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Hecla Mining Reports First Quarter 2023 Results; Second Highest Silver Revenues in Company History
Second highest silver revenues in company history COEUR D'ALENE, Idaho / May 10, 2023 / Business Wire / Hecla Mining Company (NYSE:HL) today announced first qua
About this update from Hecla Mining Company
[{"type":"text","content":"Second highest silver revenues in company history COEUR D'ALENE, Idaho / May 10, 2023 / Business Wire / Hecla Mining Company (NYSE:HL) today announced first quarter 2023 financial and operating results. FIRST QUARTER HIGHLIGHTS Operational Produced 4.0 million ounces of silver, a 10% increase over the fourth quarter of 2022 and more than any quarter since 2016. Record quarterly gold production of 14,885 ounces at Greens Creek; lead production was the 2nd highest in Company's history. Greens Creek achieved record quarterly throughput of 2,591 tons per day (\"tpd\"). Keno Hill development 75% complete and remains on track for third quarter mill startup. Achieved All-injury frequency rate (“AIFR”) of 1.13, lowest since 2012 led by Lucky Friday’s AIFR of 0.62, a safety record for the mine while at full production. Financial Sales of $199.5 million with silver revenues 38% and gold revenues 35%; silver revenues were 2nd highest in Company history. Consolidated silver total cost of sales of $100.8 million and cash cost and AISC per silver ounce (each after by-product credits) of $2.14 and $8.96, respectively.3,4 Cash flow from operations of $40.6 million, silver operations generated $89.5 million in cash flow from operations, and $68.6 million in free cash flow.2 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.5 Adjusted EBITDA of $61.9 million, net debt to adjusted EBITDA ratio of 1.9.1 Strong balance sheet with $95.9 million in cash and cash equivalents, credit facility undrawn, and $240 million in available liquidity. Environmental, Social, Governance Casa Berardi received Quebec’s John T. Ryan safety award for lowest reportable injury frequency rate for the second time in three years. Net zero in 2022 as scope 1&2 CO2 emissions offset with certified emission reduction credits. Strategic ATAC Resources acquisition announced for CAD $31 million; transaction expected to close in the third quarter. “As we continue our growth in silver production, silver revenues are now exceeding gold revenues for the second consecutive quarter,” said Phillips S. Baker Jr., President and CEO. “Greens Creek had excellent operational performance achieving record throughput and very strong silver and record gold production, and Lucky Friday exceeded 1.2 million ...