Operational Overview

Hecla is the largest U.S silver miner and produces more than 45% of all silver in the U.S. We are the third largest lead and zinc producer, and we also mine gold. Hecla owns the only primary silver producer in Canada and we have exploration properties in world-class silver and gold mining districts throughout North America.

Hecla by the Numbers (2023)

3

Operating Mines in North America

14.3

Million Ounces of Silver Produced

151.3

Ounces of Gold Produced

40.3

Thousand Tons of Lead Produced

60.6

Thousand Tons of Zinc Produced

Operational Strategy: Long-Lived Mines in Safe Jurisdictions

Hecla invests in long-lived assets. This allows us to operate with maximum efficiency while also building deep ties to the communities in which we operate.

Our mines are located in North America, primarily in the U.S. These jurisdictions have established transparent regulatory frameworks for environmental compliance, health and safety protections, community engagement, corporate governance, and adherence to human rights. This ensures our operations run efficiently, our workers are protected, and our investors get exposure to silver without taking on the political and currency risks of other countries. Our site locations are also highly rated by the Fraser Institute’s annual survey of mineral and mining companies for investor attractiveness and a region’s policy climate.

  • For investment attractiveness, Hecla operates in 4 of the top 20 regions globally (Nevada 1, Quebec 8, Alaska 11, Yukon 20).
  • For Policy Perception, we operate in 1 of the top 10 globally (Nevada 1), with 3 in the top 15 (Idaho 11, Alaska 13, Quebec 14).

Hecla operates in jurisdictions rated by the Transparency International’s Corruption Perception Index for low corruption. (Canada has a ranking of 14 and the U.S. ranking is 24).

An aerial view of a mine.

Hecla’s Operations

Greens Creek

Alaska, USA

Underground
Workforce: 463 Employees
Small Footprint: Acres Affected 365

2023 Production
9.7 Moz (Ag)
60.9 Koz (Au)
19.6  Ktons (Pb)
51.5  Ktons (Zn)

P&P Reserves
105.2 Moz (Ag)
881 Koz (Au)
250.6 Ktons (Pb)
658.7  Ktons (Zn)

M&I Resources
111.5 Moz (Ag)
800 Koz (Au)
239.2 Ktons (Pb)
643.9  Ktons (Zn)

Lucky Friday

Idaho, USA

Underground
Workforce: 352 Employees
Small Footprint: Acres Affected 149

2023 Production
3.1 Moz (Ag)
19.5 Ktons (Pb)
7.9 Ktons (Zn)

P&P Reserves
78 Moz (Ag)
492.4 Ktons (Pb)
229.4 Ktons (Zn)

M&I Reserves
53.9 Moz (Ag)
359.6 Ktons (Pb)
173.3 Ktons (Zn)

Casa Berardi

Quebec, Canada

Underground
Workforce: 678 Employees
Small Footprint: Acres Affected 1,645

2023 Production
90.4 Koz (Au)
22.4 Moz (Ag)

P&P Reserves
33 Koz (Au)–Underground

1.2 Koz (Au)–Open Pit

M&I Resources
837 Koz (Au)–Underground

7 Koz (Au)–Open Pit

Keno Hill

Yukon Territory, Canada

Underground 
Workforce: 290 Employees

2023 Production
1.5 Moz (Ag)
1.2 Ktons (Pb)
1.3 Ktons (Zn)

P&P Reserves
55.1 Moz (Ag)
13 Koz (Au)
58.2 Ktons (Pb)
52.3  Ktons (Zn)

M&I Resources
33.9 Moz (Ag)
26 Koz (Au)
41.1 Ktons (Pb)
157.4  Ktons (Zn)

Reserves and Resources

(As of December 31, 2023 unless otherwise noted)

Proven Reserves (1)
Probable Reserves (7)
Proven & Probable Reserves
Measured Resources (9)
Indicated Resources (10)
Measured & Indicated Reserves
Inferred Resources (11)
Proven Reserves (1)

Mineral Reserves (1)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (2,3)

9

11.3

0.08

3.5

8.4

100

1

310

740

Lucky Friday (2,4)

5,299

12.8

8.0

3.8

67,595

424,080

201,280

Casa Berardi – Open Pit (2,5)

4,240

0.12

379

Casa Berardi – Underground (2,5)

55

0.09

7

Keno Hill (2, 6)

Total

9,603

67,695

387

424,390

202,020

Probable Reserves (7)

Mineral Reserves (1)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (2,3)

10,009

10.5

0.09

2.5

6.6

105,122

880

250,270

675,990

Lucky Friday (2,4)

966

10.8

7.1

2.9

10,411

68,320

28,100

Casa Berardi – Open Pit (2,5)

11,384

0.08

859

Casa Berardi – Underground (2,5)

175

0.15

26

Keno Hill (2,6)

2,069

26.6

0.01

2.8

2.5

55,068

13

58,170

52,380

Total

24,603

170,601

1,778

376,760

738,470

Proven & Probable Reserves

Mineral Reserves (1)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)
Greens Creek (2,3)

10,018

10.5

0.09

2.5

6.6

105,222

881

250,580

658,730

Lucky Friday (2,4)

6,265

12.5

7.9

3.7

78,006

492,400

299,380

Casa Berardi Open Pit (2,5)

15,624

0.08

1,238

Casa Berardi Underground (2,5)

230

0.14

33

Keno Hill (2,6)

2,069

26.6

0.01

2.8

2.5

55,068

13

58,170

52,380

Total

34,206

238,296

2,165

801,150

940,490

Measured Resources (9)

Mineral Resources (8)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12, 13)

Lucky Friday (12,14)

5,326

8.6

5.6

2.7

45,785

299,360

146,420

Casa Berardi – Underground (1215)

1,099

0.21

234

Casa Berardi – Open Pit (1215)

67

0.03

2

Keno Hill (1216)

San Sebastian – Oxide (17)

San Sebastian – Sulfide (17)

Fire Creek (18,19)

Hollister ((18,20)

18

4.9

0.59

Midas (18,21)

2

7.6

0.68

87

10

Heva (22)

14

1

Hosco (22)

Star (12,23)

Rackla-Tiger Underground 

881

0.09

75

Rackla-Tiger Open Pit 

32

0.06

2

Rackla-Osiris Underground 

Rackla-Osiris Open Pit 

Total

7,425

45,886

324

299,360

146,420

Indicated Resources (10)

Mineral Resources (8)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12, 13)

8,040

13.9

0.10

3.0

8.0

111,526

800

239,250

643,950

Lucky Friday (1214)

1,011

8.0

6.0

2.7

8,136

60,200

26,910

Casa Berardi – Underground (1215)

3,154

0.19

603

Casa Berardi – Open Pit (1215)

205

0.03

5

Keno Hill (12,16)

4,504

7.5

0.006

0.9

3.5

33,926

26

41,120

157,350

San Sebastian – Oxide (17)

1,453

6.5

0.09

9,430

135

San Sebastian – Sulfide (17)

1,187

5.5

0.01

1.9

2.9

1.2

6,579

16

22,420

34,100

14,650

Fire Creek (18,19)

114

1.0

0.46

113

53

Hollister (18,20)

70

1.9

0.58

130

40

Midas (18,21)

76

5.7

0.42

430

32

Heva (22)

1,266

0.06

76

Hosco (22)

29,287

0.04

1,202

Star (12,23)

1,068

3.0

6.4

7.7

3,177

67,970

82,040

Rackla-Tiger Underground 

3,116

0.10

311

Rackla-Tiger Open Pit 

960

0.08

76

Rackla-Osiris Underground 

5,135

0.12

604

Rackla-Osiris Open Pit 

960

0.13

128

Total

61,606

173,447

4,107

430,960

944,350

14,650

Measured & Indicated Reserves

Mineral Resources (8)

Tons (000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12, 13)

8,040

13.9

0.10

3.0

8.0

111,526

800

239,250

643,950

Lucky Friday (12,14)

6,337

8.3

5.8

2.7

53,921

359,560

173,330

Casa Berardi – Underground (12, 15)

4,253

0.20

837

Casa Berardi – Open Pit (12, 15)

272

0.03

7

Keno Hill (1216)

4,504

7.5

0.006

0.9

3.5

33,926

26

41,120

157,350

San Sebastian – Oxide (17)

1,453

6.5

0.09

9,430

135

San Sebastian – Sulfide (17)

1,187

5.5

0.01

1.9

2.9

1.2

6,579

16

22,420

34,100

14,650

Fire Creek (18,19)

114

1.0

0.46

113

53

Hollister (18,20)

88

2.5

0.58

217

50

Midas (18,21)

78

5.7

0.43

444

33

Heva (22)

1,266

0.06

76

Hosco (22)

29,287

0.04

1,202

Star (12,23)

1,068

3.0

6.4

7.7

3,177

67,970

82,040

Rackla-Tiger Underground 

3,997

0.10

386

Rackla-Tiger Open Pit 

992

0.08

78

Rackla-Osiris Underground 

5,135

0.12

604

Rackla-Osiris Open Pit 

960

0.13

128

Total

69,031

219,333

4,431

730,320

1,090,770

14,650

Inferred Resources (11)

Mineral Resources (8)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12,13)

1,930

13.4

0.08

2.9

6.9

25,891

154

55,890

133,260

Lucky Friday (12,14)

3,600

7.8

5.9

2.8

27,934

211,340

100,630

Casa Berardi – Underground (12, 15)

1,475

0.22

332

Casa Berardi – Open Pit (12, 15)

828

0.08

64

Keno Hill (12,16)

2,836

11.2

0.003

1.1

1.8

31,791

9

32,040

51,870

San Sebastian – Oxide (17)

3,490

6.4

0.05

22,353

182

San Sebastian – Sulfide (17)

385

4.2

0.01

1.6

2.3

0.9

1,606

5

6,070

8,830

3,330

Fire Creek (18, 19)

764

0.5

0.51

393

392

Fire Creek Open Pit (24)

74,584

0.1

0.03

5,232

2,178

Hollister (18,20)

642

3.0

0.42

1,916

273

Midas (18,21)

1,232

6.3

0.50

7,723

615

Heva (22)

2,787

0.08

216

Hosco (22)

17,726

0.04

663

Star(12,23)

2,851

3.1

5.9

5.9

8,795

168,180

166,930

San Juan Silver (12,25)

2,570

14.9

0.01

1.4

1.1

38,203

34

49,400

39,850

Monte Cristo (26)

913

0.3

0.14

271

131

Rock Creek (12,27)

100,086

1.5

0.7

148,736

658,680

Libby Exploration Project (12,28)

112,185

1.6

0.7

183,346

759,420

Rackla-Tiger Underground

30

0.05

2

Rackla-Tiger Open Pit 

152

0.07

10

Rackla-Osiris Underground 

5,919

0.09

530

Rackla-Osiris Open Pit 

4,398

0.12

514

Total

341,383

504,190

6,304

522,920

501,370

1,421,430

Note: All estimates are in-situ except for the proven reserves at Greens Creek which are in surface stockpiles. Mineral resources are exclusive of reserves.

(1) The term “reserve” means an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term ‘proven reserves’ means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. See footnotes 8 and 9 below.  

(2) Mineral reserves are based on $17/oz silver, $1600/oz gold, $0.90/lb lead, $1.15/lb zinc, unless otherwise stated.  All Mineral Reserves are reported in-situ with estimates of mining dilution and mining loss. 

(3) The reserve NSR cut-off values for Greens Creek are $210/ton for all zones except the Gallagher Zone at $215/ton; metallurgical recoveries (actual 2022): 81% for silver, 72% for gold, 82% for lead, and 89% for zinc.  

(4) The reserve NSR cut-off values for Lucky Friday are $241.34/ton for the 30 Vein and $268.67/ton for the Intermediate Veins; metallurgical recoveries (actual 2022): 95% for silver, 95% for lead, and 88% for zinc. .

(5) The average reserve cut-off grades at Casa Berardi are 0.12 oz/ton gold underground and 0.04 oz/ton gold for open pit. Metallurgical recovery (actual 2022): 87% for gold; US$/CAN$ exchange rate: 1:1.3.

(6) The reserve NSR cut-off value at Keno Hill is $244.24/ton (CAN$350/tonne), Metallurgical recovery: 93% for silver, 25% for gold, 93% for lead, 72% for zinc, US$/CAN$ exchange rate: 1:1.3.

(7) The term ‘probable reserves’ means the economically mineable part of an indicated and, in some cases, a measured mineral resource. See footnotes 9 and 10 below. 

(8) The term ‘mineral resources’ means a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that these are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

(9) The term ‘measured resources’ means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probably mineral resource. 

(10) The term “indicated resources” means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

(11) The term “inferred resources” means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

(12) Mineral resources are based on $1700/oz gold, $21/oz silver, $1.15/lb lead, $1.35/lb zinc and $3.00/lb copper, unless otherwise stated.

(13) The resource NSR cut-off values for Greens Creek are $210/ton for all zones except the Gallagher Zone at $215/ton; metallurgical recoveries (actual 2022): 81% for silver, 72% for gold, 82% for lead, and 89% for zinc.

(14) The resource NSR cut-off values for Lucky Friday are $200.57/ton for the 30 Vein, $227.90/ton for the Intermediate Veins and $198.48/ton for the Lucky Friday Veins; metallurgical recoveries (actual 2022): 95% for silver, 95% for lead, and 88% for zinc.

(15) The average resource cut-off grades at Casa Berardi are 0.11 oz/ton gold for underground and 0.034 oz/ton gold for open pit; metallurgical recovery (actual 2022): 87% for gold; US$/CAN$ exchange rate: 1:1.3.

(16) The resource NSR cut-off value at Keno Hill is $129.10/ton (CAN$185/tonne); using minimum width of 4.9 feet (1.5m); metallurgical recovery: 93% for silver, 25% for gold, 93% for lead, 72% for zinc; US$/CAN$ exchange rate: 1:1.3.

(17)  Indicated resources for most zones at San Sebastian based on $1500/oz gold, $21/oz silver, $1.15/lb lead, $1.35/lb zinc and $3.00/lb copper using a cut-off grade of $90.72/ton ($100/tonne); $1700/oz gold used for Toro, Bronco, and Tigre zones. Metallurgical recoveries based on grade dependent recovery curves: recoveries at the mean resource grade average 89% for silver and 84% for gold for oxide material and 85% for silver, 83% for gold, 81% for lead, 86% for zinc, and 83% for copper for sulfide material. Resources reported at a minimum mining width of 8.2 feet (2.5m) for Middle Vein, North Vein, and East Francine, 6.5ft (1.98m) for El Toro, El Bronco, and El Tigre, and 4.9 feet (1.5 m) for Hugh Zone and Andrea.

(18) Mineral resources for Fire Creek, Hollister and Midas are reported using $1500/oz gold and $21/oz silver prices, unless otherwise noted. A minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater. 

(19) Fire Creek mineral resources are reported at a gold equivalent cut-off grade of 0.283 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver. 

(20) Hollister mineral resources, including the Hatter Graben are reported at a gold equivalent cut-off grade of 0.238 oz/ton. Metallurgical recoveries: 88% for gold and 66% for silver. 

(21) Midas mineral resources are reported at a gold equivalent cut-off grade of 0.237 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver. A gold-equivalent cut-off grade of 0.1 oz/ton and a gold price of $1700/oz used for Sinter Zone with resources undiluted. 

(22) Measured, indicated and inferred resources at Heva and Hosco are based on $1,500/oz gold. Resources are without dilution or material loss at a gold cut-off grade of 0.01 oz/ton for open pit and 0.088 oz/ton for underground. Metallurgical recovery: Heva: 95% for gold, Hosco: 87.7% for gold.

(23) Indicated and Inferred resources at the Star property are reported using a minimum mining width of 4.3 feet and an NSR cut-off value of $150/ton; Metallurgical recovery: 93% for silver, 93% for lead, and 87% for zinc. 

(24) Inferred open-pit resources for Fire Creek calculated November 30, 2017 using gold and silver recoveries of 65% and 30% for oxide material and 60% and 25% for mixed oxide-sulfide material. Indicated Resources reclassified as Inferred in 2019. Open pit resources are calculated at $1400 gold and $19.83 silver and cut-off grade of 0.01 Au Equivalent oz/ton and is inclusive of 10% mining dilution and 5% ore loss. Open pit mineral resources exclusive of underground mineral resources. NI43-101 Technical Report for the Fire Creek Project, Lander County, Nevada; Effective Date March 31, 2018; prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining Company, June28, 2018. 

(25) Inferred resources reported at a minimum mining width of 6.0 feet for Bulldog and an NSR cut-off value of $175/ton and 5.0 feet for Equity and North Amethyst veins at an NSR cut-off value of $100/ton; Metallurgical recoveries based on grade dependent recovery curves; metal recoveries at the mean resource grade average 89% silver, 74% lead, and 81% zinc for the Bulldog and a constant 85% gold and 85% silver for North Amethyst and Equity. 

(26) Inferred resource at Monte Cristo reported at a minimum mining width of 5.0 feet; resources based on $1400 Au, $26.50 Ag using a 0.06 oz/ton gold cut-off grade. Metallurgical recovery: 90% for gold and 90% silver. 

(27) Inferred resource at Rock Creek reported at a minimum thickness of 15 feet and an NSR cut-off value of $24.50/ton; Metallurgical recoveries: 88% for silver and 92% for copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest in the June 2003 ‘Record of Decision, Rock Creek Project.

(28) Inferred resource at Montanore reported at a minimum thickness of 15 feet and an NSR cut-off value of $24.50/ton NSR; Metallurgical recoveries: 88% for silver and 92% copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest, Montana DEQ in December 2015 ‘Joint Final EIS, Montanore Project’ and the February 2016 U.S Forest Service – Kootenai National Forest ‘Record of Decision, Montanore Project’. 

* Totals may not represent the sum of parts due to rounding.