Hecla Reports First Quarter 2023 Results

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Algemeen advies 11/05/2023 08:43
Second highest silver revenues in company history

COEUR D'ALENE, Idaho--(BUSINESS WIRE)-- Hecla Mining Company (NYSE:HL) today announced first quarter 2023 financial and operating results.



Produced 4.0 million ounces of silver, a 10% increase over the fourth quarter of 2022 and more than any quarter since 2016.
Record quarterly gold production of 14,885 ounces at Greens Creek; lead production was the 2nd highest in Company's history.
Greens Creek achieved record quarterly throughput of 2,591 tons per day ("tpd").
Keno Hill development 75% complete and remains on track for third quarter mill startup.
Achieved All-injury frequency rate (“AIFR”) of 1.13, lowest since 2012 led by Lucky Friday’s AIFR of 0.62, a safety record for the mine while at full production.

Sales of $199.5 million with silver revenues 38% and gold revenues 35%; silver revenues were 2nd highest in Company history.
Consolidated silver total cost of sales of $100.8 million and cash cost and AISC per silver ounce (each after by-product credits) of $2.14 and $8.96, respectively.3,4
Cash flow from operations of $40.6 million, silver operations generated $89.5 million in cash flow from operations, and $68.6 million in free cash flow.2
Net loss applicable to common stockholders of $3.3 million or $0.01 per share, and adjusted net income of $6.6 million or $0.01 per share.5
Adjusted EBITDA of $61.9 million, net debt to adjusted EBITDA ratio of 1.9.1
Strong balance sheet with $95.9 million in cash and cash equivalents, credit facility undrawn, and $240 million in available liquidity.
Environmental, Social, Governance

Casa Berardi received Quebec’s John T. Ryan safety award for lowest reportable injury frequency rate for the second time in three years.
Net zero in 2022 as scope 1&2 CO2 emissions offset with certified emission reduction credits.

ATAC Resources acquisition announced for CAD $31 million; transaction expected to close in the third quarter.
“As we continue our growth in silver production, silver revenues are now exceeding gold revenues for the second consecutive quarter,” said Phillips S. Baker Jr., President and CEO. “Greens Creek had excellent operational performance achieving record throughput and very strong silver and record gold production, and Lucky Friday exceeded 1.2 million ounces of silver production for third time out of the last four quarters.”

Baker continued, “Greens Creek and Lucky Friday generated $69 million in free cash flow with both mines exceeding $31 million. Our first priority in capital allocation of this free cash flow is investing it in our mines – particularly Keno Hill, which remains on track to produce more than 2.5 million ounces of silver this year, Casa Berardi, where we are beginning the transition to a primarily open pit operation, and Lucky Friday, where we are completing the ore bunker and service hoist.”

Baker concluded, “Hecla produced 45% of United States silver in 2022, making us the nation’s largest silver producer. With almost 17 million ounces of silver production expected in 2023 and potentially increasing to 20 million ounces by 2025, Hecla is expected to become Canada’s largest silver producer as well. Our production growth provides shareholders more exposure to silver from long-lived, low-cost mines that will help provide silver needed for solar power, the fastest growing renewable energy source.”


In the following table and throughout this release, “total cost of sales” is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization.

In Thousands unless stated. see &

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