Hecla Mining Reports Record Second Quarter Results with High Silver and Gold Production

Hecla Mining Company has announced its financial and operational results for the second quarter of 2024, marking significant achievements in silver and gold production.

Hecla reported the production of 4.5 million ounces of silver, the second-highest in the company’s history. Lucky Friday Mine achieved its highest silver production since 2000, with 1.3 million ounces, supported by record mill throughput of 1,181 tons per day. Keno Hill Mine also reported improvements, with an All-Injury Frequency Rate (AIFR) decreasing by 12% to 1.98 and achieving a record 0.9 million ounces of silver, a 39% increase compared to the first quarter of 2024.

The company reiterated its 2024 silver production and consolidated cost guidance, while increasing its gold production guidance.

Hecla generated revenues of $245.7 million, the highest in its history, with 46% from silver and 34% from gold. The company reported a net income of $27.7 million, or $0.04 per share, and an adjusted net income of $12.3 million, or $0.02 per share. The trailing twelve-month adjusted EBITDA reached $242.8 million, improving the net leverage ratio to 2.3.

Operating activities provided $78.7 million in cash, with a free cash flow of $28.3 million, generated across all operations. Greens Creek and Lucky Friday were particularly strong, generating $43.3 million and $44.5 million in cash flow from operations, respectively. Lucky Friday’s cash flow includes $17.8 million from insurance receipts.

The total cost of sales for consolidated silver was $123.3 million, with cash costs and all-in sustaining costs (AISC) per silver ounce, after by-product credits, at $2.08 and $12.54, respectively.

Exploration drilling at Keno Hill revealed significant high-grade silver mineralization, expanding known deposits. At the Bermingham deposit, notable intersections included 35.4 ounces per ton of silver, 2.2% lead, and 2.0% zinc over 20.2 feet. The Flame & Moth deposits reported 28.6 ounces per ton of silver, 3.3% lead, and 6.2% zinc over 22.3 feet.

At Greens Creek, drilling intersected strong mineralization across multiple ore zones, notably in the West Zone, which revealed 72.7 ounces per ton of silver, 0.23 ounces per ton of gold, 9.6% zinc, and 5.2% lead over 26.9 feet, bolstering confidence in the deposit’s potential.

Hecla’s strategic focus on exploration and operational efficiency continues to drive strong financial and production outcomes, positioning the company for sustained growth in the precious metals market.