Fourth quarter sales of $225 million; cash flow from operations of $57 million; net loss of $8.0 million; and adjusted EBITDA of $62 million.1
2019 silver production of 12.6 million ounces, up 22% and record gold production of 272,873 ounces, up 4%, over 2018.
2019 sales of $673.3 million (the highest in the company's history); cash flow from operations of $120.9 million; net loss of $99.6 million; and adjusted EBITDA of $177.7 million.1
Record reserves for silver, lead and zinc; increases of 11%, 5% and 8%, respectively over 2018.
Net debt reduction of approximately $136 million, or more than 23%, from the peak net debt mid-year.
Cash and cash equivalents of $62 million at year end, an increase of $35 million with no borrowings on the revolving line of credit facility.
Lowest All Injury Frequency Rate (AIFR) in Company history.
Lucky Friday return to full production is underway and expected to be complete by the end of 2020.
Moody's Investors Service upgraded Hecla's Corporate Family Rating from Caa1 to B3 with a stable outlook.
"2019 was a tale of two halves where the second half had higher production, higher prices, better earnings and more cash flow," said Phillips S. Baker, Jr., President and CEO. "The strong third and fourth quarters markedly improved our financial condition, putting us in a better position to refinance the Senior Notes."
"In 2020, at current prices, we expect continued strong cash flow generation with the ongoing solid performance at Greens Creek, the ramp-up of Lucky Friday, expected improvements at Casa Berardi and the potential mine life extension at San Sebastian from the Hugh Zone," Mr. Baker added.
SILVER AND GOLD RESERVE SUMMARY
Proven and probable reserves are 212 million ounces of silver, an increase of 11% over last year and 2.71 million ounces of gold, a decrease of 5%. Proven and probable lead and zinc reserves of 810,930 tons and 1,001,930 tons are increases of 5% and 8%, respectively. The reserves for silver, lead and zinc are the highest in Company history. The price assumptions used for 2019 reserves of $14.50 for silver, $1.15 for zinc and $0.90 for lead are unchanged this year and our assumption for gold is $100 higher at $1,300 per ounce. The silver price assumption is among the lowest in the industry again this year.
Please refer to the reserves and resources tables at the end of this press release, or to the press release entitled "Hecla Reports Record Silver, Lead and Zinc Reserves" released on February 5, 2020, for the breakdown between proven and probable reserve and resource levels, as well as a detailed summary of the Company's exploration programs.
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