Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, Hecla Mining's silver production increased by 1.5% quarter-on-quarter to 4.590 million ounces (142.77 tons), and silver sales rose by 26.7% to 4.463 million ounces (138.83 tons) [1][2] - The net profit attributable to common shareholders surged by 74.1% quarter-on-quarter to $101 million, reflecting a 4950% year-on-year increase [8] - The realized price for silver in Q3 2025 was $42.58 per ounce, up 22.3% from the previous quarter and 44.7% year-on-year [2][5] Production and Sales Summary - Silver production in Q3 2025 was 4.590 million ounces, a 25.9% increase year-on-year, while gold production was 40,654 ounces, a 26.0% increase year-on-year [3][15] - Gold sales in Q3 2025 reached 41,038 ounces, a 30.6% increase year-on-year [3] Cost Analysis - Q3 2025 silver cash cost was -$2.03 per ounce, compared to -$5.46 in the previous quarter and $4.46 a year ago [1][15] - The all-in sustaining cost (AISC) for silver was $11.01 per ounce, up 112.1% quarter-on-quarter but down 28.0% year-on-year [1][15] - Gold cash costs were $1,582 per ounce, a 0.3% increase quarter-on-quarter, while AISC for gold was $1,746 per ounce, a 4.6% increase quarter-on-quarter [3][15] Financial Performance - Q3 2025 sales amounted to $409.54 million, a 34.9% increase quarter-on-quarter and a 67.3% increase year-on-year [6][15] - Gross profit for Q3 2025 was $180.47 million, reflecting a 50.0% quarter-on-quarter increase and a 205.1% year-on-year increase [7][15] - Adjusted EBITDA for Q3 2025 was $195.70 million, up 48.5% quarter-on-quarter and 120.2% year-on-year [9][15] 2025 Guidance - Silver production guidance for 2025 is tightened to 16.2-17.0 million ounces, with specific mine forecasts for Greens Creek, Lucky Friday, and Keno Hill [11][16] - The total capital expenditure guidance for 2025 remains unchanged at $222-$242 million [13][18]

Investment Rating - Industry rating: Recommended [8] Core Insights - In Q1 2025, the copper concentrate production of KGHM decreased by 5.6% year-on-year to 169,200 tons, with KGHM Polska Miedź S.A. producing 134,000 tons (down 8.3%), KGHM INTERNATIONAL LTD. producing 14,400 tons (down 10.0%), and Sierra Gorda S.C.M. producing 20,800 tons (up 22.4%) [2] - The silver production in Q1 2025 was 320.7 tons, an increase of 1.5% year-on-year [3] - KGHM Polska Miedź S.A.'s C1 cash cost for copper was $3.15 per pound, up 4.7% year-on-year, primarily due to increased mining taxes and reduced self-produced copper concentrate output [3] - KGHM INTERNATIONAL LTD. reported a C1 cash cost of $1.03 per pound, down 52.5% year-on-year, while Sierra Gorda S.C.M. reported $1.18 per pound, down 37.9% year-on-year [3] Financial Performance - In Q1 2025, the revenue was 89.42 billion zloty, a year-on-year increase of 7.5% [4] - The cost of sales was 73.34 billion zloty, a year-on-year increase of 0.4% [5] - The pre-tax profit was 7.34 billion zloty, a year-on-year increase of 4.4% [6] - The net profit was 3.30 billion zloty, a year-on-year decrease of 22.2% [7]