Company Announcements

Silver Industry Peer Leading Reserve Mine Life Maintained

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Feb. 13, 2026-- Hecla Mining Company (NYSE:HL) ("Hecla", "we", "our" or the "Company") today reported year-end mineral reserves and resources and exploration results. In 2026, the Company plans to invest nearly double the 2025 investment in exploration and pre-development, focused on Nevada, Greens Creek, Keno Hill and Lucky Friday, with the goal of replacing or exceeding annual reserve depletion.

Reserves and resources herein include those of Hecla Quebec Inc. ("HQI"), including Casa Berardi, which is subject to a pending sale to Orezone Gold Corporation announced January 26, 2026. See "Casa Berardi Transaction" below for details.

EXPLORATION AND RESERVES & RESOURCES HIGHLIGHTS

Year-End 2025 Position:

• Silver reserves of 231 million ounces after producing 17 million ounces in 2025, maintaining silver peer leading average reserve life, nearly double the industry average
• Measured and Indicated silver resources of 161 million ounces; Inferred silver resources of 468 million ounces
• Proven and Probable gold reserves of 2.0 million ounces
• Measured and Indicated gold resources of 4.5 million ounces; Inferred gold resources of 6.3 million ounces
• Demonstrated robust economics using conservative pricing ($25/oz silver and $2,100/oz gold for reserves; and $26/oz silver and $2,250/oz gold for resources). High-grades and sharp ore boundaries limit reserve sensitivity to metal price assumptions, while preserving margin potential across metals cycles

2025 Asset Highlights:

• Greens Creek produced 8.7 million ounces of silver in 2025 while growing the reserve base by 2.4 million ounces. In the East Zone, one drillhole intersected 247.3 oz/ton silver, 1.94 oz/ton gold, 22.7% zinc and 12.1% lead over 7.7 feet.
• Lucky Friday produced a record 5.3 million ounces of silver in 2025 and replaced 5.0 million in the reserve. Mineralization remains open in multiple directions at depth at this long-life asset, providing potential for further reserve replacement and expansion.
• Mining experience at Keno Hill has led to refined modeling metrics which should improve technical accuracy and data interpretation. A new ore shoot discovered in 2025 is one of many exploration targets for the 2026 drill program. Drilling at Keno Hill continues to upgrade and expand resources, with the Bermingham Vein returning 36.4 oz/ton silver, 3.4% zinc, and 3.4% lead over 21.4 feet, extending mineralization 140 feet beyond the previous resource boundary.
• Follow up drilling at Midas in Nevada yielded a second high-grade intercept grading 0.46 oz/ton gold and 0.9 oz/ton silver over 6.1 feet, including 1.31 oz/ton gold and 2.4 oz/ton silver over 2.0 feet, located 720 feet SE of the initial discovery.
• Cutoff grades raised across the asset base to factor in cost inflation, consistent with the approach of prior years.

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

“Our 231 million ounces of reserves at year-end 2025 reflects refined technical standards we've implemented across our reserve modeling as we’ve learned from mining these deposits, strengthening the quality and credibility of our estimates,” said Rob Krcmarov, President and CEO. “Looking ahead, we're signaling our confidence in future reserve replacement by nearly doubling our exploration budget in 2026 compared to the prior year. This elevated investment at our core assets positions us to more than replace reserves on a go-forward basis and sustain the industry’s best average reserve mine life.”

Kurt Allen, VP Exploration, added: “Our 2025 programs delivered exceptional results that validate our balanced strategy of pursuing high-impact discoveries while systematically expanding reserves at producing assets. At Greens Creek and Keno Hill, definition drilling successfully converted Inferred resources and extended resource boundaries. In Nevada, Midas has identified compelling high-grade discovery targets with significant upside. With the increased resources we're deploying in 2026, we're confident in our ability to more than replace reserves annually while advancing transformative discoveries within our district-scale properties.”

EXPLORATION UPDATE

Investment and Strategy

During 2025, the Company invested $25.2 million in exploration and corporate development (and $2.5 million in pre-development) activities, focused on high-impact discovery drilling at Midas in Nevada and resource expansion programs at our producing assets. This strategy balances district-scale discovery with near-mine resource definition and reserve extension. Guidance for 2026 calls for $55 million investment in exploration and pre-development.

Producing Asset Resource Definition

Drilling programs at Greens Creek and Keno Hill continue to define and expand mineralization near resource boundaries, converting Inferred resources and identifying additional reserve extension opportunities.

Greens Creek

Definition drilling at Greens Creek continued with three underground drilling rigs primarily focused on the East Zone. Notable East Zone assay results include one drillhole that intersected 247.3 oz/ton silver, 1.94 oz/ton gold, 22.7% zinc and 12.1% lead over 7.7 feet, upgrading the resource. Another drillhole, completed just outside of the resource boundary, intersected 91.2 oz/ton silver, 0.21 oz/ton gold, 9.2% zinc and 4.5% lead over 17.7 feet.

Keno Hill

At Keno Hill one definition drilling rig continued to define and expand the Arctic Zone mineralization at the Bermingham Mine. One intercept into the Footwall Vein returned 179.2 oz/ton silver, 1.5% zinc, 6.1% lead over 14.2 feet, upgrading the resource. Another intercept into the Bermingham Vein returned 36.4 oz/ton silver, 3.4% zinc and 3.4% lead over 21.4 feet expanding the resource 140 feet from the previous boundary.

EXPLORATION PROGRAMS

Greens Creek

Surface exploration assay results received from drilling at the Gallagher Fault Block, West Gallagher, and East Ore Offset targets. Notable assay results from the West Gallagher Zone drilling include 1.0 oz/ton silver, 1.09 oz/ton gold, 0.8% zinc, and 0.1% lead over 1.1 feet. Follow up offset drilling of this high-grade gold intercept is being evaluated.

In January the U.S Forest Service approved the five-year plan of operations for the Company’s Greens Creek Surface Exploration Project. The FONSI and Decision Notice authorizes testing of existing mineralized targets and identification of new targets not accessible from underground operations. Inclusion of this project on the FAST-41 Transparency List acknowledges the strategic importance of identifying domestic sources of critical minerals and responsibly producing them.

Nevada Exploration

Follow-up exploration drilling of the high-grade intercept at the Sinter Offset Vein area (previously reported in November 2025) returned a second high-grade intercept, located 720 feet SE of initial intercept, at similar elevation. Drillhole DMC-475 returned 0.46 oz/ton gold and 0.9 oz/ton silver over 6.1 feet, including 1.31 oz/ton gold and 2.4 oz/ton silver over 2.0 feet, from a 2.0-foot, well-developed, multiphase quartz breccia within a 6.1-foot structure. Follow-up offset drilling is in progress, and this mineralization is open for expansion in all directions.

Detailed definition drill assay highlights can be found in Table C at the end of this release.

CASA BERARDI TRANSACTION

The reserves and resources described herein include those of Hecla's subsidiary, HQI, including the Casa Berardi mine. On January 26, 2026, Hecla announced it had entered into an agreement to sell HQI to Orezone Gold Corporation. If the sale closes, as expected, the reserves and resources associated with HQI, including at Casa Berardi and the Heva and Hosco exploration projects, would no longer be the property of Hecla. There is no assurance the transaction will close, and readers should refer to Hecla's SEC filings, including risk factors disclosed in its 10-Q and 10-K filings and the risk factors therein. Please refer to the Company's news release titled "Hecla Mining Company Announces Sale of Casa Berardi for up to $593 Million" for further details.

ABOUT HECLA

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

Cautionary Statements to Investors on Reserves and Resources

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. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.

Such forward-looking statements may include, without limitation: (i) in 2026, the Company plans to invest nearly double the 2025 investment in exploration and pre-development, focused on Nevada, Greens Creek, Keno Hill and Lucky Friday, with the goal of replacing or exceeding annual reserve depletion; (ii) mining experience at Keno Hill has led to refined modeling metrics which should improve technical accuracy and data interpretation; (iii) drilling at Keno Hill continues to upgrade and expand resources; (iv) elevated investment at the Company’s core assets positions it to more than replace reserves on a go-forward basis and sustain the industry’s best average reserve mine life; (v) in Nevada, Midas has identified compelling high-grade discovery targets with significant upside; (vi) with the increased resources we're deploying in 2026, the Company is confident in its ability to more than replace reserves annually while advancing transformative discoveries within its district-scale properties; (vii) guidance for 2026 calls for $55 million investment in exploration and pre-development; (viii) drilling programs at Greens Creek and Keno Hill continue to define and expand mineralization near resource boundaries, converting Inferred resources and identifying additional reserve extension opportunities; (ix) follow-up offset drilling is in progress, and the mineralization at Midas is open for expansion in all directions; and (x) on January 26, 2026, Hecla announced it had entered into an agreement to sell HQI to Orezone Gold Corporation. If the sale closes, as expected, the reserves and resources associated with HQI, including at Casa Berardi and the Heva and Hosco exploration projects, would no longer be the property of Hecla.

The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that 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, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to the availability of employees, vendors and equipment; (ix) 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; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; and (vi) litigation, political, regulatory, labor and environmental risks. For additional information regarding risks and uncertainties that may affect expected future results, please refer to the Company’s 2024 Form 10-K filed on February 13, 2025, and its Quarterly Reports on Form 10-Q filed on May 1, 2025, August 6, 2025, and November 5, 2025. The Company undertakes no obligation, and has no intention, to update forward-looking statements other than as may be required by law.

Qualified Person (QP)

Kurt D. Allen, MSc., CPG, VP-Exploration of Hecla Mining Company, Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, and Matt Blattman, P.E., RM-SME, MMSA, VP-Technical Services serve as Qualified Persons under S-K 1300 and NI 43-101 for Hecla’s mineral projects. Mr. Allen supervised the preparation of the scientific and technical information concerning exploration activities while Mr. Jensen supervised the preparation of mineral resources for this news release. Mr. Blattman supervised the preparation of the mineral reserves for this news release. Technical Report Summaries for the Company’s Greens Creek, Lucky Friday, Casa Berardi and Keno Hill properties are filed as exhibits 96.1 - 96.4, respectively, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report for the Greens Creek Mine” effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, (iii) Casa Berardi are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report on the Casa Berardi Mine, Northwestern Quebec, Canada” effective date December 31, 2023, (iv) Keno Hill is contained in its Technical Report Summary titled “S-K 1300 Technical Report Summary on the Keno Hill Mine, Yukon, Canada” and in its NI 43-101 technical report titled “Technical Report on the Keno Hill Mine, Yukon, Canada” effective date December 31, 2023, and (v) the San Sebastian Mine, Mexico, are contained in a NI 43-101 technical report prepared for Hecla titled “Technical Report for the San Sebastian Ag-Au Property, Durango, Mexico” effective date September 8, 2015. Also included in each Technical Report Summary and technical report listed above is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in NI 43-101 technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in a NI 43-101 technical reports prepared for ATAC Resources Ltd. for (i) the Osiris Project (technical report dated July 28, 2022) and (ii) the Tiger Project (technical report dated February 27, 2020). Copies of these technical reports are available under the SEDAR profiles of Klondex Mines Unlimited Liability Company and ATAC Resources Ltd., respectively, at www.sedar.com (the Fire Creek technical report is also available under Hecla’s profile on SEDAR). Mr. Jensen 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.

The following table summarizes the in-situ mineral resources ⁽⁸⁾ for all properties, exclusive of mineral reserves, as of December 31, 2025:

View source version on businesswire.com: https://www.businesswire.com/news/home/20260213046297/en/

For further information, please contact:

Mike Parkin
Vice President - Strategy and Investor Relations

Cheryl Turner
Investor Relations Coordinator

Investor Relations
Email: hmc-info@hecla.com
Website: http://www.hecla.com

Source: Hecla Mining Company