Hecla Mining Company announced on November 10, 2026, that it has called for the redemption of all outstanding shares of its Series B Cumulative Convertible Preferred Stock. The redemption is scheduled to occur on December 11, 2026. Each share will be redeemed for $50.00 plus all accrued and unpaid dividends up to the Redemption Date, resulting in a total price of $50.6806 per share. The Company estimates that accrued and unpaid dividends amount to $0.6806 per share. The Company intends to fund the redemption using cash on hand. Based on 150,736 shares currently outstanding, the total cash outlay for redemption would be approximately $7.64 million.
Holders of the Series B Preferred Stock have the right to convert their shares into common stock prior to the Redemption Date. The conversion deadline is 5:00 p.m., New York City time, on December 10, 2026. Each share of Series B Preferred Stock is convertible into approximately 3.2154 shares of common stock, based on a conversion price of $15.55 per share of common stock. Holders who convert will not receive the accrued dividends. If all outstanding shares were converted, the Company would issue approximately 484,700 shares of common stock.
In other news, Hecla Mining entered into an Equity Distribution Agreement with sales agents on November 10, 2026. Under this agreement, the Company may offer and sell up to 50 million shares of its common stock from time to time. The offering will be registered under an existing shelf registration statement on Form S-3. The Company is not obligated to sell any shares under this agreement. Sales will be conducted through ordinary brokers’ transactions, and each agent will receive a commission not to exceed 1.5% of the gross sales proceeds.
Additionally, the Company reported that Stuart Absolom ceased serving as Principal Accounting Officer on November 6, 2026. Russell D. Lawlar, the Company’s Senior Vice President and Chief Financial Officer, was appointed to serve as Principal Accounting Officer on the same date. Mr. Lawlar will not receive additional compensation for this appointment.
