Hecla Mining Company released its preliminary full‑year 2025 production figures and 2026 guidance, confirming that the company produced 17.0 million ounces of silver and 150.5 thousand ounces of gold in 2025, a 5.5 % and 6.0 % increase over 2024, respectively. The company also reported fourth‑quarter production of 4.3 million ounces of silver and 38.5 thousand ounces of gold, underscoring a steady ramp‑up across its flagship mines.
The 2025 results surpassed Hecla’s own guidance and exceeded analyst expectations. Silver revenue rose 49 % to $410 million, driven by record silver prices and high‑grade production from Lucky Friday, Greens Creek, Keno Hill and Casa Berardi. Gold revenue also beat consensus, reflecting a 6 % increase in output and favorable pricing. Earnings per share of $0.15 eclipsed the consensus estimate of $0.09, a $0.06 or 66 % beat, largely attributable to disciplined cost management and the high‑grade mix that kept cash costs negative after by‑product credits.
For 2026, Hecla is guiding for 15.1–16.5 million ounces of silver and 134–146 thousand ounces of gold. The lower silver target reflects anticipated lower grades at Greens Creek and Casa Berardi, while gold guidance remains flat. Cash‑cost guidance of $1.50–$1.25 per silver ounce and an all‑in sustaining cost of $15.00–$16.25 per ounce signal continued cost discipline. The company expects capital and exploration spending to rise to $255–$279 million, with exploration and pre‑development budgets nearly doubling to $55 million to secure future growth.
Hecla’s exploration strategy focuses on deep geological understanding and strategic land positions, and the company’s investment in Nevada and other projects is designed to extend its resource base. The nearly doubled exploration spend reflects confidence in the company’s ability to discover high‑grade deposits that can offset the modest decline in 2026 production. The company’s debt‑to‑equity ratio of 0.12 and the full repayment of its revolver underscore a strong balance sheet that supports continued investment.
President and CEO Rob Krcmarov said, “Our 2025 results demonstrate operational excellence, with 17.0 million ounces of silver production and every primary silver operation meeting or exceeding guidance. We are now 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.” He added that the company’s inclusion in the S&P MidCap 400 index effective December 22, 2025 and regulatory approval for the Polaris Exploration Project in Nevada further strengthen its market position.
Hecla remains the largest primary silver producer in the United States and Canada, benefiting from record silver prices driven by solar, electric‑vehicle, and electronics demand. The company’s 480.7 % return over the past year reflects its ability to generate high‑margin production and disciplined capital allocation. With a moderate debt profile and a focus on high‑grade, low‑cost mines, Hecla is well positioned to sustain profitability while pursuing growth through exploration.
Overall, the 2025 production results and 2026 guidance reinforce Hecla’s strategy of leveraging high‑grade assets to deliver free cash flow, while the increased exploration spend signals a commitment to long‑term value creation. Investors can view the guidance as a sign of confidence in the company’s operational execution and its ability to navigate headwinds such as lower grades at key mines.
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