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CDE vs. HL: Which Mining Stock Has More Upside Right Now?
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Key Takeaways
Coeur Mining lifted Q1 2026 gold and silver output with support from acquired New Gold assets.
CDE advanced New Afton's C-Zone and extended Rainy River's mine life through 2035.
HL generated record Q1 free cash flow while advancing growth projects at key silver operations.
Coeur Mining, Inc. (CDE - Free Report) and Hecla Mining Company (HL - Free Report) remain closely watched precious metals producers as gold and silver markets continue to benefit from elevated inflation concerns, central bank buying activity and resilient safe-haven demand heading into 2026.
Higher realized metal prices have strengthened cash flow expectations and improved investor sentiment across the silver and gold mining sector. Both companies continue advancing operational optimization, reserve expansion and exploration initiatives at key North American assets.
The supportive commodity environment, combined with ongoing production growth and strategic project execution, positions both CDE and HL as leveraged beneficiaries of sustained strength in precious metals markets.
Let’s dive deep and closely compare the fundamentals of these two miners to determine which one is a better investment now.
The Case for CDE
Coeur Mining delivered solid first-quarter 2026 production results, producing 96,503 ounces of gold and 4.4 million ounces of silver, representing a year-over-year increase of 11% and 18%, respectively.
A major milestone during the quarter was the completion of the acquisition of New Gold on March 20, 2026, adding the New Afton and Rainy River mines to Coeur’s portfolio. Following the acquisition, Rainy River contributed 12,494 ounces of gold and 19,000 ounces of silver, while New Afton added 1,651 ounces of gold, 4,000 ounces of silver and 1.4 million pounds of copper.
Among legacy operations, Las Chispas produced 15,031 ounces of gold and 1.5 million ounces of silver, while Palmarejo delivered 22,918 ounces of gold and 1.5 million ounces of silver. Rochester produced 14,112 ounces of gold and 1.4 million ounces of silver, impacted by lower grades and maintenance activity. Kensington generated 20,525 ounces of gold, while Wharf produced 9,772 ounces, reflecting operational disruptions tied to prior fire damage.
At New Afton, Coeur advanced the C-Zone development project with cave construction completed and throughput expected to ramp up to 15,000 tons per day in the first half of 2026. At Rainy River, Coeur updated the mine’s technical report, extending the operation’s mine life through 2035 while continuing underground mining ramp-up and Phase 5 open-pit stripping activities.
Coeur also progressed the Stage 6 leach pad expansion at Rochester and continued exploration efforts tied to the future POA 12 expansion. In addition, the company advanced exploration and development programs at its Silvertip project in British Columbia.
At the end of March 2026, CDE’s cash and cash equivalents were around $843.2 million, an eleven-fold increase compared with the year-ago period. Total debt increased to approximately $761.4 million at quarter-end from $340.5 million at the end of 2025. The total debt-to-capital ratio is 0.068. Free Cash Flow in the quarter was about $266.8 million.
The Case for HL
Hecla Mining delivered solid production results in the first quarter of 2026, producing approximately 3.9 million ounces of silver and 12,886 ounces of gold. Greens Creek remained the company’s largest silver-producing operation with about 2.2 million ounces of silver and all of the gold production during the quarter.
Lucky Friday contributed roughly 1.2 million ounces of silver, while Keno Hill produced around 488,719 ounces of silver as ramp-up activities continued in the Yukon. The company also generated meaningful lead and zinc by-product production, supporting strong overall operating performance.
Hecla Mining continued advancing a broad pipeline of operational and development projects during the first quarter of 2026, reinforcing its long-term North American silver growth strategy. At Lucky Friday, the company pushed forward with the surface cooling project, underground development and construction of a new tailings facility, all aimed at supporting the mine’s 17-year reserve life and future production expansion.
At Keno Hill in the Yukon, Hecla continued ramping up operations while investing in mine infrastructure, including a waste storage facility and water treatment plant, to support the transition toward steady-state production capacity.
At Greens Creek, the company advanced engineering and construction work tied to a major tailings expansion project expected to extend mine life and tailings capacity through 2045.
At the end of March 2026, Hecla Mining reported cash and cash equivalents of approximately $588 million, while total debt stood at around $266 million. The total debt-to-capital ratio is 0.093. The company generated a record free cash flow of roughly $144 million during the first quarter of 2026.
CDE and HL: Price Performance & Valuation
The CDE stock is up 119.2% in the past year, and HL is up 228.3%.
Image Source: Zacks Investment Research
CDE is currently trading at a forward 12-month sales multiple of 3.7X, whereas HL is currently trading at a forward 12-month sales multiple of 9.39X.
Image Source: Zacks Investment Research
How The Zacks Consensus Estimate Compares for CDE & HL
The Zacks Consensus Estimate for CDE’s fiscal 2026 EPS suggests a 82.5% year-over-year rise. EPS estimates for fiscal 2026 have been trending lower over the past 60 days.
Image Source: Zacks Investment Research
EPS estimates for CDE for fiscal 2026 have been trending lower over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimates for HL’s fiscal 2026 EPS suggests a 40.8% year-over-year rise.
Image Source: Zacks Investment Research
EPS estimates for HL for 2026 have been stable over the past 60 days.
Image Source: Zacks Investment Research
CDE or HL: Which Stock Holds the Edge?
Coeur Mining stands out as the more compelling investment, while Hecla Mining remains an attractive buy. CDE delivered a strong first-quarter 2026 performance, generating 96,503 ounces of gold and 4.4 million ounces of silver, supported by $266.8 million in free cash flow. Its growth was driven by the successful integration of the high-grade, low-cost Las Chispas mine, alongside consistent production from Rochester and Palmarejo, enhancing both margin expansion and production visibility. Hecla Mining also posted solid results, producing 3.9 million ounces of silver and significant gold output from Greens Creek, with $144 million in free cash flow, reflecting strong operational execution across its portfolio.
CDE’s higher cash and lower forward 12-month sales multiple compared to HL’s underscore an attractive valuation relative to peers.
Coeur Mining’s combination of production scale, margin efficiency, financial strength and attractive valuation positions it as the preferred stock.
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Image: Bigstock
CDE vs. HL: Which Mining Stock Has More Upside Right Now?
Key Takeaways
Coeur Mining, Inc. (CDE - Free Report) and Hecla Mining Company (HL - Free Report) remain closely watched precious metals producers as gold and silver markets continue to benefit from elevated inflation concerns, central bank buying activity and resilient safe-haven demand heading into 2026.
Higher realized metal prices have strengthened cash flow expectations and improved investor sentiment across the silver and gold mining sector. Both companies continue advancing operational optimization, reserve expansion and exploration initiatives at key North American assets.
The supportive commodity environment, combined with ongoing production growth and strategic project execution, positions both CDE and HL as leveraged beneficiaries of sustained strength in precious metals markets.
Let’s dive deep and closely compare the fundamentals of these two miners to determine which one is a better investment now.
The Case for CDE
Coeur Mining delivered solid first-quarter 2026 production results, producing 96,503 ounces of gold and 4.4 million ounces of silver, representing a year-over-year increase of 11% and 18%, respectively.
A major milestone during the quarter was the completion of the acquisition of New Gold on March 20, 2026, adding the New Afton and Rainy River mines to Coeur’s portfolio. Following the acquisition, Rainy River contributed 12,494 ounces of gold and 19,000 ounces of silver, while New Afton added 1,651 ounces of gold, 4,000 ounces of silver and 1.4 million pounds of copper.
Among legacy operations, Las Chispas produced 15,031 ounces of gold and 1.5 million ounces of silver, while Palmarejo delivered 22,918 ounces of gold and 1.5 million ounces of silver. Rochester produced 14,112 ounces of gold and 1.4 million ounces of silver, impacted by lower grades and maintenance activity. Kensington generated 20,525 ounces of gold, while Wharf produced 9,772 ounces, reflecting operational disruptions tied to prior fire damage.
At New Afton, Coeur advanced the C-Zone development project with cave construction completed and throughput expected to ramp up to 15,000 tons per day in the first half of 2026. At Rainy River, Coeur updated the mine’s technical report, extending the operation’s mine life through 2035 while continuing underground mining ramp-up and Phase 5 open-pit stripping activities.
Coeur also progressed the Stage 6 leach pad expansion at Rochester and continued exploration efforts tied to the future POA 12 expansion. In addition, the company advanced exploration and development programs at its Silvertip project in British Columbia.
At the end of March 2026, CDE’s cash and cash equivalents were around $843.2 million, an eleven-fold increase compared with the year-ago period. Total debt increased to approximately $761.4 million at quarter-end from $340.5 million at the end of 2025. The total debt-to-capital ratio is 0.068. Free Cash Flow in the quarter was about $266.8 million.
The Case for HL
Hecla Mining delivered solid production results in the first quarter of 2026, producing approximately 3.9 million ounces of silver and 12,886 ounces of gold. Greens Creek remained the company’s largest silver-producing operation with about 2.2 million ounces of silver and all of the gold production during the quarter.
Lucky Friday contributed roughly 1.2 million ounces of silver, while Keno Hill produced around 488,719 ounces of silver as ramp-up activities continued in the Yukon. The company also generated meaningful lead and zinc by-product production, supporting strong overall operating performance.
Hecla Mining continued advancing a broad pipeline of operational and development projects during the first quarter of 2026, reinforcing its long-term North American silver growth strategy. At Lucky Friday, the company pushed forward with the surface cooling project, underground development and construction of a new tailings facility, all aimed at supporting the mine’s 17-year reserve life and future production expansion.
At Keno Hill in the Yukon, Hecla continued ramping up operations while investing in mine infrastructure, including a waste storage facility and water treatment plant, to support the transition toward steady-state production capacity.
At Greens Creek, the company advanced engineering and construction work tied to a major tailings expansion project expected to extend mine life and tailings capacity through 2045.
At the end of March 2026, Hecla Mining reported cash and cash equivalents of approximately $588 million, while total debt stood at around $266 million. The total debt-to-capital ratio is 0.093. The company generated a record free cash flow of roughly $144 million during the first quarter of 2026.
CDE and HL: Price Performance & Valuation
The CDE stock is up 119.2% in the past year, and HL is up 228.3%.
CDE is currently trading at a forward 12-month sales multiple of 3.7X, whereas HL is currently trading at a forward 12-month sales multiple of 9.39X.
How The Zacks Consensus Estimate Compares for CDE & HL
The Zacks Consensus Estimate for CDE’s fiscal 2026 EPS suggests a 82.5% year-over-year rise. EPS estimates for fiscal 2026 have been trending lower over the past 60 days.
EPS estimates for CDE for fiscal 2026 have been trending lower over the past 60 days.
The consensus estimates for HL’s fiscal 2026 EPS suggests a 40.8% year-over-year rise.
EPS estimates for HL for 2026 have been stable over the past 60 days.
CDE or HL: Which Stock Holds the Edge?
Coeur Mining stands out as the more compelling investment, while Hecla Mining remains an attractive buy. CDE delivered a strong first-quarter 2026 performance, generating 96,503 ounces of gold and 4.4 million ounces of silver, supported by $266.8 million in free cash flow. Its growth was driven by the successful integration of the high-grade, low-cost Las Chispas mine, alongside consistent production from Rochester and Palmarejo, enhancing both margin expansion and production visibility. Hecla Mining also posted solid results, producing 3.9 million ounces of silver and significant gold output from Greens Creek, with $144 million in free cash flow, reflecting strong operational execution across its portfolio.
CDE’s higher cash and lower forward 12-month sales multiple compared to HL’s underscore an attractive valuation relative to peers.
Coeur Mining’s combination of production scale, margin efficiency, financial strength and attractive valuation positions it as the preferred stock.
CDE and HL carry a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.