Shares of Hecla Mining Company (HL) have gained 6.5% since it reported first-quarter 2024 results on May 8, 2024. HL reported adjusted earnings per share of 1 cent, which beat the Zacks Consensus Estimate of a loss of 2 cents. The bottom-line figure was in line with the year-ago quarter. The first quarter marked a turning point for the company, with the Lucky Friday mine restarting production on Jan 9, 2024, after being suspended since August 2023 due to a fire incident. Throughout the quarter, the mine sca ...

Hecla Mining Company (NYSE:HL) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Anvita Patil - Vice President, Investor Relations, Treasurer Phil Baker - President & Chief Executive Officer Russell Lawlar - Senior Vice President & Chief Financial Officer Carlos Aguiar - Vice President of Operations Conference Call Participants Heiko Ihle - H.C. Wainwright Lucas Pipes - B. Riley Securities Joseph Reagor - ROTH MKM Operator Thank you for standing-by. My name is Rochelle, and I wi ...

Financial Performance - Sales for Q1 2024 were $189,528,000, a decrease of 4.9% from $199,500,000 in Q1 2023[10] - Gross profit for Q1 2024 was $19,160,000, down 45.0% from $34,948,000 in Q1 2023[10] - Net loss for Q1 2024 was $5,753,000, compared to a net loss of $3,173,000 in Q1 2023, representing an increase in loss of 81.2%[10] - The company reported a comprehensive loss of $11,156,000 for Q1 2024, compared to a comprehensive income of $3,343,000 in Q1 2023[10] - The company reported a net loss applicable to common stockholders of $5.891 million for Q1 2024, compared to a net loss of $3.311 million for the same period in 2023, representing a 77.0% increase in net loss year-over-year[32] - The basic loss per common share for the three months ended March 31, 2024, was $(0.01), consistent with the basic loss per common share of $(0.01) for the same period in 2023[32] Cash Flow and Liquidity - Cash provided by operating activities decreased to $17,080,000 in Q1 2024 from $40,603,000 in Q1 2023, a decline of 58.1%[12] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 were $81,332,000, down from $97,286,000 at the end of Q1 2023[12] - The company has cash and cash equivalents of $80.2 million as of March 31, 2024, down from $106.4 million as of December 31, 2023[59] - Cash and cash equivalents decreased by $26.2 million in Q1 2024, totaling $80.2 million compared to $106.4 million at the end of 2023[153] - Net draws on the revolving credit facility amounted to $12.0 million, resulting in an outstanding balance of $140.0 million at an interest rate of 8.0%[155] Assets and Liabilities - Total current assets as of March 31, 2024, were $255,250,000, a slight decrease from $260,262,000 as of December 31, 2023[14] - Total liabilities decreased to $1,035,628,000 as of March 31, 2024, from $1,043,000,000 as of December 31, 2023[14] - Total assets as of March 31, 2024, were $2.994 billion, a slight decrease from $3.011 billion as of December 31, 2023[26] - The company’s stockholders' equity was reported at $1.959 billion as of March 31, 2024[163] - Total contractual cash obligations as of March 31, 2024, were $871.4 million, with $230.9 million due within one year[156] Production and Sales - Hecla Mining Company produced 4.2 million ounces of silver and 36,592 ounces of gold in Q1 2024, with total sales of $189.5 million[93] - Silver sales increased to $86.233 million in Q1 2024 from $81.532 million in Q1 2023, while gold sales decreased to $67.415 million from $75.087 million[25] - Total metal sales decreased to $185.1 million in Q1 2024 from $199.0 million in Q1 2023, primarily due to lower sales volumes of gold and base metals[94] - The Greens Creek segment produced 2,478,594 ounces of silver in Q1 2024, down from 2,772,860 ounces in Q1 2023, reflecting a decrease of approximately 10.6%[104] - The Lucky Friday segment's sales dropped to $35.3 million in Q1 2024 from $49.1 million in Q1 2023, a decline of about 28.0%[110] Costs and Expenses - Cash costs per ounce for silver were $4.78 in Q1 2024, compared to $2.14 in Q1 2023, indicating significant cost inflation[97] - AISC for silver was $13.10 per ounce in Q1 2024, up from $8.96 in Q1 2023, reflecting increased operational costs[97] - Consolidated gross profit decreased by $15.8 million, primarily driven by lower sales volumes for all metals produced except zinc and increased production costs[103] - The company reported a depreciation, depletion, and amortization expense of $48,907,000 for the quarter[137] - Sustaining capital expenditures amounted to $25,394,000, reflecting ongoing investment in operations[137] Debt and Financing - As of March 31, 2024, the total long-term debt balance was $507.310 million, slightly down from $508.000 million as of December 31, 2023[41] - The company increased its borrowing capacity to $225 million from $150 million under the amended Credit Agreement[175] - The maturity date of the Credit Agreement was extended to July 21, 2028, from July 21, 2026[175] Environmental and Legal Matters - Hecla Limited has accrued a liability of $10.1 million for the CERCLA removal action at the Johnny M Mine, which may increase due to the scope of required remediation[67] - The EPA has incurred approximately $9.6 million in response costs related to the San Mateo Creek Basin site, with potential liability for Hecla Limited and other PRPs[69] - The EPA estimates total remediation costs for the Carpenter Snow Creek site may exceed $100 million, with Hecla Limited potentially liable for cleanup costs[71] - Hecla Limited's Lucky Friday mine faces potential civil penalties of up to $59,973 per day for violations of the Clean Water Act[74] - The Keno Hill mine is charged with violations of the Quartz Mining Act and the Waters Act, with maximum fines of $100,000 per offense[75] Shareholder Returns - The company returned $4.0 million to shareholders through dividend payments in Q1 2024[93] - The total dividend per share declared for the first quarter of 2024 was $0.00625, unchanged from the first quarter of 2023[38] - The company declared dividends of $3.9 million in Q1 2024, compared to $3.8 million in Q1 2023, with a silver-linked component tied to realized silver prices[145] Future Outlook - Estimated capital expenditures for 2024 are projected to be between $190 million and $210 million, with $47.6 million already incurred as of March 31, 2024[151] - Exploration and pre-development expenditures for 2024 are estimated at approximately $32.5 million, with $4.3 million already incurred as of March 31, 2024[151] - The company anticipates continued capital expenditures and operational investments, particularly at Keno Hill and Casa Berardi, to support future growth[154]

Silver price in Indian rupees set an all-time high in April. 52 132 140 142 148 150 170 173 175 172 177 191 212 188 200 241 238 2007 2009 2011 2013 2015 2017 2019 2021 2023 Moz ~5x Reserve Growth 2.40 1.60 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|----------------------------------------------------------|---------------------------|---------------|-------|-----------------------------|-------------------------------------------| | Q1/24 Revenue ...

Exhibit 99.1 NEWS RELEASE HECLA REPORTS FIRST QUARTER 2024 RESULTS Cost and production guidance affirmed For The Period Ended: March 31, 2024 For Release: May 8, 2024 COEUR D'ALENE, IDAHO — Hecla Mining Company (NYSE:HL) today announced first quarter 2024 financial and operating results. FIRST QUARTER HIGHLIGHTS Operational Financial Silver Nuggets* "The first quarter reflects an inflection point with the strong performance from Greens Creek, achieving full production at the Lucky Friday, and significant im ...

Hecla Mining (HL) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.02 per share. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 150%. A quarter ago, it was expected that this precious metals company would post a loss of $0.02 per share when it actually produced a loss of $0.04, delivering a surprise of -100%.Over the last four quarters ...

Hecla Mining (HL) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. On the ...

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Hecla Mining (HL) reported a silver production of 4.2 million ounces in the first quarter of 2024. The silver production grew 43% sequentially, reflecting the consistent, strong performance at Greens Creek, the Lucky Friday mine reaching full production in March and the ongoing ramp up at Keno Hill. The gold production was down 2% at 36,592 ounces from the fourth quarter of 2023.Lead production was 12,100 tons, up 129% on a sequential basis. Zinc output rose 28% to 16,211 tons from the fourth quarter of 202 ...