On track to achieve updated production
guidance
Hecla Mining Company (NYSE:HL) today announced its preliminary
silver and gold production for the third quarter and first nine
months of 2023.
HIGHLIGHTS
Year to Date 2023 compared to YTD
2022
- Silver production increased 8%
- Gold production decreased by 14%
- Zinc and lead production unchanged
- Keno Hill produced 0.9 million ounces of silver; Q3 throughput
of 268 tons per day (tpd)
“Silver production continues to grow with almost a million
ounces more this year compared to the first three quarters last
year,” said Phillips S. Baker, Jr., Hecla’s President and CEO.
“Despite less production at the Lucky Friday, Greens Creek’s
consistent performance and the ramp-up of Keno Hill should allow us
to be within our 2023 guidance of 14.5 to 15.5 million ounces.”
Baker continued, “Casa Berardi performed as expected during the
third quarter as the transition to full open pit mining continues
with completion expected in mid-2024. At Lucky Friday, we continue
executing the plans to bring the mine back into production with no
significant impact expected on 2024 production. With our silver
production expected to increase to about 20 million ounces by 2025,
Hecla remains the world’s fastest-growing established silver
producer, the largest in the U.S., and remains on track to become
Canada’s largest next year.”
OPERATIONS
Greens Creek
The Greens Creek mine produced 2.3 million ounces of silver and
15,010 ounces of gold in the third quarter. Throughput for the
quarter was 2,489 tpd, 3% lower than the prior quarter. Silver
production was unchanged, as higher grades offset lower throughput,
while gold production decreased by 8% over the prior quarter due to
lower grades. Throughput averaged 2,544 tpd for the first nine
months of the year, and the mine remains on track to achieve 2,600
tpd in the fourth quarter of 2023.
Lucky Friday
The Lucky Friday mine produced 475 thousand ounces of silver in
the third quarter and 3 million ounces during the year's first
seven months. Mill throughput in July 2023 was 1,113 tpd, 8% higher
than the prior quarter’s average. The decrease of 63% in silver
production over the prior quarter is attributable to the previously
reported fire in the secondary egress (#2 Shaft) in August 2023 and
the subsequent suspension of production. The Company is bringing
the mine back into production by developing a new secondary egress
consisting of a ramp of 1,600 feet, a 290-foot-long manway raise,
and an 850-foot ventilation raise to bypass the damaged portion of
the #2 shaft. 2023 production is suspended for the remainder of the
year; however, 2024 production is not expected to be materially
impacted.
Keno Hill
The Keno Hill mine continued ramping up to full production in
the third quarter, producing more than 700 thousand ounces of
silver. Throughput in the quarter averaged 268 tpd with silver
grades of 33 ounces per ton. Tonnage mined was constrained while
underground infrastructure and ore headings were being developed.
Most of the planned infrastructure is complete, and twelve ore
headings should be in place by the end of October. Mill tonnage was
limited due to the availability of a temporary crusher unit. The
permanent crusher is expected to be commissioned by early November,
which should increase crusher availability and throughput.
Stockpiled ore at the end of the quarter was approximately 2,100
tons with silver grades of 37 opt. The mill remains on track to
ramp up to 440 tpd by the end of the year.
Casa Berardi
The Casa Berardi mine produced 24,259 ounces of gold in the
third quarter, an increase of 28% compared to the prior quarter.
The increase is due to the prior quarter being negatively impacted
by wildfire-related road closures in June. The mill operated at an
average of 3,735 tpd during the third quarter compared to 4,600 tpd
during the first two months of the prior quarter. The lower
throughput in the third quarter is primarily due to a planned
shutdown in August, during which the cyclones in the grinding
circuit were replaced with better performing units. Fine-tuning of
the circuit also impacted throughput in the latter half of the
quarter.
PRODUCTION SUMMARY (1)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2023
2023
2023
2022
Production
Increase/ (Decrease)
Increase/ (Decrease)
Silver (oz)
3,533,704
3,832,560
(8)%
11,407,232
10,519,553
8 %
Gold (oz)
39,269
35,251
11 %
114,091
132,108
(14)%
Lead (tons)
8,276
13,071
(37)%
34,583
35,794
(3)%
Zinc (tons)
14,980
16,939
(12)%
47,715
47,571
0 %
Greens Creek - Silver (oz)
2,343,192
2,355,674
(1)%
7,471,725
7,308,660
2 %
Greens Creek - Gold (oz)
15,010
16,351
(8)%
46,245
35,227
31 %
Lucky Friday - Silver (oz)
475,414
1,286,666
(63)%
3,024,545
3,188,565
(5)%
Keno Hill - Silver (oz)
710,012
184,264
285 %
894,276
-
NA
Casa Berardi - Gold (oz)
24,259
18,901
28 %
67,846
96,881
(30)%
(1) See the cautionary statement regarding preliminary
statements at the end of this release.
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.
Cautionary Statements Regarding Estimates and Forward-Looking
Statements
All measures of the Company's third quarter 2023 production
results contained in this release are preliminary and reflect the
Company’s expected results as of the date of this release. Actual
reported third quarter 2023 results are subject to management's
final review as well as review by the Company's independent
registered accounting firm. They may vary significantly from
current expectations because of a number of factors, including,
without limitation, additional or revised information and changes
in accounting standards or policies or in how those standards are
applied.
Statements made or information provided in this news release
that are not historical facts are "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, and
"forward-looking information" within the meaning of Canadian
securities laws. When a forward-looking statement expresses or
implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, such statements are subject to
risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed,
projected or implied by the forward-looking statements.
Forward-looking statements often address our expected future
business and financial performance and financial condition and
often contain words such as “anticipate,” “intend,” “plan,” “will,”
“could,” “would,” “estimate,” “should,” “expect,” “believe,”
“project,” “target,” “indicative,” “preliminary,” “potential” and
similar expressions. Forward-looking statements in this news
release may include, without limitation: (i) Casa Berardi’s
transition to full open pit mining is expected in mid-2024; (ii)
Lucky Friday’s production in 2024 is not expected to be impacted by
the recent fire; (iii) consolidated silver production in 2024 is
expected to be higher than 2023; (iv) the Company is on track to
become the largest silver producer in Canada; (v) Keno Hill is
expected to achieve 440 tpd throughput by year-end; (vi) the
Company is expected to produce 20 million ounces of silver by 2025;
(vii) Greens Creek is expected to achieve throughput of 2,600 tpd
by the fourth quarter; (viii) Lucky Friday is expected to
successfully mitigate damage caused by the fire and return to full
production in the beginning of 2024; and (ix) mine-specific and
consolidated 2023 estimates of future production. 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; (iii)
political/regulatory developments in any jurisdiction in which the
Company operates being consistent with its current expectations;
(iv) certain price assumptions for gold, silver, lead and zinc; (v)
prices for key supplies being approximately consistent with current
levels; (vi) the accuracy of our current mineral reserve and
mineral resource estimates; (vii) 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; (viii) sufficient workforce is
available and trained to perform assigned tasks; (ix) weather
patterns and rain/snowfall within normal seasonal ranges so as not
to impact operations; (x) relations with interested parties,
including Native Americans, remain productive; and (xi) factors do
not arise that reduce available cash balances.
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; and (vi)
litigation, political, regulatory, labor and environmental risks.
For a more detailed discussion of such risks and other factors, see
the Company's 2022 Form 10-K filed on February 17, 2023 for a more
detailed discussion of factors that may impact expected future
results. The Company undertakes no obligation and has no intention
of updating forward-looking statements other than as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231012554524/en/
Anvita M. Patil Vice President – Investor Relations and
Treasurer
Cheryl Turner Communications Coordinator
800-HECLA91 (800-432-5291) Investor Relations Email:
hmc-info@hecla.com Website: www.hecla.com
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