Hecla Mining Company · NYSE:HL
Hecla Mining — Q4 2025 Earnings Presentation
44 slides from Hecla Mining's earnings presentation, Feb 18, 2026
Slide 1: Fourth Quarter & Full Year 2025 Conference Call
FOURTH QUARTER & FULL YEAR 2025 Conference Call
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook Qualified Person (QP) This presentation and the related news release and conference call contain "forward-looking statements" within the meaning of Section 27A of Kurt D. Allen, MSc., CPG, VP-Expl
Slide 3: North America's Premier Silver Producer: The Hecla Strategy
North America’s Premier Silver Producer The Hecla Strategy Hecla Foundation What Hecla Strategy Aims to Deliver Silver Legacy Portfolio Value Surfacing Oldest precious metals mining company on Organic growth through Nevada exploration the NYSE, celebrating 135th anniversary success Top Jurisdict
Slide 4: 2025 Highlights
2025 Highlights Financial Records and Deleveraging Record revenue: over $1.4B | Record profitability: net income applicable to common shareholders $321M or $0.49/share Record Adjusted EBITDA: $670M Substantial deleveraging: Total debt $276M | Gross debt to Adj. EBITDA ratio: 0.4x Operating c
Slide 5: Subsequent to Year-End: Hecla Announces Sale of Hecla Quebec Inc.
Subsequent to Year-End: Hecla Announces Sale of Hecla Quebec Inc. Transaction to further solidify Hecla as the premier North American silver company Deal Highlights Hecla entered into a definitive agreement to sell its subsidiary that owns Proposed Transaction Casa Berardi operation in Quebec, Can
Slide 6: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 6
Slide 7: 2025 Financial Scorecard: Transformational Performance
2025 Financial Scorecard: Transformational Performance Delivering on operational excellence and financial discipline Balance Sheet Transformation Margin and Return Generation 75% Improvement 94% Improvement 21% Point Increase 82x Increase Free Cash Flow(2) Gross Leverage Ratio(1) Net Leverage Ratio(
Slide 8: Q4 Financial Highlights
Q4 Financial Highlights Silver accounts for nearly 73% Q4 Revenues of Q4 revenues 1.6 $439M* 7% excluding Casa $670 1.4 5% Berardi** Net Debt to 1.2 Silver accounts Adjusted EBITDA $506 1 for 59% of Q4 ($ millions) Adjusted 0.8 revenues 29% EBITDA (1) 59% 0.6 Net leverage 0.3x 0.4 Silver ratio of 0.
Slide 9: Expected Robust Free Cash Flow Generation
Expected Robust Free Cash Flow Generation Projected 2026 Consolidated Free Cash Flow(2): ~$850M at $100/oz Silver and $5,500/oz Gold Projected 2026 Consolidated Free Cashflow Price Sensitivity to Silver and Gold $1,000 Full-year 2026 projects include Casa Berardi for only Q1 2026 due to its pending
Slide 10: Capital Allocation: Disciplined Strategy Driving Value Creation
Capital Allocation: Disciplined Strategy Driving Value Creation Safety & Balance Sheet Sustaining & Strategic Shareholder Environmental Exploration Strength/ Growth Capital Investments Returns Excellence Deleveraging Conceptual Asymmetric Potentially - 10 - 15% 5-7% - Returns Potential Significant
Slide 11: Operational Review
OPERATIONAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 11
Slide 12: Safety – The Foundation to Success
Safety – The Foundation to Success Operational excellence starts here Hecla: 10 Year Total Reportable Injury Frequency History (TRIFR) Operational Achievements & Goals 5.0 2024: Re-commitment to Safety 4.5 Values – Safety Day and roll-out of Safety 365: Work Safe. Home Safe. 4.0 2025 TRIFR 1.69 3.
Slide 13: Greens Creek: Cornerstone Mine, Foundation Of Our Future
Greens Creek: Cornerstone Mine, Foundation Of Our Future Metals Location Reserve Mine Plan 2024 Economic Impact Ag, Au, Pb, Zn, Cu Alaska 12 Years $266M Greens Creek Port Solid free cash flow generation Q4 2025 results: Silver: 2.0 Moz, Gold: 12.3 Koz Cash costs and AISC per silver ounce (both
Slide 14: Lucky Friday: Continued Operational Consistency
Lucky Friday: Continued Operational Consistency Metals Location Reserve Mine Plan 2024 Economic Impact Ag, Pb, Zn Idaho 15 Years $171M Lucky Friday Milling Facility Consistent Silver Production 2025 record silver production of 5.3 Moz for 2025 Surface cooling project 79% complete and tracking fo
Slide 15: Keno Hill: First Year of Profitability Under Hecla Ownership
Keno Hill: First Year of Profitability Under Hecla Ownership Metals Location Reserve Mine Plan 2024 Economic Impact Ag, Pb, Zn Yukon 13 Years $179M Work continues to ramp up into a state of Projected Free Cash Flow(2) at 440 TPD commercial production $400 Silver price $/oz 2024-2039 $30 $50 $75 $100
Slide 16: Exploration
EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 16
Slide 17: Strategic Value Creation through Exploration
Strategic Value Creation through Exploration 2026 $55 million investment an all-time record Near Mine: $24 Million Nevada Growth: $16 Million Early-Stage/Generative: $10 Million Extends mine life Midas, Aurora, and Hollister Silver Valley and Generative exploration Provides lowest risk and h
Slide 18: Nevada Platform: Our Primary Growth Engine
Nevada Platform: Our Primary Growth Engine Midas: Two new very strong early results from Pogo and Sinter target areas Aurora: Permitting milestone achieved – First step in unlocking potential Midas Midas and Aurora Milling Midas District Targets Potential Pogo & Sinter Offset Targets: High-grade T
Slide 19: Outlook & Project Optionality
OUTLOOK & PROJECT OPTIONALITY RESPONSIBLE. SAFE. INNOVATIVE. 19
Slide 20: Outlook & Project Optionality
Outlook & Project Optionality Lucky Friday Skip Greens Creek Tailings Silver Production Growth Potential: 20 Moz Optimization Study Reprocessing Project 25 $13.06 $11.76 $11.28 20 15 Silver Production (Moz) 10 5 Midas Production Restart Optionality 0 2023 2024 2025 2026 Medium-term Greens Creek Luck
Slide 21: Hecla – The Premier North American Silver Company Q&A
HECLA – THE PREMIER NORTH AMERICAN SILVER COMPANY Q&A 21
Slide 22: Appendix
APPENDIX Overview, End Notes, Guidance, and GAAP Reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 22
Slide 23: Hecla at a Glance
Hecla at a Glance Company Overview Ownership Overview(b) Headquarters Coeur d’Alene, Idaho Stock Ticker NYSE: HL Common Shares Outstanding 670.3M(a) Market Capitalization $15.4B(b) Cash Position $241.5M(a) Long-Term Debt $261.9M(a) US$225M Revolving Credit Facility (+ US$75M Accordion) - (a) Dividen
Slide 24: 2026 Guidance: Strong Margins Maintained
2026 Guidance: Strong Margins Maintained Silver Production (Moz) Gold Production (Koz) Greens Creek 7.5 – 8.1 51.0 – 55.0 2026 Production Lucky Friday 4.7 – 5.2 N/A Outlook Keno Hill 2.9 – 3.2 N/A 2026 Total 15.1 – 16.5 51.0 – 55.0 Casa Berardi (Q1 2026)* N/A 14.0 – 17.0 Cash cost, after by-product
Slide 25: End Notes
End Notes 1. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of adjusted EBITDA and net debt to the closest GAAP measurements of net income (loss) and debt can be found in the appendix. It is an important measure for management to measure relative indebtedness and the ability
Slide 26: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 26
Slide 27: Adjusted EBITDA
Adjusted EBITDA Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months 2025 2024 Dollars in thousands (USD) Net income $ 321,712 $ 35,802 Interest expense 41,581 49,834 Income and mining tax expense 157,467 30,414 Depreciation, depletion and amortization 165,570 190,471
Slide 28: Cash Cost And AISC Reconciliation To GAAP
Cash Cost And AISC Reconciliation To GAAP Silver Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ounce (n
Slide 29: Cash Cost And AISC Reconciliation To GAAP
Cash Cost And AISC Reconciliation To GAAP Greens Creek Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ou
Slide 30: Cash Cost And AISC Reconciliation To GAAP
Cash Cost And AISC Reconciliation To GAAP Lucky Friday Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ou
Slide 31: Cash Cost And AISC Reconciliation To GAAP
Cash Cost And AISC Reconciliation To GAAP Casa Berardi Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Costs, Before By-product Credits, per Ounce and All-In Sustaining Costs, After By-product Credits, per Ou
Slide 32: Free Cash Flow (Non-GAAP) Reconciliation
Free Cash Flow (Non-GAAP) Reconciliation Q4 2025 Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for All Operations Greens Creek Lucky Friday Keno Hill Casa Berardi in millions Cash provided by operating activities 101.9 56.9 33.0 50.2 Additions to propert
Slide 33: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 33
Slide 34: Mineral Reserves – 12/31/2025 (1/4)
Mineral Reserves – 12/31/2025(1) (1/4) Proven Reserves(1) Silver Gold Lead Zinc Silver Gold Lead Zinc Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) Tons Tons Greens 100.0% 13 23.93 0.120 3.0 7.8 309 1.5 390 1,000 Creek (2,3) Lucky 100.0% 4,747 11.82 - 7.5 3.8 56,096 - 3
Slide 35: Mineral Reserves – 12/31/2025 (2/4)
Mineral Reserves – 12/31/2025(1) (2/4) Probable Reserves(7) Silver Gold Lead Zinc Silver Gold Lead Zinc Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) Tons Tons Greens 100.0% 10,166 10.41 0.083 2.3 6.3 105,788 841 237,730 637,130 Creek (2,3) Lucky 100.0% 1,636 9.47 - 6.0
Slide 36: Mineral Reserves – 12/31/2025 (3/4)
Mineral Reserves – 12/31/2025(1) (3/4) Proven and Probable Reserves Silver Gold Lead Zinc Silver Gold Lead Zinc Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) Tons Tons Greens 100.0% 10,179 10.42 0.083 2.3 6.3 106,097 842 238,120 638,130 Creek (2,3) Lucky 100.0% 6,383 11
Slide 37: Mineral Reserves – 12/31/2025 (4/4)
Mineral Reserves – 12/31/2025(1) (4/4) 1. The term “reserve” means an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically minea
Slide 38: Mineral Resources - 12/31/2025 (1/6)
Mineral Resources - 12/31/2025(8) (1/6) Measured Resources(9) Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % % (000 oz) (000 oz) (Tons) (Tons) (Tons) Greens Creek(12,13) 100.0% - - - - - - - - - - - Lucky Friday(12,14) 100.0% 1,806
Slide 39: Mineral Resources - 12/31/2025 (2/6)
Mineral Resources - 12/31/2025(8) (2/6) Indicated Resources(10) Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % % (000 oz) (000 oz) (Tons) (Tons) (Tons) Greens Creek(12,13) 100.0% 5,844 15.17 0.112 3.4 8.9 - 88,655 653 200,430 522,5
Slide 40: Mineral Resources - 12/31/2025 (3/6)
Mineral Resources - 12/31/2025(8) (3/6) Measured & Indicated Resources Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % % (000 oz) (000 oz) (Tons) (Tons) (Tons) Greens Creek(12,13) 100.0% 5,844 15.17 0.112 3.4 8.9 - 88,655 653 200,43
Slide 41: Mineral Resources - 12/31/2025 (4/6)
Mineral Resources - 12/31/2025(8) (4/6) Inferred Resources(11) Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % % (000 oz) (000 oz) (Tons) (Tons) (Tons) Greens Creek(12,13) 100.0% 1,431 16.29 0.107 3.2 8.0 - 23,314 153 45,720 113,910
Slide 42: Mineral Resources - 12/31/2025 (5/6)
Mineral Resources - 12/31/2025(8) (5/6) Note: All estimates are in-situ except for the proven reserves at Greens Creek which are in surface stockpiles. Mineral resources are exclusive of reserves. 8. The term "mineral resources" means a concentration or occurrence of material of economic interest in
Slide 43: Mineral Resources - 12/31/2025 (6/6)
Mineral Resources - 12/31/2025(8) (6/6) 17. Mineral resources for underground zones at San Sebastian reported at a cut-off grade of $163.29/ton ($180/tonne), open pit resources reported at a cut-off grade of $74.84/ton ($82.50/tonne); Metallurgical recoveries based on grade dependent recovery curves
Slide 44: Thank You
THANK YOU THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.