Hecla Mining Company · NYSE:HL
Hecla Mining — Q3 2025 Earnings Presentation
25 slides from Hecla Mining's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Conference Call
Largest Silver Producer in U.S. and Canada THIRD QUARTER 2025 Conference Call RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
HECLA MINING COMPANY NYSE: HL Cautionary Statements THIRD QUARTER 2025 CONFERENCE CALL Cautionary Statement Regarding Forward-Looking Statements, Including 2025 Outlook Qualified Person (QP) This presentation and the related news release and conference call contain "forward-looking statements" withi
Slide 3: Solid Foundation, Positioning for the Future
HECLA MINING COMPANY NYSE: HL Solid Foundation, Positioning for the Future THIRD QUARTER 2025 CONFERENCE CALL Silver Legacy Oldest silver company on the NYSE with 134 years of history Best Jurisdictions All operations located in the U.S. and Canada Silver Focused Peer leading silver exposure i
Slide 4: Third Quarter Highlights
HECLA MINING COMPANY NYSE: HL Third Quarter Highlights THIRD QUARTER 2025 CONFERENCE CALL Financial Records and Deleveraging Record revenue: $409.5M | Record net income: $100.6M ($0.15/share) Record Adjusted EBITDA: $195.7M (LTM: $505.5M) Net leverage ratio: 0.3x (down from 0.7x) | Revolver fu
Slide 5: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 5
Slide 6: Q3 Financial Highlights and Capital Allocation
HECLA MINING COMPANY NYSE: HL Q3 Financial Highlights and Capital Allocation THIRD QUARTER 2025 CONFERENCE CALL 1.6 10% $506 1.4 Q3 6% Net Debt to 1.2 Revenues $393M* Adjusted EBITDA $399 1 48% ($ millions) 0.7x Adjusted 0.8 Silver accounts EBITDA (1) 0.6 for 48% of Q3 Net leverage 0.3x 37% 0.4 reve
Slide 7: Capital Allocation: Disciplined Strategy Driving Value Creation
HECLA MINING COMPANY NYSE: HL Capital Allocation: Disciplined Strategy Driving Value Creation THIRD QUARTER 2025 CONFERENCE CALL Safety & Deleveraging, Sustaining Growth Shareholder Environmental Exploration Balance Sheet Excellence Capital Capital Strength Returns - 10 - 15% 10 - 12% Asymmetric Pot
Slide 8: Operational Review
OPERATIONAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 8
Slide 9: Greens Creek: Cornerstone Mine
HECLA MINING COMPANY NYSE: HL Greens Creek: Cornerstone Mine THIRD QUARTER 2025 CONFERENCE CALL Solid free cash flow generation Q3 silver production of 2.3 Moz and gold production of 15,584 ounces. Sales were $178.1M, a 46% increase over the prior quarter. Q3 2025 Performance and 2025 Guidance
Slide 10: Lucky Friday: Continued Operational Consistency
HECLA MINING COMPANY NYSE: HL Lucky Friday: Continued Operational Consistency THIRD QUARTER 2025 CONFERENCE CALL Consistent Silver Production Planned surface cooling project infrastructure, tracking for completion in 2026. Consistent silver production of 1.3 Moz, with a 7% increase in milled sil
Slide 11: Keno Hill: Consecutive Positive FCF Quarters
HECLA MINING COMPANY NYSE: HL Keno Hill: Consecutive Positive FCF Quarters THIRD QUARTER 2025 CONFERENCE CALL Work continues to ramp up into a state of Projected Cash Flow at 440 TPD commercial production $140 $115 Q3 silver production of 898.3 Koz at 323 tons per day $90 (“tpd”) mill throughput.
Slide 12: Casa Berardi: Second Consecutive Quarter of Robust FCF
HECLA MINING COMPANY NYSE: HL Casa Berardi: Second Consecutive Quarter of Robust FCF THIRD QUARTER 2025 CONFERENCE CALL Long-term value with 12-year reserve mine plan Q3 gold production of 25.1 Koz gold, decrease of 11% over the prior quarter driven by planned lower underground ore grades. Expec
Slide 13: Nevada: Exploration Update Pending
HECLA MINING COMPANY NYSE: HL Nevada: Exploration Update Pending THIRD QUARTER 2025 CONFERENCE CALL 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 go
Slide 14: Long-Term Strategic Priorities
HECLA MINING COMPANY NYSE: HL Long-Term Strategic Priorities THIRD QUARTER 2025 CONFERENCE CALL Long term value creation from Continue to deleverage with a Keno Hill and exploration focus on free cash flow portfolio, prioritizing permitting generation and project execution Establish capital allocati
Slide 15: Appendix
APPENDIX End Notes, Guidance, and GAAP reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 15
Slide 16: End Notes
HECLA MINING COMPANY NYSE: HL End Notes THIRD 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 measur
Slide 17: Guidance – Strong Silver Margins, Cost Guidance Lowered
HECLA MINING COMPANY NYSE: HL Guidance – Strong Silver Margins, Cost Guidance Lowered THIRD QUARTER 2025 CONFERENCE CALL Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz)6 Gold Equivalent (Koz)6 Greens Creek * 8.4 – 8.8 53 – 55 18.5 – 19.0 195 – 200 2025 Production Lucky Friday *
Slide 18: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 18
Slide 19: Adjusted EBITDA
HECLA MINING COMPANY NYSE: HL Adjusted EBITDA THIRD QUARTER 2025 CONFERENCE CALL Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months Q3 2025 Q2 2025 Dollars in thousands (USD) Net income $ 199,227 $ 100,262 Interest expense 49,839 47,335 Income and mining tax expense
Slide 20: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP THIRD 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 an
Slide 21: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP THIRD 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 Ou
Slide 22: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP THIRD 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 Ou
Slide 23: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP THIRD 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 Ou
Slide 24: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL Free Cash Flow (Non-GAAP) Reconciliation THIRD QUARTER 2025 CONFERENCE CALL Q3 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 25: Thank You
THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.