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Sep 30, 2023
Hecla Q3 2023 Earnings Report
Operating and financial results were announced for the third quarter of 2023.
Key Takeaways
Hecla Mining Company reported sales of $181.9 million, with 38% from silver and 36% from gold. The net loss applicable to common stockholders was ($22.6) million, or ($0.04) per share, while adjusted net loss was ($3.5) million, or ($0.01) per share.
Produced 3.5 million ounces of silver and 11.4 million ounces year to date.
Continued ramping up Keno Hill, producing 0.7 million ounces of silver.
Casa Berardi began to transition to an open pit only operation, producing 24,259 ounces of gold.
Lucky Friday on track to resume operations at the beginning of 2024.
Hecla
Hecla
Forward Guidance
Hecla has revised its annual silver production and cost guidance. There is no change to gold production guidance.
Positive Outlook
- Lucky Friday will resume operations by the beginning of 2024
- Greens Creek will achieve throughput of 2,600 tpd by the fourth quarter
- Exploration drilling at Keno Hill will increase reserves and resources at the mine
- The Company will achieve silver production of 20 million ounces by 2025
- Decrease in cash costs per gold ounce guidance primarily due to the capitalization of construction costs related to tailings facilities at Casa Berardi
Challenges Ahead
- Keno Hill's cemented rockfill plant will be completed by end of November
- Modifications to secondary crushing unit at Keno Hill will increase crusher availability and efficiency
- Underground mining at Casa Berardi will be completed by mid-2024
- Net debt to Adjusted EBITDA ratio will remain above the Company's target of 2.00 for the remainder of 2023
- Silver production for Greens Creek is increased offset by lower anticipated production at Keno Hill