Overview

In 2021, Hecla’s Greens Creek mine produced 9.2 million ounces of silver. Hecla currently produces silver from two silver mines, Greens Creek and  Lucky Friday. The Lucky Friday mine produced 3.6 million ounces of silver in 2021. The Casa Berardi gold mine produced 134,511 ounces of gold in 2021.

Greens Creek

Lucky Friday

Casa Berardi

North America Property Map

Western Region  |  Eastern Region

 

Reserves & Resources

Mineral Reserves (1)
(As of December 31, 2021 unless otherwise noted)
Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper
Proven Reserves (1) (000) (oz/ton) (oz/ton) (%) (%) (%) (000 oz) (000 oz) (Tons) (Tons) (Tons)
Greens Creek (2,3) 2 9.6 0.08 1.7 4.5 18 0.1 30 80
Lucky Friday (2,4) 4,691 13.9 - 8.4 3.4 65,313 395,290 159,360
Casa Berardi Open Pit (2,5) 4,763 - 0.10 - 453
Casa Berardi Underground (2,5) 923 - 0.16 - 143
Total 10,378 65,331 596 395,320 159,440
Probable Reserves (6)
Greens Creek (2,3) 11,074 11.3 0.09 2.5 6.6 125,201 946 282,220 725,830
Lucky Friday (2,4) 765 12.3 7.5 2.8 9,386 57,160 21,650
Casa Berardi Open Pit (2,5) 13,371 0.07 928
Casa Berardi Underground (2,5) 1,695 0.15 259
Total 26,905 134,587 2,133 339,380 747,480
Proven & Probable Reserves
Greens Creek (2,3) 11,076 11.3 0.09 2.5 6.6 - 125,219 946 282,250 725,920 -
Lucky Friday (2,4) 5,456 13.7 - 8.3 3.3 - 74,699 - 452,440 181,020 -
Casa Berardi Open Pit (2,5) 18,134 - 0.08 - - - - 1,381 - - -
Casa Berardi Underground (2,5) 2,618 - 0.15 - - - - 403 - - -
Total 37,283           199,918 2,730 734,690 906,940 -
Mineral Resources (7)
(As of December 31, 2021 unless otherwise noted)
Measured Resources (8)
Greens Creek (11,12) - -
Lucky Friday (11,13) 8,652 7.6 - 4.9 2.5 - 65,752 - 425,100 213,480 -
Casa Berardi Open Pit (11,14) 96 - 0.04 - - - - 4 - - -
Casa Berardi Underground (11,14) 2,272 - 0.15 - - - - 351 - - -
San Sebastian – Oxide (15) - - - - - - - - - - -
San Sebastian – Sulfide (15) - - - - - - - - - - -
Fire Creek (16,17) 20 0.7 0.50 - - - 14 10 - - -
Hollister (16,18) 18 4.9 0.59 - - - 87 10 - - -
Midas (16,19) 2 7.6 0.68 - - - 14 1 - - -
Heva (20) - - - - - - - - - - -
Hosco (20) - - - - - - - - - - -
Star (21) - - - - - - - - - - -
Total 11,060           65,867 377 425,100 213,480 -
Indicated Resources (9)
Greens Creek (11,12) 8,355 12.8 0.10 3.0 8.4 - 106,670 836 250,040 701,520 -
Lucky Friday (11,13) 1,841 7.6 - 5.1 2.4 - 14,010 - 93,140 44,120 -
Casa Berardi Open Pit (11,14) 420 - 0.03 - - - - 14 - - -
Casa Berardi Underground (11,14) 4,976 - 0.14 - - - - 685 - - -
San Sebastian – Oxide (15) 1,453 6.5 0.09 9,430 135
San Sebastian – Sulfide (15) 1,187 5.5 0.01 1.9 2.9 1.2 6,579 16 22,420 34,100 14,650
Fire Creek (16,17) 113 1.0 0.45 - - - 114 51 - - -
Hollister (16,18) 70 1.9 0.58 - - - 130 40 - - -
Midas (16,19) 76 5.7 0.42 - - - 430 32 - - -
Heva (20) 1,266 - 0.06 - - - - 76 - - -
Hosco (20) 29,287 - 0.04 - - - - 1,201 - - -
Star (21) 1,126 2.9 - 6.2 7.4 - 3,301 - 69,900 83,410 -
Total 50,168           140,663 3,088 435,500 863,150 14,650
Measured & Indicated Resources
Greens Creek (11,12) 8,355 12.8 0.10 3.0 8.4 - 106,670 836 250,040 701,520 -
Lucky Friday (11,13) 10,493 7.6 - 4.9 2.5 - 79,762 - 518,240 257,600 -
Casa Berardi Open Pit (11,14) 516 - 0.03 - - - - 18 - - -
Casa Berardi Underground (11,14) 7,248 - 0.14 - - - - 1,036 - - -
San Sebastian – Oxide (15) 1,453 6.5 0.09 9,430 135
San Sebastian – Sulfide (15) 1,187 5.5 0.01 1.9 2.9 1.2 6,579 16 22,420 34,100 14,650
Fire Creek (16,17) 134 1.0 0.46 - - - 128 61 - - -
Hollister (16,18) 88 2.5  0.58 - - - 217 51 - - -
Midas (16,19) 78  5.7 0.43 - - - 444 33 - - -
Heva (20) 1,266 - 0.06 - - - - 76 - - -
Hosco (20) 29,287 - 0.04 - - - - 1,201 - - -
Star (21) 1,126 2.9 - 6.2 7.4 - 3,301 -  69,900 83,410 -
Total 61,229           206,530 3,464 860,600 1,076,630 14,650
Inferred Resources (10)
Greens Creek (11,12) 2,152 12.8 0.08 2.8 6.8 - 27,508 164 60,140 146,020 -
Lucky Friday (11,13) 5,377 7.8 - 5.8 2.4 - 41,872 - 311,850 129,600 -
Casa Berardi Open Pit (11,14) 7,886 - 0.06 - - - - 383 - - -
Casa Berardi Underground (11,14) 2,239 - 0.18 - - - - 408 - - -
San Sebastian – Oxide (15) 3,490 6.4 0.05 22,353 182
San Sebastian – Sulfide (15) 385 4.2 0.01 1.6 2.3 0.9 1,606 5 6,070 8,830 3,330
Fire Creek (16,17) 765 0.5 0.51 - - - 394 392 - - -
Fire Creek Open Pit (22) 74,584 0.1 0.03 - - - 5,232 2,178 - - -
Hollister (16,18) 642 3.0 0.42 - - - 1,916 273 - - -
Midas (16,19) 1,232 6.3 0.50 - - - 7,723 615 - - -
Heva (20) 2,787 - 0.08 - - - - 216 - - -
Hosco (20) 17,726 - 0.04 - - - - 663 - - -
Star (21) 3,157 2.9 - 5.6 5.5 - 9,432 - 178,670 174,450 -
San Juan Silver (23) 3,594 11.3 0.01 1.4 1.1 - 40,716 36 51,750 40,800 -
Monte Cristo (24) 913 0.3 0.14 - - - 271 131 - - -
Rock Creek (25) 100,086 1.5 - - - 0.7 148,736 - - - 658,680
Montanore (26) 112,185 1.6 - - - 0.7 183,346 - - - 759,420
Total 339,200           491,103 5,644 608,480 499,700 1,421,430
 
(footnotes)
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 resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is an 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. Reserves are reported in accordance with Section 1300 of Regulation S-K of the Securities Act of 1933, as amended and NI 43-101. See footnotes 7 and 8 below.

(2) Mineral reserves are based on $17/oz silver, $1600/oz gold, $0.90/lb lead, $1.15/lb zinc, unless otherwise stated.

(3) The reserve NSR cut-off grades for Greens Creek are $215/ton for all zones at Greens Creek except the Gallagher Zone at $220/ton; metallurgical recoveries (actual 2021): 81.26% silver, 72.34% gold, 82.29% lead, 89.58% zinc.

(4) The reserve NSR cut-off grades for Lucky Friday are $216.19 for the 30 Vein and $230.98 for the Intermediate Veins; metallurgical recoveries (actual 2021): 95.18% silver, 94.62% lead, 89.97% zinc.

(5) The average reserve cut-off grades at Casa Berardi are 0.101 oz/ton gold (3.47 g/tonne) for underground and 0.037 oz/ton (1.27 g/tonne) for open pit. Metallurgical recovery (actual 2021): 84.82% gold; US$/CAN$ exchange rate: 1:1.275.

(6) The term “probable reserves” means the economically mineable part of an indicated and, in some cases, a measured mineral resource. See footnotes 8 and 9 below.

(7) 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 there 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. Resources are reported in accordance with Section 1300 of Regulation S-K of the Securities Act of 1933, as amended and NI 43-101.

(8) 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, as defined in this section, 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 probable mineral reserve.

(9) 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.

(10) 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.

(11) 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.

(12) The resource NSR cut-off grades for Greens Creek are $215/ton for all zones at Greens Creek except the Gallagher Zone at $220/ton; metallurgical recoveries (actual 2021): 81.26% silver, 72.34% gold, 82.29% lead, 89.58% zinc.

(13) The resource NSR cut-off grades for Lucky Friday are $170.18 for the 30 Vein, $184.97 for the Intermediate Veins and $207.15 for the Lucky Friday Vein; metallurgical recoveries (actual 2021): 95.18% silver, 94.62% lead, 89.97% zinc.

(14) The average resource cut-off grades at Casa Berardi are 0.089 oz/ton gold (3.06 g/tonne) for underground and 0.036 oz/ton (1.22 g/tonne) for open pit; metallurgical recovery (actual 2021): 84.82% gold; US$/CAN$ exchange rate: 1:1.275.

(15) 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% silver and 84% gold for oxide material and 85% silver, 83% gold, 81% lead, 86% 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.

(16) 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.

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

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

(19) Midas mineral resources are reported at a gold equivalent cut-off grade of 0.237 oz/ton. Metallurgical recoveries: 90% gold, 70% 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.

(20) 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 (0.33 g/tonne) for open pit and 0.088 oz/ton (3.0 g/tonne) for underground.
Metallurgical recovery: Heva: 95% gold, Hosco: 87.7% gold.

(21) Indicated and Inferred resources at the Star property are reported using $21 silver, $0.95 lead, $1.10 zinc, a minimum mining width of 4.3 feet and a cut-off grade of $100/ton; Metallurgical recovery: 93.38% silver, 93.33% lead, 86.96% zinc.

(22) 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.

(23) Inferred resources reported at a minimum mining width of 6.0 feet for Bulldog and a cut-off grade of 6.0 equivalent oz/ton silver and 5.0 feet for Equity and North Amethyst vein at a cut-off grade of $50/ton and $100/ton; based on $1400 Au, $26.5 Ag, $0.85 Pb, and $0.85 Zn.

Metallurgical recoveries based on grade dependent recovery curves: recoveries at the mean resource grade average 88% silver and 74% lead for the Bulldog and a constant 85% gold and 85% silver for North Amethyst and Equity.

(24) Inferred resource at Monte Cristo reported at a minimum mining width of 5.0 feet; resources based on $1400 Au, $26.5 Ag using a 0.06 oz/ton gold cut-off grade. Metallurgical recovery: 90% gold, 90% silver.

(25) Inferred resource at Rock Creek reported at a minimum thickness of 15 feet and a cut-off grade of $24.50/ton NSR; Metallurgical recoveries: 88% silver, 92% 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’.

(26) Inferred resource at Montanore reported at a minimum thickness of 15 feet and a cut-off grade of $24.50/ton NSR; Metallurgical recoveries: 88% silver, 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.

Reporting requirements in the United States for disclosure of mineral properties are governed by the SEC and included in the SEC’s Securities Act Industry Guide 7, entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations” (Guide 7). However, the Company is also a “reporting issuer” under Canadian securities laws, which require estimates of mineral resources and reserves to be prepared in accordance with Canadian National Instrument 43-101 (NI 43-101). NI 43-101 requires all disclosure of estimates of potential mineral resources and reserves to be disclosed in accordance with its requirements. Such Canadian information is being included here to satisfy the Company’s “public disclosure” obligations under Regulation FD of the SEC and to provide U.S. holders with ready access to information publicly available in Canada.

Reporting requirements in the United States for disclosure of mineral properties under Guide 7 and the requirements in Canada under NI 43-101 standards are substantially different. This website contains a summary of certain estimates of the Company, not only of proven and probable reserves within the meaning of Guide 7, which requires the preparation of a “final” or “bankable” feasibility study demonstrating the economic feasibility of mining and processing the mineralization using the three-year historical average price for any reserve or cash flow analysis to designate reserves and that the primary environmental analysis or report be filed with the appropriate governmental authority, but also of mineral resource and mineral reserve estimates estimated in accordance with the definitional standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101. The terms “measured resources”, “indicated resources,” and “inferred resources” are Canadian mining terms as defined in accordance with NI 43-101. These terms are not defined under Guide 7 and are not normally permitted to be used in reports and registration statements filed with the SEC in the United States, except where required to be disclosed by foreign law. The term “resource” does not equate to the term “reserve”. Under Guide 7, the material described herein as “indicated resources” and “measured resources” would be characterized as “mineralized material” and is permitted to be disclosed in tonnage and grade only, not ounces. The category of “inferred resources” is not recognized by Guide 7. Investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into proven or probable reserves. “Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of such a “resource” will ever be upgraded to a higher category or will ever be economically extracted. Investors are cautioned not to assume that all or any part of a “resource” exists or is economically or legally mineable. Investors are also especially cautioned that the mere fact that such resources may be referred to in ounces of silver and/or gold, rather than in tons of mineralization and grades of silver and/or gold estimated per ton, is not an indication that such material will ever result in mined ore which is processed into commercial silver or gold.

2021 Reserves & Resources PDF