Corporate Presentation - May 2026 (05/11/2026 00:00

Largest Silver Producer in the U.S. and Canada

MAY UPDATE

MAY 2026

RESPONSIBLE. SAFE. INNOVATIVE.

Hecla at a Glance Company Overview

Headquarters Coeur d'Alene, Idaho

Stock Ticker NYSE: HL

Common Shares Outstanding 670.4M(a)

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)

Ownership Overview(b)

23%

77%

Dividend (paid quarterly) Equity Research Coverage			$0.00375/share Top 10 Shareholders(b)		Institutional
Firm	Analyst		Name		% of S/O
BMO Capital Markets	Kevin O'Halloran		BlackRock Institutional Trust		11.88%
Canaccord Genuity Corp (Canada)	Dalton Baretto		The Vanguard Group		9.79%
Cantor Fitzgerald	Mike Kozak		Van Eck Associates		4.98%
CIBC	Cosmos Chiu		State Street Global Advisors		4.87%
H.C. Wainwright & Co.	Heiko Ihle		Mirae Asset Global Investments		3.09%
National Bank Financial	Alex Terentiew		Tidal Investments LLC		2.92%
RBC Capital Markets	Josh Wolfson		Geode Capital Management		2.73%
Roth Capital Partners	Joe Reagor		Dimensional Fund Advisors		1.88%
Scotiabank	Eric Winmill		Arrowstreet Capital		1.66%
TD Cowen	Wayne Lam		Goldman Sachs Asset Management (US)		1.57%

Retail

Notes:

3

1. Data as of March 31, 2026. Subsequent to quarter end, the Company completed full redemption of remaining $263M 7.25% Senior Notes due 2028 on April 9

2. Ownership overview and top 10 shareholders as of March 31, 2026; Market capitalization as of April 24, 2026

   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 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

2025 U.S. Silver Production

Yukon

Hecla, 39%

Other, 61%

14.0

11.4

6.3

5.5

Hecla

Teck

Coeur

Rio Tinto

Connaught, Dawson, Yukon

Rackla, Mayo, Yukon

Keno Hill, Mayo, Yukon

Alaska

Greens Creek, Admiralty Island, Alaska

Idaho

Silver Valley / Star, Wallace, Idaho

Lucky Friday, Mullan, Idaho

2025 U.S. Silver Production (Moz)

Other Exploration Projects

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 5



Why 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:

1. 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

2. Country Acronyms: US - United States of America, CA - Canada, MX - Mexico, BR - Brazil, PE - Peru, CL - Chile, AR - Argentina, BO - Bolivia 6

3. 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

Why Invest in Hecla? High Grades, Long Reserve Lives, Best Jurisdictions

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:

1. 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. 7

Why Invest in Hecla? Peer Leading Silver Exposure

Substantial silver revenue exposure

• Hecla ("HL") derived ~73% of Q1 2026 revenue from silver from continuing operations.

  Asset portfolio heavily focused on silver

• HL revenues, reserve and resource base heavily focused on silver.

Percent of Reserves Based in Silver

100%

75%

50%

25%

0%

Exposure to Silver

		HL (continuing operations)
PAAS		AG
	CDE		Hecla continues to outperform peers, generating ~73% of revenue from silver
	SSRM

Q1

0% 25% 50% 75%

Percent of Adjusted 1Q26 Revenue From Silver

Notes:

1. 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)

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

$900

Full-year 2026 projections include cashflows from Casa Berardi up to the closing of

$800

$700

US$ Millions

$600

$500

$400

$300

$200

$100

$0

$30/oz Silver

$2,500 Gold

sale on March 25, 2026.

$50/oz Silver

$3,500 Gold

Silver Price

$75/oz Silver

$4,500 Gold

$100/oz Silver

$5,500 Gold

Notes:

Medium-Term Outlook Potential: 20+ Moz Silver Producer

¹

AISC (US$/Ag oz)(4)

Midas

Keno Hill

Lucky Friday

Greens Creek

Medium-term

2026

2025

2024

2023

0

5

10

15

20

Nearer-term

upside opportunities

$11.28

$11.76

$13.06

25

Silver Production (Moz)

Significant silver production growth potential over medium-term

Silver Production Growth Potential: 20 Moz

• 15.1-16.5 Moz in 2026

• Nearer-term upside opportunities:

  • Greens Creek pyrite concentrate circuit

  • Greens Creek tailings reprocessing

• Project pipeline supports potential of 20 Moz over medium term, driven by potential:

  • Keno Hill 440 tpd ramp up

  • Midas production restart

• Further (long-term) upside potential from:

  • Keno Hill expansion

  • Aurora and/or Hollister

Project Pipeline Update - Growth Opportunities

Greens Creek Pyrite Concentrate Circuit

• Outcome potentials:

  • Additional marketable concentrate

  • Boost overall silver and gold recoveries

  • Reduce mine's reclamation liability

  • Expand underground mineral reserves

• Low-capital-intensity project

  Greens Creek Dry Stack Tailings Reprocessing

• ~10.4 Mtons of tailings with estimated 50 Moz silver and 600 Koz gold

• In-situ values of contained metals at YE 2025 was approx. $6.8B*

• Potential to reduce mine's reclamation liability

  Midas Restart Project

• Existing high-grade gold and silver resource

• Fully permitted mill at ±1,200 tpd capacity

• Permitted tailings facility of approx. 15 years storage capacity

• Fully permitted surface infrastructure

  Catalyst: Expect project update late 2026

  or early 2027

  Catalyst: Phase 3 metallurgical test work

  scheduled to be completed mid-2026

  Catalyst: Regular Midas exploration

  updates throughout 2026

  
  
  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

  Capital Allocation: Disciplined Strategy Driving Value Creation

  Safety & 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

  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

  Subsequent to quarter end, the Company completed full redemption of remaining $263M 7.25% Senior Notes due 2028 on April 9, 2026.

<1x

• • Organic growth enhancing ROIC

  • Potential to be low capital-intensive

  • Addresses growth

• Demonstrates confidence

• Tangible shareholder value

• Attracts income-focused investors

Safety - The Foundation to Success Operational excellence starts here

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

Hecla: 10 Year Total Reportable Injury Frequency History (TRIFR)

• 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

Operational Achievements & Goals

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

1. Years

   2025 Economic Impact

   $292M

   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*

• Q1 2026 Production Results:

  • 2.2 Moz silver and 12.9 Koz gold

• Pyrite concentrate circuit development project evaluation

• Dry stack tailings reprocessing project with phase 3 metallurgical test work scheduled to be completed mid-2026

		Q1 2026	Q4 2025	2026 Guidance
Silver Produced	Moz	2.2	2.0	7.5 - 8.1
Silver Grade Milled	opt	13.0	12.2	-
Gold Produced	Koz	12.9	12.3	51 - 55
Total Cost of Sales(7)	$M	$82.4	$80.0	$287.0
Capital Additions	$M	$6.1	$23.3	$66 - $71
Free Cash Flow(2)	$M	$125.5	$79.4	-
Cash Cost(5)	$/Ag oz	($11.94)	($6.67)	($9.00) - ($8.25)
AISC(4)	$/Ag oz	($8.39)	$2.70	$0.00 - $0.50

Lucky Friday: 2nd Cornerstone Mine

Metals

Ag, Pb, Zn

Location

Idaho

Lucky Friday Milling Facility

Reserve Mine Plan

15 Years

2025 Economic Impact

$190M

~2x

44*

47*

26

27

29

29

23

19

Silver Production (Moz) by Decade* (Projected)

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

• Underhand Closed Bench mining method, investment have positioned Lucky Friday to have the best decade in its 80-yr history

• Surface cooling project infrastructure 81% complete, tracking for completion in 2026

• Union labor contract agreement expires May 2029

• Q1 2026 Production Results:

  • 1.2 Moz silver

• Evaluating optimization opportunities surfaced through a business improvement workshop

		Q1 2026	Q4 2025	2026 Guidance
Silver Produced	Moz	1.2	1.3	4.7 - 5.2
Silver Grade Milled	opt	11.9	13.4	-
Total Cost of Sales(7)	$M	$48.8	$42.7	$184.0
Capital Additions	$M	$17.0	$24.7	$68 - $73
Free Cash Flow(2)	$M	$48.6	$33.1	-
Cash Cost(5)	$/Ag oz	$12.07	$9.82	$10.25 - $11.00
AISC(4)	$/Ag oz	$23.78	$25.73	$23.50 - $26.00

* Projected silver production

Underhand Closed Bench (UCB) Method

Large-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

Lucky Friday Major Projects & Business Improvement Initiatives

Pond 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

Keno Hill: Largest Silver Producer In Canada

Metals

Keno Hill

Ag, Pb, Zn

Location

Yukon

Ag Reserves & Resources As of December 31, 2025
P&P : 53 Moz
M&I : 14 Moz
Inferred : 11 Moz

Reserve Mine Plan

Projected Free Cash Flow(2) at 440 Tons Per Day(9)

1. Years

$400

US$ Millions

$300

$200

$100

2025 Economic Impact

$176M

$0

• Land package of 88 square miles, exploration drilling continues to confirm significant exploration potential in the district

• Focus will be on strategic and operational permitting, while advancing mine development and other site infrastructure projects

• Q1 2026 Production Results:

  • Silver: 489 Koz

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

		Q1 2026	Q4 2025	2026 Guidance
Silver Produced	Moz	0.5	0.6	2.9 - 3.2
Silver Grade Milled	opt	20.8	25.4	-
Total Cost of Sales(7)	$M	$22.1	$18.7	-
Capital Additions	$M	$15.0	$16.0	$61 - $66
Free Cash Flow(2)	$M	$15.9	$17.4	-

Note: