Hecla Mining Company · NYSE:HL
Hecla Mining — Investor Presentation (September 2026)
65 slides from Hecla Mining's investor presentation, September 2026
Slide 1: Hecla Mining Company September Update
HECLA MINING COMPANY LARGEST U.S. AND CANADIAN SILVER PRODUCER SEPTEMBER UPDATE SEPTEMBER 2026 RESPONSIBLE. SAFE. INNOVATIVE. 1
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook Qualified Person (QP) This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Kurt D. Allen, MSc
Slide 3: Hecla at a Glance
Hecla at a Glance Company Overview Ownership Overview(b) Headquarters Coeur d’Alene, Idaho Retail Institutional Stock Ticker NYSE: HL Common Shares Outstanding 680.9M(a) 22% Market Capitalization $13.0B(b) Last 3 Months Average Daily Volume 35.4M shares(c) Cash Position $483.5M(a) Long-Term Debt - (
Slide 4: North America's Premier Silver Producer
North America’s Premier Silver Producer 1 2 3 Silver Legacy Best Jurisdictions Silver Focused Oldest precious metals mining 100% of operations located in the Peer-leading silver exposure in company on the NYSE - 135 years U.S. and Canada both revenue and reserves of history 4 5 6 Reserve Dominance P
Slide 5: Our Asset Portfolio: United States and Canada
Our Asset Portfolio: United States and Canada 2025 U.S. Silver Production Yukon Keno Hill, Mayo, Yukon Rackla, Mayo, Yukon Connaught, Dawson, Yukon Hecla, 39% Other, Alaska 61% Greens Creek, Admiralty Island, Alaska Idaho Lucky Friday, Mullan, Idaho 2025 U.S. Silver Production (Moz) Silver Valley /
Slide 6: Why Invest in Hecla? Industry Leading Reserve Equivalent Life
Why Invest in Hecla? Industry Leading Reserve Equivalent Life 18 18 Colored - Primary Silver Mines Jacobina Mines sorted by highest to Uncolored - Primary Gold Mines 16 16 lowest 2Q26 Revenue left 13.3 15 to right 15 La Colorada 14 Lucky Friday years average reserve Juanicipio (44%) 14 13 equivalent
Slide 7: Why Invest in Hecla? High Grades and Best Jurisdictions
Why Invest in Hecla? High Grades and Best Jurisdictions Hecla’s silver portfolio has an unparalleled U.S. / Canada Other countries combination of high grades, long reserve lives, and best jurisdictions 100 Rochester Greens Creek 75 La Colorada Lucky Keno Jurisdictional Score Huaron Hill San Dimas Ce
Slide 8: Why Invest in Hecla? Peer Leading Silver Exposure
Why Invest in Hecla? Peer Leading Silver Exposure Exposure to Silver Substantial silver revenue 100% exposure Percent of Reserves Based in Silver HL Hecla (“HL”) derived ~68% of (continuing operations) Q2 2026 revenue from silver 75% from continuing operations. PAAS Asset portfolio heavily focused
Slide 9: Expected Robust Free Cash Flow Generation
Expected Robust Free Cash Flow Generation Projected 2026 Free Cash Flow(2) $800 Price Sensitivity $700 FREE CASH FLOW RESILIENT $600 across the price curve $500 US$ Millions $400 $300 $200 Full-year 2026 projections include cashflows from Casa $100 Berardi up to the closing of sale $0 on March 25, 2
Slide 10: Medium-Term Outlook Potential: 20+ Moz Silver Producer
Medium-Term Outlook Potential: 20+ Moz Silver Producer Significant silver production growth potential over medium-term 20+ 25 Nearer-term upside Moz medium-term opportunities silver growth potential, 20 from 15.1-16.1 Moz guided in 2026 15 Nearer-term upside opportunities: Silver Production (Moz)
Slide 11: Project Pipeline Update – Organic Growth Opportunities
Project Pipeline Update – Organic Growth Opportunities Greens Creek Greens Creek Dry Stack Midas Restart Project Pyrite Concentrate Circuit Tailings Reprocessing Project Update:(i) ~10.6 Mtons of tailings with estimated 51 Existing high-grade gold and silver resource Approx 1.0 – 1.2 Moz sil
Slide 12: Q2 2026 Cost Review – Low Exposure to Oil
Q2 2026 Cost Review – Low Exposure to Oil Consolidated Cost Breakdown Greens Creek Cost Breakdown Lucky Friday Cost Breakdown $ millions $ millions $ millions $0.0 Labor + Contractors Electricity ($2.4) Fuel Fixed Overhead $2.7 $11.2 $1.3 Freight Equipment $23.3 $1.4 Other costs Consumables $0.5 $12
Slide 13: Low-cost Producer
Low-cost Producer 2025 Actual AISC(4): Hecla Is Strongly Positioned at the Lower End of the Silver Cost Curve $/oz AISC Silver Peers(a) Hecla(b) Silver Production (Kt) Note: a. Peers include Coeur Mining, Fortuna, Fresnillo, Pan American Silver, First Majestic Silver, Endeavour Silver, and AISC data
Slide 14: 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 15: Safety – The Foundation to Success
Safety – The Foundation to Success Operational Achievements Hecla: 10 Year Total Reportable Injury Frequency History (TRIFR) & Goals 5.0 2024: Re-commitment to 2025 TRIFR 1.69 Safety Values – Safety Day 4.5 and roll-out of Safety 365: 13% improvement Y/Y 4.0 Work Safe. Home Safe. 3.5 2025: Focus
Slide 16: Operational Overview
OPERATIONAL OVERVIEW RESPONSIBLE. SAFE. INNOVATIVE.
Slide 17: Greens Creek: Cornerstone Mine, Foundation Of Our Future
Greens Creek: Cornerstone Mine, Foundation Of Our Future 2026 Greens Creek Hawk Inlet Metals Q2 2026 Q1 2026 Guidance Silver Produced Moz 2.1 2.2 8.0 – 8.3 Ag, Au, Pb, Zn, Cu Silver Grade Milled opt 12.0 13.0 - Location Gold Produced Koz 14.2 12.9 51 – 55 Costs Applicable to Alaska Sales(7) $M $49.9
Slide 18: Lucky Friday: 2nd Cornerstone Mine
Lucky Friday: 2nd Cornerstone Mine 2026 Lucky Friday Head Frame Metals Q2 2026 Q1 2026 Guidance Ag, Pb, Zn Silver Produced Moz 1.5 1.2 4.9 – 5.2 Silver Grade Milled opt 15.6 11.9 - Location Costs Applicable to $M $35.0 $35.2 $140 Idaho Sales(7) Capital Investment $M $16.7 $17.0 $77 - $82 2025 Econom
Slide 19: Underhand Closed Bench (UCB) Method
Underhand Closed Bench (UCB) Method Large-scale blasting proactively helps manage seismic risk and increases throughput More innovative: Uses advanced Safer: Miners work below engineered drilling and blasting techniques to backfill and above a de-stressed zone fragment the mineralized ore zone More
Slide 20: Keno Hill: Largest Silver Producer In Canada
Keno Hill: Largest Silver Producer In Canada Metals 2026 Q2 2026 Q1 2026 Guidance Land package of 88 square miles, Ag, Pb, Zn exploration drilling continues to Silver Produced Moz 0.6 0.5 2.2 – 2.6 confirm significant exploration Location Silver Grade Milled opt 19.3 20.8 - potential in the distri
Slide 21: Path to 440 Tons Per Day
Path to 440 Tons Per Day COMPL ETE D IN PROGRES S ONGOING Cemented tails batch plant permit • Reliable power supply Build relationships with the First Nation authorization received; plant being of Na Cho Nyäk Dun and the Yukon commissioned • Water treatment plant designs and Government upgrades,
Slide 22: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE.
Slide 23: Q2 2026 Financial Highlights – Continuing Operations
Q2 2026 Financial Highlights – Continuing Operations Q2 Revenues by Metals Greens Creek: Lucky Friday: Keno Hill: Silver accounts for 68% of Q2 revenues 51% of Total Revenue 38% of Total Revenue 11% of Total Revenue 12% 1% 2% 7% 8% 18% 15% Q2 Mine 4% Q2 2026 Q2 2026 Q2 2026 Revenues Revenues: 52% Re
Slide 24: Q2 2026 Financial Highlights – Continuing Operations
Q2 2026 Financial Highlights – Continuing Operations Adjusted EBITDA Transition to Net Cash ($ millions) ($ millions) Net (Debt)/Cash Cash and Cash Equivalents $587.6 More than 2x $483.5 $296.6 $241.6 recorded in 2Q25 $265.1 $133.9 $471.9 $321.3 $201.7 $199.2 ($143.8) ($34.2) $146.4 ($268.2) $93.7 Q
Slide 25: Exploration
EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 25
Slide 26: Strategic Value Creation through Exploration
Strategic Value Creation through Exploration 2026 $55 Million investment an all-time record – Represents 4.5% of projected revenue Near Mine: $24 Million Nevada Growth: $16 Million Early-Stage/Generative: $10 Million Extends mine life Midas, Aurora, and Hollister Silver Valley and Generative
Slide 27: Greens Creek – Extending Mineralization Underground While Advancing Surface Exploration
Greens Creek – Extending Mineralization Underground While Advancing Surface Exploration UG Definition Results Underground Surface Gallagher Zone: extending wide zone of high-grade mineralization from existing resource 200S Zone: upgrading resource classification East Zone: upgrading resource c
Slide 28: Keno Hill – Exploration Drilling Extends Bermingham Deep Target
Keno Hill – Exploration Drilling Significantly Extends Bermingham Deep Target High-Grade Silver Mineralization Bermingham Deep Exploration: District Exploration: 800 feet of strike length open in both directions toward the Significant exploration potential occurs at Keno Hill which currently
Slide 29: Value Surfacing Opportunities in Nevada
Value Surfacing Opportunities in Nevada Significant exploration potential, Minimal regulatory hurdles, Existing infrastructure Fully permitted mill with tailings capacity Midas 2.2 Moz gold, 27.0 Moz silver produced historically at 0.5 oz/ton gold equivalent Historic production of 0.5 Moz gold
Slide 30: Midas: Medium-Term Production Growth & Optionality
Midas: Medium-Term Production Growth & Optionality Leveraging existing infrastructure for capital-efficient growth Strategic Value Creation Midas Mill Complex 2025 successful exploration program has identified high-grade gold intercepts Infrastructure and permitting advantage Permitted mill at
Slide 31: Nevada Midas: Discovering Additional Narrow, High-Grade Gold-Silver Veins
Nevada Midas: Discovering Additional Narrow, High-Grade Gold-Silver Veins Sinter-Pogo Gap Target Drilling Yielded Two Narrow Midas Like Veins Sinter-Pogo Gap Target: High- grade narrow gold-silver intercepts in two new structures follow-up drilling in progress Sinter-Pogo Gap - 0.50 oz/ton gold
Slide 32: Exploring to Potentially Build a > 500K Oz at 0.3 Oz/ton AuEq Resource
Exploring to Potentially Build a > 500K Oz at 0.3 Oz/ton AuEq Resource Sinter Vein drilling complete, assay results and final interpretation pending Sinter Offset Drilling Exploration drilling expands narrow mineralization along strike to the southeast Three metallurgical and geotechnical holes
Slide 33: Nevada Aurora - Drilling Our High-Priority Targets In Process
Nevada Aurora - Drilling Our High-Priority Targets In Process Unlocking the exploration potential of one of the highest-grade districts in Nevada Drilling Underway At Brawley Peak Target With Two Drills Currently On Site: Planning to ramp up to 4 drills by end of September Historic production aver
Slide 34: 2026 Guidance
2026 GUIDANCE RESPONSIBLE. SAFE. INNOVATIVE. 34
Slide 35: 2026 Guidance: Strong Margins Maintained
2026 Guidance: Strong Margins Maintained Silver Production (Moz) Gold Production (Koz) Greens Creek 8.0 – 8.3 51.0 – 55.0 2026 Production Lucky Friday 4.9 – 5.2 N/A Outlook Keno Hill 2.2 – 2.6 N/A 2026 Total 15.1 – 16.1 51.0 – 55.0 Cash cost, after by-product AISC, after by-product Costs applicable
Slide 36: Silver Market Overview
SILVER MARKET OVERVIEW RESPONSIBLE. SAFE. INNOVATIVE. 36
Slide 37: Silver Market Snapshot - Fifth Consecutive Year of Silver Deficit
Silver Market Snapshot - Fifth Consecutive Year of Silver Deficit 2025 Total Demand 2025 Total Supply* 2025 Market Deficit 2025 Avg. Silver Price 1,131 Moz 1,046 Moz 84 Moz $40.03/oz 5-Year Silver Supply and Demand 25-Year Change in Demand (Moz) Δ % Supply (Moz)* Demand (Moz) 2000 2025 Change Change
Slide 38: 2025 Silver Supply And Demand
2025 Silver Supply And Demand Supply* 1,046 Moz -800 600 -600 400 -400 200 -200 00 200 200 400 400 600 600 846.6 Mine production 197.6 Recycling Silver market in deficit by Supply Mine production accounts for 81% of supply* 1.5 Official sales 84 Moz Demand Photovoltaics Electronics Other 657.4 Indus
Slide 39: Silver Deficit Is Expected To Continue
Silver Deficit Is Expected To Continue 1,200 $50.00 700 $40.00 1,284 1,197 1,157 1,131 1,113 1,102 972 1,000 1,006 929 200 $30.00 $/oz Moz 300 $20.00 863 850 837 790 825 834 811 824 847 844 800 $10.00 165 182 192 185 195 161 163 195 198 211 1,300 $- 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F
Slide 40: Silver Industrial Demand 2017 – 2026F
Silver Industrial Demand 2017 – 2026F Electrical & Electronics (ex-PV) Brazing Alloys Other Industrial Photovoltaics (PV) 800 700 600 500 Moz 400 300 200 100 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F Source: Silver Institute Silver 2026 (2025 data) 40
Slide 41: Sustainability
SUSTAINABILITY RESPONSIBLE. SAFE. INNOVATIVE. 41
Slide 42: Sustainability Rating Agency Scores: Significant Improvements Since 2019
Sustainability Rating Agency Scores: Significant Improvements Since 2019 Agency Progression in ESG Scores Refer to Hecla 2025 Sustainability Report published May 4, 2026 Overall Score increased from 53rd percentile to 38 40 39 77th percentile 24 Environmental Score increased to 83rd percentile 1
Slide 43: ESG Performance And Ratings
ESG Performance And Ratings Ranking: 40 Score: 32.1 (0 best, 100 worst) 76th Percentile Industry 56/107, 52nd percentile Subindustry 18/25, 71st percentile Rating: A Rating: C Score: 6.3 Environment: 5 (1 best, 10 worst) Social: 6 (1 best, 10 worst) Governance: 3 (1 lower, 10 h
Slide 44: Hecla Is Among The Safest Mining Companies
Hecla Is Among The Safest Mining Companies Implemented NMA’s CORE Safety standards in 2012, became industry leader All-Injury Frequency Rate 6.06 Hecla’s 1.69 rate has seen a 72% 5.35 5.41 reduction since 2012 4.57 3.42 2.76 2.00 1.86 1.61 1.69 1.45 1.45 1.22 1.22 2012 2013 2014 2015 2016 2017 2018
Slide 45: Committed To Our Communities
Committed To Our Communities Largest private employer Total economic impact in 2025 within the communities we $1B+ operate, jobs and benefits that last a lifetime Hecla Corporate Montana Operations Total direct economic impact $116M $2M of over $1 billion Greens Creek San Sebastian** More than $
Slide 46: End Notes
End Notes 1. Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an a
Slide 47: Investor Relations Inquiries
NYSE: HL INVESTOR RELATIONS INQUIRIES Mike Parkin · VP Strategy & Investor Relations ☏ 1-800-432-5291 hmc-info@hecla-mining.com 47
Slide 48: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 48
Slide 49: Adjusted EBITDA
Adjusted EBITDA Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Dollars in thousands (USD) Income from continuing operations $ 117,876 $ 164,653 $ 110,758 $ 88,558 $ 32,964 Interest expense 2,413 5,656 5,396 13,264 10,948 Income and mining ta
Slide 50: Cash Cost and AISC Reconciliation to GAAP
Cash Cost and AISC Reconciliation to GAAP Total Silver and Other Costs Applicable to Sales 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 Credit
Slide 51: Cash Cost and AISC Reconciliation to GAAP – Greens Creek
Cash Cost and AISC Reconciliation to GAAP Greens Creek Costs Applicable to Sales 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 Oun
Slide 52: Cash Cost and AISC Reconciliation to GAAP – Lucky Friday
Cash Cost and AISC Reconciliation to GAAP Lucky Friday Costs Applicable to Sales 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 Oun
Slide 53: Free Cash Flow (Non-GAAP) Reconciliation
Free Cash Flow (Non-GAAP) Reconciliation Reconciliation of cash provided by operating activities (GAAP) from continuing operations to Free Cash Flow (non-GAAP) Q4-2025 Q1-2026 Q2-2026 Dollars in millions (USD) Cash provided by operating activities from continuing operations 165.7 182.9 174.9 Less: C
Slide 54: Free Cash Flow (Non-GAAP) Reconciliation
Free Cash Flow (Non-GAAP) Reconciliation Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for All Operations Q2 2026 Q1 2026 in millions Greens Creek Cash provided by operating activities $ 139,181 $ 131,368 Exploration $ 2,588 $ 276 Less: Capital investmen
Slide 55: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 55
Slide 56: 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 57: 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 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 64: 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 65: Mineral Resources - 12/31/2025 (6/6)
Mineral Resources - 12/31/2025(8) (6/6) 16. Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater. 17. Fire Creek underground mineral resources are reported at a gold equivalent cut-
Hecla Mining Company — Investor Presentation (September 2026) on 6ix