Hecla Mining Company · NYSE:HL
Hecla Mining — Q3 2026 Earnings Presentation
43 slides from Hecla Mining's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Conference Call
HECLA MINING COMPANY LARGEST U.S. AND CANADIAN SILVER PRODUCER THIRD QUARTER 2026 Conference Call RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook relations; and (vi) litigation, political, regulatory, labor and environmental risks. For a more detailed discussion of such risks and other factors that may impact expected future results, see th
Slide 3: North America's Premier Silver Producer
North America’s Premier Silver Producer 1 2 3 Silver Legacy Best Jurisdictions Silver Focused Oldest precious metals mining 100% of operations located in the Peer-leading silver exposure in company on the NYSE - 135 years U.S. and Canada both revenue and reserves of history 4 5 6 Reserve Dominance P
Slide 4: Third Quarter Highlights: Record CFO and Free Cash Flow
Third Quarter Highlights: Record CFO and Free Cash Flow Strongest Balance Sheet in Company History Operational Execution $395M $211M $151M 4.2 Moz $14.34/oz 1.51 Revenue Adjusted EBITDA (1) Free cash flow (2) Silver produced AISC (4) Consolidated TRIFR ▪ Revenue: $395M from continuing operations ▪ 4
Slide 5: Medium-Term Outlook Potential: 20+ Moz Silver Producer
Medium-Term Outlook Potential: 20+ Moz Silver Producer 20+ Significant silver production growth potential Moz medium-term over medium-term silver growth potential, Nearer-term from 15.3-16.1 Moz 25 guided in 2026 upside opportunities ▪ Nearer-term upside opportunities: 20 ▪ Greens Creek pyrite conce
Slide 6: Project Pipeline Update – Organic Growth Opportunities
Project Pipeline Update – Organic Growth Opportunities Greens Creek Pyrite Concentrate Circuit Greens Creek Dry Stack Tailings Reprocessing Midas Restart Project ▪ Project Update:(i) ▪ ~10.7 Mtons of tailings with estimated 51 Moz silver ▪ Existing high-grade gold and silver resource and 600 Koz gol
Slide 7: Operational Overview
OPERATIONAL OVERVIEW RESPONSIBLE. SAFE. INNOVATIVE.
Slide 8: Greens Creek: Cornerstone Mine, Foundation of Our Future
Greens Creek: Cornerstone Mine, Foundation of Our Future M ETALS LOCATION RESERVE M INE PLAN 2025 ECONOM IC IM PACT Ag, Au, Pb, Zn, Cu Alaska 12 Years $292M Greens Creek Hawk Inlet Loading ▪ Q3 2026 results: ▪ Silver and gold production: 1.9 Moz and 12.0 Koz, respectively ▪ Costs applicable to sales
Slide 9: Lucky Friday: Proven Silver Producer
Lucky Friday: Proven Silver Producer M ETALS LOCATION RESERVE M INE PLAN 2025 ECONOM IC IM PACT Ag, Pb, Zn Idaho 15 Years $190M Lucky Friday Head Frame ▪ Q3 2026 results: ▪ Silver production: 1.3 Moz ▪ Costs applicable to sales of $34.2 million. Cash costs and AISC per silver ounce of $7.31 and $27.
Slide 10: Keno Hill: Focused on Permits and Infrastructure Build-Out
Keno Hill: Focused on Permits and Infrastructure Build-Out M ETALS LOCATION RESERVE M INE PLAN 2025 ECONOM IC IM PACT Ag, Pb, Zn Yukon 13 Years $176M ▪ Q3 2026 production results: Keno Hill ▪ Silver production: 963 Koz ▪ Milled silver grade of 26.2 opt, improving over 35% to the prior quarter and ne
Slide 11: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE.
Slide 12: Q3 2026 Revenue Highlights – Continuing Operations
Q3 2026 Revenue Highlights – Continuing Operations Q3 Revenues by Metals Greens Creek: Lucky Friday: Keno Hill: Silver accounts for 69% of Q3 revenues 60% of Total Revenue 27% of Total Revenue 13% of Total Revenue 9% 3% 6% 11% 9% 4% Q3 Mine 15% Q3 2026 Q3 2026 Q3 2026 15% Revenues Revenues: Revenues
Slide 13: Q3 2026 Financial Highlights – Continuing Operations
Q3 2026 Financial Highlights – Continuing Operations Income from Continuing Operations Transition to Net Cash ($ million) ($ million) Net (Debt)/Cash Cash and Cash Equivalents $164.7 $149.6 $691.6 $587.6 $483.5 $110.1 $117.9 $241.6 $680.4 $133.9 $89.4 $321.3 $470.7 ($143.8) ($34.2) Q3 2025 Q4 2025 Q
Slide 14: Exploration
EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 14
Slide 15: Keno Hill – New Mineralized Extension at Flame & Moth
Keno Hill – New Mineralized Extension at Flame & Moth Good Grades Over Significant Widths 900+ Feet Southwest of Existing Resource 15
Slide 16: Keno Hill – High-Grade Silver Exploration Intercepts Significantly Expands Bermingham
Keno Hill – High-Grade Silver Exploration Intercepts Significantly Expands Bermingham Deep Target Trend to 1,300 Feet of Strike Length Based Partly on Visual Observations; Assays Pending Reaffirming the Significant Exploration Potential in the Keno Hill District 16
Slide 17: Greens Creek – Drilling Intersects Massive Sulfide Lithologies in West Ore Offset Target
Greens Creek – Drilling Intersects Massive Sulfide Lithologies in West Ore Offset Target 500 Feet From Resource West Ore Offset Target Oblique 3D View Looking Northeast at a 40º Plunge pXRF spot locations and Au values shown 17
Slide 18: Nevada – Drilling Confirming High-Grades in Vein at Midas
Nevada – Drilling Confirming High-Grades in 494 Vein at Midas; Drilling in Progress at Aurora and Hollister pXRF spot locations and Au values shown 18
Slide 19: Q&A
Q&A Hecla – The Premier North American Silver Company
Slide 20: Appendix
APPENDIX Overview, End Notes, Guidance and Non-GAAP Reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 20
Slide 21: Hecla at a Glance
Hecla at a Glance Company Overview Ownership Overview(b) Headquarters Coeur d’Alene, Idaho Stock Ticker NYSE: HL Common Shares Outstanding 681.2M shares(a) 22% Market Capitalization $10.3B(b) Retail Last 3 Months Average Daily Volume 35.2M shares(c) Institutional Cash Position $691.6M(a) Long-Term D
Slide 22: 2026 Guidance: Strong Margins Maintained
2026 Guidance: Strong Margins Maintained Silver Production (Moz) Gold Production (Koz) Greens Creek 8.0 – 8.3 51.0 – 55.0 2026 Production Lucky Friday 5.0 – 5.2 N/A Outlook Keno Hill 2.3 – 2.6 N/A 2026 Total 15.3 – 16.1 51.0 – 55.0 Costs applicable to sales Cash cost, per silver/gold AISC, per produ
Slide 23: End Notes
End Notes 1. Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an a
Slide 24: Investor Relations Inquiries
NYSE: HL INVESTOR RELATIONS INQUIRIES Mike Parkin · VP Strategy & Investor Relations ☏ 1-800-432-5291 [email protected] 24
Slide 25: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 25
Slide 26: Adjusted EBITDA
Adjusted EBITDA Reconciliation of Income from Continuing Operations (GAAP) to Adjusted EBITDA from Continuing Operations (non-GAAP) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Dollars in thousands (USD) Income from continuing operations $ 149,600 $ 117,876 $ 164,653 $ 110,059 $ 89,363 Interest expense 6
Slide 27: Cash Cost and AISC Reconciliation to GAAP
Cash Cost and AISC Reconciliation to GAAP Total Silver and Other Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By-product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP) Q3 20
Slide 28: Cash Cost and AISC Reconciliation to GAAP
Cash Cost and AISC Reconciliation to GAAP Greens Creek Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By-product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP) Q3 2026 Q2 2026
Slide 29: Cash Cost and AISC Reconciliation to GAAP
Cash Cost and AISC Reconciliation to GAAP Lucky Friday Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By-product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP) Q3 2026 Q2 2026
Slide 30: Free Cash Flow (Non-GAAP) Reconciliation
Free Cash Flow (Non-GAAP) Reconciliation Reconciliation of cash provided by operating activities (GAAP) from continuing operations to Free Cash Flow (non-GAAP) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Dollars in thousands (USD) Cash provided by operating activities from continuing operations 202,951 174,919
Slide 31: Free Cash Flow (Non-GAAP) Reconciliation
Free Cash Flow (Non-GAAP) Reconciliation Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for All Operations Q3 2026 Q2 2026 in thousands Greens Creek Cash provided by operating activities $ 155,146 $ 139,181 Exploration $ 3,388 $ 2,588 Less: Capital invest
Slide 32: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 32
Slide 33: Mineral Reserves – 12/31/2025 (1/4)
Mineral Reserves – 12/31/2025(1) (1/4) 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% 13 23.93 0.120 3.0 7.8 309 1.5 390 1,000 Creek (2,3) Lucky 100.0% 4,747 11.82 - 7.5 3.8 56,096 - 3
Slide 34: Mineral Reserves – 12/31/2025 (2/4)
Mineral Reserves – 12/31/2025(1) (2/4) 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% 10,166 10.41 0.083 2.3 6.3 105,788 841 237,730 637,130 Creek (2,3) Lucky 100.0% 1,636 9.47 - 6.0
Slide 35: Mineral Reserves – 12/31/2025 (3/4)
Mineral Reserves – 12/31/2025(1) (3/4) 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% 10,179 10.42 0.083 2.3 6.3 106,097 842 238,120 638,130 Creek (2,3) Lucky 100.0% 6,383 11
Slide 36: Mineral Reserves – 12/31/2025 (4/4)
Mineral Reserves – 12/31/2025(1) (4/4) 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 economically viable project. More specifically, it is the economically minea
Slide 37: Mineral Resources - 12/31/2025 (1/6)
Mineral Resources - 12/31/2025(8) (1/6) 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) 100.0% - - - - - - - - - - - Lucky Friday(12,14) 100.0% 1,806
Slide 38: Mineral Resources - 12/31/2025 (2/6)
Mineral Resources - 12/31/2025(8) (2/6) 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) 100.0% 5,844 15.17 0.112 3.4 8.9 - 88,655 653 200,430 522,5
Slide 39: Mineral Resources - 12/31/2025 (3/6)
Mineral Resources - 12/31/2025(8) (3/6) 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(12,13) 100.0% 5,844 15.17 0.112 3.4 8.9 - 88,655 653 200,43
Slide 40: Mineral Resources - 12/31/2025 (4/6)
Mineral Resources - 12/31/2025(8) (4/6) 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(12,13) 100.0% 1,431 16.29 0.107 3.2 8.0 - 23,314 153 45,720 113,910
Slide 41: Mineral Resources - 12/31/2025 (5/6)
Mineral Resources - 12/31/2025(8) (5/6) 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. 8. The term "mineral resources" means a concentration or occurrence of material of economic interest in
Slide 42: Mineral Resources - 12/31/2025 (6/6)
Mineral Resources - 12/31/2025(8) (6/6) 16. Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater. 17. Fire Creek underground mineral resources are reported at a gold equivalent cut-
Slide 43: Thank You
THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.