Hecla Mining Company Expands Silver Reserves to 240M Ounces
Extensive Drilling Program Conducted at Greens Creek Mine
By North of 60 Mining News With over a century of mineral exploration and mining under its belt, Hecla Mining Company has once again proven why it is North America’s largest silver producer, demonstrating its ability to replenish and expand resources with 2024 year-end silver reserves totaling 240 million ounces – the second highest in the company’s long history. With operations spanning Alaska, Yukon, Idaho, and Quebec, Hecla’s extensive portfolio includes some of the highest-grade silver mines in North America. Decades of investment in exploration and resource development have solidified its standing as a dominant force in the industry, with each year bringing new discoveries and expanded reserves. Through successful exploration and resource development efforts in 2024, Hecla expanded its reserves while fully offsetting silver production. This growth was particularly evident at its Keno Hill operation in Yukon and the Greens Creek Mine in Alaska. As a result, the company now holds 35.06 million tons of proven and probable reserves containing 240 million
oz of silver, 2.2 million oz of gold, 1.88 billion pounds of zinc, and 1.6 billion lb of lead. Beyond its proven and probable reserves, Hecla’s resource base remains substantial, with measured and indicated resources now totaling 180 million oz of silver, 4.3 million oz of gold, 2.18 billion lb of zinc, and 1.46 billion lb of lead, while inferred resources stand at 492 million oz of silver, 6.2 million oz of gold, 1 billion lb of zinc, and 1.05 billion lb of lead. “Hecla’s silver reserves stand at 240 million ounces, the second-highest level in our 134-year history and only 1 million ounces below our peak in 2022,” said Hecla Mining President and CEO Rob Krcmarov. “Our 2024 exploration program continued to deliver exceptional results at both Keno Hill and Greens Creek while Keno Hill reserves grew by over 17% and silver production was nearly replaced at Greens Creek.” Maintaining its position as one of the world’s highest- grade silver mines, Hecla’s flagship Greens Creek operation in Southeast Alaska continues to be a cornerstone of the company’s production. As of year-end 2024, the underground mine holds 10.45
million tons of proven and probable reserves, containing 103.7 million oz silver, 865,000 oz gold, 646 million lb zinc, and 240 million lb lead. At current mill throughput rates, this reserve base is expected to sustain operations for approximately 14 more years. Throughout the year, Hecla completed an extensive drilling program targeting multiple zones within the Greens Creek deposit, with its fourth-quarter drilling campaign focusing on expanding and upgrading resources in the West Zone, 9A Zone, 5250 Zone, and Gallagher Zone. Select drill highlights include: n 2.1 feet averaging 34.6 ounces per ton silver, 0.44 oz/ton gold, 2.8% lead, and 5.9% zinc (West Zone). n 17.3 feet averaging 10.8 oz/ton silver, 0.21 oz/ton gold, 4.5% lead, and 8.7% zinc (9A Zone). n 46.6 feet averaging 24.3 oz/ton silver, 0.07 oz/ton gold, 4.3% lead, and 9.2% zinc (5250 Zone). “The 2024 drilling program has significantly advanced our understanding of the high-grade mineralization controls at both Keno Hill and Greens Creek,” said Hecla Mining Company Vice President of Exploration Kurt
Allen. “At Greens Creek, the strong results from the West Zone and 5250 Zone support our view that this world- class deposit continues to hold significant exploration potential.” Following the announcement of its year-end reserves, Hecla released its fourth-quarter and full-year 2024 financial and operational results, highlighting record revenue and continued strong silver production. The company generated $929.9 million in sales, marking its highest revenue to date, with a net income of $35.3 million, or $0.06 per share. Adjusted EBITDA reached $337.9 million, reflecting a 62% increase over 2023. Higher metal prices, strong production at Greens Creek and Lucky Friday, and a $50 million insurance payout contributed to this financial strength, enabling Hecla to reduce debt and improve its financial stability. Cash flow from operating activities rose to $218.3 million, a $142.8 million increase over the prior year, primarily driven by robust free cash flow generation at Greens Creek and Lucky Friday. On the operational front, Hecla produced 16.2 million oz of silver in 2024 – the second-highest total in company history – alongside 142,000 oz of gold, exceeding consolidated guidance.
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February 2025 I The Alaska Miner I www.alaskaminers.org
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