赫克拉矿业2025财年业绩创历史新高，现金流显著改善

Performance Overview - In Q4 of FY2025, the company reported total revenue growth of 53% year-on-year, with net profit reaching $321 million, an increase of over 800% compared to $35 million in the same period last year [1] - For the entire fiscal year 2025, both cumulative revenue and net profit reached record highs, driven by increased sales and strong prices of silver and gold [1] Financial Status - Operating cash flow for Q4 was $217.1 million, reflecting a year-on-year increase of 221.7%; cash and cash equivalents rose to $241.6 million, up 799.1% year-on-year [2] - The company reduced its net leverage ratio from 1.8 times at the end of 2024 to 0.3 times through full repayment of revolving credit and debt redemption, with interest expenses decreasing by $8 million, achieving the best asset-liability health in recent years [3] Operational Status - Core mines such as Greens Creek and Keno Hill achieved full production, with silver output continuing to grow; Keno Hill turned profitable, and ramp-up costs decreased by $29 million year-on-year [4] - Optimized unit mining costs further increased the gross margin to 55.4% [4] Industry Policy Environment - Benefiting from high precious metal prices and industrial demand (such as silver for photovoltaic and electronics), the company operates as the largest silver producer in North America in a stable policy environment, enhancing its risk resilience [5] - The guidance for 2026 focuses on steady capacity release and cost control [5]