Hecla Reports Highest Silver Reserves
in Company History

Hecla Mining Company (NYSE: HL) reported the highest silver reserves in its more than 130-year history and provided an update on its exploration programs during the fourth quarter 2022 and plans for 2023.

Reserves & Resources Highlights

• Silver reserves increased to more than 240 million ounces with the addition of Keno Hill’s almost 50 million silver ounces.

• Gold reserves decreased by 6% due to a higher cut-off grade at Casa Berardi reflecting rising costs.

• Measured and indicated silver and gold resources increased 6% with the inclusion of Keno Hill.

• Inferred resources are mostly unchanged with increases of 3% for silver and 1% for gold.

Exploration Highlights

• Exploration drilling at Keno Hill focused on initial drill testing of new targets at the Silver King, Coral-Wigwam, and Hector-Calumet confirmed the occurrence of favorable vein structures and high-grade silver mineralization in all three areas.

• Exploration and definition drilling at Greens Creek defined and expanded mineralization on strike with strong assay results from the Southwest Bench, 200 South, East, West, and Upper Plate ore zones.

• Surface exploration drilling at Casa Berardi identified a mineralized smoky quartz vein system in the 154 Zone while underground drilling in the West Mine identified high grade gold in the 118 Zone.

“Hecla’s silver reserves are an all-time high,” said Phillips S. Baker, Jr., President, and CEO. “In the past 15 years, we have replaced the 213 million ounces mined and yet have almost 5 times the reserves we had at the start of 2008.

That is over 400 million ounces of silver that we have replaced and grown. We now have a half dozen silver properties to explore, primarily in the US and Canada, the most recent addition being the 88 square mile Keno Hill project in the Yukon.”

Baker continued, “Keno Hill’s 2022 exploration results are particularly remarkable with only three targets drilled that all resulted in three meaningful, high-grade discoveries. This reflects the quality of the land position and the knowledge of the long-standing team who have taken their experience at Bermingham and applied it to the new targets. These initial results exceed our already high expectations for the exploration potential of the district.”

“Hecla has the largest silver reserve in the United States, the highest grade and largest primary silver reserve in Canada, the best silver exploration potential in both countries, and we produce 40% of all the silver mined on in the United States and expect to produce the same percentage of Canada’s production next year. With silver’s importance in the energy transition to renewables, Hecla is well positioned long into the future,” Baker said.

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About Hecla Mining Company

Founded in 1891, Hecla Mining Company is the largest silver producer in the United States. In addition to operating mines in Alaska and Idaho, and Quebec, Canada, the Company owns a number of exploration and pre-development properties in world-class silver and gold mining districts throughout North America. For further information visit www.hecla-mining.com.