Higher silver and gold production; Record
sales
Hecla Mining Company (NYSE:HL) today announced third quarter
financial and operating results.
THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT ITEMS (compared to
Q3 2015)
- Net income applicable to common
shareholders of $25.7 million, or $0.07 per share.
- Sales of $179.4 million, up 71%, a
record.
- Adjusted EBITDA of $75.2 million, up
323%.1
- Cash provided by operating activities
of $87.0 million, up 225%. Includes $16 million of insurance
proceeds for the Troy Mine reclamation.
- Free cash flow of $27.7 million, up $38
million.2
- Total silver production of 4.3 million
ounces, up 67%.
- Gold production of 52,126 ounces, up
19%.
- Silver equivalent production of 10.3
million ounces, up 17%.3
- Last 12 months net loss of $13.7
million and adjusted EBITDA of $234 million.1
- Net debt/adjusted EBITDA (last 12
months) of 1.4x, a 49% decline.1,4
- Cash and cash equivalents and
short-term investments of $192.4 million at September 30,
2016, up $33 million over the second quarter.
- Completed the acquisition of the
Montanore project, located near the Rock Creek project.
- Reduced estimate for 2016 cash cost,
after by-product credits, per silver ounce to $4.00 and increased
estimate for 2016 cash cost, after by-product credits, per gold
ounce to $750.5
"Hecla's quarterly production growth, record sales, cash
provided by operating activities of $87 million and free cash flow
of $28 million reflect how our commitment to invest when prices
were lower allows us to now reap the benefits of having more
production at higher prices," said Phillips S. Baker, Jr., Hecla's
President and CEO. "This quarter was just another step towards
establishing new 125-year records in 2016. Our free cash flow and
strengthening balance sheet allow us to immediately invest in more
innovation, exploration and high-return projects. And with the
acquisition of our second large undeveloped silver project,
Montanore, we expect to generate additional value in the
future."
FINANCIAL OVERVIEW
Third Quarter Ended Nine Months
Ended HIGHLIGHTS
September 30,2016
September 30,2015
September 30,2016
September 30,2015
FINANCIAL DATA
Sales (000)
$ 179,393 $ 104,941
$ 481,712 $ 328,230 Gross profit (000)
$ 58,685 ($2,561 )
$ 147,958 $ 26,776
Income (loss) applicable to common shareholders (000)
$
25,651 ($10,028 )
$ 48,871 ($24,419 )
Basic and diluted income (loss) per common
share
$ 0.07 ($0.03 )
$ 0.13 ($0.07 ) Net
income (loss) (000)
$ 25,789 ($9,890 )
$
49,285 ($24,005 ) Cash provided by operating activities
(000)
$ 86,976 $ 26,795
$ 173,114 $
78,968
Net income applicable to common shareholders for the third
quarter was $25.7 million, or $0.07 per share, compared to a net
loss applicable to common shareholders of $10.0 million, or $0.03
per share, for the same period a year ago, the result mainly due to
the following items:
- Sales were 71% higher than the third
quarter of 2015, mainly due to 67% increase in silver production
and 19% increase in gold production, as well as higher silver and
gold prices.
- Cost of sales and other direct
production costs and depreciation, depletion and amortization
("cost of sales") of $120.7 million was higher by 12% mainly due to
San Sebastian being in commercial production.
- Cash cost, after by-product credits,
per silver ounce decreased to $3.68 from $7.52, or 51% over the
prior year period, mainly due to the addition of silver production
at San Sebastian and higher silver production at Greens Creek and
Lucky Friday.6
- Cash cost, after by-product credits,
per gold ounce increased to $915 from $793, or 15% over the prior
year period principally due to the expensing of stripping costs,
which were previously capitalized, for the new East Mine Crown
Pillar ("EMCP") pit.6
- A $2.4 million foreign exchange gain
compared to a $9.1 million foreign exchange gain in the prior year
period due primarily to strengthening of the Canadian dollar on
deferred tax assets.
- Income tax provision of $9.5 million
versus a benefit of $5.5 million in the prior year due to higher
taxable income this quarter and the recording of a valuation
allowance against the future benefit of U.S. net operating losses
in the prior year.
Higher production and metals prices resulted in cash provided by
operating activities of $87.0 million, $60.2 million higher
compared to the third quarter of 2015.
Capital expenditures (excluding capitalized interest) at the
operations totaled $42.0 million for the third quarter 2016.
Expenditures were $17.6 million at Casa Berardi, $14.2 million at
Greens Creek, $9.7 million at Lucky Friday, and $0.5 million at San
Sebastian.
Metals Prices
The average realized silver price in the third quarter was
$19.53 per ounce, 34% higher than the $14.54 price realized in the
third quarter of 2015. The average realized gold price in the third
quarter was $1,341 per ounce, 20% higher than the prior year
period. Realized lead and zinc prices also increased by 10%, and
22%, respectively, from the third quarter of 2015.
Base Metals Forward Sales Contracts
There is no quantity of base metals committed under financially
settled forward sales contracts for forecasted future sales at
September 30, 2016.
OPERATIONS OVERVIEW
Overview
The following table provides the production, cost of sales, and
cash cost, after by-product credits, per silver and gold ounce
summary for the third quarter and nine months ended
September 30, 2016 and 2015:
Third Quarter andNine Months
Ended
Greens Creek
LuckyFriday
Casa Berardi San Sebastian September
30, 2016 Silver Gold
Silver Gold Silver
Gold Silver Silver
Gold Production (ounces) Q3 4,316,663 52,126
2,445,328 11,988 887,364 31,949 8,361 975,610
8,189
9 Mos 13,200,765 170,779
7,020,688 39,497
2,721,991 104,282 24,034
3,434,052 27,000
Increase/(decrease) over
Q3 2015 Q3 67 % 19 % 23 % (17 )% 50 % 9 % 15 % 100 % 100
%
9 Mos 66 % 32 % 19 % (9
)% 33 % 22 % 16 % 100 % 100 %
Cost of sales and other direct production costs and
depreciation, depletion and amortization (000) Q3 $
84,413 $ 36,295 $ 58,398 N/A $ 19,483 $ 36,295 N/A $ 6,532 N/A
9 Mos $ 227,116 $ 106,638
$ 146,985 N/A $ 56,696 $
106,638 N/A $ 23,435 N/A
Cash
costs, after by-product credits, per silver or gold
ounce6,7 Q3 $ 3.68 $ 915 $ 4.80 N/A $ 9.07 $ 915
N/A $ (4.03 ) N/A
9 Mos $ 3.54 $
750 $ 4.68 N/A $ 9.34
$ 750 N/A $ (3.40 ) N/A
Third Quarter andNine Months Ended
Greens Creek
LuckyFriday
Casa Berardi San Sebastian September 30, 2015
Silver Gold
Silver Gold Silver
Gold Silver Silver Gold
Production (ounces) Q3 2,591,546 43,635 1,992,037
14,376 592,243 29,259 7,266 — —
9 Mos
7,947,293 128,977 5,884,128
43,368 2,042,436 85,609
20,729 — —
Cost of
sales and other direct production costs and depreciation, depletion
and amortization (000) Q3 $ 70,043 $ 37,459 $ 52,238 N/A
$ 17,806 $ 37,459 N/A N/A N/A
9 Mos $ 196,056
$ 105,398 $ 146,761 N/A
$ 49,295 $ 105,398 N/A
N/A N/A
Cash costs, after by-product credits, per silver
or gold ounce6,7 Q3 $ 7.52 $ 793 $ 4.82 N/A $
16.60 $ 793 N/A N/A N/A
9 Mos $ 5.98
$ 861 $ 3.79 N/A $ 12.30
$ 861 N/A N/A N/A
The following table provides the production summary on a
consolidated basis for the third quarter and nine months ended
September 30, 2016 and 2015:
Third Quarter Ended Nine Months
Ended September 30, 2016
September 30, 2015
September 30, 2016
September 30, 2015
PRODUCTION SUMMARY
Silver - Ounces produced
4,316,663
2,591,546
13,200,765 7,947,293 Payable ounces
sold
4,284,842 2,392,798
12,222,084 7,305,740 Gold -
Ounces produced
52,126 43,635
170,779 128,977 Payable
ounces sold
50,348 44,937
161,217 124,969 Lead - Tons
produced
10,411 9,123
31,840 28,526 Payable tons sold
9,967 8,315
28,380 24,068 Zinc - Tons produced
14,825 17,435
50,321 51,037 Payable tons sold
13,596 13,487
37,948 36,821
Greens Creek Mine - Alaska
Silver production of 2,445,328 ounces increased 22.8% and gold
production of 11,988 ounces decreased 16.6% over the prior year
period. Increased silver production resulted from higher grades,
while gold production was lower due to slightly lower ore grades
and throughput. The mill operated at an average of 2,201 tons per
day (tpd) in the third quarter 2016.
The cost of sales was $58.4 million, and the cash cost, after
by-product credits, per silver ounce of $4.80 decreased slightly
from $4.82 in the third quarter 2015.6
The estimated 2016 silver production is increased to 8.5 million
ounces and gold production remains unchanged at 53,000 ounces.
Lucky Friday Mine - Idaho
Silver production of 887,364 ounces was 49.8% higher than the
third quarter of 2015 due to higher grades and ore throughput in
the current period and ventilation repairs made in the prior year
period. The mill operated at an average of 809 tpd in the third
quarter 2016.
The cost of sales was $19.5 million, and the cash cost, after
by-product credits, per silver ounce of $9.07, decreased from
$16.60 per ounce in the third quarter of 2015.6 This decrease was
principally due to higher silver production as a result of mining
higher-grade material.
The focus of the #4 Shaft Project, having reached its final
depth of 9,600 feet below surface in early May, is on equipping the
shaft with steel sets, guides, skip loading facilities and
electrical infrastructure. The work is proceeding as planned, with
commissioning expected to begin by year end.
The estimated 2016 silver production is increased to 3.4 million
ounces.
Casa Berardi - Quebec
Gold production of 31,949 ounces was 9.2% higher than the third
quarter of 2015 due to higher ore throughput and mill recoveries.
The mill operated at an average of 2,805 tpd in the third quarter
2016. The Company has received a permit to increase production to
1,250,000 tonnes (1,378,000 tons) per year from 1,100,000 tonnes
(1,213,000 tons) per year, and with minimal changes to the plant,
we have seen record production days in the third quarter over 3,400
tonnes per day (3,750 tpd).
The cost of sales was $36.3 million, and the cash cost, after
by-product credits, per gold ounce of $915, increased from $793 in
the third quarter of 2015 due to the expensing of stripping costs
for the new EMCP pit that were capitalized in previous quarters
before ore was encountered.3
The estimated 2016 gold production is unchanged from 145,000
ounces (surface and underground). The estimated 2016 cash cost,
after by-product credits, per gold ounce has been increased to $750
from $700 to reflect expensing of stripping costs.
San Sebastian - Mexico
Silver production was 975,610 ounces at a cost of sales of $6.5
million, and a cash cost, after by-product credits, of ($4.03) per
ounce in the third full quarter of production since reopening.6 The
strong cash cost, after by-product credit, performance was due to
the production of 8,189 ounces of gold, which is used as a
by-product credit. The mill operated at an average of 437 tpd in
the third quarter 2016.
The estimated production for 2016 remains unchanged from prior
estimates at 4.35 million ounces of silver and 35,000 ounces of
gold. The estimated 2016 cash cost, after by-product credits, per
silver ounce has been reduced to ($2.00) from $1.00.
The Company is working on a plan to transition from open pit to
underground mining around the end of 2017. The mill has been
secured for a third year (2018) and studies are underway to
incorporate recent discoveries of high-grade material into an
underground mine plan.
EXPLORATION AND PRE-DEVELOPMENT
Expenditures
Exploration and pre-development expenses were $3.9 million and
$0.6 million, respectively, in the third quarter of 2016. This is a
decrease of $1.7 million and $1.1 million, respectively, compared
to the third quarter 2015 as a result of reduced discretionary
spending in exploration and pre-development expenses. Full year
exploration and pre-development expenses are expected to be about
$19 million.
The Company’s exploration efforts are focused on discovering
high-grade deposits near its existing operations, particularly at
San Sebastian, where the results continue to be encouraging. As a
result of consistent exploration success over the last ten years
across all projects, the level of reserves has shown a remarkable
resilience despite changes in commodity prices; production has been
replaced and reserves have grown steadily. A summary of this
activity in the quarter is provided below.
San Sebastian - Mexico
Exploration activities at San Sebastian are focused on defining
extensions to the current open pits and identifying new resources
that could prolong high-margin precious metals production. Shallow
drilling along strike and below the current Middle and
North vein pits have cut vein extensions and in combination
with past drilling show intervals of near-surface mineralization
beyond the current open pits that may represent an opportunity to
expand and possibly connect the Middle and North vein pits.
Drilling of the West Middle Vein approximately 1,200 to
2,400 feet west from the current Middle Vein pit has confirmed the
continuity of a new zone of high-grade mineralization that is being
upgraded to indicated resource category. This high-grade zone is
over 1,250 feet in strike length and located about 350 to 800 feet
below surface. Assay results from West Middle Vein drilling in the
quarter include 0.24 oz/ton gold and 50.1 oz/ton silver over 8.6
feet, and 0.60 oz/ton gold and 149.3 oz/ton silver over 2.7 feet.
This zone is currently being evaluated for potential underground
mining options and shallower portions of this zone may be amenable
to open pit mining. The horizontal control of dominantly oxide with
some supergene mineralization is open to the west and continues to
be evaluated with step-out exploration drilling.
To the east and northeast of the East Francine
pit, drilling continues on silver-bearing quartz vein and
breccia extensions of the East Francine Vein. Current drilling has
defined a 4 to 15-foot wide vein/breccia zone that can be traced
for 800 feet and is best developed at 350 to 500 feet from surface.
However, recent shallow drilling has defined this vein closer to
surface. Drilling also continues on a new target area referred to
as the West Francine Vein that is about 3,000 feet west of
previous mining at the Francine Vein. Drilling has defined a
continuous vein with over 1,600 feet of strike length that varies
in thickness from 2 to 16-feet wide and the vein is open in all
directions. Drilling to the east will likely connect this veining
with the current western extent of the Francine resource. Most of
the additional 2016 exploration spending at San Sebastian is
expected to follow up on results on the Middle and West Francine
veins.
Casa Berardi - Quebec
During the third quarter, drilling at Casa Berardi focused on
both underground 118, 121, 123, 124 and Lower Inter zone targets,
and near surface targets at the 124 and 134 zones. Up to six drills
have been operating underground and two on surface.
Drilling of the upper 118 Zone from the 530 level down to
the 610 level has defined multiple shear zones that extend for over
1,000 feet down-plunge and include a series of continuous
mineralized intervals up to 0.47 oz/ton gold with good mining
widths. This zone continues to plunge to the west at depth and
there is good potential to add both new reserves and resources.
Drilling of the 121 Zone from the 790 level is a
continuation of the high-grade 123 Zone to the west but recent
drilling shows that the zone is also open both up-plunge above the
710 level with an intercept of 0.21 oz/ton over 17.4 feet and
down-plunge below the 810 level with an intersection of 0.22 oz/ton
gold over 24.1 feet.
Drilling of the 123 Zone from the 870 level continues to
intercept high-grade mineralization, including 0.77 oz/ton gold
over 7.5 feet along western vein extensions that are open to
exploration. Underground exploration drilling is in progress at the
west end of the mine off the 360 Drift to refine and expand four
distinct mineralized zones. Recent drilling has intersected
mineralization in the 104 Zone below the Lower Inter Zone.
Surface and underground drilling of the 124 Zone has
identified high-grade lenses with continuity up to 350 feet of
strike length. Recent drilling of the 124 Zone from the 290 level
included intersections of 0.47 oz/ton gold over 4.6 feet. Surface
drilling of the 134 Zone to the east of the proposed
Principal pit has intersected mineralization with good continuity
at and north of the Casa Berardi Fault. These broad zones of
mineralization vary in width from 150 to 330 feet and intersections
include 0.10 oz/ton gold over 69.6 feet and 0.11 oz/ton gold over
21.7 feet within 350 feet of surface.
Greens Creek - Alaska
At Greens Creek, definition drilling is refining the resources
of the 9A, Upper Southwest, East Ore and NWW zones for expected
conversion to reserves. Recent definition drilling of the 9A
Zone confirmed continuity of the mineralization and refined the
geometry to the south end of the resource model. Drill
intersections of the 9A Zone include 21.6 oz/ton silver, 0.03
oz/ton gold, 20.7% zinc, and 7.0% lead over 15.3 feet.
Drilling of the southern portion of the NWW Zone defined
mineralization of similar overall geometry as the resource model
but thinner and of slightly lesser extent in places. Mineralization
is present primarily along the lower fold, spanning from the fold
nose to the upper limb and is represented by multiple distinct
mineralized bands near the mine contact. Recent drill intersections
include 55.3 oz/ton silver, 0.51 oz/ton gold, 4.1% zinc, and 2.3%
lead over 10.0 feet. In addition, definition drilling of the
Upper Southwest Zone around previously mined levels has
identified mineralization that could be incorporated into a future
mine plan. Recent drill intersections include 46.9 oz/ton silver,
0.03 oz/ton gold, 15.1% zinc, and 7.9% lead over 13.3 feet. Initial
definition drilling of the East Ore Zone shows that overall
the mineralization is thinner than expected compared to the model,
but this drilling is now advancing into the stronger mineralized
portions of the resource to the north and south. Revised resource
models for the 5250, 9A, West, NWW and Deep 200 South zones are
expected by the end of the year and all will likely contribute to
increased reserves.
Exploration drilling of the Gallagher Zone at the
southwest corner of the mine is defining a new flat-lying zone just
west of the Gallagher Fault about 450 feet beneath the current
Gallagher Zone resource. This drilling has also moved the location
of the Gallagher fault further east than originally interpreted,
allowing room into which this mineralization could be extended.
Additional drilling in the near future should systematically test
for the down-plunge extent of this mineralization with extensions
of Gallagher exploration drillholes. Drilling of the upper limb of
the Southwest Bench fold has defined an intermittent
mineralized contact and lies along trend of the upper 5250 Zone and
middle Southwest Zone trends of mineralization opening up a new
area for possible expansion of resources.
More complete drill assay highlights from San Sebastian, Casa
Berardi, and Greens Creek can be found in Table A at the end of the
release.
Other Properties
At the Rock Creek and Montanore projects in Montana, validation
and check assay work including the integration of data for revised
resource models is nearly complete. From these revised resource
models, future definition and exploration programs will be
developed for implementation if the projects are successfully
permitted.
2016 ESTIMATES
For the full year 2016, the Company increased its production
estimates at Greens Creek and Lucky Friday. It also lowered the
cash cost, after by-product credits, per silver ounce, estimate at
San Sebastian and increased the cash cost, after by-product
credits, per gold ounce, estimate at Casa Berardi. The Company
currently estimates:
Mine
2016ESilverProduction(Moz)9
Prior2016E
SilverProduction(Moz)9
2016E GoldProduction
(oz)
Prior2016E GoldProduction (oz)
Cash cost, afterby-product
credits,per silver/goldounce5
Prior cash cost, afterby-product
credits,per silver/goldounce5
Greens Creek 8.50 8.30
53,000 53,000
$5.00/silver oz
$5.00/silver oz
Lucky Friday 3.40 3.10
$9.00/silver oz $9.00/silver oz
San Sebastian
4.35 4.35
35,000 35,000
($2.00)/silver oz
$1.00/silver oz
Casa Berardi 145,000 145,000
$750/gold oz $700/gold oz
Total 16.25 15.8
233,000 233,000
$4.00/silver oz $4.75/silver oz
AgEq Production8: 44.5 44.0
AuEq
Production8: 582,000 576,000
2016E capital expenditures (excluding
capitalized interest)
$150 million 2016E pre-development and exploration
expenditures $19 million
DIVIDENDS
The Board of Directors declared a quarterly cash dividend of
$0.0025 per share of common stock, payable on or about December 2,
2016, to stockholders of record on November 21, 2016. The
realized silver price was $19.53 in the third quarter and therefore
did not satisfy the criteria for a larger dividend under the
Company's dividend policy.
The Board of Directors also declared the regular quarterly
dividend of $0.875 per share on the 157,816 outstanding shares of
Series B Cumulative Convertible Preferred Stock. This represents a
total amount to be paid of approximately $138,000. The cash
dividend is payable on or about January 2, 2017, to shareholders of
record on December 15, 2016.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held Tuesday, November 8,
at 10:00 a.m. Eastern Time to discuss these results. You may join
the conference call by dialing toll-free 1-855-760-8158 or for
international by dialing 1-720-634-2922. The participant passcode
is HECLA. Hecla's live and archived webcast can be accessed at
www.hecla-mining.com under Investors
or via Thomson StreetEvents Network.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading
low-cost U.S. silver producer with operating mines in Alaska,
Idaho, and Mexico and is a growing gold producer with an operating
mine in Quebec, Canada. The Company also has exploration and
pre-development properties in seven world-class silver and gold
mining districts in the U.S., Canada and Mexico, and an exploration
office and investments in early-stage silver exploration projects
in Canada.
NOTES
(1) 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 (loss), 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.
(2) Free cash flow is a non-GAAP measurement used by management
to analyze cash flows generated from operations. It is calculated
as cash provided by operating activities (GAAP) less additions to
properties, plants equipment and mineral interests (GAAP). The
Company believes free cash flow is also useful as one of the bases
for comparing the Company's performance with its competitors.
Although free cash flow and similar measures are frequently used as
measures of cash flows generated from operations by other
companies, the Company's calculation of free cash flow is not
necessarily comparable to such other similarly titled captions of
other companies. Does not include $16 million of insurance proceeds
for the Troy Mine reclamation.
(3) Silver or gold equivalent production includes silver, gold,
lead and zinc production from Lucky Friday, Greens Creek, San
Sebastian and Casa Berardi converted using average realized prices
for the quarter.
(4) Net debt to adjusted EBITDA is a non-GAAP measurement, a
reconciliation of adjusted EBITDA and net debt to the closest GAAP
measurements of net income (loss) and debt 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.
(5) The estimates of future cash cost, after by-product credits,
per silver ounce or gold ounce (non-GAAP) are made applying
management’s judgment and experience to forecasted metals and
prices, inventory changes, performance year to date and
expectations for the remainder of the year. It is not calculated
from the GAAP measure of costs of sales, which is not available,
and therefore providing a reconciliation to it requires an
unreasonable effort.
(6) Cash cost, after by-product credits, per silver and gold
ounce represents a non-GAAP measurement, a reconciliation of which
to cost of sales and other direct production costs and
depreciation, depletion and amortization (sometimes referred to as
"cost of sales" in this release), can be found at the end of the
release. It is an important operating statistic that management
utilizes to measure each mine's operating performance. It also
allows the benchmarking of performance of each mines versus those
of our competitors. As a primary silver mining company, management
also uses the statistic on an aggregate basis - aggregating the
Greens Creek, Lucky Friday and San Sebastian mines - to compare
performance with that of other primary silver mining companies.
With regard to Casa Berardi, management uses cash cost, after
by-product credits, per gold ounce to compare its performance with
other gold mines. 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.
(7) Cash cost, after by-product credits, per gold ounce is only
applicable to Casa Berardi production. Gold produced from Greens
Creek is treated as a by-product credit against the silver cash
cost.
(8) Silver or gold equivalent production includes silver, gold,
lead and zinc production from Lucky Friday, Greens Creek, San
Sebastian and Casa Berardi converted using the following metal
price assumptions: Au $1,150/oz, Ag $15/oz, Zn $0.75/lb, Pb
$0.80/lb; USD/CAD assumed at 0.75, USD/MXN at $0.06.
(9) 2016E refers to the Company's estimates for 2016.
Cautionary Statements to Investors on Forward-Looking
Statements, including 2016 Outlook
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws. Such
forward-looking statements may include, without limitation: (i)
estimates of future production, sales and shareholder value; (ii)
the ability to convert resources to reserves at Greens Creek; (iii)
guidance for 2016 for silver and gold production, cash cost, after
by-product credits, capital expenditures and pre-development and
exploration expenditures (which assumes metal prices of gold at
$1,150/oz, silver at $15/oz, zinc at $0.75/lb, lead at $0.80/lb;
USD/CAD assumed at 0.75, USD/MXN at $0.06$1,225/oz.); (iv)
expectations regarding the development, growth and exploration
potential of the Company’s projects (including the San Sebastian
property); (v) expectations of growth; (vi) the ability to convert
resources to reserves at Casa Berardi and to add them to the mine
plan; (vii) the possibility of increasing production at Casa
Berardi due to the EMCP; (viii) possible strike extensions of veins
at the San Sebastian project and ability to extend the mine's life
with surface or underground mining and (ix) expectation of
beginning commissioning of the #4 Shaft by the end of 2016 and
total estimated cost of the project. Estimates or expectations of
future events or results are based upon certain assumptions, which
may prove to be incorrect. Such assumptions, include, but are not
limited to: (i) there being no significant change to current
geotechnical, metallurgical, hydrological and other physical
conditions; (ii) permitting, development, operations and expansion
of the Company’s projects being consistent with current
expectations and mine plans; (iii) political/regulatory
developments in any jurisdiction in which the Company operates
being consistent with its current expectations; (iv) the exchange
rate for the Canadian dollar to the U.S. dollar, being
approximately consistent with current levels; (v) certain price
assumptions for gold, silver, lead and zinc; (vi) prices for key
supplies being approximately consistent with current levels; (vii)
the accuracy of our current mineral reserve and mineral resource
estimates; and (viii) the Company’s plans for development and
production will proceed as expected and will not require revision
as a result of risks or uncertainties, whether known, unknown or
unanticipated. Where the Company expresses or implies an
expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, such statements are subject to
risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed,
projected or implied by the “forward-looking statements.” Such
risks include, but are not limited to gold, silver and other metals
price volatility, operating risks, currency fluctuations, increased
production costs and variances in ore grade or recovery rates from
those assumed in mining plans, community relations, conflict
resolution and outcome of projects or oppositions, litigation,
political, regulatory, labor and environmental risks, and
exploration risks and results, including that mineral resources are
not mineral reserves, they do not have demonstrated economic
viability and there is no certainty that they can be upgraded to
mineral reserves through continued exploration. For a more detailed
discussion of such risks and other factors, see the Company’s 2015
Form 10-K, filed on February 23, 2016 with the Securities and
Exchange Commission (SEC), as well as the Company’s other SEC
filings. The Company does not undertake any obligation to release
publicly revisions to any “forward-looking statement,” including,
without limitation, outlook, to reflect events or circumstances
after the date of this news release, or to reflect the occurrence
of unanticipated events, except as may be required under applicable
securities laws. Investors should not assume that any lack of
update to a previously issued “forward-looking statement”
constitutes a reaffirmation of that statement. Continued reliance
on “forward-looking statements” is at investors’ own risk.
Qualified Person (QP) Pursuant to Canadian National
Instrument 43-101
Dean McDonald, PhD. P.Geo., Senior Vice President - Exploration
of Hecla Mining Company, who serves as a Qualified Person under
National Instrument 43-101, supervised the preparation of the
scientific and technical information concerning Hecla’s mineral
projects in this news release. Information regarding data
verification, surveys and investigations, quality assurance program
and quality control measures and a summary of sample, analytical or
testing procedures for the Greens Creek Mine are contained in a
technical report prepared for Hecla and Aurizon Mines Ltd. titled
“Technical Report for the Greens Creek Mine, Juneau, Alaska, USA”
effective date March 28, 2013, for the Lucky Friday Mine are
contained in a technical report prepared for Hecla titled
“Technical Report on the Lucky Friday Mine Shoshone County, Idaho,
USA” effective date April 2, 2014, and for the Casa Berardi Mine
are contained in a technical report prepared for Hecla titled
"Technical Report on the Mineral Resource and Mineral Reserve
Estimate for the Casa Berardi Mine, Northwestern Quebec, Canada"
effective date March 31, 2014 (the "Casa Berardi Technical
Report"), and for the San Sebastian Mine are contained in a
technical report prepared for Hecla titled “Technical Report for
the San Sebastian Ag-Au Property, Durango, Mexico" effective date
September 8, 2015. Also included in these four technical reports is
a description of the key assumptions, parameters and methods used
to estimate mineral reserves and resources and a general discussion
of the extent to which the estimates may be affected by any known
environmental, permitting, legal, title, taxation, socio-political,
marketing or other relevant factors. Copies of these technical
reports are available under Hecla's profile on SEDAR at
www.sedar.com.
Cautionary Statements to Investors on Reserves and
Resources
Reporting requirements in the United States for disclosure of
mineral properties are governed by the SEC and included in the
SEC's Securities Act Industry Guide 7, entitled “Description of
Property by Issuers Engaged or to be Engaged in Significant Mining
Operations” (“Guide 7”). However, the Company is also a "reporting
issuer" under Canadian securities laws, which require estimates of
mineral resources and reserves to be prepared in accordance with
Canadian National Instrument 43-101 (“NI 43-101”). NI 43-101
requires all disclosure of estimates of potential mineral resources
and reserves to be disclosed in accordance with its requirements.
Such Canadian information is being included here to satisfy the
Company's “public disclosure” obligations under Regulation FD of
the SEC and to provide U.S. holders with ready access to
information publicly available in Canada.
Reporting requirements in the United States for disclosure of
mineral properties under Guide 7 and the requirements in Canada
under NI 43-101 standards are substantially different. This
document contains a summary of certain estimates of the Company,
not only of proven and probable reserves within the meaning of
Guide 7, which requires the preparation of a “final” or “bankable”
feasibility study demonstrating the economic feasibility of mining
and processing the mineralization using the three-year historical
average price for any reserve or cash flow analysis to designate
reserves and that the primary environmental analysis or report be
filed with the appropriate governmental authority, but also of
mineral resource and mineral reserve estimates estimated in
accordance with the definitional standards of the Canadian
Institute of Mining, Metallurgy and Petroleum referred to in NI
43-101. The terms “measured resources”, "indicated resources," and
"inferred resources" are Canadian mining terms as defined in
accordance with NI 43-101. These terms are not defined under Guide
7 and are not normally permitted to be used in reports and
registration statements filed with the SEC in the United States,
except where required to be disclosed by foreign law.
Investors are cautioned not to assume that any part or all of the
mineral deposits in such categories will ever be converted into
proven or probable reserves. “Resources” have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of such a "resource” will ever be upgraded to a higher
category or will ever be economically extracted. Investors are
cautioned not to assume that all or any part of a "resource” exists
or is economically or legally mineable. Investors are also
especially cautioned that the mere fact that such resources may be
referred to in ounces of silver and/or gold, rather than in tons of
mineralization and grades of silver and/or gold estimated per ton,
is not an indication that such material will ever result in mined
ore which is processed into commercial silver or gold.
HECLA MINING COMPANY Condensed Consolidated Statements of
Income (Loss) (dollars and shares in thousands, except per
share amounts - unaudited) Third Quarter Ended
Nine Months Ended
September 30,2016
September 30,2015
September 30,2016
September 30,2015
Sales of products
$ 179,393 $ 104,941
$ 481,712 $ 328,230 Cost of sales and
other direct production costs
94,061 79,273
251,335
220,805 Depreciation, depletion and amortization
26,647
28,229
82,419 80,649
120,708 107,502
333,754 301,454
Gross profit (loss)
58,685 (2,561 )
147,958 26,776 Other operating
expenses: General and administrative
11,155 9,461
31,728 26,477 Exploration
3,859 5,540
10,171
14,748 Pre-development
550 1,696
1,475 3,834 Other
operating expense
954 743
2,216 2,137 Provision or
closed operations and reclamation
2,162 1,181
4,779
10,983 Acquisition costs
1,765 15
2,167
2,162
20,445 18,636
52,536 60,341 Income (loss) from operations
38,240 (21,197 )
95,422 (33,565 ) Other
income (expense): Gain (loss) on derivative contracts
7
3,347
— 8,252 Unrealized gain (loss) on investments
49 (100 )
488 (3,226 ) Foreign exchange gain (loss)
2,375 9,077
(7,713 ) 19,518 Interest and other
income
145 100
346 173 Interest expense, net of
amount capitalized
(5,574 ) (6,617 )
(16,655
) (19,350 )
(2,998 ) 5,807
(23,534 ) 5,367 Income (loss) before income
taxes
35,242 (15,390 )
71,888 (28,198 ) Income tax
benefit (provision)
(9,453 ) 5,500
(22,603 ) 4,193 Net income (loss)
25,789 (9,890 )
49,285 (24,005 ) Preferred stock
dividends
(138 ) (138 )
(414 ) (414 )
Income (loss) applicable to common shareholders
$
25,651 $ (10,028 )
$ 48,871 $
(24,419 ) Basic income (loss) per common share after preferred
dividends
$ 0.07 $ (0.03 )
$
0.13 $ (0.07 ) Diluted income (loss) per common share
after preferred dividends
$ 0.07 $ (0.03 )
$ 0.13 $ (0.07 ) Weighted average number of
common shares outstanding - basic
387,578 377,508
383,458 372,555 Weighted average number
of common shares outstanding - diluted
389,918
377,508
386,318 372,555
HECLA MINING COMPANY
Condensed Consolidated Balance Sheets
(dollars and share in thousands -
unaudited)
September 30, 2016 December 31,
2015
ASSETS Current assets:
Cash and cash equivalents
$ 167,844 $
155,209 Short-term investments and securities
24,534 —
Accounts receivable: Trade
26,622 13,490 Other, net
22,333 27,859 Inventories
46,079 45,542 Current
deferred income taxes
8,238 17,980 Current restricted cash
3,900 — Other current assets
10,451 9,453
Total current assets
310,001 269,533 Non-current
investments
6,356 1,515 Non-current restricted cash and
investments
2,184 999 Properties, plants, equipment and
mineral interests, net
2,023,109 1,896,811 Non-current
deferred income taxes
19,456 36,589 Reclamation insurance
asset
— 13,695 Other non-current assets and deferred charges
2,573 2,783
Total assets $
2,363,679 $ 2,221,925
LIABILITIES
Current liabilities: Accounts payable and accrued liabilities
$ 57,003 $ 51,277 Accrued payroll and related
benefits
28,696 27,563 Accrued taxes
5,990 8,915
Current portion of capital leases
7,175 8,735 Current
portion of debt
1,384 2,721 Current portion of accrued
reclamation and closure costs
17,866 20,989 Other current
liabilities
17,033 6,884 Total current
liabilities
135,147 127,084 Capital leases
6,532
8,841 Accrued reclamation and closure costs
83,598 74,549
Long-term debt
500,666 500,199 Non-current deferred tax
liability
124,385 119,623 Non-current pension liability
43,742 46,513 Other non-current liabilities
7,626
6,190
Total liabilities 901,696
882,999
SHAREHOLDERS’
EQUITY Preferred stock
39 39
Common stock
99,759 95,219 Capital surplus
1,594,816
1,519,598 Accumulated deficit
(186,579 ) (232,565 )
Accumulated other comprehensive loss
(30,942 )
(32,631 ) Treasury stock
(15,110 ) (10,734 )
Total
shareholders’ equity 1,461,983 1,338,926
Total liabilities and shareholders’ equity $
2,363,679 $ 2,221,925 Common shares
outstanding
395,110 378,113
HECLA MINING COMPANY
Condensed Consolidated Statements of Cash Flows (dollars in
thousands - unaudited) Nine Months Ended
September 30,2016
September 30,2015
OPERATING ACTIVITIES Net income
(loss)
$ 49,285 $ (24,005 ) Non-cash elements
included in net income (loss): Depreciation, depletion and
amortization
83,900 81,475 (Gain) loss on disposition of
properties, plants, equipment and mineral interests
(319
) 175 Unrealized (gain) loss on investments
(488
) 3,060 Provision for reclamation and closure costs
3,685 11,028 Acquisition costs
1,048 — Stock
compensation
4,814 4,036 Deferred income taxes
10,330
(1,781 ) Amortization of loan origination fees
1,397 1,365
Loss on derivative contracts
337 9,561 Foreign exchange loss
(gain)
7,555 (17,566 ) Other non-cash items, net
5 45
Change in assets and liabilities: Accounts receivable
5,776
(2,951 ) Inventories
(44 ) 4,382 Other current and
non-current assets
(539 ) (6,779 ) Accounts payable
and accrued liabilities
2,042 3,986 Accrued payroll and
related benefits
8,621 2,221 Accrued taxes
(2,894
) 2,782 Accrued reclamation and closure costs and other
non-current liabilities
(1,397 ) 7,934
Cash provided by operating activities 173,114
78,968
INVESTING ACTIVITIES Additions
to properties, plants, equipment and mineral interests
(120,236 ) (95,399 ) Acquisition of other companies,
net of cash acquired
(3,931 ) (809 ) Proceeds from
disposition of properties, plants and equipment
348 277
Purchases of investments
(32,847 ) (947 ) Maturities
of short-term investments
7,240 — Changes in restricted cash
and investment balances
(3,900 ) —
Net cash used in investing activities (153,326
) (96,878 )
FINANCING ACTIVITIES
Proceeds from issue of stock, net of related costs
8,121 —
Acquisition of treasury shares
(4,363 ) (1,875 )
Dividends paid to common shareholders
(2,882 ) (2,796
) Dividends paid to preferred shareholders
(414 )
(414 ) Debt origination fees
(107 ) (123 ) Repayments
of debt
(1,807 ) (216 ) Payments on capital leases
(6,328 ) (7,833 )
Net cash used in
financing activities (7,780 )
(13,257 ) Effect of exchange rates on cash
627
(4,044 ) Net increase (decrease) in
cash and cash equivalents
12,635 (35,211 ) Cash and cash
equivalents at beginning of period
155,209
209,665 Cash and cash equivalents at end of period
$
167,844 $ 174,454
HECLA MINING COMPANY
Metal Prices
Three Months Ended Nine Months Ended
September 30,2016
September 30,2015
September 30,2016
September 30,2015
AVERAGE METAL PRICES
Silver - London PM Fix ($/oz)
$
19.62 $ 14.91
$ 17.08 $
16.01 Realized price per ounce
$ 19.53 $ 14.54
$ 17.33 $ 16.08 Gold - London PM Fix ($/oz)
$
1,335 $ 1,124
$ 1,258 $ 1,179 Realized price
per ounce
$ 1,341 $ 1,121
$ 1,262 $
1,177 Lead - LME Cash ($/pound)
$ 0.85 $ 0.78
$ 0.81 $ 0.83 Realized price per pound
$
0.86 $ 0.78
$ 0.81 $ 0.85 Zinc - LME Cash
($/pound)
$ 1.02 $ 0.84
$ 0.89 $ 0.93
Realized price per pound
$ 1.01 $ 0.83
$
0.89 $ 0.91
Production Data
Three Months Ended Nine Months Ended
September 30,2016
September 30,2015
September 30,2016
September 30,2015
GREENS CREEK UNIT
Tons of ore milled
202,523 205,437
610,879 600,600 Mining cost per ton
$
69.66 $ 71.95
$ 69.20 $ 73.06 Milling cost per
ton
$ 31.55 $ 30.55
$ 31.07 $ 29.88 Ore
grade milled - Silver (oz./ton)
15.40 12.68
14.61
12.92 Ore grade milled - Gold (oz./ton)
0.088 0.104
0.095 0.109 Ore grade milled - Lead (%)
2.92 3.25
3.05 3.29 Ore grade milled - Zinc (%)
6.86 8.91
7.90 8.73 Silver produced (oz.)
2,445,328 1,992,037
7,020,688 5,884,128 Gold produced (oz.)
11,988 14,376
39,497 43,368 Lead produced (tons)
4,803 5,394
15,236 15,717 Zinc produced (tons)
12,144 16,024
42,330 45,406 Total cash cost, net of by-product credits,
per silver ounce (1)
$ 4.80 $ 4.82
$
4.68 $ 3.79 Capital additions (in thousands)
$
14,163 $ 13,584
$
35,200 $ 31,984
LUCKY FRIDAY UNIT
Tons of ore
processed
74,397 65,817
216,247 212,121 Mining cost
per ton
$ 99.13 $ 95.98
$ 99.27 $ 93.10
Milling cost per ton
$ 25.99 $ 28.05
$
24.77 $ 22.77 Ore grade milled - Silver (oz./ton)
12.40 9.48
13.05 10.10 Ore grade milled - Lead (%)
7.89 6.06
8.01 6.40 Ore grade milled - Zinc (%)
3.85 2.33
3.94 2.89 Silver produced (oz.)
887,364 592,243
2,721,991 2,042,436 Lead produced
(tons)
5,608 3,729
16,604 12,809 Zinc produced (tons)
2,681 1,411
7,991 5,631 Total cash cost, net of
by-product credits, per silver ounce (1)
$ 9.07 $
16.60
$ 9.34 $ 12.30 Capital additions (in thousands)
$ 9,725 $ 16,459
$ 32,218 $ 41,519
CASA BERARDI
UNIT
Tons of ore processed
258,100 208,074
693,288 615,171
Mining cost per ton
$ 92.17 $ 89.76
$
90.53 $ 96.75 Milling cost per ton
$ 18.07 $
19.09
$ 18.88 $ 19.91 Ore grade milled - Gold
(oz./ton)
0.141 0.163
0.172 0.161 Ore grade milled -
Silver (oz./ton)
0.04 0.04
0.04 0.04 Gold produced
(oz.)
31,949 29,259
104,282 85,609 Total cash cost,
net of by-product credits, per gold ounce (1)
$ 915 $
793
$ 750 $ 861 Capital additions (in thousands)
$ 17,603 $ 16,459
$
50,385
$ 41,519
SAN SEBASTIAN
Tons of ore processed
40,192 —
108,750 — Mining cost per ton
$
59.49 $ —
$ 83.31 $ — Milling cost per ton
$ 66.88 $ —
$ 68.52 $ — Ore grade
milled - Silver (oz./ton)
25.77 —
33.70 — Ore grade
milled - Gold (oz./ton)
0.216 —
0.265 — Silver
produced (oz.)
975,610 —
3,434,052 — Gold produced
(oz.)
8,189 —
27,000 — Total cash cost, net of
by-product credits, per silver ounce (1)
$ (4.03
) $ —
$ (3.40 ) $ — Capital additions
(in thousands)
$ 530 $ —
$ 1,223 $ —
(1) Cash cost, after by-product credits, per silver and gold
ounce represents a non-U.S. Generally Accepted Accounting
Principles (GAAP) measurement. A reconciliation of cost of sales
and other direct production costs and depreciation, depletion and
amortization (GAAP) to cash cost, after by-product credits can be
found in the cash cost per ounce reconciliation section of this
news release. Gold, lead and zinc produced have been treated as
by-product credits in calculating silver costs per ounce. The
primary metal produced at Casa Berardi is gold, with a by-product
credit for the value of silver production.
Non-GAAP Measures(Unaudited)
Reconciliation of Cost of Sales and Other Direct Production
Costs and Depreciation, Depletion and Amortization (GAAP) to Cash
Cost, Before By-product Credits, per Ounce and Cash Cost, After
By-product Credits, per Ounce (non-GAAP)
This release contains references to a non-GAAP measure of cash
cost, before by-product credits, per ounce and cash cost, after
by-product credits, per ounce. Cash cost, before by-product
credits, per ounce and cash cost, after by-product credits, per
ounce represent non-U.S. Generally Accepted Accounting Principles
(GAAP) measurements that the Company believes provide management
and investors an indication of net cash flow. Management also uses
this measurement for the comparative monitoring of performance of
mining operations period-to-period from a cash flow perspective.
Cash cost, before by-product credits, per ounce and Cash cost,
after by-product credits, per ounce are measures developed by gold
companies and used by silver companies in an effort to provide a
comparable standard; however, there can be no assurance that our
reporting of these non-GAAP measures is similar to those reported
by other mining companies. Cost of sales and other direct
production costs and depreciation, depletion and amortization are
the most comparable financial measures calculated in accordance
with GAAP to cash cost, before by-product credits cash cost, after
by-product credits.
As depicted in the Greens Creek, Lucky Friday, and San Sebastian
Unit tables below, by-product credits comprise an essential element
of our silver unit cost structure. By-product credits constitute an
important competitive distinction for our silver operations due to
the polymetallic nature of their orebodies. By-product credits
included in our presentation of cash cost, after by-product
credits, per silver ounce include:
Total, Greens Creek, Lucky Friday and San Sebastian Units In
thousands (except per ounce amounts) Three Months EndedSeptember
30, Nine Months EndedSeptember 30, 2016 2015 2016
2015 By-product value, all silver properties: Zinc
$
21,354 $ 20,851
$ 62,789 $ 67,764 Gold
24,729 13,299
75,979 42,294 Lead
15,859
12,251
45,081 40,616 Total by-product credits
$ 61,942 $ 46,401
$
183,849 $ 150,674 By-product credits per
silver ounce, all silver properties Zinc
$ 4.96 $
8.07
$ 4.76 $ 8.55 Gold
5.74 5.15
5.77
5.34 Lead
3.68 4.74
3.42 5.12
Total by-product credits
$ 14.38 $ 17.96
$ 13.95 $ 19.01
By-product credits included in our presentation of cash cost,
after by-product credits, per gold ounce for our Casa Berardi Unit
include:
Casa Berardi Unit In thousands (except per ounce amounts)
Three Months EndedSeptember 30, Nine Months EndedSeptember
30, 2016 2015 2016 2015 Silver by-product value
$ 162 $ 107
$ 409 $ 327 Silver
by-product credits per gold ounce
$ 5.07 $ 3.66
$ 3.92 $ 3.82
The following tables calculates cash cost, before by-product
credits, per silver ounce and cash cost, after by-product credits,
per Silver ounce (in thousands, except ounce and per ounce
amounts):
Total, Greens Creek, Lucky Friday and San Sebastian In
thousands (except per ounce amounts) Three Months EndedSeptember
30, Nine Months EndedSeptember 30,
2016
2015 2016 2015 Cost of sales and other direct
production costs and depreciation, depletion and amortization
(GAAP)
$ 84,413 $ 70,043
$ 227,116 $
196,056 Depreciation, depletion and amortization
(16,181
) (16,669 )
(49,855 ) (49,732 ) Treatment
costs
20,673 18,518
62,585 57,744 Change in product
inventory
(9,523 ) (5,445 )
(5,442 )
(5,044 ) Reclamation and other costs
(1,571 ) (624 )
(3,966 ) (921 ) Cash Cost, Before By-product Credits
(1)
77,811 65,823
230,438 198,103 By-product credits
(61,942 ) (46,401 )
(183,849 ) (150,674
) Cash Cost, After By-product Credits
$ 15,869
$ 19,422
$ 46,589 $ 47,429
Divided by silver ounces produced
4,309 2,584
13,177
7,926 Cash Cost, Before By-product Credits, per Silver Ounce
$ 18.06 $ 25.47
$ 17.49 $ 24.99
By-product credits per silver ounce
$ (14.38 )
$ (17.96 )
$ (13.95 ) $ (19.01 ) Cash Cost,
After By-product Credits, per Silver Ounce
$ 3.68
$ 7.52
$ 3.54 $ 5.98
Greens Creek Unit In thousands (except per ounce amounts)
Three Months EndedSeptember 30, Nine Months EndedSeptember
30,
2016 2015
2016 2015 Cost of sales
and other direct production costs and depreciation, depletion and
amortization (GAAP)
$ 58,398 $ 52,238
$
146,985 $ 146,761 Depreciation, depletion and amortization
(12,559 ) (13,868 )
(38,573 ) (41,389 )
Treatment costs
15,114 15,231
46,069 46,103 Change in
product inventory
(10,407 ) (4,003 )
(6,083
) (4,922 ) Reclamation and other costs
(1,260
) (568 )
(1,826 ) (870 ) Cash Cost, Before
by-Product Credits (1)
$ 49,286 $ 49,030
$
146,572 $ 145,683 By-product credits
(37,537 )
(39,436 )
(113,718 ) (123,376 ) Cash Cost, After
By-product Credits
11,749 9,594
32,854 22,307 Divided
by silver ounces produced
2,446 1,992
7,021 5,884
Cash Cost, Before By-product Credits, per Silver Ounce
$
20.15 $ 24.62
$ 20.88 $ 24.76 By-product
credits per silver ounce
$ (15.35 ) $ (19.80 )
$ (16.20 ) $ (20.97 ) Cash Cost, After
By-product Credits, per Silver Ounce
$ 4.80 $
4.82
$ 4.68 $ 3.79 Lucky
Friday Unit In thousands (except per ounce amounts) Three Months
EndedSeptember 30, Nine Months EndedSeptember 30,
2016 2015
2016 2015 Cost of sales and
other direct production costs and depreciation, depletion and
amortization (GAAP)
$ 19,483 $ 17,806
$
56,696 $ 49,295 Depreciation, depletion and amortization
(2,945 ) (2,801 )
(8,774 ) (8,343 )
Treatment costs
5,211 3,287
15,323 11,641 Change in
product inventory
(46 ) (1,442 )
(1,102
) (122 ) Reclamation and other costs
(171 )
(57 )
(557 ) (51 ) Total Cash Cost, Before By-product
Credits (1)
$ 21,532 $ 16,793
$ 61,586
$ 52,420 By-product credits
(13,484 ) (6,965 )
(36,170 ) (27,298 ) Total Cash Cost, After By-product
Credits
8,048 9,828
25,416 25,122 Divided by silver
ounces produced
887 592
2,722 2,042 Total Cash Cost,
Before By-product Credits, per Silver Ounce
$ 24.26 $
28.37
$ 22.63 $ 25.67 By-product credits per silver
ounce
$ (15.19 ) $ (11.77 )
$
(13.29 ) $ (13.37 ) Total Cash Cost, After By-product
Credits, per Silver Ounce
$ 9.07 $ 16.60
$ 9.34 $ 12.30 In
thousands (except per ounce amounts) San Sebastian Unit Three
Months EndedSeptember 30, Nine Months EndedSeptember 30,
2016 2015 2016 2015 Cost of sales and other direct
production costs and depreciation, depletion and amortization
(GAAP)
$ 6,532 $ —
$ 23,435 $ —
Depreciation, depletion and amortization
(677 ) —
(2,508 ) — Treatment costs
348 —
1,193
— Change in product inventory
930 —
1,743 —
Reclamation and other costs
(140 ) —
(1,583
) — Cash Cost, Before By-product Credits (1)
6,993 $
—
22,280 $ — By-product credits
(10,921 ) —
(33,961 ) — Cash Cost, After By-product Credits
$ (3,928 ) —
$ (11,681 )
— Divided by silver ounces produced
976 —
3,434 —
Cash Cost, Before By-product Credits, per Silver Ounce
$
7.16 $ —
$ 6.49 $ — By-product credits per
silver ounce
$ (11.19 ) $ —
$
(9.89 ) $ — Cash Cost, After By-product Credits, per
Silver Ounce
$ (4.03 ) $ —
$
(3.40 ) $ —
The following table calculates cash cost, before by-product
credits, per gold ounce and cash cost, after by-product credits,
per Gold ounce (in thousands, except ounce and per ounce
amounts):
Casa Berardi Unit In thousands (except ounce and per ounce
amounts) Three Months EndedSeptember 30, Nine Months
EndedSeptember 30,
2016 2015
2016 2015
Cost of sales and other direct production costs and depreciation,
depletion and amortization (GAAP)
$ 36,295 $ 37,459
$ 106,638 $ 105,398 Depreciation, depletion and
amortization
(10,466 ) (11,561 )
(32,564
) (30,917 ) Treatment costs
218 152
627 449
Change in product inventory
3,460 (2,628 )
4,212 (562
) Reclamation and other costs
(114 ) (111 )
(342 ) (346 ) Cash Cost, Before By-product Credits
(1)
29,393 23,311
78,571 74,022 By-product credits
(162 ) (107 )
(409 ) (327 ) Cash Cost,
After by-product credits
$ 29,231 $ 23,204
$ 78,162 $ 73,695 Divided by
gold ounces produced
31,949 29,259
104,282 85,609
Cash Cost, Before By-product Credits, per Gold Ounce
$
920.00 $ 796.52
$ 753.45 $ 864.65 By-product
credits per gold ounce
$ (5.07 ) $ (3.66 )
$ (3.92 ) $ (3.82 ) Cash Cost, After
By-product Credits, per Gold Ounce
$ 914.93 $
792.86
$ 749.53 $ 860.83
Total, All Locations In thousands Three Months
EndedSeptember 30, Nine Months EndedSeptember 30,
2016 2015
2016 2015 Cost of sales and
other direct production costs and depreciation, depletion and
amortization (GAAP)
$ 120,708 $ 107,502
$
333,754 $ 301,454 Depreciation, depletion and amortization
(26,647 ) (28,229 )
(82,419 ) (80,649 )
Treatment costs
20,891 18,670
63,212 58,193
By-product credits
(62,104 ) (46,508 )
(184,258 ) (151,001 ) Change in product inventory
(6,063 ) (8,073 )
(1,230 ) (5,606 )
Reclamation and other costs
(1,685 ) (736 )
(4,308 ) (1,267 ) Cash Cost, After By-product Credits
$ 45,100 $ 42,626
$
124,751 $ 121,124
(1) Includes all direct and indirect operating cash costs
related directly to the physical activities of producing metals,
including mining, processing and other plant costs, third-party
refining and marketing expense, on-site general and administrative
costs, royalties and mining production taxes, before by-product
revenues earned from all metals other than the primary metal
produced at each unit.
Reconciliation of Net Income (Loss) Applicable to Common
Shareholders (GAAP) to Adjusted Net Income (Loss) Applicable to
Common Shareholders (non-GAAP)
This release refers to a non-GAAP measure of adjusted net income
(loss) applicable to common stockholders and adjusted net income
(loss) per share, which are indicators of our performance. They
exclude certain impacts which are of a nature which we believe are
not reflective of our underlying performance. Management believes
that adjusted net income (loss) per common share provides investors
with the ability to better evaluate our underlying operating
performance.
Dollars are in thousands (except per share amounts) Three
Months EndedSeptember 30, Nine Months EndedSeptember 30,
2016 2015
2016 2015 Net income
(loss) applicable to common shareholders (GAAP)
$
25,651 $ (10,028 )
$ 48,871
$ (24,419 ) Adjusting items: Losses on derivatives contracts
(7 ) (3,347 )
— (8,252 ) Provisional price
losses (gains)
1,141 963
(376 ) (561 )
Environmental accruals
689 —
1,351 8,700 Foreign
exchange (gain) loss
(2,375 ) (9,077 )
7,713
(19,518 ) Acquisition costs
1,765 15
2,167 2,162
Income tax effect of above adjustments
(1,435 ) 948
—
(1,257 ) (820 ) Adjusted net income (loss)
applicable to common shareholders
$ 25,429 $
(20,526 )
$ 58,469 $ (42,708 ) Weighted
average shares - basic
387,578 377,508
383,458
372,555 Weighted average shares - diluted
389,918 377,508
386,318 372,555 Basic adjusted net income (loss) per common
share
$ 0.07 $ (0.05 )
$ 0.15 $ (0.11 )
Diluted adjusted net income (loss) per common share
$
0.07 $ (0.05 )
$ 0.15 $ (0.11 )
Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA
(non-GAAP)
This release refers to a non-GAAP measure of adjusted earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA"), which is a measure of our operating performance. Adjusted
EBITDA is calculated as net income (loss) before the following
items: interest expense, income tax provision, depreciation,
depletion, and amortization expense, exploration expense,
pre-development expense, acquisition costs, interest and other
income (expense), foreign exchange gains and losses, gains and
losses on derivative contracts, unrealized gains on investments,
provisions for environmental matters, stock-based compensation, and
provisional price gains and losses. Management believes that, when
presented in conjunction with comparable GAAP measures, adjusted
EBITDA is useful to investors in evaluating our operating
performance. The following table reconciles net income (loss) to
adjusted EBITDA:
Dollars are in thousands Three Months Ended Nine
Months Ended Twelve Months Ended
September 30,2016
September 30,2015
September 30,2016
September 30,2015
September 30,2016
September 30,2015
Net income (loss) $ 25,789 $ (9,890 ) $ 49,285
$ (24,005 ) $ (13,676 ) $ (7,100 ) Plus: Interest
expense, net of amount capitalized 5,574 6,617 16,655 19,350 22,694
25,818 Plus/(Less): Income taxes 9,453 (5,500 ) 22,603 (4,193 )
83,106 (8,371 ) Plus: Depreciation, depletion and amortization
26,647 28,229 82,419 80,649 113,259 111,441 Plus: Exploration
expense 3,859 5,540 10,171 14,748 13,168 19,359 Plus:
Pre-development expense 550 1,696 1,475 3,834 1,854 4,557 Plus:
Acquisition costs 1,765 15 2,167 2,162 2,167 2,162 Plus:
Stock-based compensation 1,347 1,775 4,561 4,036 5,950 5,174 Plus:
Provision for closed operations and environmental matters 1,680 772
3,685 11,028 4,693 17,607 (Less)/Plus: Foreign exchange (gain) loss
(2,375 ) (9,077 ) 7,713 (19,518 ) 2,680 (25,002 ) Less: Gains on
derivative contracts (7 ) (3,347 ) — (8,252 ) (1 ) (19,946 )
Plus/(Less): Provisional price losses/(gains) 1,141 963 (376 ) (561
) (449 ) (348 ) (Less)/Plus: Other (194 ) — (834 ) 3,053
(1,426 ) 3,449 Adjusted EBITDA $ 75,229
$ 17,793 $ 199,524 $ 82,331 $
234,019 $ 128,800
Reconciliations of Net Income (Loss) and Debt to Adjusted
EBITDA (last 12 months) and Net Debt (non-GAAP)
This release refers to the non-GAAP measure of 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. Net debt is
calculated as total debt, which consists of the liability balances
for our Senior Notes, capital leases, and other notes payable, less
the total of our cash and cash equivalents and short-term
investments balances, as of the period-end date. LTM adjusted
EBITDA is calculated as net income (loss) before the following
items for the preceding 12-month period: interest expense, income
tax provision, depreciation, depletion, and amortization expense,
exploration expense, pre-development expense, acquisition costs,
interest and other income (expense), foreign exchange gains and
losses, gains and losses on derivative contracts, unrealized gains
on investments, provisions for environmental matters, stock-based
compensation, and provisional price gains and losses. Management
believes that, when presented in conjunction with comparable GAAP
measures, net debt to LTM adjusted EBITDA is useful in evaluating
our level of indebtedness and ability to service our debt relative
to our peers. The following table reconciles net income (loss) and
debt to LTM adjusted EBITDA and net debt, and provides the
calculation of net debt to LTM adjusted EBITDA:
Dollars are in thousands As of and for the Twelve Months
Ended
September 30,2016
June 30,2016
March 31,2016
December 31,
2015
September 30,2015
Net income (loss) $ (13,676 ) $ (49,355 ) $ (100,138
) $ (86,968 ) $ (7,100 ) Plus: Interest expense, net
of amount capitalized 22,694 23,737 24,908 25,389 25,818
Plus/(Less): Income taxes 83,106 68,153 56,525 56,310 (8,371 )
Plus: Depreciation, depletion and amortization 113,259 114,841
112,110 111,489 111,441 Plus: Exploration expense 13,168 14,849
16,079 17,744 19,359 Plus: Pre-development expense 1,854 3,000
4,097 4,214 4,557 Plus: Acquisition costs 2,167 417 2,162 2,162
2,162 Plus: Stock-based compensation 5,950 6,378 5,537 5,425 5,174
Plus: Provision for closed operations and environmental matters
4,693 3,785 12,257 12,046 17,607 Plus/(Less): Foreign exchange loss
(gain) 2,680 (4,022 ) (4,074 ) (24,551 ) (25,002 ) Less: (Gains)
losses on derivative contracts (1 ) (3,341 ) (2,460 ) (8,252 )
(19,946 ) (Less)/Plus: Provisional price (gains)/losses (449 ) (627
) 985 (634 ) (348 ) (Less)/Plus: Other (1,426 ) (1,232 ) 279
2,461 3,449 LTM adjusted EBITDA $
234,019 $ 176,583 $ 128,267 $ 116,835
$ 128,800 Total debt $ 515,757 $ 517,283 $
518,231 $ 520,496 Less: Cash, cash equivalents and short-term
investments 192,378 158,683 134,018 155,209
Net debt $ 323,379 $ 358,600 $ 384,213
$ 365,287 Net debt/LTM adjusted EBITDA 1.4 2.0 3.0 3.1
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 and a
one-time item for settlement of an insurance policy for reclamation
of the Troy Mine. Management believes that, when presented in
conjunction with comparable GAAP measures, free cash flow is useful
to investors in evaluating our operating performance. The following
table reconciles cash provided by operating activities to free cash
flow:
Dollars are in thousands Three Months Ended
September 30,2016
September 30,2015
Cash provided by operating activities $ 86,976 $ 26,795
Less: Additions to properties, plants equipment and mineral
interests (43,276 ) (37,127 ) Less: Troy reclamation insurance
settlement (16,000 ) — Free cash flow $ 27,700 $
(10,332 )
TABLE A
Assay Results
San Sebastian (Mexico) Zone
Drill HoleNumber
SampleFrom (ft)
SampleTo (ft)
Width(feet)
True Width(feet)
Gold(oz/ton)
Silver(oz/ton)
MIDDLE VEIN SS-1119 436.9 446.5 9.6
8.6 0.24 50.10 MIDDLE VEIN SS-1137
512.1 521.2 9.0 8.2 0.24
12.05 MIDDLE VEIN SS-1138 350.4 353.8
3.4 2.7 0.60 149.29 MIDDLE VEIN SS-1141
599.2 600.4 1.2 1.0 0.35
12.86 MIDDLE VEIN SS-1144 360.2 362.2
2.0 1.8 0.05 6.50 MIDDLE VEIN SS-1155
239.0 243.7 4.7 4.3 0.02
6.63 MIDDLE VEIN SS-1157 329.3 330.9
1.6 1.4 0.11 38.89 MIDDLE VEIN SS-1159
357.8 370.7 12.9 11.8 0.02
11.12 NORTH VEIN SS-1128 271.0 298.6
27.6 22.6 0.09 4.44 NORTH VEIN
SS-1166 232.4 254.2 21.8 20.5
0.17 5.33 NORTH VEIN SS-1168 203.6
215.1 11.5 10.3 0.18 9.61 NORTH VEIN
SS-1170 246.5 255.8 9.4 9.0
0.05 3.96 NORTH VEIN SS-1175 231.8
238.5 6.8 6.7 0.11 3.10 NORTH
VEIN SS-1178 353.5 367.0 13.5
12.2 0.02 4.77 NORTH VEIN SS-1183 427.9
439.5 11.5 8.4 0.02 5.14
Casa Berardi (Quebec)
Zone Drill Hole Number
Drill HoleSection
Drill HoleAzm/Dip
SampleFrom
SampleTo
True Width(feet)
Gold(oz/ton)
Depth FromMine
Surface(feet)
U Principale 121 CBP-0790-135 12160 E 141/-23
182.4 209.3 24.1 0.22 -793.0 121
CBP-0790-145 12106 E 321/64 149.3
199.1 17.4 0.21 -719.0 121
CBP-0790-147 12098 E 321/74 182.4 210.0
10.8 0.23 -713.0 121 CBP-0790-149
12153 E 141/-16 152.2 165.4 8.9
0.36 -783.0 Upper 118-530 Area CBP-0530-340
11995 E 326/-80 456.0 485.6 15.4
0.47 -674.0 118-41 CBP-0530-342 11988 E
326/-60 237.2 265.4 22.6 0.28
-600.0 118-42 CBP-0530-337 12004 E
353/-62 237.5 263.5 14.1 0.23
-601.0 118-46 CBP-0530-336 12004 E 353/-47
187.7 210.0 19.7 0.20 -579.0
Lower 123-770/870 Area CBP-0750-003 12378 E
132/74 223.1 252.0 18.4 2.38
-678.0 123-01 CBP-0750-004 12376 E 149/52
147.3 171.3 18.4 0.52 -710.0
123-02 CBP-0870-059 12270 E 184/-30
180.4 203.4 17.4 0.16 -898.0 123-02
CBP-0870-067 12299 E 180/-29 152.6
187.0 31.2 0.37 -895.0 123-02
CBP-0870-071 12315 E 180/-30 163.7
207.0 39.0 0.31 -898.0 123-02
CBP-0870-075 12314 E 181/-37 198.5
231.3 24.3 0.35 -909.0 123-02
CBP-0870-076 12299 E 180/-38 157.5
210.6 50.5 0.31 -905.0 123-02
CBP-0870-078 12269 E 185/-38 214.6
219.8 4.3 0.60 -911.0 123-03
CBP-0770-149 12267 E 175/-20 141.4
150.6 6.6 0.37 -775.0 123-03
CBP-0770-150 12267 E 175/-11 147.3
162.4 13.8 0.34 -768.0 123-03
CBP-0770-155 12280 E 166/-14 215.6
218.8 2.6 0.74 -775.0 123-03
CBP-0770-156 12278 E 166/0 193.9 196.5
2.3 0.99 -759.0 123-03 CBP-0870-064
12285 E 180/-13 87.3 103.0 15.4
0.38 -876.0 123-03 CBP-0870-065 12285 E
179/-1 68.2 78.7 10.2 0.39
-869.0 123-03 CBP-0870-066 12285 E
179/11 104.7 112.2 7.5 0.77
-862.0 123-03 CBP-0870-069 12299 E 179/-6
59.1 78.7 19.4 0.22 -872.0
123-03 CBP-0870-076 12299 E 180/-38
85.3 98.8 10.5 0.20 -888.0 123-03
CBP-0870-077 12285 E 181/-34 134.5
154.2 15.4 0.92 -894.0 123-04
CBP-0770-144 12231 E 204/30 302.5 325.8
21.3 0.20 -713.0 123-04 CBP-0870-069
12299 E 179/-6 187.0 210.0 23.0
0.36 -874.0 123-04 CBP-0870-072 12316 E
180/-19 255.9 276.6 19.7 0.21
-896.0 123-04 CBP-0870-073 12313 E
180/-6 235.6 252.0 16.1 0.42
-877.0 123-04 CBP-0870-077 12285 E 181/-34
280.2 294.3 9.5 0.37 -918.0
123-04 CBP-0870-078 12267 E 185/-38
290.7 310.0 11.2 0.29 -926.0 Upper 123
290/490 Area CBP-0490-042 12554 E 180/-17
82.0 114.8 28.5 0.24 -495.0
123-05 CBP-0490-043 12555 E 180/-1 84.6
125.0 38.4 0.24 -486.0 123-05
CBP-0490-044 12554 E 180/16 83.7 109.6
25.6 0.42 -477.0 123-05 CBP-0490-056
12495 E 180/63 234.9 253.3 16.1
0.55 -422.0 123-05 CBP-0490-068 12509 E
180/47 180.4 216.5 34.1 0.24
-442.0 123-05 CBP-0490-069 12510 E
180/59 216.5 246.4 24.6 0.23
-426.0 124-30 CBP-0290-299 12796 E 156/-11
237.2 242.5 4.6 0.47 -298.0
124-30 CBP-0290-303 12674 E 180/-6
262.5 275.3 12.5 0.25 -294.0 Surface
134 Area CBS-16-681 13335 E 360/-55
876.0 895.7 13.1 0.10 -781.0 134 Area
CBS-16-681 13440 E 360/-55 1220.5
1233.6 9.5 0.13 -1053.0 134 Area
CBS-16-688 13335 E 360/-52 790.7 826.8
21.7 0.11 -655.0 134 Area CBS-16-688
13440 E 360/-52 856.6 870.4 10.5
0.17 -617.0 134 Area CBS-16-689 13440 E
360/-55 700.8 715.2 10.8 0.13
-515.0 134 Area CBS-16-691 13230 E
360/-62 802.2 818.2 13.5 0.14
-594.0 134 Area CBS-16-692 13230 E 360/-50
898.3 915.4 14.8 0.08 -656.0 134
Area CBS-16-694 13380 E 360/-50 615.2
694.6 69.6 0.10 -459.0 134 Area
CBS-16-695 13380 E 360/-60 639.8 652.9
10.5 0.28 -433.0 134 Area CBS-16-695
13380 E 360/-60 941.3 970.1 25.3
0.08 -741.0 134 Area CBS-16-696 13410 E
360/-50 627.3 654.5 24.6 0.07
-449.0 134 Area CBS-16-697 13335 E
360/-60 702.1 733.3 28.5 0.06
-502.0 134 Area CBS-16-697 13335 E 360/-60
155.5 180.4 15.7 0.09 -144.0
Greens Creek (Alaska)
Zone
Drill HoleNumber
DrillholeAzm/Dip
SampleFrom
SampleTo
TrueWidth(feet)
Silver(oz/ton)
Gold(oz/ton)
Zinc(%)
Lead(%)
Depth FromMine
Portal(feet)
Gallagher Lower Trend GC4347 311/-85 533.70
544.30 9.9 28.23 0.22 1.54
0.80 -1243
549.30 558.50 8.6 18.10 0.08
1.59 0.85 -1258
563.50 574.70 10.0 40.09 0.06
5.78 2.94 -1273 GC4353
063/-87 465.10 468.10 2.9 25.56
0.00 0.72 0.35 -1176 East Ore GC4333
063/12 553.40 571.50 16.5 9.50
0.04 18.44 5.15 57 9A GC4335
063/57 283.10 287.20 3.6 6.85
0.02 19.40 4.55 -85
305.10 309.20 3.6
16.11 0.02 10.83 2.25 -67
352.70 369.00 15.3
21.65 0.03 20.73 7.00 -28
GC4337 002/67 376.00 385.00 4.9
25.19 0.03 15.64 5.06 26
399.60 401.50 1.4
14.39 0.02 17.37 6.96 47
GC4338 063/37 521.20 537.00 3.0
36.15 0.14 10.17 4.36 246
GC4339 020/63 291.60 297.20 5.6
23.04 0.13 12.61 6.21 -61
307.60 311.50 3.8
14.81 0.04 26.67 11.61 -47
319.90 326.60 6.5
15.11 0.23 16.45 8.40 -36
335.30 340.30 4.3
7.14 0.07 8.29 3.04 -22
342.30 351.00 2.4
13.22 0.08 8.12 3.77 -16
GC4340 063/22 372.90 376.10 2.7
33.74 0.03 10.09 5.17 81
386.60 389.00 1.6
21.00 0.04 5.85 3.07 86
404.80 408.50 1.6
9.91 0.05 3.52 1.97 93
GC4341 031/57 295.30 313.10 17.0
10.99 0.03 6.52 2.32 -73
GC4342 063/27 483.70 485.70 1.6
14.03 0.03 6.44 1.66 155
GC4343 038/50 314.10 315.40 1.1
12.48 0.05 13.17 2.92 -85
323.80 327.70 3.3
11.23 0.02 14.11 4.93 -77
341.30 348.40 5.7
12.40 0.05 21.44 6.88 -65
370.00 375.00 4.8
12.64 0.01 6.33 3.50 -43
GC4344 063/68 476.70 478.70 1.7
17.23 0.00 0.05 0.02 124
GC4346 063/48 378.30 396.70 13.5
15.10 0.02 23.22 12.05 -47
GC4349 038/47 305.40 316.50
11.1 17.36 0.04 14.81 6.08
-105 337.60
342.60 4.7 10.36 0.02 18.67 5.12
-82 GC4350 042/37 313.00
347.30 33.4 8.44 0.03 21.28 6.34
-138 GC4354 044/-3 309.00
312.50 0.5 54.89 0.72 17.06
12.13 -350 413.60
418.60 4.6 12.23 0.00 6.71
2.82 -357 GC4357 063/-32
261.60 263.20 1.4 30.69 0.08
18.01 9.62 -474 GC4386 076/-23
256.40 262.50 5.4 23.27 0.29
3.18 1.77 -442
271.60 274.60 3.0 11.61
0.07 0.57 0.37 -448 LOWER NWW GC4364
063/-80 147.70 151.90 4.2 26.12
0.08 5.78 2.81 -670
228.60 232.30 3.6
11.92 0.04 15.18 6.85 -632
GC4366 063/-48 225.40 227.00 1.3
15.80 0.27 19.00 9.04 -584
GC4368 243/-48 285.00 290.00
3.3 22.30 0.04 1.63 0.97
-628 345.80 351.70
4.2 21.66 0.05 5.30 2.93
-673 GC4370 063/-68 168.80
173.80 4.5 10.13 0.07 1.14 0.39
-576 193.80
195.60 1.8 16.59 0.04 8.60 4.37
-599 GC4377 243/-30 86.20
100.70 6.6 7.37 0.02 13.23 2.62
-463 424.70
432.10 3.8 42.17 0.20 7.83 2.59
-637 GC4380 243/-49 213.10
228.30 10.0 55.28 0.51 4.09
2.26 -582
348.20 374.70 6.4 19.10 0.19
4.94 2.54 -685
398.30 407.40 1.9 55.89 0.47
14.10 7.21 -723 GC4384
243/-50 338.70 339.70 0.9 18.26
0.06 22.33 8.37 -685
374.30 375.40 0.8 15.14
0.04 17.85 8.42 -712
388.70 389.70 1.0
18.71 0.08 21.76 10.80 -723
395.00 401.50 5.7
10.96 0.06 20.90 6.35 -728 UPPER
SOUTH WEST GC4382 242/31 394.70 415.00
13.3 46.85 0.03 15.06 7.92
-208 523.70
531.60 6.0 32.66 0.01 0.94 0.41
-144 537.00
544.50 5.2 24.29 0.02 4.71 2.32
-138
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version on businesswire.com: http://www.businesswire.com/news/home/20161108005347/en/
Hecla Mining CompanyMike Westerlund, 800-HECLA91
(800-432-5291)Vice President - Investor
Relationshmc-info@hecla-mining.comhttp://www.hecla-mining.com
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