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Hecla Mining Company (HL) investor relations material

Hecla Mining Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Achieved record Q3 revenue of $410 million and net income of $101 million, with all four producing assets generating positive free cash flow and adjusted EBITDA reaching $196 million, reflecting strong silver and gold prices and operational excellence.

  • Net leverage ratio improved to 0.3x, with full repayment of revolver, redemption of $212 million in debt, and elimination of over $15 million in annual interest expense.

  • Silver production reached 4.6 million ounces and gold production 40,654 ounces in Q3, with all primary silver operations increasing output and Keno Hill generating gross profit for the third consecutive quarter.

  • Production guidance for 2025 was tightened upward for both silver and gold, reflecting operational outperformance and project advancements at key mines.

  • Major projects advanced, including surface cooling at Lucky Friday (66% complete), Greens Creek tailings expansion, and permitting milestones at Libby.

Financial highlights

  • Q3 revenue reached $410 million, net income $101 million, and adjusted EBITDA $196 million, all at record levels.

  • Operating cash flow was $148 million, with consolidated free cash flow of $90 million.

  • Gross profit for Q3 was $180.5 million, up 51% over the prior quarter, and diluted EPS was $0.15.

  • Silver margins were $31.57/oz (74% of realized price), with all-in sustaining costs (AISC) just over $11/oz and cash costs negative $2.03/oz due to byproduct credits.

  • Trailing 12-month adjusted EBITDA grew to $506 million.

Outlook and guidance

  • 2025 consolidated silver production guidance tightened to 16.2–17.0 million ounces; gold production to 145–150 koz; capital expenditures expected at $222–$242 million.

  • Exploration and pre-development spending for 2025 estimated at $28 million, with a substantial increase planned for 2026, focusing on Nevada and Yukon.

  • Keno Hill expected to reach commercial production in 2027 and nameplate throughput in 2028, pending regulatory approvals.

  • Casa Berardi to continue operations with strategic alternatives under review; production expected to decline after 2026 pending new pit development.

  • Guidance for Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi production and costs reiterated or tightened.

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Frequently asked questions

Hecla Mining Company, together with its subsidiaries, provides precious and base metal mining services in the United States and internationally. The company primarily produces silver, gold, zinc, and lead; and tungsten. It also explores for silver, gold, copper, lead, molybdenum, and mica.

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