December 22nd, 2025 | 07:00 CET
Hecla Mining, Globex Mining, Coeur Mining – Trend remains intact
The precious metals sector was one of the big winners on the financial markets in 2025. While silver made headlines with its spectacular rally, gold in particular remains the overriding anchor of stability for investors. Despite temporary setbacks, there are many indications that the long-term upward trend remains intact. Structural drivers such as high government debt, geopolitical uncertainties, and continued demand for safe havens are likely to remain unchanged. Against this backdrop, gold and silver producers are once again coming into focus, as they can benefit disproportionately from the positive environment.
time to read: 4 minutes
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Author:
Stefan Feulner
ISIN:
HECLA MNG DL-_25 | US4227041062 , GLOBEX MINING ENTPRS INC. | CA3799005093 , COEUR MINING DL -_01 | US1921085049
Table of contents:
"[...] Our projects are at the initial, high reward exploration stage. [...]" Humphrey Hale, CEO, Managing Geologist, Carnavale Resources Ltd.
Author
Stefan Feulner
The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
He is passionate about analyzing a wide variety of business models and investigating new trends.
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Hecla Mining – Silver giant with comeback qualities
Hecla Mining is one of North America's most traditional precious metal producers. Founded in 1891, the Company is now one of the largest silver producers in the US and has been listed on the NYSE for more than 50 years.
However, Hecla's advanced age did not prevent it from staging a spectacular rally in 2025. Buoyed by rising precious metal prices and operational strength, the share price rose from around USD 5.70 to USD 20.57. The stock is currently overbought, and a pullback to around USD 15 could offer an attractive long-term entry point.
The producer currently operates four mines. While Greens Creek and Lucky Friday in the US and Keno Hill in Canada focus on silver, Casa Berardi in Canada primarily produces gold. The portfolio is complemented by several exploration and development projects. Particularly important: the mines are rich in by-products such as lead and zinc, which significantly improve the cost structure.
In the third quarter of 2025, Hecla produced 4.59 million ounces of silver and 40,654 ounces of gold. AISC was competitive at USD 11.01 per ounce of silver and USD 1,746 per ounce of gold. This also benefited the balance sheet. Adjusted EBITDA reached USD 195.7 million, with strong free cash flow of USD 90.1 million. Total debt was almost halved within a few months, from USD 564.7 million to USD 277.7 million.
Globex Mining – Significant potential despite increase
2025 was an extremely successful year for Canadian commodity incubator Globex Mining. The share price is currently trading at CAD 1.76, representing a performance of around 56%, and even reached a 13-year high of CAD 2.10 at one point.
Globex Mining is not a traditional explorer, but has been operating for decades as a kind of "mineral bank." Under the leadership of CEO and geologist Jack Stoch, a uniquely diversified portfolio has been built up, which now comprises 262 projects, almost entirely in resource-friendly and legally secure Canada. The focus is on precious metals, supplemented by base metals such as copper, zinc, and nickel, as well as strategic commodities such as lithium, rare earths, antimony, and uranium. A central element of the business model is the optioning and licensing of these properties to partner companies. Globex currently holds over 100 royalty arrangements and numerous option agreements that generate ongoing option and royalty income.
The Company is in an extremely solid financial position. Globex is debt-free and has cash and marketable securities of over CAD 30 million. This allows the Company to take advantage of opportunities without having to rely on capital increases. Given a market capitalization of approximately CAD 99 million, the intrinsic value of the portfolio appears to be only partially reflected, especially as several commodity segments are simultaneously benefiting from structural supply bottlenecks.
Operationally, the focus has recently shifted more toward the company's own projects. Globex reported convincing drill results at the 100% controlled Rouyn-Merger project in Québec. Among other things, 3.44 g/t gold over 38.7 m and other high-grade intervals with over 12 g/t gold were intersected. The results confirm the geological potential along the Cadillac Fault and fuel hopes for a significant resource expansion.
Coeur Mining – From restructuring to growth
The Chicago-based company is one of North America's best-known gold and silver producers and has already had a volatile history. In 2006, when it was still operating under the name Coeur d'Alene Mines Corporation, its shares were trading at well over USD 70. Aggressive expansion and rapidly increasing production made Coeur the star of the precious metals sector for a time. However, the price of growth was high, and rising debt forced management to implement harsh restructuring measures and sell off peripheral activities.
Today, Coeur Mining is significantly more stable. The group operates five producing mines, including Rochester in Nevada and Palmarejo in Mexico. In the third quarter of 2025, production rose to 111,364 ounces of gold and 4.8 million ounces of silver, up from 94,993 ounces of gold and 3 million ounces of silver in the same quarter of the previous year. This paid off operationally. Adjusted EBITDA jumped from USD 126.0 million to USD 299.1 million, and free cash flow from USD 69.1 million to USD 188.7 million. At the same time, total debt was significantly reduced from USD 605.2 million to USD 363.5 million.
The planned acquisition of New Gold is providing new momentum. The transaction is to be carried out via a share swap and completed in 2026. New Gold brings two Canadian core assets to the table: New Afton and Rainy River.
After the merger, Coeur plans to produce 20 million ounces of silver, 900,000 ounces of gold, and 100 million pounds of copper from seven mines.
Although short and sharp corrections are possible due to overbought conditions, the precious metals bull market is unlikely to have run its course yet. Coeur Mining and Hecla Mining are well-positioned for further upside. Rising precious metal prices are likely to significantly increase the intrinsic value of the Globex portfolio.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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