COEUR D’ALENE, Idaho, August 18, 2026, 16:45 EDT — U.S. cash markets remained shut.
- Hecla finished the session at $17.95, dropping 4.62% as silver lost 2.8%.
- Trading volume stood at 55.5 million shares, 1.4 times the 20-session average.
- The analyst target of $23.53 suggests a 31.1% potential increase, though metals continue to play a key role.
Hecla Mining Company NYSE:HL dropped 4.62% on Tuesday, pressured by a rise in bond yields that weighed on precious metals. Shares ended the session at $17.95 as of 16:00 EDT. Silver declined 2.8%, and gold slipped 1.1%.
The trading volume outweighed the decline in the headline. Around 55.5 million shares were traded, a figure 40% higher than Hecla’s 20-session average, making it the ninth most active U.S. stock by volume.
| Security | Aug. 18 close | Daily move | Five-session move | Volume vs. 20-day average |
|---|---|---|---|---|
| Hecla Mining NYSE:HL | $17.95 | fell 4.62% | up 1.07% | 1.40 times |
| Coeur Mining NYSE:CDE | $18.51 | lost 4.14% | down 0.38% | 0.96 times |
| Pan American Silver NYSE:PAAS | $46.60 | slipped 3.14% | dropped 10.02% | 0.85 times |
| First Majestic Silver NYSE:AG | $18.48 | declined 5.57% | fell 2.53% | 0.70 times |
Hecla advanced 1.07% across the past five sessions, while its peers underperformed. The higher trading volume on Tuesday thus suggests swift macro repricing, rather than widespread signs of mining issues.
The operating buffer remains significant. Hecla reported $136 million in free cash flow from continuing operations in the second quarter. As of the end of June, cash on hand totaled $483 million, with all senior notes fully redeemed.
| Continuing operations | Q2 2026 | Q1 2026 | Q2 2025 | Q2 year-on-year |
|---|---|---|---|---|
| Revenue | $333.9m | $411.4m | $219.0m | +52.4% |
| Adjusted EBITDA | $199.2m | $265.1m | $92.6m | +115.2% |
| Operating cash flow | $174.9m | $182.9m | $108.4m | +61.4% |
| Free cash flow | $135.8m | $143.7m | $65.7m | +106.6% |
This downturn is distinct from a balance-sheet crisis due to the company’s cash position. Revenue declined by 19% from the previous quarter’s record as realized metal prices declined. However, free cash flow dropped just 5%.
Output also increased from the previous period. Total silver production climbed 8% to 4.21 million ounces. Record results at Lucky Friday balanced out lower grades at Keno Hill.
| Mine | Q2 silver output | Change vs. Q1 | Q2 AISC/oz | Operational read-through |
|---|---|---|---|---|
| Greens Creek | 2.05m oz | -5.8% | -$10.71 | Costs held below zero by by-product credits |
| Lucky Friday | 1.53m oz | +23.9% | $17.08 | Quarterly production set new record |
| Keno Hill | 0.63m oz | +27.9% | Not reported | Production remains under commercial threshold |
| Total | 4.21m oz | +7.8% | $6.07 | Guidance moved to 15.1–16.1m oz |
Chief Executive Rob Krcmarov described it as “the strongest balance sheet in the company’s history.” This statement is underpinned by repayment of debt and the company’s undrawn $225 million revolving credit facility. Hecla
Wall Street remains positive on potential gains, but opinions vary. Out of nine analysts, four have a buy rating on Hecla, while five suggest holding. The consensus price target is $23.53, which is 31.1% above Tuesday’s closing price.
| Recommendation measure | Latest reading | Implied move from $17.95 |
|---|---|---|
| Buy / Hold / Sell | 4 / 5 / 0 | Consensus: Buy |
| Lowest price target | $17.00 | -5.3% |
| Average price target | $23.53 | +31.1% |
| Median price target | $21.00 | +17.0% |
| Highest price target | $32.00 | +78.3% |
The spread is significant. Scotiabank’s recent $21 target suggests a 17% potential gain. H.C. Wainwright sets its target at $26.75, indicating 49% upside, while Canaccord’s $24 target forecasts a 34% increase. These differences are primarily due to varying outlooks on silver prices.
Direct risks persist. Hecla achieved $63.06 for each silver ounce in Q2, a 24% drop from the prior quarter. Increased yields may put pressure on non-yielding metals, and fluctuations in Keno Hill’s grade could narrow the production range.
The coming week features the release of Federal Reserve minutes on Wednesday at 14:00 EDT. Market participants will assess if rate forecasts keep yields elevated. Silver’s moves are expected to continue being HL’s quickest indicator.
Currently, two contrasting factors shape the stock. Hecla’s operations generate cash and the company has eliminated its debt. However, its valuation remains primarily driven by metal prices.
Related articles: NYSE:HL
Hecla Mining Co.
Market data updated at 16:00 EDT on August 18, 2026, following the U.S. cash market close
Volume was 1.40 times its 20-session average, making it the ninth most active U.S. stock.
HL stayed in positive territory from August 11, even after Tuesday’s pullback.
Year-on-year growth reached 106.6%; sequentially, the decrease was just 5.5%.
At June 30, cash stood at $483m, with an unused $225m revolver available.
Price trend · past six closing values
$18.8$18.2$17.6 Aug 11Aug 12Aug 13Aug 14Aug 17Aug 18 17.7618.1017.7318.3718.8217.95Silver beta appeared
Q2 cash flow · $ millions
RevenueAdj. EBITDAOperating CFFree cash flow $333.9$199.2$174.9$135.8Revenue declined by 19% compared to Q1, but free cash flow stayed close to its peak level.
Q2 2026 · Silver output
4.21mounces Greens Creek2.05mLucky Friday1.53mKeno Hill0.63mOverall production increased by 7.8% compared to Q1. Lucky Friday achieved its highest quarterly output.
Analyst target overview
LowCloseAverageHigh $17.00$17.95$23.53$32.00Key issues to watch
Fed minutes, silver stabilization, Lucky Friday cooling project, Greens Creek expansion work.
Higher yields, weaker silver, Keno Hill grades, and elevated second-half capital spending.
Cash acts as a cushion. Free cash flow in Q2 rose by over two times compared to the previous year, cash hit $483 million, and senior notes have been repaid.
Silver continues to act as the catalyst. The metal's 2.8% drop on Tuesday led HL to fall by 4.62% amid significantly higher-than-normal trading volume.
