Hecla Mining Company
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did HL Beat Earnings? Q3 2025 Results
Hecla Mining delivered a standout third quarter, posting adjusted EPS of $0.12 against a consensus estimate of $0.09, a beat of 26.45%, while revenue of $409.54 million cleared the $324.10 million estimate by 26.36% and surged 67.1% year over year. The primary engine behind those numbers was a powerful combination of higher realized metals prices and significantly expanded sales volumes, with payable silver ounces sold climbing 27% sequentially as realized silver prices averaged $42.58 per ounce and gold averaged $3,509 per ounce. All four of Hecla's mines contributed positive free cash flow for the second consecutive quarter, and the company used the resulting cash generation to aggressively reduce debt, cutting its net leverage ratio to 0.3x from 0.7x and fully retiring its revolving credit facility. Looking ahead, Hecla tightened its 2025 silver production guidance to 16.2 to 17.0 million ounces while reiterating silver cash cost guidance, and recent high-grade gold discoveries at its Midas Project in Nevada add a further exploration dimension to the growth narrative.
- Higher realized prices across all metals: silver $42.58/oz (vs $34.82 prior quarter), gold $3,509/oz (vs $3,314 prior quarter)
- Payable silver ounces sold increased 27% quarter-over-quarter
- Payable gold ounces sold increased 10% quarter-over-quarter
- Silver production up 2% sequentially to 4.6 million ounces
- All four producing mines contributed positive free cash flow for second consecutive quarter
- Keno Hill silver production increased 20% sequentially with higher mill throughput and grades
- Positive fair value adjustments of $17.6 million from marketable securities portfolio
“Our third quarter results represent a defining moment for Hecla, with record-breaking performance across a number of key financial metrics. We achieved quarterly revenues of $410 million, net income of $101 million, and Adjusted EBITDA of $196 million, all records in the Company's 134 year history.”
Hecla Mining CEO, on the earnings call
Forward Guidance & Outlook
Hecla tightened its 2025 production guidance: consolidated silver production expected at 16.2-17.0 million ounces (vs. prior 15.5-17.0 million ounces) and consolidated gold production at 145.0-150.0 thousand ounces. Total silver cash cost and AISC guidance per silver ounce (after by-product credits) reiterated at ($1.75)-($0.75)/oz and $11.00-$13.00/oz respectively. Lucky Friday's total cost of sales guidance raised to $175 million from $165 million, and Casa Berardi's raised to $205 million from $197 million, while Casa Berardi's per-ounce cost guidance was reiterated. Total capital expenditure guidance unchanged at $222-$242 million. Exploration and pre-development expenditures remain at $28 million. At current gold prices, Casa Berardi expected to sustain profitable production through year-end 2027. Lucky Friday surface cooling project 66% complete, tracking for H1 2026 completion. Keno Hill targeting 440 tpd mill throughput to generate robust positive free cash flow.
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Figures from SEC filings and company reports. Not investment advice.