HL - Earnings call transcript Q4 2024

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Operator

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 2024 Hecla Mining Company Earnings Conference Call. [Operator Instructions].

I would now like to turn the call over to Anvita Patil, VP, Investor Relations and Treasurer. ahead. go Please

Anvita Patil

our and our Hecla's Kate, Avita all joining presentation Treasurer, for by yesterday was Good with along Quarter thank XXXX for today's and and Relations Fourth of available I'm release Results us that President issued on morning, are Investor you earnings website. Conference Patil Call.

questions. Aguiar, and President President conclusion we will Officer; remarks, Russell Executive Operating this today, all and Financial Allen, of On Chief Chief answer Vice call President At Vice prepared we Matt Exploration; and have of Senior Officer; Kurt available Officer; and the be Carlos Senior Technical our Services. Chief Blattman Rob Vice Vice President Krcmarov, President of Lawlar, ], [ to

in the under have want management, statements our release. earnings link under come can and Investor in this by shown in projected that the remind release forward-looking to risks Virtual the and made under come like could event Reform differ in team cause to new would as if results do our you our release involve and you SEC. Securities filings I those by risks a -- the slide issued call statements. And using the earnings forward-looking to Non-GAAP other in management measures with so Private X. the with or you and call yesterday. the Section was along Litigation from the on XX-Q These and XX-K Slide Act today Any

call I'll the now pass to Rob.

Robert Krcmarov

engagement our and all X months everyone. some the When intensive strategy. for morning, I've next of joined delayed a are visit opportunities future the to ago, review and mines, available but to trip stakeholders, employees, Anvita, a and these our throughout visits one about an visited of I'll and actually, of my winter my Hecla you, good Thank now Hecla's I which developed began clearer Hill, operations Keno vision And us. with weeks. storm of I extended business couple in I've that

I legacy, XXX leader as mines industry guess its silver with in what Hecla premier was in a long-life high-quality drew to initially extraordinary jurisdictions. me years the

firsthand, seen having convinced more operations our company's I'm of even Now the potential.

long-life premier high-quality exceptional in foundation has really I our an team the Our to and caliber mines say provide jurisdictions management me. impressed have of

growth a Our cash and continue operating Friday, X performance than portfolio ramp-up pillars: on strong to Hill Creek initially our stands flow. been operations, and robust cornerstone has more had it's key opportunity, deliver although our primary challenging Keno Greens represents Lucky thought. I

during reduction However, envisaged for achieving but we acquisition. profitable potential -- strategic mine have require At hasn't Casa the clear yet strategy time realized Berardi, will we've there, sustained and that recognized a it investment. its

capital potential, this So team while our strategic management and direct from requirements to really value bandwidth alternatives it future to all maximize has shareholder consumption me to have its asset. led evaluate

by leadership. commitment Looking and ahead, X key all pillars, focusing our strategic to they're ESG underpinned on

through implementing improvement and operating decision-making capabilities. real-time automation of analytics, building sites, in improvement First, relentless the standard continuous investing excellence control we're advanced cost across operational achieving driving to in systems committed through all and

to portfolio this with Second, review Berardi of portfolio unlock We've evaluating to we're maximize optimizing value. Casa assets and value. exploration our begun we're of our investments strategic and

a remains M&A We're substantial competencies while core primary and our Keno our developing that strategic framework focus. to value. Hill at So growth organic create disciplined leverages

shareholders. rates. on approach consistent and balance clear and flexibility We're our our on financial focus This cash financial sheet -- investment with generation should our capital deliver disciplined flow implementing a free discipline intensifying hurdle we're and shareholder framework centered Third, return build allocation rigorous returns. on returns and metrics to strengthen

silver Fourth, and continues in deliver strategic to U.S. focus our production value. on Canada exceptional the

positioned in growing largest X base silver operations North and concentrated strongly we're jurisdictions, the Tier sectors. reserve demand and meet renewable from energy to America With green technology

combined unmissed And our while cost stable valuation, think advantages Hecla with structure, industry-leading environment. new Our a unparalleled assets, gives warrants opportunities. this today's complex Hecla market capturing expanding position footprint and providing of in and global these security dynamic distinctive apart particularly really in sets regions, I investors premium and

success course depends to stewardship, all stakeholders. community deepening these with ESG relationships responsible the environmental industry. And -- commitment is our leadership unwavering strong partnerships on in Nations pillars Of and in mining fact, the First and our

in achievements strong highlight Slide targets. We and on production our exceeding gold cost our production silver X. detailed meeting So while our let XXXX, consolidated which delivered is me performance, operational guidance

priorities, strategic achieved record the revenues in at of program strong Hill our and silver successfully and history sustainable development. our reliable approach growth, cornerstone, strategic Berardi, driven reserve Our Creek in at particularly improvements Russell million sheet annual $XXX in We position, robust flow. Greens we're solid to evolved maintaining also increased free highest the by I Friday while financial Casa returns. Lucky metal the with dividend investing shareholder implementing us balance supporting from Keno advance reserves We've second and in higher investments strengthening in prices our to company's moment. all that's delivering while exploration enabled and mines. And Keno in maintained organic think by consideration, will contributions this where careful our key results shareholder after walk and XX%. noted operating performance $X.XXX, X Most a details XXXX, Hills generated base cash target through returns and

call the financial for a review. Russell detailed to over hand now I'll

Russell Lawlar

Slide on X. start I'll Rob. you, Thank

our delivered We reducing objectives: achieved which X growing Our goals operational and XXXX later. detail I production. balance challenges, leverage strategy sheet, on strengthening key these will despite are

flexibility. taking steps of financial was strategic decisive key dividend. we're 'XX, to elimination enhance to ahead decision similar the Looking our -- our The

Friday flow be opportunities an will substantially free wasn't more strength cash of accelerate generated their growth remarkable our shareholder evident $XXX Lucky free generation The leverage of believe cash this million our improve core This across portfolio. also the initiatives. in we These cash by over robust Creek our $XXX reinvesting deleveraging X.Xx record track flows during distributions. our will and and This us dividend Greens organic While having delivered value assets million is in investing EBITDA associated cash easy than freed to from up X.X choice, the performance of our $XXX significantly flow. ratio million net simultaneously year. enabled continues while to capital

to Turning X. Slide

metals. mentioned, coming from from XX% from Rob record $XXX that million we revenue XX% of gold over of achieved the silver, the remaining As base with revenues year, during and

received copper deck. the revenue during first the of time from amount Hecla has Additionally, revenue year, a received small we from copper

ounce silver ratio. increased margin saw margin XX%, higher institute also price revenue We our realized This have EBITDA, net expanded in to and generated XX% improve from of helping which XXXX. cost per per our XX% nearly record continue additional our sustaining adjusted silver while in to XX%, only leverage XXXX appreciate our

strengthening noted we've significant balance this the on progress As leveraging company. sheet our slide, on and made

expect ] intention fully not to we're also we reduce and continue to a the silver cash flow. time, leverage we With ratio our [ invest long However, organic cash Xx strategy debt gross the with deliver with in to -- net strong investment successful satisfied our assets adding our sheet, that free XXXX I'm growing to on progress flow generating the bringing prove to over a from to growth our horizon, be another of structuring in the Over to basis expect performance. while revolver further made. our and operating free year our in in balance within the asset base confident demand, will cash continuing our up to

I'll Robert. now pass to

Robert Krcmarov

equipment to XX operates in X to areas in and ounces access you, quarter production our in provides improvements cash annual high-grade mine stability silver mine of mills our produced consistent year. flows are Russell. Fourth quarter mine million consistency million X yielding million of of issues of silver fourth the production XXXX. quarter but X.X for improve in and in X, payable Creek and Greens Thank foundation The and the X and expected across Slide limited X ounces. production. by On Greens rate and was X.X early to ounces grades silver zones future. Creek fourth silver and the impacted backfill equipment cornerstone The million maintaining areas,

production is sequencing sequence be mine to between lower metal main with and planned by For driven X.X and projected XXXX, ounces, higher million grades X.X precious million content. in

to our operations lower that Cost the increase which are expected provides it industry-wide of precipitation maintenance per labor ounce hydro as is tons. mine undergoes power and use is utility in power across for the higher seeing by snow diesel levels to costs trend and higher impacted the and a power pack costs, power and by as we is

expansion guidance dry increasing through tails also we the construction for are We the engineering to extend capital commence XXXX. as next capacity and stack

Our life. in cash growth. exploration mine $XXX strong With in years billion and over [ the generated $X flow reserves million of ] ] program operational Greens Creek contributive XX flow future ahead, of has continued in production free success The since XXXX, substantial cash in free XXXX. reserve for XXG sustaining began looks mine's [ the

Lucky in XX. Friday Slide XXXX. a record-breaking year operational had to Moving

full refrequency maintaining With in since made the year. production achievements in X.X the XX-year produced rate highest XXXX. silver production for its these ] mining mill Notably, and while in [ mill, a lead ton most of best history highest the -- were the

mine million year silver X,XXX was and of due cost XXXX labor for favorable produced sequence results in ounces at increased costs than ounces due ounce day The [ ] to of grades. higher per silver $XX.X X.X to The guidance contractor for with strong X.X use. per in million higher the all-in produced of delivering sustaining tonnes mining

as expected positions in to to costs filled. decrease contractor However, XXXX be are continue

insurance was generation $XX Free flow million from $XX in XXXX recipes. including million, cash

XXXX. to to company to mine mine over mining costs expect surface sustaining with our global. XX-year of reserve mines As ounces into cooling X.X XXXX, decharged all-in infrastructure, we to increasing to with X.X planned similar enhance project investment million and a the body capital deeper to million consistent ore support look -- we as is help The -- the proper produce the silver, to life advance key the

robust team XXXX second the navigate for strong improvements. investment The challenges mine's with ongoing XXXX, capital long-term endearing favorable well and their geology record escapeway flow, strategy, positioned setting stable positions the mine and success. solid to production in This the ability -- performance fire smart after is a operation, cash fresh combined the secondary another with management corner store as highlights for mine or

curtailments to power its X.X continue shutdown of production but related day, guidance, throughput [ ] quarter to days was XXXX are when challenges. from social despite million the producing ounces averaged mill scheduled dry XX-day quarter, and and Slide tons by fourth tailings XX. and expected impacted In facility production of permitting per operational Hill completion. constraints main into turning to silver Turning facing short Keno are met XXX the Power Yukon repairs stack to first for mid-XXXX Energy XX Corporation. hydroelectric resolve a

The X-phase water Hill. growth. dry sustaining and on investments We day have profitable production to tons to permitting Phase production the these by mine clear tails XXX tailings Keno developed infrastructure X plant, at visual short including development. per focuses key a Despite projects, feet are delays, stack drop advancing and treatment achieve facilities, strategy critical cemented maintaining back reaching

additional requires our partnership in on mine's ] partner. execution, new short the this government high with day, crucial [ for X the the cost. per long-term to responsible at strain as continuing our which beyond Yukon to Nation investment This targets remote depends in increasing phase profitability tropple tonnes Phase First fixed approximately due success operation XXX is a to technical permits infrastructure The

the Premier's partners. to support process encouraged We the mining by are in Yukon efficiencies established permitting create commitment and

working momentum to Premier resources are government mines developing Collaborative has a working charter address power with through strong approach on on We infrastructure support seeing our department. major needs, positive Yukon partnership to operational with in demonstrated allocating that solutions.

expansion, Phase building. challenge remains, for including the momentum X is positive While permitting

ounces, of shortly. highlighting XXXX route was we million tonnes to X day. silver this license of million Kurt district's exploration as and production approach production XXX expects million. costs an million X.X XX% anticipating elaborate A Production in of exceptional on increase Phase research Hill per potential. reserves Keno XX XXXX in is million $XX significant the XXXX, $XX quarterly X.X to target Will in of to For ounces

and relationships While are approach face our short-term growing infrastructure stakeholder Keno we foundation solid systematic Hill's success. to challenges, for long-term on building base resource development, a

to By flow Casa mid-XXXX, Turning to ounces on a to of ratio in and as the the sources-only at the strip improve all-in produced stronger Slide per generate XX. bid the ounce. economics complete Berardi free sustaining operation $X,XXX cash decreases. XXX transition is mine cost an XXXX XX,XXX expected which focused

Casa dewatering development XXXX, to ahead, through West pretreating on Mine X X-year Berardi's focusing extends and Pillar. the planned plan Looking period, Crown the [ ] pits, by new current open followed production a develop principal permitting infrastructure, and

While asset potential, is gap these November year. flow The as cash the an future in the pits extended and ongoing have evaluate last the review significant company has will provided be free prompted for strategic year. previously process alternatives to announced update this production

exploration I to over will to hand call results. the discuss our Kurt

Kurt Allen

Carlos. you, Thank

As silver second since increased reserves ounces million, silver XX produced in by XX XX, XXXX, million the highest Slide you ounces, XXX-year our see can $XXX have on reserve we history. million our to silver

reserve through are to every drilling. year, ounces focused -- silver base the more we As we mine able

XX%, During plus increase. the a and Berardi replaced mining replaced Creek depletion increased Greens by year, small nearly reserves production Keno Casa Hill

Moving to Slide XX.

exploration efforts zone the shoot, the ore significant continue at Birmingham drilling be identified At where date through Hill below intercepted by horizon. deep Evidence to really I'm interpreted we quite both and Keno a potential Our demonstrate controlled silver results. surface bearing vein intersection. excited proximity widest the to to an the campaigns. appears by these target, underground newly Northeast to suggests structure

These At all validate XX.X Inca include district's drill to results exceptional of delineated feet -- the XX.X hole exploration mineral impressive Intercept feet the we and Indian over significant further silver, ounce tonne credits, zinc width. continue model XXX an strength per and potential. our mineral outstanding XX.X%, over demonstrate lengthen vein, results

high-grade At dramatically exceeds we've upper to extends down expectations the evidence presents the views of of compelling pain. it system footwall in vein the Birmingham key robust XX part contrary to of discovery sections a values The plunge the Both Arctic Birmingham footwall across of zones of the Slide thickness times mineralization. and the significant our a area. the depth new X system. grade vein, from longitudinal nature that latest Berven are shoot fault slide the section identified the and mineralized shows parallel runs previous silver in highlighting section for

over silver ounce Intercepts grades to in areas XX.X mineralization, received per ton significant during the quarter in and feet. previously that stringer and widths containing as XX.X show lower-grade were up include silver

XX intercepted of and XXX a depth drill latest stringer of Our veins X that contains located and to Galena, hole feet feet further wide tetrahedrite. zone a long strong over sphalerite, mineralization, plunge with amounts variable

its the observed our While adds of the assays the high-grade in These are geologic base, mineralization pending to district open latest for incredibly depth, enhance resource only of well-endowed suggests further our understanding for Each not intercept structural potential expansion, significant substantial at of resource district. new improves interpretation mineral but our confidence and our results to our also potential. reinforce this extension for growth. remains the continue intercept, structure

I Rob. to pass that, the with will And back call

Robert Krcmarov

Thanks, Kurt.

XX, ahead anticipate a as production and look remain XX.X is to We costs couple for higher while open profile anticipate per both And guidance XXXX. generally to silver modest in our Creek increase Slide Casa power million of consistent by gold transitions and only our XX to months. Friday ounces, mining. we to Berardi Lucky with anticipated on we in ounce, a Greens decrease XXXX production at driven with generation consolidated production million to labor pit As costs, cost of

Berardi, our in are assets at production Friday, bring flows. investments Lucky -- our our and capital Keno Casa future anticipated Creek to Greens Hill core to stable investments maintain initiative us position growth production while advancing our growth Finally, at and

So call like to Kate, to questions. the open that, I'd with

Operator

[Operator Instructions].

from of Your the first Nick Riley B. question comes Giles line with Securities.

Nick Giles

My outline considerations? Thank there could you What if everyone. the of stake operator, a an some congratulations Casa, trend you wondering and nice second lower in other strategic QX. ratios was you, first Would Guys, process obviously, and progress outright the line at look looking flow in we're question review place? sale? good free stronger time sale on I morning, towards But versus half. a cash the here was is to in strip and

Robert Krcmarov

and a your form. include Well, looking operating improving thanks Nick. We're does whatever options, at at potential also We're that looking shape plans. for really looking divestment question, or our at in all

now, about right completion aware, anticipating principal we're of F and you're As at the between X-year a the the the hiatus production pit. from XXX of pit commencement production

the healthy some at And a prices, know the years out. prices don't really very is what very, are time. to pit produces we going That gold cash But long look lead in actually current principal like gold flows. X

a trade-off I quarter. divestment out, more potential second at a or operating view our road. waiting So a really down bit flows value cash have further harvesting a the it's better, looking through in we'll forward improving expect and bringing little between it plans coherent the

Nick Giles

appreciate just think earnings. I back just next it. you question that dramatically catch all quite some the heard net target, color. of leverage declined I new ratio I but the didn't a on reference And was stronger I has My

So capital for the continue be and to some maybe revolver. powder chances able assuming and dry prices building some robust How opportunities of organic think versus you about additional to metal we on mentioned? should you're growth pay increased returns of the the

Russell Lawlar

this Russell. Listen, is Yes.

been below that to be Xx. We've progress of and kind target less ourselves now, target, of a net ceiling what in we As able that essentially we've to past is reached that it We made we've ratio. wanted significant back We've relates the new under a than Xx to leverage bring the where deleveraging. line always in said the we're have that ceiling. on

new So think don't I necessarily. there there's anything

target. just we're think approaching our I

invest cash of revolver, continue be our sheet need exploration on well we But some our that building clearly, the the both also relates guidance generation, the and strategic is the will to to future we've of the as it one business, that see because put getting you in yesterday priorities. in capital company. cash that the as off balance As to out our of

the paying of suggest cash a up in well making there's act -- bit would those we're a investing off revolver, business. would So while build we I investments. our between and a balancing But as balance cash building as

generate the we saw than us we dividend better that And Silver that Lake cash because we that you we with weren't... opportunities we think -- have removed internally do that

Nick Giles

for Russell, hydropower one much cost could. I the the What's change utility, maintenance how did this if the time of more, your guidance? line

Russell Lawlar

in be will timing, general, we In But this also terms Creek actually it of see year currently at -- year. now. generated are Greens middle and even currently sometime this earlier power of we

So cost scale. increased a produced of as total, you million our as an $X sense a it's to about kind just from of give of basis

Operator

next Your from Reagor comes the Capital line question Partners. ROTH Joseph of with

Joseph Reagor

capital on rather growth. hear it's And return words share instead of investment to like

So you it the balance more it talk sheet? talking Is there an it on something the production Or favored outright kind there that if you would a is is it, the sale hurts were help possibilities, that sell Casa, future. note, outcome? preferred you're because outcome to of delever that around in prefer but is about you

prefer to keep So you it?

Robert Krcmarov

said, be use now, than gambling years continue we'd cash delever price for presented out out. that were X future like or what an attractive there. would on The more a is to while we to important flows, that's that's we us. compelling with the If as right would sale, I And potentially X to gold offer the proceeds outright forecasting

Joseph Reagor

be pushed a back think X-year just used the permitting Yes. And that gap, that's X? that like X-year on Is Fair to gap. I it into enough. more it

Russell Lawlar

are on reason, more assumptions. color challenging to main it's Yes, we yes, our but the permitting. Permitting Correct. go some planning permitting. back been it's track, the And -- previous that's than has

Joseph Reagor

really Fair And to-do the yet, what the haven't about there on over Rob, positive? get the cash challenges Any of there Okay. the and asset there on but needs list. power flow know, enough. I been be things then any the to thoughts identified? already big Like are start you've to Keno, with change to at it's year, you

Robert Krcmarov

Yes.

was engine. thing to we to get tonnes limit is our The really tonnes per high and to fixed capped because in Carlos anticipated. not investments infrastructure. that day, We now, per the Right main need location. of costs permit So that's have XXX continue a the the talking the about, at cost XXX than remote largely that day, are we the that's but higher

the really, tonnes goal So ultimate per day. is XXX

additional there, in infrastructure power, on of But they sort all to that's get rely the investment, permits. that tailings water camp stuff, mill we new to and need space, make the so all plant, treatment to

bit And getting a to see so permitting per to pathway has tonnes of a do been day. but constraint, we XXX a

Joseph Reagor

an it? Okay. those down continuing you temporarily permits of kind guys shutting versus you of And run have internal get potentially to trade-off until it operate

Robert Krcmarov

investments. delay But Yes. ball we're of if had put being continued the reevaluate up on in pick to discussions on the the our consider care our sense we to evaluating some we'll I And certainly mean with encouraged makes again, maintenance it we'll always see if right and permitting, And it Yukon and we've that. another position. now, government. expect by day,

-- discussions not but Yukon understand But I mining some permits. to premier Yukon encouraged had power for have reengagement the been that say the of indefinitely be just waiting all we with they the we've I the the government, and have by cannot

Operator

line question with O'Halloran comes from the BMO Kevin Capital Markets. Your next of

Kevin O'Halloran

receiving Maybe permits? now what up of permits, have And the on last of water bill, the what's expected similar those those but just like treatment to those to you get infrastructure your one, the backfill a timing once then timing items, picking facilities? and kind the right the maybe permits, is do

Robert Krcmarov

Carlos to the about start Let then limits, out infrastructure. and go talking me just about by the I'll

bit years, on and met in premier got and license the with progress at we've government We companies he to that a business do so We've social team over but we responsible Kevin. track going his understands and need Creek the have fantastic like XXX on acknowledged demonstrated up and has and the for permitting, environmental prices several made He and a permitting the understands to been January, challenges that be through key Yukon serious Hecla. the the have keep the initiatives. the Greens being I'm that in here, So be remain. we've record Yukon that in commitment to

a And will allocation mines resources needs. undertaking we'll power develop There so department. he's be major address of with charter to that a those infrastructure

And to really, he instructed a solutions in really collaborative operational his try operators. more for approach have create department finding the established process some to permitting and and efficiencies

had last gold Now year failure at don't obviously, Eagle things paused because of own. the heat we the which obviously leach mine,

while so Yukon momentum we're Nations. And this to government, with continue the with in to encouraged we're the partnership by First the positive going engage

remains our and per encouraging goals will year. his XXX permitting in progress that take, be a with that this risk about, But significant profitable towards so some And that production. I and making getting Premier's steady that we the demonstrated to which getting words should we support to the spoke he actions to be the to threshold believe is day critical still about tonnes

Russell Lawlar

XXX improved So related to reevaluate mark. tonnes we the Phase which are years another going sustained which go with which After are per in day the probably is X day. tonnes take next prioritizing projects, going that, is execution per years, up the X, XXX to of projects course, of to the to and X we

Kevin O'Halloran

of sense roughly of versus And costs percentage the that Appreciate you speaking, quarter? the do this on color What reported like Okay. maybe a just the Keno, fixed cost us proportion give you cost variable? the can of fixed consider there. at you

Unknown Executive

if got charter, be it got A a But about specific operation, thing. got you be site fixed. Because things. out, of had us you've rotating primarily to mentioned, a result, a fixed those challenging remote will percentage, think would way you've whether they see overcome improvement. the you've it be camp, a the those people will are And for types and because higher as high a -- cost Rob as and those in we of itself,

Kevin O'Halloran

kind of is About the That sense. capital that follow-on, Is a CapEx. and the project. of one a years? Okay. then much normalized be spend of the just for how me being would is Lucky the sense future that the that final in terms to Friday then trying of all makes as maybe allocated development how mine on -- to cooling what get much And of in

Robert Krcmarov

next the mine is is close for million year. $XX system million to the So development of [ and fryer Lucky like calling $XX ] surface

years, once in capital in complete next to coming we a this going for it's the Friday. be the So project Lucky reduction

Operator

Your next with question Wainwright. Heiko Ihle from comes the line of HC

Heiko Ihle

mean, this Lucky and Friday production? you all could color that through to further much this quarter Can halfway pretty second. maybe production? well be in for point. we're more QX in in on mean bit can beyond how you what efficiencies and the you provide a expect But I quantify maybe factors those at inverse running essentially improve And you I -- video to on seems impact your this -- changes the a expect at of have site here. cylinders to

Russell Lawlar

XXXX, me So it's hearing your if you me restate -- it -- right. we're sand, good question, Lucky here out having you're coming a let fire call is on the a you tell time had good but I the especially had. right, And The we've we -- hard very think Lucky on very mentioned highlight I'll got qualified a group. of Friday, I've Friday that can

future, of and do the kind successful expect continue to we consistency the out Friday a future. So base in to Lucky in be

do expect it I'm up as what near of I relates was little the term I your to the struggling to Lucky guess, we Friday. -- see what kind in question was bit a --

Heiko Ihle

what QX X done QX the numbers? maybe weeks beyond of done since getting has and words, the of year this? some the the efficiencies see last that Other the not have other and may in even and production in to changes impacted should we expect In what is been been that getting beginning in

Unknown Executive

level won't you That's not quantum harder Blattman. last efficiencies away there, This be remember, as make record a access, challenging harder. be going cost. improvements let's it's gets harder find record production and year to deeper it's see own to change. you're and they Matt a harder steady, and and year, going trying from and Friday primary to slow, know, every farther had to as one, we improvement we go Lucky improved to this is think beat is be your sure going This be going And it I don't also see continuous It's going changes. to to say but farther from be to our every

Heiko Ihle

basis. maybe of Fair to a bit to of your analyst second sort halfway cost states going tomorrow the color the expect terms it enough. quarterly model be even where release, in I the in community maybe firms? that, you year by QX, we'll the In Casa that quarter of through see on are the effectively half just numeric be the quantifiable lower. I guess, a bit remainder where But versus press QX And us should in a mean, at little and

Robert Krcmarov

start surface what fill Berardi for jump right? both and at expect a we so underground what operation Casa come because right is and And Carlos operation, will a them an now expect out. to I'll we mine midyear, surface to completion can clearly, where point, be the supplement is able and that necessary. that But in to is underground that

perspective, to well. we'll the happens, the what and that we're ratio, down the expecting cost then underground surface the as from from And for remove stripping come

and I manage such, as we XXXX, give through surface. that we as move change, do don't less What guidance, say through would things see we that quarterly should those is because do just come. mentally XXXX, as they the So don't we'll mix we and from

off. the expect come standpoint, to result, we see on just And as of be second the frankly, as we so that expenses those to cost able be you'd we we the And way a any come like come off to for would year numbers strip you the would more in I surface and as that? down see the also necessarily the say, solids from give there and we the quantification quarterly reduced as will of a activities -- see Is be half wouldn't anything mine. underground ratio add the focused

Russell Lawlar

in meet most -- to X open the capable the going of and tropple. second mill pit half be conditions the The to we that's which is to Yes, the the along exactly is year need is significant right. fit is maximum the

Heiko Ihle

think question reflected differently how the quarters goes of open an how do to numbers? pit-only -- you a when then. the it has impact try it savings If touch many cost be the to fully for long I'll operation, in

Russell Lawlar

would see where year, to be I underground forward So would underground, come how decisions come open if carry-on et will be continue continuing as some middle the underground Those -- to the there and we see keep we cetera. go of in the we're make. expenses will off exploration, it that with the the determining off, to

few if So likely look I say a be will fourth would you'll quarter. it it at quarter there from be a that X/X, see in to better you carry-on position as perspective than costs should the probably that the because relates third

Heiko Ihle

I with very got Thank was much. this. where exactly you You going

Operator

Research. with Your next question John Tumazos from comes of the line Independent John Tumazos

John Tumazos

board. to see you on Good Rob. Hi,

special the meet life. your Montana my and X to adult trying the passed those Montana you with chance officials of what's the to I've expediting Montanore state a the had been Creek. Rock predecessor entire progression aware, admiring the purpose reweighted you're law, them and outlook As Have delay for of to projects.

Robert Krcmarov

Well, endowment, question, -- at XXX X to [ admire GBP them. copper you're of ]. billion the to phenomenal of good silver. I was immediately right drive GBP X.X% and mineral million

of size the for really has sure. the got my So attention prize

going the In through terms a limiting updates, moment. strategy of -- the we're at basically

fee period a objection regulators in a followed approved plan haven't injection the XX-day we've that's exploration the the by operations be I the with the by depending will and issuance. be with the them of project, it obviously, And [ approved, the received fund be So of next the public be could 'XX. there's comments Libya for Service, response to And really, the going then week steps, on that received. had QX forestry ] been but final nature about going services and draft met Forestry And VA EIA final objections frequently. and X,XXX if issued, common, our for any forest to XX be personally, updated will XX-day a to period. meeting decision there's on respond a team there's of to the the comments, service for then the days in project,

the moment, at period comment that John. in we're So

John Tumazos

which from of becomes [ trend times ] the through for a of it and Concerning think catch neighbors maybe toward Casa would Berardi. Berardi, idling all worth Casa the great be extending mining you ], East Mines, to know, the you better improve cost wait our the district? the trend, maybe lower Walbridge, the Cochrane thriving operation it there's Is West Ontario, access, the in might Fenelon a deal to north-south Cochrane more there lifetime, the or Gold east-west Do exploration mine when on [ up as way Detour highway at in in highway activity, a major mine from Maple companies, other different straws, projects.

Robert Krcmarov

John. like would It's know what and concept. be I But that be. to the it. do interesting really we welcome continue hold infrastructure certainly I an way if investment timing Berardi, there'll certainly I And about we'd the don't don't whether Casa know, and who you're outcome. thinking an would it

John Tumazos

precious of buyout as Alexco and Also I and If site by $XX mining I'm like and more, the -- as trying the a much the and the costs ounce. better, well one fixed before the Yukon is stream twice the camp costs or not a obviously, are Wheaton -- the ask X the that known are year take expected. to and ago. camp But price costs planning could metals an silver

at we XXX and that me tonnes surprises they it XXX tonnes can't need do So the day a job.

Russell Lawlar

be looked at project, there well would again, the I'll we -- high can knew and we fixed cost. as supplement that John, in, a as Carlos jump

the ramp-up to doing think that than that investment we've that had the didn't made too, and we challenging make, realize we I the more has continue that that needed Rob expected, we been that there's infrastructure things were do. we to we made some comment, been frankly,

that from better. in perspective, dialed a think we one is the that the have bit I could things of So cost

John Tumazos

ounce the good on an $XX surprise the So silver prices amount?

Russell Lawlar

So price day. that our at even tonnes phase, still things we're ramp-up building increase keep now, in. in we're XXX in is the infrastructure, the right mind, types we're not currently a putting still So the of But in helpful. Certainly, those right? currently silver

get place in for us things to to there. have We get

Operator

comes of question line Parkin National from Bank. the next Your Mike with

Michael Parkin

of thinking you on it projects American mineral touched portfolio on the to sale in role. the potentially It seems phenomenal acute into endowment. get more exploration before selling the review into exploration projects terms a potential of rock your Rob, of got are feet of you kind with and and you've the market potential wet just thoughts of a there? any be initial a kind plethora You your a bit little you're just of months new few as

Robert Krcmarov

out here. to Thanks the and in the definitely we that. do spring question, baby bathwater We're summer with in throwing time are spending for the rocks some -- intend like Yes. be going stuff not Mike. and the Nevada when And exposed the down

And by some so I excited the opportunities. am of

exploration going this for budget Our to year, is constrained. it be

And let bit. a me explain little that just

to portfolio, as we're our are not a robust industry the strategic limitation. out. our of got across size. think are of deliberate So is our down pretty maintained many taking a point targets And exploration companies intentionally we've fairly exploration Nevada, And quality capital and really to We've and you investment. the averages, comes approach in it's below them I of what a allocation. this But really basically strategy, a measured pipeline it spending

have exploration lives, mines that flexibility the gives to really programs. you're So existing our our got us and aware mine that time substantial

financial our investments doesn't the a quality targets. I capital Keno So we've other for current exploration guess, like the diminish prioritized Hill, given but of our critical parameter, this

exploration point any rather they the on opportunities. key careful is capital the reflect constraints think drilling our levels, I allocation that than

we systematically that compelling targets. think priorities environment. investments and And free our simple matter cash our really advancing for a it's And the as of generating a argument them going so as projects when stage there's optimizing I points. through think said, key and And I we've start capital best exploration deployment But I decision got our evaluate really be evolve. in gates flow, we'll numerous high increasing more current to our resource potential

about identified So yes, we've I'm others constantly that you covered some we not in the upgrade dormant But keeping. full game, probably projects. as already excited are is and portfolio the projects know, just have won't that quite our be a to the of There portfolio. of really,

Michael Parkin

to future like plan? respect seen kind possibly might the getting it then kind you that recently, And government that track fast could Great. any to for similar Casa with BC a the tailwind of permitting indications we've line something their be time announced just Are for there adopt Quebec open process. a of

Robert Krcmarov

question, that that VP of a I don't to Mike. person the -- sustainability, experience. the actually process are in answer we extensive hiring and has know permitting -- processing

a And better so answer we'll for fairly have you soon.

Operator

to I remarks. will the closing Rob turn back now for call

Robert Krcmarov

you a Well, evolves with we day. our joining forward for have it and thanks, next everyone, keeping and quarter. good on us updated to call, this Thanks, as look story

Operator

concludes and joining. you Thank call. today's Ladies for all this gentlemen,

now may You disconnect.

Hecla Mining (HL) 14 Feb 252024 Q4 Earnings call transcript