Currency and Market Overview - The U.S. dollar has fallen to its weakest level in nearly four years, declining about 10% over the past year due to rising geopolitical tensions and tariff-driven market volatility [1][2] - The dollar's decline accelerated following President Trump's tariff announcements, which triggered a global market sell-off and increased uncertainty regarding trade relations, particularly with European allies [2][3] Precious Metals Performance - Gold and silver have reached record highs as investors seek safe-haven assets amid economic and geopolitical stress, with spot gold up more than 27% this year and nearing $5,600, while silver approaches a record high near $120 [4][5] - The Federal Reserve's decision to hold interest rates steady, acknowledging elevated inflation, has further supported the rally in precious metals, which typically move inversely to the dollar [5][6] Investment Opportunities in Precious Metal Stocks - AngloGold Ashanti is a leading global gold producer with a strong asset base and recent acquisitions, including Augusta Gold Corp. and Centamin, which have enhanced its production capabilities [7][8] - The Zacks Consensus Estimate for AngloGold's 2026 sales and EPS indicates a year-over-year increase of 23% and 41%, respectively, with an upward revision of 8 cents in EPS over the past 30 days [9] - Fresnillo, a major silver and gold producer in Mexico, has expanded its portfolio through the acquisition of Probe Gold, adding significant gold resources and focusing on improving production efficiency [12][13] - The Zacks Consensus Estimate for Fresnillo's 2026 sales and EPS suggests a substantial year-over-year increase of 75% and 578%, respectively, with a recent EPS revision of 35 cents [14] - Aris Mining is enhancing its presence in Latin America with a focus on gold properties and has a robust project pipeline, including the Segovia mine and the Soto Norte Project [15][16] - The Zacks Consensus Estimate for Aris Mining's 2026 EPS indicates a year-over-year surge of 91%, with an upward revision of 32 cents in the past 30 days [17] - Hecla Mining, the largest silver producer in the U.S. and Canada, is advancing its Keno Hill project towards commercial production and has promising exploration results from its Midas Project [18] - The Zacks Consensus Estimate for Hecla Mining's 2026 sales and EPS forecasts a year-over-year increase of 14% and 38%, respectively, with a recent EPS revision of 17 cents [19]

Core Insights - Coeur Mining, Inc. (CDE) and Hecla Mining Company (HL) are positioned favorably as gold and silver markets show strong momentum, attracting investor interest into early 2026 [1][2] Coeur Mining (CDE) - CDE has demonstrated strong operational performance with record quarterly production and financial results, reporting $555 million in revenue and producing 111,364 ounces of gold and 4.8 million ounces of silver in Q3 2025 [3][10] - The acquisition of the Las Chispas mine has been a key growth driver, contributing 1.6 million ounces of silver and approximately 16.5 thousand ounces of gold in Q3 2025 [4] - CDE's flagship assets, including Rochester and Palmarejo, are expected to deliver a total production of 392,500–438,000 ounces of gold and 17.1–19.2 million ounces of silver for 2025 [5] - As of September 2025, CDE's cash and cash equivalents were approximately $266 million, with a debt to capital ratio of 10.5% and free cash flow of about $189 million in Q3 [6][10] Hecla Mining (HL) - HL reported record revenues of $409.5 million in Q3 2025, a 67% increase year-over-year, alongside strong production metrics [7][10] - The company produced about 4.6 million ounces of silver, with silver contributing nearly 48% of mine-site revenues and gold about 37% [8] - HL achieved a realized silver price of approximately $42.58 per ounce and a realized gold price of about $3,509 per ounce in Q3 2025, benefiting from strong pricing [9] - By the end of September 2025, HL's cash and cash equivalents were around $134 million, with a debt to capital ratio of 9.9% and free cash flow of about $91 million [13][10] Comparative Performance - CDE's stock has increased by 308.8% over the past year, while HL's stock has risen by 398.9% [14] - CDE is trading at a forward 12-month sales multiple of 6.14X, compared to HL's 12.58X [15] - The Zacks Consensus Estimate for CDE's fiscal 2025 sales implies a year-over-year growth of 96%, while HL's estimates suggest a 42.1% rise [19][21] Investment Outlook - CDE is viewed as a more compelling investment due to its strong Q3 performance, higher cash reserves, and lower valuation compared to HL [24][25] - CDE's combination of production scale and margin efficiency positions it as the preferred stock, while HL remains an attractive buy for diversified precious-metal exposure [25]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Hecla Mining Overview - Hecla Mining (HL) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance [3] Group 2: Price Performance - Over the past week, HL shares have increased by 19.86%, outperforming the Zacks Mining - Silver industry, which rose by 17.59% [5] - In a longer timeframe, HL's shares have surged by 136.51% over the past quarter and 425.23% over the last year, while the S&P 500 has only increased by 1.81% and 17.32%, respectively [6] Group 3: Trading Volume - The average 20-day trading volume for HL is 25,267,324 shares, which serves as a bullish indicator when combined with rising stock prices [7] Group 4: Earnings Outlook - In the past two months, one earnings estimate for HL has increased, raising the consensus estimate from $0.40 to $0.42 [9] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [9] Group 5: Conclusion - Given the strong momentum indicators and positive earnings outlook, HL is recommended as a stock to consider for near-term investment opportunities [11]

We recently published 10 Big Names With Painful Declines. Hecla Mining Company (NYSE:HL) was one of the worst performers on Tuesday. Hecla Mining dropped its share prices by 5.54 percent on Tuesday to close at $28.31 apiece amid concerns about a weaker production outlook for 2026, which would have benefited from a strong gold and silver market environment. In a statement on Tuesday, Hecla Mining Company (NYSE:HL) announced projections of 15.1 million and 16.5 million ounces of consolidated silver produc ...

Core Viewpoint - Orezone Gold has signed a definitive agreement to acquire Hecla Mining Company's wholly owned subsidiary Hecla Quebec for a total consideration of $352 million, which includes both upfront and deferred payments [1][2] Group 1: Acquisition Details - The acquisition allows Orezone to gain full ownership of the Casa Berardi gold mine and associated exploration properties located in Quebec, Canada [1] - The total consideration includes $160 million in cash and $112 million in Orezone common shares, with contingent payments that could reach up to $241 million [2] Group 2: Financial Arrangements - The contingent consideration includes $10 million linked to gold prices and $231 million based on future permitting and gold production from the mine's proposed open pits [2] - Orezone will finance the upfront cash consideration through a combination of available cash and a $100 million gold stream agreement with Franco-Nevada [3][4] Group 3: Operational Insights - Casa Berardi has produced over 3.2 million ounces of gold and is located in a Tier 1 mining jurisdiction, recognized for its favorable mining conditions [3] - The gold stream agreement requires Orezone to deliver 1,625 ounces of gold each quarter for the first five years, after which the stream percentage will be set at 5% of gold production [4] Group 4: Strategic Importance - The acquisition is seen as a significant inflection point for Orezone, enhancing its portfolio with a cash-flow-generating asset and providing diversification in a Tier 1 jurisdiction [5] - The established operating history and substantial exploration potential across a 37 km mineralized corridor at Casa Berardi are expected to support sustained growth for the company [5] Group 5: Timeline - The transaction is subject to certain conditions and is anticipated to close in the first quarter of 2026 [5]

Core Viewpoint - Hecla Mining Company is focusing on strengthening its position in the silver market through strategic asset sales and maintaining a positive outlook from analysts [1][2][5]. Financial Performance - H.C. Wainwright has maintained a "Buy" rating for Hecla, raising the price target from $16.50 to $36.50, reflecting confidence in the company's future performance [1]. - The current stock price of Hecla is $27.95, showing a decrease of 6.76% or $2.03, with a yearly price range from a high of $34.17 to a low of $4.46 [3]. - Hecla's market capitalization is approximately $18.73 billion, indicating a strong presence in the mining sector [4]. Strategic Initiatives - Hecla recently held its Analyst/Investor Day, providing insights into its operations and market positioning [2]. - The company has decided to sell its Casa Berardi operation for up to $593 million, which aligns with its focus on silver assets and is expected to enhance its financial health [2][5]. - The sale of Casa Berardi to Orezone Gold Corporation is a strategic move to support Hecla's shift towards core silver assets, aligning with its long-term growth strategy [5]. Market Activity - Hecla's trading volume today was 32.04 million shares, indicating strong investor interest [4]. - The stock has shown volatility, reflecting market reactions to Hecla's strategic decisions and broader industry trends [3].

Core Viewpoint - Hecla aims to differentiate itself from silver peers and create shareholder value through strategic opportunities [1] Group 1: Company Overview - Michael Parkin serves as Vice President of Strategy and Investor Relations for Hecla [1] - The event is hybrid, allowing for questions from both in-person and online attendees [1] Group 2: Event Logistics - Attendees are reminded to silence their cell phones before the event begins [1] - A representative from the New York Stock Exchange is present to discuss safety procedures [1]

Core Viewpoint - The acquisition of Casa Berardi Mine and other exploration assets within the Hecla Quebec portfolio is a strategic expansion for Orezone, positioning the company as a diversified multi-asset gold producer amid record gold prices [2]. Acquisition Highlights - The transaction establishes Orezone in a Tier 1 mining jurisdiction in Quebec, enhancing its scale, production, and free cash flow [4]. - Casa Berardi has a long operating history with a well-established resource and reserve base, providing substantial exploration upside for future asset growth [4]. - The acquisition aligns with Orezone's technical expertise, as several team members have extensive operational experience in both underground and open-pit mining [4]. - The transaction is accretive on key operating and financial per share metrics, benefiting all existing shareholders [4]. - Financing for the transaction is supported by Franco-Nevada, which collaborated closely with Orezone throughout the process [4].

Summary of Hecla Mining Company (NYSE:HL) Acquisition Conference Call Company and Industry Overview - **Company**: Orezone - **Acquisition Target**: Hecla Quebec, including Casa Berardi Mine - **Industry**: Gold Mining Key Points and Arguments Acquisition Highlights - Orezone announces a transformational acquisition of Hecla Quebec, which includes the Casa Berardi Mine and exploration assets, amidst record gold prices [2][3] - The acquisition positions Orezone as a diversified multi-asset gold producer in a tier-one mining jurisdiction in Quebec [2][3] - The transaction is expected to enhance production scale and free cash flow, benefiting existing shareholders [3][4] Financial Details - The total upfront consideration for the acquisition is $272 million, comprising: - $160 million in initial cash ($60 million from Orezone's treasury and $100 million from Franco-Nevada financing) - $112 million through a 9.9% equity issuance - Deferred cash payments of $80 million [4][5] - Contingent consideration includes up to $240 million linked to gold prices and production payments from the Casa Berardi project [5] Production and Reserves - Casa Berardi has a long operating history, producing 3.2 million ounces of gold over 30 years, with proven and probable reserves of 1.3 million ounces [9][10] - Orezone's production guidance for 2026 is projected to be between 83,000-91,000 ounces from Casa Berardi, alongside 170-185 ounces from Bomboré Mine [6][20] - The combined production target for 2026 is between 230,000-250,000 ounces, with a medium-term goal of 350,000 ounces annually [19][20] Exploration Potential - Significant exploration upside exists at Casa Berardi, with plans to ramp up exploration to 80-100,000 meters per year targeting high-grade ore shoots [14][18] - The Casa Berardi land package covers 37 km along the Casa Berardi Fault, with multiple mineralized zones identified [15][16] - Exploration properties included in the acquisition, such as Heva-Hosco, have established resources and potential for future development [19] Operational Insights - Casa Berardi is well-maintained with a strong local workforce and established infrastructure, which supports ongoing operations and exploration [9][17] - The mill has a capacity of almost 400,000 tons per day, with an average recovery rate of 88% [10][18] - Orezone plans to enhance operational efficiency through process automation and equipment upgrades [17][18] Strategic Direction - The acquisition marks a strategic expansion into Canada while maintaining a focus on West Africa for future opportunities [29][30] - Orezone aims to leverage its operational expertise to maximize value from the acquired assets without overstretching resources [29][30] Additional Important Content - The acquisition is expected to create significant value, as evidenced by successful past transactions in the Canadian mining sector [21] - Orezone's financial metrics indicate potential for re-rating in the market, with a current P/NAV of 0.47 and EV/EBITDA of 1.55 [7][20] - The management emphasizes the importance of integrating the Hecla team and ensuring alignment on operational strategies moving forward [26][31]

Hecla Mining Company Investor Day Summary Company Overview - **Company Name**: Hecla Mining Company (NYSE: HL) - **Headquarters**: Coeur d'Alene, Idaho - **Market Capitalization**: Over $17 billion as of mid-January 2026 - **Share Ownership**: 22% retail, 78% institutional - **Operations**: Four precious metals mines located in the United States and Canada, positioning Hecla as the lowest geopolitical risk silver miner in the sector [4][5] Key Points from the Investor Day Strategic Transformation - **Leadership Change**: Rob Krcmarov appointed as CEO in November 2024, focusing on fundamental transformation and disciplined capital allocation [7][8] - **Exploration Budget**: The board approved a $55 million exploration budget for 2026, nearly double the previous year, indicating a commitment to future growth [9] - **Operational Excellence**: Emphasis on operational performance, financial frameworks, and exploration strategies to sustain growth through commodity cycles [9][10] Recent Developments - **Sale of Hecla Quebec**: Agreement to sell Hecla Quebec for nearly $600 million, redirecting focus towards silver production [11][12] - **Production Guidance**: Expected silver production for 2026 is between 15.1 million and 16.5 million ounces, with a potential pathway to 20 million ounces in the medium term [35][36] Financial Performance - **Free Cash Flow**: Generated $310 million in free cash flow in 2025, with all operations being free cash flow positive [26][43] - **Debt Reduction**: Gross leverage improved from 1.6x to 0.4x, with a target for complete deleveraging [43][44] - **Return on Invested Capital (ROIC)**: Increased from 4% in 2024 to 12% in 2025, with expectations for continued strong performance [44][46] Market Position and Silver Focus - **Silver Revenue**: Approximately 50% of revenues generated from silver, compared to 20%-30% for peers, highlighting Hecla's commitment to silver over gold [29][61] - **Supply-Demand Dynamics**: The silver market is in a structural deficit, with a cumulative supply deficit of 800 million ounces since 2021, driven by strong industrial demand and constrained supply [58][59] - **Investment in Silver**: Hecla's focus on silver is expected to yield significant returns due to its unique properties and increasing demand in various sectors, including solar energy and electrification [60][61] Operational Excellence - **Safety Improvements**: Achieved a 13% improvement in total reportable injury frequency rate in 2025, with ongoing investments in safety training and hazard reporting [64][65] - **Technology Integration**: Implementation of integrated systems for real-time monitoring and decision-making to enhance operational efficiency [66] Conclusion Hecla Mining Company is positioned for significant growth in the silver market, driven by a strategic focus on operational excellence, disciplined capital allocation, and a strong commitment to safety and sustainability. The company's transformation under new leadership aims to unlock value and capitalize on the growing demand for silver in a favorable geopolitical landscape.