moneyheap
HL · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Hecla Mining Company (HL) stock moving?
Hecla's Q3 2026 report (Nov 3) was the main driver of recent news and beat estimates: revenue of $395M against roughly $340M expected, EPS of $0.22 against $0.16, and record quarterly free cash flow of $151M. The company ended the quarter with $692M in cash, remains debt-free apart from finance leases, and signed a $500M undrawn revolver. It also raised the low end of its 2026 silver production guidance to 15.3-16.1M oz. The stock responded with a 13.2% jump on Nov 4 on 45.6M shares, then drifted, rallied to a $15.41 close on Nov 9, and fell 7.3% to $14.29 on Nov 10 on 23.9M shares, a decline that came on the day of the Series B preferred redemption notice. The redemption is small: about $7.64M in cash at $50.68 per share, with a conversion price of $15.55 that sits above the current price, so conversion looks unlikely and dilution would be limited to roughly 484,700 shares if every holder converted. Scotiabank kept a Sector Perform (Hold) rating but cut its price target to $20, which still implies upside from about $14.29. The price is now near late-October levels, so the earnings beat has not carried the stock to new highs. Silver price direction and the Keno Hill ramp-up remain the main variables outside these filings.
News behind the analysis
- Hecla Mining Company Announces Redemption of Series B Cumulative Convertible Preferred StockHecla will redeem all Series B preferred shares on Dec 11, 2026 at $50.00 plus accrued dividends, about $7.64M in cash in total. Holders may convert until Dec 10 at a $15.55 conversion price.
- Hecla Mining Reports Q3 2026 Financial Results and Raises Silver Output ForecastQ3 revenue was $395M with EPS of $0.22 and record free cash flow of $151M. The 2026 silver production forecast floor was raised to 15.3M ounces.
- Scotiabank Maintains Sector Perform on Hecla Mining, Lowers Price Target to $20Scotiabank kept its Sector Perform rating on HL but cut its price target to $20. The stock closed at $14.95 that day, after a 13% gain.
- Analyst Rating Update for Hecla MiningScotiabank maintained a Hold rating on HL and lowered its price target to $20.
- Hecla Mining Reports Third Quarter 2026 Financial ResultsRevenue exceeded analyst expectations for the quarter ended Sep 30, 2026. The company reported results after the Nov 3 release.
- Hecla Mining Q3 EPS $0.22 Beats $0.16 Estimate, Sales $394.820M Beat $340.000M EstimateHL beat both EPS and sales estimates for Q3. Cash flow from continuing operations rose to a record $203M.
- Hecla Mining Company Schedules Q3 2026 Earnings ReleaseHecla scheduled its Q3 2026 results release for Nov 3, 2026, after market close.
- Hecla Mining Appoints Dale Andres to Board of DirectorsDale Andres joined the board as a Class II director and a member of the Health, Safety, Environmental and Technical Committee. He has more than 35 years of base and precious metals experience.
- Hecla Mining Q3 2026 Earnings Call TranscriptThe transcript of the Q3 2026 earnings call, held after the Nov 3 results, is now available. It covers the quarter's results and guidance.
About Hecla Mining Company
Hecla Mining is a silver miner based in Coeur d'Alene, Idaho, founded in 1891, and it calls itself North America's largest silver producer. Its mines are Greens Creek in Alaska, Lucky Friday in Idaho and Keno Hill in Canada's Yukon. After selling its Casa Berardi gold mine in Quebec in March 2026, it is more focused on silver and has no long-term debt.
How it makes money
Hecla mines ore and sells the metal concentrates it produces to smelters and traders. Silver brings in the most money, and gold, zinc and lead mined alongside it add a large share of revenue. Because those by-products bring in so much, Hecla's reported silver costs after by-product credits can come out below zero. In 2026 it expects to produce roughly 15–16.5 million ounces of silver. Revenue from continuing operations was about $395 million in the third quarter of 2026. Most of that comes from Greens Creek, with Lucky Friday and Keno Hill adding to it.
What usually moves HL
- Silver and gold prices
- Zinc and lead prices (by-product credits)
- Production volumes and mine disruptions at Greens Creek, Lucky Friday and Keno Hill
- Growth projects such as the possible Midas restart in Nevada and the Keno Hill ramp-up
- Mining costs, permits and exploration results