Silver price in Indian rupees set an all-time high in April. 52 132 140 142 148 150 170 173 175 172 177 191 212 188 200 241 238 2007 2009 2011 2013 2015 2017 2019 2021 2023 Moz ~5x Reserve Growth 2.40 1.60 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|----------------------------------------------------------|---------------------------|---------------|-------|-----------------------------|-------------------------------------------| | Q1/24 Revenue ...

Exhibit 99.1 NEWS RELEASE HECLA REPORTS FIRST QUARTER 2024 RESULTS Cost and production guidance affirmed For The Period Ended: March 31, 2024 For Release: May 8, 2024 COEUR D'ALENE, IDAHO — Hecla Mining Company (NYSE:HL) today announced first quarter 2024 financial and operating results. FIRST QUARTER HIGHLIGHTS Operational Financial Silver Nuggets* "The first quarter reflects an inflection point with the strong performance from Greens Creek, achieving full production at the Lucky Friday, and significant im ...

Hecla Mining (HL) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.02 per share. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 150%. A quarter ago, it was expected that this precious metals company would post a loss of $0.02 per share when it actually produced a loss of $0.04, delivering a surprise of -100%.Over the last four quarters ...

Hecla Mining (HL) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. On the ...

Penny stocks are often categorized as purely speculative. That’s far from being a fact with several promising ideas in the penny stocks space. Of course, the risk (beta) is high as compared to blue-chip or quality growth stocks. However, returns can be multi-fold if we look at a long-term time horizon.Also, several penny stocks offer an attractive dividend. For small companies, dividends are an indication of investor-friendly management.Undervalued dividend penny stocks are likely to double before the end o ...

Precious metals have been in an uptrend for year-to-date on the back of multiple factors. With the bull run likely to sustain, it’s a good time to buy precious metal penny stocks for quick returns.Let’s first talk about the catalysts for upside in gold and silver. First, despite relatively stubborn inflation, multiple rate cuts are on the cards in the next 12 months. Easy money policies translate into a weaker dollar, which is positive for gold and silver.Further, globally, geopolitical tensions are escalat ...

Hecla Mining (HL) reported a silver production of 4.2 million ounces in the first quarter of 2024. The silver production grew 43% sequentially, reflecting the consistent, strong performance at Greens Creek, the Lucky Friday mine reaching full production in March and the ongoing ramp up at Keno Hill. The gold production was down 2% at 36,592 ounces from the fourth quarter of 2023.Lead production was 12,100 tons, up 129% on a sequential basis. Zinc output rose 28% to 16,211 tons from the fourth quarter of 202 ...

Hecla Mining (HL) shares ended the last trading session 8.6% higher at $5.46. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 31.7% gain over the past four weeks.Hecla Mining's stock has surged due to the rise in silver prices. Silver prices have climbed above the $26 per ounce mark, marking their highest point in more than two and a half years. This increase has been driven by safe-haven demand, amid escalating ge ...

YEAR 2023 2.60 RESPONSIBLE. SAFE. INNOVATIVE. Largest U.S. silver producer, soon-to-be largest Canadian silver producer FOURTH QUARTER and FULL | --- ...

PART I [Business](index=8&type=section&id=Item%201.%20Business) Hecla Mining Company, established in 1891, is a precious and base metals miner operating five segments, with performance tied to volatile metal prices - Hecla Mining Company is organized into five primary business segments: Greens Creek, Lucky Friday, Keno Hill, Casa Berardi, and the Nevada Operations[26](index=26&type=chunk) - The company's business strategy emphasizes the development of the Keno Hill properties, safe and cost-effective operation of existing mines, exploration near current districts, and seeking acquisition opportunities[28](index=28&type=chunk) Average Realized and Market Metal Prices (2021-2023) | Metal (per unit) | Type | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | | **Silver (oz)** | Realized Avg. | $23.33 | $21.53 | $25.24 | | | Market Avg. | $23.39 | $21.75 | $25.17 | | **Gold (oz)** | Realized Avg. | $1,939 | $1,803 | $1,796 | | | Market Avg. | $1,943 | $1,801 | $1,800 | | **Lead (lb)** | Realized Avg. | $1.03 | $1.01 | $1.03 | | | Market Avg. | $0.97 | $0.98 | $1.00 | | **Zinc (lb)** | Realized Avg. | $1.35 | $1.41 | $1.44 | | | Market Avg. | $1.20 | $1.58 | $1.36 | - In 2023, sales contributions from significant operations were: Greens Creek (**53.7%**), Casa Berardi (**24.9%**), Lucky Friday (**16.3%**), and Keno Hill (**5.0%**), with Lucky Friday's production impacted by an underground fire in August 2023[35](index=35&type=chunk) - As of December 31, 2023, the company had approximately **1,775 employees**, with about **990** in the United States, **765** in Canada, and **20** in Mexico, and a company-wide All Injury Frequency Rate (AIFR) of **1.45** for 2023[48](index=48&type=chunk)[49](index=49&type=chunk) [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant financial, operational, legal, and regulatory risks, including volatile metal prices, substantial debt, and mining accidents - A primary financial risk is the significant volatility of silver, gold, lead, and zinc prices, which are influenced by factors beyond the company's control, such as speculative activities, exchange rates, and global demand[59](index=59&type=chunk) - As of December 31, 2023, the company had total indebtedness of approximately **$671.4 million**, primarily from its Senior Notes and Credit Agreement, which could impair financial health and restrict operations[62](index=62&type=chunk) - Operational risks include mining accidents, such as the underground fire at the Lucky Friday unit in August 2023, which halted production for approximately **5 months**[86](index=86&type=chunk) - The company faces significant permitting risks for mine life extensions and new developments at several key properties, including Greens Creek (tailings expansion), Casa Berardi (open pit extensions), and Keno Hill (production level modifications)[135](index=135&type=chunk) - The company's debt instruments, including the Senior Notes and revolving credit facility, contain covenants that restrict its ability to incur additional debt, sell assets, and pay dividends, potentially limiting strategic flexibility[158](index=158&type=chunk)[160](index=160&type=chunk) [Unresolved Staff Comments](index=61&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[179](index=179&type=chunk) [Cybersecurity](index=61&type=section&id=Item%201C.%20Cybersecurity) Hecla employs a multi-layered cybersecurity program with third-party monitoring and board oversight, reporting no material incidents in 2023 - The company's cybersecurity program uses a multi-layered defense strategy, engages third-party resources, and conducts annual NIST self-assessments to manage cyber threats[180](index=180&type=chunk) - Oversight is provided by the Audit Committee, which periodically reviews risk assessments from management regarding the cybersecurity threat landscape and related strategies[184](index=184&type=chunk) - There were no material cybersecurity incidents discovered in 2023[183](index=183&type=chunk) [Properties](index=63&type=section&id=Item%202.%20Properties) This section details Hecla's material mining properties, including 2023 production statistics and mineral reserves, with aggregate production of 14.3 million ounces of silver Aggregate Metal Production (2021-2023) | Metal | Unit | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | | Silver | Ounces | 14,342,863 | 14,182,987 | 12,887,240 | | Gold | Ounces | 151,259 | 175,807 | 201,327 | | Lead | Tons | 40,347 | 48,713 | 43,010 | | Zinc | Tons | 60,579 | 64,748 | 63,617 | Total Proven and Probable Mineral Reserves (as of Dec 31, 2023) | Metal | Contained Quantity | | :--- | :--- | | Silver | 238,296,000 oz | | Gold | 2,165,000 oz | | Lead | 801,150 tons | | Zinc | 940,490 tons | [Greens Creek](index=74&type=section&id=Greens%20Creek) The Greens Creek mine in Alaska, 100% owned by Hecla, is a key asset, producing silver, gold, zinc, and lead, with 9.7 million ounces of silver produced in 2023 Greens Creek Production (2023) | Metal | Production | Payable Sold | | :--- | :--- | :--- | | Silver (oz) | 9,731,752 | 8,493,040 | | Gold (oz) | 60,896 | 49,790 | | Zinc (tons) | 51,496 | 36,042 | | Lead (tons) | 19,578 | 15,247 | - As of December 31, 2023, Greens Creek had total proven and probable reserves containing **105.2 million ounces of silver** and **880,400 ounces of gold**[211](index=211&type=chunk) [Lucky Friday](index=83&type=section&id=Lucky%20Friday) The Lucky Friday mine in Idaho, a deep underground silver, lead, and zinc mine, had production significantly impacted by an underground fire in August 2023 - Production was suspended in August 2023 due to a fire in the 2 ventilation shaft and secondary egress, halting operations for the rest of the year, with production resuming in January 2024 after a new egress was developed[226](index=226&type=chunk)[321](index=321&type=chunk) Lucky Friday Production (2023) | Metal | Production | Payable Sold | | :--- | :--- | :--- | | Silver (oz) | 3,086,119 | 3,020,116 | | Lead (tons) | 19,543 | 19,079 | | Zinc (tons) | 7,944 | 6,160 | - As of December 31, 2023, Lucky Friday had total proven and probable reserves containing **78.0 million ounces of silver**[232](index=232&type=chunk) [Keno Hill](index=89&type=section&id=Keno%20Hill) The Keno Hill property in Canada's Yukon Territory, acquired in September 2022, commenced production ramp-up in June 2023, producing 1.5 million ounces of silver - Keno Hill commenced production ramp-up in June 2023 and produced **1.5 million ounces of silver** during the year[249](index=249&type=chunk)[290](index=290&type=chunk) - The production ramp-up has been slowed by safety-related matters, prompting the initiation of a safety action plan focusing on training, supervision, and mining practices[330](index=330&type=chunk) - As of December 31, 2023, Keno Hill had total probable reserves containing **55.1 million ounces of silver**[249](index=249&type=chunk) [Casa Berardi](index=97&type=section&id=Casa%20Berardi) The Casa Berardi mine in Quebec, Canada, produced 90,363 ounces of gold in 2023 and is transitioning to an open-pit-only operation Casa Berardi Production (2023) | Metal | Production | Payable Sold | | :--- | :--- | :--- | | Gold (oz) | 90,363 | 91,268 | | Silver (oz) | 22,415 | 22,566 | - The mine is transitioning to an open-pit-only operation, with the East Mine underground closed in July 2023 and the West Mine underground to cease in mid-2024[333](index=333&type=chunk) - Total proven and probable gold reserves decreased by **21%** from 2022 to **1.27 million ounces** in 2023, primarily due to the strategic shift and economic re-evaluation of underground reserves[270](index=270&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=104&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Hecla's common stock trades on the NYSE, with 16.6 million securities available for issuance and a 5-year cumulative return of $208.16, but no share repurchases in 2023 - As of February 9, 2024, there were **2,859 stockholders of record** for the company's common stock, which trades on the NYSE under the symbol "HL"[282](index=282&type=chunk) Comparison of 5-Year Cumulative Total Return | Date | Hecla Mining | S&P 500 | Philadelphia Gold and Silver Index | | :--- | :--- | :--- | :--- | | Dec 2018 | $100.00 | $100.00 | $100.00 | | Dec 2019 | $143.96 | $130.99 | $116.68 | | Dec 2020 | $275.87 | $151.99 | $109.46 | | Dec 2021 | $223.83 | $192.90 | $149.92 | | Dec 2022 | $239.37 | $155.57 | $162.99 | | Dec 2023 | $208.16 | $191.57 | $143.09 | - The company has a stock repurchase program authorizing the buyback of up to **20 million shares**, but no purchases were made during the year ended December 31, 2023[287](index=287&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=107&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Hecla reported $720.2 million in sales and an $84.8 million net loss, driven by ramp-up and suspension costs, with $75.5 million in operating cash flow and $223.9 million in capital expenditures Consolidated Financial Highlights (in millions) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Sales (in millions) | $720.2 | $718.9 | $807.5 | | Gross Profit (in millions) | $112.9 | $116.2 | $217.8 | | Net (Loss) Income Applicable to Common Stockholders (in millions) | $(84.8) | $(37.9) | $34.5 | | Net Cash Provided by Operating Activities (in millions) | $75.5 | $89.9 | $220.3 | - The net loss widened in 2023 primarily due to **$76.3 million** in ramp-up and suspension costs, including **$29.8 million** for Keno Hill's ramp-up and **$25.5 million** for the production suspension at Lucky Friday following an underground fire[312](index=312&type=chunk)[313](index=313&type=chunk) - The company completed the acquisition of ATAC Resources Ltd. on July 7, 2023, for total consideration of approximately **$19.4 million**, accounted for as an asset acquisition[291](index=291&type=chunk) - As of December 31, 2023, the company had **$106.4 million** in cash and cash equivalents and had drawn **$128.0 million** on its revolving credit facility, leaving approximately **$15.1 million** available for borrowing[297](index=297&type=chunk)[370](index=370&type=chunk) - Under its at-the-market (ATM) equity program, the company sold **10.6 million shares** in 2023 for net proceeds of **$56.7 million**[373](index=373&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=156&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Hecla is exposed to market risks from commodity prices, foreign exchange rates, and interest rates, which are managed through forward contracts for concentrate sales and Canadian dollar denominated costs - The company is exposed to price changes on provisional concentrate sales, where a **10%** change in metal prices would impact the value of these sales by approximately **$3.8 million**, though largely offset by forward contracts[421](index=421&type=chunk) - To manage commodity price risk, the company uses forward contracts, including contracts on forecasted lead sales of **56.7 million pounds** for 2024 and **49.3 million pounds** for 2025 as of year-end 2023[424](index=424&type=chunk) - To manage foreign currency risk on Canadian operations, the company held forward contracts to buy a total of **CAD $422.1 million** as of December 31, 2023[430](index=430&type=chunk) - The company has interest rate risk from its credit facility, where with **$128 million** drawn, a one-percentage-point change in interest rates would result in a **$2.2 million** change in annual cash interest expense, assuming the full facility was drawn[433](index=433&type=chunk) [Financial Statements and Supplementary Data](index=162&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The company's Consolidated Financial Statements are included beginning on page F-1 of the report - The Consolidated Financial Statements for Hecla Mining Company begin on page F-1 of the Form 10-K[434](index=434&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=162&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - There were no changes in or disagreements with accountants on accounting and financial disclosure[435](index=435&type=chunk) [Controls and Procedures](index=162&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with an unqualified auditor opinion and no material changes - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[436](index=436&type=chunk) - Management assessed internal control over financial reporting using the COSO framework and concluded it was effective as of December 31, 2023[439](index=439&type=chunk) - The independent auditor, BDO USA, P.C., provided an unqualified opinion on the effectiveness of the company's internal control over financial reporting[440](index=440&type=chunk)[442](index=442&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=164&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) This section provides information on directors and executive officers, with detailed corporate governance information incorporated by reference from the 2024 Proxy Statement - Phillips S. Baker, Jr. is the President and CEO, and Russell D. Lawlar is the Senior Vice President and CFO[453](index=453&type=chunk)[454](index=454&type=chunk)[455](index=455&type=chunk) - The board of directors is divided into three classes with staggered three-year terms[452](index=452&type=chunk) - Detailed information regarding directors, the audit committee, and corporate governance is incorporated by reference from the company's Proxy Statement for the 2024 Annual Meeting[466](index=466&type=chunk)[467](index=467&type=chunk) [Executive Compensation](index=168&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Proxy Statement - All information related to executive compensation is incorporated by reference from the Proxy Statement to be filed for the 2024 annual meeting[470](index=470&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=168&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the company's 2024 Proxy Statement - Information on security ownership and equity compensation plans is incorporated by reference from the 2024 Proxy Statement[471](index=471&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=168&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the company's 2024 Proxy Statement - Details on related transactions and director independence are incorporated by reference from the 2024 Proxy Statement[472](index=472&type=chunk) [Principal Accountant Fees and Services](index=168&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the company's 2024 Proxy Statement - Information on principal accountant fees and services is incorporated by reference from the 2024 Proxy Statement[473](index=473&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=169&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, including debt agreements, technical reports, and certifications - This section provides an index of all exhibits filed with the Form 10-K, including debt agreements, technical reports, and executive certifications[475](index=475&type=chunk)[477](index=477&type=chunk) [Form 10-K Summary](index=175&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided under this item - No summary is provided under Item 16[485](index=485&type=chunk) Consolidated Financial Statements [Report of Independent Registered Public Accounting Firm](index=178&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) BDO USA, P.C. issued an unqualified opinion on Hecla's 2023 consolidated financial statements and internal control over financial reporting, highlighting the impairment assessment as a critical audit matter - The auditor, BDO USA, P.C., issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2023[494](index=494&type=chunk)[495](index=495&type=chunk) - The audit identified the impairment assessment of the Nevada Operations' long-lived assets as a critical audit matter, highlighting the challenging and subjective nature of assumptions for future cash flows, metal prices, and market values[502](index=502&type=chunk) [Financial Statements](index=180&type=section&id=Financial%20Statements) The consolidated financial statements show 2023 sales of $720.2 million, a net loss of $84.2 million, total assets of $3.01 billion, and $75.5 million in operating cash flow Consolidated Statement of Operations (Year Ended Dec 31, in thousands) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Sales | $720,227 | $718,905 | $807,473 | | Total cost of sales | $607,278 | $602,749 | $589,672 | | Gross profit | $112,949 | $116,156 | $217,801 | | (Loss) income from operations | $(44,674) | $(12,438) | $83,420 | | Net (loss) income | $(84,217) | $(37,348) | $35,095 | | Basic (loss) income per common share | $(0.14) | $(0.07) | $0.06 | Consolidated Balance Sheet (As of Dec 31, in thousands) | Account | 2023 | 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $106,374 | $104,743 | | Total current assets | $260,262 | $267,727 | | Properties, plants, equipment and mineral interests, net | $2,666,250 | $2,569,790 | | **Total assets** | **$3,011,104** | **$2,927,172** | | **Liabilities & Equity** | | | | Total current liabilities | $157,460 | $178,466 | | Long-term debt including finance leases | $653,063 | $517,742 | | **Total liabilities** | **$1,043,000** | **$948,205** | | **Total stockholders' equity** | **$1,968,104** | **$1,978,967** | Consolidated Statement of Cash Flows (Year Ended Dec 31, in thousands) | Activity | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $75,499 | $89,890 | $220,337 | | Net cash used in investing activities | $(231,292) | $(187,273) | $(107,029) | | Net cash provided by (used in) financing activities | $156,330 | $(7,500) | $(32,598) | | Net increase (decrease) in cash | $1,632 | $(105,156) | $80,180 | [Notes to Consolidated Financial Statements](index=184&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including business segments, environmental liabilities, employee benefits, income taxes, debt arrangements, derivative instruments, and stockholders' equity - Significant customers in 2023 accounted for **24.2%**, **15.8%**, **15.5%**, and **11.8%** of total sales, respectively[581](index=581&type=chunk) - Total accrued reclamation and closure cost liabilities were **$120.5 million** as of December 31, 2023[584](index=584&type=chunk) - The company's defined benefit pension plans had a funded status (assets exceeding obligations) of **$27.5 million** at year-end 2023[588](index=588&type=chunk) - As of December 31, 2023, the company had **$475 million** in principal of **7.25% Senior Notes due 2028** and **CAD $48.2 million** in principal of IQ Notes due 2025[614](index=614&type=chunk)[622](index=622&type=chunk) - The company's common stock dividend policy includes a minimum annual dividend of **$0.015 per share** and a silver-linked component that increases the dividend when the realized silver price exceeds **$20/oz**[655](index=655&type=chunk)[657](index=657&type=chunk)