Largest Silver Producer in the U.S. and Canada
APRIL UPDATE
APRIL 2026
RESPONSIBLE. SAFE. INNOVATIVE.
Hecla at a Glance
Company Overview
Headquarters Coeur d'Alene, Idaho
Stock Ticker NYSE: HL
Common Shares Outstanding 670.3M1
Market Capitalization $12.9B2
Cash Position $241.5M1
Long-Term Debt $261.9M1
US$225M Revolving Credit Facility Capacity (+ US$75M Accordion) - 1
Ownership Overview2
Dividend (paid quarterly) | $0.00375/share | |||
Equity Research Coverage | Top 10 Shareholders2 | |||
Firm | Analyst | Name | % of S/O | |
BMO Capital Markets | Kevin O'Halloran | BlackRock Institutional Trust | 11.75% | |
Canaccord Genuity Corp (Canada) | Dalton Baretto | The Vanguard Group | 9.80% | |
Cantor Fitzgerald | Mike Kozak | Van Eck Associates | 5.60% | |
CIBC | Cosmos Chiu | State Street Global Advisors | 5.05% | |
H.C. Wainwright & Co. | Heiko Ihle | Mirae Asset Global Investments | 3.29% | |
National Bank Financial | Alex Terentiew | Tidal Investments LLC | 3.28% | |
RBC Capital Markets | Josh Wolfson | Geode Capital Management | 2.59% | |
Roth Capital Partners | Joe Reagor | Arrowstreet Capital | 2.12% | |
Scotiabank | Eric Winmill | Dimensional Fund Advisors | 1.99% | |
TD Cowen | Wayne Lam | Goldman Sachs Asset Management (US) | 1.45% | |
Notes: 1. Data as of December 31, 2025 |
2. Ownership overview and top 10 shareholders as of February 2026; Market capitalization as of April 6, 2026 3
North America's Premier Silver ProducerSilver 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 reserve life double of peer group
Project Momentum
Surfacing value through investment in robust project pipeline
Cost Excellence
Lowest cost producer among peer group
4
Our Asset Portfolio: Low Risk Jurisdictions
2024 U.S. Silver Production
Yukon
Hecla, 37%
Other, 63%
Connaught, Dawson, Yukon
Rackla, Mayo, Yukon
Keno Hill, Mayo, YukonAlaska
Idaho
Silver Valley / Star, Wallace, Idaho
Lucky Friday, Mullan, Idaho2024 U.S. Silver Production (Moz)
Other Exploration Projects
Hecla is the largest
silver producer in the
U.S. and Canada.
Republic, Republic, Washington
Rock Creek, Noxon, Montana
Libby Exploration Project, Libby, Montana San Juan Silver, Creede, Colorado Hollister, Elko County, Nevada
Midas, Elko County, Nevada
Fire Creek, Lander County, Nevada
Aurora, Mineral County, Nevada
Monte Cristo, Esmeralda County, Nevada
operating mines / mills exploration properties corporate offices: Coeur d'Alene, Idaho; Vancouver, BC 5Why Invest in Hecla? Industry Leading Reserve Mine Life
18 Mines sorted by highest to 18
Jacobina
lowest 2025 Gross Profit left to right
16
15
Colored - Primary Silver Mines
Uncolored - Primary Gold Mines
Greens Creek
Lucky Friday
Keno Hill
14 14
14
Rochester
La Colarada
13
12
12
11
Juanicipio (44%)
10
Huaron
10
Wharf Las Chispas
Kensington
New Afton
9
8
7 7
Rainy River
Palmarejo
6 6 6 6
El Penon
Shahuindo
Timmins
6
4 4 4
San Vincente
4
Hecla Avg Reserve Mine Life: 13.3 Years
Hecla average reserve mine life of over 13 years exceeds industry peers average by nearly double
Industry Peers Avg Reserve Mine Life: 7 Years
5
Los Gatos (70%)
Santa Elena
San Dimas
La Encantada
4
3 3
Minera Florida
2 2
Cerro Moro
2
0
US US CA
CA MX US
US MX US CA
BR MX CL PE
MX AR CA CL PE BO MX MX MX MX
Note:
Reserve mine life is calculated by dividing reserves tons by nameplate throughput capacity; mines sorted by 2025 gross profit, with highest gross profit assets on left and declining gross profit to right
Country Acronyms: US - United States of America, CA - Canada, MX - Mexico, BR - Brazil, PE - Peru, CL - Chile, AR - Argentina, BO - Bolivia 6
HL, CDE reserves life updated for YE 2025, Rainy River and New Afton using 2024 reserves life, PAAS reserve life updated for June 2025, AG using YE 2024 reserves life
Hecla's silver portfolio has an unparalleled combination of high grades, long reserve lives, and best jurisdictions
Rochester | La Col | orada | Lucky Friday | Ke | no |
Greens | Hill | ||||
Creek | |||||
Santa Elena | Palmerejo Los Ga | tos San Las Chispa Vincente | s | Cerro Moro | |
La Encantada | Huaron | San Dimas |
20
16
Reserve Mine Life (Years)
12
8
4
-
- 200 400 600 800 1,000
Silver Equivalent Grade (g/t)
U.S. / Canada
Other countries
Notes:
7
Peers include Pan American Silver, Coeur, and First Majestic. Bubble size based on the latest reported silver equivalent reserves in ounces. Hecla, Coeur, data as of December 31, 2025, First Majestic data as of December 31, 2024, Pan American Silver data as of June 30, 2025.
Silver equivalent calculation based on reserve metal prices: Au: $2,100/oz, Ag: $25.00/oz, Pb: $0.90/lb, Zn: $1.15/lb, Cu: $4.00/lb
Substantial silver revenue exposure
Hecla ("HL") derived ~59% of Q4 2025 revenue from silver, and nearly 73% of Q4 revenues excluding Casa Berardi.
Asset portfolio heavily focused on silver
HL revenues, reserve and resource base heavily focused on silver.
Exposure to Silver
SSRM
(4Q25 Pro-Forma)
AG
HL 4Q25
(Pro-Forma ex Casa Berardi)
Hecla continues to outperform peers, generating ~59% of Q4 revenue from silver, Q4 pro-forma (ex.
Casa Berardi) 73% revenue from silver
CDE+NGD
PAAS
100%
Percent of Reserves Based in Silver
75%
50%
25%
0%
0% 25% 50% 75% 100%
Percent of Adjusted 4Q25 Revenue From Silver
Notes:
Reserves as of year end 2025 adjusted to be inclusive/exclusive of attributable reserves from assets acquired/divested (or to be acquired/divested) by AG (GATO), CDE (SIL and NGD), PAAS (MAG), and HL (Casa Berardi)
8
Silver equivalent reserves calculated using April 6, 2026 close prices for all metals, Silver: $72.82/oz, Gold: $4,650/oz, Lead: $0.88/lb, Zinc: $1.49/lb, Copper: $5.64/lb
New Gold's 4Q-2025 revenues were estimated by using New Gold reported metal volumes sold in the quarter and actual average LME Final Cash Buyer metal prices for the respective metals for the fourth quarter.
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 projections include Casa Berardi for only Q1 2026 due to the completed asset sale closed on March 26, 2026.
At $75/oz silver and $4,500/oz gold, projected cash flow is about $600M, and grows to about $850M at
$100/oz silver and $5,500/oz gold.
$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 $1.15/lb Zinc 9
Medium-Term Outlook Potential: 20 Moz Silver ProducerAISC (US$/Ag oz (4)
Midas
Keno Hill
Lucky Friday
Greens Creek
Medium-term
2026
2025
2024
2023
0
5
10
15
20
$11.28
$11.76
$13.06
25
Silver Production (Moz)
Significant silver production growth potential over medium-termSilver Production Growth Potential: 20 Moz
17 Moz in 2025
15.1-16.5 Moz in 2026
Project pipeline supports potential of 20 Moz over medium term, driven by:
Keno Hill ramp up
Midas restart with production
Further (long-term) upside potential from:
Keno Hill expansion
Aurora and/or Hollister
Libby
)¹
10
Midas: Medium-Term Production Growth & Optionality Leveraging existing infrastructure for capital-efficient growthStrategic Value Creation
Midas Mill Complex
2025 successful exploration program has identified high-grade gold intercepts
Infrastructure and permitting advantage
Permitted ±1,200 tons/day mill, tailings facility, utilities and surface infrastructure
Technical studies underway to estimate refurbishment costs and timelines
Path to production
2026: Aggressive exploration program
2027-2028: Resource definition & technical studies
Production within 3-4 years following go-decision
Further value creation
Hub-and-spoke potential with Hollister & Aurora
30,000 acre district with exploration upside
11
Low-cost Profile Silver Assets
2025 Actual AISC(4): Hecla Is Strongly Positioned at the Lower End of the Silver Cost Curve$/oz AISC
Silver Peers*
Hecla
Silver Production (Kt)
* Peers include Coeur Mining, Fortuna, Fresnillo, Pan American Silver, First Majestic Silver, Endeavour Silver
12
Capital Allocation: Disciplined Strategy Driving Value CreationSafety & Environmental Excellence
Sustaining & Growth Capital
Exploration
Balance Sheet Strength/ Deleveraging
Strategic Investments
Shareholder Returns
-
10 - 15%
Asymmetric Potential
5-7%
Potentially Significant
-
Key Benefits
Conceptual
Returns
Foundation for license to operate
Stakeholder trust
Sustain/increases 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 shareholder value
Attracts income-focused investors
Key Factors
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
On March 25, 2026, the Company announced the delivery of a notice of full redemption to the holders of its remaining $263 million 7.25% Senior Notes due 2028. The redemption date was scheduled for April 9, 2026.
13
Safety - The Foundation to Success Operational excellence starts hereHecla: 10 Year Total Reportable Injury Frequency History (TRIFR)
Operational Achievements & Goals
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
2024 MSHA AIFR =1.72
0.5
0.0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2025 TRIFR 1.69
13% improvement Y/Y
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
14
RESPONSIBLE. SAFE. INNOVATIVE.
OUR OPERATIONS
Silver mines are in the best third of cost curve
15
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
Cumulative Free Cash Flow(2) (Billions $)
Greens Creek Port
Ag Reserves & Resources As of December 31, 2025 |
P&P : 106 Moz |
M&I : 89 Moz |
Inferred : 23 Moz |
3.0
2.0
1.0
-
1.0
2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
2.4
Low-cost structure with AISC in best 15th percentile of cost curve of primary silver mines*
2025 Production Results:
8.7 Moz silver and 59.3 Koz gold vs 2025 guidance of 8.4-
8.8 Moz silver and 53-55 Koz gold
Progressing the commercial-scale assessment of a historic dry-
stack tailings reprocessing opportunity
Tailings expansion project underway
Q4 2025 | Q3 2025 | FY 2025 | 2026 Guidance | ||
Silver Produced | Moz | 2.0 | 2.3 | 8.7 | 7.5 - 8.1 |
Silver Grade Milled | opt | 12.2 | 13.1 | 12.6 | - |
Gold Produced | Koz | 12.3 | 15.6 | 59.3 | 51 - 55 |
Total Cost of Sales(7) | $M | $80.0 | $81.7 | $290.2 | $287.0 |
Capital Additions | $M | $23.3 | $12.2 | $54.6 | $66 - $71 |
Free Cash Flow(2) | $M | $79.4 | $74.5 | $256.3 | - |
Cash Cost(5) | $/Ag oz | $(6.67) | $(8.50) | $(8.02) | $(9.00) - $(8.25) |
AISC(4) | $/Ag oz | $2.70 | $(2.55) | $(2.36) | $0.00 - $0.50 |
* Metals Focus 16
Potential Value Extraction From Tails
Tailings as of December 2025:
10.4 million DST of tailings consisting of
50 Moz of Silver (5 oz/ton or 165 grams/tonne ("gpt"))
567 Koz of Gold (~2 gpt)
309 Mlbs of Zinc
203 Mlbs of Lead
27 Mlbs of Copper
1.3 Mlbs of Nickel
Metals in tailings represent ~$6.8B in gross value
Includes other critical minerals - Arsenic, Barium, Bismuth, Cadmium, Chromium, Gallium, Germanium, Manganese, Vanadium
Opportunity for reprocessing includes marketing, participation in
DoD/DoE CM initiatives
Reprocessing tailings could reduce storage costs and reclamation obligations
Next step: Phase 4 metallurgical test work to be completed mid-2026
17
Lucky Friday: 2nd Cornerstone MineMetals
Ag, Pb, Zn
Location
Idaho
Reserve Mine Plan
15 Years
2024 Economic Impact
$171M
~2x
44*
47*
26
27
29
29
23
19
Silver Production (Moz) by Decade* (Projected)
Lucky Friday Milling Facility
Ag Reserves & Resources As of December 31, 2025 |
P&P : 72 Moz |
M&I : 41 Moz |
Inferred : 26 Moz |
1961-1969 1970's 1980's 1990's 2000's 2010's 2020's 2030's
Q4 2025 | Q3 2025 | FY 2025 | 2026 Guidance | ||
Silver Produced | Moz | 1.3 | 1.3 | 5.3 | 4.7 - 5.2 |
Silver Grade Milled | opt | 13.4 | 13.4 | 13.0 | - |
Total Cost of Sales(7) | $M | $42.7 | $44.6 | $173.7 | $184.0 |
Capital Additions | $M | $24.7 | $16.9 | $72.9 | $68 - $73 |
Free Cash Flow(2) | $M | $33.1 | $13.5 | $59.8 | - |
Cash Cost(5) | $/Ag oz | $9.82 | $9.33 | $8.66 | $10.25 - $11.00 |
AISC(4) | $/Ag oz | $25.73 | $23.30 | $21.98 | $23.50 - $26.00 |
Underhand Closed Bench mining method, investment have positioned Lucky Friday to have the best decade in its 80-yr history
Planned surface cooling project infrastructure, tracking for completion in
2026
Union labor contract agreement expires May 2029
2025 Record Production Results:
5.3 Moz silver vs 2025 guidance of 4.9-5.1 Moz
Evaluating optimization opportunities surfaced through a business improvement workshop
* Projected silver production
18
Underhand Closed Bench (UCB) MethodLarge-scale blasting proactively helps manage seismic risk and increases throughput
More innovative: uses advanced drilling and blasting techniques to fragment the mineralized ore zone
Safer: miners work below engineered backfill and above a de-stressed zone
More productive:
larger and less handheld equipment, more task-based mining
More controlled: Allows for greater control of the release of seismic energy, resulting in improved safety
19
Lucky Friday Major Projects & Business Improvement InitiativesPond 5 tailings project
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:
Switching to owner operated production drilling
Business Improvement Initiatives geared towards mine and mill tonnage optimization. Work continues to evaluate opportunities identified in 2025
Surface Cooling Project
20
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Hecla Mining Company published this content on April 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 11, 2026 at 16:31 UTC.
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