Hecla Mining Company · NYSE:HL
Hecla Mining — Investor Presentation (November 2023)
76 slides from Hecla Mining's investor presentation, November 2023
Slide 1: November 2023 Update
Largest U.S. silver producer, soon-to-be largest Canadian silver producer NOVEMBER 2023 UPDATE RESPONSIBLE. SAFE. INNOVATIVE.
Slide 2: Cautionary Statements
HECLA MINING COMPANY NYSE: HL CAUTIONARY STATEMENTS NOVEMBER 2023 UPDATE Cautionary Statement Regarding Forward-Looking Statements unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-loo
Slide 3: What Makes Hecla a Premier Silver Investment
HECLA MINING COMPANY NYSE: HL WHAT MAKES HECLA A PREMIER SILVER INVESTMENT NOVEMBER 2023 UPDATE Largest U.S. Silver Producer ▪ Produces 45% of U.S. silver , 3rd largest primary silver producer globally ▪ On track to be Canada’s largest silver producer by 2024 ▪ Largest and highest-grade silver reser
Slide 4: Safe and Sustainable Mining
HECLA MINING COMPANY NYSE: HL SAFE AND SUSTAINABLE MINING NOVEMBER 2023 UPDATE All-Injury Frequency Rate of 1.34 (*) ▪ 28% lower than the U.S. average ▪ Reduced by 78% since 2012 ~57,000 hours of safety and health training ▪ Lowest in Hecla history for employees and contractors Small environmental f
Slide 5: Largest Silver Producer in the U.S.
HECLA MINING COMPANY NYSE: HL LARGEST SILVER PRODUCER IN THE U.S. NOVEMBER 2023 UPDATE World Production of Silver 2022 U.S. Silver Production (Moz) 24% Mexico Three countries Peru 14.2 Hecla is the largest silver produce ~51% of 45% China producer in the U.S. and is the world’s silver 13% USA positi
Slide 6: Largest U.S./Canada Reserve Base with Highest Grades
HECLA MINING COMPANY NYSE: HL LARGEST U.S./CANADA RESERVE BASE WITH HIGHEST GRADES NOVEMBER 2023 UPDATE Silver Reserves and Reserve Grade* Silver Reserves (Moz) Silver Grade (g/t) Silver Reserves (Moz) in U.S. and Canada 577 457 448 313 246 241 217 205 169 117 108 62 62 23 16 34 35 20 Pan American F
Slide 7: Low-Cost Profile Silver Assets
HECLA MINING COMPANY NYSE: HL LOW-COST PROFILE SILVER ASSETS NOVEMBER 2023 UPDATE Silver AISC Curve of Hecla and Silver Peers*– 12 Months Ended December 31, 2022 US$/oz AISC Hecla Silver Peers* 13.10 15.60 16.50 20.00 16.30 19.70 11.30 11.50 - 20,000 40,000 60,000 80,000 100,000 Silver Production (K
Slide 8: Leading Dividend Policy with Silver Linked Dividend
HECLA MINING COMPANY NYSE: HL LEADING DIVIDEND POLICY WITH SILVER LINKED DIVIDEND NOVEMBER 2023 UPDATE Industry’s only silver-linked dividend policy pays an annual base dividend (1.5 cents per share) plus a silver price- linked dividend that starts at $20/oz silver price. Silver Linked Dividends $8.
Slide 9: Our Operations
OUR OPERATIONS Silver mines are in the best third of cost curve RESPONSIBLE. SAFE. INNOVATIVE. 9
Slide 10: Greens Creek: Flagship Mine
HECLA MINING COMPANY NYSE: HL GREENS CREEK: FLAGSHIP MINE GREENS CREEK NOVEMBER 2023 UPDATE Location: Admiralty Island, Alaska Type: Underground Metals: Silver, Gold, Lead, Zinc Silver Reserves: 117Moz at 10.9 opt Reserve Life: 13 Years Energy Use: 88% of electricity is line power, of which 100% is
Slide 11: World's 11th Largest Silver Mine
HECLA MINING COMPANY NYSE: HL WORLD’S 11th LARGEST SILVER MINE GREENS NOVEMBERCREEK 2023 UPDATE Since 1987, Greens Creek has: Mined more than - ▪ 20 million tons, containing 345Moz Silver, 2.8Moz, Gold, 4.0Blbs Zinc, 1.6Blbs Lead Generated more than - ▪ $2.8 billion in cash flow from operations ▪ $1
Slide 12: Continuous Improvement Since Acquisition
HECLA MINING COMPANY NYSE: HL CONTINUOUS IMPROVEMENT SINCE ACQUISITION GREENS NOVEMBERCREEK 2023 UPDATE Mill Throughput, 2008 – H1/2023 Silver Mill Recoveries, 2008 - 2022 Tons per Day % 28% increase in 8% Increase in silver throughput since 2008 recoveries since 2008 2,573 2,415 82 81 2,229 2,236 7
Slide 13: Consistency & Innovation: Free Cash Flow Engine
HECLA MINING COMPANY NYSE: HL CONSISTENCY & INNOVATION → FREE CASH FLOW ENGINE GREENS NOVEMBERCREEK 2023 UPDATE Cumulative Cash Flow from Operations, Free Cash Flow* 2,857 Free Cash Flow 2,716 Cash Flow from Operations 2,506 Low-cost structure, high 2,328 108% grades, low capital 2,193 requirements
Slide 14: Lucky Friday: Positioned for Growth
HECLA MINING COMPANY NYSE: HL LUCKY FRIDAY: POSITIONED FOR GROWTH LUCKY FRIDAY NOVEMBER 2023 UPDATE Location: Mullan, Idaho Type: Underground Metals: Silver, Lead, Zinc Silver Reserves: 75Moz at 13.4 opt Reserve Life: 17 Years Energy Use: 60% of electricity is from renewable hydropower, with the rem
Slide 15: Innovation Driven Growth
HECLA MINING COMPANY NYSE: HL INNOVATION DRIVEN GROWTH LUCKY FRIDAY NOVEMBER 2023 UPDATE 2nd Cornerstone Asset with 17+ years in reserves ▪ Record year 2022 in throughput, Silver production of 4.4Moz was the highest in past 20 years ▪ Poised to be a 5Moz producer with throughput of 425Ktons per year
Slide 16: Production Re-Start Early 2024
HECLA MINING COMPANY NYSE: HL PRODUCTION RE-START EARLY 2024 LUCKY FRIDAY NOVEMBER 2023 UPDATE Mitigation plans on schedule Isometric View of As-built Lucky Friday Workings ▪ Production suspended due to the fire in the secondary escapeway (#2 shaft) ▪ Fire extinguished in early September, mitigation
Slide 17: Mitigation Plans for Secondary Egress
HECLA MINING COMPANY NYSE: HL MITIGATION PLANS FOR SECONDARY EGRESS LUCKY FRIDAY NOVEMBER 2023 UPDATE Vent Bypass Raise Escape Raise and Ramp Escape Raise 290 feet 4050 Alimak Ventilation Raise 850 feet Ramp – 1,600 feet 17
Slide 18: Strong Labor Relations
HECLA MINING COMPANY NYSE: HL STRONG LABOR RELATIONS LUCKY FRIDAY NOVEMBER 2023 UPDATE Union ratification of labor contract in January 2023 solidifies Lucky Friday’s growth ▪ No material changes; work rules are largely unchanged Key terms ▪ Term of agreement – 6 years and 4 months ▪ Longest contract
Slide 19: Higher Grades at Depth, Supported by Underhand Closed Bench
HIGHER GRADES AT DEPTH, SUPPORTED BY THE UNDERHAND HECLA MINING COMPANY NYSE: HL CLOSED BENCH MINING METHOD LUCKY FRIDAY NOVEMBER 2023 UPDATE Lucky Friday Long Section 30 Vein – *AgEq Grade (opt) < 10 10 - 20 20 - 30 MINED 1997 – 2021 30 - 35 > 35 Increasing grades at December 31, 2022 6500 LEVEL de
Slide 20: Underhand Closed Bench Method
HECLA MINING COMPANY NYSE: HL UNDERHAND CLOSED BENCH METHOD LUCKY FRIDAY NOVEMBER 2023 UPDATE UCB mining method: large-scale blasting proactively manages seismic risk and increases throughput Is safer: miners Uses advanced drilling work below and blasting techniques engineered to fragment the backfi
Slide 21: Best Decade in 80 Year History Is Ahead
HECLA MINING COMPANY NYSE: HL BEST DECADE IN 80 YEAR HISTORY IS AHEAD LUCKY FRIDAY NOVEMBER 2023 UPDATE Silver Production by Decade* (Million oz) UCB method’s success and higher grades mined at depth ~2x 50 position Lucky Friday to be a 5Moz producer for 10+ years 30 28 28 27 26 18 1962-1971 1972-19
Slide 22: Keno Hill: Production Growth in Yukon
HECLA MINING COMPANY NYSE: HL KENO HILL: PRODUCTION GROWTH IN YUKON KENO HILL NOVEMBER 2023 UPDATE Location: Yukon, Canada Type: Underground Metals: Silver, Lead, Zinc Silver Reserves: 49 Moz at 22.5 opt Reserve Mine Life: 8+ Years Energy Use: 86% of electricity is from renewable hydropower and wind
Slide 23: Largest Primary Silver Reserves in Canada
HECLA MINING COMPANY NYSE: HL LARGEST PRIMARY SILVER RESERVES IN CANADA KENO HILL NOVEMBER 2023 UPDATE Positioned to be Canada’s largest silver producer ▪ 33% increase in silver reserves to ~50Moz at 22.5 opt since acquisition in 2022 ▪ Land package of 88 square miles, Significant regional potential
Slide 24: Development – Bermingham
HECLA MINING COMPANY NYSE: HL DEVELOPMENT – BERMINGHAM KENO HILL NOVEMBER 2023 UPDATE Development plan: Looking southeast Production shapes: Initial Production Arctic Zone Area Bear Zone ~100m Bermingham Deep 24
Slide 25: Development – Flame & Moth
HECLA MINING COMPANY NYSE: HL DEVELOPMENT – FLAME & MOTH KENO HILL NOVEMBER 2023 UPDATE Development plan: Looking northwest Production shapes: Initial Production Area Christal Zone Lightning Zone ~100m 25
Slide 26: Casa Berardi: Gold Exposure in Quebec
HECLA MINING COMPANY NYSE: HL CASA BERARDI: GOLD EXPOSURE IN QUEBEC CASA BERARDI NOVEMBER 2023 UPDATE Location: Quebec, Canada Type: Open Pit/Underground Metals: Gold Gold Reserves: 1.6Moz at 0.09 opt Reserve Mine Life: 14 Years Energy Use: 100% of electricity is from renewable hydropower 2022 Direc
Slide 27: Casa Berardi: Executing on Surface Transition Plan
HECLA MINING COMPANY NYSE: HL CASA BERARDI: EXECUTING ON SURFACE TRANSITION PLAN CASA BERARDI NOVEMBER 2023 UPDATE Improved operational and cost performance in Q3 ▪ Q3 Gold production of 24.3Koz, YTD: 67.8Koz ▪ Cash cost guidance lowered to reflect capitalization of certain tailings construction cos
Slide 28: Open Pit Transition Can Unlock Significant Value
HECLA MINING COMPANY NYSE: HL OPEN PIT TRANSITION CAN UNLOCK SIGNIFICANT VALUE CASA BERARDI NOVEMBER 2023 UPDATE Casa Berardi: Conceptually divided in three phases* I. Mining the F160 pit II. Preparation for high-grade pits III. Mining higher-grade pits Aggregate free cash flow Investment phase with
Slide 29: Montana Assets: 3rd Largest Undeveloped Copper Deposit in the U.S.
MONTANA ASSETS: 3rd LARGEST UNDEVELOPED COPPER DEPOSIT IN HECLA MINING COMPANY NYSE: HL THE U.S. NOVEMBER 2023 UPDATE Located 50 miles from Lucky Friday with great Working to advance underground data exploration potential collection and permitting Permitting strategy Overview and Inferred Resources
Slide 30: Financial Review
FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE. 30
Slide 31: Committed to a Strong Balance Sheet
HECLA MINING COMPANY NYSE: HL COMMITTED TO A STRONG BALANCE SHEET NOVEMBER 2023 UPDATE Financial flexibility and leverage ratio of <2x are top priorities YTD 2023, Revenues By Metal Net Debt to Adjusted EBITDA Cash and Liquidity YTD 2023: Free cash flow from silver Net debt to Adjusted EBITDA ratio
Slide 32: Silver Margins Are Best in the Industry
HECLA MINING COMPANY NYSE: HL SILVER MARGINS ARE BEST IN THE INDUSTRY NOVEMBER 2023 UPDATE Strong Silver Margins Free Cash Flow: Greens Creek, Lucky Friday ($/silver ounce) ($ million) AISC (4) Realized Price Margin (4) Realized Silver Price (3) Free Cash Flow (2) $25.24 2020 – Q1-Q3/2023: $23.28 $2
Slide 33: YTD 2023 Revenue, Production, and Cost Highlights
HECLA MINING COMPANY NYSE: HL YTD 2023 REVENUE, PRODUCTION, AND COST HIGHLIGHTS NOVEMBER 2023 UPDATE Silver Gold Lead Zinc Silver Production: 11.4Moz Total Cost of Sales(7): $288.3M YTD 2023 Silver Cash Costs, after by-product credits(5): $2.86/oz 15% Margins(3): $12.76/oz AISC, after by-product cre
Slide 34: Silver Market
SILVER MARKET RESPONSIBLE. SAFE. INNOVATIVE. 34
Slide 35: The World's Growing Needs for Silver
HECLA MINING COMPANY NYSE: HL THE WORLD’S GROWING NEEDS FOR SILVER NOVEMBER 2023 UPDATE Five distinct periods of silver demand, three that Despite decrease in photographic demand, total are strengthening demand increased 40%, or 345Moz due to the increase in industrial and investment demand ▪ Moneta
Slide 36: Silver Supply and Demand
HECLA MINING COMPANY SILVER SUPPLY AND DEMAND NYSE: HL NOVEMBER 2023 UPDATE 2022 SILVER DEMAND: 1,242MOZ 2022 SILVER SUPPLY: 1,005MOZ Other 3% Photo Recycling Mine Prod. - Jewelry and Other 18% voltaics Primary Silver Silverware 24% 25% 23% 25% Industrial and Consumer Products Brazing 45% Alloys Ele
Slide 37: Silver Is Essential in Solar Electricity Generation
HECLA MINING COMPANY NYSE: HL SILVER IS ESSENTIAL IN SOLAR ELECTRICITY GENERATION NOVEMBER 2023 UPDATE 1 GW of solar capacity requires 0.5Moz of silver U.S. Electricity Generation by Fuel: 2000-2050 Solar could account 2022 for 33% of total U.S. Gigawatt history | projections 6,000 energy generation
Slide 38: Photovoltaic (PV) Demand for Silver Is Growing
HECLA MINING COMPANY NYSE: HL PHOTOVOLTAIC (PV) DEMAND FOR SILVER IS GROWING NOVEMBER 2023 UPDATE PV Installations (Gigawatts) and Silver Silver Used in PVs, 2013-2024F** Loadings*,** PV Installations Ag Loading Moz PV Installations Silver Loading Gigawatts Index 2013 = 100 201 200 500 100 447 180 1
Slide 39: Silver Deficit Is Expected to Continue
HECLA MINING COMPANY NYSE: HL SILVER DEFICIT IS EXPECTED TO CONTINUE NOVEMBER 2023 UPDATE Silver demand is buoyed by PVs with newer silver technologies that use more silver ▪ In 2022, silver deficit was 238Moz, 2023 forecast deficit is 142Moz* ▪ Expect silver deficit to persist with increasing use o
Slide 40: Widening Gap Between Silver Supply and Demand
HECLA MINING COMPANY NYSE: HL WIDENING GAP BETWEEN SILVER SUPPLY AND DEMAND NOVEMBER 2023 UPDATE Silver Supply and Demand: 2022 and 2030E (Millions oz) Supply needs to grow by >70Moz per year by 2030 with only 1.5% 1,187 growth in industrial demand 1,117 Supply shortfall of 112Moz in 2022 was filled
Slide 41: Exploration
EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE. 41
Slide 42: Unique Exploration Due to Silver, Jurisdictions, Infrastructure
UNIQUE EXPLORATION DUE TO SILVER, JURISDICTIONS, HECLA MINING COMPANY NYSE: HL INFRASTRUCTURE, POTENTIAL, GRADE, AND CAPITAL NOVEMBER 2023 UPDATE 42
Slide 43: Discovering and Expanding Resources
HECLA MINING COMPANY NYSE: HL DISCOVERING AND EXPANDING RESOURCES NOVEMBER 2023 UPDATE Greens Creek Keno Hill Focus on resource Definition drilling at expansion and Bermingham and conversion to expand Flame & Moth; and upgrade multiple Exploration drilling in ore zones underexplored areas Casa Berar
Slide 44: Greens Creek: A World Class Land Package
HECLA MINING COMPANY NYSE: HL GREENS CREEK: A WORLD CLASS LAND PACKAGE NOVEMBER 2023 UPDATE Large and prospective land holdings - Underground and Surface Exploration Targets ▪ 17 Patented Lode Claims ▪ 7,301 Acres (Land Exchange) to which we Underground Surface possess subsurface mineral rights ▪ 44
Slide 45: Keno Hill: Exploration Drilling Confirms Significant Potential
KENO HILL: EXPLORATION DRILLING CONFIRMS SIGNIFICANT HECLA MINING COMPANY NYSE: HL POTENTIAL NOVEMBER 2023 UPDATE ▪ Historical production of over 200Moz of silver at Silver District: Excellent Potential 40 oz/Ag per ton ✓Grades are 2x Greens Creek’s historical grades ▪ Property contains excellent ex
Slide 46: Exploration Drilling Confirms Significant Potential
HECLA MINING COMPANY NYSE: HL EXPLORATION DRILLING CONFIRMS SIGNIFICANT POTENTIAL KENO HILL NOVEMBER 2023 UPDATE Longitudinal section of the Longitudinal section of the Bermingham mineralization Bear Vein looking SE Footwall Vein looking SE extending to the northeast and down dip ▪ High-grade minera
Slide 47: Environmental, Social, Governance
Environmental, Social, Governance Our sustainable ESG Corporate Governance responsibilities RESPONSIBLE. SAFE. INNOVATIVE. 47
Slide 48: Committed to Responsible Mining
HECLA MINING COMPANY NYSE: HL COMMITTED TO RESPONSIBLE MINING NOVEMBER 2023 UPDATE Mining Metals for a Green Energy Future Net zero on emissions in 2021 Well-established safety culture Hecla Charitable Foundation and 2022* San Sebastian Mine received the Casa Berardi received the Largest private-sec
Slide 49: Sustainability Rating Agency Scores: Significant Improvements Since 2019
SUSTAINABILITY RATING AGENCY SCORES: SIGNIFICANT HECLA MINING COMPANY NYSE: HL IMPROVEMENTS SINCE 2019 NOVEMBER 2023 UPDATE Agency Progression in ESG Scores • Overall Score increased from 53rd percentile to 74th percentile 38 • Governance Score increased to 24 78th percentile 15 13 • Environmental S
Slide 50: Hecla Is Among the Safest Mining Companies
HECLA MINING COMPANY NYSE: HL HECLA IS AMONG THE SAFEST MINING COMPANIES NOVEMBER 2023 UPDATE Implemented NMA’s CORESafety standards in 2012, became Industry leader All-Injury Frequency Rate Hecla’s 1.34 rate is 28% better 6.06 than national average 5.35 5.41 4.57 Industry leading 78% reduction sinc
Slide 51: Committed to Our Communities
HECLA MINING COMPANY NYSE: HL COMMITED TO OUR COMMUNITIES NOVEMBER 2023 UPDATE Largest private employer within the communities we operate, jobs and benefits that Total economic impact in 2022 last a lifetime ▪ Total direct economic impact of $833 million $833M Hecla Corporate Montana ▪ More than $84
Slide 52: Guidance
GUIDANCE RESPONSIBLE. SAFE. INNOVATIVE.
Slide 53: Guidance – Silver Production Growth
HECLA MINING COMPANY NYSE: HL GUIDANCE – SILVER PRODUCTION GROWTH NOVEMBER 2023 UPDATE Gold Production Silver Production (Moz) Silver Equivalent (Moz) Gold Equivalent (Koz) (Koz) Previous Current Current Previous Current Previous Current Consolidated 2023 Total 14.5 - 15.5 14.4 – 14.8 140.0 – 160.0
Slide 54: Guidance – Production and Costs by Operation
HECLA MINING COMPANY NYSE: HL GUIDANCE – PRODUCTION AND COSTS BY OPERATION NOVEMBER 2023 UPDATE Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz)6 Gold Equivalent (Koz)6 Previous Current Previous Current Previous Current Previous Current 2023 Production 2023 Greens Creek * 9.0 -
Slide 55: Appendix: End Notes and GAAP Reconciliations
APPENDIX End Notes and GAAP reconciliations RESPONSIBLE. SAFE. INNOVATIVE. 55
Slide 56: End Notes
HECLA MINING COMPANY NYSE: HL END NOTES NOVEMBER 2023 UPDATE 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 measure for manageme
Slide 57: GAAP Reconciliations
GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE. 57
Slide 58: Adjusted EBITDA Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL ADJUSTED EBITDA RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE Reconciliation of Net Loss (GAAP) to Adjusted EBITDA (non-GAAP) Last Twelve Months Q3 2023 Q2 2023 Dollars in thousands (USD) Net loss $ (45,734) $ (46,845) Interest expense 42,194 42,358 Income and mining tax
Slide 59: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE 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 Susta
Slide 60: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE 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
Slide 61: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE 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
Slide 62: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE Keno Hill 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 Su
Slide 63: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE 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 Ounce and All-In
Slide 64: Cash Cost and AISC Reconciliation to GAAP
HECLA MINING COMPANY NYSE: HL CASH COST AND AISC RECONCILIATION TO GAAP NOVEMBER 2023 UPDATE 2023 Silver and Gold Estimates Reconciliation of 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-p
Slide 65: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION NOVEMBER 2023 UPDATE Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for Greens Creek, Lucky Friday and Casa Berardi 2018 to 2022 Total Greens Creek Lucky Friday Casa Berardi in million
Slide 66: Free Cash Flow (Non-GAAP) Reconciliation
HECLA MINING COMPANY NYSE: HL FREE CASH FLOW (NON-GAAP) RECONCILIATION NOVEMBER 2023 UPDATE Greens Creek reconciliation of cash provided by operating activities (GAAP) to free cash flow (non-GAAP) TOTAL YTD 2023 2022 2021 2020 in millions Cash provided by operating activities 660 123 151 209 177 Add
Slide 67: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE. 67
Slide 68: Proven & Probable Mineral Reserves (1/2)
HECLA MINING COMPANY NYSE: HL PROVEN & PROBABLE MINERAL RESERVES (1/2) NOVEMBER 2023 UPDATE 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) (2,3) Greens Creek United States 100.0% 7 16.1 0.07 2.
Slide 69: Proven & Probable Mineral Reserves (2/2)
HECLA MINING COMPANY NYSE: HL PROVEN & PROBABLE MINERAL RESERVES (2/2) NOVEMBER 2023 UPDATE Proven & 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) (2,3) Greens Creek United States 100.0% 10,675
Slide 70: Measured & Indicated Mineral Resources (1/3)
HECLA MINING COMPANY NYSE: HL MEASURED & INDICATED MINERAL RESOURCES (1/3) NOVEMBER 2023 UPDATE 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) (12,13) Greens Creek Uni
Slide 71: Measured & Indicated Mineral Resources (2/3)
HECLA MINING COMPANY NYSE: HL MEASURED & INDICATED MINERAL RESOURCES (2/3) NOVEMBER 2023 UPDATE 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) (12,13) Greens Creek U
Slide 72: Measured & Indicated Mineral Resources (3/3)
HECLA MINING COMPANY NYSE: HL MEASURED & INDICATED MINERAL RESOURCES (3/3) NOVEMBER 2023 UPDATE 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) (12,13) Greens C
Slide 73: Inferred Mineral Resources
HECLA MINING COMPANY NYSE: HL INFERRED MINERAL RESOURCES NOVEMBER 2023 UPDATE 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) (12,13) Greens Creek United States 100.0%
Slide 74: Mineral Reserves and Resources Footnotes
HECLA MINING COMPANY NYSE: HL MINERAL RESERVES AND RESOURCES FOOTNOTES NOVEMBER 2023 UPDATE Net debt 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. 1. The term “reserve” means an estimate of
Slide 75: Mineral Reserves and Resources Footnotes
HECLA MINING COMPANY NYSE: HL MINERAL RESERVES AND RESOURCES FOOTNOTES NOVEMBER 2023 UPDATE 17. Indicated resources for most zones at San Sebastian based on $1,500/oz gold, $21/oz silver, $1.15/lb lead, $1.35/lb zinc and $3.00/lb copper using a cut-off grade of $90.72/ton ($100/tonne); $1,700/oz gol
Slide 76: Thank You
THANK YOU RESPONSIBLE. SAFE. INNOVATIVE.
Hecla Mining Company — Investor Presentation (November 2023) on 6ix