Hecla Mining Company · NYSE:HL

Hecla Mining — Investor Presentation (May 2026)

65 slides from Hecla Mining's investor presentation, May 2026

1. Slide 1: May Update

   Largest Silver Producer in the U.S. and Canada MAY UPDATE MAY 2026 RESPONSIBLE. SAFE. INNOVATIVE.

2. Slide 2: Cautionary Statements

   Cautionary Statements Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook Qualified Person (QP) This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E Kurt D. Allen, MSc., CPG,

3. Slide 3: 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 670.4M(a) 23% Market Capitalization $12.6B(b) Cash Position $587.6M(a) Long-Term Debt $262.1M(a) US$225M Revolving Credit Facility (+ US$75M Accordion) - (a) 77%

4. Slide 4: North America’s Premier Silver Producer

   North America’s Premier Silver Producer Silver Legacy  Oldest precious metals mining company on the NYSE with 135 years of history Best Jurisdictions  All operations located in the U.S. and Canada Silver Focused  Peer leading silver exposure in revenue and reserves Reserve Dominance  Average res

5. Slide 5: Our Asset Portfolio: Low Risk Jurisdictions

   Our Asset Portfolio: Low Risk Jurisdictions 2025 U.S. Silver Production Yukon Connaught, Dawson, Yukon Rackla, Mayo, Yukon Keno Hill, Mayo, Yukon Hecla, Alaska 39% Other, Greens Creek, Admiralty Island, Alaska 61% Idaho Silver Valley / Star, Wallace, Idaho Lucky Friday, Mullan, Idaho 2025 U.S. Silve

6. Slide 6: Why Invest in Hecla? Industry Leading Reserve Mine Life

   Why Invest in Hecla? Industry Leading Reserve Mine Life 18 Mines sorted by highest to 18 lowest 2025 Gross Profit Colored - Primary Silver Mines Jacobina left to right Uncolored - Primary Gold Mines 16 15 Lucky Friday 14 14 Hecla Avg Reserve 14 13 Mine Life: 13.3 Years Rochester La Colarada 12 Keno

7. Slide 7: High Grades, Long Reserve Lives, Best Jurisdictions

   Why Invest in Hecla? High Grades, Long Reserve Lives, Best Jurisdictions 20 Hecla’s silver portfolio has Rochester an unparalleled Lucky Friday combination of high La Colorada Keno 16 Hill grades, long reserve lives, and best jurisdictions Reserve Mine Life (Years) 12 Greens Creek U.S. / Canada 8 Ot

8. Slide 8: Peer Leading Silver Exposure

   Why Invest in Hecla? Peer Leading Silver Exposure Exposure to Silver Substantial silver revenue 100% exposure HL Percent of Reserves Based in Silver (continuing operations)  Hecla (“HL”) derived ~73% of 75% Q1 2026 revenue from silver from continuing operations. PAAS AG Asset portfolio heavily focu

9. Slide 9: Expected Robust Free Cash Flow Generation

   Expected Robust Free Cash Flow Generation Over $900M in free cash flow(2) at $100 Silver and $5,500 Gold Projected 2026 Free Cashflow Price Sensitivity $1,000 Full-year 2026 projections include cashflows from Casa Berardi up to the closing of $900 sale on March 25, 2026. $800 $700 $600 US$ Millions

10. Slide 10: Medium-Term Outlook Potential: 20+ Moz Silver Producer

    Medium-Term Outlook Potential: 20+ Moz Silver Producer Significant silver production growth potential over medium-term 25 Nearer-term Silver Production Growth $13.06 upside Potential: 20 Moz $11.76 opportunities $11.28  15.1-16.5 Moz in 2026 20  Nearer-term upside opportunities:  Greens Creek pyr

11. Slide 11: Project Pipeline Update - Growth Opportunities

    Project Pipeline Update - Growth Opportunities Greens Creek Greens Creek Dry Stack Midas Restart Project Pyrite Concentrate Circuit Tailings Reprocessing  Outcome potentials:  Existing high-grade gold and silver  ~10.4 Mtons of tailings with estimated resource  Additional marketable concentrate

12. Slide 12: Low-cost Profile Silver Assets

    Low-cost Profile Silver Assets 2025 Actual AISC(4): Hecla Is Strongly Positioned at the Lower End of the Silver Cost Curve $/oz AISC Silver Peers* Hecla Silver Production (Kt) * Peers include Coeur Mining, Fortuna, Fresnillo, Pan American Silver, First Majestic Silver, Endeavour Silver 12

13. Slide 13: Capital Allocation: Disciplined Strategy Driving Value Creation

    Capital Allocation: Disciplined Strategy Driving Value Creation Safety & Balance Sheet Sustaining & Strategic Shareholder Environmental Exploration Strength/ Growth Capital Investments Returns Excellence Deleveraging Conceptual Asymmetric Potentially - 10 - 15% 5-7% - Returns Potential Significant 

14. Slide 14: Safety – The Foundation to Success

    Safety – The Foundation to Success Operational excellence starts here Hecla: 10 Year Total Reportable Injury Frequency History (TRIFR) Operational Achievements & Goals 5.0  2024: Re-commitment to Safety 4.5 Values – Safety Day and roll-out of Safety 365: Work Safe. Home Safe. 4.0 2025 TRIFR 1.69 3.

15. Slide 15: Our Operations

    OUR OPERATIONS Silver mines are in the best third of cost curve RESPONSIBLE. SAFE. INNOVATIVE. 15

16. Slide 16: Greens Creek: Cornerstone Mine, Foundation Of Our Future

    Greens Creek: Cornerstone Mine, Foundation Of Our Future Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Au, Pb, Zn, Cu Alaska 12 Years $292M Ag Reserves & Resources Cumulative Free Cash Flow(2) (Billions $) As of December 31, 2025 3.0 2.4 P&P : 106 Moz 2.0 1.0 1.0 M&I : 89 Moz - 2006 200

17. Slide 17: Lucky Friday: 2nd Cornerstone Mine

    Lucky Friday: 2nd Cornerstone Mine Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Pb, Zn Idaho 15 Years $190M Ag Reserves & Resources Silver Production 47* (Moz) by Decade* ~2x 44* As of December 31, 2025 (Projected) 29 29 P&P : 72 Moz 26 27 23 19 M&I : 41 Moz Inferred : 26 Moz Lucky Fri

18. Slide 18: Underhand Closed Bench (UCB) Method

    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 de- mineralized ore zone stressed zone More

19. Slide 19: Lucky Friday Major Projects & Business Improvement Initiatives

    Lucky Friday Major Projects & Business Improvement Initiatives Lucky Friday Projects  Surface Cooling Project on track for mid-2026 completion  Pond 5 tailings project advancing, expanding tailings capacity projected to 2044  Further (medium to long-term) operational upside potential from:  Swit

20. Slide 20: Keno Hill: Largest Silver Producer In Canada

    Keno Hill: Largest Silver Producer In Canada Metals Location Reserve Mine Plan 2025 Economic Impact Ag, Pb, Zn Yukon 13 Years $176M Ag Reserves & Resources Projected Free Cash Flow(2) at 440 Tons Per Day(9) As of December 31, 2025 $400 P&P : 53 Moz $300 US$ Millions M&I : 14 Moz $200 Keno Hill Infer

21. Slide 21: Path to 440 Tons Per Day

    Path to 440 Tons Per Day Path to 440 TPD Progress Tracker 2025 Mill Throughput  Cemented tails batch plant to facilitate underhand mining if necessary Silver production of 3.02 Moz at Completed  Cemented tails batch plant permit authorization 297 tons per day mill throughput (already received, pla

22. Slide 22: Financial Review

    FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 22

23. Slide 23: Q1 2026 Financial Highlights – Continuing Operations

    Q1 2026 Financial Highlights – Continuing Operations Q1 Revenues by Metals 11% 3% Silver accounts for 73% of Q1 Q1 2026 22% Revenues: Greens Creek: 62% of Total Revenue revenues $250.1M 64% 9% 5% 7% 14% 14% Q1 Mine Q1 2026 Lucky Friday: 27% of Total Revenue Revenues: Revenues $109.4M $407M* 79% 73%

24. Slide 24: Q1 2026 Financial Highlights – Continuing Operations

    Q1 2026 Financial Highlights – Continuing Operations $587.6 $296.6 Adjusted EBITDA Transition to $133.9 $241.6 $321.3 ($ millions) $265.1 Net Cash $23.7 31% higher ($ millions) ($143.8) ($34.2) than prior $201.7 ($268.2) quarter $146.4 ($545.0) $93.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $77.3 Net

25. Slide 25: Exploration

    EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 25

26. Slide 26: Strategic Value Creation through Exploration

    Strategic Value Creation through Exploration 2026 $55 Million investment an all-time record – represents 4.5% of projected revenue Near Mine: $24 Million Nevada Growth: $16 Million Early-Stage/Generative: $10 Million  Extends mine life  Midas, Aurora, and Hollister  Silver Valley and Generative e

27. Slide 27: Greens Creek – Extending Mineralization Underground While Advancing Surface Exploration

    Greens Creek – Extending Mineralization Underground While Advancing Surface Exploration UG Exploration Results Underground Surface  Gallagher mineralization extended 550’ feet down Hawk Areas Target Inlet Prospective Rocks Cover Rocks Young Bay plunge from existing resource Hecla Claims Dock Cover

28. Slide 28: Keno Hill Bermingham Discovery – High-Grade Intercepts

    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

29. Slide 29: Value Surfacing Opportunities in Nevada

    Value Surfacing Opportunities in Nevada Significant exploration potential, Minimal regulatory hurdles, Existing infrastructure Midas  Fully permitted mill with tailings capacity  2.2 Moz gold, 27.0 Moz silver produced historically at 0.5 oz/ton gold equivalent  Historic production of 0.5 Moz gold

30. Slide 30: Midas: Medium-Term Production Growth & Optionality

    Midas: Medium-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 mill a

31. Slide 31: Nevada Midas: Breakthrough Discoveries with Visible Gold

    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 75 M

32. Slide 32: 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 A SINTER VEIN LONGITUDINAL SECTION A`  DMC-462 - Initial drillhole intercepted a 1- (Looking NE) foot vein within a broader (21 feet) zone of

33. Slide 33: 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, with second quarter target start  Historic production averag

34. Slide 34: 2026 Guidance

    2026 GUIDANCE RESPONSIBLE. SAFE. INNOVATIVE. 34

35. Slide 35: 2026 Guidance: Strong Margins Maintained

    2026 Guidance: Strong Margins Maintained Silver Production (Moz) Gold Production (Koz) Greens Creek 7.5 – 8.1 51.0 – 55.0 2026 Production Lucky Friday 4.7 – 5.2 N/A Outlook Keno Hill 2.9 – 3.2 N/A 2026 Total 15.1 – 16.5 51.0 – 55.0 Cash cost, after by-product credits, per AISC, after by-product cred

36. Slide 36: Silver Market

    SILVER MARKET RESPONSIBLE. SAFE. INNOVATIVE. 36

37. Slide 37: Silver Market Snapshot - Fifth Consecutive Year of Silver Deficit

    Silver Market Snapshot - Fifth Consecutive Year of Silver Deficit 2025 Total Demand 2025 Total Supply 2025 Market Deficit 2025 Avg. Silver Price 1,131 Moz 1,090 Moz 40 Moz $40.03/oz 5-Year Silver Supply and Demand 25-Year Change in Demand (Moz) Δ % 1,284 2000 2025 Change Change 1,197 1,157 1,131 1,1

38. Slide 38: 2025 Silver Supply And Demand

    2025 Silver Supply And Demand SU PPL Y 1,046 Moz 600 400 200 200 400 600 846.6 Mine production Silver market Mine production 197.6 Recycling in deficit by accounts for 84 Moz S U P P L Y 81% of supply 1.5 Official sales D E M AN D Photovoltaics Electronics Other Industrial 186.6 262.9 157.4 657.4 Br

39. Slide 39: Silver Deficit Is Expected To Continue

    Silver Deficit Is Expected To Continue $45.00 1200.0 $40.00 700.0 $35.00 1,284 1,197 1,102 1,157 1,131 1,113 972 1,000 1,006 929 $30.00 200.0 $25.00 Moz $20.00 $/oz 300.0 863 850 837 790 825 834 811 824 847 844 $15.00 $10.00 800.0 182 185 161 163 165 192 195 195 198 211 $5.00 1300.0 $- 2017 2018 201

40. Slide 40: Solar Will Be The Largest Source Of Electricity

    Solar Will Be The Largest Source Of Electricity 1 Gigawatt (GW) of solar capacity requires 0.45Moz of silver U.S. Electricity Generation Sources: 2000-2050 2022 Solar projected to be ~20% of total Gigawatt history | projections U.S. energy generation by 2050 5,000 4,500 4,000 Solar 3,500 3,000 2,500

41. Slide 41: More Efficient PV Technologies Use More Silver

    More Efficient Photovoltaic (PV) Technologies Use More Silver And Are Gaining Market Share Silver Content in PV Technologies Market Share of PV Technologies Mg Silver/Watt Higher silver using technologies are gaining 22 market share PV Installations Newer, more efficient Gigawatts PERC TopCon HJT Ot

42. Slide 42: Sustainability

    SUSTAINABILITY Our sustainable Corporate Governance responsibilities RESPONSIBLE. SAFE. INNOVATIVE. 42

43. Slide 43: Sustainability Rating Agency Scores: Significant Improvements Since 2019

    Sustainability Rating Agency Scores: Significant Improvements Since 2019 Refer to Hecla 2025 Sustainability Agency Progression in ESG Scores Report published May 4, 2026  Overall Score increased from 53rd 38 40 39 percentile to 77th percentile  Environmental Score increased to 24 83rd percentile 1

44. Slide 44: ESG Performance And Ratings

    ESG Performance And Ratings Ranking: 40 Score: 32.1 (0 best, 100 worst) 76th Percentile Industry 56/107, 52nd percentile Subindustry 18/25, 71st percentile Rating: A Rating: C Score: 6.3 Environment: 5 (1 best, 10 worst) Social: 6 (1 best, 10 worst) Governance: 3 (1 lower, 10 higher) 44

45. Slide 45: Hecla Is Among The Safest Mining Companies

    Hecla Is Among The Safest Mining Companies Implemented NMA’s CORE Safety standards in 2012, became industry leader All-Injury Frequency Rate Hecla’s 1.69 rate has seen a 6.06 72% reduction since 2012 5.35 5.41 4.57 3.42 2.76 2.00 1.86 1.61 1.69 1.22 1.45 1.22 1.45 2012 2013 2014 2015 2016 2017 2018

46. Slide 46: Committed To Our Communities

    Committed To Our Communities Total economic impact in 2025 Largest private employer within the communities we operate, jobs and $1B+ benefits that last a lifetime Hecla Corporate Montana Operations  Total direct economic impact of over $1 $116M $2M billion Greens Creek San Sebastian* $292M $2M  Mo

47. Slide 47: 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

48. Slide 48: GAAP Reconciliations

    GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 48

49. Slide 49: Adjusted EBITDA

    Adjusted EBITDA Reconciliation of Net Income (GAAP) from Continuing Operations to Adjusted EBITDA (non-GAAP) Last Twelve Months Q1 2026 Q4 2025 Dollars in thousands (USD) Net income from continuing operations $ 164,653 $ 112,742 Interest expense 5,656 5,396 Income and mining tax expense 50,900 35,36

50. Slide 50: Cash Cost and AISC Reconciliation to GAAP

    Cash Cost and AISC Reconciliation to GAAP 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 Sustaining Costs, After By-product Credits, per Ounce (n

51. Slide 51: Cash Cost and AISC Reconciliation to GAAP - Greens Creek

    Cash Cost and AISC Reconciliation to GAAP 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 Sustaining Costs, After By-product Credits, per Ou

52. Slide 52: Cash Cost and AISC Reconciliation to GAAP - Lucky Friday

    Cash Cost and AISC Reconciliation to GAAP 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 Sustaining Costs, After By-product Credits, per Ou

53. Slide 53: Free Cash Flow (Non-GAAP) Reconciliation

    Free Cash Flow (Non-GAAP) Reconciliation Reconciliation of cash provided by operating activities of continuing operations (GAAP) to Free Cash Flow of continuing operations (non-GAAP) Q4-2025 Q1-2026 Dollars in millions (USD) Cash provided by operating activities from continuing operations 165.7 182.

54. Slide 54: Free Cash Flow (Non-GAAP) Reconciliation

    Free Cash Flow (Non-GAAP) Reconciliation Q1 2026 Reconciliation of cash provided by operating activities of continuing operations (GAAP) to Free Cash Flow of continuing operations(non-GAAP) for All Operations Greens Creek Lucky Friday Keno Hill in millions Cash provided by operating activities 131.4

55. Slide 55: Mineral Reserves and Resources

    MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 55

56. Slide 56: 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

57. Slide 57: 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

58. Slide 58: 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

59. Slide 59: 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

60. Slide 60: 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

61. Slide 61: 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

62. Slide 62: 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

63. Slide 63: 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

64. Slide 64: 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

65. Slide 65: 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-

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