Hecla Mining Company · NYSE:HL
Hecla Mining — Q4 2024 Earnings Presentation
38 slides from Hecla Mining's earnings presentation, Feb 14, 2025
Slide 1: Fourth Quarter 2024 Conference Call
Largest Silver Producer in U.S. and Canada FOURTH QUARTER 2024 Conference Call RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
HECLA MINING COMPANY NYSE: HL CAUTIONARY STATEMENTS FOURTH QUARTER 2024 CONFERENCE CALL Cautionary Statement Regarding Forward-Looking Statements Qualified Person (QP) This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as Kurt D.
Slide 3: Storied Past, Forward-Looking Vision
HECLA MINING COMPANY NYSE: HL Storied Past, Forward-Looking Vision FOURTH QUARTER 2024 CONFERENCE CALL ▪ Drive continuous improvement through automation and Operational advanced analytics Excellence ▪ Standardize systems and processes ▪ Improve mine planning Portfolio ▪ Strategic review of assets (C
Slide 4: 2024 Highlights: Strong Operational Performance
HECLA MINING COMPANY NYSE: HL 2024 Highlights: Strong Operational Performance FOURTH QUARTER 2024 CONFERENCE CALL Operational Highlights Financial Highlights Achieved consolidated silver production Record revenues, continued and cost guidance deleveraging Stable production and Free cash flow generat
Slide 5: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 5
Slide 6: Capital Allocation Priorities
HECLA MINING COMPANY NYSE: HL Capital Allocation Priorities FOURTH QUARTER 2024 CONFERENCE CALL Significant Progress in 2024, Focus on Returns and Free Cash Flow: Free Cash Flow Greens Creek, Lucky Friday ($ Million) Investment in organic growth Free Cash Flow (2) ▪ Keno Hill produced 2.8Moz, 2025 g
Slide 7: 2024 Financial Highlights
HECLA MINING COMPANY NYSE: HL 2024 Financial Highlights FOURTH QUARTER 2024 CONFERENCE CALL 2024 Revenues By Metal Strong Silver Margins Net Debt to Adjusted EBITDA ($/silver ounce) ($ Millions) Silver accounts for 44% of Margins are 50% of silver price Net Leverage Ratio of 1.6x revenues Realized P
Slide 8: Operational Review
OPERATIONAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 8
Slide 9: Greens Creek: Cornerstone Mine, Foundation Of Our Future
HECLA MINING COMPANY NYSE: HL Greens Creek: Cornerstone Mine, Foundation Of Our Future FOURTH QUARTER 2024 CONFERENCE CALL Robust Free Cash Flow Generation ▪ 2024 Silver production of 8.5Moz for the year. ▪ Q4/2024 silver production of 1.9Moz, lower than planned as equipment availability affected ba
Slide 10: Lucky Friday: Solid Operational Performance Drives Free Cash Flow Generation
Lucky Friday: Solid Operational Performance Drives Free Cash HECLA MINING COMPANY NYSE: HL Flow Generation FOURTH QUARTER 2024 CONFERENCE CALL Strong finish to the year with multiple records ▪ Record tons (mined and milled), throughput, zinc production; Highest silver and lead production since 2000
Slide 11: Keno Hill: Largest Silver Producer In Canada
HECLA MINING COMPANY NYSE: HL Keno Hill: Largest Silver Producer In Canada FOURTH QUARTER 2024 CONFERENCE CALL Phased approach to sustainable profitable production ▪ 2024 production achieved guidance ▪ Q4/2024 throughput impacted by permitting delays (dry stack tails) and power reliability issues ▪
Slide 12: Casa Berardi: Executing On Surface Transition
HECLA MINING COMPANY NYSE: HL Casa Berardi: Executing On Surface Transition FOURTH QUARTER 2024 CONFERENCE CALL Long-term value creation with 12-year reserve mine plan ▪ 2024 gold production of 87 Koz, exceeding guidance ▪ Transition to a complete surface operation estimated by mid-2025 ▪ Expect str
Slide 13: 2nd Highest Silver Reserves In History
HECLA MINING COMPANY NYSE: HL 2nd Highest Silver Reserves In History FOURTH QUARTER 2024 CONFERENCE CALL Near record silver reserves Stable Growth in Silver Reserves ▪ Keno Hill increased 9.2Moz (+17%) Silver Reserves (Moz) Cumulative Silver Mill Feed (Moz) ▪ Greens Creek replaced nearly all mining
Slide 14: Underground and Surface Drilling Continue To Expand Mineralization
Underground and Surface Drilling Continue To Expand HECLA MINING COMPANY NYSE: HL Mineralization FOURTH QUARTER 2024 KENO HILL CONFERENCE CALL Bermingham Mine Surface Exploration Drilling targeted the veins of the Bear Zone ▪ Drilling targeted the Bermingham Deep, Hector Calumet, and Inca ▪ 7,100 fe
Slide 15: Bermingham Underground Drilling Identifies New High-Grade Ore Shoot
Bermingham Underground Drilling identifies New High-Grade Ore HECLA MINING COMPANY NYSE: HL Shoot At Depth, Open for Expansion FOURTH QUARTER 2024 KENO HILL CONFERENCE CALL Cross Section of Significant Upside with Footwall Vein Open at Depth Bermingham Veins Existing Mine Infrastructure Bermingham d
Slide 16: Guidance – Strong Silver Margins, Production Profile Maintained
HECLA MINING COMPANY NYSE: HL Guidance – Strong Silver Margins, Production Profile Maintained FOURTH QUARTER 2024 CONFERENCE CALL Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz)6 Gold Equivalent (Koz)6 Greens Creek * 8.1 – 8.8 44 – 48 18.0 – 19.5 200 – 210 Lucky Friday * 4.7 –
Slide 17: Appendix
APPENDIX End Notes and GAAP reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 17
Slide 18: End Notes
HECLA MINING COMPANY NYSE: HL End Notes FOURTH QUARTER 2024 CONFERENCE CALL 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 measu
Slide 19: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 19
Slide 20: Adjusted EBITDA
HECLA MINING COMPANY NYSE: HL Adjusted EBITDA FOURTH QUARTER 2024 CONFERENCE CALL Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months 2024 2023 Dollars in thousands (USD) Net income (loss) $ 35,802 $ (84,217) Interest expense 49,834 43,319 Income and mining ta
Slide 21: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP FOURTH QUARTER 2024 CONFERENCE CALL 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 a
Slide 22: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP FOURTH QUARTER 2024 CONFERENCE CALL 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 O
Slide 23: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP FOURTH QUARTER 2024 CONFERENCE CALL 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 O
Slide 24: Cash Cost And AISC Reconciliation To GAAP
HECLA MINING COMPANY NYSE: HL Cash Cost And AISC Reconciliation To GAAP FOURTH QUARTER 2024 CONFERENCE CALL 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 O
Slide 25: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL Free Cash Flow (Non-GAAP) Reconciliation FOURTH QUARTER 2024 CONFERENCE CALL Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for Greens Creek and Lucky Friday 2020 to YTD 2024 TOTAL YTD 2024 2023 2022 2021 2020 in millions Cas
Slide 26: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL Free Cash Flow (Non-GAAP) Reconciliation FOURTH QUARTER 2024 CONFERENCE CALL Greens Creek reconciliation of cash provided by operating activities (GAAP) to free cash flow (non-GAAP) TOTAL YTD 2024 2023 2022 2021 2020 in millions Cash provided by operating activities 881
Slide 27: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 27
Slide 28: Mineral Reserves – 12/31/2024 (1/4)
HECLA MINING COMPANY NYSE: HL Mineral Reserves – 12/31/2024(1) (1/4) FOURTH QUARTER 2024 CONFERENCE CALL 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% 9 7.6 0.07 2.4 6.5 70 1 220 600
Slide 29: Mineral Reserves – 12/31/2024 (2/4)
HECLA MINING COMPANY NYSE: HL Mineral Reserves – 12/31/2024(1) (2/4) FOURTH QUARTER 2024 CONFERENCE CALL 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% 10,438 9.9 0.08 2.3 6.2 103,64
Slide 30: Mineral Reserves – 12/31/2024 (3/4)
HECLA MINING COMPANY NYSE: HL Mineral Reserves – 12/31/2024(1) (3/4) FOURTH QUARTER 2024 CONFERENCE CALL 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% 10,447 9.9 0.08 2.3 6.
Slide 31: Mineral Reserves – 12/31/2024 (4/4)
HECLA MINING COMPANY NYSE: HL Mineral Reserves – 12/31/2024(1) (4/4) FOURTH QUARTER 2024 CONFERENCE CALL 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 economical
Slide 32: Mineral Resources - 12/31/2024 (1/6)
HECLA MINING COMPANY NYSE: HL Mineral Resources - 12/31/2024(8) (1/6) FOURTH QUARTER 2024 CONFERENCE CALL 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
Slide 33: Mineral Resources - 12/31/2024 (2/6)
HECLA MINING COMPANY NYSE: HL Mineral Resources - 12/31/2024(8) (2/6) FOURTH QUARTER 2024 CONFERENCE CALL 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(
Slide 34: Mineral Resources - 12/31/2024 (3/6)
HECLA MINING COMPANY NYSE: HL Mineral Resources - 12/31/2024(8) (3/6) FOURTH QUARTER 2024 CONFERENCE CALL 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
Slide 35: Mineral Resources - 12/31/2024 (4/6)
HECLA MINING COMPANY NYSE: HL Mineral Resources - 12/31/2024(8) (4/6) FOURTH QUARTER 2024 CONFERENCE CALL 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(1
Slide 36: Mineral Resources - 12/31/2024 (5/6)
HECLA MINING COMPANY NYSE: HL Mineral Resources - 12/31/2024(8) (5/6) FOURTH QUARTER 2024 CONFERENCE CALL Note: All estimates are in-situ except for the proven reserves at Greens Creek and Keno Hill which are in surface stockpiles. Stockpile materials make up 26.5k tons of proven reserves at Casa Be
Slide 37: Mineral Resources - 12/31/2024 (6/6)
HECLA MINING COMPANY NYSE: HL Mineral Resources - 12/31/2024(8) (6/6) FOURTH QUARTER 2024 CONFERENCE CALL 17. Mineral resources for underground zones at San Sebastian reported at a cut-off value of $158.8/ton ($175/tonne), open pit resources reported at a cut-off value of $72.6/ton ($80/tonne); Meta
Slide 38: Thank You
THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.