Hecla Reports Third Quarter 2026 Results

Hecla Mining Company (NYSE:HL) (“Hecla”, or the “Company”) today announced third quarter 2026 financial and operating results. “Prior quarter” refers to the second quarter of 2026. Prior period financial information has been recast to reflect Casa Berardi as a discontinued operation.

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Figure 1: Flame & Moth longitudinal section showing the new extension, holes 944 and 951, and the 900-foot gap to the existing resource

THIRD QUARTER 2026 HIGHLIGHTS

Financial Performance:

• Revenue: $395 million from continuing operations, the second highest in company’s history.

• Profitability: Income from continuing operations of $150 million or $0.22 per share – up from $118 million or $0.18 per share in the prior quarter.

• Adjusted EBITDA: $211 million from continuing operations, a 6% increase over the prior quarter (both periods on a continuing operations basis, excluding Casa Berardi).⁴

• Record cash flow generation: Cash flow generated from continuing operations of $203 million, and record quarterly free cash flow from continuing operations of $151 million; Greens Creek set a new site-level quarterly record of $147 million.¹

• Strengthening balance sheet: The Company ended the quarter with $692 million of cash and cash equivalents, reflecting continued balance sheet strength and strategic flexibility. The Company remains debt free (excluding finance leases) and has entered into a new $500 million revolving credit agreement with an additional $100 million accordion option. The facility is undrawn, with $3.4 million of capacity currently utilized for outstanding letters of credit. This is the strongest balance sheet position in the Company’s history.

Corporate Matters:

• New Director: Mr. Dale Andres has joined the Board of Directors. Mr. Andres is a mining executive with over 35 years of experience in base and precious metals.

Operational Performance:

• Operations:
  • Safety: Consolidated TRIFR of 1.51, down from 1.57 in the prior quarter.

  • Silver production from continuing operations was 4.2 million ounces, nearly unchanged from the prior quarter, with consolidated silver sales volumes stronger, reflecting the timing of shipments, mainly at Greens Creek.

  • Consolidated costs applicable to sales from continuing operations of $158 million, up 35% from the prior quarter due primarily to the timing of sales. Silver cash cost remained negative at ($3.20) per ounce and AISC was $14.34 per ounce (excluding Keno Hill, which has not yet achieved commercial production). Year-to-date AISC of $9.37/oz is essentially in line with $9.26/oz a year ago, and YTD cash cost improved to ($4.94)/oz from ($2.20)/oz.^2,3,5

  • Production and cost guidance: Consolidated 2026 silver production is expected to be 15.3-16.1 million ounces, with low end raised compared to prior guidance of 15.1-16.1 million ounces. Consolidated silver cash cost and AISC guidance improved to ($4.75)-($4.25)/oz and $11.50-$12.50/oz respectively,^2,3 on outperformance during the first nine months of the year, reduced sustaining capital investment guidance, and higher by-product credits.^2,3 See Guidance section for more details.

• Individual Mine Performance:
  • Greens Creek: Produced over 1.9 million ounces of silver and nearly 12 thousand ounces of gold. Costs applicable to sales were $76 million, with silver cash cost of ($10.11) per ounce and AISC of ($3.25) per ounce.^2,3,5

  • Lucky Friday: Produced nearly 1.3 million ounces of silver. Costs applicable to sales were $34 million, with silver cash cost of $7.31 per ounce and AISC of $27.68 per ounce.^2,3,5 The surface cooling project is expected to commission in the fourth quarter.

  • Keno Hill: Produced nearly 1.0 million ounces of silver. Milled silver grade improved more than 35% from the prior quarter and milling rates reached a new quarterly record. Milling rates will be suppressed beginning in the fourth quarter to preserve the tailings storage, waste rock and water treatment capacity available under current permits while license amendments are pursued (see “Keno Hill Update” below).

  • Growth pipeline: Preliminary work on the Greens Creek pyrite concentrate continues, and has led to a revision to growth capital expenditure guidance for Greens Creek. Subject to final investment approval, intermittent production using temporary equipment could begin in late 2027 with potential to reach full capacity in late 2028, when construction of the new circuit is expected to be completed. Separately, the scope of the Greens Creek dry-stack tailings reprocessing evaluation has broadened to include two additional potential paths forward, or a combination of them. In Nevada, 2026 exploration investment guidance of $16 million is more than three times the 2025 level with expanded programs at Midas and new programs at Hollister and Aurora. See “Project Pipeline Update” section below for further details.

  • Exploration: Exploration success continued in the third quarter, led by the discovery of a new mineralized extension at Keno Hill’s Flame & Moth, 900 feet southwest of the existing resource; ongoing progress along the Bermingham trend toward the historic Hector-Calumet Mine; and massive sulfide intercepts at Greens Creek’s West Ore Offset target, with assays pending. Hecla also commenced drilling in Nevada at Aurora and Hollister and continued follow-up drilling on the new high-grade veins discovered at Midas in the second quarter.

Rob Krcmarov, President and Chief Executive Officer, said: “Our third quarter results reflect the strength of the platform we have built, and we are well positioned to achieve our 2026 guidance. We generated record free cash flow of $151 million, led by Greens Creek’s record $147 million. Our free cash flow generation and debt-free balance sheet provide us with the strongest financial position in our history, with nearly $700 million in cash and total liquidity of approximately $1.2 billion. Our organic pipeline continues to advance at Greens Creek, where preliminary work on the pyrite concentrate circuit is progressing and we are now evaluating two additional potential paths forward for the dry-stack tailings. These opportunities are still early stage, but they demonstrate the potential for meaningful value creation and to further solidify Hecla’s position as North America’s premier silver producer. We are delighted to welcome Dale Andres to our Board. We look forward to his insight and contributions as we continue to grow Hecla.”

FINANCIAL AND OPERATIONAL OVERVIEW

In the following table and throughout this release, “costs applicable to sales” is exclusive of depreciation, depletion and amortization; “prior quarter” refers to the second quarter of 2026. All information in the table below is presented on a continuing operations basis.

THIRD QUARTER RESULTS

Sales of $395 million increased 18% and payable silver sold was 23% higher compared to the prior quarter, both primarily driven by the timing of sales at Greens Creek.

Income from continuing operations was $150 million, or $0.22 per share compared to the $118 million in the prior quarter (in each case from continuing operations, excluding Casa Berardi). The increase was primarily related to:

• An 18% increase in revenue from continuing operations for the items noted above

• A $36 million increase in fair value adjustments, net, primarily due to realized and unrealized marketable securities gains

Partly offset by:

• A $41 million increase in costs applicable to sales primarily related to higher consolidated sales volumes of concentrates⁵

• A $22 million increase in tax expense primarily related to higher profitability compared to the prior quarter

• A $6 million increase in exploration and pre-development expense, primarily related to the seasonal increase in exploration activities across the portfolio and the start up of programs at Hollister and Aurora in Nevada

Adjusted EBITDA from continuing operations was $211 million, up 6% from the prior quarter (in each period, excluding Casa Berardi), primarily reflecting the increase in revenue, partly offset by higher costs applicable to sales and exploration and pre-development expense.^4,5

Cash and cash equivalents at September 30, 2026, of $692 million, up over 43% from the prior quarter. The increase reflects strong cash flow generation as well as $64 million of proceeds from the sale of investments. The Company’s new $500 million credit facility remains undrawn, with $3.4 million of availability utilized for outstanding letters of credit.

Record cash provided by operating activities from continuing operations was $203 million, up 16% from the prior quarter, primarily due to favorable working capital changes, higher volumes of payable silver and gold ounces sold and higher realized gold price, partly offset by a lower realized lead and zinc price (in each period, excluding Casa Berardi).

Capital investment in continuing operations was $52 million, up 32% from the prior quarter (in each period, excluding Casa Berardi). Capital investment is expected to increase in the fourth quarter, as projects across the portfolio advance, including the planned completion of the dry stack tailings facility expansion at Keno Hill.

Record free cash flow from continuing operations was $151 million, surpassing the previous all-time high of $144 million set in the first quarter of 2026, primarily due to higher cash flow from operations (in each period, excluding Casa Berardi).¹ Greens Creek set a new quarterly site-level free cash flow record of $147 million.¹

Consolidated silver production from continuing operations was 4.2 million ounces, nearly unchanged from the prior quarter. Production decreased 6% at Greens Creek and 17% at Lucky Friday, but these declines were offset by a 54% increase at Keno Hill which set a new quarterly record of nearly 1.0 million ounces. Keno Hill’s increase was driven by record tons milled of 38,163 and a 36% higher milled silver grade compared with the prior quarter. Greens Creek production declined from the prior quarter mainly due to higher than planned maintenance during the quarter. Greens Creek plans to reduce mill availability in the fourth quarter for additional scheduled maintenance. As planned, Lucky Friday production declined as the mine moved out of a high-grade pocket of ore that drove a production record in the second quarter.

Gold production from Greens Creek was 12 thousand ounces, down 16% from the prior quarter due primarily to 5% lower mill throughput for the reasons noted above.

Silver payable ounces sold of 4.1 million ounces, up 23% from the prior quarter, primarily due to higher payable ounces sold at Greens Creek and Keno Hill, partly offset by lower sales at Lucky Friday.

Gold payable ounces sold of 13 thousand ounces, up 25% from the prior quarter due to the timing of sales at Greens Creek.

Concentrate volumes produced and sold were higher at Keno Hill and for zinc concentrate at Lucky Friday compared to the prior quarter. At Greens Creek, concentrate production was lower for all three concentrates produced, while concentrate sales were higher for silver concentrate, compared to the prior quarter, reflecting the catch up in shipments: zinc and precious metals concentrate sales roughly matched production. Concentrates sales at Lucky Friday and Keno Hill were broadly in line with production in the third quarter.

Consolidated silver costs applicable to sales (excludes depreciation) from continuing operations rose 35% over the prior quarter to $158 million, primarily due to higher sales volumes of silver, gold, lead and zinc.⁵

Silver cash costs and AISC per silver ounce from continuing operations, excluding Keno Hill, which has not yet achieved commercial production, were ($3.20) and $14.34, respectively, higher than the prior quarter, primarily due to lower ounces produced at Greens Creek and Lucky Friday, $26 million higher costs applicable to sales (on higher sales volumes as noted above) and $14 million lower by-product credits compared to the prior quarter primarily due to lower gold production. This was partly offset by $4 million lower treatment charges (“TCs”). The increase in AISC compared to the prior quarter reflects these same cash cost drivers, along with $5 million higher sustaining capital investment, mostly attributable to Lucky Friday.^2,3

GUIDANCE

In the tables below the Company provides production, cost, and capital guidance on a consolidated basis and by mine, as well as projected consolidated exploration and pre-development expenditures. Silver production guidance is unchanged for Greens Creek, tightened up for Lucky Friday and for Keno Hill. There is no change to Greens Creek gold production guidance. Total silver cash costs and AISC per ounce^2,3 guidance is improved on better than expected results during the first nine months of 2026 and reduced sustaining capital investment guidance contributing to the improved AISC guidance. Total capital investment guidance is reduced by about 4%.

2026 Production Outlook

Consolidated silver production is expected to be 15.3-16.1 million ounces, with low end raised compared to prior guidance of 15.1-16.1 million ounces, and Greens Creek’s gold production guidance of 51.0-55.0 koz is reiterated.

• Greens Creek’s silver production is expected to be 8.0-8.3 million ounces, unchanged from prior guidance.

• Lucky Friday’s silver production is expected to be 5.0-5.2 million ounces, with low end raised from the prior 4.9-5.2 million ounces.

• Keno Hill’s silver production is expected to be 2.3-2.6 million ounces, with low end raised from the prior 2.2-2.6 million ounces.

Keno Hill Update

In an attempt to maintain operational continuity, the Company is choosing to suppress Keno Hill mill throughput to approximately 300 tons per day in the fourth quarter of 2026 with further suppression, expected beginning in January 2027 to levels significantly below third quarter 2026 throughput. Including the Phase 2W dry-stack expansion, the Company estimates that approximately 200,000 tons of tailings storage capacity remains available under its current permits; how long that capacity lasts will depend on the rate at which ore is milled and the tailings generated per ton milled. The suppression is intended to preserve the tailings storage, waste rock and water treatment capacity available under our current permits while we pursue the license amendments needed to expand that capacity; it is not a cost-driven decision. We expect to hold the lower milling rate until those amendments are received, currently estimated by approximately mid-2029, and the related infrastructure is built. We expect silver production to decline by proportionally less than throughput because, during this period, we expect to be more selective in both mining and processing. In the mine, we will attempt to reduce dilution and prioritize higher-grade areas of the deposit. In the mill, we expect to preferentially process higher-grade material and stockpile lower-grade material for later processing. Actual production will depend on the grades, dilution, and recoveries we achieve. We expect to provide 2027 production guidance for Keno Hill in February 2027. See “Risk Factors” in the Company’s Form 10-Q for the quarter ended September 30, 2026.

2026 Cost Guidance Improved

Total silver cash cost and AISC guidance per silver ounce is improved to ($4.75)-($4.25)/oz and $11.50-$12.50/oz respectively.^2,3 This guidance only incorporates Greens Creek and Lucky Friday, as Keno Hill has not yet reached commercial production.

• At Greens Creek, guidance for costs applicable to sales (excludes depreciation) at $250 million, up $10 million from the prior guidance due mostly to actual results over the first nine months and higher expected power generation on site in the fourth quarter. Cash cost per silver ounce and AISC per silver ounce (guidance is improved to ($13.00)-($12.50) and ($5.50)-($5.00) respectively from ($12.50)-($12.00) and ($4.25)-($3.75) respectively.^2,3,5

• At Lucky Friday, guidance for costs applicable to sales (excludes depreciation) of $140 million is reiterated. Cash cost guidance is improved to $8.50-$9.00 from the prior $9.00-$9.75, per silver ounce, and the higher end of AISC improved slightly to $24.50-$25.50 from $24.50-$26.00, per silver ounce to reflect better than expected results during the first nine months of 2026, with AISC guidance partly offset by the higher sustaining capital investment guidance at the mine.^2,3,5

2026 Capital and Exploration Investment

Total capital (growth and sustaining) investment guidance lowered, now at $198-$214 million from $208-$223 million to reflect lower spend in the first nine months.

• Greens Creek’s capital investment is primarily attributable to mine development and the expansion of its tailings facility, which, when completed is expected to provide tailings storage capacity through 2045.

• Lucky Friday’s capital investment is heavily tied to underground development, a new tailings facility and a surface cooling project, which is now in a commissioning phase (subsequent to quarter end) with construction recently completed. The surface cooling project is designed to increase the cooling capacity at the mine to support its reserve mine-life of fifteen years.

• Expected capital investment at Keno Hill comprises mine development, expansion of its tailings facility, and infrastructure projects.

Exploration and pre-development expenditures, from continuing operations, remain unchanged and are expected to be $55 million, with the focus at Greens Creek and Keno Hill, Nevada and Lucky Friday.

Metal Prices and FX rate assumptions

Assumptions utilized in the calculation of by-products for the fourth quarter are as follows, gold $4,000/oz, zinc $1.40/lb, lead $0.85/lb and copper $4.00/lb. Numbers are rounded. Assumed exchange rate for Canadian dollar is unchanged at 1.35 CAD/USD.

PROJECT PIPELINE UPDATE

Hecla remains focused on advancing a pipeline of organic growth opportunities that build on existing infrastructure, established permitting paths, and the Company’s deep operational expertise. The projects outlined below are anticipated to be low-capital-intensity opportunities with the potential to meaningfully expand precious metal output, cash flows and net asset value over time, while reducing many of the exploration and development risks inherent in greenfield projects.

Greens Creek Pyrite Concentrate Circuit

Greens Creek is advancing engineering and evaluation of a pyrite concentrate circuit which has the potential to recover additional silver and gold that currently report to tailings. Preliminary metallurgical and engineering work indicates the project could, at average reserve grades, add approximately 1.0 to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold in annual production, once fully ramped up.

Preliminary cost estimates are underway. Early indications point to a potential return on capital exceeding Company thresholds, while potentially also reducing the rate of tailings deposited into the tailing storage facility, which would be expected to lower future tailings-related capital investment.

This work is at a scoping level of engineering, incorporating some advanced design. Given preliminary indications of favorable benefit-to-cost ratio and perceived low technical risk, the project is well suited to an accelerated engineering and execution path subject to receipt of applicable permits, and final investment approval. Under that path, the Company expects to begin intermittent production of pyrite concentrate in late 2027 using temporary equipment, ahead of completing the new circuit, expected in late 2028.

These 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 due to further technical work, permitting timelines, market conditions, and other factors described under “Cautionary Statement Regarding Forward-Looking Statements, Including 2026 Outlook” in this news release and under “Risk Factors” in the Company’s 2025 Form 10-K filed on February 17, 2026, and Form 10-Q filed on August 4, 2026 and expected to be filed on November 3, 2026, as well as in other reports filed by the Company from time to time with the Securities and Exchange Commission. The reference to scoping level of engineering in this section describes the engineering and cost-estimate maturity of processing circuit design work. It does not refer to an initial assessment, pre-feasibility study, feasibility study or technical report summary under SEC Regulation S-K 1300 or a preliminary economic assessment, pre-feasibility study, feasibility study or technical report under NI 43-101 in Canada.

Greens Creek Tailings Reprocessing Project

The Greens Creek tailings reprocessing project offers potential organic value creation, though significant groundwork is still needed before that value can be realized. Overall, the Company is evaluating three potential paths forward. The path with the greatest amount of time invested to date, is at a preliminary, conceptual stage of engineering (equivalent to an AACE Class 5 to Class 4 cost estimate) and is progressing through a multi-phase metallurgical study conducted with a third party, with Phase 3 testing completed in August 2026 (metallurgical results pending). This third phase of multi-ton metallurgical work is a key milestone that should help shape next steps, with the potential to advance to a pilot plant test in Phase 4. If the tests yield positive results, it is expected the project would advance through further engineering and economic studies before any decision to execute. Early indications point to a potentially low capital intensity path for Hecla to achieve initial cash flows, though the project remains in early-stage testing and depends on the potential third-party partner securing a suitable processing facility. As an added benefit, reprocessing all or part of the existing tailings could decrease the space needed for tailings storage and help lower the mine’s long-term reclamation liability.

The Company is also at an early stage of evaluating two additional pathways associated with the dry-stack tailings. The first is based on advances in processing technology and growing market demand for material like Greens Creek tailings, which has created the potential to turn material once managed only as tailings into a marketable low-grade feedstock. This potential project pathway could recover additional silver and gold currently contained in tailings material, subject to further metallurgical testing and the identification of a suitable third-party processing arrangement. In the fourth quarter, we expect to load a test parcel from Greens Creek of approximately 5,500 dry metric tonnes of low-grade feedstock for shipment and sale to a third party smelter. The second option is a potential self-processing pathway that would require an onsite processing facility that could require new or amended permits. The Company expects to begin metallurgical evaluation of the self-processing concept in the first quarter of 2027, with results from this testing potentially available by spring 2027 to help determine potential next steps. The Company expects to be able to provide further details on these options in coming quarters as evaluation work advances. Potential for the combination of two or more of these three options is also being evaluated.

At September 30, 2026, the dry-stack tailings facility at Greens Creek held an estimated 10.7 million tons of material, containing roughly 51 million ounces of silver, nearly 600 thousand ounces of gold, and additional critical minerals, representing a combined estimated in-situ gross metal value of approximately $6.4 billion (based on September 30, 2026 metals prices and before transportation, processing or sales costs, which are expected to be significant). This material is not a mineral resource or mineral reserve. Any recovery would depend on further testing, a suitable processing arrangement and favorable economics.

Midas Restart Project

Hecla continues to evaluate the potential to restart the existing Midas mill in northern Nevada, a historic high-grade gold and silver operation. Midas benefits from existing permitted infrastructure, which could help reduce the capital required for restart, and the Company is working to expand the existing high-grade gold and silver resource to the scale needed to support that restart. Midas represents a potential hub-and-spoke operating model, with ore potentially sourced from multiple regional deposits and fed into the 1,200 tpd mill. The site also includes an existing permitted tailings facility, offering approximately 15 years of storage capacity at the mill’s nameplate capacity.

The Company has allocated $16 million of the 2026 exploration budget for the Nevada project portfolio, more than three times the investment made in 2025. The 2026 drill program at Midas is focused on following up on the success of the 2025 drill program with a heavy focus on SE Pediment area that includes multiple targets including Sinter, Sinter Offset, and Pogo. The nearby Hollister high-grade gold and silver project is within trucking distance of the Midas mill and drilling resumed in the third quarter after a multi-year pause. With multiple veins and trends still open along strike and at depth, and programs at Aurora and Hollister beginning in the third quarter, the Company expects continued exploration momentum through the fourth quarter of 2026 and aims to provide regular exploration updates for the Nevada exploration projects throughout the coming quarters.

EXPLORATION AND PRE-DEVELOPMENT

Investment and Strategy

During the third quarter, the Company invested $16.6 million in exploration and corporate development (and $0.6 million in pre-development) activities, focused on high-impact discovery drilling at Keno Hill in Yukon and Midas, Aurora and Hollister in Nevada, and resource expansion programs at the Company’s producing assets. Year-to-date, the Company has invested $32.5 million in exploration and corporate development, with this strategy balancing district-scale discovery with near-mine resource definition and reserve extension. Guidance for 2026 remains at $55 million investment in exploration and pre-development.

Producing Asset Resource Definition

Underground drilling at Greens Creek and Keno Hill continues to extend and upgrade mineralization near existing resource boundaries. The aim is to convert Inferred resources, the least certain category, into more certain categories and to identify reserve extensions.

Greens Creek

Three underground rigs continued drilling around existing resources, with results received from the 200S, East and SWB zones. Notable intercepts include:

• 200S Zone. 63.6 oz/ton silver, 0.01 oz/ton gold, 4.1% zinc and 1.9% lead over 14.1 feet.

• 200S Zone. 48.1 oz/ton silver, 0.11 oz/ton gold, 0.8% zinc and 0.4% lead over 15.9 feet.

• East Zone. 6.4 oz/ton silver, 0.04 oz/ton gold, 25.4% zinc and 12.0% lead over 20.7 feet.

Keno Hill

One underground rig continued drilling in the Arctic Zone of the Bermingham mine. Notable intercepts on the Bermingham Main Vein include:

• 54.3 oz/ton silver, 7.4% zinc and 4.7% lead over 4.6 feet, which upgrades the resource.

• 24.8 oz/ton silver, 1.6% zinc and 1.9% lead over 5.0 feet, which expands the resource on the same vein.

EXPLORATION PROGRAMS

Keno Hill Exploration

Exploration drilling at Keno Hill ramped up through the quarter after a period of reduced drilling capacity earlier in the year. The primary contractor returned its second and third drills to service in late July and late August, and a second contractor added one drill at Flame & Moth in late July. Four drills are now operating and are expected to continue through the remainder of 2026.

Flame & Moth, a new zone of high-grade silver

Drilling has been successful in testing the favorable Basal Quartzite on strike with the Lightning vein. The zone has currently been defined over 350 feet of dip length and sits 900 feet southwest of the existing resource. Four holes tested the area and three found significant mineralization. Assays are back for two holes (Figure 1).

• Hole K-26-0944. 26.1 oz/ton silver and 14.0% zinc over 8.5 feet.

• Hole K-26-0951. 6.5 oz/ton silver and 3.5% zinc over 16.1 feet.

The zone is open to the northeast, toward the existing resource, and to the southwest. Follow-up drilling will continue in the fourth quarter and into 2027.

Bermingham Deep, extending a high-grade trend

Drilling at Bermingham Deep extended the high-grade Footwall/Ruby silver trend both southwest and northeast. Key results include 25.7 oz/ton silver and 4.2% lead over 10.0 feet (K-26-0940) and 14.6 oz/ton silver over 5.2 feet (K-26-0935B) in the Footwall Vein. The Ruby Vein returned 9.3 oz/ton silver over 15.8 feet (K-26-0941). The subparallel Main Vein 2 returned 61.1 oz/ton silver and 3.8% lead over 5.3 feet and has been extended about 260 feet to the southwest. Together, the trend now spans about 1,300 feet, up 500 feet from Q2, though that length relies on visual observations from two holes (K-26-0942 and K-26-0945) with assays still pending (Figure 2). The northeast extension points toward the historic Hector-Calumet Mine, where the company believes the two mineralizing systems may converge at depth, making it a major target for late 2026 and 2027.

Nevada Exploration

Midas is the only Nevada property with results this quarter: hole DMC-494 confirmed a second narrow high-grade gold vein (0.73 oz/ton gold and 2.9 oz/ton silver over 1.4 feet), and five follow-up holes all hit the expected structure, though only one has been assayed so far. Midas remains in restart evaluation with no decision made, and the key question is whether the veins have enough continuity and grade to support a resource.

At Aurora and Hollister, drilling has just begun and all assays are pending. Early holes at both found alteration and veining typical of gold-silver systems, which supports continued drilling, with remaining targets scheduled for Q4 and follow-up drilling in 2027.

Detailed exploration drill assay highlights can be found in Table A at the end of this release.

DIVIDENDS

Pursuant to the Company’s dividend policy, the Board of Directors 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.

CONFERENCE CALL AND WEBCAST

A conference call and webcast will be held on Wednesday, November 4, at 10:00 a.m. Eastern Time to discuss these results. The Company recommends that you dial in at least 10 minutes before the call commencement. You may join the conference call by dialing toll-free 1-833-461-5787 or for international dialing 1-585-542-9983. The Conference ID is 462083930 and must be provided when dialing in. Hecla’s live and archived webcast can be accessed at https://events.q4inc.com/attendee/462083930 or www.hecla.com under Investors.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska and Idaho, the Company is advancing its Keno Hill mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

NOTES

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.

⁽¹⁾ Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital investment. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Keno Hill operations excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines’ operating performance. Capital investment refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows.

⁽²⁾ Cash cost per silver ounce is a non-GAAP measurement, a reconciliation of costs applicable to sales can be found at the end of the release. 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.

⁽³⁾ 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.

⁽⁴⁾ Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to income from continuing operations, 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 income from continuing operations, 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.

⁽⁵⁾ Excludes depreciation, depletion and amortization.

Cautionary Statement Regarding Forward Looking Statements, Including 2026 Outlook

This news release contains “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) the Company’s organic project pipeline has potential for meaningful value creation, with the potential to meaningfully expand precious metal output, cash flows and net asset value over time, while reducing many of the exploration and development risks inherent in greenfield projects; (ii) at Greens Creek, (a) the expansion of its tailings facility, when completed, is expected to provide tailings storage capacity through 2045; and (b) the potential new pyrite concentrate circuit (1) could create incremental annual production of approximately 1.0 to 1.2 million ounces of silver and 10,000 to 15,000 ounces of gold from material that currently reports to tailings, once fully ramped up, (2) has a potential robust return on capital meeting Company thresholds, while potentially also reducing the rate of tailings deposited into the tailing storage facility, which would be expected to lower future tailings-related capital investment, (3) has projected favorable benefit-to-cost ratio and perceived low technical risk, and is well suited to an accelerated engineering and execution path, and (4) 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; (c) the tailings reprocessing project (1) offers potential organic value creation, (2) completed Phase 3 testing in August 2026, which is a key milestone that should help shape next steps, with the potential to advance to a pilot plant test in Phase 4, (3) is expected to advance through further engineering and economic studies before any decision to execute if the tests yield positive results, (4) represents a potentially low capital intensity path for Hecla to achieve initial cash flows, and (5) could decrease the space needed for tailings storage and help lower the mine’s long-term reclamation liability; (d) the potential direct sale of dry-stack tailings, including the shipment and sale of the test parcel, and the potential self-processing pathway, including the timing of metallurgical evaluation and results; (iii) the Midas restart project has the potential to reduce the capital required to restart the operation through its permitted infrastructure, with Midas representing a potential hub-and-spoke operating model where ore sources could come from multiple regional sources fed into the 1,200 tpd mill; (iv) commissioning of the Lucky Friday surface cooling project is expected to be completed in the fourth quarter of 2026; (v) capital investment is expected to increase in the fourth quarter as numerous projects are advanced across the portfolio; (vi) Company-wide and mine-specific estimated spending on capital, exploration and predevelopment for 2026; (vii) Company-wide and mine-specific estimated silver and gold production, costs applicable to sales, and cash cost and AISC per silver ounce for 2026; (viii) the expected suppression of Keno Hill mill throughput to approximately 300 tons per day in the fourth quarter of 2026 and further beginning in January 2027, the estimated remaining tailings storage capacity and how long it will last, the expected timing of license amendments and related infrastructure, the expected partial offset from more selective mining and processing, and the expected timing of 2027 guidance for Keno Hill; (ix) metals prices and foreign exchange rate assumptions; and (x) exploration plans and results, including planned drilling, the extent and continuity of mineralization, and pending assays.

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 expectations and mine plans; (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 2025 Form 10-K filed on February 17, 2026 and Form 10-Q expected to be 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.

Cautionary Statements to Investors on Reserves and Resources

This news release uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and 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. The Company reports reserves and resources under the SEC’s mining disclosure rules (“S-K 1300”) and Canada’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) because the Company is a “reporting issuer” under Canadian securities laws. Unless otherwise indicated, all resource and reserve estimates contained in this press release have been prepared in accordance with S-K 1300 as well as NI 43-101.

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 news release. Mr. Blattman supervised the preparation of the mineral reserves for this news release. 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.

Reconciliation of Costs Applicable to Sales 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)

The tables below present reconciliations between the most comparable GAAP measure of costs applicable to sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, (iii) AISC, Before By-product Credits and (iv) AISC for our operations and for the Company for the three and nine months ended September 30, 2026 and 2025, the three months ended June 30, 2026, March 31, 2026 and December 31, 2025.

Cash Cost and AISC are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as the Company reports them are the same as those reported by other mining companies.

Cash Cost is an important operating statistic that the Company utilizes to measure each mine’s operating performance. The Company uses AISC as a measure of our mines’ net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost non-GAAP measure the Company reports, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as costs applicable to sales, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost and AISC also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis – aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.

Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.

In addition to the uses described above, Cash Cost and AISC per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price received from production. The Company also uses these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.