Hecla Mining — Nov 6, 2024 release

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.com   Investor Relations, Hecla Mining Company • 1-800-432-5291• hmc-info@hecla.com 15     HECLA MINING COMPANY Condensed Consolidated Statements of Income (Loss) (dollars and shares in thousands, except per share amounts - unaudited)       Three Months Ended     Nine Months Ended       September 30, 2024     June 30, 2024     September 30, 2024     September 30, 2023   Sales   $ 245,085     $ 245,657     $ 680,270     $ 559,537   Cost of sales and other direct production costs     144,855       140,464       406,780       345,516   Depreciation, depletion and amortization     40,944       53,763       143,614       107,937   Total cost of sales     185,799       194,227       550,394       453,453   Gross profit     59,286       51,430       129,876       106,084                                     Other operating expenses:                                 General and administrative     10,401       14,740       36,357       30,449   Exploration and pre-development     10,553       6,682       21,577       25,546   Ramp-up and suspension costs     13,679       5,538       33,740       48,684   Write down of property, plant and equipment     14,464       —       14,464       —   Provision for closed operations and environmental matters     1,542       1,153       3,681       6,411   Other operating income     (13,828 )     (17,283 )     (48,082 )     (2,729 )       36,811       10,830       61,737       108,361   Income (loss) from operations     22,475       40,600       68,139       (2,277 ) Other expense:                                 Interest expense     (10,901 )     (12,505 )     (36,050 )     (31,186 ) Fair value adjustments, net     3,654       5,002       6,804       (5,774 ) Foreign exchange (loss) gain     (3,246 )     2,673       3,409       434   Other income     1,229       1,180       3,921       4,425         (9,264 )     (3,650 )     (21,916 )     (32,101 ) Income (loss) before income and mining taxes     13,211       36,950       46,223       (34,378 ) Income and mining tax provision     (11,450 )     (9,080 )     (22,345 )     (6,904 ) Net income (loss)     1,761       27,870       23,878       (41,282 ) Preferred stock dividends     (138 )     (138 )     (414 )     (414 ) Net income (loss) applicable to common stockholders   $ 1,623     $ 27,732     $ 23,464     $ (41,696 ) Basic income (loss) per common share after preferred dividends (in cents)   $ 0.00     $ 0.04     $ 0.04     $ (0.07 ) Diluted income (loss) per common share after preferred dividends (in cents)   $ 0.00     $ 0.04     $ 0.04     $ (0.07 ) Weighted average number of common shares outstanding basic     621,921       617,106       618,419       604,028   Weighted average number of common shares outstanding diluted     625,739       622,206       621,792       604,028     Investor Relations, Hecla Mining Company • 1-800-432-5291• hmc-info@hecla.com 16     HECLA MINING COMPANY Condensed Consolidated Statements of Cash Flows (dollars in thousands - unaudited)       Quarter Ended     Nine Months Ended       September 30, 2024     June 30, 2024     September 30, 2024     September 30, 2023   OPERATING ACTIVITIES                                 Net income (loss)   $ 1,761     $ 27,870     $ 23,878     $ (41,282 ) Non-cash elements included in net income (loss):                                 Depreciation, depletion and amortization     44,118       53,921       149,265       111,705   Inventory adjustments     178       2,225       10,074       16,332   Fair value adjustments, net     (3,654 )     (5,002 )     (6,804 )     5,774   Provision for reclamation and closure costs     1,822       1,760       5,428       7,805   Stock-based compensation     2,255       2,982       6,401       5,122   Deferred income taxes     8,573       6,104       14,261       795   Net foreign exchange (gain) loss     3,246       (2,673 )     (3,409 )     (434 ) Write down of property, plant and equipment     14,464       —       14,464       —   Other non-cash items, net     341       (715 )     145       1,624   Change in assets and liabilities:                                 Accounts receivable     (7,085 )     750       (24,199 )     25,020   Inventories     3,498       (12,127 )     (27,375 )     (24,339 ) Other current and non-current assets     (7,989 )     3,104       353       (15,045 ) Accounts payable, accrued and other current liabilities     (4,690 )     6,518       (6,991 )     (2,389 ) Accrued payroll and related benefits     2,772       (1,678 )     6,592       (11,244 ) Accrued taxes     2,085       (3,101 )     1,069       (1,008 ) Accrued reclamation and closure costs and other non-current liabilities     (6,686 )     (1,220 )     (12,345 )     (3,821 ) Net cash provided by operating activities     55,009       78,718       150,807       74,615   INVESTING ACTIVITIES                                 Additions to property, plant and mine development     (55,699 )     (50,420 )     (153,708 )     (161,265 ) Proceeds from disposition of assets     199       1,227       1,473       160   Purchases of investments     —       (73 )     (73 )     (1,753 ) Net cash used in investing activities     (55,500 )     (49,266 )     (152,308 )     (162,858 ) FINANCING ACTIVITIES                                 Proceeds from sale of common stock, net     57,265       —       58,368       25,888   Acquisition of treasury shares     —       —       (1,197 )     (2,036 ) Borrowing of debt     83,000       40,000       150,000       119,000   Repayment of debt     (132,000 )     (118,000 )     (265,000 )     (39,000 ) Dividends paid to common and preferred stockholders     (8,697 )     (4,000 )     (16,691 )     (11,755 ) Repayments of finance leases     (2,336 )     (2,472 )     (7,841 )     (7,990 ) Net cash (used in) provided by financing activities     (2,768 )     (84,472 )     (82,361 )     84,107   Effect of exchange rates on cash     960       (556 )     (220 )     77   Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents     (2,299 )     (55,576 )     (84,082 )     (4,059 ) Cash, cash equivalents and restricted cash and cash equivalents at beginning of period     25,756       81,332       107,539       105,907   Cash, cash equivalents and restricted cash and cash equivalents at end of period   $ 23,457     $ 25,756     $ 23,457     $ 101,848     Investor Relations, Hecla Mining Company • 1-800-432-5291• hmc-info@hecla.com 17     HECLA MINING COMPANY Condensed Consolidated Balance Sheets (dollars and shares in thousands - unaudited)       September 30, 2024     December 31, 2023   ASSETS                 Current assets:                 Cash and cash equivalents   $ 22,273     $ 106,374   Accounts receivable     56,936       33,116   Inventories     104,528       93,647   Other current assets     22,230       27,125   Total current assets     205,967       260,262   Investments     42,019       33,724   Restricted cash and cash equivalents     1,184       1,165   Property, plant and mine development, net     2,665,342       2,666,250   Operating lease right-of-use assets     5,173       8,349   Other non-current assets     36,026       41,354   Total assets   $ 2,955,711     $ 3,011,104                     LIABILITIES                 Current liabilities:                 Accounts payable and other current accrued liabilities   $ 129,946     $ 123,643   Finance leases     7,299       9,752   Accrued reclamation and closure costs     10,261       9,660   Accrued interest     5,192       14,405   Current debt     35,874       —   Total current liabilities     188,572       157,460   Accrued reclamation and closure costs     108,329       110,797   Long-term debt including finance leases     496,631       653,063   Deferred tax liabilities     111,331       104,835   Other non-current liabilities     12,566       16,845   Total liabilities     917,429       1,043,000                     STOCKHOLDERS ’ EQUITY                 Preferred stock     39       39   Common stock     159,185       156,076   Capital surplus     2,413,546       2,343,747   Accumulated deficit     (496,674 )     (503,861 ) Accumulated other comprehensive (loss) income, net     (2,883 )     5,837   Treasury stock     (34,931 )     (33,734 ) Total stockholders ’ equity     2,038,282       1,968,104