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#307: 22.07.2019 09:31 robbyredford
Hecla: Revolver Fixed, But Senior Notes Outstanding
Jul. 21, 2019 11:50 PM ET|

Koshote Fundamental Research

Management has locked in floor prices for silver and gold at levels which can pay down the revolver balance.

The revolver was amended to allow for higher leverage, but springing maturity on 11/1/2020 remains should Senior Notes maturing 11/1/2021 remain outstanding.

The Senior Notes need to be refinanced or Hecla must show sufficient profitability to refinance the Senior Notes before the stock can be upgraded to a Buy.

Hecla Mining (NYSE: HL) ensured the ability to paydown the revolver balance and amended the leverage covenant on the revolver thereby eliminating the revolver as a default trigger. However, management still needs to address the upcoming maturity of the Senior Notes to ensure Hecla's solvency.
Locked in Prices

Hecla locked in a floor of $1,400 per gold ounce and $15.13 per silver ounce through put options. Note that these are not swaps or forward sales, but put options so if the market price of gold and silver continues to climb, investors will benefit. Note further that the all in sustaining cost (AISC) for silver at Greens Creek was $5.50/oz Ag per the June 2019 update and the AISC for gold at Casa Berardi was $1,150/oz Au. These two mines accounted for 80% of 2018 revenues.

These put options extend through the end of 1Q:2020 which is important as at these levels, management expects the revolving line of credit balance of $52 million as of 6/30/19 to be paid off by 1Q:2020 at the hedged prices.
Significant Debt Issues Partially Addressed

Management amended the revolving line of credit to loosen leverage covenants in exchange for a commitment reduction to $150 million. However, the springing maturity in 11/1/2020 still stands should the Senior Notes maturing 11/1/2021 remain outstanding. Principal balance of the Senior notes was $506.5 million as of 3/31/19. The combination of the amended credit agreement and the pot options means that a springing maturity of the revolver in 11/1/2020 may not now be a trigger for bankruptcy thereby pushing out optionality to the Senior Note maturity on 11/1/2021.
Potential Upside

As always, improved metals prices are a source of upside for the stock. The protection of the put options through 1Q:2020 leaves only upside potential in the near term. Lower interest rates, increased unrest in the Persian Gulf, and increased trade tension are all likely to offer support to gold and silver prices.

A settlement of the Lucky Friday strike would be beneficial to the Company. Lucky Friday silver production was in excess of 3 million ounces in 2016 and 2015. There is no current news on the Lucky Friday strike.

Continued exploration efforts at the Company's growth/transformation properties (non- Greens Creek and Casa Berardi) could add value to the Company.

Delivery of the Remote Vein Miner in 2020 could meaningfully improve productivity by eliminating drill and blast thereby eliminating downtime for charging and ventilation.
Conclusion

Management has moved the ball forward this quarter and benefited from rising metals prices. However, the maturity of the Senior Notes still need to be addressed before this stock is a Buy. While I recognize that the share price will move up once there is some resolution, the solvency situation remains too speculative to recommend adding on today.
#306: 21.07.2019 23:28 kinsey
Hallo,

"Kellerkinder "

Externes Bild - Anklicken zum Anzeigen

Externes Bild - Anklicken zum Anzeigen

Externes Bild - Anklicken zum Anzeigen

Prognosen sind schwierig, besonders wenn sie die Zukunft betreffen

Freundliche Grüße kinsey
#305: 18.07.2019 23:38 robbyredford
Hecla Reports Hedges In Options Market, Higher 2Q Silver Output
Thursday July 18, 2019 09:15

Kitco News

(Kitco News) - Hecla Mining Co. (NYSE: HL) Thursday reported higher year-over-year silver production in the second quarter, a small dip in gold output, and hedges on the two metals in the options market.

The company listed second-quarter silver production of 3 million ounces, up 16% from 2.6 million from the same period a year ago. Gold production of 58,390 ounces was down 3% from 60,313.

The company listed silver-equivalent production of 11 million ounces or gold-equivalent production of 125,359 ounces.

Meanwhile, lead and zinc production came in at 5,514 and 13,315 tons, respectively. The lead output was roughly flat compared to 5,522 tons a year ago, while the zinc output was down 7% from 14,299.

The company said it established hedges that utilize put options on expected gold and silver sales through the first quarter of 2020, locking in a minimum average price of $1,400 per gold ounce and $15.13 per silver ounce.

“Our strong silver production reflects the continued outperformance of Greens Creek, which had higher grades and recoveries during the quarter as expected,” said Phillips S. Baker, Jr., president and chief executive officer. “San Sebastian is continuing to perform as expected as we continue the bulk sample test of the sulfide material. We expect gold production to be higher at both Casa Berardi and in Nevada in the second half of the year, particularly the fourth quarter.”

The CEO commented that at a time when gold and silver prices were increasing, the company purchased puts that assures a minimum price for projected gold and silver sales through the end of the first quarter of next year.

“This, combined with [an] amended revolving credit facility, should provide Hecla with adequate liquidity if prices are lower over the next several quarters,” Baker said. “That said, at these hedged prices, we don’t expect the revolver to be drawn at the end of the year.”

By Allen Sykora
#304: 18.07.2019 23:37 robbyredford
Hecla pops 2% on Q2 production results
Jul. 18, 2019 7:09 AM ET|About: Hecla Mining Company (HL)|By: Vandana Singh, SA News Editor

Hecla Mining (NYSE:HL) is +2% in pre-market as it reports Q2 silver production of 3M ounces, +16% Y/Y and gold production of 58,390 ounces down 3%.

The company says that strong silver production reflects the continued out-performance of Greens Creek, which had higher grades and recoveries; Hecla also expects gold production to be higher at both Casa Berardi and in Nevada in 2H 2019, particularly the Q4.

Greens Creek mine produced 2.4M ounces of silver up 19% which is the most silver production in three years; gold production declined 3% to 13,256 ounces; the mill operated at an average of 2,301 tons per day.

At the Casa Berardi mine, 28,892 ounces of gold was produced down 32% due to lower grades and lower mill throughput and recovery; mill operated at an average of 3,820 tpd.

At the San Sebastian mine lower ore grades resulted in 0.5M ounces of silver, -17% and 3,547 ounces of gold, -8%.

At the Nevada operations, 12,695 ounces of gold and 49,450 ounces of silver were produced and Lucky Friday mine produced 127,147 ounces of silver.

Lead production stood at 5,514 tons and zinc production decreased 7% to 13,315 tons.

At the end of the quarter, cash, cash equivalents and short-term investments was ~$10M, with a draw on the revolving line of credit of $52M; amended revolving credit agreement to allow higher debt to EBITDA ratios for the next year.
#303: 18.07.2019 01:08 robbyredford
wer an einer sammelklage gg. hecla teilnehmen möchte:

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Hecla Mining Company of Class Action Lawsuit and Upcoming Deadline - HL

News provided by
Pomerantz LLP

Jul 16, 2019, 20:57 ET

NEW YORK, July 16, 2019 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Hecla Mining Company ("Hecla Mining" or the "Company") (NYSE: HL) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and indexed under 19-cv-05719, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Hecla securities between March 19, 2018 and May 8, 2019, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Hecla securities during the class period, you have until July 23, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Hecla purports to discover, acquire, develop, and produce silver, gold, lead, and zinc. The Company produces lead, zinc, and bulk concentrates, which Hecla sells to custom smelters and brokers, and unrefined precipitate and bullion bars (doré) containing gold and silver, which are further refined before sale to precious metals traders. Prior to the start of the Class Period, the Company was organized and managed in four segments that encompassed its operating units: the Greens Creek, Lucky Friday, Casa Berardi, and San Sebastian units.

On March 19, 2018, Hecla announced it was acquiring three high-grade Nevada gold mines through the acquisition of Klondex Mines Ltd. ("Klondex") for a mix of cash and stock worth $462 million. Defendant Phillips S. Baker, Jr., Hecla's President and Chief Executive Officer, represented that "Klondex's three operating mines – Fire Creek, Midas and Hollister – are some of the highest-grade gold mines in the world" and that "[a]fter extensive due diligence, we see significant opportunity to improve costs, throughput and recoveries over time with our expertise." Fire Creek, which started production in 2014, was the primary driver of the acquisition. Hollister was important for the prospective development and mining of the Hatter Graben, a large system of veins Hecla said it could reach from Hollister. Midas was an older mine that had been in production for decades but was still purportedly providing production and cash flow.

After the acquisition closed in July 2018, the Company's Nevada operations became a fifth operating segment.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that during the Class Period, Defendants falsely and misleadingly represented that the Nevada operations would be "accretive" and cash flow positive, or at the very least "self-funding", but this was not true. As admitted by the Defendants at the end of the Class Period, the Defendants knew from their extensive due diligence that the Nevada mines faced many undisclosed material problems that would prevent the operations from being cash flow positive, or even cash flow neutral. Specifically, Defendants were aware from their extensive due diligence that the Nevada operations had material problems in terms of excessive water, equipment availability, achieving enough development to have consistent production, and lack of characterization of ore types, among other things.

On May 9, 2019, Hecla shocked investors when, before the market opened, the Company issued a press release entitled "Hecla Reports First Quarter Results . . . Nevada operations under review" (the "May 9 Press Release"), in which the Company disclosed a "comprehensive review" of its Nevada operations that it characterized during the ensuing conference call as "really just asking the question, are we going to get the return for the investment we're making." Defendants admitted that the Nevada operations suffered from negative cash flow and other negative operating metrics, such that Defendants were not sure if Hecla would ever get a positive return on its investment in the Nevada operations and might, in fact, write off the Nevada operations. Additionally, the Company reported a net loss of over $25 million for the first quarter of 2019 based in large part on a gross loss of $13.8 million from its Nevada operations.

On May 9, 2019, following the disclosures that the Nevada operations were cash flow negative and subject to a comprehensive review to determine the best path forward given the Nevada operations' poor economics, including the possibility of an impairment charge, the price of Hecla's common stock declined by 23.5% over two trading days, from a closing price of $2.04 per share on May 8, 2019, to close at $1.56 per share on May 10, 2019.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

SOURCE Pomerantz LLP
#302: 17.07.2019 21:19 robbyredford
@robbyredford (#299)
@robbyredford (#301)

..."...Hands up, baby, hands up,
Gimme your heart, gimme, gimme your heart..."...

:cool:

Hecla Mining Company (HL)
NYSE - Nasdaq Echtzeitpreis. Währung in USD
2,00 +0,24 (+13,6364 %)
Ab 3:13PM EDT. Markt geöffnet.

geschafft :D
#301: 17.07.2019 21:13 robbyredford
@robbyredford (#300)

uiiih :eek:

Hecla Mining Company (HL)
NYSE - Nasdaq Echtzeitpreis. Währung in USD
1,99 +0,23 (+13,0682 %)
Ab 3:11PM EDT. Markt geöffnet.

:d
#300: 17.07.2019 20:39 robbyredford
@robbyredford (#299)

2 wochen später ist es fast schon geschafft ;)

und dann (> 2 usd) nimmt kinsey sie auch wieder in die große horde mit auf :D

Hecla Mining Company (HL)
NYSE - Nasdaq Echtzeitpreis. Währung in USD
1,95 +0,19 (+10,7955 %)

schöner schub heute...

übrigens:
die nächsten zahlen kommen am 01.08.
#299: 03.07.2019 08:06 robbyredford
Der Beitrag wurde vom Verfasser bearbeitet. Originalbeitrag anzeigen.
@Starlet_I (#298) Danke! Bei HL bin ich aktuell sehr entspannt. Für mich siehts aus wie das Durchatmen vor dem nächsten Schub, der dann „sicher“ über 2 usd gehen sollte ...
#298: 02.07.2019 20:27 Starlet_I
@Starlet_I (#292)

Unterstützung, momentan noch Widerstand,

höherer Zeitebene dazu in blau ..
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