For The Period Ended: September 30, 2023
Hecla Mining Company (NYSE:HL)
today announced third quarter 2023 operating and financial
results.
THIRD QUARTER HIGHLIGHTS
Operational
- Produced 3.5 million ounces of silver and 11.4 million ounces
year to date ("YTD").
- Continued ramping up Keno Hill, producing 0.7 million ounces of
silver.
- Casa Berardi began to transition to an open pit only operation,
producing 24,259 ounces of gold, with total cost of sales of $56.8
million and an All-in Sustaining Cost ("AISC") per gold ounce of
$1,695.4
- Lucky Friday on track to resume operations at the beginning of
2024.
- Gold production guidance reiterated, with gold cash cost
guidance lowered.
- Greens Creek silver production guidance increased, offset by
lower anticipated production at Keno Hill; consolidated silver cost
guidance affirmed.
Financial
- Sales of $181.9 million, with 38% from silver and 36% from
gold.
- Consolidated silver total cost of sales of $90.7 million and
cash cost and AISC per silver ounce (each after by-product credits)
of $3.31 and $11.39, respectively.3,4
- Cash flow from operations of $10.2 million; $74.6 million YTD;
with Greens Creek generating $36.1 million in cash flow from
operations for the quarter and $122.7 million YTD.
- Greens Creek generated $28.3 million in free cash flow for the
quarter, $101.7 million YTD.2
- Net loss applicable to common stockholders of ($22.6) million
or ($0.04) per share and adjusted net loss applicable to common
stockholders of ($3.5) million or ($0.01) per share.5
Strategic
- Recognition of Hecla's innovation with the U.S. patent for the
Underhand Closed Bench (UCB) mining method and the 2023 NIOSH Mine
Safety and Health Technology Metals Sector Innovation Award.
- Completed the acquisition of ATAC Resources, adding a massive
land package of over 700 square miles comprised of the Rackla and
Connaught properties in the Yukon.
- All-Injury Frequency Rate of 1.34, 28% lower than the national
average.
"Greens Creek reported another strong quarter and has generated
over $100 million in free cash flow for the first nine months, our
plans for returning Lucky Friday to production in early 2024 are
well underway, and we are pleased with the start of the transition
to an open pit only operation at Casa Berardi," said Phillips S.
Baker Jr., President and CEO. "While exploration drilling at Keno
Hill has yielded encouraging results and we expect to increase our
reserves and resources, the production ramp-up has been slowed due
to key mine infrastructure projects that are just now being
completed. However, more importantly, safety performance at Keno
Hill has been below Hecla’s standards, and we are assessing our
safety processes and mining practices to set the mine up for long
term success."
Baker continued, "Hecla is already the largest silver producer
in the U.S. and will be Canada's largest when Keno Hill achieves
full production. Hecla is the fastest-growing established silver
producer, and we expect to produce up to 20 million ounces of
silver by 2025. Because silver is a key component in solar power
generation, which is the fastest growing source of renewable
energy, Hecla will be a direct contributor to the energy
transition."
FINANCIAL OVERVIEW
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 otherwise
3Q-2023
2Q-2023
1Q-2023
4Q-2022
3Q-2022
YTD-2023
YTD-2022
FINANCIAL AND PRODUCTION
SUMMARY
Sales
$
181,906
$
178,131
$
199,500
$
194,825
$
146,339
$
559,537
$
524,080
Total cost of sales
$
148,429
$
140,472
$
164,552
$
169,807
$
137,892
$
453,453
$
432,941
Gross profit
$
33,477
$
37,659
$
34,948
$
25,018
$
8,447
$
106,084
$
91,139
Net loss applicable to common
stockholders
$
(22,553
)
$
(15,832
)
$
(3,311
)
$
(4,590
)
$
(23,664
)
$
(41,696
)
$
(33,310
)
Basic loss per common share (in
dollars)
$
(0.04
)
$
(0.03
)
$
(0.01
)
$
(0.01
)
$
(0.04
)
$
(0.07
)
$
(0.06
)
Adjusted EBITDA1
$
46,251
$
67,740
$
61,903
$
62,261
$
26,555
$
175,894
$
155,230
Total Debt
$
616,246
$
551,841
Net Debt to Adjusted EBITDA1
2.2
1.9
Cash provided by operating activities
$
10,235
$
23,777
$
40,603
$
36,120
$
(24,322
)
$
74,615
$
53,770
Capital Additions
$
(55,354
)
$
(51,468
)
$
(54,443
)
$
(56,140
)
$
(37,430
)
$
(161,265
)
$
(93,237
)
Free Cash Flow2
$
(45,119
)
$
(27,691
)
$
(13,840
)
$
(20,020
)
$
(61,752
)
$
(86,650
)
$
(39,467
)
Silver ounces produced
3,533,704
3,832,559
4,040,969
3,663,433
3,549,392
11,407,232
10,525,917
Silver payable ounces sold
3,142,227
3,360,694
3,604,494
3,756,701
2,479,724
10,107,415
8,554,894
Gold ounces produced
39,269
35,251
39,571
43,634
44,747
114,091
132,173
Gold payable ounces sold
36,792
31,961
39,619
40,097
40,443
108,372
125,721
Cash Costs and AISC, each after
by-product credits
Silver cash costs per ounce 3
$
3.31
$
3.32
$
2.14
$
4.79
$
3.43
$
2.86
$
1.11
Silver AISC per ounce 4
$
11.39
$
11.63
$
8.96
$
13.98
$
12.93
$
10.52
$
9.49
Gold cash costs per ounce 3
$
1,475
$
1,658
$
1,775
$
1,696
$
1,349
$
1,635
$
1,409
Gold AISC per ounce 4
$
1,695
$
2,147
$
2,392
$
2,075
$
1,669
$
2,075
$
1,678
Realized Prices
Silver, $/ounce
$
23.71
$
23.67
$
22.62
$
22.03
$
18.30
$
23.28
$
21.25
Gold, $/ounce
$
1,908
$
1,969
$
1,902
$
1,757
$
1,713
$
1,921
$
1,817
Lead, $/pound
$
1.07
$
0.99
$
1.02
$
1.05
$
0.95
$
1.02
$
0.98
Zinc, $/pound
$
1.52
$
1.13
$
1.39
$
1.24
$
1.23
$
1.34
$
1.47
Sales in the third quarter increased by 2% to $181.9 million
from the second quarter of 2023 ("prior quarter") due to higher
realized prices for silver, lead and zinc, and higher gold sales
volumes, partially offset by lower realized gold prices and lower
sales volumes of silver, lead, and zinc, reflecting the temporary
suspension of production at Lucky Friday beginning in August due to
a fire in the secondary escapeway and subsequent rehabilitation
activities.
Gross profit decreased to $33.5 million, a decrease of 11% over
the prior quarter, primarily due to higher depreciation, depletion
and amortization at Casa Berardi based on the expectation that
underground mining will be completed by mid-2024.
Net loss applicable to common stockholders for the quarter was
($22.6) million, an increase over the prior quarter primarily
related to:
- Ramp-up and suspension costs increased by $4.7 million,
reflecting the impact of the Lucky Friday suspension, and the
ramp-up of Keno Hill, partially offset by Casa Berardi resuming
production following a 21-day suspension in June due to the Quebec
wildfires.
- Exploration and pre-development expenditures increased by $6.8
million due to increased activity during the summer season.
- Other operating expense of $1.6 million, compared to other
operating income of $4.3 million, which included the receipt of
$5.9 million from an insurance settlement in the prior
quarter.
- Fair value adjustments increased the net loss by $3.8 million
due to unrealized losses on our derivative contracts not designated
as accounting hedges for $5.2 million, partially offset by
unrealized gains on our marketable equity securities portfolio of
$1.4 million.
The above items were partly offset by:
- A foreign exchange gain of $4.2 million, compared to a loss of
$3.9 million, reflecting the impact of the U.S. dollar appreciation
on Canadian dollar denominated monetary assets and
liabilities.
- An income and mining tax benefit of $1.5 million compared to an
expense of $5.2 million based on taxable losses in Canada.
Consolidated silver total cost of sales in the third quarter
decreased by 6% to $90.7 million from the prior quarter, primarily
due to lower concentrate tons sold from Lucky Friday. Cash costs
and AISC per silver ounce, each after by-product credits, were
$3.31 and $11.39, respectively which only include costs of Greens
Creek for August and September.3,4 Consolidated cash costs per
ounce were unchanged from the prior quarter as Greens Creek cash
costs per ounce were higher due to lower gold by-product credits
(attributable to lower production and realized prices), which were
offset by lower costs at Lucky Friday due to suspension of
operations. Consolidated AISC per silver ounce after by-product
credits was further impacted by higher planned sustaining capital
spending.3,4
Consolidated gold total cost of sales increased by 32% to $57.8
million in the third quarter due to two factors. In the prior
quarter, Casa Berardi operations were suspended due to the Quebec
wildfires. In this quarter, depreciation, depletion and
amortization expense is accelerated, reflecting the anticipation of
underground mining being completed in mid-2024. Cash costs and AISC
per gold ounce, each after by-product credits, were $1,475 and
$1,695, respectively.3,4 The decrease in cash costs per ounce was
attributable to higher gold production at Casa Berardi, with AISC
also impacted by lower sustaining capital spend.
Adjusted EBITDA for the third quarter decreased to $46.3 million
compared to $67.7 million in the prior quarter due to suspension of
operations at Lucky Friday and higher exploration and
pre-development expenses. The prior quarter was favorably impacted
by the monetization of zinc hedges, which realized gross proceeds
of $7.6 million.
Cash and cash equivalents at the end of the third quarter were
$100.7 million and included $80 million drawn on the revolving
credit facility. In the third quarter, the ratio of net debt to
Adjusted EBITDA increased over the prior quarter from 2.1 to 2.2.
With the ongoing ramp-up at Keno Hill, and Lucky Friday operations
expected to be suspended for the remainder of 2023, the Company
expects the net debt to Adjusted EBITDA ratio to remain above the
Company's target of 2.0 for the remainder of 2023.1
Cash provided by operating activities was $10.2 million and
decreased by $13.5 million over the prior quarter, primarily due to
the suspension of production at Lucky Friday.
Capital expenditures, net of finance leases, were $55.4 million
in the third quarter, compared to $51.5 million in the prior
quarter. Capital spend at Casa Berardi was $16.2 million, primarily
for tailings construction activities and mobile equipment purchases
for the open pit operations. The increase in Greens Creek's capital
spend was related to the timing of equipment purchases and surface
projects, with the increase in Lucky Friday's capital spend also
impacted by the timing of equipment purchases, the service hoist
and coarse ore bunker projects, and the rehabilitation and
mitigation work related to the #2 shaft. Keno Hill capital spend
was $11.5 million and increased over the prior quarter due to
increased spend on mine infrastructure projects, mobile equipment
purchases, and modifications related to the secondary crusher as
the mine continues to ramp-up.
Free cash flow for the quarter was negative $45.1 million,
compared to negative $27.7 million in the prior quarter. The
decrease in free cash flow was attributable to the Lucky Friday
suspension and higher capital spend.2
Forward Sales Contracts for Base Metals and Foreign
Currency
The Company uses financially settled forward sales contracts to
manage exposures to zinc and lead price changes in forecasted
concentrate shipments. On September 30, 2023, the Company had
contracts covering approximately 42% of the forecasted payable lead
production from 2023 - 2025 at an average price of $0.98 per
pound.
The Company also manages Canadian dollar ("CAD") exposure
through forward contracts. On September 30, 2023, the Company had
hedged approximately 61% of forecasted Casa Berardi and Keno Hill
CAD denominated direct production costs through 2026 at an average
CAD/USD rate of 1.36. The Company has also hedged approximately 28%
of Casa Berardi and Keno Hill CAD denominated total capital
expenditures through 2026 at 1.35.
OPERATIONS OVERVIEW
Greens Creek Mine - Alaska
Dollars are in thousands except cost per
ton
3Q-2023
2Q-2023
1Q-2023
4Q-2022
3Q-2022
YTD-2023
YTD-2022
GREENS CREEK
Tons of ore processed
228,978
232,465
233,167
230,225
229,975
694,610
651,220
Total production cost per ton
$
200.30
$
194.94
$
198.60
$
211.29
$
185.34
$
197.94
$
191.58
Ore grade milled - Silver (oz./ton)
13.1
12.8
14.4
13.1
13.6
13.4
13.8
Ore grade milled - Gold (oz./ton)
0.09
0.10
0.08
0.08
0.07
0.09
0.07
Ore grade milled - Lead (%)
2.5
2.5
2.6
2.6
2.4
2.6
2.7
Ore grade milled - Zinc (%)
6.5
6.5
6.0
6.7
6.3
6.3
6.7
Silver produced (oz.)
2,343,192
2,355,674
2,772,859
2,433,275
2,468,280
7,471,725
7,308,660
Gold produced (oz.)
15,010
16,351
14,884
12,989
11,412
46,245
35,227
Lead produced (tons)
4,740
4,726
5,202
4,985
4,428
14,668
14,495
Zinc produced (tons)
13,224
13,255
12,482
13,842
12,580
38,961
38,470
Sales
$
96,459
$
95,891
$
98,611
$
95,374
$
60,875
$
290,961
$
239,688
Total cost of sales
$
(60,322
)
$
(63,054
)
$
(66,288
)
$
(70,075
)
$
(52,502
)
$
(189,664
)
$
(162,644
)
Gross profit
$
36,137
$
32,837
$
32,323
$
25,299
$
8,373
$
101,297
$
77,044
Cash flow from operations
$
36,101
$
43,302
$
43,346
$
44,769
$
7,749
$
122,749
$
105,852
Exploration
$
4,283
$
1,760
$
448
$
1,050
$
3,776
$
6,491
$
4,870
Capital additions
$
(12,060
)
$
(8,828
)
$
(6,658
)
$
(12,150
)
$
(6,988
)
$
(27,546
)
$
(24,748
)
Free cash flow 2
$
28,324
$
36,234
$
37,136
$
33,669
$
4,537
$
101,694
$
85,974
Cash cost per ounce, after by-product
credits 3
$
3.04
$
1.33
$
1.16
$
4.26
$
2.65
$
1.81
$
(0.49
)
AISC per ounce, after by-product credits
4
$
8.18
$
5.34
$
3.82
$
8.61
$
7.07
$
5.67
$
4.02
Greens Creek produced 2.3 million ounces of silver in the third
quarter, same as the prior quarter. Gold production decreased by 8%
to 15,010 ounces due to lower grades; zinc and lead production was
consistent with the prior quarter.
Sales in the third quarter were $96.5 million, in line with the
prior quarter as higher realized prices for lead (realized silver
price was unchanged) were offset by lower sales volumes of all
metals except zinc. Total cost of sales were $60.3 million, a
decrease of 4% over the prior quarter primarily due to lower sales
volumes. Cash costs and AISC per silver ounce, each after
by-product credits, were $3.04 and $8.18 and increased over the
prior quarter due to lower gold by-product credits and slightly
higher production costs as higher maintenance and contractor costs
were partially offset by lower fuel costs. Increased AISC per
silver ounce after by-product credits was attributable to higher
sustaining capital spend of $11.3 million ($8.7 million in prior
quarter) due to timing of equipment purchases and surface
projects.3,4
Cash flow from operations was $36.1 million, a decrease of $7.2
million due to unfavorable working capital changes in the current
quarter. Capital spend was $12.1 million during the quarter, an
increase of $3.2 million over the prior quarter due to the timing
of equipment purchases and seasonal construction projects. Free
cash flow for the quarter was $28.3 million, a decrease over the
prior quarter due to higher exploration and planned capital spend.
Greens Creek has generated $101.7 million in free cash flow for the
first nine months of the year.2
The Company is increasing silver production guidance for the
mine to 9.8 – 10 million ounces. Cash cost and AISC per ounce (each
after by-product credits) guidance for the mine is also increased
due to lower than expected zinc and gold production attributable to
lower grades due to mine sequencing in the second half of the year.
Further details related to guidance are discussed in the Guidance
section of the release.
Lucky Friday Mine - Idaho
Dollars are in thousands except cost per
ton
3Q-2023
2Q-2023
1Q-2023
4Q-2022
3Q-2022
YTD-2023
YTD-2022
LUCKY FRIDAY
Tons of ore processed
36,619
94,043
95,303
90,935
90,749
225,965
265,971
Total production cost per ton
$
191.81
$
248.65
$
210.72
$
232.73
$
207.10
$
223.44
$
220.41
Ore grade milled - Silver (oz./ton)
13.6
14.3
13.8
14.0
12.5
14.0
12.7
Ore grade milled - Lead (%)
8.6
9.1
8.8
9.1
8.5
8.9
8.5
Ore grade milled - Zinc (%)
3.5
4.2
4.1
4.1
4.2
4.1
3.9
Silver produced (oz.)
475,414
1,286,666
1,262,464
1,224,199
1,074,230
3,024,544
3,188,565
Lead produced (tons)
2,957
8,180
8,034
7,934
7,172
19,171
21,299
Zinc produced (tons)
1,159
3,338
3,313
3,335
3,279
7,810
9,101
Sales
$
21,409
$
42,648
$
49,110
$
45,434
$
28,460
$
113,167
$
102,380
Total cost of sales
$
(14,344
)
$
(32,190
)
$
(34,534
)
$
(32,819
)
$
(24,166
)
$
(81,068
)
$
(83,779
)
Gross profit
$
7,065
$
10,458
$
14,576
$
12,615
$
4,294
$
32,099
$
18,601
Cash flow from operations
$
515
$
18,893
$
46,132
$
(7,437
)
$
11,624
$
65,540
$
45,250
Capital additions
$
(15,494
)
$
(16,317
)
$
(14,707
)
$
(13,714
)
$
(16,125
)
$
(46,518
)
$
(37,278
)
Free cash flow 2
$
(14,979
)
$
2,576
$
31,425
$
(21,151
)
$
(4,501
)
$
19,022
$
7,972
Cash cost per ounce, after by-product
credits 3
$
4.74
$
6.96
$
4.30
$
5.82
$
5.23
$
5.51
$
4.77
AISC per ounce, after by-product credits
4
$
10.63
$
14.24
$
10.69
$
12.88
$
15.98
$
12.21
$
12.86
Lucky Friday produced 0.5 million ounces of silver during the
quarter before production was suspended in August. Sales for the
quarter were $21.4 million, and the mine generated $0.5 million in
cash flow from operations prior to suspension. Costs of $12.0
million were incurred during the remainder of the quarter and are
included in ramp-up and suspension costs on the consolidated
statement of operations.
Capital expenditures for the quarter were $15.5 million, major
projects were the coarse ore bunker, which allows a stockpile of
ore to be stored on surface, mobile equipment purchases, the
service hoist project, and rehabilitation of the secondary
escapeway (#2 shaft). The service hoist and the coarse ore bunker
projects are complete.
In August, the Company reported a fire in the secondary
escapeway (#2 shaft), which is also used as an exhaust ventilation
airway for the mine. The fire was extinguished but damaged the
bottom of the shaft. Mitigation plans to bring the mine back into
production include developing a new secondary escapeway ramp of
1,600 feet and a 290-foot vertical ladderway to bypass the damaged
portion of the secondary escapeway. A vent bypass raise of 850 feet
will also be developed to replace the lost ventilation. Capital
spend on mitigation plans is expected to be $8-$12 million in the
fourth quarter. As of the date of the release, 35% of ramp
development and 10% of the escapeway raise was complete. The
Company is increasing the capital guidance for the mine to reflect
the mitigation plans, details are discussed in the Guidance section
below.
Lucky Friday production is suspended for the remainder of 2023
while the new secondary escapeway is completed but the suspension
is not expected to materially impact 2024 production. The Company
has property and business interruption insurance coverage with an
underground sublimit of $50 million.
Casa Berardi - Quebec
Dollars are in thousands except cost per
ton
3Q-2023
2Q-2023
1Q-2023
4Q-2022
3Q-2022
YTD-2023
YTD-2022
CASA BERARDI
Tons of ore processed - underground
112,544
94,124
110,245
160,150
162,215
316,913
500,400
Tons of ore processed - open pit
231,075
224,580
318,909
250,883
227,726
774,564
677,309
Tons of ore processed - total
343,619
318,704
429,154
411,033
389,941
1,091,477
1,177,709
Open pit tons mined - ore and waste
3,574,391
2,461,196
2,136,993
2,657,638
2,822,906
8,172,580
6,864,657
Total production cost per ton
$
103.75
$
97.69
$
107.95
$
125.75
$
114.52
$
103.63
$
115.15
Ore grade milled - Gold (oz./ton) -
underground
0.13
0.14
0.13
0.15
0.15
0.13
0.17
Ore grade milled - Gold (oz./ton) - open
pit
0.06
0.04
0.05
0.05
0.06
0.05
0.06
Ore grade milled - Gold (oz./ton) -
combined
0.08
0.07
0.07
0.09
0.10
0.07
0.09
Gold produced (oz.) - underground
12,416
10,226
11,788
20,365
22,181
34,430
64,421
Gold produced (oz.) - open pit
11,843
8,675
12,898
10,344
11,154
33,416
32,460
Gold produced (oz.) - total
24,259
18,901
24,686
30,709
33,335
67,846
96,881
Silver produced (oz.) - total
5,084
5,956
5,645
5,960
6,882
16,685
22,329
Sales
$
46,912
$
36,946
$
50,998
$
53,458
$
56,939
$
134,856
$
181,679
Total cost of sales
$
(56,822
)
$
(42,576
)
$
(62,998
)
$
(65,328
)
$
(59,532
)
$
(162,396
)
$
(183,570
)
Gross (loss) profit
$
(9,910
)
$
(5,630
)
$
(12,000
)
$
(11,870
)
$
(2,593
)
$
(27,540
)
$
(1,891
)
Cash flow from operations
$
7,877
$
(8,148
)
$
(684
)
$
10,188
$
8,721
$
(955
)
$
24,227
Exploration
$
1,482
$
1,107
$
1,054
$
1,637
$
2,624
$
3,643
$
6,600
Capital additions
$
(16,225
)
$
(20,816
)
$
(17,086
)
$
(12,995
)
$
(10,771
)
$
(54,127
)
$
(26,672
)
Free cash flow 2
$
(6,866
)
$
(27,857
)
$
(16,716
)
$
(1,170
)
$
574
$
(51,439
)
$
4,155
Cash cost per ounce, after by-product
credits 3
$
1,475
$
1,658
$
1,775
$
1,696
$
1,349
$
1,635
$
1,409
AISC per ounce, after by-product credits
4
$
1,695
$
2,147
$
2,392
$
2,075
$
1,669
$
2,075
$
1,678
Casa Berardi produced 24,259 ounces of gold in the third
quarter, an increase of 28% over the prior quarter. The increase
was due to the prior quarter being negatively impacted by the
wildfire-related road closures. The mill operated at an average of
3,735 tpd during the third quarter compared to 4,600 tpd during the
first two months of the prior quarter. The lower throughput in the
third quarter is primarily attributable to planned mill maintenance
shutdowns. Open pit tons moved during the quarter set a record as
the first phase of the in-house equipment fleet was
commissioned.
Sales were $46.9 million, a 27% increase over the prior quarter
due to higher production. Cost of sales were $56.8 million, 33%
higher compared to the prior quarter, attributable to higher
production, and an increase in non-cash depreciation, depletion and
amortization expense due to amortizing the underground mine assets
over a shorter useful life. Cash costs and AISC per gold ounce,
each after by-product credits, were $1,475 and $1,695 respectively
and decreased over the prior quarter as higher production offset
the higher production costs for a full quarter. AISC was further
favorably impacted by planned lower sustaining capital spend.
3,4
Cash flow from operations was $7.9 million, an increase of $16.0
million over the prior quarter due to higher sales volumes and
lower per unit costs. Capital spend for the quarter was $16.2
million with $5.1 million and $11.1 million in sustaining and
non-sustaining capital spend, respectively. Non-sustaining capital
was primarily related to certain construction costs for tailings
facilities. Free cash flow for the quarter was negative $6.9
million and improved compared to negative free cash flow in the
prior quarter of $27.9 million due to higher cash flow from
operations and lower capital spending.2
The Company is lowering the cash cost per ounce guidance for
Casa Berardi to reflect the capitalization of certain costs related
to the construction of tailings facilities. Further details related
to guidance are discussed in the Guidance section of the
release.
Keno Hill - Yukon Territory
Keno Hill continued ramping up production in the third quarter,
producing 710,012 ounces of silver. Throughput in the quarter
averaged 268 tpd with silver grades of 33 ounces per ton. Tonnage
mined was constrained by delays in infrastructure construction
which has impacted development rates.
Key underground infrastructure projects include the shotcrete
plant, which is now complete, and the cemented rockfill plant,
which is expected to be completed at the end of November. With the
delay in major construction projects, camp facilities at the mine
were constrained, which was also a factor in the slower ramp-up of
the mine. Modifications to the secondary crushing circuit are
substantially complete, and commissioning is underway. The changes
are expected to increase crusher availability and efficiency.
Capital spend during the quarter was $11.5 million for
underground and surface infrastructure, mine development and
equipment purchases.
All-Injury Frequency Rate at the mine trended higher during the
quarter and was higher than the Company's standards. An assessment
is being made to determine steps necessary to improve safety
procedures and evaluate current mining practices, so production
guidance is reduced to 1.6-1.8 million ounces of silver. Further
details related to guidance are discussed in the Guidance
section.
EXPLORATION AND PRE-DEVELOPMENT
Exploration and pre-development expenses totaled $13.7 million
for the third quarter of 2023 and $25.5 million YTD. Exploration
activities during the quarter primarily focused on surface and
underground exploration drilling at Greens Creek, Keno Hill, Casa
Berardi, and Aurora.
Keno Hill, Yukon Territory
At Keno Hill, the underground definition and surface exploration
drilling programs are focused on extending mineralization, resource
conversion in the high-grade Bermingham Bear Zone Veins (Bear,
Footwall, and Main Vein Zones), and defining new mineral resources.
During the third quarter, two underground drills completed over
13,000 feet of definition and geotechnical drilling, and two
surface core drills completed over 23,000 feet of exploration
drilling targeting the Bermingham, Bermingham Townsite,
Hector-Calumet Chance, and Coral Wigwam target areas.
Bermingham underground definition and exploration drilling on
the Bear Zone is extending mineralization to the northeast outside
of the current reserve shapes and down-dip on the three mineralized
veins reserve shapes. The northeast drilling is expanding
high-grade silver mineralization with the discovery of a new
high-grade mineralized shoot outside of the current planned stopes
which is also open at depth along plunge. Downdip drilling
continues to confirm wide and high-grade silver mineralization
within the planned stopes and outside of the planned stopes in the
area between the veins where strong stockwork mineralization occurs
near their intersection. Assay highlights include (reported widths
are estimates of true width):
- Bear Vein: 162.8 oz/ton silver, 6.8% lead, and 0.6% zinc over
6.7 feet
- Bear Vein: 59.4 oz/ton silver, 2.4% lead, and 1.2% zinc over
17.2 feet
- Includes: 279.8 oz/ton silver, 10.4% lead, and 3.3% zinc over
3.4 feet
- Bear Vein: 29.2 oz/ton silver, 1.5% lead, and 1.2% zinc over
10.9 feet
- Footwall Vein: 36.1 oz/ton silver, 2.3% lead, and 1.9% zinc
over 36.0 feet
- Includes: 107.0 oz/ton silver, 7.2% lead, and 1.1% zinc over
9.7 feet
- Footwall Vein: 56.2 oz/ton silver, 4.1% lead, and 3.3% zinc
over 17.2 feet
- Includes: 111.1 oz/ton silver, 4.1% lead, and 8.7% zinc over
5.5 feet
- Footwall Vein: 74.8 oz/ton silver, 8.8% lead, and 11.2% zinc
over 7.6 feet
- Includes: 107.6 oz/ton silver, 12.7% lead, and 8.9% zinc over
5.3 feet
- Main Vein: 23.8 oz/ton silver, 2.1% lead, and 0.7% zinc over
7.2 feet
High-grade silver mineralization has been intersected in both
the steep and shallow plunging targets of the Bermingham Townsite
Zones and is open for expansion and continues to confirm the
exploration potential within the district. Assay highlights include
(reported widths are estimates of true width):
- Townsite Shallow Plunge: 29.8 oz/ton silver, 1.0% lead, and
5.3% zinc over 4.6 feet
- Townsite Steep Plunge: 41.2 oz/ton silver, 7.0% lead, and 2.6%
zinc over 6.1 feet
- Townsite Steep Plunge: 100.4 oz/ton silver, 22.8% lead, and
1.3% zinc over 3.6 feet
An initial core-hole testing for continuity of the Deep
Bermingham vein system intersected mineralized veining 1,050 feet
below the existing resource (assays pending). In addition, the
favorable Basal Quartzite host stratigraphy was shown to extend a
minimum of 350 feet below this where the hole was ended, or 2,850
feet below surface and indicates that significant potential for
expansion exists below the current Bermingham resource.
Greens Creek, Alaska
At Greens Creek, drilling has expanded mineralization both from
surface and underground. Four underground drills completed over
43,000 feet of drilling in 109 holes focused on resource conversion
and exploration that extends mineralization of known resources.
Additionally, two helicopter supported drills completed over 11,900
feet of drilling in 21 holes which extended Upper Plate and East
ore zones.
Underground drilling completed three drillholes in the 5250 zone
to extend mineralization in the upper portion of zone spanning 150
feet of strike length. Only one hole has assay results which shows
two zones of ore grade mineralization that should expand
mineralization. The other two drillholes intersected very thick
sequences of mineralized white ore and massive sulfide ore
lithologies above the modeled resource and, though assays are
pending, these drillholes should expand mineralization in the
zone.
Highlights from the one hole include:
- 20.9 oz/ton silver, 0.08 oz/ton gold, 8.2% zinc, and 2.1% lead
over 19.0 feet
- 11.5 oz/ton silver, 0.10 oz/ton gold, 20.4% zinc, and 6.1% lead
over 19.6 feet
Surface exploration drilling targeted gaps and margins in the
upper part of the East Zone resource in addition to initial follow
up drilling on historic drill intercepts. Drilling occurred over a
strike length of 1,650 feet and assay results received to date
indicate expansion of mineralization in those areas drilled.
Highlights from this drilling include:
- 13.4 oz/ton silver, 0.63 oz/ton gold, 29.6% zinc, and 7.5% lead
over 18.5 feet
- 7.5 oz/ton silver, 0.24 oz/ton gold, 22.3% zinc, and 4.9% lead
over 39.9 feet
Underground drilling targeted the northern, central, and eastern
portion of the Upper Plate zone, targeting mineralization for
upgrading and expanding resources over 900 feet of strike length.
Surface exploration drilling targeted the western extensions of the
Upper Plate resource along strike, the northern extensions up-dip,
and the southern extensions down-dip of the current resource.
Initial drilling results to date indicate that drilling is
upgrading and expanding mineralization in the Upper Plate Zone.
Highlights from this drilling include:
- 51.0 oz/ton silver, 0.03 oz/ton gold, 4.2% zinc and 2.0% lead
over 7.4 feet
- 9.9 oz/ton silver, 0.03 oz/ton gold, 7.8% zinc and 2.4% lead
over 23.1 feet
- 10.5 oz/ton silver, 0.02 oz/ton gold, 4.9% zinc and 2.3% lead
over 24.5 feet
Detailed complete drill assay highlights can be found in Table A
at the end of the release.
DIVIDENDS
Common Stock
The Board of Directors declared a quarterly cash dividend of
$0.00625 per share of common stock, consisting of $0.00375 per
share for the minimum dividend component and $0.0025 per share for
the silver-linked component. The common stock dividend is payable
on or about December 7, 2023, to stockholders of record on November
24, 2023. The third quarter realized silver price was $23.71 per
ounce, satisfying the criterion for the Company’s common stock
silver-linked dividend policy component.
Preferred Stock
The Board of Directors declared a quarterly cash dividend of
$0.875 per share of preferred stock, payable on or about January 2,
2024, to stockholders of record on December 15, 2023.
2023 GUIDANCE 6
The Company has revised its annual silver production and cost
guidance as below. There is no change to gold production
guidance.
Silver production for Greens Creek is increased to reflect the
higher YTD silver production at the mine. Keno Hill silver
production guidance is lowered to incorporate the delays to mine
infrastructure and initiatives to improve mine safety. Consolidated
silver production guidance also reflects the suspension of
operations at the Lucky Friday mine for the remainder of the year.
Three-year silver and gold production outlook remains
unchanged.
2023 Production Outlook Guidance and Three Year
Outlook
Silver Production
(Moz)
Gold Production (Koz)
Silver Equivalent
(Moz)
Gold Equivalent (Koz)
Previous
Current
Current
Previous
Current
Previous
Current
2023 Greens Creek *
9.0 - 9.5
9.8 - 10.0
55 - 65
21.5 - 22.5
22.0 - 23.0
255 - 270
265 - 277
2023 Lucky Friday *
3.0
3.0
N/A
5.5
5.5
65
65
2023 Casa Berardi
N/A
N/A
85 - 95
7.0 - 8.0
7.0 - 8.0
85 - 95
85 - 95
2023 Keno Hill*
2.5 - 3.0
1.6 - 1.8
N/A
2.5 - 3.0
1.5 - 2.0
35 - 40
23 - 26
2023 Total
14.5 - 15.5
14.4 - 14.8
140 - 160
36.5 - 39.0
36.0 - 38.5
440 - 470
438 - 463
2024 Total
17.5 - 18.5
17.5 - 18.5
105 - 125
38.5 - 41.5
38.5 - 41.5
465 - 505
465 - 505
2025 Total
18.5 - 20.0
18.5 - 20.0
100 - 115
38.0 - 41.0
38.0 - 41.0
460 - 495
460 - 495
* Equivalent ounces include Lead and Zinc production
2023 Cost Guidance
At Greens Creek, guidance for cash costs and AISC, per silver
ounce (net of by-products) has increased primarily to reflect lower
zinc and gold production compared to planned production in the
second half of the year with the decrease primarily attributable to
lower than expected grades due to mine sequencing. With the
suspension of operations at Lucky Friday for the remainder of the
year, cash costs and AISC, per silver ounce (net of by-product
credits) reflect the actual costs incurred for the first seven
months of the year.
At Casa Berardi, decrease in cash costs per gold ounce, after
by-product credits, guidance is primarily due to the capitalization
of construction costs related to tailings facilities.
Costs of Sales
(million)
Cash cost, after by-product
credits, per silver/gold ounce3
AISC, after by-product
credits, per produced silver/gold ounce4
Previous
Current
Previous
Current
Previous
Current
Greens Creek
245
250
$0.00 - $0.50
$1.00 - $1.25
$5.25 - $5.75
$5.75 - $6.25
Lucky Friday
131
80
$5.51
$5.51
$12.21
$12.21
Keno Hill
40
34
$11.00 - $13.50
$12.75 - $15.75
$12.25 - $14.75
$13.50 - $16.75
Total Silver
416
364
$3.00 - $4.00
$3.00 - $4.00
$10.25 - $11.50
$10.25 - $11.50
Casa Berardi
215
215
$1,750 - $1,950
$1,600 - $1,800
$2,000 - $2,250
$2,000 - $2,250
2023 Capital, Exploration, Ramp-up, and Suspension Costs
Guidance
Consolidated capital and exploration guidance is unchanged. The
table below includes suspension cost guidance for Lucky Friday.
(millions)
Previous
Current
Sustaining
Growth
Capital expenditures
$225 - $235
$225 - $235
$114 - $119
$111 - $116
Greens Creek
$47 - $50
$47 - $50
$43 - $45
$4 - $5
Lucky Friday
$59 - $62
$59 - $62
$34 - $36
$25 - $26
Casa Berardi
$72 - $74
$72 - $74
$36 - $37
$36 - $37
Keno Hill
$47 - $49
$47 - $49
$0.5 - $1
$46.5 - $48
Keno Hill Ramp Up Costs
$13
$18
Lucky Friday Suspension Costs
--
$25
Exploration and Pre-development
$32.5
$32.5
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held on Tuesday, November
7, at 10:00 a.m. Eastern Time to discuss these results. We
recommend that you dial in at least 10 minutes before the call
commencement. You may join the conference call by dialing toll-free
1-888-330-2391 or for international dialing 1-240-789-2702. The
Conference ID is 4812168 and must be provided when dialing in.
Hecla's live and archived webcast can be accessed at
https://events.q4inc.com/attendee/780742330 or www.hecla.com under
Investors.
VIRTUAL INVESTOR EVENT
Hecla will be holding a Virtual Investor Event on Tuesday,
November 7, from 12:00 p.m. to 2:00 p.m. Eastern Time.
Hecla invites shareholders, investors, and other interested
parties to schedule a personal, 30-minute virtual meeting (video or
telephone) with a member of senior management to discuss Financial,
Exploration, Operations, ESG or general matters. Click on the link
below to schedule a call (or copy and paste the link into your web
browser). You can select a topic once you have entered the meeting
calendar. If you are unable to book a time, either due to high
demand or for other reasons, please reach out to Anvita M. Patil,
Vice President, Investor Relations and Treasurer at
hmc-info@hecla.com or 208-769-4100.
One-on-One meeting URL: https://calendly.com/2023-nov-vie
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest
silver producer in the United States. In addition to operating
mines in Alaska, Idaho, and Quebec, Canada, the Company is
developing a mine in the Yukon, Canada, and owns a number of
exploration and pre-development projects in world-class silver and
gold mining districts throughout North America.
NOTES
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional
information only and do not have any standard meaning prescribed by
United States generally accepted accounting principles ("GAAP").
These measures should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. The non-GAAP financial measures cited in this release and
listed below are reconciled to their most comparable GAAP measure
at the end of this release.
(1) Adjusted EBITDA is a non-GAAP measurement, a reconciliation
of which to net income, the most comparable GAAP measure, can be
found at the end of the release. Adjusted EBITDA is a measure used
by management to evaluate the Company's operating performance but
should not be considered an alternative to net income, or cash
provided by operating activities as those terms are defined by
GAAP, and does not necessarily indicate whether cash flows will be
sufficient to fund cash needs. In addition, the Company may use it
when formulating performance goals and targets under its incentive
program. Net debt to adjusted EBITDA is a non-GAAP measurement, a
reconciliation of which to debt and net income (loss), the most
comparable GAAP measurements, can be found at the end of the
release. It is an important measure for management to measure
relative indebtedness and the ability to service the debt relative
to its peers. It is calculated as total debt outstanding less total
cash on hand divided by adjusted EBITDA.
(2) Free cash flow is a non-GAAP measure calculated as cash
provided by operating activities less capital additions. Cash
provided by operating activities for the Greens Creek, Lucky
Friday, and Casa Berardi operating segments excludes exploration
and pre-development expense, as it is a discretionary expenditure
and not a component of the mines’ operating performance. Capital
expenditures refers to Additions to properties, plants and
equipment from the Consolidated Statements of Cash Flows, net of
finance leases.
(3) Cash cost, after by-product credits, per silver and gold
ounce is a non-GAAP measurement, a reconciliation of total cost of
sales, can be found at the end of the release. It is an important
operating statistic that management utilizes to measure each mine's
operating performance. It also allows the benchmarking of
performance of each mine versus those of our competitors. As a
primary silver mining company, management also uses the statistic
on an aggregate basis - aggregating the Greens Creek and Lucky
Friday mines - to compare performance with that of other silver
mining companies, and aggregating Casa Berardi and the Nevada
operations, to compare its performance with other gold mining
companies. Similarly, the statistic is useful in identifying
acquisition and investment opportunities as it provides a common
tool for measuring the financial performance of other mines with
varying geologic, metallurgical and operating characteristics. In
addition, the Company may use it when formulating performance goals
and targets under its incentive program.
(4) All-in sustaining cost (AISC), after by-product credits, is
a non-GAAP measurement, a reconciliation of which to total cost of
sales, the closest GAAP measurement, can be found in the end of the
release. AISC, after by-product credits, includes total cost of
sales and other direct production costs, expenses for reclamation
at the mine sites and all site sustaining capital costs. AISC,
after by-product credits, is calculated net of depreciation,
depletion, and amortization and by-product credits. Prior year
presentation has been adjusted to conform with current year
presentation.
(5) Adjusted net income (loss) applicable to common stockholders
is a non-GAAP measurement, a reconciliation of which to net income
(loss) applicable to common stockholders, the most comparable GAAP
measure, can be found at the end of the release. Adjusted net
income (loss) applicable to common stockholders is a measure used
by management to evaluate the Company's operating performance but
should not be considered an alternative to net income (loss)
applicable to common stockholders as defined by GAAP. They exclude
certain impacts which are of a nature which we believe are not
reflective of our underlying performance. Management believes that
adjusted net income (loss) applicable to common stockholders per
common share provides investors with the ability to better evaluate
our underlying operating performance.
Current GAAP measures used in the mining industry, such as total
cost of goods sold, do not capture all the expenditures incurred to
discover, develop and sustain silver and gold production.
Management believes that AISC is a non-GAAP measure that provides
additional information to management, investors and analysts to
help (i) in the understanding of the economics of our operations
and performance compared to other producers and (ii) in the
transparency by better defining the total costs associated with
production. Similarly, the statistic is useful in identifying
acquisition and investment opportunities as it provides a common
tool for measuring the financial performance of other mines with
varying geologic, metallurgical and operating characteristics. In
addition, the Company may use it when formulating performance goals
and targets under its incentive program.
Other
(6) Expectations for 2023 include silver, gold, lead and zinc
production from Greens Creek, Lucky Friday, Keno Hill, and Casa
Berardi converted using Au $1,800/oz, Ag $22/oz, Zn $1.15/lb, and
Pb 0.90$/lb, for equivalent ounce calculations and Au $1,950/oz, Ag
$24.50/oz, Zn $1.10/lb, and Pb 1.00$/lb, for by-product credit
calculations. Numbers are rounded.
Cautionary Statement Regarding Forward
Looking Statements, Including 2023 Outlook
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws, including
Canadian securities laws. Words such as “may”, “will”, “should”,
“expects”, “intends”, “projects”, “believes”, “estimates”,
“targets”, “anticipates” and similar expressions are used to
identify these forward-looking statements. Such forward-looking
statements may include, without limitation: (i) Lucky Friday will
resume operations by the beginning of 2024; (ii) Ongoing mitigation
plans at Lucky Friday will be completed as planned and will cost
$8-$12 million, and are not expected to impact 2024 production;
(iii) the Company's property insurance policy is expected to cover
the majority of expenses (net of deductibles) related to property
damage and business interruption at the Lucky Friday; (iv) Greens
Creek will achieve throughput of 2,600 tpd by the fourth quarter;
(v) Keno Hill's cemented rockfill plant will be completed by end of
November; (vi) Modifications to secondary crushing unit at Keno
Hill will increase crusher availability and efficiency; (vii)
Exploration drilling at Keno Hill will increase reserves and
resources at the mine; (viii) Underground mining at Casa Berardi
will be completed by mid-2024; (ix) the Company will achieve silver
production of 20 million ounces by 2025; (ix) the Company will be
Canada's largest silver producer once Keno Hill achieves full
production, and will play a pivotal role in producing renewable
energy; (x) Net debt to Adjusted EBITDA ratio will remain above the
Company's target of 2.00 for the remainder of 2023; and (xi)
mine-specific and Company-wide 2023 estimates of future production
(and for 2024 and 2025), sales and total cost of sales, as well as
cash cost and AISC per ounce (in each case after by-product
credits) and Company-wide estimated spending on capital,
exploration and pre-development for 2023. The material factors or
assumptions used to develop such forward-looking statements or
forward-looking information include that the Company’s plans for
development and production will proceed as expected and will not
require revision as a result of risks or uncertainties, whether
known, unknown or unanticipated, to which the Company’s operations
are subject.
Estimates or expectations of future events or results are based
upon certain assumptions, which may prove to be incorrect, which
could cause actual results to differ from forward-looking
statements. Such assumptions, include, but are not limited to: (i)
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions; (ii)
permitting, development, operations and expansion of the Company’s
projects being consistent with current expectations and mine plans;
(iii) political/regulatory developments in any jurisdiction in
which the Company operates being consistent with its current
expectations; (iv) the exchange rate for the USD/CAD being
approximately consistent with current levels; (v) certain price
assumptions for gold, silver, lead and zinc; (vi) prices for key
supplies being approximately consistent with current levels; (vii)
the accuracy of our current mineral reserve and mineral resource
estimates; (viii) there being no significant changes to Company
plans for 2023 and beyond due to COVID-19 or any other public
health issue, including, but not limited to with respect to
availability of employees, vendors and equipment; (ix) the
Company’s plans for development and production will proceed as
expected and will not require revision as a result of risks or
uncertainties, whether known, unknown or unanticipated; (x)
counterparties performing their obligations under hedging
instruments and put option contracts; (xi) sufficient workforce is
available and trained to perform assigned tasks; (xii) weather
patterns and rain/snowfall within normal seasonal ranges so as not
to impact operations; (xiii) relations with interested parties,
including First Nations and Native Americans, remain productive;
(xiv) maintaining availability of water rights; (xv) factors do not
arise that reduce available cash balances; and (xvi) there being no
material increases in our current requirements to post or maintain
reclamation and performance bonds or collateral related
thereto.
In addition, material risks that could cause actual results to
differ from forward-looking statements include, but are not limited
to: (i) gold, silver and other metals price volatility; (ii)
operating risks; (iii) currency fluctuations; (iv) increased
production costs and variances in ore grade or recovery rates from
those assumed in mining plans; (v) community relations; (vi)
conflict resolution and outcome of projects or oppositions; (vii)
litigation, political, regulatory, labor and environmental risks;
(viii) exploration risks and results, including that mineral
resources are not mineral reserves, they do not have demonstrated
economic viability and there is no certainty that they can be
upgraded to mineral reserves through continued exploration; (ix)
the failure of counterparties to perform their obligations under
hedging instruments; (x) we take a material impairment charge on
any of our assets; and (xi) inflation causes our costs to rise more
than we currently expect. For a more detailed discussion of such
risks and other factors, see the Company’s (i) 2022 Annual Report
on Form 10-K, filed with the Securities and Exchange Commission on
February 17, 2023. The Company does not undertake any obligation to
release publicly, revisions to any “forward-looking statement,”
including, without limitation, outlook, to reflect events or
circumstances after the date of this presentation, or to reflect
the occurrence of unanticipated events, except as may be required
under applicable securities laws. Investors should not assume that
any lack of update to a previously issued “forward-looking
statement” constitutes a reaffirmation of that statement. Continued
reliance on “forward-looking statements” is at investors’ own
risk.
Qualified Person (QP)
Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining
Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla
Limited, who serve as a Qualified Person under S-K 1300 and NI
43-101, supervised the preparation of the scientific and technical
information concerning Hecla’s mineral projects in this news
release. Technical Report Summaries (each a “TRS”) for each of the
Company’s material properties are filed as exhibits 96.1, 96.2 and
96.3 to the Company’s 2022 Annual Report on Form 10-K and are
available at www.sec.gov. Information regarding data verification,
surveys and investigations, quality assurance program and quality
control measures and a summary of analytical or testing procedures
for (i) the Greens Creek Mine are contained in its TRS and in a NI
43-101 technical report titled “Technical Report for the Greens
Creek Mine” effective date December 31, 2018, (ii) the Lucky Friday
Mine are contained in its TRS and in its technical report titled
“Technical Report for the Lucky Friday Mine Shoshone County, Idaho,
USA” effective date April 2, 2014, (iii) Casa Berardi are contained
in its TRS and in its technical report titled “Technical Report on
the mineral resource and mineral reserve estimate for Casa Berardi
Mine, Northwestern Quebec, Canada” effective date December 31,
2018, and (iv) the San Sebastian Mine, Mexico, are contained in a
technical report prepared for Hecla titled “Technical Report for
the San Sebastian Ag-Au Property, Durango, Mexico” effective date
September 8, 2015. Also included in each TRS and the four technical
reports is a description of the key assumptions, parameters and
methods used to estimate mineral reserves and resources and a
general discussion of the extent to which the estimates may be
affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant factors.
Information regarding data verification, surveys and
investigations, quality assurance program and quality control
measures and a summary of sample, analytical or testing procedures
are contained in technical reports prepared for Klondex Mines Ltd.
for (i) the Fire Creek Mine (technical report dated March 31,
2018), (ii) the Hollister Mine (technical report dated May 31,
2017, amended August 9, 2017), and (iii) the Midas Mine (technical
report dated August 31, 2014, amended April 2, 2015). Copies of
these technical reports are available under Hecla’s profile on
SEDAR at www.sedar.com. Mr. Allen and Mr. Blair reviewed and
verified information regarding drill sampling, data verification of
all digitally collected data, drill surveys and specific gravity
determinations relating to all the mines. The review encompassed
quality assurance programs and quality control measures including
analytical or testing practice, chain-of-custody procedures, sample
storage procedures and included independent sample collection and
analysis. This review found the information and procedures meet
industry standards and are adequate for Mineral Resource and
Mineral Reserve estimation and mine planning purposes.
HECLA MINING COMPANY
Condensed Consolidated Statements
of Loss
(dollars and shares in thousands,
except per share amounts - unaudited)
Three Months Ended
Nine Months Ended
September 30, 2023
June 30, 2023
September 30, 2023
September 30, 2022
Sales
$
181,906
$
178,131
$
559,537
$
524,080
Cost of sales and other direct production
costs
112,212
107,754
345,516
326,579
Depreciation, depletion and
amortization
36,217
32,718
107,937
106,362
Total cost of sales
148,429
140,472
453,453
432,941
Gross profit
33,477
37,659
106,084
91,139
Other operating expenses:
General and administrative
7,596
10,783
30,449
28,989
Exploration and pre-development
13,686
6,893
25,546
39,136
Ramp-up and suspension costs
21,025
16,323
48,684
16,539
Provision for closed operations and
environmental matters
2,256
3,111
6,411
4,154
Other operating expense (income)
1,555
(4,262
)
(2,729
)
5,310
46,118
32,848
108,361
94,128
(Loss) income from operations
(12,641
)
4,811
(2,277
)
(2,989
)
Other (expense) income:
Interest expense
(10,710
)
(10,311
)
(31,186
)
(31,785
)
Fair value adjustments, net
(6,397
)
(2,558
)
(5,774
)
(14,703
)
Foreign exchange gain (loss)
4,176
(3,850
)
434
8,111
Other income
1,657
1,376
4,425
4,828
(11,274
)
(15,343
)
(32,101
)
(33,549
)
Loss before income and mining taxes
(23,915
)
(10,532
)
(34,378
)
(36,538
)
Income and mining tax benefit
(expense)
1,500
(5,162
)
(6,904
)
3,642
Net loss
(22,415
)
(15,694
)
(41,282
)
(32,896
)
Preferred stock dividends
(138
)
(138
)
(414
)
(414
)
Net loss applicable to common
stockholders
$
(22,553
)
$
(15,832
)
$
(41,696
)
$
(33,310
)
Basic and diluted loss per common share
after preferred dividends (in cents)
$
(0.04
)
$
(0.03
)
$
(0.07
)
$
(0.06
)
Weighted average number of common shares
outstanding basic
607,896
604,088
604,028
544,000
Weighted average number of common shares
outstanding diluted
607,896
604,088
604,028
544,000
HECLA MINING COMPANY
Condensed Consolidated Statements
of Cash Flows
(dollars in thousands -
unaudited)
Three Months Ended
Nine Months Ended
September 30, 2023
June 30, 2023
September 30, 2023
September 30, 2022
OPERATING ACTIVITIES
Net loss
$
(22,415
)
$
(15,694
)
$
(41,282
)
$
(32,896
)
Non-cash elements included in net income
(loss):
Depreciation, depletion and
amortization
37,095
34,718
111,705
106,743
Inventory adjustments
8,814
2,997
16,332
2,159
Fair value adjustments, net
6,397
2,558
5,774
3,486
Provision for reclamation and closure
costs
2,477
3,634
7,805
4,789
Stock compensation
2,434
1,498
5,122
4,298
Deferred income taxes
(3,790
)
4,027
795
(17,828
)
Foreign exchange (gain) loss
(4,241
)
6,025
(434
)
(8,353
)
Other non-cash items, net
50
1,388
1,624
2,454
Change in assets and liabilities:
Accounts receivable
(3,544
)
13,087
25,020
34,788
Inventories
(6,218
)
(8,882
)
(24,339
)
(19,472
)
Other current and non-current assets
18
(5,207
)
(15,045
)
(3,420
)
Accounts payable, accrued and other
current liabilities
(2,532
)
9,447
(2,389
)
(21,708
)
Accrued payroll and related benefits
(1,701
)
(14,248
)
(11,244
)
1,679
Accrued taxes
(923
)
(2,311
)
(1,008
)
(2,652
)
Accrued reclamation and closure costs and
other non-current liabilities
(1,686
)
(9,260
)
(3,821
)
(297
)
Cash provided by operating
activities
10,235
23,777
74,615
53,770
INVESTING ACTIVITIES
Additions to properties, plants, equipment
and mineral interests
(55,354
)
(51,468
)
(161,265
)
(93,237
)
Proceeds from sale or exchange of
investments
—
—
—
9,375
Proceeds from disposition of properties,
plants, equipment and mineral interests
80
80
160
748
Purchases of investments
(1,753
)
—
(1,753
)
(30,540
)
Acquisition, net
—
—
—
8,952
Pre-acquisition advance to Alexco
—
—
—
(25,000
)
Changes in restricted cash and investment
balances
—
—
—
2,011
Net cash used in investing
activities
(57,027
)
(51,388
)
(162,858
)
(127,691
)
FINANCING ACTIVITIES
Proceeds from issuance of stock, net of
related costs
—
14,003
25,888
4,542
Acquisition of treasury shares
—
(1,554
)
(2,036
)
(3,677
)
Borrowing of debt
63,000
43,000
119,000
25,000
Repayment of debt
(14,000
)
(12,000
)
(39,000
)
—
Dividends paid to common and preferred
stockholders
(3,947
)
(3,917
)
(11,755
)
(10,549
)
Credit facility feed paid
—
0
—
(517
)
Repayments of finance leases
(3,225
)
(2,301
)
(7,990
)
(5,222
)
Net cash provided by (used in)
financing activities
41,828
37,231
84,107
9,577
Effect of exchange rates on cash
(1,140
)
1,046
77
(804
)
Net increase (decrease) in cash, cash
equivalents and restricted cash and cash equivalents
(6,104
)
10,666
(4,059
)
(65,148
)
Cash, cash equivalents and restricted
cash at beginning of period
107,952
97,286
105,907
211,063
Cash, cash equivalents and restricted
cash at end of period
$
101,848
$
107,952
$
101,848
$
145,915
HECLA MINING COMPANY
Condensed Consolidated Balance
Sheets
(dollars and shares in thousands
- unaudited)
September 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
100,685
$
104,743
Accounts receivable
31,971
55,841
Inventories
97,348
90,672
Other current assets
18,410
16,471
Total current assets
248,414
267,727
Investments
16,594
24,018
Restricted cash
1,163
1,164
Properties, plants, equipment and mineral
interests, net
2,648,309
2,569,790
Operating lease right-of-use assets
9,163
11,064
Deferred tax assets
3,349
21,105
Other non-current assets
34,164
32,304
Total assets
$
2,961,156
$
2,927,172
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities
$
87,148
$
84,747
Accrued payroll and related benefits
22,671
37,579
Accrued taxes
3,064
4,030
Finance leases
11,293
9,483
Accrued reclamation and closure costs
10,352
8,591
Accrued interest
5,191
14,454
Other current liabilities
5,652
19,582
Total current liabilities
145,371
178,466
Accrued reclamation and closure costs
109,613
108,408
Long-term debt including finance
leases
604,953
517,742
Deferred tax liability
109,293
125,846
Other non-current liabilities
14,156
17,743
Total liabilities
983,386
948,205
STOCKHOLDERS’ EQUITY
Preferred stock
39
39
Common stock
154,355
151,819
Capital surplus
2,311,266
2,260,290
Accumulated deficit
(456,968
)
(403,931
)
Accumulated other comprehensive income,
net
2,812
2,448
Treasury stock
(33,734
)
(31,698
)
Total stockholders’ equity
1,977,770
1,978,967
Total liabilities and stockholders’
equity
$
2,961,156
$
2,927,172
Common shares outstanding
617,768
607,620
Non-GAAP Measures
(Unaudited)
Reconciliation of Total Cost of Sales to Cash Cost, Before
By-product Credits and Cash Cost, After By-product Credits
(non-GAAP) and All-In Sustaining Cost, Before By-product Credits
and All-In Sustaining Cost, After By-product Credits
(non-GAAP)
The tables below present reconciliations between the most
comparable GAAP measure of total cost of sales to the non-GAAP
measures of (i) Cash Cost, Before By-product Credits, (ii) Cash
Cost, After By-product Credits, (iii) AISC, Before By-product
Credits and (iv) AISC, After By-product Credits for our operations
and for the Company for the three months and six months ended
September 30, 2023 and 2022, the three months ended June 30, 2023,
March 31, 2023, December 31, 2022, and September 30, 2022.
Cash Cost, After By-product Credits, per Ounce and AISC, After
By-product Credits, per Ounce are measures developed by precious
metals companies (including the Silver Institute and the World Gold
Council) in an effort to provide a uniform standard for comparison
purposes. There can be no assurance, however, that these non-GAAP
measures as we report them are the same as those reported by other
mining companies.
Cash Cost, After By-product Credits, per Ounce is an important
operating statistic that we utilize to measure each mine's
operating performance. We use AISC, After By-product Credits, per
Ounce as a measure of our mines' net cash flow after costs for
reclamation and sustaining capital. This is similar to the Cash
Cost, After By-product Credits, per Ounce non-GAAP measure we
report, but also includes reclamation and sustaining capital costs.
Current GAAP measures used in the mining industry, such as cost of
goods sold, do not capture all the expenditures incurred to
discover, develop and sustain silver and gold production. Cash
Cost, After By-product Credits, per Ounce and AISC, After
By-product Credits, per Ounce also allow us to benchmark the
performance of each of our mines versus those of our competitors.
As a silver and gold mining company, we also use these statistics
on an aggregate basis - aggregating the Greens Creek and Lucky
Friday mines to compare our performance with that of other silver
mining companies, and aggregating Casa Berardi and Nevada
Operations for comparison with other gold mining companies.
Similarly, these statistics are useful in identifying acquisition
and investment opportunities as they provide a common tool for
measuring the financial performance of other mines with varying
geologic, metallurgical and operating characteristics.
Cash Cost, Before By-product Credits and AISC, Before By-product
Credits include all direct and indirect operating cash costs
related directly to the physical activities of producing metals,
including mining, processing and other plant costs, third-party
refining expense, on-site general and administrative costs,
royalties and mining production taxes. AISC, Before By-product
Credits for each mine also includes reclamation and sustaining
capital costs. AISC, Before By-product Credits for our consolidated
silver properties also includes corporate costs for general and
administrative expense and sustaining capital costs. By-product
credits include revenues earned from all metals other than the
primary metal produced at each unit. As depicted in the tables
below, by-product credits comprise an essential element of our
silver unit cost structure, distinguishing our silver operations
due to the polymetallic nature of their orebodies.
In addition to the uses described above, Cash Cost, After
By-product Credits, per Ounce and AISC, After By-product Credits,
per Ounce provide management and investors an indication of
operating cash flow, after consideration of the average price,
received from production. We also use these measurements for the
comparative monitoring of performance of our mining operations
period-to-period from a cash flow perspective.
The Casa Berardi and Nevada Operations and combined gold
properties information below reports Cash Cost, After By-product
Credits, per Gold Ounce and AISC, After By-product Credits, per
Gold Ounce for the production of gold, their primary product, and
by-product revenues earned from silver, which is a by-product at
Casa Berardi and Nevada Operations. Only costs and ounces produced
relating to units with the same primary product are combined to
represent Cash Cost, After By-product Credits, per Ounce and AISC,
After By-product Credits, per Ounce. Thus, the gold produced at our
Casa Berardi and Nevada Operations units is not included as a
by-product credit when calculating Cash Cost, After By-product
Credits, per Silver Ounce and AISC, After By-product Credits, per
Silver Ounce for the total of Greens Creek and Lucky Friday, our
combined silver properties. Similarly, the silver produced at our
other two units is not included as a by-product credit when
calculating the gold metrics for Casa Berardi and Nevada
Operations.
In thousands (except per ounce
amounts)
Three Months Ended September 30,
2023
Three Months Ended June 30,
2023
Nine Months Ended September 30,
2023
Nine Months Ended September 30,
2022 (5)
Greens Creek
Lucky Friday
Keno Hill (6)
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Keno Hill (6)
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Keno Hill (6)
Corporate (2)
Total Silver
Greens Creek
Lucky Friday(2)
Corporate and other(3)
Total Silver
Total cost of sales
$
60,322
$
14,344
$
16,001
$
—
$
90,667
$
63,054
$
32,190
$
1,581
$
—
$
96,825
$
189,664
$
81,068
$
17,582
$
—
$
288,314
$
162,644
$
83,779
$
—
$
246,423
Depreciation, depletion and
amortization
(11,015
)
(4,306
)
(1,948
)
—
(17,269
)
(13,078
)
(8,979
)
(261
)
—
(22,318
)
(38,557
)
(23,741
)
(2,209
)
—
(64,507
)
(35,354
)
(24,155
)
—
(59,509
)
Treatment costs
10,369
1,368
1,033
—
12,770
10,376
4,187
113
—
14,676
31,114
10,832
1,146
—
43,092
27,369
13,271
—
40,640
Change in product inventory
377
(2,450
)
—
—
(2,073
)
(1,242
)
1,546
—
—
304
(2,479
)
(3,313
)
—
—
(5,792
)
9,899
2,620
—
12,519
Reclamation and other costs
(348
)
(168
)
—
—
(516
)
263
(250
)
—
—
13
(214
)
(826
)
—
—
(1,040
)
(1,988
)
(769
)
—
(2,757
)
Exclusion of Lucky Friday cash costs
(8)
—
(20
)
—
—
(20
)
—
—
—
—
—
-
(20
)
—
—
(20
)
—
—
—
—
Exclusion of Keno Hill cash costs (6)
—
—
(15,086
)
—
(15,086
)
—
—
(1,433
)
—
(1,433
)
-
-
(16,519
)
—
(16,519
)
—
—
—
—
Cash Cost, Before By-product Credits
(1)
59,705
8,768
—
—
68,473
59,373
28,694
—
—
88,067
179,528
64,000
—
—
243,528
162,570
74,746
—
237,316
Reclamation and other costs
722
101
—
—
823
722
285
—
—
1,007
2,166
671
—
—
2,837
2,115
846
—
2,961
Sustaining capital
11,330
7,386
—
237
18,953
8,714
9,081
—
688
18,483
26,686
24,251
—
831
51,768
30,843
24,937
334
56,114
Exclusion of Lucky Friday sustaining costs
(8)
—
(4,934
)
—
—
(4,934
)
—
—
—
—
—
—
(4,934
)
—
—
(4,934
)
—
—
—
—
General and administrative
—
—
—
7,596
7,596
—
—
—
10,783
10,783
—
—
—
30,449
30,449
—
—
28,989
28,989
AISC, Before By-product Credits (1)
71,757
11,321
—
7,833
90,911
68,809
38,060
—
11,471
118,340
208,380
83,988
—
31,280
323,648
195,528
100,529
29,323
325,380
By-product credits:
Zinc
(20,027
)
(2,019
)
—
—
(22,046
)
(20,923
)
(5,448
)
—
—
(26,371
)
(64,955
)
(14,284
)
—
—
(79,239
)
(87,723
)
(21,358
)
—
(109,081
)
Gold
(25,344
)
—
—
—
(25,344
)
(28,458
)
—
—
—
(28,458
)
(79,089
)
-
—
—
(79,089
)
(55,966
)
—
—
(55,966
)
Lead
(7,201
)
(5,368
)
—
—
(12,569
)
(6,860
)
(14,287
)
—
—
(21,147
)
(22,002
)
(33,953
)
—
—
(55,955
)
(22,449
)
(38,175
)
—
(60,624
)
Exclusion of Lucky Friday byproduct
credits (8)
—
676
—
—
676
—
—
—
—
—
—
676
—
—
676
—
—
—
—
Total By-product credits
(52,572
)
(6,711
)
—
—
(59,283
)
(56,241
)
(19,735
)
—
—
(75,976
)
(166,046
)
(47,561
)
—
—
(213,607
)
(166,138
)
(59,533
)
—
(225,671
)
Cash Cost, After By-product Credits
$
7,133
$
2,057
$
—
$
—
$
9,190
$
3,132
$
8,959
$
—
$
—
$
12,091
$
13,482
$
16,439
$
—
$
—
$
29,921
$
(3,568
)
$
15,213
$
—
$
11,645
AISC, After By-product Credits
$
19,185
$
4,610
$
—
$
7,833
$
31,628
$
12,568
$
18,325
$
—
$
11,471
$
42,364
$
42,334
$
36,427
$
—
$
31,280
$
110,041
$
29,390
$
40,996
$
29,323
$
99,709
Ounces produced
2,343
475
2,818
2,356
1,287
3,642
7,472
3,025
10,497
7,309
3,189
10,498
Exclusion of Lucky Friday ounces produced
(8)
—
(41
)
(41
)
—
0
—
—
(41
)
(41
)
—
0
—
Divided by ounces produced
2,343
434
2,777
2,356
1,287
3,642
7,472
2,984
10,456
7,309
3,189
10,498
Cash Cost, Before By-product Credits, per
Silver Ounce
$
25.48
$
20.20
$
24.66
$
25.20
$
22.30
$
24.18
$
24.03
$
21.45
$
23.29
$
22.24
$
23.44
$
22.61
By-product credits per ounce
(22.44
)
(15.46
)
(21.35
)
(23.87
)
(15.34
)
(20.86
)
(22.22
)
(15.94
)
(20.43
)
(22.73
)
(18.67
)
(21.50
)
Cash Cost, After By-product Credits, per
Silver Ounce
$
3.04
$
4.74
$
3.31
$
1.33
$
6.96
$
3.32
$
1.81
$
5.51
$
2.86
$
(0.49
)
$
4.77
$
1.11
AISC, Before By-product Credits, per
Silver Ounce
$
30.62
$
26.09
$
32.74
$
29.21
$
29.58
$
32.49
$
27.89
$
28.15
$
30.95
$
26.75
$
31.53
$
30.99
By-product credits per ounce
(22.44
)
(15.46
)
(21.35
)
(23.87
)
(15.34
)
(20.86
)
(22.22
)
(15.94
)
(20.43
)
(22.73
)
(18.67
)
(21.50
)
AISC, After By-product Credits, per Silver
Ounce
$
8.18
$
10.63
$
11.39
$
5.34
$
14.24
$
11.63
$
5.67
$
12.21
$
10.52
$
4.02
$
12.86
$
9.49
In thousands (except per ounce amounts)
Three Months Ended September 30,
2023
Three Months Ended June 30,
2023
Nine Months Ended September 30,
2023
Nine Months Ended September 30,
2022 (5)
Casa Berardi
Nevada Operations and Other
(4)
Total Gold
Casa Berardi
Nevada Operations and Other
(4)
Total Gold
Casa Berardi
Nevada Operations and Other
(4)
Total Gold
Casa Berardi
Total Gold
Total cost of sales
$
56,822
$
940
$
57,762
$
42,576
$
1,071
$
43,647
$
162,396
$
2,743
$
165,139
$
183,570
$
183,570
Depreciation, depletion and
amortization
(18,980
)
32
(18,948
)
(10,272
)
(127
)
(10,399
)
(43,288
)
(142
)
(43,430
)
(46,394
)
(46,394
)
Treatment costs
254
—
254
351
—
351
1,072
—
1,072
1,345
1,345
Change in product inventory
(1,977
)
—
(1,977
)
(951
)
—
(951
)
(5,345
)
—
(5,345
)
(936
)
(936
)
Reclamation and other costs
(219
)
—
(219
)
(219
)
—
(219
)
(655
)
—
(655
)
(623
)
(623
)
Exclusion of Casa Berardi cash costs
(3)
—
—
—
—
—
—
(2,851
)
—
(2,851
)
—
—
Exclusion of Nevada and Other costs
—
(972
)
(972
)
—
(944
)
(944
)
—
(2,601
)
(2,601
)
—
—
Cash Cost, Before By-product Credits
(1)
35,900
—
35,900
31,485
—
31,485
111,329
—
111,329
136,962
136,962
Reclamation and other costs
219
—
219
219
—
219
655
—
655
623
623
Sustaining capital
5,133
—
5,133
9,025
—
9,025
29,175
—
29,175
25,587
25,587
AISC, Before By-product Credits (1)
41,252
—
41,252
40,729
—
40,729
141,159
—
141,159
163,172
163,172
By-product credits:
Silver
(119
)
—
(119
)
(144
)
(144
)
(390
)
—
(390
)
(485
)
(485
)
Total By-product credits
(119
)
—
(119
)
(144
)
—
(144
)
(390
)
—
(390
)
(485
)
(485
)
Cash Cost, After By-product Credits
$
35,781
$
—
$
35,781
$
31,341
$
—
$
31,341
$
110,939
$
—
$
110,939
$
136,477
$
136,477
AISC, After By-product Credits
$
41,133
$
—
$
41,133
$
40,585
$
—
$
40,585
$
140,769
$
—
$
140,769
$
162,687
$
162,687
Divided by gold ounces produced
24
—
24
19
—
19
68
—
68
97
97
Cash Cost, Before By-product Credits, per
Gold Ounce
$
1,480
$
—
$
1,480
$
1,666
$
—
$
1,666
$
1,641
$
—
$
1,641
$
1,415
$
1,415
By-product credits per ounce
(5
)
—
(5
)
(8
)
—
(8
)
(6
)
—
(6
)
(6
)
(6
)
Cash Cost, After By-product Credits, per
Gold Ounce
$
1,475
$
—
$
1,475
$
1,658
$
—
$
1,658
$
1,635
$
—
$
1,635
$
1,409
$
1,409
AISC, Before By-product Credits, per Gold
Ounce
$
1,700
$
—
$
1,700
$
2,155
$
—
$
2,155
$
2,081
$
—
$
2,081
$
1,684
$
1,684
By-product credits per ounce
(5
)
—
(5
)
(8
)
—
(8
)
(6
)
—
(6
)
(6
)
(6
)
AISC, After By-product Credits, per Gold
Ounce
$
1,695
$
—
$
1,695
$
2,147
$
—
$
2,147
$
2,075
$
—
$
2,075
$
1,678
$
1,678
In thousands (except per ounce amounts)
Three Months Ended September 30,
2023
Three Months Ended June 30,
2023
Nine Months Ended September 30,
2023
Nine Months Ended September 30,
2022 (5)
Total Silver
Total Gold
Total
Total Silver
Total Gold
Total
Total Silver
Total Gold
Total
Total Silver
Total Gold
Total
Total cost of sales
$
90,667
$
57,762
$
148,429
$
96,825
$
43,647
$
140,472
$
288,314
$
165,139
$
453,453
$
246,423
$
183,570
$
429,993
Depreciation, depletion and
amortization
(17,269
)
(18,948
)
(36,217
)
(22,318
)
(10,399
)
(32,717
)
(64,507
)
(43,430
)
(107,937
)
(59,509
)
(46,394
)
(105,903
)
Treatment costs
12,770
254
13,024
14,676
351
15,027
43,092
1,072
44,164
40,640
1,345
41,985
Change in product inventory
(2,073
)
(1,977
)
(4,050
)
304
(951
)
(647
)
(5,792
)
(5,345
)
(11,137
)
12,519
(936
)
11,583
Reclamation and other costs
(516
)
(219
)
(735
)
13
(219
)
(206
)
(1,040
)
(655
)
(1,695
)
(2,757
)
(623
)
(3,380
)
Exclusion of Lucky Friday cash costs
(8)
(20
)
—
(20
)
—
—
—
(20
)
—
(20
)
—
—
—
Exclusion of Keno Hill cash costs (6)
(15,086
)
—
(15,086
)
(1,433
)
—
(1,433
)
(16,519
)
—
(16,519
)
—
—
—
Exclusion of Casa Berardi cash costs
(3)
—
—
—
—
—
—
—
(2,851
)
(2,851
)
—
—
—
Exclusion of Nevada and Other costs
—
(972
)
(972
)
—
(944
)
(944
)
—
(2,601
)
(2,601
)
—
—
—
Cash Cost, Before By-product Credits
(1)
68,473
35,900
104,373
88,067
31,485
119,552
243,528
111,329
354,857
237,316
136,962
374,278
Reclamation and other costs
823
219
1,042
1,007
219
1,226
2,837
655
3,492
2,961
623
3,584
Sustaining capital
18,953
5,133
24,086
18,483
9,025
27,508
51,768
29,175
80,943
56,114
25,587
81,701
Exclusion of Lucky Friday sustaining costs
(8)
(4,934
)
—
(4,934
)
—
—
—
(4,934
)
—
(4,934
)
—
—
—
General and administrative
7,596
—
7,596
10,783
—
10,783
30,449
—
30,449
28,989
—
28,989
AISC, Before By-product Credits (1)
90,911
41,252
132,163
118,340
40,729
159,069
323,648
141,159
464,807
325,380
163,172
488,552
By-product credits:
Zinc
(22,046
)
—
(22,046
)
(26,371
)
—
(26,371
)
(79,239
)
—
(79,239
)
(109,081
)
—
(109,081
)
Gold
(25,344
)
—
(25,344
)
(28,458
)
—
(28,458
)
(79,089
)
—
(79,089
)
(55,966
)
—
(55,966
)
Lead
(12,569
)
—
(12,569
)
(21,147
)
—
(21,147
)
(55,955
)
—
(55,955
)
(60,624
)
—
(60,624
)
Silver
—
(119
)
(119
)
—
(144
)
(144
)
—
(390
)
(390
)
—
(485
)
(485
)
Exclusion of Lucky Friday by-product
credits (8)
676
—
676
—
—
—
676
—
676
—
—
—
Total By-product credits
(59,283
)
(119
)
(59,402
)
(75,976
)
(144
)
(76,120
)
(213,607
)
(390
)
(213,997
)
(225,671
)
(485
)
(226,156
)
Cash Cost, After By-product Credits
$
9,190
$
35,781
$
44,971
$
12,091
$
31,341
$
43,432
$
29,921
$
110,939
$
140,860
$
11,645
$
136,477
$
148,122
AISC, After By-product Credits
$
31,628
$
41,133
$
72,761
$
42,364
$
40,585
$
82,949
$
110,041
$
140,769
$
250,810
$
99,709
$
162,687
$
262,396
Ounces produced
2,818
24
3,642
19
10,497
68
10,498
97
Exclusion of Lucky Friday ounces produced
(8)
(41
)
—
—
—
(41
)
—
—
—
Divided by ounces produced
2,777
24
3,642
19
10,456
68
10,498
97
Cash Cost, Before By-product Credits, per
Ounce
$
24.66
$
1,480
$
24.18
$
1,666
$
23.29
$
1,641
$
22.61
$
1,415
By-product credits per ounce
(21.35
)
(5
)
(20.86
)
(8
)
(20.43
)
(6
)
(21.50
)
(6
)
Cash Cost, After By-product Credits, per
Ounce
$
3.31
$
1,475
$
3.32
$
1,658
$
2.86
$
1,635
$
1.11
$
1,409
AISC, Before By-product Credits, per
Ounce
$
32.74
$
1,700
$
32.49
$
2,155
$
30.95
$
2,081
$
30.99
$
1,684
By-product credits per ounce
(21.35
)
(5
)
(20.86
)
(8
)
(20.43
)
(6
)
(21.50
)
(6
)
AISC, After By-product Credits, per
Ounce
$
11.39
1,695
$
11.63
2,147
$
10.52
2,075
$
9.49
1,678
In thousands (except per ounce amounts)
Three Months Ended March 31, 2023
(5)
Three Months Ended December 31,
2022 (5)
Three Months Ended September 30,
2022 (5)
Greens Creek
Lucky Friday
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Corporate (2)
Total Silver
Greens Creek
Lucky Friday
Corporate (2)
Total Silver
Total cost of sales
$
66,288
$
34,534
$
—
$
100,822
$
70,074
$
32,819
$
—
$
102,893
$
52,502
$
24,164
$
—
$
76,666
Depreciation, depletion and
amortization
(14,464
)
(10,456
)
—
(24,920
)
(13,557
)
(9,549
)
—
(23,106
)
(10,305
)
(7,261
)
—
(17,566
)
Treatment costs
10,369
5,276
—
15,645
10,467
5,334
—
15,801
9,477
4,791
—
14,268
Change in product inventory
(1,614
)
(2,409
)
—
(4,023
)
(4,014
)
(571
)
—
(4,585
)
4,464
3,022
—
7,486
Reclamation and other costs
(129
)
(408
)
—
(537
)
499
(265
)
—
234
(118
)
(152
)
—
(270
)
Cash Cost, Before By-product Credits
(1)
60,450
26,537
—
86,987
63,469
27,768
—
91,237
56,020
24,564
—
80,584
Reclamation and other costs
722
285
—
1,007
706
282
—
988
705
282
—
987
Sustaining capital
6,641
7,784
—
14,425
9,862
8,369
—
18,231
10,219
11,264
187
21,670
General and administrative
—
—
12,070
12,070
—
—
14,395
14,395
—
—
11,003
11,003
AISC, Before By-product Credits (1)
67,813
34,606
12,070
114,489
74,037
36,419
14,395
124,851
66,944
36,110
11,190
114,244
By-product credits:
Zinc
(24,005
)
(6,816
)
—
(30,821
)
(26,112
)
(6,249
)
—
(32,361
)
(26,244
)
(7,155
)
—
(33,399
)
Gold
(25,286
)
—
—
(25,286
)
(19,630
)
—
—
(19,630
)
(17,019
)
—
—
(17,019
)
Lead
(7,942
)
(14,299
)
—
(22,241
)
(7,351
)
(14,392
)
—
(21,743
)
(6,212
)
(11,796
)
—
(18,008
)
Total By-product credits
(57,233
)
(21,115
)
—
(78,348
)
(53,093
)
(20,641
)
—
(73,734
)
(49,475
)
(18,951
)
—
(68,426
)
Cash Cost, After By-product Credits
$
3,217
$
5,422
$
—
$
8,639
$
10,376
$
7,127
$
—
$
17,503
$
6,545
$
5,613
$
—
$
12,158
AISC, After By-product Credits
$
10,580
$
13,491
$
12,070
$
36,141
$
20,944
$
15,778
$
14,395
$
51,117
$
17,469
$
17,159
$
11,190
$
45,818
Divided by ounces produced
2,773
1,262
4,035
2,433
1,224
3,657
2,469
1,075
3,544
Cash Cost, Before By-product Credits, per
Silver Ounce
$
21.80
$
21.03
$
21.56
$
26.08
$
22.68
$
24.95
$
22.69
$
22.87
$
22.74
By-product credits per ounce
(20.64
)
(16.73
)
(19.42
)
(21.82
)
(16.86
)
(20.16
)
(20.04
)
(17.64
)
(19.31
)
Cash Cost, After By-product Credits, per
Silver Ounce
$
1.16
$
4.30
$
2.14
$
4.26
$
5.82
$
4.79
$
2.65
$
5.23
$
3.43
AISC, Before By-product Credits, per
Silver Ounce
$
24.46
$
27.42
$
28.38
$
30.43
$
29.74
$
34.14
$
27.11
$
33.62
$
32.24
By-product credits per ounce
(20.64
)
(16.73
)
(19.42
)
(21.82
)
(16.86
)
(20.16
)
(20.04
)
(17.64
)
(19.31
)
AISC, After By-product Credits, per Silver
Ounce
$
3.83
$
10.69
$
8.96
$
8.61
$
12.88
$
13.98
$
7.07
$
15.98
$
12.93
In thousands (except per ounce amounts)
Three Months Ended March 31, 2023
(5)
Three Months Ended December 31,
2022 (5)
Three Months Ended September 30,
2022 (5)
Casa Berardi
Nevada Operations and Other
(4)
Total Gold
Casa Berardi
Total Gold
Casa Berardi
Total Gold
Total cost of sales
$
62,998
$
732
$
63,730
$
65,328
$
65,328
$
59,532
$
59,532
Depreciation, depletion and
amortization
(14,036
)
(47
)
(14,083
)
(14,568
)
(14,568
)
(15,089
)
(15,089
)
Treatment costs
467
—
467
521
521
429
429
Change in product inventory
(2,417
)
—
(2,417
)
1,122
1,122
420
420
Reclamation and other costs
(217
)
—
(217
)
(196
)
(196
)
(203
)
(203
)
Exclusion of Casa Berardi cash costs
(2,851
)
—
(2,851
)
—
—
—
—
Exclusion of Nevada and Other costs
—
(685
)
(685
)
—
—
—
—
Cash Cost, Before By-product Credits
(1)
43,944
—
43,944
52,207
52,207
45,089
45,089
Reclamation and other costs
217
—
217
196
196
204
204
Sustaining capital
15,015
—
15,015
11,438
11,438
10,457
10,457
AISC, Before By-product Credits (1)
59,176
—
59,176
63,841
63,841
55,750
55,750
By-product credits:
Silver
(127
)
—
(127
)
(124
)
(124
)
(131
)
(131
)
Total By-product credits
(127
)
—
(127
)
(124
)
(124
)
(131
)
(131
)
Cash Cost, After By-product Credits
$
43,817
$
—
$
43,817
$
52,083
$
52,083
$
44,958
$
44,958
AISC, After By-product Credits
$
59,049
$
—
$
59,049
$
63,717
$
63,717
$
55,619
$
55,619
Divided by gold ounces produced
25
—
25
31
31
33
33
Cash Cost, Before By-product Credits, per
Gold Ounce
$
1,780
$
—
$
1,780
$
1,700
$
1,700
$
1,353
$
1,353
By-product credits per ounce
(5
)
—
(5
)
(4
)
(4
)
(4
)
(4
)
Cash Cost, After By-product Credits, per
Gold Ounce
$
1,775
$
—
$
1,775
$
1,696
$
1,696
$
1,349
$
1,349
AISC, Before By-product Credits, per Gold
Ounce
$
2,397
$
—
$
2,397
$
2,079
$
2,079
$
1,673
$
1,673
By-product credits per ounce
(5
)
—
(5
)
(4
)
(4
)
(4
)
(4
)
AISC, After By-product Credits, per Gold
Ounce
$
2,392
$
—
$
2,392
$
2,075
$
2,075
$
1,669
$
1,669
In thousands (except per ounce amounts)
Three Months Ended March 31, 2023
(5)
Three Months Ended December 31,
2022 (5)
Three Months Ended September 30,
2022 (5)
Total Silver
Total Gold
Total
Total Silver
Total Gold
Total
Total Silver
Total Gold
Total
Total cost of sales
$
100,822
$
63,730
$
164,552
$
102,893
$
65,328
$
168,221
$
76,666
$
59,532
$
136,198
Depreciation, depletion and
amortization
(24,920
)
(14,083
)
(39,003
)
(23,106
)
(14,568
)
(37,674
)
(17,566
)
(15,089
)
(32,655
)
Treatment costs
15,645
467
16,112
15,801
521
16,322
14,268
429
14,697
Change in product inventory
(4,023
)
(2,417
)
(6,440
)
(4,585
)
1,122
(3,463
)
7,486
420
7,906
Reclamation and other costs
(537
)
(217
)
(754
)
234
(196
)
38
(270
)
(203
)
(473
)
Exclusion of Casa Berardi cash costs
—
(2,851
)
(2,851
)
—
—
—
—
—
—
Exclusion of Nevada and Other costs
—
(685
)
(685
)
—
0
—
—
—
—
Cash Cost, Before By-product Credits
(1)
86,987
43,944
130,931
91,237
52,207
143,444
80,584
45,089
125,673
Reclamation and other costs
1,007
217
1,224
988
196
1,184
987
204
1,191
Sustaining capital
14,425
15,015
29,440
18,231
11,438
29,669
21,670
10,457
32,127
General and administrative
12,070
—
12,070
14,395
14,395
11,003
—
11,003
AISC, Before By-product Credits (1)
114,489
59,176
173,665
124,851
63,841
188,692
114,244
55,750
169,994
By-product credits:
Zinc
(30,821
)
—
(30,821
)
(32,361
)
—
(32,361
)
(33,399
)
—
(33,399
)
Gold
(25,286
)
—
(25,286
)
(19,630
)
—
(19,630
)
(17,019
)
—
(17,019
)
Lead
(22,241
)
—
(22,241
)
(21,743
)
—
(21,743
)
(18,008
)
—
(18,008
)
Silver
—
(127
)
(127
)
(124
)
(124
)
(131
)
(131
)
Total By-product credits
(78,348
)
(127
)
(78,475
)
(73,734
)
(124
)
(73,858
)
(68,426
)
(131
)
(68,557
)
Cash Cost, After By-product Credits
$
8,639
$
43,817
$
52,456
$
17,503
$
52,083
$
69,586
$
12,158
$
44,958
$
57,116
AISC, After By-product Credits
$
36,141
$
59,049
$
95,190
$
51,117
$
63,717
$
114,834
$
45,818
$
55,619
$
101,437
Divided by ounces produced
4,035
25
3,657
31
3,544
33
Cash Cost, Before By-product Credits, per
Ounce
$
21.56
$
1,780
$
24.95
1,700
$
22.74
$
1,353
By-product credits per ounce
(19.42
)
(5
)
(20.16
)
(4
)
(19.31
)
(4
)
Cash Cost, After By-product Credits, per
Ounce
$
2.14
$
1,775
$
4.79
$
1,696
$
3.43
$
1,349
AISC, Before By-product Credits, per
Ounce
$
28.38
$
2,397
$
34.14
$
2,079
$
32.24
$
1,673
By-product credits per ounce
(19.42
)
(5
)
(20.16
)
(4
)
(19.31
)
(4
)
AISC, After By-product Credits, per
Ounce
$
8.96
$
2,392
$
13.98
$
2,075
$
12.93
$
1,669
(1)
Includes all direct and indirect operating
costs related to the physical activities of producing metals,
including mining, processing and other plant costs, third-party
refining and marketing expense, on-site general and administrative
costs and royalties, before by-product revenues earned from all
metals other than the primary metal produced at each operation.
AISC, Before By-product Credits also includes reclamation and
sustaining capital costs.
(2)
AISC, Before By-product Credits for our
consolidated silver properties includes corporate costs for general
and administrative expense and sustaining capital.
(3)
During the three months ended March 31,
2023, the Company completed the necessary studies to conclude usage
of the F-160 pit as a tailings storage facility after mining is
complete. As a result, a portion of the mining costs have been
excluded from Cash Cost, Before By-product Credits and AISC, Before
By-product Credits.
(4)
Other includes $0.9 million and $1.7
million of total cost of sales for the three and nine months ended
September 30, 2023, respectively, and $0.1 million of total cost of
sales for the three and nine months ended September 30, 2022,
related to the environmental services business acquired as part of
the Alexco acquisition.
(5)
Prior year presentation has been adjusted
to conform with current year presentation to eliminate exploration
costs from the calculation of AISC, Before By-product Credits as
exploration is an activity directed at the Corporate level to find
new mineral reserve and resource deposits, and therefore we believe
it is inappropriate to include exploration costs in the calculation
of AISC, Before By-product Credits for a specific mining
operation.
(6)
Keno Hill is in the ramp-up phase of
production and is excluded from the calculation of total cost of
sales, Cash Cost, Before By-product Credits, Cash Cost, After
By-product Credits, AISC, Before By-product Credits, and AISC,
After By-product Credits.
(7)
Casa Berardi operations were suspended in
June 2023 in response to the directive of the Quebec Ministry of
Natural Resources and Forests as a result of fires in the region.
Suspension costs amounted to $nil and $2.2 million for the three
and nine months ended September 30, 2023, respectively, and are
excluded from the calculation of total cost of sales, Cash Cost,
Before By-product Credits, Cash Cost, After By-product Credits,
AISC, Before By-product Credits, and AISC, After By-product
Credits.
(8)
Lucky Friday operations were suspended in
August 2023 following the underground fire in the #2 shaft
secondary egress. The portion of cash costs, sustaining costs,
by-product credits, and silver production incurred since the
suspension are excluded from the calculation of total cost of
sales, Cash Cost, Before By-product Credits, Cash Cost, After
By-product Credits, AISC, Before By-product Credits, and AISC,
After By-product Credits.
2023 Guidance, Previous and Current Estimates: Reconciliation
of Cost of Sales to Non-GAAP Measures
In thousands (except per ounce
amounts)
Previous Estimate for Twelve
Months Ended December 31, 2023
Greens Creek
Lucky Friday
Keno Hill
Corporate(3)
Total Silver
Casa Berardi
Total Gold
Total cost of sales
$
245,000
$
130,600
$
40,000
$
—
$
415,600
$
215,000
$
215,000
Depreciation, depletion and
amortization
(46,000
)
(38,500
)
(6,800
)
—
(91,300
)
(52,800
)
(52,800
)
Treatment costs
43,700
18,900
5,150
—
67,750
300
300
Change in product inventory
(5,100
)
(2,500
)
1,000
—
(6,600
)
(1,300
)
(1,300
)
Reclamation and other costs
1,000
500
750
—
2,250
500
500
Cash Cost, Before By-product Credits
(1)
238,600
109,000
40,100
—
387,700
161,700
161,700
Reclamation and other costs
2,800
1,100
—
—
3,900
800
800
Sustaining capital
44,350
35,600
550
—
80,500
37,900
37,900
General and administrative
—
—
—
44,000
44,000
—
—
AISC, Before By-product Credits (1)
285,750
145,700
40,650
44,000
516,100
200,400
200,400
By-product credits:
Zinc
(92,700
)
(26,300
)
(1,800
)
—
(120,800
)
—
—
Gold
(110,000
)
—
—
—
(110,000
)
—
—
Lead
(32,800
)
(62,100
)
(3,200
)
—
(98,100
)
—
—
Silver
—
—
—
—
—
(600
)
(600
)
Total By-product credits
(235,500
)
(88,400
)
(5,000
)
—
(328,900
)
(600
)
(600
)
Cash Cost, After By-product Credits
$
3,100
$
20,600
$
35,100
$
—
$
58,800
$
161,100
$
161,100
AISC, After By-product Credits
$
50,250
$
57,300
$
35,650
$
44,000
$
187,200
$
199,800
$
199,800
Divided by silver ounces produced
9,250
4,750
2,750
16,750
90.0
90.0
Cash Cost, Before By-product Credits, per
Silver Ounce
$
25.79
$
22.95
$
14.58
$
23.15
$
1,797
$
1,797
By-product credits per silver ounce
(25.46
)
(18.61
)
(1.82
)
(19.64
)
(7
)
(7
)
Cash Cost, After By-product Credits, per
Silver Ounce
$
0.33
$
4.34
$
12.76
$
3.51
$
1,790
$
1,790
AISC, Before By-product Credits, per
Silver Ounce
$
30.89
$
30.67
$
14.78
$
30.81
$
2,227
$
2,227
By-product credits per silver ounce
(25.46
)
(18.61
)
(1.82
)
(19.64
)
(7
)
(7
)
AISC, After By-product Credits, per Silver
Ounce
$
5.43
$
12.06
$
12.96
$
11.17
$
2,220
$
2,220
In thousands (except per ounce amounts)
Current Estimate for Twelve
Months Ended December 31, 2023
Greens Creek
Lucky Friday
Keno Hill
Corporate(2)
Total Silver
Casa Berardi
Total Gold
Total cost of sales
$
250,000
$
80,000
$
34,000
$
—
$
364,000
$
215,000
$
215,000
Exclusion of cash costs
—
(20
)
(21,800
)
—
(21,820
)
(2,850
)
(2,850
)
Depreciation, depletion and
amortization
(51,500
)
(22,900
)
(4,000
)
—
(78,400
)
(60,000
)
(60,000
)
Treatment costs
42,000
10,200
1,200
—
53,400
500
500
Change in product inventory
(3,500
)
(4,755
)
(1,100
)
—
(9,355
)
(1,550
)
(1,550
)
Reclamation and other costs
500
1,475
500
—
2,475
1,200
1,200
Cash Cost, Before By-product Credits
(1)
237,500
64,000
8,800
—
310,300
152,300
152,300
Reclamation and other costs
2,900
770
—
—
3,670
900
900
Sustaining capital
43,500
19,325
400
—
63,225
36,900
36,900
General and administrative
—
—
—
44,000
44,000
—
—
AISC, Before By-product Credits (1)
283,900
84,095
9,200
44,000
421,195
190,100
190,100
By-product credits:
Zinc
(87,600
)
(14,000
)
(500
)
—
(102,100
)
—
—
Gold
(105,900
)
—
—
—
(105,900
)
—
—
Lead
(31,700
)
(33,475
)
(1,250
)
—
(66,425
)
—
—
Silver
—
—
—
—
—
(500
)
(500
)
Total By-product credits
(225,200
)
(47,475
)
(1,750
)
—
(274,425
)
(500
)
(500
)
Cash Cost, After By-product Credits
$
12,300
$
16,525
$
7,050
$
—
$
35,875
$
151,800
$
151,800
AISC, After By-product Credits
$
58,700
$
36,620
$
7,450
$
44,000
$
146,770
$
189,600
$
189,600
Divided by silver ounces produced
9,900
3,000
500
13,400
90.0
90.0
Cash Cost, Before By-product Credits, per
Silver Ounce
$
23.99
$
21.34
$
17.60
$
23.16
$
1,692
$
1,692
By-product credits per silver ounce
(22.75
)
(15.83
)
(3.50
)
(20.48
)
(6
)
(6
)
Cash Cost, After By-product Credits, per
Silver Ounce
$
1.24
$
5.51
$
14.10
$
2.68
$
1,686
$
1,686
AISC, Before By-product Credits, per
Silver Ounce
$
28.68
$
28.04
$
18.40
$
31.43
$
2,112
$
2,112
By-product credits per silver ounce
(22.75
)
(15.83
)
(3.50
)
(20.48
)
(6
)
(6
)
AISC, After By-product Credits, per Silver
Ounce
$
5.93
$
12.21
$
14.90
$
10.95
$
2,106
$
2,106
(1)
Includes all direct and indirect operating
costs related to the physical activities of producing metals,
including mining, processing and other plant costs, third-party
refining and marketing expense, on-site general and administrative
costs and royalties, before by-product revenues earned from all
metals other than the primary metal produced at each operation.
AISC, Before By-product Credits also includes reclamation and
sustaining capital costs.
(2)
AISC, Before By-product Credits for our
consolidated silver properties includes corporate costs for general
and administrative expense, and sustaining capital.
Reconciliation of Net Loss (GAAP) and Debt (GAAP) to Adjusted
EBITDA (non-GAAP) and Net Debt (non-GAAP)
This release refers to the non-GAAP measures of adjusted
earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA"), which is a measure of our operating
performance, and net debt to adjusted EBITDA for the last 12 months
(or "LTM adjusted EBITDA"), which is a measure of our ability to
service our debt. Adjusted EBITDA is calculated as net income
(loss) before the following items: interest expense, income and
mining taxes, depreciation, depletion, and amortization expense,
ramp-up and suspension costs, gains and losses on disposition of
properties, plants, equipment and mineral interests, foreign
exchange gains and losses, fair value adjustments, net, interest
and other income, provisions for environmental matters, stock-based
compensation, provisional price gains and losses, monetization of
zinc hedges and inventory adjustments. Net debt is calculated as
total debt, which consists of the liability balances for our Senior
Notes, capital leases, and other notes payable, less the total of
our cash and cash equivalents and short-term investments.
Management believes that, when presented in conjunction with
comparable GAAP measures, adjusted EBITDA and net debt to LTM
adjusted EBITDA are useful to investors in evaluating our operating
performance and ability to meet our debt obligations. The following
table reconciles net loss and debt to adjusted EBITDA and net
debt:
Dollars are in thousands
3Q-2023
2Q-2023
1Q-2023
4Q-2022
3Q-2022
LTM September 30, 2023
Net loss
$
(22,415
)
$
(15,694
)
$
(3,173
)
$
(4,452
)
$
(23,526
)
$
(45,734
)
Interest expense
10,710
10,311
10,165
11,008
10,874
42,194
Income and mining tax (benefit)
expense
(1,500
)
5,162
3,242
(3,924
)
(9,527
)
2,980
Depreciation, depletion and
amortization
37,095
34,718
39,892
37,576
32,992
149,281
Ramp-up and suspension costs
21,025
16,323
11,336
7,575
5,092
56,259
(Gain) loss on disposition of properties,
plants, equipment, and mineral interests
(119
)
(75
)
—
—
19
(194
)
Foreign exchange loss (gain)
(4,176
)
3,850
(108
)
900
(5,667
)
466
Fair value adjustments, net
6,397
2,558
(3,181
)
(9,985
)
4,241
(4,211
)
Provisional price (gains) losses
(8,064
)
(2,143
)
(2,093
)
(625
)
6,625
(12,925
)
Provision for closed operations and
environmental matters
2,256
3,111
1,044
3,741
1,781
10,152
Stock-based compensation
2,434
1,498
1,190
1,714
1,773
6,836
Inventory adjustments
8,814
2,997
4,521
487
1,405
16,819
Monetization of zinc hedges
(5,582
)
5,467
(579
)
16,664
—
15,970
Other
(624
)
(343
)
(355
)
1,582
473
260
Adjusted EBITDA
$
46,251
$
67,740
$
61,901
$
62,261
$
26,555
$
238,153
Total debt
$
616,246
Less: Cash and cash equivalents
100,685
Net debt
$
515,561
Net debt/LTM adjusted EBITDA
(non-GAAP)
2.2
Reconciliation of Net Loss Applicable to Common Stockholders
(GAAP) to Adjusted Net (Loss) Income Applicable to Common
Shareholders (non-GAAP)
This release refers to a non-GAAP measure of adjusted net income
(loss) applicable to common stockholders and adjusted net income
(loss) per share, which are indicators of our performance. They
exclude certain impacts which are of a nature which we believe are
not reflective of our underlying performance. Management believes
that adjusted net income (loss) per common share provides investors
with the ability to better evaluate our underlying operating
performance.
Dollars are in thousands
3Q-2023
2Q-2023
1Q-2023
4Q-2022
3Q-2022
YTD-2023
YTD-2022
Net loss applicable to common
stockholders
$
(22,553
)
$
(15,832
)
$
(3,311
)
$
(4,590
)
$
(23,664
)
$
(41,696
)
$
(33,310
)
Adjusted for items below:
Fair value adjustments, net
6,397
2,558
(3,181
)
(9,985
)
4,241
$
5,774
14,769
Provisional pricing (gains) losses
(8,064
)
(2,143
)
(2,093
)
(625
)
6,625
$
(12,300
)
21,464
Environmental accruals
763
1,989
—
2,860
—
$
2,752
14
Foreign exchange loss (gain)
(4,176
)
3,850
(108
)
900
(5,667
)
$
(434
)
(8,111
)
Ramp-up and suspension costs
21,025
16,323
11,336
7,575
5,092
$
48,684
16,539
(Gain) loss on disposition of properties,
plants, equipment and mineral interests
(119
)
(75
)
—
0
19
$
(194
)
16
Inventory adjustments
8,814
2,997
4,521
487
1,405
$
16,332
2,159
Monetization of zinc hedges
(5,582
)
5,467
(579
)
16,664
—
$
(694
)
—
Other
—
—
—
939
—
$
—
—
Adjusted income (loss) applicable to
common stockholders
$
(3,495
)
$
15,134
$
6,585
$
14,225
$
(11,949
)
$
18,224
$
13,540
Weighted average shares - basic
607,896
604,088
600,075
596,959
554,531
604,028
544,000
Weighted average shares - diluted
607,896
604,088
600,075
596,959
554,531
604,028
544,000
Basic adjusted net income (loss) per
common stock (in cents)
(0.01
)
0.03
0.01
0.02
(0.02
)
0.03
0.02
Diluted adjusted net income (loss) per
common stock (in cents)
(0.01
)
0.03
0.01
0.02
(0.02
)
0.03
0.02
Reconciliation of Cash Provided by Operating Activities
(GAAP) to Free Cash Flow (non-GAAP)
This release refers to a non-GAAP measure of free cash flow,
calculated as cash provided by operating activities, less additions
to properties, plants, equipment and mineral interests. Management
believes that, when presented in conjunction with comparable GAAP
measures, free cash flow is useful to investors in evaluating our
operating performance. The following table reconciles cash provided
by operating activities to free cash flow:
Dollars are in thousands
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cash provided by operating activities
$
10,235
$
(24,322
)
$
74,615
$
53,770
Less: Additions to properties, plants
equipment and mineral interests
$
(55,354
)
$
(37,430
)
$
(161,265
)
$
(93,237
)
Free cash flow
$
(45,119
)
$
(61,752
)
$
(86,650
)
$
(39,467
)
TABLE A
Assay Results – Q3
2023
Keno Hill
Zone
Drillhole Number
Drillhole Azm/Dip
Sample From (feet)
Sample To (feet)
True Width (feet)
Silver (oz/ton)
Gold (oz/ton)
Lead (%)
Zinc (%)
Depth From Surface
(feet)
Underground
Bermingham Bear Vein
BMUG23-053
116/-07
233.3
252.6
17.2
59.4
0.00
2.4
1.2
748
Bermingham Bear Vein
Including
233.3
237.2
3.4
279.8
0.01
10.4
3.3
748
Bermingham Bear Vein
BMUG23-054
116/-13
236.2
248.9
10.9
29.2
0.00
1.5
1.2
771
Bermingham Bear Vein
Including
236.2
243.1
5.9
52.7
0.00
2.6
1.7
771
Bermingham Bear Vein
BMUG23-056
116/25
253.3
255.9
2.2
16.2
0.00
3.3
1.3
597
Bermingham Bear Vein
BMUG23-057
116/17
231.0
235.9
4.2
12.1
0.00
1.1
0.2
640
Bermingham Bear Vein
BMUG23-058
113/14
229.7
233.9
3.7
1.6
0.00
0.2
0.1
653
Bermingham Bear Vein
BMUG23-059
113/05
222.6
231.3
7.5
2.0
0.00
0.1
0.6
692
Bermingham Bear Vein
BMUG23-060
106/-01
258.8
268.5
7.6
4.1
0.00
0.3
0.1
817
Bermingham Bear Vein
BMUG23-062
106/20
247.8
252.7
3.8
4.8
0.00
0.5
0.8
627
Bermingham Bear Vein
BMUG23-064
108/-21
288.1
289.8
1.2
26.3
0.00
0.1
1.1
817
Bermingham Bear Vein
BMUG23-065
145/-10
152.6
157.1
3.3
27.4
0.01
3.9
2.1
873
Bermingham Bear Vein
Including
154.2
155.3
0.8
87.2
0.01
11.5
3.5
873
Bermingham Bear Vein
BMUG23-066
120/-25
274.1
276.7
1.3
12.6
0.00
0.5
4.7
843
Bermingham Bear Vein
BMUG23-067A
116/-27
303.5
306.3
1.3
10.5
0.00
0.0
0.1
860
Bermingham Bear Vein
BMUG23-068
145/03
135.5
136.3
0.7
65.3
0.01
1.2
0.1
827
Bermingham Bear Vein
BMUG23-069
098/03
264.4
273.3
6.1
21.6
0.00
1.4
0.9
696
Bermingham Bear Vein
Including
267.5
273.3
4.0
29.2
0.00
2.1
1.3
696
Bermingham Bear Vein
BMUG23-070
140/-15
151.4
155.7
3.3
64.2
0.01
11.7
3.2
873
Bermingham Bear Vein
Including
151.4
153.3
1.5
138.8
0.01
22.7
7.0
873
Bermingham Bear Vein
BMUG23-071
098/-09
306.2
309.4
2.0
103.3
0.01
2.9
2.7
771
Bermingham Bear Vein
Including
306.2
309.0
1.7
120.1
0.01
3.4
2.6
771
Bermingham Bear Vein
BMUG23-073
098/-18
328.2
340.2
6.7
162.8
0.01
6.8
0.6
820
Bermingham Bear Vein
Including
329.4
330.3
0.5
718.6
0.03
49.2
0.5
820
Bermingham Bear Vein
Including
337.6
338.1
0.3
611.9
0.00
20.4
2.2
820
Bermingham Bear Vein
BMUG23-076
095/20
335.5
347.9
6.6
19.6
0.00
0.4
0.6
712
Bermingham Bear Vein
Including
335.5
339.6
2.2
54.1
0.00
0.8
1.4
712
Bermingham Bear Vein
BMUG23-078
088/20
365.2
371.2
3.0
11.9
0.00
0.8
0.2
728
Bermingham Bear Vein
Including
367.5
369.3
0.9
35.3
0.00
2.3
0.1
728
Bermingham Bear Vein
BMUG23-080
088/12
354.3
366.0
7.2
4.4
0.00
0.4
0.3
607
Bermingham Bear Vein
Including
359.1
365.5
3.9
6.4
0.00
0.6
0.1
607
Bermingham Bear Vein
BMUG23-080
088/12
374.4
379.1
2.9
5.5
0.00
0.4
0.0
604
Bermingham Bear Vein
BMUG23-081
092/04
300.2
309.6
5.7
7.1
0.00
0.3
0.2
778
Bermingham Bear Vein
Including
307.5
309.6
1.3
27.4
0.00
1.0
0.2
778
Bermingham Bear Vein
BMUG23-082
110/-08
213.3
217.4
2.6
3.2
0.00
0.0
0.0
873
Bermingham Bear Vein
BMUG23-084
100/-08
238.2
241.1
1.8
30.4
0.01
2.0
3.7
853
Bermingham Bear Vein
Including
238.7
239.6
0.5
72.0
0.01
3.5
9.4
853
Bermingham Footwall Vein
BMUG23-065
145/-10
404.9
425.4
17.2
56.2
0.01
4.1
3.3
942
Bermingham Footwall Vein
Including
404.9
411.5
5.5
111.1
0.01
4.1
8.7
942
Bermingham Footwall Vein
Including
420.8
425.4
3.8
89.3
0.01
12.0
1.9
942
Bermingham Footwall Vein
BMUG23-068
145/03
376.3
378.1
1.4
109.0
0.01
7.3
0.6
833
Bermingham Footwall Vein
Including
376.3
377.0
0.6
262.8
0.01
17.8
1.2
833
Bermingham Footwall Vein
BMUG23-070
140/-15
415.6
424.3
7.6
74.8
0.01
8.8
11.2
958
Bermingham Footwall Vein
Including
418.3
424.3
5.3
107.6
0.01
12.7
8.9
958
Bermingham Footwall Vein
BMUG23-086
153/-14
519.4
561.4
36.0
36.1
0.00
2.3
1.9
965
Bermingham Footwall Vein
Including
524.3
535.6
9.7
107.0
0.01
7.2
1.1
965
Bermingham Main Vein
BMUG23-054
116/-13
469.0
478.8
7.3
1.6
0.00
0.4
0.9
833
Bermingham Main Vein
BMUG23-056
116/25
302.4
303.6
1.1
0.7
0.00
0.1
0.6
574
Bermingham Main Vein
BMUG23-057
116/17
339.6
340.6
1.0
0.4
0.00
0.0
0.3
617
Bermingham Main Vein
BMUG23-059
113/05
373.1
375.9
2.3
0.4
0.00
0.2
0.1
699
Bermingham Main Vein
BMUG23-062
106/20
332.9
339.9
6.3
3.1
0.00
0.1
0.4
594
Bermingham Main Vein
BMUG23-065
145/-10
464.2
472.4
6.9
13.6
0.00
1.6
1.4
958
Bermingham Main Vein
Including
468.6
469.1
0.4
128.9
0.01
23.9
17.3
958
Bermingham Main Vein
BMUG23-068
145/03
416.7
420.4
3.1
11.5
0.00
3.0
0.1
823
Bermingham Main Vein
BMUG23-070
140/-15
461.7
471.8
7.2
23.8
0.01
2.1
0.7
971
Bermingham Main Vein
Including
461.7
463.8
1.5
34.9
0.00
1.0
0.0
971
Bermingham Main Vein
Including
469.1
471.8
1.9
53.8
0.01
5.7
1.0
971
Bermingham Main Vein
BMUG23-076
095/20
363.4
364.2
0.4
16.4
0.00
1.1
2.5
722
Bermingham Main Vein
BMUG23-082
110/-08
438.9
457.7
15.6
1.7
0.01
0.6
1.0
1050
Bermingham West Dipper Vein
BMUG23-054
116/-13
383.9
386.7
2.5
5.2
0.00
0.5
0.3
810
Bermingham West Dipper Vein
BMUG23-058
113/14
312.3
315.6
0.0
2.9
0.00
0.1
0.9
630
Bermingham West Dipper Vein
BMUG23-059
113/05
267.4
275.7
7.1
27.2
0.00
0.5
6.5
689
Bermingham West Dipper Vein
Including
271.0
272.9
1.6
89.0
0.01
0.4
25.1
689
Bermingham West Dipper Vein
BMUG23-060
106/-01
279.1
285.4
4.9
14.4
0.00
0.8
0.2
817
Bermingham West Dipper Vein
Including
282.2
285.4
2.5
27.3
0.00
1.2
0.3
817
Bermingham West Dipper Vein
BMUG23-065
145/-10
238.2
241.8
2.6
3.7
0.00
1.0
1.1
889
Bermingham West Dipper Vein
BMUG23-068
145/03
199.4
201.0
1.3
5.4
0.00
0.2
3.0
827
Bermingham West Dipper Vein
BMUG23-068
145/03
221.9
222.3
0.4
9.7
0.01
4.0
7.3
827
Bermingham West Dipper Vein
BMUG23-069
098/03
278.7
295.3
11.3
1.6
0.00
0.2
0.6
689
Bermingham West Dipper Vein
BMUG23-070
140/-15
249.0
252.9
3.0
49.8
0.00
3.1
1.3
906
Stockwork Mineralization
BMUG23-056
116/25
245.1
246.1
0.8
24.0
0.00
2.2
1.5
597
Stockwork Mineralization
BMUG23-062
106/20
351.0
352.2
1.0
7.2
0.00
0.1
0.3
597
Stockwork Mineralization
BMUG23-065
145/-10
450.1
453.9
3.1
17.9
0.00
0.2
0.3
951
Stockwork Mineralization
BMUG23-066
120/-25
300.2
302.6
1.2
1.2
0.00
0.1
0.8
860
Stockwork Mineralization
BMUG23-068
145/03
142.1
157.5
13.2
1.6
0.01
0.2
0.5
827
Stockwork Mineralization
BMUG23-070
140/-15
29.5
31.4
1.5
1.4
0.00
0.2
0.3
873
Stockwork Mineralization
BMUG23-076
095/20
299.1
314.1
7.9
1.4
0.00
0.1
0.3
699
Stockwork Mineralization
BMUG23-082
110/-08
202.4
204.1
1.1
1.7
0.00
0.1
0.1
850
Stockwork Mineralization
BMUG23-084
100/-08
255.8
258.7
1.8
24.4
0.00
2.8
0.4
912
Stockwork Mineralization
Including
255.8
256.5
0.4
95.1
0.01
11.1
1.5
912
Stockwork Mineralization
BMUG23-084
100/-08
280.2
282.2
1.1
8.7
0.00
0.1
1.0
879
Surface Exploration
Bermingham Bear Vein
K-23-0840
261/-63.5
1439.4
1440.5
0.9
90.4
0.02
0.5
0.8
1167
Bermingham Bear Vein
K-23-0841
281/-61
838.4
847.9
7.7
0.1
0.00
0.0
0.1
647
Bermingham Bear Vein
K-23-0843
316/-65
908.8
914.5
4.2
0.0
0.00
0.0
0.1
732
Bermingham Main Vein
K-23-0840
261/-63.5
1135.8
1138.5
2.4
0.1
0.00
0.0
0.1
927
Bermingham Main Vein
K-23-0841
281/-61
680.8
693.6
11.8
0.3
0.00
0.2
0.2
526
Bermingham Ruby Vein
K-23-0840
261/-63.5
1290.6
1292.7
1.5
0.4
0.00
0.1
0.6
1049
Bermingham Ruby Vein
K-23-0841
281/-61
744.9
752.1
5.4
0.6
0.00
0.1
0.2
576
Bermingham Ruby Vein
K-23-0842
315/-60
354.7
361.7
6.0
0.0
0.00
0.0
0.0
246
Bermingham Ruby Vein
K-23-0843
316/-65
714.8
719.2
3.6
0.3
0.00
0.1
0.2
581
Bermingham Ruby Vein
K-23-0844
315/-57
342.6
344.7
1.8
0.1
0.00
0.0
0.2
221
Bermingham Ruby Vein splay
K-23-0840
261/-63.5
1236.9
1239.0
1.5
9.8
0.00
0.0
0.1
1007
Bermingham Ruby Vein splay
K-23-0842
315/-60
393.2
407.4
12.2
3.3
0.00
0.7
1.5
278
Bermingham Ruby Vein splay
K-23-0844
315/-57
374.8
388.4
12.1
5.9
0.00
0.1
1.1
241
Bermingham Ruby Vein splay
Including
385.0
385.8
0.6
108.5
0.01
1.0
16.7
247
Bermingham Townsite Vein
K-23-0840
261/-63.5
1741.0
1742.2
1.0
0.1
0.00
0.0
0.2
1396
Bermingham Townsite Vein
K-23-0841
281/-61
1205.5
1210.4
4.2
0.0
0.00
0.0
0.0
924
Bermingham Townsite Vein
K-23-0842
315/-60
985.6
988.6
2.7
13.2
0.00
0.6
3.3
714
Bermingham Townsite Vein
K-23-0843
316/-65
1118.2
1123.4
4.6
29.8
0.00
1.0
5.3
901
Bermingham Townsite Vein
K-23-0844
315/-57
935.8
938.6
2.7
0.3
0.00
0.1
0.1
637
Bermingham Townsite Vein
K-23-0846
297/62.5
860.7
865.1
3.8
2.7
0.00
0.1
0.2
699
Bermingham Townsite Vein
K-23-0847
275/-63.5
989.0
996.6
6.1
41.2
0.01
7.0
2.6
845
Bermingham Townsite Vein
K-23-0850
271/-76
1016.7
1024.4
5.7
0.1
0.00
0.0
0.0
949
Bermingham Townsite Vein
K-23-0851
280/-58
904.2
908.3
3.6
100.4
0.01
22.8
1.3
712
Bermingham Townsite Vein
Including
904.2
906.7
2.2
164.6
0.01
37.9
2.2
712
Bermingham Townsite Vein
K-23-0853
263/-66.5
1054.6
1060.4
4.4
2.2
0.00
0.2
1.9
925
Bermingham Townsite Vein splay
K-23-0840
261/-63.5
1914.8
1919.2
3.7
0.0
0.00
0.0
0.0
1524
Bermingham Townsite Vein splay
K-23-0842
315/-60
919.1
922.6
3.2
0.4
0.00
0.2
0.2
662
Bermingham Townsite Vein splay
K-23-0846
297/62.5
905.7
907.2
1.3
2.4
0.00
0.2
0.3
737
Bermingham Townsite Vein Splay
K-23-0851
280/-58
1003.5
1004.3
0.7
71.7
0.01
18.3
4.0
784
Hector Calumet Aho Vein
K-23-0854
330/-64
1121.3
1123.4
0.7
17.9
0.00
4.5
2.0
1043
Hector Calumet Chance Vein
K-23-0845
326/-58.5
1443.7
1448.7
4.3
19.9
0.00
2.2
13.0
1277
Hector Calumet Chance Vein
Including
1446.9
1447.6
0.7
75.2
0.01
6.8
18.7
1280
Hector Calumet Chance Vein
K-23-0845
326/-58.5
1490.2
1491.1
0.8
36.3
0.00
1.0
3.9
1316
Hector Calumet Chance Vein
K-23-0849
336/-57
1548.4
1553.0
3.8
3.6
0.01
2.9
0.1
1378
Hector Calumet Chance Vein
K-23-0852
346/-52.5
1605.9
1609.9
3.0
0.0
0.00
0.0
0.0
1378
Hector Calumet Chance Vein
K-23-0854
330/-64
1547.9
1553.3
4.2
0.4
0.00
0.1
0.3
1447
Greens Creek (Alaska)
Zone
Drill Hole Number
Drill Hole Azm/Dip
Sample From (feet)
Sample To (feet)
Est. True Width (feet)
Silver (oz/ton)
Gold (oz/ton)
Zinc (%)
Lead (%)
Depth From Mine Portal
(feet)
Underground
200 South
GC6068
239.9/-90
696.0
795.0
81.1
13.2
0.24
7.4
4.5
-2033
200 South
GC6076
238.4/-1
103.5
107.0
3.4
4.7
0.02
7.2
3.7
-1302
200 South
GC6081
245.1/-83.9
597.1
605.5
2.7
9.3
0.02
6.2
3.3
-1908
200 South
GC6081
245.1/-83.9
622.9
624.4
0.5
10.6
0.05
2.2
1.1
-1908
200 South
GC6088
186.3/-81.8
586.6
589.4
1.9
11.0
0.04
2.0
1.5
-1893
200 South
GC6099
63.4/-60.9
168.0
169.0
0.9
3.4
0.05
14.2
9.3
-1464
200 South
GC6120
131.8/-83.5
301.5
306.5
2.5
20.0
0.01
1.9
1.1
-1626
200 South
GC6120
131.8/-83.5
589.4
592.4
2.7
8.6
0.13
0.2
0.1
-1909
200 South
GC6120
131.8/-83.5
638.6
641.6
2.7
12.2
0.05
1.0
0.4
-1956
200 South
GC6126
233/-69.5
808.0
813.0
4.8
7.2
0.14
0.1
0.0
-2059
200 South
GC6131
243.4/77.3
86.7
87.7
0.9
7.1
0.01
5.6
4.0
-1186
200 South
GC6145
247.9/-47
329.9
341.2
4.1
16.1
0.02
3.4
1.6
-1531
200 South
GC6163
218.1/13.9
36.7
63.1
25.5
5.4
0.02
6.7
4.2
-1275
200 South
GC6163
218.1/13.9
40.5
63.1
10.4
5.7
0.02
6.8
4.0
-1279
200 South
GC6177
63.4/84.6
5.4
7.5
1.8
4.8
0.07
3.9
2.5
-1242
200 South
GC6177
63.4/84.6
24.5
36.8
10.6
5.3
0.06
6.3
3.1
-1205
200 South
GC6177
63.4/84.6
71.0
120.0
42.3
4.0
0.06
8.3
4.4
-1174
200 South
GC6188
243.4/-80.9
93.8
99.2
5.4
10.0
0.02
6.3
3.3
-1393
200 South
GC6188
243.4/-80.9
109.8
114.3
4.5
5.0
0.07
4.4
2.2
-1393
200 South
GC6188
243.4/-80.9
109.8
119.0
9.1
6.6
0.05
3.5
1.8
-1409
5250
GC6150
60.8/29.5
1.6
24.8
19.0
20.9
0.08
8.2
2.1
251
5250
GC6150
60.8/29.5
68.3
71.3
2.5
14.4
0.06
11.1
3.2
296
5250
GC6150
60.8/29.5
99.5
104.4
4.0
3.5
0.06
11.8
3.8
321
5250
GC6150
60.8/29.5
107.0
108.0
0.8
5.5
0.06
6.9
2.7
323
5250
GC6150
60.8/29.5
118.1
142.0
19.6
11.5
0.10
20.4
6.1
351
Gallagher
GC6003
63.4/-85.3
111.0
115.0
2.8
14.2
0.18
3.5
1.6
-829
Gallagher
GC6003
63.4/-85.3
450.0
452.0
1.8
20.0
0.08
0.5
0.3
-1171
Gallagher
GC6003
63.4/-85.3
455.0
458.0
2.7
14.5
0.03
0.7
0.3
-1171
Gallagher
GC6017
313.1/-78.5
31.5
32.5
1.0
12.0
0.01
2.2
2.5
-748
Gallagher
GC6017
313.1/-78.5
35.0
37.7
2.7
16.3
0.01
2.7
2.8
-748
Upper Plate
GC6066
86.3/81.3
307.5
309.0
1.4
15.1
0.06
4.1
1.8
153
Upper Plate
GC6066
86.3/81.3
424.3
425.3
0.9
5.2
0.01
8.6
3.8
268
Upper Plate
GC6070
227.9/78
543.5
545.0
1.5
13.0
0.02
8.2
3.2
378
Upper Plate
GC6071
234.3/70
529.0
530.0
0.8
30.4
0.03
9.5
5.4
335
Upper Plate
GC6071
234.3/70
566.9
576.6
8.1
12.7
0.01
6.1
2.8
371
Upper Plate
GC6077
245.7/56.9
620.0
622.5
1.9
21.6
0.01
2.2
1.1
378
Upper Plate
GC6077
245.7/56.9
640.0
641.0
0.8
25.3
0.02
23.6
10.0
378
Upper Plate
GC6082
249.4/44.8
703.2
722.9
16.8
2.7
0.09
5.0
3.0
356
Upper Plate
GC6089
254.4/53.1
641.4
645.6
3.5
32.9
0.02
2.5
1.2
358
Upper Plate
GC6089
254.4/53.1
671.1
674.8
3.3
10.4
0.03
10.3
5.7
382
Upper Plate
GC6093
255.6/65.5
597.5
599.0
1.3
27.1
0.02
13.4
4.8
384
Upper Plate
GC6098
265.3/81.7
506.7
512.0
5.2
38.3
0.05
3.2
1.5
349
Upper Plate
GC6104
263.1/67
541.0
549.5
7.4
51.0
0.03
4.2
2.0
351
Upper Plate
GC6104
263.1/67
577.5
579.6
1.7
26.0
0.01
12.1
7.2
380
Upper Plate
GC6108
257.2/58.5
575.0
577.8
2.3
15.7
0.00
1.0
0.4
354
Upper Plate
GC6108
257.2/58.5
587.0
591.7
3.9
26.8
0.02
3.2
1.7
354
Upper Plate
GC6108
257.2/58.5
622.0
623.5
1.2
19.7
0.01
14.7
5.6
379
Upper Plate
GC6122
281/65.2
584.5
600.0
15.1
14.6
0.01
1.3
0.6
391
Upper Plate
GC6123
291.7/71.4
570.7
571.8
1.1
46.1
0.03
5.5
2.7
391
Upper Plate
GC6129
275.8/66.5
82.0
90.0
7.3
11.7
0.03
3.4
1.8
92
Upper Plate
GC6129
275.8/66.5
245.0
246.3
1.3
13.3
0.03
1.2
0.6
365
Upper Plate
GC6129
275.8/66.5
260.0
283.4
23.1
9.9
0.03
7.8
2.4
251
Upper Plate
GC6134
264.6/21.5
301.3
309.4
7.0
14.7
0.05
5.4
2.9
135
Upper Plate
GC6134
264.6/21.5
316.4
330.8
12.5
9.8
0.03
3.9
2.1
135
Upper Plate
GC6135
1.5/79.5
336.5
340.8
4.3
4.6
0.00
9.2
3.5
265
Upper Plate
GC6135
1.5/79.5
423.7
424.8
1.1
9.3
0.02
4.5
2.1
265
Upper Plate
GC6135
1.5/79.5
480.3
482.2
1.7
17.0
0.01
1.5
0.8
333
Upper Plate
GC6139
347/74.1
513.5
521.0
7.4
16.4
0.00
5.1
2.5
272
Upper Plate
GC6140
231.6/41.8
329.0
330.8
1.1
2.5
0.00
7.7
5.5
227
Upper Plate
GC6148
86.2/53.9
62.6
77.6
7.5
5.4
0.07
5.2
3.0
150
Upper Plate
GC6148
86.2/53.9
149.8
152.0
1.1
64.3
0.11
2.9
1.6
150
Upper Plate
GC6148
86.2/53.9
170.4
180.6
5.1
32.1
0.04
3.6
1.7
176
Upper Plate
GC6148
86.2/53.9
243.8
245.9
1.1
24.5
0.01
9.6
4.2
204
Upper Plate
GC6148
86.2/53.9
270.0
272.5
1.3
15.8
0.01
7.8
1.4
228
Upper Plate
GC6148
86.2/53.9
366.6
368.6
2.0
0.4
0.28
0.2
0.1
304
West
GC6035
53/-16.6
492.8
502.0
8.9
8.3
0.05
5.0
1.8
-635
West
GC6053
71.1/-3.2
605.0
610.0
3.7
7.3
0.17
8.7
3.8
-470
West
GC6060
50.9/-7.6
541.5
549.0
6.5
5.3
0.04
15.7
1.9
-538
West
GC6067
86.1/-16.1
532.5
558.8
21.1
4.4
0.10
25.4
5.2
-587
Surface Exploration
East Exploration
PS0442
91/-90
84.0
104.0
18.5
13.4
0.63
29.6
7.5
1036
East Exploration
PS0442
91/-90
123.5
127.0
3.2
21.5
0.40
9.2
2.4
1013
East Exploration
PS0445
358.7/-79
67.0
104.1
35.0
10.4
0.17
6.9
1.5
1037
East Exploration
PS0446
44.8/-56.6
138.8
143.0
2.5
4.7
0.14
7.8
2.2
1018
East Exploration
PS0446
44.8/-56.6
154.0
157.7
2.3
7.0
0.31
15.9
2.9
1005
East Exploration
PS0447
188.6/-69.3
155.0
165.0
9.2
16.5
0.26
3.3
1.5
985
East Exploration
PS0447
188.6/-69.3
243.0
249.5
6.3
13.5
0.24
10.1
2.8
905
East Exploration
PS0448
146.6/-55.5
132.0
175.0
39.9
7.5
0.24
22.3
4.9
996
East Exploration
PS0450
123.2/-53.1
161.0
168.0
6.9
3.7
0.02
12.9
6.6
912
East Exploration
PS0452
99.9/-77.9
68.0
86.0
13.8
15.9
0.04
4.5
2.0
-859
East Exploration
PS0452
99.9/-77.9
158.0
160.0
0.7
1.7
0.28
0.1
0.0
-859
East Exploration
PS0453
150.1/-66.4
197.0
201.7
3.0
9.5
0.06
3.9
1.6
-859
East Exploration
PS0455
152/-54.3
218.5
228.0
7.5
4.3
0.03
11.3
6.4
921
Upper Plate Exploration
PS0441
171.6/-71.8
292.5
295.0
1.5
5.7
0.01
8.7
3.9
-859
Upper Plate Exploration
PS0443
208.6/-62
336.5
345.7
8.1
7.0
0.03
12.7
4.3
388
Upper Plate Exploration
PS0449
221/-51
386.4
411.2
24.5
10.5
0.02
4.9
2.3
912
Upper Plate Exploration
PS0461
294.5/-48
345.0
351.0
5.7
19.7
0.01
1.0
0.4
419
Upper Plate Exploration
PS0461
294.5/-48
371.0
372.2
1.2
1.0
0.00
10.0
5.6
397
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231106209510/en/
Anvita M. Patil Vice President - Investor Relations and
Treasurer
Cheryl Turner Communications Coordinator
800-HECLA91 (800-432-5291) Investor Relations Email:
hmc-info@hecla.com Website: http://www.hecla.co
Hecla Mining (NYSE:HL)
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