8th consecutive quarter of free cash flow
generation
The Period Ended: March 31, 2022 For
Release: May 10, 2022
Hecla Mining Company (NYSE:HL) (Hecla or the Company) today
announced first quarter 2022 financial and operating results.
FIRST QUARTER HIGHLIGHTS
Operational
- Silver production of 3.3 million ounces, a 3% increase over
fourth quarter 2021.
- The Company's silver mines reported total cost of sales of
$78.9 million and cash cost and AISC per silver ounce (each after
by-product credits) of $1.09 and $7.64 respectively.1,2
Financial
- Sales of $186.5 million, a slight increase over fourth quarter
2021.
- Cash provided by operating activities of $37.9 million and
$16.4 million of quarterly free cash flow after semi-annual
interest payment of $18.5 million on outstanding long-term
debt.3
- Income applicable to common shareholders of $4.0 million, or
$0.01 per share (basic).
- Returned 21% of free cash flow to our common and preferred
shareholders through dividends.
- Credit ratings upgraded to B1 and B+ by Moody’s and S&P,
respectively.
“All of our mines generated positive free cash flow despite
inflationary cost pressures, slow supply chains, and some COVID-19
related labor challenges,” said Phillips S. Baker Jr., President
and CEO. “Hecla, the largest silver producer in the U.S., is also
the country’s third largest zinc miner, and by-products contributed
to the silver mines’ strong performance and help offset
inflationary pressure. Over the last eight quarters, we have
generated $434 million in cash flow from operations and this
quarter marked our eighth consecutive quarter of free cash flow,
with $232 million generated over that period. This strong,
consistent performance has strengthened our balance sheet and led
to credit rating upgrades.”
Baker continued, “With strong grades and our innovative mining
method at the Lucky Friday, we expect the mine’s quarterly silver
production for the rest of the year to exceed one million ounces
contributing to our increasing silver production profile. Growing
U.S. silver production is particularly rewarding as demand for
silver to generate green energy is growing and the need for
domestically sourced metals is being understood because of the
pandemic and the Ukrainian war.”
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
Q1-2022
4Q-2021
3Q-2021
2Q-2021
1Q-2021
FY 2021
FINANCIAL AND PRODUCTION
HIGHLIGHTS
Sales
$
186,499
$
185,078
$
193,560
$
217,983
$
210,852
$
807,473
Total cost of sales
$
141,070
$
131,837
$
158,332
$
156,052
$
143,451
$
589,672
Gross profit
$
45,429
$
53,241
$
35,228
$
61,931
$
67,401
$
217,801
Income (loss) applicable to common
shareholders
$
4,015
$
11,737
$
(1,117
)
$
2,610
$
21,313
$
34,543
Basic income (loss) per common share (in
dollars)
$
0.01
$
0.02
$
—
$
0.05
$
0.04
$
0.06
Adjusted EBITDA 4
$
58,199
$
58,249
$
49,414
$
84,507
$
86,610
$
278,780
Net Debt to Adjusted EBITDA4,*
1.2
1.1
Cash provided by operating activities
$
37,909
$
53,355
$
42,742
$
86,304
$
37,936
$
220,337
Capital Expenditures
$
(21,478
)
$
(28,838
)
$
(26,899
)
$
(31,898
)
$
(21,413
)
$
(109,048
)
Free Cash Flow 2
$
16,431
$
24,517
$
15,843
$
54,406
$
16,523
$
111,289
Silver ounces produced
3,324,708
3,226,927
2,676,084
3,524,783
3,459,446
12,887,240
Silver payable ounces sold
2,687,261
2,606,622
2,581,690
3,415,464
3,030,026
11,633,802
Gold ounces produced
41,642
47,977
42,207
59,139
52,004
201,327
Gold payable ounces sold
41,053
44,156
53,000
47,168
57,286
201,610
*Reflects trailing twelve months ending
March 31, 2022. Reconciliations are available at the end of the
release.
Income applicable to common shareholders for the first quarter
was $4.0 million, or $0.01 per share, compared to $11.7 million, or
$0.02 per share, in the fourth quarter of 2021 (“the prior
quarter”), and was impacted by the following factors:
- Gross profit decreased by $7.8 million due primarily to higher
mining costs at Casa Berardi resulting from inflationary pressures
and increased used of contractors.
- An income tax provision of $5.6 million for U.S. and foreign
jurisdiction income and mining taxes impacted by non-recognition of
net operating losses in Nevada compared to a benefit of $25.6
million in the prior quarter primarily due to the release of the
valuation allowance on the Hecla U.S. group deferred tax
assets.
- A net foreign exchange loss of $2.0 million versus a net gain
of $0.4 million in the prior quarter primarily due to strengthening
of the Canadian dollar against the U.S. dollar.
- Higher general and administrative expense by $1.7 million due
to higher incentive compensation accruals.
These decreases were partially offset by:
- Net gains from fair value adjustments of $6.0 million versus
net losses of $25.1 million in the prior quarter primarily due to
unrealized losses on base metal derivatives contracts incurred
prior to their designation as hedges for accounting purposes
effective November 1, 2021.
- Provision for closed operations and environmental matters
decreased by $1.4 million reflecting an accrual for increased costs
at the legacy Troy mine in the prior quarter.
Cash provided by operating activities of $37.9 million decreased
$15.4 million compared to the prior quarter, primarily due to
negative working capital changes of $17.8 million mostly due to
interest payments on the outstanding long-term debt.
Capital expenditures totaled $21.5 million, $7.3 million less
than the prior quarter due to lower spending at Greens Creek and
Casa Berardi, which spent $3.1 and $7.8 million respectively this
quarter while Lucky Friday spent $9.7 million.
The impact of inflationary pressures, supply chain challenges,
and manpower constraints due to various factors, including
COVID-19, impacted each operation differently. Overall, the
Company’s silver assets operated as planned with Greens Creek
outperforming due to higher grades while Lucky Friday saw some
production impact due to delays in equipment delivery. Although all
operations were impacted by inflation, AISC for consolidated silver
assets declined over the prior quarter as higher by-product credits
and higher silver production more than offset the inflationary cost
pressures. Casa Berardi saw the largest impact because it mines the
greatest volume of material (approximately 8 times that of Greens
Creek annually) and processes the largest volume of ore
(approximately 1.8 times that of Greens Creek), therefore increases
in the cost of fuel, steel, reagents, and other consumables have a
greater impact on the mine. Casa Berardi was also constrained by
the lack of available manpower due to competition for skilled
workers in the Abitibi. The Company is monitoring and attempting to
proactively mitigate the impact that inflation, supply chain
delays, and lack of available manpower has on production and per
ounce costs, and if current by-product credits continue, believes
that it can successfully navigate these challenges.
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 March
31, 2022, the Company had contracts covering approximately 60% of
the forecasted payable zinc production (through 2024) at an average
price of $1.30 per pound, and 50% of the forecasted payable lead
production (through 2024) at an average price of $0.99 per
pound.
The Company manages Canadian dollar (CAD) exposure through
forward contracts. At March 31, 2022, the Company had hedged
approximately 35% of forecasted CAD direct production costs through
2025 at an average CAD/USD rate of 1.30. The Company has also
hedged approximately 27% of capital costs for 2022 at 1.29.
OPERATIONS OVERVIEW
Greens Creek Mine - Alaska
Dollars are in thousands except cost per
ton
1Q-2022
4Q-2021
3Q-2021
2Q-2021
1Q-2021
FY 2021
GREENS CREEK
Tons of ore processed
211,687
221,814
211,142
214,931
194,080
841,967
Total production cost per ton
$
192.16
$
174.55
$
181.60
$
171.13
$
182.61
$
177.30
Ore grade milled - Silver (oz./ton)
13.84
12.60
11.14
14.52
16.01
13.51
Ore grade milled - Gold (oz./ton)
0.07
0.07
0.07
0.08
0.09
0.08
Ore grade milled - Lead (%)
2.76
2.61
2.68
3.14
3.06
2.87
Ore grade milled - Zinc (%)
6.56
6.28
7.05
7.57
7.62
7.11
Silver produced (oz.)
2,429,782
2,262,635
1,837,270
2,558,447
2,584,870
9,243,222
Gold produced (oz.)
11,402
10,229
9,734
12,859
13,266
46,088
Lead produced (tons)
4,883
4,731
4,591
5,627
4,924
19,873
Zinc produced (tons)
12,494
12,457
13,227
14,610
13,354
53,648
Sales
$
86,090
$
87,865
$
84,806
$
113,763
$
98,409
$
384,843
Total cost of sales
$
(49,638
)
$
(49,251
)
$
(55,193
)
$
(55,488
)
$
(53,181
)
$
(213,113
)
Gross profit
$
36,452
$
38,614
$
29,613
$
58,275
$
45,228
$
171,730
Cash flow from operations
$
56,295
$
50,632
$
40,626
$
68,521
$
44,345
$
204,124
Exploration
$
165
$
696
$
2,472
$
1,300
$
123
$
4,591
Capital additions
$
(3,092
)
$
(9,544
)
$
(6,228
)
$
(6,339
)
$
(1,772
)
$
(23,883
Free cash flow 2
$
53,368
$
41,784
$
36,870
$
63,482
$
42,696
$
184,832
Total cost of sales for the first quarter 2022 was $49.6 million
compared to $49.3 million in the prior quarter. Cash cost and AISC
per silver ounce (each after by-product credits) were $(0.90) and
$1.90, respectively, decreasing over prior quarter due to higher
by-product credits and higher silver production due to higher mined
grades. 1,2
Lucky Friday Mine - Idaho
Dollars are in thousands except cost per
ton
1Q-2022
4Q-2021
3Q-2021
2Q-2021
1Q-2021
FY 2021
LUCKY FRIDAY
Tons of ore processed
77,725
80,097
78,227
82,442
81,071
321,837
Total production cost per ton
$
247.17
$
198.83
$
190.66
$
199.48
$
190.54
$
191.50
Ore grade milled - Silver (oz./ton)
12.04
12.54
11.21
11.60
11.18
11.64
Ore grade milled - Lead (%)
8.16
8.11
7.22
7.55
7.51
7.60
Ore grade milled - Zinc (%)
3.61
3.33
3.30
3.44
3.70
3.44
Silver produced (oz.)
887,858
955,401
831,532
913,294
863,901
3,564,128
Lead produced (tons)
5,980
6,131
5,313
5,913
5,780
23,137
Zinc produced (tons)
2,452
2,296
2,319
2,601
2,753
9,969
Sales
$
38,040
$
32,938
$
29,783
$
39,645
$
29,122
$
131,488
Total cost of sales
$
(29,264
)
$
(23,252
)
$
(23,591
)
$
(27,901
)
$
(22,794
)
$
(97,538
)
Gross profit
$
8,776
$
9,686
$
6,192
$
11,744
$
6,328
$
33,950
Cash flow from operations
$
11,765
$
16,953
$
15,017
$
19,681
$
10,943
$
62,594
Capital additions
$
(9,652
)
$
(9,109
)
$
(9,133
)
$
(5,731
)
$
(5,912
)
$
(29,885
)
Free cash flow 2
$
2,113
$
7,844
$
5,884
$
13,950
$
5,031
$
32,709
Total cost of sales for the first quarter 2022 was $29.3
million, an increase of $6.0 million over the prior quarter due to
increased use of contractors resulting from manpower shortages, and
higher maintenance costs related to underground mobile equipment.
Cash cost and AISC per silver ounce (each after by-product credits)
were $6.57 and $13.15, respectively, and increased over prior
quarter due to higher total cost of sales and lower
production.1,2
Casa Berardi Mine - Quebec
Dollars are in thousands except cost per
ton
1Q-2022
4Q-2021
3Q-2021
2Q-2021
1Q-2021
FY 2021
CASA BERARDI
Tons of ore processed – underground
161,609
161,355
167,435
178,908
186,919
694,617
Tons of ore processed – surface pit
224,541
225,662
230,708
195,775
181,484
833,629
Tons of ore processed – total
386,150
387,017
398,143
374,683
368,403
1,528,246
Surface tons mined – ore and waste
1,586,118
1,507,457
1,483,231
2,033,403
1,991,087
7,015,178
Total production cost per ton
$
117.96
$
108.82
$
86.95
$
99.36
$
99.67
$
98.60
Ore grade milled – Gold (oz./ton) -
underground
0.141
0.165
0.155
0.148
0.147
0.161
Ore grade milled – Gold (oz./ton) -
surface pit
0.054
0.072
0.037
0.055
0.048
0.056
Ore grade milled – Gold (oz./ton) -
combined
0.091
0.110
0.087
0.100
0.120
0.104
Ore grade milled – Silver (oz./ton)
0.02
0.02
0.02
0.03
0.04
0.03
Gold produced (oz.) – underground
19,374
22,910
24,170
23,441
27,569
98,090
Gold produced (oz.) – surface pit
10,866
14,356
5,552
7,892
8,621
36,421
Gold produced (oz.) – total
30,240
37,266
29,722
31,333
36,190
134,511
Silver produced (oz.) – total
7,068
7,967
7,012
7,917
10,675
33,571
Sales
$
62,101
$
60,054
$
56,065
$
56,122
$
72,911
$
245,152
Total cost of sales
$
(62,168
)
$
(57,069
)
$
(58,164
)
$
(54,669
)
$
(59,927
)
$
(229,829
)
Gross profit/(loss)
$
(67
)
$
2,985
$
(2,099
)
$
1,453
$
12,984
$
15,323
Cash flow from operations
$
8,089
$
10,029
$
17,058
$
15,756
$
30,948
$
73,791
Exploration
$
2,635
$
2,124
$
4,382
$
1,739
$
1,281
$
9,526
Capital additions
$
(7,808
)
$
(9,537
)
$
(11,488
)
$
(14,745
)
$
(13,847
)
$
(49,617
)
Free cash flow 2
$
2,916
$
2,616
$
9,952
$
2,750
$
18,382
$
33,700
Casa Berardi produced 30,240 ounces of gold compared to 37,266
ounces in the prior quarter. This represents a decrease of 19% due
to lower grades milled as more material was sourced from the 160
pit. The mill continued to perform well, operating at an average of
4,291 tons per day (“tpd”) in the first quarter of 2022 compared to
4,207 tpd over prior quarter with availability exceeding 90% in
both periods.
Total cost of sales for the first quarter 2022 was $62.2 million
compared to $57.1 million in the prior quarter. The increase in
total cost of sales was primarily due to inflationary cost
pressures related to steel, reagents, fuel for mobile equipment,
other consumables, and increased contractor costs across the
operation due to a lack of manpower availability. Cash cost and
AISC per gold ounce (each after by-product credits) increased by
$379 per ounce and $340 per ounce over the prior quarter to $1,516
and $1,810, respectively, with the increase primarily driven by
higher total cost of sales. 1,2
EXPLORATION AND PRE-DEVELOPMENT
Exploration and pre-development expenses totaled $12.8 million
for the first quarter 2022. Exploration activities primarily
focused on targets at Casa Berardi, Greens Creek, Nevada
Operations, and San Sebastian.
Exploration highlights
- Drilling from Casa Berardi’s ten drills continues to expand and
upgrade resources while the first regional exploration sonic
drilling identified alteration and geochemical vectors to guide
exploration to mineralization undercover.
- Greens Creek drilling continued with 3 drills to upgrade and
expand resources in four of the nine zones.
- Drilling at San Sebastian's La Roca target identified large new
quartz carbonate vein systems up to 51.7 feet in true width.
At Casa Berardi, seven underground and three surface core
drills focused on resource conversion and exploration drilling to
upgrade and expand resources in the West, Principal, and East mine
areas. Drilling in the West Mine targeted the eastern edge of the
113 Zone to define continuity and expand mineralization to the east
and targeted the 118 Zone to define and expand mineralization in
the 14 and 15 lenses up and down plunge and to the east. Highlights
from this drilling include intercepts grading 0.55 oz/ton gold over
23.0 feet and 0.43 oz/ton gold over 12.1 feet, expanding and
upgrading high-grade mineralization in the 113 Zone.
Drilling in the Principal Mine targeted the lower part of the
123 Zone and the extensions to the 124 and 134 zones. In the 123
Zone, drilling confirmed the eastern plunge of mineralization
hosted within a chert and massive sulfide horizon crosscut by
quartz veins where additional drilling is planned. Surface drilling
targeting the area between the 124 and 134 zones focused on
expanding and connecting mineralization between these two zones
which could have a positive impact on future mining in the proposed
Principal and 134 open pits. Highlights from this drilling include
0.05 oz/ton gold over 86.6 feet and 0.08 oz/ton gold over 31.4
feet.
Drilling in the East Mine targeted upgrading and expanding
mineralization in the 146 and 148 zones. Results from the 146 Zone
drilling indicate the original 146-09 lens is expanding into
multiple stacked mineralized lenses characterized by pyrite and
pyrrhotite bands within the sedimentary rocks located 300 feet
south of the Casa Berardi Fault. Highlight assay results from the
146 Zone drilling contain 0.18 oz/ton gold over 11.5 feet which
includes 0.70 oz/ton silver over 3.0 feet.
Sonic drilling at Casa Berardi began in January with one drill
focused on testing three areas in the East, Central, and West
blocks of our property package. The focus of this drilling is to
test historical gold till overburden anomalies and core into the
bedrock for gold and lithogeochemical analysis in addition to
mapping alteration. Results to date indicate that sonic drilling is
a very useful tool to identify vectors to mineralization under
cover.
At Greens Creek, three underground core drills focused on
resource conversion in the Southwest Bench, West, East, and 200
South ore zones and exploration in the East and Gallagher Fault
Block zones. All assay results from the last of the 2021 drilling
programs in the 9A and 200 South ore zones have been received
confirming and expanding mineralization in both zones. Highlights
from the 9A drilling include intercepts containing 18.3 oz/ton
silver, 0.05 oz/ton gold, 2.8% zinc, and 1.6% lead over 20.7 feet
and 7.4 oz/ton silver, 0.02 oz/ton gold, 6.8% zinc, and 3.0% lead
over 41.5 feet. Drilling in the 200 South Zone targeted expanding
and upgrading resources in the southern portions of the zone and
highlights include intercepts containing 40.4 oz/ton silver, 0.43
oz/ton gold, 12.4% zinc and 4.7% lead over 5.7 feet and 25.1 oz/ton
silver, 0.42 oz/ton gold, 4.2% zinc, and 2.0% lead over 10.5
feet.
At Nevada operations, drilling with three drill rigs at
Midas has been focused on drill testing the prospectivity of
the Racer structure within the East Graben Corridor along 1.7 miles
of strike length at a drill hole spacing of approximately 1,000
feet and initial drill testing of the Vapor Trail structure.
At Hollister, exploration drilling continued in January
and February from the second drill station of the Hatter Graben
decline completing exploration drill hole HUC-112. In February,
development drifting at the Hatter Graben exploration area
encountered high water inflows which eventually halted development.
As a result of this inflow, exploration drilling was suspended
while water management options are being evaluated. Two exploration
drill holes have been completed targeting multiple zones of narrow
banded quartz veins and veinlets south of the existing resource.
Recent assay results from these initial two drill holes show
multiple narrow vein zones with intercepts including 0.10 oz/ton
gold and 17.6 oz/ton silver over 0.6 feet estimated true thickness
and 0.10 oz/ton gold and 3.1 oz/ton silver over 1.5 feet estimated
true thickness.
Exploration at San Sebastian continues to advance drill
testing multiple targets within the district in addition to
expanding our SVRC (short vertical reverse circulation) drilling in
areas under cover. Near the San Sebastian Mine Area, core drilling
targeted the deeper portions of the past producing veins for silver
dominant polymetallic mineralization. Recent assay results from
this area include 4.9 oz/ton silver, 2.0% copper, 2.5% lead, 5.3%
zinc over 1.6 feet from the West Francine Vein. Drilling at La
Roca, interpreted to be an area where an entire epithermal vein
system is preserved, discovered several large vein zones up to 51.7
feet true thickness, with anomalous silver with samples grading up
to 10.5 oz/ton silver. These early drilling results are helping to
define the orientations of the targeted vein structures and
drilling now is focused on testing the favorable depth of
mineralization, which is believed to be deeper than the current
levels tested.
More complete drill assay highlights can be found in Table A at
the end of the release.
DIVIDENDS
Common Stock
The Board of Directors declared a quarterly cash dividend of
$0.00625 per share of common stock, consisting of $0.00375 per
share for the minimum dividend component and $0.0025 per share for
the silver-linked component. The common stock dividend is payable
on or about June 10, 2022, to stockholders of record on May 25,
2022. The realized silver price was $24.68 per ounce in the first
quarter satisfying 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 July 1, 2022, to stockholders of record on June 15, 2022.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held Tuesday, May 10, at
10:00 a.m. Eastern Time to discuss these results. You may join the
conference call by dialing toll-free 1-833-350-1380 or for
international dialing 1-647-689-6934. The Conference ID is 1659347.
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.
VIRTUAL INVESTOR EVENT
Hecla will be holding a Virtual Investor Event on Tuesday, May
10, from 11:00 a.m. to 12:30 p.m. Eastern Time.
Hecla invites shareholders, investors, and other interested
parties to schedule a personal, 30-minute virtual meeting (video or
telephone) with a member of senior 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
amishra@hecla-mining.com or 208-769-4117.
One-on-One meeting URL: https://calendly.com/2022-may-vie
ABOUT HECLA
Founded in 1891, Hecla is the largest silver producer in the
United States. In addition to operating mines in Alaska and Idaho,
and Quebec, Canada, the Company owns a number of exploration and
pre-development properties 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) 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. Cash cost, after
by-product credits, per silver ounce is not presented for Lucky
Friday for the first nine-months of 2020, as production was limited
due to the strike and subsequent ramp-up and results are not
comparable to those from prior periods and are not indicative of
future operating results under full production.
(2) 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 mine
sites, corporate exploration related to sustaining operations, and
all site sustaining capital costs. AISC, after by-product credits,
is calculated net of depreciation, depletion, and amortization and
by-product credits.
Current GAAP measures used in the mining industry, such as cost
of goods sold, do not capture all the expenditures incurred to
discover, develop and sustain silver and gold production.
Management believes that all-in sustaining costs is a non-GAAP
measure that provides additional information to management,
investors and analysts to help (i) in the understanding of the
economics of our operations and performance compared to other
producers and (ii) in the transparency by better defining the total
costs associated with production. Similarly, the statistic is
useful in identifying acquisition and investment opportunities as
it provides a common tool for measuring the financial performance
of other mines with varying geologic, metallurgical and operating
characteristics. In addition, the Company may use it when
formulating performance goals and targets under its incentive
program.
(3) Free cash flow is a non-GAAP measure calculated as cash
provided by operating activities less additions to properties,
plants and equipment. Cash provided by operating activities for the
Greens Creek, Lucky Friday, Casa Berardi, and Nevada operating
segments excludes exploration and pre-development expense, as it is
a discretionary expenditure and not a component of the mines’
operating performance.
(4) Adjusted EBITDA is a non-GAAP measurement, a reconciliation
of which to net income, the most comparable GAAP measure, can be
found at the end of the release. Adjusted EBITDA is a measure used
by management to evaluate the Company's operating performance but
should not be considered an alternative to net income, or cash
provided by operating activities as those terms are defined by GAAP
and does not necessarily indicate whether cash flows will be
sufficient to fund cash needs. In addition, the Company may use it
when formulating performance goals and targets under its incentive
program. 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.
Numbers may be rounded.
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 Lucky Friday mine
may exceed 1 million ounces of quarterly silver production for the
remainder of 2022; (ii) as demand for silver is expected to grow in
the transition to a green economy, so will Hecla's role in a clean
energy future; and (iii) the Company believes it will meet
previously disclosed guidance on future production, sales, total
cost of sales, cash costs, after by-product credits, AISC, after
by-product credits and cash flows as well as estimated spending on
capital, exploration and pre-development. 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 and USD/MXN,
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)
economic terms can be reached with third-party mill operators who
have capacity to process our ore; (xiv) maintaining availability of
water rights; (xv) factors do not arise that reduce available cash
balances; and (xvi) 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) we take a material impairment charge on
our Nevada operations; (xi) we are unable to remain in compliance
with all terms of the credit agreement in order to maintain
continued access to the revolver, and (xii) we are unable to
refinance the maturing senior notes. For a more detailed discussion
of such risks and other factors, see the Company’s 2021 Form 10-K,
filed on February 23, 2022, 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.
Cautionary Statements to Investors on
Reserves and Resources
This news release uses the terms “resource.” Mineral resources
that are not mineral reserves do not have demonstrated economic
viability. You should not assume that all or any part of measured
or indicated mineral resources will ever be converted into mineral
reserves. Further, inferred mineral resources have a great amount
of uncertainty as to their existence and as to whether they can be
mined legally or economically, and an inferred mineral resource may
not be considered when assessing the economic viability of a mining
project, and may not be converted to a mineral reserve. On October
31, 2018, the SEC adopted new mining disclosure rules (“S-K 1300”)
that is more closely aligned with current industry and global
regulatory practices and standards, including National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
which we comply with because we also are a “reporting issuer” under
Canadian securities laws. While S-K 1300 is more closely aligned
with NI 43-101 than the prior SEC mining disclosure rules, there
are some differences. NI 43-101 is a rule developed by the Canadian
Securities Administrators, which established standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource and reserve estimates contained in this
press release have been prepared in accordance with NI 43-101, as
well as S-K 1300.
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 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, and for 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, for 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 (the “Casa Berardi
Technical Report”), and for the San Sebastian Mine, Mexico, are
contained in a technical report prepared for Hecla titled
“Technical Report for the San Sebastian Ag-Au Property, Durango,
Mexico” effective date September 8, 2015. Also included in 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 for the Fire Creek Mine are contained in a technical
report prepared for Klondex Mines, dated March 31, 2018; the
Hollister Mine dated May 31, 2017, amended August 9, 2017; and the
Midas Mine dated August 31, 2014, amended April 2, 2015. Copies of
these technical reports are available under Hecla’s and Klondex’s
profiles on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair
reviewed and verified information regarding drill sampling, data
verification of all digitally collected data, drill surveys and
specific gravity determinations relating to all the mines. The
review encompassed quality assurance programs and quality control
measures including analytical or testing practice, chain-of-custody
procedures, sample storage procedures and included independent
sample collection and analysis. This review found the information
and procedures meet industry standards and are adequate for Mineral
Resource and Mineral Reserve estimation and mine planning
purposes.
HECLA MINING COMPANY
Condensed Consolidated Statements
of Operations
(dollars and shares in thousands,
except per share amounts - unaudited)
Three Months Ended
March 31, 2022
December 31, 2021
Sales of products
$
186,499
$
185,078
Cost of sales and other direct production
costs
105,772
98,962
Depreciation, depletion and
amortization
35,298
32,875
Total cost of sales
141,070
131,837
Gross profit
45,429
53,241
Other operating expenses:
General and administrative
8,294
6,585
Exploration and pre-development
12,808
12,862
Care and maintenance costs
6,205
5,998
Provision for closed operations and
reclamation
901
2,274
Other operating expense
2,463
3,701
30,671
31,420
Income from operations
14,758
21,821
Other income (expense):
Interest expense
(10,406
)
(10,461
)
Fair value adjustments, net
5,965
(25,141
)
Foreign exchange (loss) gain, net
(2,038
)
393
Other income (expense), net
1,505
(382
)
Total other expense
(4,974
)
(35,591
)
Income (loss) before income and mining
taxes
9,784
(13,770
)
Income and mining tax (provision)
benefit
(5,631
)
25,645
Net income
4,153
11,875
Preferred stock dividends
(138
)
(138
)
Income applicable to common
shareholders
$
4,015
$
11,737
Basic earnings per common share after
preferred dividends
$
0.01
$
0.02
Diluted earnings per common share after
preferred dividends
$
0.01
$
0.02
Weighted average number of common shares
outstanding - basic
538,490
538,124
Weighted average number of common shares
outstanding - diluted
544,061
543,134
HECLA MINING COMPANY
Condensed Consolidated Statements
of Cash Flows
(dollars in thousands -
unaudited)
Three Months Ended
March 31, 2022
December 31, 2021
OPERATING ACTIVITIES
Net income
$
4,153
$
11,875
Non-cash elements included in net
income:
Depreciation, depletion and
amortization
35,456
32,851
Provision for reclamation and closure
costs
1,643
3,693
Deferred income taxes
2,234
(30,163
)
Stock compensation
1,271
1,308
Fair value adjustments, net
(2,245
)
23,018
Foreign exchange loss (gain)
2,280
(694
)
Other non-cash charges, net
483
1,007
Change in assets and liabilities:
Accounts receivable
2,779
(1,607
)
Inventories
(5,081
)
(5,453
)
Other current and non-current assets
1,696
(3,328
)
Accounts payable and accrued
liabilities
(13,907
)
13,894
Accrued payroll and related benefits
6,909
3,099
Accrued taxes
3,754
3,727
Accrued reclamation and closure costs and
other non-current liabilities
(3,516
)
128
Cash provided by operating
activities
37,909
53,355
INVESTING ACTIVITIES
Additions to properties, plants, equipment
and mineral interests
(21,478
)
(28,838
)
Purchase of carbon credits
—
(669
)
Proceeds from sale of investments
2,487
—
Proceeds from disposition of properties,
plants and equipment
617
515
Purchases of investments
(10,868
)
—
Net cash used in investing
activities
(29,242
)
(28,992
)
FINANCING ACTIVITIES
Acquisition of treasury shares
(1,921
)
—
Dividends paid to common and preferred
stockholders
(3,509
)
(3,503
)
Debt origination fees
(54
)
(8
)
Repayments of debt and capital leases
(1,695
)
(1,687
)
Net cash used in provided by financing
activities
(7,179
)
(5,198
)
Effect of exchange rates on cash
519
(59
)
Net increase in cash and cash equivalents
and restricted cash and cash equivalents
2,007
19,106
Cash and cash equivalents and restricted
cash and cash equivalents at beginning of period
211,063
191,957
Cash and cash equivalents and restricted
cash and cash equivalents at end of period
$
213,070
$
211,063
HECLA MINING COMPANY
Condensed Consolidated Balance
Sheets
(dollars and shares in thousands
- unaudited)
March 31, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
212,029
$
210,010
Accounts receivable:
Trade
33,324
36,437
Other, net
8,586
8,149
Inventories
73,090
67,765
Other current assets
16,927
19,266
Total current assets
343,956
341,627
Investments
29,204
10,844
Restricted cash and investments
1,041
1,053
Properties, plants, equipment and mineral
interests, net
2,298,858
2,310,810
Operating lease right-of-use asset
12,342
12,435
Deferred taxes
45,562
45,562
Other non-current assets
7,936
6,477
Total assets
$
2,738,899
$
2,728,808
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities
$
73,786
$
68,100
Accrued payroll and related benefits
34,864
28,714
Accrued taxes
16,128
12,306
Finance and operating leases
8,535
8,098
Accrued reclamation and closure costs
10,594
9,259
Derivatives liabilities
38,992
19,353
Other current liabilities
5,341
14,553
Total current liabilities
188,240
160,383
Finance and operating leases
18,385
17,726
Long-term debt
508,852
508,095
Deferred tax liability
140,810
149,706
Accrued reclamation and closure costs
103,612
103,972
Derivative liabilities
43,402
18,528
Other non-current liabilities
7,055
9,611
Total liabilities
1,010,356
968,021
STOCKHOLDERS’ EQUITY
Preferred stock
39
39
Common stock
136,657
136,391
Capital surplus
2,036,417
2,034,485
Accumulated deficit
(353,007
)
(353,651
)
Accumulated other comprehensive loss
(61,621
)
(28,456
)
Treasury stock
(29,942
)
(28,021
)
Total stockholders’ equity
1,728,543
1,760,787
Total liabilities and stockholders’
equity
$
2,738,899
$
2,728,808
Non-GAAP Measures (Unaudited)
Reconciliation of Total 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 total cost of sales to the non-GAAP
measures of (i) Cash Cost, Before By-product Credits, (ii) Cash
Cost, After By-product Credits, (iii) AISC, Before By-product
Credits and (iv) AISC, After By-product Credits for our operations
at Greens Creek, Lucky Friday, Casa Berardi and Nevada Operations
and for the Company for the three-month periods ended March 31,
2022 and December 31, 2021.
Cash Cost, After By-product Credits, per Ounce is a measure
developed by precious metals companies (including the Silver
Institute) in an effort to provide a uniform standard for
comparison purposes. There can be no assurance, however, that these
non-GAAP measures as we report them are the same as those reported
by other mining companies.
Cash Cost, After By-product Credits, per Ounce is an important
operating statistic that we utilize to measure each mine's
operating performance. AISC, After By-product Credits, per Ounce
which we use as a measure of our operation's net cash flow after
costs for exploration, pre-development, reclamation, and sustaining
capital. This is similar to the Cash Cost, After By-product
Credits, per Ounce non-GAAP measure we report, but also includes
on-site exploration, reclamation, and sustaining capital costs.
Current GAAP measures used in the mining industry, such as cost of
goods sold, do not capture all the expenditures incurred to
discover, develop and sustain silver and gold production. Cash
Cost, After By-product Credits, per Ounce and AISC, After
By-product Credits, per Ounce also allow us to benchmark the
performance of each of our operations versus those of our
competitors. As a primary silver and gold mining company, we also
use these statistics on an aggregate basis. We aggregate Greens
Creek and Lucky Friday to compare our performance with that of
other primary silver mining companies and aggregate Casa Berardi
and Nevada Operations to compare our performance with that of other
primary gold mining companies. Similarly, these statistics are
useful in identifying acquisition and investment opportunities as
they provide a common tool for measuring the financial performance
of other mines with varying geologic, metallurgical and operating
characteristics.
Cash Cost, Before By-product Credits and AISC, Before By-product
Credits include all direct and indirect operating cash costs
related directly to the physical activities of producing metals,
including mining, processing and other plant costs, third-party
refining expense, on-site general and administrative costs,
royalties and mining production taxes. AISC, Before By-product
Credits for each operation also includes on-site exploration,
reclamation, and sustaining capital costs. AISC, Before By-product
Credits for our consolidated silver properties also includes
corporate costs for general and administrative expense, exploration
and sustaining capital projects. By-product credits include
revenues earned from all metals other than the primary metal
produced at each operation. As depicted in the tables below,
by-product credits comprise an essential element of our silver unit
cost structure, distinguishing our silver operations due to the
polymetallic nature of their orebodies.
In addition to the uses described above, Cash Cost, After
By-product Credits, per Ounce and AISC, After By-product Credits,
per Ounce provide management and investors an indication of
operating cash flow, after consideration of the average price,
received from production. We also use these measurements for the
comparative monitoring of performance of our mining operations
period-to-period from a cash flow perspective.
The Casa Berardi and Nevada Operations sections below report
Cash Cost, After By-product Credits, per Gold Ounce and AISC, After
By-product Credits, per Gold Ounce for the production of gold,
their primary product, and by-product revenues earned from silver,
which is a by-product at Casa Berardi and Nevada Operations. Only
costs and ounces produced relating to operations 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 Casa Berardi and Nevada
Operations 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 operations is not included as
a by-product credit when calculating the similar gold metrics for
Casa Berardi.
In thousands (except per ounce
amounts)
Three Months Ended March 31, 2022
Three Months Ended December 31, 2021
Greens Creek
Lucky Friday
Corporate
Total Silver
Greens Creek
Lucky Friday
Corporate(2)
Total Silver
Total cost of sales
$
49,638
$
29,264
$
78,902
$
49,252
$
23,251
$
152
$
72,655
Depreciation, depletion and
amortization
(11,420
)
(8,032
)
(19,452
)
(6,300
)
(6,518
)
(152
)
(12,970
)
Treatment costs
9,096
3,677
12,773
8,655
3,636
—
12,291
Change in product inventory
6,538
(905
)
5,633
236
1,351
—
1,587
Reclamation and other costs
(850
)
(361
)
(1,211
)
(1,689
)
(199
)
—
(1,888
)
Cash Cost, Before By-product Credits
(1)
53,002
23,643
—
76,645
50,154
21,521
—
71,675
Reclamation and other costs
705
282
—
987
847
264
—
1,111
Exploration
165
—
716
881
696
—
867
1,563
Sustaining capital
5,956
5,562
48
11,566
10,123
7,413
172
17,708
General and administrative
—
—
8,294
8,294
—
—
6,585
6,585
AISC, Before By-product Credits (1)
59,828
29,487
9,058
98,373
61,820
29,198
7,624
98,642
By-product credits:
Zinc
(28,651
)
(5,977
)
(34,628
)
(25,643
)
(5,022
)
(30,665
)
Gold
(18,583
)
—
(18,583
)
(15,712
)
—
(15,712
)
Lead
(7,966
)
(11,836
)
(19,802
)
(7,657
)
(12,204
)
(19,861
)
Total By-product credits
(55,200
)
(17,813
)
—
(73,013
)
(49,012
)
(17,226
)
—
(66,238
)
Cash Cost, After By-product Credits
$
(2,198
)
$
5,830
$
—
$
3,632
$
1,142
$
4,295
$
—
$
5,437
AISC, After By-product Credits
$
4,628
$
11,674
$
9,058
$
25,360
$
12,808
$
11,972
$
7,624
$
32,404
Divided by ounces produced
2,430
888
3,318
2,262
955
3,217
Cash Cost, Before By-product Credits, per
Silver Ounce
$
21.82
$
26.63
$
23.10
$
22.18
$
22.54
$
22.28
By-product credits per ounce
(22.72
)
(20.06
)
(22.01
)
(21.68
)
(18.04
)
(20.59
)
Cash Cost, After By-product Credits, per
Silver Ounce
$
(0.90
)
$
6.57
$
1.09
$
0.50
$
4.50
$
1.69
AISC, Before By-product Credits, per
Silver Ounce
$
24.62
$
33.21
$
29.65
$
27.34
$
30.58
$
30.67
By-product credits per ounce
(22.72
)
(20.06
)
(22.01
)
(21.68
)
(18.04
)
(20.59
)
AISC, After By-product Credits, per Silver
Ounce
$
1.90
$
13.15
$
7.64
$
5.66
$
12.54
$
10.08
In thousands (except per ounce
amounts)
Three Months Ended March 31, 2022
Three Months Ended December 31, 2021
Casa Berardi
Total Gold
Casa Berardi
Nevada Operations(3)
Total Gold
Total cost of sales
$
62,168
$
62,168
$
57,069
$
2,113
$
59,182
Depreciation, depletion and
amortization
(15,846
)
(15,846
)
(19,585
)
(320
)
(19,905
)
Treatment costs
458
458
423
—
423
Change in product inventory
(563
)
(563
)
4,839
(956
)
3,883
Reclamation and other costs
(210
)
(210
)
(208
)
1
(207
)
Cash Cost, Before By-product Credits
(1)
46,007
46,007
42,538
838
43,376
Reclamation and other costs
210
210
209
327
536
Exploration
1,394
1,394
1,775
—
1,775
Sustaining capital
7,281
7,281
10,459
316
10,775
AISC, Before By-product Credits (1)
54,892
54,892
54,981
1,481
56,462
By-product credits:
Silver
(166
)
(166
)
(183
)
(21
)
(204
)
Total By-product credits
(166
)
(166
)
(183
)
(21
)
(204
)
Cash Cost, After By-product Credits
$
45,841
$
45,841
$
42,355
$
817
$
43,172
AISC, After By-product Credits
$
54,726
$
54,726
$
54,798
$
1,460
$
56,258
Divided by gold ounces produced
30
30
37
—
37
Cash Cost, Before By-product Credits, per
Gold Ounce
$
1,521
$
1,521
$
1,142
$
1,737
$
1,148
By-product credits per ounce
(5
)
(5
)
(5
)
(44
)
(5
)
Cash Cost, After By-product Credits, per
Gold Ounce
$
1,516
$
1,516
$
1,137
$
1,693
$
1,143
AISC, Before By-product Credits, per Gold
Ounce
$
1,815
$
1,815
$
1,475
$
3,073
$
1,499
By-product credits per ounce
(5
)
(5
)
(5
)
(44
)
(5
)
AISC, After By-product Credits, per Gold
Ounce
$
1,810
$
1,810
$
1,470
$
3,029
$
1,494
In thousands (except per ounce
amounts)
Three Months Ended March 31, 2022
Three Months Ended December 31, 2021
Total Silver
Total Gold
Total
Total Silver
Total Gold
Total
Total cost of sales
$
78,902
$
62,168
$
141,070
$
72,655
$
59,182
$
131,837
Depreciation, depletion and
amortization
(19,452
)
(15,846
)
(35,298
)
(12,970
)
(19,905
)
(32,875
)
Treatment costs
12,773
458
13,231
12,291
423
12,714
Change in product inventory
5,633
(563
)
5,070
1,587
3,883
5,470
Reclamation and other costs
(1,211
)
(210
)
(1,421
)
(1,888
)
(207
)
(2,095
)
Cash Cost, Before By-product Credits
(1)
76,645
46,007
122,652
71,675
43,376
115,051
Reclamation and other costs
987
210
1,197
1,111
536
1,647
Exploration
881
1,394
2,275
1,563
1,775
3,338
Sustaining capital
11,566
7,281
18,847
17,708
10,775
28,483
General and administrative
8,294
—
8,294
6,585
—
6,585
AISC, Before By-product Credits (1)
98,373
54,892
153,265
98,642
56,462
155,104
By-product credits:
Zinc
(34,628
)
—
(34,628
)
(30,665
)
—
(30,665
)
Gold
(18,583
)
—
(18,583
)
(15,712
)
—
(15,712
)
Lead
(19,802
)
—
(19,802
)
(19,861
)
—
(19,861
)
Silver
—
(166
)
(166
)
(204
)
(204
)
Total By-product credits
(73,013
)
(166
)
(73,179
)
(66,238
)
(204
)
(66,442
)
Cash Cost, After By-product Credits
$
3,632
$
45,841
$
49,473
$
5,437
$
43,172
$
48,609
AISC, After By-product Credits
$
25,360
$
54,726
$
80,086
$
32,404
$
56,258
$
88,662
Divided by ounces produced
3,318
30
3,217
37
Cash Cost, Before By-product Credits, per
Ounce
$
23.10
$
1,521
$
22.28
$
1,148
By-product credits per ounce
(22.01
)
(5
)
(20.59
)
(5
)
Cash Cost, After By-product Credits, per
Ounce
$
1.09
$
1,516
$
1.69
$
1,143
AISC, Before By-product Credits, per
Ounce
$
29.65
$
1,815
$
30.67
$
1,499
By-product credits per ounce
(22.01
)
(5
)
(20.59
)
(5
)
AISC, After By-product Credits, per
Ounce
$
7.64
$
1,810
$
10.08
$
1,494
(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, non-discretionary on-site general
and administrative costs, royalties and mining production taxes,
before by-product revenues earned from all metals other than the
primary metal produced at each operation. AISC, Before By-product
Credits also includes on-site exploration, reclamation, and
sustaining capital costs.
(2)
Three months ended December 31, 2021,
include results for San Sebastian, which was an operating segment
prior to 2021. AISC, Before By-product Credits for our consolidated
silver properties includes non-discretionary corporate costs for
general and administrative expense, exploration and sustaining
capital.
(3)
Production was suspended at the Hollister
mine in the third quarter of 2019 and at the Midas mine and Aurora
mill in late 2019, and at the Midas mill and Fire Creek mine in
mid-2021. Care and maintenance costs at Nevada Operations totaling
$5.7 million for the first quarter of 2022 and $5.4 million for the
fourth quarter of 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 and Cash Cost and AISC,
After By-product Credits, per Gold Ounce.
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 and
mining tax provision (benefit), depreciation, depletion, and
amortization expense, acquisition costs,, foreign exchange gains
and losses, unrealized gains and losses on derivative contracts,
care and maintenance costs, provisional price gains and losses,
stock-based compensation, unrealized gains and losses 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 and IQ
Notes and capital leases, less the total of our cash and cash
equivalents and short-term investments. Management believes that,
when presented in conjunction with comparable GAAP measures,
Adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to
investors in evaluating our operating performance and ability to
meet our debt obligations. The following table reconciles net
(loss) income and debt to Adjusted EBITDA and net debt:
Dollars are in thousands
Q1-2022
Q4 -2021
Q3 -2021
Q2 -2021
Q1 -2021
LTM 3/31/2022
FY 2021
Net income (loss)
$
4,153
11,875
(979
)
2,748
21,451
17,797
35,095
Plus: Interest expense
10,406
10,461
10,469
10,271
10,744
41,607
41,945
Plus/(Less): Income and mining tax
provision (benefit)
5,631
(25,645
)
(4,533
)
(4,134
)
4,743
(28,681
)
(29,569
)
Plus: Depreciation, depletion and
amortization
35,298
32,875
45,790
46,059
47,069
160,022
171,793
Plus/(Less): Foreign exchange loss
(gain)
2,038
(393
)
(3,995
)
1,907
2,064
(443
)
(417
)
Plus/(Less): Loss/(gain) on derivative
contracts
201
25,840
(16,053
)
13,078
(10,962
)
23,066
11,903
Plus: Care and maintenance costs
6,205
5,998
6,910
5,786
4,318
24,899
23,012
Less: Provisional price gains
(968
)
(5,648
)
(72
)
(3,077
)
(552
)
(9,765
)
(9,349
)
(Less)/Plus: (Gain) loss on disposition of
properties, plants, equipment and mineral interests
(8
)
326
(390
)
143
8
71
87
Plus: Stock-based compensation
1,271
1,307
1,472
2,802
500
6,852
6,081
Plus: Provision for closed operations and
environmental matters
1,643
3,693
8,088
1,654
4,529
15,078
17,964
(Less)/Plus: Unrealized (gain) loss on
investments
(6,100
)
(2,822
)
2,861
750
3,506
(5,311
)
4,295
Adjustments of inventory to net realizable
value
—
—
93
6,242
189
6,335
6,524
(Less)/Plus: Other
(1,571
)
382
(247
)
278
(997
)
(1,158
)
(584
)
Adjusted EBITDA
$
58,199
58,249
49,414
84,507
$
86,610
$
250,369
$
278,780
Total debt
$
523,430
$
521,483
Less: Cash and cash equivalents
$
212,029
$
210,010
Net debt
$
311,401
$
311,473
Net debt/LTM adjusted EBITDA
(non-GAAP)
1.2
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 millions
Cumulative
Q2/2020 to Q1/2022
Cash provided by operating activities
$
434.0
Less: Additions to properties, plants
equipment and mineral interests
(201.6
)
Free cash flow
$
232.4
Table A Assay Results - Q1
2022
Casa Berardi (Quebec)
Zone
Drill Hole Number
Drill Hole Section
Drill Hole Azm/Dip
Sample From (feet)
Sample To (feet)
True Width (feet)
Gold (oz/ton)
Depth From Mine Surface
(feet)
113 Zone
CBW-1163
11505
330/-6
611.1
631.1
19.4
0.31
3279.1
113 Zone
Including
330/-6
611.1
614.7
3.3
0.29
3277.4
113 Zone
Including
330/-6
614.7
618
3
0.51
3278.1
113 Zone
Including
330/-6
627.5
629.1
1.3
1.74
3280.5
113 Zone
CBW-1164
11515
336/-8
616.6
631.1
12.1
0.43
3293.7
113 Zone
Including
336/-8
627.5
629.1
1.3
3.31
3294.6
113 Zone
CBW-1166
11455
327/27
897.7
909.2
7.9
0.05
2861.9
113 Zone
CBW-1167
11515
334/16
669.4
690.4
21
0.08
3176.4
113 Zone
Including
334/16
685.5
690.4
4.9
0.17
3177
113 Zone
CBW-1167
11505
334/16
765.9
788.8
23
0.55
3185.2
113 Zone
Including
334/16
768.5
771.8
3.3
0.37
3184.5
113 Zone
Including
334/16
774.4
785.6
9.8
0.94
3185.4
113 Zone
CBW-1168
11470
334/26
823.6
840.3
15.7
0.01
2952.4
118 Zone
CBP-1040
11910
211/6
276.5
285.4
8.2
0.08
2265.5
118 Zone
CBP-1040
11900
211/6
342.4
354.2
8.9
0.15
2255.2
118 Zone
CBP-1041
11910
211/29
300.1
315.5
14.8
0.14
2158.2
118 Zone
CBP-1041
11910
211/29
320.8
326.7
4.9
0.21
2151
119 Zone
CBP-1157
11765
194/-4
503.8
519.6
14.8
0.01
958.9
124 Zone
CBP-1085
12340
2/13
215.5
218.1
2
0.13
682.3
124 Zone
CBP-1086
12345
2/32
184
200.4
12.1
0.09
479.1
124 Zone
CBP-1087
12325
350/-35
280.4
320.8
36.1
0.06
754.1
124 Zone
Including
350/-35
302.4
306.7
3.3
0.15
756.3
124 Zone
CBP-1090
12300
336/14
245.7
260.8
15.1
0.02
530.6
124 Zone
CBP-1094
12315
336/-47
324.7
341.1
10.5
0.02
814.3
124 Zone
CBP-1095
12295
326/-26
314.9
327.3
8.5
0.01
726.4
124 Zone
CBP-1097
12315
326/25
157.4
173.2
14.8
0
514.2
124 Zone
CBP-1097
12300
326/25
196.8
209.9
12.1
0.01
499.2
124 Zone
CBF-124-002
12900
12/-57
452.6
507.1
0
0
402.7
124 Zone
CBF-124-004
12900
13/-70
511.7
531.4
0
0.02
486.8
124 Zone
CBF-124-004
12900
13/-70
610.1
654.4
0
0.01
590.8
124 Zone
CBF-124-005
12900
1/-46
206.6
212.9
31.4
0.08
158.2
124 Zone
CBF-124-007
12775
357.64/48.87
441.2
455.9
5.9
0.04
337.2
124 Zone
CBF-124-008
12950
4.88/53.48
382.1
390.3
1.7
0.03
331
124 Zone
CBF-124-008
12950
4.88/53.48
585.5
603.8
10.2
0.03
475.1
124 Zone
CBF-124-015
12805
359.74/49.38
351.6
355.2
1.7
0.13
269.1
124 Zone
CBF-124-017
12850
353/-54
630.4
738
0
0.05
529.2
124 Zone
CBF-124-017
12850
353/-54
630.4
742.9
86.6
0.05
531.1
124 Zone
Including
353/-54
649.4
659.3
7.5
0.14
506.9
124 Zone
Including
353/-54
733.1
742.9
7.5
0.13
569.2
134 Zone
CBF-134-079
13475
357.79/47.5
347
348.7
0.7
0.13
247.8
134 Zone
CBS-21-043
13259
155/-52
1022
1067.6
27
0.12
762.7
134 Zone
CBS-21-048
13500
356/-52
1297.2
1315.3
8.2
0.03
875.2
134 Zone
CBS-21-048
13500
356/-52
1420.2
1449.8
19.4
0.1
1138.8
134 Zone
Including
356/-52
1425.2
1441.6
10.8
0.14
1138.8
134 Zone
CBS-21-048
13500
356/-52
1474.4
1489.1
7.9
0.07
1172.8
134 Zone
CBS-21-049
13259
161/-60
1041.7
1056.2
4.7
0.03
875.2
134 Zone
CBS-22-050
13530
358.71/58.96
1173.9
1175.6
0.8
0.11
885.9
134 Zone
CBS-22-050
13530
358.71/58.96
1506.8
1513.7
4
0.04
1117
134 Zone
CBS-22-052
13640
358/46
1031.6
1034.8
1.6
0.09
741.8
134 Zone
CBS-22-052
13640
358/46
1136.5
1144.7
3.9
0.04
819.1
134 Zone
CBS-22-052
13640
358/46
1192.9
1194.2
0.7
0.06
857.2
146 Zone
CBE-0311
14700
174/28
419.8
432
9.8
0.03
1603.4
146 Zone
CBE-0312
14685
182/38
414.3
425.4
8.2
0.2
1541.5
146 Zone
Including
182/38
414.3
417.5
2
0.36
1543.7
146 Zone
CBE-0319
14660
203/2
226.3
236.8
8.9
0.23
1778.7
146 Zone
Including
203/2
235.2
236
1.3
0.63
1778.4
146 Zone
CBE-0319
14635
203/2
424.1
518.9
72.2
0.11
1761.6
146 Zone
Including
203/2
473.3
476.6
3
0.32
1761.4
146 Zone
Including
203/2
493
496.3
3
0.28
1759.9
146 Zone
Including
203/2
496.3
499.5
3
0.36
1234.9
146 Zone
CBE-0326
14590
213/8
553.3
571.4
16.4
0.04
1710.6
146 Zone
CBE-0326
14590
213/8
593.7
605.2
11.2
0.03
1710.6
146 Zone
Including
213/8
553.3
555
1.3
0.16
1711.8
146 Zone
CBE-0320
14625
204/25
424.4
515.9
82
0.08
1688.8
146 Zone
Including
204/25
424.4
428.7
3.3
0.15
1698.3
146 Zone
Including
204/25
453.3
455.9
1.6
0.27
1692.2
146 Zone
Including
204/25
467.1
471.3
3.6
0.44
1689.1
146 Zone
CBE-0324
14620
204/-5
473
521.2
42
0.08
1827.1
146 Zone
Including
204/-5
473
477.2
3.9
0.25
1826.6
146 Zone
Including
204/-5
495
500.5
4.9
0.24
1827.1
146 Zone
Including
204/-5
518.9
521.2
2
0.15
1827.7
146 Zone
CBE-0324
14625
204/-5
206.3
217.5
11.2
0.05
1809.3
146 Zone
CBE-0324
14625
204/-5
464.1
521.2
57.1
0.07
1825.5
146 Zone
Including
204/-5
473
477.2
4.3
0.25
1825.1
146 Zone
Including
204/-5
495
500.5
5.6
0.24
1825.6
146 Zone
CBE-0330
14635
199/-15
485.4
508.4
11.5
0.18
1913.8
146 Zone
Including
199/-15
489
492.7
3
0.7
1912.5
146 Zone
Including
199/-15
492.7
495.9
2.6
0.27
1913.3
146 Zone
CBE-0330
14635
199/-15
526.4
547.1
19.4
0.09
1922.6
146 Zone
Including
199/-15
538.9
542.5
3
0.32
1923.4
146 Zone
CBE-0331
14640
198/-27
544.5
559.6
14.4
0.1
2022.8
146 Zone
CBE-0334
14690
180/-37.5
201.7
216.5
13.8
0.05
1921.6
146 Zone
CBE-0336
14690
178/49
433
452.6
17.7
0.02
1467.8
146 Zone
CBE-0332
14660
192/16
425.1
435.6
8.2
0.11
1905.5
Greens Creek (Alaska)
Zone
Drill Hole Number
Drill Hole Azm/Dip
Sample From (feet)
Sample To (feet)
True Width (feet)
Silver (oz/ton)
Gold (oz/ton)
Zinc (%)
Lead (%)
Depth From Mine Portal
(feet)
9A
GC5615
243/32
159.0
164.5
4.2
20.5
0.09
4.9
2.5
-147
9A
GC5615
243/32
168.5
170.5
1.5
85.2
0.48
11.3
4.7
-142
9A
GC5615
243/32
189.0
231.0
41.5
7.4
0.02
6.8
3.0
-124
9A
GC5627
243/53
123.0
124.0
0.7
9.5
0.01
4.0
1.9
-131
9A
GC5627
243/53
132.2
139.5
5.0
14.9
0.04
3.7
2.1
-119
9A
GC5627
243/53
142.5
144.5
1.4
27.5
0.01
18.5
9.0
-116
9A
GC5627
243/53
252.0
255.5
1.5
46.8
0.04
10.5
4.4
-27
9A
GC5627
243/53
270.5
271.5
0.4
8.6
0.01
12.3
3.7
-13
9A
GC5627
243/53
275.0
280.0
2.1
21.4
0.03
21.2
4.7
-7
9A
GC5627
243/53
370.0
371.0
0.3
30.6
0.02
16.2
8.4
68
9A
GC5629
243/70
160.0
162.0
2.0
8.4
0.01
4.3
2.5
-78
9A
GC5634
226.3/42.3
145.2
148.5
3.1
14.8
0.12
10.8
3.4
-133
9A
GC5634
226.3/42.3
163.0
173.0
9.5
3.8
0.08
9.3
2.4
-118
9A
GC5637
301.3/58.2
166.6
171.0
4.2
13.1
0.02
6.0
3.3
-84
9A
GC5638
322.6/60.6
116.1
138.0
20.7
18.3
0.05
2.8
1.3
-87
9A
GC5638
322.6/60.6
158.0
164.5
6.4
16.0
0.07
1.9
1.0
-111
9A
GC5640
30.3/84.8
117.0
122.8
5.8
2.1
0.23
2.9
1.1
-113
9A
GC5640
30.3/84.8
128.0
130.9
2.9
8.0
0.49
3.1
1.7
-110
9A
GC5640
30.3/84.8
140.4
141.4
1.0
5.6
0.07
3.3
2.5
-102
9A
GC5646
5.7/-52.4
0.0
1.0
1.0
6.6
0.03
12.6
7.0
-139
9A
GC5646
5.7/-52.4
21.0
22.0
1.0
12.3
0.08
6.6
3.6
-158
9A
GC5646
5.7/-52.4
38.9
39.9
0.8
10.8
0.10
10.4
5.7
-171
9A
GC5649
46.7/33.1
0.0
6.0
6.0
3.8
0.08
8.9
4.7
-125
9A
GC5649
46.7/33.1
163.7
165.7
2.0
6.8
0.02
6.0
3.3
-39
9A
GC5649
46.7/33.1
172.9
174.5
1.6
4.9
0.03
7.8
5.6
-35
200 South
GC5626
233/-73
59.0
63.7
4.6
9.1
0.02
5.3
5.6
-1351
200 South
GC5631
196.8/-64.7
60.0
62.0
2.0
6.2
0.03
7.6
3.6
-1359
200 South
GC5641
246/-24.6
61.0
63.5
1.3
7.5
0.02
5.6
2.9
-1318
200 South
GC5641
246/-24.6
83.5
86.5
1.0
1.4
0.01
15.8
7.4
-1328
200 South
GC5641
246/-24.6
99.0
101.0
0.4
0.9
0.01
14.1
4.5
-1335
200 South
GC5597
243/-71
791.0
804.0
12.6
25.0
0.09
0.5
0.2
-2054
200 South
GC5597
243/-71
818.0
822.0
3.9
33.4
0.27
0.9
0.5
-2073
200 South
GC5642
243.8/38.1
166.7
172.1
5.4
15.7
0.18
9.1
3.4
-1661
200 South
GC5642
243.8/38.1
207.5
213.7
5.7
4.1
0.08
16.2
3.5
-1638
200 South
GC5642
243.8/38.1
222.0
225.0
2.7
5.0
0.12
1.8
0.7
-1630
200 South
GC5643
243.8/15
174.1
180.0
5.7
40.4
0.43
12.4
4.7
-1724
200 South
GC5644
243.8/-3.6
224.8
236.0
10.5
25.1
0.42
4.2
2.0
-1790
San Sebastian (Mexico)
Zone
Drill Hole Number
Drill Hole Azm/Dip
Sample From (feet)
Sample To (feet)
True Width (feet)
Silver (oz/ton)
Gold (oz/ton)
Copper (%)
Lead (%)
Zinc (%)
Depth From Surface
(feet)
FRANCINE VEIN
SS-1463-EXT
25/-60
2290.9
2294.2
1.8
0.8
0
0.6
0.2
0.4
2005.2
WEST FRANCINE VEIN
SS-2151-A
25/-48
2359.4
2359.9
0.4
0.6
0
0.1
1
1
1868.1
WEST FRANCINE VEIN
SS-2152
25/-42
2398.3
2400.7
1.6
4.9
0
2
2.5
5.3
1671.8
MIDDLE VEIN
SS-2151-A
25/-48
3289.8
3290.6
0.7
0.1
0
0
0.5
0.9
2677.5
MIDDLE VEIN
SS-2152
25/-42
3629.9
3641.1
8.2
0.2
0
0.1
0.3
0.5
2633.5
LA ROCA (New Vein)
LR-018
140/-62
2282
2282.9
0.8
6.8
0
0.1
0
0
1906.2
LA ROCA (New Vein)
LR-019
140/-71
2357.3
2366.3
5.4
0.7
0
0
0
0
2244.6
LA ROCA (New Vein)
Including
2362.2
2362.9
0.4
2.7
0
0
0
0
2245.7
LA ROCA (El Rosario)
LR-019
140/-71
2565.5
2594.1
17.2
0.2
0
0
0
0
2456.3
LA ROCA (New Vein)
LR-020
140/-60
2044.5
2053.1
6.1
0.1
0
0
0
0
1827.9
LA ROCA (New Vein)
LR-020
140/-60
2062.3
2067
3.3
0.4
0
0
0
0
1841.6
LA ROCA (New Vein)
LR-020
140/-60
2076.2
2090.6
10.2
0.1
0
0
0
0
1857.7
LA ROCA (La Blanca)
LR-020
140/-60
2113
2186
51.7
0.5
0
0
0
0
1914.9
LA ROCA (La Blanca)
Including
2159.8
2165.9
3.9
1.3
0
0
0
0
1911.5
LA ROCA (La Blanca)
Including
2164.6
2165.9
0.8
2.9
0
0
0
0
1912.9
LA ROCA (New Vein)
LR-020
140/-60
2383.1
2409.4
18.6
0.1
0
0
0
0
2128.6
LA ROCA (New Vein)
LR-020
140/-60
2545.7
2551
3.8
3.1
0
0
0
0
2260.6
LA ROCA (New Vein)
Including
2545.7
2546.2
0.3
10.5
0.01
0
0
0
2249.7
LA ROCA (New Vein)
Including
2547.7
2549.7
1.2
4.3
0
0
0
0
2253.5
Hollister (Nevada)
Zone
Drill Hole Number
Drillhole Azm/Incl
Sample From (feet)
Sample To (feet)
Drilled Width (feet)
Est. True Width (feet)
Gold (oz/ton)
Silver (oz/ton)
Depth From Surface
(feet)
Hatter Graben South
HUC-111
121/-20
1782.8
1783.5
0.7
0.5
0.03
4.9
-1385
Hatter Graben South
HUC-111
121/-20
2027.8
2029
1.2
1.1
0.05
1.1
-1364
Hatter Graben South
HUC-111
121/-20
2302
2302.8
0.8
0.7
0.19
2.7
-1371
Hatter Graben South
HUC-111
121/-20
2332.7
2335.7
3
2.1
0.09
0.2
-1371
Hatter Graben South
HUC-112
138/-28
1618.7
1619.8
1.1
0.6
0.1
17.6
-2011
Hatter Graben South
HUC-112
138/-28
1696.2
1698.8
2.6
1.5
0
2
-2072
Hatter Graben South
HUC-112
138/-28
1819.6
1820
0.4
0.3
0.01
1.7
-2147
Hatter Graben South
HUC-112
138/-28
1972.3
1973
0.7
0.5
0.03
1.8
-2235
Hatter Graben South
HUC-112
138/-28
2089.6
2090.3
0.7
0.6
0.01
1.8
-2456
Hatter Graben South
HUC-112
138/-28
2389.4
2391
1.6
1.5
0.1
3.1
-2424
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510005528/en/
Anvita M. Patil Vice President, Investor Relations and
Treasurer
Jeanne DuPont Senior Communication Coordinator
800-HECLA91 (800-432-5291) Investor Relations Email:
hmc-info@hecla-mining.com Website: www.hecla-mining.com
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