Here are 1-2 brief analogies for Hecla Mining:

• The ExxonMobil of precious metals: Like ExxonMobil extracts valuable oil and gas, Hecla Mining is a long-standing company focused on extracting valuable silver and gold from the earth.
• The De Beers of silver and gold: Similar to how De Beers is synonymous with mined diamonds, Hecla is a significant and established miner primarily known for its silver and gold production.

• Silver: A precious metal extracted for industrial use, jewelry, and investment.
• Gold: A highly valued precious metal mined for jewelry, investment, and electronic applications.
• Lead: A heavy metal mined for use in batteries, cables, and various industrial products.
• Zinc: A common metal extracted primarily for galvanizing steel and use in alloys.

Hecla Mining (HL) sells primarily to other companies. While specific customer names are generally not publicly disclosed by Hecla Mining in their public filings, their major customers fall into the following categories based on the nature of their operations:

• Custom Smelters: These are industrial facilities that process the metal concentrates (containing silver, gold, lead, and zinc) produced by Hecla Mining to extract and purify the constituent metals.
• Metal Traders: These companies act as intermediaries in the commodities market, purchasing metal concentrates from mining companies and selling them to smelters, refiners, or large industrial end-users.
• Industrial Users: Companies that purchase refined silver bullion for use in various manufacturing processes, such as electronics, solar panels, automotive components, medical devices, and jewelry production.
• Investors: Entities or funds that purchase refined silver bullion for investment purposes.

Hecla Mining's 2023 10-K filing noted that sales to a single customer represented 16% of their consolidated sales for that year, but the name of this customer was not publicly disclosed in the filing.

• Avista Utilities (Symbol: AVA)

Rob Krcmarov, President and Chief Executive Officer

Rob Krcmarov was appointed President and Chief Executive Officer in November 2024 and also serves as a director on Hecla's Board of Directors. He has over three decades of industry experience, beginning his career in 1987 at Homestake Gold Australia Ltd. Prior to joining Hecla, he held various leadership roles at Barrick Gold Corporation starting in 2001, including serving on the executive leadership team for 13 years, with his most recent role being Executive Vice President of Exploration and Growth. Mr. Krcmarov has international experience spanning many countries on five continents.

Russell D. Lawlar, Senior Vice President and Chief Financial Officer

Russell D. Lawlar was appointed Senior Vice President, Chief Financial Officer in March 2021. He previously served as Treasurer from February 2018 to February 2022. Mr. Lawlar has held various positions of progressive responsibility at Hecla Mining Company since 2010, including serving as Controller at the company's Greens Creek operation from February 2015 to February 2018. Before joining Hecla, he worked as an Audit Manager with the accounting firm BDO USA, LLP from August 2004 to November 2010.

Carlos Aguiar, Senior Vice President and Chief Operating Officer

Carlos Aguiar serves as the Senior Vice President and Chief Operating Officer. No detailed background information is readily available in the provided search results regarding founding or managing other companies, selling companies, or managing private equity-backed companies.

David C. Sienko, Senior Vice President – General Counsel & Corporate Secretary

David C. Sienko has been the Senior Vice President, General Counsel, and Corporate Secretary of Hecla Mining Company since 2024. Prior to this role, he was a Partner practicing law at K&L Gates LLP. Mr. Sienko also served as an Associate at Bell, Boyd & Lloyd, LLP from 2000 to 2004, an Associate of the Corporate and Securities Section at Locke Lord LLP from 1998 to 2000, and an Attorney of the Division of Enforcement at the U.S. Securities Exchange Commission from 1995 until 1998.

Michael L. Clary, Senior Vice President and Chief Administrative Officer

Michael L. Clary has been the Senior Vice President and Chief Administrative Officer since 2021. Before this, he served as the Vice President of Human Resources and Senior Counsel at Hecla Mining Company from February 2020 to June 2021. Mr. Clary has held various roles within the company, including Director of Human Resources and Senior Counsel, and also held several positions at the company's operations in Idaho and Nevada. Earlier in his career, he worked as a Certified Public Accountant at Deloitte & Touche and Ernst & Young.

The key risks to Hecla Mining (HL) primarily revolve around the inherent volatility of the mining industry and its specific operational and regulatory environment.

1. Fluctuating Metals Prices: Hecla Mining's financial performance is highly dependent on the market prices of silver, gold, and other metals it produces. These prices are subject to significant volatility due to factors beyond the company's control, such as speculative activities, exchange rates, and global supply and demand. A sustained decline in metal prices could materially and adversely affect Hecla's revenues, profitability, and lead to operational losses and asset write-downs.
2. Operational Risks and Reserve Depletion: As a mining company, Hecla faces inherent operational risks, including potential mining accidents, natural disasters, and the impacts of climate change, all of which could disrupt operations and increase costs. Furthermore, mines are depleting assets, meaning Hecla must continually replace mineral reserves through costly and speculative exploration programs to maintain or increase production. The success of these exploration efforts is not guaranteed. The company also faces risks related to managing capital needs at existing mines and integrating acquired properties, which may not produce as expected or could incur higher-than-anticipated costs and delays.
3. Regulatory, Environmental, and Permitting Risks: Hecla Mining operates under extensive and evolving governmental regulations, including environmental laws and safety standards. Compliance with these regulations and potential litigation can involve significant costs and may constrain existing operations or limit expansion opportunities. The company is also required to obtain numerous permits and approvals for its operations and exploration activities, and delays or denials in obtaining these could adversely impact future growth. Specifically, permitting challenges have been noted at key projects like Keno Hill due to regional developments and discussions with Indigenous communities.

The clear emerging threat for Hecla Mining (HL) is the accelerating global shift away from lead-acid batteries towards alternative battery technologies, primarily lithium-ion, for applications such as electric vehicles (EVs) and grid-scale energy storage. As a significant producer of lead, Hecla Mining faces a long-term decline in demand for one of its key products as these advanced technologies become more prevalent and displace lead-acid batteries in major markets.

Hecla Mining (symbol: HL) primarily operates in the production and marketing of silver, gold, lead, and zinc. The addressable markets for these main products are global.

• Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024 and is projected to reach around USD 202.07 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 9.86% during the forecast period. Another estimate places the global silver market size at 36.08 kilotons in 2025, expected to grow to 45.26 kilotons by 2030, with a CAGR of 4.64%.
• Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024. This market is projected to reach around USD 400 billion by 2030, with a CAGR of 6.51%, or USD 457.91 billion by 2032, with a CAGR of 5.80%. In terms of volume, the gold market is estimated at 4.75 kilotons in 2025 and is expected to reach 6.78 kilotons by 2030, at a CAGR of 7.38%.
• Lead: The global lead market was valued at approximately USD 23.34 billion in 2024 and is expected to reach USD 37.20 billion by 2032, growing at a CAGR of 6.00%. Other reports estimate the global lead market size at USD 19.18 billion in 2024, projected to reach USD 30.01 billion by 2033 with a CAGR of 5.1%. Another source suggests the market was valued at USD 22.25 billion in 2024 and is expected to reach USD 37.08 billion by 2033, with a CAGR of 5.84%.
• Zinc: The global zinc market expanded from USD 36.26 billion in 2024 to USD 38.14 billion in 2025, with projections to reach USD 54.11 billion by 2032, at a CAGR of 5.13%. Another evaluation shows the global zinc market size was valued at USD 25.3 billion in 2023 and is poised to grow to USD 48.51 billion by 2032, at a CAGR of 7.5%. In terms of volume, the global zinc market stood at approximately 14,014 thousand tonnes in 2024 and is anticipated to grow to approximately 19,272 thousand tonnes in 2035, at a CAGR of 2.96%. The market size is also estimated at 13.78 million tons in 2025, expected to reach 14.86 million tons by 2030, with a CAGR of 1.52%.

Hecla Mining (HL) is poised for future revenue growth over the next two to three years, driven by several key factors:

1. Increased Production from Keno Hill: The Keno Hill mine is a significant contributor to Hecla's growth trajectory. It has already delivered consecutive quarters of positive free cash flow while in its ramp-up phase. Keno Hill is projected to reach commercial production in 2027, with its nameplate throughput capacity anticipated in 2028, signaling a substantial increase in output and revenue contribution.
2. Enhanced Production at Lucky Friday: The ongoing surface cooling project at the Lucky Friday mine is a strategic investment expected to be completed in the first half of 2026. This project is designed to facilitate access to deeper, high-grade ore zones, which will extend the mine's life and improve profitability, thereby contributing to consistent and increased silver production.
3. Favorable Commodity Prices: Hecla Mining is strategically positioned to benefit from strong silver and gold prices. Silver, in particular, remains a primary revenue driver for the company, with robust margins. Analysts are forecasting a bullish trend for both gold and silver prices through 2026 and 2027, which would directly amplify Hecla's revenue from its metal sales.
4. Exploration and Resource Expansion: The company plans to dedicate 2% to 5% of its revenues to exploration activities in 2026, with a focus on near-mine and brownfield projects, especially in Nevada. A key development is the U.S. Forest Service's approval of the Libby Exploration Project, which opens avenues for potential expansion of copper and silver resources, laying the groundwork for future production and revenue.

Share Repurchases

• Hecla Mining's Board of Directors authorized a share repurchase program in November 2023 for up to $25 million of its Class A Common stock, effective from January 1, 2024, to December 31, 2025.
• For the six months ended June 30, 2025, the company repurchased 356,732 shares for an aggregate of $6.7 million.
• As of June 30, 2025, $4.8 million remained under the authorized share repurchase program.

Share Issuance

• During and after the second quarter of 2025, Hecla utilized its At-The-Market (ATM) financing facility to sell approximately 36 million common shares at an average price of $6.10 per share.
• These proceeds were primarily used to fund a partial redemption of $212 million of the outstanding $475 million 7.25% Senior Notes due 2028.
• An additional approximately $42 million was raised through the ATM facility subsequent to the second quarter of 2025.

Capital Expenditures

• Capital investment for the full year 2024 was $214.5 million, net of finance leases.
• The total capital investment guidance for 2025 remains unchanged at $58-$63 million. Capital expenditures at Keno Hill are expected to modestly exceed original guidance due to strong underground development.
• In Q3 2025, capital investment was $57.9 million, with significant allocations to Lucky Friday ($16.9 million), Keno Hill ($14.7 million), Greens Creek ($12.2 million), and Casa Berardi ($13.5 million). Capital investment at Greens Creek is projected to increase in Q4 2025 for ongoing projects and the dry stack tailings expansion.