Core Insights - Telenor Group and Vodafone Group have announced a strategic partnership between their global procurement organizations to enhance procurement capabilities and leverage combined purchasing power [1][3][5] - The partnership aims to create value for customers and unlock savings through collaboration, while also strengthening supply chain resilience in a changing geopolitical landscape [3][4] - Telenor and Vodafone together serve over 550 million customers across 23 countries, with a combined annual procurement spend exceeding €26 billion (NOK 300 billion) [2] Group 1 - The partnership is designed to deepen supplier engagement and promote sustainable business practices, emphasizing high standards of environmental and social responsibility [4][5] - Telenor's Chief Procurement Officer highlighted that the collaboration will enhance competitiveness and address common challenges in the global supplier landscape [5] - Vodafone's Supply Chain Management Director expressed excitement about the collaboration, noting it will drive efficiencies and innovation while simplifying partner engagement [5] Group 2 - Telenor Group operates in the Nordics and Asia, reaching 207 million subscribers and reporting revenues of NOK 79.9 billion in 2024 [10] - Vodafone Group is a leading telecom company in Europe and Africa, serving over 355 million mobile and broadband customers and managing one of the world's largest IoT platforms with 215 million connections [12]

Financial Data and Key Metrics Changes - The company achieved record sales of $304 million, net income applicable to common shareholders of nearly $58 million, and record adjusted EBITDA of $133 million, improving the net leverage ratio to 0.7 times [14][18] - Generated cash from operations of over $160 million and record quarterly free cash flow of $104 million [14][18] Business Line Data and Key Metrics Changes - Silver production was 4.5 million ounces and gold production was nearly 46,000 ounces, with cash costs of negative $5.46 per ounce and all-in sustaining costs of $5.19 per ounce [15][21] - Casa Berardi's unit costs dropped by over $600 per ounce compared to the prior quarter, with second-quarter gold production increasing 37% to just over 28,000 ounces [15][25] Market Data and Key Metrics Changes - Silver made up 41% of consolidated revenue, while gold increased to 42% based on performance and price increases [19] - Margins expanded from 65% last quarter to 85% this quarter, with silver all-in sustaining costs at $5.19 per ounce after byproduct credits [19] Company Strategy and Development Direction - The strategic vision focuses on operational excellence, portfolio optimization, disciplined capital allocation, and maintaining silver market leadership [5][6] - The company is prioritizing high-return projects while strengthening its balance sheet, with a focus on free cash flow generation [7][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets at Keno Hill, emphasizing a systematic approach to ramping up production while maintaining ESG commitments [12][13] - The company aims to create long-term value through disciplined capital allocation and strategic reviews of its assets [30][32] Other Important Information - The company is focusing on organic growth and has initiated a partial redemption of $212 million of senior notes to improve its balance sheet [17][20] - The exploration program continues to deliver consistent results, replacing depletion and growing the resource base [13] Q&A Session Summary Question: What was driving the higher grades and outperformance at Greens Creek? - Management indicated that good execution and additional areas with better grades were the main reasons for the performance [38] Question: What has changed regarding the production target at Keno Hill? - The company expanded operational flexibility and focused on reducing overbreak and controlling dilution, which supports the revised production target [41] Question: Why retire a large amount of notes with a significant term left on the debt? - Management stated that funds previously used for the Silverlink dividend and debt service would be better invested in operations and growth opportunities [44] Question: Can you provide color on the expected stripping ratio improvements at Casa Berardi? - The stripping ratio is expected to decrease as the pit nears the end of its mine life, with a projected 10% decrease by year-end [54] Question: What is the anticipated trajectory of throughput at Keno Hill? - The ramp-up to 440 tonnes per day will be gradual, with expectations of reaching approximately 330 tonnes per day by 2027 [84]

Financial Data and Key Metrics Changes - The company achieved record sales of $304 million, net income applicable to common shareholders of nearly $58 million, and record adjusted EBITDA of $133 million, improving the net leverage ratio to 0.7 times [16][20] - Generated cash from operations of over $160 million and record quarterly free cash flow of $104 million [16][20] - Silver production reached 4.5 million ounces and nearly 46,000 ounces of gold, with cash costs of negative $5.46 per ounce and all-in sustaining costs of $5.19 per ounce [16][20] Business Line Data and Key Metrics Changes - Greens Creek produced 2.4 million ounces of silver, a 21% increase over the first quarter, with cash costs of negative $11.91 per ounce [23] - Lucky Friday maintained consistent silver production of 1.3 million ounces, with cash costs of $6.19 per ounce and all-in sustaining costs of $19.07 per ounce [25] - Keno Hill achieved silver production of over 750,000 ounces, marking its first positive free cash flow quarter under current ownership [27] Market Data and Key Metrics Changes - Silver accounted for 41% of consolidated revenue, while gold increased to 42% due to performance improvements at Casa Berardi and Greens Creek [21] - The increase in silver prices led to an expansion in margins, growing from 65% last quarter to 85% this quarter [21] Company Strategy and Development Direction - The company focuses on four key pillars: operational excellence, portfolio optimization, disciplined capital allocation, and maintaining silver market leadership [6][7] - The strategic review of Casa Berardi is progressing well, with updates expected in the coming weeks [7][20] - The company aims to prioritize high-return projects while strengthening its balance sheet, emphasizing free cash flow generation [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets at Keno Hill through systematic capital deployment and optimization strategies [11][15] - The company is focused on creating long-term value and reducing debt to enhance cash flow for reinvestment in operations [48][50] - The management highlighted the importance of jurisdictional security and operational stability in the current geopolitical climate [98][100] Other Important Information - The company is committed to ESG leadership and aims to strengthen partnerships with First Nations while maintaining safety excellence [6][9] - The average reserve mine life of 14 years is double the industry peer average, providing stability and long-term value creation potential [35][36] Q&A Session Summary Question: What was driving the higher grades and outperformance at Greens Creek? - Management indicated that good execution and additional areas with better grades were the main reasons for the performance [42] Question: What has changed regarding the production target at Keno Hill? - The company expanded operational flexibility and focused on reducing overbreak and controlling dilution [44] Question: Why retire a large amount of notes with a significant term left on the debt? - Management stated that funds would be better served by reinvesting in operations rather than servicing debt [48] Question: Can you provide guidance on the stripping ratio at Casa Berardi? - The stripping ratio is expected to decrease as the pit nears the end of its mine life, with a projected 10% decrease by year-end [58] Question: What is the current thinking on advancing Montana assets? - The focus remains on completing the Casa review, with potential for partnerships in the future [94]

Financial Data and Key Metrics Changes - The company reported record quarterly revenues of $261 million, with a significant increase in silver margins from 54% in 2024 to 65% in Q1 2025 [17][12] - Adjusted EBITDA exceeded $90 million, driven by higher metal prices and solid contributions from all operating mines [12][17] - The net leverage ratio improved from 2.7 times to 1.5 times, with a cash position of approximately $20 million at the end of the quarter [13][14] Business Line Data and Key Metrics Changes - Greens Creek produced 2 million ounces of silver, with a 10% increase in silver grade compared to the previous quarter [18] - Lucky Friday achieved a quarterly milling record of almost 109,000 tons, producing 1.3 million ounces of silver [20] - Keno Hill produced over 770,000 ounces of silver and delivered its first profitable quarter under Hecla's ownership [23][24] Market Data and Key Metrics Changes - 45% of revenue came from silver, 33% from gold, and 22% from base metals, benefiting from improved gold prices [17] - The company maintained its production and capital investment guidance for the year, with adjustments to individual asset cost projections [12] Company Strategy and Development Direction - The company focuses on operational excellence, optimizing its portfolio for maximum returns, and maintaining financial discipline with a structured capital allocation framework [9][10][12] - Commitment to silver market leadership as the largest producer in the U.S. and Canada, with a focus on ESG practices [9][10] - The company is evaluating strategic alternatives for Casa Berardi, including potential sale or joint venture [16][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's promising future, emphasizing the importance of operational improvements and disciplined capital allocation [6][10] - The company is prepared for potential impacts from tariffs but has not yet seen significant disruptions in supply chains [35][39] - Future profitability at Keno Hill will depend on achieving higher throughput rates and successful permitting processes [24][55] Other Important Information - The company is investing over $3.3 million in targeted exploration programs in Nevada, focusing on high-grade properties [27] - The Libbey exploration project in Montana has secured a significant milestone for federal permitting [11] Q&A Session Summary Question: Impact of tariffs on operations - Management acknowledged potential minor impacts on consumables but noted proactive measures to stock parts [35][39] Question: Downtime during turbine repairs - The turbine repair is expected to last six days in August, with an estimated impact of 90,000 ounces of silver [43][44] Question: Keno Hill's production capacity - Management indicated that achieving a sustainable mining rate of 600 tons per day will take time and requires further permitting [50][55] Question: Updates on Casa Berardi sale - The company is exploring all strategic alternatives for Casa Berardi and will provide updates in Q2 [90][91] Question: Labor cost increases at Lucky Friday - Labor costs have risen due to increased contractor use and profit-sharing programs linked to strong performance [81][82]

Financial Data and Key Metrics Changes - The company reported record quarterly revenues of $261 million, with a 45% contribution from silver, 33% from gold, and 22% from base metals [18][19] - Adjusted EBITDA exceeded $90 million, driven by higher metal prices and solid contributions from all operating mines [13][18] - The net leverage ratio improved from 2.7 times to 1.5 times, with a cash position of approximately $20 million at the end of the quarter [14][18] Business Line Data and Key Metrics Changes - Greens Creek produced 2 million ounces of silver, with a 10% increase in silver grade, and cash costs were significantly better than annual guidance [19][20] - Lucky Friday achieved a quarterly milling record of almost 109,000 tons, producing 1.3 million ounces of silver, but faced cost pressures with cash costs at $9.37 per ounce [22][23] - Keno Hill produced over 770,000 ounces of silver and delivered its first profitable quarter under Hecla's ownership, with a gross profit of $1 million [24][25] Market Data and Key Metrics Changes - Silver prices increased, leading to improved silver margins from 54% in 2024 to 65% in the current quarter [18] - The company maintained its production and capital investment guidance for the year, with adjustments to individual asset cost projections [13][18] Company Strategy and Development Direction - The company focuses on operational excellence, optimizing its portfolio for maximum returns, and maintaining financial discipline with a structured capital allocation framework [10][11] - Commitment to silver market leadership as the largest producer in the U.S. and Canada, with long-lived mines in top-tier jurisdictions [10][11] - The company is exploring disciplined acquisition strategies aligned with its core strengths [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's promising future, emphasizing the importance of environmental stewardship and community partnerships [7][11] - The strategic review of Casa Berardi is ongoing, with options including outright disposal or joint ventures [17][88] - Management acknowledged challenges in permitting timelines but remains optimistic about the potential for Keno Hill and Nevada assets [50][91] Other Important Information - The company is investing over $3.3 million in a targeted exploration program at its high-grade properties in Nevada [28] - The Libbey exploration project in Montana secured placement on the FAST 41 permitting dashboard, streamlining federal approvals [12] Q&A Session Summary Question: Impact of tariffs on operations - Management noted that while there may be higher costs for consumables like rebar and steel due to tariffs, they have not experienced significant delays in parts availability [35][36][38] Question: Turbine repair downtime at Yukon Energy Corporation - The turbine repair is expected to last six days in August, with an estimated impact of losing 90,000 ounces of silver during that period [43][44] Question: Keno Hill's production capacity and permitting - Management indicated that reaching a sustainable mining rate of 600 tons per day will take several years, with a focus on ramping up production at existing deposits [50][54] Question: Updates on Casa Berardi sale - The company is exploring all strategic alternatives for Casa Berardi, including potential sale or joint ventures, with an update expected in Q2 [88][89] Question: Confidence in cost guidance revisions - Management expressed confidence in the revised cost guidance, noting that profit-sharing could lead to lower costs if metal prices decline [100][101]

Financial Data and Key Metrics Changes - The company reported record quarterly revenues of $261 million, with adjusted EBITDA exceeding $90 million, driven by higher metal prices and solid contributions from all operating mines [12][17] - The net leverage ratio improved from 2.7 times to 1.5 times, and the cash position improved to approximately $20 million [13][14] - Silver margins increased from 54% in 2024 to 65% in the current quarter [17] Business Line Data and Key Metrics Changes - Greens Creek produced 2 million ounces of silver, with a 10% increase in silver grade, and cash costs were significantly better than annual guidance [18] - Lucky Friday achieved a quarterly milling record of almost 109,000 tons, producing 1.3 million ounces of silver, but faced cost pressures with cash costs at $9.37 per ounce [20] - Keno Hill produced over 770,000 ounces of silver and delivered its first profitable quarter under Hecla's ownership [22] Market Data and Key Metrics Changes - 45% of revenue came from silver, 33% from gold, and 22% from base metals, benefiting from improved gold prices [17] - The company remains committed to silver market leadership as the largest producer in the U.S. and Canada [9] Company Strategy and Development Direction - The company’s strategy is built on four pillars: operational excellence, portfolio optimization, financial discipline, and silver market leadership [6][8] - A disciplined acquisition strategy is being developed, focusing on maintaining a strong silver revenue mix while considering gold opportunities [11][12] - The company is committed to environmental stewardship and community partnerships, ensuring leadership in ESG practices [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's promising future, emphasizing the importance of operational excellence and cost control [6][10] - The company is focused on generating strong free cash flow while deleveraging and enhancing financial flexibility [29] - There are ongoing strategic reviews for Casa Berardi, with potential options including outright disposal or joint ventures [15][90] Other Important Information - The company is investing over $3.3 million in a targeted exploration program in Nevada, focusing on high-grade properties [27] - The Libbey exploration project has secured a significant milestone for federal permitting, which can streamline approvals [11] Q&A Session Summary Question: Impact of tariffs on operations - Management noted that while there may be higher costs for materials like rebar and steel due to tariffs, they have not experienced significant delays in parts availability [34][39] Question: Turbine repair downtime at Yukon Energy Corporation - The turbine repair is expected to last six days in August, with an estimated impact of losing 90,000 ounces of silver during that period [44][45] Question: Keno Hill's production capacity and permitting - Management indicated that achieving a sustainable mining rate of 600 tons per day will take time and is contingent on obtaining necessary permits [49][102] Question: Updates on Casa Berardi's strategic review - The company is exploring various strategic alternatives for Casa Berardi, including potential sales or joint ventures, with an update expected in Q2 [90][95] Question: Labor cost increases at Lucky Friday - Labor costs have risen due to increased use of contractors and profit-sharing programs linked to strong performance [80][82]