Hecla Mining Posts Record $151 Million Free Cash Flow as Q3 Sales Rise 24.9%; Slows Keno Hill
Hecla Mining posted record free cash flow in the third quarter as higher silver and gold prices lifted revenue, even as silver output fell from a year earlier and the company moved to slow its Keno Hill mine in Canada.
Sales from continuing operations rose 24.9% to $394.8 million from $316.0 million a year earlier, according to the earnings release the silver miner filed with an 8-K on Tuesday evening. Income from continuing operations climbed 67.4% to $149.6 million, or $0.22 per share, from $89.4 million, or $0.13. Results exclude Casa Berardi, which is reported as a discontinued operation.
Free cash flow from continuing operations hit a record $151.2 million, up from $57.1 million, and Greens Creek posted a site-level record of $146.8 million. Adjusted EBITDA rose 43.7% to $211.5 million.
Prices offset lower output
Silver production fell 9.0% to 4.17 million ounces from 4.58 million. Hecla realized $63.62 per ounce of silver, versus $42.58 a year earlier, and $4,279 per ounce of gold, versus $3,535.
Silver cash cost was negative $3.20 per ounce, and all-in sustaining cost was $14.34 per ounce, excluding Keno Hill.
Hecla ended the quarter with $692 million of cash, no debt excluding finance leases and an undrawn new $500 million revolving credit facility.
Guidance and Keno Hill
Hecla raised the low end of its 2026 silver production guidance to 15.3 million ounces, for a range of 15.3 million to 16.1 million ounces. It improved its cost guidance to negative $4.75 to negative $4.25 per ounce for cash cost and $11.50 to $12.50 for all-in sustaining cost.
At Keno Hill, Hecla said it will cut mill throughput to an estimated 300 tons per day in the fourth quarter, with deeper cuts expected starting in January 2027, to preserve tailings, waste rock and water treatment capacity under current permits while it seeks license amendments.
"We generated record free cash flow of $151 million, led by Greens Creek's record $147 million," President and CEO Rob Krcmarov said in the release.
Board and dividend
The 8-K also said Hecla expanded its board and appointed mining executive Dale Andres as a director, effective Nov. 2. It declared a common dividend of $0.00375 per share, payable Dec. 8 to holders of record on Nov. 23.
By the numbers
- Sales: $394.8 million, up 24.9%
- Income from continuing operations: $149.6 million, up 67.4%
- Free cash flow: $151.2 million, a record
- Silver production: 4.17 million ounces, down 9.0%
- Cash: $692 million
- 2026 silver guidance: 15.3 million to 16.1 million ounces
Sources
- Hecla Mining Form 8-K with third-quarter 2026 results, director appointment and dividend, filed Nov. 3, 2026 (accession 0001193125-26-445747)
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