Business
Hecla Mining Reports Fourth Quarter and Full-Year 2022 Results
10% silver production growth in 2022; Expect 18% growth in 2023 and 35% by 2025; Silver cost guidance achieved with 2023 set at similar levels COEUR D'ALENE, Id
About this update from Hecla Mining Company
[{"type":"text","content":"10% silver production growth in 2022; Expect 18% growth in 2023 and 35% by 2025; Silver cost guidance achieved with 2023 set at similar levels COEUR D'ALENE, Idaho / Feb 15, 2023 / Business Wire / Hecla Mining Company (NYSE:HL) today announced fourth quarter and full-year 2022 financial and operating results. ANNUAL HIGHLIGHTS Strategic Completed the acquisition of Alexco Resource Corp., adding nearly 50 million ounces of silver reserves; highest-grade and largest primary silver reserves in Canada. Operational Record silver reserves of 241 million ounces, gold reserves of 2.6 million ounces. Produced 14.2 million ounces of silver, Hecla's second highest, and 175,807 ounces of gold. Record lead production of 49 thousand tons and zinc production of 65 thousand tons. Achieved silver cost guidance with total silver cost of sales of $349.3 million and all-in sustaining cost after by-product credits (\"AISC\") of $11.25 per silver ounce.4 Increased Lucky Friday silver production by 24% to 4.4 million ounces using the Underhand Closed Bench (UCB) mining method. Achieved record mill throughput milestones at all three operations. Financial Reported sales of $718.9 million with almost 70% from Greens Creek and Lucky Friday. Net loss applicable to common stockholders of $37.9 million or $0.07 per share, and adjusted net income of $27.8 million or $0.05 per share.5 Adjusted EBITDA of $217.5 million, net debt to adjusted EBITDA ratio of 1.9.1 Strong balance sheet with $104.7 million in cash and cash equivalents with approximately $245 million in available liquidity. Dividends of $12.9 million, or 14% of cash flow from operations. Environmental, Social, Governance Strong safety performance with an All-Injury Frequency Rate of 1.22, which equals prior Company record and is 42% below the U.S. average. The San Sebastian mine received the 2022 Environmental and Sustainability Excellence Award given by AEMA. Lucky Friday received the SME Murray Innovation Award for 2023 for the pioneering UCB mining method. Ratified a 6-year contract agreement with the Union at the Lucky Friday. “Hecla is the world’s fastest growing established silver company,” said Phillips S. Baker Jr., President and CEO. “This growth has been built on the strong foundation of Greens Creek, the United States’ largest silver mine, and the Lucky Friday, a mine in production for 80...