Hecla Mining (HL) Is Up 11.3% After Record 2025 Results And Silver-Focused Pivot – Has The Bull Case Changed?

• Hecla Mining recently reported its past fourth-quarter and full-year 2025 results, highlighting record sales of US$1.42 billion, net income of US$321.71 million, new 2026 production guidance, continued common and preferred dividends, and board changes including the retirement of long-serving director Stephen F. Ralbovsky and the appointment of Jill Satre as Audit Committee Chair.
• The company also outlined a sharpened focus on silver, including the planned sale of the Casa Berardi gold mine, debt reduction efforts, and multiple internal growth projects intended to lift silver’s share of revenue and reinforce balance sheet strength.
• With Hecla now emphasizing higher silver exposure and record 2025 results, we’ll assess how this focus reshapes the company’s investment narrative.

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Hecla Mining Investment Narrative Recap

To own Hecla today, you need to believe in its shift toward being a silver‑first producer and the potential benefits of record 2025 profitability and higher silver exposure. The main near term catalyst is how effectively Hecla executes on its 2026 production guidance while managing asset sales and deleveraging. The biggest current risk is that rising regulatory and capital demands at North American mines could pressure free cash flow. The latest results and board changes do not materially change that risk/reward balance.

The most relevant recent announcement is Hecla’s 2026 production guidance, calling for 15.1 to 16.5 million ounces of silver and 65,000 to 72,000 ounces of gold. That outlook frames how investors may judge the Casa Berardi sale, the renewed focus on silver and the capital needs at Keno Hill and other assets, all of which tie directly into whether the current production profile can support ongoing dividends, balance sheet strengthening and any premium valuation the market assigns today.

Yet beneath the strong 2025 headline numbers, investors should be aware that tightening ESG rules and higher sustaining capital for older mines could…

Read the full narrative on Hecla Mining (it’s free!)

Hecla Mining’s narrative projects $954.2 million in revenue and $210.3 million in earnings by 2028. This implies a 3.4% yearly revenue decline but an earnings increase of about $110.6 million from $99.7 million today.

Uncover how Hecla Mining’s forecasts yield a $15.90 fair value, a 33% downside to its current price.

Exploring Other Perspectives

Some of the lowest ranked analysts were modeling revenue falling toward about US$933 million by 2028 even as margins improved, so compared with the consensus narrative tied to rising silver demand and production guidance, their view is far more cautious. If you are weighing today’s record US$1.42 billion in 2025 sales against that kind of backdrop, it is worth seeing how this new focus on silver and boardroom changes might shift those pessimistic assumptions.

Explore 10 other fair value estimates on Hecla Mining – why the stock might be worth less than half the current price!

Reach Your Own Conclusion

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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