Hecla Mining Company Earnings Recaps
Q2 2026
Aug 7, 2026
Hecla's shares rose 3.1% on the quarter, propelled by strong free cash flow generation and record production at key mines, underscoring investor confidence in the company's operational execution and project pipeline.
Key takeaways
- Revenue declined sequentially to $334 million from $411 million due to lower metal prices and timing of concentrate sales, not production issues.
- Adjusted EBITDA doubled year-over-year to $199 million, with all mines generating positive free cash flow; Greens Creek and Lucky Friday set site-level free cash flow records at $130 million and $88 million, respectively.
- Silver production increased 8% sequentially to 4.2 million ounces, led by a new quarterly record of 1.5 million ounces at Lucky Friday.
- Balance sheet strength improved with $483 million cash, no long-term debt beyond capital leases, and a fully undrawn $225 million revolver, providing financial flexibility.
- Early-stage development of a low-capital intensity pyrite concentrate project at Greens Creek aims to add 1–1.2 million ounces of silver and 10,000–15,000 ounces of gold annually by late 2027 or early 2028.
Q1 2026
May 8, 2026
Shares jumped 6.0% following Hecla’s earnings as the company’s debt-free position, strong operating cash flow, and promising project pipeline reinforced confidence in robust margin and production growth prospects.
Key takeaways
- Net long-term debt eliminated with $263 million senior note redemption completed in April, significantly strengthening the balance sheet.
- Q1 revenue from continuing operations surpassed $410 million, up 13% sequentially and doubled versus Q1 2025.
- Produced 3.9 million ounces of silver, a 3% increase from the prior quarter, supported by low cash costs near negative $3/oz and all-in sustaining costs below $10/oz.
- Record adjusted EBITDA of $265 million and consolidated free cash flow of $144 million; every mine generated positive free cash flow.
- Advancement of near-term projects including the low-capital pyrite concentrate circuit and tailings reprocessing at Greens Creek, alongside exploration investment nearly doubling in 2026, signals potential for sustained production growth beyond 16.5 million ounces guidance.
Q3 2025
Nov 8, 2025
Hecla Mining Company delivered exceptional Q3 2025 results, achieving record revenues of $410 million, a significant decrease in net leverage to 0.3x, and generating strong free cash flow from all producing assets.
Key takeaways
- Record net income of $101 million and adjusted EBITDA of $196 million driven by strong silver and gold prices.
- Significant balance sheet improvement with an 83% reduction in net leverage from 1.8x to 0.3x, alongside elimination of over $15 million in annual interest expenses.
- Positive free cash flow from all four producing mines, totaling $90 million for the quarter, highlighting operational efficiency and robust cash generation.
- Continued investment in strategic growth projects, including completion of surface cooling at Lucky Friday and expansion initiatives at Greens Creek.
- Cost discipline maintained with all-in sustaining costs of $11.01 per silver ounce and silver margins at $31.57 per ounce.