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Mar 31, 2024
Hecla Q1 2024 Earnings Report
Hecla's financial and operating results for Q1 2024 were reported, highlighting increased silver production and sales, driven by strong performance from Greens Creek and Lucky Friday mines.
Key Takeaways
Hecla Mining Company reported a net loss of $5.9 million, or ($0.01) per share, and an adjusted net income of $6.5 million, or $0.01 per share, on sales of $189.5 million. The company produced 4.2 million ounces of silver and 36,592 ounces of gold. The Lucky Friday mine ramped up to full production, contributing significantly to the increased silver output. Hecla reiterated its 2024 production and cost guidance.
Silver production increased by 43% compared to the previous quarter, reaching 4.2 million ounces.
Lucky Friday mine completed its ramp-up to full production, achieving 1.1 million ounces of silver produced.
Keno Hill operation improved safety and increased throughput by 29%, producing 0.6 million ounces of silver.
Sales reached $189.5 million, with 44% from silver and 34% from gold.
Revenue by Segment
Forward Guidance
Hecla reaffirmed its three-year production outlook and 2024 cost and capital guidance.
Positive Outlook
- The Company will achieve cost and production guidance
- The Company will increase production up to 20 million ounces by 2026
- The Company will be the largest silver producer in Canada in 2024
- Net debt to Adjusted EBITDA ratio is expected to return to less than 2 in the next twelve months
- Construction of cemented tails batch plant project is expected to be completed in the fourth quarter of 2024, which should improve safety and productivity at the Bermingham mine, and will facilitate the change of mining method to underhand mining by the end of 2025
Challenges Ahead
- Casa Berardi’s guidance for production and costs might be affected by the surface or underground operations
- gold, silver and other metals price volatility
- operating risks
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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