Hecla Mining Company Q4 2025 Earnings Conference Call (02/18/2026 00: 00: 00)

FOURTH QUARTER & FULL YEAR 2025

Conference Call

North America's Premier Silver Producer

The Hecla Strategy

Hecla Foundation

What Hecla Strategy Aims to Deliver

Silver Legacy

Portfolio Value Surfacing

• Oldest precious metals mining company on the NYSE, celebrating 135th anniversary

• Organic growth through Nevada exploration success

  Top Jurisdictions

  Operational Improvement

• Tier 1 jurisdiction production base. All mines and projects in Canada or U.S.

• Core asset optimization and ramp-up of KH

• Safety performance focused

  Silver Focused

  Investment Discipline

  • Peer leading silver exposure in revenue and robust project pipeline

• Portfolio optimization with strategic divestitures of non-core assets

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2025 Highlights

• Record revenue: over $1.4B | Record profitability: net income applicable to common shareholders

  $321M or $0.49/share

• Record Adjusted EBITDA: $670M

• Substantial deleveraging: Total debt $276M | Gross debt to Adj. EBITDA ratio: 0.4x

• Operating cash flow: $563M | Free cash flow: $310M (all mines FCF positive)(2)

  Operational Execution

• Achieved top-end of silver production guidance at 17.0 Moz | Exceeded gold production guidance at 151 Koz

• Total silver cost of sales: $556M; Met silver cash cost and AISC guidance with cash cost:

  $(1.75)/oz | AISC: $11.28/oz (both after by-product credits) (4)(5)

• Greens Creek exceeded gold production guidance at 59.3 Koz

• Lucky Friday record silver production of 5.3 Moz, exceeding top end of production guidance

• Keno Hill new production record of over 3.0 Moz, achieving first year of profitability and

  positive free cash flow

• Lucky Friday Surface Cooling Project: 79% complete and on track for mid-2026 completion

• Permitting: Receipt of Polaris Exploration Project permit Finding of No Significant Impact

  4

  Subsequent to Year-End: Hecla Announces Sale of Hecla Quebec Inc.

  Transaction to further solidify Hecla as the premier North American silver company

  Deal Highlights

  • Hecla entered into a definitive agreement to sell its subsidiary that owns Casa Berardi operation in Quebec, Canada to Orezone Gold Corporation ("Orezone") for up to $593M in total consideration.

  • Q1 2026

  Expected Timeline

Strategic Rationale

* Deal closure subject to certain conditions being satisfied

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6

2025 Financial Scorecard: Transformational Performance

Delivering on operational excellence and financial discipline

Gross Leverage Ratio(1)

Net Leverage Ratio(1)

Silver AISC Margin(3)

Free Cash Flow(2) ($ Millions)

Cash Balance ($ Millions)

ROIC

Notes:

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1. Gross Leverage Ratio (0.4x): ↓ 75% improvement, Target: ≤1.0x Path to debt-free in 2026 at current prices.

2. Free Cash Flow ($310M): ↑ 82x increase, All four operations FCF positive in 2025

Q4 Financial Highlights

Q4 Revenues

$439M*

Silver accounts for 59% of Q4 revenues

29%

5% 7%

59%

Silver accounts for nearly 73% of Q4 revenues excluding Casa Berardi**

Silver Gold Lead Zinc

Net Debt to Adjusted EBITDA

($ millions)

Net leverage ratio of 0.1x

$670

$506

0.3x

0.1x

Q3/2025 LTM Q4/2025 LTM

Adjusted EBITDA (1)

Net Leverage Ratio (1)

*Chart excludes ERDC Environmental Services revenues, Numbers are rounded and total may exceed 100%

33.8

17.4

79.4

33.1

**Transaction to sell Casa Berardi announced January 26, 2026.

Q4 Silver Margins

($/silver oz)

Q4 margin 74% of silver price

$69.28

$51.17

Q4/2025

Realized Price Margin (4)

AISC (4)

Realized Silver Price (3)

Q4 FCF(2) by

Operation

($ millions)

Greens Creek Lucky Friday Keno Hill Casa Berardi

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Expected Robust Free Cash Flow Generation

Projected 2026 Consolidated Free Cash Flow(2): ~$850M at $100/oz Silver and $5,500/oz Gold Projected 2026 Consolidated Free Cashflow

Price Sensitivity to Silver and Gold

$1,000

$900

$800

$700

US$ Millions

$600

$500

$400

$300

$200

$100

$0

Full-year 2026 projects include Casa Berardi for only Q1 2026 due to its pending sale (which is subject to the satisfaction of conditions to close).

$30/oz Silver

$2,500 Gold

$50/oz Silver

$3,500 Gold

Silver Price

$75/oz Silver

$4,500 Gold

$100/oz Silver

$5,500 Gold

Notes:

a. Cashflows calculated based on variable Silver and Gold prices per above and $0.90/lb Lead, and $1.15/lb Zinc 9

Capital Allocation: Disciplined Strategy Driving Value Creation

Key Benefits

Conceptual Returns

• Foundation for license to operate

• Stakeholder trust

• Sustains/increase s production and cash flow

• Low-risk organic growth

• Replenishes reserves

• Growth optionality

• Essential for long-term sustainability

• Financial flexibility

• Opportunistic capacity

• Maintain

  gross leverage

  <1x

  • Organic growth enhancing ROIC

  • Potential to be low capital-intensive

  • Addresses growth

• Demonstrates confidence

• Tangible sharehol der value

• Attracts income-focused investors

  • Evolving

  standards require continuous investment

  • Essential for

    operations

  • Conservative metal price assumptions

  • Long-dated

    returns

  • 2-5% of revenues

  • Brownfield and greenfield projects

  • Maintain liquidity

  • Excess cash has opportunity cost

  • ROIC threshold

    driven

  • Accretive on per share metrics

  • Potential for

  better returns exist within portfolio

  Key Factors

  
  
  
  
  

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  RESPONSIBLE. SAFE. INNOVATIVE.

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Safety - The Foundation to Success

Operational excellence starts here

▪ 2024: Re-commitment to Safety

Values - Safety Day and roll-out of Safety 365: Work Safe. Home Safe.

▪ 2025: Focus on specific drivers of incidents

▪ 2026 Goals: Fatality Prevention Program and continued improvement of all safety systems

• 2024: Re-commitment to Safety

Values - Safety Day and roll-out of Safety 365: Work Safe. Home Safe.

• 2025: Focus on specific drivers of

incidents

• 2026 Goals: Fatality Prevention

Program and continued improvement of all safety systems

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2024 MSHA AIFR =1.72

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

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Greens Creek: Cornerstone Mine, Foundation Of Our Future

Metals

Ag, Au, Pb, Zn, Cu

Location

Alaska

Reserve Mine Plan

12 Years

2024 Economic Impact

$266M

Solid free cash flow generation

Work continues to ramp up into a state of commercial production

Silver price $/oz

$400

$300

US$ Millions

$200

$100

$0

$30/oz Silver $50/oz Silver $75/oz Silver $100/oz Silver

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EXPLORATION

RESPONSIBLE. SAFE. INNOVATIVE.

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Strategic Value Creation through Exploration

2026 $55 million investment an all-time record

• Extends mine life

• Provides lowest risk and highest return

• Target: Add 1-2 years' worth of resources for conversion to reserves

• Midas, Aurora, and Hollister

• Potential medium-term production - Path to restart development decision by 2029-30

• Target: 0.5 to 1.5M oz gold and silver resource

• Silver Valley and Generative exploration

• Tier 1 deposit discovery potential

• Target: Identify the next discovery for testing in 2027

▪ Extends mine life

▪ Provides lowest risk and highest return

▪ Target: Add 1-2 years' worth of resources for conversion to reserves

▪ Midas, Aurora, and Hollister

▪ Potential medium-term production - Path to restart development decision by 2029-30

▪ Target: 0.5 to 1.5M oz gold and silver resource

▪ Silver Valley and Generative exploration

▪ Tier 1 deposit discovery potential

▪ Target: Identify the next discovery for testing in 2027

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Nevada Platform: Our Primary Growth Engine

Midas: Two new very strong early results from Pogo and Sinter target areas Aurora: Permitting milestone achieved - First step in unlocking potential

Midas

• Pogo & Sinter Offset Targets: High-grade

  gold intersections at both targets in 2025 with follow-up drilling in progress

  • Pogo - 0.95 oz/ton gold over 2.2 feet, including 6.42 oz/ton gold over 0.3 feet.

  • Sinter Offset - 0.46 oz/ton gold over 6.1 feet, including

1.31 oz/ton gold over 2.0 feet.

Aurora

• Receipt of Polaris Exploration project permit FONSI from U.S Forest Service

• Allowing systematic exploration at one of the highest-grade gold-silver producing districts in Nevada

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OUTLOOK & PROJECT OPTIONALITY

RESPONSIBLE. SAFE. INNOVATIVE.

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Outlook & Project Optionality

Silver Production Growth Potential: 20 Moz

$11.76

$11.28

25 $13.06

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Silver Production (Moz)

15

10

5

0

2023 2024 2025 2026 Medium-term

Greens Creek Lucky Friday Keno Hill Midas AISC (US$/Ag oz)¹(4)

• 17 Moz in 2025

• 15.1-16.5 Moz in 2026

• Project pipeline supports potential of 20 Moz over medium term with further (long-term) upside potential

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