Hecla Mining Company · NYSE:HL
Hecla Mining — Gold Forum Americas 2022
69 slides from Hecla Mining's conference presentation, Sep 19, 2022
Slide 1: Hecla Mining Company – Gold Forum Americas
HECLA MINING COMPANY United States’ Largest Silver Producer and Soon To Be Canada’s Gold Forum Americas September 18-21, 2022 RESPONSIBLE. SAFE. INNOVATIVE. NYSE: HL
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Cautionary Statement Regarding Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended
Slide 3: Cautionary Statements (cont'd)
CAUTIONARY STATEMENTS (cont’d) Cautionary Note Regarding Reserves and Resources This presentation uses the terms “mineral resources,” “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources.” Mineral resources that are not mineral reserves do not have demonstrated
Slide 4: Industry Leading Growth: 30% since 2018, 30-50% by 2024
INDUSTRY LEADING GROWTH: 30% since 2018, 30-50% by 2024 High-grade, low-cost silver mines pave the way for 17-20 Moz silver production in US & Canada • Fastest growing silver producer • Expected silver production of 17-20 million ozs Low Operating from Keno Hill, Lucky Friday & Greens Creek Risk Por
Slide 5: Hecla Mines 40% of All Silver Produced in the USA
HECLA MINES 40% OF ALL SILVER PRODUCED IN THE USA Half of the world’s production is from Mexico, Peru and China; U.S./Canadian production is scarce 2021 U.S. Silver Production Hecla’s Share of U.S. Production* (Moz) 12.9 Hecla 40% Other 60% 6.5 3 Countries. Produce ~50% of World Production U.S. Prod
Slide 6: Largest U.S. Reserve Base with Highest Ore Grades
LARGEST U.S. RESERVE BASE WITH HIGHEST ORE GRADES 3rd largest reserve base with the highest grade among peers, Keno Hill is even higher grade Reserves and Reserve Grade** Silver Eq. Reserves (MM oz)* Silver Eq. Grade (g/t) 1,124 1,099 551 * Hatched area represents US reserves 1,150 600 950 500 393 4
Slide 7: Low-Cost Profile Silver Assets
LOW-COST PROFILE SILVER ASSETS Greens Creek in the best 15th percentile, Lucky Friday in best third percentile of primary silver mines in 2022 US$/oz Silver AISC Curve of Primary Silver Mines 90 6 Months Ended June 30th, 2022 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 -20 -20 0 G
Slide 8: Silver Production Growth with Low Capital Intensity
SILVER PRODUCTION GROWTH WITH LOW CAPITAL INTENSITY Keno Hill, Lucky Friday, and Greens Creek driving silver production growth Hecla and Peers: 2021-2024E Silver Production Growth and Capital Based on Consensus Estimates 60% 54% 53% 50% Silver Production Growth (21A – 24 40% $6.6 30% $7.0 20% 20% 20
Slide 9: Greens Creek: Premier Silver Mine
GREENS CREEK: PREMIER SILVER MINE 25 years of strong free cash flow generation supported by steady production and stable costs Since 1987, Greens Creek has: Reserve life of 14 years, had a Mined more than: Generated more than: reserve mine life of 7 years at • 20 million tons, containing • $2.6 bill
Slide 10: Hecla's Flagship Mine: Greens Creek is a Tier 1 Asset
HECLA’S FLAGSHIP MINE: GREENS CREEK IS A TIER 1 ASSET 2021: 9.2 Moz silver production, $209 M cash flow from operations, $185 M free cash flow* Low-cost structure and high grades generate significant margins Greens Creek throughput has grown 15% since purchase in 2008 Since 1987: Cumulative Cash Flo
Slide 11: Lucky Friday: On Track to be +5 Moz/yr Producer
LUCKY FRIDAY: ON TRACK TO BE +5 Moz/YR PRODUCER Record throughput, continuous improvements from UCB method drive cash flow • Reserve mine life of 17 years • 5 million ounces/year average is 2x the best average production rate of the last 80 years • Underhand Closed Bench (UCB) mining method – anothe
Slide 12: Lucky Friday: Positioned for Long-Term Value
LUCKY FRIDAY: POSITIONED FOR LONG-TERM VALUE Higher grades at depth are supported by success of UCB mining method Lucky Friday: Long Section 30 Vein – *AgEq Grade (opt) < 10 10 - 20 Increasing grades at depth 20 - 30 MINED 30 - 35 1997 – 2021 > 35 December 31, 2021 *Ag Equivalent Values Based on 650
Slide 13: Underhand Closed Bench Mining Method
UNDERHAND CLOSED BENCH MINING METHOD Large scale blasting proactively manages seismic risk and increases throughput • The UCB method uses advanced drilling and blasting techniques to fragment the mineralized ore zone • Safer: miners work below engineered backfill and above a de-stressed zone • More
Slide 14: Lucky Friday: Best Decade in 80 Year History is Ahead
LUCKY FRIDAY: BEST DECADE IN 80 YEAR HISTORY IS AHEAD UCB expected to contribute to productivity improvements • UCB method’s success and higher grades mined at depth position Lucky Friday to be a flagship asset for the next decade Lucky Friday: Silver Production by Decade* (Millions oz) 51 ~2x 30 28
Slide 15: Casa Berardi: Stable Production, Cost Focus
CASA BERARDI: STABLE PRODUCTION, COST FOCUS Production supported by strong mill performance; Costs prone to inflationary pressures • Reserve mine life of 14 years, an additional 1.8 million ounces in M&I and Inferred resources. • Innovation Feats: • Mill throughput has increased by 40% since acquisi
Slide 16: Alexco Acquisition Consistent with Strategic Drivers
ALEXCO ACQUISITION CONSISTENT WITH STRATEGIC DRIVERS Achieves the 8 key factors that Hecla considers for internal and external investments Highly Prospective and Top-Rated Mining Jurisdiction Among the World’s Highest-Grade Silver Deposits KENO HILL Long Mine Life SILVER DISTRICT Increase Throughput
Slide 17: Keno Hill Silver District Overview
KENO HILL SILVER DISTRICT OVERVIEW Historical Production of over 200 million ounces of silver at 40 oz Ag per ton – 2+x Greens Creek • Property contains excellent exploration potential to host deposits similar in size and grade to the Hector-Calumet, Bermingham, or Flame and Moth deposits • Numerous
Slide 18: Setting Up Bermingham for Consistent Performance
SETTING UP BERMINGHAM FOR CONSISTENT PERFORMANCE Focus on development & drilling the 8 million oz Bear zone ‘22/’23 Expected Focus: 800m to 1,200m of development 3,000m to 4,000m of infill & definition drilling (~8M Ag oz) Arctic Zone NE Zone Bear Zone Bermingham Deep 2021 Reserves Infill & definiti
Slide 19: Smaller Flame & Moth to Supplement Bermingham
SMALLER FLAME & MOTH TO SUPPLEMENT BERMINGHAM Development and drilling will focus on the 2 million oz upper lightning zone ‘22/’23 Expected Focus: 500m to 600m of development 600m to 700m of infill & definition drilling (~2M Ag oz) Christal Zone Lightning Zone 2021 Reserves Infill & definition (15.6
Slide 20: Financial Strength and Flexibility
FINANCIAL STRENGTH AND FLEXIBILITY Balance sheet fortified by free cash flow generation • Cash and equivalents of $198.2 million, liquidity of $335 million* as of June 30, 2022 • Net leverage ratio of 1.4x, below target of 2.0x • Returned 32% of free cash flow to shareholders in dividends in H1/2022
Slide 21: Cost Inflation Tied to Labor and Consumables
COST INFLATION TIED TO LABOR AND CONSUMABLES Increases in key input price assumptions has outpaced guidance assumptions • Year to date, key inputs like diesel, ground support, cyanide have increased more than 15% • Increase in contractors and wages highlight constrained market for skilled labor • Hi
Slide 22: Leading Dividend Policy
LEADING DIVIDEND POLICY More cash returned to shareholders as dividend yield increases synchronously with silver prices Industry’s only silver-linked dividend policy pays an annual normal dividend (15 cents per share) plus a silver price-linked dividend that starts at $20/oz silver price. $9.0 17.9%
Slide 23: Why Invest in Hecla?
WHY INVEST IN HECLA? Largest U.S. silver producer with the largest U.S. reserve base with high margin, best in class silver assets; on track to become Canada’s largest silver producer Hecla is: The fastest growing silver producer with potential silver production of 17-20 million oz Low capital r
Slide 24: ESG
ESG NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 24
Slide 25: Commitment to Responsible Mining
COMMITMENT TO RESPONSIBLE MINING Complementary ESG Vision and Track-Record Small Environmental Safety Large Community Benefit Footprint • Well-established safety culture • Net zero on emissions in 2021* • Support >2,300 families • Casa Berardi awarded the John T. Ryan • 43.7% reduction in Scope 1&2
Slide 26: Hecla is Among the Safest Mining Companies
HECLA IS AMONG THE SAFEST MINING COMPANIES Implemented NMA’s CORESafety in 2012, became industry leader 76% reduction since SHMS inception • ~49,000 hours of safety and health training in 2021 • Reduced AIFR by 76% since 2012 • Hecla 1.45 rate in 2021 is 30% better than national average NYSE: HL RES
Slide 27: Hecla Changes Lives
HECLA CHANGES LIVES Largest private employer within the communities we operate, jobs and benefits that last a lifetime • Total direct economic impact of $700 million in 2021 • More than $845K in scholarships and donations • More than a living wage – longevity, benefits • Support for communities duri
Slide 28: 2022 Exploration and Pre-Development
2022 Exploration and Pre-Development NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 28
Slide 29: Hecla's 2022 Exploration
HECLA’S 2022 EXPLORATION 19 drill rigs company wide focused on expanding and discovery of resources Greens Creek • Drilling to expand and upgrade multiple ore zones • Surface drilling ongoing Casa Berardi • Drilling to expand resources in the West, Principal, and East Mines • Regional exploration So
Slide 30: Montana Assets: 3rd Largest Copper Deposit in U.S.
MONTANA ASSETS: 3rd LARGEST COPPER DEPOSIT IN U.S. Working to advance underground data collection and permitting Permitting Strategy – Taking a reset Site Overview • Executing strategy to expedite authorization for underground evaluation and data collection via existing infrastructure. • Focus on pe
Slide 31: Keno Hill: Favorable Structural Orientations for Vein Formation
KENO HILL: FAVORABLE STRUCTURAL ORIENTATIONS FOR VEIN FORMATION • Multiple exploration targets identified within northeast striking structures hosted within the Keno Hill Basal Quartzite • Large volumes of Keno Hill Basal Quartzite host rock remains untested • Vertical continuity of the Birmingham d
Slide 32: Greens Creek: District & Near Mine Growth Potential
GREENS CREEK: DISTRICT & NEAR MINE GROWTH POTENTIAL In-mine mineralization open for expansion and district potential for new deposits Continuation of resource expansion along mineralized trends •Ore tons have doubled in the past 15 years •Pace is driven by development access •5250 exploration is acc
Slide 33: Casa Berardi: Expanding Resources with Drilling
CASA BERARDI: EXPANDING RESOURCES WITH DRILLING Positive drilling results in the West, Principal, and East Mine areas Positive Drilling Results 113 Zone • Confirming Mineralization and new intersection north of the Casa Berardi fault 118 Zone • Expanding high-grade mineralization at depth 124 Zone •
Slide 34: Midas: Multiple Exploration Targets Drill Tested in 2022
MIDAS: MULTIPLE EXPLORATION TARGETS DRILL TESTED IN 2022 Advancing multiple targets for future drill testing with focus in the East Graben Corridor Pogo Racer NE Portal and West North Sinter Decline Offset Silica Ridge May 1, 2022 NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 34
Slide 35: Aurora: Pipeline of Exploration Targets Advancing to Drill Stage
AURORA: PIPELINE OF EXPLORATION TARGETS ADVANCING TO DRILL STAGE Drilling in the Martinez-Last Chance Hill trend confirms high-grade mineralization NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 35
Slide 36: San Sebastian: 2022 Exploration Drilling Completed
SAN SEBASTIAN: 2022 EXPLORATION DRILLING COMPLETED Results being evaluated for follow-up exploration in 2023 NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 36
Slide 37: Guidance
Guidance NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 37
Slide 38: Guidance: Production & Silver Costs Affirmed
GUIDANCE: PRODUCTION & SILVER COSTS AFFIRMED Silver production long term outlook projects 15% growth by ‘24 without Keno Hill Changes in blue Silver Production Gold Production Silver Equivalent Consolidated Production Outlook* (Moz) (Koz) (Moz)8 Gold Equivalent (Koz)8 2022 Total 12.9 – 13.5 165 - 17
Slide 39: 2022 Guidance: Production and Costs by Operation
2022 GUIDANCE: PRODUCTION AND COSTS BY OPERATION Changes in blue 2022 Production Outlook Silver Production Gold Production Silver Equivalent Gold Equivalent (Koz)6 (Moz) (Koz) (Moz)6 Greens Creek* 8.6 – 8.9 40 – 43 20.7 – 21.2 268 – 275 Lucky Friday* 4.3 – 4.6 N/A 8.9 – 9.3 116 – 120 Casa Berardi N/
Slide 40: Silver Market
Silver Market NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 40
Slide 41: A Very Short History on Silver Demand
A VERY SHORT HISTORY ON SILVER DEMAND Despite declining photography demand, silver industrial and investment demand has been in a secular bull market since 2000 and is stronger in 2021 and the future Five distinct periods of silver demand, three that are strengthening • Monetary by governments (2000
Slide 42: Silver Supply Comes from Mine Production & Recycling
SILVER SUPPLY COMES FROM MINE PRODUCTION & RECYCLING Mine production accounts for more than 80% of supply • 2021 saw an increase in mined silver as COVID-19 disruptions from 2020 recovered Silver Supply Million oz 1,047 1,012 1,000 1,000 997 953 146 147 149 148 173 162 900 864 850 836 823 781 2016 2
Slide 43: Silver Mine Supply Dependent on Other Metals
SILVER MINE SUPPLY DEPENDENT ON OTHER METALS Over half of supply is a by-product of copper, lead and zinc mines 29% 29% 30% 31% 32% 32% 31% Lead/Zinc 21% 23% Copper 23% 23% 25% 23% 25% 17% 15% 15% 16% 16% 16% Gold 16% 33% 33% 31% 29% 29% 27% 28% Primary Silver 2015 2016 2017 2018 2019 2020 2021 Sour
Slide 44: Silver Demand Has Three Main Components
SILVER DEMAND HAS THREE MAIN COMPONENTS Green energy demand is new and growing – bolstered by photovoltaics and EVs SilverDemand Silver Demand Consumer Products/Industrial Million oz Million oz 4.5% CAGR Other over 5 years 35 Brazing 6% Jewelry & Alloys Silverware 48 Photovoltaics 255 9% 127 23% 24%
Slide 45: Silver – Widening Gap Between Supply & Demand
SILVER – WIDENING GAP BETWEEN SUPPLY & DEMAND Gap expected to increase even if industrial demand growth is only 1.5% • 2021 saw a total supply of 1,056 Moz and total demand of 1,183 Moz • Silver’s total demand in 2030 is expected to reach ~1,223 Moz if demand stays on the last decade trend and no in
Slide 46: Operational Overview
Operational Overview NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 46
Slide 47: Diverse Asset Portfolio in Mining Friendly Jurisdictions
DIVERSE ASSET PORTFOLIO IN MINING FRIENDLY JURISDICTIONS Low cost, high margin, low tonnage assets in best jurisdictions Fundamental Operations Greens Creek Casa Berardi Lucky Friday Location/Fraser Ranking1 4 - Alaska, USA 6 - Quebec, Canada 7 - Idaho, USA Prim ary Product Silver Gold Silver 2021 %
Slide 48: Free Cash Flow Generation
FREE CASH FLOW GENERATION Low-cost silver mines generate margins even at low silver prices • Margin generation from silver mines even at low silver assets due to high grade; strong operational performance offsets inflationary impacts • 9th consecutive quarter of free cash flow generation, 2.8x incre
Slide 49: Alexco Acquisition Highlights
ALEXCO ACQUISITION HIGHLIGHTS Consistent with strategy and expertise Among the World’s Highest-Grade Silver Deposits Highly Prospective and Top-Rated Mining Jurisdiction Aligned on Community and Environmental Stewardship Poised to Unlock Value at Keno Hill Significant Exploration Upside Ideal Portfo
Slide 50: Greens Creek S-K 1300 Technical Report Highlights
GREENS CREEK S-K 1300 TECHNICAL REPORT HIGHLIGHTS Tier 1 asset that will maintain production and solid free cash flow generation profile Technical Report S-K 1300 Highlights* Mine life, based on reserve plan years 14 Ore Tons Processed ktons 12,700 Silver Grade** opt 11.3 Silver Recovery** % 76.5 To
Slide 51: Lucky Friday S-K 1300 Technical Report Highlights
LUCKY FRIDAY S-K 1300 TECHNICAL REPORT HIGHLIGHTS Positioned for long-term value with strong free cash flow generation in the next decade Technical Report S-K 1300 Highlights Mine life, based on reserve plan years 17 Ore Tons Processed ktons 5,456 Silver Grade opt 13.7 Silver Recovery % 96.4 Total S
Slide 52: Casa Berardi S-K 1300 Technical Report Highlights
CASA BERARDI S-K 1300 TECHNICAL REPORT HIGHLIGHTS Solid asset with consistent free cash flow generation Technical Report S-K 1300 Highlights* Mine life, based on reserve plan years 14 Ore Milled Mtonnes 20.9 Gold Grade – Open pit** g/t 2.61 Gold Grade – Underground** g/t 5.27 Gold Recovery** % 83.5
Slide 53: Endnotes
ENDNOTES 1. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of adjusted EBITDA and net debt to the closest GAAP measurements of net income (loss) and debt can be found in the appendix. It is an important measure for management to measure relative indebtedness and the ability
Slide 54: Appendix
Appendix NYSE: HL RESPONSIBLE. SAFE. INNOVATIVE. l 54
Slide 55: Adjusted EBITDA Reconciliation to GAAP
ADJUSTED EBITDA RECONCILIATION TO GAAP Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Dollars in thousands (USD) Trailing Twelve Months Q1 2022 Q2 2022 Net (loss) income $ 17,797 $ 4,920 Plus: Interest expense 41,607 41,841 Plus/(Less): Income and mining tax provision (benefit) (2
Slide 56: Cash Cost and AISC Reconciliation to GAAP
CASH COST AND AISC RECONCILIATION TO GAAP Silver Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ounce (n
Slide 57: Free Cash Flow (Non-GAAP) Reconciliation
FREE CASH FLOW (NON-GAAP) RECONCILIATON Consolidated Reconciliation of Cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) in millions Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Cash provided by operating activities $ 37.5 $ 73.4 $ 64.9 $ 37.9 $ 86.
Slide 58: Free Cash Flow (Non-GAAP) Reconciliation
FREE CASH FLOW (NON-GAAP) RECONCILIATON Greens Creek, Lucky Friday, and Casa Berardi Reconciliation of Cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) Three Months Ended in thousands Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Greens Creek Cash provided (used) by operat
Slide 59: Cash Cost and AISC Reconciliation to GAAP
CASH COST AND AISC RECONCILIATION TO GAAP Greens Creek Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ou
Slide 60: Cash Cost and AISC Reconciliation to GAAP
CASH COST AND AISC RECONCILIATION TO GAAP Lucky Friday Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ou
Slide 61: Cash Cost and AISC Reconciliation to GAAP
CASH COST AND AISC RECONCILIATION TO GAAP Casa Berardi Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ou
Slide 62: Cash Cost and AISC Reconciliation to GAAP
CASH COST AND AISC RECONCILIATION TO GAAP 2022 silver and gold estimates Reconciliation of Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non- GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Co
Slide 63: Proven & Probable Mineral Reserves
PROVEN & PROBABLE MINERAL RESERVES(1) (On December 31, 2021 unless otherwise noted) Investors are cautioned that Reserves and Resources are as of December 31, 2021, and are dynamic during the year due to mining depletion, changing metal prices, changing costs or project NYSE: HL economics, and new d
Slide 64: Measured and Indicated Mineral Resources
MEASURED AND INDICATED MINERAL RESOURCES On December 31, 2021 unless otherwise noted) Measured Resources (8) Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % % (000 oz) (000 oz) (Tons) (Tons) Tons (11,12) Greens Creek United States 1
Slide 65: Inferred Mineral Resources
INFERRED MINERAL RESOURCES (On December 31, 2021 unless otherwise noted) Inferred Resources (10) Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % % (000 oz) (000 oz) (Tons) (Tons) Tons Greens Creek (11,12) United States 100.0% 2,152
Slide 66: Mineral Resources Footnotes
MINERAL RESOURCES FOOTNOTES (7) The term "mineral resources" means a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable es
Slide 67: Keno Hill - Mineral Reserves and Resources
KENO HILL - MINERAL RESERVES AND RESOURCES (Conversion to Imperial Units from original Alexco SI Unit sources) Keno Hill - Mineral Reserves (1) Proven Reserves (1) Silver Gold Lead Zinc Silver Gold Lead Zinc Asset Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) (Tons) (Tons) Bellekeno - - - - - -
Slide 68: Keno Hill - Mineral Reserves and Resources
KENO HILL - MINERAL RESERVES AND RESOURCES (Conversion to Imperial Units from original Alexco SI Unit sources) Keno Hill - Mineral Resources (3) Measured Resources (4) Silver Gold Lead Zinc Silver Gold Lead Zinc Asset Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) (Tons) (Tons) Bellekeno - - - -
Slide 69: Keno Hill Mineral Resources Footnotes
KENO HILL MINERAL RESOURCES FOOTNOTES (3) The term "mineral resources" means a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic ` A mineral resource is a reasonable es