COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced fourth quarter and full year 2020 financial and operating results.
HIGHLIGHTS
- Fourth quarter sales of $188.9 million; cash flow from operations of $64.9 million; free cash flow $28.3 million1 net income of $0.8 million; adjusted net income applicable to common shareholders of $13.0 million, or $0.02 per share2; and adjusted EBITDA of $55.8 million.3
- 2020 silver production of 13.5 million ounces, up 7% and gold production of 208,962 ounces, down 23%, from 2019, which was Hecla's highest annual gold production.
- 2020 sales of $691.9 million (the highest in the Company's history); cash flow from operations of $180.8 million; free cash flow of $89.8 million1; adjusted net income applicable to common shareholders of $23.1 million, or $0.04 per share2; net loss of $16.8 million; and adjusted EBITDA of $224.3 million.3
- Third highest silver and gold reserves in Company's 130-year history despite significant interruptions to 2020 exploration program due to COVID-19.
- Exploration discoveries at Midas, Casa Berardi, San Sebastian, Heva Hosco, and Kinskuch expect to be further drilled in 2021.
- Net debt reduction of approximately $81 million, or 17%, from March 31, 2020.
- Year-end cash position of $130 million, an increase of $67 million from 2019 with the credit facility undrawn.
- All-Injury Frequency Rate (AIFR) of 1.22 for 2020, lowest in the Company's history and a reduction of 24% over 2019.
- Lucky Friday returned to full production levels in the fourth quarter of 2020.
- Production guidance increases projected silver production over 2020 production.
"The COVID pandemic provided significant challenges to Hecla and the mining industry; however, due to our people and the jurisdictions we operate in, Hecla exceeded the high end of our pre-COVID silver guidance by 1.4 million ounces," said Phillips S. Baker, Jr., President and CEO. "We saw modest disruptions in Quebec and Mexico; however, these did not materially impact our business. During the year we refinanced our long-term debt now due in 2028, and through solid free cash flow generation, added cash to the balance sheet, reduced our net debt, and increased dividends."
Baker continued, "As we look to 2021, we see three significant value drivers. First, with Lucky Friday running at full production, positive results from the work at Casa Berardi, and the continued consistency of Greens Creek, we expect to grow silver production and generate significant free cash flow. Silver production from our United States silver mines is expected to go from 8 million ounces in 2018 to almost 15 million ounces by 2023, further increasing Hecla’s position as the most significant US silver producer.”
“Second, we start the year with the 3rd highest reserves in our history despite disruptions to our planned exploration and definition drilling programs due to COVID‑19, and we expect reserve growth in 2021 from a normal drilling program. Finally, Hecla’s 2021 exploration program is following up on high-grade intercepts that have the potential to expand existing or develop new high-quality deposits in some of the world’s best mining jurisdictions. Examples of this are Midas’ Green Racer Sinter target where we have made a multi-ounce gold discovery in a never before drilled target and at San Sebastian’s El Bronco vein where we are seeing high-grade over significant widths," Baker said.
FINANCIAL OVERVIEW |
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Fourth Quarter Ended |
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Twelve Months Ended |
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HIGHLIGHTS |
December 31,
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December 31,
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December 31,
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December 31,
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FINANCIAL DATA (000s except per share) |
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|
|
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Sales |
$ |
188,890 |
|
|
$ |
224,945 |
|
|
|
$ |
691,873 |
|
|
|
$ |
673,266 |
|
|
Gross profit (loss) |
$ |
46,764 |
|
|
$ |
25,318 |
|
|
|
$ |
145,703 |
|
|
|
$ |
23,399 |
|
|
Income (Loss) applicable to common stockholders |
$ |
657 |
|
|
$ |
(8,114 |
) |
|
|
$ |
(17,342 |
) |
|
|
$ |
(100,109 |
) |
|
Basic and diluted loss per common share |
$ |
— |
|
|
$ |
(0.02 |
) |
|
|
$ |
(0.03 |
) |
|
|
$ |
(0.20 |
) |
|
Cash provided by operating activities |
$ |
64,901 |
|
|
$ |
57,257 |
|
|
|
$ |
180,793 |
|
|
|
$ |
120,866 |
|
|
Items impacting income (loss) applicable to common shareholders for the 2020 periods compared to 2019 include the following:
- Gross profit for the fourth quarter was higher by $21.4 million due primarily to higher metal prices, Casa Berardi's higher-grade underground stopes and Lucky Friday's return to full production.
- Full-year gross profit was $122.3 million higher, principally due to lower costs and depreciation at Nevada, higher quantities of silver, lead and zinc sold and higher realized silver and gold prices.
- Exploration and pre-development expense was $8.5 million for the fourth quarter and $18.3 million for 2020, compared to $3.0 million and $19.1 million, respectively, in 2019. The fourth quarter increase was enabled by cash flow generation at our operating mines with the increase primarily at Midas and San Sebastian.
- Ramp-up and suspension costs for the fourth quarter of $0.8 million and $24.9 million for 2020, compared to $3.3 million and $12.1 million, respectively, for the fourth quarter and full-year of 2019. The full-year 2020 costs were higher primarily due to 1) ramp-up of Lucky Friday prior to return to full production in the fourth quarter, 2) suspension costs in Nevada, and 3) temporary suspension costs at Casa Berardi and San Sebastian in response to COVID-19.
- Losses on metal derivative contracts for the fourth quarter and 2020 of $9.3 million and $22.1 million, respectively, compared to losses of $1.3 million and $4.0 million in the fourth quarter and 2019, respectively. During 2019, the Company settled in-the-money contracts prior to their maturity date, for cash proceeds of approximately $6.7 million, with no such early settlements in 2020.
- Foreign exchange losses of $5.8 million and $4.6 million were recognized in the fourth quarter and 2020, respectively, compared to losses of $1.5 million and $8.2 million, respectively, in 2019. The losses were primarily due to changes in the Canadian dollar’s value relative to the U.S. dollar.
- Interest expense was $10.7 million in the fourth quarter and $49.6 million for the full year of 2020 compared to $14.7 million and $48.4 million, respectively, for 2019. The interest expense in 2020 was primarily related to our Senior Notes.
- Income tax benefit for the fourth quarter of $1.1 million and a small provision for the full year of 2020, compared to benefits of $4.1 million and $24.1 million, respectively, for 2019.
Cash provided by operating activities for the fourth quarter and 2020 of $64.9 million and $180.8 million, was $7.6 million and $59.9 million higher, respectively, compared to the prior year periods. The increase in the fourth quarter of 2020 was primarily due to lower spending in Nevada and higher sales. Quarterly increase would have been higher except ore in Nevada was stockpiled for the bulk sample. The increase for the full year of 2020 was due to higher prices, lower Nevada spending and the Lucky Friday ramp-up.
Adjusted EBITDA3 of $224.3 million in 2020, $51.0 million more than 2019. The increase in 2020 was primarily due to higher sales and lower spending in Nevada.
Fourth quarter capital expenditures totaled $40.3 million, including $10.5 million at Greens Creek, $16.4 million at Casa Berardi, and $11.1 million at Lucky Friday. Capital expenditures for the year 2020 totaled $99.9 million, compared to $128.1 million in 2019.
| Metals Prices | |||||||||||||||||
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Fourth Quarter Ended |
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Twelve Months Ended |
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December 31,
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December 31,
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December 31,
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December 31,
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AVERAGE METAL PRICES |
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Silver - |
London PM Fix ($/oz) |
$ |
24.39 |
|
|
$ |
17.30 |
|
|
$ |
20.51 |
|
|
$ |
16.20 |
|
|
|
Realized price per ounce |
$ |
25.16 |
|
|
$ |
17.47 |
|
|
$ |
21.15 |
|
|
$ |
16.65 |
|
|
Gold - |
London PM Fix ($/oz) |
$ |
1,873 |
|
|
$ |
1,480 |
|
|
$ |
1,770 |
|
|
$ |
1,392 |
|
|
|
Realized price per ounce |
$ |
1,803 |
|
|
$ |
1,488 |
|
|
$ |
1,757 |
|
|
$ |
1,413 |
|
|
Lead - |
LME Cash ($/pound) |
$ |
0.87 |
|
|
$ |
0.92 |
|
|
$ |
0.83 |
|
|
$ |
0.91 |
|
|
|
Realized price per pound |
$ |
0.90 |
|
|
$ |
0.91 |
|
|
$ |
0.84 |
|
|
$ |
0.91 |
|
|
Zinc - |
LME Cash ($/pound) |
$ |
1.19 |
|
|
$ |
1.08 |
|
|
$ |
1.03 |
|
|
$ |
1.16 |
|
|
|
Realized price per pound |
$ |
1.27 |
|
|
$ |
1.10 |
|
|
$ |
1.03 |
|
|
$ |
1.14 |
|
|
*Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the forward contracts discussed above) by the payable quantities of each metal included in products sold during the period. |
Base Metals Forward Sales Contracts
The following table summarizes the quantities of base metals committed under financially settled forward sales contracts, other than provisional hedges (which address changes in prices between shipment and settlement with customers), at December 31, 2020:
|
Pounds Under Contract
|
|
Average Price per Pound |
||||||||
|
Zinc |
Lead |
|
Zinc |
Lead |
||||||
Contracts on forecasted sales |
|
|
|
|
|
||||||
2021 settlements |
41,557 |
|
30,876 |
|
|
$ |
1.17 |
|
$ |
0.88 |
|
2022 settlements |
18,519 |
|
— |
|
|
$ |
1.28 |
|
$ |
— |
|
The contracts represent 33% of the forecasted payable zinc production for the next two years at an average price of $1.21 per pound, and 39% of the forecasted payable lead production for the next year at an average price of $0.88 per pound.
Foreign Currency Forward Purchase Contracts
The following table summarizes the Canadian dollars the Company has committed to purchase under foreign exchange forward contracts at December 31, 2020:
|
Currency Under Contract
|
|
Average Exchange Rate |
||
|
CAD |
|
CAD/USD |
||
2021 settlements |
129,989 |
|
|
1.32 |
|
2022 settlements |
84,754 |
|
|
1.31 |
|
2023 settlements |
52,565 |
|
|
1.32 |
|
2024 settlements |
26,446 |
|
|
1.33 |
|
OPERATIONS OVERVIEW
Overview
The following table provides the production summary on a consolidated basis for the fourth quarter and twelve months ended December 31, 2020 and 2019:
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Fourth Quarter Ended |
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Twelve Months Ended |
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December 31,
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December 31,
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December 31,
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December 31,
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PRODUCTION SUMMARY |
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Silver - |
Ounces produced |
3,352,336 |
|
|
3,411,988 |
|
|
13,542,957 |
|
|
12,605,234 |
|
|
|
Payable ounces sold |
3,227,951 |
|
|
3,999,013 |
|
|
12,305,917 |
|
|
11,548,373 |
|
|
Gold - |
Ounces produced |
49,014 |
|
|
74,773 |
|
|
208,962 |
|
|
272,873 |
|
|
|
Payable ounces sold |
43,144 |
|
|
85,237 |
|
|
202,694 |
|
|
275,060 |
|
|
Lead - |
Tons produced |
9,507 |
|
|
6,804 |
|
|
34,127 |
|
|
24,210 |
|
|
|
Payable tons sold |
9,160 |
|
|
7,118 |
|
|
29,108 |
|
|
19,746 |
|
|
Zinc - |
Tons produced |
14,413 |
|
|
16,185 |
|
|
63,112 |
|
|
58,857 |
|
|
|
Payable tons sold |
11,632 |
|
|
12,147 |
|
|
46,349 |
|
|
39,381 |
|
|
The following tables provide a summary of the final production, cost of sales and other direct production costs and depreciation, depletion and amortization (referred to herein as “cost of sales”), cash cost, after by-product credits (“cash cost”), per silver or gold ounce, and All in Sustaining Cost, after by-product credits (“AISC”), per silver and gold ounce, for the fourth quarter and twelve months ended December 31, 2020:
Fourth Quarter Ended |
Total |
Greens Creek |
Lucky Friday |
San Sebastian |
Casa Berardi |
Nevada Ops |
|||||||||||
December 31, 2020 |
Silver |
Gold |
Silver |
Gold |
Silver |
Silver |
Gold |
Gold |
Silver |
Gold |
Silver |
||||||
Production (ounces) |
3,352,336 |
49,014 |
2,330,664 |
10,276 |
830,200 |
182,614 |
1,159 |
37,579 |
8,858 |
— |
— |
||||||
Increase/(decrease) over 2019 |
(2)% |
(34)% |
(15)% |
(33)% |
283% |
(57)% |
(70)% |
8% |
(16)% |
N/A |
N/A |
||||||
Cost of sales (000) |
$85,967 |
$56,159 |
$59,215 |
N/A |
$20,919 |
$5,833 |
N/A |
$55,706 |
N/A |
$453 |
N/A |
||||||
Increase/(decrease) over 2019 |
(6)% |
(48)% |
(17)% |
N/A |
282% |
(59)% |
N/A |
(8)% |
N/A |
(99)% |
N/A |
||||||
Cash costs per silver or gold ounce 4 |
$7.38 |
$1,019 |
$7.21 |
N/A |
$9.34 |
$0.65 |
N/A |
$1,019 |
N/A |
$— |
N/A |
||||||
Increase/(decrease) over 2019 |
$3.80 |
$26 |
$4.45 |
N/A |
N/A |
$(8.24) |
N/A |
$(18) |
N/A |
N/A |
N/A |
||||||
AISC per silver or gold ounce 5 |
$15.35 |
$1,330 |
$12.05 |
N/A |
$18.22 |
$1.07 |
N/A |
$1,330 |
N/A |
$— |
N/A |
||||||
Increase/(decrease) over 2019 |
$4.04 |
$143 |
$4.19 |
N/A |
N/A |
$(10.71) |
N/A |
$52 |
N/A |
N/A |
N/A |
||||||
| Twelve Months Ended | Total |
Greens Creek |
Lucky Friday |
San Sebastian |
Casa Berardi |
Nevada Ops |
|||||||||||
| December 31, 2020 | Silver |
|
Gold |
Silver |
|
Gold |
Silver |
Silver |
|
Gold |
Gold |
|
Silver |
Gold |
|
Silver |
|
| Production (ounces) | 13,542,957 |
208,963 |
10,494,726 |
48,491 |
2,031,874 |
954,772 |
7,223 |
121,493 |
24,142 |
31,756 |
37,443 |
||||||
| Increase/(decrease) over 2019 | 7% |
(23)% |
6% |
(14)% |
221% |
(49)% |
(54)% |
(10)% |
(23)% |
N/A |
N/A |
||||||
| Cost of sales (000) | $297,935 |
$248,235 |
$217,125 |
N/A |
$56,706 |
$24,104 |
N/A |
$203,434 |
N/A |
$44,801 |
N/A |
||||||
| Increase/(decrease) over 2019 | 7% |
(33)% |
3% |
N/A |
241% |
(52)% |
N/A |
(7)% |
N/A |
N/A |
N/A |
||||||
| Cash costs per silver or gold ounce 4 | $5.70 |
$1,045 |
$5.49 |
N/A |
N/A |
$4.92 |
N/A |
$1,131 |
N/A |
$716 |
N/A |
||||||
| Increase/(decrease) over 2019 | $2.77 |
$(21) |
$3.52 |
N/A |
N/A |
$(3.10) |
N/A |
$80 |
N/A |
$(380) |
N/A |
||||||
| AISC per silver or gold ounce 5 | $11.89 |
$1,302 |
$8.57 |
N/A |
N/A |
$5.68 |
N/A |
$1,436 |
N/A |
$787 |
N/A |
||||||
| Increase/(decrease) over 2019 | $1.76 |
$(109) |
$2.58 |
N/A |
N/A |
$(6.42) |
N/A |
$82 |
N/A |
$(740) |
N/A |
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Greens Creek Mine - Alaska
The increase in silver production for the full year resulted from higher grades. The mill operated at an average of 2,236 tons per day (tpd) for the full year. Fourth quarter production was affected by a significant weather event in December when southeast Alaska was impacted by high winds and heavy rains that caused major damage in the area and communities.
The higher cost of sales in 2020 were due to higher sales volumes. The increase in per silver ounce cash costs and AISC was primarily due to higher concentrate treatment costs and lower by-product credits, on a per-ounce basis, with these items partially offset by lower capital spending for AISC.
For the full year of 2020, Greens Creek generated cash provided by operating activities of approximately $182.6 million and spent $23.0 million on additions to properties, plants and equipment, resulting in free cash flow of $159.6 million.1
Proven and Probable silver reserves decreased primarily due to COVID-19 limiting drilling to one-third of the amount drilled in 2019, changes to the mine plan, and less favorable smelter terms. This decline compares to average additions of nearly 8 million ounces per year for the past four years. Measured and Indicated resource increased due to reclassification of reserves and Inferred resource. Measured and Indicated Mineral Resources, inclusive of Mineral Reserves is down only 3% from 2019.
Casa Berardi - Quebec
Annual gold production decreased by 10%, compared to 2019, primarily due to the Government of Quebec’s COVID‑19 three-week suspension order and the third quarter planned mill repairs. Fourth quarter production increased 8% over the prior year period due to more tons milled and higher grades. The mill operated at an average of 4,129 tpd in the fourth quarter 2020 and 3,699 tpd for the year.
Lower quarterly and annual cost of sales were due to stripping the East Mine Crown Pillar Pit Extension (XCMP) in 2019 partially offset by increased quantities of waste and ore extracted from the pit and higher haulage costs due to deepening of the pit. However, milling and administrative costs were higher due to costs for pre-crushing of ore to allow for increased throughput, and higher costs for mill improvements, maintenance and reagents. These factors impacted mining and milling costs, along with lower gold production, resulting in increased cash costs and AISC, after by-product credits.
For the full year of 2020, Casa Berardi generated cash provided by operating activities of approximately $68.5 million and spent $40.9 million on additions to properties, plants and equipment, resulting in free cash flow of $27.6 million.1
Proven and Probable gold reserves decreased approximately 10% to 1.54 million ounces. Most of the decreases were due to mining depletion and engineering changes. The 2020 drilling program at Casa Berardi was also impacted by COVID. Despite the drilling delays, approximately 85 thousand ounces were added to reserve by drilling in 2020.
Measured and Indicated gold resources increased 19% to 1.25 million ounces given exploration additions and some reclassification from reserves given engineering changes. Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, increased 1% over last year.
Lucky Friday Mine - Idaho
At the Lucky Friday Mine, 2.0 million and 0.8 million ounces of silver were produced in 2020 and the fourth quarter, respectively. Lucky Friday returned to full production in the fourth quarter.
The cost of sales for the fourth quarter was $20.9 million, and the cash cost per silver ounce4 was $9.34. AISC5 was $18.22 per silver ounce.
Proven and Probable reserves declined 4% due primarily to mining depletion; the current mine plan is unchanged at 16 years (2036). Measured and Indicated resources for silver and lead increased 5%.
San Sebastian - Mexico
At the San Sebastian Mine, 1.0 million ounces of silver and 7,223 ounces of gold were produced. For the fourth quarter, 0.2 million ounces of silver and 1,159 ounces of gold were produced. Mining was completed in the third quarter and milling completed in the fourth quarter of 2020. The mill operated at an average of 474 tpd for the year when in production.
The lower cost of sales and silver per ounce cash costs4 was primarily due to lower mining costs, higher by-product, partially offset by lower silver production, and for AISC, lower capital and exploration spending.
For the full year of 2020, San Sebastian generated cash provided by operating activities of approximately $14.4 million and spent $0.6 million on additions to properties, plants and equipment, resulting in free cash flow of $13.8 million.1
The Company continues to explore this highly prospective land package and will evaluate further mining based on exploration results.
Nevada Operations
During the second half of 2020, all ore mined at Nevada Operations was stockpiled, with no ore milled and no production reported during the period. Mining of refractory ore at Fire Creek in areas with existing development was completed in the fourth quarter with most of the material shipped to a third-party processor by February 2021. The bulk test demonstrated that larger scale, more productive mining methods could be applied successfully to this material. Ground conditions were as good or better than expected and water in the test area was readily managed. The bulk test refractory ore is being processed by a third party through a tolling agreement. While the processing is not yet complete, the recovery information to date follows the grade-recovery curve established through bench testing. Metal prices increased significantly since the tolling agreement was signed, and it is no longer attractive for the third party to displace their own feed to toll. Discussions are underway with another processor with surplus capacity. Fire Creek is expected to be placed on care and maintenance in the second quarter of 2021.
SILVER AND GOLD RESERVE SUMMARY
Proven and Probable silver and gold reserves dropped 11% for the year to 188 million ounces of silver and 2.4 million ounces of gold. Lead and zinc reserves dropped 9% and 12% to 740 thousand tons of lead and 886 thousand tons of zinc. Due to the Company's focus on essential mining during implemented COVID-19 protocols, the 2020 exploration programs were disrupted company-wide with approximately one-third less drilling achieved at Greens Creek than in 2019 coupled with significant third-party assay laboratory delays.
Measured and Indicated silver ounces increased 5% to a record 228 million ounces, an increase of 10.3 million ounces over 2019 with increases due to limited drilling and reclassification of reserve at Greens Creek and remodeling at Lucky Friday. Measured and Indicated gold ounces decreased 37% to 3.7 million ounces, a reduction of 2.1 million ounces, due to reclassification of resources in Nevada and the Heva Hosco project, respectively. Measured and Indicated base metals increased overall, with lead increasing 5% for a total of 921 thousand tons and zinc increasing 2% at 1,132 thousand tons.
Inferred silver resources are essentially unchanged from last year with a slight drop of 1% to 454 million ounces. Inferred gold resources increased 12% to 5.5 million ounces due to reclassification of higher resource classes in Nevada and the increased Inferred resource overall at the Heva Hosco Project. Inferred base metal resources are down slightly with a 3% change in lead to 467.6 thousand tons and a 5% change in zinc to 425.1 thousand tons. Base metal changes are mostly due to small losses and reclassification to higher classes at Greens Creek and remodeling of the Hugh Zone polymetallic zone at San Sebastian.
Please refer to the reserves and resources table at the end of this news release for a complete breakdown of the Company's reserves and resources.
EXPLORATION AND PRE-DEVELOPMENT
Exploration
Fourth quarter exploration (including corporate development) expenses were $8.0 million, over half of the full year expenditures and an increase of $5.6 million compared to the fourth quarter 2019 primarily due to increased activity and focus on Midas, Casa Berardi, and San Sebastian.
During the quarter, there were two new discoveries: Green Racer Sinter at Midas and the 160 Zone eastern extension at Casa Berardi.
At Midas, four core rigs intersected mineralization in five of seven targets. At the Green Racer Sinter, a target with no previous drilling located two miles east of the main mine, detailed surface mapping identified an outcrop of spicular geyserite sinter with anomalous gold. The deeper holes are encountering the same favorable host rocks as those of the historic Midas mine where mineralization had an average grade of 0.81 oz/ton gold and 11.3 oz/ton silver over an average width of 4.0 feet. The following table shows the strength of mineralization in three recent holes (the surface is at an elevation of 5,434 feet):
Drillhole |
Elevation
|
Drilled Width
|
Gold Grade
|
Silver Grade
|
DMC-371 |
4901 |
1.6 |
1.12 |
16.9 |
DMC-374 |
4537 |
4.3 |
0.34 |
7.8 |
DMC-390 |
4088 |
4.5 |
3.26 |
14.3 |
At Casa Berardi, a new discovery was made in the 160 Zone 500 feet east of the current resource blocks and the zone open in all directions. The discovery drillhole intersected 0.32 oz/ton gold over 9.5 feet estimated true width including 1.16 oz/ton gold over 2.0 feet estimated true width.
San Sebastian exploration focused on the El Tigre and El Bronco veins discovered under thick soil cover this year. So far, the veins are strong structures that in places have over 28 feet of true thickness, almost a mile of strike length down to 1,000 feet below the surface and are open. The best results to date include 44.5 oz/ton silver and 0.22 oz/ton gold over 9.5 feet estimated true width in the El Bronco vein and 16.2 oz/ton silver and 0.09 oz/ton gold over 3.5 feet estimated true width in the El Tigre vein.
Please refer to the assay results tables at the end of this news release for more complete drill assay highlights.
2021 Exploration Program
Exploration expenditures for 2021 are estimated to be $30 million. Greens Creek and Casa Berardi programs should each be about 15% of the total expenditures with surface programs in addition to their normal underground exploration.
San Sebastian should also represent 15% of the exploration spend, building on the developing resources of the El Bronco, El Tigre, and El Toro veins.
Nevada exploration is targeted at 25% of the total, with the majority spent at Midas. At Hollister, exploration of the Hatter Graben is expected to be advanced by further developing the decline in order to test a portion of the Hatter Graben resource and explore additional Hatter Graben veins further to the south. At Fire Creek and Aurora, any drilling programs will occur later in the year following further target definition.
Almost 10% of the exploration budget is targeted for Kinskuch in an effort to expand the 2018 discoveries that established a strike length of 2.2 miles of silver, zinc, and lead mineralization offsetting drillhole intercepts such as 9.3 oz/ton silver, 6.5% zinc, and 2.3% lead over 8.2 feet that is open in all directions. The Heva Hosco program will spend about 5% of the total with the majority of the drilling offsetting a 2018 intercept in a high-grade quartz vein grading 0.84 oz/ton gold over 7.6 feet (drilled length).
Pre-development - Montanore/Rock Creek
Pre-development spending was $0.6 million in the fourth quarter and $2.4 million for the full year 2020, principally to advance the permitting at Montanore/Rock Creek.
At Montanore, the Kootenai National Forest’s (KNF) final Supplemental Environment Impact Study (SEIS) and Record of Decision (ROD) are expected later in 2021. At Rock Creek, the KNF partially approved the Plan of Operation to reflect the ROD and the Montana Department of Environmental Quality approved modifications to the existing Exploration License to match the ROD. Decisions on litigation challenging decisions of the US Fish and Wildlife Service and the KNF are expected later in the year.
2021 ESTIMATES6 |
||||
2021 Production Outlook |
||||
|
Silver Production
|
Gold Production
|
Silver Equivalent
|
Gold Equivalent
|
Greens Creek * |
9.5 - 10.2 |
40 - 43 |
20.5 - 21.5 |
227 - 237 |
Lucky Friday * |
3.4 - 3.8 |
N/A |
6.2 – 6.4 |
67 - 70 |
Casa Berardi |
N/A |
125 - 128 |
11.5 - 11.7 |
125 - 128 |
Nevada Operations |
N/A |
20 - 22 |
1.8 - 2.0 |
20 - 22 |
2021 Total |
12.9 - 14.0 |
185 - 193 |
40.0 - 41.6 |
439 – 457 |
2022 Total |
13.7 - 14.5 |
173 - 181 |
41.0 - 42.5 |
448 – 465 |
2023 Total |
14.2 - 15.0 |
177 - 186 |
42.5 - 44.5 |
467 - 485 |
* Equivalent ounces include Lead and Zinc production |
| 2021 Cost Outlook | |||
|
Costs of Sales
|
Cash cost, after by-product
|
AISC, after by-product credits, per
|
Greens Creek |
$220 |
$5.75 - $6.25 |
$10.25 - $11.00 |
Lucky Friday |
$91 |
$7.75 - $9.75 |
$13.75 - $16.50 |
Total Silver |
$311 |
$6.25 - $7.25 |
$13.50 - $15.00 |
Casa Berardi |
$176 |
$900 - $975 |
$1,185 - $1,275 |
Nevada Operations |
$41 |
$1,300 - $1,425 |
$1,385 - $1,525 |
Total Gold |
$217 |
$950 - $1,050 |
$1,200 - $1,300 |
2021 Capital and Exploration Outlook |
|
Capital expenditures (excluding capitalized interest) |
$110 million |
Exploration expenditures (includes Corporate Development) |
$30 million |
Pre-development expenditures |
$4.5 million |
DIVIDENDS
Common
On February 16, 2021, the Board of Directors declared a quarterly cash dividend of $0.00875 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.005 per share for the silver-linked dividend component. The common dividend payable on or about March 19, 2021, to stockholders of record on March 8, 2021. The realized silver price was $25.16 in the fourth quarter satisfying the criterion for the silver-linked dividend component of the Company's dividend policy.
Preferred
The Board of Directors also declared a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about April 1, 2021, to stockholders of record on March 15, 2021.
INVESTOR VIRTUAL OUTREACH
Conference Call Information
A conference call and webcast will be held today, at 9:00 a.m. Eastern Time to discuss fourth quarter and year-end 2020 financial results. You may join the conference call by dialing toll-free 1-833-350-1380 or for international by dialing 1-647-689-6934. The Conference ID is 7412488. Please dial-in and provide the Conference ID number at least 10 minutes prior to the start time to join the call and mitigate any hold times.
Hecla’s live webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts (https://ir.hecla-mining.com/news-events/events-webcasts/default.aspx). The webcast will also be archived on the site.
One-on-One Calls
Hecla will be holding a Virtual Investor Event on Friday, February 19, from 11:30 a.m. to 1:30 p.m. Eastern Time inviting shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management. Click on the link below to schedule a call (You can also copy and paste the link into your web browser.). If you are unable to book a time, either due to high demand or for other reasons, please reach out to Jeanne DuPont at jdupont@hecla-mining.com or at 208-769-4177.
- Operations call with Lauren Roberts, SR VP and COO and senior mine management: https://calendly.com/2020-q4-vie/operations
- Finance call with Lindsay Hall, SR VP and CFO and Russell Lawlar, Treasurer: https://calendly.com/2020-q4-vie/finance
- Call with Phil Baker, President and CEO: https://calendly.com/2020-q4-vie/ceo
Planned Videocasts
Hecla will be conducting a series of videocasts commencing later in 2021 that will provide additional information on the Company, silver and the industry. These will be available on the Company’s website at www.hecla-mining.com and various social media platforms.
ABOUT HECLA
Founded in 1891, 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 Quebec, Canada. The Company also has exploration and pre-development properties in eight 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.
NOTES
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles (GAAP). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.
(1) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment.
(2) Adjusted net (loss) income applicable to common shareholders is a non-GAAP measurement, a reconciliation of which to net (loss) income applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net (loss) income is a measure used by management to evaluate the Company’s operating performance but should not be considered an alternative to net (loss) income as defined by GAAP. 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.
(3) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization (sometimes referred to as "cost of sales" in this release), can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses cash cost, after by-product credits, per silver ounce on an aggregate basis - aggregating the Greens Creek, Lucky Friday and San Sebastian mines - to compare performance with that of other primary silver mining companies. Gold, lead and zinc produced have been treated as by-product credits in calculating silver costs per ounce. With regard to Casa Berardi and Nevada Operations, management uses cash cost, after by-product credits, per gold ounce to compare its performance with other gold mines with a by-product credit recognized for the value of their silver production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(5) All in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes cost of sales and other direct production costs, expenses for reclamation and exploration at the mine sites, corporate exploration related to sustaining operations, and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.
Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
Other
(6) Expectations for 2021 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, San Sebastian, Casa Berardi, and Nevada Operations converted using Au $1,525/oz, Ag $17/oz, Zn $1.00/lb, and Pb $0.85/lb. Numbers may be rounded.
Cautionary Statement Regarding Forward Looking Statements, Including 2021 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 full-year 2021, 2022 and 2023 silver and gold production, 2021 cost of sales, cash costs, after by-product credits, AISC, after by-product credits as well as estimated spending on capital, exploration, and pre-development (which assumes metal prices of gold at $1,650/oz, Ag $18/oz, Zn $0.95/lb, Pb $0.85/lb; USD/CAD assumed to be $0.77, USD/MXN assumed to be $0.05; (ii) the Company’s mineral reserves and resources; (iii) exploration discoveries at Midas, Casa Berardi, San Sebastian, Heva Hosco, Kinskuch and other exploration targets expect to be further drilled in 2021; (iv) expectation to grow silver production and generate significant free cash flow generation in 2021; (v) expectation reserves will grow in 2021 from a normal drilling program; (vi) Fire Creek is expected to be placed on care and maintenance in the second quarter of 2021; (vii) location and allocation of exploration expenditures; (viii) Montanore SEIS and ROD are expected later in 2021; (ix) decisions on litigation challenges decisions at Rock Creek are expected in 2020; (x) production from our United States silver mines is expected to go from 8 million ounces in 2018 to almost 15 million ounces by 2023; and (xi) the Company expects to continue exploration at San Sebastian.
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: (a) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (b) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (c) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (d) the exchange rate for the Canadian dollar to the U.S. dollar, being approximately consistent with current levels; (e) certain price assumptions for gold, silver, lead and zinc; (f) prices for key supplies being approximately consistent with current levels; (g) the accuracy of our current mineral reserve and mineral resource estimates; and (h) 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 2019 Form 10-K, filed on February 10, 2020, with the Securities and Exchange Commission (SEC), as well as the Company’s other SEC filings, including the Company's 2020 10-K expected to be filed on February 18, 2021. 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.
Cautionary Statements to Investors on Reserves and Resources
Reporting requirements in the United States for disclosure of mineral properties as of December 31, 2020 and earlier are governed by 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). Effective January 1, 2021, the SEC has issued new rules rescinding Guide 7. Mining companies are not required to comply with the new rules until the first fiscal year beginning on or after January 1, 2021. Thus, the Company will be required to comply with the new rules when filing its Form 10-K for the fiscal year ended December 31, 2021. 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 included herein 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 compared to the new SEC rules (Item 1300 of Regulation S-K under the Securities and Exchange Act of 1934) 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, but also of mineral resource and mineral reserve estimates estimated in accordance with the new SEC rules and definitional standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101. Under Guide 7, the term "reserve" means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term "economically", as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated to be viable and justifiable under reasonable investment and market assumptions. The term "legally", as used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Hecla must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Hecla's current mine plans. The terms “Measured resources”, “Indicated resources,” and “Inferred resources” are mining terms as defined in accordance with the new SEC rules and NI 43-101. These terms are not defined under Guide 7 and prior to January 1, 2021, were 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. The term “resource” does not equate to the term “reserve”. Under Guide 7, the material described herein as “Indicated resources” and “Measured resources” would be characterized as “mineralized material” and is permitted to be disclosed in tonnage and grade only, not ounces. The category of “inferred resources” is not recognized by Guide 7. 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.
Qualified Person (QP) Pursuant to Canadian National Instrument 43-101
Kurt D. Allen, MSc., CPG, Director - Exploration of Hecla Limited and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under National Instrument 43-101("NI 43-101"), supervised the preparation of the scientific and technical information concerning Hecla’s mineral projects in this news release, including with respect to the newly acquired Nevada projects. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for the Greens Creek Mine are contained in a technical report titled “Technical Report for the Greens Creek Mine” effective date December 31, 2018, and for the Lucky Friday Mine are contained in a technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, for Casa Berardi are contained in a technical report titled "Technical Report on the mineral resource and mineral reserve estimate for Casa Berardi Mine, Northwestern Quebec, Canada" effective date December 31, 2018 (the "Casa Berardi Technical Report"), and for the San Sebastian Mine, Mexico, 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. 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 Fire Creek Mine are contained in a technical report prepared for Klondex Mines, dated March 31, 2018; the Hollister Mine dated May 31, 2017, amended August 9, 2017; and the Midas Mine dated August 31, 2014, amended April 2, 2015. Copies of these technical reports are available under Hecla's and Klondex's profiles on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes.
| geHECLA MINING COMPANY
Condensed Consolidated Statements of Income (Loss) (dollars and shares in thousands, except per share amounts - unaudited) |
||||||||||||||||||||
|
|
Fourth Quarter Ended |
|
Twelve Months Ended |
||||||||||||||||
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||
Sales of products |
|
$ |
188,890 |
|
|
|
$ |
224,945 |
|
|
|
$ |
691,873 |
|
|
|
$ |
673,266 |
|
|
Cost of sales and other direct production costs |
|
104,323 |
|
|
|
139,147 |
|
|
|
389,040 |
|
|
|
450,349 |
|
|
||||
Depreciation, depletion and amortization |
|
37,803 |
|
|
|
60,480 |
|
|
|
157,130 |
|
|
|
199,518 |
|
|
||||
Total cost of sales |
|
142,126 |
|
|
|
199,627 |
|
|
|
546,170 |
|
|
|
649,867 |
|
|
||||
Gross profit |
|
46,764 |
|
|
|
25,318 |
|
|
|
145,703 |
|
|
|
23,399 |
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
Other operating expenses: |
|
|
|
|
|
|
|
|
||||||||||||
General and administrative |
|
7,930 |
|
|
|
8,977 |
|
|
|
35,561 |
|
|
|
35,832 |
|
|
||||
Exploration |
|
7,954 |
|
|
|
2,363 |
|
|
|
15,853 |
|
|
|
15,919 |
|
|
||||
Pre-development |
|
585 |
|
|
|
615 |
|
|
|
2,442 |
|
|
|
3,150 |
|
|
||||
Research and development |
|
— |
|
|
|
(79 |
) |
|
|
— |
|
|
|
535 |
|
|
||||
Other operating expense |
|
3,013 |
|
|
|
1,362 |
|
|
|
8,864 |
|
|
|
3,043 |
|
|
||||
Loss (gain) on disposition of property, plants, equipment and mineral interests |
|
13 |
|
|
|
(23 |
) |
|
|
572 |
|
|
|
4,643 |
|
|
||||
Ramp-up and suspension costs |
|
802 |
|
|
|
3,285 |
|
|
|
24,911 |
|
|
|
12,051 |
|
|
||||
Acquisition costs |
|
7 |
|
|
|
52 |
|
|
|
20 |
|
|
|
645 |
|
|
||||
Foundation grant |
|
— |
|
|
|
— |
|
|
|
1,970 |
|
|
|
— |
|
|
||||
Provision for closed operations and reclamation |
|
1,122 |
|
|
|
1,161 |
|
|
|
3,929 |
|
|
|
4,690 |
|
|
||||
|
|
21,426 |
|
|
|
17,713 |
|
|
|
94,122 |
|
|
|
80,508 |
|
|
||||
Income (loss) from operations |
|
25,338 |
|
|
|
7,605 |
|
|
|
51,581 |
|
|
|
(57,109 |
) |
|
||||
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||||||
Loss on derivative contracts |
|
(9,299 |
) |
|
|
(1,252 |
) |
|
|
(22,074 |
) |
|
|
(3,971 |
) |
|
||||
(Loss) gain on disposition of investments |
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
923 |
|
|
||||
Unrealized gain (loss) on investments |
|
858 |
|
|
|
(1,230 |
) |
|
|
10,268 |
|
|
|
(2,389 |
) |
|
||||
Net foreign exchange loss |
|
(5,840 |
) |
|
|
(1,495 |
) |
|
|
(4,605 |
) |
|
|
(8,236 |
) |
|
||||
Other net expense |
|
(674 |
) |
|
|
(1,022 |
) |
|
|
(2,256 |
) |
|
|
(4,429 |
) |
|
||||
Interest expense |
|
(10,650 |
) |
|
|
(14,670 |
) |
|
|
(49,569 |
) |
|
|
(48,447 |
) |
|
||||
|
|
(25,605 |
) |
|
|
(19,673 |
) |
|
|
(68,236 |
) |
|
|
(66,549 |
) |
|
||||
Loss before income taxes |
|
(267 |
) |
|
|
(12,068 |
) |
|
|
(16,655 |
) |
|
|
(123,658 |
) |
|
||||
Income tax benefit (provision) |
|
1,062 |
|
|
|
4,092 |
|
|
|
(135 |
) |
|
|
24,101 |
|
|
||||
Net income (loss) |
|
795 |
|
|
|
(7,976 |
) |
|
|
(16,790 |
) |
|
|
(99,557 |
) |
|
||||
Preferred stock dividends |
|
(138 |
) |
|
|
(138 |
) |
|
|
(552 |
) |
|
|
(552 |
) |
|
||||
Income (loss) applicable to common stockholders |
|
$ |
657 |
|
|
|
$ |
(8,114 |
) |
|
|
$ |
(17,342 |
) |
|
|
$ |
(100,109 |
) |
|
Basic loss per common share after preferred dividends |
|
$ |
— |
|
|
|
$ |
(0.02 |
) |
|
|
$ |
(0.03 |
) |
|
|
$ |
(0.20 |
) |
|
Diluted loss per common share after preferred dividends |
|
$ |
— |
|
|
|
$ |
(0.02 |
) |
|
|
$ |
(0.03 |
) |
|
|
$ |
(0.20 |
) |
|
Weighted average number of common shares outstanding basic |
|
530,998 |
|
|
|
502,902 |
|
|
|
527,329 |
|
|
|
490,449 |
|
|
||||
Weighted average number of common shares outstanding diluted |
|
537,166 |
|
|
|
502,902 |
|
|
|
527,329 |
|
|
|
490,449 |
|
|
||||
| HECLA MINING COMPANY
Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) |
|||||||||
|
December 31, 2020 |
|
December 31, 2019 |
||||||
ASSETS |
|
|
|
||||||
Current assets: |
|
|
|
||||||
Cash and cash equivalents |
$ |
129,830 |
|
|
|
$ |
62,452 |
|
|
Accounts receivable |
39,193 |
|
|
|
38,421 |
|
|
||
Inventories |
96,544 |
|
|
|
66,213 |
|
|
||
Other current assets |
19,114 |
|
|
|
12,038 |
|
|
||
Total current assets |
284,681 |
|
|
|
179,124 |
|
|
||
Investments |
15,148 |
|
|
|
6,207 |
|
|
||
Restricted cash and investments |
1,053 |
|
|
|
1,025 |
|
|
||
Properties, plants, equipment and mineral interests, net |
2,345,219 |
|
|
|
2,423,698 |
|
|
||
Operating lease right-of-use assets |
10,628 |
|
|
|
16,381 |
|
|
||
Deferred income tax asset |
2,912 |
|
|
|
3,537 |
|
|
||
Other non-current assets |
8,083 |
|
|
|
7,336 |
|
|
||
Total assets |
$ |
2,667,724 |
|
|
|
$ |
2,637,308 |
|
|
|
|
|
|
||||||
LIABILITIES |
|
|
|
||||||
Current liabilities: |
|
|
|
||||||
Accounts payable and accrued liabilities |
$ |
68,516 |
|
|
|
$ |
57,716 |
|
|
Accrued payroll and related benefits |
31,807 |
|
|
|
26,916 |
|
|
||
Accrued taxes |
8,349 |
|
|
|
4,776 |
|
|
||
Finance leases |
6,491 |
|
|
|
5,429 |
|
|
||
Accrued reclamation and closure costs |
5,582 |
|
|
|
4,581 |
|
|
||
Operating leases |
3,008 |
|
|
|
5,580 |
|
|
||
Accrued interest |
14,157 |
|
|
|
5,804 |
|
|
||
Current derivatives liabilities |
11,737 |
|
|
|
6,170 |
|
|
||
Other current liabilities |
138 |
|
|
|
2 |
|
|
||
Total current liabilities |
149,785 |
|
|
|
116,974 |
|
|
||
Finance leases |
9,274 |
|
|
|
7,214 |
|
|
||
Accrued reclamation and closure costs |
110,466 |
|
|
|
103,793 |
|
|
||
Long-term debt |
507,242 |
|
|
|
504,729 |
|
|
||
Operating leases |
7,634 |
|
|
|
10,818 |
|
|
||
Deferred income tax liability |
132,475 |
|
|
|
138,282 |
|
|
||
Pension liability |
44,144 |
|
|
|
56,219 |
|
|
||
Other non-current liabilities |
4,364 |
|
|
|
6,856 |
|
|
||
Total liabilities |
965,384 |
|
|
|
944,855 |
|
|
||
|
|
|
|
||||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||||
Preferred stock |
39 |
|
|
|
39 |
|
|
||
Common stock |
134,629 |
|
|
|
132,292 |
|
|
||
Capital surplus |
2,003,576 |
|
|
|
1,973,700 |
|
|
||
Accumulated deficit |
(379,519 |
) |
|
|
(353,331 |
) |
|
||
Accumulated other comprehensive loss, net |
(32,889 |
) |
|
|
(37,310 |
) |
|
||
Treasury stock |
(23,496 |
) |
|
|
(22,967 |
) |
|
||
Total stockholders’ equity |
1,702,340 |
|
|
|
1,692,423 |
|
|
||
Total liabilities and stockholders’ equity |
$ |
2,667,724 |
|
|
|
$ |
2,687,308 |
|
|
Common shares outstanding |
531,666 |
|
|
|
522,896 |
|
|
||
| HECLA MINING COMPANY
Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) |
||||||||||||||||||||
|
|
Fourth Quarter Ended |
|
Twelve Months Ended |
||||||||||||||||
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) |
|
$ |
795 |
|
|
|
$ |
(7,976 |
) |
|
|
$ |
(16,790 |
) |
|
|
$ |
(99,557 |
) |
|
Non-cash elements included in net income (loss): |
|
|
|
|
|
|
|
|
||||||||||||
Depreciation, depletion and amortization |
|
37,115 |
|
|
|
61,435 |
|
|
|
164,026 |
|
|
|
204,475 |
|
|
||||
Loss (gain) on disposition of investments |
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
(923 |
) |
|
||||
Unrealized (gain) loss on investments |
|
(858 |
) |
|
|
1,227 |
|
|
|
(10,268 |
) |
|
|
2,386 |
|
|
||||
Loss (gain) on disposition of properties, plants, equipment and mineral interests |
|
13 |
|
|
|
(23 |
) |
|
|
572 |
|
|
|
4,643 |
|
|
||||
Provision for reclamation and closure costs |
|
1,551 |
|
|
|
1,616 |
|
|
|
6,189 |
|
|
|
6,914 |
|
|
||||
Deferred income taxes |
|
885 |
|
|
|
(6,771 |
) |
|
|
(5,505 |
) |
|
|
(33,387 |
) |
|
||||
Stock compensation |
|
1,229 |
|
|
|
910 |
|
|
|
6,458 |
|
|
|
5,668 |
|
|
||||
Amortization of loan origination fees |
|
600 |
|
|
|
718 |
|
|
|
3,666 |
|
|
|
2,637 |
|
|
||||
Loss (gain) on derivative contracts |
|
1,095 |
|
|
|
(211 |
) |
|
|
5,578 |
|
|
|
5,613 |
|
|
||||
Foreign exchange loss (gain) |
|
5,490 |
|
|
|
1,762 |
|
|
|
2,680 |
|
|
|
8,025 |
|
|
||||
Adjustment of inventory to market value |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,399 |
|
|
||||
Fee on prepayment of debt with shares of common stock |
|
— |
|
|
|
2,855 |
|
|
|
— |
|
|
|
2,855 |
|
|
||||
Foundation grant |
|
— |
|
|
|
— |
|
|
|
1,970 |
|
|
|
— |
|
|
||||
Other non-cash charges, net |
|
(176 |
) |
|
|
45 |
|
|
|
(176 |
) |
|
|
45 |
|
|
||||
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
||||||||||||
Accounts receivable |
|
2,661 |
|
|
|
(724 |
) |
|
|
(1,080 |
) |
|
|
(10,939 |
) |
|
||||
Inventories |
|
(118 |
) |
|
|
22,647 |
|
|
|
(13,208 |
) |
|
|
16,146 |
|
|
||||
Other current and non-current assets |
|
(4,367 |
) |
|
|
705 |
|
|
|
2,381 |
|
|
|
15,618 |
|
|
||||
Accounts payable and accrued liabilities |
|
21,141 |
|
|
|
(29,971 |
) |
|
|
19,379 |
|
|
|
(24,355 |
) |
|
||||
Accrued payroll and related benefits |
|
3,128 |
|
|
|
4,720 |
|
|
|
14,445 |
|
|
|
9,226 |
|
|
||||
Accrued taxes |
|
285 |
|
|
|
2,578 |
|
|
|
3,561 |
|
|
|
(3,155 |
) |
|
||||
Accrued reclamation and closure costs and other non-current liabilities |
|
(5,568 |
) |
|
|
1,711 |
|
|
|
(3,085 |
) |
|
|
7,532 |
|
|
||||
Cash provided by operating activities |
|
64,901 |
|
|
|
57,257 |
|
|
|
180,793 |
|
|
|
120,866 |
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
||||||||||||
Additions to properties, plants, equipment and mineral interests |
|
(36,634 |
) |
|
|
(24,083 |
) |
|
|
(91,016 |
) |
|
|
(121,421 |
) |
|
||||
Proceeds from sale of investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,760 |
|
|
||||
Proceeds from disposition of properties, plants and equipment |
|
26 |
|
|
|
97 |
|
|
|
331 |
|
|
|
183 |
|
|
||||
Purchases of investments |
|
(555 |
) |
|
|
— |
|
|
|
(2,216 |
) |
|
|
(389 |
) |
|
||||
Net cash used in investing activities |
|
(37,163 |
) |
|
|
(23,986 |
) |
|
|
(92,901 |
) |
|
|
(119,867 |
) |
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
||||||||||||
Acquisition of treasury shares |
|
— |
|
|
|
8 |
|
|
|
(2,745 |
) |
|
|
(2,231 |
) |
|
||||
Proceeds from issuance of common stock and warrants, net of related expense |
|
— |
|
|
|
49,019 |
|
|
|
— |
|
|
|
49,019 |
|
|
||||
Dividends paid to common stockholders |
|
(4,649 |
) |
|
|
(1,259 |
) |
|
|
(8,600 |
) |
|
|
(4,914 |
) |
|
||||
Dividends paid to preferred stockholders |
|
(138 |
) |
|
|
(138 |
) |
|
|
(552 |
) |
|
|
(552 |
) |
|
||||
Borrowings on debt |
|
9,220 |
|
|
|
34,500 |
|
|
|
716,327 |
|
|
|
279,500 |
|
|
||||
Payments on debt |
|
— |
|
|
|
(84,500 |
) |
|
|
(716,500 |
) |
|
|
(279,500 |
) |
|
||||
Debt issuance and loan origination fees paid |
|
(69 |
) |
|
|
(389 |
) |
|
|
(1,356 |
) |
|
|
(976 |
) |
|
||||
Repayments of capital leases |
|
(1,707 |
) |
|
|
(1,673 |
) |
|
|
(5,953 |
) |
|
|
(7,157 |
) |
|
||||
Net cash provided by (used in) financing activities |
|
2,657 |
|
|
|
(4,432 |
) |
|
|
(19,379 |
) |
|
|
33,189 |
|
|
||||
Effect of exchange rates on cash |
|
766 |
|
|
|
618 |
|
|
|
(1,107 |
) |
|
|
875 |
|
|
||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents |
|
31,161 |
|
|
|
29,457 |
|
|
|
67,406 |
|
|
|
35,063 |
|
|
||||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year |
|
99,722 |
|
|
|
34,020 |
|
|
|
63,477 |
|
|
|
28,414 |
|
|
||||
Cash, cash equivalents and restricted cash and cash equivalents at end of year |
|
$ |
130,883 |
|
|
|
$ |
63,477 |
|
|
|
$ |
130,883 |
|
|
|
$ |
63,477 |
|
|
| HECLA MINING COMPANY
Production Data |
||||||||||||||
|
Fourth Quarter Ended |
Twelve Months Ended |
||||||||||||
|
December 31,
|
|
December 31,
|
December 31,
|
|
December 31,
|
||||||||
GREENS CREEK UNIT |
|
|
|
|
|
|
||||||||
Tons of ore processed |
189,092 |
|
|
216,324 |
|
818,408 |
|
|
846,076 |
|
||||
Total production cost per ton |
$ |
195.02 |
|
|
$ |
185.29 |
|
$ |
179.37 |
|
|
$ |
174.28 |
|
Ore grade milled - Silver (oz./ton) |
15.17 |
|
|
15.69 |
|
15.65 |
|
|
14.64 |
|
||||
Ore grade milled - Gold (oz./ton) |
0.07 |
|
|
0.10 |
|
0.08 |
|
|
0.10 |
|
||||
Ore grade milled - Lead (%) |
2.84 |
|
|
3.07 |
|
3.13 |
|
|
2.92 |
|
||||
Ore grade milled - Zinc (%) |
6.96 |
|
|
7.88 |
|
7.58 |
|
|
7.43 |
|
||||
Silver produced (oz.) |
2,330,664 |
|
|
2,741,090 |
|
10,494,726 |
|
|
9,890,125 |
|
||||
Gold produced (oz.) |
10,276 |
|
|
15,356 |
|
48,491 |
|
|
56,625 |
|
||||
Lead produced (tons) |
4,404 |
|
|
5,444 |
|
21,400 |
|
|
20,112 |
|
||||
Zinc produced (tons) |
11,956 |
|
|
15,475 |
|
56,814 |
|
|
56,805 |
|
||||
Cash cost per silver ounce (1) |
$ |
7.21 |
|
|
$ |
2.76 |
|
$ |
5.49 |
|
|
$ |
1.97 |
|
AISC per silver ounce (1) |
$ |
12.05 |
|
|
$ |
7.86 |
|
$ |
8.57 |
|
|
$ |
5.99 |
|
Capital additions (in thousands) |
$ |
10,521 |
|
|
$ |
12,886 |
|
$ |
28,797 |
|
|
$ |
35,829 |
|
LUCKY FRIDAY UNIT |
|
|
|
|
|
|
||||||||
Tons of ore processed |
69,257 |
|
|
16,337 |
|
179,208 |
|
|
57,091 |
|
||||
Total production cost per ton |
$ |
213.82 |
|
|
$ |
— |
|
$ |
251.49 |
|
|
$ |
— |
|
Ore grade milled - Silver (oz./ton) |
12.53 |
|
|
14.02 |
|
11.85 |
|
|
11.83 |
|
||||
Ore grade milled - Lead (%) |
7.74 |
|
|
9.01 |
|
7.49 |
|
|
7.86 |
|
||||
Ore grade milled - Zinc (%) |
3.85 |
|
|
5.11 |
|
3.88 |
|
|
4.25 |
|
||||
Silver produced (oz.) |
830,200 |
|
|
216,488 |
|
2,031,874 |
|
|
632,944 |
|
||||
Lead produced (tons) |
5,103 |
|
|
1,360 |
|
12,727 |
|
|
4,098 |
|
||||
Zinc produced (tons) |
2,457 |
|
|
710 |
|
6,298 |
|
|
2,052 |
|
||||
Cash cost per silver ounce (1) |
$ |
9.34 |
|
|
N/A |
N/A |
|
N/A |
||||||
AISC per silver ounce (1) |
$ |
18.22 |
|
|
N/A |
N/A |
|
N/A |
||||||
Capital additions (in thousands) |
$ |
11,146 |
|
|
$ |
3,043 |
|
$ |
25,749 |
|
|
$ |
8,989 |
|
CASA BERARDI UNIT |
|
|
|
|
|
|
||||||||
Tons of ore processed - underground |
185,335 |
|
|
201,937 |
|
658,271 |
|
|
784,568 |
|
||||
Tons of ore processed - surface pit |
197,646 |
|
|
161,430 |
|
625,430 |
|
|
593,497 |
|
||||
Tons of ore processed - total |
382,981 |
|
|
363,367 |
|
1,283,701 |
|
|
1,378,065 |
|
||||
Surface tons mined - ore and waste |
1,493,706 |
|
|
1,797,105 |
|
5,559,302 |
|
|
9,329,268 |
|
||||
Total production cost per ton |
$ |
98.33 |
|
|
$ |
97.77 |
|
$ |
105.71 |
|
|
$ |
101.13 |
|
Ore grade milled - Gold (oz./ton) - underground |
0.147 |
|
|
0.164 |
|
0.136 |
|
|
0.168 |
|
||||
Ore grade milled - Gold (oz./ton) - surface pit |
0.052 |
|
0.064 |
|
0.051 |
|
|
0.055 |
|
|||||
Ore grade milled - Gold (oz./ton) - combined |
0.123 |
|
0.119 |
|
0.117 |
|
0.120 |
|
||||||
Ore grade milled - Silver (oz./ton) |
|
|
0.04 |
|
0.02 |
|
|
0.03 |
|
|||||
Gold produced (oz.) - underground |
27,262 |
|
|
26,506 |
|
89,521 |
|
|
106,821 |
|
||||
Gold produced (oz.) - surface pit |
10,319 |
|
|
8,287 |
|
31,971 |
|
|
27,588 |
|
||||
Gold produced (oz.) - total |
37,580 |
|
|
34,793 |
|
121,492 |
|
|
134,409 |
|
||||
Silver produced (oz.) - total |
8,858 |
|
|
10,499 |
|
24,142 |
|
|
31,540 |
|
||||
Cash cost per gold ounce (1) |
$ |
1,019 |
|
|
$ |
1,037 |
|
$ |
1,131 |
|
|
$ |
1,051 |
|
AISC per gold ounce (1) |
$ |
1,330 |
|
|
$ |
1,278 |
|
$ |
1,436 |
|
|
$ |
1,354 |
|
Capital additions (in thousands) |
$ |
16,440 |
|
|
$ |
7,699 |
|
$ |
40,853 |
|
|
$ |
36,059 |
|
SAN SEBASTIAN UNIT |
|
|
|
|
|
|
||||||||
Tons of ore processed |
27,643 |
|
|
39,137 |
|
|
131,859 |
|
|
174,713 |
||||
Total Production cost per ton |
$ |
76.42 |
|
|
$ |
201.09 |
|
|
$ |
120.32 |
|
|
$ |
192.42 |
Ore grade milled - Silver (oz./ton) |
7.30 |
|
|
11.80 |
|
|
7.94 |
|
|
11.78 |
||||
Ore grade milled - Gold (oz./ton) |
0.054 |
|
|
0.115 |
|
|
0.067 |
|
|
0.106 |
||||
Silver produced (oz.) |
182,614 |
|
|
422,434 |
|
|
954,772 |
|
|
1,868,884 |
||||
Gold produced (oz.) |
1,159 |
|
|
3,897 |
|
|
7,223 |
|
|
15,673 |
||||
Cash cost per silver ounce (1) |
$ |
0.65 |
|
|
$ |
8.89 |
|
|
$ |
4.92 |
|
|
$ |
8.02 |
AISC per silver ounce (1) |
$ |
1.07 |
|
|
$ |
11.78 |
|
|
$ |
5.68 |
|
|
$ |
12.10 |
Capital additions (in thousands) |
$ |
— |
|
|
$ |
(458 |
) |
|
$ |
537 |
|
|
$ |
5,035 |
NEVADA OPERATION |
|
|
|
|
|
|
||||||||
Tons of ore processed |
— |
|
|
46,661 |
|
|
27,984 |
|
|
210,397 |
||||
Total production cost per ton |
$ |
— |
|
|
$ |
406.59 |
|
|
$ |
892.09 |
|
|
$ |
332.06 |
Ore grade milled - Gold (oz./ton) |
— |
|
|
0.502 |
|
|
1.232 |
|
|
0.361 |
||||
Silver produced (oz.) |
— |
|
|
21,477 |
|
|
37,443 |
|
|
181,741 |
||||
Gold produced (oz.) |
— |
|
|
20,727 |
|
|
31,756 |
|
|
66,166 |
||||
Cash cost per silver ounce (1) |
$ |
— |
|
|
$ |
946 |
|
|
$ |
716 |
|
|
$ |
1,096 |
AISC per silver ounce (1) |
$ |
— |
|
|
$ |
1,024 |
|
|
$ |
787 |
|
|
$ |
1,527 |
Capital additions (in thousands) |
$ |
2,154 |
|
|
$ |
608 |
|
|
$ |
4,003 |
|
|
$ |
42,184 |
(1) Cash cost, after by-product credits, per ounce and AISC, after by-product credits. per ounce represent non-U.S. Generally Accepted Accounting Principles (GAAP) measurements. A reconciliation of cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) to cash cost, after by-product credits 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 and Nevada Operations is gold, with a by-product credit for the value of silver production.
Non-GAAP Measures
(Unaudited)
Reconciliation of Cost of Sales and Other Direct Production Costs and Depreciation, Depletion and Amortization (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)
The tables below present reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion and amortization to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations at the Greens Creek, Lucky Friday, San Sebastian, Casa Berardi and Nevada Operations units and for the Company for the three- and twelve-month periods ended December 31, 2020 and 2019, and for estimated amounts for the twelve months ended December 31, 2021.
Cash Cost, After By-product Credits, per Ounce is a measure developed by precious metals companies (including the Silver Institute) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as we report them are the same as those reported by other mining companies.
Cash Cost, After By-product Credits, per Ounce is an important operating statistic that we utilize to measure each mine's operating performance. We have recently started reporting AISC, After By-product Credits, per Ounce which we use as a measure of our mines' net cash flow after costs for exploration, pre-development, reclamation, and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure we report, but also includes on-site exploration, reclamation, and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a primary silver and gold mining company, we also use these statistics on an aggregate basis. We aggregate the Greens Creek, Lucky Friday and San Sebastian mines to compare our performance with that of other primary silver mining companies and aggregate the Casa Berardi and Nevada Operations units to compare our performance with that of other primary gold mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.
Cash Cost, Before By-product Credits and AISC, Before By-product Credits include 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 expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes on-site exploration, reclamation, and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense, exploration and sustaining capital projects. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.
In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. We also use these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.
The Casa Berardi and Nevada Operations sections below report Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce for the production of gold, their primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi and Nevada Operations. Only costs and ounces produced relating to units with the same primary product are combined to represent Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce. Thus, the gold produced at our Casa Berardi and Nevada Operations units is not included as a by-product credit when calculating Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the total of Greens Creek, Lucky Friday and San Sebastian, our combined silver properties. Similarly, the silver produced at our other three units is not included as a by-product credit when calculating the similar gold metrics for Casa Berardi.
In thousands (except per ounce amounts) |
Three Months Ended December 31, 2020 |
|||||||||||||||||||||
|
Greens
|
|
Lucky
|
|
San
|
|
Corporate(5) |
|
Total Silver |
|||||||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
59,215 |
|
|
|
$ |
20,919 |
|
|
|
$ |
5,833 |
|
|
|
|
|
$ |
85,967 |
|
|
|
Depreciation, depletion and amortization |
(12,540 |
) |
|
|
(6,321 |
) |
|
|
(399 |
) |
|
|
|
|
(19,260 |
) |
|
|||||
Treatment costs |
18,605 |
|
|
|
4,590 |
|
|
|
55 |
|
|
|
|
|
23,250 |
|
|
|||||
Change in product inventory |
(4,893 |
) |
|
|
1,533 |
|
|
|
(3,038 |
) |
|
|
|
|
(6,398 |
) |
|
|||||
Reclamation and other costs (1) |
(1,130 |
) |
|
|
(274 |
) |
|
|
(148 |
) |
|
|
|
|
(1,552 |
) |
|
|||||
Cash costs excluded |
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|||||
Cash Cost, Before By-product Credits (2) |
59,257 |
|
|
|
20,447 |
|
|
|
2,303 |
|
|
|
|
|
82,007 |
|
|
|||||
Reclamation and other costs |
789 |
|
|
|
222 |
|
|
|
76 |
|
|
|
|
|
1,087 |
|
|
|||||
Exploration |
(20 |
) |
|
|
— |
|
|
|
— |
|
|
|
426 |
|
|
406 |
|
|
||||
Sustaining capital |
10,521 |
|
|
|
7,154 |
|
|
|
— |
|
|
|
— |
|
|
17,675 |
|
|
||||
General and administrative |
|
|
|
|
|
|
7,496 |
|
|
7,496 |
|
|
||||||||||
AISC, Before By-product Credits (2) |
70,547 |
|
|
|
27,823 |
|
|
|
2,379 |
|
|
|
|
|
108,671 |
|
|
|||||
By-product credits: |
|
|
|
|
|
|
|
|
|
|||||||||||||
Zinc |
(19,702 |
) |
|
|
(4,273 |
) |
|
|
|
|
|
|
(23,975 |
) |
|
|||||||
Gold |
(16,765 |
) |
|
|
|
|
(2,184 |
) |
|
|
|
|
(18,949 |
) |
|
|||||||
Lead |
(5,985 |
) |
|
|
(8,421 |
) |
|
|
|
|
|
|
(14,406 |
) |
|
|||||||
Total By-product credits |
(42,452 |
) |
|
|
(12,694 |
) |
|
|
(2,184 |
) |
|
|
|
|
(57,330 |
) |
|
|||||
Cash Cost, After By-product Credits |
$ |
16,805 |
|
|
|
$ |
7,753 |
|
|
|
$ |
119 |
|
|
|
|
|
$ |
24,677 |
|
|
|
AISC, After By-product Credits |
$ |
28,095 |
|
|
|
$ |
15,129 |
|
|
|
$ |
195 |
|
|
|
|
|
$ |
51,341 |
|
|
|
Divided by ounces produced |
2,331 |
|
|
|
830 |
|
|
|
183 |
|
|
|
|
|
3,344 |
|
|
|||||
Cash Cost, Before By-product Credits, per Silver Ounce |
$ |
25.43 |
|
|
|
$ |
24.63 |
|
|
|
$ |
12.58 |
|
|
|
|
|
$ |
24.52 |
|
|
|
By-product credits per ounce |
(18.22 |
) |
|
|
(15.29 |
) |
|
|
(11.93 |
) |
|
|
|
|
(17.14 |
) |
|
|||||
Cash Cost, After By-product Credits, per Silver Ounce |
$ |
7.21 |
|
|
|
$ |
9.34 |
|
|
|
$ |
0.65 |
|
|
|
|
|
$ |
7.38 |
|
|
|
AISC, Before By-product Credits, per Silver Ounce |
$ |
30.27 |
|
|
|
$ |
33.52 |
|
|
|
$ |
13.00 |
|
|
|
|
|
$ |
32.49 |
|
|
|
By-product credits per ounce |
(18.22 |
) |
|
|
(15.29 |
) |
|
|
(11.93 |
) |
|
|
|
|
(17.14 |
) |
|
|||||
AISC, After By-product Credits, per Silver Ounce |
$ |
12.05 |
|
|
|
$ |
18.22 |
|
|
|
$ |
1.07 |
|
|
|
|
|
$ |
15.35 |
|
|
|
| In thousands (except per ounce amounts) | Three Months Ended December 31, 2020 |
||||||||||
|
Casa
|
|
Nevada
|
|
Total Gold |
||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
55,706 |
|
|
$ |
453 |
|
|
$ |
56,159 |
|
Depreciation, depletion and amortization |
(18,423) |
|
|
(120) |
|
|
(18,543) |
|
|||
Treatment costs |
898 |
|
|
— |
|
|
898 |
|
|||
Change in product inventory |
474 |
|
|
15 |
|
|
489 |
|
|||
Reclamation and other costs (1) |
(135) |
|
|
— |
|
|
(135) |
|
|||
Exclusion of Nevada Operations costs |
— |
|
|
(348) |
|
|
(348) |
|
|||
Cash Cost, Before By-product Credits (2) |
38,520 |
|
|
— |
|
|
38,520 |
|
|||
Reclamation and other costs |
99 |
|
|
— |
|
|
99 |
|
|||
Exploration |
738 |
|
|
— |
|
|
738 |
|
|||
Sustaining capital |
10,829 |
|
|
— |
|
|
10,829 |
|
|||
AISC, Before By-product Credits (2) |
50,186 |
|
|
— |
|
|
50,186 |
|
|||
By-product credits: |
|
|
|
|
|
||||||
Silver |
(214) |
|
|
— |
|
|
(214) |
|
|||
Total By-product credits |
(214) |
|
|
— |
|
|
(214) |
|
|||
Cash Cost, After By-product Credits |
$ |
38,306 |
|
|
$ |
— |
|
|
$ |
38,306 |
|
AISC, After By-product Credits |
$ |
49,972 |
|
|
$ |
— |
|
|
$ |
49,972 |
|
Divided by gold ounces produced |
38 |
|
|
— |
|
|
38 |
|
|||
Cash Cost, Before By-product Credits, per Gold Ounce |
$ |
1,025 |
|
|
$ |
— |
|
|
$ |
1,025 |
|
By-product credits per ounce |
(6) |
|
|
— |
|
|
(6) |
|
|||
Cash Cost, After By-product Credits, per Gold Ounce |
$ |
1,019 |
|
|
$ |
— |
|
|
$ |
1,019 |
|
AISC, Before By-product Credits, per Gold Ounce |
$ |
1,335 |
|
|
$ |
— |
|
|
$ |
1,336 |
|
By-product credits per ounce |
(6) |
|
|
— |
|
|
(6) |
|
|||
AISC, After By-product Credits, per Gold Ounce |
$ |
1,330 |
|
|
$ |
— |
|
|
$ |
1,330 |
|
| In thousands (except per ounce amounts) | Three Months Ended December 31, 2020 |
|||||||||||||
|
Total Silver |
|
Total Gold |
|
Total |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
85,967 |
|
|
|
$ |
56,159 |
|
|
|
$ |
142,126 |
|
|
Depreciation, depletion and amortization |
(19,260 |
) |
|
|
(18,543 |
) |
|
|
(37,803 |
) |
|
|||
Treatment costs |
23,250 |
|
|
|
898 |
|
|
|
24,148 |
|
|
|||
Change in product inventory |
(6,398 |
) |
|
|
489 |
|
|
|
(5,909 |
) |
|
|||
Reclamation and other costs (1) |
(1,552 |
) |
|
|
(135 |
) |
|
|
(1,687 |
) |
|
|||
Exclusion of Nevada Operations costs |
— |
|
|
|
(348 |
) |
|
|
(348 |
) |
|
|||
Cash Cost, Before By-product Credits (2) |
82,007 |
|
|
|
38,520 |
|
|
|
120,527 |
|
|
|||
Reclamation and other costs |
1,087 |
|
|
|
99 |
|
|
|
1,186 |
|
|
|||
Exploration |
406 |
|
|
|
738 |
|
|
|
1,144 |
|
|
|||
Sustaining capital |
17,675 |
|
|
|
10,829 |
|
|
|
28,504 |
|
|
|||
General and administrative |
7,496 |
|
|
|
— |
|
|
|
7,496 |
|
|
|||
AISC, Before By-product Credits (2) |
108,671 |
|
|
|
50,186 |
|
|
|
158,857 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Zinc |
(23,975 |
) |
|
|
— |
|
|
|
(23,975 |
) |
|
|||
Gold |
(18,949 |
) |
|
|
— |
|
|
|
(18,949 |
) |
|
|||
Lead |
(14,406 |
) |
|
|
— |
|
|
|
(14,406 |
) |
|
|||
Silver |
|
|
(214 |
) |
|
|
(214 |
) |
|
|||||
Total By-product credits |
(57,330 |
) |
|
|
(214 |
) |
|
|
(57,544 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
24,677 |
|
|
|
$ |
38,306 |
|
|
|
$ |
62,983 |
|
|
AISC, After By-product Credits |
$ |
51,341 |
|
|
|
$ |
49,972 |
|
|
|
$ |
101,313 |
|
|
Divided by ounces produced |
3,344 |
|
|
|
38 |
|
|
|
|
|||||
Cash Cost, Before By-product Credits, per Ounce |
$ |
24.52 |
|
|
|
$ |
1,025 |
|
|
|
|
|||
By-product credits per ounce |
(17.14 |
) |
|
|
(6 |
) |
|
|
|
|||||
Cash Cost, After By-product Credits, per Ounce |
$ |
7.38 |
|
|
|
$ |
1,019 |
|
|
|
|
|||
AISC, Before By-product Credits, per Ounce |
$ |
32.49 |
|
|
|
$ |
1,336 |
|
|
|
|
|||
By-product credits per ounce |
(17.14 |
) |
|
|
(6 |
) |
|
|
|
|||||
AISC, After By-product Credits, per Ounce |
$ |
15.35 |
|
|
|
$ |
1,330 |
|
|
|
|
|||
| In thousands (except per ounce amounts) | Three Months Ended December 31, 2019 |
||||||||||||||||||
|
Greens
|
|
Lucky
|
|
San
|
|
Corporate(5) |
|
Total Silver |
|
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
71,481 |
|
|
$ |
5,472 |
|
|
$ |
14,171 |
|
|
|
|
$ |
91,124 |
|
|
|
Depreciation, depletion and amortization |
(15,359) |
|
|
(284) |
|
|
(2,838) |
|
|
|
|
(18,481) |
|
|
|||||
Treatment costs |
14,168 |
|
|
1,050 |
|
|
328 |
|
|
|
|
15,546 |
|
|
|||||
Change in product inventory |
(10,323) |
|
|
308 |
|
|
(1,575) |
|
|
|
|
(11,590) |
|
|
|||||
Reclamation and other costs |
(1,083) |
|
|
— |
|
|
(558) |
|
|
|
|
(1,641) |
|
|
|||||
Exclusion of Lucky Friday costs |
— |
|
|
(6,546) |
|
|
— |
|
|
|
|
(6,646) |
|
|
|||||
Cash Cost, Before By-product Credits (2) |
58,884 |
|
|
— |
|
|
9,528 |
|
|
|
|
68,412 |
|
|
|||||
Reclamation and other costs |
737 |
|
|
— |
|
|
123 |
|
|
|
|
860 |
|
|
|||||
Exploration |
357 |
|
|
— |
|
|
215 |
|
|
227 |
|
|
799 |
|
|
||||
Sustaining capital |
12,886 |
|
|
— |
|
|
884 |
|
|
35 |
|
|
13,805 |
|
|
||||
General and administrative |
|
|
|
|
|
|
8,977 |
|
|
8,977 |
|
|
|||||||
AISC, Before By-product Credits (2) |
72,864 |
|
|
— |
|
|
10,750 |
|
|
|
|
92,853 |
|
|
|||||
By-product credits: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Zinc |
(23,478) |
|
|
— |
|
|
|
|
|
|
(23,478) |
|
|
||||||
Gold |
(20,006) |
|
|
|
|
(5,767) |
|
|
|
|
(25,773) |
|
|
||||||
Lead |
(7,825) |
|
|
— |
|
|
|
|
|
|
(7,825) |
|
|
||||||
Total By-product credits |
(51,309) |
|
|
— |
|
|
(5,767) |
|
|
|
|
(57,076) |
|
|
|||||
Cash Cost, After By-product Credits |
$ |
7,575 |
|
|
$ |
— |
|
|
$ |
3,761 |
|
|
|
|
$ |
11,336 |
|
|
|
AISC, After By-product Credits |
$ |
21,555 |
|
|
$ |
— |
|
|
$ |
4,983 |
|
|
|
|
$ |
35,777 |
|
|
|
Divided by silver ounces produced |
2,741 |
|
|
— |
|
|
423 |
|
|
|
|
3,164 |
|
|
|||||
Cash Cost, Before By-product Credits, per Silver Ounce |
$ |
21.49 |
|
|
$ |
— |
|
|
$ |
22.52 |
|
|
|
|
$ |
21.62 |
|
|
|
By-product credits per Silver ounce |
(18.73) |
|
|
— |
|
|
(13.63) |
|
|
|
|
(18.04) |
|
|
|||||
Cash Cost, After By-product Credits, per Silver Ounce |
$ |
2.76 |
|
|
$ |
— |
|
|
$ |
8.89 |
|
|
|
|
$ |
3.58 |
|
|
|
AISC, Before By-product Credits, per Silver Ounce |
$ |
26.59 |
|
|
$ |
— |
|
|
$ |
25.41 |
|
|
|
|
$ |
29.35 |
|
|
|
By-product credits per Silver ounce |
(18.73) |
|
|
— |
|
|
(13.63) |
|
|
|
|
(18.04) |
|
|
|||||
AISC, After By-product Credits, per Silver Ounce |
$ |
7.86 |
|
|
$ |
— |
|
|
$ |
11.78 |
|
|
|
|
$ |
11.31 |
|
|
|
| In thousands (except per ounce amounts) | Three Months Ended December 31, 2019 |
||||||||||
|
Casa Berardi |
|
Nevada
|
|
Total Gold |
||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
60,444 |
|
|
$ |
48,059 |
|
|
$ |
108,503 |
|
Depreciation, depletion and amortization |
(20,154) |
|
|
(21,845) |
|
|
(41,999) |
|
|||
Treatment costs |
447 |
|
|
39 |
|
|
486 |
|
|||
Change in product inventory |
(4,343) |
|
|
(5,896) |
|
|
(10,239) |
|
|||
Reclamation and other costs |
(130) |
|
|
(378) |
|
|
(508) |
|
|||
Cash Cost, Before By-product Credits (2) |
36,264 |
|
|
19,979 |
|
|
56,243 |
|
|||
Reclamation and other costs |
129 |
|
|
378 |
|
|
507 |
|
|||
Exploration |
560 |
|
|
285 |
|
|
845 |
|
|||
Sustaining capital |
7,699 |
|
|
946 |
|
|
8,645 |
|
|||
AISC, Before By-product Credits (2) |
44,652 |
|
|
21,588 |
|
|
66,240 |
|
|||
By-product credits: |
|
|
|
|
|
||||||
Silver |
(180) |
|
|
(371) |
|
|
(551) |
|
|||
Total By-product credits |
(180) |
|
|
(371) |
|
|
(551) |
|
|||
Cash Cost, After By-product Credits |
$ |
36,084 |
|
|
$ |
19,608 |
|
|
$ |
55,692 |
|
AISC, After By-product Credits |
$ |
44,472 |
|
|
$ |
21,217 |
|
|
$ |
65,689 |
|
Divided by gold ounces produced |
35 |
|
|
21 |
|
|
56 |
|
|||
Cash Cost, Before By-product Credits, per Gold Ounce |
$ |
1,042 |
|
|
$ |
964 |
|
|
$ |
1,003 |
|
By-product credits per Gold Ounce |
(5) |
|
|
(18) |
|
|
(10) |
|
|||
Cash Cost, After By-product Credits, per Gold Ounce |
$ |
1,037 |
|
|
$ |
946 |
|
|
$ |
993 |
|
AISC, Before By-product Credits, per Gold Ounce |
$ |
1,283 |
|
|
$ |
1,042 |
|
|
$ |
1,197 |
|
By-product credits per Gold Ounce |
(5) |
|
|
(18) |
|
|
(10) |
|
|||
AISC, After By-product Credits, per Gold Ounce |
$ |
1,278 |
|
|
$ |
1,024 |
|
|
$ |
1,187 |
|
| In thousands (except per ounce amounts) | Three Months Ended December 31, 2019 |
|||||||||||||
|
Total Silver |
|
Total Gold |
|
Total |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
91,124 |
|
|
|
108,503 |
|
|
|
$ |
199,627 |
|
|
|
Depreciation, depletion and amortization |
(18,481 |
) |
|
|
(41,999 |
) |
|
|
(60,480 |
) |
|
|||
Treatment costs |
15,546 |
|
|
|
486 |
|
|
|
16,032 |
|
|
|||
Change in product inventory |
(11,590 |
) |
|
|
(10,239 |
) |
|
|
(21,829 |
) |
|
|||
Reclamation and other costs |
(1,641 |
) |
|
|
(508 |
) |
|
|
(2,149 |
) |
|
|||
Exclusion of Lucky Friday costs |
(6,546 |
) |
|
|
|
|
(6,546 |
) |
|
|||||
Cash Cost, Before By-product Credits (2) |
68,412 |
|
|
|
56,243 |
|
|
|
124,655 |
|
|
|||
Reclamation and other costs |
860 |
|
|
|
507 |
|
|
|
1,367 |
|
|
|||
Exploration |
799 |
|
|
|
845 |
|
|
|
1,644 |
|
|
|||
Sustaining capital |
13,805 |
|
|
|
8,645 |
|
|
|
22,450 |
|
|
|||
General and administrative |
8,977 |
|
|
|
— |
|
|
|
8,977 |
|
|
|||
AISC, Before By-product Credits (2) |
92,853 |
|
|
|
66,240 |
|
|
|
159,093 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Zinc |
(23,478 |
) |
|
|
— |
|
|
|
(23,478 |
) |
|
|||
Gold |
(25,773 |
) |
|
|
— |
|
|
|
(25,773 |
) |
|
|||
Lead |
(7,825 |
) |
|
|
— |
|
|
|
(7,825 |
) |
|
|||
Silver |
|
|
(551 |
) |
|
|
(551 |
) |
|
|||||
Total By-product credits |
(57,076 |
) |
|
|
(551 |
) |
|
|
(57,627 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
11,336 |
|
|
|
$ |
55,692 |
|
|
|
$ |
67,028 |
|
|
AISC, After By-product Credits |
$ |
35,777 |
|
|
|
$ |
65,689 |
|
|
|
$ |
101,466 |
|
|
Divided by ounces produced |
3,164 |
|
|
|
56 |
|
|
|
|
|||||
Cash Cost, Before By-product Credits, per Ounce |
$ |
21.62 |
|
|
|
$ |
1,003 |
|
|
|
|
|||
By-product credits per ounce |
(18.04 |
) |
|
|
(10 |
) |
|
|
|
|||||
Cash Cost, After By-product Credits, per Ounce |
$ |
3.58 |
|
|
|
$ |
993 |
|
|
|
|
|||
AISC, Before By-product Credits, per Ounce |
$ |
29.35 |
|
|
|
$ |
1,197 |
|
|
|
|
|||
By-product credits per ounce |
(18.04 |
) |
|
|
(10 |
) |
|
|
|
|||||
AISC, After By-product Credits, per Ounce |
$ |
11.31 |
|
|
|
$ |
1,187 |
|
|
|
|
|||
| In thousands (except per ounce amounts) | Twelve Months Ended December 31, 2020 |
|||||||||||||||||
|
Greens
|
|
Lucky Friday(3) |
|
San Sebastian(4) |
|
Corporate(5) |
|
Total
|
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
217,125 |
|
|
$ |
56,706 |
|
|
$ |
24,104 |
|
|
|
|
$ |
297,935 |
|
|
Depreciation, depletion and amortization |
(49,692) |
|
|
(11,473) |
|
|
(3,548) |
|
|
|
|
(64,713) |
|
|||||
Treatment costs |
77,122 |
|
|
4,590 |
|
|
287 |
|
|
|
|
81,999 |
|
|||||
Change in product inventory |
(3,144) |
|
|
2,340 |
|
|
(2,357) |
|
|
|
|
(3,161) |
|
|||||
Reclamation and other costs (1) |
(1,608) |
|
|
(274) |
|
|
(1,198) |
|
|
|
|
(3,080) |
|
|||||
Exclusion of Lucky Friday costs |
— |
|
|
(31,442) |
|
|
— |
|
|
|
|
(31,442) |
|
|||||
Cash Cost, Before By-product Credits (2) |
239,803 |
|
|
20,447 |
|
|
17,288 |
|
|
|
|
277,538 |
|
|||||
Reclamation and other costs |
3,154 |
|
|
222 |
|
|
418 |
|
|
|
|
3,794 |
|
|||||
Exploration |
354 |
|
|
— |
|
|
— |
|
|
1,788 |
|
|
2,142 |
|
||||
Sustaining capital |
28,797 |
|
|
7,154 |
|
|
299 |
|
|
38 |
|
|
36,288 |
|
||||
General and administrative |
|
|
|
|
|
|
33,759 |
|
|
33,759 |
|
|||||||
AISC, Before By-product Credits (2) |
272,108 |
|
|
27,823 |
|
|
18,005 |
|
|
|
|
353,521 |
|
|||||
By-product credits: |
|
|
|
|
|
|
|
|
|
|||||||||
Zinc |
(79,413) |
|
|
(4,273) |
|
|
|
|
|
|
(83,686) |
|
||||||
Gold |
(74,615) |
|
|
— |
|
|
(12,586) |
|
|
|
|
(87,201) |
|
|||||
Lead |
(28,193) |
|
|
(8,421) |
|
|
|
|
|
|
(36,614) |
|
||||||
Total By-product credits |
(182,221) |
|
|
(12,694) |
|
|
(12,586) |
|
|
|
|
(207,501) |
|
|||||
Cash Cost, After By-product Credits |
$ |
57,582 |
|
|
$ |
7,753 |
|
|
$ |
4,702 |
|
|
|
|
$ |
70,037 |
|
|
AISC, After By-product Credits |
$ |
89,887 |
|
|
$ |
15,129 |
|
|
$ |
5,419 |
|
|
|
|
$ |
146,020 |
|
|
Divided by silver ounces produced |
10,495 |
|
|
830 |
|
|
955 |
|
|
|
|
12,280 |
|
|||||
Cash Cost, Before By-product Credits, per Silver Ounce |
$ |
22.85 |
|
|
$ |
24.63 |
|
|
$ |
18.10 |
|
|
|
|
$ |
22.60 |
|
|
By-product credits per Silver ounce |
(17.36) |
|
|
(15.29) |
|
|
(13.18) |
|
|
|
|
(16.90) |
|
|||||
Cash Cost, After By-product Credits, per Silver Ounce |
$ |
5.49 |
|
|
$ |
9.34 |
|
|
$ |
4.92 |
|
|
|
|
$ |
5.70 |
|
|
AISC, Before By-product Credits, per Silver Ounce |
$ |
25.93 |
|
|
$ |
33.51 |
|
|
$ |
18.86 |
|
|
|
|
$ |
28.79 |
|
|
By-product credits per Silver ounce |
(17.36) |
|
|
(15.29) |
|
|
(13.18) |
|
|
|
|
(16.90) |
|
|||||
AISC, After By-product Credits, per Silver Ounce |
$ |
8.57 |
|
|
$ |
18.22 |
|
|
$ |
5.68 |
|
|
|
|
$ |
11.89 |
|
|
| In thousands (except per ounce amounts) | Twelve Months Ended December 31, 2020 |
|||||||||||||
|
Casa Berardi (6) |
|
Nevada
|
|
Total Gold |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
203,434 |
|
|
|
$ |
44,801 |
|
|
|
$ |
248,235 |
|
|
Depreciation, depletion and amortization |
(69,572 |
) |
|
|
(22,845 |
) |
|
|
(92,417 |
) |
|
|||
Treatment costs |
2,591 |
|
|
|
45 |
|
|
|
2,636 |
|
|
|||
Change in product inventory |
2,226 |
|
|
|
15,869 |
|
|
|
18,095 |
|
|
|||
Reclamation and other costs (1) |
(773 |
) |
|
|
(978 |
) |
|
|
(1,751 |
) |
|
|||
Exclusion of Nevada Operations costs |
— |
|
|
|
(13,511 |
) |
|
|
(13,511 |
) |
|
|||
Cash Cost, Before By-product Credits (1) |
137,906 |
|
|
|
23,381 |
|
|
|
161,287 |
|
|
|||
Reclamation and other costs |
386 |
|
|
|
654 |
|
|
|
1,040 |
|
|
|||
Exploration |
2,231 |
|
|
|
— |
|
|
|
2,231 |
|
|
|||
Sustaining capital |
34,431 |
|
|
|
1,600 |
|
|
|
36,031 |
|
|
|||
AISC, Before By-product Credits (2) |
174,954 |
|
|
|
25,635 |
|
|
|
200,589 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Silver |
(499 |
) |
|
|
(635 |
) |
|
|
(1,134 |
) |
|
|||
Total By-product credits |
(499 |
) |
|
|
(635 |
) |
|
|
(1,134 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
137,407 |
|
|
|
$ |
22,746 |
|
|
|
$ |
160,153 |
|
|
AISC, After By-product Credits |
$ |
174,455 |
|
|
|
$ |
25,000 |
|
|
|
$ |
199,455 |
|
|
Divided by gold ounces produced |
121 |
|
|
|
32 |
|
|
|
153 |
|
|
|||
Cash Cost, Before By-product Credits, per Gold Ounce |
$ |
1,135 |
|
|
|
$ |
736 |
|
|
|
$ |
1,052 |
|
|
By-product credits per Gold ounce |
(4 |
) |
|
|
(20 |
) |
|
|
(7 |
) |
|
|||
Cash Cost, After By-product Credits, per Gold Ounce |
$ |
1,131 |
|
|
|
$ |
716 |
|
|
|
$ |
1,045 |
|
|
AISC, Before By-product Credits, per Gold Ounce |
$ |
1,440 |
|
|
|
$ |
807 |
|
|
|
$ |
1,309 |
|
|
By-product credits per Gold ounce |
(4 |
) |
|
|
(20 |
) |
|
|
(7 |
) |
|
|||
AISC, After By-product Credits, per Gold Ounce |
$ |
1,436 |
|
|
|
$ |
787 |
|
|
|
$ |
1,302 |
|
|
| In thousands (except per ounce amounts) | Twelve Months Ended December 31, 2020 |
||||||||||
|
Total Silver |
|
Total Gold |
|
Total |
||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
297,935 |
|
|
$ |
248,235 |
|
|
$ |
546,170 |
|
Depreciation, depletion and amortization |
(64,713) |
|
|
(92,417) |
|
|
(157,130) |
|
|||
Treatment costs |
81,999 |
|
|
2,636 |
|
|
84,635 |
|
|||
Change in product inventory |
(3,161) |
|
|
18,095 |
|
|
14,934 |
|
|||
Reclamation and other costs (1) |
(3,080) |
|
|
(1,751) |
|
|
(4,831) |
|
|||
Cash costs excluded |
(31,442) |
|
|
(13,511) |
|
|
(44,953) |
|
|||
Cash Cost, Before By-product Credits (2) |
277,538 |
|
|
161,287 |
|
|
438,825 |
|
|||
Reclamation and other costs |
3,794 |
|
|
1,040 |
|
|
4,834 |
|
|||
Exploration |
2,142 |
|
|
2,231 |
|
|
4,373 |
|
|||
Sustaining capital |
36,288 |
|
|
36,031 |
|
|
72,319 |
|
|||
General and administrative |
33,759 |
|
|
— |
|
|
33,759 |
|
|||
AISC, Before By-product Credits (2) |
353,521 |
|
|
200,589 |
|
|
554,110 |
|
|||
By-product credits: |
|
|
|
|
|
||||||
Zinc |
(83,686) |
|
|
|
|
(83,686) |
|
||||
Gold |
(87,201) |
|
|
|
|
(87,201) |
|
||||
Lead |
(36,614) |
|
|
|
|
(36,614) |
|
||||
Silver |
|
|
(1,134) |
|
|
(1,134) |
|
||||
Total By-product credits |
(207,501) |
|
|
(1,134) |
|
|
(208,635) |
|
|||
Cash Cost, After By-product Credits |
$ |
70,037 |
|
|
$ |
160,153 |
|
|
$ |
230,190 |
|
AISC, After By-product Credits |
$ |
146,020 |
|
|
$ |
199,455 |
|
|
$ |
345,475 |
|
Divided by ounces produced |
12,280 |
|
|
153 |
|
|
|
||||
Cash Cost, Before By-product Credits, per Ounce |
$ |
22.60 |
|
|
$ |
1,052 |
|
|
|
||
By-product credits per ounce |
(16.90) |
|
|
(7) |
|
|
|
||||
Cash Cost, After By-product Credits, per Ounce |
$ |
5.70 |
|
|
$ |
1,045 |
|
|
|
||
AISC, Before By-product Credits, per Ounce |
$ |
28.79 |
|
|
$ |
1,309 |
|
|
|
||
By-product credits per ounce |
(16.90) |
|
|
(7) |
|
|
|
||||
AISC, After By-product Credits, per Ounce |
$ |
11.89 |
|
|
$ |
1,302 |
|
|
|
||
| In thousands (except per ounce amounts) | Twelve Months Ended December 31, 2019 |
|
|||||||||||||||||||||
|
Greens
|
|
Lucky
|
|
San
|
|
Corporate(5) |
|
Total Silver |
|
|||||||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
211,719 |
|
|
|
$ |
16,621 |
|
|
|
$ |
50,509 |
|
|
|
|
|
$ |
278,849 |
|
|
|
|
Depreciation, depletion and amortization |
(47,587 |
) |
|
|
(1,175 |
) |
|
|
(9,772 |
) |
|
|
|
|
(58,534 |
) |
|
|
|||||
Treatment costs |
48,487 |
|
|
|
2,884 |
|
|
|
760 |
|
|
|
|
|
52,131 |
|
|
|
|||||
Change in product inventory |
(1,155 |
) |
|
|
1,016 |
|
|
|
(2,953 |
) |
|
|
|
|
(3,092 |
) |
|
|
|||||
Reclamation and other costs |
(2,523 |
) |
|
|
— |
|
|
|
(1,588 |
) |
|
|
|
|
(4,111 |
) |
|
|
|||||
Exclusion of Lucky Friday costs |
— |
|
|
|
(19,346 |
) |
|
|
|
|
|
|
(19,346 |
) |
|
|
|||||||
Cash Cost, Before By-product Credits (2) |
208,941 |
|
|
|
— |
|
|
|
36,956 |
|
|
|
|
|
245,897 |
|
|
|
|||||
Reclamation and other costs |
2,949 |
|
|
|
— |
|
|
|
492 |
|
|
|
|
|
3,441 |
|
|
|
|||||
Exploration |
982 |
|
|
|
— |
|
|
|
4,667 |
|
|
|
1,332 |
|
|
6,981 |
|
|
|
||||
Sustaining capital |
35,829 |
|
|
|
— |
|
|
|
2,461 |
|
|
|
108 |
|
|
38,398 |
|
|
|
||||
General and administrative |
|
|
|
|
|
|
35,832 |
|
|
35,832 |
|
|
|
||||||||||
AISC, Before By-product Credits (2) |
248,701 |
|
|
|
— |
|
|
|
44,576 |
|
|
|
|
|
330,549 |
|
|
|
|||||
By-product credits: |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Zinc |
(91,435 |
) |
|
|
|
|
|
|
|
|
(91,435 |
) |
|
|
|||||||||
Gold |
(69,391 |
) |
|
|
|
|
(21,960 |
) |
|
|
|
|
(91,351 |
) |
|
|
|||||||
Lead |
(28,589 |
) |
|
|
|
|
|
|
|
|
(28,589 |
) |
|
|
|||||||||
Total By-product credits |
(189,415 |
) |
|
|
— |
|
|
|
(21,960 |
) |
|
|
|
|
(211,375 |
) |
|
|
|||||
Cash Cost, After By-product Credits |
$ |
19,526 |
|
|
|
$ |
— |
|
|
|
$ |
14,996 |
|
|
|
|
|
$ |
34,522 |
|
|
|
|
AISC, After By-product Credits |
$ |
59,286 |
|
|
|
$ |
— |
|
|
|
$ |
22,616 |
|
|
|
|
|
$ |
119,174 |
|
|
|
|
Divided by silver ounces produced |
9,890 |
|
|
|
— |
|
|
|
1,869 |
|
|
|
|
|
11,759 |
|
|
|
|||||
Cash Cost, Before By-product Credits, per Silver Ounce |
$ |
21.12 |
|
|
|
$ |
— |
|
|
|
$ |
19.77 |
|
|
|
|
|
$ |
20.91 |
|
|
|
|
By-product credits per silver ounce |
(19.15 |
) |
|
|
— |
|
|
|
(11.75 |
) |
|
|
|
|
(17.98 |
) |
|
|
|||||
Cash Cost, After By-product Credits, per Silver Ounce |
$ |
1.97 |
|
|
|
$ |
— |
|
|
|
$ |
8.02 |
|
|
|
|
|
$ |
2.93 |
|
|
|
|
AISC, Before By-product Credits, per Silver Ounce |
$ |
25.14 |
|
|
|
$ |
— |
|
|
|
$ |
23.85 |
|
|
|
|
|
$ |
28.11 |
|
|
|
|
By-product credits per silver ounce |
(19.15 |
) |
|
|
— |
|
|
|
(11.75 |
) |
|
|
|
|
(17.98 |
) |
|
|
|||||
AISC, After By-product Credits, per Silver Ounce |
$ |
5.99 |
|
|
|
$ |
— |
|
|
|
$ |
12.10 |
|
|
|
|
|
$ |
10.13 |
|
|
|
|
| In thousands (except per ounce amounts) | Twelve Months Ended December 31, 2019 |
|||||||||||||
|
Casa Berardi |
|
Nevada
|
|
Total Gold |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
217,682 |
|
|
|
$ |
153,336 |
|
|
|
$ |
371,018 |
|
|
Depreciation, depletion and amortization |
(73,960 |
) |
|
|
(67,024 |
) |
|
|
(140,984 |
) |
|
|||
Treatment costs |
1,876 |
|
|
|
158 |
|
|
|
2, 034 |
|
|
|||
Change in product inventory |
(3,371 |
) |
|
|
(9,008 |
) |
|
|
(12,379 |
|
|
|||
Reclamation and other costs |
(515 |
) |
|
|
(2,019 |
) |
|
|
(2,534 |
) |
|
|||
Cash Cost, Before By-product Credits (2) |
141,712 |
|
|
|
75,443 |
|
|
|
217,155 |
|
|
|||
Reclamation and other costs |
515 |
|
|
|
1,512 |
|
|
|
2,027 |
|
|
|||
Exploration |
3,450 |
|
|
|
2,333 |
|
|
|
5,783 |
|
|
|||
Sustaining capital |
36,825 |
|
|
|
24,652 |
|
|
|
61,477 |
|
|
|||
AISC, Before By-product Credits (2) |
182,502 |
|
|
|
103,940 |
|
|
|
286,442 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Silver |
(508 |
) |
|
|
(2,922 |
) |
|
|
(3,430 |
) |
|
|||
Total By-product credits |
(508 |
) |
|
|
(2,922 |
) |
|
|
(3,430 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
141,204 |
|
|
|
$ |
72,521 |
|
|
|
$ |
213,725 |
|
|
AISC, After By-product Credits |
$ |
181,994 |
|
|
|
$ |
101,018 |
|
|
|
$ |
283,012 |
|
|
Divided by gold ounces produced |
134 |
|
|
|
66 |
|
|
|
200 |
|
|
|||
Cash Cost, Before By-product Credits, per Gold Ounce |
$ |
1,055 |
|
|
|
$ |
1,140 |
|
|
|
$ |
1,083 |
|
|
By-product credits per gold ounce |
(4 |
) |
|
|
(44 |
) |
|
|
(17 |
) |
|
|||
Cash Cost, After By-product Credits, per Gold Ounce |
$ |
1,051 |
|
|
|
$ |
1,096 |
|
|
|
$ |
1,066 |
|
|
AISC, Before By-product Credits, per Gold Ounce |
$ |
1,358 |
|
|
|
$ |
1,571 |
|
|
|
$ |
1,428 |
|
|
By-product credits per ounce |
(4 |
) |
|
|
(44 |
) |
|
|
(17 |
) |
|
|||
AISC, After By-product Credits, per Gold Ounce |
$ |
1,354 |
|
|
|
$ |
1,527 |
|
|
|
$ |
1,411 |
|
|
| In thousands (except per ounce amounts) | Twelve Months Ended December 31, 2019 |
|||||||||||||
|
Total Silver |
|
Total Gold |
|
Total |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
278,849 |
|
|
|
$ |
371,018 |
|
|
|
$ |
649,867 |
|
|
Depreciation, depletion and amortization |
(58,534 |
) |
|
|
(140,984 |
) |
|
|
(199,518 |
) |
|
|||
Treatment costs |
52,131 |
|
|
|
2,034 |
|
|
|
54,165 |
|
|
|||
Change in product inventory |
(3,092 |
) |
|
|
(12,379 |
) |
|
|
(15,471 |
) |
|
|||
Reclamation and other costs |
(4,111 |
) |
|
|
(2,534 |
) |
|
|
(6,645 |
) |
|
|||
Exclusion of Lucky Friday costs |
(19,346 |
) |
|
|
|
|
(19,346 |
) |
|
|||||
Cash Cost, Before By-product Credits (2) |
245,897 |
|
|
|
217,155 |
|
|
|
463,052 |
|
|
|||
Reclamation and other costs |
3,441 |
|
|
|
2,027 |
|
|
|
5,468 |
|
|
|||
Exploration |
6,981 |
|
|
|
5,783 |
|
|
|
12,764 |
|
|
|||
Sustaining capital |
38,398 |
|
|
|
61,477 |
|
|
|
99,875 |
|
|
|||
General and administrative |
36,832 |
|
|
|
— |
|
|
|
35,832 |
|
|
|||
AISC, Before By-product Credits (2) |
330,549 |
|
|
|
286,442 |
|
|
|
616,991 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Zinc |
(91,435 |
) |
|
|
|
|
(91,435 |
) |
|
|||||
Gold |
(91,351 |
) |
|
|
|
|
(91,351 |
) |
|
|||||
Lead |
(28,589 |
) |
|
|
|
|
(28,589 |
) |
|
|||||
Silver |
|
|
(3,430 |
) |
|
|
(3,430 |
) |
|
|||||
Total By-product credits |
(211,375 |
) |
|
|
(3,430 |
) |
|
|
(214,805 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
34,522 |
|
|
|
$ |
213,725 |
|
|
|
$ |
248,247 |
|
|
AISC, After By-product Credits |
$ |
119,174 |
|
|
|
$ |
283,012 |
|
|
|
$ |
402,186 |
|
|
Divided by ounces produced |
11,759 |
|
|
|
200 |
|
|
|
|
|||||
Cash Cost, Before By-product Credits, per Ounce |
$ |
20,91 |
|
|
|
$ |
1,083 |
|
|
|
|
|||
By-product credits per ounce |
(17.98 |
) |
|
|
(17 |
) |
|
|
|
|||||
Cash Cost, After By-product Credits, per Ounce |
$ |
2.93 |
|
|
|
$ |
1,066 |
|
|
|
|
|||
AISC, Before By-product Credits, per Ounce |
$ |
28.11 |
|
|
|
$ |
1,428 |
|
|
|
|
|||
By-product credits per ounce |
(17.98 |
) |
|
|
(17 |
) |
|
|
|
|||||
AISC, After By-product Credits, per Ounce |
$ |
10.13 |
|
|
|
$ |
1,411 |
|
|
|
|
|||
| In thousands (except per ounce amounts) | Estimate for Twelve Months Ended December 31, 2021 |
||||||||||||||||||||
|
Greens
|
|
Lucky Friday |
|
San
|
|
Corporate(5) |
|
Total Silver |
||||||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
220,000 |
|
|
|
$ |
90,400 |
|
|
|
$ |
— |
|
|
|
|
$ |
310,400 |
|
|
|
Depreciation, depletion and amortization |
(46,000 |
) |
|
|
(26,000 |
) |
|
|
— |
|
|
|
|
(72,000 |
) |
|
|||||
Treatment costs |
49,000 |
|
|
|
17,100 |
|
|
|
— |
|
|
|
|
66,100 |
|
|
|||||
Change in product inventory |
(5,700 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(5,700 |
) |
|
|||||
Reclamation and other costs |
1,500 |
|
|
|
1,000 |
|
|
|
— |
|
|
|
|
2,500 |
|
|
|||||
Cash Cost, Before By-product Credits (2) |
218,800 |
|
|
|
82,500 |
|
|
|
— |
|
|
|
|
301,300 |
|
|
|||||
Reclamation and other costs |
3,400 |
|
|
|
500 |
|
|
|
— |
|
|
|
|
3,900 |
|
|
|||||
Exploration |
4,000 |
|
|
|
— |
|
|
|
— |
|
|
|
|
4,000 |
|
|
|||||
Sustaining capital |
38,000 |
|
|
|
22,000 |
|
|
|
— |
|
|
|
|
60,000 |
|
|
|||||
General and administrative |
— |
|
|
|
|
|
— |
|
|
32,000 |
|
|
32,000 |
|
|
||||||
AISC, Before By-product Credits (2) |
264,200 |
|
|
|
105,000 |
|
|
|
— |
|
|
|
|
401,200 |
|
|
|||||
By-product credits: |
|
|
|
|
|
|
|
|
|
||||||||||||
Zinc |
(70,000 |
) |
|
|
(14,500 |
) |
|
|
— |
|
|
|
|
(84,500 |
) |
|
|||||
Gold |
(62,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(62,000 |
) |
|
|||||
Lead |
(28,000 |
) |
|
|
(38,900 |
) |
|
|
|
|
|
|
(66,900 |
) |
|
||||||
Total By-product credits |
(160,000 |
) |
|
|
(53,400 |
) |
|
|
— |
|
|
|
|
(213,400 |
) |
|
|||||
Cash Cost, After By-product Credits |
$ |
58,800 |
|
|
|
$ |
29,100 |
|
|
|
$ |
— |
|
|
|
|
$ |
87,900 |
|
|
|
AISC, After By-product Credits |
$ |
104,200 |
|
|
|
$ |
51,600 |
|
|
|
$ |
— |
|
|
|
|
$ |
187,800 |
|
|
|
Divided by silver ounces produced |
9,850 |
|
|
|
3,600 |
|
|
|
— |
|
|
|
|
13,450 |
|
|
|||||
Cash Cost, Before By-product Credits, per Silver Ounce |
$ |
22.21 |
|
|
|
$ |
22.92 |
|
|
|
$ |
— |
|
|
|
|
$ |
22.40 |
|
|
|
By-product credits per silver ounce |
(16.24 |
) |
|
|
(14.83 |
) |
|
|
— |
|
|
|
|
(15.87 |
) |
|
|||||
Cash Cost, After By-product Credits, per Silver Ounce |
$ |
5.97 |
|
|
|
$ |
8.09 |
|
|
|
$ |
— |
|
|
|
|
$ |
6.53 |
|
|
|
AISC, Before By-product Credits, per Silver Ounce |
$ |
26.82 |
|
|
|
$ |
29.17 |
|
|
|
$ |
— |
|
|
|
|
$ |
29.83 |
|
|
|
By-product credits per silver ounce |
(16.24 |
) |
|
|
(14.83 |
) |
|
|
— |
|
|
|
|
(15.87 |
) |
|
|||||
AISC, After By-product Credits, per Silver Ounce |
$ |
10.58 |
|
|
|
$ |
14.34 |
|
|
|
$ |
— |
|
|
|
|
$ |
13.96 |
|
|
|
| In thousands (except per ounce amounts) | Estimate for Twelve Months Ended December 31, 2021 |
|||||||||||||
|
Casa Berardi |
|
Nevada
|
|
Total Gold |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
175,900 |
|
|
|
$ |
41,000 |
|
|
|
$ |
216,900 |
|
|
Depreciation, depletion and amortization |
(61,000 |
) |
|
|
(5,600 |
) |
|
|
(66,600 |
) |
|
|||
Treatment costs |
400 |
|
|
|
4,600 |
|
|
|
5,000 |
|
|
|||
Change in product inventory |
600 |
|
|
|
(11,600 |
) |
|
|
(11,000 |
) |
|
|||
Reclamation and other costs |
300 |
|
|
|
500 |
|
|
|
800 |
|
|
|||
Cash Cost, Before By-product Credits (2) |
116,200 |
|
|
|
28,900 |
|
|
|
145,100 |
|
|
|||
Reclamation and other costs |
500 |
|
|
|
100 |
|
|
|
600 |
|
|
|||
Exploration |
3,800 |
|
|
|
— |
|
|
|
3,800 |
|
|
|||
Sustaining capital |
31,500 |
|
|
|
2,000 |
|
|
|
33,500 |
|
|
|||
AISC, Before By-product Credits (2) |
152,000 |
|
|
|
31,000 |
|
|
|
183,000 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Silver |
(600 |
) |
|
|
(550 |
) |
|
|
(1,150 |
) |
|
|||
Total By-product credits |
(600 |
) |
|
|
(550 |
) |
|
|
(1,150 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
115,600 |
|
|
|
$ |
28,350 |
|
|
|
$ |
143,950 |
|
|
AISC, After By-product Credits |
$ |
151,400 |
|
|
|
$ |
30,450 |
|
|
|
$ |
181,850 |
|
|
Divided by gold ounces produced |
127 |
|
|
|
21 |
|
|
|
148 |
|
|
|||
Cash Cost, Before By-product Credits, per Gold Ounce |
$ |
919 |
|
|
|
$ |
1,376 |
|
|
|
$ |
984 |
|
|
By-product credits per gold ounce |
(5 |
) |
|
|
(26 |
) |
|
|
(8 |
) |
|
|||
Cash Cost, After By-product Credits, per Gold Ounce |
$ |
914 |
|
|
|
$ |
1,350 |
|
|
|
$ |
976 |
|
|
AISC, Before By-product Credits, per Gold Ounce |
$ |
1,202 |
|
|
|
$ |
1,476 |
|
|
|
$ |
1,241 |
|
|
By-product credits per gold ounce |
(5 |
) |
|
|
(26 |
) |
|
|
(8 |
) |
|
|||
AISC, After By-product Credits, per Gold Ounce |
$ |
1,197 |
|
|
|
$ |
1,450 |
|
|
|
$ |
1,233 |
|
|
| In thousands (except per ounce amounts) | Estimate for Twelve Months Ended December 31, 2021 |
|||||||||||||
|
Total Silver |
|
Total Gold |
|
Total |
|||||||||
Cost of sales and other direct production costs and depreciation, depletion and amortization |
$ |
310,400 |
|
|
|
$ |
216,900 |
|
|
|
$ |
527,300 |
|
|
Depreciation, depletion and amortization |
(72,000 |
) |
|
|
(66,600 |
) |
|
|
(138,600 |
) |
|
|||
Treatment costs |
66,100 |
|
|
|
5,000 |
|
|
|
71,100 |
|
|
|||
Change in product inventory |
(5,700 |
) |
|
|
(11,000 |
) |
|
|
(16,700 |
) |
|
|||
Reclamation and other costs |
2,500 |
|
|
|
800 |
|
|
|
3,300 |
|
|
|||
Cash Cost, Before By-product Credits (2) |
301,300 |
|
|
|
145,100 |
|
|
|
446,400 |
|
|
|||
Reclamation and other costs |
3,900 |
|
|
|
600 |
|
|
|
4,500 |
|
|
|||
Exploration |
4,000 |
|
|
|
3,800 |
|
|
|
7,800 |
|
|
|||
Sustaining capital |
60,000 |
|
|
|
33,500 |
|
|
|
93,500 |
|
|
|||
General and administrative |
32,000 |
|
|
|
— |
|
|
|
32,000 |
|
|
|||
AISC, Before By-product Credits(2) |
401,200 |
|
|
|
183,000 |
|
|
|
584,200 |
|
|
|||
By-product credits: |
|
|
|
|
|
|||||||||
Zinc |
(84,500 |
) |
|
|
— |
|
|
|
(84,500 |
) |
|
|||
Gold |
(62,000 |
) |
|
|
— |
|
|
|
(62,000 |
) |
|
|||
Lead |
(66,900 |
) |
|
|
— |
|
|
|
(66,900 |
) |
|
|||
Silver |
|
|
(1,150 |
) |
|
|
(1,150 |
) |
|
|||||
Total By-product credits |
(213,400 |
) |
|
|
(1,150 |
) |
|
|
(214,550 |
) |
|
|||
Cash Cost, After By-product Credits |
$ |
87,900 |
|
|
|
$ |
143,950 |
|
|
|
$ |
231,850 |
|
|
AISC, After By-product Credits |
$ |
187,800 |
|
|
|
$ |
181,850 |
|
|
|
$ |
369,650 |
|
|
Divided by ounces produced |
13,450 |
|
|
|
148 |
|
|
|
|
|||||
Cash Cost, Before By-product Credits, per Ounce |
$ |
22.40 |
|
|
|
$ |
984 |
|
|
|
|
|||
By-product credits per ounce |
(15.87 |
) |
|
|
(8 |
) |
|
|
|
|||||
Cash Cost, After By-product Credits, per Ounce |
$ |
6.53 |
|
|
|
$ |
976 |
|
|
|
|
|||
AISC, Before By-product Credits, per Ounce |
$ |
29.83 |
|
|
|
$ |
1,241 |
|
|
|
|
|||
By-product credits per ounce |
(15.87 |
) |
|
|
(8 |
) |
|
|
|
|||||
AISC, After By-product Credits, per Ounce |
$ |
13.96 |
|
|
|
$ |
1,233 |
|
|
|
|
|||
(1) |
Excludes the discretionary portion of general and administrative costs for Greens Creek, Casa Berardi, Lucky Friday and corporate of $0.6 million, $0.4 million, $0.1 million, and $1.8 million, respectively, for 2020. |
|
|
|
|
(2) |
Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, non-discretionary 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. AISC, Before By-product Credits also includes on-site exploration, reclamation, and sustaining capital costs. |
|
|
|
|
(3) |
The unionized employees at Lucky Friday were on strike from March 2017 until January 2020, and production at Lucky Friday had been limited from the start of the strike until the ramp-up was substantially completed in the fourth quarter of 2020. Costs related to ramp-up activities totaling approximately $8.0 million in 2020 and suspension-related costs totaling approximately $12.1 million during the strike in 2019 have been excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. |
|
|
|
|
(4) |
In early April 2020, the Government of Mexico issued an order to the mining industry to reduce operations to a minimum level until April 30 in response to COVID-19, and the order was subsequently extended until May 30. Our operations at San Sebastian were suspended during that time. Suspension-related costs totaling $1.8 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, mining and milling cost per ton, and Cash Cost and AISC, After By-product Credits, per Gold Ounce. |
|
|
|
|
(5) |
AISC, Before By-product Credits for our consolidated silver properties includes non-discretionary corporate costs for general and administrative expense, exploration and sustaining capital. |
|
|
|
|
(6) |
In late March 2020, the Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against COVID-19, causing us to suspend our Casa Berardi operations from March 24 until April 15, when mining operations resumed, resulting in reduced mill throughput. Suspension-related costs totaling $1.6 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization and Cash Cost and AISC, After By-product Credits, per Gold Ounce. |
|
|
|
|
(7) |
Production was suspended at the Hollister mine in the third quarter of 2019 and at the Midas mine and Aurora mill in late 2019. Suspension-related costs at Hollister, Midas and Aurora totaling $13.5 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization and Cash Cost and AISC, After By-product Credits, per Gold Ounce. During the second half of 2020, all ore mined at Nevada Operations was stockpiled, with no ore milled and no production reported during the period. As a result, costs incurred at Nevada Operations during the second half of 2020 were excluded from the calculations of Cash Cost and AISC, After By-product Credits, per Gold Ounce. |
Reconciliation of Net Income (Loss) Applicable to Common Shareholders (GAAP) to Adjusted Net Income (Loss) Applicable to Common Shareholders (non-GAAP)
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 in thousands (except per share amounts) |
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||||||
Net income (loss) applicable to common stockholders (GAAP) |
$ |
657 |
|
|
|
$ |
(8,114 |
) |
|
|
$ |
(17,342 |
) |
|
|
$ |
(100,109 |
) |
|
Adjusting items: |
|
|
|
|
|
|
|
||||||||||||
Loss on derivatives contracts |
9,299 |
|
|
|
1,252 |
|
|
|
22,074 |
|
|
|
3,971 |
|
|
||||
Provisional price gain |
(2,722 |
) |
|
|
(855 |
) |
|
|
(8,008 |
) |
|
|
(597 |
) |
|
||||
Ramp-up and suspension costs |
802 |
|
|
|
3,285 |
|
|
|
24,911 |
|
|
|
12,051 |
|
|
||||
Environmental accruals |
— |
|
|
|
— |
|
|
|
— |
|
|
|
472 |
|
|
||||
Foreign exchange loss |
5,840 |
|
|
|
1,495 |
|
|
|
4,605 |
|
|
|
8,236 |
|
|
||||
Acquisition costs |
7 |
|
|
|
52 |
|
|
|
20 |
|
|
|
645 |
|
|
||||
Unrealized (gain) loss on investments |
(858 |
) |
|
|
1,230 |
|
|
|
(10,268 |
) |
|
|
2,389 |
|
|
||||
Loss on prepayment of debt with shares |
— |
|
|
|
2,855 |
|
|
|
— |
|
|
|
2,855 |
|
|
||||
Foundation grant |
— |
|
|
|
— |
|
|
|
1,970 |
|
|
|
— |
|
|
||||
Additional interest associated with early repayment of long-term debt |
— |
|
|
|
— |
|
|
|
2,902 |
|
|
|
— |
|
|
||||
Loss on extinguishment of debt |
— |
|
|
|
— |
|
|
|
1,666 |
|
|
|
— |
|
|
||||
Loss (gain) on disposition of properties, plants, equipment and mineral interests |
13 |
|
|
|
(23 |
) |
|
|
572 |
|
|
|
4,643 |
|
|
||||
Adjusted net income (loss) applicable to common stockholders |
$ |
13,038 |
|
|
|
$ |
(1,177 |
) |
|
|
$ |
23,102 |
|
|
|
$ |
(65,444 |
) |
|
Weighted average shares - basic |
530,998 |
|
|
|
502,902 |
|
|
|
527,329 |
|
|
|
490,449 |
|
|
||||
Weighted average shares - diluted |
537,166 |
|
|
|
502,902 |
|
|
|
527,329 |
|
|
|
490,449 |
|
|
||||
Basic adjusted net income (loss) per common share |
$ |
0.02 |
|
|
|
$ |
— |
|
|
|
$ |
0.04 |
|
|
|
$ |
(0.13 |
) |
|
Diluted adjusted net income (loss) per common share |
$ |
0.02 |
|
|
|
$ |
— |
|
|
|
$ |
0.04 |
|
|
|
$ |
(0.13 |
) |
|
Reconciliation of Net Income (Loss) (GAAP) and Debt (GAAP) to Adjusted EBITDA (non-GAAP) and Net Debt (non-GAAP)
This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which is a measure of our operating performance, and net debt to adjusted EBITDA for the last 12 months (or "LTM adjusted EBITDA"), which is a measure of our ability to service our debt. Adjusted EBITDA is calculated as net income (loss) before the following items: interest expense, income tax provision, depreciation, depletion, and amortization expense, acquisition 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. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net loss and debt to adjusted EBITDA and net debt:
Dollars are in thousands |
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||
Net income (loss) |
$ |
795 |
|
|
|
$ |
(7,976 |
) |
|
|
$ |
(16,790 |
) |
|
|
$ |
(99,557 |
) |
|
Plus: Interest expense |
10,650 |
|
|
|
14,670 |
|
|
|
49,569 |
|
|
|
48,447 |
|
|
||||
Plus (Less): Income taxes |
(1,062 |
) |
|
|
(4,092 |
) |
|
|
135 |
|
|
|
(24,101 |
) |
|
||||
Plus: Depreciation, depletion and amortization |
37,803 |
|
|
|
60,480 |
|
|
|
157,130 |
|
|
|
199,518 |
|
|
||||
Plus: Acquisition costs |
7 |
|
|
|
52 |
|
|
|
20 |
|
|
|
645 |
|
|
||||
Plus: Suspension-related costs |
802 |
|
|
|
3,285 |
|
|
|
24,911 |
|
|
|
12,051 |
|
|
||||
Less: Deferred revenue net of production costs |
— |
|
|
|
(10,912 |
) |
|
|
— |
|
|
|
— |
|
|
||||
(Less)/Plus: (Gain) loss on disposition of properties, plants, equipment, and mineral interests |
13 |
|
|
|
(23 |
) |
|
|
572 |
|
|
|
4,643 |
|
|
||||
Plus/(Less): Foreign exchange (gain) loss |
5,840 |
|
|
|
1,495 |
|
|
|
4,605 |
|
|
|
8,236 |
|
|
||||
Plus/(Less): Unrealized loss (gain) on derivative contracts |
1,095 |
|
|
|
(211 |
) |
|
|
5,578 |
|
|
|
5,613 |
|
|
||||
(Less)/Plus: Provisional price (gain) loss |
(2,722 |
) |
|
|
(855 |
) |
|
|
(8,008 |
) |
|
|
(597 |
) |
|
||||
Plus: Provision for closed operations and environmental matters |
1,551 |
|
|
|
1,616 |
|
|
|
6,189 |
|
|
|
6,914 |
|
|
||||
Plus: Stock-based compensation |
1,229 |
|
|
|
910 |
|
|
|
6,458 |
|
|
|
5,668 |
|
|
||||
Plus: Unrealized loss on investments |
(858 |
) |
|
|
1,230 |
|
|
|
(10,268 |
) |
|
|
2,389 |
|
|
||||
Foundation grant |
— |
|
|
|
— |
|
|
|
1,970 |
|
|
|
— |
|
|
||||
Plus/(Less): Other |
674 |
|
|
|
1,026 |
|
|
|
2,256 |
|
|
|
3,506 |
|
|
||||
Adjusted EBITDA |
$ |
55,817 |
|
|
|
$ |
60,695 |
|
|
|
$ |
224,327 |
|
|
|
$ |
173,375 |
|
|
Total debt |
|
|
|
|
$ |
523,007 |
|
|
|
$ |
517,372 |
|
|
||||||
Less: Cash and cash equivalents |
|
|
|
|
129,830 |
|
|
|
62,452 |
|
|
||||||||
Net debt |
|
|
|
|
$ |
393,177 |
|
|
|
$ |
454,920 |
|
|
||||||
Net debt/LTM adjusted EBITDA (non-GAAP) |
|
|
|
|
1.8 |
|
|
|
2.6 |
|
|
||||||||
Reconciliation of Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)
This release refers to a non-GAAP measure of free cash flow, calculated as cash provided by operating activities, less additions to properties, plants, equipment and mineral interests and a one-time item for settlement of an insurance policy for reclamation of the Troy Mine. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities to free cash flow:
|
Hecla Consolidated |
|
Greens
|
|
Casa Berardi |
|
Nevada
|
|
San Sebastian |
|
Lucky
|
|||||||||||||||||||||||||||||||||
Dollars are in thousands |
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
December 31, |
|
December 31, |
|
|
|||||||||||||||||||||||||||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Twelve Months Ended December 31, 2020 |
|||||||||||||||||||||||||||||||
Cash provided (used) by operating activities 2 |
$ |
64,901 |
|
|
|
$ |
57,257 |
|
|
|
$ |
180,793 |
|
|
|
$ |
120,866 |
|
|
|
$ |
182,633 |
|
|
|
$ |
68,460 |
|
|
|
$ |
7,240 |
|
|
|
$ |
14,357 |
|
|
|
$ |
4,799 |
|
|
Less: Additions to properties, plants equipment and mineral interests |
(36,634 |
) |
|
|
(24,083 |
) |
|
|
(91,016 |
) |
|
|
(121,421 |
) |
|
|
(23,051 |
) |
|
|
(40,854 |
) |
|
|
(4,003 |
) |
|
|
(538 |
) |
|
|
(25,749 |
) |
|
|||||||||
Free cash flow |
$ |
28,267 |
|
|
|
$ |
33,174 |
|
|
|
$ |
89,777 |
|
|
|
$ |
(555 |
) |
|
|
$ |
159,582 |
|
|
|
$ |
27,606 |
|
|
|
$ |
3,237 |
|
|
|
$ |
13,819 |
|
|
|
$ |
(20,950 |
) |
|
1Cash used by operating activities for Lucky Friday includes $1.7 million for ramp-up costs incurred.
2Cash provided (used) by operating activities for the operating segments and on a consolidated basis includes exploration expense, which is a discretionary expenditure. Cash provided by operating activities for the twelve months ended December 31, 2020 includes exploration expense of $0.4 million for Greens Creek, $2.9 million for Casa Berardi, $6.5 million for Nevada Operations, $3.5 million for San Sebastian, and $2.6 million for Corporate activities.
Reserves - 12/31/20(1) |
|||||||||||
Proven Reserves |
|||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
Tons |
Tons |
Tons |
Greens Creek (2) |
3 |
21.8 |
0.10 |
3.7 |
7.8 |
- |
70 |
0.3 |
120 |
250 |
- |
Lucky Friday (2) |
4,393 |
14.2 |
- |
8.8 |
4.1 |
- |
62,290 |
- |
386,210 |
180,060 |
- |
Casa Berardi Open Pit (3) |
4,437 |
- |
0.09 |
- |
- |
- |
- |
410 |
- |
- |
- |
Casa Berardi Underground (3) |
1,038 |
- |
0.15 |
- |
- |
- |
- |
158 |
- |
- |
- |
Fire Creek (2,4) |
62 |
0.4 |
0.48 |
- |
- |
- |
28 |
30 |
- |
- |
- |
Total |
9,933 |
|
|
|
|
|
62,388 |
598 |
386,330 |
180,310 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Probable Reserves |
|||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
(Tons) |
(Tons) |
Tons |
Greens Creek (2) |
8,975 |
12.4 |
0.09 |
2.8 |
7.3 |
- |
111,333 |
827 |
254,840 |
652,170 |
- |
Lucky Friday (2) |
1,372 |
10.7 |
- |
7.2 |
3.9 |
- |
14,702 |
- |
99,170 |
53,190 |
- |
Casa Berardi Open Pit (3) |
9,763 |
- |
0.08 |
- |
- |
- |
- |
744 |
- |
- |
- |
Casa Berardi Underground (3) |
1,533 |
- |
0.15 |
- |
- |
- |
- |
231 |
- |
- |
- |
Fire Creek (2,4) |
1 |
0.9 |
0.71 |
- |
- |
- |
1 |
1 |
- |
- |
- |
Total |
21,643 |
|
|
|
|
|
126,036 |
1,802 |
354,010 |
705,360 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Proven and Probable Reserves |
|||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
(Tons) |
(Tons) |
Tons |
Greens Creek (2) |
8,978 |
12.4 |
0.09 |
2.8 |
7.3 |
- |
111,404 |
828 |
254,960 |
652,420 |
- |
Lucky Friday (2) |
5,764 |
13.4 |
- |
8.4 |
4.0 |
- |
76,992 |
- |
485,380 |
233,250 |
- |
Casa Berardi Open Pit (3) |
14,200 |
- |
0.08 |
- |
- |
- |
- |
1,153 |
- |
- |
- |
Casa Berardi Underground (3) |
2,571 |
- |
0.16 |
- |
- |
- |
- |
389 |
- |
- |
- |
Fire Creek (2,4) |
63 |
0.5 |
0.48 |
- |
- |
- |
29 |
31 |
- |
- |
- |
Total |
31,576 |
|
|
|
|
|
188,424 |
2,400 |
740,340 |
885,670 |
- |
(1) |
The term “reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term “economically,” as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated to be viable and justifiable under reasonable investment and market assumptions. The term “legally,” as used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Hecla must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Hecla’s current mine plans. |
|
(2) |
Mineral reserves are based on $1300 gold, $16.00 silver, $0.90 lead, $1.15 zinc, unless otherwise stated. The NSR cut-off grades are $205/ton for Greens Creek, $216.19 for the 30 Vein and $230.98 for the Intermediate Veins at Lucky Friday. |
|
(3) |
Mineral reserves are based on $1300 gold and a US$/CAN$ exchange rate of 1:1.35. Reserve diluted to an average of 18% or 23% depending on mining method. The average cut-off grades at Casa Berardi are 0.101 oz/ton gold (3.46 g/tonne) for underground mineral reserves and 0.025 oz/ton gold (0.85 g/tonne) for open pit mineral reserves. |
|
(4) |
Fire Creek mineral reserves are based on a cut-off grade of 0.482 gold equivalent oz/ton and incremental cut-off grade of 0.106 gold equivalent oz/ton. Unplanned dilution of 10% to 17% included depending on mining method. |
* Totals may not represent the sum of parts due to rounding
Mineral Resources - 12/31/2020 |
|||||||||||
Measured Resources |
|||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
(Tons) |
(Tons) |
Tons |
Greens Creek (5) |
297 |
12.9 |
0.11 |
3.1 |
10.3 |
- |
3,837 |
33 |
9,310 |
30,500 |
- |
Lucky Friday (5,6) |
9,007 |
7.6 |
- |
4.8 |
2.4 |
- |
68,543 |
- |
30,950 |
218,740 |
- |
Casa Berardi Open Pit (7) |
824 |
- |
0.09 |
- |
- |
- |
- |
71 |
- |
- |
- |
Casa Berardi Underground (7) |
2,231 |
- |
0.15 |
- |
- |
- |
- |
331 |
- |
- |
- |
San Sebastian (5,8) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Fire Creek (5,9) |
20 |
0.7 |
0.50 |
- |
- |
- |
14 |
10 |
- |
- |
- |
Hollister (5,10) |
18 |
4.9 |
0.59 |
- |
- |
- |
87 |
10 |
- |
- |
- |
Midas (5,11) |
2 |
7.6 |
0.68 |
- |
- |
- |
14 |
1 |
- |
- |
- |
Heva (12) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Hosco (12) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Rio Grande Silver (13) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Star (14) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total |
12,399 |
|
|
|
|
|
72,495 |
456 |
440,260 |
249,240 |
- |
Indicated Resources |
|||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
(Tons) |
(Tons) |
Tons |
Greens Creek (5) |
8,599 |
12.9 |
0.10 |
3.0 |
8.2 |
- |
110,844 |
848 |
256,790 |
708,520 |
- |
Lucky Friday (5,6) |
2,275 |
7.8 |
- |
5.3 |
2.2 |
- |
17,844 |
- |
120,390 |
50,970 |
- |
Casa Berardi Open Pit (7) |
1,621 |
- |
0.06 |
- |
- |
- |
- |
97 |
- |
- |
- |
Casa Berardi Underground (7) |
5,424 |
- |
0.14 |
- |
- |
- |
- |
750 |
- |
- |
- |
San Sebastian (5,8) |
2,541 |
5.9 |
0.06 |
1.9 |
2.9 |
1.2 |
14,985 |
149 |
22,420 |
34,100 |
14,650 |
Fire Creek (5,9) |
114 |
1.0 |
0.45 |
- |
- |
- |
114 |
51 |
- |
- |
- |
Fire Creek - Open Pit (13) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Hollister (5,10) |
70 |
1.9 |
0.58 |
- |
- |
- |
130 |
40 |
- |
- |
- |
Midas (5,11) |
76 |
5.7 |
0.42 |
- |
- |
- |
430 |
32 |
- |
- |
- |
Heva (12) |
1,266 |
- |
0.06 |
- |
- |
- |
- |
76 |
- |
- |
- |
Hosco (12) |
29,287 |
- |
0.04 |
- |
- |
- |
- |
1,202 |
- |
- |
- |
Rio Grande Silver (13) |
516 |
14.8 |
- |
2.1 |
1.1 |
- |
7,620 |
- |
10,760 |
5,820 |
- |
Star (14) |
1,126 |
2.9 |
- |
6.2 |
7.4 |
- |
3,301 |
- |
69,900 |
83,410 |
- |
Total |
52,913 |
|
|
|
|
|
155,266 |
3,245 |
480,260 |
882,820 |
14,650 |
Measured & Indicated Resources |
|||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
(Tons) |
(Tons) |
Tons |
Greens Creek (5) |
8,895 |
12.9 |
0.10 |
3.0 |
8.3 |
- |
114,681 |
881 |
266,110 |
739,020 |
- |
Lucky Friday (5,6) |
11,282 |
7.7 |
- |
4.9 |
2.4 |
- |
86,386 |
- |
551,340 |
269,710 |
- |
Casa Berardi Open Pit (7) |
2,445 |
- |
0.07 |
- |
- |
- |
- |
168 |
- |
- |
- |
Casa Berardi Underground (7) |
7,656 |
- |
0.14 |
- |
- |
- |
- |
1,081 |
- |
- |
- |
San Sebastian (5,8) |
2,541 |
5.9 |
0.06 |
1.9 |
2.9 |
1.2 |
14,985 |
149 |
22,420 |
34,100 |
14,650 |
Fire Creek (5,9) |
134 |
1.0 |
0.46 |
- |
- |
- |
128 |
61 |
- |
- |
- |
Fire Creek - Open Pit (13) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Hollister (5,10) |
88 |
2.5 |
0.58 |
- |
- |
- |
217 |
51 |
- |
- |
- |
Midas (5,11) |
78 |
5.7 |
0.43 |
- |
- |
- |
444 |
33 |
- |
- |
- |
Heva (12) |
1,266 |
- |
0.06 |
- |
- |
- |
- |
76 |
- |
- |
- |
Hosco (12) |
29,287 |
- |
0.04 |
- |
- |
- |
- |
1,202 |
- |
- |
- |
Rio Grande Silver (13) |
516 |
14.8 |
- |
2.1 |
1.1 |
- |
7,620 |
- |
10,760 |
5,820 |
- |
Star (14) |
1,126 |
2.9 |
- |
6.2 |
7.4 |
- |
3,301 |
- |
69,900 |
83,410 |
- |
Total |
65,312 |
|
|
|
|
|
227,760 |
3,701 |
920,530 |
1,132,060 |
14,650 |
| Inferred Resources | |||||||||||
|
Tons |
Silver |
Gold |
Lead |
Zinc |
Copper |
Silver |
Gold |
Lead |
Zinc |
Copper |
Asset |
(000) |
(oz/ton) |
(oz/ton) |
% |
% |
% |
(000 oz) |
(000 oz) |
(Tons) |
(Tons) |
Tons |
Greens Creek (5) |
1,767 |
13.2 |
0.08 |
2.8 |
7.0 |
- |
23,370 |
145 |
49,670 |
123,480 |
- |
Lucky Friday (5,6) |
3,069 |
8.3 |
- |
6.3 |
2.7 |
- |
25,359 |
- |
192,200 |
83,350 |
- |
Casa Berardi Open Pit (7) |
9,229 |
- |
0.06 |
- |
- |
- |
- |
508 |
- |
- |
- |
Casa Berardi Underground (7) |
2,447 |
- |
0.18 |
- |
- |
- |
- |
445 |
- |
- |
- |
San Sebastian (5,15) |
2,923 |
5.9 |
0.05 |
1.6 |
2.3 |
0.9 |
17,188 |
133 |
6,070 |
8,830 |
3,330 |
Fire Creek (5,9) |
765 |
0.5 |
0.51 |
- |
- |
- |
394 |
392 |
- |
- |
- |
Fire Creek - Open Pit (16) |
74,584 |
0.1 |
0.03 |
- |
- |
- |
5,232 |
2,178 |
- |
- |
- |
Hollister (5,10) |
642 |
3.0 |
0.42 |
- |
- |
- |
1,916 |
273 |
- |
- |
- |
Midas (5,11) |
1,057 |
5.0 |
0.40 |
- |
- |
- |
5,280 |
424 |
- |
- |
- |
Heva (12) |
2,787 |
- |
0.08 |
- |
- |
- |
- |
216 |
- |
- |
- |
Hosco (12) |
17,726 |
- |
0.04 |
- |
- |
- |
- |
663 |
- |
- |
- |
Rio Grande Silver (17) |
3,078 |
10.7 |
0.01 |
1.3 |
1.1 |
- |
33,097 |
36 |
40,990 |
34,980 |
- |
Star (14) |
3,157 |
2.9 |
- |
5.6 |
5.5 |
- |
9,432 |
- |
178,670 |
174,450 |
- |
Monte Cristo (18) |
913 |
0.3 |
0.14 |
- |
- |
- |
271 |
131 |
- |
- |
- |
Rock Creek (19) |
100,086 |
1.5 |
- |
- |
- |
0.7 |
148,736 |
- |
- |
- |
658,680 |
Montanore (20) |
112,185 |
1.6 |
- |
- |
- |
0.7 |
183,346 |
- |
- |
- |
759,420 |
Total |
336,416 |
|
|
|
|
|
453,621 |
5,543 |
467,600 |
425,090 |
1,421,430 |
Note: All estimates are in-situ except for the proven reserves at Greens Creek and Fire Creek which are in surface stockpiles. Resources are exclusive of reserves.
(5) |
Mineral resources are based on $1500 gold, $21 silver, $1.15 lead, $1.35 zinc and $3.00 copper, unless otherwise stated. Cut-off grades are as above unless otherwise stated. |
|
(6) |
Measured and Indicated resources from Gold Hunter and Lucky Friday vein systems are diluted and factored for expected mining recovery using NSR cut-off grades of $170.18 for the 30 Vein, $184.97 for the Intermediate Veins and $207.15 for the Lucky Friday Vein. |
|
(7) |
Measured, Indicated, and Inferred resources are based on $1,500 gold and a US$/CAN$ exchange rate of 1:1.35. Underground resources are reported at a minimum mining width of 6.6 to 9.8 feet (2 m to 3 m). The average cut-off grades at Casa Berardi are 0.087 oz/ton gold (3.0 g/tonne) for underground mineral resources and 0.025 oz/ton gold (0.85 g/tonne) for open pit mineral resources. |
|
(8) |
Indicated resources reported at a minimum mining width of 5.9 feet (1.8 m) for Hugh Zone, Middle Vein, North Vein, and East Francine Vein and 4.9 feet (1.5 m) for Andrea Vein using a cut-off grade of $90.72/ton ($100/tonne). |
|
|
San Sebastian lead, zinc, and copper grades are for 1,187,000 tons of Indicated resource within the Middle Vein and the Hugh Zone of the Francine Vein. |
|
(9) |
Fire Creek mineral resources are reported at a gold equivalent cut-off grade of 0.283 oz/ton. The minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater. |
|
(10) |
Hollister mineral resources, including the Hatter Graben are reported at a gold equivalent cut-off grade of 0.238 oz/ton. The minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater. |
|
(11) |
Midas mineral resources are reported at a gold equivalent cut-off grade of 0.237 oz/ton. The minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater. |
|
(12) |
Measured, Indicated, and Inferred resources are based on $1,500 gold. The resources are in-situ without external dilution and material loss at a cut-off grade of 0.01 oz/ton gold (0.33 g/tonne) for open pit and 0.088 oz/ton gold (3.0 g/tonne) for underground. |
|
(13) |
Indicated resources reported at a minimum mining width of 6.0 feet for Bulldog; resources based on $26.5 Ag, $0.85 Pb, and $0.85 Zn and a cut-off grade of 6.0 silver equivalent oz/ton. |
|
(14) |
Indicated and Inferred resources reported using $21 silver, $0.95 lead, $1.10 lead minimum mining width of 4.3 feet and a cut-off grade of $100/ton. |
|
(15) |
Inferred resources reported at a minimum mining width of 5.9 feet (1.8 m) for Hugh Zone, Middle Vein, North Vein, and East Francine Vein and 4.9 feet (1.5 m) for Andrea Vein using a cut-off grade of $90.72/ton ($100/tonne). |
|
|
San Sebastian lead, zinc, and copper grades are for 385,000 tons of Inferred resource within the Middle Vein and the Hugh Zone of the Francine Vein. |
|
(16) |
Inferred open-pit resources for Fire Creek calculated November 30, 2017 using gold and silver recoveries of 65% and 30% for oxide material and 60% and 25% for mixed oxide-sulfide material. Indicated Resources reclassified as Inferred for 2019. |
|
|
Open pit resources are calculated at $1400 gold and $19.83 silver and cut-off grade of 0.01 Au Equivalent oz/ton and is inclusive of 10% mining dilution and 5% ore loss. Open pit mineral resources exclusive of underground mineral resources. |
|
|
NI43-101 Technical Report for the Fire Creek Project, Lander County, Nevada; Effective Date March 31, 2018; prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining Company, June 28, 2018. |
|
(17) |
Inferred resources reported at a minimum mining width of 6.0 feet for Bulldog and a cut-off grade of 6.0 equivalent oz/ton silver and 5.0 feet for Equity and North Amethyst vein at a cut-off grade of $50/ton and $100/ton; based on $1400 Au, $26.5 Ag, $0.85 Pb, and $0.85 Zn. |
|
(18) |
Inferred resource reported at a minimum mining width of 5.0 feet; resources based on $1400 Au, $26.5 Ag using a 0.06 oz/ton gold cut-off grade. |
|
(19) |
Inferred resource at Rock Creek reported at a minimum thickness of 15 feet and a cut-off grade of $24.50/ton NSR and adjusted given mining restrictions as defined by U.S. Forest Service, Kootenai National Forest in the June 2003 'Record of Decision, Rock Creek Project'. |
|
(20) |
Inferred resource at Montanore reported at a minimum thickness of 15 feet and a cut-off grade of $24.50/ton NSR and adjusted given mining restrictions defined by U.S. Forest Service, Kootenai National Forest, Montana DEQ in December 2015 'Joint Final EIS, Montanore Project'. |
* Totals may not represent the sum of parts due to rounding
Assay Results - Q4 2020 |
||||||||
Midas (Nevada) |
||||||||
Zone |
Drill Hole
|
Drill Hole
|
Sample
|
Sample
|
Drilled
|
Gold
|
Silver
|
Depth
|
Elko Prince |
DMC-00380 |
44/-41 |
431.6 |
432.6 |
1.0 |
0.15 |
2.8 |
-283 |
Elko Prince |
DMC-00384 |
61/-40 |
443.5 |
444.5 |
1.0 |
0.13 |
24.3 |
-285 |
Elko Prince |
DMC-00386 |
71/-49 |
178.0 |
188.1 |
10.1 |
0.09 |
1.5 |
-138 |
Elko Prince |
DMC-00386 |
71/-49 |
533.6 |
535.0 |
1.4 |
0.03 |
4.6 |
-403 |
North Block |
DMC-00372 |
260/-42 |
865.2 |
866.4 |
1.2 |
0.06 |
12.0 |
-579 |
North Block |
DMC-00375 |
224/-57 |
1005.0 |
1007.0 |
2.0 |
0.10 |
61.3 |
-844 |
Green Racer Sinter |
DMC-00371 |
249/-45 |
735.0 |
736.6 |
1.6 |
1.12 |
16.9 |
-520 |
Green Racer Sinter |
DMC-00374 |
242/-59 |
1051.0 |
1055.3 |
4.3 |
0.34 |
7.8 |
-903 |
Green Racer Sinter |
DMC-00387 |
260/-45 |
858.0 |
859.0 |
1.0 |
0.21 |
20.7 |
-607 |
Green Racer Sinter |
DMC-00389 |
245/-53 |
894.0 |
894.8 |
0.8 |
0.05 |
4.2 |
-714 |
Green Racer Sinter |
DMC-00389 |
245/-53 |
895.3 |
897.0 |
1.7 |
0.06 |
1.5 |
-716 |
Green Racer Sinter |
DMC-00390 |
250/-50 |
1662.0 |
1666.5 |
4.5 |
3.26 |
14.3 |
-1273 |
Green Racer Sinter |
Including |
1662.0 |
1663.0 |
1.0 |
1.38 |
16.7 |
-1273 |
|
Green Racer Sinter |
Including |
1663.9 |
1664.9 |
1.0 |
10.68 |
37.3 |
-1273 |
|
Green Racer Sinter |
Including |
1665.7 |
1666.5 |
0.8 |
3.16 |
4.0 |
-1273 |
|
Southern Cross |
DMC-00373 |
69/-46 |
598.5 |
603.7 |
5.2 |
0.05 |
0.2 |
-432 |
Southern Cross |
DMC-00373 |
69/-46 |
1104.0 |
1108.0 |
4.0 |
0.09 |
0.1 |
-796 |
SV1 |
DMC-00377 |
215/-48 |
1189.0 |
1197.7 |
8.7 |
0.10 |
8.2 |
-887 |
SV1 |
Including |
1189.0 |
1190.7 |
1.7 |
0.09 |
22.4 |
-884 |
|
SV1 |
Including |
1190.7 |
1193.3 |
2.6 |
0.15 |
11.9 |
-886 |
|
SV1 |
DMC-00377 |
215/-48 |
1237.7 |
1240.0 |
2.3 |
0.11 |
1.0 |
-921 |
| Casa Berardi (Quebec) | ||||||||
Zone |
Drill Hole
|
Drill Hole Section |
Drill Hole
|
Sample
|
Sample To
|
True
|
Gold
|
Depth
|
UG Upper Principal 123 Zone |
CBP-0920 |
12360 |
191/0 |
52.8 |
64.6 |
10.5 |
0.12 |
-1431 |
123 |
CBP-0921 |
12360 |
191/-35 |
46.2 |
91.5 |
25.4 |
0.21 |
-1475 |
123 |
CBP-0923 |
12375 |
175/50 |
59.0 |
74.5 |
12.9 |
0.10 |
-1377 |
123 |
Including |
175/50 |
67.7 |
69.7 |
1.6 |
0.69 |
-1377 |
|
123 |
CBP-0925 |
12375 |
175/-24 |
60.4 |
89.2 |
26.2 |
0.19 |
-1464 |
123 |
Including |
175/-24 |
85.3 |
87.9 |
2.3 |
0.75 |
-1469 |
|
123 |
CBP-0926 |
12360 |
214/37 |
33.8 |
51.5 |
11.8 |
0.12 |
-1403 |
123 |
Including |
214/37 |
48.9 |
51.5 |
2.2 |
0.70 |
-1398 |
|
123 |
CBP-0930 |
12255 |
203/-6 |
231.2 |
246.0 |
13.1 |
0.10 |
-1782 |
UG Lower Principal 123 Zone |
CBP-0880 |
12330 |
332/-63 |
551.0 |
556.0 |
3.8 |
0.12 |
-3973 |
123 |
CBP-0881 |
12335 |
1/-56 |
319.8 |
361.1 |
38.4 |
0.16 |
-3773 |
123 |
Including |
1/-56 |
354.2 |
359.2 |
4.0 |
0.27 |
-3786 |
|
123 |
CBP-0881 |
12335 |
1/-56 |
433.0 |
447.7 |
13.2 |
0.13 |
-3851 |
123 |
CBP-0881 |
12335 |
1/-56 |
459.2 |
468.1 |
4.5 |
0.21 |
-3869 |
123 |
CBP-0882 |
1230 |
314/-60 |
353.9 |
418.2 |
27.6 |
0.23 |
-3822 |
123 |
Including |
314/-60 |
403.4 |
418.2 |
6.6 |
0.56 |
-3839 |
|
123 |
CBP-0883 |
1230 |
325/-75 |
445.4 |
541.2 |
25.6 |
0.17 |
-3925 |
123 |
Including |
325/-75 |
472.3 |
474.0 |
0.7 |
0.55 |
-3851 |
|
123 |
Including |
325/-75 |
485.4 |
492.0 |
1.6 |
0.36 |
-3966 |
|
UG Upper Principal 128 Zone |
CBP-0875 |
12800 |
188/7 |
361.8 |
371.3 |
9.2 |
0.11 |
-1536 |
128 |
Including |
188/7 |
369.3 |
371.3 |
1.8 |
0.36 |
-1464 |
|
128 |
CBP-0875 |
12800 |
188/7 |
457.9 |
459.9 |
1.8 |
0.43 |
-1523 |
128 |
CBP-0876 |
12800 |
188/19 |
353.3 |
363.1 |
9.5 |
0.32 |
-1465 |
128 |
Including |
188/19 |
358.5 |
363.1 |
4.1 |
0.69 |
-1464 |
|
128 |
CBP-0877 |
12780 |
188/30 |
386.4 |
401.8 |
9.8 |
0.15 |
-1394 |
128 |
CBP-0903 |
12810 |
191/-4 |
372.6 |
388.0 |
14.8 |
0.20 |
-1590 |
128 |
Including |
191/-4 |
372.6 |
378.2 |
4.9 |
0.53 |
-1590 |
|
128 |
CBP-0908 |
12750 |
200/-30 |
506.1 |
528.1 |
18.4 |
0.10 |
-1819 |
128 |
Including |
200/-30 |
506.1 |
508.4 |
1.6 |
0.54 |
-1815 |
|
UG East Mine 148 Zone |
CBE-0225 |
14745 |
346/-53 |
1304.1 |
1325.1 |
15.1 |
0.10 |
-2498 |
148 |
Including |
346/-53 |
1322.5 |
1325.1 |
2.0 |
0.30 |
-2498 |
|
148 |
CBE-0226 |
14765 |
352/-62 |
1503.9 |
1520.3 |
10.8 |
0.17 |
-2766 |
148 |
Including |
352/-62 |
1506.8 |
1514.0 |
4.8 |
0.33 |
-2764 |
|
148 |
CBE-0227 |
14790 |
358/-58 |
1466.8 |
1519.3 |
36.1 |
0.16 |
-2709 |
148 |
CBE-0228 |
14835 |
4/-56 |
1583.3 |
1595.4 |
11.2 |
0.07 |
-2739 |
148 |
Including |
4/-56 |
1587.8 |
1589.8 |
1.5 |
0.32 |
-2739 |
|
Surface East Mine 159 Zone |
CBS-20-012 |
16000 |
170/-55 |
479.0 |
516.6 |
24.6 |
0.34 |
-406 |
159 |
Including |
170/-55 |
495.3 |
500.2 |
3.0 |
0.93 |
-412 |
|
159 |
CBS-20-013 |
16100 |
185/-45 |
710.1 |
749.8 |
28.9 |
0.10 |
-490 |
159 |
Including |
185/-45 |
713.4 |
728.2 |
11.8 |
0.18 |
-485 |
|
159 |
CBS-20-013 |
16100 |
185/-45 |
764.9 |
803.9 |
30.2 |
0.10 |
-523 |
159 |
Including |
185/-45 |
764.9 |
772.4 |
5.9 |
0.35 |
-514 |
|
| Zone |
Drill Hole
|
Drill Hole
|
Drill Hole
|
Sample
|
Sample To
|
True
|
Gold
|
Depth
|
Surface East Mine 160 Zone |
CBS-20-011 |
16260 |
30/-51.3 |
1393.5 |
1408.8 |
9.5 |
0.32 |
-1135 |
160 |
Including |
30/-51.3 |
1401.9 |
1405.0 |
2.0 |
1.16 |
-1137 |
|
160 |
CBF-160-113 |
15959 |
360/-50 |
720.6 |
752.8 |
20.2 |
0.13 |
-552 |
160 |
CBF-160-113 |
15959 |
360/-50 |
806.9 |
902.3 |
61.3 |
0.09 |
-632 |
160 |
Including |
360/-50 |
841.3 |
868.4 |
17.4 |
0.14 |
-632 |
|
160 |
CBF-160-114 |
15855 |
360/-47 |
872.5 |
1085.7 |
154.2 |
0.10 |
-535 |
160 |
Including |
360/-47 |
872.5 |
915.1 |
30.8 |
0.15 |
-535 |
|
160 |
Including |
360/-47 |
1020.1 |
1070.6 |
36.1 |
0.19 |
-535 |
|
160 |
CBF-160-114 |
15855 |
360/-47 |
703.6 |
723.2 |
13.8 |
0.05 |
-535 |
160 |
CBF-160-119 |
15960 |
360/-47 |
265.9 |
276.8 |
11.2 |
0.10 |
-209 |
San Sebastian (Mexico) |
||||||||
Zone |
Drill Hole
|
Drill Hole
|
Sample
|
Sample To (feet) |
True
|
Silver
|
Gold
|
Depth From
|
EL BRONCO VEIN |
SS-2053 |
35/-50 |
552.7 |
565.9 |
11.1 |
1.8 |
0.02 |
-410 |
EL BRONCO VEIN |
SS-2058 |
35/-45 |
121.8 |
122.9 |
1.0 |
8.3 |
0.35 |
-81 |
EL BRONCO VEIN |
SS-2059 |
35/-45 |
511.8 |
514.4 |
2.3 |
1.3 |
0.01 |
-348 |
EL BRONCO VEIN |
SS-2069 |
35/-60 |
641.8 |
655.4 |
9.6 |
3.1 |
0.06 |
-545 |
EL BRONCO VEIN |
SS-2072 |
35/-60 |
581.6 |
593.1 |
7.4 |
1.8 |
0.01 |
-493 |
EL BRONCO VEIN |
SS-2074 |
35/-60 |
719.3 |
725.0 |
3.9 |
2.8 |
0.04 |
-607 |
EL BRONCO VEIN |
SS-2082 |
35/-60 |
1056.8 |
1070.1 |
9.6 |
44.5 |
0.22 |
-899 |
EL TIGRE VEIN |
SS-2047 |
45/-43 |
828.8 |
835.6 |
6.6 |
0.9 |
0.03 |
-546 |
EL TIGRE VEIN |
SS-2050 |
45/-69 |
1058.2 |
1069.5 |
8.6 |
1.5 |
0.01 |
-987 |
EL TIGRE VEIN |
SS-2062 |
68/-45 |
1015.1 |
1027.1 |
11.0 |
0.8 |
0.00 |
-690 |
EL TIGRE VEIN |
SS-2071 |
45/-60 |
1069.3 |
1079.7 |
9.3 |
1.1 |
0.00 |
-905 |
EL TIGRE VEIN |
SS-2073 |
45/-60 |
1108.2 |
1132.3 |
19.2 |
1.5 |
0.01 |
-954 |
EL TIGRE VEIN |
SS-2075 |
45/-62 |
1133.1 |
1144.3 |
8.0 |
7.0 |
0.05 |
-985 |
EL TIGRE VEIN |
SS-2078 |
72/-59 |
1163.9 |
1192.4 |
21.5 |
4.0 |
0.02 |
-961 |
EL TIGRE VEIN |
SS-2080 |
55/-60 |
1508.5 |
1525.7 |
14.8 |
1.1 |
0.01 |
-1225 |
Category: Earnings
