Hecla Mining Company (HL) Mining Forum Europe 2026 summary

Financial position and capital structure

• Market capitalization is approximately $13 billion, with strong trading liquidity and 670 million shares outstanding.

• Ended the year with $241 million in cash and $262 million in long-term debt, which was retired last week, making the company essentially debt-free.

• Fully undrawn $225 million revolving credit facility and a $75 million accordion provide significant financial flexibility.

• Institutional ownership is about 78%, with 22% retail, and coverage by ten analysts.

Operational highlights and production outlook

• Largest silver producer in Canada and the U.S., with all mines and projects located in these jurisdictions.

• Portfolio includes Greens Creek (Alaska), Lucky Friday (Idaho), and Keno Hill (Yukon), all exceeding peer average reserve life.

• 2025 production was about 17 million ounces of silver; 2026 guidance is 15.1–16.5 million ounces due to lower grades at Greens Creek.

• Medium-term target is 20 million ounces, driven by Keno Hill ramp-up and potential Midas restart.

Cost structure and profitability

• Lowest cost producer in the peer group, with 2025 all-in sustaining costs at $11.28/oz; Greens Creek achieved -$2.36/oz.

• High margins supported by efficient operations, high grades, and byproduct credits.

• Long reserve lives provide planning certainty and lower cost of capital.