Hecla Mining Company Q1 2026 Earnings Conference Call (05/06/2026 00:00

FIRST QUARTER 2026

Conference Call

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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

Strategic Transformation: Delivering Shareholder Value

Portfolio Optimization

• Casa Berardi divested March 25, 2026 - solidifying status as Premier North American Silver Producer

• Upside exposure preserved in 9.9% stake in Orezone and contingent payment structure

• All mines and projects in US or Canada, the best jurisdictional profile of the peer group

Balance Sheet Transformation

• Cash of $588M with $225M fully undrawn revolving credit facility

• Subsequent to quarter end, repaid in full the remaining Senior Notes outstanding

• Strongest balance sheet in the Company's recent history

Project Pipeline Investment

• Greens Creek Pyrite Concentrate Circuit - potential boost to silver and gold, reserve additions and reduced reclamation liability

• Greens Creek dry-stack tailings reprocessing advancing with Phase 3 testing

• Midas restart potential hub-and-spoke model leveraging existing infrastructure and permits

• 2026 total exploration investment nearly doubled versus prior year, increase expected with success

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First Quarter Highlights

Financial Records and Deleveraging

• Revenue: over $411M from continuing operations, up 13% from prior quarter

• Net income from continuing operations: $165M, or $0.25 per share. After a non-cash $192 million write-down related to the Casa sale, net loss attributable to common stockholders of $19 million or ($0.03) per share

• Record Adjusted EBITDA from continuing operations: $265M (1)

• Operating cash flow from continuing operations: $183M | Record free cash flow from continuing operations: $144M (all mines FCF positive) (2)

• Cash Balance Strength: $588M | Total debt: $266M

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

  Operational Execution

• 3.9 Moz silver produced, increase of 3% over prior quarter

• Greens Creek silver production of 2.2 Moz, gold production of 13 Koz gold

• Lucky Friday silver production of 1.2 Moz

• Keno Hill silver production of 0.5 Moz

• Total silver cost of sales: $158M, with cash cost: ($3.24)/oz | AISC: $8.17/oz (both after by-product credits and excluding Keno Hill) (7) (5) (4)

• Lucky Friday Surface Cooling Project: 81% complete and on track for mid-2026 completion

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Medium-Term Outlook Potential: 20+ Moz Silver Producer

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:

  • Keno Hill 440 tpd ramp up

  • Midas production restart

• Further (long-term) upside potential from:

  • Keno Hill expansion

  • Aurora and/or Hollister

Nearer-term

$13.06

$11.76

$11.28

upside

opportunities

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20

Silver Production (Moz)

15

10

5

0

2023 2024 2025 2026 Medium-term

)¹

Greens Creek Lucky Friday Keno Hill Midas AISC (US$/Ag oz (4)

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Project Pipeline Update - Growth Opportunities

Greens Creek Pyrite Concentrate Circuit

• Potential outcomes:

  • 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

  * Estimate calculated using December 31, 2025 close prices for all metals: Ag: $71.66/oz, Au: $4,319/oz, Pb: $0.91/lb, Zn: $1.41/lb, Cu: $5.63/lb 7

  RESPONSIBLE. SAFE. INNOVATIVE.

OPERATIONAL REVIEW

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Greens Creek: Cornerstone Mine, Foundation of Our Future

Metals

Ag, Au, Pb, Zn, Cu

Location

Alaska

Reserve Mine Plan

12 Years

2025 Economic Impact

$292M

Solid free cash flow generation

Greens Creek Port

• Q1 2026 results:

  • Silver and gold production: 2.2 Moz and 12.9 Koz, respectively

    Q1 2026 Performance and 2026 Guidance
    		Q1 2026	Q4 2025	2026 Guidance
    Silver Produced	Moz	2.2	2.0	7.5 - 8.1
    Gold Produced	Koz	12.9	12.3	51 - 55
    Total Cost of Sales(7)	$M	$82.4	$80.0	$287.0
    Capital Investment	$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

    
    
    

  • Total cost of sales of $82.4 million. Cash costs and AISC per silver ounce (both after by-product credits) at ($11.94) and ($8.39), respectively (7) (5) (4)

• Q1 cash flow from operations: $131.4M, free cash flow:

  $125.5M (2)

• 2026 guidance:

  • Silver and gold production of 7.5 - 8.1 Moz and 51.0 -

    55.0 Koz respectively

  • Total cost of sales of $287M. Cash cost and AISC per silver ounce ($9.00) -($8.25) and $0.00 - $0.50 (both after by-product credits), respectively (7) (5) (4)

    
    
    

  • Capital investment $66M - $71M

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Lucky Friday: Continued Operational Consistency

Metals

Ag, Pb, Zn

Location

Idaho

Reserve Mine Plan

15 Years

2025 Economic Impact

$190M

Consistent Silver Production

Lucky Friday Milling Facility

• Q1 2026 results:

  • Silver production: 1.2 Moz

  • Total cost of sales of $48.8 million. Q1 cash costs and AISC per silver ounce (both after by-product credits) at

    $12.07 and $23.78, respectively (7) (5) (4)

    Q1 2026 Performance and 2026 Guidance
    		Q1 2026	Q4 2025	2026 Guidance
    Silver Produced	Moz	1.2	1.3	4.7 - 5.2
    Total Cost of Sales(7)	$M	$48.8	$42.7	$184.0
    Capital Investment	$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

• Surface cooling project 81% complete and tracking for completion by mid-2026

• Q1 cash flow from operations: $64.6M, free cash flow:

  $48.6M (2)

• 2026 guidance:

  • Silver production of 4.7 - 5.2 Moz

  • Total cost of sales $184M. Cash cost and AISC per silver ounce $10.25 - $11.00 and $23.50 - $26.00 (both after by-product credits), respectively (7) (5) (4)

    
    
    

  • Capital investment $68M - $73M

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Keno Hill: Focused on the Ramp-Up

Metals

Ag, Pb, Zn

Location

Yukon

Reserve Mine Plan

13 Years

2025 Economic Impact

$176M

Projected Free Cash Flow(2) at 440 TPD

Work continues to ramp up into a state of commercial production

$400

• Q1 2026 production results:

  • Silver: 489 Koz

• Q1 cash flow from operations: $29.6M, free cash flow: $15.9M; fourth consecutive positive free cash flow quarter (2)

• Silver grade mined and milled expected to increase in Q2 2026

• 2026 Guidance:

  • Silver production of 2.9 - 3.2 Moz

  • Capital investment $61M - $66M

$300

US$ Millions

$200

$100

$0

Q1 2026 Performance and 2026 Guidance
		Q1 2026	Q4 2025	2026 Guidance
Silver Produced	Moz	0.5	0.6	2.9 - 3.2
Total Cost of Sales(7)	$M	$22.1	$18.7	-
Capital Investment	$M	$15.0	$16.0	$61 - $66
Free Cash Flow(2)	$M	$15.9	$17.4	-

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

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RESPONSIBLE. SAFE. INNOVATIVE.

FINANCIAL REVIEW

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Q1 Financial Highlights - Continuing Operations

9%

5%

14%

73%

Q1 Mine Revenues

$296.6

$241.6

$587.6

$407M*

Transition to

Net Cash

($ millions)

($545.0)

$23.7

$133.9

($268.2)

($143.8) ($34.2)

$321.3

Silver accounts for 73% of Q1 revenues

Silver

Gold

Lead Zinc

*Chart excludes ERDC Environmental Services revenues, Numbers are rounded and total may exceed 100%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Subsequent to quarter end, the Company completed full redemption of remaining

$263M 7.25% Senior Notes due 2028 on April 9.

Net (Debt)/Cash Cash and Cash Equivalents

Q1 Silver Margins

($/silver oz)

Q1 margin 90%

of realized silver price

$82.70

$8.17

$74.53

Q1/2026

Realized Price Margin (4)

AISC (4)

Realized Silver Price (3)

Q1 FCF(2)

($ millions)

Free cash flow of

$190M

from continuing operations on a mine-level basis

15.9

48.6

125.5

Greens Creek Lucky Friday

Keno Hill

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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:

a. Cashflows calculated based on variable Silver and Gold prices per above and $0.90/lb Lead, and $1.15/lb Zinc 14

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

  <1x

  • Organic growth enhancing ROIC

  • Potential to be low capital-intensive

  • Addresses growth

• Demonstrates confidence

• Tangible shareholder value

• Attracts income-focused investors

• 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

Key Factors

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EXPLORATION

RESPONSIBLE. SAFE. INNOVATIVE.

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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

• Provides lowest risk and highest return

• Target: Add 1-2 years' worth of resources for conversion to reserves

• Midas, Aurora, and Hollister

• Potential medium-term production - Path to restart development decision with production

• Target: 0.5 to 1.5M oz gold and silver resource

• Silver Valley and Generative exploration

• Tier 1 deposit discovery potential

• Target: Identify the next discovery for testing in 2027

Unlocking Significant Value by Advancing Our Highest-Quality Projects

▪ Extends mine life

▪ Provides lowest risk and highest return

▪ Target: Add 1-2 years' worth of resources for conversion to reserves

▪ Midas, Aurora, and Hollister

▪ Potential medium-term production - Path to restart development decision with production

▪ Target: 0.5 to 1.5M oz gold and silver resource

▪ Silver Valley and Generative exploration

▪ Tier 1 deposit discovery potential

▪ Target: Identify the next discovery for testing in 2027

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Bold Step-Out Drilling Offsetting High-Grade Gold in Multiple Directions

A SINTER VEIN LONGITUDINAL SECTION A`

(Looking NE)

DMC-475 (Q425)

0.46 oz/ton gold over 6.1 ft

Including

1.31 oz/ton gold over 2.0 ft

DMC-472 (Q126; footwall structure)

0.19 oz/ton gold over 3.9 ft

Including

0.38 oz/ton gold over 1.6 ft

Sinter outcrop (geyserite)

5000 ft

4500 ft

Sinter Offset NW

Planned Drillhole

2021-22 Sinter Discovery Drilling

Open Exploration Potential

DMC-477 (Q126; hangingwall structure)

0.25 oz/ton gold and 1.0 oz/ton silver over 0.7 ft

Including

0.41 oz/ton gold and 1.5 oz/ton silver over 0.4 ft

DMC-476 (Q126)

4000 ft

3500 ft

0.21 oz/ton gold and 1.6 oz/ton silver over 2.3 ft

Including

1.13 oz/ton gold and 6.6 oz/ton silver over 0.4 ft

Sinter Offset-SE

In-Progress Drillhole Assays Pending Drillhole Intercept

Fault

Sinter Vein Mineralization

>0.3 AuEq (opt) x True Width (ft)

0 SCALE

F E E T

500

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HECLA - THE PREMIER NORTH AMERICAN SILVER COMPANY

Q&A

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RESPONSIBLE. SAFE. INNOVATIVE.

APPENDIX

Overview, End Notes, Guidance, and GAAP Reconciliations

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