Hecla Mining Company (HL) Q1 2026 earnings summary

Executive summary

• Revenue from continuing operations reached $411 million in Q1 2026, up 13% sequentially and 100% year-over-year, driven by higher realized silver and gold prices despite lower production volumes.

• Net income from continuing operations was $165 million ($0.25/share), up from $24 million year-over-year; after a non-cash $192 million write-down from the Casa Berardi sale, net loss attributable to shareholders was $19 million.

• Record adjusted EBITDA from continuing operations reached $265 million, with record free cash flow of $144 million and all mines generating positive free cash flow.

• Completed sale of Casa Berardi operation in March 2026, refocusing on core North American silver assets and strengthening the balance sheet.

• Ended the quarter debt-free with $588 million in cash, following full redemption of $263 million Senior Notes post-quarter.

Financial highlights

• Q1 2026 revenue from continuing operations: $411 million, up 13% from Q4 2025 and double Q1 2025.

• Net income from continuing operations: $165 million; net loss attributable to common stockholders: $19 million after Casa Berardi write-down.

• Adjusted EBITDA: $265 million; operating cash flow: $183 million; free cash flow: $144 million.

• Cash balance: $588 million; total debt: $266 million at quarter end; fully undrawn $225 million revolving credit facility.

• Silver accounted for 73% of Q1 revenues.

Outlook and guidance

• 2026 silver production guidance: 15.1–16.5 million ounces, with a pathway to 20+ million ounces annually driven by project pipeline.

• Projected 2026 free cash flow expected to exceed $900 million at $100/oz silver and $5,500/oz gold.

• Capital expenditures for 2026 estimated at $204–$223 million, with $55 million planned for exploration and pre-development.

• Production and cost guidance for the year reiterated; capital investment and exploration activity expected to ramp up in Q2 and Q3.

• Focus on ramping up Keno Hill to permitted capacity and advancing permitting for future expansions.