Hecla Mining Company

Hello, everyone. Thank you for joining us and welcome to Q1 2026 Heklam Mining Company earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. I will now hand the conference over to Mike Parkin, Vice President of Strategy and Investor Relations. Mike, please go ahead.

Thank you, Hillary. Good morning and thank you for joining us for HECLA's first quarter 2026 results conference call. I'm Mike Parkin, Vice President of Strategy and Investor Relations. Our earnings release that was issued yesterday along with today's presentation are both available on our website. On the call today with us is Rob Krichmarov, President and Chief Executive Officer. Russell Lawler, Senior Vice President and Chief Financial Officer. Carlos Igar, Senior Vice President and Chief Operations Officer. Brian Erickson, Vice President of Operations, Curt Allen, Vice President Exploration, Matt Blattman, Vice President Technical Services, as well as other members of our management team. At the conclusion of our prepared remarks, we will also be available for questions. Turning to slide two, cautionary statements. Any forward-looking statements made today by the management team come under the Private Securities Litigation Reform Act and involve risks as shown on slide two. in our earnings release and in our 10Q filing with the SEC. These and other risks could cause results to differ from those projected in the forward-looking statements. Non-GAAP measures cited in this call and related slides are reconciled in both the slides and the news release. We've also published our 2025 sustainability report earlier this week, which is available on our website. Please note, as we discuss financial figures and projections throughout this presentation and in the earnings release, we are referring to our continuing operations unless otherwise noted. This reflects the sale of the Casperati operation that closed at the end of March. I will now pass the call over to Rob.

Thank you, Mike, and good morning, everyone. Before I get into the quarter, I want to take a moment to acknowledge where we stand as a company right now because I think the context matters. 18 months ago when I joined Heckler, this company carried nearly $550 million of net debt. Today we carry no long-term debt, none. That transformation and what it unlocks for shareholders is really what this call is about. So turning to slide three. Heckler enters the second quarter of 2026 in the strongest financial and strategic position in the company's recent history. As North America's premium silver producer, We've got six core attributes that really distinguish us from our peer group. A silver legacy stretching back to 1891, operations exclusively in the United States and Canada, peer leading silver exposure in both revenue and reserves, a reserve life roughly double that of our peer group, and a deep and advancing project pipeline. And also a cost structure that positions us as the lowest cost producer in our peer group. These all help to support our premium valuation and make us a premier destination for silver investors. Turning to slide four. The Casa Bradi sale in March was a deliberate, well-timed decision. We harvested the cash flows to that point, secured substantial value, including a 9.9% equity stake in Orzone and the deferred cash consideration, and we freed ourselves to do what we should be doing, directing our capital and management's attention towards our silver growth platform. And then on April the 9th, About four weeks ago, we redeemed our final $263 million of senior notes. So Heckler is now free of long-term debt for the first time in many, many years. We have a fully undrawn $225 million revolving credit facility and a cash balance that's building on strong operating performance in the silver market. What excites me is what comes next across the portfolio, from the Greens Creek pyrite concentrate circuit and tailings reprocessing project to the Midas restart opportunity in Nevada. We have a set of organic value creation opportunities that are compelling because of what they share in common. Each is screening to have lower capital intensity than a conventional mine development. Though that assessment remains subject to ongoing evaluation, particularly for the earlier stage project, that means the potential for robust returns on invested capital and real per share value creation. We believe in this value and we're working hard to unlock it. Beyond these near to median turn opportunities, I'm very excited about our 2026 exploration program, representing a near doubling of exploration investment from 2025, which could be the thing that reshapes the long-term picture of this company. Turning to slide five. The numbers of this quarter, they speak for themselves, and I'm proud of what this team has delivered. Revenue from continuing operations exceeded $410 million. That's up 13% from the prior quarter and double what we generated in Q1 2025. record adjusted EBITDA of $265 million and record consolidated free cash flow of $144 million with every single mine free cash flow positive, every one. We produced 3.9 million ounces of silver, roughly 3% more than the prior quarter. Cash costs are nearly negative $3 per ounce and all in sustaining costs below $10 per ounce. At today's silver prices, those are exceptional margins. And quality of those margins reflects how the transformation of this business is showing up in the numbers. Turning to slide six. So slide six puts our production outlook in perspective. We're guiding to 15.1 to 16.5 million ounces of silver in 2026, a strong operational baseline. But what I want you to see is the tricky beyond that. Our project pipeline supports a potential pathway to 20-plus million ounces annually, and that's driven by Keno's gradual ramp to 440 tonnes per day and the potential restart of MIDAS in Nevada. And beyond that, a potential Keno Hill expansion and possibly more growth from the Aurora and Hollister mines in Nevada, as well as the Libby project in Montana. But before we get to MIDAS, there are two near-term opportunities associated with our flagship Greens Creek mine in Alaska that I'm particularly excited about. And I want to make sure that they get the proper airtime today. So Brian Erickson, our VP of Operation, he'll give an overview on those and then give you an update on the MIDAS Restart project. So Brian, over to you.