Hecla Reports Third Quarter 2025 Results

COEUR D'ALENE, Idaho--( BUSINESS WIRE)--Hecla Mining Company ( NYSE:HL) ("Hecla", "we", "our" or the "Company") today announced third quarter 2025 financial and operating results. "Prior quarter" refers to the second quarter of 2025.

THIRD QUARTER HIGHLIGHTS

________________________________________

Financial Performance and Capital Execution:

Operational Performance:

*Net leverage ratio, a non-GAAP metric, is calculated as current debt plus long-term debt plus finance leases minus cash divided by trailing twelve-month adjusted EBITDA.

Rob Krcmarov, President and Chief Executive Officer, said, "Our third quarter results represent a defining moment for Hecla, with record-breaking performance across a number of key financial metrics. We achieved quarterly revenues of $410 million, net income of $101 million, and Adjusted EBITDA of $196 million, all records in the Company's 134 year history.

Perhaps our most significant accomplishment is our substantial balance sheet transformation - our net leverage ratio has decreased to just 0.3x, the revolving credit facility is fully repaid, we repaid the Investissement Quebec notes and our cash and cash equivalents position has grown to $134 million. During the quarter we achieved $90 million in free cash flow which is a genuine inflection point in our financial flexibility, strengthening our financial position.

Operationally, all four producing assets contributed to positive free cash flow for the second consecutive quarter. Greens Creek continues to exceed expectations, Keno Hill has delivered three consecutive quarters of profitability under our ownership, Lucky Friday maintained consistent production while advancing the surface cooling project, and Casa Berardi’s cost trajectory is improving. This validates both the quality of our asset base and the skill of our operating teams.

We continue to make significant progress on our strategic priorities including operational excellence, balance sheet strength, and value creation for shareholders, which has led to these results."

FINANCIAL AND OPERATIONAL OVERVIEW

________________________________________

In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization; "prior quarter" refers to the second quarter of 2025.

In Thousands unless stated otherwise

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

YTD-2025

YTD-2024

Financial Highlights

Sales

$

409,542

$

304,027

$

261,339

$

249,655

$

245,085

$

974,908

$

680,270

Total cost of sales

$

229,075

$

184,503

$

187,335

$

181,321

$

185,799

$

600,913

$

550,394

Gross profit

$

180,467

$

119,524

$

74,004

$

68,334

$

59,286

$

373,995

$

129,876

Net income applicable to common stockholders

$

100,588

$

57,567

$

28,734

$

11,786

$

1,623

$

186,889

$

23,464

Basic income per common share (in dollars)

$

0.15

$

0.09

$

0.05

$

0.02

$

0.00

$

0.29

$

0.04

Adjusted EBITDA 5

$

195,695

$

132,463

$

90,788

$

86,558

$

88,859

$

418,946

$

251,351

Total Debt

$

277,746

$

564,722

$

539,804

Net Debt to Adjusted EBITDA 5

0.3

0.7

1.8

Cash provided by operating activities

$

148,049

$

161,796

$

35,738

$

67,470

$

55,009

$

345,583

$

150,807

Capital Investment

$

(57,905

)

$

(58,043

)

$

(54,095

)

$

(60,784

)

$

(55,699

)

$

(170,043

)

$

(153,708

)

Free Cash Flow 2

$

90,144

$

103,753

$

(18,357

)

$

6,686

$

(690

)

$

175,540

$

(2,901

)

Production Summary

Silver ounces produced

4,590,276

4,520,510

4,112,394

3,874,344

3,645,004

13,223,180

12,295,586

Silver payable ounces sold

4,463,356

3,522,975

3,517,970

3,488,207

3,729,782

11,504,301

10,996,951

Gold ounces produced

40,654

45,895

34,232

35,727

32,280

120,781

106,196

Gold payable ounces sold

41,038

37,333

29,655

33,563

31,414

108,026

98,879

Cash Costs and AISC, each after by-product credits

Silver cash costs per ounce 3

$

(2.03

)

$

(5.46

)

$

1.29

$

(0.27

)

$

4.46

$

(2.20

)

$

3.71

Silver AISC per ounce 4

$

11.01

$

5.19

$

11.91

$

11.51

$

15.29

$

9.26

$

13.57

Gold cash costs per ounce 3

$

1,582

$

1,578

$

2,195

$

1,936

$

1,754

$

1,750

$

1,707

Gold AISC per ounce 4

$

1,746

$

1,669

$

2,303

$

2,203

$

2,059

$

1,871

$

1,923

Realized Prices

Silver, $/ounce

$

42.58

$

34.82

$

33.59

$

30.19

$

29.43

$

37.45

$

28.07

Gold, $/ounce

$

3,509

$

3,314

$

2,940

$

2,656

$

2,522

$

3,286

$

2,317

Lead, $/pound

$

0.93

$

0.92

$

0.92

$

0.94

$

0.93

$

0.92

$

0.99

Zinc, $/pound

$

1.48

$

1.31

$

1.29

$

1.53

$

1.36

$

1.37

$

1.32

Sales increased to $409.5 million, 35% over the prior quarter, reflecting higher realized prices for all metals sold, and higher precious metals sales volumes, which were partially offset by lower lead and zinc sales volumes. Payable silver ounces sold were 27% higher compared to the prior quarter, with silver inventories declining and production up 2%. Payable gold ounces sold increased 10% compared to the prior quarter, primarily due to sales more closely matching production, with timing of sales at Greens Creek driving an increase in accounts receivable at quarter end which were settled in October.

Gross profit was $180.5 million, an increase of 51% over the prior quarter. The increase is attributable to (i) Greens Creek gross profit increasing by $33.3 million due to higher revenue driven by higher realized prices and higher concentrate sales volumes, partially offset by higher total costs of sales related to the higher volumes sold; (ii) Keno Hill gross profit increased by $16.1 million, due primarily to higher revenue driven by higher realized prices and concentrate volumes sold, partially offset by higher total costs of sales on higher volumes sold; and (iii) Lucky Friday gross profit increased $7.6 million, reflecting higher realized silver and zinc prices on 6% higher silver concentrate sales volumes over the prior quarter, offset by 9% lower zinc concentrate sold and 6% higher total costs of sales. Casa Berardi gross profit increased by $3.9 million reflecting the benefit of higher realized gold prices, offset by lower payable gold sales volumes and higher total cost of sales.

Net income applicable to common stockholders was $100.6 million, compared to $57.6 million in the prior quarter. The improvement was primarily related to:

Partly offset by:

Consolidated silver total cost of sales was $157.5 million, an increase of $30.4 million or 24% from the prior quarter, primarily due to higher sales volumes sold. Depreciation, depletion and amortization expense increased $6.4 million for silver operations due to higher sales volumes.

Silver Cash costs and AISC per silver ounce, each after by-product credits, were ($2.03) and $11.01, respectively, higher versus the prior quarter, primarily due to $4.0 million lower by-product credits, mostly associated with Greens Creek, higher production costs primarily at Lucky Friday, higher treatment charges, and 2% lower silver production at Greens Creek and Lucky Friday. Increase in AISC quarter-over-quarter, was driven by planned capital investment (increase of $6.6 million over the prior quarter) due to increased construction activity over the summer. 3,4

Gold total cost of sales for Casa Berardi increased by $4.6 million due to higher sales volumes. Gold ounce sales volumes rose by over 1,000 ounces from the prior quarter.

Gold cash costs and AISC per gold ounce, each after by-product credits, were $1,582 and $1,746 respectively. Cash costs were in line with the prior quarter, AISC increased 5% primarily due to increased sustaining capital spending. 3,4

Adjusted EBITDA was $195.7 million, a 48% increase over the prior quarter. The ratio of net debt to adjusted EBITDA (net leverage ratio) improved to 0.3x from 0.7x in the prior quarter due to strong EBITDA generation during the last 12 months, and a $124.3 million decrease in net debt. 5 Cash and cash equivalents at September 30, 2025, were $133.9 million and included no draw on the revolving credit facility. The Canadian dollar ("CAD") $50 million Investissement Quebec Notes were repaid in full upon maturity in July, the outstanding balance on the revolving credit facility was repaid in full, and $212 million of the 7.25% Senior Notes (the "Senior Notes") were redeemed in August.

Cash provided by operating activities was $148.0 million, nearly flat over the prior quarter, primarily attributable to unfavorable working capital changes of $37.8 million, including a $61.0 million increase in accounts receivable reflecting timing of sales at Greens Creek (majority of receivables for Greens Creek were settled in October), Lucky Friday and Keno Hill. Cash provided by operating activities was also impacted by a semi-annual interest payment on the Senior Notes. The above items were partly offset by a partial reversal in inventory realized in the prior quarter.

Capital investment was $57.9 million, flat compared to the prior quarter, with capital investment at Lucky Friday of $16.9 million, Keno Hill of $14.7 million, Greens Creek of $12.2 million and Casa Berardi of $13.5 million.

Free cash flow was $90.1 million, compared to $103.8 million in the prior quarter, with the decrease primarily due to lower cash flow from operations, reflecting negative working capital adjustments as noted above. 2

Financial Instruments for Base and Precious Metals and Foreign Currency

The Company uses financially settled forward sales contracts to manage exposure to zinc and lead price changes in forecasted concentrate shipments. On September 30, 2025, the Company had contracts covering approximately 33% and 55% of the forecasted payable zinc and lead production for 2025 - 2026 at an average price of $1.33 and $1.02 per pound, respectively.

In the third quarter of 2025, the Company also established price protection through the use of zero-cost collars for a portion of Keno Hill's forecasted silver production. The Company’s hedging strategy at Keno Hill is focused on cash flow risk management during the period of heavy investment and ramp-up of operations to the mill nameplate capacity of 440 tons per day. Financial instruments covering a total of 1.99 million ounces of silver production over the next three quarters have been entered into to secure an average price floor of $32.19 per silver ounce and an average price participation up to $49 per silver ounce. As of September 30, 2025, these silver financial instruments were in a net liability position of $5.7 million.

The Company has also entered into zero-cost collars for a portion of Casa Berardi’s forecast underground gold production. Our hedging strategy for Casa Berardi is focused on securing price protection for expected underground production with 4,000 ounces of gold secured at a price of $3,000 per gold ounce and price participation up to $4,840 per gold ounce over the first quarter of 2026.

The Company also manages CAD exposure through forward contracts. At September 30, 2025, the Company had hedged approximately 44% of forecasted Casa Berardi and Keno Hill CAD denominated direct production costs through 2026 at an average CAD/USD rate of 1.36. The Company has also hedged approximately 25% of Casa Berardi and Keno Hill CAD denominated total capital expenditures through 2026 at 1.39.

Please refer to the discussion of derivative instruments in the Company's Form 10-Q expected to be filed with the SEC on November 5, 2025.

OPERATIONS OVERVIEW

________________________________________

Greens Creek Mine - Alaska

Dollars are in thousands except cost per ton

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

2Q-2024

YTD-2025

YTD-2024

GREENS CREEK

Operating Highlights

Tons of ore processed

227,587

230,221

212,899

224,521

212,863

225,746

670,707

670,797

Total production cost per ton

$

246.93

$

225.71

$

240.00

$

211.64

$

222.39

$

218.09

$

237.44

$

217.66

Ore grade milled - Silver (oz./ton)

13.1

13.4

11.8

10.7

11.2

12.6

12.8

12.4

Ore grade milled - Gold (oz./ton)

0.092

0.104

0.090

0.089

0.081

0.090

0.094

0.085

Ore grade milled - Lead (%)

2.5

2.6

2.6

2.6

2.4

2.5

2.6

2.5

Ore grade milled - Zinc (%)

6.3

6.9

6.8

6.6

6.6

6.2

6.6

6.4

Ore grade milled - Copper (%)

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

Silver produced (oz.)

2,347,674

2,422,978

2,002,560

1,901,418

1,857,314

2,243,551

6,773,212

6,579,459

Gold produced (oz.)

15,584

17,750

13,759

14,804

11,746

14,137

47,093

40,471

Lead produced (tons)

4,751

4,931

4,496

4,808

4,165

4,513

14,178

13,512

Zinc produced (tons)

12,747

14,024

12,835

13,241

12,585

12,400

39,606

38,047

Copper produced (tons)

491

499

411

427

490

462

1,401

1,447

Silver concentrate produced (tons)

17,180

17,985

15,541

15,775

14,706

15,196

50,706

45,478

Zinc concentrate produced (tons)

18,548

20,936

18,228

19,251

18,954

17,876

57,712

56,496

Bulk concentrate produced (tons)

6,379

8,316

7,515

8,537

5,869

7,754

22,210

21,548

Silver concentrate sold (tons)

18,954

13,789

15,496

16,061

17,692

12,025

48,239

45,390

Zinc concentrate sold (tons)

20,065

17,987

18,384

19,464

21,957

14,807

56,436

56,327

Bulk concentrate sold (tons)

8,743

8,061

8,330

10,975

5,775

7,859

25,134

23,434

Financial Highlights

Sales

$

178,064

$

122,002

$

118,143

$

112,037

$

116,568

$

95,659

$

418,209

$

309,537

Total cost of sales

$

(81,658

)

$

(58,921

)

$

(69,638

)

$

(67,887

)

$

(73,597

)

$

(56,786

)

$

(210,217

)

$

(200,240

)

Gross profit

$

96,406

$

63,081

$

48,505

$

44,150

$

42,971

$

38,873

$

207,992

$

109,297

Cash flow from operations

$

83,408

$

75,371

$

43,858

$

60,442

$

54,076

$

43,276

$

202,637

$

126,058

Exploration

$

3,228

$

2,049

$

343

$

1,129

$

4,325

$

2,011

$

5,620

$

6,887

Capital additions

$

(12,179

)

$

(8,397

)

$

(10,759

)

$

(15,798

)

$

(11,466

)

$

(11,704

)

$

(31,335

)

$

(31,997

)

Free cash flow 2

$

74,457

$

69,023

$

33,442

$

45,773

$

46,935

$

33,583

$

176,922

$

100,948

Cash Costs and AISC, each after by-product credits

Cash cost per ounce, after by-product credits 3

$

(8.50

)

$

(11.91

)

$

(4.08

)

$

(5.86

)

$

0.93

$

0.19

$

(8.41

)

$

1.62

AISC per ounce, after by-product credits 4

$

(2.55

)

$

(8.19

)

$

(0.03

)

$

2.62

$

7.04

$

5.40

$

(3.82

)

$

6.53

Operational Review

Greens Creek produced 2.3 million ounces of silver and 15,584 ounces of gold. Silver and gold production decreased 3% and 12% respectively over the prior quarter due to 3% and 12% lower silver and gold grades milled, respectively, and 1% decrease in tons milled. Zinc and lead production decreased 9% and 4% respectively, primarily due to lower mill throughput and grade, with grade variability consistent with plan.

Third Quarter Financial Review

Sales were $178.1 million, an increase of 46% over the prior quarter, with higher realized prices and concentrate volumes sold exceeding production, reversing a portion of the inventory built up in the prior quarter. Total cost of sales was $81.7 million, an increase of 39% over the prior quarter, primarily due to 20% higher volumes of concentrates sold and freight costs, partly offset by lower consumable costs. Cash cost per silver ounce, after by-product credits, was ($8.50), and increased over the prior quarter due primarily to 3% lower silver production and 5% lower by-product credits (lower by-product production and base metal prices partially offset by higher gold prices). AISC per silver ounce, after by-product credits, was ($2.55) and increased over the prior quarter due to the items noted above for cash costs, as well as planned higher sustaining capital investment. 3,4

Cash flow from operations was $83.4 million, an increase of 11% over the prior quarter, due primarily to the items noted above and partly offset by unfavorable working capital changes tied to increases in accounts receivable related to timing of sales.

Free cash flow was $74.5 million, an increase of 8% from the prior quarter as gross profit rose 53%, partly offset by the working capital increases noted above and $3.8 million increase in capital investment. 2

GREENS CREEK OUTLOOK - FLAGSHIP ASSET DELIVERING STRONG OPERATIONAL MOMENTUM

Production Guidance Tightened Up

Silver and gold production guidance for 2025 at Greens Creek is tightened up to 8.4-8.8 million ounces of silver from the prior 8.1-8.8 million ounces, and to 53.0-55.0 thousand ounces of gold from the prior 50.0-55.0 thousand ounces, respectively. Greens Creek's total cost of sales outlook is reiterated at $289 million (includes non-cash depreciation expense) and cash cost at ($7.00)-($5.75) after by-product credits, per silver ounce, and AISC at ($1.00)-$0.50 after by-product credits, per silver ounce. 3,4 Capital investment guidance is lowered to $45-$47 million in sustaining capital and $2-$5 million in growth capital from the prior $48-$51 million and $10-$12 million, respectively. Capital investment at Greens Creek is expected to increase in the fourth quarter, compared to the third quarter, due to ongoing projects and commencement of work on the dry stack tailings expansion project.

Lucky Friday Mine - Idaho

Dollars are in thousands except cost per ton

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

YTD-2025

YTD-2024

LUCKY FRIDAY

Operating Highlights

Tons of ore processed

105,329

114,475

108,745

108,585

104,281

328,549

297,956

Total production cost per ton

$

289.84

$

241.63

$

258.59

$

250.71

$

260.99

$

262.70

$

243.18

Ore grade milled - Silver (oz./ton)

13.4

12.5

13.0

13.0

12.1

12.9

12.6

Ore grade milled - Lead (%)

9.0

8.2

8.2

8.5

7.9

8.5

8.1

Ore grade milled - Zinc (%)

4.1

4.2

4.0

4.2

3.9

4.1

3.8

Silver produced (oz.)

1,337,353

1,340,877

1,332,252

1,336,910

1,184,819

4,010,482

3,554,039

Lead produced (tons)

8,894

8,829

8,480

8,685

7,662

26,203

22,580

Zinc produced (tons)

3,716

3,911

3,681

3,814

3,528

11,308

9,699

Silver concentrate produced (tons)

13,796

13,212

12,934

13,442

11,419

39,942

33,635

Zinc concentrate produced (tons)

6,869

6,940

6,677

6,873

6,311

20,486

17,089

Silver concentrate sold (tons)

13,726

12,992

13,224

13,340

11,403

39,942

33,264

Zinc concentrate sold (tons)

6,178

6,756

7,486

6,107

6,305

20,420

16,848

Financial Highlights

Sales

$

74,192

$

64,273

$

63,194

$

57,671

$

51,072

$

201,659

$

145,483

Total cost of sales

$

(44,641

)

$

(42,286

)

$

(44,049

)

$

(40,157

)

$

(39,286

)

$

(130,976

)

$

(104,328

)

Gross profit

$

29,551

$

21,987

$

19,145

$

17,514

$

11,786

$

70,683

$

41,155

Cash flow from operations

$

29,279

$

20,650

$

23,805

$

25,329

$

34,374

$

73,734

$

106,032

Exploration

$

1,054

$

169

$

—

$

—

$

—

$

1,223

$

—

Capital additions

$

(16,865

)

$

(15,942

)

$

(15,446

)

$

(12,608

)

$

(11,178

)

$

(48,253

)

(36,984

)

Free cash flow 2

$

13,468

$

4,877

$

8,359

$

12,721

$

23,196

$

26,704

$

69,048

Cash Costs and AISC, each after by-product credits

Cash cost per ounce, after by-product credits 3

$

9.33

$

6.19

$

9.37

$

7.68

$

9.98

$

8.29

$

7.86

AISC per ounce, after by-product credits 4

$

23.30

$

19.07

$

20.08

$

17.12

$

19.40

$

20.81

$

16.26

Operational Review

Lucky Friday continued along a path of operational consistency, while continuing construction of the surface cooling project (see below for more details). The mill processed 105,329 tons, down 8% compared to the prior quarter, as expected due to the lower hoisting capacity in the quarter as the hoist served both production and cooling equipment movement. Silver production totaled 1.3 million ounces, consistent with the prior quarter, as lower mill throughput was offset by 7% higher milled silver grade. Lead production increased 1% to 8,894 tons, driven by higher milled grades. Zinc production declined 5% to 3,716 tons, due to 2% decrease in average milled grade.

Third Quarter Financial Review

Sales were $74.2 million, an increase of 15% over the prior quarter, due to a higher realized silver and zinc price and higher volumes of silver concentrate sold, partially offset by lower volumes of zinc concentrate sold.

Total cost of sales was $44.6 million, up $2.4 million over the prior quarter, due to higher production costs, which are primarily related to: (i) hourly employee profit sharing costs due to higher silver prices and production; (ii) higher insurance premiums resulting from higher asset values and coverage limits; (iii) higher employee medical costs; and (iv) higher labor costs as the mine continues to reduce contractors. Cash costs and AISC per silver ounce, each after by-product credits, was $9.33 and $23.30, respectively, and increased over the prior quarter primarily due to the higher costs noted above. 3,4

Potential plans to mitigate the cost increases include further reduction of contractors, potential optimization of mining method to improve production efficiency and reduce consumables usage, mine and mill infrastructure upgrades to increase production, and consolidation of sourcing of some high-volume consumables to improve pricing. However, there can be no assurance these efforts will be successful in reducing costs or offsetting the potential future impacts of inflation or other factors impacting profitability

Cash flow from operations was $29.3 million, an increase of 42% over the prior quarter, and was unfavorably impacted by working capital changes, largely tied to changes in accounts receivable (offset by a rise in accounts payable) and to a lesser extent changes in inventories. Capital investment increased to $16.9 million, a 6% increase over the prior quarter, partly attributable to Pond 5 construction activities. Free cash flow was $13.5 million, nearly three times the prior quarter's. 2

LUCKY FRIDAY OUTLOOK - OPERATIONAL IMPROVEMENT PROJECT ON TRACK

Surface Cooling Project Advancing

Lucky Friday is executing a surface cooling project (a key infrastructure project to increase the cooling capacity required for the mine over the reserve mine-life) designed to improve operational efficiency by addressing thermal constraints in the underground mine. Once complete, this project should improve the health and safety of the underground mine by helping to lower the temperature in the mine. The project is 66% complete and tracking for completion in the first half of 2026 and its related impact on the production hoist. With the additional shaft time available in 2026, other maintenance items in the silver shaft can be advanced along with meeting the production plan.

Production Guidance Tightened Up

Silver production guidance for 2025 at Lucky Friday is tightened up to 4.9-5.1 million ounces from the prior 4.7-5.1 million ounces. Guidance for total cost of sales is raised to $175 million (including non-cash depreciation expense) from the prior $165 million, with cash cost and AISC per silver ounce (after by-product credits) guidance also being raised to $7.50-$8.50 and $21.00-$22.50 from $7.00-$7.50 and $20.00-$21.50 respectively. 3,4 Capital guidance for Lucky Friday in 2025 is unchanged.

Keno Hill - Yukon Territory

Dollars are in thousands except cost per ton

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

YTD-2025

YTD-2024

KENO HILL

Operating Highlights

Tons of ore processed

29,740

26,771

27,411

23,123

24,027

83,922

86,169

Ore grade milled - Silver (oz./ton)

31.8

28.9

29.0

29.6

25.7

30.0

25.6

Ore grade milled - Lead (%)

4.0

3.5

4.0

3.9

3.0

3.8

2.6

Ore grade milled - Zinc (%)

3.6

2.3

1.9

1.3

2.4

2.6

1.7

Silver produced (oz.)

898,328

750,712

772,430

629,828

597,293

2,421,470

2,144,045

Lead produced (tons)

1,111

890

1,031

839

670

3,032

2,091

Zinc produced (tons)

847

544

419

246

492

1,810

1,261

Silver concentrate produced (tons)

2,056

1,688

1,765

1,397

1,240

5,509

4,014

Precious metals concentrate produced (tons)

1,398

907

785

481

866

3,090

2,284

Silver concentrate sold (tons)

2,380

1,614

1,217

1,096

1,421

5,211

3,993

Precious metals concentrate sold (tons) (6)

1,258

925

623

431

1,156

2,806

2,212

Financial Highlights

Sales

$

47,551

$

26,121

$

16,909

$

15,356

$

19,809

$

90,581

$

59,606

Total cost of sales

$

(31,171

)

$

(25,881

)

$

(15,871

)

$

(15,356

)

$

(19,809

)

$

(72,923

)

$

(59,606

)

Gross profit

$

16,380

$

240

$

1,038

$

—

$

—

$

17,658

$

—

Cash flow from operations

$

22,109

$

16,445

$

(9,661

)

$

(1,752

)

$

(6,811

)

$

28,893

$

(15,996

)

Exploration

$

975

$

3,344

$

1,692

$

2,605

$

2,664

$

6,011

$

5,181

Capital additions

$

(14,747

)

$

(17,045

)

$

(10,436

)

$

(15,584

)

$

(14,406

)

$

(42,228

)

$

(39,285

)

Free cash flow 2

$

8,337

$

2,744

$

(18,405

)

$

(14,731

)

$

(18,553

)

$

(7,324

)

$

(50,100

)

Operational Review

Keno Hill produced 898,328 ounces of silver, a 20% increase over the prior quarter due to 11% higher mill throughput and milled grade. Mill throughput for the third quarter averaged 323 tons per day ("tpd"). The mill continued to rely on the ore stockpile in the quarter as Keno Hill continues to ramp up to higher tonnage rates (third quarter ore tons mined averaged 291 tpd, up 9% compared to the prior quarter). The ore stockpile is back to normal operating levels. The Company continues to advance Keno Hill toward commercial production through ongoing investment in critical infrastructure supporting the production ramp-up.

Third Quarter Financial Review

Sales were $47.6 million, increasing 82% over the prior quarter, primarily due to increased concentrate sales and higher realized silver and zinc prices. Total cost of sales was $31.2 million, $5.3 million higher than the prior quarter, due to higher concentrate sales (47% higher tons sold than the prior quarter for the silver concentrate and 36% higher for the precious metals concentrate). For the third consecutive quarter, Keno Hill achieved positive gross profit, as a result no costs were allocated to ramp-up and suspension costs.

Cash flow from operations was $22.1 million, a 34% improvement over the prior quarter, due to higher silver prices and higher concentrate sales. Working capital changes were a net positive of just over $1 million, with a build in accounts receivable more than offset by favorable changes in all other working capital items. Capital investments during the quarter were $14.7 million, 13% lower than the prior quarter, due to timing of expenditures. Positive free cash flow of $8.3 million was achieved in the third quarter, marking the second consecutive positive free cash flow quarter. 2

KENO HILL OUTLOOK - CORE ASSET ACHIEVING INFLECTION TO SUSTAINED PROFITABILITY

Production Guidance Tightened Up

Silver production guidance for 2025 at Keno Hill is tightened up to 2.9-3.1 million ounces from the prior 2.7-3.1 million ounces. Capital investment guidance for Keno Hill in 2025 is raised to $48-$54 million from the prior $43-48 million, partially due to the fact the underground mine development is tracking ahead of schedule and plan. Capital investment at Keno Hill is expected to decrease in the fourth quarter, compared to the third quarter, due to the onset of cold weather. As of September 30, 2025, capital development meters were tracking 13% beyond budget.

Power Supply Reliability Improved

Power reliability at Keno Hill has improved in 2025, with stable operations maintained following several days of interruption in the first quarter. With the utility's successful completion of repairs to the hydroelectric plant serving Keno Hill, stable power has been established at the mine. This operational foundation has enabled consistent production performance and lays the groundwork for increased cash generation going forward.

Long-Term Value Visibility

Keno Hill’s reserve life of 16 years provides visibility into future cash generation and natural protection against market volatility, positioning the asset as a reliable long-term cash flow contributor.

Exploration results continue to be promising, supporting asset life extension and production scaling opportunities. Recent exploration success has identified new ore shoots, providing confidence in the resource base's development potential.

Production and Cash Flow Trajectory

At current metal prices, the planned throughput rate of 440 tons per day is expected to drive production to generate robust positive free cash flow, supporting an accelerated capital payback profile. This production level establishes a sustainable operational baseline, with expansion opportunities available as a future growth initiative should market conditions and capital availability allow. To protect cash flows during the capital investment and ramp up period, the Company has implemented silver price collars and may deploy additional financial hedging instruments as part of disciplined risk management.

Please refer to the discussion of commercial production at Keno Hill in the Company's Form 10-Q expected to be filed with the SEC on November 5, 2025.

Casa Berardi - Quebec

Dollars are in thousands except cost per ton

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

YTD-2025

YTD-2024

CASA BERARDI

Operating Highlights

Tons of ore processed - underground

83,556

104,631

111,972

113,068

101,308

300,159

342,916

Tons of ore processed - surface pit

322,314

289,017

279,196

292,148

268,291

890,515

775,288

Tons of ore processed - total

405,869

393,648

391,168

405,216

369,599

1,190,685

1,118,204

Surface tons mined - ore and waste

3,359,526

4,809,400

5,376,620

6,708,708

5,603,101

13,545,546

13,306,489

Total production cost per ton

$

98.32

$

113.19

$

115.19

$

100.34

$

97.82

$

108.78

$

100.67

Ore grade milled - Gold (oz./ton) - underground

0.101

0.140

0.110

0.120

0.114

0.119

0.128

Ore grade milled - Gold (oz./ton) - surface pit

0.060

0.062

0.040

0.040

0.046

0.056

0.042

Ore grade milled - Gold (oz./ton) - combined

0.069

0.082

0.060

0.060

0.063

0.072

0.07

Gold produced (oz.) - underground

7,136

12,065

9,414

11,034

9,913

28,615

37,339

Gold produced (oz.) - surface pit

17,934

16,080

11,059

9,889

10,621

45,073

28,386

Gold produced (oz.) - total

25,070

28,145

20,473

20,923

20,534

73,688

65,725

Silver produced (oz.) - total

6,921

5,943

5,152

6,188

5,578

18,016

18,043

Gold sold (oz.)

26,761

25,699

19,177

22,163

20,112

71,637

65,079

Financial Highlights

Sales

$

93,544

$

85,035

$

56,005

$

59,164

$

50,308

$

234,584

$

150,515

Total cost of sales

$

(55,422

)

$

(50,790

)

$

(50,682

)

$

(51,734

)

$

(46,280

)

$

(156,894

)

$

(171,880

)

Gross profit (loss)

$

38,122

$

34,245

$

5,323

$

7,430

$

4,028

$

77,690

$

(21,365

)

Cash flow from operations

$

48,938

$

47,198

$

9,900

$

12,356

$

15,305

$

106,036

$

36,307

Exploration

$

—

$

—

$

—

$

—

$

—

—

$

1,000

Capital additions

$

(13,480

)

$

(15,367

)

$

(16,257

)

$

(16,406

)

$

(18,606

)

$

(45,104

)

$

(44,298

)

Free cash flow 2

$

35,458

$

31,831

$

(6,357

)

$

(4,050

)

$

(3,301

)

$

60,932

$

(6,991

)

Cash Costs and AISC, each after by-product credits

Cash cost per ounce, after by-product credits 3

$

1,582

$

1,578

$

2,195

$

1,936

$

1,754

$

1,750

$

1,707

AISC per ounce, after by-product credits 4

$

1,746

$

1,669

$

2,303

$

2,203

$

2,059

$

1,871

$

1,923

Operational Review

Casa Berardi produced 25,070 ounces of gold, an 11% decrease over the prior quarter, driven by planned lower underground tons and grade. Total tons milled was 3% higher compared to the prior quarter. The 160 Pit generated 30% less mined tons (ore and waste) and 12% more gold produced than the prior quarter, while total production costs per ton decreased 13%. The pit's stripping ratio is expected to continue declining in the fourth quarter of 2025, and the third-party surface contractor is demobilizing.

Third Quarter Financial Review

Sales were $93.5 million, an increase of 10% over the prior quarter, primarily due to 4% higher ounces sold and 6% higher average realized gold price.

Total cost of sales was $55.4 million, up 9% compared to the prior quarter on higher volumes sold. Cash costs and AISC per gold ounce, each after by-product credits, were $1,582 and $1,746 respectively, flat and up 5%, respectively, over the prior quarter as higher sustaining capital spend per ounce of production ($151/oz compared to $80/oz in the prior quarter) drove the increase in AISC. 3,4

Cash flow from operations was $48.9 million, a 4% increase over the prior quarter, due to higher sales. Capital investment was $13.5 million, lower by $1.9 million over the prior quarter. Free cash flow was $35.5 million, an 11% increase over the prior quarter due to the items noted above. 2

CASA BERARDI OUTLOOK - CLEAR PRODUCTION RUNWAY WITH DEVELOPMENT OPTIONALITY

Near-Term Production Profile (2025-2027)

At current gold prices, Casa Berardi is positioned to sustain profitable gold production approximately through year end 2027, during this time we also anticipate strong cash flow generation. The production plan combines potential for underground mining through 2027, supplemented by ore from the 160 Pit in 2026 and surface stockpiles in 2027. This blended mining strategy should extend the mine's productive life while lowering the risk in transition to the next development phase.

Production Guidance Tightened Up

Gold production guidance for 2025 at Casa Berardi is tightened up to 92.0-95.0 thousand ounces from the prior 90.0-95.0 thousand ounces set in September, 2025. Guidance for total cost of sales is raised to $205 million (including non-cash depreciation expense) from the prior $197 million, reflecting an expected increase in operating costs related to the underground mine extension, and to a lesser extent, an increase in depreciation expense. Cash cost and AISC per gold ounce (after by-product credits) guidance reiterated at $1,700-$1,800 and $1,850-$2,000 respectively, set in September, 2025. 3,4 Capital investment guidance for Casa Berardi in 2025 is unchanged.

Medium-Term Development Plan (2028-2033)

At current gold prices, Casa Berardi is expected to produce gold from the 160 Pit (and associated stockpiles) and the existing underground mine through 2027, and is expected to continue to generate strong free cash flow over this period. Casa Berardi is currently considering options for the potential transition to a next phase of development in 2028, with infrastructure investment and pit preparation for Principal and West Mine Crown Pillar operations, which are expected to generate significant free cash flow post 2033. During the period estimated to last between 2028 and 2033, the focus is expected to be on investing in permitting, infrastructure and equipment, as well as de-watering and stripping the first of the two expected new open pits.

As with all assets in our portfolio, management continues to evaluate various operational and strategic options as part of its ongoing capital allocation discipline. These options include (i) extending mine life through exploration upside, (ii) evaluating alternative ore sources, (iii) accelerating future cash flows to capture part of the current record gold prices, via a prepayment structure or other financing arrangement, (iv) joint venturing the asset, or (v) spin-out or sale of the asset if a compelling offer is received.

EXPLORATION AND PRE-DEVELOPMENT

_________________________________________________

Investment and Strategy

During Q3 2025, the Company invested $8.8 million in exploration (and $0.8 million in pre-development) activities, focused on high-impact discovery drilling at Midas in Nevada and resource expansion programs at our producing assets. This strategy balances district-scale discovery pursuits with near-mine resource definition and reserve extension, supporting reserve growth and mine life extension across the portfolio.

Producing Asset Resource Definition

Drilling programs at Greens Creek, Keno Hill and Casa Berardi continue to define and expand mineralization near resource boundaries, converting Inferred resources and identifying additional reserve extension opportunities.

Greens Creek

Definition drilling advanced resource delineation in the East Zone for longhole stoping, with two drills operating underground. In the 5250 zone, drilling extended mineralization beyond the current resource boundary, with one drillhole intersecting:

Keno Hill

One drill continued operating underground, further defining and expanding mineralization at the Bermingham Mine. Drilling in the Arctic zone is focused on reserve expansion in the lower southwestern area, with notable intercepts including:

Casa Berardi

Drilling programs at the Principal underground mine and 160 Pit continue to identify mineralization extensions, with underground drilling highlights including:

Exploration Programs

Our exploration programs delivered significant progress across multiple high-priority targets, with high-impact drilling campaigns at Midas, Keno Hill, and Greens Creek demonstrating the exceptional discovery potential within our district-scale land positions. Results to date continue to support our conviction that these strategically consolidated properties hold substantial opportunities for transformative discoveries.

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

Libby Exploration Project - Montana

The U.S. Forest Service issued the final decision notice and finding of no significant impact for the Company's 100% owned copper-silver Libby Exploration Project in Montana. This milestone provides the potential to advance the exploration phase of this asset. The Company is evaluating next steps for the Libby Exploration Project. As of December 31, 2024, Libby has Inferred Resources of 112.2 million tons grading 0.7% copper and 1.6 ounces per ton silver for contained metal of 759,420 tons of copper and 183.3 million ounces of silver.

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, 2025, to stockholders of record on November 24, 2025.

Preferred Stock

The Board of Directors declared a quarterly cash dividend of $0.875 per share of Series B preferred stock, payable on or about January 2, 2026, to preferred stockholders of record on December 15, 2025.

2025 GUIDANCE 6

________________________________________

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 tightened up for all three silver mines and gold production guidance is tightened up for Casa Berardi and Greens Creek. There are no changes to total silver and gold cash costs and AISC per ounce (after by-product credits); 3,4 and no change to total capital expenditure guidance.

2025 Production Outlook Tightened Up

Consolidated silver production is expected to be 16.2-17.0 million ounces.

Consolidated gold production is tightened up to total 145.0-150.0 koz.

Silver Production (Moz)

Gold Production (Koz)

Silver Equivalent (Moz)

Gold Equivalent (Koz)

Greens Creek *

8.4 - 8.8

53.0 - 55.0

18.5 - 19.0

195.0 - 200.0

Lucky Friday *

4.9 - 5.1

N/A

8.0 - 8.5

80.0 - 85.0

Casa Berardi

N/A

92.0 - 95.0

8.5 - 9.0

92.0 - 95.0

Keno Hill *

2.9 - 3.1

N/A

3.0 - 3.5

35.0 - 40.0

2025 Total

16.2 - 17.0

145.0 - 150.0

38.0 - 40.0

402.0 - 420.0

* Equivalent ounces include Lead and Zinc production and are calculated using the metal prices defined below

Metal Prices and FX rate assumptions. Expectations for 2025 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi converted using Au $3,150/oz, Ag $33/oz, Zn $1.25/lb, and Pb 0.90$/lb, for equivalent ounce calculations and Au $3,450/oz, Ag $38.00/oz, Zn $1.33/lb, and Pb .90$/lb, for byproduct credit calculations. Numbers are rounded. Assumed exchange rate for Canadian dollar is unchanged at 1.35 CAD/USD.

2025 Cost Guidance Revised

Total silver cash cost and AISC guidance per silver ounce (after by-product credits) is reiterated at ($1.75)-($0.75)/oz and $11.00-$13.00/oz respectively. 3,4 This guidance only incorporates Greens Creek and Lucky Friday, as Keno Hill remains in a state of pre-commercial production.

Casa Berardi guidance for total cost of sales (includes depreciation) is revised up to $205 million from $197 million on expectations for costs related to the extension of underground mining and higher depreciation expense in 2025. Cash cost and AISC (both after by-product credits) per gold ounce guidance is reiterated at $1,700-$1,800 and 1,850-$2,000 respectively. 3,4

Total costs of Sales (million)

Cash cost, after by-product credits, per silver/gold ounce 3

AISC, after by-product credits, per produced silver/gold ounce 4

Greens Creek

289.0

($7.00) - ($5.75)

($1.00) - $0.50

Lucky Friday

175.0

$7.50 - $8.50

$21.00 - $22.50

Total Silver

464.0

($1.75) - ($0.75)

$11.00 - $13.00

Casa Berardi

205.0

$1,700 - $1,800

$1,850 - $2,000

2025 Capital and Exploration Guidance Reiterated

Total capital (growth and sustaining) expenditure guidance remains unchanged at $222-$242 million.

Exploration and pre-development expenditures remain unchanged and are expected to be $28 million, with the focus at Greens Creek and Keno Hill, with some planned spend at Nevada and Lucky Friday.

(millions)

Total

Sustaining

Growth

2025 Total Capital expenditures

$222 - $242

$122 - $129

$100 - $113

Greens Creek

$47 - $52

$45 - $47

$2 - $5

Lucky Friday

$63 - $68

$58 - $61

$5 - $7

Casa Berardi

$64 - $68

$19 - $21

$45 - $47

Keno Hill

$48 - $54

$0

$48 - $54

2025 Exploration & Pre-Development

$28

CONFERENCE CALL AND WEBCAST

________________________________________

A conference call and webcast will be held on Thursday, November 6, 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 1-800-715-9871 or for international dialing 1-646-307-1963. The Conference ID is 4812168 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/122593394 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, Idaho, and Quebec, Canada, the Company is developing a 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) Adjusted net income applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income applicable to common stockholders is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income applicable to common stockholders as defined by GAAP. They exclude certain impacts which are of a nature which the Company believes are not reflective of our underlying performance. Management believes that adjusted net income applicable to common stockholders per common share provides investors with the ability to better evaluate our underlying operating performance.

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

(3) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of total cost of 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.

(4) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits. Prior year presentation has been adjusted to conform with current year presentation.

(5) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income applicable to common shareholders, 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 loss, 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. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income, the most comparable GAAP measurements, can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.

(6) Precious metals concentrates include intersegment sales to Greens Creek.

Current GAAP measures used in the mining industry, such as total cost of goods sold, 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.

Cautionary Statement Regarding Forward Looking Statements, Including 2025 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) at Casa Berardi, (a) costs are anticipated to continue to improve in the fourth quarter of the year as the stripping ratio of the 160 Pit is expected to decline and the reliance on a third-party contractor is reduced, (b) at current gold prices, underground operations are expected to remain in production to capitalize on available margins, (c) the Company expects to produce gold from the 160 Pit and associated stockpiles until 2027, and upon completion of mining at the 160 Pit and milling the remaining stockpiles, is expected to have a production gap estimated to last between 2028 and 2033, and during this time, the focus is expected to be on investing in permitting, infrastructure and equipment, as well as de-watering and stripping two expected new open pits, and (d) the strategy of blending mining from underground and the 160 Pit should extend the mine's productive life while lowering the risk in transition to the next development phase; (iv) at Lucky Friday, the surface cooling project is tracking for completion in the first half of 2026, and once complete, this project should improve the health and safety of the underground mine by helping to lower the temperature in the mine; (v) at Greens Creek, construction of the dry stack tailings expansion is scheduled to begin in the fourth quarter, with full construction anticipated to commence in 2026; (vi) at Keno Hill, capital investment is expected to decrease in the fourth quarter, at current metal prices, the planned throughput rate of 440 tons per day is expected to drive production to generate robust positive free cash flow, supporting an accelerated capital payback profile, and the Company may deploy additional financial hedging instruments as part of disciplined risk management; (vii) Company-wide and mine-specific estimated spending on capital, exploration and predevelopment for 2025; (viii) Company-wide and mine-specific estimated silver, gold, silver-equivalent and gold-equivalent ounces of production for 2025; and (ix) metals prices and foreign exchange rate assumptions.

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, see the Company's 2024 Form 10-K filed on February 13, 2025, Form 10-Q filed on May 1, 2025, Form 10-Q filed on August 6, 2025 and Form 10-Q expected to be filed on November 5, 2025, for a more detailed discussion of factors that may impact expected future results. 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 and Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, serve as a 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. Technical Report Summaries for the Company’s Greens Creek, Lucky Friday, Casa Berardi and Keno Hill properties are filed as exhibits 96.1 - 96.4, respectively, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 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, (iii) Casa Berardi are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report on the Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2023, (iv) 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, and (v) the San Sebastian Mine, Mexico, are contained in a NI 43-101 technical report prepared for Hecla titled “Technical Report for the San Sebastian Ag-Au Property, Durango, Mexico” effective date September 8, 2015. 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. Allen 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.

HECLA MINING COMPANY

Consolidated Statements of Operations

(dollars and shares in thousands, except per share amounts - unaudited)

Three Months Ended

Nine Months Ended

September 30, 2025

June 30, 2025

September 30, 2025

September 30, 2024

Sales

$

409,542

$

304,027

$

974,908

$

680,270

Cost of sales and other direct production costs

180,451

147,344

476,745

406,780

Depreciation, depletion and amortization

48,624

37,159

124,168

143,614

Total cost of sales

229,075

184,503

600,913

550,394

Gross profit

180,467

119,524

373,995

129,876

Other operating expenses:

General and administrative

13,872

12,540

38,411

36,357

Exploration and pre-development

9,554

8,809

22,864

21,577

Ramp-up and suspension costs

3,257

4,165

10,728

33,740

Provision for closed operations and environmental matters

1,268

844

2,902

3,681

Other operating expense (income), net

3,871

(590

)

4,334

(33,618

)

Total other operating expenses

31,822

25,768

79,239

61,737

Income from operations

148,645

93,756

294,756

68,139

Other income (expense):

Interest expense

(13,405

)

(11,099

)

(36,055

)

(36,050

)

Fair value adjustments, net

17,625

9,615

30,867

6,804

Foreign exchange gain (loss)

305

(3,517

)

(3,568

)

3,409

Other income

2,433

1,511

4,886

3,921

Total other income (expense)

6,958

(3,490

)

(3,870

)

(21,916

)

Income before income and mining taxes

155,603

90,266

290,886

46,223

Income and mining tax provision

(54,877

)

(32,561

)

(103,583

)

(22,345

)

Net income

100,726

57,705

187,303

23,878

Preferred stock dividends

(138

)

(138

)

(414

)

(414

)

Net income applicable to common stockholders

$

100,588

$

57,567

$

186,889

$

23,464

Basic income per common share after preferred dividends

$

0.15

$

0.09

$

0.29

$

0.04

Diluted income per common share after preferred dividends

$

0.15

$

0.09

$

0.29

$

0.04

Weighted average number of common shares outstanding basic

669,194

636,928

646,312

618,419

Weighted average number of common shares outstanding diluted

671,938

639,739

649,533

621,792

HECLA MINING COMPANY

Consolidated Statements of Cash Flows

(dollars in thousands - unaudited)

Three Months Ended

Nine Months Ended

September 30, 2025

June 30, 2025

September 30, 2025

September 30, 2024

OPERATING ACTIVITIES

Net income

$

100,726

$

57,705

$

187,303

$

23,878

Non-cash elements included in net income:

Depreciation, depletion and amortization

49,377

37,914

126,463

149,265

Inventory adjustments

51

812

2,421

10,074

Fair value adjustments, net

(17,625

)

(9,615

)

(30,867

)

(6,804

)

Provision for reclamation and closure costs

1,986

1,907

5,801

5,428

Stock-based compensation

2,639

2,987

7,562

6,401

Deferred income taxes

44,502

26,288

84,011

14,261

Net foreign exchange (gain) loss

(305

)

3,517

3,568

(3,409

)

Other non-cash items, net

4,524

(2,051

)

2,980

14,609

Change in assets and liabilities:

Accounts receivable

(60,988

)

18,875

(71,427

)

(24,199

)

Inventories

11,773

(9,058

)

(9,048

)

(27,375

)

Other current and non-current assets

9,002

3,113

21,693

353

Accounts payable, accrued and other current liabilities

(8,155

)

19,736

(4,336

)

(6,991

)

Accrued payroll and related benefits

3,378

7,991

11,201

6,592

Accrued taxes

9,624

(763

)

11,630

1,069

Accrued reclamation and closure costs and other non-current liabilities

(2,460

)

2,438

(3,372

)

(12,345

)

Net cash provided by operating activities

148,049

161,796

345,583

150,807

INVESTING ACTIVITIES

Additions to properties, plants, equipment and mine development

(57,905

)

(58,043

)

(170,043

)

(153,708

)

Proceeds from sale of investments

—

3,696

3,696

—

Proceeds from disposition of assets

586

73

714

1,473

Investment purchases

—

—

—

(73

)

Net cash used in investing activities

(57,319

)

(54,274

)

(165,633

)

(152,308

)

FINANCING ACTIVITIES

Proceeds from issuance of stock, net

42,093

174,132

216,225

58,368

Acquisition of treasury shares

—

(885

)

(885

)

(1,197

)

Borrowings of debt

20,000

26,000

153,000

150,000

Repayments of debt

(310,245

)

(30,000

)

(427,245

)

(265,000

)

Dividends paid to common and preferred stockholders

(2,653

)

(2,512

)

(7,676

)

(16,691

)

Repayments of finance leases and other

(2,423

)

(1,933

)

(6,643

)

(7,841

)

Net cash (used in) provided by financing activities

(253,228

)

164,802

(73,224

)

(82,361

)

Effect of exchange rates on cash

(168

)

579

311

(220

)

Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents

(162,666

)

272,903

107,037

(84,082

)

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period

297,748

24,845

28,045

107,539

Cash, cash equivalents and restricted cash and cash equivalents at end of period

$

135,082

$

297,748

$

135,082

$

23,457

HECLA MINING COMPANY

Consolidated Balance Sheets

(dollars and shares in thousands - unaudited)

September 30, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

$

133,910

$

26,868

Accounts receivable

123,270

49,053

Inventories

114,936

104,936

Other current assets

15,391

33,295

Total current assets

387,507

214,152

Investments

67,448

33,897

Restricted cash and cash equivalents

1,172

1,177

Properties, plants, equipment and mine development, net

2,732,999

2,694,119

Operating lease right-of-use assets

8,706

7,544

Other non-current assets

24,010

30,171

Total assets

3,221,842

$

2,981,060

LIABILITIES

Current liabilities:

Accounts payable and other current accrued liabilities

$

156,066

$

127,988

Current debt

—

33,617

Finance leases

7,908

8,169

Accrued reclamation and closure costs

13,085

13,748

Accrued interest

2,911

14,316

Total current liabilities

179,970

197,838

Accrued reclamation and closure costs

114,723

111,162

Long-term debt including finance leases

269,838

508,927

Deferred tax liabilities

196,518

110,266

Other non-current liabilities

11,149

13,353

Total liabilities

772,198

941,546

STOCKHOLDERS’ EQUITY

Preferred stock

39

39

Common stock

169,661

160,052

Capital surplus

2,638,638

2,418,149

Accumulated deficit

(313,902

)

(493,529

)

Accumulated other comprehensive loss, net

(8,976

)

(10,266

)

Treasury stock

(35,816

)

(34,931

)

Total stockholders’ equity

2,449,644

2,039,514

Total liabilities and stockholders’ equity

$

3,221,842

$

2,981,060

Common shares outstanding

679,001

640,548

Non-GAAP Measures

(Unaudited)

Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)

The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three and nine months ended September 30, 2025 and 2024, and the three months ended June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024 and an estimate for the twelve months ended December 31, 2025.

Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce 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, After By-product Credits, per Ounce is an important operating statistic that the Company utilizes to measure each mine's operating performance. The Company uses AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure the Company reports, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce 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, After By-product Credits, per Ounce and AISC, After By-product Credits, 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.

The Casa Berardi information below reports Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce for the production of gold, their primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi. Only costs and ounces produced relating to units with the same primary product are combined to represent Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce. Thus, the gold produced at our Casa Berardi unit is not included as a by-product credit when calculating Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the total of Greens Creek and Lucky Friday, our combined silver properties. Similarly, the silver produced at our other two units is not included as a by-product credit when calculating the gold metrics for Casa Berardi. The Company has not disclosed cost per ounce statistics for the Keno Hill operation as it is in the production ramp-up phase and has not met our definition of commercial production. Determination of when those criteria have been met requires the use of judgment, and our definition of commercial production may differ from that of other mining companies.

In thousands (except per ounce amounts)

Three Months Ended September 30, 2025

Three Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Greens Creek

Lucky Friday

Keno Hill (4)

Corporate (2)

Total Silver

Greens Creek

Lucky Friday

Keno Hill (4)

Corporate (2)

Total Silver

Greens

Creek

Lucky

Friday

Keno Hill (4)

Corporate (2)

Total Silver

Greens

Creek

Lucky

Friday (5)

Keno Hill (4)

Corporate (2)

Total Silver

Total cost of sales

$81,658

$44,641

$31,171

$—

$157,470

$58,921

$42,286

$25,881

$—

$127,088

$210,217

$130,976

$72,923

$—

$414,116

$200,240

$104,328

$59,606

$—

$364,174

Depreciation, depletion and amortization

(16,229)

(13,471)

(8,028)

—

(37,728)

(12,897)

(13,275)

(5,141)

—

(31,313)

(42,715)

(40,171)

(15,971)

—

(98,857)

(39,707)

(29,300)

(12,549)

—

(81,556)

Treatment costs

(436)

2,434

—

—

1,998

(1,001)

1,054

—

—

53

706

7,451

—

—

8,157

21,755

9,619

—

—

31,374

Change in product inventory

(5,106)

946

—

—

(4,160)

9,234

225

—

—

9,459

3,227

332

—

—

3,559

(3,025)

602

—

—

(2,423)

Reclamation and other costs

(715)

(141)

—

—

(856)

57

(160)

—

—

(103)

(965)

(574)

—

—

(1,539)

(3,362)

(654)

—

—

(4,016)

Exclusion of Lucky Friday cash costs (5)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

(3,634)

—

—

(3,634)

Exclusion of Keno Hill cash costs (4)

—

—

(23,143)

—

(23,143)

—

—

(20,740)

—

(20,740)

—

—

(56,952)

—

(56,952)

—

—

(47,057)

—

(47,057)

Cash Cost, Before By-product Credits (1)

59,172

34,409

—

—

93,581

54,314

30,130

—

—

84,444

170,470

98,014

—

—

268,484

175,901

80,961

—

—

256,862

Reclamation and other costs

758

195

—

—

953

757

195

—

—

952

2,272

585

—

—

2,857

2,356

708

—

—

3,064

Sustaining capital

13,210

18,484

—

1,528

33,222

8,268

17,069

—

1,270

26,607

28,846

49,623

—

3,823

82,292

29,885

32,430

—

1,143

63,458

Exclusion of Lucky Friday sustaining costs (5)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

(5,396)

—

—

(5,396)

General and administrative

—

—

—

13,872

13,872

—

—

—

12,540

12,540

—

—

—

38,411

38,411

—

—

—

36,357

36,357

AISC, Before By-product Credits (1)

73,140

53,088

—

15,400

141,628

63,339

47,394

—

13,810

124,543

201,588

148,222

—

42,234

392,044

208,142

108,703

—

37,500

354,345

By-product credits:

Zinc

(22,894)

(7,203)

—

—

(30,097)

(23,512)

(7,120)

—

—

(30,632)

(69,780)

(21,273)

—

—

(91,053)

(64,205)

(18,537)

—

—

(82,742)

Gold

(48,618)

—

—

—

(48,618)

(52,194)

—

—

—

(52,194)

(135,789)

—

—

—

(135,789)

(80,826)

—

—

—

(80,826)

Lead

(6,670)

(14,736)

—

—

(21,406)

(6,610)

(14,708)

—

—

(21,318)

(19,371)

(43,487)

—

—

(62,858)

(19,769)

(40,432)

—

—

(60,201)

Copper

(927)

—

—

—

(927)

(871)

—

—

—

(871)

(2,527)

—

—

—

(2,527)

(409)

—

—

—

(409)

Exclusion of Lucky Friday by-product credits (5)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

3,943

—

—

3,943

Total By-product credits

(79,109)

(21,939)

—

—

(101,048)

(83,187)

(21,828)

—

—

(105,015)

(227,467)

(64,760)

—

—

(292,227)

(165,209)

(55,026)

—

—

(220,235)

Cash Cost, After By-product Credits

$(19,937)

$12,470

$—

$—

$(7,467)

$(28,873)

$8,302

$—

$—

$(20,571)

$(56,997)

$33,254

$—

$—

$(23,743)

$10,692

$25,935

$—

$—

$36,627

AISC, After By-product Credits

$(5,969)

$31,149

$—

$15,400

$40,580

$(19,848)

$25,566

$—

$13,810

$19,528

$(25,879)

$83,462

$—

$42,234

$99,817

$42,933

$53,677

$—

$37,500

$134,110

Ounces produced

2,348

1,337

3,685

2,423

1,341

3,764

6,773

-

4,010

10,783

6,579

3,554

10,133

Exclusion of Lucky Friday ounces produced (5)

—

—

—

—

—

—

—

—

—

—

(253)

(253)

Divided by ounces produced

2,348

1,337

3,685

2,423

1,341

3,764

6,773

4,010

10,783

6,579

3,301

9,880

Cash Cost, Before By-product Credits, per Silver Ounce

$25.20

$25.73

$25.39

$22.42

$22.47

$22.44

$25.17

$24.44

$24.90

$26.73

$24.53

$26.00

By-product credits per ounce

(33.70)

(16.40)

(27.42)

(34.33)

(16.28)

(27.90)

(33.58)

(16.15)

(27.10)

(25.11)

(16.67)

(22.29)

Cash Cost, After By-product Credits, per Silver Ounce

$(8.50)

$9.33

$(2.03)

$(11.91)

$6.19

$(5.46)

$(8.41)

$8.29

$(2.20)

$1.62

$7.86

$3.71

AISC, Before By-product Credits, per Silver Ounce (2)

$31.15

$39.70

$38.43

$26.14

$35.35

$33.09

$29.76

$36.96

$36.36

$31.64

$32.93

$35.86

By-product credits per ounce

(33.70)

(16.40)

(27.42)

(34.33)

(16.28)

(27.90)

(33.58)

(16.15)

(27.10)

(25.11)

(16.67)

(22.29)

AISC, After By-product Credits, per Silver Ounce

$(2.55)

$23.30

$11.01

$(8.19)

$19.07

$5.19

$(3.82)

$20.81

$9.26

$6.53

$16.26

$13.57

In thousands (except per ounce amounts)

Three Months Ended September 30, 2025

Three Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Casa Berardi

Other (3)

Total Gold and Other

Casa Berardi

Other (3)

Total Gold and Other

Casa Berardi

Other (3)

Total Gold and Other

Casa Berardi

Other (3)

Total Gold and Other

Total cost of sales

$55,422

$16,183

$71,605

$50,790

$6,625

$57,415

$156,894

$29,903

$186,797

$171,880

$14,340

$186,220

Depreciation, depletion and amortization

(10,896)

—

(10,896)

(5,846)

—

(5,846)

(25,311)

—

(25,311)

(62,058)

—

(62,058)

Treatment costs

40

—

40

44

—

44

129

—

129

112

—

112

Change in product inventory

(4,293)

—

(4,293)

(62)

—

(62)

(1,097)

—

(1,097)

3,365

—

3,365

Reclamation and other costs

(326)

—

(326)

(324)

—

(324)

(962)

—

(962)

(622)

—

(622)

Exclusion of Other costs

—

(16,183)

(16,183)

—

(6,625)

(6,625)

—

(29,903)

(29,903)

—

(14,340)

(14,340)

Cash Cost, Before By-product Credits (1)

39,947

—

39,947

44,602

—

44,602

129,653

—

129,653

112,677

—

112,677

Reclamation and other costs

326

—

326

324

—

324

962

—

962

622

—

622

Sustaining capital

3,774

—

3,774

2,242

—

2,242

7,910

—

7,910

13,582

—

13,582

AISC, Before By-product Credits (1)

44,047

—

44,047

47,168

—

47,168

138,525

—

138,525

126,881

—

126,881

By-product credits:

Silver

(273)

—

(273)

(202)

—

(202)

(640)

—

(640)

(489)

—

(489)

Total By-product credits

(273)

—

(273)

(202)

—

(202)

(640)

—

(640)

(489)

—

(489)

Cash Cost, After By-product Credits

$39,674

$—

$39,674

$44,400

$—

$44,400

$129,013

$—

$129,013

$112,188

$—

$112,188

AISC, After By-product Credits

$43,774

$—

$43,774

$46,966

$—

$46,966

$137,885

$—

$137,885

$126,392

$—

$126,392

Divided by gold ounces produced

25

—

25

28

—

28

74

—

74

66

—

66

Cash Cost, Before By-product Credits, per Gold Ounce

1,593

$—

$1,593

$1,585

$—

$1,585

1,759

$—

$1,759

$1,714

$—

$1,714

By-product credits per ounce

(11)

—

(11)

(7)

—

(7)

(9)

—

(9)

(7)

—

(7)

Cash Cost, After By-product Credits, per Gold Ounce

$1,582

$—

$1,582

$1,578

$—

$1,578

$1,750

$—

$1,750

$1,707

$—

$1,707

AISC, Before By-product Credits, per Gold Ounce

$1,757

$—

$1,757

$1,676

$—

$1,676

$1,880

$—

$1,880

$1,930

$—

$1,930

By-product credits per ounce

(11)

—

(11)

(7)

—

(7)

(9)

—

(9)

(7)

—

(7)

AISC, After By-product Credits, per Gold Ounce

$1,746

$—

$1,746

$1,669

$—

$1,669

$1,871

$—

$1,871

$1,923

$—

$1,923

In thousands (except per ounce amounts)

Three Months Ended September 30, 2025

Three Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Total Silver

Total Gold and Other

Total

Total Silver

Total Gold and Other

Total

Total Silver

Total Gold and Other

Total

Total Silver

Total Gold and Other

Total

Total cost of sales

$

157,470

$

71,605

$

229,075

$

127,088

$

57,415

$

184,503

$

414,116

$

186,797

$

600,913

$

364,174

$

186,220

$

550,394

Depreciation, depletion and amortization

(37,728

)

(10,896

)

(48,624

)

(31,313

)

(5,846

)

(37,159

)

(98,857

)

(25,311

)

(124,168

)

(81,556

)

(62,058

)

(143,614

)

Treatment costs

1,998

40

2,038

53

44

97

8,157

129

8,286

31,374

112

31,486

Change in product inventory

(4,160

)

(4,293

)

(8,453

)

9,459

(62

)

9,397

3,559

(1,097

)

2,462

(2,423

)

3,365

942

Reclamation and other costs

(856

)

(326

)

(1,182

)

(103

)

(324

)

(427

)

(1,539

)

(962

)

(2,501

)

(4,016

)

(622

)

(4,638

)

Exclusion of Lucky Friday cash costs (5)

—

—

—

—

—

—

—

—

—

(3,634

)

—

(3,634

)

Exclusion of Keno Hill cash costs (4)

(23,143

)

—

(23,143

)

(20,740

)

—

(20,740

)

(56,952

)

—

(56,952

)

(47,057

)

—

(47,057

)

Exclusion of Other costs

—

(16,183

)

(16,183

)

—

(6,625

)

(6,625

)

—

(29,903

)

(29,903

)

—

(14,340

)

(14,340

)

Cash Cost, Before By-product Credits (1)

93,581

39,947

133,528

84,444

44,602

129,046

268,484

129,653

398,137

256,862

112,677

369,539

Reclamation and other costs

953

326

1,279

952

324

1,276

2,857

962

3,819

3,064

622

3,686

Sustaining capital

33,222

3,774

36,996

26,607

2,242

28,849

82,292

7,910

90,202

63,458

13,582

77,040

Exclusion of Lucky Friday sustaining costs (5)

—

—

—

—

—

—

—

—

—

(5,396

)

—

(5,396

)

General and administrative

13,872

—

13,872

12,540

—

12,540

38,411

—

38,411

36,357

—

36,357

AISC, Before By-product Credits (1)

141,628

44,047

185,675

124,543

47,168

171,711

392,044

138,525

530,569

354,345

126,881

481,226

By-product credits:

Zinc

(30,097

)

—

(30,097

)

(30,632

)

—

(30,632

)

(91,053

)

—

(91,053

)

(82,742

)

—

(82,742

)

Gold

(48,618

)

—

(48,618

)

(52,194

)

—

(52,194

)

(135,789

)

—

(135,789

)

(80,826

)

—

(80,826

)

Lead

(21,406

)

—

(21,406

)

(21,318

)

—

(21,318

)

(62,858

)

—

(62,858

)

(60,201

)

—

(60,201

)

Silver

—

(273

)

(273

)

—

(202

)

(202

)

—

(640

)

(640

)

—

(489

)

(489

)

Copper

(927

)

—

(927

)

(871

)

—

(871

)

(2,527

)

—

(2,527

)

(409

)

—

(409

)

Exclusion of Lucky Friday by-product credits (5)

—

—

—

—

—

—

—

—

—

3,943

—

3,943

Total By-product credits

(101,048

)

(273

)

(101,321

)

(105,015

)

(202

)

(105,217

)

(292,227

)

(640

)

(292,867

)

(220,235

)

(489

)

(220,724

)

Cash Cost, After By-product Credits

$

(7,467

)

$

39,674

$

32,207

$

(20,571

)

$

44,400

$

23,829

$

(23,743

)

$

129,013

$

105,270

$

36,627

$

112,188

$

148,815

AISC, After By-product Credits

$

40,580

$

43,774

$

84,354

$

19,528

$

46,966

$

66,494

$

99,817

$

137,885

$

237,702

$

134,110

$

126,392

$

260,502

Ounces produced

3,685

25

3,764

28

10,783

74

10,133

66

Exclusion of Lucky Friday ounces produced (5)

—

—

—

—

—

—

(253

)

—

Divided by ounces produced

3,685

25

3,764

28

10,783

74

9,880

66

Cash Cost, Before By-product Credits, per Ounce

$

25.39

$

1,593

$

22.44

$

1,585

$

24.90

$

1,759

$

26.00

$

1,714

By-product credits per ounce

(27.42

)

(11

)

(27.90

)

(7

)

(27.10

)

(9

)

(22.29

)

(7

)

Cash Cost, After By-product Credits, per Ounce

$

(2.03

)

$

1,582

$

(5.46

)

$

1,578

$

(2.20

)

$

1,750

$

3.71

$

1,707

AISC, Before By-product Credits, per Ounce (2)

$

38.43

$

1,757

$

33.09

$

1,676

$

36.36

$

1,880

$

35.86

$

1,930

By-product credits per ounce

(27.42

)

(11

)

(27.90

)

(7

)

(27.10

)

(9

)

(22.29

)

(7

)

AISC, After By-product Credits, per Ounce

$

11.01

1,746

$

5.19

1,669

$

9.26

1,871

$

13.57

$

1,923

In thousands (except per ounce amounts)

Three Months Ended March 31, 2025

Three Months Ended December 31, 2024

Three Months Ended September 30, 2024

Greens Creek

Lucky Friday

Keno Hill (4)

Corporate (2)

Total Silver

Greens Creek

Lucky Friday

Keno Hill (4)

Corporate (2)

Total Silver

Greens Creek

Lucky Friday

Keno Hill (4)

Corporate (2)

Total Silver

Total cost of sales

$69,638

$44,049

$15,871

$—

$129,558

$67,887

$40,157

$15,356

$—

$123,400

$73,597

$39,286

$19,809

$—

$132,692

Depreciation, depletion and amortization

(13,589)

(13,425)

(2,802)

—

(29,816)

(13,743)

(11,749)

(3,587)

—

(29,079)

(13,948)

(10,681)

(4,218)

—

(28,847)

Treatment costs

2,143

3,963

—

—

6,106

4,511

4,837

—

—

9,348

5,962

3,650

—

—

9,612

Change in product inventory

(901)

(839)

—

—

(1,740)

(2,833)

1,488

—

—

(1,345)

(8,125)

106

—

—

(8,019)

Reclamation and other costs

(307)

(273)

—

—

(580)

(1,119)

(2,152)

—

—

(3,271)

(1,825)

(241)

—

—

(2,066)

Exclusion of Keno Hill cash costs (4)

—

—

(13,069)

—

(13,069)

—

—

(11,769)

—

(11,769)

—

—

(15,591)

—

(15,591)

Cash Cost, Before By-product Credits (1)

56,984

33,475

—

—

90,459

54,703

32,581

—

—

87,284

55,661

32,120

—

—

87,781

Reclamation and other costs

757

195

—

—

952

785

183

—

—

968

786

303

—

—

1,089

Sustaining capital

7,368

14,070

—

1,025

22,463

15,329

12,434

—

389

28,152

10,558

10,862

—

42

21,462

General and administrative

—

—

—

11,999

11,999

—

—

—

9,048

9,048

—

—

—

10,401

10,401

AISC, Before By-product Credits (1)

65,109

47,740

—

13,024

125,873

70,817

45,198

—

9,437

125,452

67,005

43,285

—

10,443

120,733

By-product credits:

—

0

Zinc

(23,374)

(6,950)

—

—

(30,324)

(24,883)

(7,707)

—

—

(32,590)

(22,126)

(7,046)

—

—

(29,172)

Gold

(34,977)

—

—

—

(34,977)

(34,363)

—

—

—

(34,363)

(25,430)

—

—

—

(25,430)

Lead

(6,091)

(14,043)

—

—

(20,134)

(6,605)

(14,610)

—

—

(21,215)

(5,970)

(13,245)

—

—

(19,215)

Copper

(729)

—

—

—

(729)

—

—

—

—

—

(409)

—

—

—

(409)

Total By-product credits

(65,171)

(20,993)

—

—

(86,164)

(65,851)

(22,317)

—

—

(88,168)

(53,935)

(20,291)

—

—

(74,226)

Cash Cost, After By-product Credits

$(8,187)

$12,482

$—

$—

$4,295

$(11,148)

$10,264

$—

$—

$(884)

$1,726

$11,829

$—

$—

$13,555

AISC, After By-product Credits

$(62)

$26,747

$—

$13,024

$39,709

$4,966

$22,881

$—

$9,437

$37,284

$13,070

$22,994

$—

$10,443

$46,507

Divided by silver ounces produced

2,003

1,332

3,335

1,902

1,337

3,239

1,857

1,185

3,042

Cash Cost, Before By-product Credits, per Silver Ounce

$28.46

$25.13

$27.13

$28.76

$24.37

$26.95

$29.97

$27.11

$28.86

By-product credits per ounce

(32.54)

(15.76)

(25.84)

(34.62)

(16.69)

(27.22)

(29.04)

(17.13)

(24.40)

Cash Cost, After By-product Credits, per Silver Ounce

$(4.08)

$9.37

$1.29

$(5.86)

$7.68

$(0.27)

$0.93

$9.98

$4.46

AISC, Before By-product Credits, per Silver Ounce (2)

$32.51

$35.84

$37.75

$37.24

$33.81

$38.73

$36.08

$36.53

$39.69

By-product credits per ounce

(32.54)

(15.76)

(25.84)

(34.62)

(16.69)

(27.22)

(29.04)

(17.13)

(24.40)

AISC, After By-product Credits, per Silver Ounce

$(0.03)

$20.08

$11.91

$2.62

$17.12

$11.51

$7.04

$19.41

$15.29

In thousands (except per ounce amounts)

Three Months Ended March 31, 2025

Three Months Ended December 31, 2024

Three Months Ended September 30, 2024

Casa Berardi

Other (3)

Total Gold and Other

Casa Berardi

Other (3)

Total Gold and Other

Casa Berardi

Other (3)

Total Gold and Other

Total cost of sales

$

50,682

$

7,095

$

57,777

$

51,734

$

6,187

$

57,921

$

46,280

$

6,827

$

53,107

Depreciation, depletion and amortization

(8,569

)

—

(8,569

)

(10,777

)

—

(10,777

)

(12,097

)

—

(12,097

)

Treatment costs

45

—

45

41

—

41

36

—

36

Change in product inventory

3,258

—

3,258

(96

)

—

(96

)

2,176

—

2,176

Reclamation and other costs

(312

)

—

(312

)

(201

)

—

(201

)

(207

)

—

(207

)

Exclusion of Other cash costs

—

(7,095

)

(7,095

)

—

(6,187

)

(6,187

)

—

(6,827

)

(6,827

)

Cash Cost, Before By-product Credits (1)

45,104

—

45,104

40,701

—

40,701

36,188

—

36,188

Reclamation and other costs

312

—

312

201

—

201

207

—

207

Sustaining capital

1,894

—

1,894

5,381

—

5,381

6,054

—

6,054

AISC, Before By-product Credits (1)

47,310

—

47,310

46,283

—

46,283

42,449

—

42,449

By-product credits:

0

Silver

(165

)

—

(165

)

(194

)

—

(194

)

(163

)

—

(163

)

Total By-product credits

(165

)

—

(165

)

(194

)

—

(194

)

(163

)

—

(163

)

Cash Cost, After By-product Credits

$

44,939

$

—

$

44,939

$

40,507

$

—

$

40,507

$

36,025

$

—

$

36,025

AISC, After By-product Credits

$

47,145

$

—

$

47,145

$

46,089

$

—

$

46,089

$

42,286

$

—

$

42,286

Divided by gold ounces produced

20

—

20

21

—

21

21

—

21

Cash Cost, Before By-product Credits, per Gold Ounce

$

2,203

$

—

$

2,203

$

1,945

$

—

$

1,945

$

1,762

$

—

$

1,762

By-product credits per ounce

(8

)

—

(8

)

(9

)

—

(9

)

(8

)

—

(8

)

Cash Cost, After By-product Credits, per Gold Ounce

$

2,195

$

—

$

2,195

$

1,936

$

—

$

1,936

$

1,754

$

—

$

1,754

AISC, Before By-product Credits, per Gold Ounce

$

2,311

$

—

$

2,311

$

2,212

$

—

$

2,212

$

2,067

$

—

$

2,067

By-product credits per ounce

(8

)

—

(8

)

(9

)

—

(9

)

(8

)

—

(8

)

AISC, After By-product Credits, per Gold Ounce

$

2,303

$

—

$

2,303

$

2,203

$

—

$

2,203

$

2,059

$

—

$

2,059

In thousands (except per ounce amounts)

Three Months Ended March 31, 2025

Three Months Ended December 31, 2024

Three Months Ended September 30, 2024

Total Silver

Total Gold and Other

Total

Total Silver

Total Gold and Other

Total

Total Silver

Total Gold and Other

Total

Total cost of sales

$

129,558

$

57,777

$

187,335

$

123,400

$

57,921

$

181,321

$

132,692

$

53,107

$

185,799

Depreciation, depletion and amortization

(29,816

)

(8,569

)

(38,385

)

(29,079

)

(10,777

)

(39,856

)

(28,847

)

(12,097

)

(40,944

)

Treatment costs

6,106

45

6,151

9,348

41

9,389

9,612

36

9,648

Change in product inventory

(1,740

)

3,258

1,518

(1,345

)

(96

)

(1,441

)

(8,019

)

2,176

(5,843

)

Reclamation and other costs

(580

)

(312

)

(892

)

(3,271

)

(201

)

(3,472

)

(2,066

)

(207

)

(2,273

)

Exclusion of Keno Hill cash cost (4)

(13,069

)

—

(13,069

)

(11,769

)

—

(11,769

)

(15,591

)

(15,591

)

Exclusion of Other costs (3)

—

(7,095

)

(7,095

)

—

(6,187

)

(6,187

)

—

(6,827

)

(6,827

)

Cash Cost, Before By-product Credits (1)

90,459

45,104

135,563

87,284

40,701

127,985

87,781

36,188

123,969

Reclamation and other costs

952

312

1,264

968

201

1,169

1,089

207

1,296

Sustaining capital

22,463

1,894

24,357

28,152

5,381

33,533

21,462

6,054

27,516

General and administrative

11,999

—

11,999

9,048

—

9,048

10,401

—

10,401

AISC, Before By-product Credits (1)

125,873

47,310

173,183

125,452

46,283

171,735

120,733

42,449

163,182

By-product credits:

Zinc

(30,324

)

—

(30,324

)

(32,590

)

—

(32,590

)

(29,172

)

—

(29,172

)

Gold

(34,977

)

—

(34,977

)

(34,363

)

—

(34,363

)

(25,430

)

—

(25,430

)

Lead

(20,134

)

—

(20,134

)

(21,215

)

—

(21,215

)

(19,215

)

—

(19,215

)

Copper

(729

)

—

(729

)

—

—

—

(409

)

—

(409

)

Silver

—

(165

)

(165

)

—

(194

)

(194

)

—

(163

)

(163

)

Total By-product credits

(86,164

)

(165

)

(86,329

)

(88,168

)

(194

)

(88,362

)

(74,226

)

(163

)

(74,389

)

Cash Cost, After By-product Credits

$

4,295

$

44,939

$

49,234

$

(884

)

$

40,507

$

39,623

$

13,555

$

36,025

$

49,580

AISC, After By-product Credits

$

39,709

$

47,145

$

86,854

$

37,284

$

46,089

$

83,373

$

46,507

$

42,286

$

88,793

Divided by ounces produced

3,335

20

3,239

21

3,042

21

Cash Cost, Before By-product Credits, per Ounce

$

27.13

$

2,203

$

26.95

1,945

$

28.86

$

1,762

By-product credits per ounce

(25.84

)

(8

)

(27.22

)

(9

)

(24.40

)

(8

)

Cash Cost, After By-product Credits, per Ounce

$

1.29

$

2,195

$

(0.27

)

$

1,936

$

4.46

$

1,754

AISC, Before By-product Credits, per Ounce (2)

$

37.75

$

2,311

$

38.73

$

2,212

$

39.68

$

2,067

By-product credits per ounce

(25.84

)

(8

)

(27.22

)

(9

)

(24.40

)

(8

)

AISC, After By-product Credits, per Ounce

$

11.91

$

2,303

$

11.51

$

2,203

$

15.29

$

2,059

(1)

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 and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.

(2)

AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.

(3)

Other includes total cost of sales related to the Company's environmental remediation services business.

(4)

Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

(5)

Lucky Friday operations were suspended in August 2023 following the underground fire in the #2 shaft secondary egress. The portion of cash costs, sustaining costs, by-product credits, and silver production incurred since the suspension are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

2025 Guidance, Previous and Current Estimates: Reconciliation of Cost of Sales to Non-GAAP Measures

In thousands (except per ounce amounts)

Estimate for Twelve Months Ended December 31, 2025

Greens Creek

Lucky Friday

Corporate (2)

Total Silver

Casa Berardi

Total Gold

Cost of sales and other direct production costs and depreciation, depletion and amortization

$

287,000

$

174,000

$

—

$

461,000

$

204,000

$

204,000

Depreciation, depletion and amortization

(58,000

)

(53,000

)

—

(111,000

)

(34,000

)

(34,000

)

Treatment costs

9,000

6,500

—

15,500

—

—

Change in product inventory

—

—

—

—

—

—

Other costs

—

2,000

—

2,000

—

—

Cash Cost, Before By-product Credits (1)

238,000

129,500

—

367,500

—

170,000

—

170,000

Reclamation and other costs

3,000

1,000

—

4,000

1,000

1,000

Sustaining capital

46,000

67,500

5,600

119,100

17,000

17,000

General and administrative

—

—

52,400

52,400

—

—

AISC, Before By-product Credits (2)

287,000

198,000

58,000

—

543,000

—

188,000

—

188,000

By-product credits:

Zinc

(89,600

)

(30,000

)

—

(119,600

)

—

—

Gold

(175,800

)

—

—

(175,800

)

—

—

Lead

(24,400

)

(59,500

)

—

(83,900

)

—

—

Copper

(2,300

)

—

—

(2,300

)

—

—

Silver

—

—

—

—

(1,000

)

(1,000

)

Total By-product credits

(292,100

)

(89,500

)

—

(381,600

)

(1,000

)

(1,000

)

Cash Cost, After By-product Credits

$

(54,100

)

$

40,000

$

—

$

(14,100

)

$

169,000

$

169,000

AISC, After By-product Credits

$

(5,100

)

$

108,500

$

58,000

$

161,400

$

187,000

$

187,000

Divided by ounces produced

8,600

5,000

13,600

94

94

Cash Cost, Before By-product Credits, per Ounce

$

27.67

$

25.90

$

27.02

$

1,809

$

1,809

By-product credits per ounce

(33.97

)

(17.90

)

(28.06

)

(11

)

(11

)

Cash Cost, After By-product Credits, per Ounce

$

(6.30

)

$

8.00

$

(1.04

)

$

1,798

$

1,798

AISC, Before By-product Credits, per Ounce

$

33.37

$

39.60

$

39.93

$

2,000

$

2,000

By-product credits per ounce

(33.97

)

(17.90

)

(28.06

)

(11

)

(11

)

AISC, After By-product Credits, per Ounce

$

(0.60

)

$

21.70

$

11.87

$

1,989

$

1,989

(1)

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 and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.

(2)

AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital.

Reconciliation of Net Income (GAAP) and Debt (GAAP) to Adjusted EBITDA (non-GAAP) and Net Debt (non-GAAP)

This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which is a measure of our operating performance, and net debt to adjusted EBITDA for the last 12 months (or "LTM adjusted EBITDA"), which is a measure of our ability to service our debt. Adjusted EBITDA is calculated as net income before the following items: interest expense, income and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of assets, foreign exchange gains and losses, write down of property, plant and equipment, fair value adjustments, net, interest and other income, provisions for closed operations and environmental matters, stock-based compensation, provisional price gains, monetization of zinc and lead hedges and inventory adjustments. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net income and debt to adjusted EBITDA and net debt:

Dollars are in thousands

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

LTM

September 30, 2025

FY 2024

Net income

$

100,726

$

57,705

$

28,872

$

11,924

$

1,761

$

199,227

$

35,802

Interest expense

13,405

11,099

11,551

13,784

10,901

49,839

49,834

Income and mining tax provision

54,877

32,561

16,145

8,069

11,450

111,652

30,414

Depreciation, depletion and amortization

49,377

37,914

39,172

41,206

44,118

167,669

190,471

Ramp-up and suspension costs

2,003

2,421

2,135

7,492

11,295

14,051

33,985

Loss (gain) on disposition of properties, plants, equipment, and mine development

2,706

(2,077

)

211

(86

)

(31

)

754

(1,244

)

Foreign exchange loss (gain)

(305

)

3,517

356

(4,143

)

3,246

(575

)

(7,552

)

Write down of property, plant and equipment

—

—

—

110

14,464

110

14,574

Fair value adjustments, net

(17,625

)

(9,615

)

(3,627

)

9,008

(3,654

)

(21,859

)

2,204

Provisional price gains

(10,903

)

(4,150

)

(6,916

)

(3,330

)

(5,080

)

(25,299

)

(22,880

)

Provision for closed operations and environmental matters

1,268

844

790

3,162

1,542

6,064

6,843

Stock-based compensation

2,639

2,987

1,936

2,258

2,255

9,820

8,659

Inventory adjustments

51

812

1,558

1,633

178

4,054

11,707

Monetization of zinc and lead hedges

(91

)

(44

)

(454

)

(4,025

)

(2,356

)

(4,614

)

(10,483

)

Other income

(2,433

)

(1,511

)

(941

)

(504

)

(1,230

)

(5,389

)

(4,425

)

Adjusted EBITDA

$

195,695

$

132,463

$

90,788

$

86,558

$

88,859

$

505,504

$

337,909

Total debt

$

277,746

$

550,713

Less: Cash and cash equivalents

133,910

26,868

Net debt

$

143,836

$

523,845

Net debt/LTM adjusted EBITDA (non-GAAP)

0.3

1.6

Reconciliation of Net Income Applicable to Common Stockholders (GAAP) to Adjusted Net income Applicable to Common Shareholders (non-GAAP)

This release refers to a non-GAAP measure of adjusted net income applicable to common stockholders and adjusted net income per share, which are indicators of our performance. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income per common share provides investors with the ability to better evaluate our underlying operating performance.

Dollars are in thousands

3Q-2025

2Q-2025

1Q-2025

4Q-2024

3Q-2024

YTD-2025

YTD-2024

Net income applicable to common stockholders

$

100,588

$

57,567

$

28,734

$

11,786

$

1,623

$

186,889

$

23,464

Adjusted for items below:

Fair value adjustments, net

(17,625

)

(9,615

)

(3,627

)

9,008

(3,654

)

(30,867

)

(6,804

)

Provisional pricing gains

(10,903

)

(4,150

)

(6,916

)

(3,330

)

(5,080

)

(21,969

)

(19,550

)

Environmental accruals

—

—

—

1,881

—

—

—

Write down of property, plant and equipment

—

—

—

110

14,464

—

14,464

Foreign exchange (gain) loss

(305

)

3,517

356

(4,143

)

3,246

3,568

(3,409

)

Ramp-up and suspension costs

3,257

4,165

3,306

9,567

13,679

10,728

26,493

Loss (gain) on disposition of properties, plants, equipment and mine development

2,706

(2,077

)

211

(86

)

(31

)

840

(1,158

)

Inventory adjustments

51

812

1,558

1,633

178

2,421

10,074

Monetization of zinc and lead hedges

(91

)

(44

)

(454

)

(4,025

)

(2,356

)

(589

)

(6,458

)

Other

—

25

54

664

—

79

—

Adjusted net income applicable to common stockholders

$

77,678

$

50,200

$

23,222

$

23,065

$

22,069

$

151,100

$

37,116

Weighted average shares - basic

669,194

636,928

632,047

628,025

621,921

646,312

618,419

Weighted average shares - diluted

671,938

639,739

634,708

631,442

625,739

649,533

621,792

Basic adjusted net income per common stock (in cents)

0.12

0.08

0.04

0.04

0.03

0.23

0.06

Diluted adjusted net income per common stock (in cents)

0.12

0.08

0.04

0.04

0.03

0.23

0.06

Reconciliation of Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)

This release refers to a non-GAAP measure of free cash flow, calculated as cash provided by operating activities, less additions to properties, plants, equipment and mine development. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities to free cash flow:

Dollars are in thousands

Three Months Ended

Nine Months Ended

September 30, 2025

June 30, 2025

September 30, 2025

September 30, 2024

Cash provided by operating activities

$

148,049

$

161,796

$

345,583

$

150,807

Less: Additions to properties, plants, equipment and mine development

$

(57,905

)

$

(58,043

)

$

(170,043

)

$

(153,708

)

Free cash flow

$

90,144

$

103,753

$

175,540

$

(2,901

)

Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants, equipment and mine development. Cash provided by operating activities for our silver operations, the Greens Creek and Lucky Friday operating segments, excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance.

Dollars are in thousands

Total Silver Operations

Nine Months Ended September 30,

Years Ended

December 31,

2025

2024

2023

2022

2021

Cash provided by operating activities

$1,268,858

$276,371

$317,861

$214,883

$188,434

$271,309

Exploration

$33,185

$6,843

$8,016

$7,815

$5,920

$4,591

Less: Additions to properties, plants, equipment and mine development

$(427,512)

$(79,588)

$(97,387)

$(108,879)

$(87,890)

$(53,768)

Free cash flow

$874,531

$203,626

$228,490

$113,819

$106,464

$222,132

Table A

Assay Results – Q3 2025

Keno Hill (Yukon)

Zone

Drillhole Number

Drillhole Azm/Dip

Sample From (feet)

Sample To (feet)

True Width (feet)

Silver (oz/ton)

Gold (oz/ton)

Lead (%)

Zinc (%)

Depth From Surface (feet)

Underground

Bermingham, Bear Vein

BMUG25-205

97/-2

77.1

92.4

14.9

19.2

0.00

1.1

0.7

951

Bermingham, Bear Vein

Including

85.3

89.4

4.0

43.2

0.02

3.1

1.1

951

Bermingham, Bear Vein

BMUG25-206

99/15

90.2

96.4

4.4

13.2

0.00

0.5

1.0

922

Bermingham, Bear Vein

BMUG25-207

110/12

87.7

90.1

2.3

12.4

0.00

4.3

5.0

928

Bermingham, Bear Vein

BMUG25-208

123/16

83.7

87.1

2.8

13.7

0.00

1.7

0.3

922

Bermingham, Bear Vein

Including

86.2

87.1

0.8

27.5

0.00

3.6

0.7

922

Bermingham, Bear Vein

BMUG25-209

162/0

103.7

107.0

2.8

34.1

0.00

4.3

0.9

955

Bermingham, Bear Vein

Including

103.7

104.4

0.6

82.0

0.01

15.9

0.0

955

Bermingham, Bear Vein

BMUG25-210

159/25

101.2

103.3

1.2

18.1

0.00

2.7

5.1

909

Bermingham, Bear Vein

Including

101.2

102.2

0.6

28.6

0.00

3.2

9.3

909

Bermingham, Bear Vein

BMUG25-213

135/-2

168.6

169.4

0.8

109.1

0.01

9.8

3.2

1198

Bermingham, Bear Vein

BMUG25-215

125/-2

148.3

153.5

4.7

14.2

0.00

1.6

2.5

971

Bermingham, Bear Vein

BMUG25-216

122/-14

139.0

141.9

2.7

14.0

0.00

0.4

0.0

988

Bermingham, Bear Vein

BMUG25-216

149.1

151.9

2.6

44.4

0.00

1.9

3.9

988

Bermingham, Bear Vein

Including

149.1

150.1

0.9

114.3

0.01

4.5

8.9

988

Bermingham, Bear Vein

BMUG25-217

116/-2

138.5

140.6

2.1

13.2

0.00

0.5

0.6

955

Bermingham, Footwall Vein

BMUG25-216

122/-14

167.3

170.6

3.1

7.6

0.00

2.2

0.6

988

Bermingham, Bermingham Main Vein

BMUG25-207

110/12

196.9

197.5

0.4

25.3

0.03

8.4

3.0

909

Bermingham, Bermingham Main Vein

BMUG25-208

123/16

167.3

168.3

0.7

24.8

0.00

5.1

1.7

906

Bermingham, Bermingham Main Vein

BMUG25-224

140/-2

282.7

292.3

9.2

39.1

0.00

4.2

3.3

968

Bermingham, Bermingham Main Vein

Including

284.4

285.8

1.3

198.6

0.02

25.0

15.7

968

Bermingham, Bermingham Main Vein

BMUG25-227

147/-9

282.5

286.4

3.7

21.7

0.00

1.9

3.4

1007

Bermingham, Bermingham Main Vein

Including

282.5

284.3

1.7

31.5

0.01

1.2

3.5

1007

Bermingham, Bermingham Main Vein

BMUG25-229

150/-1

270.7

279.0

8.1

76.8

0.01

4.2

1.9

968

Bermingham, Bermingham Main Vein

Including

275.1

279.0

3.8

143.3

0.01

8.4

4.1

968

Bermingham, Bermingham Main Vein

BMUG25-231

159/-2

272.6

275.9

3.1

92.2

0.01

7.4

3.3

965

Bermingham, Bermingham Main Vein

Including

272.6

274.4

1.7

160.1

0.01

12.9

5.8

965

Greens Creek (Alaska)

Zone

Drillhole Number

Drillhole Azm/Dip

Sample From (feet)

Sample To (feet)

True Width (feet)

Silver (oz/ton)

Gold (oz/ton)

Lead (%)

Zinc (%)

Depth From Mine Portal (feet)

Underground

5250

GC6650

72/-57

408.3

412.0

3.6

1.0

0.01

4.1

7.9

-394

5250

GC6651

85/-50

433.0

439.4

5.8

0.9

0.01

6.1

12.1

-387

5250

GC6651

85/-50

452.2

460.2

7.3

4.8

0.01

2.2

4.8

-400

5250

GC6651

85/-50

550.9

553.6

2.7

7.2

0.01

1.2

2.7

-474

5250

GC6653

89/-45

456.3

485.5

28.6

4.0

0.02

2.9

4.7

-394

5250

GC6653

89/-45

561.5

567.0

5.4

28.9

0.06

1.7

3.2

-452

5250

GC6654

94/-43

484.0

496.0

11.7

1.1

0.01

3.8

8.5

-387

5250

GC6656

97/-53

560.3

563.9

3.6

9.6

0.03

7.5

14.3

-501

5250

GC6657

63/-54

368.2

388.0

18.1

1.4

0.01

10.0

18.6

-345

5250

GC6665

72/-60

377.6

409.1

31.5

9.6

0.03

10.0

3.4

-327

Casa Berardi (Quebec)

Zone

Drillhole Number

Drillhole Azm/Dip

Sample From (feet)

Sample To (feet)

True Width (feet)

Gold (oz/ton)

Depth From Mine Surface (feet)

Underground Definition

118-41

CBP-1375

345/21

551.0

576.3

21.9

0.20

2,382

118-41

Including

576.3

576.3

4.3

0.60

2,379

118-06

CBP-1389

2/-5

305.7

310.0

3.3

0.08

3,254

118-06

CBP-1390

0/14

286.3

311.6

21.9

0.00

3,157

118-06

CBP-1398

0/21

226.3

249.3

21.6

0.10

3,140

118-06

Including

244.7

249.3

4.3

0.25

3,138

118-06

CBP-1398

0/21

277.2

284.4

7.2

0.51

3,130

118-06

Including

277.2

281.8

4.6

0.74

3,131

123-09

CBP-1421

205/-14

828.2

838.4

9.2

0.05

846

118-41

CBP-1427

38/23

675.7

689.8

10.8

0.08

2,347

118-41

CBP-1427

38/23

698.6

711.8

10.1

0.06

2,341

118-06

CBP-1450

11/-9

140.1

147.9

7.4

0.21

3,240

118-06

CBP-1450

11/-9

161.0

170.9

9.2

0.11

3,244

118-06

Including

162.7

167.6

4.6

0.18

3,244

118-06

CBP-1451

11/7

185.6

195.2

8.9

0.11

3,197

118-06

CBP-1452

350/-7

154.2

170.6

12.6

0.17

3,239

118-06

CBP-1452

350/-7

185.6

195.2

7.3

0.24

3,243

118-06

Including

157.4

164.0

5.0

0.31

3,238

118-06

CBP-1453

350/7

175.8

188.9

11.4

0.07

3,200

118-06

CBP-1453

350/7

211.9

221.7

8.5

0.13

3,198

115-02

CBP-1454

188/-54

173.8

183.7

6.3

0.05

1,805

115-02

CBP-1458

204/-62

161.7

172.9

9.1

0.04

1,819

Surface Definition

159-03

CBF-148-083

345/-51

348.3

361.5

8.4

0.04

283

159-03

CBF-148-083

345/-51

377.2

382.8

2.8

0.05

302

159-03

CBF-148-083

345/-51

403.4

421.8

14.1

0.04

330

160-04

CBF-160-138

310/-72

333.6

341.1

6.8

0.05

705

160-04

CBF-160-138

310/-72

347.7

359.2

10.4

0.33

720

160-04

Including

354.2

359.2

4.5

0.74

723

160-04

CBF-160-179

358/-66

128.9

134.8

4.5

0.06

546

160-04

CBF-160-179

358/-66

314.2

321.8

6.8

0.07

709

160-04

CBF-160-180

0/-62

366.7

371.6

4.3

0.04

749

160-04

CBF-160-180

0/-62

459.9

469.4

8.9

0.19

832

160-04

Including

464.1

469.4

4.9

0.30

834

160-04

CBF-160-181

358/-52

345.4

354.2

8.7

0.07

691

160-04

CBF-160-181

358/-52

398.5

408.0

9.4

0.10

730

160-04

CBF-160-181

358/-52

413.9

429.0

14.2

0.20

743

160-04

CBF-160-182

359/-45

354.2

370.6

14.2

0.09

634

160-04

CBF-160-182

359/-45

390.3

397.9

6.5

0.26

654

160-04

CBF-160-182

359/-45

478.9

492.0

11.9

0.06

711

160-04

CBF-160-182

359/-45

498.6

518.2

17.8

0.08

725

160-04

CBF-160-185

1/-50

23.0

49.2

22.7

0.07

421

160-04

CBF-160-186

0/-60

62.3

75.4

10.7

0.05

454

160-04

CBF-160-186

0/-60

146.6

155.1

6.0

0.19

524

160-04

CBF-160-186

0/-60

213.2

246.0

32.3

0.05

591

160-04

CBF-160-187

0/-51

68.9

83.6

11.3

0.00

452

160-04

CBF-160-187

0/-51

111.5

121.7

9.6

0.00

482

160-04

CBF-160-188

0/-53

145.6

154.5

5.7

0.01

510

160-04

CBF-160-190

4/-58

154.8

169.6

12.8

0.07

525

160-04

CBF-160-190

4/-58

285.4

303.7

18.1

0.10

632

160-04

CBF-160-190

4/-58

322.4

332.9

10.1

0.15

659

160-04

CBF-160-191

353/-47

142.7

152.5

9.7

0.11

496

160-04

CBF-160-191

353/-47

237.1

246.0

8.3

0.08

561

160-04

CBF-160-193

341/-59

200.1

217.1

16.8

0.04

598

160-04

CBF-160-194

352/-45

283.4

337.5

53.3

0.00

638

160-01

CBF-160-195

11/-74

328.7

335.9

5.5

0.08

710

160-04

CBF-160-196

280/-75

195.2

207.0

8.3

0.09

617

160-04

CBF-160-196

280/-75

275.5

288.6

9.3

0.07

693

160-04

CBF-160-198

0/-51

38.0

46.6

8.0

0.22

459

160-04

CBF-160-198

0/-51

58.1

77.4

18.2

0.08

479

160-04

CBF-160-198

0/-51

93.8

104.3

10.1

0.12

503

160-04

CBF-160-198

0/-51

245.7

256.5

9.8

0.07

620

160-04

CBF-160-198

0/-51

269.6

275.2

5.2

0.30

636

160-03

CBF-160-200

343/-49

607.5

619.9

9.5

0.11

902

160-03

CBF-160-200

343/-49

642.9

656.0

10.1

0.04

927

160-04

CBF-160-201

347/-63

355.2

375.6

19.1

0.04

775

160-04

CBF-160-201

347/-63

424.8

444.1

12.4

0.08

833

160-01

CBF-160-204

340/-45

57.4

67.2

4.9

0.21

502

160-03

CBF-160-204

340/-45

468.7

514.0

41.0

0.07

788

160-03

CBF-160-204

340/-45

821.6

833.1

9.4

0.09

1,002

160-01

CBF-160-205

341/-63

145.3

169.6

21.0

0.02

597

160-04

CBF-160-205

341/-63

224.0

232.6

4.3

0.08

659

160-03

CBF-160-205

341/-63

408.0

430.3

21.5

0.03

825

160-03

CBF-160-205

341/-63

671.1

696.3

24.9

0.07

1,052

160-04

CBF-160-206

323/-54

124.6

134.5

4.9

0.32

561

160-04

CBF-160-206

323/-54

511.7

530.4

14.3

0.05

859

160-04

CBF-160-207

219/-76

200.4

213.2

7.3

0.09

625