On January 27, 2026, H.C. Wainwright reaffirmed its buy recommendation for Hecla Mining Company and increased its price target, citing the company’s improving operational metrics and de-leveraging progress. The firm highlighted Hecla’s strengthened balance sheet following recent asset sales and projected that ongoing free cash flow generation from core operations would support further debt reduction and shareholder returns over the next 12–18 months.

At its recent Analyst/Investor Day, Hecla outlined a three-pronged strategy: concentrate on high-margin silver assets, optimize existing mine throughput and accelerate exploration near current operations. As part of this shift, Hecla agreed to sell its Casa Berardi gold operation to Orezone Gold for up to 593 million USD in proceeds. Management indicated that this divestiture will fund incremental exploration spending at Greens Creek, Lucky Friday and Keno Hill and strengthen the company’s liquidity position.

Hecla reported silver production of 17.0 million ounces in 2025, exceeding the prior year by more than 5% and hitting the top end of its guidance range. Lucky Friday delivered a record 5.3 million ounces, Greens Creek produced 8.7 million ounces, and Keno Hill contributed 3.0 million ounces. Consolidated gold output reached 150,509 ounces, slightly above guidance. All operations met or exceeded their respective targets, driving robust operating cash flow of approximately 148 million USD and enabling the company to reduce net leverage to 0.3x EBITDA.

For 2026, Hecla expects consolidated silver output of 15.1–16.5 million ounces and gold production of 134–146 thousand ounces. Total capital investment is forecast at 255–279 million USD, including 73–80 million directed to growth projects such as tailings facility expansions and underground development. Exploration and pre-development spending is set to nearly double to 55 million USD, targeting high-potential zones at Nevada, Greens Creek, Lucky Friday and Keno Hill. Management reiterated that maintaining low all-in sustaining costs and strong free cash flow generation remain top priorities.