Hecla Mining Company reported significant financial improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated sales of $245.1 million, a 35% increase from $181.9 million in Q3 2023. Year-to-date sales reached $680.3 million, up from $559.5 million in the prior year. The increase in revenue was driven by higher metal sales, particularly in silver and gold, with silver sales for Q3 2024 amounting to $109.8 million, compared to $74.4 million in Q3 2023.

Gross profit for the third quarter of 2024 was $59.3 million, significantly higher than $33.5 million in the same quarter of 2023. For the nine-month period, gross profit increased to $129.9 million from $106.1 million. The company reported income from operations of $22.5 million for Q3 2024, a turnaround from a loss of $12.6 million in Q3 2023, and a year-to-date income from operations of $68.1 million compared to a loss of $2.3 million in the previous year.

Net income for the third quarter of 2024 was $1.8 million, a substantial recovery from a net loss of $22.4 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $23.9 million, compared to a net loss of $41.3 million in the same period of 2023. The improvement in profitability was attributed to increased sales volumes, higher realized prices for metals, and insurance proceeds of $14.8 million related to a fire at the Lucky Friday mine.

Hecla's total assets decreased to $2.96 billion as of September 30, 2024, from $3.01 billion at the end of 2023. The company reported a net cash decrease of $84.1 million for the nine months ended September 30, 2024, with cash and cash equivalents at $22.3 million, down from $106.4 million at the end of 2023. The company also raised $58.4 million through equity sales under its At-The-Market (ATM) program during the nine months.

Strategically, Hecla has been reviewing its operations, particularly at Casa Berardi, which has faced profitability challenges. The company is exploring potential alternatives for this segment while continuing to focus on its core operations at Greens Creek and Lucky Friday, which have shown strong performance. The company also amended its credit agreement in May 2024, increasing its borrowing capacity to $225 million and extending the maturity date to July 2028.