Hecla Mining Co. Files 2023 10-K Report

Ticker: HL-PB · Form: 10-K · Filed: Feb 15, 2024 · CIK: 719413

Sentiment: neutral

Topics: 10-K, Hecla Mining, Annual Report, Mining, Financials

TL;DR

<b>Hecla Mining Co. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

HECLA MINING CO/DE/ (HL-PB) filed a Annual Report (10-K) with the SEC on February 15, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company name: HECLA MINING CO/DE/. SEC file number: 001-08491. Business address: 6500 N MINERAL DRIVE SUITE 200, COEUR D'ALENE, ID 83815-9408. IRS Number: 770664171.

Why It Matters

For investors and stakeholders tracking HECLA MINING CO/DE/, this filing contains several important signals. This filing provides a comprehensive overview of Hecla Mining's financial performance, operations, and risk factors for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — HECLA MINING CO/DE/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the mining industry is subject to inherent risks related to commodity prices, operational challenges, and environmental regulations, which are detailed within the report.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Hecla Mining's performance and outlook for the upcoming year.

Key Numbers

Key Players & Entities

FAQ

When did HECLA MINING CO/DE/ file this 10-K?

HECLA MINING CO/DE/ filed this Annual Report (10-K) with the SEC on February 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by HECLA MINING CO/DE/ (HL-PB).

Where can I read the original 10-K filing from HECLA MINING CO/DE/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by HECLA MINING CO/DE/.

What are the key takeaways from HECLA MINING CO/DE/'s 10-K?

HECLA MINING CO/DE/ filed this 10-K on February 15, 2024. Key takeaways: Filed 10-K for the fiscal year ending December 31, 2023.. Company name: HECLA MINING CO/DE/.. SEC file number: 001-08491..

Is HECLA MINING CO/DE/ a risky investment based on this filing?

Based on this 10-K, HECLA MINING CO/DE/ presents a moderate-risk profile. The filing is a standard 10-K, which is a routine annual report. However, the mining industry is subject to inherent risks related to commodity prices, operational challenges, and environmental regulations, which are detailed within the report.

What should investors do after reading HECLA MINING CO/DE/'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Hecla Mining's performance and outlook for the upcoming year. The overall sentiment from this filing is neutral.

How does HECLA MINING CO/DE/ compare to its industry peers?

Hecla Mining Co. operates in the mining industry, specifically focusing on non-metallic minerals (excluding fuels). This sector is characterized by significant capital investment, commodity price volatility, and regulatory oversight.

Are there regulatory concerns for HECLA MINING CO/DE/?

As a mining company, Hecla Mining is subject to various environmental, health, and safety regulations at federal, state, and local levels. Compliance with these regulations is crucial for its operations.

Industry Context

Hecla Mining Co. operates in the mining industry, specifically focusing on non-metallic minerals (excluding fuels). This sector is characterized by significant capital investment, commodity price volatility, and regulatory oversight.

Regulatory Implications

As a mining company, Hecla Mining is subject to various environmental, health, and safety regulations at federal, state, and local levels. Compliance with these regulations is crucial for its operations.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and cash flow.
  2. Review the risk factors section for potential challenges and mitigation strategies.
  3. Examine management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

Year-Over-Year Comparison

This is the initial filing of the 10-K for the fiscal year 2023. Previous filings would provide comparative data.

Filing Stats: 4,487 words · 18 min read · ~15 pages · Grade level 13 · Accepted 2024-02-15 12:32:42

Key Financial Figures

Filing Documents

Business

Item 1. Business 4 Introduction 4 Products and Segments 6 Governmental Regulation 6 Physical Assets 8 Human Capital 8 Available Information 9

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 33

Cybersecurity

Item 1C. Cybersecurity 33

Propert ies

Item 2. Propert ies 34 Summary 35 Greens Creek 41 Lucky Friday 46 Keno Hill 50 Casa Berardi 55 Internal Controls 57

Legal Proceedings

Item 3. Legal Proceedings 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58 PART II 59

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59

Reserved

Item 6. Reserved 60

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Overview 61 Results of Operations 63 Greens Creek 67 Lucky Friday 69 Keno Hill 71 Casa Berardi 72 Nevada Operations 74 Corporate Matters 74 Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP) 75 Financial Liquidity and Capital Resources 82 Contractual Obligations and Contingent Liabilities and Commitments 85 i Critical Accounting Estimates 86 New Accounting Pronouncements 88 Guarantor Subsidiaries 89

Forward-Looking Statements

Forward-Looking Statements 91

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 91 Provisional Sales 91 Commodity-Price Risk Management 92 Foreign Currency 93

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 94

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94

Controls and Procedures

Item 9A. Controls and Procedures 94 Disclosure Controls and Procedures 94 Management's Annual Report on Internal Control over Financial Reporting 94 Attestation Report of Independent Registered Public Accounting Firm 95

Other Information

Item 9B. Other Information 96

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III 96

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 98

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 98 PART IV 99

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 99

Form 10-K Summary

Item 16. Form 10-K Summary 102

Signatures

Signatures 103 Index to Consolidated Financial Statements F- 1 ii Special Note on Forward-Looking Statements Certain statements contained in this report (including information incorporated by reference) are "forward-looking statements" and are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Our forward-looking statements include our current expectations and projections about future production, results, performance, prospects and opportunities, including reserves and resources. We have tried to identify these forward-looking statements by using words such as "may," "might," "will," "expect," "anticipate," "believe," "could," "intend," "plan," "estimate," "project" and similar expressions. These forward-looking statements are based on information currently available to us and are expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual production, results, performance, prospects or opportunities, including reserves and resources, to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those set forth under Item 1A. Risk Factors and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. Projections and other forward-looking statements included in this report have been prepared based on assumptions, which we believe to be reasonable, but not in accordance with United States generally accepted accounting principles ("GAAP") or any guidelines of the Securities and Exchange Com

Business

Item 1. Business For information regarding the organization of our business segments and our significant customers, see Note 4 of Notes to Consolidated Financial Statements. Information set forth in Items 1A and 2 below are incorporated by reference into this Item 1. Introduction Hecla Mining Company and its subsidiaries have provided precious and base metals to the U.S. and the world since 1891 (in this report, "we" or "our" or "us" refers to Hecla Mining Company and our affiliates and subsidiaries, unless the context requires otherwise). We discover, acquire and develop mines and other mineral interests and produce and market (i) concentrates containing silver, gold and other metals, (ii) carbon material containing silver and gold, and (iii) unrefined dor containing silver and gold. In doing so, we intend to manage our business activities in a safe, environmentally responsible and cost-effective manner. The silver, zinc and precious metals concentrates and carbon material we produce are sold to custom smelters, metal traders and third-party processors, and the unrefined dor we produce is sold to refiners or further refined before sale of the metals to traders. We are organized and managed in five segments that encompass our operating mines and significant assets being Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and the Nevada Operations. Our current business strategy is to focus our financial and human capital in the following areas: Developing the Keno Hill properties located in the Yukon Territory, Canada Operating our properties safely, and in an environmentally responsible and cost-effective manner. Maintaining and investing in exploration and pre-development projects in the vicinities of mining districts and projects we believe to be under-explored and under-invested: Greens Creek on Alaska's Admiralty Island located near Juneau; North Idaho's Silver Valley in the historic Coeur d'Alene Mining District; the silver-producing district

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing