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- **Record financials and debt reduction**: Q3 revenue of $410 million, net income of $101 million, and 83% reduction in net leverage to 0.3x.
- **All mines profitable**: Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi all generated positive free cash flow.
- **Silver dominance**: 48% of revenue from silver, with margins of $31.57/oz (74% of realized price).
- **Nevada exploration expansion**: 2026 budget to increase exploration spending to 2-5% of revenue, targeting high-return projects.
- **Keno Hill timeline**: Commercial production in 2027 (345-385 tpd) and full capacity in 2028, contingent on regulatory approvals.
- **Free cash flow generation**: $90 million for the quarter, with Greens Creek contributing $75 million and Keno Hill $8.3 million.


**【CEO Summary Section】**
- **Record financial performance**: Q3 revenue of $410 million, net income of $101 million, and adjusted EBITDA of $196 million, all at record highs.
- **Debt reduction milestone**: Net leverage reduced from 1.8x to 0.3x year-over-year, with $212 million debt redeemed and revolver fully repaid.
- **Operational excellence**: All four mines (Greens Creek, Lucky Friday, Keno Hill, Casa Berardi) generated positive free cash flow for the second consecutive quarter.
- **Silver production growth**: 4.6 million ounces at all-in sustaining costs of $11.01/oz, driven by negative cash costs from by-product credits.
- **Project momentum**: Surface cooling at Lucky Friday on track for 2026 completion, and Greens Creek tailings permit secured.

**【CFO Financial Commentary】**
- **Revenue mix**: Silver (48%), gold (37%), and base metals (15%) reflect strong silver price exposure.
- **Margin strength**: Silver margins of $31.57/oz (74% of realized price) and gold margins of $1,582/oz.
- **Free cash flow**: $90 million for the quarter, with Greens Creek contributing $75 million and Keno Hill $8.3 million.
- **Capital allocation framework**: Priorities include safety, sustaining capital (10-15% returns), growth (10-12% returns), exploration (2-5% of revenue), balance sheet strength, and shareholder returns.

**【COO Operational Update】**
- **Greens Creek**: 2.3 million oz silver, $75 million free cash flow, and 15,600 oz gold produced.
- **Lucky Friday**: 1.3 million oz silver, 7% grade improvement, and $13.5 million free cash flow.
- **Keno Hill**: 900,000 oz silver at 323 tpd, $8.3 million free cash flow, and underground development 13% ahead of plan.
- **Casa Berardi**: 25,000 oz gold, $1,746/oz AISC, and evaluation of post-2027 production extensions.

**【Exploration Update】**
- **Nevada focus**: Midas, Hollister, and Aurora properties with historical production and minimal regulatory hurdles.
- **2026 strategy**: Increased exploration spending (2-5% of revenue) and generative programs targeting high-return opportunities.
- **Keno Hill timeline**: Commercial production expected in 2027 (345-385 tpd) and nameplate capacity in 2028, contingent on water discharge approval.

**【Q&A Highlights】**
- **Inflationary pressures**: Labor costs (contractor reliance, wage competition) and tariffs on imported components.
- **Exploration costs**: $8.8 million spent in Q3, with assay turnaround times stable despite seasonal lab constraints.
- **Guidance adjustments**: Q4 production expectations reflect historical profiles (e.g., Greens Creek ~2 million oz silver) and shipment timing.
- **Price realization**: Late-quarter silver price increases and collar hedging strategies drove weighted average prices above spot.


Hecla Mining Company (HL) Q3 2025 Earnings Call Transcript

- **Record Financial Performance**: Q2 2025 sales of $304M, net income $58M, and free cash flow $104M highlight operational strength.
- **Silver Exposure Leadership**: 41% of revenue from silver, highest in peer group, with 14-year reserve life vs. industry average 7 years.
- **Debt Reduction Focus**: $212M senior note redemption lowers interest expense by $16M/year, improving net leverage to 0.7x.
- **Keno Hill Optimization**: 440 tonnes/day target by 2028 with 35% IRR at $30/oz silver, positioning for long-term value creation.
- **Strategic Portfolio Moves**: Nevada assets (Midas, Hollister) offer low-capital growth, while Casa Berardi review to clarify path forward.

**【CEO Summary Section】**
- Emphasized strategic pillars: operational excellence, portfolio optimization, disciplined capital allocation, and silver market leadership.
- Highlighted Keno Hill's optimization to 440 tonnes per day, targeting 35% IRR at $30/oz silver and 15% IRR at $25/oz silver.
- Casa Berardi strategic review expected to conclude in coming weeks, with focus on cost reduction and production efficiency.
- Greens Creek achieved record performance with 2.4M oz silver production and negative cash costs, driven by higher byproduct credits.
- Nevada assets (Midas and Hollister) show potential for new discoveries, with minimal capital needs due to existing infrastructure.

**【CFO Financial Commentary】**
- Q2 2025 results: record sales of $304M, net income of $58M, EBITDA of $133M, and free cash flow of $104M.
- Debt reduction: $212M senior note redemption via ATM, improving net leverage ratio to 0.7x and annual interest savings of $16M.
- Capital allocation prioritizes free cash flow generation, with $100M+ from producing assets in Q2.
- Silver revenue占比41%, gold 42%, base metals 17%, reflecting diversification and silver focus.

**【Q&A Key Highlights】**
- **Greens Creek Performance**: High grades and negative cash costs expected to continue, with Q3 softer due to planned capital projects.
- **Keno Hill Ramp-Up**: 440 tonnes per day target achievable by 2028, with 2027 throughput ~330 tonnes/day. Tailings plant completion by year-end and cemented tailings permit needed by 2029.
- **Debt Strategy**: ATM used to minimize dilution, with focus on reinvesting savings into operations and exploration.
- **Casa Berardi Update**: Underground mining extended to end-2025, with strategic review to provide path forward.
- **Nevada Assets**: Midas mill restart feasible with modest capital, Hatter Graben high-grade potential.


Hecla Mining Company (HL) Q2 2025 Earnings Call Transcript

- **Q1 Production Highlights**: 4.1M oz silver, 34K oz gold. Keno Hill delivers $1M profit, Greens Creek negative cash costs. 
- **Financial Strength**: Net leverage 1.5x (down from 2.7x). Q1 adj. EBITDA $90M. 
- **Strategic Priorities**: Nevada exploration ($3.3M+), Keno Hill capex ($100M+), Casa Berardi strategic review. 
- **Risk Management**: Tariffs minor impact; 6-day Keno outage (90K oz delay). 
- **Growth Catalysts**: Lucky Friday free cashflow ($8.4M Q1), Greens Creek cost cuts ($0.25-$0.75/oz). 


**【CEO Opening Remarks】**
- Q1 2025 silver production: 4.1M oz, gold: 34K oz, with Keno Hill delivering first profitable quarter under Hecla ownership ($1M gross profit). 
- Strategic focus on 4 pillars: operational excellence, portfolio optimization, financial discipline, silver market leadership. 
- Key achievements: Lucky Friday sets milling record; Nevada exploration programs launched; Libby project gains FAST-41 permitting designation. 
- Free cashflow from Greens Creek & Lucky Friday: $42M Q1, supporting deleveraging efforts. 

**【CFO Financial Review】**
- Q1 revenue: $261M (record high), adj. EBITDA: $90M. 
- Net leverage ratio improved to 1.5x (from 2.7x YoY), cash balance: $20M. 
- Free cashflow: -$18M (Q1 working capital build), expecting normalization in Q2. 
- Casa Berardi strategic review ongoing, evaluating options including sale/jv/spinout. 

**【COO Operational Update】**
- **Greens Creek**: 2M oz silver, negative cash costs ($40.08/oz), ASIC: -$0.03/oz. Cost guidance revised down: $0.25-$0.75/oz (prev $2-$2.50). 
- **Lucky Friday**: 1.3M oz silver, cash costs: $9.37/oz. Q1 free cashflow: $8.4M, 2025 guidance maintained (4.7-5.1M oz). 
- **Keno Hill**: 770K oz silver, first profitable quarter. 2025 guidance: 2.7-3.1M oz. Needs 500-600 tpd throughput for long-term profitability. 
- **Casa Berardi**: 20.5K oz gold, cash cost: $2,185/oz. 2025 guidance unchanged (76-82K oz). 

**【Q&A Key Takeaways】**
- **Tariffs Impact**: 50% of costs are labor; minor impacts on rebar/steel. Concentrate sales insulated via long-term contracts. 
- **Keno Hill Challenges**: 6-day power outage in Aug (90K oz delay). Needs 500-600 tpd throughput, requiring new permits & $100M+ capex. 
- **Casa Berardi Update**: Strategic review evaluating sale/jv/spinout. Current gold price ($4,500/oz) improves valuation. 
- **Nevada Growth**: $3.3M invested in Midas/Hollister; potential 4-5 year timeline for production. 
- **Debt Reduction**: Target net leverage <1.0x. Proceeds from asset sales prioritized for deleveraging. 


Hecla Mining (HL)-2 May 25-2025 Q1 Earnings call transcript

- **Revenue growth accelerates**: Q4 2024 revenue up 8% YoY to $320M, driven by silver price strength and operational efficiency.
- **Production expansion on track**: Cobre Panama expansion to double output by 2026, with H2 2025 first phase completion.
- **Cost efficiency improving**: AISC per oz down 5% YoY to $13.50, with further reductions expected in 2025.
- **Liquidity strong**: $120M cash, no debt maturities until 2026, and $25M share buyback initiated.

**【CEO Opening Remarks】**
- Q4 2024 revenue reached $320 million, up 8% YoY, driven by higher silver prices and operational efficiency at the Lucky Friday mine.
- 2024 full-year production: 18.2 million ounces of silver (vs. 17.5M oz in 2023), with Cobre Panama contributing 2.3M oz.
- 2025 guidance: 18-19M oz silver, with capex expected to decline by 15%.

**【CFO Financial Highlights】**
- GAAP net income: $45 million (EPS $0.20), Non-GAAP EPS: $0.28 (excl. one-time tax benefit).
- Free cash flow: $60 million, used to reduce debt by $30 million and initiate a $25 million share buyback.
- Cost metrics: AISC per oz at $13.50 (down 5% YoY), with further improvements expected in 2025.

**【Q&A Key Topics】**
1. **Silver Market Outlook**: CEO expects 2025 demand growth of 6-8% from EV and solar sectors, with supply constrained by geopolitical risks.
2. **Cobre Panama Expansion**: $150M expansion to double production by 2026, with first phase on track for H2 2025.
3. **Liquidity Position**: $120M cash on hand, no debt maturities until 2026, and access to $100M revolver.
4. **ESG Initiatives**: 30% reduction in Scope 1/2 emissions since 2019, targeting 50% by 2030 with renewable energy projects.

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