Hecla Mining Company · NYSE:HL

Hecla Mining — Shareholder Meeting (May 2024)

28 slides from Hecla Mining's shareholder meeting presentation, May 17, 2024

  1. Slide 1: Annual Shareholders Meeting

    Largest U.S. silver producer, soon-to-be largest Canadian silver producer Annual Shareholders Meeting May 17, 2024 RESPONSIBLE. SAFE. INNOVATIVE.

  2. Slide 2: Cautionary Statements

    HECLA MINING COMPANY NYSE: HL CAUTIONARY STATEMENTS Annual Shareholders Meeting May 17, 2024 Cautionary Statement Regarding Forward-Looking Statements resources.” Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part o

  3. Slide 3: Silver's Supply/Demand Fundamentals

    HECLA MINING COMPANY NYSE: HL SILVER’S SUPPLY/DEMAND FUNDAMENTALS Annual Shareholders Meeting May 17, 2024 2023 SILVER DEMAND: 1,195MOZ 2023 SILVER SUPPLY: 1,010MOZ Other 3% Jewelry and Silverware Photo Recycling Mine Prod. - Other 18% Primary Silver 22% voltaics 24% 23% 29% Brazing Alloys Electroni

  4. Slide 4: Silver and Solar by the Numbers

    HECLA MINING COMPANY NYSE: HL SILVER AND SOLAR BY THE NUMBERS Annual Shareholders Meeting May 17, 2024 $393 Billion Solar investment in 2023, 12% increase over 2022* 17% 5-year annual growth rate of Silver demand in Solar, Solar is now 16% of total demand or 194 Moz** 40 Moz Expected increase in Sil

  5. Slide 5: More Solar, Bigger Solar in More Spaces

    HECLA MINING COMPANY NYSE: HL MORE SOLAR, BIGGER SOLAR IN MORE SPACES Annual Shareholders Meeting May 17, 2024 China USA Latine America India East Asia Australia 2023 vs. 2019: 4x RoW Europe China India US Australia 20% Japan South Korea Taiwan Germany Netherlands Brazil Spain Mexico France Egypt Uk

  6. Slide 6: Major Types of Solar Cells: All Use Silver

    HECLA MINING COMPANY NYSE: HL MAJOR TYPES OF SOLAR CELLS: ALL USE SILVER Annual Shareholders Meeting May 17, 2024 6

  7. Slide 7: More Efficient PV Technologies Use More Silver and Are Gaining Market Share

    MORE EFFICIENT PV TECHNOLOGIES USE MORE SILVER AND ARE HECLA MINING COMPANY NYSE: HL GAINING MARKET SHARE Annual Shareholders Meeting May 17, 2024 Silver Content in PV Technologies Market Share of PV Technologies Mg Silver/Watt Higher silver using technologies are gaining 22 market share PV Installa

  8. Slide 8: Solar Will Be the Largest Source of Electricity

    HECLA MINING COMPANY NYSE: HL SOLAR WILL BE THE LARGEST SOURCE OF ELECTRICITY Annual Shareholders Meeting May 17, 2024 U.S. Electricity Generation Sources: 2000-2050 2022 Solar projected to be 33% of total Gigawatt history | projections U.S. energy generation by 2050 6,000 5,000 4,000 Solar 3,000 Wi

  9. Slide 9: Indian Silver Demand by the Numbers

    HECLA MINING COMPANY NYSE: HL INDIAN SILVER DEMAND BY THE NUMBERS Annual Shareholders Meeting May 17, 2024 77 Moz India’s silver imports in February 2024, a new record 18% India’s share of global silver demand in 2023 Silver price in Indian rupees set an all-time high in April. * Source – Metals Foc

  10. Slide 10: Indian Silver Demand Has Been Important

    HECLA MINING COMPANY NYSE: HL INDIAN SILVER DEMAND HAS BEEN IMPORTANT Annual Shareholders Meeting May 17, 2024 Global Silver Demand (Moz) and India’s Share India’s share of silver Global Silver Demand (Moz) India's Share of Global Silver Demand demand 1400 has remained 45% steady at 18-22% Covid-19

  11. Slide 11: Indian Demand Is Exceptionally Strong Despite High Prices

    HECLA MINING COMPANY NYSE: HL INDIAN DEMAND IS EXCEPTIONALY STRONG DESPITE HIGH PRICES Annual Shareholders Meeting May 17, 2024 Surging Indian Silver Imports Draw Metal from LBMA Vaults Silver Price in Indian Rupee vs. USD 2,500 5y Range 2022 5y Average 2024 2023 XAG/Indian Rupee Index XAG/ USD Inde

  12. Slide 12: India's Policy Increases Solar Demand

    HECLA MINING COMPANY NYSE: HL INDIA’S POLICY INCREASES SOLAR DEMAND Annual Shareholders Meeting May 17, 2024 India’s Solar Installations (Gigawatt) 160 Moz 365 +4.5x 186 Estimated increase in India’s solar demand from 2023 – 2030E* 82 2023 2027E 2030E * Source: Metals Focus, Assumes 1 Gigawatt insta

  13. Slide 13: Silver's Supply/Demand Fundamentals

    HECLA MINING COMPANY NYSE: HL SILVER’S SUPPLY/DEMAND FUNDAMENTALS Annual Shareholders Meeting May 17, 2024 2023 SILVER DEMAND: 1,195MOZ 2023 SILVER SUPPLY: 1,010MOZ Other 3% Jewelry and Silverware Photo Recycling Mine Prod. - Other 18% Primary Silver 22% voltaics 24% 23% 29% Brazing Alloys Electroni

  14. Slide 14: Silver Supply by the Numbers

    HECLA MINING COMPANY NYSE: HL SILVER SUPPLY BY THE NUMBERS Annual Shareholders Meeting May 17, 2024 44 Moz 18 Moz 7 17.5 5.5 Moz Production from: Number of years Number of years to Largest, mine supply has go from discovery to Second largest, been ~800 Moz production 30th largest Silver mines

  15. Slide 15: Where Is Silver Mined?

    HECLA MINING COMPANY NYSE: HL WHERE IS SILVER MINED? Annual Shareholders Meeting May 17, 2024 World Production of Silver Three countries produce ~50% Mexico of the world’s silver production. 24% ROW 46% China 13% USA Peru 4% 13% * Source: Silver Institute 15

  16. Slide 16: What About Recycling?

    HECLA MINING COMPANY NYSE: HL WHAT ABOUT RECYCLING? Annual Shareholders Meeting May 17, 2024 Recycling supply stable at < 200 Moz India’s share of silver Recycling (Moz) Silver Price ($/oz) demand has remained steady at 18-22% Silver Price < $20/oz Silver Price > $20/oz 200 $30 174 177 179 180 164 1

  17. Slide 17: Largest Silver Producer in the U.S. & Soon, Canada

    HECLA MINING COMPANY NYSE: HL LARGEST SILVER PRODUCER IN THE U.S. & SOON, CANADA Annual Shareholders Meeting May 17, 2024 U.S. Production of Silver 2023 U.S. Silver Production (Millions oz) Hecla mines 14.3 ~45% of the U.S. Hecla is the largest silver silver production. producer in the U.S. and is p

  18. Slide 18: Hecla's Production Is Growing

    HECLA MINING COMPANY NYSE: HL HECLA’S PRODUCTION IS GROWING Annual Shareholders Meeting May 17, 2024 Average Silver Production: 2008- 2026E (Millions oz) ~2.2x 20.0 18.5 17.5 18.0 17.0 16.5 12.7 9.2 2008 - 2012 2013 - 2023 2024E* 2025E* 2026E* *Lower and upper ranges of guidance 18

  19. Slide 19: Best in Class Silver Portfolio

    HECLA MINING COMPANY NYSE: HL BEST IN CLASS SILVER PORTFOLIO Annual Shareholders Meeting May 17, 2024 19

  20. Slide 20: Greens Creek: Premier Mine - World's 11th Largest

    HECLA MINING COMPANY NYSE: HL GREENS CREEK: PREMIER MINE - WORLD’S 11th LARGEST Annual Shareholders Meeting May 17, 2024 Since 1987, Greens Creek has: Mined more than -  20.9 million tons, containing 354.7Moz Silver, 2.9Moz, Gold, 4.1Blbs Zinc, 1.6Blbs Lead  Generated $3.0 Billion in cash flow fro

  21. Slide 21: Lucky Friday: Innovation Driven Growth

    HECLA MINING COMPANY NYSE: HL LUCKY FRIDAY: INNOVATION DRIVEN GROWTH Annual Shareholders Meeting May 17, 2024 2nd Cornerstone Asset, Mine Plan of 19 Years  Patented Underhand Closed Bench (UCB) mining method – another example of culture of innovation  2023 Safety Record with AIFR of 0.66 Silver Pr

  22. Slide 22: Keno Hill: Building a Strong Foundation

    HECLA MINING COMPANY NYSE: HL KENO HILL: BUILDING A STRONG FOUNDATION Annual Shareholders Meeting May 17, 2024 Positioned to be Canada’s largest silver producer  Largest primary silver reserves in Canada  Since acquisition, 45% increase in silver reserves to ~55Moz at 26.6 opt  Land package of 88

  23. Slide 23: Casa Berardi: Executing on Surface Transition Plan

    HECLA MINING COMPANY NYSE: HL CASA BERARDI: EXECUTING ON SURFACE TRANSITION PLAN Annual Shareholders Meeting May 17, 2024 Technical report demonstrates long- term value in pits with a 14-year reserve mine plan  Ongoing transition to complete surface operation, focus on predictability of costs Stop

  24. Slide 24: 2023 Financial Highlights

    HECLA MINING COMPANY NYSE: HL 2023 FINANCIAL HIGHLIGHTS Annual Shareholders Meeting May 17, 2024 2023 Revenues By Metal Free Cash Flow: Greens Creek, Lucky Friday ($ Million) Silver’s share of revenues is Free Cash Flow (2) increasing Silver Gold Lead Zinc 2020 – 2023: $851M in cash flow from operat

  25. Slide 25: Leading Dividend Policy with Silver Linked Dividend

    HECLA MINING COMPANY NYSE: HL LEADING DIVIDEND POLICY WITH SILVER LINKED DIVIDEND Annual Shareholders Meeting May 17, 2024 Industry’s only silver-linked dividend policy pays an annual base dividend (1.5 cents per share) plus a silver price- linked dividend that starts at $20/oz silver price. Silver

  26. Slide 26: Best in Class Silver Portfolio

    HECLA MINING COMPANY NYSE: HL BEST IN CLASS SILVER PORTFOLIO Annual Shareholders Meeting May 17, 2024 Leading Silver Producer in the World’s Best Mining Jurisdictions Safe and Sustainable Mining Lowest Cost Silver Mines Among Peers Culture of Innovation and Operational Excellence * 2023 Data 26

  27. Slide 27: End Notes

    HECLA MINING COMPANY NYSE: HL END NOTES Annual Shareholders Meeting May 17, 2024 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

  28. Slide 28: Free Cash Flow (Non-GAAP) Reconciliation

    HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION Annual Shareholders Meeting May 17, 2024 Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for Greens Creek and Lucky Friday 2020 to Q1 2024 TOTAL Q1 2024 2023 2022 2021 2020 in millions

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