HECLA MINING CO/DE/
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
HL$14.74+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001193125-26-333090
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewConsolidated Results of OperationsFinancial Liquidity and Capital ResourcesContractual Obligations, Contingent Liabilities and CommitmentsOff-Balance Sheet ArrangementsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001193125-26-445748
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewConsolidated Results of OperationsFinancial Liquidity and Capital ResourcesContractual Obligations, Contingent Liabilities and CommitmentsOff-Balance Sheet ArrangementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 184 previous paragraphs and 184 current paragraphs.
78 unchanged; 92 reworded; 11 added; 11 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
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. If the project is approved, intermittent production using temporary equipment could occur from late 2027 through 2028, with construction of the new circuit expected to be completed in late 2028. Thereafter, preliminary metallurgical and engineering work indicate 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.
Current report
A reconciliation of these non-GAAP measures to costs applicable to sales, the most comparable GAAP measure, can be found below in Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By-product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP).
Current report
Fair value adjustments, net increased by $6.9 million primarily due to $3.5 million of gains on our marketable securities portfolio.
Current report
A reconciliation of these non-GAAP measures to costs applicable to sales, the most comparable GAAP measure, can be found below in Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By-product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP).
Current report
A reconciliation of these non-GAAP measures to costs applicable to sales, the most comparable GAAP measure, can be found below in Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By-product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP).
Current report
We acquired our Keno Hill operation as part of the Alexco Resource Corp. acquisition in September 2022 and since then we have focused on development activities and began ramping up the mill during the second quarter of 2023. The mine is currently permitted to a maximum annual average of 440 tons per day, with average mill throughput during the three months ended September 30, 2026 of 415 tons per day (2025: 323 tons per day), with silver grades milled of 26.2 ounces per ton (2025: 31.8 ounces per ton). In September 2026, the mill averaged 437 tons per day, approximately 99% of the mine's permitted rate. While this demonstrated Keno Hill's value generation at target throughputs, the tailings storage, waste rock disposal, and water treatment capacity available under our current permits will not support that rate until those permits are amended and the related infrastructure is built. As discussed further below under “Strategic Focus and Path to 440 Tons Per Day,” we expect to suppress throughput beginning in the fourth quarter of 2026, with a further reduction beginning in January 2027, and we expect to hold throughput at the lower rate until those permits are amended and the related infrastructure is built.
Current report
We estimate that approximately 200,000 tons of tailings storage capacity remains available under our current permits; additional capacity beyond that, through the next phase of the dry-stack tailings facility (Phase 3), will require permit amendments and related construction. How long the remaining capacity lasts will depend on the rate at which we mill ore and on the tailings generated per ton milled, which varies with ore grades, the characteristics of the ore processed, and the density at which tailings are placed. At milling rates for the nine months ended September 30, 2026, we project that we would exhaust that capacity in the second quarter of 2028, before Phase 3 is expected to be permitted and constructed. In an effort to maintain operational continuity and to extend the remaining capacity until Phase 3 is in place, we plan to suppress throughput as described below under “Strategic Focus and Path to 440 Tons Per Day.” Even at the reduced rate, however, we expect to exhaust our tailings storage capacity unless Phase 3 is permitted and constructed during the 2029 construction season. If it is not, milling could be further curtailed or interrupted. The construction season in the Yukon is approximately April through October, and if permits are received by the first half of 2029, it is possible that tailings expansion could be advanced far enough in 2029 to permit the mill to resume normal production levels, and begin ramping up to higher production levels by the end of 2029.
Current report
We expect to begin suppressing throughput in the fourth quarter of 2026 to approximately 300 tons per day, with further suppression, expected beginning in January 2027 to levels significantly below third quarter 2026 throughput. We expect to provide 2027 production guidance for Keno Hill in February 2027. Available capacity for water treatment, tailings storage, and waste rock disposal under our current permits will not support our current levels of production until our QML and WL are amended and the related projects constructed. We are suppressing throughput to preserve that capacity so that operations can continue until then; this is not a cost-driven decision. We are currently targeting license amendments to be finalized by mid-2029, after which, once the related infrastructure is constructed, we would expect to ramp back up toward throughput of 440 tons per day. Permitting timelines depend on regulatory review outside our control and could be extended. If those permits or the related infrastructure projects are delayed beyond our current schedule, throughput could be constrained further or interrupted entirely until the necessary tailings and waste rock storage capacity is in place.
Current report
We expect silver production to decline by proportionally less than throughput because, during this period, we expect to be more selective in both mining and processing. In the mine, we will attempt to reduce dilution and prioritize higher-grade areas of the deposit. In the mill, we expect to preferentially process higher-grade material and stockpile lower-grade material for later processing. Actual production will depend on the grades, dilution, and recoveries we achieve.
Current report
Our 2027 budgeting process is ongoing and subject to various internal reviews and ultimately Board of Directors approval. Current expectations are that capital investments, exploration and pre-development and general and administrative expenses will exceed 2026 amounts.
Removed paragraphs (11)
Previous report
At Greens Creek, we are evaluating a proposed pyrite concentrate circuit that, if developed, could recover additional silver and gold that currently report to tailings. Preliminary engineering and metallurgical work indicates the potential for incremental future silver and gold production from this circuit, possibly as soon as late 2027 or the first half of 2028. These estimates are preliminary and remain subject to significant technical, economic, permitting, metallurgical, and other uncertainties, and the project has not been approved for construction.
Previous report
A reconciliation of these non-GAAP measures to costs applicable to sales, the most comparable GAAP measure, can be found below in Reconciliation of Costs Applicable to Sales (GAAP) 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).
Previous report
Income and mining tax expense decreased by $3.3 million primarily due to the release of a historical valuation allowance related to our Nevada subsidiary, partly offset by the revaluation of the Nevada subsidiary's deferred balance now that they are combined into the Hecla Mining Company Consolidated Group.
Previous report
A reconciliation of these non-GAAP measures to costs applicable to sales, the most comparable GAAP measure, can be found below in Reconciliation of Costs Applicable to Sales (GAAP) 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).
Previous report
Production of all metals was negatively impacted during the three months ended June 30, 2026, compared to the same period in 2025, primarily due to lower tons milled and grades.
Previous report
Production of all metals was negatively impacted during the six months ended June 30, 2026, compared to the same period in 2025, primarily due to lower tons milled and grades.
Previous report
A reconciliation of these non-GAAP measures to costs applicable to sales, the most comparable GAAP measure, can be found below in Reconciliation of Costs Applicable to Sales (GAAP) 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).
Previous report
We acquired our Keno Hill operation as part of the Alexco Resource Corp. acquisition in September 2022 and have focused on development activities and began ramp-up of the mill during the second quarter of 2023. The average mill throughput during the three months ended June 30, 2026, was 368 tons per day (2025: 294 tons per day) (the mine is currently permitted to a maximum of an average of 440 tons per day), with silver grades milled of 19.3 ounces per ton (2025: 28.9 ounces per ton). During the first six months of 2026, the mine continued to focus on development and ramp up to higher tonnage rates with mining rates of 332 tons per day during the quarter, with material sourced from both the Bermingham and Flame and Moth deposits. Mill throughput, while currently steady, was negatively impacted in the first quarter by limited ore availability from the Bermingham deposit due to reduced output from the Bear zone and dilution control issues in narrow vein stopes caused by mining remnant areas as we departed that zone and transitioned into the Arctic zone, as well as by mine sequencing at both Bermingham and Flame and Moth deposits, which was altered as a result of power curtailments by Yukon Energy (the electric utility that supplies the Mine) lasting sixteen days in December 2025 and five days in January 2026 due to extreme cold weather. These impacts have diminished, however, near-term production may decrease due to other factors discussed below.
Previous report
The currently permitted dry‑stack tailings storage area at Keno Hill (Phase 2E) is expected to reach capacity in approximately October 2026. We received governmental approvals for the Phase 2W dry‑stack expansion in early July 2026 and have begun construction. We currently expect Phase 2W to become operational before Phase 2E reaches capacity. Further in the future, at current milling rates, we project that we would run out of tailings storage space in the second quarter of 2028. If no alternative storage or disposal solution has been developed by that time, we may reduce mining rates in advance to preserve available storage capacity, which would curtail milling operations, or we may continue mining at or near current rates until storage capacity is reached, which could interrupt milling operations. The construction season in the Yukon is approximately April through October, and if permits are received by the first half of 2029, it is possible that tailings expansion could be advanced far enough in 2029 to permit the mill to resume normal production levels, and begin ramping up to higher production levels by the end of 2029.
Previous report
We continue to study the aforementioned issues to develop a plan to optimize Keno Hill for the periods described herein. Such a plan could result in accelerated production schedules and an earlier transition to care and maintenance. Alternatively, such a plan could result in slower mining rates so that curtailment periods are minimized, or possibly eliminated, until permits are received and sustained, profitable production at higher throughput rates is achievable.
Reworded paragraphs (92)
Previous wording
In this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), “Hecla,” “the Company,” “we,” “us”, and “our” refer to Hecla Mining Company and its consolidated subsidiaries, except where the context requires otherwise. You should read this discussion in conjunction with our consolidated financial statements, the related MD&A, and the discussion of our Business and Properties in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"), filed with the United States Securities and Exchange Commission (the “SEC”). The results of operations reported and summarized below are not necessarily indicative of future operating results (refer to “Forward-Looking Statements” above for further discussion). References to “Notes” are Notes included in our Notes to Condensed Consolidated Financial Statements (Unaudited). Throughout this MD&A, all references to income or losses per share are on a diluted basis.
Current wording
In this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), “Hecla,” “the Company,” “we,” “us”, and “our” refer to Hecla Mining Company and its consolidated subsidiaries, except where the context requires otherwise. You should read this discussion in conjunction with our consolidated financial statements and the related MD&A contained in our annual report for the year ended December 31, 2025, which were revised to conform with current year financial statement changes as described in Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 28, 2026, including Note 2U. Reclassifications and Note 3. Sale of Hecla Quebec, Inc. and Discontinued Operations, reflecting reclassifications in the Consolidated Statements of Operations and Comprehensive Income (Loss) presentation, the elimination of Casa Berardi as a segment and classification of Casa Berardi as a discontinued operation. The results of operations reported and summarized below are not necessarily indicative of future operating results (refer to “Forward-Looking Statements” above for further discussion). References to “Notes” are Notes included in our Notes to Condensed Consolidated Financial Statements (Unaudited). Throughout this MD&A, all references to income or losses per share are on a diluted basis.
Previous wording
A fair value of $9.9 million for two contingent payments of $10 million each due upon issuance of certain permits to open pit mine two additional identified orebodies
Current wording
A fair value of $9.9 million for two contingent payments of $10 million each due upon issuance of certain permits to open pit mine two identified orebodies
Previous wording
Orezone has a set-off right to reduce the unpaid balance of the Deferred Cash Consideration payments by 50% of the amount by which the financial assurance required by the Quebec government under the updated Casa Berardi closure plan exceeds $150 million, excluding increases caused by Orezone's post-closing actions. The closure excess amount has been included in determining the fair value of the Deferred Cash Consideration.
Current wording
Orezone has a set-off right to reduce the unpaid balance of the Deferred Cash Consideration payments by 50% of the amount by which the financial assurance required by the Quebec government under the updated Casa Berardi closure plan exceeds $150 million, excluding increases caused by Orezone's post-closing actions. The excess closure amount ($11.5 million) has been included in determining the fair value of the Deferred Cash Consideration.
Previous wording
We determined that the sale of Hecla Quebec represents a strategic shift that has a major effect on our operations and financial results and therefore, beginning in the first quarterly report on Form 10-Q for the period ending March 31, 2026, the Casa Berardi operation is no longer a reportable segment and its financial results are reflected in the Company’s unaudited interim condensed consolidated financial statements as a discontinued operation for all periods presented. Unless otherwise specified, the discussion of financial results within this Item 2 MD&A will focus on our continuing operations, in relation to the respective comparative periods which have been recast to reflect the continuing operations of our business.
Current wording
We determined that the sale of Hecla Quebec represents a strategic shift that has a major effect on our operations and financial results and therefore, beginning in the first quarterly report on Form 10-Q for the period ended March 31, 2026, the Casa Berardi operation is no longer a reportable segment and its financial results are reflected in the Company’s unaudited interim condensed consolidated financial statements as a discontinued operation for all periods presented. Unless otherwise specified, the discussion of financial results within this Item 2 MD&A will focus on our continuing operations, in relation to the respective comparative periods which have been recast to reflect the continuing operations of our business.
Previous wording
Production- We produced 4.2 million ounces of silver, compared to 4.5 million ounces in the second quarter of 2025, primarily due to lower throughput and grades at Greens Creek. We produced 14,199 ounces of gold at Greens Creek, a decrease compared to 17,750 ounces produced in the second quarter of 2025, driven by lower throughput and grades.
Current wording
Production- We produced 4.2 million ounces of silver, compared to 4.6 million ounces in the third quarter of 2025, primarily due to lower throughput and grades at Greens Creek. We produced 11,996 ounces of gold at Greens Creek, a decrease compared to 15,584 ounces produced in the third quarter of 2025, driven by lower throughput and grades.
Previous wording
Revenue Generation - Generated sales of $333.9 million, a 52% increase over the second quarter of 2025.
Current wording
Revenue Generation - Generated sales of $394.8 million, a 25% increase over the third quarter of 2025.
Previous wording
Income from continuing operations and shareholder returns- Generated income from continuing operations of $117.9 million, compared to $26.9 million in the second quarter of 2025 and returned $2.5 million in dividends to common stockholders.
Current wording
Income from continuing operations and shareholder returns- Generated income from continuing operations of $149.6 million, compared to $89.4 million in the third quarter of 2025 and returned $2.5 million in dividends to common stockholders.
Previous wording
Investments in Continuing Operations - Made capital investments of $39.1 million, including $12.1 million at Greens Creek, $16.7 million at Lucky Friday and $7.2 million at Keno Hill.
Current wording
Investments in Continuing Operations - Made capital investments of $51.7 million, including $11.7 million at Greens Creek, $23.7 million at Lucky Friday and $11.2 million at Keno Hill.
Previous wording
Production- We produced 8.1 million ounces of silver, compared to 8.6 million ounces of silver in 2025, primarily due to lower grades at Keno Hill and throughput at Greens Creek, partly offset by higher grades at Lucky Friday. At Greens Creek, we produced 27,085 ounces of gold, a decrease compared to 31,509 ounces produced in 2025, driven by lower grade and throughput.
Current wording
Production- We produced 12.3 million ounces of silver, compared to 13.2 million ounces of silver in 2025, with the decrease primarily due to lower grades at Keno Hill and throughput at Greens Creek. At Greens Creek, we produced 39,081 ounces of gold, a decrease compared to 47,093 ounces produced in 2025, driven by lower grade and throughput.
Previous wording
Revenue Generation - Generated sales of $745.3 million, a 76% increase over 2025.
Current wording
Revenue Generation - Generated sales of $1.1 billion, a 54% increase over 2025.
Previous wording
Income from continuing operations and shareholder returns- Generated income from continuing operations of $282.5 million, compared to $51.2 million in the 2025 period and returned $5.0 million in dividends to common stockholders.
Current wording
Income from continuing operations and shareholder returns- Generated income from continuing operations of $432.1 million, compared to $148.0 million in the 2025 period and returned $7.6 million in dividends to common stockholders.
Previous wording
Investments in Continuing Operations - Made capital investments of $78.4 million, including $18.2 million at Greens Creek, $33.7 million at Lucky Friday and $22.3 million at Keno Hill.
Current wording
Investments in Continuing Operations - Made capital investments of $130.1 million, including $29.9 million at Greens Creek, $57.4 million at Lucky Friday and $33.5 million at Keno Hill.
Previous wording
We are also evaluating the potential to reprocess all or part of the existing dry-stack tailings facility at Greens Creek. This project could recover additional silver and gold currently contained in tailings material, subject to further metallurgical testing and the identification of a suitable third-party processing arrangement.
Current wording
We are also evaluating the potential to reprocess all or part of the existing dry-stack tailings facility at Greens Creek. Advances in processing technology and growing market demand for this type of material have created the potential to turn material once managed only as tailings into a marketable low-grade feedstock. This project could recover additional silver and gold currently contained in tailings material, subject to further metallurgical testing and the identification of a suitable third-party processing arrangement. In the fourth quarter, we expect to load a test parcel from Greens Creek of approximately 5,500 dry metric tonnes of this low-grade feedstock for shipment and sale to a third-party smelter.
Previous wording
Lastly, we continue to evaluate the potential restart of our fully permitted Midas mill in northern Nevada. Any restart would depend on, among other things, our ability to expand the existing high-grade gold and silver resource to a scale sufficient to support a sustainable operation.
Current wording
Lastly, we continue to evaluate the potential restart of our permitted Midas mill in northern Nevada. Any restart would depend on, among other things, our ability to expand the existing high-grade gold and silver resource to a scale sufficient to support a sustainable operation.
Previous wording
Each of these opportunities remains in varying stages of engineering, metallurgical evaluation, permitting review, and economic analysis. The timing, scope, and ultimate development of these opportunities may influence future capital allocation decisions, exploration expenditures, and sustaining or growth capital requirements, and may require the receipt of additional permits, approvals, and other authorizations. We have not approved construction or development of any of these projects, and any decision to proceed would require further technical, economic, and regulatory review and approval by management and, where applicable, our Board of Directors.
Current wording
Each of these opportunities remains in varying stages of exploration, engineering, metallurgical evaluation, permitting review, and economic analysis. The timing, scope, and ultimate development of these opportunities may influence future capital allocation decisions, exploration expenditures, and sustaining or growth capital requirements, and may require the receipt of additional permits, approvals, and other authorizations. We have not approved final construction or development of any of these projects (other than the test parcel described above), and any decision to proceed would require further technical, economic, and regulatory review and approval by management and, where applicable, our Board of Directors. There is no assurance that any of these opportunities will be developed, or that if developed, will be completed on the timeline or with the results anticipated at the time of any such approval. See the Risk Factor"The growth opportunities described in this report are subject to significant risks and uncertainties" under Item 1A. "Risk Factors" in Part II of this report.
Previous wording
Our financial results vary as a result of fluctuations in market prices primarily for silver and, to a lesser extent, gold, zinc, lead, and copper. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. To date, tariffs have not materially impacted our financial results. However, future tariffs or other global trade restraints could impact our performance. Historically our US operations have had significant sales into China and Canada, and each of those countries is or could be subject to tariffs, and each has or may retaliate in kind. Notwithstanding these recent developments, we believe that the outlook for precious metals fundamentals is favorable due to macro-economic factors such as geopolitical uncertainty and global growth expectations, which have resulted in significant volatility in the financial and commodities markets, including the precious metals market. See Item 1A. “Risk Factors” contained in Part I of our 2025 Form 10-K for further discussion. Because we cannot control the price of our products, except to the extent we have entered into hedging transactions, the key measures that management focuses on in operating our business are production volumes, payable sales volumes, Cash Cost, After By-product Credits, per Ounce (non-GAAP) and All-In Sustaining Cost, After By-product Credits, per Ounce (“AISC”) (non-GAAP), operating cash flows, capital investments, free cash flow (non-GAAP), and adjusted EBITDA (non-GAAP). The average realized prices for all metals sold by us continued to exhibit significant volatility during the period. We have also experienced significant cost inflation across our operations, principally associated with higher energy prices, increased costs for other consumables such as reagents, explosives, steel, and higher labor and contractor costs.
Current wording
Our financial results vary as a result of fluctuations in market prices primarily for silver and, to a lesser extent, gold, zinc, lead, and copper. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. To date, tariffs have not materially impacted our financial results. However, future tariffs or other global trade restraints could impact our performance. Historically our US operations have had significant sales into China and Canada, and each of those countries is or could be subject to tariffs, and each has or may retaliate in kind. As a result of tariffs, the China market is effectively closed for us, and we have not shipped any products to China since March 2025. Notwithstanding these recent developments, we believe that the outlook for precious metals fundamentals is favorable due to macro-economic factors such as geopolitical uncertainty and global growth expectations, which have resulted in significant volatility in the financial and commodities markets, including the precious metals market. See Item 1A. “Risk Factors” contained in Part I of our 2025 Form 10-K for further discussion. Because we cannot control the price of our products, except to the extent we have entered into hedging transactions, the key measures that management focuses on in operating our business are production volumes, payable sales volumes, Cash Cost per Silver Ounce After By-product Credits (“Cash Cost”) (non-GAAP) and All-In Sustaining Cost per Silver Ounce After By-product Credits (“AISC”) (non-GAAP), operating cash flows, capital investments, free cash flow (non-GAAP), and adjusted EBITDA (non-GAAP). The average realized prices for all metals sold by us continued to exhibit significant volatility during the period. We have also experienced significant cost inflation across our operations, principally associated with higher energy prices, increased costs for other consumables such as reagents, explosives, steel, and higher labor and contractor costs.
Previous wording
Total sales for the three and six months ended June 30, 2026 and 2025 were as follows:
Current wording
Total sales for the three and nine months ended September 30, 2026 and 2025 were as follows:
Previous wording
Total metal sales for the three and six months ended June 30, 2026 and 2025, and the approximate variances attributed to differences in metals prices, sales volumes, and smelter terms, were as follows:
Current wording
Total metal sales for the three and nine months ended September 30, 2026 and 2025, and the approximate variances attributed to differences in metals prices, sales volumes, and smelter terms, were as follows:
Previous wording
The fluctuation in sales for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to the following:
Current wording
The fluctuation in sales for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily due to the following:
Previous wording
Higher average realized prices for all metals compared to the same period in 2025. The table below summarizes average spot prices and our average realized prices for the commodities we sell:
Current wording
Higher average realized prices for all metals for the nine months; for the quarter, all except lead and zinc compared to the same period in 2025. The table below summarizes average spot prices and our average realized prices for the commodities we sell:
Previous wording
Average realized prices typically differ from average market prices primarily because concentrate sales are generally recorded as revenues at the time of shipment at forward prices for the estimated month of settlement, which differ from average market prices. Due to the time elapsed between shipment of concentrates and final settlement with the customers, we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices each period through final settlement. We recorded net negative price adjustments to provisional settlements of $13.1 million and $6.2 million for the three and six months ended June 30, 2026, respectively, (three and six months ended June 30, 2025: $4.2 million and $11.1 million positive adjustments, respectively). The price adjustments related to silver, gold, zinc, lead, and copper contained in our concentrate shipments were partially offset by gains and losses on forward contracts and collars for those metals. See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited)for more information. The gains and losses on these contracts are included in revenues and impact the realized prices for silver, gold, lead, and zinc. Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the metals derivative contracts discussed below) by the payable quantities of each metal included in concentrate, doré, and carbon material shipped during the period.
Current wording
Average realized prices typically differ from average market prices primarily because concentrate sales are generally recorded as revenues at the time of shipment at forward prices for the estimated month of settlement, which differ from average market prices. Due to the time elapsed between shipment of concentrates and final settlement with the customers, we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices each period through final settlement. We recorded net negative price adjustments to provisional settlements of $7.1 million and $13.3 million for the three and nine months ended September 30, 2026, respectively, (three and nine months ended September 30, 2025: $10.9 million and $22.0 million positive adjustments, respectively). The price adjustments related to silver, gold, zinc, lead, and copper contained in our concentrate shipments were partially offset by gains and losses on forward contracts and collars for those metals. See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited)for more information. The gains and losses on these contracts are included in revenues and impact the realized prices for silver, gold, lead, and zinc. Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the metals derivative contracts discussed below) by the payable quantities of each metal included in concentrate, doré, and carbon material shipped during the period.
Previous wording
The positive effect of higher metal prices was partially offset by lower sales volumes of all metals from continuing operations, except lead, during the three and six month period ended June 30, 2026 compared to the comparable 2025 period. See The Greens Creek Segment, The Lucky Friday Segment, and The Keno Hill Segment sections below for more information on metal production and sales volumes at each of our operating segments. Total metals production and sales volumes for each period are shown in the following table:
Current wording
The positive effect of higher metal prices was partially offset by lower sales volumes for silver and gold from continuing operations during the three and nine month periods ended September 30, 2026 compared to the comparable 2025 period. See The Greens Creek Segment, The Lucky Friday Segment, and The Keno Hill Segment sections below for more information on metal production and sales volumes at each of our operating segments. Total metals production and sales volumes for each period are shown in the following table:
Previous wording
Sales, costs applicable to sales, depreciation, depletion and amortization, gross profit, Cash Cost, After By-product Credits, per Ounce (“Cash Cost”) (non-GAAP) and AISC (non-GAAP) at our operating segments for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands, except for Cash Cost and AISC):
Current wording
Sales, costs applicable to sales, depreciation, depletion and amortization, and gross profit at our operating segments, Cash Cost (non-GAAP) and AISC (non-GAAP) at our operating segments and Cash Cost (non-GAAP) and AISC (non-GAAP) for our Greens Creek and Lucky Friday operating segments, in each case for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands, except for Cash Cost and AISC):
Previous wording
The calculation of AISC for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.
Current wording
Total Silver Cash Cost and AISC exclude Keno Hill, which has not yet reached commercial production. The calculation of AISC for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.
Previous wording
For the three and six months ended June 30, 2026, Other includes sales of $10.8 million (2025: $6.6 million) and $15.5 million (2025: $13.7 million) and costs applicable to sales of $10.3 million (2025: $6.6 million) and $15.2 million (2025: $13.7 million), respectively, from our environmental remediation services in the Yukon.
Current wording
For the three and nine months ended September 30, 2026, Other includes sales of $22.4 million (2025: $16.2 million) and $37.8 million (2025: $29.9 million) and costs applicable to sales of $22.4 million (2025: $16.2 million) and $37.6 million (2025: $29.9 million), respectively, from our environmental remediation services in the Yukon.
Previous wording
we have historically presented Greens Creek and Lucky Friday as primary silver producers, based on the original analysis that justified putting the project into production, and the same analysis applies to Keno Hill. Further we believe that consistency in disclosure is important to our investors regardless of the relationships of metals prices and production from year to year;
Current wording
we have historically presented Greens Creek, Lucky Friday and Keno Hill as primary silver producers, based on the original analyses that justified putting the projects into production. Further we believe that consistency in disclosure is important to our investors regardless of the relationships of metals prices and production from year to year;
Previous wording
We periodically review our revenues to ensure that reporting of primary products and by-products is appropriate. Because we consider zinc, lead, gold, and copper at Greens Creek, Lucky Friday, and Keno Hill to be by-products of our silver production, the values of these metals offset operating costs within our calculations of Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce. We currently do not report Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for our Keno Hill operation as it has not met our definition of commercial production. We define an operation as being in commercial production upon achievement of the following criteria:
Current wording
We periodically review our revenues to ensure that reporting of primary products and by-products is appropriate. Because we consider zinc, lead, gold, and copper at Greens Creek, Lucky Friday, and Keno Hill to be by-products of our silver production, the values of these metals offset operating costs within our calculations of Cash Cost and AISC. We currently do not report Cash Cost and AISC for our Keno Hill operation as it has not met our definition of commercial production. We define an operation as being in commercial production upon achievement of all of the following criteria:
Previous wording
Currently we meet only one of the above criteria - silver recoveries are at expected steady-state production levels. Determination of when these criteria have been met requires the use of judgment, and our definition of commercial production may differ from that of other mining companies.
Current wording
Determination of when these criteria have been met requires the use of judgment, and our definition of commercial production may differ from that of other mining companies. Currently Keno Hill meets two of the above criteria - silver recoveries are at expected steady-state production levels, and a significant portion of available funding allocated to Keno Hill is directed to operating activities.
Previous wording
As Keno Hill has not yet been determined to be in commercial production, its costs and by-product credits are excluded from our consolidated Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce because (i) by definition it has not reached the sustaining stage and (ii) including its costs and by-product credits we believe would distort consolidated Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce of our operating silver mines that are in commercial production and operating as designed, and would not facilitate a meaningful comparison of our performance versus that of our peers who do not report such metrics for mines that are not in commercial production.
Current wording
As Keno Hill has not yet been determined to be in commercial production, its costs and by-product credits are excluded from our consolidated Cash Cost and AISC because (i) by definition it has not reached the sustaining stage and (ii) including its costs and by-product credits we believe would distort consolidated Cash Cost and AISC of our operating silver mines that are in commercial production and operating as designed, and would not facilitate a meaningful comparison of our performance versus that of our peers who do not report such metrics for mines that are not in commercial production.
Previous wording
For the three months ended June 30, 2026 we reported income from continuing operations of $117.9 million (2025: $26.9 million) and net income applicable to common stockholders of $117.7 million (2025: $57.6 million). The following were the significant drivers of the increase in income from continuing operations:
Current wording
For the three months ended September 30, 2026 we reported income from continuing operations of $149.6 million (2025: $89.4 million) and net income applicable to common stockholders of $149.5 million (2025: $100.6 million). The following were the significant drivers of the increase in income from continuing operations:
Previous wording
Interest expense decreased by $8.5 million primarily due to lower total debt levels compared to the same period of 2025 following redemption of $263 million and $212 million of Senior Notes in April 2026 and August 2025 respectively.
Current wording
Interest expense decreased by $12.6 million primarily due to lower total debt levels compared to the same period of 2025 following redemption of $263 million and $212 million of Senior Notes in April 2026 and August 2025, respectively.
Previous wording
Other income increased by $5.7 million primarily due to higher interest earned on the increased cash position and accretion income on our deferred cash consideration received as part of the consideration for the Hecla Quebec sale.
Current wording
Other income increased by $5.2 million primarily due to higher interest earned on the increased cash position and accretion income on our deferred cash consideration received as part of the consideration for the Hecla Quebec sale.
Previous wording
General and administrative expense increased by $2.6 million due to increased headcount.
Current wording
General and administrative expense increased by $1.7 million due to increased headcount.
Previous wording
Exploration and pre-development expense increased by $2.9 million due to increased activity across our exploration portfolio.
Current wording
Exploration and pre-development expense increased by $7.7 million due to increased activity across our exploration portfolio.
Previous wording
For the six months ended June 30, 2026 we reported income from continuing operations of $282.5 million (2025: $51.2 million) and net income applicable to common stockholders of $98.6 million (2025: $86.3 million). Net income applicable to common stockholders is lower than income from continuing operations, due to the recognition of a loss from discontinued operations of $183.7 million, primarily due to the loss of $192.5 million on the sale of Hecla Quebec. The following were the significant drivers of the increase in income from continuing operations:
Current wording
For the nine months ended September 30, 2026 we reported income from continuing operations of $432.1 million (2025: $148.0 million) and net income applicable to common stockholders of $248.1 million (2025: $186.9 million). Net income applicable to common stockholders is lower than income from continuing operations, due to the recognition of a loss from discontinued operations of $183.7 million, primarily due to the loss of $192.5 million on the sale of Hecla Quebec. The following were the significant drivers of the increase in income from continuing operations:
Previous wording
Interest expense decreased by $14.3 million primarily due to lower total debt levels compared to the same period of 2025 following redemption of $263 million and $212 million of Senior Notes in April 2026 and August 2025, respectively.
Current wording
Interest expense decreased by $26.9 million primarily due to lower total debt levels compared to the same period of 2025 following redemption of $263 million and $212 million of Senior Notes in April 2026 and August 2025, respectively.
Previous wording
Other income increased by $8.3 million primarily due to higher interest earned on the increased cash position.
Current wording
Other income increased by $13.5 million primarily due to higher interest earned on the increased cash position and accretion income on our deferred cash consideration received as part of the consideration for the Hecla Quebec sale.
Previous wording
Fair value adjustments, net decreased by $13.7 million primarily due to $10.2 million of net losses on derivative contracts.
Current wording
Fair value adjustments, net decreased by $16.2 million primarily due to $22.3 million of net losses on derivative contracts.
Previous wording
General and administrative expenses increased by $6.4 million primarily due to higher incentive compensation payments driven by improved financial and operational performance and an increase in Corporate headcount.
Current wording
General and administrative expenses increased by $8.1 million primarily due to higher incentive compensation payments driven by improved financial and operational performance and an increase in Corporate headcount.
Previous wording
Other operating expense, net increased by $6.2 million primarily due to a loss on disposal of Minera Hecla of $2.4 million which we sold for cash proceeds of $5.2 million, and losses on other property, plant and equipment disposals.
Current wording
Other operating expense, net increased by $5.5 million primarily due to a loss on disposal of Minera Hecla of $2.4 million which we sold for cash proceeds of $5.2 million, and losses on other property, plant and equipment disposals.
Showing the first 40 of 92 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Income and mining tax expense increased by $9.5 million primarily due to higher taxable income generated primarily by our US operations.
Current report — wording carried from elsewhere
Exploration and pre-development expense increased by $10.9 million due to increased activity across our exploration portfolio.
Current report — wording carried from elsewhere
Our current QML places limits on the cumulative amount of waste rock that may be produced during mining and on waste rock storage capacity and classification. At current mining rates, we project that the waste rock production limit could be reached by approximately mid‑2027, at which point waste rock production would need to be halted absent receipt of a QML amendment. The planned suppression in throughput described below under “Strategic Focus and Path to 440 Tons Per Day” is intended to keep waste rock production and storage within our existing QML limits until the amended QML is received, which we currently expect by approximately mid‑2029.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
There is no assurance that any of these opportunities will be developed, or that if developed, will be completed on the timeline or with the results currently anticipated.
Previous report — wording carried elsewhere
See Item 1A. "Risk Factors" in Part II of this report.
Previous report — wording carried elsewhere
Fair value adjustments, net decreased by $23 million primarily due to $20.3 million of net losses on derivative contracts.