Intrinsic value of Hecla Mining - HL

Previous Close

$2.93

  Intrinsic Value

$0.78

stock screener

  Rating & Target

str. sell

-73%

Previous close

$2.93

 
Intrinsic value

$0.78

 
Up/down potential

-73%

 
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 0001), $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 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  634
  692
  753
  817
  883
  951
  1,023
  1,097
  1,174
  1,254
  1,337
  1,424
  1,514
  1,608
  1,705
  1,807
  1,913
  2,024
  2,139
  2,260
  2,386
  2,517
  2,655
  2,799
  2,949
  3,107
  3,271
  3,444
  3,625
  3,814
Variable operating expenses, $m
  148
  162
  176
  191
  207
  223
  239
  257
  275
  293
  313
  333
  354
  376
  399
  423
  448
  474
  501
  529
  558
  589
  621
  655
  690
  727
  765
  806
  848
  892
Fixed operating expenses, $m
  394
  403
  412
  421
  430
  440
  450
  459
  470
  480
  490
  501
  512
  523
  535
  547
  559
  571
  584
  596
  610
  623
  637
  651
  665
  680
  695
  710
  726
  742
Total operating expenses, $m
  542
  565
  588
  612
  637
  663
  689
  716
  745
  773
  803
  834
  866
  899
  934
  970
  1,007
  1,045
  1,085
  1,125
  1,168
  1,212
  1,258
  1,306
  1,355
  1,407
  1,460
  1,516
  1,574
  1,634
Operating income, $m
  91
  127
  165
  205
  246
  289
  334
  381
  430
  481
  534
  589
  647
  708
  771
  838
  907
  979
  1,055
  1,135
  1,218
  1,305
  1,397
  1,493
  1,594
  1,700
  1,811
  1,928
  2,051
  2,180
EBITDA, $m
  225
  273
  324
  377
  432
  490
  550
  612
  678
  746
  816
  890
  967
  1,048
  1,132
  1,219
  1,311
  1,407
  1,507
  1,612
  1,722
  1,837
  1,958
  2,084
  2,217
  2,356
  2,502
  2,655
  2,816
  2,985
Interest expense (income), $m
  19
  38
  44
  51
  58
  65
  72
  80
  88
  96
  105
  114
  123
  133
  143
  153
  164
  176
  188
  200
  213
  226
  240
  255
  271
  287
  304
  321
  340
  359
  379
Earnings before tax, $m
  53
  83
  114
  147
  181
  217
  254
  293
  334
  376
  420
  466
  515
  565
  618
  673
  731
  792
  855
  922
  992
  1,065
  1,142
  1,222
  1,307
  1,396
  1,490
  1,588
  1,692
  1,801
Tax expense, $m
  14
  22
  31
  40
  49
  59
  69
  79
  90
  102
  113
  126
  139
  153
  167
  182
  197
  214
  231
  249
  268
  288
  308
  330
  353
  377
  402
  429
  457
  486
Net income, $m
  39
  61
  83
  107
  132
  158
  185
  214
  244
  274
  307
  341
  376
  413
  451
  491
  534
  578
  624
  673
  724
  777
  833
  892
  954
  1,019
  1,088
  1,160
  1,235
  1,314

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
  2,466
  2,694
  2,931
  3,178
  3,435
  3,702
  3,980
  4,268
  4,568
  4,879
  5,203
  5,540
  5,891
  6,256
  6,636
  7,032
  7,445
  7,875
  8,325
  8,794
  9,284
  9,795
  10,331
  10,890
  11,475
  12,088
  12,729
  13,400
  14,103
  14,840
Adjusted assets (=assets-cash), $m
  2,466
  2,694
  2,931
  3,178
  3,435
  3,702
  3,980
  4,268
  4,568
  4,879
  5,203
  5,540
  5,891
  6,256
  6,636
  7,032
  7,445
  7,875
  8,325
  8,794
  9,284
  9,795
  10,331
  10,890
  11,475
  12,088
  12,729
  13,400
  14,103
  14,840
Revenue / Adjusted assets
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  2,222
  2,427
  2,641
  2,864
  3,095
  3,336
  3,586
  3,846
  4,116
  4,397
  4,688
  4,992
  5,308
  5,637
  5,979
  6,336
  6,708
  7,096
  7,501
  7,923
  8,365
  8,826
  9,308
  9,812
  10,340
  10,892
  11,469
  12,074
  12,708
  13,371
Working capital, $m
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
Total debt, $m
  598
  686
  779
  875
  975
  1,079
  1,187
  1,299
  1,415
  1,537
  1,663
  1,794
  1,930
  2,072
  2,220
  2,374
  2,535
  2,702
  2,877
  3,059
  3,250
  3,449
  3,657
  3,875
  4,103
  4,341
  4,590
  4,851
  5,125
  5,411
Total liabilities, $m
  959
  1,048
  1,140
  1,236
  1,336
  1,440
  1,548
  1,660
  1,777
  1,898
  2,024
  2,155
  2,292
  2,433
  2,581
  2,735
  2,896
  3,063
  3,238
  3,421
  3,611
  3,810
  4,019
  4,236
  4,464
  4,702
  4,952
  5,213
  5,486
  5,773
Total equity, $m
  1,507
  1,646
  1,791
  1,942
  2,099
  2,262
  2,432
  2,608
  2,791
  2,981
  3,179
  3,385
  3,599
  3,822
  4,054
  4,296
  4,549
  4,812
  5,086
  5,373
  5,672
  5,985
  6,312
  6,654
  7,011
  7,386
  7,777
  8,188
  8,617
  9,067
Total liabilities and equity, $m
  2,466
  2,694
  2,931
  3,178
  3,435
  3,702
  3,980
  4,268
  4,568
  4,879
  5,203
  5,540
  5,891
  6,255
  6,635
  7,031
  7,445
  7,875
  8,324
  8,794
  9,283
  9,795
  10,331
  10,890
  11,475
  12,088
  12,729
  13,401
  14,103
  14,840
Debt-to-equity ratio
  0.400
  0.420
  0.430
  0.450
  0.460
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
Adjusted equity ratio
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  39
  61
  83
  107
  132
  158
  185
  214
  244
  274
  307
  341
  376
  413
  451
  491
  534
  578
  624
  673
  724
  777
  833
  892
  954
  1,019
  1,088
  1,160
  1,235
  1,314
Depreciation, amort., depletion, $m
  134
  146
  159
  173
  186
  201
  216
  232
  248
  265
  282
  301
  320
  340
  360
  382
  404
  427
  452
  477
  504
  532
  561
  591
  623
  656
  691
  727
  766
  805
Funds from operations, $m
  173
  207
  242
  280
  319
  359
  402
  446
  491
  539
  589
  641
  696
  752
  811
  873
  938
  1,005
  1,076
  1,150
  1,228
  1,309
  1,394
  1,484
  1,577
  1,675
  1,779
  1,887
  2,001
  2,120
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  173
  207
  243
  280
  319
  360
  402
  446
  492
  540
  590
  642
  696
  753
  812
  874
  939
  1,006
  1,077
  1,151
  1,229
  1,310
  1,396
  1,485
  1,579
  1,677
  1,780
  1,889
  2,002
  2,122
Maintenance CAPEX, $m
  -122
  -134
  -146
  -159
  -173
  -186
  -201
  -216
  -232
  -248
  -265
  -282
  -301
  -320
  -340
  -360
  -382
  -404
  -427
  -452
  -477
  -504
  -532
  -561
  -591
  -623
  -656
  -691
  -727
  -766
New CAPEX, $m
  -196
  -205
  -214
  -223
  -231
  -241
  -250
  -260
  -270
  -281
  -292
  -304
  -316
  -329
  -342
  -357
  -372
  -388
  -405
  -423
  -441
  -461
  -482
  -504
  -527
  -552
  -578
  -605
  -633
  -664
Cash from investing activities, $m
  -318
  -339
  -360
  -382
  -404
  -427
  -451
  -476
  -502
  -529
  -557
  -586
  -617
  -649
  -682
  -717
  -754
  -792
  -832
  -875
  -918
  -965
  -1,014
  -1,065
  -1,118
  -1,175
  -1,234
  -1,296
  -1,360
  -1,430
Free cash flow, $m
  -145
  -132
  -117
  -101
  -85
  -67
  -49
  -30
  -10
  11
  33
  56
  80
  105
  130
  157
  185
  214
  245
  277
  310
  345
  382
  420
  460
  502
  546
  593
  642
  693
Issuance/(repayment) of debt, $m
  84
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  167
  175
  182
  191
  199
  208
  218
  228
  238
  249
  261
  273
  286
Issuance/(repurchase) of shares, $m
  92
  79
  62
  44
  25
  5
  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 from financing (excl. dividends), $m  
  176
  168
  154
  140
  125
  109
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  167
  175
  182
  191
  199
  208
  218
  228
  238
  249
  261
  273
  286
Total cash flow (excl. dividends), $m
  31
  35
  37
  38
  40
  42
  59
  83
  107
  133
  159
  187
  216
  246
  278
  311
  346
  382
  420
  459
  501
  544
  590
  638
  688
  741
  796
  854
  915
  979
Retained Cash Flow (-), $m
  -131
  -139
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -223
  -232
  -242
  -252
  -263
  -275
  -287
  -299
  -313
  -327
  -342
  -358
  -374
  -392
  -410
  -430
  -450
Prev. year cash balance distribution, $m
  108
  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
  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
Cash available for distribution, $m
  8
  -104
  -108
  -112
  -117
  -122
  -110
  -94
  -76
  -58
  -39
  -19
  2
  24
  46
  69
  94
  119
  145
  173
  201
  232
  263
  296
  330
  366
  404
  444
  486
  529
Discount rate, %
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
  8
  -95
  -94
  -92
  -90
  -88
  -74
  -58
  -43
  -30
  -18
  -8
  1
  8
  13
  17
  20
  21
  21
  21
  20
  18
  16
  14
  12
  10
  8
  6
  5
  4
Current shareholders' claim on cash, %
  93.4
  88.5
  85.1
  82.9
  81.8
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6

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 16.5
Price to Sales 1.8
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 19.3
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 $577.775 million for the last fiscal year's total revenue generated by Hecla Mining. The default revenue input number comes from 0001 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 9.7% 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 4.4%, 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 $386 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 0%.

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 350.6%.

Life of production assets of 16.6 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%. 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 - $1483.882 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 477.013 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 $1.4 billion.

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COMPANY NEWS

▶ Hecla Increases Holdings in Dolly Varden Silver Corporation   [Oct-02-18 08:30AM  Business Wire]
▶ Hecla Files NI 43-101 Technical Report on Fire Creek   [Sep-14-18 05:00AM  Business Wire]
▶ [$$] U.S. Agency Gives Hecla Mining Initial Approval for Montana Mine   [Aug-29-18 11:17AM  The Wall Street Journal]
▶ Better Buy: Freeport-McMoRan Inc. vs. Hecla Mining   [Aug-21-18 09:42AM  Motley Fool]
▶ Hecla Mining: 2Q Earnings Snapshot   [05:04AM  Associated Press]
▶ Hecla Reports Second Quarter 2018 Results   [03:05AM  Business Wire]
▶ [$$] 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]

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