HL-B Hecla Mining Company

---

Delaware	1-8491	77-0664171
(State or other jurisdiction  of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.25 per share	HL	New York Stock Exchange
Series B Cumulative Convertible Preferred Stock, par value $0.25 per share	HL-PB	New York Stock Exchange

Exhibit Number		Description
99.1		News Release dated August 6, 2024. *
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
		* Furnished herewith

	HECLA MINING COMPANY
	By:	/s/ David C. Sienko
		David C. Sienko
		Vice President and General Counsel

 

NEWS RELEASE

Exhibit 99.1

HECLA REPORTS SECOND QUARTER 2024 RESULTS

Second highest silver production drives record revenues, positive free cash flow, and deleveraging

 

For The Period Ended: June 30, 2024

For Release: August 6, 2024

 

COEUR D'ALENE, IDAHO -- Hecla Mining Company (NYSE:HL, "Company") today announced second quarter 2024 financial and operating results.

 

SECOND QUARTER HIGHLIGHTS

 

Operational

•	Production of 4.5 million silver ounces, second highest in Company history.

•	Lucky Friday's silver production of 1.3 million ounces was the highest since 2000. Record mill throughput of 1,181 tons per day ("tpd").

•	Keno Hill All-Injury Frequency Rate ("AIFR") improved by 12% to 1.98, while producing a record 0.9 million ounces of silver, a 39% increase over the first quarter of 2024.

•	2024 silver production and consolidated cost guidance reiterated, gold production guidance increased.

 

Financial

●	Revenues of $245.7 million, highest in Company history, 46% from silver and 34% from gold.

●	Net income applicable to common stockholders of $27.7 million or $0.04 per share, adjusted net income applicable to common stockholders of $12.3 million or $0.02 per share.1

●	Trailing twelve month Adjusted EBITDA of $242.8 million, net leverage ratio* improved to 2.3.5

●	Cash provided by operating activities of $78.7 million, free cash flow of $28.3 million.2

●	Free cash flow generated at all operations, particularly strong at Greens Creek and Lucky Friday.

●

Greens Creek generated $43.3 million in cash flow from operations and $33.6 million in free cash flow.2

●

Lucky Friday generated $44.5 million in cash flow from operations and $33.7 million in free cash flow (including $17.8 million in insurance receipts).2

●	Consolidated silver total cost of sales of $123.3 million and cash cost and all-in sustaining cost ("AISC") per silver ounce (each after by-product credits) of $2.08 and $12.54, respectively.3,4

●	Received $17.8 million in Lucky Friday insurance claim proceeds, $35.2 million received to date.

●	Realized silver price of $29.77 per ounce, $0.01375 cash dividend per common share, includes silver-linked component of $0.01 per share.

 

Exploration

●	Drilling at Keno Hill intersected significant widths of high-grade silver mineralization at both the Bermingham and Flame & Moth deposits, confirmed and expanded mineralization in both areas. Highlights include:

●

Bermingham Bear Vein: 35.4 oz/ton silver, 2.2% lead, and 2.0% zinc over 20.2 feet.

●

Flame & Moth Veins 0, 1, and Stockwork: 28.6 oz/ton silver, 3.3% lead, and 6.2% zinc over 22.3 feet.

●	Drilling at Greens Creek intersected strong mineralization in multiple ore zones adding confidence and expanding mineralization. Most notably, the West Zone: 72.7 oz/ton silver, 0.23 oz/ton gold, 9.6% zinc, and 5.2% lead over 26.9 feet.

 

* Net Leverage ratio is calculated as long-term debt and finance leases less cash to adjusted EBITDA.

 

"Hecla saw significant improvement in gross profit and free cash flow during the quarter - with our gross profit increasing more than 1.5 times over the prior quarter, and free cash flow generation of $28.3 million, which allowed us to reduce our net debt by $25.1 million," said Cassie Boggs, interim President and CEO. "This financial performance was driven by strong results and free cash flow generated at Greens Creek and Lucky Friday, while Keno Hill's ramp-up progressed well with throughput in excess of 400 tpd. With this strong performance and favorable price environment, we will continue our focus on reducing debt while continuing to invest in our operations and exploration programs."

 

Boggs continued, "At Keno Hill, while the ramp-up has gone well, our focus will be to ensure Hecla's culture of safety and environmental excellence is instilled in the operational and mining practices. As a result, we expect costs and investment at the mine will remain at current levels as more work is required to deliver long-term value. We are committed to collaborating and working with the First Nation of Na-Cho Nyäk Dun as they work through the clean-up work after the heap leach failure at Victoria Gold's Eagle Gold mine. We have offered our assistance and will continue to be available where we can during this time of crisis."

 

Boggs concluded, "Silver demand is projected to remain robust, supported by the growing solar demand as the world transitions to a cleaner, greener economy. With Hecla's silver production expected at about 17 million ounces this year, potentially increasing to 20 million ounces by 2026, Hecla remains the fastest growing established silver producer with growth in the best mining jurisdictions."

 

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, and comparisons are made to the "prior quarter" which refers to the first quarter of 2024.

 

In Thousands unless stated otherwise		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				YTD-2024				YTD-2023
FINANCIAL AND PRODUCTION SUMMARY
Sales		$	245,657			$	189,528			$	160,690			$	181,906			$	178,131			$	435,185			$	377,631
Total cost of sales		$	194,227			$	170,368			$	153,825			$	148,429			$	140,472			$	364,595			$	305,024
Gross profit		$	51,430			$	19,160			$	6,865			$	33,477			$	37,659			$	70,590			$	72,607
Net income (loss) applicable to common stockholders		$	27,732			$	(5,891	)		$	(43,073	)		$	(22,553	)		$	(15,832	)		$	21,841			$	(19,143	)
Basic income (loss) per common share (in dollars)		$	0.04			$	(0.01	)		$	(0.07	)		$	(0.04	)		$	(0.03	)		$	0.04			$	(0.03	)
Adjusted EBITDA1		$	90,895			$	72,699			$	32,907			$	46,251			$	67,740			$	163,594			$	129,642
Total Debt		$	590,451																							$	571,030
Net Debt to Adjusted EBITDA1			2.3																								2.1
Cash provided by operating activities		$	78,718			$	17,080			$	884			$	10,235			$	23,777			$	95,798			$	64,380
Capital Expenditures		$	(50,420	)		$	(47,589	)		$	(62,622	)		$	(55,354	)		$	(51,468	)		$	(98,009	)		$	(105,911	)
Free Cash Flow2		$	28,298			$	(30,509	)		$	(61,738	)		$	(45,119	)		$	(27,691	)		$	(2,211	)		$	(41,531	)
Silver ounces produced			4,458,484				4,192,098				2,935,631				3,533,704				3,832,559				8,650,582				7,873,528
Silver payable ounces sold			3,785,285				3,481,884				2,847,591				3,142,227				3,360,694				7,267,169				6,965,188
Gold ounces produced			37,324				36,592				37,168				39,269				35,251				73,916				74,822
Gold payable ounces sold			35,276				32,189				33,230				36,792				31,961				67,465				71,580
Cash Costs and AISC, each after by-product credits
Silver cash costs per ounce 3		$	2.08			$	4.78			$	4.94			$	3.31			$	3.32			$	3.38			$	2.70
Silver AISC per ounce 4		$	12.54			$	13.10			$	17.48			$	11.39			$	11.63			$	12.81			$	10.21
Gold cash costs per ounce 3		$	1,701			$	1,669			$	1,702			$	1,475			$	1,658			$	1,685			$	1,725
Gold AISC per ounce 4		$	1,825			$	1,899			$	1,969			$	1,695			$	2,147			$	1,861			$	2,286
Realized Prices
Silver, $/ounce		$	29.77			$	24.77			$	23.47			$	23.71			$	23.67			$	27.37			$	23.12
Gold, $/ounce		$	2,338			$	2,094			$	1,998			$	1,908			$	1,969			$	2,222			$	1,928
Lead, $/pound		$	1.06			$	0.97			$	1.09			$	1.07			$	0.99			$	1.02			$	1.00
Zinc, $/pound		$	1.51			$	1.10			$	1.39			$	1.52			$	1.13			$	1.30			$	1.26

 

Sales in the second quarter increased by 30% from the prior quarter to $245.7 million due to higher quantities sold of all metals produced except zinc, as well as higher realized prices for all metals. The higher sales volumes were due to a full quarter of production at Lucky Friday, increased sales at Keno Hill and Casa Berardi, partially offset by lower volumes sold at Greens Creek.

 

 

Gross profit increased by 168% to $51.4 million, reflecting higher realized prices and higher sales volumes at Lucky Friday and Casa Berardi.

 

Net income applicable to common stockholders for the quarter was $27.7 million, a $33.6 million improvement from the prior quarter, primarily because of:

●	Ramp-up and suspension costs decreased by $9.0 million to $5.5 million, reflecting a full quarter of Lucky Friday production following the restart in January and improved performance at Keno Hill.

●	Fair value adjustments, net increased by $6.9 million due to unrealized gains on both our derivative contracts not designated as accounting hedges, and marketable equity securities portfolio.

 

The above items were partly offset by:

 

●	Income and mining tax provision increased by $7.3 million to $9.1 million reflecting higher taxable income of our US operations.

●	General and administrative costs increased by $3.5 million due to costs incurred related to the former CEO's retirement, which were primarily non cash equity compensation costs.

 

Consolidated silver total cost of sales in the second quarter increased by 14% to $123.3 million, reflecting a full quarter of production at Lucky Friday and increased sales at Keno Hill. Consolidated cash costs and AISC per silver ounce, each after by-product credits, were $2.08 and $12.54 respectively and only include costs of Greens Creek and Lucky Friday for the full quarter (commercial production has not been declared at Keno Hill). The decrease in cash costs and AISC per silver ounce was due to higher silver production and higher by-product credits partially offset by higher production costs.^3,4

 

Consolidated gold total cost of sales were $67.3 million, reflecting an increase in sales volumes at Casa Berardi. Cash costs and AISC per gold ounce, each after by-product credits, were $1,701 and $1,825, respectively.^3,4 The increase in cash costs per ounce was attributable to higher contractor, maintenance and consumables costs partially offset by higher gold production at Casa Berardi, with AISC also impacted by lower sustaining capital.

 

Adjusted EBITDA for the quarter was a record $90.9 million, an increase of $18.2 million primarily due to higher gross profit for the reasons mentioned above.⁵ The net leverage ratio improved to 2.3 from 2.7 in the prior quarter due to higher adjusted EBITDA and a reduction in net debt of $25.1 million as the Company decreased borrowings under its revolving credit facility.⁵ Cash and cash equivalents at the end of the quarter were $24.6 million and included $62.0 million drawn on the revolving credit facility. Borrowing on the revolving credit facility decreased by $78 million in the quarter as the Company utilized free cash flow and insurance proceeds to reduce the drawn amount. At current price levels and expected production, the Company anticipates the net leverage ratio to return to the Company's target of less than 2.0 by the end of the year 2024.⁵

 

Cash provided by operating activities was $78.7 million and increased by $61.6 million due to an increase in net income adjusted for non-cash items of $32.3 million and a favorable working capital change of $29.3 million.

 

Capital expenditures of $50.4 million increased by $2.8 million from the prior quarter. Capital investments at the operations were as follows (i) $11.7 million at Greens Creek related to development, equipment purchases and surface projects, (ii) $12.4 million at Casa Berardi, primarily related to tailings construction activities, (iii) $10.8 million at Lucky Friday primarily related to development, pre-production drilling, and equipment purchases, and (iv) $14.5 million at Keno Hill, related to underground development, mobile equipment purchases, and camp expansion.

 

 

Free cash flow for the quarter was $28.3 million, compared to negative $30.5 million in the prior quarter.² The improvement in free cash flow was attributable to a full quarter of Lucky Friday production and improved performance at Keno Hill which led to higher sales volumes and realized prices.

 

Forward Sales Contracts for Base Metals and Foreign Currency

The Company uses financially settled forward sales contracts to manage exposure to zinc and lead price changes in forecasted concentrate shipments. On June 30, 2024, the Company had contracts covering approximately 7% and 34% of the forecasted payable zinc and lead production, respectively, through 2026, at an average zinc price of $1.37 per pound and a lead price of $0.99 per pound.

 

The Company also manages Canadian dollar ("CAD") exposure through forward contracts. At June 30, 2024, the Company had hedged approximately 54% of forecasted Casa Berardi and Keno Hill CAD- denominated direct production costs through 2026 at an average CAD/USD rate of 1.33. The Company has also hedged approximately 21% of Casa Berardi and Keno Hill's projected CAD-denominated total capital expenditures through 2026 at 1.35.

 

 

OPERATIONS OVERVIEW

 

Greens Creek Mine - Alaska

 

Dollars are in thousands except cost per ton		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				YTD-2024				YTD-2023
GREENS CREEK
Tons of ore processed			225,746				232,188				220,186				228,978				232,465				457,934				465,632
Total production cost per ton		$	218.09			$	212.92			$	223.98			$	200.30			$	194.94			$	215.46			$	196.77
Ore grade milled - Silver (oz./ton)			12.6				13.3				12.9				13.1				12.8				13.0				13.6
Ore grade milled - Gold (oz./ton)			0.09				0.09				0.09				0.09				0.10				0.09				0.09
Ore grade milled - Lead (%)			2.5				2.6				2.8				2.5				2.5				2.5				2.6
Ore grade milled - Zinc (%)			6.2				6.3				6.5				6.5				6.5				6.2				6.2
Silver produced (oz.)			2,243,551				2,478,594				2,260,027				2,343,192				2,355,674				4,722,145				5,128,533
Gold produced (oz.)			14,137				14,588				14,651				15,010				16,351				28,725				31,235
Lead produced (tons)			4,513				4,834				4,910				4,740				4,726				9,347				9,928
Zinc produced (tons)			12,400				13,062				12,535				13,224				13,255				25,462				25,737
Sales			95,659			$	97,310			$	93,543			$	96,459			$	95,891			$	192,969			$	194,502
Total cost of sales		$	(56,786	)		$	(69,857	)		$	(70,231	)		$	(60,322	)		$	(63,054	)		$	(126,643	)		$	(129,342	)
Gross profit		$	38,873			$	27,453			$	23,312			$	36,137			$	32,837			$	66,326			$	65,160
Cash flow from operations		$	43,276			$	28,706			$	34,576			$	36,101			$	43,302			$	71,982			$	86,648
Exploration		$	2,011			$	551			$	1,324			$	4,283			$	1,760			$	2,562			$	2,208
Capital additions		$	(11,704	)		$	(8,827	)		$	(15,996	)		$	(12,060	)		$	(8,828	)		$	(20,531	)		$	(15,486	)
Free cash flow 2		$	33,583			$	20,430			$	19,904			$	28,324			$	36,234			$	54,013			$	73,370
Cash cost per ounce, after by-product credits 3		$	0.19			$	3.45			$	4.94			$	3.04			$	1.33			$	1.90			$	1.23
AISC per ounce, after by-product credits 4		$	5.40			$	7.16			$	12.00			$	8.18			$	5.34			$	6.33			$	4.51

 

Greens Creek produced 2.2 million ounces of silver during the quarter, a decrease of 9% compared to the prior quarter, primarily due to lower mined grades which reverted to plan. Throughput for the quarter averaged 2,481 tpd, a decline of 3% as multiple mill maintenance projects including installation of a new primary screen, relining of the grinding circuit, and concentrate thickener rake replacement, were completed during the quarter. By-product metal production was lower primarily due to lower grades.

 

Sales in the quarter were $95.7 million, a 2% decrease due to lower quantities of all metals sold, partially offset by higher realized prices. Lower sales volumes were also attributable to an increase in silver and zinc concentrate inventory due to the timing of shipments at quarter end. Total cost of sales decreased to $56.8 million, reflecting lower sales volumes. Cash costs and AISC per silver ounce, each after by-product credits, were $0.19 and $5.40, respectively, and decreased over the prior quarter due to lower treatment charges and higher by-product credits (higher realized prices for by-products offset lower production volumes).^3,4

 

 

Cash flow from operations was $43.3 million, an increase of $14.6 million, primarily due to higher realized prices. Free cash flow for the quarter was $33.6 million, an increase of $13.2 million, as higher cash flow from operations was partially offset by planned higher capital investment during the quarter.

 

Lucky Friday Mine - Idaho

 

Dollars are in thousands except cost per ton		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				YTD-2024				YTD-2023
LUCKY FRIDAY
Tons of ore processed			107,441				86,234				5,164				36,619				94,043				193,675				189,346
Total production cost per ton		$	233.99			$	233.10			$	201.42			$	191.81			$	248.65			$	233.59			$	229.56
Ore grade milled - Silver (oz./ton)			12.9				12.9				12.7				13.6				14.3				12.9				14.1
Ore grade milled - Lead (%)			8.1				8.2				8.0				8.6				9.1				8.2				9.0
Ore grade milled - Zinc (%)			3.6				3.9				3.5				3.5				4.2				3.7				4.2
Silver produced (oz.)			1,308,155				1,061,065				61,575				475,414				1,286,666				2,369,220				2,549,130
Lead produced (tons)			8,229				6,689				372				2,957				8,180				14,918				16,214
Zinc produced (tons)			3,320				2,851				134				1,159				3,338				6,171				6,651
Sales		$	59,071			$	35,340			$	3,117			$	21,409			$	42,648			$	94,411			$	91,758
Total cost of sales		$	(37,523	)		$	(27,519	)		$	(3,117	)		$	(14,344	)		$	(32,190	)		$	(65,042	)		$	(66,724	)
Gross profit		$	21,548			$	7,821			$	—			$	7,065			$	10,458			$	29,369			$	25,034
Cash flow from operations		$	44,546			$	27,112			$	(7,982	)		$	515			$	18,893			$	71,658			$	65,025
Capital additions		$	(10,818	)		$	(14,988	)		$	(18,819	)		$	(15,494	)		$	(16,317	)		$	(25,806	)		$	(31,024	)
Free cash flow 2		$	33,728			$	12,124			$	(26,801	)		$	(14,979	)		$	2,576			$	45,852			$	34,001
Cash cost per ounce, after by-product credits 3		$	5.32			$	8.85				N/A			$	4.74			$	6.96			$	6.67			$	5.64
AISC per ounce, after by-product credits 4		$	12.74			$	17.36				N/A			$	10.63			$	14.24			$	14.50			$	12.48

 

Lucky Friday produced 1.3 million ounces of silver, the highest quarterly production since 2000 and an increase of 23% over the prior quarter, reflecting a full quarter of production. Mill throughput of 1,181 tpd also set a record in the mine's 80-year history.

 

Sales in the second quarter were $59.1 million, and total cost of sales were $37.5 million, compared to $35.3 million and $27.5 million, respectively in the prior quarter, reflecting higher sales volumes and realized prices. Cash costs and AISC per silver ounce, each after by-product credits, were $5.32 and $12.74 respectively, and were lower due to higher production, but higher than guidance due to higher labor and contractor costs, and higher profit sharing (under the collective bargaining agreement) reflecting the strong performance and higher realized prices.

 

Cash flow from operations was $44.5 million and includes $17.8 million in insurance proceeds received during the quarter, as well as positive working capital adjustments due to ramp-up being achieved in the prior quarter.

 

Capital expenditures for the quarter were $10.8 million, and included capital development, mobile equipment purchases, and completion of the rehabilitation work related to the secondary egress (#2 shaft). Free cash flow for the quarter was $33.7 million, an increase of $21.6 million reflecting a full quarter of operations and the collection of $17.8 million of insurance proceeds.² The Company's underground insurance sublimit coverage is $50 million, of which $35.2 million has been received to date and the Company expects to receive the remaining $14.8 million in insurance proceeds before the end of the year.

 

 

Keno Hill - Yukon Territory

 

Dollars are in thousands except cost per ton		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				YTD-2024				YTD-2023
KENO HILL
Tons of ore processed			36,977				25,165				19,651				24,616				12,064				62,142				12,064
Total production cost per ton		$	116.48			$	132.42			$	145.36			$	88.97			$	202.66			$	123.60			$	109.42
Ore grade milled - Silver (oz./ton)			25.1				26.3				31.7				33.0				20.2				25.6				20.2
Ore grade milled - Lead (%)			2.4				2.4				2.6				2.4				2.5				2.4				2.5
Ore grade milled - Zinc (%)			1.4				1.3				1.6				2.5				4.1				1.4				4.1
Silver produced (oz.)			900,440				646,312				608,301				710,012				184,264				1,546,752				184,264
Lead produced (tons)			845				576				481				327				417				1,421				417
Zinc produced (tons)			471				298				396				252				691				769				691
Sales		$	28,950			$	10,847			$	17,936			$	16,001			$	1,581			$	39,797			$	1,581
Total cost of sales		$	(28,950	)		$	(10,847	)		$	(17,936	)		$	(16,001	)		$	(1,581	)		$	(39,797	)		$	(1,581	)
Gross profit		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Cash flow from operations		$	14,585			$	(13,334	)		$	1,181			$	(6,200	)		$	(12,900	)		$	1,251			$	(19,224	)
Exploration		$	2,019			$	498			$	1,548			$	1,653			$	1,039			$	2,517			$	1,476
Capital additions		$	(14,533	)		$	(10,346	)		$	(12,549	)		$	(11,498	)		$	(3,505	)		$	(24,879	)		$	(20,625	)
Free cash flow 2		$	2,071			$	(23,182	)		$	(9,820	)		$	(16,045	)		$	(15,366	)		$	(21,111	)		$	(38,373	)

 

At Keno Hill, ramp-up continued and the mine produced 900,440 ounces of silver in the second quarter, a record for the operation, and an increase of 39% over the prior quarter. Throughput in the quarter averaged 406 tpd, an increase of 47%, partially offset by lower silver grades, which were 25.1 ounces per ton. Production commenced from the Flame & Moth deposit at the beginning of July and is expected to supplement ore production from the Bermingham deposit.

 

Sales during the quarter were $29.0 million, an increase of $18.1 million over the prior quarter due to a combination of higher realized prices and volumes. Ramp-up costs during the quarter were $1.8 million and are included in ramp-up and suspension costs on the consolidated statement of operations. Expenditures on production costs, including ramp-up costs (excluding depreciation), totaled $27.4 million for the quarter, higher than the guidance of $15-$17 million per quarter due to increased production volumes and throughput. Capital investments during the quarter were $14.5 million for underground and surface infrastructure projects including camp expansion, mine development, and mobile equipment purchases.

 

The Company continues to make progress on the cemented tails batch plant, a critical infrastructure project, which will facilitate a change in the mining method at the Bermingham deposit to underhand mining, which should improve safety and productivity. Construction of the project is expected to be completed in the fourth quarter with full conversion to underhand mining expected by the end of 2025. Other key capital projects in progress are expansion of camp facilities, water treatment plant upgrades, and key equipment purchases.

 

Keno Hill's AIFR, one of several improving measures, improved 12% to 1.98. As the Keno Hill operation moves towards full production, the Company expects sustained investment in long-term infrastructure to support sustainable and safe mining operations throughout the current reserve mine plan of eleven years. Continued focus on safety, environmental, permitting, and mining practices, and relations with First Nation of Na-Cho Nyäk Dun are key to maintaining and increasing production levels and delivering long-term value at this operation.

 

 

Casa Berardi - Quebec

 

Dollars are in thousands except cost per ton		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				YTD-2024				YTD-2023
CASA BERARDI
Tons of ore processed - underground			118,485				123,123				104,002				112,544				94,124				241,608				204,369
Tons of ore processed - surface pit			248,494				258,503				251,009				231,075				224,580				506,997				543,489
Tons of ore processed - total			366,979				381,626				355,011				343,619				318,704				748,605				747,858
Surface tons mined - ore and waste			4,064,091				3,639,297				4,639,770				3,574,391				2,461,196				7,703,388				4,598,189
Total production cost per ton		$	107.84			$	96.53			$	108.20			$	103.75			$	97.69			$	102.07			$	103.58
Ore grade milled - Gold (oz./ton) - underground			0.14				0.14				0.12				0.13				0.14				0.14				0.13
Ore grade milled - Gold (oz./ton) - surface pit			0.04				0.04				0.06				0.06				0.05				0.04				0.05
Ore grade milled - Gold (oz./ton) - combined			0.07				0.07				0.07				0.07				0.06				0.07				0.07
Gold produced (oz.) - underground			13,719				13,707				11,206				12,416				10,226				27,426				22,014
Gold produced (oz.) - surface pit			9,468				8,297				11,311				11,843				8,675				17,765				21,573
Gold produced (oz.) - total			23,187				22,004				22,517				24,259				18,901				45,191				43,587
Silver produced (oz.) - total			6,338				6,127				5,730				5,084				5,956				12,465				11,601
Sales		$	58,623			$	41,584			$	42,822			$	46,912			$	36,946			$	100,207			$	87,944
Total cost of sales		$	(67,340	)		$	(58,260	)		$	(58,945	)		$	(56,822	)		$	(42,576	)		$	(125,600	)		$	(105,574	)
Gross loss		$	(8,717	)		$	(16,676	)		$	(16,123	)		$	(9,910	)		$	(5,630	)		$	(25,393	)		$	(17,630	)
Cash flow from operations		$	17,816			$	3,186			$	3,136			$	7,877			$	(8,148	)		$	21,002			$	(8,832	)
Exploration		$	315			$	685			$	635			$	1,482			$	1,107			$	1,000			$	2,161
Capital additions		$	(12,376	)		$	(13,316	)		$	(15,929	)		$	(16,225	)		$	(20,816	)		$	(25,692	)		$	(37,902	)
Free cash flow 2		$	5,755			$	(9,445	)		$	(12,158	)		$	(6,866	)		$	(27,857	)		$	(3,690	)		$	(44,573	)
Cash cost per ounce, after by-product credits 3		$	1,701			$	1,669			$	1,702			$	1,475			$	1,658			$	1,685			$	1,725
AISC per ounce, after by-product credits 4		$	1,825			$	1,899			$	1,969			$	1,695			$	2,147			$	1,861			$	2,286

 

Casa Berardi produced 23,187 ounces of gold in the quarter, an increase of 5% over the prior quarter as a 7% increase in throughput and recoveries were offset by lower grades from the 160 pit. The mill operated at an average of 4,194 tpd during the quarter.

 

Sales were $58.6 million, a 41% increase due to a combination of higher sales volumes and realized prices. Total cost of sales were $67.3 million, a 16% increase compared to the prior quarter, attributable to higher sales volumes and higher costs. Cash costs and AISC per gold ounce, each after by-product credits increased to $1,701 and $1,825, respectively, primarily due to higher production costs attributable to higher contractor costs and consumables (higher volumes). AISC was favorably impacted by planned lower sustaining capital spend. ^3,4

 

Cash flow from operations was $17.8 million, an increase of $14.6 million over the prior quarter. Capital investments for the quarter totaled $12.4 million ($2.7 million in sustaining and $9.7 million in growth) and were primarily related to construction costs for tailings facilities. Free cash flow for the quarter was $5.8 million and improved by $15.2 million from the prior quarter due to higher cash flow from operations and lower capital spending.²

 

With the increase in gold prices, the Company has completed a stope-by-stope analysis of the west mine underground operations and is extending the underground operations for the remainder of 2024. Please refer to the guidance section of the release for updated production guidance for the mine.

 

EXPLORATION AND PRE-DEVELOPMENT

 

Exploration and pre-development expenses totaled $6.7 million for the quarter. Exploration activities during the quarter primarily focused on underground definition and exploration drilling at Greens Creek, Keno Hill, and Casa Berardi.

 

 

Keno Hill

At Keno Hill, underground drilling during the first half of 2024 continued to intersect high-grade silver mineralization over significant widths and highlights the potential for high-grade silver mineralization in the district. Underground definition drilling is focused on extending mineralization and resource conversion in the high-grade Bermingham Bear Zone veins (Bear, Footwall, and Main Vein zones) and in the Flame & Moth veins. During the quarter, two underground drills completed over 13,000 feet of definition drilling. Three surface drills were also active on the property testing multiple targets including the Bermingham Deep, Bermingham Townsite, Elsa17-Dixie, and Silver Spoon target areas that have potential for the discovery of additional large high-grade silver deposits. Over 25,000 feet of surface exploration drilling has been completed in 13 drillholes.

 

Assay highlights include (reported widths are estimates of true width):

●	Bear Vein: 35.4 oz/ton silver, 2.2% lead, and 2.0% zinc over 20.2 feet

●

Includes: 150.8 oz/ton silver, 9.9% lead, and 4.8% zinc over 3.0 feet

●	Main Vein: 29.8 oz/ton silver, 1.6% lead, and 0.2% zinc over 10.3 feet

●

Includes: 86.0 oz/ton silver, and 8.0% lead over 0.8 feet.

●

Includes: 203.9 oz/ton silver, 8.4% lead, and 0.1% zinc over 0.9 feet

●	Flame & Moth Veins 0, 1, Stockwork: 28.6 oz/ton silver, 3.3% lead, and 6.2% zinc over 22.3 feet

●

Includes: 129.8 oz/ton silver, 5.7% lead, and 6.6% zinc over 1.7 feet

●

Includes: 35.1 oz/ton silver, 6.6% lead, and 10.6% zinc over 7.4 feet

 

Greens Creek

At Greens Creek, three underground drills completed over 44,000 feet of drilling focused on resource conversion and exploration to extend mineralization of known resources. Drilling was focused in the 9a, 200 South, 5250, NWW, West, Gallagher, and Southwest Bench areas. In addition, two helicopter-supported surface exploration drills completed over 8,000 feet of drilling (assays pending) focused on expanding the Upper Plate Zone to the west of current resources and drill testing the Mammoth target.

 

Assay highlights include (reported widths are estimates of true width):

●	NWW Zone: 32.0 oz/ton silver, 0.18 oz/ton gold, 14.2% zinc, and 5.0% lead over 19.3 feet

●	200 South Zone: 15.7 oz/ton silver, 0.02 oz/ton gold, 2.0% zinc, and 1.0% lead over 26.9 feet

●	West Zone: 72.7 oz/ton silver, 0.23 oz/ton gold, 9.6% zinc, and 5.2% lead over 26.9 feet

 

At Casa Berardi, underground drilling is continuing to evaluate the remaining underground stopes and mineral zone extensions.

 

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 $0.01375 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.01 per share for the silver-linked component. The common stock dividend is payable on or about September 5, 2024, to stockholders of record on August 26, 2024. The quarter realized silver price was $29.77, 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 October 1, 2024, to stockholders of record on September 16, 2024.

 

 

2024 GUIDANCE ⁶

 

The Company has updated its annual gold production, cost and capital guidance as below. There is no change to silver production guidance.

 

2024 Production Outlook

Gold production guidance for Casa Berardi is increased to reflect the extension of underground operations until the end of the year 2024.

 

	Silver Production (Moz)	Gold Production (Koz)		Silver Equivalent (Moz)		Gold Equivalent (Koz)
	Current	Previous	Current	Previous	Current	Previous	Current
2024 Greens Creek *	8.8 - 9.2	46 - 51	46 - 51	21.0 - 21.5	21.0 - 21.5	235 - 245	235 - 245
2024 Lucky Friday *	5.0 - 5.3	N/A	N/A	9.5 - 10.0	9.5 - 10.0	110 - 115	110 - 115
2024 Casa Berardi	N/A	75 - 82	80 - 87	6.5 - 7.2	6.9 - 7.5	75 - 82	80 - 87
2024 Keno Hill*	2.7 - 3.0	N/A	N/A	3.0 - 3.5	3.0 - 3.5	36 - 40	36 - 40
2024 Total	16.5 - 17.5	121 - 133	126 - 138	40.0 - 42.2	40.4 - 42.5	455 - 482	461 - 487

*Equivalent ounces include lead and zinc production

 

2024 Cost Outlook

At Greens Creek, guidance for cash costs and AISC per silver ounce, each after by-product credits, has decreased to reflect higher by-product credits (due to strong realized prices), and strong silver production. AISC per silver ounce, after by-product credits, is also favorably impacted by lower expected capital investment during the remaining year.

 

At Lucky Friday, guidance for cash costs and AISC per silver ounce, each after by-product credits, has increased to reflect higher labor and contractor costs incurred through the first half of 2024, and expected higher profit sharing costs (under the collective bargaining agreement) during the remaining year attributable to higher prices.

 

At Keno Hill, expenditures on production costs, excluding depreciation, are expected to be $25-$27 million per quarter for the remaining year to reflect current levels of expenditures associated with the increase in production volumes.

 

For Casa Berardi, cost of sales guidance is increased to include expected underground production costs for the rest of 2024. Cash costs and AISC, per gold ounce, each after by-product credits is unchanged as the increased costs are offset by higher expected production.

 

	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	252	252	$3.50 - $4.00	$2.25 - $3.00	$9.50 - $10.25	$8.25 - $9.00
Lucky Friday	130	135	$2.00 - $3.25	$4.25 - $5.25	$10.50 - $12.25	$12.75 - $14.00
Total Silver	382	387	$3.00 - $3.75	$3.00 - $3.75	$13.00 - $14.50	$13.00 - $14.50
Casa Berardi	200	215	$1,500 - $1,700	$1,500 - $1,700	$1,750 - $1,975	$1,750 - $1,975

 

2024 Capital and Exploration Guidance

The Company is increasing capital guidance for the year to reflect higher expected capital investment at Keno Hill, partially offset by lower capital investment at Greens Creek. At Greens Creek, capital investment guidance is reduced to reflect lower capital investment through the first half of the year and timing of equipment purchases and capital projects.

 

At Keno Hill, increase in capital investment guidance is primarily attributable to increased underground development, water treatment plant upgrades, camp expansion, equipment purchases, and cemented tails batch plant.

 

 

Exploration and pre-development guidance is unchanged.

 

(millions)	Previous	Current	Current - Sustaining	Current - Growth
2024 Total Capital expenditures	$190 - $210	$196 - $218	$113 - $124	$83 - $94
Greens Creek	$59 - $63	$50 - $55	$47 - $50	$3 - $5
Lucky Friday	$45 - $50	$45 - $50	$42 - $45	$3 - $5
Keno Hill	$30 - $34	$45 - $50	$10 - $12	$35 - $38
Casa Berardi	$56 - $63	$56 - $63	$14 - $17	$42 - $46
2024 Exploration	$25	$25
2024 Pre-Development	$6.5	$6.5

 

CONFERENCE CALL AND WEBCAST

 

A conference call and webcast will be held on Wednesday, August 7, 2024, at 10:00 a.m. Eastern Time to discuss these results. The Company recommends that the participants 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 callers dial 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/202789141 or www.hecla.com under Investors.

 

VIRTUAL INVESTOR EVENT

 

Hecla will be holding a Virtual Investor Event on Wednesday, August 7, from 12:00 p.m. to 1:30 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/2024-aug-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 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.

 

⁽²⁾ Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital expenditures. 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. 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 EBITDA is a non-GAAP measurement, a reconciliation of which to net loss, 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 loss, 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.

 

⁽⁶⁾ Expectations for 2024 include silver, gold, lead, and zinc production from Greens creek, Lucky Friday, Keno Hill, and Casa Berardi converted using gold $1,950/oz, silver $22.50/oz, zinc $1.20/lb, and lead $0.95/lb. Numbers are rounded.

 

 

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.

 

Cautionary Statement Regarding Forward Looking Statements, Including 2024 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) the Company will continue to focus on reducing debt while continuing to invest in operations and exploration programs; (ii) silver demand is projected to remain robust, supported by the growing solar demand as the world transitions to a cleaner, greener economy; (iii) the Company expects to produce 17 million ounces of silver in 2024 and increase production potentially up to 20 million ounces by 2026; (iv) at current price levels and expected production, the Company anticipates the net leverage ratio (net debt to Adjusted EBITDA) will return to less than 2 by 2024 year-end; (v) the Company expects to receive an additional $14.8 million in insurance proceeds in 2024; (vi) Casa Berardi may continue underground production throughout 2024; (vii) construction of cemented tails batch plant project is expected to 1) be completed in the fourth quarter of 2024, 2) improve safety and productivity at the Bermingham deposit, and 3) facilitate the change of mining method to underhand mining by the end of 2025; (viii) projected total cost of sales, as well as cash cost and AISC per ounce (in each case after by-product credits) for Greens Creek, Lucky Friday, and Casa Berardi individually and for silver overall for 2024; (ix) Company-wide and mine-specific estimated spending on capital, exploration and predevelopment for 2024 and (x) Company-wide and mine-specific silver, gold, silver-equivalent and gold-equivalent ounces of production for 2024. 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 the 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; and (vi) litigation, political, regulatory, labor and environmental risks. For a more detailed discussion of such risks and other factors, see the Company's 2023 Form 10-K filed on February 15, 2024 and Form 10-Q expected to be filed on August 7, 2024, for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law.

 

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 for each of the Company’s Greens Creek, Lucky Friday, Casa Berardi and Keno Hill properties are filed as exhibits 96.1 - 96.4 respectively, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 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 Technical Report Summary 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 Technical Report Summary 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 Technical Report Summary and in its NI 43-101 technical report titled “Technical Report on the Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2023 and (iv) Keno Hill are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report on the Keno Hill Mine, Yukon, Canada” effective date December 31, 2023. Also included in each technical report 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. 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.

 

For further information, please contact:

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.com

 

 

HECLA MINING COMPANY

Condensed Consolidated Statements of Income (Loss)

(dollars and shares in thousands, except per share amounts - unaudited)

 

		Three Months Ended								Six Months Ended
		June 30, 2024				March 31, 2024				June 30, 2024				June 30, 2023
Sales		$	245,657			$	189,528			$	435,185			$	377,631
Cost of sales and other direct production costs			140,464				121,461				261,925				233,304
Depreciation, depletion and amortization			53,763				48,907				102,670				71,720
Total cost of sales			194,227				170,368				364,595				305,024
Gross profit			51,430				19,160				70,590				72,607
Other operating expenses:
General and administrative			14,740				11,216				25,956				22,853
Exploration and pre-development			6,682				4,342				11,024				11,860
Ramp-up and suspension costs			5,538				14,523				20,061				27,659
Provision for closed operations and environmental matters			1,153				986				2,139				4,155
Other operating income			(17,283	)			(16,971	)			(34,254	)			(4,284	)
			10,830				14,096				24,926				62,243
Income from operations			40,600				5,064				45,664				10,364
Other (expense) income:
Interest expense			(12,505	)			(12,644	)			(25,149	)			(20,476	)
Fair value adjustments, net			5,002				(1,852	)			3,150				623
Foreign exchange gain (loss)			2,673				3,982				6,655				(3,742	)
Other income			1,180				1,512				2,692				2,768
			(3,650	)			(9,002	)			(12,652	)			(20,827	)
Income (loss) before income taxes			36,950				(3,938	)			33,012				(10,463	)
Income and mining tax provision			(9,080	)			(1,815	)			(10,895	)			(8,404	)
Net income (loss)			27,870				(5,753	)			22,117				(18,867	)
Preferred stock dividends			(138	)			(138	)			(276	)			(276	)
Net income (loss) applicable to common stockholders		$	27,732			$	(5,891	)		$	21,841			$	(19,143	)
Basic income (loss) per common share after preferred dividends (in cents)		$	0.04			$	(0.01	)			0.04			$	(0.03	)
Diluted income (loss) per common share after preferred dividends (in cents)		$	0.04			$	(0.01	)		$	0.04			$	(0.03	)
Weighted average number of common shares outstanding basic			617,106				616,199				616,649				602,077
Weighted average number of common shares outstanding diluted			622,206				616,199				621,936				602,077

 

 

HECLA MINING COMPANY

Condensed Consolidated Statements of Cash Flows

(dollars in thousands - unaudited)

 

		Quarter Ended								Six Months Ended
		June 30, 2024				March 31, 2024				June 30, 2024				June 30, 2023
OPERATING ACTIVITIES
Net income (loss)		$	27,870			$	(5,753	)		$	22,117			$	(18,867	)
Non-cash elements included in net income (loss):
Depreciation, depletion and amortization			53,921				51,226				105,147				74,610
Inventory adjustments			2,225				7,671				9,896				7,518
Fair value adjustments, net			(5,002	)			1,852				(3,150	)			(623	)
Provision for reclamation and closure costs			1,760				1,846				3,606				5,328
Stock compensation			2,982				1,164				4,146				2,688
Deferred income taxes			6,104				(416	)			5,688				4,585
Foreign exchange (gain) loss			(2,673	)			(3,982	)			(6,655	)			3,807
Other non-cash items, net			(715	)			519				(196	)			1,574
Change in assets and liabilities:
Accounts receivable			750				(17,864	)			(17,114	)			28,564
Inventories			(12,127	)			(18,746	)			(30,873	)			(18,121	)
Other current and non-current assets			3,104				5,238				8,342				(15,063	)
Accounts payable, accrued and other current liabilities			6,518				(8,819	)			(2,301	)			143
Accrued payroll and related benefits			(1,678	)			5,498				3,820				(9,543	)
Accrued taxes			(3,101	)			2,085				(1,016	)			(85	)
Accrued reclamation and closure costs and other non-current liabilities			(1,220	)			(4,439	)			(5,659	)			(2,135	)
Cash provided by operating activities			78,718				17,080				95,798				64,380
INVESTING ACTIVITIES
Additions to property, plant and mine development, net			(50,420	)			(47,589	)			(98,009	)			(105,911	)
Proceeds from disposition of assets			1,227				47				1,274				80
Purchases of investments			(73	)			—				(73	)			—
Net cash used in investing activities			(49,266	)			(47,542	)			(96,808	)			(105,831	)
FINANCING ACTIVITIES
Proceeds from issuance of stock, net of related costs			—				1,103				1,103				25,888
Acquisition of treasury shares			—				(1,197	)			(1,197	)			(2,036	)
Borrowing of debt			40,000				27,000				67,000				56,000
Repayment of debt			(118,000	)			(15,000	)			(133,000	)			(25,000	)
Dividends paid to common and preferred stockholders			(4,000	)			(3,994	)			(7,994	)			(7,808	)
Repayments of finance leases			(2,472	)			(3,033	)			(5,505	)			(4,765	)
Net cash (used in) provided by financing activities			(84,472	)			4,879				(79,593	)			42,279
Effect of exchange rates on cash			(556	)			(624	)			(1,180	)			1,217
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents			(55,576	)			(26,207	)			(81,783	)			2,045
Cash, cash equivalents and restricted cash at beginning of period			81,332				107,539				107,539				105,907
Cash, cash equivalents and restricted cash at end of period		$	25,756			$	81,332			$	25,756			$	107,952

 

 

HECLA MINING COMPANY

Condensed Consolidated Balance Sheets

(dollars and shares in thousands - unaudited)

 

		June 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	24,585			$	106,374
Accounts receivable			49,293				33,116
Inventories			109,744				93,647
Other current assets			16,608				27,125
Total current assets			200,230				260,262
Investments			38,135				33,724
Restricted cash			1,171				1,165
Property, plant and mine development, net			2,657,995				2,666,250
Operating lease right-of-use assets			8,302				8,349
Other non-current assets			33,931				41,354
Total assets		$	2,939,764			$	3,011,104
LIABILITIES
Current liabilities:
Accounts payable and other current accrued liabilities		$	123,234			$	123,643
Finance leases			7,874				9,752
Accrued reclamation and closure costs			10,049				9,660
Accrued interest			14,368				14,405
Total current liabilities			155,525				157,460
Accrued reclamation and closure costs			109,777				110,797
Long-term debt including finance leases			582,577				653,063
Deferred tax liability			100,732				104,835
Other non-current liabilities			11,088				16,845
Total liabilities			959,699				1,043,000
STOCKHOLDERS’ EQUITY
Preferred stock			39				39
Common stock			156,745				156,076
Capital surplus			2,354,004				2,343,747
Accumulated deficit			(489,738	)			(503,861	)
Accumulated other comprehensive (loss) income, net			(6,054	)			5,837
Treasury stock			(34,931	)			(33,734	)
Total stockholders’ equity			1,980,065				1,968,104
Total liabilities and stockholders’ equity		$	2,939,764			$	3,011,104

 

 

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 ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and the six months ended June 30, 2024 and 2023.

 

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. 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 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. 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 unit 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.

 

 

In thousands (except per ounce amounts)		Three Months Ended June 30, 2024																				Three Months Ended March 31, 2024																				Six Months Ended June 30, 2024																				Six Months Ended June 30, 2023
		Greens Creek				Lucky Friday				Keno Hill (4)				Corporate and other(3)				Total Silver				Greens Creek				Lucky Friday				Keno Hill (4)				Corporate and other(3)				Total Silver				Greens Creek				Lucky Friday(2)				Keno Hill (4)				Corporate and other(3)				Total Silver				Greens Creek				Lucky Friday(2)				Keno Hill (4)				Corporate and other(3)				Total Silver
Total cost of sales		$	56,786			$	37,523			$	28,950			$	—			$	123,259			$	69,857			$	27,519			$	10,847			$	—			$	108,223			$	126,643			$	65,042			$	39,797			$	—			$	231,482			$	129,342			$	66,724			$	1,581			$	—			$	197,647
Depreciation, depletion and amortization			(11,316	)			(10,708	)			(4,729	)			—				(26,753	)			(14,443	)			(7,911	)			(3,602	)			—				(25,956	)			(25,759	)			(18,619	)			(8,331	)			—				(52,709	)			(27,542	)			(19,435	)			(261	)			—				(47,238	)
Treatment costs			6,069				2,746				-				—				8,815				9,724				3,223				—				—				12,947				15,793				5,969				-				—				21,762				20,745				9,464				113				—				30,322
Change in product inventory			7,296				(115	)			—				—				7,181				(2,196	)			611				—				—				(1,585	)			5,100				496				—				—				5,596				(2,856	)			(863	)			—				—				(3,719	)
Reclamation and other costs			(882	)			(311	)			—				—				(1,193	)			(655	)			(102	)			—				—				(757	)			(1,537	)			(413	)			—				—				(1,950	)			134				(658	)			—				—				(524	)
Exclusion of Lucky Friday cash costs (5)			—				—				—				—				—				—				(3,634	)			—				—				(3,634	)			-				(3,634	)			—				—				(3,634	)			—				—				—				—				—
Exclusion of Keno Hill cash costs (4)			—				—				(24,221	)			—				(24,221	)			—				—				(7,245	)			—				(7,245	)			-				-				(31,466	)			—				(31,466	)			—				—				(1,433	)			—				(1,433	)
Cash Cost, Before By-product Credits (1)			57,953				29,135				—				—				87,088				62,287				19,706				—				—				81,993				120,240				48,841				—				—				169,081				119,823				55,232				—				—				175,055
Reclamation and other costs			785				183				—				—				968				785				222				—				—				1,007				1,570				405				—				—				1,975				1,444				570				—				—				2,014
Sustaining capital			10,911				9,517				—				1,035				21,463				8,416				12,051				—				66				20,533				19,327				21,568				—				1,101				41,996				15,355				16,865				—				594				32,814
Exclusion of Lucky Friday sustaining costs (5)			—				—				—				—				—				—				(5,396	)			—				—				(5,396	)			—				(5,396	)			—				—				(5,396	)			—				—				—				—				—
General and administrative			—				—				—				14,740				14,740				—				—				—				11,216				11,216				—				—				—				25,956				25,956				—				—				—				22,853				22,853
AISC, Before By-product Credits (1)			69,649				38,835				—				15,775				124,259				71,488				26,583				—				11,282				109,353				141,137				65,418				—				27,057				233,612				136,622				72,667				—				23,447				232,736
By-product credits:
Zinc			(21,873	)			(6,706	)			—				—				(28,579	)			(20,206	)			(4,785	)			—				—				(24,991	)			(42,079	)			(11,491	)			—				—				(53,570	)			(44,928	)			(12,264	)			—				—				(57,192	)
Gold			(28,844	)			—				—				—				(28,844	)			(26,551	)			—				—				—				(26,551	)			(55,395	)			-				—				—				(55,395	)			(53,744	)			—				—				—				(53,744	)
Lead			(6,818	)			(15,466	)			—				—				(22,284	)			(6,980	)			(11,720	)			—				—				(18,700	)			(13,799	)			(27,187	)			—				—				(40,986	)			(14,802	)			(28,586	)			—				—				(43,388	)
Exclusion of Lucky Friday byproduct credits (5)			—				—				—				—				—				—				3,943				—				—				3,943				—				3,943				—				—				3,943				—				—				—				—				—
Total By-product credits			(57,535	)			(22,172	)			—				—				(79,707	)			(53,737	)			(12,562	)			—				—				(66,299	)			(111,273	)			(34,735	)			—				—				(146,008	)			(113,474	)			(40,850	)			—				—				(154,324	)
Cash Cost, After By-product Credits		$	418			$	6,963			$	—			$	—			$	7,381			$	8,550			$	7,144			$	—			$	—			$	15,694			$	8,967			$	14,106			$	—			$	—			$	23,073			$	6,349			$	14,382			$	—			$	—			$	20,731
AISC, After By-product Credits		$	12,114			$	16,663			$	—			$	15,775			$	44,552			$	17,751			$	14,021			$	—			$	11,282			$	43,054			$	29,864			$	30,683			$	—			$	27,057			$	87,604			$	23,148			$	31,817			$	—			$	23,447			$	78,412
Ounces produced			2,244				1,308												3,552				2,479				1,061												3,540				4,722				2,369												7,091				5,129				2,549												7,678
Exclusion of Lucky Friday ounces produced (5)			—				0												—				—				(253	)											(253	)			—				(253	)											(253	)			—				—												—
Divided by ounces produced			2,244				1,308												3,552				2,479				808												3,287				4,722				2,116												6,838				5,129				2,549												7,678
Cash Cost, Before By-product Credits, per Silver Ounce		$	25.83			$	22.27											$	24.52			$	25.13			$	24.41											$	24.95			$	25.46			$	23.08											$	24.73			$	23.36			$	21.67											$	22.80
By-product credits per ounce			(25.64	)			(16.95	)											(22.44	)			(21.68	)			(15.56	)											(20.17	)			(23.56	)			(16.41	)											(21.35	)			(22.13	)			(16.03	)											(20.10	)
Cash Cost, After By-product Credits, per Silver Ounce		$	0.19			$	5.32											$	2.08			$	3.45			$	8.85											$	4.78			$	1.90			$	6.67											$	3.38			$	1.23			$	5.64											$	2.70
AISC, Before By-product Credits, per Silver Ounce		$	31.04			$	29.69											$	34.98			$	28.84			$	32.92											$	33.27			$	29.89			$	30.91											$	34.16			$	26.64			$	28.51											$	30.31
By-product credits per ounce			(25.64	)			(16.95	)											(22.44	)			(21.68	)			(15.56	)											(20.17	)			(23.56	)			(16.41	)											(21.35	)			(22.13	)			(16.03	)											(20.10	)
AISC, After By-product Credits, per Silver Ounce		$	5.40			$	12.74											$	12.54			$	7.16			$	17.36											$	13.10			$	6.33			$	14.50											$	12.81			$	4.51			$	12.48											$	10.21

 

 

In thousands (except per ounce amounts)		Three Months Ended June 30, 2024												Three Months Ended March 31, 2024												Six Months Ended June 30, 2024												Six Months Ended June 30, 2023
		Casa Berardi				Other (3)				Total Gold and Other				Casa Berardi				Other (3)				Total Gold and Other				Casa Berardi				Other (3)				Total Gold and Other				Casa Berardi				Other (3)				Total Gold and Other
Total cost of sales		$	67,340			$	3,628			$	70,968			$	58,260			$	3,885			$	62,145			$	125,600			$	7,513			$	133,113			$	105,574			$	1,803			$	107,377
Depreciation, depletion and amortization			(27,010	)			—				(27,010	)			(22,951	)			—				(22,951	)			(49,961	)			—				(49,961	)			(24,308	)			(174	)			(24,482	)
Treatment costs			52				—				52				24				—				24				76				—				76				818				—				818
Change in product inventory			(550	)			—				(550	)			1,739				—				1,739				1,189				—				1,189				(3,368	)			—				(3,368	)
Reclamation and other costs			(206	)			—				(206	)			(209	)			—				(209	)			(415	)			—				(415	)			(436	)			—				(436	)
Exclusion of Other Costs			—				(3,628	)			(3,628	)			—				(3,885	)			(3,885	)			—				(7,513	)			(7,513	)			(2,851	)			(1,629	)			(4,480	)
Cash Cost, Before By-product Credits (1)			39,626				—				39,626				36,863				—				36,863				76,489				—				76,489				75,429				—				75,429
Reclamation and other costs			206								206				209								209				415								415				436								436
Sustaining capital			2,667				—				2,667				4,861				—				4,861				7,528				—				7,528				24,041				—				24,041
AISC, Before By-product Credits (1)			42,499				—				42,499				41,933				—				41,933				84,432				—				84,432				99,906				—				99,906
By-product credits:
Silver			(183	)			—				(183	)			(143	)			—				(143	)			(326	)			—				(326	)			(271	)			—				(271	)
Total By-product credits			(183	)			—				(183	)			(143	)			—				(143	)			(326	)			—				(326	)			(271	)			—				(271	)
Cash Cost, After By-product Credits		$	39,443			$	—			$	39,443			$	36,720			$	—			$	36,720			$	76,163			$	—			$	76,163			$	75,158			$	—			$	75,158
AISC, After By-product Credits		$	42,316			$	—			$	42,316			$	41,790			$	—			$	41,790			$	84,106			$	—			$	84,106			$	99,635			$	—			$	99,635
Divided by gold ounces produced			23				—				23				22				—				22				45				—				45				44								44
Cash Cost, Before By-product Credits, per Gold Ounce		$	1,709			$	—			$	1,709			$	1,675			$	—			$	1,675			$	1,692			$	—			$	1,692			$	1,731			$	—			$	1,731
By-product credits per ounce			(8	)			—				(8	)			(6	)			—				(6	)			(7	)			—				(7	)			(6	)			—				(6	)
Cash Cost, After By-product Credits, per Gold Ounce		$	1,701			$	—			$	1,701			$	1,669			$	—			$	1,669			$	1,685			$	—			$	1,685			$	1,725			$	—			$	1,725
AISC, Before By-product Credits, per Gold Ounce		$	1,833			$	—			$	1,833			$	1,905			$	—			$	1,905			$	1,868			$	—			$	1,868			$	2,292			$	—			$	2,292
By-product credits per ounce			(8	)			—				(8	)			(6	)			—				(6	)			(7	)			—				(7	)			(6	)			—				(6	)
AISC, After By-product Credits, per Gold Ounce		$	1,825			$	—			$	1,825			$	1,899			$	—			$	1,899			$	1,861			$	—			$	1,861			$	2,286			$	—			$	2,286

 

 

In thousands (except per ounce amounts)		Three Months Ended June 30, 2024												Three Months Ended March 31, 2024												Six Months Ended June 30, 2024												Six Months Ended June 30, 2023
		Total Silver				Total Gold and Other				Total				Total Silver				Total Gold and Other				Total				Total Silver				Total Gold and Other				Total				Total Silver				Total Gold and Other				Total
Total cost of sales		$	123,259			$	70,968			$	194,227			$	108,223			$	62,145			$	170,368			$	231,482			$	133,113			$	364,595			$	197,647			$	107,377			$	305,024
Depreciation, depletion and amortization			(26,753	)			(27,010	)			(53,763	)			(25,956	)			(22,951	)			(48,907	)			(52,709	)			(49,961	)			(102,670	)			(47,238	)			(24,482	)			(71,720	)
Treatment costs			8,815				52				8,867				12,947				24				12,971				21,762				76				21,838				30,322				818				31,140
Change in product inventory			7,181				(550	)			6,631				(1,585	)			1,739				154				5,596				1,189				6,785				(3,719	)			(3,368	)			(7,087	)
Reclamation and other costs			(1,193	)			(206	)			(1,399	)			(757	)			(209	)			(966	)			(1,950	)			(415	)			(2,365	)			(524	)			(436	)			(960	)
Exclusion of Lucky Friday cash costs (5)			—				—				—				(3,634	)			—				(3,634	)			(3,634	)			—				(3,634	)			(1,433	)			—				(1,433	)
Exclusion of Keno Hill cash costs (4)			(24,221	)			—				(24,221	)			(7,245	)			—				(7,245	)			(31,466	)			—				(31,466	)			—				—				—
Exclusion of Other costs			—				(3,628	)			(3,628	)			—				(3,885	)			(3,885	)			—				(7,513	)			(7,513	)			—				(4,480	)			(4,480	)
Cash Cost, Before By-product Credits (1)			87,088				39,626				126,714				81,993				36,863				118,856				169,081				76,489				245,570				175,055				75,429				250,484
Reclamation and other costs			968				206				1,174				1,007				209				1,216				1,975				415				2,390				2,014				436				2,450
Sustaining capital			21,463				2,667				24,130				20,533				4,861				25,394				41,996				7,528				49,524				32,814				24,041				56,855
Exclusion of Lucky Friday sustaining costs (5)			—				—				—				(5,396	)			—				(5,396	)			(5,396	)			—				(5,396	)			—				—				—
General and administrative			14,740				—				14,740				11,216				—				11,216				25,956				—				25,956				22,853				—				22,853
AISC, Before By-product Credits (1)			124,259				42,499				166,758				109,353				41,933				151,286				233,612				84,432				318,044				232,736				99,906				332,642
By-product credits:
Zinc			(28,579	)			—				(28,579	)			(24,991	)			—				(24,991	)			(53,570	)			—				(53,570	)			(57,192	)			—				(57,192	)
Gold			(28,844	)			—				(28,844	)			(26,551	)			—				(26,551	)			(55,395	)			—				(55,395	)			(53,744	)			—				(53,744	)
Lead			(22,284	)			—				(22,284	)			(18,700	)			—				(18,700	)			(40,986	)			—				(40,986	)			(43,388	)			—				(43,388	)
Silver			—				(183	)			(183	)			—				(143	)			(143	)			—				(326	)			(326	)			—				(271	)			(271	)
Exclusion of Lucky Friday by-product credits (5)			—				—				—				3,943				—				3,943				3,943				—				3,943				—				—				—
Total By-product credits			(79,707	)			(183	)			(79,890	)			(66,299	)			(143	)			(66,442	)			(146,008	)			(326	)			(146,334	)			(154,324	)			(271	)			(154,595	)
Cash Cost, After By-product Credits		$	7,381			$	39,443			$	46,824			$	15,694			$	36,720			$	52,414			$	23,073			$	76,163			$	99,236			$	20,731			$	75,158			$	95,889
AISC, After By-product Credits		$	44,552			$	42,316			$	86,868			$	43,054			$	41,790			$	84,844			$	87,604			$	84,106			$	171,710			$	78,412			$	99,635			$	178,047
Ounces produced			3,552				23								3,540				22								7,091				45								7,678				44
Exclusion of Lucky Friday ounces produced (5)			—				—								(253	)			—								(253	)			—								—				—
Divided by ounces produced			3,552				23								3,287				22								6,838				45								7,678				44
Cash Cost, Before By-product Credits, per Ounce		$	24.52			$	1,709							$	24.95			$	1,675							$	24.73			$	1,692							$	22.80			$	1,731
By-product credits per ounce			(22.44	)			(8	)							(20.17	)			(6	)							(21.35	)			(7	)							(20.10	)			(6	)
Cash Cost, After By-product Credits, per Ounce		$	2.08			$	1,701							$	4.78			$	1,669							$	3.38			$	1,685							$	2.70			$	1,725
AISC, Before By-product Credits, per Ounce		$	34.98			$	1,833							$	33.27			$	1,905							$	34.16			$	1,868							$	30.31			$	2,292
By-product credits per ounce			(22.44	)			(8	)							(20.17	)			(6	)							(21.35	)			(7	)							(20.10	)			(6	)
AISC, After By-product Credits, per Ounce		$	12.54				1,825							$	13.10				1,899							$	12.81				1,861							$	10.21				2,286

 

 

In thousands (except per ounce amounts)		Three Months Ended December 31, 2023																				Three Months Ended September 30, 2023																				Three Months Ended June 30, 2023
		Greens Creek				Lucky Friday				Keno Hill (4)				Corporate (2)				Total Silver				Greens Creek				Lucky Friday				Keno Hill (4)				Corporate (2)				Total Silver				Greens Creek				Lucky Friday				Keno Hill				Corporate (2)				Total Silver
Total cost of sales		$	70,231			$	3,117			$	17,936			$	—			$	91,284			$	60,322			$	14,344			$	16,001			$	—			$	90,667			$	63,054			$	32,190			$	1,581			$	—			$	96,825
Depreciation, depletion and amortization			(15,438	)			(584	)			(2,068	)			—				(18,090	)			(11,015	)			(4,306	)			(1,948	)			—				(17,269	)			(13,078	)			(8,979	)			(261	)			—				(22,318	)
Treatment costs			9,873				149				(76	)			—				9,946				10,369				1,368				1,033				—				12,770				10,376				4,187				113				—				14,676
Change in product inventory			(1,787	)			(1,851	)			—				—				(3,638	)			377				(2,450	)			—				—				(2,073	)			(1,242	)			1,546				—				—				304
Reclamation and other costs			(534	)			—				—				—				(534	)			(348	)			(168	)			—				—				(516	)			263				(250	)			—				—				13
Exclusion of Lucky Friday cash costs (5)			—				(831	)			—				—				(831	)			—				(20	)			—				—				(20	)			—				—				—				—				—
Exclusion of Keno Hill cash costs (4)			—				—				(15,792	)			—				(15,792	)			—				—				(15,086	)			—				(15,086	)			—				—				(1,433	)			—				(1,433	)
Cash Cost, Before By-product Credits (1)			62,345				—				—				—				62,345				59,705				8,768				—				—				68,473				59,373				28,694				—				—				88,067
Reclamation and other costs			723				—				—				—				723				722				101				—				—				823				722				285				—				—				1,007
Sustaining capital			15,249				14,768				—				97				30,114				11,330				7,386				—				237				18,953				8,714				9,081				—				688				18,483
Exclusion of Lucky Friday sustaining costs (5)			—				(14,768	)							—				(14,768	)			—				(4,934	)											(4,934	)			—				—				—				—				—
General and administrative			—				—				—				12,273				12,273				—				—				—				7,596				7,596				—				—				—				10,783				10,783
AISC, Before By-product Credits (1)			78,317				—				—				12,370				90,687				71,757				11,321				—				7,833				90,911				68,809				38,060				—				11,471				118,340
By-product credits:
Zinc			(18,499	)			(223	)			—				—				(18,722	)			(20,027	)			(2,019	)			—				—				(22,046	)			(20,923	)			(5,448	)			—				—				(26,371	)
Gold			(25,418	)			—				—				—				(25,418	)			(25,344	)			—				—				—				(25,344	)			(28,458	)			—				—				—				(28,458	)
Lead			(7,282	)			(667	)			—				—				(7,949	)			(7,201	)			(5,368	)			—				—				(12,569	)			(6,860	)			(14,287	)			—				—				(21,147	)
Exclusion of Lucky Friday byproduct credits (5)			—				890												890				—				676												676				—				—				—				—				—
Total By-product credits			(51,199	)			—				—				—				(51,199	)			(52,572	)			(6,711	)			—				—				(59,283	)			(56,241	)			(19,735	)			—				—				(75,976	)
Cash Cost, After By-product Credits		$	11,146			$	—			$	—			$	—			$	11,146			$	7,133			$	2,057			$	—			$	—			$	9,190			$	3,132			$	8,959			$	—			$	—			$	12,091
AISC, After By-product Credits		$	27,118			$	—			$	—			$	12,370			$	39,488			$	19,185			$	4,610			$	—			$	7,833			$	31,628			$	12,568			$	18,325			$	—			$	11,471			$	42,364
Ounces produced			2,260				62												2,322				2,343				475												2,818				2,356				1,287												3,643
Exclusion of Lucky Friday ounces produced (5)			—				(62	)											(62	)			—				(41	)											(41	)			—				—												—
Divided by ounces produced			2,260				—												2,260				2,343				434												2,777				2,356				1,287												3,643
Cash Cost, Before By-product Credits, per Silver Ounce		$	27.59				N/A											$	27.59			$	25.48			$	20.20											$	24.66			$	25.20			$	22.30											$	24.18
By-product credits per ounce			(22.65	)			N/A												(22.65	)			(22.44	)			(15.46	)											(21.35	)			(23.87	)			(15.34	)											(20.86	)
Cash Cost, After By-product Credits, per Silver Ounce		$	4.94				N/A											$	4.94			$	3.04			$	4.74											$	3.31			$	1.33			$	6.96											$	3.33
AISC, Before By-product Credits, per Silver Ounce		$	34.65				N/A											$	40.13			$	30.62			$	26.09											$	32.74			$	29.21			$	29.58											$	32.49
By-product credits per ounce			(22.65	)			N/A												(22.65	)			(22.44	)			(15.46	)											(21.35	)			(23.87	)			(15.34	)											(20.86	)
AISC, After By-product Credits, per Silver Ounce		$	12.00				N/A											$	17.48			$	8.18			$	10.63											$	11.39			$	5.34			$	14.24											$	11.63

 

 

In thousands (except per ounce amounts)		Three Months Ended December 31, 2023												Three Months Ended September 30, 2023												Three Months Ended June 30, 2023
		Casa Berardi				Other (3)				Total Gold and Other				Casa Berardi				Other (3)				Total Gold and Other				Casa Berardi				Other (3)				Total Gold and Other
Total cost of sales		$	58,945			$	3,596			$	62,541			$	56,822			$	940			$	57,762			$	42,576			$	1,071			$	43,647
Depreciation, depletion and amortization			(22,749	)			2				(22,747	)			(18,980	)			32				(18,948	)			(10,272	)			(127	)			(10,399	)
Treatment costs			37				—				37				254				—				254				351				—				351
Change in product inventory			2,432				—				2,432				(1,977	)			—				(1,977	)			(951	)			—				(951	)
Reclamation and other costs			(216	)			—				(216	)			(219	)			—				(219	)			(219	)			—				(219	)
Exclusion of Other costs			—				(3,598	)			(3,598	)			—				(972	)			(972	)			—				(944	)			(944	)
Cash Cost, Before By-product Credits (1)			38,449				—				38,449				35,900				—				35,900				31,485				—				31,485
Reclamation and other costs			216				—				216				219				—				219				219				—				219
Sustaining capital			5,796				—				5,796				5,133				—				5,133				9,025				—				9,025
AISC, Before By-product Credits (1)			44,461				—				44,461				41,252				—				41,252				40,729				—				40,729
By-product credits:
Silver			(132	)			—				(132	)			(119	)			—				(119	)			(144	)			—				(144	)
Total By-product credits			(132	)			—				(132	)			(119	)			—				(119	)			(144	)			—				(144	)
Cash Cost, After By-product Credits		$	38,317			$	—			$	38,317			$	35,781			$	—			$	35,781			$	31,341			$	—			$	31,341
AISC, After By-product Credits		$	44,329			$	—			$	44,329			$	41,133			$	—			$	41,133			$	40,585			$	—			$	40,585
Divided by gold ounces produced			23				—				23				24				—				24				19				—				19
Cash Cost, Before By-product Credits, per Gold Ounce		$	1,708			$	—			$	1,708			$	1,480			$	—			$	1,480			$	1,666			$	—			$	1,666
By-product credits per ounce			(6	)			—				(6	)			(5	)			—				(5	)			(8	)			—				(8	)
Cash Cost, After By-product Credits, per Gold Ounce		$	1,702			$	—			$	1,702			$	1,475			$	—			$	1,475			$	1,658			$	—			$	1,658
AISC, Before By-product Credits, per Gold Ounce		$	1,975			$	—			$	1,975			$	1,700			$	—			$	1,700			$	2,155			$	—			$	2,155
By-product credits per ounce			(6	)			—				(6	)			(5	)			—				(5	)			(8	)			—				(8	)
AISC, After By-product Credits, per Gold Ounce		$	1,969			$	—			$	1,969			$	1,695			$	—			$	1,695			$	2,147			$	—			$	2,147

 

 

In thousands (except per ounce amounts)		Three Months Ended December 31, 2023												Three Months Ended September 30, 2023												Three Months Ended June 30, 2023
		Total Silver				Total Gold and Other				Total				Total Silver				Total Gold and Other				Total				Total Silver				Total Gold and Other				Total
Total cost of sales		$	91,284			$	62,541			$	153,825			$	90,667			$	57,762			$	148,429			$	96,825			$	43,647			$	140,472
Depreciation, depletion and amortization			(18,090	)			(22,747	)			(40,837	)			(17,269	)			(18,948	)			(36,217	)			(22,318	)			(10,399	)			(32,717	)
Treatment costs			9,946				37				9,983				12,770				254				13,024				14,676				351				15,027
Change in product inventory			(3,638	)			2,432				(1,206	)			(2,073	)			(1,977	)			(4,050	)			304				(951	)			(647	)
Reclamation and other costs			(534	)			(216	)			(750	)			(516	)			(219	)			(735	)			13				(219	)			(206	)
Exclusion of Lucky Friday cash costs (5)			(831	)			—				(831	)			(20	)			—				(20	)			—				—				—
Exclusion of Keno Hill cash costs (4)			(15,792	)			—				(15,792	)			(15,086	)			—				(15,086	)			(1,433	)			—				(1,433	)
Exclusion of Other costs			—				(3,598	)			(3,598	)			—				(972	)			(972	)			—				(944	)			(944	)
Cash Cost, Before By-product Credits (1)			62,345				38,449				100,794				68,473				35,900				104,373				88,067				31,485				119,552
Reclamation and other costs			723				216				939				823				219				1,042				1,007				219				1,226
Sustaining capital			30,114				5,796				35,910				18,953				5,133				24,086				18,483				9,025				27,508
Exclusion of Lucky Friday sustaining costs			(14,768	)			—				(14,768	)			(4,934	)			—				(4,934	)			—				—				—
General and administrative			12,273				—				12,273				7,596				—				7,596				10,783				—				10,783
AISC, Before By-product Credits (1)			90,687				44,461				135,148				90,911				41,252				132,163				118,340				40,729				159,069
By-product credits:
Zinc			(18,722	)			—				(18,722	)			(22,046	)			—				(22,046	)			(26,371	)			—				(26,371	)
Gold			(25,418	)			—				(25,418	)			(25,344	)			—				(25,344	)			(28,458	)			—				(28,458	)
Lead			(7,949	)			—				(7,949	)			(12,569	)			—				(12,569	)			(21,147	)			—				(21,147	)
Silver			—				(132	)			(132	)			0				(119	)			(119	)			—				(144	)			(144	)
Exclusion of Lucky Friday byproduct credits (5)			890				—				890				676				—				676				0				—				—
Total By-product credits			(51,199	)			(132	)			(51,331	)			(59,283	)			(119	)			(59,402	)			(75,976	)			(144	)			(76,120	)
Cash Cost, After By-product Credits		$	11,146			$	38,317			$	49,463			$	9,190			$	35,781			$	44,971			$	12,091			$	31,341			$	43,432
AISC, After By-product Credits		$	39,488			$	44,329			$	83,817			$	31,628			$	41,133			$	72,761			$	42,364			$	40,585			$	82,949
Ounces produced			2,322				23								2,818				24								3,643				19
Exclusion of Lucky Friday ounces produced (5)			(62	)			—								(41	)			—								—				—
Divided by ounces produced			2,260				23								2,777				24
Cash Cost, Before By-product Credits, per Ounce		$	27.59			$	1,708							$	24.66				1,480							$	24.18			$	1,666
By-product credits per ounce			(22.65	)			(6	)							(21.35	)			(5	)							(20.86	)			(8	)
Cash Cost, After By-product Credits, per Ounce		$	4.94			$	1,702							$	3.31			$	1,475							$	3.32			$	1,658
AISC, Before By-product Credits, per Ounce		$	40.13			$	1,975							$	32.74			$	1,700							$	32.49			$	2,155
By-product credits per ounce			(22.65	)			(6	)							(21.35	)			(5	)							(20.86	)			(8	)
AISC, After By-product Credits, per Ounce		$	17.48			$	1,969							$	11.39			$	1,695							$	11.63			$	2,147

 

(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)

Other includes $3.6 million, $3.9 million, $3.6 million, $0.9 million, and $0.4 million of total cost of sales for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 respectively, and $7.5 million and $1.8 million for the six months ended June 30, 2024 and 2023, related to the Company's environmental remediation services business and Nevada operations.

 

(4)	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.

 

(5)

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.

 

(6)

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.

 

 

2024 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, 2024
		Greens Creek				Lucky Friday				Corporate(3)				Total Silver				Casa Berardi				Total Gold
Cost of sales and other direct production costs and depreciation, depletion and amortization		$	252,000			$	129,400							$	381,400			$	205,000			$	205,000
Depreciation, depletion and amortization			(53,000	)			(36,400	)							(89,400	)			(79,800	)			(79,800	)
Treatment costs			38,000				15,700								53,700				200				200
Change in product inventory			2,500				—								2,500				(900	)			(900	)
Reclamation and other costs			400				—								400				—				—
Cash Cost, Before By-product Credits (1)			239,900				108,700								348,600				124,500				124,500
Reclamation and other costs			1,500				1,100								2,600				900				900
Sustaining capital			56,000				43,400								99,400				13,500				13,500
General and administrative			-				-				48,600				48,600				—				—
AISC, Before By-product Credits (1)			297,400				153,200				48,600				499,200				138,900				138,900
By-product credits:
Zinc			(90,000	)			(27,300	)							(117,300	)			—				—
Gold			(86,000	)			—								(86,000	)			—				—
Lead			(32,000	)			(67,400	)							(99,400	)			—				—
Silver			0				0								—				(400	)			(400	)
Total By-product credits			(208,000	)			(94,700	)			—				(302,700	)			(400	)			(400	)
Cash Cost, After By-product Credits		$	31,900			$	14,000			$	—			$	45,900			$	124,100			$	124,100
AISC, After By-product Credits		$	89,400			$	58,500			$	48,600			$	196,500			$	138,500			$	138,500
Divided by silver ounces produced			9,000				5,100								14,100				78.5				78.5
Cash Cost, Before By-product Credits, per Silver Ounce		$	26.66			$	21.31							$	24.72			$	1,586			$	1,586
By-product credits per silver ounce			(23.11	)			(18.57	)							(21.47	)			(5	)			(5	)
Cash Cost, After By-product Credits, per Silver Ounce		$	3.54			$	2.75							$	3.26			$	1,581			$	1,581
AISC, Before By-product Credits, per Silver Ounce		$	33.04			$	30.04							$	35.40			$	1,769			$	1,769
By-product credits per silver ounce			(23.11	)			(18.57	)							(21.47	)			(5	)			(5	)
AISC, After By-product Credits, per Silver Ounce		$	9.93			$	11.47							$	13.94			$	1,764			$	1,764

 

 

In thousands (except per ounce amounts)		Current estimate for Twelve Months Ended December 31, 2024
		Greens Creek				Lucky Friday				Corporate(3)				Total Silver				Casa Berardi				Total Gold
Total cost of sales		$	252,000			$	134,000							$	386,000			$	214,000			$	214,000
Depreciation, depletion and amortization			(44,000	)			(38,000	)							(82,000	)			(67,000	)			(67,000	)
Treatment costs			28,000				11,000								39,000				0				0
Change in product inventory			—				(2,000	)							(2,000	)			—				—
Reclamation and other costs			0				—								—				—				—
Cash Cost, Before By-product Credits (1)			236,000				105,000								341,000				147,000				147,000
Reclamation and other costs			3,000				1,000								4,000				1,000				1,000
Sustaining capital			51,000				44,000				1,101				96,101				16,000				16,000
General and administrative			-				-				50,463				50,463				—				—
AISC, Before By-product Credits (1)			290,000				150,000				51,564				491,564				164,000				164,000
By-product credits:
Zinc			(89,000	)			(26,000	)							(115,000	)			—				—
Gold			(98,000	)			—								(98,000	)			—				—
Lead			(28,000	)			(56,000	)							(84,000	)			—				—
Silver			0				0								—				(600	)			(600	)
Total By-product credits			(215,000	)			(82,000	)			—				(297,000	)			(600	)			(600	)
Cash Cost, After By-product Credits		$	21,000			$	23,000			$	—			$	44,000			$	146,400			$	146,400
AISC, After By-product Credits		$	75,000			$	68,000			$	51,564			$	194,564			$	163,400			$	163,400
Divided by silver ounces produced			9,000				5,150								14,150				83.5				83.5
Cash Cost, Before By-product Credits, per Silver Ounce		$	26.22			$	20.39							$	24.10			$	1,760			$	1,760
By-product credits per silver ounce			(23.89	)			(15.92	)							(20.99	)			(7	)			(7	)
Cash Cost, After By-product Credits, per Silver Ounce		$	2.33			$	4.47							$	3.11			$	1,753			$	1,753
AISC, Before By-product Credits, per Silver Ounce		$	32.22			$	29.13							$	34.74			$	1,964			$	1,964
By-product credits per silver ounce			(23.89	)			(15.92	)							(20.99	)			(7	)			(7	)
AISC, After By-product Credits, per Silver Ounce		$	8.33			$	13.21							$	13.75			$	1,957			$	1,957

 

 

Reconciliation of Net Income (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 assets, 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 and lead 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 income (loss) and debt to adjusted EBITDA and net debt:

 

 

Dollars are in thousands		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				LTM June 30, 2024				FY 2023
Net income (loss)		$	27,870			$	(5,753	)		$	(42,935	)		$	(22,415	)		$	(15,694	)		$	(43,233	)		$	(84,217	)
Interest expense			12,505				12,644				12,133				10,710				10,311			$	47,992			$	43,319
Income and mining tax expense (benefit)			9,080				1,815				(5,682	)			(1,500	)			5,162			$	3,713			$	1,222
Depreciation, depletion and amortization			53,921				51,226				51,967				37,095				34,718				194,209			$	163,672
Ramp-up and suspension costs			4,272				12,028				23,814				21,025				16,323				61,139			$	72,498
(Gain) loss on disposition of assets			(1,196	)			69				1,043				(119	)			(75	)			(203	)		$	849
Foreign exchange loss (gain)			(2,673	)			(3,982	)			4,244				(4,176	)			3,850				(6,587	)		$	3,810
Fair value adjustments, net			(5,002	)			1,852				(8,699	)			6,397				2,558				(5,452	)		$	(2,925	)
Provisional price (gains) losses			(10,937	)			(3,533	)			(5,930	)			(8,064	)			(2,143	)			(28,464	)		$	(18,230	)
Provision for closed operations and environmental matters			1,153				986				1,164				2,256				3,111				5,559			$	7,575
Stock-based compensation			2,982				1,164				1,476				2,434				1,498				8,056			$	6,598
Inventory adjustments			2,225				7,671				4,487				8,814				2,997				23,197			$	20,819
Monetization of zinc hedges			(2,125	)			(1,977	)			(3,753	)			(5,582	)			5,467				(13,437	)		$	(4,447	)
Other			(1,180	)			(1,511	)			(422	)			(624	)			(343	)			(3,737	)		$	(1,744	)
Adjusted EBITDA		$	90,895			$	72,699			$	32,907			$	46,251			$	67,740			$	242,752			$	208,799
Total debt																						$	590,451			$	662,815
Less: Cash and cash equivalents																							24,585				106,374
Net debt																						$	565,866			$	556,441
Net debt/LTM adjusted EBITDA (non-GAAP)																							2.3				2.7

 

 

Reconciliation of Net Income (Loss) Applicable to Common Stockholders (GAAP) to Adjusted Net Income (Loss) 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		2Q-2024				1Q-2024				4Q-2023				3Q-2023				2Q-2023				YTD- 2024				YTD-2023
Net income (loss) applicable to common stockholders		$	27,732			$	(5,891	)		$	(43,073	)		$	(22,553	)		$	(15,832	)		$	21,841			$	(19,143	)
Adjusted for items below:
Fair value adjustments, net			(5,002	)			1,852				(8,699	)			6,397				2,558				(3,150	)			(624	)
Provisional pricing (gains) losses			(10,937	)			(3,533	)			(5,930	)			(8,064	)			(2,143	)			(14,470	)			(4,236	)
Environmental accruals			—				—				200				763				1,989				0				1,989
Foreign exchange (gain) loss			(2,673	)			(3,982	)			4,244				(4,176	)			3,850				(6,655	)			3,742
Ramp-up and suspension costs			4,272				12,028				23,814				21,025				16,323				16,300				27,659
(Gain) loss on disposition of assets			(1,196	)			69				1,043				(119	)			(75	)			(1,127	)			(75	)
Inventory adjustments			2,225				7,671				4,487				8,814				2,997				9,896				7,518
Monetization of zinc hedges			(2,125	)			(1,977	)			(3,753	)			(5,582	)			5,467				(4,102	)			4,888
Adjusted income (loss) applicable to common stockholders		$	12,296			$	6,237			$	(27,667	)		$	(3,495	)		$	15,134			$	18,533			$	21,720
Weighted average shares - basic			617,106				616,199				610,547				607,896				604,088				616,649				602,077
Weighted average shares - diluted			622,206				616,199				610,547				607,896				604,088				621,936				602,077
Basic adjusted net income (loss) per common stock (in cents)			0.02				0.01				(0.04	)			(0.01	)			0.03				0.03				0.04
Diluted adjusted net income (loss) per common stock (in cents)			0.02				0.01				(0.04	)			(0.01	)			0.03				0.03				0.04

 

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 property, plant and mine development. 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								Six Months Ended
		June 30, 2024				March 31, 2024				June 30, 2024				June 30, 2023
Cash provided by operating activities		$	78,718			$	17,080			$	95,798			$	64,380
Less: Additions to property, plant and mine development		$	(50,420	)		$	(47,589	)		$	(98,009	)		$	(105,911	)
Free cash flow		$	28,298			$	(30,509	)		$	(2,211	)		$	(41,531	)

 

Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to property, plant and mine development. Cash provided by operating activities for our silver operations, the Greens Creek and Lucky Friday operating segments, excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance.

 

Dollars are in thousands		Total Silver Operations				Six Months Ended June 30,				Years Ended December 31,
						2024				2023				2022				2021				2020
Cash provided by operating activities		$	994,371			$	143,640			$	214,883			$	188,434			$	271,309			$	176,105
Exploration		$	20,888			$	2,562			$	7,815			$	5,920			$	4,591			$	-
Less: Additions to property, plant and mine development		$	(342,335	)		$	(46,337	)		$	(108,879	)		$	(87,890	)		$	(53,768	)		$	(45,461	)
Free cash flow		$	672,924			$	99,865			$	113,819			$	106,464			$	222,132			$	130,644

 

 

Table A

Assay Results – Q2 2024

 

Keno Hill (Yukon)

 

	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	BMUG23-099	140/14	344.5	354.3	6.8	36.4	0.02	1.7	0.7	802
	Bermingham,  Bear Vein	Including		352.7	353.3	0.4	562.7	0.05	24.6	6.3	801
	Bermingham,  Bear Vein	BMUG23-100	120/-21	269.0	274.0	2.7	0.1	0.00	0.0	0.0	929
	Bermingham,  Bear Vein	BMUG23-101	122/-7	360.0	362.5	2.2	0.4	0.00	0.1	0.2	929
	Bermingham,  Bear Vein	BMUG23-102	120/-26	297.2	300.2	1.8	1.3	0.00	0.0	2.7	964
	Bermingham,  Bear Vein	BMUG23-103	135/-05	394.9	403.5	6.5	6.7	0.00	1.2	0.2	920
	Bermingham,  Bear Vein	Including		402.4	403.5	0.8	51.5	0.01	9.0	1.2	921
	Bermingham,  Bear Vein	BMUG23-104	110/-15	244.4	251.6	4.1	0.3	0.00	0.0	0.2	891
	Bermingham,  Bear Vein	BMUG24-109	131/03	188.2	196.4	6.6	10.2	0.00	0.5	0.2	809
	Bermingham,  Bear Vein	Including		188.2	190.3	1.7	28.7	0.00	0.7	0.5	809
	Bermingham,  Bear Vein	Including		193.2	193.7	0.4	39.4	0.00	5.0	0.1	809
	Bermingham,  Bear Vein	BMUG24-110		201.8	218.0	14.1	10.3	0.00	1.8	1.8	820
	Bermingham,  Bear Vein	Including		207.5	208.4	0.8	92.2	0.01	15.2	24.2	820
	Bermingham,  Bear Vein	BMUG24-112	134/-20	265.3	276.9	8.6	25.4	0.00	3.5	0.7	935
	Bermingham,  Bear Vein	Including		265.7	267.1	1.0	190.6	0.02	22.4	3.0	935
	Bermingham,  Bear Vein	BMUG24-113	145/-1	388.9	420.8	28.2	36.4	0.01	3.5	2.2	901
	Bermingham,  Bear Vein	Including		388.9	392.1	2.8	128.2	0.01	23.2	1.8	901
	Bermingham,  Bear Vein	Including		402.2	414.7	11.0	51.2	0.00	2.1	2.3	903
	Bermingham,  Bear Vein	BMUG24-114	150/-5	406.5	415.6	7.5	22.3	0.00	3.3	7.2	930
	Bermingham,  Bear Vein	Including		410.6	413.1	2.1	41.9	0.00	5.6	13.6	931
	Bermingham,  Bear Vein	BMUG24-114	150/-5	435.7	442.9	6.0	34.5	0.01	0.5	1.7	934
	Bermingham,  Bear Vein	Including		436.4	438.8	2.0	84.9	0.01	1.1	4.2	935
	Bermingham,  Bear Vein	BMUG24-114	150/-5	450.0	452.6	2.1	22.7	0.00	9.9	0.0	937
	Bermingham,  Bear Vein	Including		452.1	452.6	0.4	133.6	0.01	59.9	0.1	937
	Bermingham,  Bear Vein	BMUG24-115	135/-10	416.3	430.0	12.4	32.0	0.01	4.8	1.7	949
	Bermingham,  Bear Vein	Including		416.3	426.1	8.8	37.9	0.01	6.1	2.1	949
	Bermingham,  Bear Vein	BMUG24-116	130/-10	407.5	412.1	3.9	21.7	0.00	2.0	2.5	961
	Bermingham,  Bear Vein	Including		409.0	410.1	1.0	46.1	0.01	1.1	7.5	961
	Bermingham,  Bear Vein	BMUG24-117	145/-8	397.4	421.6	20.2	35.4	0.00	2.2	2.0	944
	Bermingham,  Bear Vein	Including		397.4	401.0	3.0	150.8	0.01	9.9	4.8	944
	Bermingham,  Bear Vein	Including		410.1	411.2	0.9	86.3	0.01	3.9	0.5	947
	Bermingham,  Bear Vein	Including		418.3	418.8	0.4	139.4	0.01	16.9	37.5	948
	Bermingham,  Bear Vein	BMUG24-119	150/-10	431.3	468.8	28.7	38.3	0.01	5.0	1.6	970
	Bermingham,  Bear Vein	Including		436.4	437.0	0.5	246.7	0.04	9.2	2.4	971
	Bermingham,  Bear Vein	Including		439.1	440.0	0.7	323.2	0.03	25.9	12.7	972
	Bermingham,  Bear Vein	Including		453.8	454.4	0.5	288.5	0.05	22.8	1.5	975
	Bermingham,  Bear Vein	BMUG24-123	122/-15	381.3	388.4	5.1	26.9	0.00	0.2	0.7	988
	Bermingham,  Bear Vein	BMUG24-124	135/-15	445.1	450.1	4.6	64.2	0.01	9.7	2.2	1004
	Bermingham,  Bear Vein	Including		446.2	447.4	1.1	261.0	0.02	40.0	8.8	1004
	Bermingham,  Bear Vein	BMUG24-125	155/-15	487.5	488.8	0.8	9.1	0.00	0.3	0.3	1033

 

 

	Bermingham,  Bear Vein	BMUG24-126	140/-15	429.7	436.0	4.7	96.9	0.01	7.9	0.7	1010
	Bermingham,  Bear Vein	BMUG24-127	120/-19	442.4	443.4	0.6	1.0	0.00	0.5	0.9	1050
	Bermingham,  Bear Vein	BMUG24-128	145/-15	436.0	447.2	9.2	24.3	0.01	3.9	0.6	1018
	Bermingham,  Bear Vein	Including		436.0	437.2	1.0	113.2	0.01	17.0	5.1	1017
	Bermingham,  Bear Vein	Including		444.8	445.2	0.3	291.7	0.03	39.3	0.5	1017
	Bermingham,  Bear Vein	BMUG24-130	180/-1	132.9	136.2	2.2	0.0	0.00	0.0	0.0	958
	Bermingham,  Bear Vein	BMUG24-131	170/-23	228.0	229.7	0.5	5.0	0.00	0.7	0.2	1053
	Bermingham,  Footwall Vein	BMUG23-100	120/-21	507.7	528.7	17.7	4.5	0.00	0.6	0.3	1034
	Bermingham,  Footwall Vein	Including		507.7	508.7	0.8	17.8	0.00	9.9	0.1	1034
	Bermingham,  Footwall Vein	Including		524.1	525.1	0.8	48.6	0.01	0.1	3.0	1041
	Bermingham,  Footwall Vein	BMUG24-112	134/-20	558.6	560.8	1.5	26.6	0.01	1.7	0.0	1040
	Bermingham,  Footwall Vein	Including		558.6	560.1	1.0	37.5	0.01	2.4	0.1	1040
	Bermingham,  Footwall Vein	BMUG24-115	135/-10	549.5	593.2	40.7	55.4	0.01	5.5	3.2	970
	Bermingham,  Footwall Vein	Including		551.7	590.4	36.1	62.0	0.01	6.1	3.6	970
	Bermingham,  Footwall Vein	BMUG24-116	130/-10	548.7	592.5	39.7	51.2	0.01	7.3	3.6	993
	Bermingham,  Footwall Vein	Including		551.5	557.4	5.4	184.1	0.02	31.9	2.1	994
	Bermingham,  Footwall Vein	Including		565.6	576.8	10.1	92.1	0.01	9.9	9.2	996
	Bermingham,  Footwall Vein	BMUG24-117	145/-8	554.1	558.1	3.8	1.4	0.00	0.2	0.4	969
	Bermingham,  Footwall Vein	BMUG24-124	135/-15	563.9	594.1	26.2	7.8	0.00	0.1	1.1	1037
	Bermingham,  Footwall Vein	Including		592.0	592.8	0.8	183.5	0.03	0.1	1.7	1037
	Bermingham,  Footwall Vein	BMUG24-128		597.7	603.7	5.0	4.7	0.00	0.1	0.4	1020
	Bermingham,  Footwall Vein	BMUG24-132	155/-14	370.1	393.7	20.5	9.9	0.00	1.8	4.6	1079
	Bermingham,  Footwall Vein	Including		391.4	393.7	2.0	28.3	0.01	6.1	16.7	1079
	Bermingham,  Footwall Vein	BMUG24-133	148/-8	339.9	351.1	10.3	9.4	0.00	1.2	1.3	1030
	Bermingham,  Footwall Vein	Including		344.5	345.3	0.7	73.2	0.01	1.7	13.2	1030
	Bermingham,  Main Vein	BMUG23-097	145/06	413.9	425.9	7.7	10.0	0.01	0.5	2.0	844
	Bermingham,  Main Vein	BMUG23-098A	120/-15	508.9	510.8	1.5	1.9	0.00	0.1	0.4	971
	Bermingham,  Main Vein	BMUG23-099	140/14	378.1	387.2	5.4	8.3	0.00	0.2	1.1	796
	Bermingham,  Main Vein	BMUG24-109	131/03	428.8	445.4	10.3	29.8	0.01	1.6	0.2	811
	Bermingham,  Main Vein	Including		436.7	438.0	0.8	86.0	0.01	8.0	0.0	811
	Bermingham,  Main Vein	Including		440.3	441.8	0.9	203.9	0.05	8.4	0.1	810
	Bermingham,  Main Vein	BMUG24-110		477.8	479.7	1.5	1.8	0.00	0.2	0.1	823
	Bermingham,  Main Vein	BMUG24-112	134/-20	570.1	579.7	6.4	8.9	0.00	0.6	1.9	1045
	Bermingham,  Main Vein	Including		579.1	579.7	0.4	72.9	0.01	7.5	7.1	1048
	Bermingham,  Main Vein	BMUG24-118	161/1	341.3	344.5	2.5	15.0	0.00	1.7	0.1	879
	Bermingham,  Main Vein	BMUG24-118	161/1	361.5	363.8	1.8	14.4	0.00	3.2	3.7	879
	Bermingham,  Main Vein	BMUG24-121	155/-9	403.5	413.4	6.1	9.2	0.00	1.5	0.2	950

 

 

	Bermingham,  Main Vein	Including		403.5	404.7	0.7	45.1	0.00	2.1	1.8	950
	Bermingham,  Main Vein	BMUG24-122	155/-2	369.9	375.7	4.1	27.7	0.01	2.8	0.6	904
	Bermingham,  Main Vein	BMUG24-124	135/-15	730.0	733.9	3.3	4.9	0.01	0.2	1.0	1070
	Bermingham,  Main Vein	BMUG24-129	161/-12	422.0	442.6	16.9	21.5	0.02	0.8	0.6	1001
	Bermingham,  Main Vein	Including		435.0	440.9	4.8	67.7	0.01	2.1	1.1	1001
	Bermingham,  Main Vein	BMUG24-132	155/-14	470.8	511.8	26.4	10.6	0.00	2.9	0.7	1096
	Bermingham,  Main Vein	Including		489.2	491.0	1.2	151.1	0.02	40.0	5.9	1096
	Bermingham,  Main Vein	BMUG24-133	148/-8	407.2	409.8	1.6	1.4	0.00	0.0	3.4	1047
	Flame & Moth,  Vein 0	FMUG24-040	325/-12	216.0	222.2	5.6	23.0	0.02	1.5	6.3	427
	Flame & Moth,  Vein 0	Including		218.8	222.2	3.1	38.6	0.03	2.2	8.9	427
	Flame & Moth,  Vein 0	FMUG24-046	260/-25	205.2	205.7	0.3	8.9	0.00	0.5	19.4	472
	Flame & Moth,  Vein 0	FMUG24-050	295/-43	183.9	185.2	1.2	11.8	0.02	0.6	0.3	522
	Flame & Moth,  Vein 1	FMUG24-043	250/-5	247.9	250.0	1.5	79.5	0.01	12.8	5.8	397
	Flame & Moth,  Vein 1	FMUG24-046	260/-25	181.9	184.1	1.6	17.0	0.01	2.4	1.8	472
	Flame & Moth,  Vein 1	FMUG24-047	238/-28	226.4	233.0	4.4	65.4	0.03	8.6	11.1	505
	Flame & Moth,  Vein 1	FMUG24-048	334/-40	199.3	200.5	0.9	8.5	0.03	0.6	3.7	518
	Flame & Moth,  Vein 1	FMUG24-049	272/-40	171.0	177.0	5.7	24.3	0.01	4.5	16.3	502
	Flame & Moth,  Vein 1	Including		171.0	173.0	2.0	50.7	0.01	8.6	20.2	502
	Flame & Moth,  Vein 1	FMUG24-050	295/-43	165.4	176.9	10.8	13.2	0.01	1.9	9.0	522
	Flame & Moth,  Vein 1	Including		167.7	168.7	0.9	34.6	0.02	2.6	6.0	522
	Flame & Moth,  Vein 0 & Stockwork	FMUG24-042	268/-10	186.8	203.5	16.5	13.2	0.00	1.2	4.5	421
	Flame & Moth,  Vein 0 & Stockwork	Including		186.8	190.6	3.8	32.2	0.01	1.1	1.1	421
	Flame & Moth,  Vein 0 & Stockwork	FMUG24-043	250/-5	259.6	267.3	5.5	28.4	0.01	1.9	3.3	397
	Flame & Moth,  Vein 0 & Stockwork	Including		262.6	264.7	1.5	59.5	0.01	1.7	4.8	397
	Flame & Moth,  Vein 0 & Stockwork	FMUG24-045	295/-27	156.0	187.8	31.4	14.0	0.01	2.9	10.0	472
	Flame & Moth,  Vein 0 & Stockwork	Including		163.0	165.1	2.1	36.2	0.03	4.7	3.5	472
	Flame & Moth,  Vein 0 & Stockwork	Including		178.0	179.1	1.1	64.7	0.04	17.9	16.1	472
	Flame & Moth,  Vein 0, 1, Stockwork	FMUG24-041	299/-11	171.6	194.7	22.3	28.6	0.01	3.3	6.2	420
	Flame & Moth,  Vein 0, 1, Stockwork	Including		171.6	173.4	1.7	129.8	0.02	5.7	6.6	420
	Flame & Moth,  Vein 0, 1, Stockwork	Including		187.0	194.7	7.4	35.1	0.01	6.6	10.6	420
	Flame & Moth,  Vein 1 & Stockwork	FMUG24-042	268/-10	175.2	177.2	1.3	10.2	0.00	0.7	1.8	421
	Flame & Moth,  Vein 1 & Stockwork	FMUG24-044	315/-33	164.7	178.8	14.0	7.4	0.01	1.3	3.1	486
	Flame & Moth,  Stockwork	FMUG24-049	272/-40	185.5	189.6	3.9	21.2	0.01	1.6	3.3	502
	Flame & Moth,  Stockwork	including		185.5	187.0	1.4	42.1	0.01	2.6	4.8	502
Surface	Bermingham Deep, Main Vein	K-24-0875	297/-61	2336.5	2339.9	3.4	1.6	0.00	0.2	0.3	1995
	Bermingham Deep, Main Vein	K-24-0876	266/-59	2515.7	2530.7	14.1	0.1	0.00	0.0	0.0	2182
	Bermingham Deep, Footwall Vein	K-24-0875	297/-61	2758.6	2773.8	12.0	0.6	0.00	0.1	0.7	2264
	Bermingham Deep, Footwall Vein	K-24-0876	266/-59	2844.2	2864.6	13.1	0.6	0.00	0.3	0.1	2477

 

 

	Bermingham Deep, Footwall Vein	Including		2844.2	2845.0	0.5	10.7	0.00	6.7	0.1	2477
	Bermingham Deep, Townsite Vein	K-24-0875	297/-61	3002.0	3017.0	14.5	2.3	0.00	0.1	3.4	2461
	Bermingham Deep, Townsite Vein	Including		3011.8	3012.3	0.5	41.6	0.01	0.0	26.0	2461
	Bermingham Deep, Aho Vein	K-24-0875	297/-61	99.0	147.6	30.6	0.0	0.02	0.0	0.0	89
	Bermingham Deep, Aho Vein	Including		124.6	128.0	2.1	0.0	0.14	0.0	0.0	112
	Bermingham Deep, Aho Vein	K-24-0876	266/-59	2530.7	2550.4	9.5	0.3	0.01	0.0	0.0	2198
	Bermingham Deep, Chance Vein	K-24-0875	297/-61	778.6	786.3	6.9	4.8	0.00	0.2	0.6	686
	Bermingham, Townsite Vein 1	K-24-0879	329/-73	1175.5	1178.5	1.9	4.3	0.00	0.1	0.4	1030
	Bermingham, Townsite Vein 1	K-24-0882	339/-65	1023.6	1034.3	8.3	0.8	0.00	0.1	0.4	837
	Bermingham, Townsite Vein 2	K-24-0879	329/-73	1281.2	1296.9	14.0	10.9	0.00	1.7	0.0	1119
	Bermingham, Townsite Vein 2	Including		1292.9	1296.9	3.6	36.3	0.01	3.6	0.1	1119
	Bermingham, Townsite Vein 2	K-24-0882	339/-65	1205.3	1206.2	0.7	0.3	0.00	0.0	0.1	961

 

 

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	9a	GC6236	242.8/6.1	57.2	79.0	21.4	17.9	0.03	10.9	5.0	-81.9
	9a	GC6236	242.8/6.1	92.8	110.3	9.0	17.5	0.02	17.0	9.3	-78.6
	9a	GC6236	242.8/6.1	208.0	212.0	3.7	12.0	0.01	3.1	1.6	-67.5
	9a	GC6248	223.9/16.4	370.3	372.6	1.7	4.8	0.02	24.4	5.8	14.3
	9a	GC6248	223.9/16.4	404.0	423.3	10.9	10.3	0.03	23.1	6.4	28.4
	9a	GC6285	222.6/23.7	372.8	379.0	6.1	3.8	0.02	10.3	3.1	62.0
	9a	GC6292	223/7.7	363.3	401.0	26.5	16.4	0.09	14.6	6.7	-34.2
	9a	GC6298	230.9/6.2	144.5	167.0	6.2	23.1	0.04	8.6	6.0	-77.0
	9a	GC6298	230.9/6.2	420.0	434.7	14.0	11.4	0.18	21.1	8.2	-46.0
	9a	GC6299	230/22	3.0	7.0	3.9	21.1	0.02	8.6	4.4	-84
	9a	GC6299	230/22	42.0	47.5	5.5	25.8	0.13	6.9	3.2	-74
	9a	GC6299	230.3/22	127.0	129.8	2.2	21.0	0.07	20.8	13.6	-42.8
	9a	GC6302	230.4/13.3	386.0	418.0	31.7	8.8	0.02	12.6	2.6	17.9
	9a	GC6309	217/14.6	151.7	170.4	18.7	3.3	0.09	16.4	1.6	-46.0
	9a	GC6309	217/14.6	221.0	223.0	2.0	11.7	0.05	8.9	5.2	-31.0
	9a	GC6312	243.4/24.1	160.0	162.9	1.1	5.4	0.21	5.6	2.0	-31.0
	9a	GC6314	243.4/65.2	67.0	79.6	9.4	23.3	0.10	10.0	5.4	-11.0
	9a	GC6315	243.4/50.1	40.0	69.0	28.9	49.5	0.68	8.5	4.3	-36.0
	9a	GC6315	243.4/50.1	171.3	172.3	0.9	1.5	0.04	19.2	1.1	53.0
	9a	GC6318	225.4/22.7	182.0	196.0	13.9	5.3	0.08	9.7	2.7	-14.0
	9a	GC6328	55.8/39.9	417.5	440.0	13.9	11.6	0.05	17.0	5.4	-62.4
	9a	GC6331	63.5/44.9	417.5	477.0	51.5	18.0	0.02	26.0	13.5	2.2
	9a	GC6333	45.6/-36	331.0	343.5	11.9	12.6	0.03	8.0	5.1	-225.6
	9a	GC6333	45.6/-36	358.5	364.0	5.0	15.7	0.06	13.7	7.0	-243.6
	9a	GC6335	66/-33	366.0	372.0	5.4	23.6	0.25	1.6	0.9	-232.0
	9a	GC6337	61.1/-19	171.0	173.0	1.7	15.6	0.01	11.1	4.9	-91.0
	9a	GC6337	61.1/-19	271.0	302.3	27.8	21.8	0.02	8.5	3.0	-125.0
	9a	GC6337	61.1/-19	320.0	324.5	4.0	5.1	0.03	5.4	3.2	-129.0
	9a	GC6338	76.4/-37.6	340.2	345.0	4.6	15.2	0.26	20.8	8.6	-241.4
	9a	GC6338	76.4/-37.6	357.4	371.1	13.1	20.8	0.25	14.5	6.9	-253.5
	9a	GC6340	83.7/-35.5	413.4	417.0	3.6	15.2	0.03	7.0	3.6	-272.0
	9a	GC6349	161/73	0.0	5.0	5.0	29.5	0.04	9.7	5.3	-54
	9a	GC6361	243/26	70.5	79.0	6.4	10.1	0.06	23.1	11.2	-53
	9a	GC6372	243/78	4.7	24.1	16.8	9.0	0.03	8.1	3.4	-79
	9a	GC6397	3/-45	3.0	18.3	12.8	6.3	0.09	11.6	2.4	-400
	9a	GC6403	268/8	42.0	51.0	8.7	5.4	0.12	14.3	2.1	-359
	9a	GC6404	286/25	36.7	39.8	3.0	12.6	0.14	4.7	0.7	-349
	200 South	GC6244	243.4/-42.9	125.0	134.9	6.0	10.5	0.05	3.6	1.4	-1385.0
	200 South	GC6244	243.4/-42.9	170.0	172.8	1.6	6.4	0.07	3.2	1.6	-1413.0
	200 South	GC6249	243.4/-63.8	100.0	105.0	4.4	0.9	0.01	9.7	4.8	-1389.0
	200 South	GC6255	35.6/-45.6	86.0	89.6	3.5	13.7	0.01	4.2	1.7	-1357.5
	200 South	GC6255	35.6/-45.6	99.0	100.2	1.2	18.0	0.02	3.8	2.8	-1366.8
	200 South	GC6267	243.4/-65.8	80.2	81.4	1.1	11.7	0.01	18.1	12.4	-1376.3
	200 South	GC6293	63.4/-38.1	85.7	88.1	2.4	10.1	0.01	3.3	2.5	-1352.0
	200 South	GC6294	63.4/-60.7	90.6	95.5	4.3	11.7	0.01	4.2	2.4	-1382.6
	200 South	GC6295	63.4/-85.3	63.0	64.9	1.7	7.4	0.01	17.3	7.4	-1365.0
	200 South	GC6297	143.2/-80.4	626.0	644.0	9.2	19.0	0.15	7.6	4.1	-1939.0
	200 South	GC6303	147.8/-84.6	634.0	688.8	26.1	23.1	0.19	4.7	2.1	-1944.2
	200 South	GC6304	243.4/-23	93.0	101.1	4.4	24.7	0.02	16.7	7.9	-1317.0
	200 South	GC6307	243.5/-78.4	565.7	569.5	3.6	13.7	0.05	5.7	2.7	-1866.7
	200 South	GC6310	251.7/-14.1	127.5	192.0	18.8	23.4	0.08	5.4	2.8	-1313.0
	200 South	GC6319	225.2/-11.5	128.3	160.6	14.1	10.3	0.01	5.4	2.8	-1307.0
	200 South	GC6319	225.2/-11.5	224.2	227.1	2.6	24.4	0.09	0.6	0.3	-1329.9
	200 South	GC6319	225.2/-11.5	276.6	279.5	2.5	30.8	0.03	0.7	0.3	-1342.0
	200 South	GC6323	225.2/-24.3	85.0	90.2	2.5	15.4	0.01	8.2	3.6	-1319.1
	200 South	GC6354	63/-43	128.7	141.0	12.3	6.2	0.03	7.3	4.2	-1400.0
	200 South	GC6355	63/-10	165.5	167.6	1.8	6.0	0.06	6.0	3.9	-1332.7
	200 South	GC6359	63/-69	108.0	122.8	14.8	8.2	0.01	11.1	5.3	-1424.2
	200 South	GC6375	243/-3	185.7	194.7	6.0	8.8	0.03	6.4	3.8	-1313.8
	200 South	GC6384	63/41	94.0	102.0	3.5	9.7	0.09	3.1	2.6	-1216.2
	200 South	GC6384	63/41	106.0	110.0	1.8	8.6	0.13	1.0	0.6	-1210.9
	200 South	GC6386	63.4/20	54.0	57.0	2.2	10.1	0.02	3.7	2.8	-1266.6

 

 

	200 South	GC6388	63/-2	29.9	32.0	1.7	15.3	0.01	7.5	3.1	-1293.0
	200 South	GC6388	63/-2	36.2	39.7	2.9	11.1	0.01	10.2	5.3	-1293.0
	200 South	GC6390	63/-29	22.7	29.0	6.3	8.2	0.01	8.9	4.3	-1309.0
	200 South	GC6390	63/-29	48.7	61.4	12.7	9.3	0.03	7.0	3.8	-1323.0
	200 South	GC6396	243/-56	19.0	22.2	2.4	15.7	0.02	2.3	1.2	-1315.0
	200 South	GC6396	243/-56	90.4	105.0	14.0	11.4	0.01	4.7	2.7	-1374.9
	200 South	GC6396	243/-56	117.0	148.2	26.9	15.7	0.02	2.0	1.0	-1396.6
	200 South	GC6422	243/-30	52.7	55.1	2.4	29.0	0.05	5.2	2.4	-1289.0
	5250	GC6344	201/70	31.0	54.0	22.7	11.1	0.01	3.4	1.9	-34
	East	GC6263	353.7/63.5	167.0	168.0	1.0	27.4	0.06	8.0	4.0	66.5
	East	GC6263	353.7/63.5	189.4	195.5	5.6	9.0	0.12	1.4	0.7	90.3
	East	GC6271	53.4/64.7	145.2	162.7	17.4	13.5	0.01	2.9	1.7	50.4
	East	GC6272	229.3/-11.8	174.7	176.8	1.9	7.0	0.01	15.3	6.9	209.0
	East	GC6273	48/33.7	211.5	245.2	28.4	18.4	0.21	3.8	1.8	32.3
	East	GC6279	246.4/0.4	215.9	235.9	15.8	9.5	0.10	6.2	1.9	259.0
	East	GC6324	55.6/28.1	497.0	533.0	34.4	13.5	0.05	11.7	1.9	-80.7
	NWW	GC6376	245/-83	6.2	18.0	11.8	16.0	0.10	14.0	3.6	-309
	NWW	GC6376	245/-83	48.0	77.4	28.4	5.9	0.28	10.3	1.5	-364
	NWW	GC6383	83/-59	37.0	100.0	44.6	4.1	0.14	10.0	0.9	-333
	NWW	GC6383	83/-59	47.0	52.0	4.6	6.0	0.10	10.0	2.5	-330
	NWW	GC6383	83/-59	85.5	100.0	13.3	3.2	0.15	14.4	0.6	-376
	NWW	GC6383	83/-59	274.0	282.5	8.0	12.1	0.14	4.7	1.3	-409
	NWW	GC6383	83/-59	276.0	282.5	6.4	13.3	0.16	4.7	1.5	-535
	NWW	GC6387	63/-46	60.0	75.0	12.3	2.1	0.21	10.9	0.1	-349
	NWW	GC6387	63/-46	90.0	100.0	8.2	8.0	0.14	9.8	0.1	-359
	NWW	GC6387	63/-46	125.0	130.0	4.1	18.2	0.09	1.1	0.0	-379
	NWW	GC6387	63/-46	288.0	292.6	4.3	28.5	0.21	7.3	2.0	-509
	NWW	GC6394	53/-33	33.0	38.0	3.8	8.1	0.20	8.4	2.7	-316
	NWW	GC6394	53/-33	58.0	61.0	2.7	3.5	0.17	14.1	1.1	-331
	NWW	GC6394	53/-33	129.0	134.0	5.0	2.6	0.56	1.0	0.0	-366
	NWW	GC6402	50/-51	39.2	42.5	3.2	26.0	0.11	4.0	0.2	-334
	NWW	GC6402	50/-51	251.7	271.3	19.3	32.0	0.18	14.2	5.0	-484
	NWW	GC6428	77/-47	6.7	10.0	3.3	4.9	0.02	18.6	8.7	-239
	NWW	GC6428	77/-47	420.0	422.0	2.0	13.8	0.06	1.3	0.4	-539
	NWW	GC6429	70/-58	5.8	14.8	9.0	7.5	0.04	18.2	7.1	-239
	NWW	GC6429	70/-58	438.7	441.8	3.1	11.0	0.06	3.9	1.4	-619
	NWW	GC6429	70/-58	475.6	476.6	1.0	4.4	0.04	23.3	4.7	-649
	NWW	GC6430	59/-49	0.0	12.0	12.0	10.6	0.06	12.5	4.9	-249
	NWW	GC6430	59/-49	450.6	461.8	11.2	4.3	0.10	24.3	4.2	-584
	NWW	GC6437	38/-50	0.0	9.5	9.5	7.0	0.04	15.8	6.3	-239
	NWW	GC6437	38/-50	428.4	443.9	15.3	5.0	0.06	22.8	5.4	-574
	Southwest Bench	GC6409	243/12	197.1	199.5	0.4	16.5	0.01	5.2	2.6	31
	Southwest Bench	GC6409	243/12	315.8	326.5	10.1	16.9	0.07	13.2	7.0	51
	Southwest Bench	GC6431	30/30	196.7	201.4	4.0	15.8	0.09	1.2	0.6	-581
	Upper Plate	GC6213	41.5/78.4	181.0	183.0	1.9	10.3	0.00	4.5	2.0	262.9
	Upper Plate	GC6213	41.5/78.4	197.0	211.3	13.6	26.4	0.02	16.0	8.3	281.2
	West	GC6235	63.4/-50.6	54.5	67.3	12.2	33.1	0.15	17.2	7.4	-268.5
	West	GC6235	63.4/-50.6	95.9	110.4	14.5	72.7	0.23	9.6	5.2	-143.0
	West	GC6235	63.4/-50.6	218.0	234.0	15.0	7.7	0.03	12.3	5.5	-175.8
	West	GC6278	46.1/-7.3	127.4	141.0	5.0	7.0	0.00	8.2	4.1	-114.5
	West	GC6278	46.1/-7.3	168.4	192.6	10.2	9.8	0.00	15.0	7.8	-120.5
	West	GC6377	31/-5	104.1	117.5	13.2	10.8	0.13	6.8	2.4	-374
	West	GC6377	31/-5	151.8	165.0	13.1	9.2	0.11	16.6	6.2	-378
	Gallagher Fault Block Exploration	GC6246	63.4/-26.1	1163.0	1170.8	7.8	9.5	0.08	7.5	4.2	-1226.0
	Gallagher Fault Block Exploration	GC6258	63.4/-15.8	1108.8	1111.5	2.7	8.9	0.13	5.6	2.0	-1088.0
	Upper Plate Exploration	GC6364	243.4/45.1	366.2	370.0	2.7	1.2	0.01	10.6	5.9	364.0
	Upper Plate Exploration	GC6373	255/34	529.0	532.0	1.9	7.6	0.01	10.0	9.5	411

 

v3.24.2.u1

Document And Entity Information	Aug. 06, 2024
Document Information [Line Items]
Entity, Registrant Name	HECLA MINING COMPANY
Document, Type	8-K
Document, Period End Date	Aug. 06, 2024
Entity, Incorporation, State or Country Code	DE
Entity, File Number	1-8491
Entity, Tax Identification Number	77-0664171
Entity, Address, Address Line One	6500 North Mineral Drive
Entity, Address, Address Line Two	Suite 200
Entity, Address, City or Town	Coeur d'Alene
Entity, Address, State or Province	ID
Entity, Address, Postal Zip Code	83815-9408
City Area Code	208
Local Phone Number	769-4100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000719413
CommonStockParValue025PerShare Custom [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.25 per share
Trading Symbol	HL
Security Exchange Name	NYSE
SeriesBCumulativeConvertiblePreferredStockParValue025PerShare Custom [Member]
Document Information [Line Items]
Title of 12(b) Security	Series B Cumulative Convertible Preferred Stock, par value $0.25 per share
Trading Symbol	HL-PB
Security Exchange Name	NYSE

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