Hecla Plans On 20% Increase In Silver Production In 2024

Hecla Plans On 20% Increase In Silver Production In 2024

COEUR D’ALENE, ID – Phillips S. Baker Jr, President and CEO of Hecla Mining Company, said, “The Company reported the second largest silver reserves, largest gold resource, and second highest silver production and revenues in our history despite the Lucky Friday losing five months of production due to a fire. Greens Creek delivered another year of strong and consistent performance as we increased throughput. Casa Berardi exceeded our expectations for tons and cost per ton from operating our own surface fleet, and this strong performance is reflected in the updated technical report. At Keno Hill, we slowed the ramp-up of the mine due to the safety and environmental performance; however, with the silver grade over twice the grade of our other mines, it still contributed significantly to our silver production and, as the technical report shows, it will contribute even more in the future.

Because of the suspension of production at Lucky Friday due to the fire and continued investment in ramp-up at Keno Hill, we have drawn on our revolving credit facility which we expect to pay down in 2024 with all four mines in operation and anticipated receipt of approximately $50 million of insurance proceeds. With Lucky Friday back in production and Keno Hill’s continued ramp-up, we expect silver production to increase by 15-20% this year, and 30% by 2026, making Hecla one of the world’s fastest growing silver companies.

2023 was also a significant year in the energy transition as 75% of the world’s new renewable electric power generation capacity was solar, requiring 500,000 ounces per gigawatt of new installed capacity, which equates to as much as 190 million ounces of silver in solar demand. China alone installed as much solar as the entire world did in 2022, and significant new solar facilities are now planned for the United States. As the demand for silver in solar continues to rise, Hecla, the largest silver producer in the U.S., and soon Canada, is well positioned to leverage higher expected silver prices driven by increasing demand.”