Hecla Mining Company · NYSE:HL
Hecla Mining — BMO 35th Global Metals, Mining & Critical Minerals Conference 2026
37 slides from Hecla Mining's conference presentation, Feb 24, 2026
Slide 1: BMO 35th Global Metals, Mining & Critical Minerals Conference
Largest Silver Producer in the U.S. and Canada BMO 35th GLOBAL METALS, MINING & CRITICAL MINERALS CONFERENCE FEBRUARY 2026 RESPONSIBLE. SAFE. INNOVATIVE.
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 Kurt D. Allen, MSc., CPG,
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 resources Reserve Dominance Average re
Slide 4: Our Asset Portfolio: Low Risk Jurisdictions
Our Asset Portfolio: Low Risk Jurisdictions 2024 U.S. Silver Production Yukon Connaught, Dawson, Yukon Rackla, Mayo, Yukon Keno Hill, Mayo, Yukon Hecla, 37% Alaska Other, Greens Creek, Admiralty Island, Alaska 63% Idaho Silver Valley / Star, Wallace, Idaho Lucky Friday, Mullan, Idaho 2024 U.S. Silve
Slide 5: Why Invest in Hecla? Industry Leading Reserve Mine Life
Why Invest in Hecla? Industry Leading Reserve Mine Life 18 Mines sorted by highest to 18 lowest 3Q25 Gross Profit Colored - Primary Silver Mines Jacobina 16 left to right Uncolored - Primary Gold Mines 16 Rochester 15 Lucky Friday 14 14 13 Hecla Avg Reserve Mine Life: 13.3 Years La Colarada 12 Keno
Slide 6: Why Invest in Hecla? Peer Leading Silver Exposure
Why Invest in Hecla? Peer Leading Silver Exposure Exposure to Silver Substantial silver revenue 100% exposure HL 4Q25 Hecla (“HL”) derived ~59% of (Pro-Forma ex Casa Berardi) Q4 2025 revenue from silver, Percent of Reserves Based in Silver 75% and nearly 73% of Q4 revenues excluding Casa Berardi.
Slide 7: Low-cost Profile Silver Assets
Low-cost Profile Silver Assets 2024 Actual AISC(4): Hecla Is Strongly Positioned at the Lower End of the Silver Cost Curve $/oz AISC HL 2025 Actual Silver Peers* AISC: $11.28 (4) $24.75 Hecla $23.88 $21.11 $19.43 $18.70 $14.38 $13.06 Silver Production (Kt) - 20,000 40,000 60,000 80,000 100,000 Sourc
Slide 8: 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 projections include Casa Berardi for only Q1 2026 due to its pendi
Slide 9: 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 Silver Production Growth $13.06 Potential: 20 Moz $11.76 $11.28 17 Moz in 2025 20 15.1-16.5 Moz in 2026 Project pipeline supports 15 potential of 20 Moz over Silver Producti
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: 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 12: 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
Slide 13: Hecla at a Glance
Hecla at a Glance Company Overview Ownership Overview2 Headquarters Coeur d’Alene, Idaho Stock Ticker NYSE: HL Common Shares Outstanding 670.3M1 Market Capitalization $14.8B2 Cash Position $241.5M1 Long-Term Debt $261.9M1 US$225M Revolving Credit Facility Capacity (+ US$75M Accordion) -1 Dividend (p
Slide 14: Q&A
Q&A RESPONSIBLE. SAFE. INNOVATIVE. 14
Slide 15: Appendix
APPENDIX RESPONSIBLE. SAFE. INNOVATIVE. 15
Slide 16: 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 17: 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 18: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 18
Slide 19: 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 20: 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 21: Cash Cost And AISC Reconciliation To GAAP – Greens Creek
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 22: Cash Cost And AISC Reconciliation To GAAP – Lucky Friday
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 23: Cash Cost And AISC Reconciliation To GAAP – Casa Berardi
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 24: 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 25: 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) 2025 2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Dollars in millions (USD) Cash provided by operating activities 562.4 218.3 35.7 161.8 148.0 216.9 Less: Capital additions (2
Slide 26: Cash Cost And AISC Reconciliation to GAAP
Cash Cost And AISC Reconciliation to GAAP Reconciliation of 2024 cash costs and all-in sustaining costs (“AISC”) to total cost of sales (GAAP) 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-
Slide 27: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 27
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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
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