Hecla Mining Company (HL) Q3 2026 earnings summary

Executive summary

• Q3 sales were $394.8M and income from continuing operations was $149.6M, or $0.22/share; silver production was 4.17M oz.

• Record operating cash flow was $203.0M and free cash flow was $151.2M; adjusted EBITDA was $211.5M.

• Cash ended Q3 at $691.6M, with total liquidity of ~ $1.2B; medium-term silver production potential exceeds 20M oz annually.

Financial highlights

• Q3 sales were $394.8M, up 18% QoQ; mine revenues were $372M, excluding ERDC Environmental Services, and silver contributed 69% of revenue.

• Income from continuing operations was $149.6M, or $0.22/share, versus $117.9M and $0.18/share in Q2.

• Adjusted EBITDA was $211.5M, up 6% QoQ; operating cash flow was $203.0M, up 16% QoQ, and free cash flow was $151.2M.

• Realized silver price was $63.62/oz; consolidated cash cost was $(3.20)/oz and AISC was $14.34/oz, excluding Keno Hill.

• Costs applicable to sales were $158.2M, up 35% QoQ, primarily on higher concentrate sales volumes and shipment timing.

Outlook and guidance

• 2026 silver production guidance is 15.3–16.1M oz, with the low end raised to 15.3M oz; Greens Creek gold guidance remains 51–55K oz.

• Consolidated silver cash cost guidance improved to $(4.75)–$(4.25)/oz and AISC to $11.50–$12.50/oz; 2026 capital investment guidance fell to $198–$214M.

• Keno Hill throughput is expected near 300 tons/day in Q4 2026 and lower from January 2027; 2027 mine guidance is expected in February.

• Keno Hill production constraints depend on permits and infrastructure, with license amendments estimated around mid-2029; medium-term silver production potential remains above 20M oz.

• Greens Creek’s pyrite circuit could add 1.0–1.2M oz silver and 10–15K oz gold annually at full ramp-up; initial production is targeted from late 2027, subject to approval.