Hecla Mining reported record Q1 revenue of $410 million and no long-term debt, targeting 20 million ounces of silver production annually.
Hecla Mining entered Q2 2026 debt-free after redeeming its remaining senior notes, ending the quarter with a net cash position and a fully undrawn credit facility. The company eliminated nearly $550 million in net debt, transforming its balance sheet over the past 18 months.
First-quarter results set records, with revenue from continuing operations at $410 million, adjusted EBITDA of $265 million, and free cash flow of $144 million. Silver accounted for 73% of revenue, all sourced from the U.S. and Canada, following the sale of Casa Berardi.
Hecla plans to double down on silver growth, with expansion projects at Greens Creek, a potential restart of the Midas mine in Nevada, and record exploration spending of $55 million in 2026. The company reaffirmed 2026 silver production guidance of 15.1 million to 16.5 million ounces and aims to exceed 20 million ounces annually over time.