Hecla Mining Company (HL) 34th Annual BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic vision and operational priorities

• Maintains position as the largest silver producer in the U.S. and Canada, targeting 15.5–17 million ounces in 2024–2025 from three mines in top jurisdictions, accounting for 45% of U.S. silver output and ranking third globally.

• Operations have reserve lives exceeding 12 years, with over 50% margins at current prices and a high-quality, low-cost asset base.

• Focus on operational excellence through standardized systems, automation, advanced analytics, and high-return projects to drive cost control, efficiency, and free cash flow.

• Portfolio optimization underway, including a strategic review of Casa Berardi and a disciplined M&A framework.

• Emphasis on financial discipline, cash flow generation, deleveraging (net leverage ratio 1.6x in 2024), and streamlined shareholder returns.

ESG leadership and market positioning

• Commitment to ESG leadership, responsible environmental stewardship, and strong community and First Nations partnerships, achieving net zero emissions (2021–2023) and low water use.

• Operations powered by renewable energy, with Casa Berardi at 100% and others benefiting from green grids.

• Achieved net zero carbon emissions in previous years; now expanding to carbon sequestration initiatives.

• 2023 economic contribution of $855 million to local communities.

• Safety prioritized, with a 2024 All-Injury Frequency Rate of 1.86, outperforming industry average by 6%.

Asset performance and growth projects

• Greens Creek and Lucky Friday are cornerstone assets, generating strong free cash flow in 2024, with long reserve lives (12 and 17 years) and low AISC.

• Lucky Friday production nearly doubled to 4.9 million ounces in 2024, with improved safety and productivity.

• Keno Hill holds the largest primary silver reserves in Canada, with a 17% reserve increase last year and a ramp-up to 600 tpd dependent on permitting and infrastructure investments.

• Montana project is the third largest undeveloped silver-copper deposit in the U.S., with regulatory approval expected by year-end.

• Exploration budget is $28 million in 2024, focused on reserve replacement and high-grade targets like the Midas project in Nevada.