Dolly Varden Silver Corporation

Dolly Varden Silver — Investor Presentation (November 2023)

78 slides from Dolly Varden Silver's investor presentation, Nov 7, 2023

  1. Slide 1: October 2023 Update

    Largest U.S. silver producer, soon-to-be largest Canadian silver producer OCTOBER 2023 UPDATE RESPONSIBLE. SAFE. INNOVATIVE.

  2. Slide 2: Cautionary Statements

    HECLA MINING COMPANY NYSE: HL CAUTIONARY STATEMENTS OCTOBER 2023 UPDATE Cautionary Statement Regarding Forward Looking Statements including, without limitation, outlook, to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, exce

  3. Slide 3: What Makes Hecla a Premier Silver Investment

    HECLA MINING COMPANY NYSE: HL WHAT MAKES HECLA A PREMIER SILVER INVESTMENT OCTOBER 2023 UPDATE Largest U.S. Silver Producer  Produces 45% of U.S. silver , 3rd largest primary silver producer globally  On track to be Canada’s largest silver producer by 2024  Largest and highest-grade silver reserv

  4. Slide 4: Safe and Sustainable Mining

    HECLA MINING COMPANY NYSE: HL SAFE AND SUSTAINABLE MINING OCTOBER 2023 UPDATE All-Injury Frequency Rate of 1.18 (*)  42% lower than the U.S. average  Reduced by 80% since 2012 ~57,000 hours of safety and health training  Lowest in Hecla history for employees and contractors Small environmental fo

  5. Slide 5: Largest Silver Producer in the U.S.

    HECLA MINING COMPANY NYSE: HL LARGEST SILVER PRODUCER IN THE U.S. OCTOBER 2023 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 13% USA positio

  6. 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 OCTOBER 2023 UPDATE Silver Reserves and Reserve Grade* Silver Reserves (Moz) Silver Grade (g/t) Silver Reserves (Moz) in U.S. and Canada 577 457 448 313 246 241 217 205 169 117 108 62 62 23 16 34 35 20 Pan American Fr

  7. Slide 7: Low-Cost Profile Silver Assets

    HECLA MINING COMPANY NYSE: HL LOW-COST PROFILE SILVER ASSETS OCTOBER 2023 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 (Kt

  8. Slide 8: Leading Dividend Policy with Silver Linked Dividend

    HECLA MINING COMPANY NYSE: HL LEADING DIVIDEND POLICY WITH SILVER LINKED DIVIDEND OCTOBER 2023 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 $8.0

  9. Slide 9: Our Operations

    OUR OPERATIONS Silver mines are in the best third of cost curve RESPONSIBLE. SAFE. INNOVATIVE. 9

  10. Slide 10: Greens Creek: Flagship Mine

    HECLA MINING COMPANY NYSE: HL GREENS CREEK: FLAGSHIP MINE GREENS CREEK OCTOBER 2023 UPDATE Location: Admiralty Island, Alaska Type: Underground Metals: Silver, Gold, Lead, Zinc Silver Reserves: 117Moz at 10.9 opt Reserve Life: 13 Years Energy Use: 88% of electricity is line power, of which 100% is r

  11. Slide 11: World's 11th Largest Silver Mine

    HECLA MINING COMPANY NYSE: HL WORLD’S 11th LARGEST SILVER MINE GREENS OCTOBERCREEK 2023 UPDATE Since 1987, Greens Creek has: Consistent performance and low costs drive robust free cash flow generation Mined more than -  20 million tons, containing 345Moz Silver, 2.8Moz, Gold, 4.0Blbs Zinc, 1.6Blbs

  12. Slide 12: Continuous Improvement Since Acquisition

    HECLA MINING COMPANY NYSE: HL CONTINUOUS IMPROVEMENT SINCE ACQUISITION GREENS OCTOBERCREEK 2023 UPDATE Mill Throughput, 2008 – H1/2023 Silver Mill Recoveries, 2008 - 2022 Tons per Day % 28% increase in 8% Increase in silver throughput since 2008 recoveries since 2008 2,573 2,415 82 81 2,229 2,236 78

  13. Slide 13: Consistency & Innovation: Free Cash Flow Engine

    HECLA MINING COMPANY NYSE: HL CONSISTENCY & INNOVATION  FREE CASH FLOW ENGINE GREENS OCTOBERCREEK 2023 UPDATE Cumulative Cash Flow from Operations, Free Cash Flow* 2,857 Free Cash Flow 2,716 Cash Flow from Operations 2,506 Low-cost structure, high 2,328 123% grades, low capital 2,193 requirements g

  14. Slide 14: Lucky Friday: Positioned for Growth

    HECLA MINING COMPANY NYSE: HL LUCKY FRIDAY: POSITIONED FOR GROWTH LUCKY FRIDAY OCTOBER 2023 UPDATE Location: Mullan, Idaho Type: Underground Metals: Silver, Lead, Zinc Silver Reserves: 75Moz at 13.4 opt Reserve Life: 17 Years Energy Use: 60% of electricity is from renewable hydropower, with the rema

  15. Slide 15: Innovation Driven Growth

    HECLA MINING COMPANY NYSE: HL INNOVATION DRIVEN GROWTH LUCKY FRIDAY OCTOBER 2023 UPDATE 2nd Cornerstone Asset with 17+ years in reserves Strong H1/2023 with free cash flow generation  Record year 2022 in throughput, Silver production of $34M of 4.4Moz was the highest in past 20 years  Poised to be

  16. Slide 16: Secondary Egress Update

    HECLA MINING COMPANY NYSE: HL SECONDARY EGRESS UPDATE LUCKY FRIDAY OCTOBER 2023 UPDATE Production Plan Update Isometric View of As-built Lucky Friday Workings  Secondary egress - #2 shaft, was damaged  Fire is extinguished, damage inspection ongoing  Production plan is developing a new secondary

  17. Slide 17: Mitigation Plans for Secondary Egress

    HECLA MINING COMPANY NYSE: HL MITIGATION PLANS FOR SECONDARY EGRESS LUCKY FRIDAY OCTOBER 2023 UPDATE Escape Raise and Ramp Vent Bypass Raise Escape Raise – 290 feet Ventilation Raise 850 feet Ramp – 1,600 feet 17

  18. Slide 18: Strong Labor Relations

    HECLA MINING COMPANY NYSE: HL STRONG LABOR RELATIONS LUCKY FRIDAY OCTOBER 2023 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

  19. Slide 19: Higher Grades at Depth, Supported by Underhand Closed Bench Mining

    HIGHER GRADES AT DEPTH, SUPPORTED BY THE UNDERHAND HECLA MINING COMPANY NYSE: HL CLOSED BENCH MINING METHOD LUCKY FRIDAY OCTOBER 2023 UPDATE Lucky Friday Long Section 30 Vein – *AgEq Grade (opt) < 10 10 - 20 20 - 30 MINED 1997 – 2021 30 - 35 > 35 Increasing grades at December 31, 2022 6500 LEVEL dep

  20. Slide 20: Underhand Closed Bench Method

    HECLA MINING COMPANY NYSE: HL UNDERHAND CLOSED BENCH METHOD LUCKY FRIDAY OCTOBER 2023 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 backfil

  21. Slide 21: Best Decade in 80 Year History Is Ahead

    HECLA MINING COMPANY NYSE: HL BEST DECADE IN 80 YEAR HISTORY IS AHEAD LUCKY FRIDAY OCTOBER 2023 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 1972-198

  22. Slide 22: Keno Hill: Production Growth in Yukon

    HECLA MINING COMPANY NYSE: HL KENO HILL: PRODUCTION GROWTH IN YUKON KENO HILL OCTOBER 2023 UPDATE Location: Yukon, Canada Type: Underground Metals: Silver, Lead, Zinc Silver Reserves: 49 Moz at 22.5 opt Reserve Mine Life: 8+ Years Energy Use: 86% of electricity is from renewable hydropower and wind

  23. Slide 23: Largest Primary Silver Reserves in Canada

    HECLA MINING COMPANY NYSE: HL LARGEST PRIMARY SILVER RESERVES IN CANADA KENO HILL OCTOBER 2023 UPDATE Positioned to be Canada’s largest silver 2024 silver production: up to 4Moz producer  33% increase in silver reserves to ~50Moz at 22.5 opt since acquisition in 2022 H1/2023 Performance and Guidanc

  24. Slide 24: Development – Bermingham

    HECLA MINING COMPANY NYSE: HL DEVELOPMENT – BERMINGHAM KENO HILL OCTOBER 2023 UPDATE Development plan: Active ore Looking southeast Production shapes: headings: 7, to increase to 12 440 tons per day projected by Initial year end 2023 Production Arctic Zone Area Bear Zone ~100m Bermingham Deep 24

  25. Slide 25: Development – Flame & Moth

    HECLA MINING COMPANY NYSE: HL DEVELOPMENT – FLAME & MOTH KENO HILL OCTOBER 2023 UPDATE Development plan: Looking northwest Production shapes: Initial Production Development and drilling Area focused on the 2Moz Upper Lightning Zone Christal Zone Lightning Zone ~100m 25

  26. Slide 26: Casa Berardi: Gold Exposure in Quebec

    HECLA MINING COMPANY NYSE: HL CASA BERARDI: GOLD EXPOSURE IN QUEBEC CASA BERARDI OCTOBER 2023 UPDATE Location: Quebec, Canada Type: Open Pit/Underground Metals: Gold Gold Reserves: 1.6Moz at 0.09 opt Reserve Mine Life: 14 Years Energy Use: 100% of electricity is from renewable hydropower 2022 Direct

  27. Slide 27: Open Pit Transition Can Unlock Significant Value

    HECLA MINING COMPANY NYSE: HL OPEN PIT TRANSITION CAN UNLOCK SIGNIFICANT VALUE CASA BERARDI OCTOBER 2023 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

  28. Slide 28: On Track to Achieve 2023 Guidance

    HECLA MINING COMPANY NYSE: HL ON TRACK TO ACHIEVE 2023 GUIDANCE CASA BERARDI OCTOBER 2023 UPDATE Second Quarter, H1/2023 Performance and Guidance YTD 2023 2023 Guidance Gold Produced Koz 43.6 85 - 95 Total Cost of Sales (7) $ mm $106 $215 Capital Additions** $ mm $44.5 $72 - $74 Cash Cost (5) $/Au o

  29. Slide 29: 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. OCTOBER 2023 UPDATE Located 50 miles from Lucky Friday with great Working to advance underground data exploration potential collection and permitting Permitting strategy Overview and Inferred Resources (

  30. Slide 30: Financial Review

    FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 30

  31. Slide 31: Committed to a Strong Balance Sheet

    HECLA MINING COMPANY NYSE: HL COMMITTED TO A STRONG BALANCE SHEET OCTOBER 2023 UPDATE Financial flexibility and leverage ratio of <2x are top priorities H1/2023 Revenues By Metal Net Debt to Adjusted EBITDA Cash and Liquidity ($ millions) H1/2023: Free cash flow from silver Net debt to adjusted EBIT

  32. Slide 32: Silver Margins Are Best in the Industry

    HECLA MINING COMPANY NYSE: HL SILVER MARGINS ARE BEST IN THE INDUSTRY OCTOBER 2023 UPDATE Strong Silver Margins Free Cash Flow: Greens Creek, Lucky Friday ($/silver ounce) ($ million) AISC Realized Price Margin (4) Realized Silver Price (3) Free Cash Flow (2) $25.24 2020 – H1/2023: $23.12 $789M in c

  33. Slide 33: H1/2023 Revenue, Production, and Cost Highlights

    HECLA MINING COMPANY NYSE: HL H1/2023 REVENUE, PRODUCTION, AND COST HIGHLIGHTS OCTOBER 2023 UPDATE Silver Gold Lead Zinc Silver Production: 7.87Moz Total Cost of Sales(7): $197.6M H1/2023 Silver Cash Costs, after by-product credits(5): $2.70/oz 15% Margins(3): $12.91/oz AISC, after by-product credit

  34. Slide 34: Silver Market

    SILVER MARKET RESPONSIBLE. SAFE. INNOVATIVE. 34

  35. Slide 35: The World's Growing Needs for Silver

    HECLA MINING COMPANY NYSE: HL THE WORLD’S GROWING NEEDS FOR SILVER OCTOBER 2023 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  Monetar

  36. Slide 36: Silver Supply from Mine Production and Recycling

    HECLA MINING COMPANY NYSE: HL SILVER SUPPLY FROM MINE PRODUCTION AND RECYCLING OCTOBER 2023 UPDATE Mine production accounts for >80% of supply; 51% mined silver come from Mexico, China, and Peru Global Silver Supply (Millions oz) Mine Production Recycling Net Hedging Supply Net Official Sector Sales

  37. Slide 37: Silver Mine Supply Dependent on Other Metals

    HECLA MINING COMPANY NYSE: HL SILVER MINE SUPPLY DEPENDENT ON OTHER METALS OCTOBER 2023 UPDATE 70% of silver supply is a by-product of gold, copper, lead, and zinc mines Primary Silver and By-Product Production Primary Silver Gold Copper Lead/Zinc 29% 29% 30% 32% 33% 31% 31% 30% 21% 23% 23% 23% 23%

  38. Slide 38: Main Components of Silver Demand

    HECLA MINING COMPANY NYSE: HL MAIN COMPONENTS OF SILVER DEMAND OCTOBER 2023 UPDATE 2022 Silver Demand: 1,242Moz Industrial and Consumer Products: 557Moz Green energy Photovoltaics: 12% demand Compound Annual (photovoltaics, EVs) Growth Rate from is new and growing 2013-2022 Other 3% Other Photovolta

  39. Slide 39: Silver Is Essential in Solar Electricity Generation

    HECLA MINING COMPANY NYSE: HL SILVER IS ESSENTIAL IN SOLAR ELECTRICITY GENERATION OCTOBER 2023 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

  40. Slide 40: Photovoltaic (PV) Demand for Silver Is Growing

    HECLA MINING COMPANY NYSE: HL PHOTOVOLTAIC (PV) DEMAND FOR SILVER IS GROWING OCTOBER 2023 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 = 100 201 200 500 100 447 180 17

  41. Slide 41: Silver Deficit Is Expected to Continue

    HECLA MINING COMPANY NYSE: HL SILVER DEFICIT IS EXPECTED TO CONTINUE OCTOBER 2023 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 of

  42. Slide 42: Widening Gap Between Silver Supply and Demand

    HECLA MINING COMPANY NYSE: HL WIDENING GAP BETWEEN SILVER SUPPLY AND DEMAND OCTOBER 2023 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

  43. Slide 43: Exploration

    EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 43

  44. Slide 44: Unique Exploration Due to Silver, Jurisdictions, Infrastructure, Potential, Grade, and Capital

    UNIQUE EXPLORATION DUE TO SILVER, JURISDICTIONS, HECLA MINING COMPANY NYSE: HL INFRASTRUCTURE, POTENTIAL, GRADE, AND CAPITAL OCTOBER 2023 UPDATE 44

  45. Slide 45: Discovering and Expanding Resources

    HECLA MINING COMPANY NYSE: HL DISCOVERING AND EXPANDING RESOURCES OCTOBER 2023 UPDATE Greens Creek Keno Hill Focus on resource Definition drilling at expansion and Bermingham and conversion to expand Flame & Moth; and upgrade multiple Exploration drilling in ore zones underexplored areas Casa Berard

  46. Slide 46: Greens Creek: A World Class Land Package

    HECLA MINING COMPANY NYSE: HL GREENS CREEK: A WORLD CLASS LAND PACKAGE OCTOBER 2023 UPDATE Large and prospective land holdings - Underground and Surface Exploration Targets  17 Patented Lode Claims  7,301 Acres (Land Exchange) to which we possess subsurface mineral rights  440 Federal Lode Claims

  47. Slide 47: Keno Hill: Exploration Drilling Confirms Significant Potential

    KENO HILL: EXPLORATION DRILLING CONFIRMS SIGNIFICANT HECLA MINING COMPANY NYSE: HL POTENTIAL OCTOBER 2023 UPDATE  Historical production of over 200Moz of silver at Silver District: Excellent Potential 40 oz/Ag per ton 2 times Greens Creek  Property contains excellent exploration potential to host

  48. Slide 48: Keno Hill: Exploration Target Areas

    HECLA MINING COMPANY NYSE: HL KENO HILL: EXPLORATION TARGET AREAS OCTOBER 2023 UPDATE Exploration drilling continues to be successful in identifying mineralized vein zones; new drilling defines mineralization near Bermingham mine infrastructure Bermingham Townsite Vein Longitudinal Section Looking N

  49. Slide 49: Keno Hill: Definition Drilling at Bermingham

    HECLA MINING COMPANY NYSE: HL KENO HILL: DEFINITION DRILLING AT BERMINGHAM OCTOBER 2023 UPDATE Bear Vein Longitudinal Section Looking Southeast Plan Map Showing the Location of Current Exploration Targets 49

  50. Slide 50: ESG

    ESG Our sustainable Environmental, Social, and Corporate Governance responsibilities RESPONSIBLE. SAFE. INNOVATIVE. 50

  51. Slide 51: Committed to Responsible Mining

    HECLA MINING COMPANY NYSE: HL COMMITTED TO RESPONSIBLE MINING OCTOBER 2023 UPDATE Mining Metals for a Green Energy Future Net zero on emissions in 2021 Well-established safety culture Hecla Charitable Foundation and 2022* San Sebastian Mine received the Casa Berardi received the Largest private-sect

  52. Slide 52: Sustainability Rating Agency Scores: Significant Improvements Since 2019

    SUSTAINABILITY RATING AGENCY SCORES: SIGNIFICANT HECLA MINING COMPANY NYSE: HL IMPROVEMENTS SINCE 2019 OCTOBER 2023 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 Sc

  53. Slide 53: Hecla Is Among the Safest Mining Companies

    HECLA MINING COMPANY NYSE: HL HECLA IS AMONG THE SAFEST MINING COMPANIES OCTOBER 2023 UPDATE Implemented NMA’s CORESafety standards in 2012, became Industry leader All-Injury Frequency Rate Hecla’s 1.22 rate is 42% better 6.06 than national average 5.35 5.41 4.57 Industry leading 80% reduction since

  54. Slide 54: Committed to Our Communities

    HECLA MINING COMPANY NYSE: HL COMMITED TO OUR COMMUNITIES OCTOBER 2023 UPDATE Largest private employer within the communities we operate, jobs and benefits that Total economic impact in 2022 last a lifetime  Total direct economic impact of $833 million $833M Hecla Corporate Montana  More than $845

  55. Slide 55: Guidance

    GUIDANCE RESPONSIBLE. SAFE. INNOVATIVE.

  56. Slide 56: Guidance – Strong Silver Production Growth

    HECLA MINING COMPANY NYSE: HL GUIDANCE – STRONG SILVER PRODUCTION GROWTH OCTOBER 2023 UPDATE Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz) Gold Equivalent (Koz) Previous Current Previous Current Previous Current Consolidated 2023 Total 14.5 - 15.5** 160 - 170 140 - 160 40.0 –

  57. Slide 57: Guidance – Production and Costs by Operation

    HECLA MINING COMPANY NYSE: HL GUIDANCE – PRODUCTION AND COSTS BY OPERATION OCTOBER 2023 UPDATE Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz)6 Gold Equivalent (Koz)6 Previous Current Previous Current Previous Current Previous Current 2023 Production 2023 Greens Creek * 9.0 - 9

  58. Slide 58: Appendix: End Notes and GAAP Reconciliations

    APPENDIX End Notes and GAAP reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 58

  59. Slide 59: End Notes

    HECLA MINING COMPANY NYSE: HL END NOTES OCTOBER 2023 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 managemen

  60. Slide 60: GAAP Reconciliations

    GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 60

  61. Slide 61: Adjusted EBITDA Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL ADJUSTED EBITDA RECONCILIATION TO GAAP OCTOBER 2023 UPDATE Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months Q1 2023 Q2 2023 Dollars in thousands (USD) Net (loss) income $ (44,674) $ (46,845) Plus: Interest expense 42,552 42,358 Plus/(

  62. Slide 62: Cash Cost and AISC Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP OCTOBER 2023 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 Sustai

  63. Slide 63: Cash Cost and AISC Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP OCTOBER 2023 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

  64. Slide 64: Cash Cost and AISC Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP OCTOBER 2023 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

  65. Slide 65: Cash Cost and AISC Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP OCTOBER 2023 UPDATE Keno Hill 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 Sus

  66. Slide 66: Cash Cost and AISC Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP OCTOBER 2023 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

  67. Slide 67: Cash Cost and AISC Reconciliation to GAAP

    HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP OCTOBER 2023 UPDATE 2023 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-pr

  68. Slide 68: Free Cash Flow (Non-GAAP) Reconciliation

    HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION OCTOBER 2023 UPDATE Greens Creek Reconciliation of Cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) Greens Creek, Lucky Friday, Casa Berardi 2008-2022 1987 - 2002 in millions Cash provided (used) by opera

  69. Slide 69: Mineral Reserves and Resources

    MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 69

  70. Slide 70: Proven & Probable Mineral Reserves (1/2)

    HECLA MINING COMPANY NYSE: HL PROVEN & PROBABLE MINERAL RESERVES (1/2) OCTOBER 2023 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 100.0% 7 16.1 0.07 2.3

  71. Slide 71: Proven & Probable Mineral Reserves (2/2)

    HECLA MINING COMPANY NYSE: HL PROVEN & PROBABLE MINERAL RESERVES (2/2) OCTOBER 2023 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 States 100.0% 10,675 1

  72. Slide 72: Measured & Indicated Mineral Resources (1/3)

    HECLA MINING COMPANY NYSE: HL MEASURED & INDICATED MINERAL RESOURCES (1/3) OCTOBER 2023 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) Greens Creek (12,13) Unit

  73. Slide 73: Measured & Indicated Mineral Resources (2/3)

    HECLA MINING COMPANY NYSE: HL MEASURED & INDICATED MINERAL RESOURCES (2/3) OCTOBER 2023 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) Greens Creek (12,13) Un

  74. Slide 74: Measured & Indicated Mineral Resources (3/3)

    HECLA MINING COMPANY NYSE: HL MEASURED & INDICATED MINERAL RESOURCES (3/3) OCTOBER 2023 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) (Tons) Greens Creek (12,

  75. Slide 75: Inferred Mineral Resources

    HECLA MINING COMPANY NYSE: HL INFERRED MINERAL RESOURCES OCTOBER 2023 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) (12,13) Greens Creek United States 100.0%

  76. Slide 76: Mineral Reserves and Resources Footnotes

    HECLA MINING COMPANY NYSE: HL MINERAL RESERVES AND RESOURCES FOOTNOTES OCTOBER 2023 UPDATE Net debt 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

  77. Slide 77: Mineral Reserves and Resources Footnotes

    HECLA MINING COMPANY NYSE: HL MINERAL RESERVES AND RESOURCES FOOTNOTES OCTOBER 2023 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 gold

  78. Slide 78: Thank You

    THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.

Dolly Varden Silver — Investor Presentation (November 2023) on 6ix