Hecla Reports Third Quarter 2026 Results
HECLA MINING CO/DE/ (HL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Hecla Reports Third Quarter 2026 Results Cash Flow from Continuing Operations up 16% Quarter-Over-Quarter to record $203 million; Free Cash Flow 1 Nearly Triples Year-Over-Year to record $151 million COEUR D'ALENE, IDAHO - November 3, 2026 - Hecla Mining Company ( NYSE:HL ) ("Hec
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance provide a fresh catalyst that can drive the stock higher, especially given the company's strong liquidity position.
Market read
First‑time disclosure of robust Q3 performance and higher guidance makes this a high‑impact earnings story for HL and the silver sector.
What to watch
Potential cost inflation from rising operating expenses could offset cash flow benefits.
Hecla Reports Third Quarter 2026 Results Cash Flow from Continuing Operations up 16% Quarter-Over-Quarter to record $203 million; Free Cash Flow Nearly Triples Year-Over-Year to record $151 million
Record cash flow and free cash flow, higher sales and income from continuing operations, a debt-free balance sheet excluding finance leases, and improved 2026 consolidated silver production and cost guidance outweighed lower production at Greens Creek and Lucky Friday and the planned Keno Hill throughput suppression.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales from continuing operations, 3Q-2026GAAP | $394.8M | 18% | – |
| Costs applicable to sales, 3Q-2026GAAP | $158.2M | 35% | – |
| Depreciation, depletion and amortization, 3Q-2026GAAP | $36.55M | – | – |
| Income from operations, 3Q-2026GAAP | $157.2M | – | – |
| Income and mining tax provision, 3Q-2026GAAP | $40.55M | – | – |
| Income from continuing operations, 3Q-2026GAAP | $149.6M | – | – |
| Net income, 3Q-2026GAAP | $149.6M | – | – |
| Basic income per common share from continuing operations after preferred dividends, 3Q-2026GAAP | $0.22 | – | – |
| Diluted income per common share from continuing operations after preferred dividends, 3Q-2026GAAP | $0.22 | – | – |
| Adjusted EBITDA from continuing operations, 3Q-2026non-GAAP | $211.5M | 6% | – |
| Cash provided by operating activities from continuing operations, 3Q-2026GAAP | $203.0M | 16% | – |
| Capital investment in continuing operations, 3Q-2026GAAP | −$51.71M | 32% | – |
| Free cash flow from continuing operations, 3Q-2026non-GAAP | $151.2M | – | – |
| Consolidated silver production from continuing operations, 3Q-2026other | 4,170,826 ounces | nearly unchanged | – |
| Gold production, Greens Creek, 3Q-2026other | 11,996 ounces | down 16% | – |
| Silver payable ounces sold, 3Q-2026other | 4,094,203 | 23% | – |
| Gold payable ounces sold, 3Q-2026other | 12,706 | 25% | – |
| Silver cash costs per ounce, 3Q-2026non-GAAP | $(3.20) | – | – |
| Silver AISC per ounce, 3Q-2026non-GAAP | $14.34 | – | – |
| Consolidated TRIFR, 3Q-2026other | 1.51 | down from 1.57 | – |
| Exploration and corporate development investment, 3Q-2026other | $16.6M | – | – |
| Pre-development investment, 3Q-2026other | $600K | – | – |
2026 outlook
- NoteConsolidated silver production: 15.3-16.1 million ounces
- NoteGreens Creek silver production: 8.0 - 8.3 million ounces
- NoteLucky Friday silver production: 5.0 - 5.2 million ounces
- NoteKeno Hill silver production: 2.3 - 2.6 million ounces
- NoteGreens Creek gold production: 51.0 - 55.0 koz
- NoteTotal silver costs applicable to sales: $390 million
- NoteGreens Creek costs applicable to sales: $250 million
- NoteLucky Friday costs applicable to sales: $140 million
- NoteTotal silver cash cost per silver ounce: ($4.75)-($4.25)/oz
- NoteTotal silver AISC per produced silver ounce: $11.50-$12.50/oz
- NoteGreens Creek cash cost per silver ounce: ($13.00)-($12.50)
- NoteGreens Creek AISC per silver ounce: ($5.50)-($5.00)
- NoteLucky Friday cash cost per silver ounce: $8.50-$9.00
- NoteLucky Friday AISC per silver ounce: $24.50-$25.50
- Note2026 Total Capital Investment: $198 - 214 million
- NoteTotal sustaining capital investment: $142 - 153 million
- NoteTotal growth capital investment: $56 - $61 million
- NoteGreens Creek capital investment: $55 - 60 million
- NoteLucky Friday capital investment: $79 - 84 million
- NoteKeno Hill capital investment: $55 - 59 million
- NoteCorporate capital investment: $9 - 11 million
- Note2026 Exploration & Pre-Development: $55 million
- NoteKeno Hill throughput: approximately 300 tons per day in the fourth quarter of 2026
- NoteGold assumption for fourth-quarter by-product calculation: $4,000/oz
- NoteZinc assumption for fourth-quarter by-product calculation: $1.40/lb
- NoteLead assumption for fourth-quarter by-product calculation: $0.85/lb
- NoteCopper assumption for fourth-quarter by-product calculation: $4.00/lb
- NoteAssumed exchange rate for Canadian dollar: 1.35 CAD/USD
Capital returns
- Quarterly cash dividend of $0.00375 per share of common stock payable on or about December 8, 2026, to stockholders of record on November 23, 2026.
- Dividends paid to common and preferred stockholders, 3Q-2026: $(2,790) (in thousands).
What drove it
- Sales increased 18% and payable silver sold was 23% higher compared with the prior quarter, primarily driven by the timing of sales at Greens Creek.
- Income from continuing operations benefited from an 18% increase in revenue and a $36 million increase in fair value adjustments, net, primarily from realized and unrealized marketable securities gains.
- Record operating cash flow reflected favorable working capital changes, higher volumes of payable silver and gold ounces sold, and a higher realized gold price.
- Keno Hill production increased 54% from the prior quarter, driven by record tons milled of 38,163 and a 36% higher milled silver grade.
- The improved 2026 cost outlook reflects better than expected results during the first nine months of 2026, reduced sustaining capital investment guidance, and higher by-product credits.
Concerns
- Greens Creek silver production decreased 6% from the prior quarter due mainly to higher than planned maintenance, and the mine plans to reduce mill availability in the fourth quarter for additional scheduled maintenance.
- Lucky Friday production decreased 17% from the prior quarter as the mine moved out of a high-grade pocket of ore that drove a production record in the second quarter.
- Consolidated costs applicable to sales increased 35% from the prior quarter, primarily due to higher sales volumes of silver, gold, lead and zinc.
- Silver cash cost and AISC increased from the prior quarter, driven by lower ounces produced at Greens Creek and Lucky Friday, higher costs applicable to sales, lower by-product credits, and higher sustaining capital investment.
- Keno Hill will suppress mill throughput to approximately 300 tons per day in the fourth quarter of 2026 and further beginning in January 2027 while license amendments are pursued, currently estimated by approximately mid-2029.
What to watch
- Fourth-quarter Greens Creek maintenance and its effect on mill availability, production and costs.
- The duration and production consequences of Keno Hill throughput suppression, permitting progress for license amendments, and 2027 Keno Hill production guidance expected in February 2027.
- Capital investment expected to increase in the fourth quarter as portfolio projects advance, including planned completion of the Keno Hill dry stack tailings facility expansion.
- Commissioning of the Lucky Friday surface cooling project in the fourth quarter of 2026.
- Greens Creek pyrite concentrate circuit engineering, permitting and final investment approval, with intermittent production potentially beginning in late 2027 and full capacity potentially in late 2028.
- Pending metallurgical results and potential next steps for Greens Creek tailings reprocessing, including the approximately 5,500 dry metric tonnes test parcel planned for fourth-quarter shipment and sale.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $691,569 (in thousands).
- Cash, cash equivalents and restricted cash and cash equivalents at end of period: $692,739 (in thousands).
- Long-term debt including finance leases at September 30, 2026: $7,078 (in thousands).
- The Company remains debt free (excluding finance leases).
- New $500 million revolving credit agreement is undrawn, with $3.4 million of capacity utilized for outstanding letters of credit and an additional $100 million accordion option.
- Proceeds from investment sales, 3Q-2026: $63,697 (in thousands).
- Net cash used in financing activities, 3Q-2026: $(6,077) (in thousands).
Analysis
Hecla reported a strong third quarter on a continuing-operations basis. Sales were $394,820 (in thousands), up 18% from $333,851 (in thousands) in the prior quarter, while income from continuing operations rose to $149,600 (in thousands) from $117,876 (in thousands). The quarter benefited principally from shipment timing at Greens Creek, which lifted payable silver sales volumes, and from a $36 million increase in fair value adjustments, net. Adjusted EBITDA from continuing operations rose 6% to $211,474 (in thousands).
Cash generation was the defining financial feature. Cash provided by operating activities from continuing operations reached $202,951 (in thousands), up 16% sequentially, and free cash flow from continuing operations was a record $151,237 (in thousands), compared with $57,131 (in thousands) in the prior-year quarter. Greens Creek delivered $146,788 (in thousands) of free cash flow before exploration and corporate costs. The company finished with $691,569 (in thousands) of cash and cash equivalents, while stating that it is debt free excluding finance leases. The new $500 million revolving credit agreement was undrawn, with $3.4 million utilized for letters of credit.
Operationally, total silver production was 4,170,826 ounces, nearly unchanged sequentially. Keno Hill offset lower output at the established mines, with production of 963,048 ounces versus 625,236 ounces in the prior quarter, aided by record milling and higher grade. Greens Creek production declined to 1,935,193 ounces amid higher than planned maintenance, and Lucky Friday production fell to 1,272,585 ounces as it moved beyond a high-grade pocket. Consolidated costs applicable to sales increased to $158,197 (in thousands), and silver AISC rose to $14.34 per ounce from $6.07 per ounce in the prior quarter.
Management raised the low end of consolidated 2026 silver production guidance to 15.3-16.1 million ounces from prior guidance of 15.1-16.1 million ounces. It also improved total silver cash cost guidance to ($4.75)-($4.25)/oz and AISC guidance to $11.50-$12.50/oz, while reducing total capital investment guidance to $198-$214 million from $208-$223 million. The near-term operational risk is Keno Hill, where mill throughput will be suppressed to approximately 300 tons per day in the fourth quarter and further reduced beginning in January 2027 to preserve capacity under current permits. Greens Creek maintenance and fourth-quarter capital spending are also material variables for the next report.
The growth pipeline advanced through preliminary work on a Greens Creek pyrite concentrate circuit and expanded evaluation of dry-stack tailings reprocessing. The company said the pyrite circuit could potentially add approximately 1.0 to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold in annual production once fully ramped up, subject to permits and final investment approval. Nevada exploration spending of $16 million is more than three times the 2025 level, with activity at Midas, Hollister and Aurora. These projects remain at early stages and depend on further technical work, permitting and economics.
Management, verbatim
Our third quarter results reflect the strength of the platform we have built, and we are well positioned to achieve our 2026 guidance. We generated record free cash flow of $151 million, led by Greens Creek's record $147 million. Our free cash flow generation and debt-free balance sheet provide us with the strongest financial position in our history, with nearly $700 million in cash and total liquidity of approximately $1.2 billion.
Rob Krcmarov, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Revenue guidance was not reported.
- Operating expense guidance was not reported.
- Tax-rate guidance was not reported.
- A prior outlook section was not provided; therefore, no actual-versus-prior-guidance comparisons are included.
- Mine-level revenue was not reported.
- Share repurchases during 3Q-2026 were not reported as a positive numerical amount.
- A percentage year-over-year change for sales, income from continuing operations, net income, EPS, adjusted EBITDA, operating cash flow, capital investment, and free cash flow was not printed.
- A percentage year-over-year change for consolidated silver production was not printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Hecla Mining (NYSE:HL) filed a Form 8‑K reporting its third‑quarter 2026 results, highlighting record cash flow, a debt‑free balance sheet, and updated production guidance.
Ticker impact
Hecla Mining reported record free cash flow of $151 million and raised its 2026 silver production guidance to 15.3-16.1 million ounces.
likely upward pressure as investors price in record cash flow and higher guidance
The 8‑K filing is the first public disclosure of the Q3 numbers and the guidance lift, providing fresh material that can move the share price.
Market effects
Improves outlook for the broader silver mining sector as Hecla sets a higher production floor.
Strengthens the North American mining landscape, potentially boosting related miners.
Adds positive sentiment to global precious metals markets amid strong cash generation.
Counterpoint
If the higher guidance is already priced in, the stock may face a short‑term pullback.
Key entities
- companyHecla Mining Company
U.S. silver producer reporting Q3 2026 results.
- personDale Andres
New board director appointed in the filing.
