Hecla Reports Fourth Quarter and Full Year 2018 Results
February 21, 2019
Record gold production; Record reserves for gold, silver, and lead
COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Hecla Mining Company (NYSE:HL)
today announced fourth quarter and full year 2018 financial and
operating results.
YEAR-END HIGHLIGHTS
-
Silver production of 10.4 million ounces and record gold production of
262,103 ounces. -
Silver equivalent production of 43.6 million ounces or gold equivalent
of 540,174 ounces.7 -
Cost of sales and other direct production costs and depreciation,
depletion and amortization (“cost of sales”) of $488.0 million. -
Total cash cost, after by-product credits and all-in sustaining cost
(“AISC”), after by-product credits, per silver ounce of $1.08 and
$11.44, respectively.1,2 -
Record reserves for gold, silver and lead; increases over 2017 of 26%,
8% and 5%, respectively. - Completed the acquisition of Klondex in July 2018.
- Improved safety with All Injury Frequency Rate 28% lower.
“Greens Creek and Casa Berardi are the economic engines of Hecla, and
the continued increase in reserves and resources, extended mine life and
positive changes to the mine plans are surfacing additional value at
these operations,” said Phillips S. Baker, Jr., President and CEO. “This
allows investment in our three other mines, which all have the potential
to be long-lived with strong economics like Greens Creek and Casa
Berardi. The turnaround of the Nevada operations continues with an
increasing development rate at Fire Creek that should allow the mine to
have operating consistency as we increase production. This is the same
approach we took when we first acquired Greens Creek and Casa Berardi.
Substantial exploration is planned for both Fire Creek and Hollister
this year as we work to convert resources to reserves and discover
additional resources. With the Hatter Graben decline about 15% complete,
we expect to start drilling between the current Hollister mine area and
the Hatter Graben soon.”
“At San Sebastian we continue to discover and mine oxide mineralization
while we take a bulk sample to determine the potential economics of the
sulfide ore,” Mr. Baker continued.
|
1,2 |
Non-GAAP measures. See pages 10 and 11 for more information. |
||
|
7 |
See page 11 for details of equivalent production. |
||
SILVER AND GOLD RESERVE SUMMARY
Proven and probable silver reserves are 191 million ounces, an increase
of 8% over December 31, 2017 levels. Proven and probable gold reserves
are 2.9 million ounces, an increase of 26% over December 31, 2017
levels. Proven and probable zinc and lead reserves of 932,000 tons and
774,000 tons are increases of 11% and 5%, respectively, over December
31, 2017 levels. The reserves for gold, silver and lead are the highest
in Company history. The price assumptions used for 2018 reserves of
$14.50 for silver, $1,200 for gold, $1.15 for zinc and $0.90 for lead
are unchanged from last year, with the exception of zinc, which was
$1.05 in 2017. The silver price assumption is among the lowest in the
industry.
Please refer to the reserves and resources tables at the end of this
press release, or to the press release entitled “Hecla Reports Record
Gold, Silver and Lead Reserves” issued on February 14, 2019, for the
breakdown between proven and probable reserve and resource levels, as
well as a detailed summary of the Company’s exploration programs.
Revised NI 43-101 Technical Reports for Greens Creek and Casa Berardi
are expected by April. At Greens Creek, the optimized mine plan
accelerates access to higher-grade ore, enabling the expected highest
margin reserves to be extracted in the earlier years of the mine plan.
In addition, the increase in reserves is expected to extend the mine
life, excluding resources, by about three years to 2030.
FINANCIAL OVERVIEW
| Fourth Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||
| HIGHLIGHTS |
December 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
||||||||||||||||||||
| FINANCIAL DATA | ||||||||||||||||||||||||
| Sales (000) | $ | 136,520 | $ | 160,113 | $ | 567,137 | $ | 577,775 | ||||||||||||||||
| Gross profit (loss) (000) | $ | (1,265 | ) | $ | 46,310 | $ | 79,099 | $ | 152,449 | |||||||||||||||
| Loss applicable to common stockholders (000) | $ | (23,831 | ) | $ | (29,105 | ) | $ | (27,115 | ) | $ | (29,072 | ) | ||||||||||||
| Basic and diluted loss per common share | $ | (0.05 | ) | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.07 | ) | ||||||||||||
| Cash provided by operating activities (000) | $ | 19,011 | $ | 41,763 | $ | 94,221 | $ | 115,878 | ||||||||||||||||
Net loss applicable to common stockholders for the fourth quarter and
full year of 2018 was $23.8 million and $27.1 million, or $0.05 and
$0.06 per basic share, respectively, compared to net losses applicable
to common stockholders of $29.1 million, or $0.07 per basic share, for
both periods of the prior year. Among items impacting the results for
the 2018 periods compared to 2017 were the following:
-
Sales for the fourth quarter and full year were 15% and 2% lower,
respectively, than the same periods in 2017. The decreases are mainly
due to lower silver production due to lower grades and production at
San Sebastian as well as lower average silver prices, partially offset
by higher gold production due to higher throughout at Casa Berardi and
the addition of the Nevada operations. -
A slight loss was recorded on base metal derivative contracts for the
fourth quarter 2018, while gains on base metal derivative contracts of
$40.3 million were recorded for the full year 2018, compared to losses
of $4.7 million and $21.3 million, respectively, in the prior year
periods, mainly the result of lower lead prices. During the third
quarter of 2018, the Company settled in-the-money contracts prior to
their maturity date, for cash proceeds of approximately $32.8 million. -
Foreign exchange gains of $7.5 million and $10.3 million were
recognized in the fourth quarter and full year of 2018, respectively,
compared to a $0.6 million gain and a loss of $9.7 million,
respectively, in the prior year periods. The variances were primarily
due to weakening of the Canadian dollar relative to the U.S. dollar. -
Interest expense, net of amount capitalized, was $10.9 million in the
fourth quarter and $40.9 million for the full year of 2018 compared to
$9.6 million and $38.0 million, respectively, in the prior year
periods. -
Exploration and pre-development expense was $9.4 million for the
fourth quarter and $40.6 million for the full year of 2018, compared
to $7.3 million and $29.0 million, respectively, in the prior year
periods, primarily due to increased exploration activity in Nevada and
Quebec. -
Research and development expense was $0.4 million for the fourth
quarter and $5.4 million for the full year of 2018, compared to $1.2
million and $3.3 million, respectively, for the prior year periods,
and is related to the evaluation and development of new technologies,
such as the Remote Vein Miner (RVM) project at the Lucky Friday. -
Suspension costs for the fourth quarter of $2.4 million and $20.7
million for the full year of 2018, including $1.3 million and $5.0
million, respectively, in non-cash depreciation expense. This is
compared to suspension costs of $6.9 million and $21.3 million,
respectively, for the prior year periods. -
Income tax benefit for the fourth quarter and full year of 2018 of
$5.2 million and $6.7 million, respectively, compared to provisions of
$38.5 million and $21.0 million, respectively, in the prior year
periods. The tax provisions in 2017 resulted primarily from the
changes in the U.S. Tax Cuts and Jobs Act and the resulting
revaluation of the deferred tax asset, as well as current income and
mining taxes in Mexico.
Cash provided by operating activities for the fourth quarter and full
year of 2018 of $19.0 million and $94.2 million, respectively, was $22.8
million and $21.7 million lower, respectively, as compared to the prior
year periods. The decrease in 2018 was mainly the result of lower
production and higher exploration spending, as well as acquisition
costs, partly offset by cash proceeds from settlement of base metals
derivative contracts prior to their maturity date.
Adjusted EBITDA was $28.1 million for the fourth quarter of 2018,
compared to $71.1 million for the same period of 2017, and $211.9
million for the full year of 2018, compared to $231.9 million in 2017.3
The decreases were due to lower production and higher exploration
spending.
Capital expenditures at the operations totaled $53.2 million for the
fourth quarter of 2018, including $17.6 million at Nevada operations,
$13.6 million at Casa Berardi, $12.2 million at Greens Creek, $7.3
million at Lucky Friday, and $2.5 million at San Sebastian. Capital
expenditures for the year 2018 totaled $140.6 million at the operations,
compared to $103.4 million in 2017.
Metals Prices
Average realized silver prices in the fourth quarter and full year 2018
were $14.58 and $15.63 per ounce, respectively, compared to $16.87 and
$17.23, respectively, for the prior year periods. Realized prices for
gold for the fourth quarter and full year 2018 were $1,237 and $1,265
per ounce, respectively, 3% lower compared to the fourth quarter 2017,
while the price for the year ended slightly higher. Average realized
prices for lead and zinc for the fourth quarter of 2018 were 23% and 21%
lower, respectively, compared to the prior year period. The average
realized prices for lead and zinc for the full year of 2018 were 2% and
4% lower, respectively, compared to 2017.
OPERATIONS OVERVIEW
Overview
The following table provides the production summary on a consolidated
basis for the fourth quarter and twelve months ended December 31, 2018
and 2017:
| Fourth Quarter Ended | Twelve Months Ended | |||||||||||||||||||||
|
December 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||
| PRODUCTION SUMMARY | ||||||||||||||||||||||
| Silver – | Ounces produced | 2,715,385 | 2,984,786 | 10,369,503 | 12,484,844 | |||||||||||||||||
| Payable ounces sold | 2,260,690 | 3,210,306 | 9,254,385 | 11,308,958 | ||||||||||||||||||
| Gold – | Ounces produced | 70,987 | 60,964 | 262,103 | 232,684 | |||||||||||||||||
| Payable ounces sold | 64,478 | 58,008 | 247,528 | 219,929 | ||||||||||||||||||
| Lead – | Tons produced | 4,704 | 4,307 | 20,091 | 22,733 | |||||||||||||||||
| Payable tons sold | 3,615 | 4,348 | 16,214 | 17,960 | ||||||||||||||||||
| Zinc – | Tons produced | 13,711 | 12,107 | 56,023 | 55,107 | |||||||||||||||||
| Payable tons sold | 9,201 | 10,066 | 39,273 | 39,335 | ||||||||||||||||||
|
3 |
Non-GAAP measures. See page 11 for more information. |
||
The following table provides a summary of the final production, cost of
sales, cash cost, after by-product credits, per silver or gold ounce,
and AISC, after by-product credits, per silver and gold ounce, for the
fourth quarter and twelve months ended December 31, 2018:
| Fourth Quarter | Total | Greens Creek |
Lucky Friday |
San Sebastian | Casa Berardi | Nevada Operations | ||||||||||||||||||||||||||||||||||
| 2018 | Silver | Gold | Silver | Gold | Silver | Silver | Gold | Gold | Silver | Gold | Silver | |||||||||||||||||||||||||||||
| Production (ounces) | 2,715,385 | 70,987 | 2,163,563 | 13,097 | 13,026 | 443,302 | 2,928 | 35,864 | 7,338 | 19,098 | 88,156 | |||||||||||||||||||||||||||||
| Increase/(decrease) over 2017 | (9 | )% | 16 | % | 1 | % | 13 | % | (81 | )% | (42 | )% | (51 | )% | (17 | )% | (26 | )% | N/A | N/A | ||||||||||||||||||||
|
Cost of sales & other direct production costs and depreciation, depletion and amortization (000) |
$ | 62,846 | $ | 74,938 | $ | 48,302 | N/A | $ | 3,906 | $ | 10,638 | N/A | $ | 47,253 | N/A | $ | 27,686 | N/A | ||||||||||||||||||||||
| Increase/(decrease) over 2017 | (7 | )% | 62 | % | (22 | )% | N/A | 591 | % | 100 | % | N/A | 2 | % | N/A | N/A | N/A | |||||||||||||||||||||||
| Cash costs, after by-prod credits, per silver or gold ounce 1,4 | $ | 4.01 | $ | 1,048 | $ | 1.79 | N/A | N/A | $ | 14.78 | N/A | $ | 940 | N/A | $ | 1,251 | N/A | |||||||||||||||||||||||
| Increase/(decrease) over 2017 | $ | 4.56 | $ | 329 | $ | 1.13 | N/A | N/A | $ | 18.58 | N/A | $ | 221 | N/A | N/A | N/A | ||||||||||||||||||||||||
|
AISC, after by-prod credits, per silver or gold ounce 2 |
$ | 13.53 | $ | 1,582 | $ | 7.92 | N/A | N/A | $ | 19.51 | N/A | $ | 1,348 | N/A | $ | 2,020 | N/A | |||||||||||||||||||||||
| Increase/(decrease) over 2017 | $ | 6.30 | $ | 543 | $ | 1.69 | N/A | N/A | $ | 20.15 | N/A | $ | 309 | N/A | N/A | N/A | ||||||||||||||||||||||||
| Twelve Months Ended | Total | Greens Creek | Lucky Friday | San Sebastian | Casa Berardi | Nevada Operations | ||||||||||||||||||||||||||||||||||
| Dec 31, 2018 | Silver | Gold | Silver | Gold | Silver | Silver | Gold | Gold | Silver | Gold | Silver | |||||||||||||||||||||||||||||
| Production (ounces) | 10,369,503 | 262,103 | 7,953,003 | 51,493 | 169,041 | 2,037,072 | 14,979 | 162,744 | 38,086 | 32,887 | 172,301 | |||||||||||||||||||||||||||||
| Increase/(decrease) over 2017 | (17 | )% | 13 | % | (5 | )% | 1 | % | (80 | )% | (37 | )% | (41 | )% | 4 | % | 4 | % | N/A | N/A | ||||||||||||||||||||
|
Cost of sales & other direct production costs and depreciation, depletion and amortization (000) |
$ | 241,631 | $ | 246,407 | $ | 190,066 | N/A | $ | 9,750 | $ | 41,815 | N/A | $ | 199,402 | N/A | $ | 47,005 | N/A | ||||||||||||||||||||||
| Increase/(decrease) over 2017 | 0.4 | % | 33 | % | (6 | )% | N/A | (35 | )% | 76 | % | N/A | 8 | % | N/A | N/A | N/A | |||||||||||||||||||||||
| Cash costs, after by-prod credits, per silver or gold ounce 1,4 | $ | 1.08 | $ | 871 | $ | (1.13 | ) | N/A | N/A | $ | 9.69 | N/A | $ | 800 | N/A | $ | 1,221 | N/A | ||||||||||||||||||||||
| Increase/(decrease) over 2017 | $ | 1.08 | $ | 51 | $ | (1.84 | ) | N/A | N/A | $ | 13.05 | N/A | $ | (19 | ) | N/A | N/A | N/A | ||||||||||||||||||||||
|
AISC, after by-prod credits, per silver or gold ounce 2 |
$ | 11.44 | $ | 1,226 | $ | 5.58 | N/A | N/A | $ | 14.68 | N/A | $ | 1,080 | N/A | $ | 1,950 | N/A | |||||||||||||||||||||||
| Increase/(decrease) over 2017 | $ | 3.58 | $ | 52 | $ | (0.18 | ) | N/A | N/A | $ | 14.94 | N/A | $ | (94 | ) | N/A | N/A | N/A | ||||||||||||||||||||||
Greens Creek Mine – Alaska
For the fourth quarter, silver production was 2,163,563 ounces and gold
production was 13,097 ounces, increases of 1% and 13%, respectively,
compared to the prior year periods. Full year 2018 silver production was
7,953,003 ounces, a decrease of 5% compared to the prior year period,
and 2018 gold production was 51,493 ounces, an increase of 1%. The
decrease in silver production resulted from lower grades, and gold
production was modestly higher due to higher throughput. The mill
operated at an average of 2,310 tons per day (tpd) in the fourth quarter
and 2,316 tpd for the full year. The annual throughput was a record.
The cost of sales for the fourth quarter and full year 2018 was $48.3
million and $190.1 million, respectively, a decrease of 22% and 6%,
respectively, over the prior year periods. The cash cost, after
by-product credits, per silver ounce, for the quarter and full year was
$1.79 and $(1.13), respectively, an increase from $0.66 for the fourth
quarter 2017, and a decrease from $0.71 for the full year 2017.1 The
AISC, after by-product credits, was $7.92 per silver ounce for the
fourth quarter and $5.58 for the full year of 2018, up for the quarter
from $6.23 and lower for the year from $5.76.2 The higher per
silver ounce cash cost, after by-product credits, for the quarter was
primarily due to higher production costs and lower by-product credits.
The increase in AISC, after by-product credits, for the quarter resulted
from higher capital spending. The decrease in cash cost, after
by-product credits, per silver ounce for the full year of 2018 was due
to higher by-product credits. The impact of higher by-product credits on
AISC, after by-product credits, was partially offset by higher capital
spending for the full year of 2018.
For the full year of 2018, Greens Creek generated cash provided by
operating activities of approximately $125.1 million and spent $40.8
million on additions to properties, plants and equipment, resulting in
free cash flow of $84.3 million.5
Casa Berardi – Quebec
Gold production of 35,864 ounces during the fourth quarter 2018,
including 4,849 ounces from the East Mine Crown Pillar (EMCP) pit, was
17% lower than the same period of 2017 due to lower grades. Full year
2018 gold production of 162,744 ounces, including 32,097 ounces from the
EMCP pit, was higher than the prior year period by 4% and the highest
since acquisition of the operation. The mill operated at an average of
3,515 tpd in the fourth quarter 2018 and 3,769 tpd for the year, which
is a record and 218 tpd more than 2017, as well as approximately 1,800
tpd more than at acquisition.
Cost of sales was $47.3 million and $199.4 million for the fourth
quarter and full year 2018, respectively, increases of 2% and 8%,
respectively, over the prior year periods. The cash cost, after
by-product credits, per gold ounce of $940 for the fourth quarter 2018
increased 31% over the prior year period, due to lower gold production.7
For the full year 2018, the cash cost, after by-product credits,
per gold ounce, decreased to $800, from $820 for the prior year period,
due to higher gold production and expensing of EMCP pit stripping costs
during the first half of 2017.1,4 The AISC, after by-product
credits, was $1,348 per gold ounce for the fourth quarter and $1,080 for
the full year 2018 compared to $1,039 and $1,174 in the same
periods of 2017. The increase for the quarter was due to higher capital
spending, with the decrease for the full year due to higher gold
production and lower capital spending.2
For the full year of 2018, Casa Berardi generated cash provided by
operating activities of approximately $82.9 million and spent $39.7
million on additions to properties, plants and equipment, resulting in
free cash flow of $43.2 million.5
San Sebastian – Mexico
Silver production was 443,302 ounces for the fourth quarter and
2,037,072 ounces for the full year of 2018 compared to 759,100 and
3,257,738 for the same periods of 2017. Gold production was 2,928 ounces
for the fourth quarter and 14,979 ounces for the full year of 2018,
compared to 5,955 and 25,177 for the same periods of 2017. The lower
metal production was expected due to lower grades as a result of the
transition from shallow, high-grade open pits to underground production.
The mill operated at an average of 487 tpd in the fourth quarter 2018
and 429 tpd for the year.
The cost of sales was $10.6 million and $41.8 million for the fourth
quarter and full year 2018, respectively, compared to $5.3 million and
$23.7 million, respectively, for the same periods in 2017. Cash cost,
after by-product credits, per silver ounce was $14.78 in the fourth
quarter and $9.69 for the full year of 2018, compared to ($3.80) and
($3.36) for the same periods of 2017.1 The AISC, after
by-product credits, was $19.51 for the fourth quarter and $14.68 for the
full year of 2018 compared to ($0.64) and ($0.26) for the same periods
of 2017.2 The increases in cash cost, after
by-product credits, per silver ounce and AISC, after by-product credits,
per silver ounce, were due to lower silver and gold production and
higher mining costs as a result of the transition to underground mining.
A review of sulfide ore is underway, including a bulk sample to test the
capabilities of the third-party plant.
Nevada Operations
For the fourth quarter of 2018, 19,098 gold ounces and 88,156 silver
ounces were produced. For the period July 20, 2018 to December 31, 2018,
32,887 gold ounces and 172,301 silver ounces were produced. During 2018,
the Nevada operations focused on development at Fire Creek and
Hollister, limiting production as little development had been undertaken
earlier in the year by Klondex. While the development rate at Fire Creek
has exceeded the planned advance, the focus remains on finding ways to
maintain the development rate in all ground conditions. In addition, the
increasing development is providing additional drill platforms to
enhance the exploration program, and five drills are operating for stope
design, in-fill drilling and exploration. The Company’s plan is to
increase Fire Creek’s throughput from 350 tons per day to 520 tons per
day by mid-2019. At Hollister, the development of a decline to the
Hatter Graben exploration target is underway with completion of the
initial phase expected to be late in 2019.
During the period July 20, 2018 to December 31, 2018, approximately
$32.6 million in capital and $9.3 million in exploration expense was
invested in Nevada. Of the $32.6 million in capital, $12.4 million
related to the completion of the tailings facility at Midas which is
expected to provide the waste capacity for four years of full
production, while $13.2 million was for development needed to increase
Fire Creek throughput, and $1.5 million was for completing the carbon in
leach “CIL” circuit at the Midas Mill to increase the recoveries from
Hollister ore.
Lucky Friday Mine – Idaho
Silver production was 13,026 ounces in the fourth quarter and 169,041
ounces for the full year 2018, a decrease from 69,578 ounces and 838,658
ounces in the fourth quarter and full year of 2017, respectively, due to
the ongoing strike by unionized employees, which began in March 2017.
The Company continues to invest in the mine, with limited production and
capital improvements being performed by salaried staff.
Construction of the RVM machine continues in Sweden, and is expected to
be completed, along with testing of the unit, and sent to the Company in
2020.
EXPLORATION AND PRE-DEVELOPMENT
Exploration
Exploration (including corporate development) expenses were $8.1
million, and $35.7 million for the fourth quarter and full year 2018,
respectively. This represents an increase of 37% and 52% over the fourth
quarter and full year 2017. These increases were primarily the result of
the addition of the Nevada operations and increased exploration at San
Sebastian, the Kinskuch project in British Columbia and the Little Baldy
project in northern Idaho.
A complete summary of exploration activities can be found in the news
release entitled “Hecla Reports Record Reserves For Silver, Gold, and
Lead” released on February 14, 2019.
Pre-development
Pre-development spending was $1.3 million in the fourth quarter and $4.9
million for the full year 2018, principally to advance the permitting at
Rock Creek and Montanore.
|
1,2,4,5 |
Non-GAAP measure. See pages 10-11 for more information. |
||
Rock Creek
In August 2018, the Kootenai National Forest issued the Final Record of
Decision (ROD) for Phase I (evaluation phase) of the Rock Creek Project,
a proposed underground copper and silver mine in northwestern Montana
near Noxon in Sanders County. The Company is updating its plan of
operation to reflect the ROD, and agency approval is anticipated in
early 2019. The project remains the subject of ongoing litigation.
Montanore
In May 2017, the Federal District court judge in Missoula, Montana
remanded back to the U.S. Forest Service and U.S. Fish and Wildlife
Service their approvals for the Montanore project. The court advised
that the agencies could proceed with the approval of the evaluation
phase of the project. The U.S. Forest Service determined a focused
supplemental Environmental Impact Statement (“EIS”) would be prepared on
the evaluation phase and published its notice of intent to do so in the
Federal Register in December 2017. It is anticipated that the agency
will complete its assessment and issue a new ROD in 2019. As a part of
this permitting process, the U.S. Fish and Wildlife Service is preparing
updated terrestrial and aquatic biological opinions for the project. The
project remains the subject of ongoing litigation.
RESEARCH AND DEVELOPMENT
The Research and Development activities of the Company consisted
primarily of work being conducted on the RVM, the focus of which is
shifting towards fabrication of the unit, with delivery expected in 2020.
BASE METALS AND CURRENCY HEDGING
Base Metals Forward Sales Contracts
There were no forward sales contracts outstanding at December 31, 2018,
other than provisional hedges (which address changes in prices between
shipment and settlement with customers).
Foreign Currency Forward Purchase Contracts
The following table summarizes the Canadian dollars and Mexican pesos
the Company has committed to purchase under foreign exchange forward
contracts at December 31, 2018:
|
Currency Under Contract (in thousands of CAD/MXN) |
Average Exchange Rate | |||||||||||||||||||||||
| CAD | MXN | CAD/USD | MXN/USD | |||||||||||||||||||||
| 2019 settlements | 114,800 | 124,320 | 1.30 | 20.28 | ||||||||||||||||||||
| 2020 settlements | 68,900 | 7,100 | 1.29 | 20.72 | ||||||||||||||||||||
| 2021 settlements | 49,900 | — | 1.28 | — | ||||||||||||||||||||
| 2022 settlements | 21,000 | — | 1.27 | — | ||||||||||||||||||||
2019 ESTIMATES6
2019 Production Outlook
|
Silver Production (Moz) |
Gold Production (Koz) |
Silver Equivalent (Moz)
|
Gold Equivalent (Koz)
|
||||||||||||||||||
| Greens Creek | 7.7 | 50 | 24.0 | 305 | |||||||||||||||||
| Lucky Friday | 0.2 | N/A | 0.2 | N/A | |||||||||||||||||
| San Sebastian | 2.0 | 14 | 3.0 | 40 | |||||||||||||||||
| Casa Berardi | N/A | 150 | 11.7 | 150 | |||||||||||||||||
| Nevada Operations | 0.1 | 76 | 6.1 | 77 | |||||||||||||||||
| Total | 10.0 | 290 | 45.0 | 572 | |||||||||||||||||
Contacts
Mike Westerlund
Vice President – Investor Relations
800-HECLA91
(800-432-5291)
Investor Relations
Email: hmc-info@hecla-mining.com
Website:
www.hecla-mining.com