Hecla Reports Exploration Results and Mineral Reserves

Second highest silver reserves in company history

Hecla Mining Company ((HL) today reported exploration results and year-end mineral reserves. Significant exploration success at key properties provides the base for future resource growth while silver reserves reached the second highest in Hecla's history.

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Figure 1: District geology with fourth quarter 2024 drill target locations. (Graphic: Business Wire)

HIGHLIGHTS

• Achieved near-record silver reserves, reaching 240 million ounces and approaching an all-time high
• Fully replaced silver production from reserves through strategic reserve replacement across operations
• Restored nearly all silver reserves at Greens Creek through targeted exploration
• Grew Keno Hill reserves by 17% to reach 64 million silver ounces
• Maintained gold reserves with production replaced and added 21 thousand ounces at Casa Berardi
• Demonstrated robust economics using conservative pricing ($22/oz silver, $1,900/oz gold)
• Disciplined resource estimation with updated cut-off grades reflecting current costs
• Discovered and expanded high-grade zones across multiple properties through focused drilling
• Accelerated development of high-priority exploration targets to drive future growth

"Hecla's silver reserves stand at 240 million ounces, the second-highest level in our 134-year history and only 1 million ounces below our peak in 2022," said Rob Krcmarov, President and CEO. "Our 2024 exploration program continued to deliver exceptional results at both Keno Hill and Greens Creek while Keno Hill reserves grew by over 17% and silver production was nearly replaced at Greens Creek. These achievements position Hecla for continued growth as the largest silver producer in the U.S. and Canada and lay the foundation for sustained future growth."

Kurt Allen, Vice President of Exploration, commented on the exploration success: "The 2024 drilling program has significantly advanced our understanding of the high-grade mineralization controls at both Keno Hill and Greens Creek. At Keno Hill, the Bermingham Footwall and Main Vein zones continue to deliver exceptional silver grades over mineable widths and remain open for expansion. The emerging cluster of high-grade silver values beneath the Bermingham Deep Northeast Ore Zone is particularly exciting, suggesting proximity to a new ore-shoot that will be a key focus of our 2025 drilling program. At Greens Creek, the strong results from the West Zone and 5250 Zone support our view that this world-class deposit continues to hold significant exploration potential."

EXPLORATION HIGHLIGHTS BY PROPERTY

Select drill highlights from the company's exploration programs include the following drill holes, additional drill holes and details are included later in this release.

Keno Hill (Yukon Territory)

Bermingham Vein Zone – Notable Intercepts

• Bear Vein: 13.2 oz/ton silver, 2.6% lead, and 0.9% zinc over 7.5 feet
• Footwall Vein: 36.6 oz/ton silver, 3.0% lead, and 0.9% zinc over 11.2 feet
  • Includes: 48.4 oz/ton silver, 3.7% lead, and 1.0% zinc over 8.1 feet
• Main Vein: 42.8 oz/ton silver, 9.3% lead, and 9.7% zinc over 6.8 feet

Operational Context:

Underground definition drilling continued to expand mineralization in the high-grade Bermingham Bear Zone Veins, while surface exploration focused on new discoveries. The Footwall and Main Vein mineralized zones remain open for expansion at depth, with further drilling planned in the first half of 2025.

Greens Creek (Alaska)

West Zone – Notable Intercepts:

• 34.6 oz/ton silver, 0.44 oz/ton gold, 2.8% lead and 5.9% zinc over 12.1 feet
• 40.1 oz/ton silver, 0.36 oz/ton gold, 4.3% lead and 8.2% zinc over 8.0 feet

9A Zone – Notable Intercepts:

• 10.8 oz/ton silver, 0.21 oz/ton gold, 4.5% lead, and 8.7% lead over 17.3 feet
• 11.1 oz/ton silver, 0.03 oz/ton gold, 4.9% lead, and 11.6% zinc over 18.5 feet
• 27.4 oz/ton silver, 0.03 oz/ton gold, 5.8% lead, and 11.5% zinc over 6.2 feet

5250 Zone – Notable Intercepts

• 24.3 oz/ton silver, 0.07 oz/ton gold, 4.3% lead and 9.2% zinc over 46.6 feet
• 29.7 oz/ton silver, 0.08 oz/ton gold, 3.4% lead and 4.4% zinc over 24.3 feet

RESERVES & RESOURCES HIGHLIGHTS

• Silver reserves at 240 million ounces, an increase of 1% over last year, with additions at Keno Hill.
• On a consolidated basis, while the Company mined 18.7 million ounces of silver during 2024, it successfully replaced 14.6 million ounces in reserves. The difference primarily reflects production from areas outside of reserve blocks.
• Keno Hill reserves increased almost 17% to 64 million silver ounces.
• Gold reserves are flat over last year with production replaced and a slight increase at Casa Berardi.

Reserves And Resources Summary

Year-End 2024 Position:

• Proven and Probable silver reserves: 240 million ounces
• Measured and Indicated silver resources: 180 million ounces
• Inferred silver resources: 492 million ounces
• Proven and Probable gold reserves: 2.2 million ounces
• Measured and Indicated gold resources: 4.3 million ounces
• Inferred gold resources: 6.2 million ounces

A breakdown of the Company's reserves and resources along with metal price assumptions are set out in Table A at the end of this news release.

EXPLORATION UPDATE

Keno Hill, Yukon Territory

Fourth quarter drilling at Keno Hill substantially expanded high-grade mineralization through an aggressive dual-focus program of underground definition and surface exploration drilling. Underground drilling completed 7,100 feet, concentrating on resource conversion and expansion of the high-grade Bermingham Bear Zone Veins. Concurrent surface exploration deployed five core drills to complete 28,000 feet across multiple promising targets including the Bermingham Deep, Elsa 17-Dixie, Inca, and Hector-Calumet areas (Figure 1).

Definition drilling in the Bear Zone veins yielded significant results, particularly in the Footwall and Main Veins where high-grade mineralization was extended both at depth and along strike. While drilling in the Bear Vein identified narrow vein mineralization between the Ursa and Arctic faults, the most substantial gains came from the Footwall and Main Veins, where strong high-grade intercepts significantly expanded the known mineralized zones. Both the Footwall and Main Vein zones remain open at depth, with further drilling planned for the first half of 2025 to test their expansion potential. Assay highlights include (reported widths are estimates of true width):

• Bear Vein: 13.2 oz/ton silver, 2.6% lead, and 0.9% zinc over 7.5 feet
• Bear Vein: 12.6 oz/ton silver, 1.9% lead, and 0.1% zinc over 5.7 feet
• Footwall Vein: 37.3 oz/ton silver, 4.8% lead, and 1.2% zinc over 12.5 feet
  • Includes: 117.2 oz/ton silver, 15.9% lead, and 10.2% zinc over 0.9 feet
• Footwall Vein: 36.6 oz/ton silver, 3.0% lead, and 0.9% zinc over 11.2 feet
  • Includes: 48.4 oz/ton silver, 3.7% lead, and 1.0% zinc over 8.1 feet
• Main Vein: 42.8 oz/ton silver, 9.3% lead, and 9.7% zinc over 6.8 feet
• Main Vein: 23.8 oz/ton silver, 2.9% lead, and 0.9% zinc over 7.5 feet

Surface exploration drilling delivered exciting results from both the Bermingham system and Inca Vein target areas.

At Bermingham, drilling intercepted significant mineralization across multiple veins, highlighted by an 11.3-foot intersection in the Footwall Vein grading 11.1 oz/ton silver with associated base metals. This intercept, located beneath the northeastern edge of the Bermingham Deep Northeast Ore Zone, suggests proximity to a new ore-shoot controlled by an interpreted vein intersection. The area is slated for follow-up drilling in 2025.

At the Inca Vein target, initial drilling has outlined over 800 feet of mineralized strike length, delivering exceptional results including 22.3 feet grading 18.1 oz/ton silver, 16.1% zinc, and significant indium values. The zone remains open for expansion in all directions, demonstrating strong potential for resource growth. The best intercept included 14.3 feet grading 26.1 oz/ton silver and 20.9% zinc, with notable indium credits of 7.0 oz/ton.

Greens Creek, Alaska

At Greens Creek, two underground drilling rigs completed 27 drillholes, totaling 17,083 feet. Definition drilling was focused on resource conversion and exploration and resulted in extending mineralization from known resources. Underground definition drilling targeted the 9A, East, and Gallagher zones and exploration targeted the Gallagher Zone (Figure 5). Assay results were received during the quarter from the 5250, 9A, Gallagher, West, 200S, and UPP zones.

Underground definition drilling delivered mixed but overall positive results across multiple zones. At the Gallagher Zone, four drillholes across two sections encountered elevated alteration, with 61% of received assays from 23 holes expected to positively impact the resource. Highlights from this drilling include:

• 8.0 oz/ton silver, 0.15 oz/ton gold, 4.7% lead, and 10.4% zinc over 11.1 feet

During the quarter, assay results for the 5250 Zone were received for 22 drillholes, targeting 13 cross-sections, of which 41% are expected to have a positive impact on the resource. Highlights from this drilling include:

• 24.3 oz/ton silver, 0.07 oz/ton gold, 4.3% lead and 9.2% zinc over 46.6 feet
• 29.7 oz/ton silver, 0.08 oz/ton gold, 3.4% lead and 4.4% zinc over 24.3 feet

During the quarter, assay results for the West Zone were received for 15 drillholes, targeting eight cross-sections, of which 40% are expected to have a positive impact on the resource. Highlights from this drilling include:

• 34.6 oz/ton silver, 0.44 oz/ton gold, 2.8% lead and 5.9% zinc over 12.1 feet
• 40.1 oz/ton silver, 0.36 oz/ton gold, 4.3% lead and 8.2% zinc over 8.0 feet

The 9A Zone drilling campaign successfully established important continuity across several gaps within the zone. Highlights from this drilling include:

• 10.8 oz/ton silver, 0.21 oz/ton gold, 4.5% lead, and 8.7% lead over 17.3 feet
• 11.1 oz/ton silver, 0.03 oz/ton gold, 5.0% lead, and 11.6% zinc over 18.5 feet
• 27.4 oz/ton silver, 0.03 oz/ton gold, 5.8% lead, and 11.5% zinc over 6.2 feet

Detailed drill assay highlights can be found in Table B at the end of the release.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE:HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

Cautionary Statements Regarding Estimates and Forward-Looking Statements

Statements made or information provided in this news release that are not historical facts are "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, and "forward-looking information" within the meaning of Canadian securities laws. When a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition and often contain words such as "anticipate," "intend," "plan," "will," "could," "would," "estimate," "should," "expect," "believe," "project," "target," "indicative," "preliminary," "potential" and similar expressions. 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) certain price assumptions for gold, silver, lead and zinc; (v) prices for key supplies being approximately consistent with current levels; (vi) the accuracy of our current mineral reserve and mineral resource estimates; (vii) 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; (viii) sufficient workforce is available and trained to perform assigned tasks; (ix) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (x) relations with interested parties, including Native Americans, remain productive; and (xi) factors do not arise that reduce available cash balances.

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 2024 Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission ("SEC") on February 13, 2025. 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.

Cautionary Statements to Investors on Reserves and Resources

This news release uses the terms "mineral resources," "measured mineral resources," "indicated mineral resources" and "inferred mineral resources". Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. We report reserves and resources under the SEC's mining disclosure rules ("S-K 1300") and Canada's National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") because we are a "reporting issuer" under Canadian securities laws. Unless otherwise indicated, all resource and reserve estimates contained in this press release have been prepared in accordance with S-K 1300 as well as NI 43-101.

Qualified Person (QP)

Kurt D. Allen, MSc., CPG, VP -Exploration of Hecla Mining Company 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 for the Company's Greens Creek, Lucky Friday, Casa Berardi and Keno Hill properties are filed as exhibits 96.1 - 96.4, respectively, to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report for the Greens Creek Mine" effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA" effective date April 2, 2014, (iii) Casa Berardi are contained in its Technical Report Summary and in its NI 43-101 technical report titled "Technical Report on the Casa Berardi Mine, Northwestern Quebec, Canada" effective date December 31, 2023, (iv) Keno Hill are contained in its Technical Report Summary titled "S-K 1300 Technical Report Summary on the Keno Hill Mine, Yukon, Canada" and in its NI 43-101 technical report titled "Technical Report on the Keno Hill Mine, Yukon, Canada" effective date December 31, 2023, and (v) the San Sebastian Mine, Mexico, are contained in a NI 43-101 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 Technical Report Summary and technical report listed above is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in NI 43-101 technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in a NI 43-101 technical reports prepared for ATAC Resources Ltd. for (i) the Osiris Project (technical report dated July 28, 2022) and (ii) the Tiger Project (technical report dated February 27, 2020). Copies of these technical reports are available under the SEDAR profiles of Klondex Mines Unlimited Liability Company and ATAC Resources Ltd., respectively, at www.sedar.com (the Fire Creek technical report is also available under Hecla's profile on SEDAR). Mr. 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.

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For further information, please contact:

Anvita M. Patil

Vice President - Investor Relations and Treasurer

Cheryl Turner

Communications Coordinator

Investor Relations

Email: [email protected]

Website: http://www.hecla.com