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THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION
JUNE 2026 | WWW.ALASKAMINERS.ORG
Greens Creek delivers another standout quarter for Hecla Mining Company COURTESY OF HECLA MINING COMPANY
ounces, the operation remains on track to be a major contributor to Hecla's 2026 production goals. Beyond its production statistics, Greens Creek remains an important economic engine for Southeast Alaska. The mine supports hundreds of direct jobs, contracts with Alaska businesses and contributes taxes and royalties that benefit local communities and state gov- ernment. Its long operating history also demonstrates the value of continued exploration and investment in mature mining districts. For Hecla, Greens Creek remains the company's flagship asset. While the miner operates silver mines in Idaho and Canada's Yukon Territory, no other operation match- es Greens Creek's combination of production scale, operational consistency and low-cost performance. As silver demand continues to grow from industrial applications, renewable energy technologies and investment markets, the Alaska mine is positioned to remain one of North America's most strategically important silver producers. The first quarter of 2026 reinforced a reality long recog- nized throughout the mining industry: Greens Creek is more than just a mine. It is one of Alaska's most endur- ing resource assets and a key driver of Hecla's success.
among the lowest-cost silver operations globally. The improvement was driven by stronger production and significantly higher gold by-product credits resulting from elevated gold prices. The mine's financial contribution to Hecla was sub- stantial. Greens Creek generated more than $131 million in operating cash flow and approximately $126 million in free cash flow during the quarter, accounting for the majority of the company's mine-level free cash generation. Operationally, the mine continued to improve pro- ductivity underground. Hecla reported a record underground backfill placement of nearly 164,000 tons during the quarter, approximately 16% above the mine's 2025 quarterly average. Increased backfill capacity enhances mining flexibility and supports future pro- duction by allowing crews to access additional stopes more efficiently. The strong start to the year builds upon an already impressive 2025. Greens Creek produced approximate- ly 8.7 million ounces of silver last year, maintaining its status as one of North America's premier silver mines. With first-quarter production exceeding 2.1 million
F or decades, the Greens Creek Mine on Admiralty Island has been one of Alaska's mining success stories. In the first quarter of 2026, the operation again demonstrated why it remains the cornerstone of Hecla Mining's portfolio and one of the most profit- able silver mines in the world. As silver and gold prices strengthened during the opening months of the year, Greens Creek translated favorable market conditions into exceptional financial and operational results. The mine produced 2.18 million ounces of silver and nearly 13,000 ounces of gold during the quarter, helping drive record cash flow and free cash flow for Hecla. The operation also milled nearly 209,000 tons of ore during the quarter, slightly exceeding production levels from the same period a year earlier. Silver grades averaged 13 ounces per ton, up from 11.8 ounces per
ton during the first quarter of 2025, contributing to the strong production performance. What makes Greens Creek particularly valuable is not simply the volume of silver it produces, but its ability to generate that silver at remarkably low costs. The mine's unique polymetallic deposit contains significant quantities of gold, zinc and lead alongside silver. Revenue generated from those by-products effectively offsets mining and processing costs, allowing Greens Creek to remain profitable through commodity cycles and giving it a competitive advan- tage over many primary silver producers. That advantage was on full display in the first quarter. Greens Creek reported a silver cash cost of negative $11.94 per ounce and an all-in sustaining cost (AISC) of negative $8.39 per ounce after by-product credits. Those figures represent dramatic improvements over the same quarter last year and place Greens Creek
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