Hecla Mining Company reported record sales of $929.9 million for the year ended December 31, 2024, exceeding the $714.9 million in sales reported for 2023. This increase was driven by a combination of higher realized prices for silver, gold, and zinc, and increased sales volumes, partially offset by lower lead sales and higher production costs. The company reported net income applicable to common stockholders of $35.3 million, a significant improvement from the net loss of $84.8 million reported in 2023. This improvement was partly due to $50 million in insurance proceeds received related to a fire at the Lucky Friday mine.
Significant operational achievements included the restoration of full production at the Lucky Friday mine in the first quarter of 2024 following a fire in August 2023, and the achievement of production guidance at the Keno Hill mine despite power conservation measures. Greens Creek mine also saw the addition of copper as a payable metal, generating $0.4 million in sales. Capital expenditures totaled approximately $214.5 million, with significant investments across all four operating segments: Greens Creek ($47.8 million), Lucky Friday ($49.6 million), Casa Berardi ($60.7 million), and Keno Hill ($54.9 million). Exploration and pre-development activities consumed $27.3 million.
The company's four operating segments—Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi—contributed differently to total metal sales in 2024. Greens Creek accounted for 46.4%, Casa Berardi for 23.1%, Lucky Friday for 22.3%, and Keno Hill for 8.2%. The Keno Hill mine, acquired in 2022, is still in its ramp-up phase and experienced production delays due to power interruptions and permitting issues related to a nearby mine failure. Casa Berardi, while showing profitability in the third and fourth quarters of 2024, experienced overall losses for the year and is undergoing a strategic review to determine its future role within the company.
Hecla's financial liquidity improved in 2024 with the successful raising of $58.4 million through common stock sales under its ATM program. This helped to repay outstanding balances on its revolving credit facility. However, the company's substantial debt remains a concern, totaling approximately $558.7 million at the end of 2024. The company's outlook for 2025 anticipates continued reliance on its revolving credit facility for liquidity, with projected capital expenditures ranging from $222 million to $242 million and exploration expenditures of approximately $28 million. The company also notes several risk factors, including metals price volatility, environmental regulations, and potential legal challenges. The company's forward-looking statements are qualified by these cautionary statements.
About HECLA MINING CO/DE/
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