Hecla Mining Company

What Hecla Mining Company does

Hecla Mining Company is the largest primary silver producer in the United States and Canada, founded in 1891 and headquartered in Coeur d'Alene, Idaho. The company operates three underground mines: Greens Creek in Alaska (the largest U.S. silver mine, producing approximately 8.7 million ounces of silver annually), Lucky Friday in Idaho (a top-seven global primary silver mine producing approximately 5.3 million ounces annually using Hecla's patented Underhand Closed Bench mining method), and Keno Hill in Canada's Yukon Territory (a high-grade silver district producing approximately 3.0 million ounces annually, acquired via Alexco Resource in 2022). Hecla also maintains a portfolio of exploration properties across Nevada, Colorado, Montana, Washington, and Yukon.

Hecla's revenue model is direct B2B sales of metal concentrates to a limited number of smelter customers, with concentrates shipped via truck or ship to off-site smelters (notably Teck Cominco's Trail, BC facility for Lucky Friday concentrates). The company sells silver, gold, lead, and zinc at market spot prices with no fixed pricing. By-product credits from gold, lead, and zinc significantly reduce effective silver cash costs to $1.75/oz and AISC to $11.28/oz after credits. Secondary revenue streams include capital markets engagement through investor relations, conferences, and analyst coverage.

In March 2026, Hecla divested its Casa Berardi gold mine for $593 million to become a pure-play silver producer and subsequently redeemed $263 million of senior notes to become debt-free in April 2026. The company employs approximately 1,865 people (with 23% contractors) and operates exclusively in tier-1 North American mining jurisdictions, positioning it as a low-political-risk, high-jurisdiction-quality silver producer with significant leverage to silver prices.

Name

Hecla Mining Company

Legal name

Hecla Mining Company

Website

https://hecla.com

Company type

Public

Founded year

1891

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hecla Mining Company is the largest primary silver producer in the U.S. and Canada, operating three underground mines (Greens Creek in Alaska, Lucky Friday in Idaho, and Keno Hill in Yukon) that produce silver, gold, lead, and zinc concentrates for direct sale to smelters.

Ownership category

akta.pro rank

Product category

Silver Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industry

Gold Mining (IMAKAEAA)

Keywords

• Silver mining operations
• Precious metals production
• Underground mining services
• Base metals extraction
• Mineral concentrate sales

Headquarters

HQ city

Winnemucca

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Silver Sales: Primary revenue driver producing 17.0 million ounces of silver in 2025 at realized price of $45.25/oz. Silver concentrates are sold to smelters with by-product credits from gold, lead, and zinc reducing effective costs to $1.75/oz cash cost and $11.28/oz AISC after credits.
2. Gold Sales: Secondary revenue stream producing 151 thousand ounces of gold in 2025 at realized price of $3,490/oz. Cash costs after by-product credits of $1,851/oz and AISC of $2,029/oz. Revenue mix shifting toward silver following Casa Berardi divestiture.
3. Lead and Zinc Concentrate Sales: By-product revenue from lead (56,130 tons at $0.94/lb realized price) and zinc (68,558 tons at $1.39/lb realized price) concentrates. These by-product credits significantly reduce silver production costs.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Hecla Mining Company operates three primary underground silver mines across North America — Greens Creek (Alaska), Lucky Friday (Idaho), and Keno Hill (Yukon, Canada) — producing silver, gold, lead, and zinc concentrates. The company sells these concentrates directly to smelters and has positioned itself as the largest primary silver producer in the U.S. and Canada. Following the March 2026 divestiture of Casa Berardi, Hecla operates as a pure-play silver producer.

Product overview

Hecla Mining Company operates as a primary silver producer with three operating mines producing silver, gold, lead, zinc, and copper. The company's integrated portfolio includes the Greens Creek Mine in Alaska (largest U.S. silver mine producing ~8.7 Moz silver annually), Lucky Friday Mine in Idaho (top seven global primary silver mine producing ~5.3 Moz silver annually using the patented Underhand Closed Bench mining method), and Keno Hill Mine in Canada's Yukon Territory (high-grade silver district acquired in 2022, producing ~3.0 Moz silver annually). Hecla also maintains extensive exploration properties across North America including Nevada gold projects, San Juan Silver in Colorado, Rackla gold projects in Yukon, and silver-copper projects in Montana. The company positions itself as the largest U.S. and Canadian silver producer, generating approximately 37% of all silver in the U.S. and 29% in Canada.

Differentiator

Problem solved

Functional benefit

Products and services

• Greens Creek Mine
• Lucky Friday Mine
• Keno Hill Mine
• Nevada Exploration Projects
• San Juan Silver Project
• Rackla Project

Quantifiable outcome

• 53% revenue increase year-over-year to $1.4 billion in 2025
• +5 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered major and core.

• Orezone Gold CorporationmajorStrategic or Co-development Partner · 25 March 2026Hecla completed the sale of its Casa Berardi gold mine subsidiary to Orezone Gold for up to $593 million ($160M cash, $112M in Orezone equity, $80M deferred payments, up to $241M contingent). This transaction enabled Hecla to become a pure-play silver producer.
• First Nation of Na-Cho Nyak DuncoreStrategic or Co-development PartnerKeno Hill operations are within the traditional territory of the First Nation of Na-Cho Nyak Dun. Business agreements are in place with FNNND Corporation for the Keno Hill Silver Project.
• Abitibiwinni First NationcoreStrategic or Co-development PartnerAbitibiwinni First Nation raised concerns about the sale of Casa Berardi mine, which is located entirely on their traditional lands under an existing Impacts and Benefits Agreement. They sought meaningful consultation and respect for Aboriginal rights.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• First Majestic Silver: First Majestic Silver is a primary silver producer operating mines in Mexico and the U.S., directly comparable to Hecla as a silver-focused operator with by-product gold credits.
• Pan American Silver: Pan American Silver is a major silver and gold producer with operations across the Americas, closely comparable to Hecla's portfolio of primary silver mines with by-product credits and similar reserve base disclosure.
• Coeur Mining: Coeur Mining is a U.S.-based silver and gold producer with North American operations, comparable to Hecla in mine geography (Idaho, Alaska), by-product metal mix, and underground mining techniques.
• Endeavour Silver: Endeavour Silver is a mid-tier primary silver producer with underground mines in Mexico, comparable to Hecla as a focused silver operator using by-product credits to drive low cash costs.

Emerging players

• SilverCrest Metals: SilverCrest Metals operates the Las Chispas high-grade silver-gold mine in Mexico, an emerging producer comparable to Hecla in high-grade underground silver mining with gold by-products.
• MAG Silver: MAG Silver is a development-stage silver company with a stake in the Juanicipio mine in Mexico, comparable to Hecla as a high-grade silver-focused operator at an earlier stage of its asset ramp.

Broad incumbents

• SSR Mining: SSR Mining is a mid-tier diversified precious metals producer with operating mines in the Americas, broadly comparable to Hecla in silver-gold by-product profile and underground mining experience.
• Agnico Eagle Mines: Agnico Eagle is a major senior gold producer with North American operations that produce silver as a by-product, broadly comparable to Hecla in tier-1 jurisdiction preference and underground mining expertise.
• Newmont Corporation: Newmont is the world's largest gold miner with significant silver by-product output, broadly comparable to Hecla as a North American precious metals operator but at much larger scale and gold-focused portfolio.
• Wheaton Precious Metals: Wheaton Precious Metals is the largest silver streaming company globally, comparable to Hecla as a vehicle for silver price exposure but with a royalty/streaming business model rather than direct mining.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@HeclaMiningCompany/videos
• LinkedInlinkedin.com/company/hecla-mining

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hecla Mining Company