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Hecla Reports Third Quarter 2022 Results

09.11.2022  |  Business Wire

Positive free cash flow generation from all operations for the first nine months

Hecla Mining Company (NYSE:HL) today announced third quarter 2022 financial and operating results.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221109005426/en/

Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek (Graphic: Business Wire)

THIRD QUARTER HIGHLIGHTS

  • Record throughput at Greens Creek; Lucky Friday produced 1 million silver ounces for two consecutive quarters
  • Consolidated silver production guidance increased, operating and capital cost guidance maintained
  • Deferred approximately $24 million in sales at Greens Creek and Lucky Friday to the fourth quarter
  • Keno Hill has completed 30% of total planned pre-production development as of October 31, 2022
  • Net loss applicable to common stockholders of $(23.7) million or $(0.04) per share (basic), and adjusted net loss of $(12.0) million or $(0.02) per share1
  • Adjusted EBITDA of $26.6 million, net debt to adjusted EBITDA ratio of 1.92
  • All operations free cash flow positive year to date with total cost of sales for silver of $246.4 million and all-in sustaining cost (AISC) per silver ounce of $10.17
  • $144.7 million in cash and cash equivalents with approximately $260 million in available liquidity
  • Positive drilling results at Keno Hill and Greens Creek with intercepts in excess of 100 ounces of silver per ton at Keno Hill and wide high-grade intercepts at Greens Creek
  • Strong safety performance with an all-injury frequency rate of 1.32 for the first nine months, 37% below the U.S. average and an improvement of 19% over the nine-month period in 2021

"Hecla reported another quarter of solid operational performance as Greens Creek achieved its best ever throughput and Lucky Friday's production exceeded 1 million ounces for the second consecutive quarter," said Phillips S. Baker Jr., President & CEO. "Free cash flow generation was lower for the quarter due to deferral of the sale of about a million ounces of silver and other metals, increased capital investment in our mines, and Alexco acquisition costs. All operations are free cash flow positive year to date and reflect the strong margins at our silver operations despite lower prices and an inflationary environment."

Baker continued, "Hecla is the United States' largest silver miner, producing about 40% of all the silver mined. With Keno Hill's pre-production development on plan, we should become Canada's largest silver miner in the next few years."

FINANCIAL OVERVIEW

"Total cost of sales" as used in this release is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization.

In Thousands unless stated otherwise

Q3-2022

Q2-2022

Q1-2022

Q4-2021

Q3-2021

YTD-2022

YTD-2021

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Sales

$

146,339

$

191,242

$

186,499

$

185,078

$

193,560

$

524,080

$

622,395

Total cost of sales

$

137,892

$

153,979

$

141,070

$

131,837

$

158,332

$

432,941

$

457,835

Gross profit

$

8,447

$

37,263

$

45,429

$

53,241

$

35,228

$

91,139

$

164,560

(Loss) income applicable to common stockholders

$

(23,664

)

$

(13,661

)

$

4,015

$

11,737

$

(1,117

)

$

(33,310

)

$

22,806

Basic (loss) income per common share (in dollars)

$

(0.04

)

$

(0.03

)

$

0.01

$

0.02

$

-

$

(0.06

)

$

0.04

Adjusted EBITDA 2

$

26,554

$

70,474

$

58,202

$

58,249

$

49,414

$

155,230

$

220,531

Net Debt to Adjusted EBITDA2,*

1.9

1.1

Cash (used in) provided by operating activities

$

(24,322

)

$

40,183

$

37,909

$

53,355

$

42,742

$

53,770

$

166,982

Capital Expenditures

$

(37,430

)

$

(34,329

)

$

(21,478

)

$

(28,838

)

$

(26,899

)

$

(93,237

)

$

(80,210

)

Free Cash Flow 3

$

(61,752

)

$

5,854

$

16,431

$

24,517

$

15,843

$

(39,467

)

$

86,772

Production Highlights

Silver ounces produced

3,549,392

3,645,454

3,324,708

3,226,927

2,676,084

10,525,917

9,660,313

Silver payable ounces sold

2,479,724

3,387,909

2,687,261

2,606,622

2,581,690

8,554,894

9,027,180

Gold ounces produced

44,747

45,719

41,707

47,977

42,207

132,173

153,350

Gold payable ounces sold

40,443

44,225

41,053

44,156

53,000

125,721

157,454

Cash Costs and AISC, each after by-product credits4,5

Silver cash costs per ounce

$

3.43

$

(1.14

)

$

1.09

$

1.69

$

2.49

$

1.11

$

1.26

Silver AISC per ounce

$

14.20

$

8.55

$

7.64

$

10.08

$

12.82

$

10.17

$

8.88

Gold cash costs per ounce

$

1,349

$

1,371

$

1,516

$

1,143

$

1,163

$

1,409

$

1,127

Gold AISC per ounce

$

1,738

$

1,641

$

1,810

$

1,494

$

1,450

$

1,729

$

1,349

Realized Prices

Silver, $/ounce

$

18.30

$

20.68

$

24.68

$

23.49

$

23.97

$

21.25

$

25.75

Gold, $/ounce

$

1,713

$

1,855

$

1,880

$

1,802

$

1,792

$

1,817

$

1,794

Lead, $/pound

$

0.95

$

0.97

$

1.08

$

1.13

$

1.02

$

0.98

$

1.00

Zinc, $/pound

$

1.23

$

1.44

$

1.79

$

1.74

$

1.35

$

1.47

$

1.34

*Reflects trailing twelve months ending September 30,2022. Reconciliations are available at the end of the release.

Sales in the third quarter declined by $44.9 million compared to the second quarter of 2022 primarily due to lower realized prices for all metals, and lower revenue from the deferral of silver concentrate shipments from Greens Creek and Lucky Friday to the fourth quarter. Compared to the prior quarter, realized silver prices have declined 12%, gold has declined 8%, lead and zinc prices are lower by 2% and 15% respectively. In comparison to the same quarter last year, gold prices are relatively unchanged, while silver prices have declined by 24% with lead and zinc lower by 7% and 9% respectively. The deferral of approximately 1 million ounces of silver, 1,800 ounces of gold, and 1,300 tons of lead in the silver concentrate shipments at Greens Creek was to ensure adequate volumes of concentrate for cost-effective shipping. At Lucky Friday the deferral was due to a planned multi week shutdown of the Trail smelter for maintenance. This concentrate is being shipped to a new customer and represents approximately 5% of Lucky Friday's annual concentrate production.

Total cost of sales for silver were $76.7 million for the third quarter and were lower by $14.2 million over the prior quarter due to lower depreciation and higher product inventory. Cash costs and AISC (each after by-product credits) for silver were $3.43 and $14.20 per silver ounce respectively. Cash costs increased by $4.57 per ounce over the prior quarter primarily due to lower by-product credits attributable to lower lead and zinc production as well as lower prices. AISC increased by $5.65 per silver ounce over the prior quarter due to the factors affecting cash costs.4,5

Total cost of sales for gold were $59.5 million and declined marginally over the prior quarter. Gold cash cost per ounce, after by-product credits, declined by $22 attributable to higher production. AISC increased by $97 per ounce due to higher sustaining capital and exploration spend partially offset by higher production.4,5

Labor and the current inflationary environment are challenging at all operations. Labor availability remains constrained in the market with a shortage of skilled miners and maintenance workers. Inflationary pressures have led to a 10-15% increase in costs since the beginning of the year. Labor and input costs for steel, reagents, fuel, and other consumables continue to remain elevated impacting all the operations.

In the first half of the year, by-product credits helped offset the inflationary pressures for the silver segment due to strong by-product production as well as prices. However, lower base metal production and prices in the third quarter reduced the by-product credits. The inflationary environment is expected to remain challenging for the fourth quarter and into 2023.

Loss applicable to common stockholders for the third quarter was $(23.7) million, or $(0.04) per share, compared to a loss of $(13.7) million, or $(0.03) per share, in the second quarter of 2022, impacted by the following factors:

  • Gross profit decreased by $28.8 million primarily due to lower revenues and higher per unit costs as described above
  • Exploration and pre-development expenses increased by $3.9 million reflecting increased exploration and drilling activity across Hecla's mines and projects during the exploration season
  • General and administrative expenses increased by $1.3 million reflecting incremental costs following the Alexco acquisition

Partially offset by:

  • A net foreign exchange gain of $5.7 million versus $4.5 million in the prior quarter reflecting the appreciation of the U.S. dollar ("USD") against the Canadian dollar ("CAD") during the current quarter
  • Lower unrealized losses on our investment portfolio of $10.6 million reflecting a smaller reduction in the fair value of the portfolio compared to the prior quarter
  • An income tax benefit of $9.5 million versus a provision of $0.3 million in the prior quarter

Cash used in operating activities was $24.3 million, compared to cash provided by operating activities of $40.2 million in the prior quarter. However, cash provided before working capital changes increased over the prior quarter. Working capital changes in the third quarter were negative $36.7 million compared to $32.6 million in the prior quarter, and are primarily related to an increase in ending inventory from the deferral of silver concentrate shipments at Greens Creek and Lucky Friday to the fourth quarter and semi-annual interest payment on the outstanding debt.

Capital expenditures totaled $37.4 million, an increase of $3.1 million over the prior quarter as planned. Expenditures were at Greens Creek of $7.0 million, Lucky Friday of $16.1 million, Casa Berardi of $10.8 million, and Keno Hill of $3.6 million. Free cash flow for the quarter was negative $61.8 million, a decline of $67.6 million over the prior quarter due to the increase in working capital changes and higher capital spend.3

Forward Sales Contracts for Base Metals and Foreign Currency

The Company uses financially settled forward sales contracts to manage exposures to changes in prices of zinc and lead. At September 30, 2022, the Company had contracts covering approximately 39% of the forecasted payable zinc production (through 2025) at an average price of $1.32 per pound, and 38% of the forecasted payable lead production (through 2024) at an average price of $1.00 per pound. The fair value of the net metal derivative contracts on our forecasted hedges was an asset of $27.4 million, an increase of $11.3 million over the prior quarter.

The Company also manages CAD exposure through forward contracts. At September 30, 2022, the Company had hedged approximately 52% of forecasted CAD direct production costs for Casa Berardi through 2026 at an average CAD/USD rate of 1.31. The Company has also hedged approximately 32% of capital costs for Casa Berardi for 2022 at 1.33. At the Keno Hill, 66% of planned spend for the fourth quarter is hedged at an average CAD/USD rate of 1.34. The fair value of the net currency derivatives contracts is a liability of $10.8 million, an increase of $12.7 million over the prior quarter.

OPERATIONS OVERVIEW
Greens Creek Mine - Alaska

Dollars are in thousands except cost per ton

Q3-2022

Q2-2022

Q1-2022

Q4-2021

Q3-2021

YTD-2022

YTD-2021

GREENS CREEK

Tons of ore processed

229,975

209,558

211,687

221,814

211,142

651,220

620,153

Total production cost per ton

$

185.34

$

197.84

$

192.16

$

174.55

$

181.60

$

191.58

$

178.29

Ore grade milled - Silver (oz./ton)

13.6

14.0

13.8

12.6

11.1

13.8

13.8

Ore grade milled - Gold (oz./ton)

0.07

0.08

0.07

0.07

0.07

0.07

0.08

Ore grade milled - Lead (%)

2.4

3.0

2.8

2.6

2.7

2.7

3.0

Ore grade milled - Zinc (%)

6.3

7.2

6.6

6.3

7.1

6.7

7.4

Silver produced (oz.)

2,468,280

2,410,598

2,429,782

2,262,635

1,837,270

7,308,660

6,980,587

Gold produced (oz.)

11,412

12,413

11,402

10,229

9,734

35,227

35,859

Lead produced (tons)

4,428

5,184

4,883

4,731

4,591

14,495

15,142

Zinc produced (tons)

12,580

13,396

12,494

12,457

13,227

38,470

41,191

Sales

$

60,875

$

92,723

$

86,090

$

87,865

$

84,806

$

239,688

$

296,978

Total cost of sales

$

(52,502

)

$

(60,506

)

$

(49,636

)

$

(49,251

)

$

(55,193

)

$

(162,644

)

$

(163,861

)

Gross profit

$

8,373

$

32,217

$

36,453

$

38,614

$

29,613

$

77,044

$

133,117

Cash flow from operations

$

7,749

$

41,808

$

56,295

$

50,632

$

40,626

$

105,852

$

157,387

Exploration

$

3,776

$

929

$

165

$

696

$

2,472

$

4,870

$

3,895

Capital additions

$

(6,988

)

$

(14,668

)

$

(3,092

)

$

(9,544

)

$

(6,228

)

$

(24,748

)

$

(14,339

)

Free cash flow 3

$

4,537

$

28,069

$

53,368

$

41,784

$

36,870

$

85,974

$

146,943

Cash cost per ounce, after by-product credits4

$

2.65

$

(3.29

)

$

(0.90

)

$

0.50

$

0.74

$

(0.49

)

$

(1.03

)

AISC per ounce, after by-product credits5

$

8.61

$

3.48

$

1.90

$

5.66

$

5.94

$

4.69

$

2.40

Greens Creek produced 2.5 million ounces of silver and the mill achieved record mill throughput of 2,500 tons per day. Lead and zinc production for the quarter declined 15% and 6% respectively due to lower grades which led to the deferral of a silver concentrate shipment into the fourth quarter to ensure adequate volumes for cost effective shipping. Costs associated with the shipment were included in inventory in the third quarter, and the approximate revenue and cash flow impact of this deferral in the fourth quarter is expected to be $18 million.

Cash cost per silver ounce increased by $5.94 over the prior quarter primarily due to lower by-product credits. AISC per silver ounce increased by $5.13 compared to the prior quarter due to the reasons impacting cash costs, and increased exploration which was partially offset by lower capital spending.4,5

Cash flow from operations for the quarter was $7.7 million, a decline of $34.1 million over the prior quarter; free cash flow for the quarter was $4.5 million, a decline of $23.5 million. For the first nine months of the year, Greens Creek has generated $105.8 million in cash flow from operations and $86.0 million in free cash flow respectively and remains on track to achieve its production and cost guidance for the year.

Lucky Friday Mine - Idaho

Dollars are in thousands except cost per ton

Q3-2022

Q2-2022

Q1-2022

Q4-2021

Q3-2021

YTD-2022

YTD-2021

LUCKY FRIDAY

Tons of ore processed

90,749

97,497

77,725

80,097

78,227

265,971

241,740

Total production cost per ton

$

207.10

$

211.45

$

247.17

$

198.83

$

190.66

$

220.41

$

189.06

Ore grade milled - Silver (oz./ton)

12.5

13.2

12.0

12.5

11.2

12.7

11.3

Ore grade milled - Lead (%)

8.5

8.8

8.2

8.1

7.2

8.5

7.4

Ore grade milled - Zinc (%)

4.2

3.9

3.6

3.3

3.3

3.9

3.5

Silver produced (oz.)

1,074,230

1,226,477

887,858

955,401

831,532

3,188,565

2,608,727

Lead produced (tons)

7,172

8,147

5,980

6,131

5,313

21,299

17,006

Zinc produced (tons)

3,279

3,370

2,452

2,296

2,319

9,101

7,673

Sales

$

28,460

$

35,880

$

38,040

$

32,938

$

29,783

102,380

98,550

Total cost of sales

$

(24,166

)

$

(30,348

)

$

(29,265

)

$

(23,252

)

$

(23,591

)

(83,779

)

$

(74,287

)

Gross profit

$

4,294

$

5,532

$

8,775

$

9,686

$

6,192

$

18,601

$

24,263

Cash flow from operations

$

11,624

$

21,861

$

11,765

$

16,953

$

15,017

$

45,250

$

45,641

Capital additions

$

(16,125

)

$

(11,501

)

$

(9,652

)

$

(9,109

)

$

(9,133

)

$

(37,278

)

(20,776

)

Free cash flow 3

$

(4,501

)

$

10,360

$

2,113

$

7,844

$

5,884

$

7,972

$

24,865

Cash cost per silver ounce, after by-product credits4

$

5.23

$

3.07

$

6.57

$

4.50

$

6.35

$

4.77

$

7.37

AISC per silver ounce, after by-product credits5

$

15.98

$

9.91

$

13.15

$

12.54

$

16.79

$

12.86

$

15.00

Lucky Friday produced 1.1 million ounces of silver during the third quarter, a 12% decrease over the prior quarter due to lower mined tons and feed grades attributable to mine sequencing, commissioning of new equipment, and prioritization of projects for increasing future throughput and production. The third quarter also marked two consecutive quarters of throughput exceeding 90,000 tons and silver production exceeding 1 million ounces.

At the Lucky Friday, 2,000 dry metric tonnes of silver concentrate was inventoried to be shipped to a new customer in the fourth quarter. Costs associated with the deferral of this concentrate shipment were in inventory in the third quarter, and impact on revenues and cash flow for the fourth quarter is expected to be approximately $6.0 million. Total cost of sales was $24.2 million, a decrease of $6.2 million over the prior quarter due to lower depreciation expense, an increase in concentrate inventory, and lower ore volume mined and production. Cash cost and AISC per silver ounce (each after by-product credits) were $5.23 and $15.98, respectively, and higher compared to the prior quarter due to lower production, and lower by-product credits because of lower base metal production and prices.4,5

Casa Berardi Mine - Quebec

Dollars are in thousands except cost per ton

Q3-2022

Q2-2022

Q1-2022

Q4-2021

Q3-2021

YTD-2022

YTD-2021

CASA BERARDI

Tons of ore processed - underground

162,215

176,576

161,609

161,355

167,435

500,400

533,262

Tons of ore processed - surface pit

227,726

225,042

224,541

225,662

230,708

677,309

607,967

Tons of ore processed - total

389,941

401,618

386,150

387,017

398,143

1,177,709

1,141,229

Surface tons mined - ore and waste

2,822,906

2,149,412

1,892,339

1,507,457

1,483,231

6,864,657

4,996,522

Total production cost per ton

$

114.52

$

113.07

$

117.96

$

108.82

$

86.95

115.15

$

95.13

Ore grade milled - Gold (oz./ton) - underground

0.15

0.19

0.14

0.17

0.16

0.17

0.16

Ore grade milled - Gold (oz./ton) - surface pit

0.06

0.05

0.05

0.07

0.04

0.06

0.06

Ore grade milled - Gold (oz./ton) - combined

0.10

0.10

0.09

0.11

0.09

0.09

0.10

Gold produced (oz.) - underground

22,181

22,866

19,374

22,910

24,170

64,421

75,180

Gold produced (oz.) - surface pit

11,154

10,440

10,866

14,356

5,552

32,460

22,065

Gold produced (oz.) - total

33,335

33,306

30,240

37,266

29,722

96,881

97,245

Silver produced (oz.) - total

6,882

8,379

7,068

7,967

7,012

22,329

25,604

Sales

$

56,939

$

62,639

$

62,101

$

60,054

$

56,065

$

181,679

$

185,098

Total cost of sales

$

(59,532

)

$

(61,870

)

$

(62,168

)

$

(57,069

)

$

(58,164

)

$

(183,570

)

$

(172,760

)

Gross profit/(loss)

$

(2,593

)

$

769

$

(67

)

$

2,985

$

(2,099

)

(1,891

)

$

12,338

Cash flow from operations

$

8,721

$

7,417

$

8,089

$

10,029

$

17,058

$

24,227

$

71,164

Exploration

$

2,624

$

1,341

$

2,635

$

2,124

$

4,382

$

6,600

$

3,551

Capital additions

$

(10,771

)

$

(8,093

)

$

(7,808

)

$

(9,537

)

$

(11,488

)

$

(26,672

)

$

(40,080

)

Free cash flow 3

$

574

$

665

$

2,916

$

2,616

$

9,952

$

4,155

$

34,635

Cash Cost per gold ounce, after by-product credits4

$

1,349

$

1,371

$

1,516

$

1,137

$

1,175

$

1,409

$

1,127

AISC per gold ounce, after by-product credits5

$

1,738

$

1,641

$

1,810

$

1,470

$

1,476

$

1,729

$

1,387

Casa Berardi produced 33,335 ounces of gold compared to 33,306 ounces in the prior quarter. The mill continues to perform well and operated at an average quarterly throughput of 4,239 tons per day ("tpd") with a new record set in September as monthly production throughput reached 4,856 tpd, beating the last monthly record in May 2022 of 4,533 tpd.

Total cost of sales for the third quarter 2022 was $59.5 million, a reduction of $2.3 million from the $61.9 million in the prior quarter. Cash cost per gold ounce decreased by $22 over the prior quarter to $1,349 primarily due to higher production. AISC per gold ounce increased by $97 to $1,738 driven by higher exploration and capital spend partially offset by higher production.4,5

Keno Hill - Yukon Territory

At the Keno Hill mine, focus is on development and drilling of the Bermingham and Flame & Moth deposits to bring the mine into full and consistent production by the end of 2023. As of October 31, 2022, 30% of total planned pre-production development is complete, and we expect to complete approximately 50% of the development by the end of the fourth quarter.

Fourth quarter capital spending is forecast at $10-$12 million for development, infill drilling, and equipment purchases. Since the acquisition, Keno Hill is seeing its lowest turnover in the mine's recent history and is expected to achieve the hiring rate for production. We are implementing Hecla's Health and Safety Management System and Environmental Management System in the fourth quarter.

EXPLORATION AND PRE-DEVELOPMENT UPDATE

Exploration and pre-development expenditures were $15.1 million for the quarter with focus on exploration drilling at Keno Hill, exploration and definition drilling at Greens Creek, underground drilling at the West Mine in Casa Berardi, and exploration drilling at the large land packages at Aurora, Nevada and Republic, Washington.

Keno Hill, Yukon Territory

Exploration drilling on the underexplored Coral Wigwam target area has discovered high-grade silver mineralization. Assay results to date include 101.5 oz/ton silver over 7.3 feet estimated true width.

Greens Creek, Alaska

At Greens Creek, drilling has focused on resource expansion and conversion which have yielded positive results. Three underground core drills are focused on resource conversion in the 200 South and East ore zones and on exploration in the East, 5250, 200 South, and Gallagher Fault Block zones. Additionally, two helicopter supported core drills are focused on drilling extensions to the Upper Plate Zone near the mine and the Lil'Sore target area approximately 3 miles northwest of the mine. These positive results continue to confirm and expand mineral zones. Significant assay intercepts for different zones are:

  • Southwest Bench: 74.3 oz/ton silver, 0.52 oz/ton gold, 5.7% zinc and 2.9% lead over 10.5 feet and 25.7 oz/ton silver, 0.15 oz/ton gold, 6.4% zinc, and 3.1% lead over 20.1 feet
  • 200 South: 18.5 oz/ton silver, 0.02 oz/ton gold, 2.6% zinc, and 1.1% lead over 44.7 feet
  • East Zone: 51.6 oz/ton silver, 0.05 oz/ton gold, 0.1% zinc, and 0.0% lead over 11.1 feet and 227.8 oz/ton silver, 2.84 oz/ton gold, 4.2% zinc, and 0.4% lead over 2.9 feet
  • West Zone: 37.0 oz/ton silver, 0.26 oz/ton gold, 18.3% zinc, and 9.5% lead over 47.2 feet and 55.2 oz/ton silver, 0.16 oz/ton gold, 16.5% zinc, and 8.9% lead over 31.2 feet

Detailed complete drill assay highlights can be found in Table A at the end of the release.

Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek

Casa Berardi, Quebec

At Casa Berardi, up to seven underground core drills and one surface core drill were focused on definition and exploration drilling in multiple zones and target areas and one surface core drill was focused on condemnation drilling.

Drilling targeted the 113, 118, 119 and Lower Inter zones. In the 113 Zone, two drill rigs are testing offsets and depth extensions of multiple 113 lenses. In the 118 Zone, drilling has been focused on defining continuity and expanding mineralization in the 118-14, and 118-15 lenses up and down plunge and to the east. Most of the 118 drilling has been showing good vertical continuity of mineralization. The drilling targeting the 119-02 lens show that the structure remains open at depth while closing to the east. Highlights include:

  • 113: 0.56 oz/ton gold over 9.5 feet, including 1.61 oz/ton gold over 2.6 feet
  • 118: 0.20 oz/ton gold over 8.2 feet
  • 119: 0.16 oz/t gold over 14.8 feet.

More complete drill assay highlights can be found in Table A at the end of the release.

Aurora, Nevada

Exploration drilling has confirmed wide and high-grade vein mineralization along the Martinez-Juniata-Chesco mineral trend. This mineralization continues to be open for expansion along strike and dip. Some significant intercepts are:

  • Martinez Zone: 0.40 oz/ton gold and 1.8 oz/t silver over 31.1 feet estimated true width, which includes 1.26 oz/ton gold and 4.4 oz/t silver over 6.7 feet estimated true width.
  • Juniata Zone: 0.43 oz/ton gold and 1.9 oz/ton silver over 14.9 feet estimated true width, which includes 0.76 oz/ton gold, 3.5 oz/ton silver over 8.0 feet estimated true width.
  • Chesco Zone: 0.73 oz/ton gold and 7.7 oz/ton silver over 12.2 feet estimated true width

Republic, Washington

Exploration drilling identified high-grade vein mineralization at both the Lone Pine-Blacktail and Tom Thumb target areas. Wide zones of lower grade, potentially bulk mineable, material surround some of the high-grade vein intercepts at Lone Pine-Blacktail. Drilling also discovered an offset segment of the Tom Thumb Vein 850 feet across the Mud Lake Fault into the basin.

DIVIDENDS

Common Stock

The Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock for the minimum dividend component. The common stock dividend is payable on or about December 7, 2022, to stockholders of record on November 25, 2022. The realized silver price was $18.30 per ounce in the third quarter and did not satisfy the criterion for the silver-linked component under the Company's common stock dividend policy.

Preferred Stock

The Board of Directors elected to declare a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 3, 2023, to stockholders of record on December 15, 2022.

2022 GUIDANCE

The Company has reaffirmed its guidance for annual production, cost, and exploration and pre-development. The Company is maintaining its consolidated capital guidance with lower forecasted capital spend at the Lucky Friday and Casa Berardi due to timing of expenditures, offset by the inclusion of Keno Hill.

(millions)

Previous

Current

Capital expenditures

$150 - $160

$150 - $160

Greens Creek

$42 - $45

$42 - $45

Lucky Friday

$60 - $64

$56 - $58

Casa Berardi

$45 - $48

$42 - $45

Keno Hill

NA

$10 - $12

CONFERENCE CALL AND WEBCAST

A conference call and webcast will be held Wednesday, November 9, 2022 at 10:00 a.m. Eastern Standard Time to discuss these results. You may join the conference call by dialing toll-free 1-888-330-2391 or for international dialing 1-240-789-2702. The Conference ID is 4812168. 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 and archived webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts.

ONE ON ONE CALLS

Hecla will make available members of management for one on one calls with any interested parties on Wednesday, November 9, from 12:00 p.m. to 2:00 p.m. Eastern Standard Time.

Hecla invites stockholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of management to discuss operations, exploration, or general matters. Click on the link below to schedule a call (or copy and paste the link into your web browser.) You can select a topic once you have entered the meeting calendar. If you are unable to book a time, either due to high demand or for other reasons, please reach out to Anvita M. Patil, Vice President - Investor Relations and Treasurer at hmc-info@hecla-mining.com or 208-769-4100.

One-on-One meeting URL: https://calendly.com/2022-november-vie

ABOUT HECLA

Founded in 1891, Hecla is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

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) Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) 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.

(2) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income(loss), the most comparable GAAP measure, can be found at the end of the release. 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. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income (loss), the most comparable GAAP measurements, can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.

(3) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment. Free cash flow for Greens Creek, Lucky Friday and Casa Berardi adjusts cash provided by operating activities by excluding exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines' operating performance.

(4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to total cost of sales, 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 the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines - to compare performance with that of other silver mining companies, and aggregating Casa Berardi and the Nevada operations, to compare its performance with other gold mining companies. 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 total cost of sales, expenses for reclamation and exploration at the mines 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.

Cautionary Statements to Investors on Forward-Looking Statements

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. When a forward-looking statement 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. Forward-looking statements often address our expected future business and financial performance and financial condition and often contain words such as "anticipate," "intend," "plan," "will," "could," "would," "estimate," "should," "expect," "believe," "project," "target," "indicative," "preliminary," "potential" and similar expressions. Forward-looking statements in this news release may include, without limitation: (i) the Company could be the largest silver producer in the U.S. and Canada; (ii) the Company will be able to bring Keno Hill into full and consistent production before the end of 2023; (iii) the Company will be able to increase throughput and increase future production at the Lucky Friday; (iv) the Company will achieve 50% of planned pre-production development at Keno Hill by the end of 2022 and will achieve full and consistent production by year end 2023 with the hiring rate required for production; and (v) mine-specific and Company-wide 2022 estimates of future production, sales and costs of sales, as well as cash cost and AISC per ounce (in each case after by-product credits) and Company-wide estimated spending on capital, exploration and pre-development for 2022. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that 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, to which the Company's operations are subject.

Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) the Company's plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (ix) counterparties performing their obligations under hedging instruments and put option contracts; (x) sufficient workforce is available and trained to perform assigned tasks; (xi) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xii) relations with interested parties, including Native Americans, remain productive; (xiii) maintaining availability of water rights; (xiv) factors do not arise that reduce available cash balances; and (xv) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto.

In addition, material risks that could cause actual results to differ from forward-looking statements include, but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; (vi) conflict resolution and outcome of projects or oppositions; (vii) litigation, political, regulatory, labor and environmental risks; (viii) 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; (ix) the failure of counterparties to perform their obligations under hedging instruments; (x) the Company takes a material impairment charge on its Nevada operations; and (xi) the Company is unable to remain in compliance with all terms of its credit agreement in order to maintain continued access to the revolver. For a more detailed discussion of such risks and other factors, see the Company's 2021 Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 23, 2022 and Form 10-Q filed with the SEC on August 5, 2022 for a more detailed discussion of factors that may impact expected future results, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

Qualified Person (QP)

Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under S-K 1300 and NI 43-101, supervised the preparation of the scientific and technical information concerning Hecla's mineral projects in this news release. Technical Report Summaries (each a "TRS") for each of the Company's material properties are filed as exhibits 96.1, 96.2 and 96.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its TRS and in a NI 43-101 technical report titled "Technical Report for the Greens Creek Mine" effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its TRS and in its technical report titled "Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA" effective date April 2, 2014, (iii) Casa Berardi are contained in its TRS and in its 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, and (iv) 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 each TRS and the 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 are contained in technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Copies of these technical reports are available under Hecla's profile 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.

Hecla Mining Company

Condensed Consolidated Statements of Operations

(dollars and shares in thousands, except per share amounts - unaudited)

Three Months Ended

Nine Months Ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Sales

$

146,339

$

193,560

$

524,080

$

622,395

Cost of sales and other direct production costs

104,900

112,542

326,579

318,917

Depreciation, depletion and amortization

32,992

45,790

106,362

138,918

Total cost of sales

137,892

158,332

432,941

457,835

Gross profit

8,447

35,228

91,139

164,560

Other operating expenses:

General and administrative

11,003

8,874

28,989

27,985

Exploration and pre-development

15,128

17,108

39,136

35,039

Care and maintenance costs

5,092

6,910

16,539

17,014

Provision for closed operations and environmental matters

1,781

7,564

4,154

12,297

Other operating expense

902

3,344

5,310

10,626

Total other operating expenses

33,906

43,800

94,128

102,961

(Loss) income from operations

(25,459

)

(8,572

)

(2,989

)

61,599

Other income (expense):

Interest expense

(10,874

)

(10,469

)

(31,785

)

(31,484

)

Fair value adjustments, net

(4,240

)

9,287

(14,703

)

(10,651

)

Net foreign exchange gain (loss)

5,667

3,995

8,111

24

Other income (expense)

1,853

247

4,828

(192

)

Total other (expense) income

(7,594

)

3,060

(33,549

)

(42,303

)

(Loss) income before income and mining taxes

(33,053

)

(5,512

)

(36,538

)

19,296

Income and mining tax (provision) benefit

9,527

4,533

3,642

3,924

Net (loss) income

(23,526

)

(979

)

(32,896

)

23,220

Preferred stock dividends

(138

)

(138

)

(414

)

(414

)

(Loss) income applicable to common stockholders

$

(23,664

)

$

(1,117

)

$

(33,310

)

$

22,806

Basic (loss) income per common share after preferred dividends

$

(0.04

)

$

-

$

(0.06

)

$

0.04

Weighted average number of common shares outstanding - basic

554,531

536,966

544,000

535,542

Weighted average number of common shares outstanding - diluted

554,531

536,966

544,000

541,769

Hecla Mining Company

Condensed Consolidated Statements of Cash Flows

(dollars in thousands - unaudited)

Quarter Ended

Nine Months Ended

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

OPERATING ACTIVITIES

Net (loss) income

$

(23,526

)

$

(979

)

$

(32,896

)

$

23,220

Non-cash elements included in net (loss) income

Depreciation, depletion and amortization

33,087

46,939

106,743

139,800

Write-down of inventory

1,405

93

2,159

6,524

Fair value adjustments, net

17,671

(13,192

)

3,486

(7,978

)

Provision for reclamation and closure costs

1,518

1,638

4,789

7,821

Stock compensation

1,773

1,472

4,298

4,774

Deferred income taxes

(16,538

)

(10,141

)

(17,828

)

(17,886

)

Foreign exchange loss (gain)

(4,911

)

(3,842

)

(8,353

)

615

Other non-cash items, net

1,472

98

2,454

1,167

Change in assets and liabilities:

Accounts receivable

15,589

5,634

34,788

(3,798

)

Inventories

(11,120

)

16,653

(19,472

)

22,372

Other current and non-current assets

(2,526

)

(2,475

)

(3,420

)

1,650

Accounts payable, accrued and other current liabilities

(38,827

)

(8,200

)

(21,708

)

(14,689

)

Accrued payroll and related benefits

1,401

3,522

1,679

(1,829

)

Accrued taxes

3,031

3,729

(2,652

)

2,730

Accrued reclamation and closure costs and other non-current liabilities

(3,821

)

1,793

(297

)

2,489

Cash provided by operating activities

(24,322

)

42,742

53,770

166,982

INVESTING ACTIVITIES

Additions to properties, plants, equipment and mineral interests

(37,430

)

(26,899

)

(93,237

)

(80,210

)

Proceeds from sale of investments

6,888

-

9,375

-

Proceeds from disposition of properties, plants and equipment

18

431

748

562

Purchases of investments

(8,641

)

-

(30,540

)

-

Proceeds from exchange of investments

-

1,811

-

1,811

Purchase of carbon credits

-

(200

)

-

(200

)

Acquisition, net

8,952

-

8,952

-

Pre-acquisition advance to Alexco

(25,000

)

-

(25,000

)

-

Changes in restricted cash and investment balances

2,011

-

2,011

-

Net cash used in investing activities

(53,202

)

(24,857

)

(127,691

)

(78,037

)

FINANCING ACTIVITIES

Draw on revolving credit facility

25,000

-

25,000

-

Proceeds from issuance of stock, net of related costs

4,542

-

4,542

-

Acquisition of treasury shares

-

-

(3,677

)

(4,525

)

Dividends paid to common and preferred stockholders

(3,522

)

(6,178

)

(10,549

)

(17,169

)

Credit facility fees paid

(443

)

(26

)

(517

)

(108

)

Repayments of finance leases

(1,889

)

(1,828

)

(5,222

)

(5,598

)

Net cash used in financing activities

23,688

(8,032

)

9,577

(27,400

)

Effect of exchange rates on cash

517

(443

)

(804

)

(471

)

Net increase (decrease) in cash, cash equivalents and restricted cash

(53,319

)

9,410

(65,148

)

61,074

Cash, cash equivalents and restricted cash at beginning of period

199,234

$

182,547

211,063

130,883

Cash, cash equivalents and restricted cash at end of period

$

145,915

$

191,957

$

145,915

$

191,957

Supplemental disclosure of cash flow information:

Cash paid for interest

$

18,430

$

18,674

$

37,179

$

37,173

Cash paid for income and mining taxes, net

$

1,173

$

830

$

13,061

$

10,299

Hecla Mining Company

Condensed Consolidated Balance Sheets

(dollars and shares in thousands - unaudited)

September 30, 2022

December 31, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

144,669

$

210,010

Accounts receivable:

Trade

12,477

36,437

Other, net

12,846

8,149

Inventories

92,005

67,765

Derivative assets

7,190

2,709

Other current assets

14,733

16,557

Total current assets

283,920

341,627

Investments

13,299

10,844

Restricted cash

1,246

1,053

Properties, plants, equipment and mineral interests, net

2,553,974

2,310,810

Operating lease right-of-use asset

11,632

12,435

Deferred income taxes

45,562

45,562

Derivative assets

20,794

2,503

Other non-current assets

4,202

3,974

Total assets

$

2,934,629

$

2,728,808

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities

$

87,850

$

68,100

Accrued payroll and related benefits

26,385

28,714

Accrued taxes

7,344

12,306

Finance and operating leases

12,489

8,098

Derivative liabilities

5,774

19,353

Other current liabilities

10,949

14,553

Accrued reclamation and closure costs

10,594

9,259

Total current liabilities

161,385

160,383

Finance and operating leases

20,242

17,726

Accrued reclamation and closure costs

105,717

103,972

Long-term debt

530,745

508,095

Deferred tax liability

154,225

149,706

Derivative liabilities

5,560

18,528

Other non-current liabilities

1,987

9,611

Total liabilities

979,861

968,021

STOCKHOLDERS' EQUITY

Preferred stock

39

39

Common stock

150,839

136,391

Capital surplus

2,241,649

2,034,485

Accumulated deficit

(397,096

)

(353,651

)

Accumulated other comprehensive income (loss)

(8,965

)

(28,456

)

Treasury stock

(31,698

)

(28,021

)

Total stockholders' equity

1,954,768

1,760,787

Total liabilities and stockholders' equity

$

2,934,629

$

2,728,808

Common shares outstanding

603,702

545,535

Non-GAAP Measures
(Unaudited)

Reconciliation of Cost of Sales (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 Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits and AISC, After By-product Credits for our operations at the Greens Creek , Lucky Friday, Casa Berardi and Nevada Operations units for the nine month periods ended September 30, 2022 and 2021 and the three month periods ended September 30, June 30 and March 31, 2022.

Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) 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. AISC, After By-product Credits, per Ounce is an important operating statistic that we utilize as a measures of our mines' net cash flow after costs for exploration, pre-development, reclamation, and sustaining capital. 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 silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines - to compare our performance with that of other silver mining companies, and aggregating Casa Berardi and Nevada Operations for comparison to other 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, reclamation, exploration, and pre-development. 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. 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, Nevada Operations and combined gold properties information below reports Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce for the production of gold, its 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 and Lucky Friday, our combined silver properties. Similarly, the silver produced at our other two units is not included as a by-product credit when calculating the gold metrics for Casa Berardi and Nevada Operations.

Reconciliation of Cost of Sales to Non-GAAP Measures, continued

In thousands (except per ounce amounts)

Three Months Ended September 30, 2022

Three Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

Greens Creek

Lucky Friday

Other

Total Silver

Greens Creek

Lucky Friday

Other

Total Silver

Greens Creek

Lucky Friday

Other

Total Silver

Greens Creek

Lucky Friday

Other(2)

Total Silver

Total cost of sales

$

52,502

$

24,164

-

$

76,666

$

60,506

$

30,348

-

$

90,854

$

162,644

$

83,779

-

$

246,423

$

163,861

$

74,287

$

95

$

238,243

Depreciation, depletion and amortization

(10,305

)

(7,261

)

-

(17,566

)

(13,629

)

(8,862

)

-

(22,491

)

(35,354

)

(24,155

)

-

(59,509

)

(42,410

)

(20,328

)

-

(62,738

)

Treatment costs

9,477

4,791

-

14,268

8,778

4,803

-

13,581

27,369

13,271

-

40,640

27,444

13,087

-

40,531

Change in product inventory

4,464

3,022

-

7,486

(1,102

)

503

-

(599

)

9,899

2,620

-

12,519

(156

)

(1,757

)

-

(1,913

)

Reclamation and other costs

(118

)

(152

)

-

(270

)

(1,005

)

(256

)

-

(1,261

)

(1,988

)

(769

)

-

(2,757

)

(1,777

)

(840

)

(95

)

(2,712

)

Cash Cost, Before By-product Credits (1)

56,020

24,564

-

80,584

53,548

26,536

-

80,084

162,570

74,746

-

237,316

146,962

64,449

-

211,411

Reclamation and other costs

705

282

-

987

705

282

-

987

2,115

846

-

2,961

2,543

792

-

3,335

Exploration

3,776

-

722

4,498

929

-

769

1,698

4,870

-

2,207

7,077

3,895

-

1,359

5,254

Sustaining capital

10,219

11,264

187

21,670

14,668

8,110

99

22,877

30,843

24,937

334

56,114

17,459

19,104

-

36,563

General and administrative

-

-

11,003

11,003

-

-

9,692

9,692

-

-

28,989

28,989

-

-

27,985

27,985

AISC, Before By-product Credits (1)

70,720

36,110

11,912

118,742

69,850

34,928

10,560

115,338

200,398

100,529

31,530

332,457

170,859

84,345

29,344

284,548

By-product credits:

Zinc

(26,244

)

(7,155

)

-

(33,399

)

(32,828

)

(8,227

)

-

(41,055

)

(87,723

)

(21,358

)

-

(109,081

)

(74,571

)

(14,457

)

-

(89,028

)

Gold

(17,019

)

-

-

(17,019

)

(20,364

)

-

-

(20,364

)

(55,966

)

-

-

(55,966

)

(56,299

)

-

-

(56,299

)

Lead

(6,212

)

(11,796

)

-

(18,008

)

(8,271

)

(14,543

)

-

(22,814

)

(22,449

)

(38,175

)

-

(60,624

)

(23,265

)

(30,762

)

-

(54,027

)

Total By-product credits

(49,475

)

(18,951

)

-

(68,426

)

(61,463

)

(22,770

)

-

(84,233

)

(166,138

)

(59,533

)

-

(225,671

)

(154,135

)

(45,219

)

-

(199,354

)

Cash Cost, After By-product Credits

$

6,545

$

5,613

$

-

$

12,158

$

(7,915

)

$

3,766

$

-

$

(4,149

)

$

(3,568

)

$

15,213

$

-

$

11,645

$

(7,173

)

$

19,230

$

-

$

12,057

AISC, After By-product Credits

$

21,245

$

17,159

$

11,912

$

50,316

$

8,387

$

12,158

$

10,560

$

31,105

$

34,260

$

40,996

$

31,530

$

106,786

$

16,724

$

39,126

$

29,344

$

85,194

Divided by ounces produced

2,469

1,075

3,544

2,410

1,226

3,636

7,309

3,189

10,498

6,981

1,777

2,609

9,590

Cash Cost, Before By-product Credits, per Silver Ounce

$

22.69

$

22.87

$

22.74

$

22.21

$

21.65

$

22.03

$

22.24

$

23.44

$

22.61

$

21.05

$

24.70

$

22.05

By-product credits per ounce

(20.04

)

(17.64

)

(19.31

)

(25.50

)

(18.58

)

(23.17

)

(22.73

)

(18.67

)

(21.50

)

(22.08

)

(17.33

)

(20.79

)

Cash Cost, After By-product Credits, per Silver Ounce

$

2.65

$

5.23

$

3.43

$

(3.29

)

$

3.07

$

(1.14

)

$

(0.49

)

$

4.77

$

1.11

$

(1.03

)

$

7.37

$

1.26

AISC, Before By-product Credits, per Silver Ounce

$

28.65

$

33.62

$

33.51

$

28.98

$

28.49

$

31.72

$

27.42

$

31.53

$

31.67

$

24.48

$

32.33

$

29.67

By-product credits per ounce

(20.04

)

(17.64

)

(19.31

)

(25.50

)

(18.58

)

(23.17

)

(22.73

)

(18.67

)

(21.50

)

(22.08

)

(17.33

)

(20.79

)

AISC, After By-product Credits, per Silver Ounce

$

8.61

$

15.98

$

14.20

$

3.48

$

9.91

$

8.55

$

4.69

$

12.86

$

10.17

$

2.40

$

15.00

$

8.88

Reconciliation of Cost of Sales to Non-GAAP Measures, continued

In thousands (except per ounce amounts)

Three Months Ended
September 30, 2022

Three Months Ended
June 30, 2022

Nine Months Ended
September 30, 2022

Nine Months Ended
September 30, 2021

Casa
Berardi

Total Gold

Casa
Berardi

Total Gold

Casa
Berardi

Total Gold

Casa
Berardi

Nevada
Operations(3)

Corporate(3)

Total Gold

Total cost of sales

$

59,532

$

59,532

$

61,870

$

61,870

$

183,570

$

183,570

$

172,760

$

46,832

-

$

219,592

Depreciation, depletion and amortization

(15,089

)

(15,089

)

(15,459

)

(15,459

)

(46,394

)

(46,394

)

(61,159

)

(15,021

)

-

(76,180

)

Treatment costs

429

429

457

457

1,345

1,345

1,723

1,731

-

3,454

Change in product inventory

420

420

(793

)

(793

)

(936

)

(936

)

(2,401

)

(9,951

)

-

(12,352

)

Reclamation and other costs

(203

)

(203

)

(209

)

(209

)

(623

)

(623

)

(632

)

299

-

(333

)

Exclusion of Nevada Operations costs

-

-

-

-

-

-

-

-

-

Cash Cost, Before By-product Credits (1)

45,089

45,089

45,866

45,866

136,962

136,962

110,291

23,890

-

134,181

Reclamation and other costs

204

204

209

209

623

623

632

681

-

1,313

Sustaining Exploration

2,314

2,314

1,178

1,178

4,886

4,886

3,551

-

-

3,551

Sustaining capital

10,457

10,457

7,597

7,597

25,587

25,587

21,030

195

-

21,225

AISC, Before By-product Credits (1)

58,064

58,064

54,850

54,850

168,058

168,058

135,504

24,766

-

160,270

By-product credits:

-

Silver

$

(131

)

(131

)

$

(188

)

(188

)

(485

)

(485

)

(656

)

(1,131

)

-

(1,787

)

Total By-product credits

(131

)

(131

)

(188

)

(188

)

(485

)

(485

)

(656

)

(1,131

)

-

(1,787

)

Cash Cost, After By-product Credits

$

44,958

$

44,958

$

45,678

$

45,678

$

136,477

$

136,477

$

109,635

$

22,759

$

-

$

132,394

AISC, After By-product Credits

$

57,933

$

57,933

$

54,662

$

54,662

$

167,573

$

167,573

$

134,848

$

23,635

$

-

$

158,483

Divided by gold ounces produced

33

33

33

33

97

97

97

20

117

Cash Cost, Before By-product Credits, per Gold Ounce

$

1,353

$

1,353

$

1,377

$

1,377

$

1,415

$

1,415

$

1,134

$

1,180

$

1,142

By-product credits per ounce

(4

)

(4

)

(6

)

(6

)

(6

)

(6

)

(7

)

(56

)

(15

)

Cash Cost, After By-product Credits, per Gold Ounce

$

1,349

$

1,349

$

1,371

$

1,371

$

1,409

$

1,409

$

1,127

$

1,124

$

1,127

AISC, Before By-product Credits, per Gold Ounce

$

1,742

$

1,742

$

1,647

$

1,647

$

1,735

$

1,735

$

1,394

$

1,223

$

1,364

By-product credits per ounce

(4

)

(4

)

(6

)

(6

)

(6

)

(6

)

(7

)

(56

)

(15

)

AISC, After By-product Credits, per Gold Ounce

$

1,738

$

1,738

$

1,641

$

1,641

$

1,729

$

1,729

$

1,387

$

1,167

$

1,349

Reconciliation of Cost of Sales to Non-GAAP Measures, continued

In thousands (except per ounce amounts)

Three Months Ended September 30, 2022

Three Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Nine Months Ended September 30, 2021

Total Silver

Total Gold

Total

Total Silver

Total Gold

Total

Total Silver

Total Gold

Total

Total Silver

Total Gold

Total

Total cost of sales

$

76,666

$

59,532

$

136,198

$

90,854

$

61,870

$

152,724

$

246,423

$

183,570

$

429,993

$

238,243

$

219,592

$

457,835

Depreciation, depletion and amortization

(17,566

)

(15,089

)

(32,655

)

(22,491

)

(15,459

)

(37,950

)

(59,509

)

(46,394

)

(105,903

)

(62,738

)

(76,180

)

(138,918

)

Treatment costs

14,268

429

14,697

13,581

457

14,038

40,640

1,345

41,985

40,531

3,454

43,985

Change in product inventory

7,486

420

7,906

(599

)

(793

)

(1,392

)

12,519

(936

)

11,583

(1,913

)

(12,352

)

(14,265

)

Reclamation and other costs

(270

)

(203

)

(473

)

(1,261

)

(209

)

(1,470

)

(2,757

)

(623

)

(3,380

)

(2,712

)

(333

)

(3,045

)

Cash Cost, Before By-product Credits (1)

80,584

45,089

125,673

80,084

45,866

125,950

237,316

136,962

374,278

211,411

134,181

$

345,592

Reclamation and other costs

987

204

1,191

987

209

1,196

2,961

623

3,584

3,335

1,313

4,648

Exploration

4,498

2,314

6,812

1,698

1,178

2,876

7,077

4,886

11,963

5,254

3,551

8,805

Sustaining capital

21,670

10,457

32,127

22,877

7,597

30,474

56,114

25,587

81,701

36,563

21,225

57,788

General and administrative

11,003

-

11,003

9,692

-

9,692

28,989

-

28,989

27,985

-

27,985

AISC, Before By-product Credits (1)

118,742

58,064

176,806

115,338

54,850

170,188

332,457

168,058

500,515

284,548

160,270

$

444,818

By-product credits:

Zinc

(33,399

)

-

(33,399

)

(41,055

)

-

(41,055

)

(109,081

)

-

(109,081

)

(89,028

)

-

(89,028

)

Gold

(17,019

)

-

(17,019

)

(20,364

)

-

(20,364

)

(55,966

)

-

(55,966

)

(56,299

)

-

(56,299

)

Lead

(18,008

)

-

(18,008

)

(22,814

)

-

(22,814

)

(60,624

)

-

(60,624

)

(54,027

)

-

(54,027

)

Silver

-

(131

)

(131

)

-

(188

)

(188

)

-

(485

)

(485

)

-

(1,787

)

(1,787

)

Total By-product credits

(68,426

)

(131

)

(68,557

)

(84,233

)

(188

)

(84,421

)

(225,671

)

(485

)

(226,156

)

(199,354

)

(1,787

)

(201,141

)

Cash Cost, After By-product Credits

$

12,158

$

44,958

$

57,116

$

(4,149

)

$

45,678

$

41,529

$

11,645

$

136,477

$

148,122

$

12,057

$

132,394

$

144,451

AISC, After By-product Credits

$

50,316

$

57,933

$

108,249

$

31,105

$

54,662

$

85,767

$

106,786

$

167,573

$

274,359

$

85,194

$

158,483

$

243,677

Divided by ounces produced

3,544

33

3,636

33

10,498

97

9,590

117

Cash Cost, Before By-product Credits, per Ounce

$

22.74

$

1,353

$

22.03

$

1,377

$

22.61

$

1,415

$

22.05

$

1,142

By-product credits per ounce

(19.31

)

(4

)

(23.17

)

(6

)

(21.50

)

(6

)

(20.79

)

(15

)

Cash Cost, After By-product Credits, per Ounce

$

3.43

$

1,349

$

(1.14

)

$

1,371

$

1.11

$

1,409

$

1.26

$

1,127

AISC, Before By-product Credits, per Ounce

$

33.51

$

1,742

$

31.72

$

1,647

$

31.67

$

1,735

$

29.67

$

1,364

By-product credits per ounce

(19.31

)

(4

)

(23.17

)

(6

)

(21.50

)

(6

)

(20.79

)

(15

)

AISC, After By-product Credits, per Ounce

$

14.20

$

1,738

$

8.55

$

1,641

$

10.17

$

1,729

$

8.88

$

1,349

Reconciliation of Cost of Sales to Non-GAAP Measures, continued

In thousands (except per ounce amounts)

Three Months Ended March 31, 2022

Three Months Ended December 31, 2021

Three Months Ended September 30, 2021

Greens
Creek

Lucky
Friday

Other

Total
Silver

Greens
Creek

Lucky
Friday(2)

Other(3)

Total
Silver

Greens
Creek

Lucky
Friday

Other(3)

Total
Silver

Total cost of sales

$

49,638

$

29,264

-

$

78,902

$

49,252

$

23,251

$

152

$

72,655

$

55,193

$

23,591

$

-

$

78,784

Depreciation, depletion and amortization

(11,420

)

(8,032

)

-

(19,452

)

(6,300

)

(6,518

)

(152

)

(12,970

)

(13,097

)

(6,590

)

-

(19,687

)

Treatment costs

9,096

3,677

-

12,773

8,655

3,636

-

12,291

7,979

3,427

-

11,406

Change in product inventory

6,538

(905

)

-

5,633

236

1,351

-

1,587

(122

)

(68

)

-

(190

)

Reclamation and other costs (5)

(850

)

(361

)

-

(1,211

)

(1,689

)

(199

)

-

(1,888

)

(786

)

(281

)

-

(1,067

)

Cash Cost, Before By-product Credits (1)

53,002

23,643

-

76,645

50,154

21,521

-

71,675

49,167

20,079

-

69,246

Reclamation and other costs

705

282

-

987

847

264

-

1,111

848

264

-

1,112

Exploration

165

-

716

881

696

-

867

1,563

2,472

-

474

2,946

Sustaining capital

5,956

5,562

48

11,566

10,123

7,413

172

17,708

6,228

8,406

-

14,634

General and administrative (5)

-

-

8,294

8,294

-

-

6,585

6,585

-

-

8,874

8,874

AISC, Before By-product Credits (1)

59,828

29,487

9,058

98,373

61,820

29,198

7,624

98,642

58,715

28,749

9,348

96,812

By-product credits:

Zinc

(28,651

)

(5,977

)

-

(34,628

)

(25,643

)

(5,022

)

(30,665

)

(25,295

)

(4,611

)

(29,906

)

Gold

(18,583

)

-

-

(18,583

)

(15,712

)

-

(15,712

)

(14,864

)

-

(14,864

)

Lead

(7,966

)

(11,836

)

-

(19,802

)

(7,657

)

(12,204

)

(19,861

)

(7,640

)

(10,188

)

(17,828

)

Total By-product credits

(55,200

)

(17,813

)

-

(73,013

)

(49,012

)

(17,226

)

-

(66,238

)

(47,799

)

(14,799

)

-

(62,598

)

Cash Cost, After By-product Credits

$

(2,198

)

$

5,830

$

-

$

3,632

$

1,142

$

4,295

$

-

$

5,437

$

1,368

$

5,280

$

-

$

6,648

AISC, After By-product Credits

$

4,628

$

11,674

$

9,058

$

25,360

$

12,808

$

11,972

$

7,624

$

32,404

$

10,916

$

13,950

$

9,348

$

34,214

Divided by ounces produced

2,430

888

3,318

2,262

955

3,217

1,837

832

2,669

Cash Cost, Before By-product Credits, per Silver Ounce

$

21.82

$

26.63

$

23.10

$

22.18

$

22.54

$

22.28

$

26.76

$

24.14

$

25.93

By-product credits per ounce

(22.72

)

(20.06

)

(22.01

)

(21.68

)

(18.04

)

(20.59

)

(26.02

)

(17.79

)

(23.44

)

Cash Cost, After By-product Credits, per Silver Ounce

$

(0.90

)

$

6.57

$

1.09

$

0.50

$

4.50

$

1.69

$

0.74

$

6.35

$

2.49

AISC, Before By-product Credits, per Silver Ounce

$

24.62

$

33.21

$

29.65

$

27.34

$

30.58

$

30.67

$

31.96

$

34.58

$

36.26

By-product credits per ounce

(22.72

)

(20.06

)

(22.01

)

(21.68

)

(18.04

)

(20.59

)

(26.02

)

(17.79

)

(23.44

)

AISC, After By-product Credits, per Silver Ounce

$

1.90

$

13.15

$

7.64

$

5.66

$

12.54

$

10.08

$

5.94

$

16.79

$

12.82

Reconciliation of Cost of Sales to Non-GAAP Measures, continued

In thousands (except per ounce amounts)

Three Months Ended March 31, 2022

Three Months Ended December 31, 2021

Three Months Ended September 30, 2021

Casa Berardi

Total Gold

Casa Berardi

Nevada Operations(4)

Total Gold

Casa Berardi

Nevada Operations(4)

Corporate(3)

Total Gold

Total cost of sales

$

62,168

$

62,168

$

57,069

$

2,113

$

59,182

$

58,164

$

21,384

$

79,548

Depreciation, depletion and amortization

(15,846

)

(15,846

)

(19,585

)

(320

)

(19,905

)

(19,968

)

(6,135

)

(26,103

)

Treatment costs

458

458

423

-

423

475

1

476

Change in product inventory

(563

)

(563

)

4,839

(956

)

3,883

(3,369

)

(12,389

)

(15,758

)

Reclamation and other costs (5)

(210

)

(210

)

(208

)

1

(207

)

(210

)

-

(210

)

Cash Cost, Before By-product Credits (1)

46,007

46,007

42,538

838

43,376

35,092

2,861

37,953

Reclamation and other costs

210

210

209

327

536

209

327

536

Exploration

1,394

1,394

1,775

-

1,775

1,541

-

1,541

Sustaining capital

7,281

7,281

10,459

316

10,775

7,208

29

7,237

AISC, Before By-product Credits (1)

54,892

54,892

54,981

1,481

56,462

44,050

3,217

47,267

By-product credits:

Silver

(166

)

(166

)

(183

)

(21

)

(204

)

(169

)

(6

)

(175

)

Total By-product credits

$

(166

)

$

(166

)

(183

)

(21

)

(204

)

(169

)

(6

)

(175

)

Cash Cost, After By-product Credits

$

45,841

$

45,841

$

42,355

$

817

$

43,172

$

34,923

$

2,855

$

37,778

AISC, After By-product Credits

$

54,726

$

54,726

$

54,798

$

1,460

$

56,258

$

43,881

$

3,211

$

47,092

Divided by gold ounces produced

30

30

37

-

37

30

3

33

Cash Cost, Before By-product Credits, per Gold Ounce

$

1,521

$

1,521

$

1,142

$

1,737

$

1,148

$

1,181

$

1,040

$

1,168

By-product credits per ounce

(5

)

(5

)

(5

)

(44

)

(5

)

(6

)

(2

)

(5

)

Cash Cost, After By-product Credits, per Gold Ounce

$

1,516

$

1,516

$

1,137

$

1,693

$

1,143

$

1,175

$

1,038

$

1,163

AISC, Before By-product Credits, per Gold Ounce

$

1,815

$

1,815

$

1,475

$

3,073

$

1,499

$

1,482

$

1,169

$

1,455

By-product credits per ounce

(5

)

(5

)

(5

)

(44

)

(5

)

(6

)

(2

)

(5

)

AISC, After By-product Credits, per Gold Ounce

$

1,810

$

1,810

$

1,470

$

3,029

$

1,494

$

1,476

$

1,167

$

1,450

Reconciliation of Cost of Sales to Non-GAAP Measures, continued

In thousands (except per ounce amounts)

Three Months Ended March 31, 2022

Three Months Ended December 31, 2021

Three Months Ended September 30, 2021

Total Silver

Total Gold

Total

Total Silver

Total Gold

Total

Total Silver

Total Gold

Corporate(3)

Total

Cost of sales and other direct production costs and depreciation, depletion and amortization

$

78,902

$

62,168

$

141,070

$

72,655

$

59,182

$

131,837

$

78,784

$

79,548

$

158,332

Depreciation, depletion and amortization

(19,452

)

(15,846

)

(35,298

)

(12,970

)

(19,905

)

(32,875

)

(19,687

)

(26,103

)

(45,790

)

Treatment costs

12,773

458

13,231

12,291

423

12,714

11,406

476

11,882

Change in product inventory

5,633

(563

)

5,070

1,587

3,883

5,470

(190

)

(15,758

)

(15,948

)

Reclamation and other costs

(1,211

)

(210

)

(1,421

)

(1,888

)

(207

)

(2,095

)

(1,067

)

(210

)

(1,277

)

Cash Cost, Before By-product Credits (1)

76,645

46,007

122,652

71,675

43,376

115,051

69,246

37,953

107,199

Reclamation and other costs

987

210

1,197

1,111

536

1,647

1,112

536

1,648

Exploration

881

1,394

2,275

1,563

1,775

3,338

2,946

1,541

4,487

Sustaining capital

11,566

7,281

18,847

17,708

10,775

28,483

14,634

7,237

21,871

General and administrative

8,294

-

8,294

6,585

-

6,585

8,874

-

8,874

AISC, Before By-product Credits (1)

98,373

54,892

153,265

98,642

56,462

155,104

96,812

47,267

144,079

By-product credits:

Zinc

(34,628

)

-

(34,628

)

(30,665

)

-

(30,665

)

(29,906

)

-

(29,906

)

Gold

(18,583

)

-

(18,583

)

(15,712

)

-

(15,712

)

(14,864

)

-

(14,864

)

Lead

(19,802

)

-

(19,802

)

(19,861

)

-

(19,861

)

(17,828

)

-

(17,828

)

Silver

-

(166

)

(166

)

-

(204

)

(204

)

-

(175

)

(175

)

Total By-product credits

(73,013

)

(166

)

(73,179

)

(66,238

)

(204

)

(66,442

)

(62,598

)

(175

)

(62,773

)

Cash Cost, After By-product Credits

$

3,632

$

45,841

$

49,473

$

5,437

$

43,172

$

48,609

$

6,648

$

37,778

$

44,426

AISC, After By-product Credits

$

25,360

$

54,726

$

80,086

$

32,404

$

56,258

$

88,662

$

34,214

$

47,092

$

81,306

Divided by ounces produced

3,318

30

3,217

37

2,669

33

Cash Cost, Before By-product Credits, per Ounce

$

23.10

$

1,521

$

22.28

$

1,148

$

25.93

1,168

By-product credits per ounce

(22.01

)

(5

)

(20.59

)

(5

)

(23.44

)

(5

)

Cash Cost, After By-product Credits, per Ounce

$

1.09

$

1,516

$

1.69

$

1,143

$

2.49

$

1,163

AISC, Before By-product Credits, per Ounce

$

29.65

$

1,815

$

30.67

$

1,499

$

36.26

$

1,455

By-product credits per ounce

(22.01

)

(5

)

(20.59

)

(5

)

(23.44

)

(5

)

AISC, After By-product Credits, per Ounce

$

7.64

$

1,810

$

10.08

$

1,494

$

12.82

$

1,450

  1. 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, on-site general and administrative costs, royalties, 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.
  2. Mining at San Sebastian was completed in the third quarter of 2020, and milling was completed in the fourth quarter of 2020. Care and maintenance costs at San Sebastian totaling $1.5 million and $2.0 million for the first nine months of 2022 and 2021 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, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.
  3. AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, exploration and sustaining capital.
  4. Production was suspended at the Hollister and Midas mines and Aurora mill in the latter part of 2019. Care and maintenance at Nevada Operations totaling $4.2 million and $6.3 million for the third quarter of 2022 and 2021, respectively, ($14.6 million and $15.0 million for the first nine months of 2022 and 2021) 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, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

Reconciliation of Net (Loss) Income Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Stockholders (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 are in thousands

Q3 -2022

Q2 -2022

Q1-2022

Q4 -2021

Q3 -2021

YTD - 2022

YTD-2021

Net (loss) income applicable to common stockholders (GAAP)

(23,664

)

(13,661

)

$

4,015

11,737

(1,117

)

$

(33,310

)

22,806

Adjusted for items below:

-

Derivative contracts losses (gains)

(873

)

689

204

25,840

(16,053

)

20

(13,937

)

Provisional pricing losses (gains)

6,625

15,807

(968

)

(5,648

)

(72

)

21,464

(3,701

)

Unrealized losses (gains) on equity investments

5,110

15,739

(6,100

)

(2,822

)

2,861

14,749

5,959

Environmental accruals

-

14

-

-

14

2,882

Foreign exchange (gain) loss

(5,667

)

(4,482

)

2,038

(393

)

(3,995

)

(8,111

)

(24

)

Care and maintenance costs

5,092

5,242

6,205

5,998

6,910

16,539

17,014

Loss (gain)on disposition of properties, plants, equipment and mineral interests

19

5

(8

)

326

(390

)

16

(239

)

Adjustments of inventory to net realizable value

1,405

754

-

-

93

2,159

6,524

Adjusted income (loss) applicable to common stockholders

$

(11,953

)

$

20,093

$

5,400

$

35,038

$

(11,763

)

$

13,540

$

37,284

Weighted average shares - basic

554,531

539,401

538,490

538,124

536,966

544,000

535,542

Weighted average shares - diluted

554,531

539,401

544,061

543,134

536,966

544,000

541,769

Basic adjusted net income (loss) per common stock (in cents)

(0.02

)

0.04

0.01

0.07

(0.02

)

0.02

0.07

Diluted adjusted net income (loss) per common stock (in cents)

(0.02

)

0.04

0.01

0.06

(0.02

)

0.02

0.07

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, foreign exchange gains and losses, gains and losses on derivative contracts, ramp-up and suspension costs, provisional price gains and losses, stock-based compensation, unrealized losses and gains on investments, provisions for closed operations, and interest and other income (expense). Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, revolving credit facility and finance leases, less the total of our cash and cash equivalents. 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

Q3 -2022

Q2 -2022

Q1-2022

Q4 -2021

Q3 -2021

LTM
9/30/2022

FY 2021

Net income (loss)

(23,526

)

(13,523

)

$

4,153

11,875

(979

)

(21,021

)

35,095

Interest expense

10,874

10,505

10,406

10,461

10,469

42,246

41,945

Income and mining tax provision (benefit)

(9,527

)

254

5,631

(25,645

)

(4,533

)

(29,287

)

(29,569

)

Depreciation, depletion and amortization

32,992

38,072

35,298

32,875

45,790

139,237

171,793

Foreign exchange (gain) loss

(5,667

)

(4,482

)

2,038

(393

)

(3,995

)

(8,504

)

(417

)

Loss/(gain) on undesignated derivative contracts

(873

)

689

204

25,840

(16,053

)

25,860

11,903

Care and maintenance costs

5,092

5,242

6,205

5,998

6,910

22,537

23,012

Provisional price losses ( gains)

6,625

15,807

(968

)

(5,648

)

(72

)

15,816

(9,349

)

Loss (gain) on disposition of properties, plants, equipment and mineral interests

18

5

(8

)

326

(390

)

341

87

Stock-based compensation

1,773

1,254

1,271

1,307

1,472

5,605

6,081

Provision for closed operations and environmental matters

1,781

1,628

1,643

3,693

8,088

8,745

17,964

Unrealized loss (gain) on investments

5,114

15,739

(6,100

)

(2,822

)

2,861

11,931

4,295

Adjustments of inventory to net realizable value

1,405

754

-

-

93

2,159

6,524

Other

473

(1,470

)

(1,571

)

382

(247

)

(2,186

)

(584

)

Adjusted EBITDA

$

26,554

$

70,474

$

58,202

58,249

49,414

$

213,479

$

278,780

Total debt

551,841

$

521,483

Less: Cash and cash equivalents

$

144,669

$

210,010

Net debt

$

407,172

$

311,473

Net debt/LTM adjusted EBITDA (non-GAAP)

1.9

1.1

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. 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:

Dollars are in thousands

Three Months Ended
September 30,

Nine Months Ended
September 30,

2022

2021

2022

2021

Cash provided by operating activities

$

(24,322

)

$

42,742

$

53,770

$

166,982

Less: Additions to properties, plants equipment and mineral interests

(37,430

)

(26,899

)

(93,237

)

(80,210

)

Free cash flow

$

(61,752

)

$

15,843

$

(39,467

)

$

86,772

Table A - Assay Results - Q3 2022

Keno Hill, Yukon

Zone

Drillhole
Number

Drill Hole
Azm/Dip

Sample From
(feet)

Sample To
(feet)

Est. True
Width (feet)

Silver
(oz/ton)

Gold
(oz/ton)

Zinc (%)

Lead (%)

Depth From
Surface (feet)

Coral-Wigwam

K-22-0825

275/-73

1520.4

1533.6

7.3

101.5

0.00

0.1

0.1

-1291

Coral-Wigwam

Including

1525.6

1526.1

0.3

2522.1

0.00

0.7

0.3

-1303

Aurora, Nevada

Zone

Drillhole
Number

Drillhole
Azm/Incl

Sample From
(feet)

Sample To
(feet)

Est. True
Width (feet)

Gold
(oz/ton)

Silver
(oz/ton)

Depth From
Surface (feet)

Martinez

MAR-002

173 /-37

331.5

333.0

1.3

0.13

0.3

-184

Martinez

MAR-002

173 /-37

353.1

360.0

6.0

0.22

1.1

-240

Martinez

Including

353.1

356.0

2.5

0.50

1.9

-240

Martinez

MAR-002

173 /-37

396.2

408.8

7.2

0.05

0.2

-308

Martinez

Including

396.2

397.5

0.8

0.19

0.5

-308

Martinez

MAR-002

173 /-37

416.8

454.2

31.1

0.40

1.8

-341

Martinez

Including

416.8

418.0

0.9

0.30

2.8

-341

Martinez

Including

423.1

433.5

6.7

1.26

4.4

-341

Martinez

MAR-002

173 /-37

456.5

465.0

6.0

0.10

0.1

-364

Martinez

Including

463.5

465.0

1.1

0.43

0.4

-364

Martinez

MAR-002

173 /-37

488.9

570.2

70.4

0.05

0.3

-436

Martinez

Including

491.3

498.0

5.8

0.12

0.6

-436

Martinez

Including

508.9

510.3

1.0

0.19

2.0

-436

Martinez

Including

518.7

523.1

3.8

0.17

0.7

-436

Martinez

Including

533.8

535.5

1.6

0.12

0.9

-436

Chesco

CHE-001

350 /-62

14.0

26.4

12.2

0.73

7.7

-25

Chesco

Including

14.0

23.0

8.9

0.95

9.8

-25

Chesco

CHE-001

350 /-62

28.3

29.5

1.2

0.15

2.4

-31

Chesco

CHE-001

350 /-62

258.0

260.3

2.2

0.03

1.2

-231

Chesco

CHE-002

13 /-39

163.5

163.9

0.4

0.13

0.3

-68

Chesco

CHE-002

13 /-39

170.3

171.1

0.6

0.06

0.3

-69

Chesco

CHE-002

13 /-39

176.4

177.5

0.8

0.26

1.4

-72

Chesco

CHE-002

13 /-39

223.8

228.1

3.7

0.25

6.4

-95

Chesco

Including

224.8

226.9

1.8

0.50

12.4

-95

Juniata

JUN-001

000 /-45

246.8

261.9

14.9

0.43

1.9

-180

Juniata

Including

249.7

257.8

8.0

0.76

3.5

-180

Republic, NW USA

Zone

Drillhole
Number

Drillhole
Azm/Incl

Sample From
(feet)

Sample To
(feet)

Est. True
Width (feet)

Gold
(oz/ton)

Silver
(oz/ton)

Depth From
Surface (feet)

Bellicose

BT2209

330/-45

518.6

523.3

3.3

0.07

0.3

-330

Blacktail

BT2209

330/-45

627.0

650.0

13.2

0.06

0.5

-420

Apex

BT2210

330/-45

36.4

53.7

12.0

0.08

0.4

-32

Anchor

BT2210

330/-45

125.3

132.0

2.3

0.29

0.7

-70

1470

BT2216

330/-45

321.6

332.0

9.3

0.57

1.8

-250

1470

Including

326.6

332.0

4.9

0.79

2.6

-253

1470 Splay

BT2216

330/-45

350.0

353.0

2.1

1.18

4.3

-263

Tom Thumb

TT2213

293/-45

610.1

619.6

8.6

0.37

2.3

-255

Tom Thumb

Including

610.1

614.6

4.1

0.72

4.3

-255

Tom Thumb

TT2214

150/-75

1848.3

1852.5

3.6

0.34

2.7

-1800

Greens Creek, Alaska

Zone

Drillhole
Number

Drill Hole
Azm/Dip

Sample From
(feet)

Sample To
(feet)

Est. True
Width (feet)

Silver
(oz/ton)

Gold
(oz/ton)

Zinc (%)

Lead (%)

Depth From
Mine Portal (feet)

Southwest Bench

GC5758

63 / -46

221.0

224.0

2.7

35.2

0.14

10.2

6.4

-916

Southwest Bench

GC5758

63 / -46

231.0

241.0

9.7

15.7

0.06

6.1

4.4

-932

Southwest Bench

GC5762

73 / -11

144.0

159.0

14.9

40.9

0.35

7.0

2.9

-779

Southwest Bench

GC5762

73 / -11

190.3

193.6

2.8

59.8

0.19

3.2

2.2

-785

Southwest Bench

GC5762

73 / -11

308.5

310.5

1.9

27.3

0.07

9.0

6.0

-803

Southwest Bench

GC5767

100 / 41

170.0

185.0

14.9

20.0

0.20

4.5

1.7

-628

Southwest Bench

GC5771

91 / 20

199.0

201.5

2.4

12.8

0.04

2.3

1.3

-685

Southwest Bench

GC5771

91 / 20

209.0

210.0

0.8

19.1

0.02

7.9

4.6

-681

Southwest Bench

GC5787

112 / -38

103.6

124.7

10.5

74.3

0.52

5.7

2.9

-871

Southwest Bench

GC5792

213 / -74

52.0

53.0

0.5

29.3

0.11

15.5

8.8

-815

Southwest Bench

GC5793

63 / -71

94.5

96.0

1.4

11.5

0.04

6.2

2.6

-851

Southwest Bench

GC5793

63 / -71

98.0

100.0

1.9

51.7

0.05

4.6

3.1

-856

Southwest Bench

GC5793

63 / -71

107.0

113.0

5.4

16.3

0.09

10.3

7.4

-868

Southwest Bench

GC5793

63 / -71

119.0

137.5

17.7

22.3

0.09

9.1

6.0

-891

Southwest Bench

GC5797

63 / -51

125.4

131.5

4.8

18.1

0.06

5.1

3.0

-883

Southwest Bench

GC5799

63 / -37

174.6

182.7

5.2

10.1

0.07

1.9

1.0

-872

Southwest Bench

GC5801

63 / -26

218.5

219.5

1.0

11.7

0.03

12.4

7.2

-858

Southwest Bench

GC5803

63 / -5

219.0

241.0

20.1

25.7

0.15

6.4

3.1

-785

Southwest Bench

GC5806

63 / 25

128.6

138.9

8.8

6.3

0.08

2.2

1.1

-697

Southwest Bench

GC5806

63 / 25

165.1

170.5

4.9

11.1

0.05

6.4

3.0

-684

Southwest Bench

GC5806

63 / 25

189.6

198.0

8.0

11.9

0.06

1.8

1.1

-674

Southwest Bench

GC5808

63 / 44

122.1

129.9

5.6

1.2

0.01

10.7

4.9

-660

Southwest Bench

GC5808

63 / 44

168.0

186.0

13.3

23.4

0.14

7.5

3.4

-624

Southwest Bench

GC5810

85 / 43

180.5

194.0

13.4

7.5

0.06

3.5

1.7

-620

Southwest Bench

GC5813

83 / 27

166.5

175.0

8.5

23.4

0.11

2.1

1.0

-616

Southwest Bench

GC5816

101 / 25

202.5

205.5

3.0

12.3

0.14

2.0

0.9

-670

Southwest Bench

GC5817

22 / 36

245.0

250.0

4.9

11.7

0.02

0.8

0.4

-603

Southwest Bench

GC5827

24 / -18

319.0

337.0

17.3

4.9

0.06

9.7

2.3

-857

Southwest Bench

GC5827

24 / -18

346.0

351.7

5.6

43.0

0.08

1.7

0.8

-863

Southwest Bench

GC5827

24 / -18

355.0

360.5

5.4

18.6

0.13

8.3

4.9

-864

Southwest Bench

GC5827

24 / -18

413.0

414.0

1.0

12.8

0.03

6.8

2.8

-879

Southwest Bench

GC5833

10 / -68

86.0

104.0

8.0

25.7

0.09

6.2

3.4

-855

Southwest Bench

GC5833

10 / -68

152.5

165.5

9.5

21.9

0.11

6.2

3.2

-912

Southwest Bench

GC5838

63 / -4

137.0

143.5

4.8

85.9

1.34

3.0

2.1

-737

Southwest Bench

GC5841

85 / -22

129.0

140.0

10.6

15.4

0.05

7.7

4.9

-783

200 South

GC5672

210 / -71

201.0

203.3

0.6

5.6

0.01

14.9

6.6

-1489

200 South

GC5672

210 / -71

235.5

241.5

1.6

14.4

0.00

0.7

0.2

-1523

200 South

GC5672

210 / -71

278.5

279.5

0.4

6.6

0.01

6.0

2.4

-1557

200 South

GC5672

210 / -71

296.5

298.0

0.7

15.1

0.01

6.9

3.2

-1572

200 South

GC5672

210 / -71

301.0

306.7

3.4

10.5

0.01

3.7

1.7

-1580

200 South

GC5672

210 / -71

318.0

319.0

0.8

16.1

0.01

0.4

0.2

-1591

200 South

GC5672

210 / -71

502.0

505.0

2.9

20.0

0.01

0.3

0.2

-1761

200 South

GC5672

210 / -71

699.5

700.7

1.0

31.4

0.01

0.4

0.2

-1941

200 South

GC5672

210 / -71

716.0

722.7

5.3

21.3

0.02

0.5

0.3

-1963

200 South

GC5672

210 / -71

728.5

731.0

2.0

11.3

0.07

0.5

0.3

-1971

200 South

GC5672

210 / -71

756.0

760.0

3.8

3.0

0.31

0.2

0.1

-1995

200 South

GC5681

184 / -80

168.9

180.7

11.8

33.1

0.02

4.1

1.9

-1481

200 South

GC5681

184 / -80

193.0

196.4

3.4

13.0

0.01

0.3

0.1

-1515

200 South

GC5681

184 / -80

206.0

265.3

44.7

18.5

0.02

2.6

1.1

-1551

200 South

GC5681

184 / -80

276.0

279.9

0.9

10.3

0.02

4.5

2.0

-1563

200 South

GC5681

184 / -80

472.2

486.9

13.6

14.2

0.02

1.3

0.7

-1767

200 South

GC5681

184 / -80

492.6

506.9

13.6

23.8

0.02

0.8

0.3

-1777

200 South

GC5681

184 / -80

513.5

516.9

3.2

11.7

0.01

1.0

0.4

-1785

200 South

GC5681

184 / -80

649.2

651.2

2.0

0.8

0.22

0.0

0.0

-1926

200 South

GC5681

184 / -80

664.3

678.0

13.7

43.0

0.17

2.8

1.7

-1950

200 South

GC5681

184 / -80

684.0

687.0

3.0

14.8

0.14

0.6

0.2

-1960

200 South

GC5708

237 / -70

64.4

67.5

3.0

23.9

0.02

14.0

8.0

-1350

200 South

GC5708

237 / -70

317.5

343.5

25.6

7.8

0.03

3.8

1.7

-1595

200 South

GC5708

237 / -70

369.0

377.5

7.5

24.9

0.01

10.8

5.9

-1611

200 South

GC5708

237 / -70

406.2

407.2

1.0

1.2

0.01

10.2

4.5

-1642

200 South

GC5708

237 / -70

413.5

415.1

1.1

1.3

0.01

8.2

4.7

-1669

200 South

GC5708

237 / -70

429.1

430.5

1.2

5.6

0.02

13.8

6.5

-1678

200 South

GC5708

237 / -70

472.2

503.5

30.7

7.8

0.06

7.3

4.0

-1759

200 South

GC5708

237 / -70

642.3

648.5

6.1

29.3

0.01

1.1

0.6

-1896

200 South

GC5708

237 / -70

726.1

727.5

0.7

18.9

0.03

7.1

2.3

-1972

200 South

GC5708

237 / -70

736.5

737.8

0.6

7.3

0.25

0.7

0.4

-1981

200 South

GC5717

212 / -30

76.5

78.0

1.4

8.2

0.01

3.7

1.9

-1323

200 South

GC5718

243 / -27

79.5

84.0

4.4

13.8

0.01

13.3

6.3

-1325

200 South

GC5728

243 / -13

145.0

146.5

1.1

17.9

0.01

3.6

1.9

-1317

200 South

GC5728

243 / -13

153.5

154.8

0.7

11.4

0.01

2.2

1.0

-1319

200 South

GC5728

243 / -13

158.5

159.5

0.5

56.4

0.02

15.3

7.3

-1319

200 South

GC5728

243 / -13

162.0

164.0

0.8

7.6

0.01

12.3

6.4

-1320

200 South

GC5728

243 / -13

176.0

178.0

0.9

1.1

0.01

7.9

3.6

-1325

200 South

GC5728

243 / -13

190.5

191.5

1.0

1.2

0.02

7.6

3.8

-1319

200 South

GC5728

243 / -13

265.0

267.5

1.1

1.8

0.08

5.1

1.9

-1321

200 South

GC5728

243 / -13

316.7

319.6

1.4

13.5

0.01

0.7

0.3

-1322

200 South

GC5728

243 / -13

727.8

732.0

3.8

4.3

0.06

5.2

2.9

-1448

200 South

GC5728

243 / -13

758.4

771.7

13.3

4.5

0.09

8.1

4.9

-1456

200 South

GC5734

236 / -72

69.4

78.0

8.3

26.4

0.01

12.1

6.7

-1361

200 South

GC5734

236 / -72

134.2

136.4

2.1

23.8

0.01

9.3

4.3

-1417

200 South

GC5734

236 / -72

746.9

768.0

14.7

17.4

0.07

0.7

0.3

-2008

200 South

GC5734

236 / -72

778.0

781.0

2.5

6.9

0.13

0.5

0.2

-2017

200 South

GC5734

236 / -72

792.0

801.4

9.4

12.3

0.20

0.5

0.2

-2029

200 South

GC5738

239 / -79

76.2

80.5

3.9

33.7

0.02

19.2

9.4

-1365

200 South

GC5738

239 / -79

116.0

117.0

1.0

34.0

0.01

0.3

0.2

-1403

200 South

GC5738

239 / -79

124.0

132.0

7.9

12.4

0.01

1.6

0.7

-1417

200 South

GC5738

239 / -79

137.0

154.0

11.1

35.2

0.07

2.1

1.1

-1443

200 South

GC5738

239 / -79

751.0

787.0

31.9

10.8

0.19

0.3

0.1

-2058

200 South

GC5743

227 / -69

74.0

79.6

5.6

24.9

0.02

11.3

5.9

-1364

200 South

GC5743

227 / -69

84.5

88.0

3.3

25.0

0.01

0.4

0.1

-1371

200 South

GC5743

227 / -69

747.0

765.0

9.9

32.9

0.05

1.1

0.5

-1988

200 South

GC5743

227 / -69

783.7

796.5

5.9

8.6

0.05

0.4

0.2

-2002

200 South

GC5748

230 / -54

73.0

74.0

0.8

15.1

0.02

6.6

3.3

-1350

200 South

GC5748

230 / -54

277.0

278.0

1.0

12.4

0.02

1.9

1.3

-1514

200 South

GC5748

230 / -54

375.5

376.6

0.7

13.9

0.02

1.2

0.3

-1597

200 South

GC5748

230 / -54

397.0

409.0

7.5

32.8

0.01

2.6

1.2

-1625

200 South

GC5750

230 / -9

211.0

212.1

0.4

16.3

0.01

4.2

2.1

-1310

200 South

GC5750

230 / -9

220.0

221.9

0.7

5.5

0.01

6.8

3.3

-1312

200 South

GC5754

250 / -80

744.0

749.0

4.8

6.4

0.28

0.4

0.2

-2024

200 South

GC5759

248 / -73

797.0

808.0

8.2

40.8

0.11

0.5

0.3

-2061

200 South

GC5759

248 / -73

813.0

817.0

2.2

10.0

0.13

0.1

0.0

-2068

200 South

GC5759

248 / -73

820.0

835.0

14.5

25.9

0.22

0.6

0.3

-2080

200 South

GC5764

247 / -67

742.9

749.5

3.0

30.0

0.00

1.0

0.5

-1981

200 South

GC5764

247 / -67

765.1

769.1

2.1

20.3

0.02

0.6

0.3

-1998

200 South

GC5764

247 / -67

785.4

788.4

1.6

12.0

0.09

0.4

0.2

-2015

200 South

GC5764

247 / -67

791.4

794.2

1.5

7.2

0.25

0.3

0.1

-2020

200 South

GC5774

210 / -79

794.0

798.5

4.4

18.7

0.26

1.3

0.8

-2075

200 South

GC5775

228 / -67

818.0

823.0

4.8

10.7

0.12

0.2

0.1

-2069

200 South

GC5775

228 / -67

833.0

838.9

5.7

14.8

0.08

0.5

0.3

-2084

200 South

GC5779

229 / -48

372.0

413.0

24.4

14.8

0.01

2.8

1.6

-1612

200 South

GC5783

238 / -67

773.0

775.1

1.6

40.6

0.02

0.5

0.2

-2018

200 South

GC5783

238 / -67

785.7

797.0

9.1

10.6

0.06

0.6

0.3

-2037

200 South

GC5783

238 / -67

817.0

829.0

9.5

67.4

0.47

1.2

0.5

-2068

200 South

GC5786

243 / -40

303.1

306.7

3.1

23.3

0.04

1.5

0.9

-1487

200 South

GC5802

230 / -75

846.0

851.0

5.0

8.6

0.09

1.1

0.6

-2116

200 South

GC5809

241 / -54

629.0

630.0

0.9

7.0

0.01

3.8

1.9

-1804

200 South

GC5812

243 / -37

233.5

236.5

3.0

12.0

0.01

0.7

0.4

-1491

200 South

GC5812

243 / -37

242.9

246.5

3.5

13.6

0.01

1.0

0.5

-1495

200 South

GC5812

243 / -37

319.0

343.8

24.1

21.4

0.01

3.6

2.0

-1503

200 South

GC5815

243 / -25

90.1

91.1

0.6

10.9

0.01

7.4

4.4

-1330

200 South

GC5818

243 / 11

60.6

63.5

2.8

17.9

0.02

15.5

9.5

-1274

200 South

GC5818

243 / 11

67.5

73.0

5.1

26.0

0.03

20.5

12.5

-1272

200 South

GC5820

243 / 59

45.5

50.0

3.9

4.8

0.07

3.3

1.7

-1237

200 South

GC5823

243 / 90

99.0

103.0

4.0

2.4

0.06

4.7

2.6

-1174

200 South

GC5823

243 / 90

129.0

131.0

2.0

2.6

0.01

7.6

3.4

-1146

200 South

GC5824

63 / 79

101.8

104.0

2.2

4.9

0.09

3.6

2.0

-1175

200 South

GC5824

63 / 79

116.7

128.0

11.3

5.2

0.14

5.0

2.6

-1153

200 South

GC5828

63 / 59

104.5

105.5

1.0

5.4

0.06

4.1

2.3

-1190

200 South

GC5828

63 / 59

141.5

142.5

0.9

17.5

0.02

5.7

5.4

-1159

200 South

GC5828

63 / 59

232.0

234.5

0.4

59.2

0.04

2.3

1.3

-1080

200 South

GC5834

63 / -56

63.5

68.0

4.2

6.3

0.02

6.8

3.6

-1354

200 South

GC5837

63 / -788

50.0

55.0

4.0

14.9

0.15

1.3

0.9

-1351

200 South

GC5839

63 / -40

43.5

45.0

1.4

2.0

0.01

12.6

5.5

-1329

200 South

GC5839

63 / -40

81.0

82.5

1.5

9.2

0.02

5.9

7.7

-1354

200 South

GC5842

63 / -4

51.0

53.0

1.8

0.7

0.01

9.0

6.8

-1300

200 South

GC5842

63 / -4

81.0

82.0

0.9

14.6

0.01

8.2

3.8

-1301

200 South

GC5842

63 / -4

87.5

90.0

2.3

2.7

0.01

7.0

3.5

-1302

200 South

GC5855

243 / -82

47.0

48.0

0.5

7.4

0.01

4.2

2.3

-1348

200 South

GC5855

243 / -82

161.0

163.0

1.4

4.0

0.01

6.0

5.1

-1461

East

GC5722

63 / -32

313.5

315.0

1.5

5.9

0.05

4.2

3.0

470

East

GC5722

63 / -32

325.0

329.0

4.0

15.5

0.15

12.4

3.9

464

East

GC5727

71 / -7

394.0

398.5

4.3

17.7

0.10

1.8

0.6

591

East

GC5730

72 / -21

322.5

323.5

0.9

8.5

0.04

11.3

3.5

519

East

GC5730

72 / -21

356.3

359.6

2.9

7.9

0.14

17.3

3.0

506

East

GC5732

78 / -38

323.1

333.0

9.6

9.8

0.06

11.9

3.0

431

East

GC5741

48 / -54

302.0

303.0

1.0

3.3

0.07

14.9

5.4

396

East

GC5741

48 / -54

304.0

305.7

1.6

3.6

0.04

11.8

3.0

394

East

GC5741

48 / -54

307.8

311.0

3.2

4.1

0.03

13.5

4.0

390

East

GC5741

48 / -54

321.0

324.0

3.0

22.8

0.38

4.6

1.1

379

East

GC5744

46 / -25

342.7

346.1

3.2

7.3

0.06

13.0

3.8

494

East

GC5744

46 / -25

362.8

364.0

1.1

14.5

0.22

24.9

8.8

487

East

GC5747

52 / -37

329.2

330.2

1.0

19.6

0.25

23.2

4.8

447

East

GC5751

75 / -37

298.0

299.0

1.0

14.7

0.00

16.9

5.4

464

East

GC5751

75 / -37

329.0

337.0

7.9

20.4

0.12

10.4

2.5

442

East

GC5753

79 / -55

311.0

333.5

22.0

6.4

0.17

18.7

4.3

369

East

GC5755

92 / -72

356.5

357.5

0.9

28.9

0.16

18.1

5.8

302

East

GC5763

46 / -62

351.0

355.5

4.2

9.2

0.09

12.1

3.8

337

East

GC5765

51 / -46

331.0

333.0

2.0

13.9

0.10

16.2

6.6

412

East

GC5765

51 / -46

341.0

342.5

1.5

8.8

0.08

30.3

8.0

405

East

GC5766

54 / -29

331.0

332.0

1.0

10.2

0.06

15.9

8.3

492

East

GC5766

54 / -29

344.4

347.1

2.7

16.2

0.24

17.7

5.2

484

East

GC5769

56 / -14

364.4

371.0

5.6

26.7

0.35

14.9

4.7

558

East

GC5772

63 / -74

391.7

398.0

5.8

72.3

0.34

4.6

1.4

268

East

GC5778

80 / -62

367.5

380.0

11.1

51.6

0.05

0.1

0.0

312

East

GC5782

119 / -77

415.5

421.3

4.2

13.7

0.11

30.9

8.7

239

East

GC5785

243 / -62

410.0

412.0

1.9

10.1

0.03

21.5

5.3

291

East

GC5785

243 / -62

445.0

448.0

2.9

227.8

2.84

4.2

0.4

261

East

GC5785

243 / -62

474.0

476.0

1.9

32.3

0.55

3.0

0.9

236

East

GC5800

289 / -83

468.0

472.5

4.5

11.5

0.11

20.9

7.5

188

East

GC5804

243 / -90

478.0

482.0

4.0

16.1

0.52

30.6

9.6

175

East

GC5807

135 / -79

505.5

509.5

3.9

7.7

0.07

21.7

7.3

158

East

GC5807

135 / -79

521.0

522.0

1.0

6.2

0.03

22.9

10.4

144

East

GC5814

55 / -82

498.5

501.5

2.9

10.5

0.07

32.3

10.1

160

East

GC5819

46 / -75

498.0

517.0

14.6

27.6

0.27

18.3

6.8

157

East

GC5822

99 / -58

69.0

73.5

3.9

23.5

0.05

17.7

3.7

470

East

GC5822

99 / -58

80.0

82.0

1.6

6.7

0.06

8.2

2.1

462

East

GC5826

223 / -77

383.5

388.8

5.2

7.8

0.18

10.4

3.1

155

East

GC5829

234 / -66

418.5

422.5

3.6

6.1

0.17

23.8

6.1

150

East

GC5836

123 / -74

137.5

140.0

2.5

46.4

0.06

10.9

2.4

397

East

GC5851

14 / -77

123.6

125.0

0.6

6.5

0.04

12.0

3.3

409

East

GC5851

14 / -77

129.0

130.0

0.5

8.7

0.05

7.5

1.7

400

East

GC5851

14 / -77

133.0

140.0

3.2

33.9

0.18

25.7

5.4

394

East

GC5863

123 / 28

338.5

355.5

11.1

12.4

0.07

5.6

2.9

66

East

GC5867

36 / -22

306.0

308.0

1.5

15.2

0.07

6.6

4.3

515

East

GC5869

59 / -53

305.8

309.6

3.6

10.6

0.21

5.4

2.1

390

West

GC5715

80 / 7

99.0

104.0

4.1

7.5

0.03

10.7

5.0

-176

West

GC5715

80 / 7

117.0

118.0

0.8

13.5

0.05

6.5

2.9

-178

West

GC5719

105 / 10

120.2

121.2

1.0

17.6

0.02

22.2

10.2

-167

West

GC5719

105 / 10

130.0

133.5

3.1

26.1

0.00

0.0

0.0

-171

West

GC5724

76 / 25

97.0

104.0

1.6

8.6

0.18

16.0

8.6

-136

West

GC5725

128 / -61

0.0

1.0

1.0

7.5

0.01

22.4

14.4

-170

West

GC5725

128 / -61

28.1

33.2

4.3

3.0

0.01

12.8

6.3

-211

West

GC5725

128 / -61

36.7

41.4

4.2

45.9

0.26

7.9

3.3

-220

West

GC5725

128 / -61

74.5

81.3

6.4

30.8

0.30

13.9

6.8

-271

West

GC5726

210 / -39

19.0

22.7

3.6

10.5

0.02

22.3

12.5

-189

West

GC5726

210 / -39

56.0

71.5

13.9

19.4

0.21

3.1

1.7

-230

West

GC5729

235 / -22

95.4

106.0

4.5

13.4

0.19

13.0

5.9

-217

West

GC5729

235 / -22

172.0

182.7

9.9

36.5

0.15

10.5

4.4

-255

West

GC5729

235 / -22

232.7

254.0

19.0

7.4

0.14

10.1

1.5

-288

West

GC5731

229 / 1

124.0

125.2

1.2

6.4

0.06

30.8

12.0

-148

West

GC5731

229 / 1

144.7

176.0

31.2

55.2

0.16

16.5

8.9

-162

West

GC5731

229 / 1

189.0

195.1

6.1

16.8

0.23

16.0

11.7

-165

West

GC5731

229 / 1

213.8

244.9

31.0

7.6

0.17

23.3

7.2

-167

West

GC5731

229 / 1

259.7

268.3

8.6

15.2

0.05

14.7

7.0

-173

West

GC5731

229 / 1

273.0

285.9

12.9

8.1

0.01

18.5

7.7

-178

West

GC5731

229 / 1

300.0

305.0

5.0

22.7

0.13

1.1

0.6

-176

West

GC5733

63 / -63

1.0

5.6

4.3

19.0

0.05

22.9

11.7

-183

West

GC5733

63 / -63

10.3

21.5

2.8

12.1

0.19

12.5

4.6

-197

West

GC5733

63 / -63

75.0

82.3

5.5

11.7

0.20

3.6

1.4

-251

West

GC5737

91 / -21

6.0

13.0

6.7

12.5

0.27

11.2

5.6

-146

West

GC5737

91 / -21

24.3

25.3

0.7

15.5

0.08

17.1

5.6

-155

West

GC5737

91 / -21

129.6

130.9

1.3

10.9

0.05

18.0

6.0

-235

West

GC5739

108 / -41

13.5

16.1

2.4

11.4

0.12

12.4

3.7

-151

West

GC5739

108 / -41

19.5

20.5

0.9

3.4

0.08

7.4

1.5

-156

West

GC5739

108 / -41

89.2

92.2

2.5

0.9

0.01

15.1

5.2

-236

West

GC5739

108 / -41

117.3

118.5

1.0

10.1

0.13

29.4

10.4

-266

West

GC5740

154 / -52

0.0

3.5

3.3

5.9

0.05

9.2

5.7

-137

West

GC5740

154 / -52

7.8

11.3

3.4

32.1

0.03

23.7

12.8

-147

West

GC5740

154 / -52

16.1

20.0

3.5

13.0

0.13

18.2

5.4

-159

West

GC5740

154 / -52

65.2

67.1

1.9

4.8

0.06

11.7

5.2

-221

West

GC5740

154 / -52

82.0

83.0

1.0

32.6

0.45

6.3

2.4

-241

West

GC5742

199 / -38

32.0

82.5

47.2

37.0

0.26

18.3

9.5

-198

West

GC5742

199 / -38

101.5

113.5

11.0

6.3

0.06

8.1

3.5

-222

West

GC5742

199 / -38

163.0

164.0

0.9

12.5

0.07

26.6

10.3

-254

West

GC5746

82 / -2

19.0

22.2

3.1

60.5

0.09

10.0

4.7

-139

West

GC5746

82 / -2

113.0

126.3

12.6

6.4

0.06

10.3

3.1

-172

9A

GC5622

63 / 78

246.0

247.0

1.0

11.9

0.07

0.1

0.0

10

Gallagher Fault Block

GC-5728

243 / -13

727.8

732.0

3.8

4.3

0.06

5.2

2.9

-1448

Gallagher Fault Block

GC-5728

243 / -13

758.4

771.7

13.3

4.5

0.09

8.1

4.9

-1456

Casa Berardi, Quebec

Zone

Drillhole
Number

Drill Hole
Azm/Dip

Sample From
(feet)

Sample To
(feet)

Est. True
Width (feet)

Gold
(oz/ton)

Depth From
Mine Surface (feet)

113 Zone

CBW-1182

334 / 20

793.8

806.9

12.5

0.02

-2976

113 Zone

CBW-1183

334 /-2

624.8

634.7

9.5

0.56

-3284

113 Zone

Including

631.7

634.7

2.6

1.61

-3284

113 Zone

CBW-1183

334 /-2

733.1

747.8

14.1

0.06

-3313

113 Zone

Including

742.9

745.5

2.6

0.18

-3314

113 Zone

CBW-1183

334 /-2

799.7

802.9

3.0

0.08

-3330

113 Zone

CBW-1183

334 /-2

815.4

820.0

4.3

0.03

-3334

113 Zone

CBW-1186

336 / 10

728.2

742.9

14.8

0.02

-3122

118 Zone

CBP-1175

350 /-4

312.3

321.8

8.2

0.19

-3632

118 Zone

Including

312.3

315.5

2.6

0.41

-3632

118 Zone

CBP-1176

330/-13

317.5

324.7

5.9

0.10

-3677

118 Zone

Including

317.5

321.1

3.0

0.21

-3676

118 Zone

CBP-1179

309 / 4

909.2

922.7

8.2

0.20

-3585

118 Zone

Including

909.2

912.8

1.3

0.67

-3585

118 Zone

CBP-1180

354 /-55

280.8

290.6

6.2

0.02

-3829

118 Zone

CBP-1182

354 / 4

272.9

282.7

7.9

0.03

-3062

118 Zone

CBP-1186

56 /-50

323.1

335.5

8.2

0.05

-3325

118 Zone

Including

327.3

329.3

1.3

0.31

-3325

118 Zone

CBP-1187

46 /-20

275.5

286.7

10.5

0.06

-3169

118 Zone

Including

278.8

283.7

4.6

0.13

-3169

119 Zone

CBP-1162

179 /-11

788.2

801.3

12.1

0.00

-1080

119 Zone

CBP-1163

180 /-1

704.2

713.4

4.9

0.02

-944

119 Zone

CBP-1164

186 /-19

775.7

791.5

13.8

0.05

-1153

119 Zone

Including

784.9

786.9

1.3

0.29

-1153

119 Zone

CBP-1165

188 /28

694.4

709.1

12.8

0.00

-626

119 Zone

CBP-1169

169 /-35

629.1

645.5

14.8

0.16

-1286

119 Zone

Including

642.9

645.5

2.0

0.61

-1289

119 Zone

CBP-1169

169 /-35

662.6

682.2

18.7

0.08

-1305

119 Zone

CBP-1169

169 /-35

688.8

701.9

12.5

0.08

-1317

119 Zone

Including

700.6

701.9

1.3

0.31

-1320

123 Zone

CBP-1213

28 /-76

1538.6

1547.8

5.9

0.11

-4954

123 Zone

Including

1543.2

1547.8

3.0

0.22

-4956

123 Zone

CBP-1215

40 /-57

995.8

1018.4

21.0

0.17

-4268

123 Zone

Including

995.8

999.1

2.6

0.26

-4261

123 Zone

CBP-1216

74 /-83

2481.0

2495.8

8.2

0.02

-5891

148 Zone

CBE-0248

341 /-29

1279.5

1299.2

16.7

0.05

-2180

148 Zone

CBE-0249

351 /-28

1288.7

1306.8

16.1

0.05

-2147

148 Zone

CBE-0250

351 /-39

1351.4

1363.8

9.8

0.03

-2326

148 Zone

CBE-0251

351 /-55

1520.9

1550.5

19.7

0.04

-2713

148 Zone

CBE-0251

351 /-55

2307.8

2316.3

6.2

0.06

-3273

148 Zone

CBE-0253

7 /-40

1570.5

1581.3

8.2

0.04

-2490

148 Zone

CBS-22-063

329 /-69

1599.0

1603.9

3.0

0.14

-1425



Contact

For further information, please contact:
Anvita M. Patil
Vice President, Investor Relations and Treasurer

Cheryl Turner
Communications Coordinator

800-HECLA91 (800-432-5291)
Investor Relations
Email: hmc-info@hecla-mining.com
Website: www.hecla-mining.com


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