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Hecla Mining Reduces 2020 Capex By 25% - Quick Facts

While reporting its first-quarter financial results on Thursday, Hecla Mining Co. (HL) said that amid the COVID-19 pandemic, four out of its five mines are operating, representing 95 percent of Hecla's production. There are no known cases of COVID-19 at any of Hecla's sites.

The company said it is reducing its 2020 capital and exploration expenditures by 25 percent.

Looking ahead to the full year, Hecla Mining said its silver production guidance is largely unchanged, with all in sustaining costs or AISC, after byproduct credits, about 10 percent higher. This is due primarily to benchmark smelter costs and lower byproduct credits from lower zinc production and prices.

The company's gold production guidance for the full year is about 10 percent lower, but AISC, after byproduct credits, is relatively unchanged due to lower capital costs.

Hecla Mining's board of directors elected to declare a quarterly cash dividend of $0.0025 per share of common stock, payable on or about June 2, 2020, to stockholders of record on May 22, 2020.

The company noted that realized silver price was $14.48 in the first quarter and therefore did not satisfy the criteria for a larger dividend under the company's dividend policy.

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