Hecla Mining Company · NYSE:HL
Hecla Mining — 2025 Mining Forum Americas
28 slides from Hecla Mining's conference presentation, September 2025
Slide 1: 2025 Mining Forum Americas
Largest Silver Producer in the U.S. and Canada 2025 MINING FORUM AMERICAS September 2025 RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
HECLA MINING COMPANY Cautionary Statements NYSE: HL 2025 MINING FORUM AMERICAS Cautionary Statement Regarding Forward-Looking Statements, Including 2025 Outlook Qualified Person (QP) This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 19
Slide 3: Storied Past, Forward-Looking Vision
HECLA MINING COMPANY Storied Past, Forward-Looking Vision NYSE: HL 2025 MINING FORUM AMERICAS Drive continuous improvement through semi-automation and advanced Operational analytics Excellence Improve standardized systems to improve mine planning and cost management Executing strategic divesti
Slide 4: Our Asset Portfolio: Low Risk Jurisdictions
HECLA MINING COMPANY Our Asset Portfolio: Low Risk Jurisdictions NYSE: HL 2025 MINING FORUM AMERICAS Alaska Yukon Greens Creek, Admiralty Island, Alaska Connaught, Dawson, Yukon Rackla, Mayo, Yukon Washington Keno Hill, Mayo, Yukon Republic, Republic, Washington Québec Montana Opinaca / Wildcat, Jam
Slide 5: Largest Silver Producer In The U.S. & Canada
HECLA MINING COMPANY Largest Silver Producer In The U.S. & Canada NYSE: HL 2025 MINING FORUM AMERICAS 2024 World Production of Silver 2024 U.S. Silver Production (Moz) Hecla is the largest silver 23% Mexico producer in the U.S. and Peru Canada. Three countries 46% 13.4 produce ~50% of China the worl
Slide 6: Largest U.S./Canada Reserve Base With Highest Grades
HECLA MINING COMPANY Largest U.S./Canada Reserve Base With Highest Grades NYSE: HL 2025 MINING FORUM AMERICAS Hecla and Peers: Silver Reserves and Reserve Grade Total Silver Equivalent Ounces (Moz) 2nd highest silver reserve grades, with the largest Silver Reserves (Moz) - 50 100 150 200 250 300 350
Slide 7: Low-cost Profile Silver Assets
HECLA MINING COMPANY Low-cost Profile Silver Assets NYSE: HL 2025 MINING FORUM AMERICAS 2024 Actual AISC(4): Hecla Is Strongly Positioned at the Lower End of the Silver Cost Curve $/oz AISC Silver Peers* Hecla $24.75 $23.88 $21.11 $19.43 $18.70 $14.38 $13.06 Silver Production (Kt) - 20,000 40,000 60
Slide 8: Q2 Capital Allocation Achievements
HECLA MINING COMPANY Q2 Capital Allocation Achievements NYSE: HL 2025 MINING FORUM AMERICAS Net Debt Reduction, Free Cash Flow Generation, Net Debt to Adjusted EBITDA Capital Structure Optimization All assets across portfolio contributing to positive Achieved Net Leverage Ratio* of 0.7x cash flow
Slide 9: Our Operations
OUR OPERATIONS Silver mines are in the best third of cost curve RESPONSIBLE. SAFE. INNOVATIVE. 9
Slide 10: Greens Creek: Cornerstone Mine, Foundation Of Our Future
HECLA MINING COMPANY Greens Creek: Cornerstone Mine, Foundation Of Our Future GREENS CREEK NYSE: HL 2025 MINING FORUM AMERICAS Metals Location Reserve Mine Plan 2024 Economic Impact Ag, Au, Pb, Zn, Cu Alaska 12 Years $266M Ag Reserves & Resources Cumulative Free Cash Flow(1) (Billions $) As of Decem
Slide 11: Greens Creek: Continuous Improvement Since Acquisition
HECLA MINING COMPANY Continuous Improvement Since Acquisition NYSE: HL GREENS CREEK 2025 MINING FORUM AMERICAS Mill Throughput Focused on Quality over Quantity Silver/Gold Mill Recoveries, 2008 – Q2 2025 Tons per Day % 9% increase in silver recoveries, Recent shift of focus and 15% increase in gold
Slide 12: Lucky Friday: 2nd Cornerstone Mine
HECLA MINING COMPANY Lucky Friday: 2nd Cornerstone Mine NYSE: HL LUCKY FRIDAY 2025 MINING FORUM AMERICAS Metals Location Reserve Mine Plan 2024 Economic Impact Ag, Pb, Zn Idaho 17 Years $171M Ag Reserves & Resources Silver Production As of December 31, 2024 (Moz) ~2x 50 by Decade* (Projected) P&P :
Slide 13: Underhand Closed Bench (UCB) Method
HECLA MINING COMPANY Underhand Closed Bench (UCB) Method NYSE: HL LUCKY FRIDAY 2025 MINING FORUM AMERICAS Large-scale blasting proactively helps manage seismic risk and increases throughput More innovative: uses Safer: miners work advanced drilling and blasting below engineered techniques to fragmen
Slide 14: Keno Hill: Largest Silver Producer In Canada
HECLA MINING COMPANY Keno Hill: Largest Silver Producer In Canada NYSE: HL KENO HILL 2025 MINING FORUM AMERICAS Metals Location Reserve Mine Plan 2024 Economic Impact Ag, Pb, Zn Yukon 16 Years $179M Ag Reserves & Resources Undiscounted Annual Cashflows Over Next Five Years As of December 31, 2024 $1
Slide 15: Path to Profitability at 440 Tons Per Day
HECLA MINING COMPANY Path to Profitability at 440 Tons Per Day NYSE: HL KENO HILL 2025 MINING FORUM AMERICAS Key Consistent 440 tons per day Requirements Q2 2025 Mill Throughput Infrastructure Reliable power supply Silver production of 750.7 Koz at Requirements Cemented tails batch plant to tran
Slide 16: Casa Berardi: Strong Cash Generation Driving Strategic Options
HECLA MINING COMPANY NYSE: HL Casa Berardi: Strong Cash Generation Driving Strategic Options CASA2025BERARDI MINING FORUM AMERICAS Metals Location Reserve Mine Plan 2024 Economic Impact Au Quebec 12 Years $259M Au Reserves & Resources As of December 31, 2024 Strategic Review Update: P&P : 1,291 Ko
Slide 17: Financial Comparisons – Undiscounted Cumulative Cashflows Through 2027
Financial Comparisons – Undiscounted Cumulative Cashflows HECLA MINING COMPANY NYSE: HL Through 2027 2025 MINING FORUM AMERICAS 2026/2027 cashflows include open pit only; further upside potential with extension of underground $350 Gold Price $300 $2,800 $3,300 $3,500 $4,000 CCF: $290M ROIC 3 years (
Slide 18: Discovering And Expanding Resources
HECLA MINING COMPANY Discovering And Expanding Resources NYSE: HL 2025 MINING FORUM AMERICAS $28M Greens Creek ($9M) Exploration Budget for 2025, Focus on resource expansion and focused on Greens Creek and conversion to expand and upgrade multiple ore Keno Hill, with significant zones investment in
Slide 19: Nevada Exploration Ramping Up in Q2 2025
HECLA MINING COMPANY Nevada Exploration Ramping Up in Q2 2025 NYSE: HL 2025 MINING FORUM AMERICAS Unlock hidden value in Nevada Operating History: Midas: 2.2 Moz gold, 27.0 Moz silver historically at 0.5 oz/ton gold equivalent; fully permitted mill with tailings capacity. Hollister: 0.5 Moz gold
Slide 20: Why Invest in Hecla? Undervalued to Peer Group
HECLA MINING COMPANY Why Invest in Hecla? Undervalued to Peer Group NYSE: HL 2025 MINING FORUM AMERICAS Undervalued Portfolio Hecla is the best value investment in the mid-cap silver space Trades at ~$2.70 per silver 3.00x L10Yr Historical Average & Peak equivalent ounce, lowest P/NAV Premium to P
Slide 21: End Notes
HECLA MINING COMPANY End Notes NYSE: HL 2025 MINING FORUM AMERICAS 1. Free cash flow is a non-GAAP measure and is calculated as cash flow from operations less additions to property, plant and equipment net of finance leases. Reconciliation to GAAP is shown in the appendix. 2. Net debt to adjusted EB
Slide 22: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 22
Slide 23: Adjusted EBITDA
HECLA MINING COMPANY Adjusted EBITDA NYSE: HL 2025 MINING FORUM AMERICAS 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 68,225 4
Slide 24: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY Cash Cost And AISC Reconciliation To GAAP NYSE: HL 2025 MINING FORUM AMERICAS 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
Slide 25: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY Cash Cost And AISC Reconciliation To GAAP NYSE: HL 2025 MINING FORUM AMERICAS 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
Slide 26: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY Cash Cost And AISC Reconciliation To GAAP NYSE: HL 2025 MINING FORUM AMERICAS 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
Slide 27: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY Cash Cost And AISC Reconciliation To GAAP NYSE: HL 2025 MINING FORUM AMERICAS 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
Slide 28: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY Free Cash Flow (Non-GAAP) Reconciliation NYSE: HL 2025 MINING FORUM AMERICAS 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 by opera