📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Hecla Mining Company, together with its subsidiaries, provides precious and base metals in the United States, Canada, Japan, Korea, China, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding HL

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	3.90M	$72.7M	0.11%	Mar 2026
Steve Cohen Point72 Asset Management	1.12M	$20.8M	0.03%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management led with 'exceptional results', 'record sales of $304 million', 'record adjusted EBITDA of $133 million', and 'record free cash flow of $104 million'. Specific operational targets (e.g., 440 tpd at Keno Hill by 2028) and financial metrics were provided without hedging.

Q3 2025

Confident Specific

Management uses emphatic language such as 'exceptional', 'record results', 'stellar cash flow', 'we've de-risked the balance sheet', and 'transformation story'. Specific figures ($410M revenue, $101M net income, $196M EBITDA, 0.3x leverage) are provided throughout.

Q4 2025

Confident Specific

The CEO described 2025 as a 'transformational year' using multiple superlatives: 'record revenue', 'record profitability', 'record Adjusted EBITDA', and 'substantial deleveraging'. Specific metrics like 0.4x leverage, $670M EBITDA, and 17M oz silver production were cited precisely, reinforcing a tone of assured execution.

Q1 2026 latest

Confident Specific

The tone is highly confident and specific, with management repeatedly highlighting record free cash flow ($144M), no long-term debt, and best-in-class costs (cash costs nearly -$3/oz, AISC below $10/oz). They say 'the transformation of this business is showing up in the numbers' and 'we're just getting started.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Hecla has achieved a debt-free balance sheet and is generating record free cash flow, with every mine profitable and industry-leading margins. The organic growth pipeline (Greens Creek pyrite circuit, tailings reprocessing, Midas restart) offers low-capital-intensity upside, though near-term expansion at Keno Hill is capped until 2029 due to permitting. Management's disciplined capital allocation and focus on per-share value creation differentiate it from peers. Key things to watch next quarter: updates on Greens Creek pyrite circuit feasibility, Phase 3 tailings reprocessing test results, and any clarity on shareholder returns or M&A. The strong silver price backdrop and structural deficits support a bullish narrative, but execution on growth projects and permitting timelines will be critical for long-term valuation expansion.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Hecla Mining: Debt-free with record free cash flow of $144M in Q1 2026

Revenue & Profitability

Revenue from continuing operations was over $410 million, up 13% from the prior quarter and double Q1 2025. Record adjusted EBITDA was $265 million, and record consolidated free cash flow was $144 million, with all mines free cash flow positive. The company ended the quarter with $588 million in cash and total debt of $266 million, resulting in a net cash position of $321 million, and subsequently redeemed the remaining $263 million of senior notes.

Outlook

Management cited the World Silver Survey confirming 2025 as the fifth consecutive year of supply deficit, with cumulative stock drawdowns exceeding 700 million ounces since 2021. They noted that new mine supply is not coming online meaningfully, and the gold-to-silver ratio (around 65:1) is expected to compress as silver outperforms, positioning Hecla favorably.

Growth Drivers

Near-term growth includes the Greens Creek pyrite concentrate circuit and tailings reprocessing project (10.4 million tons containing an estimated 50 million ounces of silver and 600,000 ounces of gold). The Midas restart in Nevada targets a hub-and-spoke model with a <1 million ounce gold equivalent resource. Keno Hill is gradually ramping to 440 tons per day, with permits for expansion expected by mid-2029. Exploration spending is a record $55 million, with drilling at Midas, Hollister, and Aurora.

Balance Sheet & CapEx

Exploration investment is a record $55 million, nearly double the 2025 level. The Greens Creek pyrite concentrate circuit is estimated to be low capital intensity (approximately $40 million) and could generate cash flow in about two years. Tailings reprocessing capital requirements are pending Phase 3 test work results. No other major capital expenditure guidance was provided.

Margins

Cash costs were nearly -$3 per ounce and all-in sustaining costs below $10 per ounce, both after by-product credits. The realized margin was 90% of the realized silver price. Hecla is the lowest cost producer in its peer group, and all mines were free cash flow positive.

Key Risks

Key risks include permitting delays at Keno Hill, where key permits are not expected until mid-2029, constraining the ramp-up. Grade variability at Lucky Friday and Keno Hill, power supply constraints (now resolved), and water treatment challenges were also noted. Commodity price volatility remains a macroeconomic risk.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Q2 2026 delivered strong financial and operational results, with record free cash flow at Greens Creek and Lucky Friday, and a robust balance sheet supporting growth projects. Improved guidance reflects higher production and lower costs, while new projects and exploration drive future upside.

Q1 2026 Q1 2026 2026-05-06

Achieved record Q1 results with revenue up 13% sequentially and all mines generating positive free cash flow. Now debt-free, the company is focused on organic growth, low-capex projects, and disciplined capital allocation, with strong silver market fundamentals supporting future expansion.

Q4 2025 Q4 2025 2026-02-18

Record 2025 results included $1.4B revenue, $321M net income, and $310M free cash flow, driven by strong silver production and disciplined capital allocation. Strategic divestment of Casa Berardi sharpens silver focus, with robust guidance and growth projects supporting a pathway to 20M ounces annually.

Q3 2025 Q3 2025 2025-11-06

Record Q3 results with $410M revenue, $101M net income, and $196M Adjusted EBITDA, driven by strong silver and gold prices. All four mines generated positive free cash flow, net leverage dropped to 0.3x, and production guidance was tightened across key assets.

Q2 2025 Q2 2025 2025-08-07

Record Q2 results with $304M sales, $58M net income, and $104M free cash flow. Keno Hill ramp-up on track, Greens Creek and Lucky Friday delivered strong performance, and CASA Berardi costs improved. Deleveraging and disciplined capital allocation remain priorities.

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