Hecla Mining Company Stock Earnings Reports

Hecla reported a very strong Q1 2026: revenue from continuing operations topped $410 million (up 13% sequentially and ~2x year-ago), adjusted EBITDA hit a record $265 million, and consolidated free cash flow was a record $144 million with every mine free cash-flow positive. The company closed the Casa Berardi sale and has eliminated long-term debt (redeemed remaining senior notes), leaving a net cash position and an undrawn $225 million revolver. 2026 guidance was reiterated at 15.1–16.5 million oz silver, with a stated pathway to 20+ million oz from project-led growth (Keno Hill ramp, potential Midas restart, other Nevada projects). Management highlighted several near- and medium-term, lower-capital-intensity value-creation opportunities at Greens Creek (pyrite concentrate circuit and tailings reprocessing) and an expanded exploration program ($55M in 2026, nearly doubling 2025) focused on Nevada (Midas, Hollister, Aurora). Keno Hill remains constrained by permitting (YESAB process and subsequent QML and water license amendments), with amended permits targeted around mid-2029 to enable the 440 tpd ramp. Operationally, Greens Creek delivered very low cash costs (nearly -$12/oz after by-product credits) and strong free cash flow; Lucky Friday and Keno Hill also generated positive free cash flow. Capital allocation priorities: (1) safety/environment, (2) sustaining and high-return growth capex (target ROIC ~10–15%), (3) strategic investments evaluated on ROIC and per-share accretion, and (4) potential shareholder returns (board-approved buyback for up to 20M shares) but only after funding growth pipeline and meeting return thresholds. Management emphasized the structural silver supply deficit and presented robust free-cash-flow sensitivity (e.g., >$900M FY consolidated FCF at $100/oz silver and $5,500/oz gold; >$700M at $75/oz silver and $4,500/oz gold).