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Hecla reports adjusted net income of $6.6M in Q1, says silver production continues to rise

Kitco Media
By Vladimir Basov
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(Kitco News) - Hecla Mining (NYSE: HL) today announced silver production of 4,041,878 ounces in Q1 2023, up 22% compared to Q1 2022 (3,324,708 ounces) and an increase of 10% over Q4 2022 (3,663,433 ounces).

The company's gold production was 39,717 ounces in Q1 2023, down 5% over Q1 2022 (41,707 ounces) and a decrease of 9% from Q4 2022 (43,634 ounces).

Hecla said that Greens Creek set a new quarterly throughput record as the company continues its work towards achieving 2,600 tpd, adding that Lucky Friday reported its fourth consecutive quarter of silver production exceeding 1 million ounces.

The company noted that Keno Hill's increased development keeps it on track for commencing production in the third quarter, so silver production is expected to be in excess of 2.5 million ounces for the year.

According to a news release, the company is beginning the transition to a primarily open pit operation at Casa Berardi and is completing the ore bunker and service hoist at Lucky Friday.

The company also reported Q1 2023 net loss applicable to common stockholders of $3.3 million or $0.01 per share (Q1 2022: net income of $4 million or $0.01 per share), and adjusted net income of $6.6 million or $0.01 per share (Q1 2022: adjusted net income of $5.4 million or $0.01 per share).

“Hecla produced 45% of United States silver in 2022, making us the nation’s largest silver producer. With almost 17 million ounces of silver production expected in 2023 and potentially increasing to 20 million ounces by 2025, Hecla is expected to become Canada’s largest silver producer as well. Our production growth provides shareholders more exposure to silver from long-lived, low-cost mines that will help provide silver needed for solar power, the fastest growing renewable energy source,” said Phillips S. Baker Jr., President and CEO.

Founded in 1891, Hecla Mining is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho and Quebec, Canada, the company owns a number of exploration and pre-development projects in North America.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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