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Hecla Mining Co. (NYSE:HL) released its results for the first quarter of 2015, noting that its net income applicable to common stockholders came in at $12.4 million, or $0.03 per basic share.
Hecla Mining Co. (NYSE:HL) released its results for the first quarter of 2015, noting that its net income applicable to common stockholders came in at $12.4 million, or $0.03 per basic share. Meanwhile, it recorded an adjusted net loss applicable to common stockholders of $7 million, or $0.02 per basic share.
Other highlights include:
- Sales of $119.1 million.
- Operating cash flow of $21.4 million.
- Adjusted EBITDA of $35.0 million.
- Total silver production of 2.9 million ounces at a cash cost, after by-product credits, per silver ounce of $4.93.
- Total gold production of 40,650 ounces, of which 25,411 ounces were produced at Casa Berardi at a cash cost, after by-product credits, per gold ounce of $974.
- Silver equivalent production of 8.7 million ounces.
- Cash and cash equivalents of $196 million.
- Entered into an agreement to acquire Revett Mining Company for approximately $20 million of stock.
- Reviewing multiple third-party mill opportunities for San Sebastian project and have all major permits for mining.
- Affirmed 2015 guidance for production and cash cost, after by-product credits, as well as capital and exploration spending.
Phillips S. Baker, Jr., president and CEO of Hecla, commented:
Greens Creek continues to have outstanding performance and Lucky Friday was solid. Casa Berardi produced less gold than last year’s first quarter but we expect production to increase over the remainder of the year and to achieve our guidance. During the first quarter the mines’ performance allowed us to operate within adjusted EBITDA.
Our solid operations and balance sheet have allowed Hecla to establish a strong growth profile. Within 12 months San Sebastian could generate significant production, cash flow and returns from third-party milling of high-grade mineralization. Then in 2018 we expect annual silver production at the Lucky Friday to increase about 60% to five million ounces as we access higher-grade ore once the #4 Shaft is completed. And finally, the Revett Rock Creekproject could generate significant silver production in 10 to 15 years.
Click here to read the full Hecla Mining Co. (NYSE:HL) press release.