Hecla Mining Company disclosed that its year‑end 2025 reserves total 231 million ounces of silver, gold, lead and zinc, a figure that reflects the application of refined technical standards across its portfolio. The silver reserve count of 231 million ounces is the largest in the United States and Canada, and the company also reported about 2 million ounces of gold reserves, underscoring its diversified commodity base.
The company also announced a $55 million investment for 2026, nearly double the $25.2 million spent in 2025, focused on Nevada, Greens Creek, Keno Hill and Lucky Friday. The increased spend is intended to replace or exceed the annual reserve depletion and sustain the company’s industry‑leading reserve life. The $55 million budget includes both exploration and pre‑development activities, reflecting a strategic emphasis on long‑lived mines in safe jurisdictions.
Management highlighted that the refined technical standards strengthen the quality and credibility of reserve estimates, giving investors greater confidence in the company’s resource base. CEO Rob Krcmarov said the company is “accelerating investments in our future—nearly doubling our investment in exploration and pre‑development to a record $55 million—while maintaining the financial discipline that positions us to generate substantial free cash flow.”
The announcement comes ahead of Hecla’s Q4 2025 earnings, scheduled for release on February 17. Analysts expect the quarter to bring a revenue of $358.5 million to $400.75 million and earnings per share of $0.14 to $0.17, a significant upside over the $0.02 EPS and $249.7 million revenue reported in Q4 2024. The company’s guidance for 2026 includes consolidated silver production of 15.1‑16.5 million ounces and gold production of 134‑146 thousand ounces, with a projected total cost of sales for silver of $471 million.
Market reaction to the exploration plan was positive, driven by the company’s record‑high investment and its track record of meeting or exceeding production guidance. Investors viewed the doubled exploration budget as a proactive step to secure future production and extend reserve life, reinforcing Hecla’s position as North America’s premier silver producer.
The announcement also coincides with the sale of the Casa Berardi mine to Orezone Gold Corporation, a transaction that will remove Casa Berardi’s reserves from Hecla’s reporting. The divestiture is part of a broader strategy to focus on core assets and streamline the portfolio.
Overall, the reserve update and exploration plan signal Hecla’s confidence in its resource base and its commitment to sustaining long‑term value creation. The company’s disciplined approach to capital allocation, combined with a robust commodity outlook, positions it to maintain its leadership in the silver market while preparing for future growth.
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