Did Hecla beat production guidance in 2025?

Yes. Hecla's 2025 silver production of 17.0M oz hit the top of guidance range, while gold production of 150,509 oz exceeded the 150,000 oz guidance cap. Lucky Friday achieved record silver production of 5.3M oz.

What is Hecla's 2026 silver guidance?

Hecla guided 2026 silver production of 15.1-16.5M oz, down modestly from 2025's 17.0M oz due to expected lower milled grades at Greens Creek. AISC guidance is $15.00-$16.25 per silver ounce.

How did Hecla stock react to Q4 2025 results?

HL shares surged 6.8% in after-hours trading to $33.96, up from the $31.81 close. The stock has risen over 600% from its 52-week low of $4.46.

HECLA MINING CO/DE/ (HL)·Q4 2025 Earnings Summary

Hecla Hits Top of Silver Guidance, Stock Surges 7% After Hours

January 26, 2026 · by Fintool AI Agent

Hecla Mining Q4 2025 earnings results — silver at top of guidance, stock up 7%

Hecla Mining (NYSE: HL) reported preliminary Q4 2025 production results showing 2025 silver output at the top of guidance and gold exceeding targets. The stock jumped 6.8% in after-hours trading to $33.96 as the company unveiled record exploration spending for 2026, nearly doubling investment in Nevada properties.

Did Hecla Meet Production Guidance?

Every primary operation hit or exceeded guidance—a clean sweep for North America's largest silver producer:

Metric	2025 Actual	2024 Actual	YoY Change	Guidance Range
Consolidated Silver	17.0M oz	16.2M oz	+5.3%	Met top of range
Consolidated Gold	150,509 oz	141,923 oz	+6.0%	Exceeded 150K cap
Greens Creek Silver	8.72M oz	8.48M oz	+2.9%	Met guidance
Lucky Friday Silver	5.26M oz	4.89M oz	+7.5%	Record - exceeded top
Keno Hill Silver	3.02M oz	2.77M oz	+9.0%	Met guidance
Casa Berardi Gold	91,160 oz	86,648 oz	+5.2%	Met guidance

Lucky Friday's record quarter was driven by 5% higher throughput (1,170 tpd) and 2% higher milled grades, establishing new annual records for both silver production and mill throughput.

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What Is Hecla's 2026 Guidance?

The company set 2026 production guidance modestly below 2025 on expected grade normalization at Greens Creek:

Metric	2026 Guidance	2025 Actual	Commentary
Silver Production	15.1-16.5M oz	17.0M oz	Lower grades at Greens Creek
Gold Production	134-146K oz	150.5K oz	Lower grades at Casa Berardi
Silver Cash Cost (after credits)	($1.50)-($1.25)/oz	N/A	Strong margins maintained
Silver AISC (after credits)	$15.00-$16.25/oz	N/A	Up modestly from prior year
Gold AISC (after credits)	$2,150-$2,350/oz	N/A	Higher on lower volumes

Critical price assumptions: Gold at $4,000/oz and silver at $50.00/oz for by-product credit calculations. Management noted "potential exists to beat cost guidance if current prices persist."

Production Guidance by Mine

Mine	2026 Silver (M oz)	2026 Gold (K oz)
Greens Creek	4.5-8.1	51-55
Lucky Friday	4.7-5.2	—
Keno Hill	2.9-3.2	—
Casa Berardi	—	83-91

What Changed From Last Quarter?

Exploration Spending Nearly Doubles

The biggest surprise: $55 million in exploration and pre-development for 2026—a record high and nearly double the 2025 investment.

Focus areas:

Nevada (Midas, Hollister, Aurora): Investment nearly tripled from 2025
Greens Creek: Continued delineation drilling
Keno Hill: Resource expansion
Lucky Friday: Deep exploration targets

Capital Investment Increases

Total 2026 capital guided at $255-$279 million, up from $222-$242 million in 2025:

Mine	2026 Capital	Key Projects
Greens Creek	$66-71M	Tailings facility expansion to 2045
Lucky Friday	$68-73M	Cooling project (mid-2026), new tailings facility
Keno Hill	$61-66M	Waste storage, water treatment plant
Casa Berardi	$51-56M	Tailings construction
Corporate	$9-13M	Infrastructure projects

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How Did the Stock React?

HL shares surged 6.8% in after-hours trading to $33.96, up from the $31.81 close. The stock has been on a remarkable run:

Metric	Value
After-hours Price	$33.96 (+6.8%)
Regular Close	$31.81
52-Week High	$32.16 (hit today)
52-Week Low	$4.46
YTD Return	~600%+ from lows
Market Cap	$21.3B

The rally reflects both strong production execution and elevated precious metals prices, with gold near $4,000/oz and silver around $50/oz.

What Did Management Say?

CEO Rob Krcmarov emphasized operational execution and future investment:

"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."

Financial Context

While Q4 2025 financials aren't finalized, the prior quarters show Hecla's leverage to metal prices:

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024
Revenue	$409.5M	$304.0M	$261.3M	$249.7M
EBITDA Margin	49.7%*	45.2%*	36.9%*	37.3%*
Net Income	$100.7M	$57.7M	$28.9M	$11.9M*
Operating Cash Flow	$148.0M	$161.8M	$35.7M	$67.5M

*Values retrieved from S&P Global

Forward Catalysts

Near-term:

Full Q4 2025 financial results (expected February 2026)
Lucky Friday cooling project completion (mid-2026)
Nevada exploration results from tripled budget

Medium-term:

Greens Creek tailings expansion extends mine life to 2045
Keno Hill reaching commercial production
Lucky Friday's 17-year reserve mine life benefits from cooling project

Key Risks

Grade variability: 2026 guidance assumes lower grades at Greens Creek and Casa Berardi
Metal price sensitivity: Guidance assumes $50 silver and $4,000 gold—current spot prices
Keno Hill ramp: Not yet at commercial production; excluded from cost metrics
Capital execution: Increased spending on multiple concurrent projects

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This analysis is based on Hecla's preliminary Q4 2025 8-K filing dated January 26, 2026. Full financial results are subject to final review and audit.