Hecla Mining Company’s share price appreciated approximately 300% over the course of 2025, driven by a sustained rally in silver and gold prices. The company reported silver production of 15.4 million ounces and gold production of 140,000 ounces for the year, generating $310 million in free cash flow. With gross leverage reduced from 1.6x to 0.4x EBITDA, management has signaled that improved balance sheet strength and high-margin cash flow could support reinstatement or growth of the dividend, subject to Board approval and continued metal price strength.

Hecla will release its fourth quarter and full-year 2025 operational and financial results after NYSE trading on February 17, 2026, followed by a conference call on February 18 at 10:00 a.m. Eastern Time. Investors can access the webcast via the company website or a toll-free dial-in. Management is expected to discuss year-end production metrics, all-in sustaining costs per ounce (estimated between $15.00–$16.25 for silver and $2,150–$2,350 for gold), capital spending of $255–$279 million, and the impact of the Casa Berardi divestiture on balance sheet metrics and liquidity.

Hecla agreed to sell its wholly owned Casa Berardi subsidiary to Orezone Gold for $272 million in upfront consideration, comprising $160 million in cash and $112 million in Aurizon equity. Deferred and contingent payments total up to $80 million at 18 and 30 months, plus up to $10 million tied to gold price milestones. The transaction, expected to close in Q1 2026 pending regulatory approvals, removes the core Quebec gold asset that produced an average of 106,000 ounces annually over the past five years and redirects capital toward Hecla’s silver-first focus and debt reduction.

At its recent Investor Day, Hecla management outlined a transformation toward disciplined planning and a silver-first portfolio. CFO Russell Lawlar reported year-end cash of $242 million, total liquidity exceeding $500 million, and a ROIC increase from 4% in 2024 to 12% in 2025. The Board approved a $55 million exploration budget for 2026, nearly double last year’s level. Silver production guidance for 2026 stands at 15.1–16.5 million ounces, with by-product gold of 134–146 thousand ounces. Management reiterated a minimum 12% ROIC hurdle for capital allocation, prioritizing sustaining capital, exploration, debt reduction and potential shareholder returns.