Hecla Mining (HL) Delivers Record Q3 2025 Results

Hecla Mining Company (NYSE:HL) is one of the best silver mining stocks to invest in right now. Early in November, BMO Capital’s Kevin O’Halloran lifted his price target on Hecla Mining Company (NYSE:HL) from $12 to $13.50 while keeping a Market Perform rating. His update came on the heels of a notably strong third quarter. According to O’Halloran, all four of Hecla’s operations outperformed expectations, and firmer metal prices gave the company’s results an additional boost.

On November 5, 2025, Hecla posted what it called record third-quarter figures. Strong silver prices, backed by tight cost control across the business, helped the company generate $409.5 million in revenue. Net income came in at $100.6 million, or $0.15 per share—comfortably ahead of what analysts were looking for. Adjusted EBITDA climbed to an all-time high of $195.7 million. Operating cash flow reached $148 million, and free cash flow landed at $90.1 million, both reflecting the company’s solid financial footing.

Hecla produced 4.6 million ounces of silver during the quarter. All-in sustaining costs averaged $11.01 per ounce, while by-product credits brought cash costs down to an impressive negative $2.03 per ounce. Silver made up nearly half of total revenue (48%), with gold contributing 37%, lead 10%, and zinc 6%. The company realized an average silver price of $42.58 per ounce, translating into margins of more than $31 per ounce. This strength allowed Hecla to reduce leverage to 0.3x and fully pay down its revolving credit facility. All four of its mines generated positive free cash flow, underscoring the resilience of its portfolio.

Looking ahead to 2025, Hecla tightened its production guidance and lowered its cost outlook. Long mine lives at Lucky Friday, Keno Hill, Greens Creek, and Casa Berardi provide a stable foundation for the company’s multi-metal production profile.

Hecla Mining Company (NYSE:HL) produces precious and base metals across the United States, Canada, Japan, Korea, and China. Its operations focus on silver, gold, lead, and zinc, along with carbon materials and doré for smelters, traders, and processors. The company’s flagship asset is the Greens Creek mine on Admiralty Island in southeast Alaska.

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Disclosure: None. This article is originally published at Insider Monkey.