HL · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Hecla Mining

39 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Largest customers

earns from · approximately 25%, 23% and 14%named as a risk

For the fiscal year ended December 31, 2025, our three largest customers accounted for approximately 25%, 23% and 14%, respectively, of our total revenues.Risk factors (Item 1A)

Also named by ODFL, SSD, VFC

Smelters and refiners

earns fromnamed as a risk

Access to refiners and smelters on terms which are economic is critical to sell our products to buyers and generate revenues.Risk factors (Item 1A)

Suppliers

Yukon Energy

depends onnamed as a risk

For example, Yukon Energy, the provider of electricity to Keno Hill, occasionally reduces power to Keno Hill, which does not have sufficient backup generation capacity to fully power the mine and the mill.Risk factors (Item 1A)

Marine transportation

depends onnamed as a risk

Greens Creek operates on an island and is substantially dependent on various forms of marine transportation for the transportation of employees and materials to the mine and for the export of its products from the mine.Risk factors (Item 1A)

Partners and platforms

First Nation of Na-Cho Nyäk Dun

named as a risk

We expect in the future the parties will negotiate the wealth sharing requirement of the agreement, and thus Keno Hill will likely make future and ongoing payments to the FNNND.Risk factors (Item 1A)

Other companies

Orezone Gold Corporation

up to $593 millionnamed as a risk

We have entered into an agreement to sell our Casa Berardi operation to Orezone for total consideration of up to $593 million, subject to customary closing conditions, including receipt of and regulatory approvals.Risk factors (Item 1A)

Places

China

earns from · currently 20% on our silver concentratenamed as a risk

However, due to U.S. tariffs and China's reciprocal tariffs - currently 20% on our silver concentrate, the China market is effectively closed for us, and we have not shipped any products to China since March 2025.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Casa Berardi mine (Quebec)

operates in · 23.0%named as a risk

The contributions to our total metals sales by our significant operations in 2025 were 44.3% from Greens Creek, 23.0% from Casa Berardi, 22.2% from Lucky Friday and 10.5% from Keno Hill.Business (Item 1)

Lucky Friday mine (Idaho)

operates in · 22.2%named as a risk

Both the Lucky Friday and Casa Berardi mines have a history of ground instability underground and related incidents which in the past have resulted in loss of production at these facilities and some of the other effects described below.Risk factors (Item 1A)

Keno Hill mine (Yukon)

operates in · 10.5%named as a risk

At Keno Hill, new permits or permit modifications will be required for it to reach future projected production necessary for the operation to become sustainably profitable.Risk factors (Item 1A)

Greens Creek mine (Alaska)

concentrated in · 44.3%

Alaska

operates innamed as a risk

In recent years there have been several proposed or implemented ballot initiatives that sought to directly or indirectly curtail or eliminate mining in certain states, including Alaska, where our Greens Creek mine operates, and Montana, where we may commence exploration at the Libby Exploration project.Risk factors (Item 1A)

Also named by ALK, APA, CDE, COP, GLIBK

Nevada

operates innamed as a risk

At Hollister in Nevada, state and federal approvals will be required for waste rock and underground water management from development of the Hatter Graben or other mine expansions.Risk factors (Item 1A)

Also named by CDE, HOOD, TPR, TREX

Montana

operates innamed as a risk

As a result of the legal challenges and other circumstances related to our Montana projects, we may be prevented from ever fully permitting or exploring or developing our Libby Exploration or Rock Creek Projects.Risk factors (Item 1A)

Also named by CHRD, CLMT, GBCI, MDU

Japan

earns from

We currently sell our products into international markets, including Japan, South Korea, and Canada, with minimal U.S. sales.Risk factors (Item 1A)

Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more

South Korea

earns from

We currently sell our products into international markets, including Japan, South Korea, and Canada, with minimal U.S. sales.Risk factors (Item 1A)

Also named by AAPL, ALAB, AMAT, BE, BWA, CPNG, CROX, ENTG and 11 more

Hazards

Mine fire

operates in · approximately 5 monthsnamed as a risk

•underground floods or fires (such as we experienced in August 2023 when there was a fire deep within the #2 shaft at our Lucky Friday unit which caused production there to stop for approximately 5 months, before production resumed in January 2024);Risk factors (Item 1A)

Casa Berardi impoundment dam

operates in · $35 millionnamed as a risk

Such analysis could cause us to implement embankment redesign and supplemental construction actions, which could be costly (with one estimate of $35 million if the extreme option of relocating the escaped material and the impoundment is required or chosen).Risk factors (Item 1A)

Seismic activity

operates innamed as a risk

Although we believe the testing has resulted in better management of the Lucky Friday mine’s seismicity, which increases as we mine deeper, we cannot predict unknown hazards that the UCB method or our deeper mining activities might cause.Risk factors (Item 1A)

Also named by MOS, SCCO

Forest fires

operates innamed as a risk

Climate change is expected to create more extreme weather patterns that can increase frequency or severity of forest fires (such as our Casa Berardi unit experienced in summer 2023) and droughts and sudden heavy rainfall or snowfall (such as our mines periodically experience).Risk factors (Item 1A)

Commodities and inputs

Canadian dollar

exposed to its price · approximately $12.7 millionnamed as a risk

A 10% change in the exchange rate between the USD and CAD from the rate at December 31, 2025 would have resulted in a change of approximately $12.7 million in our net foreign exchange gain or loss.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Gold

exposed to its price · $3,490 realized average per oz. (2025)named as a risk

Our operating results are substantially dependent upon the prices of silver, gold, lead and zinc, which can fluctuate widely.Business (Item 1)

Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCFS, FCX and 10 more

Zinc

exposed to its price · 14,028 tons of zincnamed as a risk

At December 31, 2025, metals contained in concentrate sales and exposed to future price changes totaled approximately 3.5 million ounces of silver, 2,272 ounces of gold, 14,028 tons of zinc, and 8,322 tons of lead.Market risk (Item 7A)

Also named by CDE, FBIN, HLMN, JBI, LFUS, LNN, MAS, MLI and 6 more

Silver

exposed to its price · $45.25 realized average per oz. (2025)named as a risk

Our operating results are substantially dependent upon the prices of silver, gold, lead and zinc, which can fluctuate widely.Business (Item 1)

Also named by CDE, DC, EZPW, LECO, LFUS, LULU, NEM, RGLD and 2 more

Lead

exposed to its price · 8,322 tons of leadnamed as a risk

Also named by ENS, OLN

Copper

exposed to its pricenamed as a risk

Silver, gold, lead, zinc and copper prices fluctuate widely and are affected by numerous factors, including:Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Diesel fuel

exposed to its pricenamed as a risk

Our profitability is sensitive to cost inflation, including, but not limited to the costs of commodities such as fuel (in particular as used at Greens Creek to generate electricity when hydropower is unavailable, as is the case from time to time, particularly in periods with low precipitation), steel, and cement, as well as other consumables and labor.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

Such permitting has been a frequent subject of litigation and enforcement activity by environmental advocacy groups and the EPA, which has resulted in declines in such permits or extensive delays in receiving them, as well as the imposition of penalties for permit violations.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Mine Safety and Health Administration (MSHA)

subject tonamed as a risk

Any of our U.S. mines could be subject to a temporary or extended shutdown as a result of a violation alleged by MSHA.Risk factors (Item 1A)

Also named by AESI, ARLP, BTU, CDE, GVA, HCC, MLM, MP and 4 more

Yukon Department of Energy, Mines and Resources

subject tonamed as a risk

As part of this process, we have submitted plans to the Yukon Department of Energy, Mines and Resources to upgrade the water treatment plant at the Bermingham mine within our Keno Hill operations and in the interim have made other upgrades to water treatment at the site.Business (Item 1)

Yukon Government

subject tonamed as a risk

As a result, we experienced and continue to experience delays on permitting matters at our Keno Hill mine which, although not a heap leach operation, is located not far from the Eagle Mine (the YG is obligated to consult with FNNND on permitting matters).Risk factors (Item 1A)

Laws and programs

Amended and Restated Subsidiary Agreement (ARSA) with Government of Canada

approximately CAD$294 millionnamed as a risk

Completing the Reclamation Plan is expected to take approximately 4 more years and is currently estimated to cost approximately CAD$294 million over that time, for which we expect ERDC to be reimbursed for all material costs incurred.Business (Item 1)

Casa Berardi closure plan

subject to · $150.0 million on an undiscounted basisnamed as a risk

Currently we have recorded a $76.0 million discounted liability for estimated reclamation and closure costs at Casa Berardi, of $150.0 million on an undiscounted basis, which we believe, based on current negotiations with the regulator, is appropriate.Risk factors (Item 1A)

Lucky Friday union collective bargaining agreement

Approximately 325 of our employeesnamed as a risk

Approximately 325 of our employees at the Lucky Friday were covered by a collective bargaining agreement.Business (Item 1)

CERCLA

subject tonamed as a risk

In the future, financial assurance rules under CERCLA, if adopted, could be financially material and adverse to us.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Resource Conservation and Recovery Act (RCRA)

subject tonamed as a risk

If the EPA were to repeal this exemption, and designate these mining wastes as hazardous under RCRA, we would be required to expend additional amounts on the handling of such wastes and to make significant expenditures to construct hazardous waste storage or disposal facilities.Risk factors (Item 1A)

Also named by AN, CDE, CLH, CTAS, ESI, LB, MLM, NUE and 7 more

Clean Water Act

subject tonamed as a risk

Our U.S. operations are subject to the CWA, which requires permits for certain discharges into waters of the United States.Risk factors (Item 1A)

Also named by CLH, CNX, CTAS, DC, ELS, EQT, STLD, WTTR and 2 more

U.S. Executive Order 14269 vessel tariffs

subject tonamed as a risk

If tariffs under Executive Order 14269 (which is suspended until November 2026) apply to vessels carrying our products, shipping charges could increase substantially.Risk factors (Item 1A)

1872 Mining Law

subject tonamed as a risk

Changes to the 1872 Mining Law, if adopted, could adversely affect our ability to economically develop mineral reserves on federal lands.Risk factors (Item 1A)