AG vs. HL: Which Silver Mining Stock Has Greater Upside Now?

Zacks compares First Majestic (AG) and Hecla Mining (HL) amid a strong silver market, concluding AG currently offers greater upside. Rising silver prices and demand (industrial and safe-haven) are supporting miners’ earnings and valuations. First Majestic saw Q1 2026 silver output moderate but benefits from First Mint bullion sales (now IRA-eligible) and the Gatos acquisition, driving upside to estimates. Hecla delivered robust 2025 production gains across Greens Creek, Keno Hill and Lucky Friday but faces higher AISC, rising capital intensity and elevated 2026 capex that could pressure cash flow. Zacks’ consensus EPS growth for 2026 is stronger for AG (52.2% implied) versus HL (40.8%), and AG’s stock has outperformed over six months. The note frames both stocks as Hold (Zacks Rank #3) but favors AG on growth momentum and valuation.