Hecla Mining Company (NYSE: HL) is in focus today after reporting record third‑quarter results last night and hosting its earnings call this morning. The silver producer posted all‑time‑high quarterly revenue and net income, tightened 2025 production guidance, detailed permitting wins, and declared dividends on both common and preferred shares. Shares are trading sharply higher intraday amid the news.
Key takeaways
- Record quarter: Q3 revenue $409.5M, net income $100.6M (GAAP $0.15 per share), and adjusted EBITDA $195.7M — all company records. Operating cash flow $148M and free cash flow $90.1M. Net leverage fell to 0.3x as Hecla fully repaid its revolver.
- Beat vs. estimates: Revenue topped consensus by ~30% and adjusted EPS beat as well ($0.12 adjusted vs. $0.11 est.).
- Operations: Q3 silver production 4.6 Moz (+2% q/q). Guidance for 2025 tightened across key mines, with cost guidance largely reiterated at the consolidated level.
- Permitting wins: A U.S. Army Corps of Engineers Section 404 authorization supports future tailings expansion at Greens Creek; the Libby Exploration Project in Montana received a USFS Finding of No Significant Impact in early October.
- Dividends: Board declared a $0.00375 per‑share common dividend (record Nov 24, payable ~Dec 8) and a $0.875 dividend on Series B preferred (record Dec 15, payable ~Jan 2, 2026).
- Stock reaction & Street color: HL is up double‑digits today; HC Wainwright raised its price target to $16.50 and maintained a Buy.
What drove the beat
Management credited higher realized prices for silver and gold, increased sales volumes, and broad‑based operational execution. All operating assets generated positive free cash flow in the quarter. The company emphasized deleveraging progress — revolving credit facility fully repaid, cash balance $133.9M — giving it more flexibility heading into 2026.
Zacks/Nasdaq’s wrap confirms the magnitude of the upside surprise: revenue of $409.54M versus a $315.6M consensus, and adjusted EPS of $0.12 versus $0.11 expected.
Guidance, mine‑by‑mine
Hecla tightened 2025 production ranges, kept consolidated silver cash cost and AISC guidance unchanged, and noted targeted capital updates at individual assets:
- Greens Creek (Alaska)
- 2025 silver: 8.4–8.8 Moz (tightened from 8.1–8.8).
- Costs: Cash cost ($7.00)–($5.75)/oz, AISC ($1.00)–$0.50/oz (unchanged).
- Permitting: Section 404 authorization received for dry‑stack tailings expansion (construction prep this quarter; major works slated for 2026).
- Lucky Friday (Idaho)
- 2025 silver: 4.9–5.1 Moz (tightened).
- Costs: Cash cost $7.50–$8.50/oz, AISC $21.00–$22.50/oz (revised up).
- Project: Surface cooling project 66% complete, tracking to H1 2026.
- Keno Hill (Yukon)
- 2025 silver: 2.9–3.1 Moz (tightened).
- Capex: $48–$54M (raised) as development runs ahead of schedule; second straight positive FCF quarter; improved power reliability after utility repairs.
- Casa Berardi (Québec)
- 2025 gold: 92–95 koz (tightened); cost of sales raised on underground extension and depreciation; cash cost/AISC reiterated.
Balance sheet, capital returns & hedging
- Deleveraging: Net leverage 0.3x (LTM adjusted EBITDA basis); revolver fully repaid.
- Dividends: Common $0.00375/sh (record Nov 24, payable ~Dec 8); Series B preferred $0.875/sh (record Dec 15, payable ~Jan 2, 2026).
- Risk management: Zero‑cost collars in place for ~1.99 Moz of Keno Hill forecast silver over the next three quarters, with an average $32.19/oz floor and $49/oz cap.
Market reaction and analyst moves (Nov 6)
HL shares jumped after the print and this morning’s call. As of early afternoon, the stock was trading around the mid‑$14s, up meaningfully on the day (see live chart above). Meanwhile, HC Wainwright lifted its price target to $16.50 and reiterated Buy, citing stronger demand for mining assets and Hecla’s operating momentum.
Today’s call: timing and access
Hecla scheduled its Q3 2025 conference call for 10:00 a.m. ET today (Nov 6). Dial‑in and webcast details are available on the company’s investor relations site; an archive will be posted for replay.
Why this matters for 2026
- Free‑cash‑flow inflection: With all operating assets generating cash and leverage down, Hecla gains flexibility for exploration and growth capex, especially at Keno Hill and Lucky Friday.
- Permitting & projects: The 404 authorization at Greens Creek de‑risks tailings capacity; continued progress at Libby adds optionality to the North American copper‑silver pipeline.
- Commodity backdrop: Higher realized metal prices were a tailwind in Q3; maintaining margins will hinge on metals prices and execution against revised mine‑level cost guidance.
By the numbers (Q3 2025)
- Revenue: $409.5M
- GAAP EPS: $0.15
- Adj. EBITDA: $195.7M
- Operating cash flow / FCF: $148.0M / $90.1M
- Silver production: 4.6 Moz
- Net leverage: 0.3x (revolver repaid)
- Dividend (common): $0.00375 (record Nov 24; payable ~Dec 8)
- Dividend (Series B preferred): $0.875 (record Dec 15; payable ~Jan 2, 2026)
(All per company press release and investor materials.)
What to watch next
- Execution vs. tightened guidance at Greens Creek, Lucky Friday, Keno Hill and Casa Berardi in Q4.
- Capex cadence at Keno Hill (development pace, winter conditions) and Lucky Friday (cooling project schedule).
- Balance‑sheet strategy & returns as leverage trends lower and free cash flow builds.
- Street updates following today’s PT hike — additional estimate revisions could follow the beat.
Sources & further reading
- Hecla Mining Company — Q3 2025 results press release (Nov 5, 2025) and conference‑call details (Nov 6, 2025).
- Consensus beat coverage (Zacks via Nasdaq).
- Reuters summary of key beat/driver headlines (via Refinitiv syndication).
- Dividend details (common & Series B) from Hecla’s release.
- Analyst move — HC Wainwright PT to $16.50 (Buy).
