Hecla Mining Company (NYSE:HL) today announced a second quarter
net loss applicable to common shareholders of $26.8 million, or
$0.07 per share, and a loss after adjustments applicable to common
shareholders of $17.6 million, or $0.05 per share.1
SECOND QUARTER HIGHLIGHTS AND SIGNIFICANT ITEMS
- Sales of $104.2 million.
- Adjusted EBITDA of $29.5 million.2
- Operating cash flow of $30.8
million.
- Total silver production of 2.5 million
ounces at a cash cost, after by-product credits, per silver ounce,
of $5.61.3
- Gold production of 44,692 ounces, of
which Casa Berardi produced 30,939 ounces at a cash cost, after
by-product credits, per gold ounce of $832.3
- Completed acquisition of Revett Mining
Company, owner of the Rock Creek project.
- Cash and cash equivalents of $192
million at June 30, 2015.
- Secured the third-party-owned Velardeña
mill to process high-grade material from San Sebastian.
- Strong exploration success at San
Sebastian and Casa Berardi.
- Increased estimated 2015 silver
production to 10.5 - 11.0 million ounces.
- Accrual of $8.7 million for possible
settlement of environmental claims at two legacy sites.
“Despite lower silver prices, we continue to advance growth
projects like San Sebastian and #4 Shaft at Lucky Friday for their
potential to increase production of high-grade ounces at low cash
costs, after by-product credits,” said Phillips S. Baker, Jr.,
Hecla’s President and CEO. “Our assets, particularly Greens Creek
with its recent improvements in recovery, have allowed us to
weather the metals price weakness, and we retain the ability to
reduce costs and programs if prices remain weak or go lower. With
expected mining at San Sebastian early in 2016, and, combined with
the deeper Lucky Friday in three years, we anticipate the addition
of significant additional cash flow, further strengthening us going
forward.”
(1) Loss after adjustments applicable to common
shareholders represents a non-US Generally Accepted Accounting
Principles (GAAP) measurement, a reconciliation of which to net
income (loss) applicable to common shareholders (GAAP), the most
comparable GAAP measure, can be found at the end of the release.
(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. (3)
Cash cost, after by-product credits, per silver and gold ounce
represents a non-GAAP measurement, a reconciliation of which to
cost of sales and other direct production costs and depreciation,
depletion and amortization, the most comparable GAAP measures, can
be found at the end of the release.
FINANCIAL OVERVIEW
Net loss applicable to common shareholders for the second
quarter was $26.8 million, or $0.07 per share, compared to net loss
applicable to common shareholders of $14.5 million, or $0.04 per
share, for the same period a year ago, and was impacted by the
following items:
- Cash cost, after by-product credits,
per gold ounce decreased 13% and per silver ounce increased 5% from
second quarter 2014.
- Net mark-to-market loss on base metal
derivative contracts of $0.9 million, as a result of rising base
metals prices, compared to a net loss of $11.6 million in the
second quarter of 2014.
- Increased pre-development spending on
San Sebastian.
- A $1.8 million foreign exchange loss on
Canadian assets.
- Lower realized silver, gold, and lead
prices with higher realized zinc prices.
- An $8.7 million accrual for possible
environmental settlement.
- $2.1 million of acquisition costs for
Revett Mining Company.
Second Quarter Ended
Six Months Ended HIGHLIGHTS
June 30, 2015 June 30, 2014
June 30, 2015 June 30, 2014
FINANCIAL
DATA
Sales (000)
$
104,197 $ 117,502
$ 223,289
$ 243,289 Gross profit (000)
$ 9,464 $
18,728
$ 29,337 $ 40,971 Income (loss) applicable to
common shareholders (000)
$ (26,805 ) $
(14,537 )
$ (14,391 ) $ (3,034 ) Basic and
diluted loss per common share
$ (0.07 ) $
(0.04 )
$ (0.04 ) $ (0.01 ) Net income (loss)
(000)
$ (26,667 ) $ (14,399 )
$
(14,115 ) $ (2,758 ) Cash provided by (used in)
operating activities (000)
$ 30,754 $ 26,646
$
52,173 $ 57,029
Operating cash flow was $4 million higher than the second
quarter 2014 due to the timing of concentrate shipments at Greens
Creek contributing $7.3 million and the advance settlement of
financially settled base metal forward contracts contributing $12
million.
Capital expenditures (excluding capitalized interest) at the
operations totaled $32 million for the second quarter. Expenditures
were $11.4 million at Lucky Friday, $12.1 million at Greens Creek
and $8.6 million at Casa Berardi.
Metals Prices
The average realized silver price in the second quarter was
$16.32 per ounce, 17% lower than the $19.62 price realized in the
second quarter of 2014. Realized gold and lead prices also
decreased by 8% and 6%, respectively, from the second quarter of
2014. The average realized zinc price rose slightly to $0.96, up 2%
from the prior year period.
Second Quarter
Ended Six Months Ended
June 30, 2015 June 30,
2014
June 30, 2015 June 30, 2014
AVERAGE METAL PRICES
Silver -
London PM Fix ($/oz)
$ 16.41 $ 19.62
$ 16.56 $ 20.06 Realized price per
ounce
$ 16.32 $ 19.62
$ 16.83 $ 19.83
Gold - London PM Fix ($/oz)
$ 1,193 $ 1,288
$
1,206 $ 1,291 Realized price per ounce
$ 1,194
$ 1,291
$ 1,208 $ 1,295 Lead - LME Cash ($/pound)
$ 0.88 $ 0.95
$ 0.85 $ 0.95 Realized
price per pound
$ 0.94 $ 1.00
$ 0.89 $
0.99 Zinc - LME Cash ($/pound)
$ 1.00 $ 0.94
$
0.97 $ 0.93 Realized price per pound
$ 0.96 $
0.94
$ 0.95 $ 0.92
Base Metals Forward Sales Contracts
The following table summarizes the quantities of base metals
committed under financially settled forward sales contracts at
June 30, 2015:
Pounds Under Contract
Average Price (in thousands) per Pound
Zinc Lead
Zinc Lead CONTRACTS ON
PROVISIONAL SALES
2015 settlements
25,298 5,567 $
0.97 $ 0.82
CONTRACTS ON FORECASTED SALES
2015 settlements 13,228 —
$ 0.88 N/A 2016 settlements 20,779 — $ 0.95 N/A
The contracts represent 11% of the forecasted payable zinc
production at an average price of $0.93 per pound. With advanced
settlement of financially settled base metal forward contracts, the
forecasted payable zinc and lead remaining under contract have
declined from 101.9 million pounds of zinc and 86.6 million pounds
of lead committed at June 30, 2014 to 34.0 million pounds of zinc
and no lead at June 30, 2015.
OPERATIONS OVERVIEW
Overview
- Greens Creek production of 1.9 million
ounces of silver is 10% higher than the 1.7 million ounces in the
same period 2014 and within the mine’s expected production
range.
- Lucky Friday silver production of
613,474 ounces is a decrease from 820,786 ounces from the same
period of 2014 due to the impact upon production related to the
failure of a ventilation booster fan.
- Casa Berardi gold production of 30,939
ounces is an increase over 28,623 ounces in the same period of 2014
due to higher grades and tonnage.
The following table provides the production and cash cost, after
by-product credits, per silver and gold ounce summary for the
second quarters ended June 30, 2015 and 2014:
Second Quarter and Six Months
Ended Second Quarter and Six Months Ended
June 30, 2015 June 30, 2014
Production (ounces)
Increase/(decrease) over2014
Cash costs, afterby-product credits,per
silver or goldounce1,2
Production (ounces)
Cash costs, afterby-product credits,per
silver or goldounce1,2
Q2 6 Mos Q2
6 Mos Q2 6 Mos Q2
6 Mos Q2 6 Mos Silver
2,477,150 5,355,747
(2)% 7% $5.61
$5.24 2,515,835 5,007,688
$5.34 $4.59 Gold
44,692
85,342 3%
(5)% $832 $896
43,554 89,822 $952
$917 Greens Creek: Silver
1,856,125 3,892,091
10% 12% $3.30 $3.27 1,689,183 3,476,320
$3.52 $2.52 Gold
13,753 28,992 (8)%
(3)% N/A N/A 14,931 29,940 N/A N/A Lucky
Friday
613,474 1,450,193 (25)% (5)%
$12.58 $10.55 820,786 1,520,391 $9.10 $9.33 Casa
Berardi3
30,939 56,350 8% (6)%
$832 $896 28,623 59,882 $952 $917 (1)
Cash cost, after by-product credits, per silver or gold
ounce represents a non-GAAP measurement, a reconciliation of which
to cost of sales and other direct production costs and
depreciation, depletion and amortization, the most comparable GAAP
measures, can be found at the end of the release. (2) Cash cost,
after by-product credits, per gold ounce is only applicable to Casa
Berardi production. Gold produced from Greens Creek is treated as a
by-product credit against the silver cash cost. (3) Casa Berardi
also produced 7,551 ounces of silver in the second quarter of 2015,
which is treated as a by-product credit against the gold cash cost.
The following table provides the production summary on a
consolidated basis for the second quarter and six months ended
June 30, 2015 and 2014:
Second Quarter
Ended Six Months Ended June 30, 2015
June 30, 2014
June 30, 2015
June 30, 2014
PRODUCTION SUMMARY
Silver - Ounces produced
2,477,150 2,515,835
5,355,747
5,007,688 Payable ounces sold
1,986,407 2,216,264
4,912,942 4,405,967 Gold - Ounces produced
44,692
43,554
85,342 89,822 Payable ounces sold
40,237
40,513
80,032 84,478 Lead - Tons produced
9,525
10,229
19,403 19,864 Payable tons sold
7,128 8,654
15,753 16,234 Zinc - Tons produced
17,515 17,383
33,602 34,474 Payable tons sold
12,191 9,767
23,334 23,270
Greens Creek Mine - Alaska
Greens Creek’s second quarter production of 1.9 million ounces
of silver exceeded the second quarter of 2014 by 10%, while gold
production of 13,753 ounces was 8% less. The higher silver
production was a result of higher recoveries and grade, partially
offset by slightly lower tonnage. Silver recoveries increased 8%,
or 5.6 percentage points, to 75.4% over the prior year period. The
improvement is a result of a change implemented in late 2014 to the
flotation circuit to more efficiently scalp additional lead
concentrate directly to final concentrate, and by introducing CO2
for pH control in the lead flotation circuit. The reduction in gold
production was the result of lower tonnage and grade partially
offset by recoveries that increased due to the plant improvements.
The mill operated at an average of 2,194 tons per day (tpd) in the
second quarter.
As a result of higher grades and recoveries, the Company now
expects Greens Creek to produce 7.7 to 8.0 million ounces of
silver, an increase over the previous estimate of 7.3 million
ounces.
The cash cost, after by-product credits, per silver ounce of
$3.30 decreased from $3.52 in the second quarter 2014.1 The per
ounce cost was beneficially impacted by lower operating costs and
negatively impacted by lower by-product credits. Power costs were
similar to the 2014 period due to higher precipitation levels in
southeast Alaska in both cases resulting in availability of less
expensive hydroelectric power, a condition that is expected to last
through the next quarter. Treatment costs were lower as a result of
lower realized silver prices, as treatment costs include the value
of silver not payable to the company through the smelting process.
Mining costs per ton increased by 1% due to lower production, and
milling costs per ton decreased 2% due to slightly lower labor
costs and various other variances partially offset by lower
production. The Company now expects Greens Creek to produce silver
in 2015 at a cash cost, after by-product credits of $3.75 per
ounce, a reduction from the previous estimate of $4.50 per
ounce.
Lucky Friday Mine - Idaho
Lucky Friday’s second quarter silver production of 613,474
ounces was 25% lower than the second quarter of 2014 due to lower
tonnage and grade resulting from a failure of the underground
booster fan reducing the ventilation capacity of the mine, leading
to the temporary closure of a higher-grade production stope. Lucky
Friday has returned to near normal production rates by extending
the work schedule to seven days per week from six, but is mining
lower grade material until the fan is replaced, expected to be in
the fourth quarter. In addition, there are 15 days of scheduled
downtime in the third quarter for hoist mechanical maintenance. The
mill operated at an average of 792 tpd in the second quarter.
The mine is now expected to produce 2.8 to 3.0 million ounces of
silver in 2015, a reduction over the previous estimate of 3.2
million ounces.
The cash cost, after by-product credits, per silver ounce of
$12.58, increased from $9.10 per ounce in the second quarter of
2014.¹ This increase was principally due to lower production and
realized metals grades relating to ventilation upgrades and lower
by-product credits. The Company now expects Lucky Friday to produce
silver in 2015 at a cash cost, after by-product credits, of $10.75
per ounce, an increase over the previous estimate of $8.75 per
ounce.
#4 Shaft, a key growth project, has been excavated approximately
2,900 feet below the shaft collar to the 7835 level. The project is
more than 85% complete and is expected to be finished in the fourth
quarter of 2016. The total estimated completion cost of #4
Shaft is approximately $225 million, with $184 million already
spent through the second quarter of 2015. As of June 30, 2015,
the #4 Shaft team has worked 1,321 days without a lost-time
accident.
Casa Berardi - Quebec
Casa Berardi’s second quarter gold production of 30,939 ounces
was 8% higher than the second quarter of 2014 because of higher
grades and tonnage, partially offset by lower recovery. The mine
experienced higher grades as a result of mine sequencing. Although
recoveries relative to the 2014 period decreased to 86% from 90%
due to the presence of arsenopyrite in some of the 118 Zone ore,
adjustments made to the plant in 2015 are expected to contribute to
recoveries increasing to 87% during the second half of the year.
The mill operated at an average of 2,407 tpd in the second
quarter.
With expectations for additional recovery improvements, and the
planned addition of higher-grade stopes in Zone 123 in the fourth
quarter, the mine is expected to meet its 130,000 gold ounce target
for the year.
(1) Cash cost, after by-product credits, per silver
and gold ounce represents a non-GAAP measurement, a reconciliation
of which to cost of sales and other direct production costs and
depreciation, depletion and amortization, the most comparable GAAP
measures, can be found at the end of the release.
The cash cost, after by-product credits, per gold ounce of $832,
decreased from $952 in the second quarter of 2014 due to higher
production and the weaker Canadian dollar.1
EXPLORATION AND PRE-DEVELOPMENT
Expenditures
Exploration and pre-development expenses were $4.6 million and
$1.6 million, respectively, in the second quarter of 2015,
increases of about $1.5 million and $1.2 million compared to the
second quarter 2014 as a result of increased spending at the San
Sebastian property. Full year exploration and pre-development
expenses are expected to be about $24 million, an increase from the
previous expectation of $18 million principally due to increased
activity at San Sebastian.
San Sebastian - Mexico
Hecla has secured the use of a Merrill-Crowe processing plant
near Velardeña in the State of Durango, Mexico, as announced on
July 15, 2015. Under the terms of the agreement, Hecla has
exclusive use of the mill for 18 months, with the potential to
increase for up to another 12 months. Located within 100 miles of
San Sebastian, the mill was previously used by Hecla to process ore
when it mined on the property from 2001 to 2005.
The mill has been idle for several years and requires some
rehabilitation and updating to meet the standard Hecla uses for
environmental protection and best practices in milling
standards.
A Preliminary Economic Assessment (PEA) is expected to be
completed by the end of the third quarter, but does not include
results of the recent in-fill drilling program described below.
There has been significant drilling success over the past two
years on the near-surface East Francine, Middle and North veins at
the San Sebastian project, and the project is quickly advancing to
open pit mine production. The East Francine, Andrea, Middle and
North veins now define nearly 5.0 miles of mineralized strike
length and are open along strike and at depth. The East Francine
Vein is the faulted extension of the past-producing, high-grade
Francine Vein which from 2001 to 2005 was one of the highest-grade
producers in Mexico.
The East Francine Vein has currently been traced for over 1,600
feet along strike and to 500 feet of depth. The near-surface,
high-grade zones are characterized as being silver and gold
dominant, supergene enriched and oxidized (cyanide soluble). An
in-fill drill program of the main mineralized shoot has
demonstrated the continuity of the vein structure and increased
resource confidence to measured and indicated categories in the
proposed open pit areas. Relative to the initial drilling, the
assay results of the in-fill program are generally about 3.3 feet
wider than expected and returned some extremely high grades that
are consistent with previous drilling. The drilling also appears to
extend the high-grade area further along strike to the east and
west, potentially expanding the open pit resource. Assay results
from the shallow East Francine Vein in-fill drill program include
1.18 oz/ton gold and 358.7 oz/ton silver over 18.6 feet, 0.78
oz/ton gold and 120.3 oz/ton silver over 15.1 feet, 0.87 oz/ton
gold and 160.8 oz/ton silver over 11.5 feet, and 0.26 oz/ton gold
and 25.4 oz/ton silver over 18.7 feet.
(1) Cash cost, after by-product credits, per silver
and gold ounce represents a non-GAAP measurement, a reconciliation
of which to cost of sales and other direct production costs and
depreciation, depletion and amortization, the most comparable GAAP
measures, can be found at the end of the release.
The Middle Vein has been traced for nearly 7,000 feet along
strike and to a depth of over 1,000 feet. Shallow in-fill drilling
of the Middle Vein confirmed the continuity of the vein
mineralization and includes intercepts of 0.57 oz/ton gold and
157.3 oz/ton silver over 7.3 feet, 0.24 oz/ton gold and 26.9 oz/ton
silver over 5.5 feet, and 0.19 oz/ton gold and 25.5 oz/ton silver
over 5.0 feet. Although assay results are not complete, there
appears to be a slight improvement in grade over previous drilling.
Exploration drilling continues to define a new zone of near-surface
mineralization to the southeast, past the San Ricardo Fault. The
zone is slightly deeper and shallower dipping than the Middle Vein
to the west of the fault assay and intervals include 0.10 oz/ton
gold and 13.2 oz/ton silver over 7.0 feet, and 0.02 oz/ton gold and
11.1 oz/ton silver over 8.9 feet.
The North Vein has a mineralized trend that extends over 3,500
feet along strike and 700 feet to depth and remains open along
strike in both directions and at depth. The North Vein in-fill
drilling intercepts have returned grade results that are consistent
with the initial drilling. These assay intervals include 0.84
oz/ton gold and 16.8 oz/ton silver over 2.6 feet, and 0.69 oz/ton
gold and 10.1 oz/ton silver over 3.1 feet. On the North Vein some
of the deeper exploration intercepts to the south east include 0.10
oz/ton gold and 14.8 oz/ton silver over 4.1 feet and 0.04 oz/ton
gold and 11.7 oz/ton silver over 5.0 feet.
Casa Berardi - Quebec
At Casa Berardi, up to seven drills have been operating
underground in an effort to refine current stope designs and
resources in the 118, 123, 124 and Southwest zones, and exploration
drilling has extended mineralization on the 124 Zone and newly
discovered 117 Zone. In-stope and definition drilling of the upper
118 Zone from the 530 level intersected a 15 to 55-foot wide shear
zone that includes mineralized intervals of 0.54 oz/ton gold over
26.2 feet and 0.33 oz/ton gold over 19.0 feet. Mineralization is
open and deeper drilling suggests the zone continues to plunge to
the west. Drilling from the 910 level on the lower 118 Zone
intersected a lens grading 0.55 oz/ton gold over 15.7 feet and 0.36
oz/ton gold over 17.7 feet and remains open to depth.
Drilling has identified multiple, stacked high-grade lenses of
the 123 Zone that represent at least 1,600 feet of continuous
down-dip mineralization with an average strike length of 450 feet.
Definition and step-out drilling at the bottom of the 123 Zone
resource has linked high-grade mineralized structures at the 850
level that are open at depth and to the west. Recent intersections
of quartz-dominant zones include 1.1 oz/ton gold over 18.4 feet
(123-01), 1.2 oz/ton gold over 11.2 feet (123-01), 1.8 oz/ton gold
over 15.7 feet (123-02), 1.6 oz/ton gold over 10.5 feet (123-03)
and 1.2 oz/ton gold over 17.7 feet (123-03). Future drilling is
expected to continue to fill the gaps on the 123-01 and 123-03
lenses and extend the mineralization further east and at depth on
the 123-04 and 123-11 lenses. The close proximity of these new
lenses to mine infrastructure is expected to allow near-term
production from these areas.
Exploration drilling from the 810 level of the newly defined 117
Zone has extended gold mineralization both north and south of the
Casa Berardi Fault for over 300 feet down-plunge. Recent drill
results include 0.64 oz/ton gold over 12.1 feet in iron formation
north of the Casa Berardi Fault and 0.15 oz/ton gold over 21.8 feet
in sheared veins to the south of the Casa Berardi Fault. Surface
drilling on the 124 Zone east of the Principal Zone area defined a
15 to 60-foot thick, quartz-bearing zone for over 300 feet strike
length that is expected to define an inferred resource from the 250
level to near-surface. Underground drill results on the 124-81 lens
include 0.62 oz/ton gold over 16.7 feet and 0.44 oz/ton gold over
7.9 feet. Surface drilling has started on the 157 Zone program at
the East Mine in an effort to better define geometry and continuity
of a high-grade target that was drilled in 2004 from surface and in
2010 from underground.
Greens Creek - Alaska
At Greens Creek, definition and exploration drilling made
progress in refining the NWW, 9A, Deep 200 South and West Wall
resources and expanding the Gallagher Fault Block and Upper
Southwest trends. Recent drilling of the lower NWW Zone has
generally confirmed and upgraded the resource model of the shared
and upper limbs. Recent assay results include 107.3 oz/ton silver,
0.73 oz/ton gold, 4.0% zinc, and 2.1% lead over 6.0 feet and 50.5
oz/ton silver, 0.14 oz/ton gold, 13.1% zinc, and 7.3% lead over 6.2
feet. Exploration extensions to this drilling have defined
additional West Wall mineralization up to 240 feet down-dip from
the current resource model.
Drilling of the 9A zone has defined continuous mineralization
along the southernmost portion of the mine contact within the Maki
Fault. Overall this drilling has added continuity to existing
drilling and should allow for the current modeled blocks to be
connected into a more continuous resource. Assay intervals include
26.8 oz/ton silver, 0.01 oz/ton gold, 3.8% zinc, and 2.4% lead over
14.0 feet and 10.4 oz/ton silver, 0.06 oz/ton gold, 18.4% zinc, and
7.9% lead over 10.2 feet. Drilling of the Upper Southwest defined
multiple, flat-lying mineralized contacts between the 5250 and
Upper Southwest mineralization. Recent exploration drilling of the
Gallagher Fault Block combined with existing intercepts defines
mineralized zones within the Gallagher Fault with 95 to 425
vertical feet of continuity over 1,000 feet of strike length.
Drilling of the Deep 200 South in the past few years has defined
three stacked folds of high-grade mineralization that represent up
to 600 feet of down-dip continuity. Recent drill intersections of
the folded upper bench mineralization include 61.9 oz/ton silver,
0.04 oz/ton gold, 2.1% zinc, and 1.3% lead over 6.2 feet and 41.2
oz/ton silver, 0.04 oz/ton gold, 3.7% zinc and 3.2% lead over 7.0
feet along the upper limb. The mineralization remains open to the
south and exploration drilling is planned for later in the
year.
The first drill hole of the surface exploration program at
Greens Creek started in mid-June at southeast Killer Creek. This
hole intersected the “mine contact” at 1,580 feet where there is
sulfide-bearing veins, pyrite pods and pyrite laminations with
minor lead-zinc sulfides. This contact is located on the north side
of Greens Creek about 3,100 feet away from NWW mine infrastructure.
Surface drilling of this target and the High Sore area southeast of
the mine is planned for the next two months.
More complete drill assay highlights from San Sebastian, Greens
Creek, and Casa Berardi can be found in Table A at the end of the
release.
Other Properties
Limited mapping and trenching programs are being advanced in the
Silver Valley over the summer. In mid-June fieldwork started on to
the Opinaca-Wildcat project near the Eleonore Mine in northern
Quebec. Prospecting and sampling of outcrops and floats are mainly
focused on the area covered by the Induced Polarization geophysical
survey in April. These surveys are expected to serve as the basis
for follow-up prospection and trenching in July and August.
2015 GUIDANCE
Estimated 2015 production was updated on July 16, 2015.
Exploration and pre-development expectations have increased to $24
million from $18 million on increased activity at San Sebastian.
Estimated cash costs, after by-product credits, for Greens Creek
are lowered to $3.75 per ounce and for Lucky Friday are increased
to $10.75 an ounce. Capital expectations for the year remain
unchanged, as do estimates for Casa Berardi production and cash
costs, after by-product credits.
For the full year 2015, the Company expects:
Mine
2015E¹
SilverProduction(Moz)
2015E GoldProduction
(oz)
Cash cost, after by-product
credits, persilver/gold ounce2,3
Greens Creek 7.7-8.0 55,000
$3.75 per silver ounce
Lucky Friday 2.8-3.0
n/a $10.75 per silver ounce
Casa Berardi n/a 130,000 $825
per gold ounce
Company-wide 10.5-11.0 185,000 $6.00 per
silver ounce
Silver Equivalent Production: Including all
metals 35
2015E capital expenditures (excluding
capitalized interest)
$150 million
2015E pre-development and exploration
expenditures
$24 million
(1) 2015E refers to the Company's estimates
for 2015. (2) Cash cost, after by-product credits, per silver and
gold ounce represents a non-GAAP measurement, a reconciliation of
which to cost of sales and other direct production costs and
depreciation, depletion and amortization, the most comparable GAAP
measures, can be found at the end of the release. (3) All metal
equivalent production of 35 million silver oz includes silver,
gold, lead and zinc production from Lucky Friday, Greens Creek and
Casa Berardi converted using the following conversion ratios: 60:1
gold to silver, 80:1 zinc to silver and 90:1 lead to silver.
COMMON STOCK DIVIDEND
The Board of Directors declared a quarterly cash dividend of
$0.0025 per share of common stock, payable on or about September 1,
2015, to shareholders of record on August 21, 2015.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held Thursday, August 6,
at 11:00 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
Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver
producer with operating mines in Alaska and Idaho, and is a growing
gold producer with an operating mine in Quebec, Canada. The Company
also has exploration and pre-development properties in six
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.
Cautionary Statements to Investors on Forward-Looking
Statements, including 2015 Outlook
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws, including
Canadian securities laws. Such forward-looking statements may
include, without limitation: (i) estimates for 2015 for 1) silver
and gold production, 2) cash cost, after by-product credits, and 3)
capital expenditures and pre-development and exploration
expenditures, in each case for each of the Company’s three mines
and on a Company-wide basis; (ii) estimated Company-wide silver
equivalent production (which assumes metal prices of gold at
$1,225/oz., silver at $17.25/oz., zinc at $0.90/lb. and lead at
$0.95/lb. and USD/CAD at $0.91); (iii) certain statements regarding
the Greens Creek mine, including expected continued availability of
hydroelectric power, and planned drilling and the ability for
planned drilling, when combined with existing drilling data, to
extend known areas of mineralization in various zones; (iv) certain
statements regarding the Lucky Friday mine, including the estimated
completion of repairs to the booster fan in the fourth quarter, and
the future prospects of the #4 Shaft project, including
expectations that 1) it will produce high grade ounces at low cash
costs after by-product credits, 2) it will contribute to
significant additional cash flow, 3) it will be finished in the
fourth quarter of 2016, and 4) that it will cost $225 million; (v)
certain statements regarding the Casa Berardi mine, including
expectations that 1) there will be additional recovery
improvements, 2) higher grade stopes in Zone 123 will be added in
the fourth quarter, 3) future drilling will extend mineralization,
and 4) the proximity of new lenses to existing infrastructure will
allow near term production from these areas; and (vi) statements
regarding the future prospects of San Sebastian, including
expectations that 1) mining will commence in early 2016, 2) it will
produce high grade ounces at low cash costs after by-product
credits, 3) it will contribute to significant additional cash flow,
and 4) the completion of a preliminary economic assessment by the
end of the third quarter. Estimates or expectations of future
events or results are based upon certain assumptions, which may
prove to be incorrect. Such assumptions, include, but are not
limited to: (i) there being no significant change to current
geotechnical, metallurgical, hydrological and other physical
conditions; (ii) permitting, development, operations and expansion
of the Company’s projects being consistent with current
expectations and mine plans; (iii) political/regulatory
developments in any jurisdiction in which the Company operates
being consistent with its current expectations; (iv) the exchange
rate for the Canadian dollar to the U.S. dollar, being
approximately consistent with current levels; (v) certain price
assumptions for gold, silver, lead and zinc; (vi) prices for key
supplies being approximately consistent with current levels; (vii)
the accuracy of our current mineral reserve and mineral resource
estimates; and (viii) the Company’s plans for development and
production will proceed as expected and will not require revision
as a result of risks or uncertainties, whether known, unknown or
unanticipated. Where the Company expresses or implies an
expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, such statements are subject to
risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed,
projected or implied by the “forward-looking statements.” Such
risks include, but are not limited to gold, silver and other metals
price volatility, operating risks, currency fluctuations, increased
production costs and variances in ore grade or recovery rates from
those assumed in mining plans, community relations, conflict
resolution and outcome of projects or oppositions, litigation,
political, regulatory, labor and environmental risks, and
exploration risks and results, including that mineral resources are
not mineral reserves, they do not have demonstrated economic
viability and there is no certainty that they can be upgraded to
mineral reserves through continued exploration. For a more detailed
discussion of such risks and other factors, see the Company’s 2014
Form 10-K, filed on February 18, 2015 with the Securities and
Exchange Commission (SEC), as well as the Company’s other SEC
filings. The Company does not undertake any obligation to release
publicly revisions to any “forward-looking statement,” including,
without limitation, outlook, to reflect events or circumstances
after the date of this news release, or to reflect the occurrence
of unanticipated events, except as may be required under applicable
securities laws. Investors should not assume that any lack of
update to a previously issued “forward-looking statement”
constitutes a reaffirmation of that statement. Continued reliance
on “forward-looking statements” is at investors’ own risk.
Qualified Person (QP) Pursuant to Canadian National
Instrument 43-101
Dean McDonald, PhD. P.Geo., Senior Vice President - Exploration
of Hecla Mining Company, who serves as a Qualified Person under
National Instrument 43-101, supervised the preparation of the
scientific and technical information concerning Hecla’s mineral
projects in this news release. Information regarding data
verification, surveys and investigations, quality assurance program
and quality control measures and a summary of sample, analytical or
testing procedures for the Greens Creek Mine are contained in a
technical report prepared for Hecla and Aurizon Mines Ltd. titled
“Technical Report for the Greens Creek Mine, Juneau, Alaska, USA”
effective date March 28, 2013, and for the Lucky Friday Mine are
contained in a technical report prepared for Hecla titled
“Technical Report on the Lucky Friday Mine Shoshone County, Idaho,
USA” effective date April 2, 2014, and for the Casa Berardi Mine
are contained in a technical report prepared for Hecla titled
“Technical Report on the Mineral Resource and Mineral Reserve
Estimate for the Casa Berardi Mine, Northwestern Quebec, Canada”
effective date March 31, 2014 (the “Casa Berardi Technical
Report”). Also included in these three technical reports is a
description of the key assumptions, parameters and methods used to
estimate mineral reserves and resources and a general discussion of
the extent to which the estimates may be affected by any known
environmental, permitting, legal, title, taxation, socio-political,
marketing or other relevant factors. Copies of these technical
reports are available under Hecla’s profile on SEDAR at
www.sedar.com.
Cautionary Statements to Investors on Reserves and
Resources
Reporting requirements in the United States for disclosure of
mineral properties are governed by the SEC and included in the
SEC’s Securities Act Industry Guide 7, entitled “Description of
Property by Issuers Engaged or to be Engaged in Significant Mining
Operations” (“Guide 7”). However, the Company is also a “reporting
issuer” under Canadian securities laws, which require estimates of
mineral resources and reserves to be prepared in accordance with
Canadian National Instrument 43-101 (“NI 43-101”). NI 43-101
requires all disclosure of estimates of potential mineral resources
and reserves to be disclosed in accordance with its requirements.
Such Canadian information is being included here to satisfy the
Company’s “public disclosure” obligations under Regulation FD of
the SEC and to provide U.S. holders with ready access to
information publicly available in Canada.
Reporting requirements in the United States for disclosure of
mineral properties under Guide 7 and the requirements in Canada
under NI 43-101 standards are substantially different. This
document contains a summary of certain estimates of the Company,
not only of proven and probable reserves within the meaning of
Guide 7, which requires the preparation of a “final” or “bankable”
feasibility study demonstrating the economic feasibility of mining
and processing the mineralization using the three-year historical
average price for any reserve or cash flow analysis to designate
reserves and that the primary environmental analysis or report be
filed with the appropriate governmental authority, but also of
mineral resource and mineral reserve estimates estimated in
accordance with the definitional standards of the Canadian
Institute of Mining, Metallurgy and Petroleum referred to in NI
43-101. The terms “measured resources,” “indicated resources,” and
“inferred resources” are Canadian mining terms as defined in
accordance with NI 43-101. These terms are not defined under Guide
7 and are not normally permitted to be used in reports and
registration statements filed with the SEC in the United States,
except where required to be disclosed by foreign law.
Investors are cautioned not to assume that any part or all of the
mineral deposits in such categories will ever be converted into
proven or probable reserves. “Resources” have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of such a “resource” will ever be upgraded to a higher
category or will ever be economically extracted. Investors are
cautioned not to assume that all or any part of a “resource” exists
or is economically or legally mineable. Investors are also
especially cautioned that the mere fact that such resources may be
referred to in ounces of silver and/or gold, rather than in tons of
mineralization and grades of silver and/or gold estimated per ton,
is not an indication that such material will ever result in mined
ore which is processed into commercial silver or gold.
HECLA MINING COMPANY
Condensed Consolidated Statements of
Loss
(dollars and shares in thousands, except
per share amounts - unaudited)
Second Quarter Ended Six
Months Ended
June 30, 2015 June 30, 2014
June 30, 2015 June 30, 2014 Sales of products
$ 104,197 $ 117,502
$
223,289 $ 243,289 Cost of sales and other
direct production costs
67,567 71,039
141,532 148,780
Depreciation, depletion and amortization
27,166
27,735
52,420 53,538
94,733
98,774
193,952 202,318 Gross
profit
9,464 18,728
29,337
40,971 Other operating expenses: General and
administrative
8,296 8,159
17,016 16,100 Exploration
4,592 3,140
9,208 7,290 Pre-development
1,618
437
2,138 856 Other operating expense
766 693
1,394 1,411 Gain/(loss) on sale of PP&E
116 —
190 Provision for closed operations and environmental
matters
9,335 1,267
9,802 2,371 Acquisition costs
2,147 —
2,147 —
26,870 13,696
41,895 28,028
Income (loss) from operations
(17,406 ) 5,032
(12,558 ) 12,943 Other income
(expense): Gain on sale or impairment of investments
(166
) —
(166 ) — Unrealized gain (loss) on
investments
(117 ) (608 )
(2,960 ) 80
Gain (loss) on derivative contracts
(887 ) (11,601 )
4,905 (2,149 ) Interest and other income
35 97
73 176 Net foreign exchange gain (loss)
(1,833
) (5,382 )
10,441 (1,248 ) Interest expense, net of
amount capitalized
(6,541 ) (6,962 )
(12,733
) (13,802 )
(9,509 ) (24,456 )
(440
) (16,943 ) Loss before income taxes
(26,915 )
(19,424 )
(12,998 ) (4,000 ) Income tax benefit
(provision)
132 5,025
(1,307 )
1,242 Net loss
(26,783 ) (14,399 )
(14,305 ) (2,758 ) Preferred stock dividends
(138 ) (138 )
(276 ) (276 ) Loss
applicable to common shareholders
$ (26,921 )
$ (14,537 )
$ (14,581 ) $ (3,034 ) Basic and
diluted loss per common share after preferred dividends
$
(0.07 ) $ (0.04 )
$ (0.04 ) $
(0.01 ) Weighted average number of common shares outstanding -
basic and diluted
371,295 344,216
370,042 343,437
HECLA MINING
COMPANY
Condensed Consolidated Balance Sheets
(dollars and share in thousands -
unaudited)
June 30, 2015
December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents
$ 191,574 $ 209,665
Accounts receivable: Trade
7,781 17,696 Other, net
24,519 17,184 Inventories
52,404 47,473 Current
deferred income taxes
8,766 12,029 Other current assets
14,040 12,312 Total current assets
299,084 316,359 Non-current investments
2,672 4,920
Non-current restricted cash and investments
957 883
Properties, plants, equipment and mineral interests, net
1,863,440 1,831,564 Non-current deferred income taxes
105,739 98,923 Reclamation insurance asset
16,800 —
Other non-current assets and deferred charges
3,576
9,415
Total assets $ 2,292,268 $
2,262,064
LIABILITIES
Current liabilities: Accounts payable and accrued
liabilities
$ 44,500 $ 41,869 Accrued payroll and
related benefits
23,163 27,956 Accrued taxes
2,420
4,241 Current portion of capital leases
9,894 9,491 Current
portion of debt
1,789 — Other current liabilities
6,236 5,797 Current portion of accrued reclamation and
closure costs
21,191 1,631 Total current
liabilities
109,193 90,985 Capital leases
10,187
13,650 Accrued reclamation and closure costs
70,718 55,619
Long-term debt
501,376 498,479 Non-current deferred tax
liability
137,716 153,300 Other non-current liabilities
51,504 53,057
Total liabilities
880,694 865,090
SHAREHOLDERS’ EQUITY
Preferred stock
39
39 Common stock
94,771 92,382 Capital surplus
1,515,362 1,486,750 Accumulated deficit
(157,547
) (141,306 ) Accumulated other comprehensive loss
(31,250 ) (32,031 ) Treasury stock
(9,801
) (8,860 )
Total shareholders’ equity
1,411,574 1,396,974
Total liabilities and
shareholders’ equity $ 2,292,268 $
2,262,064 Common shares outstanding
376,733
367,377
HECLA MINING COMPANY
Condensed Consolidated Statements of Cash
Flows
(dollars in thousands - unaudited)
Six Months Ended
June 30, 2015 June 30, 2014
OPERATING ACTIVITIES
Net loss
$ (14,115 )
$ (2,758 ) Non-cash elements included in net loss:
Depreciation, depletion and amortization
52,966 54,045
Unrealized (gain)/loss on investments
3,043 — (Gain) loss on
disposition of properties, plants, equipment and mineral interests
190 44 Provision for reclamation and closure costs
10,256 2,710 Stock compensation
2,261 2,561 Deferred
income taxes
(705 ) (6,840 ) Amortization of loan
origination fees
910 1,135 (Gain) loss on derivative
contracts
7,812 6,231 Foreign exchange gain
(9,672
) (55 ) Other non-cash charges, net
25 (986 ) Change
in assets and liabilities: Accounts receivable
2,469 8,398
Inventories
(3,417 ) (2,418 ) Other current and
non-current assets
(3,904 ) 1,617 Accounts payable
and accrued liabilities
(4,210 ) (17,084 ) Accrued
payroll and related benefits
803 9,069 Accrued taxes
(1,938 ) 2,582 Accrued reclamation and closure costs
and other non-current liabilities
9,399 (1,222 )
Cash provided by operating activities 52,173
57,029
INVESTING ACTIVITIES
Additions to properties, plants,
equipment and mineral interests
(58,272 ) (57,461 )
Acquisition of Revett, net of cash acquired
(809 ) —
Proceeds from disposition of properties, plants and equipment
153 238 Purchases of investments
(947 ) —
Changes in restricted cash and investment balances
—
4,334
Net cash used in investing activities
(59,875 ) (52,889 )
FINANCING
ACTIVITIES
Proceeds from exercise of warrants
— 14,112 Acquisition of
treasury shares
(941 ) (1,501 ) Dividends paid to
common shareholders
(1,850 ) (1,715 ) Dividends paid
to preferred shareholders
(276 ) (276 ) Credit
availability and debt issuance fees paid
(123 ) (577
) Repayments of capital leases
(4,940 ) (4,525 )
Net cash provided by (used in) financing activities
(8,130 ) 5,518 Effect of exchange rates
on cash
(2,259 ) 250 Net increase (decrease) in cash
and cash equivalents
(18,091 ) 9,908 Cash and cash
equivalents at beginning of period
209,665 212,175
Cash and cash equivalents at end of period
$
191,574 $ 222,083
HECLA
MINING COMPANY
Production Data
Three Months Ended Six
Months Ended
June 30, 2015
June 30, 2014
June 30, 2015
June 30, 2014
GREENS CREEK UNIT
Tons of ore milled
199,694
201,146
395,163 403,861 Mining cost per ton
$ 73.60 $ 73.09
$ 73.64 $ 69.98 Milling
cost per ton
$ 30.31 $ 31.07
$ 29.53 $
29.29 Ore grade milled - Silver (oz./ton)
12.33 12.03
13.05 12.24 Ore grade milled - Gold (oz./ton)
0.106
0.120
0.112 0.120 Ore grade milled - Lead (%)
3.36
3.25
3.31 3.20 Ore grade milled - Zinc (%)
8.93 8.57
8.64 8.57 Silver produced (oz.)
1,856,125 1,689,183
3,892,091 3,476,320 Gold produced (oz.)
13,753 14,931
28,992 29,940 Lead produced (tons)
5,393 5,044
10,323 9,869 Zinc produced (tons)
15,462 15,288
29,382 30,329 Total cash cost, net of by-product credits,
per silver ounce (1)
$ 3.30 $ 3.52
$
3.27 $ 2.52 Capital additions (in thousands)
$ 12,056 $ 7,267
$ 18,400 $ 12,849
LUCKY FRIDAY
UNIT
Tons of ore processed
72,059 80,379
146,304 159,468 Mining cost per ton
$ 99.14 $ 87.83
$ 91.80 $ 84.44 Milling
cost per ton
$ 20.53 $ 21.81
$ 20.40 $
21.21 Ore grade milled - Silver (oz./ton)
8.98 10.73
10.38 10.06 Ore grade milled - Lead (%)
6.1 6.83
6.56 6.66 Ore grade milled - Zinc (%)
3.1 2.88
3.14 2.94 Silver produced (oz.)
613,474 820,786
1,450,193 1,520,391 Lead produced (tons)
4,132 5,185
9,080 9,995 Zinc produced (tons)
2,053 2,095
4,220 4,145 Total cash cost, net of by-product credits, per
silver ounce (1)
$ 12.58 $ 9.10
$ 10.55
9.33 Capital additions (in thousands)
$
11,352 $ 12,277
$
25,060 $ 22,787
CASA BERARDI UNIT
Tons of ore processed
219,002
212,489
407,097 398,632 Mining cost per ton
$
95.88 $ 103.92
$ 100.33 $ 111.96 Milling cost
per ton
$ 18.95 $ 19.23
$ 20.33 $ 20.89
Ore grade milled - Gold (oz./ton)
0.165 0.15
0.16
0.17 Ore grade milled - Silver (oz./ton)
0.04 0.031
0.04 0.031 Gold produced (oz.)
30,939 28,623
56,350 59,882 Total cash cost, net of by-product credits,
per gold ounce (1)
$ 832 $ 952
$ 896 $
917 Capital additions (in thousands)
$
8,601 $ 10,978
$
16,198 $ 23,834 (1) Cash cost, after
by-product credits, per silver and gold ounce represents a non-GAAP
measurement, a reconciliation of which to cost of sales and other
direct production costs and depreciation, depletion and
amortization, the most comparable GAAP measures, can be found in
the cash cost per ounce reconciliation section of this news
release. Gold, lead and zinc produced have been treated as
by-product credits in calculating silver costs per ounce. The
primary metal produced at Casa Berardi is gold, with a by-product
credit for the value of silver production.
HECLA MINING COMPANY
Reconciliation of Cash Cost, Before By-product Credits, per Ounce
and Cash Cost, After By-product Credits, per Ounce to Generally
Accepted Accounting Principles (GAAP) (Unaudited)
This release contains references to a non-GAAP measure of cash
cost, before by-product credits, per ounce and cash cost, after
by-product credits, per ounce. Cash cost, before by-product
credits, per ounce and cash cost, after by-product credits, per
ounce represent non-U.S. Generally Accepted Accounting Principles
(GAAP) measurements that the Company believes provide management
and investors an indication of net cash flow. Management also uses
this measurement for the comparative monitoring of performance of
mining operations period-to-period from a cash flow perspective.
Cash cost, before by-product credits, per ounce and Cash cost,
after by-product credits, per ounce are measures developed by gold
companies and used by silver companies in an effort to provide a
comparable standard; however, there can be no assurance that our
reporting of these non-GAAP measures is similar to those reported
by other mining companies. Cost of sales and other direct
production costs and depreciation, depletion and amortization are
the most comparable financial measures calculated in accordance
with GAAP to cash cost, before by-product credits cash cost, after
by-product credits.
As depicted in the Greens Creek Unit and the Lucky Friday Unit
tables below, by-product credits comprise an essential element of
our silver unit cost structure. By-product credits constitute an
important competitive distinction for our silver operations due to
the polymetallic nature of their orebodies. By-product credits
included in our presentation of cash cost, after by-product
credits, per silver ounce include:
Total, Greens Creek and Lucky Friday Units
Three months ended June 30, Six months ended June 30,
2015 2014
2015 2014
By-product value, all silver properties: Zinc
$
25,224 $ 23,653
$ 46,914 $ 46,609 Gold
13,487 15,997
28,995 32,257 Lead
14,472 16,988
28,365 32,755 Total by-product
credits
$ 53,183 $ 56,638
$
104,274 $ 111,621 By-product credits
per silver ounce, all silver properties Zinc
$ 10.21
$ 9.42 $ 8.78 $ 9.32 Gold
5.47 6.38 5.43 6.46 Lead
5.86 6.77 5.31 6.56 Total
by-product credits
$ 21.54 $ 22.57
$ 19.52 $ 22.34
By-product credits included in our presentation of cash cost,
after by-product credits, per gold ounce for our Casa Berardi Unit
include:
Casa Berardi Unit Three months ended June 30,
Six months ended June 30,
2015
2014
2015 2014 Silver by-product value
$ 123 $ 114
$ 220 $ 218 Silver
by-product credits per gold ounce
$ 3.96 $ 3.98
$ 3.90 $ 3.65
The following table calculates cash cost, before by-product
credits, per ounce and cash cost, after by-product credits, per
ounce (in thousands, except per-ounce amounts):
Total, Greens Creek and Lucky Friday Three
Months EndedJune 30, Six Months EndedJune 30,
2015 2014
2015 2014 Cash
cost, before by-product credits (1)
$ 67,034 $ 70,051
$ 132,280 $ 134,570 By-product credits
(53,183
) (56,638 )
(104,273 ) (111,621 ) Cash cost,
after by-product credits
13,851 13,413
28,007 22,949
Divided by silver ounces produced
2,469 2,509
5,342
4,996 Cash cost, before by-product credits, per silver ounce
27.15 27.91
24.76 26.93 By-product credits per silver
ounce
(21.54 ) (22.57 )
(19.52 ) (22.34
) Cash cost, after by-product credits, per silver ounce
$
5.61 $ 5.34
$ 5.24 $ 4.59
Reconciliation to GAAP: Cash cost, after by-product
credits
$ 13,851 $ 13,413
$ 28,007 $
22,949 Depreciation, depletion and amortization
16,451
19,280
33,063 36,502 Treatment costs
(19,305 )
(20,010 )
(39,226 ) (39,916 ) By-product credits
53,183 56,641
104,273 111,624 Change in product
inventory
(6,119 ) (7,211 )
(401 )
(2,416 ) Reclamation and other costs
(96 ) 383
298 908 Cost of sales and other direct
production costs and depreciation, depletion and amortization
(GAAP)
$ 57,965 $ 62,496
$
126,014 $ 129,651
Greens Creek Unit
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014
2015 2014 Cash
cost, before by-product credits (1)
$ 49,540 $ 50,405
$ 96,653 $ 97,004 By-product credits
(43,409
) (44,459 )
(83,940 ) (88,236 ) Cash cost,
after by-product credits
6,131 5,946
12,713 8,768
Divided by silver ounces produced
1,856 1,689
3,892
3,476 Cash cost, before by-product credits, per silver ounce
26.69 29.84
24.82 27.91 By-product credits per silver
ounce
(23.39 ) (26.32 )
(21.57 ) (25.38
) Cash cost, after by-product credits, per silver ounce
$
3.30 $ 3.52
$ 3.27 $ 2.52
Reconciliation to GAAP: Cash cost, after by-product
credits
$ 6,131 $ 5,946
$ 12,713 $
8,768 Depreciation, depletion and amortization
13,775 16,960
27,521 31,986 Treatment costs
(15,639 )
(14,993 )
(30,872 ) (30,382 ) By-product credits
43,409 44,462
83,940 88,239 Change in product
inventory
(4,775 ) (7,376 )
919 (2,377 )
Reclamation and other costs
(86 ) 340
302 868 Cost of sales and other direct
production costs and depreciation, depletion and amortization
(GAAP)
$ 42,815 $ 45,339
$
94,523 $ 97,102
Lucky Friday Unit
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014
2015 2014 Cash
cost, before by-product credits (1)
$ 17,494 $ 19,646
$ 35,627 $ 37,566 By-product credits
(9,774
) (12,179 )
(20,333 ) (23,385 ) Cash cost,
after by-product credits
7,720 7,467
15,294 14,181
Divided by silver ounces produced
613 820
1,450 1,520
Cash cost, before by-product credits, per silver ounce
28.53
23.95
24.57 24.71 By-product credits per silver ounce
(15.94 ) (14.85 )
(14.02 ) (15.38 )
Cash cost, after by-product credits, per silver ounce
$
12.58 $ 9.10
$ 10.55 $
0.01 Reconciliation to GAAP: Cash cost, after
by-product credits
$ 7,720 $ 7,467
$
15,294 $ 14,181 Depreciation, depletion and amortization
2,676 2,320
5,542 4,516 Treatment costs
(3,666
) (5,017 )
(8,354 ) (9,534 ) By-product
credits
9,774 12,179
20,333 23,385 Change in product
inventory
(1,344 ) 165
(1,320 ) (39 )
Reclamation and other costs
(10 ) 43
(5
) 40 Cost of sales and other direct production costs
and depreciation, depletion and amortization (GAAP)
$
15,150 $ 17,157
$ 31,490
$ 32,549 Casa Berardi Unit Three
Months EndedJune 30,
Six Months EndedJune 30,
2015 2014
2015 2014 Cash
cost, before by-product credits (1)
$ 25,876 $ 27,351
$ 50,711 $ 55,159 By-product credits
(123
) (114 )
(220 ) (218 ) Cash cost, after
by-product credits
25,753 27,237
50,491 54,941
Divided by gold ounces produced
30.94 28.62
56.35
59.88 Cash cost, before by-product credits, per gold ounce
836.34 955.54
899.93 921.13 By-product credits per
gold ounce
(3.96 ) (3.98 )
(3.90 )
(3.65 ) Cash cost, after by-product credits, per gold ounce
$ 832.38 $ 951.56
$
896.03 $ 917.48 Reconciliation to GAAP:
Cash cost, after by-product credits
$ 25,753 $ 27,237
$ 50,491 $ 54,941 Depreciation, depletion and
amortization
10,714 8,456
19,357 17,037 Treatment
costs
(144 ) (131 )
(297 ) (229 )
By-product credits
123 114
220 218 Change in product
inventory
206 395
(2,066 ) 288 Reclamation and
other costs
116 207
234 412
Cost of sales and other direct production costs and
depreciation, depletion and amortization (GAAP)
$
36,768 $ 36,278
$ 67,939
$ 72,667 Total, All Locations
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014
2015 2014
Reconciliation to GAAP: Cash cost, after by-product credits
$ 39,604 $ 40,650
$ 78,498 $ 77,890
Depreciation, depletion and amortization
27,165 27,736
52,420 53,539 Treatment costs
(19,449 )
(20,141 )
(39,523 ) (40,145 ) By-product credits
53,306 56,755
104,493 111,842 Change in product
inventory
(5,913 ) (6,816 )
(2,467 )
(2,128 ) Reclamation and other costs
20 590
531 1,320 Cost of sales and other direct
production costs and depreciation, depletion and amortization
(GAAP)
$ 94,733 $ 98,774
$
193,952 $ 202,318 (1)
Includes all direct and indirect operating cash costs related
directly to the physical activities of producing metals, including
mining, processing and other plant costs, third-party refining and
marketing expense, on-site general and administrative costs,
royalties and mining production taxes, before by-product revenues
earned from all metals other than the primary metal produced at
each unit.
HECLA MINING COMPANY
Reconciliation of Net Loss Applicable to Common Shareholders (GAAP)
to Adjusted Net Income (Loss) Applicable to Common Stockholders
(dollars and ounces in thousands, except per share amounts -
unaudited)
This release refers to a non-GAAP measure of adjusted net income
(loss) applicable to common stockholders and adjusted net income
(loss) per share, which are indicators of our performance. They
exclude certain impacts which are of a nature which we believe are
not reflective of our underlying performance. Management believes
that adjusted net income (loss) per common share provides investors
with the ability to better evaluate our underlying operating
performance.
Dollars are in thousands (except
per share amounts) Three Months Ended June 30, Six Months Ended
June 30,
2015 2014
2015
2014 Net loss applicable to common shareholders (GAAP)
$
(26,805 ) $ (14,537 )
$
(14,391 ) $ (3,034 ) Adjusting items:
(Gains) losses on derivatives contracts
887 11,601
(4,905 ) 2,149 Provisional price losses (gains)
601 210
(1,524 ) 948 Environmental accruals
8,700 856
8,700 856 Foreign exchange (gain) loss
1,833 5,382
(10,441 ) 1,248 Acquisition costs
2,147 —
2,147 — Income tax effect of above
adjustments
(4,934 ) (5,067 )
(1,767 )
(1,581 ) Adjusted net income (loss) applicable to common
shareholders
$ (17,571 ) $ (1,555 )
$
(22,181 ) $ 586 Weighted average shares -
basic
371,295 344,216
370,042 343,437 Weighted
average shares - diluted
371,295 344,216
370,042
343,437 Basic adjusted net income (loss) per common share
$
(0.05 ) $ —
$ (0.06 ) $ —
Diluted adjusted net income (loss) per common share
$
(0.05 ) $ —
$ (0.06 ) $ —
HECLA MINING COMPANY
Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (dollars and
ounces in thousands, except per share amounts - unaudited)
This release refers to a non-GAAP measure of adjusted earnings
before interest, taxes, depreciation and amortization (“Adjusted
EBITDA”), which is a measure of our operating performance. Adjusted
EBITDA is calculated as net income before the following items:
interest expense, income tax provision, depreciation, depletion,
and amortization expense, exploration expense, pre-development
expense, Aurizon acquisition costs, Lucky Friday suspension-related
costs, interest and other income (expense), foreign exchange gains
and losses, gains and losses on derivative contracts, unrealized
gains on investments, provisions for environmental matters,
stock-based compensation, and provisional price gains and losses.
Management believes that, when presented in conjunction with
comparable GAAP measures, Adjusted EBITDA is useful to investors in
evaluating our operating performance. The following table
reconciles net loss to Adjusted EBITDA:
Dollars are in thousands Three
Months Ended Six Months Ended
June 30, 2015
June 30, 2014
June 30, 2015 June 30, 2014 Net
loss
$ (26,667 ) $ (14,399 )
$
(14,115 ) $ (2,758 ) Plus: Interest expense,
net of amount capitalized
6,541 6,962
12,733 13,802
Plus/(Less): Income taxes
(132 ) (5,025 )
1,307 (1,242 ) Plus: Depreciation, depletion and
amortization
27,166 27,735
52,420 53,538 Plus:
Exploration expense
4,592 3,140
9,208 7,290 Plus:
Pre-development expense
1,618 437
2,138 856 Foreign
exchange (gain) loss
1,833 5,382
(10,441 )
1,248 Plus: Acquisition costs
2,147 —
2,147 — Plus:
Provision for closed operations and environmental matters
9,478 1,777
10,256 2,710 Plus/(Less): Losses (gains)
on derivative contracts
887 11,601
(4,905 )
2,149 Plus: Provisional price losses
601 210
(1,524
) 948 Other
1,449 2,007
5,314
2,305 Adjusted EBITDA
$ 29,513 $
39,827
$ 64,538 $ 80,846
Assay Results - Q2 2015
Note: All assay intervals represent true widths of drill core
with the exception of the results from Greens Creek. At Greens
Creek the assay intervals represent the horizontal width because
the mineralized bodies are very irregular in shape and in most
cases this is the best approximation for true width.
Greens Creek (Alaska)
Zone
Drill HoleNumber
Drill HoleAzm/Dip
SampleFrom
SampleTo
HorizontalWidth(feet)
Silver(oz/ton)
Gold(oz/ton)
Zinc(%)
Lead(%)
DepthFromMinePortal(feet)
Northwest WestDefinition
GC3958 243/-61 244.40
250.90 6.4 10.11
0.07 7.98 4.08
-621
317.30 320.80 3.4 14.62
0.16 13.14 6.39
-685
325.00 329.30 4.2
39.29 0.23 10.91 5.05
-692 GC3960
243/-28 66.80 93.30 9.1
23.95 0.08 13.29
6.51 -438
144.50 151.70
2.5 45.82 0.02
19.02 7.75 -475
189.00
193.30 3.4 14.16 0.05
8.69 4.90 -497
GC3978 243/-82 79.60
85.80 6.0 107.31
0.73 4.00 2.12
-482
178.30 181.80 3.2 33.08
0.21 6.42 3.14
-580
191.00 201.70 6.9
23.94 0.07 7.65 3.40
-593
243.00 257.60 6.6
39.73 0.08 11.61
6.59 -644 GC3980
243/-71 0.00 59.50 14.4
26.82 0.11 13.45
4.78 -403
95.00 98.00
5.4 14.45 0.07 1.06
0.50 -494
100.00 104.40
5.4 35.64 1.33
4.44 2.59 -499
297.20
317.70 6.2 50.53
0.14 13.11 7.32 -688
GC3982 243/-55
187.50 203.70 12.8 30.11
0.07 9.23 4.86
-569
213.00 217.40 4.2
10.90 0.03 4.73 3.36
-583
262.00 270.80 5.5
14.37 0.07 0.33
0.18 -624
304.00 305.50 0.9
166.68 0.59 4.64
2.09 -656
331.00 343.50
5.7 29.27 0.08
7.60 5.65 -680
347.40
352.80 2.5 47.32 0.31
19.63 12.47 -692
359.20
389.60 13.8 18.36
0.15 4.56 2.58
-701
395.50 404.80 4.2 22.90
0.10 7.80 4.53
-727 GC3983 243/-64
0.00 89.00 10.8
52.37 0.12 20.88
7.55 -403
94.00 99.00 4.6
14.23 0.18 2.06
1.29 -487
113.90 142.80
14.0 21.03 0.18
5.77 3.14 -505
183.50
189.50 2.5 19.49 0.09
3.49 1.59 -568
205.80
214.30 4.6 42.96
0.36 6.66 3.27
-588
221.70 226.70 2.7 20.86
0.17 2.87 1.35
-602 GC3984 243/-36
0.00 5.80 5.8
27.70 0.11 23.21
6.72 -403 GC3986
063/-80 9.00 9.80 0.8
116.66 0.21 15.49
3.47 -421
199.00 204.00
2.7 23.75 0.11
4.70 2.10 -608
GC3989 063/-75 145.70
153.00 7.3 16.39 0.14
4.15 1.42 -551
GC3991 243/-70 169.40
177.30 6.8 23.30
0.11 8.72 4.07
-570
183.80 188.70 4.2 43.53
0.11 12.49 6.92
-582 GC3993 243/-51
386.10 395.00 5.0
31.79 0.27 12.15
6.17 -710 GC3997
063/58 62.40 66.50 3.4
27.38 0.07 15.74
7.60 -336
116.10 119.20
2.6 21.23 0.04
9.03 5.00 -291
GC3999 063/-55 165.70
174.50 6.9 36.34 0.07
8.22 4.77 -546
183.60
205.40 17.2 18.74
0.14 8.41 4.64
-550 GC4001 063/-38
37.20 48.50 5.7
50.87 0.20 8.00 3.59
-422
52.00 64.40 5.2
22.26 0.09 8.68
4.48 -431 GC4003
063/-64 11.60 13.20 1.6
20.56 0.02 10.32
3.99 -410
21.00 31.00
6.9 18.94 0.05 10.36
5.54 -418
36.00 41.50
4.6 12.10 0.13
15.45 8.11 -432
55.40 65.00
9.3 17.36 0.02
3.90 1.76 -449
159.00
163.60 3.9 22.50
0.08 12.12 7.19 -541
GC4005 063/73
105.40 115.80 10.4 20.59
0.08 15.04 6.61
-282
122.10 133.60 10.0
352.90 0.54 9.79 4.12
-267 GC4023
063/-28 234.50 236.50 1.9
34.88 0.18 22.77
12.39 -502 GC4026
063/-43 158.40 170.20
11.4 13.33 0.10
11.22 6.13 -505
GC4028 063/-55 155.70
159.00 3.1 13.96 0.00
8.57 4.38 -527
GC4030 063/-8.5 45.60
49.10 2.2 18.36
0.09 6.92 3.10
-401
100.10 115.60 14.0 15.79
0.04 10.86 4.79
-408 GC4031 063/-66
120.00 136.70 9.1
26.41 0.14 2.90
1.61 -510
158.10 168.30 7.9
21.77 0.07 6.13
3.15 -546
173.80 183.80
6.8 25.60 0.12
14.15 8.10 -557
GC4038 243/-70 261.40
267.70 6.3 23.03 0.11
3.08 1.62 -645
GC4041 063/9 68.20
71.00 2.6 19.97
0.04 10.26 4.69 -381
84.80 92.80 7.3 43.98
0.10 9.00 3.24
-378 GC4050 063/-63
124.90 134.50 9.6
19.03 0.14 6.73
2.98 -516
140.80 145.20 3.5
12.15 0.14 12.96
3.32 -530 GC4054
063/-87 224.00 229.60
4.5 53.05 0.16
12.26 6.31 -629
GC4067 063/-25 160.10
163.90 3.7 35.97 0.28
8.10 3.40 -470 West Wall
GC4023 063/-28 515.10
517.30 1.6 11.02
0.02 16.89 9.22
-628
Deep 200 SouthDefinition
GC3963 243/-71 273.00
281.00 7.0 41.21
0.04 3.69 3.21
-1524
484.50 494.50 9.5
32.93 0.48 10.29 5.80
-1725 GC3970
243/-63 298.00 305.60 6.4
31.53 0.04 4.81
2.78 -1534 GC3975
063/-64 386.00 406.00
4.5 10.58 0.10
3.12 1.68 -1616
487.50
499.80 9.6 26.49 0.03
2.13 1.19 -1708
GC3977 063/-76 294.00
300.50 6.2 18.48
0.11 1.70 1.05
-1554 GC3981 063/-86
269.50 278.80 8.6
20.58 0.17 4.43 2.62
-1537 GC3988
243/-62 301.00 307.70 6.2
61.86 0.04 2.10
1.29 -1534 GC3992
243/-70 501.80 509.20
6.7 22.94 0.14
1.68 0.77 -1741
GC3998 243/-55 319.30
330.30 9.3 24.21 0.11
3.13 2.02 -1531
GC4009 063/-82 281.00
285.80 4.3 26.29
0.21 4.36 2.76
-1548
643.00 647.00 2.4
17.94 0.00 3.50 1.76
-1911 GC4013
243/-87 255.80 263.20 6.5
10.85 0.08 1.39
0.73 -1524 GC4021
243/-59 299.50 310.20
7.8 15.06 0.13
1.02 0.64 -1528
GC4029 063/-83 272.50
278.20 4.8 17.96 0.17
1.14 0.58 -1539
618.90
626.00 4.6 27.23
0.20 14.13 6.81
-1885
641.90 661.50 12.6
15.13 0.13 6.26 3.72
-1906 GC4039
063/-60 405.10 413.30 5.0
20.03 0.12 0.82
0.51 -1622 GC4051
243/-73 263.90 266.00
1.9 52.71 0.04
5.68 3.12 -1522
568.90
575.30 5.7 30.24 0.33
7.34 3.99 -1763 9a
Definition GC4004 063/83
226.90 236.60 6.1 17.35
0.02 15.95 6.22
-87
263.00 267.30 1.7
25.00 0.04 27.97 11.01
-51 GC4007 063/70
190.40 209.00 18.6
14.16 0.02 22.07
9.73 -119
238.90 250.00 10.2
10.45 0.06 18.42
7.88 -88 GC4020
243/86 247.30 294.00
14.4 15.16 0.10
8.57 4.53 -66
411.60
417.30 1.8 55.97 0.37
10.35 6.36 96
GC4033 063/-1.5 322.00
334.60 11.4 35.33
0.20 9.77 4.98
-329 GC4055 063/46
305.00 317.10 10.4 11.13
0.03 21.06 6.61
-101
365.70 373.60 6.4
12.88 0.02 19.58 9.03
-58 GC4066 063/11
380.00 396.70 14.0
26.76 0.01 3.75
2.41 -243
Casa Berardi (Quebec)
Zone Drill Hole Number
Drill HoleSection
Drill HoleAzm/Dip
SampleFrom
SampleTo
TrueWidth(feet)
Gold(oz/ton)
DepthFrom
MineSurface(feet)
South-West (107) CBW-0365-012 10738
360/-66 177.2 188.6
9.8 0.20 -1354.3 Upper
118 (118-42) CBP-0530-186 12058
341/-31 127.3 147.6
18.7 0.21 -1825.8 (118-43)
CBP-0530-189 12068
360/-20 76.8 133.5 24.3
0.22 -1791.0 (118-47)
CBP-0530-193 12081 017/-10
65.3 85.3 19.0
0.33 -1770.0 (118-47) CBP-0530-194
12081 016/-20 60.4
88.9 26.2 0.54
-1781.2 (118-42) CBP-0530-197 12054
341/-20 134.5 163.1
24.0 0.26 -1815.0
(118-46) CBP-0530-199 12059
305/-78 131.6 155.2
22.3 0.22 -1898.6 (118-46)
CBP-0530-205 12060
248/-80 131.9 158.1 25.3
0.27 -1901.2 (118-46)
CBP-0530-206 12059 211/-72
141.1 170.6 26.9
0.22 -1904.9 Lower 118 (118-32)
CBP-0910-037 12120 180/-32
70.2 83.7 12.5
0.21 -3018.7 (118-27) CBP-0910-040
12011 183/-45 275.6
357.6 54.8 0.21
-3212.3 (118-32) CBP-0910-041
12118 181/-49 75.5 96.1
17.7 0.36 -3047.2
(118-22) CBP-0910-048 12032
170/-31 324.8 360.9
34.1 0.30 -3158.5 (118-31)
CBP-0930-001 12052 166/-2
147.6 165.4 15.7
0.55 -3048.2 (118-27)
CBP-0930-006 12043 176/10
190.3 203.4 13.1 0.23
-3008.9 (118-27) CBP-0930-008
12031 188/-5 177.5
196.5 17.7 0.24 -3054.5
(118-22) CBP-0930-010 12027
188/-32 267.7 282.2
13.5 0.34 -3150.6 Upper 123
(123-05) CBP-0550-090 12539
142/47 259.5 291.0
21.7 0.25 -1609.6 (123-05)
CBP-0550-091 12554 135/20
229.0 276.6 37.1
0.23 -1718.5 (123-05) CBP-0550-092
12546 135/29 210.0
256.9 46.6 0.26
-1698.2 (123-05) CBP-0550-093 12544
135/37 206.7 262.5
55.1 0.20 -1666.0 Lower 123
(123-02) CBP-0810-017 12386
181/-26 336.3 352.4
15.7 1.84 -2753.6 (123-01)
CBP-0810-018 12385
181/-19 332.3 347.8 11.8
0.34 -2695.5 (123-01)
CBP-0810-019 12387 181/-11
307.1 324.8 13.5
0.77 -2666.7 (123-01) CBP-0810-020
12388 181/3 259.5
280.8 18.4 1.08
-2581.4 (123-01) CBP-0810-021 12375
189/-4 322.8 335.3
11.8 1.11 -2615.8 (123-01)
CBP-0810-022 12376
189/-11 339.6 353.0 12.5
0.55 -2655.2 (123-01)
CBP-0810-027 12276 171/-5
278.2 290.7 11.2 1.21
-2619.4 (123-03) CBP-0810-032
12395 176/-29 327.1
338.9 10.2 1.09
-2766.7 (123-04) CBP-0830-041 12241
211/49 354.3 371.4
12.1 0.42 -2445.2 (123-03)
CBP-0830-042 12292
165/-27 200.1 251.6 31.5
0.32 -2808.4 (123-04)
CBP-0830-054 12243 202/17
290.0 305.8 15.1 0.34
-2624.7 (123-04) CBP-0850-047
12320 186/-24 381.6
393.7 10.8 0.73
-2873.0 (123-03) CBP-0850-055 12386
139/-1 215.9 229.0
10.5 1.63 -2721.1 (123-03)
CBP-0850-056 12390
139/-17 246.1 264.4 13.5
1.04 -2795.3 (123-02)
CBP-0850-058 12387 147/-30
292.0 308.7 13.8
1.13 -2863.5 (123-03) CBP-0850-059
12377 147/-15 227.4
252.6 21.3 0.80
-2784.1 (123-03) CBP-0850-060
12378 147/2 207.3 228.7
17.7 1.18 -2711.9
Principale (124-81) CBP-0250-050 12539
170/49 128.3 137.8
7.9 0.44 -698.5 (124-81)
CBP-0250-051 12538 170/58
141.1 160.8 16.7
0.62 -669.6 (124-81) CBP-0250-053
12531 192/45 49.2
55.8 6.6 0.31
-757.2 Explo U 117 CBW-1069 11700
010/-77 4068.2 4104.3
21.8 0.15 -4501.6
CBW-1069 11,600 010/-73
4,190.8 4,206.1 12.10
0.64 (4,601.3) Explo S 100
CBS-099-047EXT 10550 360/-72
4068.2 4104.3 14.4
0.15 -2615.5 Explo S 124
CBS-15-624 12900 360/-60
1200.8 1235.2 64.0 0.20
-802.2
San Sebastian (Mexico)
Zone
Drill HoleNumber
SampleFrom (ft)
Sample To(ft)
Width(feet)
True Width(feet)
Gold(oz/ton)
Silver(oz/ton)
East Francine Vein SS-797 95.1
127.4 32.2 32.2
0.09 26.05 East Francine Vein SS-798
67.7 86.4 18.6
18.6 1.18 358.73 East Francine
Vein SS-801 53.6 65.2
11.5 11.5 0.87
160.80 East Francine Vein SS-802
41.3 59.6 18.3 18.2
0.58 61.94 East Francine Vein
SS-804 113.7 128.9
15.2 15.2 0.22 12.15 East
Francine Vein SS-805 61.9
89.3 27.4 27.4 0.11
42.14 East Francine Vein SS-806
25.5 41.9 16.4
16.4 0.38 9.85 East Francine Vein
SS-807 39.3 57.9
18.7 18.7 0.26
25.35 East Francine Vein SS-808 84.9
100.0 15.1 15.1
0.78 120.32 East Francine Vein
SS-811 64.3 70.0 5.8
5.5 0.15 29.46 Middle
Vein SS-771 241.7 243.9
2.2 2.0 0.17
12.15 Middle Vein SS-790 764.7
773.7 9.0 8.9
0.02 11.06 Middle Vein SS-799
322.7 330.2 7.5
7.0 0.10 13.19 Middle Vein
SS-808 366.1 369.7
3.6 3.6 0.04 2.11
Middle Vein SS-836 259.3
264.4 5.2 5.1 0.02
5.09 Middle Vein SS-838 116.5
128.4 12.0 11.3
0.03 2.04 Middle Vein SS-846
252.3 262.3 10.0
9.6 0.02 4.04 Middle Vein
SS-852 147.2 156.4
9.2 9.2 0.02 5.40 Middle
Vein SS-856 280.6 285.9
5.3 5.3 0.01
4.03 Middle Vein SS-859 143.0
146.2 3.1 3.1
0.22 12.21 Middle Vein SS-863
148.8 156.1 7.3
7.3 0.57 157.33 Middle Vein
SS-865 202.2 207.5
5.2 5.2 0.01 5.30
Middle Vein SS-867 139.5
141.3 1.8 1.8 0.01
4.66 Middle Vein SS-868 93.9
99.4 5.5 5.5
0.24 26.85 Middle Vein SS-870
155.3 161.6 6.2
5.0 0.19 25.50 Middle Vein
SS-872 261.3 266.8
5.5 5.1 0.04 5.58
Middle Vein SS-873 115.4
118.4 3.1 3.1 0.13
42.16 Middle Vein SS-875 175.9
184.0 8.2 8.2
0.18 18.25 Middle Vein SS-876
244.8 252.0 7.2
6.9 0.04 9.46 Middle Vein
SS-877 141.1 143.7
2.6 2.6 0.13 37.72 Middle
Vein SS-878 173.7 180.0
6.2 5.9 0.05
7.01 North Vein SS-773 459.7
464.3 4.6 4.6
0.11 5.67 North Vein SS-777
479.3 484.6 5.2
5.2 0.03 4.87 North Vein
SS-778 579.9 584.0
4.1 4.1 0.01 14.78 North
Vein SS-782 669.2 675.2
6.0 5.6 0.03
8.15 North Vein SS-784 423.8
424.4 0.6 0.6
0.21 9.07 North Vein SS-785
528.0 537.3 9.3
9.2 0.02 4.75 North Vein
SS-794 692.4 697.7
5.2 5.2 0.01 6.75 North
Vein SS-799 773.0 778.0
5.0 5.0 0.04
11.72 North Vein SS-832 104.9
108.4 3.5 3.5
0.24 8.24 North Vein SS-835
74.3 76.0 1.6
2.6 0.84 16.77 North Vein
SS-837 67.4 70.0
2.6 2.5 0.74 5.51 North
Vein SS-839 83.5 99.7
16.2 15.5 0.08
2.96 North Vein SS-840 19.5
26.9 7.4 7.1
0.18 0.48 North Vein SS-843
68.5 70.3 1.8
1.8 0.49 6.42 North Vein
SS-845 76.6 94.0
17.4 17.3 0.15 9.48 North
Vein SS-848 75.3 77.4
2.1 3.1 0.69
10.12 North Vein SS-850 74.3
78.3 4.0 3.9
0.61 6.40 North Vein SS-851
54.7 62.8 8.1
8.1 0.13 5.39 North Vein
SS-853 54.3 60.0
5.7 5.7 0.27 5.33 North
Vein SS-854 25.7 42.9
17.2 17.2 0.10
2.32 North Vein SS-857 57.0
66.9 10.0 9.9
0.30 3.13 North Vein SS-858
44.3 52.5 8.2
8.0 0.30 3.63 North Vein
SS-860 40.2 45.0
4.8 4.5 0.12 2.22 North
Vein SS-861 67.5 71.9
4.4 3.2 0.10
2.11 North Vein SS-896 10.4
14.8 4.4 4.3
0.24 3.19 North Vein Foot Wall Vein
SS-896 100.5 102.5
2.0 2.0 0.01 5.31
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150806005359/en/
Hecla Mining CompanyMike Westerlund, 800-HECLA91
(800-432-5291)Vice President – Investor
Relationshmc-info@hecla-mining.comhttp://www.hecla-mining.com
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