Hecla Mining Files Q2 2024 10-Q

Ticker: HL-PB · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 719413

Sentiment: neutral

Topics: 10-Q, mining, financials

TL;DR

Hecla Mining's Q2 2024 10-Q is in. Check financials.

AI Summary

Hecla Mining Company filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including assets, liabilities, and equity. Specific financial data points and operational updates are provided for the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational status of Hecla Mining, crucial for understanding the company's performance in the mining sector.

Risk Assessment

Risk Level: medium — Mining companies face inherent risks related to commodity prices, operational challenges, and environmental regulations, which are reflected in their financial filings.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Hecla Mining Co/DE/?

Hecla Mining Co/DE/ is primarily involved in the mining and quarrying of non-metallic minerals (excluding fuels), as indicated by its SIC code [1400].

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on August 7, 2024.

What is the fiscal year end for Hecla Mining?

Hecla Mining's fiscal year ends on December 31.

Where is Hecla Mining's principal business address?

Hecla Mining's business address is 6500 N Mineral Drive, Suite 200, Coeur d'Alene, ID 83815-9408.

What period does this 10-Q report cover?

This 10-Q report covers the period ending June 30, 2024.

Filing Stats: 4,575 words · 18 min read · ~15 pages · Grade level 18.4 · Accepted 2024-08-07 12:28:31

Key Financial Figures

Filing Documents

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - Three Months Ended and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets - June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity – Three Months Ended and Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 8 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 21 Overview 21 Consolidated Results of Operations 22 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) 36 Financial Liquidity and Capital Resources 45 Contractual Obligations, Contingent Liabilities and Commitments 48 Critical Accounting Estimates 48 Off-Balance Sheet Arrangements 48 Guarantor Subsidiaries 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 53 PART II. OTHER INFORMATION 54 Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55

Signatures

Signatures 56 *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 Income (Loss) (Unaudited) (Dollars and shares in thousands, except for per-share amounts) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Sales $ 245,657 $ 178,131 $ 435,185 $ 377,631 Cost of sales and other direct production costs 140,464 107,754 261,925 233,304 Depreciation, depletion and amortization 53,763 32,718 102,670 71,720 Total cost of sales 194,227 140,472 364,595 305,024 Gross profit 51,430 37,659 70,590 72,607 Other operating expenses: General and administrative 14,740 10,783 25,956 22,853 Exploration and pre-development 6,682 6,893 11,024 11,860 Ramp-up and suspension costs 5,538 16,323 20,061 27,659 Provision for closed operations and environmental matters 1,153 3,111 2,139 4,155 Other operating income, net ( 17,283 ) ( 4,262 ) ( 34,254 ) ( 4,284 ) Total other operating expenses 10,830 32,848 24,926 62,243 Income from operations 40,600 4,811 45,664 10,364 Other expense: Interest expense ( 12,505 ) ( 10,311 ) ( 25,149 ) ( 20,476 ) Fair value adjustments, net 5,002 ( 2,558 ) 3,150 623 Net foreign exchange gain (loss) 2,673 ( 3,850 ) 6,655 ( 3,742 ) Other income 1,180 1,376 2,692 2,768 Total other expense ( 3,650 ) ( 15,343 ) ( 12,652 ) ( 20,827 ) Income (loss) before income and mining taxes 36,950 ( 10,532 ) 33,012 ( 10,463 ) Income and mining tax provision ( 9,080 ) ( 5,162 ) ( 10,895 ) ( 8,404 ) Net income (loss) 27,870 ( 15,694 ) 22,117 ( 18,867 ) Preferred stock dividends ( 138 ) ( 138 ) ( 276 ) ( 276 ) Net income (loss) applicable to common stockholders $ 27,732 $ ( 15,832

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