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Hecla Announces First Quarter Production

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Hecla Announces First Quarter Production

 

 

 

 

 

43% increase in silver production over Q4 2023

 

Hecla Mining Company (NYSE:HL) announced its preliminary production results for the first quarter of 2024.

 

HIGHLIGHTS

 

1st Quarter 2024 compared to 4th Quarter 2023 (“prior quarter”)

  • Silver production of 4.2 million ounces, a 43% increase.
  • Gold production of 36,592 ounces, in line with prior quarter.
  • Greens Creek silver production increased 10% and gold production in line with prior quarter.
  • Lucky Friday completed ramp-up to full production with 1.1 million ounces of silver produced.
  • Keno Hill throughput increased 29% as the ramp-up continues.
  • Lead production increased 129%; zinc production increased 28% due to ramp-up at Lucky Friday.

 

“The 43% increase in silver production reflects the consistent, strong performance from Greens Creek, Lucky Friday’s reaching full production in March and Keno Hill continuing its ramp-up,” said Phillips S. Baker, Jr., President and CEO. “Casa Berardi continues to execute on its plan as it transitions to a fully surface operation.”

 

Baker continued, “Hecla is on track to produce about 17 million ounces in 2024, expected to increase to about 20 million ounces by 2026. Silver is necessary for the energy transition – in 2023, silver used in solar increased about 35% to 190 million ounces with more growth expected. Hecla’s increasing production in safe jurisdictions well-positions our shareholders to benefit from the continuing deficit in silver supply.”

 

OPERATIONS

 

Greens Creek

 

The Greens Creek mine produced 2.5 million ounces of silver, an increase of 10% over the prior quarter. Gold production was 14,588 ounces, unchanged over the prior quarter. The mill achieved throughput of 2,552 tons per day (tpd) during the quarter. Increased silver production was primarily due to higher throughput and a 4% increase in grades.

 

Lucky Friday

 

The Lucky Friday mine produced 1.1 million ounces of silver as the mine completed ramp-up to full production in March. Mill throughput was 948 tpd during the quarter. The Company continues to work with the property insurer and has collected $17.4 million of insurance proceeds during the quarter and expects to receive the remaining proceeds during the year.

 

Casa Berardi

 

The Casa Berardi mine produced 22,004 ounces of gold in the quarter, in line with the prior quarter, as a 5% increase in throughput was offset by lower grades. The mill operated at an average of 4,194 tpd during the quarter.

 

Keno Hill

 

Keno Hill produced 646,312 ounces of silver, an increase of 6% over the prior quarter. The increase in production was attributable to higher throughput, which averaged 277 tpd, an increase of 29% over the prior quarter, partially offset by lower silver grades which were 26.3 ounces per ton.

 

The mine continues to advance ramp-up to full production, which is expected during the year. The Company continues to work through safety and environmental standards at the mine; with these standards driving the pace of production.

 

PRODUCTION SUMMARY

 

  Three Months Ended  
  March 31, 2024 Dec 31, 2023  
Production     Increase/
(Decrease)
Silver (oz) 4,192,098 2,935,632 43 %
Gold (oz) 36,592 37,168 (2)%
Lead (tons) 12,100 5,282 129 %
Zinc (tons) 16,211 12,669 28 %
Greens Creek – Silver (oz) 2,478,594 2,260,027 10 %
Greens Creek – Gold (oz) 14,588 14,651 (0)%
Lucky Friday – Silver (oz) 1,061,065 61,574 1,623 %
Keno Hill – Silver (oz) 646,312 608,301 6 %
Casa Berardi – Gold (oz) 22,004 22,517 (2)%

(1) See cautionary statement regarding preliminary statements at the end of this release.

 

ABOUT HECLA

 

Founded in 1891, Hecla Mining Company 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.

 

Posted April 9, 2024

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