How would you assess the performance of Hecla’s key assets?

We had a strong second quarter, especially when compared to 2023. Our cornerstone assets, Greens Creek and Lucky Friday, continue to deliver. In 2023, Greens Creek produced 9.7 million oz of silver and generated US$122 million in free cash flow. In 2024, we project production between 8.8-9.2 million oz, and we achieved 4.7 million oz in the first six months. Greens Creek remains a consistent and reliable asset.

Lucky Friday, our second key mine, faced challenges in 2023 due to a fire that halted production for six months. Despite this setback, we resumed production in January, ramped up to full production in the first quarter of 2024, and by the end of the second quarter, we produced 2.4 million oz, positioning us to reach our 5-million-oz target for the year.

Our newest mine, Keno Hill in the Yukon, produced 1.5 million oz in 2023. We slowed the ramp-up to prioritize safety and environmental standards, ensuring a solid foundation for the future. We believe there is significant untapped geological potential throughout the entire site. In the second quarter 2024, Keno Hill exceeded expectations, producing 900,000 oz, with a total of 1.5 million oz in the first half of 2024. The mine’s long-term potential looks promising as we continue to enhance both the asset and workforce practices.

At Casa Berardi, our gold mine in Québec, we produced 45,191 oz in the first half of 2024. The mine is currently undergoing a transition to complete surface operations. Casa Berardi generated positive free cash flow in the second quarter, and with the favorable gold price environment, we are evaluating an extension of the underground operations beyond 2024. What is Hecla’s exploration strategy?

At Greens Creek, we are focused on expanding and converting resources to upgrade multiple ore zones. Keno Hill has a reserve life of 11 years and, our exploration efforts are showing great promise, particularly in the Birmingham and Flame & Moth areas. The underground drilling continues to intersect high-grade silver mineralization, reinforcing our belief in the district’s potential.

Lucky Friday has a reserve life of 19 years. We allocated fewer exploration dollars here but continue to evaluate the potential on the east side of the 30 Vein, where most of our resources are located.

We are currently awaiting approval for our plan of operations for our Montana assets. Once approved, we can begin dewatering the drift and proceed with the necessary exploration drilling. How is diverse stakeholder alignment influencing the role of silver in the energy transition?

I call this the decade of mining because, after over 40 years as a mining lawyer, I am seeing, for the first time, alignment between the government, communities, environmental advocates, and civil society. There is a collective recognition that the energy transition requires mining—and that it must be done sustainably and responsibly. This is our opportunity to reshape how the world perceives the mining industry, particularly by highlighting the crucial role silver plays in this transition. With solar energy expected to drive 35% of the growing demand for renewables, silver's importance cannot be overstated. It is an exciting time to be in the mining industry, and an even better time to be in silver. Silver needs to be included on all critical minerals lists where it is currently absent. How is Hecla leveraging its leadership transition to maximize asset value?

We recognize that we have exceptional assets, not just with Greens Creek and Lucky Friday, but also with Keno Hill, which we believe will be successful with a long-term view. Our strong exploration assets also offer significant potential. We are focused on unlocking value from these assets while exploring new opportunities. With long-lived mines in great jurisdictions, all with high grades and long reserve lives, we are well-positioned to continue generating free cash flow in this favorable price environment. We are on a path to deleverage our debt and strategically deploy capital into our assets. Hecla's 133-year history is a testament to our ability to innovate and adapt. Few mining companies in the US can claim such longevity, and our success has come from being innovative and agile, always looking to extract value from our current operations and seeking it in new places.