Hecla Announces Full Year Production and 2026 Guidance
Press Release
Jan 26, 2026
COEUR D’ALENE, Idaho— Hecla Mining Company (NYSE:HL) (“Hecla” or the “Company”) today announced its preliminary metals production for the fourth quarter and full year of 2025 and provided 2026 Guidance.
HIGHLIGHTS
- Silver production of 17.0 million ounces exceeded 2024 production by over 5% and came in at the top end of consolidated silver production guidance.
- All silver operations met production guidance, with Lucky Friday producing 5.3 million ounces and exceeding the top end of its guidance range.
- Consolidated gold production of 150,509 ounces exceeded top end of gold guidance of 150,000 gold ounces.
2026 GUIDANCE
- Consolidated silver production guidance of 15.1-16.5 million ounces, consolidated gold production guidance of 134-146 thousand ounces.
- Investment in exploration and pre-development of $55 million in 2026, a record high for the Company, nearly double the investment during 2025.
- Expected to maintain strong silver margins with guidance for consolidated silver total cost of sales of $471 million, with silver cash costs of ($1.50)-($1.25) per ounce and AISC of $15.00-$16.25 per ounce (both after by-product credits). With robust metal prices to start the year, potential exists to beat this cost guidance if current prices persist as guidance is based off by-product price assumptions below current spot prices. 1,2
- Total capital investment (sustaining and growth) guided to $255-$279 million in 2026, expected to be up modestly from prior year.
“Our 2025 results demonstrate operational excellence, with 17.0 million ounces of silver production and every primary silver operation meeting or exceeding guidance. We’re now accelerating investments in our future—nearly doubling our investment in exploration and pre-development to a record $55 million—while maintaining the financial discipline that positions us to generate substantial free cash flow. This is how North America’s premier silver producer creates long-term shareholder value,” said Rob Krcmarov, President and CEO.
OPERATIONS
Greens Creek
Greens Creek produced 8.7 million ounces of silver and 59,349 ounces of gold in 2025, an increase of 3% and 7% respectively compared to 2024, while processing 2,388 tpd. The increase in silver production was primarily driven by a 5% improvement in grade, partly offset by slightly lower throughput. Gold production in 2025 benefited from 7% higher average milled grades compared to the prior year, largely tied to positive grade reconciliation.
Lucky Friday
Lucky Friday produced 5.3 million ounces of silver in 2025, an increase of 8% over 2024, establishing annual records for both silver production and mill throughput. The increase was primarily driven by 5% higher throughput and 2% higher milled grade. Mill throughput was 1,170 tpd during the year.
Keno Hill
Keno Hill produced 3.02 million ounces of silver, an increase of 9% compared to 2024. The increased production was driven by higher grades that averaged 29.0 ounces per ton.
Casa Berardi
Casa Berardi produced 91,160 ounces of gold in 2025, an increase of 5% compared to 2024 attributable to higher recoveries. Throughput and ore grade milled were largely unchanged compared to the prior year. The mill operated at an average of 4,202 tpd during the year.
PRODUCTION SUMMARY
|
|
Fiscal Year |
|
|
|
December 31 |
December 31 |
|
|
2025 |
2024 |
|
Production |
|
|
|
Silver (oz) |
17,026,785 |
16,169,930 |
|
Gold (oz) |
150,509 |
141,923 |
|
Lead (tons) |
56,130 |
52,515 |
|
Zinc (tons) |
68,558 |
66,308 |
|
Greens Creek – Silver (oz) |
8,724,996 |
8,480,877 |
|
Greens Creek – Gold (oz) |
59,349 |
55,275 |
|
Lucky Friday – Silver (oz) |
5,260,686 |
4,890,949 |
|
Keno Hill – Silver (oz) |
3,018,490 |
2,773,873 |
|
Casa Berardi – Gold (oz) |
91,160 |
86,648 |
2026 GUIDANCE
In the tables below the Company provides production, cost, and capital guidance on a consolidated basis and by mine, as well as projected consolidated exploration and pre-development expenditures.
Consolidated silver production is expected to be 15.1-16.5 million ounces, down modestly to the prior year on expected lower milled grades at Greens Creek.
Consolidated gold production is expected to decrease to 134.0-146.0 koz on lower expected milled grades at Casa Berardi.
|
|
|
Silver Production (Moz) |
|
Gold Production (Koz) |
|
Greens Creek |
|
7.5 – 8.1 |
|
51.0 – 55.0 |
|
Lucky Friday |
|
4.7 – 5.2 |
|
N/A |
|
Casa Berardi |
|
N/A |
|
83.0 – 91.0 |
|
Keno Hill |
|
2.9 – 3.2 |
|
N/A |
|
2026 Total |
|
15.1 – 16.5 |
|
134.0 – 146.0 |
2026 Cost Guidance
Consolidated silver total cost of sales of $471 million with cash cost and AISC guidance per silver ounce (after by-product credits) expected to increase modestly from the prior year at ($1.50)-($1.25)/oz and $15.00-$16.25/oz respectively.1,2 This guidance only incorporates Greens Creek and Lucky Friday, as Keno Hill does not meet our definition of commercial production.
- At Greens Creek, guidance for total cost of sales (includes depreciation) is $287 million, nearly unchanged compared to the prior year. Cash cost per silver ounce (after by-product credits) and AISC per silver ounce (after by-product credits) guidance is ($9.00)-($8.25) and $0.00-$0.50 respectively, both benefiting from assumed higher by-product credits, especially from gold. 1,2
- At Lucky Friday, guidance for total cost of sales (includes depreciation) is $184 million, an increase over the prior year largely reflecting the expected impact of higher profit-sharing payments driven by the elevated silver price. Cash cost guidance is $10.25-$11.00 (after by-product credits), per silver ounce, and AISC at $23.50-$26.00 (after by-product credits), per silver ounce. 1,2
Casa Berardi guidance for total cost of sales (includes depreciation) is $192 million, expected to be down from the prior year. Cash cost (after by-product credits) per gold ounce is expected to be up modestly to the prior year due to the expected lower volume of sales at $1,700-$1,850 and AISC (after by-product credits) is expected to be higher to the prior year on lower sales volumes and expected higher sustaining capital investment at $2,150-$2,350.1,2
Metal Prices and FX rate assumptions. Expectations for 2026 include gold $4,000/oz, silver $50.00/oz, zinc $1.30/lb, and lead 0.90$/lb, for by-product credit calculations. Numbers are rounded. Assumed exchange rate for Canadian dollar is 1.35 CAD/USD, unchanged from the prior year.
|
|
|
Total Cost of Sales (million) |
Cash cost, after by-product credits, per silver/gold ounce1 |
AISC, after by-product credits, per produced silver/gold ounce2 |
|
Greens Creek |
|
287.0 |
($9.00) – ($8.25) |
$0.00 – $0.50 |
|
Lucky Friday |
|
184.0 |
$10.25 – $11.00 |
$23.50 – $26.00 |
|
Total Silver |
|
471.0 |
($1.50) – ($1.25) |
$15.00 – $16.25 |
|
Casa Berardi |
|
192.0 |
$1,700 – $1,850 |
$2,150 – $2,350 |
|
Total Gold |
|
192.0 |
$1,700 – $1,850 |
$2,150 – $2,350 |
2026 Capital and Exploration Guidance
Consolidated capital (growth and sustaining) investment is expected to increase modestly compared to the prior year at $255-$279 million driven by anticipated higher investment at Greens Creek and Keno Hill, partly offset by expected lower investment at Casa Berardi and Lucky Friday. This new guidance range for 2026 capital investment includes $9-$13 million for corporate projects which was not included as a line item in the 2025 guidance range of $222-$242 million reiterated in November 2025.
- Greens Creek’s capital investment is primarily attributable to mine development and engineering and construction related to the expansion of its tailings facility, which is expected to increase tailings capacity to 2045.
- Lucky Friday’s capital investment is heavily tied to underground development, a new tailings facility and a surface cooling project, which is expected to be completed by mid-2026, and is critical to increase the designed cooling capacity at the mine over its reserve mine-life of seventeen years.
- Expected capital spend at Keno Hill comprises mine development and mine infrastructure projects, including, a waste storage facility and water treatment plant.
- Casa Berardi’s expected growth capital spend includes tailings construction costs.
Exploration and pre-development investments are expected to nearly double from the prior year to $55 million, with the focus at Nevada (Midas, Hollister and Aurora), Greens Creek, Keno Hill and Lucky Friday. The expectations for Nevada has nearly tripled from that of 2025.
|
(millions) |
|
Total |
Sustaining |
Growth |
|
2026 Total Capital Investment |
|
$255 – $279 |
$182 – $199 |
$73 – $80 |
|
Greens Creek |
|
$66 – $71 |
$66 – $71 |
— |
|
Lucky Friday |
|
$68 – $73 |
$68 – $73 |
— |
|
Casa Berardi |
|
$51 – $56 |
$39 – $42 |
$12 – $14 |
|
Keno Hill |
|
$61 – $66 |
— |
$61 – $66 |
|
Corporate |
|
$9 – $13 |
$9 – $13 |
— |
|
2026 Exploration & Pre-Development |
|
$55 |
|
|
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
For further information, please contact:
Mike Parkin
Vice President – Strategy and Investor Relations
Cheryl Turner
Investor Relations Coordinator
Investor Relations
Email: hmc-info@hecla.com
Website: http://www.hecla.com
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