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HECLA M I N I N G C O M P A N Y LARGEST U.S. AND CANADIAN SILVER PRODUCER THIRD QUARTER 2026 Conference Call RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Cautionary Statements 2 Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook This presentation and the related news release and conference call contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements. Such forward-looking statements may include, without limitation: (i) Medium-term silver production potential of 20+ Moz, including contributions from Keno Hill operating at its permitted rate of 440 tpd following receipt of license amendments and construction of related infrastructure, a potential Midas production restart, and other project pipeline opportunities, as well as longer-term production upside from expansion of Keno Hill beyond 440 tpd and from Aurora and/or Hollister, in each case subject to successful exploration, development and permitting; (ii) At Greens Creek, (a) a potential new pyrite concentrate circuit (1) could potentially expand underground mineral reserves and add approximately 1.0 – 1.2 Moz of silver and 10 – 15 Koz of gold, (2) generate robust return on capital meeting company thresholds while reducing rate of tailings based on early indications, and (3) if approved, could begin intermittent production using temporary equipment in late 2027, with the potential to reach full capacity in late 2028, when construction of the new circuit is expected to be completed, targeting first production in the fourth quarter of 2027 to first half of 2028, and (b) dry-stack tailings reprocessing could reduce mine’s reclamation liability, and the tailings are estimated to contain approximately 10.7 Mtons of material with an estimated 51 Moz of silver and 600 Koz of gold, having an estimated gross in-situ value of the contained metals of approximately $6.4 billion based on September 30, 2026 metals prices, before giving effect to recovery rates, processing, permitting or other costs, with three pathways under review including third-party processing, direct sale as feedstock to third-party smelters or concentrate dealers, and/or onsite self-processing, including combinations of these pathways, and Phase 3 metallurgical test results remain pending; (iii) Lucky Friday surface cooling project is expected to commission in the fourth quarter of 2026; (iv) Keno Hill throughput suppressed to ~300 tpd in the fourth quarter of 2026, with further suppression from January 2027, to preserve tailings, waste rock, and water treatment capacity until license amendments (expected ~mid-2029) and related infrastructure are in place; (v) Potential Midas restart leveraging existing infrastructure and permits, a potential restart development decision and future production opportunities, with regular exploration updates throughout 2027; (vi) Company-wide and mine-specific estimated spending on capital, exploration, predevelopment and costs (costs applicable to sales, cash costs and AISC) for 2026; (vii) Company-wide and mine-specific estimated silver and gold ounces of production for 2026; and (viii) Exploration potential at Keno Hill, including the Flame & Moth mineralized extension and the Bermingham Deep trend, potential extension of mineralization at the West Ore Offset target at Greens Creek, and ongoing drilling and exploration potential at Midas, Aurora and Hollister in Nevada. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current mine plans and, in the case of permitting, there are no significant delays in obtaining the permits; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to the availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; and (vi) litigation, political, regulatory, labor and environmental risks. For a more detailed discussion of such risks and other factors that may impact expected future results, see the Company’s Form 10-K filed on February 17, 2026 and Form 10-Q filed on November 3, 2026. The Company undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law. Qualified Person (QP) Kurt D. Allen, MSc., CPG, VP-Exploration of Hecla Mining Company, Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, and Matt Blattman, P.E., RM-SME, MMSA, VP-Technical Services serve as Qualified Persons under S-K 1300 and NI 43-101 for Hecla’s mineral projects. Mr. Allen supervised the preparation of the scientific and technical information concerning exploration activities while Mr. Jensen supervised the preparation of mineral resources for this presentation. Mr. Blattman supervised the preparation of the mineral reserves for this presentation. Technical Report Summaries for the Company’s Greens Creek, Lucky Friday and Keno Hill properties are filed as exhibits 96.1, 96.2, and 96.4, respectively, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its Technical Report Summary and in its NI 43- 101 technical report titled “Technical Report for the Greens Creek Mine” effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, and (iii) Keno Hill is contained in its Technical Report Summary titled “S-K 1300 Technical Report Summary on the Keno Hill Mine, Yukon, Canada” and in its NI 43-101 technical report titled “Technical Report on the Keno Hill Mine, Yukon, Canada” effective date December 31, 2023. Also included in each Technical Report Summary and technical report listed above is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in NI 43-101 technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in a NI 43-101 technical reports prepared for ATAC Resources Ltd. for (i) the Osiris Project (technical report dated July 28, 2022) and (ii) the Tiger Project (technical report dated February 27, 2020). Copies of these technical reports are available under the SEDAR profiles of Klondex Mines Unlimited Liability Company and ATAC Resources Ltd., respectively, at www.sedar.com (the Fire Creek technical report is also available under Hecla’s profile on SEDAR). Mr. Jensen reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes. Cautionary Note Regarding Non-GAAP measures Cash cost and AISC per ounce of silver, EBITDA, adjusted EBITDA, All -in Sustaining Costs, realized silver margin, and free cash flow represent non-U.S. Generally Accepted Accounting Principles (GAAP) measurements. A reconciliation of these non -GAAP measures to the most comparable GAAP measurements can be found in the Appendix.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 North America’s Premier Silver Producer 3 1 Silver Legacy Oldest precious metals mining company on the NYSE - 135 years of history 2 Best Jurisdictions 100% of operations located in the U.S. and Canada 3 Silver Focused Peer-leading silver exposure in both revenue and reserves 4 Reserve Dominance Average reserve equivalent life nearly 72% longer than the peer group average 5 Project Momentum Surfacing value through investment in a robust organic project pipeline 6 Cost Excellence The lowest-cost producer in the peer group on an AISC(a) basis Note: a. Hecla AISC includes Greens Creek and Lucky Friday only. Keno Hill is excluded, having not yet achieved commercial production
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Operational ExecutionStrongest Balance Sheet in Company History Third Quarter Highlights: Record CFO and Free Cash Flow 4 ▪ Revenue: $395M from continuing operations ▪ Income from continuing operations: $150M, or $0.22 per share ▪ Adjusted EBITDA from continuing operations: $211M, 6% increase over the prior quarter (1) ▪ Record operating cash flow from continuing operations: $203M | Record free cash flow from continuing operations: $151M with Greens Creek setting a new quarterly site-level record of $147M (2) ▪ $692M in cash and no long-term debt outside of finance leases, with a fully undrawn new $500M revolving credit facility plus a $100M accordion option $395M Revenue $211M Adjusted EBITDA (1) $151M Free cash flow (2) ▪ 4.2 Moz silver produced, within 1% of the prior quarter ▪ Greens Creek silver production over 1.9 Moz, gold production of nearly 12 Koz ▪ Lucky Friday silver production of nearly 1.3 Moz ▪ Keno Hill silver production nearly 1.0 Moz, with milled silver grade improving over 35% to the prior quarter ▪ Total costs applicable to sales: $158M, with cash cost: ($3.20)/oz | AISC: $14.34/oz (6) (5) (4) ▪ Safety: Consolidated TRIFR of 1.51, down from 1.57 in the prior quarter 4.2 Moz Silver produced $14.34/oz AISC (4) 1.51 Consolidated TRIFR
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 5 Medium-Term Outlook Potential: 20+ Moz Silver Producer Significant silver production growth potential over medium-term 0 5 10 15 20 25 2023 2024 2025 2026 Medium-term Silver Production (Moz) Greens Creek Lucky Friday Keno Hill Midas Nearer-term upside opportunities ▪ Nearer-term upside opportunities: ▪ Greens Creek pyrite concentrate circuit ▪ Greens Creek tailings reprocessing 20+ Moz medium-term silver growth potential, from 15.3-16.1 Moz guided in 2026 ▪ Medium-term potential driven by: ▪ Keno Hill 440 tpd ramp up, following license amendments and related infrastructure ▪ Midas production restart ▪ Longer-term upside potential: ▪ Keno Hill expansion ▪ Aurora and/or Hollister ▪ Subject to successful exploration, development, and permitting
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Project Pipeline Update – Organic Growth Opportunities Notes: (i) Estimates are preliminary, based on early-stage engineering and metallurgical work, and remain subject to change as the project advances. Actual results may differ materially from these estimates as a result of further technical work, permitting timelines, market conditions, and other factors described under "Forward-Looking Statements". (ii) Estimate calculated using September 30, 2026 metals prices: Ag: $60.73/oz, Au: $4,176/oz, Pb: $0.84/lb, Zn: $1.79/lb, Cu: $6.57/lb Catalyst: Targeting first production in 4Q27 – 1H28, full capacity expected late 2028 Catalyst: Phase 3 metallurgical test work completed August 2026, results pending Catalyst: Regular Midas exploration updates throughout 2027 ▪ Project Update:(i) ▪ Approx 1.0 – 1.2 Moz silver and 10 – 15 Koz gold additional production projected annually once fully ramped up ▪ Intermittent production using temporary equipment expected in late 2027, ahead of completing new circuit, expected in late 2028, subject to investment approval ▪ Early indications point to robust return on capital meeting company thresholds, while reducing rate of tailings ▪ ~10.7 Mtons of tailings with estimated 51 Moz silver and 600 Koz gold(ii). In-situ values of contained metals based on September 30, 2026 metals prices approx. $6.4B(ii) before costs. This material is not a mineral resource or mineral reserve ▪ Potential to reduce mine’s reclamation liability associated with tailings facility ▪ Evaluation of three potential pathways: (1) reprocessing with third party processing facility, (2) direct sale as low-grade feedstock to third-party smelters or concentrate dealers, and/or (3) onsite self-processing. Pathway combinations also under review ▪ Existing high-grade gold and silver resource ▪ Fully permitted mill at ±1,200 tpd capacity ▪ Permitted tailings facility of approx. 15 years storage capacity ▪ Permitted surface infrastructure Greens Creek Pyrite Concentrate Circuit Greens Creek Dry Stack Tailings Reprocessing Midas Restart Project 6
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 OPERATIONAL OVERVIEW RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Greens Creek: Cornerstone Mine, Foundation of Our Future 8 ▪ Q3 2026 results: ▪ Silver and gold production: 1.9 Moz and 12.0 Koz, respectively ▪ Costs applicable to sales of $76.2 million. Cash costs and AISC per silver ounce of ($10.11) and ($3.25), respectively (6)(5)(4) ▪ Q3 cash flow from operations: $155.1M, record quarterly free cash flow: $146.8M (2) ▪ 2026 guidance: ▪ Silver and gold production of 8.0 – 8.3 Moz and 51.0 - 55.0 Koz, respectively ▪ Costs applicable to sales $250M. Cash cost and AISC per silver ounce of ($13.00)-($12.50) and ($5.50)-($5.00), respectively(6)(5)(4) ▪ Total capital investment $55M - $60M Greens Creek Hawk Inlet Loading Q3 2026 Performance and 2026 Guidance Q3 2026 Q2 2026 2026 Guidance Silver Produced Moz 1.9 2.1 8.0 – 8.3 Gold Produced Koz 12.0 14.2 51 – 55 Costs Applicable to Sales(6) $M $76.2 $49.9 $250 Capital Investment $M $11.7 $12.1 $55 - $60 Free Cash Flow(2) $M $146.8 $129.7 - Cash Cost(5) $/Ag oz ($10.11) ($17.11) ($13.00) – ($12.50) AISC(4) $/Ag oz ($3.25) ($10.71) ($5.50) – ($5.00) METALS Ag, Au, Pb, Zn, Cu LOCATION Alaska RESERVE MINE PLAN 12 Years 2025 ECONOMIC IMPACT $292M
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Lucky Friday: Proven Silver Producer 9 Q3 2026 Performance and 2026 Guidance Q3 2026 Q2 2026 2026 Guidance Silver Produced Moz 1.3 1.5 5.0 – 5.2 Costs Applicable to Sales(6) $M $34.2 $35.0 $140 Capital Investment $M $23.7 $16.7 $79 - $84 Free Cash Flow(2) $M $66.8 $87.6 - Cash Cost(5) $/Ag oz $7.31 $3.95 $8.50 - $9.00 AISC(4) $/Ag oz $27.68 $17.08 $24.50 - $25.50 Lucky Friday Head Frame ▪ Q3 2026 results: ▪ Silver production: 1.3 Moz ▪ Costs applicable to sales of $34.2 million. Cash costs and AISC per silver ounce of $7.31 and $27.68, respectively (6) (5) (4) ▪ Surface Cooling Project expected to commission in Q4 2026 ▪ Q3 cash flow from operations: $88.3M, free cash flow: $66.8M (2) ▪ 2026 guidance: ▪ Silver production of 5.0 - 5.2 Moz ▪ Costs applicable to sales $140M. Cash cost and AISC per silver ounce of $8.50 - $9.00 and $24.50 - $25.50, respectively (6)(5)(4) ▪ Total capital investment $79M - $84M METALS Ag, Pb, Zn LOCATION Idaho RESERVE MINE PLAN 15 Years 2025 ECONOMIC IMPACT $190M
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Keno Hill: Focused on Permits and Infrastructure Build-Out 10 Q3 2026 Performance and 2026 Guidance Q3 2026 Q2 2026 2026 Guidance Silver Produced Moz 1.0 0.6 2.3 – 2.6 Costs Applicable to Sales(6) $M $25.4 $22.1 - Capital Investment $M $11.2 $7.2 $55 - $59 Free Cash Flow(2) $M ($2.1) $14.6 - Keno Hill▪ Q3 2026 production results: ▪ Silver production: 963 Koz ▪ Milled silver grade of 26.2 opt, improving over 35% to the prior quarter and new quarterly record milling rate ▪ Q3 cash flow from operations: $4.8M, free cash flow: ($2.1M)(2) ▪ Throughput suppressed to ~300 tpd in Q4 2026, with further suppression from January 2027, to preserve tailings, waste rock and water treatment capacity until license amendments and related infrastructure are in place ▪ 2026 Guidance: ▪ Silver production of 2.3 – 2.6 Moz ▪ Capital investment $55M - $59M METALS Ag, Pb, Zn LOCATION Yukon RESERVE MINE PLAN 13 Years 2025 ECONOMIC IMPACT $176M
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 FINANCIAL REVIEW RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Q3 2026 Revenue Highlights – Continuing Operations 12 Note: * Keno Hill excludes revenue from ERDC Environmental Services revenues. Total excludes ERDC Environmental Services revenues, numbers are rounded and total may exceed 100%. Q3 Revenues by Metals Silver accounts for 69% of Q3 revenues 69% 15% 6% 9% Q3 Mine Revenues $372M* Greens Creek: 60% of Total Revenue Lucky Friday: 27% of Total Revenue Keno Hill: 13% of Total Revenue 61%24% 4% 11% 76% 15% 9% 97% 3% Q3 2026 Revenues: $222M Q3 2026 Revenues: $50M* Q3 2026 Revenues: $100M Ag Au PbZn
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 146.8 66.8 -2.1 Greens Creek Lucky Friday Keno Hill $14.34 $49.28 $63.62 Q3/2026 Realized Price Margin (4) AISC (4) Realized Silver Price (3) Q3 2026 Financial Highlights – Continuing Operations 13 Transition to Net Cash ($ million) Income from Continuing Operations ($ million) $89.4 $110.1 $164.7 $117.9 $149.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($143.8) ($34.2) $321.3 $470.7 $680.4 $133.9 $241.6 $587.6 $483.5 $691.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net (Debt)/Cash Cash and Cash Equivalents The Company ends Q3 free of long-term debt (excluding finance leases), backed by a fully undrawn $500M revolving credit facility plus a $100M accordion option. Q3 Free Cash Flow(2) by Operation before exploration and corporate costs ($ million) Consolidated free cash flow of $151M from continuing operations Q3 Silver Margins ($/silver oz) Q3 margin 77% of realized silver price
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14 EXPLORATION RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 15 Keno Hill – New Mineralized Extension at Flame & Moth Good Grades Over Significant Widths 900+ Feet Southwest of Existing Resource
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 16 Keno Hill – High-Grade Silver Exploration Intercepts Significantly Expands Bermingham Deep Target Trend to 1,300 Feet of Strike Length Based Partly on Visual Observations; Assays Pending Reaffirming the Significant Exploration Potential in the Keno Hill District
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 17 Greens Creek – Drilling Intersects Massive Sulfide Lithologies in West Ore Offset Target 500 Feet From Resource pXRF spot locations and Au values shown Oblique 3D View Looking Northeast at a 40º Plunge West Ore Offset Target
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 18 Nevada – Drilling Confirming High-Grades in 494 Vein at Midas; Drilling in Progress at Aurora and Hollister pXRF spot locations and Au values shown
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Q&A Hecla – The Premier North American Silver Company
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20 20 APPENDIX Overview, End Notes, Guidance and Non-GAAP Reconciliations RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Ownership Overview(b) Hecla at a Glance Notes: a. Data as of September 30, 2026. The Company completed full redemption of remaining $263M 7.25% Senior Notes due 2028 on Apr il 9, 2026 b. Ownership overview and top 10 shareholders as of September 30, 2026; Market capitalization as of October 21, 2026 c. Data as of October 21, 2026 Company Overview Headquarters Coeur d’Alene, Idaho Stock Ticker NYSE: HL Common Shares Outstanding 681.2M shares(a) Market Capitalization $10.3B(b) Last 3 Months Average Daily Volume 35.2M shares(c) Cash Position $691.6M(a) Long-Term Debt - (a) Dividend (paid quarterly) $0.00375/share Equity Research Coverage Firm Analyst BMO Capital Markets Kevin O’Halloran Canaccord Genuity Corp (Canada) Dalton Baretto Cantor Fitzgerald Mike Kozak CIBC Cosmos Chiu H.C. Wainwright & Co. Heiko Ihle Jefferies Securities Inc. Fahad Tariq National Bank Financial Alex Terentiew RBC Capital Markets Harrison Reynolds Scotiabank Eric Winmill TD Cowen Wayne Lam Top 10 Institutional Shareholders(b) Name % of S/O BlackRock Institutional Trust 9.73% Van Eck Associates 5.61% State Street Global Advisors 4.69% Vanguard Capital Management LLC 4.49% Vanguard Portfolio Management LLC 4.46% Tidal Investments LLC 3.31% Mirae Asset Global Investments (USA) 2.80% Invesco Capital Management LLC 1.93% Geode Capital Management 1.88% Dimensional Fund Advisors 1.87% 22% 78% Retail Institutional 21
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 2026 Guidance: Strong Margins Maintained 22 2026 Production Outlook 2026 Consolidated Cost Outlook 2026 Capital and Exploration Outlook Silver Production (Moz) Gold Production (Koz) Greens Creek 8.0 – 8.3 51.0 – 55.0 Lucky Friday 5.0 – 5.2 N/A Keno Hill 2.3 – 2.6 N/A 2026 Total 15.3 – 16.1 51.0 – 55.0 Costs applicable to sales (millions)(6) Cash cost, per silver/gold ounce(5) AISC, per produced silver/gold ounce(4) Greens Creek $250 ($13.00) – ($12.50) ($5.50) – ($5.00) Lucky Friday $140 $8.50 - $9.00 $24.50 - $25.50 Total Silver $390 ($4.75) – ($4.25) $11.50 - $12.50 (millions) Total Sustaining Growth Capital Investments $198 - $214 $142 - $153 $56 - $61 Greens Creek $55 - $60 $54 - $58 $1 - $2 Lucky Friday $79 - $84 $79 - $84 - Keno Hill $55 - $59 - $55 - $59 Corporate $9 - $11 $9 - $11 - Exploration & Pre-Development Expenditures $55 Note: a. Cash costs and AISC per ounce calculated using metal prices assumption: Gold $4,000/oz, Lead $0.85/lb, Zinc $1.40/lb
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 End Notes 23 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 alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. 2. Free cash flow is a non-GAAP measure and is calculated as cash flow from operations less additions to property, plant and equipment net of finance leases. Reconciliation to GAAP is shown in the appendix. 3. Realized silver margin is a non-GAAP measure and is calculated as realized market price of silver less AISC. 4. All-in sustaining cost (“AISC”) is a non-GAAP measurement, a reconciliation of which to costs applicable to sales, the closest GAAP measurement, can be found in the end of the release. AISC includes costs applicable to sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC is calculated net of depreciation, depletion, and amortization and by-product credits. Current GAAP measures used in the mining industry, such as total costs applicable to sales, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. 5. Cash cost per silver ounce is a non-GAAP measurement, a reconciliation of which to costs applicable to sales can be found at the end of the presentation. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis aggregating the Greens Creek and Lucky Friday mines to compare performance with that of other silver mining companies. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. 6. Costs applicable to sales excludes depreciation, depletion and amortization. 7. 2026E refer to Hecla’s estimates for 2026. Expectations for 2026 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, and Keno Hill converted using Au $4,000/oz, Ag $50.00/oz, Zn $1.40/lb, and Pb $ 0.85/lb, for byproduct credit calculations. Numbers are rounded. Assumed exchange rate for Canadian dollar is unchanged at 1.35 CAD/USD.
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NYSE: HL I N V E S T O R R E L A T I O N S I N Q U I R I E S Mike Parkin · VP Strategy & Investor Relations ☏ 1-800-432-5291 hmc-info@hecla.com 24
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25 NON-GAAP RECONCILIATIONS RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Adjusted EBITDA 26 Reconciliation of Income from Continuing Operations (GAAP) to Adjusted EBITDA from Continuing Operations (non-GAAP) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Dollars in thousands (USD) Income from continuing operations $ 149,600 $ 117,876 $ 164,653 $ 110,059 $ 89,363 Interest expense 620 2,413 5,656 5,396 13,264 Income and mining tax expense 40,548 18,767 50,900 37,351 31,030 Depreciation, depletion and amortization 36,549 36,772 33,768 31,185 38,481 Foreign exchange (gain) loss 652 4,445 (498) 2,196 (436) Fair value adjustments, net (26,691) 9,246 5,945 19,334 (19,828) Care and maintenance 3,353 3,062 3,246 2,060 2,003 Provisional price losses (gains) 7,029 7,089 (848) (28,993) (10,903) Loss on disposition of properties, plants, equipment, and mineral interests (5) 1,932 1,750 6 2,706 Stock-based compensation 3,377 3,297 2,784 3,356 2,639 Provision for closed operations and environmental matters 4,017 1,329 1,297 4,965 1,268 Inventory adjustments - - - 8,501 51 Other (7,575) (7,049) (3,549) 5,539 (2,501) Adjusted EBITDA from continuing operations $ 211,474 $ 199,179 $ 265,104 $ 200,955 $ 147,137
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Cash Cost and AISC Reconciliation to GAAP 27 1. Excludes depreciation, depletion, and amortization. 2. Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs, royalties and mining production taxes, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. Total Silver and Other Q3 2026 Q2 2026 2026E In thousands (except per ounce amounts) Costs applicable to sales(1) $ 158,197 $ 117,283 $ 389,200 Treatment costs (2,233) (5,942) 4,000 Change in product inventory (13,185) 9,189 - Reclamation and other costs (2,811) (1,116) - Exclusion of Keno Hill cash costs (25,402) (22,136) - Exclusion of other costs (22,403) (10,266) (23,300) Cash Cost, Before By-product Credits(2) 92,163 87,012 369,900 Reclamation and other costs 1,159 1,158 4,600 Sustaining capital 39,515 34,452 146,000 General and administrative 15,582 15,173 65,000 AISC, Before By-product Credits(2) 148,419 137,795 585,500 Total By-product credits (102,421) (116,047) (428,600) Cash Cost $ (10,258) $ (29,035) $ (58,700) AISC $ 45,998 $ 21,748 $ 156,900 Divided by silver ounces produced 3,208 3,584 13,250 Cash Cost, Before By-product Credits, per Silver Ounce $ 28.73 $ 24.28 $ 27.92 By-product credits per Silver Ounce (31.93) (32.38) (32.35) Cash Cost per Silver Ounce $ (3.20) $ (8.10) $ (4.43) AISC, Before By-product Credits, per Silver Ounce 46.27 38.45 $ 44.19 By-product credits per Silver Ounce (31.93) (32.38) (32.35) AISC per Silver Ounce $ 14.34 $ 6.07 $ 11.84 Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By -product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP)
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Cash Cost and AISC Reconciliation to GAAP 28 Greens Creek Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By -product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP) Q3 2026 Q2 2026 2026E In thousands (except per ounce amounts) Costs applicable to sales(1) $ 76,167 $ 49,911 $ 249,600 Treatment costs (2,156) (3,148) 2,300 Change in product inventory (12,561) 9,606 - Reclamation and other costs (2,560) (889) (18,700) Cash Cost, Before By-product Credits(2) 58,890 55,480 233,200 Reclamation and other costs 934 933 3,700 Sustaining capital 12,335 12,188 57,000 AISC, Before By-product Credits(2) 72,159 68,601 293,900 Total By-product credits (78,449) (90,582) (336,700) Cash Cost $ (19,559) $ (35,102) $ (103,500) AISC $ (6,290) $ (21,981) $ (42,800) Divided by silver ounces produced 1,935 2,051 8,150 Cash Cost, Before By-product Credits, per Silver Ounce $ 30.43 $ 27.05 $ 28.61 By-product credits per Silver Ounce (40.54) (44.16) (41.31) Cash Cost per Silver Ounce $ (10.11) $ (17.11) $ (12.70) AISC, Before By-product Credits, per Silver Ounce $ 37.29 $ 33.45 $ 36.06 By-product credits per Silver Ounce (40.54) (44.16) (41.31) AISC per Silver Ounce $ (3.25) $ (10.71) $ (5.25) 1. Excludes depreciation, depletion, and amortization. 2. Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs, royalties and mining production taxes, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Cash Cost and AISC Reconciliation to GAAP 29 Lucky Friday Reconciliation of Costs Applicable to Sales (GAAP) to Cash Cost, Before By -product Credits (non-GAAP) and Cash Cost (non-GAAP) and All-In Sustaining Cost, Before By-product Credits (non-GAAP) and All-In Sustaining Cost (non-GAAP) Q3 2026 Q2 2026 2026E In thousands (except per ounce amounts) Costs applicable to sales(1) $ 34,225 $ 34,970 $ 139,600 Treatment costs (77) (2,794) 1,700 Change in product inventory (624) (417) - Reclamation and other costs (251) (227) (4,600) Cash Cost, Before By-product Credits(2) 33,273 31,532 136,700 Reclamation and other costs 225 225 900 Sustaining capital 25,705 19,884 82,000 AISC, Before By-product Credits(2) 59,203 51,641 219,600 Total By-product credits (23,972) (25,465) (91,900) Cash Cost $ 9,301 $ 6,067 $ 44,800 AISC $ 35,231 $ 26,176 $ 127,700 Divided by silver ounces produced 1,273 1,533 5,100 Cash Cost, Before By-product Credits, per Silver Ounce $ 26.15 $ 20.57 $ 26.80 By-product credits per Silver Ounce (18.84) (16.62) (18.02) Cash Cost per Silver Ounce $ 7.31 $ 3.95 $ 8.78 AISC, Before By-product Credits, per Silver Ounce $ 46.52 $ 33.70 $ 43.06 By-product credits per Silver Ounce (18.84) (16.62) (18.02) AISC per Silver Ounce $ 27.68 $ 17.08 $ 25.04 1. Excludes depreciation, depletion, and amortization. 2. Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs, royalties and mining production taxes, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Free Cash Flow (Non-GAAP) Reconciliation 30 Reconciliation of cash provided by operating activities (GAAP) from continuing operations to Free Cash Flow (non-GAAP) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Dollars in thousands (USD) Cash provided by operating activities from continuing operations 202,951 174,919 182,922 165,852 Less: Capital investments (51,714) (39,142) (39,265) (65,936) Free Cash Flow from continuing operations $ 151,237 $ 135,777 $ 143,657 $ 99,916
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Free Cash Flow (Non-GAAP) Reconciliation 31 Reconciliation of cash provided by operating activities (GAAP) to Free Cash Flow (non-GAAP) for All Operations Q3 2026 Q2 2026 in thousands Greens Creek Cash provided by operating activities $ 155,146 $ 139,181 Exploration $ 3,388 $ 2,588 Less: Capital investments $ (11,746) $ (12,070) Free Cash Flow $ 146,788 $ 129,699 Lucky Friday Cash provided by operating activities $ 88,331 $ 103,606 Exploration $ 2,143 $ 638 Less: Capital investments $ (23,655) $ (16,681) Free Cash Flow $ 66,819 $ 87,563 Keno Hill Cash provided by operating activities $ 4,811 $ 17,932 Exploration $ 4,321 $ 3,854 Less: Capital investments $ (11,205) $ (7,236) Free Cash Flow $ (2,073) $ 14,550
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32 MINERAL RESERVES AND RESOURCES RESPONSIBLE. SAFE. INNOVATIVE.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Reserves – 12/31/2025(1) (1/4) 33 Proven Reserves(1) Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Silver (000 oz) Gold (000 oz) Lead Tons Zinc Tons Greens Creek (2,3) 100.0% 13 23.93 0.120 3.0 7.8 309 1.5 390 1,000 Lucky Friday (2,4) 100.0% 4,747 11.82 - 7.5 3.8 56,096 - 355,370 181,180 Keno Hill (2,5) 100.0% 9 23.51 - 2.4 6.2 235 - 220 600 Total 4,769 56,640 1.5 355,980 182,780
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Reserves – 12/31/2025(1) (2/4) 34 Probable Reserves(7) Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Silver (000 oz) Gold (000 oz) Lead Tons Zinc Tons Greens Creek (2,3) 100.0% 10,166 10.41 0.083 2.3 6.3 105,788 841 237,730 637,130 Lucky Friday (2,4) 100.0% 1,636 9.47 - 6.0 3.7 15,493 - 97,590 60,710 Keno Hill (2,5) 100.0% 2,104 25.28 0.007 2.9 2.9 53,172 16 61,600 61,230 Total 13,906 174,453 857 396,920 759,070
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Reserves – 12/31/2025(1) (3/4) 35 Proven and Probable Reserves Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Silver (000 oz) Gold (000 oz) Lead Tons Zinc Tons Greens Creek (2,3) 100.0% 10,179 10.42 0.083 2.3 6.3 106,097 842 238,120 638,130 Lucky Friday (2,4) 100.0% 6,383 11.22 - 7.1 3.8 71,589 - 452,960 241,890 Keno Hill (2,5) 100.0% 2,113 25.28 0.007 2.9 2.9 53,407 16 61,820 61,830 Total 18,675 231,093 858 752,900 941,850
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Reserves – 12/31/2025(1) (4/4) 36 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 mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. See footnotes 8 and 9 below. 2. Mineral reserves are based on $25/oz silver, $2100/oz gold, $0.90/lb lead, $1.15/lb zinc, unless otherwise stated. All Mineral Reserves are reported in-situ with estimates of mining dilution and mining loss. 3. The reserve NSR cut-off values for Greens Creek are $275/ton for all zones; metallurgical recoveries (actual 2025): 79.3% for silver, 74% for gold, 82.6% for lead, and 88.8% for zinc. 4. The reserve NSR cut-off values for Lucky Friday are $280/ton for all veins; metallurgical recoveries (actual 2025): 94.5% for silver, 94.3% for lead, and 85.1% for zinc. 5. The reserve NSR cut-off value at Keno Hill is $336/ton (CAN$500/tonne), Metallurgical recovery (actual 2025): 96.2% for silver, 94% for lead, 81% for zinc; US$/CAN$ exchange rate: 1:1.35 6. The term “probable reserves” means the economically mineable part of an indicated and, in some cases, a measured mineral resource. See footnotes 9 and 10 below. Totals may not represent the sum of parts due to rounding
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Resources - 12/31/2025(8) (1/6) 37 Measured Resources(9) Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Copper % Silver (000 oz) Gold (000 oz) Lead (Tons) Zinc (Tons) Copper (Tons) Greens Creek(12,13) 100.0% - - - - - - - - - - - Lucky Friday(12,14) 100.0% 1,806 11.81 - 7.4 2.1 - 21,328 - 134,280 37,610 - Keno Hill(12,15) 100.0% - - - - - - - - - - - Fire Creek(16,17) 100.0% - - - - - - - - - - - Hollister(16,18) 100.0% - - - - - - - - - - - Midas(16,19) 100.0% - - - - - - - - - - - Star(12,20) 100.0% - - - - - - - - - - - Rackla - Tiger Open Pit(26) 100.0% 881 - 0.085 - - - - 75 - - - Rackla - Tiger Underground(26) 100.0% 32 - 0.060 - - - - 2 - - - Rackla - Osiris Open Pit(27) 100.0% - - - - - - - - - - - Rackla - Osiris Underground(27) 100.0% - - - - - - - - - - - Total 2,719 21,328 77 134,280 37,610 - Note: a. Excludes Quebec and Mexico properties in light of their sale in Q1 2026
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Resources - 12/31/2025(8) (2/6) 38 Indicated Resources(10) Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Copper % Silver (000 oz) Gold (000 oz) Lead (Tons) Zinc (Tons) Copper (Tons) Greens Creek(12,13) 100.0% 5,844 15.17 0.112 3.4 8.9 - 88,655 653 200,430 522,550 - Lucky Friday(12,14) 100.0% 1,619 11.87 - 6.2 1.5 - 19,213 - 100,200 24,850 - Keno Hill(12,15) 100.0% 583 24.09 0.009 2.5 6.3 - 14,039 5 14,460 36,710 - Fire Creek(16,17) 100.0% 186 0.85 0.380 - - - 158 71 - - - Hollister(16,18) 100.0% 95 2.38 0.547 - - - 227 52 - - - Midas(16,19) 100.0% 100 5.34 0.394 - - - 536 40 - - - Star(12,20) 100.0% 375 4.65 - 9.9 10.5 - 1,744 - 37,110 39,330 - Rackla - Tiger Open Pit(26) 100.0% 3,116 - 0.100 - - - - 311 - - - Rackla - Tiger Underground(26) 100.0% 960 - 0.079 - - - - 76 - - - Rackla - Osiris Open Pit(27) 100.0% 4,843 - 0.119 - - - - 577 - - - Rackla - Osiris Underground(27) 100.0% 927 - 0.133 - - - - 123 - - - Total 18,648 124,572 1,908 352,200 623,440 - Note: a. Excludes Quebec and Mexico properties in light of their sale in Q1 2026
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Resources - 12/31/2025(8) (3/6) 39 Measured & Indicated Resources Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Copper % Silver (000 oz) Gold (000 oz) Lead (Tons) Zinc (Tons) Copper (Tons) Greens Creek(12,13) 100.0% 5,844 15.17 0.112 3.4 8.9 - 88,655 653 200,430 522,550 - Lucky Friday(12,14) 100.0% 3,425 11.84 - 6.8 1.8 - 40,541 - 234,480 62,460 - Keno Hill(12,15) 100.0% 583 24.09 0.009 2.5 6.3 - 14,039 5 14,460 36,710 - Fire Creek(16,17) 100.0% 186 0.85 0.380 - - - 158 71 - - - Hollister(16,18) 100.0% 95 2.38 0.547 - - - 227 52 - - - Midas(16,19) 100.0% 100 5.34 0.394 - - - 536 40 - - - Star(12,20) 100.0% 375 4.65 - 9.9 10.5 - 1,744 - 37,110 39,330 - Rackla - Tiger Open Pit(26) 100.0% 3,997 - 0.097 - - - - 386 - - - Rackla - Tiger Underground(26) 100.0% 992 - 0.079 - - - - 78 - - - Rackla - Osiris Open Pit(27) 100.0% 4,843 - 0.119 - - - - 577 - - - Rackla - Osiris Underground(27) 100.0% 927 - 0.133 - - - - 123 - - - Total 21,367 145,900 1,985 486,480 661,050 - Note: a. Excludes Quebec and Mexico properties in light of their sale in Q1 2026
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Resources - 12/31/2025(8) (4/6) 40 Inferred Resources(11) Asset Location Ownership Tons (000) Silver (oz/ton) Gold (oz/ton) Lead % Zinc % Copper % Silver (000 oz) Gold (000 oz) Lead (Tons) Zinc (Tons) Copper (Tons) Greens Creek(12,13) 100.0% 1,431 16.29 0.107 3.2 8.0 - 23,314 153 45,720 113,910 - Lucky Friday(12,14) 100.0% 2,238 11.63 - 8.6 2.9 - 26,033 - 192,010 65,770 - Keno Hill(12,15) 100.0% 662 16.69 0.005 1.9 3.8 - 11,044 4 12,450 25,350 - Fire Creek(16,17) 100.0% 1,108 0.45 0.433 - - - 501 479 - - - Fire Creek - Open Pit(21) 100.0% 74,584 0.07 0.029 - - - 5,232 2,178 - - - Hollister(16,18) 100.0% 821 2.61 0.376 - - - 2,145 309 - - - Midas(16,19) 100.0% 1,665 5.09 0.413 - - - 8,466 687 - - - Star(12,20) 100.0% 667 4.87 - 9.4 9.2 - 3,245 - 62,810 61,440 - San Juan Silver(12,22) 100.0% 2,310 15.92 0.011 1.4 1.1 - 36,760 26 49,270 40,310 - Monte Cristo(23) 100.0% 576 0.23 0.183 - - - 135 106 - - - Rock Creek(12,24) 100.0% 99,258 1.49 - - - 0.66 148,291 - - - 656,060 Libby Exploration Project (12,25) 100.0% 112,185 1.63 - - - 0.68 183,346 - - - 759,420 Rackla - Tiger Open Pit(26) 100.0% 30 - 0.051 - - - - 2 - - - Rackla - Tiger Underground(26) 100.0% 153 - 0.069 - - - - 11 - - - Rackla - Osiris Open Pit(27) 100.0% 5,919 - 0.089 - - - - 529 - - - Rackla - Osiris Underground(27) 100.0% 4,398 - 0.117 - - - - 515 - - - Total 308,005 448,512 4,999 362,260 306,780 1,415,480 Note: a. Excludes Quebec and Mexico properties in light of their sale in Q1 2026
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Resources - 12/31/2025(8) (5/6) 41 8. The term "mineral resources" means a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. 9. The term "measured resources" means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. 10. The term "indicated resources" means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. 11. The term "inferred resources" means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve. 12. Mineral resources are based on $2,250/oz gold, $26/oz silver, $0.90/lb lead, $1.20/lb zinc and $4.00/lb copper, unless otherwise stated. 13. The resource NSR cut-off values for Greens Creek are $275/ton for all zones; metallurgical recoveries (actual 2025): 79.3% for silver, 74% for gold, 82.6% for lead, and 88.8% for zinc. 14. The resource NSR cut-off value for Lucky Friday is $280/ton; metallurgical recoveries (actual 2025): 94.5% for silver, 94.3% for lead, and 85.1% for zinc 15. The resource NSR cut-off value at Keno Hill is $336.00/ton (CAN$500/tonne); using minimum width of 4.5 feet (1.5m); metallurgical recovery (actual 2025): 96.2% for silver, 94% for lead, 81% for zinc; US$/CAN$ exchange rate: 1:1.35 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.
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Hecla Brand Blue 28 37 88 Dark Blue 26 74 136 Medium Blue 70 138 189 Light Blue 156 213 223 Gold / Orange 231 161 22 Yellow 248 208 33 Lead / Red 128 32 35 Green 120 157 74 Dark Gray 77 78 78 Silver / Gray 133 133 132 Light Gray 192 191 189 Light Green 193 204 68 Zinc 133 115 77 Copper 149 147 95 Mineral Resources - 12/31/2025(8) (6/6) 42 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-off grade of 0.228 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver. 18. Hollister mineral resources, including the Hatter Graben are reported at a gold equivalent cut-off grade of 0.191 oz/ton. Metallurgical recoveries: 88% for gold and 66% for silver 19. Midas mineral resources are reported at a gold equivalent cut-off grade of 0.183 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver. Inferred resources for the Sinter Zone are reported undiluted. 20. Indicated and Inferred resources at the Star property are reported using a minimum mining width of 4.3 feet and an NSR cut-off value of $280/ton; Metallurgical recovery: 93% for silver, 93% for lead, and 87% for zinc. 21. Inferred open-pit resources for Fire Creek calculated November 30, 2017 using gold and silver recoveries of 65% and 30% for oxide material and 60% and 25% for mixed oxide-sulfide material. Indicated Resources reclassified as Inferred in 2019. Open pit resources are calculated at $1400 gold and $19.83 silver and cut-off grade of 0.01 Au Equivalent oz/ton and is inclusive of 10% mining dilution and 5% ore loss. Open pit mineral resources exclusive of underground mineral resources. NI43-101 Technical Report for the Fire Creek Project, Lander County, Nevada; Effective Date March 31, 2018; prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining Company, June28, 2018. 22. Inferred resources reported at a minimum mining width of 6.0 feet for Bulldog and an NSR cut-off value of $206/ton, and 5.0 feet for Equity and North Amethyst veins at an NSR cut-off value of $206/ton; Metallurgical recoveries based on grade dependent recovery curves; metal recoveries at the mean resource grade average 89% silver, 74% lead, and 81% zinc for the Bulldog and a constant 85% gold and 85% silver for North Amethyst and Equity. 23. Inferred resource at Monte Cristo reported at a minimum mining width of 5.0 feet and a 0.094 oz/ton gold cut-off grade. Metallurgical recovery: 85% for gold and 85% silver. 24. Inferred resource at Rock Creek reported at a minimum thickness of 15 feet and an NSR cut-off value of $35.10/ton; Metallurgical recoveries: 88% for silver and 92% for copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest in the June 2003 'Record of Decision, Rock Creek Project'. 25. Inferred resource at Libby reported at a minimum thickness of 15 feet and an NSR cut-off value of $35.10/ton NSR; Metallurgical recoveries: 88% for silver and 92% copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest, Montana DEQ in December 2015 'Joint Final EIS, Montanore Project' and the February 2016 U.S Forest Service - Kootenai National Forest 'Record of Decision, Montanore Project'. 26. Mineral resources at the Rackla-Tiger Project are based on a gold price of $1650/oz, metallurigical recovery of 95% for gold, and cut-off grades od 0.02 oz/ton gold for the open pit portion of the resources and 0.04 oz/ton gold for the underground portions of the resources; US$/CAN$ exchange rate: 1:1.3. 27. Mineral resources at the Rackla-Osiris Project are based on a gold price of $1850/oz, metallurigical recovery of 83% for gold, and cut-off grades of 0.03 oz/ton gold for the open pit portion of the resources and 0.06 oz/ton gold for the underground portions of the resources; US$/CAN$ exchange rate: 1:1.3. Totals may not represent the sum of parts due to rounding
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