HL - Earnings call transcript Q4 2019

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Operator

Good morning, ladies and gentlemen, and welcome to the Hecla Mining Company Fourth Quarter and Year-end 2019 Financial Results Call. [Operator Instructions].

I would now like to turn the conference over to your host, Mr. Mike Westerlund. Sir, the floor is yours.

Michael Westerlund

Operator. you, Thank Westerlund, Mike of Relations. Investor This Vice is President you us XXXX for Good and morning, Fourth joining thank and Call. Year-end everyone, Hecla's for Quarter Results Conference Operations Financial and

issued as down, financial our the this fixed along Our getting website. as today's the from Unfortunately, press and and website and on we and presentation release that made Wednesday, news that will with morning the be we're market possible, results working before soon apologize opened, resources release currently any for reserves is was available on certainly inconvenience.

and we Baker, Chief Blair, Vice and Lauren On have today's Chief Hall, Financial Senior Lindsay Roberts, and Operating Senior Officer; call, Geologist. and Officer; Keith Chief Phil Exploration; President Kurt President CEO; Allen, Vice President of Director

statements on management risks under statements forward-looking and forward-looking from included X. in constitute under today team Act results the risks Litigation shown differ XX-K, forward-looking information include Securities to and made cause of which exploration in and the as projected come Slide the Reform the law, by Form and beginning are releases Private could XX-Q the detailed likely goals, involve and projections Such Canadian securities the earnings disclaimer presentation. in to forward-looking statements. These Form those the in our Any at

measurements. In may addition, we during call, non-GAAP financial disclose this

these will reconciliations to nearest in their of find measurements available website made be which You on at accompanying can presentation, GAAP measurements our the www.hecla-mining.com.

are reserves, extract measured, inferred SEC, reasonably Investors cautioned urge in to we of the which disclose indicated deposits can filings. disclosures mineral to consider with we produce. expect our as that filings are make to resources, such use the legally that and our we not you and are SEC about our in allowed and only terms Finally, economically we or

call Baker. to With pass that, Phil I the will

Phillips Baker

doing That's to not our able Mike, Thanks, add to my a everyone. listening for also website. be them. And the make something will us when reference so help I because this and it good will replay, me morning. that slides. apology there being will morning, that I'm and are replay, people surprised reach let to

So again, I apologize.

to in a And Slide which the shows I'm first XXXX. reserves. X, going Mining want with accomplishments out to is of one list on start I So all starts reserves. call

silver -- as major accomplishment alone While not. the Hecla let let I'll zinc say our the at gold struggles well more presentation, just in a but it reserves, grow in about the decline as industry has lead only increases maintain is of to me talk reserves Hecla. the end them, in a and our increase XX% of slight for and

of key quickly had working the we recognize to action time the and to the and when for Nevada was XXXX the not the plan. stop of seen was the half halves, and turnaround we're a turnaround X to second tale Now had the in in that plan that take that to we we've best of happy restart And derisked reevaluate plan, year. the was very year then was the

and mines We will ounce of $X,XXX targets great are that belief stages we in in have that reevaluation, the value when was an gold these not and early the our price but view the the bought future, has diminished. exploration that

generated $XX X in didn't to it's Creek We years us that ago, reduced to of Greens at course, $XXX important good new mine what we Two Greens just development. great million Creek year, to Creek, plan a performance happen that had the turnaround new improved Greens the cash developed the last already of years the performance last we is at This remember generate flow, free in key company And had XXXX. the XXXX. independent was it earlier. grade we allowed in of year. million more that that the baked and than and issues plan in

we we us the $XX which that the second in So over knew to and half it enough out million enable turned year, would June the fully would generate free of flow, repay revolver. to be cash

Some we adamant, right. market and proven we participants were were but skeptical, were

for end in strengthen also the ATM million in year. fourth $XXX but net the debt are levels represented did and cash sheet We reduce a half million small the year we swap took debt quarter, to $XX that to action a dilution allowed financing of with and debt in our get believe equity our balance which metrics and to We appropriate X% us our Hecla. second the

is ratio to now, we X.Xx. being below less on debt-to-EBITDA believe way than and it's Xx Our the

major the next the achievement X years, Lucky resolved. that the after was Friday almost at strike is Now

Just the to of this started the full us this by have behind group is production back Lucky first back called focused be both end week, Everyone safely year. on on the the getting to to glad Friday work. sides is and

Now remember mine earnest be we'll focused will the so down most start QX. in the capital be shut projects of requires first that the that the on for quarter, up ramp in in largely recall quarter, to and

advancement. work the safety giving an the we improve we workforce new productivity opportunity With rules, both believe and can while for

the community employees, think bright. the looks future really the for I and mine

history. rate our Mining received our safety accomplishment XX% performance, also in which from we had of which award last received reduction Friday National the time the mention history. X.XX, which a the the is company's will frequency all-in Sentinels our our lowest Safety Lucky the -- to award Association, we've I Finally, first is XXX-year in in in this

I will Now of coming year. our on let few -- for this slide, but a mention get broader goals me for XXXX, just the the for estimates into the next

senior done to on encouraged expect attractive, the are refinance metal be are prices we First, terms. Interest rates we notes. this good can and so

the expect improvements to the East complete This San over to see on from higher-grade Berardi's mill. our sulfides. and planned should then Sebastian come finally, we Casa the quarter, the is in And we study Mine, year, production start to

X. on So Slide now

oxides, our less due primarily we Looking estimate we that to ounces production which million the XX.X XXXX, lower San mined to expected XXXX, estimates it million as at XX.X almost than X than are in will produce at far production XXXX is to ounces the making produce flat is did in of as silver, goes. more which silver us out. Friday XXXX, for slightly Lucky Sebastian million

Gold production produced. But about to sustaining decline Nevada to XXX,XXX ounces less-profitable all-in $XXX year XXX,XXX Nevada. production be is lower gold in due with to estimated cost longer allows to stopping the to being primarily that the no production this

by-product for production to our to we're due smelter and terms prices assuming base that costs projected lower The after be weaker $X higher sustaining metals silver credits is all-in $X to expenditures less or well estimated are about as spending. as lower again, $XX same be lower are the production. about as XXXX, estimates XXXX. Other than Nevada to in Capital million due

over turn to the now Lindsay. I'll call So

Lindsay Hall

morning, Thanks, everyone. Phil, and good

Slide to X. Turning

cash fourth the free of netting with this quarter highest revenue was $XX than million at with We resulted the silver XX%, million where in year. of quarter deducting XXXX. provided Combined which, pleased combined expenditures operating which, gold, for recorded financing after capital flow with after of start the quarter, the $XXX prices, the In quarterly million which our higher quarter, million record by fourth expenses, in million and metals year XX% which resulted in the sheet third back are ounces QX, cash performance it the assets, to strong of of and of activities, and we more in ounces before was the we $XX improved a X third respectively, of $XX cash XX,XXX of was our balance transactions. has sold

From months restore Nevada, for that assets our months the can using of cash a investing flow halves: in other position. you the and generation Slide last see summed financial X X the as X, Nevada from results financial up can first X of our pausing to tale and year the be

generated million financial a can last position you our This that and to what we you when call free discretionary can deliver needed financial $XX assets X flow months, are of of level expenditures. can improve the we we demonstrates decisions results. by if cash that It shows over also exclude the As discipline the resilient million make company required. our $XX see,

cash recently additional on Nevada then we didn't the expenses. just purchased for offset further depreciation by paused heavily GAAP expense that gold impacted and million depreciation our Having to operations. the the earnings was due Nevada loss flows, depreciation to our like on year-over-year, production of of anticipated focus to revenues investing, we have the was While as distorts mention which the $XX year I'd million $XX

Nevada's mid-year cease As to have effect we on will production much negative now a depreciation the XXXX, expect EPS XXXX. in less around

X. Slide to Turning

are quarters eliminated they due the nearly margins silver in the our operations. and Gold see were last you reflected This XXXX strong. continue substantially they X margins the generation early primarily our to can X, at have margins be higher essentially were Nevada cash investment As for results. EBITDA was gold -- on in -- been flow when to than Slide

an $XXX and complete Turning on cash wanted net us debt second increase by in facility of the ATM, enabled balance supplemented the by strong reduction with in the the million XXXX. repayment generation we Phil some the flow sheet. at-the-market revolver was I the It it. background of mentioned have some the cash million and of $XX the on X. to the provide sheet million leaving Slide quarter, million at year-end from to the for quarter, balance year-end $XX on cash year-end, by deposited drawing The fourth from $XX

recently Québec Additionally, these we're from upgrade from our we with the to debt-to-EBITDA to to took refinance pay we bonds than quarter. $XXX $XXX on we our bankers the swapped our debt option we're Ressources that approximately deciding we We of as senior reduced bonds to existing for equity. nice consider all million million an Moody's, outstanding have an determine second $XX position free million and ourselves notes. refinance $XXX And in market. when Xx our into to We working million want outstanding. from existing below is net the actions The to of told, to received the to to help up of the less revolver flexibility approach should additional available Xx

financial when which us is We up ended discipline on the started year setting display, for financially in stronger than we our well XXXX, XXXX.

turn I'll it Lauren. that, over With to

Lauren Roberts

morning, Thank and everyone. you, good Lindsay,

am I Slide the starts on X As And happy before, in steadily a to safety. frequency with rate all past we've see all XX, injury chart the it which years. declining show you over said

the lowest XXXX want for of fact, the of top is our rate just I history. In the each operating company's making mines priority. the congratulate X.XX at teams in their safety to

year, XX, a plan, new unveiled Creek we which we Last improvement Moving saw mines, which to benefit per the typical including years year, cash continues XXXX to and I'll with the culture and this of throughput mine preceding grades the Creek. on lower continuous as to as Greens is as strong the slightly the record lower, on mill start at perform throughput. Greens plan, with be well Through production flow well. more higher Slide reflects production expected plan. mine mill of

cost result to ounce and due per to conditions, credits. are power anticipated treatment sales unit and of maintenance expected generation increased as of higher activities, by-product Cost increased a be charges reduced dry

is generation the team cash asset. from and and significantly at extend the flow off My expect reserves that resources hat we to which best mine Greens increased exploration life to our Creek, the free

gold. another anticipate of ounces of about XX,XXX standards X.X XXXX, historical and XX,XXX to by X.X million million we For silver to ounces of strong year

mine Casa to Slide turning Berardi. quarter, to the reliability on talked about improving maintenance This through practices. attention we company mill's very our important enhanced the and Turning operations Last another as is XX. for shown

generate efforts reduced due incremental to areas and the in into movement these expected be We help cost in are throughput, expand to us in because order of other lower gains. expect recovery XXXX Costs waste to in open construction. a our offset increases planned Production expected throughput as recovery mill improvement largely lower is be and and pits higher, by partially initiatives tailings result grades. to of less anticipated to

Turning XX. Slide to

higher been in West been XXX XXX strong seeing the grade grade. which the reflected Mine than we Mine Mine, Historically, has talking than the about intersections several the For XXX were higher in quarters, past and grade East East is the and about the average this XX% Zone, Zones. has we've underground

producing the end by start ore Zone the first to of ore and XXX to access We developed expect in quarter newly year. the developed previously

San to Slide Sebastian on Moving on XX.

could set of well, of the Zone end and processing recoveries NSR. are XX% and expectations of bulk, a line by and a development anticipated completing of yielding up at streams, concentrates. quarter, the Hugh The our ore stopes marketable which zinc mill performed test the expect the study on at to sulfide Total year. We of to begin produce XXX% the with decision in concentrate the with production ore test first the allow mining in yielded tonnage sulfide anticipated the X

allow work to undertaking of if produce this proves it zinc, option investigate X, another are economics feasible. quarter us and concentrates: We copper, to which would lead that to X instead would enhance be

year decision If cash flow Zone a we it be to cash XXXX from another transition XXXX, Zone. about it in we it for the due up the Sebastian and is oxide portfolio production required depleted Starting is for production should XXXX ahead, for development material Hugh as and a limited a set the anticipate for the X in mining. flow to solid to years. work project toward Hugh remaining goes the San contributor

XX. Friday Turning on to the Lucky Slide

started operators the to callback mechanics by expect notices first the electricians, of of end most As We Phil recalling and the is the workers returning. hoist quarter. by mentioned, and workforce receive

During them complete on in quarter begin have production the hoist These of and reaching about projects full the the return. and QX loading to contractors capital planned to the efficient extend are through Ramp-up to projects, it #X production. bulk quarter, total before X we $X to fourth million anticipate more in first pocket X workers the capital, working in Shaft is we and expected when XXXX the is upgrades.

restart. cash anticipate to production, positive X years. and year. about At better about a to than perspective, be the as expect deeper, flow cash last We'll From full mine will is grades per grades a we this flow but higher building X.X do during ounce become we mine year, not average the the access off year for increase

the is back machine. in to in on RVM Moving test the It mine Sweden.

with around planning the sufficiently reliable phase until it We robust Current are has that end continue at at we of the and year, the the RVM the that Friday. to testing testing it is subject be satisfied sent Friday underground will acceptance the Lucky to but is arriving completing satisfactorily. Lucky

or expect end excuse A restart. the a Fire this oxide of In define around out Slide the continue developed Nevada Creek, mine me. conditions to necessary ore to to -- quarter. to the study XX. scoping Nevada, complete help potential at Turning XX, task we In is the underway and for second

to agreements, expect ore, us take would need require a will third-party cycle. of important it which require These means refractory permitting a also We time, but actions would we to right. processing is processing and a restart for get them

to Back Phil.

Phillips Baker

Lauren. Thanks,

we questions, Before where we I'd started reserves. take back like with come to to

Slide look XX. So at

then we replaced lowest added was are I So are of mined more a that, be XX company in this those lifeblood just what but mined $XX given, This and of exploration In in to often, reserves reserves. to the is of spending, and year very price ounces at XXXX, the reserves come assumed can are with hard million and expect ounces, mining million to silver had be silver of remarkable exploration while ounces of we by. almost that calculating just what we what but million this they the do. We assumption industry. suite half assets million XXX XXX added

we have at we that mined times in and time. gold, acquired added For what had we XXXX what X

obstacles every and I to we we'll -- value come and year have While for few that weather staying do think long-term in we'll can it way realize think I do don't year means which do the out, shareholders. we this our years, power the

for questions. open to I'd with And that, the like operator, line

Operator

[Operator Instructions].

the first line Jake Sekelsky. from question of Your comes

Jacob Sekelsky

at on something Or expect shortly? Zone. to study your... mentioned Is of this is for more the scoping Starting we an internal of results the at Hugh you undertaking see this the should study San Sebastian,

Phillips Baker

is it something but internal, it's sort first process. of a see you Well, will been the where -- in quarter X-step

mill circuit third come long completing we can and to was, marketable? will month, that the The a that of is, we're months. X deliver Lauren, was, make that add can one should to can so we study X.X first that with products the more third and add? are the at coming final the we And determination. the The to stage, the those hole? And course be products second order third anything in And economic? over the mill

Lauren Roberts

captured Phil, perfectly. No. it you

the that start in weeks. will few test next We

Jacob Sekelsky

Got it.

to first by see So the of what like just wrap around in end we should something of kind quarter, XXXX going our the and heads might look it forward?

Phillips Baker

investment. not all to Realize the sulfides pay We capital share. for Yes. it that the That's for right. moving require not largely pay think production -- San lion's Might but capital pay for would is that of largely the would certainly Sebastian significant anticipating -- oxide we're required. would the a would will it, what

big no outlay that capital there's So anticipating. we're

Jacob Sekelsky

briefly and eye helpful. Lucky That's we few then over restart should Friday. back out milestones a to you it. to project few before an And Got costs Are out next full-scale able the touch guys on break that maybe the at bring keeping be production? just you the quarters

Phillips Baker

the add magnitude, after shaft. And that what anticipate similar the we of the restart down year. milestone, those quarter we release what you you would the we two did And look And to Well, to and so would completion and the have the recall, Lauren, should then of in by able of order course projects we'll of the over be of point, two is tons at XXX,XXX, visibility. most the earnings, the XXX,XXX great of for to to time the clean workforce. course, XXXX projects first give first it's saw you part, these the that? of silver completed we the recall production

Lauren Roberts

of the experience. previous curve reasonable that, frame. based but it everything in pace we'll November hitting think do And we a our on December I can anticipating accelerate ramp-up full is pretty to production We're course, to our time

Phillips Baker

of I positives down to good is, a have we the in this they've it at then done weren't we our mean we -- great that and time operate this the went being back being And all. mine in mine. a continued whole have we the which shut because And rebolted then, to we instead have time XXXX one possible the of don't in just of with because year, compared in salaried condition, we wasn't -- basically the staff. for mine keeping job around mine

Operator

of line Matthew comes Your from next the Fields. question

Matthew Fields

my what, equity do I appreciate revolver neutral the pay managing in cash steps that. you took on and flow debt-to-equity to bring for off raise were while to swap the prudent the views, congratulations the year, to so free

on Now we that something are the what kind we straight of splitting a of refi just of of kind look -- in And position up? can refi, looking for this what does like? for look transaction kind all you're timing better to XXX Is that? at? What structure bonds transaction a expect what a of kind

Phillips Baker

is wait to that we Well, want I it XXXX, is due And we last that I for The guess, until wait really we May but do to is far do so it it's bonds would before don't to to appropriate. go of we'll all as that don't those. want not can the are happens. want till minute those current, timing do as to say as as soon

what's conditions. I will into be have will the the determined outstanding $XXX As mean, by far million. the that and market, Remember, of structure be as doing We it clearly go less. made a is decision the capability the at time that we goes,

with expect an capacity. the some ability -- we revolving the could we balance we and because the revolving use that have we do on have to of have than where sheet, arrangement less cash have to banks We that

what all conditions market appropriate these add like not have million, to options. do to you that the it's Lindsay, would be should we $XXX those? So such to

Lindsay Hall

No.

Phil. you And we're I to XXXX, captured options All today during us. has back. our good the think know, are high-yield stronger bonds. Matt, was options feeling it as it, so come market it's the refinance the about maybe much open you to midway than itself, And

Operator

line the Adam comes question of from next Graf. Your

Adam Graf

as is color Congratulations the on on us grade XXXX? the there if pit not in some per grades at us questions. multiple stepping underground you there color years some Casa on On shape per you give can Two because how your the quick suggest going on ounce us silver Friday, bottlenecks reserve Lucky the and that grades, up all expectations? as versus can color success year more there ounces the some you And the sustainable? for average XX.X where more more on So open give maybe profile, far open are up is there. can to ton give Lucky the underground mill and X.X comments then pit versus

Phillips Baker

Okay.

grade not This X result, where is So decline the I years, out decline years. that stays ramp we a might eventually X, starts starting think grade, and in. and planning we strike And Friday, don't the it actually that the of to over we might with that that. XX mine infill happens that something with the Lucky And reasonable see Lucky then as that is and XX of X that we the higher -- higher for see deeper, talking the go this a drilling, reduced. years, with I beyond many But not period as sort up resource is we we're with have right? next we XX, -- we there's what years grade, as the Friday think that that's have see because be the of the to in grade for might holes at reserve case years higher But expectation we're that of higher course out, immediately. happens a

Okay, -- those to fair a can Anything XX than characterization? grades you think Is that grade. sort we'll the pretty I the comfortable feel reserve add great. to respect with of higher next that? being the years to see So that

that mill, And from the throw I'm then the as Lauren get-go. going to as far to

Lauren Roberts

production, transition come and this higher open the was I from question your to underground. is look underground grades at to think way So -- pit the production from predominantly the underground

success always in the the process Then that a deliver mill underground material. near it's right that to higher-grade what still pit optimal of maximum open progress. pit Mine and the But work now XXXX, we're that we at time, So that such Crown maximize production layering And mill's is we a the pit, flow additional start we're the looking we of in as mining we that of comes years, add East the cash in in have because a pit. with and of that's gives production sequence from of Pillar pits can job over our our in underground the life, on we balance the underground to of to fill the stripping pits. it amount to exploration and in mine us to tonnage will we opportunity bit continue good layer pressure And capacity. and of off takes do But doing planning. extension optimizing we

Phillips Baker

talk you're Maybe just contemplating there? itself mill the bit little a about kind for XXXX, what of

Lauren Roberts

Absolutely.

areas. the mill two So performance in what disappointing as would XXXX the in characterize in we relatively I have

X points. drives And a the increased that focused so is That's of plant X shift the One that of -- to which reliability plant us, I in other we've a course, into together over that the I quite of availability in through and And fourth And in to order consider interest in We of quarter. main in a quarter is reliability them things percentage into improve topics. the the a recovery, to to those to bring have would we've see put And group begun we'll work XXXX that issue of availability. the XXXX by matter effort those work that that are throughput, missed is on throughput. first-tier throughput. course, has plant. of was what terms target great be And throughput our of slightly. drive continue plant And off. been

because in that to we Recovery, and the the terms in maintenance some This leach grinding in we the replace difficult it's circuit. availability state, in drive some related and important cyclone recovery had of units to to the leach mill recovery in needed was where is gravity when And not in train. screen impacted train mechanical challenges circuit is recovery. optimize also mechanical steady the

an in improving plant higher important is achieving So reliability in the recoveries. mechanical factor

the opportunity audit we'll think gravity of And in is there, possible plant. the because the Nelson the perspective. implement as in early from to of this got improve look there's their we've advantageous circuit month, to as also getting doing recovery a We an the fact, gold gold system, recovery in recommendations and out

I'd guess, have mine higher arsenic generate the higher higher sulfide in stopes. and/or other lastly, I certain say we in stopes than that carbon certain areas and/or

think So the week, a them a collaborate we're at of do performance. with Abitibi some And the week, to on-site operators a those the circuit mill if range helping on now, looking this better right blending. look materials. metallurgical of at performance adjust changes. those of we're is we a a in mill fact, consortium of in cooperate kind plant test providing to look forward do equipment at order we're And looking that I of better to not real-time the job job is this sending of next work feed us who Coram in things we're for to week, do and undertaking us we to can react when how to improve Coram

So we're expecting XXXX. to bringing and a to lot improvement in of pressure bear, considerable see I'm

Phillips Baker

free And think one, of that exception to was that flow have generated I just and the it be of has cash cash generating $XX negative we free clear, with million million. us a Casa year flow. every owned in for mine $XX saying It that, Berardi though, been

opportunity but way that's So mine think a opportunity. we lots the the ago, opportunity opportunity of because that it a and that was built operate resources it can and is a It to those has It that improve lots this it's practices there's a of XX to has infrastructure that mine do has the of mine it. the lots problem, better. reserves not It's of because years has.

Lauren Roberts

There's nothing but upside.

Phillips Baker

Yes.

Lauren Roberts

It's can more. it just broke, not be

Phillips Baker

Yes.

Adam Graf

And what it here. near-term the is of Yes. of to do think if the get be X,XXX day. you I'm there? goals supposed My are recollection Kind you me was capacity in XXXX? can guys roughly where mill your to a Correct that wrong tons

Phillips Baker

tons a we get It's about where to X,XXX X,XXX. we day, that's think about and can

Lauren Roberts

Yes. so long tons, are yes. Those

-- big substantially the think annually. the what make about to expect get And I we'll out we that in XXXX. -- close million gap plant long is X.X term a we'll of

Adam Graf

And to underground I -- how do you're open more pit you open see think pit the in you're underground be splitting forward? throughput XXXX? pit, to to going how but to able open do from going but from transitioning bring much you to know

Phillips Baker

has been will roughly and So and be continue half. half it to

we -- now? operating on two So we've remember, for pit open the been years

Lauren Roberts

Yes.

Phillips Baker

this we've half excess been and full what the operating -- they with to So as practices mill out. been as not half. that is And you're operated capacity, and mill as have you of just been lots that a have found good result, a be has running we've need it's when

that's of we're about So what part here. talking

Lauren Roberts

a Absolutely. place We're to be. now, chasing that's and good bottlenecks

Operator

[Operator Instructions].

Your line Turnbull. next the question comes from of Trevor

Trevor Turnbull

between, We could is and say, a for Yes. Greens, assets. if I of just wondered where the the year which going, of the bulk guidance for -- give different the just us and saw bit Casa? CapEx that breakdown wondered you Lucky full the

Phillips Baker

handy. that Yes. I have don't Does...

Lauren Roberts

got I've it, yes.

Phillips Baker

has Okay. it. Lauren

Lauren Roberts

didn't I here, integrate. shortly Very

$XX-ish is Okay, see million million Casa, capital, it. here, of would the it's million the $XX bulk to majority $XX and the Greens expect, roughly about say of as And to sort Lucky the producers. to X Creek, you would Friday, to $XX of -- let's that's million, large going I

Lindsay Hall

work at numbers, Miner tailings you've and facility in And at being they're doing got you Trevor, work Remote some got Friday, Casa the Lucky some those Vein done. that

Lauren Roberts

are capital. entirety those but of Yes,

Trevor Turnbull

even And are a was thing it's front-end ramp as kind loaded of yes, prepared just expecting you to back the Or up? get in of that of kind come Is to spread? a that fairly bit more Lucky, early curious. in year? with respect I we So that

Phillips Baker

capital. pretty the No. a have projects, the have to Friday, respect for first got buildup people quarter the lucky and million, $X X about it's you for underground to places those $X them is then to you with steady it's And money At to million. work got spend the -- the because the to

the the spread I first million, $X evenly, take million out believe. it you $X quarter, rest after first and So the can pretty for then

Trevor Turnbull

kind I And of Okay. how been it's treated. remember can't

in running on production? year is against any kind workers, the running capital treated while should getting we to the up opposed do full that as netting consider through going to Or of just complement you've management differently speed with been so of forth? it it you it it you're to While be the more commercial but -- income this or terms full statement and everything of

Phillips Baker

cost cash really footnote. a costs. outlook, not sales look if full at earnings QX cost the you'll production only release, -- Expected you are and We're during there's Lucky on see production, Friday, calculated of and our cost Yes. all-in using

Trevor Turnbull

Okay.

for that's guidance? XXXX the Sorry,

Phillips Baker

Correct.

Trevor Turnbull

that then permit kind -- us the Can with back for about just miss last Did you you know for that, switching of then to point And in timing study? And at gears study thing, Perfect. Do you're it? permitting I one it. what what pursue. Fire Got Creek? what you remind the Okay. to respect to is your is second. you something a just new Nevada terms this of talked to of looking also need

Phillips Baker

Sure.

we're right. without a where then spending study, the will roughly to of speaking, find X sure the We'll money up but and Just investment. themselves to that rush studies do do study, on on that start we'll scoping as from and return going end make X feasibility having we to a it's depends years, scoping take how not get magnitude. to long to that of it a what with we clear We're will in something studies sort back we as being, get ability study order it the this into

so whether -- or primarily EA an will that And it's right? and EIS, study. on depends groundwater, permitting is itself we that The the upon determine an depend from around will what

the a U.S. to EA, an a So in that as it years an understand we're then, year if course, because in if to could X difference. how environment EIS. those more make does might long be And it that of the got it's broadly things you could take was be whatever

Trevor Turnbull

you the you scoping that quickly? rolling to move the with kind down before permitting ahead of you ball can can do once you have everything that study? really feasibility And get tied need have Or

Phillips Baker

need from being it's the done, going we it's stage. we're what that scoping but to experience Lauren? close would the Is feasibility we depends that It to suggest on not ready. going expectation, But completely to Maybe be my fair, be before see have my pretty to finished.

Lauren Roberts

Yes.

so. think I

Operator

showing am Phil Mr. I no now further like to this questions time. would I back at the to turn Baker. conference

Phillips Baker

being soon Should the access people will questions, a day. Have attending myself. Mike Thanks have much website thanks Okay. call or get can be Again, this up Westerlund Well, Hopefully, to you any it down. and for much. the slides. apologize great call. we please very for very

Operator

concludes Ladies today's you day. gentlemen, this have and your and Thank conference. a wonderful participation, for

disconnect. all may You

Michael Westerlund	VP, IR
Phillips Baker	President, CEO & Director
Lindsay Hall	SVP, CFO & Treasurer
Lauren Roberts	SVP & COO
Jacob Sekelsky	Roth Capital Partners
Matthew Fields	Bank of America Merrill Lynch
Adam Graf	B. Riley FBR, Inc.
Trevor Turnbull	Scotiabank

Hecla Mining (HL) 6 Feb 202019 Q4 Earnings call transcript