Hecla Mining Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.50%.
Did HL Beat Earnings? Q4 2025 Results
Hecla Mining delivered a standout fourth quarter to cap what the company described as a transformational year, posting earnings of $0.20 per share against a consensus estimate of $0.18, a beat of 10.19%, while revenue of $448.11 million topped forecasts by 26.13% and surged 79.5% from the year-ago period. The principal engine behind those results was a dramatic repricing of precious metals, with realized silver averaging $45.25 per ounce for the full year versus $28.58 in 2024 and gold fetching $3,490 per ounce compared to $2,403, amplifying the contribution of record quarterly sales that helped push full-year revenue past $1.42 billion. Operationally, Lucky Friday set a silver production record of 5.3 million ounces and Keno Hill turned its first profitable year under Hecla ownership, underscoring the breadth of the operational improvement. The pending sale of Casa Berardi to Orezone Gold for up to $593 million, expected to close in Q1 2026, will sharpen the company's identity as a focused North American silver producer, with 2026 silver output guided at 15.1 to 16.5 million ounces.
- Higher realized precious metals prices: silver $45.25/oz vs $28.58/oz and gold $3,490/oz vs $2,403/oz year-over-year
- Higher payable silver and gold ounces sold, up over 5% compared to prior year
- Lucky Friday record silver production of 5.3 million ounces
- Keno Hill first year of profitability and positive free cash flow under Hecla ownership
- Greens Creek generated $256 million in free cash flow for 2025
- $29 million lower ramp-up and suspension costs driven by Keno Hill transitioning to profitability
- $8 million lower interest expense from reduction in gross debt
“2025 was a transformational year for Hecla with strong operational and financial results across a number of key metrics. Our balance sheet improved significantly and we are now well positioned to invest in value surfacing initiatives focused on our best-in-class project pipeline. All three silver operations delivered strong results - Lucky Friday achieved record production, Keno Hill reached a significant milestone, achieving its first full year of profitability under Hecla's ownership, and Greens Creek continued generating substantial cash flow. All while safety performance improved 13% company-wide.”
Hecla Mining CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Hecla expects consolidated silver production of 15.1-16.5 million ounces and gold production of 65.0-72.0 thousand ounces (including 14.0-17.0 thousand ounces from Casa Berardi in Q1 before its expected sale). Silver cash cost guidance is ($1.50)-($1.25)/oz and AISC is $15.00-$16.25/oz (after by-product credits, Greens Creek and Lucky Friday only). Total capital investment is guided at $216-$238 million, and exploration/pre-development spending is expected to nearly double to $55 million, with a particular focus on Nevada properties. Metal price assumptions include gold at $4,000/oz, silver at $50.00/oz, zinc at $1.30/lb, and lead at $0.90/lb. The Casa Berardi sale for up to $593 million is expected to close in Q1 2026.
HL YoY Financials
HL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.