Hecla Mining Caps Off a Landmark Year with Strategic Shift

Hecla Mining achieved record revenue of $1.4B and cut debt by 50% in 2025, driven by strong silver production and a strategic pivot away from gold.

North American precious metals producer Hecla Mining Company has reported its most successful financial year to date in 2025. The company achieved substantial growth across key metrics, including record production, a dramatic reduction in debt, and significant gains in both revenue and profit. This performance coincides with a strategic pivot to sharpen its focus squarely on silver.

Financial Performance Exceeds Expectations

Hecla’s full-year 2025 results showcased remarkable strength. Revenue surged by 53% year-over-year to a record-breaking $1.4 billion. Net income reached $321 million, translating to earnings per share of $0.49. Operational cash flow was a robust $563 million, with free cash flow generation hitting $310 million.

The fourth quarter alone saw earnings per share of $0.20, a figure that surpassed market analyst forecasts. Management attributed the strong performance to a combination of favorable metal prices and exceptional operational execution across its entire portfolio of mines.

Operational Records and Strategic Repositioning

On the production front, Hecla’s silver output increased by more than 5% in 2025 to 17.0 million ounces, meeting the high end of its guidance. The Lucky Friday mine in Idaho delivered a standout performance, setting a production record of 5.3 million ounces. The Greens Creek operation in Alaska remained a cornerstone asset, contributing over 8.7 million ounces.

A central strategic move for Hecla is the planned divestment of its Casa Berardi gold mine in Quebec. This sale is intended to solidify Hecla’s identity as a premier North American silver producer. Proceeds from the transaction are earmarked for further debt reduction, building on the company's already impressive progress in strengthening its balance sheet.

Fortified Balance Sheet Fuels Future Growth

Hecla’s commitment to financial discipline is clearly reflected in its debt position. Over the course of the year, the company slashed its total debt by half, bringing it down to $276 million. Its net debt-to-EBITDA ratio now stands at a minimal 0.1. With this fortified financial foundation, Hecla plans to nearly double its exploration and pre-development expenditure in 2026 to approximately $55 million, signaling a strong commitment to future growth.

The Keno Hill mine in Canada’s Yukon territory also marked a significant milestone, achieving both profitability and positive free cash flow for the first time since its acquisition by Hecla. Keno Hill’s silver production exceeded three million ounces, also a record high.

Outlook: A Clearer Path Forward

Entering a new phase, Hecla is positioned for continued growth with a significantly stronger balance sheet and increased investment in exploration. The strategic refocus on silver, accelerated by the Casa Berardi sale, aims to provide a clearer market position and reduce reliance on gold. The success of these ambitious growth plans will become evident in the company's performance over the coming quarters.