Hecla Mining Company (HL)

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Silver Above $75 An Ounce And A Cobalt Camp Consolidator Just Engaged The Original Authors Of Its NI 43-101 To Build A New Resource EstimateMay 27, 2026 9:20 AM
PR Newswire (US) Issued on behalf of Nord Precious Metals Mining Inc.With the historic Kilborn 1987 feasibility study back on the table, 2,343 g/t silver intercepts on the drill bit, and four kilometres of historic boundary now consolidated, one Ontario junior is sequencing exploration, processing, and resource update work into a single integrated narrative.COBALT, ON, May 27, 2026 /PRNewswire/ -- Fly On Wall Street News Commentary — Silver has spent the better part of 2026 trading above the $75 per ounce level, with the metal's all-time high of US$121.67/oz set on January 29, 2026 still anchoring the year's price band. Structural supply deficits — now in their sixth consecutive year, with the 2026 deficit forecast at 46.3 million ounces by the Silver Institute — continue to pull capital toward emerging-stage silver developers.Inside that landscape, Nord Precious Metals Mining Inc. (TSXV: NTH) (OTCQB: CCWOF) (FSE: QN3), Hecla Mining Company (NYSE: HL), First Majestic Silver Corp. (NYSE: AG), Coeur Mining, Inc. (NYSE: CDE), and Endeavour Silver Corp. (NYSE: EXK) collectively span the spectrum from emerging-stage Cobalt Camp consolidator to established mid-tier producer — with the smaller end of that spectrum disproportionately positioned for re-rating as resource updates land and processing pathways crystallize.Nord Precious Metals Mining Inc. (TSXV: NTH) (OTCQB: CCWOF) (FSE: QN3) on May 19, 2026 announced the engagement of GeoVector Management Inc. of Ottawa to complete an updated Mineral Resource Estimate (MRE) and supporting NI 43-101 Technical Report for the Gowganda Silver Tailings, concurrent with confirmatory metallurgical testwork now underway on tailings samples. GeoVector was the author of the 2011 NI 43-101 resource estimate, retained with two of three original Qualified Person authors and all original modelling data. The cumulative drill database exceeds 860 holes across the consolidated Castle-Gowganda land package — a foundation that few junior consolidators in the Camp can match.The engagement follows the Company's strategic acquisition of adjacent leases closed March 31, 2026, which consolidated nearly 4 kilometres of historic property boundary into a single land package — approximately half of which runs through areas of documented past production. Together, the consolidated 63 km² Castle property and the additional 225 hectares of acquired leases now host 3 of the 5 most productive past-producing silver mines in the Gowganda Camp: the Miller Lake-O'Brien (Siscoe), the Castle, and the Millerett operations. The Miller Lake-O'Brien Mine alone produced approximately 42 million ounces of silver between 1910 and 1972 — historically the largest past-producing Cobalt-style silver mine outside of the Cobalt Mining Camp itself.On May 11, 2026, Nord disclosed its review of a publicly available April 1987 Kilborn Limited feasibility study for the re-milling of silver tailings deposits on what is now the Company's Castle-Gowganda property. The historic Kilborn modelled returns at six to twelve dollars per ounce silver — the price band in which the deposit's previous operators all held sound technical positions in unsound price environments. Frank J. Basa, P.Eng., President and CEO of Nord, framed the Kilborn report in the Company's release as serious engineering by a firm whose work is still referenced across Canada's major mining camps, and as material that confirms the technical viability of large-scale processing.Drilling has also continued to deliver. On May 4, 2026, Nord reported analytical results from hole CS-26-129W2 at Castle East, including a 2,343 g/t silver (68 oz/ton) intercept over 1.85 metres — the previously disclosed high-grade silver intercept for which core photographs had been published February 24, 2026. The Company also commenced its fully funded 5,000-metre drilling phase, continuing the ongoing 30,000-metre drill program at the recently enlarged Castle–Gowganda Property. The Castle East discovery hosts a historical Inferred Mineral Resource of 7.56 million ounces of silver grading 8,582 g/t Ag (250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 metres.Nord operates TTL Laboratories in Cobalt, Ontario — the only permitted high-grade milling facility in the Cobalt Camp, which has already produced refined silver doré including a 1,000-ounce silver bar from Cobalt Camp material. The Company has also acquired a 600 tonne-per-day modular gravity plant which awaits commissioning upon receipt of the Recovery Permit, for which the Ontario Ministry of Mines has provided an advanced template and an 80-day fast-track processing pathway. The integrated processing strategy — connecting high-grade silver discovery, district consolidation, historical feasibility validation, and a permitted milling pathway — places Nord in a structural position few junior silver consolidators occupy. For more company information, visit This Link.
 In other industry developments and happenings in the market include: Hecla Mining Company (NYSE: HL) — the largest silver producer in the United States — has continued to leverage record silver prices through 2026, with operations spanning Greens Creek, Lucky Friday, and Keno Hill. On May 5, 2026, Hecla reported record Q1 2026 results with revenue over $411 million and consolidated silver production of 3.9 million ounces — alongside the March 25, 2026 sale of its Casa Berardi gold mine to Orezone, which sharpened the Company's focus on its silver-growth platform and helped eliminate Hecla's long-term debt. With multiple operating mines, deep reserves, and a track record of disciplined capital allocation, Hecla remains one of the most institutionally tracked names in the U.S.-listed silver complex.Hecla's exposure to long-life North American silver assets reinforces the structural premium that U.S./Canadian-jurisdiction silver carries inside the current procurement environment. Recent capital allocation has focused on continued reserve replacement and ongoing exploration at Lucky Friday and Keno Hill — both contributing to the Company's long-duration silver production profile.First Majestic Silver Corp. (NYSE: AG) (TSX: AG) continued to operate its four producing silver mines in Mexico through 2026 — San Dimas, Santa Elena, La Encantada, and Los Gatos (acquired in 2025 via the Gatos Silver transaction, in which First Majestic holds a 70% joint-venture interest). In Q1 2026, Los Gatos was First Majestic's largest silver producer at 1.49 million attributable ounces. The Company's Jerritt Canyon gold operation in Nevada has been on temporary suspension since March 20, 2023; on April 2, 2026, First Majestic announced a restart plan targeting production in H2 2027, with approximately 42,000 metres of drilling planned at Jerritt Canyon in 2026. The Company has remained one of the most highly silver-leveraged operators in the public market.First Majestic's combination of silver production scale, jurisdictional diversity, and operational leverage to spot silver prices has reinforced its position as one of the highest-beta names in the silver complex. Inside the current silver price environment, AG's revenue and cash-flow uplift has been visible across consecutive quarterly cycles, reflecting the structural translation of silver pricing into operational margin.Coeur Mining, Inc. (NYSE: CDE) has continued to advance its Rochester, Palmarejo, Kensington, and Wharf operations through 2026, alongside the high-grade Las Chispas operation in Mexico (added via the SilverCrest acquisition that closed in February 2025). On March 20, 2026, Coeur closed its acquisition of New Gold Inc., adding the Rainy River and New Afton mines in Canada — creating an all-North American senior precious metals producer with seven operations. Q1 2026 results reported May 6 included record revenue of $856 million.Coeur's operational platform — now spanning seven North American operations following the March 2026 New Gold acquisition — positions CDE as one of the more strategically diversified mid-tier producers in the silver and gold complex. The combination of Las Chispas integration, Rainy River and New Afton additions, and ongoing optimization at Rochester continues to frame Coeur's investment case heading into the back half of 2026.Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) operates a transformed three-mine portfolio in 2026: Guanaceví in Mexico, Terronera in Mexico (which achieved commercial production on October 1, 2025 and is the Company's flagship growth asset), and Kolpa in Peru (acquired in 2025). The Company completed the sale of its Bolañitos silver and gold mine on January 15, 2026, sharpening its focus on the higher-grade Terronera and Kolpa platforms. 2026 consolidated guidance calls for 8.3–8.9 million ounces of silver and 14.6–15.6 million silver-equivalent ounces.Endeavour's pipeline — anchored by producing Terronera, Guanaceví, and Kolpa, with the large-scale Pitarrilla silver project advancing toward a feasibility study targeted for Q3 2026 and a potential construction decision in early 2027 — positions EXK at the senior-silver-producer transition stage. As Terronera continues its ramp-up and Kolpa integration matures, EXK's production profile is expected to expand materially.Across the comparable set, the message is consistent: silver above $75 an ounce is funding capital deployment, operational scaling, and resource update work across the public silver complex — and the upstream consolidation layer is where the asymmetry of the trade lives. Nord Precious Metals' May 19 GeoVector engagement, May 11 Kilborn feasibility validation, May 4 high-grade Castle East drill results, and 4 km of historic boundary consolidation collectively form one of the most credible execution sequences a Cobalt Camp consolidator has presented to public markets in this cycle. For investors building exposure to the silver development trade, NTH deserves a closer look.CONTINUED… Read this and more news for Nord Precious Metals Mining Inc. at: https://usanewsgroup.com/nth-profile/CONTACT:
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info @therooster-2873 Article Sources:https://www.newsfilecorp.com/release/297843/Nord-Precious-Metals-Secures-Original-Technical-Team-to-Update-and-Refresh-NI-43101-Resource-Estimate-for-Gowganda-Silver-Tailingshttps://www.newsfilecorp.com/release/296828/Nord-Reviews-Historic-Feasibility-Study-325000-Ounces-of-Silver-Per-Year-Production-Over-Seven-Years-at-Gowgandahttps://www.newsfilecorp.com/release/295685/Nord-Precious-Metals-Reports-2343-gt-68-ozton-HighGrade-Silver-over-1.85-Metres-at-Castle-East-Begins-Fully-Funded-5000Metre-Drilling-Phasehttps://www.firstmajestic.com/newshttps://www.coeur.com/investors/news/https://www.edrsilver.com/newsDISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Flyonwallstreet.com is a wholly-owned subsidiary of Market IQ Media Group ("MIQ"). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for Nord Precious Metals Mining. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY") There may also be 3rd parties who may have shares of Salazar Resources Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY does not own any shares of Nord Precious Metals Mining but reserves the right to buy and sell, and will buy and sell shares of Nord Precious Metals Mining at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Nord Precious Metals Mining. In summary, this is a paid advertisement, we currently do not own any shares of Nord Precious Metals Mining but will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.  View original content:https://www.prnewswire.com/news-releases/silver-above-75-an-ounce-and-a-cobalt-camp-consolidator-just-engaged-the-original-authors-of-its-ni-43-101-to-build-a-new-resource-estimate-302783035.htmlSOURCE Fly On Wall Street Original: Silver Above $75 An Ounce And A Cobalt Camp Consolidator Just Engaged The Original Authors Of Its NI 43-101 To Build A New Resource Estimate

Yukon Metals Reports 14 g/t Gold in 300-Metre Step-Out Drilling and Optioned Adjacent Sumitomo-Drilled PropertyMay 12, 2026 10:38 AM
PR Newswire (US) Issued on behalf of Yukon Metals Corp.Built by the same prospecting team behind Snowline Gold's 7.94-million-ounce Valley deposit, Yukon Metals is consolidating an 18-project, 43,000+-hectare portfolio across copper, gold, silver, and tungsten — and the institutional money is starting to follow.USA News Group News CommentaryWHITEHORSE, YT, May 12, 2026 /PRNewswire/ -- Gold opened the second quarter of 2026 with prices that would have been unthinkable two years ago. According to the World Gold Council's Q1 2026 Gold Demand Trends report, the LBMA (PM) gold price set a new quarterly average record of US$4,873 per ounce in Q1 2026, with the metal hitting an all-time high of US$5,405 per ounce in January 2026 before correcting [1]. Total gold demand reached 1,231 tonnes (+2% YoY), with the value of demand surging 74% to a record US$193 billion [1]. Central banks added another 244 tonnes to global reserves and bar-and-coin investment climbed 42% to 474 tonnes — the second-highest quarter on record [1]. The capital is flowing back into producers and the highest-conviction juniors at the same time. The question, increasingly, is which untested ground gets pulled into the next wave. The Yukon — for years a place where the geology was indisputably world-class but the capital cycle was indifferent — is finally getting the attention. Snowline Gold's 7.94-million-ounce Valley deposit, the recent strategic alliance between Cascadia Minerals and Agnico Eagle, and Hecla Mining's Keno Hill operation have collectively put the territory back on every generalist's map. Smaller juniors with credible technical teams and contiguous land positions are positioned to be the next beneficiaries.Yukon Metals Corp. (CSE: YMC) (FSE: E770) (OTCQB: YMMCF) is one of them. The company controls an 18-project, 43,000+-hectare portfolio across the territory, built on more than 30 years of prospecting by the Berdahl family — the same team behind Snowline Gold's flagship Rogue Project [2]. In its most recent corporate presentation, Yukon Metals frames its portfolio as "four distinct district plays copper-gold, tungsten, gold, and silver-lead-zinc." [3]. Drill assays released across the past six months at Birch, Carter Gulch, and Star River have started to validate the thesis, and an April 27, 2026 option agreement on the Sumo copper-gold property — previously drilled by Sumac Mines Ltd., a subsidiary of Sumitomo Metal Mining Co., Ltd. — has just consolidated the company's position in what it now calls the "emergent Birch District" [3].A 300-Metre Step-Out Becomes a DiscoveryThe headline result of Yukon Metals' 2025 program came at Birch, the company's 100%-owned, 7,000-hectare copper-gold project located 65 kilometres northeast of Burwash Landing in southwestern Yukon. On December 8, 2025, the company reported that hole BR25-003 — drilled 300 metres northeast of the original discovery hole — intersected 47.4 metres of 0.43 g/t gold from 26.6 metres depth, including 1.0 metre of 14.35 g/t gold at 71.0 metres [4]. That 14 g/t hit is the highest-grade gold intercept ever recorded at Birch, and a deeper interval in the same hole returned 33.8 metres of 0.19 g/t gold from 278.7 metres, supporting the company's interpretation of stacked mineralized horizons [4].Notably, the 14 g/t intercept occurred with minimal arsenic — a geochemical signature typically associated with proximal, higher-temperature skarn environments, the kind generally found close to a porphyry source [4]. Surface prospecting two kilometres south of the drill collars returned rock samples grading up to 16 g/t gold, 1,825 g/t silver, and 0.43% copper, coincident with a large molybdenum soil anomaly [4]."Last year's drilling identified a system transitioning at depth from copper into a gold-rich zone showing multiple mineralization episodes and confirmed that mineralization extends well beyond our initial discovery," says Jim Coates, President and Chief Executive Officer. "The highest-grade gold we have seen at Birch to date came from that program, and it is a key driver of our 2025 exploration plans." The 2025 Birch program totaled 1,685 metres of HQ diamond drill core in six holes off four pads.Carter Gulch: 250 g/t Gold from Float, with a New 70-Claim Block to Cover ItIf Birch was the technical highlight of late 2025, Carter Gulch was the early-2026 surprise. On February 20, 2026, Yukon Metals reported that 2025 rock sampling at Carter Gulch — located approximately 40 kilometres from Whitehorse — returned gold values up to 250 grams per tonne, with an average grade of 17.8 g/t Au across nine samples that exceeded 1 g/t (out of 27 samples submitted) [6]. The peak sample (325933, an oxidised quartz vein float sample) also assayed 41.9 ppm silver, 2,130 ppm copper, and 2.96% lead [6]. Two additional float samples returned 118.5 g/t Au and 38.30 g/t Au respectively [6].Following those results, Yukon Metals staked 68 new quartz claims around the original Kiyoko claims, bringing the total Carter Gulch land position to 70 claims covering approximately 1,462 hectares — a footprint scaled to capture both the historic CG Showing (where 1993 prospecting returned up to 142 g/t Au, 1.3% Pb, and 1.1% Cu) and the nearby Peppy Showing 1.5 kilometres to the southeast [6]. Gravel roads run within two kilometres of the property and the Alaska Highway is ten kilometres from the claim boundary [6].Star River: 11.7 g/t Gold and a Polymetallic Corridor Five Kilometres From a Past-Producing MineThe April 2, 2026 release on Star River — Yukon Metals' silver-lead-zinc-gold project located approximately 5 kilometres from the past-producing Ketza River Gold Mine in southern Yukon — added a different kind of result [7]. The 2025 first-pass drill program tested the F2, F3, and Saddle vein systems with eight holes and confirmed a 1-kilometre-long structural corridor defined by drone magnetic surveying.Highlights from the program include:11.7 g/t gold over 0.5 metres in hole SR25-001 within metre-scale quartz-ankerite-sulphide veins in the F2 zone [7]A separate F2-corridor interval in the same hole returning 183 g/t silver and 10.6% lead over 0.5 metres [7]Hole SR25-006 (south of F2) intersecting three 1.5-metre intervals of 2.4–3.4% zinc in brecciated and veined metasediments [7]F3 vein drilling (holes SR25-007 and SR25-008) returning up to 116 g/t silver and 3.2% lead [7]Multiple holes intersecting gold mineralization between 1.9 and 4.9 g/t [7]Yukon Metals also acquired the contiguous Stump claims, which extend roughly 2 kilometres of prospective ground south along the same structural corridor and cover a historic high-grade silver-lead vein where surface samples have returned more than 2,400 g/t silver and 70% lead over narrow intervals [7].The Sumo Option: A Sumitomo-Drilled Property in the Same DistrictThe April 27, 2026 option agreement on the Sumo copper-gold property is the move that ties the recent results into a district-scale story. Sumo sits approximately 10 kilometres east of Birch and comprises 75 quartz claims totalling roughly 1,875 hectares along the same geological trend [3]. The strategic value lies in what's already been done on the property: between 2013 and 2015, Sumac Mines Ltd. — a subsidiary of Sumitomo Metal Mining Co., Ltd. — drilled 19 diamond drill holes totalling approximately 7,300 metres at Sumo, with core remaining stored on site [3]. The fact that one of the world's largest base-metals producers spent meaningful capital here a decade ago is, in itself, a strong vote of confidence in the geology.Recent work by optionor Ryan Burke — a Yukon prospector also responsible for generating the Catch prospect, now owned by Cascadia Minerals and the subject of a March 2026 earn-in agreement with Agnico Eagle — has added new layers. A 2024 soil grid covering 3 × 2 kilometres returned peak values of 587 ppm copper, 409 ppb gold, and 4.1 ppm molybdenum, and 2025 surface sampling defined a new 1.1 km × 600 m copper-gold skarn target located approximately 1.2 km from the previous Sumitomo-era drill sites [3]. Option terms call for $395,000 in aggregate cash payments and 1.5 million shares over six years, plus $3.6 million in work expenditures, with Burke retaining a 2.5% NSR (1% repurchasable for 750 oz of gold) [3].The Comparable Set: Where Yukon Metals SitsThe peer set explains the framework well. Snowline Gold Corp. (TSX: SGD) (OTCQB: SNWGF) — graduated from the TSX Venture Exchange to the senior Toronto Stock Exchange in November 2025 and added to the GDXJ in March 2026 — is the obvious anchor. Snowline's Valley deposit on the Rogue Project now hosts 7.94 million ounces of gold Measured & Indicated (204 Mt at 1.21 g/t) plus 0.89 million ounces Inferred (44.5 Mt at 0.62 g/t), per the Preliminary Economic Assessment dated August 27, 2025 with an effective date of March 1, 2025 [8]. The company entered 2026 with roughly C$105 million in treasury and announced a new "Crossroad" target on its Cynthia Project in February 2026, with selective grab samples up to 14.1 g/t gold and 3,505 g/t silver [8]. The Berdahl prospecting connection — and the parallel geology between Snowline's Selwyn Basin ground and Yukon Metals' Birch system — gives Yukon Metals shareholders a direct technical lineage to one of the territory's most-watched stories.Hecla Mining Company (NYSE: HL) — described in its own corporate language as "the largest silver producer in the United States and Canada" — operates Keno Hill in the Yukon and reported Q1 2026 sales of $411 million and net income from continuing operations of $165 million on May 5, 2026 [9]. (GAAP net loss attributable to common stockholders was $19 million for the quarter, reflecting a $192 million non-cash write-down related to the sale of Casa Berardi.) Hecla redeemed the remaining $263 million of its 7.25% Senior Notes on April 9, 2026, leaving the company effectively debt-free with a $225 million undrawn revolving credit facility [9]. Q1 silver production at Keno Hill of 0.5 million ounces was down 18% from the prior quarter due to Yukon Energy power supply issues during extreme cold weather, but the operation produced a record 3.0 million ounces in 2025 and remains a key Yukon silver mine [9]. Hecla has budgeted a record $55 million for exploration and pre-development in 2026 [9].Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WRN) advances the Casino copper-gold-molybdenum project in west-central Yukon — a project of national significance with 8.5 million ounces of gold and 5.08 billion pounds of copper in proven and probable reserves per its 2022 Feasibility Study [10]. Western submitted its Environmental and Socio-economic Effects Statement to YESAB on October 6, 2025, and closed an upsized $92 million bought deal financing on February 26, 2026, at $4.15 per share, with combined cash, cash equivalents, and short-term investments of approximately $135 million as of March 26, 2026 [10]. The Casino Technical and Sustainability Committee includes representation from strategic investors Rio Tinto and Mitsubishi Materials [10].The framework matters. Yukon Metals is not yet at Snowline's resource scale and not at Western Copper's permitting stage. But it does sit on 18 projects, 43,000+ hectares, and has now produced credible drill results at three of them in less than six months — Birch, Carter Gulch, and Star River — while securing optionable ground (Sumo) that already saw 7,300 metres of Sumitomo-funded drilling. The capital structure (basic shares of 114.3 million as of October 2025; current basic market cap approximately C$56 million at the May 5 close of C$0.49) leaves substantial room for re-rating if any one of the three properties advances toward a maiden resource [11].Why NowThe 2026 macro setup for gold and silver is the most supportive in a generation. Hecla's realized Q1 2026 silver price was $82.70 per ounce, more than double the prior-year quarter [9]. Newmont's Q1 2026 realized gold price of $4,900 per ounce drove a 96% year-over-year increase in net income to $3.3 billion and a record $3.1 billion of free cash flow [12]. In a market like this, exploration-stage companies with multiple drill-ready targets, a recognized technical pedigree, and contiguous land positions tend to receive disproportionate capital. Yukon Metals checks all three boxes — and the recent Sumo addition shows the management team is using the moment to consolidate, not just publish.The next data points to watch: 2026 drill program details across Birch, Star River, AZ (where rock chip samples have graded up to 26% copper and a Dec 4, 2025-effective NI 43-101 technical report was filed in March 2026), and follow-up at Sumo's recently defined 1.1 km × 600 m copper-gold skarn target [3,13].Continuing coverage of Yukon Metals Corp. and the broader Yukon mining sector is available at https://equity-insider.com/ymc-landingCONTACT:
USA NEWS GROUP
https://usanewsgroup.com/
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Yukon Metals Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Yukon Metals Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not currently own any shares of Yukon Metals Corp. but reserves the right to buy and sell, and will buy and sell shares of Yukon Metals Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. SOURCES:[1] World Gold Council, "Gold Demand Trends Q1 2026," April 30, 2026, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026[2] Yukon Metals Corp. corporate website, https://yukonmetals.com/[3] Yukon Metals Corp., "Yukon Metals Options Copper-Gold Project from Renowned Yukon Prospector Ryan Burke, Solidifying Position in Emergent Birch District," April 27, 2026[3a] Yukon Metals Corp., Corporate Presentation, May 5, 2026, https://yukonmetals.com/images/pdf/Presentation/2026/26-05-05_FINAL_YMC_PRESENTATION_2.pdf[4] Yukon Metals Corp., "14 G/T Au Within 47m of Gold-Bearing Skarn from 26m Depth in 300m Step-Out at Birch Cu-Au Project," December 8, 2025[5] Yukon Metals Corp., "Yukon Metals Appoints Jim Coates as Permanent Full-Time CEO," March 2, 2026[6] Yukon Metals Corp., "Yukon Metals Samples Up to 250 G/T Gold in Rock and Expands Land Position at Carter Gulch, Yukon," February 20, 2026[7] Yukon Metals Corp., "Yukon Metals Intersects 11.7 g/t Gold Within Extensive Vein System in First Drill Program and Expands Land Package at Star River Property," April 2, 2026[8] Snowline Gold Corp., "Snowline Gold Intersects Strong Intervals in Geotechnical Drilling at Valley and Discovers New Mineralized Target," February 11, 2026, https://www.snowlinegold.com/news/snowline-gold-intersects-strong-intervals-in-geotechnical-drilling-at-valley-and-discovers-new-mineralized-target[9] Hecla Mining Company, "Hecla Reports First Quarter 2026 Results," May 5, 2026[10] Western Copper and Gold Corporation, "Western Copper and Gold Announces Submission of ESE Statement," October 6, 2025; SEC Form 6-K, March 26, 2026; "Western Copper and Gold Announces Positive Feasibility on Casino," June 28, 2022[11] Yukon Metals Corp. Stock Information, https://yukonmetals.com/investors/stock-information; Yahoo Finance, May 5, 2026[12] Newmont Corporation, "Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization," April 23, 2026[13] Yukon Metals Corp., "Yukon Metals Files Technical Report for the AZ Project, Yukon," March 17, 2026Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg  View original content:https://www.prnewswire.com/news-releases/yukon-metals-reports-14-gt-gold-in-300-metre-step-out-drilling-and-optioned-adjacent-sumitomo-drilled-property-302769606.html Original: Yukon Metals Reports 14 g/t Gold in 300-Metre Step-Out Drilling and Optioned Adjacent Sumitomo-Drilled Property

Hecla Reports First Quarter 2026 ResultsMay 5, 2026 4:58 PM
Business Wire Cash Flow from Continuing Operations $183 million, Record Free Cash Flow1 $144 million; Premier Silver Focus Sharpened; Organic Growth Pipeline Advancing 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 (NYSE: 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     Greens
Creek   Lucky
Friday   Keno
Hill (4)   Corporate (2)   Other (3)   Total
Silver
and Other   Greens
Creek   Lucky
Friday   Keno
Hill (4)   Corporate (2)   Other (3)   Total
Silver
and Other   Greens
Creek   Lucky
Friday   Keno
Hill (4)   Corporate (2)   Other (3)   Total
Silver
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   Greens
Creek Lucky
Friday Keno
Hill (4) Corporate (2) Other (3) Total
Silver
and Other   Greens
Creek Lucky
Friday Keno
Hill (4) Corporate (2) Other (3) Total
Silver
and Other   Greens
Creek Lucky
Friday Keno
Hill (4) Corporate (2) Other (3) Total
Silver
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 thousands   1Q-2026   4Q-2025   3Q-2025   2Q-2025   1Q-2025   LTM March
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: Dollars are in thousands   Three Months Ended
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   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
Definition Arctic, Bermingham 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 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
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   Midas (Nevada) Zone Drillhole
Number Drillhole
Azm/Dip Sample
From (feet) Sample
To (feet) True
Width (feet) Gold
(oz/ton) Silver
(oz/ton) Depth From
Surface
(feet) Surface
Exploration Sinter Offset 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   Lucky Friday (Idaho) Zone Drillhole
Number Drillhole
Azm/Dip Sample
From (feet) Sample
To (feet) True
Width (feet) Silver
(oz/ton) Zinc (%) Lead (%) Depth From
Mine Shaft
(feet) Underground
Definition Gold Hunter (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/ 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 Original: Hecla Reports First Quarter 2026 Results

Hecla Releases 2025 Sustainability ReportMay 4, 2026 5:00 PM
Business Wire Hecla Mining Company (NYSE:HL) has released its 2025 Sustainability Report, highlighting the Company’s environmental, social and governance (ESG) performance. "As Hecla continues its transformation into North America's Premier Silver Company, 2025 proved that purpose and performance are not competing priorities — they are the same priority," said Rob Krcmarov, President and CEO of Hecla Mining Company. "This year, we delivered silver production at the top end of our guidance, achieved a 13% improvement in safety performance, and produced the critical minerals the world needs to power its future — all while strengthening our environmental standards, deepening our indigenous partnerships, and contributing more than $1 billion in direct economic impact to the communities where we operate. The U.S. government's designation of silver as a critical mineral affirms what we have always believed: that responsible, domestic production of silver is strategically essential. With our sustainability policy now in place and our values embedded across every level of the company, Hecla is setting the standard for how responsible mining should be done." HIGHLIGHTS OF 2025 SUSTAINABILITY REPORT Over $1 billion in direct economic impact Nearly 52 thousand hours of safety & health training hours Women comprise 43% of our Board of Directors Achieved a 13% improvement in safety performance, measured by total recordable injury frequency rate (TRIFR) Achieved an intensity ratio of metric tonnes of Green House Gas (GHG) emissions per silver ounce produced of 0.007, one of the lowest in the industry. Donated nearly $685,000 to 95 organizations through the Hecla Charitable Foundation Hecla's subsidiary, Elsa Reclamation and Development Company Ltd. (ERDC), received the 2025 Robert E. Leckie Award for Excellence in Environmental Stewardship. REPORTING FRAMEWORKS Hecla prepared the Sustainability Report with reference to the Global Reporting Initiative (GRI) Standards and benchmarked its performance against the Sustainability Accounting Standards Board (SASB) Metals and Mining standards and against relevant aspects of the Task Force on Climate-Related Financial Disclosures (TCFD). The full 2025 Sustainability Report, along with the ESG data tables and GRI, SASB, TCFD, and TSM content indices, can be accessed on Hecla’s website here. ABOUT HECLA Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska and Idaho, the Company is ramping up 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504682080/en/ For further information, please contact: Mike Parkin
Vice President – Strategy and Investor Relations Cheryl Turner
Communications Coordinator Investor Relations
Email: hmc-info@hecla.com
Website: http://www.hecla.com Original: Hecla Releases 2025 Sustainability Report

Silver Deficit Hits Sixth Straight Year as One Cobalt Camp Consolidator Prepares to Drill the Boundaries Past Producers Could Never CrossApril 20, 2026 11:30 AM
PR Newswire (Canada)

Issued on behalf of Nord Precious Metals Mining Inc.After a historic 12 months in silver — a new all-time high above US$121, a fresh wave of structural supply deficits, and a 150%+ year-over-year run — producers are scrambling for high-grade ground. One Canadian junior just consolidated nearly 4 kilometres of boundary through a district where past miners pulled more than 50 million ounces on either side of the claim lines.USA News Group News CommentaryNEW YORK, April 20, 2026 /CNW/ -- Silver has been the story of 2026. After breaking above US$100 per ounce for the first time in history in late 2025 and setting a nominal all-time high of US$121.67 per ounce on January 29, 2026, the metal has been consolidating its gains in a band around US$75 to US$85 through the first four months of the year.[1] Spot silver traded near US$80 per ounce this week, up roughly 150% from twelve months ago.[2][3]
Underlying that move is a structural story that is becoming hard to ignore. The Silver Institute and Metals Focus have warned that 2026 will mark the sixth consecutive year of global silver supply deficits, with cumulative draws of 762 million troy ounces from aboveground stocks since 2021 — roughly equivalent to one full year of global mine output.[2] Industrial demand — led by solar, EV electronics, and AI-driven data centre infrastructure — has refused to cool even at these prices.That backdrop has changed what is economic. Past-producing ground that was uneconomic at silver below US$20 per ounce a decade ago looks very different at US$80. And in Ontario's historic Cobalt-Gowganda silver camp, one junior just closed a consolidation that no single operator has ever held.A District Play with No Modern PrecedentNord Precious Metals Mining Inc. (TSXV: NTH) (OTCQB: CCWOF) (FSE: QN3) has closed the March 31, 2026 acquisition of four mining leases in the Gowganda Silver Camp from Battery Mineral Resources Corp., consolidating nearly 4 kilometres of historic property boundary into a single land package.[4] Approximately half of that boundary runs through areas of documented past production — ground where historical operators on both sides of the line pulled high-grade silver but could never extend mining across the claim.With this consolidation, three of the five largest past-producing mines in the Gowganda Camp — Miller Lake-O'Brien (Siscoe), Castle, and Millerett — now sit within Nord's flagship Castle property.[4] The Miller Lake-O'Brien Mine alone produced approximately 42 million ounces of silver between 1910 and 1972, making it the largest past-producing Cobalt-style silver mine outside of the Cobalt Mining Camp itself.[4] Nord's own Castle Mine, immediately adjacent, produced 9.9 million ounces of silver. Combined Gowganda Camp production from 1910 to 1989 totalled 60.1 million ounces of silver and 1.4 million pounds of cobalt.[4]"The Company is excited to be able to drill through these historically defined artificial boundaries. With one company having title to all the area leases, we expect to identify new mineralization," stated Frank J. Basa, P.Eng., President and CEO of Nord.[4] "Just one of the past-producing mines acquired produced approximately 40 million ounces of silver. Existing permits allow drilling along the boundaries, and new permits will be submitted to allow additional drilling across this highly prospective ground. We are not simply exploring. We have a mill, we have a gravity plant, we have an engineering partner, and we have a regulatory pathway. Every metre we drill now feeds directly into a production plan."[4]A Modern Model Applied to Historic GroundNord's 2025 3D geological model at Castle East, completed by Ronacher McKenzie Geoscience using 75,000 metres of historical drill data, identified 29 discrete vein structures in a complex stockwork system hosted by the Nipissing diabase.[4] The same geological host underlies the acquired Gowganda properties — which means the modern structural interpretation methodology that found new targets at Castle East can now be applied across the consolidated land package, explicitly targeting the boundary zones where historical operators were forced to stop.Existing permits already allow drilling along the boundaries. New permits are being prepared for drilling across the broader consolidated ground.[4]A Tailings Resource That's Already Been DelineatedBeyond underground targets, the acquired leases host a historical NI 43-101 indicated tailings resource of approximately 1,940,000 tonnes grading 47.5 g/t Ag for approximately 2,960,000 contained ounces of silver (GeoVector Management, 2011, based on 764 drill holes totalling 3,012 metres).¹[4] Core-area programs have returned higher grades — Temex's 2012 re-sampling reported a historical average of 60.9 g/t silver for the North Pile and South Pond, and the Sandy K Mines 2020 core-area program returned an average grade of 62.6 g/t (2.0 oz/ton) from dry tailings.[4]BMR's own 2018 sonic drilling program (103 holes, 773 metres) confirmed multi-element endowment with weighted averages of 52.15 ppm Ag, 165.67 ppm Co, and 714.56 ppm As from 529 samples analysed at ALS.[4] Critically, the silver occurs as coarse, liberated native grains amenable to gravity concentration, with historical testwork at Lakefield Research achieving silver recoveries of 77% to 86%.[4]Why This Looks Different from Most JuniorsThe difference between Nord and a typical early-stage silver explorer sits in the infrastructure that is already in place. TTL Laboratories in Cobalt, Ontario — the only permitted high-grade milling facility in the Cobalt Camp — has already produced refined silver doré, including a 1,000-ounce silver bar from Cobalt Camp material.[4] A 600 tonne-per-day modular gravity plant has been acquired and awaits commissioning upon receipt of the Recovery Permit, for which the Ontario Ministry of Mines has provided an advanced template and an 80-day fast-track processing pathway.[4]T Engineering Inc., retained April 8, 2026, is advancing the engineering and pilot-scale testwork required to bring the tailings recovery program into operation under Ontario's Recovery Permit framework.[4]On the balance sheet side, Nord closed a non-brokered private placement financing on April 15, 2026, issuing 11,666,667 units at $0.15 per Unit for gross proceeds of $1,750,000, with proceeds earmarked for exploration at Castle East and general working capital.[5]How the Silver Majors Are PositioningWhile Nord consolidates ground in Ontario, the broader silver space has been reshaping itself at scale.First Majestic Silver Corp. (NYSE: AG) reported first quarter 2026 production of 3.5 million ounces of silver and 34,341 ounces of gold from its four Mexican mines — Santa Elena, Los Gatos (70% interest), San Dimas, and La Encantada — representing 26% of its 2026 silver guidance midpoint.[6]At the end of March, First Majestic announced updated Mineral Reserve and Resource Estimates with effective date December 31, 2025, including a maiden Inferred Mineral Resource at the Santo Niño silver-gold discovery at Santa Elena. Together, the Navidad vein system and Santo Niño now host 10.5 million tonnes of Inferred Mineral Resources containing 90.7 million AgEq ounces at an average grade of 268 g/t AgEq.[6] First Majestic has also commenced a restart plan for the Jerritt Canyon gold operation targeting production in the second half of 2027.[6]Hecla Mining Company (NYSE: HL) — the largest silver producer in the United States and Canada — reported 2025 full-year silver production of 17 million ounces from operations including Greens Creek, Lucky Friday, and Keno Hill, with year-end reserves of 231 million ounces of silver.[7]Greens Creek produced 8.7 million ounces of silver in 2025 while growing its reserve base by 2.4 million ounces, and Lucky Friday delivered a record 5.3 million ounces. Hecla has issued 2026 consolidated silver production guidance of 15.1 to 16.5 million ounces and plans to nearly double its 2026 exploration investment to $55 million, focused on Nevada, Greens Creek, Keno Hill, and Lucky Friday.[7] Hecla also agreed to sell its Casa Berardi subsidiary to Orezone Gold for up to $593 million in total consideration, with proceeds earmarked for debt reduction and refocusing the Company on its core silver portfolio.[7]Coeur Mining, Inc. (NYSE: CDE) raised its 2026 production outlook after closing its acquisition of New Gold Inc., now expecting to produce 680,000 to 815,000 ounces of gold, 18.68 million to 21.93 million ounces of silver, and 50 million to 65 million pounds of copper in 2026.[8]The New Gold deal adds the New Afton and Rainy River mines in Canada and expands Coeur's operating portfolio to seven mines across the U.S., Canada, and Mexico. Coeur reported 2025 revenue of $2.1 billion with net income of $586 million and adjusted EBITDA of approximately $1 billion, and approved a $750 million share buyback program alongside a new $1 billion revolving credit facility.[8]Endeavour Silver Corp. (NYSE: EXK) provided 2026 consolidated guidance for Terronera, Guanaceví and Kolpa of 8.3–8.9 million ounces of silver and 46,000–48,000 ounces of gold, for 14.6–15.6 million silver equivalent ounces.[9]Total 2026 capital is budgeted at $157.8 million, including $65.8 million to advance the Pitarrilla project — one of the world's largest undeveloped silver deposits — toward a feasibility study. Terronera has commenced its first full year of commercial production, and the Kolpa mine in Peru has been fully integrated into Endeavour's operating portfolio following its April 2025 acquisition.[9]Why the Boundary Drilling MattersWhat separates Nord's setup from the majors isn't scale — it's the specific mechanical fact that for more than a century no one could drill across certain claim lines. Today one company can. The geological logic is straightforward: where a historic operator's vein ran into the property boundary and stopped, the vein itself did not stop. Only the drilling did.With silver trading near US$80 per ounce against a sixth consecutive year of structural supply deficits, with existing permits covering the boundary drilling and new permits in preparation, with a permitted mill and a 600 tpd gravity plant in hand, and with an engineering partner already retained to advance near-term tailings recovery, Nord's consolidated district represents one of the more unusual setups in the junior silver space.[4]For continuing coverage of Nord Precious Metals Mining Inc. (TSXV: NTH) (OTCQB: CCWOF) and related developments in the silver mining sector, please visit: USANewsGroup.comDISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USANewsgroup.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for Nord Precious Metals Mining. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY") There may also be 3rd parties who may have shares of Salazar Resources Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY does not own any shares of Nord Precious Metals Mining but reserves the right to buy and sell, and will buy and sell shares of Nord Precious Metals Mining at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Nord Precious Metals Mining. In summary, this is a paid advertisement, we currently do not own any shares of Nord Precious Metals Mining but will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Article Sources[1] APMEX Silver Price page, accessed April 16, 2026. https://www.apmex.com/silver-price[2] Trading Economics, Silver commodity page, accessed April 16, 2026. https://tradingeconomics.com/commodity/silver[3] Bullion.com, Silver Spot Price page, accessed April 16, 2026. https://www.bullion.com/spotprices/silver-price[4] Nord Precious Metals Mining Inc. press release, "Nord Precious Metals Targets Past-Producer High-Grade Silver Boundary Areas with Next Phase of Drilling," April 20, 2026.[5] Nord Precious Metals Mining Inc. press release, "Nord Precious Metals Closes Unit Financings," April 15, 2026. [6] First Majestic Silver Corp. press release, "First Majestic Reports Q1 2026 Production Results," April 9, 2026. https://firstmajestic.com/_resources/news/nr-20260409.pdf[7] Hecla Mining Company press release, "Hecla Announces Full Year Production and 2026 Guidance," January 26, 2026. [8] Mining.com, "Coeur lifts 2026 production after New Gold deal closes," March 2026. https://www.mining.com/coeur-lifts-2026-production-after-new-gold-deal-closes/[9] Endeavour Silver Corp. press release, "UPDATE – Endeavour Silver Provides 2026 Guidance," January 16, 2026.Media ContactUSA News Group
info @acblanke1Logo - https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg 



View original content:https://www.prnewswire.com/news-releases/silver-deficit-hits-sixth-straight-year-as-one-cobalt-camp-consolidator-prepares-to-drill-the-boundaries-past-producers-could-never-cross-302746977.htmlSOURCE USA News Group

Original: Silver Deficit Hits Sixth Straight Year as One Cobalt Camp Consolidator Prepares to Drill the Boundaries Past Producers Could Never Cross

Hecla Mining Company Completes Redemption of Senior NotesApril 9, 2026 6:25 PM
Business Wire
Achieves unencumbered balance sheet, unlocking full capital flexibility


Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") is pleased to announce today that it has completed the full redemption of its remaining $263 million 7.25% Senior Notes (“Notes”) due 2028, completing a significant milestone in the Company’s balance sheet transformation. Full redemption of senior notes enhances Hecla’s financial flexibility and capacity to invest in strategic growth investments, positioning Hecla to maximize value from its world-class silver portfolio. The Company utilized the cash proceeds from the recently completed Casa Berardi sale along with cash on hand to fund the redemption of the Notes and the payment of accrued and unpaid interest.


"Retiring our senior notes marks a defining moment in Hecla’s balance sheet transformation - we've fundamentally strengthened our balance sheet and positioned the Company to pursue strategic growth with full financial optionality at a time when silver’s role in the global economy has never been more compelling," said Rob Krcmarov, President and Chief Executive Officer of Hecla Mining Company. "This strategic inflection point with no debt obligations has given us the foundation to pursue growth with discipline and from a position of genuine financial strength."


ABOUT HECLA


Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska and Idaho, the Company is ramping up 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.


Cautionary Statements Regarding Estimates and Forward-Looking Statements


This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.


Such forward-looking statements may include, without limitation: (i) the Company’s deleveraging is expected to enhance its financial flexibility and capacity to invest in strategic growth investments, positioning it to maximize value from its world-class silver portfolio; and (ii) the Company has the foundation to pursue growth with discipline and from a position of genuine financial strength.


The material factors or assumptions used to develop such forward-looking statements or forward-looking information include assumptions that: (i) operational, permitting, development, and ramp-up activities at Keno Hill proceed as planned; (ii) political and regulatory developments in the jurisdictions in which Hecla and its counterparties operate remain consistent with current expectations, including with respect to permitting processes; (iii) metal prices, including gold and silver, remain at levels that support expected proceeds and operational plans; (iv) key supplies, labor, contractors, and equipment remain available at costs consistent with current expectations; (v) current mineral reserve and mineral resource estimates remain accurate; (vi) there are no material adverse changes in operating, geotechnical, hydrological, metallurgical, or weather conditions; and (vii) counterparties perform their obligations.


Material risks that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, but are not limited to: (i) operational risks, including those related to ramp-up activities, permitting, development, equipment, labor, and production variability; (ii) political, regulatory, permitting, and community-relations risks in the jurisdictions where the Company and its counterparties operate; (iii) risks related to workforce availability, supply chains, inflationary pressures, and cost escalation; and (iv) litigation, environmental, and other unforeseen business risks. For additional information regarding risks and uncertainties that may affect expected future results, please refer to the Company’s 2025 Form 10-K filed on February 18, 2026. The Company undertakes no obligation, and has no intention, to update forward-looking statements other than as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260409658107/en/
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: www.hecla.com


Original: Hecla Mining Company Completes Redemption of Senior Notes

you should find out what the recovery per ton is from the latest yukon silver acquisition it is quite astounding

$HL The reality is more challenging. With rising costs, operational volatility, and extreme sensitivity to silver cycles, $HL carries meaningful downside risk if sentiment cools.

1. Rising Costs Are Squeezing Margins
Hecla faces the same inflationary pressures hitting the entire mining sector:

higher energy and fuel costs

rising labor expenses

equipment and maintenance inflation

increased regulatory and environmental compliance

Even with strong silver prices, margin expansion has been limited. If silver pulls back, profitability deteriorates quickly.

2. Production Volatility Across Key Mines
Hecla has a history of inconsistent production due to:

lower-than-expected ore grades

operational disruptions

mine-specific setbacks

delays in project development

Unpredictable output makes revenue and cash flow harder to forecast — a major red flag for investors.

3. Heavy Dependence on Silver Prices
$HL is essentially a leveraged bet on silver. If silver prices soften because of:

higher real interest rates

a stronger U.S. dollar

reduced geopolitical tension

lower inflation expectations

then Hecla’s earnings outlook deteriorates sharply. The stock is priced as if silver will remain structurally strong, which is far from guaranteed.

4. High Valuation Relative to Cash Flow
Hecla often trades at a premium to other silver miners, despite:

inconsistent production

weaker margins

higher operating costs

A premium valuation with sub-premium fundamentals is a bearish setup.

5. Dividend Risk if Cash Flow Tightens
Hecla pays a dividend, but it is heavily dependent on commodity prices. If margins compress or production slips, dividend cuts become a real possibility — a major bearish catalyst for income-focused investors.

6. Environmental, Social, and Regulatory Pressure
Mining companies face growing scrutiny around:

land use

water rights

emissions

community impact

permitting delays

These pressures increase costs, slow project timelines, and create headline risk — all of which weigh on valuation.

7. Overbought Technicals and Silver-Hype Momentum
$HL often rallies on silver-price momentum rather than company-specific fundamentals. When silver sentiment cools, Hecla tends to sell off harder than the metal itself because the stock is a leveraged proxy for silver.

Crowded commodity trades unwind fast.

Bottom Line
Hecla is a major silver producer, but the stock is priced as if silver will stay elevated, production will stabilize, and costs will fall. With rising expenses, operational volatility, regulatory pressure, and extreme sensitivity to silver cycles, $HL carries meaningful downside risk if expectations reset.

If you want, I can also turn this into:

Hecla Mining Company Closes Casa Berardi Sale and Announces Redemption Notice for Senior NotesMarch 25, 2026 4:50 PM
Business Wire
Transaction Completion Further Solidifies Hecla as the Premier North American Silver Company


Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") is pleased to announce today that it has completed the sale of its subsidiary that owns the Casa Berardi Mine in Quebec, Canada to a wholly-owned subsidiary of Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) ("Orezone") per the terms announced on January 26, 2026 (the “Transaction”). Completion of the Transaction further solidifies Hecla's strategic positioning as the premier North American silver producer.


As part of the Transaction, the Company’s direct wholly-owned subsidiary received $160 million in cash and approximately 65.8 million Orezone common shares upon closing and is entitled to receive deferred cash payments and contingent cash consideration of up to $321 million.


Today, the Company also announced the delivery of a notice of full redemption to the holders of its remaining $263 million 7.25% Senior Notes (“Notes”) due 2028. The Notes and the redemption are governed by an indenture by and among the Company, the Guarantors party thereto, and the trustee. The redemption date is scheduled for April 9, 2026. Subject to the terms and conditions of the Indenture, the Notes will be redeemed at par plus accrued and unpaid interest. This news release does not constitute a notice of redemption of the Notes.


This further deleveraging is expected to enhance Hecla’s financial flexibility and capacity to invest in strategic growth investments, positioning Hecla to maximize value from its world-class silver portfolio. The Company plans to utilize the cash proceeds from the Transaction closing along with cash on hand to fund the redemption of the Notes and the payment of any accrued and unpaid interest.


"The closure of the Transaction marks a defining moment in Hecla's transformation. We are using the proceeds and cash on hand to redeem the remaining balance of our Notes which materially strengthens our balance sheet," said Rob Krcmarov, President and Chief Executive Officer of Hecla Mining Company. "Combined with our world-class silver assets at Greens Creek, Lucky Friday, and Keno Hill, this financial flexibility positions Hecla to invest in the growth opportunities that should drive long-term value for shareholders. We are a stronger, more focused company — and the premier silver producer in North America."


ABOUT HECLA


Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska and Idaho, the Company is ramping up 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.


Cautionary Statements Regarding Estimates and Forward-Looking Statements


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) As part of the Transaction, the Company is entitled to deferred cash and contingent cash consideration payments of up to $321 million, which payments are subject to conditions and milestones and not simply the passage of time; (ii) the Company’s further deleveraging is expected to enhance its financial flexibility and capacity to invest in strategic growth investments, positioning it to maximize value from its world-class silver portfolio; (iii) the Company plans to utilize the cash proceeds from the Transaction closing along with cash on hand to fund the redemption of the Notes and the payment of any accrued and unpaid interest; (iv) the Company’s financial flexibility positions it to invest in the growth opportunities that should drive long-term value for shareholders; and (v) the Company will redeem the remaining Notes.


The material factors or assumptions used to develop such forward-looking statements or forward-looking information include assumptions that: (i) the deferred and contingent consideration requirements, conditions and milestones involving Orezone’s liquidity and applicable production, permitting, and metal-price triggers will be met; (ii) operational, permitting, development, and ramp-up activities at Keno Hill proceed as planned; (iii) political and regulatory developments in the jurisdictions in which Hecla and its counterparties operate remain consistent with current expectations, including with respect to permitting processes; (iv) metal prices, including gold and silver, remain at levels that support expected proceeds and operational plans; (v) key supplies, labor, contractors, and equipment remain available at costs consistent with current expectations; (vi) current mineral reserve and mineral resource estimates remain accurate; (vii) there are no material adverse changes in operating, geotechnical, hydrological, metallurgical, or weather conditions; (viii) counterparties perform their obligations; (ix) there are no significant changes to cash balances or bonding, reclamation, or collateral requirements that would limit deployment of Transaction proceeds; and (x) the Company will satisfy all requirements in the indenture governing the redemption of the remaining Notes.


Material risks that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, but are not limited to: (i) the risk that deferred or contingent payments are reduced, delayed, or not received; (ii) metal-price volatility affecting contingent payments, projected accretion, or expected returns on growth investments; (iii) operational risks, including those related to ramp-up activities, permitting, development, equipment, labor, and production variability; (iv) political, regulatory, permitting, and community-relations risks in the jurisdictions where the Company and its counterparties operate; (v) risks related to workforce availability, supply chains, inflationary pressures, and cost escalation; and (vi) litigation, environmental, and other unforeseen business risks. For additional information regarding risks and uncertainties that may affect expected future results, please refer to the Company’s 2025 Form 10-K filed on February 18, 2026. The Company undertakes no obligation, and has no intention, to update forward-looking statements other than as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325181195/en/
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: www.hecla.com


Original: Hecla Mining Company Closes Casa Berardi Sale and Announces Redemption Notice for Senior Notes

Tradr Set to Launch Leveraged ETFs on AMZN, AAOI, HL and IBMMarch 23, 2026 10:42 AM
PR Newswire (US)

All four strategies represent first-to-market exposures on emerging growth and blue-chip stocksNEW YORK, March 23, 2026 /PRNewswire/ -- Tradr ETFs, a provider of ETFs designed for sophisticated investors and professional traders, announced that it expects to launch four first-to-market single stock leveraged ETFs on Tuesday, March 24. The Cboe-listed funds seek to deliver either two times the inverse (-200%) or two times long (200%) the daily performance of a specific underlying stock.Expected Tradr launches:Tradr 2X Short AMZN Daily ETF (Cboe: AMZO) – tracks Amazon.com Inc. (Nasdaq: AMZN)Tradr 2X Long AAOI Daily ETF (Cboe: AAOX) – tracks Applied Optoelectronics Inc. (Nasdaq: AAOI)Tradr 2X Long HL Daily ETF (Cboe: HLXX) – tracks Hecla Mining Co. (NYSE: HL)Tradr 2X Long IBM Daily ETF (Cboe: IBX) – tracks International Business Machines (NYSE: IBM)For detailed information on Tradr ETFs and the significant risks involved with leveraged ETFs, please visit www.tradretfs.com.About Tradr ETFs
Tradr ETFs are designed for sophisticated investors and professional traders who are looking to express high conviction investment views. The strategies include leveraged and inverse ETFs that seek short or long exposure to actively traded stocks and ETFs.IMPORTANT RISK INFORMATIONTradr ETFs are for sophisticated investors and professional traders with high conviction views and are very different from most other ETFs. The Funds are intended to be used as short-term trading vehicles and pursue leveraged investment objectives, which means they are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying security. The volatility of the underlying security may affect a Fund's return as much as, or more than, the return of the underlying security.Investors in the fund should: (a) understand the risks associated with the use of leverage; (b) understand the consequences of seeking inverse and leveraged investment results; (c) for short ETFs, understand the risk of shorting; (d) intend to actively monitor and manage their investment. Fund performance will likely be significantly different than the benchmark over periods longer than the specified reset period and the performance may trend in the opposite direction than its benchmark over periods other than that period.Leverage increases the risk of a total loss of an investor's investment, may increase the volatility of the Funds, and may magnify any differences between the performance of the Funds and their reference security. The Funds seek leveraged investment results for a specific period (daily, monthly or quarterly). The exact exposure of an investment in the Fund intra-period will depend upon the movement of the reference security from the end of the prior period until the time of investment by the investor.The Fund will not attempt to position its portfolio to ensure it does not gain or lose more than a maximum percentage of its net asset value on a given trading day. As a consequence, investors in a Fund that seeks two times daily performance would lose all of their money if the Fund's underlying security moves more than 50% in a direction adverse to the Fund on a given trading day.ETFs involve risk including possible loss of the full principal value. There is no assurance that the Fund will achieve its investment objective. Principal risks and other important risks may be found in the prospectus. Past performance does not guarantee future results.ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds. This and other important information about the Fund is contained in the Prospectus, which can be obtained by visiting www.tradretfs.com. The Prospectus should be read carefully before investing.Distributed by ALPS Distributors, Inc, which is not affiliated with AXS Investments or its Tradr ETFs. AXI000870





View original content to download multimedia:https://www.prnewswire.com/news-releases/tradr-set-to-launch-leveraged-etfs-on-amzn-aaoi-hl-and-ibm-302722162.htmlSOURCE Tradr ETFs

Original: Tradr Set to Launch Leveraged ETFs on AMZN, AAOI, HL and IBM

U.S. mining stocks fluctuate after Trump postpones Iran strikesMarch 23, 2026 9:59 AM
IH Market News
Shares of U.S. mining companies showed mixed movements on Monday after President Donald Trump said the U.S. military would delay further attacks on Iranian power plants and energy infrastructure for five days following what he described as “productive” talks between Washington and Tehran.The announcement helped ease geopolitical tensions in the Middle East, offering some support to commodity markets. Copper producer Freeport-McMoRan Inc. (NYSE:FCX) benefited from the easing tensions, rising 1.70%, while gold mining stocks reacted unevenly as safe-haven demand softened.United States Antimony Corporation (NYSE:UAMY) advanced 3.19%. Meanwhile, several precious metals miners moved lower, with Pan American Silver Corp. (NASDAQ:PAAS) falling 2.44%, Kinross Gold Corporation (NYSE:KGC) declining 2%, and Hecla Mining Company (NYSE:HL) slipping 1.68%.However, Iran’s Fars news agency, citing a source, challenged Trump’s description of the situation, saying there had been no direct or indirect communication with the United States. The report also said Trump stepped back from targeting Iranian power plants after Tehran warned it would strike power facilities across West Asia in retaliation.The five-day pause in military action helped ease immediate fears of supply disruptions in the region, influencing commodity markets and related equities. Industrial metals such as copper often benefit when geopolitical risks decline, while gold and silver typically weaken as investors move away from safe-haven assets.Freeport-McMoran stock priceUnited States Antimony Corporation stock pricePan American Silver stock priceKinross Gold stock priceHecla Mining Company stock price

Original: U.S. mining stocks fluctuate after Trump postpones Iran strikes

Mine Output Hits a Decade High and the Silver Deficit Still Won't CloseMarch 11, 2026 11:15 AM
PR Newswire (Canada)

Issued on behalf of Americore Resources Corp.Equity-Insider.com News CommentaryVANCOUVER, BC, March 11, 2026 /CNW/ --— Global silver mine production is forecast to climb 1% to 820 million ounces in 2026, a ten-year high fueled by new project commissioning in Mexico, Canada, and Morocco, yet the market is still expected to post a 67-million-ounce deficit for the sixth year running[1]. Silver consolidated near $80 per ounce after breaching $100 in January, and tight physical availability in London continues to underpin the structural floor beneath prices[2]. Americore Resources (TSXV: AMCO) (OTCQB: AMCOF), Santacruz Silver Mining (TSXV: SCZ), Vizsla Silver (NYSE: VZLA), Aya Gold & Silver (TSX: AYA), and Hecla Mining (NYSE: HL) are each advancing through different stages of this tightening cycle.  Industrial fabrication is projected to dip 2% to roughly 650 million ounces as solar panel manufacturers accelerate thrifting and copper substitution, but data center buildouts, AI infrastructure, and automotive electrification are absorbing much of the slack[3]. Physical investment demand is expected to surge 20% to 227 million ounces, reaching a three-year peak as investor confidence strengthens around silver's dual monetary and industrial role[4].Americore Resources (TSXV: AMCO) (OTCQB: AMCOF) has completed a drone-magnetometer survey spanning roughly 350 line-km across its wholly owned Trinity Silver Project in Pershing County, Nevada. Pioneer Exploration Consultants of Ottawa flew the survey along a 6-kilometer southwest-to-northeast strike centered on the Trinity open pit, targeting subsurface structures across the full project footprint. Campbell and Walker Geophysics is now performing a detailed interpretation of the newly acquired data, integrating all available historic geophysical records to build a unified structural model for the property.Trinity sits within a 22,700-acre consolidated land package that incorporates optioned ground from Primus Resources surrounding a former US Borax open pit. The property carries a historic resource of 36 million silver-equivalent ounces, and Americore has been methodically compiling the geological datasets needed to advance toward a modern NI 43-101 resource estimate. An extensive historic drill database underpins the upcoming confirmation and expansion campaign."We continue to systematically move the Trinity Project forward," said Jeff Poloni, CEO of Americore. "The exploration plan which includes both confirmation and expansion drilling will allow us to move the resource from Inferred to Indicated and will become the foundation for a new mineral resource estimate."Americore has begun the permitting process for a drill program slated to commence in Q2 2026, targeting confirmation and extension of the historic data across both BLM land and fee land administered by the Bureau of Mining Regulation and Reclamation within the Nevada Division of Environmental Protection. The BLM pathway involves a Notice of Disturbance for under 5 acres, a streamlined track that keeps the timeline intact for field mobilization. The company is simultaneously exploring monetization options for an existing above-ground stockpile at Trinity, creating a potential near-term revenue pathway alongside the broader exploration and resource delineation effort.CONTINUED… Read this and more on Americore at: https://equity-insider.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/In other industry developments and happenings in the market include:Santacruz Silver Mining (TSXV: SCZ) (NASDAQ: SCZM) ranked first on the 2026 TSX Venture 50, ranked first overall after posting 1,103% share price appreciation and 1,137% market capitalization growth across 2025. The company operates three mining complexes in Bolivia and the Zimapán mine in Mexico."To be named the #1 ranked company on the 2026 TSX Venture 50 is an extraordinary honour and marks a transformative year for Santacruz," said Arturo Préstamo, Executive Chairman and CEO of Santacruz Silver Mining. "This distinction recognizes the strength of our operations, the quality of our asset portfolio, and the dedication of our hardworking team."Santacruz described the ranking as validation of its strategic direction, noting that the re-rating of silver equities on the TSX Venture Exchange has drawn renewed capital into the sector. The company continues building toward growth across its Latin American portfolio.Vizsla Silver (TSX: VZLA) (NYSE: VZLA) delivered its 2025 year-end summary and 2026 outlook, anchored by a feasibility study at Panuco projecting over 20 million ounces of annual silver equivalent production during the first five years. The economics show an after-tax NPV of US$1.8 billion, a 111% IRR, and a payback period of just seven months. With over US$450 million in cash, construction is fully financed."2025 was an extraordinary year for Vizsla, the Panuco project and the underlying commodities," said Michael Konnert, President and CEO of Vizsla Silver. "I am extremely proud of our team's performance in 2025 and grateful for the continued support of our community members, shareholders and other stakeholders as we advance toward first silver production in the second half of 2027."A 60,000-meter district-wide drill campaign is planned for 2026, with MIA permit receipt expected mid-year to clear the path for construction. Exploration at the Animas target returned 897 g/t AgEq over 5.8 meters, revealing new discovery potential along the central portion of the Panuco district.Aya Gold & Silver (TSX: AYA) (OTCQX: AYASF) discovered approximately 500 metres east of the Boumadine Main Trend in Morocco. Drill hole BOU-DD25-728 returned 255 g/t AgEq over 11.9 meters, confirming high-grade continuity along the 5.4-kilometer trend and extending the exploration footprint well beyond known zones."These results, including a new southern parallel structure and mineralization more than 500 metres from any known zone, reinforce that the resource potential continues to grow," said Benoit La Salle, President & CEO of Aya Gold & Silver. "With ten rigs active, we're fast-tracking development and the 2026–2027 infill program, with two more rigs expected in March."Year-to-date drilling at Boumadine has reached 28,904 meters across a newly expanded mining license covering 14.2 square kilometers. Further intercepts include BOU-DD25-734 at 446 g/t AgEq over 6.0 meters and BOU-MP25-092 at 296 g/t AgEq over 9.5 meters.Hecla Mining (NYSE: HL) reported year-end silver reserves of 231 million ounces after producing 17 million ounces in 2025, maintaining the longest average reserve mine life among its silver peers. Greens Creek produced 8.7 million ounces of silver while growing its reserve base by 2.4 million ounces, and Lucky Friday delivered a record 5.3 million ounces and replaced 5.0 million in reserves."Our 231 million ounces of reserves at year-end 2025 reflects refined technical standards we've implemented across our reserve modeling as we've learned from mining these deposits, strengthening the quality and credibility of our estimates," said Rob Krcmarov, President and CEO of Hecla Mining.The company plans to nearly double its exploration investment in 2026 to $55 million, focused on Nevada, Greens Creek, Keno Hill, and Lucky Friday, with the goal of exceeding annual reserve depletion. Drilling at Keno Hill returned 36.4 oz/ton silver over 21.4 feet, extending mineralization 140 feet beyond the previous resource boundary.SOURCE: https://equity-insider.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/CONTACT:
EQUITY INSIDER
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Americore Resources Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Americore Resources Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of Americore Resources Corp. which were purchased in the open market, and/or through private placements, and reserve the right to buy and sell, and will sell shares of Americore Resources Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Americore Resources Corp.; this is a paid advertisement, we currently own shares of Americore Resources Corp. and will sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:1. https://goldinvest.de/en/silver-outlook-2026-silver-institute-expects-renewed-strong-investment-interest-amid-persistent-market-deficit
2. https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-in-the-future/
3. https://taiyangnews.info/business/silver-substitution-efforts-to-lower-demand-in-solar-sector-in-2026
4. https://www.ipmi.org/news/silver-faces-fifth-annual-supply-deficit-industrial-demand-slumps-investment-surges-silverLogo: https://mma.prnewswire.com/media/2840019/5858232/Equity_Insider_Logo.jpg



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Original: Mine Output Hits a Decade High and the Silver Deficit Still Won't Close

Silver Demand Hits a Sixth Straight Deficit, The Supply Math Doesn't Add UpFebruary 26, 2026 11:56 AM
PR Newswire (Canada)

Issued on behalf of Americore Resources Corp.USANewsGroup.com News Commentary 
VANCOUVER, BC , Feb. 26, 2026 /CNW/ -- The silver market is heading for a sixth consecutive year of structural deficit in 2026, with the shortfall projected at 67 million ounces as industrial consumption continues to outpace mine supply[1]. J.P. Morgan Global Research sees silver prices averaging $81 per ounce this year, more than double its 2025 average, with the physical deficit projected to reach 245 million ounces[2]. These fundamentals are drawing attention to Americore Resources (TSXV: AMCO) (OTCQB: AMCOF), GR Silver Mining (TSXV: GRSL), Pan American Silver (NYSE: PAAS), Hecla Mining (NYSE: HL), and Vizsla Silver (TSX: VZLA).







Total global silver supply is forecast to rise just 1.5% to a decade high of 1.05 billion ounces in 2026, with mine production expected to increase only 1% to 820 million ounces, a pace that continues to fall short of industrial demand[3]. The U.S. government's recent decision to add silver to its Critical Minerals list has further tightened the strategic narrative, as China controls an estimated 70% of global refined silver supply and added the metal to its rare-earth export controls in January[4].Americore Resources (TSXV: AMCO) (OTCQB: AMCOF) recently uncovered five historic core holes drilled by US Borax in 1985 at its Trinity Silver Project in Nevada that were never included in any previously reported resource estimates, signaling potentially significant silver amounts sitting in the data that nobody counted.The drill results speak for themselves: Hole SC-4 alone returned 209.5 feet grading 145.98 g/t silver, including 153 feet at 185.94 g/t.Hole SC-5 hit 246.5 feet at 97.52 g/t silver, with a higher-grade core of 70 feet at 128.26 g/t. Hole SC-1 cut 321.5 feet at 65.86 g/t, including 65 feet at 220.69 g/t.These are wide intercepts with serious grade, drilled directly in and around the historic open pit. The fact that they were overlooked in prior resource models means the existing 36-million-ounce silver equivalent resource estimate may only tell part of the story."The evaluation of the drone survey over the next few weeks will allow us a better understanding of not only the historic resource but also the alteration halo extending from the pit," said Jeff Poloni, CEO of Americore.On top of this, the company has also received all data from its recently completed drone magnetometer survey, which covered approximately 350 line-kilometers across a 6-kilometer strike zone running through the Trinity pit. That survey is now under comprehensive review and interpretation, with the goal of identifying every structural target in the corridor.Now Americore is continuing its review of approximately 300Gb of legacy project data acquired from the property vendor, and these five overlooked core holes are the first major discovery from that process.The company has also announced that it's evaluating options to monetize historic surface stockpiles containing approximately 400,000 ounces of silver in oxide material and 365,000 ounces in sulphide material, which represents potential near-term revenue while exploration advances.The Trinity Project sits in Pershing County, Nevada, where previous operator US Borax mined over one million tons and produced approximately five million ounces of silver through heap-leach operations between 1987 and 1988.To date, Americore has expanded its land position to approximately 22,700 acres through direct staking and a strategic option agreement with Primus Resources, controlling all ground covered by a 2012 estimate that tripled the resource base to 36 million ounces of silver equivalent. Near-term plans include twinning historic drillholes to verify data and provide fresh material for metallurgical testing, followed by step-out drilling toward a new mineral resource estimate targeted for Q2 2026.CONTINUED… Read this and more news for Americore Resources at:
https://usanewsgroup.com/2026/01/12/the-only-silver-that-matters-now-is-silver-you-can-touch/In other industry developments:GR Silver Mining (TSXV: GRSL) commenced a 20,000-meter step-out drilling campaign at its San Marcial project in Mexico, accelerating its 2026 resource expansion program. Recent drilling has returned high-grade intercepts including 75 meters grading 260 g/t silver in hole SMS25-09 and 9 meters at 374 g/t silver in hole SMS 25-10A."2026 is expected to be a pivotal year for GR Silver Mining, as the Company leverages the five-year drilling permit obtained last year, together with its strong financial position, to advance resource growth at San Marcial," said Márcio Fonseca, President and CEO of GR Silver Mining.The 20,000-meter campaign targets step-out expansion around the existing resource, building on a permit secured in 2025 that provides multi-year drilling flexibility across the project area.Pan American Silver (NYSE: PAAS) (TSX: PAAS) achieved its 2025 guidance with silver production exceeding the top end of expectations. The company produced a record 7.3 million ounces of silver in the fourth quarter, bringing its full-year total to 22.8 million ounces. For 2026, the company is guiding for 25 to 27 million ounces of silver and 700,000 to 750,000 ounces of gold."Silver production in 2025 exceeded the top end of our guidance range. We increased our 2025 silver production estimate to reflect the addition of Juanicipio in September, and the mine has performed better than expected," said Michael Steinmann, President and CEO of Pan American Silver.The integration of the Juanicipio mine continues to exceed expectations, contributing to a production outlook that positions the company among the largest primary silver producers globally heading into a tightening supply environment.Hecla Mining (NYSE: HL), the largest silver producer in the United States and Canada, reported 231 million ounces of silver reserves at year-end 2025 after producing 17 million ounces during the year. Greens Creek delivered 8.7 million ounces, while Lucky Friday set a record with 5.3 million ounces produced."Our 231 million ounces of reserves at year-end 2025 reflects refined technical standards we've implemented across our reserve modeling as we've learned from mining these deposits, strengthening the quality and credibility of our estimates," said Rob Krcmarov, President and CEO of Hecla Mining.The company is nearly doubling its exploration budget to $55 million in 2026, signaling confidence in future reserve replacement. Notable drill results at Greens Creek included 247.3 oz/ton silver, 1.94 oz/ton gold, 22.7% zinc, and 12.1% lead over 7.7 feet.Vizsla Silver (TSX: VZLA) (NYSE: VZLA) recently provided its 2026 outlook following a 2025 Feasibility Study projecting 17.4 million ounces of silver equivalent annual production over a 9.4-year mine life at its Panuco project in Mexico. The study returned an after-tax net present value of US$1.8 billion with a 111% internal rate of return and a 7-month payback at $35.50 per ounce silver."2025 was an extraordinary year for Vizsla, the Panuco project and the underlying commodities," said Michael Konnert, President and CEO of Vizsla Silver. "Throughout the year, Vizsla Silver employed a dual track approach focused on both advancing project development objectives, while maintaining exploration momentum in the hunt for new centers of mineralization."The company holds a cash position of over US$450 million and is fully funded for construction through a US$300 million capped call convertible notes facility. A 60,000-meter district-wide drill program is planned for 2026, with recent results at Animas returning 897 g/t silver equivalent over 5.85 meters.CONTACT:
USA News Group
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Americore Resources Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Americore Resources Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of Americore Resources Corp. which were purchased in the open market, and/or through private placements, and reserve the right to buy and sell, and will sell shares of Americore Resources Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Americore Resources Corp.; this is a paid advertisement, we currently own shares of Americore Resources Corp. and will sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/https://www.jpmorgan.com/insights/global-research/commodities/silver-priceshttps://www.kitco.com/news/off-the-wire/2026-02-10/rising-investment-keep-global-silver-demand-steady-2026-silverhttps://247wallst.com/investing/2026/01/05/the-us-just-added-silver-to-critical-minerals-list-and-these-investments-will-benefit/Logo - https://mma.prnewswire.com/media/2838876/5826092/USA_News_Group_Logo.jpg



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Original: Silver Demand Hits a Sixth Straight Deficit, The Supply Math Doesn't Add Up

U.S. Silver Mining Stocks Climb as Metal Prices Reach Two-Week PeakFebruary 23, 2026 8:38 AM
IH Market News
Shares of U.S.-listed silver mining companies moved higher in premarket trading on Monday after silver prices rallied to their strongest level in more than two weeks.Spot silver advanced 2.6% to $86.73 per ounce, supported by a weaker U.S. dollar following a Supreme Court ruling that challenged President Donald Trump’s tariff measures.Among individual miners, Hecla Mining (NYSE:HL) rose 2.2%, while Coeur Mining (NYSE:CDE) gained 1.4%.Canadian-listed producers also participated in the rally, with Endeavour Silver (NYSE:EXK) up 2%, Silvercorp Metals (NYSE:SVM) climbing 2.4%, and Wheaton Precious Metals (NYSE:WPM) advancing 2.1%.Exchange-traded funds linked to silver prices also posted gains, as the Abrdn Physical Silver Shares ETF (NYSE:SIVR) and the iShares Silver Trust (NYSE:SLV) each increased by 2.3%.Silver price

Original: U.S. Silver Mining Stocks Climb as Metal Prices Reach Two-Week Peak

Hecla Reports Fourth Quarter and Full Year 2025 ResultsFebruary 17, 2026 4:30 PM
Business Wire
2025 Cash Flow from Operations $563 million, Free Cash Flow1 $310 million, Numerous records achieved; Balance sheet strengthening continues, Net leverage ratio at 0.1x from 1.6x a year ago


Hecla Mining Company (NYSE:HL) ("Hecla", "we", "our" or the "Company") today announced fourth quarter and full year 2025 financial and operating results. "Prior quarter" refers to the third quarter of 2025 and "prior year" refers to 2024.


2025 HIGHLIGHTS




______________________________________







Financial Performance:



Record revenue: Over $1.4 billion, representing a 53% increase over prior year.



Record profitability: Net income applicable to common stockholders of $321 million, or $0.49 per share.



Record Adjusted EBITDA: $670 million, nearly doubling the prior year.4



Substantial deleveraging: Total debt of $276 million, net debt of $34 million, decline of 50% in total debt over prior year. Gross Debt to Adjusted EBITDA ratio of 0.4x.



Building balance sheet strength: Cash balance of $242 million, providing strategic flexibility.



Continued strong cash flow generation: $563 million cash generated from operations, with $310 million in free cash flow1, all operations generated positive free cash flow.



Operational Performance:



Silver Operations:


17.0 million ounces of silver produced, exceeding 2024 production by over 5% and at the top end of consolidated silver production guidance.



Consolidated total cost of sales of $556 million, with silver cash cost of ($1.75) per ounce and AISC of $11.28 per ounce (both after by-product credits).2,3






Gold Operations:


Casa Berardi and Greens Creek delivered 2025 consolidated gold production of 151 thousand ounces, exceeding the top end of gold production guidance.



Casa Berardi total cost of sales in 2025 of $207 million, with gold cash cost of $1,851 per ounce and AISC of $2,029 per ounce (both after by-product credits).2,3






Individual Mine Performance:


Greens Creek: Produced over 8.7 million ounces of silver and over 59 thousand ounces of gold. Total cost of sales in 2025 of $290 million, with silver cash cost of ($8.02) per ounce and AISC of ($2.36) per ounce (both after by-product credits).2,3



Lucky Friday: Record silver production of 5.3 million ounces, exceeding the top end of production guidance of 5.1 million ounces. Total cost of sales of $174 million, with silver cash cost of $8.66 per ounce and AISC of $21.98 per ounce (both after by-product credits).2,3 Construction of the surface cooling project continued with the project 79% complete as of year-end and tracking for completion by mid-2026.



Keno Hill: First year of profitability and positive free cash flow generation under Hecla ownership. Achieved a new production record with over 3 million ounces of silver produced. The backfill plant construction was completed and is now being commissioned.






Safety


Reduced company-wide Total Recordable Injury Frequency Rate ("TRIFR") to 1.69 in 2025, an improvement of 13% over the prior year.






Permitting:


Aurora/Polaris: Received Finding of No Significant Impact ("FONSI") and Decision Notice from the U.S. Forest Service (“USFS”) for the Polaris Exploration Project in Mineral County, Nevada, clearing the way for exploration activities to commence in 2026.






Subsequent to Quarter End:


Casa Berardi: Entered into a definitive agreement to sell the Company’s wholly-owned subsidiary that owns the Casa Berardi Mine and other Quebec exploration assets to Orezone Gold Corporation for total consideration of up to $593 million, with the transaction expected to close in the first quarter of 2026.



Greens Creek: Received FONSI and Decision Notice authorizing surface exploration operations.






Rob Krcmarov, President and Chief Executive Office, said: “2025 was a transformational year for Hecla with strong operational and financial results across a number of key metrics. Our balance sheet improved significantly and we are now well positioned to invest in value surfacing initiatives focused on our best-in-class project pipeline. All three silver operations delivered strong results - Lucky Friday achieved record production, Keno Hill reached a significant milestone, achieving its first full year of profitability under Hecla's ownership, and Greens Creek continued generating substantial cash flow. All while safety performance improved 13% company-wide.


"The pending sale of Casa Berardi for up to $593 million, which is expected to close in the first quarter of this year, positions us as North America's premier silver company. With our strengthened balance sheet and cash position, we aim to nearly double our exploration and pre-development spending to $55 million in 2026, and we will continue to focus on operational excellence and disciplined growth across our high quality silver portfolio."


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 third quarter of 2025 and "prior year" refers to 2024.




In thousands (except per ounce amounts)






4Q-2025






3Q-2025






2Q-2025






1Q-2025






4Q-2024






 






2025






 






 






2024






 








Financial Highlights






 






 






 






 






 






 






 








Sales






$






448,111






 






$






409,542






 






$






304,027






 






$






261,339






 






$






245,085






 






$






1,423,019






 






$






929,925






 








Total cost of sales






$






199,903






 






$






229,075






 






$






184,503






 






$






187,335






 






$






185,799






 






$






800,816






 






$






731,715






 








Gross profit






$






248,208






 






$






180,467






 






$






119,524






 






$






74,004






 






$






59,286






 






$






622,203






 






$






198,210






 








Net income applicable to common stockholders






$






134,271






 






$






100,588






 






$






57,567






 






$






28,734






 






$






1,623






 






$






321,160






 






$






35,250






 








Basic income per common share (in dollars)






$






0.20






 






$






0.15






 






$






0.09






 






$






0.05






 






$






-






 






$






0.49






 






$






0.06






 








Adjusted EBITDA 4






$






251,058






 






$






195,695






 






$






132,463






 






$






90,788






 






$






86,558






 






$






670,004






 






$






337,909






 








Cash and cash equivalents






$






241,558






 






$






133,910






 






$






296,565






 






$






23,668






 






$






26,868






 






$






241,558






 






$






26,868






 








Total Debt






$






275,800






 






$






277,746






 






$






556,952






 






$






560,749






 






$






550,713






 






$






275,800






 






$






550,713






 








Net Debt






$






34,242






 






$






143,836






 






$






260,387






 






$






537,081






 






$






523,845






 






$






34,242






 






$






523,845






 








Net Debt to Adjusted EBITDA 4






 






0.1






 






 






0.3






 






 






0.7






 






 






1.5






 






 






1.6






 






 






0.1






 






 






1.6






 








Cash provided by operating activities






$






217,055






 






$






148,049






 






$






161,796






 






$






35,738






 






$






67,470






 






$






562,638






 






$






218,277






 








Capital investment






$






(82,346






)






$






(57,905






)






$






(58,043






)






$






(54,095






)






$






(60,784






)






$






(252,389






)






$






(214,492






)








Free cash flow 1






$






134,709






 






$






90,144






 






$






103,753






 






$






(18,357






)






$






6,686






 






$






310,249






 






$






3,785






 








 






 






 






 






 






 






 






 








Free cash flow 1 by operation






 






 






 






 






 






 






 








Greens Creek






 






 






 






 






 






 






 








Cash flow from operations






$






101,902






 






$






83,408






 






$






75,371






 






$






43,858






 






$






60,442






 






$






304,539






 






$






186,500






 








Exploration






$






743






 






$






3,228






 






$






2,049






 






$






343






 






$






1,129






 






$






6,363






 






$






8,016






 








Capital investment






$






(23,282






)






$






(12,179






)






$






(8,397






)






$






(10,759






)






$






(15,798






)






$






(54,617






)






$






(47,795






)








Free cash flow 1






$






79,363






 






$






74,457






 






$






69,023






 






$






33,442






 






$






45,773






 






$






256,285






 






$






146,721






 








Lucky Friday






 






 






 






 






 






 






 








Cash flow from operations






$






56,869






 






$






29,279






 






$






20,650






 






$






23,805






 






$






25,329






 






$






130,603






 






$






131,361






 








Exploration






$






885






 






$






1,054






 






$






169






 






$






-






 






$






-






 






$






2,108






 






$






-






 








Capital investment






$






(24,680






)






$






(16,865






)






$






(15,942






)






$






(15,446






)






$






(12,608






)






$






(72,933






)






$






(49,592






)








Free cash flow 1






$






33,074






 






$






13,468






 






$






4,877






 






$






8,359






 






$






12,721






 






$






59,778






 






$






81,769






 








Keno Hill






 






 






 






 






 






 






 








Cash flow from operations






$






33,028






 






$






22,109






 






$






16,445






 






$






(9,661






)






$






(1,752






)






$






61,921






 






$






(17,748






)








Exploration






$






365






 






$






975






 






$






3,344






 






$






1,692






 






$






2,605






 






$






6,376






 






$






7,786






 








Capital investment






$






(15,964






)






$






(14,747






)






$






(17,045






)






$






(10,436






)






$






(15,584






)






$






(58,192






)






$






(54,869






)








Free cash flow 1






$






17,429






 






$






8,337






 






$






2,744






 






$






(18,405






)






$






(14,731






)






$






10,105






 






$






(64,831






)








Casa Berardi






 






 






 






 






 






 






 








Cash flow from operations






$






50,162






 






$






48,938






 






$






47,198






 






$






9,900






 






$






12,356






 






$






156,198






 






$






48,663






 








Exploration






$






-






 






$






-






 






$






-






 






$






-






 






$






-






 






$






-






 






$






1,000






 








Capital investment






$






(16,410






)






$






(13,480






)






$






(15,367






)






$






(16,257






)






$






(16,406






)






$






(61,514






)






$






(60,704






)








Free cash flow 1






$






33,752






 






$






35,458






 






$






31,831






 






$






(6,357






)






$






(4,050






)






$






94,684






 






$






(11,041






)








 






 






 






 






 






 






 






 








Metals Prices






 






 






 






 






 






 






 








Average metal prices






 






 






 






 






 






 






 








Silver - London PM Fix, $/ounce






$






54.83






 






$






39.38






 






$






33.63






 






$






31.91






 






$






31.34






 






$






39.94






 






$






28.24






 








Gold - London PM Fix, $/ounce






$






4,142






 






$






3,456






 






$






3,279






 






$






2,863






 






$






2,662






 






$






3,435






 






$






2,387






 








Lead - LME Final Cash Buyer, $/pound






$






0.89






 






$






0.89






 






$






0.88






 






$






0.89






 






$






0.91






 






$






0.89






 






$






0.94






 








Zinc - LME Final Cash Buyer, $/pound






$






1.44






 






$






1.28






 






$






1.20






 






$






1.29






 






$






1.38






 






$






1.30






 






$






1.26






 








Realized Prices






 






 






 






 






 






 






 








Silver, $/ounce






$






69.28






 






$






42.58






 






$






34.82






 






$






33.59






 






$






30.19






 






$






45.25






 






$






28.58






 








Gold, $/ounce






$






4,210






 






$






3,509






 






$






3,314






 






$






2,940






 






$






2,656






 






$






3,490






 






$






2,403






 








Lead, $/pound






$






0.97






 






$






0.93






 






$






0.92






 






$






0.92






 






$






0.94






 






$






0.94






 






$






0.97






 








Zinc, $/pound






$






1.45






 






$






1.48






 






$






1.31






 






$






1.29






 






$






1.53






 






$






1.39






 






$






1.37






 







FULL YEAR RESULTS




________________________________







Sales increased to over $1.4 billion, an increase of 53% over the prior year, primarily reflecting higher realized precious metals and zinc prices, due largely to timing of sales in a rising price environment, and higher precious metals sales volumes. Payable silver and gold ounces sold were over 5% higher compared to the prior year.


Gross profit was $622 million, a three-fold increase over the prior year. The increase is attributable to all mines, with Keno Hill, contributing its first annual positive gross profit under Hecla ownership. Gross profit benefited from higher revenue driven by higher realized prices and higher payable silver and gold sales volumes, partially offset by higher total cost of sales related to the higher volumes sold.


Net income applicable to common stockholders was $321 million, compared to $35 million in the prior year, over a nine-fold increase. The improvement was primarily related to:



A 53% increase in revenue due primarily to higher payable silver and gold sold and higher realized precious metals and zinc prices.



$29 million lower ramp-up and suspension costs driven primarily by Keno Hill transitioning to profitability.



$8 million lower interest expense driven by a reduction in gross debt.



A decrease in depreciation expense of $23 million due primarily to lower depreciation expense at Casa Berardi.



Partly offset by:



An increase in cost of sales of $93 million related to higher total cost of sales at Greens Creek, Lucky Friday and Keno Hill on higher volumes sold, partly offset by lower total cost of sales at Casa Berardi as depreciation expense decreased over the prior year.



An increase in income and mining tax provision of $127 million, reflecting higher taxable income and higher Alaska Mining License Tax and Quebec Mining Duties driven by elevated profitability at Greens Creek and Casa Berardi, respectively.



Adjusted EBITDA was $670 million, nearly double the prior year.4


Net Debt to Adjusted EBITDA improved significantly with net debt declining by more than 93% from the prior year to $34 million.4 The ratio of net debt to adjusted EBITDA (net leverage ratio) improved to 0.1x from 1.6x in the prior year due to strong EBITDA generation during the last 12 months, and an over $500 million decrease in net debt.4


Cash and cash equivalents at December 31, 2025, were $242 million and included no draws on the revolving credit facility.


Cash provided by operating activities was $563 million, up nearly 160% over the prior year, primarily attributable to elevated metal prices realized through higher volumes of payable silver and gold ounces sold. Cash provided by operating activities was impacted by unfavorable working capital changes of approximately $28 million compared to the prior year, driven primarily by a $138 million increase (unfavorable) in accounts receivable due to elevated metal prices and timing of concentrate shipments. The increase was largely concentrated in the fourth quarter, which saw over a $65 million increase.


Capital investment was $252 million, an increase of $38 million compared to the prior year, with numerous capital projects planned in 2025 at the operating mines that were either completed or tracking well to schedule at year end. In addition, we invested in corporate projects in 2025 geared toward improving business planning and operations initiatives, with more investment planned in 2026.


Free cash flow was $310 million, compared to less than $4 million in the prior year, with the increase primarily due to higher cash flow from operations, partly offset by higher capital investment.1




In thousands (except per ounce amounts)






4Q-2025






3Q-2025






2Q-2025






1Q-2025






4Q-2024






 






2025






 






 






2024








Operational Highlights






 






 






 






 






 






 






 








Silver production






 






 






 






 






 






 






 








Greens Creek, ounces






 






1,951,784






 






 






2,347,674






 






 






2,422,978






 






 






2,002,560






 






1,857,314






 






 






8,724,996






 






 






8,480,877








Lucky Friday, ounces






 






1,250,204






 






 






1,337,353






 






 






1,340,877






 






 






1,332,252






 






1,184,819






 






 






5,260,686






 






 






4,890,949








Keno Hill, ounces






 






597,020






 






 






898,328






 






 






750,712






 






 






772,430






 






597,293






 






 






3,018,490






 






 






2,773,873








Casa Berardi, ounces






 






4,597






 






 






6,921






 






 






5,943






 






 






5,152






 






6,188






 






 






22,613






 






 






24,231








Total, ounces






 






3,803,605






 






 






4,590,276






 






 






4,520,510






 






 






4,112,394






 






3,645,614






 






 






17,026,785






 






 






16,169,930








Gold production






 






 






 






 






 






 






 








Casa Berardi, ounces






 






17,472






 






 






25,070






 






 






28,145






 






 






20,473






 






20,534






 






 






91,160






 






 






86,648








Greens Creek, ounces






 






12,256






 






 






15,584






 






 






17,750






 






 






13,759






 






11,746






 






 






59,349






 






 






55,275








Total, ounces






 






29,728






 






 






40,654






 






 






45,895






 






 






34,232






 






32,280






 






 






150,509






 






 






141,923








Silver payable ounces sold






 






3,732,076






 






 






4,463,356






 






 






3,522,975






 






 






3,517,970






 






3,488,207






 






 






15,236,377






 






 






14,485,158








Gold payable ounces sold






 






30,683






 






 






41,038






 






 






37,333






 






 






29,655






 






33,563






 






 






138,709






 






 






132,442








Concentrate volumes produced and sold






 






 






 






 






 






 






 








Greens Creek






 






 






 






 






 






 






 








Silver concentrate produced, tons






 






14,896






 






 






17,180






 






 






17,985






 






 






15,541






 






15,775






 






 






65,602






 






 






61,253








Silver concentrate sold, tons






 






17,333






 






 






18,954






 






 






13,789






 






 






15,496






 






16,061






 






 






65,572






 






 






61,451








Zinc concentrate produced, tons






 






17,485






 






 






18,548






 






 






20,936






 






 






18,228






 






19,251






 






 






75,197






 






 






75,747








Zinc concentrate sold, tons






 






18,918






 






 






20,065






 






 






17,987






 






 






18,384






 






19,464






 






 






75,354






 






 






75,791








Precious metal concentrate produced, tons






 






5,571






 






 






6,379






 






 






8,316






 






 






7,515






 






8,537






 






 






27,781






 






 






30,085








Precious metal concentrate sold, tons






 






-






 






 






8,743






 






 






8,061






 






 






8,330






 






10,975






 






 






25,134






 






 






34,409








Lucky Friday






 






 






 






 






 






 






 








Silver concentrate produced, tons






 






12,283






 






 






13,796






 






 






13,212






 






 






12,934






 






13,442






 






 






52,225






 






 






47,077








Silver concentrate sold, tons






 






12,590






 






 






13,726






 






 






12,992






 






 






13,224






 






13,340






 






 






52,532






 






 






46,604








Zinc concentrate produced, tons






 






6,269






 






 






6,869






 






 






6,940






 






 






6,677






 






6,873






 






 






26,755






 






 






23,962








Zinc concentrate sold, tons






 






7,220






 






 






6,178






 






 






6,756






 






 






7,486






 






6,107






 






 






27,640






 






 






22,955








Keno Hill






 






 






 






 






 






 






 








Silver concentrate produced, tons






 






1,165






 






 






2,056






 






 






1,688






 






 






1,765






 






1,397






 






 






6,674






 






 






5,411








Silver concentrate sold, tons






 






2,380






 






 






2,380






 






 






1,614






 






 






1,217






 






1,096






 






 






7,591






 






 






5,089








Precious metals concentrate produced, tons






 






815






 






 






1,398






 






 






907






 






 






785






 






481






 






 






3,905






 






 






2,765








Precious metals concentrate sold, tons (a)






 






1,023






 






 






1,258






 






 






925






 






 






623






 






431






 






 






3,829






 






 






2,643








Cash Costs and AISC, each after by-product credits






 






 






 






 






 






 






 








Silver cash costs per ounce 2






$






(0.23






)






$






(2.03






)






$






(5.46






)






$






1.29






$






(0.27






)






$






(1.75






)






$






2.72








Silver AISC per ounce 3






$






18.11






 






$






11.01






 






$






5.19






 






$






11.91






$






11.51






 






$






11.28






 






$






13.06








Gold cash costs per ounce 2






$






2,272






 






$






1,582






 






$






1,578






 






$






2,195






$






1,936






 






$






1,851






 






$






1,762








Gold AISC per ounce 3






$






2,696






 






$






1,746






 






$






1,669






 






$






2,303






$






2,203






 






$






2,029






 






$






1,990








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







Consolidated silver production of 17.0 million ounces was over 5% higher than the prior year, with all three silver mines driving the annual increase.


Consolidated gold production of 151 thousand ounces was over 6% higher than the prior year, with both Casa Berardi and Greens Creek delivering higher gold production than the prior year.


Silver payable ounces sold of 15.2 million ounces, approximately 5% higher than the prior year.


Gold payable ounces sold of 139 thousand ounces, approximately 5% higher than the prior year.


Concentrate volumes produced and sold proved relatively unchanged on an annual basis. Shipment of a precious metals concentrate at Greens Creek was delayed to January 2026 and contributed to the inventory build at year end. Due to the elevated precious metal prices at year end, the balance of accounts receivable rose by nearly $143 million. This increase is solely tied to the increase in metal value of concentrate receivables as of December 31, 2025, with the majority of these funds collected in January and February 2026.


Consolidated silver total cost of sales was $556 million, an increase of $68 million (14%) over the prior year, primarily due to higher sales volumes sold. Depreciation, depletion and amortization expense increased $16 million for silver operations due primarily to higher sales volumes.


Silver cash costs and AISC per silver ounce, each after by-product credits, were ($1.75) and $11.28, respectively, lower versus the prior year, primarily due to higher ounces produced, $80 million higher by-product credits, mostly associated with Greens Creek, and $30 million lower treatment charges, partly offset by higher production costs, primarily at Lucky Friday, and higher general and administrative expense. Decrease in AISC year-over-year was partly offset by $29 million higher sustaining capital investment.2,3


Gold total cost of sales for Casa Berardi decreased by nearly $17 million due primarily to a decrease in depreciation expense related to the underground mine. Gold sales volumes rose by nearly 4.6 thousand ounces due to higher production compared to the prior year.


Gold cash costs and AISC per gold ounce, each after by-product credits, were $1,851 and $2,029 respectively. Cash costs and AISC were higher compared to the prior year due to higher operating costs, with lower sustaining capital partly offsetting the rise in AISC.2,3


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 March 24, 2026, to stockholders of record on March 9, 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 April 1, 2026, to preferred stockholders of record on March 16, 2026.


2026 GUIDANCE 2,3




________________________________







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. 2026 guidance was previously disclosed in a production and cost guidance release dated January 26, 2026. All guidance items related to the silver mines (Greens Creek, Lucky Friday and Keno Hill) remain unchanged. Gold production guidance is changed for Casa Berardi, along with gold total cost of sales, cash costs and AISC per ounce (after by-product credits)3,4 to reflect the sale currently expected to close in the first quarter 2026. Capital expenditure guidance and projected consolidated exploration and pre-development investment have been updated to reflect the planned sale of Casa Berardi.


2026 Production Outlook


Consolidated silver production is expected to be 15.1 - 16.5 million ounces.


Consolidated gold production is expected to be 65.0-72.0 thousand ounces, including 14.0-17.0 thousand ounces in the first quarter from Casa Berardi.




 






 






Silver Production (Moz)






 






Gold Production (Koz)








Greens Creek






 






7.5 - 8.1






 






51.0 - 55.0








Lucky Friday






 






4.7 - 5.2






 






N/A








Keno Hill






 






2.9 - 3.2






 






N/A








2026 Total






 






15.1 - 16.5






 






51.0 - 55.0









 






 






Gold Production (Koz)








Casa Berardi






 






14.0 - 17.0







2026 Cost Guidance


Total silver cash cost and AISC guidance per silver ounce (after by-product credits) is at ($1.50)-($1.25)/oz and $15.00-$16.25/oz respectively.2,3 This guidance only incorporates Greens Creek and Lucky Friday, as Keno Hill does not meet our definition of commercial production with one of five criteria currently achieved (see page 67 in our 10-K filing for further details).


Casa Berardi guidance for total cost of sales (includes depreciation) is revised down to $49 million with the announced sale of Casa Berardi currently expected to close in the first quarter 2026. Cash cost and AISC (both after by-product credits) per gold ounce is revised to $2,350-$2,850 and $2,775-$3,375 respectively.2,3


Metal Prices and FX rate assumptions. Expectations for 2026 include gold $4,000/oz, silver $50.00/oz, zinc $1.30/lb, and lead 0.90$/lb, for by-product credit calculations. Numbers are rounded. Assumed exchange rate for Canadian dollar is 1.35 CAD/USD, unchanged from the prior year.




 






 






Total costs of Sales (million)






 






 






Cash cost, after by-product credits, per silver ounce2






 






AISC, after by-product credits, per produced silver ounce3








Greens Creek






 






 






287.0






 






 






($9.00) - ($8.25)






 






$0.00 - $0.50








Lucky Friday






 






 






184.0






 






 






$10.25 - $11.00






 






$23.50 - $26.00








Total Silver






 






 






471.0






 






 






($1.50) - ($1.25)






 






$15.00 - $16.25









 






 






Total costs of Sales (million)






 






 






Cash cost, after by-product credits, per gold ounce2






 






AISC, after by-product credits, per produced gold ounce3








Casa Berardi






 






 






49.0






 






 






$2,350 - $2,850






 






$2,775 - $3,375















 


2026 Capital and Exploration Investment Guidance


Total capital (growth, sustaining and corporate) investment guidance is $216-$238 million for all four mines and corporate, with guidance for the three silver mines and corporate projects remaining unchanged at $204-$223 million from the January release.



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



Lucky Friday's capital investment is heavily tied to underground development, a new tailings facility and a surface cooling project, which is expected to be completed by mid-2026, and to increase the designed cooling capacity at the mine over its reserve mine-life of fifteen years.



Expected capital investment at Keno Hill comprises mine development and infrastructure projects, including, a waste storage facility and water treatment plant.



Casa Berardi's capital investment guidance is revised down to $12-$15 million to reflect planned spending in the first quarter up to the expected closing of its sale.



Exploration and pre-development investments are expected to nearly double from the prior year to $55 million (inclusive of the $2.1 million associated with Casa Berardi), with the focus at Greens Creek, Keno Hill, Lucky Friday and Nevada (Midas, Hollister and Aurora) with the budget nearly tripling from that of 2025 for this region.




(millions)






 






Total






Sustaining






Growth








2026 Total Capital Investment






 






$204 - $223






$143 - $157






$61 - $66








Greens Creek






 






$66 - $71






$66 - $71






-








Lucky Friday






 






$68 - $73






$68 - $73






-








Keno Hill






 






$61 - $66






-






$61 - $66








Corporate






 






$9 - $13






$9 - $13






-








2026 Exploration & Pre-Development






 






$55






 






 









 






Casa Berardi








(millions)






 






Total






Sustaining






Growth








2026 Capital Investment






 






$12 - $15






$6 - $8






$6 - $7








2026 Exploration






 






$2.1






 






 







CONFERENCE CALL AND WEBCAST




________________________________







A conference call and webcast will be held on Wednesday, February 18, 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/660148892 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) 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, Keno Hill, and Casa Berardi 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 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.


(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 dry stack tailings storage capacity expansion project is expected to provide storage capacity through 2045; (ii) at Lucky Friday, the surface cooling project is tracking for completion by mid-2026, and is to increase designed cooling capacity over reserve mine-life of fifteen years; (iii) at Keno Hill, the backfill plant construction was completed and is now being commissioned, and 2026 expected capital investment comprises mine development and infrastructure projects, including, a waste storage facility and water treatment plant; (iv) at Casa Berardi, 2026 capital investment guidance is revised down to $12-$15 million to reflect planned spending in the first quarter up to the expected closing of its sale; (v) at Polaris Exploration Project, the receipt of Finding of No Significant Impact ("FONSI") and Decision Notice from the U.S. Forest Service (“USFS”), clearing the way for exploration activities to commence in 2026; (vi) at Corporate level, we plan to invest more in corporate projects in 2026 geared toward improving business planning and operations initiatives; (vii) Company-wide and mine-specific estimated spending on capital, exploration and predevelopment for 2026; (viii) Company-wide and mine-specific estimated silver, gold, silver-equivalent and gold-equivalent ounces of production for 2026; (ix) metals prices and foreign exchange rate assumptions; (x) the sale of Casa Berardi is expected to close in the first quarter; and (xi) the Company is now well positioned to invest in value surfacing initiatives focused on its project pipeline.


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-Q filed on May 1, 2025, Form 10-Q filed on August 6, 2025, Form 10-Q filed on November 5, 2025, and 2025 Form 10-K expected to be filed on February 17, 2026 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.



HECLA MINING COMPANY

Consolidated Statements of Operations




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












 



 






 






Three Months Ended






 






 






Twelve Months Ended








 






 






December 31, 2025






 






September 30, 2025






 






 






December 31, 2025






 






December 31, 2024








Sales






 






$






448,111






 






 






$






409,542






 






 






$






1,423,019






 






 






$






929,925






 








Cost of sales and other direct production costs






 






 






164,054






 






 






 






180,451






 






 






 






640,799






 






 






 






548,245






 








Depreciation, depletion and amortization






 






 






35,849






 






 






 






48,624






 






 






 






160,017






 






 






 






183,470






 








Total cost of sales






 






 






199,903






 






 






 






229,075






 






 






 






800,816






 






 






 






731,715






 








Gross profit






 






 






248,208






 






 






 






180,467






 






 






 






622,203






 






 






 






198,210






 








 






 






 






 






 






 






 






 






 






 








Other operating expenses:






 






 






 






 






 






 






 






 






 








General and administrative






 






 






19,215






 






 






 






13,872






 






 






 






57,626






 






 






 






45,405






 








Exploration and pre-development






 






 






4,881






 






 






 






9,554






 






 






 






27,745






 






 






 






27,321






 








Ramp-up and suspension costs






 






 






3,277






 






 






 






3,257






 






 






 






14,005






 






 






 






43,307






 








Provision for closed operations and environmental matters






 






 






4,965






 






 






 






1,268






 






 






 






7,867






 






 






 






6,843






 








Write-down of property, plant and equipment






 






 






—






 






 






 






—






 






 






 






—






 






 






 






14,574






 








Other operating income






 






 






(4,169






)






 






 






3,871






 






 






 






165






 






 






 






(45,516






)








 






 






 






28,169






 






 






 






31,822






 






 






 






107,408






 






 






 






91,934






 








Income from operations






 






 






220,039






 






 






 






148,645






 






 






 






514,795






 






 






 






106,276






 








Other expense:






 






 






 






 






 






 






 






 






 








Interest expense






 






 






(5,526






)






 






 






(13,405






)






 






 






(41,581






)






 






 






(49,834






)








Fair value adjustments, net






 






 






(18,412






)






 






 






17,625






 






 






 






12,455






 






 






 






(2,204






)








Foreign exchange (loss) gain






 






 






(2,196






)






 






 






305






 






 






 






(5,764






)






 






 






7,552






 








Other (expense) income, net






 






 






(5,612






)






 






 






2,433






 






 






 






(726






)






 






 






4,426






 








 






 






 






(31,746






)






 






 






6,958






 






 






 






(35,616






)






 






 






(40,060






)








Income before income and mining taxes






 






 






188,293






 






 






 






155,603






 






 






 






479,179






 






 






 






66,216






 








Income and mining tax provision






 






 






(53,884






)






 






 






(54,877






)






 






 






(157,467






)






 






 






(30,414






)








Net income






 






 






134,409






 






 






 






100,726






 






 






 






321,712






 






 






 






35,802






 








Preferred stock dividends






 






 






(138






)






 






 






(138






)






 






 






(552






)






 






 






(552






)








Net income applicable to common stockholders






 






$






134,271






 






 






$






100,588






 






 






$






321,160






 






 






$






35,250






 








Basic income per common share after preferred dividends






 






$






0.20






 






 






$






0.15






 






 






$






0.49






 






 






$






0.06






 








Diluted income per common share after preferred dividends






 






$






0.20






 






 






$






0.15






 






 






$






0.49






 






 






$






0.06






 








Weighted average number of common shares outstanding basic






 






 






669,874






 






 






 






669,194






 






 






 






651,965






 






 






 






620,848






 








Weighted average number of common shares outstanding diluted






 






 






673,797






 






 






 






671,938






 






 






 






655,768






 






 






 






622,535






 









HECLA MINING COMPANY




Consolidated Statements of Cash Flows




(dollars in thousands - unaudited)











 



 






 






Three Months Ended






 






Twelve Months Ended








 






 






December 31, 2025






 






September 30, 2025






 






December 31, 2025






 






December 31, 2024








OPERATING ACTIVITIES






 






 






 






 






 






 






 






 








Net income






 






$






134,409






 






 






$






100,726






 






 






$






321,712






 






 






$






35,802






 








Non-cash elements included in net income:






 






 






 






 






 






 






 






 








Depreciation, depletion and amortization






 






 






39,107






 






 






 






49,377






 






 






 






165,570






 






 






 






190,471






 








Inventory adjustments






 






 






10,591






 






 






 






51






 






 






 






13,012






 






 






 






11,707






 








Fair value adjustments, net






 






 






18,412






 






 






 






(17,625






)






 






 






(12,455






)






 






 






2,204






 








Provision for reclamation and closure costs






 






 






5,834






 






 






 






1,986






 






 






 






11,635






 






 






 






9,370






 








Stock-based compensation






 






 






3,356






 






 






 






2,639






 






 






 






10,918






 






 






 






8,659






 








Deferred income taxes






 






 






46,456






 






 






 






44,502






 






 






 






130,467






 






 






 






19,688






 








Net foreign exchange loss (gain)






 






 






2,196






 






 






 






(305






)






 






 






5,764






 






 






 






(7,552






)








Write-down of property, plant and equipment






 






 






—






 






 






 






—






 






 






 






—






 






 






 






14,574






 








Other non-cash items, net






 






 






9,069






 






 






 






4,524






 






 






 






12,049






 






 






 






1,706






 








Change in assets and liabilities:






 






 






 






 






 






 






 






 








Accounts receivable






 






 






(65,408






)






 






 






(60,988






)






 






 






(136,835






)






 






 






(17,159






)








Inventories






 






 






(12,421






)






 






 






11,773






 






 






 






(21,469






)






 






 






(32,835






)








Other current and non-current assets






 






 






9,222






 






 






 






9,002






 






 






 






30,915






 






 






 






(12,517






)








Accounts payable, accrued and other current liabilities






 






 






3,571






 






 






 






(8,155






)






 






 






(765






)






 






 






(2,826






)








Accrued payroll and related benefits






 






 






11,171






 






 






 






3,378






 






 






 






22,372






 






 






 






6,739






 








Accrued taxes






 






 






5,348






 






 






 






9,624






 






 






 






16,978






 






 






 






2,817






 








Accrued reclamation and closure costs and other non-current liabilities






 






 






(3,858






)






 






 






(2,460






)






 






 






(7,230






)






 






 






(12,571






)








Net cash provided by operating activities






 






 






217,055






 






 






 






148,049






 






 






 






562,638






 






 






 






218,277






 








INVESTING ACTIVITIES






 






 






 






 






 






 






 






 








Additions to properties, plants, equipment and mineral interests






 






 






(82,346






)






 






 






(57,905






)






 






 






(252,389






)






 






 






(214,492






)








Proceeds from disposition of assets






 






 






20






 






 






 






586






 






 






 






734






 






 






 






1,694






 








Proceeds from sale or exchange of investments






 






 






24,391






 






 






 






—






 






 






 






28,087






 






 






 






—






 








Purchases of investments






 






 






(21,932






)






 






 






—






 






 






 






(21,932






)






 






 






(73






)








Purchase of silver puts






 






 






(25,000






)






 






 






—






 






 






 






(25,000






)






 






 






—






 








Net cash used in investing activities






 






 






(104,867






)






 






 






(57,319






)






 






 






(270,500






)






 






 






(212,871






)








FINANCING ACTIVITIES






 






 






 






 






 






 






 






 








Proceeds from issuance of stock, net






 






 






—






 






 






 






42,093






 






 






 






216,225






 






 






 






58,368






 








Acquisition of treasury shares






 






 






—






 






 






 






—






 






 






 






(885






)






 






 






(1,197






)








Borrowings of debt






 






 






—






 






 






 






20,000






 






 






 






153,000






 






 






 






279,000






 








Repayments of debt






 






 






—






 






 






 






(310,245






)






 






 






(427,245






)






 






 






(384,000






)








Dividends paid to common and preferred stockholders






 






 






(2,699






)






 






 






(2,653






)






 






 






(10,375






)






 






 






(25,331






)








Repayments of finance leases and other






 






 






(2,072






)






 






 






(2,423






)






 






 






(8,715






)






 






 






(10,664






)








Net cash used in financing activities






 






 






(4,771






)






 






 






(253,228






)






 






 






(77,995






)






 






 






(83,824






)








Effect of exchange rates on cash






 






 






233






 






 






 






(168






)






 






 






544






 






 






 






(1,076






)








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






 






 






107,650






 






 






 






(162,666






)






 






 






214,687






 






 






 






(79,494






)








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






 






 






135,082






 






 






 






297,748






 






 






 






28,045






 






 






 






107,539






 








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






 






$






242,732






 






 






$






135,082






 






 






$






242,732






 






 






$






28,045






 









HECLA MINING COMPANY




Consolidated Balance Sheets




(dollars and shares in thousands - unaudited)











 



 






 






December 31, 2025






 






December 31, 2024








ASSETS






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






241,558






 






 






$






26,868






 








Accounts receivable






 






 






187,340






 






 






 






49,053






 








Inventories






 






 






114,785






 






 






 






104,936






 








Other current assets






 






 






85,661






 






 






 






33,295






 








Total current assets






 






 






629,344






 






 






 






214,152






 








Investments






 






 






47,842






 






 






 






33,897






 








Restricted cash and cash equivalents






 






 






1,174






 






 






 






1,177






 








Properties, plants, equipment and mine development, net






 






 






2,840,827






 






 






 






2,694,119






 








Operating lease right-of-use assets






 






 






8,859






 






 






 






7,544






 








Other non-current assets






 






 






32,599






 






 






 






30,171






 








Total assets






 






 






3,560,645






 






 






$






2,981,060






 








 






 






 






 






 








LIABILITIES






 






 






 






 








Current liabilities:






 






 






 






 








Accounts payable and other current accrued liabilities






 






$






163,811






 






 






$






118,103






 








Current debt






 






 






—






 






 






 






33,617






 








Finance leases






 






 






7,173






 






 






 






8,169






 








Accrued reclamation and closure costs






 






 






13,795






 






 






 






13,748






 








Accrued interest






 






 






7,678






 






 






 






14,316






 








Other current liabilities






 






 






39,107






 






 






 






9,885






 








Total current liabilities






 






 






231,564






 






 






 






197,838






 








Accrued reclamation and closure costs






 






 






188,471






 






 






 






111,162






 








Long-term debt including finance leases






 






 






268,627






 






 






 






508,927






 








Deferred tax liability






 






 






246,425






 






 






 






110,266






 








Other non-current liabilities






 






 






33,912






 






 






 






13,353






 








Total liabilities






 






 






968,999






 






 






 






941,546






 








 






 






 






 






 








STOCKHOLDERS’ EQUITY






 






 






 






 








Preferred stock






 






 






39






 






 






 






39






 








Common stock






 






 






169,689






 






 






 






160,052






 








Capital surplus






 






 






2,643,211






 






 






 






2,418,149






 








Accumulated deficit






 






 






(182,143






)






 






 






(493,529






)








Accumulated other comprehensive loss, net






 






 






(3,334






)






 






 






(10,266






)








Treasury stock






 






 






(35,816






)






 






 






(34,931






)








Total stockholders’ equity






 






 






2,591,646






 






 






 






2,039,514






 








Total liabilities and stockholders’ equity






 






$






3,560,645






 






 






$






2,981,060






 








Common shares outstanding






 






 






679,220






 






 






 






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 months and years ended December 31, 2025 and 2024, and the three months ended September 30, 2025, June 30, 2025, and March 31, 2025 and an estimate for our silver operations for the twelve months ended December 31, 2026, and gold operation for the three months ended March 31, 2026.


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 December 31, 2025






 






Three Months Ended September 30, 2025






 






Twelve Months Ended December 31, 2025






 






Twelve Months Ended December 31, 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






 






Keno Hill (4)






 






Corporate (2)






 






Total Silver








Total cost of sales






 






$79,963






 






$42,714






 






$18,729






 






$—






 






$141,406






 






$81,658






 






$44,641






 






$31,171






 






$—






 






$157,470






 






$290,180






 






$173,690






 






$91,652






 






$—






 






$555,522






 






$268,127






 






$144,485






 






$74,962






 






$—






 






$487,574








Depreciation, depletion and amortization






 






$(13,244)






 






(10,884)






 






(3,798)






 






—






 






(27,926)






 






(16,229)






 






(13,471)






 






(8,028)






 






—






 






(37,728)






 






$(55,959)






 






$(51,055)






 






$(19,769)






 






$—






 






(126,783)






 






(53,450)






 






(41,049)






 






(16,136)






 






—






 






(110,635)








Treatment costs






 






$242






 






2,283






 






—






 






—






 






2,525






 






(436)






 






2,434






 






-






 






—






 






1,998






 






$948






 






$9,734






 






$—






 






$—






 






10,682






 






26,266






 






14,456






 






—






 






—






 






40,722








Change in product inventory






 






$(4,485)






 






(338)






 






—






 






—






 






(4,823)






 






(5,106)






 






946






 






—






 






—






 






(4,160)






 






$(1,258)






 






$(6)






 






$—






 






$—






 






(1,264)






 






(5,858)






 






2,090






 






—






 






—






 






(3,768)








Reclamation and other costs






 






$(537)






 






(283)






 






—






 






—






 






(820)






 






(715)






 






(141)






 






—






 






—






 






(856)






 






$(1,502)






 






$(857)






 






$—






 






$—






 






(2,359)






 






(4,481)






 






(2,806)






 






—






 






—






 






(7,287)








Exclusion of Lucky Friday cash costs (5)






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






 






 






 






 






 






 






 






 






—






 






—






 






(3,634)






 






—






 






—






 






(3,634)








Exclusion of Keno Hill cash costs (4)






 






—






 






—






 






(14,931)






 






—






 






(14,931)






 






—






 






—






 






(23,143)






 






—






 






(23,143)






 






—






 






—






 






(71,883)






 






—






 






(71,883)






 






—






 






—






 






(58,826)






 






—






 






(58,826)








Cash Cost, Before By-product Credits (1)






 






61,939






 






33,492






 






—






 






—






 






95,431






 






59,172






 






34,409






 






—






 






—






 






93,581






 






232,409






 






131,506






 






—






 






—






 






363,915






 






230,604






 






113,542






 






—






 






—






 






344,146








Reclamation and other costs






 






757






 






195






 






—






 






—






 






952






 






758






 






195






 






—






 






 






 






953






 






3,029






 






$780






 






$—






 






$—






 






3,809






 






3,141






 






891






 






—






 






—






 






4,032








Sustaining capital






 






17,516






 






19,693






 






—






 






1,342






 






38,551






 






13,210






 






18,484






 






—






 






1,528






 






33,222






 






46,362






 






$69,316






 






—






 






5,165






 






120,843






 






45,214






 






44,864






 






—






 






1,532






 






91,610








Exclusion of Lucky Friday sustaining costs (5)






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






(5,396)






 






—






 






—






 






(5,396)








General and administrative






 






—






 






—






 






—






 






19,215






 






19,215






 






—






 






—






 






—






 






13,872






 






13,872






 






—






 






—






 






—






 






57,626






 






57,626






 






—






 






—






 






—






 






45,405






 






45,405








AISC, Before By-product Credits (1)






 






80,212






 






53,380






 






—






 






20,557






 






154,149






 






73,140






 






53,088






 






—






 






15,400






 






141,628






 






281,800






 






201,602






 






—






 






62,791






 






546,193






 






278,959






 






153,901






 






—






 






46,937






 






479,797








By-product credits:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






—






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Zinc






 






(23,715)






 






(7,666)






 






—






 






—






 






(31,381)






 






(22,894)






 






(7,203)






 






—






 






—






 






(30,097)






 






(93,495)






 






(28,939)






 






—






 






—






 






(122,434)






 






(89,088)






 






(26,244)






 






—






 






—






 






(115,332)








Gold






 






(44,708)






 






—






 






—






 






—






 






(44,708)






 






(48,618)






 






—






 






—






 






—






 






(48,618)






 






(180,497)






 






—






 






—






 






—






 






(180,497)






 






(115,189)






 






—






 






—






 






—






 






(115,189)








Lead






 






(5,592)






 






(13,549)






 






—






 






—






 






(19,141)






 






(6,670)






 






(14,736)






 






—






 






—






 






(21,406)






 






(24,963)






 






(57,036)






 






—






 






—






 






(81,999)






 






(26,374)






 






(55,042)






 






—






 






—






 






(81,416)








Copper






 






(938)






 






—






 






—






 






—






 






(938)






 






(927)






 






—






 






—






 






—






 






(927)






 






(3,465)






 






—






 






—






 






—






 






(3,465)






 






(409)






 






—






 






—






 






—






 






(409)








Exclusion of Lucky Friday byproduct credits (5)






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






—






 






 






 






 






 






 






 






 






 






—






 






—






 






3,943






 






—






 






—






 






3,943








Total By-product credits






 






(74,953)






 






(21,215)






 






—






 






—






 






(96,168)






 






(79,109)






 






(21,939)






 






—






 






—






 






(101,048)






 






(302,420)






 






(85,975)






 






—






 






—






 






(388,395)






 






(231,060)






 






(77,343)






 






—






 






—






 






(308,403)








Cash Cost, After By-product Credits






 






$(13,014)






 






$12,277






 






$—






 






$—






 






$(737)






 






$(19,937)






 






$12,470






 






$—






 






$—






 






$(7,467)






 






$(70,011)






 






$45,531






 






$—






 






$—






 






$(24,480)






 






$(456)






 






$36,199






 






$—






 






$—






 






$35,743








AISC, After By-product Credits






 






$5,259






 






$32,165






 






$—






 






$20,557






 






$57,981






 






$(5,969)






 






$31,149






 






$—






 






$15,400






 






$40,580






 






$(20,620)






 






$115,627






 






$—






 






$62,791






 






$157,798






 






$47,899






 






$76,558






 






$—






 






$46,937






 






$171,394








Ounces produced






 






1,952






 






1,250






 






 






 






 






 






3,202






 






2,348






 






1,337






 






 






 






 






 






3,685






 






8,725






 






5,261






 






 






 






 






 






13,986






 






8,481






 






4,891






 






 






 






 






 






13,372








Exclusion of Lucky Friday ounces produced (5)






 






—






 






—






 






 






 






 






 






—






 






—






 






—






 






 






 






 






 






—






 






—






 






—






 






 






 






 






 






—






 






—






 






(253)






 






 






 






 






 






(253)








Divided by ounces produced






 






1,952






 






1,250






 






 






 






 






 






3,202






 






2,348






 






1,337






 






 






 






 






 






3,685






 






8,725






 






5,261






 






 






 






 






 






13,986






 






8,481






 






4,638






 






 






 






 






 






13,119








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






 






$31.73






 






$26.79






 






 






 






 






 






$29.80






 






$25.20






 






$25.73






 






 






 






 






 






$25.39






 






$26.64






 






$25.00






 






 






 






 






 






$26.02






 






$27.19






 






$24.48






 






 






 






 






 






$26.23








By-product credits per ounce






 






(38.40)






 






(16.97)






 






 






 






 






 






(30.03)






 






(33.70)






 






(16.40)






 






 






 






 






 






(27.42)






 






(34.66)






 






(16.34)






 






 






 






 






 






(27.77)






 






(27.24)






 






(16.68)






 






 






 






 






 






(23.51)








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






 






$(6.67)






 






$9.82






 






 






 






 






 






$(0.23)






 






$(8.50)






 






$9.33






 






 






 






 






 






$(2.03)






 






$(8.02)






 






$8.66






 






 






 






 






 






$(1.75)






 






$(0.05)






 






$7.80






 






 






 






 






 






$2.72








AISC, Before By-product Credits, per Silver Ounce






 






$41.10






 






$42.70






 






 






 






 






 






$48.14






 






$31.15






 






$39.70






 






 






 






 






 






$38.43






 






$32.30






 






$38.32






 






 






 






 






 






$39.05






 






$32.89






 






$33.18






 






 






 






 






 






$36.57








By-product credits per ounce






 






(38.40)






 






(16.97)






 






 






 






 






 






(30.03)






 






(33.70)






 






(16.40)






 






 






 






 






 






(27.42)






 






(34.66)






 






(16.34)






 






 






 






 






 






(27.77)






 






(27.24)






 






(16.68)






 






 






 






 






 






(23.51)








AISC, After By-product Credits, per Silver Ounce






 






$2.70






 






$25.73






 






 






 






 






 






$18.11






 






$(2.55)






 






$23.30






 






 






 






 






 






$11.01






 






$(2.36)






 






$21.98






 






 






 






 






 






$11.28






 






$5.65






 






$16.50






 






 






 






 






 






$13.06









In thousands (except per ounce amounts)






 






Three Months Ended December 31, 2025






 






Three Months Ended September 30, 2025






 






Twelve Months Ended December 31, 2025






 






4Twelve Months Ended December 31, 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






 






$49,826






 






$8,671






 






$58,497






 






$55,422






 






$16,183






 






$71,605






 






$206,720






 






$38,574






 






$245,294






 






$223,614






 






$20,527






 






$244,141








Depreciation, depletion and amortization






 






(7,923)






 






—






 






(7,923)






 






(10,896)






 






—






 






(10,896)






 






(33,234)






 






—






 






(33,234)






 






(72,835)






 






—






 






(72,835)








Treatment costs






 






40






 






—






 






40






 






40






 






—






 






40






 






169






 






—






 






169






 






153






 






—






 






153








Change in product inventory






 






(1,677)






 






—






 






(1,677)






 






(4,293)






 






—






 






(4,293)






 






(2,774)






 






—






 






(2,774)






 






3,269






 






—






 






3,269








Reclamation and other costs






 






(321)






 






—






 






(321)






 






(326)






 






—






 






(326)






 






(1,283)






 






—






 






(1,283)






 






(823)






 






—






 






(823)








Exclusion of Other costs






 






—






 






(8,671)






 






(8,671)






 






—






 






(16,183)






 






(16,183)






 






—






 






(38,574)






 






(38,574)






 






—






 






(20,527)






 






(20,527)








Cash Cost, Before By-product Credits (1)






 






39,945






 






—






 






39,945






 






39,947






 






—






 






39,947






 






169,598






 






 






 






169,598






 






153,378






 






—






 






153,378








Reclamation and other costs






 






321






 






—






 






321






 






326






 






—






 






326






 






1,283






 






—






 






1,283






 






823






 






—






 






823








Sustaining capital






 






7,085






 






—






 






7,085






 






3,774






 






—






 






3,774






 






14,995






 






—






 






14,995






 






18,963






 






—






 






18,963








AISC, Before By-product Credits (1)






 






47,351






 






—






 






47,351






 






44,047






 






—






 






44,047






 






185,876






 






—






 






185,876






 






173,164






 






—






 






173,164








By-product credits:






 






 






 






 






 






 






 






 






 






 






 






0






 






 






 






 






 






 






 






 






 






 






 






 








Silver






 






(248)






 






—






 






(248)






 






(273)






 






—






 






(273)






 






(888)






 






—






 






(888)






 






(683)






 






—






 






(683)








Total By-product credits






 






(248)






 






—






 






(248)






 






(273)






 






—






 






(273)






 






(888)






 






—






 






(888)






 






(683)






 






—






 






(683)








Cash Cost, After By-product Credits






 






$39,697






 






$—






 






$39,697






 






$39,674






 






$—






 






$39,674






 






$168,710






 






$—






 






$168,710






 






$152,695






 






$—






 






$152,695








AISC, After By-product Credits






 






$47,103






 






$—






 






$47,103






 






$43,774






 






$—






 






$43,774






 






$184,988






 






$—






 






$184,988






 






$172,481






 






$—






 






$172,481








Divided by gold ounces produced






 






17






 






—






 






17






 






25






 






—






 






25






 






91






 






—






 






91






 






87






 






—






 






87








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






 






$2,286






 






$—






 






$2,286






 






$1,593






 






$—






 






$1,593






 






$1,861






 






 






 






$1,861






 






$1,770






 






$—






 






$1,770








By-product credits per ounce






 






(14)






 






—






 






(14)






 






(11)






 






—






 






(11)






 






(10)






 






 






 






(10)






 






(8)






 






—






 






(8)








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






 






$2,272






 






$—






 






$2,272






 






$1,582






 






$—






 






$1,582






 






$1,851






 






 






 






$1,851






 






$1,762






 






$—






 






$1,762








AISC, Before By-product Credits, per Gold Ounce






 






$2,710






 






$—






 






$2,710






 






$1,757






 






$—






 






$1,757






 






$2,039






 






 






 






$2,039






 






$1,998






 






$—






 






$1,998








By-product credits per ounce






 






(14)






 






—






 






(14)






 






(11)






 






—






 






(11)






 






(10)






 






 






 






(10)






 






(8)






 






—






 






(8)








AISC, After By-product Credits, per Gold Ounce






 






$2,696






 






$—






 






$2,696






 






$1,746






 






$—






 






$1,746






 






$2,029






 






 






 






$2,029






 






$1,990






 






$—






 






$1,990









In thousands (except per ounce amounts)






 






Three Months Ended December 31, 2025






 






Three Months Ended September 30, 2025






 






Twelve Months Ended December 31, 2025






 






Twelve Months Ended December 31, 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






 






$






141,406






 






 






$






58,497






 






 






$






199,903






 






 






$






157,470






 






 






$






71,605






 






 






$






229,075






 






 






$






555,522






 






 






$






245,294






 






 






$






800,816






 






 






$






487,574






 






 






$






244,141






 






 






$






731,715






 








Depreciation, depletion and amortization






 






 






(27,926






)






 






 






(7,923






)






 






 






(35,849






)






 






 






(37,728






)






 






 






(10,896






)






 






 






(48,624






)






 






 






(126,783






)






 






 






(33,234






)






 






 






(160,017






)






 






 






(110,635






)






 






 






(72,835






)






 






 






(183,470






)








Treatment costs






 






 






2,525






 






 






 






40






 






 






 






2,565






 






 






 






1,998






 






 






 






40






 






 






 






2,038






 






 






 






10,682






 






 






 






169






 






 






 






10,851






 






 






 






40,722






 






 






 






153






 






 






 






40,875






 








Change in product inventory






 






 






(4,823






)






 






 






(1,677






)






 






 






(6,500






)






 






 






(4,160






)






 






 






(4,293






)






 






 






(8,453






)






 






 






(1,264






)






 






 






(2,774






)






 






 






(4,038






)






 






 






(3,768






)






 






 






3,269






 






 






 






(499






)








Reclamation and other costs






 






 






(820






)






 






 






(321






)






 






 






(1,141






)






 






 






(856






)






 






 






(326






)






 






 






(1,182






)






 






 






(2,359






)






 






 






(1,283






)






 






 






(3,642






)






 






 






(7,287






)






 






 






(823






)






 






 






(8,110






)








Exclusion of Lucky Friday cash costs (5)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(3,634






)






 






 






—






 






 






 






(3,634






)








Exclusion of Keno Hill cash costs (4)






 






 






(14,931






)






 






 






—






 






 






 






(14,931






)






 






 






(23,143






)






 






 






—






 






 






 






(23,143






)






 






 






(71,883






)






 






 






—






 






 






 






(71,883






)






 






 






(58,826






)






 






 






—






 






 






 






(58,826






)








Exclusion of Other costs






 






 






—






 






 






 






(8,671






)






 






 






(8,671






)






 






 






—






 






 






 






(16,183






)






 






 






(16,183






)






 






 






—






 






 






 






(38,574






)






 






 






(38,574






)






 






 






—






 






 






 






(20,527






)






 






 






(20,527






)








Cash Cost, Before By-product Credits (1)






 






 






95,431






 






 






 






39,945






 






 






 






135,376






 






 






 






93,581






 






 






 






39,947






 






 






 






133,528






 






 






 






363,915






 






 






 






169,598






 






 






 






533,513






 






 






 






344,146






 






 






 






153,378






 






 






 






497,524






 








Reclamation and other costs






 






 






952






 






 






 






321






 






 






 






1,273






 






 






 






953






 






 






 






326






 






 






 






1,279






 






 






 






3,809






 






 






 






1,283






 






 






 






5,092






 






 






 






4,032






 






 






 






823






 






 






 






4,855






 








Sustaining capital






 






 






38,551






 






 






 






7,085






 






 






 






45,636






 






 






 






33,222






 






 






 






3,774






 






 






 






36,996






 






 






 






120,843






 






 






 






14,995






 






 






 






135,838






 






 






 






91,610






 






 






 






18,963






 






 






 






110,573






 








Exclusion of Lucky Friday sustaining costs (5)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(5,396






)






 






 






—






 






 






 






(5,396






)








General and administrative






 






 






19,215






 






 






 






—






 






 






 






19,215






 






 






 






13,872






 






 






 






—






 






 






 






13,872






 






 






 






57,626






 






 






 






—






 






 






 






57,626






 






 






 






45,405






 






 






 






—






 






 






 






45,405






 








AISC, Before By-product Credits (1)






 






 






154,149






 






 






 






47,351






 






 






 






201,500






 






 






 






141,628






 






 






 






44,047






 






 






 






185,675






 






 






 






546,193






 






 






 






185,876






 






 






 






732,069






 






 






 






479,797






 






 






 






173,164






 






 






 






652,961






 








By-product credits:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Zinc






 






 






(31,381






)






 






 






—






 






 






 






(31,381






)






 






 






(30,097






)






 






 






—






 






 






 






(30,097






)






 






 






(122,434






)






 






 






—






 






 






 






(122,434






)






 






 






(115,332






)






 






 






—






 






 






 






(115,332






)








Gold






 






 






(44,708






)






 






 






—






 






 






 






(44,708






)






 






 






(48,618






)






 






 






—






 






 






 






(48,618






)






 






 






(180,497






)






 






 






—






 






 






 






(180,497






)






 






 






(115,189






)






 






 






—






 






 






 






(115,189






)








Lead






 






 






(19,141






)






 






 






—






 






 






 






(19,141






)






 






 






(21,406






)






 






 






—






 






 






 






(21,406






)






 






 






(81,999






)






 






 






—






 






 






 






(81,999






)






 






 






(81,416






)






 






 






—






 






 






 






(81,416






)








Silver






 






 






—






 






 






 






(248






)






 






 






(248






)






 






 






—






 






 






 






(273






)






 






 






(273






)






 






 






—






 






 






 






(888






)






 






 






(888






)






 






 






—






 






 






 






(683






)






 






 






(683






)








Copper






 






 






(938






)






 






 






—






 






 






 






(938






)






 






 






(927






)






 






 






—






 






 






 






(927






)






 






 






(3,465






)






 






 






—






 






 






 






(3,465






)






 






 






(409






)






 






 






—






 






 






 






(409






)








Exclusion of Lucky Friday by-product credits (5)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






3,943






 






 






 






—






 






 






 






3,943






 








Total By-product credits






 






 






(96,168






)






 






 






(248






)






 






 






(96,416






)






 






 






(101,048






)






 






 






(273






)






 






 






(101,321






)






 






 






(388,395






)






 






 






(888






)






 






 






(389,283






)






 






 






(308,403






)






 






 






(683






)






 






 






(309,086






)








Cash Cost, After By-product Credits






 






$






(737






)






 






$






39,697






 






 






$






38,960






 






 






$






(7,467






)






 






$






39,674






 






 






$






32,207






 






 






$






(24,480






)






 






$






168,710






 






 






$






144,230






 






 






$






35,743






 






 






$






152,695






 






 






$






188,438






 








AISC, After By-product Credits






 






$






57,981






 






 






$






47,103






 






 






$






105,084






 






 






$






40,580






 






 






$






43,774






 






 






$






84,354






 






 






$






157,798






 






 






$






184,988






 






 






$






342,786






 






 






$






171,394






 






 






$






172,481






 






 






$






343,875






 








Ounces produced






 






 






3,202






 






 






 






17






 






 






 






 






 






3,685






 






 






 






25






 






 






 






 






 






13,986






 






 






 






91






 






 






 






 






 






13,372






 






 






 






86,648






 






 






 








Exclusion of Lucky Friday ounces produced (5)






 






 






—






 






 






 






—






 






 






 






 






 






—






 






 






 






—






 






 






 






 






 






—






 






 






 






—






 






 






 






 






 






(253






)






 






 






—






 






 






 








Divided by ounces produced






 






 






3,202






 






 






 






17






 






 






 






 






 






3,685






 






 






 






25






 






 






 






 






 






13,986






 






 






 






91






 






 






 






 






 






13,119






 






 






 






87






 






 






 








Cash Cost, Before By-product Credits, per Ounce






 






$






29.80






 






 






$






2,286






 






 






 






 






$






25.39






 






 






$






1,593






 






 






 






 






$






26.02






 






 






$






1,861






 






 






 






 






$






26.23






 






 






$






1,770






 






 






 








By-product credits per ounce






 






 






(30.03






)






 






 






(14






)






 






 






 






 






(27.42






)






 






 






(11






)






 






 






 






 






(27.77






)






 






 






(10






)






 






 






 






 






(23.51






)






 






 






(8






)






 






 








Cash Cost, After By-product Credits, per Ounce






 






$






(0.23






)






 






$






2,272






 






 






 






 






$






(2.03






)






 






$






1,582






 






 






 






 






$






(1.75






)






 






$






1,851






 






 






 






 






$






2.72






 






 






$






1,762






 






 






 








AISC, Before By-product Credits, per Ounce






 






$






48.14






 






 






$






2,710






 






 






 






 






$






38.43






 






 






$






1,757






 






 






 






 






$






39.05






 






 






$






2,039






 






 






 






 






$






36.57






 






 






$






1,998






 






 






 








By-product credits per ounce






 






 






(30.03






)






 






 






(14






)






 






 






 






 






(27.42






)






 






 






(11






)






 






 






 






 






(27.77






)






 






 






(10






)






 






 






 






 






(23.51






)






 






 






(8






)






 






 








AISC, After By-product Credits, per Ounce






 






$






18.11






 






 






 






2,696






 






 






 






 






$






11.01






 






 






 






1,746






 






 






 






 






$






11.28






 






 






 






2,029






 






 






 






 






$






13.06






 






 






 






1,990






 






 






 









In thousands (except per ounce amounts)







Three Months Ended June 30, 2025







Three Months Ended March 31, 2025







Three Months Ended December 31, 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







$






58,921






 







$






42,286






 







$






25,881






 







$






—







$






127,088






 







$






69,638






 







$






44,049






 







$






15,871






 







$






—







$






129,558






 







$






67,887






 







$






40,157






 







$






15,356






 







$






—







$






123,400






 








Depreciation, depletion and amortization







 






(12,897






)







 






(13,275






)







 






(5,141






)







 






—







 






(31,313






)







 






(13,589






)







 






(13,425






)







 






(2,802






)







 






—







 






(29,816






)







 






(13,743






)







 






(11,749






)







 






(3,587






)







 






—







 






(29,079






)








Treatment costs







 






(1,001






)







 






1,054






 







 






—






 







 






—







 






53






 







 






2,143






 







 






3,963






 







 






—






 







 






—







 






6,106






 







 






4,511






 







 






4,837






 







 






—






 







 






—







 






9,348






 








Change in product inventory







 






9,234






 







 






225






 







 






—






 







 






—







 






9,459






 







 






(901






)







 






(839






)







 






—






 







 






—







 






(1,740






)







 






(2,833






)







 






1,488






 







 






—






 







 






—







 






(1,345






)








Reclamation and other costs







 






57






 







 






(160






)







 






—






 







 






—







 






(103






)







 






(307






)







 






(273






)







 






—






 







 






—







 






(580






)







 






(1,119






)







 






(2,152






)







 






—






 







 






—







 






(3,271






)








Exclusion of Keno Hill cash costs (4)







 






—






 







 






—






 







 






(20,740






)







 






—







 






(20,740






)







 






—






 







 






—






 







 






(13,069






)







 






—







 






(13,069






)







 






—






 







 






—






 







 






(11,769






)







 






—







 






(11,769






)








Cash Cost, Before By-product Credits (1)







 






54,314






 







 






30,130






 







 






—






 







 






—







 






84,444






 







 






56,984






 







 






33,475






 







 






—






 







 






—







 






90,459






 







 






54,703






 







 






32,581






 







 






—






 







 






—







 






87,284






 








Reclamation and other costs







 






757






 







 






195






 







 






—






 







 






—







 






952






 







 






757






 







 






195






 







 






—






 







 






—







 






952






 







 






785






 







 






183






 







 







 






—







 






968






 








Sustaining capital







 






8,268






 







 






17,069






 







 






—






 







 






1,270







 






26,607






 







 






7,368






 







 






14,070






 







 






—






 







 






1,025







 






22,463






 







 






15,329






 







 






12,434






 







 







 






389







 






28,152






 








General and administrative







 






—






 







 






—






 







 






—






 







 






12,540







 






12,540






 







 






—






 







 






—






 







 






—






 







 






11,999







 






11,999






 







 






—






 







 






—






 







 







 






9,048







 






9,048






 








AISC, Before By-product Credits (1)







 






63,339






 







 






47,394






 







 






—






 







 






13,810







 






124,543






 







 






65,109






 







 






47,740






 







 






—






 







 






13,024







 






125,873






 







 






70,817






 







 






45,198






 







 






—






 







 






9,437







 






125,452






 








By-product credits:







 







 







 







 







 







 







 







 







 







 







 







 







 







 







 








Zinc







 






(23,512






)







 






(7,120






)







 






—






 







 






—







 






(30,632






)







 






(23,374






)







 






(6,950






)







 






—






 







 






—







 






(30,324






)







 






(24,883






)







 






(7,707






)







 






—






 







 






—







 






(32,590






)








Gold







 






(52,194






)







 






—






 







 






—






 







 






—







 






(52,194






)







 






(34,977






)







 






—






 







 






—






 







 






—







 






(34,977






)







 






(34,363






)







 






—






 







 






—






 







 






—







 






(34,363






)








Lead







 






(6,610






)







 






(14,708






)







 






—






 







 






—







 






(21,318






)







 






(6,091






)







 






(14,043






)







 






—






 







 






—







 






(20,134






)







 






(6,605






)







 






(14,610






)







 






—






 







 






—







 






(21,215






)








Copper







 






(871






)







 






—






 







 






—






 







 






—







 






(871






)







 






(729






)







 






—






 







 






—






 







 






—







 






(729






)







 






—






 







 






—






 







 






—






 







 






—







 






—






 








Total By-product credits







 






(83,187






)







 






(21,828






)







 






—






 







 






—







 






(105,015






)







 






(65,171






)







 






(20,993






)







 






—






 







 






—







 






(86,164






)







 






(65,851






)







 






(22,317






)







 






—






 







 






—







 






(88,168






)








Cash Cost, After By-product Credits







$






(28,873






)







$






8,302






 







$






—






 







$






—







$






(20,571






)







$






(8,187






)







$






12,482






 







$






—






 







$






—







$






4,295






 







$






(11,148






)







$






10,264






 







$






—






 







$






—







$






(884






)








AISC, After By-product Credits







$






(19,848






)







$






25,566






 







$






—






 







$






13,810







$






19,528






 







$






(62






)







$






26,747






 







$






—






 







$






13,024







$






39,709






 







$






4,966






 







$






22,881






 







$






—






 







$






9,437







$






37,284






 








Divided by silver ounces produced







 






2,423






 







 






1,341






 







 







 







 






3,764






 







 






2,003






 







 






1,332






 







 







 







 






3,335






 







 






1,902






 







 






1,337






 







 







 







 






3,239






 








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







$






22.42






 







$






22.47






 







 







 







$






22.44






 







$






28.46






 







$






25.13






 







 







 







$






27.13






 







$






28.76






 







$






24.37






 







 







 







$






26.95






 








By-product credits per ounce







 






(34.33






)







 






(16.28






)







 







 







 






(27.90






)







 






(32.54






)







 






(15.76






)







 







 







 






(25.84






)







 






(34.62






)







 






(16.69






)







 







 







 






(27.22






)








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







$






(11.91






)







$






6.19






 







 







 







$






(5.46






)







$






(4.08






)







$






9.37






 







 







 







$






1.29






 







$






(5.86






)







$






7.68






 







 







 







$






(0.27






)








AISC, Before By-product Credits, per Silver Ounce







$






26.14






 







$






35.35






 







 







 







$






33.09






 







$






32.51






 







$






35.84






 







 







 







$






37.75






 







$






37.24






 







$






33.81






 







 







 







$






38.73






 








By-product credits per ounce







 






(34.33






)







 






(16.28






)







 







 







 






(27.90






)







 






(32.54






)







 






(15.76






)







 







 







 






(25.84






)







 






(34.62






)







 






(16.69






)







 







 







 






(27.22






)








AISC, After By-product Credits, per Silver Ounce







$






(8.19






)







$






19.07






 







 







 







$






5.19






 







$






(0.03






)







$






20.08






 







 







 







$






11.91






 







$






2.62






 







$






17.12






 







 







 







$






11.51






 









In thousands (except per ounce amounts)






 






Three Months Ended June 30, 2025






 






Three Months Ended March 31, 2025






 






Three Months Ended December 31, 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






 






$






50,790






 






 






$






6,625






 






 






$






57,415






 






 






$






50,682






 






 






$






7,095






 






 






$






57,777






 






 






$






51,734






 






 






$






6,187






 






 






$






57,921






 








Depreciation, depletion and amortization






 






 






(5,846






)






 






 






 






 






(5,846






)






 






 






(8,569






)






 






 






 






 






(8,569






)






 






 






(10,777






)






 






 






 






 






(10,777






)








Treatment costs






 






 






44






 






 






 






 






 






44






 






 






 






45






 






 






 






 






 






45






 






 






 






41






 






 






 






 






 






41






 








Change in product inventory






 






 






(62






)






 






 






 






 






(62






)






 






 






3,258






 






 






 






 






 






3,258






 






 






 






(96






)






 






 






 






 






(96






)








Reclamation and other costs






 






 






(324






)






 






 






 






 






(324






)






 






 






(312






)






 






 






 






 






(312






)






 






 






(201






)






 






 






 






 






(201






)








Exclusion of Other costs






 






 






—






 






 






 






(6,625






)






 






 






(6,625






)






 






 






 






 






(7,095






)






 






 






(7,095






)






 






 






—






 






 






 






(6,187






)






 






 






(6,187






)








Cash Cost, Before By-product Credits (1)






 






 






44,602






 






 






 






—






 






 






 






44,602






 






 






 






45,104






 






 






 






—






 






 






 






45,104






 






 






 






40,701






 






 






 






—






 






 






 






40,701






 








Reclamation and other costs






 






 






324






 






 






 






—






 






 






 






324






 






 






 






312






 






 






 






—






 






 






 






312






 






 






 






201






 






 






 






—






 






 






 






201






 








Sustaining capital






 






 






2,242






 






 






 






—






 






 






 






2,242






 






 






 






1,894






 






 






 






—






 






 






 






1,894






 






 






 






5,381






 






 






 






—






 






 






 






5,381






 








AISC, Before By-product Credits (1)






 






 






47,168






 






 






 






—






 






 






 






47,168






 






 






 






47,310






 






 






 






—






 






 






 






47,310






 






 






 






46,283






 






 






 






—






 






 






 






46,283






 








By-product credits:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Silver






 






 






(202






)






 






 






—






 






 






 






(202






)






 






 






(165






)






 






 






—






 






 






 






(165






)






 






 






(194






)






 






 






—






 






 






 






(194






)








Total By-product credits






 






 






 






 






 






 






 






 






(165






)






 






 






—






 






 






 






(165






)






 






 






(194






)






 






 






—






 






 






 






(194






)








Cash Cost, After By-product Credits






 






$






44,400






 






 






 






 






$






44,400






 






 






$






44,939






 






 






$






—






 






 






$






44,939






 






 






$






40,507






 






 






$






—






 






 






$






40,507






 








AISC, After By-product Credits






 






$






46,966






 






 






$






—






 






 






$






46,966






 






 






$






47,145






 






 






$






—






 






 






$






47,145






 






 






$






46,089






 






 






$






—






 






 






$






46,089






 








Divided by gold ounces produced






 






 






28






 






 






 






—






 






 






 






28






 






 






 






20






 






 






 






—






 






 






 






20






 






 






 






21






 






 






 






—






 






 






 






21






 








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






 






$






1,585






 






 






$






—






 






 






 






1,585






 






 






$






2,203






 






 






$






—






 






 






$






2,203






 






 






$






1,945






 






 






$






—






 






 






$






1,945






 








By-product credits per ounce






 






 






(7






)






 






 






—






 






 






 






(7






)






 






 






(8






)






 






 






—






 






 






 






(8






)






 






 






(9






)






 






 






—






 






 






 






(9






)








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






 






$






1,578






 






 






 






 






$






1,578






 






 






$






2,195






 






 






$






—






 






 






$






2,195






 






 






$






1,936






 






 






$






—






 






 






$






1,936






 








AISC, Before By-product Credits, per Gold Ounce






 






$






1,676






 






 






$






—






 






 






$






1,676






 






 






$






2,311






 






 






$






—






 






 






$






2,311






 






 






$






2,212






 






 






$






—






 






 






$






2,212






 








By-product credits per ounce






 






 






(7






)






 






 






—






 






 






 






(7






)






 






 






(8






)






 






 






—






 






 






 






(8






)






 






 






(9






)






 






 






—






 






 






 






(9






)








AISC, After By-product Credits, per Gold Ounce






 






$






1,669






 






 






$






—






 






 






$






1,669






 






 






$






2,303






 






 






$






—






 






 






$






2,303






 






 






$






2,203






 






 






$






—






 






 






$






2,203






 









In thousands (except per ounce amounts)






 






Three Months Ended June 30, 2025






 






Three Months Ended March 31, 2025






 






Three Months Ended December 31, 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






 






$






127,088






 






 






$






57,415






 






 






$






184,503






 






 






$






129,558






 






 






$






57,777






 






 






$






187,335






 






 






$






123,400






 






 






$






57,921






 






 






$






181,321






 








Depreciation, depletion and amortization






 






 






(31,313






)






 






 






(5,846






)






 






 






(37,159






)






 






 






(29,816






)






 






 






(8,569






)






 






 






(38,385






)






 






 






(29,079






)






 






 






(10,777






)






 






 






(39,856






)








Treatment costs






 






 






53






 






 






 






44






 






 






 






97






 






 






 






6,106






 






 






 






45






 






 






 






6,151






 






 






 






9,348






 






 






 






41






 






 






 






9,389






 








Change in product inventory






 






 






9,459






 






 






 






(62






)






 






 






9,397






 






 






 






(1,740






)






 






 






3,258






 






 






 






1,518






 






 






 






(1,345






)






 






 






(96






)






 






 






(1,441






)








Reclamation and other costs






 






 






(103






)






 






 






(324






)






 






 






(427






)






 






 






(580






)






 






 






(312






)






 






 






(892






)






 






 






(3,271






)






 






 






(201






)






 






 






(3,472






)








Exclusion of Keno Hill cash costs






 






 






(20,740






)






 






 






—






 






 






 






(20,740






)






 






 






(13,069






)






 






 






—






 






 






 






(13,069






)






 






 






(11,769






)






 






 






—






 






 






 






(11,769






)








Exclusion of Other costs






 






 






—






 






 






 






(6,625






)






 






 






(6,625






)






 






 






—






 






 






 






(7,095






)






 






 






(7,095






)






 






 






—






 






 






 






(6,187






)






 






 






(6,187






)








Cash Cost, Before By-product Credits (1)






 






 






84,444






 






 






 






44,602






 






 






 






129,046






 






 






 






90,459






 






 






 






45,104






 






 






 






135,563






 






 






 






87,284






 






 






 






40,701






 






 






 






127,985






 








Reclamation and other costs






 






 






952






 






 






 






324






 






 






 






1,276






 






 






 






952






 






 






 






312






 






 






 






1,264






 






 






 






968






 






 






 






201






 






 






 






1,169






 








Sustaining capital






 






 






26,607






 






 






 






2,242






 






 






 






28,849






 






 






 






22,463






 






 






 






1,894






 






 






 






24,357






 






 






 






28,152






 






 






 






5,381






 






 






 






33,533






 








General and administrative






 






 






12,540






 






 






 






—






 






 






 






12,540






 






 






 






11,999






 






 






 






—






 






 






 






11,999






 






 






 






9,048






 






 






 






—






 






 






 






9,048






 








AISC, Before By-product Credits (1)






 






 






124,543






 






 






 






47,168






 






 






 






171,711






 






 






 






125,873






 






 






 






47,310






 






 






 






173,183






 






 






 






125,452






 






 






 






46,283






 






 






 






171,735






 








By-product credits:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Zinc






 






 






(30,632






)






 






 






—






 






 






 






(30,632






)






 






 






(30,324






)






 






 






—






 






 






 






(30,324






)






 






 






(32,590






)






 






 






—






 






 






 






(32,590






)








Gold






 






 






(52,194






)






 






 






—






 






 






 






(52,194






)






 






 






(34,977






)






 






 






—






 






 






 






(34,977






)






 






 






(34,363






)






 






 






—






 






 






 






(34,363






)








Lead






 






 






(21,318






)






 






 






—






 






 






 






(21,318






)






 






 






(20,134






)






 






 






—






 






 






 






(20,134






)






 






 






(21,215






)






 






 






—






 






 






 






(21,215






)








Copper






 






 






(871






)






 






 






—






 






 






 






(871






)






 






 






(729






)






 






 






—






 






 






 






(729






)






 






 






—






 






 






 






—






 






 






 






—






 








Silver






 






 






—






 






 






 






(202






)






 






 






(202






)






 






 






—






 






 






 






(165






)






 






 






(165






)






 






 






—






 






 






 






(194






)






 






 






(194






)








Total By-product credits






 






 






(105,015






)






 






 






(202






)






 






 






(105,217






)






 






 






(86,164






)






 






 






(165






)






 






 






(86,329






)






 






 






(88,168






)






 






 






(194






)






 






 






(88,362






)








Cash Cost, After By-product Credits






 






$






(20,571






)






 






$






44,400






 






 






$






23,829






 






 






$






4,295






 






 






$






44,939






 






 






$






49,234






 






 






$






(884






)






 






$






40,507






 






 






$






39,623






 








AISC, After By-product Credits






 






$






19,528






 






 






$






46,966






 






 






$






66,494






 






 






$






39,709






 






 






$






47,145






 






 






$






86,854






 






 






$






37,284






 






 






$






46,089






 






 






$






83,373






 








Divided by ounces produced






 






 






3,764






 






 






 






28






 






 






 






 






 






3,335






 






 






 






20






 






 






 






 






 






3,239






 






 






 






21






 






 






 








Cash Cost, Before By-product Credits, per Ounce






 






$






22.44






 






 






$






1,585






 






 






 






 






$






27.13






 






 






 






2,203






 






 






 






 






$






26.95






 






 






$






1,945






 






 






 








By-product credits per ounce






 






 






(27.90






)






 






 






(7






)






 






 






 






 






(25.84






)






 






 






(8






)






 






 






 






 






(27.22






)






 






 






(9






)






 






 








Cash Cost, After By-product Credits, per Ounce






 






$






(5.46






)






 






$






1,578






 






 






 






 






$






1.29






 






 






$






2,195






 






 






 






 






$






(0.27






)






 






$






1,936






 






 






 








AISC, Before By-product Credits, per Ounce






 






$






33.09






 






 






$






1,676






 






 






 






 






$






37.75






 






 






$






2,311






 






 






 






 






$






38.73






 






 






$






2,212






 






 






 








By-product credits per ounce






 






 






(27.90






)






 






 






(7






)






 






 






 






 






(25.84






)






 






 






(8






)






 






 






 






 






(27.22






)






 






 






(9






)






 






 








AISC, After By-product Credits, per Ounce






 






$






5.19






 






 






$






1,669






 






 






 






 






$






11.91






 






 






$






2,303






 






 






 






 






$






11.51






 






 






$






2,203






 






 






 









(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.







2026 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, 2026








 






 






Greens Creek






 






Lucky Friday






 






Corporate(3)






 






Total Silver








Total cost of sales






 






$286,300






 






$183,600






 






$—






 






$469,900








Depreciation, depletion and amortization






 






(56,100)






 






(51,600)






 






—






 






(107,700)








Treatment costs






 






17,800






 






7,900






 






—






 






25,700








Change in product inventory






 






—






 






—






 






—






 






—








Other costs






 






(1,500)






 






1,600






 






—






 






100








Cash Cost, Before By-product Credits (1)






 






246,500






 






141,500






 






—






 






388,000








Reclamation and other costs






 






3,000






 






1,000






 






—






 






4,000








Sustaining capital






 






67,400






 






69,400






 






11,000






 






147,800








General and administrative






 






—






 






—






 






63,400






 






63,400








AISC, Before By-product Credits (1)






 






316,900






 






211,900






 






74,400






 






603,200








By-product credits:






 






 






 






 






 






 






 






 








Zinc






 






(95,800)






 






(30,500)






 






—






 






(126,300)








Gold






 






(192,200)






 






—






 






—






 






(192,200)








Lead






 






(24,700)






 






(59,200)






 






—






 






(83,900)








Copper






 






(2,300)






 






—






 






—






 






(2,300)








Silver






 






—






 






—






 






—






 






—








Total By-product credits






 






(315,000)






 






(89,700)






 






—






 






(404,700)








Cash Cost, After By-product Credits






 






$(68,500)






 






$51,800






 






$—






 






$(16,700)








AISC, After By-product Credits






 






$1,900






 






$122,200






 






$74,400






 






$198,500








Divided by silver ounces produced






 






7,800






 






4,950






 






 






 






12,750








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






 






$31.60






 






$28.59






 






 






 






$30.43








By-product credits per silver ounce






 






(40.38)






 






(18.12)






 






 






 






(31.74)








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






 






$(8.78)






 






$10.47






 






 






 






$(1.31)








AISC, Before By-product Credits, per Silver Ounce






 






$40.63






 






$42.81






 






 






 






$47.31








By-product credits per silver ounce






 






(40.38)






 






(18.12)






 






 






 






(31.74)








AISC, After By-product Credits, per Silver Ounce






 






$0.25






 






$24.69






 






 






 






$15.57









In thousands (except per ounce amounts)






 






Estimate for Three Months Ended March 31, 2026








 






 






Casa Berardi






 






Total Gold








Total cost of sales






 






$49,000






 






$49,000








Depreciation, depletion and amortization






 






(8,400)






 






(8,400)








Treatment costs






 






—






 






—








Change in product inventory






 






—






 






—








Other costs






 






(400)






 






(400)








Cash Cost, Before By-product Credits (1)






 






40,200






 






40,200








Reclamation and other costs






 






300






 






300








Sustaining capital






 






6,800






 






6,800








AISC, Before By-product Credits (1)






 






47,300






 






47,300








By-product credits:






 






 






 






 








Silver






 






(300)






 






(300)








Total By-product credits






 






(300)






 






(300)








Cash Cost, After By-product Credits






 






$39,900






 






$39,900








AISC, After By-product Credits






 






$47,000






 






$47,000








Divided by gold ounces produced






 






15.5






 






15.5








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






 






$2,594






 






$2,594








By-product credits per gold ounce






 






(19)






 






(19)








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






 






$2,575






 






$2,575








AISC, Before By-product Credits, per Gold Ounce






 






$3,052






 






$3,052








By-product credits per gold ounce






 






(19)






 






(19)








AISC, After By-product Credits, per Gold Ounce






 






$3,033






 






$3,033









(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






 






4Q-2025






 






3Q-2025






 






2Q-2025






 






1Q-2025






 






4Q-2024






 






FY 2025






 






FY 2024








Net income






 






 






134,409






 






 






$






100,726






 






 






$






57,705






 






 






$






28,872






 






 






$






11,924






 






 






 






321,712






 






 






$






35,802






 








Interest expense






 






 






5,526






 






 






 






13,405






 






 






 






11,099






 






 






 






11,551






 






 






 






13,784






 






 






 






41,581






 






 






 






49,834






 








Income and mining tax provision (benefit)






 






 






53,884






 






 






 






54,877






 






 






 






32,561






 






 






 






16,145






 






 






 






8,069






 






 






 






157,467






 






 






 






30,414






 








Depreciation, depletion and amortization






 






 






39,107






 






 






 






49,377






 






 






 






37,914






 






 






 






39,172






 






 






 






41,206






 






 






 






165,570






 






 






 






190,471






 








Ramp-up and suspension costs






 






 






2,060






 






 






 






2,003






 






 






 






2,421






 






 






 






2,135






 






 






 






7,492






 






 






 






8,619






 






 






 






33,985






 








(Gain) loss on disposition of properties, plants, equipment, and mineral interests






 






 






6






 






 






 






2,706






 






 






 






(2,077






)






 






 






211






 






 






 






(86






)






 






 






846






 






 






 






(1,244






)








Foreign exchange loss (gain)






 






 






2,196






 






 






 






(305






)






 






 






3,517






 






 






 






356






 






 






 






(4,143






)






 






 






5,764






 






 






 






(7,552






)








Write down of property, plant and equipment






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






110






 






 






 






—






 






 






 






14,574






 








Fair value adjustments, net






 






 






18,412






 






 






 






(17,625






)






 






 






(9,615






)






 






 






(3,627






)






 






 






9,008






 






 






 






(12,455






)






 






 






2,204






 








Provisional price (gains) losses






 






 






(28,993






)






 






 






(10,903






)






 






 






(4,150






)






 






 






(6,916






)






 






 






(3,330






)






 






 






(50,962






)






 






 






(22,880






)








Provision for closed operations and environmental matters






 






 






4,965






 






 






 






1,268






 






 






 






844






 






 






 






790






 






 






 






3,162






 






 






 






7,867






 






 






 






6,843






 








Stock-based compensation






 






 






3,356






 






 






 






2,639






 






 






 






2,987






 






 






 






1,936






 






 






 






2,258






 






 






 






10,918






 






 






 






8,659






 








Inventory adjustments






 






 






10,591






 






 






 






51






 






 






 






812






 






 






 






1,558






 






 






 






1,633






 






 






 






13,012






 






 






 






11,707






 








Monetization of zinc and lead hedges






 






 






(72






)






 






 






(91






)






 






 






(44






)






 






 






(454






)






 






 






(4,025






)






 






 






(661






)






 






 






(10,483






)








Other






 






 






5,611






 






 






 






(2,433






)






 






 






(1,511






)






 






 






(941






)






 






 






(504






)






 






 






726






 






 






 






(4,425






)








Adjusted EBITDA






 






$






251,058






 






 






$






195,695






 






 






$






132,463






 






 






$






90,788






 






 






$






86,558






 






 






$






670,004






 






 






$






337,909






 








Total debt






 






 






 






 






 






 






 






 






 






 






 






 






275,800






 






 






$






550,713






 








Less: Cash and cash equivalents






 






 






 






 






 






 






 






 






 






 






 






 






241,558






 






 






 






26,868






 








Net debt






 






 






 






 






 






 






 






 






 






 






 






$






34,242






 






 






$






523,845






 








Net debt/LTM adjusted EBITDA (non-GAAP)






 






 






 






 






 






 






 






 






 






 






 






 






0.1






 






 






 






1.6






 







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

December 31,






 






Twelve Months Ended December 31,








 






 






2025






 






2024






 






2025






 






2024








Cash provided by operating activities






 






$






217,055






 






 






$






67,470






 






 






$






562,638






 






 






$






218,277






 








Less: Capital investment






 






 






(82,346






)






 






 






(60,784






)






 






 






(252,389






)






 






 






(214,492






)








Free cash flow






 






$






134,709






 






 






$






6,686






 






 






$






310,249






 






 






$






3,785






 







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 investment, as it is a discretionary expenditure and not a component of the mines’ operating performance.




Dollars are in thousands






 






Total Silver Operations






 






Years Ended

December 31,








 






 






 






 






 






2025






 






 






 






2024






 






 






 






2023






 






 






 






2022






 








Cash provided by operating activities






 






$






1,156,320






 






 






$






435,142






 






 






$






317,861






 






 






$






214,883






 






 






$






188,434






 








Exploration






 






$






30,222






 






 






$






8,471






 






 






$






8,016






 






 






$






7,815






 






 






$






5,920






 








Less: Capital investment






 






$






(421,706






)






 






$






(127,550






)






 






$






(97,387






)






 






$






(108,879






)






 






$






(87,890






)








Free cash flow






 






$






764,836






 






 






$






316,063






 






 






$






228,490






 






 






$






113,819






 






 






$






106,464






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260216316690/en/
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


Original: Hecla Reports Fourth Quarter and Full Year 2025 Results