Hecla Mining’s shares climbed roughly 300% over the course of 2025, driven by a sustained upswing in both silver and gold prices and strong execution across its North American operations. The company reported year-over-year revenue growth of 45%, underpinned by a 20% increase in silver production to 15.3 million ounces and a 12% rise in gold output to 138,000 ounces. Free cash flow surged to $310 million, up from $120 million in 2024, enabling a 60% reduction in net debt and bolstering the balance sheet. Management has signaled that improved cash generation and leverage metrics could support the reinstatement of a dividend in 2026, with board discussions focusing on a payout ratio of 20% to 30% of free cash flow once gross leverage consistently remains below 1.0x EBITDA.

Hecla Mining will release its fourth quarter and full-year 2025 operational and financial results on February 17, 2026, after market close, and will host a conference call and webcast on February 18 at 10:00 a.m. Eastern Time. Investors will hear detailed breakdowns of unit costs, production variances by mine, sustaining capital expenditures, and exploration spend across Hecla’s flagship operations in Alaska, Idaho and Quebec. The company plans to discuss planned capital deployment of $255 million to $279 million in 2026, including ongoing development at Keno Hill and tailings facility upgrades, as well as updated guidance for silver production of 15.1 million to 16.5 million ounces and gold output of 134,000 to 146,000 ounces.

Hecla has agreed to sell its wholly owned Quebec subsidiary, which operates the Casa Berardi mine and related exploration assets, to Orezone Gold for total consideration of $272 million. The deal comprises $160 million in cash—funded by $60 million from Orezone’s treasury and $100 million via a Franco-Nevada streaming facility—and an equity stake representing 9.9% of Orezone valued at $112 million. Additional contingent payments include $30 million at 18 months and $50 million at 30 months post-closing, as well as up to $10 million tied to gold price milestones and up to $231 million linked to permitting and future production from two open-pit projects. The transaction, expected to close in Q1 2026 pending regulatory approvals, will free up capital for Hecla to refocus on its core silver portfolio and accelerate expansion projects in high-grade silver districts.

At its recent Investor Day, Hecla executives reaffirmed the company’s transition to a ‘silver-first’ strategy, emphasizing disciplined capital allocation governed by a minimum 12% return on invested capital hurdle. Management disclosed a 2026 exploration budget of $55 million—nearly double the prior year—and outlined medium-term silver production growth toward 20 million ounces driven by the Keno Hill ramp-up and potential Nevada project restarts. Hecla’s CFO reported year-end liquidity of over $500 million and a reduction in gross leverage from 1.6x to 0.4x, with interest expense forecast to decline by nearly 50% as debt continues to come down.