Hecla Mining Sees 53% Revenue Surge as Silver Faces 67M Oz Deficit
Hecla Mining produced 17 million ounces of silver in 2025, a 5% increase that drove revenues up 53% to $1.4 billion. The silver market is set for a sixth straight annual deficit of 67 million ounces, with prices forecast to average $81 per ounce in 2026.
1. Industry Silver Deficit and Price Forecast
Global silver demand is poised for a sixth consecutive annual deficit of 67 million ounces in 2026 as industrial consumption outpaces mine production growth of just 1%. J.P. Morgan projects average silver prices will more than double to $81 per ounce this year, driven by tight physical supply and the U.S. adding silver to its Critical Minerals list.
2. Hecla’s 2025 Production and Financial Deliverables
Hecla Mining increased silver production by 5% to 17 million ounces in 2025, contributing to a 53% year-over-year revenue rise to $1.4 billion. All three of Hecla’s major mines posted gains, reflecting higher metal prices and improved operational volumes.
3. Implications for Hecla’s Outlook
The combination of a persistent global deficit and elevated price forecasts underpins Hecla’s revenue outlook and margin potential for 2026. With mine supply growth lagging demand, Hecla stands to benefit from stronger pricing power, though it must manage production costs and development timelines to capitalize fully.