Hecla Mining Company (HL) Q2 2026 earnings summary

Executive summary

• Q2 sales were $333.9M, down 19% sequentially as lower realized silver and gold prices and shipment timing outweighed higher consolidated production.

• Income from continuing operations was $117.9M, or $0.18/share; adjusted EBITDA was $199M, more than double year-ago levels.

• Silver production rose 8% sequentially to 4.2M oz; Lucky Friday set a quarterly record, and all three mines generated positive free cash flow.

• Operating cash flow was $175M and free cash flow was $136M; quarter-end cash was $483.5M with no long-term debt except leases.

• Casa Berardi was sold for $385.7M fair value, focusing capital on core silver assets; the sale resulted in a $192.5M loss from discontinued operations.

Financial highlights

• Mine revenue was $323M, with silver contributing 68% and gold 14%; realized silver-price margin was 90%.

• Consolidated cash cost after by-product credits was ($8.10)/oz and AISC was $6.07/oz, excluding Keno Hill.

• Q2 continuing-operations sales were $333.9M, up 52% year over year; first-half sales were $745.3M, up 76%.

• First-half operating cash flow from continuing operations was $357.8M, versus $136.0M in 2025.

• Paid $2.5M in dividends in Q2 and $5.3M year to date.

Outlook and guidance

• FY26 silver production guidance is 15.1M–16.1M oz; gold guidance is 51,000–55,000 oz.

• Greens Creek FY26 guidance: 8.0M–8.3M oz silver and 51,000–55,000 oz gold; cash costs of ($12.50)–($12.00)/oz and AISC of ($4.25)–($3.75)/oz after by-product credits.

• Lucky Friday FY26 silver guidance is 4.9M–5.2M oz; cash costs are $9.00–$9.75/oz and AISC $20.50–$26/oz. Keno Hill silver guidance is 2.2M–2.6M oz.

• FY26 capital investments are projected at $208M–$223M, with $55M for exploration and pre-development.

• Greens Creek pyrite circuit targets first production in Q4 2027 to H1 2028, followed by ~1 year of ramp-up; estimates remain subject to engineering and study work.