Hecla reported first quarter sales of nearly $200M

COEUR d'ALENE — Hecla Mining Company on Wednesday announced first quarter financial and operating results.

It reported sales of $189.5 million, 44% from silver and 34% from gold. It produced 4.2 million silver ounces, an increase of 43% over the fourth quarter of 2023. Lucky Friday completed ramp-up to full production with 1.1 million silver ounces produced.

"The first quarter reflects an inflection point with the strong performance from Greens Creek, achieving full production at the Lucky Friday and significant improvements in safety, environment and production from Keno Hill," said Phillips S. Baker Jr., president and CEO. "With this strong start to the year, we are well-positioned to achieve our production and cost guidance for 2024."

Baker said silver demand has been growing at a 17% annual growth rate over the past five years and is projected to continue.

“Hecla is the largest U.S. silver producer and is on track to be Canada's largest this year," he said. "With silver production growth expected up to 20 million silver ounces by 2026, Hecla is the fastest-growing established silver producer and should benefit from this strong and growing demand."