Hecla Mining Company Q3 2026 Earnings Recap

Hecla’s shares rose 13.2% after earnings, as the company reported record cash generation and improved 2026 guidance. The positive reaction came alongside a clear caveat: Keno Hill must reduce throughput to stay within current permit limits, which management expects to pressure revenue and cost per tonne during the permitting period.

Key Takeaways

• Revenue was $334 million, down from the $411 million reported in the first quarter; management cited lower metal prices and silver concentrate produced but not yet sold, mostly at Greens Creek.
• Adjusted EBITDA was $211 million, up 6% from the prior quarter and more than 40% year over year. Operating cash flow reached a record $203 million and free cash flow a record $151 million.
• Silver production was 4.2 million ounces, within 1% of the second quarter. Keno Hill contributed almost 1 million ounces, but management plans to suppress throughput to comply with current permit limits; silver production is expected to fall less than throughput.
• Hecla ended the quarter with almost $700 million in cash, no long-term debt apart from finance leases, and about $1.2 billion of liquidity including its new revolving credit facility.
• The company raised the bottom end of its consolidated silver production guidance range, improved silver cash cost and all-in sustaining cost guidance, and lowered capital investment guidance for 2026.