HECLA MINING CODE

Established in 1891, we are the oldest operating precious metals mining company in the United States. We are also the largest silver producer in the United States, producing over 45% of the U.S. silver production at our Greens Creek and Lucky Friday operations. We also produce gold at our Casa Berardi and Greens Creek operations. In addition, we are developing the Keno Hill mine in the Yukon Territory, Canada which we acquired on September 7, 2022 and began ramp-up during the second quarter of 2023. Based upon the jurisdictions in which we operate, we believe we have lower political and economic risk compared to other mining companies whose mines are located in other parts of the world. Our exploration interests are located in the United States, Canada and Mexico. Our operating and strategic framework is based on expanding our production and locating and developing new resource potential in a safe and responsible manner.

First Quarter 2024 Highlights

Operational:

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Produced 4.2 million ounces of silver and 36,592 ounces of gold. See Consolidated Results of Operations below for information on total cost of sales, as well as cash costs and all in sustaining costs, each after by-product credits, per silver and gold ounce for the three-month periods ended March 31, 2024 and 2023.

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Restarted Lucky Friday on January 9, 2024 and ramped up to full production in March producing 1.1 million ounces.

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Keno Hill produced 0.6 million ounces of silver as ramp-up of production continued during the quarter.

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Advanced the underground development at Keno Hill mine by 2,339 feet.

Financial:

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Generated sales of $189.5 million.

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Invested in our operations by making capital expenditures of approximately $47.6 million, including $8.8 million at Greens Creek, $15.0 million at Lucky Friday, $13.3 million at Casa Berardi and $10.3 million at Keno Hill.

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Collected $17.4 million in insurance proceeds related to the Lucky Friday fire.

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Returned $4.0 million to our stockholders through dividend payments.

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Spent $4.3 million on exploration and pre-development activities.

External Factors that Impact our Results

Our financial results vary as a result of fluctuations in market prices primarily for silver and gold and, to a lesser extent, zinc and lead. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Beginning in 2020, with the onset of the COVID-19 pandemic, and continuing in 2024 because of a series of macro-economic factors, there has been significant volatility in the financial and commodities markets, including the precious metals market. We believe the outlook for precious metals fundamentals in the medium- and long-term are favorable. See Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"), for further discussion. Because we cannot control the price of our products, the key measures that management focuses on in operating our business are production volumes, payable sales volumes, Cash Cost, After By-product Credits, per Ounce (non-GAAP) and All-In Sustaining Cost, After By-product Credits, per Ounce (“AISC”) (non-GAAP), operating cash flows, capital expenditures, free cash flow and adjusted EBITDA. The average realized prices for all metals sold by us continued to exhibit significant volatility period over period. We have also experienced significant cost inflation across our operations, principally associated with higher energy prices, increased costs for other consumables such as reagents, explosives and steel, and higher labor and contractor costs.