NEW YORK, July 6, 2026, 14:03 EDT
- Hecla Mining Company NYSE:HL last traded at $16.385, up 0.3%. Shares of iShares Silver Trust NYSEARCA:SLV gained 1.8%.
- Hecla’s Q1 silver production is in line with 2026 guidance on an annualized basis, but Keno Hill is producing below its targeted run rate for the mine.
- Spot silver around $61.63 stays well above Hecla’s projected 2026 silver AISC of $15.00-$16.25 an ounce.
- U.S. stocks traded in regular hours after being closed July 3 for Independence Day.
Hecla Mining Company NYSE:HL didn’t keep up with the move in silver ETFs on Monday. Shares last traded at $16.385, up 0.3%. iShares Silver Trust NYSEARCA:SLV climbed 1.8%. Global X Silver Miners ETF NYSEARCA:SIL slipped 1.1%. VanEck Gold Miners ETF NYSEARCA:GDX was flat.
Silver slipped, not gained. Spot silver fell 1.2% to $61.63 an ounce after touching its highest since June 23, Reuters reported. Jim Wyckoff at American Gold Exchange noted the U.S. dollar index was “a little higher today,” calling it a bearish factor for gold. Reuters
Hecla shares traded Monday at a market value near $11.07 billion, with the equity market valuing the company at about $700 per guided silver ounce for 2026 output, using the midpoint of Hecla’s silver forecast. That’s just a rough gauge, as Hecla also produces gold, lead and zinc and holds development projects, but it gives a current sense of what the market is willing to pay for this year’s silver output.
| Instrument | Last quote | Day move | Read-through |
|---|---|---|---|
| Hecla Mining Company NYSE:HL | $16.385 | +0.3% | Unchanged from silver trust |
| iShares Silver Trust NYSEARCA:SLV | $56.00 | +1.8% | Bullion ETF up |
| Global X Silver Miners ETF NYSEARCA:SIL | $79.32 | -1.1% | Silver stocks down |
| VanEck Gold Miners ETF NYSEARCA:GDX | $78.35 | -0.1% | Gold miners little changed |
Hecla, which is the biggest silver producer in the US and Canada, in January guided for 2026 silver production of 15.1 million to 16.5 million ounces. The miner also projected silver AISC between $15.00 and $16.25 per ounce after by-product credits, along with capital investment of $255 million to $279 million.
Hecla’s Q1 production came in at 3.9 million ounces of silver, while the miner kept its production and cost outlook unchanged. CEO Rob Krcmarov said after selling the Casa Berardi asset, the company is now “debt-free with a $225 million undrawn revolver.”
| Hecla line item | 2026 company forecast | Q1 annualized pace | Investor read |
|---|---|---|---|
| Total silver output | 15.1-16.5 mln oz | 15.6 mln oz | In the range |
| Greens Creek silver | 7.5-8.1 mln oz | 8.7 mln oz | Hits above |
| Lucky Friday silver | 4.7-5.2 mln oz | 4.9 mln oz | Matches range |
| Keno Hill silver | 2.9-3.2 mln oz | 2.0 mln oz | Misses |
Keno Hill is where the difference showed up. The Yukon site turned out 488,719 ounces of silver last quarter. Hecla blamed a weaker power supply from harsh cold, plus lower ore grades and delays in mine sequencing, for the drop. The company said silver grades mined and milled should climb in the second quarter.
This is key since Hecla’s overall target depends on either Keno catching up or Greens Creek beating expectations. Greens Creek turned out 2.18 million ounces for the quarter. Lucky Friday came in at 1.24 million ounces.
| Price/cost marker | $/oz | Spread to spot silver at $61.63 |
|---|---|---|
| Spot silver, Monday | 61.63 | — |
| Hecla 2026 silver AISC forecast | 15.00-16.25 | 45.38-46.63 |
| Hecla Q1 silver AISC | 8.17 | 53.46 |
| Hecla Q1 realized silver price | 82.70 | 21.07 above Monday spot |
The gap is still big, though it’s down from the first quarter. Hecla’s realized silver price was $82.70 per ounce last quarter, while average London PM silver came in at $84.39. MarketWatch said Monday that silver trades about 50% under its record peak from January.
Cash flow is another metric. Hecla posted record free cash flow from continuing operations at $144 million for the first quarter. The company said capital spending would rise in the second quarter and remain high in the third as projects go forward in the construction season.
Hecla said hitting the 440 tons per day allowed at Keno Hill is still a medium-term goal. The miner said it will need more infrastructure and changes to both the Quartz Mining License and Water License, which will take several years.
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