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 2023 Results By: Hecla Mining Company via Business Wire November 06, 2023 at 18:19 PM EST For The Period Ended: September 30, 2023 Hecla Mining Company (NYSE:HL) today announced third quarter 2023 operating and financial results. THIRD QUARTER HIGHLIGHTS Operational Produced 3.5 million ounces of silver and 11.4 million ounces year to date ("YTD"). Continued ramping up Keno Hill, producing 0.7 million ounces of silver. Casa Berardi began to transition to an open pit only operation, producing 24,259 ounces of gold, with total cost of sales of $56.8 million and an All-in Sustaining Cost ("AISC") per gold ounce of $1,695.4 Lucky Friday on track to resume operations at the beginning of 2024. Gold production guidance reiterated, with gold cash cost guidance lowered. Greens Creek silver production guidance increased, offset by lower anticipated production at Keno Hill; consolidated silver cost guidance affirmed. Financial Sales of $181.9 million, with 38% from silver and 36% from gold. Consolidated silver total cost of sales of $90.7 million and cash cost and AISC per silver ounce (each after by-product credits) of $3.31 and $11.39, respectively.3,4 Cash flow from operations of $10.2 million; $74.6 million YTD; with Greens Creek generating $36.1 million in cash flow from operations for the quarter and $122.7 million YTD. Greens Creek generated $28.3 million in free cash flow for the quarter, $101.7 million YTD.2 Net loss applicable to common stockholders of ($22.6) million or ($0.04) per share and adjusted net loss applicable to common stockholders of ($3.5) million or ($0.01) per share.5 Strategic Recognition of Hecla's innovation with the U.S. patent for the Underhand Closed Bench (UCB) mining method and the 2023 NIOSH Mine Safety and Health Technology Metals Sector Innovation Award. Completed the acquisition of ATAC Resources, adding a massive land package of over 700 square miles comprised of the Rackla and Connaught properties in the Yukon. All-Injury Frequency Rate of 1.34, 28% lower than the national average. "Greens Creek reported another strong quarter and has generated over $100 million in free cash flow for the first nine months, our plans for returning Lucky Friday to production in early 2024 are well underway, and we are pleased with the start of the transition to an open pit only operation at Casa Berardi," said Phillips S. Baker Jr., President and CEO. "While exploration drilling at Keno Hill has yielded encouraging results and we expect to increase our reserves and resources, the production ramp-up has been slowed due to key mine infrastructure projects that are just now being completed. However, more importantly, safety performance at Keno Hill has been below Hecla’s standards, and we are assessing our safety processes and mining practices to set the mine up for long term success." Baker continued, "Hecla is already the largest silver producer in the U.S. and will be Canada's largest when Keno Hill achieves full production. Hecla is the fastest-growing established silver producer, and we expect to produce up to 20 million ounces of silver by 2025. Because silver is a key component in solar power generation, which is the fastest growing source of renewable energy, Hecla will be a direct contributor to the energy transition." FINANCIAL OVERVIEW In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization. In Thousands unless stated otherwise 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 FINANCIAL AND PRODUCTION SUMMARY Sales $ 181,906 $ 178,131 $ 199,500 $ 194,825 $ 146,339 $ 559,537 $ 524,080 Total cost of sales $ 148,429 $ 140,472 $ 164,552 $ 169,807 $ 137,892 $ 453,453 $ 432,941 Gross profit $ 33,477 $ 37,659 $ 34,948 $ 25,018 $ 8,447 $ 106,084 $ 91,139 Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (3,311 ) $ (4,590 ) $ (23,664 ) $ (41,696 ) $ (33,310 ) Basic loss per common share (in dollars) $ (0.04 ) $ (0.03 ) $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.07 ) $ (0.06 ) Adjusted EBITDA1 $ 46,251 $ 67,740 $ 61,903 $ 62,261 $ 26,555 $ 175,894 $ 155,230 Total Debt $ 616,246 $ 551,841 Net Debt to Adjusted EBITDA1 2.2 1.9 Cash provided by operating activities $ 10,235 $ 23,777 $ 40,603 $ 36,120 $ (24,322 ) $ 74,615 $ 53,770 Capital Additions $ (55,354 ) $ (51,468 ) $ (54,443 ) $ (56,140 ) $ (37,430 ) $ (161,265 ) $ (93,237 ) Free Cash Flow2 $ (45,119 ) $ (27,691 ) $ (13,840 ) $ (20,020 ) $ (61,752 ) $ (86,650 ) $ (39,467 ) Silver ounces produced 3,533,704 3,832,559 4,040,969 3,663,433 3,549,392 11,407,232 10,525,917 Silver payable ounces sold 3,142,227 3,360,694 3,604,494 3,756,701 2,479,724 10,107,415 8,554,894 Gold ounces produced 39,269 35,251 39,571 43,634 44,747 114,091 132,173 Gold payable ounces sold 36,792 31,961 39,619 40,097 40,443 108,372 125,721 Cash Costs and AISC, each after by-product credits Silver cash costs per ounce 3 $ 3.31 $ 3.32 $ 2.14 $ 4.79 $ 3.43 $ 2.86 $ 1.11 Silver AISC per ounce 4 $ 11.39 $ 11.63 $ 8.96 $ 13.98 $ 12.93 $ 10.52 $ 9.49 Gold cash costs per ounce 3 $ 1,475 $ 1,658 $ 1,775 $ 1,696 $ 1,349 $ 1,635 $ 1,409 Gold AISC per ounce 4 $ 1,695 $ 2,147 $ 2,392 $ 2,075 $ 1,669 $ 2,075 $ 1,678 Realized Prices Silver, $/ounce $ 23.71 $ 23.67 $ 22.62 $ 22.03 $ 18.30 $ 23.28 $ 21.25 Gold, $/ounce $ 1,908 $ 1,969 $ 1,902 $ 1,757 $ 1,713 $ 1,921 $ 1,817 Lead, $/pound $ 1.07 $ 0.99 $ 1.02 $ 1.05 $ 0.95 $ 1.02 $ 0.98 Zinc, $/pound $ 1.52 $ 1.13 $ 1.39 $ 1.24 $ 1.23 $ 1.34 $ 1.47 Sales in the third quarter increased by 2% to $181.9 million from the second quarter of 2023 ("prior quarter") due to higher realized prices for silver, lead and zinc, and higher gold sales volumes, partially offset by lower realized gold prices and lower sales volumes of silver, lead, and zinc, reflecting the temporary suspension of production at Lucky Friday beginning in August due to a fire in the secondary escapeway and subsequent rehabilitation activities. Gross profit decreased to $33.5 million, a decrease of 11% over the prior quarter, primarily due to higher depreciation, depletion and amortization at Casa Berardi based on the expectation that underground mining will be completed by mid-2024. Net loss applicable to common stockholders for the quarter was ($22.6) million, an increase over the prior quarter primarily related to: Ramp-up and suspension costs increased by $4.7 million, reflecting the impact of the Lucky Friday suspension, and the ramp-up of Keno Hill, partially offset by Casa Berardi resuming production following a 21-day suspension in June due to the Quebec wildfires. Exploration and pre-development expenditures increased by $6.8 million due to increased activity during the summer season. Other operating expense of $1.6 million, compared to other operating income of $4.3 million, which included the receipt of $5.9 million from an insurance settlement in the prior quarter. Fair value adjustments increased the net loss by $3.8 million due to unrealized losses on our derivative contracts not designated as accounting hedges for $5.2 million, partially offset by unrealized gains on our marketable equity securities portfolio of $1.4 million. The above items were partly offset by: A foreign exchange gain of $4.2 million, compared to a loss of $3.9 million, reflecting the impact of the U.S. dollar appreciation on Canadian dollar denominated monetary assets and liabilities. An income and mining tax benefit of $1.5 million compared to an expense of $5.2 million based on taxable losses in Canada. Consolidated silver total cost of sales in the third quarter decreased by 6% to $90.7 million from the prior quarter, primarily due to lower concentrate tons sold from Lucky Friday. Cash costs and AISC per silver ounce, each after by-product credits, were $3.31 and $11.39, respectively which only include costs of Greens Creek for August and September.3,4 Consolidated cash costs per ounce were unchanged from the prior quarter as Greens Creek cash costs per ounce were higher due to lower gold by-product credits (attributable to lower production and realized prices), which were offset by lower costs at Lucky Friday due to suspension of operations. Consolidated AISC per silver ounce after by-product credits was further impacted by higher planned sustaining capital spending.3,4 Consolidated gold total cost of sales increased by 32% to $57.8 million in the third quarter due to two factors. In the prior quarter, Casa Berardi operations were suspended due to the Quebec wildfires. In this quarter, depreciation, depletion and amortization expense is accelerated, reflecting the anticipation of underground mining being completed in mid-2024. Cash costs and AISC per gold ounce, each after by-product credits, were $1,475 and $1,695, respectively.3,4 The decrease in cash costs per ounce was attributable to higher gold production at Casa Berardi, with AISC also impacted by lower sustaining capital spend. Adjusted EBITDA for the third quarter decreased to $46.3 million compared to $67.7 million in the prior quarter due to suspension of operations at Lucky Friday and higher exploration and pre-development expenses. The prior quarter was favorably impacted by the monetization of zinc hedges, which realized gross proceeds of $7.6 million. Cash and cash equivalents at the end of the third quarter were $100.7 million and included $80 million drawn on the revolving credit facility. In the third quarter, the ratio of net debt to Adjusted EBITDA increased over the prior quarter from 2.1 to 2.2. With the ongoing ramp-up at Keno Hill, and Lucky Friday operations expected to be suspended for the remainder of 2023, the Company expects the net debt to Adjusted EBITDA ratio to remain above the Company's target of 2.0 for the remainder of 2023.1 Cash provided by operating activities was $10.2 million and decreased by $13.5 million over the prior quarter, primarily due to the suspension of production at Lucky Friday. Capital expenditures, net of finance leases, were $55.4 million in the third quarter, compared to $51.5 million in the prior quarter. Capital spend at Casa Berardi was $16.2 million, primarily for tailings construction activities and mobile equipment purchases for the open pit operations. The increase in Greens Creek's capital spend was related to the timing of equipment purchases and surface projects, with the increase in Lucky Friday's capital spend also impacted by the timing of equipment purchases, the service hoist and coarse ore bunker projects, and the rehabilitation and mitigation work related to the #2 shaft. Keno Hill capital spend was $11.5 million and increased over the prior quarter due to increased spend on mine infrastructure projects, mobile equipment purchases, and modifications related to the secondary crusher as the mine continues to ramp-up. Free cash flow for the quarter was negative $45.1 million, compared to negative $27.7 million in the prior quarter. The decrease in free cash flow was attributable to the Lucky Friday suspension and higher capital spend.2 Forward Sales Contracts for Base Metals and Foreign Currency The Company uses financially settled forward sales contracts to manage exposures to zinc and lead price changes in forecasted concentrate shipments. On September 30, 2023, the Company had contracts covering approximately 42% of the forecasted payable lead production from 2023 - 2025 at an average price of $0.98 per pound. The Company also manages Canadian dollar ("CAD") exposure through forward contracts. On September 30, 2023, the Company had hedged approximately 61% of forecasted Casa Berardi and Keno Hill CAD denominated direct production costs through 2026 at an average CAD/USD rate of 1.36. The Company has also hedged approximately 28% of Casa Berardi and Keno Hill CAD denominated total capital expenditures through 2026 at 1.35. OPERATIONS OVERVIEW Greens Creek Mine - Alaska Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 GREENS CREEK Tons of ore processed 228,978 232,465 233,167 230,225 229,975 694,610 651,220 Total production cost per ton $ 200.30 $ 194.94 $ 198.60 $ 211.29 $ 185.34 $ 197.94 $ 191.58 Ore grade milled - Silver (oz./ton) 13.1 12.8 14.4 13.1 13.6 13.4 13.8 Ore grade milled - Gold (oz./ton) 0.09 0.10 0.08 0.08 0.07 0.09 0.07 Ore grade milled - Lead (%) 2.5 2.5 2.6 2.6 2.4 2.6 2.7 Ore grade milled - Zinc (%) 6.5 6.5 6.0 6.7 6.3 6.3 6.7 Silver produced (oz.) 2,343,192 2,355,674 2,772,859 2,433,275 2,468,280 7,471,725 7,308,660 Gold produced (oz.) 15,010 16,351 14,884 12,989 11,412 46,245 35,227 Lead produced (tons) 4,740 4,726 5,202 4,985 4,428 14,668 14,495 Zinc produced (tons) 13,224 13,255 12,482 13,842 12,580 38,961 38,470 Sales $ 96,459 $ 95,891 $ 98,611 $ 95,374 $ 60,875 $ 290,961 $ 239,688 Total cost of sales $ (60,322 ) $ (63,054 ) $ (66,288 ) $ (70,075 ) $ (52,502 ) $ (189,664 ) $ (162,644 ) Gross profit $ 36,137 $ 32,837 $ 32,323 $ 25,299 $ 8,373 $ 101,297 $ 77,044 Cash flow from operations $ 36,101 $ 43,302 $ 43,346 $ 44,769 $ 7,749 $ 122,749 $ 105,852 Exploration $ 4,283 $ 1,760 $ 448 $ 1,050 $ 3,776 $ 6,491 $ 4,870 Capital additions $ (12,060 ) $ (8,828 ) $ (6,658 ) $ (12,150 ) $ (6,988 ) $ (27,546 ) $ (24,748 ) Free cash flow 2 $ 28,324 $ 36,234 $ 37,136 $ 33,669 $ 4,537 $ 101,694 $ 85,974 Cash cost per ounce, after by-product credits 3 $ 3.04 $ 1.33 $ 1.16 $ 4.26 $ 2.65 $ 1.81 $ (0.49 ) AISC per ounce, after by-product credits 4 $ 8.18 $ 5.34 $ 3.82 $ 8.61 $ 7.07 $ 5.67 $ 4.02 Greens Creek produced 2.3 million ounces of silver in the third quarter, same as the prior quarter. Gold production decreased by 8% to 15,010 ounces due to lower grades; zinc and lead production was consistent with the prior quarter. Sales in the third quarter were $96.5 million, in line with the prior quarter as higher realized prices for lead (realized silver price was unchanged) were offset by lower sales volumes of all metals except zinc. Total cost of sales were $60.3 million, a decrease of 4% over the prior quarter primarily due to lower sales volumes. Cash costs and AISC per silver ounce, each after by-product credits, were $3.04 and $8.18 and increased over the prior quarter due to lower gold by-product credits and slightly higher production costs as higher maintenance and contractor costs were partially offset by lower fuel costs. Increased AISC per silver ounce after by-product credits was attributable to higher sustaining capital spend of $11.3 million ($8.7 million in prior quarter) due to timing of equipment purchases and surface projects.3,4 Cash flow from operations was $36.1 million, a decrease of $7.2 million due to unfavorable working capital changes in the current quarter. Capital spend was $12.1 million during the quarter, an increase of $3.2 million over the prior quarter due to the timing of equipment purchases and seasonal construction projects. Free cash flow for the quarter was $28.3 million, a decrease over the prior quarter due to higher exploration and planned capital spend. Greens Creek has generated $101.7 million in free cash flow for the first nine months of the year.2 The Company is increasing silver production guidance for the mine to 9.8 – 10 million ounces. Cash cost and AISC per ounce (each after by-product credits) guidance for the mine is also increased due to lower than expected zinc and gold production attributable to lower grades due to mine sequencing in the second half of the year. Further details related to guidance are discussed in the Guidance section of the release. Lucky Friday Mine - Idaho Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 LUCKY FRIDAY Tons of ore processed 36,619 94,043 95,303 90,935 90,749 225,965 265,971 Total production cost per ton $ 191.81 $ 248.65 $ 210.72 $ 232.73 $ 207.10 $ 223.44 $ 220.41 Ore grade milled - Silver (oz./ton) 13.6 14.3 13.8 14.0 12.5 14.0 12.7 Ore grade milled - Lead (%) 8.6 9.1 8.8 9.1 8.5 8.9 8.5 Ore grade milled - Zinc (%) 3.5 4.2 4.1 4.1 4.2 4.1 3.9 Silver produced (oz.) 475,414 1,286,666 1,262,464 1,224,199 1,074,230 3,024,544 3,188,565 Lead produced (tons) 2,957 8,180 8,034 7,934 7,172 19,171 21,299 Zinc produced (tons) 1,159 3,338 3,313 3,335 3,279 7,810 9,101 Sales $ 21,409 $ 42,648 $ 49,110 $ 45,434 $ 28,460 $ 113,167 $ 102,380 Total cost of sales $ (14,344 ) $ (32,190 ) $ (34,534 ) $ (32,819 ) $ (24,166 ) $ (81,068 ) $ (83,779 ) Gross profit $ 7,065 $ 10,458 $ 14,576 $ 12,615 $ 4,294 $ 32,099 $ 18,601 Cash flow from operations $ 515 $ 18,893 $ 46,132 $ (7,437 ) $ 11,624 $ 65,540 $ 45,250 Capital additions $ (15,494 ) $ (16,317 ) $ (14,707 ) $ (13,714 ) $ (16,125 ) $ (46,518 ) $ (37,278 ) Free cash flow 2 $ (14,979 ) $ 2,576 $ 31,425 $ (21,151 ) $ (4,501 ) $ 19,022 $ 7,972 Cash cost per ounce, after by-product credits 3 $ 4.74 $ 6.96 $ 4.30 $ 5.82 $ 5.23 $ 5.51 $ 4.77 AISC per ounce, after by-product credits 4 $ 10.63 $ 14.24 $ 10.69 $ 12.88 $ 15.98 $ 12.21 $ 12.86 Lucky Friday produced 0.5 million ounces of silver during the quarter before production was suspended in August. Sales for the quarter were $21.4 million, and the mine generated $0.5 million in cash flow from operations prior to suspension. Costs of $12.0 million were incurred during the remainder of the quarter and are included in ramp-up and suspension costs on the consolidated statement of operations. Capital expenditures for the quarter were $15.5 million, major projects were the coarse ore bunker, which allows a stockpile of ore to be stored on surface, mobile equipment purchases, the service hoist project, and rehabilitation of the secondary escapeway (#2 shaft). The service hoist and the coarse ore bunker projects are complete. In August, the Company reported a fire in the secondary escapeway (#2 shaft), which is also used as an exhaust ventilation airway for the mine. The fire was extinguished but damaged the bottom of the shaft. Mitigation plans to bring the mine back into production include developing a new secondary escapeway ramp of 1,600 feet and a 290-foot vertical ladderway to bypass the damaged portion of the secondary escapeway. A vent bypass raise of 850 feet will also be developed to replace the lost ventilation. Capital spend on mitigation plans is expected to be $8-$12 million in the fourth quarter. As of the date of the release, 35% of ramp development and 10% of the escapeway raise was complete. The Company is increasing the capital guidance for the mine to reflect the mitigation plans, details are discussed in the Guidance section below. Lucky Friday production is suspended for the remainder of 2023 while the new secondary escapeway is completed but the suspension is not expected to materially impact 2024 production. The Company has property and business interruption insurance coverage with an underground sublimit of $50 million. Casa Berardi - Quebec Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 CASA BERARDI Tons of ore processed - underground 112,544 94,124 110,245 160,150 162,215 316,913 500,400 Tons of ore processed - open pit 231,075 224,580 318,909 250,883 227,726 774,564 677,309 Tons of ore processed - total 343,619 318,704 429,154 411,033 389,941 1,091,477 1,177,709 Open pit tons mined - ore and waste 3,574,391 2,461,196 2,136,993 2,657,638 2,822,906 8,172,580 6,864,657 Total production cost per ton $ 103.75 $ 97.69 $ 107.95 $ 125.75 $ 114.52 $ 103.63 $ 115.15 Ore grade milled - Gold (oz./ton) - underground 0.13 0.14 0.13 0.15 0.15 0.13 0.17 Ore grade milled - Gold (oz./ton) - open pit 0.06 0.04 0.05 0.05 0.06 0.05 0.06 Ore grade milled - Gold (oz./ton) - combined 0.08 0.07 0.07 0.09 0.10 0.07 0.09 Gold produced (oz.) - underground 12,416 10,226 11,788 20,365 22,181 34,430 64,421 Gold produced (oz.) - open pit 11,843 8,675 12,898 10,344 11,154 33,416 32,460 Gold produced (oz.) - total 24,259 18,901 24,686 30,709 33,335 67,846 96,881 Silver produced (oz.) - total 5,084 5,956 5,645 5,960 6,882 16,685 22,329 Sales $ 46,912 $ 36,946 $ 50,998 $ 53,458 $ 56,939 $ 134,856 $ 181,679 Total cost of sales $ (56,822 ) $ (42,576 ) $ (62,998 ) $ (65,328 ) $ (59,532 ) $ (162,396 ) $ (183,570 ) Gross (loss) profit $ (9,910 ) $ (5,630 ) $ (12,000 ) $ (11,870 ) $ (2,593 ) $ (27,540 ) $ (1,891 ) Cash flow from operations $ 7,877 $ (8,148 ) $ (684 ) $ 10,188 $ 8,721 $ (955 ) $ 24,227 Exploration $ 1,482 $ 1,107 $ 1,054 $ 1,637 $ 2,624 $ 3,643 $ 6,600 Capital additions $ (16,225 ) $ (20,816 ) $ (17,086 ) $ (12,995 ) $ (10,771 ) $ (54,127 ) $ (26,672 ) Free cash flow 2 $ (6,866 ) $ (27,857 ) $ (16,716 ) $ (1,170 ) $ 574 $ (51,439 ) $ 4,155 Cash cost per ounce, after by-product credits 3 $ 1,475 $ 1,658 $ 1,775 $ 1,696 $ 1,349 $ 1,635 $ 1,409 AISC per ounce, after by-product credits 4 $ 1,695 $ 2,147 $ 2,392 $ 2,075 $ 1,669 $ 2,075 $ 1,678 Casa Berardi produced 24,259 ounces of gold in the third quarter, an increase of 28% over the prior quarter. The increase was due to the prior quarter being negatively impacted by the wildfire-related road closures. The mill operated at an average of 3,735 tpd during the third quarter compared to 4,600 tpd during the first two months of the prior quarter. The lower throughput in the third quarter is primarily attributable to planned mill maintenance shutdowns. Open pit tons moved during the quarter set a record as the first phase of the in-house equipment fleet was commissioned. Sales were $46.9 million, a 27% increase over the prior quarter due to higher production. Cost of sales were $56.8 million, 33% higher compared to the prior quarter, attributable to higher production, and an increase in non-cash depreciation, depletion and amortization expense due to amortizing the underground mine assets over a shorter useful life. Cash costs and AISC per gold ounce, each after by-product credits, were $1,475 and $1,695 respectively and decreased over the prior quarter as higher production offset the higher production costs for a full quarter. AISC was further favorably impacted by planned lower sustaining capital spend. 3,4 Cash flow from operations was $7.9 million, an increase of $16.0 million over the prior quarter due to higher sales volumes and lower per unit costs. Capital spend for the quarter was $16.2 million with $5.1 million and $11.1 million in sustaining and non-sustaining capital spend, respectively. Non-sustaining capital was primarily related to certain construction costs for tailings facilities. Free cash flow for the quarter was negative $6.9 million and improved compared to negative free cash flow in the prior quarter of $27.9 million due to higher cash flow from operations and lower capital spending.2 The Company is lowering the cash cost per ounce guidance for Casa Berardi to reflect the capitalization of certain costs related to the construction of tailings facilities. Further details related to guidance are discussed in the Guidance section of the release. Keno Hill - Yukon Territory Keno Hill continued ramping up production in the third quarter, producing 710,012 ounces of silver. Throughput in the quarter averaged 268 tpd with silver grades of 33 ounces per ton. Tonnage mined was constrained by delays in infrastructure construction which has impacted development rates. Key underground infrastructure projects include the shotcrete plant, which is now complete, and the cemented rockfill plant, which is expected to be completed at the end of November. With the delay in major construction projects, camp facilities at the mine were constrained, which was also a factor in the slower ramp-up of the mine. Modifications to the secondary crushing circuit are substantially complete, and commissioning is underway. The changes are expected to increase crusher availability and efficiency. Capital spend during the quarter was $11.5 million for underground and surface infrastructure, mine development and equipment purchases. All-Injury Frequency Rate at the mine trended higher during the quarter and was higher than the Company's standards. An assessment is being made to determine steps necessary to improve safety procedures and evaluate current mining practices, so production guidance is reduced to 1.6-1.8 million ounces of silver. Further details related to guidance are discussed in the Guidance section. EXPLORATION AND PRE-DEVELOPMENT Exploration and pre-development expenses totaled $13.7 million for the third quarter of 2023 and $25.5 million YTD. Exploration activities during the quarter primarily focused on surface and underground exploration drilling at Greens Creek, Keno Hill, Casa Berardi, and Aurora. Keno Hill, Yukon Territory At Keno Hill, the underground definition and surface exploration drilling programs are focused on extending mineralization, resource conversion in the high-grade Bermingham Bear Zone Veins (Bear, Footwall, and Main Vein Zones), and defining new mineral resources. During the third quarter, two underground drills completed over 13,000 feet of definition and geotechnical drilling, and two surface core drills completed over 23,000 feet of exploration drilling targeting the Bermingham, Bermingham Townsite, Hector-Calumet Chance, and Coral Wigwam target areas. Bermingham underground definition and exploration drilling on the Bear Zone is extending mineralization to the northeast outside of the current reserve shapes and down-dip on the three mineralized veins reserve shapes. The northeast drilling is expanding high-grade silver mineralization with the discovery of a new high-grade mineralized shoot outside of the current planned stopes which is also open at depth along plunge. Downdip drilling continues to confirm wide and high-grade silver mineralization within the planned stopes and outside of the planned stopes in the area between the veins where strong stockwork mineralization occurs near their intersection. Assay highlights include (reported widths are estimates of true width): Bear Vein: 162.8 oz/ton silver, 6.8% lead, and 0.6% zinc over 6.7 feet Bear Vein: 59.4 oz/ton silver, 2.4% lead, and 1.2% zinc over 17.2 feet Includes: 279.8 oz/ton silver, 10.4% lead, and 3.3% zinc over 3.4 feet Bear Vein: 29.2 oz/ton silver, 1.5% lead, and 1.2% zinc over 10.9 feet Footwall Vein: 36.1 oz/ton silver, 2.3% lead, and 1.9% zinc over 36.0 feet Includes: 107.0 oz/ton silver, 7.2% lead, and 1.1% zinc over 9.7 feet Footwall Vein: 56.2 oz/ton silver, 4.1% lead, and 3.3% zinc over 17.2 feet Includes: 111.1 oz/ton silver, 4.1% lead, and 8.7% zinc over 5.5 feet Footwall Vein: 74.8 oz/ton silver, 8.8% lead, and 11.2% zinc over 7.6 feet Includes: 107.6 oz/ton silver, 12.7% lead, and 8.9% zinc over 5.3 feet Main Vein: 23.8 oz/ton silver, 2.1% lead, and 0.7% zinc over 7.2 feet High-grade silver mineralization has been intersected in both the steep and shallow plunging targets of the Bermingham Townsite Zones and is open for expansion and continues to confirm the exploration potential within the district. Assay highlights include (reported widths are estimates of true width): Townsite Shallow Plunge: 29.8 oz/ton silver, 1.0% lead, and 5.3% zinc over 4.6 feet Townsite Steep Plunge: 41.2 oz/ton silver, 7.0% lead, and 2.6% zinc over 6.1 feet Townsite Steep Plunge: 100.4 oz/ton silver, 22.8% lead, and 1.3% zinc over 3.6 feet An initial core-hole testing for continuity of the Deep Bermingham vein system intersected mineralized veining 1,050 feet below the existing resource (assays pending). In addition, the favorable Basal Quartzite host stratigraphy was shown to extend a minimum of 350 feet below this where the hole was ended, or 2,850 feet below surface and indicates that significant potential for expansion exists below the current Bermingham resource. Greens Creek, Alaska At Greens Creek, drilling has expanded mineralization both from surface and underground. Four underground drills completed over 43,000 feet of drilling in 109 holes focused on resource conversion and exploration that extends mineralization of known resources. Additionally, two helicopter supported drills completed over 11,900 feet of drilling in 21 holes which extended Upper Plate and East ore zones. Underground drilling completed three drillholes in the 5250 zone to extend mineralization in the upper portion of zone spanning 150 feet of strike length. Only one hole has assay results which shows two zones of ore grade mineralization that should expand mineralization. The other two drillholes intersected very thick sequences of mineralized white ore and massive sulfide ore lithologies above the modeled resource and, though assays are pending, these drillholes should expand mineralization in the zone. Highlights from the one hole include: 20.9 oz/ton silver, 0.08 oz/ton gold, 8.2% zinc, and 2.1% lead over 19.0 feet 11.5 oz/ton silver, 0.10 oz/ton gold, 20.4% zinc, and 6.1% lead over 19.6 feet Surface exploration drilling targeted gaps and margins in the upper part of the East Zone resource in addition to initial follow up drilling on historic drill intercepts. Drilling occurred over a strike length of 1,650 feet and assay results received to date indicate expansion of mineralization in those areas drilled. Highlights from this drilling include: 13.4 oz/ton silver, 0.63 oz/ton gold, 29.6% zinc, and 7.5% lead over 18.5 feet 7.5 oz/ton silver, 0.24 oz/ton gold, 22.3% zinc, and 4.9% lead over 39.9 feet Underground drilling targeted the northern, central, and eastern portion of the Upper Plate zone, targeting mineralization for upgrading and expanding resources over 900 feet of strike length. Surface exploration drilling targeted the western extensions of the Upper Plate resource along strike, the northern extensions up-dip, and the southern extensions down-dip of the current resource. Initial drilling results to date indicate that drilling is upgrading and expanding mineralization in the Upper Plate Zone. Highlights from this drilling include: 51.0 oz/ton silver, 0.03 oz/ton gold, 4.2% zinc and 2.0% lead over 7.4 feet 9.9 oz/ton silver, 0.03 oz/ton gold, 7.8% zinc and 2.4% lead over 23.1 feet 10.5 oz/ton silver, 0.02 oz/ton gold, 4.9% zinc and 2.3% lead over 24.5 feet Detailed complete drill assay highlights can be found in Table A at the end of the release. DIVIDENDS Common Stock The Board of Directors declared a quarterly cash dividend of $0.00625 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.0025 per share for the silver-linked component. The common stock dividend is payable on or about December 7, 2023, to stockholders of record on November 24, 2023. The third quarter realized silver price was $23.71 per ounce, satisfying the criterion for the Company’s common stock silver-linked dividend policy component. Preferred Stock The Board of Directors declared a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 2, 2024, to stockholders of record on December 15, 2023. 2023 GUIDANCE 6 The Company has revised its annual silver production and cost guidance as below. There is no change to gold production guidance. Silver production for Greens Creek is increased to reflect the higher YTD silver production at the mine. Keno Hill silver production guidance is lowered to incorporate the delays to mine infrastructure and initiatives to improve mine safety. Consolidated silver production guidance also reflects the suspension of operations at the Lucky Friday mine for the remainder of the year. Three-year silver and gold production outlook remains unchanged. 2023 Production Outlook Guidance and Three Year Outlook Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz) Gold Equivalent (Koz) Previous Current Current Previous Current Previous Current 2023 Greens Creek * 9.0 - 9.5 9.8 - 10.0 55 - 65 21.5 - 22.5 22.0 - 23.0 255 - 270 265 - 277 2023 Lucky Friday * 3.0 3.0 N/A 5.5 5.5 65 65 2023 Casa Berardi N/A N/A 85 - 95 7.0 - 8.0 7.0 - 8.0 85 - 95 85 - 95 2023 Keno Hill* 2.5 - 3.0 1.6 - 1.8 N/A 2.5 - 3.0 1.5 - 2.0 35 - 40 23 - 26 2023 Total 14.5 - 15.5 14.4 - 14.8 140 - 160 36.5 - 39.0 36.0 - 38.5 440 - 470 438 - 463 2024 Total 17.5 - 18.5 17.5 - 18.5 105 - 125 38.5 - 41.5 38.5 - 41.5 465 - 505 465 - 505 2025 Total 18.5 - 20.0 18.5 - 20.0 100 - 115 38.0 - 41.0 38.0 - 41.0 460 - 495 460 - 495 * Equivalent ounces include Lead and Zinc production 2023 Cost Guidance At Greens Creek, guidance for cash costs and AISC, per silver ounce (net of by-products) has increased primarily to reflect lower zinc and gold production compared to planned production in the second half of the year with the decrease primarily attributable to lower than expected grades due to mine sequencing. With the suspension of operations at Lucky Friday for the remainder of the year, cash costs and AISC, per silver ounce (net of by-product credits) reflect the actual costs incurred for the first seven months of the year. At Casa Berardi, decrease in cash costs per gold ounce, after by-product credits, guidance is primarily due to the capitalization of construction costs related to tailings facilities. Costs of Sales (million) Cash cost, after by-product credits, per silver/gold ounce3 AISC, after by-product credits, per produced silver/gold ounce4 Previous Current Previous Current Previous Current Greens Creek 245 250 $0.00 - $0.50 $1.00 - $1.25 $5.25 - $5.75 $5.75 - $6.25 Lucky Friday 131 80 $5.51 $5.51 $12.21 $12.21 Keno Hill 40 34 $11.00 - $13.50 $12.75 - $15.75 $12.25 - $14.75 $13.50 - $16.75 Total Silver 416 364 $3.00 - $4.00 $3.00 - $4.00 $10.25 - $11.50 $10.25 - $11.50 Casa Berardi 215 215 $1,750 - $1,950 $1,600 - $1,800 $2,000 - $2,250 $2,000 - $2,250 2023 Capital, Exploration, Ramp-up, and Suspension Costs Guidance Consolidated capital and exploration guidance is unchanged. The table below includes suspension cost guidance for Lucky Friday. (millions) Previous Current Sustaining Growth Capital expenditures $225 - $235 $225 - $235 $114 - $119 $111 - $116 Greens Creek $47 - $50 $47 - $50 $43 - $45 $4 - $5 Lucky Friday $59 - $62 $59 - $62 $34 - $36 $25 - $26 Casa Berardi $72 - $74 $72 - $74 $36 - $37 $36 - $37 Keno Hill $47 - $49 $47 - $49 $0.5 - $1 $46.5 - $48 Keno Hill Ramp Up Costs $13 $18 Lucky Friday Suspension Costs -- $25 Exploration and Pre-development $32.5 $32.5 CONFERENCE CALL AND WEBCAST A conference call and webcast will be held on Tuesday, November 7, at 10:00 a.m. Eastern Time to discuss these results. We recommend that you dial in at least 10 minutes before the call commencement. 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 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/780742330 or www.hecla.com under Investors. VIRTUAL INVESTOR EVENT Hecla will be holding a Virtual Investor Event on Tuesday, November 7, from 12:00 p.m. to 2:00 p.m. Eastern Time. Hecla invites shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management to discuss Financial, Exploration, Operations, ESG 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.com or 208-769-4100. One-on-One meeting URL: https://calendly.com/2023-nov-vie ABOUT HECLA Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. NOTES Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release. (1) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income (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. (2) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital additions. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Casa Berardi operating segments excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance. Capital expenditures refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases. (3) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of total cost of sales, can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines - to compare performance with that of other silver mining companies, 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. (4) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits. Prior year presentation has been adjusted to conform with current year presentation. (5) Adjusted 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) applicable to common stockholders is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) applicable to common stockholders 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) applicable to common stockholders per common share provides investors with the ability to better evaluate our underlying operating performance. Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Other (6) Expectations for 2023 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi converted using Au $1,800/oz, Ag $22/oz, Zn $1.15/lb, and Pb 0.90$/lb, for equivalent ounce calculations and Au $1,950/oz, Ag $24.50/oz, Zn $1.10/lb, and Pb 1.00$/lb, for by-product credit calculations. Numbers are rounded. Cautionary Statement Regarding Forward Looking Statements, Including 2023 Outlook This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as “may”, “will”, “should”, “expects”, “intends”, “projects”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements may include, without limitation: (i) Lucky Friday will resume operations by the beginning of 2024; (ii) Ongoing mitigation plans at Lucky Friday will be completed as planned and will cost $8-$12 million, and are not expected to impact 2024 production; (iii) the Company's property insurance policy is expected to cover the majority of expenses (net of deductibles) related to property damage and business interruption at the Lucky Friday; (iv) Greens Creek will achieve throughput of 2,600 tpd by the fourth quarter; (v) Keno Hill's cemented rockfill plant will be completed by end of November; (vi) Modifications to secondary crushing unit at Keno Hill will increase crusher availability and efficiency; (vii) Exploration drilling at Keno Hill will increase reserves and resources at the mine; (viii) Underground mining at Casa Berardi will be completed by mid-2024; (ix) the Company will achieve silver production of 20 million ounces by 2025; (ix) the Company will be Canada's largest silver producer once Keno Hill achieves full production, and will play a pivotal role in producing renewable energy; (x) Net debt to Adjusted EBITDA ratio will remain above the Company's target of 2.00 for the remainder of 2023; and (xi) mine-specific and Company-wide 2023 estimates of future production (and for 2024 and 2025), sales and total cost 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 2023. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to Company plans for 2023 and beyond due to COVID-19 or any other public health issue, including, but not limited to with respect to availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include, but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; (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) we take a material impairment charge on any of our assets; and (xi) inflation causes our costs to rise more than we currently expect. For a more detailed discussion of such risks and other factors, see the Company’s (i) 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 17, 2023. 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 presentation, 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 2022 Annual Report on Form 10-K 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 Loss (dollars and shares in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2023 September 30, 2022 Sales $ 181,906 $ 178,131 $ 559,537 $ 524,080 Cost of sales and other direct production costs 112,212 107,754 345,516 326,579 Depreciation, depletion and amortization 36,217 32,718 107,937 106,362 Total cost of sales 148,429 140,472 453,453 432,941 Gross profit 33,477 37,659 106,084 91,139 Other operating expenses: General and administrative 7,596 10,783 30,449 28,989 Exploration and pre-development 13,686 6,893 25,546 39,136 Ramp-up and suspension costs 21,025 16,323 48,684 16,539 Provision for closed operations and environmental matters 2,256 3,111 6,411 4,154 Other operating expense (income) 1,555 (4,262 ) (2,729 ) 5,310 46,118 32,848 108,361 94,128 (Loss) income from operations (12,641 ) 4,811 (2,277 ) (2,989 ) Other (expense) income: Interest expense (10,710 ) (10,311 ) (31,186 ) (31,785 ) Fair value adjustments, net (6,397 ) (2,558 ) (5,774 ) (14,703 ) Foreign exchange gain (loss) 4,176 (3,850 ) 434 8,111 Other income 1,657 1,376 4,425 4,828 (11,274 ) (15,343 ) (32,101 ) (33,549 ) Loss before income and mining taxes (23,915 ) (10,532 ) (34,378 ) (36,538 ) Income and mining tax benefit (expense) 1,500 (5,162 ) (6,904 ) 3,642 Net loss (22,415 ) (15,694 ) (41,282 ) (32,896 ) Preferred stock dividends (138 ) (138 ) (414 ) (414 ) Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (41,696 ) $ (33,310 ) Basic and diluted loss per common share after preferred dividends (in cents) $ (0.04 ) $ (0.03 ) $ (0.07 ) $ (0.06 ) Weighted average number of common shares outstanding basic 607,896 604,088 604,028 544,000 Weighted average number of common shares outstanding diluted 607,896 604,088 604,028 544,000 HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2023 September 30, 2022 OPERATING ACTIVITIES Net loss $ (22,415 ) $ (15,694 ) $ (41,282 ) $ (32,896 ) Non-cash elements included in net income (loss): Depreciation, depletion and amortization 37,095 34,718 111,705 106,743 Inventory adjustments 8,814 2,997 16,332 2,159 Fair value adjustments, net 6,397 2,558 5,774 3,486 Provision for reclamation and closure costs 2,477 3,634 7,805 4,789 Stock compensation 2,434 1,498 5,122 4,298 Deferred income taxes (3,790 ) 4,027 795 (17,828 ) Foreign exchange (gain) loss (4,241 ) 6,025 (434 ) (8,353 ) Other non-cash items, net 50 1,388 1,624 2,454 Change in assets and liabilities: Accounts receivable (3,544 ) 13,087 25,020 34,788 Inventories (6,218 ) (8,882 ) (24,339 ) (19,472 ) Other current and non-current assets 18 (5,207 ) (15,045 ) (3,420 ) Accounts payable, accrued and other current liabilities (2,532 ) 9,447 (2,389 ) (21,708 ) Accrued payroll and related benefits (1,701 ) (14,248 ) (11,244 ) 1,679 Accrued taxes (923 ) (2,311 ) (1,008 ) (2,652 ) Accrued reclamation and closure costs and other non-current liabilities (1,686 ) (9,260 ) (3,821 ) (297 ) Cash provided by operating activities 10,235 23,777 74,615 53,770 INVESTING ACTIVITIES Additions to properties, plants, equipment and mineral interests (55,354 ) (51,468 ) (161,265 ) (93,237 ) Proceeds from sale or exchange of investments — — — 9,375 Proceeds from disposition of properties, plants, equipment and mineral interests 80 80 160 748 Purchases of investments (1,753 ) — (1,753 ) (30,540 ) Acquisition, net — — — 8,952 Pre-acquisition advance to Alexco — — — (25,000 ) Changes in restricted cash and investment balances — — — 2,011 Net cash used in investing activities (57,027 ) (51,388 ) (162,858 ) (127,691 ) FINANCING ACTIVITIES Proceeds from issuance of stock, net of related costs — 14,003 25,888 4,542 Acquisition of treasury shares — (1,554 ) (2,036 ) (3,677 ) Borrowing of debt 63,000 43,000 119,000 25,000 Repayment of debt (14,000 ) (12,000 ) (39,000 ) — Dividends paid to common and preferred stockholders (3,947 ) (3,917 ) (11,755 ) (10,549 ) Credit facility feed paid — 0 — (517 ) Repayments of finance leases (3,225 ) (2,301 ) (7,990 ) (5,222 ) Net cash provided by (used in) financing activities 41,828 37,231 84,107 9,577 Effect of exchange rates on cash (1,140 ) 1,046 77 (804 ) Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (6,104 ) 10,666 (4,059 ) (65,148 ) Cash, cash equivalents and restricted cash at beginning of period 107,952 97,286 105,907 211,063 Cash, cash equivalents and restricted cash at end of period $ 101,848 $ 107,952 $ 101,848 $ 145,915 HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 100,685 $ 104,743 Accounts receivable 31,971 55,841 Inventories 97,348 90,672 Other current assets 18,410 16,471 Total current assets 248,414 267,727 Investments 16,594 24,018 Restricted cash 1,163 1,164 Properties, plants, equipment and mineral interests, net 2,648,309 2,569,790 Operating lease right-of-use assets 9,163 11,064 Deferred tax assets 3,349 21,105 Other non-current assets 34,164 32,304 Total assets $ 2,961,156 $ 2,927,172 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 87,148 $ 84,747 Accrued payroll and related benefits 22,671 37,579 Accrued taxes 3,064 4,030 Finance leases 11,293 9,483 Accrued reclamation and closure costs 10,352 8,591 Accrued interest 5,191 14,454 Other current liabilities 5,652 19,582 Total current liabilities 145,371 178,466 Accrued reclamation and closure costs 109,613 108,408 Long-term debt including finance leases 604,953 517,742 Deferred tax liability 109,293 125,846 Other non-current liabilities 14,156 17,743 Total liabilities 983,386 948,205 STOCKHOLDERS’ EQUITY Preferred stock 39 39 Common stock 154,355 151,819 Capital surplus 2,311,266 2,260,290 Accumulated deficit (456,968 ) (403,931 ) Accumulated other comprehensive income, net 2,812 2,448 Treasury stock (33,734 ) (31,698 ) Total stockholders’ equity 1,977,770 1,978,967 Total liabilities and stockholders’ equity $ 2,961,156 $ 2,927,172 Common shares outstanding 617,768 607,620 Non-GAAP Measures (Unaudited) Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP) The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three months and six months ended September 30, 2023 and 2022, the three months ended June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 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. We use AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure we report, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies, and aggregating Casa Berardi and Nevada Operations for comparison with 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 reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies. In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. 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 and 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, their 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. In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday(2) Corporate and other(3) Total Silver Total cost of sales $ 60,322 $ 14,344 $ 16,001 $ — $ 90,667 $ 63,054 $ 32,190 $ 1,581 $ — $ 96,825 $ 189,664 $ 81,068 $ 17,582 $ — $ 288,314 $ 162,644 $ 83,779 $ — $ 246,423 Depreciation, depletion and amortization (11,015 ) (4,306 ) (1,948 ) — (17,269 ) (13,078 ) (8,979 ) (261 ) — (22,318 ) (38,557 ) (23,741 ) (2,209 ) — (64,507 ) (35,354 ) (24,155 ) — (59,509 ) Treatment costs 10,369 1,368 1,033 — 12,770 10,376 4,187 113 — 14,676 31,114 10,832 1,146 — 43,092 27,369 13,271 — 40,640 Change in product inventory 377 (2,450 ) — — (2,073 ) (1,242 ) 1,546 — — 304 (2,479 ) (3,313 ) — — (5,792 ) 9,899 2,620 — 12,519 Reclamation and other costs (348 ) (168 ) — — (516 ) 263 (250 ) — — 13 (214 ) (826 ) — — (1,040 ) (1,988 ) (769 ) — (2,757 ) Exclusion of Lucky Friday cash costs (8) — (20 ) — — (20 ) — — — — — - (20 ) — — (20 ) — — — — Exclusion of Keno Hill cash costs (6) — — (15,086 ) — (15,086 ) — — (1,433 ) — (1,433 ) - - (16,519 ) — (16,519 ) — — — — Cash Cost, Before By-product Credits (1) 59,705 8,768 — — 68,473 59,373 28,694 — — 88,067 179,528 64,000 — — 243,528 162,570 74,746 — 237,316 Reclamation and other costs 722 101 — — 823 722 285 — — 1,007 2,166 671 — — 2,837 2,115 846 — 2,961 Sustaining capital 11,330 7,386 — 237 18,953 8,714 9,081 — 688 18,483 26,686 24,251 — 831 51,768 30,843 24,937 334 56,114 Exclusion of Lucky Friday sustaining costs (8) — (4,934 ) — — (4,934 ) — — — — — — (4,934 ) — — (4,934 ) — — — — General and administrative — — — 7,596 7,596 — — — 10,783 10,783 — — — 30,449 30,449 — — 28,989 28,989 AISC, Before By-product Credits (1) 71,757 11,321 — 7,833 90,911 68,809 38,060 — 11,471 118,340 208,380 83,988 — 31,280 323,648 195,528 100,529 29,323 325,380 By-product credits: Zinc (20,027 ) (2,019 ) — — (22,046 ) (20,923 ) (5,448 ) — — (26,371 ) (64,955 ) (14,284 ) — — (79,239 ) (87,723 ) (21,358 ) — (109,081 ) Gold (25,344 ) — — — (25,344 ) (28,458 ) — — — (28,458 ) (79,089 ) - — — (79,089 ) (55,966 ) — — (55,966 ) Lead (7,201 ) (5,368 ) — — (12,569 ) (6,860 ) (14,287 ) — — (21,147 ) (22,002 ) (33,953 ) — — (55,955 ) (22,449 ) (38,175 ) — (60,624 ) Exclusion of Lucky Friday byproduct credits (8) — 676 — — 676 — — — — — — 676 — — 676 — — — — Total By-product credits (52,572 ) (6,711 ) — — (59,283 ) (56,241 ) (19,735 ) — — (75,976 ) (166,046 ) (47,561 ) — — (213,607 ) (166,138 ) (59,533 ) — (225,671 ) Cash Cost, After By-product Credits $ 7,133 $ 2,057 $ — $ — $ 9,190 $ 3,132 $ 8,959 $ — $ — $ 12,091 $ 13,482 $ 16,439 $ — $ — $ 29,921 $ (3,568 ) $ 15,213 $ — $ 11,645 AISC, After By-product Credits $ 19,185 $ 4,610 $ — $ 7,833 $ 31,628 $ 12,568 $ 18,325 $ — $ 11,471 $ 42,364 $ 42,334 $ 36,427 $ — $ 31,280 $ 110,041 $ 29,390 $ 40,996 $ 29,323 $ 99,709 Ounces produced 2,343 475 2,818 2,356 1,287 3,642 7,472 3,025 10,497 7,309 3,189 10,498 Exclusion of Lucky Friday ounces produced (8) — (41 ) (41 ) — 0 — — (41 ) (41 ) — 0 — Divided by ounces produced 2,343 434 2,777 2,356 1,287 3,642 7,472 2,984 10,456 7,309 3,189 10,498 Cash Cost, Before By-product Credits, per Silver Ounce $ 25.48 $ 20.20 $ 24.66 $ 25.20 $ 22.30 $ 24.18 $ 24.03 $ 21.45 $ 23.29 $ 22.24 $ 23.44 $ 22.61 By-product credits per ounce (22.44 ) (15.46 ) (21.35 ) (23.87 ) (15.34 ) (20.86 ) (22.22 ) (15.94 ) (20.43 ) (22.73 ) (18.67 ) (21.50 ) Cash Cost, After By-product Credits, per Silver Ounce $ 3.04 $ 4.74 $ 3.31 $ 1.33 $ 6.96 $ 3.32 $ 1.81 $ 5.51 $ 2.86 $ (0.49 ) $ 4.77 $ 1.11 AISC, Before By-product Credits, per Silver Ounce $ 30.62 $ 26.09 $ 32.74 $ 29.21 $ 29.58 $ 32.49 $ 27.89 $ 28.15 $ 30.95 $ 26.75 $ 31.53 $ 30.99 By-product credits per ounce (22.44 ) (15.46 ) (21.35 ) (23.87 ) (15.34 ) (20.86 ) (22.22 ) (15.94 ) (20.43 ) (22.73 ) (18.67 ) (21.50 ) AISC, After By-product Credits, per Silver Ounce $ 8.18 $ 10.63 $ 11.39 $ 5.34 $ 14.24 $ 11.63 $ 5.67 $ 12.21 $ 10.52 $ 4.02 $ 12.86 $ 9.49 In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Total Gold Total cost of sales $ 56,822 $ 940 $ 57,762 $ 42,576 $ 1,071 $ 43,647 $ 162,396 $ 2,743 $ 165,139 $ 183,570 $ 183,570 Depreciation, depletion and amortization (18,980 ) 32 (18,948 ) (10,272 ) (127 ) (10,399 ) (43,288 ) (142 ) (43,430 ) (46,394 ) (46,394 ) Treatment costs 254 — 254 351 — 351 1,072 — 1,072 1,345 1,345 Change in product inventory (1,977 ) — (1,977 ) (951 ) — (951 ) (5,345 ) — (5,345 ) (936 ) (936 ) Reclamation and other costs (219 ) — (219 ) (219 ) — (219 ) (655 ) — (655 ) (623 ) (623 ) Exclusion of Casa Berardi cash costs (3) — — — — — — (2,851 ) — (2,851 ) — — Exclusion of Nevada and Other costs — (972 ) (972 ) — (944 ) (944 ) — (2,601 ) (2,601 ) — — Cash Cost, Before By-product Credits (1) 35,900 — 35,900 31,485 — 31,485 111,329 — 111,329 136,962 136,962 Reclamation and other costs 219 — 219 219 — 219 655 — 655 623 623 Sustaining capital 5,133 — 5,133 9,025 — 9,025 29,175 — 29,175 25,587 25,587 AISC, Before By-product Credits (1) 41,252 — 41,252 40,729 — 40,729 141,159 — 141,159 163,172 163,172 By-product credits: Silver (119 ) — (119 ) (144 ) (144 ) (390 ) — (390 ) (485 ) (485 ) Total By-product credits (119 ) — (119 ) (144 ) — (144 ) (390 ) — (390 ) (485 ) (485 ) Cash Cost, After By-product Credits $ 35,781 $ — $ 35,781 $ 31,341 $ — $ 31,341 $ 110,939 $ — $ 110,939 $ 136,477 $ 136,477 AISC, After By-product Credits $ 41,133 $ — $ 41,133 $ 40,585 $ — $ 40,585 $ 140,769 $ — $ 140,769 $ 162,687 $ 162,687 Divided by gold ounces produced 24 — 24 19 — 19 68 — 68 97 97 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,480 $ — $ 1,480 $ 1,666 $ — $ 1,666 $ 1,641 $ — $ 1,641 $ 1,415 $ 1,415 By-product credits per ounce (5 ) — (5 ) (8 ) — (8 ) (6 ) — (6 ) (6 ) (6 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,475 $ — $ 1,475 $ 1,658 $ — $ 1,658 $ 1,635 $ — $ 1,635 $ 1,409 $ 1,409 AISC, Before By-product Credits, per Gold Ounce $ 1,700 $ — $ 1,700 $ 2,155 $ — $ 2,155 $ 2,081 $ — $ 2,081 $ 1,684 $ 1,684 By-product credits per ounce (5 ) — (5 ) (8 ) — (8 ) (6 ) — (6 ) (6 ) (6 ) AISC, After By-product Credits, per Gold Ounce $ 1,695 $ — $ 1,695 $ 2,147 $ — $ 2,147 $ 2,075 $ — $ 2,075 $ 1,678 $ 1,678 In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 90,667 $ 57,762 $ 148,429 $ 96,825 $ 43,647 $ 140,472 $ 288,314 $ 165,139 $ 453,453 $ 246,423 $ 183,570 $ 429,993 Depreciation, depletion and amortization (17,269 ) (18,948 ) (36,217 ) (22,318 ) (10,399 ) (32,717 ) (64,507 ) (43,430 ) (107,937 ) (59,509 ) (46,394 ) (105,903 ) Treatment costs 12,770 254 13,024 14,676 351 15,027 43,092 1,072 44,164 40,640 1,345 41,985 Change in product inventory (2,073 ) (1,977 ) (4,050 ) 304 (951 ) (647 ) (5,792 ) (5,345 ) (11,137 ) 12,519 (936 ) 11,583 Reclamation and other costs (516 ) (219 ) (735 ) 13 (219 ) (206 ) (1,040 ) (655 ) (1,695 ) (2,757 ) (623 ) (3,380 ) Exclusion of Lucky Friday cash costs (8) (20 ) — (20 ) — — — (20 ) — (20 ) — — — Exclusion of Keno Hill cash costs (6) (15,086 ) — (15,086 ) (1,433 ) — (1,433 ) (16,519 ) — (16,519 ) — — — Exclusion of Casa Berardi cash costs (3) — — — — — — — (2,851 ) (2,851 ) — — — Exclusion of Nevada and Other costs — (972 ) (972 ) — (944 ) (944 ) — (2,601 ) (2,601 ) — — — Cash Cost, Before By-product Credits (1) 68,473 35,900 104,373 88,067 31,485 119,552 243,528 111,329 354,857 237,316 136,962 374,278 Reclamation and other costs 823 219 1,042 1,007 219 1,226 2,837 655 3,492 2,961 623 3,584 Sustaining capital 18,953 5,133 24,086 18,483 9,025 27,508 51,768 29,175 80,943 56,114 25,587 81,701 Exclusion of Lucky Friday sustaining costs (8) (4,934 ) — (4,934 ) — — — (4,934 ) — (4,934 ) — — — General and administrative 7,596 — 7,596 10,783 — 10,783 30,449 — 30,449 28,989 — 28,989 AISC, Before By-product Credits (1) 90,911 41,252 132,163 118,340 40,729 159,069 323,648 141,159 464,807 325,380 163,172 488,552 By-product credits: Zinc (22,046 ) — (22,046 ) (26,371 ) — (26,371 ) (79,239 ) — (79,239 ) (109,081 ) — (109,081 ) Gold (25,344 ) — (25,344 ) (28,458 ) — (28,458 ) (79,089 ) — (79,089 ) (55,966 ) — (55,966 ) Lead (12,569 ) — (12,569 ) (21,147 ) — (21,147 ) (55,955 ) — (55,955 ) (60,624 ) — (60,624 ) Silver — (119 ) (119 ) — (144 ) (144 ) — (390 ) (390 ) — (485 ) (485 ) Exclusion of Lucky Friday by-product credits (8) 676 — 676 — — — 676 — 676 — — — Total By-product credits (59,283 ) (119 ) (59,402 ) (75,976 ) (144 ) (76,120 ) (213,607 ) (390 ) (213,997 ) (225,671 ) (485 ) (226,156 ) Cash Cost, After By-product Credits $ 9,190 $ 35,781 $ 44,971 $ 12,091 $ 31,341 $ 43,432 $ 29,921 $ 110,939 $ 140,860 $ 11,645 $ 136,477 $ 148,122 AISC, After By-product Credits $ 31,628 $ 41,133 $ 72,761 $ 42,364 $ 40,585 $ 82,949 $ 110,041 $ 140,769 $ 250,810 $ 99,709 $ 162,687 $ 262,396 Ounces produced 2,818 24 3,642 19 10,497 68 10,498 97 Exclusion of Lucky Friday ounces produced (8) (41 ) — — — (41 ) — — — Divided by ounces produced 2,777 24 3,642 19 10,456 68 10,498 97 Cash Cost, Before By-product Credits, per Ounce $ 24.66 $ 1,480 $ 24.18 $ 1,666 $ 23.29 $ 1,641 $ 22.61 $ 1,415 By-product credits per ounce (21.35 ) (5 ) (20.86 ) (8 ) (20.43 ) (6 ) (21.50 ) (6 ) Cash Cost, After By-product Credits, per Ounce $ 3.31 $ 1,475 $ 3.32 $ 1,658 $ 2.86 $ 1,635 $ 1.11 $ 1,409 AISC, Before By-product Credits, per Ounce $ 32.74 $ 1,700 $ 32.49 $ 2,155 $ 30.95 $ 2,081 $ 30.99 $ 1,684 By-product credits per ounce (21.35 ) (5 ) (20.86 ) (8 ) (20.43 ) (6 ) (21.50 ) (6 ) AISC, After By-product Credits, per Ounce $ 11.39 1,695 $ 11.63 2,147 $ 10.52 2,075 $ 9.49 1,678 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Greens Creek Lucky Friday Corporate (2) Total Silver Greens Creek Lucky Friday Corporate (2) Total Silver Greens Creek Lucky Friday Corporate (2) Total Silver Total cost of sales $ 66,288 $ 34,534 $ — $ 100,822 $ 70,074 $ 32,819 $ — $ 102,893 $ 52,502 $ 24,164 $ — $ 76,666 Depreciation, depletion and amortization (14,464 ) (10,456 ) — (24,920 ) (13,557 ) (9,549 ) — (23,106 ) (10,305 ) (7,261 ) — (17,566 ) Treatment costs 10,369 5,276 — 15,645 10,467 5,334 — 15,801 9,477 4,791 — 14,268 Change in product inventory (1,614 ) (2,409 ) — (4,023 ) (4,014 ) (571 ) — (4,585 ) 4,464 3,022 — 7,486 Reclamation and other costs (129 ) (408 ) — (537 ) 499 (265 ) — 234 (118 ) (152 ) — (270 ) Cash Cost, Before By-product Credits (1) 60,450 26,537 — 86,987 63,469 27,768 — 91,237 56,020 24,564 — 80,584 Reclamation and other costs 722 285 — 1,007 706 282 — 988 705 282 — 987 Sustaining capital 6,641 7,784 — 14,425 9,862 8,369 — 18,231 10,219 11,264 187 21,670 General and administrative — — 12,070 12,070 — — 14,395 14,395 — — 11,003 11,003 AISC, Before By-product Credits (1) 67,813 34,606 12,070 114,489 74,037 36,419 14,395 124,851 66,944 36,110 11,190 114,244 By-product credits: Zinc (24,005 ) (6,816 ) — (30,821 ) (26,112 ) (6,249 ) — (32,361 ) (26,244 ) (7,155 ) — (33,399 ) Gold (25,286 ) — — (25,286 ) (19,630 ) — — (19,630 ) (17,019 ) — — (17,019 ) Lead (7,942 ) (14,299 ) — (22,241 ) (7,351 ) (14,392 ) — (21,743 ) (6,212 ) (11,796 ) — (18,008 ) Total By-product credits (57,233 ) (21,115 ) — (78,348 ) (53,093 ) (20,641 ) — (73,734 ) (49,475 ) (18,951 ) — (68,426 ) Cash Cost, After By-product Credits $ 3,217 $ 5,422 $ — $ 8,639 $ 10,376 $ 7,127 $ — $ 17,503 $ 6,545 $ 5,613 $ — $ 12,158 AISC, After By-product Credits $ 10,580 $ 13,491 $ 12,070 $ 36,141 $ 20,944 $ 15,778 $ 14,395 $ 51,117 $ 17,469 $ 17,159 $ 11,190 $ 45,818 Divided by ounces produced 2,773 1,262 4,035 2,433 1,224 3,657 2,469 1,075 3,544 Cash Cost, Before By-product Credits, per Silver Ounce $ 21.80 $ 21.03 $ 21.56 $ 26.08 $ 22.68 $ 24.95 $ 22.69 $ 22.87 $ 22.74 By-product credits per ounce (20.64 ) (16.73 ) (19.42 ) (21.82 ) (16.86 ) (20.16 ) (20.04 ) (17.64 ) (19.31 ) Cash Cost, After By-product Credits, per Silver Ounce $ 1.16 $ 4.30 $ 2.14 $ 4.26 $ 5.82 $ 4.79 $ 2.65 $ 5.23 $ 3.43 AISC, Before By-product Credits, per Silver Ounce $ 24.46 $ 27.42 $ 28.38 $ 30.43 $ 29.74 $ 34.14 $ 27.11 $ 33.62 $ 32.24 By-product credits per ounce (20.64 ) (16.73 ) (19.42 ) (21.82 ) (16.86 ) (20.16 ) (20.04 ) (17.64 ) (19.31 ) AISC, After By-product Credits, per Silver Ounce $ 3.83 $ 10.69 $ 8.96 $ 8.61 $ 12.88 $ 13.98 $ 7.07 $ 15.98 $ 12.93 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Total Gold Casa Berardi Total Gold Total cost of sales $ 62,998 $ 732 $ 63,730 $ 65,328 $ 65,328 $ 59,532 $ 59,532 Depreciation, depletion and amortization (14,036 ) (47 ) (14,083 ) (14,568 ) (14,568 ) (15,089 ) (15,089 ) Treatment costs 467 — 467 521 521 429 429 Change in product inventory (2,417 ) — (2,417 ) 1,122 1,122 420 420 Reclamation and other costs (217 ) — (217 ) (196 ) (196 ) (203 ) (203 ) Exclusion of Casa Berardi cash costs (2,851 ) — (2,851 ) — — — — Exclusion of Nevada and Other costs — (685 ) (685 ) — — — — Cash Cost, Before By-product Credits (1) 43,944 — 43,944 52,207 52,207 45,089 45,089 Reclamation and other costs 217 — 217 196 196 204 204 Sustaining capital 15,015 — 15,015 11,438 11,438 10,457 10,457 AISC, Before By-product Credits (1) 59,176 — 59,176 63,841 63,841 55,750 55,750 By-product credits: Silver (127 ) — (127 ) (124 ) (124 ) (131 ) (131 ) Total By-product credits (127 ) — (127 ) (124 ) (124 ) (131 ) (131 ) Cash Cost, After By-product Credits $ 43,817 $ — $ 43,817 $ 52,083 $ 52,083 $ 44,958 $ 44,958 AISC, After By-product Credits $ 59,049 $ — $ 59,049 $ 63,717 $ 63,717 $ 55,619 $ 55,619 Divided by gold ounces produced 25 — 25 31 31 33 33 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,780 $ — $ 1,780 $ 1,700 $ 1,700 $ 1,353 $ 1,353 By-product credits per ounce (5 ) — (5 ) (4 ) (4 ) (4 ) (4 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,775 $ — $ 1,775 $ 1,696 $ 1,696 $ 1,349 $ 1,349 AISC, Before By-product Credits, per Gold Ounce $ 2,397 $ — $ 2,397 $ 2,079 $ 2,079 $ 1,673 $ 1,673 By-product credits per ounce (5 ) — (5 ) (4 ) (4 ) (4 ) (4 ) AISC, After By-product Credits, per Gold Ounce $ 2,392 $ — $ 2,392 $ 2,075 $ 2,075 $ 1,669 $ 1,669 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 100,822 $ 63,730 $ 164,552 $ 102,893 $ 65,328 $ 168,221 $ 76,666 $ 59,532 $ 136,198 Depreciation, depletion and amortization (24,920 ) (14,083 ) (39,003 ) (23,106 ) (14,568 ) (37,674 ) (17,566 ) (15,089 ) (32,655 ) Treatment costs 15,645 467 16,112 15,801 521 16,322 14,268 429 14,697 Change in product inventory (4,023 ) (2,417 ) (6,440 ) (4,585 ) 1,122 (3,463 ) 7,486 420 7,906 Reclamation and other costs (537 ) (217 ) (754 ) 234 (196 ) 38 (270 ) (203 ) (473 ) Exclusion of Casa Berardi cash costs — (2,851 ) (2,851 ) — — — — — — Exclusion of Nevada and Other costs — (685 ) (685 ) — 0 — — — — Cash Cost, Before By-product Credits (1) 86,987 43,944 130,931 91,237 52,207 143,444 80,584 45,089 125,673 Reclamation and other costs 1,007 217 1,224 988 196 1,184 987 204 1,191 Sustaining capital 14,425 15,015 29,440 18,231 11,438 29,669 21,670 10,457 32,127 General and administrative 12,070 — 12,070 14,395 14,395 11,003 — 11,003 AISC, Before By-product Credits (1) 114,489 59,176 173,665 124,851 63,841 188,692 114,244 55,750 169,994 By-product credits: Zinc (30,821 ) — (30,821 ) (32,361 ) — (32,361 ) (33,399 ) — (33,399 ) Gold (25,286 ) — (25,286 ) (19,630 ) — (19,630 ) (17,019 ) — (17,019 ) Lead (22,241 ) — (22,241 ) (21,743 ) — (21,743 ) (18,008 ) — (18,008 ) Silver — (127 ) (127 ) (124 ) (124 ) (131 ) (131 ) Total By-product credits (78,348 ) (127 ) (78,475 ) (73,734 ) (124 ) (73,858 ) (68,426 ) (131 ) (68,557 ) Cash Cost, After By-product Credits $ 8,639 $ 43,817 $ 52,456 $ 17,503 $ 52,083 $ 69,586 $ 12,158 $ 44,958 $ 57,116 AISC, After By-product Credits $ 36,141 $ 59,049 $ 95,190 $ 51,117 $ 63,717 $ 114,834 $ 45,818 $ 55,619 $ 101,437 Divided by ounces produced 4,035 25 3,657 31 3,544 33 Cash Cost, Before By-product Credits, per Ounce $ 21.56 $ 1,780 $ 24.95 1,700 $ 22.74 $ 1,353 By-product credits per ounce (19.42 ) (5 ) (20.16 ) (4 ) (19.31 ) (4 ) Cash Cost, After By-product Credits, per Ounce $ 2.14 $ 1,775 $ 4.79 $ 1,696 $ 3.43 $ 1,349 AISC, Before By-product Credits, per Ounce $ 28.38 $ 2,397 $ 34.14 $ 2,079 $ 32.24 $ 1,673 By-product credits per ounce (19.42 ) (5 ) (20.16 ) (4 ) (19.31 ) (4 ) AISC, After By-product Credits, per Ounce $ 8.96 $ 2,392 $ 13.98 $ 2,075 $ 12.93 $ 1,669 (1) Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. (2) AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital. (3) During the three months ended March 31, 2023, the Company completed the necessary studies to conclude usage of the F-160 pit as a tailings storage facility after mining is complete. As a result, a portion of the mining costs have been excluded from Cash Cost, Before By-product Credits and AISC, Before By-product Credits. (4) Other includes $0.9 million and $1.7 million of total cost of sales for the three and nine months ended September 30, 2023, respectively, and $0.1 million of total cost of sales for the three and nine months ended September 30, 2022, related to the environmental services business acquired as part of the Alexco acquisition. (5) Prior year presentation has been adjusted to conform with current year presentation to eliminate exploration costs from the calculation of AISC, Before By-product Credits as exploration is an activity directed at the Corporate level to find new mineral reserve and resource deposits, and therefore we believe it is inappropriate to include exploration costs in the calculation of AISC, Before By-product Credits for a specific mining operation. (6) Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. (7) Casa Berardi operations were suspended in June 2023 in response to the directive of the Quebec Ministry of Natural Resources and Forests as a result of fires in the region. Suspension costs amounted to $nil and $2.2 million for the three and nine months ended September 30, 2023, respectively, and are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. (8) Lucky Friday operations were suspended in August 2023 following the underground fire in the #2 shaft secondary egress. The portion of cash costs, sustaining costs, by-product credits, and silver production incurred since the suspension are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. 2023 Guidance, Previous and Current Estimates: Reconciliation of Cost of Sales to Non-GAAP Measures In thousands (except per ounce amounts) Previous Estimate for Twelve Months Ended December 31, 2023 Greens Creek Lucky Friday Keno Hill Corporate(3) Total Silver Casa Berardi Total Gold Total cost of sales $ 245,000 $ 130,600 $ 40,000 $ — $ 415,600 $ 215,000 $ 215,000 Depreciation, depletion and amortization (46,000 ) (38,500 ) (6,800 ) — (91,300 ) (52,800 ) (52,800 ) Treatment costs 43,700 18,900 5,150 — 67,750 300 300 Change in product inventory (5,100 ) (2,500 ) 1,000 — (6,600 ) (1,300 ) (1,300 ) Reclamation and other costs 1,000 500 750 — 2,250 500 500 Cash Cost, Before By-product Credits (1) 238,600 109,000 40,100 — 387,700 161,700 161,700 Reclamation and other costs 2,800 1,100 — — 3,900 800 800 Sustaining capital 44,350 35,600 550 — 80,500 37,900 37,900 General and administrative — — — 44,000 44,000 — — AISC, Before By-product Credits (1) 285,750 145,700 40,650 44,000 516,100 200,400 200,400 By-product credits: Zinc (92,700 ) (26,300 ) (1,800 ) — (120,800 ) — — Gold (110,000 ) — — — (110,000 ) — — Lead (32,800 ) (62,100 ) (3,200 ) — (98,100 ) — — Silver — — — — — (600 ) (600 ) Total By-product credits (235,500 ) (88,400 ) (5,000 ) — (328,900 ) (600 ) (600 ) Cash Cost, After By-product Credits $ 3,100 $ 20,600 $ 35,100 $ — $ 58,800 $ 161,100 $ 161,100 AISC, After By-product Credits $ 50,250 $ 57,300 $ 35,650 $ 44,000 $ 187,200 $ 199,800 $ 199,800 Divided by silver ounces produced 9,250 4,750 2,750 16,750 90.0 90.0 Cash Cost, Before By-product Credits, per Silver Ounce $ 25.79 $ 22.95 $ 14.58 $ 23.15 $ 1,797 $ 1,797 By-product credits per silver ounce (25.46 ) (18.61 ) (1.82 ) (19.64 ) (7 ) (7 ) Cash Cost, After By-product Credits, per Silver Ounce $ 0.33 $ 4.34 $ 12.76 $ 3.51 $ 1,790 $ 1,790 AISC, Before By-product Credits, per Silver Ounce $ 30.89 $ 30.67 $ 14.78 $ 30.81 $ 2,227 $ 2,227 By-product credits per silver ounce (25.46 ) (18.61 ) (1.82 ) (19.64 ) (7 ) (7 ) AISC, After By-product Credits, per Silver Ounce $ 5.43 $ 12.06 $ 12.96 $ 11.17 $ 2,220 $ 2,220 In thousands (except per ounce amounts) Current Estimate for Twelve Months Ended December 31, 2023 Greens Creek Lucky Friday Keno Hill Corporate(2) Total Silver Casa Berardi Total Gold Total cost of sales $ 250,000 $ 80,000 $ 34,000 $ — $ 364,000 $ 215,000 $ 215,000 Exclusion of cash costs — (20 ) (21,800 ) — (21,820 ) (2,850 ) (2,850 ) Depreciation, depletion and amortization (51,500 ) (22,900 ) (4,000 ) — (78,400 ) (60,000 ) (60,000 ) Treatment costs 42,000 10,200 1,200 — 53,400 500 500 Change in product inventory (3,500 ) (4,755 ) (1,100 ) — (9,355 ) (1,550 ) (1,550 ) Reclamation and other costs 500 1,475 500 — 2,475 1,200 1,200 Cash Cost, Before By-product Credits (1) 237,500 64,000 8,800 — 310,300 152,300 152,300 Reclamation and other costs 2,900 770 — — 3,670 900 900 Sustaining capital 43,500 19,325 400 — 63,225 36,900 36,900 General and administrative — — — 44,000 44,000 — — AISC, Before By-product Credits (1) 283,900 84,095 9,200 44,000 421,195 190,100 190,100 By-product credits: Zinc (87,600 ) (14,000 ) (500 ) — (102,100 ) — — Gold (105,900 ) — — — (105,900 ) — — Lead (31,700 ) (33,475 ) (1,250 ) — (66,425 ) — — Silver — — — — — (500 ) (500 ) Total By-product credits (225,200 ) (47,475 ) (1,750 ) — (274,425 ) (500 ) (500 ) Cash Cost, After By-product Credits $ 12,300 $ 16,525 $ 7,050 $ — $ 35,875 $ 151,800 $ 151,800 AISC, After By-product Credits $ 58,700 $ 36,620 $ 7,450 $ 44,000 $ 146,770 $ 189,600 $ 189,600 Divided by silver ounces produced 9,900 3,000 500 13,400 90.0 90.0 Cash Cost, Before By-product Credits, per Silver Ounce $ 23.99 $ 21.34 $ 17.60 $ 23.16 $ 1,692 $ 1,692 By-product credits per silver ounce (22.75 ) (15.83 ) (3.50 ) (20.48 ) (6 ) (6 ) Cash Cost, After By-product Credits, per Silver Ounce $ 1.24 $ 5.51 $ 14.10 $ 2.68 $ 1,686 $ 1,686 AISC, Before By-product Credits, per Silver Ounce $ 28.68 $ 28.04 $ 18.40 $ 31.43 $ 2,112 $ 2,112 By-product credits per silver ounce (22.75 ) (15.83 ) (3.50 ) (20.48 ) (6 ) (6 ) AISC, After By-product Credits, per Silver Ounce $ 5.93 $ 12.21 $ 14.90 $ 10.95 $ 2,106 $ 2,106 (1) Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. (2) AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital. Reconciliation of Net 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 and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of properties, plants, equipment and mineral interests, foreign exchange gains and losses, fair value adjustments, net, interest and other income, provisions for environmental matters, stock-based compensation, provisional price gains and losses, monetization of zinc hedges and inventory adjustments. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net loss and debt to adjusted EBITDA and net debt: Dollars are in thousands 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 LTM September 30, 2023 Net loss $ (22,415 ) $ (15,694 ) $ (3,173 ) $ (4,452 ) $ (23,526 ) $ (45,734 ) Interest expense 10,710 10,311 10,165 11,008 10,874 42,194 Income and mining tax (benefit) expense (1,500 ) 5,162 3,242 (3,924 ) (9,527 ) 2,980 Depreciation, depletion and amortization 37,095 34,718 39,892 37,576 32,992 149,281 Ramp-up and suspension costs 21,025 16,323 11,336 7,575 5,092 56,259 (Gain) loss on disposition of properties, plants, equipment, and mineral interests (119 ) (75 ) — — 19 (194 ) Foreign exchange loss (gain) (4,176 ) 3,850 (108 ) 900 (5,667 ) 466 Fair value adjustments, net 6,397 2,558 (3,181 ) (9,985 ) 4,241 (4,211 ) Provisional price (gains) losses (8,064 ) (2,143 ) (2,093 ) (625 ) 6,625 (12,925 ) Provision for closed operations and environmental matters 2,256 3,111 1,044 3,741 1,781 10,152 Stock-based compensation 2,434 1,498 1,190 1,714 1,773 6,836 Inventory adjustments 8,814 2,997 4,521 487 1,405 16,819 Monetization of zinc hedges (5,582 ) 5,467 (579 ) 16,664 — 15,970 Other (624 ) (343 ) (355 ) 1,582 473 260 Adjusted EBITDA $ 46,251 $ 67,740 $ 61,901 $ 62,261 $ 26,555 $ 238,153 Total debt $ 616,246 Less: Cash and cash equivalents 100,685 Net debt $ 515,561 Net debt/LTM adjusted EBITDA (non-GAAP) 2.2 Reconciliation of Net Loss Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Shareholders (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 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (3,311 ) $ (4,590 ) $ (23,664 ) $ (41,696 ) $ (33,310 ) Adjusted for items below: Fair value adjustments, net 6,397 2,558 (3,181 ) (9,985 ) 4,241 $ 5,774 14,769 Provisional pricing (gains) losses (8,064 ) (2,143 ) (2,093 ) (625 ) 6,625 $ (12,300 ) 21,464 Environmental accruals 763 1,989 — 2,860 — $ 2,752 14 Foreign exchange loss (gain) (4,176 ) 3,850 (108 ) 900 (5,667 ) $ (434 ) (8,111 ) Ramp-up and suspension costs 21,025 16,323 11,336 7,575 5,092 $ 48,684 16,539 (Gain) loss on disposition of properties, plants, equipment and mineral interests (119 ) (75 ) — 0 19 $ (194 ) 16 Inventory adjustments 8,814 2,997 4,521 487 1,405 $ 16,332 2,159 Monetization of zinc hedges (5,582 ) 5,467 (579 ) 16,664 — $ (694 ) — Other — — — 939 — $ — — Adjusted income (loss) applicable to common stockholders $ (3,495 ) $ 15,134 $ 6,585 $ 14,225 $ (11,949 ) $ 18,224 $ 13,540 Weighted average shares - basic 607,896 604,088 600,075 596,959 554,531 604,028 544,000 Weighted average shares - diluted 607,896 604,088 600,075 596,959 554,531 604,028 544,000 Basic adjusted net income (loss) per common stock (in cents) (0.01 ) 0.03 0.01 0.02 (0.02 ) 0.03 0.02 Diluted adjusted net income (loss) per common stock (in cents) (0.01 ) 0.03 0.01 0.02 (0.02 ) 0.03 0.02 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, 2023 2022 2023 2022 Cash provided by operating activities $ 10,235 $ (24,322 ) $ 74,615 $ 53,770 Less: Additions to properties, plants equipment and mineral interests $ (55,354 ) $ (37,430 ) $ (161,265 ) $ (93,237 ) Free cash flow $ (45,119 ) $ (61,752 ) $ (86,650 ) $ (39,467 ) TABLE A Assay Results – Q3 2023 Keno Hill Zone Drillhole Number Drillhole Azm/Dip Sample From (feet) Sample To (feet) True Width (feet) Silver (oz/ton) Gold (oz/ton) Lead (%) Zinc (%) Depth From Surface (feet) Underground Bermingham Bear Vein BMUG23-053 116/-07 233.3 252.6 17.2 59.4 0.00 2.4 1.2 748 Bermingham Bear Vein Including 233.3 237.2 3.4 279.8 0.01 10.4 3.3 748 Bermingham Bear Vein BMUG23-054 116/-13 236.2 248.9 10.9 29.2 0.00 1.5 1.2 771 Bermingham Bear Vein Including 236.2 243.1 5.9 52.7 0.00 2.6 1.7 771 Bermingham Bear Vein BMUG23-056 116/25 253.3 255.9 2.2 16.2 0.00 3.3 1.3 597 Bermingham Bear Vein BMUG23-057 116/17 231.0 235.9 4.2 12.1 0.00 1.1 0.2 640 Bermingham Bear Vein BMUG23-058 113/14 229.7 233.9 3.7 1.6 0.00 0.2 0.1 653 Bermingham Bear Vein BMUG23-059 113/05 222.6 231.3 7.5 2.0 0.00 0.1 0.6 692 Bermingham Bear Vein BMUG23-060 106/-01 258.8 268.5 7.6 4.1 0.00 0.3 0.1 817 Bermingham Bear Vein BMUG23-062 106/20 247.8 252.7 3.8 4.8 0.00 0.5 0.8 627 Bermingham Bear Vein BMUG23-064 108/-21 288.1 289.8 1.2 26.3 0.00 0.1 1.1 817 Bermingham Bear Vein BMUG23-065 145/-10 152.6 157.1 3.3 27.4 0.01 3.9 2.1 873 Bermingham Bear Vein Including 154.2 155.3 0.8 87.2 0.01 11.5 3.5 873 Bermingham Bear Vein BMUG23-066 120/-25 274.1 276.7 1.3 12.6 0.00 0.5 4.7 843 Bermingham Bear Vein BMUG23-067A 116/-27 303.5 306.3 1.3 10.5 0.00 0.0 0.1 860 Bermingham Bear Vein BMUG23-068 145/03 135.5 136.3 0.7 65.3 0.01 1.2 0.1 827 Bermingham Bear Vein BMUG23-069 098/03 264.4 273.3 6.1 21.6 0.00 1.4 0.9 696 Bermingham Bear Vein Including 267.5 273.3 4.0 29.2 0.00 2.1 1.3 696 Bermingham Bear Vein BMUG23-070 140/-15 151.4 155.7 3.3 64.2 0.01 11.7 3.2 873 Bermingham Bear Vein Including 151.4 153.3 1.5 138.8 0.01 22.7 7.0 873 Bermingham Bear Vein BMUG23-071 098/-09 306.2 309.4 2.0 103.3 0.01 2.9 2.7 771 Bermingham Bear Vein Including 306.2 309.0 1.7 120.1 0.01 3.4 2.6 771 Bermingham Bear Vein BMUG23-073 098/-18 328.2 340.2 6.7 162.8 0.01 6.8 0.6 820 Bermingham Bear Vein Including 329.4 330.3 0.5 718.6 0.03 49.2 0.5 820 Bermingham Bear Vein Including 337.6 338.1 0.3 611.9 0.00 20.4 2.2 820 Bermingham Bear Vein BMUG23-076 095/20 335.5 347.9 6.6 19.6 0.00 0.4 0.6 712 Bermingham Bear Vein Including 335.5 339.6 2.2 54.1 0.00 0.8 1.4 712 Bermingham Bear Vein BMUG23-078 088/20 365.2 371.2 3.0 11.9 0.00 0.8 0.2 728 Bermingham Bear Vein Including 367.5 369.3 0.9 35.3 0.00 2.3 0.1 728 Bermingham Bear Vein BMUG23-080 088/12 354.3 366.0 7.2 4.4 0.00 0.4 0.3 607 Bermingham Bear Vein Including 359.1 365.5 3.9 6.4 0.00 0.6 0.1 607 Bermingham Bear Vein BMUG23-080 088/12 374.4 379.1 2.9 5.5 0.00 0.4 0.0 604 Bermingham Bear Vein BMUG23-081 092/04 300.2 309.6 5.7 7.1 0.00 0.3 0.2 778 Bermingham Bear Vein Including 307.5 309.6 1.3 27.4 0.00 1.0 0.2 778 Bermingham Bear Vein BMUG23-082 110/-08 213.3 217.4 2.6 3.2 0.00 0.0 0.0 873 Bermingham Bear Vein BMUG23-084 100/-08 238.2 241.1 1.8 30.4 0.01 2.0 3.7 853 Bermingham Bear Vein Including 238.7 239.6 0.5 72.0 0.01 3.5 9.4 853 Bermingham Footwall Vein BMUG23-065 145/-10 404.9 425.4 17.2 56.2 0.01 4.1 3.3 942 Bermingham Footwall Vein Including 404.9 411.5 5.5 111.1 0.01 4.1 8.7 942 Bermingham Footwall Vein Including 420.8 425.4 3.8 89.3 0.01 12.0 1.9 942 Bermingham Footwall Vein BMUG23-068 145/03 376.3 378.1 1.4 109.0 0.01 7.3 0.6 833 Bermingham Footwall Vein Including 376.3 377.0 0.6 262.8 0.01 17.8 1.2 833 Bermingham Footwall Vein BMUG23-070 140/-15 415.6 424.3 7.6 74.8 0.01 8.8 11.2 958 Bermingham Footwall Vein Including 418.3 424.3 5.3 107.6 0.01 12.7 8.9 958 Bermingham Footwall Vein BMUG23-086 153/-14 519.4 561.4 36.0 36.1 0.00 2.3 1.9 965 Bermingham Footwall Vein Including 524.3 535.6 9.7 107.0 0.01 7.2 1.1 965 Bermingham Main Vein BMUG23-054 116/-13 469.0 478.8 7.3 1.6 0.00 0.4 0.9 833 Bermingham Main Vein BMUG23-056 116/25 302.4 303.6 1.1 0.7 0.00 0.1 0.6 574 Bermingham Main Vein BMUG23-057 116/17 339.6 340.6 1.0 0.4 0.00 0.0 0.3 617 Bermingham Main Vein BMUG23-059 113/05 373.1 375.9 2.3 0.4 0.00 0.2 0.1 699 Bermingham Main Vein BMUG23-062 106/20 332.9 339.9 6.3 3.1 0.00 0.1 0.4 594 Bermingham Main Vein BMUG23-065 145/-10 464.2 472.4 6.9 13.6 0.00 1.6 1.4 958 Bermingham Main Vein Including 468.6 469.1 0.4 128.9 0.01 23.9 17.3 958 Bermingham Main Vein BMUG23-068 145/03 416.7 420.4 3.1 11.5 0.00 3.0 0.1 823 Bermingham Main Vein BMUG23-070 140/-15 461.7 471.8 7.2 23.8 0.01 2.1 0.7 971 Bermingham Main Vein Including 461.7 463.8 1.5 34.9 0.00 1.0 0.0 971 Bermingham Main Vein Including 469.1 471.8 1.9 53.8 0.01 5.7 1.0 971 Bermingham Main Vein BMUG23-076 095/20 363.4 364.2 0.4 16.4 0.00 1.1 2.5 722 Bermingham Main Vein BMUG23-082 110/-08 438.9 457.7 15.6 1.7 0.01 0.6 1.0 1050 Bermingham West Dipper Vein BMUG23-054 116/-13 383.9 386.7 2.5 5.2 0.00 0.5 0.3 810 Bermingham West Dipper Vein BMUG23-058 113/14 312.3 315.6 0.0 2.9 0.00 0.1 0.9 630 Bermingham West Dipper Vein BMUG23-059 113/05 267.4 275.7 7.1 27.2 0.00 0.5 6.5 689 Bermingham West Dipper Vein Including 271.0 272.9 1.6 89.0 0.01 0.4 25.1 689 Bermingham West Dipper Vein BMUG23-060 106/-01 279.1 285.4 4.9 14.4 0.00 0.8 0.2 817 Bermingham West Dipper Vein Including 282.2 285.4 2.5 27.3 0.00 1.2 0.3 817 Bermingham West Dipper Vein BMUG23-065 145/-10 238.2 241.8 2.6 3.7 0.00 1.0 1.1 889 Bermingham West Dipper Vein BMUG23-068 145/03 199.4 201.0 1.3 5.4 0.00 0.2 3.0 827 Bermingham West Dipper Vein BMUG23-068 145/03 221.9 222.3 0.4 9.7 0.01 4.0 7.3 827 Bermingham West Dipper Vein BMUG23-069 098/03 278.7 295.3 11.3 1.6 0.00 0.2 0.6 689 Bermingham West Dipper Vein BMUG23-070 140/-15 249.0 252.9 3.0 49.8 0.00 3.1 1.3 906 Stockwork Mineralization BMUG23-056 116/25 245.1 246.1 0.8 24.0 0.00 2.2 1.5 597 Stockwork Mineralization BMUG23-062 106/20 351.0 352.2 1.0 7.2 0.00 0.1 0.3 597 Stockwork Mineralization BMUG23-065 145/-10 450.1 453.9 3.1 17.9 0.00 0.2 0.3 951 Stockwork Mineralization BMUG23-066 120/-25 300.2 302.6 1.2 1.2 0.00 0.1 0.8 860 Stockwork Mineralization BMUG23-068 145/03 142.1 157.5 13.2 1.6 0.01 0.2 0.5 827 Stockwork Mineralization BMUG23-070 140/-15 29.5 31.4 1.5 1.4 0.00 0.2 0.3 873 Stockwork Mineralization BMUG23-076 095/20 299.1 314.1 7.9 1.4 0.00 0.1 0.3 699 Stockwork Mineralization BMUG23-082 110/-08 202.4 204.1 1.1 1.7 0.00 0.1 0.1 850 Stockwork Mineralization BMUG23-084 100/-08 255.8 258.7 1.8 24.4 0.00 2.8 0.4 912 Stockwork Mineralization Including 255.8 256.5 0.4 95.1 0.01 11.1 1.5 912 Stockwork Mineralization BMUG23-084 100/-08 280.2 282.2 1.1 8.7 0.00 0.1 1.0 879 Surface Exploration Bermingham Bear Vein K-23-0840 261/-63.5 1439.4 1440.5 0.9 90.4 0.02 0.5 0.8 1167 Bermingham Bear Vein K-23-0841 281/-61 838.4 847.9 7.7 0.1 0.00 0.0 0.1 647 Bermingham Bear Vein K-23-0843 316/-65 908.8 914.5 4.2 0.0 0.00 0.0 0.1 732 Bermingham Main Vein K-23-0840 261/-63.5 1135.8 1138.5 2.4 0.1 0.00 0.0 0.1 927 Bermingham Main Vein K-23-0841 281/-61 680.8 693.6 11.8 0.3 0.00 0.2 0.2 526 Bermingham Ruby Vein K-23-0840 261/-63.5 1290.6 1292.7 1.5 0.4 0.00 0.1 0.6 1049 Bermingham Ruby Vein K-23-0841 281/-61 744.9 752.1 5.4 0.6 0.00 0.1 0.2 576 Bermingham Ruby Vein K-23-0842 315/-60 354.7 361.7 6.0 0.0 0.00 0.0 0.0 246 Bermingham Ruby Vein K-23-0843 316/-65 714.8 719.2 3.6 0.3 0.00 0.1 0.2 581 Bermingham Ruby Vein K-23-0844 315/-57 342.6 344.7 1.8 0.1 0.00 0.0 0.2 221 Bermingham Ruby Vein splay K-23-0840 261/-63.5 1236.9 1239.0 1.5 9.8 0.00 0.0 0.1 1007 Bermingham Ruby Vein splay K-23-0842 315/-60 393.2 407.4 12.2 3.3 0.00 0.7 1.5 278 Bermingham Ruby Vein splay K-23-0844 315/-57 374.8 388.4 12.1 5.9 0.00 0.1 1.1 241 Bermingham Ruby Vein splay Including 385.0 385.8 0.6 108.5 0.01 1.0 16.7 247 Bermingham Townsite Vein K-23-0840 261/-63.5 1741.0 1742.2 1.0 0.1 0.00 0.0 0.2 1396 Bermingham Townsite Vein K-23-0841 281/-61 1205.5 1210.4 4.2 0.0 0.00 0.0 0.0 924 Bermingham Townsite Vein K-23-0842 315/-60 985.6 988.6 2.7 13.2 0.00 0.6 3.3 714 Bermingham Townsite Vein K-23-0843 316/-65 1118.2 1123.4 4.6 29.8 0.00 1.0 5.3 901 Bermingham Townsite Vein K-23-0844 315/-57 935.8 938.6 2.7 0.3 0.00 0.1 0.1 637 Bermingham Townsite Vein K-23-0846 297/62.5 860.7 865.1 3.8 2.7 0.00 0.1 0.2 699 Bermingham Townsite Vein K-23-0847 275/-63.5 989.0 996.6 6.1 41.2 0.01 7.0 2.6 845 Bermingham Townsite Vein K-23-0850 271/-76 1016.7 1024.4 5.7 0.1 0.00 0.0 0.0 949 Bermingham Townsite Vein K-23-0851 280/-58 904.2 908.3 3.6 100.4 0.01 22.8 1.3 712 Bermingham Townsite Vein Including 904.2 906.7 2.2 164.6 0.01 37.9 2.2 712 Bermingham Townsite Vein K-23-0853 263/-66.5 1054.6 1060.4 4.4 2.2 0.00 0.2 1.9 925 Bermingham Townsite Vein splay K-23-0840 261/-63.5 1914.8 1919.2 3.7 0.0 0.00 0.0 0.0 1524 Bermingham Townsite Vein splay K-23-0842 315/-60 919.1 922.6 3.2 0.4 0.00 0.2 0.2 662 Bermingham Townsite Vein splay K-23-0846 297/62.5 905.7 907.2 1.3 2.4 0.00 0.2 0.3 737 Bermingham Townsite Vein Splay K-23-0851 280/-58 1003.5 1004.3 0.7 71.7 0.01 18.3 4.0 784 Hector Calumet Aho Vein K-23-0854 330/-64 1121.3 1123.4 0.7 17.9 0.00 4.5 2.0 1043 Hector Calumet Chance Vein K-23-0845 326/-58.5 1443.7 1448.7 4.3 19.9 0.00 2.2 13.0 1277 Hector Calumet Chance Vein Including 1446.9 1447.6 0.7 75.2 0.01 6.8 18.7 1280 Hector Calumet Chance Vein K-23-0845 326/-58.5 1490.2 1491.1 0.8 36.3 0.00 1.0 3.9 1316 Hector Calumet Chance Vein K-23-0849 336/-57 1548.4 1553.0 3.8 3.6 0.01 2.9 0.1 1378 Hector Calumet Chance Vein K-23-0852 346/-52.5 1605.9 1609.9 3.0 0.0 0.00 0.0 0.0 1378 Hector Calumet Chance Vein K-23-0854 330/-64 1547.9 1553.3 4.2 0.4 0.00 0.1 0.3 1447 Greens Creek (Alaska) Zone Drill Hole 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) Underground 200 South GC6068 239.9/-90 696.0 795.0 81.1 13.2 0.24 7.4 4.5 -2033 200 South GC6076 238.4/-1 103.5 107.0 3.4 4.7 0.02 7.2 3.7 -1302 200 South GC6081 245.1/-83.9 597.1 605.5 2.7 9.3 0.02 6.2 3.3 -1908 200 South GC6081 245.1/-83.9 622.9 624.4 0.5 10.6 0.05 2.2 1.1 -1908 200 South GC6088 186.3/-81.8 586.6 589.4 1.9 11.0 0.04 2.0 1.5 -1893 200 South GC6099 63.4/-60.9 168.0 169.0 0.9 3.4 0.05 14.2 9.3 -1464 200 South GC6120 131.8/-83.5 301.5 306.5 2.5 20.0 0.01 1.9 1.1 -1626 200 South GC6120 131.8/-83.5 589.4 592.4 2.7 8.6 0.13 0.2 0.1 -1909 200 South GC6120 131.8/-83.5 638.6 641.6 2.7 12.2 0.05 1.0 0.4 -1956 200 South GC6126 233/-69.5 808.0 813.0 4.8 7.2 0.14 0.1 0.0 -2059 200 South GC6131 243.4/77.3 86.7 87.7 0.9 7.1 0.01 5.6 4.0 -1186 200 South GC6145 247.9/-47 329.9 341.2 4.1 16.1 0.02 3.4 1.6 -1531 200 South GC6163 218.1/13.9 36.7 63.1 25.5 5.4 0.02 6.7 4.2 -1275 200 South GC6163 218.1/13.9 40.5 63.1 10.4 5.7 0.02 6.8 4.0 -1279 200 South GC6177 63.4/84.6 5.4 7.5 1.8 4.8 0.07 3.9 2.5 -1242 200 South GC6177 63.4/84.6 24.5 36.8 10.6 5.3 0.06 6.3 3.1 -1205 200 South GC6177 63.4/84.6 71.0 120.0 42.3 4.0 0.06 8.3 4.4 -1174 200 South GC6188 243.4/-80.9 93.8 99.2 5.4 10.0 0.02 6.3 3.3 -1393 200 South GC6188 243.4/-80.9 109.8 114.3 4.5 5.0 0.07 4.4 2.2 -1393 200 South GC6188 243.4/-80.9 109.8 119.0 9.1 6.6 0.05 3.5 1.8 -1409 5250 GC6150 60.8/29.5 1.6 24.8 19.0 20.9 0.08 8.2 2.1 251 5250 GC6150 60.8/29.5 68.3 71.3 2.5 14.4 0.06 11.1 3.2 296 5250 GC6150 60.8/29.5 99.5 104.4 4.0 3.5 0.06 11.8 3.8 321 5250 GC6150 60.8/29.5 107.0 108.0 0.8 5.5 0.06 6.9 2.7 323 5250 GC6150 60.8/29.5 118.1 142.0 19.6 11.5 0.10 20.4 6.1 351 Gallagher GC6003 63.4/-85.3 111.0 115.0 2.8 14.2 0.18 3.5 1.6 -829 Gallagher GC6003 63.4/-85.3 450.0 452.0 1.8 20.0 0.08 0.5 0.3 -1171 Gallagher GC6003 63.4/-85.3 455.0 458.0 2.7 14.5 0.03 0.7 0.3 -1171 Gallagher GC6017 313.1/-78.5 31.5 32.5 1.0 12.0 0.01 2.2 2.5 -748 Gallagher GC6017 313.1/-78.5 35.0 37.7 2.7 16.3 0.01 2.7 2.8 -748 Upper Plate GC6066 86.3/81.3 307.5 309.0 1.4 15.1 0.06 4.1 1.8 153 Upper Plate GC6066 86.3/81.3 424.3 425.3 0.9 5.2 0.01 8.6 3.8 268 Upper Plate GC6070 227.9/78 543.5 545.0 1.5 13.0 0.02 8.2 3.2 378 Upper Plate GC6071 234.3/70 529.0 530.0 0.8 30.4 0.03 9.5 5.4 335 Upper Plate GC6071 234.3/70 566.9 576.6 8.1 12.7 0.01 6.1 2.8 371 Upper Plate GC6077 245.7/56.9 620.0 622.5 1.9 21.6 0.01 2.2 1.1 378 Upper Plate GC6077 245.7/56.9 640.0 641.0 0.8 25.3 0.02 23.6 10.0 378 Upper Plate GC6082 249.4/44.8 703.2 722.9 16.8 2.7 0.09 5.0 3.0 356 Upper Plate GC6089 254.4/53.1 641.4 645.6 3.5 32.9 0.02 2.5 1.2 358 Upper Plate GC6089 254.4/53.1 671.1 674.8 3.3 10.4 0.03 10.3 5.7 382 Upper Plate GC6093 255.6/65.5 597.5 599.0 1.3 27.1 0.02 13.4 4.8 384 Upper Plate GC6098 265.3/81.7 506.7 512.0 5.2 38.3 0.05 3.2 1.5 349 Upper Plate GC6104 263.1/67 541.0 549.5 7.4 51.0 0.03 4.2 2.0 351 Upper Plate GC6104 263.1/67 577.5 579.6 1.7 26.0 0.01 12.1 7.2 380 Upper Plate GC6108 257.2/58.5 575.0 577.8 2.3 15.7 0.00 1.0 0.4 354 Upper Plate GC6108 257.2/58.5 587.0 591.7 3.9 26.8 0.02 3.2 1.7 354 Upper Plate GC6108 257.2/58.5 622.0 623.5 1.2 19.7 0.01 14.7 5.6 379 Upper Plate GC6122 281/65.2 584.5 600.0 15.1 14.6 0.01 1.3 0.6 391 Upper Plate GC6123 291.7/71.4 570.7 571.8 1.1 46.1 0.03 5.5 2.7 391 Upper Plate GC6129 275.8/66.5 82.0 90.0 7.3 11.7 0.03 3.4 1.8 92 Upper Plate GC6129 275.8/66.5 245.0 246.3 1.3 13.3 0.03 1.2 0.6 365 Upper Plate GC6129 275.8/66.5 260.0 283.4 23.1 9.9 0.03 7.8 2.4 251 Upper Plate GC6134 264.6/21.5 301.3 309.4 7.0 14.7 0.05 5.4 2.9 135 Upper Plate GC6134 264.6/21.5 316.4 330.8 12.5 9.8 0.03 3.9 2.1 135 Upper Plate GC6135 1.5/79.5 336.5 340.8 4.3 4.6 0.00 9.2 3.5 265 Upper Plate GC6135 1.5/79.5 423.7 424.8 1.1 9.3 0.02 4.5 2.1 265 Upper Plate GC6135 1.5/79.5 480.3 482.2 1.7 17.0 0.01 1.5 0.8 333 Upper Plate GC6139 347/74.1 513.5 521.0 7.4 16.4 0.00 5.1 2.5 272 Upper Plate GC6140 231.6/41.8 329.0 330.8 1.1 2.5 0.00 7.7 5.5 227 Upper Plate GC6148 86.2/53.9 62.6 77.6 7.5 5.4 0.07 5.2 3.0 150 Upper Plate GC6148 86.2/53.9 149.8 152.0 1.1 64.3 0.11 2.9 1.6 150 Upper Plate GC6148 86.2/53.9 170.4 180.6 5.1 32.1 0.04 3.6 1.7 176 Upper Plate GC6148 86.2/53.9 243.8 245.9 1.1 24.5 0.01 9.6 4.2 204 Upper Plate GC6148 86.2/53.9 270.0 272.5 1.3 15.8 0.01 7.8 1.4 228 Upper Plate GC6148 86.2/53.9 366.6 368.6 2.0 0.4 0.28 0.2 0.1 304 West GC6035 53/-16.6 492.8 502.0 8.9 8.3 0.05 5.0 1.8 -635 West GC6053 71.1/-3.2 605.0 610.0 3.7 7.3 0.17 8.7 3.8 -470 West GC6060 50.9/-7.6 541.5 549.0 6.5 5.3 0.04 15.7 1.9 -538 West GC6067 86.1/-16.1 532.5 558.8 21.1 4.4 0.10 25.4 5.2 -587 Surface Exploration East Exploration PS0442 91/-90 84.0 104.0 18.5 13.4 0.63 29.6 7.5 1036 East Exploration PS0442 91/-90 123.5 127.0 3.2 21.5 0.40 9.2 2.4 1013 East Exploration PS0445 358.7/-79 67.0 104.1 35.0 10.4 0.17 6.9 1.5 1037 East Exploration PS0446 44.8/-56.6 138.8 143.0 2.5 4.7 0.14 7.8 2.2 1018 East Exploration PS0446 44.8/-56.6 154.0 157.7 2.3 7.0 0.31 15.9 2.9 1005 East Exploration PS0447 188.6/-69.3 155.0 165.0 9.2 16.5 0.26 3.3 1.5 985 East Exploration PS0447 188.6/-69.3 243.0 249.5 6.3 13.5 0.24 10.1 2.8 905 East Exploration PS0448 146.6/-55.5 132.0 175.0 39.9 7.5 0.24 22.3 4.9 996 East Exploration PS0450 123.2/-53.1 161.0 168.0 6.9 3.7 0.02 12.9 6.6 912 East Exploration PS0452 99.9/-77.9 68.0 86.0 13.8 15.9 0.04 4.5 2.0 -859 East Exploration PS0452 99.9/-77.9 158.0 160.0 0.7 1.7 0.28 0.1 0.0 -859 East Exploration PS0453 150.1/-66.4 197.0 201.7 3.0 9.5 0.06 3.9 1.6 -859 East Exploration PS0455 152/-54.3 218.5 228.0 7.5 4.3 0.03 11.3 6.4 921 Upper Plate Exploration PS0441 171.6/-71.8 292.5 295.0 1.5 5.7 0.01 8.7 3.9 -859 Upper Plate Exploration PS0443 208.6/-62 336.5 345.7 8.1 7.0 0.03 12.7 4.3 388 Upper Plate Exploration PS0449 221/-51 386.4 411.2 24.5 10.5 0.02 4.9 2.3 912 Upper Plate Exploration PS0461 294.5/-48 345.0 351.0 5.7 19.7 0.01 1.0 0.4 419 Upper Plate Exploration PS0461 294.5/-48 371.0 372.2 1.2 1.0 0.00 10.0 5.6 397 View source version on businesswire.com: https://www.businesswire.com/news/home/20231106209510/en/Contacts Anvita M. Patil Vice President - Investor Relations and Treasurer Cheryl Turner Communications Coordinator 800-HECLA91 (800-432-5291) Investor Relations Email: hmc-info@hecla.com Website: http://www.hecla.co 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 2023 Results By: Hecla Mining Company via Business Wire November 06, 2023 at 18:19 PM EST For The Period Ended: September 30, 2023 Hecla Mining Company (NYSE:HL) today announced third quarter 2023 operating and financial results. THIRD QUARTER HIGHLIGHTS Operational Produced 3.5 million ounces of silver and 11.4 million ounces year to date ("YTD"). Continued ramping up Keno Hill, producing 0.7 million ounces of silver. Casa Berardi began to transition to an open pit only operation, producing 24,259 ounces of gold, with total cost of sales of $56.8 million and an All-in Sustaining Cost ("AISC") per gold ounce of $1,695.4 Lucky Friday on track to resume operations at the beginning of 2024. Gold production guidance reiterated, with gold cash cost guidance lowered. Greens Creek silver production guidance increased, offset by lower anticipated production at Keno Hill; consolidated silver cost guidance affirmed. Financial Sales of $181.9 million, with 38% from silver and 36% from gold. Consolidated silver total cost of sales of $90.7 million and cash cost and AISC per silver ounce (each after by-product credits) of $3.31 and $11.39, respectively.3,4 Cash flow from operations of $10.2 million; $74.6 million YTD; with Greens Creek generating $36.1 million in cash flow from operations for the quarter and $122.7 million YTD. Greens Creek generated $28.3 million in free cash flow for the quarter, $101.7 million YTD.2 Net loss applicable to common stockholders of ($22.6) million or ($0.04) per share and adjusted net loss applicable to common stockholders of ($3.5) million or ($0.01) per share.5 Strategic Recognition of Hecla's innovation with the U.S. patent for the Underhand Closed Bench (UCB) mining method and the 2023 NIOSH Mine Safety and Health Technology Metals Sector Innovation Award. Completed the acquisition of ATAC Resources, adding a massive land package of over 700 square miles comprised of the Rackla and Connaught properties in the Yukon. All-Injury Frequency Rate of 1.34, 28% lower than the national average. "Greens Creek reported another strong quarter and has generated over $100 million in free cash flow for the first nine months, our plans for returning Lucky Friday to production in early 2024 are well underway, and we are pleased with the start of the transition to an open pit only operation at Casa Berardi," said Phillips S. Baker Jr., President and CEO. "While exploration drilling at Keno Hill has yielded encouraging results and we expect to increase our reserves and resources, the production ramp-up has been slowed due to key mine infrastructure projects that are just now being completed. However, more importantly, safety performance at Keno Hill has been below Hecla’s standards, and we are assessing our safety processes and mining practices to set the mine up for long term success." Baker continued, "Hecla is already the largest silver producer in the U.S. and will be Canada's largest when Keno Hill achieves full production. Hecla is the fastest-growing established silver producer, and we expect to produce up to 20 million ounces of silver by 2025. Because silver is a key component in solar power generation, which is the fastest growing source of renewable energy, Hecla will be a direct contributor to the energy transition." FINANCIAL OVERVIEW In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization. In Thousands unless stated otherwise 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 FINANCIAL AND PRODUCTION SUMMARY Sales $ 181,906 $ 178,131 $ 199,500 $ 194,825 $ 146,339 $ 559,537 $ 524,080 Total cost of sales $ 148,429 $ 140,472 $ 164,552 $ 169,807 $ 137,892 $ 453,453 $ 432,941 Gross profit $ 33,477 $ 37,659 $ 34,948 $ 25,018 $ 8,447 $ 106,084 $ 91,139 Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (3,311 ) $ (4,590 ) $ (23,664 ) $ (41,696 ) $ (33,310 ) Basic loss per common share (in dollars) $ (0.04 ) $ (0.03 ) $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.07 ) $ (0.06 ) Adjusted EBITDA1 $ 46,251 $ 67,740 $ 61,903 $ 62,261 $ 26,555 $ 175,894 $ 155,230 Total Debt $ 616,246 $ 551,841 Net Debt to Adjusted EBITDA1 2.2 1.9 Cash provided by operating activities $ 10,235 $ 23,777 $ 40,603 $ 36,120 $ (24,322 ) $ 74,615 $ 53,770 Capital Additions $ (55,354 ) $ (51,468 ) $ (54,443 ) $ (56,140 ) $ (37,430 ) $ (161,265 ) $ (93,237 ) Free Cash Flow2 $ (45,119 ) $ (27,691 ) $ (13,840 ) $ (20,020 ) $ (61,752 ) $ (86,650 ) $ (39,467 ) Silver ounces produced 3,533,704 3,832,559 4,040,969 3,663,433 3,549,392 11,407,232 10,525,917 Silver payable ounces sold 3,142,227 3,360,694 3,604,494 3,756,701 2,479,724 10,107,415 8,554,894 Gold ounces produced 39,269 35,251 39,571 43,634 44,747 114,091 132,173 Gold payable ounces sold 36,792 31,961 39,619 40,097 40,443 108,372 125,721 Cash Costs and AISC, each after by-product credits Silver cash costs per ounce 3 $ 3.31 $ 3.32 $ 2.14 $ 4.79 $ 3.43 $ 2.86 $ 1.11 Silver AISC per ounce 4 $ 11.39 $ 11.63 $ 8.96 $ 13.98 $ 12.93 $ 10.52 $ 9.49 Gold cash costs per ounce 3 $ 1,475 $ 1,658 $ 1,775 $ 1,696 $ 1,349 $ 1,635 $ 1,409 Gold AISC per ounce 4 $ 1,695 $ 2,147 $ 2,392 $ 2,075 $ 1,669 $ 2,075 $ 1,678 Realized Prices Silver, $/ounce $ 23.71 $ 23.67 $ 22.62 $ 22.03 $ 18.30 $ 23.28 $ 21.25 Gold, $/ounce $ 1,908 $ 1,969 $ 1,902 $ 1,757 $ 1,713 $ 1,921 $ 1,817 Lead, $/pound $ 1.07 $ 0.99 $ 1.02 $ 1.05 $ 0.95 $ 1.02 $ 0.98 Zinc, $/pound $ 1.52 $ 1.13 $ 1.39 $ 1.24 $ 1.23 $ 1.34 $ 1.47 Sales in the third quarter increased by 2% to $181.9 million from the second quarter of 2023 ("prior quarter") due to higher realized prices for silver, lead and zinc, and higher gold sales volumes, partially offset by lower realized gold prices and lower sales volumes of silver, lead, and zinc, reflecting the temporary suspension of production at Lucky Friday beginning in August due to a fire in the secondary escapeway and subsequent rehabilitation activities. Gross profit decreased to $33.5 million, a decrease of 11% over the prior quarter, primarily due to higher depreciation, depletion and amortization at Casa Berardi based on the expectation that underground mining will be completed by mid-2024. Net loss applicable to common stockholders for the quarter was ($22.6) million, an increase over the prior quarter primarily related to: Ramp-up and suspension costs increased by $4.7 million, reflecting the impact of the Lucky Friday suspension, and the ramp-up of Keno Hill, partially offset by Casa Berardi resuming production following a 21-day suspension in June due to the Quebec wildfires. Exploration and pre-development expenditures increased by $6.8 million due to increased activity during the summer season. Other operating expense of $1.6 million, compared to other operating income of $4.3 million, which included the receipt of $5.9 million from an insurance settlement in the prior quarter. Fair value adjustments increased the net loss by $3.8 million due to unrealized losses on our derivative contracts not designated as accounting hedges for $5.2 million, partially offset by unrealized gains on our marketable equity securities portfolio of $1.4 million. The above items were partly offset by: A foreign exchange gain of $4.2 million, compared to a loss of $3.9 million, reflecting the impact of the U.S. dollar appreciation on Canadian dollar denominated monetary assets and liabilities. An income and mining tax benefit of $1.5 million compared to an expense of $5.2 million based on taxable losses in Canada. Consolidated silver total cost of sales in the third quarter decreased by 6% to $90.7 million from the prior quarter, primarily due to lower concentrate tons sold from Lucky Friday. Cash costs and AISC per silver ounce, each after by-product credits, were $3.31 and $11.39, respectively which only include costs of Greens Creek for August and September.3,4 Consolidated cash costs per ounce were unchanged from the prior quarter as Greens Creek cash costs per ounce were higher due to lower gold by-product credits (attributable to lower production and realized prices), which were offset by lower costs at Lucky Friday due to suspension of operations. Consolidated AISC per silver ounce after by-product credits was further impacted by higher planned sustaining capital spending.3,4 Consolidated gold total cost of sales increased by 32% to $57.8 million in the third quarter due to two factors. In the prior quarter, Casa Berardi operations were suspended due to the Quebec wildfires. In this quarter, depreciation, depletion and amortization expense is accelerated, reflecting the anticipation of underground mining being completed in mid-2024. Cash costs and AISC per gold ounce, each after by-product credits, were $1,475 and $1,695, respectively.3,4 The decrease in cash costs per ounce was attributable to higher gold production at Casa Berardi, with AISC also impacted by lower sustaining capital spend. Adjusted EBITDA for the third quarter decreased to $46.3 million compared to $67.7 million in the prior quarter due to suspension of operations at Lucky Friday and higher exploration and pre-development expenses. The prior quarter was favorably impacted by the monetization of zinc hedges, which realized gross proceeds of $7.6 million. Cash and cash equivalents at the end of the third quarter were $100.7 million and included $80 million drawn on the revolving credit facility. In the third quarter, the ratio of net debt to Adjusted EBITDA increased over the prior quarter from 2.1 to 2.2. With the ongoing ramp-up at Keno Hill, and Lucky Friday operations expected to be suspended for the remainder of 2023, the Company expects the net debt to Adjusted EBITDA ratio to remain above the Company's target of 2.0 for the remainder of 2023.1 Cash provided by operating activities was $10.2 million and decreased by $13.5 million over the prior quarter, primarily due to the suspension of production at Lucky Friday. Capital expenditures, net of finance leases, were $55.4 million in the third quarter, compared to $51.5 million in the prior quarter. Capital spend at Casa Berardi was $16.2 million, primarily for tailings construction activities and mobile equipment purchases for the open pit operations. The increase in Greens Creek's capital spend was related to the timing of equipment purchases and surface projects, with the increase in Lucky Friday's capital spend also impacted by the timing of equipment purchases, the service hoist and coarse ore bunker projects, and the rehabilitation and mitigation work related to the #2 shaft. Keno Hill capital spend was $11.5 million and increased over the prior quarter due to increased spend on mine infrastructure projects, mobile equipment purchases, and modifications related to the secondary crusher as the mine continues to ramp-up. Free cash flow for the quarter was negative $45.1 million, compared to negative $27.7 million in the prior quarter. The decrease in free cash flow was attributable to the Lucky Friday suspension and higher capital spend.2 Forward Sales Contracts for Base Metals and Foreign Currency The Company uses financially settled forward sales contracts to manage exposures to zinc and lead price changes in forecasted concentrate shipments. On September 30, 2023, the Company had contracts covering approximately 42% of the forecasted payable lead production from 2023 - 2025 at an average price of $0.98 per pound. The Company also manages Canadian dollar ("CAD") exposure through forward contracts. On September 30, 2023, the Company had hedged approximately 61% of forecasted Casa Berardi and Keno Hill CAD denominated direct production costs through 2026 at an average CAD/USD rate of 1.36. The Company has also hedged approximately 28% of Casa Berardi and Keno Hill CAD denominated total capital expenditures through 2026 at 1.35. OPERATIONS OVERVIEW Greens Creek Mine - Alaska Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 GREENS CREEK Tons of ore processed 228,978 232,465 233,167 230,225 229,975 694,610 651,220 Total production cost per ton $ 200.30 $ 194.94 $ 198.60 $ 211.29 $ 185.34 $ 197.94 $ 191.58 Ore grade milled - Silver (oz./ton) 13.1 12.8 14.4 13.1 13.6 13.4 13.8 Ore grade milled - Gold (oz./ton) 0.09 0.10 0.08 0.08 0.07 0.09 0.07 Ore grade milled - Lead (%) 2.5 2.5 2.6 2.6 2.4 2.6 2.7 Ore grade milled - Zinc (%) 6.5 6.5 6.0 6.7 6.3 6.3 6.7 Silver produced (oz.) 2,343,192 2,355,674 2,772,859 2,433,275 2,468,280 7,471,725 7,308,660 Gold produced (oz.) 15,010 16,351 14,884 12,989 11,412 46,245 35,227 Lead produced (tons) 4,740 4,726 5,202 4,985 4,428 14,668 14,495 Zinc produced (tons) 13,224 13,255 12,482 13,842 12,580 38,961 38,470 Sales $ 96,459 $ 95,891 $ 98,611 $ 95,374 $ 60,875 $ 290,961 $ 239,688 Total cost of sales $ (60,322 ) $ (63,054 ) $ (66,288 ) $ (70,075 ) $ (52,502 ) $ (189,664 ) $ (162,644 ) Gross profit $ 36,137 $ 32,837 $ 32,323 $ 25,299 $ 8,373 $ 101,297 $ 77,044 Cash flow from operations $ 36,101 $ 43,302 $ 43,346 $ 44,769 $ 7,749 $ 122,749 $ 105,852 Exploration $ 4,283 $ 1,760 $ 448 $ 1,050 $ 3,776 $ 6,491 $ 4,870 Capital additions $ (12,060 ) $ (8,828 ) $ (6,658 ) $ (12,150 ) $ (6,988 ) $ (27,546 ) $ (24,748 ) Free cash flow 2 $ 28,324 $ 36,234 $ 37,136 $ 33,669 $ 4,537 $ 101,694 $ 85,974 Cash cost per ounce, after by-product credits 3 $ 3.04 $ 1.33 $ 1.16 $ 4.26 $ 2.65 $ 1.81 $ (0.49 ) AISC per ounce, after by-product credits 4 $ 8.18 $ 5.34 $ 3.82 $ 8.61 $ 7.07 $ 5.67 $ 4.02 Greens Creek produced 2.3 million ounces of silver in the third quarter, same as the prior quarter. Gold production decreased by 8% to 15,010 ounces due to lower grades; zinc and lead production was consistent with the prior quarter. Sales in the third quarter were $96.5 million, in line with the prior quarter as higher realized prices for lead (realized silver price was unchanged) were offset by lower sales volumes of all metals except zinc. Total cost of sales were $60.3 million, a decrease of 4% over the prior quarter primarily due to lower sales volumes. Cash costs and AISC per silver ounce, each after by-product credits, were $3.04 and $8.18 and increased over the prior quarter due to lower gold by-product credits and slightly higher production costs as higher maintenance and contractor costs were partially offset by lower fuel costs. Increased AISC per silver ounce after by-product credits was attributable to higher sustaining capital spend of $11.3 million ($8.7 million in prior quarter) due to timing of equipment purchases and surface projects.3,4 Cash flow from operations was $36.1 million, a decrease of $7.2 million due to unfavorable working capital changes in the current quarter. Capital spend was $12.1 million during the quarter, an increase of $3.2 million over the prior quarter due to the timing of equipment purchases and seasonal construction projects. Free cash flow for the quarter was $28.3 million, a decrease over the prior quarter due to higher exploration and planned capital spend. Greens Creek has generated $101.7 million in free cash flow for the first nine months of the year.2 The Company is increasing silver production guidance for the mine to 9.8 – 10 million ounces. Cash cost and AISC per ounce (each after by-product credits) guidance for the mine is also increased due to lower than expected zinc and gold production attributable to lower grades due to mine sequencing in the second half of the year. Further details related to guidance are discussed in the Guidance section of the release. Lucky Friday Mine - Idaho Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 LUCKY FRIDAY Tons of ore processed 36,619 94,043 95,303 90,935 90,749 225,965 265,971 Total production cost per ton $ 191.81 $ 248.65 $ 210.72 $ 232.73 $ 207.10 $ 223.44 $ 220.41 Ore grade milled - Silver (oz./ton) 13.6 14.3 13.8 14.0 12.5 14.0 12.7 Ore grade milled - Lead (%) 8.6 9.1 8.8 9.1 8.5 8.9 8.5 Ore grade milled - Zinc (%) 3.5 4.2 4.1 4.1 4.2 4.1 3.9 Silver produced (oz.) 475,414 1,286,666 1,262,464 1,224,199 1,074,230 3,024,544 3,188,565 Lead produced (tons) 2,957 8,180 8,034 7,934 7,172 19,171 21,299 Zinc produced (tons) 1,159 3,338 3,313 3,335 3,279 7,810 9,101 Sales $ 21,409 $ 42,648 $ 49,110 $ 45,434 $ 28,460 $ 113,167 $ 102,380 Total cost of sales $ (14,344 ) $ (32,190 ) $ (34,534 ) $ (32,819 ) $ (24,166 ) $ (81,068 ) $ (83,779 ) Gross profit $ 7,065 $ 10,458 $ 14,576 $ 12,615 $ 4,294 $ 32,099 $ 18,601 Cash flow from operations $ 515 $ 18,893 $ 46,132 $ (7,437 ) $ 11,624 $ 65,540 $ 45,250 Capital additions $ (15,494 ) $ (16,317 ) $ (14,707 ) $ (13,714 ) $ (16,125 ) $ (46,518 ) $ (37,278 ) Free cash flow 2 $ (14,979 ) $ 2,576 $ 31,425 $ (21,151 ) $ (4,501 ) $ 19,022 $ 7,972 Cash cost per ounce, after by-product credits 3 $ 4.74 $ 6.96 $ 4.30 $ 5.82 $ 5.23 $ 5.51 $ 4.77 AISC per ounce, after by-product credits 4 $ 10.63 $ 14.24 $ 10.69 $ 12.88 $ 15.98 $ 12.21 $ 12.86 Lucky Friday produced 0.5 million ounces of silver during the quarter before production was suspended in August. Sales for the quarter were $21.4 million, and the mine generated $0.5 million in cash flow from operations prior to suspension. Costs of $12.0 million were incurred during the remainder of the quarter and are included in ramp-up and suspension costs on the consolidated statement of operations. Capital expenditures for the quarter were $15.5 million, major projects were the coarse ore bunker, which allows a stockpile of ore to be stored on surface, mobile equipment purchases, the service hoist project, and rehabilitation of the secondary escapeway (#2 shaft). The service hoist and the coarse ore bunker projects are complete. In August, the Company reported a fire in the secondary escapeway (#2 shaft), which is also used as an exhaust ventilation airway for the mine. The fire was extinguished but damaged the bottom of the shaft. Mitigation plans to bring the mine back into production include developing a new secondary escapeway ramp of 1,600 feet and a 290-foot vertical ladderway to bypass the damaged portion of the secondary escapeway. A vent bypass raise of 850 feet will also be developed to replace the lost ventilation. Capital spend on mitigation plans is expected to be $8-$12 million in the fourth quarter. As of the date of the release, 35% of ramp development and 10% of the escapeway raise was complete. The Company is increasing the capital guidance for the mine to reflect the mitigation plans, details are discussed in the Guidance section below. Lucky Friday production is suspended for the remainder of 2023 while the new secondary escapeway is completed but the suspension is not expected to materially impact 2024 production. The Company has property and business interruption insurance coverage with an underground sublimit of $50 million. Casa Berardi - Quebec Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 CASA BERARDI Tons of ore processed - underground 112,544 94,124 110,245 160,150 162,215 316,913 500,400 Tons of ore processed - open pit 231,075 224,580 318,909 250,883 227,726 774,564 677,309 Tons of ore processed - total 343,619 318,704 429,154 411,033 389,941 1,091,477 1,177,709 Open pit tons mined - ore and waste 3,574,391 2,461,196 2,136,993 2,657,638 2,822,906 8,172,580 6,864,657 Total production cost per ton $ 103.75 $ 97.69 $ 107.95 $ 125.75 $ 114.52 $ 103.63 $ 115.15 Ore grade milled - Gold (oz./ton) - underground 0.13 0.14 0.13 0.15 0.15 0.13 0.17 Ore grade milled - Gold (oz./ton) - open pit 0.06 0.04 0.05 0.05 0.06 0.05 0.06 Ore grade milled - Gold (oz./ton) - combined 0.08 0.07 0.07 0.09 0.10 0.07 0.09 Gold produced (oz.) - underground 12,416 10,226 11,788 20,365 22,181 34,430 64,421 Gold produced (oz.) - open pit 11,843 8,675 12,898 10,344 11,154 33,416 32,460 Gold produced (oz.) - total 24,259 18,901 24,686 30,709 33,335 67,846 96,881 Silver produced (oz.) - total 5,084 5,956 5,645 5,960 6,882 16,685 22,329 Sales $ 46,912 $ 36,946 $ 50,998 $ 53,458 $ 56,939 $ 134,856 $ 181,679 Total cost of sales $ (56,822 ) $ (42,576 ) $ (62,998 ) $ (65,328 ) $ (59,532 ) $ (162,396 ) $ (183,570 ) Gross (loss) profit $ (9,910 ) $ (5,630 ) $ (12,000 ) $ (11,870 ) $ (2,593 ) $ (27,540 ) $ (1,891 ) Cash flow from operations $ 7,877 $ (8,148 ) $ (684 ) $ 10,188 $ 8,721 $ (955 ) $ 24,227 Exploration $ 1,482 $ 1,107 $ 1,054 $ 1,637 $ 2,624 $ 3,643 $ 6,600 Capital additions $ (16,225 ) $ (20,816 ) $ (17,086 ) $ (12,995 ) $ (10,771 ) $ (54,127 ) $ (26,672 ) Free cash flow 2 $ (6,866 ) $ (27,857 ) $ (16,716 ) $ (1,170 ) $ 574 $ (51,439 ) $ 4,155 Cash cost per ounce, after by-product credits 3 $ 1,475 $ 1,658 $ 1,775 $ 1,696 $ 1,349 $ 1,635 $ 1,409 AISC per ounce, after by-product credits 4 $ 1,695 $ 2,147 $ 2,392 $ 2,075 $ 1,669 $ 2,075 $ 1,678 Casa Berardi produced 24,259 ounces of gold in the third quarter, an increase of 28% over the prior quarter. The increase was due to the prior quarter being negatively impacted by the wildfire-related road closures. The mill operated at an average of 3,735 tpd during the third quarter compared to 4,600 tpd during the first two months of the prior quarter. The lower throughput in the third quarter is primarily attributable to planned mill maintenance shutdowns. Open pit tons moved during the quarter set a record as the first phase of the in-house equipment fleet was commissioned. Sales were $46.9 million, a 27% increase over the prior quarter due to higher production. Cost of sales were $56.8 million, 33% higher compared to the prior quarter, attributable to higher production, and an increase in non-cash depreciation, depletion and amortization expense due to amortizing the underground mine assets over a shorter useful life. Cash costs and AISC per gold ounce, each after by-product credits, were $1,475 and $1,695 respectively and decreased over the prior quarter as higher production offset the higher production costs for a full quarter. AISC was further favorably impacted by planned lower sustaining capital spend. 3,4 Cash flow from operations was $7.9 million, an increase of $16.0 million over the prior quarter due to higher sales volumes and lower per unit costs. Capital spend for the quarter was $16.2 million with $5.1 million and $11.1 million in sustaining and non-sustaining capital spend, respectively. Non-sustaining capital was primarily related to certain construction costs for tailings facilities. Free cash flow for the quarter was negative $6.9 million and improved compared to negative free cash flow in the prior quarter of $27.9 million due to higher cash flow from operations and lower capital spending.2 The Company is lowering the cash cost per ounce guidance for Casa Berardi to reflect the capitalization of certain costs related to the construction of tailings facilities. Further details related to guidance are discussed in the Guidance section of the release. Keno Hill - Yukon Territory Keno Hill continued ramping up production in the third quarter, producing 710,012 ounces of silver. Throughput in the quarter averaged 268 tpd with silver grades of 33 ounces per ton. Tonnage mined was constrained by delays in infrastructure construction which has impacted development rates. Key underground infrastructure projects include the shotcrete plant, which is now complete, and the cemented rockfill plant, which is expected to be completed at the end of November. With the delay in major construction projects, camp facilities at the mine were constrained, which was also a factor in the slower ramp-up of the mine. Modifications to the secondary crushing circuit are substantially complete, and commissioning is underway. The changes are expected to increase crusher availability and efficiency. Capital spend during the quarter was $11.5 million for underground and surface infrastructure, mine development and equipment purchases. All-Injury Frequency Rate at the mine trended higher during the quarter and was higher than the Company's standards. An assessment is being made to determine steps necessary to improve safety procedures and evaluate current mining practices, so production guidance is reduced to 1.6-1.8 million ounces of silver. Further details related to guidance are discussed in the Guidance section. EXPLORATION AND PRE-DEVELOPMENT Exploration and pre-development expenses totaled $13.7 million for the third quarter of 2023 and $25.5 million YTD. Exploration activities during the quarter primarily focused on surface and underground exploration drilling at Greens Creek, Keno Hill, Casa Berardi, and Aurora. Keno Hill, Yukon Territory At Keno Hill, the underground definition and surface exploration drilling programs are focused on extending mineralization, resource conversion in the high-grade Bermingham Bear Zone Veins (Bear, Footwall, and Main Vein Zones), and defining new mineral resources. During the third quarter, two underground drills completed over 13,000 feet of definition and geotechnical drilling, and two surface core drills completed over 23,000 feet of exploration drilling targeting the Bermingham, Bermingham Townsite, Hector-Calumet Chance, and Coral Wigwam target areas. Bermingham underground definition and exploration drilling on the Bear Zone is extending mineralization to the northeast outside of the current reserve shapes and down-dip on the three mineralized veins reserve shapes. The northeast drilling is expanding high-grade silver mineralization with the discovery of a new high-grade mineralized shoot outside of the current planned stopes which is also open at depth along plunge. Downdip drilling continues to confirm wide and high-grade silver mineralization within the planned stopes and outside of the planned stopes in the area between the veins where strong stockwork mineralization occurs near their intersection. Assay highlights include (reported widths are estimates of true width): Bear Vein: 162.8 oz/ton silver, 6.8% lead, and 0.6% zinc over 6.7 feet Bear Vein: 59.4 oz/ton silver, 2.4% lead, and 1.2% zinc over 17.2 feet Includes: 279.8 oz/ton silver, 10.4% lead, and 3.3% zinc over 3.4 feet Bear Vein: 29.2 oz/ton silver, 1.5% lead, and 1.2% zinc over 10.9 feet Footwall Vein: 36.1 oz/ton silver, 2.3% lead, and 1.9% zinc over 36.0 feet Includes: 107.0 oz/ton silver, 7.2% lead, and 1.1% zinc over 9.7 feet Footwall Vein: 56.2 oz/ton silver, 4.1% lead, and 3.3% zinc over 17.2 feet Includes: 111.1 oz/ton silver, 4.1% lead, and 8.7% zinc over 5.5 feet Footwall Vein: 74.8 oz/ton silver, 8.8% lead, and 11.2% zinc over 7.6 feet Includes: 107.6 oz/ton silver, 12.7% lead, and 8.9% zinc over 5.3 feet Main Vein: 23.8 oz/ton silver, 2.1% lead, and 0.7% zinc over 7.2 feet High-grade silver mineralization has been intersected in both the steep and shallow plunging targets of the Bermingham Townsite Zones and is open for expansion and continues to confirm the exploration potential within the district. Assay highlights include (reported widths are estimates of true width): Townsite Shallow Plunge: 29.8 oz/ton silver, 1.0% lead, and 5.3% zinc over 4.6 feet Townsite Steep Plunge: 41.2 oz/ton silver, 7.0% lead, and 2.6% zinc over 6.1 feet Townsite Steep Plunge: 100.4 oz/ton silver, 22.8% lead, and 1.3% zinc over 3.6 feet An initial core-hole testing for continuity of the Deep Bermingham vein system intersected mineralized veining 1,050 feet below the existing resource (assays pending). In addition, the favorable Basal Quartzite host stratigraphy was shown to extend a minimum of 350 feet below this where the hole was ended, or 2,850 feet below surface and indicates that significant potential for expansion exists below the current Bermingham resource. Greens Creek, Alaska At Greens Creek, drilling has expanded mineralization both from surface and underground. Four underground drills completed over 43,000 feet of drilling in 109 holes focused on resource conversion and exploration that extends mineralization of known resources. Additionally, two helicopter supported drills completed over 11,900 feet of drilling in 21 holes which extended Upper Plate and East ore zones. Underground drilling completed three drillholes in the 5250 zone to extend mineralization in the upper portion of zone spanning 150 feet of strike length. Only one hole has assay results which shows two zones of ore grade mineralization that should expand mineralization. The other two drillholes intersected very thick sequences of mineralized white ore and massive sulfide ore lithologies above the modeled resource and, though assays are pending, these drillholes should expand mineralization in the zone. Highlights from the one hole include: 20.9 oz/ton silver, 0.08 oz/ton gold, 8.2% zinc, and 2.1% lead over 19.0 feet 11.5 oz/ton silver, 0.10 oz/ton gold, 20.4% zinc, and 6.1% lead over 19.6 feet Surface exploration drilling targeted gaps and margins in the upper part of the East Zone resource in addition to initial follow up drilling on historic drill intercepts. Drilling occurred over a strike length of 1,650 feet and assay results received to date indicate expansion of mineralization in those areas drilled. Highlights from this drilling include: 13.4 oz/ton silver, 0.63 oz/ton gold, 29.6% zinc, and 7.5% lead over 18.5 feet 7.5 oz/ton silver, 0.24 oz/ton gold, 22.3% zinc, and 4.9% lead over 39.9 feet Underground drilling targeted the northern, central, and eastern portion of the Upper Plate zone, targeting mineralization for upgrading and expanding resources over 900 feet of strike length. Surface exploration drilling targeted the western extensions of the Upper Plate resource along strike, the northern extensions up-dip, and the southern extensions down-dip of the current resource. Initial drilling results to date indicate that drilling is upgrading and expanding mineralization in the Upper Plate Zone. Highlights from this drilling include: 51.0 oz/ton silver, 0.03 oz/ton gold, 4.2% zinc and 2.0% lead over 7.4 feet 9.9 oz/ton silver, 0.03 oz/ton gold, 7.8% zinc and 2.4% lead over 23.1 feet 10.5 oz/ton silver, 0.02 oz/ton gold, 4.9% zinc and 2.3% lead over 24.5 feet Detailed complete drill assay highlights can be found in Table A at the end of the release. DIVIDENDS Common Stock The Board of Directors declared a quarterly cash dividend of $0.00625 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.0025 per share for the silver-linked component. The common stock dividend is payable on or about December 7, 2023, to stockholders of record on November 24, 2023. The third quarter realized silver price was $23.71 per ounce, satisfying the criterion for the Company’s common stock silver-linked dividend policy component. Preferred Stock The Board of Directors declared a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 2, 2024, to stockholders of record on December 15, 2023. 2023 GUIDANCE 6 The Company has revised its annual silver production and cost guidance as below. There is no change to gold production guidance. Silver production for Greens Creek is increased to reflect the higher YTD silver production at the mine. Keno Hill silver production guidance is lowered to incorporate the delays to mine infrastructure and initiatives to improve mine safety. Consolidated silver production guidance also reflects the suspension of operations at the Lucky Friday mine for the remainder of the year. Three-year silver and gold production outlook remains unchanged. 2023 Production Outlook Guidance and Three Year Outlook Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz) Gold Equivalent (Koz) Previous Current Current Previous Current Previous Current 2023 Greens Creek * 9.0 - 9.5 9.8 - 10.0 55 - 65 21.5 - 22.5 22.0 - 23.0 255 - 270 265 - 277 2023 Lucky Friday * 3.0 3.0 N/A 5.5 5.5 65 65 2023 Casa Berardi N/A N/A 85 - 95 7.0 - 8.0 7.0 - 8.0 85 - 95 85 - 95 2023 Keno Hill* 2.5 - 3.0 1.6 - 1.8 N/A 2.5 - 3.0 1.5 - 2.0 35 - 40 23 - 26 2023 Total 14.5 - 15.5 14.4 - 14.8 140 - 160 36.5 - 39.0 36.0 - 38.5 440 - 470 438 - 463 2024 Total 17.5 - 18.5 17.5 - 18.5 105 - 125 38.5 - 41.5 38.5 - 41.5 465 - 505 465 - 505 2025 Total 18.5 - 20.0 18.5 - 20.0 100 - 115 38.0 - 41.0 38.0 - 41.0 460 - 495 460 - 495 * Equivalent ounces include Lead and Zinc production 2023 Cost Guidance At Greens Creek, guidance for cash costs and AISC, per silver ounce (net of by-products) has increased primarily to reflect lower zinc and gold production compared to planned production in the second half of the year with the decrease primarily attributable to lower than expected grades due to mine sequencing. With the suspension of operations at Lucky Friday for the remainder of the year, cash costs and AISC, per silver ounce (net of by-product credits) reflect the actual costs incurred for the first seven months of the year. At Casa Berardi, decrease in cash costs per gold ounce, after by-product credits, guidance is primarily due to the capitalization of construction costs related to tailings facilities. Costs of Sales (million) Cash cost, after by-product credits, per silver/gold ounce3 AISC, after by-product credits, per produced silver/gold ounce4 Previous Current Previous Current Previous Current Greens Creek 245 250 $0.00 - $0.50 $1.00 - $1.25 $5.25 - $5.75 $5.75 - $6.25 Lucky Friday 131 80 $5.51 $5.51 $12.21 $12.21 Keno Hill 40 34 $11.00 - $13.50 $12.75 - $15.75 $12.25 - $14.75 $13.50 - $16.75 Total Silver 416 364 $3.00 - $4.00 $3.00 - $4.00 $10.25 - $11.50 $10.25 - $11.50 Casa Berardi 215 215 $1,750 - $1,950 $1,600 - $1,800 $2,000 - $2,250 $2,000 - $2,250 2023 Capital, Exploration, Ramp-up, and Suspension Costs Guidance Consolidated capital and exploration guidance is unchanged. The table below includes suspension cost guidance for Lucky Friday. (millions) Previous Current Sustaining Growth Capital expenditures $225 - $235 $225 - $235 $114 - $119 $111 - $116 Greens Creek $47 - $50 $47 - $50 $43 - $45 $4 - $5 Lucky Friday $59 - $62 $59 - $62 $34 - $36 $25 - $26 Casa Berardi $72 - $74 $72 - $74 $36 - $37 $36 - $37 Keno Hill $47 - $49 $47 - $49 $0.5 - $1 $46.5 - $48 Keno Hill Ramp Up Costs $13 $18 Lucky Friday Suspension Costs -- $25 Exploration and Pre-development $32.5 $32.5 CONFERENCE CALL AND WEBCAST A conference call and webcast will be held on Tuesday, November 7, at 10:00 a.m. Eastern Time to discuss these results. We recommend that you dial in at least 10 minutes before the call commencement. 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 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/780742330 or www.hecla.com under Investors. VIRTUAL INVESTOR EVENT Hecla will be holding a Virtual Investor Event on Tuesday, November 7, from 12:00 p.m. to 2:00 p.m. Eastern Time. Hecla invites shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management to discuss Financial, Exploration, Operations, ESG 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.com or 208-769-4100. One-on-One meeting URL: https://calendly.com/2023-nov-vie ABOUT HECLA Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. NOTES Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release. (1) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income (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. (2) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital additions. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Casa Berardi operating segments excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance. Capital expenditures refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases. (3) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of total cost of sales, can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines - to compare performance with that of other silver mining companies, 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. (4) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits. Prior year presentation has been adjusted to conform with current year presentation. (5) Adjusted 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) applicable to common stockholders is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) applicable to common stockholders 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) applicable to common stockholders per common share provides investors with the ability to better evaluate our underlying operating performance. Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Other (6) Expectations for 2023 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi converted using Au $1,800/oz, Ag $22/oz, Zn $1.15/lb, and Pb 0.90$/lb, for equivalent ounce calculations and Au $1,950/oz, Ag $24.50/oz, Zn $1.10/lb, and Pb 1.00$/lb, for by-product credit calculations. Numbers are rounded. Cautionary Statement Regarding Forward Looking Statements, Including 2023 Outlook This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as “may”, “will”, “should”, “expects”, “intends”, “projects”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements may include, without limitation: (i) Lucky Friday will resume operations by the beginning of 2024; (ii) Ongoing mitigation plans at Lucky Friday will be completed as planned and will cost $8-$12 million, and are not expected to impact 2024 production; (iii) the Company's property insurance policy is expected to cover the majority of expenses (net of deductibles) related to property damage and business interruption at the Lucky Friday; (iv) Greens Creek will achieve throughput of 2,600 tpd by the fourth quarter; (v) Keno Hill's cemented rockfill plant will be completed by end of November; (vi) Modifications to secondary crushing unit at Keno Hill will increase crusher availability and efficiency; (vii) Exploration drilling at Keno Hill will increase reserves and resources at the mine; (viii) Underground mining at Casa Berardi will be completed by mid-2024; (ix) the Company will achieve silver production of 20 million ounces by 2025; (ix) the Company will be Canada's largest silver producer once Keno Hill achieves full production, and will play a pivotal role in producing renewable energy; (x) Net debt to Adjusted EBITDA ratio will remain above the Company's target of 2.00 for the remainder of 2023; and (xi) mine-specific and Company-wide 2023 estimates of future production (and for 2024 and 2025), sales and total cost 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 2023. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to Company plans for 2023 and beyond due to COVID-19 or any other public health issue, including, but not limited to with respect to availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include, but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; (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) we take a material impairment charge on any of our assets; and (xi) inflation causes our costs to rise more than we currently expect. For a more detailed discussion of such risks and other factors, see the Company’s (i) 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 17, 2023. 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 presentation, 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 2022 Annual Report on Form 10-K 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 Loss (dollars and shares in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2023 September 30, 2022 Sales $ 181,906 $ 178,131 $ 559,537 $ 524,080 Cost of sales and other direct production costs 112,212 107,754 345,516 326,579 Depreciation, depletion and amortization 36,217 32,718 107,937 106,362 Total cost of sales 148,429 140,472 453,453 432,941 Gross profit 33,477 37,659 106,084 91,139 Other operating expenses: General and administrative 7,596 10,783 30,449 28,989 Exploration and pre-development 13,686 6,893 25,546 39,136 Ramp-up and suspension costs 21,025 16,323 48,684 16,539 Provision for closed operations and environmental matters 2,256 3,111 6,411 4,154 Other operating expense (income) 1,555 (4,262 ) (2,729 ) 5,310 46,118 32,848 108,361 94,128 (Loss) income from operations (12,641 ) 4,811 (2,277 ) (2,989 ) Other (expense) income: Interest expense (10,710 ) (10,311 ) (31,186 ) (31,785 ) Fair value adjustments, net (6,397 ) (2,558 ) (5,774 ) (14,703 ) Foreign exchange gain (loss) 4,176 (3,850 ) 434 8,111 Other income 1,657 1,376 4,425 4,828 (11,274 ) (15,343 ) (32,101 ) (33,549 ) Loss before income and mining taxes (23,915 ) (10,532 ) (34,378 ) (36,538 ) Income and mining tax benefit (expense) 1,500 (5,162 ) (6,904 ) 3,642 Net loss (22,415 ) (15,694 ) (41,282 ) (32,896 ) Preferred stock dividends (138 ) (138 ) (414 ) (414 ) Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (41,696 ) $ (33,310 ) Basic and diluted loss per common share after preferred dividends (in cents) $ (0.04 ) $ (0.03 ) $ (0.07 ) $ (0.06 ) Weighted average number of common shares outstanding basic 607,896 604,088 604,028 544,000 Weighted average number of common shares outstanding diluted 607,896 604,088 604,028 544,000 HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2023 September 30, 2022 OPERATING ACTIVITIES Net loss $ (22,415 ) $ (15,694 ) $ (41,282 ) $ (32,896 ) Non-cash elements included in net income (loss): Depreciation, depletion and amortization 37,095 34,718 111,705 106,743 Inventory adjustments 8,814 2,997 16,332 2,159 Fair value adjustments, net 6,397 2,558 5,774 3,486 Provision for reclamation and closure costs 2,477 3,634 7,805 4,789 Stock compensation 2,434 1,498 5,122 4,298 Deferred income taxes (3,790 ) 4,027 795 (17,828 ) Foreign exchange (gain) loss (4,241 ) 6,025 (434 ) (8,353 ) Other non-cash items, net 50 1,388 1,624 2,454 Change in assets and liabilities: Accounts receivable (3,544 ) 13,087 25,020 34,788 Inventories (6,218 ) (8,882 ) (24,339 ) (19,472 ) Other current and non-current assets 18 (5,207 ) (15,045 ) (3,420 ) Accounts payable, accrued and other current liabilities (2,532 ) 9,447 (2,389 ) (21,708 ) Accrued payroll and related benefits (1,701 ) (14,248 ) (11,244 ) 1,679 Accrued taxes (923 ) (2,311 ) (1,008 ) (2,652 ) Accrued reclamation and closure costs and other non-current liabilities (1,686 ) (9,260 ) (3,821 ) (297 ) Cash provided by operating activities 10,235 23,777 74,615 53,770 INVESTING ACTIVITIES Additions to properties, plants, equipment and mineral interests (55,354 ) (51,468 ) (161,265 ) (93,237 ) Proceeds from sale or exchange of investments — — — 9,375 Proceeds from disposition of properties, plants, equipment and mineral interests 80 80 160 748 Purchases of investments (1,753 ) — (1,753 ) (30,540 ) Acquisition, net — — — 8,952 Pre-acquisition advance to Alexco — — — (25,000 ) Changes in restricted cash and investment balances — — — 2,011 Net cash used in investing activities (57,027 ) (51,388 ) (162,858 ) (127,691 ) FINANCING ACTIVITIES Proceeds from issuance of stock, net of related costs — 14,003 25,888 4,542 Acquisition of treasury shares — (1,554 ) (2,036 ) (3,677 ) Borrowing of debt 63,000 43,000 119,000 25,000 Repayment of debt (14,000 ) (12,000 ) (39,000 ) — Dividends paid to common and preferred stockholders (3,947 ) (3,917 ) (11,755 ) (10,549 ) Credit facility feed paid — 0 — (517 ) Repayments of finance leases (3,225 ) (2,301 ) (7,990 ) (5,222 ) Net cash provided by (used in) financing activities 41,828 37,231 84,107 9,577 Effect of exchange rates on cash (1,140 ) 1,046 77 (804 ) Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (6,104 ) 10,666 (4,059 ) (65,148 ) Cash, cash equivalents and restricted cash at beginning of period 107,952 97,286 105,907 211,063 Cash, cash equivalents and restricted cash at end of period $ 101,848 $ 107,952 $ 101,848 $ 145,915 HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 100,685 $ 104,743 Accounts receivable 31,971 55,841 Inventories 97,348 90,672 Other current assets 18,410 16,471 Total current assets 248,414 267,727 Investments 16,594 24,018 Restricted cash 1,163 1,164 Properties, plants, equipment and mineral interests, net 2,648,309 2,569,790 Operating lease right-of-use assets 9,163 11,064 Deferred tax assets 3,349 21,105 Other non-current assets 34,164 32,304 Total assets $ 2,961,156 $ 2,927,172 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 87,148 $ 84,747 Accrued payroll and related benefits 22,671 37,579 Accrued taxes 3,064 4,030 Finance leases 11,293 9,483 Accrued reclamation and closure costs 10,352 8,591 Accrued interest 5,191 14,454 Other current liabilities 5,652 19,582 Total current liabilities 145,371 178,466 Accrued reclamation and closure costs 109,613 108,408 Long-term debt including finance leases 604,953 517,742 Deferred tax liability 109,293 125,846 Other non-current liabilities 14,156 17,743 Total liabilities 983,386 948,205 STOCKHOLDERS’ EQUITY Preferred stock 39 39 Common stock 154,355 151,819 Capital surplus 2,311,266 2,260,290 Accumulated deficit (456,968 ) (403,931 ) Accumulated other comprehensive income, net 2,812 2,448 Treasury stock (33,734 ) (31,698 ) Total stockholders’ equity 1,977,770 1,978,967 Total liabilities and stockholders’ equity $ 2,961,156 $ 2,927,172 Common shares outstanding 617,768 607,620 Non-GAAP Measures (Unaudited) Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP) The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three months and six months ended September 30, 2023 and 2022, the three months ended June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 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. We use AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure we report, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies, and aggregating Casa Berardi and Nevada Operations for comparison with 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 reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies. In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. 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 and 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, their 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. In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday(2) Corporate and other(3) Total Silver Total cost of sales $ 60,322 $ 14,344 $ 16,001 $ — $ 90,667 $ 63,054 $ 32,190 $ 1,581 $ — $ 96,825 $ 189,664 $ 81,068 $ 17,582 $ — $ 288,314 $ 162,644 $ 83,779 $ — $ 246,423 Depreciation, depletion and amortization (11,015 ) (4,306 ) (1,948 ) — (17,269 ) (13,078 ) (8,979 ) (261 ) — (22,318 ) (38,557 ) (23,741 ) (2,209 ) — (64,507 ) (35,354 ) (24,155 ) — (59,509 ) Treatment costs 10,369 1,368 1,033 — 12,770 10,376 4,187 113 — 14,676 31,114 10,832 1,146 — 43,092 27,369 13,271 — 40,640 Change in product inventory 377 (2,450 ) — — (2,073 ) (1,242 ) 1,546 — — 304 (2,479 ) (3,313 ) — — (5,792 ) 9,899 2,620 — 12,519 Reclamation and other costs (348 ) (168 ) — — (516 ) 263 (250 ) — — 13 (214 ) (826 ) — — (1,040 ) (1,988 ) (769 ) — (2,757 ) Exclusion of Lucky Friday cash costs (8) — (20 ) — — (20 ) — — — — — - (20 ) — — (20 ) — — — — Exclusion of Keno Hill cash costs (6) — — (15,086 ) — (15,086 ) — — (1,433 ) — (1,433 ) - - (16,519 ) — (16,519 ) — — — — Cash Cost, Before By-product Credits (1) 59,705 8,768 — — 68,473 59,373 28,694 — — 88,067 179,528 64,000 — — 243,528 162,570 74,746 — 237,316 Reclamation and other costs 722 101 — — 823 722 285 — — 1,007 2,166 671 — — 2,837 2,115 846 — 2,961 Sustaining capital 11,330 7,386 — 237 18,953 8,714 9,081 — 688 18,483 26,686 24,251 — 831 51,768 30,843 24,937 334 56,114 Exclusion of Lucky Friday sustaining costs (8) — (4,934 ) — — (4,934 ) — — — — — — (4,934 ) — — (4,934 ) — — — — General and administrative — — — 7,596 7,596 — — — 10,783 10,783 — — — 30,449 30,449 — — 28,989 28,989 AISC, Before By-product Credits (1) 71,757 11,321 — 7,833 90,911 68,809 38,060 — 11,471 118,340 208,380 83,988 — 31,280 323,648 195,528 100,529 29,323 325,380 By-product credits: Zinc (20,027 ) (2,019 ) — — (22,046 ) (20,923 ) (5,448 ) — — (26,371 ) (64,955 ) (14,284 ) — — (79,239 ) (87,723 ) (21,358 ) — (109,081 ) Gold (25,344 ) — — — (25,344 ) (28,458 ) — — — (28,458 ) (79,089 ) - — — (79,089 ) (55,966 ) — — (55,966 ) Lead (7,201 ) (5,368 ) — — (12,569 ) (6,860 ) (14,287 ) — — (21,147 ) (22,002 ) (33,953 ) — — (55,955 ) (22,449 ) (38,175 ) — (60,624 ) Exclusion of Lucky Friday byproduct credits (8) — 676 — — 676 — — — — — — 676 — — 676 — — — — Total By-product credits (52,572 ) (6,711 ) — — (59,283 ) (56,241 ) (19,735 ) — — (75,976 ) (166,046 ) (47,561 ) — — (213,607 ) (166,138 ) (59,533 ) — (225,671 ) Cash Cost, After By-product Credits $ 7,133 $ 2,057 $ — $ — $ 9,190 $ 3,132 $ 8,959 $ — $ — $ 12,091 $ 13,482 $ 16,439 $ — $ — $ 29,921 $ (3,568 ) $ 15,213 $ — $ 11,645 AISC, After By-product Credits $ 19,185 $ 4,610 $ — $ 7,833 $ 31,628 $ 12,568 $ 18,325 $ — $ 11,471 $ 42,364 $ 42,334 $ 36,427 $ — $ 31,280 $ 110,041 $ 29,390 $ 40,996 $ 29,323 $ 99,709 Ounces produced 2,343 475 2,818 2,356 1,287 3,642 7,472 3,025 10,497 7,309 3,189 10,498 Exclusion of Lucky Friday ounces produced (8) — (41 ) (41 ) — 0 — — (41 ) (41 ) — 0 — Divided by ounces produced 2,343 434 2,777 2,356 1,287 3,642 7,472 2,984 10,456 7,309 3,189 10,498 Cash Cost, Before By-product Credits, per Silver Ounce $ 25.48 $ 20.20 $ 24.66 $ 25.20 $ 22.30 $ 24.18 $ 24.03 $ 21.45 $ 23.29 $ 22.24 $ 23.44 $ 22.61 By-product credits per ounce (22.44 ) (15.46 ) (21.35 ) (23.87 ) (15.34 ) (20.86 ) (22.22 ) (15.94 ) (20.43 ) (22.73 ) (18.67 ) (21.50 ) Cash Cost, After By-product Credits, per Silver Ounce $ 3.04 $ 4.74 $ 3.31 $ 1.33 $ 6.96 $ 3.32 $ 1.81 $ 5.51 $ 2.86 $ (0.49 ) $ 4.77 $ 1.11 AISC, Before By-product Credits, per Silver Ounce $ 30.62 $ 26.09 $ 32.74 $ 29.21 $ 29.58 $ 32.49 $ 27.89 $ 28.15 $ 30.95 $ 26.75 $ 31.53 $ 30.99 By-product credits per ounce (22.44 ) (15.46 ) (21.35 ) (23.87 ) (15.34 ) (20.86 ) (22.22 ) (15.94 ) (20.43 ) (22.73 ) (18.67 ) (21.50 ) AISC, After By-product Credits, per Silver Ounce $ 8.18 $ 10.63 $ 11.39 $ 5.34 $ 14.24 $ 11.63 $ 5.67 $ 12.21 $ 10.52 $ 4.02 $ 12.86 $ 9.49 In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Total Gold Total cost of sales $ 56,822 $ 940 $ 57,762 $ 42,576 $ 1,071 $ 43,647 $ 162,396 $ 2,743 $ 165,139 $ 183,570 $ 183,570 Depreciation, depletion and amortization (18,980 ) 32 (18,948 ) (10,272 ) (127 ) (10,399 ) (43,288 ) (142 ) (43,430 ) (46,394 ) (46,394 ) Treatment costs 254 — 254 351 — 351 1,072 — 1,072 1,345 1,345 Change in product inventory (1,977 ) — (1,977 ) (951 ) — (951 ) (5,345 ) — (5,345 ) (936 ) (936 ) Reclamation and other costs (219 ) — (219 ) (219 ) — (219 ) (655 ) — (655 ) (623 ) (623 ) Exclusion of Casa Berardi cash costs (3) — — — — — — (2,851 ) — (2,851 ) — — Exclusion of Nevada and Other costs — (972 ) (972 ) — (944 ) (944 ) — (2,601 ) (2,601 ) — — Cash Cost, Before By-product Credits (1) 35,900 — 35,900 31,485 — 31,485 111,329 — 111,329 136,962 136,962 Reclamation and other costs 219 — 219 219 — 219 655 — 655 623 623 Sustaining capital 5,133 — 5,133 9,025 — 9,025 29,175 — 29,175 25,587 25,587 AISC, Before By-product Credits (1) 41,252 — 41,252 40,729 — 40,729 141,159 — 141,159 163,172 163,172 By-product credits: Silver (119 ) — (119 ) (144 ) (144 ) (390 ) — (390 ) (485 ) (485 ) Total By-product credits (119 ) — (119 ) (144 ) — (144 ) (390 ) — (390 ) (485 ) (485 ) Cash Cost, After By-product Credits $ 35,781 $ — $ 35,781 $ 31,341 $ — $ 31,341 $ 110,939 $ — $ 110,939 $ 136,477 $ 136,477 AISC, After By-product Credits $ 41,133 $ — $ 41,133 $ 40,585 $ — $ 40,585 $ 140,769 $ — $ 140,769 $ 162,687 $ 162,687 Divided by gold ounces produced 24 — 24 19 — 19 68 — 68 97 97 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,480 $ — $ 1,480 $ 1,666 $ — $ 1,666 $ 1,641 $ — $ 1,641 $ 1,415 $ 1,415 By-product credits per ounce (5 ) — (5 ) (8 ) — (8 ) (6 ) — (6 ) (6 ) (6 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,475 $ — $ 1,475 $ 1,658 $ — $ 1,658 $ 1,635 $ — $ 1,635 $ 1,409 $ 1,409 AISC, Before By-product Credits, per Gold Ounce $ 1,700 $ — $ 1,700 $ 2,155 $ — $ 2,155 $ 2,081 $ — $ 2,081 $ 1,684 $ 1,684 By-product credits per ounce (5 ) — (5 ) (8 ) — (8 ) (6 ) — (6 ) (6 ) (6 ) AISC, After By-product Credits, per Gold Ounce $ 1,695 $ — $ 1,695 $ 2,147 $ — $ 2,147 $ 2,075 $ — $ 2,075 $ 1,678 $ 1,678 In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 90,667 $ 57,762 $ 148,429 $ 96,825 $ 43,647 $ 140,472 $ 288,314 $ 165,139 $ 453,453 $ 246,423 $ 183,570 $ 429,993 Depreciation, depletion and amortization (17,269 ) (18,948 ) (36,217 ) (22,318 ) (10,399 ) (32,717 ) (64,507 ) (43,430 ) (107,937 ) (59,509 ) (46,394 ) (105,903 ) Treatment costs 12,770 254 13,024 14,676 351 15,027 43,092 1,072 44,164 40,640 1,345 41,985 Change in product inventory (2,073 ) (1,977 ) (4,050 ) 304 (951 ) (647 ) (5,792 ) (5,345 ) (11,137 ) 12,519 (936 ) 11,583 Reclamation and other costs (516 ) (219 ) (735 ) 13 (219 ) (206 ) (1,040 ) (655 ) (1,695 ) (2,757 ) (623 ) (3,380 ) Exclusion of Lucky Friday cash costs (8) (20 ) — (20 ) — — — (20 ) — (20 ) — — — Exclusion of Keno Hill cash costs (6) (15,086 ) — (15,086 ) (1,433 ) — (1,433 ) (16,519 ) — (16,519 ) — — — Exclusion of Casa Berardi cash costs (3) — — — — — — — (2,851 ) (2,851 ) — — — Exclusion of Nevada and Other costs — (972 ) (972 ) — (944 ) (944 ) — (2,601 ) (2,601 ) — — — Cash Cost, Before By-product Credits (1) 68,473 35,900 104,373 88,067 31,485 119,552 243,528 111,329 354,857 237,316 136,962 374,278 Reclamation and other costs 823 219 1,042 1,007 219 1,226 2,837 655 3,492 2,961 623 3,584 Sustaining capital 18,953 5,133 24,086 18,483 9,025 27,508 51,768 29,175 80,943 56,114 25,587 81,701 Exclusion of Lucky Friday sustaining costs (8) (4,934 ) — (4,934 ) — — — (4,934 ) — (4,934 ) — — — General and administrative 7,596 — 7,596 10,783 — 10,783 30,449 — 30,449 28,989 — 28,989 AISC, Before By-product Credits (1) 90,911 41,252 132,163 118,340 40,729 159,069 323,648 141,159 464,807 325,380 163,172 488,552 By-product credits: Zinc (22,046 ) — (22,046 ) (26,371 ) — (26,371 ) (79,239 ) — (79,239 ) (109,081 ) — (109,081 ) Gold (25,344 ) — (25,344 ) (28,458 ) — (28,458 ) (79,089 ) — (79,089 ) (55,966 ) — (55,966 ) Lead (12,569 ) — (12,569 ) (21,147 ) — (21,147 ) (55,955 ) — (55,955 ) (60,624 ) — (60,624 ) Silver — (119 ) (119 ) — (144 ) (144 ) — (390 ) (390 ) — (485 ) (485 ) Exclusion of Lucky Friday by-product credits (8) 676 — 676 — — — 676 — 676 — — — Total By-product credits (59,283 ) (119 ) (59,402 ) (75,976 ) (144 ) (76,120 ) (213,607 ) (390 ) (213,997 ) (225,671 ) (485 ) (226,156 ) Cash Cost, After By-product Credits $ 9,190 $ 35,781 $ 44,971 $ 12,091 $ 31,341 $ 43,432 $ 29,921 $ 110,939 $ 140,860 $ 11,645 $ 136,477 $ 148,122 AISC, After By-product Credits $ 31,628 $ 41,133 $ 72,761 $ 42,364 $ 40,585 $ 82,949 $ 110,041 $ 140,769 $ 250,810 $ 99,709 $ 162,687 $ 262,396 Ounces produced 2,818 24 3,642 19 10,497 68 10,498 97 Exclusion of Lucky Friday ounces produced (8) (41 ) — — — (41 ) — — — Divided by ounces produced 2,777 24 3,642 19 10,456 68 10,498 97 Cash Cost, Before By-product Credits, per Ounce $ 24.66 $ 1,480 $ 24.18 $ 1,666 $ 23.29 $ 1,641 $ 22.61 $ 1,415 By-product credits per ounce (21.35 ) (5 ) (20.86 ) (8 ) (20.43 ) (6 ) (21.50 ) (6 ) Cash Cost, After By-product Credits, per Ounce $ 3.31 $ 1,475 $ 3.32 $ 1,658 $ 2.86 $ 1,635 $ 1.11 $ 1,409 AISC, Before By-product Credits, per Ounce $ 32.74 $ 1,700 $ 32.49 $ 2,155 $ 30.95 $ 2,081 $ 30.99 $ 1,684 By-product credits per ounce (21.35 ) (5 ) (20.86 ) (8 ) (20.43 ) (6 ) (21.50 ) (6 ) AISC, After By-product Credits, per Ounce $ 11.39 1,695 $ 11.63 2,147 $ 10.52 2,075 $ 9.49 1,678 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Greens Creek Lucky Friday Corporate (2) Total Silver Greens Creek Lucky Friday Corporate (2) Total Silver Greens Creek Lucky Friday Corporate (2) Total Silver Total cost of sales $ 66,288 $ 34,534 $ — $ 100,822 $ 70,074 $ 32,819 $ — $ 102,893 $ 52,502 $ 24,164 $ — $ 76,666 Depreciation, depletion and amortization (14,464 ) (10,456 ) — (24,920 ) (13,557 ) (9,549 ) — (23,106 ) (10,305 ) (7,261 ) — (17,566 ) Treatment costs 10,369 5,276 — 15,645 10,467 5,334 — 15,801 9,477 4,791 — 14,268 Change in product inventory (1,614 ) (2,409 ) — (4,023 ) (4,014 ) (571 ) — (4,585 ) 4,464 3,022 — 7,486 Reclamation and other costs (129 ) (408 ) — (537 ) 499 (265 ) — 234 (118 ) (152 ) — (270 ) Cash Cost, Before By-product Credits (1) 60,450 26,537 — 86,987 63,469 27,768 — 91,237 56,020 24,564 — 80,584 Reclamation and other costs 722 285 — 1,007 706 282 — 988 705 282 — 987 Sustaining capital 6,641 7,784 — 14,425 9,862 8,369 — 18,231 10,219 11,264 187 21,670 General and administrative — — 12,070 12,070 — — 14,395 14,395 — — 11,003 11,003 AISC, Before By-product Credits (1) 67,813 34,606 12,070 114,489 74,037 36,419 14,395 124,851 66,944 36,110 11,190 114,244 By-product credits: Zinc (24,005 ) (6,816 ) — (30,821 ) (26,112 ) (6,249 ) — (32,361 ) (26,244 ) (7,155 ) — (33,399 ) Gold (25,286 ) — — (25,286 ) (19,630 ) — — (19,630 ) (17,019 ) — — (17,019 ) Lead (7,942 ) (14,299 ) — (22,241 ) (7,351 ) (14,392 ) — (21,743 ) (6,212 ) (11,796 ) — (18,008 ) Total By-product credits (57,233 ) (21,115 ) — (78,348 ) (53,093 ) (20,641 ) — (73,734 ) (49,475 ) (18,951 ) — (68,426 ) Cash Cost, After By-product Credits $ 3,217 $ 5,422 $ — $ 8,639 $ 10,376 $ 7,127 $ — $ 17,503 $ 6,545 $ 5,613 $ — $ 12,158 AISC, After By-product Credits $ 10,580 $ 13,491 $ 12,070 $ 36,141 $ 20,944 $ 15,778 $ 14,395 $ 51,117 $ 17,469 $ 17,159 $ 11,190 $ 45,818 Divided by ounces produced 2,773 1,262 4,035 2,433 1,224 3,657 2,469 1,075 3,544 Cash Cost, Before By-product Credits, per Silver Ounce $ 21.80 $ 21.03 $ 21.56 $ 26.08 $ 22.68 $ 24.95 $ 22.69 $ 22.87 $ 22.74 By-product credits per ounce (20.64 ) (16.73 ) (19.42 ) (21.82 ) (16.86 ) (20.16 ) (20.04 ) (17.64 ) (19.31 ) Cash Cost, After By-product Credits, per Silver Ounce $ 1.16 $ 4.30 $ 2.14 $ 4.26 $ 5.82 $ 4.79 $ 2.65 $ 5.23 $ 3.43 AISC, Before By-product Credits, per Silver Ounce $ 24.46 $ 27.42 $ 28.38 $ 30.43 $ 29.74 $ 34.14 $ 27.11 $ 33.62 $ 32.24 By-product credits per ounce (20.64 ) (16.73 ) (19.42 ) (21.82 ) (16.86 ) (20.16 ) (20.04 ) (17.64 ) (19.31 ) AISC, After By-product Credits, per Silver Ounce $ 3.83 $ 10.69 $ 8.96 $ 8.61 $ 12.88 $ 13.98 $ 7.07 $ 15.98 $ 12.93 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Total Gold Casa Berardi Total Gold Total cost of sales $ 62,998 $ 732 $ 63,730 $ 65,328 $ 65,328 $ 59,532 $ 59,532 Depreciation, depletion and amortization (14,036 ) (47 ) (14,083 ) (14,568 ) (14,568 ) (15,089 ) (15,089 ) Treatment costs 467 — 467 521 521 429 429 Change in product inventory (2,417 ) — (2,417 ) 1,122 1,122 420 420 Reclamation and other costs (217 ) — (217 ) (196 ) (196 ) (203 ) (203 ) Exclusion of Casa Berardi cash costs (2,851 ) — (2,851 ) — — — — Exclusion of Nevada and Other costs — (685 ) (685 ) — — — — Cash Cost, Before By-product Credits (1) 43,944 — 43,944 52,207 52,207 45,089 45,089 Reclamation and other costs 217 — 217 196 196 204 204 Sustaining capital 15,015 — 15,015 11,438 11,438 10,457 10,457 AISC, Before By-product Credits (1) 59,176 — 59,176 63,841 63,841 55,750 55,750 By-product credits: Silver (127 ) — (127 ) (124 ) (124 ) (131 ) (131 ) Total By-product credits (127 ) — (127 ) (124 ) (124 ) (131 ) (131 ) Cash Cost, After By-product Credits $ 43,817 $ — $ 43,817 $ 52,083 $ 52,083 $ 44,958 $ 44,958 AISC, After By-product Credits $ 59,049 $ — $ 59,049 $ 63,717 $ 63,717 $ 55,619 $ 55,619 Divided by gold ounces produced 25 — 25 31 31 33 33 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,780 $ — $ 1,780 $ 1,700 $ 1,700 $ 1,353 $ 1,353 By-product credits per ounce (5 ) — (5 ) (4 ) (4 ) (4 ) (4 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,775 $ — $ 1,775 $ 1,696 $ 1,696 $ 1,349 $ 1,349 AISC, Before By-product Credits, per Gold Ounce $ 2,397 $ — $ 2,397 $ 2,079 $ 2,079 $ 1,673 $ 1,673 By-product credits per ounce (5 ) — (5 ) (4 ) (4 ) (4 ) (4 ) AISC, After By-product Credits, per Gold Ounce $ 2,392 $ — $ 2,392 $ 2,075 $ 2,075 $ 1,669 $ 1,669 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 100,822 $ 63,730 $ 164,552 $ 102,893 $ 65,328 $ 168,221 $ 76,666 $ 59,532 $ 136,198 Depreciation, depletion and amortization (24,920 ) (14,083 ) (39,003 ) (23,106 ) (14,568 ) (37,674 ) (17,566 ) (15,089 ) (32,655 ) Treatment costs 15,645 467 16,112 15,801 521 16,322 14,268 429 14,697 Change in product inventory (4,023 ) (2,417 ) (6,440 ) (4,585 ) 1,122 (3,463 ) 7,486 420 7,906 Reclamation and other costs (537 ) (217 ) (754 ) 234 (196 ) 38 (270 ) (203 ) (473 ) Exclusion of Casa Berardi cash costs — (2,851 ) (2,851 ) — — — — — — Exclusion of Nevada and Other costs — (685 ) (685 ) — 0 — — — — Cash Cost, Before By-product Credits (1) 86,987 43,944 130,931 91,237 52,207 143,444 80,584 45,089 125,673 Reclamation and other costs 1,007 217 1,224 988 196 1,184 987 204 1,191 Sustaining capital 14,425 15,015 29,440 18,231 11,438 29,669 21,670 10,457 32,127 General and administrative 12,070 — 12,070 14,395 14,395 11,003 — 11,003 AISC, Before By-product Credits (1) 114,489 59,176 173,665 124,851 63,841 188,692 114,244 55,750 169,994 By-product credits: Zinc (30,821 ) — (30,821 ) (32,361 ) — (32,361 ) (33,399 ) — (33,399 ) Gold (25,286 ) — (25,286 ) (19,630 ) — (19,630 ) (17,019 ) — (17,019 ) Lead (22,241 ) — (22,241 ) (21,743 ) — (21,743 ) (18,008 ) — (18,008 ) Silver — (127 ) (127 ) (124 ) (124 ) (131 ) (131 ) Total By-product credits (78,348 ) (127 ) (78,475 ) (73,734 ) (124 ) (73,858 ) (68,426 ) (131 ) (68,557 ) Cash Cost, After By-product Credits $ 8,639 $ 43,817 $ 52,456 $ 17,503 $ 52,083 $ 69,586 $ 12,158 $ 44,958 $ 57,116 AISC, After By-product Credits $ 36,141 $ 59,049 $ 95,190 $ 51,117 $ 63,717 $ 114,834 $ 45,818 $ 55,619 $ 101,437 Divided by ounces produced 4,035 25 3,657 31 3,544 33 Cash Cost, Before By-product Credits, per Ounce $ 21.56 $ 1,780 $ 24.95 1,700 $ 22.74 $ 1,353 By-product credits per ounce (19.42 ) (5 ) (20.16 ) (4 ) (19.31 ) (4 ) Cash Cost, After By-product Credits, per Ounce $ 2.14 $ 1,775 $ 4.79 $ 1,696 $ 3.43 $ 1,349 AISC, Before By-product Credits, per Ounce $ 28.38 $ 2,397 $ 34.14 $ 2,079 $ 32.24 $ 1,673 By-product credits per ounce (19.42 ) (5 ) (20.16 ) (4 ) (19.31 ) (4 ) AISC, After By-product Credits, per Ounce $ 8.96 $ 2,392 $ 13.98 $ 2,075 $ 12.93 $ 1,669 (1) Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. (2) AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital. (3) During the three months ended March 31, 2023, the Company completed the necessary studies to conclude usage of the F-160 pit as a tailings storage facility after mining is complete. As a result, a portion of the mining costs have been excluded from Cash Cost, Before By-product Credits and AISC, Before By-product Credits. (4) Other includes $0.9 million and $1.7 million of total cost of sales for the three and nine months ended September 30, 2023, respectively, and $0.1 million of total cost of sales for the three and nine months ended September 30, 2022, related to the environmental services business acquired as part of the Alexco acquisition. (5) Prior year presentation has been adjusted to conform with current year presentation to eliminate exploration costs from the calculation of AISC, Before By-product Credits as exploration is an activity directed at the Corporate level to find new mineral reserve and resource deposits, and therefore we believe it is inappropriate to include exploration costs in the calculation of AISC, Before By-product Credits for a specific mining operation. (6) Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. (7) Casa Berardi operations were suspended in June 2023 in response to the directive of the Quebec Ministry of Natural Resources and Forests as a result of fires in the region. Suspension costs amounted to $nil and $2.2 million for the three and nine months ended September 30, 2023, respectively, and are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. (8) Lucky Friday operations were suspended in August 2023 following the underground fire in the #2 shaft secondary egress. The portion of cash costs, sustaining costs, by-product credits, and silver production incurred since the suspension are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. 2023 Guidance, Previous and Current Estimates: Reconciliation of Cost of Sales to Non-GAAP Measures In thousands (except per ounce amounts) Previous Estimate for Twelve Months Ended December 31, 2023 Greens Creek Lucky Friday Keno Hill Corporate(3) Total Silver Casa Berardi Total Gold Total cost of sales $ 245,000 $ 130,600 $ 40,000 $ — $ 415,600 $ 215,000 $ 215,000 Depreciation, depletion and amortization (46,000 ) (38,500 ) (6,800 ) — (91,300 ) (52,800 ) (52,800 ) Treatment costs 43,700 18,900 5,150 — 67,750 300 300 Change in product inventory (5,100 ) (2,500 ) 1,000 — (6,600 ) (1,300 ) (1,300 ) Reclamation and other costs 1,000 500 750 — 2,250 500 500 Cash Cost, Before By-product Credits (1) 238,600 109,000 40,100 — 387,700 161,700 161,700 Reclamation and other costs 2,800 1,100 — — 3,900 800 800 Sustaining capital 44,350 35,600 550 — 80,500 37,900 37,900 General and administrative — — — 44,000 44,000 — — AISC, Before By-product Credits (1) 285,750 145,700 40,650 44,000 516,100 200,400 200,400 By-product credits: Zinc (92,700 ) (26,300 ) (1,800 ) — (120,800 ) — — Gold (110,000 ) — — — (110,000 ) — — Lead (32,800 ) (62,100 ) (3,200 ) — (98,100 ) — — Silver — — — — — (600 ) (600 ) Total By-product credits (235,500 ) (88,400 ) (5,000 ) — (328,900 ) (600 ) (600 ) Cash Cost, After By-product Credits $ 3,100 $ 20,600 $ 35,100 $ — $ 58,800 $ 161,100 $ 161,100 AISC, After By-product Credits $ 50,250 $ 57,300 $ 35,650 $ 44,000 $ 187,200 $ 199,800 $ 199,800 Divided by silver ounces produced 9,250 4,750 2,750 16,750 90.0 90.0 Cash Cost, Before By-product Credits, per Silver Ounce $ 25.79 $ 22.95 $ 14.58 $ 23.15 $ 1,797 $ 1,797 By-product credits per silver ounce (25.46 ) (18.61 ) (1.82 ) (19.64 ) (7 ) (7 ) Cash Cost, After By-product Credits, per Silver Ounce $ 0.33 $ 4.34 $ 12.76 $ 3.51 $ 1,790 $ 1,790 AISC, Before By-product Credits, per Silver Ounce $ 30.89 $ 30.67 $ 14.78 $ 30.81 $ 2,227 $ 2,227 By-product credits per silver ounce (25.46 ) (18.61 ) (1.82 ) (19.64 ) (7 ) (7 ) AISC, After By-product Credits, per Silver Ounce $ 5.43 $ 12.06 $ 12.96 $ 11.17 $ 2,220 $ 2,220 In thousands (except per ounce amounts) Current Estimate for Twelve Months Ended December 31, 2023 Greens Creek Lucky Friday Keno Hill Corporate(2) Total Silver Casa Berardi Total Gold Total cost of sales $ 250,000 $ 80,000 $ 34,000 $ — $ 364,000 $ 215,000 $ 215,000 Exclusion of cash costs — (20 ) (21,800 ) — (21,820 ) (2,850 ) (2,850 ) Depreciation, depletion and amortization (51,500 ) (22,900 ) (4,000 ) — (78,400 ) (60,000 ) (60,000 ) Treatment costs 42,000 10,200 1,200 — 53,400 500 500 Change in product inventory (3,500 ) (4,755 ) (1,100 ) — (9,355 ) (1,550 ) (1,550 ) Reclamation and other costs 500 1,475 500 — 2,475 1,200 1,200 Cash Cost, Before By-product Credits (1) 237,500 64,000 8,800 — 310,300 152,300 152,300 Reclamation and other costs 2,900 770 — — 3,670 900 900 Sustaining capital 43,500 19,325 400 — 63,225 36,900 36,900 General and administrative — — — 44,000 44,000 — — AISC, Before By-product Credits (1) 283,900 84,095 9,200 44,000 421,195 190,100 190,100 By-product credits: Zinc (87,600 ) (14,000 ) (500 ) — (102,100 ) — — Gold (105,900 ) — — — (105,900 ) — — Lead (31,700 ) (33,475 ) (1,250 ) — (66,425 ) — — Silver — — — — — (500 ) (500 ) Total By-product credits (225,200 ) (47,475 ) (1,750 ) — (274,425 ) (500 ) (500 ) Cash Cost, After By-product Credits $ 12,300 $ 16,525 $ 7,050 $ — $ 35,875 $ 151,800 $ 151,800 AISC, After By-product Credits $ 58,700 $ 36,620 $ 7,450 $ 44,000 $ 146,770 $ 189,600 $ 189,600 Divided by silver ounces produced 9,900 3,000 500 13,400 90.0 90.0 Cash Cost, Before By-product Credits, per Silver Ounce $ 23.99 $ 21.34 $ 17.60 $ 23.16 $ 1,692 $ 1,692 By-product credits per silver ounce (22.75 ) (15.83 ) (3.50 ) (20.48 ) (6 ) (6 ) Cash Cost, After By-product Credits, per Silver Ounce $ 1.24 $ 5.51 $ 14.10 $ 2.68 $ 1,686 $ 1,686 AISC, Before By-product Credits, per Silver Ounce $ 28.68 $ 28.04 $ 18.40 $ 31.43 $ 2,112 $ 2,112 By-product credits per silver ounce (22.75 ) (15.83 ) (3.50 ) (20.48 ) (6 ) (6 ) AISC, After By-product Credits, per Silver Ounce $ 5.93 $ 12.21 $ 14.90 $ 10.95 $ 2,106 $ 2,106 (1) Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. (2) AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital. Reconciliation of Net 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 and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of properties, plants, equipment and mineral interests, foreign exchange gains and losses, fair value adjustments, net, interest and other income, provisions for environmental matters, stock-based compensation, provisional price gains and losses, monetization of zinc hedges and inventory adjustments. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net loss and debt to adjusted EBITDA and net debt: Dollars are in thousands 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 LTM September 30, 2023 Net loss $ (22,415 ) $ (15,694 ) $ (3,173 ) $ (4,452 ) $ (23,526 ) $ (45,734 ) Interest expense 10,710 10,311 10,165 11,008 10,874 42,194 Income and mining tax (benefit) expense (1,500 ) 5,162 3,242 (3,924 ) (9,527 ) 2,980 Depreciation, depletion and amortization 37,095 34,718 39,892 37,576 32,992 149,281 Ramp-up and suspension costs 21,025 16,323 11,336 7,575 5,092 56,259 (Gain) loss on disposition of properties, plants, equipment, and mineral interests (119 ) (75 ) — — 19 (194 ) Foreign exchange loss (gain) (4,176 ) 3,850 (108 ) 900 (5,667 ) 466 Fair value adjustments, net 6,397 2,558 (3,181 ) (9,985 ) 4,241 (4,211 ) Provisional price (gains) losses (8,064 ) (2,143 ) (2,093 ) (625 ) 6,625 (12,925 ) Provision for closed operations and environmental matters 2,256 3,111 1,044 3,741 1,781 10,152 Stock-based compensation 2,434 1,498 1,190 1,714 1,773 6,836 Inventory adjustments 8,814 2,997 4,521 487 1,405 16,819 Monetization of zinc hedges (5,582 ) 5,467 (579 ) 16,664 — 15,970 Other (624 ) (343 ) (355 ) 1,582 473 260 Adjusted EBITDA $ 46,251 $ 67,740 $ 61,901 $ 62,261 $ 26,555 $ 238,153 Total debt $ 616,246 Less: Cash and cash equivalents 100,685 Net debt $ 515,561 Net debt/LTM adjusted EBITDA (non-GAAP) 2.2 Reconciliation of Net Loss Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Shareholders (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 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (3,311 ) $ (4,590 ) $ (23,664 ) $ (41,696 ) $ (33,310 ) Adjusted for items below: Fair value adjustments, net 6,397 2,558 (3,181 ) (9,985 ) 4,241 $ 5,774 14,769 Provisional pricing (gains) losses (8,064 ) (2,143 ) (2,093 ) (625 ) 6,625 $ (12,300 ) 21,464 Environmental accruals 763 1,989 — 2,860 — $ 2,752 14 Foreign exchange loss (gain) (4,176 ) 3,850 (108 ) 900 (5,667 ) $ (434 ) (8,111 ) Ramp-up and suspension costs 21,025 16,323 11,336 7,575 5,092 $ 48,684 16,539 (Gain) loss on disposition of properties, plants, equipment and mineral interests (119 ) (75 ) — 0 19 $ (194 ) 16 Inventory adjustments 8,814 2,997 4,521 487 1,405 $ 16,332 2,159 Monetization of zinc hedges (5,582 ) 5,467 (579 ) 16,664 — $ (694 ) — Other — — — 939 — $ — — Adjusted income (loss) applicable to common stockholders $ (3,495 ) $ 15,134 $ 6,585 $ 14,225 $ (11,949 ) $ 18,224 $ 13,540 Weighted average shares - basic 607,896 604,088 600,075 596,959 554,531 604,028 544,000 Weighted average shares - diluted 607,896 604,088 600,075 596,959 554,531 604,028 544,000 Basic adjusted net income (loss) per common stock (in cents) (0.01 ) 0.03 0.01 0.02 (0.02 ) 0.03 0.02 Diluted adjusted net income (loss) per common stock (in cents) (0.01 ) 0.03 0.01 0.02 (0.02 ) 0.03 0.02 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, 2023 2022 2023 2022 Cash provided by operating activities $ 10,235 $ (24,322 ) $ 74,615 $ 53,770 Less: Additions to properties, plants equipment and mineral interests $ (55,354 ) $ (37,430 ) $ (161,265 ) $ (93,237 ) Free cash flow $ (45,119 ) $ (61,752 ) $ (86,650 ) $ (39,467 ) TABLE A Assay Results – Q3 2023 Keno Hill Zone Drillhole Number Drillhole Azm/Dip Sample From (feet) Sample To (feet) True Width (feet) Silver (oz/ton) Gold (oz/ton) Lead (%) Zinc (%) Depth From Surface (feet) Underground Bermingham Bear Vein BMUG23-053 116/-07 233.3 252.6 17.2 59.4 0.00 2.4 1.2 748 Bermingham Bear Vein Including 233.3 237.2 3.4 279.8 0.01 10.4 3.3 748 Bermingham Bear Vein BMUG23-054 116/-13 236.2 248.9 10.9 29.2 0.00 1.5 1.2 771 Bermingham Bear Vein Including 236.2 243.1 5.9 52.7 0.00 2.6 1.7 771 Bermingham Bear Vein BMUG23-056 116/25 253.3 255.9 2.2 16.2 0.00 3.3 1.3 597 Bermingham Bear Vein BMUG23-057 116/17 231.0 235.9 4.2 12.1 0.00 1.1 0.2 640 Bermingham Bear Vein BMUG23-058 113/14 229.7 233.9 3.7 1.6 0.00 0.2 0.1 653 Bermingham Bear Vein BMUG23-059 113/05 222.6 231.3 7.5 2.0 0.00 0.1 0.6 692 Bermingham Bear Vein BMUG23-060 106/-01 258.8 268.5 7.6 4.1 0.00 0.3 0.1 817 Bermingham Bear Vein BMUG23-062 106/20 247.8 252.7 3.8 4.8 0.00 0.5 0.8 627 Bermingham Bear Vein BMUG23-064 108/-21 288.1 289.8 1.2 26.3 0.00 0.1 1.1 817 Bermingham Bear Vein BMUG23-065 145/-10 152.6 157.1 3.3 27.4 0.01 3.9 2.1 873 Bermingham Bear Vein Including 154.2 155.3 0.8 87.2 0.01 11.5 3.5 873 Bermingham Bear Vein BMUG23-066 120/-25 274.1 276.7 1.3 12.6 0.00 0.5 4.7 843 Bermingham Bear Vein BMUG23-067A 116/-27 303.5 306.3 1.3 10.5 0.00 0.0 0.1 860 Bermingham Bear Vein BMUG23-068 145/03 135.5 136.3 0.7 65.3 0.01 1.2 0.1 827 Bermingham Bear Vein BMUG23-069 098/03 264.4 273.3 6.1 21.6 0.00 1.4 0.9 696 Bermingham Bear Vein Including 267.5 273.3 4.0 29.2 0.00 2.1 1.3 696 Bermingham Bear Vein BMUG23-070 140/-15 151.4 155.7 3.3 64.2 0.01 11.7 3.2 873 Bermingham Bear Vein Including 151.4 153.3 1.5 138.8 0.01 22.7 7.0 873 Bermingham Bear Vein BMUG23-071 098/-09 306.2 309.4 2.0 103.3 0.01 2.9 2.7 771 Bermingham Bear Vein Including 306.2 309.0 1.7 120.1 0.01 3.4 2.6 771 Bermingham Bear Vein BMUG23-073 098/-18 328.2 340.2 6.7 162.8 0.01 6.8 0.6 820 Bermingham Bear Vein Including 329.4 330.3 0.5 718.6 0.03 49.2 0.5 820 Bermingham Bear Vein Including 337.6 338.1 0.3 611.9 0.00 20.4 2.2 820 Bermingham Bear Vein BMUG23-076 095/20 335.5 347.9 6.6 19.6 0.00 0.4 0.6 712 Bermingham Bear Vein Including 335.5 339.6 2.2 54.1 0.00 0.8 1.4 712 Bermingham Bear Vein BMUG23-078 088/20 365.2 371.2 3.0 11.9 0.00 0.8 0.2 728 Bermingham Bear Vein Including 367.5 369.3 0.9 35.3 0.00 2.3 0.1 728 Bermingham Bear Vein BMUG23-080 088/12 354.3 366.0 7.2 4.4 0.00 0.4 0.3 607 Bermingham Bear Vein Including 359.1 365.5 3.9 6.4 0.00 0.6 0.1 607 Bermingham Bear Vein BMUG23-080 088/12 374.4 379.1 2.9 5.5 0.00 0.4 0.0 604 Bermingham Bear Vein BMUG23-081 092/04 300.2 309.6 5.7 7.1 0.00 0.3 0.2 778 Bermingham Bear Vein Including 307.5 309.6 1.3 27.4 0.00 1.0 0.2 778 Bermingham Bear Vein BMUG23-082 110/-08 213.3 217.4 2.6 3.2 0.00 0.0 0.0 873 Bermingham Bear Vein BMUG23-084 100/-08 238.2 241.1 1.8 30.4 0.01 2.0 3.7 853 Bermingham Bear Vein Including 238.7 239.6 0.5 72.0 0.01 3.5 9.4 853 Bermingham Footwall Vein BMUG23-065 145/-10 404.9 425.4 17.2 56.2 0.01 4.1 3.3 942 Bermingham Footwall Vein Including 404.9 411.5 5.5 111.1 0.01 4.1 8.7 942 Bermingham Footwall Vein Including 420.8 425.4 3.8 89.3 0.01 12.0 1.9 942 Bermingham Footwall Vein BMUG23-068 145/03 376.3 378.1 1.4 109.0 0.01 7.3 0.6 833 Bermingham Footwall Vein Including 376.3 377.0 0.6 262.8 0.01 17.8 1.2 833 Bermingham Footwall Vein BMUG23-070 140/-15 415.6 424.3 7.6 74.8 0.01 8.8 11.2 958 Bermingham Footwall Vein Including 418.3 424.3 5.3 107.6 0.01 12.7 8.9 958 Bermingham Footwall Vein BMUG23-086 153/-14 519.4 561.4 36.0 36.1 0.00 2.3 1.9 965 Bermingham Footwall Vein Including 524.3 535.6 9.7 107.0 0.01 7.2 1.1 965 Bermingham Main Vein BMUG23-054 116/-13 469.0 478.8 7.3 1.6 0.00 0.4 0.9 833 Bermingham Main Vein BMUG23-056 116/25 302.4 303.6 1.1 0.7 0.00 0.1 0.6 574 Bermingham Main Vein BMUG23-057 116/17 339.6 340.6 1.0 0.4 0.00 0.0 0.3 617 Bermingham Main Vein BMUG23-059 113/05 373.1 375.9 2.3 0.4 0.00 0.2 0.1 699 Bermingham Main Vein BMUG23-062 106/20 332.9 339.9 6.3 3.1 0.00 0.1 0.4 594 Bermingham Main Vein BMUG23-065 145/-10 464.2 472.4 6.9 13.6 0.00 1.6 1.4 958 Bermingham Main Vein Including 468.6 469.1 0.4 128.9 0.01 23.9 17.3 958 Bermingham Main Vein BMUG23-068 145/03 416.7 420.4 3.1 11.5 0.00 3.0 0.1 823 Bermingham Main Vein BMUG23-070 140/-15 461.7 471.8 7.2 23.8 0.01 2.1 0.7 971 Bermingham Main Vein Including 461.7 463.8 1.5 34.9 0.00 1.0 0.0 971 Bermingham Main Vein Including 469.1 471.8 1.9 53.8 0.01 5.7 1.0 971 Bermingham Main Vein BMUG23-076 095/20 363.4 364.2 0.4 16.4 0.00 1.1 2.5 722 Bermingham Main Vein BMUG23-082 110/-08 438.9 457.7 15.6 1.7 0.01 0.6 1.0 1050 Bermingham West Dipper Vein BMUG23-054 116/-13 383.9 386.7 2.5 5.2 0.00 0.5 0.3 810 Bermingham West Dipper Vein BMUG23-058 113/14 312.3 315.6 0.0 2.9 0.00 0.1 0.9 630 Bermingham West Dipper Vein BMUG23-059 113/05 267.4 275.7 7.1 27.2 0.00 0.5 6.5 689 Bermingham West Dipper Vein Including 271.0 272.9 1.6 89.0 0.01 0.4 25.1 689 Bermingham West Dipper Vein BMUG23-060 106/-01 279.1 285.4 4.9 14.4 0.00 0.8 0.2 817 Bermingham West Dipper Vein Including 282.2 285.4 2.5 27.3 0.00 1.2 0.3 817 Bermingham West Dipper Vein BMUG23-065 145/-10 238.2 241.8 2.6 3.7 0.00 1.0 1.1 889 Bermingham West Dipper Vein BMUG23-068 145/03 199.4 201.0 1.3 5.4 0.00 0.2 3.0 827 Bermingham West Dipper Vein BMUG23-068 145/03 221.9 222.3 0.4 9.7 0.01 4.0 7.3 827 Bermingham West Dipper Vein BMUG23-069 098/03 278.7 295.3 11.3 1.6 0.00 0.2 0.6 689 Bermingham West Dipper Vein BMUG23-070 140/-15 249.0 252.9 3.0 49.8 0.00 3.1 1.3 906 Stockwork Mineralization BMUG23-056 116/25 245.1 246.1 0.8 24.0 0.00 2.2 1.5 597 Stockwork Mineralization BMUG23-062 106/20 351.0 352.2 1.0 7.2 0.00 0.1 0.3 597 Stockwork Mineralization BMUG23-065 145/-10 450.1 453.9 3.1 17.9 0.00 0.2 0.3 951 Stockwork Mineralization BMUG23-066 120/-25 300.2 302.6 1.2 1.2 0.00 0.1 0.8 860 Stockwork Mineralization BMUG23-068 145/03 142.1 157.5 13.2 1.6 0.01 0.2 0.5 827 Stockwork Mineralization BMUG23-070 140/-15 29.5 31.4 1.5 1.4 0.00 0.2 0.3 873 Stockwork Mineralization BMUG23-076 095/20 299.1 314.1 7.9 1.4 0.00 0.1 0.3 699 Stockwork Mineralization BMUG23-082 110/-08 202.4 204.1 1.1 1.7 0.00 0.1 0.1 850 Stockwork Mineralization BMUG23-084 100/-08 255.8 258.7 1.8 24.4 0.00 2.8 0.4 912 Stockwork Mineralization Including 255.8 256.5 0.4 95.1 0.01 11.1 1.5 912 Stockwork Mineralization BMUG23-084 100/-08 280.2 282.2 1.1 8.7 0.00 0.1 1.0 879 Surface Exploration Bermingham Bear Vein K-23-0840 261/-63.5 1439.4 1440.5 0.9 90.4 0.02 0.5 0.8 1167 Bermingham Bear Vein K-23-0841 281/-61 838.4 847.9 7.7 0.1 0.00 0.0 0.1 647 Bermingham Bear Vein K-23-0843 316/-65 908.8 914.5 4.2 0.0 0.00 0.0 0.1 732 Bermingham Main Vein K-23-0840 261/-63.5 1135.8 1138.5 2.4 0.1 0.00 0.0 0.1 927 Bermingham Main Vein K-23-0841 281/-61 680.8 693.6 11.8 0.3 0.00 0.2 0.2 526 Bermingham Ruby Vein K-23-0840 261/-63.5 1290.6 1292.7 1.5 0.4 0.00 0.1 0.6 1049 Bermingham Ruby Vein K-23-0841 281/-61 744.9 752.1 5.4 0.6 0.00 0.1 0.2 576 Bermingham Ruby Vein K-23-0842 315/-60 354.7 361.7 6.0 0.0 0.00 0.0 0.0 246 Bermingham Ruby Vein K-23-0843 316/-65 714.8 719.2 3.6 0.3 0.00 0.1 0.2 581 Bermingham Ruby Vein K-23-0844 315/-57 342.6 344.7 1.8 0.1 0.00 0.0 0.2 221 Bermingham Ruby Vein splay K-23-0840 261/-63.5 1236.9 1239.0 1.5 9.8 0.00 0.0 0.1 1007 Bermingham Ruby Vein splay K-23-0842 315/-60 393.2 407.4 12.2 3.3 0.00 0.7 1.5 278 Bermingham Ruby Vein splay K-23-0844 315/-57 374.8 388.4 12.1 5.9 0.00 0.1 1.1 241 Bermingham Ruby Vein splay Including 385.0 385.8 0.6 108.5 0.01 1.0 16.7 247 Bermingham Townsite Vein K-23-0840 261/-63.5 1741.0 1742.2 1.0 0.1 0.00 0.0 0.2 1396 Bermingham Townsite Vein K-23-0841 281/-61 1205.5 1210.4 4.2 0.0 0.00 0.0 0.0 924 Bermingham Townsite Vein K-23-0842 315/-60 985.6 988.6 2.7 13.2 0.00 0.6 3.3 714 Bermingham Townsite Vein K-23-0843 316/-65 1118.2 1123.4 4.6 29.8 0.00 1.0 5.3 901 Bermingham Townsite Vein K-23-0844 315/-57 935.8 938.6 2.7 0.3 0.00 0.1 0.1 637 Bermingham Townsite Vein K-23-0846 297/62.5 860.7 865.1 3.8 2.7 0.00 0.1 0.2 699 Bermingham Townsite Vein K-23-0847 275/-63.5 989.0 996.6 6.1 41.2 0.01 7.0 2.6 845 Bermingham Townsite Vein K-23-0850 271/-76 1016.7 1024.4 5.7 0.1 0.00 0.0 0.0 949 Bermingham Townsite Vein K-23-0851 280/-58 904.2 908.3 3.6 100.4 0.01 22.8 1.3 712 Bermingham Townsite Vein Including 904.2 906.7 2.2 164.6 0.01 37.9 2.2 712 Bermingham Townsite Vein K-23-0853 263/-66.5 1054.6 1060.4 4.4 2.2 0.00 0.2 1.9 925 Bermingham Townsite Vein splay K-23-0840 261/-63.5 1914.8 1919.2 3.7 0.0 0.00 0.0 0.0 1524 Bermingham Townsite Vein splay K-23-0842 315/-60 919.1 922.6 3.2 0.4 0.00 0.2 0.2 662 Bermingham Townsite Vein splay K-23-0846 297/62.5 905.7 907.2 1.3 2.4 0.00 0.2 0.3 737 Bermingham Townsite Vein Splay K-23-0851 280/-58 1003.5 1004.3 0.7 71.7 0.01 18.3 4.0 784 Hector Calumet Aho Vein K-23-0854 330/-64 1121.3 1123.4 0.7 17.9 0.00 4.5 2.0 1043 Hector Calumet Chance Vein K-23-0845 326/-58.5 1443.7 1448.7 4.3 19.9 0.00 2.2 13.0 1277 Hector Calumet Chance Vein Including 1446.9 1447.6 0.7 75.2 0.01 6.8 18.7 1280 Hector Calumet Chance Vein K-23-0845 326/-58.5 1490.2 1491.1 0.8 36.3 0.00 1.0 3.9 1316 Hector Calumet Chance Vein K-23-0849 336/-57 1548.4 1553.0 3.8 3.6 0.01 2.9 0.1 1378 Hector Calumet Chance Vein K-23-0852 346/-52.5 1605.9 1609.9 3.0 0.0 0.00 0.0 0.0 1378 Hector Calumet Chance Vein K-23-0854 330/-64 1547.9 1553.3 4.2 0.4 0.00 0.1 0.3 1447 Greens Creek (Alaska) Zone Drill Hole 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) Underground 200 South GC6068 239.9/-90 696.0 795.0 81.1 13.2 0.24 7.4 4.5 -2033 200 South GC6076 238.4/-1 103.5 107.0 3.4 4.7 0.02 7.2 3.7 -1302 200 South GC6081 245.1/-83.9 597.1 605.5 2.7 9.3 0.02 6.2 3.3 -1908 200 South GC6081 245.1/-83.9 622.9 624.4 0.5 10.6 0.05 2.2 1.1 -1908 200 South GC6088 186.3/-81.8 586.6 589.4 1.9 11.0 0.04 2.0 1.5 -1893 200 South GC6099 63.4/-60.9 168.0 169.0 0.9 3.4 0.05 14.2 9.3 -1464 200 South GC6120 131.8/-83.5 301.5 306.5 2.5 20.0 0.01 1.9 1.1 -1626 200 South GC6120 131.8/-83.5 589.4 592.4 2.7 8.6 0.13 0.2 0.1 -1909 200 South GC6120 131.8/-83.5 638.6 641.6 2.7 12.2 0.05 1.0 0.4 -1956 200 South GC6126 233/-69.5 808.0 813.0 4.8 7.2 0.14 0.1 0.0 -2059 200 South GC6131 243.4/77.3 86.7 87.7 0.9 7.1 0.01 5.6 4.0 -1186 200 South GC6145 247.9/-47 329.9 341.2 4.1 16.1 0.02 3.4 1.6 -1531 200 South GC6163 218.1/13.9 36.7 63.1 25.5 5.4 0.02 6.7 4.2 -1275 200 South GC6163 218.1/13.9 40.5 63.1 10.4 5.7 0.02 6.8 4.0 -1279 200 South GC6177 63.4/84.6 5.4 7.5 1.8 4.8 0.07 3.9 2.5 -1242 200 South GC6177 63.4/84.6 24.5 36.8 10.6 5.3 0.06 6.3 3.1 -1205 200 South GC6177 63.4/84.6 71.0 120.0 42.3 4.0 0.06 8.3 4.4 -1174 200 South GC6188 243.4/-80.9 93.8 99.2 5.4 10.0 0.02 6.3 3.3 -1393 200 South GC6188 243.4/-80.9 109.8 114.3 4.5 5.0 0.07 4.4 2.2 -1393 200 South GC6188 243.4/-80.9 109.8 119.0 9.1 6.6 0.05 3.5 1.8 -1409 5250 GC6150 60.8/29.5 1.6 24.8 19.0 20.9 0.08 8.2 2.1 251 5250 GC6150 60.8/29.5 68.3 71.3 2.5 14.4 0.06 11.1 3.2 296 5250 GC6150 60.8/29.5 99.5 104.4 4.0 3.5 0.06 11.8 3.8 321 5250 GC6150 60.8/29.5 107.0 108.0 0.8 5.5 0.06 6.9 2.7 323 5250 GC6150 60.8/29.5 118.1 142.0 19.6 11.5 0.10 20.4 6.1 351 Gallagher GC6003 63.4/-85.3 111.0 115.0 2.8 14.2 0.18 3.5 1.6 -829 Gallagher GC6003 63.4/-85.3 450.0 452.0 1.8 20.0 0.08 0.5 0.3 -1171 Gallagher GC6003 63.4/-85.3 455.0 458.0 2.7 14.5 0.03 0.7 0.3 -1171 Gallagher GC6017 313.1/-78.5 31.5 32.5 1.0 12.0 0.01 2.2 2.5 -748 Gallagher GC6017 313.1/-78.5 35.0 37.7 2.7 16.3 0.01 2.7 2.8 -748 Upper Plate GC6066 86.3/81.3 307.5 309.0 1.4 15.1 0.06 4.1 1.8 153 Upper Plate GC6066 86.3/81.3 424.3 425.3 0.9 5.2 0.01 8.6 3.8 268 Upper Plate GC6070 227.9/78 543.5 545.0 1.5 13.0 0.02 8.2 3.2 378 Upper Plate GC6071 234.3/70 529.0 530.0 0.8 30.4 0.03 9.5 5.4 335 Upper Plate GC6071 234.3/70 566.9 576.6 8.1 12.7 0.01 6.1 2.8 371 Upper Plate GC6077 245.7/56.9 620.0 622.5 1.9 21.6 0.01 2.2 1.1 378 Upper Plate GC6077 245.7/56.9 640.0 641.0 0.8 25.3 0.02 23.6 10.0 378 Upper Plate GC6082 249.4/44.8 703.2 722.9 16.8 2.7 0.09 5.0 3.0 356 Upper Plate GC6089 254.4/53.1 641.4 645.6 3.5 32.9 0.02 2.5 1.2 358 Upper Plate GC6089 254.4/53.1 671.1 674.8 3.3 10.4 0.03 10.3 5.7 382 Upper Plate GC6093 255.6/65.5 597.5 599.0 1.3 27.1 0.02 13.4 4.8 384 Upper Plate GC6098 265.3/81.7 506.7 512.0 5.2 38.3 0.05 3.2 1.5 349 Upper Plate GC6104 263.1/67 541.0 549.5 7.4 51.0 0.03 4.2 2.0 351 Upper Plate GC6104 263.1/67 577.5 579.6 1.7 26.0 0.01 12.1 7.2 380 Upper Plate GC6108 257.2/58.5 575.0 577.8 2.3 15.7 0.00 1.0 0.4 354 Upper Plate GC6108 257.2/58.5 587.0 591.7 3.9 26.8 0.02 3.2 1.7 354 Upper Plate GC6108 257.2/58.5 622.0 623.5 1.2 19.7 0.01 14.7 5.6 379 Upper Plate GC6122 281/65.2 584.5 600.0 15.1 14.6 0.01 1.3 0.6 391 Upper Plate GC6123 291.7/71.4 570.7 571.8 1.1 46.1 0.03 5.5 2.7 391 Upper Plate GC6129 275.8/66.5 82.0 90.0 7.3 11.7 0.03 3.4 1.8 92 Upper Plate GC6129 275.8/66.5 245.0 246.3 1.3 13.3 0.03 1.2 0.6 365 Upper Plate GC6129 275.8/66.5 260.0 283.4 23.1 9.9 0.03 7.8 2.4 251 Upper Plate GC6134 264.6/21.5 301.3 309.4 7.0 14.7 0.05 5.4 2.9 135 Upper Plate GC6134 264.6/21.5 316.4 330.8 12.5 9.8 0.03 3.9 2.1 135 Upper Plate GC6135 1.5/79.5 336.5 340.8 4.3 4.6 0.00 9.2 3.5 265 Upper Plate GC6135 1.5/79.5 423.7 424.8 1.1 9.3 0.02 4.5 2.1 265 Upper Plate GC6135 1.5/79.5 480.3 482.2 1.7 17.0 0.01 1.5 0.8 333 Upper Plate GC6139 347/74.1 513.5 521.0 7.4 16.4 0.00 5.1 2.5 272 Upper Plate GC6140 231.6/41.8 329.0 330.8 1.1 2.5 0.00 7.7 5.5 227 Upper Plate GC6148 86.2/53.9 62.6 77.6 7.5 5.4 0.07 5.2 3.0 150 Upper Plate GC6148 86.2/53.9 149.8 152.0 1.1 64.3 0.11 2.9 1.6 150 Upper Plate GC6148 86.2/53.9 170.4 180.6 5.1 32.1 0.04 3.6 1.7 176 Upper Plate GC6148 86.2/53.9 243.8 245.9 1.1 24.5 0.01 9.6 4.2 204 Upper Plate GC6148 86.2/53.9 270.0 272.5 1.3 15.8 0.01 7.8 1.4 228 Upper Plate GC6148 86.2/53.9 366.6 368.6 2.0 0.4 0.28 0.2 0.1 304 West GC6035 53/-16.6 492.8 502.0 8.9 8.3 0.05 5.0 1.8 -635 West GC6053 71.1/-3.2 605.0 610.0 3.7 7.3 0.17 8.7 3.8 -470 West GC6060 50.9/-7.6 541.5 549.0 6.5 5.3 0.04 15.7 1.9 -538 West GC6067 86.1/-16.1 532.5 558.8 21.1 4.4 0.10 25.4 5.2 -587 Surface Exploration East Exploration PS0442 91/-90 84.0 104.0 18.5 13.4 0.63 29.6 7.5 1036 East Exploration PS0442 91/-90 123.5 127.0 3.2 21.5 0.40 9.2 2.4 1013 East Exploration PS0445 358.7/-79 67.0 104.1 35.0 10.4 0.17 6.9 1.5 1037 East Exploration PS0446 44.8/-56.6 138.8 143.0 2.5 4.7 0.14 7.8 2.2 1018 East Exploration PS0446 44.8/-56.6 154.0 157.7 2.3 7.0 0.31 15.9 2.9 1005 East Exploration PS0447 188.6/-69.3 155.0 165.0 9.2 16.5 0.26 3.3 1.5 985 East Exploration PS0447 188.6/-69.3 243.0 249.5 6.3 13.5 0.24 10.1 2.8 905 East Exploration PS0448 146.6/-55.5 132.0 175.0 39.9 7.5 0.24 22.3 4.9 996 East Exploration PS0450 123.2/-53.1 161.0 168.0 6.9 3.7 0.02 12.9 6.6 912 East Exploration PS0452 99.9/-77.9 68.0 86.0 13.8 15.9 0.04 4.5 2.0 -859 East Exploration PS0452 99.9/-77.9 158.0 160.0 0.7 1.7 0.28 0.1 0.0 -859 East Exploration PS0453 150.1/-66.4 197.0 201.7 3.0 9.5 0.06 3.9 1.6 -859 East Exploration PS0455 152/-54.3 218.5 228.0 7.5 4.3 0.03 11.3 6.4 921 Upper Plate Exploration PS0441 171.6/-71.8 292.5 295.0 1.5 5.7 0.01 8.7 3.9 -859 Upper Plate Exploration PS0443 208.6/-62 336.5 345.7 8.1 7.0 0.03 12.7 4.3 388 Upper Plate Exploration PS0449 221/-51 386.4 411.2 24.5 10.5 0.02 4.9 2.3 912 Upper Plate Exploration PS0461 294.5/-48 345.0 351.0 5.7 19.7 0.01 1.0 0.4 419 Upper Plate Exploration PS0461 294.5/-48 371.0 372.2 1.2 1.0 0.00 10.0 5.6 397 View source version on businesswire.com: https://www.businesswire.com/news/home/20231106209510/en/Contacts Anvita M. Patil Vice President - Investor Relations and Treasurer Cheryl Turner Communications Coordinator 800-HECLA91 (800-432-5291) Investor Relations Email: hmc-info@hecla.com Website: http://www.hecla.co
Hecla Mining Company (NYSE:HL) today announced third quarter 2023 operating and financial results. THIRD QUARTER HIGHLIGHTS Operational Produced 3.5 million ounces of silver and 11.4 million ounces year to date ("YTD"). Continued ramping up Keno Hill, producing 0.7 million ounces of silver. Casa Berardi began to transition to an open pit only operation, producing 24,259 ounces of gold, with total cost of sales of $56.8 million and an All-in Sustaining Cost ("AISC") per gold ounce of $1,695.4 Lucky Friday on track to resume operations at the beginning of 2024. Gold production guidance reiterated, with gold cash cost guidance lowered. Greens Creek silver production guidance increased, offset by lower anticipated production at Keno Hill; consolidated silver cost guidance affirmed. Financial Sales of $181.9 million, with 38% from silver and 36% from gold. Consolidated silver total cost of sales of $90.7 million and cash cost and AISC per silver ounce (each after by-product credits) of $3.31 and $11.39, respectively.3,4 Cash flow from operations of $10.2 million; $74.6 million YTD; with Greens Creek generating $36.1 million in cash flow from operations for the quarter and $122.7 million YTD. Greens Creek generated $28.3 million in free cash flow for the quarter, $101.7 million YTD.2 Net loss applicable to common stockholders of ($22.6) million or ($0.04) per share and adjusted net loss applicable to common stockholders of ($3.5) million or ($0.01) per share.5 Strategic Recognition of Hecla's innovation with the U.S. patent for the Underhand Closed Bench (UCB) mining method and the 2023 NIOSH Mine Safety and Health Technology Metals Sector Innovation Award. Completed the acquisition of ATAC Resources, adding a massive land package of over 700 square miles comprised of the Rackla and Connaught properties in the Yukon. All-Injury Frequency Rate of 1.34, 28% lower than the national average. "Greens Creek reported another strong quarter and has generated over $100 million in free cash flow for the first nine months, our plans for returning Lucky Friday to production in early 2024 are well underway, and we are pleased with the start of the transition to an open pit only operation at Casa Berardi," said Phillips S. Baker Jr., President and CEO. "While exploration drilling at Keno Hill has yielded encouraging results and we expect to increase our reserves and resources, the production ramp-up has been slowed due to key mine infrastructure projects that are just now being completed. However, more importantly, safety performance at Keno Hill has been below Hecla’s standards, and we are assessing our safety processes and mining practices to set the mine up for long term success." Baker continued, "Hecla is already the largest silver producer in the U.S. and will be Canada's largest when Keno Hill achieves full production. Hecla is the fastest-growing established silver producer, and we expect to produce up to 20 million ounces of silver by 2025. Because silver is a key component in solar power generation, which is the fastest growing source of renewable energy, Hecla will be a direct contributor to the energy transition." FINANCIAL OVERVIEW In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization. In Thousands unless stated otherwise 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 FINANCIAL AND PRODUCTION SUMMARY Sales $ 181,906 $ 178,131 $ 199,500 $ 194,825 $ 146,339 $ 559,537 $ 524,080 Total cost of sales $ 148,429 $ 140,472 $ 164,552 $ 169,807 $ 137,892 $ 453,453 $ 432,941 Gross profit $ 33,477 $ 37,659 $ 34,948 $ 25,018 $ 8,447 $ 106,084 $ 91,139 Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (3,311 ) $ (4,590 ) $ (23,664 ) $ (41,696 ) $ (33,310 ) Basic loss per common share (in dollars) $ (0.04 ) $ (0.03 ) $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.07 ) $ (0.06 ) Adjusted EBITDA1 $ 46,251 $ 67,740 $ 61,903 $ 62,261 $ 26,555 $ 175,894 $ 155,230 Total Debt $ 616,246 $ 551,841 Net Debt to Adjusted EBITDA1 2.2 1.9 Cash provided by operating activities $ 10,235 $ 23,777 $ 40,603 $ 36,120 $ (24,322 ) $ 74,615 $ 53,770 Capital Additions $ (55,354 ) $ (51,468 ) $ (54,443 ) $ (56,140 ) $ (37,430 ) $ (161,265 ) $ (93,237 ) Free Cash Flow2 $ (45,119 ) $ (27,691 ) $ (13,840 ) $ (20,020 ) $ (61,752 ) $ (86,650 ) $ (39,467 ) Silver ounces produced 3,533,704 3,832,559 4,040,969 3,663,433 3,549,392 11,407,232 10,525,917 Silver payable ounces sold 3,142,227 3,360,694 3,604,494 3,756,701 2,479,724 10,107,415 8,554,894 Gold ounces produced 39,269 35,251 39,571 43,634 44,747 114,091 132,173 Gold payable ounces sold 36,792 31,961 39,619 40,097 40,443 108,372 125,721 Cash Costs and AISC, each after by-product credits Silver cash costs per ounce 3 $ 3.31 $ 3.32 $ 2.14 $ 4.79 $ 3.43 $ 2.86 $ 1.11 Silver AISC per ounce 4 $ 11.39 $ 11.63 $ 8.96 $ 13.98 $ 12.93 $ 10.52 $ 9.49 Gold cash costs per ounce 3 $ 1,475 $ 1,658 $ 1,775 $ 1,696 $ 1,349 $ 1,635 $ 1,409 Gold AISC per ounce 4 $ 1,695 $ 2,147 $ 2,392 $ 2,075 $ 1,669 $ 2,075 $ 1,678 Realized Prices Silver, $/ounce $ 23.71 $ 23.67 $ 22.62 $ 22.03 $ 18.30 $ 23.28 $ 21.25 Gold, $/ounce $ 1,908 $ 1,969 $ 1,902 $ 1,757 $ 1,713 $ 1,921 $ 1,817 Lead, $/pound $ 1.07 $ 0.99 $ 1.02 $ 1.05 $ 0.95 $ 1.02 $ 0.98 Zinc, $/pound $ 1.52 $ 1.13 $ 1.39 $ 1.24 $ 1.23 $ 1.34 $ 1.47 Sales in the third quarter increased by 2% to $181.9 million from the second quarter of 2023 ("prior quarter") due to higher realized prices for silver, lead and zinc, and higher gold sales volumes, partially offset by lower realized gold prices and lower sales volumes of silver, lead, and zinc, reflecting the temporary suspension of production at Lucky Friday beginning in August due to a fire in the secondary escapeway and subsequent rehabilitation activities. Gross profit decreased to $33.5 million, a decrease of 11% over the prior quarter, primarily due to higher depreciation, depletion and amortization at Casa Berardi based on the expectation that underground mining will be completed by mid-2024. Net loss applicable to common stockholders for the quarter was ($22.6) million, an increase over the prior quarter primarily related to: Ramp-up and suspension costs increased by $4.7 million, reflecting the impact of the Lucky Friday suspension, and the ramp-up of Keno Hill, partially offset by Casa Berardi resuming production following a 21-day suspension in June due to the Quebec wildfires. Exploration and pre-development expenditures increased by $6.8 million due to increased activity during the summer season. Other operating expense of $1.6 million, compared to other operating income of $4.3 million, which included the receipt of $5.9 million from an insurance settlement in the prior quarter. Fair value adjustments increased the net loss by $3.8 million due to unrealized losses on our derivative contracts not designated as accounting hedges for $5.2 million, partially offset by unrealized gains on our marketable equity securities portfolio of $1.4 million. The above items were partly offset by: A foreign exchange gain of $4.2 million, compared to a loss of $3.9 million, reflecting the impact of the U.S. dollar appreciation on Canadian dollar denominated monetary assets and liabilities. An income and mining tax benefit of $1.5 million compared to an expense of $5.2 million based on taxable losses in Canada. Consolidated silver total cost of sales in the third quarter decreased by 6% to $90.7 million from the prior quarter, primarily due to lower concentrate tons sold from Lucky Friday. Cash costs and AISC per silver ounce, each after by-product credits, were $3.31 and $11.39, respectively which only include costs of Greens Creek for August and September.3,4 Consolidated cash costs per ounce were unchanged from the prior quarter as Greens Creek cash costs per ounce were higher due to lower gold by-product credits (attributable to lower production and realized prices), which were offset by lower costs at Lucky Friday due to suspension of operations. Consolidated AISC per silver ounce after by-product credits was further impacted by higher planned sustaining capital spending.3,4 Consolidated gold total cost of sales increased by 32% to $57.8 million in the third quarter due to two factors. In the prior quarter, Casa Berardi operations were suspended due to the Quebec wildfires. In this quarter, depreciation, depletion and amortization expense is accelerated, reflecting the anticipation of underground mining being completed in mid-2024. Cash costs and AISC per gold ounce, each after by-product credits, were $1,475 and $1,695, respectively.3,4 The decrease in cash costs per ounce was attributable to higher gold production at Casa Berardi, with AISC also impacted by lower sustaining capital spend. Adjusted EBITDA for the third quarter decreased to $46.3 million compared to $67.7 million in the prior quarter due to suspension of operations at Lucky Friday and higher exploration and pre-development expenses. The prior quarter was favorably impacted by the monetization of zinc hedges, which realized gross proceeds of $7.6 million. Cash and cash equivalents at the end of the third quarter were $100.7 million and included $80 million drawn on the revolving credit facility. In the third quarter, the ratio of net debt to Adjusted EBITDA increased over the prior quarter from 2.1 to 2.2. With the ongoing ramp-up at Keno Hill, and Lucky Friday operations expected to be suspended for the remainder of 2023, the Company expects the net debt to Adjusted EBITDA ratio to remain above the Company's target of 2.0 for the remainder of 2023.1 Cash provided by operating activities was $10.2 million and decreased by $13.5 million over the prior quarter, primarily due to the suspension of production at Lucky Friday. Capital expenditures, net of finance leases, were $55.4 million in the third quarter, compared to $51.5 million in the prior quarter. Capital spend at Casa Berardi was $16.2 million, primarily for tailings construction activities and mobile equipment purchases for the open pit operations. The increase in Greens Creek's capital spend was related to the timing of equipment purchases and surface projects, with the increase in Lucky Friday's capital spend also impacted by the timing of equipment purchases, the service hoist and coarse ore bunker projects, and the rehabilitation and mitigation work related to the #2 shaft. Keno Hill capital spend was $11.5 million and increased over the prior quarter due to increased spend on mine infrastructure projects, mobile equipment purchases, and modifications related to the secondary crusher as the mine continues to ramp-up. Free cash flow for the quarter was negative $45.1 million, compared to negative $27.7 million in the prior quarter. The decrease in free cash flow was attributable to the Lucky Friday suspension and higher capital spend.2 Forward Sales Contracts for Base Metals and Foreign Currency The Company uses financially settled forward sales contracts to manage exposures to zinc and lead price changes in forecasted concentrate shipments. On September 30, 2023, the Company had contracts covering approximately 42% of the forecasted payable lead production from 2023 - 2025 at an average price of $0.98 per pound. The Company also manages Canadian dollar ("CAD") exposure through forward contracts. On September 30, 2023, the Company had hedged approximately 61% of forecasted Casa Berardi and Keno Hill CAD denominated direct production costs through 2026 at an average CAD/USD rate of 1.36. The Company has also hedged approximately 28% of Casa Berardi and Keno Hill CAD denominated total capital expenditures through 2026 at 1.35. OPERATIONS OVERVIEW Greens Creek Mine - Alaska Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 GREENS CREEK Tons of ore processed 228,978 232,465 233,167 230,225 229,975 694,610 651,220 Total production cost per ton $ 200.30 $ 194.94 $ 198.60 $ 211.29 $ 185.34 $ 197.94 $ 191.58 Ore grade milled - Silver (oz./ton) 13.1 12.8 14.4 13.1 13.6 13.4 13.8 Ore grade milled - Gold (oz./ton) 0.09 0.10 0.08 0.08 0.07 0.09 0.07 Ore grade milled - Lead (%) 2.5 2.5 2.6 2.6 2.4 2.6 2.7 Ore grade milled - Zinc (%) 6.5 6.5 6.0 6.7 6.3 6.3 6.7 Silver produced (oz.) 2,343,192 2,355,674 2,772,859 2,433,275 2,468,280 7,471,725 7,308,660 Gold produced (oz.) 15,010 16,351 14,884 12,989 11,412 46,245 35,227 Lead produced (tons) 4,740 4,726 5,202 4,985 4,428 14,668 14,495 Zinc produced (tons) 13,224 13,255 12,482 13,842 12,580 38,961 38,470 Sales $ 96,459 $ 95,891 $ 98,611 $ 95,374 $ 60,875 $ 290,961 $ 239,688 Total cost of sales $ (60,322 ) $ (63,054 ) $ (66,288 ) $ (70,075 ) $ (52,502 ) $ (189,664 ) $ (162,644 ) Gross profit $ 36,137 $ 32,837 $ 32,323 $ 25,299 $ 8,373 $ 101,297 $ 77,044 Cash flow from operations $ 36,101 $ 43,302 $ 43,346 $ 44,769 $ 7,749 $ 122,749 $ 105,852 Exploration $ 4,283 $ 1,760 $ 448 $ 1,050 $ 3,776 $ 6,491 $ 4,870 Capital additions $ (12,060 ) $ (8,828 ) $ (6,658 ) $ (12,150 ) $ (6,988 ) $ (27,546 ) $ (24,748 ) Free cash flow 2 $ 28,324 $ 36,234 $ 37,136 $ 33,669 $ 4,537 $ 101,694 $ 85,974 Cash cost per ounce, after by-product credits 3 $ 3.04 $ 1.33 $ 1.16 $ 4.26 $ 2.65 $ 1.81 $ (0.49 ) AISC per ounce, after by-product credits 4 $ 8.18 $ 5.34 $ 3.82 $ 8.61 $ 7.07 $ 5.67 $ 4.02 Greens Creek produced 2.3 million ounces of silver in the third quarter, same as the prior quarter. Gold production decreased by 8% to 15,010 ounces due to lower grades; zinc and lead production was consistent with the prior quarter. Sales in the third quarter were $96.5 million, in line with the prior quarter as higher realized prices for lead (realized silver price was unchanged) were offset by lower sales volumes of all metals except zinc. Total cost of sales were $60.3 million, a decrease of 4% over the prior quarter primarily due to lower sales volumes. Cash costs and AISC per silver ounce, each after by-product credits, were $3.04 and $8.18 and increased over the prior quarter due to lower gold by-product credits and slightly higher production costs as higher maintenance and contractor costs were partially offset by lower fuel costs. Increased AISC per silver ounce after by-product credits was attributable to higher sustaining capital spend of $11.3 million ($8.7 million in prior quarter) due to timing of equipment purchases and surface projects.3,4 Cash flow from operations was $36.1 million, a decrease of $7.2 million due to unfavorable working capital changes in the current quarter. Capital spend was $12.1 million during the quarter, an increase of $3.2 million over the prior quarter due to the timing of equipment purchases and seasonal construction projects. Free cash flow for the quarter was $28.3 million, a decrease over the prior quarter due to higher exploration and planned capital spend. Greens Creek has generated $101.7 million in free cash flow for the first nine months of the year.2 The Company is increasing silver production guidance for the mine to 9.8 – 10 million ounces. Cash cost and AISC per ounce (each after by-product credits) guidance for the mine is also increased due to lower than expected zinc and gold production attributable to lower grades due to mine sequencing in the second half of the year. Further details related to guidance are discussed in the Guidance section of the release. Lucky Friday Mine - Idaho Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 LUCKY FRIDAY Tons of ore processed 36,619 94,043 95,303 90,935 90,749 225,965 265,971 Total production cost per ton $ 191.81 $ 248.65 $ 210.72 $ 232.73 $ 207.10 $ 223.44 $ 220.41 Ore grade milled - Silver (oz./ton) 13.6 14.3 13.8 14.0 12.5 14.0 12.7 Ore grade milled - Lead (%) 8.6 9.1 8.8 9.1 8.5 8.9 8.5 Ore grade milled - Zinc (%) 3.5 4.2 4.1 4.1 4.2 4.1 3.9 Silver produced (oz.) 475,414 1,286,666 1,262,464 1,224,199 1,074,230 3,024,544 3,188,565 Lead produced (tons) 2,957 8,180 8,034 7,934 7,172 19,171 21,299 Zinc produced (tons) 1,159 3,338 3,313 3,335 3,279 7,810 9,101 Sales $ 21,409 $ 42,648 $ 49,110 $ 45,434 $ 28,460 $ 113,167 $ 102,380 Total cost of sales $ (14,344 ) $ (32,190 ) $ (34,534 ) $ (32,819 ) $ (24,166 ) $ (81,068 ) $ (83,779 ) Gross profit $ 7,065 $ 10,458 $ 14,576 $ 12,615 $ 4,294 $ 32,099 $ 18,601 Cash flow from operations $ 515 $ 18,893 $ 46,132 $ (7,437 ) $ 11,624 $ 65,540 $ 45,250 Capital additions $ (15,494 ) $ (16,317 ) $ (14,707 ) $ (13,714 ) $ (16,125 ) $ (46,518 ) $ (37,278 ) Free cash flow 2 $ (14,979 ) $ 2,576 $ 31,425 $ (21,151 ) $ (4,501 ) $ 19,022 $ 7,972 Cash cost per ounce, after by-product credits 3 $ 4.74 $ 6.96 $ 4.30 $ 5.82 $ 5.23 $ 5.51 $ 4.77 AISC per ounce, after by-product credits 4 $ 10.63 $ 14.24 $ 10.69 $ 12.88 $ 15.98 $ 12.21 $ 12.86 Lucky Friday produced 0.5 million ounces of silver during the quarter before production was suspended in August. Sales for the quarter were $21.4 million, and the mine generated $0.5 million in cash flow from operations prior to suspension. Costs of $12.0 million were incurred during the remainder of the quarter and are included in ramp-up and suspension costs on the consolidated statement of operations. Capital expenditures for the quarter were $15.5 million, major projects were the coarse ore bunker, which allows a stockpile of ore to be stored on surface, mobile equipment purchases, the service hoist project, and rehabilitation of the secondary escapeway (#2 shaft). The service hoist and the coarse ore bunker projects are complete. In August, the Company reported a fire in the secondary escapeway (#2 shaft), which is also used as an exhaust ventilation airway for the mine. The fire was extinguished but damaged the bottom of the shaft. Mitigation plans to bring the mine back into production include developing a new secondary escapeway ramp of 1,600 feet and a 290-foot vertical ladderway to bypass the damaged portion of the secondary escapeway. A vent bypass raise of 850 feet will also be developed to replace the lost ventilation. Capital spend on mitigation plans is expected to be $8-$12 million in the fourth quarter. As of the date of the release, 35% of ramp development and 10% of the escapeway raise was complete. The Company is increasing the capital guidance for the mine to reflect the mitigation plans, details are discussed in the Guidance section below. Lucky Friday production is suspended for the remainder of 2023 while the new secondary escapeway is completed but the suspension is not expected to materially impact 2024 production. The Company has property and business interruption insurance coverage with an underground sublimit of $50 million. Casa Berardi - Quebec Dollars are in thousands except cost per ton 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 CASA BERARDI Tons of ore processed - underground 112,544 94,124 110,245 160,150 162,215 316,913 500,400 Tons of ore processed - open pit 231,075 224,580 318,909 250,883 227,726 774,564 677,309 Tons of ore processed - total 343,619 318,704 429,154 411,033 389,941 1,091,477 1,177,709 Open pit tons mined - ore and waste 3,574,391 2,461,196 2,136,993 2,657,638 2,822,906 8,172,580 6,864,657 Total production cost per ton $ 103.75 $ 97.69 $ 107.95 $ 125.75 $ 114.52 $ 103.63 $ 115.15 Ore grade milled - Gold (oz./ton) - underground 0.13 0.14 0.13 0.15 0.15 0.13 0.17 Ore grade milled - Gold (oz./ton) - open pit 0.06 0.04 0.05 0.05 0.06 0.05 0.06 Ore grade milled - Gold (oz./ton) - combined 0.08 0.07 0.07 0.09 0.10 0.07 0.09 Gold produced (oz.) - underground 12,416 10,226 11,788 20,365 22,181 34,430 64,421 Gold produced (oz.) - open pit 11,843 8,675 12,898 10,344 11,154 33,416 32,460 Gold produced (oz.) - total 24,259 18,901 24,686 30,709 33,335 67,846 96,881 Silver produced (oz.) - total 5,084 5,956 5,645 5,960 6,882 16,685 22,329 Sales $ 46,912 $ 36,946 $ 50,998 $ 53,458 $ 56,939 $ 134,856 $ 181,679 Total cost of sales $ (56,822 ) $ (42,576 ) $ (62,998 ) $ (65,328 ) $ (59,532 ) $ (162,396 ) $ (183,570 ) Gross (loss) profit $ (9,910 ) $ (5,630 ) $ (12,000 ) $ (11,870 ) $ (2,593 ) $ (27,540 ) $ (1,891 ) Cash flow from operations $ 7,877 $ (8,148 ) $ (684 ) $ 10,188 $ 8,721 $ (955 ) $ 24,227 Exploration $ 1,482 $ 1,107 $ 1,054 $ 1,637 $ 2,624 $ 3,643 $ 6,600 Capital additions $ (16,225 ) $ (20,816 ) $ (17,086 ) $ (12,995 ) $ (10,771 ) $ (54,127 ) $ (26,672 ) Free cash flow 2 $ (6,866 ) $ (27,857 ) $ (16,716 ) $ (1,170 ) $ 574 $ (51,439 ) $ 4,155 Cash cost per ounce, after by-product credits 3 $ 1,475 $ 1,658 $ 1,775 $ 1,696 $ 1,349 $ 1,635 $ 1,409 AISC per ounce, after by-product credits 4 $ 1,695 $ 2,147 $ 2,392 $ 2,075 $ 1,669 $ 2,075 $ 1,678 Casa Berardi produced 24,259 ounces of gold in the third quarter, an increase of 28% over the prior quarter. The increase was due to the prior quarter being negatively impacted by the wildfire-related road closures. The mill operated at an average of 3,735 tpd during the third quarter compared to 4,600 tpd during the first two months of the prior quarter. The lower throughput in the third quarter is primarily attributable to planned mill maintenance shutdowns. Open pit tons moved during the quarter set a record as the first phase of the in-house equipment fleet was commissioned. Sales were $46.9 million, a 27% increase over the prior quarter due to higher production. Cost of sales were $56.8 million, 33% higher compared to the prior quarter, attributable to higher production, and an increase in non-cash depreciation, depletion and amortization expense due to amortizing the underground mine assets over a shorter useful life. Cash costs and AISC per gold ounce, each after by-product credits, were $1,475 and $1,695 respectively and decreased over the prior quarter as higher production offset the higher production costs for a full quarter. AISC was further favorably impacted by planned lower sustaining capital spend. 3,4 Cash flow from operations was $7.9 million, an increase of $16.0 million over the prior quarter due to higher sales volumes and lower per unit costs. Capital spend for the quarter was $16.2 million with $5.1 million and $11.1 million in sustaining and non-sustaining capital spend, respectively. Non-sustaining capital was primarily related to certain construction costs for tailings facilities. Free cash flow for the quarter was negative $6.9 million and improved compared to negative free cash flow in the prior quarter of $27.9 million due to higher cash flow from operations and lower capital spending.2 The Company is lowering the cash cost per ounce guidance for Casa Berardi to reflect the capitalization of certain costs related to the construction of tailings facilities. Further details related to guidance are discussed in the Guidance section of the release. Keno Hill - Yukon Territory Keno Hill continued ramping up production in the third quarter, producing 710,012 ounces of silver. Throughput in the quarter averaged 268 tpd with silver grades of 33 ounces per ton. Tonnage mined was constrained by delays in infrastructure construction which has impacted development rates. Key underground infrastructure projects include the shotcrete plant, which is now complete, and the cemented rockfill plant, which is expected to be completed at the end of November. With the delay in major construction projects, camp facilities at the mine were constrained, which was also a factor in the slower ramp-up of the mine. Modifications to the secondary crushing circuit are substantially complete, and commissioning is underway. The changes are expected to increase crusher availability and efficiency. Capital spend during the quarter was $11.5 million for underground and surface infrastructure, mine development and equipment purchases. All-Injury Frequency Rate at the mine trended higher during the quarter and was higher than the Company's standards. An assessment is being made to determine steps necessary to improve safety procedures and evaluate current mining practices, so production guidance is reduced to 1.6-1.8 million ounces of silver. Further details related to guidance are discussed in the Guidance section. EXPLORATION AND PRE-DEVELOPMENT Exploration and pre-development expenses totaled $13.7 million for the third quarter of 2023 and $25.5 million YTD. Exploration activities during the quarter primarily focused on surface and underground exploration drilling at Greens Creek, Keno Hill, Casa Berardi, and Aurora. Keno Hill, Yukon Territory At Keno Hill, the underground definition and surface exploration drilling programs are focused on extending mineralization, resource conversion in the high-grade Bermingham Bear Zone Veins (Bear, Footwall, and Main Vein Zones), and defining new mineral resources. During the third quarter, two underground drills completed over 13,000 feet of definition and geotechnical drilling, and two surface core drills completed over 23,000 feet of exploration drilling targeting the Bermingham, Bermingham Townsite, Hector-Calumet Chance, and Coral Wigwam target areas. Bermingham underground definition and exploration drilling on the Bear Zone is extending mineralization to the northeast outside of the current reserve shapes and down-dip on the three mineralized veins reserve shapes. The northeast drilling is expanding high-grade silver mineralization with the discovery of a new high-grade mineralized shoot outside of the current planned stopes which is also open at depth along plunge. Downdip drilling continues to confirm wide and high-grade silver mineralization within the planned stopes and outside of the planned stopes in the area between the veins where strong stockwork mineralization occurs near their intersection. Assay highlights include (reported widths are estimates of true width): Bear Vein: 162.8 oz/ton silver, 6.8% lead, and 0.6% zinc over 6.7 feet Bear Vein: 59.4 oz/ton silver, 2.4% lead, and 1.2% zinc over 17.2 feet Includes: 279.8 oz/ton silver, 10.4% lead, and 3.3% zinc over 3.4 feet Bear Vein: 29.2 oz/ton silver, 1.5% lead, and 1.2% zinc over 10.9 feet Footwall Vein: 36.1 oz/ton silver, 2.3% lead, and 1.9% zinc over 36.0 feet Includes: 107.0 oz/ton silver, 7.2% lead, and 1.1% zinc over 9.7 feet Footwall Vein: 56.2 oz/ton silver, 4.1% lead, and 3.3% zinc over 17.2 feet Includes: 111.1 oz/ton silver, 4.1% lead, and 8.7% zinc over 5.5 feet Footwall Vein: 74.8 oz/ton silver, 8.8% lead, and 11.2% zinc over 7.6 feet Includes: 107.6 oz/ton silver, 12.7% lead, and 8.9% zinc over 5.3 feet Main Vein: 23.8 oz/ton silver, 2.1% lead, and 0.7% zinc over 7.2 feet High-grade silver mineralization has been intersected in both the steep and shallow plunging targets of the Bermingham Townsite Zones and is open for expansion and continues to confirm the exploration potential within the district. Assay highlights include (reported widths are estimates of true width): Townsite Shallow Plunge: 29.8 oz/ton silver, 1.0% lead, and 5.3% zinc over 4.6 feet Townsite Steep Plunge: 41.2 oz/ton silver, 7.0% lead, and 2.6% zinc over 6.1 feet Townsite Steep Plunge: 100.4 oz/ton silver, 22.8% lead, and 1.3% zinc over 3.6 feet An initial core-hole testing for continuity of the Deep Bermingham vein system intersected mineralized veining 1,050 feet below the existing resource (assays pending). In addition, the favorable Basal Quartzite host stratigraphy was shown to extend a minimum of 350 feet below this where the hole was ended, or 2,850 feet below surface and indicates that significant potential for expansion exists below the current Bermingham resource. Greens Creek, Alaska At Greens Creek, drilling has expanded mineralization both from surface and underground. Four underground drills completed over 43,000 feet of drilling in 109 holes focused on resource conversion and exploration that extends mineralization of known resources. Additionally, two helicopter supported drills completed over 11,900 feet of drilling in 21 holes which extended Upper Plate and East ore zones. Underground drilling completed three drillholes in the 5250 zone to extend mineralization in the upper portion of zone spanning 150 feet of strike length. Only one hole has assay results which shows two zones of ore grade mineralization that should expand mineralization. The other two drillholes intersected very thick sequences of mineralized white ore and massive sulfide ore lithologies above the modeled resource and, though assays are pending, these drillholes should expand mineralization in the zone. Highlights from the one hole include: 20.9 oz/ton silver, 0.08 oz/ton gold, 8.2% zinc, and 2.1% lead over 19.0 feet 11.5 oz/ton silver, 0.10 oz/ton gold, 20.4% zinc, and 6.1% lead over 19.6 feet Surface exploration drilling targeted gaps and margins in the upper part of the East Zone resource in addition to initial follow up drilling on historic drill intercepts. Drilling occurred over a strike length of 1,650 feet and assay results received to date indicate expansion of mineralization in those areas drilled. Highlights from this drilling include: 13.4 oz/ton silver, 0.63 oz/ton gold, 29.6% zinc, and 7.5% lead over 18.5 feet 7.5 oz/ton silver, 0.24 oz/ton gold, 22.3% zinc, and 4.9% lead over 39.9 feet Underground drilling targeted the northern, central, and eastern portion of the Upper Plate zone, targeting mineralization for upgrading and expanding resources over 900 feet of strike length. Surface exploration drilling targeted the western extensions of the Upper Plate resource along strike, the northern extensions up-dip, and the southern extensions down-dip of the current resource. Initial drilling results to date indicate that drilling is upgrading and expanding mineralization in the Upper Plate Zone. Highlights from this drilling include: 51.0 oz/ton silver, 0.03 oz/ton gold, 4.2% zinc and 2.0% lead over 7.4 feet 9.9 oz/ton silver, 0.03 oz/ton gold, 7.8% zinc and 2.4% lead over 23.1 feet 10.5 oz/ton silver, 0.02 oz/ton gold, 4.9% zinc and 2.3% lead over 24.5 feet Detailed complete drill assay highlights can be found in Table A at the end of the release. DIVIDENDS Common Stock The Board of Directors declared a quarterly cash dividend of $0.00625 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.0025 per share for the silver-linked component. The common stock dividend is payable on or about December 7, 2023, to stockholders of record on November 24, 2023. The third quarter realized silver price was $23.71 per ounce, satisfying the criterion for the Company’s common stock silver-linked dividend policy component. Preferred Stock The Board of Directors declared a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about January 2, 2024, to stockholders of record on December 15, 2023. 2023 GUIDANCE 6 The Company has revised its annual silver production and cost guidance as below. There is no change to gold production guidance. Silver production for Greens Creek is increased to reflect the higher YTD silver production at the mine. Keno Hill silver production guidance is lowered to incorporate the delays to mine infrastructure and initiatives to improve mine safety. Consolidated silver production guidance also reflects the suspension of operations at the Lucky Friday mine for the remainder of the year. Three-year silver and gold production outlook remains unchanged. 2023 Production Outlook Guidance and Three Year Outlook Silver Production (Moz) Gold Production (Koz) Silver Equivalent (Moz) Gold Equivalent (Koz) Previous Current Current Previous Current Previous Current 2023 Greens Creek * 9.0 - 9.5 9.8 - 10.0 55 - 65 21.5 - 22.5 22.0 - 23.0 255 - 270 265 - 277 2023 Lucky Friday * 3.0 3.0 N/A 5.5 5.5 65 65 2023 Casa Berardi N/A N/A 85 - 95 7.0 - 8.0 7.0 - 8.0 85 - 95 85 - 95 2023 Keno Hill* 2.5 - 3.0 1.6 - 1.8 N/A 2.5 - 3.0 1.5 - 2.0 35 - 40 23 - 26 2023 Total 14.5 - 15.5 14.4 - 14.8 140 - 160 36.5 - 39.0 36.0 - 38.5 440 - 470 438 - 463 2024 Total 17.5 - 18.5 17.5 - 18.5 105 - 125 38.5 - 41.5 38.5 - 41.5 465 - 505 465 - 505 2025 Total 18.5 - 20.0 18.5 - 20.0 100 - 115 38.0 - 41.0 38.0 - 41.0 460 - 495 460 - 495 * Equivalent ounces include Lead and Zinc production 2023 Cost Guidance At Greens Creek, guidance for cash costs and AISC, per silver ounce (net of by-products) has increased primarily to reflect lower zinc and gold production compared to planned production in the second half of the year with the decrease primarily attributable to lower than expected grades due to mine sequencing. With the suspension of operations at Lucky Friday for the remainder of the year, cash costs and AISC, per silver ounce (net of by-product credits) reflect the actual costs incurred for the first seven months of the year. At Casa Berardi, decrease in cash costs per gold ounce, after by-product credits, guidance is primarily due to the capitalization of construction costs related to tailings facilities. Costs of Sales (million) Cash cost, after by-product credits, per silver/gold ounce3 AISC, after by-product credits, per produced silver/gold ounce4 Previous Current Previous Current Previous Current Greens Creek 245 250 $0.00 - $0.50 $1.00 - $1.25 $5.25 - $5.75 $5.75 - $6.25 Lucky Friday 131 80 $5.51 $5.51 $12.21 $12.21 Keno Hill 40 34 $11.00 - $13.50 $12.75 - $15.75 $12.25 - $14.75 $13.50 - $16.75 Total Silver 416 364 $3.00 - $4.00 $3.00 - $4.00 $10.25 - $11.50 $10.25 - $11.50 Casa Berardi 215 215 $1,750 - $1,950 $1,600 - $1,800 $2,000 - $2,250 $2,000 - $2,250 2023 Capital, Exploration, Ramp-up, and Suspension Costs Guidance Consolidated capital and exploration guidance is unchanged. The table below includes suspension cost guidance for Lucky Friday. (millions) Previous Current Sustaining Growth Capital expenditures $225 - $235 $225 - $235 $114 - $119 $111 - $116 Greens Creek $47 - $50 $47 - $50 $43 - $45 $4 - $5 Lucky Friday $59 - $62 $59 - $62 $34 - $36 $25 - $26 Casa Berardi $72 - $74 $72 - $74 $36 - $37 $36 - $37 Keno Hill $47 - $49 $47 - $49 $0.5 - $1 $46.5 - $48 Keno Hill Ramp Up Costs $13 $18 Lucky Friday Suspension Costs -- $25 Exploration and Pre-development $32.5 $32.5 CONFERENCE CALL AND WEBCAST A conference call and webcast will be held on Tuesday, November 7, at 10:00 a.m. Eastern Time to discuss these results. We recommend that you dial in at least 10 minutes before the call commencement. 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 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/780742330 or www.hecla.com under Investors. VIRTUAL INVESTOR EVENT Hecla will be holding a Virtual Investor Event on Tuesday, November 7, from 12:00 p.m. to 2:00 p.m. Eastern Time. Hecla invites shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management to discuss Financial, Exploration, Operations, ESG 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.com or 208-769-4100. One-on-One meeting URL: https://calendly.com/2023-nov-vie ABOUT HECLA Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. NOTES Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release. (1) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income (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. (2) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital additions. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Casa Berardi operating segments excludes exploration and pre-development expense, as it is a discretionary expenditure and not a component of the mines’ operating performance. Capital expenditures refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases. (3) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of total cost of sales, can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines - to compare performance with that of other silver mining companies, 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. (4) All-in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits. Prior year presentation has been adjusted to conform with current year presentation. (5) Adjusted 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) applicable to common stockholders is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income (loss) applicable to common stockholders 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) applicable to common stockholders per common share provides investors with the ability to better evaluate our underlying operating performance. Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Other (6) Expectations for 2023 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi converted using Au $1,800/oz, Ag $22/oz, Zn $1.15/lb, and Pb 0.90$/lb, for equivalent ounce calculations and Au $1,950/oz, Ag $24.50/oz, Zn $1.10/lb, and Pb 1.00$/lb, for by-product credit calculations. Numbers are rounded. Cautionary Statement Regarding Forward Looking Statements, Including 2023 Outlook This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as “may”, “will”, “should”, “expects”, “intends”, “projects”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements may include, without limitation: (i) Lucky Friday will resume operations by the beginning of 2024; (ii) Ongoing mitigation plans at Lucky Friday will be completed as planned and will cost $8-$12 million, and are not expected to impact 2024 production; (iii) the Company's property insurance policy is expected to cover the majority of expenses (net of deductibles) related to property damage and business interruption at the Lucky Friday; (iv) Greens Creek will achieve throughput of 2,600 tpd by the fourth quarter; (v) Keno Hill's cemented rockfill plant will be completed by end of November; (vi) Modifications to secondary crushing unit at Keno Hill will increase crusher availability and efficiency; (vii) Exploration drilling at Keno Hill will increase reserves and resources at the mine; (viii) Underground mining at Casa Berardi will be completed by mid-2024; (ix) the Company will achieve silver production of 20 million ounces by 2025; (ix) the Company will be Canada's largest silver producer once Keno Hill achieves full production, and will play a pivotal role in producing renewable energy; (x) Net debt to Adjusted EBITDA ratio will remain above the Company's target of 2.00 for the remainder of 2023; and (xi) mine-specific and Company-wide 2023 estimates of future production (and for 2024 and 2025), sales and total cost 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 2023. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to Company plans for 2023 and beyond due to COVID-19 or any other public health issue, including, but not limited to with respect to availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include, but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; (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) we take a material impairment charge on any of our assets; and (xi) inflation causes our costs to rise more than we currently expect. For a more detailed discussion of such risks and other factors, see the Company’s (i) 2022 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 17, 2023. 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 presentation, 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 2022 Annual Report on Form 10-K 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 Loss (dollars and shares in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2023 September 30, 2022 Sales $ 181,906 $ 178,131 $ 559,537 $ 524,080 Cost of sales and other direct production costs 112,212 107,754 345,516 326,579 Depreciation, depletion and amortization 36,217 32,718 107,937 106,362 Total cost of sales 148,429 140,472 453,453 432,941 Gross profit 33,477 37,659 106,084 91,139 Other operating expenses: General and administrative 7,596 10,783 30,449 28,989 Exploration and pre-development 13,686 6,893 25,546 39,136 Ramp-up and suspension costs 21,025 16,323 48,684 16,539 Provision for closed operations and environmental matters 2,256 3,111 6,411 4,154 Other operating expense (income) 1,555 (4,262 ) (2,729 ) 5,310 46,118 32,848 108,361 94,128 (Loss) income from operations (12,641 ) 4,811 (2,277 ) (2,989 ) Other (expense) income: Interest expense (10,710 ) (10,311 ) (31,186 ) (31,785 ) Fair value adjustments, net (6,397 ) (2,558 ) (5,774 ) (14,703 ) Foreign exchange gain (loss) 4,176 (3,850 ) 434 8,111 Other income 1,657 1,376 4,425 4,828 (11,274 ) (15,343 ) (32,101 ) (33,549 ) Loss before income and mining taxes (23,915 ) (10,532 ) (34,378 ) (36,538 ) Income and mining tax benefit (expense) 1,500 (5,162 ) (6,904 ) 3,642 Net loss (22,415 ) (15,694 ) (41,282 ) (32,896 ) Preferred stock dividends (138 ) (138 ) (414 ) (414 ) Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (41,696 ) $ (33,310 ) Basic and diluted loss per common share after preferred dividends (in cents) $ (0.04 ) $ (0.03 ) $ (0.07 ) $ (0.06 ) Weighted average number of common shares outstanding basic 607,896 604,088 604,028 544,000 Weighted average number of common shares outstanding diluted 607,896 604,088 604,028 544,000 HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited) Three Months Ended Nine Months Ended September 30, 2023 June 30, 2023 September 30, 2023 September 30, 2022 OPERATING ACTIVITIES Net loss $ (22,415 ) $ (15,694 ) $ (41,282 ) $ (32,896 ) Non-cash elements included in net income (loss): Depreciation, depletion and amortization 37,095 34,718 111,705 106,743 Inventory adjustments 8,814 2,997 16,332 2,159 Fair value adjustments, net 6,397 2,558 5,774 3,486 Provision for reclamation and closure costs 2,477 3,634 7,805 4,789 Stock compensation 2,434 1,498 5,122 4,298 Deferred income taxes (3,790 ) 4,027 795 (17,828 ) Foreign exchange (gain) loss (4,241 ) 6,025 (434 ) (8,353 ) Other non-cash items, net 50 1,388 1,624 2,454 Change in assets and liabilities: Accounts receivable (3,544 ) 13,087 25,020 34,788 Inventories (6,218 ) (8,882 ) (24,339 ) (19,472 ) Other current and non-current assets 18 (5,207 ) (15,045 ) (3,420 ) Accounts payable, accrued and other current liabilities (2,532 ) 9,447 (2,389 ) (21,708 ) Accrued payroll and related benefits (1,701 ) (14,248 ) (11,244 ) 1,679 Accrued taxes (923 ) (2,311 ) (1,008 ) (2,652 ) Accrued reclamation and closure costs and other non-current liabilities (1,686 ) (9,260 ) (3,821 ) (297 ) Cash provided by operating activities 10,235 23,777 74,615 53,770 INVESTING ACTIVITIES Additions to properties, plants, equipment and mineral interests (55,354 ) (51,468 ) (161,265 ) (93,237 ) Proceeds from sale or exchange of investments — — — 9,375 Proceeds from disposition of properties, plants, equipment and mineral interests 80 80 160 748 Purchases of investments (1,753 ) — (1,753 ) (30,540 ) Acquisition, net — — — 8,952 Pre-acquisition advance to Alexco — — — (25,000 ) Changes in restricted cash and investment balances — — — 2,011 Net cash used in investing activities (57,027 ) (51,388 ) (162,858 ) (127,691 ) FINANCING ACTIVITIES Proceeds from issuance of stock, net of related costs — 14,003 25,888 4,542 Acquisition of treasury shares — (1,554 ) (2,036 ) (3,677 ) Borrowing of debt 63,000 43,000 119,000 25,000 Repayment of debt (14,000 ) (12,000 ) (39,000 ) — Dividends paid to common and preferred stockholders (3,947 ) (3,917 ) (11,755 ) (10,549 ) Credit facility feed paid — 0 — (517 ) Repayments of finance leases (3,225 ) (2,301 ) (7,990 ) (5,222 ) Net cash provided by (used in) financing activities 41,828 37,231 84,107 9,577 Effect of exchange rates on cash (1,140 ) 1,046 77 (804 ) Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (6,104 ) 10,666 (4,059 ) (65,148 ) Cash, cash equivalents and restricted cash at beginning of period 107,952 97,286 105,907 211,063 Cash, cash equivalents and restricted cash at end of period $ 101,848 $ 107,952 $ 101,848 $ 145,915 HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited) September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 100,685 $ 104,743 Accounts receivable 31,971 55,841 Inventories 97,348 90,672 Other current assets 18,410 16,471 Total current assets 248,414 267,727 Investments 16,594 24,018 Restricted cash 1,163 1,164 Properties, plants, equipment and mineral interests, net 2,648,309 2,569,790 Operating lease right-of-use assets 9,163 11,064 Deferred tax assets 3,349 21,105 Other non-current assets 34,164 32,304 Total assets $ 2,961,156 $ 2,927,172 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 87,148 $ 84,747 Accrued payroll and related benefits 22,671 37,579 Accrued taxes 3,064 4,030 Finance leases 11,293 9,483 Accrued reclamation and closure costs 10,352 8,591 Accrued interest 5,191 14,454 Other current liabilities 5,652 19,582 Total current liabilities 145,371 178,466 Accrued reclamation and closure costs 109,613 108,408 Long-term debt including finance leases 604,953 517,742 Deferred tax liability 109,293 125,846 Other non-current liabilities 14,156 17,743 Total liabilities 983,386 948,205 STOCKHOLDERS’ EQUITY Preferred stock 39 39 Common stock 154,355 151,819 Capital surplus 2,311,266 2,260,290 Accumulated deficit (456,968 ) (403,931 ) Accumulated other comprehensive income, net 2,812 2,448 Treasury stock (33,734 ) (31,698 ) Total stockholders’ equity 1,977,770 1,978,967 Total liabilities and stockholders’ equity $ 2,961,156 $ 2,927,172 Common shares outstanding 617,768 607,620 Non-GAAP Measures (Unaudited) Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP) The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three months and six months ended September 30, 2023 and 2022, the three months ended June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 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. We use AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure we report, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies, and aggregating Casa Berardi and Nevada Operations for comparison with 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 reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies. In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. 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 and 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, their 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. In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday Keno Hill (6) Corporate (2) Total Silver Greens Creek Lucky Friday(2) Corporate and other(3) Total Silver Total cost of sales $ 60,322 $ 14,344 $ 16,001 $ — $ 90,667 $ 63,054 $ 32,190 $ 1,581 $ — $ 96,825 $ 189,664 $ 81,068 $ 17,582 $ — $ 288,314 $ 162,644 $ 83,779 $ — $ 246,423 Depreciation, depletion and amortization (11,015 ) (4,306 ) (1,948 ) — (17,269 ) (13,078 ) (8,979 ) (261 ) — (22,318 ) (38,557 ) (23,741 ) (2,209 ) — (64,507 ) (35,354 ) (24,155 ) — (59,509 ) Treatment costs 10,369 1,368 1,033 — 12,770 10,376 4,187 113 — 14,676 31,114 10,832 1,146 — 43,092 27,369 13,271 — 40,640 Change in product inventory 377 (2,450 ) — — (2,073 ) (1,242 ) 1,546 — — 304 (2,479 ) (3,313 ) — — (5,792 ) 9,899 2,620 — 12,519 Reclamation and other costs (348 ) (168 ) — — (516 ) 263 (250 ) — — 13 (214 ) (826 ) — — (1,040 ) (1,988 ) (769 ) — (2,757 ) Exclusion of Lucky Friday cash costs (8) — (20 ) — — (20 ) — — — — — - (20 ) — — (20 ) — — — — Exclusion of Keno Hill cash costs (6) — — (15,086 ) — (15,086 ) — — (1,433 ) — (1,433 ) - - (16,519 ) — (16,519 ) — — — — Cash Cost, Before By-product Credits (1) 59,705 8,768 — — 68,473 59,373 28,694 — — 88,067 179,528 64,000 — — 243,528 162,570 74,746 — 237,316 Reclamation and other costs 722 101 — — 823 722 285 — — 1,007 2,166 671 — — 2,837 2,115 846 — 2,961 Sustaining capital 11,330 7,386 — 237 18,953 8,714 9,081 — 688 18,483 26,686 24,251 — 831 51,768 30,843 24,937 334 56,114 Exclusion of Lucky Friday sustaining costs (8) — (4,934 ) — — (4,934 ) — — — — — — (4,934 ) — — (4,934 ) — — — — General and administrative — — — 7,596 7,596 — — — 10,783 10,783 — — — 30,449 30,449 — — 28,989 28,989 AISC, Before By-product Credits (1) 71,757 11,321 — 7,833 90,911 68,809 38,060 — 11,471 118,340 208,380 83,988 — 31,280 323,648 195,528 100,529 29,323 325,380 By-product credits: Zinc (20,027 ) (2,019 ) — — (22,046 ) (20,923 ) (5,448 ) — — (26,371 ) (64,955 ) (14,284 ) — — (79,239 ) (87,723 ) (21,358 ) — (109,081 ) Gold (25,344 ) — — — (25,344 ) (28,458 ) — — — (28,458 ) (79,089 ) - — — (79,089 ) (55,966 ) — — (55,966 ) Lead (7,201 ) (5,368 ) — — (12,569 ) (6,860 ) (14,287 ) — — (21,147 ) (22,002 ) (33,953 ) — — (55,955 ) (22,449 ) (38,175 ) — (60,624 ) Exclusion of Lucky Friday byproduct credits (8) — 676 — — 676 — — — — — — 676 — — 676 — — — — Total By-product credits (52,572 ) (6,711 ) — — (59,283 ) (56,241 ) (19,735 ) — — (75,976 ) (166,046 ) (47,561 ) — — (213,607 ) (166,138 ) (59,533 ) — (225,671 ) Cash Cost, After By-product Credits $ 7,133 $ 2,057 $ — $ — $ 9,190 $ 3,132 $ 8,959 $ — $ — $ 12,091 $ 13,482 $ 16,439 $ — $ — $ 29,921 $ (3,568 ) $ 15,213 $ — $ 11,645 AISC, After By-product Credits $ 19,185 $ 4,610 $ — $ 7,833 $ 31,628 $ 12,568 $ 18,325 $ — $ 11,471 $ 42,364 $ 42,334 $ 36,427 $ — $ 31,280 $ 110,041 $ 29,390 $ 40,996 $ 29,323 $ 99,709 Ounces produced 2,343 475 2,818 2,356 1,287 3,642 7,472 3,025 10,497 7,309 3,189 10,498 Exclusion of Lucky Friday ounces produced (8) — (41 ) (41 ) — 0 — — (41 ) (41 ) — 0 — Divided by ounces produced 2,343 434 2,777 2,356 1,287 3,642 7,472 2,984 10,456 7,309 3,189 10,498 Cash Cost, Before By-product Credits, per Silver Ounce $ 25.48 $ 20.20 $ 24.66 $ 25.20 $ 22.30 $ 24.18 $ 24.03 $ 21.45 $ 23.29 $ 22.24 $ 23.44 $ 22.61 By-product credits per ounce (22.44 ) (15.46 ) (21.35 ) (23.87 ) (15.34 ) (20.86 ) (22.22 ) (15.94 ) (20.43 ) (22.73 ) (18.67 ) (21.50 ) Cash Cost, After By-product Credits, per Silver Ounce $ 3.04 $ 4.74 $ 3.31 $ 1.33 $ 6.96 $ 3.32 $ 1.81 $ 5.51 $ 2.86 $ (0.49 ) $ 4.77 $ 1.11 AISC, Before By-product Credits, per Silver Ounce $ 30.62 $ 26.09 $ 32.74 $ 29.21 $ 29.58 $ 32.49 $ 27.89 $ 28.15 $ 30.95 $ 26.75 $ 31.53 $ 30.99 By-product credits per ounce (22.44 ) (15.46 ) (21.35 ) (23.87 ) (15.34 ) (20.86 ) (22.22 ) (15.94 ) (20.43 ) (22.73 ) (18.67 ) (21.50 ) AISC, After By-product Credits, per Silver Ounce $ 8.18 $ 10.63 $ 11.39 $ 5.34 $ 14.24 $ 11.63 $ 5.67 $ 12.21 $ 10.52 $ 4.02 $ 12.86 $ 9.49 In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Total Gold Total cost of sales $ 56,822 $ 940 $ 57,762 $ 42,576 $ 1,071 $ 43,647 $ 162,396 $ 2,743 $ 165,139 $ 183,570 $ 183,570 Depreciation, depletion and amortization (18,980 ) 32 (18,948 ) (10,272 ) (127 ) (10,399 ) (43,288 ) (142 ) (43,430 ) (46,394 ) (46,394 ) Treatment costs 254 — 254 351 — 351 1,072 — 1,072 1,345 1,345 Change in product inventory (1,977 ) — (1,977 ) (951 ) — (951 ) (5,345 ) — (5,345 ) (936 ) (936 ) Reclamation and other costs (219 ) — (219 ) (219 ) — (219 ) (655 ) — (655 ) (623 ) (623 ) Exclusion of Casa Berardi cash costs (3) — — — — — — (2,851 ) — (2,851 ) — — Exclusion of Nevada and Other costs — (972 ) (972 ) — (944 ) (944 ) — (2,601 ) (2,601 ) — — Cash Cost, Before By-product Credits (1) 35,900 — 35,900 31,485 — 31,485 111,329 — 111,329 136,962 136,962 Reclamation and other costs 219 — 219 219 — 219 655 — 655 623 623 Sustaining capital 5,133 — 5,133 9,025 — 9,025 29,175 — 29,175 25,587 25,587 AISC, Before By-product Credits (1) 41,252 — 41,252 40,729 — 40,729 141,159 — 141,159 163,172 163,172 By-product credits: Silver (119 ) — (119 ) (144 ) (144 ) (390 ) — (390 ) (485 ) (485 ) Total By-product credits (119 ) — (119 ) (144 ) — (144 ) (390 ) — (390 ) (485 ) (485 ) Cash Cost, After By-product Credits $ 35,781 $ — $ 35,781 $ 31,341 $ — $ 31,341 $ 110,939 $ — $ 110,939 $ 136,477 $ 136,477 AISC, After By-product Credits $ 41,133 $ — $ 41,133 $ 40,585 $ — $ 40,585 $ 140,769 $ — $ 140,769 $ 162,687 $ 162,687 Divided by gold ounces produced 24 — 24 19 — 19 68 — 68 97 97 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,480 $ — $ 1,480 $ 1,666 $ — $ 1,666 $ 1,641 $ — $ 1,641 $ 1,415 $ 1,415 By-product credits per ounce (5 ) — (5 ) (8 ) — (8 ) (6 ) — (6 ) (6 ) (6 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,475 $ — $ 1,475 $ 1,658 $ — $ 1,658 $ 1,635 $ — $ 1,635 $ 1,409 $ 1,409 AISC, Before By-product Credits, per Gold Ounce $ 1,700 $ — $ 1,700 $ 2,155 $ — $ 2,155 $ 2,081 $ — $ 2,081 $ 1,684 $ 1,684 By-product credits per ounce (5 ) — (5 ) (8 ) — (8 ) (6 ) — (6 ) (6 ) (6 ) AISC, After By-product Credits, per Gold Ounce $ 1,695 $ — $ 1,695 $ 2,147 $ — $ 2,147 $ 2,075 $ — $ 2,075 $ 1,678 $ 1,678 In thousands (except per ounce amounts) Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 (5) Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 90,667 $ 57,762 $ 148,429 $ 96,825 $ 43,647 $ 140,472 $ 288,314 $ 165,139 $ 453,453 $ 246,423 $ 183,570 $ 429,993 Depreciation, depletion and amortization (17,269 ) (18,948 ) (36,217 ) (22,318 ) (10,399 ) (32,717 ) (64,507 ) (43,430 ) (107,937 ) (59,509 ) (46,394 ) (105,903 ) Treatment costs 12,770 254 13,024 14,676 351 15,027 43,092 1,072 44,164 40,640 1,345 41,985 Change in product inventory (2,073 ) (1,977 ) (4,050 ) 304 (951 ) (647 ) (5,792 ) (5,345 ) (11,137 ) 12,519 (936 ) 11,583 Reclamation and other costs (516 ) (219 ) (735 ) 13 (219 ) (206 ) (1,040 ) (655 ) (1,695 ) (2,757 ) (623 ) (3,380 ) Exclusion of Lucky Friday cash costs (8) (20 ) — (20 ) — — — (20 ) — (20 ) — — — Exclusion of Keno Hill cash costs (6) (15,086 ) — (15,086 ) (1,433 ) — (1,433 ) (16,519 ) — (16,519 ) — — — Exclusion of Casa Berardi cash costs (3) — — — — — — — (2,851 ) (2,851 ) — — — Exclusion of Nevada and Other costs — (972 ) (972 ) — (944 ) (944 ) — (2,601 ) (2,601 ) — — — Cash Cost, Before By-product Credits (1) 68,473 35,900 104,373 88,067 31,485 119,552 243,528 111,329 354,857 237,316 136,962 374,278 Reclamation and other costs 823 219 1,042 1,007 219 1,226 2,837 655 3,492 2,961 623 3,584 Sustaining capital 18,953 5,133 24,086 18,483 9,025 27,508 51,768 29,175 80,943 56,114 25,587 81,701 Exclusion of Lucky Friday sustaining costs (8) (4,934 ) — (4,934 ) — — — (4,934 ) — (4,934 ) — — — General and administrative 7,596 — 7,596 10,783 — 10,783 30,449 — 30,449 28,989 — 28,989 AISC, Before By-product Credits (1) 90,911 41,252 132,163 118,340 40,729 159,069 323,648 141,159 464,807 325,380 163,172 488,552 By-product credits: Zinc (22,046 ) — (22,046 ) (26,371 ) — (26,371 ) (79,239 ) — (79,239 ) (109,081 ) — (109,081 ) Gold (25,344 ) — (25,344 ) (28,458 ) — (28,458 ) (79,089 ) — (79,089 ) (55,966 ) — (55,966 ) Lead (12,569 ) — (12,569 ) (21,147 ) — (21,147 ) (55,955 ) — (55,955 ) (60,624 ) — (60,624 ) Silver — (119 ) (119 ) — (144 ) (144 ) — (390 ) (390 ) — (485 ) (485 ) Exclusion of Lucky Friday by-product credits (8) 676 — 676 — — — 676 — 676 — — — Total By-product credits (59,283 ) (119 ) (59,402 ) (75,976 ) (144 ) (76,120 ) (213,607 ) (390 ) (213,997 ) (225,671 ) (485 ) (226,156 ) Cash Cost, After By-product Credits $ 9,190 $ 35,781 $ 44,971 $ 12,091 $ 31,341 $ 43,432 $ 29,921 $ 110,939 $ 140,860 $ 11,645 $ 136,477 $ 148,122 AISC, After By-product Credits $ 31,628 $ 41,133 $ 72,761 $ 42,364 $ 40,585 $ 82,949 $ 110,041 $ 140,769 $ 250,810 $ 99,709 $ 162,687 $ 262,396 Ounces produced 2,818 24 3,642 19 10,497 68 10,498 97 Exclusion of Lucky Friday ounces produced (8) (41 ) — — — (41 ) — — — Divided by ounces produced 2,777 24 3,642 19 10,456 68 10,498 97 Cash Cost, Before By-product Credits, per Ounce $ 24.66 $ 1,480 $ 24.18 $ 1,666 $ 23.29 $ 1,641 $ 22.61 $ 1,415 By-product credits per ounce (21.35 ) (5 ) (20.86 ) (8 ) (20.43 ) (6 ) (21.50 ) (6 ) Cash Cost, After By-product Credits, per Ounce $ 3.31 $ 1,475 $ 3.32 $ 1,658 $ 2.86 $ 1,635 $ 1.11 $ 1,409 AISC, Before By-product Credits, per Ounce $ 32.74 $ 1,700 $ 32.49 $ 2,155 $ 30.95 $ 2,081 $ 30.99 $ 1,684 By-product credits per ounce (21.35 ) (5 ) (20.86 ) (8 ) (20.43 ) (6 ) (21.50 ) (6 ) AISC, After By-product Credits, per Ounce $ 11.39 1,695 $ 11.63 2,147 $ 10.52 2,075 $ 9.49 1,678 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Greens Creek Lucky Friday Corporate (2) Total Silver Greens Creek Lucky Friday Corporate (2) Total Silver Greens Creek Lucky Friday Corporate (2) Total Silver Total cost of sales $ 66,288 $ 34,534 $ — $ 100,822 $ 70,074 $ 32,819 $ — $ 102,893 $ 52,502 $ 24,164 $ — $ 76,666 Depreciation, depletion and amortization (14,464 ) (10,456 ) — (24,920 ) (13,557 ) (9,549 ) — (23,106 ) (10,305 ) (7,261 ) — (17,566 ) Treatment costs 10,369 5,276 — 15,645 10,467 5,334 — 15,801 9,477 4,791 — 14,268 Change in product inventory (1,614 ) (2,409 ) — (4,023 ) (4,014 ) (571 ) — (4,585 ) 4,464 3,022 — 7,486 Reclamation and other costs (129 ) (408 ) — (537 ) 499 (265 ) — 234 (118 ) (152 ) — (270 ) Cash Cost, Before By-product Credits (1) 60,450 26,537 — 86,987 63,469 27,768 — 91,237 56,020 24,564 — 80,584 Reclamation and other costs 722 285 — 1,007 706 282 — 988 705 282 — 987 Sustaining capital 6,641 7,784 — 14,425 9,862 8,369 — 18,231 10,219 11,264 187 21,670 General and administrative — — 12,070 12,070 — — 14,395 14,395 — — 11,003 11,003 AISC, Before By-product Credits (1) 67,813 34,606 12,070 114,489 74,037 36,419 14,395 124,851 66,944 36,110 11,190 114,244 By-product credits: Zinc (24,005 ) (6,816 ) — (30,821 ) (26,112 ) (6,249 ) — (32,361 ) (26,244 ) (7,155 ) — (33,399 ) Gold (25,286 ) — — (25,286 ) (19,630 ) — — (19,630 ) (17,019 ) — — (17,019 ) Lead (7,942 ) (14,299 ) — (22,241 ) (7,351 ) (14,392 ) — (21,743 ) (6,212 ) (11,796 ) — (18,008 ) Total By-product credits (57,233 ) (21,115 ) — (78,348 ) (53,093 ) (20,641 ) — (73,734 ) (49,475 ) (18,951 ) — (68,426 ) Cash Cost, After By-product Credits $ 3,217 $ 5,422 $ — $ 8,639 $ 10,376 $ 7,127 $ — $ 17,503 $ 6,545 $ 5,613 $ — $ 12,158 AISC, After By-product Credits $ 10,580 $ 13,491 $ 12,070 $ 36,141 $ 20,944 $ 15,778 $ 14,395 $ 51,117 $ 17,469 $ 17,159 $ 11,190 $ 45,818 Divided by ounces produced 2,773 1,262 4,035 2,433 1,224 3,657 2,469 1,075 3,544 Cash Cost, Before By-product Credits, per Silver Ounce $ 21.80 $ 21.03 $ 21.56 $ 26.08 $ 22.68 $ 24.95 $ 22.69 $ 22.87 $ 22.74 By-product credits per ounce (20.64 ) (16.73 ) (19.42 ) (21.82 ) (16.86 ) (20.16 ) (20.04 ) (17.64 ) (19.31 ) Cash Cost, After By-product Credits, per Silver Ounce $ 1.16 $ 4.30 $ 2.14 $ 4.26 $ 5.82 $ 4.79 $ 2.65 $ 5.23 $ 3.43 AISC, Before By-product Credits, per Silver Ounce $ 24.46 $ 27.42 $ 28.38 $ 30.43 $ 29.74 $ 34.14 $ 27.11 $ 33.62 $ 32.24 By-product credits per ounce (20.64 ) (16.73 ) (19.42 ) (21.82 ) (16.86 ) (20.16 ) (20.04 ) (17.64 ) (19.31 ) AISC, After By-product Credits, per Silver Ounce $ 3.83 $ 10.69 $ 8.96 $ 8.61 $ 12.88 $ 13.98 $ 7.07 $ 15.98 $ 12.93 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Casa Berardi Nevada Operations and Other (4) Total Gold Casa Berardi Total Gold Casa Berardi Total Gold Total cost of sales $ 62,998 $ 732 $ 63,730 $ 65,328 $ 65,328 $ 59,532 $ 59,532 Depreciation, depletion and amortization (14,036 ) (47 ) (14,083 ) (14,568 ) (14,568 ) (15,089 ) (15,089 ) Treatment costs 467 — 467 521 521 429 429 Change in product inventory (2,417 ) — (2,417 ) 1,122 1,122 420 420 Reclamation and other costs (217 ) — (217 ) (196 ) (196 ) (203 ) (203 ) Exclusion of Casa Berardi cash costs (2,851 ) — (2,851 ) — — — — Exclusion of Nevada and Other costs — (685 ) (685 ) — — — — Cash Cost, Before By-product Credits (1) 43,944 — 43,944 52,207 52,207 45,089 45,089 Reclamation and other costs 217 — 217 196 196 204 204 Sustaining capital 15,015 — 15,015 11,438 11,438 10,457 10,457 AISC, Before By-product Credits (1) 59,176 — 59,176 63,841 63,841 55,750 55,750 By-product credits: Silver (127 ) — (127 ) (124 ) (124 ) (131 ) (131 ) Total By-product credits (127 ) — (127 ) (124 ) (124 ) (131 ) (131 ) Cash Cost, After By-product Credits $ 43,817 $ — $ 43,817 $ 52,083 $ 52,083 $ 44,958 $ 44,958 AISC, After By-product Credits $ 59,049 $ — $ 59,049 $ 63,717 $ 63,717 $ 55,619 $ 55,619 Divided by gold ounces produced 25 — 25 31 31 33 33 Cash Cost, Before By-product Credits, per Gold Ounce $ 1,780 $ — $ 1,780 $ 1,700 $ 1,700 $ 1,353 $ 1,353 By-product credits per ounce (5 ) — (5 ) (4 ) (4 ) (4 ) (4 ) Cash Cost, After By-product Credits, per Gold Ounce $ 1,775 $ — $ 1,775 $ 1,696 $ 1,696 $ 1,349 $ 1,349 AISC, Before By-product Credits, per Gold Ounce $ 2,397 $ — $ 2,397 $ 2,079 $ 2,079 $ 1,673 $ 1,673 By-product credits per ounce (5 ) — (5 ) (4 ) (4 ) (4 ) (4 ) AISC, After By-product Credits, per Gold Ounce $ 2,392 $ — $ 2,392 $ 2,075 $ 2,075 $ 1,669 $ 1,669 In thousands (except per ounce amounts) Three Months Ended March 31, 2023 (5) Three Months Ended December 31, 2022 (5) Three Months Ended September 30, 2022 (5) Total Silver Total Gold Total Total Silver Total Gold Total Total Silver Total Gold Total Total cost of sales $ 100,822 $ 63,730 $ 164,552 $ 102,893 $ 65,328 $ 168,221 $ 76,666 $ 59,532 $ 136,198 Depreciation, depletion and amortization (24,920 ) (14,083 ) (39,003 ) (23,106 ) (14,568 ) (37,674 ) (17,566 ) (15,089 ) (32,655 ) Treatment costs 15,645 467 16,112 15,801 521 16,322 14,268 429 14,697 Change in product inventory (4,023 ) (2,417 ) (6,440 ) (4,585 ) 1,122 (3,463 ) 7,486 420 7,906 Reclamation and other costs (537 ) (217 ) (754 ) 234 (196 ) 38 (270 ) (203 ) (473 ) Exclusion of Casa Berardi cash costs — (2,851 ) (2,851 ) — — — — — — Exclusion of Nevada and Other costs — (685 ) (685 ) — 0 — — — — Cash Cost, Before By-product Credits (1) 86,987 43,944 130,931 91,237 52,207 143,444 80,584 45,089 125,673 Reclamation and other costs 1,007 217 1,224 988 196 1,184 987 204 1,191 Sustaining capital 14,425 15,015 29,440 18,231 11,438 29,669 21,670 10,457 32,127 General and administrative 12,070 — 12,070 14,395 14,395 11,003 — 11,003 AISC, Before By-product Credits (1) 114,489 59,176 173,665 124,851 63,841 188,692 114,244 55,750 169,994 By-product credits: Zinc (30,821 ) — (30,821 ) (32,361 ) — (32,361 ) (33,399 ) — (33,399 ) Gold (25,286 ) — (25,286 ) (19,630 ) — (19,630 ) (17,019 ) — (17,019 ) Lead (22,241 ) — (22,241 ) (21,743 ) — (21,743 ) (18,008 ) — (18,008 ) Silver — (127 ) (127 ) (124 ) (124 ) (131 ) (131 ) Total By-product credits (78,348 ) (127 ) (78,475 ) (73,734 ) (124 ) (73,858 ) (68,426 ) (131 ) (68,557 ) Cash Cost, After By-product Credits $ 8,639 $ 43,817 $ 52,456 $ 17,503 $ 52,083 $ 69,586 $ 12,158 $ 44,958 $ 57,116 AISC, After By-product Credits $ 36,141 $ 59,049 $ 95,190 $ 51,117 $ 63,717 $ 114,834 $ 45,818 $ 55,619 $ 101,437 Divided by ounces produced 4,035 25 3,657 31 3,544 33 Cash Cost, Before By-product Credits, per Ounce $ 21.56 $ 1,780 $ 24.95 1,700 $ 22.74 $ 1,353 By-product credits per ounce (19.42 ) (5 ) (20.16 ) (4 ) (19.31 ) (4 ) Cash Cost, After By-product Credits, per Ounce $ 2.14 $ 1,775 $ 4.79 $ 1,696 $ 3.43 $ 1,349 AISC, Before By-product Credits, per Ounce $ 28.38 $ 2,397 $ 34.14 $ 2,079 $ 32.24 $ 1,673 By-product credits per ounce (19.42 ) (5 ) (20.16 ) (4 ) (19.31 ) (4 ) AISC, After By-product Credits, per Ounce $ 8.96 $ 2,392 $ 13.98 $ 2,075 $ 12.93 $ 1,669 (1) Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. (2) AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital. (3) During the three months ended March 31, 2023, the Company completed the necessary studies to conclude usage of the F-160 pit as a tailings storage facility after mining is complete. As a result, a portion of the mining costs have been excluded from Cash Cost, Before By-product Credits and AISC, Before By-product Credits. (4) Other includes $0.9 million and $1.7 million of total cost of sales for the three and nine months ended September 30, 2023, respectively, and $0.1 million of total cost of sales for the three and nine months ended September 30, 2022, related to the environmental services business acquired as part of the Alexco acquisition. (5) Prior year presentation has been adjusted to conform with current year presentation to eliminate exploration costs from the calculation of AISC, Before By-product Credits as exploration is an activity directed at the Corporate level to find new mineral reserve and resource deposits, and therefore we believe it is inappropriate to include exploration costs in the calculation of AISC, Before By-product Credits for a specific mining operation. (6) Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. (7) Casa Berardi operations were suspended in June 2023 in response to the directive of the Quebec Ministry of Natural Resources and Forests as a result of fires in the region. Suspension costs amounted to $nil and $2.2 million for the three and nine months ended September 30, 2023, respectively, and are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. (8) Lucky Friday operations were suspended in August 2023 following the underground fire in the #2 shaft secondary egress. The portion of cash costs, sustaining costs, by-product credits, and silver production incurred since the suspension are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits. 2023 Guidance, Previous and Current Estimates: Reconciliation of Cost of Sales to Non-GAAP Measures In thousands (except per ounce amounts) Previous Estimate for Twelve Months Ended December 31, 2023 Greens Creek Lucky Friday Keno Hill Corporate(3) Total Silver Casa Berardi Total Gold Total cost of sales $ 245,000 $ 130,600 $ 40,000 $ — $ 415,600 $ 215,000 $ 215,000 Depreciation, depletion and amortization (46,000 ) (38,500 ) (6,800 ) — (91,300 ) (52,800 ) (52,800 ) Treatment costs 43,700 18,900 5,150 — 67,750 300 300 Change in product inventory (5,100 ) (2,500 ) 1,000 — (6,600 ) (1,300 ) (1,300 ) Reclamation and other costs 1,000 500 750 — 2,250 500 500 Cash Cost, Before By-product Credits (1) 238,600 109,000 40,100 — 387,700 161,700 161,700 Reclamation and other costs 2,800 1,100 — — 3,900 800 800 Sustaining capital 44,350 35,600 550 — 80,500 37,900 37,900 General and administrative — — — 44,000 44,000 — — AISC, Before By-product Credits (1) 285,750 145,700 40,650 44,000 516,100 200,400 200,400 By-product credits: Zinc (92,700 ) (26,300 ) (1,800 ) — (120,800 ) — — Gold (110,000 ) — — — (110,000 ) — — Lead (32,800 ) (62,100 ) (3,200 ) — (98,100 ) — — Silver — — — — — (600 ) (600 ) Total By-product credits (235,500 ) (88,400 ) (5,000 ) — (328,900 ) (600 ) (600 ) Cash Cost, After By-product Credits $ 3,100 $ 20,600 $ 35,100 $ — $ 58,800 $ 161,100 $ 161,100 AISC, After By-product Credits $ 50,250 $ 57,300 $ 35,650 $ 44,000 $ 187,200 $ 199,800 $ 199,800 Divided by silver ounces produced 9,250 4,750 2,750 16,750 90.0 90.0 Cash Cost, Before By-product Credits, per Silver Ounce $ 25.79 $ 22.95 $ 14.58 $ 23.15 $ 1,797 $ 1,797 By-product credits per silver ounce (25.46 ) (18.61 ) (1.82 ) (19.64 ) (7 ) (7 ) Cash Cost, After By-product Credits, per Silver Ounce $ 0.33 $ 4.34 $ 12.76 $ 3.51 $ 1,790 $ 1,790 AISC, Before By-product Credits, per Silver Ounce $ 30.89 $ 30.67 $ 14.78 $ 30.81 $ 2,227 $ 2,227 By-product credits per silver ounce (25.46 ) (18.61 ) (1.82 ) (19.64 ) (7 ) (7 ) AISC, After By-product Credits, per Silver Ounce $ 5.43 $ 12.06 $ 12.96 $ 11.17 $ 2,220 $ 2,220 In thousands (except per ounce amounts) Current Estimate for Twelve Months Ended December 31, 2023 Greens Creek Lucky Friday Keno Hill Corporate(2) Total Silver Casa Berardi Total Gold Total cost of sales $ 250,000 $ 80,000 $ 34,000 $ — $ 364,000 $ 215,000 $ 215,000 Exclusion of cash costs — (20 ) (21,800 ) — (21,820 ) (2,850 ) (2,850 ) Depreciation, depletion and amortization (51,500 ) (22,900 ) (4,000 ) — (78,400 ) (60,000 ) (60,000 ) Treatment costs 42,000 10,200 1,200 — 53,400 500 500 Change in product inventory (3,500 ) (4,755 ) (1,100 ) — (9,355 ) (1,550 ) (1,550 ) Reclamation and other costs 500 1,475 500 — 2,475 1,200 1,200 Cash Cost, Before By-product Credits (1) 237,500 64,000 8,800 — 310,300 152,300 152,300 Reclamation and other costs 2,900 770 — — 3,670 900 900 Sustaining capital 43,500 19,325 400 — 63,225 36,900 36,900 General and administrative — — — 44,000 44,000 — — AISC, Before By-product Credits (1) 283,900 84,095 9,200 44,000 421,195 190,100 190,100 By-product credits: Zinc (87,600 ) (14,000 ) (500 ) — (102,100 ) — — Gold (105,900 ) — — — (105,900 ) — — Lead (31,700 ) (33,475 ) (1,250 ) — (66,425 ) — — Silver — — — — — (500 ) (500 ) Total By-product credits (225,200 ) (47,475 ) (1,750 ) — (274,425 ) (500 ) (500 ) Cash Cost, After By-product Credits $ 12,300 $ 16,525 $ 7,050 $ — $ 35,875 $ 151,800 $ 151,800 AISC, After By-product Credits $ 58,700 $ 36,620 $ 7,450 $ 44,000 $ 146,770 $ 189,600 $ 189,600 Divided by silver ounces produced 9,900 3,000 500 13,400 90.0 90.0 Cash Cost, Before By-product Credits, per Silver Ounce $ 23.99 $ 21.34 $ 17.60 $ 23.16 $ 1,692 $ 1,692 By-product credits per silver ounce (22.75 ) (15.83 ) (3.50 ) (20.48 ) (6 ) (6 ) Cash Cost, After By-product Credits, per Silver Ounce $ 1.24 $ 5.51 $ 14.10 $ 2.68 $ 1,686 $ 1,686 AISC, Before By-product Credits, per Silver Ounce $ 28.68 $ 28.04 $ 18.40 $ 31.43 $ 2,112 $ 2,112 By-product credits per silver ounce (22.75 ) (15.83 ) (3.50 ) (20.48 ) (6 ) (6 ) AISC, After By-product Credits, per Silver Ounce $ 5.93 $ 12.21 $ 14.90 $ 10.95 $ 2,106 $ 2,106 (1) Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs. (2) AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense, and sustaining capital. Reconciliation of Net 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 and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of properties, plants, equipment and mineral interests, foreign exchange gains and losses, fair value adjustments, net, interest and other income, provisions for environmental matters, stock-based compensation, provisional price gains and losses, monetization of zinc hedges and inventory adjustments. Net debt is calculated as total debt, which consists of the liability balances for our Senior Notes, capital leases, and other notes payable, less the total of our cash and cash equivalents and short-term investments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA and net debt to LTM adjusted EBITDA are useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net loss and debt to adjusted EBITDA and net debt: Dollars are in thousands 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 LTM September 30, 2023 Net loss $ (22,415 ) $ (15,694 ) $ (3,173 ) $ (4,452 ) $ (23,526 ) $ (45,734 ) Interest expense 10,710 10,311 10,165 11,008 10,874 42,194 Income and mining tax (benefit) expense (1,500 ) 5,162 3,242 (3,924 ) (9,527 ) 2,980 Depreciation, depletion and amortization 37,095 34,718 39,892 37,576 32,992 149,281 Ramp-up and suspension costs 21,025 16,323 11,336 7,575 5,092 56,259 (Gain) loss on disposition of properties, plants, equipment, and mineral interests (119 ) (75 ) — — 19 (194 ) Foreign exchange loss (gain) (4,176 ) 3,850 (108 ) 900 (5,667 ) 466 Fair value adjustments, net 6,397 2,558 (3,181 ) (9,985 ) 4,241 (4,211 ) Provisional price (gains) losses (8,064 ) (2,143 ) (2,093 ) (625 ) 6,625 (12,925 ) Provision for closed operations and environmental matters 2,256 3,111 1,044 3,741 1,781 10,152 Stock-based compensation 2,434 1,498 1,190 1,714 1,773 6,836 Inventory adjustments 8,814 2,997 4,521 487 1,405 16,819 Monetization of zinc hedges (5,582 ) 5,467 (579 ) 16,664 — 15,970 Other (624 ) (343 ) (355 ) 1,582 473 260 Adjusted EBITDA $ 46,251 $ 67,740 $ 61,901 $ 62,261 $ 26,555 $ 238,153 Total debt $ 616,246 Less: Cash and cash equivalents 100,685 Net debt $ 515,561 Net debt/LTM adjusted EBITDA (non-GAAP) 2.2 Reconciliation of Net Loss Applicable to Common Stockholders (GAAP) to Adjusted Net (Loss) Income Applicable to Common Shareholders (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 3Q-2023 2Q-2023 1Q-2023 4Q-2022 3Q-2022 YTD-2023 YTD-2022 Net loss applicable to common stockholders $ (22,553 ) $ (15,832 ) $ (3,311 ) $ (4,590 ) $ (23,664 ) $ (41,696 ) $ (33,310 ) Adjusted for items below: Fair value adjustments, net 6,397 2,558 (3,181 ) (9,985 ) 4,241 $ 5,774 14,769 Provisional pricing (gains) losses (8,064 ) (2,143 ) (2,093 ) (625 ) 6,625 $ (12,300 ) 21,464 Environmental accruals 763 1,989 — 2,860 — $ 2,752 14 Foreign exchange loss (gain) (4,176 ) 3,850 (108 ) 900 (5,667 ) $ (434 ) (8,111 ) Ramp-up and suspension costs 21,025 16,323 11,336 7,575 5,092 $ 48,684 16,539 (Gain) loss on disposition of properties, plants, equipment and mineral interests (119 ) (75 ) — 0 19 $ (194 ) 16 Inventory adjustments 8,814 2,997 4,521 487 1,405 $ 16,332 2,159 Monetization of zinc hedges (5,582 ) 5,467 (579 ) 16,664 — $ (694 ) — Other — — — 939 — $ — — Adjusted income (loss) applicable to common stockholders $ (3,495 ) $ 15,134 $ 6,585 $ 14,225 $ (11,949 ) $ 18,224 $ 13,540 Weighted average shares - basic 607,896 604,088 600,075 596,959 554,531 604,028 544,000 Weighted average shares - diluted 607,896 604,088 600,075 596,959 554,531 604,028 544,000 Basic adjusted net income (loss) per common stock (in cents) (0.01 ) 0.03 0.01 0.02 (0.02 ) 0.03 0.02 Diluted adjusted net income (loss) per common stock (in cents) (0.01 ) 0.03 0.01 0.02 (0.02 ) 0.03 0.02 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, 2023 2022 2023 2022 Cash provided by operating activities $ 10,235 $ (24,322 ) $ 74,615 $ 53,770 Less: Additions to properties, plants equipment and mineral interests $ (55,354 ) $ (37,430 ) $ (161,265 ) $ (93,237 ) Free cash flow $ (45,119 ) $ (61,752 ) $ (86,650 ) $ (39,467 ) TABLE A Assay Results – Q3 2023 Keno Hill Zone Drillhole Number Drillhole Azm/Dip Sample From (feet) Sample To (feet) True Width (feet) Silver (oz/ton) Gold (oz/ton) Lead (%) Zinc (%) Depth From Surface (feet) Underground Bermingham Bear Vein BMUG23-053 116/-07 233.3 252.6 17.2 59.4 0.00 2.4 1.2 748 Bermingham Bear Vein Including 233.3 237.2 3.4 279.8 0.01 10.4 3.3 748 Bermingham Bear Vein BMUG23-054 116/-13 236.2 248.9 10.9 29.2 0.00 1.5 1.2 771 Bermingham Bear Vein Including 236.2 243.1 5.9 52.7 0.00 2.6 1.7 771 Bermingham Bear Vein BMUG23-056 116/25 253.3 255.9 2.2 16.2 0.00 3.3 1.3 597 Bermingham Bear Vein BMUG23-057 116/17 231.0 235.9 4.2 12.1 0.00 1.1 0.2 640 Bermingham Bear Vein BMUG23-058 113/14 229.7 233.9 3.7 1.6 0.00 0.2 0.1 653 Bermingham Bear Vein BMUG23-059 113/05 222.6 231.3 7.5 2.0 0.00 0.1 0.6 692 Bermingham Bear Vein BMUG23-060 106/-01 258.8 268.5 7.6 4.1 0.00 0.3 0.1 817 Bermingham Bear Vein BMUG23-062 106/20 247.8 252.7 3.8 4.8 0.00 0.5 0.8 627 Bermingham Bear Vein BMUG23-064 108/-21 288.1 289.8 1.2 26.3 0.00 0.1 1.1 817 Bermingham Bear Vein BMUG23-065 145/-10 152.6 157.1 3.3 27.4 0.01 3.9 2.1 873 Bermingham Bear Vein Including 154.2 155.3 0.8 87.2 0.01 11.5 3.5 873 Bermingham Bear Vein BMUG23-066 120/-25 274.1 276.7 1.3 12.6 0.00 0.5 4.7 843 Bermingham Bear Vein BMUG23-067A 116/-27 303.5 306.3 1.3 10.5 0.00 0.0 0.1 860 Bermingham Bear Vein BMUG23-068 145/03 135.5 136.3 0.7 65.3 0.01 1.2 0.1 827 Bermingham Bear Vein BMUG23-069 098/03 264.4 273.3 6.1 21.6 0.00 1.4 0.9 696 Bermingham Bear Vein Including 267.5 273.3 4.0 29.2 0.00 2.1 1.3 696 Bermingham Bear Vein BMUG23-070 140/-15 151.4 155.7 3.3 64.2 0.01 11.7 3.2 873 Bermingham Bear Vein Including 151.4 153.3 1.5 138.8 0.01 22.7 7.0 873 Bermingham Bear Vein BMUG23-071 098/-09 306.2 309.4 2.0 103.3 0.01 2.9 2.7 771 Bermingham Bear Vein Including 306.2 309.0 1.7 120.1 0.01 3.4 2.6 771 Bermingham Bear Vein BMUG23-073 098/-18 328.2 340.2 6.7 162.8 0.01 6.8 0.6 820 Bermingham Bear Vein Including 329.4 330.3 0.5 718.6 0.03 49.2 0.5 820 Bermingham Bear Vein Including 337.6 338.1 0.3 611.9 0.00 20.4 2.2 820 Bermingham Bear Vein BMUG23-076 095/20 335.5 347.9 6.6 19.6 0.00 0.4 0.6 712 Bermingham Bear Vein Including 335.5 339.6 2.2 54.1 0.00 0.8 1.4 712 Bermingham Bear Vein BMUG23-078 088/20 365.2 371.2 3.0 11.9 0.00 0.8 0.2 728 Bermingham Bear Vein Including 367.5 369.3 0.9 35.3 0.00 2.3 0.1 728 Bermingham Bear Vein BMUG23-080 088/12 354.3 366.0 7.2 4.4 0.00 0.4 0.3 607 Bermingham Bear Vein Including 359.1 365.5 3.9 6.4 0.00 0.6 0.1 607 Bermingham Bear Vein BMUG23-080 088/12 374.4 379.1 2.9 5.5 0.00 0.4 0.0 604 Bermingham Bear Vein BMUG23-081 092/04 300.2 309.6 5.7 7.1 0.00 0.3 0.2 778 Bermingham Bear Vein Including 307.5 309.6 1.3 27.4 0.00 1.0 0.2 778 Bermingham Bear Vein BMUG23-082 110/-08 213.3 217.4 2.6 3.2 0.00 0.0 0.0 873 Bermingham Bear Vein BMUG23-084 100/-08 238.2 241.1 1.8 30.4 0.01 2.0 3.7 853 Bermingham Bear Vein Including 238.7 239.6 0.5 72.0 0.01 3.5 9.4 853 Bermingham Footwall Vein BMUG23-065 145/-10 404.9 425.4 17.2 56.2 0.01 4.1 3.3 942 Bermingham Footwall Vein Including 404.9 411.5 5.5 111.1 0.01 4.1 8.7 942 Bermingham Footwall Vein Including 420.8 425.4 3.8 89.3 0.01 12.0 1.9 942 Bermingham Footwall Vein BMUG23-068 145/03 376.3 378.1 1.4 109.0 0.01 7.3 0.6 833 Bermingham Footwall Vein Including 376.3 377.0 0.6 262.8 0.01 17.8 1.2 833 Bermingham Footwall Vein BMUG23-070 140/-15 415.6 424.3 7.6 74.8 0.01 8.8 11.2 958 Bermingham Footwall Vein Including 418.3 424.3 5.3 107.6 0.01 12.7 8.9 958 Bermingham Footwall Vein BMUG23-086 153/-14 519.4 561.4 36.0 36.1 0.00 2.3 1.9 965 Bermingham Footwall Vein Including 524.3 535.6 9.7 107.0 0.01 7.2 1.1 965 Bermingham Main Vein BMUG23-054 116/-13 469.0 478.8 7.3 1.6 0.00 0.4 0.9 833 Bermingham Main Vein BMUG23-056 116/25 302.4 303.6 1.1 0.7 0.00 0.1 0.6 574 Bermingham Main Vein BMUG23-057 116/17 339.6 340.6 1.0 0.4 0.00 0.0 0.3 617 Bermingham Main Vein BMUG23-059 113/05 373.1 375.9 2.3 0.4 0.00 0.2 0.1 699 Bermingham Main Vein BMUG23-062 106/20 332.9 339.9 6.3 3.1 0.00 0.1 0.4 594 Bermingham Main Vein BMUG23-065 145/-10 464.2 472.4 6.9 13.6 0.00 1.6 1.4 958 Bermingham Main Vein Including 468.6 469.1 0.4 128.9 0.01 23.9 17.3 958 Bermingham Main Vein BMUG23-068 145/03 416.7 420.4 3.1 11.5 0.00 3.0 0.1 823 Bermingham Main Vein BMUG23-070 140/-15 461.7 471.8 7.2 23.8 0.01 2.1 0.7 971 Bermingham Main Vein Including 461.7 463.8 1.5 34.9 0.00 1.0 0.0 971 Bermingham Main Vein Including 469.1 471.8 1.9 53.8 0.01 5.7 1.0 971 Bermingham Main Vein BMUG23-076 095/20 363.4 364.2 0.4 16.4 0.00 1.1 2.5 722 Bermingham Main Vein BMUG23-082 110/-08 438.9 457.7 15.6 1.7 0.01 0.6 1.0 1050 Bermingham West Dipper Vein BMUG23-054 116/-13 383.9 386.7 2.5 5.2 0.00 0.5 0.3 810 Bermingham West Dipper Vein BMUG23-058 113/14 312.3 315.6 0.0 2.9 0.00 0.1 0.9 630 Bermingham West Dipper Vein BMUG23-059 113/05 267.4 275.7 7.1 27.2 0.00 0.5 6.5 689 Bermingham West Dipper Vein Including 271.0 272.9 1.6 89.0 0.01 0.4 25.1 689 Bermingham West Dipper Vein BMUG23-060 106/-01 279.1 285.4 4.9 14.4 0.00 0.8 0.2 817 Bermingham West Dipper Vein Including 282.2 285.4 2.5 27.3 0.00 1.2 0.3 817 Bermingham West Dipper Vein BMUG23-065 145/-10 238.2 241.8 2.6 3.7 0.00 1.0 1.1 889 Bermingham West Dipper Vein BMUG23-068 145/03 199.4 201.0 1.3 5.4 0.00 0.2 3.0 827 Bermingham West Dipper Vein BMUG23-068 145/03 221.9 222.3 0.4 9.7 0.01 4.0 7.3 827 Bermingham West Dipper Vein BMUG23-069 098/03 278.7 295.3 11.3 1.6 0.00 0.2 0.6 689 Bermingham West Dipper Vein BMUG23-070 140/-15 249.0 252.9 3.0 49.8 0.00 3.1 1.3 906 Stockwork Mineralization BMUG23-056 116/25 245.1 246.1 0.8 24.0 0.00 2.2 1.5 597 Stockwork Mineralization BMUG23-062 106/20 351.0 352.2 1.0 7.2 0.00 0.1 0.3 597 Stockwork Mineralization BMUG23-065 145/-10 450.1 453.9 3.1 17.9 0.00 0.2 0.3 951 Stockwork Mineralization BMUG23-066 120/-25 300.2 302.6 1.2 1.2 0.00 0.1 0.8 860 Stockwork Mineralization BMUG23-068 145/03 142.1 157.5 13.2 1.6 0.01 0.2 0.5 827 Stockwork Mineralization BMUG23-070 140/-15 29.5 31.4 1.5 1.4 0.00 0.2 0.3 873 Stockwork Mineralization BMUG23-076 095/20 299.1 314.1 7.9 1.4 0.00 0.1 0.3 699 Stockwork Mineralization BMUG23-082 110/-08 202.4 204.1 1.1 1.7 0.00 0.1 0.1 850 Stockwork Mineralization BMUG23-084 100/-08 255.8 258.7 1.8 24.4 0.00 2.8 0.4 912 Stockwork Mineralization Including 255.8 256.5 0.4 95.1 0.01 11.1 1.5 912 Stockwork Mineralization BMUG23-084 100/-08 280.2 282.2 1.1 8.7 0.00 0.1 1.0 879 Surface Exploration Bermingham Bear Vein K-23-0840 261/-63.5 1439.4 1440.5 0.9 90.4 0.02 0.5 0.8 1167 Bermingham Bear Vein K-23-0841 281/-61 838.4 847.9 7.7 0.1 0.00 0.0 0.1 647 Bermingham Bear Vein K-23-0843 316/-65 908.8 914.5 4.2 0.0 0.00 0.0 0.1 732 Bermingham Main Vein K-23-0840 261/-63.5 1135.8 1138.5 2.4 0.1 0.00 0.0 0.1 927 Bermingham Main Vein K-23-0841 281/-61 680.8 693.6 11.8 0.3 0.00 0.2 0.2 526 Bermingham Ruby Vein K-23-0840 261/-63.5 1290.6 1292.7 1.5 0.4 0.00 0.1 0.6 1049 Bermingham Ruby Vein K-23-0841 281/-61 744.9 752.1 5.4 0.6 0.00 0.1 0.2 576 Bermingham Ruby Vein K-23-0842 315/-60 354.7 361.7 6.0 0.0 0.00 0.0 0.0 246 Bermingham Ruby Vein K-23-0843 316/-65 714.8 719.2 3.6 0.3 0.00 0.1 0.2 581 Bermingham Ruby Vein K-23-0844 315/-57 342.6 344.7 1.8 0.1 0.00 0.0 0.2 221 Bermingham Ruby Vein splay K-23-0840 261/-63.5 1236.9 1239.0 1.5 9.8 0.00 0.0 0.1 1007 Bermingham Ruby Vein splay K-23-0842 315/-60 393.2 407.4 12.2 3.3 0.00 0.7 1.5 278 Bermingham Ruby Vein splay K-23-0844 315/-57 374.8 388.4 12.1 5.9 0.00 0.1 1.1 241 Bermingham Ruby Vein splay Including 385.0 385.8 0.6 108.5 0.01 1.0 16.7 247 Bermingham Townsite Vein K-23-0840 261/-63.5 1741.0 1742.2 1.0 0.1 0.00 0.0 0.2 1396 Bermingham Townsite Vein K-23-0841 281/-61 1205.5 1210.4 4.2 0.0 0.00 0.0 0.0 924 Bermingham Townsite Vein K-23-0842 315/-60 985.6 988.6 2.7 13.2 0.00 0.6 3.3 714 Bermingham Townsite Vein K-23-0843 316/-65 1118.2 1123.4 4.6 29.8 0.00 1.0 5.3 901 Bermingham Townsite Vein K-23-0844 315/-57 935.8 938.6 2.7 0.3 0.00 0.1 0.1 637 Bermingham Townsite Vein K-23-0846 297/62.5 860.7 865.1 3.8 2.7 0.00 0.1 0.2 699 Bermingham Townsite Vein K-23-0847 275/-63.5 989.0 996.6 6.1 41.2 0.01 7.0 2.6 845 Bermingham Townsite Vein K-23-0850 271/-76 1016.7 1024.4 5.7 0.1 0.00 0.0 0.0 949 Bermingham Townsite Vein K-23-0851 280/-58 904.2 908.3 3.6 100.4 0.01 22.8 1.3 712 Bermingham Townsite Vein Including 904.2 906.7 2.2 164.6 0.01 37.9 2.2 712 Bermingham Townsite Vein K-23-0853 263/-66.5 1054.6 1060.4 4.4 2.2 0.00 0.2 1.9 925 Bermingham Townsite Vein splay K-23-0840 261/-63.5 1914.8 1919.2 3.7 0.0 0.00 0.0 0.0 1524 Bermingham Townsite Vein splay K-23-0842 315/-60 919.1 922.6 3.2 0.4 0.00 0.2 0.2 662 Bermingham Townsite Vein splay K-23-0846 297/62.5 905.7 907.2 1.3 2.4 0.00 0.2 0.3 737 Bermingham Townsite Vein Splay K-23-0851 280/-58 1003.5 1004.3 0.7 71.7 0.01 18.3 4.0 784 Hector Calumet Aho Vein K-23-0854 330/-64 1121.3 1123.4 0.7 17.9 0.00 4.5 2.0 1043 Hector Calumet Chance Vein K-23-0845 326/-58.5 1443.7 1448.7 4.3 19.9 0.00 2.2 13.0 1277 Hector Calumet Chance Vein Including 1446.9 1447.6 0.7 75.2 0.01 6.8 18.7 1280 Hector Calumet Chance Vein K-23-0845 326/-58.5 1490.2 1491.1 0.8 36.3 0.00 1.0 3.9 1316 Hector Calumet Chance Vein K-23-0849 336/-57 1548.4 1553.0 3.8 3.6 0.01 2.9 0.1 1378 Hector Calumet Chance Vein K-23-0852 346/-52.5 1605.9 1609.9 3.0 0.0 0.00 0.0 0.0 1378 Hector Calumet Chance Vein K-23-0854 330/-64 1547.9 1553.3 4.2 0.4 0.00 0.1 0.3 1447 Greens Creek (Alaska) Zone Drill Hole 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) Underground 200 South GC6068 239.9/-90 696.0 795.0 81.1 13.2 0.24 7.4 4.5 -2033 200 South GC6076 238.4/-1 103.5 107.0 3.4 4.7 0.02 7.2 3.7 -1302 200 South GC6081 245.1/-83.9 597.1 605.5 2.7 9.3 0.02 6.2 3.3 -1908 200 South GC6081 245.1/-83.9 622.9 624.4 0.5 10.6 0.05 2.2 1.1 -1908 200 South GC6088 186.3/-81.8 586.6 589.4 1.9 11.0 0.04 2.0 1.5 -1893 200 South GC6099 63.4/-60.9 168.0 169.0 0.9 3.4 0.05 14.2 9.3 -1464 200 South GC6120 131.8/-83.5 301.5 306.5 2.5 20.0 0.01 1.9 1.1 -1626 200 South GC6120 131.8/-83.5 589.4 592.4 2.7 8.6 0.13 0.2 0.1 -1909 200 South GC6120 131.8/-83.5 638.6 641.6 2.7 12.2 0.05 1.0 0.4 -1956 200 South GC6126 233/-69.5 808.0 813.0 4.8 7.2 0.14 0.1 0.0 -2059 200 South GC6131 243.4/77.3 86.7 87.7 0.9 7.1 0.01 5.6 4.0 -1186 200 South GC6145 247.9/-47 329.9 341.2 4.1 16.1 0.02 3.4 1.6 -1531 200 South GC6163 218.1/13.9 36.7 63.1 25.5 5.4 0.02 6.7 4.2 -1275 200 South GC6163 218.1/13.9 40.5 63.1 10.4 5.7 0.02 6.8 4.0 -1279 200 South GC6177 63.4/84.6 5.4 7.5 1.8 4.8 0.07 3.9 2.5 -1242 200 South GC6177 63.4/84.6 24.5 36.8 10.6 5.3 0.06 6.3 3.1 -1205 200 South GC6177 63.4/84.6 71.0 120.0 42.3 4.0 0.06 8.3 4.4 -1174 200 South GC6188 243.4/-80.9 93.8 99.2 5.4 10.0 0.02 6.3 3.3 -1393 200 South GC6188 243.4/-80.9 109.8 114.3 4.5 5.0 0.07 4.4 2.2 -1393 200 South GC6188 243.4/-80.9 109.8 119.0 9.1 6.6 0.05 3.5 1.8 -1409 5250 GC6150 60.8/29.5 1.6 24.8 19.0 20.9 0.08 8.2 2.1 251 5250 GC6150 60.8/29.5 68.3 71.3 2.5 14.4 0.06 11.1 3.2 296 5250 GC6150 60.8/29.5 99.5 104.4 4.0 3.5 0.06 11.8 3.8 321 5250 GC6150 60.8/29.5 107.0 108.0 0.8 5.5 0.06 6.9 2.7 323 5250 GC6150 60.8/29.5 118.1 142.0 19.6 11.5 0.10 20.4 6.1 351 Gallagher GC6003 63.4/-85.3 111.0 115.0 2.8 14.2 0.18 3.5 1.6 -829 Gallagher GC6003 63.4/-85.3 450.0 452.0 1.8 20.0 0.08 0.5 0.3 -1171 Gallagher GC6003 63.4/-85.3 455.0 458.0 2.7 14.5 0.03 0.7 0.3 -1171 Gallagher GC6017 313.1/-78.5 31.5 32.5 1.0 12.0 0.01 2.2 2.5 -748 Gallagher GC6017 313.1/-78.5 35.0 37.7 2.7 16.3 0.01 2.7 2.8 -748 Upper Plate GC6066 86.3/81.3 307.5 309.0 1.4 15.1 0.06 4.1 1.8 153 Upper Plate GC6066 86.3/81.3 424.3 425.3 0.9 5.2 0.01 8.6 3.8 268 Upper Plate GC6070 227.9/78 543.5 545.0 1.5 13.0 0.02 8.2 3.2 378 Upper Plate GC6071 234.3/70 529.0 530.0 0.8 30.4 0.03 9.5 5.4 335 Upper Plate GC6071 234.3/70 566.9 576.6 8.1 12.7 0.01 6.1 2.8 371 Upper Plate GC6077 245.7/56.9 620.0 622.5 1.9 21.6 0.01 2.2 1.1 378 Upper Plate GC6077 245.7/56.9 640.0 641.0 0.8 25.3 0.02 23.6 10.0 378 Upper Plate GC6082 249.4/44.8 703.2 722.9 16.8 2.7 0.09 5.0 3.0 356 Upper Plate GC6089 254.4/53.1 641.4 645.6 3.5 32.9 0.02 2.5 1.2 358 Upper Plate GC6089 254.4/53.1 671.1 674.8 3.3 10.4 0.03 10.3 5.7 382 Upper Plate GC6093 255.6/65.5 597.5 599.0 1.3 27.1 0.02 13.4 4.8 384 Upper Plate GC6098 265.3/81.7 506.7 512.0 5.2 38.3 0.05 3.2 1.5 349 Upper Plate GC6104 263.1/67 541.0 549.5 7.4 51.0 0.03 4.2 2.0 351 Upper Plate GC6104 263.1/67 577.5 579.6 1.7 26.0 0.01 12.1 7.2 380 Upper Plate GC6108 257.2/58.5 575.0 577.8 2.3 15.7 0.00 1.0 0.4 354 Upper Plate GC6108 257.2/58.5 587.0 591.7 3.9 26.8 0.02 3.2 1.7 354 Upper Plate GC6108 257.2/58.5 622.0 623.5 1.2 19.7 0.01 14.7 5.6 379 Upper Plate GC6122 281/65.2 584.5 600.0 15.1 14.6 0.01 1.3 0.6 391 Upper Plate GC6123 291.7/71.4 570.7 571.8 1.1 46.1 0.03 5.5 2.7 391 Upper Plate GC6129 275.8/66.5 82.0 90.0 7.3 11.7 0.03 3.4 1.8 92 Upper Plate GC6129 275.8/66.5 245.0 246.3 1.3 13.3 0.03 1.2 0.6 365 Upper Plate GC6129 275.8/66.5 260.0 283.4 23.1 9.9 0.03 7.8 2.4 251 Upper Plate GC6134 264.6/21.5 301.3 309.4 7.0 14.7 0.05 5.4 2.9 135 Upper Plate GC6134 264.6/21.5 316.4 330.8 12.5 9.8 0.03 3.9 2.1 135 Upper Plate GC6135 1.5/79.5 336.5 340.8 4.3 4.6 0.00 9.2 3.5 265 Upper Plate GC6135 1.5/79.5 423.7 424.8 1.1 9.3 0.02 4.5 2.1 265 Upper Plate GC6135 1.5/79.5 480.3 482.2 1.7 17.0 0.01 1.5 0.8 333 Upper Plate GC6139 347/74.1 513.5 521.0 7.4 16.4 0.00 5.1 2.5 272 Upper Plate GC6140 231.6/41.8 329.0 330.8 1.1 2.5 0.00 7.7 5.5 227 Upper Plate GC6148 86.2/53.9 62.6 77.6 7.5 5.4 0.07 5.2 3.0 150 Upper Plate GC6148 86.2/53.9 149.8 152.0 1.1 64.3 0.11 2.9 1.6 150 Upper Plate GC6148 86.2/53.9 170.4 180.6 5.1 32.1 0.04 3.6 1.7 176 Upper Plate GC6148 86.2/53.9 243.8 245.9 1.1 24.5 0.01 9.6 4.2 204 Upper Plate GC6148 86.2/53.9 270.0 272.5 1.3 15.8 0.01 7.8 1.4 228 Upper Plate GC6148 86.2/53.9 366.6 368.6 2.0 0.4 0.28 0.2 0.1 304 West GC6035 53/-16.6 492.8 502.0 8.9 8.3 0.05 5.0 1.8 -635 West GC6053 71.1/-3.2 605.0 610.0 3.7 7.3 0.17 8.7 3.8 -470 West GC6060 50.9/-7.6 541.5 549.0 6.5 5.3 0.04 15.7 1.9 -538 West GC6067 86.1/-16.1 532.5 558.8 21.1 4.4 0.10 25.4 5.2 -587 Surface Exploration East Exploration PS0442 91/-90 84.0 104.0 18.5 13.4 0.63 29.6 7.5 1036 East Exploration PS0442 91/-90 123.5 127.0 3.2 21.5 0.40 9.2 2.4 1013 East Exploration PS0445 358.7/-79 67.0 104.1 35.0 10.4 0.17 6.9 1.5 1037 East Exploration PS0446 44.8/-56.6 138.8 143.0 2.5 4.7 0.14 7.8 2.2 1018 East Exploration PS0446 44.8/-56.6 154.0 157.7 2.3 7.0 0.31 15.9 2.9 1005 East Exploration PS0447 188.6/-69.3 155.0 165.0 9.2 16.5 0.26 3.3 1.5 985 East Exploration PS0447 188.6/-69.3 243.0 249.5 6.3 13.5 0.24 10.1 2.8 905 East Exploration PS0448 146.6/-55.5 132.0 175.0 39.9 7.5 0.24 22.3 4.9 996 East Exploration PS0450 123.2/-53.1 161.0 168.0 6.9 3.7 0.02 12.9 6.6 912 East Exploration PS0452 99.9/-77.9 68.0 86.0 13.8 15.9 0.04 4.5 2.0 -859 East Exploration PS0452 99.9/-77.9 158.0 160.0 0.7 1.7 0.28 0.1 0.0 -859 East Exploration PS0453 150.1/-66.4 197.0 201.7 3.0 9.5 0.06 3.9 1.6 -859 East Exploration PS0455 152/-54.3 218.5 228.0 7.5 4.3 0.03 11.3 6.4 921 Upper Plate Exploration PS0441 171.6/-71.8 292.5 295.0 1.5 5.7 0.01 8.7 3.9 -859 Upper Plate Exploration PS0443 208.6/-62 336.5 345.7 8.1 7.0 0.03 12.7 4.3 388 Upper Plate Exploration PS0449 221/-51 386.4 411.2 24.5 10.5 0.02 4.9 2.3 912 Upper Plate Exploration PS0461 294.5/-48 345.0 351.0 5.7 19.7 0.01 1.0 0.4 419 Upper Plate Exploration PS0461 294.5/-48 371.0 372.2 1.2 1.0 0.00 10.0 5.6 397 View source version on businesswire.com: https://www.businesswire.com/news/home/20231106209510/en/
Anvita M. Patil Vice President - Investor Relations and Treasurer Cheryl Turner Communications Coordinator 800-HECLA91 (800-432-5291) Investor Relations Email: hmc-info@hecla.com Website: http://www.hecla.co