$HL

HECLA MINING CO/DE/

CIK:0000719413|SEC Filings

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

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

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