Hecla Mining Company announced record full year 2024 sales of $929.9 million, a 29% increase over 2023, and a gross profit of $198.2 million, up 75% year-over-year. The company achieved net income applicable to common stockholders of $35.3 million, a significant turnaround from a loss of $84.8 million in 2023, with basic income per common share of $0.06.
Adjusted EBITDA for the full year surged to $337.9 million, a 62% increase from 2023, and the net leverage ratio improved to 1.6 times from 2.7 times, reflecting strong EBITDA generation and debt reduction. Cash provided by operating activities increased by $142.8 million to $218.3 million, contributing to positive free cash flow of $3.8 million for the year, compared to negative $148.4 million in 2023.
For the fourth quarter of 2024, sales were $249.7 million, and net income applicable to common stockholders was $11.8 million, or $0.02 per share. Silver production for the full year reached 16.2 million ounces, the second highest in company history, while gold production was 141,923 ounces. Consolidated silver cash costs were $2.72 per ounce and All-In Sustaining Costs (AISC) were $13.06 per ounce, both within guidance.
Hecla also announced a strategic shift in its dividend policy, eliminating the silver-linked component to enable reinvestment in growth opportunities, particularly at Keno Hill. Key priorities for 2025 include driving operational excellence, evaluating strategic alternatives for Casa Berardi, and advancing Keno Hill's permitting and infrastructure to achieve sustained profitability.
The company's 2025 guidance projects consolidated silver production to remain consistent with 2024 levels, ranging from 15.5 million to 17 million ounces, while gold production is anticipated to decrease due to Casa Berardi's transition. A modest increase in consolidated cost per ounce is projected, with capital investments expected to slightly increase to sustain production and advance growth initiatives.
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