US-based Hecla achieved its largest silver reserves and second-highest production in its history last year and CEO Philip Baker says the company is set for new records in 2023 and 2024.

The miner produced 14.2-million ounces of silver and 175 807 oz of gold in 2022, at an all-in sustaining cost (AISC) after by-product credits of $11.25/oz. The firm also achieved its silver cost guidance with total silver cost of sales of $349.3-million.

“Hecla is the world’s fastest-growing established silver company,” Baker said on Wednesday. “This growth has been built on the strong foundation of Greens Creek, the United States’ largest silver mine, and the Lucky Friday, a mine in production for 80 years whose throughput this year was the most in its history. Added to these growing mines is Keno Hill, one of the world’s highest-grade silver mines, which we expect to be in production in the second half of this year.”

Hecla brought Keno Hill, in Yukon, into its fold with the acquisition of Alexco Resources, adding nearly 50-million ounces of silver reserves; the highest-grade and largest primary silver reserves in Canada. The group now has silver reserves of 241-million ounces.

Consolidated silver production is expected to increase over the next three years to reach 18.5-million to 20-million ounces by 2025. Consolidated gold production is expected to decrease to between 160 000 oz and 170 000 oz in 2023, mainly owing to Casa Berardi, as an increase in the underground cut-off grade will lower gold production and reduce lower-margin material and lower contractor costs.

Casa Berardi's production is expected to be lower in the first half of 2023 and increase in the latter half of the year. Cash costs and AISC, each after by-product credits, per gold ounce are expected to be higher in the first half and trend lower in the second half of the year.

Hecla reported 2022 sales of $718.9-million with almost 70% from Greens Creek and Lucky Friday. Its net loss applicable to common stockholders was $37.9-million, or $0.07 a share, and adjusted net income was $27.8-million, or $0.05 a share.