Hecla Mining Company · NYSE:HL

Hecla Mining — Q1 2026 Earnings Presentation

42 slides from Hecla Mining's earnings presentation, May 6, 2026

  1. Slide 1: First Quarter 2026 Conference Call

    FIRST QUARTER 2026 Conference Call

  2. 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

  3. Slide 3: North America's Premier Silver Producer

    North America’s Premier Silver Producer Silver Legacy  Oldest precious metals mining company on the NYSE with 135 years of history Best Jurisdictions  All operations located in the U.S. and Canada Silver Focused  Peer leading silver exposure in revenue and reserves Reserve Dominance  Average res

  4. Slide 4: Strategic Transformation: Delivering Shareholder Value

    Strategic Transformation: Delivering Shareholder Value Portfolio Optimization Balance Sheet Transformation Project Pipeline Investment  Casa Berardi divested March 25,  Cash of $588M with $225M fully  Greens Creek Pyrite Concentrate 2026 – solidifying status as undrawn revolving credit facility C

  5. Slide 5: First Quarter Highlights

    First Quarter Highlights Financial Records and Deleveraging  Revenue: over $411M from continuing operations, up 13% from prior quarter  Net income from continuing operations: $165M, or $0.25 per share. After a non-cash $192 million write-down related to the Casa sale, net loss attributable to comm

  6. Slide 6: Medium-Term Outlook Potential: 20+ Moz Silver Producer

    Medium-Term Outlook Potential: 20+ Moz Silver Producer Significant silver production growth potential over medium-term 25 Nearer-term Silver Production Growth $13.06 upside Potential: 20 Moz $11.76 opportunities $11.28  15.1-16.5 Moz in 2026 20  Nearer-term upside opportunities:  Greens Creek pyr

  7. Slide 7: Project Pipeline Update - Growth Opportunities

    Project Pipeline Update - Growth Opportunities Greens Creek Greens Creek Dry Stack Midas Restart Project Pyrite Concentrate Circuit Tailings Reprocessing  Potential outcomes:  Existing high-grade gold and silver  ~10.4 Mtons of tailings with estimated resource  Additional marketable concentrate

  8. Slide 8: Operational Review

    OPERATIONAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 8

  9. Slide 9: Greens Creek: Cornerstone Mine, Foundation of Our Future

    Greens Creek: Cornerstone Mine, Foundation of Our Future Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Au, Pb, Zn, Cu Alaska 12 Years $292M Greens Creek Port Solid free cash flow generation  Q1 2026 results:  Silver and gold production: 2.2 Moz and 12.9 Koz, respectively  Total cost

  10. Slide 10: Lucky Friday: Continued Operational Consistency

    Lucky Friday: Continued Operational Consistency Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Pb, Zn Idaho 15 Years $190M Lucky Friday Milling Facility Consistent Silver Production  Q1 2026 results:  Silver production: 1.2 Moz  Total cost of sales of $48.8 million. Q1 cash costs and

  11. Slide 11: Keno Hill: Focused on the Ramp-Up

    Keno Hill: Focused on the Ramp-Up Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Pb, Zn Yukon 13 Years $176M Work continues to ramp up into a state of Projected Free Cash Flow(2) at 440 TPD commercial production $400 $300  Q1 2026 production results: US$ Millions $200  Silver: 489 Koz

  12. Slide 12: Financial Review

    FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 12

  13. Slide 13: Q1 Financial Highlights – Continuing Operations

    Q1 Financial Highlights – Continuing Operations $587.6 $296.6 Q1 Mine Revenues Transition to $133.9 $241.6 $321.3 $407M* 9% Net Cash $23.7 5% ($ millions) ($143.8) ($34.2) Silver accounts ($268.2) for 73% of Q1 14% revenues ($545.0) 73% Silver Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Gold Net (Debt)/

  14. Slide 14: Expected Robust Free Cash Flow Generation

    Expected Robust Free Cash Flow Generation Over $900M in free cash flow(2) at $100 Silver and $5,500 Gold Projected 2026 Free Cashflow Price Sensitivity $1,000 Full-year 2026 projections include cashflows from Casa Berardi up to the closing of $900 sale on March 25, 2026. $800 $700 $600 US$ Millions

  15. Slide 15: 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 

  16. Slide 16: Exploration

    EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 16

  17. Slide 17: 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 e

  18. Slide 18: Bold Step-Out Drilling Offsetting High-Grade Gold in Multiple Directions

    Bold Step-Out Drilling Offsetting High-Grade Gold in Multiple Directions A SINTER VEIN LONGITUDINAL SECTION A` (Looking NE) DMC-472 (Q126; footwall Sinter outcrop structure) DMC-475 (Q425) (geyserite) 0.19 oz/ton gold over 3.9 ft 0.46 oz/ton gold over 6.1 ft Including Including 0.38 oz/ton gold over

  19. Slide 19: Hecla – The Premier North American Silver Company Q&A

    HECLA – THE PREMIER NORTH AMERICAN SILVER COMPANY Q&A 19

  20. Slide 20: Appendix

    APPENDIX Overview, End Notes, Guidance, and GAAP Reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 20

  21. Slide 21: 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 670.4M(a) 23% Market Capitalization $12.6B(b) Cash Position $587.6M(a) Long-Term Debt $262.1M(a) US$225M Revolving Credit Facility (+ US$75M Accordion) - (a) 77%

  22. Slide 22: 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 Cash cost, after by-product credits, per AISC, after by-product cred

  23. Slide 23: 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

  24. Slide 24: GAAP Reconciliations

    GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 24

  25. Slide 25: Adjusted EBITDA

    Adjusted EBITDA Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months Q1 2026 Q4 2025 Dollars in thousands (USD) Net income from continuing operations $ 164,653 $ 112,742 Interest expense 5,656 5,396 Income and mining tax expense 50,900 35,367 Depreciation, depletion a

  26. Slide 26: 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

  27. Slide 27: 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

  28. Slide 28: 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

  29. Slide 29: 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) Q4-2025 Q1-2026 Dollars in millions (USD) Cash provided by operating activities from continuing operations 165.7 182.9 Less: Capital additions (65.9) (39.3) Free Cash

  30. Slide 30: Free Cash Flow (Non-GAAP) Reconciliation

    Free Cash Flow (Non-GAAP) Reconciliation Q1 2026 Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for All Operations Greens Creek Lucky Friday Keno Hill in millions Cash provided by operating activities 131.4 64.6 29.6 Additions to property, plant and miner

  31. Slide 31: Mineral Reserves and Resources

    MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 31

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: 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

  35. Slide 35: 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

  36. Slide 36: 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

  37. Slide 37: 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

  38. Slide 38: 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

  39. Slide 39: 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

  40. Slide 40: 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

  41. Slide 41: 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-

  42. Slide 42: Thank You

    THANK YOU THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.

Hecla Mining Company — Q1 2026 Earnings Presentation on 6ix