NEW YORK, July 22, 2026, 08:12 EDT.
- Shares closed at $15.29 after volume reached 2.2 times average.
- Hecla plans $204 million to $223 million of capital investment in 2026.
Hecla Mining Company NYSE:HL closed 7.0% higher on Tuesday. Volume reached 76.6 million shares, more than double its average. NYSE core trading starts at 09:30 EDT.
Spot silver rose 4.1% Tuesday to $58.72 an ounce. It added 1% early Wednesday, reaching $59.35. Hecla’s Tuesday gain was about 1.7 times the metal’s rise.
Edward Meir, an analyst at Marex Group (NASDAQ:MRX), cited broad commodity buying. “Commodities are higher across the board,” he said. He also cited expectations for a Middle East cease-fire. Reuters
Preliminary calculation: Hecla’s volume was 2.2 times its listed average. The volume equaled 11.4% of shares outstanding.
| Security | Tuesday change | Below 52-week or record high | Move divided by silver |
|---|---|---|---|
| Hecla Mining Company NYSE:HL | +7.0% | -55.3% | 1.7x |
| Coeur Mining NYSE:CDE | +8.1% | -44.9% | 2.0x |
| First Majestic Silver NYSE:AG | +6.4% | -47.3% | 1.6x |
| Pan American Silver NYSE:PAAS | +5.4% | -36.5% | 1.3x |
| Global X Silver Miners ETF NYSEARCA:SIL | +5.8% | -36.7% | 1.4x |
| Spot silver | +4.1% | -51.7% | 1.0x |
Tuesday changes use market closes and Reuters spot data. Reuters Preliminary drawdowns use 52-week highs. Silver uses its January 29 record.
Hecla’s 55.3% drawdown is the largest among the selected miners. Silver’s own gap is 51.7%. The pairing keeps Hecla’s equity case closely tied to the metal.
Hecla’s website still listed its May 5 report as the latest release early Wednesday. Silver was therefore the clearest public catalyst for Tuesday’s move.
That report showed record first-quarter free cash flow of $143.7 million. Capital investment totaled $39.3 million during the quarter.
The spending base is due to rise. Hecla projected $204 million to $223 million of capital investment this year. Exploration and pre-development spending could add $55 million.
Management expects capital spending to ramp in the second quarter. It should remain elevated during the third. The next report will test cash conversion at higher silver prices.
Hecla guided to 15.1 million to 16.5 million silver ounces for 2026. Preliminary calculation: the midpoint is 7.1% below 2025 production. That puts more weight on prices and costs.
The balance sheet gives management room. CEO Rob Krcmarov called Hecla “debt-free with a $225 million undrawn revolver.” Cash stood at $588 million on March 31.
Another strong cash quarter could narrow Hecla’s peer drawdown. Weak conversion would keep the rally dependent on silver.
Risks: Silver remains volatile and about half below its record. Keno Hill faced power limits and lower grades during the first quarter. Higher planned spending could also reduce free cash flow.
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