Hecla Mining Posts Mixed Q1, Aims 17M Ounces Silver Production In 2023

• Hecla Mining Co HL reported Q1 2023 sales of $199.5 million, up from $186.5 million a year ago, beating the consensus of $198.4 million.  
• EPS of $0.01 missed the consensus of $0.02. 
• Silver production stood at 4.0 million ounces (vs 3.3 million ounces a year ago), a higher quarterly production since 2016. 
• Silver AISC was $8.96 per ounce (vs $7.37 per ounce a year ago), with an average realized price of $22.62/ounce in the quarter. 
• Gold production was 39,717 ounces (vs 41,707 ounces in the prior year), with an AISC of $2,392/ounce and an average realized price of $1,902/ounce.
• At Greens Creek Mine, gold production came in at 14,885 ounces (+15% Y/Y), with lead production reaching the second-highest record level of 5,202 tons. The mine achieved a record quarterly throughput of 2,591 tons per day.
• Adjusted EBITDA rose to $61.9 million from $58.2 million in the prior year. 
• Capital expenditure stood at $54.4 million, and free cash outflow was $13.8 million in Q1 2023. 
• Cash and cash equivalents stood at $95.9 million at the end of the quarter. 
• The Board of Directors declared a quarterly cash dividend per share of $0.00625, payable on or about June 9, 2023, to stockholders of record on May 22, 2023. 
• “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.

Price Action: HL shares closed lower by 0.16% at $6.15 on Tuesday.

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