Hecla Mining

HL

Market cap $12.8B

Hecla Mining Company is rated a Buy, driven by projected silver market deficits and rising prices through 2026. HL expects 15.1–16.5 million ounces in 2026 silver production, leveraging low-risk North American mines with strong free cash flow. Revenue is projected to surpass $1.886 billion in 2026, with net income and margins expanding as leverage falls to 0.4x.

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") is pleased to announce today that it has completed the full redemption of its remaining $263 million 7.25% Senior Notes (“Notes”) due 2028, completing a significant milestone in the Company's balance sheet transformation. Full redemption of senior notes enhances Hecla's financial flexibility and capacity to invest in strategic growth investments, positioning Hecla to maximize value from its world-c.

Hecla recently sold a non-core asset and plans to reduce debt while doubling growth spending. The silver giant entered 2026 with record profits and solid cash flows.

Gold mining stocks were reaching for new heights in Q1 2026, but their quest got derailed as uncertainty arose about the outlook. The war in the Middle East can cause all sorts of problems for gold and gold miners, something likely to continue in Q2 2026. While an oil crisis is a short-term headwind for gold and gold miners, the long-term impact could be more positive for both.

The recent divestiture of the Casa Berardi gold mine transforms Hecla Mining into a tier-one, pure-play silver producer, setting the stage for a structural valuation premium. Management has a deleveraging strategy, paying down $500 million in debt and extinguishing its 2028 Senior Notes—removing refinancing risk and fortifying the company against macroeconomic credit. Hecla's operations are anchored in the safest global mining jurisdictions, highlighted by Greens Creek's negative All-In Sustaining Cost and driving a record $310.2 million in FCF.

Gold and silver have declined despite their safe-haven reputation. Long-term fundamentals for the precious metals remain positive, with demand from central banks and industry supporting a bullish outlook.

Silver isn't behaving like a non-correlated asset right now, but that could change soon. Future demand for silver is likely to be boosted by its use in a bew generatrion of AI data centers.

Gold and silver are not immune from a general sell-off in assets. The long-term case for both metals remains attractive.

Management is paying down debt and investing in silver assets. Silver has been sold off in 2026, but thats likely due to speculative money leaving the trade.

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") is pleased to announce today that it has completed the sale of its subsidiary that owns the Casa Berardi Mine in Quebec, Canada to a wholly-owned subsidiary of Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) ("Orezone") per the terms announced on January 26, 2026 (the “Transaction”). Completion of the Transaction further solidifies Hecla's strategic positioning as the premier North Am.