[Table_Summary] 季报重点内容: ► 生产经营情况 1）黄金 产量：2025Q4，生产 87.1 万盎司（27.09 吨）黄金，环比增加 5%，同比减少 19%。2025 年，生产 325.5 万盎司（101.24 吨）黄金，同比减少 17%。 销量：2025Q4，售出 96.0 万盎司（29.86 吨）黄金，环比增加 15%，同比减少 1%。主要源于 NGM 业务表现强劲：Carlin 项 目因焙烧炉和高压釜处理量及品位提升；Turquoise Ridge 项目 因地下矿品位提高；加之回购黄金销售及重获 Loulo-Gounkoto 矿控制权后恢复生产。这些影响部分被 Tongon 和 Hemlo 矿区 产量下降所抵消，该下降源于 2025 年第四季度的资产剥离。 2025 年，售出 331.8 万盎司（103.20 吨）黄金，同比减少 13%。主要源于 Loulo-Gounkoto 矿区于 2025 年 1 月 14 日临时 停产。2025 年 12 月 15 日，该矿区恢复正常生产。此外， Carlin 矿区开采的地下矿石品位下降，但 Cortez 矿区部分抵消 了这一影响——因 Carl ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - In Q1 2025, Hecla Mining's silver production increased by 6.14% quarter-on-quarter to 411.24 million ounces (127.91 tons), while silver sales rose by 1.04% to 351.80 million ounces (109.42 tons) [1][2] - The realized price for silver in Q1 2025 was $33.59 per ounce, reflecting an 11.26% increase quarter-on-quarter and a 35.61% increase year-on-year [2] - Gold production in Q1 2025 decreased by 4.18% quarter-on-quarter to 34,232 ounces (1.06 tons), with sales down 11.64% to 29,655 ounces (0.92 tons) [2] - The adjusted net income attributable to common shareholders for Q1 2025 was $23.22 million, a 0.68% increase quarter-on-quarter and a 165.94% increase year-on-year [5] Production and Sales Summary - Silver production in Q1 2025: 411.24 million ounces (127.91 tons), down 1.90% year-on-year [1] - Gold production in Q1 2025: 34,232 ounces (1.06 tons), down 6.45% year-on-year [2] - Q1 2025 sales revenue reached $261.34 million, a 4.4% increase quarter-on-quarter and a 38.1% increase year-on-year [3] Cost Analysis - Q1 2025 silver cash cost was $1.29 per ounce, a significant decrease of 73.01% year-on-year [1] - Q1 2025 gold cash cost was $2,195 per ounce, up 13.38% quarter-on-quarter and 31.52% year-on-year [2] - The all-in sustaining cost (AISC) for silver in Q1 2025 was $11.91 per ounce, a 3.48% increase quarter-on-quarter but a 9.08% decrease year-on-year [1] 2025 Guidance - Silver production guidance for 2025 is set at 15.5 to 17 million ounces, while gold production is expected to be between 120,000 to 130,000 ounces [6][10] - Cash cost guidance for silver remains at $3.00 to $3.25 per ounce, and AISC is projected at $15.75 to $17.00 per ounce [7][11]