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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.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, the lowest in over a decade, with full repayment of revolver, redemption of $212 million in debt, and no balance drawn on the credit facility.
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 progress on key projects.
Major projects advanced, including surface cooling at Lucky Friday (66% complete), permitting milestones at Greens Creek and Libby, and improved power reliability at Keno Hill.
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; consolidated free cash flow totaled $90 million.
Gross profit for Q3 was $180.5 million, with a gross margin of 44.1%.
Silver accounted for 48% of Q3 revenues, with realized silver margin at 74% of the silver price.
Trailing 12-month adjusted EBITDA grew to $506 million.
Outlook and guidance
2025 silver production guidance: 16.2–17.0 million ounces; gold: 145–150 thousand ounces; silver equivalent: 18.5–19.0 million ounces.
Capital expenditures for 2025 expected at $222–$242 million, with $170 million already incurred; exploration and pre-development spending estimated at $28 million.
Silver cash cost and AISC guidance per ounce reiterated at ($1.75)–($0.75) and $11.00–$13.00, respectively.
Keno Hill production projected to remain flat year-over-year as focus remains on permitting and infrastructure; Casa Berardi 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.
Impact of deleveraging on annual interest expense?
Keno Hill commercial production timeline
Nevada exploration strategy for next year
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Next Hecla Mining Company earnings date
Q4 202513 Feb, 2026
Next Hecla Mining Company earnings date
Q4 202513 Feb, 2026
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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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