COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced fourth quarter and year end 2017 financial and operating results.
2017 HIGHLIGHTS
- Revenues of $577.8 million, the second highest in Company history after the record set in 2016.
- Net loss applicable to common stockholders of $24.1 million ($0.06 per share).
- Tax provision of $19.9 million due in part to changes in U.S. tax law.
- Adjusted net income applicable to common stockholders of $38.8 million, $0.10 per share.1
- Cash flows from operations of $115.9 million.
- Cost of sales and other direct production costs and depreciation, depletion and amortization ("cost of sales") of $420.8 million.
- Total cash cost, after by-product credits, per silver ounce of ($0.01), the lowest in 7 years.2
- All in sustaining cost ("AISC"), after by-product credits, per silver ounce of $7.86, down 33%.3
- Silver production of 12.5 million ounces, the second highest in Company history.
- Gold production of 232,684 ounces, the third highest in Company history.
- Silver equivalent production of 40.9 million ounces or gold equivalent of 554,843 ounces.8
- Record silver, gold and lead reserves and highest zinc reserves in five years.
- Gold production at Casa Berardi of 156,653 ounces, the highest since its acquisition.
- Cash, cash equivalents and short-term investments of approximately $220 million at year end, an increase of about $21 million.
- 19% reduction in the All Injury Frequency Rate across the four mines.
"Our focus of improving our long-lived operations led to increased throughput and lower costs which, coupled with significantly higher base metals prices, drove our increasing cash balance and continued strong adjusted," said Phillips S. Baker, Jr., President and CEO. "2018 should have further value creation at all our mines as we advance low-cost, high-return technologies that are focused on improving productivity. We are also taking a bulk sample of San Sebastian's polymetallic zone which could further extend its mine life. Exploration spending is increasing as we see further opportunities for both discoveries and resource growth."
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1,2,3 |
Non-GAAP measures. See page 11 for more information. |
SILVER AND GOLD RESERVE SUMMARY
Proven and probable silver reserves are at 177 million ounces, an increase of 3% over December 31, 2016 levels. Proven and probable gold reserves are at 2.3 million ounces, an increase of 12% over December 31, 2016 levels. Proven and probable zinc and lead reserves of 841,000 tons and 737,000 tons are increases of 15% and 8%, respectively, over December 31, 2016 levels. The reserves for silver, gold and lead as of December 31, 2017 are the highest in our history. The price assumptions used for 2017 reserves of $14.50 for silver, $1,200 for gold, $1.05 for zinc and $0.90 from lead are unchanged from last year's assumptions, and the silver price assumption is among the lowest in the industry.
Please refer to the reserves and resources tables at the end of this press release, or to the press release entitled "Hecla Reports Record Reserves For Silver, Gold and Lead" issued on February 7, 2018 for the breakdown between proven and probable reserve and resource levels.
FINANCIAL OVERVIEW
Fourth Quarter Ended | Twelve Months Ended | |||
HIGHLIGHTS |
December 31, |
December 31, |
December 31, |
December 31, |
FINANCIAL DATA | ||||
Sales (000) | $160,113 | $164,245 | $577,775 | $645,957 |
Gross profit (000) | $47,226 | $43,548 | $156,986 | $191,506 |
Income (loss) applicable to common stockholders (000) | $(27,887) | $20,124 | $(24,071) | $68,995 |
Basic and diluted income (loss) per common share | $(0.07) | $0.05 | $(0.06) | $0.18 |
Net income (loss) (000) | $(27,749) | $20,262 | $(23,519) | $69,547 |
Cash provided by operating activities (000) | $41,763 | $52,214 | $115,878 | $225,328 |
Net loss applicable to common stockholders for the fourth quarter and full year of 2017 was $27.9 million and $24.1 million, or $0.07 and $0.06 per basic share, respectively, compared to net income applicable to common stockholders of $20.1 million and $69.0 million, or $0.05 and $0.18 per basic share, respectively, for the fourth quarter and full year of 2016. Among items impacting the results for the 2017 periods compared to 2016 were the following:
- Sales for the fourth quarter and full year were 3% and 11% lower, respectively, than the same periods in 2016, mainly due to lower silver, zinc and lead production due to the ongoing strike at Lucky Friday, partly offset by higher realized silver, gold, zinc and lead prices in 2017.
- Losses on base metal derivative contracts of $4.7 million and $21.3 million were recorded in the fourth quarter and full year 2017, respectively, as compared to a gain of $4.4 million in the same periods of 2016, the result of higher zinc and lead prices.
- A foreign exchange gain of $0.6 million was recognized in the fourth quarter of 2017, compared to a $4.8 million foreign exchange gain in the prior year fourth quarter. Annual foreign exchange losses of $10.3 million and $2.9 million were recognized in 2017 and 2016, respectively. The variances were primarily due to the strengthening of the Canadian dollar relative to the U.S. dollar.
- Interest expense, net of amount capitalized, was $9.6 million in the fourth quarter compared to $5.1 million in the same period of 2016, and $38.0 million for the full year of 2017 compared to $21.8 million in 2016. The increase is due to interest capitalized in 2016 related to the #4 Shaft project, which was completed in January 2017.
- Exploration and pre-development expense was $7.3 million for the fourth quarter and $29.0 million for the full year of 2017 compared to $6.2 million for the fourth quarter and $17.9 million for the full year of 2016 primarily due to increased exploration activity at Greens Creek, San Sebastian, Casa Berardi, the Kinskuch project in British Columbia, and the Little Baldy project in northern Idaho, and the addition of the Montanore pre-development project.
- Research and development expense was $1.2 million for the fourth quarter and $3.3 million for the full year of 2017, compared to $0.1 million for the fourth quarter and $0.2 million for the full year of 2016, and is related to the evaluation and development of new technologies, such as the Remote Vein Miner project at Lucky Friday.
- Lucky Friday had suspension costs of $5.6 million and $17.1 million, along with $1.3 million and $4.2 million in non-cash depreciation expense, for the fourth quarter and full year of 2017, respectively.
- Income tax provisions for the fourth quarters 2017 and 2016, were $38.3 million and $4.8 million, respectively. Income tax provisions for the full year 2017 and 2016 were $19.9 million and $27.4 million, respectively. The tax provisions resulted primarily from the changes in the U.S. Tax Cuts and Jobs Act and the resulting revaluation of the deferred tax asset, as well as current income and mining taxes in Mexico.
"The fourth quarter and full year tax provisions were impacted by the recently enacted U.S. tax reform measures. While we were required to record a non-cash charge for the year, we see significant benefits to us in the future as a result of the elimination of the Alternative Minimum Tax, the lower regular income tax rate and our ability to repatriate earnings from our mining operations outside the U.S.," said Mr. Baker.
Cash provided by operating activities of $41.8 million for the fourth quarter 2017 was $10.5 million lower as compared to the fourth quarter of 2016. For the full year of 2017, $115.9 million in cash was provided by operating activities as compared to $225.3 million in 2016. The decreases were the result of lower production, payment of estimated income taxes in Mexico, suspension costs at Lucky Friday, and higher exploration, pre-development, and research and development spending. The full year variance was also the result of $16 million in proceeds in 2016 for settlement of a reclamation insurance policy for the Troy mine.
A net loss was recorded of $27.7 million for the fourth quarter and $23.5 million for the full year of 2017, compared to net income of $20.3 million for the fourth quarter and $69.5 million for the full year of 2016. Adjusted EBITDA was $72.0 million for the fourth quarter of 2017 compared to $65.9 million for the same period of 2016, and $235.0 million for the full year of 2017 compared to $265.1 million in 2016.4 The increase for the quarter was due to higher base metal prices, partially offset by lower metals production. The decrease for the year was due to lower metals production.
Capital expenditures at the operations totaled $27.8 million for the fourth quarter of 2017, of which expenditures were $12.4 million at Casa Berardi, $10.4 million at Greens Creek, $3.8 million at San Sebastian, and $1.3 million at Lucky Friday. Capital expenditures during 2017 totaled $103.4 million at the operations.
Metals Prices
Average realized silver prices in the fourth quarter and full year 2017 were $16.87 and $17.23 per ounce, respectively, both slightly higher than the same periods in 2016. Realized prices for gold for the fourth quarter and full year 2017 were $1,278 and $1,261 per ounce, respectively, 6% and 1% higher than the prior periods. The average realized price for lead for the fourth quarter of 2017 was 18% higher, and zinc was 27% higher, compared to the same period of 2016. The average realized price for lead for the full year of 2017 was 25% higher than the prior year, and zinc was 39% higher, as compared to 2016.
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4 |
Non-GAAP measures. See page 12 for more information. |
OPERATIONS OVERVIEW
Overview
The following table provides the production summary on a consolidated basis for the fourth quarter and twelve months ended December 31, 2017 and 2016:
Fourth Quarter Ended | Twelve Months Ended | ||||
December 31, |
December 31, |
December 31, |
December 31, |
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PRODUCTION SUMMARY | |||||
Silver - | Ounces produced | 2,984,786 | 3,976,552 | 12,484,844 | 17,177,317 |
Payable ounces sold | 3,210,306 | 3,775,003 | 11,308,958 | 15,997,087 | |
Gold - | Ounces produced | 60,964 | 63,150 | 232,684 | 233,929 |
Payable ounces sold | 58,008 | 60,888 | 219,929 | 222,105 | |
Lead - | Tons produced | 4,307 | 10,632 | 22,733 | 42,472 |
Payable tons sold | 4,348 | 9,139 | 17,960 | 37,519 | |
Zinc - | Tons produced | 12,107 | 18,195 | 55,107 | 68,516 |
Payable tons sold | 10,066 | 11,854 | 39,335 | 49,802 |
The following table provides a summary of the final production, cost of sales, cash cost, after by-product credits, per silver or gold ounce, and AISC, after by-product credits, per silver and gold ounce, for the fourth quarter and twelve months ended December 31, 2017:
Fourth Quarter Ended | Greens Creek | Lucky Friday | Casa Berardi | San Sebastian | |||||
December 31, 2017 | Silver | Gold | Silver | Gold | Silver | Gold | Silver | Silver | Gold |
Production (ounces) | 2,984,786 | 60,964 | 2,146,223 | 11,565 | 69,578 | 43,444 | 9,885 | 759,100 | 5,955 |
Increase/(decrease) over 2016 | (25)% | (3)% | (4)% | (20)% | (92)% | (3)% | 3% | (12)% | (15)% |
Cost of sales and other direct production costs and depreciation, depletion and amortization (000) | $67,449 | $45,438 | $61,561 | N/A | $565 | $45,438 | N/A | $5,323 | N/A |
Increase/(decrease) over 2016 | (6)% | (7)% | 39% | N/A | (97)% | (7)% | N/A | (32)% | N/A |
Cash costs, after by-product credits, per silver or gold ounce2,5 | $(0.56) | $719 | $0.66 | N/A | $(2.65) | $719 | N/A | $(3.80) | N/A |
Increase/(decrease) over 2016 | (133)% | (10)% | (45)% | N/A | (135)% | (10)% | N/A | (22)% | N/A |
AISC, after by-product credits3 | $7.23 | $1,039 | $6.23 | N/A | $15.57 | $1,039 | N/A | $(0.64) | N/A |
Increase/(decrease) over 2016 | (36)% | (17)% | (11)% | N/A | (16)% | (17)% | N/A | (34)% | N/A |
Year Ended | Greens Creek | Lucky Friday | Casa Berardi | San Sebastian | |||||
December 31, 2017 | Silver | Gold | Silver | Gold | Silver | Gold | Silver | Silver | Gold |
Production (ounces) | 12,484,844 | 232,684 | 8,351,882 | 50,854 | 838,658 | 156,653 | 36,566 | 3,257,738 | 25,177 |
Increase/(decrease) over 2016 | (27)% | (1)% | (10)% | (6)% | (77)% | 7% | 9% | (24)% | (26)% |
Cost of sales and other direct production costs and depreciation, depletion and amortization (000) | $240,610 | $180,179 | $201,803 | N/A | $15,107 | $180,179 | N/A | $23,700 | N/A |
Increase/(decrease) over 2016 | (19)% | 16% | 5% | N/A | (80)% | 16% | N/A | (24)% | N/A |
Cash costs, after by-product credits, per silver or gold ounce2,5 | (0.01) | $820 | $0.71 | N/A | $5.81 | $820 | N/A | $(3.36) | N/A |
Increase/(decrease) over 2016 | (100)% | 7% | (82)% | N/A | (35)% | 7% | N/A | —% | N/A |
AISC, after by-product credits3 | $7.86 | $1,174 | $5.76 | N/A | $12.48 | $1,174 | N/A | $(0.26) | N/A |
Increase/(decrease) over 2016 | (33)% | (6)% | (39)% | N/A | (40)% | (6)% | N/A | (87)% | N/A |
Greens Creek Mine - Alaska
For the fourth quarter, silver production was 2,146,223 ounces and gold production was 11,565 ounces, a decrease of 3.9% and 19.8%, respectively, as compared to the prior year periods. Full year 2017 silver production was 8,351,882 ounces, a decrease of 9.7% compared to the record silver production of 2016, and 2017 gold production was 50,854 ounces, a decrease of 5.7%. The decrease in silver production resulted from lower grades, and gold production was lower due to lower recoveries and slightly lower ore grades. The mill operated at an average of 2,301 tons per day (tpd) in the fourth quarter and 2,300 tpd for the full year. The annual throughput was a record.
The cost of sales for the fourth quarter and full year 2017 was $61.6 million and $201.8 million, respectively. The cash cost, after by-product credits, per silver ounce, for the quarter and full year was $0.66 and $0.71, respectively, a decrease from $1.19 and $3.84 for the fourth quarter and full year 2016.2 The AISC, after by-product credits, was $6.23 per silver ounce for the fourth quarter and $5.76 for 2017, down from $7.03 and $9.42 for the same periods of 2016.3 The lower per silver ounce cash cost, after by-product credits, was primarily due to higher base metal prices. The lower AISC, after by-product credits, was also the result of lower capital spending, partially offset by higher exploration spending.
For the full year of 2017, Greens Creek generated cash provided by operating activities of approximately $136.7 million and spent $35.3 million on additions to properties, plants and equipment, resulting in free cash flow of $101.4 million.6
Casa Berardi - Quebec
Gold production of 43,444 ounces during the fourth quarter 2017, including 12,327 ounces from the East Mine Crown Pillar (EMCP) pit, was 4% higher than the same period of 2016 due to higher ore throughput and mill recoveries. Full-year 2017 gold production of 156,653 ounces, including 37,914 ounces from the EMCP pit, was higher than the prior year period by 7% and the highest since acquisition of the operation. The mill operated at an average of 3,764 tpd in the fourth quarter 2017 and 3,551 tpd for the year which is 825 tpd more than 2016 and approximately 1,350 tpd greater than the throughput at acquisition.
The cost of sales of $45.4 million and $180.2 million for the fourth quarter and full year 2017, respectively, a decrease of 7% for the quarter and an increase of 16% for the full year compared to 2016. The cash cost, after by-product credits, per gold ounce of $719 for the fourth quarter 2017 decreased 10% over the prior year period, due to higher gold production and reduced stripping costs.7 For the full year 2017, the cash cost, after by-product credits, per gold ounce increased to $820, from $764 for the prior year period, due to the expensing of EMCP pit stripping costs during the first half of the year.2,5 The AISC, after by-product credits, was $1,039 per gold ounce for the fourth quarter and $1,174 for the full year 2017 compared to $1,247 and $1,244 in the same periods of 2016, with the decrease due to higher gold production and lower capital spending.3
For the full year of 2017, Casa Berardi generated cash provided by operating activities of approximately $69.8 million and spent $50.7 million on additions to properties, plants and equipment, resulting in free cash flow of $19.1 million.6
San Sebastian - Mexico
Silver production was 759,100 ounces for the fourth quarter and 3,257,738 ounces for the full year of 2017 as compared to 860,071 and 4,294,123 ounces for the same periods of 2016. Gold production was 5,955 ounces for the fourth quarter and 25,177 ounces for the full year of 2017, compared to 7,042 and 34,042 ounces for the same periods of 2016. The lower metal production was expected with lower ore throughput and grades. The mill operated at an average of 354 tpd in the fourth quarter 2017 and 395 tpd for the year.
The cost of sales was $5.3 million and $23.7 million for the fourth quarter and full year 2017, respectively, compared to $7.8 million and $31.2 million for the same periods in 2016. Cash cost, after by-product credits, per silver ounce was ($3.80) in the fourth quarter and ($3.36) for the full year of 2017, as compared to ($3.12) and ($3.35) for the same periods of 2016.2 The strong cash cost performance, after by-product credit, was due to the high silver grades and strong gold production which is used as a by-product credit. The AISC, after by-product credits, was ($0.64) for the fourth quarter and ($0.26) for the full year of 2017 compared to ($0.97) and ($1.99) for the same periods of 2016, with the increase due to higher capital and exploration spending.3
Open pit mining concluded in 2017 as planned, and the plant is processing stockpiled and underground ore as the underground mine ramps up in early 2018.
For the full year of 2017, San Sebastian generated cash provided by operating activities of approximately $62.4 million and spent $11.2 million on additions to properties, plants and equipment, resulting in free cash flow of $51.2 million.6
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2,3,5,6 |
Non-GAAP measure. See pages 11-12 for more information. |
Lucky Friday Mine - Idaho
Silver production was 69,578 ounces in the fourth quarter and 838,658 ounces for the full year 2017, a decrease from 874,019 ounces and 3,596,010 ounces in the fourth quarter and full year of 2016 due to the ongoing strike by unionized employees, which began in March 2017. The Company continues to invest in the mine, with limited production and capital improvements being performed by salaried staff, as well as development in preparation for the arrival of the new Remote Vein Miner machine scheduled to arrive in late 2019.
Hecla has reached an agreement for binding third-party arbitration with the United Steelworkers. The agreement to arbitrate is subject to a ratification vote by the union membership in March. The three arbitrators, in early May, will select as a three-year contract either: 1) the contract the Company submitted in December 2017 as its revised last, best and final offer or 2) the agreement that expired in April 2016, as modified by certain changes agreed to by the union and the Company.
The cost of sales for the fourth quarter and full year 2017 was $0.6 million and $15.1 million, respectively, and the cash cost, after by-product credits, per silver ounce was ($2.65) and $5.81 for the fourth quarter and full year 2017, respectively, a decrease from $7.50 and $8.89 for the same periods of 2016 as a result of higher base metals prices.2 AISC, after by-product credits, was $15.57 and $12.48 per silver ounce, for the fourth quarter and full year 2017, respectively, compared to $18.52 and $20.66 for the same periods of 2016, with the decrease due to higher base metal prices, and lower capital spending as a result of completion of the #4 Shaft project and the strike.3 Costs not directly related to mining and processing ore have been classified as suspension costs during the strike period and are excluded from the calculations of per silver ounce costs. The per silver ounce costs for 2017 are not indicative of future operating results at full production.
For the full year of 2017, Lucky Friday generated cash provided by operating activities of approximately $7.8 million, incurred $17.1 million for suspension costs, and spent $6.3 million on additions to properties, plants and equipment, resulting in free cash flow of negative $15.6 million.6
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6 |
Non-GAAP measures. See page 12 for more information. |
EXPLORATION AND PRE-DEVELOPMENT
Expenditures
Exploration (including corporate development) expenses were $5.9 million, and $23.5 million for the fourth quarter and full year 2017, respectively. This represents an increase of 29% and 60% over the fourth quarter and full year 2016. These increases were primarily the result of more exploration at San Sebastian, Casa Berardi and Greens Creek and drilling at Kinskuch and Little Baldy projects.
A complete summary of exploration activities can be found in the news release entitled "Hecla Reports Discoveries at San Sebastian, Casa Berardi and Greens Creek" released on February 12, 2018.
Pre-development
Pre-development spending was $1.4 million in the fourth quarter and $5.4 million for the full year 2017, principally to advance the permitting at Rock Creek and Montanore.
Rock Creek
In June 2017, the U.S. Forest Service issued the Environmental Impact Statement (EIS) and draft Record of Decision (ROD) for the Rock Creek Project. The agency is incorporating comments made on the draft ROD and it is anticipated that it will issue a Final ROD and Final EIS in the first quarter of 2018 authorizing the evaluation phase of the project.
Montanore
In June 2017, the Federal District court judge in Missoula, Montana remanded back to the U.S. Forest Service and U.S. Fish and Wildlife Service their approvals for the Montanore project. The court advised that the agencies could proceed with the approval of the evaluation phase of the project. The U.S. Forest Service determined a focused supplemental EIS would be prepared focusing on the evaluation phase and published its notice of intent to do so in the Federal Register in December 2017. It is anticipated that the agency will complete its assessment and issue a new ROD in late 2018 or early 2019. As a part of this permitting process, the U.S. Fish and Wildlife Service is expected to prepare updated terrestrial and aquatic biological opinions for the project.
Troy Reclamation
Reclamation of the former Troy Mine near Troy, Montana continued as planned with the placement of cover soil on approximately one-half of the 330-acre tailings facility. Some building demolition work also was conducted in the mill site area. Reclamation works are expected to continue in 2018.
Research and Development
The Research and Development activities of the Company consisted primarily of work being conducted on the Remote Vein Miner project, the focus of which is shifting towards fabrication of the unit, with delivery expected late in 2019.
BASE METALS AND CURRENCY HEDGING
Base Metals Forward Sales Contracts
The following table summarizes the quantities of base metals committed under financially settled forward sales contracts at December 31, 2017:
Pounds Under Contract |
Average Price per Pound | |||
Zinc | Lead | Zinc | Lead | |
Contracts on forecasted sales | ||||
2018 settlements | 32,187 | 16,645 | $1.29 | $1.06 |
2019 settlements | 23,589 | 18,078 | $1.33 | $1.09 |
2020 settlements | 3,307 | 2,866 | $1.27 | $1.08 |
The contracts represent 26% of the forecasted payable zinc production for the next three years at an average price of $1.31 per pound, and 39% of the forecasted payable lead production for the next three years at an average price of $1.08 per pound.
Foreign Currency Forward Purchase Contracts
The following table summarizes the Canadian dollars and Mexican pesos the Company has committed to purchase under foreign exchange forward contracts at December 31, 2017:
Currency Under Contract |
Average Exchange Rate | |||
CAD | MXN | CAD/USD | MXN/USD | |
2018 settlements | 119,450 | 168,400 | 1.29 | 19.36 |
2019 settlements | 63,600 | 109,800 | 1.31 | 20.40 |
2020 settlements | 30,000 | — | 1.29 | — |
2018 ESTIMATES7
2018 Production Outlook
Silver Production |
Gold Production |
Silver Equivalent |
Gold Equivalent |
|
Greens Creek | 7.5-8.0 | 50-55 | 21.0-22.5 | 300-313 |
Lucky Friday | ||||
San Sebastian | 2.0-2.5 | 13-17 | 3.0-3.5 | 40-52 |
Casa Berardi | 155-160 | 11.0-11.5 | 155-160 | |
Total | 9.5-10.5 | 218-232 | 35.0-37.5 | 495-525 |
2018 Cost Outlook
Costs of Sales |
Cash cost, after by- |
AISC, after by-product |
|
Greens Creek | $198 | $0.50 | $7.75 |
Lucky Friday | |||
San Sebastian | $44 | $8.50 | $12.50 |
Total Silver | $242 | $2.25 | $12.75 |
Casa Berardi | $185 | $800 | $1,100 |
Total Gold | $185 | $800 | $1,100 |
2018 Capital and Exploration Outlook
2018E Capital expenditures (excluding capitalized interest) | $95-$105 million |
2018E Exploration expenditures (includes Corporate Development) | $30-$37 million |
2018E Pre-development expenditures | $5 million |
2018 Research and Development expenditures | $12-$16 million |
DIVIDENDS
The Board of Directors declared a quarterly dividend of $0.0025 per share of common stock, payable on or about March 13, 2018, to shareholders of record on March 6, 2018. The Company's realized silver price was $16.87 in the fourth quarter and therefore did not satisfy the criteria for a larger dividend under the Company's dividend policy.
The Board of Directors also declared the regular quarterly dividend of $0.875 per share on the 157,816 outstanding shares of Series B Cumulative Convertible Preferred Stock. This represents a total amount to be paid of approximately $138,000. The cash dividend is payable April 2, 2018, to shareholders of record on March 15, 2018.
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2,3,5,7 |
Non-GAAP measures. See pages 11-12 for more information. |
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held today, Thursday, February 15, 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 by 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 growing 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.