Silver Tops $110 an Ounce for the First Time, Lifting Hecla and Pan American

Silver has pushed above $110 an ounce for the first time, extending a rally that carried the metal through the $100 mark earlier this year. The move has repriced the mining complex alongside it: Hecla Mining shares are up roughly 482% over the past twelve months, and the stock added 5.9% on September 17 after an upbeat price outlook from the company.

The gains have come despite mixed operating detail. Hecla reported slightly lower second-quarter revenue and earnings against a record prior quarter, while posting strong free cash flow, a stronger balance sheet and record silver output at its Lucky Friday mine. The company has also guided to lower silver production for 2026, a reminder that higher realized prices and higher volumes are not moving in the same direction.

Pan American Silver has followed the sector higher, closing at $50.65 on September 10 against a February record of $68.06. Analysts covering the group point to tight supply as the structural argument behind the move, with mine output constrained even as industrial and investment demand has held. For portfolio purposes, the position is a leveraged bet on the metal rather than on any single operator's production profile.