Hecla Reports Fourth Quarter and Full Year 2025 Results
COEUR D'ALENE, Idaho--( BUSINESS WIRE)--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:
Operational Performance:
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.
In thousands (except per ounce amounts)
4Q-2025
3Q-2025
2Q-2025
1Q-2025
4Q-2024
2025
2024
Financial Highlights
Sales
$
448,111
$
409,542
$
304,027
$
261,339
$
245,085
$
1,423,019
$
929,925
Total cost of sales
$
199,903
$
229,075
$
184,503
$
187,335
$
185,799
$
800,816
$
731,715
Gross profit
$
248,208
$
180,467
$
119,524
$
74,004
$
59,286
$
622,203
$
198,210
Net income applicable to common stockholders
$
134,271
$
100,588
$
57,567
$
28,734
$
1,623
$
321,160
$
35,250
Basic income per common share (in dollars)
$
0.20
$
0.15
$
0.09
$
0.05
$
-
$
0.49
$
0.06
Adjusted EBITDA 4
$
251,058
$
195,695
$
132,463
$
90,788
$
86,558
$
670,004
$
337,909
Cash and cash equivalents
$
241,558
$
133,910
$
296,565
$
23,668
$
26,868
$
241,558
$
26,868
Total Debt
$
275,800
$
277,746
$
556,952
$
560,749
$
550,713
$
275,800
$
550,713
Net Debt
$
34,242
$
143,836
$
260,387
$
537,081
$
523,845
$
34,242
$
523,845
Net Debt to Adjusted EBITDA 4
0.1
0.3
0.7
1.5
1.6
0.1
1.6
Cash provided by operating activities
$
217,055
$
148,049
$
161,796
$
35,738
$
67,470
$
562,638
$
218,277
Capital investment
$
(82,346
)
$
(57,905
)
$
(58,043
)
$
(54,095
)
$
(60,784
)
$
(252,389
)
$
(214,492
)
Free cash flow 1
$
134,709
$
90,144
$
103,753
$
(18,357
)
$
6,686
$
310,249
$
3,785
Free cash flow 1 by operation
Greens Creek
Cash flow from operations
$
101,902
$
83,408
$
75,371
$
43,858
$
60,442
$
304,539
$
186,500
Exploration
$
743
$
3,228
$
2,049
$
343
$
1,129
$
6,363
$
8,016
Capital investment
$
(23,282
)
$
(12,179
)
$
(8,397
)
$
(10,759
)
$
(15,798
)
$
(54,617
)
$
(47,795
)
Free cash flow 1
$
79,363
$
74,457
$
69,023
$
33,442
$
45,773
$
256,285
$
146,721
Lucky Friday
Cash flow from operations
$
56,869
$
29,279
$
20,650
$
23,805
$
25,329
$
130,603
$
131,361
Exploration
$
885
$
1,054
$
169
$
-
$
-
$
2,108
$
-
Capital investment
$
(24,680
)
$
(16,865
)
$
(15,942
)
$
(15,446
)
$
(12,608
)
$
(72,933
)
$
(49,592
)
Free cash flow 1
$
33,074
$
13,468
$
4,877
$
8,359
$
12,721
$
59,778
$
81,769
Keno Hill
Cash flow from operations
$
33,028
$
22,109
$
16,445
$
(9,661
)
$
(1,752
)
$
61,921
$
(17,748
)
Exploration
$
365
$
975
$
3,344
$
1,692
$
2,605
$
6,376
$
7,786
Capital investment
$
(15,964
)
$
(14,747
)
$
(17,045
)
$
(10,436
)
$
(15,584
)
$
(58,192
)
$
(54,869
)
Free cash flow 1
$
17,429
$
8,337
$
2,744
$
(18,405
)
$
(14,731
)
$
10,105
$
(64,831
)
Casa Berardi
Cash flow from operations
$
50,162
$
48,938
$
47,198
$
9,900
$
12,356
$
156,198
$
48,663
Exploration
$
-
$
-
$
-
$
-
$
-
$
-
$
1,000
Capital investment
$
(16,410
)
$
(13,480
)
$
(15,367
)
$
(16,257
)
$
(16,406
)
$
(61,514
)
$
(60,704
)
Free cash flow 1
$
33,752
$
35,458
$
31,831
$
(6,357
)
$
(4,050
)
$
94,684
$
(11,041
)
Metals Prices
Average metal prices
Silver - London PM Fix, $/ounce
$
54.83
$
39.38
$
33.63
$
31.91
$
31.34
$
39.94
$
28.24
Gold - London PM Fix, $/ounce
$
4,142
$
3,456
$
3,279
$
2,863
$
2,662
$
3,435
$
2,387
Lead - LME Final Cash Buyer, $/pound
$
0.89
$
0.89
$
0.88
$
0.89
$
0.91
$
0.89
$
0.94
Zinc - LME Final Cash Buyer, $/pound
$
1.44
$
1.28
$
1.20
$
1.29
$
1.38
$
1.30
$
1.26
Realized Prices
Silver, $/ounce
$
69.28
$
42.58
$
34.82
$
33.59
$
30.19
$
45.25
$
28.58
Gold, $/ounce
$
4,210
$
3,509
$
3,314
$
2,940
$
2,656
$
3,490
$
2,403
Lead, $/pound
$
0.97
$
0.93
$
0.92
$
0.92
$
0.94
$
0.94
$
0.97
Zinc, $/pound
$
1.45
$
1.48
$
1.31
$
1.29
$
1.53
$
1.39
$
1.37
FULL YEAR RESULTS
________________________________
Sales increased to over $1.4 billion, an increase of 53% over the prior year, primarily reflecting higher realized precious metals and zinc prices, due largely to timing of sales in a rising price environment, and higher precious metals sales volumes. Payable silver and gold ounces sold were over 5% higher compared to the prior year.
Gross profit was $622 million, a three-fold increase over the prior year. The increase is attributable to all mines, with Keno Hill, contributing its first annual positive gross profit under Hecla ownership. Gross profit benefited from higher revenue driven by higher realized prices and higher payable silver and gold sales volumes, partially offset by higher total cost of sales related to the higher volumes sold.
Net income applicable to common stockholders was $321 million, compared to $35 million in the prior year, over a nine-fold increase. The improvement was primarily related to:
Partly offset by:
Adjusted EBITDA was $670 million, nearly double the prior year. 4
Net Debt to Adjusted EBITDA improved significantly with net debt declining by more than 93% from the prior year to $34 million. 4 The ratio of net debt to adjusted EBITDA (net leverage ratio) improved to 0.1x from 1.6x in the prior year due to strong EBITDA generation during the last 12 months, and an over $500 million decrease in net debt. 4
Cash and cash equivalents at December 31, 2025, were $242 million and included no draws on the revolving credit facility.
Cash provided by operating activities was $563 million, up nearly 160% over the prior year, primarily attributable to elevated metal prices realized through higher volumes of payable silver and gold ounces sold. Cash provided by operating activities was impacted by unfavorable working capital changes of approximately $28 million compared to the prior year, driven primarily by a $138 million increase (unfavorable) in accounts receivable due to elevated metal prices and timing of concentrate shipments. The increase was largely concentrated in the fourth quarter, which saw over a $65 million increase.
Capital investment was $252 million, an increase of $38 million compared to the prior year, with numerous capital projects planned in 2025 at the operating mines that were either completed or tracking well to schedule at year end. In addition, we invested in corporate projects in 2025 geared toward improving business planning and operations initiatives, with more investment planned in 2026.
Free cash flow was $310 million, compared to less than $4 million in the prior year, with the increase primarily due to higher cash flow from operations, partly offset by higher capital investment. 1
In thousands (except per ounce amounts)
4Q-2025
3Q-2025
2Q-2025
1Q-2025
4Q-2024
2025
2024
Operational Highlights
Silver production
Greens Creek, ounces
1,951,784
2,347,674
2,422,978
2,002,560
1,857,314
8,724,996
8,480,877
Lucky Friday, ounces
1,250,204
1,337,353
1,340,877
1,332,252
1,184,819
5,260,686
4,890,949
Keno Hill, ounces
597,020
898,328
750,712
772,430
597,293
3,018,490
2,773,873
Casa Berardi, ounces
4,597
6,921
5,943
5,152
6,188
22,613
24,231
Total, ounces
3,803,605
4,590,276
4,520,510
4,112,394
3,645,614
17,026,785
16,169,930
Gold production
Casa Berardi, ounces
17,472
25,070
28,145
20,473
20,534
91,160
86,648
Greens Creek, ounces
12,256
15,584
17,750
13,759
11,746
59,349
55,275
Total, ounces
29,728
40,654
45,895
34,232
32,280
150,509
141,923
Silver payable ounces sold
3,732,076
4,463,356
3,522,975
3,517,970
3,488,207
15,236,377
14,485,158
Gold payable ounces sold
30,683
41,038
37,333
29,655
33,563
138,709
132,442
Concentrate volumes produced and sold
Greens Creek
Silver concentrate produced, tons
14,896
17,180
17,985
15,541
15,775
65,602
61,253
Silver concentrate sold, tons
17,333
18,954
13,789
15,496
16,061
65,572
61,451
Zinc concentrate produced, tons
17,485
18,548
20,936
18,228
19,251
75,197
75,747
Zinc concentrate sold, tons
18,918
20,065
17,987
18,384
19,464
75,354
75,791
Precious metal concentrate produced, tons
5,571
6,379
8,316
7,515
8,537
27,781
30,085
Precious metal concentrate sold, tons
-
8,743
8,061
8,330
10,975
25,134
34,409
Lucky Friday
Silver concentrate produced, tons
12,283
13,796
13,212
12,934
13,442
52,225
47,077
Silver concentrate sold, tons
12,590
13,726
12,992
13,224
13,340
52,532
46,604
Zinc concentrate produced, tons
6,269
6,869
6,940
6,677
6,873
26,755
23,962
Zinc concentrate sold, tons
7,220
6,178
6,756
7,486
6,107
27,640
22,955
Keno Hill
Silver concentrate produced, tons
1,165
2,056
1,688
1,765
1,397
6,674
5,411
Silver concentrate sold, tons
2,380
2,380
1,614
1,217
1,096
7,591
5,089
Precious metals concentrate produced, tons
815
1,398
907
785
481
3,905
2,765
Precious metals concentrate sold, tons (a)
1,023
1,258
925
623
431
3,829
2,643
Cash Costs and AISC, each after by-product credits
Silver cash costs per ounce 2
$
(0.23
)
$
(2.03
)
$
(5.46
)
$
1.29
$
(0.27
)
$
(1.75
)
$
2.72
Silver AISC per ounce 3
$
18.11
$
11.01
$
5.19
$
11.91
$
11.51
$
11.28
$
13.06
Gold cash costs per ounce 2
$
2,272
$
1,582
$
1,578
$
2,195
$
1,936
$
1,851
$
1,762
Gold AISC per ounce 3
$
2,696
$
1,746
$
1,669
$
2,303
$
2,203
$
2,029
$
1,990
(a) Precious metals concentrates include intersegment sales to Greens Creek.
Consolidated silver production of 17.0 million ounces was over 5% higher than the prior year, with all three silver mines driving the annual increase.
Consolidated gold production of 151 thousand ounces was over 6% higher than the prior year, with both Casa Berardi and Greens Creek delivering higher gold production than the prior year.
Silver payable ounces sold of 15.2 million ounces, approximately 5% higher than the prior year.
Gold payable ounces sold of 139 thousand ounces, approximately 5% higher than the prior year.
Concentrate volumes produced and sold proved relatively unchanged on an annual basis. Shipment of a precious metals concentrate at Greens Creek was delayed to January 2026 and contributed to the inventory build at year end. Due to the elevated precious metal prices at year end, the balance of accounts receivable rose by nearly $143 million. This increase is solely tied to the increase in metal value of concentrate receivables as of December 31, 2025, with the majority of these funds collected in January and February 2026.
Consolidated silver total cost of sales was $556 million, an increase of $68 million (14%) over the prior year, primarily due to higher sales volumes sold. Depreciation, depletion and amortization expense increased $16 million for silver operations due primarily to higher sales volumes.
Silver cash costs and AISC per silver ounce, each after by-product credits, were ($1.75) and $11.28, respectively, lower versus the prior year, primarily due to higher ounces produced, $80 million higher by-product credits, mostly associated with Greens Creek, and $30 million lower treatment charges, partly offset by higher production costs, primarily at Lucky Friday, and higher general and administrative expense. Decrease in AISC year-over-year was partly offset by $29 million higher sustaining capital investment. 2,3
Gold total cost of sales for Casa Berardi decreased by nearly $17 million due primarily to a decrease in depreciation expense related to the underground mine. Gold sales volumes rose by nearly 4.6 thousand ounces due to higher production compared to the prior year.
Gold cash costs and AISC per gold ounce, each after by-product credits, were $1,851 and $2,029 respectively. Cash costs and AISC were higher compared to the prior year due to higher operating costs, with lower sustaining capital partly offsetting the rise in AISC. 2,3
DIVIDENDS
________________________________
Pursuant to the Company's dividend policy, the Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock payable on or about March 24, 2026, to stockholders of record on March 9, 2026.
Preferred Stock
The Board of Directors declared a quarterly cash dividend of $0.875 per share of Series B preferred stock, payable on or about April 1, 2026, to preferred stockholders of record on March 16, 2026.
2026 GUIDANCE 2,3
________________________________
In the tables below the Company provides production, cost, and capital guidance on a consolidated basis and by mine, as well as projected consolidated exploration and pre-development expenditures. 2026 guidance was previously disclosed in a production and cost guidance release dated January 26, 2026. All guidance items related to the silver mines (Greens Creek, Lucky Friday and Keno Hill) remain unchanged. Gold production guidance is changed for Casa Berardi, along with gold total cost of sales, cash costs and AISC per ounce (after by-product credits) 3,4 to reflect the sale currently expected to close in the first quarter 2026. Capital expenditure guidance and projected consolidated exploration and pre-development investment have been updated to reflect the planned sale of Casa Berardi.
2026 Production Outlook
Consolidated silver production is expected to be 15.1 - 16.5 million ounces.
Consolidated gold production is expected to be 65.0-72.0 thousand ounces, including 14.0-17.0 thousand ounces in the first quarter from Casa Berardi.
Silver Production (Moz)
Gold Production (Koz)
Greens Creek
7.5 - 8.1
51.0 - 55.0
Lucky Friday
4.7 - 5.2
N/A
Keno Hill
2.9 - 3.2
N/A
2026 Total
15.1 - 16.5
51.0 - 55.0
Gold Production (Koz)
Casa Berardi
14.0 - 17.0
2026 Cost Guidance
Total silver cash cost and AISC guidance per silver ounce (after by-product credits) is at ($1.50)-($1.25)/oz and $15.00-$16.25/oz respectively. 2,3 This guidance only incorporates Greens Creek and Lucky Friday, as Keno Hill does not meet our definition of commercial production with one of five criteria currently achieved (see page 67 in our 10-K filing for further details).
Casa Berardi guidance for total cost of sales (includes depreciation) is revised down to $49 million with the announced sale of Casa Berardi currently expected to close in the first quarter 2026. Cash cost and AISC (both after by-product credits) per gold ounce is revised to $2,350-$2,850 and $2,775-$3,375 respectively. 2,3
Metal Prices and FX rate assumptions. Expectations for 2026 include gold $4,000/oz, silver $50.00/oz, zinc $1.30/lb, and lead 0.90$/lb, for by-product credit calculations. Numbers are rounded. Assumed exchange rate for Canadian dollar is 1.35 CAD/USD, unchanged from the prior year.
Total costs of Sales (million)
Cash cost, after by-product credits, per silver ounce 2
AISC, after by-product credits, per produced silver ounce 3
Greens Creek
287.0
($9.00) - ($8.25)
$0.00 - $0.50
Lucky Friday
184.0
$10.25 - $11.00
$23.50 - $26.00
Total Silver
471.0
($1.50) - ($1.25)
$15.00 - $16.25
Total costs of Sales (million)
Cash cost, after by-product credits, per gold ounce 2
AISC, after by-product credits, per produced gold ounce 3
Casa Berardi
49.0
$2,350 - $2,850
$2,775 - $3,375
2026 Capital and Exploration Investment Guidance
Total capital (growth, sustaining and corporate) investment guidance is $216-$238 million for all four mines and corporate, with guidance for the three silver mines and corporate projects remaining unchanged at $204-$223 million from the January release.
Exploration and pre-development investments are expected to nearly double from the prior year to $55 million (inclusive of the $2.1 million associated with Casa Berardi), with the focus at Greens Creek, Keno Hill, Lucky Friday and Nevada (Midas, Hollister and Aurora) with the budget nearly tripling from that of 2025 for this region.
(millions)
Total
Sustaining
Growth
2026 Total Capital Investment
$204 - $223
$143 - $157
$61 - $66
Greens Creek
$66 - $71
$66 - $71
-
Lucky Friday
$68 - $73
$68 - $73
-
Keno Hill
$61 - $66
-
$61 - $66
Corporate
$9 - $13
$9 - $13
-
2026 Exploration & Pre-Development
$55
Casa Berardi
(millions)
Total
Sustaining
Growth
2026 Capital Investment
$12 - $15
$6 - $8
$6 - $7
2026 Exploration
$2.1
CONFERENCE CALL AND WEBCAST
________________________________
A conference call and webcast will be held on Wednesday, February 18, at 10:00 a.m. Eastern Time to discuss these results. The Company recommends that you dial in at least 10 minutes before the call commencement. You may join the conference call by dialing toll-free 1-800-715-9871 or for international dialing 1-646-307-1963. The Conference ID is 4812168 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/660148892 or www.hecla.com under Investors.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
NOTES
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.
(1) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital investment. Cash provided by operating activities for the Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi operations excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines’ operating performance. Capital investment refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases.
(2) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of total cost of sales, can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare performance with that of other silver mining companies. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(3) All-in sustaining cost ("AISC"), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.
Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(4) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income, the most comparable GAAP measurements, can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.
Cautionary Statement Regarding Forward Looking Statements, Including 2026 Outlook
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.
Such forward-looking statements may include, without limitation: (i) at Greens Creek, the dry stack tailings storage capacity expansion project is expected to provide storage capacity through 2045; (ii) at Lucky Friday, the surface cooling project is tracking for completion by mid-2026, and is to increase designed cooling capacity over reserve mine-life of fifteen years; (iii) at Keno Hill, the backfill plant construction was completed and is now being commissioned, and 2026 expected capital investment comprises mine development and infrastructure projects, including, a waste storage facility and water treatment plant; (iv) at Casa Berardi, 2026 capital investment guidance is revised down to $12-$15 million to reflect planned spending in the first quarter up to the expected closing of its sale; (v) at Polaris Exploration Project, the receipt of Finding of No Significant Impact ("FONSI") and Decision Notice from the U.S. Forest Service (“USFS”), clearing the way for exploration activities to commence in 2026; (vi) at Corporate level, we plan to invest more in corporate projects in 2026 geared toward improving business planning and operations initiatives; (vii) Company-wide and mine-specific estimated spending on capital, exploration and predevelopment for 2026; (viii) Company-wide and mine-specific estimated silver, gold, silver-equivalent and gold-equivalent ounces of production for 2026; (ix) metals prices and foreign exchange rate assumptions; (x) the sale of Casa Berardi is expected to close in the first quarter; and (xi) the Company is now well positioned to invest in value surfacing initiatives focused on its project pipeline.
The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to the availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; and (vi) litigation, political, regulatory, labor and environmental risks. For a more detailed discussion of such risks and other factors, see the Company's 2025 Form 10-Q filed on May 1, 2025, Form 10-Q filed on August 6, 2025, Form 10-Q filed on November 5, 2025, and 2025 Form 10-K expected to be filed on February 17, 2026 for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law.
Cautionary Statements to Investors on Reserves and Resources
This news release uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. The Company reports reserves and resources under the SEC’s mining disclosure rules (“S-K 1300”) and Canada’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) because the Company is a “reporting issuer” under Canadian securities laws. Unless otherwise indicated, all resource and reserve estimates contained in this press release have been prepared in accordance with S-K 1300 as well as NI 43-101.
Consolidated Statements of Operations
(dollars and shares in thousands, except per share amounts - unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2025
September 30, 2025
December 31, 2025
December 31, 2024
Sales
$
448,111
$
409,542
$
1,423,019
$
929,925
Cost of sales and other direct production costs
164,054
180,451
640,799
548,245
Depreciation, depletion and amortization
35,849
48,624
160,017
183,470
Total cost of sales
199,903
229,075
800,816
731,715
Gross profit
248,208
180,467
622,203
198,210
Other operating expenses:
General and administrative
19,215
13,872
57,626
45,405
Exploration and pre-development
4,881
9,554
27,745
27,321
Ramp-up and suspension costs
3,277
3,257
14,005
43,307
Provision for closed operations and environmental matters
4,965
1,268
7,867
6,843
Write-down of property, plant and equipment
—
—
—
14,574
Other operating income
(4,169
)
3,871
165
(45,516
)
28,169
31,822
107,408
91,934
Income from operations
220,039
148,645
514,795
106,276
Other expense:
Interest expense
(5,526
)
(13,405
)
(41,581
)
(49,834
)
Fair value adjustments, net
(18,412
)
17,625
12,455
(2,204
)
Foreign exchange (loss) gain
(2,196
)
305
(5,764
)
7,552
Other (expense) income, net
(5,612
)
2,433
(726
)
4,426
(31,746
)
6,958
(35,616
)
(40,060
)
Income before income and mining taxes
188,293
155,603
479,179
66,216
Income and mining tax provision
(53,884
)
(54,877
)
(157,467
)
(30,414
)
Net income
134,409
100,726
321,712
35,802
Preferred stock dividends
(138
)
(138
)
(552
)
(552
)
Net income applicable to common stockholders
$
134,271
$
100,588
$
321,160
$
35,250
Basic income per common share after preferred dividends
$
0.20
$
0.15
$
0.49
$
0.06
Diluted income per common share after preferred dividends
$
0.20
$
0.15
$
0.49
$
0.06
Weighted average number of common shares outstanding basic
669,874
669,194
651,965
620,848
Weighted average number of common shares outstanding diluted
673,797
671,938
655,768
622,535
HECLA MINING COMPANY
Consolidated Statements of Cash Flows
(dollars in thousands - unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2025
September 30, 2025
December 31, 2025
December 31, 2024
OPERATING ACTIVITIES
Net income
$
134,409
$
100,726
$
321,712
$
35,802
Non-cash elements included in net income:
Depreciation, depletion and amortization
39,107
49,377
165,570
190,471
Inventory adjustments
10,591
51
13,012
11,707
Fair value adjustments, net
18,412
(17,625
)
(12,455
)
2,204
Provision for reclamation and closure costs
5,834
1,986
11,635
9,370
Stock-based compensation
3,356
2,639
10,918
8,659
Deferred income taxes
46,456
44,502
130,467
19,688
Net foreign exchange loss (gain)
2,196
(305
)
5,764
(7,552
)
Write-down of property, plant and equipment
—
—
—
14,574
Other non-cash items, net
9,069
4,524
12,049
1,706
Change in assets and liabilities:
Accounts receivable
(65,408
)
(60,988
)
(136,835
)
(17,159
)
Inventories
(12,421
)
11,773
(21,469
)
(32,835
)
Other current and non-current assets
9,222
9,002
30,915
(12,517
)
Accounts payable, accrued and other current liabilities
3,571
(8,155
)
(765
)
(2,826
)
Accrued payroll and related benefits
11,171
3,378
22,372
6,739
Accrued taxes
5,348
9,624
16,978
2,817
Accrued reclamation and closure costs and other non-current liabilities
(3,858
)
(2,460
)
(7,230
)
(12,571
)
Net cash provided by operating activities
217,055
148,049
562,638
218,277
INVESTING ACTIVITIES
Additions to properties, plants, equipment and mineral interests
(82,346
)
(57,905
)
(252,389
)
(214,492
)
Proceeds from disposition of assets
20
586
734
1,694
Proceeds from sale or exchange of investments
24,391
—
28,087
—
Purchases of investments
(21,932
)
—
(21,932
)
(73
)
Purchase of silver puts
(25,000
)
—
(25,000
)
—
Net cash used in investing activities
(104,867
)
(57,319
)
(270,500
)
(212,871
)
FINANCING ACTIVITIES
Proceeds from issuance of stock, net
—
42,093
216,225
58,368
Acquisition of treasury shares
—
—
(885
)
(1,197
)
Borrowings of debt
—
20,000
153,000
279,000
Repayments of debt
—
(310,245
)
(427,245
)
(384,000
)
Dividends paid to common and preferred stockholders
(2,699
)
(2,653
)
(10,375
)
(25,331
)
Repayments of finance leases and other
(2,072
)
(2,423
)
(8,715
)
(10,664
)
Net cash used in financing activities
(4,771
)
(253,228
)
(77,995
)
(83,824
)
Effect of exchange rates on cash
233
(168
)
544
(1,076
)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
107,650
(162,666
)
214,687
(79,494
)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
135,082
297,748
28,045
107,539
Cash, cash equivalents and restricted cash and cash equivalents at end of period
$
242,732
$
135,082
$
242,732
$
28,045
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands - unaudited)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
241,558
$
26,868
Accounts receivable
187,340
49,053
Inventories
114,785
104,936
Other current assets
85,661
33,295
Total current assets
629,344
214,152
Investments
47,842
33,897
Restricted cash and cash equivalents
1,174
1,177
Properties, plants, equipment and mine development, net
2,840,827
2,694,119
Operating lease right-of-use assets
8,859
7,544
Other non-current assets
32,599
30,171
Total assets
3,560,645
$
2,981,060
LIABILITIES
Current liabilities:
Accounts payable and other current accrued liabilities
$
163,811
$
118,103
Current debt
—
33,617
Finance leases
7,173
8,169
Accrued reclamation and closure costs
13,795
13,748
Accrued interest
7,678
14,316
Other current liabilities
39,107
9,885
Total current liabilities
231,564
197,838
Accrued reclamation and closure costs
188,471
111,162
Long-term debt including finance leases
268,627
508,927
Deferred tax liability
246,425
110,266
Other non-current liabilities
33,912
13,353
Total liabilities
968,999
941,546
STOCKHOLDERS’ EQUITY
Preferred stock
39
39
Common stock
169,689
160,052
Capital surplus
2,643,211
2,418,149
Accumulated deficit
(182,143
)
(493,529
)
Accumulated other comprehensive loss, net
(3,334
)
(10,266
)
Treasury stock
(35,816
)
(34,931
)
Total stockholders’ equity
2,591,646
2,039,514
Total liabilities and stockholders’ equity
$
3,560,645
$
2,981,060
Common shares outstanding
679,220
640,548
Non-GAAP Measures
(Unaudited)
Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)
The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three months and years ended December 31, 2025 and 2024, and the three months ended September 30, 2025, June 30, 2025, and March 31, 2025 and an estimate for our silver operations for the twelve months ended December 31, 2026, and gold operation for the three months ended March 31, 2026.
Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as the Company reports them are the same as those reported by other mining companies.
Cash Cost, After By-product Credits, per Ounce is an important operating statistic that the Company utilizes to measure each mine's operating performance. The Company uses AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure the Company reports, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.
Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.
In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. The Company also uses these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.
The Casa Berardi information below reports Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce for the production of gold, their primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi. Only costs and ounces produced relating to units with the same primary product are combined to represent Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce. Thus, the gold produced at our Casa Berardi unit is not included as a by-product credit when calculating Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the total of Greens Creek and Lucky Friday, our combined silver properties. Similarly, the silver produced at our other two units is not included as a by-product credit when calculating the gold metrics for Casa Berardi. The Company has not disclosed cost per ounce statistics for the Keno Hill operation as it is in the production ramp-up phase and has not met our definition of commercial production. Determination of when those criteria have been met requires the use of judgment, and our definition of commercial production may differ from that of other mining companies.
In thousands (except per ounce amounts)
Three Months Ended December 31, 2025
Three Months Ended September 30, 2025
Twelve Months Ended December 31, 2025
Twelve Months Ended December 31, 2024
Greens Creek
Lucky Friday
Keno Hill (4)
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Keno Hill (4)
Corporate (2)
Total Silver
Greens
Creek
Lucky
Friday
Keno Hill (4)
Corporate (2)
Total Silver
Greens
Creek
Lucky
Friday
Keno Hill (4)
Corporate (2)
Total Silver
Total cost of sales
$79,963
$42,714
$18,729
$—
$141,406
$81,658
$44,641
$31,171
$—
$157,470
$290,180
$173,690
$91,652
$—
$555,522
$268,127
$144,485
$74,962
$—
$487,574
Depreciation, depletion and amortization
$(13,244)
(10,884)
(3,798)
—
(27,926)
(16,229)
(13,471)
(8,028)
—
(37,728)
$(55,959)
$(51,055)
$(19,769)
$—
(126,783)
(53,450)
(41,049)
(16,136)
—
(110,635)
Treatment costs
$242
2,283
—
—
2,525
(436)
2,434
-
—
1,998
$948
$9,734
$—
$—
10,682
26,266
14,456
—
—
40,722
Change in product inventory
$(4,485)
(338)
—
—
(4,823)
(5,106)
946
—
—
(4,160)
$(1,258)
$(6)
$—
$—
(1,264)
(5,858)
2,090
—
—
(3,768)
Reclamation and other costs
$(537)
(283)
—
—
(820)
(715)
(141)
—
—
(856)
$(1,502)
$(857)
$—
$—
(2,359)
(4,481)
(2,806)
—
—
(7,287)
Exclusion of Lucky Friday cash costs (5)
—
—
—
—
—
—
—
—
—
—
—
—
(3,634)
—
—
(3,634)
Exclusion of Keno Hill cash costs (4)
—
—
(14,931)
—
(14,931)
—
—
(23,143)
—
(23,143)
—
—
(71,883)
—
(71,883)
—
—
(58,826)
—
(58,826)
Cash Cost, Before By-product Credits (1)
61,939
33,492
—
—
95,431
59,172
34,409
—
—
93,581
232,409
131,506
—
—
363,915
230,604
113,542
—
—
344,146
Reclamation and other costs
757
195
—
—
952
758
195
—
953
3,029
$780
$—
$—
3,809
3,141
891
—
—
4,032
Sustaining capital
17,516
19,693
—
1,342
38,551
13,210
18,484
—
1,528
33,222
46,362
$69,316
—
5,165
120,843
45,214
44,864
—
1,532
91,610
Exclusion of Lucky Friday sustaining costs (5)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(5,396)
—
—
(5,396)
General and administrative
—
—
—
19,215
19,215
—
—
—
13,872
13,872
—
—
—
57,626
57,626
—
—
—
45,405
45,405
AISC, Before By-product Credits (1)
80,212
53,380
—
20,557
154,149
73,140
53,088
—
15,400
141,628
281,800
201,602
—
62,791
546,193
278,959
153,901
—
46,937
479,797
By-product credits:
—
Zinc
(23,715)
(7,666)
—
—
(31,381)
(22,894)
(7,203)
—
—
(30,097)
(93,495)
(28,939)
—
—
(122,434)
(89,088)
(26,244)
—
—
(115,332)
Gold
(44,708)
—
—
—
(44,708)
(48,618)
—
—
—
(48,618)
(180,497)
—
—
—
(180,497)
(115,189)
—
—
—
(115,189)
Lead
(5,592)
(13,549)
—
—
(19,141)
(6,670)
(14,736)
—
—
(21,406)
(24,963)
(57,036)
—
—
(81,999)
(26,374)
(55,042)
—
—
(81,416)
Copper
(938)
—
—
—
(938)
(927)
—
—
—
(927)
(3,465)
—
—
—
(3,465)
(409)
—
—
—
(409)
Exclusion of Lucky Friday byproduct credits (5)
—
—
—
—
—
—
—
—
—
—
—
—
3,943
—
—
3,943
Total By-product credits
(74,953)
(21,215)
—
—
(96,168)
(79,109)
(21,939)
—
—
(101,048)
(302,420)
(85,975)
—
—
(388,395)
(231,060)
(77,343)
—
—
(308,403)
Cash Cost, After By-product Credits
$(13,014)
$12,277
$—
$—
$(737)
$(19,937)
$12,470
$—
$—
$(7,467)
$(70,011)
$45,531
$—
$—
$(24,480)
$(456)
$36,199
$—
$—
$35,743
AISC, After By-product Credits
$5,259
$32,165
$—
$20,557
$57,981
$(5,969)
$31,149
$—
$15,400
$40,580
$(20,620)
$115,627
$—
$62,791
$157,798
$47,899
$76,558
$—
$46,937
$171,394
Ounces produced
1,952
1,250
3,202
2,348
1,337
3,685
8,725
5,261
13,986
8,481
4,891
13,372
Exclusion of Lucky Friday ounces produced (5)
—
—
—
—
—
—
—
—
—
—
(253)
(253)
Divided by ounces produced
1,952
1,250
3,202
2,348
1,337
3,685
8,725
5,261
13,986
8,481
4,638
13,119
Cash Cost, Before By-product Credits, per Silver Ounce
$31.73
$26.79
$29.80
$25.20
$25.73
$25.39
$26.64
$25.00
$26.02
$27.19
$24.48
$26.23
By-product credits per ounce
(38.40)
(16.97)
(30.03)
(33.70)
(16.40)
(27.42)
(34.66)
(16.34)
(27.77)
(27.24)
(16.68)
(23.51)
Cash Cost, After By-product Credits, per Silver Ounce
$(6.67)
$9.82
$(0.23)
$(8.50)
$9.33
$(2.03)
$(8.02)
$8.66
$(1.75)
$(0.05)
$7.80
$2.72
AISC, Before By-product Credits, per Silver Ounce
$41.10
$42.70
$48.14
$31.15
$39.70
$38.43
$32.30
$38.32
$39.05
$32.89
$33.18
$36.57
By-product credits per ounce
(38.40)
(16.97)
(30.03)
(33.70)
(16.40)
(27.42)
(34.66)
(16.34)
(27.77)
(27.24)
(16.68)
(23.51)
AISC, After By-product Credits, per Silver Ounce
$2.70
$25.73
$18.11
$(2.55)
$23.30
$11.01
$(2.36)
$21.98
$11.28
$5.65
$16.50
$13.06
In thousands (except per ounce amounts)
Three Months Ended December 31, 2025
Three Months Ended September 30, 2025
Twelve Months Ended December 31, 2025
4Twelve Months Ended December 31, 2024
Casa Berardi
Other (3)
Total Gold and Other
Casa Berardi
Other (3)
Total Gold and Other
Casa Berardi
Other (3)
Total Gold and Other
Casa Berardi
Other (3)
Total Gold and Other
Total cost of sales
$49,826
$8,671
$58,497
$55,422
$16,183
$71,605
$206,720
$38,574
$245,294
$223,614
$20,527
$244,141
Depreciation, depletion and amortization
(7,923)
—
(7,923)
(10,896)
—
(10,896)
(33,234)
—
(33,234)
(72,835)
—
(72,835)
Treatment costs
40
—
40
40
—
40
169
—
169
153
—
153
Change in product inventory
(1,677)
—
(1,677)
(4,293)
—
(4,293)
(2,774)
—
(2,774)
3,269
—
3,269
Reclamation and other costs
(321)
—
(321)
(326)
—
(326)
(1,283)
—
(1,283)
(823)
—
(823)
Exclusion of Other costs
—
(8,671)
(8,671)
—
(16,183)
(16,183)
—
(38,574)
(38,574)
—
(20,527)
(20,527)
Cash Cost, Before By-product Credits (1)
39,945
—
39,945
39,947
—
39,947
169,598
169,598
153,378
—
153,378
Reclamation and other costs
321
—
321
326
—
326
1,283
—
1,283
823
—
823
Sustaining capital
7,085
—
7,085
3,774
—
3,774
14,995
—
14,995
18,963
—
18,963
AISC, Before By-product Credits (1)
47,351
—
47,351
44,047
—
44,047
185,876
—
185,876
173,164
—
173,164
By-product credits:
0
Silver
(248)
—
(248)
(273)
—
(273)
(888)
—
(888)
(683)
—
(683)
Total By-product credits
(248)
—
(248)
(273)
—
(273)
(888)
—
(888)
(683)
—
(683)
Cash Cost, After By-product Credits
$39,697
$—
$39,697
$39,674
$—
$39,674
$168,710
$—
$168,710
$152,695
$—
$152,695
AISC, After By-product Credits
$47,103
$—
$47,103
$43,774
$—
$43,774
$184,988
$—
$184,988
$172,481
$—
$172,481
Divided by gold ounces produced
17
—
17
25
—
25
91
—
91
87
—
87
Cash Cost, Before By-product Credits, per Gold Ounce
$2,286
$—
$2,286
$1,593
$—
$1,593
$1,861
$1,861
$1,770
$—
$1,770
By-product credits per ounce
(14)
—
(14)
(11)
—
(11)
(10)
(10)
(8)
—
(8)
Cash Cost, After By-product Credits, per Gold Ounce
$2,272
$—
$2,272
$1,582
$—
$1,582
$1,851
$1,851
$1,762
$—
$1,762
AISC, Before By-product Credits, per Gold Ounce
$2,710
$—
$2,710
$1,757
$—
$1,757
$2,039
$2,039
$1,998
$—
$1,998
By-product credits per ounce
(14)
—
(14)
(11)
—
(11)
(10)
(10)
(8)
—
(8)
AISC, After By-product Credits, per Gold Ounce
$2,696
$—
$2,696
$1,746
$—
$1,746
$2,029
$2,029
$1,990
$—
$1,990
In thousands (except per ounce amounts)
Three Months Ended December 31, 2025
Three Months Ended September 30, 2025
Twelve Months Ended December 31, 2025
Twelve Months Ended December 31, 2024
Total Silver
Total Gold and Other
Total
Total Silver
Total Gold and Other
Total
Total Silver
Total Gold and Other
Total
Total Silver
Total Gold and Other
Total
Total cost of sales
$
141,406
$
58,497
$
199,903
$
157,470
$
71,605
$
229,075
$
555,522
$
245,294
$
800,816
$
487,574
$
244,141
$
731,715
Depreciation, depletion and amortization
(27,926
)
(7,923
)
(35,849
)
(37,728
)
(10,896
)
(48,624
)
(126,783
)
(33,234
)
(160,017
)
(110,635
)
(72,835
)
(183,470
)
Treatment costs
2,525
40
2,565
1,998
40
2,038
10,682
169
10,851
40,722
153
40,875
Change in product inventory
(4,823
)
(1,677
)
(6,500
)
(4,160
)
(4,293
)
(8,453
)
(1,264
)
(2,774
)
(4,038
)
(3,768
)
3,269
(499
)
Reclamation and other costs
(820
)
(321
)
(1,141
)
(856
)
(326
)
(1,182
)
(2,359
)
(1,283
)
(3,642
)
(7,287
)
(823
)
(8,110
)
Exclusion of Lucky Friday cash costs (5)
—
—
—
—
—
—
—
—
—
(3,634
)
—
(3,634
)
Exclusion of Keno Hill cash costs (4)
(14,931
)
—
(14,931
)
(23,143
)
—
(23,143
)
(71,883
)
—
(71,883
)
(58,826
)
—
(58,826
)
Exclusion of Other costs
—
(8,671
)
(8,671
)
—
(16,183
)
(16,183
)
—
(38,574
)
(38,574
)
—
(20,527
)
(20,527
)
Cash Cost, Before By-product Credits (1)
95,431
39,945
135,376
93,581
39,947
133,528
363,915
169,598
533,513
344,146
153,378
497,524
Reclamation and other costs
952
321
1,273
953
326
1,279
3,809
1,283
5,092
4,032
823
4,855
Sustaining capital
38,551
7,085
45,636
33,222
3,774
36,996
120,843
14,995
135,838
91,610
18,963
110,573
Exclusion of Lucky Friday sustaining costs (5)
—
—
—
—
—
—
—
—
—
(5,396
)
—
(5,396
)
General and administrative
19,215
—
19,215
13,872
—
13,872
57,626
—
57,626
45,405
—
45,405
AISC, Before By-product Credits (1)
154,149
47,351
201,500
141,628
44,047
185,675
546,193
185,876
732,069
479,797
173,164
652,961
By-product credits:
Zinc
(31,381
)
—
(31,381
)
(30,097
)
—
(30,097
)
(122,434
)
—
(122,434
)
(115,332
)
—
(115,332
)
Gold
(44,708
)
—
(44,708
)
(48,618
)
—
(48,618
)
(180,497
)
—
(180,497
)
(115,189
)
—
(115,189
)
Lead
(19,141
)
—
(19,141
)
(21,406
)
—
(21,406
)
(81,999
)
—
(81,999
)
(81,416
)
—
(81,416
)
Silver
—
(248
)
(248
)
—
(273
)
(273
)
—
(888
)
(888
)
—
(683
)
(683
)
Copper
(938
)
—
(938
)
(927
)
—
(927
)
(3,465
)
—
(3,465
)
(409
)
—
(409
)
Exclusion of Lucky Friday by-product credits (5)
—
—
—
—
—
—
—
—
—
3,943
—
3,943
Total By-product credits
(96,168
)
(248
)
(96,416
)
(101,048
)
(273
)
(101,321
)
(388,395
)
(888
)
(389,283
)
(308,403
)
(683
)
(309,086
)
Cash Cost, After By-product Credits
$
(737
)
$
39,697
$
38,960
$
(7,467
)
$
39,674
$
32,207
$
(24,480
)
$
168,710
$
144,230
$
35,743
$
152,695
$
188,438
AISC, After By-product Credits
$
57,981
$
47,103
$
105,084
$
40,580
$
43,774
$
84,354
$
157,798
$
184,988
$
342,786
$
171,394
$
172,481
$
343,875
Ounces produced
3,202
17
3,685
25
13,986
91
13,372
86,648
Exclusion of Lucky Friday ounces produced (5)
—
—
—
—
—
—
(253
)
—
Divided by ounces produced
3,202
17
3,685
25
13,986
91
13,119
87
Cash Cost, Before By-product Credits, per Ounce
$
29.80
$
2,286
$
25.39
$
1,593
$
26.02
$
1,861
$
26.23
$
1,770
By-product credits per ounce
(30.03
)
(14
)
(27.42
)
(11
)
(27.77
)
(10
)
(23.51
)
(8
)
Cash Cost, After By-product Credits, per Ounce
$
(0.23
)
$
2,272
$
(2.03
)
$
1,582
$
(1.75
)
$
1,851
$
2.72
$
1,762
AISC, Before By-product Credits, per Ounce
$
48.14
$
2,710
$
38.43
$
1,757
$
39.05
$
2,039
$
36.57
$
1,998
By-product credits per ounce
(30.03
)
(14
)
(27.42
)
(11
)
(27.77
)
(10
)
(23.51
)
(8
)
AISC, After By-product Credits, per Ounce
$
18.11
2,696
$
11.01
1,746
$
11.28
2,029
$
13.06
1,990
In thousands (except per ounce amounts)
Three Months Ended June 30, 2025
Three Months Ended March 31, 2025
Three Months Ended December 31, 2024
Greens Creek
Lucky Friday
Keno Hill (4)
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Keno Hill (4)
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Keno Hill (4)
Corporate (2)
Total Silver
Total cost of sales
$
58,921
$
42,286
$
25,881
$
—
$
127,088
$
69,638
$
44,049
$
15,871
$
—
$
129,558
$
67,887
$
40,157
$
15,356
$
—
$
123,400
Depreciation, depletion and amortization
(12,897
)
(13,275
)
(5,141
)
—
(31,313
)
(13,589
)
(13,425
)
(2,802
)
—
(29,816
)
(13,743
)
(11,749
)
(3,587
)
—
(29,079
)
Treatment costs
(1,001
)
1,054
—
—
53
2,143
3,963
—
—
6,106
4,511
4,837
—
—
9,348
Change in product inventory
9,234
225
—
—
9,459
(901
)
(839
)
—
—
(1,740
)
(2,833
)
1,488
—
—
(1,345
)
Reclamation and other costs
57
(160
)
—
—
(103
)
(307
)
(273
)
—
—
(580
)
(1,119
)
(2,152
)
—
—
(3,271
)
Exclusion of Keno Hill cash costs (4)
—
—
(20,740
)
—
(20,740
)
—
—
(13,069
)
—
(13,069
)
—
—
(11,769
)
—
(11,769
)
Cash Cost, Before By-product Credits (1)
54,314
30,130
—
—
84,444
56,984
33,475
—
—
90,459
54,703
32,581
—
—
87,284
Reclamation and other costs
757
195
—
—
952
757
195
—
—
952
785
183
—
968
Sustaining capital
8,268
17,069
—
1,270
26,607
7,368
14,070
—
1,025
22,463
15,329
12,434
389
28,152
General and administrative
—
—
—
12,540
12,540
—
—
—
11,999
11,999
—
—
9,048
9,048
AISC, Before By-product Credits (1)
63,339
47,394
—
13,810
124,543
65,109
47,740
—
13,024
125,873
70,817
45,198
—
9,437
125,452
By-product credits:
Zinc
(23,512
)
(7,120
)
—
—
(30,632
)
(23,374
)
(6,950
)
—
—
(30,324
)
(24,883
)
(7,707
)
—
—
(32,590
)
Gold
(52,194
)
—
—
—
(52,194
)
(34,977
)
—
—
—
(34,977
)
(34,363
)
—
—
—
(34,363
)
Lead
(6,610
)
(14,708
)
—
—
(21,318
)
(6,091
)
(14,043
)
—
—
(20,134
)
(6,605
)
(14,610
)
—
—
(21,215
)
Copper
(871
)
—
—
—
(871
)
(729
)
—
—
—
(729
)
—
—
—
—
—
Total By-product credits
(83,187
)
(21,828
)
—
—
(105,015
)
(65,171
)
(20,993
)
—
—
(86,164
)
(65,851
)
(22,317
)
—
—
(88,168
)
Cash Cost, After By-product Credits
$
(28,873
)
$
8,302
$
—
$
—
$
(20,571
)
$
(8,187
)
$
12,482
$
—
$
—
$
4,295
$
(11,148
)
$
10,264
$
—
$
—
$
(884
)
AISC, After By-product Credits
$
(19,848
)
$
25,566
$
—
$
13,810
$
19,528
$
(62
)
$
26,747
$
—
$
13,024
$
39,709
$
4,966
$
22,881
$
—
$
9,437
$
37,284
Divided by silver ounces produced
2,423
1,341
3,764
2,003
1,332
3,335
1,902
1,337
3,239
Cash Cost, Before By-product Credits, per Silver Ounce
$
22.42
$
22.47
$
22.44
$
28.46
$
25.13
$
27.13
$
28.76
$
24.37
$
26.95
By-product credits per ounce
(34.33
)
(16.28
)
(27.90
)
(32.54
)
(15.76
)
(25.84
)
(34.62
)
(16.69
)
(27.22
)
Cash Cost, After By-product Credits, per Silver Ounce
$
(11.91
)
$
6.19
$
(5.46
)
$
(4.08
)
$
9.37
$
1.29
$
(5.86
)
$
7.68
$
(0.27
)
AISC, Before By-product Credits, per Silver Ounce
$
26.14
$
35.35
$
33.09
$
32.51
$
35.84
$
37.75
$
37.24
$
33.81
$
38.73
By-product credits per ounce
(34.33
)
(16.28
)
(27.90
)
(32.54
)
(15.76
)
(25.84
)
(34.62
)
(16.69
)
(27.22
)
AISC, After By-product Credits, per Silver Ounce
$
(8.19
)
$
19.07
$
5.19
$
(0.03
)
$
20.08
$
11.91
$
2.62
$
17.12
$
11.51
In thousands (except per ounce amounts)
Three Months Ended June 30, 2025
Three Months Ended March 31, 2025
Three Months Ended December 31, 2024
Casa Berardi
Other (3)
Total Gold and Other
Casa Berardi
Other (3)
Total Gold and Other
Casa Berardi
Other (3)
Total Gold and Other
Total cost of sales
$
50,790
$
6,625
$
57,415
$
50,682
$
7,095
$
57,777
$
51,734
$
6,187
$
57,921
Depreciation, depletion and amortization
(5,846
)
(5,846
)
(8,569
)
(8,569
)
(10,777
)
(10,777
)
Treatment costs
44
44
45
45
41
41
Change in product inventory
(62
)
(62
)
3,258
3,258
(96
)
(96
)
Reclamation and other costs
(324
)
(324
)
(312
)
(312
)
(201
)
(201
)
Exclusion of Other costs
—
(6,625
)
(6,625
)
(7,095
)
(7,095
)
—
(6,187
)
(6,187
)
Cash Cost, Before By-product Credits (1)
44,602
—
44,602
45,104
—
45,104
40,701
—
40,701
Reclamation and other costs
324
—
324
312
—
312
201
—
201
Sustaining capital
2,242
—
2,242
1,894
—
1,894
5,381
—
5,381
AISC, Before By-product Credits (1)
47,168
—
47,168
47,310
—
47,310
46,283
—
46,283
By-product credits:
Silver
(202
)
—
(202
)
(165
)
—
(165
)
(194
)
—
(194
)
Total By-product credits
(165
)
—
(165
)
(194
)
—
(194
)
Cash Cost, After By-product Credits
$
44,400
$
44,400
$
44,939
$
—
$
44,939
$
40,507
$
—
$
40,507
AISC, After By-product Credits
$
46,966
$
—
$
46,966
$
47,145
$
—
$
47,145
$
46,089
$
—
$
46,089
Divided by gold ounces produced
28
—
28
20
—
20
21
—
21
Cash Cost, Before By-product Credits, per Gold Ounce
$
1,585
$
—
1,585
$
2,203
$
—
$
2,203
$
1,945
$
—
$
1,945
By-product credits per ounce
(7
)
—
(7
)
(8
)
—
(8
)
(9
)
—
(9
)
Cash Cost, After By-product Credits, per Gold Ounce
$
1,578
$
1,578
$
2,195
$
—
$
2,195
$
1,936
$
—
$
1,936
AISC, Before By-product Credits, per Gold Ounce
$
1,676
$
—
$
1,676
$
2,311
$
—
$
2,311
$
2,212
$
—
$
2,212
By-product credits per ounce
(7
)
—
(7
)
(8
)
—
(8
)
(9
)
—
(9
)
AISC, After By-product Credits, per Gold Ounce
$
1,669
$
—
$
1,669
$
2,303
$
—
$
2,303
$
2,203
$
—
$
2,203
In thousands (except per ounce amounts)
Three Months Ended June 30, 2025
Three Months Ended March 31, 2025
Three Months Ended December 31, 2024
Total Silver
Total Gold and Other
Total
Total Silver
Total Gold and Other
Total
Total Silver
Total Gold and Other
Total
Total cost of sales
$
127,088
$
57,415
$
184,503
$
129,558
$
57,777
$
187,335
$
123,400
$
57,921
$
181,321
Depreciation, depletion and amortization
(31,313
)
(5,846
)
(37,159
)
(29,816
)
(8,569
)
(38,385
)
(29,079
)
(10,777
)
(39,856
)
Treatment costs
53
44
97
6,106
45
6,151
9,348
41
9,389
Change in product inventory
9,459
(62
)
9,397
(1,740
)
3,258
1,518
(1,345
)
(96
)
(1,441
)
Reclamation and other costs
(103
)
(324
)
(427
)
(580
)
(312
)
(892
)
(3,271
)
(201
)
(3,472
)
Exclusion of Keno Hill cash costs
(20,740
)
—
(20,740
)
(13,069
)
—
(13,069
)
(11,769
)
—
(11,769
)
Exclusion of Other costs
—
(6,625
)
(6,625
)
—
(7,095
)
(7,095
)
—
(6,187
)
(6,187
)
Cash Cost, Before By-product Credits (1)
84,444
44,602
129,046
90,459
45,104
135,563
87,284
40,701
127,985
Reclamation and other costs
952
324
1,276
952
312
1,264
968
201
1,169
Sustaining capital
26,607
2,242
28,849
22,463
1,894
24,357
28,152
5,381
33,533
General and administrative
12,540
—
12,540
11,999
—
11,999
9,048
—
9,048
AISC, Before By-product Credits (1)
124,543
47,168
171,711
125,873
47,310
173,183
125,452
46,283
171,735
By-product credits:
Zinc
(30,632
)
—
(30,632
)
(30,324
)
—
(30,324
)
(32,590
)
—
(32,590
)
Gold
(52,194
)
—
(52,194
)
(34,977
)
—
(34,977
)
(34,363
)
—
(34,363
)
Lead
(21,318
)
—
(21,318
)
(20,134
)
—
(20,134
)
(21,215
)
—
(21,215
)
Copper
(871
)
—
(871
)
(729
)
—
(729
)
—
—
—
Silver
—
(202
)
(202
)
—
(165
)
(165
)
—
(194
)
(194
)
Total By-product credits
(105,015
)
(202
)
(105,217
)
(86,164
)
(165
)
(86,329
)
(88,168
)
(194
)
(88,362
)
Cash Cost, After By-product Credits
$
(20,571
)
$
44,400
$
23,829
$
4,295
$
44,939
$
49,234
$
(884
)
$
40,507
$
39,623
AISC, After By-product Credits
$
19,528
$
46,966
$
66,494
$
39,709
$
47,145
$
86,854
$
37,284
$
46,089
$
83,373
Divided by ounces produced
3,764
28
3,335
20
3,239
21
Cash Cost, Before By-product Credits, per Ounce
$
22.44
$
1,585
$
27.13
2,203
$
26.95
$
1,945
By-product credits per ounce
(27.90
)
(7
)
(25.84
)
(8
)
(27.22
)
(9
)
Cash Cost, After By-product Credits, per Ounce
$
(5.46
)
$
1,578
$
1.29
$
2,195
$
(0.27
)
$
1,936
AISC, Before By-product Credits, per Ounce
$
33.09
$
1,676
$
37.75
$
2,311
$
38.73
$
2,212
By-product credits per ounce
(27.90
)
(7
)
(25.84
)
(8
)
(27.22
)
(9
)
AISC, After By-product Credits, per Ounce
$
5.19
$
1,669
$
11.91
$
2,303
$
11.51
$
2,203
(1)
Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.
(2)
AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.
(3)
Other includes total cost of sales related to the Company's environmental remediation services business.
(4)
Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.
(5)
Lucky Friday operations were suspended in August 2023 following the underground fire in the #2 shaft secondary egress. The portion of cash costs, sustaining costs, by-product credits, and silver production incurred since the suspension are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.
2026 Guidance, Previous and Current Estimates: Reconciliation of Cost of Sales to Non-GAAP Measures
In thousands (except per ounce amounts)
Estimate for Twelve Months Ended December 31, 2026
Greens Creek
Lucky Friday
Corporate (3)
Total Silver
Total cost of sales
$286,300
$183,600
$—
$469,900
Depreciation, depletion and amortization
(56,100)
(51,600)
—
(107,700)
Treatment costs
17,800
7,900
—
25,700
Change in product inventory
—
—
—
—
Other costs
(1,500)
1,600
—
100
Cash Cost, Before By-product Credits (1)
246,500
141,500
—
388,000
Reclamation and other costs
3,000
1,000
—
4,000
Sustaining capital
67,400
69,400
11,000
147,800
General and administrative
—
—
63,400
63,400
AISC, Before By-product Credits (1)
316,900
211,900
74,400
603,200
By-product credits:
Zinc
(95,800)
(30,500)
—
(126,300)
Gold
(192,200)
—
—
(192,200)
Lead
(24,700)
(59,200)
—
(83,900)
Copper
(2,300)
—
—
(2,300)
Silver
—
—
—
—
Total By-product credits
(315,000)
(89,700)
—
(404,700)
Cash Cost, After By-product Credits
$(68,500)
$51,800
$—
$(16,700)
AISC, After By-product Credits
$1,900
$122,200
$74,400
$198,500
Divided by silver ounces produced
7,800
4,950
12,750
Cash Cost, Before By-product Credits, per Silver Ounce
$31.60
$28.59
$30.43
By-product credits per silver ounce
(40.38)
(18.12)
(31.74)
Cash Cost, After By-product Credits, per Silver Ounce
$(8.78)
$10.47
$(1.31)
AISC, Before By-product Credits, per Silver Ounce
$40.63
$42.81
$47.31
By-product credits per silver ounce
(40.38)
(18.12)
(31.74)
AISC, After By-product Credits, per Silver Ounce
$0.25
$24.69
$15.57
In thousands (except per ounce amounts)
Estimate for Three Months Ended March 31, 2026
Casa Berardi
Total Gold
Total cost of sales
$49,000
$49,000
Depreciation, depletion and amortization
(8,400)
(8,400)
Treatment costs
—
—
Change in product inventory
—
—
Other costs
(400)
(400)
Cash Cost, Before By-product Credits (1)
40,200
40,200
Reclamation and other costs
300
300
Sustaining capital
6,800
6,800
AISC, Before By-product Credits (1)
47,300
47,300
By-product credits:
Silver
(300)
(300)
Total By-product credits
(300)
(300)
Cash Cost, After By-product Credits
$39,900
$39,900
AISC, After By-product Credits
$47,000
$47,000
Divided by gold ounces produced
15.5
15.5
Cash Cost, Before By-product Credits, per Gold Ounce
$2,594
$2,594
By-product credits per gold ounce
(19)
(19)
Cash Cost, After By-product Credits, per Gold Ounce
$2,575
$2,575
AISC, Before By-product Credits, per Gold Ounce
$3,052
$3,052
By-product credits per gold ounce
(19)
(19)
AISC, After By-product Credits, per Gold Ounce
$3,033
$3,033
(1)
Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.
(2)
AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital.
Reconciliation of Net Income (GAAP) and Debt (GAAP) to Adjusted EBITDA (non-GAAP) and Net Debt (non-GAAP)
This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which is a measure of our operating performance, and net debt to adjusted EBITDA for the last 12 months (or "LTM adjusted EBITDA"), which is a measure of our ability to service our debt. Adjusted EBITDA is calculated as net income before the following items: interest expense, income and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of assets, foreign exchange gains and losses, write down of property, plant and equipment, fair value adjustments, net, interest and other income, provisions for closed operations and environmental matters, stock-based compensation, provisional price gains, monetization of zinc and lead hedges and inventory adjustments. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net income and debt to adjusted EBITDA and net debt:
Dollars are in thousands
4Q-2025
3Q-2025
2Q-2025
1Q-2025
4Q-2024
FY 2025
FY 2024
Net income
134,409
$
100,726
$
57,705
$
28,872
$
11,924
321,712
$
35,802
Interest expense
5,526
13,405
11,099
11,551
13,784
41,581
49,834
Income and mining tax provision (benefit)
53,884
54,877
32,561
16,145
8,069
157,467
30,414
Depreciation, depletion and amortization
39,107
49,377
37,914
39,172
41,206
165,570
190,471
Ramp-up and suspension costs
2,060
2,003
2,421
2,135
7,492
8,619
33,985
(Gain) loss on disposition of properties, plants, equipment, and mineral interests
6
2,706
(2,077
)
211
(86
)
846
(1,244
)
Foreign exchange loss (gain)
2,196
(305
)
3,517
356
(4,143
)
5,764
(7,552
)
Write down of property, plant and equipment
—
—
—
—
110
—
14,574
Fair value adjustments, net
18,412
(17,625
)
(9,615
)
(3,627
)
9,008
(12,455
)
2,204
Provisional price (gains) losses
(28,993
)
(10,903
)
(4,150
)
(6,916
)
(3,330
)
(50,962
)
(22,880
)
Provision for closed operations and environmental matters
4,965
1,268
844
790
3,162
7,867
6,843
Stock-based compensation
3,356
2,639
2,987
1,936
2,258
10,918
8,659
Inventory adjustments
10,591
51
812
1,558
1,633
13,012
11,707
Monetization of zinc and lead hedges
(72
)
(91
)
(44
)
(454
)
(4,025
)
(661
)
(10,483
)
Other
5,611
(2,433
)
(1,511
)
(941
)
(504
)
726
(4,425
)
Adjusted EBITDA
$
251,058
$
195,695
$
132,463
$
90,788
$
86,558
$
670,004
$
337,909
Total debt
275,800
$
550,713
Less: Cash and cash equivalents
241,558
26,868
Net debt
$
34,242
$
523,845
Net debt/LTM adjusted EBITDA (non-GAAP)
0.1
1.6
Reconciliation of Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)
This release refers to a non-GAAP measure of free cash flow, calculated as cash provided by operating activities, less additions to properties, plants, equipment and mine development. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities to free cash flow:
Dollars are in thousands
Three Months Ended
December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Cash provided by operating activities
$
217,055
$
67,470
$
562,638
$
218,277
Less: Capital investment
(82,346
)
(60,784
)
(252,389
)
(214,492
)
Free cash flow
$
134,709
$
6,686
$
310,249
$
3,785
Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants, equipment and mine development. Cash provided by operating activities for our silver operations, the Greens Creek and Lucky Friday operating segments, excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines’ operating performance.
Dollars are in thousands
Total Silver Operations
Years Ended
December 31,
2025
2024
2023
2022
Cash provided by operating activities
$
1,156,320
$
435,142
$
317,861
$
214,883
$
188,434
Exploration
$
30,222
$
8,471
$
8,016
$
7,815
$
5,920
Less: Capital investment
$
(421,706
)
$
(127,550
)
$
(97,387
)
$
(108,879
)
$
(87,890
)
Free cash flow
$
764,836
$
316,063
$
228,490
$
113,819
$
106,464