Hecla Extends Bermingham Trend Toward Hector-Calumet Mine

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Precious metals investors are watching Hecla Mining Co. (HL:NYSE)  after a Q2 financial and exploration update.

Key Takeaways

• Hecla Mining extended a high-grade silver trend at Keno Hill's Bermingham Deep toward the historic Hector-Calumet Mine, with the trend now traceable over 800 feet.
• Hole 935C returned 62.7 oz/ton silver over 10.2 feet, extending the trend 165 feet northeast; hole 936C returned 44.6 oz/ton silver over 10.1 feet, extending it 165 feet southwest.
• Hecla discovered new high-grade veins at Midas, with the first returning 0.50 oz/ton gold and 3.1 oz/ton silver over 1.8 feet, including 1.56 oz/ton gold and 9.7 oz/ton silver over 0.6 feet.
• Greens Creek definition drilling returned strong results across multiple zones, including 169.5 oz/ton silver and 0.55 oz/ton gold over 8.4 feet in the East Zone.

Hecla Provides Q2 Update

On July 29, 2026, Hecla Mining reported Q2 2026 exploration and drilling results from its Keno Hill, Midas, and Greens Creek properties, including extensions of high-grade silver mineralization at Keno Hill and new high-grade veins at Midas.

Hecla invested US$11.3 million in exploration and corporate development activities during Q2, along with US$400,000 in pre-development activities. The company reported that its 2026 exploration and pre-development investment guidance remains at US$55 million.

Exploration highlights from Q2 2026 include:

• The Bermingham Deep high-grade trend was extended toward the historic Hector-Calumet Mine. Drilling extended this mineralization 165 feet to the northeast (hole 935C: 62.7 oz/ton silver (Ag) over 10.2 feet) and 165 feet to the southwest along the Footwall Vein (hole 936C: 44.6 oz/ton Ag over 10.1 feet). The trend is now traceable over 800 feet and remains open toward the Bermingham reserve area and Hector-Calumet.
• The company reported encouraging step-outs at the Bermingham Deep Main 2 Vein. Hole 936B returned 21.0 oz/ton Ag over 5.8 feet, and hole 940 intersected a 2.5-foot interval bearing high-grade silver minerals (assays pending), generating multiple high-priority step-out targets in Bermingham Deep.
• New high-grade vein discoveries were made at Midas. The first vein returned 0.50 oz/ton gold (Au) and 3.1 oz/ton Ag over 1.8 feet, including a higher-grade interval of 1.56 oz/ton Au and 9.7 oz/ton Ag over 0.6 feet.
• The Sinter Offset Southeast program has been completed. The eight-hole program defined a gold-bearing structure over 2,750 feet of strike length. Drilling will now pause as assays are received and an initial resource estimate is generated.
• Metallurgical, geotechnical, and infill drilling are on track at Midas. Hole DMC-00485 returned 0.30 oz/ton Au and 4.0 oz/ton Ag over 6.8 feet true width. All three planned metallurgical and geotechnical holes have been completed, with analytical testing in progress.

Kurt Allen, VP of Exploration at Hecla, said in the release: "Our exploration teams delivered another quarter of tangible progress toward our district-scale growth targets. The extension of the high-grade Bermingham trend toward Hector-Calumet and new discovery at Midas are exactly the kind of results that support our long-term reserve growth strategy across the portfolio."

Drilling also began at Hollister in July, while drill-pad construction at Aurora was completed ahead of planned drilling in August. At Midas, follow-up drilling on the newly discovered veins is planned for the third quarter, while additional drilling is planned along the Bermingham-Hector-Calumet trend and at Bermingham Deep.

Hecla Mining Company is the largest silver producer in the U.S. and Canada, with mines in Alaska, Idaho, and the Yukon.

Gold and Silver Climb as Fears of Rate Hikes Ease

Junior miners and exploration companies hit the ground running this year after gold climbed above US$5,500 per ounce in January. While prices have since fallen, and even dipped below US$4,000 in June, gold prices are still up 31% compared to August 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above."

On August 10, 2026, Trading Economics reported that gold prices were trading around US$4,366 per ounce. The article said: " Signs of a softening labor market supported rate futures to reflect more positions of a hold rather than a hike in the Federal Reserve's upcoming rate decision in September . . .  Lower energy prices also contributed to softer risks of higher rates for bullion holders. Lesser strikes against Iran by the US were consistent with Washington's rhetoric that a deal with Iran may be reached, driving energy costs to hold below recent peaks."

Silver was up 2.37% from the previous session and trading at US$65.77 per ounce as of August 10, 2026. Growing demand from electric vehicles, solar panels, data centers, and other applications is supporting the long-term outlook for silver. Yahoo Finance quoted experts from both BlackRock and J.P. Morgan as saying, "By the end of 2026, experts predict silver's price will surpass US$80 per ounce, and it could reach US$100 per ounce by 2030." 

The broader metals market is also showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group projects its metals and minerals price index to rise by 17% in 2026, which would mark the first overall market increase since 2022.

Cantor Fitzgerald Reiterates US$32 Target

Peter Krauth of The Silver Stock Investor wrote about Hecla's latest results on August 5, 2026, calling its Q2 results "encouraging". Krauth said it's "Great to see exploration remain a priority. Larger producers need to keep replacing depleting assets and growing reserves and resources. Hecla is doing a great job at both with all three producing mines. I continue to own shares and plan to for the extent of this secular silver bull market."

On the same day, Mike Kozak of Cantor Fitzgerald called the company's update modestly positive, reiterating a "Buy" recommendation and a price target of US$32. "We characterize the quarter as modestly positive overall, with headline EPS and CFPS coming in ahead of our estimates and in line with consensus, operations (production and AISC) reconciling well on refined/improved guidance, and the company exiting the quarter debt-free, as expected," wrote Kozak.

Also, according to TipRanks, on August 5, 2026, analysts rated the company:

• Kevin O'Halloran of BMO Capital assigned the company a "Hold" rating and price target of US$19.
• Heiko Ihle of H.C. Wainwright reiterated a "Buy" rating and price target of US$26.76.
• Eric Winmill of Scotiabank reiterated a "Hold" rating and price target of US$21. 
• Cosmos Chiu of CIBC reiterated a "Hold" rating and price target of US$32. 

On August 6, 2026, Dalton Baretto of Canaccord Genuity reiterated a "Buy" rating and price target of US$19.

Greens Creek Pyrite Circuit Update Expected Late 2026

Hecla's investor presentation lists upcoming catalysts as follows:

• Follow-up drilling on the new Midas veins in Q3 2026
• Further drilling along the Bermingham-Hector-Calumet trend
• Additional Bermingham Deep step-outs
• Drilling at Aurora in August 2026
• Further evaluation of a potential Midas restart

Cantor Fitzgerald expects Hecla to provide an update on the Greens Creek pyrite concentrate circuit in late 2026 or early 2027

Ownership & Share Information¹

Hecla Mining Co. has a market cap of US$11.32 billion, with 671.77 million shares outstanding. The company's 52-week trading range is between US$7.25 and US$34.17. Institutions own 73.50% of shares, while Management & Insiders own 0.56%. 

Frequently Asked Questions

Q: What is a silver vein?
A: A silver vein is a narrow zone of rock containing concentrated silver-bearing minerals. Veins form when mineral-rich fluids move through fractures in surrounding rock and deposit minerals as the fluids cool or react with the host rock.

Q: What is step-out drilling?
A: Step-out drilling involves drilling beyond the known limits of a mineralized zone. The goal is to determine whether mineralization continues farther along strike, at depth, or in another direction. Successful step-out drilling can expand the known footprint of a deposit.

Q: What does "open at depth" mean in mining?
A: When a mineralized zone is described as "open at depth", it means drilling has not yet established its lower limit. Additional drilling is therefore needed to determine whether the mineralization continues deeper underground.

Q: What is a mineral resource?
A: A mineral resource is a concentration of minerals in the Earth's crust that has been identified and estimated through geological evidence and sampling. Mineral resources are classified according to the level of geological confidence, but they are not necessarily economically mineable.

Q: What is resource conversion drilling?
A: Resource conversion drilling is used to increase confidence in an existing mineral resource by providing additional geological and assay information. The results can potentially support the reclassification of material into a higher-confidence resource category.