Overview

• US silver miner's Q1 revenue rose 13% from prior quarter, up 100% yr/yr

• Company posted record free cash flow and moved to net cash position after debt redemption

• Revenue growth driven by higher realized silver and gold prices, partly offset by lower production

Outlook

• Hecla reiterates 2026 production and cost guidance

• Company expects capital investment to increase in Q2 and Q3 2026 as projects advance

• Exploration activity planned to ramp up in Q2 and Q3 2026, with more drills and expanded programs

Result Drivers

• HIGHER METAL PRICES - Revenue and cash flow benefited from significantly higher realized silver, gold, and lead prices, offsetting lower production volumes

• GREENS CREEK PERFORMANCE - Improved silver and gold production at Greens Creek, along with higher by-product credits, drove lower costs and stronger margins

• LOWER CAPITAL INVESTMENT - Record free cash flow was supported by reduced capital investment compared to the prior quarter

Company press release: ID:nBwW9Yta

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$411.43 mln	$416.05 mln (2 Analysts)
Q1 Net Income		-$19.03 mln
Q1 Adjusted EBITDA	Miss	$265 mln	$290 mln (1 Analyst)
Q1 Free Cash Flow		$143.66 mln
Q1 Gross Profit		$253.26 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy."

• Wall Street's median 12-month price target for Hecla Mining Co is $24.50, about 43.7% above its May 5 closing price of $17.05

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 25 three months ago

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