Record Production Across Key Mines Highlights Operational Momentum
Hecla Mining Company is ending the current year on a high note, delivering a new record in consolidated silver production of 17 million ounces—up over 5% from last year—while reaching the top end of the company’s own guidance. Even more notable, each of Hecla’s primary silver-producing operations, including Greens Creek, Lucky Friday, and Keno Hill, met or exceeded their targets. At Lucky Friday, annual silver output hit 5.26 million ounces, setting a new production record, and Keno Hill grew its silver contribution by 9% year-over-year.
Gold and Base Metal Output Surpass Targets as Well
Silver wasn’t the only highlight: consolidated gold production came in above guidance at more than 150,000 ounces, marking a solid performance across the board. Both lead and zinc output saw meaningful increases as well, supporting Hecla’s by-product credit strategy and cost position. This operational pace positions the company as the largest silver producer in the U.S. and Canada, further cementing its leadership role in precious metals mining.
| Mine | 2025 Silver (oz) | 2024 Silver (oz) | 2025 Gold (oz) | 2024 Gold (oz) |
|---|---|---|---|---|
| Greens Creek | 8,724,996 | 8,480,877 | 59,349 | 55,275 |
| Lucky Friday | 5,260,686 | 4,890,949 | N/A | N/A |
| Keno Hill | 3,018,490 | 2,773,873 | N/A | N/A |
| Casa Berardi | N/A | N/A | 91,160 | 86,648 |
2026 Guidance: Investment Climbs as Production Targets Prioritize Value
Looking to 2026, Hecla is dialing up its capital allocation. The company will nearly double its exploration and pre-development spending to $55 million—a record investment focused on Nevada and other high-potential districts. Consolidated capital spending (growth and sustaining) is expected to increase to $255–$279 million, with substantial projects at Greens Creek (tailings facility expansion), Lucky Friday (cooling and tailings upgrades), and Keno Hill (infrastructure and mine development).
Production guidance for next year calls for a modest dip to 15.1–16.5 million ounces of silver and 134–146 thousand ounces of gold, reflecting anticipated lower grades at some operations. However, the company intends to maintain strong cash flow fundamentals, supporting ongoing capital initiatives and cost discipline.
| 2026 Silver Production (Moz) | 2026 Gold Production (Koz) | 2026 Capital Investment ($M) | 2026 Exploration + Pre-Development ($M) |
|---|---|---|---|
| 15.1 – 16.5 | 134.0 – 146.0 | 255 – 279 | 55 |
Guidance for Silver Costs Shows Resilience at Key Mines
Hecla's operational strategy hinges on controlling production costs. The 2026 guidance puts consolidated silver cash costs at ($1.50)–($1.25) per ounce and AISC at $15.00–$16.25 per ounce, based on robust by-product pricing assumptions (notably gold, zinc, and lead). Greens Creek’s per-ounce costs remain lowest in the group, with negative cash costs after credits projected between ($9.00)–($8.25) per ounce, and all-in sustaining costs close to break-even.
| Mine | 2026 Silver Cash Cost ($/oz, after credits) | 2026 Silver AISC ($/oz, after credits) |
|---|---|---|
| Greens Creek | ($9.00) – ($8.25) | $0.00 – $0.50 |
| Lucky Friday | $10.25 – $11.00 | $23.50 – $26.00 |
| Consolidated Silver | ($1.50) – ($1.25) | $15.00 – $16.25 |
Shareholder Value Strategy: Investing for Growth, Maintaining Cost Discipline
With consistent production outperformance and an aggressive push into exploration, Hecla is positioning itself to weather cyclical market shifts and capitalize on future price upside. The company’s record capital deployment and deliberate cost management set the stage for potentially higher free cash flow, especially if prevailing metal prices continue to exceed internal assumptions. For investors and industry watchers, Hecla’s latest guidance signals a blend of operational resilience and long-term growth ambition—key themes for North America’s self-declared premier silver miner.
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