Hecla Mining Co

Latest Results (08.04.2026):

Hecla Mining Company — fourth quarter and full year 2025 results: Hecla reported a transformational 2025 with record revenue (over $1.4 billion) and record net income applicable to common stockholders of $321 million ($0.49 per share). The company generated strong operating cash flow ($563 million) and free cash flow ($310 million), materially strengthened its balance sheet (net debt $34 million, net leverage 0.1x), and delivered improved operational performance across its silver and gold mines.

Financial snapshot

Full year 2025 revenue: $1.423 billion (up 53% vs. 2024). Net income applicable to common stockholders: $321 million. Adjusted EBITDA: $670 million (nearly double 2024). Cash and cash equivalents at year-end: $242 million.

Cash flow and balance sheet

Cash provided by operations: $563 million for 2025; free cash flow: $310 million. Total debt declined to $276 million (from $551M a year ago) and net debt fell to $34 million; net debt / adjusted EBITDA improved to 0.1x (from 1.6x in 2024).

Production volumes

Consolidated silver production: 17.0 million ounces (≈+5% YoY). Consolidated gold production: 150.5–151k ounces (≈+6% YoY). Key mine outputs: Greens Creek ~8.7M oz Ag, Lucky Friday record 5.26M oz Ag, Keno Hill ~3.02M oz Ag.

Unit costs and margins

Consolidated silver cash cost (after by‑product credits): ($1.75)/oz; consolidated silver AISC (after by‑product credits): $11.28/oz. Casa Berardi gold cash cost after by‑product credits: $1,851/oz; AISC: $2,029/oz. Strong by‑product credits (notably zinc & gold at Greens Creek) materially improved silver unit economics.

Mine-level highlights

Greens Creek: >8.7M oz Ag and >59k oz Au produced, very strong by‑product credits and cash flow. Lucky Friday: record silver production (5.3M oz) and surface cooling project ~79% complete (on track mid‑2026). Keno Hill: first full year of profitability under Hecla and positive free cash flow; backfill plant commissioned. Casa Berardi: strong 2025 gold performance but subsequently announced sale to Orezone for up to $593M (expected close Q1 2026).

2026 guidance and capital plan

2026 consolidated silver production guidance: 15.1–16.5M oz. Consolidated silver cash cost guidance (after by‑product credits): ($1.50)–($1.25)/oz; AISC guidance $15.00–$16.25/oz (excludes Keno Hill as not yet commercial per company definition). Total 2026 capital guidance: $216–$238M (incl. $204–$223M for silver mines + corporate). Exploration & pre‑development: ~$55M (nearly double 2025).

Corporate actions and shareholder returns

Board declared quarterly common dividend $0.00375/share (payable ~Mar 24, 2026) and Series B preferred dividend $0.875/share. Management highlighted deleveraging, planned increased exploration/pre‑development spending, and positioning Hecla as a leading North American silver company post‑Casa Berardi sale.