Intrinsic value of Hecla Mining - HL

Previous Close

$2.74

  Intrinsic Value

$0.94

stock screener

  Rating & Target

str. sell

-66%

Previous close

$2.74

 
Intrinsic value

$0.94

 
Up/down potential

-66%

 
Rating

str. sell

We calculate the intrinsic value of HL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  590
  603
  619
  636
  655
  676
  699
  724
  751
  780
  811
  844
  879
  916
  956
  998
  1,042
  1,089
  1,138
  1,191
  1,246
  1,304
  1,365
  1,430
  1,498
  1,570
  1,645
  1,725
  1,808
  1,896
Variable operating expenses, $m
  138
  141
  145
  149
  153
  158
  164
  170
  176
  183
  190
  197
  206
  214
  224
  233
  244
  255
  266
  279
  292
  305
  320
  335
  351
  367
  385
  404
  423
  444
Fixed operating expenses, $m
  396
  404
  413
  422
  431
  441
  451
  461
  471
  481
  492
  502
  514
  525
  536
  548
  560
  573
  585
  598
  611
  625
  638
  652
  667
  681
  696
  712
  727
  743
Total operating expenses, $m
  534
  545
  558
  571
  584
  599
  615
  631
  647
  664
  682
  699
  720
  739
  760
  781
  804
  828
  851
  877
  903
  930
  958
  987
  1,018
  1,048
  1,081
  1,116
  1,150
  1,187
Operating income, $m
  56
  58
  61
  65
  70
  77
  85
  94
  105
  117
  130
  144
  160
  177
  196
  216
  238
  261
  287
  314
  343
  374
  408
  443
  481
  521
  564
  609
  658
  709
EBITDA, $m
  263
  269
  278
  288
  300
  314
  330
  348
  368
  390
  414
  440
  468
  498
  531
  566
  603
  643
  686
  732
  780
  832
  886
  944
  1,006
  1,072
  1,141
  1,214
  1,292
  1,374
Interest expense (income), $m
  19
  38
  39
  40
  42
  44
  46
  49
  51
  54
  57
  60
  64
  67
  71
  76
  80
  85
  90
  95
  101
  106
  113
  119
  126
  133
  141
  149
  157
  166
  176
Earnings before tax, $m
  18
  19
  20
  23
  26
  31
  36
  43
  51
  59
  69
  80
  92
  106
  120
  136
  153
  172
  192
  213
  237
  262
  288
  317
  348
  380
  415
  452
  491
  533
Tax expense, $m
  5
  5
  5
  6
  7
  8
  10
  12
  14
  16
  19
  22
  25
  28
  32
  37
  41
  46
  52
  58
  64
  71
  78
  86
  94
  103
  112
  122
  133
  144
Net income, $m
  13
  14
  15
  17
  19
  23
  27
  31
  37
  43
  51
  59
  67
  77
  88
  99
  112
  125
  140
  156
  173
  191
  211
  231
  254
  278
  303
  330
  359
  389

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,303
  2,356
  2,416
  2,484
  2,560
  2,642
  2,732
  2,830
  2,935
  3,047
  3,168
  3,296
  3,433
  3,579
  3,733
  3,897
  4,070
  4,253
  4,447
  4,651
  4,867
  5,094
  5,334
  5,586
  5,852
  6,132
  6,427
  6,737
  7,063
  7,406
Adjusted assets (=assets-cash), $m
  2,303
  2,356
  2,416
  2,484
  2,560
  2,642
  2,732
  2,830
  2,935
  3,047
  3,168
  3,296
  3,433
  3,579
  3,733
  3,897
  4,070
  4,253
  4,447
  4,651
  4,867
  5,094
  5,334
  5,586
  5,852
  6,132
  6,427
  6,737
  7,063
  7,406
Revenue / Adjusted assets
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
Average production assets, $m
  2,068
  2,115
  2,170
  2,231
  2,298
  2,372
  2,453
  2,541
  2,635
  2,736
  2,844
  2,960
  3,082
  3,213
  3,352
  3,499
  3,654
  3,818
  3,992
  4,176
  4,369
  4,573
  4,788
  5,015
  5,254
  5,505
  5,770
  6,048
  6,341
  6,649
Working capital, $m
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Total debt, $m
  527
  547
  571
  597
  626
  658
  693
  731
  772
  815
  862
  912
  965
  1,022
  1,082
  1,145
  1,212
  1,283
  1,358
  1,438
  1,521
  1,610
  1,702
  1,800
  1,904
  2,012
  2,127
  2,247
  2,374
  2,507
Total liabilities, $m
  894
  914
  938
  964
  993
  1,025
  1,060
  1,098
  1,139
  1,182
  1,229
  1,279
  1,332
  1,389
  1,448
  1,512
  1,579
  1,650
  1,725
  1,805
  1,888
  1,976
  2,069
  2,167
  2,271
  2,379
  2,494
  2,614
  2,740
  2,874
Total equity, $m
  1,409
  1,442
  1,479
  1,520
  1,567
  1,617
  1,672
  1,732
  1,796
  1,865
  1,939
  2,017
  2,101
  2,190
  2,285
  2,385
  2,491
  2,603
  2,721
  2,846
  2,978
  3,117
  3,264
  3,419
  3,581
  3,753
  3,933
  4,123
  4,323
  4,533
Total liabilities and equity, $m
  2,303
  2,356
  2,417
  2,484
  2,560
  2,642
  2,732
  2,830
  2,935
  3,047
  3,168
  3,296
  3,433
  3,579
  3,733
  3,897
  4,070
  4,253
  4,446
  4,651
  4,866
  5,093
  5,333
  5,586
  5,852
  6,132
  6,427
  6,737
  7,063
  7,407
Debt-to-equity ratio
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.540
  0.550
  0.550
Adjusted equity ratio
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  14
  15
  17
  19
  23
  27
  31
  37
  43
  51
  59
  67
  77
  88
  99
  112
  125
  140
  156
  173
  191
  211
  231
  254
  278
  303
  330
  359
  389
Depreciation, amort., depletion, $m
  207
  212
  217
  223
  230
  237
  245
  254
  263
  274
  284
  296
  308
  321
  335
  350
  365
  382
  399
  418
  437
  457
  479
  502
  525
  551
  577
  605
  634
  665
Funds from operations, $m
  220
  225
  232
  240
  249
  260
  272
  285
  300
  317
  335
  354
  376
  398
  423
  449
  477
  507
  539
  573
  610
  648
  689
  733
  779
  828
  880
  935
  993
  1,054
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  220
  225
  232
  239
  249
  259
  272
  285
  300
  317
  334
  354
  375
  398
  422
  449
  477
  507
  539
  573
  609
  648
  689
  732
  778
  827
  879
  934
  992
  1,053
Maintenance CAPEX, $m
  -203
  -207
  -212
  -217
  -223
  -230
  -237
  -245
  -254
  -263
  -274
  -284
  -296
  -308
  -321
  -335
  -350
  -365
  -382
  -399
  -418
  -437
  -457
  -479
  -502
  -525
  -551
  -577
  -605
  -634
New CAPEX, $m
  -41
  -48
  -54
  -61
  -68
  -74
  -81
  -87
  -94
  -101
  -108
  -115
  -123
  -131
  -139
  -147
  -155
  -164
  -174
  -183
  -194
  -204
  -215
  -227
  -239
  -251
  -265
  -278
  -293
  -308
Cash from investing activities, $m
  -244
  -255
  -266
  -278
  -291
  -304
  -318
  -332
  -348
  -364
  -382
  -399
  -419
  -439
  -460
  -482
  -505
  -529
  -556
  -582
  -612
  -641
  -672
  -706
  -741
  -776
  -816
  -855
  -898
  -942
Free cash flow, $m
  -24
  -29
  -34
  -39
  -42
  -45
  -46
  -48
  -48
  -48
  -47
  -46
  -44
  -41
  -38
  -34
  -29
  -23
  -17
  -10
  -2
  7
  16
  26
  38
  50
  64
  78
  94
  111
Issuance/(repayment) of debt, $m
  18
  21
  23
  26
  29
  32
  35
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  114
  120
  127
  133
Issuance/(repurchase) of shares, $m
  14
  19
  22
  25
  27
  28
  28
  28
  27
  26
  23
  20
  16
  12
  7
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  32
  40
  45
  51
  56
  60
  63
  66
  68
  70
  70
  70
  69
  68
  67
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  114
  120
  127
  133
Total cash flow (excl. dividends), $m
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  38
  48
  58
  69
  81
  95
  109
  124
  141
  159
  178
  199
  220
  244
Retained Cash Flow (-), $m
  -28
  -32
  -37
  -42
  -46
  -51
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -171
  -180
  -190
  -200
  -210
Prev. year cash balance distribution, $m
  102
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Cash available for distribution, $m
  83
  -22
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -62
  -65
  -69
  -68
  -64
  -60
  -56
  -50
  -44
  -38
  -30
  -22
  -12
  -2
  9
  21
  34
Discount rate, %
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
  79
  -20
  -22
  -23
  -24
  -25
  -25
  -25
  -24
  -24
  -23
  -22
  -20
  -19
  -17
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  98.6
  96.9
  94.9
  92.7
  90.6
  88.4
  86.3
  84.4
  82.6
  81.0
  79.7
  78.6
  77.7
  77.1
  76.8
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7

Hecla Mining Company is engaged in discovering, acquiring, developing and producing silver, gold, lead and zinc. The Company and its subsidiaries provide precious and base metals to the United States and around the world. It produces lead, zinc and bulk concentrates, which it markets to custom smelters and brokers, and unrefined bullion bars (dore) containing gold and silver. Its segments include the Greens Creek, Lucky Friday, Casa Berardi and San Sebastian units. It is focused on its San Sebastian project; North Idaho's Silver Valley; Greens Creek unit on Alaska's Admiralty Island; the silver-producing district near Durango, Mexico; the Abitibi region of north-western Quebec, Canada; the Rock Creek and Montanore projects in northwestern Montana and the Creede district of Southwestern Colorado. It produces zinc, lead and bulk flotation concentrates at its Greens Creek unit and lead and zinc flotation concentrates at its Lucky Friday unit.

FINANCIAL RATIOS  of  Hecla Mining (HL)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 1.7
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 18.1
Growth Rates
Sales Growth Rate 45.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 33
Current Ratio 0.1
LT Debt to Equity 34.3%
Total Debt to Equity 34.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. -0%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. -0%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 29.7%
Gross Margin - 3 Yr. Avg. 18.5%
EBITDA Margin 36.1%
EBITDA Margin - 3 Yr. Avg. 29.8%
Operating Margin 18.1%
Oper. Margin - 3 Yr. Avg. 4.9%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. -63.8%
Payout Ratio 5.7%

HL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HL stock intrinsic value calculation we used $578 million for the last fiscal year's total revenue generated by Hecla Mining. The default revenue input number comes from 2017 income statement of Hecla Mining. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for HL is calculated based on our internal credit rating of Hecla Mining, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hecla Mining.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HL stock the variable cost ratio is equal to 23.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $387 million in the base year in the intrinsic value calculation for HL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.4% for Hecla Mining.

Corporate tax rate of 27% is the nominal tax rate for Hecla Mining. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HL stock is equal to 1.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HL are equal to 350.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Hecla Mining operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HL is equal to 1.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1484 million for Hecla Mining - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 397 million for Hecla Mining is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hecla Mining at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Hecla Mining: 2Q Earnings Snapshot   [05:04AM  Associated Press]
▶ Hecla Reports Second Quarter 2018 Results   [03:05AM  Business Wire]
▶ [$$] Company in Legal Fight with Montana Halts Mine Cleanup Work   [Aug-01-18 11:22AM  The Wall Street Journal]
▶ Hecla Completes Acquisition of Klondex Mines Ltd.   [Jul-23-18 03:05AM  Business Wire]
▶ [$$] Montana Seeks Judge's Order to Ban Mining Company CEO   [Jun-26-18 10:56AM  The Wall Street Journal]
▶ Caught the Gold Bug? 3 Gold Stocks to Avoid   [Jun-25-18 09:34AM  Motley Fool]
▶ Trump reversal of mining pollution rule challenged in court   [May-16-18 04:55PM  Associated Press]
▶ 5 Shining Silver Stocks to Buy Today   [May-11-18 02:21PM  InvestorPlace]
▶ Hecla Mining: 1Q Earnings Snapshot   [May-10-18 05:06AM  Associated Press]
▶ Hecla Reports First Quarter 2018 Results   [03:05AM  Business Wire]
▶ [$$] Mining Company Fights 'Bad Actor' Polluter Label in Montana   [Apr-13-18 10:10AM  The Wall Street Journal]
▶ Mining company fights 'bad actor' polluter label in Montana   [Apr-12-18 07:53PM  Associated Press]
▶ Is Hecla Mining Company (HL) a Buy?   [Apr-10-18 10:18AM  Motley Fool]
▶ Mining exec: 'bad actor' label is bid to delay Montana mines   [Mar-30-18 08:15PM  Associated Press]
▶ [$$] Montana: Miner Violates 'Bad Actor' Law With Past Pollution   [Mar-22-18 11:11AM  The Wall Street Journal]
▶ Montana: miner violates "bad actor" law with past pollution   [Mar-20-18 10:53PM  Associated Press]
▶ Quebec Supports Hecla Mining's Casa Berardi Expansion   [Mar-06-18 10:13AM  GuruFocus.com]
▶ 2 Gold and Silver Stocks to Avoid (and 1 to Buy)   [Mar-02-18 08:16AM  Motley Fool]
▶ Get Your Peepers Out to Hecla Mining   [Feb-27-18 09:57AM  GuruFocus.com]
▶ Hecla Secures Second San Sebastian Mill   [Feb-26-18 03:00AM  Business Wire]
▶ Work aims to keep pollution out of Idaho, Washington water   [Feb-25-18 04:22PM  Associated Press]
▶ Is It Too Late To Buy Hecla Mining Company (NYSE:HL)?   [Feb-21-18 08:38AM  Simply Wall St.]
▶ Hecla Mining Releases Financial Results   [Feb-19-18 10:40AM  GuruFocus.com]
▶ Hecla Mining Company to Host Earnings Call   [Feb-15-18 07:30AM  ACCESSWIRE]
▶ Hecla Mining reports 4Q loss   [05:01AM  Associated Press]
▶ Hecla Mining Increases Reserves   [Feb-09-18 10:49AM  GuruFocus.com]
▶ Hecla Reports Record Reserves for Silver, Gold and Lead   [Feb-07-18 03:00AM  Business Wire]
▶ Why 2017 Was a Year to Forget for Hecla Mining Company   [Jan-31-18 09:04PM  Motley Fool]
▶ Blackrock Increases Stake in Hecla Mining Co.   [Jan-29-18 02:10PM  GuruFocus.com]
▶ Us Dollar Feels Sustained Pressure: Good News for Gold   [Jan-26-18 04:39PM  Market Realist]
▶ Is Hecla Mining Company a Buy in 2018?   [Jan-25-18 09:19AM  Motley Fool]
▶ A Brief Analysis of the Gold-Silver Spread in January 2018   [Jan-24-18 09:37AM  Market Realist]
▶ What Miners Moving Averages Indicate   [Jan-22-18 01:29PM  Market Realist]
▶ Hecla Mining Jumps 5.5%   [Jan-11-18 11:43AM  GuruFocus.com]
▶ A Look at Miners Correlation Trends   [09:10AM  Market Realist]
▶ How Is the Dollar Affecting Precious Metals?   [Jan-10-18 08:26AM  Market Realist]
▶ Van Eck Associates Increases Stake in Hecla Mining   [Jan-09-18 02:48PM  GuruFocus.com]
▶ Correlation Reading of Miners and Funds in the Last 3 Years   [Jan-05-18 12:10PM  Market Realist]
▶ Will Gold Maintain Its Close Correlation to Inflation?   [Jan-03-18 02:02PM  Market Realist]
▶ Is Hecla Mining Company a Buy?   [Jan-01-18 11:12AM  Motley Fool]
▶ Could Physical Demand Come to Golds Rescue in the New Year?   [Dec-27-17 04:05PM  Market Realist]
▶ What Direction Is the Correlation of Miners Headed?   [Dec-26-17 02:10PM  Market Realist]
▶ Miners: Analyzing Core Indicators for Investors   [Dec-21-17 09:15AM  Market Realist]
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