Hecla Mining is the largest silver producer in the U.S. and Canada, mining silver, gold, lead, zinc, and copper. Hecla processes ore into metal concentrates, doré, and carbon material, selling these products at spot prices to smelters, metal traders, and refiners in North America and Asia. Revenue is driven almost entirely by production volumes and commodity prices, making operational efficiency the primary lever management controls. Hecla operates four mines: Greens Creek in Alaska (the flagship, ~44% of metals sales), Lucky Friday in Idaho (~22%), Casa Berardi in Quebec (~23%), and Keno Hill in Yukon (~11%). Greens Creek and Lucky Friday are the company's core cash-generating assets. Casa Berardi, a gold mine, is being sold to Orezone Gold for up to $593M, expected to close in Q1 2026. Keno Hill is a high-grade silver mine still ramping up, with commercial production targeted around 2027. A key feature of Hecla's cost structure is by-product credits — at polymetallic mines like Greens Creek, revenue from gold, zinc, and lead offsets silver production costs, making reported silver cash costs very low or even negative. Near-term strategy focuses on ramping Keno Hill to 440 tonnes per day, completing the Casa Berardi sale to sharpen focus on silver, and exploring legacy Nevada properties as longer-term optionality. Hecla also holds the Libby copper-silver project in Montana, which management considers too capital-intensive to develop alone and is pursuing as a potential partnership.