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: 14.990
Low
16.00
Averages
23.93
High
36.50
Current: 14.990
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, and Keno Hill. Greens Creek operation is located on Admiralty Island, near Juneau, Alaska. The Greens Creek property includes over 440 unpatented lode mining claims, 58 unpatented mill site claims, 21 patented lode claims and one patented mill site. Lucky Friday mine is a deep underground silver, lead, and zinc mine located in the Coeur d'Alene Mining District in northern Idaho. The Keno Hill unit is located in the central Yukon Territory, Canada, and covers an area of approximately 15,000 hectares in central Yukon. The total Hecla Keno Hill mineral claims cover an area of approximately 238.12 square kilometers.
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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- Silver Price Drop: Spot silver decreased by 2% to $64.01 per ounce, with futures down 1.6%, indicating a weakening of market demand for precious metals, which could adversely affect related ETFs and mining companies' stock performance.
- Market Sentiment Weakens: Stocks and funds linked to gold and silver saw widespread declines in pre-market trading on Wednesday, with the ProShares Ultra Silver ETF down 2.8% and First Majestic Silver dropping 3.8%, suggesting a loss of confidence in precious metals and prompting investors to reassess their portfolios.
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Precious Metals Prices Take Significant Hits
- Employment Data Impact: The latest U.S. non-farm employment statistics revealed 172,000 new jobs created, significantly exceeding Dow Jones estimates, which has raised expectations for the Federal Reserve to maintain or increase interest rates, thereby putting pressure on precious metal prices.
- Hecla Mining Stock Decline: As the largest primary silver miner in North America, Hecla Mining's shares fell nearly 3% during Tuesday's trading, reflecting market concerns over the continued weakness in precious metal prices, particularly given the company's high fixed costs.
- Investor Sentiment Shift: The strong employment data raises inflation concerns, diminishing the appeal of non-yielding assets like precious metals, leading to reduced investor interest in Hecla and other precious metal mining companies, creating an unfavorable market environment.
- Cautious Market Outlook: Despite precious metals having experienced a bull run and reaching all-time highs, analysts recommend caution regarding Hecla Mining's stock due to ongoing geopolitical tensions and economic uncertainties.
See More
Hecla Mining Shares Drop Amid Precious Metals Weakness
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- Employment Data Impact: The latest U.S. non-farm payroll data showed an increase of 172,000 jobs, far exceeding Dow Jones estimates, which raises the likelihood that the Federal Reserve will maintain higher interest rates for longer, thereby diminishing the appeal of precious metals as non-yielding assets become less attractive to investors.
- Market Environment Shift: Precious metals had been in a holding pattern since mid-May, but the release of employment data has shifted market sentiment, leading to reduced investor interest in gold and silver, which places additional pressure on Hecla Mining amid changing market dynamics.
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See More
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