Hecla Increases Silver-Linked Dividend
May 06 2021 - 3:35AM
Business Wire
Silver-linked dividend increased 50% at $25
threshold
Hecla Mining Company (“Hecla”)(NYSE:HL) is pleased to announce
that its Board of Directors has increased the silver-linked
dividend by $0.01 per year.
In September 2020, Hecla lowered the minimum threshold for
payment of the silver-linked portion of its quarterly dividend
where if Hecla’s average realized silver price for a quarter is $25
per ounce, the silver-linked quarterly dividend policy provided an
annualized two cents per share. Today, Hecla is announcing that the
Board is increasing the silver-linked dividend by $0.01 per share
for each $5 increase in the quarterly average realized silver price
per ounce above $25 per ounce.
“Our Board’s adoption of this increase reflects its confidence
in Hecla’s cashflow performance and position as the United States’
largest silver producer,” said Hecla’s President and Chief
Executive Officer, Phillips S. Baker, Jr. “We’ve enhanced our
long-standing silver-linked portion of our dividend policy by
increasing the payment by $0.01 per share. As prices rise,
shareholders should get more of the Company’s cash flow which
reflects continued strong operating and capital cost
discipline.
“Given Hecla’s realized quarterly silver price of $25.66
satisfied the Company’s dividend criteria, I’m pleased to announce
the Board has approved payment of this quarter’s dividend at this
increased rate.”
The table below provides an overview of the augmented
silver-linked dividend policy and the increased minimum
dividends.
Quarterly Average
Realized
Silver Price
Quarterly Silver-Linked
Dividend
Annualized Silver-Linked
Dividend
Annualized Minimum
Dividends
Annualized Dividends:
Silver-Linked & Minimum Dividends
$25
$.0075
$.03
$.015
$.045
$30
$.0125
$.05
$.015
$.065
$35
$.0225
$.09
$.015
$.105
$40
$.0325
$.13
$.015
$.145
$45
$.0425
$.17
$.015
$.185
$50
$.0525
$.21
$.015
$.225
DIVIDENDS
Common
The Board of Directors elected to declare a quarterly cash
dividend of $0.01125 per share of common stock, consisting of
$0.00375 per share for the minimum dividend component and $0.0075
per share for the silver-linked dividend component. The common
dividend is payable on or about June 3, 2021, to stockholders of
record on May 20, 2021. The realized quarterly silver price of
$25.66 satisfied the Company's dividend policy criteria for the
silver-linked dividend component.
Preferred
The Board of Directors elected to declare a quarterly cash
dividend of $0.875 per share of preferred stock, payable on or
about July 1, 2021, to stockholders of record on June 15, 2021.
The declaration and payment of dividends remains at the sole
discretion of the Board of Directors and will depend on Hecla’s
financial results, cash requirements (including for preferred
dividends, operations, capital projects, exploration and
development, litigation and settlements, acquisitions, and other
items), future prospects and other factors deemed relevant by the
Board. Investors are cautioned that this revised dividend policy is
not a guarantee that a dividend will be declared or paid in any
particular period in the future.
Visit Hecla’s website at www.hecla-mining.com which includes
more in-depth information about the company, our people, our
properties, interesting historical and silver facts, social
responsibility initiatives and accomplishments, and a detailed
investor section.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE:HL) is the largest
silver producer in the United States. In addition to operating
mines in Alaska, Idaho and Quebec, Canada, the Company owns a
number of exploration properties and pre-development projects in
world-class silver and gold mining districts throughout North
America.
Cautionary Statements
Statements made which are not historical facts, such as
strategies, plans, anticipated payments, litigation outcome
(including settlement negotiations), production, sales of assets,
exploration results and plans, costs, and prices or sales
performance are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
“may”, “will”, “should”, “expects”, “intends”, “projects”,
“believes”, “estimates”, “targets”, “anticipates” and similar
expressions are used to identify these forward-looking statements.
Forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected, or implied. These
risks and uncertainties include, but are not limited to, metals
price volatility, volatility of metals production and costs,
environmental and litigation risks, operating risks, project
development risks, political risks, labor issues, ability to raise
financing and exploration risks and results. Refer to the company's
Form 10-K and 10-Q reports for a more detailed discussion of
factors that may impact expected future results. The company
undertakes no obligation and has no intention of updating
forward-looking statements other than as may be required by
law.
Category: Press Release
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Jeanne DuPont Senior Communications Coordinator 800-HECLA91
(800-432-5291) Email: hmc-info@hecla-mining.com Website:
www.hecla-mining.com
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