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Mar 31, 2023
Hecla Q1 2023 Earnings Report
Hecla's financial results for Q1 2023 were announced, highlighted by the second highest silver revenues in the company's history.
Key Takeaways
Hecla Mining Company reported a net loss of $3.3 million, or $0.01 per share, but an adjusted net income of $6.6 million, or $0.01 per share, for the first quarter of 2023. The company saw its silver revenues exceed gold revenues for the second consecutive quarter, driven by strong production at Greens Creek and Lucky Friday mines. Hecla also produced 4.0 million ounces of silver and had record quarterly gold production at Greens Creek.
Produced 4.0 million ounces of silver, a 10% increase over the fourth quarter of 2022.
Achieved record quarterly gold production of 14,885 ounces at Greens Creek.
Sales of $199.5 million with silver revenues 38% and gold revenues 35%.
Net loss applicable to common stockholders of $3.3 million or $0.01 per share, and adjusted net income of $6.6 million or $0.01 per share.
Hecla
Hecla
Hecla Revenue by Segment
Revenue by Segment
Greens Creek Revenue
CapyFin.comLucky Friday Revenue
CapyFin.comCasa Berardi Revenue
CapyFin.com Forward Guidance
Hecla expects Lucky Friday to achieve 1,200 tpd by the end of 2023 and complete the service hoist and coarse ore bunker capital projects by Q4 2023. Keno Hill mill start is expected in Q3 2023, potentially increasing silver production to 20 million ounces by 2025. Casa Berardi's gold production is expected to increase, and Greens Creek is expected to achieve a throughput rate of 2,600 tpd by Q4.
Positive Outlook
- Lucky Friday will achieve throughout of 1,200 tpd by the end of 2023 and complete the service hoist and coarse ore bunker capital projects by the fourth quarter of 2023
- Keno Hill mill start will occur in the third quarter with ramp-up to 440 tons per day by the end of 2023 and silver production in excess of 2.5 million ounces in 2023
- The Company will set new production records in 2023 with almost 17 million ounces of silver production
- The Company will be able to increase silver production to 20 million ounces by 2025
- Greens Creek will achieve throughput rate of 2,600 tpd by the fourth quarter
Challenges Ahead
- Gold, silver and other metals price volatility
- Operating risks
- Currency fluctuations
- Increased production costs and variances in ore grade or recovery rates from those assumed in mining plans
- Inflation causes our costs to rise more than we currently expect.
Revenue & Expenses
Visualization of income flow from segment revenue to net income