Hecla Mining Reports First Quarter 2017 Results

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) (Hecla or the Company) today announced first quarter financial and operating results.

FIRST QUARTER 2017 HIGHLIGHTS

• Net income applicable to common stockholders of $26.7 million, or $0.07 per basic share.
• Adjusted net income applicable to common stockholders of $16.7 million, or $0.04 per basic share.¹
• Sales of $142.5 million.
• Cash provided by operating activities of $38.3 million.
• Adjusted EBITDA of $53.9 million and net debt/adjusted EBITDA (last 12 months) of 1.1x.^2,3
• Free cash flow of $16.6 million.⁴
• Cost of sales and other direct production costs and depreciation, depletion and amortization ("cost of sales") of $107.6 million.
• Silver cash cost, after by-product credits, of $0.84 per ounce, the lowest in over five years.⁵
• All in sustaining cost (AISC), after by-product credits, of $7.60 per silver ounce.⁶
• Cash and cash equivalents and short-term investments of $213.3 million.

"We have started 2017 with strong sales, net income and free cash flow, and our silver margins remain among the top in the industry, driving an increase in cash balances and strengthening our balance sheet," said Phillips S. Baker, Jr., President and CEO. "While the increase of cost of sales over last year reflected the higher throughput from the Casa Berardi open pit operations, our cash cost, after by-product credits, declined 73% to $0.84 per silver ounce and our AISC, after by-product credits, declined 24% to $7.60 per silver ounce. For the remainder of 2017, our focus is on growing reserves and resources, investing in new technologies that will increase productivity, mine life and margins, and advancing the underground at San Sebastian as well as optimizing the open pits at Casa Berardi. In addition, we are focused on working to end the strike at Lucky Friday. In the meantime, we are suspending our Lucky Friday and Company-wide estimates for silver production and cost, until it is resolved."

FINANCIAL OVERVIEW

Net income applicable to common stockholders for the first quarter of $26.7 million, or $0.07 per share, an increase of $27.5 million from the first quarter of 2016, was impacted by the following factors:

• Sales were 9% higher despite lower silver production, mainly due to higher average metals prices.
• Tax benefit of $29.1 million, primarily related to the impact of receiving IRS approval to accelerate the timing of deductions for the Lucky Friday #4 Shaft development costs, compared to an income tax provision of $1.7 million in the first quarter of 2016.
• Net foreign exchange loss of $2.3 million compared to a loss of $8.2 million in the first quarter of 2016 due primarily to the impact of a stronger Canadian dollar (CAD) on deferred tax liabilities.
• Interest expense, net of amount capitalized, of $8.5 million in the first quarter of 2017, increased over the $5.71 million recognized in first quarter of 2016, due to lower levels of capitalized interest resulting from completion of the #4 Shaft.
• A derivative loss of $7.8 million, mostly unrealized, recognized on metal derivative contract activity in the first quarter of 2017 due to higher base metals prices at quarter-end, as compared to no gain or loss recognized in the first quarter of 2016.
• An increase of $2.4 million in exploration and pre-development expenditures over the first quarter of 2016.

Operating cash flow of $38.3 million increased 104% over the first quarter of 2016 principally due to the timing of (i) sales at Greens Creek and Casa Berardi and (ii) payment of incentive compensation.

The adjusted EBITDA of $53.9 million increased 16% over the first quarter of 2016 mainly due to higher metals prices.

Capital expenditures (excluding capitalized interest) totaled $23.3 million for the first quarter of 2017 compared to $34.7 million in the prior year period, with the decrease due mainly to completion of the #4 Shaft. Expenditures at Casa Berardi, Greens Creek, Lucky Friday and San Sebastian were $12.4 million, $5.2 million, $4.0 million, and $1.7 million respectively.

Metals Prices

Average realized silver prices in the first quarter of 2017 were $17.90 per ounce, 20% higher than the $14.93 price realized in the first quarter of 2016. Realized gold, lead and zinc prices also increased 3%, 36%, and 59%, respectively.

Base Metals Forward Sales Contracts

The following table summarizes the quantities of base metals committed under financially settled forward sales contracts at March 31, 2017:

The contracts represent 15% of the forecasted payable zinc production for the three-year period 2017-2019 at an average price of $1.23 per pound and 10% of the forecasted payable lead production for the three-year period 2017-2019 at an average price of $1.06 per pound.

OPERATIONS OVERVIEW

The following table provides the production summary on a consolidated basis for the quarters ended March 31, 2017 and 2016:

The following table provides a summary of the final production, cost of sales, cash cost, after by-product credits, per silver and gold ounce, and AISC, after by-product credits, per silver and gold ounce, for the quarters ended March 31, 2017 and 2016.

Greens Creek Mine - Alaska

At the Greens Creek mine, 1.9 million ounces of silver and 14,022 ounces of gold were produced in the first quarter, compared to 2.5 million ounces and 15,981 ounces, respectively, in the first quarter of 2016. Lower silver and gold production was expected and was principally due to lower grades than the first quarter of 2016. The mill operated at an average of 2,190 tons per day (tpd) in the first quarter, in-line with the first quarter of 2016.

The cost of sales for the first quarter was $44.0 million, and the cash cost, after by-product credits, per silver ounce, was $0.65, compared to $44.9 million and $3.96, respectively, for the first quarter of 2016.⁵ The AISC, after by-product credits, was $3.86 per silver ounce for the first quarter compared to $7.03 in the first quarter of 2016.⁶ The per ounce silver costs were lower primarily due to higher base metals prices and lower silver production.

In the first quarter of 2017, as part of an ongoing and successful effort to increase recoveries from Greens Creek, the first staged-flotation-reactor was installed in the zinc rougher circuit. This unit will be commissioned in the second quarter and is expected to improve recoveries and to increase distribution of metals to concentrates with higher payable terms.

Lucky Friday Mine - Idaho

Silver production of 680,782 ounces decreased 30% over the prior year period mainly due to the strike by the union workers since March 13, 2017.

Cost of sales for the first quarter was $14.5 million and the cash cost, after by-product credits, per silver ounce was $5.93, as compared to $18.5 million and $9.05, respectively, for the first quarter of 2016. The decrease in cash cost, after by-product credits, per silver ounce is primarily due to higher base metals prices. The AISC, after by-product credits, was $12.06 per silver ounce for the first quarter compared to $21.78 in the first quarter of 2016, with the decline due to the reduction in capital spending with the completion of the #4 Shaft as well as higher base metals prices.

During the strike, several necessary infrastructure projects have been undertaken, including a ventilation change on the new 6500 level and adding a pumping connection between the recently commissioned #4 Shaft and the Silver Shaft, nearly a mile apart.

Casa Berardi Mine - Quebec

At the Casa Berardi mine, 35,807 ounces of gold were produced in the first quarter, including 7,157 ounces from the East Mine Crown Pillar (EMCP) pit, compared to 30,378 ounces in the prior year period, primarily due to higher throughput. The mill operated at an average of 3,263 tpd in the first quarter, an increase of 37% over the first quarter of 2016.

The cost of sales was $42.5 million for the first quarter and the cash cost, after by-product credits, per gold ounce was $886, compared to $29.2 million and $781, respectively, in the prior year period.^5,7 The increase in cash cost, after by-product credits, per gold ounce is partly due to the expensing of stripping costs for the new EMCP pit, as well as the stronger Canadian dollar. The AISC, after by-product credits, was $1,256 per gold ounce for the first quarter compared to $1,322 in the first quarter of 2016, primarily due to lower capital spending and higher gold production.⁶

In addition, automation of the 985 drift, which is under construction, has been approved and the first truck is expected this year. This automation should be commissioned by the end of the year and will ultimately result in a reduction in trucks, and associated maintenance and personnel costs.

San Sebastian - Mexico

At the San Sebastian mine, 750,803 ounces of silver and 6,284 ounces of gold were produced in the first quarter, compared to 1,200,339 ounces and 9,329 ounces in the prior year period. The lower silver and gold production was expected as the mine moved from East Francine to Middle and North vein pits, resulting in lower grades. The mill operated at an average of 407 tpd in the first quarter, an increase of 19% over the first quarter of 2016.

The cost of sales was $6.6 million for the first quarter and the cash cost, after by-product credits, was negative $3.27 per silver ounce, compared to $7.7 million and negative $3.26, respectively, in the first quarter of 2016. The strong cash cost, after by-product credits, performance continues to be due to the silver grade, which, despite being lower than the prior period is still strong, as well as significant gold production, which is used as a by-product credit. The AISC, after by-product credits, was $0.43 per silver ounce for the first quarter compared to negative $2.28 in the first quarter of 2016, principally due to lower gold production and higher exploration and sustaining capital.

The Company has the mill leased for 2018. The expectation is to transition from open pit to underground mining by the end of 2017. A ramp is under construction to connect the new portal to the existing workings, which are being rehabilitated. Recent definition drilling on the Middle Vein has shown better continuity of high-grade within the reserve area and exploration drilling continues to define new high-grade material near the proposed mine development along the Middle Vein.

EXPLORATION

Expenditures

Exploration (including Corporate Development) expenses were $4.5 million in the first quarter of 2017, an increase of $1.6 million compared to the first quarter 2016. Full year exploration (including Corporate Development) expenses are expected to be $20-25 million, up from $14.7 million in 2016, in part reflecting more aggressive exploration programs at San Sebastian, Casa Berardi and Greens Creek and continued exploration at the Kinskuch, Little Baldy and Opinaca-Wildcat projects.

San Sebastian

Due to significant drilling success over the past four years, near-surface, high-grade zones are being open-pit mined and new reserves in the West Middle Vein are currently being developed for underground mining. As San Sebastian moves toward underground mine production by year end, drilling has focused on refining reserves and defining new underground mineable resources along the Middle and Francine veins. Three core drills were active during the quarter, and with recent drilling success nearly six miles of mineralized strike length has been defined. A RC (reverse circulation) drill is evaluating targets north and northwest of the mine area and has identified new mineralized veins.

In-fill drilling on the West Middle Vein shows improved grades and continuity, increasing confidence within the current reserves. It has also closed some lower-grade gaps between currently defined, high-grade stopes. Assay results from this program include 3.98 oz/ton gold and 399.3 oz/ton silver over 6.1 feet and 0.82 oz/ton gold and 124.3 oz/ton silver over 6.3 feet. These results are important as re-modeling of the West Middle Vein resource solids could improve the mineable grade in this area and expand the currently designed mine stopes.

Positive exploration results from the western extension of the Middle Vein at a depth of 400 feet from surface include recent intersections of 0.76 oz/ton gold and 10.2 oz/ton silver over 2.0 feet. Significantly, these intercepts are to the west of the current underground mine plan and could expand the underground mineable resource in this area. Although these veins are narrow, they show good continuity and are open to the west and at depth. Deeper drilling in this area has identified additional base metal-rich mineralization similar to the Hugh Zone at depth in the Francine Vein and may have similar metallurgical characteristics. Drilling at the east end of the Middle Vein have returned intersections of 0.05 oz/ton gold and 18.4 oz/ton silver over 2.4 feet and 0.12 oz/ton gold and 12.2 oz/ton silver over 3.1 feet at a depth of 250 feet from surface. This mineralization is open along strike to the east, with potential up-dip to surface, and is parallel to recently discovered mineralization along the East Francine Vein.

Step-out drilling about 1,000 feet east of the East Francine pit has intersected a zone of mineralized East Francine Vein with grades up to 0.77 oz/ton gold and 196.7 oz/ton silver over 3.6 feet and a recent drill hole returned 0.03 oz/ton gold and 12.4 oz/ton silver over 7.0 feet. This high-grade zone is currently identified 300 feet from surface and can be traced for 650 feet along strike and 550 feet down dip. This mineralization is open to the east and at depth and step-out drilling at about 300-foot centers is continuing.

More complete drill assay highlights from San Sebastian can be found in Table A at the end of this release.

Casa Berardi - Quebec

During the first quarter, six drills underground were working to refine current stope designs and expand reserves and resources in the 118, 123, and 124 zones. Four drills on surface completed both in-fill and exploration drilling of the 124, 134 and 160 zones. In addition, there were two surface rigs operating on the West Block property to the west of the mining lease.

Drilling of the Upper 118 Zone from the 530 level intersected mineralization at the 490 level confirmed multiple mineralized lenses extending for over 1,250 feet down-plunge. In the lower 118 Zone drilling from the 970 and 990 levels includes intersections of 0.45 oz/ton gold over 23.6 feet and 0.43 oz/ton gold over 29.0 feet and suggests the mineralization to the west and at depth remains open.

Drilling along the lower and upper extensions of the 121 Zone from the 910 level intersected high-grade intervals, including 0.31 oz/ton gold over 44.3 feet, that show the lenses are open both up and down-plunge. In combination with recent drilling of the 123 Zone from the 870 and 985 levels, stacked high-grade lenses of the 123 Zone may overlap with lenses of the 121 Zone to create a semi-continuous mineralized zone of over 1,500 feet of strike length. Initial drilling from the 810 level into the 123 Zone have validated the current resource model and suggest sulfide-rich mineralization is open to the east. Drilling of the lower 123 Zone from the 985 level at the bottom of the mine confirmed the high-grade resource model and suggest there is good potential to find more mineralization down-plunge of the five lenses. Definition and exploration drilling of the 124 Zone north of the 290 drift intersected extensions of the zone on the 370 level, returned 0.33 oz/ton gold over 9.8 feet, and showed the lenses remain open to the east.

Two surface drills concentrated on the west extension of the 124 Zone have identified up to 450 feet of mineralized strike length along the Casa Berardi Fault and additional mineralization along a northern mineralized shear splay. Recent surface drilling to the east of the 124 Zone has identified mineralized lenses both north and south of the Casa Berardi Fault at the 134 Zone. Recent assay intervals of the 134 Zone include 0.08 oz/ton gold over 20.3 feet and 0.07 oz/ton gold over 26.2 feet. Once resource modeling of the 134 Zone is complete, the Company plans to run a Whittle pit optimization study to determine the economic viability of the pit, and if positive, further in-fill drilling may be warranted to upgrade the resource to indicated category and for open-pit design.

In-fill drilling from surface of the 160 Zone is expected to upgrade the current inferred resource and result in a new resource model that will be part of an investigation into the viability of an open-pit. Drilling has intersected wide zones of mineralization including 0.11 oz/ton gold over 119.7 feet and 0.08 oz/ton gold over 235.3 feet. Recent assays suggest a gain of resources to the north, and a new resource estimate and pit optimization are expected by the fourth quarter.

Two drills operated on three distinct target areas in the West Block of Casa Berardi where a regional structure intersects the western extension of the Casa Berardi Fault. Specific targets are defined by strong gold-in-till anomalies and the initial focus of the drilling is about two miles west of the West Shaft at Casa Berardi. The drilling has intersected mineralization shears with veining, strong alteration and heavy sulfides, but many assays are pending.

Due to the identification of new resource trends near surface and underground throughout the West Mine, there was a significant increase in inferred ounces in 2016. In-fill drilling in 2017 may convert a large portion of those to indicated category and the eventual incorporation into the life of mine plan and exploration drilling continues to expand these mineralized zones.

More complete drill assay highlights from Casa Berardi can be found in Table A at the end of the release.

Greens Creek - Alaska

At Greens Creek, drilling and assay results in the first quarter refined resources of the 9A, NWW, Southwest Bench, East Ore and West zones for possible conversion to reserves. Drilling of the 9A Zone intercepted mineralization comparable to the existing resource model although mineralization along the upper contact is more continuous than the model predicted. Intersections of the 9A Zone include 52.1 oz/ton silver, 0.03 oz/ton gold, 10.5% zinc and 5.3% lead over 21.7 feet and 60.5 oz/ton silver, 0.02 oz/ton gold, 15.1% zinc and 7.3% lead over 14.0 feet.

Drilling of the southern extension of the NWW Zone continues to define mineralization along the lower fold, spanning from the fold nose and along the upper limb. Mineralization is represented by multiple distinct bands of massive ores and mineralized argillites and has similar geometry and dimensions to the current resource model. Recent assay results include 87.1 oz/ton silver, 0.32 oz/ton gold, 15.4% zinc, and 7.5% lead over 27.9 feet and 48.0 oz/ton silver, 0.13 oz/ton gold, 22.2% zinc, and 13.1% lead over 11.7 feet. Drilling of the Upper Southwest Zone identified mineralization that extends north of previous mining in the zone and down to the upper limb of the NWW. Assay results include 35.0 oz/ton silver, 0.02 oz/ton gold, 5.9% zinc, and 3.2% lead over 15.0 feet.

Drilling of the East Ore Zone shows that north and south of a weakly mineralized gap in the middle of the model, the mineralization defines a “pinch and swell” configuration where some recent intersections match or exceed the resource model. Intersections include 33.8 oz/ton silver, 0.11 oz/ton gold, 3.2% zinc 1.0% lead over 11.9 feet. Recent drilling of the West Zone suggests mineralization is of similar extent and thickness along the nose and eastern limb. An extension to the resource model has been identified along the Maki Fault that is open at depth and along strike beyond the model.

For the surface exploration program, we received the final "Finding of No Significant Impact" (FONSI) and "Notice to Proceed" from the U.S. Forest Service in April; however, due to heavy and late snowfall and required botany surveys, we have pushed the anticipated drilling startup to late June.

More complete drill assay highlights from Greens Creek, can be found in Table A at the end of this release.

Lucky Friday

In the first quarter, one drill investigated the west side of the 12-Stope from the 6350 Level to define mineralization past the second leg of the Silver Fault, which is the current western boundary of the resource. This drilling intersected distinct veins west of the fault but none had economic grades. In contrast, definition holes east of the Silver Fault returned good 30 Vein results including 22.9 oz/ton silver, 8.1% zinc, and 20.3% lead over 9.9 feet and 16.7 oz/ton silver, 3.8% zinc, and 16.6% lead over 11.7 feet.

More complete drill assay highlights from Lucky Friday, can be found in Table A at the end of this release.

Other Properties

Modeling of the Montanore Fault and Libby Creek Fault blocks at the Montanore property are complete. Additionally, the structural data integration from the Libby Decline has been completed to facilitate modeling of the fault block for use in geotechnical studies. Preparations for summer fieldwork on the Opinaca-Wildcat project near the Eleonore Mine in northern Quebec, as well as plans for summer drilling at the Little Baldy property in Idaho, and the Kinskuch property in northern British Columbia, are underway.

PRE-DEVELOPMENT

Pre-development spending was $1.3 million for the quarter, principally to advance the permitting of Rock Creek and Montanore. Data exports have been provided for import into Vulcan (mine planning software) for the generation of a mine plan for Rock Creek. The mine plan for Montanore will also be updated with the new 2016 block model.

2017 ESTIMATES⁸

The Company is suspending Lucky Friday and Company-wide silver production, cost estimates as well as capital estimates because it is unable to predict when the ongoing strike by union workers at the Lucky Friday mine will be resolved.

2017 Production Outlook

2017 Cost Outlook

2017 Capital and Exploration Outlook

DIVIDENDS

Common

The Board of Directors elected to declare a quarterly cash dividend of $0.0025 per share of common stock, payable on or about June 2, 2017, to stockholders of record on May 24, 2017. The realized silver price was $17.90 in the first quarter and therefore did not satisfy the criteria for a larger dividend under the Company's dividend policy.

BOARD UPDATE

Dr. Anthony P. Taylor, who has served as a director since May 2002, will retire effective the Annual Meeting of Shareholders on May 25, 2017. We would like to thank Dr. Taylor for his leadership and counsel, and wish him much happiness in his retirement.

CONFERENCE CALL AND WEBCAST

A conference call and webcast will be held Monday, May 8, at 10:00 a.m. Eastern Time to discuss these results. You may join the conference call by dialing toll-free 1-855-760-8158 or for international dialing 1-720-634-2922. The participant passcode is HECLA. Hecla's live and archived webcast can be accessed at www.hecla-mining.com under Investors or via Thomson StreetEvents Network.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines in Alaska, Idaho, and Mexico and is a gold producer with an operating mine in Quebec, Canada. The Company also has exploration and pre-development properties in seven world-class silver and gold mining districts in the U.S., Canada and Mexico, and an exploration office and investments in early-stage silver exploration projects in Canada.

NOTES

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (GAAP). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

⁽¹⁾ Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss), or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

⁽²⁾ Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income (loss), the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss), or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

⁽³⁾ Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of adjusted EBITDA and net debt to the closest GAAP measurements of net income (loss) and debt can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.

⁽⁴⁾ Free cash flow is a non-GAAP measurement, a reconciliation of which to cash provided by operating activities, the most comparable GAAP measure, can be found at the end of the release. Free cash flow used by management to analyze cash flows generated from operations. It is calculated as cash provided by operating activities (GAAP) less additions to properties, plants equipment and mineral interests (GAAP). The Company believes free cash flow is also useful as one of the bases for comparing the Company's performance with its competitors. Although free cash flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company's calculation of free cash flow is not necessarily comparable to such other similarly titled captions of other companies.

⁽⁵⁾ Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization (sometimes referred to as "cost of sales" in this release) can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mines versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek, Lucky Friday and San Sebastian mines - to compare performance with that of other primary silver mining companies. With regard to Casa Berardi, management uses cash cost, after by-product credits, per gold ounce to compare its performance with other gold mines. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

⁽⁶⁾ All in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes cost of sales and other direct production costs, expenses for reclamation and exploration at the mines sites, corporate exploration related to sustaining operations, and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help in the understanding of the economics of our operations and performance compared to other producers and in the investor's visibility by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

⁽⁷⁾ Cash cost, after by-product credits, per gold ounce is only applicable to Casa Berardi production. Gold produced from Greens Creek and San Sebastian is treated as a by-product credit against the silver cash cost.

Other

⁽⁸⁾ Expectations for 2017 includes silver, gold, lead and zinc production from Greens Creek, San Sebastian and Casa Berardi converted using Au $1,225/oz, Ag $17.25/oz, Zn $1.30/lb, and Pb $1.05/lb. Lucky Friday expectations are currently suspended as there is currently a strike. Numbers may be rounded.