Hecla Reports First Quarter 2022 Results

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Overig advies 10/05/2022 14:21
COEUR D’ALENE, Idaho--(BUSINESS WIRE)-- Hecla Mining Company (NYSE:HL) (Hecla or the Company) today announced first quarter 2022 financial and operating results.



Silver production of 3.3 million ounces, a 3% increase over fourth quarter 2021.
The Company's silver mines reported total cost of sales of $78.9 million and cash cost and AISC per silver ounce (each after by-product credits) of $1.09 and $7.64 respectively.1,2

Sales of $186.5 million, a slight increase over fourth quarter 2021.
Cash provided by operating activities of $37.9 million and $16.4 million of quarterly free cash flowafter semi-annual interest payment of $18.5 million on outstanding long-term debt.3
Income applicable to common shareholders of $4.0 million, or $0.01 per share (basic).
Returned 21% of free cash flow to our common and preferred shareholders through dividends.
Credit ratings upgraded to B1 and B+ by Moody’s and S&P, respectively.
“All of our mines generated positive free cash flow despite inflationary cost pressures, slow supply chains, and some COVID-19 related labor challenges,” said Phillips S. Baker Jr., President and CEO. “Hecla, the largest silver producer in the U.S., is also the country’s third largest zinc miner, and by-products contributed to the silver mines’ strong performance and help offset inflationary pressure. Over the last eight quarters, we have generated $434 million in cash flow from operations and this quarter marked our eighth consecutive quarter of free cash flow, with $232 million generated over that period. This strong, consistent performance has strengthened our balance sheet and led to credit rating upgrades.”

Baker continued, “With strong grades and our innovative mining method at the Lucky Friday, we expect the mine’s quarterly silver production for the rest of the year to exceed one million ounces contributing to our increasing silver production profile. Growing U.S. silver production is particularly rewarding as demand for silver to generate green energy is growing and the need for domestically sourced metals is being understood because of the pandemic and the Ukrainian war.”


“Total cost of sales” as used in this release is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization.

In Thousands unless stated otherwise
Q1-2022 4Q-2021 3Q-2021 2Q-2021 1Q-2021 FY 2021

Sales $186,499 $185,078 $193,560 $217,983 $210,852 $ 807,473
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