Hecla Mining Company (NYSE:HL) today announced third quarter net
loss applicable to common shareholders of $10.0 million, or $0.03
per share, and a loss after adjustments applicable to common
shareholders of $20.5 million, or $0.05 per share.1
THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT ITEMS
- Sales of $104.9 million.
- Adjusted EBITDA of $17.8 million.2
- Operating cash flow of $26.8
million.
- Total silver production of 2.6 million
ounces at a cash cost, after by-product credits, per silver ounce,
of $7.52.3
- Gold production of 43,635 ounces, of
which Casa Berardi produced 29,259 ounces at a cash cost, after
by-product credits, per gold ounce of $793.3
- Cash and cash equivalents of $174.5
million at September 30, 2015.
- San Sebastian, Hecla's fourth operating
mine, expected to produce ore by year end. Stripping has started
exposing the Middle Vein.
- Strong exploration success at San
Sebastian and Casa Berardi.
"During the third quarter we delivered solid production
performance, with Greens Creek continuing to lead the way. Cash
costs, after by-product credits, were higher because of the weak
price of our by-product metals," said Phillips S. Baker Jr.,
Hecla's President and CEO. "Hecla's cash flow and balance sheet
have allowed continued investment in capital improvements, growth
and exploration initiatives; the benefits of which are just
beginning to be realized. We expect San Sebastian to start
processing ore by year end, Casa Berardi is accessing a newly
discovered, high-grade stope and the Lucky Friday has returned to
full production after replacing the main ventilation booster
fans."
(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 third quarter
was $10.0 million, or $0.03 per share, compared to net gain
applicable to common shareholders of $3.5 million, or $0.01 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 to $793 from $898, or 12%, from third
quarter 2014 principally due to the weaker Canadian dollar relative
to the US dollar.1
- Cash cost, after by-product credits,
per silver ounce increased to $7.52 from $5.43, or 38%, mainly due
to lower by-product credits resulting from lower gold, lead and
zinc prices than in the same period in 2014.1
- Net mark-to-market gain on base metal
derivative contracts of $3.3 million as a result of lower base
metals prices, compared to a net loss of $0.4 million in the third
quarter of 2014.
- Increased pre-development spending on
San Sebastian in preparation for mining.
- A $9.1 million foreign exchange gain on
Canadian assets due to a weaker Canadian dollar compared to the US
dollar.
Third Quarter Ended
Nine Months Ended September 30,
September 30,
September 30, September 30,
HIGHLIGHTS
2015 2014
2015 2014
FINANCIAL DATA
Sales (000)
$104,941 $135,507
$328,230
$378,796 Gross profit (000)
($2,561 ) $22,023
$26,776 $62,994 Income (loss) applicable to common
shareholders (000)
($10,028 ) $3,538
($24,419
) $505 Basic and diluted loss per common share
($0.03
) $0.01
($0.07 ) $— Net income (loss) (000)
($9,890 ) $3,676
($24,005 ) $919 Cash
provided by operating activities (000)
$26,795 $1,739
$78,968 $58,768
Operating cash flow of $26.8 million was approximately $25
million higher for the third quarter of 2015 compared to the prior
year period. While lower prices in the third quarter of 2015
resulted in lower net income, 2014's comparative results were
driven lower by satisfying the remainder of the Coeur d'Alene Basin
litigation settlement.
Capital expenditures (excluding capitalized interest) at the
operations totaled $39.0 million for the third quarter.
Expenditures were $16.5 million at Lucky Friday, $13.6 million at
Greens Creek and $8.9 million at Casa Berardi.2
Metals Prices
The average realized silver price in the third quarter was
$14.54 per ounce, 22% lower than the $18.53 price realized in the
third quarter of 2014. Realized gold, lead and zinc prices also
decreased by 12%, 24%, and 22% respectively, from the third quarter
of 2014.
(1) Cash cost, after by-product credits, per
silver and gold ounce represents a non-GAAP measurement, a
reconciliation of which to cost of sales and other direct
production costs and depreciation, depletion and amortization, the
most comparable GAAP measures, can be found at the end of the
release. (2) Numbers may not add due to rounding.
Third Quarter Ended
Nine Months Ended September 30,
September 30,
September 30, September 30,
2015
2014
2015 2014
AVERAGE METAL
PRICES
Silver - London PM Fix ($/oz)
$14.91 $19.74
$16.01 $19.95 Realized price per ounce
$14.54 $18.53
$16.08 $19.35 Gold - London PM Fix
($/oz)
$1,124 $1,282
$1,179 $1,288 Realized price per
ounce
$1,121 $1,275
$1,177 $1,288 Lead - LME Cash
($/pound)
$0.78 $0.99
$0.83 $0.96 Realized price per
pound
$0.78 $1.02
$0.85 $1.00 Zinc - LME Cash
($/pound)
$0.84 $1.05
$0.93 $0.97 Realized price per
pound
$0.83 $1.07
$0.91 $0.98
Base Metals Forward Sales Contracts
The following table summarizes the quantities of base metals
committed under financially settled forward sales contracts at
September 30, 2015:
Pounds Under Contract
Average Price (in thousands) per Pound
Zinc Lead
Zinc Lead CONTRACTS ON
PROVISIONAL SALES
2015 settlements 18,684
6,283 $ 0.85 $ 0.76
With the advanced settlement of remaining financially settled
base metal forward contracts, other than contracts on provisional
sales, the Company recognized $4.4 million in additional proceeds
during the quarter. Settlements have provided net proceeds of $16.5
million year to date.
OPERATIONS OVERVIEW
Summary
- Greens Creek production of 2.0 million
ounces of silver is 5% higher than the 1.9 million ounces in the
same period of 2014 due to higher recovery and tonnage.
- Lucky Friday silver production of 0.6
million ounces is a decrease from 1.0 million ounces from the same
period of 2014 due to the impact on tonnage and grade of the
ventilation booster fan failure during the third quarter.
- Casa Berardi gold production of 29,259
ounces is a slight increase over 28,977 ounces in the same period
of 2014.
- San Sebastian is progressing rapidly
towards producing ore by year end.
The following table provides the production and cash cost, after
by-product credits, per silver and gold ounce summary for the third
quarters ended September 30, 2015 and 2014:
Third Quarter and Nine Months
Ended Third Quarter and Nine Months Ended
September 30, 2015 September 30, 2014
Production (ounces)
Increase/(decrease)over 2014
Cash costs, afterby-product credits,per
silver or goldounce1,2
Production (ounces)
Cash costs, afterby-product credits,per
silver or goldounce1,2
Q3 9 Mos Q3
9 Mos Q3 9 Mos
Q3 9 Mos Q3 9 Mos
Silver
2,591,546
7,947,293 (10)% 1%
$ 7.52 $
5.98 2,869,722 7,877,410
$ 5.43 $ 4.90 Gold
43,635 128,977 3%
(3)% $ 793
$ 861 42,501
132,323 $ 898 $ 911 Greens Creek:
Silver
1,992,037 5,884,128 5% 10% $
4.82 $ 3.79 1,890,929 5,367,249 $ 3.75 $ 2.95
Gold
14,376 43,368 6% 0% N/A
N/A 13,524 43,464 N/A N/A Lucky Friday
592,243
2,042,436 (39)% (18)% $ 16.60
$ 12.30 972,994 2,493,385 $ 8.71 $ 9.08 Casa Berardi3
29,259 85,609 1% (4)% $
793 $ 861 28,977 88,859 $ 898 $ 911 (1)
Cash cost, after by-product credits, per
silver or gold ounce represent a non-GAAP measurement, a
reconciliation of which to cost of sales and other direct
production costs and depreciation, depletion and amortization, the
most comparative 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 7,266
ounces of silver in the third 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 third quarter and nine months ended
September 30, 2015 and 2014:
Third Quarter
Ended Nine Months Ended
September 30, 2015 September 30,
2014
September 30, 2015
September 30, 2014
PRODUCTION SUMMARY
Silver - Ounces produced
2,591,546
2,869,722
7,947,293 7,877,410 Payable ounces
sold
2,392,798 2,562,171
7,305,740 6,968,138 Gold -
Ounces produced
43,635 42,501
128,977 132,323 Payable
ounces sold
44,937 43,637
124,969 128,115 Lead - Tons
produced
9,123 10,604
28,526 30,468 Payable tons sold
8,315 8,976
24,068 25,210 Zinc - Tons produced
17,435 16,276
51,037 50,750 Payable tons sold
13,487 14,383
36,821 37,653
Greens Creek Mine - Alaska
Greens Creek's third quarter production of 2.0 million ounces of
silver exceeded the third quarter of 2014 by 5%, while gold
production of 14,376 ounces was up 6% over the same period last
year. The higher silver and gold production were a result of higher
recoveries and increased tonnage, partially offset by lower grades.
Silver recoveries increased to 76.5%, up from 71.0% in the prior
year period as 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 increased
recoveries positively impacted the operation's revenues by
$1.8 million in the third quarter. Recoveries for the other
three metals also increased period over period. The mill operated
at an average of 2,233 tons per day (tpd) in the third quarter.
The cash cost, after by-product credits, per silver ounce of
$4.82 increased from $3.75 in the third quarter 2014. The per ounce
cost was impacted by lower by-product credits and slightly lower
operating costs. 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 prices.
Lucky Friday Mine - Idaho
Lucky Friday’s third quarter silver production of 592,243 ounces
was 39% lower than the third quarter of 2014 due to lower tonnage
and grade. A failure of the underground booster fan reduced the
ventilation capacity of the mine, leading to the temporary closure
of a higher-grade production stope. Replacement fans are now in
operation and Lucky Friday has returned to normal production. In
addition, there were 16 days of downtime in the third quarter for
planned hoist mechanical maintenance. The mill operated at an
average of 792 tpd in the third quarter.
The cash cost, after by-product credits, per silver ounce of
$16.60, increased from $8.71 per ounce in the third quarter of
2014. This increase was principally due to lower production and
realized metals grades relating to downtime from the ventilation
fan replacement, as well as lower by-product credits relating to
lower base metals prices.
#4 Shaft, a key growth project, has been excavated to the 8,244
level. The project is more than 89% complete and is expected to be
finished in the fourth quarter of 2016. The final depth of the
shaft has been slightly reduced to 8600 from the earlier target of
8800 feet. A shaft station and operating level will be established
at 8300 feet, the depth of the known resource. The total completion
cost estimate remains at approximately $225 million, with
$193.8 million already spent through the third quarter of
2015. As of September 30, 2015, the #4 Shaft team has
worked 1,413 days without a lost-time accident.
Casa Berardi Mine - Quebec
Casa Berardi’s third quarter gold production of 29,259 ounces
was 1% higher than the third quarter of 2014. The mill operated at
an average of 2,262 tpd in the third quarter.
The cash cost, after by-product credits, per gold ounce of $793,
decreased from $898 in the third quarter of 2014 mainly due to the
weaker Canadian dollar relative to the USD.
Casa Berardi started the fourth quarter very strongly, with
production of approximately 15,000 ounces of gold in October. The
mine is expected to produce approximately 40,000 ounces of gold in
the fourth quarter.
San Sebastian Mine - Mexico
Hecla is quickly advancing the San Sebastian mine in the State
of Durango, Mexico with the goal of producing ore from small open
pits by year end. Updates to the third-party owned processing plant
are proceeding well, the hiring of supervisory staff is nearing
completion, and stripping has begun on the East Francine and Middle
veins.
A Preliminary Economic Assessment (PEA) of the San Sebastian
project was recently completed and shows this is a robust project
and a potential significant cash contributor for Hecla in 2016 and
2017. Notably, the PEA does not include results of the recent
exploration and in-fill drilling programs described in the
Exploration section below that have expanded the resource and
improved the confidence of the resource in the open pit areas.
Hecla has filed in Canada a National Instrument 43-101 technical
report for the San Sebastian project entitled "Technical Report for
the San Sebastian Ag-Au Property, Durango, Mexico" dated effective
September 8, 2015. The report has been filed under the
Company's profile on SEDAR at www.sedar.com, the website maintained
by the Canadian Securities Administrators.
The following is a summary of the high-level life of mine
economic assumptions of surface mining operations, as outlined in
the PEA.1,2
Unit Value Total
Projected Mill Feed tons 273,352
Mill Throughput tons per day 440
Gold Grade oz/ton 0.14 Silver
Grade oz/ton 23.9 Gold Recovery
% 90.8% Silver Recovery
% 85.5% Gold Produced (recovered)
ounces 35,959 Silver Produced
(recovered) ounces 5,585,098
Silver Equivalent Production ounces
8,138,740 Capital (mining and milling)
$ million 5.8 Cash cost, after by-product credits,
per silver ounce3 $/ounce 5.49
Total After Tax Cash Flow (5% discount) $
million 43.0 IRR %
404 (1) The
PEA is preliminary in nature, and is based on a mineral resource
estimate that includes inferred mineral resources (approximately
10% of projected production) that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and
there is no certainty that the PEA will be realized. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. (2) Results in this table assume
$1,103/oz gold and $15.53/oz silver prices and a 12.5 Peso/Dollar
exchange rate. (3) Cash cost, after by-product credits, per
silver ounce represents a non-GAAP measurement, and the most
comparable GAAP measures are cost of sales and other direct
production costs and depreciation, depletion and amortization.
EXPLORATION AND PRE-DEVELOPMENT
Expenditures
Exploration and pre-development expenses were $5.5 million and
$1.7 million, respectively, in the third quarter of 2015. This is a
decrease of $0.3 million in exploration and an increase $1.3
million in pre-development compared to the third 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.
Casa Berardi - Quebec
At Casa Berardi, up to seven drills have been operating
underground in an effort to refine current stope designs and expand
reserves and resources in the 118, 123, 124 and Lower Inter zones.
Other 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
0.74 oz/ton gold over 42.3 feet and 0.18 oz/ton gold over 55.4
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 0.46 oz/ton gold over 18.7 feet and 0.36
oz/ton gold over 28.8 feet. This drilling has extended the resource
to the east and also remains open to depth.
Drilling from the 550, 770, and 850 levels in the mine has
identified multiple, stacked high-grade lenses of the 123 Zone that
represent at least 1,800 feet of semi-continuous down-dip
mineralization with an average strike length of 425 feet.
Definition and step-out drilling at the bottom of the 123 Zone
resource has defined a series of high-grade mineralized structures
with intervals including 0.81 oz/ton gold over 23.6 feet and 0.73
oz/ton gold over 11.8 feet below the 850 level that are open at
depth and to the west. Future drilling is expected to continue to
expand the resource, and the close proximity of these new lenses to
mine infrastructure is expected to allow near-term production from
these areas.
Underground drilling on the 124 Zone east of the Principal Zone
area defined a 15 to 60-foot thick, quartz-bearing zone with over
300 feet of strike length that is expected to define a resource
close to the 250 level. Within this zone are high-grade lenses,
including intervals of 1.50 oz/ton gold over 9.2 feet and 0.71
oz/ton gold over 11.8 feet at the 290 level. Drilling from the same
level of the 124-81 lens includes intersections of 0.40 oz/ton gold
over 8.2 feet. Deeper drilling of the 124 Principal Zone
intersected broad mineralization at the 500 level including 0.26
oz/ton gold over 36.1 feet and 0.25 oz/ton gold over 16.1 feet.
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 325 feet down-plunge. Recent drill
results include an interval of 0.13 oz/ton gold over 17.1 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.
At the west end of the mine, drilling of the Lower Inter Zone
intersected 1.04 oz/ton gold over 19.7 feet and 1.37 oz/ton gold
over 9.8 feet and these intersections represent the upper extension
of a multiple vein system that is open. Exploration drilling on the
157 Zone at the East Mine has better defined the geometry and
continuity intersected narrow, high-grade zones including an
intersection of 1.26 oz/ton gold over 3.3 feet.
The recent successes in both surface and underground drilling
are expanding reserves and resources with considerable increases in
overall grade and are also identifying new resource trends
throughout the West Mine of Casa Berardi. When the acquisition of
Casa Berardi was made, there was an expectation of finding
significant mineralization that would prolong gold production for
many years to come, and this expectation is being realized.
San Sebastian - Mexico
There has been significant drilling success over the past two
and a half 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 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. The drilling also appears to extend the
high-grade area further along strike, potentially expanding the
open pit resource. Assay results from drilling at the east extent
of the East Francine Vein resource include 0.17 oz/ton gold and 8.2
oz/ton silver over 23.9 feet. About 550 feet east of the resource a
1 foot-wide vein grading 0.07 oz/ton gold and 10.5 oz/ton silver
was intersected in recent exploration drilling suggesting
mineralized veins are present well away from the current
resource.
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 0.20 oz/ton gold and 54.2
oz/ton silver over 5.9 feet and 0.11 oz/ton gold and 38.4 oz/ton
silver over 6.5 feet. This in-fill program improved the continuity
and grade over previous drilling and has defined strong
mineralization beyond the original pit outline. 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, and assay intervals include 0.10 oz/ton
gold and 13.2 oz/ton silver over 7.0 feet, and 0.01 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 completed prior to this year. These assay
intervals include 1.74 oz/ton gold and 15.9 oz/ton silver over 4.3
feet, and 0.29 oz/ton gold and 7.6 oz/ton silver over 4.8
feet. On the North Vein, some of exploration intercepts to the
southeast include 0.12 oz/ton gold and 3.7 oz/ton silver over 10.4
feet and 0.04 oz/ton gold and 11.7 oz/ton silver over 5.0 feet.
Exploration and in-fill drilling at San Sebastian over the last
two quarters has expanded the resources and improved the confidence
in near-surface resources to measured and indicated category. All
of the resource models are in the process of being updated. Updated
mining models of each vein are expected to be finalized by the end
of the year and are expected to provide upside to production
defined in the PEA study.
Greens Creek - Alaska
At Greens Creek, definition drilling made progress in refining
the resources of the lower NWW, Deep 200 South, Upper Southwest,
and West Wall zones. Exploration drilling of the 9A Zone expanded
the resource along the projected trend and mineralization has been
intersected on the margins of Southwest Bench and East Ore zones.
Recent drilling of the lower NWW Zone has generally confirmed and
upgraded the resource model of the shared and upper limbs and assay
results include 71.6 oz/ton silver, 0.16 oz/ton gold, 8.2% zinc,
and 4.6% lead over 5.4 feet and 36.2 oz/ton silver, 1.0 oz/ton
gold, 5.6% zinc, and 2.6% lead over 12.2 feet. Drilling has defined
additional West Wall mineralization up to 240 feet down-dip from
the current resource model. More base metal-rich intersections of
the West Wall include 5.8 oz/ton silver, 0.07 oz/ton gold, 27.9%
zinc, and 7.7% lead over 9.4 feet.
Drilling to follow up historic high-grade intersections of the
9A Zone has defined continuous mineralization within the Maki Fault
and above the southern end of the current resource. This drilling
has defined an 8 to 10-foot wide mineralized zone over an area
stretching about 260 feet along strike and 130 feet along dip.
Drilling of the Upper Southwest Zone has defined good continuity of
multiple, flat-lying mineralized zones toward the northern end of
Upper Southwest mineralization. Recent assay results include 25.4
oz/ton silver, 0.11 oz/ton gold, 8.8% zinc, and 4.5% lead over 18.2
feet and 24.0 oz/ton silver, 0.12 oz/ton gold, 13.2% zinc, and 7.4%
lead over 13.5 feet.
Drilling of the Deep 200 South Zone 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 drilling of
the folded upper bench mineralization has stepped systematically to
the south and has defined mineralization of similar extent,
thickness, and geometry compared to the resource model.
Intersections of Deep 200 South include 35.5 oz/ton silver, 0.09
oz/ton gold, 1.2% zinc, and 0.7% lead over 16.1 feet and 34.5
oz/ton silver, 0.05 oz/ton gold, 1.0% zinc and 0.4% lead over 9.8
feet along the upper limb. The mineralization remains open to the
south and exploration drilling recently identified mineralization
above and to the east of the bench mineralization.
More complete drill assay highlights from Casa Berardi, San
Sebastian and Greens Creek can be found in Table A at the end of
the release.
Other Properties
Summer fieldwork on the Opinaca-Wildcat project near the
Eleonore Mine in northern Quebec identified gold mineralization in
trenches at the Manuel occurrence including 0.35 oz/ton gold over
15.4 feet. Prospecting and sampling of the areas covered by an
Induced Polarization geophysical survey in April identified gold
mineralization in the Brad, Mousson and Emma grids.
At the recently acquired Rock Creek project in Montana, work
included integration and upgrading of the resource model and
exploration data into the Hecla database and modeling software.
MANAGEMENT CHANGE
James A. Sabala, Senior Vice President and CFO, has announced
that he intends to retire immediately after the Company's Annual
Shareholder Meeting in 2016. The Company has begun a search for his
replacement and will be considering both internal and external
candidates.
"Jim started his career at Hecla in 1972 working as a miner at
the Lucky Friday, and it is only fitting that he has spent the last
eight years of his management career at Hecla," said Phillips S.
Baker, Jr. "He has been a leader, a mentor and my partner in
transforming Hecla. Jim will be missed but his legacy is a stronger
Hecla positioned to grow and prosper in the future."
2015 GUIDANCE
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
59,000 $3.75 per silver ounce
Lucky Friday
2.8-3.0 n/a $10.75 per silver ounce
Casa Berardi n/a 126,000
$825 per gold ounce High end
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 historical
cash cost, after by-product credits, per ounce of silver and gold
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.
DIVIDENDS
Common
The Board of Directors declared a quarterly cash dividend of
$0.0025 per share of common stock, payable on or about December 1,
2015, to shareholders of record on November 19, 2015.
Preferred
The Board of Directors also declared the regular quarterly cash
dividend of $0.875 per share on the outstanding Series B Cumulative
Convertible Preferred Stock, on a total of 157,816 shares
outstanding. This represents a total amount to be paid of
approximately $138,000. The cash dividend is payable on January 4,
2016, to shareholders of record on December 15, 2015.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held Wednesday, November
4, 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
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 of future production and
sales; (ii) estimates of the costs and completion date of the #4
Shaft project; (iii) guidance for 2015 for silver and gold
production, cash cost, after by-product credits, capital
expenditures and pre-development and exploration expenditures
(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); (iv) expectations regarding the development, growth and
exploration potential of the Company’s projects (including the San
Sebastian property); (v) expectations of growth; (vi) expected
availability of hydroelectric power at Greens Creek, and extensions
of mineralization of various zones; (vii) the possibility of
increasing production at Casa Berardi due to accessing higher grade
material, and strike and dip extensions of various zones; (viii)
possible strike extensions of veins at the San Sebastian project
and estimates of mining, grade, recovery, free cash flow
generation, mine life, IRR, ability to reactivate existing mill
permits, production of silver, gold and silver equivalent ounces,
ability to begin mining by year end, and the ability to mine the
high-grade ore; and (ix) expected completion of #4 Shaft by Q4 2016
with a budget of $225 million and to a depth of 8600 feet.
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, 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"), and for the San Sebastian Mine are contained in a
technical report prepared for Hecla titled “Technical Report for
the San Sebastian Ag-Au Property, Durango, Mexico" effective date
September 8, 2015. Also included in these four 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
Income (Loss)
(dollars and shares in thousands, except
per share amounts - unaudited)
Third Quarter Ended Nine
Months Ended
September 30, September 30,
September 30, September 30,
2015 2014
2015 2014 Sales of products
$ 104,941 $
135,507
$ 328,230 $ 378,796 Cost
of sales and other direct production costs
79,273 86,680
220,805 235,460 Depreciation, depletion and amortization
28,229 26,804
80,649 80,342
107,502 113,484
301,454
315,802 Gross profit
(2,561 ) 22,023
26,776 62,994 Other operating expenses:
General and administrative
9,461 7,884
26,477 23,984
Exploration
5,540 5,797
14,748 13,086 Pre-development
1,696 391
3,834 1,247 Other operating expense
743 442
2,137 1,853 Provision or closed operations
and reclamation
1,181 1,238
10,983 3,609 Aurizon
acquisition costs
15 —
2,162 —
18,636 15,752
60,341
43,779 Income (loss) from operations
(21,197 )
6,271
(33,565 ) 19,215 Other
income (expense): Gain (loss) on derivative contracts
3,347
(411 )
8,252 (2,560 ) Gain on sale of investments
— —
— — Unrealized loss on investments
(100 )
(2,830 )
(3,226 ) (2,750 ) Foreign exchange gain
(loss)
9,077 7,299
19,518 6,051 Interest and other
income
100 32
173 208 Interest expense, net of amount
capitalized
(6,617 ) (6,505 )
(19,350 )
(20,307 )
5,807 (2,415 )
5,367 (19,358
) Income (loss) before income taxes
(15,390 ) 3,856
(28,198 ) (143 ) Income tax benefit (provision)
5,500 (180 )
4,193 1,062 Net
income (loss)
(9,890 ) 3,676
(24,005 )
919 Preferred stock dividends
(138 ) (138 )
(414 ) (414 ) Income (loss) applicable to common
shareholders
$ (10,028 ) $ 3,538
$ (24,419 ) $ 505 Basic income (loss)
per common share after preferred dividends
$ (0.03
) $ 0.01
$ (0.07 ) $ —
Diluted income (loss) per common share after preferred dividends
$ (0.03 ) $ 0.01
$ (0.07
) $ — Weighted average number of common shares
outstanding - basic
377,508 359,472
372,555 348,801 Weighted average number of
common shares outstanding - diluted
377,508 362,262
372,555 354,673
HECLA
MINING COMPANY
Condensed Consolidated Balance Sheets
(dollars and share in thousands -
unaudited)
September 30, 2015
December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents
$ 174,454 $ 209,665
Accounts receivable: Trade
10,384 17,696 Other, net
27,189 17,184 Inventories
43,606 47,473 Current
deferred income taxes
19,573 12,029 Other current assets
15,957 12,312 Total current assets
291,163 316,359 Non-current investments
2,003 4,920
Non-current restricted cash and investments
999 883
Properties, plants, equipment and mineral interests, net
1,878,177 1,831,564 Non-current deferred income taxes
93,037 98,923 Reclamation insurance asset
16,800 —
Other non-current assets and deferred charges
3,034
9,415
Total assets $ 2,285,213 $
2,262,064
LIABILITIES
Current liabilities: Accounts payable and accrued
liabilities
$ 47,724 $ 41,869 Accrued payroll and
related benefits
23,497 27,956 Accrued taxes
7,078
4,241 Current portion of capital leases
9,492 9,491 Current
portion of debt
1,981 — Current portion of accrued
reclamation and closure costs
20,788 1,631 Other current
liabilities
15,056 5,797 Total current
liabilities
125,616 90,985 Capital leases
9,485
13,650 Accrued reclamation and closure costs
70,822 55,619
Long-term debt
501,281 498,479 Non-current deferred tax
liability
125,753 153,300 Other non-current liabilities
50,485 53,057
Total liabilities
883,442 865,090
SHAREHOLDERS’ EQUITY
Preferred stock
39
39 Common stock
95,114 92,382 Capital surplus
1,517,514 1,486,750 Accumulated deficit
(168,522
) (141,306 ) Accumulated other comprehensive loss
(31,640 ) (32,031 ) Treasury stock
(10,734
) (8,860 )
Total shareholders’ equity
1,401,771 1,396,974
Total liabilities and
shareholders’ equity $ 2,285,213 $
2,262,064 Common shares outstanding
377,697
367,377
HECLA MINING COMPANY
Condensed Consolidated Statements of Cash
Flows
(dollars in thousands - unaudited)
Nine Months Ended
September 30,
September 30,
2015
2014
OPERATING ACTIVITIES
Net income (loss)
$
(24,005 ) $ 919 Non-cash elements included in net
income (loss): Depreciation, depletion and amortization
81,475 81,116 Gain on sale of investments
— — Gain on
disposition of properties, plants, equipment and mineral interests
175 (49 ) Unrealized loss (gain) on investments
3,060
2,750 Provision for reclamation and closure costs
11,028
3,646 Stock compensation
4,036 3,826 Deferred income taxes
(1,781 ) (5,859 ) Amortization of loan origination
fees
1,365 1,703 (Gain) loss on derivative contracts
9,561 6,458 Foreign exchange gain
(17,566 )
(5,932 ) Other non-cash items, net
45 (914 ) Change in
assets and liabilities: Accounts receivable
(2,951 )
10,952 Inventories
4,382 7,125 Other current and non-current
assets
(6,779 ) (1,097 ) Accounts payable and accrued
liabilities
3,986 (4,446 ) Accrued payroll and related
benefits
2,221 10,205 Accrued taxes
2,782 (1,541 )
Accrued reclamation and closure costs and other non-current
liabilities
7,934 (50,094 )
Cash
provided by operating activities 78,968
58,768
INVESTING ACTIVITIES
Additions to properties, plants,
equipment and mineral interests
(95,399 ) (90,697 )
Acquisition of Revett, net of cash acquired
(809 ) —
Proceeds from sale of investments — Proceeds from disposition of
properties, plants and equipment
277 447 Purchases of
investments
(947 ) (580 ) Changes in restricted cash
and investment balances
— 4,334
Net cash used in investing activities (96,878
) (86,496 )
FINANCING ACTIVITIES
Proceeds from
exercise of warrants
— 54,418 Acquisition of treasury shares
(1,875 ) (3,740 ) Dividends paid to common
shareholders
(2,796 ) (2,629 ) Dividends paid to
preferred shareholders
(414 ) (414 ) Credit facility
and debt issuance fees paid
(123 ) (705 ) Payments on
debt
(216 ) — Borrowings on debt
— — Payments
on capital leases
(7,833 ) (6,893 )
Net cash provided by financing activities (13,257
) 40,037 Effect of exchange
rates on cash
(4,044 ) (2,124
) Net increase in cash and cash equivalents
(35,211
) 10,185 Cash and cash equivalents at beginning of period
209,665 212,175 Cash and cash
equivalents at end of period
$ 174,454
$ 222,360
HECLA MINING COMPANY
Production Data
Three Months Ended Nine
Months Ended
September 30, September 30,
September 30, September 30,
2015 2014
2015 2014
GREENS CREEK UNIT
Tons of ore milled
205,437
204,295
600,600 608,156 Mining cost per ton
$
71.95 $ 69.29
$ 73.06 $ 69.75 Milling cost per
ton
$ 30.55 $ 32.88
$ 29.88 $ 30.49 Ore
grade milled - Silver (oz./ton)
12.68 13.04
12.92
12.51 Ore grade milled - Gold (oz./ton)
0.10 0.11
0.11 0.12 Ore grade milled - Lead (%)
3.25 3.22
3.29 3.21 Ore grade milled - Zinc (%)
8.91 7.91
8.73 8.35 Silver produced (oz.)
1,992,037 1,890,929
5,884,128 5,367,249 Gold produced (oz.)
14,376 13,524
43,368 43,464 Lead produced (tons)
5,394 5,033
15,717 14,902 Zinc produced (tons)
16,024 14,149
45,406 44,478 Cash cost, after by-product credits, per
silver ounce (1)
$ 4.82 $ 3.75
$ 3.79 $
2.95 Capital additions (in thousands)
$
13,584 $ 6,696
$
31,984 $ 19,545
LUCKY FRIDAY UNIT
Tons of ore milled
65,817 78,979
212,121 238,447 Mining cost per ton
$ 95.98 $
90.21
$ 93.1 $ 86.35 Milling cost per ton
$
28.05 $ 22.96
$ 22.77 $ 21.79 Ore grade milled
- Silver (oz./ton)
9.48 12.90
10.10 11.00 Ore grade
milled - Lead (%)
6.06 7.41
6.40 6.91 Ore grade
milled - Zinc (%)
2.33 2.93
2.89 2.94 Silver produced
(oz.)
592,243 972,994
2,042,436 2,493,385 Lead
produced (tons)
3,729 5,571
12,809 15,566 Zinc
produced (tons)
1,411 2,127
5,631 6,272 Cash cost,
after by-product credits, per silver ounce (1)
$
16.60 $ 8.71
$ 12.30 $ 9.08 Capital additions
(in thousands)
$ 16,459
$ 13,729
$ 41,519
$ 36,516
CASA BERARDI UNIT
Tons
of ore milled
208,074 206,237
615,171 604,869 Mining
cost per ton
$ 89.76 $ 102.33
$ 96.75 $
108.68 Milling cost per ton
$ 19.09 $ 20.81
$
19.91 $ 20.86 Ore grade milled - Gold (oz./ton)
0.16
0.16
0.16 0.16 Ore grade milled - Silver (oz./ton)
0.040 0.031
0.040 0.031 Silver produced (oz.)
7,266 5,799
20,729 16,776 Gold produced (oz.)
29,259 28,977
85,609 88,859 Cash cost, after
by-product credits, per gold ounce (1)
$ 793 $ 898
$ 861 $ 911 Capital additions (in thousands)
$ 8,941 $ 13,980
$ 25,139 $ 37,814 (1)
Cash cost, after by-product credits, per ounce represents a
non-U.S. Generally Accepted Accounting Principles (GAAP)
measurement. A reconciliation of cash cost, after by-product
credits to cost of sales and other direct production costs and
depreciation, depletion and amortization (GAAP) 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.
Non-GAAP Measures(Unaudited)
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)
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 Three
Months Ended Nine Months Ended September 30,
September 30, 2015 2014 2015 2014
By-product value, all silver properties:
Zinc
$ 20,850 $ 24,029
$ 67,764
$ 70,638 Gold
13,299 14,315
42,294 46,573 Lead
12,251 18,179
40,616 50,933 Total by-product credits
$ 46,400 $ 56,523
$ 150,674 $ 168,144
By-product credits per silver ounce, all silver properties
Zinc
$ 8.07 $ 8.39
$ 8.55 $ 8.99 Gold
5.15 5.00
5.34 5.93 Lead
4.74 6.35
5.11
6.47 Total by-product credits
$ 17.96 $ 19.74
$ 19 $ 21.39
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 (1) Three Months Ended
Nine Months Ended September 30, September 30,
2015 2014 2015 2014
Silver by-product value
$ 107 $ 112
$ 327 $ 330 Silver by-product credits
per gold ounce
$ 4 $ 4
$ 4 $ 4
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 Ended Nine Months Ended September 30,
September 30, 2015 2014 2015 2014 Cash
cost, before by-product credits (1)
$ 65,823 $ 72,083
$ 198,103 $ 206,653 By-product credits
(46,401
) (56,523 )
(150,674 ) (168,144 ) Cash cost, after
by-product credits
19,422 15,560
47,429 38,509
Divided by silver ounces produced
2,584 2,864
7,926
7,860 Cash cost, before by-product credits, per silver ounce
$ 25.47 $ 25.17
$ 24.99 $ 26.29
By-product credits per silver ounce
$ (17.96 ) $
(19.74 )
$ (19.01 ) $ (21.39 ) Cash cost, after
by-product credits, per silver ounce
$ 7.52 $
5.43
$ 5.98 $ 4.90
Reconciliation to GAAP: Cash cost, after by-product credits
$ 19,422 $ 15,560
$ 47,429 $ 38,509
Depreciation, depletion and amortization
16,669 17,204
49,732 53,706 Treatment costs
(18,518 ) (21,430 )
(57,744 ) (61,346 ) By-product credits
46,401 56,523
150,674 168,144 Change in product inventory
5,445
6,384
5,044 3,968 Reclamation and other costs
624
959
921 1,870 Cost of sales and
other direct production costs and depreciation, depletion and
amortization (GAAP)
$ 70,043 $ 75,200
$ 196,056 $ 204,851
Greens Creek Unit Three Months Ended
Nine Months Ended September 30, September 30, 2015
2014 2015 2014 Cash cost, before by-product credits
(1)
$ 49,030 $ 50,415
$ 145,683 $
147,419 By-product credits
(39,436 ) (43,326 )
(123,376 ) (131,562 ) Cash cost, after by-product credits
9,594 7,089
22,307 15,857 Divided by silver ounces
produced
1,992 1,891
5,884 5,367 Cash cost, before
by-product credits, per silver ounce
$ 24.62 $ 26.66
$ 24.76 $ 27.46 By-product credits per silver ounce
$ (19.80 ) $ (22.91 )
$ (20.97 ) $
(24.51 ) Cash cost, after by-product credits, per silver ounce
$ 4.82 $ 3.75
$ 3.79
$ 2.95 Reconciliation to GAAP: Cash cost,
after by-product credits
$ 9,594 $ 7,089
$
22,307 $ 15,857 Depreciation, depletion and amortization
13,868 14,716
41,389 46,702 Treatment costs
(15,231 ) (15,676 )
(46,103 ) (46,058 ) By-product
credits
39,436 43,326
123,376 131,562 Change in
product inventory
4,003 5,966
4,922 3,589 Reclamation
and other costs
568 909
870
1,779 Cost of sales and other direct production costs and
depreciation, depletion and amortization (GAAP)
$
52,238 $ 56,330
$ 146,761
$ 153,431 Lucky Friday Unit
Three Months Ended Nine Months Ended September 30,
September 30, 2015 2014 2015 2014 Cash
cost, before by-product credits (1)
$ 16,793 $ 21,668
$ 52,420 $ 59,234 By-product credits
(6,965 )
(13,197 )
(27,298 ) (36,582 ) Cash cost, after by-product
credits
9,828 8,471
25,122 22,652 Divided by silver
ounces produced
592 973
2,042 2,493 Cash cost, before
by-product credits, per silver ounce
$ 28.36 $ 22.27
$ 25.67 $ 23.75 By-product credits per silver ounce
$ (11.76 ) $ (13.56 )
$ (13.37 ) $
(14.67 ) Cash cost, after by-product credits, per silver ounce
$ 16.60 $ 8.71
$ 12.30
$ 9.08 Reconciliation to GAAP: Cash cost,
after by-product credits
$ 9,828 $ 8,471
$
25,122 $ 22,652 Depreciation, depletion and amortization
2,801 2,488
8,343 7,004 Treatment costs
(3,287
) (5,754 )
(11,641 ) (15,288 ) By-product credits
6,965 13,197
27,298 36,582 Change in product
inventory
1,442 418
122 379 Reclamation and other
costs
57 51
51 91 Cost of
sales and other direct production costs and depreciation, depletion
and amortization (GAAP)
$ 17,806 $ 18,871
$ 49,295 $ 51,420
Casa Berardi Unit Three Months Ended
Nine Months Ended September 30, September 30, 2015
2014 2015 2014 Cash cost, before by-product credits
(1)
$ 23,311 $ 26,134
$ 74,022 $ 81,293
By-product credits
(107 ) (112 )
(327 ) (330 ) Cash
cost, after by-product credits
23,204 26,022
73,695
80,963 Divided by gold ounces produced
29,259 28,977
85,609 88,859 Cash cost, before by-product credits, per gold
ounce
$ 797 $ 902
$ 865 $ 915
By-product credits per gold ounce
$ (4 ) $ (4 )
$ (4 ) $ (4 ) Cash cost, after by-product credits,
per gold ounce
$ 793 $ 898
$
861 $ 911 Reconciliation to GAAP: Cash
cost, after by-product credits
$ 23,204 $ 26,022
$ 73,695 $ 80,963 Depreciation, depletion and
amortization
11,561 9,600
30,917 26,636 Treatment
costs
(152 ) (108 )
(449 ) (337 ) By-product credits
107 112
327 330 Change in product inventory
2,628 2,450
562 2,738 Reclamation and other costs
111 208
346 621 Cost of
sales and other direct production costs and depreciation, depletion
and amortization (GAAP)
$ 37,459 $ 38,284
$ 105,398 $ 110,951
Total, All Locations Three Months Ended
Nine Months Ended September 30, September 30, 2015
2014 2015 2014 Reconciliation to GAAP:
Cash cost, after by-product credits
$ 42,626 $ 41,582
$ 121,124 $ 119,472 Depreciation, depletion and
amortization
28,230 26,804
80,649 80,342 Treatment
costs
(18,670 ) (21,538 )
(58,193 ) (61,683 )
By-product credits
46,508 56,635
151,001 168,474
Change in product inventory
8,073 8,834
5,606 6,706
Reclamation and other costs
735 1,167
1,267 2,491 Cost of sales and other direct
production costs and depreciation, depletion and amortization
(GAAP)
$ 107,502 $ 113,484
$
301,454 $ 315,802 (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.
Reconciliation of Net Income (Loss) Applicable to Common
Shareholders (GAAP) to Adjusted Net Income (Loss) Applicable to
Common Stockholders
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.
Three Months Ended Nine Months
Ended
Dollars are in thousands (except per share
amounts)
September 30, September 30,
2015
2014
2015 2014 Net income (loss)
applicable to common shareholders (GAAP)
$
(10,028
) $ 3,538
$ (24,419 )
$ 505 Adjusting items: (Gains) losses on derivatives
contracts
(3,347 ) 411
(8,252 ) 2,560
Provisional price losses (gains)
963 1,116
(561
) 2,064 Environmental accruals
— 128
8,700 983
Foreign exchange (gain) loss
(9,077 ) (7,299 )
(19,518 ) (6,051 ) Acquisition costs
15 —
2,162 — Income tax effect of above adjustments
948 (662 )
(820 ) (2,243 ) Adjusted net income (loss) applicable
to common shareholders
$ (20,526 ) $
(2,768 ) $ (42,708 ) $
(2,182 ) Weighted average shares - basic
377,508 359,472
372,555 348,801 Weighted average
shares - diluted
377,508 362,262
372,555 354,673
Basic adjusted net income (loss) per common share
$
(0.05 ) $ (0.01 )
$ (0.11 ) $
(0.01 ) Diluted adjusted net income (loss) per common share
$ (0.05 ) $ (0.01 )
$ (0.11
) $ (0.01 )
Reconciliation of Net Income (Loss) (GAAP) to Adjusted
EBITDA
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 income (loss) to Adjusted EBITDA:
Dollars are in thousands
Three Months Ended Nine Months Ended
September
30, September 30,
September 30,
September 30,
2015 2014
2015 2014 Net income (loss)
$
(9,890 ) $ 3,676
$ (24,005 ) $ 919 Plus:
Interest expense, net of amount capitalized
6,617 6,505
19,350 20,307 Plus/(Less): Income taxes
(5,500 ) 180
(4,193 ) (1,062 ) Plus: Depreciation, depletion and
amortization
28,229 26,804
80,649 80,342 Plus:
Exploration expense
5,540 5,797
14,748 13,086 Plus:
Pre-development expense
1,696 391
3,834 1,247 Plus:
Acquisition costs
15 —
2,162 — Plus/(Less): Foreign
exchange (gain) loss
(9,077 ) (7,299 )
(19,518 )
(6,051 ) Less: (Gains) losses on derivative contracts
(3,347
) 411
(8,252 ) 2,560 Plus/(Less): Provisional price
(gains)/losses
963 1,116
(561 ) 2,064 Plus: Other
2,547 4,997
18,117 14,544
Adjusted EBITDA
$ 17,793 $ 42,578
$ 82,331 $ 127,956
Table A – Assay Results – Q3 2015
Casa Berardi (Quebec) Zone
Drill HoleNumber
Drill HoleSection
Drill HoleAzm/Dip
SampleFrom
SampleTo
TrueWidth(feet)
Gold(oz/ton)
DepthFrom
MineSurface(feet)
Lower-Inter Upper CBW-1071 10782
325/-48 549.2 562.0
12.8 0.26 -1374.7
CBW-1072 10794 335/-50
609.3 623.4 14.1
0.55 -1431.8 CBW-1077
10759 360/-40 570.9
590.6 19.7 1.04
-1353.0 CBW-1078 10764
360/-42 577.4 587.3
9.8 1.37 -1357.6 South-West
(107) CBW-0365-036 10738
360/-8 132.5 142.4 9.8
0.20 -1205.4 (107)
CBW-0365-038 10724 001/3
170.6 180.4 8.2 0.24
-1165.0 Upper 118 (118-61) CBP-0530-214
12307 360/3 246.4
288.7 42.3 0.74
-1760.2 (118-61) CBP-0530-220 12304
360/-3 186.4 199.1
12.8 0.30 -1789.7 (118-06)
CBP-0530-228 12240
331/-60 290.4 345.8 55.4
0.18 -2039.7 (118-06)
CBP-0530-229 12235 331/-52
298.9 326.4 20.7
0.23 -2018.4 Lower 118 (118-27)
CBP-0910-053 12045 180/19
82.0 98.4 15.7 0.32
-2950.1 (118-27) CBP-0910-055
12037 180/2 144.7
163.7 18.7 0.46 -2976.0
(118-22) CBP-0910-057 12022
180/-12 59.1 72.8
13.1 0.29 -3000.3 (118-27)
CBP-0910-058 12021 180/2
124.7 136.2 11.5
0.51 -2978.3 (118-27) CBP-0910-059
12021 180/18 150.9
172.9 21.0 0.38
-2930.4 (118-27) CBP-0910-060 11991
180/19 85.0 118.4
31.8 0.24 -2951.1 (118-27)
CBP-0910-061 11991 180/7
91.5 109.6 14.4
0.33 -2985.6 (118-27)
CBP-0910-062 12007 180/8
58.7 83.7 24.9 0.33
-2975.4 (118-27) CBP-0910-063
12006 180/19 64.6
93.5 28.8 0.36 -2959.0
Upper 123 (123-05) CBP-0550-099 12559
126/33 265.1 282.2
13.5 0.27 -1658.8 (123-08)
CBP-0550-109 12362
180/-21 297.2 329.4 22.6
0.92 -1868.4 Lower 123 (123-11)
CBP-0810-039 12431 153/-29
318.2 341.5 17.1
0.18 -2746.4 (123-04)
CBP-0850-061 12377 146/14
236.9 249.3 8.2 0.57
-2667.7 (123-02) CBP-0850-071
12339 178/-37 412.7
436.4 23.6 0.81
-2991.5 (123-03) CBP-0850-074 12315
195/-30 265.7 287.4
9.5 0.62 -2990.8 (123-02)
CBP-0850-075 12308
195/-39 412.1 430.8 11.8
0.73 -2844.8 (123-02)
CBP-0850-079 12392 166/-41
500.3 529.5 10.2
0.35 -3062.7 U Principal (124-81)
CBP-0250-071 12564 156/64
145.0 157.5 8.2 0.40
-661.7 (124-22) CBP-0290-252
12494 029/16 246.7
257.9 9.2 1.50 -871.7
(124-22) CBP-0290-254 12491
029/-3 229.3 246.7
15.4 0.28 -949.8 (124-22)
CBP-0290-259 12505 041/-27
246.1 260.5 11.8
0.71 -1056.1 L Principal (124-32)
CBP-0530-215 12303 360/16
117.5 138.5 21.0 0.15
-1736.2 (124-32) CBP-0530-220
12303 360/-3 140.1
176.8 36.7 0.20 -1786.1
(124-31) CBP-0530-221 12258
357/-3 42.7 65.6
16.1 0.25 -1767.7 (124-31)
CBP-0530-222 12258 357/8
33.5 69.6 36.1
0.26 -1757.2 (124-31) CBP-0530-226
12261 007/4 25.6
50.5 7.5 0.22
-1762.1 (124-31) CBP-0530-227 12270
007/-30 223.1 294.6
71.5 0.23 -1917.0
(124-22) CBP-0550-099 12555
126/33 242.8 254.9
12.1 0.20 -1673.2 UG 117
CBW-1069 11,700 010/-77
4068.2 4104.3 21.8 0.15
-4501.6 UG 117 CBW-1070
11700 010/-74 1636.5
1653.5 17.1 0.13 -3901.9
Surf 100 CBW-1071 11850
0.10/-70 1235.5 1264.7
29.2 21.80 -3791.0 Surf 100
CBS-15-627 10400 360/-70
3666.3 3710.6 44.3
0.05 -2920.3 Surf 100 CBS-15-627A
10400 360/-72 3553.1
3720.5 167.3 0.05
-2769.4 Surf 157 CBS-15-632
15500 360/-85 1304.1
1353.3 49.2 0.07 -1274.6
Surf 157 CBS-15-633 15650
360/-70 1366.8 1370.1 3.3
1.26 -1245.4
San Sebastian (Mexico)
Zone
Drill HoleNumber
Sample From(ft)
Sample To(ft)
Width(feet)
True Width(feet)
Gold(oz/ton)
Silver(oz/ton)
East Francine Vein SS-935 106.3
130.3 24.1 23.9
0.17 8.16 East Francine Vein SS-936
163.0 164.2 1.2
1.2 0.30 13.34 East Francine
Vein SS-937 228.5 229.6
1.1 1.0 0.07
10.50 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-902 713.7 721.7
7.9 5.9 0.20 54.24
Middle Vein SS-904 835.7
841.7 6.1 5.0 0.02
4.67 Middle Vein SS-907 249.3
251.2 1.9 1.8
0.10 15.34 Middle Vein SS-908
586.4 593.6 7.2
6.5 0.11 38.37 Middle Vein
SS-913 531.2 533.8
2.6 2.5 0.02 6.56
Middle Vein SS-914 638.2
640.7 2.5 2.1 0.07
14.37 Middle Vein SS-917 496.3
503.7 7.4 6.8
0.02 6.92 Middle Vein SS-918
726.2 734.7 8.4
7.3 0.05 15.12 Middle Vein
SS-919 396.5 400.0
3.5 3.4 0.09 16.67
Middle Vein SS-922 290.6
294.8 4.1 4.0 0.03
8.91 Middle Vein SS-924 510.3
516.5 6.2 5.6
0.07 27.90 Middle Vein SS-924 A
510.3 514.0 3.6
3.3 0.02 10.56 Middle Vein
SS-926 378.2 382.9
4.7 4.6 0.06 9.01
Middle Vein SS-927 614.1
618.3 4.2 3.9 0.15
33.15 Middle Vein SS-932 590.6
600.9 10.3 9.9
0.01 8.16 Middle Vein SS-933
409.1 411.0 1.9
1.9 0.05 15.72 North Vein
SS-899 773.0 778.0
5.0 5.0 0.04 11.72 North
Vein SS-943 143.0 151.2
8.2 8.1 0.10
3.04 North Vein SS-948 138.4
140.4 2.0 2.0
0.50 8.25 North Vein SS-950
170.3 172.7 2.4
2.4 0.14 1.70 North Vein
SS-952 111.2 122.7
11.5 11.0 0.20 2.02 North
Vein SS-954 107.1 115.6
8.5 8.1 0.11
1.61 North Vein SS-955 94.1
99.4 5.3 5.3
0.51 7.23 North Vein SS-956
82.6 86.9 4.3
4.3 1.74 15.87 North Vein
SS-958 A 62.1 66.2
4.1 3.7 0.11 4.30 North
Vein SS-959 95.6 115.8
20.2 20.1 0.14
2.98 North Vein SS-965 31.1
36.1 5.0 4.9
0.06 8.94 North Vein SS-966 A
45.9 56.9 10.9
10.4 0.12 3.68 North Vein
SS-967 23.1 36.7
13.6 13.0 0.06 1.83 North
Vein SS-970 100.5 103.9
3.4 3.4 0.06
6.58 North Vein SS-973 138.5
143.3 4.8 4.8
0.29 7.59 North Vein SS-979
70.3 74.5 4.3
4.2 0.10 6.99 North Vein
SS-980 80.2 83.9
3.6 2.2 0.08 6.45 North
Vein SS-990 78.3 80.2
2.0 1.9 0.22
4.61
Greens Creek (Alaska)
Zone
Drill HoleNumber
Drill HoleAzm/Dip
SampleFrom
SampleTo
HorizontalWidth1(feet)
Silver(oz/ton)
Gold(oz/ton)
Zinc(%)
Lead(%)
DepthFromMinePortal(feet)
Northwest West GC4023 063/-28
92.00 101.60 7.9
13.64 0.07 2.25 1.11
-439 GC4050
063/-63 124.90 134.50 9.5
19.03 0.14 6.73
2.98 -516
140.80 145.20
4.4 12.15 0.14
12.96 3.32 -530
GC4068 063/-34 144.00
148.00 3.4 23.46 0.08
3.87 1.72 -482
277.20
282.20 2.6 23.13
0.06 1.22 0.38
-557
307.90 312.90 2.6 15.43
0.03 0.09 0.11
-574 GC4071 063/-61
115.60 119.20 3.4
80.71 0.08 10.82
5.47 -524
127.50 129.40 1.9
49.34 0.23 6.04
2.81 -515 GC4073
063/-78 177.50 180.20
2.2 25.75 0.23
17.28 4.84 -579
GC4076 063/19 178.10
182.90 4.3 16.95 0.03
8.62 4.35 -616
320.10
323.00 1.7 34.11
0.04 13.34 7.76
-298 GC4079 063/37
195.40 197.40 1.9 14.37
0.07 0.68 0.33
-278
204.00 207.90 3.4
8.33 0.14 0.67 0.26
-272
240.40 251.40 10.6
14.43 0.05 13.31
6.38 -249
261.40 269.70 5.6
47.10 0.13 8.96
4.79 -239 GC4088
243/-69 242.70 252.70
6.2 32.98 0.39
12.78 5.62 -630
GC4089 243/-80 199.20
205.80 5.4 40.93 0.15
2.56 1.59 -601
GC4091 063/-23 438.30
441.00 2.7 5.38
0.09 24.86 3.52
-571 GC4093 063/-32
145.30 148.40 2.4
32.69 0.14 6.59 3.09
-481 GC4097
063/-64 122.00 131.10 8.0
35.14 0.20 7.29
3.03 -514 GC4098
063/-82 168.30 170.70
1.5 52.95 0.36
14.84 5.64 -572
GC4102 063/24 192.80
199.60 5.6 58.04 0.19
8.97 4.96 -312
247.80
252.00 2.0 36.52
0.40 5.37 2.41
-288
264.30 279.20 10.2 19.91
0.04 6.99 3.62
-281 GC4105 063/17
132.70 134.70 1.9
36.58 0.00 0.24 0.10
-356
227.60 230.60 1.9
151.21 0.32 6.66
3.93 -327 GC4108
243/-64 212.90 225.20
10.9 34.86 0.28 11.87
5.37 -598 GC4110
243/-28 515.10 517.30
2.2 11.02 0.02
16.89 9.22 -627
121.30
122.30 0.8 29.69
0.70 8.22 3.47 -485
GC4122 063/-83
102.10 104.10 1.7 25.69
0.15 2.26 1.17
-508
157.30 159.90 2.1
21.98 0.10 5.88 2.71
-564 GC4123 063/28
278.20 280.20 1.5
14.09 0.17 1.20
0.47 -277
293.00 296.70 2.8
12.26 0.06 0.14
0.11 -271
303.20 309.90
5.4 71.55 0.16
8.25 4.61 -268
GC4132 57/-34.5 151.90
157.70 5.6 19.71 0.07
8.40 4.03 -498
GC4136 261/-77.5 180.00
184.30 4.1 39.17
0.33 5.58 2.13
-584 GC4159 063/-27
154.30 158.10 3.8
20.79 0.13 8.18 3.50
-364
183.80 187.50 3.7
14.01 0.11 0.96
0.37 -377
189.50 205.20 12.2
36.20 1.04 5.59
2.65 -375 GC4161
063/-35 144.30 147.00
2.6 18.68 0.09
11.08 5.21 -376
179.20
185.40 6.2 21.82 0.37
8.73 3.89 -395
GC4163 063/-44 135.90
138.90 2.5 11.42
0.03 2.21 1.07
-388
170.50 172.20 1.7 18.28
0.05 14.32 5.88
-412 GC4165 063/-18
163.50 168.00 4.3
31.39 0.30 13.45
6.92 -344
225.80 230.80 3.3
19.14 0.16 2.94
1.57 -365 West Wall GC4023
063/-28 515.10 517.30
2.2 11.02 0.02
16.89 9.22 -628
GC4093 063/-32 532.60
543.40 9.4 5.86
0.07 27.94 7.68 -674 Deep
200 South GC3968 243/-79
269.80 278.00 8.1 19.77
0.12 0.89 0.56
-1531
459.50 463.50 4.0
12.19 0.06 12.59
6.53 -1718 GC3977
063/-76 294.00 300.50 6.2
18.48 0.11 1.70
1.05 -1554 GC4059
243/-54 305.50 310.80
3.5 20.08 0.14
1.27 0.53 -1516
GC4062 243/-84 265.00
266.10 1.1 42.72 0.04
3.71 2.36 -1532
GC4124 243/-87 263.70
269.00 5.2 18.98
0.15 0.87 0.54
-1527 243/-87
928.00 931.00 2.0
24.51 0.00 0.21 0.12
-2190
462.00 466.10 4.1
31.00 0.09 11.55
6.37 -1725 GC4131
063/-73 306.50 310.80
3.0 36.75 0.16
0.84 0.49 -1557
370.70
391.40 16.1 35.52 0.09
1.29 0.67 -1618
GC4135 063/-35 340.00
341.60 1.1 15.69
0.05 1.54 0.79
-1462 GC4141 063/-65
386.20 400.00 10.1
13.56 0.08 0.92 0.55
-1619
417.40 424.50 3.8
13.47 0.03 1.21
0.70 -1646 GC4143
063/-84 267.50 269.30
1.5 12.49 0.04
1.35 0.79 -1512
630.00
642.20 2.7 34.78 0.42
9.04 4.18 -1873
646.20
651.60 2.0 19.37
0.22 3.80 1.92
-1920
704.50 711.80 3.4
42.91 0.46 9.90 4.82
-1946
732.00 737.00 2.0
21.81 0.29 3.80
1.97 -1975 GC4146
063/-71 326.20 327.30
0.8 18.80 0.24
1.49 0.87 -1578
GC4150 243/-77 254.70
256.70 1.9 16.00 0.07
0.78 0.80 -1520
GC4152 243/-47 357.00
360.20 1.0 13.84
0.11 0.89 0.45
-1536
371.40 389.80 9.8
34.46 0.05 0.94 0.41
-1546
618.00 619.00 0.8
32.46 0.07 0.07
0.03 -1735 GC4155
243/-42 485.80 495.80
3.3 15.83 0.02
0.42 0.17 -1599
GC4162 243/-52 306.10
309.10 1.6 14.76 0.03
0.98 0.45 -1513
243/-52 306.10
309.10 1.6 14.76
0.03 0.98 0.45
-1513 Upper Southwest/5250 GC4103
063/-46 30.50 31.90 1.4
18.32 0.01 3.09
2.36 -628 GC4111
063/-49 164.30 170.90
5.4 12.28 0.08
3.70 1.84 -147
GC4113 063/-85 197.80
205.00 5.1 10.19 0.00
9.21 5.23 -327
GC4118 063/43 0.00
10.80 10.5 19.39
0.07 17.02 9.38 -116
GC4119 063/87 0.00
22.00 13.5 23.95
0.12 13.20 7.44
-111 GC4126 063/-80
167.50 169.00 1.4
17.91 0.05 27.84 17.89
-297 GC4127 063/71
2.30 5.50 3.2
39.41 0.07 16.15
9.36 -112 GC4129
063/79 0.00 19.30 18.2
25.37 0.11 8.84
4.50 -5 9a GC4139
063/-20 500.30 502.50 2.1
23.01 0.03 17.65
10.50 -468
1
Due to the irregular shape of the ore body, the determination of
true width is not possible. Horizontal width is seen as a
reasonable alternative.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151104005499/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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