Rob Krcmarov

Hecla is the largest silver producer in the US and also mines gold, lead, and zinc, with all assets in Canada and the US. Krcmarov argues this North American jurisdiction profile gives investors certainty and predictability, with no risk of mines being taken away, while existing production helps because silver is mostly a byproduct and new primary silver deposits take many years to develop. He says permitting timelines have expanded and the company will focus on maintaining costs and operational efficiencies.

Silver's rally is a supply story: the market is in its fifth straight year of deficits, consuming about 200 million ounces per year more than is produced annually, and China's export restrictions that kicked in on January 1 have created a genuine supply squeeze meeting accelerating industrial demand. Silver is up 147% and Krcmarov says it can keep going higher, supported by industrial demand and gold-price tailwinds.

Gold's rally is driven by central bank buying: since 2022 central banks have purchased over 1,000 tonnes annually, roughly double the historic average, and they still indicate they plan to continue purchasing. Gold is up 65% and pushing past $4,500, its best year since 1979.