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, with net income of $28.7 million ($0.05/share), driven by higher realized metal prices and strong mine contributions.

• 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.

• Maintained consolidated production, cost, and capital guidance, with some site-specific cost adjustments and a strategic focus on operational excellence, portfolio optimization, and disciplined capital allocation.

• Strategic review ongoing at Casa Berardi; Nevada exploration ramping up, and Libby Project added to FAST-41 permitting dashboard.

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

Financial highlights

• Revenue rose to $261.3 million from $189.5 million year-over-year, with gross profit up to $74.0 million and net income of $28.7 million, reversing a prior year loss.

• 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, impacted by working capital changes; Greens Creek and Lucky Friday generated $42 million in free cash flow during the quarter.

• Quarterly dividend declared at $0.00375/share; $2.5 million in dividends paid to common stockholders.

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.

• Greens Creek: 2025 silver production guidance 8.1–8.8 million ounces, with cost guidance lowered significantly.

• Lucky Friday: 2025 silver production guidance 4.7–5.1 million ounces, with cost projections adjusted upward.

• Keno Hill: 2025 silver production guidance 2.7–3.1 million ounces, focus on sustainable ramp-up amid permitting and operational challenges.

• Casa Berardi: 2025 gold production guidance 76,000–82,000 ounces; cost guidance unchanged; production gap expected post-2027 pending new pit development.