Hecla Mining Co

Latest Results (30.06.2026):

Hecla Mining Company reported its fourth quarter (Q4) of 2025 and full-year 2025 results showing a transformational year: record full-year revenue of over $1.4 billion, strong profitability and cash generation, materially reduced leverage, and continued operational milestones across its silver and gold operations.

Revenue & profitability

Full-year 2025 revenue was $1.423 billion (a 53% increase vs. 2024). Net income applicable to common stockholders was $321.2 million for 2025 ($0.49 per share). Q4 2025 sales were $448.1 million with Q4 net income applicable to common stockholders of $134.3 million (basic EPS $0.20). Adjusted EBITDA for 2025 was $670.0 million (Q4 adjusted EBITDA: $251.1 million).

Cash flow & free cash flow

Hecla generated $563 million of cash from operations in 2025 and $310 million of free cash flow for the year. In Q4 2025, operating cash flow was $217.1 million and free cash flow was $134.7 million.

Balance sheet & leverage

Cash and cash equivalents at year-end were $242 million. Total debt at December 31, 2025 was $275.8 million and net debt was $34.2 million, driving a net debt / adjusted EBITDA (net leverage) ratio of 0.1x for the trailing twelve months (down from 1.6x a year earlier).

Production highlights

Consolidated silver production for 2025 was 17.03 million ounces (over 5% higher than 2024) and consolidated gold production was 150.5 thousand ounces (up ~6% vs. 2024). Individual results included Greens Creek ~8.72M oz Ag, Lucky Friday a record ~5.26M oz Ag, Keno Hill ~3.02M oz Ag, and Casa Berardi ~91.2k oz Au.

Unit costs

Consolidated silver cash cost (after by‑product credits) for 2025 was ($1.75)/oz and AISC was $11.28/oz. Casa Berardi gold cash cost (after by‑product credits) was $1,851/oz and AISC $2,029/oz. Greens Creek showed particularly strong by‑product credits (negative cash/AISC metrics after credits).

Significant transactions & guidance

Subsequent to quarter end Hecla entered a definitive agreement to sell Casa Berardi (and related Quebec assets) to Orezone for up to $593 million, expected to close in Q1 2026. 2026 guidance: consolidated silver production 15.1–16.5M oz; consolidated gold (post-sale) 51–55k oz (Greens Creek only); 2026 silver cash cost guidance (after by‑product credits) of ($1.50)–($1.25)/oz and AISC $15.00–$16.25/oz (excludes Keno Hill under their commercial definition).

Operational & project notes

Lucky Friday achieved record annual silver production and its surface cooling project was 79% complete at year end (tracking for mid‑2026 completion). Keno Hill delivered its first year of profitability under Hecla and commissioned a backfill plant. Greens Creek continues to produce strong cash flow and received FONSI for expanded surface exploration.

Safety, permitting & capital plans

Company-wide TRIFR improved 13% to 1.69 in 2025. Hecla plans to nearly double exploration and pre‑development spending to $55 million in 2026 and overall 2026 capital guidance is $216–$238 million (including Casa Berardi-related adjustments for the expected sale).

Dividends

The Board declared a common quarterly cash dividend of $0.00375 per share (payable ~March 24, 2026) and a Series B preferred quarterly dividend of $0.875 per preferred share (payable ~April 1, 2026).