Hecla Reports Fourth Quarter and Full Year 2025 Results

Press Release

Feb. 17, 2026

COEUR D’ALENE, Idaho—- 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

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
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.

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