10% increase in silver production over
year-to-date 2023
Hecla Mining Company (NYSE:HL) today announced its preliminary
production results for the second quarter of 2024.
HIGHLIGHTS
Year to Date ("YTD") 2024 compared to YTD
2023
- 10% increase in silver production
- Keno Hill produced 1.5 million ounces of silver, with milled
throughput of 341 tons per day ("tpd") YTD and 406 tpd in the
second quarter
- Record quarterly throughput at Lucky Friday of 1,181 tpd
- 4% increase in Casa Berardi's gold production
“Hecla produced 4.5 million silver ounces during the quarter, an
increase of 6% over the prior quarter, reflecting a full quarter of
production at Lucky Friday with record throughput, improved
throughput at Keno Hill and another solid performance by Greens
Creek," said Cassie Boggs, Interim President and CEO. "At Keno Hill
we continue to focus on improving the safety culture and
environmental performance, positioning the mine for long term
success and while our actions are starting to show positive
results, more work is required at this operation. We are also in
contact with and continue to monitor the positions of First Nation
of Na-Cho Nyäk Dun, on whose Traditional Territory Keno Hill is
partly located."
Boggs continued, “With Keno Hill's expected silver production to
exceed 2.7 million ounces this year, Hecla is on track to produce
about 17 million ounces in 2024, a nearly 20% growth rate from
2023, making Hecla the fastest growing established silver producer
with production growth in the best geographical regions."
OPERATIONS
Greens Creek
Greens Creek produced 2.2 million ounces of silver and 14,137
ounces of gold in the second quarter, a decrease of 9% and 3%,
respectively, compared to the first quarter, while processing 2,481
tpd. Silver production declined primarily due to grades reverting
to plan resulting in a decrease of 6% compared to the first
quarter, as well as slightly lower throughput.
Lucky Friday
Lucky Friday produced 1.3 million ounces of silver in the
quarter, an increase of 23% over the first quarter, reflecting a
full quarter of production compared to the first quarter when
production resumed on January 9. Mill throughput was a quarterly
record at 1,181 tpd, as the mine continues to see the benefit of
investment in infrastructure and the UCB mining method. The Company
collected $17.8 million in insurance proceeds during the quarter
with total proceeds to date at $35.2 million of the $50 million
policy sub-limit.
Casa Berardi
Casa Berardi produced 23,187 ounces of gold in the second
quarter, an increase of 5% compared to the first quarter. Increased
production during the quarter resulted from improved grades and
recoveries, partly offset by lower throughput. The mill operated at
an average of 4,033 tpd during the quarter.
Keno Hill
Keno Hill produced 900,440 ounces of silver, an increase of 39%
compared with the 646,312 ounces produced in the first quarter. The
increased production was due to higher and more consistent mill
throughput that averaged 406 tpd, a 47% improvement over the first
quarter. Silver grade was strong for the quarter averaging 25.1
ounces per ton.
While the Company’s focus on improving safety and environmental
processes has delivered increased operational consistency,
additional investment in infrastructure and continued focus on
safety, environmental, permitting and mining practices, as well as
relations with First Nation of Na-Cho Nyäk Dun remain key to
delivering long term value at this operation.
PRODUCTION SUMMARY
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
2024
2024
2024
2023
Production
Increase/ (Decrease)
Increase/ (Decrease)
Silver (oz)
4,458,484
4,192,098
6 %
8,650,582
7,873,529
10 %
Gold (oz)
37,324
36,592
2 %
73,916
74,822
(1)%
Lead (tons)
13,586
12,100
12 %
25,686
26,307
(2)%
Zinc (tons)
16,191
16,211
(0)%
32,402
32,734
(1)%
Greens Creek - Silver (oz)
2,243,551
2,478,594
(9)%
4,722,145
5,128,533
(8)%
Greens Creek - Gold (oz)
14,137
14,588
(3)%
28,725
31,235
(8)%
Lucky Friday - Silver (oz)
1,308,155
1,061,065
23 %
2,369,220
2,549,130
(7)%
Keno Hill - Silver (oz)
900,440
646,312
39 %
1,546,752
184,264
739 %
Casa Berardi - Gold (oz)
23,187
22,004
5 %
45,191
43,587
4 %
(1) See cautionary statement regarding preliminary statements at
the end of this release.
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.
Cautionary Statements Regarding Estimates and Forward-Looking
Statements
All measures of the Company's second quarter 2024 operating
results contained in this release are preliminary and reflect the
Company’s expected results as of the date of this release. Actual
reported second quarter 2024 results are subject to management's
final review as well as review by the Company's independent
registered accounting firm and may vary significantly from current
expectations because of a number of factors, including, without
limitation, additional or revised information and changes in
accounting standards or policies or in how those standards are
applied.
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, that Keno Hill’s 2024
production is expected to exceed 2.7 million ounces. 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240710768765/en/
Anvita M. Patil Vice President – Investor Relations and
Treasurer
Cheryl Turner Communications Coordinator
800-HECLA91 (800-432-5291) Investor Relations Email:
hmc-info@hecla.com Website: www.hecla.com
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