Hecla Mining Company (HL) Investor presentation summary

Strategic positioning and portfolio optimization

• Announced sale of Casa Berardi operation for up to $593M, focusing on core silver assets and strengthening financial flexibility.

• Portfolio concentrated in the U.S. and Canada, with operations in top jurisdictions and a peer-leading silver exposure in revenue and reserves.

• Largest silver producer in the U.S. and Canada, accounting for 37% of 2024 U.S. silver production.

• Average reserve mine life of over 13 years, nearly double the industry peer average.

Financial performance and outlook

• 2025 silver production reached 17.0 Moz with AISC of $11.28/oz; free cash flow of $310M and ROIC of 12%.

• Projected 2026 consolidated free cash flow of ~$850M at $100/oz silver and $5,500/oz gold.

• 2026 guidance: silver production of 15.1–16.5 Moz, gold production of 51–55 Koz, and total capital investments of $204–$223M.

• Maintains a low-cost profile, positioned at the lower end of the silver cost curve among peers.

Operational highlights and growth projects

• Greens Creek: cornerstone mine with 2025 silver production of 8.7 Moz, 2026 guidance of 7.5–8.1 Moz, and AISC near zero after by-product credits.

• Lucky Friday: 2025 silver production of 5.3 Moz, 2026 guidance of 4.7–5.2 Moz, with major projects including a surface cooling project and tailings expansion.

• Keno Hill: 2025 silver production of 3.0 Moz, 2026 guidance of 2.9–3.2 Moz, ramping up to 440 tpd to drive robust free cash flow.

• Midas: exploration success with high-grade gold intercepts, aiming for production restart within 3–4 years post-decision.