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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 1-8491

HECLA MINING COMPANY

(Exact Name of Registrant as Specified in its Charter)


Delaware	77-0664171
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
6500 N. Mineral Drive, Suite 200 Coeur d’Alene, Idaho	83815-9408
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (208) 769-4100

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.25 per share	HL	New York Stock Exchange
Series B Cumulative Convertible Preferred Stock, par value $0.25 per share	HL-PB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No __

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

     Class

     Shares Outstanding May 1, 2026

     Common stock, par value
$0.25 par value per share

     670,712,403

Hecla Mining Company

Form 10-Q

For the Quarter Ended March 31, 2026

INDEX*


		Page

PART I.	FINANCIAL INFORMATION	3

Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - Three Months Ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025	4
	Condensed Consolidated Balance Sheets - March 31, 2026 and December 31, 2025	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity – Three Months Ended March 31, 2026 and 2025	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
	Forward-Looking Statements	22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Overview	23
	Consolidated Results of Operations	25
	Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)	37
	Financial Liquidity and Capital Resources	39
	Contractual Obligations, Contingent Liabilities and Commitments	42
	Off-Balance Sheet Arrangements	42
	Guarantor Subsidiaries	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	47

PART II.	OTHER INFORMATION	48

Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
Signatures		50
*Items 2 and 3 of Part II are omitted as they are not applicable.

Part I - Financial Information

Item 1. Financial Statements

Hecla Mining Company

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)

(Dollars and shares in thousands, except for per-share amounts)


	Three Months Ended
	March 31, 2026			March 31, 2025
Sales	$	411,433		$	205,334
Cost of sales and other direct production costs		124,410			106,837
Depreciation, depletion and amortization		33,768			29,816
Total cost of sales		158,178			136,653
Gross profit		253,255			68,681
Other operating expenses:
General and administrative		15,753			11,999
Exploration and pre-development		4,616			4,313
Suspension costs		3,246			3,306
Provision for closed operations and environmental matters		1,297			790
Other operating expense, net		5,236			868
Total other operating expenses		30,148			21,276
Income from continuing operations		223,107			47,405
Other expense:
Interest expense		(5,656	)		(11,392	)
Fair value adjustments, net		(5,945	)		3,388
Net foreign exchange gain (loss)		498			(367	)
Other income		3,549			942
Total other expense		(7,554	)		(7,429	)
Income before income and mining taxes		215,553			39,976
Income and mining tax provision		(50,900	)		(15,637	)
Net income from continuing operations		164,653			24,339
Net (loss) income from discontinued operations, net of taxes		(183,681	)		4,533
Net (loss) income		(19,028	)		28,872
Preferred stock dividends		(132	)		(138	)
Net (loss) income applicable to common stockholders	$	(19,160	)	$	28,734

Comprehensive (loss) income:
Net income from continuing operations	$	164,653		$	24,339
Change in fair value of derivative contracts designated as hedge transactions and other		(2,157	)		2,434
Comprehensive income from continuing operations		162,496			26,773
Comprehensive loss from discontinued operations		(183,681	)		4,533
Comprehensive (loss) income	$	(21,185	)	$	31,306

Net (loss) income per common share:
Basic:
Continuing operations	$	0.25		$	0.04
Discontinued operations		(0.28	)		0.01
Basic income per common share after preferred dividends	$	(0.03	)	$	0.05

Diluted (loss) income per share:
Continuing operations	$	0.24		$	0.04
Discontinued operations		(0.27	)		0.01
Diluted income per common share after preferred dividends	$	(0.03	)	$	0.05

Weighted average number of common shares outstanding - basic		670,392			632,047
Weighted average number of common shares outstanding - diluted		675,154			634,708

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Hecla Mining Company

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	Three Months Ended
	March 31, 2026			March 31, 2025
Operating activities:
Net (loss) income	$	(19,028	)	$	28,872
Less: Net (loss) income from discontinued operations, net of taxes		(183,681	)		4,533
Income from continuing operations	$	164,653		$	24,339
Non-cash elements included in net (loss) income:
Depreciation, depletion and amortization		34,468			30,603
Inventory adjustments		—			1,558
Fair value adjustments, net		5,945			(3,388	)
Provision for reclamation and closure costs		1,871			1,596
Stock-based compensation		2,784			1,936
Deferred income taxes		27,878			12,580
Net foreign exchange (gain) loss		(498	)		367
Other non-cash items, net		1,759			643
Change in assets and liabilities:
Accounts receivable		(42,968	)		(27,288	)
Inventories		483			(7,864	)
Other current and non-current assets		(19,085	)		6,769
Accounts payable, accrued and other current liabilities		(777	)		(13,480	)
Accrued payroll and related benefits		(15,317	)		(168	)
Accrued taxes		21,503			2,769
Accrued reclamation and closure costs and other non-current liabilities		223			(3,350	)
Cash provided by operating activities of continuing operations		182,922			27,622
Cash provided by operating activities of discontinued operations		11,324			8,116
Net cash provided by operating activities		194,246			35,738
Investing activities:
Additions to property, plants, equipment and mine development		(39,265	)		(37,838	)
Proceeds from sale of Hecla Quebec, net of transaction costs		168,045			—
Proceeds from sale of Minera Hecla		5,228			—
Proceeds from sales of investments		95,378			—
Purchases of investments		(55,684	)		—
Proceeds from asset dispositions		735			55
Net cash provided by (used in) investing activities of continuing operations		174,437			(37,783	)
Net cash used in investing activities of discontinued operations		(8,799	)		(16,257	)
Net cash provided by (used in) investing activities		165,638			(54,040	)
Financing activities:
Proceeds from sale of common stock, net		63			—
Acquisition of treasury stock		(1,161	)		—
Borrowing of debt		—			107,000
Repayment of debt		—			(87,000	)
Dividends paid to common and preferred stockholders		(2,786	)		(2,511	)
Repayments of finance leases and other		(1,249	)		(1,616	)
Net cash (used in) provided by financing activities of continuing operations		(5,133	)		15,873
Net cash used in financing activities of discontinued operations		(8,431	)		(671	)
Net cash (used in) provided by financing activities		(13,564	)		15,202
Effect of exchange rates on cash		(330	)		(100	)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		345,990			(3,200	)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		242,732			28,045
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	588,722		$	24,845
Reconciliation of cash and cash equivalents and restricted cash and cash equivalents above
Cash and cash equivalents	$	587,550		$	23,668
Non-current restricted cash and cash equivalents	$	1,172			1,177
Total cash and cash equivalents and restricted cash and cash equivalents as reported on the consolidated cash flow statement	$	588,722			24,845
Supplemental disclosure of cash flow information:
Cash paid for interest	$	10,006		$	20,118
Cash paid for income and mining taxes, net	$	5,722			864
Significant non-cash investing and financing activities:
Common stock issued as incentive compensation	$	72			2,503
Common stock issued for 401(k) match	$	1,313			1,219
Common shares and royalty asset received for sale of Hecla Quebec	$	130,026			—

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Hecla Mining Company

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except shares)


	March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	587,550		$	241,558
Accounts receivable:
Trade		215,534			170,230
Other, net		26,615			12,019
Inventories:
Product inventories		24,208			26,518
Materials and supplies		56,128			55,169
Current investments		19,568			59,644
Other current assets		28,038			23,421
Assets of discontinued operations		—			40,785
Total current assets		957,641			629,344
Non-current investments		158,481			47,842
Restricted cash and cash equivalents		1,172			1,174
Property, plants, equipment and mine development, net		2,123,209			2,130,581
Operating lease right-of-use assets		18,435			8,859
Other non-current assets		117,355			31,901
Assets of discontinued operations		—			710,944
Total assets	$	3,376,293		$	3,560,645
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	97,855		$	77,592
Accrued payroll and related benefits		13,592			30,228
Accrued taxes		44,891			18,544
Finance leases		3,601			4,262
Accrued reclamation and closure costs		12,402			13,795
Accrued interest		2,906			7,678
Derivative liabilities		15,073			37,181
Other current liabilities		3,529			1,926
Liabilities of discontinued operations		—			40,358
Total current liabilities		193,849			231,564
Accrued reclamation and closure costs		114,002			112,491
Long-term debt including finance leases		262,646			263,171
Deferred tax liabilities		194,069			157,585
Other non-current liabilities		40,914			33,912
Liabilities of discontinued operations		—			170,276
Total liabilities		805,480			968,999
Commitments and contingencies (Notes 5, 8, 9, and 12)
STOCKHOLDERS’ EQUITY

Preferred stock, 5,000,000 shares authorized:
Series B preferred stock, $0.25 par value, 153,956 shares issued and outstanding, liquidation preference — $7,889		39			39
Common stock, $0.25 par value, authorized 1,250,000,000 shares; issued March 31, 2026 — 679,581,721 shares and December 31, 2025 — 679,220,408 shares		169,779			169,689
Capital surplus		2,647,282			2,643,211
Accumulated deficit		(203,819	)		(182,143	)
Accumulated other comprehensive loss, net		(5,491	)		(3,334	)
Less treasury stock, at cost; March 31, 2026 — 8,967,482 and December 31, 2025 — 8,920,348 shares issued and held in treasury		(36,977	)		(35,816	)
Total stockholders’ equity		2,570,813			2,591,646
Total liabilities and stockholders’ equity	$	3,376,293		$	3,560,645

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Hecla Mining Company

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(Dollars are in thousands, except for share and per share amounts)


	Three Months Ended March 31, 2026
	Series B Preferred Stock	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive (Loss), net	Treasury Stock	Total
Balances, January 1, 2026	$39	$169,689	$2,643,211	$(182,143)	$(3,334)	$(35,816)	$2,591,646
Net loss	—	—	—	(19,028)	—	—	(19,028)
Stock-based compensation expense	—		2,784	—	—	—	2,784
Stock-based compensation distributed (287,050 shares)	—	72	(72)	—	—	(1,161)	(1,161)
Common stock issued for warrant conversion (8,000 shares)	—	2	62	—	—		64
Common stock issued for 401(k) match (65,263 shares)	—	16	1,297	—	—	—	1,313
Common stock ($0.00375 per share) and Series B Preferred stock ($0.875 per share) dividends declared	—	—	—	(2,648)	—	—	(2,648)
Other comprehensive loss	—	—	—	—	(2,157)	—	(2,157)
Balances, March 31, 2026	$39	$169,779	$2,647,282	$(203,819)	$(5,491)	$(36,977)	$2,570,813


	Three Months Ended March 31, 2025
	Series B Preferred Stock	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income, net	Treasury Stock	Total
Balances, January 1, 2025	$39	$160,052	$2,418,149	$(493,529)	$(10,266)	$(34,931)	$2,039,514
Net income	—	—	—	28,872	—	—	28,872
Stock-based compensation expense	—	—	1,936	—	—	—	1,936
Stock-based compensation distributed (476,775 shares)	—	119	2,384	—	—	—	2,503
Common stock ($0.00375 per share) and Series B Preferred stock ($0.875 per share) dividends declared	—	—	—	(2,511)	—	—	(2,511)
Common stock issued for 401(k) match (229,832 shares)	—	57	1,162	—	—	—	1,219
Other comprehensive income	—	—	—	—	2,434	—	2,434
Balances, March 31, 2025	$39	$160,228	$2,423,631	$(467,168)	$(7,832)	$(34,931)	$2,073,967

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Note 1. Basis of Preparation of Financial Statements

The accompanying unaudited interim condensed consolidated financial statements of Hecla Mining Company and its subsidiaries (collectively, “Hecla,” “the Company,” “we,” “our,” or “us,” except where the context requires otherwise) have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required annually by accounting principles generally accepted in the United States of America (“GAAP”). Therefore, this information should be read in conjunction with the Company’s consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

On March 25, 2026, we completed the previously announced sale of its wholly owned subsidiary Hecla Quebec Inc. ("Hecla Quebec"), which owned the Casa Berardi mine in Quebec, Canada, and other exploration properties in Quebec, Canada, to Orezone Gold Corporation ("Orezone") for total undiscounted consideration of up to $601.7 million. The transaction represents a strategic shift that has a major effect on our operations and financial results and therefore, beginning with this quarterly report on Form 10-Q for the period ending March 31, 2026, the Casa Berardi operation is no longer a reportable segment and its financial results are reflected in our condensed consolidated financial statements as a discontinued operation for all periods presented including recast of the prior periods to reflect this presentation. Unless otherwise specified, these notes to the unaudited interim condensed consolidated financial statements reflect continuing operations. See Note 2: Sale of Hecla Quebec Inc. and Discontinued Operations for additional information.

During the quarter we also completed the sale of our immaterial Mexican subsidiaries, Minera Hecla and Industrias Hecla, as we executed on our strategic decision to exit Mexico. Minera Hecla was engaged in rehabilitation activities of the former San Sebastian mine site. Total cash consideration of $5.2 million was received, and we recognized a loss of $2.4 million.

Note 2. Sale of Hecla Quebec Inc. and Discontinued Operations

The sale of Hecla Quebec represents a disciplined portfolio optimization and focuses capital allocation on our silver assets, which we believe to represent significant growth and value creation opportunities. We have solidified revenue exposure to silver and we are focused on operating in what we view to be the most favorable jurisdictions. Subsequent to March 31, 2026, we used the cash proceeds from the transaction for debt reduction and balance sheet strengthening, enhancing our financial flexibility and capacity to invest in strategic growth investment opportunities.

As part of the sale of Hecla Quebec, we received total consideration with a fair value of $385.7 million comprised of the following:

•

Cash of $170.0 million upon closing on March 25, 2026

•

Accounts receivable related to working capital adjustments of $16.6 million of which $15.6 million was received during April and the remaining $1.0 million is expected to be received in May

•

65,757,265 Orezone common shares valued at $106.1 million at closing

•

Deferred cash consideration ("Deferred Cash Consideration") with a fair value of $57.1 million for the cash payments of $30 million and $50 million to be paid by Orezone 18 months and 30 months after closing, respectively

•

Contingent cash consideration ("Contingent Cash Consideration") with a fair value of $35.9 million for a total of up to $241 million of undiscounted payments consisting of:

A fair value of $3.3 million for two annual gold-price related payments of $5 million each should the average gold price exceed $4,200/oz for the first and second years following closing

A fair value of $9.9 million for two contingent payments of $10 million each due upon issuance of certain permits to open pit mine two additional identified orebodies

A fair value of $22.7 million for certain future gold production-based royalty payments with an undiscounted value of up to $211 million ($80/ounce for the first 500,000 ounces, then $180/ounce thereafter from future open pit operations)

Orezone has a set-off right to reduce the unpaid balance of the Deferred Contingent Cash or the Contingent Cash Consideration payments by 50% of the amount by which the financial assurance required by the Quebec government under the updated Casa Berardi closure plan exceeds $150 million, excluding increases caused by Orezone's post-closing actions. Our current estimate of that excess has been included in determining the fair values of the Deferred Cash consideration and Contingent Cash Consideration for the first gold-priced payment.

The fair value of the Deferred Cash Consideration was determined using a present value model by reference to Orezone's estimated credit rating and considering the expected closure excess amount to be withheld from the first payment. The Deferred Cash Consideration payments have been classified as non-current receivables, which is included in other non-current assets on the unaudited interim Condensed Consolidated Balance Sheet, due to being contractual rights to receive cash at 18 and 30 months, and have been recorded at amortized cost. The discount will be unwound in line with the effective interest method and recognized as interest income over the respective payment periods for each payment.

The fair value of each Contingent Cash Consideration payment to be received was determined by using an option pricing model, with significant assumptions including the following: expected success and timing of permitting, the timing of when production would commence, forward gold prices and Orezone's estimated credit rating. The Company concluded that each contingent consideration payment to be received is a financial asset as it will be settled in cash. The Company next evaluated whether each contingent consideration payment is within the scope of ASC 815 "Derivatives and Hedging" or not. For the contingent consideration payment to be received linked to future gold prices, we concluded that the underlying being the gold price is a market rate, and that the fair value of this contingent consideration payment is assessed at each reporting date, with changes in fair value recorded in earnings. The contingent consideration payments linked to future assets have been classified as current and non-current receivables, which is included in other current and non-current assets on the Condensed Consolidated Balance Sheet, due to being contractual rights to receive cash at 12 and 24 months, and have been recorded at fair value.

For the contingent consideration payments linked to permitting success and future production following permitting success, we concluded these contingent consideration payments are not within the scope of ASC 815, "Derivatives and Hedging" as the receipt of the permits and future production are operational and/or regulatory factors. The Company elected to follow the guidance in ASC 450, Contingencies which requires subsequent assessment for indicators of impairment. Additionally, payment received in excess of initial fair value recorded will be recognized as gains in the period received. The contingent consideration payments linked to permitting success and future production following permitting success, have been classified as non-current receivables, which is included in other non-current assets on the Condensed Consolidated Balance Sheet.

We recognized a loss of $192.5 million, upon the sale of Hecla Quebec Inc. which is reported within loss from discontinued operations, net of income and mining taxes on our Condensed Consolidated Statements of Operations and Comprehensive Loss.

Below is a summary of Hecla Quebec's results from discontinued operations for the first quarters of 2026 and 2025 and statement of financial position as of December 31, 2025.

Hecla Quebec Inc.

Results of Discontinued Operations

(Dollars are in Thousands)


	Three Months Ended
	March 31, 2026			March 31, 2025
Sales	$	70,284		$	56,005
Cost of sales and other direct production costs		37,629			42,113
Depreciation, depletion and amortization		932			8,569
Total cost of sales		38,561			50,682
Gross profit		31,723			5,323
Other operating expenses:
Exploration and pre-development		1,051			188
Other operating expense, net		—			185
Total other operating expenses		1,051			373
Income from discontinued operations		30,672			4,950
Other expense:
Interest expense		(91	)		(159	)
Fair value adjustments, net		(2,231	)		239
Net foreign exchange loss		—			11
Total other expense		(2,322	)		91
Income of discontinued operations		28,350			5,041
Loss on disposal of Hecla Quebec Inc.		(192,482	)		—
Income and mining tax provision		(19,549	)		(508	)
Net (loss) income from discontinued operations	$	(183,681	)	$	4,533

Hecla Quebec Inc.

Reconciliation of Assets and Liabilities of Discontinued Operations to Balance Sheet

(Dollars are in Thousands)


	December 31, 2025
ASSETS
Accounts receivable	$	5,091
Inventories:
Product inventories		11,615
Materials and supplies		21,483
Prepaid expenses		2,596
Total current assets		40,785
Property, plants, equipment and mine development, net		710,246
Other non-current assets		698
Total assets	$	751,729
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	24,690
Accrued payroll and related benefits		7,891
Accrued taxes		4,866
Finance leases		2,911
Total current liabilities		40,358
Accrued reclamation and closure costs		75,980
Deferred tax liabilities		88,840
Other non-current liabilities		5,456
Total liabilities	$	210,634

Note 3. Business Segments and Sales of Products

We discover, acquire and develop mines and other mineral interests and produce and market (i) concentrates containing silver, gold, lead, zinc and copper, (ii) carbon material containing silver and gold, and (iii) doré containing silver and gold. We are currently organized and managed in three segments: Greens Creek, Lucky Friday and Keno Hill.

We regularly review our segment reporting for alignment with our strategic goals and operational structure as well as for evaluation of business performance and the allocation of resources by our President and Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM"). The CODM evaluates the performance for all of our reportable segments based on segment gross profit or loss. For all segments, the CODM uses segment gross profit or loss to assess segment performance and allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget to actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Significant segment expenses that are components of total cost of goods sold and drive the financial performance of our reportable segments are (i) salaries, wages and other benefits, (ii) contractors, (iii) materials and consumables (iv) change in product inventory and (v) other direct production costs. In further evaluating the operational performance of each segment, the CODM also considers the amount of metals production versus budget, and the grade of the metal processed.

General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and environmental remediation services in the Yukon, Canada, are presented as “other.” The nature of the items that reconcile gross profit to income before income and mining taxes are not related to our reportable segments.

The tables below present information about our reportable segments for the three months ended March 31, 2026 and 2025 (in thousands):


Three months ended March 31, 2026	Greens Creek		Lucky Friday			Keno Hill			Total Reportable Segments			Other			Total

Metal sales	$	250,999	$	109,356		$	46,426		$	406,781		$	—		$	406,781
Environmental remediation services		—		—			—			—			4,652			4,652
Intersegment sales		—		—			1,639			1,639			—			1,639
Reconciliation of sales		250,999		109,356			48,065			408,420			4,652			413,072
Elimination of intersegment sales		—		—			(1,639	)		(1,639	)		—			(1,639	)
Total consolidated sales																411,433
Cost of sales and other direct production costs
Salaries, wages and other benefits		20,582		20,523			8,897			50,002			178			50,180
Contractors		2,705		3,956			2,251			8,912			4,640			13,552
Materials and consumables		27,595		10,445			7,273			45,313			94			45,407
Product inventory change		5,383		(293	)		(3,218	)		1,872			—			1,872
Other direct production costs		10,110		542			2,720			13,372			27			13,399
Depreciation, depletion and amortization		15,983		13,609			4,176			33,768			—			33,768
Gross profit (loss)	$	168,641	$	60,574		$	24,327		$	253,542		$	(287	)	$	253,255
Other operating expenses (a)																30,148
Income from operations																223,107
Other Expense:
Interest expense																(5,656	)
Fair value adjustments, net																(5,945	)
Foreign exchange gain, net																498
Other income																3,549
Income before income and mining taxes															$	215,553

Capital additions	$	6,113	$	17,018		$	15,025		$	38,156		$	1,109		$	39,265

(a) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, and other operating (income) expense, net.


Three months ended March 31, 2025	Greens Creek	Lucky Friday	Keno Hill	Total Reportable Segments	Other	Total

Metal sales	$118,143	$63,194	$16,909	$198,246	$—	$198,246
Environmental remediation services	—	—	—	—	7,088	7,088
Intersegment sales	—	—	986	986	—	986
Reconciliation of sales	118,143	63,194	17,895	199,232	7,088	206,320
Elimination of intersegment sales	—	—	(986)	(986)	—	(986)
Total consolidated sales						205,334
Cost of sales and other direct production costs
Salaries, wages and employee benefits	18,253	14,776	6,472	39,501	58	39,559
Contractors	905	3,863	3,551	8,319	6,931	15,250
Materials and consumables	25,665	11,423	5,994	43,082	106	43,188
Product inventory change	901	1,182	(7,962)	(5,879)	—	(5,879)
Other direct production costs	10,325	(620)	5,014	14,719	—	14,719
Depreciation, depletion and amortization	13,589	13,425	2,802	29,816	—	29,816
Gross profit	$48,505	$19,145	$1,038	$68,688	$(7)	$68,681
Other operating expenses (a)						21,276
Income from operations						47,405

Other Expense:
Interest expense						(11,392)
Fair value adjustments, net						3,388
Foreign exchange loss, net						(367)
Other income						942
Income before income and mining taxes						$39,976

Capital additions	$10,759	$15,446	$10,436	$36,641	$1,197	$37,838

Other sales for the three months ended March 31, 2026 and 2025 is solely comprised of revenue from our environmental remediation services subsidiary in the Yukon. During the three months ended March 31, 2026, Keno Hill sold $1.7 million (2025: $1.0 million) of precious metals concentrate to Greens Creek which is eliminated upon consolidation.

Sales by metal for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Silver	$	295,633		$	117,977
Gold		56,977			31,359
Lead		22,297			22,106
Zinc		36,873			33,125
Copper		412			391
Less: Smelter and refining charges		(5,411	)		(6,712	)
Total metal sales		406,781			198,246
Environmental remediation services		4,652			7,088
Total sales	$	411,433		$	205,334

Sales of metals for the three months ended March 31, 2026 include net losses of $10.2 million (2025: $5.1 million net loss) on derivative contracts for silver, lead and zinc on such contracts. See Note 9 for more information.

The following table presents total assets by reportable segment as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Total assets:
Greens Creek	$	707,216	$	640,011
Lucky Friday		681,365		688,997
Keno Hill		492,688		505,205
Other		1,495,024		974,703
Total assets of reportable segments		3,376,293		2,808,916
Assets of discontinued operations		—		751,729
Total assets		3,376,293		3,560,645

Note 4. Income and Mining Taxes

Major components of our income and mining tax for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended
	March 31,
	2026			2025
Current:
Domestic	$	(21,202	)	$	(3,057	)
Foreign		(1,820	)		—
Total current income and mining tax provision		(23,022	)		(3,057	)
Deferred:
Domestic		(25,045	)		(11,724	)
Foreign		(2,833	)		(856	)
Total deferred income and mining tax provision		(27,878	)		(12,580	)
Total income and mining tax provision	$	(50,900	)	$	(15,637	)

The income and mining tax provision for the three months ended March 31, 2026 and 2025 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income or loss due primarily to the impact of taxation in foreign jurisdictions, domestic and foreign mining taxes, percentage depletion, non-recognition of net operating losses and the tax effect of Global Intangible Low-Taxed Income and subpart F income inclusion.

For the three months ended March 31, 2026, we used the annual effective tax rate method to calculate the tax provision. Valuation allowances on Nevada and certain Canadian net operating losses were treated as discrete adjustments to the tax provision.

We file income tax returns in U.S. federal and state jurisdictions. Our Canadian subsidiaries file income tax returns in Canada, as well as in the provinces of British Columbia and Quebec, and the Yukon Territory. During the quarter, we concluded a Canada Revenue Agency audit of one of our Canadian subsidiaries with no adjustments to our filed tax positions.

Note 5. Employee Benefit Plans

We sponsor defined benefit pension plans covering all non-hourly U.S. employees hired prior to July 2024 and our hourly workers at the Lucky Friday mine, as well as a Supplemental Excess Retirement Plan ("SERP") covering certain eligible employees.

Net periodic pension cost for the plans consisted of the following for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Service cost	$	999		$	1,068
Interest cost		2,181			2,094
Expected return on plan assets		(2,969	)		(3,251	)
Amortization of prior service cost		20			20
Amortization of net loss		—			326
Net periodic pension cost	$	231		$	257

For the three months ended March 31, 2026 and 2025, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. For the three months ended March 31, 2026, the net benefit related to all other components of net periodic pension cost of $0.8 million (2025: $0.8 million), is included in other income on our condensed consolidated statements of operations and comprehensive income.

Note 6. Income (Loss) Per Common Share

We calculate basic earnings per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, unvested performance based units and convertible preferred stock (collectively referred to as dilutive units) for all periods presented.

The following table represents net (loss) income per common share – basic and diluted (in thousands, except income
(loss) per share):


	Three Months Ended March 31,
	2026			2025
Numerator
Net income from continuing operations	$	164,653		$	24,339
Net (loss) income from discontinued operations		(183,681	)		4,533
Preferred stock dividends		(132	)		(138	)
Net (loss) income applicable to common stockholders	$	(19,160	)	$	28,734

Denominator
Basic weighted average common shares		670,392			632,047
Dilutive units		4,762			2,661
Diluted weighted average common shares		675,154			634,708

Basic income (loss) per share:
Income from continuing operations	$	0.25		$	0.04
(Loss) income from discontinued operations		(0.28	)		0.01
Basic (loss) earnings per common share	$	(0.03	)	$	0.05

Diluted earnings per common share
Income from continuing operations	$	0.24		$	0.04
(Loss) from discontinued operations		(0.27	)		0.01
Diluted (loss) earnings per common share	$	(0.03	)	$	0.05

Note 7. Stockholders’ Equity

Warrants

We have 2,060,000 warrants outstanding at March 31, 2026, (December 31, 2025: 2,068,000 warrants) following the conversion of 8,000 warrants during the quarter, each with an exercise price of $8.02. The 2,060,000 warrants outstanding expire in April 2032. The warrants were issued as part of the Klondex acquisition purchase consideration in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. We received $64,000 for the 8,000 warrants converted.

At-The-Market ("ATM") Equity Distribution Agreement

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between us and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including our share price, our cash resources, potential use of proceeds, customary black-out restrictions,

and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. We did not sell any shares under ATM during the three months ended March 31, 2026. Since inception,
we have sold 59,802,012 shares under the ATM for total proceeds of $348.5 million, net of commissions and fees of $5.4 million.

Stock-based Compensation Plans

We have stock incentive plans for executives, directors and eligible employees, under which performance stock units, restricted stock units and shares of common stock are granted. For the three months ended March 31, 2026, stock-based compensation expense for restricted stock units and performance-based grants to employees, totaled $2.8 million (2025: $1.9 million). At March 31, 2026, there was $8.1 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.4 years.

In connection with the vesting of incentive and share-based compensation, certain employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which we withhold the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the three months ended March 31, 2026, we withheld 47,134 shares valued at $1.2 million, or $24.63 per share. No shares were withheld during the three months ended March 31, 2025.

Common Stock Dividends

During the first quarter of 2026, our Board of Directors declared and we paid a quarterly dividend of $0.00375 per common share, pursuant to our dividend policy.

Accumulated Other Comprehensive (Loss), Net

The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive (loss), net” (in thousands):


	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2026	$	1,505		$	(4,839	)	$	(3,334	)
Other comprehensive loss before reclassification		(1,507	)		—			(1,507	)
Reclassification from AOCI to sales		(2,310	)		—			(2,310	)
Reclassification from AOCI to cost of sales and other direct production costs		349			—			349
Reclassification from AOCI to fair value adjustments, net		525			—			525
Provision for income taxes		786			—			786
Balance March 31, 2026	$	(652	)	$	(4,839	)	$	(5,491	)

Balance January 1, 2025	$	5,994		$	(16,260	)	$	(10,266	)
Other comprehensive loss before reclassification		3,688			—			3,688
Reclassification from AOCI to sales		(2,178	)		—			(2,178	)
Reclassification from AOCI to cost of sales and other direct production costs		1,825			—			1,825
Provision for income taxes		(901	)		—			(901	)
Balance March 31, 2025	$	8,428		$	(16,260	)	$	(7,832	)

Note 8. Debt, Credit Agreement and Leases

Our debt as of March 31, 2026 and December 31, 2025 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”) and any drawn amounts on our $225 million Credit Agreement, which is described separately below.

The following tables summarize our long-term debt balances as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Senior Notes
Principal	$	263,000
Unamortized discount and issuance costs		(927	)
Long-term debt	$	262,073


	December 31, 2025
	Senior Notes
Principal	$	263,000
Unamortized discount/premium and issuance costs		(1,053	)
Total debt	$	261,947

The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, finance and operating leases as of March 31, 2026 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. See Note 14 for more information.


Twelve-month period ending March 31,	Senior Notes		Finance Leases			Operating Leases
2027	$	19,068	$	3,747		$	3,948
2028		279,769		579			3,927
2029		—		—			3,933
2030		—		—			3,938
2031		—		—			2,764
Thereafter		—		—			5,235
		298,837		4,326			23,745
Less: effect of discounting		—		(152	)		(4,862	)
Total	$	298,837	$	4,174		$	18,883

Credit Agreement

On May 3, 2024 we entered into an amended revolving credit agreement with various financial institutions (the "Lenders"), which provided the Company with borrowing capacity up to $225 million with a maturity date of July 21, 2028 (accelerated to August 15, 2027 if our Senior Notes are not refinanced by that date), the proceeds may be used for general corporate purposes.

At March 31, 2026, we had no amounts drawn and $8.0 million of outstanding letters of credit under the Credit Agreement. Letters of credit that are outstanding reduce availability under the Credit Agreement.

We believe we were in compliance with all covenants under the Credit Agreement as of March 31, 2026.

Note 9. Derivative Instruments

General

Our current risk management policy provides that up to 75% of the next five years of our foreign currency, lead and zinc metals prices and silver and gold price exposure may be covered under a derivatives program with certain other limitations. Within this period we can hedge up to 100% of a specific exposure, provided the derivative allows us to participate 100% in the upside. Our program also utilizes derivatives to manage price risk exposure created from when revenue is recognized from a shipment of concentrate until final settlement.

These instruments expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price or currency exchange rate exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions.

Foreign Currency

Our wholly-owned non-US subsidiaries owning the Keno Hill operation are USD-functional currency entities which routinely incur expenses denominated in CAD. Such expenses expose us to exchange rate fluctuations, for which we have a program to manage our exposure to fluctuations of these subsidiaries' future operating and capital costs denominated in CAD. The program utilizes forward contracts to buy CAD, and are not designated as cash flow hedges.

During the quarter, realized losses of $0.9 million related to derivatives designated our previously held Casa Berardi operation, were transferred from accumulated other comprehensive (loss) into discontinued operations (2025: $1.8 million loss).

As of March 31, 2026, we have a total of 132 forward contracts outstanding to buy a total of CAD $76.6 million having a notional amount of USD $55.3 million to provide economic hedges to the following exposures for 2026:

•

Forecasted cash operating expenditures at Keno Hill of CAD $42.9 million at an average CAD-to-USD exchange rate of 1.3797.

•

Forecasted capital expenditures at Keno Hill of CAD $30.2 million at an average CAD-to-USD exchange rate of 1.3948.

•

Forecasted exploration expenditures at Keno Hill of CAD $2.7 million at an average CAD-to-USD exchange rate of 1.3845.

•

Forecasted Corporate expenditures of CAD $0.9 million at an average CAD-to-USD exchange rate of 1.3528.

As of March 31, 2026 and December 31, 2025, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions):


	March 31,	December 31,
Balance sheet line item:	2026	2025
Other current assets	$0.4	$1.

HECLA MINING CO/DE/ 10-Q