Investment Rating - Industry rating: Recommended [6] Core Insights - In 2025, the silver production of Hecla Mining reached 17.03 million ounces (529.59 tons), representing a year-on-year increase of 5.3%, achieving the upper limit of the combined silver production guidance [2] - The combined gold production for 2025 was 150,509 ounces (4.68 tons), a year-on-year increase of 6.0%, exceeding the guidance target of 150,000 ounces [2] - For 2026, the combined silver production is expected to be between 15.1 million and 16.5 million ounces (470-513 tons), slightly decreasing due to anticipated lower grades at the Greens Creek mine [3] - The combined gold production is projected to decline to between 134,000 and 146,000 ounces (4.17-4.54 tons) due to expected lower grades at the Casa Berardi mine [3] Production Guidance - 2026 silver production guidance by mine: - Greens Creek: 7.5 - 8.1 million ounces - Lucky Friday: 4.7 - 5.2 million ounces - Keno Hill: 2.9 - 3.2 million ounces - Total: 15.1 - 16.5 million ounces [10] - 2026 gold production guidance: - Casa Berardi: 83.0 - 91.0 thousand ounces - Total: 134.0 - 146.0 thousand ounces [10] Cost Guidance - Total silver sales cost for 2026 is projected at $471 million, with cash costs expected to be between -$1.50 and -$1.25 per ounce and all-in sustaining costs (AISC) between $15.00 and $16.25 per ounce [10] - Specific cost guidance for mines: - Greens Creek: Total cost of sales $287 million, cash cost -$9.00 to -$8.25 per ounce, AISC $0.00 to $0.50 per ounce [10] - Lucky Friday: Total cost of sales $184 million, cash cost $10.25 to $11.00 per ounce, AISC $23.50 to $26.00 per ounce [10] - Casa Berardi: Total cost of sales $192 million, cash cost $1,700 to $1,850 per ounce, AISC $2,150 to $2,350 per ounce [10] Capital Expenditure Guidance - Total capital expenditure for 2026 is expected to be between $255 million and $279 million, with sustaining capital between $182 million and $199 million and growth capital between $73 million and $80 million [11] - Specific capital expenditure guidance by mine: - Greens Creek: $66 million to $71 million - Lucky Friday: $68 million to $73 million - Casa Berardi: $51 million to $56 million - Keno Hill: $61 million to $66 million [11]