NYSE-listed Hecla Mining has posted record free cash flow of $103.8-million, driven by strong silver and gold production, disciplined cost controls and standout performances at its Keno Hill and Lucky Friday mines.

the 130-year-old miner reported record revenue of $304-million, which is a 16% jump from the prior quarter, and adjusted earnings before interest, taxes, depreciation and amortisation reaching an all-time high of $132.5-million.

The company also slashed its net leverage ratio from 1.5x to 0.7x in just one quarter, thanks in part to the partial redemption of $212-million in 7.25% senior notes and full repayment of C$50-million IQ notes.

That will free up $17.8-million a year in interest expense, a move CEO Rob Krcmarov described as enabling Hecla to “refocus those funds towards strengthening our balance sheet while enabling strategic reinvestment into the highest return opportunities".

Silver production increased by 10% to 4.5-million ounces, while gold output rose by 34% to nearly 46 000 oz. At the Lucky Friday mine, a new quarterly milling record was set, with 114 475 t processed - surpassing the previous record by 5%. Keno Hill marked a milestone by achieving its first quarter of positive free cash flow, underscoring progress toward long-term profitability.

Casa Berardi benefited from a sharp drop in unit costs – down more than $600/oz – driven by higher production and lower capital spending, which helped to expand margins. Meanwhile, Greens Creek outperformed expectations on gold grades, leading to upward revisions in both production and cost guidance.

Hecla's cost profile remained highly competitive, with silver cash costs at negative $5.46/oz and all-in sustaining costs at $5.19/oz, after by-product credits—placing the company firmly among the lowest-cost silver producers in the industry.

The strong quarter comes amid a broader portfolio optimisation effort. Hecla has completed the sale of the Kinskuch property and liquidated noncore equity holdings, realising a $3.2-million gain. A strategic review of Casa Berardi remains ongoing.

"With Casa Berardi's strategic review progressing and our portfolio optimization continuing, we're well-positioned to achieve our 2025 guidance and beyond," said Krcmarov.