Hecla Mining Company · NYSE:HL
Hecla Mining — Investor Day (January 2026)
90 slides from Hecla Mining's investor day presentation, Jan 26, 2026
Slide 1: 2026 Investor Day
. = MINING COMPANY LARGEST U.S. AND CANADIAN SILVER PRODUCER 2026 INVESTOR DAY JANUARY 26, 2026
Slide 2: Cautionary Statements
Cautionary Statements eek bribe asic eta Ca a ge i mn ons em weeny ea
Slide 3: Hecla at a Glance
Hecla at a Glance Company Overview Ownership Overview? Headquarters Coeur Alene, kano Stock Teter NYSE: HL Common Shares Outstanding e7o.M" Market Captalzation si7a8* Cash Postion saat sa Long-Term Debt s26t.oM" US$225M Revolving Credit Facility (+ US$75M Accordion) at eRetal Dividend (paid quartert
Slide 4: Our Asset Portfolio: Low Risk Jurisdictions
Our Asset Portfolio: Low Risk Jurisdictions 2024 U.S. Silver Production {Connausht Dison Yukon other, ren Ce Aaya At, 63% 4 e ; — , 7 Heve-Hoseo, vali uses 2024 U.S. Silver Production (Moz) ‘we ea eS a Hecla isthe largest : © woey Fray, sor, oho U.S. and Canada, z Other Exploration Projects. Republe
Slide 5: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors Ak BRaAH A A Ccnenes Songs _-Rebkicmaroy Chara. Stuney__StphunF.Rahovsly Alea Wong once Boa asa ra ting Executive and Management Team
Slide 6: Chairperson's Message
CHAIRPERSON'S MESSAGE
Slide 7: CEO's Strategic Vision
CEO'S STRATEGIC VISION
Slide 8: Hecla's Transformation: Unlocking Asset Value
Hecla's Transformation: Unlocking Asset Value One year later: Disciplined leadership, dramatic results Great Assets The Disconnects Tier 1 Jurisdiction Portfolio Comerstones: Capital Allocation: = Greens Creek (Silver & Gold) = Lucky Friday (Silver) Growth Assets: « Needed framework, structure and d
Slide 9: The Hecla Renaissance
The Hecla Renaissance From intuition to analytics-based decision making A systematically exceller Sophisticated Planning = §-Scenario optimization, value- based decisions * Result: Driving 2-8% NPV improvement rowth-oriented North American the quality of our assets Capital Discipline = Target 12% mi
Slide 10: 2025 Year in Review
2025 Year in Review Balance sheet transformation. Operational excellence. Cash flow excellence. ROIC leadership. 2025 Guidance Overview 2025 Performance Review i Actual vs. December 31, December 31, 2025 Actual Guidance Guidance 2025 2024 Steet Gross Leverage Production 17.0 16.2-17.0 v Rane ox oY 1
Slide 11: 2025 Year in Review
2025 Year in Review Leading share price performance in silver sector — Nearly double the return of the Global X Silver Miners ETF (SIL: NYSE ARCA) usury sits tauty —cOEUSEquty AGUS Equity —PAAS US auity
Slide 12: Strategic Growth Platform
Strategic Growth Platform Targeting greater than depletion replacement es Underway to Further Secure Peer Leading Reserve Life Currently Double the Industry Average of 7 Years Long History of Reserve Proven & Probable Silver Reserves (Moz) Replacement 300 = 240Moz of silver Proven & 250 — Probable r
Slide 13: Why Silver Focus Matters: The Premium Valuation Thesis
Why Silver Focus Matters: The Premium Valuation Thesis Scarcity drives premium Peer Producer Hela Today cla Strategy Production Growth # Value Creation Average ‘Sver 20-30% ot What We Avoi liver: 20-30% of revenue SIGE SSO RotreNeUS Silver always 250%, Acquire assets that dilute returns > Chase scal
Slide 14: Strategic Transformation
Strategic Transformation Foundation built, growth ahead Foundation (2025-2026) Establish Investment Discipline + 12% ROIC hurdle with monthly tracking * Portfolio optimization (core asset focus) = $200M+ cash position * De-leverage to <1.0x gross leverage > Excellence (2026-2027) ‘Systematic Operati
Slide 15: A Fundamentally Different Company
A Fundamentally Different Company now 13% $310M) 12% Safety Improver 2025 Free Cash Flow Overall ROIC 2025 The Road Ahead: * Continue operational excellence while building analytical capabilities * Deploy capital with discipline toward high-return growth * Execute on substantial value creation oppor
Slide 16: Medium-Term Outlook Potential: 20 Moz Silver Producer
Medium-Term Outlook Potential: 20 Moz Silver Producer Significant silver production growth potential over medium-term Silver Production Growth Potential: 20 Moz = 17 Moz in 2025 = 15.1-16.5 Moz in 2026 = Project pipeline supports potential of 20 Moz over medium term, driven by: , * Keno Hill ramp up
Slide 17: Hecla: The Premier Silver Company
Hecla: The Premier Silver Company Silver-Focused Disciplined Operators = Premier and safe = Achieved Guidance on jurisdictions, e.g. production & costs Alaska, Idaho, Quebec, «13% safety Yukon. improvement in Year 1 * Gold funds the vision; —_« Best-in-class targets on silver is our competitive ai m
Slide 18: Financial Review
FINANCIAL REVIEW = AF
Slide 19: 2025 Financial Scorecard: Transformational Performance
2025 Financial Scorecard: Transformational Performance Delivering on operational excellence and financial discipline Balance Sheet Transformation Margin and Return Generation 75% Improvement 94% Improvement 21% Point Increase Free Cash Flow") fot A , at Gross Leverage Ratio®) — Net Leverage Ratio Si
Slide 20: Balance Sheet Transformation: Driven by Opportunistic Deleveraging
Balance Sheet Transformation: Driven by Opportunistic Deleveraging Balance sheet strength drives significant financial flexibility YoY Improvement: Adjusted EBITDA: +98% 2025 Year End Gross Debt: -50% . $669 DebtiCapitalization 15% § Net Leverage Ratio!) ox § Total DebtiEBITDA®) ox § $276 of Opportu
Slide 21: Financial Position Further Strengthened by Strong Free Cash Flow Generation
Financial Position Further Strengthened by Strong Free Cash Flow Generation $310 ion in free cash flow") generation driven by operational execution and strong metal prices Consolidated Free Cash Flow!) ($ Million) Net (Debt)®) Position Improved by 94% ($ Million) 103.8 (143.8) (268.1) (18.4) (545.0)
Slide 22: ROIC Generation: Sector-Leading Returns
ROIC Generation: Sector-Leading Returns Significant ROIC improvement driven by strong operational execution further helped by favorable metal prices Consolidated ROIC Forward-looking ROIC: Average from 2026-2029 12.4% old: $2,800 Consolidated Greens Creek 2% 55% Lucky Friday 8% 22% 3.9% ‘Average: Gr
Slide 23: ROIC in Action at Lucky Friday
ROIC in Action at Lucky Friday At Lucky Friday, a decade of innovation delivers significant safety improvements and investment returns Total Reportable Injury Frequ a) Annualized Returns: 2016 vs. 2025! Rate (TRIFR); 2016 vs. 2025 icy 20% ‘ETRIFR © Tons Milled 33 e 427 |45% 12% 14 Iso, 2025 ROIC Ann
Slide 24: 2026 Guidance: Strong Margins Maintained
2026 Guidance: Strong Margins Maintained Expect stable production, flat unit costs to ensure margin growth at higher silver prices 2026 Silver Production 2026 Gold Production 2026 Consolidated Cost and Guidance Guidance Capital Silver Ale" (sfoz) $15.00- $16.25 Gold aisc 2026 Sil $2,150 - $2,350 Pro
Slide 25: Capital Allocation: Disciplined Strategy Driving Value Creation
Capital Allocation: Disciplined Strategy Driving Value Creation Safety & Balance Sheet an ane Environmental Sustaining HE exploration ff stengtny ff, Stategic | _Sharehotd Excellence Deleveraging 14) Conceptual Asymmetric Potentially (60 Return: - iacahnied Potential slid Significant - * Foundation
Slide 26: Silver Market Overview
SILVER MARKET “OVERVIEW
Slide 27: Silver Supply And Demand: Market Remains in Deficit
Silver Supply And Demand: Market Remains in Deficit ~790 Moz of cumulative deficit since 2021 vestment // ©: 16% 5-Year Annual Growth Rate: Mine Production accounts for Industrial Demand: 10% 81% of total supply Solar: 19% secta! 1”
Slide 28: ~790Moz in Cumulative Deficit Since 2021
~790Moz in Cumulative Deficit Since 2021 Deficit build attributable to a structurally limited supply and increased investment & industrial demand Supply Demand Imbalance Driven By = Silver supply growth remains structurally limited Mine production is constrained, as 2/Srd is by-product silver Recycl
Slide 29: Silver Demand Drivers: Current Market Remains Historically High & Diversified
Silver Demand Drivers: Current Market Remains Historically High & Diversified Expect industrial demand to provide a solid base and remain strong Drivers of Industrial Demand Longer-Term Industrial Demand Indicators * Photovoltaics (PV) remain a dominant long-term demand Index 2021=100 ilar i PV inst
Slide 30: Hecla is The Premier Silver Company
Hecla is The Premier Silver Company Hecla provides: Best jurisdictions, longest reserves, silver focus, and lowest costs Drivers of Industrial Demand Consensus P/NAV Over Time — Hecla vs. Peers* = Primary silver companies trade at a premium to gold producers, attributable to the scarcity of silver.
Slide 31: Ney
Ney
Slide 32: Safety - The Foundation to Success
Safety - The Foundation to Success Operational excellence starts here Hecla: 10 Year Total Reportable Injury Frequency History Operational Achievements & Goals 5.0 = 2024: Re-commitment to Safety Values — Safety Day and roll-out of 45 Safety 365: Work Safe, Home Safe. 40 2025 TRIFR 1.69 35 43% impro
Slide 33: Technology & Digital Infrastructure
Technology & Digital Infrastructure Building for the future: We know the path, we have the model ne Platform across ERP Implement: ime Equipment Moni One Platform » Robust IT backbone * Actionable insights * Visible data * Predictive analytics = Predictive maintenance replacing * Industry leadership
Slide 34: 2026 Capital: Disciplined Investments To Build Value
2026 Capital: Disciplined Investments To Build Value Highlights of Critical Investments in Our Operations 2026 Capital Guidance: $255-§279 Million * Capital allocation priority to invest in sustaining and growth capital at our current operations * Investments affirm 12-15% ROIC * 29% of expected 202
Slide 35: Greens Creek
Greens Creek Admiralty Island, Ala: nll Metals Location Reserve Mine Plan _ — Ag, Au, Pb, Zn, Cu Alaska 12 Years $266M Zs 8
Slide 36: Greens Creek - Innovation Over Time
Greens Creek - Innovation Over Time Mill Throughput Focused on Quality over Quantity Silver/Gold Mill Recoveries, 2008 - 2025 Tons per Day 9% increase in silver, recoveries, and 18% increase Recent shift of focus on ‘quality of tons vs quantity, in gold recoveries since 2008. =Siver Recoveries vee 2
Slide 37: Increased Recoveries Have Driven Significant ROIC
Increased Recoveries Have Driven Significant ROIC +9% Increase in silver recoveries from 2008 - 2025 ~$1.5M Investment in CO, project for pH control, Scalping for recovery improvements ~18Moz AgEq-/$415M Impact on silver equivalent production, revenues and free cash flow due to recovery improvements
Slide 38: Continuous Improvement: Margin Expansion Through Operational Excellence
Continuous Improvement: Margin Expansion Through Operational Excellence Continuous Improvement Initiatives at Greens Creek 200 South ore zone longhole plan Building additional longhole capacity to drive cost per ton lower — target 15% of ore tons by 2027 Technology implementation: Short Interval Con
Slide 39: Consistency & Innovation — Free Cash Flow Engine
Consistency & Innovation — Free Cash Flow Engine Cumulat 2008 2008 2010 /e Cash Flow from Operations, Free Cash Flow!) 18Fice Cash Fow @ Gash Flew tom Operations 2012 moa 2018 2018 sant * alll 2000 2022206 192% Return on investment from 2008 — 2025 based on 2008 acquisition price of $758M for 70% of
Slide 40: Potential Value Extraction From Tails
Potential Value Extraction From Tails Tailings as of December 2025: = 10.4 million DST of tailings consisting of + 50 Moz of Silver (5 oz/ton) = 567 Koz of Gold Metals in tail lings = 309 Mibs of Zinc represent ~$6.8B in + 203 Mibs of Lead gross value * 27 Mbs of Copper * 1.3 Mlbs of Nickel * Includ
Slide 41: Stable and Predictable: Greens Creek, Alaska
Stable and Predictable Greens Creek, Alaska
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Slide 43: Engine Driving Strong Performance: Underhand Closed Bench Method
Engine Driving Strong Performance: Underhand Closed Bench (UCB) Method Large-scale blasting proactively helps manage — seismic risk and increases throughput More innovative: uses Safer: miners work. advanced drilling and blasting below engineered techniques to fragment the backfill and above a miner
Slide 44: Lucky Friday Major Projects & Business Improvement Initiatives
Lucky Friday Major Projects & Business Improvement Initiatives Silver Shaft new skips Cooling Towers Heat exchanger monorails
Slide 45: Lucky Friday Production by Decade — Best to Come
Lucky Friday Production by Decade — Best to Come Silver Production by Decade (Moz) ' ar oars | T fl I i} 29 29 }! 26 27 1 23 1 9 Ot 1 ' 1 1 ' 1 1961-1969 1970's. 1980's 1990's 2000's 2010's 1 2020's, 2030's octal 7
Slide 46: Best Years Ahead: Lucky Friday, Idaho
est Years — Ahead *= Lucky Friday, Idaho
Slide 47: Keno Hill
Keno Hill. Yukon Territory, Canada Metals Location ‘Ag, Pb, Zn Yukon Reserve Mine Plan 16 Years 2024 Economic Impact $179M
Slide 48: Path to Profitability at Tons per Day
Path to Profitability at 440 Tons per Day Key Consistent 440 tons per day 2025 Mill Throughput Silver production of 3.0 Moz at 297 tons per day a Infrastructure Requirements Permits Required * Other Requirements * Reliable power supply * Water treatment plant (designs and upgrades) * Diy stack taili
Slide 49: Keno Hill Potential Robust Cash Flow at Capacity
Keno Hill Potential Robust Cash Flow at Capacity Significant Annual Free Cash Flow’) Generation at 440 Tons per Day Keno Hill Average Annual Cashflows at 440 TPD® Price Sensitivity ‘$400 Silver price $/o: s200 Ce rT 2 szo0 3 3 si00 , $30/oz Silver ‘$50/oz Silver $75/oz Silver $100/oz Silver Silver P
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Slide 51: Casa Berardi
Location erve I 2024 Economic Impact Quebec $259M
Slide 52: Casa Berardi — Projected Robust Near-Term Cash Flows
Casa Berardi — Projected Robust Near-Term Cash Flows si icant free cashflows projected in 2026 and 2027 before permitting period start in 2028 (*) ENE camuaive Free cash ROIC 2 years (2026 - 2027) 13% 18% 24% 28% on Corer CFCF: $425M CFCF: $337M CFCF: $250M _———— 2026 2027 *-83,500/oz Gold -©-$4,000
Slide 53: Near-Term Cash Engine: Casa Berardi, Quebec
Near-Term Cash Engine Casa Berardi, Quebec
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Slide 55: Midas: Near-Term Production Growth & Optionality
Midas: Near-Term Production Growth & Optionality Leveraging existing infrastructure for capital-efficient growth Strategic Value Creation Midas Mill Complex = 2025 successful exploration program has identified high- = grade gold intercepts = Infrastructure and permitting advantage = Permitted +1,200
Slide 56: Organic Growth: Midas Operations, Nevada
Organic Growth Leveraging Existing Assets "= 29 ieee Midas Operations, Nevada
Slide 57: Exploration
EXPLO RATION
Slide 58: Our Operations and Exploration Projects: Low Risk Jurisdictions
Our Operations and Exploration Projects: Low Risk Jurisdictions Republic, Resubic, Washington ‘Connaught, awsen, Yukon Rocka, isy0, Yukon Rock Creek, oxen Montana Livby Exploration Proect, Libby Mortana Greene Mi, sj0. Yukon . Greens creek, Acay sire Alaa ‘opinaca Widest, James Bay, usec @ccasa Bera
Slide 59: Strategic Value Creation through Exploration
Strategic Value Creation through Exploration in ts 4.5% of proje Near Mine: $24 Million Nevada Growth: $16 Million Early-Stage/Generative: $10 Million + Extends mine life + Midas, Aurora, and Hollister + Silver Valley, Casa Berardi Regional, and + Provides lowest risk and highest return + Potential
Slide 60: Greens Creek — Continuous Growth Over Years
Greens Creek — Continuous Growth Over 50 Years Well-positioned to continue making impactful discoveries Bonarda Vest andidetd eres Shor Reeiee 2025 Prion oversee onsuadandiene ened SEORemicas 228 tion Bet 104 107 25 87 162 153 32 7.0 + 1978: Discovery drlihole = 1989: Production began = 1995-1996: P
Slide 61: Greens Creek — Extending Mineralization Underground While Advancing Surface Exploration
Greens Creek — Extending Mineralization Underground While Advancing Surface Exploration Uc Exploration Results Underround i /Seeaen| 2) corneas = Gallagher mineralization extended 550’ feet down plunge from existing resource EP Hecka Clams = 2008 Zones showing silver-rich mineralization, warrants |
Slide 62: Keno Hill Bermingham Vein System — Continuous Growth Over Years
Keno Hill Bermingham Vein System — Cont uous Growth Over 16 Years Well-positioned to continue making impactful discoveries Proton ae rab 64 14 19 eazued and inde = 2009: Discovery of Etta Zone = 2009-2015: Discovery of Artic and Bear Zones = 2015-2020: Discovery of NE Bermingham and Deep Bermingham
Slide 63: Keno Hill Bermingham Discovery — High-Grade Intercepts Indicate New Ore Shoot
Keno Hill Bermingham Discovery — High-Grade Intercepts Indicate New Ore Shoot: Continuing the Trend of Growth in 2025 = Cluster of high-grade intercepts 500" down-plunge from reserve. = District Exploration: * Initial interpretation suggests shallow-plunging geometry * Significant exploration potent
Slide 64: Lucky Friday — Multiple Discoveries Over Two Centuries
Lucky Fi Significant exploration opportunity remains ownand Pate esd nd ids 71.8 40.1 39.2 » 1884: Claims Staked * 1991: Discovery of Lower Gold Hunter Discovered = 1997: Gold Hunter Enters Production = 2022: Reserves Defined to the Bottom of 4-Shaft 5.3 IoreaSiverResauces 2025 Prosston 60 35 esarso
Slide 65: Nevada — Midas History Shows Multiple Discoveries Over Two Centuries
Nevada — Midas History Shows Multiple Discoveries Over Two Centuries Significant opportunity remains eased ardindssed _tereeShveeResources 2025 Prosucton ve eva ovenannciie —Yonaredandidconé ed EO Reeuce”_ 210 Bilton Binet 0 fl 16 0 0 14 313 16 istoric Mi . " istoric Mining . 7 * 1990-1994: Discover
Slide 66: Nevada Midas: Breakthrough Discoveries with Visible Gold and High-Grade Results
Nevada Midas: Breakthrough Discoveries with Visible Gold and High-Grade Results Two new very strong early results from Pogo and Sinter target areas = Pogo & Sinter Offset Targets: High-grade Midas Milling Potential Midas District Targets {gold intersections at both targets in 2025 with follow-up - .
Slide 67: Nevada Midas — Continued High-Grade Results at Sinter Offset
Nevada Midas — Continued High-Grade Results at Sinter Offset Step-out along strike 720 feet intersects 0.46 oz/ton gold over 6.1 feet Sinter Offset Drilling = DMC-462 - Initial crithole intercepted a 1- {oot vein within a broader (21 feet) zone of alteration. Assays include: = 0.43 oziton gold and 0
Slide 68: Nevada Aurora - Final Exploration Permit Record of Decision Received
Nevada Aurora - Final Exploration Permit Record of Decision Received First step in unlocking the exploration potential of one of the highest-grade districts in Nevada Second Step: Significant drilling of our high-priority targets in 2026 Historic production averaged over 2 oz/ton gold + Seven drill
Slide 69: Hecla Exploration — The Key Takeaways
Hecla Exploration — The 3 Key Takeaways Demonstrates why Hecla is positioned for sustainable, organic growth through strategic exploration investment Exploration key take aways 1. Strategic shift from underinvestment to peer- competitive exploration spending = @ 2. Exceptional existing assets with p
Slide 70: Sustainability
STAINABILITY
Slide 71: Commitment to Sustainability
Commitment to Sustainabi' ‘ewan, ndansruaveing commana heath andere Sesronsinbtn rs Sustanslty Pole pains Seton Heth “Respect the lands we work on, build lasting aris aa pape tecsheren relationships with communities, and provide porcini peepee a ial? enduring benefits for current and future generati
Slide 72: Low Environmental Impact and High Social Benefit
Low Environmental Impact and High Social Benefit Renewable Energy Usage by Ste * Each of our mines runs largely on renewable hydropower = Dry stack tailings at Greens Creek and Keno Hill * Progressing towards zero water discharge goal at Lucky Friday Siem = S171M S26em SOM = Total economic impact of
Slide 73: Operating in Partnership with First Nation of Na-cho Nyak Dun
Operating in Partnership with First Nation of Na-cho Nyak Dun
Slide 74: Reclaiming Land, Restoring the Trust
Reclaiming Land, Restoring the Trust San Sebastian 2020 San Sebastian 2025 Excellence in Environmental Stewardship ERDG Valley Ta ERDC Valley Tails Nove MBSrIZ025 xcavation Water Treatment Plant
Slide 75: Government Relations
miieme | Fi, GOVERNMENT RELATIONS
Slide 76: Critical Mineral Focus Accelerates Hecla's Strategy
Critical Mineral Focus Accelerates Hecla’s Strategy U.S. critical minerals focus aligns with Hecla’s portfolio * Silver, lead, and copper newly recognized on official U.S. critical minerals list; zinc listed previously. Gold is recognized as a critical mineral in executive orders. * Critical mineral
Slide 77: U.S. Regulatory Reforms Accelerate Unlocking Value
U.S. Regulatory Reforms Accelerate Unlocking Value = Trump Administration prioritizes = Mining is a “covered sector’ under = Broad bi-partisan support for durable mineral development through FAST-41 permitting reforms executive orders. = Implements transparency and = SPEED and PERMIT Acts would * De
Slide 78: Actively Leveraging Favorable Policy for Hecla Success
Actively Leveraging Favorable Policy for Hecla Success Direct engagement with White House and Agency leadership + FAST-41 + Silver as a Critical Mineral Building bi-partisan relationships in Congress + Site tours and grassroots support for legislation. * Crafting legislation with committee staff. Pu
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Slide 80: Non-Negotiable M&A Criteria
Non-Negotiable M&A Criteria Disciplined approach to external growth opportunities 2. Precious Metals Focus = U.S. and Canada strongly preferred = Primary focus is silver assets * Other jurisdictions must rank in top third of Fraser = Exceptional gold assets considered if they are Institute surveys w
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