HECLA MINING CO/DE/
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
HL$14.74+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000950170-25-104199
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewConsolidated Results of OperationsFinancial Liquidity and Capital ResourcesContractual Obligations, Contingent Liabilities and CommitmentsCritical Accounting EstimatesOff-Balance Sheet ArrangementsGuarantor SubsidiariesCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-267093
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewConsolidated Results of OperationsFinancial Liquidity and Capital ResourcesContractual Obligations, Contingent Liabilities and CommitmentsCritical Accounting EstimatesOff-Balance Sheet ArrangementsGuarantor SubsidiariesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 180 current paragraphs.
82 unchanged; 80 reworded; 16 added; 16 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 37 previous and 37 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Lucky Friday Surface Cooling Project Advancement - Lucky Friday continued along a path of operational consistency, while completing key milestones of the surface cooling project (an important project to increase the cooling capacity required for the mine over the reserve mine-life). The entire project is tracking for completion in 2026.
Current report
Greens Creek Permitting - Clean Water Act Section 404 permit issued for dry stack tailings expansion project, with work to begin in the fourth quarter
Current report
Deleveraging and Strengthening Balance Sheet- Completed redemption of $212 million of our Senior Notes, fully repaid the IQ Notes and had no balance drawn on the revolving credit facility.
Current report
Greens Creek Gold Performance - Continued robust gold production attributable to grade exceeding plan
Current report
Libby Exploration Project Advancement - The U.S. Forest Service issued the final decision notice and finding of no significant impact for our 100% owned copper-silver Libby Exploration Project in Montana. The significant milestone advances the exploration phase of a key asset in our property portfolio.
Current report
Deleveraging and Strengthening Balance Sheet - Redeemed $212 million of our Senior Notes using proceeds from the sale of stock under our ATM program. In addition, cash flow from operating activities of $345.6 million allowed for full repayment of IQ notes and no balance drawn on the revolving credit facility.
Current report
General and administrative expenses increased by $3.5 million primarily due to higher incentive compensation driven by improved financial and operational performance, and strategic headcount increases.
Current report
Interest expense increased by $2.5 million primarily due to the early partial redemption of Senior Notes, partly offset by lower interest expense on the revolving credit facility, having been fully repaid during August.
Current report
Other operating expense (income), net increased by $3.2 million primarily due to a loss on disposal of one of our non-strategic exploration properties.
Current report
During the nine months ended September 30, 2025, silver production increased compared to the same period in 2024 primarily due to higher grades and gold production increased by approximately 16% due to a combination of higher grades and recoveries.
Current report
Gross profit increased by $17.8 million for the three months ended September 30, 2025 compared to the comparable period in 2024, reflecting a combination of higher sales volumes for silver and lead and realized prices for silver and zinc. However, the benefit of higher production and prices has been partly offset by higher costs, reflected in higher production costs per ton which have increased by 11%. The higher costs primarily relate to: (i) hourly employee profit sharing costs due to higher silver prices and production; (ii) property and liability insurance resulting from higher asset values and coverage limits; (iii) higher employee medical costs related to headcount growth and inflation in medical care costs; and (iv) consumables and repairs to support increased production.
Current report
While certain cost elements will persist as the mine maintains steady and consistent production, we have identified potential cost mitigation plans. These plans include further reduction of contractors, mining method optimization to improve production efficiency and reduction of consumables usage, mine and mill infrastructure upgrades to increase production and reduce maintenance, and consolidation of sourcing of some high-volume consumables to improve pricing. However, there can be no assurance these efforts will be successful in reducing costs or offsetting the potential future impacts of inflation or other factors impacting profitability.
Current report
Permitting is one of the most important factors in our ability to reach sustainable, profitable production at Keno Hill. Increased production means a need for increased tailings storage, waste storage, water treatment and discharge, camp space and reliable power, all of which are typical requirements for mines in the expansion phase. These projects require new or modified permits, as well as the capital to implement them. Although we continue to make progress on these normal-course permitting matters, we have yet to make up for the delays described above. In addition, as we develop new zones for ore production at Keno Hill (and our other mines), we are frequently confronted with challenging conditions such as rock quality and ground water volumes. Currently, we are developing new headings at Keno Hill to supplement existing, or replace mined out headings. At some of these new headings, we are encountering more groundwater than expected. The mine's water license has limits on the amount of water that can be discharged from the mine. Although we currently are within permitted water discharge limits, if production from these new zones would cause water discharges greater than the license allows we will need to make alternative arrangements, which likely includes seeking an amendment to our current water license. There can be no assurances that the Yukon Water Board will grant such an amendment. If we are unable to amend our license in a timely manner and we confirm that continued mining in these new zones would lead to discharges in excess of license limits, our options would then include curtailing production to remain within existing permitted discharge limits and/or developing a different operational plan to reduce discharges. Although we consider it unlikely, if none of these potential solutions is achieved, it is possible we would consider pausing production and other mining activities at the impacted areas and reassess our permitting strategy and other future operational aspects of the mine. See the Risk Factor in our 2024 Form 10-K"We are required to obtain governmental permits and other approvals in order to conduct mining operations."
Current report
Capital additions of $45.1 million during the year are in line with the prior year and primarily related to tailings facility construction.
Current report
we repaid $212 million of the Senior Notes (plus $3.8 million call premium) and repaid the IQ Notes for an amount of $35.4 million on their maturity date.
Removed paragraphs (16)
Previous report
Lucky Friday Milestone - Set a new quarterly milling record at Lucky Friday of 114,475 tons, beating the prior record set in the first quarter of the current year.
Previous report
Strengthening Balance Sheet - Raised net proceeds of $174.1 million through the use of our ATM program.
Previous report
Underground exploration at Greens Creek Galagher Zone extended mineralization 550 feet down plunge from existing resource
Previous report
At Keno Hill, identified new high-grade silver mineralization 500 feet down plunge from existing reserve
Previous report
Surface exploration programs at Midas and Greens Creek are well underway
Previous report
Lucky Friday Milestone - At Lucky Friday, set quarterly milling record for the first half of the year with 223,220 tons milled.
Previous report
Strengthening Balance Sheet - Raised net proceeds of $174.1 million through the use of our ATM program.
Previous report
The positive effect of higher metal prices was partially offset by lower silver sales volumes during the three and six months ended June 30, 2025 compared to the comparable 2024 period. Lower silver ounces sold were related to reduced production at
Previous report
General and administrative expenses decreased by $2.2 million due to the prior period containing compensation costs associated with the former CEO's retirement.
Previous report
Exploration and pre-development expense increased by $2.1 million in the current period with exploration activity primarily related to Keno Hill, Greens Creek and the Nevada properties.
Previous report
Interest expense decreased by $2.5 million due to lower draws on the revolving credit facility during the current year.
Previous report
Silver production during the six months ended June 30, 2025, declined primarily due to a combination of lower tons milled reflecting a combination of lower heading availability, long hole mining and lower grade ore during the first quarter of 2025 which outweighed an improvement in silver production during the second quarter of 2025. Production of gold, lead and zinc are higher during the current year primarily due to higher grades.
Previous report
Gross profit increased by $0.4 million for the three months ended June 30, 2025 compared to the comparable period in 2024, reflecting a combination of higher sales volumes for all metals due to higher milled tons. Higher realized prices for silver and zinc also positively contributed to the higher gross profit, however this benefit was partly offset by higher contractor, consumables and maintenance costs reflecting the higher volumes produced and sold, and higher profit sharing costs under the collective bargaining agreement.
Previous report
On July 9, 2020, we entered into a note purchase agreement pursuant to which we issued our IQ Notes for CAD $50 million (approximately USD $36.8 million at the time of the transaction) in aggregate principal amount. The IQ Notes bear interest on amounts outstanding at a rate of 6.515% per year, payable on January 9 and July 9 of each year. See Note 7 of Notes to Condensed Consolidated Financial Statements (Unaudited) for more information. The IQ Notes were fully repaid on July 9, 2025.
Reworded paragraphs (80)
Previous wording
In this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), “Hecla,” “the Company,” “we,” “us” and “our” refer to Hecla Mining Company and its consolidated subsidiaries, except where the context requires otherwise. You should read this discussion in conjunction with our consolidated financial statements, the related MD&A and the discussion of our Business and Properties for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission (the “SEC”). The results of operations reported and summarized below are not necessarily indicative of future operating results (refer to “Forward-Looking Statements” above for further discussion). References to “Notes” are Notes included in our Notes to Condensed Consolidated Financial Statements (Unaudited). Throughout this MD&A, all references to income or losses per share are on a diluted basis.
Current wording
In this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), “Hecla,” “the Company,” “we,” “us” and “our” refer to Hecla Mining Company and its consolidated subsidiaries, except where the context requires otherwise. You should read this discussion in conjunction with our consolidated financial statements, the related MD&A and the discussion of our Business and Properties in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"), filed with the United States Securities and Exchange Commission (the “SEC”). The results of operations reported and summarized below are not necessarily indicative of future operating results (refer to “Forward-Looking Statements” above for further discussion). References to “Notes” are Notes included in our Notes to Condensed Consolidated Financial Statements (Unaudited). Throughout this MD&A, all references to income or losses per share are on a diluted basis.
Previous wording
Hecla Mining Company stands as North America's leading silver producer, with a rich heritage dating back to 1891. Our operations at Greens Creek, Lucky Friday and Keno Hill combined to produce 35% of 2024 silver production in the U.S. and Canada, complemented by significant gold production from Casa Berardi and Greens Creek. We began ramp-up of the Keno Hill mill during the second quarter of 2023 after acquiring it in September 2022. Our strategic positioning in the stable jurisdictions of U.S. and Canada provides us with distinct operational advantages and reduced political risk compared to our global peers. Our operational and strategic framework centers on four core pillars:
Current wording
Hecla Mining Company stands as North America's leading silver producer, with a rich heritage dating back to 1891. Our operations at Greens Creek, Lucky Friday and Keno Hill combined to produce 35% of 2024 silver production in the U.S. and Canada, complemented by significant gold production from Casa Berardi and Greens Creek. We began ramp-up of the Keno Hill mill during the second quarter of 2023 after acquiring it in September 2022. Our strategic positioning in the stable jurisdictions of the U.S. and Canada provides us with distinct operational advantages and reduced political risk compared to our global peers. Our operational and strategic framework centers on four core pillars:
Previous wording
Strong Production- The Company produced 4.5 million ounces of silver with increased silver production at Greens Creek and Lucky Friday, compared to the second quarter of 2024, partly offset by lower silver production at Keno Hill due to lower tons milled. Produced 45,895 ounces of gold, an increase over the second quarter of 2024 and the first quarter of 2025, driven by higher grades and recoveries at Greens Creek and the continuation of underground mining at Casa Berardi.
Current wording
Strong Production- We produced 4.6 million ounces of silver with increased silver production at all primary silver operations, compared to 3.6 million ounces of silver in the third quarter of 2024. We produced 40,654 ounces of gold, an increase over 32,280 ounces of gold produced in the third quarter of 2024, driven by higher grades and recoveries at Greens Creek and the continuation of underground mining at Casa Berardi.
Previous wording
Revenue Generation - Generated record sales of $565.4 million a 30% increase over the comparable period sales.
Current wording
Revenue Generation - Generated record sales of $409.5 million, a 67% increase over the third quarter of 2024.
Previous wording
Continuous Improvement - Keno Hill generated gross profit of $0.2 million, the second consecutive quarter with gross profit.
Current wording
Continuous Improvement - Keno Hill generated gross profit of $16.4 million, driven by higher realized prices and consistent production, the third consecutive quarter with gross profit which generated cash flow from operations of $22.1 million.
Previous wording
Shareholder Returns - Generated net income applicable to common stockholders of $57.6 million, compared to $27.7 million in the comparable 2024 period and returned $2.2 million in dividends to common stockholders.
Current wording
Shareholder Returns - Generated net income applicable to common stockholders of $100.6 million, compared to $1.6 million in the third quarter of 2024 and returned $2.2 million in dividends to common stockholders.
Previous wording
Investment in Operations - Made capital expenditures of approximately $112.1 million, including $19.2 million at Greens Creek, $31.4 million at Lucky Friday, $31.6 million at Casa Berardi and $27.5 million at Keno Hill.
Current wording
Investment in Operations - Made capital expenditures of $57.9 million, including $12.2 million at Greens Creek, $16.9 million at Lucky Friday, $13.5 million at Casa Berardi and $14.7 million at Keno Hill.
Previous wording
Consistent Production- Progress at key operations delivering 8.6 million ounces of silver with increased silver production at Lucky Friday, offsetting decreases at Greens Creek. Produced 80,127 ounces of gold, exceeding the comparable 2024 period.
Current wording
Strong Production- Progress at key operations delivering 13.2 million ounces of silver with increased silver production at all primary silver operations. Produced 120,781 ounces of gold, driven by higher grades and recoveries at Greens Creek and the continuation of underground mining, exceeding the year-to-date period in 2024.
Previous wording
Revenue Generation - Generated record sales of $304 million a 24% increase over the comparable period sales.
Current wording
Revenue Generation - Generated record sales of $974.9 million, a 43% increase over the 2024 comparable period sales.
Previous wording
Continuous Improvement - Turned Keno Hill profitable for the first time under our ownership, delivering $1.3 million in gross profit.
Current wording
Continuous Improvement - Turned Keno Hill profitable for the first time under our ownership, delivering $17.7 million in gross profit and made consistent gross profit at Casa Berardi with $77.7 million of gross profit generated, a significant improvement over the 2024 comparable period's gross loss of $21.4 million.
Previous wording
Shareholder Returns - Generated net income applicable to common stockholders of $86.3 million , compared to net income of $21.8 million in the comparable 2024 period and returned $4.7 million in dividends to common stockholders.
Current wording
Shareholder Returns - Generated net income applicable to common stockholders of $186.9 million, compared to net income applicable to common stockholders of $23.5 million in the comparable 2024 period and returned $7.3 million in dividends to common stockholders.
Previous wording
Investment in Operations - Made capital expenditures of approximately $58.0 million, including $8.4 million at Greens Creek, $15.9 million at Lucky Friday, $15.4 million at Casa Berardi and $17.0 million at Keno Hill.
Current wording
Investment in Operations - Made capital expenditures of approximately $170.0 million, including $31.3 million at Greens Creek, $48.3 million at Lucky Friday, $45.1 million at Casa Berardi and $42.2 million at Keno Hill.
Previous wording
Our financial results vary as a result of fluctuations in market prices primarily for silver and gold and, to a lesser extent, zinc, lead and copper. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Although we have not been materially impacted to date, our financial results could in the future be materially impacted by the introduction of tariffs and other global restraints on trade. Historically our US operations have had significant sales into China and Canada, and each of those countries is or could be subject to tariffs, and each has or may retaliate in kind. Notwithstanding these recent developments, we believe that the outlook for precious metals fundamentals in the medium- and long-term is favorable due to macro-economic factors such as lower interest rate expectations, geopolitical uncertainty and global growth expectations, which have resulted in significant volatility in the financial and commodities markets, including the precious metals market. See Part II, Item 1A. “Risk Factors” of this Form 10-Q and Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"), for further discussion. Because we cannot control the price of our products, except to the extent we have entered into hedging transactions, the key measures that management focuses on in operating our business are production volumes, payable sales volumes, Cash Cost, After By-product Credits, per Ounce (non-GAAP) and All-In Sustaining Cost, After By-product Credits, per Ounce (“AISC”) (non-GAAP), operating cash flows, capital expenditures, free cash flow (non-GAAP) and adjusted EBITDA (non-GAAP). The average realized prices for all metals sold by us continued to exhibit significant volatility during the period. We have also experienced significant cost inflation across our operations, principally associated with higher energy prices, increased costs for other consumables such as reagents, explosives and steel, and higher labor and contractor costs.
Current wording
Our financial results vary as a result of fluctuations in market prices primarily for silver and gold and, to a lesser extent, zinc, lead and copper. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. To date, tariffs have not materially impacted our financial results. However, future tariffs or other global trade restraints could impact our performance. Historically our US operations have had significant sales into China and Canada, and each of those countries is or could be subject to tariffs, and each has or may retaliate in kind. Notwithstanding these recent developments, we believe that the outlook for precious metals fundamentals is favorable due to macro-economic factors such as lower interest rate expectations, geopolitical uncertainty and global growth expectations, which have resulted in significant volatility in the financial and commodities markets, including the precious metals market. See Part II, Item 1A. “Risk Factors” of this Form 10-Q, Item 1A. “Risk Factors” contained in Part I of our 2024 Form 10-K, and Part II, Item 1A of our first and second quarter 2025 Form 10-Q for further discussion. Because we cannot control the price of our products, except to the extent we have entered into hedging transactions, the key measures that management focuses on in operating our business are production volumes, payable sales volumes, Cash Cost, After By-product Credits, per Ounce (non-GAAP) and All-In Sustaining Cost, After By-product Credits, per Ounce (“AISC”) (non-GAAP), operating cash flows, capital expenditures, free cash flow (non-GAAP) and adjusted EBITDA (non-GAAP). The average realized prices for all metals sold by us continued to exhibit significant volatility during the period. We have also experienced significant cost inflation across our operations, principally associated with higher energy prices, increased costs for other consumables such as reagents, explosives and steel, and higher labor and contractor costs.
Previous wording
Total sales for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Total sales for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Environmental remediation services revenue is generated by performing remediation work in the historical Yukon Territory mining district on behalf of the Canadian government. The scope and estimated cost of all work is agreed to in advance by the Canadian government, and the expenses incurred are essentially passed through to the government for reimbursement with minimal margin generated by us in performing this work.
Current wording
Environmental remediation services revenue is generated by performing remediation work in the historical Yukon Territory mining district on behalf of the Canadian government. The scope and estimated cost of all work is agreed to in advance by the Canadian government, and the expenses incurred are passed through to the government for reimbursement with minimal margin generated by us in performing this work.
Previous wording
Total metal sales for the three and six months ended June 30, 2025 and 2024, and the approximate variances attributed to differences in metals prices, sales volumes and smelter terms, were as follows:
Current wording
Total metal sales for the three and nine months ended September 30, 2025 and 2024, and the approximate variances attributed to differences in metals prices, sales volumes and smelter terms, were as follows:
Previous wording
The fluctuation in sales for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to the following:
Current wording
The fluctuation in sales for the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to the following:
Previous wording
Higher average realized prices for precious metals, partly offset by lower realized lead prices for both periods and zinc for the three months ended June 30, 2025, compared to the same periods in 2024. The table below summarizes average spot prices and our average realized prices for the commodities we sell:
Current wording
Higher average realized prices for precious metals for both periods compared to the same periods in 2024. Higher realized prices were partly offset by lower realized prices for lead during the nine months ended September 30, 2025. The table below summarizes average spot prices and our average realized prices for the commodities we sell:
Previous wording
Average realized prices typically differ from average market prices primarily because concentrate sales are generally recorded as revenues at the time of shipment at forward prices for the estimated month of settlement, which differ from average market prices. Due to the time elapsed between shipment of concentrates and final settlement with the customers, we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices each period through final settlement. We recorded net positive price adjustments to provisional settlements of $4.2 million and $11.0 million for the three months ended June 30, 2025 and 2024, and $11.1 million and $14.5 million for the six months ended June 30, 2025 and 2024, respectively. The price adjustments related to silver, gold, zinc, lead and copper contained in our concentrate shipments were partially offset by gains and losses on forward contracts for those metals. See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited)for more information. The gains and losses on these contracts are included in revenues and impact the realized prices for silver, gold, lead, zinc and copper. Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the forward contracts discussed above) by the payable quantities of each metal included in concentrate, doré and carbon material shipped during the period.
Current wording
Average realized prices typically differ from average market prices primarily because concentrate sales are generally recorded as revenues at the time of shipment at forward prices for the estimated month of settlement, which differ from average market prices. Due to the time elapsed between shipment of concentrates and final settlement with the customers, we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices each period through final settlement. We recorded net positive price adjustments to provisional settlements of $10.9 million and $5.0 million for the three months ended September 30, 2025 and 2024, and $22.0 million and $19.5 million for the nine months ended September 30, 2025 and 2024, respectively. The price adjustments related to silver, gold, zinc, lead and copper contained in our concentrate shipments were partially offset by gains and losses on forward contracts and collars for those metals. See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited)for more information. The gains and losses on these contracts are included in revenues and impact the realized prices for silver, gold, lead, zinc and copper. Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the forward contracts discussed above) by the payable quantities of each metal included in concentrate, doré and carbon material shipped during the period.
Previous wording
Greens Creek in the first quarter and lower production at Keno Hill due to lower throughput. Though gold production is higher than the comparable 2024 periods, an inventory build at Casa Berardi during the quarter resulted in gold ounces sold being largely consistent with 2024. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, and Casa Berardi Segment sections below for more information on metal production and sales volumes at each of our operating segments. Total metals production and sales volumes for each period are shown in the following table:
Current wording
Higher quantities of all metals sold, except zinc, during the three and nine months ended September 30, 2025 compared to the comparable 2024 periods, driven by higher production at operating sites. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, and Casa Berardi Segment sections below for more information on metal production and sales volumes at each of our operating segments. Total metals production and sales volumes for each period are shown in the following table:
Previous wording
Sales, total cost of sales, gross profit (loss), Cash Cost, After By-product Credits, per Ounce (“Cash Cost”) (non-GAAP) and AISC (non-GAAP) at our operating segments for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands, except for Cash Cost and AISC):
Current wording
Sales, total cost of sales, gross profit (loss), Cash Cost, After By-product Credits, per Ounce (“Cash Cost”) (non-GAAP) and AISC (non-GAAP) at our operating segments for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands, except for Cash Cost and AISC):
Previous wording
For the three and six months ended June 30, 2025, Other includes sales of $6.6 million and $13.7 million and total cost of sales of $6.6 million and $13.7 million respectively, from our environmental remediation services in the Yukon. For the three and six months ended June 30, 2024, Other includes sales of $3.4 million and $7.8 million and total cost of sales of $3.6 million and $7.5 million, respectively.
Current wording
For the three and nine months ended September 30, 2025, Other includes sales of $16.2 million and $29.9 million and total cost of sales of $16.2 million and $29.9 million respectively, from our environmental remediation services in the Yukon. For the three and nine months ended September 30, 2024, Other includes sales of $7.3 million and $15.1 million and total cost of sales of $6.8 million and $14.3 million, respectively.
Previous wording
We reported net income applicable to common stockholders of $57.6 million for the three months ended June 30, 2025, compared to a net income applicable to common stockholders of $27.7 million in the comparable period in 2024. The following were the significant drivers of the change:
Current wording
We reported net income applicable to common stockholders of $100.6 million for the three months ended September 30, 2025, compared to a net income applicable to common stockholders of $1.6 million in the comparable 2024 period. The following were the significant drivers of the change:
Previous wording
Consolidated gross profit increased by $68.1 million. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, and The Casa Berardi Segment sections below for a discussion on the key drivers by operation.
Current wording
Consolidated gross profit increased by $121.2 million. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, and The Casa Berardi Segment sections below for a discussion on the key drivers by operation.
Previous wording
Ramp-up and suspension costs decreased by $1.4 million due to the current period containing no ramp-up costs for Keno Hill, as the site recorded gross profit, whereas in the prior period total cost of sales in excess of sales by $1.8 million were transferred to ramp-up and suspension costs.
Current wording
Ramp-up and suspension costs decreased by $10.4 million primarily due to the current period containing no ramp-up costs for Keno Hill, as the site recorded gross profit, whereas in the prior period total cost of sales in excess of sales by $10.0 million were transferred to ramp-up and suspension costs.
Previous wording
Fair value adjustments, net increased by $10.1 million primarily due to $8.5 million in unrealized gains on our marketable equity securities portfolio and $4.7 million of gains on undesignated derivative contracts in the current period.
Current wording
Fair value adjustments, net increased by $14.0 million primarily due to $25.3 million in unrealized gains on our marketable equity securities portfolio, partly offset by losses on undesignated derivative contracts of $7.6 million.
Previous wording
Income and mining tax expense increased by $23.5 million due to higher taxable income generated by our US tax group.
Current wording
Income and mining tax expense increased by $43.4 million due to higher taxable income generated by our US and Quebec operations.
Previous wording
We reported net income applicable to common stockholders of $86.3 million for the six months ended June 30, 2025, compared to a net income applicable to common stockholders of $21.8 million in the comparable period in 2024. The following were the significant drivers of the change:
Current wording
We reported net income applicable to common stockholders of $186.9 million for the nine months ended September 30, 2025, compared to a net income applicable to common stockholders of $23.5 million in the comparable 2024 period. The following were the significant drivers of the change:
Previous wording
Consolidated gross profit increased by $122.9 million. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, and The Casa Berardi Segment sections below for a discussion on the key drivers by operating unit.
Current wording
Consolidated gross profit increased by $244.1 million. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, and The Casa Berardi Segment sections below for a discussion on the key drivers by operating unit.
Previous wording
Ramp-up and suspension costs decreased by $12.6 million due to the current period containing no ramp-up costs for Keno Hill, as the site recorded gross profit, whereas in the prior period total cost of sales in excess of sales by $10.4 million were transferred to ramp-up and suspension costs. In addition, the prior period included $2.2 million of suspension costs related to the temporary suspension of operations at Lucky Friday due to the underground fire prior to the restart of operations on January 8, 2024.
Current wording
Ramp-up and suspension costs decreased by $23.0 million due to the current period containing no ramp-up costs for Keno Hill, as the site recorded gross profit, whereas in the prior period total cost of sales in excess of sales by $20.4 million were transferred to ramp-up and suspension costs. In addition, the prior period included $2.2 million of suspension costs related to the temporary suspension of operations at Lucky Friday due to the underground fire prior to the restart of operations on January 8, 2024.
Previous wording
Fair value adjustments, net increased by $4.6 million primarily due to $4.9 million in unrealized gains on our marketable equity securities portfolio and gains on undesignated derivative contracts of $4.7 million in the current period.
Current wording
Fair value adjustments, net increased by $24.1 million primarily due to $33.7 million in unrealized gains on our marketable equity securities portfolio and $2.9 million of losses on undesignated derivative contracts.
Previous wording
Other operating expense (income), net increased by $16.7 million primarily due to the prior period containing $17.8 million of insurance proceeds received related to the Lucky Friday fire.
Current wording
Other operating expense (income), net increased by $38.0 million primarily due to the prior period containing $50.0 million of insurance proceeds received related to the Lucky Friday fire, partially offset by $14.5 million write down of property, plant and mine development in 2024.
Previous wording
Net foreign exchange loss increased by $10.5 million, to a loss of $3.9 million compared to a gain of $6.7 million in the comparable period, driven by a weakening of the US dollar against the Canadian dollar during the current year.
Current wording
Net foreign exchange loss increased by $7.0 million, to a loss of $3.6 million compared to a gain of $3.4 million in the comparable period, driven by a weakening of the US dollar against the Canadian dollar during the current year.
Previous wording
Income and mining tax expense increased by $37.8 million due to higher taxable income generated by our US tax group.
Current wording
Income and mining tax expense increased by $81.2 million due to higher taxable income generated by our US and Quebec operations.
Previous wording
The $24.2 million increase in gross profit for the three months ended June 30, 2025, compared to the same period in 2024 was primarily due to higher realized sales prices for silver and gold, in addition to higher sales volumes for all metals, except lead.
Current wording
The $53.4 million increase in gross profit for the three months ended September 30, 2025, compared to the same period in 2024 was primarily due to higher realized sales prices for silver and gold, in addition to higher sales volumes for all metals, except zinc.
Previous wording
Capital additions in the current quarter were $3.3 million lower than the prior year period and included $2.8 million for primary ore access development, $2.0 million for mine development and $1.8 million for mining equipment and related costs.
Current wording
Capital additions in the current quarter were $0.7 million higher compared to the same period in 2024. Current quarter costs included $2.9 million for mining equipment and related costs, $2.9 million for surface related equipment, $2.4 million for mine development and $2.3 million for primary ore access development.
Previous wording
Production of all metals increased during the three months ended June 30, 2025, primarily due to a combination of higher tons milled and higher grades.
Current wording
Production of all metals increased during the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a combination of higher tons milled and higher grades.
Previous wording
The $45.3 million increase in gross profit for the six months ended June 30, 2025, compared to the same period in 2024 was primarily due to higher realized sales prices for silver, gold and lead, partially offset by lower metals sales volumes for all metals, except zinc.
Current wording
The $98.7 million increase in gross profit for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily due to higher realized sales prices for silver, gold and zinc, except lead, and higher sales volumes for gold.
Previous wording
Capital additions during the year were $1.4 million lower than the prior year period and included $6.0 million for primary ore access development, $3.4 million for mine development, $2.8 million for mining equipment and $1.7 million for definition drilling.
Current wording
Capital additions during the year were $0.7 million lower compared to the same period in 2024 and included $9.8 million for mining and surface equipment, $8.3 million for primary ore access development, $5.8 million for mine development, $2.9 million for definition drilling and $1.6 million for a cleaner cell replacement.
Previous wording
For the three months ended June 30, 2025, the decrease in Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce was primarily due to an increase in gold by-product credits, reflecting higher realized gold prices and higher silver production.
Current wording
For the three months ended September 30, 2025, the decrease in Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce compared to the same period in 2024 was primarily due to an increase in gold by-product credits, reflecting higher realized gold prices and gold production, in addition to higher silver production, partly offset by higher production costs primarily for materials and consumables.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The increase in Cash Cost After By-product Credits, per Gold Ounce for the nine months ended September 30, 2025, compared to the same period in 2024 was primarily due to higher production costs, partly offset by higher gold production. AISC, After By-product Credits, per Gold Ounce benefited from lower sustaining capital over the comparable period in 2024.
Current report — wording carried from elsewhere
We currently estimate a range of approximately $222 to $242 million (before any lease financing) will be invested in 2025 on capital expenditures, primarily for equipment, infrastructure, and development at our mines, including $170.0 million already incurred as of September 30, 2025. We also estimate exploration and pre-development expenditures will total approximately $28.0 million in 2025, including $22.9 million already incurred as of September 30, 2025. Our expenditures for these items and our related plans for
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Net foreign exchange loss increased by $6.2 million to a loss of $3.5 million, compared to a gain of $2.7 million in the comparable period as the US dollar weakened against the Canadian dollar.
Previous report — wording carried elsewhere
Other operating (income) expense, net increased by $34.7 million primarily due to the prior period containing $35.2 million of insurance proceeds received related to the Lucky Friday fire.
Previous report — wording carried elsewhere
The decrease in Cash Cost After By-product Credits, per Gold Ounce, and AISC, After By-product Credits, per Gold Ounce for the three months ended June 30, 2025, compared to the same period in 2024 was primarily due to higher gold production.