Hecla Mining (HL) 7 Nov 232023 Q3 Earnings call transcript

Thank you for standing by, and welcome to the Q3 2023 Hecla Mining Company Earnings Conference Call. I would now like to welcome Anvita Patel, VP, Investor Relations and Treasurer, to begin the call. Anvita Patil over to you.

Good morning, Andy, and thank you all for joining us for Hecla's Third Quarter 2023 Financial and Operations Results Conference Call. I'm Anvita Patil, Hecla's Vice President of Investor Relations and Treasurer.

release available issued on news today's along results are presentation, Hecla's financial that yesterday, was with Our website. President Roberts, On Baker, today's Vice Aguiar, Senior President Lauren and Financial Hecla's Operations. Hecla's Hecla's Phil Operating Vice Hecla's Carlos President and and Russell call, Chief Executive Senior we Lawlar, and Chief have Vice Officer; of Officer; Chief Officer; President shown the on by filings Private made X XX-K forward-looking today the involve management risks come our and statements earnings as Litigation Securities with our under Slide Reform in in release Act Any team the and SEC. XX-Q and These in cause the could results projected statements. from those and other forward-looking to risks differ release. and slides this measures in in Non-GAAP news are related cited the call reconciled the slides of you, would under link earnings in a to you release you issued management, the that want event to with section do like so using I can was our virtual investor call remind by have the the if yesterday. the that, call With to pass Phil. I'll

morning, Good Anvita. the everyone. joining Thanks, Thanks for call.

I the at remind is retiring for to tenure you Lauren be want going year, to to that at to just thank the Before of I just Lauren the his and want slides, Hecla. end I get

UCB Lucky developed, of accomplishments arrived have knowledge for leadership, new at company Hecla, new his began time, without there's has support Friday. method doubt mining focused Lucky is when steps he he really patent cutting the me the Friday at that And the been a rock on a that done led stands But has using mining we a would to we the mining. the -- what a During mechanical been we still the his method. and wouldn't but have that lot I has the led, he that out at to were

years became a in and a a with both Sebastian working total I've Casa And for from known X he that mines. leadership to the Lucky He improvement worked. his for started has and and reflected first X of us U.S. company he's operational us of Friday President Carlos he improving Mexico about consistent I tour those GM San the to for Latin years mill thanks, He the Carlos XX of Mexico, helm. been been in and everywhere he's a years. abilities in Venezuela, Operations; and has is and both you've like Venezuela. And that at done. achieved now also results Berardi. has the him XX years of has has in at been modifications. introduce him ago that I'd of our as also and seen So the commitment experience for Lauren, on he's with XX all Aguiar, really significant Vice citizen years. Carlos excellence met really mill operation Every knows America

performance reserve our These And it's are number, X basis. has assets by It's free you're strong on and silver our producing of the this a assets. resulted discuss to X. in will going And up the a And consistent exploration over of high cost, time. we past I'll long just checks them, our know low-cost, to at to typically the share toward getting take with quality Slide And look flow And reserves, long our perspective. allows performance a potential, X million you've we the interaction, XX mines to that long-term close do significant of high-grade, that it which this, the potential. with is have start longer-term business We next course, grow XX%. of significant silver checks performance work grades, mines to operating our consistent you X X that the Keno XXXX. I'll since have cash reserve suggest to maybe production performance. more lives, back from that step him. and Friday we that seen of revenues exploration performance generated. low XXXX, have to impressively X And over you years, life, I Creek $XXX way Lucky XX%, double checks ounces the at silver X this. lives. moment as that all boxes, Hill Casa is this long means XX%, And production, million So to the Greens those point, but the enjoy of want all and check

the So setting innovation long for and them. pushing up term, allowing on focusing improvement continuous we fundamentally mines to the improve for are

they I'm of end of convinced So all will all them up checking all up boxes. the end X

QX will the fire. escape let me And Lucky we we surface are and the we context, XXXX and secondary as bras. And free until equipment XXXX, go underground. which Slide the shaft that way quarter, the in to up the new expect well. XX before that continue we and to a part are for growth I'll of have not advancing completing projects At back pieces lower saw with in Cesky that X-month block the production have time, We same equipment this going still our of the So other And ready X purchases. and Friday is Friday, ventilation move off production start build cash flow with production the actually full early ramp on to to X. project and

Now in to month. yesterday a to scheduled completed be ore just has of the Cement been the delay model to the the been in at better Their than the later what production our due Rockville even faster. grade commissioning production Plant us puts had and predicted. this plant advance slowed in Keno development And Shotcrete completion block has Hill, position

at is acceptable. X, at culture safety rate with concerned Hill, Keno around frequency injury Keno the our not which all we're is However,

and X some had Greens at both injury they're that's equipment In near Creek in damage didn't and misses have. than look they Lucky that last we've an Fred, the months X. And X acceptable not weeks, or less the result to that to you in more recently us. If could last

his injury and to we predictability As Carlos I've process all excellent get methodically review because safety result, and tasked that team which and prevents know right activities, our a procedures standardizes not to only increases but production. also safety

likely so and the certain to review we'll changes when will be our processes. in mine we the equipment processes of reengineer mine the way safer And to scheduled safety Keno make

must long foot on right mine on we mine starting With the and get up just off its the with safety. expected life,

take production is going do has and strong for to the Creek we're at cash mine. generated Greens we needed and $XXX So increasing year. silver consistent had flow that. another whatever are over million free the guidance quarter, time already to Greens of Creek operational

progressing that Berardi good all-in quarter, guidance the we're decade. for the for Casa past make need sets up to well the are very the quarter, began changes, and had next benefits just mine we that a fundamental in cash already Now and making costs saw this this year, building an sustaining we mine, only seeing and the on we're Earlier becoming infrastructure transition that. within costs pit reporting open implementing which of success the that

less consistently other Gold only just XXX,XXX a is silver lower. As cost. cash Silver a And guidance finally, little unchanged Midpoint has silver. is slightly of ounces are company, guidance costs unchanged. lower than frequency production at with an rate industry the performance all-in exception safety U.S. one average. Keno injury with been of our the the all has the national of lower mines the Hill best in than

call on the Russ. that, So to pass with I'll

Thanks, Phil. Slide I'll X. start on

As with of more of we for gold free $XXX third strong silver metals production contributed XX%. think operations of XX% generating accounted base would year than XX,XXX about million for quarter, down of revenues we the accounted flow. ounces, Friday and silver so of for the revenues cash XX% far, With Lucky gold most

In and We are priorities quarter, have A continued the saw always at third Lucky and and ratio key of of more X.Xx on of than balance the less our leverage our from to Keno we leverage a Hill. than goal significant sheet due Friday of suspension increased financial strong ratio of been the production Xx revenues with maintaining to investment half liquidity. flexibility our silver. path coming maintaining a

quarter, expect ratio remain this we leverage our will next see increase we as elevated Although temporary.

Our liquidity is million. that equated $XXX

be Xx, our However, than once I and back will ratio is less matures. production will grow substantially leverage the and Keno into our expect liquidity Lucky Friday Hill

silver Now to to turn mines, especially the attributes some X investment. period through we're our of of that a now going of I'll key highlight Slide

$XXX the capital the above has has provided shown where mines Our the operations is strong exploration This margins. been and our right to at flow. us in broad exploration silver and margins X left, generated form the more on as flow mines strong or call the than of graph past and where how of And capital cash to $XXX addition turn generation in million the the well on impressive translated to shareholders into free Friday flow the Lauren. consistently XX% free our over invest this in margin mines, dividends. I'll years, and flow resulting These nearly have XXXX, from near since allow is generation cash consistent this these more The to chart now even free flows. from portfolio, of Greens and just returning free our as strong in Lucky have cash million both Creek cash highlights silver cash is

I'd my full-time a to a few could a career. asked I intern X Hecla years Hecla have like Thanks, with began under Hecla. not with summer a in to XXXX. start make just time better for and Russell. I a on spent XXXX became my in little employee comments with

was rejoin to to to to was a years. very give X home. So been Hecla for easy really and the return rewarding later, itself it important a something decision very me when presented back it's X some The me opportunity decades chance

ounce byproduct world, credits. silver throughput want somewhat expected $XX results lower, production that. sustaining consistent Creek quarter the were and quarter's for respectively, achieve sustaining and line be $XX planned, all-in $XX for the due truly Capital increasing and and already free lower So silver, X million in tonnes million excellent mine With Greens than asset. ounces. previous Capital consistent on mine, quarter, the day producing the X,XXX the in the generated team at per equipment and in seasonal to congratulate guidance and million our to thank prior to guidance ounce XXth and the like I'd million second year. million this that, turned and generated quarter cost mine mine Hecla quarters $X.XX lower Due target gold increasing sequencing, the a $X.XX, for of the $XX costs as world-class the million. more in silver has The The and because cost Cash of million quarter than on flow X.X to all-in guidance in of to this quarter mine XX flagship than were production X.X delivering strong due X.X X. cash start Greens premier ounces costs family million year. in X.X at the and prices. of to cash gold projects. to Slide higher year. on was cash truly already to and free remains end track ounces our is the the $XXX expected lower per and production unchanged We're spend I has zinc its to to is higher by million year another first the I'll Creek, per purchases just largest silver surface produced is million in flow of with ounces

to operation to Turning fully executing The ounces our an enhance cost upgraded that transition previous due and report We're gravity a all-in throughput now mine XX. planned mid-XXXX. Casa quarter cost optimizing of than to gold to lower of we've well overall produced cash pit of Berardi circuit. I'm Slide a by expect excited plant plan at $X,XXX sustaining that to a recovery. was approximately on circuit the to and XX,XXX it $X,XXX. been open Mill

moved. of the was pit phase in-house quarter, first The tons commissioned open fleet record in this resulting

With result the was track to the on the per to cost of seen track on Friday cost he I Carlos of past good months of the of the remains on retiring reins execution the to few mine until $X,XXX mine and just cash Manager over largely discuss And and was I'll The cost our are The its as production will quarter, we a ago promoted Lucky President all-in end Electric achieve years to our and performance was hand at few operations. of when of him Carlos lowering $X,XXX guidance. sustaining remainder be Vice to a guidance Operations. plans ounce. consistency team. Friday and control, progress the we've from his General

Slide Thanks, Lauren, will start and XX. I good on morning, everyone.

However, and I method. our before Innovation Friday, for the Health discuss want Lucky Section we Safety the to made Award receiving Lucky UCB team Friday progress at Mine on the Metal mining XXXX for Technology congratulate

addition, In pattern received was distinguished in is #X file Lucky a quarter. others, which we third also the The U.S. also In egress. September. shop, secondary report the the a fire the in Friday of in we

the until mine operations the remaining the is second year However, the for of the of egress established. are suspended

the that tenace bypass The way a race serve will To and scale of Our the will explain to in start way I ramp plans in I mitigation secondary for bypass larger a the left. in mitigation vein rest grant. portion vertical with driving plans as on more shaft. include with a damage around the are to Slide rates a will XX. detail, turn our graphic

we the year Lucky lays ventilation [indiscernible] XX% the with X and secondary future operations the that production These shop, to egress. with etographic shop ventilation and the the a Friday. this the is foot [ way and will occur a shop. on highway shaft Between down. ventilation the XXX rates mitigation resume plants that expected This the the mine expect it #X the is materials which the by has to unaffected shafts ] Is was this earlier the left where show shaft, in shaft Once schedule an an production #X our the the in ramp installed the of provides silver plan want right highlight graphic on new shaft, gateway of are X. fire begun. lower lead scale XX% And path right our ramp. just the moves main Silver service shaft. of I January The extension is for graphic ramp, the X,XXX-foot Friday mine of production rate, production. is and is XXX-foot of latter is future. next equipment, line service. is First, of left plans has reestablish and Lucky from The the critical the landing. we is installed war the To rid for of win complete, shafts about shows year. emergency silver the It is basically alternative the people, This to infrastructure with mine. are in vertical circular to concrete and about of The critical to The the shaft $XX raise driving a is to X to comprise in we started restart completed. cost million, and a

insurance business sub with and will to now I interruption an up $XX Slide underground properties limit XX. to million. have move We

standards. earlier, to not As mentioned has Keno set Phil been the performance Hill Hecla

So assess I on be with needs to team am done be. what get way to safely my where my it to needs to

third produced we in a almost With is [indiscernible] this X time later. Hill just between easier and million mine XXX,XXX we to the produce I the a fourth establish culture now than quarter. in starting, Keno year, at ounces. XXX,XXX quarter, the won expect will XXX,XXX the critical ounces

a modified and Shotcrete of Plant crusher. secondary facilities, Commission feet at the camp expanded dry the porter, tenor development, and have the We headings X,XXX office

get and crusher good our pass the right. shows chocolate that, the XX a ride. safety With Phil. position the of XX if projects, to left in critical a the back will strong we of secondary Slide on X are call the can for We plan I the

Carlos. Thanks,

So Slide XX, and little a on just bit Keno. on exploration the

just about ounces Keno’s team of NSR $XXX. at has And per our in is With in grade of the pleased with really we've but excess Birmingham. tons number we XX The we'll rock more finding talk ton. been deposits, value a mine, exploration an

bear you long the and Northeast, to about is bear zones, see veins slide, So we're let image me number names and be are dip, here on is has on orient bit the for time. only vein. images confusing. The right vein. called left of going that a a of think Arctic, is and little is a there's a And that you the to that Bayer, vein Birmingham on mining vein I've the this the footwall got main not shown of third the the

footwall the zone vein So bank. and you the the with main bear vein, bear got the

at the the the is shoot ounces are outside our Northeast the potential to we design to looking add have resources. to enough stopes, left, in over identifying The So current the clips. ready high image Creek the XXX hole feet. on X to mineralized appears another best about

the image, main XX more And the drilling. the XX-ounce to So if we this feet the you planned exploration at the potential results grow point is we're don't could And results and is about look and currently on resources footwall vein have be we have to vein, within feet there the is at we stopes. yet XX. the that have Keno. and future. high-grade and XX to this having The the that is the in continue excited We not likelihood right

for cost year, costs as unchanged. silver are cash And produce look guidance guidance still Slide costs summarizes think mentioned, we to is suspension you the for we're million Also we slide, ounces. and track Keno production slightly, Lucky year. but gold to up little guidance unchanged. the ahead So cost for XX ramp-up a production is to this can as silver, XXXX, on reiterating lowering the consolidated see Friday's are the we XX and Capital for our lower. on our previously I costs Exploration

X years, rate the to International not our go the want Energy XX And a I that this growth XX% years. expected globally, increase installed to as XX prepared Agency end growth that actually solar the you panels was year, an of and gigawatts if about compares Slide rate, gigawatts. remarks for the So before in estimate. unreasonable twice about I many open year, that's world X% and energy over is had questions, on going a It's last we've in install to to XXX that XXX the last solar solar and call focusing estimates

Now of every it takes million ounces X.X installed. for silver gigawatt

year, or ounces overall XXX last silver So for more if in that million increased And solar, million was XXXX, the or grow. with use for XX% XXX demand ounces, which likely doesn't going we're uses other demand. there's XXX of see that's will almost XXX that million XX% total of be demand ounces would not to the silver gigawatts demand

Clearly, Even time a ounces next that of -- frame. years it permit be more million not silver to there's more met silver. able mines Now XX have for constructed production. demand to They're but in the produces to by which we ounces of if actually silver over mines. demand Creek, going in X of Greens to the about or for get silver the world is in X a not is is not context, million the produce the every that put year XXX It's mine, X mines XXth not more mine of going it's additional largest largest XX production you're discoveries the silver, X-year the silver or that be

come mobilized. to be it's to from that So higher to which going aboveground to come substantially the to is that's demand, -- require from going got supply, meet prices

I at as ago. next Finally, that about energy X X.X going they invited thinking past. differently weeks because tied just result a the of would sources. It's conference that And LBMA changing was very what years, well And it the to silver for participants years. market of to primarily that, was I speak chairman And our silver by the torque X as to be behave silver is are think knowledgeable gold. struck as respected, in about to I has is the conference going I'm in from not the the the for way past encourage same to you demand have so [indiscernible]

that's if up, silver goes have and gold I'm is, what one will. is. while And sure traveling. of copper you But regardless price will. do me silver sure I'm I copper goes don't do why outlined, So question up, tell solar what gold with demand silver that is higher inevitable. as what of from while then is, And like a said got Anvita, question analysts I'd that, a you to you And the

right, That's Phil.

a from send potential the practice? we'll is in So along what are time operating The we so thoughts Keno management's Hill to Hecla question. question Barkley Mike National is, question have of Bank this line Canada, standards get of on

risks. there's make we you'll to and I think -- get point. will make we're an then Carlos. his It's and site to our it to reach to effort some that you are and to it starting But just That's procedures. I'll have understanding But Lauren they're a We're -- comments, sure And get out never really going to and will we to to of that processes go all and fundamentally, But -- of -- follow basically. and so that safety the turn the Carlos make Well, is practices the engineer at the take place, improvement I then some in the there, there is practice. do how all send I'll never sure procedures. going the the team continuous going time. going think importance of standard it's

that, turn over with you. the to with infrastructure that anything of happen. Lauren, good I'll it that Fortunately, to the add? X a putting to we're in, place very see in we're But

Carlos. then start, to and I'll Sure. I'll it pass

there that phase even think is about And and we've phase in close coming from initial focus our that work. very need to an Carlos of was are suggests, we operational the end, development the corporate week fill process heading mine there a details? our process. year, people as to Keno And turn that services our commitments. of our now the on practices focused that the the of within to and I can think essentially now. Phil been delivering against evolution past to up building our infrastructure. out way to team in group tech a Carlos, And operational you this begin And to and the

Yes, we are the we are we making getting equipment our that making people sure time, priority, right and the and we the progress close, right at in sets the and that right are have all place. materials place in with

So then it's suggest still to -- some production will year. to what And are to time. you is We plan. guess to are after end I take going assessment complete don't before that, Keno will know. in XXXX. expecting initial from the I execute we going of we substantial the to going we We're have the the

year. will We the new the give give think guidance early we'll you XXXX we in for when we exactly what have

the for from before any operator. questions it Anvita can call take So open we other questions. the you Operator,

Instructions] first Heiko of Our HC the Wainwright. line [Operator Ihle with question comes from

didn't also he's firm. intern. for for join since thanking you Lauren a firm were all summer the you Phil the I'll done I were and at realize

ago, Yes, a started Heiko. time it long

Well.

remediate about it, We're seems little still infrastructure issues And seeing? like to I and a site continues with? you're go concerned question. quite well. the there's e-mail costs in lines what since not also to faced delays being mean Keno bit Just at it anticipated that time provide Hill. been some then But you're the especially can the exactly on on you drilling color But some

it's Look, things. a I not variety of short think answer just the is one It's thing.

about at the the the from that's for set different have just describe site. from set that we're they've different describing people practices, mines, developing we've goes Canada, if as different expectations, of you same thing in over X of thing. words had use been that they same operating only a different so you all and -- the and are about months think so And and to And culture the it, result, coming will

And so it becomes a issue. communication

that? do, we not is it thing sort Do there's add need about So -- a it one really to that of to culture. guys not the is you --

it's Yes, I the a agree, that districts melting Canadian the mining Phil. Keno to West. East sense unique effectively in pot is from of rather

want a mass So that's consequence, Hecla any along and little production from scratch of of the the the culture from will we way need as with to time, together, there's the build come one we, supervision but really comes the area. or going will no take the critical evolution as to miners to be bit And the a us that culture And culture production improve. in culture. as

a normal beginning a Keno bit process it's of the So actually at of there. mine, a people the unique diversity at given

and supervisors the from behaviors the changing it's behaviors throughout But that organization, its it's the and their the attitude and so miners and behaviors change.

Completely different one.

in than in to that And which of regards items little general, to availability you seeing bottlenecks had bit you're are you're better, token, were on capital for just any your line in for maintained cost what regards worse compared anything? be we what may what a seeing And inflation, expecting? You which expected. on to as same are guidance. inflation Can where you color expenses some provide in you

over but pressure, perspective, Lauren feeling my are the and costs I within items previously. it pressure will not had inflationary Russell There's and I mean turn Carlos. operating capital from there's to it's inflationary like we no that the is and probably doubt what reduced. the that some

not the abates be are so it we're did. increases slowly. For and sure. we I just relatively is comes would moderate. It's tends say But to seeing things inflation Heiko, it starting big that quickly thing, sticky a Fuel to flat.

and the changes seeing able to would get we need. are now. I in not any terms supply; big guess we we're materials So the we that of equipment need

time. beginning in skilled And a longer are they lead. that most of But I the shorten very to industry slow, in Things is items same it's terms are everybody a Probably Some pre-COVID. long the challenge. lead than aspect is transformers those generational even are facing of and bit like items very thing. challenging lead were trades, think

starting guys retire older coming and the are to We fewer seeing in. folks

training. hiring relatively people couple a this We've probably back, we're and decades we're experiencing for seen of So but that. inexperienced

next line with Our comes Siperco the Markets. RBC from question Capital of Michael

Maybe shifting Lucky gears Friday. to

maybe XX% look required it items. So key items X commentary, that complete the on that production. looks you've need X to the the should that to Based how outlined on to rehab you're work into across it the at work X sounds that and the do bring or done? we about timing though, Or items get back like you that like mine -- the those effort to you fair? key done Is need

is short early will have major we January what The unless we done very answer be Carlos? surprise. some in

between have the early you expecting mining then we XX% And are of XX% as XXXX. we today, in the starting said, restart and project As completed. to

fact, underground the and Carlos are ahead schedule I we progress, were at in slightly and some of in areas. yesterday looking And

we with pleased were we So what saw.

So has started the been based on not bypass yet? rate has the the been Just commentary, exactly. -- it's

and Both is the percent rigs ramp what complete. started XX% have it

So yes, both going.

and go the doesn't The production. the of ventilation. path the [indiscernible] has escape escapeway on, We ago been a realize the more first, part done was to on mobilized raise contractor, it's a the have on ventilation mobilized way. month recently back that that into mobilized Michael, to it's critical come be is contractor and on better

Without ventilation. enough for have time. period We rate a the ventilation of

to be going that. question on was That my follow-up

that suppose it? way a Lucky by, so say, months Is that escapeway -- done to say, February? critical and So to get the is you're to fair X I and have production comfortable back path, we the or at into with, look get

we've January. [indiscernible] unexpected happened. February, something has

you'll you to in you you have the And will then outlined it? share continuity? right million being terms entire at that business be $XX insurance, when you plus or of what the costs just into covered on Do if Is Lucky think covered? at that anticipate can look visibility way

to we're business confident and be, I'm able add? to not will of large a Russell, portion going anything that costs up is outcome get the we'll interruption what it $XX have certainly Well, there's insurance what more an $XX And we're time process. claim that with and a any will million. you a process to but is predict, to very million. like in And say no we company, than be

through and we Friday moment. in, with at It's we're engaged obviously, a we're progress, getting back in the just work company, the insurance process work through the as Lucky the working

the that more as As lighters tell market. we becomes infill then can to clear, comes

be in that be Lucky into about something we with would back wrapped production? X-month line Or this be process? up when as Should this comes would thinking a

ask depends answer to who the It you on within that question. Hecla as to

Look, in of with terms but I would they X immediately. us I should than pay I safe, immediately, agree that. more to just think think, Michael, think be months

that standpoint it at out time could the we're through process. I a think any change bit, a future little push as the that should but working from conservativity into

line Our next question the of Pipes Riley Lucas comes from with B. Securities.

for I Phil, be the my would substitute a would congratulations. -- add PV you Lauren, on What start what I solar mentioned questions panel? with like silver a my wanted in to to silver side. solar

the performance processes. Ultimately, then there is And you're silver it seeing is is the copper building the is. price substitute panels copper. change? it. less to the the solar in sure there increase But would would for same Is of I'm at those use copper the and processes be of time, the secondly, prices you which and given solar problem industry the is substantially the availability for durability Yes, The -- with copper. a got

the certainly occur is decade. nothing that So projecting anyone it's to in next

new the that are that but it's panels to And being that are The realize there that all also are on XX% solar new even using somewhere require more build, require processes cheaper efficiency it's to because built, other thing plants they're with XX% these silver. only they built around and silver. greater efficiency is processes being to not has mention

upper And these gets that. processes, of with end to the new so it

silver built point does make whether any you it your the to Asia a example? supplier, difference near shore U.S., are these panels for solar From in as vantage or to

without just the would disruption Practically the know, see way XX% in great potential speaking, to silver sales it all supply or better U.S. China it in to that friendly thinking XX%, about a coming it China don't I or of countries matter friendly does, be is U.S. doesn't saying from the panels. chain, because from of build maybe

Lucas you or with customers? about supply agreements PipesWould conversations have agreements offtake potential

there's there the ship process not it. no really Canada, have can concentrate we that and it that can smelters to goes But And a really Korea processed. Yes. a that can U.S., whether none in very -- is Remember smelters. the we what there's smelters are to produce get that frankly, many our or material to In material. process to the and few smelters unfortunately, Japan

And fee processing so for that receive smelter. We metal we're a material. into step away from the treatment where back charge that a the pay ultimate customer. don't It we goes

you slowdown caused the infrastructure can Keno, to what the exactly development? back us remind go in To

slowdown you the That's cause materials to the people had, is the biggest in we're things got aligned that where challenge part Yukon, expanded. there. space camp the of located we've think and been in probably you get where getting I got

people room so the in you Lauren, work. do to bring [indiscernible]. the to And have the now

Well, almost XX% same of contractors workforce the we at bring and total the our time.

fill some delays we'll be will at of projects. exception Lucas, some the this those electrical the essentially course the the the is with that of We're rock projects. causes the on plant The of that of the projects. news, us execution on we're done the with be with during course happen that So during end cleanup some crusher some But done will will There's the month. of November of good infrastructure November. doing work completed

capital done a is is less. we're budget, substantially capital we're to at guidance prepared give that lot not be, and while all So when have. us. the with it's And of year, what as to look than next what we we will And not for behind it less

And when contractors expect [indiscernible]. would to you of and some demobilize the

in as December. speak, Some we of but it happening primarily is

of question TD from with Steven next Securities. line the comes Green Our

quick a one on Just Greens Creek.

bit the upped a year. You guidance this

appears year. to that? is Can also rate You in getting stocks? It guidance you're positive just be you or a grade this beat reconciliation confirm driven. last And bit some progress

has It is grade Gold, it great that It's of additional to pretty mine. for metals. the of have been life slightly has we've And it didn't we reconciliation something take is much base the the material have with in a had deal grade been had to grade and driven, particular, impact. lower that's and course, realized higher, distribution. a fairly gold negaty higher

lower thing. we've an so And of odd it's that, had -- a as result

and ounce. grade more ounces ounce got up have But But You you and lead Anything to because more a end positive again. having it zinc gold, add, applied per you but for Lauren? gold higher because per produce reconciliation. per produce more ounce, slightly cost be silver to you is yes, it

that's No, accurate.

we're couple silver in grades, guidance long-term this into now? recent as I least that do slightly And lower from to And at How your XXXX. well? away looking you And that think gains is outperformance, previous suggested months now. XXXX lead a year a of is expect next

function generally over think you I it's a grades And next at the the Greens of Look, just see NPV the trying of the to maximize slightly Yes. will decade, decreased Creek. course speaking, asset. of

the So offset that to yes, expect lower grades. we're way increased is trying Part throughput. of

was did you've in And a a to seen that's purchased day. little in XXXX, try that we roughly the Creek we this portion when tonnes X,XXX per to throughput so move we why to XXX, when less Green operatorship day. get over put now of To maybe us context, tonnes took XX, the

very And mine. much accomplishment than in is the tons to at and of that X,XXX, then the more hole that, to mill, little a now thought It we've we're do. would ever it. long X/X being huge very, able maybe mill it's gone within of So anyone the from be

Greens these for quite way have improve at to guys accomplishment They're been an Creek. always operation. a it's looking the that So done

for if And ways lower speaking, grade see they But production as the so generally surprised I we be declines. don't should find somewhat improvement. wouldn't

numbers, Just X%, have X% I'm gone remember, it's to recoveries dramatically. on -- remember up the recoveries, but trying

And degradation we move in meaningful even a X,XXX from lot. saw a to no the tonnes It's X,XXX day, recovery.

enthusiastic these too guys And what do. can over so just don't get

a grade with works But the numbers what suggest. at up would is that great Creek. this the start team Greens Let's and

to [Operator the Phil call Instructions]. to closing like Baker I remarks. turn for would over now

We the engagement with that we thanks really Well, have for you. questions. the enjoy

And one-on-one anybody one we have do of the so to a have time wants I'll set remind to up that. with opportunity, if that us, we have you call

And to want us. to silver the Hecla the has, So producer. thank of thank it's please I that, teams, to with service take just a have unique I his that also Lauren advantage that want that. great day. And really again, Hecla made a people for

to I joining you thank call, all presentation, now now for today's you would and concludes thank today's our may disconnect. for and us. This speakers like