HECLA MINING CO/DE/, 10-Q filed on 8/4/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Registrant Name HECLA MINING COMPANY  
Entity Central Index Key 0000719413  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Transition Report false  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Interactive Data Current Yes  
Entity Address, State or Province ID  
Entity Tax Identification Number 77-0664171  
Entity Address, Address Line One 6500 N. Mineral Drive, Suite 200  
Entity Address, City or Town Coeur d’Alene  
Entity Address, Postal Zip Code 83815-9408  
City Area Code 208  
Local Phone Number 769-4100  
Entity Common Stock, Shares Outstanding   671,768,431
Entity File Number 1-8491  
Entity Incorporation, State or Country Code DE  
Common Stock [Member]    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, par value $0.25 per share  
Trading Symbol HL  
Security Exchange Name NYSE  
Series B Cumulative Preferred Stock [Member]    
Document Information [Line Items]    
Title of 12(b) Security Series B Cumulative Convertible PreferredStock, par value $0.25 per share  
Trading Symbol HL-PB  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Sales $ 333,851 $ 218,992 $ 745,284 $ 424,326
COSTS AND EXPENSES        
Costs applicable to sales 117,283 102,400 241,693 209,237
Depreciation, depletion and amortization 36,772 31,313 70,540 61,129
General and administrative 15,173 12,540 30,926 24,539
Exploration and pre-development 11,681 8,737 16,297 13,050
Care and maintenance 3,062 4,165 6,308 7,471
Provision for closed operations and environmental matters 1,329 844 2,626 1,634
Other operating expense, net 2,853 1,026 8,089 1,894
Total costs and expenses 188,153 161,025 376,479 318,954
Income from operations 145,698 57,967 368,805 105,372
Other expense:        
Interest expense (2,413) (10,948) (8,069) (22,340)
Fair value adjustments, net (9,246) 4,450 (15,191) 7,838
Net foreign exchange loss (4,445) (3,793) (3,947) (4,160)
Other income 7,049 1,345 10,598 2,287
Total other expense (9,055) (8,946) (16,609) (16,375)
Income before income and mining taxes 136,643 49,021 352,196 88,997
Income and mining tax provision (18,767) (22,111) (69,667) (37,748)
Income from continuing operations 117,876 26,910 282,529 51,249
Income (loss) from discontinued operations, net of taxes 0 30,795 (183,681) 35,328
Net income 117,876 57,705 98,848 86,577
Preferred stock dividends (132) (138) (264) (276)
Net income applicable to common stockholders 117,744 57,567 98,584 86,301
Comprehensive income:        
Income from continuing operations 117,876 26,910 282,529 51,249
Change in fair value of derivative contracts designated as hedge transactions and other (8,144) 3,253 (10,301) 5,687
Comprehensive income from continuing operations 109,732 30,163 272,228 56,936
Comprehensive income (loss) from discontinued operations 0 30,795 (183,681) 35,328
Comprehensive income $ 109,732 $ 60,958 $ 88,547 $ 92,264
Basic:        
Continuing operations $ 0.18 $ 0.04 $ 0.42 $ 0.08
Discontinued operations 0 0.05 (0.27) 0.06
Basic income per common share after preferred dividends 0.18 0.09 0.15 0.14
Diluted income (loss) per share:        
Continuing operations 0.17 0.04 0.42 0.08
Discontinued operations 0 0.05 (0.27) 0.06
Diluted income per common share after preferred dividends $ 0.17 $ 0.09 $ 0.15 $ 0.14
Weighted average number of common shares outstanding - basic 670,763 636,928 670,579 634,339
Weighted average number of common shares outstanding - diluted 675,886 639,739 675,865 636,991
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net Income (Loss) $ 98,848 $ 86,577
Less: (Loss) income from discontinued operations, net of taxes (183,681) 35,328
Income from continuing operations 282,529 51,249
Non-cash elements included in net income:    
Depreciation, depletion and amortization 71,382 62,671
Inventory adjustments 0 2,370
Fair value adjustments, net 15,191 (7,838)
Provision for reclamation and closure costs 3,728 3,179
Stock-based compensation 6,081 4,923
Deferred income taxes 35,977 32,405
Net foreign exchange loss 3,947 4,160
Other non-cash items, net 1,640 588
Change in assets and liabilities:    
Accounts receivable 20,206 (10,078)
Inventories (14,882) (15,595)
Other current and non-current assets (57,613) 5,632
Accounts payable, accrued and other current liabilities (8,099) (3,635)
Accrued payroll and related benefits 3,730 7,876
Accrued taxes (5,973) (964)
Accrued reclamation and closure costs and other non-current liabilities (3) (912)
Cash provided by operating activities of continuing operations 357,841 136,031
Cash provided by operating activities of discontinued operations 11,324 61,503
Net cash provided by operating activities 369,165 197,534
Investing activities:    
Additions to property, plant and mine development (78,407) (80,514)
Proceeds from sale of Hecla Quebec, net of transaction costs 178,181 0
Proceeds from sale of Minera Hecla 5,228 0
Proceeds from sales of investments 117,359 3,696
Purchases of investments (56,419) 0
Proceeds from asset dispositions 739 128
Net cash provided by (used in) investing activities of continuing operations 166,681 (76,690)
Net cash used in investing activities of discontinued operations (8,799) (31,624)
Net cash provided by (used in) investing activities 157,882 (108,314)
Financing activities:    
Proceeds from sale of common stock, net 63 174,132
Acquisition of treasury stock (4,528) (885)
Borrowing of debt 0 133,000
Repayment of debt (263,000) (117,000)
Dividends paid to common and preferred stockholders (5,298) (5,023)
Repayments of finance leases and other (3,746) (3,082)
Net cash (used in) provided by financing activities of continuing operations (276,509) 181,142
Net cash used in financing activities of discontinued operations (8,431) (1,138)
Net cash (used in) provided by financing activities (284,940) 180,004
Effect of exchange rates on cash (187) 479
Net increase in cash, cash equivalents and restricted cash and cash equivalents 241,920 269,703
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 242,732 28,045
Cash, cash equivalents and restricted cash and cash equivalents at end of period 484,652 297,748
Reconciliation of cash and cash equivalents and restricted cash and cash equivalents above    
Cash and cash equivalents 483,482 296,565
Non-current restricted cash and cash equivalents 1,170 1,183
Total cash and cash equivalents and restricted cash and cash equivalents as reported on the consolidated cash flow statement 484,652 297,748
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,628 21,387
Cash paid for income and mining taxes, net 59,228 6,217
Significant non-cash investing and financing activities:    
Common stock issued as incentive compensation 1,382 2,503
Common stock issued for 401(k) match 1,313 2,605
Common shares and royalty asset received for sale of Hecla Quebec $ 130,026 $ 0
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 483,482 $ 241,558
Accounts receivable:    
Trade 127,416 170,230
Other, net 42,553 12,019
Inventories:    
Product inventories 36,832 26,518
Materials and supplies 59,907 55,169
Current investments 1,858 59,644
Other current assets 19,923 23,421
Assets of discontinued operations 0 40,785
Total current assets 771,971 629,344
Non-current investments 152,543 47,842
Restricted cash and cash equivalents 1,170 1,174
Property, 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 0 710,944
Total assets 3,185,277 3,560,645
Current liabilities:    
Accounts payable and accrued liabilities 71,285 77,592
Accrued payroll and related benefits 32,546 30,228
Accrued taxes 17,215 18,544
Finance leases 5,171 4,262
Accrued reclamation and closure costs 10,902 13,795
Accrued interest 0 7,678
Derivative liabilities 9,689 37,181
Other current liabilities 1,741 1,926
Liabilities of discontinued operations 0 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 liabilities 198,902 157,585
Other non-current liabilities 35,749 33,912
Liabilities of discontinued operations 0 170,276
Total liabilities 507,453 968,999
Commitments and contingencies (Notes 5, 8, 9, and 12)
STOCKHOLDERS' EQUITY    
Series B preferred stock, $0.25 par value, 151,003 shares issued and outstanding, liquidation preference - $7,550 38 39
Common stock, $0.25 par value, authorized 1,250,000,000 shares; issued June 30, 2026 - 680,917,122 shares and December 31, 2025 - 679,220,408 shares 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)
Less treasury stock, at cost; June 30, 2026 - 8,967,482 and December 31, 2025 - 8,920,348 shares issued and held in treasury (40,344) (35,816)
Total stockholders' equity 2,677,824 2,591,646
Total liabilities and stockholders' equity $ 3,185,277 $ 3,560,645
v3.26.1
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Series B preferred stock, par value (in dollars per share) $ 0.25 $ 0.25
Series B preferred stock, shares issued (in shares) 150,736 153,956
Series B preferred stock, shares outstanding (in shares) 150,736 153,956
Series B preferred stock, liquidation preference $ 7,550 $ 7,550
Common stock, par value (in dollars per share) $ 0.25 $ 0.25
Common stock, shares authorized (in shares) 1,250,000,000 1,250,000,000
Common stock, shares issued (in shares) 680,925,226 679,220,408
Treasury stock cmmon Share 9,190,886 8,920,348
v3.26.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Capital Surplus
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss), net
Treasury Stock
Balance Beginning at Dec. 31, 2024 $ 2,039,514 $ 39 $ 160,052 $ 2,418,149 $ (493,529) $ (10,266) $ (34,931)
Net Income (Loss) 86,577       86,577    
Stock-based compensation expense 3,889     3,889      
Stock-based compensation distributed (885)   287 (287)     (885)
Stock issued for incentive compensation 2,503   119 2,384      
Common stock and Series B Preferred Stock dividends declared (5,023)       (5,023)    
Common stock issued for 401(k) match 2,605   121 2,484      
Common stock issued to directors 1,034   41 993      
Common stock issued under ATM Program 174,132   7,252 166,880      
Other comprehensive loss 5,687         5,687  
Balance Ending at Jun. 30, 2025 2,310,033 39 167,872 2,594,492 (411,975) (4,579) (35,816)
Balance Beginning at Mar. 31, 2025 2,073,967 39 160,228 2,423,631 (467,168) (7,832) (34,931)
Net Income (Loss) 57,705       57,705    
Stock-based compensation expense 1,953     1,953      
Stock-based compensation distributed (885)   287 (287)     (885)
Common stock and Series B Preferred Stock dividends declared (2,512)       (2,512)    
Common stock issued for 401(k) match 1,386   64 1,322      
Common stock issued to directors 1,034   41 993      
Common stock issued under ATM Program 174,132   7,252 166,880      
Other comprehensive loss 3,253         3,253  
Balance Ending at Jun. 30, 2025 2,310,033 39 167,872 2,594,492 (411,975) (4,579) (35,816)
Balance Beginning at Dec. 31, 2025 2,591,646 39 169,689 2,643,211 (182,143) (3,334) (35,816)
Net Income (Loss) 98,848       98,848    
Stock-based compensation expense 4,699     4,699      
Stock-based compensation distributed (4,528)   384 (384)     (4,528)
Common stock issued for warrant conversion 63 (1) 4 60      
Common stock and Series B Preferred Stock dividends declared (5,298)       (5,298)    
Common stock issued for 401(k) match 1,313   16 1,297      
Common stock issued to directors 1,382   22 1,360      
Other comprehensive loss 10,301         (10,301)  
Balance Ending at Jun. 30, 2026 2,677,824 38 170,115 2,650,243 (88,593) (13,635) (40,344)
Balance Beginning at Mar. 31, 2026 2,570,813 39 169,779 2,647,282 (203,819) (5,491) (36,977)
Net Income (Loss) 117,876       117,876    
Stock-based compensation expense 1,914     1,914      
Stock-based compensation distributed (3,367)   312 (312)     (3,367)
Common stock issued for preferred stock conversion   (1) 2 (1)      
Common stock and Series B Preferred Stock dividends declared (2,650)       (2,650)    
Common stock issued to directors 1,382   22 1,360      
Other comprehensive loss (8,144)         (8,144)  
Balance Ending at Jun. 30, 2026 $ 2,677,824 $ 38 $ 170,115 $ 2,650,243 $ (88,593) $ (13,635) $ (40,344)
v3.26.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Common stock dividends declared, per common share (in dollars per share) $ 0.00375 $ 0.00375 $ 0.00375 $ 0.0075
Preferred stock dividends declared, per share (in dollars per share) $ 0.875 $ 0.875 $ 0.875 $ 1.75
Common stock issued for 401(k) match, shares (in shares)   229,832 65,263 482,722
Stock-based compensation distributed 1,247,619 669,735 1,534,669 1,146,510
Stock issued for incentive compensation       477,775
Common Stock Issued For Preferred Stock Conversion Shares 10,354,000      
Common Stock Issued for Warrant Conversion     8,000,000  
Stock issued to directors, shares (in shares) 86,532 179,836 86,532 179,836
Common stock issued under ATM program, net shares   29,008,536   29,008,536
Common stock issued for warrant and preferred stock conversion     10,354  
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Pay vs Performance Disclosure        
Net Income (Loss) $ 117,876 $ 57,705 $ 98,848 $ 86,577
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Note 1 - Basis of Preparation of Financial Statements
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Basis of Preparation of Financial Statements

Note 1. Basis of Preparation of Financial Statements

 

The accompanying unaudited interim condensed consolidated financial statements of Hecla Mining Company and its subsidiaries (collectively, “Hecla,” “the Company,” “we,” “our,” or “us,” except where the context requires otherwise) have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required annually by accounting principles generally accepted in the United States of America (“GAAP”). Therefore, this information should be read in conjunction with the Company’s consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

 

On March 25, 2026, we completed the previously announced sale of our wholly owned subsidiary Hecla Quebec Inc. (“Hecla Quebec”), which owned the Casa Berardi mine and other exploration properties in Quebec, Canada, to Orezone Gold Corporation (“Orezone”) for total undiscounted consideration of up to $601.7 million. The transaction represents a strategic shift that has a major effect on our operations and financial results and therefore, beginning with the 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 our condensed consolidated financial statements as a discontinued operation for all periods presented, including prior periods which have been recast to reflect this presentation. Unless otherwise specified, these notes to the unaudited interim condensed consolidated financial statements reflect continuing operations. See Note 13. Sale of Hecla Quebec Inc. and Discontinued Operations for additional information.

 

During the six months ended June 30, 2026, we also completed the sale of our immaterial Mexican subsidiaries, Minera Hecla and Industrias Hecla, as we executed on our strategic decision to exit Mexico. Minera Hecla was engaged in rehabilitation activities of the former San Sebastian mine site. Total cash consideration of $5.2 million was received, and we recognized a loss of $2.4 million.

v3.26.1
Note 2 - Business Segments and Sales of Products
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Business Segments and Sales of Products

Note 2. Business Segments and Sales of Products

 

We discover, acquire and develop mines and other mineral interests and produce and market (i) concentrates containing silver, gold, lead, zinc, and copper, and (ii) doré containing silver and gold. We are currently organized and managed in three segments: Greens Creek, Lucky Friday, and Keno Hill.

 

We regularly review our segment reporting for alignment with our strategic goals and operational structure as well as for evaluation of business performance and the allocation of resources by our President and Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM"). The CODM evaluates the performance for all of our reportable segments based on gross profit. For all segments, the CODM uses segment gross profit to assess segment performance and allocate resources for each segment predominantly in the annual budget and quarterly forecasting process. The CODM considers budget to actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Significant segment expenses that drive the financial performance of our reportable segments are (i) salaries, wages and other benefits, (ii) contractors, (iii) materials and consumables, (iv) change in product inventory, and (v) other direct production costs. In further evaluating the operational performance of each segment, the CODM also considers the amount of metal production versus budget, and the grade of the metal processed.

 

General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and environmental remediation services in the Yukon, Canada, are presented as “other.” The nature of the items that reconcile gross profit (loss) to income before income and mining taxes are not related to our reportable segments.

 

The tables below present information about our reportable segments for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

Three months ended June 30, 2026

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

165,333

 

$

123,221

 

$

34,468

 

$

323,022

 

$

—

 

$

323,022

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

10,829

 

 

10,829

 

Intersegment sales

 

—

 

 

—

 

 

2,234

 

 

2,234

 

 

—

 

 

2,234

 

Reconciliation of sales

 

165,333

 

 

123,221

 

 

36,702

 

 

325,256

 

 

10,829

 

 

336,085

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(2,234

)

 

(2,234

)

 

—

 

 

(2,234

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

333,851

 

Salaries, wages and other benefits

 

19,224

 

 

18,665

 

 

8,739

 

 

46,628

 

 

111

 

 

46,739

 

Contractors

 

2,717

 

 

4,082

 

 

4,018

 

 

10,817

 

 

10,651

 

 

21,468

 

Materials and consumables

 

26,722

 

 

10,575

 

 

7,957

 

 

45,254

 

 

(511

)

 

44,743

 

Product inventory change

 

(9,606

)

 

1,457

 

 

(490

)

 

(8,639

)

 

—

 

 

(8,639

)

Other direct production costs

 

10,854

 

 

191

 

 

1,912

 

 

12,957

 

 

15

 

 

12,972

 

Depreciation, depletion and amortization

 

14,314

 

 

16,951

 

 

5,507

 

 

36,772

 

 

—

 

 

36,772

 

Gross profit

$

101,108

 

$

71,300

 

$

6,825

 

$

179,233

 

$

563

 

$

179,796

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

34,098

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

145,698

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(2,413

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

(9,246

)

Foreign exchange gain, net

 

 

 

 

 

 

 

 

 

 

 

(4,445

)

Other income

 

 

 

 

 

 

 

 

 

 

 

7,049

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

136,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

12,070

 

$

16,681

 

$

7,236

 

$

35,987

 

$

3,155

 

$

39,142

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.

Three months ended June 30, 2025

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

122,002

 

$

64,273

 

$

26,121

 

$

212,396

 

$

—

 

$

212,396

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

6,596

 

 

6,596

 

Intersegment sales

 

—

 

 

—

 

 

1,201

 

 

1,201

 

 

—

 

 

1,201

 

Reconciliation of sales

 

122,002

 

 

64,273

 

 

27,322

 

 

213,597

 

 

6,596

 

 

220,193

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(1,201

)

 

(1,201

)

 

—

 

 

(1,201

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

218,992

 

Salaries, wages and employee benefits

 

18,281

 

 

14,559

 

 

7,209

 

 

40,049

 

 

138

 

 

40,187

 

Contractors

 

1,557

 

 

3,828

 

 

3,886

 

 

9,271

 

 

6,419

 

 

15,690

 

Materials and consumables

 

25,400

 

 

10,899

 

 

8,050

 

 

44,349

 

 

68

 

 

44,417

 

Product inventory change

 

(9,234

)

 

(476

)

 

1,968

 

 

(7,742

)

 

—

 

 

(7,742

)

Other direct production costs

 

10,020

 

 

201

 

 

(373

)

 

9,848

 

 

—

 

 

9,848

 

Depreciation, depletion and amortization

 

12,897

 

 

13,275

 

 

5,141

 

 

31,313

 

 

—

 

 

31,313

 

Gross profit (loss)

$

63,081

 

$

21,987

 

$

240

 

$

85,308

 

$

(29

)

$

85,279

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

27,312

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

57,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(10,948

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

4,450

 

Foreign exchange gain, net

 

 

 

 

 

 

 

 

 

 

 

(3,793

)

Other income

 

 

 

 

 

 

 

 

 

 

 

1,345

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

49,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

8,397

 

$

15,942

 

$

17,045

 

$

41,384

 

$

1,292

 

$

42,676

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.

Six months ended June 30, 2026

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

416,332

 

$

232,577

 

$

80,894

 

$

729,803

 

$

—

 

$

729,803

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

15,481

 

 

15,481

 

Intersegment sales

 

—

 

 

—

 

 

3,873

 

 

3,873

 

 

—

 

 

3,873

 

Reconciliation of sales

 

416,332

 

 

232,577

 

 

84,767

 

 

733,676

 

 

15,481

 

 

749,157

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(3,873

)

 

(3,873

)

 

—

 

 

(3,873

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

745,284

 

Salaries, wages and other benefits

 

39,806

 

 

39,188

 

 

17,636

 

 

96,630

 

 

289

 

 

96,919

 

Contractors

 

5,422

 

 

8,038

 

 

6,269

 

 

19,729

 

 

15,291

 

 

35,020

 

Materials and consumables

 

54,317

 

 

21,020

 

 

15,230

 

 

90,567

 

 

(417

)

 

90,150

 

Product inventory change

 

(4,223

)

 

1,164

 

 

(3,708

)

 

(6,767

)

 

—

 

 

(6,767

)

Other direct production costs

 

20,964

 

 

733

 

 

4,632

 

 

26,329

 

 

42

 

 

26,371

 

Depreciation, depletion and amortization

 

30,297

 

 

30,560

 

 

9,683

 

 

70,540

 

 

—

 

 

70,540

 

Gross profit

$

269,749

 

$

131,874

 

$

31,152

 

$

432,775

 

$

276

 

$

433,051

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

64,246

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

368,805

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(8,069

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

(15,191

)

Foreign exchange loss, net

 

 

 

 

 

 

 

 

 

 

 

(3,947

)

Other income

 

 

 

 

 

 

 

 

 

 

 

10,598

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

352,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

18,183

 

$

33,699

 

$

22,261

 

$

74,143

 

$

4,264

 

$

78,407

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.
 

Six months ended June 30, 2025

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

240,145

 

$

127,467

 

$

43,030

 

$

410,642

 

$

—

 

$

410,642

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

13,684

 

 

13,684

 

Intersegment sales

 

—

 

 

—

 

 

2,187

 

 

2,187

 

 

—

 

 

2,187

 

Reconciliation of sales

 

240,145

 

 

127,467

 

 

45,217

 

 

412,829

 

 

13,684

 

 

426,513

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(2,187

)

 

(2,187

)

 

—

 

 

(2,187

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

424,326

 

Salaries, wages and employee benefits

 

36,534

 

 

29,335

 

 

13,681

 

 

79,550

 

 

196

 

 

79,746

 

Contractors

 

2,462

 

 

7,691

 

 

7,437

 

 

17,590

 

 

13,350

 

 

30,940

 

Materials and consumables

 

51,065

 

 

22,322

 

 

14,044

 

 

87,431

 

 

174

 

 

87,605

 

Product inventory change

 

(8,333

)

 

706

 

 

(5,994

)

 

(13,621

)

 

—

 

 

(13,621

)

Other direct production costs

 

20,345

 

 

(419

)

 

4,641

 

 

24,567

 

 

—

 

 

24,567

 

Depreciation, depletion and amortization

 

26,486

 

 

26,700

 

 

7,943

 

 

61,129

 

 

—

 

 

61,129

 

Gross profit (loss)

$

111,586

 

$

41,132

 

$

1,278

 

$

153,996

 

$

(36

)

$

153,960

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

48,588

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

105,372

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(22,340

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

7,838

 

Foreign exchange gain, net

 

 

 

 

 

 

 

 

 

 

 

(4,160

)

Other income

 

 

 

 

 

 

 

 

 

 

 

2,287

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

88,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

19,156

 

$

31,388

 

$

27,481

 

$

78,025

 

$

2,489

 

$

80,514

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.

 

Other sales for the three and six months ended June 30, 2026 is solely comprised of revenue from our environmental remediation services subsidiary in the Yukon. During the three and six months ended June 30, 2026, Keno Hill sold $2.2 million (2025: $1.2 million) and $3.9 million (2025: $2.2 million), respectively, of precious metals concentrate to Greens Creek which is eliminated upon consolidation.

 

Sales by metal for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Silver

 

$

213,728

 

 

$

122,475

 

 

$

509,361

 

 

$

240,452

 

Gold

 

 

43,205

 

 

 

38,872

 

 

 

100,182

 

 

 

70,231

 

Lead

 

 

24,364

 

 

 

21,476

 

 

 

46,661

 

 

 

43,582

 

Zinc

 

 

37,470

 

 

 

31,138

 

 

 

74,343

 

 

 

64,263

 

Copper

 

 

8

 

 

 

979

 

 

 

420

 

 

 

1,370

 

Less: Smelter and refining charges

 

 

4,247

 

 

 

(2,544

)

 

 

(1,164

)

 

 

(9,256

)

Total metal sales

 

 

323,022

 

 

 

212,396

 

 

 

729,803

 

 

 

410,642

 

Environmental remediation services

 

 

10,829

 

 

 

6,596

 

 

 

15,481

 

 

 

13,684

 

Total sales

 

$

333,851

 

 

$

218,992

 

 

$

745,284

 

 

$

424,326

 

 

Sales of metals for the three and six months ended June 30, 2026 include net gains of $9.9 million (2025: $3.3 million) and for the six months ended June 30, 2026, net losses of $0.3 million (2025: $2.0 million), on derivative contracts for silver, lead, and zinc. See Note 8 for more information.

 

The following table presents total assets by reportable segment as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

Total assets:

 

 

 

 

 

 

Greens Creek

 

$

660,706

 

 

$

640,011

 

Lucky Friday

 

 

664,035

 

 

 

688,997

 

Keno Hill

 

 

496,117

 

 

 

505,205

 

Other

 

 

1,364,419

 

 

 

974,703

 

Total assets of reportable segments

 

 

3,185,277

 

 

 

2,808,916

 

Assets of discontinued operations

 

 

—

 

 

 

751,729

 

Total assets

 

$

3,185,277

 

 

$

3,560,645

 
v3.26.1
Note 3 - Income and Mining Taxes
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Income and Mining Taxes

Note 3. Income and Mining Taxes

 

Major components of our income and mining tax for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

(11,912

)

 

$

(2,271

)

 

$

(33,114

)

 

$

(5,328

)

Foreign

 

 

1,244

 

 

 

(15

)

 

 

(576

)

 

 

(15

)

Total current income and mining tax provision

 

 

(10,668

)

 

 

(2,286

)

 

 

(33,690

)

 

 

(5,343

)

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

(9,098

)

 

 

(18,571

)

 

 

(34,143

)

 

 

(30,295

)

Foreign

 

 

999

 

 

 

(1,254

)

 

 

(1,834

)

 

 

(2,110

)

Total deferred income and mining tax provision

 

 

(8,099

)

 

 

(19,825

)

 

 

(35,977

)

 

 

(32,405

)

Total income and mining tax provision

 

$

(18,767

)

 

$

(22,111

)

 

$

(69,667

)

 

$

(37,748

)

 

The income and mining tax provision for the three and six months ended June 30, 2026 and 2025 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income primarily due to the impact of taxation in foreign jurisdictions, domestic and foreign mining taxes, percentage depletion, non-recognition of net operating losses, the tax effect of Global Intangible Low-Taxed Income and subpart F income inclusion, foreign exchange gains and losses in certain jurisdictions, and the tax effects of the entity classification election discussed below.

For the three and six months ended June 30, 2026, we used the annual effective tax rate method to calculate the income and mining tax provision. During the quarter we filed and were approved for an Entity Classification Election to classify Klondex Mines Unlimited Liability Co as a disregarded entity effective January 1, 2026. Effective January 1, 2026, the Klondex (USA) Group joined the US consolidated Hecla Mining Company Group's income tax filings. Due to this change in entity classification, we released a portion of the valuation allowance and revalued the state deferred tax liabilities in our Klondex USA tax group. These amounts were treated as discrete adjustments within the tax provision.

 

We file income tax returns in U.S. federal and state jurisdictions. Our Canadian subsidiaries file income tax returns in Canada, as well as in the province of British Columbia, and the Yukon Territory. We will be filing a final income tax return for Hecla Quebec Inc. for the disposition of the Casa Berardi mine during the third quarter of 2026.
v3.26.1
Note 4 - Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Employee Benefit Plans

Note 4. Employee Benefit Plans

 

We sponsor defined benefit pension plans covering all non-hourly U.S. employees hired prior to July 2024 and our hourly workers at the Lucky Friday mine, as well as a Supplemental Excess Retirement Plan ("SERP") covering certain eligible employees.

 

Net periodic pension cost for the plans consisted of the following for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

999

 

 

$

1,068

 

 

$

1,998

 

 

$

2,136

 

Interest cost

 

 

2,181

 

 

 

2,094

 

 

 

4,362

 

 

 

4,188

 

Expected return on plan assets

 

 

(2,969

)

 

 

(3,251

)

 

 

(5,938

)

 

 

(6,502

)

Amortization of prior service cost

 

 

20

 

 

 

20

 

 

 

40

 

 

 

40

 

Amortization of net loss

 

 

—

 

 

 

326

 

 

 

—

 

 

 

652

 

Net periodic pension cost

 

$

231

 

 

$

257

 

 

$

462

 

 

$

514

 

 

For the three and six months ended June 30, 2026 and 2025, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. For the three and six months ended June 30, 2026, the net benefit related to all other components of net periodic pension cost of $0.8 million (2025: $0.8 million) and $1.5 million (2025: $1.6 million), respectively, is included in other income on our condensed consolidated statements of operations and comprehensive income.

v3.26.1
Note 5 - Income (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Income (Loss) Per Common Share

Note 5. Income (Loss) Per Common Share

 

We calculate basic earnings per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, unvested performance-based units, and convertible preferred stock (collectively referred to as dilutive units) for all periods presented.

 

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income
(loss) per share):

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

117,876

 

 

$

26,910

 

 

$

282,529

 

 

$

51,249

 

Income (loss) from discontinued operations

 

 

—

 

 

 

30,795

 

 

 

(183,681

)

 

 

35,328

 

Preferred stock dividends

 

 

(132

)

 

 

(138

)

 

 

(264

)

 

 

(276

)

Net income applicable to common stockholders

 

$

117,744

 

 

$

57,567

 

 

$

98,584

 

 

$

86,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares

 

 

670,763

 

 

 

636,928

 

 

 

670,579

 

 

 

634,339

 

Dilutive units

 

 

5,123

 

 

 

2,811

 

 

 

5,286

 

 

 

2,652

 

Diluted weighted average common shares

 

 

675,886

 

 

 

639,739

 

 

 

675,865

 

 

 

636,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.18

 

 

$

0.04

 

 

$

0.42

 

 

$

0.08

 

Income (loss) from discontinued operations

 

 

—

 

 

 

0.05

 

 

 

(0.27

)

 

 

0.06

 

Basic earnings per common share

 

$

0.18

 

 

$

0.09

 

 

$

0.15

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.17

 

 

$

0.04

 

 

$

0.42

 

 

$

0.08

 

Income (loss) from discontinued operations

 

 

—

 

 

 

0.05

 

 

 

(0.27

)

 

 

0.06

 

Diluted income per common share

 

$

0.17

 

 

$

0.09

 

 

$

0.15

 

 

$

0.14

 
v3.26.1
Note 6 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Stockholders' Equity

Note 6. Stockholders’ Equity

 

Warrants

 

We have 2,060,000 warrants outstanding at June 30, 2026, (December 31, 2025: 2,068,000 warrants) following the conversion of 8,000 warrants during the six months ended June 30, 2026, each with an exercise price of $8.02. The 2,060,000 warrants outstanding expire in April 2032. The warrants were issued as part of the Klondex acquisition purchase consideration in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. We received $64,000 for the 8,000 warrants converted.

 

At-The-Market ("ATM") Equity Distribution Agreement

 

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between us and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including our share price, our cash resources, potential use of proceeds, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. We did not sell any shares under ATM during the six months ended June 30, 2026. Since inception, we have sold 59,802,012 shares under the ATM for total proceeds of $348.5 million, net of commissions and fees of $5.4 million.

 

Preferred Stock

 

During six months ended June 30, 2026, 3,220 shares of Preferred Stock were converted into 10,354 shares of our common stock.

 

Stock-based Compensation Plans

 

We have stock incentive plans for executives, directors, and eligible employees, under which performance stock units, restricted stock units, and shares of common stock are granted. For the three and six months ended June 30, 2026, stock-based compensation expense for restricted stock units and performance-based grants to employees, totaled $2.0 million (2025: $3.0 million) and $4.8 million (2025: $4.9 million), respectively. At June 30, 2026, there was $22.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

 

The following table summarizes the stock-based compensation grants awarded during the three and six months ended June 30, 2026:

Grant date

 

Award type

 

Number granted

 

 

Grant date fair value per share

June 23, 2026

 

Restricted stock

 

 

573,134

 

 

15.98

June 23, 2026

 

Performance based

 

 

311,244

 

 

23.33

 

Pursuant to our directors stock plan, 86,532 shares (2025: 179,836) with a value of $1.4 million (2025: $1.0 million) were awarded to our directors and recorded as stock-based compensation expense during the three and six months ended June 30, 2026.

 

In connection with the vesting of incentive and share-based compensation, certain employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which we withhold the number of shares necessary to satisfy such tax withholding obligations and pay the obligations in cash. As a result, in the three and six months ended June 30, 2026, we withheld 223,404 shares valued at $3.3 million, or $15.07 per share and 270,538 shares valued at $4.5 million, or $16.74 per share, respectively. For the three and six months ended June 30, 2025, we withheld 151,976 shares valued at $0.9 million, or $5.82 per share.

 

Common and Preferred Stock Dividends

 

During the first two quarters of 2026, our Board of Directors declared and we paid a quarterly dividend of $0.00375 per common share, pursuant to our dividend policy. In addition, during the first two quarters of 2026, our Board of Directors declared and paid quarterly dividends of $0.875 on its Series B Cumulative Convertible Preferred Stock.

 

Accumulated Other Comprehensive Income (Loss), Net ("AOCI")

 

The following table lists the beginning balance, quarterly activity, and ending balances, net of income and mining tax, of each component of “Accumulated Other Comprehensive Income (Loss), net” (in thousands):

 

 

Changes in fair value of derivative contracts designated as hedge transactions

 

 

Adjustments
For Pension Plans

 

 

AOCI

 

Balance January 1, 2026

 

$

1,505

 

 

$

(4,839

)

 

$

(3,334

)

Other comprehensive loss before reclassification

 

 

(1,507

)

 

 

—

 

 

 

(1,507

)

Reclassification from AOCI to sales

 

 

(2,310

)

 

 

—

 

 

 

(2,310

)

Reclassification from AOCI to costs applicable to sales

 

 

349

 

 

 

—

 

 

 

349

 

Reclassification from AOCI to fair value adjustments, net

 

 

525

 

 

 

—

 

 

 

525

 

Provision for income taxes

 

 

786

 

 

 

—

 

 

 

786

 

Balance March 31, 2026

 

$

(652

)

 

$

(4,839

)

 

$

(5,491

)

Other comprehensive loss before reclassification

 

 

(5,887

)

 

 

—

 

 

 

(5,887

)

Reclassification from AOCI to sales

 

 

747

 

 

 

—

 

 

 

747

 

Provision for income taxes

 

 

(3,004

)

 

 

—

 

 

 

(3,004

)

Balance June 30, 2026

 

$

(8,796

)

 

$

(4,839

)

 

$

(13,635

)

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2025

 

$

5,994

 

 

$

(16,260

)

 

$

(10,266

)

Other comprehensive gain before reclassification

 

 

3,688

 

 

 

—

 

 

 

3,688

 

Reclassification from AOCI to sales

 

 

(2,178

)

 

 

—

 

 

 

(2,178

)

Reclassification from AOCI to discontinued operations

 

 

1,825

 

 

 

—

 

 

 

1,825

 

Provision for income taxes

 

 

(901

)

 

 

—

 

 

 

(901

)

Balance March 31, 2025

 

$

8,428

 

 

$

(16,260

)

 

$

(7,832

)

Other comprehensive gain before reclassification

 

 

6,919

 

 

$

—

 

 

$

6,919

 

Reclassification from AOCI to sales

 

 

(3,502

)

 

 

—

 

 

 

(3,502

)

Reclassification from AOCI to discontinued operations

 

 

1,007

 

 

 

—

 

 

 

1,007

 

Provision for income taxes

 

 

(1,171

)

 

 

—

 

 

 

(1,171

)

Balance June 30, 2025

 

$

11,681

 

 

$

(16,260

)

 

$

(4,579

)
v3.26.1
Note 7 - Debt, Credit Agreement and Leases
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Debt, Credit Agreement and Leases

Note 7. Debt, Credit Agreement and Leases

 

On April 9, 2026, we repaid the remaining $263 million of our 7.25% Senior Notes ("Senior Notes") for a total payment of $265.8 million, including interest of $2.8 million. The full redemption of the Senior Notes resulted in a loss on extinguishment of $0.9 million related to the remaining portion of deferred debt issuance costs, which were recorded as part of Interest expense in our Consolidated Statement of Operations and Comprehensive Income. At December 31, 2025, our debt consisted entirely of our Senior Notes.

 

The following table summarizes our long-term debt balances as of December 31, 2025 (in thousands):

 

 

 

December 31, 2025

 

 

 

Senior Notes

 

Principal

 

$

263,000

 

Unamortized discount/premium and issuance costs

 

 

(1,053

)

Total debt

 

$

261,947

 

 

The following table summarizes the scheduled annual future payments, including interest, for our finance and operating leases as of June 30, 2026 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. See Note 11 for more information.

 

Twelve-month period ending June 30,

 

Finance Leases

 

 

Operating Leases

 

2027

 

$

5,821

 

 

$

1,464

 

2028

 

 

2,422

 

 

 

1,501

 

2029

 

 

2,422

 

 

 

1,506

 

2030

 

 

2,422

 

 

 

1,381

 

2031

 

 

1,211

 

 

 

928

 

Thereafter

 

 

—

 

 

 

5,055

 

 

 

 

14,298

 

 

 

11,835

 

Less: effect of discounting

 

 

(1,564

)

 

 

(3,091

)

Total

 

$

12,734

 

 

$

8,744

 

 

Credit Agreement

 

On May 3, 2024 we entered into an amended revolving credit agreement with various financial institutions (the "Lenders"), which provided the Company with borrowing capacity up to $225 million, plus a $75 million accordion option, with a maturity date of July 21, 2028 (accelerated to August 15, 2027 if our Senior Notes were not refinanced by that date), the proceeds may be used for general corporate purposes.

 

At June 30, 2026, we had no amounts drawn and $3.5 million of outstanding letters of credit under the Credit Agreement. Letters of credit that are outstanding reduce availability under the Credit Agreement.

 

We believe we were in compliance with all covenants under the Credit Agreement as of June 30, 2026.
v3.26.1
Note 8 - Derivative Instruments
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Derivative Instruments

Note 8. Derivative Instruments

 

General

 

Our current risk management policy provides that up to 75% of the next five years of our foreign currency, lead and zinc metals prices and silver and gold price exposure may be covered under a derivatives program with certain other limitations. Within this period we can hedge up to 100% of a specific exposure, provided the derivative allows us to participate 100% in the upside. Our program also utilizes derivatives to manage price risk exposure created from the date when revenue is recognized from a shipment of concentrate until final settlement.

 

These instruments expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price or currency exchange rate exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions.

 

Foreign Currency

 

Our wholly-owned non-US subsidiaries owning the Keno Hill operation are USD-functional currency entities which routinely incur Canadian dollar ("CAD") denominated expenses. Such expenses expose us to exchange rate fluctuations, for which we have a program to manage our exposure to fluctuations of these subsidiaries' future CAD denominated operating and capital costs. The program utilizes forward contracts to buy CAD, and are not designated as cash flow hedges.

 

During the six months ended June 30, 2026, realized losses of $0.9 million related to derivatives designated to our previously held Casa Berardi operation were transferred from accumulated other comprehensive (loss) into discontinued operations (three and six months ended June 30, 2025: $1.0 million loss and $2.8 million loss, respectively).

 

As of June 30, 2026, we have a total of 135 forward contracts outstanding to buy a total of CAD $91.8 million having a notional amount of USD $66.3 million to provide economic hedges to the following exposures in 2026 and 2027:

•
Forecasted cash operating expenditures at Keno Hill of CAD $51.3 million at an average CAD-to-USD exchange rate of 1.3814.
•
Forecasted capital expenditures at Keno Hill of CAD $29.8 million at an average CAD-to-USD exchange rate of 1.3857.
•
Forecasted exploration expenditures at Keno Hill of CAD $7.3 million at an average CAD-to-USD exchange rate of 1.388.
•
Forecasted Corporate expenditures of CAD $3.3 million at an average CAD-to-USD exchange rate of 1.3817.

 

As of June 30, 2026 and December 31, 2025, we recorded the following balances for the fair value of the forward contracts (in millions):

 

 

 

June 30,

 

December 31,

Balance sheet line item:

 

2026

 

2025

Other current assets

 

$0.3

 

$1.1

Other current liabilities

 

2.1

 

(0.8)

For the three and six months ended June 30, 2026, net losses of $3.6 million and $3.3 million, respectively, (2025: $5.4 million and $5.5 million gain), were recognized.

 

Metals Prices

 

We currently utilize a combination of derivatives including financially-settled forward contracts, commodity price collars, and commodity price put options to manage the exposure to:

•
changes in prices of silver, gold, zinc, and lead contained in our concentrate shipments between the time of shipment and final settlement; and
•
changes in prices of zinc, lead, and silver contained in our forecasted future concentrate shipments.

 

The following tables summarize the quantities of metals committed under forward metals contracts at June 30, 2026 and December 31, 2025 which are designated and accounted for as cash flow hedges:

 

June 30, 2026

 

Pounds under contract (in 000's)

 

 

Average price per pound

 

 

 

Zinc

 

 

Lead

 

 

Zinc

 

 

Lead

 

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

Contracts on provisional sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

23,920

 

 

 

15,432

 

 

$

1.37

 

 

$

1.02

 

Contracts on forecasted sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

18,574

 

 

 

8,818

 

 

$

1.32

 

 

$

0.98

 

2027 settlements

 

 

53,242

 

 

 

—

 

 

$

1.41

 

 

$

—

 

 

December 31, 2025

 

Pounds under contract (in 000's)

 

 

Average price per ounce/pound

 

 

 

Zinc

 

 

Lead

 

 

Zinc

 

 

Lead

 

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

Contracts on provisional sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

18,850

 

 

 

13,117

 

 

$

1.37

 

 

$

1.05

 

Contracts on forecasted sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

53,407

 

 

 

42,108

 

 

 

1.33

 

 

 

1.02

 

2027 settlements

 

 

23,810

 

 

 

—

 

 

 

1.36

 

 

N/A

 

 

 

We utilize Collars to manage our exposure to changes in the price of precious metals in both our provisional concentrate sales and forecasted Keno Hill future concentrate shipments. These Collars provide us a contractual right to receive at least the minimum price if market prices fall below the minimum price level specified in the contracts, while limiting our potential gains to the maximum price level specified in the contracts, should market prices rise higher. This strategy helps protect us from significant price drops while still allowing for some upside participation within the minimum and maximum price range. For the three and six months ended June 30, 2026, these Collars had net gains of $12.6 million and net losses of $9.7 million, respectively (three and six months ended June 30, 2025: $0.8 million and $0.2 million loss, respectively). The collars are not designated as cash flow hedges.

 

The following table summarizes the quantities of silver and gold ounces committed under collars at June 30, 2026.

 

Settlement Period

 

Ounces under contract

 

 

Average strike price per silver ounce

 

 

Average strike price per gold ounce

 

 

 

Silver (ounces)

 

 

Gold (ounces)

 

 

Minimum ($)

 

 

Maximum ($)

 

 

Minimum ($)

 

 

Maximum ($)

 

Contracts on provisional sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

475,000

 

 

 

370

 

 

 

72.60

 

 

 

82.35

 

 

 

4,600.00

 

 

 

4,900.00

 

 

In December 2025, we entered into financially-settled put option contracts to manage the exposure of future silver sales to potential declines in silver market prices. These put options give us the option, but not the obligation, to realize established prices on quantities of silver to be sold in the future. For the three and six months ended June 30, 2026, we recognized net losses of $6.4 million and $7.6 million, respectively, on these puts. The following table summarizes the quantities of metals for which we have entered into put contracts and the strike price as of June 30, 2026:

 

Settlement Period

 

 

 

Production Protected (in 000's)

 

 

Strike price per ounce

 

 

 

 

 

Silver (ounces)

 

 

($)

 

Contracts on forecasted sales

 

 

 

 

 

 

 

 

2026 settlements

 

 

 

 

6,767

 

 

 

50.00

 

 

We recorded the following balances for the fair value of our metals price contracts as of June 30, 2026 and December 31, 2025 (in millions):

 

 

 

June 30,

 

December 31,

Balance sheet line item:

 

2026

 

2025

Other current assets

 

$10.4

 

$8.6

Other non-current assets

 

—

 

7.2

Other current liabilities

 

(7.6)

 

(36.4)

Other non-current liabilities

 

(4.5)

 

(1.9)

 

Net unrealized losses of $14.9 million related to the effective portion of the forward metals contracts designated as hedges were included in accumulated other comprehensive (loss) as of June 30, 2026. Unrealized gains and losses will be transferred from accumulated other comprehensive income (loss) to current earnings as the underlying forecasted sales are recognized. We estimate $12.3 million in net unrealized losses included in accumulated other comprehensive income (loss) as of June 30, 2026 will be reclassified to current earnings in the next twelve months.

 

During the three months ended June 30, 2026, we recognized a net gain of $9.9 million (2025: $3.3 million gain), including a $0.7 million loss transferred from accumulated other comprehensive income (loss) (2025: $3.0 million gain). During the six months ended June 30, 2026, we recognized a net loss of $0.3 million (2025: $2.0 million loss), including a $1.6 million gain transferred from accumulated other comprehensive income (loss) (2025: $5.7 million gain). These gains and losses were recognized on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which are included in sales. The net losses and gains recognized on the contracts offset gains and losses related to price adjustments on our provisional concentrate sales due to changes to silver, gold, lead, and zinc prices between the time of sale and final settlement.

 

Credit-risk-related Contingent Features

 

Certain of our derivative contracts contain cross-default provisions which provide that a default under our Credit Agreement would cause a default under the derivative contract. As of June 30, 2026, we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these agreements was $21.5 million as of June 30, 2026, which includes

accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at June 30, 2026, we could have been required to settle our obligations under the agreements at their termination value of $21.5 million.
v3.26.1
Note 9 - Fair Value Measurement
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Fair Value Measurement

Note 9. Fair Value Measurement

 

Fair value adjustments, net is comprised of the following (in thousands):

 

 

For the three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Loss on derivative contracts

 

$

(10,638

)

 

$

(416

)

 

$

(20,973

)

 

$

(669

)

Gain on sale of equity securities investments

 

 

70

 

 

 

—

 

 

 

23,745

 

 

 

—

 

Unrealized gain (loss) on equity securities investments

 

 

1,322

 

 

 

4,866

 

 

 

(17,963

)

 

 

8,507

 

Total fair value adjustments, net

 

$

(9,246

)

 

$

4,450

 

 

$

(15,191

)

 

$

7,838

 

 

Accounting guidance has established a hierarchy for inputs used to measure assets and liabilities at fair value on a recurring basis. The three levels included in the hierarchy are:

Level 1: quoted prices in active markets for identical assets or liabilities;

Level 2: significant other observable inputs; and

Level 3: significant unobservable inputs.

 

The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands).

Description

 

Balance at
June 30,
2026

 

 

Balance at
December 31,
2025

 

 

Input
Hierarchy Level

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

Money market funds and other bank deposits

 

$

483,482

 

 

$

241,558

 

 

Level 1

Current and non-current investments:

 

 

 

 

 

 

 

 

Equity securities

 

 

154,401

 

 

 

107,486

 

 

Level 1

Trade accounts receivable:

 

 

 

 

 

 

 

 

Receivables from provisional concentrate sales

 

 

127,416

 

 

 

170,230

 

 

Level 2

Restricted cash and cash equivalent balances:

 

 

 

 

 

 

 

 

Certificates of deposit and other deposits

 

 

1,170

 

 

 

1,174

 

 

Level 1

Derivative contracts - current and non-current derivative assets:

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

306

 

 

 

1,127

 

 

Level 2

Metal forward contracts

 

 

10,371

 

 

 

15,840

 

 

Level 2

Gold-price contingent asset

 

 

4,210

 

 

 

—

 

 

Level 2

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Derivative contracts - current and non-current derivative liabilities:

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

2,100

 

 

$

829

 

 

Level 2

Metal forward contracts

 

 

12,138

 

 

 

38,273

 

 

Level 2

Cash and cash equivalents consist primarily of money market funds which are carried at fair value.

 

Non-current restricted cash and cash equivalent balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value.

Our current and non-current investments consist of marketable equity securities of mining companies and mutual funds held by our SERP which are valued using quoted market prices for each security.

 

Trade accounts receivable from provisional concentrate sales are subject to final pricing and valued using quoted prices based on forward curves for the particular metals.

 

We use financially-settled forward contracts to manage exposure to changes in the exchange rate between USD and CAD, and the impact on CAD-denominated operating and capital costs incurred at our Keno Hill operation (see Note 8 for more information). The

fair value of each contract represents the present value of the difference between the forward exchange rate for the contract settlement period as of the measurement date and the contract settlement exchange rate.

 

We use derivative contracts to (i) manage the exposure to changes in prices of silver, gold, zinc, and lead contained in our concentrate shipments that have not reached final settlement and (ii) manage the exposure to changes in prices of gold, zinc, and lead contained in our forecasted future sales (see Note 8 for more information). The fair value of each forward contract represents the present value of the difference between the forward metal price for the contract settlement period as of the measurement date and the contract settlement metal price.

 

The gold-price linked contingent assets were part of the consideration for the sale of Hecla Quebec to Orezone (see Note 13). The contingent assets are valued quarterly using an option pricing model with observable inputs.

 

The Credit Agreement, which we consider to be Level 1 in the fair value hierarchy, has a carrying and fair value of nil.
v3.26.1
Note 10 - Product Inventories
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Product Inventories

Note 10. Product Inventories

 

Our major components of product inventories are (in thousands):

 

June 30, 2026

 

 

December 31, 2025

 

Concentrates

 

$

26,983

 

 

$

15,656

 

Stockpiled ore

 

 

9,849

 

 

 

10,862

 

Total product inventories

 

$

36,832

 

 

$

26,518

 
v3.26.1
Note 11 - Commitments, Contingencies and Obligations
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Commitments, Contingencies and Obligations

Note 11. Commitments, Contingencies and Obligations

 

San Mateo Creek Basin, New Mexico

In July 2018, the EPA informed Hecla Limited that it and several other potentially responsible parties (“PRPs”) may be liable for cleanup of the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. At the time, the EPA stated it had incurred approximately $9.6 million in response costs. Also, in May, 2022, and August 2024, Hecla Limited received a letter from a PRP notifying Hecla Limited that other PRPs may seek cost recovery and contribution from Hecla Limited under CERCLA for certain investigatory work performed by the PRPs at the SMCB site. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by the various PRPs.

Carpenter Snow Creek and Barker-Hughesville Sites in Montana

In July 2010, the EPA made a formal request to Hecla for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historical mining district, and in the early 1980s Hecla Limited leased 6 mining claims and performed limited exploration activities at the site. Hecla Limited terminated the mining lease in 1988.

 

In June 2011, the EPA informed Hecla Limited that it believes Hecla Limited, and several other PRPs, may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA stated in the letter that it has incurred approximately $4.5 million in response costs and estimated that total remediation costs may exceed $100 million. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by various other PRPs.

 

In February 2017, the EPA made a formal request to Hecla for information regarding the Barker-Hughesville Mining District Superfund site located in Judith Basin and Cascade Counties, Montana. Hecla Limited submitted a response in April 2017. The Barker-Hughesville site is located in a historic mining district, and between approximately June and December 1983, Hecla Limited was party to an agreement with another mining company under which limited exploration activities occurred at or near the site.

 

In August 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA did not include an amount of its alleged response costs to date. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning past or anticipated future costs at the site and the relative contributions of contamination by various other PRPs.

 

Contingencies Relating to former Casa Berardi Segment

 

In May 2023, the wall of an impoundment dam (HM3) storing mixed waste material (i.e. clay, till, and rock, but not tailings or other deleterious materials) stripped during open pit mining at our former Casa Berardi mine experienced a slip resulting in the waste material being mobilized downstream. The incident was investigated by the Quebec Ministry of Environment, Fight Against Climate Change, Wildlife and Parks. This investigation resulted in the issuance in July 2026 of four Statements of Offence by the Directeur des poursuites criminelles et pénales (the Quebec authority responsible for prosecuting penal violations of environmental legislation) against Orezone Quebec Inc. (formerly Hecla Quebec Inc.), alleging non-compliance with the conditions of HM3's waste storage authorization and an unauthorized release of contaminants in connection with the incident described above, and seeking penalties, costs, and contributions of approximately $2.7 million in the aggregate. We are reviewing the Statements of Offence and anticipate engaging in negotiations with the government regarding these allegations.

Under the terms of our sale of Hecla Quebec to Orezone, we have agreed to reimburse Orezone for any financial penalties, fines, charges, surcharges, or other amounts payable as a result of the HM3 incident described above, excluding any remediation, closure or similar work at HM3 or any costs associated therewith. We are not liable for any portion of such penalties resulting from actions taken at Casa Berardi after closing. Another term of the transaction provides Orezone with a set-off right to reduce future deferred cash payments owed to us if the financial assurance required under Casa Berardi’s updated closure plan exceeds $150 million. Specifically, Orezone may reduce such future payments by 50% of any amount by which the required financial assurance exceeds $150 million, excluding amounts arising from the mine's post-closing actions that increase the closure scope beyond what was contemplated at the time of sale. On May 13, 2026, the Quebec Ministry of Natural Resources and Forests approved the updated closure plan for Casa Berardi and fixed the total required financial assurance at CAD $237,143,712. Because this amount exceeds the $150 million threshold, Orezone has a right to reduce future deferred cash payments by 50% of the excess, converted to U.S. dollars in accordance with the terms of the purchase agreement, excluding amounts arising from the mine's post-closing actions that increase the closure scope beyond what is currently contemplated. We have accrued $11.5 million for the liability.

Debt

See Note 7 for information on the commitments related to our debt arrangements as of June 30, 2026.

Other Commitments

Our contractual obligations as of June 30, 2026 included open purchase orders and commitments of $9.0 million, $9.4 million and $13.4 million, for various capital and non-capital items at Greens Creek, Lucky Friday, and Keno Hill, respectively. We also have total commitments of $14.3 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, and Keno Hill units, and total commitments of $11.8 million relating to payments on operating leases (see Note 7 for more information). As part of our ongoing business and operations, we are required to provide surety bonds, bank letters of credit, and restricted deposits for various purposes, including financial support for environmental reclamation obligations and workers compensation programs. As of June 30, 2026, we had surety bonds totaling $221.7 million and letters of credit totaling $3.5 million in place as financial support for future reclamation and closure costs, self-insurance, and employee benefit plans. The obligations associated with these instruments are generally related to performance requirements that we address through ongoing operations. As the requirements are met, the beneficiary of the associated instruments cancels or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure of the sites. We believe we are in compliance with all applicable bonding requirements and will be able to satisfy future bonding requirements as they arise.

Other Contingencies

We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently have no basis to conclude that any or all of such contingencies will materially affect our financial position, results of operations, or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by us, and there can be no assurance that their ultimate disposition will not have a material adverse effect on our financial position, results of operations, or cash flows.
v3.26.1
Note 12 - Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Recent Accounting Pronouncements

Note 12. Recent Accounting Pronouncements

Accounting Standard Updates that Became Effective in the Current Period

 

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU expands an existing scope exception under ASC 815 to exclude certain contracts with underlyings based on the operations or activities of one of the parties, such as contingent payments the Company will receive related to the permitting success of two open pits at Casa Berardi. The ASU is effective for annual periods beginning after December 15, 2026, including interim periods therein. We early adopted ASU 2025-07 during the six months ended June 30, 2026.

 

Accounting Standards Updates to Become Effective in Future Periods

 

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) depreciation, depletion and amortization from oil and gas, and other extractive sector activities, and (v) intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our consolidated financial statements and disclosures.

v3.26.1
Note 13 - Sale of Hecla Quebec Inc. and Discontinued Operations
 6 Months Ended
Jun. 30, 2026
Discontinued Operation, Additional Disclosures [Abstract]  
Sale of Hecla Quebec Inc. and Discontinued Operations

Note 13. Sale of Hecla Quebec Inc. and Discontinued Operations

 

The sale of Hecla Quebec represents a disciplined portfolio optimization and focuses capital allocation on our silver assets, which we believe to represent significant growth and value creation opportunities. We have solidified revenue exposure to silver and we are focused on operating in what we view to be the most favorable jurisdictions. We used the cash proceeds from the transaction for debt reduction and balance sheet strengthening, enhancing our financial flexibility and capacity to invest in strategic growth investment opportunities.

 

As part of the sale of Hecla Quebec, we received total consideration with a fair value of $385.7 million comprised of the following:

•
Cash of $170.0 million upon closing on March 25, 2026
•
Accounts receivable related to working capital adjustments of $16.6 million
•
65,757,265 Orezone common shares valued at $106.1 million at closing
•
Deferred cash consideration ("Deferred Cash Consideration") with a fair value of $57.1 million for the cash payments of $30 million and $50 million to be paid by Orezone 18 months and 30 months after closing, respectively
•
Contingent cash consideration ("Contingent Cash Consideration") with a fair value of $35.9 million for a total of up to $241 million of undiscounted payments consisting of:
o
A fair value of $3.3 million for two annual gold-price related payments of $5 million each should the average gold price exceed $4,200/oz for the first and second years following closing
o
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
o
A fair value of $22.7 million for certain future gold production-based royalty payments with an undiscounted value of up to $211 million ($80/ounce for the first 500,000 ounces, then $180/ounce thereafter from future open pit operations)

 

Orezone has a set-off right to reduce the unpaid balance of the Deferred Cash Consideration 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.

 

The fair value of the Deferred Cash Consideration was determined using a present value model by reference to Orezone's estimated credit rating and considering the expected closure excess amount to be withheld from the first payment. The Deferred Cash Consideration payments have been classified as non-current receivables, which is included in other non-current assets on the unaudited interim Condensed Consolidated Balance Sheet, due to being contractual rights to receive cash at 18 and 30 months, and have been recorded at amortized cost. The discount will be unwound in line with the effective interest method and recognized as interest income over the respective payment periods for each payment.

 

The fair value of each Contingent Cash Consideration payment to be received was determined by using an option pricing model, with significant assumptions including the following: expected success and timing of permitting, the timing of when production would commence, forward gold prices, and Orezone's estimated credit rating. The Company concluded that each contingent consideration payment to be received is a financial asset as it will be settled in cash. The Company next evaluated whether each contingent consideration payment is within the scope of ASC 815 "Derivatives and Hedging" or not. For the contingent consideration payment to be received linked to future gold prices, we concluded that the underlying being the gold price is a market rate, and that the fair value of this contingent consideration payment is assessed at each reporting date, with changes in fair value recorded in earnings. The contingent consideration payments linked to future assets have been classified as current and non-current receivables, which is included in other current and non-current assets on the Condensed Consolidated Balance Sheet, due to being contractual rights to receive cash at 12 and 24 months, and have been recorded at fair value.

 

For the contingent consideration payments linked to permitting success and future production following permitting success, we concluded these contingent consideration payments are not within the scope of ASC 815, "Derivatives and Hedging" as the receipt of the permits and future production are subject to operational and/or regulatory factors. The Company elected to follow the guidance in ASC 450, Contingencies which requires subsequent assessment for indicators of impairment. Additionally, payment received in excess of initial fair value recorded will be recognized as gains in the period received. The contingent consideration payments linked to permitting success and future production following permitting success, have been classified as non-current receivables, which is included in other non-current assets on the Condensed Consolidated Balance Sheet.

 

We recognized a loss of $192.5 million, upon the sale of Hecla Quebec which is reported within loss from discontinued operations, net of income and mining taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Below is a summary of Hecla Quebec's results from discontinued operations for the six months ended June 30, 2026, three and six months ended June 30, 2025, and statement of financial position as of December 31, 2025.

Hecla Quebec Inc.

Results of Discontinued Operations

(Dollars are in Thousands)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Sales

$

85,035

 

 

$

70,284

 

 

$

141,040

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

44,944

 

 

 

37,629

 

 

 

87,057

 

Depreciation, depletion and amortization

 

5,846

 

 

 

932

 

 

 

14,415

 

Exploration and pre-development

 

72

 

 

 

1,051

 

 

 

260

 

Other operating income, net

 

(1,616

)

 

 

—

 

 

 

(1,431

)

Total costs and expenses

 

49,246

 

 

 

39,612

 

 

 

100,301

 

Income from discontinued operations

 

35,789

 

 

 

30,672

 

 

 

40,739

 

Other expense:

 

 

 

 

 

 

 

 

Interest expense

 

(151

)

 

 

(91

)

 

 

(310

)

Fair value adjustments, net

 

5,165

 

 

 

(2,231

)

 

 

5,404

 

Net foreign exchange loss

 

276

 

 

 

—

 

 

 

287

 

Other income

 

166

 

 

 

—

 

 

 

166

 

Total other expense (income)

 

5,456

 

 

 

(2,322

)

 

 

5,547

 

Income of discontinued operations

 

41,245

 

 

 

28,350

 

 

 

46,286

 

Loss on disposal of Hecla Quebec Inc.

 

—

 

 

 

(192,482

)

 

 

—

 

Income and mining tax provision

 

(10,450

)

 

 

(19,549

)

 

 

(10,958

)

Income (loss) from discontinued operations, net of taxes

$

30,795

 

 

$

(183,681

)

 

$

35,328

 

(1) Excludes depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

Hecla Quebec Inc.

Reconciliation of Assets and Liabilities of Discontinued Operations to Balance Sheet

(Dollars are in Thousands)

 

 

 

December 31, 2025

 

ASSETS

 

 

 

Accounts receivable

 

$

5,091

 

Inventories:

 

 

 

Product inventories

 

 

11,615

 

Materials and supplies

 

 

21,483

 

Prepaid expenses

 

 

2,596

 

Total current assets

 

 

40,785

 

Property, plants, equipment and mine development, net

 

 

710,246

 

Other non-current assets

 

 

698

 

Total assets

 

$

751,729

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

 

$

24,690

 

Accrued payroll and related benefits

 

 

7,891

 

Accrued taxes

 

 

4,866

 

Finance leases

 

 

2,911

 

Total current liabilities

 

 

40,358

 

Accrued reclamation and closure costs

 

 

75,980

 

Deferred tax liabilities

 

 

88,840

 

Other non-current liabilities

 

 

5,456

 

Total liabilities

 

$

210,634

 
v3.26.1
Note 2- Business Segments and Sales of Products (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Schedule of Information About Reportable Segments

The tables below present information about our reportable segments for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

Three months ended June 30, 2026

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

165,333

 

$

123,221

 

$

34,468

 

$

323,022

 

$

—

 

$

323,022

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

10,829

 

 

10,829

 

Intersegment sales

 

—

 

 

—

 

 

2,234

 

 

2,234

 

 

—

 

 

2,234

 

Reconciliation of sales

 

165,333

 

 

123,221

 

 

36,702

 

 

325,256

 

 

10,829

 

 

336,085

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(2,234

)

 

(2,234

)

 

—

 

 

(2,234

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

333,851

 

Salaries, wages and other benefits

 

19,224

 

 

18,665

 

 

8,739

 

 

46,628

 

 

111

 

 

46,739

 

Contractors

 

2,717

 

 

4,082

 

 

4,018

 

 

10,817

 

 

10,651

 

 

21,468

 

Materials and consumables

 

26,722

 

 

10,575

 

 

7,957

 

 

45,254

 

 

(511

)

 

44,743

 

Product inventory change

 

(9,606

)

 

1,457

 

 

(490

)

 

(8,639

)

 

—

 

 

(8,639

)

Other direct production costs

 

10,854

 

 

191

 

 

1,912

 

 

12,957

 

 

15

 

 

12,972

 

Depreciation, depletion and amortization

 

14,314

 

 

16,951

 

 

5,507

 

 

36,772

 

 

—

 

 

36,772

 

Gross profit

$

101,108

 

$

71,300

 

$

6,825

 

$

179,233

 

$

563

 

$

179,796

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

34,098

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

145,698

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(2,413

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

(9,246

)

Foreign exchange gain, net

 

 

 

 

 

 

 

 

 

 

 

(4,445

)

Other income

 

 

 

 

 

 

 

 

 

 

 

7,049

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

136,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

12,070

 

$

16,681

 

$

7,236

 

$

35,987

 

$

3,155

 

$

39,142

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.

Three months ended June 30, 2025

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

122,002

 

$

64,273

 

$

26,121

 

$

212,396

 

$

—

 

$

212,396

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

6,596

 

 

6,596

 

Intersegment sales

 

—

 

 

—

 

 

1,201

 

 

1,201

 

 

—

 

 

1,201

 

Reconciliation of sales

 

122,002

 

 

64,273

 

 

27,322

 

 

213,597

 

 

6,596

 

 

220,193

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(1,201

)

 

(1,201

)

 

—

 

 

(1,201

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

218,992

 

Salaries, wages and employee benefits

 

18,281

 

 

14,559

 

 

7,209

 

 

40,049

 

 

138

 

 

40,187

 

Contractors

 

1,557

 

 

3,828

 

 

3,886

 

 

9,271

 

 

6,419

 

 

15,690

 

Materials and consumables

 

25,400

 

 

10,899

 

 

8,050

 

 

44,349

 

 

68

 

 

44,417

 

Product inventory change

 

(9,234

)

 

(476

)

 

1,968

 

 

(7,742

)

 

—

 

 

(7,742

)

Other direct production costs

 

10,020

 

 

201

 

 

(373

)

 

9,848

 

 

—

 

 

9,848

 

Depreciation, depletion and amortization

 

12,897

 

 

13,275

 

 

5,141

 

 

31,313

 

 

—

 

 

31,313

 

Gross profit (loss)

$

63,081

 

$

21,987

 

$

240

 

$

85,308

 

$

(29

)

$

85,279

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

27,312

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

57,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(10,948

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

4,450

 

Foreign exchange gain, net

 

 

 

 

 

 

 

 

 

 

 

(3,793

)

Other income

 

 

 

 

 

 

 

 

 

 

 

1,345

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

49,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

8,397

 

$

15,942

 

$

17,045

 

$

41,384

 

$

1,292

 

$

42,676

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.

Six months ended June 30, 2026

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

416,332

 

$

232,577

 

$

80,894

 

$

729,803

 

$

—

 

$

729,803

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

15,481

 

 

15,481

 

Intersegment sales

 

—

 

 

—

 

 

3,873

 

 

3,873

 

 

—

 

 

3,873

 

Reconciliation of sales

 

416,332

 

 

232,577

 

 

84,767

 

 

733,676

 

 

15,481

 

 

749,157

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(3,873

)

 

(3,873

)

 

—

 

 

(3,873

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

745,284

 

Salaries, wages and other benefits

 

39,806

 

 

39,188

 

 

17,636

 

 

96,630

 

 

289

 

 

96,919

 

Contractors

 

5,422

 

 

8,038

 

 

6,269

 

 

19,729

 

 

15,291

 

 

35,020

 

Materials and consumables

 

54,317

 

 

21,020

 

 

15,230

 

 

90,567

 

 

(417

)

 

90,150

 

Product inventory change

 

(4,223

)

 

1,164

 

 

(3,708

)

 

(6,767

)

 

—

 

 

(6,767

)

Other direct production costs

 

20,964

 

 

733

 

 

4,632

 

 

26,329

 

 

42

 

 

26,371

 

Depreciation, depletion and amortization

 

30,297

 

 

30,560

 

 

9,683

 

 

70,540

 

 

—

 

 

70,540

 

Gross profit

$

269,749

 

$

131,874

 

$

31,152

 

$

432,775

 

$

276

 

$

433,051

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

64,246

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

368,805

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(8,069

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

(15,191

)

Foreign exchange loss, net

 

 

 

 

 

 

 

 

 

 

 

(3,947

)

Other income

 

 

 

 

 

 

 

 

 

 

 

10,598

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

352,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

18,183

 

$

33,699

 

$

22,261

 

$

74,143

 

$

4,264

 

$

78,407

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.
 

Six months ended June 30, 2025

Greens Creek

 

Lucky Friday

 

Keno Hill

 

Total Reportable Segments

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal sales

$

240,145

 

$

127,467

 

$

43,030

 

$

410,642

 

$

—

 

$

410,642

 

Environmental remediation services

 

—

 

 

—

 

 

—

 

 

—

 

 

13,684

 

 

13,684

 

Intersegment sales

 

—

 

 

—

 

 

2,187

 

 

2,187

 

 

—

 

 

2,187

 

Reconciliation of sales

 

240,145

 

 

127,467

 

 

45,217

 

 

412,829

 

 

13,684

 

 

426,513

 

Elimination of intersegment sales

 

—

 

 

—

 

 

(2,187

)

 

(2,187

)

 

—

 

 

(2,187

)

Total consolidated sales

 

 

 

 

 

 

 

 

 

 

 

424,326

 

Salaries, wages and employee benefits

 

36,534

 

 

29,335

 

 

13,681

 

 

79,550

 

 

196

 

 

79,746

 

Contractors

 

2,462

 

 

7,691

 

 

7,437

 

 

17,590

 

 

13,350

 

 

30,940

 

Materials and consumables

 

51,065

 

 

22,322

 

 

14,044

 

 

87,431

 

 

174

 

 

87,605

 

Product inventory change

 

(8,333

)

 

706

 

 

(5,994

)

 

(13,621

)

 

—

 

 

(13,621

)

Other direct production costs

 

20,345

 

 

(419

)

 

4,641

 

 

24,567

 

 

—

 

 

24,567

 

Depreciation, depletion and amortization

 

26,486

 

 

26,700

 

 

7,943

 

 

61,129

 

 

—

 

 

61,129

 

Gross profit (loss)

$

111,586

 

$

41,132

 

$

1,278

 

$

153,996

 

$

(36

)

$

153,960

 

Other operating expenses (a)

 

 

 

 

 

 

 

 

 

 

 

48,588

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

105,372

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(22,340

)

Fair value adjustments, net

 

 

 

 

 

 

 

 

 

 

 

7,838

 

Foreign exchange gain, net

 

 

 

 

 

 

 

 

 

 

 

(4,160

)

Other income

 

 

 

 

 

 

 

 

 

 

 

2,287

 

Income before income and mining taxes

 

 

 

 

 

 

 

 

 

 

$

88,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital additions

$

19,156

 

$

31,388

 

$

27,481

 

$

78,025

 

$

2,489

 

$

80,514

 

(a) Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.

The following table presents total assets by reportable segment as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

Total assets:

 

 

 

 

 

 

Greens Creek

 

$

660,706

 

 

$

640,011

 

Lucky Friday

 

 

664,035

 

 

 

688,997

 

Keno Hill

 

 

496,117

 

 

 

505,205

 

Other

 

 

1,364,419

 

 

 

974,703

 

Total assets of reportable segments

 

 

3,185,277

 

 

 

2,808,916

 

Assets of discontinued operations

 

 

—

 

 

 

751,729

 

Total assets

 

$

3,185,277

 

 

$

3,560,645

 
Schedule of Sales of Products by Metal

Sales by metal for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Silver

 

$

213,728

 

 

$

122,475

 

 

$

509,361

 

 

$

240,452

 

Gold

 

 

43,205

 

 

 

38,872

 

 

 

100,182

 

 

 

70,231

 

Lead

 

 

24,364

 

 

 

21,476

 

 

 

46,661

 

 

 

43,582

 

Zinc

 

 

37,470

 

 

 

31,138

 

 

 

74,343

 

 

 

64,263

 

Copper

 

 

8

 

 

 

979

 

 

 

420

 

 

 

1,370

 

Less: Smelter and refining charges

 

 

4,247

 

 

 

(2,544

)

 

 

(1,164

)

 

 

(9,256

)

Total metal sales

 

 

323,022

 

 

 

212,396

 

 

 

729,803

 

 

 

410,642

 

Environmental remediation services

 

 

10,829

 

 

 

6,596

 

 

 

15,481

 

 

 

13,684

 

Total sales

 

$

333,851

 

 

$

218,992

 

 

$

745,284

 

 

$

424,326

 
v3.26.1
Note 3 - Income and Mining Taxes (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Schedule Of Components Of Income Tax Expense Benefit

Major components of our income and mining tax for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

(11,912

)

 

$

(2,271

)

 

$

(33,114

)

 

$

(5,328

)

Foreign

 

 

1,244

 

 

 

(15

)

 

 

(576

)

 

 

(15

)

Total current income and mining tax provision

 

 

(10,668

)

 

 

(2,286

)

 

 

(33,690

)

 

 

(5,343

)

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

(9,098

)

 

 

(18,571

)

 

 

(34,143

)

 

 

(30,295

)

Foreign

 

 

999

 

 

 

(1,254

)

 

 

(1,834

)

 

 

(2,110

)

Total deferred income and mining tax provision

 

 

(8,099

)

 

 

(19,825

)

 

 

(35,977

)

 

 

(32,405

)

Total income and mining tax provision

 

$

(18,767

)

 

$

(22,111

)

 

$

(69,667

)

 

$

(37,748

)
v3.26.1
Note 5- Income (Loss) Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Schedule of Net Periodic Pension Cost

Net periodic pension cost for the plans consisted of the following for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

999

 

 

$

1,068

 

 

$

1,998

 

 

$

2,136

 

Interest cost

 

 

2,181

 

 

 

2,094

 

 

 

4,362

 

 

 

4,188

 

Expected return on plan assets

 

 

(2,969

)

 

 

(3,251

)

 

 

(5,938

)

 

 

(6,502

)

Amortization of prior service cost

 

 

20

 

 

 

20

 

 

 

40

 

 

 

40

 

Amortization of net loss

 

 

—

 

 

 

326

 

 

 

—

 

 

 

652

 

Net periodic pension cost

 

$

231

 

 

$

257

 

 

$

462

 

 

$

514

 
v3.26.1
Note 5 - Income (Loss) Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Schedule Of Earnings Per Share Basic And Diluted

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income
(loss) per share):

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

117,876

 

 

$

26,910

 

 

$

282,529

 

 

$

51,249

 

Income (loss) from discontinued operations

 

 

—

 

 

 

30,795

 

 

 

(183,681

)

 

 

35,328

 

Preferred stock dividends

 

 

(132

)

 

 

(138

)

 

 

(264

)

 

 

(276

)

Net income applicable to common stockholders

 

$

117,744

 

 

$

57,567

 

 

$

98,584

 

 

$

86,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares

 

 

670,763

 

 

 

636,928

 

 

 

670,579

 

 

 

634,339

 

Dilutive units

 

 

5,123

 

 

 

2,811

 

 

 

5,286

 

 

 

2,652

 

Diluted weighted average common shares

 

 

675,886

 

 

 

639,739

 

 

 

675,865

 

 

 

636,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.18

 

 

$

0.04

 

 

$

0.42

 

 

$

0.08

 

Income (loss) from discontinued operations

 

 

—

 

 

 

0.05

 

 

 

(0.27

)

 

 

0.06

 

Basic earnings per common share

 

$

0.18

 

 

$

0.09

 

 

$

0.15

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.17

 

 

$

0.04

 

 

$

0.42

 

 

$

0.08

 

Income (loss) from discontinued operations

 

 

—

 

 

 

0.05

 

 

 

(0.27

)

 

 

0.06

 

Diluted income per common share

 

$

0.17

 

 

$

0.09

 

 

$

0.15

 

 

$

0.14

 
v3.26.1
Note 6 - Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes the stock-based compensation grants awarded during the three and six months ended June 30, 2026:

Grant date

 

Award type

 

Number granted

 

 

Grant date fair value per share

June 23, 2026

 

Restricted stock

 

 

573,134

 

 

15.98

June 23, 2026

 

Performance based

 

 

311,244

 

 

23.33
Schedule of Accumulated other comprehensive income (loss)

The following table lists the beginning balance, quarterly activity, and ending balances, net of income and mining tax, of each component of “Accumulated Other Comprehensive Income (Loss), net” (in thousands):

 

 

Changes in fair value of derivative contracts designated as hedge transactions

 

 

Adjustments
For Pension Plans

 

 

AOCI

 

Balance January 1, 2026

 

$

1,505

 

 

$

(4,839

)

 

$

(3,334

)

Other comprehensive loss before reclassification

 

 

(1,507

)

 

 

—

 

 

 

(1,507

)

Reclassification from AOCI to sales

 

 

(2,310

)

 

 

—

 

 

 

(2,310

)

Reclassification from AOCI to costs applicable to sales

 

 

349

 

 

 

—

 

 

 

349

 

Reclassification from AOCI to fair value adjustments, net

 

 

525

 

 

 

—

 

 

 

525

 

Provision for income taxes

 

 

786

 

 

 

—

 

 

 

786

 

Balance March 31, 2026

 

$

(652

)

 

$

(4,839

)

 

$

(5,491

)

Other comprehensive loss before reclassification

 

 

(5,887

)

 

 

—

 

 

 

(5,887

)

Reclassification from AOCI to sales

 

 

747

 

 

 

—

 

 

 

747

 

Provision for income taxes

 

 

(3,004

)

 

 

—

 

 

 

(3,004

)

Balance June 30, 2026

 

$

(8,796

)

 

$

(4,839

)

 

$

(13,635

)

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2025

 

$

5,994

 

 

$

(16,260

)

 

$

(10,266

)

Other comprehensive gain before reclassification

 

 

3,688

 

 

 

—

 

 

 

3,688

 

Reclassification from AOCI to sales

 

 

(2,178

)

 

 

—

 

 

 

(2,178

)

Reclassification from AOCI to discontinued operations

 

 

1,825

 

 

 

—

 

 

 

1,825

 

Provision for income taxes

 

 

(901

)

 

 

—

 

 

 

(901

)

Balance March 31, 2025

 

$

8,428

 

 

$

(16,260

)

 

$

(7,832

)

Other comprehensive gain before reclassification

 

 

6,919

 

 

$

—

 

 

$

6,919

 

Reclassification from AOCI to sales

 

 

(3,502

)

 

 

—

 

 

 

(3,502

)

Reclassification from AOCI to discontinued operations

 

 

1,007

 

 

 

—

 

 

 

1,007

 

Provision for income taxes

 

 

(1,171

)

 

 

—

 

 

 

(1,171

)

Balance June 30, 2025

 

$

11,681

 

 

$

(16,260

)

 

$

(4,579

)
v3.26.1
Note 7 - Debt, Credit Agreement and Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Schedule of Long-Term Debt

The following table summarizes our long-term debt balances as of December 31, 2025 (in thousands):

 

 

 

December 31, 2025

 

 

 

Senior Notes

 

Principal

 

$

263,000

 

Unamortized discount/premium and issuance costs

 

 

(1,053

)

Total debt

 

$

261,947

 
Schedule of Maturities of Long Term Debt and Finance and Operating Lease Liabilities

The following table summarizes the scheduled annual future payments, including interest, for our finance and operating leases as of June 30, 2026 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. See Note 11 for more information.

 

Twelve-month period ending June 30,

 

Finance Leases

 

 

Operating Leases

 

2027

 

$

5,821

 

 

$

1,464

 

2028

 

 

2,422

 

 

 

1,501

 

2029

 

 

2,422

 

 

 

1,506

 

2030

 

 

2,422

 

 

 

1,381

 

2031

 

 

1,211

 

 

 

928

 

Thereafter

 

 

—

 

 

 

5,055

 

 

 

 

14,298

 

 

 

11,835

 

Less: effect of discounting

 

 

(1,564

)

 

 

(3,091

)

Total

 

$

12,734

 

 

$

8,744

 
v3.26.1
Note 8 - Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Schedule of Foreign Exchange Contracts, Statement of Financial Position

As of June 30, 2026 and December 31, 2025, we recorded the following balances for the fair value of the forward contracts (in millions):

 

 

 

June 30,

 

December 31,

Balance sheet line item:

 

2026

 

2025

Other current assets

 

$0.3

 

$1.1

Other current liabilities

 

2.1

 

(0.8)
Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables summarize the quantities of metals committed under forward metals contracts at June 30, 2026 and December 31, 2025 which are designated and accounted for as cash flow hedges:

 

June 30, 2026

 

Pounds under contract (in 000's)

 

 

Average price per pound

 

 

 

Zinc

 

 

Lead

 

 

Zinc

 

 

Lead

 

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

Contracts on provisional sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

23,920

 

 

 

15,432

 

 

$

1.37

 

 

$

1.02

 

Contracts on forecasted sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

18,574

 

 

 

8,818

 

 

$

1.32

 

 

$

0.98

 

2027 settlements

 

 

53,242

 

 

 

—

 

 

$

1.41

 

 

$

—

 

 

December 31, 2025

 

Pounds under contract (in 000's)

 

 

Average price per ounce/pound

 

 

 

Zinc

 

 

Lead

 

 

Zinc

 

 

Lead

 

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

 

(pounds)

 

Contracts on provisional sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

18,850

 

 

 

13,117

 

 

$

1.37

 

 

$

1.05

 

Contracts on forecasted sales

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

53,407

 

 

 

42,108

 

 

 

1.33

 

 

 

1.02

 

2027 settlements

 

 

23,810

 

 

 

—

 

 

 

1.36

 

 

N/A

 

 

 

The following table summarizes the quantities of silver and gold ounces committed under collars at June 30, 2026.

 

Settlement Period

 

Ounces under contract

 

 

Average strike price per silver ounce

 

 

Average strike price per gold ounce

 

 

 

Silver (ounces)

 

 

Gold (ounces)

 

 

Minimum ($)

 

 

Maximum ($)

 

 

Minimum ($)

 

 

Maximum ($)

 

Contracts on provisional sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2026 settlements

 

 

475,000

 

 

 

370

 

 

 

72.60

 

 

 

82.35

 

 

 

4,600.00

 

 

 

4,900.00

 

 

The following table summarizes the quantities of metals for which we have entered into put contracts and the strike price as of June 30, 2026:

 

Settlement Period

 

 

 

Production Protected (in 000's)

 

 

Strike price per ounce

 

 

 

 

 

Silver (ounces)

 

 

($)

 

Contracts on forecasted sales

 

 

 

 

 

 

 

 

2026 settlements

 

 

 

 

6,767

 

 

 

50.00

 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

We recorded the following balances for the fair value of our metals price contracts as of June 30, 2026 and December 31, 2025 (in millions):

 

 

 

June 30,

 

December 31,

Balance sheet line item:

 

2026

 

2025

Other current assets

 

$10.4

 

$8.6

Other non-current assets

 

—

 

7.2

Other current liabilities

 

(7.6)

 

(36.4)

Other non-current liabilities

 

(4.5)

 

(1.9)
v3.26.1
Note 9 - Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Table Text Block [Abstract]  
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

Fair value adjustments, net is comprised of the following (in thousands):

 

 

For the three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Loss on derivative contracts

 

$

(10,638

)

 

$

(416

)

 

$

(20,973

)

 

$

(669

)

Gain on sale of equity securities investments

 

 

70

 

 

 

—

 

 

 

23,745

 

 

 

—

 

Unrealized gain (loss) on equity securities investments

 

 

1,322

 

 

 

4,866

 

 

 

(17,963

)

 

 

8,507

 

Total fair value adjustments, net

 

$

(9,246

)

 

$

4,450

 

 

$

(15,191

)

 

$

7,838

 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands).

Description

 

Balance at
June 30,
2026

 

 

Balance at
December 31,
2025

 

 

Input
Hierarchy Level

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

Money market funds and other bank deposits

 

$

483,482

 

 

$

241,558

 

 

Level 1

Current and non-current investments:

 

 

 

 

 

 

 

 

Equity securities

 

 

154,401

 

 

 

107,486

 

 

Level 1

Trade accounts receivable:

 

 

 

 

 

 

 

 

Receivables from provisional concentrate sales

 

 

127,416

 

 

 

170,230

 

 

Level 2

Restricted cash and cash equivalent balances:

 

 

 

 

 

 

 

 

Certificates of deposit and other deposits

 

 

1,170

 

 

 

1,174

 

 

Level 1

Derivative contracts - current and non-current derivative assets:

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

 

306

 

 

 

1,127

 

 

Level 2

Metal forward contracts

 

 

10,371

 

 

 

15,840

 

 

Level 2

Gold-price contingent asset

 

 

4,210

 

 

 

—

 

 

Level 2

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Derivative contracts - current and non-current derivative liabilities:

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

2,100

 

 

$

829

 

 

Level 2

Metal forward contracts

 

 

12,138

 

 

 

38,273

 

 

Level 2
v3.26.1
Note 10 - Product Inventories (Tables)
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Our Major Components of Product Inventories

Our major components of product inventories are (in thousands):

 

June 30, 2026

 

 

December 31, 2025

 

Concentrates

 

$

26,983

 

 

$

15,656

 

Stockpiled ore

 

 

9,849

 

 

 

10,862

 

Total product inventories

 

$

36,832

 

 

$

26,518

 
v3.26.1
Note 13 - Sale of Hecla Quebec Inc. and Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations and Comprehensive Loss.

Below is a summary of Hecla Quebec's results from discontinued operations for the six months ended June 30, 2026, three and six months ended June 30, 2025, and statement of financial position as of December 31, 2025.

Hecla Quebec Inc.

Results of Discontinued Operations

(Dollars are in Thousands)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Sales

$

85,035

 

 

$

70,284

 

 

$

141,040

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

Costs applicable to sales (1)

 

44,944

 

 

 

37,629

 

 

 

87,057

 

Depreciation, depletion and amortization

 

5,846

 

 

 

932

 

 

 

14,415

 

Exploration and pre-development

 

72

 

 

 

1,051

 

 

 

260

 

Other operating income, net

 

(1,616

)

 

 

—

 

 

 

(1,431

)

Total costs and expenses

 

49,246

 

 

 

39,612

 

 

 

100,301

 

Income from discontinued operations

 

35,789

 

 

 

30,672

 

 

 

40,739

 

Other expense:

 

 

 

 

 

 

 

 

Interest expense

 

(151

)

 

 

(91

)

 

 

(310

)

Fair value adjustments, net

 

5,165

 

 

 

(2,231

)

 

 

5,404

 

Net foreign exchange loss

 

276

 

 

 

—

 

 

 

287

 

Other income

 

166

 

 

 

—

 

 

 

166

 

Total other expense (income)

 

5,456

 

 

 

(2,322

)

 

 

5,547

 

Income of discontinued operations

 

41,245

 

 

 

28,350

 

 

 

46,286

 

Loss on disposal of Hecla Quebec Inc.

 

—

 

 

 

(192,482

)

 

 

—

 

Income and mining tax provision

 

(10,450

)

 

 

(19,549

)

 

 

(10,958

)

Income (loss) from discontinued operations, net of taxes

$

30,795

 

 

$

(183,681

)

 

$

35,328

 

(1) Excludes depreciation, depletion and amortization

 

 

 

 

 

 

 

 
Schedule of Assets and Liability of Discountinued Operation

Hecla Quebec Inc.

Reconciliation of Assets and Liabilities of Discontinued Operations to Balance Sheet

(Dollars are in Thousands)

 

 

 

December 31, 2025

 

ASSETS

 

 

 

Accounts receivable

 

$

5,091

 

Inventories:

 

 

 

Product inventories

 

 

11,615

 

Materials and supplies

 

 

21,483

 

Prepaid expenses

 

 

2,596

 

Total current assets

 

 

40,785

 

Property, plants, equipment and mine development, net

 

 

710,246

 

Other non-current assets

 

 

698

 

Total assets

 

$

751,729

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

 

$

24,690

 

Accrued payroll and related benefits

 

 

7,891

 

Accrued taxes

 

 

4,866

 

Finance leases

 

 

2,911

 

Total current liabilities

 

 

40,358

 

Accrued reclamation and closure costs

 

 

75,980

 

Deferred tax liabilities

 

 

88,840

 

Other non-current liabilities

 

 

5,456

 

Total liabilities

 

$

210,634

 
v3.26.1
Note 1 - Basis of Preparation of Financial Statements (Details Textual) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Mar. 25, 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Recognized loss $ 2.4  
Hecla Quebec Inc. [Member]    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Amount of consideration receivable $ 5.2 $ 601.7
v3.26.1
Note 2 - Business Segments and Sales of Products (Details Textual)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Segment
Jun. 30, 2025
USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]        
Derivative, Gain (Loss) on Derivative, Net, Total $ 9.9 $ 3.3 $ (0.3) $ (2.0)
Derivative, Gain (loss) on Derivative 9.9 3.3 $ (0.3) (2.0)
Number of Reportable Segments | Segment     3  
Keno Hill [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 2.2 $ 1.2 $ 3.9 $ 2.2
v3.26.1
Note 2 - Business Segments and Sales of Products - Information About Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales $ 333,851 $ 218,992 $ 745,284 $ 424,326  
Salaries, wages and other benefits 46,739 40,187 96,919 79,746  
Contractors 21,468 15,690 35,020 30,940  
Materials And Consumables 44,743 44,417 90,150 87,605  
Product inventory change (8,639) (7,742) (6,767) (13,621)  
Other direct production costs 12,972 9,848 26,371 24,567  
Depreciation, depletion and amortization 36,772 31,313 70,540 61,129  
Gross profit 179,796 85,279 433,051 153,960  
Other operating expenses 34,098 [1] 27,312 [2] 64,246 [3] 48,588 [4]  
Income from operations 145,698 57,967 368,805 105,372  
Interest expense (2,413) (10,948) (8,069) (22,340)  
Fair value adjustments, net (9,246) 4,450 (15,191) 7,838  
Net foreign exchange loss (4,445) (3,793) (3,947) (4,160)  
Other income 7,049 1,345 10,598 2,287  
Income before income and mining taxes 136,643 49,021 352,196 88,997  
Capital additions 39,142 42,676 78,407 80,514  
Identifiable assets 3,185,277   3,185,277   $ 3,560,645
Assets of discontinued operations 0   0   751,729
Total assets of reportable segments 3,185,277   3,185,277   2,808,916
Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Salaries, wages and other benefits 46,628 40,049 96,630 79,550  
Contractors 10,817 9,271 19,729 17,590  
Materials And Consumables 45,254 44,349 90,567 87,431  
Product inventory change (8,639) (7,742) (6,767) (13,621)  
Other direct production costs 12,957 9,848 26,329 24,567  
Depreciation, depletion and amortization 36,772 31,313 70,540 61,129  
Gross profit 179,233 85,308 432,775 153,996  
Capital additions 35,987 41,384 74,143 78,025  
MetalSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 323,022 212,396 729,803 410,642  
MetalSales [Member] | Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 323,022 212,396 729,803 410,642  
EnvironmentalRemediationServices [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 10,829 6,596 15,481 13,684  
EnvironmentalRemediationServices [Member] | Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0   0 0  
IntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 2,234 1,201 3,873 2,187  
IntersegmentSales [Member] | Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 2,234 1,201 3,873 2,187  
ReconciliationOfSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 336,085 220,193 749,157 426,513  
ReconciliationOfSales [Member] | Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 325,256 213,597 733,676 412,829  
EliminationOfIntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales (2,234) (1,201) (3,873) (2,187)  
EliminationOfIntersegmentSales [Member] | Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales (2,234) (1,201) (3,873) (2,187)  
Greens Creek [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Salaries, wages and other benefits 19,224 18,281 39,806 36,534  
Contractors 2,717 1,557 5,422 2,462  
Materials And Consumables 26,722 25,400 54,317 51,065  
Product inventory change (9,606) (9,234) (4,223) (8,333)  
Other direct production costs 10,854 10,020 20,964 20,345  
Depreciation, depletion and amortization 14,314 12,897 30,297 26,486  
Gross profit 101,108 63,081 269,749 111,586  
Capital additions 12,070 8,397 18,183 19,156  
Identifiable assets 660,706   660,706   640,011
Greens Creek [Member] | MetalSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 165,333 122,002 416,332 240,145  
Greens Creek [Member] | EnvironmentalRemediationServices [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Greens Creek [Member] | IntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Greens Creek [Member] | ReconciliationOfSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 165,333 122,002 416,332 240,145  
Greens Creek [Member] | EliminationOfIntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Lucky Friday [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Salaries, wages and other benefits 18,665 14,559 39,188 29,335  
Contractors 4,082 3,828 8,038 7,691  
Materials And Consumables 10,575 10,899 21,020 22,322  
Product inventory change 1,457 (476) 1,164 706  
Other direct production costs 191 201 733 (419)  
Depreciation, depletion and amortization 16,951 13,275 30,560 26,700  
Gross profit 71,300 21,987 131,874 41,132  
Capital additions 16,681 15,942 33,699 31,388  
Identifiable assets 664,035   664,035   688,997
Lucky Friday [Member] | MetalSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 123,221 64,273 232,577 127,467  
Lucky Friday [Member] | EnvironmentalRemediationServices [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Lucky Friday [Member] | IntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Lucky Friday [Member] | ReconciliationOfSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 123,221 64,273 232,577 127,467  
Lucky Friday [Member] | EliminationOfIntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Keno Hill [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Salaries, wages and other benefits 8,739 7,209 17,636 13,681  
Contractors 4,018 3,886 6,269 7,437  
Materials And Consumables 7,957 8,050 15,230 14,044  
Product inventory change (490) 1,968 (3,708) (5,994)  
Other direct production costs 1,912 (373) 4,632 4,641  
Depreciation, depletion and amortization 5,507 5,141 9,683 7,943  
Gross profit 6,825 240 31,152 1,278  
Capital additions 7,236 17,045 22,261 27,481  
Identifiable assets 496,117   496,117   505,205
Keno Hill [Member] | MetalSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 34,468 26,121 80,894 43,030  
Keno Hill [Member] | EnvironmentalRemediationServices [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Keno Hill [Member] | IntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 2,234 1,201 3,873 2,187  
Keno Hill [Member] | ReconciliationOfSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 36,702 27,322 84,767 45,217  
Keno Hill [Member] | EliminationOfIntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales (2,234) (1,201) (3,873) (2,187)  
Other [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Salaries, wages and other benefits 111 138 289 196  
Contractors 10,651 6,419 15,291 13,350  
Materials And Consumables (511) 68 (417) 174  
Product inventory change 0 0 0  
Other direct production costs 15 0 42  
Depreciation, depletion and amortization 0 0 0  
Gross profit (563) (29) 276 (36)  
Capital additions 3,155 1,292 4,264 2,489  
Identifiable assets 1,364,419   1,364,419   $ 974,703
Other [Member] | MetalSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0 0  
Other [Member] | EnvironmentalRemediationServices [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 10,829   15,481 13,684  
Other [Member] | EnvironmentalRemediationServices [Member] | Operating Segments [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales   0      
Other [Member] | IntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 0 0 0  
Other [Member] | ReconciliationOfSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales 10,829 6,596 15,481 13,684  
Other [Member] | EliminationOfIntersegmentSales [Member]          
Segment Reporting, Revenue Reconciling Item [Line Items]          
Total sales $ 0 $ 0 $ 0 $ 0  
[1] Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.
[2] Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.
[3] Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.
[4] Other operating expense items include general and administrative, exploration and pre-development, care and maintenance, provision for closed operations and environmental matters, and other operating expense, net.
v3.26.1
Note 2 - Business Segments and Sales of Products - Sales of Products (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales $ 333,851 $ 218,992 $ 745,284 $ 424,326
Less: Smelter and refining charges 4,247 (2,544) (1,164) (9,256)
Silver [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 213,728 122,475 509,361 240,452
Gold [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 43,205 38,872 100,182 70,231
Lead [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 24,364 21,476 46,661 43,582
Zinc [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 37,470 31,138 74,343 64,263
Copper [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 8 979 420 1,370
Total metal sales [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales 323,022 212,396 729,803 410,642
Environmental Remediation Services [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total sales $ 10,829 $ 6,596 $ 15,481 $ 13,684
v3.26.1
Note 3 - Income and Mining Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Current:        
Domestic $ (11,912) $ (2,271) $ (33,114) $ (5,328)
Foreign 1,244 (15) (576) (15)
Total current income and mining tax provision (10,668) (2,286) (33,690) (5,343)
Deferred:        
Domestic (9,098) (18,571) (34,143) (30,295)
Foreign 999 (1,254) (1,834) (2,110)
Total deferred income and mining tax provision (8,099) (19,825) (35,977) (32,405)
Total income and mining tax provision $ (18,767) $ (22,111) $ (69,667) $ (37,748)
v3.26.1
Note 4 - Employee Benefit Plans (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Nonoperating Income (Expense) [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component $ 0.8 $ 0.8 $ 1.5 $ 1.6
v3.26.1
Note 4 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]        
Service cost $ 999 $ 1,068 $ 1,998 $ 2,136
Interest cost 2,181 2,094 4,362 4,188
Expected return on plan assets (2,969) (3,251) (5,938) (6,502)
Amortization of prior service cost 20 20 40 40
Amortization of net loss 0 326 0 652
Net periodic pension cost $ 231 $ 257 $ 462 $ 514
v3.26.1
Note 5 - Income (Loss) Per Common Share - Net (loss) income per common share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Notes To Financial Statements [Abstract]        
Income from continuing operations $ 117,876 $ 26,910 $ 282,529 $ 51,249
Income (loss) from discontinued operations 0 30,795 (183,681) 35,328
Preferred stock dividends (132) (138) (264) (276)
Net income applicable to common stockholders $ 117,744 $ 57,567 $ 98,584 $ 86,301
Basic weighted average common shares 670,763 636,928 670,579 634,339
Dilutive units 5,123 2,811 5,286 2,652
Diluted weighted average common shares 675,886 639,739 675,865 636,991
Income from continuing operations $ 0.18 $ 0.04 $ 0.42 $ 0.08
Income from discontinued operations 0 0.05 (0.27) 0.06
Basic earnings per common share 0.18 0.09 0.15 0.14
Income from discontinued operations 0.17 0.04 0.42 0.08
Income (loss) from discontinued operations 0 0.05 (0.27) 0.06
Diluted earnings per common share $ 0.17 $ 0.09 $ 0.15 $ 0.14
v3.26.1
Note 6 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Feb. 18, 2021
Subsidiary or Equity Method Investee [Line Items]            
Share-Based Payment Arrangement, Expense $ 2,000 $ 3,000 $ 4,800 $ 4,900    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total $ 22,300   $ 22,300      
Stock issued to directors, shares (in shares) 86,532 179,836 86,532 179,836    
Stock-based compensation     $ 6,081 $ 4,923    
Common stock issued to directors $ 1,382 $ 1,034 $ 1,382 $ 1,034    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)     1 year 6 months      
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) 223,404 151,976 270,538      
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation $ 3,300 $ 900 $ 4,500      
Share Withheld For Tax Withholding Obligation Price Per Share $ 15.07   $ 16.74 $ 5.82    
Common stock, shares authorized (in shares) 1,250,000,000   1,250,000,000   1,250,000,000  
Warrants Outstanding 2,060,000   2,060,000   2,068,000  
Conversion of warrants $ 8,000   $ 8,000      
Exercise price $ 8.02   $ 8.02      
Conversion of Stock     Each warrant entitles the warrant holder to purchase one share of our common stock      
Warrants Issued     64,000      
Warrants converted     8,000      
Dividend per share $ 0.00375   $ 0.00375      
Klondex Mines Ltd            
Subsidiary or Equity Method Investee [Line Items]            
Warrants Outstanding 2,060,000   2,060,000      
Convertible Common Stock [Member]            
Subsidiary or Equity Method Investee [Line Items]            
Shares, Issued 10,354   10,354      
Convertible Preferred Stock [Member]            
Subsidiary or Equity Method Investee [Line Items]            
Dividend per share $ 0.875   $ 0.875      
Common Stock [Member]            
Subsidiary or Equity Method Investee [Line Items]            
Common stock issued to directors $ 22 $ 41 $ 22 $ 41    
Preferred Stock [Member]            
Subsidiary or Equity Method Investee [Line Items]            
Shares, Issued 3,220   3,220      
At the market Offering [Member]            
Subsidiary or Equity Method Investee [Line Items]            
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) 59,802,012   59,802,012     60,000,000
At the market Offering [Member] | At The Market Equity Distribution Agreement [Member]            
Subsidiary or Equity Method Investee [Line Items]            
Proceeds from Issuance or Sale of Equity     $ 348,500      
Payments of Stock Issuance Costs     $ 5,400      
v3.26.1
Note 6 - Stockholders' Equity - Summary of Grants Awarded (Details)
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Performance based, June 23, 2026 [Member]  
Subsidiary or Equity Method Investee [Line Items]  
Number of Shares granted awarded, Shares | shares 311,244
Grant date fair value per share | $ / shares $ 23.33
Grant date Jun. 23, 2026
Restricted Stock, June 23, 2026 [Member]  
Subsidiary or Equity Method Investee [Line Items]  
Number of Shares granted awarded, Shares | shares 573,134
Grant date fair value per share | $ / shares $ 15.98
Grant date Jun. 23, 2026
v3.26.1
Note 6 - Stockholders' Equity - Schedule of Accumulated other comprehensive income (loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Balance Beginning $ 2,570,813 $ 2,591,646 $ 2,073,967 $ 2,039,514
Balance Ending 2,677,824 2,570,813 2,310,033 2,073,967
Changes in fair value of derivative contracts designated as hedge transactions [Member]        
Balance Beginning (652) 1,505 8,428 5,994
Other comprehensive loss before reclassification (5,887) (1,507) 6,919 3,688
Reclassification from AOCI to sales 747 (2,310) (3,502) (2,178)
Reclassification from AOCI to discontinued operations     1,007 1,825
Reclassification from AOCI to cost of sales and other direct production costs   349    
Reclassification from AOCI to fair value adjustments, net   525    
Provision for income taxes (3,004) 786 (1,171) (901)
Balance Ending (8,796) (652) 11,681 8,428
Adjustments For Pension Plans [Member]        
Balance Beginning (4,839) (4,839) (16,260) (16,260)
Other comprehensive loss before reclassification   0 0 0
Reclassification from AOCI to sales   0 0 0
Reclassification from AOCI to discontinued operations     0 0
Reclassification from AOCI to cost of sales and other direct production costs   0    
Reclassification from AOCI to fair value adjustments, net   0    
Provision for income taxes 0 0 0 0
Balance Ending (4,839) (4,839) (16,260) (16,260)
Accumulated Other Comprehensive Income (Loss), Net        
Balance Beginning (5,491) (3,334) (7,832) (10,266)
Balance Ending (13,635) (5,491) (4,579) (7,832)
Accumulated Distributions in Excess of Net Income [Member]        
Balance Beginning (5,491) (3,334) (7,832) (10,266)
Other comprehensive loss before reclassification (5,887) (1,507) 6,919 3,688
Reclassification from AOCI to sales 747 (2,310) (3,502) (2,178)
Reclassification from AOCI to discontinued operations     1,007 1,825
Reclassification from AOCI to cost of sales and other direct production costs   349    
Reclassification from AOCI to fair value adjustments, net   525    
Provision for income taxes (3,004) 786 (1,171) (901)
Balance Ending $ (13,635) $ (5,491) $ (4,579) $ (7,832)
v3.26.1
Note 7 - Debt, Credit Agreement and Leases (Details Textual) - USD ($)
$ in Millions
 3 Months Ended
May 03, 2024
Jun. 30, 2026
New Credit Agreement [Member]    
Line of Credit Facility [Line Items]    
Partially redeemed amount $ 75.0  
New Credit Agreement [Member] | Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Letters of credit outstanding, amount   $ 3.5
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Letters of credit, drawn amount $ 225.0  
New Credit Agreement [Member] | Letter of Credit [Member]    
Line of Credit Facility [Line Items]    
Letters of credit, drawn amount   0.0
Senior Notes [Member]    
Line of Credit Facility [Line Items]    
Loss on Extinguishment   0.9
Payment of Interest   2.8
Debt instrument total payment   265.8
Repaid Of Long Term Debt   $ 263.0
Senior Notes [Member] | IQ Notes [Member]    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate, stated percentage   7.25%
v3.26.1
Note 7 - Debt, Credit Agreement and Leases - Debt Summary (Details) - Senior Notes [Member] - The 2028 Senior Notes [Member]
$ in Thousands
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Principal $ 263,000
Unamortized discount and issuance costs (1,053)
Total debt $ 261,947
v3.26.1
Note 7 - Debt, Credit Agreement and Leases - Future Payments of Long-term Debt and Finance and Operating Leases (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Finance Leases:  
2027 $ 5,821
2028 2,422
2029 2,422
2030 2,422
2031 1,211
Thereafter 0
Total, finance leases 14,298
Less: effect of discounting, finance leases (1,564)
Total 12,734
Operating Leases:  
2027 1,464
2028 1,501
2029 1,506
2030 1,381
2031 928
Thereafter 5,055
Total, operating leases 11,835
Less: effect of discounting, operating leases (3,091)
Total $ 8,744
v3.26.1
Note 8 - Derivative Instruments (Details Textual)
oz in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Contract
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Contract
oz
Jun. 30, 2025
USD ($)
Jun. 30, 2026
CAD ($)
Contract
Derivative [Line Items]          
Maximum Allocation of Forecasted CAD-demonimated Operating Costs 75.00%   75.00%   75.00%
Description of hedge activity     Within this period we can hedge up to 100% of a specific exposure, provided the derivative allows us to participate 100% in the upside. Our program also utilizes derivatives to manage price risk exposure created from the date when revenue is recognized from a shipment of concentrate until final settlement.    
Forecasted CAD-denominated Operating Costs to be Hedged, Term (Year)     5 years    
Unrealized Gain (Loss) on Derivatives $ 6,400,000   $ 7,600,000    
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months 12,300,000   12,300,000    
Derivative, Gain (Loss) on Derivative, Net, Total 9,900,000 $ 3,300,000 $ (300,000) $ (2,000,000)  
Derivative instrument gold put option purchased | oz     6,767    
Assets Needed for Immediate Settlement, Aggregate Fair Value $ 50   $ 50    
Maximum [Member]          
Derivative [Line Items]          
Derivative instruments, hedging exposure 100.00%   100.00%   100.00%
Casa Berardi [Member]          
Derivative [Line Items]          
Other Adjustments To Income Discontinued Operations   1,000,000   2,800,000  
Realized losses     $ 900,000    
Foreign Exchange Forward [Member]          
Derivative [Line Items]          
Derivative, Notional Amount $ 3,300,000   $ 3,300,000    
Derivative, Forward Exchange Rate 0.013817   0.013817   0.013817
Derivative, Gain (Loss) on Derivative, Net, Total $ 3,600,000 5,400,000 $ 3,300,000 5,500,000  
Foreign Exchange Forward [Member] | Keno Hill [Member]          
Derivative [Line Items]          
Derivative, Notional Amount         $ 29.8
Cash Operating Expenditure $ 51,300,000   $ 51,300,000    
Derivative, Forward Exchange Rate 0.013857   0.013857   0.013857
Exchange Rate 0.013814   0.013814   0.013814
Foreign Exchange Forward [Member] | Casa Berardi and Keno Hill [Member]          
Derivative [Line Items]          
Derivative, Notional Amount $ 7,300,000   $ 7,300,000    
Derivative, Forward Exchange Rate 0.01388   0.01388   0.01388
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member]          
Derivative [Line Items]          
Derivative, Number of Instruments Held, Total | Contract 135   135   135
Derivative, Notional Amount $ 66,300,000   $ 66,300,000   $ 91.8
Price Risk Derivative [Member]          
Derivative [Line Items]          
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax 14,900,000   14,900,000    
Settlement Under Collars [Member]          
Derivative [Line Items]          
Derivative, Gain (Loss) on Derivative, Net, Total 12,600,000 800,000 9,700,000 200,000  
Unsettled Concentrate Sales Contracts [Member]          
Derivative [Line Items]          
Derivative, Gain (Loss) on Derivative, Net, Total 9,900,000 3,300,000 300,000 2,000,000  
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net 700,000 $ 3,000,000 1,600,000 $ 5,700,000  
Commodity Contract [Member]          
Derivative [Line Items]          
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral, Total 21,500,000   21,500,000    
Derivative, Fair Value, Obligations Under the Agreements $ 21,500,000   $ 21,500,000    
v3.26.1
Note 8 - Derivative Instruments - Foreign Currency (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Derivative [Line Items]    
Other current liabilities $ 9,689 $ 37,181
Foreign Exchange Contract [Member]    
Derivative [Line Items]    
Other current assets 300 1,100
Other current liabilities $ 2,100 $ (800)
v3.26.1
Note 8 - Derivative Instruments - Summary of Forward Sales Contracts (Details)
oz in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
lb
oz
$ / £
Dec. 31, 2025
lb
$ / £
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | oz 6,767  
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ $ 50  
Silver 2026 Settlements For Provisional Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | oz 475,000  
Silver 2026 Settlements For Provisional Sales [Member] | Maximum [Member]    
Derivative [Line Items]    
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ $ 82,350  
Silver 2026 Settlements For Provisional Sales [Member] | Minimum [Member]    
Derivative [Line Items]    
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ $ 72,600  
Gold 2026 Settlements For Provisional Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | oz 370  
Zinc 2026 Settlements for Provisional Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 23,920 18,850
Underlying, Derivative Mass | $ / £ 1.37 1.37
Lead 2026 Settlements For Provisional Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 15,432 13,117
Underlying, Derivative Mass | $ / £ 1.02 1.05
Zinc 2026 Settlements For Forecasted Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 18,574 53,407
Underlying, Derivative Mass | $ / £ 1.32 1.33
Zinc 2027 Settlements For Forecasted Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 53,242 23,810
Underlying, Derivative Mass | $ / £ 1.41 1.36
Lead 2026 Settlements For Forecasted Sale [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 8,818 42,108
Underlying, Derivative Mass | $ / £ 0.98 1.02
Lead 2027 Settlements For Forecasted Sales [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Mass | lb 0 0
Underlying, Derivative Mass | $ / £ 0  
Gold 2026 Settlements For Forecasted Sales [Member] | Maximum [Member]    
Derivative [Line Items]    
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ $ 4,900,000  
Gold 2026 Settlements For Forecasted Sales [Member] | Minimum [Member]    
Derivative [Line Items]    
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ $ 4,600,000  
v3.26.1
Note 8 - Derivative Instruments - Summarize the Quantities of Metals Committed (Details)
Jun. 30, 2026
USD ($)
Derivatives, Fair Value [Line Items]  
Assets Needed for Immediate Settlement, Aggregate Fair Value $ 50
v3.26.1
Note 8 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Other Current Assets [Member]    
Derivative [Line Items]    
Net asset (liability) $ 10.4 $ 8.6
Other Non-current Assets [Member]    
Derivative [Line Items]    
Net asset (liability) 0.0 7.2
Other Current Liabilities [Member]    
Derivative [Line Items]    
Net asset (liability) (4.5) (36.4)
Other Non-current Liabilities [Member]    
Derivative [Line Items]    
Net asset (liability) $ (7.6) $ (1.9)
v3.26.1
Note 8 - Derivative Instruments - Summary of collar positions to provide price protection on Keno Hill's forecasted silver production (Details)
oz in Thousands
 6 Months Ended
Jun. 30, 2026
oz
Derivative [Line Items]  
Derivative, Nonmonetary Notional Amount, Mass 6,767
v3.26.1
Note 10 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total fair value adjustments, net $ (9,246) $ 4,450 $ (15,191) $ 7,838
Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Unrealized gain (loss) on equity securities investments $ 1,322 $ 4,866 $ (17,963) $ 8,507
Unrealized gain (loss) on equity securities investments Change in fair value of derivative contracts designated as hedge transactions and other Change in fair value of derivative contracts designated as hedge transactions and other Change in fair value of derivative contracts designated as hedge transactions and other Change in fair value of derivative contracts designated as hedge transactions and other
Derivative [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Loss on derivative contracts $ (10,638) $ (416) $ (20,973) $ (669)
Securities Investment [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Loss on derivative contracts $ 70 $ 0 $ 23,745 $ 0
v3.26.1
Note 10 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds and other bank deposits $ 483,482 $ 241,558
Equity securities 154,401 107,486
Certificates of deposit and other deposits 1,170 1,174
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Receivables from provisional concentrate sales 127,416 170,230
Foreign exchange contracts 306 1,127
Metal forward contracts 10,371 15,840
Foreign exchange contracts 2,100 829
Metal forward contracts $ 12,138 $ 38,273
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities Liabilities
Fair Value, Inputs, Level 2 [Member] | Gold    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Metal forward contracts $ 4,210 $ 0
v3.26.1
Note 10 - Product Inventories - Schedule of Our Major Components of Product Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Inventory [Line Items]    
Product inventories $ 36,832 $ 26,518
Concentrates    
Inventory [Line Items]    
Product inventories 26,983 15,656
Stockpiled ore    
Inventory [Line Items]    
Product inventories $ 9,849 $ 10,862
v3.26.1
Note 11 - Commitments, Contingencies and Obligations (Details Textual)
$ in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
May 13, 2026
USD ($)
May 13, 2026
CAD ($)
May 31, 2023
USD ($)
Jul. 31, 2018
USD ($)
Jun. 30, 2011
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Loss Contingencies [Line Items]                  
Environmental remediation expense           $ 1,329 $ 844 $ 2,626 $ 1,634
Reduction in future payments, Percentage               50.00%  
Aggregate penalties, costs and contributions     $ 2,700            
Accrued Liability           11,500   $ 11,500  
Lessee, operating lease, liability, to be paid           11,835   11,835  
Lease Commitments [Member]                  
Loss Contingencies [Line Items]                  
Lessee, operating lease, liability, to be paid           11,800   11,800  
Performance Obligation Commitments [Member]                  
Loss Contingencies [Line Items]                  
Surety bonds           221,700   221,700  
Letters of credit outstanding, amount           3,500   3,500  
Greens Creek [Member]                  
Loss Contingencies [Line Items]                  
Contractual obligation           14,300   14,300  
Greens Creek [Member] | Purchase Orders and Commitment [Member]                  
Loss Contingencies [Line Items]                  
Contractual obligation           9,000   9,000  
Lucky Friday [Member]                  
Loss Contingencies [Line Items]                  
Contractual obligation           14,300   14,300  
Lucky Friday [Member] | Purchase Orders and Commitment [Member]                  
Loss Contingencies [Line Items]                  
Contractual obligation           9,400   9,400  
Keno Hill [Member]                  
Loss Contingencies [Line Items]                  
Contractual obligation           14,300   14,300  
Keno Hill [Member] | Purchase Orders and Commitment [Member]                  
Loss Contingencies [Line Items]                  
Contractual obligation           $ 13,400   13,400  
Casa Berardi [Member] | Orezone Gold Corporation                  
Loss Contingencies [Line Items]                  
Royalty payments $ 150,000             150,000  
Reduction in Futute Deferred Cash Payments 50.00% 50.00%              
Casa Berardi [Member] | Orezone Gold Corporation | Minimum [Member]                  
Loss Contingencies [Line Items]                  
Royalty payments               $ 150,000  
Johnny M Mine Area near San Mateo, New Mexico [Member]                  
Loss Contingencies [Line Items]                  
Estimated response costs       $ 9,600          
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member]                  
Loss Contingencies [Line Items]                  
Estimated response costs         $ 4,500        
Estimated future response cost         $ 100,000        
Quebec Ministry of Natural Resources and Forests [Member] | Casa Berardi [Member]                  
Loss Contingencies [Line Items]                  
Royalty payments   $ 237,143,712              
v3.26.1
Note 13 - Sale of Hecla Quebec Inc. and Discontinued Operations (Additional Information) (Details)
XAU in Thousands, shares in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
$ / Ounces
shares
Jun. 30, 2026
XAU
$ / Ounces
Dec. 31, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Common Stock Value $ 170,115,000   $ 169,689,000
Deferred cash consideration 57,100,000    
Contingent Cash Consideration 35,900,000    
Cash to be received 127,416,000   $ 170,230,000
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax 2,400,000    
Closure plan cost 150,000,000    
Hecla Quebec Inc. [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Consideration of Fair Value 385,700,000    
Disposal Group, Including Discontinued Operation, Cash $ 170,000,000    
Consideration closing date Mar. 25, 2026 Mar. 25, 2026  
Accounts receivable related to working capital adjustments $ 16,600,000    
Issuance of Common Share | shares 65,757,265    
Common Stock Value $ 106,100,000    
Cash 30,000,000    
Cash to be received 50,000,000    
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax $ 192,500,000    
Gold [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Average gold price 4,200    
Gold [Member] | Hecla Quebec Inc. [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Asset Acquisition, Price of Acquisition, Expected $ 3,300,000    
Payments to Acquire Assets 5,000,000    
Permit Receipt Payment [Member] | Hecla Quebec Inc. [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Asset Acquisition, Price of Acquisition, Expected 10,000,000    
Contingent Consideration Payment Fair Value 9,900,000    
Production-Based Royalty Payments [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contingent Consideration 22,700,000 XAU 500  
Maximum [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contingent Consideration 241,000,000    
Maximum [Member] | Production-Based Royalty Payments [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contingent Consideration $ 211,000,000    
Underlying, Derivative Mass | $ / Ounces 180 180  
Minimum [Member] | Production-Based Royalty Payments [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Underlying, Derivative Mass | $ / Ounces 80 80  
Orezone [Member]      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contingent Consideration, Description Orezone has a set-off right to reduce the unpaid balance of the Deferred Cash Consideration 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. Orezone has a set-off right to reduce the unpaid balance of the Deferred Cash Consideration by 50% of the amount by which the financial assurance required by the Quebec government under the updated Casa Berardi closure plan exceeds $150 million, excluding increases caused by Orezone's post-closing actions.  
v3.26.1
Note 13 - Sale of Hecla Quebec Inc. and Discontinued Operations - Statement of Discountinued Operation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Discontinued Operation, Additional Disclosures [Abstract]      
Discontinued Operation, Sales $ 85,035 $ 70,284 $ 141,040
Discontinued Operation, Costs applicable to sales [1] 44,944 37,629 87,057
Discontinued Operation, Depreciation, depletion and amortization 5,846 932 14,415
Discontinued Operation, Exploration and pre-development 72 1,051 260
Discontinued Operation, Other operating income, net (1,616) 0 (1,431)
Discontinued Operation, Total costs and expenses 49,246 39,612 100,301
Discontinued Operation, Income from discontinued operations 35,789 30,672 40,739
Discontinued Operation of Other Expenses      
Discontinued Operation, Interest expense (151) (91) (310)
Discontinued Operation, Fair value adjustments, net 5,165 (2,231) 5,404
Discontinued Operation, Net foreign exchange loss 276 0 287
Disposal Group, Other income 166   166
Disposal Group, Including Discontinued Operation, Non operating other expense (income), Total 5,456 (2,322) 5,547
Discontinued Operation, Income of discontinued operations 41,245 28,350 46,286
Discontinued Operation, Loss on disposal of Hecla Quebec Inc. 0 (192,482) 0
Discontinued Operation, Income and mining tax provision (10,450) (19,549) (10,958)
Discontinued Operation, Net income (loss) from discontinued operations, net of taxes $ 30,795 $ (183,681) $ 35,328
[1]

(1) Excludes depreciation, depletion and amortization
v3.26.1
Note 13 - Sale of Hecla Quebec Inc. and Discontinued Operations - Reconciliation of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Discontinued Operation, Accounts receivable   $ 5,091
Inventories:    
Discontinued Operation, Product inventories   11,615
Discontinued Operation, Materials and supplies   21,483
Discontinued Operation, Prepaid expenses   2,596
Disposal Group, Including Discontinued Operation, Total assets $ 0 40,785
Discontinued Operation, Property, plants, equipment and mine development, net   710,246
Discontinued Operation, Other non-current assets   698
Discontinued Operation, Assets of discontinued operations 0 751,729
Current liabilities:    
Discontinued Operation, Accounts payable and accrued liabilities   24,690
Discontinued Operation, Accrued payroll and related benefits   7,891
Discontinued Operation, Accrued taxes   4,866
Discontinued Operation, Finance leases   2,911
Discontinued operations, Total current liabilities $ 0 40,358
Discontinued Operation, Accrued reclamation and closure costs   75,980
Discontinued Operation, Deferred tax liabilities   88,840
Discontinued Operation, Other non-current liabilities   5,456
Discontinued Operation, Total liabilities   $ 210,634