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Hecla Mining Company Annual Report

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Hecla Mining Company Annual Report Hecla Mining Company Annual Report Silver Production Highlights (Ounces) Dollars in thousands except per share and per ounce amounts 2000 7,998,677 2001 7,434,290 2002 8,681,293 Financial Data and Ratios 2002 2001 Sales of products $ 105,700 $ 85,247 Gross profit 23,715 4,719 Silver Reserves, Jan. 1, 2003 Income (loss) from discontinued operations (2,224) 11,922 Proven & Probable Net income 8,639 2,340 (Contained Ounces) Loss applicable to common shareholders (14,614)1 (5,710) Greens Creek* 31,252,609 1 San Sebastian 8,761,109 Basic and diluted loss per common share (0.18) (0.08) Total 40,013,718 Cash and cash equivalents at end of year 19,542 7,560 *Hecla’s Interest (29.73%) Best performer on the NYSE Capital expenditures 15,251 18,035 Total assets 160,141 153,116 Financial ratios: Gold Production Current ratio 1.39:1 0.99:1 (Ounces) Hecla: The best bet on silver and gold Total liabilities to equity 1.23:1 1.64:1 2000 146,038 Year-End Data 2001 194,742 Common shares outstanding (in thousands) 86,179 73,007 2002 239,633 2002 Annual Report Common shareholders of record 8,584 8,926 Preferred shares outstanding (in thousands) 753 2,300 Preferred shareholders of record 77 146 Gold Reserves, Jan. 1, 2003 Proven & Probable Record gold and silver production Employees 720 701 (Contained Ounces) Operational Data La Camorra 412,332 Silver production (oz) 8,681,293 7,434,290 Greens Creek* 268,603 Gold production (oz) 239,633 194,742 San Sebastian 88,269 Total cash cost per ounce: Total 769,204 *Hecla’s Interest (29.73%) One hundred and twelve years of discovering, acquiring, Silver 2 $ 2.16 $ 3.52 developing and producing precious metals and mineral resources. Lowest-cost primary silver producer Gold $ 137 $ 133 Average silver price per ounce $ 4.63 $ 4.36 Total Sales by Segment Average realized gold price per ounce $ 303 $ 280 (by Percentage) Gold Silver 2000 41.6 58.4 Segment Data 2001 48.6 51.4 2002 46.6 53.4 % change Common Stock Dollars in thousands 2002 2001 vs 2001 Price Range Sale of Products by Segment (Closing Price, Dollars/Share) High Low Silver operations $ 56,404 $ 43,795 28.79% Excellent exploration opportunities 2000 1.75 0.50 Gold operations 49,296 41,452 18.92% 2001 1.50 0.50 Total sales $ 105,700 $ 85,247 23.99% 2002 5.340.93 Gross Profit (Loss) by Segment Silver operations $ 7,066 $ (7,474) 194.54% Gold operations 16,649 12,193 36.55% Preferred Stock Price Range Total gross profit $ 23,715 $ 4,719 402.54% 6500 N. Mineral Drive (Closing Price, Dollars/Share) Suite 200 High Low 1 Coeur d’Alene Includes a one-time, noncash dividend of approximately $17.6 million incurred in July 2002 related to the completion of 2000 28.00 6.00 Idaho 83815-9408 an exchange offering, whereby approximately 1.55 million preferred shares were converted into approximately 2001 11.99 6.74 10.8 million common shares. T: 208.769.4100 2002 34.25 8.22 F: 208.769.7612 2For the years ended December 31, 2002 and 2001, approximately $0.8 million and $0.4 million, respectively, of costs were www.hecla-mining.com classified as care-and-maintenance costs and excluded from the determination of the costs per ounce at the Lucky Friday mine. Including the care-and-maintenance costs, the cash operating, total cash and total production costs per ounce total $2.16, $2.25 and $3.68, respectively, and $3.55, $3.57 and $5.09, respectively, for the twelve months ended December 31, 2002 and 2001. Hecla Mining Company Annual Report Silver Production Highlights (Ounces) Dollars in thousands except per share and per ounce amounts 2000 7,998,677 2001 7,434,290 2002 8,681,293 Financial Data and Ratios 2002 2001 Sales of products $ 105,700 $ 85,247 Gross profit 23,715 4,719 Silver Reserves, Jan. 1, 2003 Income (loss) from discontinued operations (2,224) 11,922 Proven & Probable Net income 8,639 2,340 (Contained Ounces) Loss applicable to common shareholders (14,614)1 (5,710) Greens Creek* 31,252,609 1 San Sebastian 8,761,109 Basic and diluted loss per common share (0.18) (0.08) Total 40,013,718 Cash and cash equivalents at end of year 19,542 7,560 *Hecla’s Interest (29.73%) Best performer on the NYSE Capital expenditures 15,251 18,035 Total assets 160,141 153,116 Financial ratios: Gold Production Current ratio 1.39:1 0.99:1 (Ounces) Hecla: The best bet on silver and gold Total liabilities to equity 1.23:1 1.64:1 2000 146,038 Year-End Data 2001 194,742 Common shares outstanding (in thousands) 86,179 73,007 2002 239,633 2002 Annual Report Common shareholders of record 8,584 8,926 Preferred shares outstanding (in thousands) 753 2,300 Preferred shareholders of record 77 146 Gold Reserves, Jan. 1, 2003 Proven & Probable Record gold and silver production Employees 720 701 (Contained Ounces) Operational Data La Camorra 412,332 Silver production (oz) 8,681,293 7,434,290 Greens Creek* 268,603 Gold production (oz) 239,633 194,742 San Sebastian 88,269 Total cash cost per ounce: Total 769,204 *Hecla’s Interest (29.73%) One hundred and twelve years of discovering, acquiring, Silver 2 $ 2.16 $ 3.52 developing and producing precious metals and mineral resources. Lowest-cost primary silver producer Gold $ 137 $ 133 Average silver price per ounce $ 4.63 $ 4.36 Total Sales by Segment Average realized gold price per ounce $ 303 $ 280 (by Percentage) Gold Silver 2000 41.6 58.4 Segment Data 2001 48.6 51.4 2002 46.6 53.4 % change Common Stock Dollars in thousands 2002 2001 vs 2001 Price Range Sale of Products by Segment (Closing Price, Dollars/Share) High Low Silver operations $ 56,404 $ 43,795 28.79% Excellent exploration opportunities 2000 1.75 0.50 Gold operations 49,296 41,452 18.92% 2001 1.50 0.50 Total sales $ 105,700 $ 85,247 23.99% 2002 5.340.93 Gross Profit (Loss) by Segment Silver operations $ 7,066 $ (7,474) 194.54% Gold operations 16,649 12,193 36.55% Preferred Stock Price Range Total gross profit $ 23,715 $ 4,719 402.54% 6500 N. Mineral Drive (Closing Price, Dollars/Share) Suite 200 High Low 1 Coeur d’Alene Includes a one-time, noncash dividend of approximately $17.6 million incurred in July 2002 related to the completion of 2000 28.00 6.00 Idaho 83815-9408 an exchange offering, whereby approximately 1.55 million preferred shares were converted into approximately 2001 11.99 6.74 10.8 million common shares. T: 208.769.4100 2002 34.25 8.22 F: 208.769.7612 2For the years ended December 31, 2002 and 2001, approximately $0.8 million and $0.4 million, respectively, of costs were www.hecla-mining.com classified as care-and-maintenance costs and excluded from the determination of the costs per ounce at the Lucky Friday mine. Including the care-and-maintenance costs, the cash operating, total cash and total production costs per ounce total $2.16, $2.25 and $3.68, respectively, and $3.55, $3.57 and $5.09, respectively, for the twelve months ended December 31, 2002 and 2001. Arthur Brown Phillips S. Baker, Jr. Chairman and CEO President and COO Corporate Headquarters Shares Listed 6500 N. Mineral Drive, Suite 200 New York Stock Exchange: Coeur d’Alene, Idaho 83815-9408 Common (HL), Preferred (HL-PrB) Tel: 208.769.4100 Chicago Board of Exchange: Fax: 208.769.7612 Options (HL) www.hecla-mining.com Message to Shareholders Transfer Agents/Registrars Common and Preferred Stock American Stock Transfer & Trust Company Annual Meeting The annual meeting of shareholders will be 59 Maiden Lane held at the corporate headquarters in Coeur d’Alene, Idaho, at New York, New York 10038 10 a.m. Pacific Daylight Time, Friday, May 9, 2003. 877.777.0800 An Incredible Year Shareholders Hecla Mining Company’s shares are widely held. At the end of 2002, no single entity held more than 5% of Map of Operations Hecla’s common shares. At year-end 2002, the company had an estimated 8,584 common shareholders of record. Dear Shareholder: Hecla produced approximately 240,000 ounces of In Mexico, at the San Sebastian silver mine, we The La Camorra mine, led by general manager Dave 3 gold and 8.7 million ounces of silver, a 23% and 17% anticipate some of our best exploration opportunities ever. Howe, was Hecla’s primary gold producer in 2002, Investor and Public Relations A copy of the company’s What a year we had! In 2002, Hecla Mining increase, respectively, over gold and silver production in We have more than a 100-square-mile property position producing more than 167,000 ounces of gold at an average Company had the most gold and silver production in its 2001. Never in the company’s history has it produced this in the Saladillo Valley, right on trend with central Mexico’s total cash cost of $137 per ounce. We expect La Camorra annual report on Form 10-K filed with the Securities and Exchange Commission is available upon request. If you would like to be 112-year history. The costs per ounce of silver were at a much precious metal in one year. This accomplishment was prolific historic silver mining district.
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