Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Hecla Reports Third Quarter 2022 Results By: Hecla Mining Company via Business Wire November 09, 2022 at 05:30 AM EST Positive free cash flow generation from all operations for the first nine months Hecla Mining Company (NYSE:HL) today announced third quarter 2022 financial and operating results. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221109005426/en/Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek (Graphic: Business Wire) THIRD QUARTER HIGHLIGHTS Record throughput at Greens Creek; Lucky Friday produced 1 million silver ounces for two consecutive quarters Consolidated silver production guidance increased, operating and capital cost guidance maintained Deferred approximately $24 million in sales at Greens Creek and Lucky Friday to the fourth quarter Keno Hill has completed 30% of total planned pre-production development as of October 31, 2022 Net loss applicable to common stockholders of $(23.7) million or $(0.04) per share (basic), and adjusted net loss of $(12.0) million or $(0.02) per share1 Adjusted EBITDA of $26.6 million, net debt to adjusted EBITDA ratio of 1.92 All operations free cash flow positive year to date with total cost of sales for silver of $246.4 million and all-in sustaining cost (AISC) per silver ounce of $10.17 $144.7 million in cash and cash equivalents with approximately $260 million in available liquidity Positive drilling results at Keno Hill and Greens Creek with intercepts in excess of 100 ounces of silver per ton at Keno Hill and wide high-grade intercepts at Greens Creek Strong safety performance with an all-injury frequency rate of 1.32 for the first nine months, 37% below the U.S. average and an improvement of 19% over the nine-month period in 2021 “Hecla reported another quarter of solid operational performance as Greens Creek achieved its best ever throughput and Lucky Friday's production exceeded 1 million ounces for the second consecutive quarter,” said Phillips S. Baker Jr., President & CEO. “Free cash flow generation was lower for the quarter due to deferral of the sale of about a million ounces of silver and other metals, increased capital investment in our mines, and Alexco acquisition costs. All operations are free cash flow positive year to date and reflect the strong margins at our silver operations despite lower prices and an inflationary environment.” Baker continued, “Hecla is the United States’ largest silver miner, producing about 40% of all the silver mined. With Keno Hill's pre-production development on plan, we should become Canada's largest silver miner in the next few years.” FINANCIAL OVERVIEW "Total cost of sales" as used in this release is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization. In Thousands unless stated otherwise Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 FINANCIAL AND OPERATIONAL HIGHLIGHTS Sales $ 146,339 $ 191,242 $ 186,499 $ 185,078 $ 193,560 $ 524,080 $ 622,395 Total cost of sales $ 137,892 $ 153,979 $ 141,070 $ 131,837 $ 158,332 $ 432,941 $ 457,835 Gross profit $ 8,447 $ 37,263 $ 45,429 $ 53,241 $ 35,228 $ 91,139 $ 164,560 (Loss) income applicable to common stockholders $ (23,664 ) $ (13,661 ) $ 4,015 $ 11,737 $ (1,117 ) $ (33,310 ) $ 22,806 Basic (loss) income per common share (in dollars) $ (0.04 ) $ (0.03 ) $ 0.01 $ 0.02 $ — $ (0.06 ) $ 0.04 Adjusted EBITDA 2 $ 26,554 $ 70,474 $ 58,202 $ 58,249 $ 49,414 $ 155,230 $ 220,531 Net Debt to Adjusted EBITDA2,* 1.9 1.1 Cash (used in) provided by operating activities $ (24,322 ) $ 40,183 $ 37,909 $ 53,355 $ 42,742 $ 53,770 $ 166,982 Capital Expenditures $ (37,430 ) $ (34,329 ) $ (21,478 ) $ (28,838 ) $ (26,899 ) $ (93,237 ) $ (80,210 ) Free Cash Flow 3 $ (61,752 ) $ 5,854 $ 16,431 $ 24,517 $ 15,843 $ (39,467 ) $ 86,772 Production Highlights Silver ounces produced 3,549,392 3,645,454 3,324,708 3,226,927 2,676,084 10,525,917 9,660,313 Silver payable ounces sold 2,479,724 3,387,909 2,687,261 2,606,622 2,581,690 8,554,894 9,027,180 Gold ounces produced 44,747 45,719 41,707 47,977 42,207 132,173 153,350 Gold payable ounces sold 40,443 44,225 41,053 44,156 53,000 125,721 157,454 Cash Costs and AISC, each after by-product credits4,5 Silver cash costs per ounce $ 3.43 $ (1.14 ) $ 1.09 $ 1.69 $ 2.49 $ 1.11 $ 1.26 Silver AISC per ounce $ 14.20 $ 8.55 $ 7.64 $ 10.08 $ 12.82 $ 10.17 $ 8.88 Gold cash costs per ounce $ 1,349 $ 1,371 $ 1,516 $ 1,143 $ 1,163 $ 1,409 $ 1,127 Gold AISC per ounce $ 1,738 $ 1,641 $ 1,810 $ 1,494 $ 1,450 $ 1,729 $ 1,349 Realized Prices Silver, $/ounce $ 18.30 $ 20.68 $ 24.68 $ 23.49 $ 23.97 $ 21.25 $ 25.75 Gold, $/ounce $ 1,713 $ 1,855 $ 1,880 $ 1,802 $ 1,792 $ 1,817 $ 1,794 Lead, $/pound $ 0.95 $ 0.97 $ 1.08 $ 1.13 $ 1.02 $ 0.98 $ 1.00 Zinc, $/pound $ 1.23 $ 1.44 $ 1.79 $ 1.74 $ 1.35 $ 1.47 $ 1.34 *Reflects trailing twelve months ending September 30,2022. Reconciliations are available at the end of the release. Sales in the third quarter declined by $44.9 million compared to the second quarter of 2022 primarily due to lower realized prices for all metals, and lower revenue from the deferral of silver concentrate shipments from Greens Creek and Lucky Friday to the fourth quarter. Compared to the prior quarter, realized silver prices have declined 12%, gold has declined 8%, lead and zinc prices are lower by 2% and 15% respectively. In comparison to the same quarter last year, gold prices are relatively unchanged, while silver prices have declined by 24% with lead and zinc lower by 7% and 9% respectively. The deferral of approximately 1 million ounces of silver, 1,800 ounces of gold, and 1,300 tons of lead in the silver concentrate shipments at Greens Creek was to ensure adequate volumes of concentrate for cost-effective shipping. At Lucky Friday the deferral was due to a planned multi week shutdown of the Trail smelter for maintenance. This concentrate is being shipped to a new customer and represents approximately 5% of Lucky Friday's annual concentrate production. Total cost of sales for silver were $76.7 million for the third quarter and were lower by $14.2 million over the prior quarter due to lower depreciation and higher product inventory. Cash costs and AISC (each after by-product credits) for silver were $3.43 and $14.20 per silver ounce respectively. Cash costs increased by $4.57 per ounce over the prior quarter primarily due to lower by-product credits attributable to lower lead and zinc production as well as lower prices. AISC increased by $5.65 per silver ounce over the prior quarter due to the factors affecting cash costs.4,5 Total cost of sales for gold were $59.5 million and declined marginally over the prior quarter. Gold cash cost per ounce, after by-product credits, declined by $22 attributable to higher production. AISC increased by $97 per ounce due to higher sustaining capital and exploration spend partially offset by higher production.4,5 Labor and the current inflationary environment are challenging at all operations. Labor availability remains constrained in the market with a shortage of skilled miners and maintenance workers. Inflationary pressures have led to a 10-15% increase in costs since the beginning of the year. Labor and input costs for steel, reagents, fuel, and other consumables continue to remain elevated impacting all the operations. In the first half of the year, by-product credits helped offset the inflationary pressures for the silver segment due to strong by-product production as well as prices. However, lower base metal production and prices in the third quarter reduced the by-product credits. The inflationary environment is expected to remain challenging for the fourth quarter and into 2023. Loss applicable to common stockholders for the third quarter was $(23.7) million, or $(0.04) per share, compared to a loss of $(13.7) million, or $(0.03) per share, in the second quarter of 2022, impacted by the following factors: Gross profit decreased by $28.8 million primarily due to lower revenues and higher per unit costs as described above Exploration and pre-development expenses increased by $3.9 million reflecting increased exploration and drilling activity across Hecla's mines and projects during the exploration season General and administrative expenses increased by $1.3 million reflecting incremental costs following the Alexco acquisition Partially offset by: A net foreign exchange gain of $5.7 million versus $4.5 million in the prior quarter reflecting the appreciation of the U.S. dollar (“USD”) against the Canadian dollar (“CAD”) during the current quarter Lower unrealized losses on our investment portfolio of $10.6 million reflecting a smaller reduction in the fair value of the portfolio compared to the prior quarter An income tax benefit of $9.5 million versus a provision of $0.3 million in the prior quarter Cash used in operating activities was $24.3 million, compared to cash provided by operating activities of $40.2 million in the prior quarter. However, cash provided before working capital changes increased over the prior quarter. Working capital changes in the third quarter were negative $36.7 million compared to $32.6 million in the prior quarter, and are primarily related to an increase in ending inventory from the deferral of silver concentrate shipments at Greens Creek and Lucky Friday to the fourth quarter and semi-annual interest payment on the outstanding debt. Capital expenditures totaled $37.4 million, an increase of $3.1 million over the prior quarter as planned. Expenditures were at Greens Creek of $7.0 million, Lucky Friday of $16.1 million, Casa Berardi of $10.8 million, and Keno Hill of $3.6 million. Free cash flow for the quarter was negative $61.8 million, a decline of $67.6 million over the prior quarter due to the increase in working capital changes and higher capital spend.3 Forward Sales Contracts for Base Metals and Foreign Currency The Company uses financially settled forward sales contracts to manage exposures to changes in prices of zinc and lead. At September 30, 2022, the Company had contracts covering approximately 39% of the forecasted payable zinc production (through 2025) at an average price of $1.32 per pound, and 38% of the forecasted payable lead production (through 2024) at an average price of $1.00 per pound. The fair value of the net metal derivative contracts on our forecasted hedges was an asset of $27.4 million, an increase of $11.3 million over the prior quarter. The Company also manages CAD exposure through forward contracts. At September 30, 2022, the Company had hedged approximately 52% of forecasted CAD direct production costs for Casa Berardi through 2026 at an average CAD/USD rate of 1.31. The Company has also hedged approximately 32% of capital costs for Casa Berardi for 2022 at 1.33. At the Keno Hill, 66% of planned spend for the fourth quarter is hedged at an average CAD/USD rate of 1.34. The fair value of the net currency derivatives contracts is a liability of $10.8 million, an increase of $12.7 million over the prior quarter. OPERATIONS OVERVIEW Greens Creek Mine - Alaska Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 GREENS CREEK Tons of ore processed 229,975 209,558 211,687 221,814 211,142 651,220 620,153 Total production cost per ton $ 185.34 $ 197.84 $ 192.16 $ 174.55 $ 181.60 $ 191.58 $ 178.29 Ore grade milled - Silver (oz./ton) 13.6 14.0 13.8 12.6 11.1 13.8 13.8 Ore grade milled - Gold (oz./ton) 0.07 0.08 0.07 0.07 0.07 0.07 0.08 Ore grade milled - Lead (%) 2.4 3.0 2.8 2.6 2.7 2.7 3.0 Ore grade milled - Zinc (%) 6.3 7.2 6.6 6.3 7.1 6.7 7.4 Silver produced (oz.) 2,468,280 2,410,598 2,429,782 2,262,635 1,837,270 7,308,660 6,980,587 Gold produced (oz.) 11,412 12,413 11,402 10,229 9,734 35,227 35,859 Lead produced (tons) 4,428 5,184 4,883 4,731 4,591 14,495 15,142 Zinc produced (tons) 12,580 13,396 12,494 12,457 13,227 38,470 41,191 Sales $ 60,875 $ 92,723 $ 86,090 $ 87,865 $ 84,806 $ 239,688 $ 296,978 Total cost of sales $ (52,502 ) $ (60,506 ) $ (49,636 ) $ (49,251 ) $ (55,193 ) $ (162,644 ) $ (163,861 ) Gross profit $ 8,373 $ 32,217 $ 36,453 $ 38,614 $ 29,613 $ 77,044 $ 133,117 Cash flow from operations $ 7,749 $ 41,808 $ 56,295 $ 50,632 $ 40,626 $ 105,852 $ 157,387 Exploration $ 3,776 $ 929 $ 165 $ 696 $ 2,472 $ 4,870 $ 3,895 Capital additions $ (6,988 ) $ (14,668 ) $ (3,092 ) $ (9,544 ) $ (6,228 ) $ (24,748 ) $ (14,339 ) Free cash flow 3 $ 4,537 $ 28,069 $ 53,368 $ 41,784 $ 36,870 $ 85,974 $ 146,943 Cash cost per ounce, after by-product credits4 $ 2.65 $ (3.29 ) $ (0.90 ) $ 0.50 $ 0.74 $ (0.49 ) $ (1.03 ) AISC per ounce, after by-product credits5 $ 8.61 $ 3.48 $ 1.90 $ 5.66 $ 5.94 $ 4.69 $ 2.40 Greens Creek produced 2.5 million ounces of silver and the mill achieved record mill throughput of 2,500 tons per day. Lead and zinc production for the quarter declined 15% and 6% respectively due to lower grades which led to the deferral of a silver concentrate shipment into the fourth quarter to ensure adequate volumes for cost effective shipping. Costs associated with the shipment were included in inventory in the third quarter, and the approximate revenue and cash flow impact of this deferral in the fourth quarter is expected to be $18 million. Cash cost per silver ounce increased by $5.94 over the prior quarter primarily due to lower by-product credits. AISC per silver ounce increased by $5.13 compared to the prior quarter due to the reasons impacting cash costs, and increased exploration which was partially offset by lower capital spending.4,5 Cash flow from operations for the quarter was $7.7 million, a decline of $34.1 million over the prior quarter; free cash flow for the quarter was $4.5 million, a decline of $23.5 million. For the first nine months of the year, Greens Creek has generated $105.8 million in cash flow from operations and $86.0 million in free cash flow respectively and remains on track to achieve its production and cost guidance for the year. Lucky Friday Mine - Idaho Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 LUCKY FRIDAY Tons of ore processed 90,749 97,497 77,725 80,097 78,227 265,971 241,740 Total production cost per ton $ 207.10 $ 211.45 $ 247.17 $ 198.83 $ 190.66 $ 220.41 $ 189.06 Ore grade milled - Silver (oz./ton) 12.5 13.2 12.0 12.5 11.2 12.7 11.3 Ore grade milled - Lead (%) 8.5 8.8 8.2 8.1 7.2 8.5 7.4 Ore grade milled - Zinc (%) 4.2 3.9 3.6 3.3 3.3 3.9 3.5 Silver produced (oz.) 1,074,230 1,226,477 887,858 955,401 831,532 3,188,565 2,608,727 Lead produced (tons) 7,172 8,147 5,980 6,131 5,313 21,299 17,006 Zinc produced (tons) 3,279 3,370 2,452 2,296 2,319 9,101 7,673 Sales $ 28,460 $ 35,880 $ 38,040 $ 32,938 $ 29,783 102,380 98,550 Total cost of sales $ (24,166 ) $ (30,348 ) $ (29,265 ) $ (23,252 ) $ (23,591 ) (83,779 ) $ (74,287 ) Gross profit $ 4,294 $ 5,532 $ 8,775 $ 9,686 $ 6,192 $ 18,601 $ 24,263 Cash flow from operations $ 11,624 $ 21,861 $ 11,765 $ 16,953 $ 15,017 $ 45,250 $ 45,641 Capital additions $ (16,125 ) $ (11,501 ) $ (9,652 ) $ (9,109 ) $ (9,133 ) $ (37,278 ) (20,776 ) Free cash flow 3 $ (4,501 ) $ 10,360 $ 2,113 $ 7,844 $ 5,884 $ 7,972 $ 24,865 Cash cost per silver ounce, after by-product credits4 $ 5.23 $ 3.07 $ 6.57 $ 4.50 $ 6.35 $ 4.77 $ 7.37 AISC per silver ounce, after by-product credits5 $ 15.98 $ 9.91 $ 13.15 $ 12.54 $ 16.79 $ 12.86 $ 15.00 Lucky Friday produced 1.1 million ounces of silver during the third quarter, a 12% decrease over the prior quarter due to lower mined tons and feed grades attributable to mine sequencing, commissioning of new equipment, and prioritization of projects for increasing future throughput and production. The third quarter also marked two consecutive quarters of throughput exceeding 90,000 tons and silver production exceeding 1 million ounces. At the Lucky Friday, 2,000 dry metric tonnes of silver concentrate was inventoried to be shipped to a new customer in the fourth quarter. Costs associated with the deferral of this concentrate shipment were in inventory in the third quarter, and impact on revenues and cash flow for the fourth quarter is expected to be approximately $6.0 million. Total cost of sales was $24.2 million, a decrease of $6.2 million over the prior quarter due to lower depreciation expense, an increase in concentrate inventory, and lower ore volume mined and production. Cash cost and AISC per silver ounce (each after by-product credits) were $5.23 and $15.98, respectively, and higher compared to the prior quarter due to lower production, and lower by-product credits because of lower base metal production and prices.4,5 Casa Berardi Mine - Quebec Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 CASA BERARDI Tons of ore processed – underground 162,215 176,576 161,609 161,355 167,435 500,400 533,262 Tons of ore processed – surface pit 227,726 225,042 224,541 225,662 230,708 677,309 607,967 Tons of ore processed – total 389,941 401,618 386,150 387,017 398,143 1,177,709 1,141,229 Surface tons mined – ore and waste 2,822,906 2,149,412 1,892,339 1,507,457 1,483,231 6,864,657 4,996,522 Total production cost per ton $ 114.52 $ 113.07 $ 117.96 $ 108.82 $ 86.95 115.15 $ 95.13 Ore grade milled – Gold (oz./ton) – underground 0.15 0.19 0.14 0.17 0.16 0.17 0.16 Ore grade milled – Gold (oz./ton) - surface pit 0.06 0.05 0.05 0.07 0.04 0.06 0.06 Ore grade milled – Gold (oz./ton) – combined 0.10 0.10 0.09 0.11 0.09 0.09 0.10 Gold produced (oz.) – underground 22,181 22,866 19,374 22,910 24,170 64,421 75,180 Gold produced (oz.) – surface pit 11,154 10,440 10,866 14,356 5,552 32,460 22,065 Gold produced (oz.) – total 33,335 33,306 30,240 37,266 29,722 96,881 97,245 Silver produced (oz.) – total 6,882 8,379 7,068 7,967 7,012 22,329 25,604 Sales $ 56,939 $ 62,639 $ 62,101 $ 60,054 $ 56,065 $ 181,679 $ 185,098 Total cost of sales $ (59,532 ) $ (61,870 ) $ (62,168 ) $ (57,069 ) $ (58,164 ) $ (183,570 ) $ (172,760 ) Gross profit/(loss) $ (2,593 ) $ 769 $ (67 ) $ 2,985 $ (2,099 ) (1,891 ) $ 12,338 Cash flow from operations $ 8,721 $ 7,417 $ 8,089 $ 10,029 $ 17,058 $ 24,227 $ 71,164 Exploration $ 2,624 $ 1,341 $ 2,635 $ 2,124 $ 4,382 $ 6,600 $ 3,551 Capital additions $ (10,771 ) $ (8,093 ) $ (7,808 ) $ (9,537 ) $ (11,488 ) $ (26,672 ) $ (40,080 ) Free cash flow 3 $ 574 $ 665 $ 2,916 $ 2,616 $ 9,952 $ 4,155 $ 34,635 Cash Cost per gold ounce, after by-product credits4 $ 1,349 $ 1,371 $ 1,516 $ 1,137 $ 1,175 $ 1,409 $ 1,127 AISC per gold ounce, after by-product credits5 $ 1,738 $ 1,641 $ 1,810 $ 1,470 $ 1,476 $ 1,729 $ 1,387 Casa Berardi produced 33,335 ounces of gold compared to 33,306 ounces in the prior quarter. The mill continues to perform well and operated at an average quarterly throughput of 4,239 tons per day ("tpd") with a new record set in September as monthly production throughput reached 4,856 tpd, beating the last monthly record in May 2022 of 4,533 tpd. Total cost of sales for the third quarter 2022 was $59.5 million, a reduction of $2.3 million from the $61.9 million in the prior quarter. Cash cost per gold ounce decreased by $22 over the prior quarter to $1,349 primarily due to higher production. AISC per gold ounce increased by $97 to $1,738 driven by higher exploration and capital spend partially offset by higher production.4,5 Keno Hill - Yukon Territory At the Keno Hill mine, focus is on development and drilling of the Bermingham and Flame & Moth deposits to bring the mine into full and consistent production by the end of 2023. As of October 31, 2022, 30% of total planned pre-production development is complete, and we expect to complete approximately 50% of the development by the end of the fourth quarter. Fourth quarter capital spending is forecast at $10-$12 million for development, infill drilling, and equipment purchases. Since the acquisition, Keno Hill is seeing its lowest turnover in the mine's recent history and is expected to achieve the hiring rate for production. We are implementing Hecla's Health and Safety Management System and Environmental Management System in the fourth quarter. EXPLORATION AND PRE-DEVELOPMENT UPDATE Exploration and pre-development expenditures were $15.1 million for the quarter with focus on exploration drilling at Keno Hill, exploration and definition drilling at Greens Creek, underground drilling at the West Mine in Casa Berardi, and exploration drilling at the large land packages at Aurora, Nevada and Republic, Washington. Keno Hill, Yukon Territory Exploration drilling on the underexplored Coral Wigwam target area has discovered high-grade silver mineralization. Assay results to date include 101.5 oz/ton silver over 7.3 feet estimated true width. Greens Creek, Alaska At Greens Creek, drilling has focused on resource expansion and conversion which have yielded positive results. Three underground core drills are focused on resource conversion in the 200 South and East ore zones and on exploration in the East, 5250, 200 South, and Gallagher Fault Block zones. Additionally, two helicopter supported core drills are focused on drilling extensions to the Upper Plate Zone near the mine and the Lil’Sore target area approximately 3 miles northwest of the mine. These positive results continue to confirm and expand mineral zones. Significant assay intercepts for different zones are: Southwest Bench: 74.3 oz/ton silver, 0.52 oz/ton gold, 5.7% zinc and 2.9% lead over 10.5 feet and 25.7 oz/ton silver, 0.15 oz/ton gold, 6.4% zinc, and 3.1% lead over 20.1 feet 200 South: 18.5 oz/ton silver, 0.02 oz/ton gold, 2.6% zinc, and 1.1% lead over 44.7 feet East Zone: 51.6 oz/ton silver, 0.05 oz/ton gold, 0.1% zinc, and 0.0% lead over 11.1 feet and 227.8 oz/ton silver, 2.84 oz/ton gold, 4.2% zinc, and 0.4% lead over 2.9 feet West Zone: 37.0 oz/ton silver, 0.26 oz/ton gold, 18.3% zinc, and 9.5% lead over 47.2 feet and 55.2 oz/ton silver, 0.16 oz/ton gold, 16.5% zinc, and 8.9% lead over 31.2 feet Detailed complete drill assay highlights can be found in Table A at the end of the release. Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek Casa Berardi, Quebec At Casa Berardi, up to seven underground core drills and one surface core drill were focused on definition and exploration drilling in multiple zones and target areas and one surface core drill was focused on condemnation drilling. Drilling targeted the 113, 118, 119 and Lower Inter zones. In the 113 Zone, two drill rigs are testing offsets and depth extensions of multiple 113 lenses. In the 118 Zone, drilling has been focused on defining continuity and expanding mineralization in the 118-14, and 118-15 lenses up and down plunge and to the east. Most of the 118 drilling has been showing good vertical continuity of mineralization. The drilling targeting the 119-02 lens show that the structure remains open at depth while closing to the east. Highlights include: 113: 0.56 oz/ton gold over 9.5 feet, including 1.61 oz/ton gold over 2.6 feet 118: 0.20 oz/ton gold over 8.2 feet 119: 0.16 oz/t gold over 14.8 feet. More complete drill assay highlights can be found in Table A at the end of the release. Aurora, Nevada Exploration drilling has confirmed wide and high-grade vein mineralization along the Martinez-Juniata-Chesco mineral trend. This mineralization continues to be open for expansion along strike and dip. Some significant intercepts are: Martinez Zone: 0.40 oz/ton gold and 1.8 oz/t silver over 31.1 feet estimated true width, which includes 1.26 oz/ton gold and 4.4 oz/t silver over 6.7 feet estimated true width. Juniata Zone: 0.43 oz/ton gold and 1.9 oz/ton silver over 14.9 feet estimated true width, which includes 0.76 oz/ton gold, 3.5 oz/ton silver over 8.0 feet estimated true width. Chesco Zone: 0.73 oz/ton gold and 7.7 oz/ton silver over 12.2 feet estimated true width Republic, Washington Exploration drilling identified high-grade vein mineralization at both the Lone Pine-Blacktail and Tom Thumb target areas. Wide zones of lower grade, potentially bulk mineable, material surround some of the high-grade vein intercepts at Lone Pine-Blacktail. Drilling also discovered an offset segment of the Tom Thumb Vein 850 feet across the Mud Lake Fault into the basin. DIVIDENDS Common Stock The Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock for the minimum dividend component. The common stock dividend is payable on or about December 7, 2022, to stockholders of record on November 25, 2022. The realized silver price was $18.30 per ounce in the third quarter and did not satisfy the criterion for the silver-linked component under the Company's common stock dividend policy. Preferred Stock The Board of Directors elected to declare a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 3, 2023, to stockholders of record on December 15, 2022. 2022 GUIDANCE The Company has reaffirmed its guidance for annual production, cost, and exploration and pre-development. The Company is maintaining its consolidated capital guidance with lower forecasted capital spend at the Lucky Friday and Casa Berardi due to timing of expenditures, offset by the inclusion of Keno Hill. (millions) Previous Current Capital expenditures $150 - $160 $150 - $160 Greens Creek $42 - $45 $42 - $45 Lucky Friday $60 - $64 $56 - $58 Casa Berardi $45 - $48 $42 - $45 Keno Hill NA $10 - $12 CONFERENCE CALL AND WEBCAST A conference call and webcast will be held Wednesday, November 9, 2022 at 10:00 a.m. Eastern Standard Time to discuss these results. You may join the conference call by dialing toll-free 1-888-330-2391 or for international dialing 1-240-789-2702. The Conference ID is 4812168. Please dial-in and provide the Conference ID number at least 10 minutes prior to the start time to join the call and mitigate any hold times. Hecla's live and archived webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts. ONE ON ONE CALLS Hecla will make available members of management for one on one calls with any interested parties on Wednesday, November 9, from 12:00 p.m. to 2:00 p.m. Eastern Standard Time. Hecla invites stockholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of management to discuss operations, exploration, or general matters. Click on the link below to schedule a call (or copy and paste the link into your web browser.) You can select a topic once you have entered the meeting calendar. If you are unable to book a time, either due to high demand or for other reasons, please reach out to Anvita M. Patil, Vice President - Investor Relations and Treasurer at hmc-info@hecla-mining.com or 208-769-4100. One-on-One meeting URL: https://calendly.com/2022-november-vie ABOUT HECLA Founded in 1891, Hecla is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. NOTES Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles (GAAP). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release. (1) Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance. (2) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income(loss), 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 (loss), 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. (3) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment. Free cash flow for Greens Creek, Lucky Friday and Casa Berardi adjusts cash provided by operating activities by excluding exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance. (4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to 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, and aggregating Casa Berardi and the Nevada operations, to compare its performance with other gold 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. (5) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales, expenses for reclamation and exploration at the mines sites, corporate exploration related to sustaining operations, 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 cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Cautionary Statements to Investors on 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. When a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition and often contain words such as “anticipate,” “intend,” “plan,” “will,” “could,” “would,” “estimate,” “should,” “expect,” “believe,” “project,” “target,” “indicative,” “preliminary,” “potential” and similar expressions. Forward-looking statements in this news release may include, without limitation: (i) the Company could be the largest silver producer in the U.S. and Canada; (ii) the Company will be able to bring Keno Hill into full and consistent production before the end of 2023; (iii) the Company will be able to increase throughput and increase future production at the Lucky Friday; (iv) the Company will achieve 50% of planned pre-production development at Keno Hill by the end of 2022 and will achieve full and consistent production by year end 2023 with the hiring rate required for production; and (v) mine-specific and Company-wide 2022 estimates of future production, sales and costs of sales, as well as cash cost and AISC per ounce (in each case after by-product credits) and Company-wide estimated spending on capital, exploration and pre-development for 2022. 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) 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; (ix) counterparties performing their obligations under hedging instruments and put option contracts; (x) sufficient workforce is available and trained to perform assigned tasks; (xi) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xii) relations with interested parties, including Native Americans, remain productive; (xiii) maintaining availability of water rights; (xiv) factors do not arise that reduce available cash balances; and (xv) 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; (vi) conflict resolution and outcome of projects or oppositions; (vii) litigation, political, regulatory, labor and environmental risks; (viii) exploration risks and results, including that mineral resources are not mineral reserves, they do not have demonstrated economic viability and there is no certainty that they can be upgraded to mineral reserves through continued exploration; (ix) the failure of counterparties to perform their obligations under hedging instruments; (x) the Company takes a material impairment charge on its Nevada operations; and (xi) the Company is unable to remain in compliance with all terms of its credit agreement in order to maintain continued access to the revolver. For a more detailed discussion of such risks and other factors, see the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 23, 2022 and Form 10-Q filed with the SEC on August 5, 2022 for a more detailed discussion of factors that may impact expected future results, as well as the Company’s other SEC filings. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Qualified Person (QP) Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under S-K 1300 and NI 43-101, supervised the preparation of the scientific and technical information concerning Hecla’s mineral projects in this news release. Technical Report Summaries (each a “TRS”) for each of the Company’s material properties are filed as exhibits 96.1, 96.2 and 96.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, 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 TRS and in a 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 TRS and in its technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, (iii) Casa Berardi are contained in its TRS and in its technical report titled “Technical Report on the mineral resource and mineral reserve estimate for Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2018, and (iv) the San Sebastian Mine, Mexico, are contained in a technical report prepared for Hecla titled “Technical Report for the San Sebastian Ag-Au Property, Durango, Mexico” effective date September 8, 2015. Also included in each TRS and the four technical reports 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 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). Copies of these technical reports are available under Hecla’s profile on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair 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 Condensed Consolidated Statements of Operations (dollars and shares in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Sales $ 146,339 $ 193,560 $ 524,080 $ 622,395 Cost of sales and other direct production costs 104,900 112,542 326,579 318,917 Depreciation, depletion and amortization 32,992 45,790 106,362 138,918 Total cost of sales 137,892 158,332 432,941 457,835 Gross profit 8,447 35,228 91,139 164,560 Other operating expenses: General and administrative 11,003 8,874 28,989 27,985 Exploration and pre-development 15,128 17,108 39,136 35,039 Care and maintenance costs 5,092 6,910 16,539 17,014 Provision for closed operations and environmental matters 1,781 7,564 4,154 12,297 Other operating expense 902 3,344 5,310 10,626 Total other operating expenses 33,906 43,800 94,128 102,961 (Loss) income from operations (25,459 ) (8,572 ) (2,989 ) 61,599 Other income (expense): Interest expense (10,874 ) (10,469 ) (31,785 ) (31,484 ) Fair value adjustments, net (4,240 ) 9,287 (14,703 ) (10,651 ) Net foreign exchange gain (loss) 5,667 3,995 8,111 24 Other income (expense) 1,853 247 4,828 (192 ) Total other (expense) income (7,594 ) 3,060 (33,549 ) (42,303 ) (Loss) income before income and mining taxes (33,053 ) (5,512 ) (36,538 ) 19,296 Income and mining tax (provision) benefit 9,527 4,533 3,642 3,924 Net (loss) income (23,526 ) (979 ) (32,896 ) 23,220 Preferred stock dividends (138 ) (138 ) (414 ) (414 ) (Loss) income applicable to common stockholders $ (23,664 ) $ (1,117 ) $ (33,310 ) $ 22,806 Basic (loss) income per common share after preferred dividends $ (0.04 ) $ — $ (0.06 ) $ 0.04 Weighted average number of common shares outstanding – basic 554,531 536,966 544,000 535,542 Weighted average number of common shares outstanding – diluted 554,531 536,966 544,000 541,769 HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) Quarter Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 OPERATING ACTIVITIES Net (loss) income $ (23,526 ) $ (979 ) $ (32,896 ) $ 23,220 Non-cash elements included in net (loss) income Depreciation, depletion and amortization 33,087 46,939 106,743 139,800 Write-down of inventory 1,405 93 2,159 6,524 Fair value adjustments, net 17,671 (13,192 ) 3,486 (7,978 ) Provision for reclamation and closure costs 1,518 1,638 4,789 7,821 Stock compensation 1,773 1,472 4,298 4,774 Deferred income taxes (16,538 ) (10,141 ) (17,828 ) (17,886 ) Foreign exchange loss (gain) (4,911 ) (3,842 ) (8,353 ) 615 Other non-cash items, net 1,472 98 2,454 1,167 Change in assets and liabilities: Accounts receivable 15,589 5,634 34,788 (3,798 ) Inventories (11,120 ) 16,653 (19,472 ) 22,372 Other current and non-current assets (2,526 ) (2,475 ) (3,420 ) 1,650 Accounts payable, accrued and other current liabilities (38,827 ) (8,200 ) (21,708 ) (14,689 ) Accrued payroll and related benefits 1,401 3,522 1,679 (1,829 ) Accrued taxes 3,031 3,729 (2,652 ) 2,730 Accrued reclamation and closure costs and other non-current liabilities (3,821 ) 1,793 (297 ) 2,489 Cash provided by operating activities (24,322 ) 42,742 53,770 166,982 INVESTING ACTIVITIES Additions to properties, plants, equipment and mineral interests (37,430 ) (26,899 ) (93,237 ) (80,210 ) Proceeds from sale of investments 6,888 — 9,375 — Proceeds from disposition of properties, plants and equipment 18 431 748 562 Purchases of investments (8,641 ) — (30,540 ) — Proceeds from exchange of investments — 1,811 — 1,811 Purchase of carbon credits — (200 ) — (200 ) Acquisition, net 8,952 — 8,952 — Pre-acquisition advance to Alexco (25,000 ) — (25,000 ) — Changes in restricted cash and investment balances 2,011 — 2,011 — Net cash used in investing activities (53,202 ) (24,857 ) (127,691 ) (78,037 ) FINANCING ACTIVITIES Draw on revolving credit facility 25,000 — 25,000 — Proceeds from issuance of stock, net of related costs 4,542 — 4,542 — Acquisition of treasury shares — — (3,677 ) (4,525 ) Dividends paid to common and preferred stockholders (3,522 ) (6,178 ) (10,549 ) (17,169 ) Credit facility fees paid (443 ) (26 ) (517 ) (108 ) Repayments of finance leases (1,889 ) (1,828 ) (5,222 ) (5,598 ) Net cash used in financing activities 23,688 (8,032 ) 9,577 (27,400 ) Effect of exchange rates on cash 517 (443 ) (804 ) (471 ) Net increase (decrease) in cash, cash equivalents and restricted cash (53,319 ) 9,410 (65,148 ) 61,074 Cash, cash equivalents and restricted cash at beginning of period 199,234 $ 182,547 211,063 130,883 Cash, cash equivalents and restricted cash at end of period $ 145,915 $ 191,957 $ 145,915 $ 191,957 Supplemental disclosure of cash flow information: Cash paid for interest $ 18,430 $ 18,674 $ 37,179 $ 37,173 Cash paid for income and mining taxes, net $ 1,173 $ 830 $ 13,061 $ 10,299 HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) September 30, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 144,669 $ 210,010 Accounts receivable: Trade 12,477 36,437 Other, net 12,846 8,149 Inventories 92,005 67,765 Derivative assets 7,190 2,709 Other current assets 14,733 16,557 Total current assets 283,920 341,627 Investments 13,299 10,844 Restricted cash 1,246 1,053 Properties, plants, equipment and mineral interests, net 2,553,974 2,310,810 Operating lease right-of-use asset 11,632 12,435 Deferred income taxes 45,562 45,562 Derivative assets 20,794 2,503 Other non-current assets 4,202 3,974 Total assets $ 2,934,629 $ 2,728,808 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 87,850 $ 68,100 Accrued payroll and related benefits 26,385 28,714 Accrued taxes 7,344 12,306 Finance and operating leases 12,489 8,098 Derivative liabilities 5,774 19,353 Other current liabilities 10,949 14,553 Accrued reclamation and closure costs 10,594 9,259 Total current liabilities 161,385 160,383 Finance and operating leases 20,242 17,726 Accrued reclamation and closure costs 105,717 103,972 Long-term debt 530,745 508,095 Deferred tax liability 154,225 149,706 Derivative liabilities 5,560 18,528 Other non-current liabilities 1,987 9,611 Total liabilities 979,861 968,021 STOCKHOLDERS’ EQUITY Preferred stock 39 39 Common stock 150,839 136,391 Capital surplus 2,241,649 2,034,485 Accumulated deficit (397,096 ) (353,651 ) Accumulated other comprehensive income (loss) (8,965 ) (28,456 ) Treasury stock (31,698 ) (28,021 ) Total stockholders’ equity 1,954,768 1,760,787 Total liabilities and stockholders’ equity $ 2,934,629 $ 2,728,808 Common shares outstanding 603,702 545,535 Non-GAAP Measures (Unaudited) Reconciliation of Cost of Sales (GAAP) 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 cost of sales and other direct production costs and depreciation, depletion and amortization to the non-GAAP measures of Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits and AISC, After By-product Credits for our operations at the Greens Creek , Lucky Friday, Casa Berardi and Nevada Operations units for the nine month periods ended September 30, 2022 and 2021 and the three month periods ended September 30, June 30 and March 31, 2022. 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 we report 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 we utilize to measure each mine's operating performance. AISC, After By-product Credits, per Ounce is an important operating statistic that we utilize as a measures of our mines' net cash flow after costs for exploration, pre-development, reclamation, and sustaining capital. 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, and aggregating Casa Berardi and Nevada Operations for comparison to other gold 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 on-site exploration, reclamation, and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense, reclamation, exploration, and pre-development. 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. 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. We also use these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective. The Casa Berardi, Nevada Operations and combined gold properties 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, its primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi and Nevada Operations. 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 and Nevada Operations units 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 and Nevada Operations. Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other(2) Total Silver Total cost of sales $ 52,502 $ 24,164 — $ 76,666 $ 60,506 $ 30,348 — $ 90,854 $ 162,644 $ 83,779 — $ 246,423 $ 163,861 $ 74,287 $ 95 $ 238,243 Depreciation, depletion and amortization (10,305 ) (7,261 ) — (17,566 ) (13,629 ) (8,862 ) — (22,491 ) (35,354 ) (24,155 ) — (59,509 ) (42,410 ) (20,328 ) — (62,738 ) Treatment costs 9,477 4,791 — 14,268 8,778 4,803 — 13,581 27,369 13,271 — 40,640 27,444 13,087 — 40,531 Change in product inventory 4,464 3,022 — 7,486 (1,102 ) 503 — (599 ) 9,899 2,620 — 12,519 (156 ) (1,757 ) — (1,913 ) Reclamation and other costs (118 ) (152 ) — (270 ) (1,005 ) (256 ) — (1,261 ) (1,988 ) (769 ) — (2,757 ) (1,777 ) (840 ) (95 ) (2,712 ) Cash Cost, Before By-product Credits (1) 56,020 24,564 — 80,584 53,548 26,536 — 80,084 162,570 74,746 — 237,316 146,962 64,449 — 211,411 Reclamation and other costs 705 282 — 987 705 282 — 987 2,115 846 — 2,961 2,543 792 — 3,335 Exploration 3,776 — 722 4,498 929 — 769 1,698 4,870 — 2,207 7,077 3,895 — 1,359 5,254 Sustaining capital 10,219 11,264 187 21,670 14,668 8,110 99 22,877 30,843 24,937 334 56,114 17,459 19,104 — 36,563 General and administrative — — 11,003 11,003 — — 9,692 9,692 — — 28,989 28,989 — — 27,985 27,985 AISC, Before By-product Credits (1) 70,720 36,110 11,912 118,742 69,850 34,928 10,560 115,338 200,398 100,529 31,530 332,457 170,859 84,345 29,344 284,548 By-product credits: Zinc (26,244 ) (7,155 ) — (33,399 ) (32,828 ) (8,227 ) — (41,055 ) (87,723 ) (21,358 ) — (109,081 ) (74,571 ) (14,457 ) — (89,028 ) Gold (17,019 ) — — (17,019 ) (20,364 ) — — (20,364 ) (55,966 ) — — (55,966 ) (56,299 ) — — (56,299 ) Lead (6,212 ) (11,796 ) — (18,008 ) (8,271 ) (14,543 ) — (22,814 ) (22,449 ) (38,175 ) — (60,624 ) (23,265 ) (30,762 ) — (54,027 ) Total By-product credits (49,475 ) (18,951 ) — (68,426 ) (61,463 ) (22,770 ) — (84,233 ) (166,138 ) (59,533 ) — (225,671 ) (154,135 ) (45,219 ) — (199,354 ) Cash Cost, After By-product Credits $ 6,545 $ 5,613 $ — $ 12,158 $ (7,915 ) $ 3,766 $ — $ (4,149 ) $ (3,568 ) $ 15,213 $ — $ 11,645 $ (7,173 ) $ 19,230 $ — $ 12,057 AISC, After By-product Credits $ 21,245 $ 17,159 $ 11,912 $ 50,316 $ 8,387 $ 12,158 $ 10,560 $ 31,105 $ 34,260 $ 40,996 $ 31,530 $ 106,786 $ 16,724 $ 39,126 $ 29,344 $ 85,194 Divided by ounces produced 2,469 1,075 3,544 2,410 1,226 3,636 7,309 3,189 10,498 6,981 1,777 2,609 9,590 Cash Cost, Before By-product Credits, per Silver Ounce $ 22.69 $ 22.87 $ 22.74 $ 22.21 $ 21.65 $ 22.03 $ 22.24 $ 23.44 $ 22.61 $ 21.05 $ 24.70 $ 22.05 By-product credits per ounce (20.04 ) (17.64 ) (19.31 ) (25.50 ) (18.58 ) (23.17 ) (22.73 ) (18.67 ) (21.50 ) (22.08 ) (17.33 ) (20.79 ) Cash Cost, After By-product Credits, per Silver Ounce $ 2.65 $ 5.23 $ 3.43 $ (3.29 ) $ 3.07 $ (1.14 ) $ (0.49 ) $ 4.77 $ 1.11 $ (1.03 ) $ 7.37 $ 1.26 AISC, Before By-product Credits, per Silver Ounce $ 28.65 $ 33.62 $ 33.51 $ 28.98 $ 28.49 $ 31.72 $ 27.42 $ 31.53 $ 31.67 $ 24.48 $ 32.33 $ 29.67 By-product credits per ounce (20.04 ) (17.64 ) (19.31 ) (25.50 ) (18.58 ) (23.17 ) (22.73 ) (18.67 ) (21.50 ) (22.08 ) (17.33 ) (20.79 ) AISC, After By-product Credits, per Silver Ounce $ 8.61 $ 15.98 $ 14.20 $ 3.48 $ 9.91 $ 8.55 $ 4.69 $ 12.86 $ 10.17 $ 2.40 $ 15.00 $ 8.88 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Casa Berardi Total Gold Casa Berardi Total Gold Casa Berardi Total Gold Casa Berardi Nevada Operations(3) Corporate(3) Total Gold Total cost of sales $ 59,532 $ 59,532 $ 61,870 $ 61,870 $ 183,570 $ 183,570 $ 172,760 $ 46,832 — $ 219,592 Depreciation, depletion and amortization (15,089 ) (15,089 ) (15,459 ) (15,459 ) (46,394 ) (46,394 ) (61,159 ) (15,021 ) — (76,180 ) Treatment costs 429 429 457 457 1,345 1,345 1,723 1,731 — 3,454 Change in product inventory 420 420 (793 ) (793 ) (936 ) (936 ) (2,401 ) (9,951 ) — (12,352 ) Reclamation and other costs (203 ) (203 ) (209 ) (209 ) (623 ) (623 ) (632 ) 299 — (333 ) Exclusion of Nevada Operations costs — — — — — — — — — Cash Cost, Before By-product Credits (1) 45,089 45,089 45,866 45,866 136,962 136,962 110,291 23,890 — 134,181 Reclamation and other costs 204 204 209 209 623 623 632 681 — 1,313 Sustaining Exploration 2,314 2,314 1,178 1,178 4,886 4,886 3,551 — — 3,551 Sustaining capital 10,457 10,457 7,597 7,597 25,587 25,587 21,030 195 — 21,225 AISC, Before By-product Credits (1) 58,064 58,064 54,850 54,850 168,058 168,058 135,504 24,766 — 160,270 By-product credits: — Silver $ (131 ) (131 ) $ (188 ) (188 ) (485 ) (485 ) (656 ) (1,131 ) — (1,787 ) Total By-product credits (131 ) (131 ) (188 ) (188 ) (485 ) (485 ) (656 ) (1,131 ) — (1,787 ) Cash Cost, After By-product Credits $ 44,958 $ 44,958 $ 45,678 $ 45,678 $ 136,477 $ 136,477 $ 109,635 $ 22,759 $ — $ 132,394 AISC, After By-product Credits $ 57,933 $ 57,933 $ 54,662 $ 54,662 $ 167,573 $ 167,573 $ 134,848 $ 23,635 $ — $ 158,483 Divided by gold ounces produced 33 33 33 33 97 97 97 20 117 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,353 $ 1,353 $ 1,377 $ 1,377 $ 1,415 $ 1,415 $ 1,134 $ 1,180 $ 1,142 By-product credits per ounce (4 ) (4 ) (6 ) (6 ) (6 ) (6 ) (7 ) (56 ) (15 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,349 $ 1,349 $ 1,371 $ 1,371 $ 1,409 $ 1,409 $ 1,127 $ 1,124 $ 1,127 AISC, Before By-product Credits, per Gold Ounce $ 1,742 $ 1,742 $ 1,647 $ 1,647 $ 1,735 $ 1,735 $ 1,394 $ 1,223 $ 1,364 By-product credits per ounce (4 ) (4 ) (6 ) (6 ) (6 ) (6 ) (7 ) (56 ) (15 ) AISC, After By-product Credits, per Gold Ounce $ 1,738 $ 1,738 $ 1,641 $ 1,641 $ 1,729 $ 1,729 $ 1,387 $ 1,167 $ 1,349 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 76,666 $ 59,532 $ 136,198 $ 90,854 $ 61,870 $ 152,724 $ 246,423 $ 183,570 $ 429,993 $ 238,243 $ 219,592 $ 457,835 Depreciation, depletion and amortization (17,566 ) (15,089 ) (32,655 ) (22,491 ) (15,459 ) (37,950 ) (59,509 ) (46,394 ) (105,903 ) (62,738 ) (76,180 ) (138,918 ) Treatment costs 14,268 429 14,697 13,581 457 14,038 40,640 1,345 41,985 40,531 3,454 43,985 Change in product inventory 7,486 420 7,906 (599 ) (793 ) (1,392 ) 12,519 (936 ) 11,583 (1,913 ) (12,352 ) (14,265 ) Reclamation and other costs (270 ) (203 ) (473 ) (1,261 ) (209 ) (1,470 ) (2,757 ) (623 ) (3,380 ) (2,712 ) (333 ) (3,045 ) Cash Cost, Before By-product Credits (1) 80,584 45,089 125,673 80,084 45,866 125,950 237,316 136,962 374,278 211,411 134,181 $ 345,592 Reclamation and other costs 987 204 1,191 987 209 1,196 2,961 623 3,584 3,335 1,313 4,648 Exploration 4,498 2,314 6,812 1,698 1,178 2,876 7,077 4,886 11,963 5,254 3,551 8,805 Sustaining capital 21,670 10,457 32,127 22,877 7,597 30,474 56,114 25,587 81,701 36,563 21,225 57,788 General and administrative 11,003 — 11,003 9,692 — 9,692 28,989 — 28,989 27,985 — 27,985 AISC, Before By-product Credits (1) 118,742 58,064 176,806 115,338 54,850 170,188 332,457 168,058 500,515 284,548 160,270 $ 444,818 By-product credits: Zinc (33,399 ) — (33,399 ) (41,055 ) — (41,055 ) (109,081 ) — (109,081 ) (89,028 ) — (89,028 ) Gold (17,019 ) — (17,019 ) (20,364 ) — (20,364 ) (55,966 ) — (55,966 ) (56,299 ) — (56,299 ) Lead (18,008 ) — (18,008 ) (22,814 ) — (22,814 ) (60,624 ) — (60,624 ) (54,027 ) — (54,027 ) Silver — (131 ) (131 ) — (188 ) (188 ) — (485 ) (485 ) — (1,787 ) (1,787 ) Total By-product credits (68,426 ) (131 ) (68,557 ) (84,233 ) (188 ) (84,421 ) (225,671 ) (485 ) (226,156 ) (199,354 ) (1,787 ) (201,141 ) Cash Cost, After By-product Credits $ 12,158 $ 44,958 $ 57,116 $ (4,149 ) $ 45,678 $ 41,529 $ 11,645 $ 136,477 $ 148,122 $ 12,057 $ 132,394 $ 144,451 AISC, After By-product Credits $ 50,316 $ 57,933 $ 108,249 $ 31,105 $ 54,662 $ 85,767 $ 106,786 $ 167,573 $ 274,359 $ 85,194 $ 158,483 $ 243,677 Divided by ounces produced 3,544 33 3,636 33 10,498 97 9,590 117 Cash Cost, Before By-product Credits, per Ounce $ 22.74 $ 1,353 $ 22.03 $ 1,377 $ 22.61 $ 1,415 $ 22.05 $ 1,142 By-product credits per ounce (19.31 ) (4 ) (23.17 ) (6 ) (21.50 ) (6 ) (20.79 ) (15 ) Cash Cost, After By-product Credits, per Ounce $ 3.43 $ 1,349 $ (1.14 ) $ 1,371 $ 1.11 $ 1,409 $ 1.26 $ 1,127 AISC, Before By-product Credits, per Ounce $ 33.51 $ 1,742 $ 31.72 $ 1,647 $ 31.67 $ 1,735 $ 29.67 $ 1,364 By-product credits per ounce (19.31 ) (4 ) (23.17 ) (6 ) (21.50 ) (6 ) (20.79 ) (15 ) AISC, After By-product Credits, per Ounce $ 14.20 $ 1,738 $ 8.55 $ 1,641 $ 10.17 $ 1,729 $ 8.88 $ 1,349 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday(2) Other(3) Total Silver Greens Creek Lucky Friday Other(3) Total Silver Total cost of sales $ 49,638 $ 29,264 — $ 78,902 $ 49,252 $ 23,251 $ 152 $ 72,655 $ 55,193 $ 23,591 $ — $ 78,784 Depreciation, depletion and amortization (11,420 ) (8,032 ) — (19,452 ) (6,300 ) (6,518 ) (152 ) (12,970 ) (13,097 ) (6,590 ) — (19,687 ) Treatment costs 9,096 3,677 — 12,773 8,655 3,636 — 12,291 7,979 3,427 — 11,406 Change in product inventory 6,538 (905 ) — 5,633 236 1,351 — 1,587 (122 ) (68 ) — (190 ) Reclamation and other costs (5) (850 ) (361 ) — (1,211 ) (1,689 ) (199 ) — (1,888 ) (786 ) (281 ) — (1,067 ) Cash Cost, Before By-product Credits (1) 53,002 23,643 — 76,645 50,154 21,521 — 71,675 49,167 20,079 — 69,246 Reclamation and other costs 705 282 — 987 847 264 — 1,111 848 264 — 1,112 Exploration 165 — 716 881 696 — 867 1,563 2,472 — 474 2,946 Sustaining capital 5,956 5,562 48 11,566 10,123 7,413 172 17,708 6,228 8,406 — 14,634 General and administrative (5) — — 8,294 8,294 — — 6,585 6,585 — — 8,874 8,874 AISC, Before By-product Credits (1) 59,828 29,487 9,058 98,373 61,820 29,198 7,624 98,642 58,715 28,749 9,348 96,812 By-product credits: Zinc (28,651 ) (5,977 ) — (34,628 ) (25,643 ) (5,022 ) (30,665 ) (25,295 ) (4,611 ) (29,906 ) Gold (18,583 ) — — (18,583 ) (15,712 ) — (15,712 ) (14,864 ) — (14,864 ) Lead (7,966 ) (11,836 ) — (19,802 ) (7,657 ) (12,204 ) (19,861 ) (7,640 ) (10,188 ) (17,828 ) Total By-product credits (55,200 ) (17,813 ) — (73,013 ) (49,012 ) (17,226 ) — (66,238 ) (47,799 ) (14,799 ) — (62,598 ) Cash Cost, After By-product Credits $ (2,198 ) $ 5,830 $ — $ 3,632 $ 1,142 $ 4,295 $ — $ 5,437 $ 1,368 $ 5,280 $ — $ 6,648 AISC, After By-product Credits $ 4,628 $ 11,674 $ 9,058 $ 25,360 $ 12,808 $ 11,972 $ 7,624 $ 32,404 $ 10,916 $ 13,950 $ 9,348 $ 34,214 Divided by ounces produced 2,430 888 3,318 2,262 955 3,217 1,837 832 2,669 Cash Cost, Before By-product Credits, per Silver Ounce $ 21.82 $ 26.63 $ 23.10 $ 22.18 $ 22.54 $ 22.28 $ 26.76 $ 24.14 $ 25.93 By-product credits per ounce (22.72 ) (20.06 ) (22.01 ) (21.68 ) (18.04 ) (20.59 ) (26.02 ) (17.79 ) (23.44 ) Cash Cost, After By-product Credits, per Silver Ounce $ (0.90 ) $ 6.57 $ 1.09 $ 0.50 $ 4.50 $ 1.69 $ 0.74 $ 6.35 $ 2.49 AISC, Before By-product Credits, per Silver Ounce $ 24.62 $ 33.21 $ 29.65 $ 27.34 $ 30.58 $ 30.67 $ 31.96 $ 34.58 $ 36.26 By-product credits per ounce (22.72 ) (20.06 ) (22.01 ) (21.68 ) (18.04 ) (20.59 ) (26.02 ) (17.79 ) (23.44 ) AISC, After By-product Credits, per Silver Ounce $ 1.90 $ 13.15 $ 7.64 $ 5.66 $ 12.54 $ 10.08 $ 5.94 $ 16.79 $ 12.82 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Casa Berardi Total Gold Casa Berardi Nevada Operations(4) Total Gold Casa Berardi Nevada Operations(4) Corporate(3) Total Gold Total cost of sales $ 62,168 $ 62,168 $ 57,069 $ 2,113 $ 59,182 $ 58,164 $ 21,384 $ 79,548 Depreciation, depletion and amortization (15,846 ) (15,846 ) (19,585 ) (320 ) (19,905 ) (19,968 ) (6,135 ) (26,103 ) Treatment costs 458 458 423 — 423 475 1 476 Change in product inventory (563 ) (563 ) 4,839 (956 ) 3,883 (3,369 ) (12,389 ) (15,758 ) Reclamation and other costs (5) (210 ) (210 ) (208 ) 1 (207 ) (210 ) — (210 ) Cash Cost, Before By-product Credits (1) 46,007 46,007 42,538 838 43,376 35,092 2,861 37,953 Reclamation and other costs 210 210 209 327 536 209 327 536 Exploration 1,394 1,394 1,775 — 1,775 1,541 — 1,541 Sustaining capital 7,281 7,281 10,459 316 10,775 7,208 29 7,237 AISC, Before By-product Credits (1) 54,892 54,892 54,981 1,481 56,462 44,050 3,217 47,267 By-product credits: Silver (166 ) (166 ) (183 ) (21 ) (204 ) (169 ) (6 ) (175 ) Total By-product credits $ (166 ) $ (166 ) (183 ) (21 ) (204 ) (169 ) (6 ) (175 ) Cash Cost, After By-product Credits $ 45,841 $ 45,841 $ 42,355 $ 817 $ 43,172 $ 34,923 $ 2,855 $ 37,778 AISC, After By-product Credits $ 54,726 $ 54,726 $ 54,798 $ 1,460 $ 56,258 $ 43,881 $ 3,211 $ 47,092 Divided by gold ounces produced 30 30 37 — 37 30 3 33 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,521 $ 1,521 $ 1,142 $ 1,737 $ 1,148 $ 1,181 $ 1,040 $ 1,168 By-product credits per ounce (5 ) (5 ) (5 ) (44 ) (5 ) (6 ) (2 ) (5 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,516 $ 1,516 $ 1,137 $ 1,693 $ 1,143 $ 1,175 $ 1,038 $ 1,163 AISC, Before By-product Credits, per Gold Ounce $ 1,815 $ 1,815 $ 1,475 $ 3,073 $ 1,499 $ 1,482 $ 1,169 $ 1,455 By-product credits per ounce (5 ) (5 ) (5 ) (44 ) (5 ) (6 ) (2 ) (5 ) AISC, After By-product Credits, per Gold Ounce $ 1,810 $ 1,810 $ 1,470 $ 3,029 $ 1,494 $ 1,476 $ 1,167 $ 1,450 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Corporate(3) Total Cost of sales and other direct production costs and depreciation, depletion and amortization $ 78,902 $ 62,168 $ 141,070 $ 72,655 $ 59,182 $ 131,837 $ 78,784 $ 79,548 $ 158,332 Depreciation, depletion and amortization (19,452 ) (15,846 ) (35,298 ) (12,970 ) (19,905 ) (32,875 ) (19,687 ) (26,103 ) (45,790 ) Treatment costs 12,773 458 13,231 12,291 423 12,714 11,406 476 11,882 Change in product inventory 5,633 (563 ) 5,070 1,587 3,883 5,470 (190 ) (15,758 ) (15,948 ) Reclamation and other costs (1,211 ) (210 ) (1,421 ) (1,888 ) (207 ) (2,095 ) (1,067 ) (210 ) (1,277 ) Cash Cost, Before By-product Credits (1) 76,645 46,007 122,652 71,675 43,376 115,051 69,246 37,953 107,199 Reclamation and other costs 987 210 1,197 1,111 536 1,647 1,112 536 1,648 Exploration 881 1,394 2,275 1,563 1,775 3,338 2,946 1,541 4,487 Sustaining capital 11,566 7,281 18,847 17,708 10,775 28,483 14,634 7,237 21,871 General and administrative 8,294 — 8,294 6,585 — 6,585 8,874 — 8,874 AISC, Before By-product Credits (1) 98,373 54,892 153,265 98,642 56,462 155,104 96,812 47,267 144,079 By-product credits: Zinc (34,628 ) — (34,628 ) (30,665 ) — (30,665 ) (29,906 ) — (29,906 ) Gold (18,583 ) — (18,583 ) (15,712 ) — (15,712 ) (14,864 ) — (14,864 ) Lead (19,802 ) — (19,802 ) (19,861 ) — (19,861 ) (17,828 ) — (17,828 ) Silver — (166 ) (166 ) — (204 ) (204 ) — (175 ) (175 ) Total By-product credits (73,013 ) (166 ) (73,179 ) (66,238 ) (204 ) (66,442 ) (62,598 ) (175 ) (62,773 ) Cash Cost, After By-product Credits $ 3,632 $ 45,841 $ 49,473 $ 5,437 $ 43,172 $ 48,609 $ 6,648 $ 37,778 $ 44,426 AISC, After By-product Credits $ 25,360 $ 54,726 $ 80,086 $ 32,404 $ 56,258 $ 88,662 $ 34,214 $ 47,092 $ 81,306 Divided by ounces produced 3,318 30 3,217 37 2,669 33 Cash Cost, Before By-product Credits, per Ounce $ 23.10 $ 1,521 $ 22.28 $ 1,148 $ 25.93 1,168 By-product credits per ounce (22.01 ) (5 ) (20.59 ) (5 ) (23.44 ) (5 ) Cash Cost, After By-product Credits, per Ounce $ 1.09 $ 1,516 $ 1.69 $ 1,143 $ 2.49 $ 1,163 AISC, Before By-product Credits, per Ounce $ 29.65 $ 1,815 $ 30.67 $ 1,499 $ 36.26 $ 1,455 By-product credits per ounce (22.01 ) (5 ) (20.59 ) (5 ) (23.44 ) (5 ) AISC, After By-product Credits, per Ounce $ 7.64 $ 1,810 $ 10.08 $ 1,494 $ 12.82 $ 1,450 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, royalties, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes on-site exploration, reclamation, and sustaining capital costs. Mining at San Sebastian was completed in the third quarter of 2020, and milling was completed in the fourth quarter of 2020. Care and maintenance costs at San Sebastian totaling $1.5 million and $2.0 million for the first nine months of 2022 and 2021 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, exploration and sustaining capital. Production was suspended at the Hollister and Midas mines and Aurora mill in the latter part of 2019. Care and maintenance at Nevada Operations totaling $4.2 million and $6.3 million for the third quarter of 2022 and 2021, respectively, ($14.6 million and $15.0 million for the first nine months of 2022 and 2021) are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, 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 (Loss) Income Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Stockholders (non-GAAP) This release refers to a non-GAAP measure of adjusted net income (loss) applicable to common stockholders and adjusted net income (loss) per share, which are indicators of our performance. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance. Dollars are in thousands Q3 -2022 Q2 -2022 Q1-2022 Q4 -2021 Q3 -2021 YTD - 2022 YTD-2021 Net (loss) income applicable to common stockholders (GAAP) (23,664 ) (13,661 ) $ 4,015 11,737 (1,117 ) $ (33,310 ) 22,806 Adjusted for items below: — Derivative contracts losses (gains) (873 ) 689 204 25,840 (16,053 ) 20 (13,937 ) Provisional pricing losses (gains) 6,625 15,807 (968 ) (5,648 ) (72 ) 21,464 (3,701 ) Unrealized losses (gains) on equity investments 5,110 15,739 (6,100 ) (2,822 ) 2,861 14,749 5,959 Environmental accruals — 14 — — 14 2,882 Foreign exchange (gain) loss (5,667 ) (4,482 ) 2,038 (393 ) (3,995 ) (8,111 ) (24 ) Care and maintenance costs 5,092 5,242 6,205 5,998 6,910 16,539 17,014 Loss (gain)on disposition of properties, plants, equipment and mineral interests 19 5 (8 ) 326 (390 ) 16 (239 ) Adjustments of inventory to net realizable value 1,405 754 — — 93 2,159 6,524 Adjusted income (loss) applicable to common stockholders $ (11,953 ) $ 20,093 $ 5,400 $ 35,038 $ (11,763 ) $ 13,540 $ 37,284 Weighted average shares - basic 554,531 539,401 538,490 538,124 536,966 544,000 535,542 Weighted average shares - diluted 554,531 539,401 544,061 543,134 536,966 544,000 541,769 Basic adjusted net income (loss) per common stock (in cents) (0.02 ) 0.04 0.01 0.07 (0.02 ) 0.02 0.07 Diluted adjusted net income (loss) per common stock (in cents) (0.02 ) 0.04 0.01 0.06 (0.02 ) 0.02 0.07 Reconciliation of Net Income (Loss) (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 (loss) before the following items: interest expense, income tax provision, depreciation, depletion, and amortization expense, acquisition costs, foreign exchange gains and losses, gains and losses on derivative contracts, ramp-up and suspension costs, provisional price gains and losses, stock-based compensation, unrealized losses and gains on investments, provisions for closed operations, and interest and other income (expense). Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, revolving credit facility and finance leases, less the total of our cash and cash equivalents. 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 loss and debt to Adjusted EBITDA and net debt: Dollars are in thousands Q3 -2022 Q2 -2022 Q1-2022 Q4 -2021 Q3 -2021 LTM 9/30/2022 FY 2021 Net income (loss) (23,526 ) (13,523 ) $ 4,153 11,875 (979 ) (21,021 ) 35,095 Interest expense 10,874 10,505 10,406 10,461 10,469 42,246 41,945 Income and mining tax provision (benefit) (9,527 ) 254 5,631 (25,645 ) (4,533 ) (29,287 ) (29,569 ) Depreciation, depletion and amortization 32,992 38,072 35,298 32,875 45,790 139,237 171,793 Foreign exchange (gain) loss (5,667 ) (4,482 ) 2,038 (393 ) (3,995 ) (8,504 ) (417 ) Loss/(gain) on undesignated derivative contracts (873 ) 689 204 25,840 (16,053 ) 25,860 11,903 Care and maintenance costs 5,092 5,242 6,205 5,998 6,910 22,537 23,012 Provisional price losses ( gains) 6,625 15,807 (968 ) (5,648 ) (72 ) 15,816 (9,349 ) Loss (gain) on disposition of properties, plants, equipment and mineral interests 18 5 (8 ) 326 (390 ) 341 87 Stock-based compensation 1,773 1,254 1,271 1,307 1,472 5,605 6,081 Provision for closed operations and environmental matters 1,781 1,628 1,643 3,693 8,088 8,745 17,964 Unrealized loss (gain) on investments 5,114 15,739 (6,100 ) (2,822 ) 2,861 11,931 4,295 Adjustments of inventory to net realizable value 1,405 754 — — 93 2,159 6,524 Other 473 (1,470 ) (1,571 ) 382 (247 ) (2,186 ) (584 ) Adjusted EBITDA $ 26,554 $ 70,474 $ 58,202 58,249 49,414 $ 213,479 $ 278,780 Total debt 551,841 $ 521,483 Less: Cash and cash equivalents $ 144,669 $ 210,010 Net debt $ 407,172 $ 311,473 Net debt/LTM adjusted EBITDA (non-GAAP) 1.9 1.1 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 mineral interests. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash provided by operating activities $ (24,322 ) $ 42,742 $ 53,770 $ 166,982 Less: Additions to properties, plants equipment and mineral interests (37,430 ) (26,899 ) (93,237 ) (80,210 ) Free cash flow $ (61,752 ) $ 15,843 $ (39,467 ) $ 86,772 Table A - Assay Results - Q3 2022 Keno Hill, Yukon Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Silver (oz/ton) Gold (oz/ton) Zinc (%) Lead (%) Depth From Surface (feet) Coral-Wigwam K-22-0825 275/-73 1520.4 1533.6 7.3 101.5 0.00 0.1 0.1 -1291 Coral-Wigwam Including 1525.6 1526.1 0.3 2522.1 0.00 0.7 0.3 -1303 Aurora, Nevada Zone Drillhole Number Drillhole Azm/Incl Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Silver (oz/ton) Depth From Surface (feet) Martinez MAR-002 173 /-37 331.5 333.0 1.3 0.13 0.3 -184 Martinez MAR-002 173 /-37 353.1 360.0 6.0 0.22 1.1 -240 Martinez Including 353.1 356.0 2.5 0.50 1.9 -240 Martinez MAR-002 173 /-37 396.2 408.8 7.2 0.05 0.2 -308 Martinez Including 396.2 397.5 0.8 0.19 0.5 -308 Martinez MAR-002 173 /-37 416.8 454.2 31.1 0.40 1.8 -341 Martinez Including 416.8 418.0 0.9 0.30 2.8 -341 Martinez Including 423.1 433.5 6.7 1.26 4.4 -341 Martinez MAR-002 173 /-37 456.5 465.0 6.0 0.10 0.1 -364 Martinez Including 463.5 465.0 1.1 0.43 0.4 -364 Martinez MAR-002 173 /-37 488.9 570.2 70.4 0.05 0.3 -436 Martinez Including 491.3 498.0 5.8 0.12 0.6 -436 Martinez Including 508.9 510.3 1.0 0.19 2.0 -436 Martinez Including 518.7 523.1 3.8 0.17 0.7 -436 Martinez Including 533.8 535.5 1.6 0.12 0.9 -436 Chesco CHE-001 350 /-62 14.0 26.4 12.2 0.73 7.7 -25 Chesco Including 14.0 23.0 8.9 0.95 9.8 -25 Chesco CHE-001 350 /-62 28.3 29.5 1.2 0.15 2.4 -31 Chesco CHE-001 350 /-62 258.0 260.3 2.2 0.03 1.2 -231 Chesco CHE-002 13 /-39 163.5 163.9 0.4 0.13 0.3 -68 Chesco CHE-002 13 /-39 170.3 171.1 0.6 0.06 0.3 -69 Chesco CHE-002 13 /-39 176.4 177.5 0.8 0.26 1.4 -72 Chesco CHE-002 13 /-39 223.8 228.1 3.7 0.25 6.4 -95 Chesco Including 224.8 226.9 1.8 0.50 12.4 -95 Juniata JUN-001 000 /-45 246.8 261.9 14.9 0.43 1.9 -180 Juniata Including 249.7 257.8 8.0 0.76 3.5 -180 Republic, NW USA Zone Drillhole Number Drillhole Azm/Incl Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Silver (oz/ton) Depth From Surface (feet) Bellicose BT2209 330/-45 518.6 523.3 3.3 0.07 0.3 -330 Blacktail BT2209 330/-45 627.0 650.0 13.2 0.06 0.5 -420 Apex BT2210 330/-45 36.4 53.7 12.0 0.08 0.4 -32 Anchor BT2210 330/-45 125.3 132.0 2.3 0.29 0.7 -70 1470 BT2216 330/-45 321.6 332.0 9.3 0.57 1.8 -250 1470 Including 326.6 332.0 4.9 0.79 2.6 -253 1470 Splay BT2216 330/-45 350.0 353.0 2.1 1.18 4.3 -263 Tom Thumb TT2213 293/-45 610.1 619.6 8.6 0.37 2.3 -255 Tom Thumb Including 610.1 614.6 4.1 0.72 4.3 -255 Tom Thumb TT2214 150/-75 1848.3 1852.5 3.6 0.34 2.7 -1800 Greens Creek, Alaska Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Silver (oz/ton) Gold (oz/ton) Zinc (%) Lead (%) Depth From Mine Portal (feet) Southwest Bench GC5758 63 / -46 221.0 224.0 2.7 35.2 0.14 10.2 6.4 -916 Southwest Bench GC5758 63 / -46 231.0 241.0 9.7 15.7 0.06 6.1 4.4 -932 Southwest Bench GC5762 73 / -11 144.0 159.0 14.9 40.9 0.35 7.0 2.9 -779 Southwest Bench GC5762 73 / -11 190.3 193.6 2.8 59.8 0.19 3.2 2.2 -785 Southwest Bench GC5762 73 / -11 308.5 310.5 1.9 27.3 0.07 9.0 6.0 -803 Southwest Bench GC5767 100 / 41 170.0 185.0 14.9 20.0 0.20 4.5 1.7 -628 Southwest Bench GC5771 91 / 20 199.0 201.5 2.4 12.8 0.04 2.3 1.3 -685 Southwest Bench GC5771 91 / 20 209.0 210.0 0.8 19.1 0.02 7.9 4.6 -681 Southwest Bench GC5787 112 / -38 103.6 124.7 10.5 74.3 0.52 5.7 2.9 -871 Southwest Bench GC5792 213 / -74 52.0 53.0 0.5 29.3 0.11 15.5 8.8 -815 Southwest Bench GC5793 63 / -71 94.5 96.0 1.4 11.5 0.04 6.2 2.6 -851 Southwest Bench GC5793 63 / -71 98.0 100.0 1.9 51.7 0.05 4.6 3.1 -856 Southwest Bench GC5793 63 / -71 107.0 113.0 5.4 16.3 0.09 10.3 7.4 -868 Southwest Bench GC5793 63 / -71 119.0 137.5 17.7 22.3 0.09 9.1 6.0 -891 Southwest Bench GC5797 63 / -51 125.4 131.5 4.8 18.1 0.06 5.1 3.0 -883 Southwest Bench GC5799 63 / -37 174.6 182.7 5.2 10.1 0.07 1.9 1.0 -872 Southwest Bench GC5801 63 / -26 218.5 219.5 1.0 11.7 0.03 12.4 7.2 -858 Southwest Bench GC5803 63 / -5 219.0 241.0 20.1 25.7 0.15 6.4 3.1 -785 Southwest Bench GC5806 63 / 25 128.6 138.9 8.8 6.3 0.08 2.2 1.1 -697 Southwest Bench GC5806 63 / 25 165.1 170.5 4.9 11.1 0.05 6.4 3.0 -684 Southwest Bench GC5806 63 / 25 189.6 198.0 8.0 11.9 0.06 1.8 1.1 -674 Southwest Bench GC5808 63 / 44 122.1 129.9 5.6 1.2 0.01 10.7 4.9 -660 Southwest Bench GC5808 63 / 44 168.0 186.0 13.3 23.4 0.14 7.5 3.4 -624 Southwest Bench GC5810 85 / 43 180.5 194.0 13.4 7.5 0.06 3.5 1.7 -620 Southwest Bench GC5813 83 / 27 166.5 175.0 8.5 23.4 0.11 2.1 1.0 -616 Southwest Bench GC5816 101 / 25 202.5 205.5 3.0 12.3 0.14 2.0 0.9 -670 Southwest Bench GC5817 22 / 36 245.0 250.0 4.9 11.7 0.02 0.8 0.4 -603 Southwest Bench GC5827 24 / -18 319.0 337.0 17.3 4.9 0.06 9.7 2.3 -857 Southwest Bench GC5827 24 / -18 346.0 351.7 5.6 43.0 0.08 1.7 0.8 -863 Southwest Bench GC5827 24 / -18 355.0 360.5 5.4 18.6 0.13 8.3 4.9 -864 Southwest Bench GC5827 24 / -18 413.0 414.0 1.0 12.8 0.03 6.8 2.8 -879 Southwest Bench GC5833 10 / -68 86.0 104.0 8.0 25.7 0.09 6.2 3.4 -855 Southwest Bench GC5833 10 / -68 152.5 165.5 9.5 21.9 0.11 6.2 3.2 -912 Southwest Bench GC5838 63 / -4 137.0 143.5 4.8 85.9 1.34 3.0 2.1 -737 Southwest Bench GC5841 85 / -22 129.0 140.0 10.6 15.4 0.05 7.7 4.9 -783 200 South GC5672 210 / -71 201.0 203.3 0.6 5.6 0.01 14.9 6.6 -1489 200 South GC5672 210 / -71 235.5 241.5 1.6 14.4 0.00 0.7 0.2 -1523 200 South GC5672 210 / -71 278.5 279.5 0.4 6.6 0.01 6.0 2.4 -1557 200 South GC5672 210 / -71 296.5 298.0 0.7 15.1 0.01 6.9 3.2 -1572 200 South GC5672 210 / -71 301.0 306.7 3.4 10.5 0.01 3.7 1.7 -1580 200 South GC5672 210 / -71 318.0 319.0 0.8 16.1 0.01 0.4 0.2 -1591 200 South GC5672 210 / -71 502.0 505.0 2.9 20.0 0.01 0.3 0.2 -1761 200 South GC5672 210 / -71 699.5 700.7 1.0 31.4 0.01 0.4 0.2 -1941 200 South GC5672 210 / -71 716.0 722.7 5.3 21.3 0.02 0.5 0.3 -1963 200 South GC5672 210 / -71 728.5 731.0 2.0 11.3 0.07 0.5 0.3 -1971 200 South GC5672 210 / -71 756.0 760.0 3.8 3.0 0.31 0.2 0.1 -1995 200 South GC5681 184 / -80 168.9 180.7 11.8 33.1 0.02 4.1 1.9 -1481 200 South GC5681 184 / -80 193.0 196.4 3.4 13.0 0.01 0.3 0.1 -1515 200 South GC5681 184 / -80 206.0 265.3 44.7 18.5 0.02 2.6 1.1 -1551 200 South GC5681 184 / -80 276.0 279.9 0.9 10.3 0.02 4.5 2.0 -1563 200 South GC5681 184 / -80 472.2 486.9 13.6 14.2 0.02 1.3 0.7 -1767 200 South GC5681 184 / -80 492.6 506.9 13.6 23.8 0.02 0.8 0.3 -1777 200 South GC5681 184 / -80 513.5 516.9 3.2 11.7 0.01 1.0 0.4 -1785 200 South GC5681 184 / -80 649.2 651.2 2.0 0.8 0.22 0.0 0.0 -1926 200 South GC5681 184 / -80 664.3 678.0 13.7 43.0 0.17 2.8 1.7 -1950 200 South GC5681 184 / -80 684.0 687.0 3.0 14.8 0.14 0.6 0.2 -1960 200 South GC5708 237 / -70 64.4 67.5 3.0 23.9 0.02 14.0 8.0 -1350 200 South GC5708 237 / -70 317.5 343.5 25.6 7.8 0.03 3.8 1.7 -1595 200 South GC5708 237 / -70 369.0 377.5 7.5 24.9 0.01 10.8 5.9 -1611 200 South GC5708 237 / -70 406.2 407.2 1.0 1.2 0.01 10.2 4.5 -1642 200 South GC5708 237 / -70 413.5 415.1 1.1 1.3 0.01 8.2 4.7 -1669 200 South GC5708 237 / -70 429.1 430.5 1.2 5.6 0.02 13.8 6.5 -1678 200 South GC5708 237 / -70 472.2 503.5 30.7 7.8 0.06 7.3 4.0 -1759 200 South GC5708 237 / -70 642.3 648.5 6.1 29.3 0.01 1.1 0.6 -1896 200 South GC5708 237 / -70 726.1 727.5 0.7 18.9 0.03 7.1 2.3 -1972 200 South GC5708 237 / -70 736.5 737.8 0.6 7.3 0.25 0.7 0.4 -1981 200 South GC5717 212 / -30 76.5 78.0 1.4 8.2 0.01 3.7 1.9 -1323 200 South GC5718 243 / -27 79.5 84.0 4.4 13.8 0.01 13.3 6.3 -1325 200 South GC5728 243 / -13 145.0 146.5 1.1 17.9 0.01 3.6 1.9 -1317 200 South GC5728 243 / -13 153.5 154.8 0.7 11.4 0.01 2.2 1.0 -1319 200 South GC5728 243 / -13 158.5 159.5 0.5 56.4 0.02 15.3 7.3 -1319 200 South GC5728 243 / -13 162.0 164.0 0.8 7.6 0.01 12.3 6.4 -1320 200 South GC5728 243 / -13 176.0 178.0 0.9 1.1 0.01 7.9 3.6 -1325 200 South GC5728 243 / -13 190.5 191.5 1.0 1.2 0.02 7.6 3.8 -1319 200 South GC5728 243 / -13 265.0 267.5 1.1 1.8 0.08 5.1 1.9 -1321 200 South GC5728 243 / -13 316.7 319.6 1.4 13.5 0.01 0.7 0.3 -1322 200 South GC5728 243 / -13 727.8 732.0 3.8 4.3 0.06 5.2 2.9 -1448 200 South GC5728 243 / -13 758.4 771.7 13.3 4.5 0.09 8.1 4.9 -1456 200 South GC5734 236 / -72 69.4 78.0 8.3 26.4 0.01 12.1 6.7 -1361 200 South GC5734 236 / -72 134.2 136.4 2.1 23.8 0.01 9.3 4.3 -1417 200 South GC5734 236 / -72 746.9 768.0 14.7 17.4 0.07 0.7 0.3 -2008 200 South GC5734 236 / -72 778.0 781.0 2.5 6.9 0.13 0.5 0.2 -2017 200 South GC5734 236 / -72 792.0 801.4 9.4 12.3 0.20 0.5 0.2 -2029 200 South GC5738 239 / -79 76.2 80.5 3.9 33.7 0.02 19.2 9.4 -1365 200 South GC5738 239 / -79 116.0 117.0 1.0 34.0 0.01 0.3 0.2 -1403 200 South GC5738 239 / -79 124.0 132.0 7.9 12.4 0.01 1.6 0.7 -1417 200 South GC5738 239 / -79 137.0 154.0 11.1 35.2 0.07 2.1 1.1 -1443 200 South GC5738 239 / -79 751.0 787.0 31.9 10.8 0.19 0.3 0.1 -2058 200 South GC5743 227 / -69 74.0 79.6 5.6 24.9 0.02 11.3 5.9 -1364 200 South GC5743 227 / -69 84.5 88.0 3.3 25.0 0.01 0.4 0.1 -1371 200 South GC5743 227 / -69 747.0 765.0 9.9 32.9 0.05 1.1 0.5 -1988 200 South GC5743 227 / -69 783.7 796.5 5.9 8.6 0.05 0.4 0.2 -2002 200 South GC5748 230 / -54 73.0 74.0 0.8 15.1 0.02 6.6 3.3 -1350 200 South GC5748 230 / -54 277.0 278.0 1.0 12.4 0.02 1.9 1.3 -1514 200 South GC5748 230 / -54 375.5 376.6 0.7 13.9 0.02 1.2 0.3 -1597 200 South GC5748 230 / -54 397.0 409.0 7.5 32.8 0.01 2.6 1.2 -1625 200 South GC5750 230 / -9 211.0 212.1 0.4 16.3 0.01 4.2 2.1 -1310 200 South GC5750 230 / -9 220.0 221.9 0.7 5.5 0.01 6.8 3.3 -1312 200 South GC5754 250 / -80 744.0 749.0 4.8 6.4 0.28 0.4 0.2 -2024 200 South GC5759 248 / -73 797.0 808.0 8.2 40.8 0.11 0.5 0.3 -2061 200 South GC5759 248 / -73 813.0 817.0 2.2 10.0 0.13 0.1 0.0 -2068 200 South GC5759 248 / -73 820.0 835.0 14.5 25.9 0.22 0.6 0.3 -2080 200 South GC5764 247 / -67 742.9 749.5 3.0 30.0 0.00 1.0 0.5 -1981 200 South GC5764 247 / -67 765.1 769.1 2.1 20.3 0.02 0.6 0.3 -1998 200 South GC5764 247 / -67 785.4 788.4 1.6 12.0 0.09 0.4 0.2 -2015 200 South GC5764 247 / -67 791.4 794.2 1.5 7.2 0.25 0.3 0.1 -2020 200 South GC5774 210 / -79 794.0 798.5 4.4 18.7 0.26 1.3 0.8 -2075 200 South GC5775 228 / -67 818.0 823.0 4.8 10.7 0.12 0.2 0.1 -2069 200 South GC5775 228 / -67 833.0 838.9 5.7 14.8 0.08 0.5 0.3 -2084 200 South GC5779 229 / -48 372.0 413.0 24.4 14.8 0.01 2.8 1.6 -1612 200 South GC5783 238 / -67 773.0 775.1 1.6 40.6 0.02 0.5 0.2 -2018 200 South GC5783 238 / -67 785.7 797.0 9.1 10.6 0.06 0.6 0.3 -2037 200 South GC5783 238 / -67 817.0 829.0 9.5 67.4 0.47 1.2 0.5 -2068 200 South GC5786 243 / -40 303.1 306.7 3.1 23.3 0.04 1.5 0.9 -1487 200 South GC5802 230 / -75 846.0 851.0 5.0 8.6 0.09 1.1 0.6 -2116 200 South GC5809 241 / -54 629.0 630.0 0.9 7.0 0.01 3.8 1.9 -1804 200 South GC5812 243 / -37 233.5 236.5 3.0 12.0 0.01 0.7 0.4 -1491 200 South GC5812 243 / -37 242.9 246.5 3.5 13.6 0.01 1.0 0.5 -1495 200 South GC5812 243 / -37 319.0 343.8 24.1 21.4 0.01 3.6 2.0 -1503 200 South GC5815 243 / -25 90.1 91.1 0.6 10.9 0.01 7.4 4.4 -1330 200 South GC5818 243 / 11 60.6 63.5 2.8 17.9 0.02 15.5 9.5 -1274 200 South GC5818 243 / 11 67.5 73.0 5.1 26.0 0.03 20.5 12.5 -1272 200 South GC5820 243 / 59 45.5 50.0 3.9 4.8 0.07 3.3 1.7 -1237 200 South GC5823 243 / 90 99.0 103.0 4.0 2.4 0.06 4.7 2.6 -1174 200 South GC5823 243 / 90 129.0 131.0 2.0 2.6 0.01 7.6 3.4 -1146 200 South GC5824 63 / 79 101.8 104.0 2.2 4.9 0.09 3.6 2.0 -1175 200 South GC5824 63 / 79 116.7 128.0 11.3 5.2 0.14 5.0 2.6 -1153 200 South GC5828 63 / 59 104.5 105.5 1.0 5.4 0.06 4.1 2.3 -1190 200 South GC5828 63 / 59 141.5 142.5 0.9 17.5 0.02 5.7 5.4 -1159 200 South GC5828 63 / 59 232.0 234.5 0.4 59.2 0.04 2.3 1.3 -1080 200 South GC5834 63 / -56 63.5 68.0 4.2 6.3 0.02 6.8 3.6 -1354 200 South GC5837 63 / -788 50.0 55.0 4.0 14.9 0.15 1.3 0.9 -1351 200 South GC5839 63 / -40 43.5 45.0 1.4 2.0 0.01 12.6 5.5 -1329 200 South GC5839 63 / -40 81.0 82.5 1.5 9.2 0.02 5.9 7.7 -1354 200 South GC5842 63 / -4 51.0 53.0 1.8 0.7 0.01 9.0 6.8 -1300 200 South GC5842 63 / -4 81.0 82.0 0.9 14.6 0.01 8.2 3.8 -1301 200 South GC5842 63 / -4 87.5 90.0 2.3 2.7 0.01 7.0 3.5 -1302 200 South GC5855 243 / -82 47.0 48.0 0.5 7.4 0.01 4.2 2.3 -1348 200 South GC5855 243 / -82 161.0 163.0 1.4 4.0 0.01 6.0 5.1 -1461 East GC5722 63 / -32 313.5 315.0 1.5 5.9 0.05 4.2 3.0 470 East GC5722 63 / -32 325.0 329.0 4.0 15.5 0.15 12.4 3.9 464 East GC5727 71 / -7 394.0 398.5 4.3 17.7 0.10 1.8 0.6 591 East GC5730 72 / -21 322.5 323.5 0.9 8.5 0.04 11.3 3.5 519 East GC5730 72 / -21 356.3 359.6 2.9 7.9 0.14 17.3 3.0 506 East GC5732 78 / -38 323.1 333.0 9.6 9.8 0.06 11.9 3.0 431 East GC5741 48 / -54 302.0 303.0 1.0 3.3 0.07 14.9 5.4 396 East GC5741 48 / -54 304.0 305.7 1.6 3.6 0.04 11.8 3.0 394 East GC5741 48 / -54 307.8 311.0 3.2 4.1 0.03 13.5 4.0 390 East GC5741 48 / -54 321.0 324.0 3.0 22.8 0.38 4.6 1.1 379 East GC5744 46 / -25 342.7 346.1 3.2 7.3 0.06 13.0 3.8 494 East GC5744 46 / -25 362.8 364.0 1.1 14.5 0.22 24.9 8.8 487 East GC5747 52 / -37 329.2 330.2 1.0 19.6 0.25 23.2 4.8 447 East GC5751 75 / -37 298.0 299.0 1.0 14.7 0.00 16.9 5.4 464 East GC5751 75 / -37 329.0 337.0 7.9 20.4 0.12 10.4 2.5 442 East GC5753 79 / -55 311.0 333.5 22.0 6.4 0.17 18.7 4.3 369 East GC5755 92 / -72 356.5 357.5 0.9 28.9 0.16 18.1 5.8 302 East GC5763 46 / -62 351.0 355.5 4.2 9.2 0.09 12.1 3.8 337 East GC5765 51 / -46 331.0 333.0 2.0 13.9 0.10 16.2 6.6 412 East GC5765 51 / -46 341.0 342.5 1.5 8.8 0.08 30.3 8.0 405 East GC5766 54 / -29 331.0 332.0 1.0 10.2 0.06 15.9 8.3 492 East GC5766 54 / -29 344.4 347.1 2.7 16.2 0.24 17.7 5.2 484 East GC5769 56 / -14 364.4 371.0 5.6 26.7 0.35 14.9 4.7 558 East GC5772 63 / -74 391.7 398.0 5.8 72.3 0.34 4.6 1.4 268 East GC5778 80 / -62 367.5 380.0 11.1 51.6 0.05 0.1 0.0 312 East GC5782 119 / -77 415.5 421.3 4.2 13.7 0.11 30.9 8.7 239 East GC5785 243 / -62 410.0 412.0 1.9 10.1 0.03 21.5 5.3 291 East GC5785 243 / -62 445.0 448.0 2.9 227.8 2.84 4.2 0.4 261 East GC5785 243 / -62 474.0 476.0 1.9 32.3 0.55 3.0 0.9 236 East GC5800 289 / -83 468.0 472.5 4.5 11.5 0.11 20.9 7.5 188 East GC5804 243 / -90 478.0 482.0 4.0 16.1 0.52 30.6 9.6 175 East GC5807 135 / -79 505.5 509.5 3.9 7.7 0.07 21.7 7.3 158 East GC5807 135 / -79 521.0 522.0 1.0 6.2 0.03 22.9 10.4 144 East GC5814 55 / -82 498.5 501.5 2.9 10.5 0.07 32.3 10.1 160 East GC5819 46 / -75 498.0 517.0 14.6 27.6 0.27 18.3 6.8 157 East GC5822 99 / -58 69.0 73.5 3.9 23.5 0.05 17.7 3.7 470 East GC5822 99 / -58 80.0 82.0 1.6 6.7 0.06 8.2 2.1 462 East GC5826 223 / -77 383.5 388.8 5.2 7.8 0.18 10.4 3.1 155 East GC5829 234 / -66 418.5 422.5 3.6 6.1 0.17 23.8 6.1 150 East GC5836 123 / -74 137.5 140.0 2.5 46.4 0.06 10.9 2.4 397 East GC5851 14 / -77 123.6 125.0 0.6 6.5 0.04 12.0 3.3 409 East GC5851 14 / -77 129.0 130.0 0.5 8.7 0.05 7.5 1.7 400 East GC5851 14 / -77 133.0 140.0 3.2 33.9 0.18 25.7 5.4 394 East GC5863 123 / 28 338.5 355.5 11.1 12.4 0.07 5.6 2.9 66 East GC5867 36 / -22 306.0 308.0 1.5 15.2 0.07 6.6 4.3 515 East GC5869 59 / -53 305.8 309.6 3.6 10.6 0.21 5.4 2.1 390 West GC5715 80 / 7 99.0 104.0 4.1 7.5 0.03 10.7 5.0 -176 West GC5715 80 / 7 117.0 118.0 0.8 13.5 0.05 6.5 2.9 -178 West GC5719 105 / 10 120.2 121.2 1.0 17.6 0.02 22.2 10.2 -167 West GC5719 105 / 10 130.0 133.5 3.1 26.1 0.00 0.0 0.0 -171 West GC5724 76 / 25 97.0 104.0 1.6 8.6 0.18 16.0 8.6 -136 West GC5725 128 / -61 0.0 1.0 1.0 7.5 0.01 22.4 14.4 -170 West GC5725 128 / -61 28.1 33.2 4.3 3.0 0.01 12.8 6.3 -211 West GC5725 128 / -61 36.7 41.4 4.2 45.9 0.26 7.9 3.3 -220 West GC5725 128 / -61 74.5 81.3 6.4 30.8 0.30 13.9 6.8 -271 West GC5726 210 / -39 19.0 22.7 3.6 10.5 0.02 22.3 12.5 -189 West GC5726 210 / -39 56.0 71.5 13.9 19.4 0.21 3.1 1.7 -230 West GC5729 235 / -22 95.4 106.0 4.5 13.4 0.19 13.0 5.9 -217 West GC5729 235 / -22 172.0 182.7 9.9 36.5 0.15 10.5 4.4 -255 West GC5729 235 / -22 232.7 254.0 19.0 7.4 0.14 10.1 1.5 -288 West GC5731 229 / 1 124.0 125.2 1.2 6.4 0.06 30.8 12.0 -148 West GC5731 229 / 1 144.7 176.0 31.2 55.2 0.16 16.5 8.9 -162 West GC5731 229 / 1 189.0 195.1 6.1 16.8 0.23 16.0 11.7 -165 West GC5731 229 / 1 213.8 244.9 31.0 7.6 0.17 23.3 7.2 -167 West GC5731 229 / 1 259.7 268.3 8.6 15.2 0.05 14.7 7.0 -173 West GC5731 229 / 1 273.0 285.9 12.9 8.1 0.01 18.5 7.7 -178 West GC5731 229 / 1 300.0 305.0 5.0 22.7 0.13 1.1 0.6 -176 West GC5733 63 / -63 1.0 5.6 4.3 19.0 0.05 22.9 11.7 -183 West GC5733 63 / -63 10.3 21.5 2.8 12.1 0.19 12.5 4.6 -197 West GC5733 63 / -63 75.0 82.3 5.5 11.7 0.20 3.6 1.4 -251 West GC5737 91 / -21 6.0 13.0 6.7 12.5 0.27 11.2 5.6 -146 West GC5737 91 / -21 24.3 25.3 0.7 15.5 0.08 17.1 5.6 -155 West GC5737 91 / -21 129.6 130.9 1.3 10.9 0.05 18.0 6.0 -235 West GC5739 108 / -41 13.5 16.1 2.4 11.4 0.12 12.4 3.7 -151 West GC5739 108 / -41 19.5 20.5 0.9 3.4 0.08 7.4 1.5 -156 West GC5739 108 / -41 89.2 92.2 2.5 0.9 0.01 15.1 5.2 -236 West GC5739 108 / -41 117.3 118.5 1.0 10.1 0.13 29.4 10.4 -266 West GC5740 154 / -52 0.0 3.5 3.3 5.9 0.05 9.2 5.7 -137 West GC5740 154 / -52 7.8 11.3 3.4 32.1 0.03 23.7 12.8 -147 West GC5740 154 / -52 16.1 20.0 3.5 13.0 0.13 18.2 5.4 -159 West GC5740 154 / -52 65.2 67.1 1.9 4.8 0.06 11.7 5.2 -221 West GC5740 154 / -52 82.0 83.0 1.0 32.6 0.45 6.3 2.4 -241 West GC5742 199 / -38 32.0 82.5 47.2 37.0 0.26 18.3 9.5 -198 West GC5742 199 / -38 101.5 113.5 11.0 6.3 0.06 8.1 3.5 -222 West GC5742 199 / -38 163.0 164.0 0.9 12.5 0.07 26.6 10.3 -254 West GC5746 82 / -2 19.0 22.2 3.1 60.5 0.09 10.0 4.7 -139 West GC5746 82 / -2 113.0 126.3 12.6 6.4 0.06 10.3 3.1 -172 9A GC5622 63 / 78 246.0 247.0 1.0 11.9 0.07 0.1 0.0 10 Gallagher Fault Block GC-5728 243 / -13 727.8 732.0 3.8 4.3 0.06 5.2 2.9 -1448 Gallagher Fault Block GC-5728 243 / -13 758.4 771.7 13.3 4.5 0.09 8.1 4.9 -1456 Casa Berardi, Quebec Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Depth From Mine Surface (feet) 113 Zone CBW-1182 334 / 20 793.8 806.9 12.5 0.02 -2976 113 Zone CBW-1183 334 /-2 624.8 634.7 9.5 0.56 -3284 113 Zone Including 631.7 634.7 2.6 1.61 -3284 113 Zone CBW-1183 334 /-2 733.1 747.8 14.1 0.06 -3313 113 Zone Including 742.9 745.5 2.6 0.18 -3314 113 Zone CBW-1183 334 /-2 799.7 802.9 3.0 0.08 -3330 113 Zone CBW-1183 334 /-2 815.4 820.0 4.3 0.03 -3334 113 Zone CBW-1186 336 / 10 728.2 742.9 14.8 0.02 -3122 118 Zone CBP-1175 350 /-4 312.3 321.8 8.2 0.19 -3632 118 Zone Including 312.3 315.5 2.6 0.41 -3632 118 Zone CBP-1176 330/-13 317.5 324.7 5.9 0.10 -3677 118 Zone Including 317.5 321.1 3.0 0.21 -3676 118 Zone CBP-1179 309 / 4 909.2 922.7 8.2 0.20 -3585 118 Zone Including 909.2 912.8 1.3 0.67 -3585 118 Zone CBP-1180 354 /-55 280.8 290.6 6.2 0.02 -3829 118 Zone CBP-1182 354 / 4 272.9 282.7 7.9 0.03 -3062 118 Zone CBP-1186 56 /-50 323.1 335.5 8.2 0.05 -3325 118 Zone Including 327.3 329.3 1.3 0.31 -3325 118 Zone CBP-1187 46 /-20 275.5 286.7 10.5 0.06 -3169 118 Zone Including 278.8 283.7 4.6 0.13 -3169 119 Zone CBP-1162 179 /-11 788.2 801.3 12.1 0.00 -1080 119 Zone CBP-1163 180 /-1 704.2 713.4 4.9 0.02 -944 119 Zone CBP-1164 186 /-19 775.7 791.5 13.8 0.05 -1153 119 Zone Including 784.9 786.9 1.3 0.29 -1153 119 Zone CBP-1165 188 /28 694.4 709.1 12.8 0.00 -626 119 Zone CBP-1169 169 /-35 629.1 645.5 14.8 0.16 -1286 119 Zone Including 642.9 645.5 2.0 0.61 -1289 119 Zone CBP-1169 169 /-35 662.6 682.2 18.7 0.08 -1305 119 Zone CBP-1169 169 /-35 688.8 701.9 12.5 0.08 -1317 119 Zone Including 700.6 701.9 1.3 0.31 -1320 123 Zone CBP-1213 28 /-76 1538.6 1547.8 5.9 0.11 -4954 123 Zone Including 1543.2 1547.8 3.0 0.22 -4956 123 Zone CBP-1215 40 /-57 995.8 1018.4 21.0 0.17 -4268 123 Zone Including 995.8 999.1 2.6 0.26 -4261 123 Zone CBP-1216 74 /-83 2481.0 2495.8 8.2 0.02 -5891 148 Zone CBE-0248 341 /-29 1279.5 1299.2 16.7 0.05 -2180 148 Zone CBE-0249 351 /-28 1288.7 1306.8 16.1 0.05 -2147 148 Zone CBE-0250 351 /-39 1351.4 1363.8 9.8 0.03 -2326 148 Zone CBE-0251 351 /-55 1520.9 1550.5 19.7 0.04 -2713 148 Zone CBE-0251 351 /-55 2307.8 2316.3 6.2 0.06 -3273 148 Zone CBE-0253 7 /-40 1570.5 1581.3 8.2 0.04 -2490 148 Zone CBS-22-063 329 /-69 1599.0 1603.9 3.0 0.14 -1425 View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005426/en/Contacts For further information, please contact: Anvita M. Patil Vice President, Investor Relations and Treasurer Cheryl Turner Communications Coordinator 800-HECLA91 (800-432-5291) Investor Relations Email: hmc-info@hecla-mining.com Website: www.hecla-mining.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Hecla Reports Third Quarter 2022 Results By: Hecla Mining Company via Business Wire November 09, 2022 at 05:30 AM EST Positive free cash flow generation from all operations for the first nine months Hecla Mining Company (NYSE:HL) today announced third quarter 2022 financial and operating results. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221109005426/en/Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek (Graphic: Business Wire) THIRD QUARTER HIGHLIGHTS Record throughput at Greens Creek; Lucky Friday produced 1 million silver ounces for two consecutive quarters Consolidated silver production guidance increased, operating and capital cost guidance maintained Deferred approximately $24 million in sales at Greens Creek and Lucky Friday to the fourth quarter Keno Hill has completed 30% of total planned pre-production development as of October 31, 2022 Net loss applicable to common stockholders of $(23.7) million or $(0.04) per share (basic), and adjusted net loss of $(12.0) million or $(0.02) per share1 Adjusted EBITDA of $26.6 million, net debt to adjusted EBITDA ratio of 1.92 All operations free cash flow positive year to date with total cost of sales for silver of $246.4 million and all-in sustaining cost (AISC) per silver ounce of $10.17 $144.7 million in cash and cash equivalents with approximately $260 million in available liquidity Positive drilling results at Keno Hill and Greens Creek with intercepts in excess of 100 ounces of silver per ton at Keno Hill and wide high-grade intercepts at Greens Creek Strong safety performance with an all-injury frequency rate of 1.32 for the first nine months, 37% below the U.S. average and an improvement of 19% over the nine-month period in 2021 “Hecla reported another quarter of solid operational performance as Greens Creek achieved its best ever throughput and Lucky Friday's production exceeded 1 million ounces for the second consecutive quarter,” said Phillips S. Baker Jr., President & CEO. “Free cash flow generation was lower for the quarter due to deferral of the sale of about a million ounces of silver and other metals, increased capital investment in our mines, and Alexco acquisition costs. All operations are free cash flow positive year to date and reflect the strong margins at our silver operations despite lower prices and an inflationary environment.” Baker continued, “Hecla is the United States’ largest silver miner, producing about 40% of all the silver mined. With Keno Hill's pre-production development on plan, we should become Canada's largest silver miner in the next few years.” FINANCIAL OVERVIEW "Total cost of sales" as used in this release is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization. In Thousands unless stated otherwise Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 FINANCIAL AND OPERATIONAL HIGHLIGHTS Sales $ 146,339 $ 191,242 $ 186,499 $ 185,078 $ 193,560 $ 524,080 $ 622,395 Total cost of sales $ 137,892 $ 153,979 $ 141,070 $ 131,837 $ 158,332 $ 432,941 $ 457,835 Gross profit $ 8,447 $ 37,263 $ 45,429 $ 53,241 $ 35,228 $ 91,139 $ 164,560 (Loss) income applicable to common stockholders $ (23,664 ) $ (13,661 ) $ 4,015 $ 11,737 $ (1,117 ) $ (33,310 ) $ 22,806 Basic (loss) income per common share (in dollars) $ (0.04 ) $ (0.03 ) $ 0.01 $ 0.02 $ — $ (0.06 ) $ 0.04 Adjusted EBITDA 2 $ 26,554 $ 70,474 $ 58,202 $ 58,249 $ 49,414 $ 155,230 $ 220,531 Net Debt to Adjusted EBITDA2,* 1.9 1.1 Cash (used in) provided by operating activities $ (24,322 ) $ 40,183 $ 37,909 $ 53,355 $ 42,742 $ 53,770 $ 166,982 Capital Expenditures $ (37,430 ) $ (34,329 ) $ (21,478 ) $ (28,838 ) $ (26,899 ) $ (93,237 ) $ (80,210 ) Free Cash Flow 3 $ (61,752 ) $ 5,854 $ 16,431 $ 24,517 $ 15,843 $ (39,467 ) $ 86,772 Production Highlights Silver ounces produced 3,549,392 3,645,454 3,324,708 3,226,927 2,676,084 10,525,917 9,660,313 Silver payable ounces sold 2,479,724 3,387,909 2,687,261 2,606,622 2,581,690 8,554,894 9,027,180 Gold ounces produced 44,747 45,719 41,707 47,977 42,207 132,173 153,350 Gold payable ounces sold 40,443 44,225 41,053 44,156 53,000 125,721 157,454 Cash Costs and AISC, each after by-product credits4,5 Silver cash costs per ounce $ 3.43 $ (1.14 ) $ 1.09 $ 1.69 $ 2.49 $ 1.11 $ 1.26 Silver AISC per ounce $ 14.20 $ 8.55 $ 7.64 $ 10.08 $ 12.82 $ 10.17 $ 8.88 Gold cash costs per ounce $ 1,349 $ 1,371 $ 1,516 $ 1,143 $ 1,163 $ 1,409 $ 1,127 Gold AISC per ounce $ 1,738 $ 1,641 $ 1,810 $ 1,494 $ 1,450 $ 1,729 $ 1,349 Realized Prices Silver, $/ounce $ 18.30 $ 20.68 $ 24.68 $ 23.49 $ 23.97 $ 21.25 $ 25.75 Gold, $/ounce $ 1,713 $ 1,855 $ 1,880 $ 1,802 $ 1,792 $ 1,817 $ 1,794 Lead, $/pound $ 0.95 $ 0.97 $ 1.08 $ 1.13 $ 1.02 $ 0.98 $ 1.00 Zinc, $/pound $ 1.23 $ 1.44 $ 1.79 $ 1.74 $ 1.35 $ 1.47 $ 1.34 *Reflects trailing twelve months ending September 30,2022. Reconciliations are available at the end of the release. Sales in the third quarter declined by $44.9 million compared to the second quarter of 2022 primarily due to lower realized prices for all metals, and lower revenue from the deferral of silver concentrate shipments from Greens Creek and Lucky Friday to the fourth quarter. Compared to the prior quarter, realized silver prices have declined 12%, gold has declined 8%, lead and zinc prices are lower by 2% and 15% respectively. In comparison to the same quarter last year, gold prices are relatively unchanged, while silver prices have declined by 24% with lead and zinc lower by 7% and 9% respectively. The deferral of approximately 1 million ounces of silver, 1,800 ounces of gold, and 1,300 tons of lead in the silver concentrate shipments at Greens Creek was to ensure adequate volumes of concentrate for cost-effective shipping. At Lucky Friday the deferral was due to a planned multi week shutdown of the Trail smelter for maintenance. This concentrate is being shipped to a new customer and represents approximately 5% of Lucky Friday's annual concentrate production. Total cost of sales for silver were $76.7 million for the third quarter and were lower by $14.2 million over the prior quarter due to lower depreciation and higher product inventory. Cash costs and AISC (each after by-product credits) for silver were $3.43 and $14.20 per silver ounce respectively. Cash costs increased by $4.57 per ounce over the prior quarter primarily due to lower by-product credits attributable to lower lead and zinc production as well as lower prices. AISC increased by $5.65 per silver ounce over the prior quarter due to the factors affecting cash costs.4,5 Total cost of sales for gold were $59.5 million and declined marginally over the prior quarter. Gold cash cost per ounce, after by-product credits, declined by $22 attributable to higher production. AISC increased by $97 per ounce due to higher sustaining capital and exploration spend partially offset by higher production.4,5 Labor and the current inflationary environment are challenging at all operations. Labor availability remains constrained in the market with a shortage of skilled miners and maintenance workers. Inflationary pressures have led to a 10-15% increase in costs since the beginning of the year. Labor and input costs for steel, reagents, fuel, and other consumables continue to remain elevated impacting all the operations. In the first half of the year, by-product credits helped offset the inflationary pressures for the silver segment due to strong by-product production as well as prices. However, lower base metal production and prices in the third quarter reduced the by-product credits. The inflationary environment is expected to remain challenging for the fourth quarter and into 2023. Loss applicable to common stockholders for the third quarter was $(23.7) million, or $(0.04) per share, compared to a loss of $(13.7) million, or $(0.03) per share, in the second quarter of 2022, impacted by the following factors: Gross profit decreased by $28.8 million primarily due to lower revenues and higher per unit costs as described above Exploration and pre-development expenses increased by $3.9 million reflecting increased exploration and drilling activity across Hecla's mines and projects during the exploration season General and administrative expenses increased by $1.3 million reflecting incremental costs following the Alexco acquisition Partially offset by: A net foreign exchange gain of $5.7 million versus $4.5 million in the prior quarter reflecting the appreciation of the U.S. dollar (“USD”) against the Canadian dollar (“CAD”) during the current quarter Lower unrealized losses on our investment portfolio of $10.6 million reflecting a smaller reduction in the fair value of the portfolio compared to the prior quarter An income tax benefit of $9.5 million versus a provision of $0.3 million in the prior quarter Cash used in operating activities was $24.3 million, compared to cash provided by operating activities of $40.2 million in the prior quarter. However, cash provided before working capital changes increased over the prior quarter. Working capital changes in the third quarter were negative $36.7 million compared to $32.6 million in the prior quarter, and are primarily related to an increase in ending inventory from the deferral of silver concentrate shipments at Greens Creek and Lucky Friday to the fourth quarter and semi-annual interest payment on the outstanding debt. Capital expenditures totaled $37.4 million, an increase of $3.1 million over the prior quarter as planned. Expenditures were at Greens Creek of $7.0 million, Lucky Friday of $16.1 million, Casa Berardi of $10.8 million, and Keno Hill of $3.6 million. Free cash flow for the quarter was negative $61.8 million, a decline of $67.6 million over the prior quarter due to the increase in working capital changes and higher capital spend.3 Forward Sales Contracts for Base Metals and Foreign Currency The Company uses financially settled forward sales contracts to manage exposures to changes in prices of zinc and lead. At September 30, 2022, the Company had contracts covering approximately 39% of the forecasted payable zinc production (through 2025) at an average price of $1.32 per pound, and 38% of the forecasted payable lead production (through 2024) at an average price of $1.00 per pound. The fair value of the net metal derivative contracts on our forecasted hedges was an asset of $27.4 million, an increase of $11.3 million over the prior quarter. The Company also manages CAD exposure through forward contracts. At September 30, 2022, the Company had hedged approximately 52% of forecasted CAD direct production costs for Casa Berardi through 2026 at an average CAD/USD rate of 1.31. The Company has also hedged approximately 32% of capital costs for Casa Berardi for 2022 at 1.33. At the Keno Hill, 66% of planned spend for the fourth quarter is hedged at an average CAD/USD rate of 1.34. The fair value of the net currency derivatives contracts is a liability of $10.8 million, an increase of $12.7 million over the prior quarter. OPERATIONS OVERVIEW Greens Creek Mine - Alaska Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 GREENS CREEK Tons of ore processed 229,975 209,558 211,687 221,814 211,142 651,220 620,153 Total production cost per ton $ 185.34 $ 197.84 $ 192.16 $ 174.55 $ 181.60 $ 191.58 $ 178.29 Ore grade milled - Silver (oz./ton) 13.6 14.0 13.8 12.6 11.1 13.8 13.8 Ore grade milled - Gold (oz./ton) 0.07 0.08 0.07 0.07 0.07 0.07 0.08 Ore grade milled - Lead (%) 2.4 3.0 2.8 2.6 2.7 2.7 3.0 Ore grade milled - Zinc (%) 6.3 7.2 6.6 6.3 7.1 6.7 7.4 Silver produced (oz.) 2,468,280 2,410,598 2,429,782 2,262,635 1,837,270 7,308,660 6,980,587 Gold produced (oz.) 11,412 12,413 11,402 10,229 9,734 35,227 35,859 Lead produced (tons) 4,428 5,184 4,883 4,731 4,591 14,495 15,142 Zinc produced (tons) 12,580 13,396 12,494 12,457 13,227 38,470 41,191 Sales $ 60,875 $ 92,723 $ 86,090 $ 87,865 $ 84,806 $ 239,688 $ 296,978 Total cost of sales $ (52,502 ) $ (60,506 ) $ (49,636 ) $ (49,251 ) $ (55,193 ) $ (162,644 ) $ (163,861 ) Gross profit $ 8,373 $ 32,217 $ 36,453 $ 38,614 $ 29,613 $ 77,044 $ 133,117 Cash flow from operations $ 7,749 $ 41,808 $ 56,295 $ 50,632 $ 40,626 $ 105,852 $ 157,387 Exploration $ 3,776 $ 929 $ 165 $ 696 $ 2,472 $ 4,870 $ 3,895 Capital additions $ (6,988 ) $ (14,668 ) $ (3,092 ) $ (9,544 ) $ (6,228 ) $ (24,748 ) $ (14,339 ) Free cash flow 3 $ 4,537 $ 28,069 $ 53,368 $ 41,784 $ 36,870 $ 85,974 $ 146,943 Cash cost per ounce, after by-product credits4 $ 2.65 $ (3.29 ) $ (0.90 ) $ 0.50 $ 0.74 $ (0.49 ) $ (1.03 ) AISC per ounce, after by-product credits5 $ 8.61 $ 3.48 $ 1.90 $ 5.66 $ 5.94 $ 4.69 $ 2.40 Greens Creek produced 2.5 million ounces of silver and the mill achieved record mill throughput of 2,500 tons per day. Lead and zinc production for the quarter declined 15% and 6% respectively due to lower grades which led to the deferral of a silver concentrate shipment into the fourth quarter to ensure adequate volumes for cost effective shipping. Costs associated with the shipment were included in inventory in the third quarter, and the approximate revenue and cash flow impact of this deferral in the fourth quarter is expected to be $18 million. Cash cost per silver ounce increased by $5.94 over the prior quarter primarily due to lower by-product credits. AISC per silver ounce increased by $5.13 compared to the prior quarter due to the reasons impacting cash costs, and increased exploration which was partially offset by lower capital spending.4,5 Cash flow from operations for the quarter was $7.7 million, a decline of $34.1 million over the prior quarter; free cash flow for the quarter was $4.5 million, a decline of $23.5 million. For the first nine months of the year, Greens Creek has generated $105.8 million in cash flow from operations and $86.0 million in free cash flow respectively and remains on track to achieve its production and cost guidance for the year. Lucky Friday Mine - Idaho Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 LUCKY FRIDAY Tons of ore processed 90,749 97,497 77,725 80,097 78,227 265,971 241,740 Total production cost per ton $ 207.10 $ 211.45 $ 247.17 $ 198.83 $ 190.66 $ 220.41 $ 189.06 Ore grade milled - Silver (oz./ton) 12.5 13.2 12.0 12.5 11.2 12.7 11.3 Ore grade milled - Lead (%) 8.5 8.8 8.2 8.1 7.2 8.5 7.4 Ore grade milled - Zinc (%) 4.2 3.9 3.6 3.3 3.3 3.9 3.5 Silver produced (oz.) 1,074,230 1,226,477 887,858 955,401 831,532 3,188,565 2,608,727 Lead produced (tons) 7,172 8,147 5,980 6,131 5,313 21,299 17,006 Zinc produced (tons) 3,279 3,370 2,452 2,296 2,319 9,101 7,673 Sales $ 28,460 $ 35,880 $ 38,040 $ 32,938 $ 29,783 102,380 98,550 Total cost of sales $ (24,166 ) $ (30,348 ) $ (29,265 ) $ (23,252 ) $ (23,591 ) (83,779 ) $ (74,287 ) Gross profit $ 4,294 $ 5,532 $ 8,775 $ 9,686 $ 6,192 $ 18,601 $ 24,263 Cash flow from operations $ 11,624 $ 21,861 $ 11,765 $ 16,953 $ 15,017 $ 45,250 $ 45,641 Capital additions $ (16,125 ) $ (11,501 ) $ (9,652 ) $ (9,109 ) $ (9,133 ) $ (37,278 ) (20,776 ) Free cash flow 3 $ (4,501 ) $ 10,360 $ 2,113 $ 7,844 $ 5,884 $ 7,972 $ 24,865 Cash cost per silver ounce, after by-product credits4 $ 5.23 $ 3.07 $ 6.57 $ 4.50 $ 6.35 $ 4.77 $ 7.37 AISC per silver ounce, after by-product credits5 $ 15.98 $ 9.91 $ 13.15 $ 12.54 $ 16.79 $ 12.86 $ 15.00 Lucky Friday produced 1.1 million ounces of silver during the third quarter, a 12% decrease over the prior quarter due to lower mined tons and feed grades attributable to mine sequencing, commissioning of new equipment, and prioritization of projects for increasing future throughput and production. The third quarter also marked two consecutive quarters of throughput exceeding 90,000 tons and silver production exceeding 1 million ounces. At the Lucky Friday, 2,000 dry metric tonnes of silver concentrate was inventoried to be shipped to a new customer in the fourth quarter. Costs associated with the deferral of this concentrate shipment were in inventory in the third quarter, and impact on revenues and cash flow for the fourth quarter is expected to be approximately $6.0 million. Total cost of sales was $24.2 million, a decrease of $6.2 million over the prior quarter due to lower depreciation expense, an increase in concentrate inventory, and lower ore volume mined and production. Cash cost and AISC per silver ounce (each after by-product credits) were $5.23 and $15.98, respectively, and higher compared to the prior quarter due to lower production, and lower by-product credits because of lower base metal production and prices.4,5 Casa Berardi Mine - Quebec Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 CASA BERARDI Tons of ore processed – underground 162,215 176,576 161,609 161,355 167,435 500,400 533,262 Tons of ore processed – surface pit 227,726 225,042 224,541 225,662 230,708 677,309 607,967 Tons of ore processed – total 389,941 401,618 386,150 387,017 398,143 1,177,709 1,141,229 Surface tons mined – ore and waste 2,822,906 2,149,412 1,892,339 1,507,457 1,483,231 6,864,657 4,996,522 Total production cost per ton $ 114.52 $ 113.07 $ 117.96 $ 108.82 $ 86.95 115.15 $ 95.13 Ore grade milled – Gold (oz./ton) – underground 0.15 0.19 0.14 0.17 0.16 0.17 0.16 Ore grade milled – Gold (oz./ton) - surface pit 0.06 0.05 0.05 0.07 0.04 0.06 0.06 Ore grade milled – Gold (oz./ton) – combined 0.10 0.10 0.09 0.11 0.09 0.09 0.10 Gold produced (oz.) – underground 22,181 22,866 19,374 22,910 24,170 64,421 75,180 Gold produced (oz.) – surface pit 11,154 10,440 10,866 14,356 5,552 32,460 22,065 Gold produced (oz.) – total 33,335 33,306 30,240 37,266 29,722 96,881 97,245 Silver produced (oz.) – total 6,882 8,379 7,068 7,967 7,012 22,329 25,604 Sales $ 56,939 $ 62,639 $ 62,101 $ 60,054 $ 56,065 $ 181,679 $ 185,098 Total cost of sales $ (59,532 ) $ (61,870 ) $ (62,168 ) $ (57,069 ) $ (58,164 ) $ (183,570 ) $ (172,760 ) Gross profit/(loss) $ (2,593 ) $ 769 $ (67 ) $ 2,985 $ (2,099 ) (1,891 ) $ 12,338 Cash flow from operations $ 8,721 $ 7,417 $ 8,089 $ 10,029 $ 17,058 $ 24,227 $ 71,164 Exploration $ 2,624 $ 1,341 $ 2,635 $ 2,124 $ 4,382 $ 6,600 $ 3,551 Capital additions $ (10,771 ) $ (8,093 ) $ (7,808 ) $ (9,537 ) $ (11,488 ) $ (26,672 ) $ (40,080 ) Free cash flow 3 $ 574 $ 665 $ 2,916 $ 2,616 $ 9,952 $ 4,155 $ 34,635 Cash Cost per gold ounce, after by-product credits4 $ 1,349 $ 1,371 $ 1,516 $ 1,137 $ 1,175 $ 1,409 $ 1,127 AISC per gold ounce, after by-product credits5 $ 1,738 $ 1,641 $ 1,810 $ 1,470 $ 1,476 $ 1,729 $ 1,387 Casa Berardi produced 33,335 ounces of gold compared to 33,306 ounces in the prior quarter. The mill continues to perform well and operated at an average quarterly throughput of 4,239 tons per day ("tpd") with a new record set in September as monthly production throughput reached 4,856 tpd, beating the last monthly record in May 2022 of 4,533 tpd. Total cost of sales for the third quarter 2022 was $59.5 million, a reduction of $2.3 million from the $61.9 million in the prior quarter. Cash cost per gold ounce decreased by $22 over the prior quarter to $1,349 primarily due to higher production. AISC per gold ounce increased by $97 to $1,738 driven by higher exploration and capital spend partially offset by higher production.4,5 Keno Hill - Yukon Territory At the Keno Hill mine, focus is on development and drilling of the Bermingham and Flame & Moth deposits to bring the mine into full and consistent production by the end of 2023. As of October 31, 2022, 30% of total planned pre-production development is complete, and we expect to complete approximately 50% of the development by the end of the fourth quarter. Fourth quarter capital spending is forecast at $10-$12 million for development, infill drilling, and equipment purchases. Since the acquisition, Keno Hill is seeing its lowest turnover in the mine's recent history and is expected to achieve the hiring rate for production. We are implementing Hecla's Health and Safety Management System and Environmental Management System in the fourth quarter. EXPLORATION AND PRE-DEVELOPMENT UPDATE Exploration and pre-development expenditures were $15.1 million for the quarter with focus on exploration drilling at Keno Hill, exploration and definition drilling at Greens Creek, underground drilling at the West Mine in Casa Berardi, and exploration drilling at the large land packages at Aurora, Nevada and Republic, Washington. Keno Hill, Yukon Territory Exploration drilling on the underexplored Coral Wigwam target area has discovered high-grade silver mineralization. Assay results to date include 101.5 oz/ton silver over 7.3 feet estimated true width. Greens Creek, Alaska At Greens Creek, drilling has focused on resource expansion and conversion which have yielded positive results. Three underground core drills are focused on resource conversion in the 200 South and East ore zones and on exploration in the East, 5250, 200 South, and Gallagher Fault Block zones. Additionally, two helicopter supported core drills are focused on drilling extensions to the Upper Plate Zone near the mine and the Lil’Sore target area approximately 3 miles northwest of the mine. These positive results continue to confirm and expand mineral zones. Significant assay intercepts for different zones are: Southwest Bench: 74.3 oz/ton silver, 0.52 oz/ton gold, 5.7% zinc and 2.9% lead over 10.5 feet and 25.7 oz/ton silver, 0.15 oz/ton gold, 6.4% zinc, and 3.1% lead over 20.1 feet 200 South: 18.5 oz/ton silver, 0.02 oz/ton gold, 2.6% zinc, and 1.1% lead over 44.7 feet East Zone: 51.6 oz/ton silver, 0.05 oz/ton gold, 0.1% zinc, and 0.0% lead over 11.1 feet and 227.8 oz/ton silver, 2.84 oz/ton gold, 4.2% zinc, and 0.4% lead over 2.9 feet West Zone: 37.0 oz/ton silver, 0.26 oz/ton gold, 18.3% zinc, and 9.5% lead over 47.2 feet and 55.2 oz/ton silver, 0.16 oz/ton gold, 16.5% zinc, and 8.9% lead over 31.2 feet Detailed complete drill assay highlights can be found in Table A at the end of the release. Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek Casa Berardi, Quebec At Casa Berardi, up to seven underground core drills and one surface core drill were focused on definition and exploration drilling in multiple zones and target areas and one surface core drill was focused on condemnation drilling. Drilling targeted the 113, 118, 119 and Lower Inter zones. In the 113 Zone, two drill rigs are testing offsets and depth extensions of multiple 113 lenses. In the 118 Zone, drilling has been focused on defining continuity and expanding mineralization in the 118-14, and 118-15 lenses up and down plunge and to the east. Most of the 118 drilling has been showing good vertical continuity of mineralization. The drilling targeting the 119-02 lens show that the structure remains open at depth while closing to the east. Highlights include: 113: 0.56 oz/ton gold over 9.5 feet, including 1.61 oz/ton gold over 2.6 feet 118: 0.20 oz/ton gold over 8.2 feet 119: 0.16 oz/t gold over 14.8 feet. More complete drill assay highlights can be found in Table A at the end of the release. Aurora, Nevada Exploration drilling has confirmed wide and high-grade vein mineralization along the Martinez-Juniata-Chesco mineral trend. This mineralization continues to be open for expansion along strike and dip. Some significant intercepts are: Martinez Zone: 0.40 oz/ton gold and 1.8 oz/t silver over 31.1 feet estimated true width, which includes 1.26 oz/ton gold and 4.4 oz/t silver over 6.7 feet estimated true width. Juniata Zone: 0.43 oz/ton gold and 1.9 oz/ton silver over 14.9 feet estimated true width, which includes 0.76 oz/ton gold, 3.5 oz/ton silver over 8.0 feet estimated true width. Chesco Zone: 0.73 oz/ton gold and 7.7 oz/ton silver over 12.2 feet estimated true width Republic, Washington Exploration drilling identified high-grade vein mineralization at both the Lone Pine-Blacktail and Tom Thumb target areas. Wide zones of lower grade, potentially bulk mineable, material surround some of the high-grade vein intercepts at Lone Pine-Blacktail. Drilling also discovered an offset segment of the Tom Thumb Vein 850 feet across the Mud Lake Fault into the basin. DIVIDENDS Common Stock The Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock for the minimum dividend component. The common stock dividend is payable on or about December 7, 2022, to stockholders of record on November 25, 2022. The realized silver price was $18.30 per ounce in the third quarter and did not satisfy the criterion for the silver-linked component under the Company's common stock dividend policy. Preferred Stock The Board of Directors elected to declare a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 3, 2023, to stockholders of record on December 15, 2022. 2022 GUIDANCE The Company has reaffirmed its guidance for annual production, cost, and exploration and pre-development. The Company is maintaining its consolidated capital guidance with lower forecasted capital spend at the Lucky Friday and Casa Berardi due to timing of expenditures, offset by the inclusion of Keno Hill. (millions) Previous Current Capital expenditures $150 - $160 $150 - $160 Greens Creek $42 - $45 $42 - $45 Lucky Friday $60 - $64 $56 - $58 Casa Berardi $45 - $48 $42 - $45 Keno Hill NA $10 - $12 CONFERENCE CALL AND WEBCAST A conference call and webcast will be held Wednesday, November 9, 2022 at 10:00 a.m. Eastern Standard Time to discuss these results. You may join the conference call by dialing toll-free 1-888-330-2391 or for international dialing 1-240-789-2702. The Conference ID is 4812168. Please dial-in and provide the Conference ID number at least 10 minutes prior to the start time to join the call and mitigate any hold times. Hecla's live and archived webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts. ONE ON ONE CALLS Hecla will make available members of management for one on one calls with any interested parties on Wednesday, November 9, from 12:00 p.m. to 2:00 p.m. Eastern Standard Time. Hecla invites stockholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of management to discuss operations, exploration, or general matters. Click on the link below to schedule a call (or copy and paste the link into your web browser.) You can select a topic once you have entered the meeting calendar. If you are unable to book a time, either due to high demand or for other reasons, please reach out to Anvita M. Patil, Vice President - Investor Relations and Treasurer at hmc-info@hecla-mining.com or 208-769-4100. One-on-One meeting URL: https://calendly.com/2022-november-vie ABOUT HECLA Founded in 1891, Hecla is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. NOTES Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles (GAAP). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release. (1) Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance. (2) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income(loss), 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 (loss), 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. (3) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment. Free cash flow for Greens Creek, Lucky Friday and Casa Berardi adjusts cash provided by operating activities by excluding exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance. (4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to 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, and aggregating Casa Berardi and the Nevada operations, to compare its performance with other gold 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. (5) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales, expenses for reclamation and exploration at the mines sites, corporate exploration related to sustaining operations, 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 cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Cautionary Statements to Investors on 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. When a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition and often contain words such as “anticipate,” “intend,” “plan,” “will,” “could,” “would,” “estimate,” “should,” “expect,” “believe,” “project,” “target,” “indicative,” “preliminary,” “potential” and similar expressions. Forward-looking statements in this news release may include, without limitation: (i) the Company could be the largest silver producer in the U.S. and Canada; (ii) the Company will be able to bring Keno Hill into full and consistent production before the end of 2023; (iii) the Company will be able to increase throughput and increase future production at the Lucky Friday; (iv) the Company will achieve 50% of planned pre-production development at Keno Hill by the end of 2022 and will achieve full and consistent production by year end 2023 with the hiring rate required for production; and (v) mine-specific and Company-wide 2022 estimates of future production, sales and costs of sales, as well as cash cost and AISC per ounce (in each case after by-product credits) and Company-wide estimated spending on capital, exploration and pre-development for 2022. 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) 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; (ix) counterparties performing their obligations under hedging instruments and put option contracts; (x) sufficient workforce is available and trained to perform assigned tasks; (xi) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xii) relations with interested parties, including Native Americans, remain productive; (xiii) maintaining availability of water rights; (xiv) factors do not arise that reduce available cash balances; and (xv) 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; (vi) conflict resolution and outcome of projects or oppositions; (vii) litigation, political, regulatory, labor and environmental risks; (viii) exploration risks and results, including that mineral resources are not mineral reserves, they do not have demonstrated economic viability and there is no certainty that they can be upgraded to mineral reserves through continued exploration; (ix) the failure of counterparties to perform their obligations under hedging instruments; (x) the Company takes a material impairment charge on its Nevada operations; and (xi) the Company is unable to remain in compliance with all terms of its credit agreement in order to maintain continued access to the revolver. For a more detailed discussion of such risks and other factors, see the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 23, 2022 and Form 10-Q filed with the SEC on August 5, 2022 for a more detailed discussion of factors that may impact expected future results, as well as the Company’s other SEC filings. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Qualified Person (QP) Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under S-K 1300 and NI 43-101, supervised the preparation of the scientific and technical information concerning Hecla’s mineral projects in this news release. Technical Report Summaries (each a “TRS”) for each of the Company’s material properties are filed as exhibits 96.1, 96.2 and 96.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, 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 TRS and in a 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 TRS and in its technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, (iii) Casa Berardi are contained in its TRS and in its technical report titled “Technical Report on the mineral resource and mineral reserve estimate for Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2018, and (iv) the San Sebastian Mine, Mexico, are contained in a technical report prepared for Hecla titled “Technical Report for the San Sebastian Ag-Au Property, Durango, Mexico” effective date September 8, 2015. Also included in each TRS and the four technical reports 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 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). Copies of these technical reports are available under Hecla’s profile on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair 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 Condensed Consolidated Statements of Operations (dollars and shares in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Sales $ 146,339 $ 193,560 $ 524,080 $ 622,395 Cost of sales and other direct production costs 104,900 112,542 326,579 318,917 Depreciation, depletion and amortization 32,992 45,790 106,362 138,918 Total cost of sales 137,892 158,332 432,941 457,835 Gross profit 8,447 35,228 91,139 164,560 Other operating expenses: General and administrative 11,003 8,874 28,989 27,985 Exploration and pre-development 15,128 17,108 39,136 35,039 Care and maintenance costs 5,092 6,910 16,539 17,014 Provision for closed operations and environmental matters 1,781 7,564 4,154 12,297 Other operating expense 902 3,344 5,310 10,626 Total other operating expenses 33,906 43,800 94,128 102,961 (Loss) income from operations (25,459 ) (8,572 ) (2,989 ) 61,599 Other income (expense): Interest expense (10,874 ) (10,469 ) (31,785 ) (31,484 ) Fair value adjustments, net (4,240 ) 9,287 (14,703 ) (10,651 ) Net foreign exchange gain (loss) 5,667 3,995 8,111 24 Other income (expense) 1,853 247 4,828 (192 ) Total other (expense) income (7,594 ) 3,060 (33,549 ) (42,303 ) (Loss) income before income and mining taxes (33,053 ) (5,512 ) (36,538 ) 19,296 Income and mining tax (provision) benefit 9,527 4,533 3,642 3,924 Net (loss) income (23,526 ) (979 ) (32,896 ) 23,220 Preferred stock dividends (138 ) (138 ) (414 ) (414 ) (Loss) income applicable to common stockholders $ (23,664 ) $ (1,117 ) $ (33,310 ) $ 22,806 Basic (loss) income per common share after preferred dividends $ (0.04 ) $ — $ (0.06 ) $ 0.04 Weighted average number of common shares outstanding – basic 554,531 536,966 544,000 535,542 Weighted average number of common shares outstanding – diluted 554,531 536,966 544,000 541,769 HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) Quarter Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 OPERATING ACTIVITIES Net (loss) income $ (23,526 ) $ (979 ) $ (32,896 ) $ 23,220 Non-cash elements included in net (loss) income Depreciation, depletion and amortization 33,087 46,939 106,743 139,800 Write-down of inventory 1,405 93 2,159 6,524 Fair value adjustments, net 17,671 (13,192 ) 3,486 (7,978 ) Provision for reclamation and closure costs 1,518 1,638 4,789 7,821 Stock compensation 1,773 1,472 4,298 4,774 Deferred income taxes (16,538 ) (10,141 ) (17,828 ) (17,886 ) Foreign exchange loss (gain) (4,911 ) (3,842 ) (8,353 ) 615 Other non-cash items, net 1,472 98 2,454 1,167 Change in assets and liabilities: Accounts receivable 15,589 5,634 34,788 (3,798 ) Inventories (11,120 ) 16,653 (19,472 ) 22,372 Other current and non-current assets (2,526 ) (2,475 ) (3,420 ) 1,650 Accounts payable, accrued and other current liabilities (38,827 ) (8,200 ) (21,708 ) (14,689 ) Accrued payroll and related benefits 1,401 3,522 1,679 (1,829 ) Accrued taxes 3,031 3,729 (2,652 ) 2,730 Accrued reclamation and closure costs and other non-current liabilities (3,821 ) 1,793 (297 ) 2,489 Cash provided by operating activities (24,322 ) 42,742 53,770 166,982 INVESTING ACTIVITIES Additions to properties, plants, equipment and mineral interests (37,430 ) (26,899 ) (93,237 ) (80,210 ) Proceeds from sale of investments 6,888 — 9,375 — Proceeds from disposition of properties, plants and equipment 18 431 748 562 Purchases of investments (8,641 ) — (30,540 ) — Proceeds from exchange of investments — 1,811 — 1,811 Purchase of carbon credits — (200 ) — (200 ) Acquisition, net 8,952 — 8,952 — Pre-acquisition advance to Alexco (25,000 ) — (25,000 ) — Changes in restricted cash and investment balances 2,011 — 2,011 — Net cash used in investing activities (53,202 ) (24,857 ) (127,691 ) (78,037 ) FINANCING ACTIVITIES Draw on revolving credit facility 25,000 — 25,000 — Proceeds from issuance of stock, net of related costs 4,542 — 4,542 — Acquisition of treasury shares — — (3,677 ) (4,525 ) Dividends paid to common and preferred stockholders (3,522 ) (6,178 ) (10,549 ) (17,169 ) Credit facility fees paid (443 ) (26 ) (517 ) (108 ) Repayments of finance leases (1,889 ) (1,828 ) (5,222 ) (5,598 ) Net cash used in financing activities 23,688 (8,032 ) 9,577 (27,400 ) Effect of exchange rates on cash 517 (443 ) (804 ) (471 ) Net increase (decrease) in cash, cash equivalents and restricted cash (53,319 ) 9,410 (65,148 ) 61,074 Cash, cash equivalents and restricted cash at beginning of period 199,234 $ 182,547 211,063 130,883 Cash, cash equivalents and restricted cash at end of period $ 145,915 $ 191,957 $ 145,915 $ 191,957 Supplemental disclosure of cash flow information: Cash paid for interest $ 18,430 $ 18,674 $ 37,179 $ 37,173 Cash paid for income and mining taxes, net $ 1,173 $ 830 $ 13,061 $ 10,299 HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) September 30, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 144,669 $ 210,010 Accounts receivable: Trade 12,477 36,437 Other, net 12,846 8,149 Inventories 92,005 67,765 Derivative assets 7,190 2,709 Other current assets 14,733 16,557 Total current assets 283,920 341,627 Investments 13,299 10,844 Restricted cash 1,246 1,053 Properties, plants, equipment and mineral interests, net 2,553,974 2,310,810 Operating lease right-of-use asset 11,632 12,435 Deferred income taxes 45,562 45,562 Derivative assets 20,794 2,503 Other non-current assets 4,202 3,974 Total assets $ 2,934,629 $ 2,728,808 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 87,850 $ 68,100 Accrued payroll and related benefits 26,385 28,714 Accrued taxes 7,344 12,306 Finance and operating leases 12,489 8,098 Derivative liabilities 5,774 19,353 Other current liabilities 10,949 14,553 Accrued reclamation and closure costs 10,594 9,259 Total current liabilities 161,385 160,383 Finance and operating leases 20,242 17,726 Accrued reclamation and closure costs 105,717 103,972 Long-term debt 530,745 508,095 Deferred tax liability 154,225 149,706 Derivative liabilities 5,560 18,528 Other non-current liabilities 1,987 9,611 Total liabilities 979,861 968,021 STOCKHOLDERS’ EQUITY Preferred stock 39 39 Common stock 150,839 136,391 Capital surplus 2,241,649 2,034,485 Accumulated deficit (397,096 ) (353,651 ) Accumulated other comprehensive income (loss) (8,965 ) (28,456 ) Treasury stock (31,698 ) (28,021 ) Total stockholders’ equity 1,954,768 1,760,787 Total liabilities and stockholders’ equity $ 2,934,629 $ 2,728,808 Common shares outstanding 603,702 545,535 Non-GAAP Measures (Unaudited) Reconciliation of Cost of Sales (GAAP) 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 cost of sales and other direct production costs and depreciation, depletion and amortization to the non-GAAP measures of Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits and AISC, After By-product Credits for our operations at the Greens Creek , Lucky Friday, Casa Berardi and Nevada Operations units for the nine month periods ended September 30, 2022 and 2021 and the three month periods ended September 30, June 30 and March 31, 2022. 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 we report 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 we utilize to measure each mine's operating performance. AISC, After By-product Credits, per Ounce is an important operating statistic that we utilize as a measures of our mines' net cash flow after costs for exploration, pre-development, reclamation, and sustaining capital. 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, and aggregating Casa Berardi and Nevada Operations for comparison to other gold 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 on-site exploration, reclamation, and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense, reclamation, exploration, and pre-development. 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. 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. We also use these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective. The Casa Berardi, Nevada Operations and combined gold properties 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, its primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi and Nevada Operations. 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 and Nevada Operations units 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 and Nevada Operations. Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other(2) Total Silver Total cost of sales $ 52,502 $ 24,164 — $ 76,666 $ 60,506 $ 30,348 — $ 90,854 $ 162,644 $ 83,779 — $ 246,423 $ 163,861 $ 74,287 $ 95 $ 238,243 Depreciation, depletion and amortization (10,305 ) (7,261 ) — (17,566 ) (13,629 ) (8,862 ) — (22,491 ) (35,354 ) (24,155 ) — (59,509 ) (42,410 ) (20,328 ) — (62,738 ) Treatment costs 9,477 4,791 — 14,268 8,778 4,803 — 13,581 27,369 13,271 — 40,640 27,444 13,087 — 40,531 Change in product inventory 4,464 3,022 — 7,486 (1,102 ) 503 — (599 ) 9,899 2,620 — 12,519 (156 ) (1,757 ) — (1,913 ) Reclamation and other costs (118 ) (152 ) — (270 ) (1,005 ) (256 ) — (1,261 ) (1,988 ) (769 ) — (2,757 ) (1,777 ) (840 ) (95 ) (2,712 ) Cash Cost, Before By-product Credits (1) 56,020 24,564 — 80,584 53,548 26,536 — 80,084 162,570 74,746 — 237,316 146,962 64,449 — 211,411 Reclamation and other costs 705 282 — 987 705 282 — 987 2,115 846 — 2,961 2,543 792 — 3,335 Exploration 3,776 — 722 4,498 929 — 769 1,698 4,870 — 2,207 7,077 3,895 — 1,359 5,254 Sustaining capital 10,219 11,264 187 21,670 14,668 8,110 99 22,877 30,843 24,937 334 56,114 17,459 19,104 — 36,563 General and administrative — — 11,003 11,003 — — 9,692 9,692 — — 28,989 28,989 — — 27,985 27,985 AISC, Before By-product Credits (1) 70,720 36,110 11,912 118,742 69,850 34,928 10,560 115,338 200,398 100,529 31,530 332,457 170,859 84,345 29,344 284,548 By-product credits: Zinc (26,244 ) (7,155 ) — (33,399 ) (32,828 ) (8,227 ) — (41,055 ) (87,723 ) (21,358 ) — (109,081 ) (74,571 ) (14,457 ) — (89,028 ) Gold (17,019 ) — — (17,019 ) (20,364 ) — — (20,364 ) (55,966 ) — — (55,966 ) (56,299 ) — — (56,299 ) Lead (6,212 ) (11,796 ) — (18,008 ) (8,271 ) (14,543 ) — (22,814 ) (22,449 ) (38,175 ) — (60,624 ) (23,265 ) (30,762 ) — (54,027 ) Total By-product credits (49,475 ) (18,951 ) — (68,426 ) (61,463 ) (22,770 ) — (84,233 ) (166,138 ) (59,533 ) — (225,671 ) (154,135 ) (45,219 ) — (199,354 ) Cash Cost, After By-product Credits $ 6,545 $ 5,613 $ — $ 12,158 $ (7,915 ) $ 3,766 $ — $ (4,149 ) $ (3,568 ) $ 15,213 $ — $ 11,645 $ (7,173 ) $ 19,230 $ — $ 12,057 AISC, After By-product Credits $ 21,245 $ 17,159 $ 11,912 $ 50,316 $ 8,387 $ 12,158 $ 10,560 $ 31,105 $ 34,260 $ 40,996 $ 31,530 $ 106,786 $ 16,724 $ 39,126 $ 29,344 $ 85,194 Divided by ounces produced 2,469 1,075 3,544 2,410 1,226 3,636 7,309 3,189 10,498 6,981 1,777 2,609 9,590 Cash Cost, Before By-product Credits, per Silver Ounce $ 22.69 $ 22.87 $ 22.74 $ 22.21 $ 21.65 $ 22.03 $ 22.24 $ 23.44 $ 22.61 $ 21.05 $ 24.70 $ 22.05 By-product credits per ounce (20.04 ) (17.64 ) (19.31 ) (25.50 ) (18.58 ) (23.17 ) (22.73 ) (18.67 ) (21.50 ) (22.08 ) (17.33 ) (20.79 ) Cash Cost, After By-product Credits, per Silver Ounce $ 2.65 $ 5.23 $ 3.43 $ (3.29 ) $ 3.07 $ (1.14 ) $ (0.49 ) $ 4.77 $ 1.11 $ (1.03 ) $ 7.37 $ 1.26 AISC, Before By-product Credits, per Silver Ounce $ 28.65 $ 33.62 $ 33.51 $ 28.98 $ 28.49 $ 31.72 $ 27.42 $ 31.53 $ 31.67 $ 24.48 $ 32.33 $ 29.67 By-product credits per ounce (20.04 ) (17.64 ) (19.31 ) (25.50 ) (18.58 ) (23.17 ) (22.73 ) (18.67 ) (21.50 ) (22.08 ) (17.33 ) (20.79 ) AISC, After By-product Credits, per Silver Ounce $ 8.61 $ 15.98 $ 14.20 $ 3.48 $ 9.91 $ 8.55 $ 4.69 $ 12.86 $ 10.17 $ 2.40 $ 15.00 $ 8.88 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Casa Berardi Total Gold Casa Berardi Total Gold Casa Berardi Total Gold Casa Berardi Nevada Operations(3) Corporate(3) Total Gold Total cost of sales $ 59,532 $ 59,532 $ 61,870 $ 61,870 $ 183,570 $ 183,570 $ 172,760 $ 46,832 — $ 219,592 Depreciation, depletion and amortization (15,089 ) (15,089 ) (15,459 ) (15,459 ) (46,394 ) (46,394 ) (61,159 ) (15,021 ) — (76,180 ) Treatment costs 429 429 457 457 1,345 1,345 1,723 1,731 — 3,454 Change in product inventory 420 420 (793 ) (793 ) (936 ) (936 ) (2,401 ) (9,951 ) — (12,352 ) Reclamation and other costs (203 ) (203 ) (209 ) (209 ) (623 ) (623 ) (632 ) 299 — (333 ) Exclusion of Nevada Operations costs — — — — — — — — — Cash Cost, Before By-product Credits (1) 45,089 45,089 45,866 45,866 136,962 136,962 110,291 23,890 — 134,181 Reclamation and other costs 204 204 209 209 623 623 632 681 — 1,313 Sustaining Exploration 2,314 2,314 1,178 1,178 4,886 4,886 3,551 — — 3,551 Sustaining capital 10,457 10,457 7,597 7,597 25,587 25,587 21,030 195 — 21,225 AISC, Before By-product Credits (1) 58,064 58,064 54,850 54,850 168,058 168,058 135,504 24,766 — 160,270 By-product credits: — Silver $ (131 ) (131 ) $ (188 ) (188 ) (485 ) (485 ) (656 ) (1,131 ) — (1,787 ) Total By-product credits (131 ) (131 ) (188 ) (188 ) (485 ) (485 ) (656 ) (1,131 ) — (1,787 ) Cash Cost, After By-product Credits $ 44,958 $ 44,958 $ 45,678 $ 45,678 $ 136,477 $ 136,477 $ 109,635 $ 22,759 $ — $ 132,394 AISC, After By-product Credits $ 57,933 $ 57,933 $ 54,662 $ 54,662 $ 167,573 $ 167,573 $ 134,848 $ 23,635 $ — $ 158,483 Divided by gold ounces produced 33 33 33 33 97 97 97 20 117 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,353 $ 1,353 $ 1,377 $ 1,377 $ 1,415 $ 1,415 $ 1,134 $ 1,180 $ 1,142 By-product credits per ounce (4 ) (4 ) (6 ) (6 ) (6 ) (6 ) (7 ) (56 ) (15 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,349 $ 1,349 $ 1,371 $ 1,371 $ 1,409 $ 1,409 $ 1,127 $ 1,124 $ 1,127 AISC, Before By-product Credits, per Gold Ounce $ 1,742 $ 1,742 $ 1,647 $ 1,647 $ 1,735 $ 1,735 $ 1,394 $ 1,223 $ 1,364 By-product credits per ounce (4 ) (4 ) (6 ) (6 ) (6 ) (6 ) (7 ) (56 ) (15 ) AISC, After By-product Credits, per Gold Ounce $ 1,738 $ 1,738 $ 1,641 $ 1,641 $ 1,729 $ 1,729 $ 1,387 $ 1,167 $ 1,349 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 76,666 $ 59,532 $ 136,198 $ 90,854 $ 61,870 $ 152,724 $ 246,423 $ 183,570 $ 429,993 $ 238,243 $ 219,592 $ 457,835 Depreciation, depletion and amortization (17,566 ) (15,089 ) (32,655 ) (22,491 ) (15,459 ) (37,950 ) (59,509 ) (46,394 ) (105,903 ) (62,738 ) (76,180 ) (138,918 ) Treatment costs 14,268 429 14,697 13,581 457 14,038 40,640 1,345 41,985 40,531 3,454 43,985 Change in product inventory 7,486 420 7,906 (599 ) (793 ) (1,392 ) 12,519 (936 ) 11,583 (1,913 ) (12,352 ) (14,265 ) Reclamation and other costs (270 ) (203 ) (473 ) (1,261 ) (209 ) (1,470 ) (2,757 ) (623 ) (3,380 ) (2,712 ) (333 ) (3,045 ) Cash Cost, Before By-product Credits (1) 80,584 45,089 125,673 80,084 45,866 125,950 237,316 136,962 374,278 211,411 134,181 $ 345,592 Reclamation and other costs 987 204 1,191 987 209 1,196 2,961 623 3,584 3,335 1,313 4,648 Exploration 4,498 2,314 6,812 1,698 1,178 2,876 7,077 4,886 11,963 5,254 3,551 8,805 Sustaining capital 21,670 10,457 32,127 22,877 7,597 30,474 56,114 25,587 81,701 36,563 21,225 57,788 General and administrative 11,003 — 11,003 9,692 — 9,692 28,989 — 28,989 27,985 — 27,985 AISC, Before By-product Credits (1) 118,742 58,064 176,806 115,338 54,850 170,188 332,457 168,058 500,515 284,548 160,270 $ 444,818 By-product credits: Zinc (33,399 ) — (33,399 ) (41,055 ) — (41,055 ) (109,081 ) — (109,081 ) (89,028 ) — (89,028 ) Gold (17,019 ) — (17,019 ) (20,364 ) — (20,364 ) (55,966 ) — (55,966 ) (56,299 ) — (56,299 ) Lead (18,008 ) — (18,008 ) (22,814 ) — (22,814 ) (60,624 ) — (60,624 ) (54,027 ) — (54,027 ) Silver — (131 ) (131 ) — (188 ) (188 ) — (485 ) (485 ) — (1,787 ) (1,787 ) Total By-product credits (68,426 ) (131 ) (68,557 ) (84,233 ) (188 ) (84,421 ) (225,671 ) (485 ) (226,156 ) (199,354 ) (1,787 ) (201,141 ) Cash Cost, After By-product Credits $ 12,158 $ 44,958 $ 57,116 $ (4,149 ) $ 45,678 $ 41,529 $ 11,645 $ 136,477 $ 148,122 $ 12,057 $ 132,394 $ 144,451 AISC, After By-product Credits $ 50,316 $ 57,933 $ 108,249 $ 31,105 $ 54,662 $ 85,767 $ 106,786 $ 167,573 $ 274,359 $ 85,194 $ 158,483 $ 243,677 Divided by ounces produced 3,544 33 3,636 33 10,498 97 9,590 117 Cash Cost, Before By-product Credits, per Ounce $ 22.74 $ 1,353 $ 22.03 $ 1,377 $ 22.61 $ 1,415 $ 22.05 $ 1,142 By-product credits per ounce (19.31 ) (4 ) (23.17 ) (6 ) (21.50 ) (6 ) (20.79 ) (15 ) Cash Cost, After By-product Credits, per Ounce $ 3.43 $ 1,349 $ (1.14 ) $ 1,371 $ 1.11 $ 1,409 $ 1.26 $ 1,127 AISC, Before By-product Credits, per Ounce $ 33.51 $ 1,742 $ 31.72 $ 1,647 $ 31.67 $ 1,735 $ 29.67 $ 1,364 By-product credits per ounce (19.31 ) (4 ) (23.17 ) (6 ) (21.50 ) (6 ) (20.79 ) (15 ) AISC, After By-product Credits, per Ounce $ 14.20 $ 1,738 $ 8.55 $ 1,641 $ 10.17 $ 1,729 $ 8.88 $ 1,349 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday(2) Other(3) Total Silver Greens Creek Lucky Friday Other(3) Total Silver Total cost of sales $ 49,638 $ 29,264 — $ 78,902 $ 49,252 $ 23,251 $ 152 $ 72,655 $ 55,193 $ 23,591 $ — $ 78,784 Depreciation, depletion and amortization (11,420 ) (8,032 ) — (19,452 ) (6,300 ) (6,518 ) (152 ) (12,970 ) (13,097 ) (6,590 ) — (19,687 ) Treatment costs 9,096 3,677 — 12,773 8,655 3,636 — 12,291 7,979 3,427 — 11,406 Change in product inventory 6,538 (905 ) — 5,633 236 1,351 — 1,587 (122 ) (68 ) — (190 ) Reclamation and other costs (5) (850 ) (361 ) — (1,211 ) (1,689 ) (199 ) — (1,888 ) (786 ) (281 ) — (1,067 ) Cash Cost, Before By-product Credits (1) 53,002 23,643 — 76,645 50,154 21,521 — 71,675 49,167 20,079 — 69,246 Reclamation and other costs 705 282 — 987 847 264 — 1,111 848 264 — 1,112 Exploration 165 — 716 881 696 — 867 1,563 2,472 — 474 2,946 Sustaining capital 5,956 5,562 48 11,566 10,123 7,413 172 17,708 6,228 8,406 — 14,634 General and administrative (5) — — 8,294 8,294 — — 6,585 6,585 — — 8,874 8,874 AISC, Before By-product Credits (1) 59,828 29,487 9,058 98,373 61,820 29,198 7,624 98,642 58,715 28,749 9,348 96,812 By-product credits: Zinc (28,651 ) (5,977 ) — (34,628 ) (25,643 ) (5,022 ) (30,665 ) (25,295 ) (4,611 ) (29,906 ) Gold (18,583 ) — — (18,583 ) (15,712 ) — (15,712 ) (14,864 ) — (14,864 ) Lead (7,966 ) (11,836 ) — (19,802 ) (7,657 ) (12,204 ) (19,861 ) (7,640 ) (10,188 ) (17,828 ) Total By-product credits (55,200 ) (17,813 ) — (73,013 ) (49,012 ) (17,226 ) — (66,238 ) (47,799 ) (14,799 ) — (62,598 ) Cash Cost, After By-product Credits $ (2,198 ) $ 5,830 $ — $ 3,632 $ 1,142 $ 4,295 $ — $ 5,437 $ 1,368 $ 5,280 $ — $ 6,648 AISC, After By-product Credits $ 4,628 $ 11,674 $ 9,058 $ 25,360 $ 12,808 $ 11,972 $ 7,624 $ 32,404 $ 10,916 $ 13,950 $ 9,348 $ 34,214 Divided by ounces produced 2,430 888 3,318 2,262 955 3,217 1,837 832 2,669 Cash Cost, Before By-product Credits, per Silver Ounce $ 21.82 $ 26.63 $ 23.10 $ 22.18 $ 22.54 $ 22.28 $ 26.76 $ 24.14 $ 25.93 By-product credits per ounce (22.72 ) (20.06 ) (22.01 ) (21.68 ) (18.04 ) (20.59 ) (26.02 ) (17.79 ) (23.44 ) Cash Cost, After By-product Credits, per Silver Ounce $ (0.90 ) $ 6.57 $ 1.09 $ 0.50 $ 4.50 $ 1.69 $ 0.74 $ 6.35 $ 2.49 AISC, Before By-product Credits, per Silver Ounce $ 24.62 $ 33.21 $ 29.65 $ 27.34 $ 30.58 $ 30.67 $ 31.96 $ 34.58 $ 36.26 By-product credits per ounce (22.72 ) (20.06 ) (22.01 ) (21.68 ) (18.04 ) (20.59 ) (26.02 ) (17.79 ) (23.44 ) AISC, After By-product Credits, per Silver Ounce $ 1.90 $ 13.15 $ 7.64 $ 5.66 $ 12.54 $ 10.08 $ 5.94 $ 16.79 $ 12.82 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Casa Berardi Total Gold Casa Berardi Nevada Operations(4) Total Gold Casa Berardi Nevada Operations(4) Corporate(3) Total Gold Total cost of sales $ 62,168 $ 62,168 $ 57,069 $ 2,113 $ 59,182 $ 58,164 $ 21,384 $ 79,548 Depreciation, depletion and amortization (15,846 ) (15,846 ) (19,585 ) (320 ) (19,905 ) (19,968 ) (6,135 ) (26,103 ) Treatment costs 458 458 423 — 423 475 1 476 Change in product inventory (563 ) (563 ) 4,839 (956 ) 3,883 (3,369 ) (12,389 ) (15,758 ) Reclamation and other costs (5) (210 ) (210 ) (208 ) 1 (207 ) (210 ) — (210 ) Cash Cost, Before By-product Credits (1) 46,007 46,007 42,538 838 43,376 35,092 2,861 37,953 Reclamation and other costs 210 210 209 327 536 209 327 536 Exploration 1,394 1,394 1,775 — 1,775 1,541 — 1,541 Sustaining capital 7,281 7,281 10,459 316 10,775 7,208 29 7,237 AISC, Before By-product Credits (1) 54,892 54,892 54,981 1,481 56,462 44,050 3,217 47,267 By-product credits: Silver (166 ) (166 ) (183 ) (21 ) (204 ) (169 ) (6 ) (175 ) Total By-product credits $ (166 ) $ (166 ) (183 ) (21 ) (204 ) (169 ) (6 ) (175 ) Cash Cost, After By-product Credits $ 45,841 $ 45,841 $ 42,355 $ 817 $ 43,172 $ 34,923 $ 2,855 $ 37,778 AISC, After By-product Credits $ 54,726 $ 54,726 $ 54,798 $ 1,460 $ 56,258 $ 43,881 $ 3,211 $ 47,092 Divided by gold ounces produced 30 30 37 — 37 30 3 33 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,521 $ 1,521 $ 1,142 $ 1,737 $ 1,148 $ 1,181 $ 1,040 $ 1,168 By-product credits per ounce (5 ) (5 ) (5 ) (44 ) (5 ) (6 ) (2 ) (5 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,516 $ 1,516 $ 1,137 $ 1,693 $ 1,143 $ 1,175 $ 1,038 $ 1,163 AISC, Before By-product Credits, per Gold Ounce $ 1,815 $ 1,815 $ 1,475 $ 3,073 $ 1,499 $ 1,482 $ 1,169 $ 1,455 By-product credits per ounce (5 ) (5 ) (5 ) (44 ) (5 ) (6 ) (2 ) (5 ) AISC, After By-product Credits, per Gold Ounce $ 1,810 $ 1,810 $ 1,470 $ 3,029 $ 1,494 $ 1,476 $ 1,167 $ 1,450 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Corporate(3) Total Cost of sales and other direct production costs and depreciation, depletion and amortization $ 78,902 $ 62,168 $ 141,070 $ 72,655 $ 59,182 $ 131,837 $ 78,784 $ 79,548 $ 158,332 Depreciation, depletion and amortization (19,452 ) (15,846 ) (35,298 ) (12,970 ) (19,905 ) (32,875 ) (19,687 ) (26,103 ) (45,790 ) Treatment costs 12,773 458 13,231 12,291 423 12,714 11,406 476 11,882 Change in product inventory 5,633 (563 ) 5,070 1,587 3,883 5,470 (190 ) (15,758 ) (15,948 ) Reclamation and other costs (1,211 ) (210 ) (1,421 ) (1,888 ) (207 ) (2,095 ) (1,067 ) (210 ) (1,277 ) Cash Cost, Before By-product Credits (1) 76,645 46,007 122,652 71,675 43,376 115,051 69,246 37,953 107,199 Reclamation and other costs 987 210 1,197 1,111 536 1,647 1,112 536 1,648 Exploration 881 1,394 2,275 1,563 1,775 3,338 2,946 1,541 4,487 Sustaining capital 11,566 7,281 18,847 17,708 10,775 28,483 14,634 7,237 21,871 General and administrative 8,294 — 8,294 6,585 — 6,585 8,874 — 8,874 AISC, Before By-product Credits (1) 98,373 54,892 153,265 98,642 56,462 155,104 96,812 47,267 144,079 By-product credits: Zinc (34,628 ) — (34,628 ) (30,665 ) — (30,665 ) (29,906 ) — (29,906 ) Gold (18,583 ) — (18,583 ) (15,712 ) — (15,712 ) (14,864 ) — (14,864 ) Lead (19,802 ) — (19,802 ) (19,861 ) — (19,861 ) (17,828 ) — (17,828 ) Silver — (166 ) (166 ) — (204 ) (204 ) — (175 ) (175 ) Total By-product credits (73,013 ) (166 ) (73,179 ) (66,238 ) (204 ) (66,442 ) (62,598 ) (175 ) (62,773 ) Cash Cost, After By-product Credits $ 3,632 $ 45,841 $ 49,473 $ 5,437 $ 43,172 $ 48,609 $ 6,648 $ 37,778 $ 44,426 AISC, After By-product Credits $ 25,360 $ 54,726 $ 80,086 $ 32,404 $ 56,258 $ 88,662 $ 34,214 $ 47,092 $ 81,306 Divided by ounces produced 3,318 30 3,217 37 2,669 33 Cash Cost, Before By-product Credits, per Ounce $ 23.10 $ 1,521 $ 22.28 $ 1,148 $ 25.93 1,168 By-product credits per ounce (22.01 ) (5 ) (20.59 ) (5 ) (23.44 ) (5 ) Cash Cost, After By-product Credits, per Ounce $ 1.09 $ 1,516 $ 1.69 $ 1,143 $ 2.49 $ 1,163 AISC, Before By-product Credits, per Ounce $ 29.65 $ 1,815 $ 30.67 $ 1,499 $ 36.26 $ 1,455 By-product credits per ounce (22.01 ) (5 ) (20.59 ) (5 ) (23.44 ) (5 ) AISC, After By-product Credits, per Ounce $ 7.64 $ 1,810 $ 10.08 $ 1,494 $ 12.82 $ 1,450 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, royalties, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes on-site exploration, reclamation, and sustaining capital costs. Mining at San Sebastian was completed in the third quarter of 2020, and milling was completed in the fourth quarter of 2020. Care and maintenance costs at San Sebastian totaling $1.5 million and $2.0 million for the first nine months of 2022 and 2021 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, exploration and sustaining capital. Production was suspended at the Hollister and Midas mines and Aurora mill in the latter part of 2019. Care and maintenance at Nevada Operations totaling $4.2 million and $6.3 million for the third quarter of 2022 and 2021, respectively, ($14.6 million and $15.0 million for the first nine months of 2022 and 2021) are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, 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 (Loss) Income Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Stockholders (non-GAAP) This release refers to a non-GAAP measure of adjusted net income (loss) applicable to common stockholders and adjusted net income (loss) per share, which are indicators of our performance. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance. Dollars are in thousands Q3 -2022 Q2 -2022 Q1-2022 Q4 -2021 Q3 -2021 YTD - 2022 YTD-2021 Net (loss) income applicable to common stockholders (GAAP) (23,664 ) (13,661 ) $ 4,015 11,737 (1,117 ) $ (33,310 ) 22,806 Adjusted for items below: — Derivative contracts losses (gains) (873 ) 689 204 25,840 (16,053 ) 20 (13,937 ) Provisional pricing losses (gains) 6,625 15,807 (968 ) (5,648 ) (72 ) 21,464 (3,701 ) Unrealized losses (gains) on equity investments 5,110 15,739 (6,100 ) (2,822 ) 2,861 14,749 5,959 Environmental accruals — 14 — — 14 2,882 Foreign exchange (gain) loss (5,667 ) (4,482 ) 2,038 (393 ) (3,995 ) (8,111 ) (24 ) Care and maintenance costs 5,092 5,242 6,205 5,998 6,910 16,539 17,014 Loss (gain)on disposition of properties, plants, equipment and mineral interests 19 5 (8 ) 326 (390 ) 16 (239 ) Adjustments of inventory to net realizable value 1,405 754 — — 93 2,159 6,524 Adjusted income (loss) applicable to common stockholders $ (11,953 ) $ 20,093 $ 5,400 $ 35,038 $ (11,763 ) $ 13,540 $ 37,284 Weighted average shares - basic 554,531 539,401 538,490 538,124 536,966 544,000 535,542 Weighted average shares - diluted 554,531 539,401 544,061 543,134 536,966 544,000 541,769 Basic adjusted net income (loss) per common stock (in cents) (0.02 ) 0.04 0.01 0.07 (0.02 ) 0.02 0.07 Diluted adjusted net income (loss) per common stock (in cents) (0.02 ) 0.04 0.01 0.06 (0.02 ) 0.02 0.07 Reconciliation of Net Income (Loss) (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 (loss) before the following items: interest expense, income tax provision, depreciation, depletion, and amortization expense, acquisition costs, foreign exchange gains and losses, gains and losses on derivative contracts, ramp-up and suspension costs, provisional price gains and losses, stock-based compensation, unrealized losses and gains on investments, provisions for closed operations, and interest and other income (expense). Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, revolving credit facility and finance leases, less the total of our cash and cash equivalents. 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 loss and debt to Adjusted EBITDA and net debt: Dollars are in thousands Q3 -2022 Q2 -2022 Q1-2022 Q4 -2021 Q3 -2021 LTM 9/30/2022 FY 2021 Net income (loss) (23,526 ) (13,523 ) $ 4,153 11,875 (979 ) (21,021 ) 35,095 Interest expense 10,874 10,505 10,406 10,461 10,469 42,246 41,945 Income and mining tax provision (benefit) (9,527 ) 254 5,631 (25,645 ) (4,533 ) (29,287 ) (29,569 ) Depreciation, depletion and amortization 32,992 38,072 35,298 32,875 45,790 139,237 171,793 Foreign exchange (gain) loss (5,667 ) (4,482 ) 2,038 (393 ) (3,995 ) (8,504 ) (417 ) Loss/(gain) on undesignated derivative contracts (873 ) 689 204 25,840 (16,053 ) 25,860 11,903 Care and maintenance costs 5,092 5,242 6,205 5,998 6,910 22,537 23,012 Provisional price losses ( gains) 6,625 15,807 (968 ) (5,648 ) (72 ) 15,816 (9,349 ) Loss (gain) on disposition of properties, plants, equipment and mineral interests 18 5 (8 ) 326 (390 ) 341 87 Stock-based compensation 1,773 1,254 1,271 1,307 1,472 5,605 6,081 Provision for closed operations and environmental matters 1,781 1,628 1,643 3,693 8,088 8,745 17,964 Unrealized loss (gain) on investments 5,114 15,739 (6,100 ) (2,822 ) 2,861 11,931 4,295 Adjustments of inventory to net realizable value 1,405 754 — — 93 2,159 6,524 Other 473 (1,470 ) (1,571 ) 382 (247 ) (2,186 ) (584 ) Adjusted EBITDA $ 26,554 $ 70,474 $ 58,202 58,249 49,414 $ 213,479 $ 278,780 Total debt 551,841 $ 521,483 Less: Cash and cash equivalents $ 144,669 $ 210,010 Net debt $ 407,172 $ 311,473 Net debt/LTM adjusted EBITDA (non-GAAP) 1.9 1.1 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 mineral interests. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash provided by operating activities $ (24,322 ) $ 42,742 $ 53,770 $ 166,982 Less: Additions to properties, plants equipment and mineral interests (37,430 ) (26,899 ) (93,237 ) (80,210 ) Free cash flow $ (61,752 ) $ 15,843 $ (39,467 ) $ 86,772 Table A - Assay Results - Q3 2022 Keno Hill, Yukon Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Silver (oz/ton) Gold (oz/ton) Zinc (%) Lead (%) Depth From Surface (feet) Coral-Wigwam K-22-0825 275/-73 1520.4 1533.6 7.3 101.5 0.00 0.1 0.1 -1291 Coral-Wigwam Including 1525.6 1526.1 0.3 2522.1 0.00 0.7 0.3 -1303 Aurora, Nevada Zone Drillhole Number Drillhole Azm/Incl Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Silver (oz/ton) Depth From Surface (feet) Martinez MAR-002 173 /-37 331.5 333.0 1.3 0.13 0.3 -184 Martinez MAR-002 173 /-37 353.1 360.0 6.0 0.22 1.1 -240 Martinez Including 353.1 356.0 2.5 0.50 1.9 -240 Martinez MAR-002 173 /-37 396.2 408.8 7.2 0.05 0.2 -308 Martinez Including 396.2 397.5 0.8 0.19 0.5 -308 Martinez MAR-002 173 /-37 416.8 454.2 31.1 0.40 1.8 -341 Martinez Including 416.8 418.0 0.9 0.30 2.8 -341 Martinez Including 423.1 433.5 6.7 1.26 4.4 -341 Martinez MAR-002 173 /-37 456.5 465.0 6.0 0.10 0.1 -364 Martinez Including 463.5 465.0 1.1 0.43 0.4 -364 Martinez MAR-002 173 /-37 488.9 570.2 70.4 0.05 0.3 -436 Martinez Including 491.3 498.0 5.8 0.12 0.6 -436 Martinez Including 508.9 510.3 1.0 0.19 2.0 -436 Martinez Including 518.7 523.1 3.8 0.17 0.7 -436 Martinez Including 533.8 535.5 1.6 0.12 0.9 -436 Chesco CHE-001 350 /-62 14.0 26.4 12.2 0.73 7.7 -25 Chesco Including 14.0 23.0 8.9 0.95 9.8 -25 Chesco CHE-001 350 /-62 28.3 29.5 1.2 0.15 2.4 -31 Chesco CHE-001 350 /-62 258.0 260.3 2.2 0.03 1.2 -231 Chesco CHE-002 13 /-39 163.5 163.9 0.4 0.13 0.3 -68 Chesco CHE-002 13 /-39 170.3 171.1 0.6 0.06 0.3 -69 Chesco CHE-002 13 /-39 176.4 177.5 0.8 0.26 1.4 -72 Chesco CHE-002 13 /-39 223.8 228.1 3.7 0.25 6.4 -95 Chesco Including 224.8 226.9 1.8 0.50 12.4 -95 Juniata JUN-001 000 /-45 246.8 261.9 14.9 0.43 1.9 -180 Juniata Including 249.7 257.8 8.0 0.76 3.5 -180 Republic, NW USA Zone Drillhole Number Drillhole Azm/Incl Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Silver (oz/ton) Depth From Surface (feet) Bellicose BT2209 330/-45 518.6 523.3 3.3 0.07 0.3 -330 Blacktail BT2209 330/-45 627.0 650.0 13.2 0.06 0.5 -420 Apex BT2210 330/-45 36.4 53.7 12.0 0.08 0.4 -32 Anchor BT2210 330/-45 125.3 132.0 2.3 0.29 0.7 -70 1470 BT2216 330/-45 321.6 332.0 9.3 0.57 1.8 -250 1470 Including 326.6 332.0 4.9 0.79 2.6 -253 1470 Splay BT2216 330/-45 350.0 353.0 2.1 1.18 4.3 -263 Tom Thumb TT2213 293/-45 610.1 619.6 8.6 0.37 2.3 -255 Tom Thumb Including 610.1 614.6 4.1 0.72 4.3 -255 Tom Thumb TT2214 150/-75 1848.3 1852.5 3.6 0.34 2.7 -1800 Greens Creek, Alaska Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Silver (oz/ton) Gold (oz/ton) Zinc (%) Lead (%) Depth From Mine Portal (feet) Southwest Bench GC5758 63 / -46 221.0 224.0 2.7 35.2 0.14 10.2 6.4 -916 Southwest Bench GC5758 63 / -46 231.0 241.0 9.7 15.7 0.06 6.1 4.4 -932 Southwest Bench GC5762 73 / -11 144.0 159.0 14.9 40.9 0.35 7.0 2.9 -779 Southwest Bench GC5762 73 / -11 190.3 193.6 2.8 59.8 0.19 3.2 2.2 -785 Southwest Bench GC5762 73 / -11 308.5 310.5 1.9 27.3 0.07 9.0 6.0 -803 Southwest Bench GC5767 100 / 41 170.0 185.0 14.9 20.0 0.20 4.5 1.7 -628 Southwest Bench GC5771 91 / 20 199.0 201.5 2.4 12.8 0.04 2.3 1.3 -685 Southwest Bench GC5771 91 / 20 209.0 210.0 0.8 19.1 0.02 7.9 4.6 -681 Southwest Bench GC5787 112 / -38 103.6 124.7 10.5 74.3 0.52 5.7 2.9 -871 Southwest Bench GC5792 213 / -74 52.0 53.0 0.5 29.3 0.11 15.5 8.8 -815 Southwest Bench GC5793 63 / -71 94.5 96.0 1.4 11.5 0.04 6.2 2.6 -851 Southwest Bench GC5793 63 / -71 98.0 100.0 1.9 51.7 0.05 4.6 3.1 -856 Southwest Bench GC5793 63 / -71 107.0 113.0 5.4 16.3 0.09 10.3 7.4 -868 Southwest Bench GC5793 63 / -71 119.0 137.5 17.7 22.3 0.09 9.1 6.0 -891 Southwest Bench GC5797 63 / -51 125.4 131.5 4.8 18.1 0.06 5.1 3.0 -883 Southwest Bench GC5799 63 / -37 174.6 182.7 5.2 10.1 0.07 1.9 1.0 -872 Southwest Bench GC5801 63 / -26 218.5 219.5 1.0 11.7 0.03 12.4 7.2 -858 Southwest Bench GC5803 63 / -5 219.0 241.0 20.1 25.7 0.15 6.4 3.1 -785 Southwest Bench GC5806 63 / 25 128.6 138.9 8.8 6.3 0.08 2.2 1.1 -697 Southwest Bench GC5806 63 / 25 165.1 170.5 4.9 11.1 0.05 6.4 3.0 -684 Southwest Bench GC5806 63 / 25 189.6 198.0 8.0 11.9 0.06 1.8 1.1 -674 Southwest Bench GC5808 63 / 44 122.1 129.9 5.6 1.2 0.01 10.7 4.9 -660 Southwest Bench GC5808 63 / 44 168.0 186.0 13.3 23.4 0.14 7.5 3.4 -624 Southwest Bench GC5810 85 / 43 180.5 194.0 13.4 7.5 0.06 3.5 1.7 -620 Southwest Bench GC5813 83 / 27 166.5 175.0 8.5 23.4 0.11 2.1 1.0 -616 Southwest Bench GC5816 101 / 25 202.5 205.5 3.0 12.3 0.14 2.0 0.9 -670 Southwest Bench GC5817 22 / 36 245.0 250.0 4.9 11.7 0.02 0.8 0.4 -603 Southwest Bench GC5827 24 / -18 319.0 337.0 17.3 4.9 0.06 9.7 2.3 -857 Southwest Bench GC5827 24 / -18 346.0 351.7 5.6 43.0 0.08 1.7 0.8 -863 Southwest Bench GC5827 24 / -18 355.0 360.5 5.4 18.6 0.13 8.3 4.9 -864 Southwest Bench GC5827 24 / -18 413.0 414.0 1.0 12.8 0.03 6.8 2.8 -879 Southwest Bench GC5833 10 / -68 86.0 104.0 8.0 25.7 0.09 6.2 3.4 -855 Southwest Bench GC5833 10 / -68 152.5 165.5 9.5 21.9 0.11 6.2 3.2 -912 Southwest Bench GC5838 63 / -4 137.0 143.5 4.8 85.9 1.34 3.0 2.1 -737 Southwest Bench GC5841 85 / -22 129.0 140.0 10.6 15.4 0.05 7.7 4.9 -783 200 South GC5672 210 / -71 201.0 203.3 0.6 5.6 0.01 14.9 6.6 -1489 200 South GC5672 210 / -71 235.5 241.5 1.6 14.4 0.00 0.7 0.2 -1523 200 South GC5672 210 / -71 278.5 279.5 0.4 6.6 0.01 6.0 2.4 -1557 200 South GC5672 210 / -71 296.5 298.0 0.7 15.1 0.01 6.9 3.2 -1572 200 South GC5672 210 / -71 301.0 306.7 3.4 10.5 0.01 3.7 1.7 -1580 200 South GC5672 210 / -71 318.0 319.0 0.8 16.1 0.01 0.4 0.2 -1591 200 South GC5672 210 / -71 502.0 505.0 2.9 20.0 0.01 0.3 0.2 -1761 200 South GC5672 210 / -71 699.5 700.7 1.0 31.4 0.01 0.4 0.2 -1941 200 South GC5672 210 / -71 716.0 722.7 5.3 21.3 0.02 0.5 0.3 -1963 200 South GC5672 210 / -71 728.5 731.0 2.0 11.3 0.07 0.5 0.3 -1971 200 South GC5672 210 / -71 756.0 760.0 3.8 3.0 0.31 0.2 0.1 -1995 200 South GC5681 184 / -80 168.9 180.7 11.8 33.1 0.02 4.1 1.9 -1481 200 South GC5681 184 / -80 193.0 196.4 3.4 13.0 0.01 0.3 0.1 -1515 200 South GC5681 184 / -80 206.0 265.3 44.7 18.5 0.02 2.6 1.1 -1551 200 South GC5681 184 / -80 276.0 279.9 0.9 10.3 0.02 4.5 2.0 -1563 200 South GC5681 184 / -80 472.2 486.9 13.6 14.2 0.02 1.3 0.7 -1767 200 South GC5681 184 / -80 492.6 506.9 13.6 23.8 0.02 0.8 0.3 -1777 200 South GC5681 184 / -80 513.5 516.9 3.2 11.7 0.01 1.0 0.4 -1785 200 South GC5681 184 / -80 649.2 651.2 2.0 0.8 0.22 0.0 0.0 -1926 200 South GC5681 184 / -80 664.3 678.0 13.7 43.0 0.17 2.8 1.7 -1950 200 South GC5681 184 / -80 684.0 687.0 3.0 14.8 0.14 0.6 0.2 -1960 200 South GC5708 237 / -70 64.4 67.5 3.0 23.9 0.02 14.0 8.0 -1350 200 South GC5708 237 / -70 317.5 343.5 25.6 7.8 0.03 3.8 1.7 -1595 200 South GC5708 237 / -70 369.0 377.5 7.5 24.9 0.01 10.8 5.9 -1611 200 South GC5708 237 / -70 406.2 407.2 1.0 1.2 0.01 10.2 4.5 -1642 200 South GC5708 237 / -70 413.5 415.1 1.1 1.3 0.01 8.2 4.7 -1669 200 South GC5708 237 / -70 429.1 430.5 1.2 5.6 0.02 13.8 6.5 -1678 200 South GC5708 237 / -70 472.2 503.5 30.7 7.8 0.06 7.3 4.0 -1759 200 South GC5708 237 / -70 642.3 648.5 6.1 29.3 0.01 1.1 0.6 -1896 200 South GC5708 237 / -70 726.1 727.5 0.7 18.9 0.03 7.1 2.3 -1972 200 South GC5708 237 / -70 736.5 737.8 0.6 7.3 0.25 0.7 0.4 -1981 200 South GC5717 212 / -30 76.5 78.0 1.4 8.2 0.01 3.7 1.9 -1323 200 South GC5718 243 / -27 79.5 84.0 4.4 13.8 0.01 13.3 6.3 -1325 200 South GC5728 243 / -13 145.0 146.5 1.1 17.9 0.01 3.6 1.9 -1317 200 South GC5728 243 / -13 153.5 154.8 0.7 11.4 0.01 2.2 1.0 -1319 200 South GC5728 243 / -13 158.5 159.5 0.5 56.4 0.02 15.3 7.3 -1319 200 South GC5728 243 / -13 162.0 164.0 0.8 7.6 0.01 12.3 6.4 -1320 200 South GC5728 243 / -13 176.0 178.0 0.9 1.1 0.01 7.9 3.6 -1325 200 South GC5728 243 / -13 190.5 191.5 1.0 1.2 0.02 7.6 3.8 -1319 200 South GC5728 243 / -13 265.0 267.5 1.1 1.8 0.08 5.1 1.9 -1321 200 South GC5728 243 / -13 316.7 319.6 1.4 13.5 0.01 0.7 0.3 -1322 200 South GC5728 243 / -13 727.8 732.0 3.8 4.3 0.06 5.2 2.9 -1448 200 South GC5728 243 / -13 758.4 771.7 13.3 4.5 0.09 8.1 4.9 -1456 200 South GC5734 236 / -72 69.4 78.0 8.3 26.4 0.01 12.1 6.7 -1361 200 South GC5734 236 / -72 134.2 136.4 2.1 23.8 0.01 9.3 4.3 -1417 200 South GC5734 236 / -72 746.9 768.0 14.7 17.4 0.07 0.7 0.3 -2008 200 South GC5734 236 / -72 778.0 781.0 2.5 6.9 0.13 0.5 0.2 -2017 200 South GC5734 236 / -72 792.0 801.4 9.4 12.3 0.20 0.5 0.2 -2029 200 South GC5738 239 / -79 76.2 80.5 3.9 33.7 0.02 19.2 9.4 -1365 200 South GC5738 239 / -79 116.0 117.0 1.0 34.0 0.01 0.3 0.2 -1403 200 South GC5738 239 / -79 124.0 132.0 7.9 12.4 0.01 1.6 0.7 -1417 200 South GC5738 239 / -79 137.0 154.0 11.1 35.2 0.07 2.1 1.1 -1443 200 South GC5738 239 / -79 751.0 787.0 31.9 10.8 0.19 0.3 0.1 -2058 200 South GC5743 227 / -69 74.0 79.6 5.6 24.9 0.02 11.3 5.9 -1364 200 South GC5743 227 / -69 84.5 88.0 3.3 25.0 0.01 0.4 0.1 -1371 200 South GC5743 227 / -69 747.0 765.0 9.9 32.9 0.05 1.1 0.5 -1988 200 South GC5743 227 / -69 783.7 796.5 5.9 8.6 0.05 0.4 0.2 -2002 200 South GC5748 230 / -54 73.0 74.0 0.8 15.1 0.02 6.6 3.3 -1350 200 South GC5748 230 / -54 277.0 278.0 1.0 12.4 0.02 1.9 1.3 -1514 200 South GC5748 230 / -54 375.5 376.6 0.7 13.9 0.02 1.2 0.3 -1597 200 South GC5748 230 / -54 397.0 409.0 7.5 32.8 0.01 2.6 1.2 -1625 200 South GC5750 230 / -9 211.0 212.1 0.4 16.3 0.01 4.2 2.1 -1310 200 South GC5750 230 / -9 220.0 221.9 0.7 5.5 0.01 6.8 3.3 -1312 200 South GC5754 250 / -80 744.0 749.0 4.8 6.4 0.28 0.4 0.2 -2024 200 South GC5759 248 / -73 797.0 808.0 8.2 40.8 0.11 0.5 0.3 -2061 200 South GC5759 248 / -73 813.0 817.0 2.2 10.0 0.13 0.1 0.0 -2068 200 South GC5759 248 / -73 820.0 835.0 14.5 25.9 0.22 0.6 0.3 -2080 200 South GC5764 247 / -67 742.9 749.5 3.0 30.0 0.00 1.0 0.5 -1981 200 South GC5764 247 / -67 765.1 769.1 2.1 20.3 0.02 0.6 0.3 -1998 200 South GC5764 247 / -67 785.4 788.4 1.6 12.0 0.09 0.4 0.2 -2015 200 South GC5764 247 / -67 791.4 794.2 1.5 7.2 0.25 0.3 0.1 -2020 200 South GC5774 210 / -79 794.0 798.5 4.4 18.7 0.26 1.3 0.8 -2075 200 South GC5775 228 / -67 818.0 823.0 4.8 10.7 0.12 0.2 0.1 -2069 200 South GC5775 228 / -67 833.0 838.9 5.7 14.8 0.08 0.5 0.3 -2084 200 South GC5779 229 / -48 372.0 413.0 24.4 14.8 0.01 2.8 1.6 -1612 200 South GC5783 238 / -67 773.0 775.1 1.6 40.6 0.02 0.5 0.2 -2018 200 South GC5783 238 / -67 785.7 797.0 9.1 10.6 0.06 0.6 0.3 -2037 200 South GC5783 238 / -67 817.0 829.0 9.5 67.4 0.47 1.2 0.5 -2068 200 South GC5786 243 / -40 303.1 306.7 3.1 23.3 0.04 1.5 0.9 -1487 200 South GC5802 230 / -75 846.0 851.0 5.0 8.6 0.09 1.1 0.6 -2116 200 South GC5809 241 / -54 629.0 630.0 0.9 7.0 0.01 3.8 1.9 -1804 200 South GC5812 243 / -37 233.5 236.5 3.0 12.0 0.01 0.7 0.4 -1491 200 South GC5812 243 / -37 242.9 246.5 3.5 13.6 0.01 1.0 0.5 -1495 200 South GC5812 243 / -37 319.0 343.8 24.1 21.4 0.01 3.6 2.0 -1503 200 South GC5815 243 / -25 90.1 91.1 0.6 10.9 0.01 7.4 4.4 -1330 200 South GC5818 243 / 11 60.6 63.5 2.8 17.9 0.02 15.5 9.5 -1274 200 South GC5818 243 / 11 67.5 73.0 5.1 26.0 0.03 20.5 12.5 -1272 200 South GC5820 243 / 59 45.5 50.0 3.9 4.8 0.07 3.3 1.7 -1237 200 South GC5823 243 / 90 99.0 103.0 4.0 2.4 0.06 4.7 2.6 -1174 200 South GC5823 243 / 90 129.0 131.0 2.0 2.6 0.01 7.6 3.4 -1146 200 South GC5824 63 / 79 101.8 104.0 2.2 4.9 0.09 3.6 2.0 -1175 200 South GC5824 63 / 79 116.7 128.0 11.3 5.2 0.14 5.0 2.6 -1153 200 South GC5828 63 / 59 104.5 105.5 1.0 5.4 0.06 4.1 2.3 -1190 200 South GC5828 63 / 59 141.5 142.5 0.9 17.5 0.02 5.7 5.4 -1159 200 South GC5828 63 / 59 232.0 234.5 0.4 59.2 0.04 2.3 1.3 -1080 200 South GC5834 63 / -56 63.5 68.0 4.2 6.3 0.02 6.8 3.6 -1354 200 South GC5837 63 / -788 50.0 55.0 4.0 14.9 0.15 1.3 0.9 -1351 200 South GC5839 63 / -40 43.5 45.0 1.4 2.0 0.01 12.6 5.5 -1329 200 South GC5839 63 / -40 81.0 82.5 1.5 9.2 0.02 5.9 7.7 -1354 200 South GC5842 63 / -4 51.0 53.0 1.8 0.7 0.01 9.0 6.8 -1300 200 South GC5842 63 / -4 81.0 82.0 0.9 14.6 0.01 8.2 3.8 -1301 200 South GC5842 63 / -4 87.5 90.0 2.3 2.7 0.01 7.0 3.5 -1302 200 South GC5855 243 / -82 47.0 48.0 0.5 7.4 0.01 4.2 2.3 -1348 200 South GC5855 243 / -82 161.0 163.0 1.4 4.0 0.01 6.0 5.1 -1461 East GC5722 63 / -32 313.5 315.0 1.5 5.9 0.05 4.2 3.0 470 East GC5722 63 / -32 325.0 329.0 4.0 15.5 0.15 12.4 3.9 464 East GC5727 71 / -7 394.0 398.5 4.3 17.7 0.10 1.8 0.6 591 East GC5730 72 / -21 322.5 323.5 0.9 8.5 0.04 11.3 3.5 519 East GC5730 72 / -21 356.3 359.6 2.9 7.9 0.14 17.3 3.0 506 East GC5732 78 / -38 323.1 333.0 9.6 9.8 0.06 11.9 3.0 431 East GC5741 48 / -54 302.0 303.0 1.0 3.3 0.07 14.9 5.4 396 East GC5741 48 / -54 304.0 305.7 1.6 3.6 0.04 11.8 3.0 394 East GC5741 48 / -54 307.8 311.0 3.2 4.1 0.03 13.5 4.0 390 East GC5741 48 / -54 321.0 324.0 3.0 22.8 0.38 4.6 1.1 379 East GC5744 46 / -25 342.7 346.1 3.2 7.3 0.06 13.0 3.8 494 East GC5744 46 / -25 362.8 364.0 1.1 14.5 0.22 24.9 8.8 487 East GC5747 52 / -37 329.2 330.2 1.0 19.6 0.25 23.2 4.8 447 East GC5751 75 / -37 298.0 299.0 1.0 14.7 0.00 16.9 5.4 464 East GC5751 75 / -37 329.0 337.0 7.9 20.4 0.12 10.4 2.5 442 East GC5753 79 / -55 311.0 333.5 22.0 6.4 0.17 18.7 4.3 369 East GC5755 92 / -72 356.5 357.5 0.9 28.9 0.16 18.1 5.8 302 East GC5763 46 / -62 351.0 355.5 4.2 9.2 0.09 12.1 3.8 337 East GC5765 51 / -46 331.0 333.0 2.0 13.9 0.10 16.2 6.6 412 East GC5765 51 / -46 341.0 342.5 1.5 8.8 0.08 30.3 8.0 405 East GC5766 54 / -29 331.0 332.0 1.0 10.2 0.06 15.9 8.3 492 East GC5766 54 / -29 344.4 347.1 2.7 16.2 0.24 17.7 5.2 484 East GC5769 56 / -14 364.4 371.0 5.6 26.7 0.35 14.9 4.7 558 East GC5772 63 / -74 391.7 398.0 5.8 72.3 0.34 4.6 1.4 268 East GC5778 80 / -62 367.5 380.0 11.1 51.6 0.05 0.1 0.0 312 East GC5782 119 / -77 415.5 421.3 4.2 13.7 0.11 30.9 8.7 239 East GC5785 243 / -62 410.0 412.0 1.9 10.1 0.03 21.5 5.3 291 East GC5785 243 / -62 445.0 448.0 2.9 227.8 2.84 4.2 0.4 261 East GC5785 243 / -62 474.0 476.0 1.9 32.3 0.55 3.0 0.9 236 East GC5800 289 / -83 468.0 472.5 4.5 11.5 0.11 20.9 7.5 188 East GC5804 243 / -90 478.0 482.0 4.0 16.1 0.52 30.6 9.6 175 East GC5807 135 / -79 505.5 509.5 3.9 7.7 0.07 21.7 7.3 158 East GC5807 135 / -79 521.0 522.0 1.0 6.2 0.03 22.9 10.4 144 East GC5814 55 / -82 498.5 501.5 2.9 10.5 0.07 32.3 10.1 160 East GC5819 46 / -75 498.0 517.0 14.6 27.6 0.27 18.3 6.8 157 East GC5822 99 / -58 69.0 73.5 3.9 23.5 0.05 17.7 3.7 470 East GC5822 99 / -58 80.0 82.0 1.6 6.7 0.06 8.2 2.1 462 East GC5826 223 / -77 383.5 388.8 5.2 7.8 0.18 10.4 3.1 155 East GC5829 234 / -66 418.5 422.5 3.6 6.1 0.17 23.8 6.1 150 East GC5836 123 / -74 137.5 140.0 2.5 46.4 0.06 10.9 2.4 397 East GC5851 14 / -77 123.6 125.0 0.6 6.5 0.04 12.0 3.3 409 East GC5851 14 / -77 129.0 130.0 0.5 8.7 0.05 7.5 1.7 400 East GC5851 14 / -77 133.0 140.0 3.2 33.9 0.18 25.7 5.4 394 East GC5863 123 / 28 338.5 355.5 11.1 12.4 0.07 5.6 2.9 66 East GC5867 36 / -22 306.0 308.0 1.5 15.2 0.07 6.6 4.3 515 East GC5869 59 / -53 305.8 309.6 3.6 10.6 0.21 5.4 2.1 390 West GC5715 80 / 7 99.0 104.0 4.1 7.5 0.03 10.7 5.0 -176 West GC5715 80 / 7 117.0 118.0 0.8 13.5 0.05 6.5 2.9 -178 West GC5719 105 / 10 120.2 121.2 1.0 17.6 0.02 22.2 10.2 -167 West GC5719 105 / 10 130.0 133.5 3.1 26.1 0.00 0.0 0.0 -171 West GC5724 76 / 25 97.0 104.0 1.6 8.6 0.18 16.0 8.6 -136 West GC5725 128 / -61 0.0 1.0 1.0 7.5 0.01 22.4 14.4 -170 West GC5725 128 / -61 28.1 33.2 4.3 3.0 0.01 12.8 6.3 -211 West GC5725 128 / -61 36.7 41.4 4.2 45.9 0.26 7.9 3.3 -220 West GC5725 128 / -61 74.5 81.3 6.4 30.8 0.30 13.9 6.8 -271 West GC5726 210 / -39 19.0 22.7 3.6 10.5 0.02 22.3 12.5 -189 West GC5726 210 / -39 56.0 71.5 13.9 19.4 0.21 3.1 1.7 -230 West GC5729 235 / -22 95.4 106.0 4.5 13.4 0.19 13.0 5.9 -217 West GC5729 235 / -22 172.0 182.7 9.9 36.5 0.15 10.5 4.4 -255 West GC5729 235 / -22 232.7 254.0 19.0 7.4 0.14 10.1 1.5 -288 West GC5731 229 / 1 124.0 125.2 1.2 6.4 0.06 30.8 12.0 -148 West GC5731 229 / 1 144.7 176.0 31.2 55.2 0.16 16.5 8.9 -162 West GC5731 229 / 1 189.0 195.1 6.1 16.8 0.23 16.0 11.7 -165 West GC5731 229 / 1 213.8 244.9 31.0 7.6 0.17 23.3 7.2 -167 West GC5731 229 / 1 259.7 268.3 8.6 15.2 0.05 14.7 7.0 -173 West GC5731 229 / 1 273.0 285.9 12.9 8.1 0.01 18.5 7.7 -178 West GC5731 229 / 1 300.0 305.0 5.0 22.7 0.13 1.1 0.6 -176 West GC5733 63 / -63 1.0 5.6 4.3 19.0 0.05 22.9 11.7 -183 West GC5733 63 / -63 10.3 21.5 2.8 12.1 0.19 12.5 4.6 -197 West GC5733 63 / -63 75.0 82.3 5.5 11.7 0.20 3.6 1.4 -251 West GC5737 91 / -21 6.0 13.0 6.7 12.5 0.27 11.2 5.6 -146 West GC5737 91 / -21 24.3 25.3 0.7 15.5 0.08 17.1 5.6 -155 West GC5737 91 / -21 129.6 130.9 1.3 10.9 0.05 18.0 6.0 -235 West GC5739 108 / -41 13.5 16.1 2.4 11.4 0.12 12.4 3.7 -151 West GC5739 108 / -41 19.5 20.5 0.9 3.4 0.08 7.4 1.5 -156 West GC5739 108 / -41 89.2 92.2 2.5 0.9 0.01 15.1 5.2 -236 West GC5739 108 / -41 117.3 118.5 1.0 10.1 0.13 29.4 10.4 -266 West GC5740 154 / -52 0.0 3.5 3.3 5.9 0.05 9.2 5.7 -137 West GC5740 154 / -52 7.8 11.3 3.4 32.1 0.03 23.7 12.8 -147 West GC5740 154 / -52 16.1 20.0 3.5 13.0 0.13 18.2 5.4 -159 West GC5740 154 / -52 65.2 67.1 1.9 4.8 0.06 11.7 5.2 -221 West GC5740 154 / -52 82.0 83.0 1.0 32.6 0.45 6.3 2.4 -241 West GC5742 199 / -38 32.0 82.5 47.2 37.0 0.26 18.3 9.5 -198 West GC5742 199 / -38 101.5 113.5 11.0 6.3 0.06 8.1 3.5 -222 West GC5742 199 / -38 163.0 164.0 0.9 12.5 0.07 26.6 10.3 -254 West GC5746 82 / -2 19.0 22.2 3.1 60.5 0.09 10.0 4.7 -139 West GC5746 82 / -2 113.0 126.3 12.6 6.4 0.06 10.3 3.1 -172 9A GC5622 63 / 78 246.0 247.0 1.0 11.9 0.07 0.1 0.0 10 Gallagher Fault Block GC-5728 243 / -13 727.8 732.0 3.8 4.3 0.06 5.2 2.9 -1448 Gallagher Fault Block GC-5728 243 / -13 758.4 771.7 13.3 4.5 0.09 8.1 4.9 -1456 Casa Berardi, Quebec Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Depth From Mine Surface (feet) 113 Zone CBW-1182 334 / 20 793.8 806.9 12.5 0.02 -2976 113 Zone CBW-1183 334 /-2 624.8 634.7 9.5 0.56 -3284 113 Zone Including 631.7 634.7 2.6 1.61 -3284 113 Zone CBW-1183 334 /-2 733.1 747.8 14.1 0.06 -3313 113 Zone Including 742.9 745.5 2.6 0.18 -3314 113 Zone CBW-1183 334 /-2 799.7 802.9 3.0 0.08 -3330 113 Zone CBW-1183 334 /-2 815.4 820.0 4.3 0.03 -3334 113 Zone CBW-1186 336 / 10 728.2 742.9 14.8 0.02 -3122 118 Zone CBP-1175 350 /-4 312.3 321.8 8.2 0.19 -3632 118 Zone Including 312.3 315.5 2.6 0.41 -3632 118 Zone CBP-1176 330/-13 317.5 324.7 5.9 0.10 -3677 118 Zone Including 317.5 321.1 3.0 0.21 -3676 118 Zone CBP-1179 309 / 4 909.2 922.7 8.2 0.20 -3585 118 Zone Including 909.2 912.8 1.3 0.67 -3585 118 Zone CBP-1180 354 /-55 280.8 290.6 6.2 0.02 -3829 118 Zone CBP-1182 354 / 4 272.9 282.7 7.9 0.03 -3062 118 Zone CBP-1186 56 /-50 323.1 335.5 8.2 0.05 -3325 118 Zone Including 327.3 329.3 1.3 0.31 -3325 118 Zone CBP-1187 46 /-20 275.5 286.7 10.5 0.06 -3169 118 Zone Including 278.8 283.7 4.6 0.13 -3169 119 Zone CBP-1162 179 /-11 788.2 801.3 12.1 0.00 -1080 119 Zone CBP-1163 180 /-1 704.2 713.4 4.9 0.02 -944 119 Zone CBP-1164 186 /-19 775.7 791.5 13.8 0.05 -1153 119 Zone Including 784.9 786.9 1.3 0.29 -1153 119 Zone CBP-1165 188 /28 694.4 709.1 12.8 0.00 -626 119 Zone CBP-1169 169 /-35 629.1 645.5 14.8 0.16 -1286 119 Zone Including 642.9 645.5 2.0 0.61 -1289 119 Zone CBP-1169 169 /-35 662.6 682.2 18.7 0.08 -1305 119 Zone CBP-1169 169 /-35 688.8 701.9 12.5 0.08 -1317 119 Zone Including 700.6 701.9 1.3 0.31 -1320 123 Zone CBP-1213 28 /-76 1538.6 1547.8 5.9 0.11 -4954 123 Zone Including 1543.2 1547.8 3.0 0.22 -4956 123 Zone CBP-1215 40 /-57 995.8 1018.4 21.0 0.17 -4268 123 Zone Including 995.8 999.1 2.6 0.26 -4261 123 Zone CBP-1216 74 /-83 2481.0 2495.8 8.2 0.02 -5891 148 Zone CBE-0248 341 /-29 1279.5 1299.2 16.7 0.05 -2180 148 Zone CBE-0249 351 /-28 1288.7 1306.8 16.1 0.05 -2147 148 Zone CBE-0250 351 /-39 1351.4 1363.8 9.8 0.03 -2326 148 Zone CBE-0251 351 /-55 1520.9 1550.5 19.7 0.04 -2713 148 Zone CBE-0251 351 /-55 2307.8 2316.3 6.2 0.06 -3273 148 Zone CBE-0253 7 /-40 1570.5 1581.3 8.2 0.04 -2490 148 Zone CBS-22-063 329 /-69 1599.0 1603.9 3.0 0.14 -1425 View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005426/en/Contacts For further information, please contact: Anvita M. Patil Vice President, Investor Relations and Treasurer Cheryl Turner Communications Coordinator 800-HECLA91 (800-432-5291) Investor Relations Email: hmc-info@hecla-mining.com Website: www.hecla-mining.com
Hecla Mining Company (NYSE:HL) today announced third quarter 2022 financial and operating results. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221109005426/en/Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek (Graphic: Business Wire) THIRD QUARTER HIGHLIGHTS Record throughput at Greens Creek; Lucky Friday produced 1 million silver ounces for two consecutive quarters Consolidated silver production guidance increased, operating and capital cost guidance maintained Deferred approximately $24 million in sales at Greens Creek and Lucky Friday to the fourth quarter Keno Hill has completed 30% of total planned pre-production development as of October 31, 2022 Net loss applicable to common stockholders of $(23.7) million or $(0.04) per share (basic), and adjusted net loss of $(12.0) million or $(0.02) per share1 Adjusted EBITDA of $26.6 million, net debt to adjusted EBITDA ratio of 1.92 All operations free cash flow positive year to date with total cost of sales for silver of $246.4 million and all-in sustaining cost (AISC) per silver ounce of $10.17 $144.7 million in cash and cash equivalents with approximately $260 million in available liquidity Positive drilling results at Keno Hill and Greens Creek with intercepts in excess of 100 ounces of silver per ton at Keno Hill and wide high-grade intercepts at Greens Creek Strong safety performance with an all-injury frequency rate of 1.32 for the first nine months, 37% below the U.S. average and an improvement of 19% over the nine-month period in 2021 “Hecla reported another quarter of solid operational performance as Greens Creek achieved its best ever throughput and Lucky Friday's production exceeded 1 million ounces for the second consecutive quarter,” said Phillips S. Baker Jr., President & CEO. “Free cash flow generation was lower for the quarter due to deferral of the sale of about a million ounces of silver and other metals, increased capital investment in our mines, and Alexco acquisition costs. All operations are free cash flow positive year to date and reflect the strong margins at our silver operations despite lower prices and an inflationary environment.” Baker continued, “Hecla is the United States’ largest silver miner, producing about 40% of all the silver mined. With Keno Hill's pre-production development on plan, we should become Canada's largest silver miner in the next few years.” FINANCIAL OVERVIEW "Total cost of sales" as used in this release is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization. In Thousands unless stated otherwise Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 FINANCIAL AND OPERATIONAL HIGHLIGHTS Sales $ 146,339 $ 191,242 $ 186,499 $ 185,078 $ 193,560 $ 524,080 $ 622,395 Total cost of sales $ 137,892 $ 153,979 $ 141,070 $ 131,837 $ 158,332 $ 432,941 $ 457,835 Gross profit $ 8,447 $ 37,263 $ 45,429 $ 53,241 $ 35,228 $ 91,139 $ 164,560 (Loss) income applicable to common stockholders $ (23,664 ) $ (13,661 ) $ 4,015 $ 11,737 $ (1,117 ) $ (33,310 ) $ 22,806 Basic (loss) income per common share (in dollars) $ (0.04 ) $ (0.03 ) $ 0.01 $ 0.02 $ — $ (0.06 ) $ 0.04 Adjusted EBITDA 2 $ 26,554 $ 70,474 $ 58,202 $ 58,249 $ 49,414 $ 155,230 $ 220,531 Net Debt to Adjusted EBITDA2,* 1.9 1.1 Cash (used in) provided by operating activities $ (24,322 ) $ 40,183 $ 37,909 $ 53,355 $ 42,742 $ 53,770 $ 166,982 Capital Expenditures $ (37,430 ) $ (34,329 ) $ (21,478 ) $ (28,838 ) $ (26,899 ) $ (93,237 ) $ (80,210 ) Free Cash Flow 3 $ (61,752 ) $ 5,854 $ 16,431 $ 24,517 $ 15,843 $ (39,467 ) $ 86,772 Production Highlights Silver ounces produced 3,549,392 3,645,454 3,324,708 3,226,927 2,676,084 10,525,917 9,660,313 Silver payable ounces sold 2,479,724 3,387,909 2,687,261 2,606,622 2,581,690 8,554,894 9,027,180 Gold ounces produced 44,747 45,719 41,707 47,977 42,207 132,173 153,350 Gold payable ounces sold 40,443 44,225 41,053 44,156 53,000 125,721 157,454 Cash Costs and AISC, each after by-product credits4,5 Silver cash costs per ounce $ 3.43 $ (1.14 ) $ 1.09 $ 1.69 $ 2.49 $ 1.11 $ 1.26 Silver AISC per ounce $ 14.20 $ 8.55 $ 7.64 $ 10.08 $ 12.82 $ 10.17 $ 8.88 Gold cash costs per ounce $ 1,349 $ 1,371 $ 1,516 $ 1,143 $ 1,163 $ 1,409 $ 1,127 Gold AISC per ounce $ 1,738 $ 1,641 $ 1,810 $ 1,494 $ 1,450 $ 1,729 $ 1,349 Realized Prices Silver, $/ounce $ 18.30 $ 20.68 $ 24.68 $ 23.49 $ 23.97 $ 21.25 $ 25.75 Gold, $/ounce $ 1,713 $ 1,855 $ 1,880 $ 1,802 $ 1,792 $ 1,817 $ 1,794 Lead, $/pound $ 0.95 $ 0.97 $ 1.08 $ 1.13 $ 1.02 $ 0.98 $ 1.00 Zinc, $/pound $ 1.23 $ 1.44 $ 1.79 $ 1.74 $ 1.35 $ 1.47 $ 1.34 *Reflects trailing twelve months ending September 30,2022. Reconciliations are available at the end of the release. Sales in the third quarter declined by $44.9 million compared to the second quarter of 2022 primarily due to lower realized prices for all metals, and lower revenue from the deferral of silver concentrate shipments from Greens Creek and Lucky Friday to the fourth quarter. Compared to the prior quarter, realized silver prices have declined 12%, gold has declined 8%, lead and zinc prices are lower by 2% and 15% respectively. In comparison to the same quarter last year, gold prices are relatively unchanged, while silver prices have declined by 24% with lead and zinc lower by 7% and 9% respectively. The deferral of approximately 1 million ounces of silver, 1,800 ounces of gold, and 1,300 tons of lead in the silver concentrate shipments at Greens Creek was to ensure adequate volumes of concentrate for cost-effective shipping. At Lucky Friday the deferral was due to a planned multi week shutdown of the Trail smelter for maintenance. This concentrate is being shipped to a new customer and represents approximately 5% of Lucky Friday's annual concentrate production. Total cost of sales for silver were $76.7 million for the third quarter and were lower by $14.2 million over the prior quarter due to lower depreciation and higher product inventory. Cash costs and AISC (each after by-product credits) for silver were $3.43 and $14.20 per silver ounce respectively. Cash costs increased by $4.57 per ounce over the prior quarter primarily due to lower by-product credits attributable to lower lead and zinc production as well as lower prices. AISC increased by $5.65 per silver ounce over the prior quarter due to the factors affecting cash costs.4,5 Total cost of sales for gold were $59.5 million and declined marginally over the prior quarter. Gold cash cost per ounce, after by-product credits, declined by $22 attributable to higher production. AISC increased by $97 per ounce due to higher sustaining capital and exploration spend partially offset by higher production.4,5 Labor and the current inflationary environment are challenging at all operations. Labor availability remains constrained in the market with a shortage of skilled miners and maintenance workers. Inflationary pressures have led to a 10-15% increase in costs since the beginning of the year. Labor and input costs for steel, reagents, fuel, and other consumables continue to remain elevated impacting all the operations. In the first half of the year, by-product credits helped offset the inflationary pressures for the silver segment due to strong by-product production as well as prices. However, lower base metal production and prices in the third quarter reduced the by-product credits. The inflationary environment is expected to remain challenging for the fourth quarter and into 2023. Loss applicable to common stockholders for the third quarter was $(23.7) million, or $(0.04) per share, compared to a loss of $(13.7) million, or $(0.03) per share, in the second quarter of 2022, impacted by the following factors: Gross profit decreased by $28.8 million primarily due to lower revenues and higher per unit costs as described above Exploration and pre-development expenses increased by $3.9 million reflecting increased exploration and drilling activity across Hecla's mines and projects during the exploration season General and administrative expenses increased by $1.3 million reflecting incremental costs following the Alexco acquisition Partially offset by: A net foreign exchange gain of $5.7 million versus $4.5 million in the prior quarter reflecting the appreciation of the U.S. dollar (“USD”) against the Canadian dollar (“CAD”) during the current quarter Lower unrealized losses on our investment portfolio of $10.6 million reflecting a smaller reduction in the fair value of the portfolio compared to the prior quarter An income tax benefit of $9.5 million versus a provision of $0.3 million in the prior quarter Cash used in operating activities was $24.3 million, compared to cash provided by operating activities of $40.2 million in the prior quarter. However, cash provided before working capital changes increased over the prior quarter. Working capital changes in the third quarter were negative $36.7 million compared to $32.6 million in the prior quarter, and are primarily related to an increase in ending inventory from the deferral of silver concentrate shipments at Greens Creek and Lucky Friday to the fourth quarter and semi-annual interest payment on the outstanding debt. Capital expenditures totaled $37.4 million, an increase of $3.1 million over the prior quarter as planned. Expenditures were at Greens Creek of $7.0 million, Lucky Friday of $16.1 million, Casa Berardi of $10.8 million, and Keno Hill of $3.6 million. Free cash flow for the quarter was negative $61.8 million, a decline of $67.6 million over the prior quarter due to the increase in working capital changes and higher capital spend.3 Forward Sales Contracts for Base Metals and Foreign Currency The Company uses financially settled forward sales contracts to manage exposures to changes in prices of zinc and lead. At September 30, 2022, the Company had contracts covering approximately 39% of the forecasted payable zinc production (through 2025) at an average price of $1.32 per pound, and 38% of the forecasted payable lead production (through 2024) at an average price of $1.00 per pound. The fair value of the net metal derivative contracts on our forecasted hedges was an asset of $27.4 million, an increase of $11.3 million over the prior quarter. The Company also manages CAD exposure through forward contracts. At September 30, 2022, the Company had hedged approximately 52% of forecasted CAD direct production costs for Casa Berardi through 2026 at an average CAD/USD rate of 1.31. The Company has also hedged approximately 32% of capital costs for Casa Berardi for 2022 at 1.33. At the Keno Hill, 66% of planned spend for the fourth quarter is hedged at an average CAD/USD rate of 1.34. The fair value of the net currency derivatives contracts is a liability of $10.8 million, an increase of $12.7 million over the prior quarter. OPERATIONS OVERVIEW Greens Creek Mine - Alaska Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 GREENS CREEK Tons of ore processed 229,975 209,558 211,687 221,814 211,142 651,220 620,153 Total production cost per ton $ 185.34 $ 197.84 $ 192.16 $ 174.55 $ 181.60 $ 191.58 $ 178.29 Ore grade milled - Silver (oz./ton) 13.6 14.0 13.8 12.6 11.1 13.8 13.8 Ore grade milled - Gold (oz./ton) 0.07 0.08 0.07 0.07 0.07 0.07 0.08 Ore grade milled - Lead (%) 2.4 3.0 2.8 2.6 2.7 2.7 3.0 Ore grade milled - Zinc (%) 6.3 7.2 6.6 6.3 7.1 6.7 7.4 Silver produced (oz.) 2,468,280 2,410,598 2,429,782 2,262,635 1,837,270 7,308,660 6,980,587 Gold produced (oz.) 11,412 12,413 11,402 10,229 9,734 35,227 35,859 Lead produced (tons) 4,428 5,184 4,883 4,731 4,591 14,495 15,142 Zinc produced (tons) 12,580 13,396 12,494 12,457 13,227 38,470 41,191 Sales $ 60,875 $ 92,723 $ 86,090 $ 87,865 $ 84,806 $ 239,688 $ 296,978 Total cost of sales $ (52,502 ) $ (60,506 ) $ (49,636 ) $ (49,251 ) $ (55,193 ) $ (162,644 ) $ (163,861 ) Gross profit $ 8,373 $ 32,217 $ 36,453 $ 38,614 $ 29,613 $ 77,044 $ 133,117 Cash flow from operations $ 7,749 $ 41,808 $ 56,295 $ 50,632 $ 40,626 $ 105,852 $ 157,387 Exploration $ 3,776 $ 929 $ 165 $ 696 $ 2,472 $ 4,870 $ 3,895 Capital additions $ (6,988 ) $ (14,668 ) $ (3,092 ) $ (9,544 ) $ (6,228 ) $ (24,748 ) $ (14,339 ) Free cash flow 3 $ 4,537 $ 28,069 $ 53,368 $ 41,784 $ 36,870 $ 85,974 $ 146,943 Cash cost per ounce, after by-product credits4 $ 2.65 $ (3.29 ) $ (0.90 ) $ 0.50 $ 0.74 $ (0.49 ) $ (1.03 ) AISC per ounce, after by-product credits5 $ 8.61 $ 3.48 $ 1.90 $ 5.66 $ 5.94 $ 4.69 $ 2.40 Greens Creek produced 2.5 million ounces of silver and the mill achieved record mill throughput of 2,500 tons per day. Lead and zinc production for the quarter declined 15% and 6% respectively due to lower grades which led to the deferral of a silver concentrate shipment into the fourth quarter to ensure adequate volumes for cost effective shipping. Costs associated with the shipment were included in inventory in the third quarter, and the approximate revenue and cash flow impact of this deferral in the fourth quarter is expected to be $18 million. Cash cost per silver ounce increased by $5.94 over the prior quarter primarily due to lower by-product credits. AISC per silver ounce increased by $5.13 compared to the prior quarter due to the reasons impacting cash costs, and increased exploration which was partially offset by lower capital spending.4,5 Cash flow from operations for the quarter was $7.7 million, a decline of $34.1 million over the prior quarter; free cash flow for the quarter was $4.5 million, a decline of $23.5 million. For the first nine months of the year, Greens Creek has generated $105.8 million in cash flow from operations and $86.0 million in free cash flow respectively and remains on track to achieve its production and cost guidance for the year. Lucky Friday Mine - Idaho Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 LUCKY FRIDAY Tons of ore processed 90,749 97,497 77,725 80,097 78,227 265,971 241,740 Total production cost per ton $ 207.10 $ 211.45 $ 247.17 $ 198.83 $ 190.66 $ 220.41 $ 189.06 Ore grade milled - Silver (oz./ton) 12.5 13.2 12.0 12.5 11.2 12.7 11.3 Ore grade milled - Lead (%) 8.5 8.8 8.2 8.1 7.2 8.5 7.4 Ore grade milled - Zinc (%) 4.2 3.9 3.6 3.3 3.3 3.9 3.5 Silver produced (oz.) 1,074,230 1,226,477 887,858 955,401 831,532 3,188,565 2,608,727 Lead produced (tons) 7,172 8,147 5,980 6,131 5,313 21,299 17,006 Zinc produced (tons) 3,279 3,370 2,452 2,296 2,319 9,101 7,673 Sales $ 28,460 $ 35,880 $ 38,040 $ 32,938 $ 29,783 102,380 98,550 Total cost of sales $ (24,166 ) $ (30,348 ) $ (29,265 ) $ (23,252 ) $ (23,591 ) (83,779 ) $ (74,287 ) Gross profit $ 4,294 $ 5,532 $ 8,775 $ 9,686 $ 6,192 $ 18,601 $ 24,263 Cash flow from operations $ 11,624 $ 21,861 $ 11,765 $ 16,953 $ 15,017 $ 45,250 $ 45,641 Capital additions $ (16,125 ) $ (11,501 ) $ (9,652 ) $ (9,109 ) $ (9,133 ) $ (37,278 ) (20,776 ) Free cash flow 3 $ (4,501 ) $ 10,360 $ 2,113 $ 7,844 $ 5,884 $ 7,972 $ 24,865 Cash cost per silver ounce, after by-product credits4 $ 5.23 $ 3.07 $ 6.57 $ 4.50 $ 6.35 $ 4.77 $ 7.37 AISC per silver ounce, after by-product credits5 $ 15.98 $ 9.91 $ 13.15 $ 12.54 $ 16.79 $ 12.86 $ 15.00 Lucky Friday produced 1.1 million ounces of silver during the third quarter, a 12% decrease over the prior quarter due to lower mined tons and feed grades attributable to mine sequencing, commissioning of new equipment, and prioritization of projects for increasing future throughput and production. The third quarter also marked two consecutive quarters of throughput exceeding 90,000 tons and silver production exceeding 1 million ounces. At the Lucky Friday, 2,000 dry metric tonnes of silver concentrate was inventoried to be shipped to a new customer in the fourth quarter. Costs associated with the deferral of this concentrate shipment were in inventory in the third quarter, and impact on revenues and cash flow for the fourth quarter is expected to be approximately $6.0 million. Total cost of sales was $24.2 million, a decrease of $6.2 million over the prior quarter due to lower depreciation expense, an increase in concentrate inventory, and lower ore volume mined and production. Cash cost and AISC per silver ounce (each after by-product credits) were $5.23 and $15.98, respectively, and higher compared to the prior quarter due to lower production, and lower by-product credits because of lower base metal production and prices.4,5 Casa Berardi Mine - Quebec Dollars are in thousands except cost per ton Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 YTD-2022 YTD-2021 CASA BERARDI Tons of ore processed – underground 162,215 176,576 161,609 161,355 167,435 500,400 533,262 Tons of ore processed – surface pit 227,726 225,042 224,541 225,662 230,708 677,309 607,967 Tons of ore processed – total 389,941 401,618 386,150 387,017 398,143 1,177,709 1,141,229 Surface tons mined – ore and waste 2,822,906 2,149,412 1,892,339 1,507,457 1,483,231 6,864,657 4,996,522 Total production cost per ton $ 114.52 $ 113.07 $ 117.96 $ 108.82 $ 86.95 115.15 $ 95.13 Ore grade milled – Gold (oz./ton) – underground 0.15 0.19 0.14 0.17 0.16 0.17 0.16 Ore grade milled – Gold (oz./ton) - surface pit 0.06 0.05 0.05 0.07 0.04 0.06 0.06 Ore grade milled – Gold (oz./ton) – combined 0.10 0.10 0.09 0.11 0.09 0.09 0.10 Gold produced (oz.) – underground 22,181 22,866 19,374 22,910 24,170 64,421 75,180 Gold produced (oz.) – surface pit 11,154 10,440 10,866 14,356 5,552 32,460 22,065 Gold produced (oz.) – total 33,335 33,306 30,240 37,266 29,722 96,881 97,245 Silver produced (oz.) – total 6,882 8,379 7,068 7,967 7,012 22,329 25,604 Sales $ 56,939 $ 62,639 $ 62,101 $ 60,054 $ 56,065 $ 181,679 $ 185,098 Total cost of sales $ (59,532 ) $ (61,870 ) $ (62,168 ) $ (57,069 ) $ (58,164 ) $ (183,570 ) $ (172,760 ) Gross profit/(loss) $ (2,593 ) $ 769 $ (67 ) $ 2,985 $ (2,099 ) (1,891 ) $ 12,338 Cash flow from operations $ 8,721 $ 7,417 $ 8,089 $ 10,029 $ 17,058 $ 24,227 $ 71,164 Exploration $ 2,624 $ 1,341 $ 2,635 $ 2,124 $ 4,382 $ 6,600 $ 3,551 Capital additions $ (10,771 ) $ (8,093 ) $ (7,808 ) $ (9,537 ) $ (11,488 ) $ (26,672 ) $ (40,080 ) Free cash flow 3 $ 574 $ 665 $ 2,916 $ 2,616 $ 9,952 $ 4,155 $ 34,635 Cash Cost per gold ounce, after by-product credits4 $ 1,349 $ 1,371 $ 1,516 $ 1,137 $ 1,175 $ 1,409 $ 1,127 AISC per gold ounce, after by-product credits5 $ 1,738 $ 1,641 $ 1,810 $ 1,470 $ 1,476 $ 1,729 $ 1,387 Casa Berardi produced 33,335 ounces of gold compared to 33,306 ounces in the prior quarter. The mill continues to perform well and operated at an average quarterly throughput of 4,239 tons per day ("tpd") with a new record set in September as monthly production throughput reached 4,856 tpd, beating the last monthly record in May 2022 of 4,533 tpd. Total cost of sales for the third quarter 2022 was $59.5 million, a reduction of $2.3 million from the $61.9 million in the prior quarter. Cash cost per gold ounce decreased by $22 over the prior quarter to $1,349 primarily due to higher production. AISC per gold ounce increased by $97 to $1,738 driven by higher exploration and capital spend partially offset by higher production.4,5 Keno Hill - Yukon Territory At the Keno Hill mine, focus is on development and drilling of the Bermingham and Flame & Moth deposits to bring the mine into full and consistent production by the end of 2023. As of October 31, 2022, 30% of total planned pre-production development is complete, and we expect to complete approximately 50% of the development by the end of the fourth quarter. Fourth quarter capital spending is forecast at $10-$12 million for development, infill drilling, and equipment purchases. Since the acquisition, Keno Hill is seeing its lowest turnover in the mine's recent history and is expected to achieve the hiring rate for production. We are implementing Hecla's Health and Safety Management System and Environmental Management System in the fourth quarter. EXPLORATION AND PRE-DEVELOPMENT UPDATE Exploration and pre-development expenditures were $15.1 million for the quarter with focus on exploration drilling at Keno Hill, exploration and definition drilling at Greens Creek, underground drilling at the West Mine in Casa Berardi, and exploration drilling at the large land packages at Aurora, Nevada and Republic, Washington. Keno Hill, Yukon Territory Exploration drilling on the underexplored Coral Wigwam target area has discovered high-grade silver mineralization. Assay results to date include 101.5 oz/ton silver over 7.3 feet estimated true width. Greens Creek, Alaska At Greens Creek, drilling has focused on resource expansion and conversion which have yielded positive results. Three underground core drills are focused on resource conversion in the 200 South and East ore zones and on exploration in the East, 5250, 200 South, and Gallagher Fault Block zones. Additionally, two helicopter supported core drills are focused on drilling extensions to the Upper Plate Zone near the mine and the Lil’Sore target area approximately 3 miles northwest of the mine. These positive results continue to confirm and expand mineral zones. Significant assay intercepts for different zones are: Southwest Bench: 74.3 oz/ton silver, 0.52 oz/ton gold, 5.7% zinc and 2.9% lead over 10.5 feet and 25.7 oz/ton silver, 0.15 oz/ton gold, 6.4% zinc, and 3.1% lead over 20.1 feet 200 South: 18.5 oz/ton silver, 0.02 oz/ton gold, 2.6% zinc, and 1.1% lead over 44.7 feet East Zone: 51.6 oz/ton silver, 0.05 oz/ton gold, 0.1% zinc, and 0.0% lead over 11.1 feet and 227.8 oz/ton silver, 2.84 oz/ton gold, 4.2% zinc, and 0.4% lead over 2.9 feet West Zone: 37.0 oz/ton silver, 0.26 oz/ton gold, 18.3% zinc, and 9.5% lead over 47.2 feet and 55.2 oz/ton silver, 0.16 oz/ton gold, 16.5% zinc, and 8.9% lead over 31.2 feet Detailed complete drill assay highlights can be found in Table A at the end of the release. Figure 1: Plan view showing drilling locations and areas where assays have been received in relation to the multiple ore zones at Greens Creek Casa Berardi, Quebec At Casa Berardi, up to seven underground core drills and one surface core drill were focused on definition and exploration drilling in multiple zones and target areas and one surface core drill was focused on condemnation drilling. Drilling targeted the 113, 118, 119 and Lower Inter zones. In the 113 Zone, two drill rigs are testing offsets and depth extensions of multiple 113 lenses. In the 118 Zone, drilling has been focused on defining continuity and expanding mineralization in the 118-14, and 118-15 lenses up and down plunge and to the east. Most of the 118 drilling has been showing good vertical continuity of mineralization. The drilling targeting the 119-02 lens show that the structure remains open at depth while closing to the east. Highlights include: 113: 0.56 oz/ton gold over 9.5 feet, including 1.61 oz/ton gold over 2.6 feet 118: 0.20 oz/ton gold over 8.2 feet 119: 0.16 oz/t gold over 14.8 feet. More complete drill assay highlights can be found in Table A at the end of the release. Aurora, Nevada Exploration drilling has confirmed wide and high-grade vein mineralization along the Martinez-Juniata-Chesco mineral trend. This mineralization continues to be open for expansion along strike and dip. Some significant intercepts are: Martinez Zone: 0.40 oz/ton gold and 1.8 oz/t silver over 31.1 feet estimated true width, which includes 1.26 oz/ton gold and 4.4 oz/t silver over 6.7 feet estimated true width. Juniata Zone: 0.43 oz/ton gold and 1.9 oz/ton silver over 14.9 feet estimated true width, which includes 0.76 oz/ton gold, 3.5 oz/ton silver over 8.0 feet estimated true width. Chesco Zone: 0.73 oz/ton gold and 7.7 oz/ton silver over 12.2 feet estimated true width Republic, Washington Exploration drilling identified high-grade vein mineralization at both the Lone Pine-Blacktail and Tom Thumb target areas. Wide zones of lower grade, potentially bulk mineable, material surround some of the high-grade vein intercepts at Lone Pine-Blacktail. Drilling also discovered an offset segment of the Tom Thumb Vein 850 feet across the Mud Lake Fault into the basin. DIVIDENDS Common Stock The Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock for the minimum dividend component. The common stock dividend is payable on or about December 7, 2022, to stockholders of record on November 25, 2022. The realized silver price was $18.30 per ounce in the third quarter and did not satisfy the criterion for the silver-linked component under the Company's common stock dividend policy. Preferred Stock The Board of Directors elected to declare a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 3, 2023, to stockholders of record on December 15, 2022. 2022 GUIDANCE The Company has reaffirmed its guidance for annual production, cost, and exploration and pre-development. The Company is maintaining its consolidated capital guidance with lower forecasted capital spend at the Lucky Friday and Casa Berardi due to timing of expenditures, offset by the inclusion of Keno Hill. (millions) Previous Current Capital expenditures $150 - $160 $150 - $160 Greens Creek $42 - $45 $42 - $45 Lucky Friday $60 - $64 $56 - $58 Casa Berardi $45 - $48 $42 - $45 Keno Hill NA $10 - $12 CONFERENCE CALL AND WEBCAST A conference call and webcast will be held Wednesday, November 9, 2022 at 10:00 a.m. Eastern Standard Time to discuss these results. You may join the conference call by dialing toll-free 1-888-330-2391 or for international dialing 1-240-789-2702. The Conference ID is 4812168. Please dial-in and provide the Conference ID number at least 10 minutes prior to the start time to join the call and mitigate any hold times. Hecla's live and archived webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts. ONE ON ONE CALLS Hecla will make available members of management for one on one calls with any interested parties on Wednesday, November 9, from 12:00 p.m. to 2:00 p.m. Eastern Standard Time. Hecla invites stockholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of management to discuss operations, exploration, or general matters. Click on the link below to schedule a call (or copy and paste the link into your web browser.) You can select a topic once you have entered the meeting calendar. If you are unable to book a time, either due to high demand or for other reasons, please reach out to Anvita M. Patil, Vice President - Investor Relations and Treasurer at hmc-info@hecla-mining.com or 208-769-4100. One-on-One meeting URL: https://calendly.com/2022-november-vie ABOUT HECLA Founded in 1891, Hecla is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. NOTES Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles (GAAP). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release. (1) Adjusted net income (loss) applicable to common stockholders is a non-GAAP measurement, a reconciliation of which to net income (loss) applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net income (loss) is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance. (2) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income(loss), 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 (loss), 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. (3) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment. Free cash flow for Greens Creek, Lucky Friday and Casa Berardi adjusts cash provided by operating activities by excluding exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance. (4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to 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, and aggregating Casa Berardi and the Nevada operations, to compare its performance with other gold 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. (5) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales, expenses for reclamation and exploration at the mines sites, corporate exploration related to sustaining operations, 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 cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Cautionary Statements to Investors on 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. When a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition and often contain words such as “anticipate,” “intend,” “plan,” “will,” “could,” “would,” “estimate,” “should,” “expect,” “believe,” “project,” “target,” “indicative,” “preliminary,” “potential” and similar expressions. Forward-looking statements in this news release may include, without limitation: (i) the Company could be the largest silver producer in the U.S. and Canada; (ii) the Company will be able to bring Keno Hill into full and consistent production before the end of 2023; (iii) the Company will be able to increase throughput and increase future production at the Lucky Friday; (iv) the Company will achieve 50% of planned pre-production development at Keno Hill by the end of 2022 and will achieve full and consistent production by year end 2023 with the hiring rate required for production; and (v) mine-specific and Company-wide 2022 estimates of future production, sales and costs of sales, as well as cash cost and AISC per ounce (in each case after by-product credits) and Company-wide estimated spending on capital, exploration and pre-development for 2022. 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) 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; (ix) counterparties performing their obligations under hedging instruments and put option contracts; (x) sufficient workforce is available and trained to perform assigned tasks; (xi) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xii) relations with interested parties, including Native Americans, remain productive; (xiii) maintaining availability of water rights; (xiv) factors do not arise that reduce available cash balances; and (xv) 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; (vi) conflict resolution and outcome of projects or oppositions; (vii) litigation, political, regulatory, labor and environmental risks; (viii) exploration risks and results, including that mineral resources are not mineral reserves, they do not have demonstrated economic viability and there is no certainty that they can be upgraded to mineral reserves through continued exploration; (ix) the failure of counterparties to perform their obligations under hedging instruments; (x) the Company takes a material impairment charge on its Nevada operations; and (xi) the Company is unable to remain in compliance with all terms of its credit agreement in order to maintain continued access to the revolver. For a more detailed discussion of such risks and other factors, see the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 23, 2022 and Form 10-Q filed with the SEC on August 5, 2022 for a more detailed discussion of factors that may impact expected future results, as well as the Company’s other SEC filings. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Qualified Person (QP) Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under S-K 1300 and NI 43-101, supervised the preparation of the scientific and technical information concerning Hecla’s mineral projects in this news release. Technical Report Summaries (each a “TRS”) for each of the Company’s material properties are filed as exhibits 96.1, 96.2 and 96.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, 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 TRS and in a 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 TRS and in its technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, (iii) Casa Berardi are contained in its TRS and in its technical report titled “Technical Report on the mineral resource and mineral reserve estimate for Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2018, and (iv) the San Sebastian Mine, Mexico, are contained in a technical report prepared for Hecla titled “Technical Report for the San Sebastian Ag-Au Property, Durango, Mexico” effective date September 8, 2015. Also included in each TRS and the four technical reports 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 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). Copies of these technical reports are available under Hecla’s profile on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair 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 Condensed Consolidated Statements of Operations (dollars and shares in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Sales $ 146,339 $ 193,560 $ 524,080 $ 622,395 Cost of sales and other direct production costs 104,900 112,542 326,579 318,917 Depreciation, depletion and amortization 32,992 45,790 106,362 138,918 Total cost of sales 137,892 158,332 432,941 457,835 Gross profit 8,447 35,228 91,139 164,560 Other operating expenses: General and administrative 11,003 8,874 28,989 27,985 Exploration and pre-development 15,128 17,108 39,136 35,039 Care and maintenance costs 5,092 6,910 16,539 17,014 Provision for closed operations and environmental matters 1,781 7,564 4,154 12,297 Other operating expense 902 3,344 5,310 10,626 Total other operating expenses 33,906 43,800 94,128 102,961 (Loss) income from operations (25,459 ) (8,572 ) (2,989 ) 61,599 Other income (expense): Interest expense (10,874 ) (10,469 ) (31,785 ) (31,484 ) Fair value adjustments, net (4,240 ) 9,287 (14,703 ) (10,651 ) Net foreign exchange gain (loss) 5,667 3,995 8,111 24 Other income (expense) 1,853 247 4,828 (192 ) Total other (expense) income (7,594 ) 3,060 (33,549 ) (42,303 ) (Loss) income before income and mining taxes (33,053 ) (5,512 ) (36,538 ) 19,296 Income and mining tax (provision) benefit 9,527 4,533 3,642 3,924 Net (loss) income (23,526 ) (979 ) (32,896 ) 23,220 Preferred stock dividends (138 ) (138 ) (414 ) (414 ) (Loss) income applicable to common stockholders $ (23,664 ) $ (1,117 ) $ (33,310 ) $ 22,806 Basic (loss) income per common share after preferred dividends $ (0.04 ) $ — $ (0.06 ) $ 0.04 Weighted average number of common shares outstanding – basic 554,531 536,966 544,000 535,542 Weighted average number of common shares outstanding – diluted 554,531 536,966 544,000 541,769 HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) Quarter Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 OPERATING ACTIVITIES Net (loss) income $ (23,526 ) $ (979 ) $ (32,896 ) $ 23,220 Non-cash elements included in net (loss) income Depreciation, depletion and amortization 33,087 46,939 106,743 139,800 Write-down of inventory 1,405 93 2,159 6,524 Fair value adjustments, net 17,671 (13,192 ) 3,486 (7,978 ) Provision for reclamation and closure costs 1,518 1,638 4,789 7,821 Stock compensation 1,773 1,472 4,298 4,774 Deferred income taxes (16,538 ) (10,141 ) (17,828 ) (17,886 ) Foreign exchange loss (gain) (4,911 ) (3,842 ) (8,353 ) 615 Other non-cash items, net 1,472 98 2,454 1,167 Change in assets and liabilities: Accounts receivable 15,589 5,634 34,788 (3,798 ) Inventories (11,120 ) 16,653 (19,472 ) 22,372 Other current and non-current assets (2,526 ) (2,475 ) (3,420 ) 1,650 Accounts payable, accrued and other current liabilities (38,827 ) (8,200 ) (21,708 ) (14,689 ) Accrued payroll and related benefits 1,401 3,522 1,679 (1,829 ) Accrued taxes 3,031 3,729 (2,652 ) 2,730 Accrued reclamation and closure costs and other non-current liabilities (3,821 ) 1,793 (297 ) 2,489 Cash provided by operating activities (24,322 ) 42,742 53,770 166,982 INVESTING ACTIVITIES Additions to properties, plants, equipment and mineral interests (37,430 ) (26,899 ) (93,237 ) (80,210 ) Proceeds from sale of investments 6,888 — 9,375 — Proceeds from disposition of properties, plants and equipment 18 431 748 562 Purchases of investments (8,641 ) — (30,540 ) — Proceeds from exchange of investments — 1,811 — 1,811 Purchase of carbon credits — (200 ) — (200 ) Acquisition, net 8,952 — 8,952 — Pre-acquisition advance to Alexco (25,000 ) — (25,000 ) — Changes in restricted cash and investment balances 2,011 — 2,011 — Net cash used in investing activities (53,202 ) (24,857 ) (127,691 ) (78,037 ) FINANCING ACTIVITIES Draw on revolving credit facility 25,000 — 25,000 — Proceeds from issuance of stock, net of related costs 4,542 — 4,542 — Acquisition of treasury shares — — (3,677 ) (4,525 ) Dividends paid to common and preferred stockholders (3,522 ) (6,178 ) (10,549 ) (17,169 ) Credit facility fees paid (443 ) (26 ) (517 ) (108 ) Repayments of finance leases (1,889 ) (1,828 ) (5,222 ) (5,598 ) Net cash used in financing activities 23,688 (8,032 ) 9,577 (27,400 ) Effect of exchange rates on cash 517 (443 ) (804 ) (471 ) Net increase (decrease) in cash, cash equivalents and restricted cash (53,319 ) 9,410 (65,148 ) 61,074 Cash, cash equivalents and restricted cash at beginning of period 199,234 $ 182,547 211,063 130,883 Cash, cash equivalents and restricted cash at end of period $ 145,915 $ 191,957 $ 145,915 $ 191,957 Supplemental disclosure of cash flow information: Cash paid for interest $ 18,430 $ 18,674 $ 37,179 $ 37,173 Cash paid for income and mining taxes, net $ 1,173 $ 830 $ 13,061 $ 10,299 HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) September 30, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 144,669 $ 210,010 Accounts receivable: Trade 12,477 36,437 Other, net 12,846 8,149 Inventories 92,005 67,765 Derivative assets 7,190 2,709 Other current assets 14,733 16,557 Total current assets 283,920 341,627 Investments 13,299 10,844 Restricted cash 1,246 1,053 Properties, plants, equipment and mineral interests, net 2,553,974 2,310,810 Operating lease right-of-use asset 11,632 12,435 Deferred income taxes 45,562 45,562 Derivative assets 20,794 2,503 Other non-current assets 4,202 3,974 Total assets $ 2,934,629 $ 2,728,808 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 87,850 $ 68,100 Accrued payroll and related benefits 26,385 28,714 Accrued taxes 7,344 12,306 Finance and operating leases 12,489 8,098 Derivative liabilities 5,774 19,353 Other current liabilities 10,949 14,553 Accrued reclamation and closure costs 10,594 9,259 Total current liabilities 161,385 160,383 Finance and operating leases 20,242 17,726 Accrued reclamation and closure costs 105,717 103,972 Long-term debt 530,745 508,095 Deferred tax liability 154,225 149,706 Derivative liabilities 5,560 18,528 Other non-current liabilities 1,987 9,611 Total liabilities 979,861 968,021 STOCKHOLDERS’ EQUITY Preferred stock 39 39 Common stock 150,839 136,391 Capital surplus 2,241,649 2,034,485 Accumulated deficit (397,096 ) (353,651 ) Accumulated other comprehensive income (loss) (8,965 ) (28,456 ) Treasury stock (31,698 ) (28,021 ) Total stockholders’ equity 1,954,768 1,760,787 Total liabilities and stockholders’ equity $ 2,934,629 $ 2,728,808 Common shares outstanding 603,702 545,535 Non-GAAP Measures (Unaudited) Reconciliation of Cost of Sales (GAAP) 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 cost of sales and other direct production costs and depreciation, depletion and amortization to the non-GAAP measures of Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits and AISC, After By-product Credits for our operations at the Greens Creek , Lucky Friday, Casa Berardi and Nevada Operations units for the nine month periods ended September 30, 2022 and 2021 and the three month periods ended September 30, June 30 and March 31, 2022. 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 we report 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 we utilize to measure each mine's operating performance. AISC, After By-product Credits, per Ounce is an important operating statistic that we utilize as a measures of our mines' net cash flow after costs for exploration, pre-development, reclamation, and sustaining capital. 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, and aggregating Casa Berardi and Nevada Operations for comparison to other gold 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 on-site exploration, reclamation, and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense, reclamation, exploration, and pre-development. 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. 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. We also use these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective. The Casa Berardi, Nevada Operations and combined gold properties 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, its primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi and Nevada Operations. 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 and Nevada Operations units 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 and Nevada Operations. Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday Other(2) Total Silver Total cost of sales $ 52,502 $ 24,164 — $ 76,666 $ 60,506 $ 30,348 — $ 90,854 $ 162,644 $ 83,779 — $ 246,423 $ 163,861 $ 74,287 $ 95 $ 238,243 Depreciation, depletion and amortization (10,305 ) (7,261 ) — (17,566 ) (13,629 ) (8,862 ) — (22,491 ) (35,354 ) (24,155 ) — (59,509 ) (42,410 ) (20,328 ) — (62,738 ) Treatment costs 9,477 4,791 — 14,268 8,778 4,803 — 13,581 27,369 13,271 — 40,640 27,444 13,087 — 40,531 Change in product inventory 4,464 3,022 — 7,486 (1,102 ) 503 — (599 ) 9,899 2,620 — 12,519 (156 ) (1,757 ) — (1,913 ) Reclamation and other costs (118 ) (152 ) — (270 ) (1,005 ) (256 ) — (1,261 ) (1,988 ) (769 ) — (2,757 ) (1,777 ) (840 ) (95 ) (2,712 ) Cash Cost, Before By-product Credits (1) 56,020 24,564 — 80,584 53,548 26,536 — 80,084 162,570 74,746 — 237,316 146,962 64,449 — 211,411 Reclamation and other costs 705 282 — 987 705 282 — 987 2,115 846 — 2,961 2,543 792 — 3,335 Exploration 3,776 — 722 4,498 929 — 769 1,698 4,870 — 2,207 7,077 3,895 — 1,359 5,254 Sustaining capital 10,219 11,264 187 21,670 14,668 8,110 99 22,877 30,843 24,937 334 56,114 17,459 19,104 — 36,563 General and administrative — — 11,003 11,003 — — 9,692 9,692 — — 28,989 28,989 — — 27,985 27,985 AISC, Before By-product Credits (1) 70,720 36,110 11,912 118,742 69,850 34,928 10,560 115,338 200,398 100,529 31,530 332,457 170,859 84,345 29,344 284,548 By-product credits: Zinc (26,244 ) (7,155 ) — (33,399 ) (32,828 ) (8,227 ) — (41,055 ) (87,723 ) (21,358 ) — (109,081 ) (74,571 ) (14,457 ) — (89,028 ) Gold (17,019 ) — — (17,019 ) (20,364 ) — — (20,364 ) (55,966 ) — — (55,966 ) (56,299 ) — — (56,299 ) Lead (6,212 ) (11,796 ) — (18,008 ) (8,271 ) (14,543 ) — (22,814 ) (22,449 ) (38,175 ) — (60,624 ) (23,265 ) (30,762 ) — (54,027 ) Total By-product credits (49,475 ) (18,951 ) — (68,426 ) (61,463 ) (22,770 ) — (84,233 ) (166,138 ) (59,533 ) — (225,671 ) (154,135 ) (45,219 ) — (199,354 ) Cash Cost, After By-product Credits $ 6,545 $ 5,613 $ — $ 12,158 $ (7,915 ) $ 3,766 $ — $ (4,149 ) $ (3,568 ) $ 15,213 $ — $ 11,645 $ (7,173 ) $ 19,230 $ — $ 12,057 AISC, After By-product Credits $ 21,245 $ 17,159 $ 11,912 $ 50,316 $ 8,387 $ 12,158 $ 10,560 $ 31,105 $ 34,260 $ 40,996 $ 31,530 $ 106,786 $ 16,724 $ 39,126 $ 29,344 $ 85,194 Divided by ounces produced 2,469 1,075 3,544 2,410 1,226 3,636 7,309 3,189 10,498 6,981 1,777 2,609 9,590 Cash Cost, Before By-product Credits, per Silver Ounce $ 22.69 $ 22.87 $ 22.74 $ 22.21 $ 21.65 $ 22.03 $ 22.24 $ 23.44 $ 22.61 $ 21.05 $ 24.70 $ 22.05 By-product credits per ounce (20.04 ) (17.64 ) (19.31 ) (25.50 ) (18.58 ) (23.17 ) (22.73 ) (18.67 ) (21.50 ) (22.08 ) (17.33 ) (20.79 ) Cash Cost, After By-product Credits, per Silver Ounce $ 2.65 $ 5.23 $ 3.43 $ (3.29 ) $ 3.07 $ (1.14 ) $ (0.49 ) $ 4.77 $ 1.11 $ (1.03 ) $ 7.37 $ 1.26 AISC, Before By-product Credits, per Silver Ounce $ 28.65 $ 33.62 $ 33.51 $ 28.98 $ 28.49 $ 31.72 $ 27.42 $ 31.53 $ 31.67 $ 24.48 $ 32.33 $ 29.67 By-product credits per ounce (20.04 ) (17.64 ) (19.31 ) (25.50 ) (18.58 ) (23.17 ) (22.73 ) (18.67 ) (21.50 ) (22.08 ) (17.33 ) (20.79 ) AISC, After By-product Credits, per Silver Ounce $ 8.61 $ 15.98 $ 14.20 $ 3.48 $ 9.91 $ 8.55 $ 4.69 $ 12.86 $ 10.17 $ 2.40 $ 15.00 $ 8.88 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Casa Berardi Total Gold Casa Berardi Total Gold Casa Berardi Total Gold Casa Berardi Nevada Operations(3) Corporate(3) Total Gold Total cost of sales $ 59,532 $ 59,532 $ 61,870 $ 61,870 $ 183,570 $ 183,570 $ 172,760 $ 46,832 — $ 219,592 Depreciation, depletion and amortization (15,089 ) (15,089 ) (15,459 ) (15,459 ) (46,394 ) (46,394 ) (61,159 ) (15,021 ) — (76,180 ) Treatment costs 429 429 457 457 1,345 1,345 1,723 1,731 — 3,454 Change in product inventory 420 420 (793 ) (793 ) (936 ) (936 ) (2,401 ) (9,951 ) — (12,352 ) Reclamation and other costs (203 ) (203 ) (209 ) (209 ) (623 ) (623 ) (632 ) 299 — (333 ) Exclusion of Nevada Operations costs — — — — — — — — — Cash Cost, Before By-product Credits (1) 45,089 45,089 45,866 45,866 136,962 136,962 110,291 23,890 — 134,181 Reclamation and other costs 204 204 209 209 623 623 632 681 — 1,313 Sustaining Exploration 2,314 2,314 1,178 1,178 4,886 4,886 3,551 — — 3,551 Sustaining capital 10,457 10,457 7,597 7,597 25,587 25,587 21,030 195 — 21,225 AISC, Before By-product Credits (1) 58,064 58,064 54,850 54,850 168,058 168,058 135,504 24,766 — 160,270 By-product credits: — Silver $ (131 ) (131 ) $ (188 ) (188 ) (485 ) (485 ) (656 ) (1,131 ) — (1,787 ) Total By-product credits (131 ) (131 ) (188 ) (188 ) (485 ) (485 ) (656 ) (1,131 ) — (1,787 ) Cash Cost, After By-product Credits $ 44,958 $ 44,958 $ 45,678 $ 45,678 $ 136,477 $ 136,477 $ 109,635 $ 22,759 $ — $ 132,394 AISC, After By-product Credits $ 57,933 $ 57,933 $ 54,662 $ 54,662 $ 167,573 $ 167,573 $ 134,848 $ 23,635 $ — $ 158,483 Divided by gold ounces produced 33 33 33 33 97 97 97 20 117 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,353 $ 1,353 $ 1,377 $ 1,377 $ 1,415 $ 1,415 $ 1,134 $ 1,180 $ 1,142 By-product credits per ounce (4 ) (4 ) (6 ) (6 ) (6 ) (6 ) (7 ) (56 ) (15 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,349 $ 1,349 $ 1,371 $ 1,371 $ 1,409 $ 1,409 $ 1,127 $ 1,124 $ 1,127 AISC, Before By-product Credits, per Gold Ounce $ 1,742 $ 1,742 $ 1,647 $ 1,647 $ 1,735 $ 1,735 $ 1,394 $ 1,223 $ 1,364 By-product credits per ounce (4 ) (4 ) (6 ) (6 ) (6 ) (6 ) (7 ) (56 ) (15 ) AISC, After By-product Credits, per Gold Ounce $ 1,738 $ 1,738 $ 1,641 $ 1,641 $ 1,729 $ 1,729 $ 1,387 $ 1,167 $ 1,349 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 76,666 $ 59,532 $ 136,198 $ 90,854 $ 61,870 $ 152,724 $ 246,423 $ 183,570 $ 429,993 $ 238,243 $ 219,592 $ 457,835 Depreciation, depletion and amortization (17,566 ) (15,089 ) (32,655 ) (22,491 ) (15,459 ) (37,950 ) (59,509 ) (46,394 ) (105,903 ) (62,738 ) (76,180 ) (138,918 ) Treatment costs 14,268 429 14,697 13,581 457 14,038 40,640 1,345 41,985 40,531 3,454 43,985 Change in product inventory 7,486 420 7,906 (599 ) (793 ) (1,392 ) 12,519 (936 ) 11,583 (1,913 ) (12,352 ) (14,265 ) Reclamation and other costs (270 ) (203 ) (473 ) (1,261 ) (209 ) (1,470 ) (2,757 ) (623 ) (3,380 ) (2,712 ) (333 ) (3,045 ) Cash Cost, Before By-product Credits (1) 80,584 45,089 125,673 80,084 45,866 125,950 237,316 136,962 374,278 211,411 134,181 $ 345,592 Reclamation and other costs 987 204 1,191 987 209 1,196 2,961 623 3,584 3,335 1,313 4,648 Exploration 4,498 2,314 6,812 1,698 1,178 2,876 7,077 4,886 11,963 5,254 3,551 8,805 Sustaining capital 21,670 10,457 32,127 22,877 7,597 30,474 56,114 25,587 81,701 36,563 21,225 57,788 General and administrative 11,003 — 11,003 9,692 — 9,692 28,989 — 28,989 27,985 — 27,985 AISC, Before By-product Credits (1) 118,742 58,064 176,806 115,338 54,850 170,188 332,457 168,058 500,515 284,548 160,270 $ 444,818 By-product credits: Zinc (33,399 ) — (33,399 ) (41,055 ) — (41,055 ) (109,081 ) — (109,081 ) (89,028 ) — (89,028 ) Gold (17,019 ) — (17,019 ) (20,364 ) — (20,364 ) (55,966 ) — (55,966 ) (56,299 ) — (56,299 ) Lead (18,008 ) — (18,008 ) (22,814 ) — (22,814 ) (60,624 ) — (60,624 ) (54,027 ) — (54,027 ) Silver — (131 ) (131 ) — (188 ) (188 ) — (485 ) (485 ) — (1,787 ) (1,787 ) Total By-product credits (68,426 ) (131 ) (68,557 ) (84,233 ) (188 ) (84,421 ) (225,671 ) (485 ) (226,156 ) (199,354 ) (1,787 ) (201,141 ) Cash Cost, After By-product Credits $ 12,158 $ 44,958 $ 57,116 $ (4,149 ) $ 45,678 $ 41,529 $ 11,645 $ 136,477 $ 148,122 $ 12,057 $ 132,394 $ 144,451 AISC, After By-product Credits $ 50,316 $ 57,933 $ 108,249 $ 31,105 $ 54,662 $ 85,767 $ 106,786 $ 167,573 $ 274,359 $ 85,194 $ 158,483 $ 243,677 Divided by ounces produced 3,544 33 3,636 33 10,498 97 9,590 117 Cash Cost, Before By-product Credits, per Ounce $ 22.74 $ 1,353 $ 22.03 $ 1,377 $ 22.61 $ 1,415 $ 22.05 $ 1,142 By-product credits per ounce (19.31 ) (4 ) (23.17 ) (6 ) (21.50 ) (6 ) (20.79 ) (15 ) Cash Cost, After By-product Credits, per Ounce $ 3.43 $ 1,349 $ (1.14 ) $ 1,371 $ 1.11 $ 1,409 $ 1.26 $ 1,127 AISC, Before By-product Credits, per Ounce $ 33.51 $ 1,742 $ 31.72 $ 1,647 $ 31.67 $ 1,735 $ 29.67 $ 1,364 By-product credits per ounce (19.31 ) (4 ) (23.17 ) (6 ) (21.50 ) (6 ) (20.79 ) (15 ) AISC, After By-product Credits, per Ounce $ 14.20 $ 1,738 $ 8.55 $ 1,641 $ 10.17 $ 1,729 $ 8.88 $ 1,349 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Greens Creek Lucky Friday Other Total Silver Greens Creek Lucky Friday(2) Other(3) Total Silver Greens Creek Lucky Friday Other(3) Total Silver Total cost of sales $ 49,638 $ 29,264 — $ 78,902 $ 49,252 $ 23,251 $ 152 $ 72,655 $ 55,193 $ 23,591 $ — $ 78,784 Depreciation, depletion and amortization (11,420 ) (8,032 ) — (19,452 ) (6,300 ) (6,518 ) (152 ) (12,970 ) (13,097 ) (6,590 ) — (19,687 ) Treatment costs 9,096 3,677 — 12,773 8,655 3,636 — 12,291 7,979 3,427 — 11,406 Change in product inventory 6,538 (905 ) — 5,633 236 1,351 — 1,587 (122 ) (68 ) — (190 ) Reclamation and other costs (5) (850 ) (361 ) — (1,211 ) (1,689 ) (199 ) — (1,888 ) (786 ) (281 ) — (1,067 ) Cash Cost, Before By-product Credits (1) 53,002 23,643 — 76,645 50,154 21,521 — 71,675 49,167 20,079 — 69,246 Reclamation and other costs 705 282 — 987 847 264 — 1,111 848 264 — 1,112 Exploration 165 — 716 881 696 — 867 1,563 2,472 — 474 2,946 Sustaining capital 5,956 5,562 48 11,566 10,123 7,413 172 17,708 6,228 8,406 — 14,634 General and administrative (5) — — 8,294 8,294 — — 6,585 6,585 — — 8,874 8,874 AISC, Before By-product Credits (1) 59,828 29,487 9,058 98,373 61,820 29,198 7,624 98,642 58,715 28,749 9,348 96,812 By-product credits: Zinc (28,651 ) (5,977 ) — (34,628 ) (25,643 ) (5,022 ) (30,665 ) (25,295 ) (4,611 ) (29,906 ) Gold (18,583 ) — — (18,583 ) (15,712 ) — (15,712 ) (14,864 ) — (14,864 ) Lead (7,966 ) (11,836 ) — (19,802 ) (7,657 ) (12,204 ) (19,861 ) (7,640 ) (10,188 ) (17,828 ) Total By-product credits (55,200 ) (17,813 ) — (73,013 ) (49,012 ) (17,226 ) — (66,238 ) (47,799 ) (14,799 ) — (62,598 ) Cash Cost, After By-product Credits $ (2,198 ) $ 5,830 $ — $ 3,632 $ 1,142 $ 4,295 $ — $ 5,437 $ 1,368 $ 5,280 $ — $ 6,648 AISC, After By-product Credits $ 4,628 $ 11,674 $ 9,058 $ 25,360 $ 12,808 $ 11,972 $ 7,624 $ 32,404 $ 10,916 $ 13,950 $ 9,348 $ 34,214 Divided by ounces produced 2,430 888 3,318 2,262 955 3,217 1,837 832 2,669 Cash Cost, Before By-product Credits, per Silver Ounce $ 21.82 $ 26.63 $ 23.10 $ 22.18 $ 22.54 $ 22.28 $ 26.76 $ 24.14 $ 25.93 By-product credits per ounce (22.72 ) (20.06 ) (22.01 ) (21.68 ) (18.04 ) (20.59 ) (26.02 ) (17.79 ) (23.44 ) Cash Cost, After By-product Credits, per Silver Ounce $ (0.90 ) $ 6.57 $ 1.09 $ 0.50 $ 4.50 $ 1.69 $ 0.74 $ 6.35 $ 2.49 AISC, Before By-product Credits, per Silver Ounce $ 24.62 $ 33.21 $ 29.65 $ 27.34 $ 30.58 $ 30.67 $ 31.96 $ 34.58 $ 36.26 By-product credits per ounce (22.72 ) (20.06 ) (22.01 ) (21.68 ) (18.04 ) (20.59 ) (26.02 ) (17.79 ) (23.44 ) AISC, After By-product Credits, per Silver Ounce $ 1.90 $ 13.15 $ 7.64 $ 5.66 $ 12.54 $ 10.08 $ 5.94 $ 16.79 $ 12.82 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Casa Berardi Total Gold Casa Berardi Nevada Operations(4) Total Gold Casa Berardi Nevada Operations(4) Corporate(3) Total Gold Total cost of sales $ 62,168 $ 62,168 $ 57,069 $ 2,113 $ 59,182 $ 58,164 $ 21,384 $ 79,548 Depreciation, depletion and amortization (15,846 ) (15,846 ) (19,585 ) (320 ) (19,905 ) (19,968 ) (6,135 ) (26,103 ) Treatment costs 458 458 423 — 423 475 1 476 Change in product inventory (563 ) (563 ) 4,839 (956 ) 3,883 (3,369 ) (12,389 ) (15,758 ) Reclamation and other costs (5) (210 ) (210 ) (208 ) 1 (207 ) (210 ) — (210 ) Cash Cost, Before By-product Credits (1) 46,007 46,007 42,538 838 43,376 35,092 2,861 37,953 Reclamation and other costs 210 210 209 327 536 209 327 536 Exploration 1,394 1,394 1,775 — 1,775 1,541 — 1,541 Sustaining capital 7,281 7,281 10,459 316 10,775 7,208 29 7,237 AISC, Before By-product Credits (1) 54,892 54,892 54,981 1,481 56,462 44,050 3,217 47,267 By-product credits: Silver (166 ) (166 ) (183 ) (21 ) (204 ) (169 ) (6 ) (175 ) Total By-product credits $ (166 ) $ (166 ) (183 ) (21 ) (204 ) (169 ) (6 ) (175 ) Cash Cost, After By-product Credits $ 45,841 $ 45,841 $ 42,355 $ 817 $ 43,172 $ 34,923 $ 2,855 $ 37,778 AISC, After By-product Credits $ 54,726 $ 54,726 $ 54,798 $ 1,460 $ 56,258 $ 43,881 $ 3,211 $ 47,092 Divided by gold ounces produced 30 30 37 — 37 30 3 33 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,521 $ 1,521 $ 1,142 $ 1,737 $ 1,148 $ 1,181 $ 1,040 $ 1,168 By-product credits per ounce (5 ) (5 ) (5 ) (44 ) (5 ) (6 ) (2 ) (5 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,516 $ 1,516 $ 1,137 $ 1,693 $ 1,143 $ 1,175 $ 1,038 $ 1,163 AISC, Before By-product Credits, per Gold Ounce $ 1,815 $ 1,815 $ 1,475 $ 3,073 $ 1,499 $ 1,482 $ 1,169 $ 1,455 By-product credits per ounce (5 ) (5 ) (5 ) (44 ) (5 ) (6 ) (2 ) (5 ) AISC, After By-product Credits, per Gold Ounce $ 1,810 $ 1,810 $ 1,470 $ 3,029 $ 1,494 $ 1,476 $ 1,167 $ 1,450 Reconciliation of Cost of Sales to Non-GAAP Measures, continued In thousands (except per ounce amounts) Three Months Ended March 31, 2022 Three Months Ended December 31, 2021 Three Months Ended September 30, 2021 Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Corporate(3) Total Cost of sales and other direct production costs and depreciation, depletion and amortization $ 78,902 $ 62,168 $ 141,070 $ 72,655 $ 59,182 $ 131,837 $ 78,784 $ 79,548 $ 158,332 Depreciation, depletion and amortization (19,452 ) (15,846 ) (35,298 ) (12,970 ) (19,905 ) (32,875 ) (19,687 ) (26,103 ) (45,790 ) Treatment costs 12,773 458 13,231 12,291 423 12,714 11,406 476 11,882 Change in product inventory 5,633 (563 ) 5,070 1,587 3,883 5,470 (190 ) (15,758 ) (15,948 ) Reclamation and other costs (1,211 ) (210 ) (1,421 ) (1,888 ) (207 ) (2,095 ) (1,067 ) (210 ) (1,277 ) Cash Cost, Before By-product Credits (1) 76,645 46,007 122,652 71,675 43,376 115,051 69,246 37,953 107,199 Reclamation and other costs 987 210 1,197 1,111 536 1,647 1,112 536 1,648 Exploration 881 1,394 2,275 1,563 1,775 3,338 2,946 1,541 4,487 Sustaining capital 11,566 7,281 18,847 17,708 10,775 28,483 14,634 7,237 21,871 General and administrative 8,294 — 8,294 6,585 — 6,585 8,874 — 8,874 AISC, Before By-product Credits (1) 98,373 54,892 153,265 98,642 56,462 155,104 96,812 47,267 144,079 By-product credits: Zinc (34,628 ) — (34,628 ) (30,665 ) — (30,665 ) (29,906 ) — (29,906 ) Gold (18,583 ) — (18,583 ) (15,712 ) — (15,712 ) (14,864 ) — (14,864 ) Lead (19,802 ) — (19,802 ) (19,861 ) — (19,861 ) (17,828 ) — (17,828 ) Silver — (166 ) (166 ) — (204 ) (204 ) — (175 ) (175 ) Total By-product credits (73,013 ) (166 ) (73,179 ) (66,238 ) (204 ) (66,442 ) (62,598 ) (175 ) (62,773 ) Cash Cost, After By-product Credits $ 3,632 $ 45,841 $ 49,473 $ 5,437 $ 43,172 $ 48,609 $ 6,648 $ 37,778 $ 44,426 AISC, After By-product Credits $ 25,360 $ 54,726 $ 80,086 $ 32,404 $ 56,258 $ 88,662 $ 34,214 $ 47,092 $ 81,306 Divided by ounces produced 3,318 30 3,217 37 2,669 33 Cash Cost, Before By-product Credits, per Ounce $ 23.10 $ 1,521 $ 22.28 $ 1,148 $ 25.93 1,168 By-product credits per ounce (22.01 ) (5 ) (20.59 ) (5 ) (23.44 ) (5 ) Cash Cost, After By-product Credits, per Ounce $ 1.09 $ 1,516 $ 1.69 $ 1,143 $ 2.49 $ 1,163 AISC, Before By-product Credits, per Ounce $ 29.65 $ 1,815 $ 30.67 $ 1,499 $ 36.26 $ 1,455 By-product credits per ounce (22.01 ) (5 ) (20.59 ) (5 ) (23.44 ) (5 ) AISC, After By-product Credits, per Ounce $ 7.64 $ 1,810 $ 10.08 $ 1,494 $ 12.82 $ 1,450 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, royalties, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes on-site exploration, reclamation, and sustaining capital costs. Mining at San Sebastian was completed in the third quarter of 2020, and milling was completed in the fourth quarter of 2020. Care and maintenance costs at San Sebastian totaling $1.5 million and $2.0 million for the first nine months of 2022 and 2021 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, exploration and sustaining capital. Production was suspended at the Hollister and Midas mines and Aurora mill in the latter part of 2019. Care and maintenance at Nevada Operations totaling $4.2 million and $6.3 million for the third quarter of 2022 and 2021, respectively, ($14.6 million and $15.0 million for the first nine months of 2022 and 2021) are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, 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 (Loss) Income Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Stockholders (non-GAAP) This release refers to a non-GAAP measure of adjusted net income (loss) applicable to common stockholders and adjusted net income (loss) per share, which are indicators of our performance. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance. Dollars are in thousands Q3 -2022 Q2 -2022 Q1-2022 Q4 -2021 Q3 -2021 YTD - 2022 YTD-2021 Net (loss) income applicable to common stockholders (GAAP) (23,664 ) (13,661 ) $ 4,015 11,737 (1,117 ) $ (33,310 ) 22,806 Adjusted for items below: — Derivative contracts losses (gains) (873 ) 689 204 25,840 (16,053 ) 20 (13,937 ) Provisional pricing losses (gains) 6,625 15,807 (968 ) (5,648 ) (72 ) 21,464 (3,701 ) Unrealized losses (gains) on equity investments 5,110 15,739 (6,100 ) (2,822 ) 2,861 14,749 5,959 Environmental accruals — 14 — — 14 2,882 Foreign exchange (gain) loss (5,667 ) (4,482 ) 2,038 (393 ) (3,995 ) (8,111 ) (24 ) Care and maintenance costs 5,092 5,242 6,205 5,998 6,910 16,539 17,014 Loss (gain)on disposition of properties, plants, equipment and mineral interests 19 5 (8 ) 326 (390 ) 16 (239 ) Adjustments of inventory to net realizable value 1,405 754 — — 93 2,159 6,524 Adjusted income (loss) applicable to common stockholders $ (11,953 ) $ 20,093 $ 5,400 $ 35,038 $ (11,763 ) $ 13,540 $ 37,284 Weighted average shares - basic 554,531 539,401 538,490 538,124 536,966 544,000 535,542 Weighted average shares - diluted 554,531 539,401 544,061 543,134 536,966 544,000 541,769 Basic adjusted net income (loss) per common stock (in cents) (0.02 ) 0.04 0.01 0.07 (0.02 ) 0.02 0.07 Diluted adjusted net income (loss) per common stock (in cents) (0.02 ) 0.04 0.01 0.06 (0.02 ) 0.02 0.07 Reconciliation of Net Income (Loss) (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 (loss) before the following items: interest expense, income tax provision, depreciation, depletion, and amortization expense, acquisition costs, foreign exchange gains and losses, gains and losses on derivative contracts, ramp-up and suspension costs, provisional price gains and losses, stock-based compensation, unrealized losses and gains on investments, provisions for closed operations, and interest and other income (expense). Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, revolving credit facility and finance leases, less the total of our cash and cash equivalents. 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 loss and debt to Adjusted EBITDA and net debt: Dollars are in thousands Q3 -2022 Q2 -2022 Q1-2022 Q4 -2021 Q3 -2021 LTM 9/30/2022 FY 2021 Net income (loss) (23,526 ) (13,523 ) $ 4,153 11,875 (979 ) (21,021 ) 35,095 Interest expense 10,874 10,505 10,406 10,461 10,469 42,246 41,945 Income and mining tax provision (benefit) (9,527 ) 254 5,631 (25,645 ) (4,533 ) (29,287 ) (29,569 ) Depreciation, depletion and amortization 32,992 38,072 35,298 32,875 45,790 139,237 171,793 Foreign exchange (gain) loss (5,667 ) (4,482 ) 2,038 (393 ) (3,995 ) (8,504 ) (417 ) Loss/(gain) on undesignated derivative contracts (873 ) 689 204 25,840 (16,053 ) 25,860 11,903 Care and maintenance costs 5,092 5,242 6,205 5,998 6,910 22,537 23,012 Provisional price losses ( gains) 6,625 15,807 (968 ) (5,648 ) (72 ) 15,816 (9,349 ) Loss (gain) on disposition of properties, plants, equipment and mineral interests 18 5 (8 ) 326 (390 ) 341 87 Stock-based compensation 1,773 1,254 1,271 1,307 1,472 5,605 6,081 Provision for closed operations and environmental matters 1,781 1,628 1,643 3,693 8,088 8,745 17,964 Unrealized loss (gain) on investments 5,114 15,739 (6,100 ) (2,822 ) 2,861 11,931 4,295 Adjustments of inventory to net realizable value 1,405 754 — — 93 2,159 6,524 Other 473 (1,470 ) (1,571 ) 382 (247 ) (2,186 ) (584 ) Adjusted EBITDA $ 26,554 $ 70,474 $ 58,202 58,249 49,414 $ 213,479 $ 278,780 Total debt 551,841 $ 521,483 Less: Cash and cash equivalents $ 144,669 $ 210,010 Net debt $ 407,172 $ 311,473 Net debt/LTM adjusted EBITDA (non-GAAP) 1.9 1.1 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 mineral interests. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash provided by operating activities $ (24,322 ) $ 42,742 $ 53,770 $ 166,982 Less: Additions to properties, plants equipment and mineral interests (37,430 ) (26,899 ) (93,237 ) (80,210 ) Free cash flow $ (61,752 ) $ 15,843 $ (39,467 ) $ 86,772 Table A - Assay Results - Q3 2022 Keno Hill, Yukon Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Silver (oz/ton) Gold (oz/ton) Zinc (%) Lead (%) Depth From Surface (feet) Coral-Wigwam K-22-0825 275/-73 1520.4 1533.6 7.3 101.5 0.00 0.1 0.1 -1291 Coral-Wigwam Including 1525.6 1526.1 0.3 2522.1 0.00 0.7 0.3 -1303 Aurora, Nevada Zone Drillhole Number Drillhole Azm/Incl Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Silver (oz/ton) Depth From Surface (feet) Martinez MAR-002 173 /-37 331.5 333.0 1.3 0.13 0.3 -184 Martinez MAR-002 173 /-37 353.1 360.0 6.0 0.22 1.1 -240 Martinez Including 353.1 356.0 2.5 0.50 1.9 -240 Martinez MAR-002 173 /-37 396.2 408.8 7.2 0.05 0.2 -308 Martinez Including 396.2 397.5 0.8 0.19 0.5 -308 Martinez MAR-002 173 /-37 416.8 454.2 31.1 0.40 1.8 -341 Martinez Including 416.8 418.0 0.9 0.30 2.8 -341 Martinez Including 423.1 433.5 6.7 1.26 4.4 -341 Martinez MAR-002 173 /-37 456.5 465.0 6.0 0.10 0.1 -364 Martinez Including 463.5 465.0 1.1 0.43 0.4 -364 Martinez MAR-002 173 /-37 488.9 570.2 70.4 0.05 0.3 -436 Martinez Including 491.3 498.0 5.8 0.12 0.6 -436 Martinez Including 508.9 510.3 1.0 0.19 2.0 -436 Martinez Including 518.7 523.1 3.8 0.17 0.7 -436 Martinez Including 533.8 535.5 1.6 0.12 0.9 -436 Chesco CHE-001 350 /-62 14.0 26.4 12.2 0.73 7.7 -25 Chesco Including 14.0 23.0 8.9 0.95 9.8 -25 Chesco CHE-001 350 /-62 28.3 29.5 1.2 0.15 2.4 -31 Chesco CHE-001 350 /-62 258.0 260.3 2.2 0.03 1.2 -231 Chesco CHE-002 13 /-39 163.5 163.9 0.4 0.13 0.3 -68 Chesco CHE-002 13 /-39 170.3 171.1 0.6 0.06 0.3 -69 Chesco CHE-002 13 /-39 176.4 177.5 0.8 0.26 1.4 -72 Chesco CHE-002 13 /-39 223.8 228.1 3.7 0.25 6.4 -95 Chesco Including 224.8 226.9 1.8 0.50 12.4 -95 Juniata JUN-001 000 /-45 246.8 261.9 14.9 0.43 1.9 -180 Juniata Including 249.7 257.8 8.0 0.76 3.5 -180 Republic, NW USA Zone Drillhole Number Drillhole Azm/Incl Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Silver (oz/ton) Depth From Surface (feet) Bellicose BT2209 330/-45 518.6 523.3 3.3 0.07 0.3 -330 Blacktail BT2209 330/-45 627.0 650.0 13.2 0.06 0.5 -420 Apex BT2210 330/-45 36.4 53.7 12.0 0.08 0.4 -32 Anchor BT2210 330/-45 125.3 132.0 2.3 0.29 0.7 -70 1470 BT2216 330/-45 321.6 332.0 9.3 0.57 1.8 -250 1470 Including 326.6 332.0 4.9 0.79 2.6 -253 1470 Splay BT2216 330/-45 350.0 353.0 2.1 1.18 4.3 -263 Tom Thumb TT2213 293/-45 610.1 619.6 8.6 0.37 2.3 -255 Tom Thumb Including 610.1 614.6 4.1 0.72 4.3 -255 Tom Thumb TT2214 150/-75 1848.3 1852.5 3.6 0.34 2.7 -1800 Greens Creek, Alaska Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Silver (oz/ton) Gold (oz/ton) Zinc (%) Lead (%) Depth From Mine Portal (feet) Southwest Bench GC5758 63 / -46 221.0 224.0 2.7 35.2 0.14 10.2 6.4 -916 Southwest Bench GC5758 63 / -46 231.0 241.0 9.7 15.7 0.06 6.1 4.4 -932 Southwest Bench GC5762 73 / -11 144.0 159.0 14.9 40.9 0.35 7.0 2.9 -779 Southwest Bench GC5762 73 / -11 190.3 193.6 2.8 59.8 0.19 3.2 2.2 -785 Southwest Bench GC5762 73 / -11 308.5 310.5 1.9 27.3 0.07 9.0 6.0 -803 Southwest Bench GC5767 100 / 41 170.0 185.0 14.9 20.0 0.20 4.5 1.7 -628 Southwest Bench GC5771 91 / 20 199.0 201.5 2.4 12.8 0.04 2.3 1.3 -685 Southwest Bench GC5771 91 / 20 209.0 210.0 0.8 19.1 0.02 7.9 4.6 -681 Southwest Bench GC5787 112 / -38 103.6 124.7 10.5 74.3 0.52 5.7 2.9 -871 Southwest Bench GC5792 213 / -74 52.0 53.0 0.5 29.3 0.11 15.5 8.8 -815 Southwest Bench GC5793 63 / -71 94.5 96.0 1.4 11.5 0.04 6.2 2.6 -851 Southwest Bench GC5793 63 / -71 98.0 100.0 1.9 51.7 0.05 4.6 3.1 -856 Southwest Bench GC5793 63 / -71 107.0 113.0 5.4 16.3 0.09 10.3 7.4 -868 Southwest Bench GC5793 63 / -71 119.0 137.5 17.7 22.3 0.09 9.1 6.0 -891 Southwest Bench GC5797 63 / -51 125.4 131.5 4.8 18.1 0.06 5.1 3.0 -883 Southwest Bench GC5799 63 / -37 174.6 182.7 5.2 10.1 0.07 1.9 1.0 -872 Southwest Bench GC5801 63 / -26 218.5 219.5 1.0 11.7 0.03 12.4 7.2 -858 Southwest Bench GC5803 63 / -5 219.0 241.0 20.1 25.7 0.15 6.4 3.1 -785 Southwest Bench GC5806 63 / 25 128.6 138.9 8.8 6.3 0.08 2.2 1.1 -697 Southwest Bench GC5806 63 / 25 165.1 170.5 4.9 11.1 0.05 6.4 3.0 -684 Southwest Bench GC5806 63 / 25 189.6 198.0 8.0 11.9 0.06 1.8 1.1 -674 Southwest Bench GC5808 63 / 44 122.1 129.9 5.6 1.2 0.01 10.7 4.9 -660 Southwest Bench GC5808 63 / 44 168.0 186.0 13.3 23.4 0.14 7.5 3.4 -624 Southwest Bench GC5810 85 / 43 180.5 194.0 13.4 7.5 0.06 3.5 1.7 -620 Southwest Bench GC5813 83 / 27 166.5 175.0 8.5 23.4 0.11 2.1 1.0 -616 Southwest Bench GC5816 101 / 25 202.5 205.5 3.0 12.3 0.14 2.0 0.9 -670 Southwest Bench GC5817 22 / 36 245.0 250.0 4.9 11.7 0.02 0.8 0.4 -603 Southwest Bench GC5827 24 / -18 319.0 337.0 17.3 4.9 0.06 9.7 2.3 -857 Southwest Bench GC5827 24 / -18 346.0 351.7 5.6 43.0 0.08 1.7 0.8 -863 Southwest Bench GC5827 24 / -18 355.0 360.5 5.4 18.6 0.13 8.3 4.9 -864 Southwest Bench GC5827 24 / -18 413.0 414.0 1.0 12.8 0.03 6.8 2.8 -879 Southwest Bench GC5833 10 / -68 86.0 104.0 8.0 25.7 0.09 6.2 3.4 -855 Southwest Bench GC5833 10 / -68 152.5 165.5 9.5 21.9 0.11 6.2 3.2 -912 Southwest Bench GC5838 63 / -4 137.0 143.5 4.8 85.9 1.34 3.0 2.1 -737 Southwest Bench GC5841 85 / -22 129.0 140.0 10.6 15.4 0.05 7.7 4.9 -783 200 South GC5672 210 / -71 201.0 203.3 0.6 5.6 0.01 14.9 6.6 -1489 200 South GC5672 210 / -71 235.5 241.5 1.6 14.4 0.00 0.7 0.2 -1523 200 South GC5672 210 / -71 278.5 279.5 0.4 6.6 0.01 6.0 2.4 -1557 200 South GC5672 210 / -71 296.5 298.0 0.7 15.1 0.01 6.9 3.2 -1572 200 South GC5672 210 / -71 301.0 306.7 3.4 10.5 0.01 3.7 1.7 -1580 200 South GC5672 210 / -71 318.0 319.0 0.8 16.1 0.01 0.4 0.2 -1591 200 South GC5672 210 / -71 502.0 505.0 2.9 20.0 0.01 0.3 0.2 -1761 200 South GC5672 210 / -71 699.5 700.7 1.0 31.4 0.01 0.4 0.2 -1941 200 South GC5672 210 / -71 716.0 722.7 5.3 21.3 0.02 0.5 0.3 -1963 200 South GC5672 210 / -71 728.5 731.0 2.0 11.3 0.07 0.5 0.3 -1971 200 South GC5672 210 / -71 756.0 760.0 3.8 3.0 0.31 0.2 0.1 -1995 200 South GC5681 184 / -80 168.9 180.7 11.8 33.1 0.02 4.1 1.9 -1481 200 South GC5681 184 / -80 193.0 196.4 3.4 13.0 0.01 0.3 0.1 -1515 200 South GC5681 184 / -80 206.0 265.3 44.7 18.5 0.02 2.6 1.1 -1551 200 South GC5681 184 / -80 276.0 279.9 0.9 10.3 0.02 4.5 2.0 -1563 200 South GC5681 184 / -80 472.2 486.9 13.6 14.2 0.02 1.3 0.7 -1767 200 South GC5681 184 / -80 492.6 506.9 13.6 23.8 0.02 0.8 0.3 -1777 200 South GC5681 184 / -80 513.5 516.9 3.2 11.7 0.01 1.0 0.4 -1785 200 South GC5681 184 / -80 649.2 651.2 2.0 0.8 0.22 0.0 0.0 -1926 200 South GC5681 184 / -80 664.3 678.0 13.7 43.0 0.17 2.8 1.7 -1950 200 South GC5681 184 / -80 684.0 687.0 3.0 14.8 0.14 0.6 0.2 -1960 200 South GC5708 237 / -70 64.4 67.5 3.0 23.9 0.02 14.0 8.0 -1350 200 South GC5708 237 / -70 317.5 343.5 25.6 7.8 0.03 3.8 1.7 -1595 200 South GC5708 237 / -70 369.0 377.5 7.5 24.9 0.01 10.8 5.9 -1611 200 South GC5708 237 / -70 406.2 407.2 1.0 1.2 0.01 10.2 4.5 -1642 200 South GC5708 237 / -70 413.5 415.1 1.1 1.3 0.01 8.2 4.7 -1669 200 South GC5708 237 / -70 429.1 430.5 1.2 5.6 0.02 13.8 6.5 -1678 200 South GC5708 237 / -70 472.2 503.5 30.7 7.8 0.06 7.3 4.0 -1759 200 South GC5708 237 / -70 642.3 648.5 6.1 29.3 0.01 1.1 0.6 -1896 200 South GC5708 237 / -70 726.1 727.5 0.7 18.9 0.03 7.1 2.3 -1972 200 South GC5708 237 / -70 736.5 737.8 0.6 7.3 0.25 0.7 0.4 -1981 200 South GC5717 212 / -30 76.5 78.0 1.4 8.2 0.01 3.7 1.9 -1323 200 South GC5718 243 / -27 79.5 84.0 4.4 13.8 0.01 13.3 6.3 -1325 200 South GC5728 243 / -13 145.0 146.5 1.1 17.9 0.01 3.6 1.9 -1317 200 South GC5728 243 / -13 153.5 154.8 0.7 11.4 0.01 2.2 1.0 -1319 200 South GC5728 243 / -13 158.5 159.5 0.5 56.4 0.02 15.3 7.3 -1319 200 South GC5728 243 / -13 162.0 164.0 0.8 7.6 0.01 12.3 6.4 -1320 200 South GC5728 243 / -13 176.0 178.0 0.9 1.1 0.01 7.9 3.6 -1325 200 South GC5728 243 / -13 190.5 191.5 1.0 1.2 0.02 7.6 3.8 -1319 200 South GC5728 243 / -13 265.0 267.5 1.1 1.8 0.08 5.1 1.9 -1321 200 South GC5728 243 / -13 316.7 319.6 1.4 13.5 0.01 0.7 0.3 -1322 200 South GC5728 243 / -13 727.8 732.0 3.8 4.3 0.06 5.2 2.9 -1448 200 South GC5728 243 / -13 758.4 771.7 13.3 4.5 0.09 8.1 4.9 -1456 200 South GC5734 236 / -72 69.4 78.0 8.3 26.4 0.01 12.1 6.7 -1361 200 South GC5734 236 / -72 134.2 136.4 2.1 23.8 0.01 9.3 4.3 -1417 200 South GC5734 236 / -72 746.9 768.0 14.7 17.4 0.07 0.7 0.3 -2008 200 South GC5734 236 / -72 778.0 781.0 2.5 6.9 0.13 0.5 0.2 -2017 200 South GC5734 236 / -72 792.0 801.4 9.4 12.3 0.20 0.5 0.2 -2029 200 South GC5738 239 / -79 76.2 80.5 3.9 33.7 0.02 19.2 9.4 -1365 200 South GC5738 239 / -79 116.0 117.0 1.0 34.0 0.01 0.3 0.2 -1403 200 South GC5738 239 / -79 124.0 132.0 7.9 12.4 0.01 1.6 0.7 -1417 200 South GC5738 239 / -79 137.0 154.0 11.1 35.2 0.07 2.1 1.1 -1443 200 South GC5738 239 / -79 751.0 787.0 31.9 10.8 0.19 0.3 0.1 -2058 200 South GC5743 227 / -69 74.0 79.6 5.6 24.9 0.02 11.3 5.9 -1364 200 South GC5743 227 / -69 84.5 88.0 3.3 25.0 0.01 0.4 0.1 -1371 200 South GC5743 227 / -69 747.0 765.0 9.9 32.9 0.05 1.1 0.5 -1988 200 South GC5743 227 / -69 783.7 796.5 5.9 8.6 0.05 0.4 0.2 -2002 200 South GC5748 230 / -54 73.0 74.0 0.8 15.1 0.02 6.6 3.3 -1350 200 South GC5748 230 / -54 277.0 278.0 1.0 12.4 0.02 1.9 1.3 -1514 200 South GC5748 230 / -54 375.5 376.6 0.7 13.9 0.02 1.2 0.3 -1597 200 South GC5748 230 / -54 397.0 409.0 7.5 32.8 0.01 2.6 1.2 -1625 200 South GC5750 230 / -9 211.0 212.1 0.4 16.3 0.01 4.2 2.1 -1310 200 South GC5750 230 / -9 220.0 221.9 0.7 5.5 0.01 6.8 3.3 -1312 200 South GC5754 250 / -80 744.0 749.0 4.8 6.4 0.28 0.4 0.2 -2024 200 South GC5759 248 / -73 797.0 808.0 8.2 40.8 0.11 0.5 0.3 -2061 200 South GC5759 248 / -73 813.0 817.0 2.2 10.0 0.13 0.1 0.0 -2068 200 South GC5759 248 / -73 820.0 835.0 14.5 25.9 0.22 0.6 0.3 -2080 200 South GC5764 247 / -67 742.9 749.5 3.0 30.0 0.00 1.0 0.5 -1981 200 South GC5764 247 / -67 765.1 769.1 2.1 20.3 0.02 0.6 0.3 -1998 200 South GC5764 247 / -67 785.4 788.4 1.6 12.0 0.09 0.4 0.2 -2015 200 South GC5764 247 / -67 791.4 794.2 1.5 7.2 0.25 0.3 0.1 -2020 200 South GC5774 210 / -79 794.0 798.5 4.4 18.7 0.26 1.3 0.8 -2075 200 South GC5775 228 / -67 818.0 823.0 4.8 10.7 0.12 0.2 0.1 -2069 200 South GC5775 228 / -67 833.0 838.9 5.7 14.8 0.08 0.5 0.3 -2084 200 South GC5779 229 / -48 372.0 413.0 24.4 14.8 0.01 2.8 1.6 -1612 200 South GC5783 238 / -67 773.0 775.1 1.6 40.6 0.02 0.5 0.2 -2018 200 South GC5783 238 / -67 785.7 797.0 9.1 10.6 0.06 0.6 0.3 -2037 200 South GC5783 238 / -67 817.0 829.0 9.5 67.4 0.47 1.2 0.5 -2068 200 South GC5786 243 / -40 303.1 306.7 3.1 23.3 0.04 1.5 0.9 -1487 200 South GC5802 230 / -75 846.0 851.0 5.0 8.6 0.09 1.1 0.6 -2116 200 South GC5809 241 / -54 629.0 630.0 0.9 7.0 0.01 3.8 1.9 -1804 200 South GC5812 243 / -37 233.5 236.5 3.0 12.0 0.01 0.7 0.4 -1491 200 South GC5812 243 / -37 242.9 246.5 3.5 13.6 0.01 1.0 0.5 -1495 200 South GC5812 243 / -37 319.0 343.8 24.1 21.4 0.01 3.6 2.0 -1503 200 South GC5815 243 / -25 90.1 91.1 0.6 10.9 0.01 7.4 4.4 -1330 200 South GC5818 243 / 11 60.6 63.5 2.8 17.9 0.02 15.5 9.5 -1274 200 South GC5818 243 / 11 67.5 73.0 5.1 26.0 0.03 20.5 12.5 -1272 200 South GC5820 243 / 59 45.5 50.0 3.9 4.8 0.07 3.3 1.7 -1237 200 South GC5823 243 / 90 99.0 103.0 4.0 2.4 0.06 4.7 2.6 -1174 200 South GC5823 243 / 90 129.0 131.0 2.0 2.6 0.01 7.6 3.4 -1146 200 South GC5824 63 / 79 101.8 104.0 2.2 4.9 0.09 3.6 2.0 -1175 200 South GC5824 63 / 79 116.7 128.0 11.3 5.2 0.14 5.0 2.6 -1153 200 South GC5828 63 / 59 104.5 105.5 1.0 5.4 0.06 4.1 2.3 -1190 200 South GC5828 63 / 59 141.5 142.5 0.9 17.5 0.02 5.7 5.4 -1159 200 South GC5828 63 / 59 232.0 234.5 0.4 59.2 0.04 2.3 1.3 -1080 200 South GC5834 63 / -56 63.5 68.0 4.2 6.3 0.02 6.8 3.6 -1354 200 South GC5837 63 / -788 50.0 55.0 4.0 14.9 0.15 1.3 0.9 -1351 200 South GC5839 63 / -40 43.5 45.0 1.4 2.0 0.01 12.6 5.5 -1329 200 South GC5839 63 / -40 81.0 82.5 1.5 9.2 0.02 5.9 7.7 -1354 200 South GC5842 63 / -4 51.0 53.0 1.8 0.7 0.01 9.0 6.8 -1300 200 South GC5842 63 / -4 81.0 82.0 0.9 14.6 0.01 8.2 3.8 -1301 200 South GC5842 63 / -4 87.5 90.0 2.3 2.7 0.01 7.0 3.5 -1302 200 South GC5855 243 / -82 47.0 48.0 0.5 7.4 0.01 4.2 2.3 -1348 200 South GC5855 243 / -82 161.0 163.0 1.4 4.0 0.01 6.0 5.1 -1461 East GC5722 63 / -32 313.5 315.0 1.5 5.9 0.05 4.2 3.0 470 East GC5722 63 / -32 325.0 329.0 4.0 15.5 0.15 12.4 3.9 464 East GC5727 71 / -7 394.0 398.5 4.3 17.7 0.10 1.8 0.6 591 East GC5730 72 / -21 322.5 323.5 0.9 8.5 0.04 11.3 3.5 519 East GC5730 72 / -21 356.3 359.6 2.9 7.9 0.14 17.3 3.0 506 East GC5732 78 / -38 323.1 333.0 9.6 9.8 0.06 11.9 3.0 431 East GC5741 48 / -54 302.0 303.0 1.0 3.3 0.07 14.9 5.4 396 East GC5741 48 / -54 304.0 305.7 1.6 3.6 0.04 11.8 3.0 394 East GC5741 48 / -54 307.8 311.0 3.2 4.1 0.03 13.5 4.0 390 East GC5741 48 / -54 321.0 324.0 3.0 22.8 0.38 4.6 1.1 379 East GC5744 46 / -25 342.7 346.1 3.2 7.3 0.06 13.0 3.8 494 East GC5744 46 / -25 362.8 364.0 1.1 14.5 0.22 24.9 8.8 487 East GC5747 52 / -37 329.2 330.2 1.0 19.6 0.25 23.2 4.8 447 East GC5751 75 / -37 298.0 299.0 1.0 14.7 0.00 16.9 5.4 464 East GC5751 75 / -37 329.0 337.0 7.9 20.4 0.12 10.4 2.5 442 East GC5753 79 / -55 311.0 333.5 22.0 6.4 0.17 18.7 4.3 369 East GC5755 92 / -72 356.5 357.5 0.9 28.9 0.16 18.1 5.8 302 East GC5763 46 / -62 351.0 355.5 4.2 9.2 0.09 12.1 3.8 337 East GC5765 51 / -46 331.0 333.0 2.0 13.9 0.10 16.2 6.6 412 East GC5765 51 / -46 341.0 342.5 1.5 8.8 0.08 30.3 8.0 405 East GC5766 54 / -29 331.0 332.0 1.0 10.2 0.06 15.9 8.3 492 East GC5766 54 / -29 344.4 347.1 2.7 16.2 0.24 17.7 5.2 484 East GC5769 56 / -14 364.4 371.0 5.6 26.7 0.35 14.9 4.7 558 East GC5772 63 / -74 391.7 398.0 5.8 72.3 0.34 4.6 1.4 268 East GC5778 80 / -62 367.5 380.0 11.1 51.6 0.05 0.1 0.0 312 East GC5782 119 / -77 415.5 421.3 4.2 13.7 0.11 30.9 8.7 239 East GC5785 243 / -62 410.0 412.0 1.9 10.1 0.03 21.5 5.3 291 East GC5785 243 / -62 445.0 448.0 2.9 227.8 2.84 4.2 0.4 261 East GC5785 243 / -62 474.0 476.0 1.9 32.3 0.55 3.0 0.9 236 East GC5800 289 / -83 468.0 472.5 4.5 11.5 0.11 20.9 7.5 188 East GC5804 243 / -90 478.0 482.0 4.0 16.1 0.52 30.6 9.6 175 East GC5807 135 / -79 505.5 509.5 3.9 7.7 0.07 21.7 7.3 158 East GC5807 135 / -79 521.0 522.0 1.0 6.2 0.03 22.9 10.4 144 East GC5814 55 / -82 498.5 501.5 2.9 10.5 0.07 32.3 10.1 160 East GC5819 46 / -75 498.0 517.0 14.6 27.6 0.27 18.3 6.8 157 East GC5822 99 / -58 69.0 73.5 3.9 23.5 0.05 17.7 3.7 470 East GC5822 99 / -58 80.0 82.0 1.6 6.7 0.06 8.2 2.1 462 East GC5826 223 / -77 383.5 388.8 5.2 7.8 0.18 10.4 3.1 155 East GC5829 234 / -66 418.5 422.5 3.6 6.1 0.17 23.8 6.1 150 East GC5836 123 / -74 137.5 140.0 2.5 46.4 0.06 10.9 2.4 397 East GC5851 14 / -77 123.6 125.0 0.6 6.5 0.04 12.0 3.3 409 East GC5851 14 / -77 129.0 130.0 0.5 8.7 0.05 7.5 1.7 400 East GC5851 14 / -77 133.0 140.0 3.2 33.9 0.18 25.7 5.4 394 East GC5863 123 / 28 338.5 355.5 11.1 12.4 0.07 5.6 2.9 66 East GC5867 36 / -22 306.0 308.0 1.5 15.2 0.07 6.6 4.3 515 East GC5869 59 / -53 305.8 309.6 3.6 10.6 0.21 5.4 2.1 390 West GC5715 80 / 7 99.0 104.0 4.1 7.5 0.03 10.7 5.0 -176 West GC5715 80 / 7 117.0 118.0 0.8 13.5 0.05 6.5 2.9 -178 West GC5719 105 / 10 120.2 121.2 1.0 17.6 0.02 22.2 10.2 -167 West GC5719 105 / 10 130.0 133.5 3.1 26.1 0.00 0.0 0.0 -171 West GC5724 76 / 25 97.0 104.0 1.6 8.6 0.18 16.0 8.6 -136 West GC5725 128 / -61 0.0 1.0 1.0 7.5 0.01 22.4 14.4 -170 West GC5725 128 / -61 28.1 33.2 4.3 3.0 0.01 12.8 6.3 -211 West GC5725 128 / -61 36.7 41.4 4.2 45.9 0.26 7.9 3.3 -220 West GC5725 128 / -61 74.5 81.3 6.4 30.8 0.30 13.9 6.8 -271 West GC5726 210 / -39 19.0 22.7 3.6 10.5 0.02 22.3 12.5 -189 West GC5726 210 / -39 56.0 71.5 13.9 19.4 0.21 3.1 1.7 -230 West GC5729 235 / -22 95.4 106.0 4.5 13.4 0.19 13.0 5.9 -217 West GC5729 235 / -22 172.0 182.7 9.9 36.5 0.15 10.5 4.4 -255 West GC5729 235 / -22 232.7 254.0 19.0 7.4 0.14 10.1 1.5 -288 West GC5731 229 / 1 124.0 125.2 1.2 6.4 0.06 30.8 12.0 -148 West GC5731 229 / 1 144.7 176.0 31.2 55.2 0.16 16.5 8.9 -162 West GC5731 229 / 1 189.0 195.1 6.1 16.8 0.23 16.0 11.7 -165 West GC5731 229 / 1 213.8 244.9 31.0 7.6 0.17 23.3 7.2 -167 West GC5731 229 / 1 259.7 268.3 8.6 15.2 0.05 14.7 7.0 -173 West GC5731 229 / 1 273.0 285.9 12.9 8.1 0.01 18.5 7.7 -178 West GC5731 229 / 1 300.0 305.0 5.0 22.7 0.13 1.1 0.6 -176 West GC5733 63 / -63 1.0 5.6 4.3 19.0 0.05 22.9 11.7 -183 West GC5733 63 / -63 10.3 21.5 2.8 12.1 0.19 12.5 4.6 -197 West GC5733 63 / -63 75.0 82.3 5.5 11.7 0.20 3.6 1.4 -251 West GC5737 91 / -21 6.0 13.0 6.7 12.5 0.27 11.2 5.6 -146 West GC5737 91 / -21 24.3 25.3 0.7 15.5 0.08 17.1 5.6 -155 West GC5737 91 / -21 129.6 130.9 1.3 10.9 0.05 18.0 6.0 -235 West GC5739 108 / -41 13.5 16.1 2.4 11.4 0.12 12.4 3.7 -151 West GC5739 108 / -41 19.5 20.5 0.9 3.4 0.08 7.4 1.5 -156 West GC5739 108 / -41 89.2 92.2 2.5 0.9 0.01 15.1 5.2 -236 West GC5739 108 / -41 117.3 118.5 1.0 10.1 0.13 29.4 10.4 -266 West GC5740 154 / -52 0.0 3.5 3.3 5.9 0.05 9.2 5.7 -137 West GC5740 154 / -52 7.8 11.3 3.4 32.1 0.03 23.7 12.8 -147 West GC5740 154 / -52 16.1 20.0 3.5 13.0 0.13 18.2 5.4 -159 West GC5740 154 / -52 65.2 67.1 1.9 4.8 0.06 11.7 5.2 -221 West GC5740 154 / -52 82.0 83.0 1.0 32.6 0.45 6.3 2.4 -241 West GC5742 199 / -38 32.0 82.5 47.2 37.0 0.26 18.3 9.5 -198 West GC5742 199 / -38 101.5 113.5 11.0 6.3 0.06 8.1 3.5 -222 West GC5742 199 / -38 163.0 164.0 0.9 12.5 0.07 26.6 10.3 -254 West GC5746 82 / -2 19.0 22.2 3.1 60.5 0.09 10.0 4.7 -139 West GC5746 82 / -2 113.0 126.3 12.6 6.4 0.06 10.3 3.1 -172 9A GC5622 63 / 78 246.0 247.0 1.0 11.9 0.07 0.1 0.0 10 Gallagher Fault Block GC-5728 243 / -13 727.8 732.0 3.8 4.3 0.06 5.2 2.9 -1448 Gallagher Fault Block GC-5728 243 / -13 758.4 771.7 13.3 4.5 0.09 8.1 4.9 -1456 Casa Berardi, Quebec Zone Drillhole Number Drill Hole Azm/Dip Sample From (feet) Sample To (feet) Est. True Width (feet) Gold (oz/ton) Depth From Mine Surface (feet) 113 Zone CBW-1182 334 / 20 793.8 806.9 12.5 0.02 -2976 113 Zone CBW-1183 334 /-2 624.8 634.7 9.5 0.56 -3284 113 Zone Including 631.7 634.7 2.6 1.61 -3284 113 Zone CBW-1183 334 /-2 733.1 747.8 14.1 0.06 -3313 113 Zone Including 742.9 745.5 2.6 0.18 -3314 113 Zone CBW-1183 334 /-2 799.7 802.9 3.0 0.08 -3330 113 Zone CBW-1183 334 /-2 815.4 820.0 4.3 0.03 -3334 113 Zone CBW-1186 336 / 10 728.2 742.9 14.8 0.02 -3122 118 Zone CBP-1175 350 /-4 312.3 321.8 8.2 0.19 -3632 118 Zone Including 312.3 315.5 2.6 0.41 -3632 118 Zone CBP-1176 330/-13 317.5 324.7 5.9 0.10 -3677 118 Zone Including 317.5 321.1 3.0 0.21 -3676 118 Zone CBP-1179 309 / 4 909.2 922.7 8.2 0.20 -3585 118 Zone Including 909.2 912.8 1.3 0.67 -3585 118 Zone CBP-1180 354 /-55 280.8 290.6 6.2 0.02 -3829 118 Zone CBP-1182 354 / 4 272.9 282.7 7.9 0.03 -3062 118 Zone CBP-1186 56 /-50 323.1 335.5 8.2 0.05 -3325 118 Zone Including 327.3 329.3 1.3 0.31 -3325 118 Zone CBP-1187 46 /-20 275.5 286.7 10.5 0.06 -3169 118 Zone Including 278.8 283.7 4.6 0.13 -3169 119 Zone CBP-1162 179 /-11 788.2 801.3 12.1 0.00 -1080 119 Zone CBP-1163 180 /-1 704.2 713.4 4.9 0.02 -944 119 Zone CBP-1164 186 /-19 775.7 791.5 13.8 0.05 -1153 119 Zone Including 784.9 786.9 1.3 0.29 -1153 119 Zone CBP-1165 188 /28 694.4 709.1 12.8 0.00 -626 119 Zone CBP-1169 169 /-35 629.1 645.5 14.8 0.16 -1286 119 Zone Including 642.9 645.5 2.0 0.61 -1289 119 Zone CBP-1169 169 /-35 662.6 682.2 18.7 0.08 -1305 119 Zone CBP-1169 169 /-35 688.8 701.9 12.5 0.08 -1317 119 Zone Including 700.6 701.9 1.3 0.31 -1320 123 Zone CBP-1213 28 /-76 1538.6 1547.8 5.9 0.11 -4954 123 Zone Including 1543.2 1547.8 3.0 0.22 -4956 123 Zone CBP-1215 40 /-57 995.8 1018.4 21.0 0.17 -4268 123 Zone Including 995.8 999.1 2.6 0.26 -4261 123 Zone CBP-1216 74 /-83 2481.0 2495.8 8.2 0.02 -5891 148 Zone CBE-0248 341 /-29 1279.5 1299.2 16.7 0.05 -2180 148 Zone CBE-0249 351 /-28 1288.7 1306.8 16.1 0.05 -2147 148 Zone CBE-0250 351 /-39 1351.4 1363.8 9.8 0.03 -2326 148 Zone CBE-0251 351 /-55 1520.9 1550.5 19.7 0.04 -2713 148 Zone CBE-0251 351 /-55 2307.8 2316.3 6.2 0.06 -3273 148 Zone CBE-0253 7 /-40 1570.5 1581.3 8.2 0.04 -2490 148 Zone CBS-22-063 329 /-69 1599.0 1603.9 3.0 0.14 -1425 View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005426/en/
For further information, please contact: Anvita M. Patil Vice President, Investor Relations and Treasurer Cheryl Turner Communications Coordinator 800-HECLA91 (800-432-5291) Investor Relations Email: hmc-info@hecla-mining.com Website: www.hecla-mining.com