Silver miner Hecla achieves multiple records in 2025
US-based silver producer Hecla Mining has delivered a record-breaking financial and operational performance in 2025, generating $563-million in operating cash flow and $310-million in free cash flow, while sharply reducing debt and strengthening its balance sheet.
The NYSE-listed firm on Tuesday reported record revenue of more than $1.4-billion for the year, a 53% increase over 2024, alongside record net income applicable to common shareholders of $321-million, or $0.49 a share. Adjusted earnings before interest, taxes, depreciation and amortisation reached a record $670-million, nearly double the prior year.
Hecla ended 2025 with total debt of $276-million and net debt of just $34-million, reflecting a 50% reduction in total debt year-on-year.
“2025 was a transformational year for Hecla with strong operational and financial results across a number of key metrics," said president and CEO Rob Krcmarov.
"Our balance sheet improved significantly and we are now well positioned to invest in value-surfacing initiatives focused on our best-in-class project pipeline."
All three silver operations delivered strong results - Lucky Friday achieved record production, Keno Hill reached a significant milestone, achieving its first full year of profitability under Hecla's ownership, and Greens Creek continued generating substantial cash flow.
"The pending sale of Casa Berardi for up to $593-million, which is expected to close in the first quarter of this year, positions us as North America's premier silver company," said Krcmarov.
Silver production for 2025 totalled 17-million ounces, exceeding 2024 output by more than 5% and landing at the top end of consolidated guidance. Consolidated silver cash costs, after by-product credits, were negative $1.75/oz, with all-in sustaining costs (AISC) of $11.28/oz.
Gold production from Casa Berardi and Greens Creek reached 151 000 oz, exceeding the top end of guidance. Casa Berardi reported gold cash costs of $1 851/oz and AISC of $2 029/oz.
At the mine level, Greens Creek produced more than 8.7-million ounces of silver and over 59 000 oz of gold, with negative silver cash costs of $8.02/oz and negative AISC of $2.36/oz after by-product credits.
Lucky Friday achieved record silver production of 5.3-million ounces, surpassing the upper end of its guidance range. Construction of the surface cooling project was 79% complete at year-end and it remains on track for completion by mid-2026.
Keno Hill delivered its first full year of profitability and positive free cash flow under Hecla ownership, setting a new production record of more than three-million ounces of silver. Construction of the backfill plant was completed and commissioning is under way.
The company also improved its safety performance, reducing its total recordable injury frequency rate by 13% year-on-year to 1.69.
