PAAS or HL: Which Silver Mining Stock is the Superior Investment Right Now?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 25 2025
0mins
Source: NASDAQ.COM
Market Overview: Silver prices have increased by 35% this year, reaching $38.80 per ounce, while gold prices rose by 28.5%, driven by safe-haven demand and geopolitical tensions. The silver market is expected to face a deficit in 2025 for the fifth consecutive year.
Pan American Silver (PAAS): PAAS operates 12 mines across the Americas and has significant mineral reserves. The company reported an 18% revenue increase in Q2 2024, with record cash flow and a 20% dividend hike. A pending acquisition of MAG Silver is anticipated to enhance its production and lower costs.
Hecla Mining (HL): Hecla produces over 45% of U.S. silver and reported record revenues in Q2 2024, with a 300% increase in earnings year-over-year. The company maintains low all-in sustaining costs and is focused on organic growth and exploration projects.
Investment Outlook: Both companies are well-positioned to benefit from rising silver and gold prices, but Hecla Mining currently shows stronger fundamentals and share price performance, making it a more attractive investment option compared to Pan American Silver.
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Analyst Views on HL
Wall Street analysts forecast HL stock price to rise
7 Analyst Rating
2 Buy
4 Hold
1 Sell
Hold
Current: 17.180
Low
16.00
Averages
23.93
High
36.50
Current: 17.180
Low
16.00
Averages
23.93
High
36.50
About HL
Hecla Mining Company is a silver producer in the United States and Canada. It discovers, acquires and develops mines and other mineral interests and produces and markets concentrates containing silver, gold, lead, zinc and copper; carbon material containing silver and gold, and unrefined dore containing silver and gold. Its segments include Greens Creek, Lucky Friday, Keno Hill and Casa Berardi. Greens Creek operation is located on Admiralty Island, near Juneau, Alaska. Greens Creek property includes over 440 unpatented lode mining claims, 58 unpatented millsite claims, 21 patented lode claims and one patented millsite. Lucky Friday mine is a deep underground silver, lead, and zinc mine located in the Coeur d’Alene Mining District in northern Idaho. Keno Hill Silver Project is located within the Keno Hill Silver District in Canada’s Yukon Territory, which comprises over 242 square kilometers with numerous mineral deposits. It owns a number of exploration and pre-development projects.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Inflows and Outflows Monitoring: Weekly monitoring of changes in ETF shares outstanding, focusing on those experiencing notable inflows or outflows, can provide investors with critical insights into market sentiment and potential investment opportunities.
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- Rising Oil Prices: Brent crude oil futures surged 3.3% to $109 per barrel, reflecting increasing global energy costs that could exacerbate inflation expectations, thereby impacting the precious metals market negatively.
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- Polymetallic System Potential: The company plans to drill over 5,000 meters across the Magno, Kuhn, and D Zones, targeting high-grade mineralization, with historical results showing silver grades up to 2,370 g/t, enhancing the project's appeal.
- Strategic Investment Expansion: GoldHaven is also advancing its Copeçal Gold Project in Brazil, where an independent geology consultant confirmed a large-scale hydrothermal system and identified high-priority drill targets, showcasing the company's strategic diversification in discovery opportunities.
- Modern Geophysical Survey: The company has completed a modern airborne magnetic survey covering 1,741 kilometers in collaboration with Dias Airborne Limited, aimed at optimizing 2026 drill targets and further enhancing the exploration potential of the Magno project.
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