Record annual revenue and 2nd highest cash flow from operations and free cash flow

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

ANNUAL HIGHLIGHTS

Operational

Produced 12.9 million silver ounces and 201,327 gold ounces, meeting production and cost guidance.
Developed the Underhand Closed Bench (UCB) mining method at Lucky Friday, which contributed to the 75% increase in silver production and showed improvements in managing seismicity.
Casa Berardi achieved record throughput and recoveries improved by 4%, producing 134,511 gold ounces.
Second highest reserves for both silver and gold in Company history.
Financial

Record sales of $807.5 million with net income of $35.1 million.
Record Adjusted EBITDA of $278.8 million.1
Second highest cash flow from operations of $220.3 million and free cash flow of $111.3 million.
Record exploration and pre-development expenditures of $47.9 million.
Returned $20.7 million, or 19%, of free cash flow to our common and preferred shareholders through dividends.
Environmental, Social, Governance

Strong safety performance with an All-Injury Frequency Rate of 1.45, 40% below the U.S. average.
Net neutral for scope 1 & 2 emissions with only 76,000 tonnes that were offset by carbon credits.
Successfully managed the impacts of COVID-19.
"2021 was an outstanding year for Hecla as we generated record revenues and adjusted EBITDA resulting in the second highest free cash flow in our 130-year history,” said Phillips S. Baker Jr., President and CEO. “The year also positions Hecla for future success with our exploration program delivering our highest silver reserves in more than 20 years and the Lucky Friday’s establishment of a new, innovative mining method that should be both safer and more productive. This method, which we call the Underhand Closed Bench method will allow the Lucky Friday to increase projected production in 2022 by almost a million silver ounces over 2021, which was a million and half more than 2020.”

Baker continued, “Since Hecla is not only the largest producer of silver in the United States but also has the largest silver reserve base in the U.S., our stakeholders are uniquely positioned to benefit from the growing demand for silver in the transition to clean energy.”

FINANCIAL OVERVIEW

In Thousands unless stated otherwise

4Q-2021 3Q-2021 2Q-2021 1Q-2021 4Q-2020 FY 2021 FY 2020

FINANCIAL AND PRODUCTION SUMMARY
Sales $ 185,078 $ 193,560 $ 217,983 $ 210,852 $188,890 $807,473 $ 691,000

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