Hecla Mining Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Hecla Mining Company has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial positions and derivative activities.</b>

AI Summary

HECLA MINING CO/DE/ (HL-PB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Hecla Mining Company filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items and derivative contracts. Specific dates such as December 31, 2023, and March 31, 2024, are referenced for balance sheet accounts. Information pertains to derivative contracts, including foreign exchange forwards and financially settled forward contracts. The report also touches upon asset and liability classifications, such as Other Current Assets and Current Derivatives Liability.

Why It Matters

For investors and stakeholders tracking HECLA MINING CO/DE/, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial snapshot of Hecla Mining Co., including changes in assets, liabilities, and equity as of Q1 2024. The detailed information on derivative contracts and their fair values is crucial for understanding the company's risk management strategies and potential impacts on financial performance.

Risk Assessment

Risk Level: medium — HECLA MINING CO/DE/ shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but lacks forward-looking operational or financial performance metrics that would indicate immediate significant shifts.

Analyst Insight

Review the detailed balance sheet and derivative disclosures in the 10-Q to assess Hecla Mining's current financial health and risk exposure.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed as of Date)
• 2023-12-31 — Previous Year End Date (Balance Sheet Comparison Date)
• 2023-01-01 — Start Date for Q1 2023 Activity (Derivative Activity Period)
• 2023-03-31 — End Date for Q1 2023 Activity (Derivative Activity Period)
• 2024-01-01 — Start Date for Q1 2024 Activity (Derivative Activity Period)
• 2024-03-31 — End Date for Q1 2024 Activity (Derivative Activity Period)

Key Players & Entities

• HECLA MINING CO/DE/ (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-09 (date) — Filing Date
• 0000719413 (company) — Central Index Key
• 10-Q (form) — Form Type
• COEUR D'ALENE (location) — Business Address City
• ID (location) — Business Address State
• 83815-9408 (postal_code) — Business Address Zip

FAQ

Industry Context

Hecla Mining Company operates in the mining sector, specifically focusing on the extraction of precious and base metals.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the balance sheet changes between December 31, 2023, and March 31, 2024.
2. Examine the details of derivative contracts, including foreign exchange forwards and financially settled forward contracts, to understand hedging activities.
3. Review any disclosures related to specific mining operations or significant financial instruments mentioned in the filing.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year-end report (10-K).

Key Financial Figures

• $0.25 — ch registered Common Stock, par value $0.25 per share HL New York Stock Exchang
• $0 — 164 — — — 1,164 Common stock ($0. 00625 per share) and Series B Preferre

Filing Documents

• hl-20240331.htm (10-Q) — 3014KB
• hl-ex10_1.htm (EX-10.1) — 2131KB
• hl-ex31_1.htm (EX-31.1) — 15KB
• hl-ex31_2.htm (EX-31.2) — 15KB
• hl-ex32_1.htm (EX-32.1) — 9KB
• hl-ex32_2.htm (EX-32.2) — 9KB
• hl-ex95.htm (EX-95) — 54KB
• img156723018_0.jpg (GRAPHIC) — 152KB
• img156723018_1.jpg (GRAPHIC) — 139KB
• img156723018_2.jpg (GRAPHIC) — 121KB
• 0000950170-24-056495.txt (&nbsp;) — 13343KB
• hl-20240331.xsd (EX-101.SCH) — 1449KB
• hl-20240331_htm.xml (XML) — 1593KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Loss - Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows - three months ended March 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity – Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Overview 19 Consolidated Results of Operations 19 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) 30 Financial Liquidity and Capital Resources 36 Contractual Obligations, Contingent Liabilities and Commitments 39 Critical Accounting Estimates 39 Off-Balance Sheet Arrangements 39 Guarantor Subsidiaries 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II. OTHER INFORMATION 1 Item 1.

Legal Proceedings

Legal Proceedings 1 Item 1A.

Risk Factors

Risk Factors 1 Item 4. Mine Safety Disclosures 1 Item 5. Other Information 1 Item 6. Exhibits 2

Signatures

Signatures 3 *Items 2 and 3 of Part II are omitted as they are not applicable. 2

- Fin ancial Information

Part I - Fin ancial Information

Fina ncial Statements

Item 1. Fina ncial Statements Hecla Mining Company and Subsidiaries Condensed Consol idated Statements of Operations and Comprehensive Loss (Unaudited) (Dollars and shares in thousands, except for per-share amounts) Three Months Ended March 31, 2024 March 31, 2023 Sales $ 189,528 $ 199,500 Cost of sales and other direct production costs 121,461 125,550 Depreciation, depletion and amortization 48,907 39,002 Total cost of sales 170,368 164,552 Gross profit 19,160 34,948 Other operating expenses: General and administrative 11,216 12,070 Exploration and pre-development 4,342 4,967 Ramp-up and suspension costs 14,523 11,336 Provision for closed operations and environmental matters 986 1,044 Other operating (income) expense, net ( 16,971 ) ( 22 ) Total other operating expenses 14,096 29,395 Income from operations 5,064 5,553 Other expense: Interest expense ( 12,644 ) ( 10,165 ) Fair value adjustments, net ( 1,852 ) 3,181 Net foreign exchange gain 3,982 108 Other income 1,512 1,392 Total other expense ( 9,002 ) ( 5,484 ) (Loss) income before income and mining taxes ( 3,938 ) 69 Income and mining tax provision ( 1,815 ) ( 3,242 ) Net loss ( 5,753 ) ( 3,173 ) Preferred stock dividends ( 138 ) ( 138 ) Net loss applicable to common stockholders $ ( 5,891 ) $ ( 3,311 ) Comprehensive loss: Net loss $ ( 5,753 ) $ ( 3,173 ) Change in fair value of derivative contracts designated as hedge transactions ( 5,403 ) 6,516 Comprehensive (loss) income $ ( 11,156 ) $ 3,343 Basic loss per common share after preferred dividends $ ( 0.01 ) $ ( 0.01 ) Diluted loss per common share after preferred dividends $ ( 0.01 ) $ ( 0.01 ) Weighted average number of common shares outstanding - basic 616,199 600,075 Weighted average number of common s

View Full Filing

View this 10-Q filing on SEC EDGAR