trading at a forward 12-month price-to-earnings ratio of 40.91X, above its median of 37.32X over the past five years. First Majestic’s forward earnings multiple sits at 25.77X, higher than its median of 18.04X over the same period.
Image Source: Zacks Investment Research
Final Take
Hecla Mining remains well-positioned for growth in the quarters ahead, supported by the steady advancement of its core operations and exploration projects. Improvements in operational efficiency and access to higher-grade ore are helping stabilize production and extend mine lives, while ongoing exploration activities are strengthening the company’s long-term growth pipeline. However, rising costs remain a concern due to higher labor and sustaining capital expenses.
In contrast, Avino Silver is positioned for near-term growth, supported by steady progress at the Avino Mine and continued development of the La Preciosa project. Higher mill efficiency and improved recoveries are helping stabilize production, while exploration and development work is strengthening the company’s long-term growth pipeline.
Given these factors, ASM seems a better pick for investors than HL currently. While Avino Silver carries a Zacks Rank #2 (Buy), Hecla Mining currently has a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
Hecla Mining vs. Avino Silver: Which Silver Mining Stock has Greater Upside?
Key Takeaways
Hecla Mining Company (HL - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) are both familiar names operating in the Zacks Mining - Silver industry. As competitors, these two are focused on the extraction of minerals, including silver, while driving growth through exploration activities, mine expansions and strategic partnerships.
Both companies have been benefiting from strong growth opportunities in the silver mining sector, supported by higher silver prices and sustained investments in expanding production capacity in recent years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for Hecla Mining
HL continues to strengthen its position as a leading North American precious metals producer, 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. Also, capital investment at Greens Creek in the fourth quarter of 2025 is expected to have increased due to ongoing projects and early-stage work on the dry-stack tailings expansion project.
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 continued to show 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.
In January 2026, the company agreed to sell the Casa Berardi operation in Quebec, Canada, for up to $593 million in total consideration. The move advances Hecla Mining's strategic transformation to focus on its premier silver assets and is expected to strengthen its financial position.
Also, HL’s Polaris Exploration Project in Mineral County, NV, has received approval to begin exploration activities in 2026. In addition, early drilling at the Midas Project in Nevada has delivered encouraging results. Initial drilling along the previously untested two-mile-long Pogo Trend identified high-grade gold mineralization, including visible gold on a new structure. These results highlight the potential for Midas to become a low-capital-cost growth opportunity and support the expansion of HL’s production profile in a well-established mining district.
In 2025, the company reported revenues of $1.4 billion, up 53% on a year over year, driven by higher metal prices and increased sales volumes of precious metals. Also, Hecla Mining delivered strong cash generation in the year, driven by solid operating performance. The company generated $563 million in operating cash flow and approximately $310 million in free cash flow. This cash generation supported continued balance sheet improvement. HL reduced its debt significantly and lowered net leverage from 1.6x to 0.1x at the end of 2025.
However, the company continues to face cost pressures. Hecla Mining reported an increase in its all-in-sustaining costs (AISC) per ounce, a key indicator of cost efficiency in mining. Higher labor costs and increased sustaining capital spending led to elevated operating expenses during the year.
The Case for Avino Silver
Avino Silver is benefiting from its strategy of advancing production, development and exploration projects in Mexico. In 2025, the company processed 736,935 tonnes, up 14% year over year, driven by higher mill availability and automation upgrades at the Avino Mine. Total production reached 2.6 million silver-equivalent ounces (AgEq), within guidance of 2.5-2.8 million AgEq ounces, supported by output of 1.16 million ounces of silver, 7,621 ounces of gold and 5.67 million pounds of copper.
A key growth driver remains the La Preciosa project, which was reclassified from exploration to development in April 2025 after demonstrating technical feasibility and commercial viability. During 2025, La Preciosa contributed initial mill feed and drilling returned high-grade results.
At the Avino Mine, higher throughput and better recoveries lifted gold output 21% year over year to 7,621 ounces in 2025, with gold recoveries improving to 74% from 70%. However, silver production declined to 1.16 million ounces.
Backed by this performance, in the first nine months of 2025, the company’s revenues rose 48% year over year, supported by higher realized metal prices, while mine operating income surged 141% to $30.7 million. Avino Silver generated net income of $16.2 million in the first nine months of the year compared with $3.0 million a year earlier.
For 2026, ASM expects to process 725,000-750,000 tonnes of material and produce 1.0-1.2 million ounces of silver, 5,000-7,000 ounces of gold and 6.0-7.5 million pounds of copper.
However, Avino Silver’s operating costs remain under pressure. Consolidated cash costs are expected to be $19-$21 per AgEq ounce in 2026, while all-in sustaining costs are expected to be $25-$27 per AgEq ounce. Higher labor costs, inflation in repair and operating materials and contractor services are likely to continue weighing on margins.
How Does the Zacks Consensus Estimate Compare for HL & ASM?
The Zacks Consensus Estimate for HL’s 2026 earnings per share (EPS) indicates growth of 28.6%. The company’s EPS estimates have been trending northward over the past 60 days for 2026.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ASM’s 2026 EPS implies year-over-year growth of 114.7%. The company’s EPS estimates for 2026 have increased over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of HL & ASM
In the past three months, Hecla Mining’s shares have surged 66.1%, while Avino Silver stock has gained 96.6%.
Image Source: Zacks Investment Research
Hecla Mining is trading at a forward 12-month price-to-earnings ratio of 40.91X, above its median of 37.32X over the past five years. First Majestic’s forward earnings multiple sits at 25.77X, higher than its median of 18.04X over the same period.
Image Source: Zacks Investment Research
Final Take
Hecla Mining remains well-positioned for growth in the quarters ahead, supported by the steady advancement of its core operations and exploration projects. Improvements in operational efficiency and access to higher-grade ore are helping stabilize production and extend mine lives, while ongoing exploration activities are strengthening the company’s long-term growth pipeline. However, rising costs remain a concern due to higher labor and sustaining capital expenses.
In contrast, Avino Silver is positioned for near-term growth, supported by steady progress at the Avino Mine and continued development of the La Preciosa project. Higher mill efficiency and improved recoveries are helping stabilize production, while exploration and development work is strengthening the company’s long-term growth pipeline.
Given these factors, ASM seems a better pick for investors than HL currently. While Avino Silver carries a Zacks Rank #2 (Buy), Hecla Mining currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.