Hecla Mining Company
Hecla Mining Company is a U.S.-based precious and base metals miner that discovers, acquires, develops, and operates mines in North America. It produces and markets silver, gold, lead, zinc, and copper concentrates, as well as carbon material and doré, primarily from Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueConcentrates containing silver, gold, lead, zinc and copper produced from operating mines.
Unrefined doré and carbon material containing silver and gold sold for further refining.
Pass-through remediation work performed in the Yukon mining district for the Canadian government.
Mine development, permitting, and pre-production investment across existing districts and new projects.
Products
Reported · share of revenue- Silver Contracts48.0 %
- Gold33.7 %
- Zinc9.2 %
- Lead6.4 %
- Environmental Remediation Services2.7 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Hecla sells mainly to custom smelters, metal traders, and third-party processors, while doré is sold to refiners before the metals are resold. Revenue is concentrated among a small number of customers because only a limited set of smelters can process its concentrate blends efficiently. The company also performs remediation work for the Canadian government in Yukon, which is a separate, low-margin service relationship.
Buy silver, gold, lead, zinc and copper concentrates under benchmark contracts because they have the processing capacity Hecla needs.
Buy spot-market concentrate volumes and refined metal streams to capture pricing and arbitrage opportunities.
Purchase doré for further refining into saleable precious metals.
Funds environmental remediation services in the Yukon Territory through reimbursable work programs.
Strategy
Hecla is focused on operating its mines safely and cost-effectively while improving standardized systems, capital discipline, and free cash flow generation. The company is also optimizing its portfolio through strategic reviews, reserve expansion, and selective investment in higher-return projects, including Keno Hill ramp-up and permitting at Libby.
Lower unit costs and improve reliability across a geographically dispersed mine portfolio.
Focus capital on the highest risk-adjusted return assets and reduce exposure to lower-conviction operations.
Mining is depleting; reserve replacement is required to sustain production and valuation.
Turning the asset profitable improves portfolio quality and supports silver growth.
Geography
Hecla’s operating footprint is concentrated in the U.S. and Canada, with mines and projects in Alaska, Idaho, Nevada, Montana, Washington, and the Yukon Territory, plus Casa Berardi in Quebec. Management emphasizes these stable jurisdictions as a strategic advantage because they reduce political risk and support long-life mine planning, permitting, and infrastructure investment.
Risks
Hecla is highly exposed to volatile silver, gold and base metal prices, and its revenues depend on a relatively small number of smelter and trader customers. Operational, permitting, reclamation and acquisition risks are material because the business depends on successful mine development, reserve replacement, and long-cycle capital projects in remote jurisdictions.
- Metals price volatilityImpact: HighLikelihood: Medium
Revenue is driven by silver, gold, lead, zinc and copper prices, which can move sharply with macro and market conditions.
Exposure: All operating mines and concentrate sales
- Customer concentration and credit riskImpact: HighLikelihood: Medium
Three customers accounted for a large share of revenue, and concentrate sales settle provisionally, creating default and dispute risk.
Exposure: Smelter and trader sales
- Mine closure and reclamation obligationsImpact: HighLikelihood: Medium
Environmental remediation and asset retirement costs can be large and extend over decades.
Exposure: All legacy and operating sites
- Permitting and development executionImpact: MediumLikelihood: High
Projects such as Libby and future open pits at Casa Berardi depend on approvals and construction execution.
Exposure: Development pipeline
- Smelter and refining dependencyImpact: MediumLikelihood: Low
Hecla needs third-party smelters and refiners to process concentrates and doré on economic terms.
Exposure: Concentrate and doré marketing
- Acquisition and integration riskImpact: MediumLikelihood: Low
Growth depends partly on buying and integrating mines or properties, which can fail due to geology, permits, or financing.
Exposure: Portfolio expansion strategy
Accounting
Judgemental itemsSales are initially recorded before final settlement, so later metal price movements can change revenue and receivables.
Impact: Can shift reported revenue and working capital between periods
Estimated costs for closure, remediation and environmental obligations require long-term assumptions.
Impact: Affects provisions, cash planning and future expense recognition
The company uses metal and CAD/USD hedges that can create gains, losses and counterparty exposure.
Impact: Can add earnings volatility and affect cash flow timing
Unit-of-production accounting depends on reserve and resource estimates.
Impact: Changes in reserve estimates can alter future DD&A expense
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Last updated: 24/09/2026