Hecla Mining Company

Hecla completed the sale of Hecla Quebec, including the Casa Berardi mine, to Orezone Gold Corporation on March 25, 2026. The financial history below excludes that discontinued operation.

A stronger quarter before Keno Hill slows down

Keno Hill is moving to a lower processing rate after a stronger silver-production quarter. It will process approximately 300 tons a day in the fourth quarter, with a further reduction from January 2027. Hecla expects lower revenue and higher costs at the mine during 2027 through 2029.

Permit amendments are expected around mid-2029, followed by infrastructure work. The company’s other mines continue to support cash generation.

Third quarter, continuing operations, in millions of dollars. Earlier periods are recast to exclude Casa Berardi.

Measure	2026	2025
Revenue	$394.8	$316.0
Income from continuing operations	$149.6	$89.4
Operating cash flow	$203.0	$101.6
Free cash flow	$151.2	$57.1

Company free cash flow deducts capital investment from operating cash flow. Keno Hill’s mine-level figure was negative $2.1 million before exploration and corporate costs; that measure adds back exploration spending.

Financial position and outlook

At September 30, cash and cash equivalents were $691.6 million. Current finance leases were $4.1 million, with another $7.1 million of noncurrent debt and finance leases. A $500 million revolving credit facility was undrawn, with $3.4 million of capacity used for letters of credit.

Hecla raised the lower end of its 2026 silver-production forecast to 15.3 million ounces, with the upper end unchanged at 16.1 million. It plans to provide detailed 2027 production guidance in February.

Read our analysis of Keno Hill’s production plan and permitting constraint.