The top ten silver-focused miners held roughly $4.2 billion in combined net cash in Q2 2026, more than double the sector's 2011 rally peak. Hecla Mining, Coeur Mining, and First Majestic Silver each posted record or near-record balances, funded by silver prices well above last year's levels.
A record $4.2 billion net cash pile
Across the top ten companies that draw more than 50% of revenue from silver, combined net cash reached about $4.2 billion in the June 2026 quarter, more than doubling the group's Q3 2025 level. That clears the roughly $2.0 billion peak the sector reached during the 2010-2011 silver rally. From 2014 through 2024, debt exceeded cash across the group for most quarters, and a decade of deficits has flipped into a war chest.
Higher realized prices drove the shift. Spot silver traded at $62.88 per ounce on September 14, 2026, and the sector averaged $70 to $85 per ounce across recent quarters, versus sub-$35 a year earlier.
Hecla, Coeur, and First Majestic post record balances
Silver miner Hecla Mining (NYSE:HL) closed Q2 2026 with $483.48 million in cash, up 63.03% year over year, after redeeming $263 million of senior notes to become effectively debt-free. Coeur Mining (NYSE:CDE) crossed $1 billion in cash for the first time, ending Q2 at $1.05 billion, up 842.51% year over year, and guided year-end cash toward $2.00 billion. First Majestic Silver (NYSE:AG) ended Q2 with a treasury of $1.25 billion, up 34% from year-end 2025.
The equities have not tracked the balance sheets one-for-one. Year-to-date through September 14, 2026, Hecla was down 2.5%, Coeur was up 10.33%, and First Majestic was up 11.74%. Over one year Hecla rose 67.85%, Coeur rose 27.99%, and First Majestic rose 79.24%. All three pulled back over the past week as silver retreated from recent highs.
Cash funds buybacks, dividends, and growth
The balance sheets are already changing how the companies operate. According to 24/7 Wall St, Hecla's CEO said the cash gives the company "real optionality, the flexibility to keep investing in the projects and the assets". Hecla moved from net debt of nearly $270 million a year ago to net cash of roughly $472 million.
Coeur turned a net debt of $269 million a year ago into net cash of $347 million, posted record quarterly free cash flow of $388 million, and paid its first dividend in 30 years. First Majestic booked Q2 free cash flow of $194.6 million, up 379.53% year over year, and doubled its dividend policy to 2% of net quarterly revenues effective January 2026.
The next test comes with Q3 2026 earnings, when Hecla's delayed Greens Creek concentrate sales and Coeur's back-weighted production plan will show whether the cash keeps building toward the group's targets.
Source: 24/7 Wall St.
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