Hecla Mining's Q3 Silver Production Declines, Expects To Achieve Fiscal 2023 Target

Hecla Mining Co HL disclosed preliminary third quarter (Q3) and nine-month 2023 production update.

In Q3, the company reported a production decline for silver by 8% Y/Y, lead by 37% Y/Y, and zinc by 12% Y/Y, while gold production rose 11% Y/Y.

The Lucky Friday mine witnessed production of 475 thousand ounces of silver (-63% Y/Y) in Q3 and over 3 million ounces in first nine months.

"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," Hecla CEO Phillips S. Baker, Jr. said.

Also Read: Hecla Mining's Fire At Lucky Friday Mine Causes More Damage Than Expected: Analyst

"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."

Price Action: HL shares are trading higher by 1.02% at $3.97 premarket on the last check Thursday.