Cash Flow from Continuing Operations $183 million, Record Free Cash Flow(1) $144 million;
Premier Silver Focus Sharpened; Organic Growth Pipeline Advancing
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--May 05, 2026--
Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") today announced first quarter 2026 financial and operating results. "Prior quarter" refers to the fourth quarter of 2025. Prior period financial information has been revised to reflect Casa Berardi as a discontinued operation.
FIRST QUARTER 2026 HIGHLIGHTS
Financial Performance:
-- Revenue: Over $411 million from continuing operations, representing a
13% increase over prior quarter and a 100% increase versus the first
quarter of 2025 (both periods on a continuing operations basis, excluding
Casa Berardi), reflecting the combination of significantly higher
realized silver and gold prices, partly offset by 5% and 6% lower silver
and gold production, respectively.
-- Profitability: Net income from continuing operations of $165 million or
$0.25 per share - up from $24 million or $0.04 per share in the first
quarter of 2025. After a non-cash $192 million write-down related to the
Casa Berardi sale, net loss attributable to common stockholders of $19
million or ($0.03) per share. Casa Berardi generated income from
operations of $31 million in the first quarter prior to the sale closing
on March 25.
-- Record Adjusted EBITDA: $265 million from continuing operations, a 31%
increase over the prior quarter and nearly three and half times the $77
million recorded in first quarter of 2025 (both periods on a continuing
operations basis, excluding Casa Berardi).4
-- Continued strong cash flow generation: $183 million cash generated from
operations, and record quarterly free cash flow from continuing
operations of $144 million, with all producing assets contributing.1
-- Building balance sheet strength: Cash balance of $588 million,
providing strategic flexibility, benefiting from free cash flow and cash
proceeds from Casa Berardi sale.
-- Transition to net cash: Total debt of $266 million and cash and cash
equivalents of $588 million, marking a significant strategic inflection
point to net cash at quarter end.
-- Subsequent to Quarter End: On April 9, 2026, the Company redeemed its
remaining $263 million of 7.25% Senior Notes, leaving the Company with no
long-term debt, an undrawn $225 million revolving credit facility with an
additional $75 million accordion feature -- the strongest balance sheet
in the Company's recent history.
Operational Performance:
-- Operations:
-- 3.9 million ounces of silver produced, an increase of 3%
compared to prior quarter.
-- Consolidated total cost of sales of $158 million, with silver
cash cost of ($3.24) per ounce and AISC of $8.17 per ounce (both
after by-product credits and excluding Keno Hill).2,3
-- Production and cost guidance reiterated.
-- Individual Mine Performance:
-- Greens Creek: Produced nearly 2.2 million ounces of silver and
nearly 13 thousand ounces of gold. Total cost of sales in first
quarter 2026 of $82 million, with silver cash cost of ($11.94) per
ounce and AISC of ($8.39) per ounce (both after by-product
credits).2,3 This represents a dramatic improvement from the first
quarter of 2025, when AISC was ($0.03) per ounce, driven by better
production and significantly higher gold by-product credits
reflecting the rise in realized gold prices. Greens Creek achieved
a record for underground backfill placement, placing nearly 164
thousand tons in the quarter -16% above the 2025 quarterly average
- enhancing operational flexibility for the remainder of the
year.
-- Lucky Friday: Silver production of 1.2 million ounces. Total
cost of sales of $49 million, with silver cash cost of $12.07 per
ounce and AISC of $23.78 per ounce (both after by-product
credits).2,3 Construction of the surface cooling project continued
with the project 81% complete and tracking for completion by
mid-2026.
-- Keno Hill: Achieved its fourth consecutive positive free cash
flow quarter, demonstrating Keno Hill's profitability at current
throughput rates and silver prices.1 Silver production of 0.5
million ounces, impacted by Yukon Energy's reduced power supply
related to extreme cold weather continuing from prior quarter and
lower silver milled grade. Silver grade mined and milled expected
to increase in second quarter.
Rob Krcmarov, President and Chief Executive Officer, said: "The first quarter demonstrates the strength of the platform we have built. The closing of the Casa Berardi sale sharpened our focus on silver and enabled us to redeem our Senior Notes in April, leaving Hecla debt-free with a $225 million undrawn revolver and the strongest balance sheet in the Company's recent history. What further excites me is the quality of the organic growth initiatives advancing across our portfolio -- from the Greens Creek pyrite concentrate circuit and potential Midas restart to our near-doubling of exploration investment in 2026. These opportunities, backed by a debt-free balance sheet and world-class operations, position Hecla to deliver compelling long-term value with best-in-class silver exposure."
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 fourth quarter of 2025. All information in the table below is presented on a continuing operations basis.
In thousands
(except per ounce
amounts) 1Q-2026 4Q-2025 3Q-2025 2Q-2025 1Q-2025 FY 2025
Financial
Highlights
Sales $411,433 $363,578 $315,998 $218,992 $205,334 $1,103,902
Total cost of
sales $158,178 $150,077 $174,336 $133,712 $136,653 $594,096
Gross profit $253,255 $213,501 $141,662 $85,280 $68,681 $509,806
Net income from
continuing
operations $164,653 $112,742 $80,113 $26,910 $24,339 $244,104
Basic income per
common share
(in dollars)
from continuing
operations $0.25 $0.17 $0.12 $0.04 $0.04 $0.37
Adjusted EBITDA
from continuing
operations (4) $265,104 $201,654 $146,441 $93,711 $77,269 $519,075
Cash provided by
operating
activities from
continuing
operations $182,922 $165,742 $101,409 $108,407 $27,622 $403,180
Capital
investment in
continuing
operations $(39,265) $(65,936) $(44,425) $(42,676) $(37,838) $(190,875)
Free cash flow
from continuing
operations (1) $143,657 $99,806 $56,984 $65,731 $(10,216) $212,305
Free cash flow (1)
by operation
Greens Creek
Cash flow from
operations $131,368 $101,902 $83,408 $75,371 $43,858 $304,539
Exploration $276 $743 $3,228 $2,049 $343 $6,363
Capital
investment $(6,113) $(23,282) $(12,179) $(8,397) $(10,759) $(54,617)
Free cash flow
(1) $125,531 $79,363 $74,457 $69,023 $33,442 $256,285
Lucky Friday
Cash flow from
operations $64,619 $56,869 $29,279 $20,650 $23,805 $130,603
Exploration $991 $885 $1,054 $169 $- $2,108
Capital
investment $(17,018) $(24,680) $(16,865) $(15,942) $(15,446) $(72,933)
Free cash flow
(1) $48,592 $33,074 $13,468 $4,877 $8,359 $59,778
Keno Hill
Cash flow from
operations $29,570 $33,028 $22,109 $16,445 $(9,661) $61,921
Exploration $1,356 $365 $975 $3,344 $1,692 $6,376
Capital
investment $(15,025) $(15,964) $(14,747) $(17,045) $(10,436) $(58,192)
Free cash flow
(1) $15,901 $17,429 $8,337 $2,744 $(18,405) $10,105
Metals Prices
Average metal
prices
Silver -
London PM
Fix, $/ounce $84.39 $54.83 $39.38 $33.63 $31.91 $39.94
Gold - London
PM Fix,
$/ounce $4,875 $4,142 $3,456 $3,279 $2,863 $3,435
Lead - LME
Final Cash
Buyer,
$/pound $0.88 $0.89 $0.89 $0.88 $0.89 $0.89
Zinc - LME
Final Cash
Buyer,
$/pound $1.47 $1.44 $1.28 $1.20 $1.29 $1.30
Realized Prices
Silver,
$/ounce $82.70 $69.28 $42.58 $34.82 $33.59 $45.25
Gold, $/ounce $4,899 $4,210 $3,509 $3,314 $2,940 $3,490
Lead, $/pound $0.98 $0.97 $0.93 $0.92 $0.92 $0.94
Zinc, $/pound $1.41 $1.45 $1.48 $1.31 $1.29 $1.39
FIRST QUARTER RESULTS
Sales of $411 million, increased 13% compared to the prior quarter, primarily reflecting higher realized precious metals prices, due largely to a rising price environment, partly offset by lower precious metals sales volumes. Payable silver sold was about 4% lower compared to the prior quarter, primarily driven by lower production at Keno Hill.
Net income from continuing operations of $165 million, or $0.25 per share compared to $113 million in the prior quarter (in each case from continuing operations, excluding Casa Berardi). The improvement was primarily related to:
-- A 13% increase in revenue from continuing operations due primarily to
higher realized silver, gold and lead prices.
Partly offset by:
-- Lower payable silver and gold volumes sold.
-- An increase in depreciation expense of $3 million due primarily to
higher expense at Greens Creek, related to higher production and volumes
sold.
-- An increase in cost of sales of $2 million primarily related to labor
costs at Lucky Friday (related to STIP payments), and contractor and fuel
costs at Greens Creek.
-- An increase in tax expense of $25 million primarily related to higher
profitability.
Adjusted EBITDA from continuing operations was $265 million from continuing operations, 31% higher than the prior quarter (in each period, excluding Casa Berardi).(4)
Cash and cash equivalents at March 31, 2026, were $588 million and included no draws on the revolving credit facility.
Cash provided by operating activities from continuing operations was $183 million, up 10% over the prior quarter, primarily attributable to elevated metal prices realized for silver, gold and lead, partly offset by lower volumes of payable silver and gold ounces sold and lower realized zinc price (in each period, excluding Casa Berardi). Cash provided by operating activities was negatively impacted by a $43 million increase in accounts receivable due to elevated metal prices and timing of concentrate shipments at Greens Creek. This increase is solely tied to the increase in metal value of concentrate receivables as of March 31, 2026, with the majority of the receivables collected in April 2026.
Capital investment from continuing operations was $39 million, a decrease of $27 million compared to the prior quarter (in each period, excluding Casa Berardi). Capital investment is expected to ramp up in the second quarter with the warmer construction months and remain elevated in the third quarter as numerous projects are advanced across the portfolio in the construction season. We also continue to invest in corporate projects in 2026 geared toward improving business planning and operations initiatives.
Free cash flow from continuing operations was a record $144 million, compared to $100 million in the prior quarter, with the increase primarily due to higher cash flow from operations and lower capital investment (in each period, excluding Casa Berardi).(1)
In thousands
(except per ounce
amounts) 1Q-2026 4Q-2025 3Q-2025 2Q-2025 1Q-2025 FY 2025
Operational
Highlights
Milled tons
(tons)
Greens Creek 208,922 200,952 227,587 230,221 212,899 871,659
Lucky Friday 108,608 98,499 105,329 114,475 108,745 427,048
Keno Hill 24,274 24,417 29,740 26,771 27,411 108,339
Milled silver
grade - (opt)
Greens Creek 13.0 12.2 13.1 13.4 11.8 12.6
Lucky Friday 11.9 13.4 13.4 12.5 13.0 13.0
Keno Hill 20.8 25.4 31.8 28.9 29.0 29.0
Silver
production
Greens Creek,
ounces 2,177,142 1,951,784 2,347,674 2,422,978 2,002,560 8,724,996
Lucky Friday,
ounces 1,237,288 1,250,204 1,337,353 1,340,877 1,332,252 5,260,686
Keno Hill,
ounces 488,719 597,020 898,328 750,712 772,430 3,018,490
Total, ounces 3,903,149 3,799,008 4,583,355 4,514,567 4,107,242 17,004,172
Gold production
Greens Creek,
ounces 12,886 12,256 15,584 17,750 13,759 59,349
Silver payable
ounces sold 3,575,018 3,732,076 4,463,356 3,522,975 3,512,749 15,236,377
Gold payable
ounces sold 11,533 10,484 14,277 11,634 10,478 46,873
Concentrate
volumes produced
and sold
Greens Creek
Silver
concentrate
produced,
tons 16,321 14,896 17,180 17,985 15,541 65,602
Silver
concentrate
sold, tons 16,295 17,333 18,954 13,789 15,496 65,572
Zinc
concentrate
produced,
tons 18,474 17,485 18,548 20,936 18,228 75,197
Zinc
concentrate
sold, tons 18,467 18,918 20,065 17,987 18,384 75,354
Precious
metal
concentrate
produced,
tons 8,063 5,571 6,379 8,316 7,515 27,781
Precious
metal
concentrate
sold, tons 15,603 - 8,743 8,061 8,330 25,134
Lucky Friday
Silver
concentrate
produced,
tons 12,635 12,283 13,796 13,212 12,934 52,225
Silver
concentrate
sold, tons 12,382 12,590 13,726 12,992 13,224 52,532
Zinc
concentrate
produced,
tons 6,352 6,269 6,869 6,940 6,677 26,755
Zinc
concentrate
sold, tons 6,185 7,220 6,178 6,756 7,486 27,640
Keno Hill
Silver
concentrate
produced,
tons 901 1,165 2,056 1,688 1,765 6,674
Silver
concentrate
sold, tons 806 2,380 2,380 1,614 1,217 7,591
Precious
metals
concentrate
produced,
tons 783 815 1,398 907 785 3,905
Precious
metals
concentrate
sold, tons
(a) 798 1,023 1,258 925 623 3,829
Total Silver
Cash Costs and
AISC, each after
by-product
credits
Silver cash
costs per
ounce (2) $(3.24) $(0.23) $(2.03) $(5.46) $1.29 $(1.75)
Silver AISC
per ounce
(3) $8.17 $18.11 $11.01 $5.19 $11.91 $11.28
Greens Creek
Cash Costs and
AISC, each after
by-product
credits
Silver cash
costs per
ounce (2) $(11.94) $(6.67) $(8.50) $(11.91) $(4.08) $(8.02)
Silver AISC
per ounce
(3) $(8.39) $2.70 $(2.55) $(8.19) $(0.03) $(2.36)
Lucky Friday
Cash Costs and
AISC, each after
by-product
credits
Silver cash
costs per
ounce (2) $12.07 $9.82 $9.33 $6.19 $9.37 $8.66
Silver AISC
per ounce
(3) $23.78 $25.73 $23.30 $19.07 $20.08 $21.98
(a) Precious metals concentrates include intersegment sales to Greens Creek.
Consolidated silver production of 3.9 million ounces, nearly 3% higher than the prior quarter, driven by Greens Creek, partly offset by Lucky Friday where 10% higher mill throughput was more than offset by an 11% decline in head grade, and by Keno Hill, where production decreased 18% as mining advanced through a lower-grade zone of the Bermingham deposit and experienced mine sequencing delays at Flame and Moth deposit due to power constraints resulting from extreme cold weather. Lucky Friday and Keno Hill's milled grade is expected to increase in the second quarter, in the latter case as mine sequencing improves, high grade stopes develop, and ore stockpiles build. Keno Hill is profitable at current throughput rates and prices, with achieving 440 tons per day ("tpd"), its permitted capacity, remaining the medium-term objective. Achieving sustained production at that level requires completing key infrastructure investments and obtaining amendments to the Company's Quartz Mining License and Water License, a multi-year process.
Gold production from Greens Creek of 13 thousand ounces was 5% higher than the prior quarter.
Silver payable ounces sold of 3.6 million ounces, 4% lower than the prior quarter, primarily due to lower payable ounces sold at Keno Hill.
Gold payable ounces sold of 12 thousand ounces, 10% higher than the prior quarter.
Concentrate volumes produced and sold were higher at Greens Creek, with Lucky Friday concentrate production up modestly with sales lower, and lower at Keno Hill compared to the prior quarter. Shipment of the silver and zinc concentrates roughly matched production at Greens Creek, with shipments of the precious metals concentrate catching up on built up inventory in the prior quarter. Concentrates sold at Lucky Friday were lower than produced volumes. At Keno Hill, the silver concentrate sold was nearly 90% of the volume produced, and precious metals concentrates sales closely matched production volumes.
Consolidated silver total cost of sales was $158 million, an increase of $8 million (5%) over the prior quarter, primarily due to $6 million higher depreciation, depletion and amortization expense.
Silver cash costs and AISC per silver ounce, each after by-product credits and excluding Keno Hill, were ($3.24) and $8.17, respectively, lower versus the prior quarter, primarily due to higher ounces produced, $13 million higher by-product credits, mostly associated with Greens Creek, and $3 million lower general and administrative expense, partly offset by $3 million higher cash costs and $1 million higher treatment charges. Decrease in AISC compared to the prior quarter was driven by the items noted above impacting cash costs as well as $16 million lower sustaining capital investment, mostly associated with Greens Creek.(2,3)
PROJECT PIPELINE UPDATE
Hecla continues to advance a portfolio of organic growth initiatives that leverage existing infrastructure, established permitting pathways, and the Company's deep operating expertise. The projects highlighted below represent projected low-capital-intensity opportunities with the potential to meaningfully grow precious metal production and/or cash flows and net asset value over time, without requiring the Company to assume the exploration or development risk associated with greenfield projects.
Greens Creek Pyrite Concentrate Circuit
The Company is evaluating the feasibility and economic potential of developing a pyrite concentrate circuit at the Greens Creek mill in Alaska. If successful, the project would generate an additional marketable concentrate boosting overall silver and gold recoveries from the mill while potentially significantly reducing the mine's reclamation liability. Additional upside could come from an expansion of the mineral reserves for the underground mine through the inclusion of lower silver grade blocks and/or sulphur rich blocks in the mineral reserve and resource block model. The project would require a mill expansion, which is currently estimated to require minimal capital investment to execute. The Company expects to provide a project update in late 2026 or early 2027.
Greens Creek Tailings Reprocessing Project
The Greens Creek tailings reprocessing project represents a compelling near-term value creation opportunity within the Company's portfolio, though meaningful work remains before that value can be realized. The project is currently advancing through a multi-phase metallurgical study with a third party, with Phase 3 test work scheduled to be completed mid-2026 -- a critical milestone that will inform the path forward. As of year end 2025, the Greens Creek dry-stack tailings facility held an estimated 10.4 million tons of tailings, containing an estimated 50 million ounces of silver and nearly 600 thousand ounces of gold along with several other critical minerals, with a combined estimated in-situ gross metal value of approximately $6.8 billion, before any processing or sales costs. While current results suggest the project could be relatively low in capital intensity to bring into a cash-flowing state, testing and finding a suitable processing facility remain in early stages. The project also carries the additional benefit of potentially reducing the mine's long-term reclamation liability by reprocessing all or a portion of the existing tailings.
Midas Restart Project
Hecla continues to evaluate the potential to restart the existing and permitted Midas mill in northern Nevada, a historic high-grade gold and silver operation. Midas benefits from fully permitted infrastructure that has the potential to reduce the capital required to restart the operation, and the Company is working to expand the existing high-grade gold and silver resource to the scale needed to warrant that restart. Midas is a potential hub-and-spoke operating model, where ore sources could come from multiple regional sources and fed into the 1,200 tpd mill. There is also a permitted tailings facility on site which, with some improvements, has storage capacity of approximately 15 years at nameplate capacity of the mill.
The Company has allocated $16 million of the 2026 exploration budget for the Nevada project portfolio, more than three times the investment made in 2025. The 2026 drill program at Midas is focused on following up on the success of the 2025 drill program with a heavy focus on the Sinter Offset Zone and the Pogo target. The nearby Hollister high-grade gold and silver project is within trucking distance of the Midas mill and drilling is currently scheduled to begin on this regional project late in the second quarter. The Company aims to provide regular exploration updates for the Nevada exploration projects throughout 2026.
EXPLORATION AND PRE-DEVELOPMENT
Investment and Strategy
During Q1 2026, the Company invested $4.6 million in exploration and corporate development (including $0.3 million in pre-development) activities, focused on high-impact discovery drilling at Midas in Nevada and Keno Hill in Yukon, and resource expansion programs at producing assets. Exploration activity is planned to ramp up in the second and third quarters with core drills expected to increase from the 13 currently deployed to 19.
Producing Asset Resource Definition
Underground definition drilling programs at Greens Creek, Keno Hill, and Lucky Friday continue to define and expand mineralization near resource boundaries, converting Inferred resources and identifying reserve extension opportunities.
Greens Creek
Definition drilling at Greens Creek continued to delineate and step out from existing resources using three underground drilling rigs. Assay results have been received from the East, West, SWB, and Gallagher zones. Notable intercepts include 18.2 oz/ton silver, 0.07 oz/ton gold, 5.2% zinc, and 2.9% lead over 7.5 feet in the West Zone, and 34.9 oz/ton silver, 0.14 oz/ton gold, 6.2% zinc, and 3.1% lead over 5.6 feet in the SWB Zone.
Keno Hill
At Keno Hill, one definition drilling rig continued to define and expand mineralization in the Arctic Zone at the Bermingham Mine. A drillhole into the Bermingham Vein returned 106.6 oz/ton silver, 0.7% zinc, and 1.5% lead over 2.4 feet, upgrading the local resource.
Lucky Friday
Definition drilling has recommenced on the Intermediate veins at Lucky Friday, confirming mineable grade and widths in the 80 and 90 veins. Drilling highlights include an intercept of 42.1 oz/ton silver, 2.1% zinc, and 22.6% lead over 1.9 feet in the 90 vein.
EXPLORATION PROGRAMS
Nevada Exploration
Follow-up exploration drilling of the high-grade intercepts at the Sinter Offset Vein (previously reported in February 2026 and November 2025) returned one additional narrow, high-grade gold intercept. Drillhole DMC-476 returned 0.21 oz/ton gold and 1.6 oz/ton silver over 2.3 feet including 1.13 oz/ton gold and 6.6 oz/ton silver over 0.4 feet. This hole was a down dip offset from the previously reported intercept in DMC-475 and has extended the known vertical extent of narrow, high-grade mineralization along the Sinter Offset structure to more than 500 feet. Drilling to date has defined the strike-length of this structure over 1,350 feet and drilling in Q2 2026 will continue to step out to the southeast, where the structure is open and to the northwest where the location of the offsetting fault has not been formally constrained by drilling.
Two additional holes identified narrow high-grade gold mineralization on structures parallel to the Sinter Offset Vein. DMC-472 returned 0.19 oz/ton gold over 3.9 feet including 0.38 oz/ton gold over 1.6 feet in a footwall structure and DMC-477 returned 0.25 oz/ton gold and 1.0 oz/ton silver over 0.7 feet including 0.41 oz/ton gold and 1.5 oz/ton silver over 0.4 feet in a hangingwall structure. This series of parallel, narrow, and high-grade gold bearing structures is similar in geometry, and tenor to those encountered in the main Sinter Vein area further supporting the offset interpretation of this area as well as its continued prospectivity.
Keno Hill Exploration
Surface exploration at Keno Hill began mid-February and has ramped up to 3 core drills operating by mid-March. The 2026 program is planned to complete approximately 80,000 feet of drilling, primarily focused on resource expansion at the two operating mines in addition to testing regional targets. Initial drilling is focused on the Deep Bermingham target, targeting down-plunge extensions of high-grade mineralization below the existing Bermingham reserve following up on high grade intersections reported in 2025. Assays are pending for this drilling during the first quarter.
Detailed definition drill assay highlights can be found in Table A at the end of this release.
DIVIDENDS
Pursuant to the Company's dividend policy, the Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock payable on or about June 10, 2026, to stockholders of record on May 22, 2026.
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 July 1, 2026, to preferred stockholders of record on June 15, 2026.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held on Wednesday, May 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 1-833-461-5787 or for international dialing 1-585-542-9983. The Conference ID is 673381645 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/673381645 or www.hecla.com under Investors.
ABOUT HECLA
Founded in 1891, Hecla Mining Company $(HL)$ is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
NOTES
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.
(1) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital investment. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Keno Hill operations excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines' operating performance. Capital investment refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases.
(2) Cash cost, after by-product credits, per silver 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.
(3) 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.
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.
(4) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, 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 income, 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.
Cautionary Statement Regarding Forward Looking Statements, Including 2026 Outlook
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.
Such forward-looking statements may include, without limitation: (i) at Greens Creek, the Company's organic growth initiatives consisting of the pyrite concentrate circuit and the dry--stack tailings reprocessing project, which may generate additional marketable concentrates, increase silver and gold recoveries, reduce reclamation liabilities, expand underground mineral reserves, complete metallurgical test work (including Phase 3 test work scheduled for mid--2026), achieve relatively low capital intensity to reach a cash--flowing state, and support future project updates, including updates expected in late 2026 or early 2027; (ii) the Midas restart project has the potential to reduce the capital required to restart the operation through its fully permitted infrastructure, with Midas representing a potential hub-and-spoke operating model where ore sources could come from multiple regional sources fed into the 1,200 tpd mill, and the Company working to expand the existing high-grade gold and silver resource to the scale needed to warrant that restart, with regular exploration updates throughout 2026; (iii) the surface cooling project at Lucky Friday is expected to be completed by mid-2026; (iv) at Keno Hill, (a) silver grade mined and milled is expected to increase in the second quarter as mine sequencing improves and high-grade stopes develop; and (b) achieving 440 tons per day, its permitted capacity, remains the medium-term objective, requiring completion of key infrastructure investments and amendments to the Company's Quartz Mining License and Water License, a multi-year process; (v) capital investment is expected to ramp up in the second quarter with the warmer construction months and remain elevated in the third quarter as numerous projects are advanced across the portfolio; (vi) exploration activity is planned to ramp up in the second and third quarters, with core drills expected to increase from 13 to 19, the 2026 Nevada drill program targeting follow-up of high-grade gold intercepts at Midas with Hollister drilling scheduled to begin late in the second quarter, and the Keno Hill program planned to complete approximately 80,000 feet of drilling focused on resource expansion; and (vii) the reaffirmation of previously issued guidance with respect to production and costs.
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 2025 Form 10-K filed on February 17, 2026 and Form 10-Q filed on May 5, 2026, for a more detailed discussion of factors that may impact expected future results, including with respect to permitting and infrastructure at Keno Hill 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, Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, and Matt Blattman, P.E., RM-SME, MMSA, VP-Technical Services serve as Qualified Persons under S-K 1300 and NI 43-101 for Hecla's mineral projects. Mr. Allen supervised the preparation of the scientific and technical information concerning exploration activities while Mr. Jensen supervised the preparation of mineral resources for this news release. Mr. Blattman supervised the preparation of the mineral reserves for this news release. Technical Report Summaries for the Company's Greens Creek, Lucky Friday and Keno Hill properties are filed as exhibits 96.1, 96.2 and 96.4, respectively, to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report for the Greens Creek Mine" effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA" effective date April 2, 2014, and (iii) Keno Hill is contained in its Technical Report Summary titled "S-K 1300 Technical Report Summary on the Keno Hill Mine, Yukon, Canada" and in its NI 43-101 technical report titled "Technical Report on the Keno Hill Mine, Yukon, Canada" effective date December 31, 2023. Also included in each Technical Report Summary and technical report listed above is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in NI 43-101 technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in a NI 43-101 technical reports prepared for ATAC Resources Ltd. for (i) the Osiris Project (technical report dated July 28, 2022) and (ii) the Tiger Project (technical report dated February 27, 2020). Copies of these technical reports are available under the SEDAR profiles of Klondex Mines Unlimited Liability Company and ATAC Resources Ltd., respectively, at www.sedar.com (the Fire Creek technical report is also available under Hecla's profile on SEDAR). Mr. Jensen reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes.
HECLA MINING COMPANY
Consolidated Statements of Operations
(dollars and shares in thousands, except per share amounts - unaudited)
Three Months Ended
---------------------------------------
March 31, 2026 December 31, 2025
---------------- ---------------------
Sales $ 411,433 $ 363,578
----------- --------------
Cost of sales and other direct
production costs 124,410 122,150
Depreciation, depletion and
amortization 33,768 27,927
----------- --------------
Total cost of sales 158,178 150,077
----------- --------------
Gross profit 253,255 213,501
----------- --------------
Other operating expenses:
General and administrative 15,753 19,215
Exploration and
pre-development 4,616 4,808
Ramp-up and suspension costs 3,246 3,277
Provision for closed
operations and environmental
matters 1,297 4,965
Other operating income 5,236 1,181
----------- --------------
30,148 33,446
----------- --------------
Income from continuing
operations 223,107 180,055
----------- --------------
Other expense:
Interest expense (5,656) (5,382)
Fair value adjustments, net (5,945) (19,334)
Foreign exchange gain (loss) 498 (2,196)
Other income (expense), net 3,549 (5,635)
----------- --------------
(7,554) (32,547)
----------- --------------
Income before income and mining
taxes 215,553 147,508
Income and mining tax provision (50,900) (34,766)
----------- --------------
Net income from continuing
operations 164,653 112,742
Net (loss) income from
discontinued operations (183,681) 21,667
----------- --------------
Net (loss) income (19,028) 134,409
Preferred stock dividends (132) (138)
----------- --------------
Net (loss) income applicable to
common stockholders $ (19,160) $ 134,271
----------- --------------
Basic income per common share
from continuing operations
after preferred dividends 0.25 0.17
Basic (loss) income per
common share from
discontinued operations (0.28) 0.03
----------- --------------
Basic (loss) income per common
share after preferred
dividends (0.03) 0.20
=========== ==============
Diluted income per common
share from continuing
operations after preferred
dividends 0.24 0.17
Diluted (loss) income per
common share from
discontinued operations (0.27) 0.03
----------- --------------
Diluted (loss) income per
common share after preferred
dividends (0.03) 0.20
=========== ==============
Weighted average number of
common shares outstanding
basic 670,392 669,874
=========== ==============
Weighted average number of
common shares outstanding
diluted 675,154 673,797
=========== ==============
HECLA MINING COMPANY
Consolidated Statements of Cash Flows
(dollars in thousands - unaudited)
Three Months Ended
---------------------------------------
March 31, 2026 December 31, 2025
------------------------------ ---------------- ---------------------
OPERATING ACTIVITIES
------------------------------ ---------------- ---------------------
Net (loss) income $ (19,028) $ 134,409
Less: Net (loss) income from
discontinued operations, net
of taxes (183,681) 21,667
----------- --------------
Income from continuing
operations 164,653 112,742
Non-cash elements included in
net income:
Depreciation, depletion and
amortization 34,468 31,185
Inventory adjustments -- 8,501
Fair value adjustments, net 5,945 19,526
Provision for reclamation and
closure costs 1,871 5,513
Stock-based compensation 2,784 3,356
Deferred income taxes 27,878 27,338
Net foreign exchange gain
(loss) (498) 2,196
Other non-cash items, net 1,759 9,069
Change in assets and
liabilities:
Accounts receivable (42,968) (65,715)
Inventories 483 (13,434)
Other current and non-current
assets (19,085) 10,700
Accounts payable, accrued and
other current liabilities (777) 2,104
Accrued payroll and related
benefits (15,317) 11,171
Accrued taxes 21,503 5,348
Accrued reclamation and
closure costs and other
non-current liabilities 223 (3,858)
----------- --------------
Cash provided by operating
activities of continuing
operations 182,922 165,742
Cash provided by operating
activities of discontinued
operations 11,324 51,313
----------- --------------
Net cash provided by operating
activities 194,246 217,055
------------------------------- ----------- --------------
INVESTING ACTIVITIES
------------------------------ ---------------- ---------------------
Additions to property, plants,
equipment and mine
development (39,265) (65,936)
Proceeds from sale of Hecla
Quebec, net of transaction
costs 168,045 --
Proceeds from sale of Minera
Hecla 5,228 --
Proceeds from investment sales 95,378 24,391
Purchases of investments (55,684) (21,932)
Purchases of silver puts -- (25,000)
Proceeds from asset
dispositions 735 20
----------- --------------
Net cash provided by (used in)
investing activities of
continuing operations 174,437 (88,457)
Net cash (used in) investing
activities of discontinued
operations (8,799) (16,410)
----------- --------------
Net cash provided by (used in)
investing activities 165,638 (104,867)
------------------------------- ----------- --------------
FINANCING ACTIVITIES
------------------------------ ---------------- ---------------------
Proceeds from issuance of
stock, net 63 --
Acquisition of treasury shares (1,161) --
Dividends paid to common and
preferred stockholders (2,786) (2,699)
Repayments of finance leases
and other (1,249) (1,418)
----------- --------------
Net cash used in financing
activities of continuing
operations (5,133) (4,117)
Net cash used in financing
activities of discontinued
operations (8,431) (654)
----------- --------------
Net cash used in financing
activities (13,564) (4,771)
----------- --------------
Effect of exchange rates on
cash (330) 233
----------- --------------
Net increase in cash, cash
equivalents and restricted
cash and cash equivalents 345,990 107,650
Cash, cash equivalents and
restricted cash and cash
equivalents at beginning of
period 242,732 135,082
----------- --------------
Cash, cash equivalents and
restricted cash and cash
equivalents at end of period $ 588,722 $ 242,732
----------- --------------
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands - unaudited)
March 31, 2026 December 31, 2025
------------------------------ ---------------- ---------------------
ASSETS
------------------------------ ---------------- ---------------------
Current assets:
Cash and cash equivalents $ 587,550 $ 241,558
Accounts receivable 242,149 182,249
Inventories 80,336 81,687
Other current assets 47,606 83,065
Assets of discontinued
operations -- 40,785
----------- --------------
Total current assets 957,641 629,344
Investments 158,481 47,842
Restricted cash and cash
equivalents 1,172 1,174
Properties, plants, equipment
and mine development, net 2,123,209 2,130,581
Operating lease right-of-use
assets 18,435 8,859
Other non-current assets 117,355 31,901
Assets of discontinued
operations -- 710,944
----------- --------------
Total assets $ 3,376,293 $ 3,560,645
=========== ==============
LIABILITIES
------------------------------ ---------------- ---------------------
Current liabilities:
Accounts payable and other
current accrued liabilities $ 156,338 $ 126,364
Finance leases 3,601 4,262
Accrued reclamation and
closure costs 12,402 13,795
Accrued interest 2,906 7,678
Other current liabilities 18,602 39,107
Liabilities of discontinued
operations -- 40,358
----------- --------------
Total current liabilities 193,849 231,564
Accrued reclamation and closure
costs 114,002 112,491
Long-term debt including
finance leases 262,646 263,171
Deferred tax liability 194,069 157,585
Other non-current liabilities 40,914 33,912
Liabilities of discontinued
operations -- 170,276
----------- --------------
Total liabilities 805,480 968,999
----------- --------------
STOCKHOLDERS' EQUITY
------------------------------ ---------------- ---------------------
Preferred stock 39 39
Common stock 169,779 169,689
Capital surplus 2,647,282 2,643,211
Accumulated deficit (203,819) (182,143)
Accumulated other comprehensive
loss, net (5,491) (3,334)
Treasury stock (36,977) (35,816)
----------- --------------
Total stockholders' equity 2,570,813 2,591,646
----------- --------------
Total liabilities and
stockholders' equity $ 3,376,293 $ 3,560,645
=========== ==============
Common shares outstanding 679,582 679,220
----------- --------------
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 months ended March 31, 2026, the three months and year ended December 31, 2025, and the three months ended September 30, 2025, June 30, 2025, and March 31.
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.
In thousands
(except per ounce
amounts) Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025
----------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------------
Total
Total Silver Total
Greens Lucky Keno Corporate Other Silver Greens Lucky Keno Corporate Other and Greens Lucky Keno Corporate Silver
Creek Friday Hill (4) (2) (3) and Other Creek Friday Hill (4) (2) (3) Other Creek Friday Hill (4) (2) Other (3) and Other
--------- --------- --------- ---------- -------- ---------- --------- --------- --------- ---------- -------- --------- ---------- --------- --------- ---------- --------- ------------
Total cost of sales $ 82,358 $ 48,782 $ 22,099 $ -- $ 4,939 $ 158,178 $ 79,963 $ 42,714 $ 18,729 $ -- $ 8,671 $150,077 $ 290,180 $173,690 $ 91,652 $ -- $ 38,574 $ 594,096
Depreciation,
depletion and
amortization (15,983) (13,609) (4,176) -- -- (33,768) (13,244) (10,884) (3,798) -- -- (27,926) (55,959) (51,055) (19,769) -- -- (126,783)
Treatment costs 895 2,553 -- -- -- 3,448 242 2,283 - -- -- 2,525 948 9,734 - -- -- 10,682
Change in product
inventory (5,383) (1) -- -- -- (5,384) (4,485) (338) -- -- -- (4,823) (1,258) (6) -- -- -- (1,264)
Reclamation and
other costs (846) (195) -- -- -- (1,041) (537) (283) -- -- -- (820) (1,502) (857) -- -- -- (2,359)
Exclusion of Keno
Hill cash costs
(4) -- -- (17,923) -- (17,923) -- -- (14,931) -- (14,931) -- -- (71,883) -- -- (71,883)
Exclusion of Other
costs -- -- -- -- (4,939) (4,939) (8,671) (8,671) (38,574) (38,574)
------- ------- ------- --------- ------ -------- --------- --------- --------- ---------- ------ ------- ---------- --------- --------- ---------- ------- --------
Cash Cost, Before
By-product Credits
(1) 61,041 37,530 -- -- -- 98,571 61,939 33,492 -- -- -- 95,431 232,409 131,506 -- -- -- 363,915
Reclamation and
other costs 934 225 -- -- -- 1,159 757 195 -- -- -- 952 3,029 780 -- -- -- 3,809
Sustaining capital 6,795 14,263 -- 1,008 -- 22,066 17,516 19,693 -- 1,342 -- 38,551 46,362 69,316 -- 5,165 -- 120,843
General and
administrative -- -- -- 15,753 -- 15,753 -- -- -- 19,215 -- 19,215 -- -- -- 57,626 -- 57,626
------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ ------- -------- ------- ------- --------- ------- --------
AISC, Before
By-product Credits
(1) 68,770 52,018 -- 16,761 -- 137,549 80,212 53,380 -- 20,557 -- 154,149 281,800 201,602 -- 62,791 -- 546,193
By-product
credits:
Zinc (25,369) -- -- -- -- (25,369) (23,715) (7,666) -- -- -- (31,381) (93,495) (28,939) -- -- -- (122,434)
Gold (55,214) -- -- -- -- (55,214) (44,708) -- -- -- -- (44,708) (180,497) -- -- -- -- (180,497)
Lead (6,037) (22,591) -- -- -- (28,628) (5,592) (13,549) -- -- -- (19,141) (24,963) (57,036) -- -- -- (81,999)
Copper (433) -- -- -- -- (433) (938) -- -- -- -- (938) (3,465) -- -- -- -- (3,465)
------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ ------- -------- ------- ------- --------- ------- --------
Total
By-product
credits (87,053) (22,591) -- -- -- (109,644) (74,953) (21,215) -- -- -- (96,168) (302,420) (85,975) -- -- -- (388,395)
------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ ------- -------- ------- ------- --------- ------- --------
Cash Cost, After
By-product
Credits $(26,012) $ 14,939 $ -- $ -- $ -- $ (11,073) $(13,014) $ 12,277 $ -- $ -- $ -- $ (737) $ (70,011) $ 45,531 $ -- $ -- $ -- $ (24,480)
======= ======= ======= ========= ====== ======== ======= ======= ======= ========= ====== ======= ======== ======= ======= ========= ======= ========
AISC, After
By-product
Credits $(18,283) $ 29,427 $ -- $ 16,761 $ -- $ 27,905 $ 5,259 $ 32,165 $ -- $ 20,557 $ -- $ 57,981 $ (20,620) $115,627 $ -- $ 62,791 $ -- $ 157,798
======= ======= ======= ========= ====== ======== ======= ======= ======= ========= ====== ======= ======== ======= ======= ========= ======= ========
Ounces produced 2,177 1,237 3,414 1,952 1,250 3,202 8,725 5,261 13,986
Cash Cost,
Before
By-product
Credits, per
Silver Ounce $ 28.04 $ 30.33 $ 28.87 $ 31.73 $ 26.79 $ 29.80 $ 26.64 $ 25.00 $ 26.02
By-product
credits per
ounce (39.98) (18.26) (32.11) (38.40) (16.97) (30.03) (34.66) (16.34) (27.77)
------- ------- -------- ------- ------- ------- -------- ------- --------
Cash Cost,
After
By-product
Credits, per
Silver Ounce $ (11.94) $ 12.07 $ (3.24) $ (6.67) $ 9.82 $ (0.23) $ (8.02) $ 8.66 $ (1.75)
======= ======= ======== ======= ======= ======= ======== ======= ========
AISC, Before
By-product
Credits, per
Silver Ounce $ 31.59 $ 42.04 $ 40.28 $ 41.10 $ 42.70 $ 48.14 $ 32.30 $ 38.32 $ 39.05
By-product
credits per
ounce (39.98) (18.26) (32.11) (38.40) (16.97) (30.03) (34.66) (16.34) (27.77)
------- ------- -------- ------- ------- ------- -------- ------- --------
AISC, After
By-product
Credits, per
Silver Ounce $ (8.39) $ 23.78 $ 8.17 $ 2.70 $ 25.73 $ 18.11 $ (2.36) $ 21.98 $ 11.28
======= ======= ======== ======= ======= ======= ======== ======= ========
In thousands
(except per ounce
amounts) Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 Three Months Ended March 31, 2025
------------------------------------------------------------------ ----------------------------------------------------------------- ------------------------------------------------------------------
Total Total Total
Greens Lucky Keno Corporate Silver Greens Lucky Keno Corporate Other Silver Greens Lucky Keno Corporate Other Silver
Creek Friday Hill (4) (2) Other (3) and Other Creek Friday Hill (4) (2) (3) and Other Creek Friday Hill (4) (2) (3) and Other
--------- --------- --------- ---------- --------- ---------- --------- --------- --------- ---------- -------- ---------- --------- --------- --------- ---------- -------- -----------
Total cost of
sales $ 81,658 $ 44,641 $ 31,171 $ -- $ 16,183 $ 173,653 $ 58,921 $ 42,286 $ 25,881 $ -- $ 6,625 $ 133,713 $ 69,638 $ 44,049 $ 15,871 $ -- $ 7,095 $136,653
Depreciation,
depletion and
amortization (16,229) (13,471) (8,028) -- -- (37,728) (12,897) (13,275) (5,141) -- -- (31,313) (13,589) (13,425) (2,802) -- -- (29,816)
Treatment costs (436) 2,434 -- -- -- 1,998 (1,001) 1,054 -- -- -- 53 2,143 3,963 -- -- -- 6,106
Change in product
inventory (5,106) 946 -- -- -- (4,160) 9,234 225 -- -- -- 9,459 (901) (839) -- -- -- (1,740)
Reclamation and
other costs (715) (141) -- -- -- (856) 57 (160) -- -- -- (103) (307) (273) -- -- -- (580)
Exclusion of Keno
Hill cash costs
(4) -- -- (23,143) -- (23,143) -- -- (20,740) -- -- (20,740) -- -- (13,069) -- -- (13,069)
Exclusion of Other
costs -- -- -- -- (16,183) (16,183) -- -- -- -- (6,625) (6,625) -- -- -- -- (7,095) (7,095)
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ -------
Cash Cost, Before
By-product
Credits (1) 59,172 34,409 -- -- -- 93,581 54,314 30,130 -- -- -- 84,444 56,984 33,475 -- -- -- 90,459
Reclamation and
other costs 758 195 -- -- -- 953 757 195 -- -- -- 952 757 195 -- -- -- 952
Sustaining capital 13,210 18,484 -- 1,528 -- 33,222 8,268 17,069 -- 1,270 -- 26,607 7,368 14,070 -- 1,025 -- 22,463
General and
administrative -- -- -- 13,872 -- 13,872 -- -- -- 12,540 -- 12,540 -- -- -- 11,999 -- 11,999
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ -------
AISC, Before
By-product
Credits (1) 73,140 53,088 -- 15,400 -- 141,628 63,339 47,394 -- 13,810 -- 124,543 65,109 47,740 -- 13,024 -- 125,873
By-product
credits:
Zinc (22,894) (7,203) -- -- -- (30,097) (23,512) (7,120) -- -- -- (30,632) (23,374) (6,950) -- -- -- (30,324)
Gold (48,618) -- -- -- -- (48,618) (52,194) -- -- -- -- (52,194) (34,977) -- -- -- -- (34,977)
Lead (6,670) (14,736) -- -- -- (21,406) (6,610) (14,708) -- -- -- (21,318) (6,091) (14,043) -- -- -- (20,134)
Copper (927) -- -- -- -- (927) (871) -- -- -- -- (871) (729) -- -- -- -- (729)
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ -------
Total
By-product
credits (79,109) (21,939) -- -- -- (101,048) (83,187) (21,828) -- -- -- (105,015) (65,171) (20,993) -- -- -- (86,164)
------- ------- ------- --------- ------- -------- ------- ------- ------- --------- ------ -------- ------- ------- ------- --------- ------ -------
Cash Cost, After
By-product
Credits $(19,937) $ 12,470 $ -- $ -- $ -- $ (7,467) $(28,873) $ 8,302 $ -- $ -- $ -- $ (20,571) $ (8,187) $ 12,482 $ -- $ -- $ -- $ 4,295
======= ======= ======= ========= ======= ======== ======= ======= ======= ========= ====== ======== ======= ======= ======= ========= ====== =======
AISC, After
By-product
Credits $ (5,969) $ 31,149 $ -- $ 15,400 $ -- $ 40,580 $(19,848) $ 25,566 $ -- $ 13,810 $ -- $ 19,528 $ (62) $ 26,747 $ -- $ 13,024 $ -- $ 39,709
======= ======= ======= ========= ======= ======== ======= ======= ======= ========= ====== ======== ======= ======= ======= ========= ====== =======
Divided by silver
ounces produced 2,348 1,337 3,685 2,423 1,341 3,764 2,003 1,332 3,335
Cash Cost,
Before
By-product
Credits, per
Silver Ounce $ 25.20 $ 25.73 $ 25.39 $ 22.42 $ 22.47 $ 22.44 $ 28.46 $ 25.13 $ 27.13
By-product
credits per
ounce (33.70) (16.40) (27.42) (34.33) (16.28) (27.90) (32.54) (15.76) (25.84)
------- ------- -------- ------- ------- -------- ------- ------- -------
Cash Cost,
After
By-product
Credits, per
Silver Ounce $ (8.50) $ 9.33 $ (2.03) $ (11.91) $ 6.19 $ (5.46) $ (4.08) $ 9.37 $ 1.29
======= ======= ======== ======= ======= ======== ======= ======= =======
AISC, Before
By-product
Credits, per
Silver Ounce $ 31.15 $ 39.70 $ 38.43 $ 26.14 $ 35.35 $ 33.09 $ 32.51 $ 35.84 $ 37.75
By-product
credits per
ounce (33.70) (16.40) (27.42) (34.33) (16.28) (27.90) (32.54) (15.76) (25.84)
------- ------- -------- ------- ------- -------- ------- ------- -------
AISC, After
By-product
Credits, per
Silver Ounce $ (2.55) $ 23.30 $ 11.01 $ (8.19) $ 19.07 $ 5.19 $ (0.03) $ 20.08 $ 11.91
======= ======= ======== ======= ======= ======== ======= ======= =======
(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.
Reconciliation of Net Income from Continuing Operations (GAAP) to Adjusted EBITDA from Continuing Operations (non-GAAP)
This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") from continuing operations, which is a measure of our operating performance. Adjusted EBITDA from continuing operations is calculated as net income from continuing operations 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. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA is useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net income from continuing operations to adjusted EBITDA from continuing operations:
Dollars are in LTM March
thousands 1Q-2026 4Q-2025 3Q-2025 2Q-2025 1Q-2025 31, 2026 FY 2025
--------- --------- --------- -------- -------- --------- -----------
Net income from
continuing
operations 164,653 $112,742 $ 80,113 $26,910 $24,339 384,418 $244,104
Interest
expense 5,656 5,396 13,264 10,948 11,392 35,264 41,000
Income and
mining tax
provision 50,900 35,367 39,476 23,271 15,637 149,014 113,751
Depreciation,
depletion and
amortization 33,768 31,185 38,481 32,068 30,603 135,502 132,337
Ramp-up and
suspension
costs 3,246 2,060 2,003 2,421 2,135 9,730 8,619
Loss on
disposition of
properties,
plants,
equipment, and
mineral
interests 1,750 6 2,706 88 211 4,550 3,011
Foreign
exchange
(gain) loss (498) 2,196 (305) 3,517 367 4,910 5,775
Fair value
adjustments,
net 5,945 19,334 (19,828) (4,450) (3,388) 1,001 (8,332)
Provisional
price gains (848) (28,993) (10,903) (4,150) (6,916) (44,894) (50,962)
Provision for
closed
operations and
environmental
matters 1,297 4,965 1,268 844 790 8,374 7,867
Stock-based
compensation 2,784 3,356 2,639 2,987 1,936 11,766 10,918
Inventory
adjustments -- 8,501 51 812 1,558 9,364 10,922
Monetization of
zinc and lead
hedges -- (72) (91) (44) (454) (207) (661)
Other (3,549) 5,611 (2,433) (1,511) (941) (1,882) 726
------- ------- ------- ------ ------ ------- -------
Adjusted EBITDA
from
continuing
operations $265,104 $201,654 $146,441 $93,711 $77,269 $706,910 $519,075
------- ------- ------- ------ ------ ------- -------
Reconciliation of Cash Provided by Operating Activities from Continuing Operations (GAAP) to Free Cash Flow from Continuing Operations (non-GAAP)
This release refers to a non-GAAP measure of free cash flow from continuing operations, calculated as cash provided by operating activities from continuing operations, less additions to properties, plants, equipment and mine development. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow from continuing operations is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities from continuing operations to free cash flow from continuing operations:
Three Months Ended
Dollars are in thousands March 31,
----------------------
2026 2025
-------- --------
Cash provided by operating activities from
continuing operations $182,922 $ 27,622
Less: Capital investment from continuing
operations (39,265) (37,838)
------- -------
Free cash flow from continuing operations $143,657 $(10,216)
======= =======
Free cash flow from continuing operations is a non-GAAP measure calculated as cash provided by operating activities from continuing operations less additions to properties, plants, equipment and mine development. Cash provided by operating activities from continuing operations for our silver operations, the Greens Creek and Lucky Friday operating segments, excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines' operating performance.
Table A
Assay Results -- Q1 2026
Depth
Sample Sample True From
Keno Hill Drillhole Drillhole From To Width Silver Gold Lead Zinc Surface
(Yukon) Zone Number Azm/Dip (feet) (feet) (feet) (oz/ton) (oz/ton) (%) (%) (feet)
------------ ----------- ----------- --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Underground Bermingham
Definition Vein BMUG26-259 136/-14 504.8 508.7 2.9 17.0 0.01 4.2 8.0 1,404
------------ ----------- ----------- --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Bermingham
Vein Including 136/-14 504.8 506.3 1.1 27.6 0.00 8.1 13.9 1,404
----------- ------------------------ --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Bermingham
Vein BMUG26-261 126/1 434.1 441.0 4.7 14.0 0.01 2.0 1.9 1,237
----------- ------------------------ --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Bermingham
Vein Including 126/1 436.3 437.7 1.0 44.2 0.01 4.9 3.3 1,237
----------- ------------------------ --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Bermingham
Vein BMUG26-262 120/1 429.1 433.1 2.4 106.6 0.01 1.5 0.7 1,224
----------- ------------------------ --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Bermingham
Vein BMUG26-263 121/-5 497.0 499.0 1.5 30.6 0.01 0.8 0.0 1,309
----------- ------------------------ --------- ------ ------ ------ -------- -------- ---- ---- -------
Arctic,
Bermingham
Vein BMUG26-268 117/10 388.8 391.1 2.2 6.8 0.00 0.5 1.3 1,434
----------- ------------------------ --------- ------ ------ ------ -------- -------- ---- ---- -------
Depth
From
Sample Sample True Mine
Greens Creek Drillhole Drillhole From To Width Silver Gold Lead Zinc Portal
(Alaska) Zone Number Azm/Dip (feet) (feet) (feet) (oz/ton) (oz/ton) (%) (%) (feet)
------------ ----- ---------- --------- ------ ------ ------ -------- -------- ---- ---- ------
Underground
Definition EAST GC6712 66 / 28 522.3 526.6 2.5 11.6 0.10 1.2 2.4 950
------------ ----- ---------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6712 66 / 28 531.0 540.0 5.8 5.9 0.06 2.4 7.4 957
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6717 72 / 27 502.3 514.0 8.1 8.5 0.09 2.5 5.0 926
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6718 63 / -31 156.8 173.0 15.0 15.5 0.16 0.5 1.1 632
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6730 74 / 2 260.2 271.1 10.4 13.6 0.06 1.7 3.6 720
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6730 74 / 2 280.7 286.9 5.9 18.2 0.03 2.6 7.8 720
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6730 74 / 2 260.2 286.9 25.4 10.1 0.03 1.3 3.4 720
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6736 182 / 79 35.7 36.9 1.2 40.0 0.18 2.8 5.3 -66
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6740 115 / 71 12.7 17.1 4.4 8.5 0.01 2.9 5.9 -237
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6740 115 / 71 30.0 32.8 2.6 16.4 0.01 1.8 4.7 -223
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6740 115 / 71 215.7 237.8 19.1 9.5 0.63 3.7 4.5 -37
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6741 155 / 74 9.5 15.0 4.5 12.7 0.01 1.7 4.9 -242
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6741 155 / 74 27.7 30.7 2.9 17.0 0.01 3.5 7.2 -223
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6741 155 / 74 199.0 204.0 4.6 11.1 0.02 13.0 17.3 -61
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6741 155 / 74 225.5 226.5 1.0 5.4 0.01 6.8 9.5 -39
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
EAST GC6743 199 / 66 194.4 197.5 3.1 8.8 0.01 11.0 13.3 -74
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
WEST GC6739 131 / 89 13.0 20.5 5.9 14.2 0.04 2.2 4.7 -236
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
WEST GC6739 131 / 89 37.7 45.3 7.5 18.2 0.07 2.9 5.2 -210
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6746 101 / -32 64.5 73.7 9.1 36.4 0.16 3.0 5.5 -745
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6748 50 / -34 37.7 44.8 6.9 28.3 0.16 1.4 2.4 -732
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6749 41 / -68 56.6 59.9 2.3 9.2 0.04 1.8 2.8 -765
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6750 345 / -44 67.5 76.1 8.2 32.5 0.13 3.9 7.1 -859
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6750 345 / -44 63.0 81.1 17.2 15.9 0.06 1.9 3.4 -765
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6751 290 / -84 94.6 100.0 4.9 23.1 0.03 8.5 16.3 -808
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6752 63 / -81 169.0 181.0 5.6 34.9 0.14 3.1 6.2 -931
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6753 131 / -72 203.1 205.9 1.5 14.2 0.03 1.5 3.4 -953
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6757 63 / 42 350.6 353.9 3.3 16.0 0.02 4.1 7.5 -502
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
SWB GC6757 63 / 42 389.2 391.6 2.4 8.1 0.03 3.0 10.3 -476
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
GAL GC6668 61 / -79 88.5 94.3 5.0 4.0 0.04 5.4 10.3 -807
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
GAL GC6686 206 / 36 51.0 58.0 6.9 14.4 0.03 1.0 2.2 -618
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
GAL GC6705 147 / 57 76.3 80.9 4.3 7.0 0.01 4.6 9.1 -587
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
Underground
Exploration GFB GC6738 243 / -16 622.5 634.3 10.2 3.4 0.06 8.1 4.1 -1,489
------------ ----- ---------- --------- ------ ------ ------ -------- -------- ---- ---- ------
GFB GC6747 48 / -12 995.6 998.2 2.1 3.3 0.05 6.8 3.2 -1,019
----- ----------------------- --------- ------ ------ ------ -------- -------- ---- ---- ------
Depth
Sample Sample True From
Midas Drillhole Drillhole From To Width Gold Silver Surface
(Nevada) Zone Number Azm/Dip (feet) (feet) (feet) (oz/ton) (oz/ton) (feet)
------------ ---------- ---------- --------- ------ ------ ------ -------- -------- -------
Sinter
Surface Offset
Exploration Southeast DMC-00472 034/-45 1081.0 1085.5 3.9 0.19 0.1 -769
------------ ---------- ---------- --------- ------ ------ ------ -------- -------- -------
Sinter
Offset
Southeast Including 1082.5 1084.3 1.6 0.38 0.2 -769
---------- ----------------------- --------- ------ ------ ------ -------- -------- -------
Sinter
Offset
Southeast DMC-00476 030/-59 1388.2 1392.7 2.3 0.21 1.6 -1,163
---------- ----------------------- --------- ------ ------ ------ -------- -------- -------
Sinter
Offset
Southeast Including 1390.9 1391.7 0.4 1.13 6.6 -1,163
---------- ----------------------- --------- ------ ------ ------ -------- -------- -------
Sinter
Offset
Southeast DMC-00477 034/-53 1631.1 1632.1 0.7 0.25 1.0 -1,235
---------- ----------------------- --------- ------ ------ ------ -------- -------- -------
Sinter
Offset
Southeast Including 1631.1 1631.7 0.4 0.41 1.5 -1,235
---------- ----------------------- --------- ------ ------ ------ -------- -------- -------
Depth
From
Sample Sample True Mine
Lucky Friday Drillhole Drillhole From To Width Silver Zinc Lead Shaft
(Idaho) Zone Number Azm/Dip (feet) (feet) (feet) (oz/ton) (%) (%) (feet)
------------ ---------- ------------ --------- ------ ------ ------ -------- ---- ---- ------
Gold
Underground Hunter
Definition (110vein) GHP-660-20A 265/14 163.6 165.4 0.3 31.4 0.1 0.0 -6,600
------------ ---------- ------------ --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(110vein) GHP-663-20 265/-1 158.0 161.4 0.7 47.9 0.1 0.0 -6,600
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(90vein) GHP-658-24 241/45 114.8 121.0 1.9 42.1 2.1 22.6 -6,580
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(90vein) GHP-658-24 241/45 127.5 132.5 1.5 36.0 0.1 11.3 -6,580
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(90vein) GHP-669-23 237/-44 114.6 119.2 1.6 11.5 0.2 13.5 -6,690
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(80vein) GHP-663-23 247/0 108.4 116.5 2.8 19.6 1.2 21.6 -6,630
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(80vein) GHP-663-23 247/0 118 130.5 4.2 6.6 4.0 8.5 -6,630
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
Gold
Hunter
(80vein) GHP-669-23 237/-44 134.1 139.3 2.2 11.4 5.6 12.2 -6,690
---------- ------------------------- --------- ------ ------ ------ -------- ---- ---- ------
View source version on businesswire.com: https://www.businesswire.com/news/home/20260505914903/en/
CONTACT:
For further information, please contact:
Mike Parkin
Vice President - Strategy and Investor Relations
Cheryl Turner
Investor Relations Coordinator
Investor Relations
Email: hmc-info@hecla.com
Website: http://www.hecla.com
(END) Dow Jones Newswires
May 05, 2026 16:58 ET (20:58 GMT)