Hecla Mining Company · NYSE:HL
Hecla Mining — Q2 2026 Earnings Presentation
42 slides from Hecla Mining's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Conference Call
SECOND QUARTER 2026 Conference Call
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook from forward-looking statements include but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production cos
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 reserves Reserve Dominance Average res
Slide 4: Second Quarter Highlights
Second Quarter Highlights A Fortress Balance Sheet in the Making Revenue: $334M from continuing operations Net income from continuing operations: $118M, or $0.18 per share Adjusted EBITDA from continuing operations: $199M, more than double the $93M recorded a year ago(1) Operating cash flow
Slide 5: 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 Nearer-term Silver Production Growth $13.06 upside Potential: 20 Moz $11.76 opportunities $11.28 15.1-16.1 Moz in 2026 20 Nearer-term upside opportunities: Greens Creek pyr
Slide 6: Project Pipeline Update - Growth Opportunities
Project Pipeline Update - Growth Opportunities Greens Creek Greens Creek Dry Stack Midas Restart Project Pyrite Concentrate Circuit Tailings Reprocessing Project Update:(i) Existing high-grade gold and silver ~10.6 Mtons of tailings with estimated resource Approx 1.0 – 1.2 Moz Ag and 10 – 15
Slide 7: Operational Review
OPERATIONAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 7
Slide 8: Greens Creek: Cornerstone Mine, Foundation of Our Future
Greens Creek: Cornerstone Mine, Foundation of Our Future Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Au, Pb, Zn, Cu Alaska 12 Years $292M Greens Creek Hawk Inlet Loading Solid free cash flow generation Q2 2026 results: Silver and gold production: 2.1 Moz and 14.2 Koz, respectively
Slide 9: Lucky Friday: New Quarterly Production Record
Lucky Friday: New Quarterly Production Record Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Pb, Zn Idaho 15 Years $190M Lucky Friday Facility Consistent Silver Production Q2 2026 results: Record silver production: 1.5 Moz Costs applicable to sales of $35.0 million. Q2 cash costs a
Slide 10: Keno Hill: Focused on the Permits and Infrastructure Build-Out
Keno Hill: Focused on the Permits and Infrastructure Build-Out Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Pb, Zn Yukon 13 Years $176M Keno Hill Work continues to ramp up into a state of commercial production Q2 2026 production results: Silver: 625 Koz Q2 cash flow from operatio
Slide 11: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 11
Slide 12: Q2 Financial Highlights – From Continuing Operations
Q2 Financial Highlights – From Continuing Operations $587.6 $483.5 $296.6 $471.9 Q2 Mine Revenues Transition to $133.9 $241.6 $321.3 $323M* 12% Net Cash ($ millions) 8% ($143.8) ($34.2) Silver accounts ($268.2) for 68% of Q2 revenues 14% 68% Silver Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Gold Net (D
Slide 13: Q2 2026 Cost Breakdown – Continuing Operations
Q2 2026 Cost Breakdown – Continuing Operations Greens Creek Cost Breakdown Lucky Friday Cost Breakdown $ millions $0.0 $ millions $0.0 Consolidated Cost Breakdown ($2.4) $ millions $11.2 $2.7 $1.3 $23.3 $1.4 $0.5 $20.2 $1.3 $12.2 Labor + Contractors $24.5 ($3.2) Electricity Fuel $3.9 $0.6 Fixed Over
Slide 14: Expected Robust Free Cash Flow Generation
Expected Robust Free Cash Flow Generation Positive free cash flow (2) over wide range of silver prices Projected 2026 Free Cashflow Price Sensitivity $800 Full-year 2026 projections include cashflows from Casa Berardi up to the closing of $700 sale on March 25, 2026. $600 $500 US$ Millions $400 $300
Slide 15: Exploration
EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 15
Slide 16: 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 17: Keno Hill – High-Grade Silver Exploration Intercepts Expands Bermingham Deep
Keno Hill – High-Grade Silver Exploration Intercepts Significantly Expands Bermingham Deep Target Trend Reaffirming the Significant Exploration Potential in the Keno Hill District 17
Slide 18: Midas – Discovering Narrow, High-Grade Gold-Silver Veins
Midas – Discovering Narrow, High-Grade Gold-Silver Veins Sinter-Pogo Gap Target Drilling Yielded Two Midas Like Veins, Remains Open for Expansion 2 inches pXRF spot locations and Au values shown 18
Slide 19: Q&A
HECLA – THE PREMIER NORTH AMERICAN SILVER COMPANY Q&A 19
Slide 20: Appendix
APPENDIX Overview, End Notes, Guidance, and GAAP Reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 20
Slide 21: Hecla at a Glance
Hecla at a Glance Company Overview Ownership Overview(b) Headquarters Coeur d’Alene, Idaho Stock Ticker NYSE: HL Common Shares Outstanding 670.3M(a) 22% Market Capitalization $10.2B(b) Cash Position $483.5M(a) Long-Term Debt - (a) US$225M Revolving Credit Facility (+ US$75M Accordion) - (a) 78% Reta
Slide 22: 2026 Guidance: Strong Margins Maintained
2026 Guidance: Strong Margins Maintained Silver Production (Moz) Gold Production (Koz) Greens Creek 8.0 – 8.3 51.0 – 55.0 2026 Production Lucky Friday 4.9 – 5.2 N/A Outlook Keno Hill 2.2 – 2.6 N/A 2026 Total 15.1 – 16.1 51.0 – 55.0 Costs applicable to sales Cash cost, after by-product credits, per A
Slide 23: End Notes
End Notes 1. Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an a
Slide 24: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 24
Slide 25: Adjusted EBITDA
Adjusted EBITDA Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Q2 2026 Q1 2026 Q2 2025 Dollars in thousands (USD) Income from continuing operations $ 117,876 $ 164,653 $ 26,910 Interest expense 2,413 5,656 10,948 Income and mining tax expense 18,767 50,900 22,110 Depreciation, dep
Slide 26: Cash Cost and AISC Reconciliation to GAAP
Cash Cost and AISC Reconciliation to GAAP Total Silver and Other Costs Applicable to Sales 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 Credit
Slide 27: Cash Cost and AISC Reconciliation to GAAP – Greens Creek
Cash Cost and AISC Reconciliation to GAAP Greens Creek Costs Applicable to Sales 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 Oun
Slide 28: Cash Cost and AISC Reconciliation to GAAP – Lucky Friday
Cash Cost and AISC Reconciliation to GAAP Lucky Friday Costs Applicable to Sales 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 Oun
Slide 29: Free Cash Flow (Non-GAAP) Reconciliation
Free Cash Flow (Non-GAAP) Reconciliation Reconciliation of cash provided by operating activities (GAAP) from continuing operations to Free Cash Flow (non-GAAP) Q4-2025 Q1-2026 Q2-2026 Dollars in millions (USD) Cash provided by operating activities from continuing operations 165.7 182.9 174.9 Less: C
Slide 30: 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) for All Operations Q2 2026 Q1 2026 in millions Greens Creek Cash provided by operating activities $ 139,181 $ 131,368 Exploration $ 2,588 $ 276 Less: Capital investmen
Slide 31: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 31
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: Mineral Resources - 12/31/2025 (6/6)
Mineral Resources - 12/31/2025(8) (6/6) 16. Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater. 17. Fire Creek underground mineral resources are reported at a gold equivalent cut-
Slide 42: Thank You
THANK YOU THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.