Hecla Mining — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue from continuing operations was $395 million, the second highest in company history, up 18% from the prior quarter.
• Income from continuing operations was $150 million ($0.22 per share), compared to $118 million ($0.18 per share) in the prior quarter.
• Adjusted EBITDA from continuing operations was $211 million, a 6% increase over the prior quarter.
• Cash flow from continuing operations was $203 million, up 16% quarter-over-quarter.
• Free cash flow from continuing operations was $151 million, nearly tripling year-over-year and setting a new record, up from $136 million in the prior quarter.
• Greens Creek generated a record site-level quarterly free cash flow of $147 million.
• Costs applicable to sales from continuing operations were $158 million, up 35% from the prior quarter due primarily to timing of sales.
• Silver cash cost was negative at ($3.20) per ounce, and All-In Sustaining Cost (AISC) was $14.34 per ounce (excluding Keno Hill).
• Year-to-date AISC was $9.37 per ounce, essentially in line with $9.26 per ounce a year ago.
• Year-to-date silver cash cost improved to ($4.94) per ounce from ($2.20) per ounce.
• The Company ended the quarter with $692 million in cash and cash equivalents.
• The Company remains debt-free (excluding finance leases) with total liquidity of approximately $1.2 billion.

Guidance and Future Outlook:

• Consolidated 2026 silver production guidance is 15.3-16.1 million ounces, with the low end raised from the prior guidance of 15.1-16.1 million ounces.
• Greens Creek silver production guidance remains 8.0-8.3 million ounces.
• Lucky Friday silver production guidance is 5.0-5.2 million ounces, with the low end raised from 4.9-5.2 million ounces.
• Keno Hill silver production guidance is 2.3-2.6 million ounces, with the low end raised from 2.2-2.6 million ounces.
• Greens Creek gold production guidance is reiterated at 51.0-55.0 thousand ounces.
• Total silver cash cost guidance for 2026 is improved to ($4.75)-($4.25) per ounce.
• Total AISC guidance for 2026 is improved to $11.50-$12.50 per ounce.
• Total capital investment guidance for 2026 is lowered to $198-$214 million from $208-$223 million.
• Exploration and pre-development expenditure guidance remains unchanged at $55 million.
• Keno Hill mill throughput is expected to be suppressed to approximately 300 tons per day in the fourth quarter of 2026, with further suppression expected beginning in January 2027.
• License amendments to expand tailings capacity at Keno Hill are currently estimated to be received by mid-2029.
• 2027 production guidance for Keno Hill is expected to be provided in February 2027.

Business Segments and Product Lines:

• Consolidated silver production from continuing operations was 4.2 million ounces, nearly unchanged from the prior quarter.
• Greens Creek produced over 1.9 million ounces of silver and nearly 12 thousand ounces of gold.
• Lucky Friday produced nearly 1.3 million ounces of silver.
• Keno Hill produced nearly 1.0 million ounces of silver, a new quarterly record, driven by a 36% higher milled silver grade and record tons milled.
• Silver payable ounces sold were 4.1 million ounces, up 23% from the prior quarter.
• Gold payable ounces sold were 13 thousand ounces, up 25% from the prior quarter.
• Greens Creek costs applicable to sales were $76 million, with silver cash cost of ($10.11) per ounce and AISC of ($3.25) per ounce.
• Lucky Friday costs applicable to sales were $34 million, with silver cash cost of $7.31 per ounce and AISC of $27.68 per ounce.
• The surface cooling project at Lucky Friday is expected to commission in the fourth quarter.
• Preliminary work on the Greens Creek pyrite concentrate circuit continues, with intermittent production potentially beginning in late 2027 and full capacity in late 2028.
• Greens Creek tailings reprocessing evaluation has broadened to include two additional potential paths forward.
• Nevada exploration investment guidance for 2026 is $16 million, more than three times the 2025 level, with expanded programs at Midas, Hollister, and Aurora.

Market and Competitive Landscape:

• Treatment charges (TCs) shifted to a net credit in the quarter due to favorable market conditions that could persist through the fourth quarter of 2026.
• Hecla positions itself as North America's premier silver producer.
• The Company is advancing a pipeline of organic growth opportunities that build on existing infrastructure and established permitting paths.

Risks and Challenges:

• Keno Hill mill throughput suppression is required to preserve tailings storage, waste rock, and water treatment capacity under current permits while license amendments are pursued.
• Actual production at Keno Hill will depend on grades, dilution, and recoveries achieved during the suppression period.
• The Greens Creek pyrite concentrate circuit and tailings reprocessing projects are in early stages and subject to permitting, final investment approval, and technical work.
• The Midas restart project is under evaluation, with the key question being whether veins have enough continuity and grade to support a resource.
• Forward-looking statements involve risks including metal price volatility, operating risks, currency fluctuations, and regulatory developments.

Management Commentary and Tone:

• Rob Krcmarov, President and CEO, stated that third quarter results reflect the strength of the platform built and that the Company is well positioned to achieve 2026 guidance.
• Management highlighted record free cash flow generation and a debt-free balance sheet as providing the strongest financial position in the Company's history.
• Management expressed delight in welcoming new Board member Dale Andres, a mining executive with over 35 years of experience.
• Management noted that the organic pipeline at Greens Creek demonstrates potential for meaningful value creation.

Other Key Points:

• Mr. Dale Andres joined the Board of Directors.
• The Company entered into a new $500 million revolving credit agreement with an additional $100 million accordion option; the facility is undrawn with $3.4 million utilized for outstanding letters of credit.
• The Board declared a quarterly cash dividend of $0.00375 per share of common stock payable on or about December 8, 2026, to stockholders of record on November 23, 2026.
• Casa Berardi has been recast as a discontinued operation for all prior period financial information.
• Consolidated TRIFR (Total Recordable Injury Frequency Rate) was 1.51, down from 1.57 in the prior quarter.
• Keno Hill milled silver grade improved more than 35% from the prior quarter.
• Exploration success included a new mineralized extension at Keno Hill's Flame & Moth, 900 feet southwest of the existing resource.
• Dry-stack tailings at Greens Creek held an estimated 10.7 million tons of material containing roughly 51 million ounces of silver and nearly 600 thousand ounces of gold as of September 30, 2026.