Strong showing: Hecla’s record quarter led by Greens Creek’s output and expansion progress

Hecla Mining Company reported record quarterly results for the third quarter of 2025, driven largely by the performance of its flagship Greens Creek Mine on Admiralty Island near Juneau. It’s the largest silver mine operating in the United States.

The mine continued to deliver exceptional production, profitability, and cash flow, underscoring its role as one of the world’s most efficient primary silver operations.

Hecla posted record revenue of $409.5 million, up 35% from the previous quarter, and net income of $100.6 million, or $0.15 per share—both the highest in the company’s 134-year history. Adjusted EBITDA reached a record $195.7 million, and free cash flow totaled $90.1 million.

“Greens Creek continues to exceed expectations,” said Hecla President and CEO Rob Krcmarov, calling the quarter “a defining moment” in the company’s financial and operational performance.

At Greens Creek, third-quarter sales rose 46% from the prior quarter to $178.1 million, with higher metal prices and increased concentrate shipments driving the results.

• Silver production: 2.35 million ounces

• Gold production: 15,584 ounces

• Cash flow from operations: $83.4 million

• Free cash flow: $74.5 million, up 8% from Q2

• Cash cost per silver ounce (after by-product credits): ($8.50)

• All-in sustaining cost (AISC): ($2.55) per silver ounce

While grades and throughput were slightly lower than the second quarter, Greens Creek’s profit margins remained among the strongest in Hecla’s portfolio. Gross profit rose to $96.4 million, up more than 50% over Q2.

Hecla also advanced a key long-term project at Greens Creek. In August, the US Army Corps of Engineers approved wetlands impacts for the mine’s future dry-stack tailings expansion, pending renewal of the waste-management permit. Construction is scheduled to begin late this year, with full build-out expected in 2026. The project is designed to extend the mine’s life while minimizing environmental footprint.

Across Hecla’s operations – including Keno Hill in Yukon, Lucky Friday in Idaho, and Casa Berardi in Quebec – each asset generated positive free cash flow for a second straight quarter.

Hecla ended the quarter with $133.9 million in cash, giving it what executives called “strategic flexibility” for future investment and exploration.

For 2025, Hecla tightened production guidance at Greens Creek to 8.4–8.8 million ounces of silver and 53,000–55,000 ounces of gold, reflecting stronger grades and sustained performance. Capital spending guidance was slightly reduced, even as work begins on the tailings expansion.

With record cash generation and a balance sheet at its strongest in years, Hecla said it plans to continue focusing on its high-margin North American assets led by Greens Creek, which remains one of the nation’s key contributors to domestic minerals supply.