Hecla Mining's Q2 Silver Output Rises 6% Sequentially

Hecla Mining HL reported a silver production of 4.5 million ounces in the second quarter of 2024. The silver production grew 6% sequentially, reflecting the consistent, strong performance at Greens Creek, a full quarter of production at Lucky Friday with record throughput, and higher throughput at Keno Hill. Gold production rose 2% to 37,324 ounces from the first quarter of 2024.

Lead production was 13,586 tons, up 12% on a sequential basis. Zinc output came in at 16,191 tons in the quarter under review, fairly flat from the first quarter of 2024.

Mine Performances

The Lucky Friday mine produced 1.3 million ounces of silver in the second quarter, up 23% quarter over quarter. This is a full quarter of production compared with the first quarter.

In the second quarter of 2024, Keno Hill produced 900,440 ounces of silver, which was up 39% sequentially. The improvement was attributable to higher throughput (up 47%).

The Greens Creek mine produced 2.2 million ounces of silver in the second quarter of 2024, a 9% sequential increase attributed to slightly lower throughput and a 6% decrease in grades. Gold production at Greens Creek was 14,137 ounces, down 3% sequentially. The mine achieved a throughput of 2,481 tons per day in the quarter.

The Casa Berardi mine produced 23,187 ounces of gold in the second quarter of 2024, up 5% from the first quarter of 2024. The mine operated at an average of 4,033 tons per day in the quarter.

Guidance

According to the company, it is on track to produce 17 million ounces of silver in 2024. It produced 14.3 million ounces of silver in 2023.

Price Performance

Shares of Hecla Mining have gained 3.7% in a year compared with the industry's 57.3% growth.

Image Source: Zacks Investment Research

Zacks Rank

Hecla Mining currently flaunts a Zacks Rank #1 (Strong Buy).

Q2 Production Performances of Other Mining-Silver Stocks

Fortuna Mining Corp. FSM reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.

FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.

Endeavour Silver Corp. EXK reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.

Another Mining-Silver Stock to Consider

Another top-ranked Mining-Silver stock is Buenaventura Mining BVN. It flaunts a Zacks Rank #1 at present.

The Zacks Consensus Estimate for Buenaventura's 2024 earnings is pegged at $1.41 per share. The consensus estimate for 2024 earnings has moved 41% north in the past 60 days. BVN shares have gained 5.4% in a year.

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