Hecla Mining Company (HL) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly sales of $261.3 million and Adjusted EBITDA of $90.8 million, driven by higher realized metal prices and strong mine contributions, with net income of $28.7 million ($0.05/share) and adjusted EPS of $0.04.

• Produced 4.1 million ounces of silver and over 34,000 ounces of gold; Keno Hill delivered its first profitable quarter under Hecla ownership, and Lucky Friday set a new milling record.

• Strategic focus for 2025 includes operational excellence, portfolio optimization, financial discipline, balance sheet strength, and leveraging exploration.

• Ongoing commitment to ESG leadership, environmental stewardship, and stakeholder engagement.

• Returned $2.5 million in dividends to common stockholders and invested $54.1 million in capital expenditures.

Financial highlights

• Revenue rose to $261.3 million from $189.5 million year-over-year, with gross profit increasing to $74.0 million and net income of $28.9 million, reflecting improved profitability.

• Silver cash cost at $1.29/oz and AISC at $11.91/oz; gold cash cost at $2,195/oz and AISC at $2,303/oz.

• Net leverage ratio improved to 1.5x from 2.7x year-over-year; cash and cash equivalents at quarter-end were $23.7 million.

• Free cash flow was negative $18.4 million due to working capital changes, but Greens Creek and Lucky Friday generated $42 million in free cash flow during the quarter.

• Quarterly dividend declared at $0.00375/share; preferred dividend at $0.875/share.

Outlook and guidance

• 2025 consolidated silver production guidance reiterated at 15.5–17.0 million ounces; gold at 120–130 thousand ounces; capital investment guidance unchanged at $222–$242 million, with $54.1 million already incurred.

• Greens Creek 2025 silver production guidance: 8.1–8.8 million ounces; cost guidance lowered to $0.25–$0.75/oz cash cost and $6.50–$7.25/oz AISC.

• Lucky Friday 2025 silver production guidance: 4.7–5.1 million ounces; cost guidance raised to $7.00–$7.50/oz cash cost and $20.00–$21.50/oz AISC.

• Keno Hill 2025 silver production guidance: 2.7–3.1 million ounces; focus on permitting and infrastructure for long-term growth.

• Casa Berardi 2025 gold production guidance: 76,000–82,000 ounces; cost of sales guidance raised to $180 million, with cash cost and AISC unchanged at $1,500–$1,650/oz and $1,750–$1,950/oz.