Hecla Mining Company · NYSE:HL
Hecla Mining — Investor Presentation (February 2024)
78 slides from Hecla Mining's investor presentation, February 2024
Slide 1: February 2024 Update
Largest U.S. silver producer, soon-to-be largest Canadian silver producer FEBRUARY 2024 UPDATE RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
HECLA MINING COMPANY NYSE: HL CAUTIONARY STATEMENTS FEBRUARY 2024 UPDATE 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 of measured or indica
Slide 3: What Makes Hecla the Premier Silver Investment
HECLA MINING COMPANY NYSE: HL WHAT MAKES HECLA THE PREMIER SILVER INVESTMENT FEBRUARY 2024 UPDATE Best In Class Silver Portfolio Leading Silver Producer in the World’s Best Mining Jurisdictions Largest U.S silver producer (45%)*, Canada’s by 2024, 3rd largest primary silver producer globally S
Slide 4: Safe and Sustainable Mining
HECLA MINING COMPANY NYSE: HL SAFE AND SUSTAINABLE MINING FEBRUARY 2024 UPDATE All-Injury Frequency Rate of 1.45 (*) 16% lower than the U.S. average Reduced by 76% since 2012 ~40,500 hours of safety and health training Greens Creek (0.29) and Lucky Friday (0.66) AIFR for employees and contract
Slide 5: Largest Silver Producer in the U.S. & Soon, Canada
HECLA MINING COMPANY NYSE: HL LARGEST SILVER PRODUCER IN THE U.S. & SOON, CANADA FEBRUARY 2024 UPDATE World Production of Silver 2022 U.S. Silver Production (Moz) 24% Mexico Three countries Peru 14.2 Hecla is the largest silver produce ~51% of 45% China producer in the U.S. and is the world’s silver
Slide 6: Largest U.S./Canada Reserve Base with Highest Grades
HECLA MINING COMPANY NYSE: HL LARGEST U.S./CANADA RESERVE BASE WITH HIGHEST GRADES FEBRUARY 2024 UPDATE Silver Reserves and Reserve Grade* Silver Reserves (Moz) Silver Grade (g/t) Silver Reserves (Moz) in U.S. and Canada 577 455 445 313 244 238 217 205 169 117 108 62 62 23 15 34 35 20 Pan American F
Slide 7: Low-Cost Profile Silver Assets
HECLA MINING COMPANY NYSE: HL LOW-COST PROFILE SILVER ASSETS FEBRUARY 2024 UPDATE Silver AISC Curve of Hecla and Silver Peers*– 12 Months Ended December 31, 2022 US$/oz AISC Hecla Silver Peers* 15.60 16.50 20.00 13.10 19.70 16.30 11.30 11.50 - 20,000 40,000 60,000 80,000 100,000 Silver Production (K
Slide 8: Leading Dividend Policy with Silver Linked Dividend
HECLA MINING COMPANY NYSE: HL LEADING DIVIDEND POLICY WITH SILVER LINKED DIVIDEND FEBRUARY 2024 UPDATE 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 Linked Dividends $8.
Slide 9: Our Operations
OUR OPERATIONS Silver mines are in the best third of cost curve RESPONSIBLE. SAFE. INNOVATIVE. 9
Slide 10: Greens Creek: Flagship Mine
HECLA MINING COMPANY NYSE: HL GREENS CREEK: FLAGSHIP MINE GREENS CREEK FEBRUARY 2024 UPDATE Location: Admiralty Island, Alaska Type: Underground Metals: Silver, Gold, Lead, Zinc Silver Reserves: 105Moz at 10.5 opt Mine Plan: 14 Years Energy Use: 88% of electricity is line power, of which 100% is ren
Slide 11: World's 11th Largest Silver Mine
HECLA MINING COMPANY NYSE: HL WORLD’S 11th LARGEST SILVER MINE GREENS FEBRUARYCREEK 2024 UPDATE 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 more than - $3.0 billion in cash flow from operations
Slide 12: Continuous Improvement Since Acquisition
HECLA MINING COMPANY NYSE: HL CONTINUOUS IMPROVEMENT SINCE ACQUISITION GREENS FEBRUARYCREEK 2024 UPDATE Mill Throughput, 2008 – 2023 Silver Mill Recoveries, 2008 - 2023 Tons per Day % 25% increase in 7% Increase in silver throughput since 2008 recoveries since 2008 2,506 2,415 82 80 2,229 2,236 78 2
Slide 13: Consistency & Innovation: Free Cash Flow Engine
HECLA MINING COMPANY NYSE: HL CONSISTENCY & INNOVATION FREE CASH FLOW ENGINE GREENS FEBRUARYCREEK 2024 UPDATE Cumulative Cash Flow from Operations, Free Cash Flow* ($ Million) Free Cash Flow 3,026 Cash Flow from Operations Low-cost structure, high 2,857 2,716 123% grades, low capital 2,506 require
Slide 14: Lucky Friday: Positioned for Growth
HECLA MINING COMPANY NYSE: HL LUCKY FRIDAY: POSITIONED FOR GROWTH LUCKY FRIDAY FEBRUARY 2024 UPDATE Location: Mullan, Idaho Type: Underground Metals: Silver, Lead, Zinc Silver Reserves: 78Moz at 12.5 opt Mine Plan: 19 Years Energy Use: 60% of electricity is from renewable hydropower, with the remain
Slide 15: Innovation Driven Growth
HECLA MINING COMPANY NYSE: HL INNOVATION DRIVEN GROWTH LUCKY FRIDAY FEBRUARY 2024 UPDATE 2nd Cornerstone Asset, Mine plan of 19 Years Poised to be a 5Moz silver producer H1/2023 - Generated $65M in cash flow from operations and $34M in free cash flow(2) Expect $50M in insurance payments to be
Slide 16: Completed Mitigation Plans for Secondary Egress
HECLA MINING COMPANY NYSE: HL COMPLETED MITIGATION PLANS FOR SECONDARY EGRESS LUCKY FRIDAY FEBRUARY 2024 UPDATE Vent Bypass Raise Escape Raise and Ramp Escape Raise 290 feet 4050 Alimak Ventilation Raise 850 feet Ramp – 1,600 feet 16
Slide 17: Strong Labor Relations
HECLA MINING COMPANY NYSE: HL STRONG LABOR RELATIONS LUCKY FRIDAY FEBRUARY 2024 UPDATE Union ratification of labor contract in January 2023 solidifies Lucky Friday’s growth No material changes; work rules are largely unchanged Key terms Term of agreement – 6 years and 4 months Longest contract
Slide 18: Potential for Growth at Depth
HECLA MINING COMPANY POTENTIAL FOR GROWTH AT DEPTH NYSE: HL FEBRUARY 2024 UPDATE Lucky Friday 30 Vein Long Section Exploration Program A A’ Eastern Definition Program: 10 Drill holes, 14,000 feet AgEq OPT: AgEq OPT: Vein Only Diluted Reserves Potential for ~10 Moz Silver < 10 < 10 10 - 20 10 - 2
Slide 19: Underhand Closed Bench Method
HECLA MINING COMPANY NYSE: HL UNDERHAND CLOSED BENCH METHOD LUCKY FRIDAY FEBRUARY 2024 UPDATE UCB mining method: large-scale blasting proactively manages seismic risk and increases throughput Is safer: miners Uses advanced drilling work below and blasting techniques engineered to fragment the backfi
Slide 20: Best Decade in 80 Year History Is Ahead
HECLA MINING COMPANY NYSE: HL BEST DECADE IN 80 YEAR HISTORY IS AHEAD LUCKY FRIDAY FEBRUARY 2024 UPDATE Silver Production by Decade* (Million oz) UCB method’s success and higher grades mined at depth ~2x 50 position Lucky Friday to be a 5Moz producer for 10+ years 30 28 28 27 26 18 1962-1971 1972-19
Slide 21: Keno Hill: Production Growth in Yukon
HECLA MINING COMPANY NYSE: HL KENO HILL: PRODUCTION GROWTH IN YUKON KENO HILL FEBRUARY 2024 UPDATE Location: Yukon, Canada Type: Underground Metals: Silver, Lead, Zinc Silver Reserves: 55 Moz at 26.6 opt Mine Plan: 11 years Energy Use: 86% of electricity is from renewable hydropower and wind 2022 Di
Slide 22: Building a Strong Foundation
HECLA MINING COMPANY NYSE: HL BUILDING A STRONG FOUNDATION KENO HILL FEBRUARY 2024 UPDATE 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 square miles, Signif
Slide 23: Keno Hill Technical Report Highlights
HECLA MINING COMPANY NYSE: HL KENO HILL TECHNICAL REPORT HIGHLIGHTS KENO HILL FEBRUARY 2024 UPDATE Technical Report S-K 1300 Highlights Mine life, based on reserve plan years 11 Ore Tons Processed Tons (000) 2,069 Silver Grade Opt 26.6 Silver Recovery % 96.0 Total Silver Produced oz (000) 52,865 Sil
Slide 24: Development – Bermingham
HECLA MINING COMPANY NYSE: HL DEVELOPMENT – BERMINGHAM KENO HILL FEBRUARY 2024 UPDATE Development plan: Looking southeast Production shapes: Looking southeast Initial Etta Zone Initial Production Production Area Arctic Zone Area Arctic Zone Bear Bear Zone Zone Bermingham Deep ~100m 24
Slide 25: Development – Flame & Moth
HECLA MINING COMPANY NYSE: HL DEVELOPMENT – FLAME & MOTH KENO HILL FEBRUARY 2024 UPDATE Development plan: Looking northwest Production shapes: Initial Production Area Christal Zone Lightning Zone ~100m 25
Slide 26: Casa Berardi: Gold Exposure in Quebec
HECLA MINING COMPANY NYSE: HL CASA BERARDI: GOLD EXPOSURE IN QUEBEC CASA BERARDI FEBRUARY 2024 UPDATE Location: Quebec, Canada Type: Open Pit/Underground Metals: Gold Gold Reserves: 1.3Moz at 0.08 opt Mine Plan: 14 Years Energy Use: 100% of electricity is from renewable hydropower 2022 Direct Local
Slide 27: Casa Berardi: Executing on Surface Transition Plan
HECLA MINING COMPANY NYSE: HL CASA BERARDI: EXECUTING ON SURFACE TRANSITION PLAN CASA BERARDI FEBRUARY 2024 UPDATE Technical report demonstrates long- term value in pits with a 14-year reserve mine plan Transition to complete surface operation by mid-2024 is exceeding cost and tonnage expectations
Slide 28: Open Pit Transition Can Unlock Significant Value
HECLA MINING COMPANY NYSE: HL OPEN PIT TRANSITION CAN UNLOCK SIGNIFICANT VALUE CASA BERARDI FEBRUARY 2024 UPDATE Casa Berardi: Conceptually divided in three phases* I. Mining the F160 pit II. Preparation for high-grade pits III. Mining higher-grade pits Aggregate free cash flow Investment phase with
Slide 29: Casa Berardi Technical Report Highlights
HECLA MINING COMPANY NYSE: HL CASA BERARDI TECHNICAL REPORT HIGHLIGHTS CASA BERARDI FEBRUARY 2024 UPDATE Technical Report S-K 1300 Highlights Mine life, based on reserve plan years 14 Ore Milled Tons (M) 15.8 Gold Grade (mined) – Open pit** Opt 0.08 Gold Grade (mined) – Opt 0.14 Underground** Gold G
Slide 30: Montana Assets: 3rd Largest Undeveloped Copper Deposit in the U.S.
MONTANA ASSETS: 3rd LARGEST UNDEVELOPED COPPER DEPOSIT IN HECLA MINING COMPANY NYSE: HL THE U.S. FEBRUARY 2024 UPDATE Located 50 miles from Lucky Friday Working to advance underground data with great exploration potential collection and permitting Permitting strategy Executing strategy to expedite
Slide 31: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 31
Slide 32: 2023 Financial Highlights
HECLA MINING COMPANY NYSE: HL 2023 FINANCIAL HIGHLIGHTS FEBRUARY 2024 UPDATE 2023 Revenues By Metal Strong Silver Margins Net Debt to Adjusted EBITDA ($/silver ounce) ($ Million) 2nd highest revenues in history Margins are 50% of silver price 2024: Achieve target of < 2x Realized Price Margin (4) Ad
Slide 33: Investing for Production Growth
HECLA MINING COMPANY NYSE: HL INVESTING FOR PRODUCTION GROWTH FEBRUARY 2024 UPDATE Strong free cash flow generation from Free Cash Flow: Greens Creek, Lucky Friday silver operations invested in production ($ Million) growth Capital investment drives 15-20% Free Cash Flow (2) growth in 2024, 30% by
Slide 34: 2023 Revenue, Production, and Cost Highlights
HECLA MINING COMPANY NYSE: HL 2023 REVENUE, PRODUCTION, AND COST HIGHLIGHTS FEBRUARY 2024 UPDATE Silver Gold Lead Zinc Silver Production: 14.3Moz Total Cost of Sales(7): $379.6M Total 2023 Silver Cash Costs, after by-product credits(5): $3.23/oz 15% Margins(3): $11.57/oz AISC, after by-product credi
Slide 35: Guidance
GUIDANCE RESPONSIBLE. SAFE. INNOVATIVE.
Slide 36: Guidance – Strong Silver Production Growth
HECLA MINING COMPANY NYSE: HL GUIDANCE – STRONG SILVER PRODUCTION GROWTH FEBRUARY 2024 UPDATE 15-20% Silver production growth in 2024, 30% by 2026 Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz) Gold Equivalent (Koz) Consolidated 2024 Total 16.5 - 17.5 121.0 – 133.0 40.0 – 42.2
Slide 37: Guidance – 2024 Production and Costs by Operation
HECLA MINING COMPANY NYSE: HL GUIDANCE – 2024 PRODUCTION AND COSTS BY OPERATION FEBRUARY 2024 UPDATE Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz)6 Gold Equivalent (Koz)6 2024 Production Greens Creek * 8.8 – 9.2 46.0 - 51.0 21.0 – 21.5 235 – 245 Lucky Friday * 5.0 – 5.3 N/A 9
Slide 38: Silver Market
SILVER MARKET RESPONSIBLE. SAFE. INNOVATIVE. 38
Slide 39: The World's Growing Needs for Silver
HECLA MINING COMPANY NYSE: HL THE WORLD’S GROWING NEEDS FOR SILVER FEBRUARY 2024 UPDATE Five distinct periods of silver demand, three that Despite decrease in photographic demand, total are strengthening demand increased 40%, or 345Moz due to the increase in industrial and investment demand Moneta
Slide 40: Silver Supply and Demand
HECLA MINING COMPANY SILVER SUPPLY AND DEMAND NYSE: HL FEBRUARY 2024 UPDATE 2022 SILVER DEMAND: 1,242MOZ 2022 SILVER SUPPLY: 1,005MOZ Other 3% Photo Recycling Mine Prod. - Jewelry and Other 18% voltaics Primary Silver Silverware 24% 25% 23% 25% Industrial and Consumer Products Brazing 45% Alloys Ele
Slide 41: Silver Is Essential in Solar Electricity Generation
HECLA MINING COMPANY NYSE: HL SILVER IS ESSENTIAL IN SOLAR ELECTRICITY GENERATION FEBRUARY 2024 UPDATE 1 GW of solar capacity requires 0.5Moz of silver U.S. Electricity Generation by Fuel: 2000-2050 Solar could account 2022 for 33% of total U.S. Gigawatt history | projections 6,000 energy generation
Slide 42: Photovoltaic (PV) Demand for Silver Is Growing
HECLA MINING COMPANY NYSE: HL PHOTOVOLTAIC (PV) DEMAND FOR SILVER IS GROWING FEBRUARY 2024 UPDATE PV Installations (Gigawatts) and Silver Silver Used in PVs, 2013-2024F** Loadings*,** PV Installations Ag Loading Moz PV Installations Silver Loading Gigawatts Index 2013 = 100 201 200 190 500 100 447 1
Slide 43: Silver Deficit Is Expected to Continue
HECLA MINING COMPANY NYSE: HL SILVER DEFICIT IS EXPECTED TO CONTINUE FEBRUARY 2024 UPDATE Silver demand is buoyed by PVs with newer silver technologies that use more silver In 2022, silver deficit was 238Moz, 2023 forecast deficit is 142Moz* Expect silver deficit to persist with increasing use o
Slide 44: Widening Gap Between Silver Supply and Demand
HECLA MINING COMPANY NYSE: HL WIDENING GAP BETWEEN SILVER SUPPLY AND DEMAND FEBRUARY 2024 UPDATE Silver Supply and Demand: 2022 and 2030E (Millions oz) Supply needs to grow by >70Moz per year by 2030 with only 1.5% 1,187 growth in industrial demand 1,117 Supply shortfall of 112Moz in 2022 was filled
Slide 45: Exploration
EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 45
Slide 46: Unique Exploration Due to Silver, Jurisdictions, Infrastructure, Potential
UNIQUE EXPLORATION DUE TO SILVER, JURISDICTIONS, HECLA MINING COMPANY NYSE: HL INFRASTRUCTURE, POTENTIAL, GRADE, AND CAPITAL FEBRUARY 2024 UPDATE 46
Slide 47: $25M Exploration Budget for 2024
HECLA MINING COMPANY NYSE: HL DISCOVERING AND EXPANDING RESOURCES FEBRUARY 2024 UPDATE Greens Creek ($9M) Focus on resource expansion and $25M conversion to expand and upgrade multiple ore zones Exploration Budget for 2024, focused on Keno Hill ($6.5M) Greens Creek and Exploration and definition dri
Slide 48: 2023 Exploration Expands Mineralization in Multiple Zones
2023 EXPLORATION EXPANDS MINERALIZATION IN MULTIPLE HECLA MINING COMPANY NYSE: HL ZONES GREENS FEBRUARYCREEK 2024 UPDATE Positive Results at 9a, West, 200 South, East, Gallagher, and Upper Plate Zones 2023 Drilling Results 2024 Underground 2024 Surface Expanding high-grade mineralization to the we
Slide 49: Prospective Land Package in a Historical District
HECLA MINING COMPANY NYSE: HL PROSPECTIVE LAND PACKAGE IN A HISTORICAL DISTRICT KENO HILL FEBRUARY 2024 UPDATE Historical production of over 200Moz of silver Silver District: Excellent Potential at 40 oz/Ag per ton Grades are 2x Greens Creek’s historical grades Property contains excellent explo
Slide 50: Exploration Drilling Confirms Significant Potential
HECLA MINING COMPANY NYSE: HL EXPLORATION DRILLING CONFIRMS SIGNIFICANT POTENTIAL KENO HILL FEBRUARY 2024 UPDATE Multiple intercepts significantly extend wider and high-grade mineralization internal to and at depth below current planned mining Three veins in Bermingham deposit – Bear, B B’ Footwal
Slide 51: Environmental, Social, Governance
Environmental, Social, Governance Our sustainable ESG Corporate Governance responsibilities RESPONSIBLE. SAFE. INNOVATIVE. 51
Slide 52: Committed to Responsible Mining
HECLA MINING COMPANY NYSE: HL COMMITTED TO RESPONSIBLE MINING FEBRUARY 2024 UPDATE Mining Metals for a Green Energy Future Net zero on emissions in 2021, 2022 Well-established safety culture Hecla Charitable Foundation and 2023* San Sebastian Mine received the Casa Berardi received the Largest priva
Slide 53: Sustainability Rating Agency Scores
SUSTAINABILITY RATING AGENCY SCORES: SIGNIFICANT HECLA MINING COMPANY NYSE: HL IMPROVEMENTS SINCE 2019 FEBRUARY 2024 UPDATE Agency Progression in ESG Scores • Overall Score increased from 53rd percentile to 74th percentile 38 • Governance Score increased to 24 78th percentile 15 13 • Environmental S
Slide 54: Hecla Is Among the Safest Mining Companies
HECLA MINING COMPANY NYSE: HL HECLA IS AMONG THE SAFEST MINING COMPANIES FEBRUARY 2024 UPDATE Implemented NMA’s CORESafety standards in 2012, became Industry leader All-Injury Frequency Rate Hecla’s 1.45 rate is 16% better 6.06 than national average 5.35 5.41 4.57 Industry leading 76% reduction sinc
Slide 55: Committed to Our Communities
HECLA MINING COMPANY NYSE: HL COMMITED TO OUR COMMUNITIES FEBRUARY 2024 UPDATE Largest private employer within the Total economic impact in 2022 communities we operate, jobs and benefits that last a lifetime $833M Total direct economic impact of $833 Hecla Corporate Montana million $103M $4M Green
Slide 56: Appendix
APPENDIX End Notes and GAAP reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 56
Slide 57: End Notes
HECLA MINING COMPANY NYSE: HL END NOTES FEBRUARY 2024 UPDATE 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 measure for manageme
Slide 58: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 58
Slide 59: Adjusted EBITDA Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL ADJUSTED EBITDA RECONCILIATION TO GAAP FEBRUARY 2024 UPDATE Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months Q4 2023 Q3 2023 Dollars in thousands (USD) Net loss $ (84,217) $ (45,734) Interest expense 43,319 42,194 Income and mining tax
Slide 60: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP FEBRUARY 2024 UPDATE 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 Susta
Slide 61: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP FEBRUARY 2024 UPDATE 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 All-In
Slide 62: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP FEBRUARY 2024 UPDATE 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 All-In
Slide 63: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP FEBRUARY 2024 UPDATE 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 All-In
Slide 64: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP FEBRUARY 2024 UPDATE 2024 Silver and Gold Estimates Reconciliation of 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-p
Slide 65: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION FEBRUARY 2024 UPDATE Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for Greens Creek, Lucky Friday and Casa Berardi 2018 to 2023 Greens Total Lucky Friday Casa Berardi Creek in million
Slide 66: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION FEBRUARY 2024 UPDATE Greens Creek reconciliation of cash provided by operating activities (GAAP) to free cash flow (non-GAAP) TOTAL 2023 2022 2021 2020 in millions Cash provided by operating activities 694 157 151 177 209 Additio
Slide 67: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION FEBRUARY 2024 UPDATE Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for Greens Creek, Lucky Friday and Casa Berardi 2018 to 2023 Total Greens Creek Lucky Friday Casa Berardi in million
Slide 68: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION FEBRUARY 2024 UPDATE Greens Creek reconciliation of cash provided by operating activities (GAAP) to free cash flow (non-GAAP) TOTAL YTD 2023 2022 2021 2020 in millions Cash provided by operating activities 660 123 151 209 177 Add
Slide 69: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 69
Slide 70: Mineral Reserves - 12/31/2023 (1/2)
HECLA MINING COMPANY NYSE: HL Hecla Mining Company - Mineral Reserves - 12/31/2023 (1) (1/2) FEBRUARY 2024 UPDATE 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 Creek (2,3) United States
Slide 71: Mineral Reserves - 12/31/2023 (2/2)
HECLA MINING COMPANY NYSE: HL Hecla Mining Company - Mineral Reserves - 12/31/2023 (1) (2/2) FEBRUARY 2024 UPDATE Proven & 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 Creek (2,3) United
Slide 72: Mineral Resources - 12/31/2023 (1/4)
HECLA MINING COMPANY NYSE: HL Hecla Mining Company - Mineral Resources - 12/31/2023 (8) (1/4) FEBRUARY 2024 UPDATE 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) Green
Slide 73: Mineral Resources - 12/31/2023 (2/4)
HECLA MINING COMPANY NYSE: HL Hecla Mining Company - Mineral Resources - 12/31/2023 (8) (2/4) FEBRUARY 2024 UPDATE 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) Gre
Slide 74: Mineral Resources - 12/31/2023 (3/4)
HECLA MINING COMPANY NYSE: HL Hecla Mining Company - Mineral Resources - 12/31/2023 (8) (3/4) FEBRUARY 2024 UPDATE 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) (Ton
Slide 75: Mineral Resources - 12/31/2023 (4/4)
HECLA MINING COMPANY NYSE: HL Hecla Mining Company - Mineral Resources - 12/31/2023 (8) (4/4) FEBRUARY 2024 UPDATE 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) Gree
Slide 76: Mineral Reserves and Resources Footnotes
HECLA MINING COMPANY NYSE: HL MINERAL RESERVES AND RESOURCES FOOTNOTES FEBRUARY 2024 UPDATE 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. 1. The term “reserve” means an estimate of tonnage
Slide 77: Mineral Reserves and Resources Footnotes
HECLA MINING COMPANY NYSE: HL MINERAL RESERVES AND RESOURCES FOOTNOTES FEBRUARY 2024 UPDATE 17. Indicated resources for most zones at San Sebastian based on $1,500/oz gold, $21/oz silver, $1.15/lb lead, $1.35/lb zinc and $3.00/lb copper using a cut-off grade of $90.72/ton ($100/tonne); $1,700/oz gol
Slide 78: Thank You
THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.
Hecla Mining Company — Investor Presentation (February 2024) on 6ix