HL
Hecla MiningDDocument history
Earnings documents stored for HL.
Investor releaseQuarter not tagged2026-05-12Stocks Settle Higher on Strong Earnings
Barchart
Stocks Settle Higher on Strong Earnings
The S&P 500 Index ($SPX) (SPY) on Monday closed up +0.19%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.29%. June E-mini S&P futures (ESM26) rose +0.18%, and June E-mini Nasdaq futures (NQM26) rose +0.28%. Stock indexes settled higher on Monday, with the S&P 500 and Nasdaq 10 posting new all-time highs amid strong corporate earnings results and resurgent optimism around artificial intelligence. Strength in chipmakers and AI-infrastructure stocks led the broader market higher on Monday. Gains in stocks were limited on Monday amid rising oil prices and bond yields after the US and Iran failed to reach terms to end the war in the Middle East. Global bond yields rose on concern that the continued standoff will keep energy prices elevated and could force the world’s central banks to tighten monetary policy. The 10-year T-note yield rose +5 bp to 4.41%. Dear D-Wave Quantum Stock Fans, Mark Your Calendars for May 12 Berkshire Hathaway Just Upped Its Stake in Sumitomo Stock. Greg Abel Says It’s Holding for the Long Term. This Analyst Just Raised the Price Target on Coherent Stock by 50%. What to Know. Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! In the latest developments in the Middle East, President Trump and Iran rejected each other's latest peace proposals to end the 10-week conflict. Iran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities. Iran also demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through the Strait of Hormuz. Despite the ceasefire in place since last month, a drone strike over the weekend set a cargo vessel ablaze off Qatar in the Persian Gulf. Also, the United Arab Emirates and Kuwait both said they intercepted hostile drones. Monday’s US economic news was slightly weaker than expected after Apr existing home sales rose +0.2% m/m to 4.02 million, below expectations of 4.05 million. Chinese trade news was better than expected, a positive factor for global growth. China Apr exports rose +14.1% y/y, stronger than expectations of +8.4% y/y. Apr imports rose +25.3% y/y, stro...
Investor releaseQuarter not tagged2026-05-11Stocks Supported by Strong Earnings and AI Optimism
Barchart
Stocks Supported by Strong Earnings and AI Optimism
The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.17%. June E-mini S&P futures (ESM26) are up +0.29%, and June E-mini Nasdaq futures (NQM26) are up +0.19%. Stock indexes are moving higher today, with the S&P 500 and Nasdaq 100 posting new all-time highs amid strong corporate earnings results and resurgent optimism around artificial intelligence. Gains in stocks are limited today amid rising oil prices and bond yields after the US and Iran failed to reach terms to end the war in the Middle East. Global bond yields rose on concern that the continued standoff will keep energy prices elevated and could force the world’s central banks to tighten monetary policy. The 10-year T-note yield is up +3 bp to 4.39%. Broadcom Hits a Bottleneck as OpenAI Revenue Concerns Claim Their First Casualty Dan Ives Can’t Make It Any Clearer: Palantir Stock Is Still a ‘Golden Goose’ Despite Q1 Earnings Fears Palantir Stock Has a ‘High-Class Problem’: Demand for Its Software Is Far Outpacing Supply Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. In the latest developments in the Middle East, President Trump and Iran rejected each other's latest peace proposals to end the 10-week conflict. Iran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities. Iran also demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through the Strait of Hormuz. Despite the ceasefire in place since last month, a drone strike over the weekend set a cargo vessel ablaze off Qatar in the Persian Gulf. Also, the United Arab Emirates and Kuwait both said they intercepted hostile drones. Today’s US economic news was slightly weaker than expected after Apr existing home sales rose +0.2% m/m to 4.02 million, below expectations of 4.05 million. Chinese trade news was better than expected, a positive factor for global growth. China Apr exports rose +14.1% y/y, stronger than expectations of +8.4% y/y. Apr imports rose +25.3% y/y, stronger than expectations of 20.0% y/y. WTI crude oil prices (CLM26) are up by more than 2% today, as optimism that the US an...
Investor releaseQuarter not tagged2026-05-11Hecla Mining Q1 Earnings Call Highlights
MarketBeat
Hecla Mining Q1 Earnings Call Highlights
Interested in Hecla Mining Company? Here are five stocks we like better. Hecla entered Q2 2026 debt-free after redeeming its remaining senior notes, ending the quarter with a net cash position and a fully undrawn credit facility. Management said the company has transformed its balance sheet from nearly $550 million of net debt to no long-term debt. First-quarter operating results were record-setting, with revenue from continuing operations above $410 million, adjusted EBITDA of $265 million and free cash flow of $144 million. Silver made up 73% of revenue, and all revenue came from the U.S. or Canada. Hecla is doubling down on silver growth projects after selling Casa Berardi, with expansion plans at Greens Creek, a possible restart of Midas in Nevada, and record exploration spending of $55 million in 2026. The company reiterated 2026 silver production guidance of 15.1 million to 16.5 million ounces and sees a path to more than 20 million ounces annually over time. 3 Metals and Mining Stocks Riding the Commodity Supercycle Hecla Mining (NYSE:HL) said it entered the second quarter of 2026 with no long-term debt, record quarterly cash generation and a portfolio increasingly focused on silver assets in the United States and Canada, following the sale of its Casa Berardi operation at the end of March. On the company’s first-quarter earnings call, President and Chief Executive Officer Rob Krcmarov said Hecla has undergone a significant balance sheet transformation since he joined the company 18 months ago. “This company carried nearly $550 million of net debt. Today, we carry no long-term debt,” Krcmarov said. “None.” → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance Hilton’s Q1 Report Put One Big Question Front and Center for 2026 The company reported first-quarter revenue from continuing operations of more than $410 million, up 13% from the prior quarter and double the level from the first quarter of 2025. Hecla also reported record adjusted EBITDA of $265 million and record consolidated free cash flow of $144 million, with each of its mines generating positive free cash flow. Hecla’s first-quarter results were presented on a continuing operations basis, excluding Casa Berardi, which was sold at the end of March. Krcmarov described the sale as “a deliberate, well-timed decision” that allowed Hecla to focus capital and management attention on its silver g...
Investor releaseQuarter not tagged2026-05-11Strong Earnings and AI Optimism Push the S&P 500 and Nasdaq 100 to Record Highs
Barchart
Strong Earnings and AI Optimism Push the S&P 500 and Nasdaq 100 to Record Highs
The S&P 500 Index ($SPX) (SPY) today is up +0.17%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.06%. June E-mini S&P futures (ESM26) are up +0.19%, and June E-mini Nasdaq futures (NQM26) are up +0.05%. Stock indexes are moving higher today, with the S&P 500 and Nasdaq 10 posting new all-time highs amid strong corporate earnings results and resurgent optimism around artificial intelligence. Gains in stocks are limited today amid rising oil prices and bond yields after the US and Iran failed to reach terms to end the war in the Middle East. Global bond yields rose on concern that the continued standoff will keep energy prices elevated and could force the world’s central banks to tighten monetary policy. The 10-year T-note yield is up +3 bp to 4.39%. Broadcom Hits a Bottleneck as OpenAI Revenue Concerns Claim Their First Casualty Palantir Stock Has a ‘High-Class Problem’: Demand for Its Software Is Far Outpacing Supply Dan Ives Can’t Make It Any Clearer: Palantir Stock Is Still a ‘Golden Goose’ Despite Q1 Earnings Fears Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. In the latest developments in the Middle East, President Trump and Iran rejected each other's latest peace proposals to end the 10-week conflict. Iran offered to transfer some of its stockpile of highly enriched uranium to a third country but rejected the idea of dismantling its nuclear facilities. Iran also demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through the Strait of Hormuz. Despite the ceasefire in place since last month, a drone strike over the weekend set a cargo vessel ablaze off Qatar in the Persian Gulf. Also, the United Arab Emirates and Kuwait both said they intercepted hostile drones. Chinese trade news was better than expected, a positive factor for global growth. China Apr exports rose +14.1% y/y, stronger than expectations of +8.4% y/y. Apr imports rose +25.3% y/y, stronger than expectations of 20.0% y/y. WTI crude oil prices (CLM26) are up by more than 2% today, as optimism that the US and Iran would reopen the Strait of Hormuz was dashed after President Trump said Iran's latest peace proposals were "totally unacceptable." The strait remains essentially closed, as abo...
Investor releaseQuarter not tagged2026-05-09Stocks Finish Higher on Solid Earnings and a Resilient Labor Market
Barchart
Stocks Finish Higher on Solid Earnings and a Resilient Labor Market
The S&P 500 Index ($SPX) (SPY) on Friday closed up +0.84%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +2.35%. June E-mini S&P futures (ESM26) rose +0.79%, and June E-mini Nasdaq futures (NQM26) rose +2.37%. Stock indexes settled higher on Friday, with the S&P 500 and Nasdaq 100 posting new record highs. Chipmaker and AI-infrastructure stocks led the overall market higher on Friday, offsetting concerns about the Iran war. Stronger-than-expected corporate earnings are pushing stocks higher. Weakness in software stocks on Friday weighed on the Dow Jones Industrial Average. As CPUs Steal the Show, AMD Stock Just Got a New Street-High Price Target How Intel Stock Could Be the Biggest Winner from AMD’s Explosive Earnings Win Cathie Wood Dumps More AMD Shares Despite Its Massive 108% Rally. Here's Why. Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Stock indexes also found support today on signs of resiliency in the US labor market after April nonfarm payrolls rose more than expected and March nonfarm payrolls were revised upward. Stocks rallied on Friday despite a larger-than-expected decline in US consumer sentiment to a record low. US Apr nonfarm payrolls rose by +115,000, stronger than expectations of +65,000, and Mar nonfarm payrolls were revised upward to +185,000 from the previously reported +178,000. The Apr unemployment rate was unchanged at 4.3%, right on expectations. US Apr average hourly earnings rose +0.2% m/m and +3.6% y/y, weaker than expectations of +0.3% m/m and +3.8% y/y. The University of Michigan’s US May consumer sentiment index fell -1.6 to a record low of 48.2 (data from 1978), weaker than expectations of 49.5. The University of Michigan US May 1-year inflation expectations rate unexpectedly eased to +4.5% from +4.7% in Apr, weaker than expectations of an increase to 4.8%. The May 5-10 year inflation expectations rate unexpectedly eased to +3.4%, weaker than expectations of no change at +3.5%. In the latest developments in the Middle East, Iran's semi-official Tasnim news agency said Iran seized an oil tanker on Friday in the Strait of Hormuz for "attempting to disrupt oil exports and the interests of the Iranian nation." Also, US forces targeted missile and drone launch sites and other milita...
Investor releaseQuarter not tagged2026-05-09How to Approach First Majestic Stock Ahead of Its Q1 Earnings Release?
Zacks
How to Approach First Majestic Stock Ahead of Its Q1 Earnings Release?
First Majestic Silver Corp. AG is scheduled to release first-quarter 2026 results on May 12. The Zacks Consensus Estimate for its quarterly earnings is currently pegged at 33 cents per share. The company’s first-quarter earnings estimates have increased 13.8% over the past 60 days. The bottom-line projection indicates a surge of 560% from the year-ago number. The company has a dismal earnings surprise history, missing the Zacks Consensus Estimate thrice and outpacing once in the preceding four quarters. The earnings surprise is a negative 18.8%, on average. In the last reported quarter, it reported earnings of 30 cents per share, beating the consensus estimate of 27 cents. Our proven model does not conclusively predict an earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat, but that’s not the case here. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Earnings ESP: First Majestic has an Earnings ESP of 0.00% as both the Zacks Consensus Estimate and the Most Accurate Estimate are pegged at 33 cents per share. Zacks Rank: AG presently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. First Majestic Silver Corp. price-eps-surprise | First Majestic Silver Corp. Quote AG’s total production reached 3.5 million ounces of silver and 34,341 gold ounces in the first quarter of 2026. It also produced 15.4 million pounds of zinc, 8.7 million pounds of lead and 262,913 pounds of copper. The silver and gold ounces produced marked a decline of 5.4% and 6%, respectively, on a year-over-year basis. The fall in production level is expected to impact the top-line results in the first quarter. Despite the recent decline, the company has been benefiting from a significant increase in silver prices over the past year. The prices have remained strong, owing to the persistent market deficit, high industrial demand in solar and AI sectors and strong safe-haven demand. Demand for solar energy, electronics and electrification now accounts for more than half of global silver demand. Also, with the acquisition of Gatos Silver in January 2025, First Majestic gained a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This transaction solid...
Investor releaseQuarter not tagged2026-05-07Hecla (HL) Q3 2025 Earnings Call Transcript
Motley Fool
Hecla (HL) Q3 2025 Earnings Call Transcript
Image source: The Motley Fool. Thursday, November 6, 2025 at 10 a.m. ET President and Chief Executive Officer — Robert Krcmarov Senior Vice President and Chief Financial Officer — Russell Lawlar Senior Vice President and Chief Operating Officer — Carlos Aguiar Senior Vice President, Exploration — Kurt Allen Need a quote from a Motley Fool analyst? Email [email protected] Robert Krcmarov: Thank you, Mike, and good morning, everyone. So turning to Slide 3. Let me just start by reminding you why Hecla stands apart in the silver sector. As the oldest silver company on the New York Stock Exchange with a history dating back 134 years, we operate exclusively in the premier jurisdictions of the United States and Canada. We maintain peer-leading silver exposure on both a revenue and resource basis with an average reserve life that's double our peer group. We're building project momentum through strategic investment in our pipeline, and we're achieving cost excellence as the lowest cost producer among our peers. I've got to say these are exciting times, and Hecla really is thriving on strong silver and gold prices. We're using this momentum to strengthen our finances, fund high-return projects and boost shareholder value. But I think the outlook is even brighter. Silver faces its fifth consecutive year of supply shortages with rising industrial demand and investment flows expected to support prices for years to come. And unlike most of our peers, we're uniquely positioned with one of the most favorable silver to gold revenue ratios in the sector, allowing us to capitalize on the silver strength and drive meaningful value creation for our shareholders. Moving to Slide 4. Q3 really was exceptional, and just let me walk you through why. Firstly, record results. We delivered record results this quarter. We hit revenues of $410 million. Net income came in at $101 million and adjusted EBITDA was $196 million. These aren't just numbers. They prove that our business model works. We capture upside in strong markets while our cost position offers protection in weak ones. Now here's what matters a lot, and that's our balance sheet transformation. Net leverage has improved from 1.8x this time last year to 0.3x in Q3. So that's an 83% reduction. And that's in a single year. That's a structural derisking of the company. This deleveraging consisted of fully repaying our revolver, redeemin...
Investor releaseQuarter not tagged2026-05-06Hecla Mining: Q1 Earnings Snapshot
Associated Press
Hecla Mining: Q1 Earnings Snapshot
COEUR D`ALENE, Idaho (AP) — COEUR D`ALENE, Idaho (AP) — Hecla Mining Co. (HL) on Tuesday reported a loss of $19 million in its first quarter. The Coeur d`Alene, Idaho-based company said it had a loss of 3 cents per share. Earnings, adjusted to account for discontinued operations, came to 24 cents per share. The precious metals company posted revenue of $411.4 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HL at https://www.zacks.com/ap/HL
Investor releaseQuarter not tagged2026-05-06Hecla Reports First Quarter 2026 Results
Business Wire
Hecla Reports First Quarter 2026 Results
Cash Flow from Continuing Operations $183 million, Record Free Cash Flow1 $144 million; Premier Silver Focus Sharpened; Organic Growth Pipeline Advancing COEUR D'ALENE, Idaho, May 05, 2026--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") today announced first quarter 2026 financial and operating results. "Prior quarter" refers to the fourth quarter of 2025. Prior period financial information has been revised to reflect Casa Berardi as a discontinued operation. FIRST QUARTER 2026 HIGHLIGHTS Financial Performance: Revenue: Over $411 million from continuing operations, representing a 13% increase over prior quarter and a 100% increase versus the first quarter of 2025 (both periods on a continuing operations basis, excluding Casa Berardi), reflecting the combination of significantly higher realized silver and gold prices, partly offset by 5% and 6% lower silver and gold production, respectively. Profitability: Net income from continuing operations of $165 million or $0.25 per share - up from $24 million or $0.04 per share in the first quarter of 2025. After a non-cash $192 million write-down related to the Casa Berardi sale, net loss attributable to common stockholders of $19 million or ($0.03) per share. Casa Berardi generated income from operations of $31 million in the first quarter prior to the sale closing on March 25. Record Adjusted EBITDA: $265 million from continuing operations, a 31% increase over the prior quarter and nearly three and half times the $77 million recorded in first quarter of 2025 (both periods on a continuing operations basis, excluding Casa Berardi).4 Continued strong cash flow generation: $183 million cash generated from operations, and record quarterly free cash flow from continuing operations of $144 million, with all producing assets contributing.1 Building balance sheet strength: Cash balance of $588 million, providing strategic flexibility, benefiting from free cash flow and cash proceeds from Casa Berardi sale. Transition to net cash: Total debt of $266 million and cash and cash equivalents of $588 million, marking a significant strategic inflection point to net cash at quarter end. Subsequent to Quarter End: On April 9, 2026, the Company redeemed its remaining $263 million of 7.25% Senior Notes, leaving the Company with no long-term debt, an undrawn $225 million revolving credit facility with an addi...
Investor releaseQuarter not tagged2026-05-06Hecla Mining Company Q1 2026 Earnings Call Summary
Moby
Hecla Mining Company Q1 2026 Earnings Call Summary
Management highlighted a fundamental balance sheet transformation, moving from $550 million in net debt 18 months ago to being entirely free of long-term debt following the April redemption of senior notes. The strategic divestiture of the Casa Berardi gold operation in March was framed as a deliberate pivot to focus management attention and capital primarily on the high-margin silver growth platform, though the company remains open to exceptional gold assets that can fund this strategy. Record financial results, including a doubling of revenue year-over-year, were attributed to strong operational execution and a cost structure that delivers a 90% margin on the realized silver price. Performance was bolstered by all operating mines being free cash flow positive, with Greens Creek benefiting from record underground backfill placement which enhanced operational flexibility. The company's competitive positioning is anchored by its exclusive focus on Tier 1 jurisdictions (U.S. and Canada) and a reserve life that is approximately double that of its peer group. Management emphasized a 'per share' value creation philosophy, noting they are the only peer to grow silver production per share over the last five years by avoiding dilutive M&A. The company is targeting a production pathway toward 20-plus million ounces of silver annually, driven by the Keno Hill ramp-up and the potential restart of the Midas operation in Nevada. A record $55 million exploration budget for 2026 is structured across three priority areas, focusing on replacing reserve depletion at producing assets, high-grade discovery potential at the Aurora project, and resource expansion at Midas. The capital allocation strategy prioritizes internal growth projects with target returns of 10% to 15%, while maintaining a debt-free balance sheet to remain opportunistic for accretive acquisitions. Management indicated that while they have a board-approved 20 million share repurchase plan, they will only deploy capital for buybacks if they see a dislocation between share price and underlying fundamentals and if the buybacks meet their return on capital criteria. Future growth initiatives, such as the Greens Creek pyrite circuit and tailings reprocessing, are being screened for low capital intensity to ensure robust returns on invested capital. The Greens Creek tailings reprocessing project represents a signif...
Investor releaseQuarter not tagged2026-05-06Hecla Mining (HL) Q1 Earnings and Revenues Lag Estimates
Zacks
Hecla Mining (HL) Q1 Earnings and Revenues Lag Estimates
Hecla Mining (HL) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -11.11%. A quarter ago, it was expected that this precious metals company would post earnings of $0.14 per share when it actually produced earnings of $0.19, delivering a surprise of +35.71%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Hecla Mining, which belongs to the Zacks Mining - Silver industry, posted revenues of $411.43 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 13.22%. This compares to year-ago revenues of $261.34 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Hecla Mining shares have lost about 8.4% since the beginning of the year versus the S&P 500's gain of 5.2%. While Hecla Mining has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Hecla Mining was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Ran...
Investor releaseQuarter not tagged2026-05-06Hecla Mining (HL) Q1 2026 Earnings Transcript
Motley Fool
Hecla Mining (HL) Q1 2026 Earnings Transcript
Image source: The Motley Fool. Wednesday, May 6, 2026 at 10 a.m. ET President and Chief Executive Officer — Robert L. Krcmarov Vice President, Technical Services — Matthew Blattman Senior Vice President and Chief Operating Officer — Carlos Aguiar Senior Vice President and Chief Financial Officer — Russell D. Lawlar Senior Vice President, Exploration and Corporate Development — Kurt D. Allen We have also published our 2025 sustainability report earlier this week, which is available on our website. Please note, as we discuss financial figures and projections throughout this presentation and in the earnings release we are referring to our continuing operations unless otherwise noted. This reflects the sale of the Casa Berardi operation that closed at the end of March. I will now pass the call over to Robert. Thank you, and good morning, everyone. Robert L. Krcmarov: Before I get into the quarter, I want to take a moment to acknowledge where we stand as a company now because I think the context matters. Eighteen months ago when I joined Hecla Mining Company, this company carried nearly $550 million of net debt. Today, we carry no long-term debt, none. That transformation and what it unlocks for shareholders is really what this call is about. So turning to slide three. Hecla Mining Company enters 2026 in the strongest financial and strategic position in the company's recent history. As North America's premium silver producer, we have six core attributes that really distinguish us from our peer group: a silver legacy stretching back to 1891; operations exclusively in the United States and Canada; peer-leading silver exposure in both revenue and reserves; a reserve life roughly double that of our peer group; a deep and advancing project pipeline; and a cost structure that positions us as the lowest cost producer in our peer group. These will help to support our premium valuation and make us a premier destination for silver investors. Turning to slide four. The Casa Berardi sale in March was a deliberate, well-timed decision. We harvested the cash flows to that point, secured substantial value including a 9.9% equity stake in Orezone and the deferred cash consideration, and we freed ourselves to do what we should be doing: directing our capital and management's attention towards our silver growth platform. And then on April 9, about four weeks ago, we redeemed our f...

