10 Best Small-Cap Gold Mining Stocks to Buy Now

2. Hecla Mining Company (NYSE:HL)

Number of Hedge Fund Holders: 27

Hecla Mining Company (NYSE:HL) stands as a major precious and base metal producer with sites across the U.S., Canada, and international markets. It produces silver, gold, lead, and zinc, firmly holding the title of North America’s biggest silver producer. Its main assets include Greens Creek and Lucky Friday, which drive strong cash flow, while Keno Hill remains crucial for future expansion.

In 2024, Hecla Mining Company (NYSE:HL) posted stellar financial results, with record yearly revenue of over $900 million for Q4, up 29.1% from the previous year. This jump came from higher metal prices and strong mine output. Free cash flow from Greens Creek and Lucky Friday hit $228 million, reflecting Hecla’s solid financial base and ability to fund growth projects. These results helped strengthen its balance sheet, with the net leverage ratio falling from 2.7x to 1.6x, marking major financial progress. Also, adjusted EBITDA reached new highs, backing ongoing investments in capital spending, which totaled $215 million in mine development and growth projects.

Despite strong financial results, Hecla Mining Company (NYSE:HL) faced hurdles at Keno Hill. A slow ramp-up led to a low production of 2.8 million ounces. Infrastructure limits and permit delays held the site from hitting targets. Meanwhile, silver output at Greens Creek and Lucky Friday met goals, with Greens Creek yielding 8.5 million ounces and Lucky Friday producing 4.9 million ounces. Additionally, Casa Berardi yielded 87,000 ounces of gold, boosting Hecla’s overall strong production. For 2025, the company expects total silver production between 15.5 million and 17 million ounces, further securing its lead in silver mining.

At Keno Hill, Hecla Mining Company (NYSE:HL) is investing heavily in infrastructure to raise throughput to 600 tons daily. This should help tackle high fixed costs and speed up production. Talks with the Yukon government about permits continue, with a clear path toward improved production at Keno Hill soon.

Despite growth prospects, Hecla Mining Company (NYSE:HL) faces challenges from rising labor and power costs at Greens Creek and Lucky Friday. However, with hydropower utility maintenance at Greens Creek set to finish by mid-2025, cost pressure should tone down, further improving the mine’s profits. Thus, Hecla Mining is among the best stocks to buy now.