赫克拉矿业 2025年度报告

Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file No. 1-8491 HECLA MINING COMPANY (Exact name of registrant as specified in its Charter) Delaware Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes __ No☑ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑No __ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐ The aggregate market value of the registrant’s voting Common Stock held by non-affiliates was $3,940,331,126as of June 30, 2025. There were 663,074,925 shares of theregistrant’s Common Stock outstanding as of June 30, 2025, and 670,349,801 shares outstanding as of February 12, 2026. Documents incorporated by reference herein: To the extent herein specifically referenced in Part III, the information contained in the Proxy Statement for the 2026 Annual Meeting of Shareholders of the registrant, which willbe filed with the Commission pursuant to Regulation 14A within 120 days of the end of the registrant’s 2025 fiscal year, is incorporated herein by reference. See Part III. TABLE OF CONTENTS iSpecial Note on Forward-Looking Statements1Risk Factors Summary2PART I4Item 1. Business4Introduction4Products and Segments6Governmental Regulation6Physical Assets8Human Capital8Available Information9Item 1A. Risk Factors10Item 1B. Unresolved Staff Comments33Item 1C. Cybersecurity33Item 2. Properties34Summary35Greens Creek42Lucky Friday48Keno Hill52Casa Berardi56Internal Controls60Item 3. Legal Proceedings60Item 4. Mine Safety Disclosures60PART II61Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities61Item 6. Reserved62Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations63Overview63Consolidated Results of Operations66Greens Creek70Lucky Friday72Keno Hill74Casa Berardi76Corporate Matters78Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-productCredits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)78Financial Liquidity and Capital Resources89Contractual Obligations and Contingent Liabilities and Commitments91Critical Accounting Estimates92 New Accounting Pronouncements94Guarantor Subsidiaries95Forward-Looking Statements96Item 7A. Quantitative and Qualitative Disclosures About Market Risk96Provisional Sales97Commodity-Price Risk Management97Foreign Currency99Item 8. Financial Statements and Supplementary Data100Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure100Item 9A. Controls and Procedures100Disclosure Controls and Procedures100Management’s Annual Report on Internal Control over Financial Reporting100Attestation Report of Independent Registered Public Accounting Firm102Item 9B. Other Information103Item 9C. Disclosure Rega