Cash Flow from Continuing Operations up 61% Year-Over-Year to $175 million; Free Cash Flow(1) More Than Doubles Year-Over-Year to $136 million; Strongest balance sheet in Company's history; Lucky Friday sets new production record
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--August 04, 2026--
Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") today announced second quarter 2026 financial and operating results. "Prior quarter" refers to the first quarter of 2026. Prior period financial information has been recast to reflect Casa Berardi as a discontinued operation.
SECOND QUARTER 2026 HIGHLIGHTS
Financial Performance:
-- Revenue: $334 million, an expected pullback from a record prior quarter,
primarily reflecting lower realized silver and gold prices, in line with
the trend of lower market prices during the quarter. Consolidated silver
and gold production was higher than the prior quarter; the softer sales
volumes reflect the timing of shipments, mainly at Greens Creek.
-- Profitability: Income from continuing operations of $118 million or
$0.18 per share - down from $165 million or $0.25 per share in the prior
quarter.
-- Adjusted EBITDA: $199 million from continuing operations, a 25%
decrease over the prior quarter but more than double the $93 million
recorded in the second quarter of 2025 (both periods on a continuing
operations basis, excluding Casa Berardi).4
-- Continued strong cash flow generation: $175 million cash generated from
continuing operations, and second best quarterly free cash flow from
continuing operations of $136 million, with all producing assets
contributing and Greens Creek and Lucky Friday setting new quarterly
site-level free cash flow records.1
-- Building balance sheet strength: Cash position of $483 million
underscores continued balance sheet strengthening and strategic
flexibility. With the redemption of the remaining $263 million in 7.25%
Senior Notes ("Senior Notes"), the Company ends the second quarter debt
free (excluding financial leases) and backed by a fully undrawn $225
million revolving credit facility, with $3.5 million of availability
utilized for outstanding letters of credit, plus a $75 million undrawn
accordion option, representing the strongest balance sheet position in
the Company's history.
Operational Performance:
-- Operations:
-- Silver production from continuing operations of 4.2 million
ounces, up 8% from the prior quarter.
-- Consolidated costs applicable to sales from continuing
operations of $117 million, down 6% from the prior quarter. Silver
cash cost of ($8.10) per ounce and AISC of $6.07 per ounce (both
after by-product credits and excluding Keno Hill, which has not
yet achieved commercial production).2,3,5
-- Safety: Consolidated TRIFR of 1.57, down from 2.07 in the prior
quarter.
-- Production and cost guidance: Consolidated silver production is
expected to be 15.1-16.1 million ounces revised from 15.1-16.5
million ounces, with lower Keno outlook partly offset by improved
outlooks for Greens Creek and Lucky Friday. Consolidated silver
cash cost and AISC guidance lowered on outperformance in 1H26
compared to plan.2,3 See Guidance section for more details.
-- Individual Mine Performance:
-- Greens Creek: Produced nearly 2.1 million ounces of silver and
over 14 thousand ounces of gold. Costs applicable to sales of $50
million, with silver cash cost of ($17.11) per ounce and AISC of
($10.71) per ounce (both after by-product credits).2,3,5
-- Lucky Friday: Record silver production of 1.5 million ounces.
Costs applicable to sales of $35 million, with silver cash cost of
$3.95 per ounce and AISC of $17.08 per ounce (both after
by-product credits).2,3,5 The surface cooling project is 88%
complete and remains on track for completion in September.
-- Keno Hill: Produced 0.6 million ounces of silver in the second
quarter after working through a lower-grade zone. Subsequent to
quarter end, the Company received authorization for construction
of the Phase 2 West extension of its dry stack tailings facility.
-- Growth pipeline: Preliminary work on the Greens Creek pyrite
concentrate circuit points to potential for incremental annual
production of approximately 1.0 to 1.2 million ounces of silver
and 10,000 to 15,000 ounces of gold once fully ramped up.
Separately, the Greens Creek dry-stack tailings facility currently
holds an estimated 51 million ounces of silver and 600 thousand
ounces of gold. In Nevada, 2026 exploration investment guidance of
$16 million is more than three times the 2025 level with expanded
programs at Midas and new programs at Hollister and Aurora. See
"Project Pipeline Update" section below for further details.
-- Exploration: As previously announced on July 29, 2026, drilling
extended the high-grade Bermingham Deep trend at Keno Hill toward
the historic Hector-Calumet Mine - a past-producer of
approximately 96 million ounces of silver - now traceable over 800
feet of strike length. Separately, new high-grade vein discoveries
were made at Midas in Nevada.
Rob Krcmarov, President and Chief Executive Officer, said: "Our second quarter results reflect the strength of the platform we have built. We ended the quarter with the strongest balance sheet in the Company's history, and Lucky Friday delivered record quarterly silver production, underscoring the quality of our silver portfolio. I'm also encouraged by our strong safety performance across the operations, which remains a foundation of everything we do. At the same time, our organic project pipeline continues to advance, demonstrating real potential for meaningful value creation and further solidify Hecla's position as North America's premier silver producer."
FINANCIAL AND OPERATIONAL OVERVIEW
In the following table and throughout this release, "costs applicable to sales" is exclusive of depreciation, depletion and amortization; "prior quarter" refers to the first quarter of 2026. All information in the table below is presented on a continuing operations basis.
In thousands
(except per ounce
amounts) 2Q-2026 1Q-2026 4Q-2025 3Q-2025 2Q-2025 YTD-2026 YTD-2025
Financial
Highlights
Sales $333,851 $411,433 $363,578 $315,998 $218,992 $745,284 $424,326
Costs applicable
to sales (5) $117,283 $124,410 $122,150 $135,926 $102,399 $241,693 $209,237
Depreciation,
depletion and
amortization $36,772 $33,768 $27,927 $37,728 $31,313 $70,540 $61,129
Income and
mining tax
provision $18,767 $50,900 $21,667 $40,280 $22,110 $69,667 $37,748
Income from
continuing
operations $117,876 $164,653 $112,742 $80,113 $26,910 $282,529 $51,249
Basic income per
common share
(in dollars)
from continuing
operations $0.18 $0.25 $0.17 $0.12 $0.04 $0.42 $0.08
Adjusted EBITDA
from continuing
operations (4) $199,179 $265,104 $201,654 $146,441 $92,550 $464,283 $169,819
Cash provided by
operating
activities from
continuing
operations $174,919 $182,922 $165,742 $101,409 $108,407 $357,841 $136,031
Capital
investment in
continuing
operations $(39,142) $(39,265) $(65,936) $(44,425) $(42,676) $(78,407) $(80,514)
Free cash flow
from continuing
operations (1) $135,777 $143,657 $99,806 $56,984 $65,731 $279,434 $55,517
Free cash flow (1)
by operation
Greens Creek
Cash flow from
operations $139,181 $131,368 $101,902 $83,408 $75,371 $270,549 $119,229
Exploration $2,588 $276 $743 $3,228 $2,049 $2,864 $2,393
Capital
investment $(12,070) $(6,113) $(23,282) $(12,179) $(8,397) $(18,183) $(19,156)
Free cash flow
(1) $129,699 $125,531 $79,363 $74,457 $69,023 $255,230 $102,466
Lucky Friday
Cash flow from
operations $103,606 $64,619 $56,869 $29,279 $20,650 $168,225 $44,454
Exploration $638 $991 $885 $1,054 $169 $1,629 $169
Capital
investment $(16,681) $(17,018) $(24,680) $(16,865) $(15,942) $(33,699) $(31,388)
Free cash flow
(1) $87,563 $48,592 $33,074 $13,468 $4,877 $136,155 $13,235
Keno Hill
Cash flow from
operations $17,932 $29,570 $33,028 $22,109 $16,445 $47,502 $6,784
Exploration $3,854 $1,356 $365 $975 $3,344 $5,210 $5,036
Capital
investment $(7,236) $(15,025) $(15,964) $(14,747) $(17,045) $(22,261) $(27,481)
Free cash flow
(1) $14,550 $15,901 $17,429 $8,337 $2,744 $30,451 $(15,661)
Metals Prices
Average metal
prices
Silver -
London PM
Fix, $/ounce $73.44 $84.39 $54.83 $39.38 $33.63 $78.92 $32.77
Gold - London
PM Fix,
$/ounce $4,517 $4,875 $4,142 $3,456 $3,279 $4,696 $3,071
Lead - LME
Final Cash
Buyer,
$/pound $0.89 $0.88 $0.89 $0.89 $0.88 $0.88 $0.89
Zinc - LME
Final Cash
Buyer,
$/pound $1.57 $1.47 $1.44 $1.28 $1.20 $1.52 $1.24
Realized Prices
Silver,
$/ounce $63.06 $82.70 $69.28 $42.58 $34.82 $73.14 $34.20
Gold, $/ounce $4,256 $4,899 $4,210 $3,509 $3,314 $4,620 $3,148
Lead, $/pound $0.97 $0.98 $0.97 $0.93 $0.92 $0.97 $0.92
Zinc, $/pound $1.63 $1.41 $1.45 $1.48 $1.31 $1.51 $1.31
SECOND QUARTER RESULTS
Sales of $334 million decreased 19% compared to the prior quarter, primarily reflecting lower realized precious metals prices, due largely to timing of sales, a declining price environment and lower precious metals sales volumes. Payable silver sold was roughly 5% lower compared to the prior quarter, primarily driven by the timing of sales at Greens Creek.
Income from continuing operations was $118 million, or $0.18 per share compared to the record $165 million in the prior quarter (in each case from continuing operations, excluding Casa Berardi). The decline was primarily related to:
-- A 19% decrease in revenue from continuing operations for the items
noted above
-- A $7 million increase in exploration and pre-development expense,
primarily related to the seasonal increase in exploration activities
across the portfolio
-- A $3 million increase in depreciation expense due primarily to higher
production and sales volumes at Lucky Friday and Keno Hill
Partly offset by:
-- A $32 million decrease in tax expense primarily related to lower
profitability compared to the prior quarter and tax planning strategies
allowing for consolidation of tax groups
-- A $7 million decrease in costs applicable to sales primarily related to
lower consolidated volumes of silver sold5
-- A $3 million decrease in interest expense primarily related to the
repayment of the Senior Notes
Adjusted EBITDA from continuing operations was $199 million, down 25% from the prior quarter (in each period, excluding Casa Berardi), primarily reflecting the decrease in revenue, partly offset by lower costs applicable to sales.(4,5)
Cash and cash equivalents at June 30, 2026, of $483 million, with no draws on the revolving credit facility, with $3.5 million of availability utilized for outstanding letters of credit.
Cash provided by operating activities from continuing operations was $175 million, down 4% from the prior quarter, primarily due to lower realized metal prices for silver, gold and lead, and lower volumes of payable silver and gold ounces sold, partly offset by a higher realized zinc price (in each period, excluding Casa Berardi). Cash provided by operating activities was positively impacted by a $63 million decrease in accounts receivable, driven by timing of concentrate shipments, the collection of receivables and lower metal prices reducing the value of concentrate receivables as of June 30, 2026.
Capital investment in continuing operations was $39 million, nearly unchanged from the prior quarter (in each period, excluding Casa Berardi). Capital investment is expected to increase in the third quarter and remain elevated in the fourth quarter, as projects across the portfolio advance through the warmer-weather construction season and into the fall. The Company continues to invest in 2026 corporate initiatives to strengthen planning discipline and operational efficiency.
Free cash flow from continuing operations was $136 million, compared to a record $144 million in the prior quarter, with the 5% decrease primarily due to lower cash flow from operations (in each period, excluding Casa Berardi).(1) Greens Creek and Lucky Friday set new quarterly site-level free cash flow records of $130 million and $88 million, respectively.(1)
In thousands
(except per ounce
amounts) 2Q-2026 1Q-2026 4Q-2025 3Q-2025 2Q-2025 YTD-2026 YTD-2025
Operational
Highlights
Milled tons
(tons)
Greens Creek 217,433 208,922 200,952 227,587 230,221 426,355 443,120
Lucky Friday 101,978 108,608 98,499 105,329 114,475 210,586 223,220
Keno Hill 33,504 24,274 24,417 29,740 26,771 57,778 54,182
Milled silver
grade - (opt)
Greens Creek 12.0 13.0 12.2 13.1 13.4 12.5 12.6
Lucky Friday 15.6 11.9 13.4 13.4 12.5 13.7 12.7
Keno Hill 19.3 20.8 25.4 31.8 28.9 19.9 29.0
Silver
production
Greens Creek,
ounces 2,051,022 2,177,142 1,951,784 2,347,674 2,422,978 4,228,164 4,425,538
Lucky Friday,
ounces 1,532,569 1,237,288 1,250,204 1,337,353 1,340,877 2,769,857 2,673,129
Keno Hill,
ounces 625,236 488,719 597,020 898,328 750,712 1,113,955 1,523,142
Total, ounces 4,208,827 3,903,149 3,799,008 4,583,355 4,514,567 8,111,976 8,621,809
Gold production
Greens Creek,
ounces 14,199 12,886 12,256 15,584 17,750 27,085 31,509
Silver payable
ounces sold 3,392,314 3,575,018 3,732,076 4,463,356 3,517,713 6,967,332 7,030,462
Gold payable
ounces sold 10,151 11,533 10,484 14,277 11,634 21,684 22,112
Concentrate
volumes produced
and sold
Greens Creek
Silver
concentrate
produced,
tons 17,630 16,321 14,896 17,180 17,985 33,951 33,526
Silver
concentrate
sold, tons 12,601 16,295 17,333 18,954 13,789 28,896 29,285
Zinc
concentrate
produced,
tons 17,990 18,474 17,485 18,548 20,936 36,464 39,164
Zinc
concentrate
sold, tons 17,796 18,467 18,918 20,065 17,987 36,263 36,371
Precious
metal
concentrate
produced,
tons 7,633 8,063 5,571 6,379 8,316 15,696 15,831
Precious
metal
concentrate
sold, tons 8,394 15,603 -- 8,743 8,061 23,997 16,391
Lucky Friday
Silver
concentrate
produced,
tons 15,452 12,635 12,283 13,796 13,212 28,087 26,146
Silver
concentrate
sold, tons 15,538 12,382 12,590 13,726 12,992 27,920 26,216
Zinc
concentrate
produced,
tons 6,527 6,352 6,269 6,869 6,940 12,879 13,617
Zinc
concentrate
sold, tons 6,478 6,185 7,220 6,178 6,756 12,663 14,242
Keno Hill
Silver
concentrate
produced,
tons 1,288 901 1,165 2,056 1,688 2,189 3,453
Silver
concentrate
sold, tons 1,063 806 2,380 2,380 1,614 1,869 2,831
Precious
metals
concentrate
produced,
tons 999 783 815 1,398 907 1,782 1,692
Precious
metals
concentrate
sold, tons
(a) 897 798 1,023 1,258 925 1,695 1,548
Total Silver
Cash Costs and
AISC, each after
by-product
credits
Silver cash
costs per
ounce (2) $(8.10) $(3.24) $(0.23) $(2.03) $(5.46) $(5.73) $(2.29)
Silver AISC
per ounce
(3) $6.07 $8.17 $18.11 $11.01 $5.19 $7.10 $8.35
Greens Creek
Cash Costs and
AISC, each after
by-product
credits
Silver cash
costs per
ounce (2) $(17.11) $(11.94) $(6.67) $(8.50) $(11.91) $(14.45) $(8.37)
Silver AISC
per ounce
(3) $(10.71) $(8.39) $2.70 $(2.55) $(8.19) $(9.52) $(4.50)
Lucky Friday
Cash Costs and
AISC, each after
by-product
credits
Silver cash
costs per
ounce (2) $3.95 $12.07 $9.82 $9.33 $6.19 $7.58 $7.77
Silver AISC
per ounce
(3) $17.08 $23.78 $25.73 $23.30 $19.07 $20.07 $19.57
(a) Precious metals concentrates include intersegment sales to Greens Creek.
Consolidated silver production from continuing operations was 4.2 million ounces, up 8% from the prior quarter. The increase was driven by Lucky Friday's new quarterly record of 1.5 million ounces, benefiting from a 31% higher milled grade, a level consistent with plan, but not expected to be sustained, partly offset by 6% lower tons milled. Production also increased 28% at Keno Hill, as milling rates rose 38%, partly offset by 7% lower milled grade.
Gold production from Greens Creek was 14 thousand ounces, up 10% from the prior quarter due to 4% higher mill throughput and a higher grade milled.
Silver payable ounces sold of 3.4 million ounces, down 5% from the prior quarter, primarily due to lower payable ounces sold at Greens Creek and Keno Hill, partly offset by higher sales at Lucky Friday.
Gold payable ounces sold of 10 thousand ounces, down 12% from the prior quarter due to the timing of sales at Greens Creek.
Concentrate volumes produced and sold were higher at Lucky Friday and Keno Hill compared to the prior quarter. At Greens Creek, concentrate production was higher for one of the three concentrates produced, while concentrate sales were lower across all three, reflecting a lag between production and shipment: zinc and precious metals concentrate sales roughly matched production, while silver concentrate shipments lagged production, resulting in a build-up of silver concentrate inventory at quarter end that was shipped in early August. Concentrates sales at Lucky Friday were broadly in line with production in the second quarter. At Keno Hill, silver and zinc concentrate sales were below production volumes due to timing of sales, despite overall concentrate production and sales being higher than the prior quarter.
Consolidated silver costs applicable to sales (excludes depreciation) from continuing operations improved 6% over the prior quarter to $117 million, primarily due to lower volumes of silver sold.(5)
Silver cash costs and AISC per silver ounce from continuing operations, each after by-product credits and excluding Keno Hill, which has not yet achieved commercial production, were ($8.10) and $6.07, respectively, lower than the prior quarter, primarily due to higher ounces produced and $6 million higher by-product credits, mostly associated with higher volumes, partly offset by $2 million higher treatment charges. The decrease in AISC compared to the prior quarter reflects these same cash cost drivers, along with $1 million lower general and administrative expense, offset by $11 million higher sustaining capital investment, split roughly evenly between Lucky Friday and Greens Creek.(2,3)
GUIDANCE
In the tables below the Company provides production, cost, and capital guidance on a consolidated basis and by mine, as well as projected consolidated exploration and pre-development expenditures. Silver production guidance is increased for Greens Creek, tightened up for Lucky Friday, and reduced for Keno Hill. There is no change to Greens Creek gold production guidance. Total silver cash costs and AISC per ounce (after by-product credits)(3,4) guidance is lowered on better than planned 1H26 results, and the lower end of total capital investment guidance is raised by about 2%.
2026 Production Outlook
Consolidated silver production is expected to be 15.1-16.1 million ounces, a lower upper end compared to prior guidance.
-- Greens Creek's silver production is expected to be 8.0-8.3 million
ounces, raised up from the prior guidance of 7.5-8.1 million ounces.
-- Lucky Friday's silver production is expected to be 4.9-5.2 million
ounces, tightened up from the prior 4.7-5.2 million ounces.
-- Keno Hill's silver production is expected to be 2.2-2.6 million ounces,
lowered from the prior 2.9-3.2 million ounces. The Company's plan at Keno
Hill is to run the operation at a sustained, more modest rate, while
permitting and infrastructure build-out is prioritized, as previously
disclosed.
Greens Creek's gold production guidance of 51.0-55.0 koz is reiterated.
2026 Cost Guidance Revised Lower
Total silver cash cost and AISC guidance per silver ounce (after by-product credits) is improved to ($4.00)-($3.75)/oz and $12.50-$13.50/oz respectively.(2,3) This guidance only incorporates Greens Creek and Lucky Friday, as Keno Hill remains in a state of pre-commercial production.
-- At Greens Creek, guidance for costs applicable to sales (excludes
depreciation) at $240 million. Cash cost per silver ounce (after
by-product credits) and AISC per silver ounce (after by-product credits)
guidance is lowered to ($12.50)-($12.00) and ($4.25)-($3.75) respectively
from ($9.00)-($8.25) and $0.00-$0.50 respectively.2,3,5
-- At Lucky Friday, guidance for costs applicable to sales (excludes
depreciation) of $139 million. Cash cost guidance is lowered to
$9.00-$9.75 from the prior $10.25-$11.00 (after by-product credits), per
silver ounce, and the lower end of AISC raised to $24.50-$26.00 from
$23.50-$26.00 (after by-product credits), per silver ounce to reflect the
higher sustaining capital investment guidance at the mine.2,3,5
2026 Capital and Exploration
Lower end of total capital (growth and sustaining) investment guidance raised, top end reiterated, now at $208-$223 million from $204-$223 million.
-- Greens Creek's capital investment is primarily attributable to mine
development and the expansion of its tailings facility, which, when
completed is expected to provide tailings storage capacity through 2045.
-- Lucky Friday's capital investment is heavily tied to underground
development, a new tailings facility and a surface cooling project, which
is expected to be completed by September and to increase the designed
cooling capacity at the mine to support its reserve mine-life of fifteen
years.
-- Expected capital investment at Keno Hill comprises mine development,
expansion of its tailings facility, and infrastructure projects.
Exploration and pre-development expenditures remain unchanged and are expected to be $55 million, with the focus at Greens Creek and Keno Hill, Nevada and Lucky Friday.
Metal Prices and FX rate assumptions for 2H26 (1H26 actuals). Expectations for gold $4,000/oz, silver $55.00/oz, zinc $1.40/lb, lead $0.85/lb and copper $4.00/lb, for byproduct credit calculations. Numbers are rounded. Assumed exchange rate for Canadian dollar is unchanged at 1.35 CAD/USD.
Silver Production (Moz) Gold Production (Koz)
------------ ----------------------- ---------------------
Greens Creek 8.0 - 8.3 51.0 - 55.0
------------ ----------------------- ---------------------
Lucky Friday 4.9 - 5.2 N/A
------------ ----------------------- ---------------------
Keno Hill 2.2 - 2.6 N/A
------------ ----------------------- ---------------------
2026 Total 15.1 - 16.1 51.0 - 55.0
------------ ----------------------- ---------------------
Costs applicable Cash cost, after AISC, after
to sales(5) by-product by-product
(millions) credits, per credits, per
silver ounce (2) produced silver
ounce (3)
-------------- ------------------ ----------------- -----------------
Greens Creek 240 ($12.50) - ($4.25) - ($3.75)
($12.00)
-------------- ------------------ ----------------- -----------------
Lucky Friday 140 $9.00 - $9.75 $24.50 - $26.00
-------------- ------------------ ----------------- -----------------
Total Silver 380 ($4.00) - ($3.75) $12.50 - $13.50
-------------- ------------------ ----------------- -----------------
(millions) Total Sustaining Growth
----------------------------------- ---------- ---------- ---------
2026 Total Capital Investment $208 - 223 $147 - 158 $61 - $65
------------------------------------ ---------- ---------- ---------
Greens Creek 61 - 65 61 - 65 -
------------------------------------ ---------- ---------- ---------
Lucky Friday 77 - 82 77 - 82 -
------------------------------------ ---------- ---------- ---------
Keno Hill 61 - 65 - 61 - 65
------------------------------------ ---------- ---------- ---------
Corporate 9 - 11 9 - 11 -
------------------------------------ ---------- ---------- ---------
2026 Exploration & Pre-Development $55
------------------------------------ ---------- ---------- ---------
PROJECT PIPELINE UPDATE
Hecla remains focused on advancing a pipeline of organic growth opportunities that build on existing infrastructure, established permitting paths, and the Company's deep operational expertise. The projects outlined below are anticipated to be low-capital-intensity opportunities with the potential to meaningfully expanding precious metal output, cash flows and net asset value over time, while avoiding many of the exploration and development risks inherent in greenfield projects.
Greens Creek Pyrite Concentrate Circuit
Greens Creek is advancing engineering and evaluation of a pyrite concentrate circuit which has the potential to recover additional silver and gold that currently report to tailings. Preliminary metallurgical and engineering work indicates the project could, at average reserve grades, add approximately 1.0 to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold in annual production, once fully ramped up.
Preliminary cost estimates are underway. Early indications point to a potential robust return on capital meeting Company thresholds, while potentially also reducing the rate of tailings deposited into the tailing storage facility, which would be expected to lower future tailings-related capital investment.
This work is at a preliminary economic assessment level of engineering, incorporating some advanced design (equivalent to an AACE Class 4 cost estimate advancing toward Class 3). Given the projected favorable benefit-to-cost ratio and low technical risk, the project is well suited to an accelerated engineering and execution path subject to receipt of applicable permits, and final investment approval. The Company currently targets first production between the fourth quarter of 2027 and the first half of 2028, with a ramp-up period of approximately one year required to reach full capacity. A dedicated internal project manager has been assigned to oversee execution, consistent with Hecla's approach to advancing near-term growth opportunities.
These estimates are preliminary, based on early-stage engineering and metallurgical work, and remain subject to change as the project advances. Actual results may differ materially from these estimates due to further technical work, permitting timelines, market conditions, and other factors described under "Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook" in this news release and under "Risk Factors" in the Company's 2025 Form 10-K filed on February 17, 2026, and Form 10-Q expected to be filed on August 4, 2026, as well as in other reports filed by the Company from time to time with the Securities and Exchange Commission. References to preliminary economic assessment, prefeasibility, and feasibility levels in this section describe the engineering and cost-estimate maturity of processing circuit design work and are not technical reports, preliminary economic assessments, or feasibility studies as those terms are defined under SEC Regulation S-K 1300 or NI 43-101 in Canada.
Greens Creek Tailings Reprocessing Project
The Greens Creek tailings reprocessing project offers potential organic value creation, though significant groundwork is still needed before that value can be realized. The project is at a preliminary, conceptual stage of engineering (equivalent to an AACE Class 5 to Class 4 cost estimate) and is progressing through a multi-phase metallurgical study conducted with a third party, with Phase 3 testing scheduled for completion in August 2026. This next phase of multi-ton metallurgical work is a key milestone that should help shape next steps, with the potential to advance to a pilot plant test in Phase 4. If the tests yield positive results, it is expected the project would advance through a prefeasibility study before any decision to execute. Early indications point to a potentially low capital intensity path for Hecla to achieve initial cash flows, though the project remains in the early stages of testing and the potential third party partner securing a suitable processing facility. As an added benefit, reprocessing all or part of the existing tailings could decrease the space needed for tailings storage and help lower the mine's long-term reclamation liability.
At June 30, 2026, the dry-stack tailings facility at Greens Creek held an estimated 10.6 million tons of material, containing roughly 51 million ounces of silver, nearly 600 thousand ounces of gold, and additional critical minerals, representing a combined estimated in-situ gross metal value of approximately $6.1 billion (based on June 30, 2026 metals prices and before transportation, processing or sales costs, which are expected to be significant).
Midas Restart Project
Hecla continues to evaluate the potential to restart the existing, permitted Midas mill in northern Nevada, a historic high-grade gold and silver operation. Midas benefits from fully permitted infrastructure, which could help reduce the capital required for restart, and the Company is working to expand the existing high-grade gold and silver resource to the scale needed to support that restart. Midas represents a potential hub-and-spoke operating model, with ore potentially sourced from multiple regional deposits and fed into the 1,200 tpd mill. The site also includes an existing permitted tailings facility, offering approximately 15 years of storage capacity at the mill's nameplate capacity
The Company has allocated $16 million of the 2026 exploration budget for the Nevada project portfolio, more than three times the investment made in 2025. The 2026 drill program at Midas is focused on following up on the success of the 2025 drill program with a heavy focus on the Sinter Offset Zone and the Pogo target. The nearby Hollister high-grade gold and silver project is within trucking distance of the Midas mill and drilling has recently resumed after a multi-year pause. With multiple veins and trends still open along strike and at depth, and programs at Hollister and Aurora beginning, the Company expects continued exploration momentum through the second half of 2026 and aims to provide regular exploration updates for the Nevada exploration projects throughout 2026.
EXPLORATION AND PRE-DEVELOPMENT
Investment and Strategy
During the second quarter, the Company invested $11.3 million in exploration and corporate development (and $0.4 million in pre-development) activities, focused on high-impact discovery drilling at Keno Hill in Yukon and Midas in Nevada, and resource expansion programs at the Company's producing assets. This strategy balances district-scale discovery with near-mine resource definition and reserve extension. Guidance for 2026 remains at $55 million investment in exploration and pre-development. See our exploration update news release from July 29, 2026 for detailed results.
DIVIDENDS
Pursuant to the Company's dividend policy, the Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock payable on or about September 10, 2026, to stockholders of record on August 26, 2026.
Preferred Stock
The Board of Directors declared a quarterly cash dividend of $0.875 per share of Series B preferred stock, payable on or about October 1, 2026, to preferred stockholders of record on September 15, 2026.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held on Wednesday, August 5, at 10:00 a.m. Eastern Time to discuss these results. The Company recommends that you dial in at least 10 minutes before the call commencement. You may join the conference call by dialing toll-free 1-833-461-5787 or for international dialing 1-585-542-9983. The Conference ID is 147975178 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/147975178 or www.hecla.com under Investors.
ABOUT HECLA
Founded in 1891, Hecla Mining Company $(HL)$ is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and the Yukon, Canada, the Company owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
NOTES
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.
(1) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital investment. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Keno Hill operations excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines' operating performance. Capital investment refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases.
(2) Cash cost, after by-product credits, per silver ounce is a non-GAAP measurement, a reconciliation of costs applicable to sales can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare performance with that of other silver mining companies. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(3) All-in sustaining cost ("AISC"), after by-product credits, is a non-GAAP measurement, a reconciliation of which to costs applicable to sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes costs applicable to sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.
Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(4) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to income from continuing operations, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to income from continuing operations, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(5) Excludes depreciation, depletion and amortization.
Cautionary Statement Regarding Forward Looking Statements, Including 2026 Outlook
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.
Such forward-looking statements may include, without limitation: (i) the Company's organic project pipeline has potential for meaningful value creation, with the potential to meaningfully expanding precious metal output, cash flows and net asset value over time, while avoiding many of the exploration and development risks inherent in greenfield projects; (ii) at Greens Creek, (a) the expansion of its tailings facility, when completed, is expected to provide tailings storage capacity through 2045; and (b) the potential new pyrite concentrate circuit (1) could create incremental annual production of approximately 1.0 to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold from material that currently reports to tailings, once fully ramped up, (2) has a potential robust return on capital meeting Company thresholds, while potentially also reducing the rate of tailings deposited into the tailing storage facility, which would be expected to lower future tailings-related capital investment, (3) has projected favorable benefit-to-cost ratio and low technical risk, and is well suited to an accelerated engineering and execution path, and (4) is targeted for first production between the fourth quarter of 2027 and the first half of 2028, with a ramp-up period of approximately one year required to reach full capacity; (c) the tailings reprocessing project (1) offers potential organic value creation, (2) has Phase 3 testing scheduled for completion in August 2026, which is a key milestone that should help shape next steps, with the potential to advance to a pilot plant test in Phase 4, (3) is expected to advance through a prefeasibility study before any decision to execute if the tests yield positive results, (4) represents a potentially low capital intensity path for Hecla to achieve initial cash flows, and (5) could decrease the space needed for tailings storage and help lower the mine's long-term reclamation liability. (iii) the Midas restart project has the potential to reduce the capital required to restart the operation through its fully permitted infrastructure, with Midas representing a potential hub-and-spoke operating model where ore sources could come from multiple regional sources fed into the 1,200 tpd mill; (iv) the surface cooling project at Lucky Friday is expected to be completed by end of third quarter 2026; (v) capital investment is expected to ramp up in the third quarter with the warmer construction months and remain elevated in the fourth quarter as numerous projects are advanced across the portfolio; (vi) Company-wide and mine-specific estimated spending on capital, exploration and predevelopment for 2026; (vii) Company-wide and mine-specific estimated silver and gold production for 2026; and (ix) metals prices and foreign exchange rate assumptions.
The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company's plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company's operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to the availability of employees, vendors and equipment; (ix) the Company's plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; and (vi) litigation, political, regulatory, labor and environmental risks. For a more detailed discussion of such risks and other factors that may impact expected future results, see the Company's 2025 Form 10-K filed on February 17, 2026 and Form 10-Q expected to be filed on August 4, 2026. The Company undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law.
Cautionary Statements to Investors on Reserves and Resources
This news release uses the terms "mineral resources", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. The Company reports reserves and resources under the SEC's mining disclosure rules ("S-K 1300") and Canada's National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101") because the Company is a "reporting issuer" under Canadian securities laws. Unless otherwise indicated, all resource and reserve estimates contained in this press release have been prepared in accordance with S-K 1300 as well as NI 43-101.
Qualified Person (QP)
Kurt D. Allen, MSc., CPG, VP-Exploration of Hecla Mining Company, Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, and Matt Blattman, P.E., RM-SME, MMSA, VP-Technical Services serve as Qualified Persons under S-K 1300 and NI 43-101 for Hecla's mineral projects. Mr. Allen supervised the preparation of the scientific and technical information concerning exploration activities while Mr. Jensen supervised the preparation of mineral resources for this news release. Mr. Blattman supervised the preparation of the mineral reserves for this news release. Technical Report Summaries for the Company's Greens Creek, Lucky Friday and Keno Hill properties are filed as exhibits 96.1, 96.2 and 96.4, respectively, to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report for the Greens Creek Mine" effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA" effective date April 2, 2014, and (iii) Keno Hill is contained in its Technical Report Summary titled "S-K 1300 Technical Report Summary on the Keno Hill Mine, Yukon, Canada" and in its NI 43-101 technical report titled "Technical Report on the Keno Hill Mine, Yukon, Canada" effective date December 31, 2023. Also included in each Technical Report Summary and technical report listed above is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in NI 43-101 technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in a NI 43-101 technical reports prepared for ATAC Resources Ltd. for (i) the Osiris Project (technical report dated July 28, 2022) and (ii) the Tiger Project (technical report dated February 27, 2020). Copies of these technical reports are available under the SEDAR profiles of Klondex Mines Unlimited Liability Company and ATAC Resources Ltd., respectively, at www.sedar.com (the Fire Creek technical report is also available under Hecla's profile on SEDAR). Mr. Jensen reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes.
HECLA MINING COMPANY
Consolidated Statements of Operations
(dollars and shares in thousands, except per share amounts -
unaudited)
Three Months Ended Six Months Ended
--------------------- -----------------------
June 30, March 31, June 30, June 30,
2026 2026 2026 2025
--------- ---------- ---------- -----------
Sales $333,851 $ 411,433 $ 745,284 $424,326
COSTS AND EXPENSES
Costs applicable
to sales (1) 117,283 124,410 241,693 209,237
Depreciation,
depletion and
amortization 36,772 33,768 70,540 61,129
General and
administrative 15,173 15,753 30,926 24,539
Exploration and
pre-development 11,681 4,616 16,297 13,050
Care and
maintenance 3,062 3,246 6,308 7,471
Provision for
closed
operations and
environmental
matters 1,329 1,297 2,626 1,634
Other operating
income 2,853 5,236 8,089 1,894
------- -------- -------- -------
Total costs and
expenses 188,153 188,326 376,479 318,954
------- -------- -------- -------
Income from
operations 145,698 223,107 368,805 105,372
------- -------- -------- -------
Other expense:
Interest expense (2,413) (5,656) (8,069) (22,340)
Fair value
adjustments,
net (9,246) (5,945) (15,191) 7,838
Foreign exchange
(loss) gain (4,445) 498 (3,947) (4,160)
Other income, net 7,049 3,549 10,598 2,287
------- -------- -------- -------
(9,055) (7,554) (16,609) (16,375)
------- -------- -------- -------
Income before income
and mining taxes 136,643 215,553 352,196 88,997
Income and mining tax
provision (18,767) (50,900) (69,667) (37,748)
------- -------- -------- -------
Income from
continuing
operations 117,876 164,653 282,529 51,249
(Loss) income from
discontinued
operations -- (183,681) (183,681) 35,328
------- -------- -------- -------
Net income (loss) 117,876 (19,028) 98,848 86,577
Preferred stock
dividends (132) (132) (264) (276)
------- -------- -------- -------
Net income (loss)
applicable to common
stockholders $117,744 $ (19,160) $ 98,584 $ 86,301
======= ======== ======== =======
Basic income per
common share from
continuing
operations after
preferred
dividends $ 0.18 $ 0.25 $ 0.42 $ 0.08
======= ======== ======== =======
Basic (loss) income
per common share
from discontinued
operations $ -- $ (0.28) $ (0.27) $ 0.06
======= ======== ======== =======
Basic income (loss)
per common share
after preferred
dividends $ 0.18 $ (0.03) $ 0.15 $ 0.14
======= ======== ======== =======
Diluted income per
common share from
continuing
operations after
preferred
dividends $ 0.17 $ 0.24 $ 0.42 $ 0.08
======= ======== ======== =======
Diluted (loss)
income per common
share from
discontinued
operations $ -- $ (0.27) $ (0.27) $ 0.06
======= ======== ======== =======
Diluted income (loss)
per common share
after preferred
dividends $ 0.17 $ (0.03) $ 0.15 $ 0.14
======= ======== ======== =======
Weighted average
number of common
shares outstanding
basic 670,763 670,392 670,579 634,339
======= ======== ======== =======
Weighted average
number of common
shares outstanding
diluted 675,886 675,154 675,865 636,991
======= ======== ======== =======
(1) Excludes
depreciation,
depletion and
amortization
HECLA MINING COMPANY
Consolidated Statements of Cash Flows
(dollars in thousands - unaudited)
Three Months Ended Six Months Ended
---------------------- ------------------------
June 30, March 31, June 30, June 30,
2026 2026 2026 2025
---------------- ---------- ---------- ---------- ------------
OPERATING
ACTIVITIES
---------------- ---------- ---------- ---------- ------------
Net income (loss) $ 117,876 $ (19,028) $ 98,848 $ 86,577
Less: (Loss)
income from
discontinued
operations, net
of taxes -- (183,681) (183,681) 35,328
-------- -------- -------- --------
Income from
continuing
operations 117,876 164,653 282,529 51,249
Non-cash
elements
included in net
income:
Depreciation,
depletion and
amortization 36,914 34,468 71,382 62,671
Inventory
adjustments -- -- -- 2,370
Fair value
adjustments,
net 9,246 5,945 15,191 (7,838)
Provision for
reclamation
and closure
costs 1,857 1,871 3,728 3,179
Stock-based
compensation 3,297 2,784 6,081 4,923
Deferred income
taxes 8,099 27,878 35,977 32,405
Net foreign
exchange loss
(gain ) 4,445 (498) 3,947 4,160
Other non-cash
items, net (119) 1,759 1,640 588
Change in assets
and
liabilities:
Accounts
receivable 63,174 (42,968) 20,206 (10,078)
Inventories (15,365) 483 (14,882) (15,595)
Other current
and
non-current
assets (38,528) (19,085) (57,613) 5,632
Accounts
payable,
accrued and
other current
liabilities (7,322) (777) (8,099) (3,635)
Accrued payroll
and related
benefits 19,047 (15,317) 3,730 7,876
Accrued taxes (27,476) 21,503 (5,973) (964)
Accrued
reclamation
and closure
costs and
other
non-current
liabilities (226) 223 (3) (912)
-------- -------- -------- --------
Cash provided
by operating
activities of
continuing
operations 174,919 182,922 357,841 136,031
Cash provided
by operating
activities of
discontinued
operations -- 11,324 11,324 61,503
-------- -------- -------- --------
Net cash provided
by operating
activities 174,919 194,246 369,165 197,534
----------------- -------- -------- -------- --------
INVESTING
ACTIVITIES
---------------- ---------- ---------- ---------- ------------
Additions to
property,
plants,
equipment and
mine
development (39,142) (39,265) (78,407) (80,514)
Proceeds from
sale of Hecla
Quebec, net of
transaction
costs 10,136 168,045 178,181 --
Proceeds from
sale of Minera
Hecla -- 5,228 5,228 --
Proceeds from
investment
sales 21,981 95,378 117,359 3,696
Purchases of
investments (735) (55,684) (56,419) --
Proceeds from
asset
dispositions 4 735 739 128
-------- -------- -------- --------
Net cash (used
in) provided by
investing
activities of
continuing
operations (7,756) 174,437 166,681 (76,690)
Net cash (used
in) investing
activities of
discontinued
operations -- (8,799) (8,799) (31,624)
-------- -------- -------- --------
Net cash (used
in) provided by
investing
activities (7,756) 165,638 157,882 (108,314)
----------------- -------- -------- -------- --------
FINANCING
ACTIVITIES
---------------- ---------- ---------- ---------- ------------
Proceeds from
issuance of
stock, net -- 63 63 174,132
Acquisition of
treasury shares (3,367) (1,161) (4,528) (885)
Borrowing of debt -- -- -- 133,000
Repayments of
debt (263,000) -- (263,000) (117,000)
Dividends paid to
common and
preferred
stockholders (2,512) (2,786) (5,298) (5,023)
Repayments of
finance leases
and other (2,497) (1,249) (3,746) (3,082)
-------- -------- -------- --------
Net cash (used
in) provided by
financing
activities of
continuing
operations (271,376) (5,133) (276,509) 181,142
Net cash used in
financing
activities of
discontinued
operations -- (8,431) (8,431) (1,138)
-------- -------- -------- --------
Net cash (used
in) provided by
financing
activities (271,376) (13,564) (284,940) 180,004
-------- -------- -------- --------
Effect of
exchange rates
on cash 143 (330) (187) 479
-------- -------- -------- --------
Net (decrease)
increase in
cash, cash
equivalents and
restricted cash
and cash
equivalents (104,070) 345,990 241,920 269,703
Cash, cash
equivalents and
restricted cash
and cash
equivalents at
beginning of
period 588,722 242,732 242,732 28,045
-------- -------- -------- --------
Cash, cash
equivalents and
restricted cash
and cash
equivalents at
end of period $ 484,652 $ 588,722 $ 484,652 $ 297,748
-------- -------- -------- --------
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands - unaudited)
June 30, December 31,
2026 2025
-------------------------------------- ----------- ----------------
ASSETS
-------------------------------------- ----------- ----------------
Current assets:
Cash and cash equivalents $ 483,482 $ 241,558
Accounts receivable 169,969 182,249
Inventories 96,739 81,687
Other current assets 21,781 83,065
Assets of discontinued operations -- 40,785
--------- ---------
Total current assets 771,971 629,344
Investments 152,543 47,842
Restricted cash and cash equivalents 1,170 1,174
Properties, plants, equipment and mine
development, net 2,137,252 2,130,581
Operating lease right-of-use assets 8,290 8,859
Other non-current assets 114,051 31,901
Assets of discontinued operations -- 710,944
--------- ---------
Total assets $3,185,277 $ 3,560,645
========= =========
LIABILITIES
-------------------------------------- ----------- ----------------
Current liabilities:
Accounts payable and other current
accrued liabilities $ 121,046 $ 126,364
Finance leases 5,171 4,262
Accrued reclamation and closure costs 10,902 13,795
Accrued interest -- 7,678
Other current liabilities 11,430 39,107
Liabilities of discontinued
operations -- 40,358
--------- ---------
Total current liabilities 148,549 231,564
Accrued reclamation and closure costs 116,690 112,491
Long-term debt including finance leases 7,563 263,171
Deferred tax liability 198,902 157,585
Other non-current liabilities 35,749 33,912
Liabilities of discontinued operations -- 170,276
--------- ---------
Total liabilities 507,453 968,999
--------- ---------
STOCKHOLDERS' EQUITY
-------------------------------------- ----------- ----------------
Preferred stock 38 39
Common stock 170,115 169,689
Capital surplus 2,650,243 2,643,211
Accumulated deficit (88,593) (182,143)
Accumulated other comprehensive loss,
net (13,635) (3,334)
Treasury stock (40,344) (35,816)
--------- ---------
Total stockholders' equity 2,677,824 2,591,646
--------- ---------
Total liabilities and stockholders'
equity $3,185,277 $ 3,560,645
========= =========
Common shares outstanding 680,926 679,220
--------- ---------
Reconciliation of Costs Applicable to Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)
The tables below present reconciliations between the most comparable GAAP measure of costs applicable to sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three and six months ended June 30, 2026, the three months ended March 31, 2026, the three months ended December 31, 2025, September 30, 2025, and the three and six months ended June 30, 2025.
Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as the Company reports them are the same as those reported by other mining companies.
Cash Cost, After By-product Credits, per Ounce is an important operating statistic that the Company utilizes to measure each mine's operating performance. The Company uses AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure the Company reports, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.
Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.
In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. The Company also uses these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.
In thousands
(except per ounce
amounts) Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
------------------------------------------------------------------ ----------------------------------------------------------------- ------------------------------------------------------------------- ---------------------------------------------------------------------------------
Greens Lucky Keno Hill Corporate Greens Lucky Keno Hill Corporate Other Greens Lucky Keno Hill Corporate Greens Lucky Keno Hill Corporate
Creek Friday (5) (2) Other (4) Total Creek Friday (5) (2) (4) Total Creek Friday (5) (2) Other (4) Total Creek Friday (5) (2) Other (4) Total Silver
--------- --------- --------- ---------- --------- ---------- --------- --------- --------- ---------- -------- ---------- ---------- --------- --------- ---------- --------- ---------- ---------- --------- --------- ---------- --------- ------------
Costs applicable to
sales (3) $ 49,911 $ 34,970 $ 22,136 $ -- $ 10,266 $ 117,283 $ 66,375 $ 35,173 $ 17,923 $ -- $ 4,939 $ 124,410 $ 116,286 $ 70,143 $ 40,059 $ -- $ 15,205 $ 241,693 $ 102,073 $ 59,635 $ 33,809 $ -- $ 13,720 $ 209,237
Treatment costs (3,148) (2,794) -- -- -- (5,942) 895 2,553 - -- -- 3,448 (2,253) (241) -- -- -- (2,494) 1,142 5,017 - -- -- 6,159
Change in product
inventory 9,606 (417) -- -- -- 9,189 (5,383) (1) -- -- -- (5,384) 4,223 (418) -- -- -- 3,805 8,333 (614) -- -- -- 7,719
Reclamation and
other costs (889) (227) -- -- -- (1,116) (846) (195) -- -- -- (1,041) (1,735) (422) -- -- -- (2,157) (250) (433) -- -- -- (683)
Exclusion of Keno
Hill cash costs
(5) -- -- (22,136) -- -- (22,136) -- -- (17,923) -- (17,923) -- -- (40,059) -- -- (40,059) -- -- (33,809) -- -- (33,809)
Exclusion of Other
costs -- -- -- -- (10,266) (10,266) -- -- -- -- (4,939) (4,939) -- -- -- -- (15,205) (15,205) -- -- -- -- (13,720) (13,720)
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- -------- ------- ------- --------- ------- -------- -------- ------- ------- --------- ------- --------
Cash Cost, Before
By-product Credits
(1) 55,480 31,532 -- -- -- 87,012 61,041 37,530 -- -- -- 98,571 116,521 69,062 -- -- -- 185,583 111,298 63,605 -- -- -- 174,903
Reclamation and
other costs 933 225 -- -- -- 1,158 934 225 -- -- -- 1,159 1,867 450 -- -- -- 2,317 1,514 -- 390 -- -- -- -- 1,904
Sustaining capital 12,188 19,884 -- 2,380 -- 34,452 6,795 14,263 -- 1,008 -- 22,066 18,983 34,147 -- 3,388 -- 56,518 15,636 31,139 -- 2,295 -- 49,070
General and
administrative -- -- -- 15,173 -- 15,173 -- -- -- 15,753 -- 15,753 -- -- -- 30,926 -- 30,926 -- -- -- 24,539 -- 24,539
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- -------- ------- ------- --------- ------- -------- -------- ------- ------- --------- ------- --------
AISC, Before
By-product Credits
(1) 68,601 51,641 -- 17,553 -- 137,795 68,770 52,018 -- 16,761 -- 137,549 137,371 103,659 -- 34,314 -- 275,344 128,448 95,134 -- 26,834 -- 250,416
By-product
credits:
Zinc (26,669) (8,971) -- -- -- (35,640) (25,369) -- -- -- -- (25,369) (52,038) (17,788) -- -- -- (69,826) (46,886) (14,070) -- -- -- -- -- (60,956)
Gold (56,935) -- -- -- -- (56,935) (55,214) -- -- -- -- (55,214) (112,149) -- -- -- -- (112,149) (87,171) -- -- -- -- (87,171)
Lead (6,667) (16,494) -- -- -- (23,161) (6,037) (22,591) -- -- -- (28,628) (12,704) (30,269) -- -- -- (42,973) (12,701) (28,751) -- -- -- (41,452)
Copper (311) -- -- -- -- (311) (433) -- -- -- -- (433) (744) -- -- -- -- (744) (1,600) -- -- -- -- (1,600)
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- -------- ------- ------- --------- ------- -------- -------- ------- ------- --------- ------- --------
Total
By-product
credits (90,582) (25,465) -- -- -- (116,047) (87,053) (22,591) -- -- -- (109,644) (177,635) (48,057) -- -- -- (225,692) (148,358) (42,821) -- -- -- (191,179)
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- -------- ------- ------- --------- ------- -------- -------- ------- ------- --------- ------- --------
Cash Cost, After
By-product
Credits $(35,102) $ 6,067 $ -- $ -- $ -- $ (29,035) $(26,012) $ 14,939 $ -- $ -- $ -- $ (11,073) $ (61,114) $ 21,005 $ -- $ -- $ -- $ (40,109) $ (37,060) $ 20,784 $ -- $ -- $ -- $ (16,276)
======= ======= ======= ========= ======= ======== ======= ======= ======= ========= ====== ======== ======== ======= ======= ========= ======= ======== ======== ======= ======= ========= ======= ========
AISC, After
By-product
Credits $(21,981) $ 26,176 $ -- $ 17,553 $ -- $ 21,748 $(18,283) $ 29,427 $ -- $ 16,761 $ -- $ 27,905 $ (40,264) $ 55,602 $ -- $ 34,314 $ -- $ 49,652 $ (19,910) $ 52,313 $ -- $ 26,834 $ -- $ 59,237
======= ======= ======= ========= ======= ======== ======= ======= ======= ========= ====== ======== ======== ======= ======= ========= ======= ======== ======== ======= ======= ========= ======= ========
Ounces produced 2,051 1,533 3,584 2,177 1,237 3,414 4,228 2,770 6,998 4,426 - 2,673 7,099
Cash Cost,
Before
By-product
Credits, per
Silver Ounce $ 27.05 $ 20.57 $ 24.28 $ 28.04 $ 30.33 $ 28.87 $ 27.56 $ 24.93 $ 26.52 $ 25.15 $ 23.79 $ 24.64
By-product
credits per
ounce (44.16) (16.62) (32.38) (39.98) (18.26) (32.11) (42.01) (17.35) (32.25) (33.52) (16.02) (26.93)
------- ------- -------- ------- ------- -------- -------- ------- -------- -------- ------- --------
Cash Cost,
After
By-product
Credits, per
Silver Ounce $ (17.11) $ 3.95 $ (8.10) $ (11.94) $ 12.07 $ (3.24) $ (14.45) $ 7.58 $ (5.73) $ (8.37) $ 7.77 $ (2.29)
======= ======= ======== ======= ======= ======== ======== ======= ======== ======== ======= ========
AISC, Before
By-product
Credits, per
Silver Ounce $ 33.45 $ 33.70 $ 38.45 $ 31.59 $ 42.04 $ 40.28 $ 32.49 $ 37.42 $ 39.35 $ 29.02 $ 35.59 $ 35.28
By-product
credits per
ounce (44.16) (16.62) (32.38) (39.98) (18.26) (32.11) (42.01) (17.35) (32.25) (33.52) (16.02) (26.93)
------- ------- -------- ------- ------- -------- -------- ------- -------- -------- ------- --------
AISC, After
By-product
Credits, per
Silver Ounce $ (10.71) $ 17.08 $ 6.07 $ (8.39) $ 23.78 $ 8.17 $ (9.52) $ 20.07 $ 7.10 $ (4.50) $ 19.57 $ 8.35
======= ======= ======== ======= ======= ======== ======== ======= ======== ======== ======= ========
In thousands
(except per ounce
amounts) Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 Three Months Ended June 30, 2025
---------------------------------------------------------------- -------------------------------------------------------------------------------------- -------------------------------------------------------------------
Greens Lucky Keno Hill Corporate Other Greens Lucky Keno Hill Corporate Greens Lucky Keno Hill Corporate Other
Creek Friday (5) (2) (4) Total Creek Friday (5) (2) Other (4) Total Creek Friday (5) (2) (4) Total
--------- --------- --------- ---------- -------- --------- --------- --- --------- --- --------- --- ---------- --- --------- ---------- --------- --------- --------- ---------- -------- ------------
Costs applicable to
sales (3) $ 66,719 $ 31,830 $ 14,931 $ -- $ 8,671 $122,151 $ 65,429 $-- $ 31,170 $-- $ 23,143 $-- $ -- $-- $ 16,183 $ 135,925 $ 46,024 $ 29,011 $ 20,740 $ -- $ 6,625 $ 102,400
Treatment costs 242 2,283 -- -- -- 2,525 (436) 2,434 -- -- -- 1,998 (1,001) 1,054 -- -- -- 53
Change in product
inventory (4,485) (338) -- -- -- (4,823) (5,106) 946 -- -- -- (4,160) 9,234 225 -- -- -- 9,459
Reclamation and
other costs (537) (283) -- -- -- (820) (715) (141) -- -- -- (856) 57 (160) -- -- -- (103)
Exclusion of Keno
Hill cash costs
(5) -- -- (14,931) -- (14,931) -- -- (23,143) -- (23,143) -- -- (20,740) -- -- (20,740)
Exclusion of Other
costs (8,671) (8,671) -- -- -- -- (16,183) (16,183) -- -- -- -- (6,625) (6,625)
--------- --------- --------- ---------- ------ ------- ------- --- ------- --- ------- --- --------- --- ------- -------- ------- ------- ------- --------- ------ --------
Cash Cost, Before
By-product Credits
(1) 61,939 33,492 -- -- -- 95,431 59,172 34,409 -- -- -- 93,581 54,314 30,130 -- -- -- 84,444
Reclamation and
other costs 757 195 -- -- -- 952 758 195 -- -- -- 953 757 195 -- -- -- 952
Sustaining capital 17,516 19,693 -- 1,342 -- 38,551 13,210 18,484 -- 1,528 -- 33,222 8,268 17,069 -- 1,270 -- 26,607
General and
administrative -- -- -- 19,215 -- 19,215 -- -- -- 13,872 -- 13,872 -- -- -- 12,540 -- 12,540
------- ------- ------- --------- ------ ------- ------- --- ------- --- ------- --- --------- --- ------- -------- ------- ------- ------- --------- ------ --------
AISC, Before
By-product Credits
(1) 80,212 53,380 -- 20,557 -- 154,149 73,140 53,088 -- 15,400 -- 141,628 63,339 47,394 -- 13,810 -- 124,543
By-product
credits:
Zinc (23,715) (7,666) -- -- -- (31,381) (22,894) (7,203) -- -- -- (30,097) (23,512) (7,120) -- -- -- (30,632)
Gold (44,708) -- -- -- -- (44,708) (48,618) -- -- -- -- (48,618) (52,194) -- -- -- -- (52,194)
Lead (5,592) (13,549) -- -- -- (19,141) (6,670) (14,736) -- -- -- (21,406) (6,610) (14,708) -- -- -- (21,318)
Copper (938) -- -- -- -- (938) (927) -- -- -- -- (927) (871) -- -- -- -- (871)
------- ------- ------- --------- ------ ------- ------- --- ------- --- ------- --- --------- --- ------- -------- ------- ------- ------- --------- ------ --------
Total
By-product
credits (74,953) (21,215) -- -- -- (96,168) (79,109) (21,939) -- -- -- (101,048) (83,187) (21,828) -- -- -- (105,015)
------- ------- ------- --------- ------ ------- ------- --- ------- --- ------- --- --------- --- ------- -------- ------- ------- ------- --------- ------ --------
Cash Cost, After
By-product
Credits $(13,014) $ 12,277 $ -- $ -- $ -- $ (737) $(19,937) $ 12,470 $ -- $ -- $ -- $ (7,467) $(28,873) $ 8,302 $ -- $ -- $ -- $ (20,571)
======= ======= ======= ========= ====== ======= ======= === ======= === ======= === ========= === ======= ======== ======= ======= ======= ========= ====== ========
AISC, After
By-product
Credits $ 5,259 $ 32,165 $ -- $ 20,557 $ -- $ 57,981 $ (5,969) $ 31,149 $ -- $ 15,400 $ -- $ 40,580 $(19,848) $ 25,566 $ -- $ 13,810 $ -- $ 19,528
======= ======= ======= ========= ====== ======= ======= === ======= === ======= === ========= === ======= ======== ======= ======= ======= ========= ====== ========
Divided by silver
ounces produced 1,952 1,250 3,202 2,348 1,337 3,685 2,423 1,341 3,764
Cash Cost,
Before
By-product
Credits, per
Silver Ounce $ 31.73 $ 26.79 $ 29.80 $ 25.20 $ 25.73 $ 25.39 $ 22.42 $ 22.47 $ 22.44
By-product
credits per
ounce (38.40) (16.97) (30.03) (33.69) (16.41) (27.42) (34.33) (16.28) (27.90)
------- ------- ------- ------- --- ------- -------- ------- ------- --------
Cash Cost,
After
By-product
Credits, per
Silver Ounce $ (6.67) $ 9.82 $ (0.23) $ (8.49) $ 9.32 $ (2.03) $ (11.91) $ 6.19 $ (5.46)
======= ======= ======= ======= === ======= ======== ======= ======= ========
AISC, Before
By-product
Credits, per
Silver Ounce $ 41.10 $ 42.70 $ 48.14 $ 31.15 $ 39.71 $ 38.43 $ 26.14 $ 35.35 $ 33.09
By-product
credits per
ounce (38.40) (16.97) (30.03) (33.70) (16.41) (27.42) (34.33) (16.28) (27.90)
------- ------- ------- ------- --- ------- -------- ------- ------- --------
AISC, After
By-product
Credits, per
Silver Ounce $ 2.70 $ 25.73 $ 18.11 $ (2.55) $ 23.30 $ 11.01 $ (8.19) $ 19.07 $ 5.19
======= ======= ======= ======= === ======= ======== ======= ======= ========
(1) Includes all direct and indirect operating costs related to the
physical activities of producing metals, including mining, processing
and other plant costs, third-party refining and marketing expense,
on-site general and administrative costs and royalties, before
by-product revenues earned from all metals other than the primary metal
produced at each operation. AISC, Before By-product Credits also
includes reclamation and sustaining capital costs.
(2) AISC, Before By-product Credits for our consolidated silver properties
includes corporate costs for general and administrative expense and
sustaining capital.
(3) Excludes depreciation, depletion and amortization
(4) Other includes costs applicable to sales related to the Company's
environmental remediation services business.
(5) Keno Hill is in the ramp-up phase of production and is excluded from
the calculation of costs applicable to sales, Cash Cost, Before
By-product Credits, Cash Cost, After By-product Credits, AISC, Before
By-product Credits, and AISC, After By-product Credits.
2026 Guidance, Current Estimates: Reconciliation of Costs Applicable to Sales to Non-GAAP Measures
In thousands
(except per ounce
amounts) Estimate for Twelve Months Ended December 31, 2026
------------------------------------------------------
Lucky
Greens Creek Friday Corporate(3) Total Silver
------------- --------- -------------- ------------
Costs applicable to
sales (3) $ 239,800 $138,500 $ -- $ 378,300
Treatment costs 3,600 2,900 -- 6,500
Other costs (16,300) (4,100) -- (20,400)
-------- ------- ---------- --------
Cash Cost, Before
By-product Credits
(1) 227,100 137,300 -- 364,400
Reclamation and
other costs 3,700 900 -- 4,600
Sustaining capital 63,000 80,000 11,000 154,000
General and
administrative -- -- 66,600 66,600
-------- ------- ---------- --------
AISC, Before
By-product Credits
(1) 293,800 218,200 77,600 589,600
By-product
credits:
Zinc (102,300) (38,900) -- (141,200)
Gold (201,300) -- -- (201,300)
Lead (25,400) (51,100) -- (76,500)
Copper (1,600) -- -- (1,600)
Silver -- -- -- --
-------- ------- ---------- --------
Total
By-product
credits (330,600) (90,000) -- (420,600)
-------- ------- ---------- --------
Cash Cost, After
By-product
Credits $(103,500) $ 47,300 $ -- $ (56,200)
======== ======= ========== ========
AISC, After
By-product
Credits $ (36,800) $128,200 $ 77,600 $ 169,000
======== ======= ========== ========
Divided by silver
ounces produced 8,150 5,050 13,200
Cash Cost,
Before
By-product
Credits, per
Silver Ounce $ 27.87 $ 27.19 $ 27.61
By-product
credits per
silver ounce (40.56) (17.82) (31.86)
-------- ------- --------
Cash Cost,
After
By-product
Credits, per
Silver Ounce $ (12.69) $ 9.37 $ (4.25)
======== ======= ========
AISC, Before
By-product
Credits, per
Silver Ounce $ 36.05 $ 43.21 $ 44.67
By-product
credits per
silver ounce (40.56) (17.82) (31.86)
-------- ------- --------
AISC, After
By-product
Credits, per
Silver Ounce $ (4.51) $ 25.39 $ 12.81
======== ======= ========
Reconciliation of Income from Continuing Operations (GAAP) to Adjusted EBITDA from Continuing Operations (non-GAAP)
This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") from continuing operations, which is a measure of our operating performance. Adjusted EBITDA from continuing operations is calculated as income from continuing operations before the following items: interest expense, income and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of assets, foreign exchange gains and losses, write down of property, plant and equipment, fair value adjustments, net, interest and other income, provisions for closed operations and environmental matters, stock-based compensation, provisional price gains, monetization of zinc and lead hedges and inventory adjustments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA is useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles income from continuing operations to adjusted EBITDA from continuing operations:
Dollars are in LTM June
thousands 2Q-2026 1Q-2026 4Q-2025 3Q-2025 2Q-2025 30, 2026
--------- --------- --------- --------- -------- -----------
Income from
continuing
operations 117,876 $164,653 $112,742 $ 80,113 $26,910 475,384
Interest
expense 2,413 5,656 5,396 13,264 10,948 26,729
Income and
mining tax
provision 18,767 50,900 35,367 39,476 22,110 144,510
Depreciation,
depletion and
amortization 36,772 33,768 31,185 38,481 32,068 140,206
Care and
maintenance 3,062 3,246 2,060 2,003 2,421 10,371
Loss on
disposition of
properties,
plants,
equipment, and
mineral
interests 1,932 1,750 6 2,706 88 6,394
Foreign
exchange loss
(gain) 4,445 (498) 2,196 (305) 3,517 5,838
Fair value
adjustments,
net 9,246 5,945 19,334 (19,828) (4,450) 14,697
Provisional
price losses
(gains) 7,089 (848) (28,993) (10,903) (4,150) (33,655)
Provision for
closed
operations and
environmental
matters 1,329 1,297 4,965 1,268 844 8,859
Stock-based
compensation 3,297 2,784 3,356 2,639 2,987 12,076
Inventory
adjustments -- -- 8,501 51 812 8,552
Other (7,049) (3,549) 5,539 (2,524) (1,555) (7,583)
------- ------- ------- ------- ------ -------
Adjusted EBITDA
from
continuing
operations $199,179 $265,104 $201,654 $146,441 $92,550 $812,378
------- ------- ------- ------- ------ -------
Reconciliation of Cash Provided by Operating Activities from Continuing Operations (GAAP) to Free Cash Flow from Continuing Operations (non-GAAP)
This release refers to a non-GAAP measure of free cash flow from continuing operations, calculated as cash provided by operating activities from continuing operations, less capital investments. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow from continuing operations is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities from continuing operations to free cash flow from continuing operations:
Dollars are
in Three Months Ended Six Months Ended
thousands June 30, June 30,
-------------------- ----------------------
2026 2025 2026 2025
--------- --------- --------- -----------
Cash
provided by
operating
activities
from
continuing
operations $174,919 $108,407 $357,841 $136,031
Less:
Capital
investment
from
continuing
operations (39,142) (42,676) (78,407) $(80,514)
------- ------- ------- -------
Free cash
flow from
continuing
operations $135,777 $ 65,731 $279,434 $ 55,517
======= ======= ======= =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804948485/en/
CONTACT:
For further information, please contact:
Mike Parkin
Vice President - Strategy and Investor Relations
Cheryl Turner
Investor Relations Coordinator
Investor Relations
Email: hmc-info@hecla.com
Website: http://www.hecla.com