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The Connaught project is considered to have potential for copper-molybdenum-gold porphyry style mineralisation, as well as high-grade silver-lead-zinc-copper-gold veins. The project is a substantial land package with identified gold, silver, and base metal mineralisation. As a result of previous exploration investment by ATAC, Hecla is not obligated to make significant expenditures to maintain control of the land package for the next decade.

Hecla Mining acquired the Connaught project through its acquisition of ATAC Resources Ltd. in a deal that was finalised in July 2023.

277 (for Hecla Canada as of May 2025)

Production overview - 2025: silver 3018490 oz, lead 3633 t, zinc 2247 t; 2024: silver 2773873 oz, lead 2930 t, zinc 1507 t.

The mine has a fully permitted 400 tonne per day mill and produces silver, lead, and zinc concentrates.

Hecla Mining Company acquired Keno Hill in September 2022 and began commissioning the plant in the second quarter of 2023. The company is focused on underground expansion, including resource conversion and expansion in the Bermingham Bear Zone. Exploration is ongoing with surface diamond drills testing high-potential vein intersections. A technical report summary issued in early 2024 projected an 11-year reserve mine life.

The mine uses the Underhand Closed Bench (UCB) mining method, which was pioneered by Hecla. It also employs underground cut-and-fill techniques with ramp access.

Production overview - 2024: silver 4900000 oz, lead 31300 t, zinc 13500 t; 2023: silver 3100000 oz.

The plant has a full surface facility with a 1,000 tons of ore per day mill, which produces silver-lead and zinc concentrates. These concentrates are shipped via truck to Teck Cominco Metals Ltd. smelter in Trail, BC, Canada.

The #4 Shaft project, an internal shaft reaching 9,600 feet below the surface, is complete and operational, providing access to the highest-grade ore in the mine's history in the Gold Hunter/Lucky Friday Expansion Area. This is expected to add another 20-30 years to the mine life. In 2024, exploration drilling is planned to the east of the 30 Vein.

approximately 512 people (as of 2024)

Production overview - 2025: silver 8700000 oz, gold 59349 oz, lead 16510.76 t, zinc 46538.37 t; 2024: silver 8500000 oz, gold 55275 oz, lead 16619.55 t, zinc 46528.34 t.

The processing plant is a conventional flotation concentrator with a capacity of 2,500 tons per day. The process involves grinding the ore in a semi-autogenous grinding (SAG) mill and ball mill circuit, followed by flotation to produce a silver concentrate, a zinc concentrate, and a precious metals concentrate. It also uses gravity spiral concentrators to produce a gold concentrate. Reagents used in the flotation process include copper sulphate, alcohol-based frothers, xanthate, lime, sodium cyanide, zinc sulphate, sulphuric acid, sodium isopropyl dithiophosphate, a 3418A promoter, an SD200 depressant, metabisulphite, and carbon dioxide. In 2024, 46% of the tailings were reused as backfill in the underground mine. Metallurgical recoveries for 2025 were 79.3% for silver, 74% for gold, 82.6% for lead, and 88.8% for zinc. The mill operated at an average of 2,388 tons per day in 2025.

The mine utilises modern mechanised trackless equipment for production and development. The fleet includes at least one LHD capable of semi-autonomous operation and another capable of tele-remote operation, allowing for production activities to continue during shift changes and post-blasting periods. The underground equipment is considered standard for the industry.

In January 2026, the U.S. Forest Service approved a five-year plan of operations for the Greens Creek Surface Exploration Project. This project aims to increase the mine's reserve base through surface exploration for silver, gold, lead, and zinc. Hecla Mining Company plans to nearly double its investment in exploration and pre-development in 2026 to $55 million, with a focus on replacing or exceeding annual reserve depletion. There is also a project to expand the tailings facility.

The Western Foreland Exploration Project is located adjacent to the Kamoa-Kakula Copper Complex, covering 2,393 square kilometres. Exploration began in July 2017, focusing on discovering new sedimentary copper deposits and defining the high-grade Makoko, Kiala, and Kitoko copper discoveries. The Makoko mineralised district has a strike length of over 13 kilometres.

No current production as the project is in the exploration phase.

On-site preparation laboratory for core samples; future plans consider producing copper concentrates for the nearby Kakula smelter or toll treatment.

diamond drilling, reverse circulation (RC) drilling, 11 drill rigs, all-season access roads and bridges, camp facilities

Preliminary Economic Assessment (PEA) for Makoko and Kiala mining areas planned, additional updated Mineral Resource Estimate targeted in Q2 2026, 2025 exploration budget of $50 million

The Copper Wolf Project is an exploration-stage project located in Yavapai County, Arizona, in the United States. The project is situated in a highly endowed porphyry copper belt in the southwest USA and northern Mexico. IGO Limited holds 100% ownership of the central Copper Wolf area, which covers approximately 12.5 square kilometres. The project is focused on exploring a large, Laramide-age porphyry copper-molybdenum system, targeting high-grade, underground bulk mineable mineralisation.

between 400 and 600 personnel

Production overview - 2025: zinc 203168 t.

A new 800,000-tonne-per-annum concentrator was completed in May 2024. The processing plant includes dense media separation, milling, and flotation, targeting 96% recoveries and an average concentrate grade of 55% zinc. A debottlenecking program was completed in the third quarter of 2025, increasing the concentrator's processing capacity by 20% to 960,000 tonnes of ore per annum. Ore is crushed underground by a Sandvik jaw crusher with a maximum capacity of 1,085 tonnes an hour, located at the 1,150-metre level, before being hoisted to the surface.

The primary access to the mine is via Shaft 5, which has a maximum hoisting capacity of up to 1.8 million tonnes per annum and is the main production shaft. An overland conveyor transports ore from the shaft to a run-of-mine stockpile adjacent to the concentrator. The mine has 20 megawatts of onsite back-up power generation capacity.

The initial mining focus is on the Big Zinc and Southern Zinc zones. The 2022 Feasibility Study was based on zinc-rich resources, with potential for future mining of copper, silver, and germanium. An offtake agreement for 100% of the zinc concentrate was signed with Glencore. A subsequent three-year offtake agreement was signed in July 2025 with Mercuria for up to one-third of the remaining unallocated offtake of zinc concentrate.

More than 2,000 people

The first batch of platinum-palladium-nickel-rhodium-gold-copper concentrate was produced on November 18, 2025. The first sale of concentrate was made to Northam Platinum in the fourth quarter of 2025. The Phase 1 concentrator is ramping up and is expected to reach about 80% of its nameplate capacity by mid-2026.

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum (ktpa). The Phase 2 expansion includes a new 3.3-million-tonnes-per-annum (Mtpa) concentrator module, bringing total processing capacity to 4.1 Mtpa. A potential Phase 3 expansion would increase total processing capacity to 10.7 Mtpa.

The mine utilises multiple shafts. Shaft #1 is used for hoisting development rock. Shaft #3 is expected to be operational by April 2026, increasing the mine's hoisting capacity five-fold to 5 million tonnes per annum. Shaft #2 is planned for the Phase 3 expansion and is expected to be available for hoisting in 2029.

Development on the Phase 2 expansion is underway, with completion targeted for the fourth quarter of 2027. The Phase 2 expansion is expected to increase average annual production to approximately 450,000 ounces of platinum, palladium, rhodium, and gold (3PE+Au), plus over 30 million pounds of nickel and copper. A Preliminary Economic Assessment (PEA) has been completed for a Phase 3 expansion which could further increase annual production to over 1 million ounces of 3PE+Au, approximately 25,000 tonnes of nickel and 15,000 tonnes of copper.

Over 6,800 full-time employees as of February 2026.

Production overview - 2025: copper 388838 t; 2024: copper 437061 t.

The complex operates multiple concentrators. The Phase 1 and 2 concentrators have a combined design processing capacity of 9.2 million tonnes per annum. The Phase 3 concentrator, which began commercial production in Q3 2024, adds a capacity of 5 million tonnes per annum, bringing the total design processing capacity to 14.2 million tonnes per annum. The processing includes HIGmill regrind mills, Larox PF 60 Series concentrate filters, and TankCell flotation cells. A 500,000-tonne-per-annum direct-to-blister copper smelter, the largest in Africa, was commissioned, with the first heat-up on 21 November 2025 and first copper anodes produced on 29 December 2025. The smelter also produces high-strength sulphuric acid as a byproduct.

The underground mining operations utilise a fleet of heavy mobile equipment, including 65-tonne payload Minetruck MT65 S haulers, 18-tonne payload Scooptram ST18 S loaders, Boomer 282 face drilling rigs, and Simba E70 S production drilling rigs, supplied by Epiroc.

The Phase 3 concentrator was completed ahead of schedule and on budget, with first ore introduced in May 2024. An updated life-of-mine integrated development plan is expected by the end of the first quarter of 2026, which will incorporate the Phase 3 expansion, the new smelter, and a planned Phase 4 expansion. The mine life is supported by a mineral reserve that underpins a multi-decade operation, with the current concentrator operations planned for approximately 25 years.

Output of 1,223 tonnes of lithium hydroxide in the first half of 2024 and 2,775 tonnes in the third quarter of 2024. The joint venture plans to produce between 9,000 and 11,000 tonnes of lithium hydroxide in the 2025-26 financial year.

The refinery processes spodumene concentrate from the Greenbushes mine to produce battery-grade lithium hydroxide. First battery-grade lithium hydroxide was produced in May 2022. The facility has experienced ongoing operational issues and has been operating well below its nameplate capacity. The ramp-up of Train 1 has been slower than anticipated due to engineering challenges affecting throughput and reliability. IGO has low confidence in the asset's ability to achieve sustained improvement and has fully impaired its investment in Train 1. The joint venture partners have ceased all work and activities on the construction of Train 2.

year = 2025 commodities: - commodity: spodumene concentrate, output: 1,350,000, output unit: tonnes.

The operation has four processing plants: Chemical Grade Plant 1 (CGP1), Chemical Grade Plant 2 (CGP2), a tailings retreatment plant, and a Technical Grade Plant. Chemical Grade Plant 3 (CGP3) commenced commissioning on 18 December 2025. CGP3 has a capacity of approximately 500,000 tonnes per annum of spodumene concentrate, which will bring the total site capacity to approximately 2.1 million tonnes of spodumene concentrate.

A proposal has been made to expand the mine, which would increase the development envelope from 2,207 hectares to 2,826 hectares. This expansion includes the construction of new waste rock landforms, expansion of the Salt Water Gully Dam, and additional infrastructure. The Chemical Grade Plant 3 (CGP3) processed its first ore on 18 December 2025 and is expected to reach nameplate capacity in 2026. Total ore processed is expected to increase to approximately 7 million tonnes per annum by 2028, with spodumene concentrate production peaking at just over 2 million tonnes per annum in 2029.

179 people

Processing operations at Cosmos were restarted by IGO on 6 November 2023. Until operations ceased on 22 May 2024, just under 295,000 tonnes of Odysseus ore grading 1.53% nickel (head grade) was processed. This produced 18,200 dry tonnes of nickel concentrate grading 14.77% nickel. The overall nickel metallurgical recovery for this period was 57.9%. As of the end of the 2024 financial year, a stockpile of 77,500 tonnes of run-of-mine ore with an estimated grade of 1.63% nickel was stored on the surface.

The processing plant is a sulphide concentrator with a nominal capacity of 1.1 million tonnes per annum. The process involves a conventional sulphide processing route using grinding and flotation technology. The circuit includes primary, secondary, and tertiary crushing, screening, a primary mill, refurbished secondary and regrind mills, flotation circuits (roughers, cleaners, and cleaner scavengers), a concentrate thickener, a new tailings thickener, and a new concentrate filter.

Mining is conducted using underground methods, with ore hauled to the surface via declines. The planned mining method was longhole open stoping. The operation was designed to potentially use semi-autonomous and fully autonomous loaders and production drills.

IGO Limited acquired the Cosmos Project as part of the acquisition of Western Areas in 2022. In January 2024, IGO announced the decision to transition the Cosmos Project into care and maintenance due to a combination of a reduced expected mine life, delays in reaching full capacity, increased operating and capital costs, and a significant deterioration in commodity prices. The transition to care and maintenance was completed in June 2024. IGO intends to maintain the option to restart operations in the future if market conditions improve.

processing facility that produces saleable nickel, copper, and cobalt concentrates

The Rackla Gold Property consists of a massive land package with significant exploration potential. Hecla Mining Company is undertaking a strategic review and plans a comprehensive exploration program for the property. The property includes several projects, most notably the Rau project, which hosts the Tiger gold deposit, and the Nadaleen project, which includes the Osiris deposit.

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The Casa Berardi mine, previously operated by Hecla Mining Company, was acquired by Orezone Gold Corporation in a transaction that closed in March 2026. The mine is currently operational, combining both underground and open-pit methods, with a strategic plan to transition to a fully open-pit operation. Orezone has announced plans to conduct significant exploration and will provide an updated mine plan and production guidance in the second and fourth quarters of 2026, respectively.

Production overview - 2025: gold 91160 oz; 2024: gold 86648 oz.

The Casa Berardi processing plant has a capacity of 3,730 tonnes per day, with the potential to expand to 4,400 tonnes per day. The process includes crushing, semi-autogenous grinding (SAG) milling, and a carbon-in-leach (CIL) circuit for gold recovery.

Strategic plan to transition to a fully open-pit operation; multi-year exploration drilling program of 80,000 to 100,000 metres per year is planned; potential for an increase in underground production.

The Star mine is a historical producer that is now a pre-development and exploration project for Hecla Mining Company. As of early 2026, Hecla is focused on exploration across its extensive land package in the Silver Valley district.

Production overview - 2025: silver 4989000 oz, lead 99920 t, zinc 100770 t.

Expected metallurgical recovery rates for the Star property are 93% for silver, 93% for lead, and 87% for zinc.

The San Juan Silver project is an exploration and pre-development stage underground mine located in Creede, Colorado, in the United States. It is 100% owned and operated by Hecla Mining Company. The project is situated in the historic Creede Mining District, a prolific silver-producing area, and includes the Bulldog Mine. Hecla is advancing the project to access underground infrastructure for resource confirmation and expansion.

Production overview - 2025: silver 38000000 oz; 2024: silver 37026000 oz, gold 27000 oz.

Hecla is strategically advancing the project to access underground infrastructure for resource confirmation and expansion.

The Republic Project, located in Ferry County, Washington, is an exploration-stage gold and silver project held by Hecla Mining Company. The project is situated in the historical Republic Mining District and was Washington's largest historical gold producer. Currently, the site is not in production and is considered an emerging opportunity by Hecla, which has allocated 1% of its exploration budget to the project. The company's focus at the Republic Project is on integrating historical datasets with modern 3D modelling and contemporary exploration tools to assess the significant prospective terrain. Hecla's land position covers 3,583 acres, encompassing major historical productive trends.

The Rackla project is located in the Mayo mining district of central Yukon, Canada. It is an exploration and pre-development stage project. The property hosts two main advanced-stage projects: the Rau project, which includes the Tiger gold deposit, and the Nadaleen project, which hosts the Osiris gold deposit.

Proposed processing for the Tiger Deposit involves conventional crushing, grinding, cyanidation by carbon-in-pulp (CIP), and gold recovery from loaded carbon to produce gold doré. Metallurgical test work on the Osiris Deposit has indicated that gold recoveries of over 80% are achievable through flotation, pre-treatment by either pressure oxidation or roasting, and cyanide leaching.

between 30 and 35 people

The Libby Exploration Project, formerly known as the Montanore Project, is operated by Hecla Mining Company. Located in Lincoln County, Montana, USA, approximately 20-23 miles south of Libby. The project targets a stratabound, sediment-hosted silver-copper deposit. It is currently in the exploration phase, with authorized underground exploration and evaluation activities to determine economic viability.

For the exploration phase, processing involves analysing samples to obtain geological and metallurgical data. For potential future mining, processing would involve crushing the ore on the surface and using flotation to separate silver and copper.

The Kinskuch property is located in the Golden Triangle of British Columbia and is now part of Dolly Varden Silver's expanded Kitsault Valley Project. The acquisition increased the Kitsault Valley Project's size to approximately 77,000 hectares, consolidating a district-scale, contiguous claim package. The property is considered underexplored but prospective for silver, gold, and copper mineralisation. It is situated on the same favourable Jurassic-age Hazelton-group volcanic rocks that host other significant deposits in the region. The Kinskuch property includes the past-producing Esperanza Mine, which was active around 1910. The property is covered by a five-year Exploration Permit on both Nisga'a and Gitanyow Traditional Lands. Following the acquisition, Dolly Varden's 2025 exploration program for the broader Kitsault Valley Project was expanded from a planned 35,000 metres to 55,000 metres, and was completed in October 2025 with a total of 56,131 metres drilled in 84 holes. This program aimed to expand resources at other deposits within the Kitsault Valley Project, such as Wolf and Homestake Silver, and test new exploration targets. In December 2025, Dolly Varden announced a merger-of-equals with Contango ORE, Inc.

The Hollister mine, an underground gold and silver operation in Elko County, Nevada, is wholly owned by Hecla Mining Company. It was placed on care and maintenance in Q3 2019 due to a re-evaluation of the mining plan. Ore was processed at the Midas mill. Exploration continues on the Hatter Graben deposit, which has inferred resources of 141,600 oz gold and 1,251,700 oz silver as of Dec 31, 2025.

Mining was conducted using cut and fill and longhole stoping methods. Ore was processed at the nearby Midas mill.

Exploration efforts are focused on the Hatter Graben deposit, which is considered to have expansion potential. As of 31 December 2025, the Hatter Graben is reported to have an inferred resource of 141,600 ounces of gold and 1,251,700 ounces of silver.

Hecla Mining acquired the Fire Creek mine in July 2018. From that time, its production and financial results were included in the Nevada Operations Segment. In the second quarter of 2021, Fire Creek was placed on care and maintenance after processing the remaining non-refractory ore stockpile. Mine production at Fire Creek was suspended in the first half of 2021, and Hecla Mining is continuing studies of hydrology, mining, and milling. A restart of mining operations is contingent on sufficient exploration success and development. The Fire Creek deposit is a low-sulfidation, epithermal deposit with gold mineralisation occurring in high-angle north-northwest-trending structures within Miocene-aged basalts and andesites.

Production overview - 2018: gold 2040 kg.

During 2021, revenue was generated from processing stockpiled non-refractory ore at the Midas mill and third-party processing of refractory ore.

Fire Creek is part of Hecla's Nevada portfolio, which is undergoing a strategic review and reassessment in 2025 for priority reranking. The company's exploration program for 2026 has been significantly increased compared to 2025 due to positive results.