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Resource Capital Funds. She brings a wealth of insight and experience, which we welcome at Hecla.
Earlier in 2016, Stephen Ralbovsky, formerly a Partner with PricewaterhouseCoopers LLP, and George Johnson, former Senior Vice President of Operations at B2Gold Corporation, joined the Board. Their counsel, support, and oversight have been tremendous.
Jim Sabala, Hecla’s Senior Vice President and CFO for seven years, retired in May 2016 and we wish him well. Lindsay Hall, formerly the Executive Vice President and CFO of Goldcorp, joined Hecla in July 2016 as Senior Vice President and CFO. He’s a veteran of the industry and brings a wealth of experience that we expect will help to unlock Hecla’s true potential. Scott Hartman, who served as Vice President – General Manager at Greens Creek, and, before that, held a variety of positions in both Mexico and the United States over his 30-year career, retired in January 2017. We wish him much happiness in his retirement. I would also like to welcome Keith Malone to the role of Vice President – General Manager at Greens Creek. He was the Greens Creek Mine Manager from March 2014 to December 2016; previously, he held numerous positions in the mining industry.
2017 AND BEYOND
Our focus going into 2016 was to increase production; our focus in 2017 is to increase profitability. And our long-term goal is twofold: To become investment grade and to be listed on the S&P 500. As we work toward achieving these goals, expect to see us investing in our business – because this is a strategy that works.
I’d like to close this year’s letter by thanking the entire Hecla workforce for an outstanding 2016, the Board of Directors for their leadership, and the shareholders for their continued support. Here’s to a successful 2017.
HL / 8
46.1 million oz
Peers
Peers
$152.8 million
Cash Provided by Operating Activities
Free Cash Flow**
Share Price Performance
$225.3 million
Phillips S. Baker, Jr.
President and Chief Executive Officer
March 24, 2017
Peers Hecla
35.0 million oz
Silver Equivalent Production*
Hecla
Hecla
Peers
150%
Hecla
(1) Excludes $16M in insurance settlement proceeds. *Public documents and 2016 average metal prices. **Public company disclosure or cash provided by operating activities less capital expenditures.
$44.5(1) million
177%
$33.0 million
Hecla Mining Company’s 2016 results (below) compared to the average of the following peer group’s 2016 results: Coeur Mining, First Majestic Silver, Pan American Silver, and
Silver Standard.