Hecla Mining Company completed the redemption of its $263 million 7.25% Senior Notes due 2028 on April 9 2026, using cash proceeds from the sale of the Casa Berardi mine and cash on hand. The transaction removes a significant portion of the company’s long‑term debt and eliminates the annual interest expense of roughly $19 million.
The redemption is a key milestone in Hecla’s strategy to become a debt‑free, silver‑focused miner. The Casa Berardi sale was a cornerstone of that strategy, increasing the proportion of silver in the company’s revenue mix to about 73% after the transaction. In 2025, Hecla reported record revenue of $1.4 billion and net income of $321 million, with silver production reaching 17 million ounces. Lucky Friday produced a record 5.3 million ounces, and Keno Hill achieved its first profitable year.
President and CEO Rob Krcmarov said the debt elimination “marks a defining moment in Hecla’s balance sheet transformation – we’ve fundamentally strengthened our balance sheet and positioned the Company to pursue strategic growth with full financial optionality at a time when silver’s role in the global economy has never been more compelling.” He added that the move “has given us the foundation to pursue growth with discipline and from a position of genuine financial strength.”
The market has responded positively. S&P Global Ratings upgraded Hecla’s issuer credit rating to BB‑ from B+ and revised its outlook to positive, citing the debt reduction and robust free operating cash flow. Analysts have maintained a “Hold” consensus rating, with 12‑month price targets ranging from $21.63 to $24.75.
By eliminating the 2028 senior notes, Hecla reduces refinancing risk, improves its credit profile, and gains financial flexibility to invest in growth opportunities within its silver portfolio. The transaction strengthens the company’s balance sheet and supports its long‑term strategy of operating as a premier North American silver producer.
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