COEUR D'ALENE, Idaho--(BUSINESS WIRE)-- Hecla Mining Company (NYSE:HL) today announced first quarter 2024 financial and operating results.

FIRST QUARTER HIGHLIGHTS

Operational

Produced 4.2 million silver ounces, an increase of 43% over the fourth quarter of 2023 ("prior quarter")
Lucky Friday completed ramp-up to full production with 1.1 million silver ounces produced.
Improved safety at Keno Hill - 41% improvement over the 2023 All-injury Frequency Rate ("AIFR"); increased throughput 29% over the prior quarter, produced 0.6 million ounces of silver.
2024 production and cost guidance reiterated.
Financial

Sales of $189.5 million, 44% from silver and 34% from gold.
Net loss applicable to common stockholders of $5.9 million or ($0.01) per share and adjusted net income applicable to common stockholders of $6.5 million or $0.01 per share.1
Consolidated silver total cost of sales of $108.2 million and cash cost and all-in sustaining cost ("AISC") per silver ounce (each after by-product credits) of $4.78 and $13.10, respectively.3,4
Received $17.4 million in Lucky Friday fire related insurance proceeds.
Silver Nuggets*

Solar in 2023
Solar’s demand for silver reached 194 million ounces, up 64% over 2022.
16% of global silver demand is for solar, up from 7% in 2019.
Indian Silver Demand
Accounts for 19% of global silver demand and is at pre-pandemic levels.
February 2024 silver imports set a record, while the silver price in Indian rupees set an all-time high in April.
"The first quarter reflects an inflection point with the strong performance from Greens Creek, achieving full production at the Lucky Friday, and significant improvements in safety, environment, and production from Keno Hill," said Phillips S. Baker Jr., President and CEO. "With this strong start to the year, we are well-positioned to achieve our production and cost guidance for 2024."

Baker continued, "Silver demand for solar has been growing at a remarkable 17% annual growth rate over the past five years and is projected to continue. In India, buyers long known as being price sensitive, are importing silver in record quantities despite higher silver prices. Solar and India represent more than 35% of world demand and continues to grow.”

Baker concluded, “Hecla is the largest U.S. silver producer and is on track to be Canada's largest this year. With silver production growth expected up to 20 million silver ounces by 2026, Hecla is the fastest growing established silver producer and should benefit from this strong and growing demand."

FINANCIAL OVERVIEW

In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization; comparisons are made to the "prior quarter" which refers to the fourth quarter of 2023. In the 'Operations Overview' section, free cash flow for operations excludes hedging adjustments.2

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