Business
Hecla Mining Reports Second Quarter 2024 Results
Second highest silver production drives record revenues, positive free cash flow, and deleveraging COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (
About this update from Hecla Mining Company
[{"type":"text","content":"Second highest silver production drives record revenues, positive free cash flow, and deleveraging COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL, \"Company\") today announced second quarter 2024 financial and operating results. SECOND QUARTER HIGHLIGHTS Operational Production of 4.5 million silver ounces, second highest in Company history. Lucky Friday's silver production of 1.3 million ounces was the highest since 2000. Record mill throughput of 1,181 tons per day (\"tpd\"). Keno Hill All-Injury Frequency Rate (\"AIFR\") improved by 12% to 1.98, while producing a record 0.9 million ounces of silver, a 39% increase over the first quarter of 2024. 2024 silver production and consolidated cost guidance reiterated, gold production guidance increased. Financial Revenues of $245.7 million, highest in Company history, 46% from silver and 34% from gold. Net income applicable to common stockholders of $27.7 million or $0.04 per share, adjusted net income applicable to common stockholders of $12.3 million or $0.02 per share.1 Trailing twelve month Adjusted EBITDA of $242.8 million, net leverage ratio* improved to 2.3.5 Cash provided by operating activities of $78.7 million, free cash flow of $28.3 million.2 Free cash flow generated at all operations, particularly strong at Greens Creek and Lucky Friday. Greens Creek generated $43.3 million in cash flow from operations and $33.6 million in free cash flow.2 Lucky Friday generated $44.5 million in cash flow from operations and $33.7 million in free cash flow (including $17.8 million in insurance receipts).2 Consolidated silver total cost of sales of $123.3 million and cash cost and all-in sustaining cost (\"AISC\") per silver ounce (each after by-product credits) of $2.08 and $12.54, respectively.3,4 Received $17.8 million in Lucky Friday insurance claim proceeds, $35.2 million received to date. Realized silver price of $29.77 per ounce, $0.01375 cash dividend per common share, includes silver-linked component of $0.01 per share. Exploration Drilling at Keno Hill intersected significant widths of high-grade silver mineralization at both the Bermingham and Flame & Moth deposits, confirmed and expanded mineralization in both areas. Highlights include: Bermingham Bear Vein: 35.4 oz/ton silver, 2.2% lead, and 2.0% zinc over 20.2 feet. Flame & Moth Veins 0, 1, and S...