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Note 7 - Debt, Credit Agreement and Leases | 9 Months Ended
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Sep. 30, 2025
Disclosure Text Block [Abstract] |
Debt, Credit Agreement and Leases | Note 7. Debt, Credit Agreement and Leases Our debt as of September 30, 2025 and December 31, 2024 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”) and any drawn amounts on our $225 million Credit Agreement, which is described separately below. At December 31, 2024, our debt also included our Series 2020-A Senior Notes due July 9, 2025 (the "IQ Notes"). During the three month period ended September 30, 2025, we repaid the IQ Notes, for a total payment of $34.7 m illion, including interest of $1.1 million and net of hedging, and redeemed $212 million of our Senior Notes for a total payment of $216.0 million, including $3.8 million as a call premium and $0.2 million of interest. The partial redemption of the Senior Notes resulted in a loss on extinguishment of $4.9 million, of which $3.8 million related to the call premium and $1.1 million related to the pro-rata expensing of deferred debt issuance costs, which was recorded as part of Interest expense in our Consolidated Statement of Operations and Comprehensive Income. The following tables summarize our long-term debt balances as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |
|  | Senior Notes |
Principal |  | $ | 263,000 |
Unamortized discount and issuance costs |  |  | (1,180 | )
Long-term debt |  | $ | 261,820 |
|  | December 31, 2024 |
|  | Senior Notes |  |  | IQ Notes |  |  | Credit Agreement |  |  | Total |
Principal |  | $ | 475,000 |  |  | $ | 33,525 |  |  | $ | 23,000 |  |  | $ | 531,525 |
Unamortized discount/premium and issuance costs |  |  | (2,816 | ) |  |  | 92 |  |  |  | — |  |  |  | (2,724 | )
Total debt |  | $ | 472,184 |  |  | $ | 33,617 |  |  | $ | 23,000 |  |  | $ | 528,801 |
Less: current debt |  | $ | — |  |  | $ | (33,617 | ) |  | $ | — |  |  | $ | (33,617 | )
Long-term debt |  | $ | 472,184 |  |  | $ | — |  |  | $ | 23,000 |  |  | $ | 495,184 |
The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, finance and operating leases as of September 30, 2025 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets.
Twelve-month period ending September 30, |  | Senior Notes |  |  | Finance Leases |  |  | Operating Leases |
2026 |  | $ | 19,068 |  |  | $ | 8,278 |  |  | $ | 2,072 |
2027 |  |  | 19,068 |  |  |  | 5,542 |  |  |  | 1,346 |
2028 |  |  | 270,209 |  |  |  | 1,439 |  |  |  | 1,271 |
2029 |  |  | — |  |  |  | 1,136 |  |  |  | 1,271 |
2030 |  |  | — |  |  |  | 852 |  |  |  | 993 |
Thereafter |  |  | — |  |  |  | — |  |  |  | 4,983 |
|  |  | 308,345 |  |  |  | 17,247 |  |  |  | 11,936 |
Less: effect of discounting |  |  | — |  |  |  | (1,321 | ) |  |  | (2,794 | )
Total |  | $ | 308,345 |  |  | $ | 15,926 |  |  | $ | 9,142 |
Credit Agreement On May 3, 2024 we entered into an amended revolving credit agreement with various financial institutions (the "Lenders"), which provided the Company with borrowing capacity up to $225 million with a maturity date of July 21, 2028 (accelerated to August 15, 2027 if our Senior Notes are not refinanced by that date). Proceeds of the revolving loans under the Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the Credit Agreement is based on the Company’s net leverage ratio and is calculated at (i) Term Secured Overnight Financing Rate ("SOFR") plus 2% to 3.5% or (ii) Bank of America’s Base Rate plus 1% to 2.5% with Base Rate being the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus .50% or (iii) Term SOFR plus 1.00%. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount. We are also required to pay a commitment fee of between 0.45% to 0.78750%, depending on our net leverage ratio. Letters of credit issued under the Credit Agreement bear a fee between 2.00% and 3.50% based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure. Hecla Mining Company and certain of our subsidiaries are the borrowers under the Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the Credit Agreement. As further security, the Credit Agreement is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Greens Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group. At September 30, 2025, we had no amounts drawn and $6.7 million of outstanding letters of credit under the Credit Agreement. Letters of credit that are outstanding reduce availability under the Credit Agreement. We believe we were in compliance with all covenants under the Credit Agreement as of September 30, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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