Green Creek Silver Reserve Growth Continues

Why It Matters

Reserve growth secures Hecla’s long‑term production and cash flow, while the heightened exploration spend signals confidence in sustaining supply amid volatile metal markets.

Key Takeaways

• Greens Creek added 2.4 M oz silver reserves 2025.
• Total reserves now 106.1 M oz, ~50% of Hecla.
• Company reserves fell 4% due to low price assumptions.
• 2026 exploration budget doubled to $55 M.
• Focus on Greens Creek, Keno Hill, Nevada Midas.

Pulse Analysis

Greens Creek, Hecla Mining’s flagship operation near Juneau, demonstrated robust reserve growth in 2025, adding 2.4 million ounces of silver to its proven and probable reserves. The mine now holds 106.1 million ounces, representing roughly half of Hecla’s total silver reserve base. After 36 years of production, the Alaska asset continues to deliver both steady output and new resource definition, reinforcing its role as a cornerstone of the company’s portfolio. The reserve boost also supports local employment and contributes to Alaska’s mineral royalties, strengthening the regional economy.

Hecla’s year‑end reserve tally fell about 4 % because the company applied conservative metal price assumptions—$25 per ounce for silver and $2,100 for gold—when modeling its assets. Rather than viewing the dip as a setback, management signaled confidence by allocating $55 million to exploration in 2026, nearly double the prior year’s spend. The expanded budget will target additional drilling at Greens Creek, Keno Hill in Yukon, and the high‑grade Midas gold project in Nevada, aiming to convert inferred resources into replaceable reserves. Management expects the additional drilling to identify at least 1 million ounces of new inferred resources, providing a pipeline for future reserve conversion.

The aggressive exploration plan reflects a broader industry trend where senior miners prioritize reserve replacement to sustain long‑term cash flow and extend mine life. For investors, Hecla’s commitment to fund discovery work at district‑scale assets reduces reliance on acquisitions and provides a clearer path to maintaining production levels amid volatile metal prices. If the 2026 drilling program succeeds, the company could not only offset the modest reserve decline but also position itself to capture additional upside in the global silver supply chain. Such supply growth could temper price pressures, especially as industrial demand for silver in electronics and renewable energy expands.