New York, Jan 26, 2026, 07:28 (ET) — Premarket
- Shares of Hecla Mining jumped in early trading following the release of its preliminary 2025 production figures and 2026 outlook.
- The miner expects silver and gold production to fall in 2026 but plans a record exploration budget of $55 million.
- Investors will be tuning in to management’s New York investor day later Monday, looking for updates on costs, spending, and project timelines.
Hecla Mining shares gained about 1.6% in premarket action Monday, hitting $31.81 by 7:18 a.m. ET. The U.S. silver miner unveiled preliminary production forecasts for 2025 and outlined its 2026 output and capital spending plans ahead of an investor day scheduled in New York.
This update is significant as Hecla’s guidance offers one of the earliest concrete looks at 2026 costs and capex for a major North American silver producer. It arrives in a market where miners’ shares swing rapidly with metal prices, and investors swiftly penalize any sign of rising expenses.
Hecla describes itself as the largest silver producer across the U.S. and Canada, highlighting its major sites at Greens Creek in Alaska and Lucky Friday in Idaho. These two mines—and their output given current prices—often shape the conversation around U.S.-listed silver miners among traders.
Hecla reported 2025 silver output at 17.0 million ounces, exceeding 2024 levels by over 5%, with gold production climbing to 150,509 ounces. The Lucky Friday mine hit annual records, churning out 5.3 million ounces of silver and boosting mill throughput. Looking ahead to 2026, the company projects consolidated silver production between 15.1 million and 16.5 million ounces, while gold is expected in the range of 134,000 to 146,000 ounces. Exploration and pre-development budgets are pegged at $55 million.
The company flagged a drop in silver output, driven primarily by lower milled grades at Greens Creek. Gold production is set to decline too, hit by reduced grades at its Quebec mine, Casa Berardi.
Hecla projected consolidated silver cost of sales at $471 million for 2026. It expects silver cash costs to remain negative, between minus $1.50 and minus $1.25 per ounce, thanks to by-product credits. (By-product credits come from metals like gold, lead, and zinc, which help offset silver production costs.) The company also forecast all-in sustaining costs (AISC) to range from $15.00 to $16.25 per ounce of silver.
Hecla provided a mine-by-mine cost breakdown. At Greens Creek, it expects cash costs between minus $9.00 and minus $8.25 per ounce, with AISC ranging from $0.00 to $0.50 per ounce, thanks largely to by-product credits—especially from gold. Meanwhile, at Lucky Friday, cash costs are forecasted at $10.25 to $11.00 per ounce, with AISC climbing to $23.50 to $26.00. The company noted that increased profit-sharing payments tied to higher silver prices will likely push costs up there.
Capital spending is expected to climb. Hecla projected total investment between $255 million and $279 million for 2026, citing development efforts and expansion of the Greens Creek tailings facility, which should increase capacity through 2045. At Lucky Friday, the focus is on underground development, a new tailings facility, and a surface cooling project slated for completion by mid-2026.
Rob Krcmarov, president and CEO, announced the company is “nearly doubling our investment in exploration and pre-development to a record $55 million,” all while focusing on financial discipline and maintaining free cash flow. The firm noted its cost guidance is based on by-product price assumptions that sit below current spot prices.
Other silver stocks showed strength in early trading. The iShares Silver Trust jumped roughly 6.6%, and the Global X Silver Miners ETF climbed around 2.7%. Pan American Silver gained about 4.5%, First Majestic added close to 5.0%, and Coeur Mining edged up roughly 1.3%. Meanwhile, SPDR Gold Shares rose about 1.4%.
That said, the guidance isn’t without caveats. Hecla’s production forecast for 2026 has been trimmed, while capital expenditures are set to rise. Profit-sharing at Lucky Friday will increase if silver prices climb — a win for employees, but a potential hit to margins if prices dip. The company also flagged that the 2025 numbers are preliminary and may shift after final review.
Investors are eyeing Hecla’s investor day presentation set for Monday, with a live webcast kicking off at 12:30 p.m. ET. The company is expected to dive into spending priorities, Nevada exploration plans, and management’s perspective on costs amid current metal prices.
