Business Wire | Feb 18, 2021 03:31AM EST

Hecla Reports Fourth Quarter and Full-year 2020 Results

Feb. 18, 2021

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Feb. 18, 2021--Hecla Mining Company (NYSE:HL) today announced fourth quarter and full year 2020 financial and operating results.

HIGHLIGHTS

* Fourth quarter sales of $188.9 million; cash flow from operations of $64.9 million; free cash flow $28.3 million1 net income of $0.8 million; adjusted net income applicable to common shareholders of $13.0 million, or $0.02 per share2; and adjusted EBITDA of $55.8 million.3 * 2020 silver production of 13.5 million ounces, up 7% and gold production of 208,962 ounces, down 23%, from 2019, which was Hecla's highest annual gold production. * 2020 sales of $691.9 million (the highest in the Company's history); cash flow from operations of $180.8 million; free cash flow of $89.8 million1; adjusted net income applicable to common shareholders of $23.1 million, or $0.04 per share2; net loss of $16.8 million; and adjusted EBITDA of $224.3 million.3 * Third highest silver and gold reserves in Company's 130-year history despite significant interruptions to 2020 exploration program due to COVID-19. * Exploration discoveries at Midas, Casa Berardi, San Sebastian, Heva Hosco, and Kinskuch expect to be further drilled in 2021. * Net debt reduction of approximately $81 million, or 17%, from March 31, 2020. * Year-end cash position of $130 million, an increase of $67 million from 2019 with the credit facility undrawn. * All-Injury Frequency Rate (AIFR) of 1.22 for 2020, lowest in the Company's history and a reduction of 24% over 2019. * Lucky Friday returned to full production levels in the fourth quarter of 2020. * Production guidance increases projected silver production over 2020 production.

"The COVID pandemic provided significant challenges to Hecla and the mining industry; however, due to our people and the jurisdictions we operate in, Hecla exceeded the high end of our pre-COVID silver guidance by 1.4 million ounces," said Phillips S. Baker, Jr., President and CEO. "We saw modest disruptions in Quebec and Mexico; however, these did not materially impact our business. During the year we refinanced our long-term debt now due in 2028, and through solid free cash flow generation, added cash to the balance sheet, reduced our net debt, and increased dividends."

Baker continued, "As we look to 2021, we see three significant value drivers. First, with Lucky Friday running at full production, positive results from the work at Casa Berardi, and the continued consistency of Greens Creek, we expect to grow silver production and generate significant free cash flow. Silver production from our United States silver mines is expected to go from 8 million ounces in 2018 to almost 15 million ounces by 2023, further increasing Hecla's position as the most significant US silver producer."

"Second, we start the year with the 3rd highest reserves in our history despite disruptions to our planned exploration and definition drilling programs due to COVID?19, and we expect reserve growth in 2021 from a normal drilling program. Finally, Hecla's 2021 exploration program is following up on high-grade intercepts that have the potential to expand existing or develop new high-quality deposits in some of the world's best mining jurisdictions. Examples of this are Midas' Green Racer Sinter target where we have made a multi-ounce gold discovery in a never before drilled target and at San Sebastian's El Bronco vein where we are seeing high-grade over significant widths," Baker said.

FINANCIAL OVERVIEW

Fourth Quarter Ended Twelve Months Ended

December December 31, December 31, December 31,HIGHLIGHTS 31, 2019 2020 2019 2020

FINANCIAL DATA(000s except per share)

Sales $ 188,890 $ 224,945 $ 691,873 $ 673,266

Gross profit $ 46,764 $ 25,318 $ 145,703 $ 23,399 (loss)

Income (Loss)applicable to $ 657 $ (8,114 ) $ (17,342 ) $ (100,109 ) commonstockholders

Basic and dilutedloss per common $ - $ (0.02 ) $ (0.03 ) $ (0.20 ) share

Cash provided byoperating $ 64,901 $ 57,257 $ 180,793 $ 120,866 activities

Items impacting income (loss) applicable to common shareholders for the 2020 periods compared to 2019 include the following:

* Gross profit for the fourth quarter was higher by $21.4 million due primarily to higher metal prices, Casa Berardi's higher-grade underground stopes and Lucky Friday's return to full production. * Full-year gross profit was $122.3 million higher, principally due to lower costs and depreciation at Nevada, higher quantities of silver, lead and zinc sold and higher realized silver and gold prices. * Exploration and pre-development expense was $8.5 million for the fourth quarter and $18.3 million for 2020, compared to $3.0 million and $19.1 million, respectively, in 2019. The fourth quarter increase was enabled by cash flow generation at our operating mines with the increase primarily at Midas and San Sebastian. * Ramp-up and suspension costs for the fourth quarter of $0.8 million and $24.9 million for 2020, compared to $3.3 million and $12.1 million, respectively, for the fourth quarter and full-year of 2019. The full-year 2020 costs were higher primarily due to 1) ramp-up of Lucky Friday prior to return to full production in the fourth quarter, 2) suspension costs in Nevada, and 3) temporary suspension costs at Casa Berardi and San Sebastian in response to COVID-19. * Losses on metal derivative contracts for the fourth quarter and 2020 of $9.3 million and $22.1 million, respectively, compared to losses of $1.3 million and $4.0 million in the fourth quarter and 2019, respectively. During 2019, the Company settled in-the-money contracts prior to their maturity date, for cash proceeds of approximately $6.7 million, with no such early settlements in 2020. * Foreign exchange losses of $5.8 million and $4.6 million were recognized in the fourth quarter and 2020, respectively, compared to losses of $1.5 million and $8.2 million, respectively, in 2019. The losses were primarily due to changes in the Canadian dollar's value relative to the U.S. dollar. * Interest expense was $10.7 million in the fourth quarter and $49.6 million for the full year of 2020 compared to $14.7 million and $48.4 million, respectively, for 2019. The interest expense in 2020 was primarily related to our Senior Notes. * Income tax benefit for the fourth quarter of $1.1 million and a small provision for the full year of 2020, compared to benefits of $4.1 million and $24.1 million, respectively, for 2019.

Cash provided by operating activities for the fourth quarter and 2020 of $64.9 million and $180.8 million, was $7.6 million and $59.9 million higher, respectively, compared to the prior year periods. The increase in the fourth quarter of 2020 was primarily due to lower spending in Nevada and higher sales. Quarterly increase would have been higher except ore in Nevada was stockpiled for the bulk sample. The increase for the full year of 2020 was due to higher prices, lower Nevada spending and the Lucky Friday ramp-up.

Adjusted EBITDA3 of $224.3 million in 2020, $51.0 million more than 2019. The increase in 2020 was primarily due to higher sales and lower spending in Nevada.

Fourth quarter capital expenditures totaled $40.3 million, including $10.5 million at Greens Creek, $16.4 million at Casa Berardi, and $11.1 million at Lucky Friday. Capital expenditures for the year 2020 totaled $99.9 million, compared to $128.1 million in 2019.

Metals Prices Fourth Quarter Ended Twelve Months Ended

December December December December 31, 31, 31, 31, 2020 2019 2020 2019

AVERAGE METAL PRICES

Silver London PM Fix ($/oz) $ 24.39 $ 17.30 $ 20.51 $ 16.20 -

Realized price per $ 25.16 $ 17.47 $ 21.15 $ 16.65 ounce

Gold - London PM Fix ($/oz) $ 1,873 $ 1,480 $ 1,770 $ 1,392

Realized price per $ 1,803 $ 1,488 $ 1,757 $ 1,413 ounce

Lead - LME Cash ($/pound) $ 0.87 $ 0.92 $ 0.83 $ 0.91

Realized price per $ 0.90 $ 0.91 $ 0.84 $ 0.91 pound

Zinc - LME Cash ($/pound) $ 1.19 $ 1.08 $ 1.03 $ 1.16

Realized price per $ 1.27 $ 1.10 $ 1.03 $ 1.14 pound

*Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the forward contracts discussed above) by the payable quantities of each metal included in products sold during the period.

Base Metals Forward Sales Contracts

The following table summarizes the quantities of base metals committed under financially settled forward sales contracts, other than provisional hedges (which address changes in prices between shipment and settlement with customers), at December 31, 2020:

*Realized prices are calculated by dividing gross revenues for each metal(which include the price adjustments and gains and losses on the forwardcontracts discussed above) by the payable quantities of each metal included inproducts sold during the period.

Base Metals Forward Sales Contracts

The following table summarizes the quantities of base metals committed under financially settled forward sales contracts, other than provisional hedges (which address changes in prices between shipment and settlement with customers), at December 31, 2020:

Pounds Under Contract Average Price per Pound (in thousands)

Zinc Lead Zinc Lead

Contracts on forecasted sales

2021 settlements 41,557 30,876 $ 1.17 $ 0.88

2022 settlements 18,519 - $ 1.28 $ -

The contracts represent 33% of the forecasted payable zinc production for the next two years at an average price of $1.21 per pound, and 39% of the forecasted payable lead production for the next year at an average price of $0.88 per pound.

Foreign Currency Forward Purchase Contracts

The following table summarizes the Canadian dollars the Company has committed to purchase under foreign exchange forward contracts at December 31, 2020:

Currency Under Contract Average Exchange Rate (in thousands of CAD)

CAD CAD/USD

2021 settlements 129,989 1.32

2022 settlements 84,754 1.31

2023 settlements 52,565 1.32

2024 settlements 26,446 1.33

OPERATIONS OVERVIEW

Overview

The following table provides the production summary on a consolidated basis for the fourth quarter and twelve months ended December 31, 2020 and 2019:

Fourth Quarter Ended Twelve Months Ended

December December December 31, December 31, 31, 31, 2020 2019 2020 2019

PRODUCTION SUMMARY

Silver Ounces produced 3,352,336 3,411,988 13,542,957 12,605,234 -

Payable ounces 3,227,951 3,999,013 12,305,917 11,548,373 sold

Gold - Ounces produced 49,014 74,773 208,962 272,873

Payable ounces 43,144 85,237 202,694 275,060 sold

Lead - Tons produced 9,507 6,804 34,127 24,210

Payable tons 9,160 7,118 29,108 19,746 sold

Zinc - Tons produced 14,413 16,185 63,112 58,857

Payable tons 11,632 12,147 46,349 39,381 sold

The following tables provide a summary of the final production, cost of sales and other direct production costs and depreciation, depletion and amortization (referred to herein as "cost of sales"), cash cost, after by-product credits ("cash cost"), per silver or gold ounce, and All in Sustaining Cost, after by-product credits ("AISC"), per silver and gold ounce, for the fourth quarter and twelve months ended December 31, 2020:

Fourth LuckyQuarter Total Greens Creek Friday San Sebastian Casa Berardi Nevada OpsEnded

December Silver Gold Silver Gold Silver Silver Gold Gold Silver Gold Silver31, 2020

Production 3,352,336 49,014 2,330,664 10,276 830,200 182,614 1,159 37,579 8,858 - -(ounces)

Increase/(decrease) (2)% (34)% (15)% (33)% 283% (57)% (70)% 8% (16)% N/A N/Aover 2019

Cost ofsales $85,967 $56,159 $59,215 N/A $20,919 $5,833 N/A $55,706 N/A $453 N/A(000)

Increase/ (99)(decrease) (6)% (48)% (17)% N/A 282% (59)% N/A (8)% N/A % N/Aover 2019

Cash costsper silver $7.38 $1,019 $7.21 N/A $9.34 $0.65 N/A $1,019 N/A $- N/Aor goldounce^ 4

Increase/(decrease) $3.80 $26 $4.45 N/A N/A $(8.24) N/A $(18) N/A N/A N/Aover 2019

AISC persilver or $15.35 $1,330 $12.05 N/A $18.22 $1.07 N/A $1,330 N/A $- N/Agold ounce^ 5

Increase/ $(decrease) $4.04 $143 $4.19 N/A N/A (10.71) N/A $52 N/A N/A N/Aover 2019

Twelve Months EndedTotal

Greens Creek

Lucky Friday

San Sebastian

Casa Berardi

Nevada Ops

December 31, 2020Silver

Gold

Silver

Gold

Silver

Silver

Gold

Gold

Silver

Gold

Silver

Production (ounces)13,542,957

208,963

10,494,726

48,491

2,031,874

954,772

7,223

121,493

24,142

31,756

37,443

Increase/(decrease) over 20197%

(23)%

6%

(14)%

221%

(49)%

(54)%

(10)%

(23)%

N/A

N/A

Cost of sales (000)$297,935

$248,235

$217,125

N/A

$56,706

$24,104

N/A

$203,434

N/A

$44,801

N/A

Increase/(decrease) over 20197%

(33)%

3%

N/A

241%

(52)%

N/A

(7)%

N/A

N/A

N/A

Cash costs per silver or gold ounce 4$5.70

$1,045

$5.49

N/A

N/A

$4.92

N/A

$1,131

N/A

$716

N/A

Increase/(decrease) over 2019$2.77

$(21)

$3.52

N/A

N/A

$(3.10)

N/A

$80

N/A

$(380)

N/A

AISC per silver or gold ounce 5$11.89

$1,302

$8.57

N/A

N/A

$5.68

N/A

$1,436

N/A

$787

N/A

Increase/(decrease) over 2019$1.76

$(109)

$2.58

N/A

N/A

$(6.42)

N/A

$82

N/A

$(740)

N/A

Greens Creek Mine - Alaska

The increase in silver production for the full year resulted from higher grades. The mill operated at an average of 2,236 tons per day (tpd) for the full year. Fourth quarter production was affected by a significant weather event in December when southeast Alaska was impacted by high winds and heavy rains that caused major damage in the area and communities.

The higher cost of sales in 2020 were due to higher sales volumes. The increase in per silver ounce cash costs and AISC was primarily due to higher concentrate treatment costs and lower by-product credits, on a per-ounce basis, with these items partially offset by lower capital spending for AISC.

For the full year of 2020, Greens Creek generated cash provided by operating activities of approximately $182.6 million and spent $23.0 million on additions to properties, plants and equipment, resulting in free cash flow of $159.6 million.1

Proven and Probable silver reserves decreased primarily due to COVID-19 limiting drilling to one-third of the amount drilled in 2019, changes to the mine plan, and less favorable smelter terms. This decline compares to average additions of nearly 8 million ounces per year for the past four years. Measured and Indicated resource increased due to reclassification of reserves and Inferred resource. Measured and Indicated Mineral Resources, inclusive of Mineral Reserves is down only 3% from 2019.

Casa Berardi - Quebec

Annual gold production decreased by 10%, compared to 2019, primarily due to the Government of Quebec's COVID?19 three-week suspension order and the third quarter planned mill repairs. Fourth quarter production increased 8% over the prior year period due to more tons milled and higher grades. The mill operated at an average of 4,129 tpd in the fourth quarter 2020 and 3,699 tpd for the year.

Lower quarterly and annual cost of sales were due to stripping the East Mine Crown Pillar Pit Extension (XCMP) in 2019 partially offset by increased quantities of waste and ore extracted from the pit and higher haulage costs due to deepening of the pit. However, milling and administrative costs were higher due to costs for pre-crushing of ore to allow for increased throughput, and higher costs for mill improvements, maintenance and reagents. These factors impacted mining and milling costs, along with lower gold production, resulting in increased cash costs and AISC, after by-product credits.

For the full year of 2020, Casa Berardi generated cash provided by operating activities of approximately $68.5 million and spent $40.9 million on additions to properties, plants and equipment, resulting in free cash flow of $27.6 million.1

Proven and Probable gold reserves decreased approximately 10% to 1.54 million ounces. Most of the decreases were due to mining depletion and engineering changes. The 2020 drilling program at Casa Berardi was also impacted by COVID. Despite the drilling delays, approximately 85 thousand ounces were added to reserve by drilling in 2020.

Measured and Indicated gold resources increased 19% to 1.25 million ounces given exploration additions and some reclassification from reserves given engineering changes. Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, increased 1% over last year.

Lucky Friday Mine - Idaho

At the Lucky Friday Mine, 2.0 million and 0.8 million ounces of silver were produced in 2020 and the fourth quarter, respectively. Lucky Friday returned to full production in the fourth quarter.

The cost of sales for the fourth quarter was $20.9 million, and the cash cost per silver ounce4 was $9.34. AISC5 was $18.22 per silver ounce.

Proven and Probable reserves declined 4% due primarily to mining depletion; the current mine plan is unchanged at 16 years (2036). Measured and Indicated resources for silver and lead increased 5%.

San Sebastian - Mexico

At the San Sebastian Mine, 1.0 million ounces of silver and 7,223 ounces of gold were produced. For the fourth quarter, 0.2 million ounces of silver and 1,159 ounces of gold were produced. Mining was completed in the third quarter and milling completed in the fourth quarter of 2020. The mill operated at an average of 474 tpd for the year when in production.

The lower cost of sales and silver per ounce cash costs4 was primarily due to lower mining costs, higher by-product, partially offset by lower silver production, and for AISC, lower capital and exploration spending.

For the full year of 2020, San Sebastian generated cash provided by operating activities of approximately $14.4 million and spent $0.6 million on additions to properties, plants and equipment, resulting in free cash flow of $13.8 million.1

The Company continues to explore this highly prospective land package and will evaluate further mining based on exploration results.

Nevada Operations

During the second half of 2020, all ore mined at Nevada Operations was stockpiled, with no ore milled and no production reported during the period. Mining of refractory ore at Fire Creek in areas with existing development was completed in the fourth quarter with most of the material shipped to a third-party processor by February 2021. The bulk test demonstrated that larger scale, more productive mining methods could be applied successfully to this material. Ground conditions were as good or better than expected and water in the test area was readily managed. The bulk test refractory ore is being processed by a third party through a tolling agreement. While the processing is not yet complete, the recovery information to date follows the grade-recovery curve established through bench testing. Metal prices increased significantly since the tolling agreement was signed, and it is no longer attractive for the third party to displace their own feed to toll. Discussions are underway with another processor with surplus capacity. Fire Creek is expected to be placed on care and maintenance in the second quarter of 2021.

SILVER AND GOLD RESERVE SUMMARY

Proven and Probable silver and gold reserves dropped 11% for the year to 188 million ounces of silver and 2.4 million ounces of gold. Lead and zinc reserves dropped 9% and 12% to 740 thousand tons of lead and 886 thousand tons of zinc. Due to the Company's focus on essential mining during implemented COVID-19 protocols, the 2020 exploration programs were disrupted company-wide with approximately one-third less drilling achieved at Greens Creek than in 2019 coupled with significant third-party assay laboratory delays.

Measured and Indicated silver ounces increased 5% to a record 228 million ounces, an increase of 10.3 million ounces over 2019 with increases due to limited drilling and reclassification of reserve at Greens Creek and remodeling at Lucky Friday. Measured and Indicated gold ounces decreased 37% to 3.7 million ounces, a reduction of 2.1 million ounces, due to reclassification of resources in Nevada and the Heva Hosco project, respectively. Measured and Indicated base metals increased overall, with lead increasing 5% for a total of 921 thousand tons and zinc increasing 2% at 1,132 thousand tons.

Inferred silver resources are essentially unchanged from last year with a slight drop of 1% to 454 million ounces. Inferred gold resources increased 12% to 5.5 million ounces due to reclassification of higher resource classes in Nevada and the increased Inferred resource overall at the Heva Hosco Project. Inferred base metal resources are down slightly with a 3% change in lead to 467.6 thousand tons and a 5% change in zinc to 425.1 thousand tons. Base metal changes are mostly due to small losses and reclassification to higher classes at Greens Creek and remodeling of the Hugh Zone polymetallic zone at San Sebastian.

Please refer to the reserves and resources table at the end of this news release for a complete breakdown of the Company's reserves and resources.

EXPLORATION AND PRE-DEVELOPMENT

Exploration

Fourth quarter exploration (including corporate development) expenses were $8.0 million, over half of the full year expenditures and an increase of $5.6 million compared to the fourth quarter 2019 primarily due to increased activity and focus on Midas, Casa Berardi, and San Sebastian.

During the quarter, there were two new discoveries: Green Racer Sinter at Midas and the 160 Zone eastern extension at Casa Berardi.

At Midas, four core rigs intersected mineralization in five of seven targets. At the Green Racer Sinter, a target with no previous drilling located two miles east of the main mine, detailed surface mapping identified an outcrop of spicular geyserite sinter with anomalous gold. The deeper holes are encountering the same favorable host rocks as those of the historic Midas mine where mineralization had an average grade of 0.81 oz/ton gold and 11.3 oz/ton silver over an average width of 4.0 feet. The following table shows the strength of mineralization in three recent holes (the surface is at an elevation of 5,434 feet):

Twelve Total Greens Creek Lucky San Sebastian Casa Berardi Nevada OpsMonths FridayEndedDecember Silver Gold Silver Gold Silver Silver Gold Gold Silver Gold Silver31, 2020Production 13,542,957 208,963 10,494,726 48,491 2,031,874 954,772 7,223 121,493 24,142 31,756 37,443(ounces)Increase/ 7% (23)% 6% (14)% 221% (49)% (54)% (10)% (23)% N/A N/A(decrease)over 2019Cost of $297,935 $248,235 $217,125 N/A $56,706 $24,104 N/A $203,434 N/A $44,801 N/Asales(000)Increase/ 7% (33)% 3% N/A 241% (52)% N/A (7)% N/A N/A N/A(decrease)over 2019Cash costsper silver $5.70 $1,045 $5.49 N/A N/A $4.92 N/A $1,131 N/A $716 N/Aor goldounce ^4Increase/ $2.77 $(21) $3.52 N/A N/A $(3.10) N/A $80 N/A $(380) N/A(decrease)over 2019AISC persilver or $11.89 $1,302 $8.57 N/A N/A $5.68 N/A $1,436 N/A $787 N/Agold ounce^5Increase/ $1.76 $(109) $2.58 N/A N/A $(6.42) N/A $82 N/A $(740) N/A(decrease)over 2019 Greens Creek Mine - Alaska

The increase in silver production for the full year resulted from higher grades. The mill operated at an average of 2,236 tons per day (tpd) for the full year. Fourth quarter production was affected by a significant weather event in December when southeast Alaska was impacted by high winds and heavy rains that caused major damage in the area and communities.

The higher cost of sales in 2020 were due to higher sales volumes. The increase in per silver ounce cash costs and AISC was primarily due to higher concentrate treatment costs and lower by-product credits, on a per-ounce basis, with these items partially offset by lower capital spending for AISC.

For the full year of 2020, Greens Creek generated cash provided by operating activities of approximately $182.6 million and spent $23.0 million on additions to properties, plants and equipment, resulting in free cash flow of $159.6 million.1

Proven and Probable silver reserves decreased primarily due to COVID-19 limiting drilling to one-third of the amount drilled in 2019, changes to the mine plan, and less favorable smelter terms. This decline compares to average additions of nearly 8 million ounces per year for the past four years. Measured and Indicated resource increased due to reclassification of reserves and Inferred resource. Measured and Indicated Mineral Resources, inclusive of Mineral Reserves is down only 3% from 2019.

Casa Berardi - Quebec

Annual gold production decreased by 10%, compared to 2019, primarily due to the Government of Quebec's COVID?19 three-week suspension order and the third quarter planned mill repairs. Fourth quarter production increased 8% over the prior year period due to more tons milled and higher grades. The mill operated at an average of 4,129 tpd in the fourth quarter 2020 and 3,699 tpd for the year.

Lower quarterly and annual cost of sales were due to stripping the East Mine Crown Pillar Pit Extension (XCMP) in 2019 partially offset by increased quantities of waste and ore extracted from the pit and higher haulage costs due to deepening of the pit. However, milling and administrative costs were higher due to costs for pre-crushing of ore to allow for increased throughput, and higher costs for mill improvements, maintenance and reagents. These factors impacted mining and milling costs, along with lower gold production, resulting in increased cash costs and AISC, after by-product credits.

For the full year of 2020, Casa Berardi generated cash provided by operating activities of approximately $68.5 million and spent $40.9 million on additions to properties, plants and equipment, resulting in free cash flow of $27.6 million.1

Proven and Probable gold reserves decreased approximately 10% to 1.54 million ounces. Most of the decreases were due to mining depletion and engineering changes. The 2020 drilling program at Casa Berardi was also impacted by COVID. Despite the drilling delays, approximately 85 thousand ounces were added to reserve by drilling in 2020.

Measured and Indicated gold resources increased 19% to 1.25 million ounces given exploration additions and some reclassification from reserves given engineering changes. Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, increased 1% over last year.

Lucky Friday Mine - Idaho

At the Lucky Friday Mine, 2.0 million and 0.8 million ounces of silver were produced in 2020 and the fourth quarter, respectively. Lucky Friday returned to full production in the fourth quarter.

The cost of sales for the fourth quarter was $20.9 million, and the cash cost per silver ounce4 was $9.34. AISC5 was $18.22 per silver ounce.

Proven and Probable reserves declined 4% due primarily to mining depletion; the current mine plan is unchanged at 16 years (2036). Measured and Indicated resources for silver and lead increased 5%.

San Sebastian - Mexico

At the San Sebastian Mine, 1.0 million ounces of silver and 7,223 ounces of gold were produced. For the fourth quarter, 0.2 million ounces of silver and 1,159 ounces of gold were produced. Mining was completed in the third quarter and milling completed in the fourth quarter of 2020. The mill operated at an average of 474 tpd for the year when in production.

The lower cost of sales and silver per ounce cash costs4 was primarily due to lower mining costs, higher by-product, partially offset by lower silver production, and for AISC, lower capital and exploration spending.

For the full year of 2020, San Sebastian generated cash provided by operating activities of approximately $14.4 million and spent $0.6 million on additions to properties, plants and equipment, resulting in free cash flow of $13.8 million.1

The Company continues to explore this highly prospective land package and will evaluate further mining based on exploration results.

Nevada Operations

During the second half of 2020, all ore mined at Nevada Operations was stockpiled, with no ore milled and no production reported during the period. Mining of refractory ore at Fire Creek in areas with existing development was completed in the fourth quarter with most of the material shipped to a third-party processor by February 2021. The bulk test demonstrated that larger scale, more productive mining methods could be applied successfully to this material. Ground conditions were as good or better than expected and water in the test area was readily managed. The bulk test refractory ore is being processed by a third party through a tolling agreement. While the processing is not yet complete, the recovery information to date follows the grade-recovery curve established through bench testing. Metal prices increased significantly since the tolling agreement was signed, and it is no longer attractive for the third party to displace their own feed to toll. Discussions are underway with another processor with surplus capacity. Fire Creek is expected to be placed on care and maintenance in the second quarter of 2021.

SILVER AND GOLD RESERVE SUMMARY

Proven and Probable silver and gold reserves dropped 11% for the year to 188 million ounces of silver and 2.4 million ounces of gold. Lead and zinc reserves dropped 9% and 12% to 740 thousand tons of lead and 886 thousand tons of zinc. Due to the Company's focus on essential mining during implemented COVID-19 protocols, the 2020 exploration programs were disrupted company-wide with approximately one-third less drilling achieved at Greens Creek than in 2019 coupled with significant third-party assay laboratory delays.

Measured and Indicated silver ounces increased 5% to a record 228 million ounces, an increase of 10.3 million ounces over 2019 with increases due to limited drilling and reclassification of reserve at Greens Creek and remodeling at Lucky Friday. Measured and Indicated gold ounces decreased 37% to 3.7 million ounces, a reduction of 2.1 million ounces, due to reclassification of resources in Nevada and the Heva Hosco project, respectively. Measured and Indicated base metals increased overall, with lead increasing 5% for a total of 921 thousand tons and zinc increasing 2% at 1,132 thousand tons.

Inferred silver resources are essentially unchanged from last year with a slight drop of 1% to 454 million ounces. Inferred gold resources increased 12% to 5.5 million ounces due to reclassification of higher resource classes in Nevada and the increased Inferred resource overall at the Heva Hosco Project. Inferred base metal resources are down slightly with a 3% change in lead to 467.6 thousand tons and a 5% change in zinc to 425.1 thousand tons. Base metal changes are mostly due to small losses and reclassification to higher classes at Greens Creek and remodeling of the Hugh Zone polymetallic zone at San Sebastian.

Please refer to the reserves and resources table at the end of this news release for a complete breakdown of the Company's reserves and resources.

EXPLORATION AND PRE-DEVELOPMENT

Exploration

Fourth quarter exploration (including corporate development) expenses were $8.0 million, over half of the full year expenditures and an increase of $5.6 million compared to the fourth quarter 2019 primarily due to increased activity and focus on Midas, Casa Berardi, and San Sebastian.

During the quarter, there were two new discoveries: Green Racer Sinter at Midas and the 160 Zone eastern extension at Casa Berardi.

At Midas, four core rigs intersected mineralization in five of seven targets. At the Green Racer Sinter, a target with no previous drilling located two miles east of the main mine, detailed surface mapping identified an outcrop of spicular geyserite sinter with anomalous gold. The deeper holes are encountering the same favorable host rocks as those of the historic Midas mine where mineralization had an average grade of 0.81 oz/ton gold and 11.3 oz/ton silver over an average width of 4.0 feet. The following table shows the strength of mineralization in three recent holes (the surface is at an elevation of 5,434 feet):

Drillhole Elevation Drilled Width Gold Grade Silver Grade (Feet) (Feet) (oz/ton) (oz/ton)

DMC-371 4901 1.6 1.12 16.9

DMC-374 4537 4.3 0.34 7.8

DMC-390 4088 4.5 3.26 14.3

At Casa Berardi, a new discovery was made in the 160 Zone 500 feet east of the current resource blocks and the zone open in all directions. The discovery drillhole intersected 0.32 oz/ton gold over 9.5 feet estimated true width including 1.16 oz/ton gold over 2.0 feet estimated true width.

San Sebastian exploration focused on the El Tigre and El Bronco veins discovered under thick soil cover this year. So far, the veins are strong structures that in places have over 28 feet of true thickness, almost a mile of strike length down to 1,000 feet below the surface and are open. The best results to date include 44.5 oz/ton silver and 0.22 oz/ton gold over 9.5 feet estimated true width in the El Bronco vein and 16.2 oz/ton silver and 0.09 oz/ton gold over 3.5 feet estimated true width in the El Tigre vein.

Please refer to the assay results tables at the end of this news release for more complete drill assay highlights.

2021 Exploration Program

Exploration expenditures for 2021 are estimated to be $30 million. Greens Creek and Casa Berardi programs should each be about 15% of the total expenditures with surface programs in addition to their normal underground exploration.

San Sebastian should also represent 15% of the exploration spend, building on the developing resources of the El Bronco, El Tigre, and El Toro veins.

Nevada exploration is targeted at 25% of the total, with the majority spent at Midas. At Hollister, exploration of the Hatter Graben is expected to be advanced by further developing the decline in order to test a portion of the Hatter Graben resource and explore additional Hatter Graben veins further to the south. At Fire Creek and Aurora, any drilling programs will occur later in the year following further target definition.

Almost 10% of the exploration budget is targeted for Kinskuch in an effort to expand the 2018 discoveries that established a strike length of 2.2 miles of silver, zinc, and lead mineralization offsetting drillhole intercepts such as 9.3 oz/ton silver, 6.5% zinc, and 2.3% lead over 8.2 feet that is open in all directions. The Heva Hosco program will spend about 5% of the total with the majority of the drilling offsetting a 2018 intercept in a high-grade quartz vein grading 0.84 oz/ton gold over 7.6 feet (drilled length).

Pre-development - Montanore/Rock Creek

Pre-development spending was $0.6 million in the fourth quarter and $2.4 million for the full year 2020, principally to advance the permitting at Montanore/Rock Creek.

At Montanore, the Kootenai National Forest's (KNF) final Supplemental Environment Impact Study (SEIS) and Record of Decision (ROD) are expected later in 2021. At Rock Creek, the KNF partially approved the Plan of Operation to reflect the ROD and the Montana Department of Environmental Quality approved modifications to the existing Exploration License to match the ROD. Decisions on litigation challenging decisions of the US Fish and Wildlife Service and the KNF are expected later in the year.

2021 ESTIMATES^6

2021 ProductionOutlook

Silver Gold Silver Gold Production Production Equivalent Equivalent (Moz) (Koz) (Moz) (Koz)

Greens Creek * 9.5 - 10.2 40 - 43 20.5 - 21.5 227 - 237

Lucky Friday * 3.4 - 3.8 N/A 6.2 - 6.4 67 - 70

Casa Berardi N/A 125 - 128 11.5 - 11.7 125 - 128

Nevada Operations N/A 20 - 22 1.8 - 2.0 20 - 22

2021 Total 12.9 - 14.0 185 - 193 40.0 - 41.6 439 - 457

2022 Total 13.7 - 14.5 173 - 181 41.0 - 42.5 448 - 465

2023 Total 14.2 - 15.0 177 - 186 42.5 - 44.5 467 - 485

* Equivalent ounces include Lead and Zinc production

* Equivalent ounces include Lead and Zinc production

2021 CostOutlook Costs of Cash cost, after AISC, after by-product Sales by-product credits, per (million) credits, per silver/gold produced silver/gold ounce^ ounce^4 5

Greens Creek $220 $5.75 - $6.25 $10.25 - $11.00

Lucky Friday $91 $7.75 - $9.75 $13.75 - $16.50

Total Silver $311 $6.25 - $7.25 $13.50 - $15.00

Casa Berardi $176 $900 - $975 $1,185 - $1,275

Nevada $41 $1,300 - $1,425 $1,385 - $1,525Operations

Total Gold $217 $950 - $1,050 $1,200 - $1,300

2021 Capital and Exploration Outlook

Capital expenditures (excluding capitalized interest)

$110 million

Exploration expenditures (includes Corporate Development)

$30 million

Pre-development expenditures

$4.5 million

DIVIDENDS

Common

On February 16, 2021, the Board of Directors declared a quarterly cash dividend of $0.00875 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.005 per share for the silver-linked dividend component. The common dividend payable on or about March 19, 2021, to stockholders of record on March 8, 2021. The realized silver price was $25.16 in the fourth quarter satisfying the criterion for the silver-linked dividend component of the Company's dividend policy.

Preferred

The Board of Directors also declared a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about April 1, 2021, to stockholders of record on March 15, 2021.

INVESTOR VIRTUAL OUTREACH

Conference Call Information

A conference call and webcast will be held today, at 9:00 a.m. Eastern Time to discuss fourth quarter and year-end 2020 financial results. You may join the conference call by dialing toll-free 1-833-350-1380 or for international by dialing 1-647-689-6934. The Conference ID is 7412488. Please dial-in and provide the Conference ID number at least 10 minutes prior to the start time to join the call and mitigate any hold times.

Hecla's live webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts ( https://ir.hecla-mining.com/news-events/events-webcasts/default.aspx). The webcast will also be archived on the site.

One-on-One Calls

Hecla will be holding a Virtual Investor Event on Friday, February 19, from 11:30 a.m. to 1:30 p.m. Eastern Time inviting shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management. Click on the link below to schedule a call (You can also copy and paste the link into your web browser.). If you are unable to book a time, either due to high demand or for other reasons, please reach out to Jeanne DuPont at jdupont@hecla-mining.com or at 208-769-4177.

* Operations call with Lauren Roberts, SR VP and COO and senior mine management: https://calendly.com/2020-q4-vie/operations * Finance call with Lindsay Hall, SR VP and CFO and Russell Lawlar, Treasurer: https://calendly.com/2020-q4-vie/finance * Call with Phil Baker, President and CEO: https://calendly.com/2020-q4-vie/ceo Planned Videocasts

Hecla will be conducting a series of videocasts commencing later in 2021 that will provide additional information on the Company, silver and the industry. These will be available on the Company's website at www.hecla-mining.com and various social media platforms.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho and is a growing gold producer with an operating mine Quebec, Canada. The Company also has exploration and pre-development properties in eight world-class silver and gold mining districts in the U.S., Canada and Mexico, and an exploration office and investments in early-stage silver exploration projects in Canada.

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) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment.

(2) Adjusted net (loss) income applicable to common shareholders is a non-GAAP measurement, a reconciliation of which to net (loss) income applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net (loss) income is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net (loss) income as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance.

(3) 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.

(4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization (sometimes referred to as "cost of sales" in this release), 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 cash cost, after by-product credits, per silver ounce on an aggregate basis - aggregating the Greens Creek, Lucky Friday and San Sebastian mines - to compare performance with that of other primary silver mining companies. Gold, lead and zinc produced have been treated as by-product credits in calculating silver costs per ounce. With regard to Casa Berardi and Nevada Operations, management uses cash cost, after by-product credits, per gold ounce to compare its performance with other gold mines with a by-product credit recognized for the value of their silver 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.

(5) All in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes cost of sales and other direct production costs, expenses for reclamation and exploration at the mine sites, corporate exploration related to sustaining operations, and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

Other

(6) Expectations for 2021 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, San Sebastian, Casa Berardi, and Nevada Operations converted using Au $1,525/oz, Ag $17/oz, Zn $1.00/lb, and Pb $0.85/lb. Numbers may be rounded.

Cautionary Statement Regarding Forward Looking Statements, Including 2021 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. Such forward-looking statements may include, without limitation: (i) estimates of full-year 2021, 2022 and 2023 silver and gold production, 2021 cost of sales, cash costs, after by-product credits, AISC, after by-product credits as well as estimated spending on capital, exploration, and pre-development (which assumes metal prices of gold at $1,650/oz, Ag $18/oz, Zn $0.95/lb, Pb $0.85/lb; USD/CAD assumed to be $0.77, USD/MXN assumed to be $0.05; (ii) the Company's mineral reserves and resources; (iii) exploration discoveries at Midas, Casa Berardi, San Sebastian, Heva Hosco, Kinskuch and other exploration targets expect to be further drilled in 2021; (iv) expectation to grow silver production and generate significant free cash flow generation in 2021; (v) expectation reserves will grow in 2021 from a normal drilling program; (vi) Fire Creek is expected to be placed on care and maintenance in the second quarter of 2021; (vii) location and allocation of exploration expenditures; (viii) Montanore SEIS and ROD are expected later in 2021; (ix) decisions on litigation challenges decisions at Rock Creek are expected in 2020; (x) production from our United States silver mines is expected to go from 8 million ounces in 2018 to almost 15 million ounces by 2023; and (xi) the Company expects to continue exploration at San Sebastian.

Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (a) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (b) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (c) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (d) the exchange rate for the Canadian dollar to the U.S. dollar, being approximately consistent with current levels; (e) certain price assumptions for gold, silver, lead and zinc; (f) prices for key supplies being approximately consistent with current levels; (g) the accuracy of our current mineral reserve and mineral resource estimates; and (h) 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. Where the Company 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." Such risks include, but are not limited to gold, silver and other metals price volatility, operating risks, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, community relations, conflict resolution and outcome of projects or oppositions, litigation, political, regulatory, labor and environmental risks, and 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. For a more detailed discussion of such risks and other factors, see the Company's 2019 Form 10-K, filed on February 10, 2020, with the Securities and Exchange Commission (SEC), as well as the Company's other SEC filings, including the Company's 2020 10-K expected to be filed on February 18, 2021. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

Cautionary Statements to Investors on Reserves and Resources

Reporting requirements in the United States for disclosure of mineral properties as of December 31, 2020 and earlier are governed by the SEC's Securities Act Industry Guide 7, entitled "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations" (Guide 7). Effective January 1, 2021, the SEC has issued new rules rescinding Guide 7. Mining companies are not required to comply with the new rules until the first fiscal year beginning on or after January 1, 2021. Thus, the Company will be required to comply with the new rules when filing its Form 10-K for the fiscal year ended December 31, 2021. The Company is also a "reporting issuer" under Canadian securities laws, which require estimates of mineral resources and reserves to be prepared in accordance with Canadian National Instrument 43-101 (NI 43-101). NI 43-101 requires all disclosure of estimates of potential mineral resources and reserves to be disclosed in accordance with its requirements. Such Canadian information is included herein to satisfy the Company's "public disclosure" obligations under Regulation FD of the SEC and to provide U.S. holders with ready access to information publicly available in Canada.

Reporting requirements in the United States for disclosure of mineral properties under Guide 7 compared to the new SEC rules (Item 1300 of Regulation S-K under the Securities and Exchange Act of 1934) and the requirements in Canada under NI 43-101 standards are substantially different. This document contains a summary of certain estimates of the Company, not only of Proven and Probable reserves within the meaning of Guide 7, but also of mineral resource and mineral reserve estimates estimated in accordance with the new SEC rules and definitional standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101. Under Guide 7, the term "reserve" means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term "economically", as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated to be viable and justifiable under reasonable investment and market assumptions. The term "legally", as used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Hecla must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Hecla's current mine plans. The terms "Measured resources", "Indicated resources," and "Inferred resources" are mining terms as defined in accordance with the new SEC rules and NI 43-101. These terms are not defined under Guide 7 and prior to January 1, 2021, were not normally permitted to be used in reports and registration statements filed with the SEC in the United States, except where required to be disclosed by foreign law. The term "resource" does not equate to the term "reserve". Under Guide 7, the material described herein as "Indicated resources" and "Measured resources" would be characterized as "mineralized material" and is permitted to be disclosed in tonnage and grade only, not ounces. The category of "inferred resources" is not recognized by Guide 7. Investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into Proven or Probable reserves. "Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of such a "resource" will ever be upgraded to a higher category or will ever be economically extracted. Investors are cautioned not to assume that all or any part of a "resource" exists or is economically or legally mineable. Investors are also especially cautioned that the mere fact that such resources may be referred to in ounces of silver and/or gold, rather than in tons of mineralization and grades of silver and/or gold estimated per ton, is not an indication that such material will ever result in mined ore which is processed into commercial silver or gold.

Qualified Person (QP) Pursuant to Canadian National Instrument 43-101

Kurt D. Allen, MSc., CPG, Director - Exploration of Hecla Limited and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under National Instrument 43-101("NI 43-101"), supervised the preparation of the scientific and technical information concerning Hecla's mineral projects in this news release, including with respect to the newly acquired Nevada projects. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for the Greens Creek Mine are contained in a technical report titled "Technical Report for the Greens Creek Mine" effective date December 31, 2018, and for the Lucky Friday Mine are contained in a technical report titled "Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA" effective date April 2, 2014, for Casa Berardi are contained in a 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 (the "Casa Berardi Technical Report"), and for 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 these 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 for the Fire Creek Mine are contained in a technical report prepared for Klondex Mines, dated March 31, 2018; the Hollister Mine dated May 31, 2017, amended August 9, 2017; and the Midas Mine dated August 31, 2014, amended April 2, 2015. Copies of these technical reports are available under Hecla's and Klondex's profiles 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.

2021 Capital and Exploration Outlook

Capital expenditures (excluding capitalized interest) $110 million

Exploration expenditures (includes Corporate Development) $30 million

Pre-development expenditures $4.5 million

DIVIDENDS

Common

On February 16, 2021, the Board of Directors declared a quarterly cash dividend of $0.00875 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.005 per share for the silver-linked dividend component. The common dividend payable on or about March 19, 2021, to stockholders of record on March 8, 2021. The realized silver price was $25.16 in the fourth quarter satisfying the criterion for the silver-linked dividend component of the Company's dividend policy.

Preferred

The Board of Directors also declared a quarterly cash dividend of $0.875 per share of preferred stock, payable on or about April 1, 2021, to stockholders of record on March 15, 2021.

INVESTOR VIRTUAL OUTREACH

Conference Call Information

A conference call and webcast will be held today, at 9:00 a.m. Eastern Time to discuss fourth quarter and year-end 2020 financial results. You may join the conference call by dialing toll-free 1-833-350-1380 or for international by dialing 1-647-689-6934. The Conference ID is 7412488. Please dial-in and provide the Conference ID number at least 10 minutes prior to the start time to join the call and mitigate any hold times.

Hecla's live webcast can be accessed at www.hecla-mining.com under Investors/Events & Webcasts ( https://ir.hecla-mining.com/news-events/events-webcasts/default.aspx). The webcast will also be archived on the site.

One-on-One Calls

Hecla will be holding a Virtual Investor Event on Friday, February 19, from 11:30 a.m. to 1:30 p.m. Eastern Time inviting shareholders, investors, and other interested parties to schedule a personal, 30-minute virtual meeting (video or telephone) with a member of senior management. Click on the link below to schedule a call (You can also copy and paste the link into your web browser.). If you are unable to book a time, either due to high demand or for other reasons, please reach out to Jeanne DuPont at jdupont@hecla-mining.com or at 208-769-4177.

* Operations call with Lauren Roberts, SR VP and COO and senior mine management: https://calendly.com/2020-q4-vie/operations * Finance call with Lindsay Hall, SR VP and CFO and Russell Lawlar, Treasurer: https://calendly.com/2020-q4-vie/finance * Call with Phil Baker, President and CEO: https://calendly.com/2020-q4-vie/ceo Planned Videocasts

Hecla will be conducting a series of videocasts commencing later in 2021 that will provide additional information on the Company, silver and the industry. These will be available on the Company's website at www.hecla-mining.com and various social media platforms.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho and is a growing gold producer with an operating mine Quebec, Canada. The Company also has exploration and pre-development properties in eight world-class silver and gold mining districts in the U.S., Canada and Mexico, and an exploration office and investments in early-stage silver exploration projects in Canada.

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) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less additions to properties, plants and equipment.

(2) Adjusted net (loss) income applicable to common shareholders is a non-GAAP measurement, a reconciliation of which to net (loss) income applicable to common stockholders, the most comparable GAAP measure, can be found at the end of the release. Adjusted net (loss) income is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net (loss) income as defined by GAAP. They exclude certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that adjusted net income (loss) per common share provides investors with the ability to better evaluate our underlying operating performance.

(3) 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.

(4) Cash cost, after by-product credits, per silver and gold ounce is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization (sometimes referred to as "cost of sales" in this release), 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 cash cost, after by-product credits, per silver ounce on an aggregate basis - aggregating the Greens Creek, Lucky Friday and San Sebastian mines - to compare performance with that of other primary silver mining companies. Gold, lead and zinc produced have been treated as by-product credits in calculating silver costs per ounce. With regard to Casa Berardi and Nevada Operations, management uses cash cost, after by-product credits, per gold ounce to compare its performance with other gold mines with a by-product credit recognized for the value of their silver 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.

(5) All in sustaining cost (AISC), after by-product credits, is a non-GAAP measurement, a reconciliation of which to cost of sales and other direct production costs and depreciation, depletion and amortization, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes cost of sales and other direct production costs, expenses for reclamation and exploration at the mine sites, corporate exploration related to sustaining operations, and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that all in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.

Other

(6) Expectations for 2021 include silver, gold, lead and zinc production from Greens Creek, Lucky Friday, San Sebastian, Casa Berardi, and Nevada Operations converted using Au $1,525/oz, Ag $17/oz, Zn $1.00/lb, and Pb $0.85/lb. Numbers may be rounded.

Cautionary Statement Regarding Forward Looking Statements, Including 2021 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. Such forward-looking statements may include, without limitation: (i) estimates of full-year 2021, 2022 and 2023 silver and gold production, 2021 cost of sales, cash costs, after by-product credits, AISC, after by-product credits as well as estimated spending on capital, exploration, and pre-development (which assumes metal prices of gold at $1,650/oz, Ag $18/oz, Zn $0.95/lb, Pb $0.85/lb; USD/CAD assumed to be $0.77, USD/MXN assumed to be $0.05; (ii) the Company's mineral reserves and resources; (iii) exploration discoveries at Midas, Casa Berardi, San Sebastian, Heva Hosco, Kinskuch and other exploration targets expect to be further drilled in 2021; (iv) expectation to grow silver production and generate significant free cash flow generation in 2021; (v) expectation reserves will grow in 2021 from a normal drilling program; (vi) Fire Creek is expected to be placed on care and maintenance in the second quarter of 2021; (vii) location and allocation of exploration expenditures; (viii) Montanore SEIS and ROD are expected later in 2021; (ix) decisions on litigation challenges decisions at Rock Creek are expected in 2020; (x) production from our United States silver mines is expected to go from 8 million ounces in 2018 to almost 15 million ounces by 2023; and (xi) the Company expects to continue exploration at San Sebastian.

Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (a) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (b) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (c) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (d) the exchange rate for the Canadian dollar to the U.S. dollar, being approximately consistent with current levels; (e) certain price assumptions for gold, silver, lead and zinc; (f) prices for key supplies being approximately consistent with current levels; (g) the accuracy of our current mineral reserve and mineral resource estimates; and (h) 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. Where the Company 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." Such risks include, but are not limited to gold, silver and other metals price volatility, operating risks, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, community relations, conflict resolution and outcome of projects or oppositions, litigation, political, regulatory, labor and environmental risks, and 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. For a more detailed discussion of such risks and other factors, see the Company's 2019 Form 10-K, filed on February 10, 2020, with the Securities and Exchange Commission (SEC), as well as the Company's other SEC filings, including the Company's 2020 10-K expected to be filed on February 18, 2021. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

Cautionary Statements to Investors on Reserves and Resources

Reporting requirements in the United States for disclosure of mineral properties as of December 31, 2020 and earlier are governed by the SEC's Securities Act Industry Guide 7, entitled "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations" (Guide 7). Effective January 1, 2021, the SEC has issued new rules rescinding Guide 7. Mining companies are not required to comply with the new rules until the first fiscal year beginning on or after January 1, 2021. Thus, the Company will be required to comply with the new rules when filing its Form 10-K for the fiscal year ended December 31, 2021. The Company is also a "reporting issuer" under Canadian securities laws, which require estimates of mineral resources and reserves to be prepared in accordance with Canadian National Instrument 43-101 (NI 43-101). NI 43-101 requires all disclosure of estimates of potential mineral resources and reserves to be disclosed in accordance with its requirements. Such Canadian information is included herein to satisfy the Company's "public disclosure" obligations under Regulation FD of the SEC and to provide U.S. holders with ready access to information publicly available in Canada.

Reporting requirements in the United States for disclosure of mineral properties under Guide 7 compared to the new SEC rules (Item 1300 of Regulation S-K under the Securities and Exchange Act of 1934) and the requirements in Canada under NI 43-101 standards are substantially different. This document contains a summary of certain estimates of the Company, not only of Proven and Probable reserves within the meaning of Guide 7, but also of mineral resource and mineral reserve estimates estimated in accordance with the new SEC rules and definitional standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101. Under Guide 7, the term "reserve" means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term "economically", as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated to be viable and justifiable under reasonable investment and market assumptions. The term "legally", as used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Hecla must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Hecla's current mine plans. The terms "Measured resources", "Indicated resources," and "Inferred resources" are mining terms as defined in accordance with the new SEC rules and NI 43-101. These terms are not defined under Guide 7 and prior to January 1, 2021, were not normally permitted to be used in reports and registration statements filed with the SEC in the United States, except where required to be disclosed by foreign law. The term "resource" does not equate to the term "reserve". Under Guide 7, the material described herein as "Indicated resources" and "Measured resources" would be characterized as "mineralized material" and is permitted to be disclosed in tonnage and grade only, not ounces. The category of "inferred resources" is not recognized by Guide 7. Investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into Proven or Probable reserves. "Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of such a "resource" will ever be upgraded to a higher category or will ever be economically extracted. Investors are cautioned not to assume that all or any part of a "resource" exists or is economically or legally mineable. Investors are also especially cautioned that the mere fact that such resources may be referred to in ounces of silver and/or gold, rather than in tons of mineralization and grades of silver and/or gold estimated per ton, is not an indication that such material will ever result in mined ore which is processed into commercial silver or gold.

Qualified Person (QP) Pursuant to Canadian National Instrument 43-101

Kurt D. Allen, MSc., CPG, Director - Exploration of Hecla Limited and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under National Instrument 43-101("NI 43-101"), supervised the preparation of the scientific and technical information concerning Hecla's mineral projects in this news release, including with respect to the newly acquired Nevada projects. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for the Greens Creek Mine are contained in a technical report titled "Technical Report for the Greens Creek Mine" effective date December 31, 2018, and for the Lucky Friday Mine are contained in a technical report titled "Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA" effective date April 2, 2014, for Casa Berardi are contained in a 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 (the "Casa Berardi Technical Report"), and for 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 these 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 for the Fire Creek Mine are contained in a technical report prepared for Klondex Mines, dated March 31, 2018; the Hollister Mine dated May 31, 2017, amended August 9, 2017; and the Midas Mine dated August 31, 2014, amended April 2, 2015. Copies of these technical reports are available under Hecla's and Klondex's profiles 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.

geHECLA MINING COMPANY

Condensed Consolidated Statements of Income (Loss)

(dollars and shares in thousands, except per share amounts - unaudited)

Fourth Quarter Ended Twelve Months Ended

December 31, December 31, December 31, December 31, 2020 2019 2020 2019

Sales of $ 188,890 $ 224,945 $ 691,873 $ 673,266 products

Cost of salesand otherdirect 104,323 139,147 389,040 450,349 productioncosts

Depreciation,depletion and 37,803 60,480 157,130 199,518 amortization

Total cost of 142,126 199,627 546,170 649,867 sales

Gross profit 46,764 25,318 145,703 23,399



Other operating expenses:

General and 7,930 8,977 35,561 35,832 administrative

Exploration 7,954 2,363 15,853 15,919

Pre-development 585 615 2,442 3,150

Research and - (79 ) - 535 development

Other operating 3,013 1,362 8,864 3,043 expense

Loss (gain) ondisposition ofproperty,plants, 13 (23 ) 572 4,643 equipment andmineralinterests

Ramp-up andsuspension 802 3,285 24,911 12,051 costs

Acquisition 7 52 20 645 costs

Foundation - - 1,970 - grant

Provision forclosed 1,122 1,161 3,929 4,690 operations andreclamation

21,426 17,713 94,122 80,508

Income (loss) 25,338 7,605 51,581 (57,109 ) from operations

Other income (expense):

Loss onderivative (9,299 ) (1,252 ) (22,074 ) (3,971 ) contracts

(Loss) gain ondisposition of - (4 ) - 923 investments

Unrealized gain(loss) on 858 (1,230 ) 10,268 (2,389 ) investments

Net foreign (5,840 ) (1,495 ) (4,605 ) (8,236 ) exchange loss

Other net (674 ) (1,022 ) (2,256 ) (4,429 ) expense

Interest (10,650 ) (14,670 ) (49,569 ) (48,447 ) expense

(25,605 ) (19,673 ) (68,236 ) (66,549 )

Loss before (267 ) (12,068 ) (16,655 ) (123,658 ) income taxes

Income taxbenefit 1,062 4,092 (135 ) 24,101 (provision)

Net income 795 (7,976 ) (16,790 ) (99,557 ) (loss)

Preferred stock (138 ) (138 ) (552 ) (552 ) dividends

Income (loss)applicable to $ 657 $ (8,114 ) $ (17,342 ) $ (100,109 ) commonstockholders

Basic loss percommon share $ - $ (0.02 ) $ (0.03 ) $ (0.20 ) after preferreddividends

Diluted lossper commonshare after $ - $ (0.02 ) $ (0.03 ) $ (0.20 ) preferreddividends

Weightedaverage numberof common 530,998 502,902 527,329 490,449 sharesoutstandingbasic

Weightedaverage numberof common 537,166 502,902 527,329 490,449 sharesoutstandingdiluted

HECLA MINING COMPANY

Condensed Consolidated Balance Sheets

(dollars and shares in thousands - unaudited)

December 31, December 31, 2020 2019

ASSETS

Current assets:

Cash and cash equivalents $ 129,830 $ 62,452

Accounts receivable 39,193 38,421

Inventories 96,544 66,213

Other current assets 19,114 12,038

Total current assets 284,681 179,124

Investments 15,148 6,207

Restricted cash and investments 1,053 1,025

Properties, plants, equipment and mineral 2,345,219 2,423,698 interests, net

Operating lease right-of-use assets 10,628 16,381

Deferred income tax asset 2,912 3,537

Other non-current assets 8,083 7,336

Total assets $ 2,667,724 $ 2,637,308



LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities $ 68,516 $ 57,716

Accrued payroll and related benefits 31,807 26,916

Accrued taxes 8,349 4,776

Finance leases 6,491 5,429

Accrued reclamation and closure costs 5,582 4,581

Operating leases 3,008 5,580

Accrued interest 14,157 5,804

Current derivatives liabilities 11,737 6,170

Other current liabilities 138 2

Total current liabilities 149,785 116,974

Finance leases 9,274 7,214

Accrued reclamation and closure costs 110,466 103,793

Long-term debt 507,242 504,729

Operating leases 7,634 10,818

Deferred income tax liability 132,475 138,282

Pension liability 44,144 56,219

Other non-current liabilities 4,364 6,856

Total liabilities 965,384 944,855



STOCKHOLDERS' EQUITY

Preferred stock 39 39

Common stock 134,629 132,292

Capital surplus 2,003,576 1,973,700

Accumulated deficit (379,519 ) (353,331 )

Accumulated other comprehensive loss, net (32,889 ) (37,310 )

Treasury stock (23,496 ) (22,967 )

Total stockholders' equity 1,702,340 1,692,423

Total liabilities and stockholders' equity $ 2,667,724 $ 2,687,308

Common shares outstanding 531,666 522,896

HECLA MINING COMPANY

Condensed Consolidated Statements of Cash Flows

(dollars in thousands - unaudited)

Fourth Quarter Ended Twelve Months Ended

December 31, December 31, December 31, December 31, 2020 2019 2020 2019

OPERATING ACTIVITIES

Net income $ 795 $ (7,976 ) $ (16,790 ) $ (99,557 ) (loss)

Non-cashelements included in netincome (loss):

Depreciation,depletion and 37,115 61,435 164,026 204,475 amortization

Loss (gain) ondisposition of - 4 - (923 ) investments

Unrealized(gain) loss on (858 ) 1,227 (10,268 ) 2,386 investments

Loss (gain) ondisposition ofproperties,plants, 13 (23 ) 572 4,643 equipment andmineralinterests

Provision forreclamation and 1,551 1,616 6,189 6,914 closure costs

Deferred income 885 (6,771 ) (5,505 ) (33,387 ) taxes

Stock 1,229 910 6,458 5,668 compensation

Amortization ofloan origination 600 718 3,666 2,637 fees

Loss (gain) onderivative 1,095 (211 ) 5,578 5,613 contracts

Foreign exchange 5,490 1,762 2,680 8,025 loss (gain)

Adjustment ofinventory to - - - 1,399 market value

Fee onprepayment of - 2,855 - 2,855 debt with sharesof common stock

Foundation grant - - 1,970 -

Other non-cash (176 ) 45 (176 ) 45 charges, net

Change in assets and liabilities:

Accounts 2,661 (724 ) (1,080 ) (10,939 ) receivable

Inventories (118 ) 22,647 (13,208 ) 16,146

Other currentand non-current (4,367 ) 705 2,381 15,618 assets

Accounts payableand accrued 21,141 (29,971 ) 19,379 (24,355 ) liabilities

Accrued payrolland related 3,128 4,720 14,445 9,226 benefits

Accrued taxes 285 2,578 3,561 (3,155 )

Accruedreclamation andclosure costs (5,568 ) 1,711 (3,085 ) 7,532 and othernon-currentliabilities

Cash provided byoperating 64,901 57,257 180,793 120,866 activities



INVESTING ACTIVITIES

Additions toproperties,plants, (36,634 ) (24,083 ) (91,016 ) (121,421 ) equipment andmineralinterests

Proceeds fromsale of - - - 1,760 investments

Proceeds fromdisposition ofproperties, 26 97 331 183 plants andequipment

Purchases of (555 ) - (2,216 ) (389 ) investments

Net cash used ininvesting (37,163 ) (23,986 ) (92,901 ) (119,867 ) activities



FINANCING ACTIVITIES

Acquisition of - 8 (2,745 ) (2,231 ) treasury shares

Proceeds fromissuance ofcommon stock and - 49,019 - 49,019 warrants, net ofrelated expense

Dividends paidto common (4,649 ) (1,259 ) (8,600 ) (4,914 ) stockholders

Dividends paidto preferred (138 ) (138 ) (552 ) (552 ) stockholders

Borrowings on 9,220 34,500 716,327 279,500 debt

Payments on debt - (84,500 ) (716,500 ) (279,500 )

Debt issuanceand loan (69 ) (389 ) (1,356 ) (976 ) origination feespaid

Repayments of (1,707 ) (1,673 ) (5,953 ) (7,157 ) capital leases

Net cashprovided by(used in) 2,657 (4,432 ) (19,379 ) 33,189 financingactivities

Effect ofexchange rates 766 618 (1,107 ) 875 on cash

Net increase incash, cashequivalents and 31,161 29,457 67,406 35,063 restricted cashand cashequivalents

Cash, cashequivalents andrestricted cashand cash 99,722 34,020 63,477 28,414 equivalents atbeginning ofyear

Cash, cashequivalents andrestricted cash $ 130,883 $ 63,477 $ 130,883 $ 63,477 and cashequivalents atend of year

HECLA MINING COMPANY

Production Data

Fourth Quarter Ended Twelve Months Ended

December December December 31, December 31, 31, 2020 31, 2020 2019 2019

GREENS CREEK UNIT

Tons of ore processed 189,092 216,324 818,408 846,076

Total production cost per $ 195.02 $ 185.29 $ 179.37 $ 174.28 ton

Ore grade milled - Silver 15.17 15.69 15.65 14.64 (oz./ton)

Ore grade milled - Gold 0.07 0.10 0.08 0.10 (oz./ton)

Ore grade milled - Lead 2.84 3.07 3.13 2.92 (%)

Ore grade milled - Zinc 6.96 7.88 7.58 7.43 (%)

Silver produced (oz.) 2,330,664 2,741,090 10,494,726 9,890,125

Gold produced (oz.) 10,276 15,356 48,491 56,625

Lead produced (tons) 4,404 5,444 21,400 20,112

Zinc produced (tons) 11,956 15,475 56,814 56,805

Cash cost per silver ounce $ 7.21 $ 2.76 $ 5.49 $ 1.97 ^(1)

AISC per silver ounce ^(1) $ 12.05 $ 7.86 $ 8.57 $ 5.99

Capital additions (in $ 10,521 $ 12,886 $ 28,797 $ 35,829 thousands)

LUCKY FRIDAY UNIT

Tons of ore processed 69,257 16,337 179,208 57,091

Total production cost per $ 213.82 $ - $ 251.49 $ - ton

Ore grade milled - Silver 12.53 14.02 11.85 11.83 (oz./ton)

Ore grade milled - Lead 7.74 9.01 7.49 7.86 (%)

Ore grade milled - Zinc 3.85 5.11 3.88 4.25 (%)

Silver produced (oz.) 830,200 216,488 2,031,874 632,944

Lead produced (tons) 5,103 1,360 12,727 4,098

Zinc produced (tons) 2,457 710 6,298 2,052

Cash cost per silver ounce $ 9.34 N/A N/A N/A^(1)

AISC per silver ounce ^(1) $ 18.22 N/A N/A N/A

Capital additions (in $ 11,146 $ 3,043 $ 25,749 $ 8,989 thousands)

CASA BERARDI UNIT

Tons of ore processed - 185,335 201,937 658,271 784,568 underground

Tons of ore processed - 197,646 161,430 625,430 593,497 surface pit

Tons of ore processed - 382,981 363,367 1,283,701 1,378,065 total

Surface tons mined - ore 1,493,706 1,797,105 5,559,302 9,329,268 and waste

Total production cost per $ 98.33 $ 97.77 $ 105.71 $ 101.13 ton

Ore grade milled - Gold 0.147 0.164 0.136 0.168 (oz./ton) - underground

Ore grade milled - Gold 0.052 0.064 0.051 0.055 (oz./ton) - surface pit

Ore grade milled - Gold 0.123 0.119 0.117 0.120 (oz./ton) - combined

Ore grade milled - Silver 0.04 0.02 0.03 (oz./ton)

Gold produced (oz.) - 27,262 26,506 89,521 106,821 underground

Gold produced (oz.) - 10,319 8,287 31,971 27,588 surface pit

Gold produced (oz.) - 37,580 34,793 121,492 134,409 total

Silver produced (oz.) - 8,858 10,499 24,142 31,540 total

Cash cost per gold ounce^ $ 1,019 $ 1,037 $ 1,131 $ 1,051 (1)

AISC per gold ounce ^(1) $ 1,330 $ 1,278 $ 1,436 $ 1,354

Capital additions (in $ 16,440 $ 7,699 $ 40,853 $ 36,059 thousands)

SAN SEBASTIAN UNIT

Tons of ore processed

27,643

39,137

131,859

174,713

Total Production cost per ton

$

76.42

$

201.09

$

120.32

$

192.42

Ore grade milled - Silver (oz./ton)

7.30

11.80

7.94

11.78

Ore grade milled - Gold (oz./ton)

0.054

0.115

0.067

0.106

Silver produced (oz.)

182,614

422,434

954,772

1,868,884

Gold produced (oz.)

1,159

3,897

7,223

15,673

Cash cost per silver ounce (1)

$

0.65

$

8.89

$

4.92

$

8.02

AISC per silver ounce (1)

$

1.07

$

11.78

$

5.68

$

12.10

Capital additions (in thousands)

$

-

$

(458

)

$

537

$

5,035

NEVADA OPERATION

Tons of ore processed

-

46,661

27,984

210,397

Total production cost per ton

$

-

$

406.59

$

892.09

$

332.06

Ore grade milled - Gold (oz./ton)

-

0.502

1.232

0.361

Silver produced (oz.)

-

21,477

37,443

181,741

Gold produced (oz.)

-

20,727

31,756

66,166

Cash cost per silver ounce (1)

$

-

$

946

$

716

$

1,096

AISC per silver ounce (1)

$

-

$

1,024

$

787

$

1,527

Capital additions (in thousands)

$

2,154

$

608

$

4,003

$

42,184

(1) Cash cost, after by-product credits, per ounce and AISC, after by-product credits. per ounce represent non-U.S. Generally Accepted Accounting Principles (GAAP) measurements. A reconciliation of cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) to cash cost, after by-product credits can be found in the cash cost per ounce reconciliation section of this news release. Gold, lead and zinc produced have been treated as by-product credits in calculating silver costs per ounce. The primary metal produced at Casa Berardi and Nevada Operations is gold, with a by-product credit for the value of silver production.

Non-GAAP Measures (Unaudited)

Reconciliation of Cost of Sales and Other Direct Production Costs and Depreciation, Depletion and Amortization (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)

The tables below present reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion and amortization to the non-GAAP measures of (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 at the Greens Creek, Lucky Friday, San Sebastian, Casa Berardi and Nevada Operations units and for the Company for the three- and twelve-month periods ended December 31, 2020 and 2019, and for estimated amounts for the twelve months ended December 31, 2021.

Cash Cost, After By-product Credits, per Ounce is a measure developed by precious metals companies (including the Silver Institute) 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 have recently started reporting AISC, After By-product Credits, per Ounce which we use as a measure of our mines' net cash flow after costs for exploration, pre-development, 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 on-site exploration, 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 primary silver and gold mining company, we also use these statistics on an aggregate basis. We aggregate the Greens Creek, Lucky Friday and San Sebastian mines to compare our performance with that of other primary silver mining companies and aggregate the Casa Berardi and Nevada Operations units to compare our performance with that of other primary gold mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.

Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes on-site exploration, reclamation, and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense, exploration and sustaining capital projects. 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 sections below report 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, Lucky Friday and San Sebastian, our combined silver properties. Similarly, the silver produced at our other three units is not included as a by-product credit when calculating the similar gold metrics for Casa Berardi.

SAN SEBASTIAN UNIT

Tons of ore processed 27,643 39,137 131,859 174,713

Total Production cost per ton $ 76.42 $ 201.09 $ 120.32 $ 192.42

Ore grade milled - Silver (oz./ 7.30 11.80 7.94 11.78ton)

Ore grade milled - Gold (oz./ 0.054 0.115 0.067 0.106ton)

Silver produced (oz.) 182,614 422,434 954,772 1,868,884

Gold produced (oz.) 1,159 3,897 7,223 15,673

Cash cost per silver ounce ^(1) $ 0.65 $ 8.89 $ 4.92 $ 8.02

AISC per silver ounce ^(1) $ 1.07 $ 11.78 $ 5.68 $ 12.10

Capital additions (in thousands) $ - $ (458 ) $ 537 $ 5,035

NEVADA OPERATION

Tons of ore processed - 46,661 27,984 210,397

Total production cost per ton $ - $ 406.59 $ 892.09 $ 332.06

Ore grade milled - Gold (oz./ - 0.502 1.232 0.361ton)

Silver produced (oz.) - 21,477 37,443 181,741

Gold produced (oz.) - 20,727 31,756 66,166

Cash cost per silver ounce ^(1) $ - $ 946 $ 716 $ 1,096

AISC per silver ounce ^(1) $ - $ 1,024 $ 787 $ 1,527

Capital additions (in thousands) $ 2,154 $ 608 $ 4,003 $ 42,184

(1) Cash cost, after by-product credits, per ounce and AISC, after by-product credits. per ounce represent non-U.S. Generally Accepted Accounting Principles (GAAP) measurements. A reconciliation of cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) to cash cost, after by-product credits can be found in the cash cost per ounce reconciliation section of this news release. Gold, lead and zinc produced have been treated as by-product credits in calculating silver costs per ounce. The primary metal produced at Casa Berardi and Nevada Operations is gold, with a by-product credit for the value of silver production.

Non-GAAP Measures (Unaudited)

Reconciliation of Cost of Sales and Other Direct Production Costs and Depreciation, Depletion and Amortization (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)

The tables below present reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion and amortization to the non-GAAP measures of (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 at the Greens Creek, Lucky Friday, San Sebastian, Casa Berardi and Nevada Operations units and for the Company for the three- and twelve-month periods ended December 31, 2020 and 2019, and for estimated amounts for the twelve months ended December 31, 2021.

Cash Cost, After By-product Credits, per Ounce is a measure developed by precious metals companies (including the Silver Institute) 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 have recently started reporting AISC, After By-product Credits, per Ounce which we use as a measure of our mines' net cash flow after costs for exploration, pre-development, 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 on-site exploration, 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 primary silver and gold mining company, we also use these statistics on an aggregate basis. We aggregate the Greens Creek, Lucky Friday and San Sebastian mines to compare our performance with that of other primary silver mining companies and aggregate the Casa Berardi and Nevada Operations units to compare our performance with that of other primary gold mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.

Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes on-site exploration, reclamation, and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense, exploration and sustaining capital projects. 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 sections below report 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, Lucky Friday and San Sebastian, our combined silver properties. Similarly, the silver produced at our other three units is not included as a by-product credit when calculating the similar gold metrics for Casa Berardi.

In thousands(except per Three Months Ended December 31, 2020ounce amounts)

Greens Lucky San Corporate Creek Friday^(3) Sebastian^ ^(5) Total Silver (4)

Cost of salesand otherdirectproduction $ 59,215 $ 20,919 $ 5,833 $ 85,967 costs anddepreciation,depletion andamortization

Depreciation,depletion and (12,540 ) (6,321 ) (399 ) (19,260 ) amortization

Treatment 18,605 4,590 55 23,250 costs

Change inproduct (4,893 ) 1,533 (3,038 ) (6,398 ) inventory

Reclamationand other (1,130 ) (274 ) (148 ) (1,552 ) costs ^(1)

Cash costs - - - - excluded

Cash Cost,Before 59,257 20,447 2,303 82,007 By-productCredits ^(2)

Reclamationand other 789 222 76 1,087 costs

Exploration (20 ) - - 426 406

Sustaining 10,521 7,154 - - 17,675 capital

General and 7,496 7,496 administrative

AISC, BeforeBy-product 70,547 27,823 2,379 108,671 Credits ^(2)

By-product credits:

Zinc (19,702 ) (4,273 ) (23,975 )

Gold (16,765 ) (2,184 ) (18,949 )

Lead (5,985 ) (8,421 ) (14,406 )

TotalBy-product (42,452 ) (12,694 ) (2,184 ) (57,330 ) credits

Cash Cost,After $ 16,805 $ 7,753 $ 119 $ 24,677 By-productCredits

AISC, AfterBy-product $ 28,095 $ 15,129 $ 195 $ 51,341 Credits

Divided byounces 2,331 830 183 3,344 produced

Cash Cost,BeforeBy-product $ 25.43 $ 24.63 $ 12.58 $ 24.52 Credits, perSilver Ounce

By-productcredits per (18.22 ) (15.29 ) (11.93 ) (17.14 ) ounce

Cash Cost,AfterBy-product $ 7.21 $ 9.34 $ 0.65 $ 7.38 Credits, perSilver Ounce

AISC, BeforeBy-product $ 30.27 $ 33.52 $ 13.00 $ 32.49 Credits, perSilver Ounce

By-productcredits per (18.22 ) (15.29 ) (11.93 ) (17.14 ) ounce

AISC, AfterBy-product $ 12.05 $ 18.22 $ 1.07 $ 15.35 Credits, perSilver Ounce

In thousands (except per ounce amounts) Three Months Ended December 31, 2020

Casa Nevada Berardi ^ Operations^ Total Gold (6) (7)

Cost of sales and other direct productioncosts and depreciation, depletion and $ 55,706 $ 453 $ 56,159 amortization

Depreciation, depletion and amortization (18,423) (120) (18,543)

Treatment costs 898 - 898

Change in product inventory 474 15 489

Reclamation and other costs ^(1) (135) - (135)

Exclusion of Nevada Operations costs - (348) (348)

Cash Cost, Before By-product Credits ^(2) 38,520 - 38,520

Reclamation and other costs 99 - 99

Exploration 738 - 738

Sustaining capital 10,829 - 10,829

AISC, Before By-product Credits ^(2) 50,186 - 50,186

By-product credits:

Silver (214) - (214)

Total By-product credits (214) - (214)

Cash Cost, After By-product Credits $ 38,306 $ - $ 38,306

AISC, After By-product Credits $ 49,972 $ - $ 49,972

Divided by gold ounces produced 38 - 38

Cash Cost, Before By-product Credits, per $ 1,025 $ - $ 1,025 Gold Ounce

By-product credits per ounce (6) - (6)

Cash Cost, After By-product Credits, per $ 1,019 $ - $ 1,019 Gold Ounce

AISC, Before By-product Credits, per Gold $ 1,335 $ - $ 1,336 Ounce

By-product credits per ounce (6) - (6)

AISC, After By-product Credits, per Gold $ 1,330 $ - $ 1,330 Ounce

In thousands (except per ounce Three Months Ended December 31, 2020amounts) Total Silver Total Gold Total

Cost of sales and other directproduction costs and depreciation, $ 85,967 $ 56,159 $ 142,126 depletion and amortization

Depreciation, depletion and (19,260 ) (18,543 ) (37,803 ) amortization

Treatment costs 23,250 898 24,148

Change in product inventory (6,398 ) 489 (5,909 )

Reclamation and other costs ^(1) (1,552 ) (135 ) (1,687 )

Exclusion of Nevada Operations - (348 ) (348 ) costs

Cash Cost, Before By-product 82,007 38,520 120,527 Credits ^(2)

Reclamation and other costs 1,087 99 1,186

Exploration 406 738 1,144

Sustaining capital 17,675 10,829 28,504

General and administrative 7,496 - 7,496

AISC, Before By-product Credits ^ 108,671 50,186 158,857 (2)

By-product credits:

Zinc (23,975 ) - (23,975 )

Gold (18,949 ) - (18,949 )

Lead (14,406 ) - (14,406 )

Silver (214 ) (214 )

Total By-product credits (57,330 ) (214 ) (57,544 )

Cash Cost, After By-product Credits $ 24,677 $ 38,306 $ 62,983

AISC, After By-product Credits $ 51,341 $ 49,972 $ 101,313

Divided by ounces produced 3,344 38

Cash Cost, Before By-product $ 24.52 $ 1,025 Credits, per Ounce

By-product credits per ounce (17.14 ) (6 )

Cash Cost, After By-product $ 7.38 $ 1,019 Credits, per Ounce

AISC, Before By-product Credits, $ 32.49 $ 1,336 per Ounce

By-product credits per ounce (17.14 ) (6 )

AISC, After By-product Credits, per $ 15.35 $ 1,330 Ounce

In thousands Three Months Ended December 31, 2019(except perounce amounts) Greens Lucky San Corporate Total Creek Friday^ Sebastian ^(5) Silver (3)

Cost of salesand other directproduction costsand $ 71,481 $ 5,472 $ 14,171 $ 91,124 depreciation,depletion andamortization

Depreciation,depletion and (15,359) (284) (2,838) (18,481) amortization

Treatment costs 14,168 1,050 328 15,546

Change inproduct (10,323) 308 (1,575) (11,590) inventory

Reclamation and (1,083) - (558) (1,641) other costs

Exclusion ofLucky Friday - (6,546) - (6,646) costs

Cash Cost,Before 58,884 - 9,528 68,412 By-productCredits ^(2)

Reclamation and 737 - 123 860 other costs

Exploration 357 - 215 227 799

Sustaining 12,886 - 884 35 13,805 capital

General and 8,977 8,977 administrative

AISC, BeforeBy-product 72,864 - 10,750 92,853 Credits ^(2)

By-product credits:

Zinc (23,478) - (23,478)

Gold (20,006) (5,767) (25,773)

Lead (7,825) - (7,825)

Total By-product (51,309) - (5,767) (57,076) credits

Cash Cost, AfterBy-product $ 7,575 $ - $ 3,761 $ 11,336 Credits

AISC, AfterBy-product $ 21,555 $ - $ 4,983 $ 35,777 Credits

Divided bysilver ounces 2,741 - 423 3,164 produced

Cash Cost,BeforeBy-product $ 21.49 $ - $ 22.52 $ 21.62 Credits, perSilver Ounce

By-productcredits per (18.73) - (13.63) (18.04) Silver ounce

Cash Cost, AfterBy-product $ 2.76 $ - $ 8.89 $ 3.58 Credits, perSilver Ounce

AISC, BeforeBy-product $ 26.59 $ - $ 25.41 $ 29.35 Credits, perSilver Ounce

By-productcredits per (18.73) - (13.63) (18.04) Silver ounce

AISC, AfterBy-product $ 7.86 $ - $ 11.78 $ 11.31 Credits, perSilver Ounce

In thousands (except per ounce amounts) Three Months Ended December 31, 2019

Casa Nevada Total Gold Berardi Operations

Cost of sales and other direct productioncosts and depreciation, depletion and $ 60,444 $ 48,059 $ 108,503 amortization

Depreciation, depletion and amortization (20,154) (21,845) (41,999)

Treatment costs 447 39 486

Change in product inventory (4,343) (5,896) (10,239)

Reclamation and other costs (130) (378) (508)

Cash Cost, Before By-product Credits ^(2) 36,264 19,979 56,243

Reclamation and other costs 129 378 507

Exploration 560 285 845

Sustaining capital 7,699 946 8,645

AISC, Before By-product Credits^ (2) 44,652 21,588 66,240

By-product credits:

Silver (180) (371) (551)

Total By-product credits (180) (371) (551)

Cash Cost, After By-product Credits $ 36,084 $ 19,608 $ 55,692

AISC, After By-product Credits $ 44,472 $ 21,217 $ 65,689

Divided by gold ounces produced 35 21 56

Cash Cost, Before By-product Credits, per $ 1,042 $ 964 $ 1,003 Gold Ounce

By-product credits per Gold Ounce (5) (18) (10)

Cash Cost, After By-product Credits, per $ 1,037 $ 946 $ 993 Gold Ounce

AISC, Before By-product Credits, per Gold $ 1,283 $ 1,042 $ 1,197 Ounce

By-product credits per Gold Ounce (5) (18) (10)

AISC, After By-product Credits, per Gold $ 1,278 $ 1,024 $ 1,187 Ounce

In thousands (except per ounce Three Months Ended December 31, 2019amounts) Total Silver Total Gold Total

Cost of sales and other directproduction costs and depreciation, $ 91,124 108,503 $ 199,627 depletion and amortization

Depreciation, depletion and (18,481 ) (41,999 ) (60,480 ) amortization

Treatment costs 15,546 486 16,032

Change in product inventory (11,590 ) (10,239 ) (21,829 )

Reclamation and other costs (1,641 ) (508 ) (2,149 )

Exclusion of Lucky Friday costs (6,546 ) (6,546 )

Cash Cost, Before By-product 68,412 56,243 124,655 Credits ^(2)

Reclamation and other costs 860 507 1,367

Exploration 799 845 1,644

Sustaining capital 13,805 8,645 22,450

General and administrative 8,977 - 8,977

AISC, Before By-product Credits ^ 92,853 66,240 159,093 (2)

By-product credits:

Zinc (23,478 ) - (23,478 )

Gold (25,773 ) - (25,773 )

Lead (7,825 ) - (7,825 )

Silver (551 ) (551 )

Total By-product credits (57,076 ) (551 ) (57,627 )

Cash Cost, After By-product Credits $ 11,336 $ 55,692 $ 67,028

AISC, After By-product Credits $ 35,777 $ 65,689 $ 101,466

Divided by ounces produced 3,164 56

Cash Cost, Before By-product $ 21.62 $ 1,003 Credits, per Ounce

By-product credits per ounce (18.04 ) (10 )

Cash Cost, After By-product $ 3.58 $ 993 Credits, per Ounce

AISC, Before By-product Credits, $ 29.35 $ 1,197 per Ounce

By-product credits per ounce (18.04 ) (10 )

AISC, After By-product Credits, per $ 11.31 $ 1,187 Ounce

In thousands Twelve Months Ended December 31, 2020(except perounce amounts) San Greens Lucky Corporate Total Creek Friday^(3) Sebastian^ ^(5) Silver (4)

Cost of salesand otherdirectproduction $ 217,125 $ 56,706 $ 24,104 $ 297,935 costs anddepreciation,depletion andamortization

Depreciation,depletion and (49,692) (11,473) (3,548) (64,713) amortization

Treatment costs 77,122 4,590 287 81,999

Change inproduct (3,144) 2,340 (2,357) (3,161) inventory

Reclamation andother costs ^ (1,608) (274) (1,198) (3,080) (1)

Exclusion ofLucky Friday - (31,442) - (31,442) costs

Cash Cost,Before 239,803 20,447 17,288 277,538 By-productCredits ^(2)

Reclamation and 3,154 222 418 3,794 other costs

Exploration 354 - - 1,788 2,142

Sustaining 28,797 7,154 299 38 36,288 capital

General and 33,759 33,759 administrative

AISC, BeforeBy-product 272,108 27,823 18,005 353,521 Credits ^(2)

By-product credits:

Zinc (79,413) (4,273) (83,686)

Gold (74,615) - (12,586) (87,201)

Lead (28,193) (8,421) (36,614)

TotalBy-product (182,221) (12,694) (12,586) (207,501) credits

Cash Cost,After $ 57,582 $ 7,753 $ 4,702 $ 70,037 By-productCredits

AISC, AfterBy-product $ 89,887 $ 15,129 $ 5,419 $ 146,020 Credits

Divided bysilver ounces 10,495 830 955 12,280 produced

Cash Cost,BeforeBy-product $ 22.85 $ 24.63 $ 18.10 $ 22.60 Credits, perSilver Ounce

By-productcredits per (17.36) (15.29) (13.18) (16.90) Silver ounce

Cash Cost,AfterBy-product $ 5.49 $ 9.34 $ 4.92 $ 5.70 Credits, perSilver Ounce

AISC, BeforeBy-product $ 25.93 $ 33.51 $ 18.86 $ 28.79 Credits, perSilver Ounce

By-productcredits per (17.36) (15.29) (13.18) (16.90) Silver ounce

AISC, AfterBy-product $ 8.57 $ 18.22 $ 5.68 $ 11.89 Credits, perSilver Ounce

In thousands (except per ounce Twelve Months Ended December 31, 2020amounts) Casa Berardi Nevada ^(6) Operations ^ Total Gold (7)

Cost of sales and other directproduction costs and depreciation, $ 203,434 $ 44,801 $ 248,235 depletion and amortization

Depreciation, depletion and (69,572 ) (22,845 ) (92,417 ) amortization

Treatment costs 2,591 45 2,636

Change in product inventory 2,226 15,869 18,095

Reclamation and other costs ^(1) (773 ) (978 ) (1,751 )

Exclusion of Nevada Operations - (13,511 ) (13,511 ) costs

Cash Cost, Before By-product 137,906 23,381 161,287 Credits ^(1)

Reclamation and other costs 386 654 1,040

Exploration 2,231 - 2,231

Sustaining capital 34,431 1,600 36,031

AISC, Before By-product Credits ^ 174,954 25,635 200,589 (2)

By-product credits:

Silver (499 ) (635 ) (1,134 )

Total By-product credits (499 ) (635 ) (1,134 )

Cash Cost, After By-product $ 137,407 $ 22,746 $ 160,153 Credits

AISC, After By-product Credits $ 174,455 $ 25,000 $ 199,455

Divided by gold ounces produced 121 32 153

Cash Cost, Before By-product $ 1,135 $ 736 $ 1,052 Credits, per Gold Ounce

By-product credits per Gold ounce (4 ) (20 ) (7 )

Cash Cost, After By-product $ 1,131 $ 716 $ 1,045 Credits, per Gold Ounce

AISC, Before By-product Credits, $ 1,440 $ 807 $ 1,309 per Gold Ounce

By-product credits per Gold ounce (4 ) (20 ) (7 )

AISC, After By-product Credits, $ 1,436 $ 787 $ 1,302 per Gold Ounce

In thousands (except per ounce amounts) Twelve Months Ended December 31, 2020

Total Total Gold Total Silver

Cost of sales and other directproduction costs and depreciation, $ 297,935 $ 248,235 $ 546,170 depletion and amortization

Depreciation, depletion and (64,713) (92,417) (157,130) amortization

Treatment costs 81,999 2,636 84,635

Change in product inventory (3,161) 18,095 14,934

Reclamation and other costs ^(1) (3,080) (1,751) (4,831)

Cash costs excluded (31,442) (13,511) (44,953)

Cash Cost, Before By-product Credits ^ 277,538 161,287 438,825 (2)

Reclamation and other costs 3,794 1,040 4,834

Exploration 2,142 2,231 4,373

Sustaining capital 36,288 36,031 72,319

General and administrative 33,759 - 33,759

AISC, Before By-product Credits ^(2) 353,521 200,589 554,110

By-product credits:

Zinc (83,686) (83,686)

Gold (87,201) (87,201)

Lead (36,614) (36,614)

Silver (1,134) (1,134)

Total By-product credits (207,501) (1,134) (208,635)

Cash Cost, After By-product Credits $ 70,037 $ 160,153 $ 230,190

AISC, After By-product Credits $ 146,020 $ 199,455 $ 345,475

Divided by ounces produced 12,280 153

Cash Cost, Before By-product Credits, $ 22.60 $ 1,052 per Ounce

By-product credits per ounce (16.90) (7)

Cash Cost, After By-product Credits, $ 5.70 $ 1,045 per Ounce

AISC, Before By-product Credits, per $ 28.79 $ 1,309 Ounce

By-product credits per ounce (16.90) (7)

AISC, After By-product Credits, per $ 11.89 $ 1,302 Ounce

In thousands Twelve Months Ended December 31, 2019 (except perounce amounts) Greens Lucky San Corporate Total Silver Creek Friday^(3) Sebastian ^(5)

Cost of salesand otherdirectproduction $ 211,719 $ 16,621 $ 50,509 $ 278,849 costs anddepreciation,depletion andamortization

Depreciation,depletion and (47,587 ) (1,175 ) (9,772 ) (58,534 ) amortization

Treatment 48,487 2,884 760 52,131 costs

Change inproduct (1,155 ) 1,016 (2,953 ) (3,092 ) inventory

Reclamationand other (2,523 ) - (1,588 ) (4,111 ) costs

Exclusion ofLucky Friday - (19,346 ) (19,346 ) costs

Cash Cost,Before 208,941 - 36,956 245,897 By-productCredits ^(2)

Reclamationand other 2,949 - 492 3,441 costs

Exploration 982 - 4,667 1,332 6,981

Sustaining 35,829 - 2,461 108 38,398 capital

General and 35,832 35,832 administrative

AISC, BeforeBy-product 248,701 - 44,576 330,549 Credits ^(2)

By-product credits:

Zinc (91,435 ) (91,435 )

Gold (69,391 ) (21,960 ) (91,351 )

Lead (28,589 ) (28,589 )

TotalBy-product (189,415 ) - (21,960 ) (211,375 ) credits

Cash Cost,After $ 19,526 $ - $ 14,996 $ 34,522 By-productCredits

AISC, AfterBy-product $ 59,286 $ - $ 22,616 $ 119,174 Credits

Divided bysilver ounces 9,890 - 1,869 11,759 produced

Cash Cost,BeforeBy-product $ 21.12 $ - $ 19.77 $ 20.91 Credits, perSilver Ounce

By-productcredits per (19.15 ) - (11.75 ) (17.98 ) silver ounce

Cash Cost,AfterBy-product $ 1.97 $ - $ 8.02 $ 2.93 Credits, perSilver Ounce

AISC, BeforeBy-product $ 25.14 $ - $ 23.85 $ 28.11 Credits, perSilver Ounce

By-productcredits per (19.15 ) - (11.75 ) (17.98 ) silver ounce

AISC, AfterBy-product $ 5.99 $ - $ 12.10 $ 10.13 Credits, perSilver Ounce

In thousands (except per ounce Twelve Months Ended December 31, 2019amounts) Casa Berardi Nevada Total Gold Operations

Cost of sales and other directproduction costs and $ 217,682 $ 153,336 $ 371,018 depreciation, depletion andamortization

Depreciation, depletion and (73,960 ) (67,024 ) (140,984 ) amortization

Treatment costs 1,876 158 2, 034

Change in product inventory (3,371 ) (9,008 ) (12,379

Reclamation and other costs (515 ) (2,019 ) (2,534 )

Cash Cost, Before By-product 141,712 75,443 217,155 Credits^ (2)

Reclamation and other costs 515 1,512 2,027

Exploration 3,450 2,333 5,783

Sustaining capital 36,825 24,652 61,477

AISC, Before By-product Credits^ 182,502 103,940 286,442 (2)

By-product credits:

Silver (508 ) (2,922 ) (3,430 )

Total By-product credits (508 ) (2,922 ) (3,430 )

Cash Cost, After By-product $ 141,204 $ 72,521 $ 213,725 Credits

AISC, After By-product Credits $ 181,994 $ 101,018 $ 283,012

Divided by gold ounces produced 134 66 200

Cash Cost, Before By-product $ 1,055 $ 1,140 $ 1,083 Credits, per Gold Ounce

By-product credits per gold ounce (4 ) (44 ) (17 )

Cash Cost, After By-product $ 1,051 $ 1,096 $ 1,066 Credits, per Gold Ounce

AISC, Before By-product Credits, $ 1,358 $ 1,571 $ 1,428 per Gold Ounce

By-product credits per ounce (4 ) (44 ) (17 )

AISC, After By-product Credits, $ 1,354 $ 1,527 $ 1,411 per Gold Ounce

In thousands (except per ounce Twelve Months Ended December 31, 2019amounts) Total Silver Total Gold Total

Cost of sales and other directproduction costs and $ 278,849 $ 371,018 $ 649,867 depreciation, depletion andamortization

Depreciation, depletion and (58,534 ) (140,984 ) (199,518 ) amortization

Treatment costs 52,131 2,034 54,165

Change in product inventory (3,092 ) (12,379 ) (15,471 )

Reclamation and other costs (4,111 ) (2,534 ) (6,645 )

Exclusion of Lucky Friday costs (19,346 ) (19,346 )

Cash Cost, Before By-product 245,897 217,155 463,052 Credits ^(2)

Reclamation and other costs 3,441 2,027 5,468

Exploration 6,981 5,783 12,764

Sustaining capital 38,398 61,477 99,875

General and administrative 36,832 - 35,832

AISC, Before By-product Credits^ 330,549 286,442 616,991 (2)

By-product credits:

Zinc (91,435 ) (91,435 )

Gold (91,351 ) (91,351 )

Lead (28,589 ) (28,589 )

Silver (3,430 ) (3,430 )

Total By-product credits (211,375 ) (3,430 ) (214,805 )

Cash Cost, After By-product $ 34,522 $ 213,725 $ 248,247 Credits

AISC, After By-product Credits $ 119,174 $ 283,012 $ 402,186

Divided by ounces produced 11,759 200

Cash Cost, Before By-product $ 20,91 $ 1,083 Credits, per Ounce

By-product credits per ounce (17.98 ) (17 )

Cash Cost, After By-product $ 2.93 $ 1,066 Credits, per Ounce

AISC, Before By-product Credits, $ 28.11 $ 1,428 per Ounce

By-product credits per ounce (17.98 ) (17 )

AISC, After By-product Credits, $ 10.13 $ 1,411 per Ounce

In thousands Estimate for Twelve Months Ended December 31, 2021(except perounce amounts) Greens Lucky Friday San Corporate Total Silver Creek Sebastian ^(5)

Cost of salesand otherdirectproduction $ 220,000 $ 90,400 $ - $ 310,400 costs anddepreciation,depletion andamortization

Depreciation,depletion and (46,000 ) (26,000 ) - (72,000 ) amortization

Treatment 49,000 17,100 - 66,100 costs

Change inproduct (5,700 ) - - (5,700 ) inventory

Reclamationand other 1,500 1,000 - 2,500 costs

Cash Cost,Before 218,800 82,500 - 301,300 By-productCredits ^(2)

Reclamationand other 3,400 500 - 3,900 costs

Exploration 4,000 - - 4,000

Sustaining 38,000 22,000 - 60,000 capital

General and - - 32,000 32,000 administrative

AISC, BeforeBy-product 264,200 105,000 - 401,200 Credits ^(2)

By-product credits:

Zinc (70,000 ) (14,500 ) - (84,500 )

Gold (62,000 ) - - (62,000 )

Lead (28,000 ) (38,900 ) (66,900 )

TotalBy-product (160,000 ) (53,400 ) - (213,400 ) credits

Cash Cost,After $ 58,800 $ 29,100 $ - $ 87,900 By-productCredits

AISC, AfterBy-product $ 104,200 $ 51,600 $ - $ 187,800 Credits

Divided bysilver ounces 9,850 3,600 - 13,450 produced

Cash Cost,BeforeBy-product $ 22.21 $ 22.92 $ - $ 22.40 Credits, perSilver Ounce

By-productcredits per (16.24 ) (14.83 ) - (15.87 ) silver ounce

Cash Cost,AfterBy-product $ 5.97 $ 8.09 $ - $ 6.53 Credits, perSilver Ounce

AISC, BeforeBy-product $ 26.82 $ 29.17 $ - $ 29.83 Credits, perSilver Ounce

By-productcredits per (16.24 ) (14.83 ) - (15.87 ) silver ounce

AISC, AfterBy-product $ 10.58 $ 14.34 $ - $ 13.96 Credits, perSilver Ounce

In thousands (except per ounce Estimate for Twelve Months Ended Decemberamounts) 31, 2021

Casa Berardi Nevada Total Gold Operations

Cost of sales and other directproduction costs and depreciation, $ 175,900 $ 41,000 $ 216,900 depletion and amortization

Depreciation, depletion and (61,000 ) (5,600 ) (66,600 ) amortization

Treatment costs 400 4,600 5,000

Change in product inventory 600 (11,600 ) (11,000 )

Reclamation and other costs 300 500 800

Cash Cost, Before By-product 116,200 28,900 145,100 Credits ^(2)

Reclamation and other costs 500 100 600

Exploration 3,800 - 3,800

Sustaining capital 31,500 2,000 33,500

AISC, Before By-product Credits ^ 152,000 31,000 183,000 (2)

By-product credits:

Silver (600 ) (550 ) (1,150 )

Total By-product credits (600 ) (550 ) (1,150 )

Cash Cost, After By-product $ 115,600 $ 28,350 $ 143,950 Credits

AISC, After By-product Credits $ 151,400 $ 30,450 $ 181,850

Divided by gold ounces produced 127 21 148

Cash Cost, Before By-product $ 919 $ 1,376 $ 984 Credits, per Gold Ounce

By-product credits per gold ounce (5 ) (26 ) (8 )

Cash Cost, After By-product $ 914 $ 1,350 $ 976 Credits, per Gold Ounce

AISC, Before By-product Credits, $ 1,202 $ 1,476 $ 1,241 per Gold Ounce

By-product credits per gold ounce (5 ) (26 ) (8 )

AISC, After By-product Credits, $ 1,197 $ 1,450 $ 1,233 per Gold Ounce

In thousands (except per ounce Estimate for Twelve Months Ended December 31,amounts) 2021

Total Silver Total Gold Total

Cost of sales and other directproduction costs and $ 310,400 $ 216,900 $ 527,300 depreciation, depletion andamortization

Depreciation, depletion and (72,000 ) (66,600 ) (138,600 ) amortization

Treatment costs 66,100 5,000 71,100

Change in product inventory (5,700 ) (11,000 ) (16,700 )

Reclamation and other costs 2,500 800 3,300

Cash Cost, Before By-product 301,300 145,100 446,400 Credits ^(2)

Reclamation and other costs 3,900 600 4,500

Exploration 4,000 3,800 7,800

Sustaining capital 60,000 33,500 93,500

General and administrative 32,000 - 32,000

AISC, Before By-product Credits^ 401,200 183,000 584,200 (2)

By-product credits:

Zinc (84,500 ) - (84,500 )

Gold (62,000 ) - (62,000 )

Lead (66,900 ) - (66,900 )

Silver (1,150 ) (1,150 )

Total By-product credits (213,400 ) (1,150 ) (214,550 )

Cash Cost, After By-product $ 87,900 $ 143,950 $ 231,850 Credits

AISC, After By-product Credits $ 187,800 $ 181,850 $ 369,650

Divided by ounces produced 13,450 148

Cash Cost, Before By-product $ 22.40 $ 984 Credits, per Ounce

By-product credits per ounce (15.87 ) (8 )

Cash Cost, After By-product $ 6.53 $ 976 Credits, per Ounce

AISC, Before By-product Credits, $ 29.83 $ 1,241 per Ounce

By-product credits per ounce (15.87 ) (8 )

AISC, After By-product Credits, $ 13.96 $ 1,233 per Ounce

(1)

Excludes the discretionary portion of general and administrative costs for Greens Creek, Casa Berardi, Lucky Friday and corporate of $0.6 million, $0.4 million, $0.1 million, and $1.8 million, respectively, for 2020.

(2)

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, non-discretionary on-site general and administrative costs, royalties and mining production taxes, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes on-site exploration, reclamation, and sustaining capital costs.

(3)

The unionized employees at Lucky Friday were on strike from March 2017 until January 2020, and production at Lucky Friday had been limited from the start of the strike until the ramp-up was substantially completed in the fourth quarter of 2020. Costs related to ramp-up activities totaling approximately $8.0 million in 2020 and suspension-related costs totaling approximately $12.1 million during the strike in 2019 have been excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

(4)

In early April 2020, the Government of Mexico issued an order to the mining industry to reduce operations to a minimum level until April 30 in response to COVID-19, and the order was subsequently extended until May 30. Our operations at San Sebastian were suspended during that time. Suspension-related costs totaling $1.8 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, mining and milling cost per ton, and Cash Cost and AISC, After By-product Credits, per Gold Ounce.

(5)

AISC, Before By-product Credits for our consolidated silver properties includes non-discretionary corporate costs for general and administrative expense, exploration and sustaining capital.

(6)

In late March 2020, the Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against COVID-19, causing us to suspend our Casa Berardi operations from March 24 until April 15, when mining operations resumed, resulting in reduced mill throughput. Suspension-related costs totaling $1.6 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization and Cash Cost and AISC, After By-product Credits, per Gold Ounce.

(7)

Production was suspended at the Hollister mine in the third quarter of 2019 and at the Midas mine and Aurora mill in late 2019. Suspension-related costs at Hollister, Midas and Aurora totaling $13.5 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization and Cash Cost and AISC, After By-product Credits, per Gold Ounce. During the second half of 2020, all ore mined at Nevada Operations was stockpiled, with no ore milled and no production reported during the period. As a result, costs incurred at Nevada Operations during the second half of 2020 were excluded from the calculations of Cash Cost and AISC, After By-product Credits, per Gold Ounce.

Reconciliation of Net Income (Loss) Applicable to Common Shareholders (GAAP) to Adjusted Net Income (Loss) 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.

Excludes the discretionary portion of general and administrative costs for(1) Greens Creek, Casa Berardi, Lucky Friday and corporate of $0.6 million, $0.4 million, $0.1 million, and $1.8 million, respectively, for 2020.



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, non-discretionary(2) on-site general and administrative costs, royalties and mining production taxes, before by-product revenues earned from all metals other than the primary metal produced at each unit. AISC, Before By-product Credits also includes on-site exploration, reclamation, and sustaining capital costs.



The unionized employees at Lucky Friday were on strike from March 2017 until January 2020, and production at Lucky Friday had been limited from the start of the strike until the ramp-up was substantially completed in the fourth quarter of 2020. Costs related to ramp-up activities totaling(3) approximately $8.0 million in 2020 and suspension-related costs totaling approximately $12.1 million during the strike in 2019 have been excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.



In early April 2020, the Government of Mexico issued an order to the mining industry to reduce operations to a minimum level until April 30 in response to COVID-19, and the order was subsequently extended until May 30. Our operations at San Sebastian were suspended during that time.(4) Suspension-related costs totaling $1.8 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization, mining and milling cost per ton, and Cash Cost and AISC, After By-product Credits, per Gold Ounce.



AISC, Before By-product Credits for our consolidated silver properties(5) includes non-discretionary corporate costs for general and administrative expense, exploration and sustaining capital.



In late March 2020, the Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against COVID-19, causing us to suspend our Casa Berardi operations from March 24 until April 15, when mining operations resumed, resulting in reduced mill(6) throughput. Suspension-related costs totaling $1.6 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of sales and other direct production costs and depreciation, depletion and amortization and Cash Cost and AISC, After By-product Credits, per Gold Ounce.



Production was suspended at the Hollister mine in the third quarter of 2019 and at the Midas mine and Aurora mill in late 2019. Suspension-related costs at Hollister, Midas and Aurora totaling $13.5 million for 2020 are reported in a separate line item on our consolidated statements of operations and excluded from the calculations of cost of(7) sales and other direct production costs and depreciation, depletion and amortization and Cash Cost and AISC, After By-product Credits, per Gold Ounce. During the second half of 2020, all ore mined at Nevada Operations was stockpiled, with no ore milled and no production reported during the period. As a result, costs incurred at Nevada Operations during the second half of 2020 were excluded from the calculations of Cash Cost and AISC, After By-product Credits, per Gold Ounce.

Reconciliation of Net Income (Loss) Applicable to Common Shareholders (GAAP) to Adjusted Net Income (Loss) 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 in Three Months Ended Twelve Months Endedthousands (except December 31, December 31,per share amounts)

2020 2019 2020 2019

Net income (loss)applicable tocommon $ 657 $ (8,114 ) $ (17,342 ) $ (100,109 ) stockholders(GAAP)

Adjusting items:

Loss onderivatives 9,299 1,252 22,074 3,971 contracts

Provisional price (2,722 ) (855 ) (8,008 ) (597 ) gain

Ramp-up and 802 3,285 24,911 12,051 suspension costs

Environmental - - - 472 accruals

Foreign exchange 5,840 1,495 4,605 8,236 loss

Acquisition costs 7 52 20 645

Unrealized (gain)loss on (858 ) 1,230 (10,268 ) 2,389 investments

Loss on prepaymentof debt with - 2,855 - 2,855 shares

Foundation grant - - 1,970 -

Additionalinterestassociated with - - 2,902 - early repayment oflong-term debt

Loss onextinguishment of - - 1,666 - debt

Loss (gain) ondisposition ofproperties, 13 (23 ) 572 4,643 plants, equipmentand mineralinterests

Adjusted netincome (loss)applicable to $ 13,038 $ (1,177 ) $ 23,102 $ (65,444 ) commonstockholders

Weighted average 530,998 502,902 527,329 490,449 shares - basic

Weighted average 537,166 502,902 527,329 490,449 shares - diluted

Basic adjusted netincome (loss) per $ 0.02 $ - $ 0.04 $ (0.13 ) common share

Diluted adjustednet income (loss) $ 0.02 $ - $ 0.04 $ (0.13 ) per common share

Reconciliation of Net Income (Loss) (GAAP) and Debt (GAAP) to Adjusted EBITDA (non-GAAP) and Net Debt (non-GAAP)

This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which is a measure of our operating performance, and net debt to adjusted EBITDA for the last 12 months (or "LTM adjusted EBITDA"), which is a measure of our ability to service our debt. Adjusted EBITDA is calculated as net income (loss) before the following items: interest expense, income tax provision, depreciation, depletion, and amortization expense, acquisition costs, interest and other income (expense), foreign exchange gains and losses, gains and losses on derivative contracts, unrealized gains on investments, provisions for environmental matters, stock-based compensation, and provisional price gains and losses. 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 Three Months Ended Twelve Months Endedthousands

December 31, December 31, December 31, December 31, 2020 2019 2020 2019

Net income (loss) $ 795 $ (7,976 ) $ (16,790 ) $ (99,557 )

Plus: Interest 10,650 14,670 49,569 48,447 expense

Plus (Less): Income (1,062 ) (4,092 ) 135 (24,101 ) taxes

Plus: Depreciation,depletion and 37,803 60,480 157,130 199,518 amortization

Plus: Acquisition 7 52 20 645 costs

Plus:Suspension-related 802 3,285 24,911 12,051 costs

Less: Deferredrevenue net of - (10,912 ) - - production costs

(Less)/Plus: (Gain)loss on dispositionof properties, 13 (23 ) 572 4,643 plants, equipment,and mineralinterests

Plus/(Less):Foreign exchange 5,840 1,495 4,605 8,236 (gain) loss

Plus/(Less):Unrealized loss(gain) on 1,095 (211 ) 5,578 5,613 derivativecontracts

(Less)/Plus:Provisional price (2,722 ) (855 ) (8,008 ) (597 ) (gain) loss

Plus: Provision forclosed operations 1,551 1,616 6,189 6,914 and environmentalmatters

Plus: Stock-based 1,229 910 6,458 5,668 compensation

Plus: Unrealized (858 ) 1,230 (10,268 ) 2,389 loss on investments

Foundation grant - - 1,970 -

Plus/(Less): Other 674 1,026 2,256 3,506

Adjusted EBITDA $ 55,817 $ 60,695 $ 224,327 $ 173,375

Total debt $ 523,007 $ 517,372

Less: Cash and cash 129,830 62,452 equivalents

Net debt $ 393,177 $ 454,920

Net debt/LTMadjusted EBITDA 1.8 2.6 (non-GAAP)

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 and a one-time item for settlement of an insurance policy for reclamation of the Troy Mine. 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:

Greens Nevada San Lucky Hecla Consolidated Creek Casa Berardi Operations Friday ^1 Sebastian

Dollars arein Three Months Ended Twelve Months Ended thousands

December 31, December 31,

2020 2019 2020 2019 Twelve Months Ended December 31, 2020

Cashprovided(used) by $ 64,901 $ 57,257 $ 180,793 $ 120,866 $ 182,633 $ 68,460 $ 7,240 $ 14,357 $ 4,799 operatingactivities^2

Less:Additionstoproperties, (36,634 ) (24,083 ) (91,016 ) (121,421 ) (23,051 ) (40,854 ) (4,003 ) (538 ) (25,749 ) plantsequipmentand mineralinterests

Free cash $ 28,267 $ 33,174 $ 89,777 $ (555 ) $ 159,582 $ 27,606 $ 3,237 $ 13,819 $ (20,950 ) flow

1Cash used by operating activities for Lucky Friday includes $1.7 million for ramp-up costs incurred.

2Cash provided (used) by operating activities for the operating segments and on a consolidated basis includes exploration expense, which is a discretionary expenditure. Cash provided by operating activities for the twelve months ended December 31, 2020 includes exploration expense of $0.4 million for Greens Creek, $2.9 million for Casa Berardi, $6.5 million for Nevada Operations, $3.5 million for San Sebastian, and $2.6 million for Corporate activities.

Reserves - 12/31/20^(1)

Proven Reserves

Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 Tons Tons Tons ton) ton) oz) oz)

Greens 3 21.8 0.10 3.7 7.8 - 70 0.3 120 250 -Creek ^(2)

Lucky 4,393 14.2 - 8.8 4.1 - 62,290 - 386,210 180,060 -Friday ^(2)

CasaBerardi 4,437 - 0.09 - - - - 410 - - -Open Pit^(3)

CasaBerardi 1,038 - 0.15 - - - - 158 - - -Underground^ (3)

Fire Creek 62 0.4 0.48 - - - 28 30 - - -^(2,4)

Total 9,933 62,388 598 386,330 180,310 -



Probable Reserves

Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 (Tons) (Tons) Tons ton) ton) oz) oz)

Greens 8,975 12.4 0.09 2.8 7.3 - 111,333 827 254,840 652,170 -Creek ^(2)

Lucky 1,372 10.7 - 7.2 3.9 - 14,702 - 99,170 53,190 -Friday ^(2)

CasaBerardi 9,763 - 0.08 - - - - 744 - - -Open Pit^(3)

CasaBerardi 1,533 - 0.15 - - - - 231 - - -Underground^ (3)

Fire Creek 1 0.9 0.71 - - - 1 1 - - -^(2,4)

Total 21,643 126,036 1,802 354,010 705,360 -



Proven and Probable Reserves

Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 (Tons) (Tons) Tons ton) ton) oz) oz)

Greens 8,978 12.4 0.09 2.8 7.3 - 111,404 828 254,960 652,420 -Creek ^(2)

Lucky 5,764 13.4 - 8.4 4.0 - 76,992 - 485,380 233,250 -Friday ^(2)

CasaBerardi 14,200 - 0.08 - - - - 1,153 - - -Open Pit^(3)

CasaBerardi 2,571 - 0.16 - - - - 389 - - -Underground^ (3)

Fire Creek 63 0.5 0.48 - - - 29 31 - - -^(2,4)

Total 31,576 188,424 2,400 740,340 885,670 -

(1)

The term "reserve" means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term "economically," as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated to be viable and justifiable under reasonable investment and market assumptions. The term "legally," as used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Hecla must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Hecla's current mine plans.

(2)

Mineral reserves are based on $1300 gold, $16.00 silver, $0.90 lead, $1.15 zinc, unless otherwise stated. The NSR cut-off grades are $205/ton for Greens Creek, $216.19 for the 30 Vein and $230.98 for the Intermediate Veins at Lucky Friday.

(3)

Mineral reserves are based on $1300 gold and a US$/CAN$ exchange rate of 1:1.35. Reserve diluted to an average of 18% or 23% depending on mining method. The average cut-off grades at Casa Berardi are 0.101 oz/ton gold (3.46 g/tonne) for underground mineral reserves and 0.025 oz/ton gold (0.85 g/tonne) for open pit mineral reserves.

(4)

Fire Creek mineral reserves are based on a cut-off grade of 0.482 gold equivalent oz/ton and incremental cut-off grade of 0.106 gold equivalent oz/ton. Unplanned dilution of 10% to 17% included depending on mining method.

* Totals may not represent the sum of parts due to rounding

The term "reserve" means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term "economically," as used in the definition of reserve, means that profitable extraction or production has been established or analytically demonstrated to be viable and justifiable under reasonable investment and market assumptions. The term "legally," as(1) used in the definition of reserve, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Hecla must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Hecla's current mine plans.

Mineral reserves are based on $1300 gold, $16.00 silver, $0.90 lead, $1.15(2) zinc, unless otherwise stated. The NSR cut-off grades are $205/ton for Greens Creek, $216.19 for the 30 Vein and $230.98 for the Intermediate Veins at Lucky Friday.

Mineral reserves are based on $1300 gold and a US$/CAN$ exchange rate of 1:1.35. Reserve diluted to an average of 18% or 23% depending on mining(3) method. The average cut-off grades at Casa Berardi are 0.101 oz/ton gold (3.46 g/tonne) for underground mineral reserves and 0.025 oz/ton gold (0.85 g/tonne) for open pit mineral reserves.

Fire Creek mineral reserves are based on a cut-off grade of 0.482 gold(4) equivalent oz/ton and incremental cut-off grade of 0.106 gold equivalent oz/ton. Unplanned dilution of 10% to 17% included depending on mining method.

* Totals may not represent the sum of parts due to rounding

Mineral Resources - 12/31/2020

Measured Resources

Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 (Tons) (Tons) Tons ton) ton) oz) oz)

Greens 297 12.9 0.11 3.1 10.3 - 3,837 33 9,310 30,500 -Creek ^(5)

LuckyFriday^ 9,007 7.6 - 4.8 2.4 - 68,543 - 30,950 218,740 -(5,6)

CasaBerardi 824 - 0.09 - - - - 71 - - -Open Pit^(7)

CasaBerardi 2,231 - 0.15 - - - - 331 - - -Underground^(7)

SanSebastian ^ - - - - - - - - - - -(5,8)

Fire Creek 20 0.7 0.50 - - - 14 10 - - -^(5,9)

Hollister^ 18 4.9 0.59 - - - 87 10 - - -(5,10)

Midas^ 2 7.6 0.68 - - - 14 1 - - -(5,11)

Heva^ (12) - - - - - - - - - - -

Hosco^ (12) - - - - - - - - - - -

Rio GrandeSilver^ - - - - - - - - - - -(13)

Star^ (14) - - - - - - - - - - -

Total 12,399 72,495 456 440,260 249,240 -

Indicated Resources

Tons

Silver

Gold

Lead

Zinc

Copper

Silver

Gold

Lead

Zinc

Copper

Asset

(000)

(oz/ton)

(oz/ton)

%

%

%

(000 oz)

(000 oz)

(Tons)

(Tons)

Tons

Greens Creek (5)

8,599

12.9

0.10

3.0

8.2

-

110,844

848

256,790

708,520

-

Lucky Friday (5,6)

2,275

7.8

-

5.3

2.2

-

17,844

-

120,390

50,970

-

Casa Berardi Open Pit (7)

1,621

-

0.06

-

-

-

-

97

-

-

-

Casa Berardi Underground (7)

5,424

-

0.14

-

-

-

-

750

-

-

-

San Sebastian (5,8)

2,541

5.9

0.06

1.9

2.9

1.2

14,985

149

22,420

34,100

14,650

Fire Creek (5,9)

114

1.0

0.45

-

-

-

114

51

-

-

-

Fire Creek - Open Pit (13)

-

-

-

-

-

-

-

-

-

-

-

Hollister (5,10)

70

1.9

0.58

-

-

-

130

40

-

-

-

Midas (5,11)

76

5.7

0.42

-

-

-

430

32

-

-

-

Heva (12)

1,266

-

0.06

-

-

-

-

76

-

-

-

Hosco (12)

29,287

-

0.04

-

-

-

-

1,202

-

-

-

Rio Grande Silver (13)

516

14.8

-

2.1

1.1

-

7,620

-

10,760

5,820

-

Star (14)

1,126

2.9

-

6.2

7.4

-

3,301

-

69,900

83,410

-

Total

52,913

155,266

3,245

480,260

882,820

14,650

Indicated Resources

Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 (Tons) (Tons) Tons ton) ton) oz) oz)

Greens 8,599 12.9 0.10 3.0 8.2 - 110,844 848 256,790 708,520 -Creek ^(5)

LuckyFriday^ 2,275 7.8 - 5.3 2.2 - 17,844 - 120,390 50,970 -(5,6)

CasaBerardi 1,621 - 0.06 - - - - 97 - - -Open Pit^(7)

CasaBerardi 5,424 - 0.14 - - - - 750 - - -Underground^(7)

SanSebastian ^ 2,541 5.9 0.06 1.9 2.9 1.2 14,985 149 22,420 34,100 14,650(5,8)

Fire Creek 114 1.0 0.45 - - - 114 51 - - -^(5,9)

Fire Creek- Open Pit - - - - - - - - - - -^(13)

Hollister^ 70 1.9 0.58 - - - 130 40 - - -(5,10)

Midas^ 76 5.7 0.42 - - - 430 32 - - -(5,11)

Heva^ (12) 1,266 - 0.06 - - - - 76 - - -

Hosco^ (12) 29,287 - 0.04 - - - - 1,202 - - -

Rio GrandeSilver^ 516 14.8 - 2.1 1.1 - 7,620 - 10,760 5,820 -(13)

Star^ (14) 1,126 2.9 - 6.2 7.4 - 3,301 - 69,900 83,410 -

Total 52,913 155,266 3,245 480,260 882,820 14,650

Measured & Indicated Resources

Tons

Silver

Gold

Lead

Zinc

Copper

Silver

Gold

Lead

Zinc

Copper

Asset

(000)

(oz/ton)

(oz/ton)

%

%

%

(000 oz)

(000 oz)

(Tons)

(Tons)

Tons

Greens Creek (5)

8,895

12.9

0.10

3.0

8.3

-

114,681

881

266,110

739,020

-

Lucky Friday (5,6)

11,282

7.7

-

4.9

2.4

-

86,386

-

551,340

269,710

-

Casa Berardi Open Pit (7)

2,445

-

0.07

-

-

-

-

168

-

-

-

Casa Berardi Underground (7)

7,656

-

0.14

-

-

-

-

1,081

-

-

-

San Sebastian (5,8)

2,541

5.9

0.06

1.9

2.9

1.2

14,985

149

22,420

34,100

14,650

Fire Creek (5,9)

134

1.0

0.46

-

-

-

128

61

-

-

-

Fire Creek - Open Pit (13)

-

-

-

-

-

-

-

-

-

-

-

Hollister (5,10)

88

2.5

0.58

-

-

-

217

51

-

-

-

Midas (5,11)

78

5.7

0.43

-

-

-

444

33

-

-

-

Heva (12)

1,266

-

0.06

-

-

-

-

76

-

-

-

Hosco (12)

29,287

-

0.04

-

-

-

-

1,202

-

-

-

Rio Grande Silver (13)

516

14.8

-

2.1

1.1

-

7,620

-

10,760

5,820

-

Star (14)

1,126

2.9

-

6.2

7.4

-

3,301

-

69,900

83,410

-

Total

65,312

227,760

3,701

920,530

1,132,060

14,650

Measured & Indicated Resources

Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 (Tons) (Tons) Tons ton) ton) oz) oz)

Greens 8,895 12.9 0.10 3.0 8.3 - 114,681 881 266,110 739,020 -Creek ^(5)

LuckyFriday^ 11,282 7.7 - 4.9 2.4 - 86,386 - 551,340 269,710 -(5,6)

CasaBerardi 2,445 - 0.07 - - - - 168 - - -Open Pit^(7)

CasaBerardi 7,656 - 0.14 - - - - 1,081 - - -Underground^(7)

SanSebastian ^ 2,541 5.9 0.06 1.9 2.9 1.2 14,985 149 22,420 34,100 14,650(5,8)

Fire Creek 134 1.0 0.46 - - - 128 61 - - -^(5,9)

Fire Creek- Open Pit - - - - - - - - - - -^(13)

Hollister^ 88 2.5 0.58 - - - 217 51 - - -(5,10)

Midas^ 78 5.7 0.43 - - - 444 33 - - -(5,11)

Heva^ (12) 1,266 - 0.06 - - - - 76 - - -

Hosco^ (12) 29,287 - 0.04 - - - - 1,202 - - -

Rio GrandeSilver^ 516 14.8 - 2.1 1.1 - 7,620 - 10,760 5,820 -(13)

Star^ (14) 1,126 2.9 - 6.2 7.4 - 3,301 - 69,900 83,410 -

Total 65,312 227,760 3,701 920,530 1,132,060 14,650

Inferred Resources Tons Silver Gold Lead Zinc Copper Silver Gold Lead Zinc Copper

Asset (000) (oz/ (oz/ % % % (000 (000 (Tons) (Tons) Tons ton) ton) oz) oz)

Greens 1,767 13.2 0.08 2.8 7.0 - 23,370 145 49,670 123,480 -Creek ^(5)

LuckyFriday^ 3,069 8.3 - 6.3 2.7 - 25,359 - 192,200 83,350 -(5,6)

CasaBerardi 9,229 - 0.06 - - - - 508 - - -Open Pit^(7)

CasaBerardi 2,447 - 0.18 - - - - 445 - - -Underground^(7)

SanSebastian ^ 2,923 5.9 0.05 1.6 2.3 0.9 17,188 133 6,070 8,830 3,330(5,15)

Fire Creek 765 0.5 0.51 - - - 394 392 - - -^(5,9)

Fire Creek- Open Pit 74,584 0.1 0.03 - - - 5,232 2,178 - - -^(16)

Hollister ^ 642 3.0 0.42 - - - 1,916 273 - - -(5,10)

Midas^ 1,057 5.0 0.40 - - - 5,280 424 - - -(5,11)

Heva^ (12) 2,787 - 0.08 - - - - 216 - - -

Hosco^ (12) 17,726 - 0.04 - - - - 663 - - -

Rio GrandeSilver^ 3,078 10.7 0.01 1.3 1.1 - 33,097 36 40,990 34,980 -(17)

Star^ (14) 3,157 2.9 - 5.6 5.5 - 9,432 - 178,670 174,450 -

MonteCristo^ 913 0.3 0.14 - - - 271 131 - - -(18)

Rock Creek^ 100,086 1.5 - - - 0.7 148,736 - - - 658,680(19)

Montanore^ 112,185 1.6 - - - 0.7 183,346 - - - 759,420(20)

Total 336,416 453,621 5,543 467,600 425,090 1,421,430

Note: All estimates are in-situ except for the proven reserves at Greens Creek and Fire Creek which are in surface stockpiles. Resources are exclusive of reserves.

Mineral resources are based on $1500 gold, $21 silver, $1.15 lead, $1.35(5) zinc and $3.00 copper, unless otherwise stated. Cut-off grades are as above unless otherwise stated.

Measured and Indicated resources from Gold Hunter and Lucky Friday vein(6) systems are diluted and factored for expected mining recovery using NSR cut-off grades of $170.18 for the 30 Vein, $184.97 for the Intermediate Veins and $207.15 for the Lucky Friday Vein.

Measured, Indicated, and Inferred resources are based on $1,500 gold and a US$/CAN$ exchange rate of 1:1.35. Underground resources are reported at(7) a minimum mining width of 6.6 to 9.8 feet (2 m to 3 m). The average cut-off grades at Casa Berardi are 0.087 oz/ton gold (3.0 g/tonne) for underground mineral resources and 0.025 oz/ton gold (0.85 g/tonne) for open pit mineral resources.

Indicated resources reported at a minimum mining width of 5.9 feet (1.8(8) m) for Hugh Zone, Middle Vein, North Vein, and East Francine Vein and 4.9 feet (1.5 m) for Andrea Vein using a cut-off grade of $90.72/ton ($100/ tonne).

San Sebastian lead, zinc, and copper grades are for 1,187,000 tons of Indicated resource within the Middle Vein and the Hugh Zone of the Francine Vein.

Fire Creek mineral resources are reported at a gold equivalent cut-off(9) grade of 0.283 oz/ton. The minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater.

Hollister mineral resources, including the Hatter Graben are reported at(10) a gold equivalent cut-off grade of 0.238 oz/ton. The minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater.

Midas mineral resources are reported at a gold equivalent cut-off grade(11) of 0.237 oz/ton. The minimum mining width is defined as four feet or the vein true thickness plus two feet, whichever is greater.

Measured, Indicated, and Inferred resources are based on $1,500 gold. The(12) resources are in-situ without external dilution and material loss at a cut-off grade of 0.01 oz/ton gold (0.33 g/tonne) for open pit and 0.088 oz/ton gold (3.0 g/tonne) for underground.

Indicated resources reported at a minimum mining width of 6.0 feet for(13) Bulldog; resources based on $26.5 Ag, $0.85 Pb, and $0.85 Zn and a cut-off grade of 6.0 silver equivalent oz/ton.

Indicated and Inferred resources reported using $21 silver, $0.95 lead,(14) $1.10 lead minimum mining width of 4.3 feet and a cut-off grade of $100/ ton.

Inferred resources reported at a minimum mining width of 5.9 feet (1.8 m)(15) for Hugh Zone, Middle Vein, North Vein, and East Francine Vein and 4.9 feet (1.5 m) for Andrea Vein using a cut-off grade of $90.72/ton ($100/ tonne).

San Sebastian lead, zinc, and copper grades are for 385,000 tons of Inferred resource within the Middle Vein and the Hugh Zone of the Francine Vein.

Inferred open-pit resources for Fire Creek calculated November 30, 2017(16) using gold and silver recoveries of 65% and 30% for oxide material and 60% and 25% for mixed oxide-sulfide material. Indicated Resources reclassified as Inferred for 2019.

Open pit resources are calculated at $1400 gold and $19.83 silver and cut-off grade of 0.01 Au Equivalent oz/ton and is inclusive of 10% mining dilution and 5% ore loss. Open pit mineral resources exclusive of underground mineral resources.

NI43-101 Technical Report for the Fire Creek Project, Lander County, Nevada; Effective Date March 31, 2018; prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining Company, June 28, 2018.

Inferred resources reported at a minimum mining width of 6.0 feet for(17) Bulldog and a cut-off grade of 6.0 equivalent oz/ton silver and 5.0 feet for Equity and North Amethyst vein at a cut-off grade of $50/ton and $100 /ton; based on $1400 Au, $26.5 Ag, $0.85 Pb, and $0.85 Zn.

Inferred resource reported at a minimum mining width of 5.0 feet;(18) resources based on $1400 Au, $26.5 Ag using a 0.06 oz/ton gold cut-off grade.

Inferred resource at Rock Creek reported at a minimum thickness of 15(19) feet and a cut-off grade of $24.50/ton NSR and adjusted given mining restrictions as defined by U.S. Forest Service, Kootenai National Forest in the June 2003 'Record of Decision, Rock Creek Project'.

Inferred resource at Montanore reported at a minimum thickness of 15 feet(20) and a cut-off grade of $24.50/ton NSR and adjusted given mining restrictions defined by U.S. Forest Service, Kootenai National Forest, Montana DEQ in December 2015 'Joint Final EIS, Montanore Project'.

* Totals may not represent the sum of parts due to rounding

Assay Results - Q4 2020

Midas (Nevada)

Drill Drill Sample Sample Drilled Gold Silver DepthZone Hole Hole From To Width (oz/ (oz/ From Number Azm/Dip (feet) (feet) (feet) ton) ton) Surface (feet)

Elko Prince DMC-00380 44/-41 431.6 432.6 1.0 0.15 2.8 -283

Elko Prince DMC-00384 61/-40 443.5 444.5 1.0 0.13 24.3 -285

Elko Prince DMC-00386 71/-49 178.0 188.1 10.1 0.09 1.5 -138

Elko Prince DMC-00386 71/-49 533.6 535.0 1.4 0.03 4.6 -403

North Block DMC-00372 260/-42 865.2 866.4 1.2 0.06 12.0 -579

North Block DMC-00375 224/-57 1005.0 1007.0 2.0 0.10 61.3 -844

Green Racer DMC-00371 249/-45 735.0 736.6 1.6 1.12 16.9 -520Sinter

Green Racer DMC-00374 242/-59 1051.0 1055.3 4.3 0.34 7.8 -903Sinter

Green Racer DMC-00387 260/-45 858.0 859.0 1.0 0.21 20.7 -607Sinter

Green Racer DMC-00389 245/-53 894.0 894.8 0.8 0.05 4.2 -714Sinter

Green Racer DMC-00389 245/-53 895.3 897.0 1.7 0.06 1.5 -716Sinter

Green Racer DMC-00390 250/-50 1662.0 1666.5 4.5 3.26 14.3 -1273Sinter

Green Racer Including 1662.0 1663.0 1.0 1.38 16.7 -1273Sinter

Green Racer Including 1663.9 1664.9 1.0 10.68 37.3 -1273Sinter

Green Racer Including 1665.7 1666.5 0.8 3.16 4.0 -1273Sinter

Southern Cross DMC-00373 69/-46 598.5 603.7 5.2 0.05 0.2 -432

Southern Cross DMC-00373 69/-46 1104.0 1108.0 4.0 0.09 0.1 -796

SV1 DMC-00377 215/-48 1189.0 1197.7 8.7 0.10 8.2 -887

SV1 Including 1189.0 1190.7 1.7 0.09 22.4 -884

SV1 Including 1190.7 1193.3 2.6 0.15 11.9 -886

SV1 DMC-00377 215/-48 1237.7 1240.0 2.3 0.11 1.0 -921

Casa Berardi (Quebec) Drill Drill Depth Drill Hole Hole Hole Sample Sample True Gold FromZone Number Azm/ From To Width (oz/ Mine Section Dip (feet) (feet) (feet) ton) Surface (feet)

UG UpperPrincipal 123 CBP-0920 12360 191/0 52.8 64.6 10.5 0.12 -1431Zone

123 CBP-0921 12360 191/ 46.2 91.5 25.4 0.21 -1475 -35

123 CBP-0923 12375 175/50 59.0 74.5 12.9 0.10 -1377

123 Including 175/50 67.7 69.7 1.6 0.69 -1377

123 CBP-0925 12375 175/ 60.4 89.2 26.2 0.19 -1464 -24

123 Including 175/ 85.3 87.9 2.3 0.75 -1469 -24

123 CBP-0926 12360 214/37 33.8 51.5 11.8 0.12 -1403

123 Including 214/37 48.9 51.5 2.2 0.70 -1398

123 CBP-0930 12255 203/-6 231.2 246.0 13.1 0.10 -1782

UG Lower 332/Principal 123 CBP-0880 12330 -63 551.0 556.0 3.8 0.12 -3973Zone

123 CBP-0881 12335 1/-56 319.8 361.1 38.4 0.16 -3773

123 Including 1/-56 354.2 359.2 4.0 0.27 -3786

123 CBP-0881 12335 1/-56 433.0 447.7 13.2 0.13 -3851

123 CBP-0881 12335 1/-56 459.2 468.1 4.5 0.21 -3869

123 CBP-0882 1230 314/ 353.9 418.2 27.6 0.23 -3822 -60

123 Including 314/ 403.4 418.2 6.6 0.56 -3839 -60

123 CBP-0883 1230 325/ 445.4 541.2 25.6 0.17 -3925 -75

123 Including 325/ 472.3 474.0 0.7 0.55 -3851 -75

123 Including 325/ 485.4 492.0 1.6 0.36 -3966 -75

UG UpperPrincipal 128 CBP-0875 12800 188/7 361.8 371.3 9.2 0.11 -1536Zone

128 Including 188/7 369.3 371.3 1.8 0.36 -1464

128 CBP-0875 12800 188/7 457.9 459.9 1.8 0.43 -1523

128 CBP-0876 12800 188/19 353.3 363.1 9.5 0.32 -1465

128 Including 188/19 358.5 363.1 4.1 0.69 -1464

128 CBP-0877 12780 188/30 386.4 401.8 9.8 0.15 -1394

128 CBP-0903 12810 191/-4 372.6 388.0 14.8 0.20 -1590

128 Including 191/-4 372.6 378.2 4.9 0.53 -1590

128 CBP-0908 12750 200/ 506.1 528.1 18.4 0.10 -1819 -30

128 Including 200/ 506.1 508.4 1.6 0.54 -1815 -30

UG East Mine 148 CBE-0225 14745 346/ 1304.1 1325.1 15.1 0.10 -2498Zone -53

148 Including 346/ 1322.5 1325.1 2.0 0.30 -2498 -53

148 CBE-0226 14765 352/ 1503.9 1520.3 10.8 0.17 -2766 -62

148 Including 352/ 1506.8 1514.0 4.8 0.33 -2764 -62

148 CBE-0227 14790 358/ 1466.8 1519.3 36.1 0.16 -2709 -58

148 CBE-0228 14835 4/-56 1583.3 1595.4 11.2 0.07 -2739

148 Including 4/-56 1587.8 1589.8 1.5 0.32 -2739

Surface East Mine CBS-20-012 16000 170/ 479.0 516.6 24.6 0.34 -406159 Zone -55

159 Including 170/ 495.3 500.2 3.0 0.93 -412 -55

159 CBS-20-013 16100 185/ 710.1 749.8 28.9 0.10 -490 -45

159 Including 185/ 713.4 728.2 11.8 0.18 -485 -45

159 CBS-20-013 16100 185/ 764.9 803.9 30.2 0.10 -523 -45

159 Including 185/ 764.9 772.4 5.9 0.35 -514 -45

Drill Depth Drill Hole Drill Hole Sample Sample True Gold FromZone Number Hole Azm/ From To Width (oz/ Mine Section Dip (feet) (feet) (feet) ton) Surface (feet)

Surface East CBS-20-011 16260 30/ 1393.5 1408.8 9.5 0.32 -1135Mine 160 Zone -51.3

160 Including 30/ 1401.9 1405.0 2.0 1.16 -1137 -51.3

160 CBF-160-113 15959 360/ 720.6 752.8 20.2 0.13 -552 -50

160 CBF-160-113 15959 360/ 806.9 902.3 61.3 0.09 -632 -50

160 Including 360/ 841.3 868.4 17.4 0.14 -632 -50

160 CBF-160-114 15855 360/ 872.5 1085.7 154.2 0.10 -535 -47

160 Including 360/ 872.5 915.1 30.8 0.15 -535 -47

160 Including 360/ 1020.1 1070.6 36.1 0.19 -535 -47

160 CBF-160-114 15855 360/ 703.6 723.2 13.8 0.05 -535 -47

160 CBF-160-119 15960 360/ 265.9 276.8 11.2 0.10 -209 -47

San Sebastian (Mexico)

Zone

Drill Hole Number

Drill Hole Azm/Dip

Sample From (feet)

Sample To

(feet)

True Width (feet)

Silver (oz/ton)

Gold (oz/ton)

Depth From Surface (feet)

EL BRONCO VEIN

SS-2053

35/-50

552.7

565.9

11.1

1.8

0.02

-410

EL BRONCO VEIN

SS-2058

35/-45

121.8

122.9

1.0

8.3

0.35

-81

EL BRONCO VEIN

SS-2059

35/-45

511.8

514.4

2.3

1.3

0.01

-348

EL BRONCO VEIN

SS-2069

35/-60

641.8

655.4

9.6

3.1

0.06

-545

EL BRONCO VEIN

SS-2072

35/-60

581.6

593.1

7.4

1.8

0.01

-493

EL BRONCO VEIN

SS-2074

35/-60

719.3

725.0

3.9

2.8

0.04

-607

EL BRONCO VEIN

SS-2082

35/-60

1056.8

1070.1

9.6

44.5

0.22

-899

EL TIGRE VEIN

SS-2047

45/-43

828.8

835.6

6.6

0.9

0.03

-546

EL TIGRE VEIN

SS-2050

45/-69

1058.2

1069.5

8.6

1.5

0.01

-987

EL TIGRE VEIN

SS-2062

68/-45

1015.1

1027.1

11.0

0.8

0.00

-690

EL TIGRE VEIN

SS-2071

45/-60

1069.3

1079.7

9.3

1.1

0.00

-905

EL TIGRE VEIN

SS-2073

45/-60

1108.2

1132.3

19.2

1.5

0.01

-954

EL TIGRE VEIN

SS-2075

45/-62

1133.1

1144.3

8.0

7.0

0.05

-985

EL TIGRE VEIN

SS-2078

72/-59

1163.9

1192.4

21.5

4.0

0.02

-961

EL TIGRE VEIN

SS-2080

55/-60

1508.5

1525.7

14.8

1.1

0.01

-1225

Category: Earnings

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