Hecla Mining Stock Forecast: Analyst Targets and Facts

What do analysts say about Hecla stock?

Ten analysts polled by S&P Global had a consensus rating of “Buy” on Hecla Mining Company (NYSE: HL) and an average 12-month price target of US$22.78, against a closing price of US$15.56 on 15 October 2026 (StockAnalysis, S&P Global Market Intelligence data, checked 6 October 2026). The targets range from US$17 to US$32 and the median is US$20.50. These are the views of the brokers, not ours: this page does not make its own price forecast, and it is not investment advice.

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Analyst price targets versus the October close

US$ per share; S&P Global consensus, 10 analysts

A price target is one analyst’s estimate of where a share could trade in 12 months, and it moves with the silver price. The same source shows 3 “Strong Buy”, 1 “Buy”, 6 “Hold” and 0 “Sell” ratings in October 2026. Most of the rest of this page is about what those analysts are modelling: how many ounces Hecla mines, what they cost, and how much cash is left after capital spending.

Source: StockAnalysis, Hecla forecast page; individual analyst data is from TipRanks and the consensus is from S&P Global Market Intelligence. Ratings and targets change often; check the source for the latest.

The same page lists consensus earnings per share (EPS, profit divided by shares) of US$0.80 for 2026 and US$1.04 for 2027, from 5 analysts, on an adjusted (non-GAAP) basis. Hecla reported US$0.49 per common share for 2025 under normal accounting rules.

Hecla share price and key numbers

These figures are a snapshot from StockAnalysis as of the 15 October 2026 close, and from its statistics page:

• Share price: US$15.56 at the close on 15 October 2026. The 52-week range is US$11.81 to US$34.17, so the close sits about 54% below the 52-week high.
• Market value: about US$10.45 billion, on 671.77 million shares. The share count rose 7.03% over one year.
• Valuation ratios: a trailing price-to-earnings (P/E) ratio of 31.34 and a forward P/E of 18.07 (forward P/E uses expected earnings).
• Dividend: a quarterly cash dividend of US$0.00375 per share, last paid on 10 September 2026, which is a yield of about 0.10% (StockAnalysis dividend history).
• Next results: estimated for 4 November 2026 (an estimate, not a confirmed date).

The shares are volatile: the 52-week range spans nearly a factor of three. Targets above the October close are the analysts’ own estimates and reflect their assumptions for metal prices, output and costs. They are not a promise.

What Hecla owns: silver mines in Alaska, Idaho and the Yukon

Hecla was founded in 1891 and describes itself as the largest silver producer in the United States and Canada (Hecla Mining Company). Its head office is in Coeur d’Alene, Idaho. It runs three silver operations:

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Silver reserves by mine, 31 December 2025

Million ounces, proven plus probable, at US$25 per ounce silver

• Greens Creek, Alaska: a silver, zinc, lead and gold mine. It produced over 8.7 million ounces of silver and over 59,000 ounces of gold in 2025.
• Lucky Friday, Idaho: a silver-lead-zinc mine in the Silver Valley. It set a record of 5.3 million ounces of silver in 2025.
• Keno Hill, Yukon Territory: a high-grade silver district that Hecla bought with Alexco Resource Corp. on 7 September 2022 (Hecla and Alexco announcement). It produced over 3 million ounces in 2025 and has not yet reached commercial production, in Hecla’s wording.

Sources for 2025 output: Hecla’s fourth-quarter 2025 earnings release. Total 2025 silver output was 17.0 million ounces. Hecla’s former Casa Berardi gold mine in Quebec is no longer part of the group: Orezone Gold closed its purchase of Hecla Quebec on 25 March 2026 (Orezone first-quarter 2026 report), for total consideration of up to US$593 million. Hecla now reports it as a discontinued operation, so the 2026 numbers below exclude it.

How much silver is left in the ground?

A mineral reserve is the part of a deposit that can be mined at a profit under stated prices and costs, after dilution and mining losses. Hecla’s reserve table at 31 December 2025 lists 231.1 million ounces of silver in proven and probable reserves across Greens Creek, Lucky Friday and Keno Hill, calculated at US$25 per ounce silver and US$2,100 per ounce gold (Hecla Reserves and Resources Table). Dividing that by 2025 output of 17.0 million ounces gives about 13.6 years of silver at the 2025 rate. That is our simple division, not a company reserve-life figure, and it ignores new discoveries and changes in price.

Two terms matter here. A net smelter return (NSR) cut-off is the minimum value per ton of ore, after smelting costs, below which rock is left in place; Hecla uses US$275 per ton at Greens Creek, US$280 at Lucky Friday and US$336 at Keno Hill. Recovery is the share of the metal in the ore that the mill actually captures: 79.3% for silver at Greens Creek, 94.5% at Lucky Friday and 96.2% at Keno Hill in 2025, per the same table.

Latest results: sales, cash flow and debt

In the second quarter of 2026 (April to June), Hecla reported sales of US$334 million, income from continuing operations of US$118 million (US$0.18 per share), adjusted EBITDA of US$199 million and cash flow after capital spending of US$136 million (Hecla second-quarter 2026 release, 4 August 2026). EBITDA is earnings before interest, tax, depreciation and amortisation; cash flow after capital spending is cash from operations less capital spending. Both are non-GAAP measures that Hecla defines in its release.

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Second quarter 2025 versus second quarter 2026

US$ million, continuing operations (excluding Casa Berardi)

Compared with the second quarter of 2025, sales were up 52%, adjusted EBITDA was more than double, and cash flow after capital spending doubled. Compared with the first quarter of 2026, sales fell 19%, which Hecla links to lower realized silver and gold prices and the timing of shipments at Greens Creek.

The balance sheet changed most. Total debt was US$276 million at the end of 2025. During the second quarter of 2026, Hecla redeemed the last US$263 million of its 7.25% senior notes and ended June with US$483 million of cash, an undrawn US$225 million credit facility and no debt other than financial leases. Shares outstanding rose 7.03% over the past year (StockAnalysis), which dilutes each shareholder’s slice.

Where the cash comes from

All three mines made positive cash flow after capital spending in the second quarter. Greens Creek and Lucky Friday each set a quarterly record for cash flow after capital spending, of US$130 million and US$88 million. Keno Hill added US$14.6 million. It made 0.6 million ounces of silver, 28% more than in the first quarter but below the 0.75 million of a year earlier, after working through a lower-grade zone.

Silver and gold price effect on the numbers

Hecla’s results follow metal prices closely. It reports the London PM Fix average for each quarter: silver averaged US$84.39 per ounce in the first quarter of 2026 and US$73.44 in the second; gold averaged US$4,875 and US$4,517. Its realized silver price (what it actually received, after timing and concentrate terms) was US$82.70 in the first quarter and US$63.06 in the second, a fall of about 24%, against US$34.82 a year earlier. Source: the second-quarter 2026 release linked above.

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Hecla’s realized silver price by quarter

US$ per ounce, 2Q 2025 to 2Q 2026

This is why the shares can fall when output rises: sales depend on price times ounces. Lead and zinc also matter. Hecla’s realized zinc price was US$1.63 per pound in the second quarter and lead US$0.97.

The Silver Institute, an industry body, said in February 2026 that silver set multiple record highs in January and that the market was expected to be in deficit (demand above supply) for a sixth year in 2026, at 67 million ounces. That is a market-research forecast from Metals Focus, quoted as published on 10 February 2026; it is not a Hecla figure, and Hecla’s own average silver price was lower in the second quarter than in the first (Silver Institute). The same release named Hecla’s Keno Hill among the Canadian projects expected to lift output in 2026.

Guidance: production, costs and capital spending

Guidance is the range a company says it expects to deliver. In August 2026 Hecla cut the top of its silver range and lowered its cost ranges (second-quarter 2026 release):

AISC means all-in sustaining cost per ounce. Hecla’s version nets off the value of the gold, lead and zinc it sells as by-products, which is why Greens Creek can show a negative cost per silver ounce. The Hecla AISC range covers only Greens Creek and Lucky Friday, because Keno Hill is still pre-commercial. Compare it with the realized silver price of US$63.06 in the second quarter: the gap is the margin analysts model.

Hecla also warned that capital spending is expected to rise in the third quarter and stay high in the fourth, and that the 31% higher milled grade at Lucky Friday in the second quarter is consistent with plan but not expected to be sustained.

Growth projects: Keno Hill, Greens Creek and Nevada

Hecla’s pipeline is the part of the story that analyst targets lean on. All items below are company plans from the second-quarter 2026 release, not results:

• Keno Hill: the plan is to run at a “sustained, more modest rate” while permitting and infrastructure are built out. Drilling traced the Bermingham Deep trend over 800 feet toward the historic Hector-Calumet mine, a past producer of about 96 million ounces of silver. The Yukon site covers 242 square kilometres in the traditional territory of the First Nation of Na-Cho Nyak Dun (Hecla Yukon).
• Greens Creek pyrite circuit: preliminary work points to about 1.0 to 1.2 million extra ounces of silver and 10,000 to 15,000 ounces of gold a year at full ramp-up. The tailings facility holds an estimated 51 million ounces of silver and 600,000 ounces of gold.
• Nevada: US$16 million of exploration in 2026, more than three times the 2025 level, at Midas, Hollister and Aurora. Hecla is studying a restart of the permitted 1,200 tons-per-day Midas mill. Our guide to Walker Lane gold in Nevada covers the permits and land rules for projects in that region.

Exploration results are not reserves. Mineral resources that are not reserves have not shown economic viability, and Hecla says so in the cautionary language of its release.

▶ Remote sensing for mining explained in three minutes. · 2:01

What moves Hecla shares: a checklist

Use these questions when you read the next quarterly report, expected after the estimated 4 November 2026 date:

1. Realized silver price versus guidance. A drop of 24% quarter on quarter, as in the second quarter, changes sales more than a small output miss does.
2. Silver production per mine against guidance. Keno Hill has been cut once already; check whether it holds its 2.2 to 2.6 million ounce range.
3. AISC after by-product credits. These rely on gold, lead and zinc prices, so a fall in zinc can raise the silver cost.
4. Capital spending. Hecla has said it will rise in the second half.
5. Cash and debt. US$483 million of cash and no notes outstanding at 30 June 2026 is the baseline.
6. Share count. It rose 7.03% in a year.
7. Reserve replacement. The 231.1 million ounce reserve at 31 December 2025 is the baseline for the next update.

Where Hecla sits in world silver supply

The US Geological Survey estimates that US mines produced about 1,100 metric tons of silver in 2025, out of a world total of about 26,000 tons, and that Alaska was the leading silver-producing state, followed by Nevada (USGS Mineral Commodity Summaries 2026, Silver). Mexico (6,300 tons), Peru (3,600) and China (3,400) are the three largest producers on that list. Hecla’s 2026 guidance for Greens Creek and Lucky Friday, the two US mines, is 12.9 to 13.5 million ounces, or about 400 to 420 metric tons. That is our conversion at 31.1035 grams per troy ounce, over a different year from the USGS figure, so treat it as a sense of scale, not a market share.

USGS also notes that most silver is a by-product of lead-zinc, copper and gold mining. Four mines in the United States were mined mainly for silver in 2025 per the same report. For a company like Hecla, where gold, lead and zinc offset costs, the by-product share is a feature of the business model and a source of exposure to other metal prices.

Hecla stock calculator: metal value and value per share

Use the calculator below to test how silver and gold prices change the gross value of a year of metal. It is arithmetic on your inputs, not a forecast.

Environmental and community context

Lucky Friday is in northern Idaho’s Silver Valley, part of one of the largest historical mining districts in the world. The US Environmental Protection Agency says mining there began in 1883 and continues today, and that the Bunker Hill Superfund site cleanup, which covers 1,500 square miles, will take decades (EPA Bunker Hill site profile). Hecla’s own pages list water, tailings and community relations among its sustainability topics, and a tailings expansion at Greens Creek is planned to give storage capacity through 2045. Investors who track environmental risk can read the permits and monitoring reports in these filings.

Using satellite data to check mining projects

Companies like Hecla use drilling, geophysics and mapping to decide where to explore. Satellite imagery can add one inexpensive layer to that screen: it maps alteration minerals, iron staining and fault patterns across a licence area before a drill rig arrives. Farmonaut offers satellite-based mineral detection for licence areas, and you can send a mining query or contact the team to ask about a site. Satellite results are exploration targets that sit ahead of a resource estimate. Public geoscience databases, such as the ones in our guide to Canadian geological survey data, are the next check before staking.

▶ A quick look at Farmonaut Mining Pro, using de-identified demo data. · 4:56

If this topic matters to you, read Seabridge Gold Stock and Wallbridge: Price Data, Facts next.

Related reading on this site: Mineral Resources Share Price: ASX MIN Facts and Drivers.

Frequently asked questions

What is the Hecla stock forecast from analysts?

S&P Global reported an average price target of US$22.78 from 10 analysts, with a low of US$17 and a high of US$32 (StockAnalysis, checked 6 October 2026). The shares closed at US$15.56 on 15 October 2026. This is third-party data, not our forecast.

What does Hecla Mining do?

It mines silver, gold, lead and zinc. Its three mines are Greens Creek in Alaska, Lucky Friday in Idaho and Keno Hill in the Yukon (Hecla Mining Company).

What is Hecla’s ticker and exchange?

The common stock trades on the New York Stock Exchange under the symbol HL (Hecla second-quarter 2026 release).

Does Hecla pay a dividend?

Yes. Its board declared a quarterly dividend of US$0.00375 per common share, payable around 10 September 2026 to holders of record on 26 August 2026. The yield is about 0.10% (StockAnalysis). It also pays US$0.875 per share on Series B preferred stock.

How much silver does Hecla produce?

It produced 17.0 million ounces in 2025. Its 2026 guidance is 15.1 to 16.1 million ounces from continuing operations.

Does Hecla still own Casa Berardi?

No. Orezone Gold closed its purchase of the Hecla subsidiary that owns Casa Berardi on 25 March 2026.

Does Hecla have debt?

Hecla said it ended the second quarter of 2026 without debt, apart from financial leases, after redeeming US$263 million of 7.25% senior notes. It reported US$483 million of cash.

When does Hecla report next?

StockAnalysis lists an estimated date of 4 November 2026. Confirm the date on Hecla’s investor pages.

How much silver does Hecla have in reserves?

231.1 million ounces of proven and probable reserves at 31 December 2025, at US$25 per ounce silver (Hecla Reserves and Resources Table).

Why did Hecla sales fall in the second quarter?

Sales fell 19% from the first quarter. Hecla attributed that mainly to lower realized silver and gold prices and the timing of shipments at Greens Creek.

Is this investment advice?

No. The page gives facts from company filings and third-party data sources, with dates. Check current prices and filings, and speak to a licensed adviser before you invest.