Mine Output Hits a Decade High and the Silver Deficit Still Won't Close

Rhea-AI Summary

Hecla Mining (NYSE: HL) reported year-end 231 million ounces of silver reserves and produced 17 million ounces in 2025, maintaining the longest average reserve life among peers. Greens Creek and Lucky Friday delivered strong production and reserve replacement. Hecla plans to nearly double 2026 exploration to $55 million focused on Nevada, Greens Creek, Keno Hill, and Lucky Friday to exceed annual reserve depletion.

Sector context: global mine output is forecast to hit a decade high in 2026 while a persistent 67-million-ounce market deficit and rising physical investment support prices.

Positive

• Year-end silver reserves of 231 million ounces
• 2025 production of 17 million ounces
• Greens Creek produced 8.7 million ounces and grew reserves by 2.4 million ounces
• Lucky Friday record production of 5.3 million ounces and 5.0 million ounces of reserves replaced
• Planned $55 million exploration budget for 2026 to exceed annual reserve depletion

Negative

• None.

Key Figures

2026 mine output: 820 million ounces Silver deficit: 67 million ounces Silver price: $80 per ounce +5 more

8 metrics

2026 mine output 820 million ounces Global silver mine production forecast, 1% increase

Silver deficit 67 million ounces Projected 2026 market shortfall, sixth year of deficit

Silver price $80 per ounce Consolidated level after breaching $100 in January

Physical investment demand 227 million ounces Expected 20% increase, three-year peak

Trinity historic resource 36 million silver-equivalent ounces Historic resource at Americore’s Trinity Silver Project

Trinity land package 22,700 acres Consolidated land package around former US Borax open pit

Santacruz price gain 1,103% Share price appreciation across 2025 for TSX Venture 50 ranking

Hecla reserves 231 million ounces Year-end 2025 silver reserves reported for Hecla Mining

Market Reality Check

Price: $22.01 Vol: Volume 15274038 is below ...

low vol

$22.01 Last Close

Volume Volume 15274038 is below 20-day average of 22048431, suggesting no outsized positioning ahead of this article. low

Technical Trading above 200-day MA with price at 22.01 versus MA(200) 13.68, reflecting a sustained upswing pre-news.

Peers on Argus

HL was up about 4.41% while momentum peers ASM, SBSW and MUX showed median moves...

3 Down

HL was up about 4.41% while momentum peers ASM, SBSW and MUX showed median moves around -5.6% and all trended down, indicating this move skewed more stock-specific than sector-wide.

Historical Context

5 past events · Latest: Feb 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 26	Silver market outlook	Positive	+5.3%	Article highlighted sixth consecutive silver deficit and tight supply dynamics.
Feb 26	Asset sale context	Neutral	+5.3%	Coverage of First Nation seeking input on Casa Berardi sale to Orezone.
Feb 17	Earnings results	Positive	+3.7%	Record 2025 revenue, strong net income, cash flow and low net leverage.
Feb 13	Reserves & exploration	Positive	+8.2%	Large silver reserves and plan to nearly double 2026 exploration spend.
Feb 02	Earnings call notice	Neutral	-4.3%	Announcement of timing and access details for Q4 and full-year call.

Pattern Detected

HL has generally reacted positively to silver market, reserves, and earnings news, with four recent events showing gains after constructive updates and only one divergence on a neutral scheduling announcement.

Recent Company History

Over the past few months, Hecla reported several milestones. A silver market deficit piece on Feb 26 and a separate First Nation/Casa Berardi sale headline coincided with +5.28% moves. Record 2025 results on Feb 17 and detailed reserves plus exploration plans on Feb 13 both saw positive reactions, including an +8.19% move. Only the Feb 2 earnings-call notice aligned with a -4.31% decline, suggesting stronger moves tend to follow substantive operational or market updates.

Market Pulse Summary

This announcement highlights a tight global silver market with a projected 67 million-ounce deficit ...

Analysis

This announcement highlights a tight global silver market with a projected 67 million-ounce deficit and supportive investment demand, while also showcasing Hecla’s 231 million-ounce reserve base and increased $55 million exploration plans. Recent history shows positive share reactions to substantive reserve, exploration, and earnings updates. Investors evaluating this news often focus on how sustained silver deficits, Hecla’s production profile, and its portfolio decisions, including Casa Berardi, interact with broader commodity and operational risks.

Key Terms

ni 43-101, npv, irr

3 terms

ni 43-101 regulatory

"advance toward a modern NI 43-101 resource estimate."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

npv financial

"The economics show an after-tax NPV of US$1.8 billion"

Net Present Value (NPV) is a way to measure how much a future stream of money is worth today. It helps investors decide whether an investment is worthwhile by comparing the current value of expected earnings to its initial cost. A positive NPV suggests the investment could generate profit, making it a key tool for evaluating financial decisions.

irr financial

"an after-tax NPV of US$1.8 billion, a 111% IRR"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

AI-generated analysis. Not financial advice.

Issued on behalf of Americore Resources Corp.

Equity-Insider.com News Commentary

VANCOUVER, BC, March 11, 2026 /PRNewswire/ --— Global silver mine production is forecast to climb 1% to 820 million ounces in 2026, a ten-year high fueled by new project commissioning in Mexico, Canada, and Morocco, yet the market is still expected to post a 67-million-ounce deficit for the sixth year running^[1]. Silver consolidated near $80 per ounce after breaching $100 in January, and tight physical availability in London continues to underpin the structural floor beneath prices^[2]. Americore Resources (TSXV: AMCO) (OTCQB: AMCOF), Santacruz Silver Mining (TSXV: SCZ), Vizsla Silver (NYSE: VZLA), Aya Gold & Silver (TSX: AYA), and Hecla Mining (NYSE: HL) are each advancing through different stages of this tightening cycle.

 

 

Industrial fabrication is projected to dip 2% to roughly 650 million ounces as solar panel manufacturers accelerate thrifting and copper substitution, but data center buildouts, AI infrastructure, and automotive electrification are absorbing much of the slack^[3]. Physical investment demand is expected to surge 20% to 227 million ounces, reaching a three-year peak as investor confidence strengthens around silver's dual monetary and industrial role^[4].

Americore Resources (TSXV: AMCO) (OTCQB: AMCOF) has completed a drone-magnetometer survey spanning roughly 350 line-km across its wholly owned Trinity Silver Project in Pershing County, Nevada. Pioneer Exploration Consultants of Ottawa flew the survey along a 6-kilometer southwest-to-northeast strike centered on the Trinity open pit, targeting subsurface structures across the full project footprint. Campbell and Walker Geophysics is now performing a detailed interpretation of the newly acquired data, integrating all available historic geophysical records to build a unified structural model for the property.

Trinity sits within a 22,700-acre consolidated land package that incorporates optioned ground from Primus Resources surrounding a former US Borax open pit. The property carries a historic resource of 36 million silver-equivalent ounces, and Americore has been methodically compiling the geological datasets needed to advance toward a modern NI 43-101 resource estimate. An extensive historic drill database underpins the upcoming confirmation and expansion campaign.

"We continue to systematically move the Trinity Project forward," said Jeff Poloni, CEO of Americore. "The exploration plan which includes both confirmation and expansion drilling will allow us to move the resource from Inferred to Indicated and will become the foundation for a new mineral resource estimate."

Americore has begun the permitting process for a drill program slated to commence in Q2 2026, targeting confirmation and extension of the historic data across both BLM land and fee land administered by the Bureau of Mining Regulation and Reclamation within the Nevada Division of Environmental Protection. The BLM pathway involves a Notice of Disturbance for under 5 acres, a streamlined track that keeps the timeline intact for field mobilization. The company is simultaneously exploring monetization options for an existing above-ground stockpile at Trinity, creating a potential near-term revenue pathway alongside the broader exploration and resource delineation effort.

CONTINUED… Read this and more on Americore at: https://equity-insider.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/

In other industry developments and happenings in the market include:

Santacruz Silver Mining (TSXV: SCZ) (NASDAQ: SCZM) ranked first on the 2026 TSX Venture 50, ranked first overall after posting 1,103% share price appreciation and 1,137% market capitalization growth across 2025. The company operates three mining complexes in Bolivia and the Zimapán mine in Mexico.

"To be named the #1 ranked company on the 2026 TSX Venture 50 is an extraordinary honour and marks a transformative year for Santacruz," said Arturo Préstamo, Executive Chairman and CEO of Santacruz Silver Mining. "This distinction recognizes the strength of our operations, the quality of our asset portfolio, and the dedication of our hardworking team."

Santacruz described the ranking as validation of its strategic direction, noting that the re-rating of silver equities on the TSX Venture Exchange has drawn renewed capital into the sector. The company continues building toward growth across its Latin American portfolio.

Vizsla Silver (TSX: VZLA) (NYSE: VZLA) delivered its 2025 year-end summary and 2026 outlook, anchored by a feasibility study at Panuco projecting over 20 million ounces of annual silver equivalent production during the first five years. The economics show an after-tax NPV of US$1.8 billion, a 111% IRR, and a payback period of just seven months. With over US$450 million in cash, construction is fully financed.

"2025 was an extraordinary year for Vizsla, the Panuco project and the underlying commodities," said Michael Konnert, President and CEO of Vizsla Silver. "I am extremely proud of our team's performance in 2025 and grateful for the continued support of our community members, shareholders and other stakeholders as we advance toward first silver production in the second half of 2027."

A 60,000-meter district-wide drill campaign is planned for 2026, with MIA permit receipt expected mid-year to clear the path for construction. Exploration at the Animas target returned 897 g/t AgEq over 5.8 meters, revealing new discovery potential along the central portion of the Panuco district.

Aya Gold & Silver (TSX: AYA) (OTCQX: AYASF) discovered approximately 500 metres east of the Boumadine Main Trend in Morocco. Drill hole BOU-DD25-728 returned 255 g/t AgEq over 11.9 meters, confirming high-grade continuity along the 5.4-kilometer trend and extending the exploration footprint well beyond known zones.

"These results, including a new southern parallel structure and mineralization more than 500 metres from any known zone, reinforce that the resource potential continues to grow," said Benoit La Salle, President & CEO of Aya Gold & Silver. "With ten rigs active, we're fast-tracking development and the 2026–2027 infill program, with two more rigs expected in March."

Year-to-date drilling at Boumadine has reached 28,904 meters across a newly expanded mining license covering 14.2 square kilometers. Further intercepts include BOU-DD25-734 at 446 g/t AgEq over 6.0 meters and BOU-MP25-092 at 296 g/t AgEq over 9.5 meters.

Hecla Mining (NYSE: HL) reported year-end silver reserves of 231 million ounces after producing 17 million ounces in 2025, maintaining the longest average reserve mine life among its silver peers. Greens Creek produced 8.7 million ounces of silver while growing its reserve base by 2.4 million ounces, and Lucky Friday delivered a record 5.3 million ounces and replaced 5.0 million in reserves.

"Our 231 million ounces of reserves at year-end 2025 reflects refined technical standards we've implemented across our reserve modeling as we've learned from mining these deposits, strengthening the quality and credibility of our estimates," said Rob Krcmarov, President and CEO of Hecla Mining.

The company plans to nearly double its exploration investment in 2026 to $55 million, focused on Nevada, Greens Creek, Keno Hill, and Lucky Friday, with the goal of exceeding annual reserve depletion. Drilling at Keno Hill returned 36.4 oz/ton silver over 21.4 feet, extending mineralization 140 feet beyond the previous resource boundary.

SOURCE: https://equity-insider.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/

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SOURCES:

1. https://goldinvest.de/en/silver-outlook-2026-silver-institute-expects-renewed-strong-investment-interest-amid-persistent-market-deficit
2. https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-in-the-future/
3. https://taiyangnews.info/business/silver-substitution-efforts-to-lower-demand-in-solar-sector-in-2026
4. https://www.ipmi.org/news/silver-faces-fifth-annual-supply-deficit-industrial-demand-slumps-investment-surges-silver

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