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     429  0 Kommentare Hecla Reports Second Quarter 2023 Results

    Hecla Mining Company (NYSE:HL) today announced second quarter 2023 financial and operating results.

    SECOND QUARTER HIGHLIGHTS

    Operational

    • Produced 3.8 million ounces of silver, 7.9 million ounces in the first half of the year; third highest silver production over a six-month period in Company history.
    • Restarted the mill at Keno Hill, producing 184,264 ounces of silver, with full production expected by year-end.
    • Lucky Friday's silver production of 1.3 million ounces was the highest since the first quarter of 2000.
    • Silver production and cost guidance affirmed; gold production guidance adjusted based on reduced underground mining and wildfires-related suspension of operations at Casa Berardi.

    Financial

    • Sales of $178.1 million, with 45% from silver and 35% from gold.
    • Consolidated silver total cost of sales of $96.8 million and cash cost and AISC per silver ounce (each after by-product credits) of $3.32 and $11.63, respectively.3,4
    • Consolidated cash flow from operations of $23.8 million for the quarter, and year to date $64.4 million; with silver operations generating $62.2 million in cash flow from operations for the quarter and year to date $151.7 million.
    • Silver operations generated $38.8 million in free cash flow for the quarter, and year to date $107.4 million.2 Since 2020, silver operations have generated cash flow from operations of $788 million and free cash flow of $566 million.
    • Net loss applicable to common stockholders of $(15.8) million or $(0.03) per share and adjusted net income of $15.1 million or $0.03 per share.5
    • Strong balance sheet with $106.8 million in cash and cash equivalents, and available liquidity of $219 million.

    Environmental, Social, Governance

    • Strong safety performance with an all-injury frequency rate of 1.18, the lowest in Company history.

    Strategic

    • Acquired ATAC Resources on July 7th for $18.8 million in Hecla stock, adding a massive land package of over 700 square miles comprised of the Rackla and Connaught properties in the Yukon.

    "Our silver operations reported another solid quarter of operational and financial performance with strong free cash flow generation and our lowest all-injury frequency rate in our history," said Phillips S. Baker Jr., President and CEO. "Greens Creek continued its strong and consistent performance, Lucky Friday produced the most silver in a quarter since 2000, and with the service hoist now operational, this mine is closer to achieving 425,000 ore tons in annual throughput by year-end, and we restarted the Keno Hill mill during the quarter."

    Lesen Sie auch

    Baker continued, "Our silver mines have generated $107 million in free cash flow in the first half of the year and in excess of $560 million since 2020. With this free cash flow, we are investing to extend the mine lives and increase the production of our mines making Hecla the fastest growing established silver producer with 17 million ounces of production expected this year and about 20 million ounces by 2025, all in the U.S. and Canada."

    Baker concluded, “Silver is an essential metal in powering the transition to a green economy, particularly photovoltaics, whose rapid growth is now using 15 to 20% of global annual silver production. Hecla, with our growing, long-lived, low-cost mines, is well positioned to reliably provide the silver the world needs."

    FINANCIAL OVERVIEW

    In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization.

    In Thousands unless stated otherwise

     

    2Q-2023

     

    1Q-2023

     

    4Q-2022

     

    3Q-2022

     

    2Q-2022

     

    YTD-2023

     

    YTD-2022

    FINANCIAL AND PRODUCTION SUMMARY

     

    Sales

     

    $

    178,131

     

     

    $

    199,500

     

     

    $

    194,825

     

     

    $

    146,339

     

     

    $

    191,242

     

     

    $

    377,631

     

     

    $

    377,741

     

    Total cost of sales

     

    $

    140,472

     

     

    $

    164,552

     

     

    $

    169,807

     

     

    $

    137,892

     

     

    $

    153,979

     

     

    $

    305,024

     

     

    $

    295,049

     

    Gross profit

     

    $

    37,659

     

     

    $

    34,948

     

     

    $

    25,018

     

     

    $

    8,447

     

     

    $

    37,263

     

     

    $

    72,607

     

     

    $

    82,692

     

    Net(loss) applicable to common stockholders

     

    $

    (15,832

    )

     

    $

    (3,311

    )

     

    $

    (4,590

    )

     

    $

    (23,664

    )

     

    $

    (13,661

    )

     

    $

    (19,143

    )

     

    $

    (9,646

    )

    Basic (loss) per common share (in dollars)

     

    $

    (0.03

    )

     

    $

    (0.01

    )

     

    $

    (0.01

    )

     

    $

    (0.04

    )

     

    $

    (0.03

    )

     

    $

    (0.03

    )

     

    $

    (0.02

    )

    Adjusted EBITDA1

     

    $

    67,739

     

     

    $

    61,903

     

     

    $

    62,261

     

     

    $

    26,555

     

     

    $

    70,474

     

     

    $

    129,642

     

     

    $

    128,676

     

    Net Debt to Adjusted EBITDA1

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2.1

     

     

     

    1.9

     

    Cash provided by operating activities

     

    $

    23,777

     

     

    $

    40,603

     

     

    $

    36,120

     

     

    $

    (24,322

    )

     

    $

    40,183

     

     

    $

    64,380

     

     

    $

    78,092

     

    Capital Expenditures

     

    $

    (51,468

    )

     

    $

    (54,443

    )

     

    $

    (56,140

    )

     

    $

    (37,430

    )

     

    $

    (34,329

    )

     

    $

    (105,911

    )

     

    $

    (55,807

    )

    Free Cash Flow2

     

    $

    (27,691

    )

     

    $

    (13,840

    )

     

    $

    (20,020

    )

     

    $

    (61,752

    )

     

    $

    5,854

     

     

    $

    (41,531

    )

     

    $

    22,285

     

    Silver ounces produced

     

     

    3,832,559

     

     

     

    4,040,969

     

     

     

    3,663,433

     

     

     

    3,549,392

     

     

     

    3,645,454

     

     

     

    7,873,528

     

     

     

    6,970,162

     

    Silver payable ounces sold

     

     

    3,360,694

     

     

     

    3,604,494

     

     

     

    3,756,701

     

     

     

    2,479,724

     

     

     

    3,387,909

     

     

     

    6,965,188

     

     

     

    6,075,170

     

    Gold ounces produced

     

     

    35,251

     

     

     

    39,717

     

     

     

    43,634

     

     

     

    44,747

     

     

     

    45,719

     

     

     

    74,822

     

     

     

    87,361

     

    Gold payable ounces sold

     

     

    31,961

     

     

     

    39,619

     

     

     

    40,097

     

     

     

    40,443

     

     

     

    44,225

     

     

     

    71,580

     

     

     

    85,278

     

    Cash Costs and AISC, each after by-product credits

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Silver cash costs per ounce 3

     

    $

    3.32

     

     

    $

    2.14

     

     

    $

    4.79

     

     

    $

    3.43

     

     

    $

    (1.14

    )

     

    $

    2.70

     

     

    $

    (0.07

    )

    Silver AISC per ounce 4

     

    $

    11.63

     

     

    $

    8.96

     

     

    $

    13.98

     

     

    $

    12.93

     

     

    $

    8.08

     

     

    $

    10.21

     

     

    $

    7.75

     

    Gold cash costs per ounce 3

     

    $

    1,658

     

     

    $

    1,775

     

     

    $

    1,696

     

     

    $

    1,349

     

     

    $

    1,371

     

     

    $

    1,725

     

     

    $

    1,440

     

    Gold AISC per ounce 4

     

    $

    2,147

     

     

    $

    2,392

     

     

    $

    2,075

     

     

    $

    1,669

     

     

    $

    1,605

     

     

    $

    2,286

     

     

    $

    1,680

     

    Realized Prices

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Silver, $/ounce

     

    $

    23.67

     

     

    $

    22.62

     

     

    $

    22.03

     

     

    $

    18.30

     

     

    $

    20.68

     

     

    $

    23.12

     

     

    $

    22.45

     

    Gold, $/ounce

     

    $

    1,969

     

     

    $

    1,902

     

     

    $

    1,757

     

     

    $

    1,713

     

     

    $

    1,855

     

     

    $

    1,928

     

     

    $

    1,867

     

    Lead, $/pound

     

    $

    0.99

     

     

    $

    1.02

     

     

    $

    1.05

     

     

    $

    0.95

     

     

    $

    0.97

     

     

    $

    1.00

     

     

    $

    1.02

     

    Zinc, $/pound

     

    $

    1.13

     

     

    $

    1.39

     

     

    $

    1.24

     

     

    $

    1.23

     

     

    $

    1.44

     

     

    $

    1.26

     

     

    $

    1.61

     

     

    Sales in the second quarter declined by 11% to $178.1 million from the first quarter of 2023 ("prior quarter") due to lower quantities of all metals sold and lower realized lead and zinc prices, partially offset by higher precious metals prices.

    Gross profit increased to $37.7 million, an increase of 8% over the prior quarter, as lower total cost of sales attributable to lower quantities of metals sold offset lower sales.

    Net loss applicable to common stockholders was $(15.8) million in the second quarter due to:

    • Increased ramp-up and suspension costs of $5.0 million, reflecting the impact of the suspension of operations at Casa Berardi in June due to wildfires in Quebec and the start-up of Keno Hill.
    • Increased provision for closed operations and environmental matters of $2.1 million reflecting adjustments to the reclamation costs at the legacy Johnny M and Durita properties.
    • An unrealized loss on investments of $5.6 million compared to a gain of $2.2 million, reflecting changes in the fair value of our marketable securities portfolio.
    • A foreign exchange loss of $3.9 million compared to a gain of $0.1 million, reflecting the impact of the appreciation of the Canadian dollar on our monetary assets and liabilities.
    • Increased income and mining tax expense of $1.9 million, reflecting increased taxable income from our U.S. assets.

    The above items were partly offset by:

    • Lower adjustments of inventory to net realizable value of $1.5 million at our Casa Berardi and Nevada operations.
    • Lower depreciation, depletion, and amortization expense of $6.3 million, reflecting the impact of the suspension of operations in June at Casa Berardi and lower silver sales.

    Consolidated silver’s total cost of sales in the second quarter decreased by 4% to $96.8 million from the prior quarter, primarily due to lower concentrate tons sold, partially offset by higher production costs at Lucky Friday. Cash costs and AISC per silver ounce, each after by-product credits, were $3.32 and $11.63, respectively.3,4 The increase in cash costs per ounce was due to higher production costs at Lucky Friday, lower consolidated silver production, and lower base metal by-product credits attributable to lower realized prices partially offset by higher Greens Creek gold production and realized price. AISC was further impacted by higher planned sustaining capital spending at the silver operations.3,4

    Consolidated total gold cost of sales decreased by 32% to $43.6 million in the second quarter due to lower production costs attributable to the June wildfires-related suspension at Casa Berardi. Cash costs and AISC per gold ounce, each after by-product credits, were $1,658 and $2,147, respectively.3,4 The decrease in cash costs per ounce was attributable to lower production costs partially offset by lower gold production at Casa Berardi, with AISC also impacted by lower sustaining capital spend.

    Adjusted EBITDA for the second quarter increased by 9% to $67.7 million compared to the prior quarter due to higher gross profit, lower general and administrative expenses, and monetization of zinc hedges. During the quarter, average zinc prices declined to $1.15/lb., the lowest since April 2020 and a 19% decrease over the prior quarter. The Company monetized its zinc hedge contracts for proceeds of $7.6 million during the quarter.

    The ratio of net debt to Adjusted EBITDA increased to 2.1 for the second quarter due primarily to the wildfires-related suspension at the Casa Berardi mine. With Keno Hill's ongoing ramp-up to full production, and Casa Berardi resuming production, the Company expects net debt to Adjusted EBITDA ratio to decline to less than the Company's target of 2.1

    Cash and cash equivalents at the end of the second quarter were $106.8 million and included $31 million drawn on the revolving credit facility. Available liquidity was $219 million as of the end of the quarter.

    Cash provided by operating activities was $23.8 million and decreased by $16.8 million over the prior quarter primarily due to unfavorable working capital changes partially attributable to the increase in product inventory at the Lucky Friday and Keno Hill as it commenced production during the quarter, and payment of 2022 incentive compensation.

    Capital expenditures were $51.5 million (net of finance leases of $15.2 million) in the second quarter, compared to $54.4 million in the prior quarter (net of finance leases of $0.9 million). Capital spend at Casa Berardi was for purchases of open pit equipment for approximately $11.9 million (partially financed by leases of $6.6 million) as the mine begins the transition from underground and open pit production to all production from surface operations. The increase in Greens Creek's capital spend was related to the timing of equipment purchases and seasonal surface projects, with the increase in Lucky Friday's capital spend also impacted by the timing of equipment purchases and the service hoist and coarse ore bunker projects. Keno Hill's capital spend was $3.5 million (net of finance leases of $6.7 million) and declined over the prior quarter as the mine began ramp-up to full production during the quarter.

    Free cash flow for the quarter was negative $27.7 million, compared to negative $13.8 million in the prior quarter. The decrease in free cash flow was attributable to lower cash flow from operations attributable to unfavorable working capital changes during the quarter.2

    Forward Sales Contracts for Base Metals and Foreign Currency

    The Company uses financially settled forward sales contracts to manage exposures to zinc and lead price changes in forecasted concentrate shipments. On June 30, 2023, the Company had contracts covering approximately 39% of the forecasted payable lead production from 2023 - 2025 at an average price of $0.99 per pound.

    The Company also manages CAD exposure through forward contracts. At June 30, 2023, the Company had hedged approximately 48% of forecasted Casa Berardi CAD direct production costs through 2026 at an average CAD/USD rate of 1.32. The Company has also hedged approximately 22% of Casa Berardi capital costs through 2026 at 1.35. At Keno Hill, 54% of the total planned spend for 2023 and 2024 is hedged at an average CAD/USD rate of 1.36.

    OPERATIONS OVERVIEW

    Greens Creek Mine - Alaska

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Dollars are in thousands except cost per ton

    2Q-2023

    1Q-2023

    4Q-2022

    3Q-2022

    2Q-2022

    YTD-2023

    YTD-2022

    GREENS CREEK

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Tons of ore processed

     

    232,465

     

     

    233,167

     

     

    230,225

     

     

    229,975

     

     

    209,558

     

     

    465,632

     

     

    421,245

     

    Total production cost per ton

    $

    194.94

     

    $

    198.60

     

    $

    211.29

     

    $

    185.34

     

    $

    197.84

     

    $

    196.77

     

    $

    194.98

     

    Ore grade milled - Silver (oz./ton)

     

    12.8

     

     

    14.4

     

     

    13.1

     

     

    13.6

     

     

    14.0

     

     

    13.6

     

     

    13.9

     

    Ore grade milled - Gold (oz./ton)

     

    0.10

     

     

    0.08

     

     

    0.08

     

     

    0.07

     

     

    0.08

     

     

    0.09

     

     

    0.08

     

    Ore grade milled - Lead (%)

     

    2.5

     

     

    2.6

     

     

    2.6

     

     

    2.4

     

     

    3.0

     

     

    2.6

     

     

    2.9

     

    Ore grade milled - Zinc (%)

     

    6.5

     

     

    6.0

     

     

    6.7

     

     

    6.3

     

     

    7.2

     

     

    6.2

     

     

    6.9

     

    Silver produced (oz.)

     

    2,355,674

     

     

    2,772,859

     

     

    2,433,275

     

     

    2,468,280

     

     

    2,410,598

     

     

    5,128,533

     

     

    4,840,380

     

    Gold produced (oz.)

     

    16,351

     

     

    14,884

     

     

    12,989

     

     

    11,412

     

     

    12,413

     

     

    31,235

     

     

    23,815

     

    Lead produced (tons)

     

    4,726

     

     

    5,202

     

     

    4,985

     

     

    4,428

     

     

    5,184

     

     

    9,928

     

     

    10,067

     

    Zinc produced (tons)

     

    13,255

     

     

    12,482

     

     

    13,842

     

     

    12,580

     

     

    13,396

     

     

    25,737

     

     

    25,890

     

    Sales

    $

    95,891

     

    $

    98,611

     

    $

    95,374

     

    $

    60,875

     

    $

    92,723

     

    $

    194,502

     

    $

    178,813

     

    Total cost of sales

    $

    (63,054

    )

    $

    (66,288

    )

    $

    (70,075

    )

    $

    (52,502

    )

    $

    (60,506

    )

    $

    (129,342

    )

    $

    (110,143

    )

    Gross profit

    $

    32,837

     

    $

    32,323

     

    $

    25,299

     

    $

    8,373

     

    $

    32,217

     

    $

    65,160

     

    $

    68,670

     

    Cash flow from operations

    $

    43,302

     

    $

    43,346

     

    $

    44,769

     

    $

    7,749

     

    $

    41,808

     

    $

    86,648

     

    $

    98,103

     

    Exploration

    $

    1,760

     

    $

    448

     

    $

    1,050

     

    $

    3,776

     

    $

    929

     

    $

    2,208

     

    $

    1,094

     

    Capital additions

    $

    (8,828

    )

    $

    (6,658

    )

    $

    (12,150

    )

    $

    (6,988

    )

    $

    (14,668

    )

    $

    (15,486

    )

    $

    (17,760

    )

    Free cash flow 2

    $

    36,234

     

    $

    37,136

     

    $

    33,669

     

    $

    4,537

     

    $

    28,069

     

    $

    73,370

     

    $

    81,437

     

    Cash cost per ounce, after by-product credits 3

    $

    1.33

     

    $

    1.16

     

    $

    4.26

     

    $

    2.65

     

    $

    (3.29

    )

    $

    1.23

     

    $

    (2.09

    )

    AISC per ounce, after by-product credits 4

    $

    5.34

     

    $

    3.82

     

    $

    8.61

     

    $

    7.07

     

    $

    3.10

     

    $

    4.51

     

    $

    2.47

     

     

    Greens Creek produced 2.4 million ounces of silver in the second quarter, a decrease of 15% over the prior quarter due to expected lower mined grades. Gold production increased by 10% to 16,351 ounces due to higher grades; zinc and lead production was consistent with the prior quarter. Throughput for the quarter was 2,555 tons per day ("tpd"), and the mine remains on track to achieve an annual throughput of 2,600 tpd by year-end.

    Sales in the second quarter were $95.9 million, a decrease of 3% over the prior quarter due to lower realized prices for base metals, primarily zinc, and lower payable metals sold (except gold), partially offset by higher realized prices for silver and gold. Total cost of sales were $63.1 million, and decreased by 5% over the prior quarter due to lower sales volumes, and lower production costs attributable to lower fuel prices. Cash costs and AISC per silver ounce, each after by-product credits, were $1.33 and $5.34 and increased over the prior quarter as lower production costs were offset by lower base metal by-product credits (primarily zinc, due to lower prices) and lower silver production. Increased AISC per silver ounce was attributable to higher sustaining capital spend of $8.8 million due to timing of equipment purchases and surface projects.3,4

    Cash flow from operations was $43.3 million, in line with the prior quarter. Capital spend was $8.8 million (all sustaining) during the quarter, an increase of $2.2 million over the prior quarter due to the timing of equipment purchases and seasonal construction projects. Free cash flow for the quarter was $36.2 million, a slight decrease over the prior quarter due to higher exploration and capital spend. The Greens Creek mine generated $73.4 million in free cash flow during the first half of 2023.2

    Lucky Friday Mine - Idaho

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Dollars are in thousands except cost per ton

     

    2Q-2023

     

    1Q-2023

     

    4Q-2022

     

    3Q-2022

     

    2Q-2022

     

    YTD-2023

     

    YTD-2022

    LUCKY FRIDAY

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Tons of ore processed

     

     

    94,043

     

     

     

    95,303

     

     

     

    90,935

     

     

     

    90,749

     

     

     

    97,497

     

     

     

    189,346

     

     

     

    175,222

     

    Total production cost per ton

     

    $

    248.65

     

     

    $

    210.72

     

     

    $

    232.73

     

     

    $

    207.10

     

     

    $

    211.45

     

     

    $

    229.56

     

     

    $

    227.30

     

    Ore grade milled - Silver (oz./ton)

     

     

    14.3

     

     

     

    13.8

     

     

     

    14.0

     

     

     

    12.5

     

     

     

    13.2

     

     

     

    14.1

     

     

     

    12.7

     

    Ore grade milled - Lead (%)

     

     

    9.1

     

     

     

    8.8

     

     

     

    9.1

     

     

     

    8.5

     

     

     

    8.8

     

     

     

    9.0

     

     

     

    8.5

     

    Ore grade milled - Zinc (%)

     

     

    4.2

     

     

     

    4.1

     

     

     

    4.1

     

     

     

    4.2

     

     

     

    3.9

     

     

     

    4.2

     

     

     

    3.8

     

    Silver produced (oz.)

     

     

    1,286,666

     

     

     

    1,262,464

     

     

     

    1,224,199

     

     

     

    1,074,230

     

     

     

    1,226,477

     

     

     

    2,549,130

     

     

     

    2,114,335

     

    Lead produced (tons)

     

     

    8,180

     

     

     

    8,034

     

     

     

    7,934

     

     

     

    7,172

     

     

     

    8,147

     

     

     

    16,214

     

     

     

    14,127

     

    Zinc produced (tons)

     

     

    3,338

     

     

     

    3,313

     

     

     

    3,335

     

     

     

    3,279

     

     

     

    3,370

     

     

     

    6,651

     

     

     

    5,822

     

    Sales

     

    $

    42,648

     

     

    $

    49,110

     

     

    $

    45,434

     

     

    $

    28,460

     

     

    $

    35,880

     

     

    $

    91,758

     

     

    $

    73,920

     

    Total cost of sales

     

    $

    (32,190

    )

     

    $

    (34,534

    )

     

    $

    (32,819

    )

     

    $

    (24,166

    )

     

    $

    (30,348

    )

     

    $

    (66,724

    )

     

    $

    (59,613

    )

    Gross profit

     

    $

    10,458

     

     

    $

    14,576

     

     

    $

    12,615

     

     

    $

    4,294

     

     

    $

    5,532

     

     

    $

    25,034

     

     

    $

    14,307

     

    Cash flow from operations

     

    $

    18,893

     

     

    $

    46,132

     

     

    $

    (7,437

    )

     

    $

    11,624

     

     

    $

    21,861

     

     

    $

    65,025

     

     

    $

    33,626

     

    Capital additions

     

    $

    (16,317

    )

     

    $

    (14,707

    )

     

    $

    (13,714

    )

     

    $

    (16,125

    )

     

    $

    (11,501

    )

     

    $

    (31,024

    )

     

    $

    (21,153

    )

    Free cash flow 2

     

    $

    2,576

     

     

    $

    31,425

     

     

    $

    (21,151

    )

     

    $

    (4,501

    )

     

    $

    10,360

     

     

    $

    34,001

     

     

    $

    12,473

     

    Cash cost per ounce, after by-product credits 3

     

    $

    6.96

     

     

    $

    4.30

     

     

    $

    5.82

     

     

    $

    5.23

     

     

    $

    3.07

     

     

    $

    5.64

     

     

    $

    4.54

     

    AISC per ounce, after by-product credits 4

     

    $

    14.24

     

     

    $

    10.69

     

     

    $

    12.88

     

     

    $

    15.98

     

     

    $

    9.91

     

     

    $

    12.48

     

     

    $

    11.27

     

     

    Lucky Friday produced 1.3 million ounces of silver, an increase of 2% over the prior quarter due to higher grades partially offset by lower throughput due to the local utility's unplanned replacement of the main electrical transformer. Second quarter silver production was the highest since the first quarter of 2000, marking the fifth consecutive quarter of silver production exceeding one million ounces. Throughput for the quarter was 1,033 tpd and is expected to increase to an annual rate of 425,000 tons by year end.

    Sales in the second quarter were $42.6 million, a decrease of 13% over the prior quarter, attributable to a combination of lower payable metals sold and lower realized base metals prices, partially offset by higher realized silver prices. Lower payable metals sold was due to an increase in silver concentrate inventory (impact of approximately $3 million) as maintenance activities impacted a smelter’s ability to take delivery of certain shipments at quarter end, with the sales deferred to the third quarter. Total cost of sales were $32.2 million, a decrease of 7% over the prior quarter primarily due to lower concentrate volumes sold. Production costs at the mine increased over the prior quarter due to higher labor costs related to the new Collective Bargaining Agreement ("CBA") signed in the first quarter of 2023 (CBA related costs are expected to be $2.5 million for the year), and higher consumables costs partially offset by lower fuel costs. Cash costs and AISC per silver ounce, each after by-product credits, were $6.96 and $14.24 respectively, with the increase primarily attributable to higher production costs, lower zinc by-product credits due to lower realized prices, partially offset by higher silver production.3,4 AISC per silver ounce was further unfavorably impacted by higher sustaining capital spend reflecting accelerated project completion.3,4

    Cash flow from operations was $18.9 million, a decrease of $27.2 million over the prior quarter. The decrease was attributable to lower sales, higher production costs, unfavorable working capital changes and the prior quarter's favorable impact of $6.7 million receipt related to payment for a silver concentrate shipment shipped in the fourth quarter of 2022. Capital expenditures for the quarter totaled $16.3 million (net of $2.0 million in finance leases), comprised of approximately $9.2 million each in sustaining and growth capital, which included the coarse ore bunker and the service hoist projects. The service hoist project was completed in early August, and the coarse ore bunker project which will decouple the mill from the mine, is expected to be completed in the fourth quarter. Free cash flow was $2.6 million, a decrease of $28.8 million over the prior quarter primarily due to the decrease in cash flow from operations and higher capital spend during the quarter.2 Lucky Friday generated $34.0 million in free cash flow during the first half of 2023.2

    Casa Berardi - Quebec

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Dollars are in thousands except cost per ton

     

    2Q-2023

     

    1Q-2023

     

    4Q-2022

     

    3Q-2022

     

    2Q-2022

     

    YTD-2023

     

    YTD-2022

    CASA BERARDI

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Tons of ore processed - underground

     

     

    94,124

     

     

     

    110,245

     

     

     

    160,150

     

     

     

    162,215

     

     

     

    176,576

     

     

     

    204,369

     

     

     

    338,185

     

    Tons of ore processed - surface pit

     

     

    224,580

     

     

     

    318,909

     

     

     

    250,883

     

     

     

    227,726

     

     

     

    225,042

     

     

     

    543,489

     

     

     

    449,586

     

    Tons of ore processed - total

     

     

    318,704

     

     

     

    429,154

     

     

     

    411,033

     

     

     

    389,941

     

     

     

    401,618

     

     

     

    747,858

     

     

     

    787,771

     

    Surface tons mined - ore and waste

     

     

    2,461,196

     

     

     

    2,136,993

     

     

     

    2,657,638

     

     

     

    2,822,906

     

     

     

    2,149,412

     

     

     

    4,598,189

     

     

     

    4,041,751

     

    Total production cost per ton

     

    $

    97.69

     

     

    $

    107.95

     

     

    $

    125.75

     

     

    $

    114.52

     

     

    $

    113.07

     

     

    $

    103.58

     

     

    $

    115.46

     

    Ore grade milled - Gold (oz./ton) - underground

     

     

    0.14

     

     

     

    0.13

     

     

     

    0.15

     

     

     

    0.15

     

     

     

    0.19

     

     

     

    0.13

     

     

     

    0.17

     

    Ore grade milled - Gold (oz./ton) - surface pit

     

     

    0.04

     

     

     

    0.05

     

     

     

    0.05

     

     

     

    0.06

     

     

     

    0.05

     

     

     

    0.05

     

     

     

    0.05

     

    Ore grade milled - Gold (oz./ton) - combined

     

     

    0.07

     

     

     

    0.07

     

     

     

    0.09

     

     

     

    0.10

     

     

     

    0.10

     

     

     

    0.07

     

     

     

    0.09

     

    Gold produced (oz.) - underground

     

     

    10,226

     

     

     

    11,788

     

     

     

    20,365

     

     

     

    22,181

     

     

     

    22,866

     

     

     

    22,014

     

     

     

    42,240

     

    Gold produced (oz.) - surface pit

     

     

    8,675

     

     

     

    12,898

     

     

     

    10,344

     

     

     

    11,154

     

     

     

    10,440

     

     

     

    21,573

     

     

     

    21,306

     

    Gold produced (oz.) - total

     

     

    18,901

     

     

     

    24,686

     

     

     

    30,709

     

     

     

    33,335

     

     

     

    33,306

     

     

     

    43,587

     

     

     

    63,546

     

    Silver produced (oz.) - total

     

     

    5,956

     

     

     

    5,645

     

     

     

    5,960

     

     

     

    6,882

     

     

     

    8,379

     

     

     

    11,601

     

     

     

    15,447

     

    Sales

     

    $

    36,946

     

     

    $

    50,998

     

     

    $

    53,458

     

     

    $

    56,939

     

     

    $

    62,639

     

     

    $

    87,944

     

     

    $

    124,740

     

    Total cost of sales

     

    $

    (42,576

    )

     

    $

    (62,998

    )

     

    $

    (65,328

    )

     

    $

    (59,532

    )

     

    $

    (61,870

    )

     

    $

    (105,574

    )

     

    $

    (124,038

    )

    Gross (loss) profit

     

    $

    (5,630

    )

     

    $

    (12,000

    )

     

    $

    (11,870

    )

     

    $

    (2,593

    )

     

    $

    769

     

     

    $

    (17,630

    )

     

    $

    702

     

    Cash flow from operations

     

    $

    (8,148

    )

     

    $

    (684

    )

     

    $

    10,188

     

     

    $

    8,721

     

     

    $

    7,417

     

     

    $

    (8,832

    )

     

    $

    15,506

     

    Exploration

     

    $

    1,107

     

     

    $

    1,054

     

     

    $

    1,637

     

     

    $

    2,624

     

     

    $

    1,341

     

     

    $

    2,161

     

     

    $

    3,976

     

    Capital additions

     

    $

    (20,816

    )

     

    $

    (17,086

    )

     

    $

    (12,995

    )

     

    $

    (10,771

    )

     

    $

    (8,093

    )

     

    $

    (37,902

    )

     

    $

    (15,901

    )

    Free cash flow 2

     

    $

    (27,857

    )

     

    $

    (16,716

    )

     

    $

    (1,170

    )

     

    $

    574

     

     

    $

    665

     

     

    $

    (44,573

    )

     

    $

    3,581

     

    Cash cost per ounce, after by-product credits 3

     

    $

    1,658

     

     

    $

    1,775

     

     

    $

    1,696

     

     

    $

    1,349

     

     

    $

    1,371

     

     

    $

    1,725

     

     

    $

    1,440

     

    AISC per ounce, after by-product credits 4

     

    $

    2,147

     

     

    $

    2,392

     

     

    $

    2,075

     

     

    $

    1,669

     

     

    $

    1,605

     

     

    $

    2,286

     

     

    $

    1,680

     

     

    Casa Berardi produced 18,901 ounces of gold in the second quarter, a decrease of 23% over the prior quarter, primarily due to lower tons mined and milled because of wildfires-related suspension in June. The mill operated at an average of 4,600 tpd during the first two months of the quarter.

    Lower production during the quarter led to lower sales of $36.9 million, a 28% decrease over the prior quarter, and lower total cost of sales of $42.6 million, 32% lower compared to the prior quarter. Cash costs and AISC per gold ounce, each after by-product credits, were $1,658 and $2,147 respectively and decreased over the prior quarter due to lower production costs which offset the decline in gold production. AISC was further favorably impacted by lower sustaining capital spend as capital allocated to growth increased during the quarter.3,4

    Cash flow from operations was negative $8.1 million, a decrease of $7.5 million over the prior quarter due to lower sales partially offset by lower costs. Capital spend for the quarter was $20.8 million (net of finance leases of $6.6 million) with $9.0 million and $18.4 million in sustaining and growth capital spend, respectively. Growth capital spend included the increase in equipment fleet of $11.9 million for the open pit operations as the mine is beginning to transition from an underground/open pit operation to an open pit only operation. Free cash flow for the quarter was negative $27.9 million, compared to negative free cash flow in the prior quarter of $16.7 million due to lower cash flow from operations and higher capital spending.2

    The Company announced in May 2023 that the Casa Berardi mine is beginning to transition from an underground/open pit operation to an open pit only operation. As part of that transition, the lower margin East Mine underground operations were closed in July. The better margin stopes at the underground West Mine are planned to be mined until mid-2024, at which time most underground activity will stop except exploration. To increase the productivity of the surface operations, the Company has begun insourcing with the purchase of $11.9 million of mobile mining equipment, and another $4 million is expected to be spent in the third quarter.

    The Company expects to release an updated technical report in the first quarter of 2024. After closure of the underground operations in 2024, Casa Berardi will mine the 160 open pit until 2027 and is expected to be free cash flow positive. During a period of investment from 2028 to 2030, the Company expects no production while the permitting is being completed, investing in infrastructure and equipment, and exposing the first ore. Significant free cash flow is expected after 2030.

    East Mine closure and June’s wildfires have reduced production guidance by about 25,000 ounces in 2023 and have increased AISC per gold ounce (after by-product credits) guidance by approximately $200 per ounce. For further details, see the Guidance section of this release.

    Keno Hill - Yukon Territory

    At Keno Hill, the mill restarted and began processing lower grade, stockpiled ore in June, producing 184,264 ounces of silver for the quarter The mill operated as expected at 330 tpd, which is 73% of projected year-end throughput, processing stockpiled, lower-grade ore of 17 ounces per ton (“opt”). The mine advanced the primary development sufficiently to initiate ore mining. The mill reconciled well to the model in the quarter with slightly fewer tons and better grades resulting in the expected silver and lead content with more zinc. Silver production is expected to exceed 2.5 million ounces in 2023.

    Capital spend during the quarter was $3.4 million (net of $6.7 million in finance leases), and included mine development, surface infrastructure projects, and mill upgrades. Keno Hill will be included in silver operations reporting by the end of the year.

    EXPLORATION AND PRE-DEVELOPMENT

    Exploration and pre-development expenses totaled $6.9 million for the second quarter and $11.9 million for the first half of the year. Exploration activities during the quarter primarily focused on underground targets at Greens Creek, and Keno Hill. Highlights include:

    • Keno Hill: Exploration drilling discovered high-grade mineralization in the Bermingham Townsite vein located within 500 feet of planned mine infrastructure.
    • Greens Creek: Exploration and definition drilling continued to define and expand mineralization on strike of current mineralization with strong assay results from four targeted areas.

    Keno Hill, Yukon Territory

    At Keno Hill, $3.7 million of exploration is expected for the year. This quarter’s focus is on extending mineralization and resource conversion at the high-grade Bear Zone and defining new mineral resources at the Townsite Zone. During the first half, one underground drill completed over 11,000 feet of definition drilling, while two surface core drills completed over 13,000 feet of exploration drilling targeting the Bear and Townsite zones.

    Bear Zone: Definition drilling targeted extending the Bear Zone to the North towards the Ruby Fault, which is interpreted to constrain mineralization of both the Bermingham Main and Bear veins. At the Bear vein, drilling results suggest that grade continues and strengthens outside the currently programmed stopes and is open for expansion. Highlights include:

    • 44.9 oz/ton silver, 1.7% lead, and 0.8% zinc over 11.1 feet
    • 120.9 oz/ton silver, 1.5% lead, and 3.3% zinc over 2.8 feet
    • 47.5 oz/ton silver, 0.8% lead, and 0.2% zinc over 7.8 feet
    • 79.4 oz/ton silver, 3.0% lead, and 1.3% zinc over 6.1 feet

    Townsite Zone: High-grade mineralization was discovered in the Townsite vein approximately 2,000 feet southwest of the historical Townsite Mine stopes, and at a depth of 1,300 feet. This high-grade mineralization is open for expansion and continues to confirm the exploration potential within the district. Assay results to date include:

    • 25.5 oz/ton silver, 0.9% lead, and 0.3% zinc over 9.2 feet, including 108.2 oz/ton silver, 4.5% lead, and 1.0% zinc over 1.7 feet

    Greens Creek, Alaska

    At Greens Creek, $8.0 million of exploration is focused on expanding mineralization both from surface and underground. Four underground core drills completed over 70,000 feet of drilling in 132 holes focused on resource conversion in the 200 South, East, Gallagher, Upper Plate, 9A, and West ore zones and exploration targeting the southern extensions of the 200 South, and Gallagher zones. Additionally, two helicopter supported core drills completed over 4,000 feet of drilling in 12 holes targeting near mine extensions to the Upper Plate and East ore zones. Assay results have been received for drilling in the 200 South, East, Gallagher, Upper Plate, and West areas, and results continue to confirm and expand mineral zones. Highlights include:

    200 South Zone:

    • 17.0 oz/ton silver, 0.19 oz/ton gold, 3.3% zinc, and 1.9% lead over 8.1 feet

    East Zone:

    • 12.6 oz/ton silver, 0.05 oz/ton gold, 7.7% zinc, and 3.5% lead over 5.7 feet
    • 20.9 oz/ton silver, 0.04 oz/ton gold, 3.4% zinc, and 2.2% lead over 3.6 feet

    Gallagher Zone:

    • 7.9 oz/ton silver, 0.22 oz/ton gold, 10.5% zinc and 4.8% lead over 45.3 feet
    • 15.0 oz/ton silver, 0.28 oz/ton gold, 2.6% zinc, and 1.3% lead over 9.0 feet
    • 9.8 oz/ton silver, 0.19 oz/ton gold, 10.8% zinc, and 2.9% lead over 25.7 feet
    • 21.6 oz/ton silver, 0.07 oz/ton gold, 0.6% zinc, and 0.4% lead over 41.3 feet

    Upper Plate Zone: Underground and surface drilling has expanded resources over 600 and 300 feet of strike length, respectively. Initial surface drillholes completed to date have intercepted significant lengths of base metal rich white ore lithologies. Assay results from these initial surface drillholes are expected in the third quarter. Results to date indicate that drilling is upgrading and expanding mineralization in the Upper Plate Zone. Highlights from this drilling include:

    • 23.0 oz/ton silver, 0.05 oz/ton gold, 6.2% zinc and 3.1% lead over 13.2 feet
    • 20.7 oz/ton silver, 0.06 oz/ton gold, 1.7% zinc, and 0.7% lead over 18.0 feet

    West Zone: Underground drilling expanded the strike length 550 feet with strong, high-grade mineralization over significant widths. Highlights from this drilling include:

    • 63.4 oz/ton silver, 0.84 oz/ton gold, 11.9% zinc and 3.8% lead over 15.2 feet
    • 13.0 oz/ton silver, 0.11 oz/ton gold, 14.4% zinc, and 3.4% lead over 8.3 feet

    Detailed complete drill assay highlights can be found in Table A at the end of the release.

    DIVIDENDS

    Common Stock

    The Board of Directors declared a quarterly cash dividend of $0.00625 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.0025 per share for the silver-linked component. The common stock dividend is payable on or about September 7, 2023, to stockholders of record on August 24, 2023. The second quarter realized silver price was $23.67, satisfying the criterion for the Company’s common stock silver-linked dividend policy component.

    Preferred Stock

    The Board of Directors elected to declare a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about October 2, 2023, to stockholders of record on September 15, 2023.

    2023 GUIDANCE 6

    The Company has updated its annual gold production, cost, and capital guidance as below. There is no change to silver production guidance.

    Gold production guidance for Greens Creek is increased to reflect higher gold production. Wildfires-related suspension of operations in June and the closure of the East Mine underground operations has resulted in lower expected gold production for 2023. Three-year gold production outlook has also decreased to include the closure of underground operations in mid-2024, and transition to full surface operations in 2024.

    2023 Production Outlook

     

    Silver Production (Moz)

    Gold Production (Koz)

    Silver Equivalent (Moz)

    Gold Equivalent (Koz)

     

     

    Previous

    Current

    Previous

    Current

    Previous

    Current

    2023 Greens Creek *

    9.0 - 9.5

    50.0 - 55.0

    55.0 - 65.0

    21.0 - 22.0

    21.5 - 22.5

    255 – 265

    255 - 270

    2023 Lucky Friday *

    4.5 - 5.0

    N/A

    N/A

    8.5 - 9.0

    8.5 - 9.0

    105 - 110

    105 - 110

    2023 Casa Berardi

    N/A

    110.0 - 115.0

    85.0 - 95.0

    9.0 - 9.5

    7.0 - 8.0

    110 – 115

    85 – 95

    2023 Keno Hill*

    2.5 - 3.0

    N/A

    N/A

    2.5 - 3.0

    2.5 - 3.0

    35 - 40

    35 - 40

     

     

     

     

     

     

     

     

    2023 Total

    16.0 - 17.5

    160.0 - 170.0

    140.0 - 160.0

    41.0 - 44.5

    40.0 - 43.0

    505 – 535

    480 – 520

    2024 Total

    17.5 - 18.5

    145.0 - 161.0

    105.0 - 125.0

    42.5 - 44.5

    38.5 - 41.5

    510 - 540

    465 - 505

    2025 Total

    18.5 - 20.0

    142.0 - 161.5

    100.0 - 115.0

    41.0 - 44.0

    38.0 - 41.0

    495 - 535

    460 – 495

     

    * Equivalent ounces include Lead and Zinc production

    2023 Cost Outlook

    At Greens Creek, guidance for cash costs, per silver ounce (net of by-products) has increased slightly to reflect lower zinc prices by-product credits due to lower zinc prices. Guidance for AISC, per silver ounce (each after by-product credits) has decreased due to higher expected gold production, and lower planned sustaining capital spend. At Lucky Friday, guidance for cash costs per silver ounce (each after by-product credits) is increased due to higher expected labor costs attributable to the CBA, and lower zinc by-product credits due to lower zinc prices. Lucky Friday guidance for AISC, per silver ounce (each after by-product credits) has been increased to reflect higher expected sustaining capital. Impact of the CBA changes on labor costs is approximately $2.5 million in 2023. Consolidated AISC per silver ounce (after by-product credits) is unchanged.

    At Casa Berardi mine, increase in cash costs and AISC, per gold ounce, each after by-product credits, is primarily due to lower gold production due to wildfires-related suspension of operations in June and closure of the East Mine operations.

     

    Costs of Sales (million)

    Cash cost, after by-product credits, per silver/gold ounce3

    AISC, after by-product credits, per produced silver/gold ounce4

     

    Previous

    Current

    Previous

    Current

    Previous

    Current

    Greens Creek

    245

    245

    $0.00 - $0.25

    $0.00 - $0.50

    $6.00 - $6.75

    $5.25 - $5.75

    Lucky Friday

    128

    131

    $2.00 - $2.50

    $4.00 - $4.75

    $8.50 - $9.50

    $11.50 - $13.00

    Keno Hill

    40

    40

    $11.00 - $13.50

    $11.00 - $13.50

    $12.25 - $14.75

    $12.25 - $14.75

    Total Silver

    413

    416

    $2.50 - $3.00

    $3.00 - $4.00

    $10.25 - $11.50

    $10.25 - $11.50

    Casa Berardi

    220

    215

    $1,450 - $1,550

    $1,750 - $1,950

    $1,975 - $2,050

    $2,000 - $2,250

     

    2023 Capital and Exploration Outlook

    Consolidated capital guidance is increased for all operations except Greens Creek. At the Lucky Friday, increase in capital guidance is attributable to higher growth capital spend primarily related to the service hoist project, which was commissioned in early August. Increase in sustaining capital spend is attributable to increased development and timing of receipt of mobile equipment. At Keno Hill, increase in capital is attributable to mill upgrades, and increased underground development.

    At Casa Berardi, the increase in capital is primarily attributable to growth capital, which comprises the addition of surface equipment fleet (approximately $16 million) and capitalization of 160 pit waste stripping costs. Sustaining capital spend at the mine is guided lower due to the allocation of stripping costs to growth capital.

    Guidance for exploration and pre-development expenditures is unchanged at $32.5 million.

    (millions)

    Previous

    Current

    Current - Sustaining

    Current - Growth

    Capital expenditures

    $190 - $200

    $225 - $235

    $114 - $119

    $111 - $116

    Greens Creek

    $49 - $52

    $47 - $50

    $43 - $45

    $4 - $5

    Lucky Friday

    $48 - $51

    $59 - $62

    $34 - $36

    $25 - $26

    Casa Berardi

    $51 - $53

    $72 - $74

    $36 - $37

    $36 - $37

    Keno Hill

    $42 - $44

    $47 - $49

    $0.5 - $1

    $46.5 - $48

    Keno Hill Ramp Up Costs

    $9

    $13

     

     

    MANAGEMENT CHANGES

    Hecla today announced Lauren Roberts, Senior Vice President, and Chief Operating Officer, is retiring at the end of 2023 after 12 years of service. Lauren’s significant contributions during his tenure at Hecla include managing the challenges of COVID at our operations, implementing the underhand closed bench mining method at Lucky Friday, and acquiring Alexco. He began his career with Hecla in the 1980s and returned as the Chief Operating Officer five years ago; his leadership has been instrumental in Hecla’s production growth and improved safety performance.

    Carlos Aguiar will be appointed Vice President, Operations. Carlos has held several positions with the Company in the past 27 years and has been Vice President and General Manager of San Sebastian from 2016 to 2021 and Vice President and General Manager of Lucky Friday mine since 2021. Carlos will have the four operations reporting to him and will report to Lauren.

    CONFERENCE CALL AND WEBCAST

    A conference call and webcast will be held on Wednesday, August 9, at 10:00 a.m. Eastern Time to discuss these results. We recommend that you dial in at least 10 minutes before the call commencement. You may join the conference call by dialing toll-free 1-888-330-2391 or for international dialing 1-240-789-2702. The Conference ID is 4812168 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/295670289 or www.hecla.com under Investors.

    VIRTUAL INVESTOR EVENT

    Hecla will be holding a Virtual Investor Event on Wednesday, August 9, from 12:00 p.m. to 2:00 p.m. Eastern Time.

    Hecla invites shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management to discuss Financial, Exploration, Operations, ESG or general matters. Click on the link below to schedule a call (or copy and paste the link into your web browser). You can select a topic once you have entered the meeting calendar. If you are unable to book a time, either due to high demand or for other reasons, please reach out to Anvita M. Patil, Vice President, Investor Relations and Treasurer at hmc-info@hecla.com or 208-769-4100.

    One-on-One meeting URL: https://calendly.com/2023-aug-vie

    ABOUT HECLA

    Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

    NOTES

    Non-GAAP Financial Measures

    Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.

    (1) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income (loss), the most comparable GAAP measurements, can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.

    (2) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Casa Berardi operating segments excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance.

    (3) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of total cost of sales, can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines - to compare performance with that of other silver mining companies, and aggregating Casa Berardi and the Nevada operations, to compare its performance with other gold mining companies. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

    (4) All-in sustaining cost (“AISC”), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found at the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits. Prior year presentation has been adjusted to conform with current year presentation.

    (5) Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) applicable to common stockholders is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) applicable to common stockholders as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) applicable to common stockholders per common share provides investors with the ability to better evaluate our underlying operating performance.

    Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

    Other

    (6) Expectations for 2023 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi converted using Au $1,800/oz, Ag $22/oz, Zn $1.15/lb, and Pb 0.90$/lb, for equivalent ounce calculations and Au $1,950/oz, Ag $24.50/oz, Zn $1.15/lb, and Pb 1.00$/lb, for by-product credit calculations. Numbers are rounded.

    Cautionary Statement Regarding Forward Looking Statements, Including 2023 Outlook

    This news release 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 to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as “may”, “will”, “should”, “expects”, “intends”, “projects”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements may include, without limitation: (i) Lucky Friday will achieve annual production rate of 425,000 ore tons by the end of 2023 and will be able to complete capital projects (coarse ore bunker) on schedule; (ii) Greens Creek will achieve throughput of 2,600 tpd by the fourth quarter; (iii) Keno Hill will achieve full production by year-end, with expected throughput of approximately 440 tpd; (iv) regarding Casa Berardi: (1) it will be a full surface operation by 2024 and be free cash flow positive after the completion of stripping and Cell 7 of the tailings facility, (2) the Company expects to release the updated technical report for Casa Berardi in the first quarter of 2024, (3) after closure of the underground operations in 2024, Casa Berardi is projected to mine the 160 open pit until 2027, (4) permitting of the higher-grade Principal and West Mine Crown Pillar pits is expected over the next four years after which investment in stripping and dewatering is expected to occur, and (5) the Company expects a production gap of approximately two years between 2028 and 2030 and once the higher grade pits are in production, they are expected to generate significant free cash flow starting in 2030; (v) the Company will achieve silver production of 20 million ounces by 2025; (vi) the Company will be able to achieve Net Debt to Adjusted EBITDA ratio of <2.0; (vii) mine-specific and Company-wide estimates of future production, sales and total cost of sales, as well as cash cost and AISC per ounce (in each case after by-product credits); and (viii) Company-wide estimated spending on capital, exploration and pre-development for 2023. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject.

    Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans, including with respect to the transition of Casa Berardi from an underground/open pit operation to an open pit only operation; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to Company plans for 2023 and beyond due to COVID-19 or any other public health issue, including, but not limited to with respect to availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto.

    In addition, material risks that could cause actual results to differ from forward-looking statements include, but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; (vi) conflict resolution and outcome of projects or oppositions; (vii) litigation, political, regulatory, labor and environmental risks, including with respect to obtaining or renewing permits; (viii) exploration risks and results, including that mineral resources are not mineral reserves, they do not have demonstrated economic viability and there is no certainty that they can be upgraded to mineral reserves through continued exploration; (ix) the failure of counterparties to perform their obligations under hedging instruments; (x) we take a material impairment charge on any of our assets; and (xi) inflation causes our costs to rise more than we currently expect. For a more detailed discussion of such risks and other factors, see the Company’s (i) 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 17, 2023. The Company does not undertake any obligation to release publicly, revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.

    Qualified Person (QP)

    Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under S-K 1300 and NI 43-101, supervised the preparation of the scientific and technical information concerning Hecla’s mineral projects in this news release. Technical Report Summaries (each a “TRS”) for each of the Company’s material properties are filed as exhibits 96.1, 96.2 and 96.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its TRS and in a NI 43-101 technical report titled “Technical Report for the Greens Creek Mine” effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its TRS and in its technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, (iii) Casa Berardi are contained in its TRS and in its technical report titled “Technical Report on the mineral resource and mineral reserve estimate for Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2018, and (iv) the San Sebastian Mine, Mexico, are contained in a technical report prepared for Hecla titled “Technical Report for the San Sebastian Ag-Au Property, Durango, Mexico” effective date September 8, 2015. Also included in each TRS and the four technical reports is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Copies of these technical reports are available under Hecla’s profile on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes.

     

    HECLA MINING COMPANY

    Condensed Consolidated Statements of Loss

    (dollars and shares in thousands, except per share amounts - unaudited)

     

     

     

     

     

     

    Three Months Ended

    Six Months Ended

     

    June 30,
    2023

    March 31,
    2023

    June 30,
    2023

    June 30,
    2022

    Sales

    $

    178,131

     

    $

    199,500

     

    $

    377,631

     

    $

    377,741

     

    Cost of sales and other direct production costs

     

    107,754

     

     

    125,550

     

     

    233,304

     

     

    221,679

     

    Depreciation, depletion and amortization

     

    32,718

     

     

    39,002

     

     

    71,720

     

     

    73,370

     

    Total cost of sales

     

    140,472

     

     

    164,552

     

     

    305,024

     

     

    295,049

     

    Gross profit

     

    37,659

     

     

    34,948

     

     

    72,607

     

     

    82,692

     

     

     

     

     

     

     

     

     

     

    Other operating expenses:

     

     

     

     

     

     

     

     

    General and administrative

     

    10,783

     

     

    12,070

     

     

    22,853

     

     

    17,986

     

    Exploration and pre-development

     

    6,893

     

     

    4,967

     

     

    11,860

     

     

    24,008

     

    Ramp-up and suspension costs

     

    16,323

     

     

    11,336

     

     

    27,659

     

     

    11,447

     

    Provision for closed operations and environmental matters

     

    3,111

     

     

    1,044

     

     

    4,155

     

     

    2,373

     

    Other operating (income) expense

     

    (4,262

    )

     

    (22

    )

     

    (4,284

    )

     

    4,408

     

     

     

    32,848

     

     

    29,395

     

     

    62,243

     

     

    60,222

     

    Income from operations

     

    4,811

     

     

    5,553

     

     

    10,364

     

     

    22,470

     

    Other (expense) income:

     

     

     

     

     

     

     

     

    Interest expense

     

    (10,311

    )

     

    (10,165

    )

     

    (20,476

    )

     

    (20,911

    )

    Fair value adjustments, net

     

    (2,558

    )

     

    3,181

     

     

    623

     

     

    (10,463

    )

    Foreign exchange gain (loss)

     

    (3,850

    )

     

    108

     

     

    (3,742

    )

     

    2,444

     

    Other income

     

    1,376

     

     

    1,392

     

     

    2,768

     

     

    2,975

     

     

     

    (15,343

    )

     

    (5,484

    )

     

    (20,827

    )

     

    (25,955

    )

    Income (loss) before income taxes

     

    (10,532

    )

     

    69

     

     

    (10,463

    )

     

    (3,485

    )

    Income and mining tax (expense) benefit

     

    (5,162

    )

     

    (3,242

    )

     

    (8,404

    )

     

    (5,885

    )

    Net loss

     

    (15,694

    )

     

    (3,173

    )

     

    (18,867

    )

     

    (9,370

    )

    Preferred stock dividends

     

    (138

    )

     

    (138

    )

     

    (276

    )

     

    (276

    )

    Net loss applicable to common stockholders

    $

    (15,832

    )

    $

    (3,311

    )

    $

    (19,143

    )

    $

    (9,646

    )

    Basic and diluted loss per common share after preferred dividends (in cents)

    $

    (0.03

    )

    $

    (0.01

    )

    $

    (0.03

    )

    $

    (0.02

    )

    Weighted average number of common shares outstanding basic

     

    604,088

     

     

    600,075

     

     

    602,077

     

     

    538,943

     

    Weighted average number of common shares outstanding diluted

     

    604,088

     

     

    600,075

     

     

    602,077

     

     

    538,943

     

    HECLA MINING COMPANY

    Condensed Consolidated Statements of Cash Flows

    (dollars in thousands - unaudited)

     

     

     

     

     

     

    Quarter Ended

    Six Months Ended

     

    June 30,
    2023

    March 31,
    2023

    June 30,
    2023

    June 30,
    2022

    OPERATING ACTIVITIES

     

     

     

     

     

     

     

     

    Net loss

    $

    (15,694

    )

    $

    (3,173

    )

    $

    (18,867

    )

    $

    (9,370

    )

    Non-cash elements included in net income (loss):

     

     

     

     

     

     

     

     

    Depreciation, depletion and amortization

     

    34,718

     

     

    39,892

     

     

    74,610

     

     

    73,656

     

    Adjustment of inventory to net realizable value

     

    2,997

     

     

    4,521

     

     

    7,518

     

     

    754

     

    Fair value adjustments, net

     

    2,558

     

     

    (3,181

    )

     

    (623

    )

     

    (14,185

    )

    Provision for reclamation and closure costs

     

    3,634

     

     

    1,694

     

     

    5,328

     

     

    3,271

     

    Stock compensation

     

    1,498

     

     

    1,190

     

     

    2,688

     

     

    2,525

     

    Deferred income taxes

     

    4,027

     

     

    558

     

     

    4,585

     

     

    (1,290

    )

    Foreign exchange loss (gain)

     

    6,025

     

     

    (2,218

    )

     

    3,807

     

     

    (3,442

    )

    Other non-cash items, net

     

    1,388

     

     

    186

     

     

    1,574

     

     

    982

     

    Change in assets and liabilities:

     

     

     

     

     

     

     

     

    Accounts receivable

     

    13,087

     

     

    15,477

     

     

    28,564

     

     

    19,199

     

    Inventories

     

    (8,882

    )

     

    (9,239

    )

     

    (18,121

    )

     

    (8,352

    )

    Other current and non-current assets

     

    (5,207

    )

     

    (9,856

    )

     

    (15,063

    )

     

    (894

    )

    Accounts payable, accrued and other current liabilities

     

    9,447

     

     

    (9,304

    )

     

    143

     

     

    17,119

     

    Accrued payroll and related benefits

     

    (14,248

    )

     

    4,705

     

     

    (9,543

    )

     

    278

     

    Accrued taxes

     

    (2,311

    )

     

    2,226

     

     

    (85

    )

     

    (5,683

    )

    Accrued reclamation and closure costs and other non-current liabilities

     

    (9,260

    )

     

    7,125

     

     

    (2,135

    )

     

    3,524

     

    Cash provided by operating activities

     

    23,777

     

     

    40,603

     

     

    64,380

     

     

    78,092

     

    INVESTING ACTIVITIES

     

     

     

     

     

     

     

     

    Additions to properties, plants, equipment and mineral interests

     

    (51,468

    )

     

    (54,443

    )

     

    (105,911

    )

     

    (55,807

    )

    Proceeds from sale or exchange of investments

     

    —

     

     

    —

     

     

    —

     

     

    2,487

     

    Proceeds from disposition of properties, plants, equipment and mineral interests

     

    80

     

     

    —

     

     

    80

     

     

    730

     

    Purchases of investments

     

    —

     

     

    —

     

     

    —

     

     

    (21,899

    )

    Net cash used in investing activities

     

    (51,388

    )

     

    (54,443

    )

     

    (105,831

    )

     

    (74,489

    )

    FINANCING ACTIVITIES

     

     

     

     

     

     

     

     

    Proceeds from issuance of stock, net of related costs

     

    14,003

     

     

    11,885

     

     

    25,888

     

     

    —

     

    Acquisition of treasury shares

     

    (1,554

    )

     

    (482

    )

     

    (2,036

    )

     

    (3,677

    )

    Borrowing of debt

     

    43,000

     

     

    13,000

     

     

    56,000

     

     

    —

     

    Repayment of debt

     

    (12,000

    )

     

    (13,000

    )

     

    (25,000

    )

     

    —

     

    Dividends paid to common and preferred stockholders

     

    (3,917

    )

     

    (3,891

    )

     

    (7,808

    )

     

    (7,027

    )

    Credit facility feed paid

     

    —

     

     

    0

     

     

    —

     

     

    (74

    )

    Repayments of finance leases

     

    (2,301

    )

     

    (2,464

    )

     

    (4,765

    )

     

    (3,333

    )

    Net cash provided by (used in) financing activities

     

    37,231

     

     

    5,048

     

     

    42,279

     

     

    (14,111

    )

    Effect of exchange rates on cash

     

    1,046

     

     

    171

     

     

    1,217

     

     

    (1,321

    )

    Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents

     

    10,666

     

     

    (8,621

    )

     

    2,045

     

     

    (11,829

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    97,286

     

     

    105,907

     

     

    105,907

     

     

    211,063

     

    Cash, cash equivalents and restricted cash at end of period

    $

    107,952

     

    $

    97,286

     

    $

    107,952

     

    $

    199,234

     

    HECLA MINING COMPANY

    Condensed Consolidated Balance Sheets

    (dollars and shares in thousands - unaudited)

     

     

     

     

     

     

     

     

     

    June 30,
    2023

     

    December 31,
    2022

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

    $

    106,786

     

    $

    104,743

     

    Accounts receivable

     

    30,716

     

     

    55,841

     

    Inventories

     

    94,613

     

     

    90,672

     

    Other current assets

     

    27,040

     

     

    16,471

     

    Total current assets

     

    259,155

     

     

    267,727

     

    Investments

     

    20,778

     

     

    24,018

     

    Restricted cash

     

    1,166

     

     

    1,164

     

    Properties, plants, equipment and mineral interests, net

     

    2,615,747

     

     

    2,569,790

     

    Operating lease right-of-use assets

     

    9,901

     

     

    11,064

     

    Deferred tax assets

     

    2,703

     

     

    21,105

     

    Other non-current assets

     

    36,009

     

     

    32,304

     

    Total assets

    $

    2,945,459

     

    $

    2,927,172

     

     

     

     

     

     

    LIABILITIES

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable and accrued liabilities

    $

    81,653

     

    $

    84,747

     

    Accrued payroll and related benefits

     

    25,993

     

     

    37,579

     

    Accrued taxes

     

    4,036

     

     

    4,030

     

    Finance leases

     

    11,213

     

     

    9,483

     

    Accrued reclamation and closure costs

     

    9,693

     

     

    8,591

     

    Accrued interest

     

    14,404

     

     

    14,454

     

    Other current liabilities

     

    4,348

     

     

    19,582

     

    Total current liabilities

     

    151,340

     

     

    178,466

     

    Accrued reclamation and closure costs

     

    110,236

     

     

    108,408

     

    Long-term debt including finance leases

     

    559,817

     

     

    517,742

     

    Deferred tax liability

     

    118,611

     

     

    125,846

     

    Other non-current liabilities

     

    12,619

     

     

    17,743

     

    Total liabilities

     

    952,623

     

     

    948,205

     

     

     

     

     

     

    STOCKHOLDERS’ EQUITY

     

     

     

     

    Preferred stock

     

    39

     

     

    39

     

    Common stock

     

    153,334

     

     

    151,819

     

    Capital surplus

     

    2,289,607

     

     

    2,260,290

     

    Accumulated deficit

     

    (430,606

    )

     

    (403,931

    )

    Accumulated other comprehensive income, net

     

    14,196

     

     

    2,448

     

    Treasury stock

     

    (33,734

    )

     

    (31,698

    )

    Total stockholders’ equity

     

    1,992,836

     

     

    1,978,967

     

    Total liabilities and stockholders’ equity

    $

    2,945,459

     

    $

    2,927,172

     

    Common shares outstanding

     

    613,682

     

     

    607,620

     

     

    Non-GAAP Measures
    (Unaudited)

    Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)

    The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three months and six months ended June 30, 2023 and 2022, the three months ended March 31, 2023 December 31, 2022, September 30, 2022 and June 30, 2022.

    Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as we report them are the same as those reported by other mining companies.

    Cash Cost, After By-product Credits, per Ounce is an important operating statistic that we utilize to measure each mine's operating performance. We use AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure we report, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies, and aggregating Casa Berardi and Nevada Operations for comparison with other gold mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.

    Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.

    In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. We also use these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.

    The Casa Berardi and Nevada Operations and combined gold properties information below reports Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce for the production of gold, their primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi and Nevada Operations. Only costs and ounces produced relating to units with the same primary product are combined to represent Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce. Thus, the gold produced at our Casa Berardi and Nevada Operations units is not included as a by-product credit when calculating Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the total of Greens Creek and Lucky Friday, our combined silver properties. Similarly, the silver produced at our other two units is not included as a by-product credit when calculating the gold metrics for Casa Berardi and Nevada Operations.

     

    In thousands (except per ounce amounts)

     

    Three Months Ended
    June 30, 2023

     

    Three Months Ended
    March 31, 2023

     

    Six Months Ended
    June 30, 2023

     

    Six Months Ended
    June 30, 2022 (5)

     

     

    Greens Creek

     

    Lucky Friday

     

    Keno Hill (6)

     

    Corporate (2)

     

    Total Silver

     

    Greens Creek

     

    Lucky Friday

     

    Corporate (2)

     

    Total Silver

     

    Greens
    Creek

     

    Lucky
    Friday

     

    Keno Hill (6)

     

    Corporate (2)

     

    Total Silver

     

    Greens Creek

     

    Lucky Friday(2)

     

    Corporate
    and other(3)

     

    Total Silver

    Total cost of sales

     

    $63,054

     

     

    $32,190

     

     

    $1,581

     

     

    $—

     

    $96,825

     

     

    $66,288

     

     

    $34,534

     

     

    $—

     

    $100,822

     

     

    $129,342

     

     

    $66,724

     

     

    $1,581

     

     

    $—

     

    197,647

     

     

    $110,143

     

     

    $59,613

     

     

    $—

     

    $169,756

     

    Depreciation, depletion and amortization

     

    (13,078

    )

     

    (8,979

    )

     

    (261

    )

     

    —

     

    (22,318

    )

     

    (14,464

    )

     

    (10,456

    )

     

    —

     

    (24,920

    )

     

    (27,542

    )

     

    (19,435

    )

     

    (261

    )

     

    —

     

    (47,238

    )

     

    (25,049

    )

     

    (16,894

    )

     

    —

     

    (41,943

    )

    Treatment costs

     

    10,376

     

     

    4,187

     

     

    113

     

     

    —

     

    14,676

     

     

    10,369

     

     

    5,276

     

     

    —

     

    15,645

     

     

    20,745

     

     

    9,464

     

     

    113

     

     

    —

     

    30,322

     

     

    17,892

     

     

    8,480

     

     

    —

     

    26,372

     

    Change in product inventory

     

    (1,242

    )

     

    1,546

     

     

    —

     

     

    —

     

    304

     

     

    (1,614

    )

     

    (2,409

    )

     

    —

     

    (4,023

    )

     

    (2,856

    )

     

    (863

    )

     

    —

     

     

    —

     

    (3,719

    )

     

    5,436

     

     

    (402

    )

     

    —

     

    5,034

     

    Reclamation and other costs

     

    263

     

     

    (250

    )

     

    —

     

     

    —

     

    13

     

     

    (129

    )

     

    (408

    )

     

    —

     

    (537

    )

     

    134

     

     

    (658

    )

     

    —

     

     

    —

     

    (524

    )

     

     

     

     

     

    —

     

     

    Exclusion of Keno Hill cash costs

     

    —

     

     

    —

     

     

    (1,433

    )

     

    —

     

    (1,433

    )

     

     

     

     

     

    —

     

    —

     

     

    -

     

     

    -

     

     

    (1,433

    )

     

    —

     

    (1,433

    )

     

    (1,872

    )

     

    (619

    )

     

    —

     

    (2,491

    )

    Cash Cost, Before By-product Credits (1)

     

    59,373

     

     

    28,694

     

     

    —

     

     

    —

     

    88,067

     

     

    60,450

     

     

    26,537

     

     

    —

     

    86,987

     

     

    119,823

     

     

    55,232

     

     

    —

     

     

    —

     

    175,055

     

     

    106,550

     

     

    50,178

     

     

    —

     

    156,728

     

    Reclamation and other costs

     

    722

     

     

    285

     

     

    —

     

     

    —

     

    1,007

     

     

    722

     

     

    285

     

     

    —

     

    1,007

     

     

    1,444

     

     

    570

     

     

    —

     

     

    —

     

    2,014

     

     

    1,410

     

     

    564

     

     

    —

     

    1,974

     

    Sustaining capital

     

    8,714

     

     

    9,081

     

     

    —

     

     

    688

     

    18,483

     

     

    6,641

     

     

    7,784

     

     

    —

     

    14,425

     

     

    15,355

     

     

    16,865

     

     

    —

     

     

    594

     

    32,814

     

     

    20,624

     

     

    13,671

     

     

    147

     

    34,442

     

    General and administrative

     

    —

     

     

    —

     

     

    —

     

     

    10,783

     

    10,783

     

     

    —

     

     

    —

     

     

    12,070

     

    12,070

     

     

    —

     

     

    —

     

     

    —

     

     

    22,853

     

    22,853

     

     

    —

     

     

    —

     

     

    17,986

     

    17,986

     

    AISC, Before By-product Credits (1)

     

    68,809

     

     

    38,060

     

     

    —

     

     

    11,471

     

    118,340

     

     

    67,813

     

     

    34,606

     

     

    12,070

     

    114,489

     

     

    136,622

     

     

    72,667

     

     

    —

     

     

    23,447

     

    232,736

     

     

    128,584

     

     

    64,413

     

     

    18,133

     

    211,130

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Zinc

     

    (20,923

    )

     

    (5,448

    )

     

    —

     

     

    —

     

    (26,371

    )

     

    (24,005

    )

     

    (6,816

    )

     

    —

     

    (30,821

    )

     

    (44,928

    )

     

    (12,264

    )

     

    —

     

     

    —

     

    (57,192

    )

     

    (61,479

    )

     

    (14,204

    )

     

    —

     

    (75,683

    )

    Gold

     

    (28,458

    )

     

    —

     

     

    —

     

     

    —

     

    (28,458

    )

     

    (25,286

    )

     

    —

     

     

    —

     

    (25,286

    )

     

    (53,744

    )

     

    -

     

     

    —

     

     

    —

     

    (53,744

    )

     

    (38,947

    )

     

    —

     

     

    —

     

    (38,947

    )

    Lead

     

    (6,860

    )

     

    (14,287

    )

     

    —

     

     

    —

     

    (21,147

    )

     

    (7,942

    )

     

    (14,299

    )

     

    —

     

    (22,241

    )

     

    (14,802

    )

     

    (28,586

    )

     

    —

     

     

    —

     

    (43,388

    )

     

    (16,237

    )

     

    (26,379

    )

     

    —

     

    (42,616

    )

    Total By-product credits

     

    (56,241

    )

     

    (19,735

    )

     

    —

     

     

    —

     

    (75,976

    )

     

    (57,233

    )

     

    (21,115

    )

     

    —

     

    (78,348

    )

     

    (113,474

    )

     

    (40,850

    )

     

    —

     

     

    —

     

    (154,324

    )

     

    (116,663

    )

     

    (40,583

    )

     

    —

     

    (157,246

    )

    Cash Cost, After By-product Credits

     

    $3,132

     

     

    $8,959

     

     

    $—

     

     

    $—

     

    $12,091

     

     

    $3,217

     

     

    $5,422

     

     

    $—

     

    $8,639

     

     

    $6,349

     

     

    $14,382

     

     

    $—

     

     

    $—

     

    $20,731

     

     

    $(10,113

    )

     

    $9,595

     

     

    $—

     

    $(518

    )

    AISC, After By-product Credits

     

    $12,568

     

     

    $18,325

     

     

    $—

     

     

    $11,471

     

    $42,364

     

     

    $10,580

     

     

    $13,491

     

     

    $12,070

     

    $36,141

     

     

    $23,148

     

     

    $31,817

     

     

    $—

     

     

    $23,447

     

    $78,412

     

     

    $11,921

     

     

    $23,830

     

     

    $18,133

     

    $53,884

     

    Divided by ounces produced

     

    2,356

     

     

    1,287

     

     

     

     

     

     

    3,642

     

     

    2,773

     

     

    1,262

     

     

     

     

    4,035

     

     

    5,129

     

     

    2,549

     

     

     

     

     

     

    7,678

     

     

    4,840

     

     

    2,114

     

     

     

     

    6,954

     

    Cash Cost, Before By-product Credits, per Silver Ounce

     

    $25.20

     

     

    $22.30

     

     

     

     

     

     

    $24.18

     

     

    $21.80

     

     

    $21.03

     

     

     

     

    $21.56

     

     

    $23.36

     

     

    $21.67

     

     

     

     

     

     

    $22.80

     

     

    $22.01

     

     

    $23.74

     

     

     

     

    $22.54

     

    By-product credits per ounce

     

    (23.87

    )

     

    (15.34

    )

     

     

     

     

     

    (20.86

    )

     

    (20.64

    )

     

    (16.73

    )

     

     

     

    (19.42

    )

     

    (22.13

    )

     

    (16.03

    )

     

     

     

     

     

    (20.10

    )

     

    (24.10

    )

     

    (19.20

    )

     

     

     

    (22.61

    )

    Cash Cost, After By-product Credits, per Silver Ounce

     

    $1.33

     

     

    $6.96

     

     

     

     

     

     

    $3.32

     

     

    $1.16

     

     

    $4.30

     

     

     

     

    $2.14

     

     

    $1.23

     

     

    $5.64

     

     

     

     

     

     

    $2.70

     

     

    $(2.09

    )

     

    $4.54

     

     

     

     

    $(0.07

    )

    AISC, Before By-product Credits, per Silver Ounce

     

    $29.21

     

     

    $29.58

     

     

     

     

     

     

    $32.49

     

     

    $24.46

     

     

    $27.42

     

     

     

     

    $28.38

     

     

    $26.64

     

     

    $28.51

     

     

     

     

     

     

    $30.31

     

     

    $26.57

     

     

    $30.47

     

     

     

     

    $30.36

     

    By-product credits per ounce

     

    (23.87

    )

     

    (15.34

    )

     

     

     

     

     

    (20.86

    )

     

    (20.64

    )

     

    (16.73

    )

     

     

     

    (19.42

    )

     

    (22.13

    )

     

    (16.03

    )

     

     

     

     

     

    (20.10

    )

     

    (24.10

    )

     

    (19.20

    )

     

     

     

    (22.61

    )

    AISC, After By-product Credits, per Silver Ounce

     

    $5.34

     

     

    $14.24

     

     

     

     

     

     

    $11.63

     

     

    $3.83

     

     

    $10.69

     

     

     

     

    $8.96

     

     

    $4.51

     

     

    $12.48

     

     

     

     

     

     

    $10.21

     

     

    $2.47

     

     

    $11.27

     

     

     

     

    $7.75

     

     

    In thousands (except per ounce amounts)

     

    Three Months Ended
    June 30, 2023

     

     

    Three Months Ended
    March 31, 2023

     

     

    Six Months Ended
    June 30, 2023

     

     

    Six Months Ended
    June 30, 2022 (5)

     

     

     

    Casa Berardi

     

     

    Nevada
    Operations
    and
    Other (4)

     

     

    Total Gold

     

     

    Casa Berardi

     

     

    Nevada
    Operations
    and
    Other (4)

     

     

    Total Gold

     

     

    Casa Berardi

     

     

    Nevada
    Operations
    and
    Other (4)

     

     

    Total Gold

     

     

    Casa Berardi

     

     

    Total Gold

     

    Total cost of sales

     

    $

    42,576

     

     

    $

    1,071

     

     

    $

    43,647

     

     

    $

    62,998

     

     

    $

    732

     

     

    $

    63,730

     

     

    $

    105,574

     

     

    $

    1,803

     

     

    $

    107,377

     

     

    $

    124,038

     

     

    $

    124,038

     

    Depreciation, depletion and amortization

     

     

    (10,272

    )

     

     

    (127

    )

     

     

    (10,399

    )

     

     

    (14,036

    )

     

     

    (47

    )

     

     

    (14,083

    )

     

     

    (24,308

    )

     

     

    (174

    )

     

     

    (24,482

    )

     

     

    (31,305

    )

     

     

    (31,305

    )

    Treatment costs

     

     

    351

     

     

     

    —

     

     

     

    351

     

     

     

    467

     

     

     

    —

     

     

     

    467

     

     

     

    818

     

     

     

    —

     

     

     

    818

     

     

     

    915

     

     

     

    915

     

    Change in product inventory

     

     

    (951

    )

     

     

    —

     

     

     

    (951

    )

     

     

    (2,417

    )

     

     

    —

     

     

     

    (2,417

    )

     

     

    (3,368

    )

     

     

    —

     

     

     

    (3,368

    )

     

     

    (1,356

    )

     

     

    (1,356

    )

    Reclamation and other costs

     

     

    (219

    )

     

     

    —

     

     

     

    (219

    )

     

     

    (217

    )

     

     

    —

     

     

     

    (217

    )

     

     

    (436

    )

     

     

    —

     

     

     

    (436

    )

     

     

    (419

    )

     

     

    (419

    )

    Exclusion of Casa Berardi cash costs (3)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,851

    )

     

     

    —

     

     

     

    (2,851

    )

     

     

    (2,851

    )

     

     

    —

     

     

     

    (2,851

    )

     

     

    —

     

     

     

    —

     

    Exclusion of Nevada and Other costs

     

     

    —

     

     

     

    (944

    )

     

     

    (944

    )

     

     

    —

     

     

     

    (685

    )

     

     

    (685

    )

     

     

    —

     

     

     

    (1,629

    )

     

     

    (1,629

    )

     

     

    —

     

     

     

    —

     

    Cash Cost, Before By-product Credits (1)

     

     

    31,485

     

     

     

    —

     

     

     

    31,485

     

     

     

    43,944

     

     

     

    —

     

     

     

    43,944

     

     

     

    75,429

     

     

     

    —

     

     

     

    75,429

     

     

     

    91,873

     

     

     

    91,873

     

    Reclamation and other costs

     

     

    219

     

     

     

    —

     

     

     

    219

     

     

     

    217

     

     

     

    —

     

     

     

    217

     

     

     

    436

     

     

     

    —

     

     

     

    436

     

     

     

    419

     

     

     

    419

     

    Sustaining capital

     

     

    9,025

     

     

     

    —

     

     

     

    9,025

     

     

     

    15,015

     

     

     

    —

     

     

     

    15,015

     

     

     

    24,041

     

     

     

    —

     

     

     

    24,041

     

     

     

    14,878

     

     

     

    14,878

     

    AISC, Before By-product Credits (1)

     

     

    40,729

     

     

     

    —

     

     

     

    40,729

     

     

     

    59,176

     

     

     

    —

     

     

     

    59,176

     

     

     

    99,906

     

     

     

    —

     

     

     

    99,906

     

     

     

    107,170

     

     

     

    107,170

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Silver

     

     

    (144

    )

     

     

     

     

     

    (144

    )

     

     

    (127

    )

     

     

    —

     

     

     

    (127

    )

     

     

    (271

    )

     

     

    —

     

     

     

    (271

    )

     

     

    (354

    )

     

     

    (354

    )

    Total By-product credits

     

     

    (144

    )

     

     

    —

     

     

     

    (144

    )

     

     

    (127

    )

     

     

    —

     

     

     

    (127

    )

     

     

    (271

    )

     

     

    —

     

     

     

    (271

    )

     

     

    (354

    )

     

     

    (354

    )

    Cash Cost, After By-product Credits

     

    $

    31,341

     

     

    $

    —

     

     

    $

    31,341

     

     

    $

    43,817

     

     

    $

    —

     

     

    $

    43,817

     

     

    $

    75,158

     

     

    $

    —

     

     

    $

    75,158

     

     

    $

    91,519

     

     

    $

    91,519

     

    AISC, After By-product Credits

     

    $

    40,585

     

     

    $

    —

     

     

    $

    40,585

     

     

    $

    59,049

     

     

    $

    —

     

     

    $

    59,049

     

     

    $

    99,635

     

     

    $

    —

     

     

    $

    99,635

     

     

    $

    106,816

     

     

    $

    106,816

     

    Divided by gold ounces produced

     

     

    19

     

     

     

    —

     

     

     

    19

     

     

     

    25

     

     

     

    —

     

     

     

    25

     

     

     

    44

     

     

     

    —

     

     

     

    44

     

     

     

    64

     

     

     

    64

     

    Cash Cost, Before By-product Credits, per Gold Ounce

     

    $

    1,666

     

     

    $

    —

     

     

    $

    1,666

     

     

    $

    1,780

     

     

    $

    —

     

     

    $

    1,780

     

     

    $

    1,731

     

     

    $

    —

     

     

    $

    1,731

     

     

    $

    1,446

     

     

    $

    1,446

     

    By-product credits per ounce

     

     

    (8

    )

     

     

    —

     

     

     

    (8

    )

     

     

    (5

    )

     

     

    —

     

     

     

    (5

    )

     

     

    (6

    )

     

     

    —

     

     

     

    (6

    )

     

     

    (6

    )

     

     

    (6

    )

    Cash Cost, After By-product Credits, per Gold Ounce

     

    $

    1,658

     

     

    $

    —

     

     

    $

    1,658

     

     

    $

    1,775

     

     

    $

    —

     

     

    $

    1,775

     

     

    $

    1,725

     

     

    $

    —

     

     

    $

    1,725

     

     

    $

    1,440

     

     

    $

    1,440

     

    AISC, Before By-product Credits, per Gold Ounce

     

    $

    2,155

     

     

    $

    —

     

     

    $

    2,155

     

     

    $

    2,397

     

     

    $

    —

     

     

    $

    2,397

     

     

    $

    2,292

     

     

    $

    —

     

     

    $

    2,292

     

     

    $

    1,686

     

     

    $

    1,686

     

    By-product credits per ounce

     

     

    (8

    )

     

     

    —

     

     

     

    (8

    )

     

     

    (5

    )

     

     

    —

     

     

     

    (5

    )

     

     

    (6

    )

     

     

    —

     

     

     

    (6

    )

     

     

    (6

    )

     

     

    (6

    )

    AISC, After By-product Credits, per Gold Ounce

     

    $

    2,147

     

     

    $

    —

     

     

    $

    2,147

     

     

    $

    2,392

     

     

    $

    —

     

     

    $

    2,392

     

     

    $

    2,286

     

     

    $

    —

     

     

    $

    2,286

     

     

    $

    1,680

     

     

    $

    1,680

     

     

    In thousands (except per ounce amounts)

     

    Three Months Ended
    June 30, 2023

     

     

    Three Months Ended
    March 31, 2023

     

     

    Six Months Ended
    June 30, 2023

     

     

    Six Months Ended
    June 30, 2022 (5)

     

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

    Total cost of sales

     

    $

    96,825

     

     

    $

    43,647

     

     

    $

    140,472

     

     

    $

    100,822

     

     

    $

    63,730

     

     

    $

    164,552

     

     

    $

    197,647

     

     

    $

    107,377

     

     

    $

    305,024

     

     

    $

    169,756

     

     

    $

    124,038

     

     

    $

    293,794

     

    Depreciation, depletion and amortization

     

     

    (22,318

    )

     

     

    (10,399

    )

     

     

    (32,717

    )

     

     

    (24,920

    )

     

     

    (14,083

    )

     

     

    (39,003

    )

     

     

    (47,238

    )

     

     

    (24,482

    )

     

     

    (71,720

    )

     

     

    (41,943

    )

     

     

    (31,305

    )

     

     

    (73,248

    )

    Treatment costs

     

     

    14,676

     

     

     

    351

     

     

     

    15,027

     

     

     

    15,645

     

     

     

    467

     

     

     

    16,112

     

     

     

    30,322

     

     

     

    818

     

     

     

    31,140

     

     

     

    26,372

     

     

     

    915

     

     

     

    27,287

     

    Change in product inventory

     

     

    304

     

     

     

    (951

    )

     

     

    (647

    )

     

     

    (4,023

    )

     

     

    (2,417

    )

     

     

    (6,440

    )

     

     

    (3,719

    )

     

     

    (3,368

    )

     

     

    (7,087

    )

     

     

    5,034

     

     

     

    (1,356

    )

     

     

    3,678

     

    Reclamation and other costs

     

     

    13

     

     

     

    (219

    )

     

     

    (206

    )

     

     

    (537

    )

     

     

    (217

    )

     

     

    (754

    )

     

     

    (524

    )

     

     

    (436

    )

     

     

    (960

    )

     

     

    (2,491

    )

     

     

    (419

    )

     

     

    (2,910

    )

    Exclusion of Keno Hill cash costs

     

     

    (1,433

    )

     

     

    —

     

     

     

    (1,433

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,433

    )

     

     

    —

     

     

     

    (1,433

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Exclusion of Casa Berardi cash costs (3)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,851

    )

     

     

    (2,851

    )

     

     

    —

     

     

     

    (2,851

    )

     

     

    (2,851

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Exclusion of Nevada and Other

     

     

    —

     

     

     

    (944

    )

     

     

    (944

    )

     

     

    —

     

     

     

    (685

    )

     

     

    (685

    )

     

     

    —

     

     

     

    (1,629

    )

     

     

    (1,629

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Cash Cost, Before By-product Credits (1)

     

     

    88,067

     

     

     

    31,485

     

     

     

    119,552

     

     

     

    86,987

     

     

     

    43,944

     

     

     

    130,931

     

     

     

    175,055

     

     

     

    75,429

     

     

     

    250,484

     

     

     

    156,728

     

     

     

    91,873

     

     

     

    248,601

     

    Reclamation and other costs

     

     

    1,007

     

     

     

    219

     

     

     

    1,226

     

     

     

    1,007

     

     

     

    217

     

     

     

    1,224

     

     

     

    2,014

     

     

     

    436

     

     

     

    2,450

     

     

     

    1,974

     

     

     

    419

     

     

     

    2,393

     

    Sustaining capital

     

     

    18,483

     

     

     

    9,025

     

     

     

    27,508

     

     

     

    14,425

     

     

     

    15,015

     

     

     

    29,440

     

     

     

    32,814

     

     

     

    24,041

     

     

     

    56,855

     

     

     

    34,442

     

     

     

    14,878

     

     

     

    49,320

     

    General and administrative

     

     

    10,783

     

     

     

    —

     

     

     

    10,783

     

     

     

    12,070

     

     

     

    —

     

     

     

    12,070

     

     

     

    22,853

     

     

     

    —

     

     

     

    22,853

     

     

     

    17,986

     

     

     

    —

     

     

     

    17,986

     

    AISC, Before By-product Credits (1)

     

     

    118,340

     

     

     

    40,729

     

     

     

    159,069

     

     

     

    114,489

     

     

     

    59,176

     

     

     

    173,665

     

     

     

    232,736

     

     

     

    99,906

     

     

     

    332,642

     

     

     

    211,130

     

     

     

    107,170

     

     

     

    318,300

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Zinc

     

     

    (26,371

    )

     

     

    —

     

     

     

    (26,371

    )

     

     

    (30,821

    )

     

     

    —

     

     

     

    (30,821

    )

     

     

    (57,192

    )

     

     

    —

     

     

     

    (57,192

    )

     

     

    (75,683

    )

     

     

    —

     

     

     

    (75,683

    )

    Gold

     

     

    (28,458

    )

     

     

    —

     

     

     

    (28,458

    )

     

     

    (25,286

    )

     

     

    —

     

     

     

    (25,286

    )

     

     

    (53,744

    )

     

     

    —

     

     

     

    (53,744

    )

     

     

    (38,947

    )

     

     

    —

     

     

     

    (38,947

    )

    Lead

     

     

    (21,147

    )

     

     

    —

     

     

     

    (21,147

    )

     

     

    (22,241

    )

     

     

    —

     

     

     

    (22,241

    )

     

     

    (43,388

    )

     

     

    —

     

     

     

    (43,388

    )

     

     

    (42,616

    )

     

     

    —

     

     

     

    (42,616

    )

    Silver

     

     

    —

     

     

     

    (144

    )

     

     

    (144

    )

     

     

    —

     

     

     

    (127

    )

     

     

    (127

    )

     

     

    —

     

     

     

    (271

    )

     

     

    (271

    )

     

     

    —

     

     

     

    (354

    )

     

     

    (354

    )

    Total By-product credits

     

     

    (75,976

    )

     

     

    (144

    )

     

     

    (76,120

    )

     

     

    (78,348

    )

     

     

    (127

    )

     

     

    (78,475

    )

     

     

    (154,324

    )

     

     

    (271

    )

     

     

    (154,595

    )

     

     

    (157,246

    )

     

     

    (354

    )

     

     

    (157,600

    )

    Cash Cost, After By-product Credits

     

    $

    12,091

     

     

    $

    31,341

     

     

    $

    43,432

     

     

    $

    8,639

     

     

    $

    43,817

     

     

    $

    52,456

     

     

    $

    20,731

     

     

    $

    75,158

     

     

    $

    95,889

     

     

    $

    (518

    )

     

    $

    91,519

     

     

    $

    91,001

     

    AISC, After By-product Credits

     

    $

    42,364

     

     

    $

    40,585

     

     

    $

    82,949

     

     

    $

    36,141

     

     

    $

    59,049

     

     

    $

    95,190

     

     

    $

    78,412

     

     

    $

    99,635

     

     

    $

    178,047

     

     

    $

    53,884

     

     

    $

    106,816

     

     

    $

    160,700

     

    Divided by ounces produced

     

     

    3,642

     

     

     

    19

     

     

     

     

     

     

    4,035

     

     

     

    25

     

     

     

     

     

     

    7,678

     

     

     

    44

     

     

     

     

     

     

    6,954

     

     

     

    64

     

     

     

     

    Cash Cost, Before By-product Credits, per Ounce

     

    $

    24.18

     

     

    $

    1,666

     

     

     

     

     

    $

    21.56

     

     

    $

    1,780

     

     

     

     

     

    $

    22.80

     

     

    $

    1,731

     

     

     

     

     

    $

    22.54

     

     

    $

    1,446

     

     

     

     

    By-product credits per ounce

     

     

    (20.86

    )

     

     

    (8

    )

     

     

     

     

     

    (19.42

    )

     

     

    (5

    )

     

     

     

     

     

    (20.10

    )

     

     

    (6

    )

     

     

     

     

     

    (22.61

    )

     

     

    (6

    )

     

     

     

    Cash Cost, After By-product Credits, per Ounce

     

    $

    3.32

     

     

    $

    1,658

     

     

     

     

     

    $

    2.14

     

     

    $

    1,775

     

     

     

     

     

    $

    2.70

     

     

    $

    1,725

     

     

     

     

     

    $

    (0.07

    )

     

    $

    1,440

     

     

     

     

    AISC, Before By-product Credits, per Ounce

     

    $

    32.49

     

     

    $

    2,155

     

     

     

     

     

    $

    28.38

     

     

    $

    2,397

     

     

     

     

     

    $

    30.31

     

     

    $

    2,292

     

     

     

     

     

    $

    30.36

     

     

    $

    1,686

     

     

     

     

    By-product credits per ounce

     

     

    (20.86

    )

     

     

    (8

    )

     

     

     

     

     

    (19.42

    )

     

     

    (5

    )

     

     

     

     

     

    (20.10

    )

     

     

    (6

    )

     

     

     

     

     

    (22.61

    )

     

     

    (6

    )

     

     

     

    AISC, After By-product Credits, per Ounce

     

    $

    11.63

     

     

     

    2,147

     

     

     

     

     

    $

    8.96

     

     

     

    2,392

     

     

     

     

     

    $

    10.21

     

     

     

    2,286

     

     

     

     

     

    $

    7.75

     

     

     

    1,680

     

     

     

     

     

    In thousands (except per ounce amounts)

    Three Months Ended
    December 31, 2022 (5)

     

     

    Three Months Ended
    September 30, 2022 (5)

     

     

    Three Months Ended
    June 30, 2022 (5)

     

     

    Greens Creek

     

     

    Lucky Friday

     

     

    Corporate (2)

     

    Total Silver

     

     

    Greens Creek

     

     

    Lucky Friday

     

     

    Corporate (2)

     

    Total Silver

     

     

    Greens Creek

     

     

    Lucky Friday

     

     

    Corporate (2)

     

    Total Silver

     

    Total cost of sales

    $

    70,074

     

    $

    32,819

     

    $

    —

    $

    102,893

     

    $

    52,502

     

    $

    24,164

     

    $

    —

    $

    76,666

     

    $

    60,506

     

    $

    30,348

     

    $

    —

    $

    90,854

     

    Depreciation, depletion and amortization

     

    (13,557

    )

     

    (9,549

    )

     

    —

     

    (23,106

    )

     

    (10,305

    )

     

    (7,261

    )

     

    —

     

    (17,566

    )

     

    (13,629

    )

     

    (8,862

    )

     

    —

     

    (22,491

    )

    Treatment costs

     

    10,467

     

     

    5,334

     

     

    —

     

    15,801

     

     

    9,477

     

     

    4,791

     

     

    —

     

    14,268

     

     

    8,778

     

     

    4,803

     

     

    —

     

    13,581

     

    Change in product inventory

     

    (4,014

    )

     

    (571

    )

     

    —

     

    (4,585

    )

     

    4,464

     

     

    3,022

     

     

    —

     

    7,486

     

     

    (1,102

    )

     

    503

     

     

    —

     

    (599

    )

    Reclamation and other costs

     

    499

     

     

    (265

    )

     

    —

     

    234

     

     

    (118

    )

     

    (152

    )

     

    —

     

    (270

    )

     

    (1,005

    )

     

    (256

    )

     

    —

     

    (1,261

    )

    Cash Cost, Before By-product Credits (1)

     

    63,469

     

     

    27,768

     

     

    —

     

    91,237

     

     

    56,020

     

     

    24,564

     

     

    —

     

    80,584

     

     

    53,548

     

     

    26,536

     

     

    —

     

    80,084

     

    Reclamation and other costs

     

    706

     

     

    282

     

     

    —

     

    988

     

     

    705

     

     

    282

     

     

    —

     

    987

     

     

    705

     

     

    282

     

     

    —

     

    987

     

    Sustaining capital

     

    9,862

     

     

    8,369

     

     

    —

     

    18,231

     

     

    10,219

     

     

    11,264

     

     

    187

     

    21,670

     

     

    14,668

     

     

    8,110

     

     

    99

     

    22,877

     

    General and administrative

     

    —

     

     

    —

     

     

    14,395

     

    14,395

     

     

    —

     

     

    —

     

     

    11,003

     

    11,003

     

     

    —

     

     

    —

     

     

    9,692

     

    9,692

     

    AISC, Before By-product Credits (1)

     

    74,037

     

     

    36,419

     

     

    14,395

     

    124,851

     

     

    66,944

     

     

    36,110

     

     

    11,190

     

    114,244

     

     

    68,921

     

     

    34,928

     

     

    9,791

     

    113,640

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Zinc

     

    (26,112

    )

     

    (6,249

    )

     

    —

     

    (32,361

    )

     

    (26,244

    )

     

    (7,155

    )

     

    —

     

    (33,399

    )

     

    (32,828

    )

     

    (8,227

    )

     

    —

     

    (41,055

    )

    Gold

     

    (19,630

    )

     

    —

     

     

    —

     

    (19,630

    )

     

    (17,019

    )

     

    —

     

     

    —

     

    (17,019

    )

     

    (20,364

    )

     

    —

     

     

    —

     

    (20,364

    )

    Lead

     

    (7,351

    )

     

    (14,392

    )

     

    —

     

    (21,743

    )

     

    (6,212

    )

     

    (11,796

    )

     

    —

     

    (18,008

    )

     

    (8,271

    )

     

    (14,543

    )

     

    —

     

    (22,814

    )

    Total By-product credits

     

    (53,093

    )

     

    (20,641

    )

     

    —

     

    (73,734

    )

     

    (49,475

    )

     

    (18,951

    )

     

    —

     

    (68,426

    )

     

    (61,463

    )

     

    (22,770

    )

     

    —

     

    (84,233

    )

    Cash Cost, After By-product Credits

    $

    10,376

     

    $

    7,127

     

    $

    —

    $

    17,503

     

    $

    6,545

     

    $

    5,613

     

    $

    —

    $

    12,158

     

    $

    (7,915

    )

    $

    3,766

     

    $

    —

    $

    (4,149

    )

    AISC, After By-product Credits

    $

    20,944

     

    $

    15,778

     

    $

    14,395

    $

    51,117

     

    $

    17,469

     

    $

    17,159

     

    $

    11,190

    $

    45,818

     

    $

    7,458

     

    $

    12,158

     

    $

    9,791

    $

    29,407

     

    Divided by ounces produced

     

    2,433

     

     

    1,224

     

     

     

    3,657

     

     

    2,469

     

     

    1,075

     

     

     

    3,544

     

     

    2,410

     

     

    1,226

     

     

     

    3,636

     

    Cash Cost, Before By-product Credits, per Silver Ounce

    $

    26.08

     

    $

    22.68

     

     

    $

    24.95

     

    $

    22.69

     

    $

    22.87

     

     

    $

    22.74

     

    $

    22.21

     

    $

    21.65

     

     

    $

    22.03

     

    By-product credits per ounce

     

    (21.82

    )

     

    (16.86

    )

     

     

    (20.16

    )

     

    (20.04

    )

     

    (17.64

    )

     

     

    (19.31

    )

     

    (25.50

    )

     

    (18.58

    )

     

     

    (23.17

    )

    Cash Cost, After By-product Credits, per Silver Ounce

    $

    4.26

     

    $

    5.82

     

     

    $

    4.79

     

    $

    2.65

     

    $

    5.23

     

     

    $

    3.43

     

    $

    (3.29

    )

    $

    3.07

     

     

    $

    (1.14

    )

    AISC, Before By-product Credits, per Silver Ounce

    $

    30.43

     

    $

    29.74

     

     

    $

    34.14

     

    $

    27.11

     

    $

    33.62

     

     

    $

    32.24

     

    $

    28.60

     

    $

    28.49

     

     

    $

    31.25

     

    By-product credits per ounce

     

    (21.82

    )

     

    (16.86

    )

     

     

    (20.16

    )

     

    (20.04

    )

     

    (17.64

    )

     

     

    (19.31

    )

     

    (25.50

    )

     

    (18.58

    )

     

     

    (23.17

    )

    AISC, After By-product Credits, per Silver Ounce

    $

    8.61

     

    $

    12.88

     

     

    $

    13.98

     

    $

    7.07

     

    $

    15.98

     

     

    $

    12.93

     

    $

    3.10

     

    $

    9.91

     

     

    $

    8.08

     

    In thousands (except per ounce amounts)

    Three Months Ended
    December 31, 2022 (5)

     

     

    Three Months Ended
    September 30, 2022 (5)

     

     

    Three Months Ended
    June 30, 2022 (5)

     

     

    Casa Berardi

     

     

    Total Gold

     

     

    Casa Berardi

     

     

    Total Gold

     

     

    Casa Berardi

     

    Total Gold

     

    Total cost of sales

    $

    65,328

     

    $

    65,328

     

    $

    59,532

     

    $

    59,532

     

    $

    61,870

     

    $

    61,870

     

    Depreciation, depletion and amortization

     

    (14,568

    )

     

    (14,568

    )

     

    (15,089

    )

     

    (15,089

    )

     

    (15,459

    )

     

    (15,459

    )

    Treatment costs

     

    521

     

     

    521

     

     

    429

     

     

    429

     

     

    457

     

     

    457

     

    Change in product inventory

     

    1,122

     

     

    1,122

     

     

    420

     

     

    420

     

     

    (793

    )

     

    (793

    )

    Reclamation and other costs

     

    (196

    )

     

    (196

    )

     

    (203

    )

     

    (203

    )

     

    (209

    )

     

    (209

    )

    Cash Cost, Before By-product Credits (1)

     

    52,207

     

     

    52,207

     

     

    45,089

     

     

    45,089

     

     

    45,866

     

     

    45,866

     

    Reclamation and other costs

     

    196

     

     

    196

     

     

    204

     

     

    204

     

     

    209

     

     

    209

     

    Sustaining capital

     

    11,438

     

     

    11,438

     

     

    10,457

     

     

    10,457

     

     

    7,597

     

     

    7,597

     

    AISC, Before By-product Credits (1)

     

    63,841

     

     

    63,841

     

     

    55,750

     

     

    55,750

     

     

    53,672

     

     

    53,672

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

    Silver

     

    (124

    )

     

    (124

    )

     

    (131

    )

     

    (131

    )

     

    (188

    )

     

    (188

    )

    Total By-product credits

     

    (124

    )

     

    (124

    )

     

    (131

    )

     

    (131

    )

     

    (188

    )

     

    (188

    )

    Cash Cost, After By-product Credits

    $

    52,083

     

    $

    52,083

     

    $

    44,958

     

    $

    44,958

     

    $

    45,678

     

    $

    45,678

     

    AISC, After By-product Credits

    $

    63,717

     

    $

    63,717

     

    $

    55,619

     

    $

    55,619

     

    $

    53,484

     

    $

    53,484

     

    Divided by gold ounces produced

     

    31

     

     

    31

     

     

    33

     

     

    33

     

     

    33

     

     

    33

     

    Cash Cost, Before By-product Credits, per Gold Ounce

    $

    1,700

     

    $

    1,700

     

    $

    1,353

     

    $

    1,353

     

    $

    1,377

     

    $

    1,377

     

    By-product credits per ounce

     

    (4

    )

     

    (4

    )

     

    (4

    )

     

    (4

    )

     

    (6

    )

     

    (6

    )

    Cash Cost, After By-product Credits, per Gold Ounce

    $

    1,696

     

    $

    1,696

     

    $

    1,349

     

    $

    1,349

     

    $

    1,371

     

    $

    1,371

     

    AISC, Before By-product Credits, per Gold Ounce

    $

    2,079

     

    $

    2,079

     

    $

    1,673

     

    $

    1,673

     

    $

    1,611

     

    $

    1,611

     

    By-product credits per ounce

     

    (4

    )

     

    (4

    )

     

    (4

    )

     

    (4

    )

     

    (6

    )

     

    (6

    )

    AISC, After By-product Credits, per Gold Ounce

    $

    2,075

     

    $

    2,075

     

    $

    1,669

     

    $

    1,669

     

    $

    1,605

     

    $

    1,605

     

     

    In thousands (except per ounce amounts)

     

    Three Months Ended
    December 31, 2022 (5)

     

     

    Three Months Ended
    September 30, 2022 (5)

     

     

    Three Months Ended
    June 30, 2022 (5)

     

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

     

    Total Silver

     

     

    Total Gold

     

     

    Total

     

    Total cost of sales

     

    $

    102,893

     

     

    $

    65,328

     

     

    $

    168,221

     

     

    $

    76,666

     

     

    $

    59,532

     

     

    $

    136,198

     

     

    $

    90,854

     

     

    $

    61,870

     

     

    $

    152,724

     

    Depreciation, depletion and amortization

     

     

    (23,106

    )

     

     

    (14,568

    )

     

     

    (37,674

    )

     

     

    (17,566

    )

     

     

    (15,089

    )

     

     

    (32,655

    )

     

     

    (22,491

    )

     

     

    (15,459

    )

     

     

    (37,950

    )

    Treatment costs

     

     

    15,801

     

     

     

    521

     

     

     

    16,322

     

     

     

    14,268

     

     

     

    429

     

     

     

    14,697

     

     

     

    13,581

     

     

     

    457

     

     

     

    14,038

     

    Change in product inventory

     

     

    (4,585

    )

     

     

    1,122

     

     

     

    (3,463

    )

     

     

    7,486

     

     

     

    420

     

     

     

    7,906

     

     

     

    (599

    )

     

     

    (793

    )

     

     

    (1,392

    )

    Reclamation and other costs

     

     

    234

     

     

     

    (196

    )

     

     

    38

     

     

     

    (270

    )

     

     

    (203

    )

     

     

    (473

    )

     

     

    (1,261

    )

     

     

    (209

    )

     

     

    (1,470

    )

    Cash Cost, Before By-product Credits (1)

     

     

    91,237

     

     

     

    52,207

     

     

     

    143,444

     

     

     

    80,584

     

     

     

    45,089

     

     

     

    125,673

     

     

     

    80,084

     

     

     

    45,866

     

     

     

    125,950

     

    Reclamation and other costs

     

     

    988

     

     

     

    196

     

     

     

    1,184

     

     

     

    987

     

     

     

    204

     

     

     

    1,191

     

     

     

    987

     

     

     

    209

     

     

     

    1,196

     

    Sustaining capital

     

     

    18,231

     

     

     

    11,438

     

     

     

    29,669

     

     

     

    21,670

     

     

     

    10,457

     

     

     

    32,127

     

     

     

    22,877

     

     

     

    7,597

     

     

     

    30,474

     

    General and administrative

     

     

    14,395

     

     

     

    —

     

     

     

    14,395

     

     

     

    11,003

     

     

     

     

     

     

    11,003

     

     

     

    9,692

     

     

     

    —

     

     

     

    9,692

     

    AISC, Before By-product Credits (1)

     

     

    124,851

     

     

     

    63,841

     

     

     

    188,692

     

     

     

    114,244

     

     

     

    55,750

     

     

     

    169,994

     

     

     

    113,640

     

     

     

    53,672

     

     

     

    167,312

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Zinc

     

     

    (32,361

    )

     

     

    —

     

     

     

    (32,361

    )

     

     

    (33,399

    )

     

     

    —

     

     

     

    (33,399

    )

     

     

    (41,055

    )

     

     

    —

     

     

     

    (41,055

    )

    Gold

     

     

    (19,630

    )

     

     

    —

     

     

     

    (19,630

    )

     

     

    (17,019

    )

     

     

    —

     

     

     

    (17,019

    )

     

     

    (20,364

    )

     

     

    —

     

     

     

    (20,364

    )

    Lead

     

     

    (21,743

    )

     

     

    —

     

     

     

    (21,743

    )

     

     

    (18,008

    )

     

     

    —

     

     

     

    (18,008

    )

     

     

    (22,814

    )

     

     

    —

     

     

     

    (22,814

    )

    Silver

     

     

    —

     

     

     

    (124

    )

     

     

    (124

    )

     

     

     

     

     

    (131

    )

     

     

    (131

    )

     

     

     

     

     

    (188

    )

     

     

    (188

    )

    Total By-product credits

     

     

    (73,734

    )

     

     

    (124

    )

     

     

    (73,858

    )

     

     

    (68,426

    )

     

     

    (131

    )

     

     

    (68,557

    )

     

     

    (84,233

    )

     

     

    (188

    )

     

     

    (84,421

    )

    Cash Cost, After By-product Credits

     

    $

    17,503

     

     

    $

    52,083

     

     

    $

    69,586

     

     

    $

    12,158

     

     

    $

    44,958

     

     

    $

    57,116

     

     

    $

    (4,149

    )

     

    $

    45,678

     

     

    $

    41,529

     

    AISC, After By-product Credits

     

    $

    51,117

     

     

    $

    63,717

     

     

    $

    114,834

     

     

    $

    45,818

     

     

    $

    55,619

     

     

    $

    101,437

     

     

    $

    29,407

     

     

    $

    53,484

     

     

    $

    82,891

     

    Divided by ounces produced

     

     

    3,657

     

     

     

    31

     

     

     

     

     

     

    3,544

     

     

     

    33

     

     

     

     

     

     

    3,636

     

     

     

    33

     

     

     

     

    Cash Cost, Before By-product Credits, per Ounce

     

    $

    24.95

     

     

    $

    1,700

     

     

     

     

     

    $

    22.74

     

     

     

    1,353

     

     

     

     

     

    $

    22.03

     

     

    $

    1,377

     

     

     

     

    By-product credits per ounce

     

     

    (20.16

    )

     

     

    (4

    )

     

     

     

     

     

    (19.31

    )

     

     

    (4

    )

     

     

     

     

     

    (23.17

    )

     

     

    (6

    )

     

     

     

    Cash Cost, After By-product Credits, per Ounce

     

    $

    4.79

     

     

    $

    1,696

     

     

     

     

     

    $

    3.43

     

     

    $

    1,349

     

     

     

     

     

    $

    (1.14

    )

     

    $

    1,371

     

     

     

     

    AISC, Before By-product Credits, per Ounce

     

    $

    34.14

     

     

    $

    2,079

     

     

     

     

     

    $

    32.24

     

     

    $

    1,673

     

     

     

     

     

    $

    31.25

     

     

    $

    1,611

     

     

     

     

    By-product credits per ounce

     

     

    (20.16

    )

     

     

    (4

    )

     

     

     

     

     

    (19.31

    )

     

     

    (4

    )

     

     

     

     

     

    (23.17

    )

     

     

    (6

    )

     

     

     

    AISC, After By-product Credits, per Ounce

     

    $

    13.98

     

     

    $

    2,075

     

     

     

     

     

    $

    12.93

     

     

    $

    1,669

     

     

     

     

     

    $

    8.08

     

     

    $

    1,605

     

     

     

     

    (1)

    Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.

     

     

    (2)

    AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital.

     

     

    (3)

    During the three months ended March 31, 2023, the Company completed the necessary studies to conclude usage of the F-160 pit as a tailings storage facility after mining is complete. As a result, a portion of the mining costs have been excluded from Cash Cost, Before By-product Credits and AISC, Before By-product Credits.

     

     

    (4)

    Other includes $354,000 and $786,000 of total cost of sales for the three and six months ended June 30, 2023, respectively, related to the environmental services business acquired as part of the Alexco acquisition.

     

     

    (5)

    Prior year presentation has been adjusted to conform with current year presentation to eliminate exploration costs from the calculation of AISC, Before By-product Credits as exploration is an activity directed at the Corporate level to find new mineral reserve and resource deposits, and therefore we believe it is inappropriate to include exploration costs in the calculation of AISC, Before By-product Credits for a specific mining operation.

     

     

    (6)

    Keno Hill is in the ramp-up phase of production and as such costs associated with ramp up at this operation which amounted to $9.4 million and $15.3 million for the three and six months ended June 30, 2023 are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

     

     

    (7)

    Casa Berardi operations were suspended in June 2023 in response to the directive of the Quebec Ministry of Natural Resources and Forests. Suspension costs amounted to $2.2 million for the three and six month periods ended June 30, 2023 and are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

     

    2023 Guidance, Previous and Current Estimates: Reconciliation of Cost of Sales to Non-GAAP Measures

    In thousands (except per ounce amounts)

    Previous Estimate for Twelve Months Ended December 31, 2023

     

    Greens Creek

    Lucky Friday

    Keno Hill

    Corporate(3)

    Total Silver

    Casa Berardi

    Total Gold

    Total cost of sales

    $

    245,000

     

    $

    128,000

     

    $

    40,000

     

    $

    —

    $

    413,000

     

    $

    220,000

     

    $

    220,000

     

    Depreciation, depletion and amortization

     

    (46,000

    )

     

    (37,900

    )

     

    (6,800

    )

     

    —

     

    (90,700

    )

     

    (52,800

    )

     

    (52,800

    )

    Treatment costs

     

    43,700

     

     

    15,375

     

     

    5,150

     

     

    —

     

    64,225

     

     

    300

     

     

    300

     

    Change in product inventory

     

    (5,100

    )

     

    (750

    )

     

    1,000

     

     

    —

     

    (4,850

    )

     

    (1,300

    )

     

    (1,300

    )

    Reclamation and other costs

     

    1,000

     

     

    1,000

     

     

    750

     

     

    —

     

    2,750

     

     

    500

     

     

    500

     

    Cash Cost, Before By-product Credits (1)

     

    238,600

     

     

    105,725

     

     

    40,100

     

     

    —

     

    384,425

     

     

    166,700

     

     

    166,700

     

    Reclamation and other costs

     

    2,800

     

     

    1,100

     

     

    —

     

     

    —

     

    3,900

     

     

    800

     

     

    800

     

    Exploration

     

    5,900

     

     

    —

     

     

    2,600

     

     

    2,250

     

    10,750

     

     

    5,400

     

     

    5,400

     

    Sustaining capital

     

    48,500

     

     

    30,200

     

     

    550

     

     

    —

     

    79,250

     

     

    52,200

     

     

    52,200

     

    General and administrative

     

    —

     

     

    —

     

     

    —

     

     

    44,000

     

    44,000

     

     

    —

     

     

    —

     

    AISC, Before By-product Credits (1)

     

    295,800

     

     

    137,025

     

     

    43,250

     

     

    46,250

     

    522,325

     

     

    225,100

     

     

    225,100

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Zinc

     

    (113,500

    )

     

    (29,900

    )

     

    (2,400

    )

     

    —

     

    (145,800

    )

     

    —

     

     

    —

     

    Gold

     

    (90,100

    )

     

    —

     

     

    —

     

     

    —

     

    (90,100

    )

     

    —

     

     

    —

     

    Lead

     

    (34,800

    )

     

    (64,700

    )

     

    (4,500

    )

     

    —

     

    (104,000

    )

     

    —

     

     

    —

     

    Silver

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    —

     

     

    (600

    )

     

    (600

    )

    Total By-product credits

     

    (238,400

    )

     

    (94,600

    )

     

    (6,900

    )

     

    —

     

    (339,900

    )

     

    (600

    )

     

    (600

    )

    Cash Cost, After By-product Credits

    $

    200

     

    $

    11,125

     

    $

    33,200

     

    $

    —

    $

    44,525

     

    $

    166,100

     

    $

    166,100

     

    AISC, After By-product Credits

    $

    57,400

     

    $

    42,425

     

    $

    36,350

     

    $

    46,250

    $

    182,425

     

    $

    224,500

     

    $

    224,500

     

    Divided by silver ounces produced

     

    9,250

     

     

    4,750

     

     

    2,750

     

     

     

    16,750

     

     

    112.5

     

     

    112.5

     

    Cash Cost, Before By-product Credits, per Silver Ounce

    $

    25.79

     

    $

    22.26

     

    $

    14.58

     

     

    $

    22.95

     

    $

    1,482

     

    $

    1,482

     

    By-product credits per silver ounce

     

    (25.77

    )

     

    (19.92

    )

     

    (2.51

    )

     

     

    (20.29

    )

     

    (5

    )

     

    (5

    )

    Cash Cost, After By-product Credits, per Silver Ounce

    $

    0.02

     

    $

    2.34

     

    $

    12.07

     

     

    $

    2.66

     

    $

    1,477

     

    $

    1,477

     

    AISC, Before By-product Credits, per Silver Ounce

    $

    31.98

     

    $

    28.85

     

    $

    15.73

     

     

    $

    31.18

     

    $

    2,001

     

    $

    2,001

     

    By-product credits per silver ounce

     

    (25.77

    )

     

    (19.92

    )

     

    (2.51

    )

     

     

    (20.29

    )

     

    (5

    )

     

    (5

    )

    AISC, After By-product Credits, per Silver Ounce

    $

    6.21

     

    $

    8.93

     

    $

    13.22

     

     

    $

    10.89

     

    $

    1,996

     

    $

    1,996

     

     

    In thousands (except per ounce amounts)

    Current Estimate for Twelve Months Ended December 31, 2023

     

    Greens Creek

    Lucky Friday

    Keno Hill

    Corporate(2)

    Total Silver

    Casa Berardi

    Total Gold

    Total cost of sales

    $

    245,000

     

    $

    130,600

     

    $

    40,000

     

    $

    —

    $

    415,600

     

    $

    215,000

     

    $

    215,000

     

    Depreciation, depletion and amortization

     

    (46,000

    )

     

    (38,500

    )

     

    (6,800

    )

     

    —

     

    (91,300

    )

     

    (52,800

    )

     

    (52,800

    )

    Treatment costs

     

    43,700

     

     

    18,900

     

     

    5,150

     

     

    —

     

    67,750

     

     

    300

     

     

    300

     

    Change in product inventory

     

    (5,100

    )

     

    (2,500

    )

     

    1,000

     

     

    —

     

    (6,600

    )

     

    (1,300

    )

     

    (1,300

    )

    Reclamation and other costs

     

    1,000

     

     

    500

     

     

    750

     

     

    —

     

    2,250

     

     

    500

     

     

    500

     

    Cash Cost, Before By-product Credits (1)

     

    238,600

     

     

    109,000

     

     

    40,100

     

     

    —

     

    387,700

     

     

    161,700

     

     

    161,700

     

    Reclamation and other costs

     

    2,800

     

     

    1,100

     

     

    —

     

     

    —

     

    3,900

     

     

    800

     

     

    800

     

    Sustaining capital

     

    44,350

     

     

    35,600

     

     

    550

     

     

    —

     

    80,500

     

     

    37,900

     

     

    37,900

     

    General and administrative

     

    —

     

     

    —

     

     

    —

     

     

    44,000

     

    44,000

     

     

    —

     

     

    —

     

    AISC, Before By-product Credits (1)

     

    285,750

     

     

    145,700

     

     

    40,650

     

     

    44,000

     

    516,100

     

     

    200,400

     

     

    200,400

     

    By-product credits:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Zinc

     

    (92,700

    )

     

    (26,300

    )

     

    (1,800

    )

     

    —

     

    (120,800

    )

     

    —

     

     

    —

     

    Gold

     

    (110,000

    )

     

    —

     

     

    —

     

     

    —

     

    (110,000

    )

     

    —

     

     

    —

     

    Lead

     

    (32,800

    )

     

    (62,100

    )

     

    (3,200

    )

     

    —

     

    (98,100

    )

     

    —

     

     

    —

     

    Silver

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    —

     

     

    (600

    )

     

    (600

    )

    Total By-product credits

     

    (235,500

    )

     

    (88,400

    )

     

    (5,000

    )

     

    —

     

    (328,900

    )

     

    (600

    )

     

    (600

    )

    Cash Cost, After By-product Credits

    $

    3,100

     

    $

    20,600

     

    $

    35,100

     

    $

    —

    $

    58,800

     

    $

    161,100

     

    $

    161,100

     

    AISC, After By-product Credits

    $

    50,250

     

    $

    57,300

     

    $

    35,650

     

    $

    44,000

    $

    187,200

     

    $

    199,800

     

    $

    199,800

     

    Divided by silver ounces produced

     

    9,250

     

     

    4,750

     

     

    2,750

     

     

     

    16,750

     

     

    90.0

     

     

    90.0

     

    Cash Cost, Before By-product Credits, per Silver Ounce

    $

    25.79

     

    $

    22.95

     

    $

    14.58

     

     

    $

    23.15

     

    $

    1,797

     

    $

    1,797

     

    By-product credits per silver ounce

     

    (25.46

    )

     

    (18.61

    )

     

    (1.82

    )

     

     

    (19.64

    )

     

    (7

    )

     

    (7

    )

    Cash Cost, After By-product Credits, per Silver Ounce

    $

    0.34

     

    $

    4.34

     

    $

    12.76

     

     

    $

    3.51

     

    $

    1,790

     

    $

    1,790

     

    AISC, Before By-product Credits, per Silver Ounce

    $

    30.89

     

    $

    30.67

     

    $

    14.78

     

     

    $

    30.81

     

    $

    2,227

     

    $

    2,227

     

    By-product credits per silver ounce

     

    (25.46

    )

     

    (18.61

    )

     

    (1.82

    )

     

     

    (19.64

    )

     

    (7

    )

     

    (7

    )

    AISC, After By-product Credits, per Silver Ounce

    $

    5.43

     

    $

    12.06

     

    $

    12.96

     

     

    $

    11.18

     

    $

    2,220

     

    $

    2,220

     

    (1)

    Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.

     

    (2)

    AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital.

     

    Reconciliation of Net Income (Loss) (GAAP) and Debt (GAAP) to Adjusted EBITDA (non-GAAP) and Net Debt (non-GAAP)

    This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which is a measure of our operating performance, and net debt to adjusted EBITDA for the last 12 months (or "LTM adjusted EBITDA"), which is a measure of our ability to service our debt. Adjusted EBITDA is calculated as net income (loss) before the following items: interest expense, income and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of properties, plants, equipment and mineral interests, foreign exchange gains and losses, fair value adjustments, net, interest and other income, provisions for environmental matters, stock-based compensation, provisional price gains and losses, monetization of zinc hedges and adjustments of inventory to net realizable value. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net loss and debt to adjusted EBITDA and net debt:

    Dollars are in thousands

    2Q-2023

     

    1Q-2023

     

    4Q-2022

     

    3Q-2022

     

    2Q-2022

     

    LTM
    June 30, 2023

     

    FY 2022

    Net loss

    $

    (15,694

    )

    $

    (3,171

    )

    $

    (4,452

    )

    $

    (23,526

    )

    $

    (13,523

    )

    $

    (46,843

    )

    $

    (37,348

    )

    Interest expense

     

    10,311

     

     

    10,165

     

     

    11,008

     

     

    10,874

     

     

    10,505

     

     

    42,358

     

     

    42,793

     

    Income and mining taxes

     

    5,162

     

     

    3,242

     

     

    (3,924

    )

     

    (9,527

    )

     

    254

     

     

    (5,047

    )

     

    (7,566

    )

    Depreciation, depletion and amortization

     

    34,718

     

     

    39,892

     

     

    37,576

     

     

    32,992

     

     

    38,072

     

     

    145,178

     

     

    143,938

     

    Ramp-up and suspension costs

     

    16,323

     

     

    11,336

     

     

    7,575

     

     

    5,092

     

     

    5,242

     

     

    40,326

     

     

    24,114

     

    (Gain) loss on disposition of properties, plants, equipment, and mineral interests

     

    (75

    )

     

    —

     

     

    —

     

     

    19

     

     

    5

     

     

    (56

    )

     

    16

     

    Foreign exchange loss (gain)

     

    3,850

     

     

    (108

    )

     

    900

     

     

    (5,667

    )

     

    (4,482

    )

     

    (1,025

    )

     

    (7,211

    )

    Fair value adjustments, net

     

    2,558

     

     

    (3,181

    )

     

    (9,985

    )

     

    4,241

     

     

    16,428

     

     

    (6,368

    )

     

    4,788

     

    Provisional price (gains) losses

     

    (2,143

    )

     

    (2,093

    )

     

    (625

    )

     

    6,625

     

     

    15,807

     

     

    1,764

     

     

    20,839

     

    Provision for closed operations and environmental matters

     

    3,111

     

     

    1,044

     

     

    3,741

     

     

    1,781

     

     

    1,628

     

     

    9,677

     

     

    8,793

     

    Stock-based compensation

     

    1,498

     

     

    1,190

     

     

    1,714

     

     

    1,773

     

     

    1,254

     

     

    6,175

     

     

    6,012

     

    Adjustments of inventory to net realizable value

     

    2,997

     

     

    4,521

     

     

    487

     

     

    1,405

     

     

    754

     

     

    9,410

     

     

    2,646

     

    Monetization of zinc hedges

     

    5,467

     

     

    (579

    )

     

    16,664

     

     

    —

     

     

    —

     

     

    21,552

     

     

    16,664

     

    Other

     

    (343

    )

     

    (355

    )

     

    1,582

     

     

    473

     

     

    (1,470

    )

     

    1,357

     

     

    (986

    )

    Adjusted EBITDA

    $

    67,739

     

    $

    61,903

     

    $

    62,261

     

    $

    26,555

     

    $

    70,474

     

    $

    218,458

     

    $

    217,492

     

    Total debt

     

     

     

     

     

     

     

     

     

     

    $

    571,030

     

    $

    527,225

     

    Less: Cash and cash equivalents

     

     

     

     

     

     

     

     

     

     

     

    106,786

     

     

    104,743

     

    Net debt

     

     

     

     

     

     

     

     

     

     

    $

    464,244

     

    $

    422,482

     

    Net debt/LTM adjusted EBITDA (non-GAAP)

     

     

     

     

     

     

     

     

     

     

     

    2.1

     

     

    1.9

     

     

    Reconciliation of Net (Loss) Income Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Shareholders (non-GAAP)

    This release refers to a non-GAAP measure of adjusted net income (loss) applicable to common stockholders and adjusted net income (loss) per share, which are indicators of our performance. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance.

    Dollars are in thousands

    2Q-2023

     

    1Q-2023

     

    4Q-2022

     

    3Q-2022

     

    2Q-2022

     

    YTD-2023

     

    YTD-2022

    Net loss applicable to common stockholders

    $

    (15,832

    )

    $

    (3,309

    )

    $

    (4,590

    )

    $

    (23,664

    )

    $

    (13,661

    )

    $

    (19,143

    )

    $

    (9,646

    )

    Adjusted for items below:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fair value adjustments, net

     

    2,558

     

     

    (3,181

    )

     

    (9,985

    )

     

    4,241

     

     

    16,428

     

    $

    (624

    )

     

    10,532

     

    Provisional pricing (gains) losses

     

    (2,143

    )

     

    (2,093

    )

     

    (625

    )

     

    6,625

     

     

    15,807

     

    $

    (4,236

    )

     

    14,839

     

    Environmental accruals

     

    1,989

     

     

    —

     

     

    2,860

     

     

    —

     

     

    —

     

    $

    1,989

     

     

    14

     

    Foreign exchange loss (gain)

     

    3,850

     

     

    (108

    )

     

    900

     

     

    (5,667

    )

     

    (4,482

    )

    $

    3,742

     

     

    (2,444

    )

    Ramp-up and suspension costs

     

    16,323

     

     

    11,336

     

     

    7,575

     

     

    5,092

     

     

    5,242

     

    $

    27,659

     

     

    11,447

     

    (Gain) loss on disposition of properties, plants, equipment and mineral interests

     

    (75

    )

     

    —

     

     

    —

     

     

    19

     

     

    5

     

    $

    (75

    )

     

    (3

    )

    Adjustments of inventory to net realizable value

     

    2,997

     

     

    4,521

     

     

    487

     

     

    1,405

     

     

    754

     

    $

    7,518

     

     

    754

     

    Monetization of zinc hedges

     

    5,467

     

     

    (579

    )

     

    16,664

     

     

    —

     

     

    —

     

    $

    4,888

     

     

    —

     

    Other

     

    —

     

     

    —

     

     

    939

     

     

    —

     

     

    —

     

    $

    —

     

     

    —

     

    Adjusted income (loss) applicable to common stockholders

    $

    15,133

     

    $

    6,587

     

    $

    14,225

     

    $

    (11,949

    )

    $

    20,093

     

    $

    21,720

     

    $

    25,493

     

    Weighted average shares - basic

     

    604,088

     

     

    600,075

     

     

    596,959

     

     

    554,531

     

     

    539,401

     

     

    602,077

     

     

    538,943

     

    Weighted average shares - diluted

     

    604,088

     

     

    600,075

     

     

    596,959

     

     

    554,531

     

     

    539,401

     

     

    602,077

     

     

    539,401

     

    Basic adjusted net income (loss) per common stock (in cents)

     

    0.03

     

     

    0.01

     

     

    0.02

     

     

    (0.02

    )

     

    0.04

     

     

    0.04

     

     

    0.05

     

    Diluted adjusted net income (loss) per common stock (in cents)

     

    0.03

     

     

    0.01

     

     

    0.02

     

     

    (0.02

    )

     

    0.04

     

     

    0.04

     

     

    0.05

     

     

    Reconciliation of Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)

    This release refers to a non-GAAP measure of free cash flow, calculated as cash provided by operating activities, less additions to properties, plants, equipment and mineral interests. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities to free cash flow:

    Dollars are in thousands

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

    2023

     

    2022

     

    2023

     

    2022

    Cash provided by operating activities

     

    $

    23,777

     

     

    $

    40,183

     

     

    $

    64,380

     

     

    $

    78,092

     

    Less: Additions to properties, plants equipment and mineral interests

     

    $

    (51,468

    )

     

    $

    (34,329

    )

     

    $

    (105,911

    )

     

    $

    (55,807

    )

    Free cash flow

     

    $

    (27,691

    )

     

    $

    5,854

     

     

    $

    (41,531

    )

     

    $

    22,285

     

     

    Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Casa Berardi operating segments excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance.

    Dollars are in thousands

    Total Silver Operations

    Six Months Ended
    June 30,

    Years Ended
    December 31,

     

     

    2023

    2022

    2021

    2020

    Cash provided by operating activities

    $

    787,521

     

    $

    151,673

     

    $

    188,434

     

    $

    271,309

     

    $

    176,105

     

    Exploration

    $

    12,719

     

    $

    2,208

     

    $

    5,920

     

    $

    4,591

     

    $

    -

     

    Less: Additions to properties, plants equipment and mineral interests

    $

    (233,629

    )

    $

    (46,510

    )

    $

    (87,890

    )

    $

    (53,768

    )

    $

    (45,461

    )

    Free cash flow

    $

    566,611

     

    $

    107,371

     

    $

    106,464

     

    $

    222,132

     

    $

    130,644

     

     

    TABLE A
     Assay Results – Q2 2023

    Greens Creek (Alaska)

    Zone

    Drillhole Number

    Drillhole Azm/Dip

    Sample From (feet)

    Sample To (feet)

    Est. True Width (feet)

    Silver (oz/ton)

    Gold (oz/ton)

    Zinc (%)

    Lead (%)

    Depth From Mine Portal (feet)

    9A

    GC6023

    207/21

    239.8

    250.2

    10.1

    10.7

    0.04

    8.8

    6.5

    -19

    200 South

    GC5854

    243/-31

    110.0

    112.0

    0.7

    0.9

    0.00

    11.1

    4.5

    -1357

    200 South

    GC5872

    239/-89

    1173.0

    1188.0

    15.0

    10.6

    0.09

    0.2

    0.1

    -2477

    200 South

    GC5891

    157/-64

    103.4

    106.8

    3.3

    15.2

    0.02

    19.5

    7.5

    -1399

    200 South

    GC5891

    157/-64

    715.0

    725.0

    8.1

    17.0

    0.19

    3.3

    1.9

    -1950

    200 South

    GC5891

    157/-64

    753.5

    755.0

    1.2

    4.1

    0.01

    14.7

    8.9

    -1950

    200 South

    GC5913

    305/49

    418.0

    422.0

    2.2

    0.9

    0.24

    4.9

    1.7

    -1449

    East Zone

    GC5926

    74/21

    573.5

    577.0

    2.4

    8.1

    0.08

    1.0

    0.5

    860

    East Zone

    GC5926

    74/21

    585.2

    590.0

    3.2

    14.8

    0.14

    4.5

    2.0

    860

    East Zone

    GC5937

    63/-28

    322.0

    328.0

    5.7

    12.6

    0.05

    7.7

    3.5

    402

    East Zone

    GC6027

    49/47

    145.0

    151.8

    3.6

    20.9

    0.04

    3.4

    2.2

    10

    East Zone

    GC6027

    49/47

    158.0

    163.0

    2.7

    13.9

    0.02

    2.7

    1.7

    10

    Gallagher Zone

    GC5931

    63/-60

    200.0

    202.0

    1.8

    6.9

    0.24

    2.0

    1.0

    -926

    Gallagher Zone

    GC5931

    63/-60

    211.0

    260.5

    45.3

    7.9

    0.22

    10.5

    4.8

    -976

    Gallagher Zone

    GC5931

    63/-60

    377.0

    389.5

    12.5

    3.7

    0.12

    8.8

    3.8

    -1089

    Gallagher Zone

    GC5931

    63/-60

    463.0

    464.0

    0.9

    2.8

    0.02

    9.1

    5.9

    -1154

    Gallagher Zone

    GC5931

    63/-60

    480.5

    486.0

    4.9

    6.4

    0.06

    4.4

    2.0

    -1173

    Gallagher Zone

    GC5945

    75/-59

    208.0

    213.5

    5.2

    10.6

    0.15

    1.9

    1.2

    -992

    Gallagher Zone

    GC5945

    75/-59

    235.0

    237.0

    1.9

    27.0

    0.19

    5.4

    3.4

    -992

    Gallagher Zone

    GC5945

    75/-59

    244.0

    266.0

    13.7

    7.8

    0.17

    7.1

    4.2

    -1067

    Gallagher Zone

    GC5957

    67/-81

    210.3

    212.3

    2.0

    7.4

    0.04

    3.9

    2.1

    -957

    Gallagher Zone

    GC5971

    74/-51

    427.0

    432.0

    4.4

    9.5

    0.21

    7.0

    3.3

    -1088

    Gallagher Zone

    GC5971

    74/-51

    469.3

    484.2

    14.9

    9.0

    0.07

    2.6

    1.3

    -1127

    Gallagher Zone

    GC5974

    76/-39

    268.8

    298.0

    22.4

    3.6

    0.07

    6.0

    2.6

    -920

    Gallagher Zone

    GC5985

    63/-21

    78.5

    92.0

    9.0

    15.0

    0.28

    2.6

    1.3

    -752

    Gallagher Zone

    GC5985

    63/-21

    212.0

    242.0

    24.9

    3.9

    0.09

    8.4

    3.5

    -804

    Gallagher Zone

    GC5985

    63/-21

    306.5

    322.0

    15.3

    3.9

    0.03

    6.8

    3.8

    -835

    Gallagher Zone

    GC5988

    63/-36

    75.0

    80.3

    5.0

    26.1

    0.08

    4.7

    2.4

    -769

    Gallagher Zone

    GC5988

    63/-36

    89.5

    115.7

    25.7

    9.8

    0.19

    10.8

    2.9

    -786

    Gallagher Zone

    GC5988

    63/-36

    202.0

    222.7

    20.6

    4.8

    0.11

    5.5

    2.6

    -847

    Gallagher Zone

    GC5988

    63/-36

    289.0

    291.0

    2.0

    9.7

    0.03

    8.3

    5.3

    -897

    Gallagher Zone

    GC5989

    63/-59

    57.0

    61.5

    4.3

    7.3

    0.10

    7.7

    4.0

    -776

    Gallagher Zone

    GC5989

    63/-59

    86.5

    119.0

    32.4

    3.4

    0.10

    7.4

    3.4

    -812

    Gallagher Zone

    GC5990

    63/-87

    53.0

    62.0

    9.0

    4.1

    0.06

    9.7

    3.9

    -784

    Gallagher Zone

    GC5993

    73/-23

    70.0

    75.0

    3.5

    7.5

    0.11

    17.6

    9.3

    -758

    Gallagher Zone

    GC5993

    73/-23

    150.5

    250.5

    74.0

    4.7

    0.13

    6.9

    2.6

    -819

    Gallagher Zone

    GC5993

    73/-23

    320.0

    329.0

    8.6

    4.7

    0.04

    11.3

    9.1

    -876

    Gallagher Zone

    GC5999

    63/-49

    57.5

    67.0

    9.5

    2.8

    0.06

    8.1

    4.2

    -771

    Gallagher Zone

    GC5999

    63/-49

    100.5

    113.5

    13.0

    3.0

    0.13

    9.5

    3.0

    -806

    Gallagher Zone

    GC6001

    60/-29

    95.7

    233.0

    111.1

    4.2

    0.13

    9.2

    3.9

    -802

    Gallagher Zone

    GC6003

    63/-11

    111.0

    115.0

    2.9

    14.2

    0.18

    3.5

    1.6

    -832

    Gallagher Zone

    GC6003

    63/-11

    450.0

    452.0

    1.9

    20.0

    0.08

    0.5

    0.3

    -1197

    Gallagher Zone

    GC6003

    63/-11

    455.0

    458.0

    2.4

    14.5

    0.03

    0.7

    0.3

    -1177

    Gallagher Zone

    GC6007

    243/25

    86.5

    94.0

    5.1

    16.9

    0.57

    5.9

    2.7

    -668

    Gallagher Zone

    GC6007

    243/25

    141.0

    158.2

    12.2

    5.2

    0.07

    4.4

    2.0

    -649

    Gallagher Zone

    GC6008

    244/52

    35.0

    45.5

    7.9

    3.5

    0.06

    4.9

    2.3

    -669

    Gallagher Zone

    GC6014

    257/-84

    43.0

    51.4

    8.3

    5.0

    0.06

    4.7

    2.6

    -741

    Gallagher Zone

    GC6014

    257/-84

    496.5

    543.5

    41.3

    21.6

    0.07

    0.6

    0.4

    -1239

    Gallagher Zone

    GC6014

    257/-84

    556.5

    559.0

    2.2

    20.5

    0.13

    3.0

    1.6

    -1239

    Gallagher Zone

    GC6021

    57/-45

    13.3

    18.5

    5.2

    2.4

    0.04

    10.7

    5.1

    -735

    Gallagher Zone

    GC6021

    57/-45

    124.0

    132.0

    4.6

    7.2

    0.08

    3.6

    1.8

    -812

    Gallagher Zone

    GC6021

    57/-45

    192.0

    195.0

    2.8

    0.3

    0.39

    0.0

    0.0

    -859

    Gallagher Zone

    GC6022

    63/-11

    17.8

    33.4

    12.4

    12.5

    0.21

    9.5

    4.6

    -722

    Gallagher Zone

    GC6022

    63/-11

    60.8

    73.0

    10.0

    7.5

    0.08

    5.5

    2.2

    -730

    Gallagher Zone

    GC6022

    63/-11

    160.0

    190.0

    26.9

    4.1

    0.10

    3.9

    1.8

    -750

    Upper Plate

    GC6004

    313/77

    500.5

    502.2

    1.7

    24.3

    0.00

    1.1

    0.6

    306

    Upper Plate

    GC6020

    282/63

    590.5

    597.5

    7.0

    10.8

    0.06

    14.1

    6.0

    344

    Upper Plate

    GC6025

    27/47

    750.4

    752.6

    2.1

    26.1

    0.26

    16.6

    6.6

    372

    Upper Plate

    GC6036

    40/73

    490.0

    503.5

    13.5

    17.0

    0.07

    6.4

    3.2

    304

    Upper Plate

    GC6036

    40/73

    526.5

    529.0

    2.5

    13.6

    0.03

    13.4

    4.1

    336

    Upper Plate

    GC6039

    47/68

    485.5

    500.5

    13.4

    15.2

    0.04

    1.1

    0.5

    328

    Upper Plate

    GC6039

    47/68

    534.0

    537.5

    3.4

    21.2

    0.02

    18.0

    6.5

    288

    Upper Plate

    GC6041

    61/67

    476.2

    491.0

    13.2

    23.0

    0.05

    6.2

    3.1

    278

    Upper Plate

    GC6041

    61/67

    512.5

    515.3

    2.8

    13.6

    0.02

    23.4

    6.9

    302

    Upper Plate

    GC6044

    59/73

    467.0

    468.5

    1.5

    4.2

    0.00

    14.8

    8.0

    275

    Upper Plate

    GC6044

    59/73

    478.8

    489.0

    10.1

    12.2

    0.06

    5.2

    2.7

    295

    Upper Plate

    GC6044

    59/73

    508.5

    509.5

    1.0

    19.5

    0.02

    7.7

    2.6

    315

    Upper Plate

    GC6048

    75/67

    461.0

    462.0

    1.0

    25.7

    0.02

    14.8

    2.1

    251

    Upper Plate

    GC6050

    88/64

    432.0

    434.5

    2.3

    16.3

    0.01

    13.0

    7.3

    219

    Upper Plate

    GC6054

    100/71

    499.0

    502.0

    2.9

    0.3

    2.35

    0.2

    0.2

    295

    Upper Plate

    GC5979

    14/74

    492.0

    510.0

    18.0

    20.7

    0.06

    1.7

    0.7

    319

    Upper Plate

    GC5979

    14/74

    545.0

    549.5

    4.3

    33.3

    0.03

    13.8

    5.4

    263

    Upper Plate

    GC6004

    313/77

    500.5

    502.2

    1.7

    24.3

    0.00

    1.1

    0.6

    306

    Upper Plate

    GC6025

    27/47

    750.4

    752.6

    2.1

    26.1

    0.26

    16.6

    6.6

    372

    West Definition

    GC5933

    73/-19

    169.0

    194.0

    23.3

    4.5

    0.21

    5.9

    0.9

    -534

    West Definition

    GC5933

    73/-19

    283.5

    289.0

    4.8

    2.1

    0.05

    17.3

    1.7

    -570

    West Definition

    GC5933

    73/-19

    500.3

    502.0

    1.6

    9.5

    0.01

    3.2

    1.4

    -651

    West Definition

    GC5933

    73/-19

    538.3

    539.3

    1.0

    10.3

    0.05

    15.2

    3.9

    -669

    West Definition

    GC5934

    63/-43

    321.5

    322.5

    1.0

    14.5

    0.03

    3.7

    1.7

    332

    West Definition

    GC5934

    63/-43

    327.5

    328.5

    1.0

    8.3

    0.04

    2.6

    1.2

    332

    West Definition

    GC5939

    72/-14

    176.5

    202.5

    21.9

    4.7

    0.23

    10.2

    1.9

    -528

    West Definition

    GC5939

    72/-14

    296.5

    297.5

    0.9

    5.2

    0.04

    12.6

    1.9

    -565

    West Definition

    GC5939

    72/-14

    527.0

    530.5

    3.3

    7.9

    0.03

    6.4

    2.9

    -621

    West Definition

    GC5940

    45/-58

    314.0

    318.0

    3.8

    41.2

    0.46

    5.2

    2.5

    305

    West Definition

    GC5944

    49/-49

    320.5

    332.5

    12.0

    10.1

    0.05

    1.9

    0.9

    308

    West Definition

    GC5947

    34/-49

    314.0

    316.0

    2.0

    9.9

    0.03

    1.5

    0.6

    311

    West Definition

    GC5948

    72/-10

    581.9

    593.0

    10.2

    5.8

    0.04

    12.7

    3.2

    -590

    West Definition

    GC5950

    75/-47

    327.5

    340.0

    12.2

    8.8

    0.05

    3.5

    1.9

    304

    West Definition

    GC5952

    73/-40

    309.0

    312.0

    3.0

    5.4

    0.02

    5.4

    2.6

    345

    West Definition

    GC5952

    73/-40

    334.7

    355.0

    17.6

    5.9

    0.01

    3.4

    2.1

    318

    West Definition

    GC5954

    92/-56

    342.0

    344.0

    1.9

    38.2

    0.20

    4.3

    0.8

    -746

    West Definition

    GC5954

    92/-56

    358.5

    361.0

    2.4

    62.8

    0.34

    1.0

    0.4

    -741

    West Definition

    GC5956

    67/-11

    558.0

    563.0

    4.8

    10.5

    0.04

    11.5

    3.6

    -582

    West Definition

    GC5956

    67/-11

    578.5

    580.0

    1.4

    20.2

    0.09

    19.2

    7.4

    -587

    West Definition

    GC5958

    84/-42

    343.0

    355.0

    11.4

    6.6

    0.09

    2.4

    1.4

    285

    West Definition

    GC5958

    84/-42

    360.0

    372.0

    11.4

    14.0

    0.08

    7.6

    5.1

    267

    West Definition

    GC5964

    67/-20

    168.0

    182.0

    11.2

    6.3

    0.15

    8.9

    1.5

    -536

    West Definition

    GC5964

    67/-20

    271.8

    275.1

    3.2

    2.4

    0.07

    19.8

    1.0

    -571

    West Definition

    GC5973

    62/-15

    537.0

    542.0

    4.2

    4.4

    0.09

    17.7

    4.9

    -609

    West Definition

    GC5973

    62/-15

    554.5

    558.5

    3.4

    7.8

    0.03

    14.4

    5.6

    -613

    West Definition

    GC5976

    61/-22

    162.0

    179.0

    15.8

    4.4

    0.22

    6.7

    0.8

    -531

    West Definition

    GC5976

    61/-22

    496.6

    505.2

    8.3

    13.0

    0.11

    14.4

    3.4

    -635

    West Definition

    GC5980

    61/-27

    477.5

    486.0

    8.1

    7.7

    0.04

    8.0

    3.3

    -670

    West Definition

    GC5982

    56/-14

    546.0

    557.5

    9.4

    9.2

    0.06

    31.6

    10.8

    -579

    West Definition

    GC5986

    54/-28

    455.9

    461.8

    5.7

    10.3

    0.05

    16.4

    2.5

    -676

    West Definition

    GC5987

    57/-10

    558.5

    559.5

    0.7

    9.5

    0.02

    9.0

    3.2

    -544

    West Definition

    GC5992

    53/-34

    443.2

    449.4

    6.2

    2.9

    0.03

    14.3

    2.3

    -718

    West Definition

    GC6000

    50/-21

    536.0

    554.0

    15.2

    63.4

    0.84

    11.9

    3.8

    -641

    West Definition

    GC6005

    71/-7

    606.5

    620.0

    11.6

    7.4

    0.04

    12.3

    2.6

    -530

    West Definition

    GC6009

    47/-30

    478.2

    489.0

    10.0

    4.6

    0.13

    6.9

    1.6

    -704

    West Definition

    GC6013

    71/-2

    613.2

    621.6

    7.4

    23.9

    0.04

    8.9

    3.6

    -519

    West Definition

    GC6019

    54/-7

    541.0

    544.0

    2.7

    7.0

    0.06

    14.7

    4.0

    -543

    West Definition

    GC6019

    54/-7

    548.5

    549.5

    0.9

    12.2

    0.06

    5.6

    2.8

    -543

    West Definition

    GC6019

    54/-7

    554.0

    555.0

    0.9

    7.6

    0.08

    3.3

    1.3

    -543

    West Definition

    GC6028

    54/-11

    515.8

    519.0

    3.1

    22.3

    0.29

    8.8

    3.3

    -585

    West Definition

    GC6032

    55/-2

    545.9

    551.9

    5.5

    16.7

    0.20

    7.3

    2.5

    -517

    West Definition

    GC6040

    60/-5

    545.0

    546.5

    1.3

    18.6

    0.04

    10.1

    5.4

    -528

    West Definition

    GC6042

    65/-23

    468.4

    470.5

    2.1

    5.6

    0.03

    18.7

    4.5

    -678

    West Definition

    GC6049

    85/-12

    563.0

    571.1

    6.0

    2.2

    0.02

    19.0

    2.8

    -565

    West Definition

    GC6055

    65/-18

    501.5

    506.0

    3.3

    3.0

    0.04

    26.7

    4.6

    -603

    West Definition

    GC6056

    52/2

    322.0

    324.5

    1.8

    3.6

    0.13

    11.3

    0.1

    -451

    West Definition

    GC6058

    52/6

    658.1

    665.3

    5.4

    7.5

    0.07

    7.7

    1.4

    -391

    West Definition

    GC6062

    51/-13

    495.5

    501.0

    5.1

    4.6

    0.05

    20.6

    4.6

    -606

     

    Keno Hill (Yukon)

    Zone

    Drillhole Number

    Drillhole Azm/Dip

    Sample From (feet)

    Sample To (feet)

    True Width (feet)

    Silver (oz/ton)

    Gold (oz/ton)

    Lead (%)

    Zinc (%)

    Depth From Surface (feet)

    Flame and Moth

    FMUG22-030

    276/-10

    164.7

    167.6

    2.6

    4.9

    0.01

    1.5

    0.3

    368

    Flame and Moth

    FMUG22-030

    276/-10

    193.4

    197.1

    3.4

    16.5

    0.00

    2.5

    0.5

    372

    Flame and Moth

    FMUG22-030

    276/-10

    209.3

    220.1

    10.4

    9.7

    0.01

    2.6

    1.7

    374

    Flame and Moth

    FMUG22-030

    276/-10

    227.4

    228.1

    0.8

    34.4

    0.00

    2.0

    3.3

    377

    Flame and Moth

    FMUG22-031

    268/-16

    200.0

    207.8

    5.9

    16.0

    0.00

    0.9

    0.2

    398

    Flame and Moth

    FMUG22-031

    268/-16

    216.2

    222.3

    5.2

    4.1

    0.00

    1.6

    0.4

    400

    Flame and Moth

    FMUG22-031

    268/-16

    230.6

    231.7

    0.9

    7.4

    0.00

    1.6

    0.6

    404

    Flame and Moth

    FMUG22-032

    262/12

    271.8

    286.3

    8.2

    1.8

    0.01

    0.7

    0.2

    277

    Flame and Moth

    FMUG22-032

    262/12

    293.8

    305.1

    8.8

    9.6

    0.00

    1.1

    1.3

    270

    Flame and Moth

    FMUG22-034

    262/-6

    191.9

    193.2

    0.7

    1.2

    0.00

    1.9

    0.1

    360

    Flame and Moth

    FMUG22-034

    262/-6

    206.0

    207.2

    0.6

    6.3

    0.01

    0.1

    0.2

    361

    Flame and Moth

    FMUG22-034

    262/-6

    230.9

    253.3

    16.5

    1.7

    0.00

    0.5

    0.3

    365

    Flame and Moth

    FMUG22-036

    262/-25

    202.9

    207.0

    2.6

    8.4

    0.00

    0.9

    0.2

    429

    Flame and Moth

    FMUG22-036

    262/-25

    215.9

    241.6

    21.3

    5.9

    0.00

    2.5

    0.5

    440

    Flame and Moth

    FMUG22-037

    256/-2

    255.1

    257.7

    1.1

    2.7

    0.00

    0.6

    0.2

    346

    Flame and Moth

    FMUG22-039

    252/-6

    276.2

    276.9

    0.4

    4.1

    0.00

    0.9

    0.8

    366

    Flame and Moth

    FMUG22-039

    252/-6

    292.7

    295.3

    1.5

    15.3

    0.00

    0.7

    2.6

    367

    Flame and Moth

    FMUG22-039

    252/-6

    301.8

    303.3

    0.8

    11.9

    0.00

    0.1

    0.3

    368

    Bermingham

    BMUG23-037

    140/4

    227.0

    239.9

    12.2

    3.1

    0.00

    0.6

    0.6

    359

    Bermingham

    BMUG23-037

    140/4

    259.6

    262.5

    2.8

    2.2

    0.00

    0.1

    1.1

    357

    Bermingham

    BMUG23-037

    140/4

    285.1

    289.3

    4.0

    2.0

    0.00

    0.0

    0.3

    353

    Bermingham

    BMUG23-037

    140/4

    425.2

    426.2

    0.5

    10.6

    0.00

    0.1

    0.3

    339

    Bermingham

    BMUG23-037

    140/4

    435.9

    443.7

    5.2

    12.3

    0.01

    1.7

    0.6

    337

    Bermingham

    BMUG23-038

    140/-8

    240.5

    241.1

    0.6

    7.7

    0.00

    0.6

    0.2

    408

    Bermingham

    BMUG23-038

    140/-8

    362.2

    362.9

    0.4

    3.8

    0.00

    1.5

    0.8

    419

    Bermingham

    BMUG23-038

    140/-8

    478.8

    480.8

    1.2

    16.1

    0.00

    0.5

    2.5

    397

    Bermingham

    BMUG23-038

    140/-8

    520.0

    521.2

    0.7

    3.1

    0.00

    0.5

    0.5

    433

    Bermingham

    BMUG23-039

    137/-1

    227.6

    230.6

    2.7

    19.7

    0.00

    0.1

    2.0

    378

    Bermingham

    BMUG23-039

    137/-1

    447.8

    452.8

    3.5

    4.9

    0.00

    0.5

    0.2

    373

    Bermingham

    BMUG23-040

    134/-4

    236.9

    238.2

    1.2

    1.4

    0.00

    1.3

    0.0

    358

    Bermingham

    BMUG23-040

    134/-4

    246.1

    248.3

    2.0

    8.6

    0.00

    0.1

    1.0

    357

    Bermingham

    BMUG23-040

    134/-4

    295.3

    295.7

    0.4

    30.0

    0.00

    4.6

    0.3

    352

    Bermingham

    BMUG23-040

    134 / -4

    406.1

    414.8

    4.2

    1.6

    0.00

    0.5

    1.0

    326

    Bermingham

    BMUG23-041

    131 / 7

    215.1

    226.6

    11.2

    3.5

    0.00

    0.4

    0.4

    342

    Bermingham

    BMUG23-041

    131 / 7

    245.2

    246.1

    0.8

    23.6

    0.00

    1.9

    0.2

    339

    Bermingham

    BMUG23-041

    131 / 7

    354.3

    354.7

    0.2

    5.4

    0.00

    0.7

    2.0

    319

    Bermingham

    BMUG23-042

    131 / 1

    226.4

    233.4

    6.6

    1.2

    0.00

    0.5

    0.2

    373

    Bermingham

    BMUG23-042

    131 / 1

    423.6

    425.0

    0.7

    2.9

    0.00

    0.8

    3.5

    363

    Bermingham

    BMUG23-043

    128/4

    220.7

    221.8

    1.1

    4.6

    0.00

    1.6

    0.2

    359

    Bermingham

    BMUG23-043

    128/4

    236.2

    239.3

    2.9

    1.5

    0.00

    0.1

    0.5

    358

    Bermingham

    BMUG23-043

    128/4

    319.9

    320.8

    0.8

    18.2

    0.00

    16.3

    0.1

    350

    Bermingham

    BMUG23-043

    128/4

    403.0

    406.0

    1.7

    0.1

    0.00

    0.1

    0.0

    340

    Bermingham

    BMUG23-044

    120/7

    219.1

    226.6

    7.1

    1.8

    0.00

    0.1

    0.1

    349

    Bermingham

    BMUG23-044

    120/7

    232.7

    235.7

    2.8

    120.9

    0.01

    1.5

    3.3

    346

    Bermingham

    BMUG23-045

    116/1

    246.1

    255.9

    8.9

    6.3

    0.00

    0.6

    0.2

    379

    Bermingham

    BMUG23-046

    105/12

    243.6

    244.1

    0.4

    86.2

    0.01

    4.4

    4.4

    322

    Bermingham

    BMUG23-046

    105/12

    357.9

    359.4

    1.0

    1.6

    0.00

    0.6

    0.5

    295

    Bermingham

    BMUG23-047

    97/13

    169.7

    173.3

    2.2

    2.1

    0.00

    0.1

    0.4

    337

    Bermingham

    BMUG23-047

    97/13

    291.3

    300.6

    5.7

    18.4

    0.00

    0.9

    1.1

    312

    Bermingham

    BMUG23-047

    97/13

    310.5

    311.2

    0.5

    2.0

    0.00

    0.7

    0.5

    307

    Bermingham

    BMUG23-047

    97/13

    367.2

    370.5

    1.7

    1.9

    0.00

    0.8

    1.2

    292

    Bermingham

    BMUG23-048

    134/-18

    268.2

    278.3

    7.5

    4.2

    0.00

    0.3

    2.1

    463

    Bermingham

    BMUG23-049

    128/-7

    228.4

    232.9

    4.1

    41.7

    0.00

    1.9

    2.9

    402

    Bermingham

    BMUG23-050

    119/-6

    224.4

    233.6

    8.3

    21.3

    0.00

    1.7

    2.5

    400

    Bermingham

    BMUG23-050

    119/-6

    225.1

    226.4

    1.2

    87.9

    0.01

    7.9

    8.7

    400

    Bermingham

    BMUG23-050

    119/-6

    276.0

    278.1

    1.5

    18.2

    0.00

    0.7

    1.1

    403

    Bermingham

    BMUG23-050

    119/-6

    290.4

    295.1

    3.5

    13.3

    0.00

    3.2

    3.6

    404

    Bermingham

    BMUG23-051

    119/-9

    228.0

    243.8

    14.1

    9.7

    0.00

    0.7

    0.8

    419

    Bermingham

    BMUG23-051

    119/-9

    228.0

    233.4

    4.8

    22.1

    0.00

    1.6

    1.4

    419

    Bermingham

    BMUG23-051

    119/-9

    343.7

    345.0

    1.2

    48.5

    0.00

    2.1

    3.5

    433

    Bermingham

    BMUG23-051

    119/-9

    458.2

    470.6

    11.2

    2.8

    0.00

    0.8

    0.5

    447

    Bermingham

    BMUG23-051

    119/-9

    482.1

    490.0

    7.1

    1.0

    0.00

    0.2

    0.4

    450

    Bermingham

    BMUG23-052

    120/-19

    244.5

    255.0

    7.8

    47.5

    0.00

    0.8

    0.2

    457

    Bermingham

    BMUG23-052

    120/-19

    244.5

    245.0

    0.4

    40.3

    0.00

    2.1

    0.1

    457

    Bermingham

    BMUG23-052

    120/-19

    254.1

    255.0

    0.7

    531.9

    0.02

    8.0

    0.2

    461

    Bermingham

    BMUG23-052

    120/-19

    266.2

    267.7

    1.1

    6.3

    0.00

    3.6

    0.0

    465

    Bermingham

    BMUG23-052

    120/-19

    276.6

    283.9

    5.5

    22.6

    0.00

    0.5

    1.8

    470

    Bermingham

    BMUG23-052

    120/-19

    536.0

    565.0

    21.8

    2.5

    0.01

    0.4

    0.2

    555

    Bermingham

    BMUG23-052

    120/-19

    538.5

    544.9

    4.8

    5.0

    0.02

    0.9

    0.1

    555

    Bermingham

    BMUG23-052

    120/-19

    573.4

    590.6

    11.1

    44.9

    0.01

    1.7

    0.8

    569

    Bermingham

    BMUG23-052

    120/-19

    576.9

    586.5

    6.1

    79.4

    0.02

    3.0

    1.3

    569

    Bermingham Main Vein

    K-23-0838

    270/-55

    1071.0

    1080.9

    9.2

    0.5

    0.00

    0.1

    0.3

    780

    Bermingham Townsite Vein

    K-23-0839

    281/-66

    1299.9

    1312.1

    9.2

    25.5

    0.00

    0.9

    0.3

    1139

    Bermingham Townsite Vein

    Including

    1309.8

    1312.1

    1.7

    108.2

    0.01

    4.5

    1.0

    1142

     


    The Hecla Mining Stock at the time of publication of the news with a fall of -0,39 % to 5,14USD on NYSE stock exchange (09. August 2023, 02:04 Uhr).

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    Hecla Reports Second Quarter 2023 Results Hecla Mining Company (NYSE:HL) today announced second quarter 2023 financial and operating results. SECOND QUARTER HIGHLIGHTS Operational Produced 3.8 million ounces of silver, 7.9 million ounces in the first half of the year; third highest silver …

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