Key Highlights

  • Hecla Mining (NYSE:HL) traded at USD 13.67, down 1.30%, on October 26, 2026, with a market Capitalization of USD 9.18 billion, a P/E ratio of 17.53 and trailing Earnings of USD 0.78 per share in published market data.
  • Hecla Mining (NYSE:HL) reported second-quarter adjusted EBITDA of USD 199.2 million, up from USD 92.6 million a year earlier, on silver production of 4.21 million ounces and a realized silver price of USD 63.06 per ounce.
  • Hecla Mining (NYSE:HL) redeemed the remaining USD 263 million of 7.25% senior notes and ended June 30, 2026 with USD 483.5 million of cash and an undrawn USD 225 million revolver.
  • Silver near USD 53.85 is about 14.6% below the USD 63.06 realized in the second quarter, simple arithmetic, so the Margin on each ounce is under pressure.

What Hecla Reported

Gold traded near USD 4,028 on October 26, 2026, about 3.9% below its USD 4,190.60 level on October 12, while silver traded near USD 53.85, about 11.0% lower over the same two weeks, in published market data. For Hecla Mining (NYSE:HL), second-quarter Revenue was USD 333.9 million, down 19% from USD 411.4 million in the first quarter on lower silver and gold prices and shipment timing at Greens Creek. Income from continuing operations was USD 117.9 million, or USD 0.18 per share. Silver production of 4.21 million ounces came from Greens Creek at 2.05 million, a record Lucky Friday at 1.53 million and Keno Hill at 0.63 million. Realized gold was USD 4,256 per ounce, down from USD 4,899 in the first quarter.

Costs, Balance Sheet and Sensitivity

Silver cash cost after by-product credits was negative USD 8.10 per ounce and AISC was USD 6.07 per ounce, excluding Keno Hill, helped by gold and zinc credits. Free Cash Flow was USD 135.8 million on Operating Cash Flow of USD 174.9 million. The Redemption of USD 263 million of notes left the company debt-free apart from about USD 12.7 million of finance leases, with a USD 75 million undrawn accordion option on the revolver. With 2026 silver guidance of 15.1 million to 16.1 million ounces, each USD 1 per ounce move is worth about USD 15.6 million at the midpoint, simple arithmetic, before by-product Credit effects and taxes.

Guidance, Keno Hill and Risks

Guidance for Greens Creek was raised to 8.0 million to 8.3 million ounces and Lucky Friday tightened to 4.9 million to 5.2 million, while Keno Hill was cut to 2.2 million to 2.6 million ounces from 2.9 million to 3.2 million as the mine runs at a modest rate while permitting and infrastructure are prioritized. Management does not expect Lucky Friday's 31% higher milled grade to be sustained. Full-year silver AISC guidance is USD 12.50 to USD 13.50 per ounce and Capital Investment is USD 208 million to USD 223 million. A falling silver price and concentrate inventory timing are the main risks. Third-quarter results are expected in early November 2026.

Where Things Stand

The answer is that Hecla Mining (NYSE:HL) fell 1.30% because silver is its main revenue driver and silver fell about 11.0% in two weeks, with no company-specific news. The balance sheet is a strength, with no senior Debt and USD 483.5 million of cash, but Keno Hill delays, a Lucky Friday grade that may normalize and a silver price near USD 53.85 limit the upside.