# Hecla Reports First Quarter 2026 Results

Source Brief: https://evesgoldminers.com/research/source-briefs/hecla-mining-2026-05-05-hecla-reports-first-quarter-2026-results-8cbef2e4
Original source: https://www.sec.gov/Archives/edgar/data/719413/000119312526206729/hl-ex99_1.htm
Original published: 2026-05-05
EGM generated: 2026-09-04
Company: Hecla Mining Company (HL)

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# Hecla Reports First Quarter 2026 Results

Source: https://www.sec.gov/Archives/edgar/data/719413/000119312526206729/hl-ex99_1.htm
Published: 2026-05-05T00:00:00+00:00
Fetched: 2026-08-01T08:37:58.991+00:00
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# Hecla Reports First Quarter 2026 Results
Source: https://www.sec.gov/Archives/edgar/data/719413/000119312526206729/hl-ex99_1.htm
Published: 2026-05-05
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hl-ex99_1.htm
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  Hecla Reports First Quarter 2026 Results Cash Flow from Continuing Operations $183 million, Record Free Cash Flow 1 $144 million; Premier Silver Focus Sharpened; Organic Growth Pipeline Advancing   COEUR D'ALENE, IDAHO - May 5, 2026- Hecla Mining Company ( NYSE:HL ) ("Hecla", or the "Company") today announced first quarter 2026 financial and operating results. "Prior quarter" refers to the fourth quarter of 2025. Prior period financial information has been revised to reflect Casa Berardi as a discontinued operation.   FIRST QUARTER 2026 HIGHLIGHTS _____________________________________________________________________________________________________________   Financial Performance: • Revenue: Over $411 million from continuing operations, representing a 13% increase over prior quarter and a 100% increase versus the first quarter of 2025 (both periods on a continuing operations basis, excluding Casa Berardi), reflecting the combination of significantly higher realized silver and gold prices, partly offset by 5% and 6% lower silver and gold production, respectively. • Profitability: Net income from continuing operations of $165 million or $0.25 per share - up from $24 million or $0.04 per share in the first quarter of 2025. After a non-cash $192 million write-down related to the Casa Berardi sale, net loss attributable to common stockholders of $19 million or ($0.03) per share. Casa Berardi generated income from operations of $31 million in the first quarter prior to the sale closing on March 25. • Record Adjusted EBITDA: $265 million from continuing operations, a 31% increase over the prior quarter and nearly three and half times the $77 million recorded in first quarter of 2025 (both periods on a continuing operations basis, excluding Casa Berardi). 4 • Continued strong cash flow generation: $183 million cash generated from operations, and record quarterly free cash flow from continuing operations of $144 million, with all producing assets contributing. 1 • Building balance sheet strength: Cash balance of $588 million, providing strategic flexibility, benefiting from free cash flow and cash proceeds from Casa Berardi sale. • Transition to net cash: Total debt of $266 million and cash and cash equivalents of $588 million, marking a significant strategic inflection point to net cash at quarter end. • Subsequent to Quarter End: On April 9, 2026, the Company redeemed its remaining $263 million of 7.25% Senior Notes, leaving the Company with no long-term debt, an undrawn $225 million revolving credit facility with an additional $75 million accordion feature — the strongest balance sheet in the Company's recent history.     Operational Performance:
1
 
• Operations: o 3.9 million ounces of silver produced, an increase of 3% compared to prior quarter. o Consolidated total cost of sales of $158 million, with silver cash cost of ($3.24) per ounce and AISC of $8.17 per ounce (both after by-product credits and excluding Keno Hill). 2,3 o Production and cost guidance reiterated. • Individual Mine Performance: o Greens Creek: Produced nearly 2.2 million ounces of silver and nearly 13 thousand ounces of gold. Total cost of sales in first quarter 2026 of $82 million, with silver cash cost of ($11.94) per ounce and AISC of ($8.39) per ounce (both after by-product credits). 2,3 This represents a dramatic improvement from the first quarter of 2025, when AISC was ($0.03) per ounce, driven by better production and significantly higher gold by-product credits reflecting the rise in realized gold prices. Greens Creek achieved a record for underground backfill placement, placing nearly 164 thousand tons in the quarter -16% above the 2025 quarterly average - enhancing operational flexibility for the remainder of the year. o Lucky Friday: Silver production of 1.2 million ounces. Total cost of sales of $49 million, with silver cash cost of $12.07 per ounce and AISC of $23.78 per ounce (both after by-product credits). 2,3 Construction of the surface cooling project continued with the project 81% complete and tracking for completion by mid-2026. o Keno Hill: Achieved its fourth consecutive positive free cash flow quarter, demonstrating Keno Hill's profitability at current throughput rates and silver prices. 1 Silver production of 0.5 million ounces, impacted by Yukon Energy's reduced power supply related to extreme cold weather continuing from prior quarter and lower silver milled grade. Silver grade mined and milled expected to increase in second quarter.     Rob Krcmarov, President and Chief Executive Officer, said: “The first quarter demonstrates the strength of the platform we have built. The closing of the Casa Berardi sale sharpened our focus on silver and enabled us to redeem our Senior Notes in April, leaving Hecla debt-free with a $225 million undrawn revolver and the strongest balance sheet in the Company’s recent history. What further excites me is the quality of the organic growth initiatives advancing across our portfolio — from the Greens Creek pyrite concentrate circuit and potential Midas restart to our near-doubling of exploration investment in 2026. These opportunities, backed by a debt-free balance sheet and world-class operations, position Hecla to deliver compelling long-term value with best-in-class silver exposure."
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FINANCIAL AND OPERATIONAL OVERVIEW _____________________________________________________________________________________________________________   In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization; "prior quarter" refers to the fourth quarter of 2025. All information in the table below is presented on a continuing operations basis.
In thousands (except per ounce amounts)
1Q-2026
4Q-2025
3Q-2025
2Q-2025
1Q-2025
FY 2025
Financial Highlights
 
 
 
 
 
 
Sales
$411,433
$363,578
$315,998
$218,992
$205,334
$1,103,902
Total cost of sales
$158,178
$150,077
$174,336
$133,712
$136,653
$594,096
Gross profit
$253,255
$213,501
$141,662
$85,280
$68,681
$509,806
Net income from continuing operations
$164,653
$112,742
$80,113
$26,910
$24,339
$244,104
Basic income per common share (in dollars) from continuing operations
$0.25
$0.17
$0.12
$0.04
$0.04
$0.37
Adjusted EBITDA from continuing operations 4
$265,104
$201,654
$146,441
$93,711
$77,269
$519,075
Cash provided by operating activities from continuing operations
$182,922
$165,742
$101,409
$108,407
$27,622
$403,180
Capital investment in continuing operations
$(39,265)
$(65,936)
$(44,425)
$(42,676)
$(37,838)
$(190,875)
Free cash flow from continuing operations 1
$143,657
$99,806
$56,984
$65,731
$(10,216)
$212,305
 
 
 
 
 
 
 
Free cash flow 1  by operation
 
 
 
 
 
 
Greens Creek
 
 
 
 
 
 
Cash flow from operations
$131,368
$101,902
$83,408
$75,371
$43,858
$304,539
Exploration
$276
$743
$3,228
$2,049
$343
$6,363
Capital investment
$(6,113)
$(23,282)
$(12,179)
$(8,397)
$(10,759)
$(54,617)
Free cash flow 1
$125,531
$79,363
$74,457
$69,023
$33,442
$256,285
Lucky Friday
 
 
 
 
 
 
Cash flow from operations
$64,619
$56,869
$29,279
$20,650
$23,805
$130,603
Exploration
$991
$885
$1,054
$169
$-
$2,108
Capital investment
$(17,018)
$(24,680)
$(16,865)
$(15,942)
$(15,446)
$(72,933)
Free cash flow 1
$48,592
$33,074
$13,468
$4,877
$8,359
$59,778
Keno Hill
 
 
 
 
 
 
Cash flow from operations
$29,570
$33,028
$22,109
$16,445
$(9,661)
$61,921
Exploration
$1,356
$365
$975
$3,344
$1,692
$6,376
Capital investment
$(15,025)
$(15,964)
$(14,747)
$(17,045)
$(10,436)
$(58,192)
Free cash flow 1
$15,901
$17,429
$8,337
$2,744
$(18,405)
$10,105
 
 
 
 
 
 
 
Metals Prices
 
 
 
 
 
 
Average metal prices
 
 
 
 
 
 
Silver - London PM Fix, $/ounce
$84.39
$54.83
$39.38
$33.63
$31.91
$39.94
Gold - London PM Fix, $/ounce
$4,875
$4,142
$3,456
$3,279
$2,863
$3,435
Lead - LME Final Cash Buyer, $/pound
$0.88
$0.89
$0.89
$0.88
$0.89
$0.89
Zinc - LME Final Cash Buyer, $/pound
$1.47
$1.44
$1.28
$1.20
$1.29
$1.30
Realized Prices
 
 
 
 
 
 
Silver, $/ounce
$82.70
$69.28
$42.58
$34.82
$33.59
$45.25
Gold, $/ounce
$4,899
$4,210
$3,509
$3,314
$2,940
$3,490
Lead, $/pound
$0.98
$0.97
$0.93
$0.92
$0.92
$0.94
Zinc, $/pound
$1.41
$1.45
$1.48
$1.31
$1.29
$1.39
  FIRST QUARTER RESULTS _____________________________________________________________________________________________________________   Sales of $411 million, increased 13% compared to the prior quarter, primarily reflecting higher realized precious metals prices, due largely to a rising price environment, partly offset by lower precious metals sales volumes. Payable silver sold was about 4% lower compared to the prior quarter, primarily driven by lower production at Keno Hill.  
3
 
Net income from continuing operations of $165 million, or $0.25 per share compared to $113 million in the prior quarter (in each case from continuing operations, excluding Casa Berardi). The improvement was primarily related to:   • A 13% increase in revenue from continuing operations due primarily to higher realized silver, gold and lead prices.   Partly offset by: • Lower payable silver and gold volumes sold • An increase in depreciation expense of $3 million due primarily to higher expense at Greens Creek, related to higher production and volumes sold. • An increase in cost of sales of $2 million primarily related to labor costs at Lucky Friday (related to STIP payments), and contractor and fuel costs at Greens Creek. • An increase in tax expense of $25 million primarily related to higher profitability.   Adjusted EBITDA from continuing operations was $265 million from continuing operations, 31% higher than the prior quarter (in each period, excluding Casa Berardi). 4   Cash and cash equivalents at March 31, 2026, were $588 million and included no draws on the revolving credit facility.   Cash provided by operating activities from continuing operations was $183 million, up 10% over the prior quarter, primarily attributable to elevated metal prices realized for silver, gold and lead, partly offset by lower volumes of payable silver and gold ounces sold and lower realized zinc price (in each period, excluding Casa Berardi). Cash provided by operating activities was negatively impacted by a $43 million increase in accounts receivable due to elevated metal prices and timing of concentrate shipments at Greens Creek. This increase is solely tied to the increase in metal value of concentrate receivables as of March 31, 2026, with the majority of the receivables collected in April 2026. Capital investment from continuing operations was $39 million, a decrease of $27 million compared to the prior quarter (in each period, excluding Casa Berardi). Capital investment is expected to ramp up in the second quarter with the warmer construction months and remain elevated in the third quarter as numerous projects are advanced across the portfolio in the co

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