GoldHaven Resources Corp. press release

Hecla Reports Fourth Quarter and Full Year 2025 Results

2026-02-17

CSE - Canadian National Stock Exchange · Gold · Copper · Arsenic · Lead · Zinc · Silver · Tin · Indium · Tungsten · Molybdenum · Gemstone · Lithium · Niobium · Beryllium · Tantalum · Canada · Corporate Finance

2025 Cash Flow from Operations $563 million, Free Cash Flow 1 $310 million, Numerous records achieved; Balance sheet strengthening continues, Net leverage ratio at 0.1x from 1.6x a year ago

Hecla Mining Company ( NYSE:HL ) ("Hecla", "we", "our" or the "Company") today announced fourth quarter and full year 2025 financial and operating results. "Prior quarter" refers to the third quarter of 2025 and "prior year" refers to 2024.

2025 HIGHLIGHTS

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Financial Performance:

Record revenue: Over $1.4 billion, representing a 53% increase over prior year. Record profitability: Net income applicable to common stockholders of $321 million, or $0.49 per share. Record Adjusted EBITDA: $670 million, nearly doubling the prior year. 4 Substantial deleveraging: Total debt of $276 million, net debt of $34 million, decline of 50% in total debt over prior year. Gross Debt to Adjusted EBITDA ratio of 0.4x. Building balance sheet strength: Cash balance of $242 million, providing strategic flexibility. Continued strong cash flow generation: $563 million cash generated from operations, with $310 million in free cash flow 1 , all operations generated positive free cash flow.

Operational Performance:

Silver Operations: 17.0 million ounces of silver produced, exceeding 2024 production by over 5% and at the top end of consolidated silver production guidance. Consolidated total cost of sales of $556 million, with silver cash cost of ($1.75) per ounce and AISC of $11.28 per ounce (both after by-product credits). 2,3

Gold Operations: Casa Berardi and Greens Creek delivered 2025 consolidated gold production of 151 thousand ounces, exceeding the top end of gold production guidance. Casa Berardi total cost of sales in 2025 of $207 million, with gold cash cost of $1,851 per ounce and AISC of $2,029 per ounce (both after by-product credits). 2,3

Individual Mine Performance: Greens Creek: Produced over 8.7 million ounces of silver and over 59 thousand ounces of gold. Total cost of sales in 2025 of $290 million, with silver cash cost of ($8.02) per ounce and AISC of ($2.36) per ounce (both after by-product credits). 2,3 Lucky Friday: Record silver production of 5.3 million ounces, exceeding the top end of production guidance of 5.1 million ounces. Total cost of sales of $174 million, with silver cash cost of $8.66 per ounce and AISC of $21.98 per ounce (both after by-product credits). 2,3 Construction of the surface cooling project continued with the project 79% complete as of year-end and tracking for completion by mid-2026. Keno Hill: First year of profitability and positive free cash flow generation under Hecla ownership. Achieved a new production record with over 3 million ounces of silver produced. The backfill plant construction was completed and is now being commissioned.

Safety Reduced company-wide Total Recordable Injury Frequency Rate ("TRIFR") to 1.69 in 2025, an improvement of 13% over the prior year.

Permitting: Aurora/Polaris: Received Finding of No Significant Impact ("FONSI") and Decision Notice from the U.S. Forest Service (“USFS”) for the Polaris Exploration Project in Mineral County, Nevada, clearing the way for exploration activities to commence in 2026.

Subsequent to Quarter End: Casa Berardi: Entered into a definitive agreement to sell the Company’s wholly-owned subsidiary that owns the Casa Berardi Mine and other Quebec exploration assets to Orezone Gold Corporation for total consideration of up to $593 million, with the transaction expected to close in the first quarter of 2026. Greens Creek: Received FONSI and Decision Notice authorizing surface exploration operations.

Rob Krcmarov, President and Chief Executive Office, said: “2025 was a transformational year for Hecla with strong operational and financial results across a number of key metrics. 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. All while safety performance improved 13% company-wide.

"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. With our strengthened balance sheet and cash position, we aim to nearly double our exploration and pre-development spending to $55 million in 2026, and we will continue to focus on operational excellence and disciplined growth across our high quality silver portfolio."

FINANCIAL AND OPERATIONAL OVERVIEW

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In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization; "prior quarter" refers to the third quarter of 2025 and "prior year" refers to 2024.

| In thousands (except per ounce amounts) | 4Q-2025 | 3Q-2025 | 2Q-2025 | 1Q-2025 | 4Q-2024 | | 2025 | | | 2024 | | | | | | | | | | | | | Financial Highlights | | | | | | | | | | | | | | | | | | | | | | | Sales | $ | 448,111 | | $ | 409,542 | | $ | 304,027 | | $ | 261,339 | | $ | 245,085 | | $ | 1,423,019 | | $ | 929,925 | | | Total cost of sales | $ | 199,903 | | $ | 229,075 | | $ | 184,503 | | $ | 187,335 | | $ | 185,799 | | $ | 800,816 | | $ | 731,715 | | | Gross profit | $ | 248,208 | | $ | 180,467 | | $ | 119,524 | | $ | 74,004 | | $ | 59,286 | | $ | 622,203 | | $ | 198,210 | | | Net income applicable to common stockholders | $ | 134,271 | | $ | 100,588 | | $ | 57,567 | | $ | 28,734 | | $ | 1,623 | | $ | 321,160 | | $ | 35,250 | | | Basic income per common share (in dollars) | $ | 0.20 | | $ | 0.15 | | $ | 0.09 | | $ | 0.05 | | $ | - | | $ | 0.49 | | $ | 0.06 | | | Adjusted EBITDA 4 | $ | 251,058 | | $ | 195,695 | | $ | 132,463 | | $ | 90,788 | | $ | 86,558 | | $ | 670,004 | | $ | 337,909 | | | Cash and cash equivalents | $ | 241,558 | | $ | 133,910 | | $ | 296,565 | | $ | 23,668 | | $ | 26,868 | | $ | 241,558 | | $ | 26,868 | | | Total Debt | $ | 275,800 | | $ | 277,746 | | $ | 556,952 | | $ | 560,749 | | $ | 550,713 | | $ | 275,800 | | $ | 550,713 | | | Net Debt | $ | 34,242 | | $ | 143,836 | | $ | 260,387 | | $ | 537,081 | | $ | 523,845 | | $ | 34,242 | | $ | 523,845 | | | Net Debt to Adjusted EBITDA 4 | | 0.1 | | | 0.3 | | | 0.7 | | | 1.5 | | | 1.6 | | | 0.1 | | | 1.6 | | | Cash provided by operating activities | $ | 217,055 | | $ | 148,049 | | $ | 161,796 | | $ | 35,738 | | $ | 67,470 | | $ | 562,638 | | $ | 218,277 | | | Capital investment | $ | (82,346 | ) | $ | (57,905 | ) | $ | (58,043 | ) | $ | (54,095 | ) | $ | (60,784 | ) | $ | (252,389 | ) | $ | (214,492 | ) | | Free cash flow 1 | $ | 134,709 | | $ | 90,144 | | $ | 103,753 | | $ | (18,357 | ) | $ | 6,686 | | $ | 310,249 | | $ | 3,785 | | | | | | | | | | | | | | | | | | | | | | | | | | Free cash flow 1 by operation | | | | | | | | | | | | | | | | | | | | | | | Greens Creek | | | | | | | | | | | | | | | | | | | | | | | Cash flow from operations | $ | 101,902 | | $ | 83,408 | | $ | 75,371 | | $ | 43,858 | | $ | 60,442 | | $ | 304,539 | | $ | 186,500 | | | Exploration | $ | 743 | | $ | 3,228 | | $ | 2,049 | | $ | 343 | | $ | 1,129 | | $ | 6,363 | | $ | 8,016 | | | Capital investment | $ | (23,282 | ) | $ | (12,179 | ) | $ | (8,397 | ) | $ | (10,759 | ) | $ | (15,798 | ) | $ | (54,617 | ) | $ | (47,795 | ) | | Free cash flow 1 | $ | 79,363 | | $ | 74,457 | | $ | 69,023 | | $ | 33,442 | | $ | 45,773 | | $ | 256,285 | | $ | 146,721 | | | Lucky Friday | | | | | | | | | | | | | | | | | | | | | | | Cash flow from operations | $ | 56,869 | | $ | 29,279 | | $ | 20,650 | | $ | 23,805 | | $ | 25,329 | | $ | 130,603 | | $ | 131,361 | | | Exploration | $ | 885 | | $ | 1,054 | | $ | 169 | | $ | - | | $ | - | | $ | 2,108 | | $ | - | | | Capital investment | $ | (24,680 | ) | $ | (16,865 | ) | $ | (15,942 | ) | $ | (15,446 | ) | $ | (12,608 | ) | $ | (72,933 | ) | $ | (49,592 | ) | | Free cash flow 1 | $ | 33,074 | | $ | 13,468 | | $ | 4,877 | | $ | 8,359 | | $ | 12,721 | | $ | 59,778 | | $ | 81,769 | | | Keno Hill | | | | | | | | | | | | | | | | | | | | | | | Cash flow from operations | $ | 33,028 | | $ | 22,109 | | $ | 16,445 | | $ | (9,661 | ) | $ | (1,752 | ) | $ | 61,921 | | $ | (17,748 | ) | | Exploration | $ | 365 | | $ | 975 | | $ | 3,344 | | $ | 1,692 | | $ | 2,605 | | $ | 6,376 | | $ | 7,786 | | | Capital investment | $ | (15,964 | ) | $ | (14,747 | ) | $ | (17,045 | ) | $ | (10,436 | ) | $ | (15,584 | ) | $ | (58,192 | ) | $ | (54,869 | ) | | Free cash flow 1 | $ | 17,429 | | $ | 8,337 | | $ | 2,744 | | $ | (18,405 | ) | $ | (14,731 | ) | $ | 10,105 | | $ | (64,831 | ) | | Casa Berardi | | | | | | | | | | | | | | | | | | | | | | | Cash flow from operations | $ | 50,162 | | $ | 48,938 | | $ | 47,198 | | $ | 9,900 | | $ | 12,356 | | $ | 156,198 | | $ | 48,663 | | | Exploration | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 1,000 | | | Capital investment | $ | (16,410 | ) | $ | (13,480 | ) | $ | (15,367 | ) | $ | (16,257 | ) | $ | (16,406 | ) | $ | (61,514 | ) | $ | (60,704 | ) | | Free cash flow 1 | $ | 33,752 | | $ | 35,458 | | $ | 31,831 | | $ | (6,357 | ) | $ | (4,050 | ) | $ | 94,684 | | $ | (11,041 | ) | | | | | | | | | | | | | | | | | | | | | | | | | Metals Prices | | | | | | | | | | | | | | | | | | | | | | | Average metal prices | | | | | | | | | | | | | | | | | | | | | | | Silver - London PM Fix, $/ounce | $ | 54.83 | | $ | 39.38 | | $ | 33.63 | | $ | 31.91 | | $ | 31.34 | | $ | 39.94 | | $ | 28.24 | | | Gold - London PM Fix, $/ounce | $ | 4,142 | | $ | 3,456 | | $ | 3,279 | | $ | 2,863 | | $ | 2,662 | | $ | 3,435 | | $ | 2,387 | | | Lead - LME Final Cash Buyer, $/pound | $ | 0.89 | | $ | 0.89 | | $ | 0.88 | | $ | 0.89 | | $ | 0.91 | | $ | 0.89 | | $ | 0.94 | | | Zinc - LME Final Cash Buyer, $/pound | $ | 1.44 | | $ | 1.28 | | $ | 1.20 | | $ | 1.29 | | $ | 1.38 | | $ | 1.30 | | $ | 1.26 | | | Realized Prices | | | | | | | | | | | | | | | | | | | | | | | Silver, $/ounce | $ | 69.28 | | $ | 42.58 | | $ | 34.82 | | $ | 33.59 | | $ | 30.19 | | $ | 45.25 | | $ | 28.58 | | | Gold, $/ounce | $ | 4,210 | | $ | 3,509 | | $ | 3,314 | | $ | 2,940 | | $ | 2,656 | | $ | 3,490 | | $ | 2,403 | | | Lead, $/pound | $ | 0.97 | | $ | 0.93 | | $ | 0.92 | | $ | 0.92 | | $ | 0.94 | | $ | 0.94 | | $ | 0.97 | | | Zinc, $/pound | $ | 1.45 | | $ | 1.48 | | $ | 1.31 | | $ | 1.29 | | $ | 1.53 | | $ | 1.39 | | $ | 1.37 | |

FULL YEAR RESULTS

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Sales increased to over $1.4 billion, an increase of 53% over the prior year, primarily reflecting higher realized precious metals and zinc prices, due largely to timing of sales in a rising price environment, and higher precious metals sales volumes. Payable silver and gold ounces sold were over 5% higher compared to the prior year.

Gross profit was $622 million, a three-fold increase over the prior year. The increase is attributable to all mines, with Keno Hill, contributing its first annual positive gross profit under Hecla ownership. Gross profit benefited from higher revenue driven by higher realized prices and higher payable silver and gold sales volumes, partially offset by higher total cost of sales related to the higher volumes sold.

Net income applicable to common stockholders was $321 million, compared to $35 million in the prior year, over a nine-fold increase. The improvement was primarily related to:

A 53% increase in revenue due primarily to higher payable silver and gold sold and higher realized precious metals and zinc prices. $29 million lower ramp-up and suspension costs driven primarily by Keno Hill transitioning to profitability. $8 million lower interest expense driven by a reduction in gross debt. A decrease in depreciation expense of $23 million due primarily to lower depreciation expense at Casa Berardi.

Partly offset by:

An increase in cost of sales of $93 million related to higher total cost of sales at Greens Creek, Lucky Friday and Keno Hill on higher volumes sold, partly offset by lower total cost of sales at Casa Berardi as depreciation expense decreased over the prior year. An increase in income and mining tax provision of $127 million, reflecting higher taxable income and higher Alaska Mining License Tax and Quebec Mining Duties driven by elevated profitability at Greens Creek and Casa Berardi, respectively.

Adjusted EBITDA was $670 million, nearly double the prior year. 4

Net Debt to Adjusted EBITDA improved significantly with net debt declining by more than 93% from the prior year to $34 million. 4 The ratio of net debt to adjusted EBITDA (net leverage ratio) improved to 0.1x from 1.6x in the prior year due to strong EBITDA generation during the last 12 months, and an over $500 million decrease in net debt. 4

Cash and cash equivalents at December 31, 2025, were $242 million and included no draws on the revolving credit facility.

Cash provided by operating activities was $563 million, up nearly 160% over the prior year, primarily attributable to elevated metal prices realized through higher volumes of payable silver and gold ounces sold. Cash provided by operating activities was impacted by unfavorable working capital changes of approximately $28 million compared to the prior year, driven primarily by a $138 million increase (unfavorable) in accounts receivable due to elevated metal prices and timing of concentrate shipments. The increase was largely concentrated in the fourth quarter, which saw over a $65 million increase.

Capital investment was $252 million, an increase of $38 million compared to the prior year, with numerous capital projects planned in 2025 at the operating mines that were either completed or tracking well to schedule at year end. In addition, we invested in corporate projects in 2025 geared toward improving business planning and operations initiatives, with more investment planned in 2026.

Free cash flow was $310 million, compared to less than $4 million in the prior year, with the increase primarily due to higher cash flow from operations, partly offset by higher capital investment. 1

| In thousands (except per ounce amounts) | 4Q-2025 | 3Q-2025 | 2Q-2025 | 1Q-2025 | 4Q-2024 | | 2025 | | | 2024 | | | | | | | | | | | Operational Highlights | | | | | | | | | | | | | | | | | | | | | Silver production | | | | | | | | | | | | | | | | | | | | | Greens Creek, ounces | | 1,951,784 | | | 2,347,674 | | | 2,422,978 | | | 2,002,560 | | 1,857,314 | | | 8,724,996 | | | 8,480,877 | | Lucky Friday, ounces | | 1,250,204 | | | 1,337,353 | | | 1,340,877 | | | 1,332,252 | | 1,184,819 | | | 5,260,686 | | | 4,890,949 | | Keno Hill, ounces | | 597,020 | | | 898,328 | | | 750,712 | | | 772,430 | | 597,293 | | | 3,018,490 | | | 2,773,873 | | Casa Berardi, ounces | | 4,597 | | | 6,921 | | | 5,943 | | | 5,152 | | 6,188 | | | 22,613 | | | 24,231 | | Total, ounces | | 3,803,605 | | | 4,590,276 | | | 4,520,510 | | | 4,112,394 | | 3,645,614 | | | 17,026,785 | | | 16,169,930 | | Gold production | | | | | | | | | | | | | | | | | | | | | Casa Berardi, ounces | | 17,472 | | | 25,070 | | | 28,145 | | | 20,473 | | 20,534 | | | 91,160 | | | 86,648 | | Greens Creek, ounces | | 12,256 | | | 15,584 | | | 17,750 | | | 13,759 | | 11,746 | | | 59,349 | | | 55,275 | | Total, ounces | | 29,728 | | | 40,654 | | | 45,895 | | | 34,232 | | 32,280 | | | 150,509 | | | 141,923 | | Silver payable ounces sold | | 3,732,076 | | | 4,463,356 | | | 3,522,975 | | | 3,517,970 | | 3,488,207 | | | 15,236,377 | | | 14,485,158 | | Gold payable ounces sold | | 30,683 | | | 41,038 | | | 37,333 | | | 29,655 | | 33,563 | | | 138,709 | | | 132,442 | | Concentrate volumes produced and sold | | | | | | | | | | | | | | | | | | | | | Greens Creek | | | | | | | | | | | | | | | | | | | | | Silver concentrate produced, tons | | 14,896 | | | 17,180 | | | 17,985 | | | 15,541 | | 15,775 | | | 65,602 | | | 61,253 | | Silver concentrate sold, tons | | 17,333 | | | 18,954 | | | 13,789 | | | 15,496 | | 16,061 | | | 65,572 | | | 61,451 | | Zinc concentrate produced, tons | | 17,485 | | | 18,548 | | | 20,936 | | | 18,228 | | 19,251 | | | 75,197 | | | 75,747 | | Zinc concentrate sold, tons | | 18,918 | | | 20,065 | | | 17,987 | | | 18,384 | | 19,464 | | | 75,354 | | | 75,791 | | Precious metal concentrate produced, tons | | 5,571 | | | 6,379 | | | 8,316 | | | 7,515 | | 8,537 | | | 27,781 | | | 30,085 | | Precious metal concentrate sold, tons | | - | | | 8,743 | | | 8,061 | | | 8,330 | | 10,975 | | | 25,134 | | | 34,409 | | Lucky Friday | | | | | | | | | | | | | | | | | | | | | Silver concentrate produced, tons | | 12,283 | | | 13,796 | | | 13,212 | | | 12,934 | | 13,442 | | | 52,225 | | | 47,077 | | Silver concentrate sold, tons | | 12,590 | | | 13,726 | | | 12,992 | | | 13,224 | | 13,340 | | | 52,532 | | | 46,604 | | Zinc concentrate produced, tons | | 6,269 | | | 6,869 | | | 6,940 | | | 6,677 | | 6,873 | | | 26,755 | | | 23,962 | | Zinc concentrate sold, tons | | 7,220 | | | 6,178 | | | 6,756 | | | 7,486 | | 6,107 | | | 27,640 | | | 22,955 | | Keno Hill | | | | | | | | | | | | | | | | | | | | | Silver concentrate produced, tons | | 1,165 | | | 2,056 | | | 1,688 | | | 1,765 | | 1,397 | | | 6,674 | | | 5,411 | | Silver concentrate sold, tons | | 2,380 | | | 2,380 | | | 1,614 | | | 1,217 | | 1,096 | | | 7,591 | | | 5,089 | | Precious metals concentrate produced, tons | | 815 | | | 1,398 | | | 907 | | | 785 | | 481 | | | 3,905 | | | 2,765 | | Precious metals concentrate sold, tons (a) | | 1,023 | | | 1,258 | | | 925 | | | 623 | | 431 | | | 3,829 | | | 2,643 | | Cash Costs and AISC, each after by-product credits | | | | | | | | | | | | | | | | | | | | | Silver cash costs per ounce 2 | $ | (0.23 | ) | $ | (2.03 | ) | $ | (5.46 | ) | $ | 1.29 | $ | (0.27 | ) | $ | (1.75 | ) | $ | 2.72 | | Silver AISC per ounce 3 | $ | 18.11 | | $ | 11.01 | | $ | 5.19 | | $ | 11.91 | $ | 11.51 | | $ | 11.28 | | $ | 13.06 | | Gold cash costs per ounce 2 | $ | 2,272 | | $ | 1,582 | | $ | 1,578 | | $ | 2,195 | $ | 1,936 | | $ | 1,851 | | $ | 1,762 | | Gold AISC per ounce 3 | $ | 2,696 | | $ | 1,746 | | $ | 1,669 | | $ | 2,303 | $ | 2,203 | | $ | 2,029 | | $ | 1,990 | | (a) Precious metals concentrates include intersegment sales to Greens Creek. | | | | | | | | | | | | | | | | | | | |

Consolidated silver production of 17.0 million ounces was over 5% higher than the prior year, with all three silver mines driving the annual increase.

Consolidated gold production of 151 thousand ounces was over 6% higher than the prior year, with both Casa Berardi and Greens Creek delivering higher gold production than the prior year.

Silver payable ounces sold of 15.2 million ounces, approximately 5% higher than the prior year.

Gold payable ounces sold of 139 thousand ounces, approximately 5% higher than the prior year.

Concentrate volumes produced and sold proved relatively unchanged on an annual basis. Shipment of a precious metals concentrate at Greens Creek was delayed to January 2026 and contributed to the inventory build at year end. Due to the elevated precious metal prices at year end, the balance of accounts receivable rose by nearly $143 million. This increase is solely tied to the increase in metal value of concentrate receivables as of December 31, 2025, with the majority of these funds collected in January and February 2026.

Consolidated silver total cost of sales was $556 million, an increase of $68 million (14%) over the prior year, primarily due to higher sales volumes sold. Depreciation, depletion and amortization expense increased $16 million for silver operations due primarily to higher sales volumes.

Silver cash costs and AISC per silver ounce, each after by-product credits , were ($1.75) and $11.28, respectively, lower versus the prior year, primarily due to higher ounces produced, $80 million higher by-product credits, mostly associated with Greens Creek, and $30 million lower treatment charges, partly offset by higher production costs, primarily at Lucky Friday, and higher general and administrative expense. Decrease in AISC year-over-year was partly offset by $29 million higher sustaining capital investment. 2,3