Key Highlights

  • Gold near USD 4,199.20 an ounce on October 6, 2026 framed Hecla Mining (NYSE:HL), which was reported down 1.1% to USD 17.01 on October 5, a move not checked against an exchange record.
  • USD 334 million of second-quarter Revenue and USD 199 million of adjusted EBITDA came with 4.2 million ounces of silver, 14,000 ounces of gold and a realized silver price of USD 63.06 an ounce.
  • USD 483 million of cash and no long-term Debt after redeeming the last USD 263 million of 7.25% Senior Notes leave Hecla Mining (NYSE:HL) with a clean Balance Sheet entering the second half.
  • 15.1 million to 16.1 million ounces is the revised 2026 silver production guidance, with All-In Sustaining Cost guided to USD 12.50 to USD 13.50 an ounce, according to the August 4 company release.

What the Latest Quarter Showed

Hecla reported second-quarter 2026 results on August 4, 2026. Revenue fell 19% from the first quarter to USD 334 million, which the company attributed mainly to lower realized precious metals prices. Income from continuing operations was USD 118 million, or USD 0.18 per share, against USD 165 million in the first quarter. Adjusted EBITDA was USD 199 million, down 25% sequentially but more than double the USD 93 million of a year earlier. Free Cash Flow was USD 136 million. Silver output was 4.2 million ounces, led by Greens Creek at 2.1 million, a record 1.5 million at Lucky Friday and 0.6 million at Keno Hill, plus 14,000 ounces of gold. Casa Berardi is now reported as a discontinued operation.

Why Silver Drives the Equity

Hecla is primarily a silver producer, and gold at Greens Creek works as a by-product Credit that lowers the net cost of each silver ounce. The company guided 2026 silver cash cost to between negative USD 4.00 and negative USD 3.75 an ounce, meaning credits exceed operating costs. Simple arithmetic on produced ounces and realized prices of USD 63.06 for silver and USD 4,256 for gold implies roughly USD 265 million from silver and USD 60 million from gold, though sold ounces differ from produced ounces. Gold near USD 4,199 on October 6 is about 1.3% below that second-quarter realized gold price, which is simple arithmetic on two published numbers. Gold itself had dropped as much as 4% to about USD 4,111 the week before and then recovered.

Risks and What to Watch

Metal prices are the main swing factor. Revenue already fell 19% in one quarter on lower prices, and the 10-year Treasury Yield near 5.3% raises the Opportunity cost of holding non-yielding metals. Keno Hill guidance was cut to 2.2 million to 2.6 million ounces as the mine runs at a sustained, more modest rate. Lucky Friday's surface cooling project was 88% complete and on track for September, though completion was not confirmed here. Hecla repurchased only USD 4.5 million of shares in the first half, so Capital went to debt repayment instead. Watch the Federal Reserve minutes on October 7 at 2:00 p.m. ET and the third-quarter report, which Hecla has not dated in the material reviewed.

Where Things Stand

Hecla Mining (NYSE:HL) dipped 1.1% on October 5, 2026, as reported, while gold held near USD 4,199 because the shares trade on silver and gold prices, Treasury yields and operating delivery rather than on any single headline. No company announcement explained the move. The balance sheet is debt free with USD 483 million of cash, production guidance was raised for Greens Creek, and the next catalysts are metal prices, the Fed minutes and an undated third-quarter report.