Hecla

Mining
p y
Company
RBC Capital 5th Annual Silver Conference
December 8, 2009

Cautionary Statements
Cautionary Note Regarding Forward Looking Statements
Statements made which are not historical facts, such as anticipated payments, litigation outcome,
production, sales of assets, exploration results and plans, costs, and prices or sales performance
are “forward-looking
forward looking statements
statements” within the meaning of the Private Securities Litigation Reform
Act of 1995, and involve a number of risks and uncertainties that could cause actual results to
differ materially from those projected, anticipated, expected or implied. These risks and
uncertainties include, but are not limited to, metals price volatility, volatility of metals production
and costs, exploration risks and results, political risks, project development risks, labor issues and
ability to raise financing. Refer to the company’s Form 10-Q and 10-K reports for a more detailed
discussion of factors that may impact expected future results. The company undertakes no
obligation and has no intention of updating forward-looking statements.

Cautionary Note Regarding Estimates of Measured

Measured, Indicated and Inferred Resources
The United States Securities and Exchange Commission permits mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company can economically and legally
extract or produce. We use certain terms in this presentation, such as “measured," “indicated,"
and "inferred resources" that the SEC g
guidelines strictlyy prohibit
p us from including
g in our filing
g with
the SEC. U.S. investors are cautioned not to assume that any or all of measured, indicated or
inferred resources are economically or legally mineable or that these resources will ever be
converted into reserves. U.S. Investors are urged to consider closely the disclosure in our Form
10-K and Form 10-Q. You can review and obtain copies of these filings from the SEC's website at
htt //
http://www.sec.gov.

1
 Corporate Profile

¾ NYSE Listed - Symbol HL

¾ Market Capitalization - $1.54 billion*
¾ Recent Price - $6.50*
$6 50*
¾ Annual silver production of 10.5-11 million ozs.
¾ 10 + years of mine reserves
¾ 60,000
60 000 oz/yr gold plus zinc
zinc, lead
¾ Two operating US mines

*At November 24, 2009

2

Hecla is Unique – Established, Growing

¾ Largest producer of silver in US

¾ 2nd largest zinc; 3rd largest lead; plus
gold
Greens Creek Mine, Alaska – Since 1989
¾ Low-cost
Lo o tpproducer
od e
Vancouver, BC
¾ Cash cost approx. $2.25/oz* Coeur d’Alene, Idaho
Lucky Friday Mine, Idaho – Since 1942
¾ Long-life
Long life mines
*San Juan Silver, Colorado
¾ Production & resource growth
¾ Al
Almostt 2x
2 2007 production;
d ti CAGR off
18% over 5-years for resources
*San Sebastian, Mexico

*Assumes $0.80/lb lead, zinc

3
 Debt Free & Cash On Hand
Bank Debt and Cash
Position ¾ $750 mm acquisition of Greens
$400
$
(in millions) Creek mine in Q2/08
$360
$350 ¾ Credit crisis limits refinancing
$300
¾ Metal price recovery in 2009
$250
$199
¾ Bank debt repaid
$200
$162 ¾ $60 mm revolving credit facility
$150
$38
$79 $85
¾ $32.3 mm cash flow in Q3/09
$100
$63 $57
$50
$46
$36 $38 $38 $47
$0
$0

C h
Cash B k Debt*
Bank D bt*

*Bank debt includes short- and long-term bank debt; does not include capital leases of $3.6 million.
4
** Proforma

Largest US Silver Producer

Apollo Gold Kinross
Revett
2008 2% 2%
US Silver 3%
4%
Newmont
5%

Coeur Other
8% 35%

Teck Cominco
17%

Hecla
24%

Source – Hecla, Public Filings, GFMS

5
 Significant Silver Reserves in the US
Hecla
Silver Wheaton Pan American Silver Hochschild
Argentina,
A i
Argentina, Argentina, Mexico, Mexico, 18%
23% 17% 26% 0.2%
Mexico ,
45%
USA,
100% Portugal,
Portugal
Bolivia,
13%
20%
Canada,
0.2%
Sweden, 5%
USA, 5% Peru, 81%
Peru, 44%
Peru, 1% Greece, 2%
C
Coeur Silver Standard First Majestic Fresnillo
Australia,
Mexico,
17%
22%
Mexico
Chile, 3% 32%
g ,
Argentina,
3%

Argentina,
68%
Bolivia,, Mexico,  Mexico,,
55% 100% 100%

Source – Hecla, Public Filings,

Reserves data only, Silver Wheaton’s reserves include Pascua Lama’s reserves. 6

Consistently Lowest Cost

$10 9.6
9.2
$9 8.6 8.7 8.6
8.2
82
$8 7.5 7.7 7.7 7.6
osts - US$/oz of Silver

$7 6.6 6.6
5.9 6.0
$6 5.6
5.3
4.9 4.8
$5 4.5
4.7
4.0
$4
3.4 3.4
Cash Co

$3

$2
0.9
$1

$-
HL PAAS CDE FR

Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009

Source – Public Filings

7
 Increased Productivity at Both Mines

Greens Creek Lucky Friday

Tons/day
$90 2 300
2,300 13 00
13.00 10
1.0

$80 0.9
2,250 12.00
$70 0.8
2,200 11.00 0.7

ay
ed

$60

ons Milled per Da

ost per Ton Mille

Silver oz - Million
Silver Grade
2,150 0.6
$50 10.00
0.5
$40 2,100 9.00
0.4
$30
Co

To
2,050 0.3
8.00
$20
0.2
2,000
$10 7.00
0.1
$0 1 950
1,950
6.00 0.0
3Q 2008

4Q 2008

1Q 2009

2Q 2009

3Q 2009

3Q 2008

4Q 2008

1Q 2009

2Q 2009

3Q 2009
Milling Cost/Ton Mining Cost/Ton
Silver Grade Silver Produced
Tons per Day Milled

Source – Hecla
8

By--product Credits are an Advantage for Hecla

By
$1.6 $12

$1.4 $10

$1.2 $8
ces - $/lb

s - $/oz

$1.0 $6
ver Cash Costs
d and Zinc Pric

$0.8 $4

$0.6 $2
Silv
Lead

$0.4 $-

$0.2 $(2)

$0.0 $(4)
2005 2006 2007 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09

Lead ($/
($/lb)) Zinc ($/
($/lb)) Hecla Pan American Coeur

Source – Public Filings

Lead and Zinc prices – www.Metalprices.com 9
2009 Revenue by Metal (60% Ag+Au)
Greens Creek

Zinc, 25% Zinc, 29%

Silver, 39%

Silver, 43%

Lead 9%
Lead,

Lead, 15%
Gold, 22%
Lucky Friday

Gold, 17% Zinc, 15%

Based on 2009 Consensus Prices*: Silver, 52%

Silver $ 13.16/oz Lead, 33%
Gold $ 917/oz
Zinc $ 0.65/lb
Lead $ 0.64/lb

*Future consensus prices based on Canaccord Adams industry analyst estimates as of June 29, 2009.
10

Best Margins in Six Quarters

Yearly Margin/oz Quarterly

$16.20 $19.10
$10 82
$10.82
$13.74

$10.57
$11.33 $13.85
$10.35
$7.94
Margin $2.71
$4.35
$4.67

$3.48
$2.47

$7.49
$4.20 Cash Costs/oz
$2.96 $4.46 $4.67
$2.16 $1.43 $2.02 $3.43 $3.38
$0.24 $0.85
$(2.81) ($1.42)

2002 2003 2004 2005 2006 2007 2008

Source – Hecla
11
Mine Life for N.A.-
N.A.- Listed Silver Producers
16
14
12
Life - Years

10
8
Mine L

6
4
2
0

Source – Hecla and Public Filings

* Based on Mine Reserves 12

High CAGR for 2006 – 2009 Silver Production

25%
on CAGR - %

20%
9E Productio

15%

10%
– 2009

5%
2006
2

0%
Hecla Pan American Coeur

Source – Hecla
13
Silver Reserves and Resources
350
> 10-year mine life
es and Resources - Million oz
300

250

200
Other
Greens Creek
150
Lucky Friday
Silver Reserve

Sil
Silver Reserves
R
100

50
S

-
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Source - Hecla
14

Higher Reserves Per Share

0.7
Greens Creek Acquisition Boosted
Reserve Quality & Quantity 0.61
06
0.6 0 56
0.56
42%

0.5
Silver Reserves - oz/share

0.42 0.43 0.43

0.4

0.3

0.2

0.1

-
2005 2006 2007 Q1/09 Q2/09

Source - Hecla
15
Exploration Efforts are Expanding Again

¾40% increase to 2009 exploration program

¾Total spending of $9.5 million
¾D illi att allll ffour project
¾Drilling j t areas iin H2/09
¾Large, district-sized land packages in the
US and Mexico

16

Greens Creek Mine (Alaska)

¾ Higher-grade, Ag-Zn-Au-Pb mine
¾ World’s
World s 6th largest silver mine
¾ Long-life: produced >150 mm oz Ag Greens Creek
and >1 mm oz Au
¾ Low cost: historical cash costs <$3/oz
¾ Continuously replace reserves with
>100 mm oz Ag & 0.80 8 mm oz Au
¾ Represents ¾ of Hecla’s production
¾ + 7 mm oz silver in 2009 and
60,000 oz gold, zinc, lead

17
 Greens Creek - Underexplored
¾ Discovered in 1973
¾ A rare, precious
metal enriched base
metal deposit
¾ Deposit type comes
i clusters
in l t
¾ Restricted exploration
till 2004
¾ Land exchange in
1997
¾ Recent studies have
outlined
tli d th
the kkey
mineralized horizon
(red-trace) and MINE
multiple
p targets
g

18

Greens Creek, In
In--Mine Exploration Targets

Potential
Ore Trends

¾ Recently expanded
scope of underground
Shop
Ore and surface programs

19
 Lucky Friday Mine – Big Ounces at Depth
¾ Operating since 1942
Northern Idaho
¾ Feasibility to extend mine life 20
plus years
¾ Underground silver-lead-zinc
mine
¾ Grade rising, widths increasing,
economics improving deeper
¾ Part of an underexplored
property
¾ 3 mm oz Ag plus lead-zinc in ‘09
¾ ¼ mile from Interstate 90

20

Lucky Friday (Ag Grade x

X Width)
Width)
Mid-2009

30 VEIN

(Grades are Diluted and Uncapped)

30 Vein
Avg
Levels Width Ag oz/t Pb % Zn % +26.6% increase in
6300-6500 13.9 feet 10.3 7.8 2.6 Ag/vertical
A / ti l foot
f tb
below
l 6300L
6500-7000 15.2 feet 15.69 9.93 3.94
(based on resource Dec 31, 2008)
7000-7750 16.5 feet 19.09 10.77 5.04

Note: Current reserve cutoff grade is $100 NSR.

Metal prices – $12.25/oz silver, $0.80/lb lead and zinc 21
 A World Class Silver Camp

Hecla Land Position

The Silver Valley
Valley, North Idaho
¾ 1.2 billion oz silver produced
HERCULES
¾ 300 million oz silver from
TAMARACK Hecla’s land position
HECLA

¾ Significant vertical continuity in

the district (+7500 feet)
¾ Large 25 sq. mile claims area
¾ Underexplored
p district
¾ Surface drilling complete

22

San Juan Silver JV (Colorado)

¾ Past production 84 mm oz Ag
¾ Potential >100 mm oz Ag
¾ Excellent exploration
potential
¾ 37 mm oz Ag resource
¾ Multiple vein structures
¾ Surface drill program nearing
completion

23
 San Sebastian Project (Mexico)

¾ On-trend with major mines

and deposits in central Mexico

¾ District–size land position

¾ Build on Hugh Zone resource

¾ Systematic multi-year
exploration approach

¾ Surface drilling continues

24

Hecla - Secure U.S. Silver Assets

$7.5
6.78
$7.0
es + Resources

$6.5 EV/oz Silver Reserves + Resources

$6.0
$5.5
are

$5.0 4.60
are - US$/Sha
Silver Reserve

$4.5
$4.0
$3.5 3.20
3.09
2.81
per Sha

$3 0
$3.0
prise Value/ S

$2.5
$2.0
$1.5 1.27
Enterp

$1.0
$0.5
$-
FR PAAS CDE SLW HL HOC

Enterprise Value = Fully Diluted Market Cap + Debt – Cash

Share Prices as of November 24, 2009 25
Source – Hecla, Public Filings, Pan American’s reserves & resources reflect Aquiline’s acquisition.
 Peer Group Share Performance
Hecla PAAS SLW SSRI CDE
190% YTD - 2009
450% 1 Year
140%
350%

250% 90%

150% 40%

50%
-10%
-50%
-60%

300%
Feb 10 – Nov 24,, 2009 180%
250% Apr 28 – Nov 24,
24 2009
160%
200% 140%
120%
150% 100%
80%
100%
60%
50% 40%
20%
0% 0%
-20%
-50%

Source – Yahoo; Share prices as of November 24, 2009

26

Investment Highlights

¾ Low-cost, long-life US mines

¾ Largest US silver producer
¾ Operational strengths with similar mines
¾ Reserve and resource growth
¾ Commitment to grow through exploration,
exploration M&A
¾ Attractive valuation
¾ Share liquidity with avg. volume of >12 mm/day

27