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Hecla Mining (New York Stock Exchange:HL) on Wednesday reported a 10% year-over-year production increase to 14.18 million ounces for fiscal 2022, driven by a 24% increase at the Lucky Friday mine in Idaho and a 5% increase at Greens Creek Mine in Alaska.
Full-year gold production fell 13% yoy to 175,800 oz as expected as production ended in Nevada, while full-year lead production rose 12% and zinc flattened. unchanged from 2021.
Silver production in the fourth quarter rose 3% on a quarter to 3.66 million ounces, while gold production fell 2% to 44.7 thousand ounces.
The company said development of the Keno Hill mine in Canada’s Yukon is proceeding on schedule with production expected to start in the third quarter of 2023.
Hecla (HL) said it could achieve silver production of up to 17 million ounces by 2023, and Keno Hill is expected to produce more than 2.5 million ounces of silver, which the company says would make it the largest producer of silver in the US Canada.
Hecla Mining’s (HL) outperformance following the Alexco acquisition has left trading shares with a large premium to net asset value and a slight premium to its historical cash flow multiple, Taylor Dart writes in a analysis recently published in Seeking Alpha.
