Hecla Mining Company · NYSE:HL
Hecla Mining — Q2 2025 Earnings Presentation
32 slides from Hecla Mining's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Conference Call
Largest Silver Producer in U.S. and Canada SECOND QUARTER 2025 Conference Call RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
HECLA MINING COMPANY NYSE: HL Cautionary Statements SECOND QUARTER 2025 CONFERENCE CALL Cautionary Statement Regarding Forward-Looking Statements, Including 2025 Outlook cause actual results to differ from forward-looking statements include but are not limited to: (i) gold, silver and other metals p
Slide 3: Progress Made on Forward-Looking Vision
HECLA MINING COMPANY NYSE: HL Progress Made on Forward-Looking Vision SECOND QUARTER 2025 CONFERENCE CALL Drive continuous improvement through semi-automation and advanced Operational analytics Excellence Implement standardized systems to improve mine planning and cost management Divested one
Slide 4: Keno Hill Update: Strategic Shift in Path Forward
HECLA MINING COMPANY NYSE: HL Keno Hill Update: Strategic Shift in Path Forward SECOND QUARTER 2025 CONFERENCE CALL Financial Performance & Strategy Operational Optimization Current Operations & Path Forward Maintained as a core portfolio Revised production target: 440 Mining capacity identified as
Slide 5: Keno Hill Update: TPD Meets IRR Threshold
HECLA MINING COMPANY NYSE: HL Keno Hill Update: 440 TPD Meets IRR Threshold SECOND QUARTER 2025 CONFERENCE CALL Undiscounted Annual Cashflows Over Next Five Years Ramping up to 440 TPD (2028) $140 $120 $100 $80 $60 in millions US$ $40 $20 $0 ($20) ($40) ($60) 2026 2027 2028 2029 2030 440 TPD 440 TPD
Slide 6: Keno Hill: Key Operational Milestones
HECLA MINING COMPANY NYSE: HL Keno Hill: Key Operational Milestones SECOND QUARTER 2025 CONFERENCE CALL Measured Progress, Maintaining Expansion Optionality 2025 2026 2027 2028 2029 2030 2031 2032 2033 Current Operations (250-325 tons per day) Mill Ramp-up Period Production Average Throughput - Maxi
Slide 7: Second Quarter Highlights
HECLA MINING COMPANY NYSE: HL Second Quarter Highlights SECOND QUARTER 2025 CONFERENCE CALL Financial Performance and Capital Achievements Record sales of $304M and record adjusted EBITDA of $132.5M; Improved net leverage ratio to 0.7x. Reported net income applicable to common stockholders of $5
Slide 8: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 8
Slide 9: Capital Allocation Achievements
HECLA MINING COMPANY NYSE: HL Capital Allocation Achievements SECOND QUARTER 2025 CONFERENCE CALL Net Debt Reduction, Free Cash Flow(2) Generation, Q2 Free Cash Flow(2) by Operation Capital Structure Optimization in millions USD All assets across portfolio contributing to positive Record quarterly f
Slide 10: Second Quarter Financial Highlights
HECLA MINING COMPANY NYSE: HL Second Quarter Financial Highlights SECOND QUARTER 2025 CONFERENCE CALL Q2/25 Revenues By Metal Strong Silver Margins Net Debt to Adjusted EBITDA ($/silver ounce) ($ Millions) Silver accounts for 41% of Q2 margin 85% of silver price Net Leverage Ratio of 0.7x revenues R
Slide 11: At-the-Market Capital Raise
HECLA MINING COMPANY NYSE: HL At-the-Market Capital Raise SECOND QUARTER 2025 CONFERENCE CALL Efficient Capital Raise Strategic Reinvestment in Net Debt - Last Six Months in millions US$ Strategy Interest Savings 523.8 545.0 Utilized ATM financing facility to Expected to strengthen our raise funds f
Slide 12: Operational Review
OPERATIONAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 12
Slide 13: Greens Creek: Cornerstone Mine
HECLA MINING COMPANY NYSE: HL Greens Creek: Cornerstone Mine SECOND QUARTER 2025 CONFERENCE CALL Solid free cash flow generation Q2 silver production of 2.4Moz, a 21% increase in production over the prior quarter. Silver grade milled averaged ~13.4 oz/ton in Q2. Total cost of sales was $58.9M, a
Slide 14: Lucky Friday: Record Tons Milled, Lower Operating Costs
HECLA MINING COMPANY NYSE: HL Lucky Friday: Record Tons Milled, Lower Operating Costs SECOND QUARTER 2025 CONFERENCE CALL New quarterly tons milled record New quarterly milling record of 114,475 tons, beating the prior record set in Q1 2025 by 5%. Consistent silver production of 1.3Moz, silver g
Slide 15: Keno Hill: Strategic Growth Underway
HECLA MINING COMPANY NYSE: HL Keno Hill: Strategic Growth Underway SECOND QUARTER 2025 CONFERENCE CALL Phased approach to sustainable profitable production Q2 silver production of 750.7Koz at 294 tons per day (“tpd”) mill throughput. Continues to ramp up to higher tonnage rates. Delivered $2.7
Slide 16: Casa Berardi: Costs to Continue to Decline in Second Half
HECLA MINING COMPANY NYSE: HL Casa Berardi: Costs to Continue to Decline in Second Half SECOND QUARTER 2025 CONFERENCE CALL Long-term value with 12-year reserve mine plan Q2 gold production of 28.1Koz gold, increase of 37% over the prior quarter driven by higher underground and surface ore grades
Slide 17: Nevada Exploration Ramping Up in Q2 2025
HECLA MINING COMPANY NYSE: HL Nevada Exploration Ramping Up in Q2 2025 SECOND QUARTER 2025 CONFERENCE CALL Unlock hidden value in Nevada Operating History: Midas: 2.2Moz gold, 27.0Moz silver historically at 0.5 oz/ton gold equivalent; fully permitted mill with tailings capacity. Hollister: 0.5Mo
Slide 18: Long-Term Strategic Priorities
HECLA MINING COMPANY NYSE: HL Long-Term Strategic Priorities SECOND QUARTER 2025 CONFERENCE CALL Long term value creation at Keno Continue to deleverage with a Hill, prioritizing permitting and focus on free cash flow project execution generation Establish capital allocation Portfolio rationalizatio
Slide 19: Why Invest in Hecla? Industry Leading Reserve Mine Life
HECLA MINING COMPANY NYSE: HL Why Invest in Hecla? Industry Leading Reserve Mine Life SECOND QUARTER 2025 CONFERENCE CALL 18 18 Colored - Primary Silver Mines 17 Mines sorted by highest to Jacobina lowest 2024 Gross Profit Uncolored - Primary Gold Mines 16 16 Lucky Friday left to right 16 Rochester
Slide 20: Why Invest in Hecla? Peer Leading Silver Exposure
HECLA MINING COMPANY NYSE: HL Why Invest in Hecla? Peer Leading Silver Exposure SECOND QUARTER 2025 CONFERENCE CALL Exposure to Silver 50% Substantial silver revenue Percent of Total Resources Based in Silver exposure 40% HL HL derives ~45% of 9M24 CDE revenue from silver. 30% Asset portfolio heav
Slide 21: Why Invest in Hecla? Undervalued to Peer Group
HECLA MINING COMPANY NYSE: HL Why Invest in Hecla? Undervalued to Peer Group SECOND QUARTER 2025 CONFERENCE CALL Undervalued Portfolio Hecla is the best value investment in the mid-cap silver space Trades at ~$1.60 per silver 2.50x equivalent ounce, lowest among peers. AG 2.00x Trading at ~1.30x
Slide 22: Appendix
APPENDIX End Notes, Guidance, and GAAP reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 22
Slide 23: End Notes
HECLA MINING COMPANY NYSE: HL End Notes SECOND QUARTER 2025 CONFERENCE CALL 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 measu
Slide 24: Guidance – Strong Silver Margins, Cost Guidance Lowered
HECLA MINING COMPANY NYSE: HL Guidance – Strong Silver Margins, Cost Guidance Lowered SECOND QUARTER 2025 CONFERENCE CALL Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz)6 Gold Equivalent (Koz)6 Greens Creek * 8.1 – 8.8 50 – 55 18.0 – 19.5 189 – 200 2025 Production Lucky Friday
Slide 25: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 25
Slide 26: Adjusted EBITDA
HECLA MINING COMPANY NYSE: HL Adjusted EBITDA SECOND QUARTER 2025 CONFERENCE CALL Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months Q2 2025 Q1 2025 Dollars in thousands (USD) Net income $ 100,262 $ 70,427 Interest expense 47,335 48,741 Income and mining tax expense
Slide 27: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP SECOND QUARTER 2025 CONFERENCE CALL 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 a
Slide 28: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP SECOND QUARTER 2025 CONFERENCE CALL 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 O
Slide 29: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP SECOND QUARTER 2025 CONFERENCE CALL 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 O
Slide 30: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP SECOND QUARTER 2025 CONFERENCE CALL 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 O
Slide 31: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL Free Cash Flow (Non-GAAP) Reconciliation SECOND QUARTER 2025 CONFERENCE CALL Q2 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
Slide 32: Thank You
THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.