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

Core Insights - Hecla Mining Company (HL) is experiencing strong operational performance, particularly from its Greens Creek mine, which produced 2.3 million ounces of silver and 15,600 ounces of gold in Q3 2025 [1] - The company is increasing investments in the Greens Creek project due to ongoing projects and the dry-stack tailings expansion [1] - The Lucky Friday project also shows strength, producing 1.3 million ounces of silver in Q3, supported by higher milled grades and stable operations [2] - The Keno Hill project produced 898,328 ounces of silver, reflecting a 20% sequential increase, aided by improved power reliability and higher milling rates [3] - Hecla Mining's Polaris Exploration Project has received approval to begin exploration activities in 2026, contributing to the company's growth outlook [3] Peer Performance - Pan American Silver Corp. (PAAS) produced 5.5 million ounces of silver in Q3, maintaining its production outlook for 2025 at 22-25 million ounces [4] - First Majestic Silver Corp. (AG) reported a total silver production of 1.4 million ounces from Cerro Los Gatos, with an expected annual production of 30-32 million ounces of silver equivalent [5] Price Performance and Valuation - Hecla Mining shares have increased by 71.7% over the past three months, outperforming the industry growth of 42.6% [6] - The company is trading at a forward price-to-earnings ratio of 41.91X, significantly above the industry average of 20.12X [9] - The Zacks Consensus Estimate for HL's 2025 earnings has been rising over the past 60 days, indicating positive market sentiment [10] Earnings Estimates - Current earnings estimates for HL are 0.17 for Q4 2025, 0.20 for Q1 2026, 0.42 for the current year, and 0.58 for the next year [11]