Hecla Mining Company (HL) Q2 2026 earnings summary

Executive summary

• Entered Q3 2026 with the strongest balance sheet in company history, ending Q2 with $483 million in cash, no long-term debt (excluding leases), and a fully undrawn $225 million credit facility.

• Q2 2026 delivered robust operational and financial performance, with all mines generating positive free cash flow and site-level records at Greens Creek and Lucky Friday.

• Produced 4.2 million ounces of silver and over 14,000 ounces of gold in Q2 2026, with consolidated silver production up 8% sequentially.

• Safety performance improved significantly, with TRIFR dropping to 1.57 from 2.07 in Q1.

• Completed the sale of Hecla Quebec (Casa Berardi mine) for $385.7 million, focusing capital on core silver assets.

Financial highlights

• Q2 2026 revenue from continuing operations was $334 million, with net income of $118 million ($0.18/share) and adjusted EBITDA of $199 million.

• Operating cash flow reached $175 million; free cash flow was $136 million, with all mines generating positive FCF.

• Costs applicable to sales were $117 million; silver cash cost was ($8.10)/oz and AISC was $6.07/oz (after by-product credits, excluding Keno Hill).

• Ended the quarter with $483 million in cash, no long-term debt (excluding leases), and a net cash position.

• Q2 2026 gross margin was 46% and adjusted EBITDA margin was 60%.

Outlook and guidance

• 2026 consolidated silver production guidance revised to 15.1–16.1 million ounces; Greens Creek: 8.0–8.3 Moz, Lucky Friday: 4.9–5.2 Moz, Keno Hill: 2.2–2.6 Moz.

• Silver cash cost and AISC guidance lowered to ($4.00)–($3.75)/oz and $12.50–$13.50/oz, respectively.

• Capital investment guidance raised to $208–$223 million; exploration and pre-development expenditures expected at $55 million.

• At $50/oz silver and $3,500/oz gold, projected 2026 after-tax free cash flow is ~$500 million; at $100/oz silver and $5,500/oz gold, nearly $800 million.

• Medium-term silver production potential exceeds 20 million ounces, driven by project pipeline and ramp-ups.