Hecla julyupdateweb

S T R O N G I N V E S T M E N T
F U N D A M E N T A L S
O R G A N I C G R O W T HH E C L A P R O P E R T I E SN E W H E C L A
The New Hecla
Growing Our Production, Reserves and Cash Flow
July 2013

H E C L A M I N I N G C O M P A N Y
2
Cautionary Note Regarding Forward Looking Statements
Statements made which are not historical facts, such as strategies, plans, anticipated payments, litigation outcome (including settlement negotiations), production, sales of
assets, exploration results and plans, costs, and prices or sales performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions are used to
identify these forward-looking statements. Forward-looking statements 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, environmental and litigation risks, operating risks, project development risks, political risks, labor issues, ability to raise financing, and exploration risks. Refer to our
Form 10-K and 10-Q reports for a more detailed discussion of factors that may impact expected future results. We undertake no obligation to update forward-looking
statements other than as may be required by law.
Cautionary Note Regarding Estimates of Measured, Indicated and Inferred Resources
Reporting requirements in the United States for disclosure of mineral properties are governed by the SEC and included in the SEC's Securities Act Industry Guide 7,
entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations” (“Guide 7”). However, the Company is also a "reporting issuer"
under Canadian securities laws, which require estimates of mineral resources and reserves to be prepared in accordance with Canadian National Instrument 43-101 (“NI
43-101”). NI 43-101 requires all disclosure of estimates of potential mineral resources and reserves to be disclosed in accordance with its requirements. Such Canadian
information is being included here to satisfy the Company's “public disclosure” obligations under Regulation FD of the SEC and to provide U.S. holders with ready access to
information publicly available in Canada.
Reporting requirements in the United States for disclosure of mineral properties under Guide 7 and the requirements in Canada under NI 43-101 standards are substantially
different. This document contains a summary of certain estimates of the Company, not only of proven and probable reserves within the meaning of Guide 7, which requires
the preparation of a “final” or “bankable” feasibility study demonstrating the economic feasibility of mining and processing the mineralization using the three-year historical
average price for any reserve or cash flow analysis to designate reserves and that the primary environmental analysis or report be filed with the appropriate governmental
authority, but also of mineral resource and mineral reserve estimates estimated in accordance with the definitional standards of the Canadian Institute of Mining, Metallurgy
and Petroleum referred to in NI 43-101. The terms “measured resources”, "indicated resources," and "inferred resources" are Canadian mining terms as defined in
accordance with NI 43-101. These terms are not defined under Guide 7 and are not normally not permitted to be used in reports and registration statements filed with the
SEC in the United States, except where required to be disclosed by foreign law, as is the case here. Still, investors are cautioned not to assume that any part or all of the
mineral deposits in such categories will ever be converted into proven or probable reserves. “Resources” have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of such a "resource” will ever be upgraded to a higher category or will ever be
economically extracted. Investors are cautioned not to assume that all or any part of a "resource” exists or is economically or legally mineable. Investors are also
especially cautioned that the mere fact that such resources may be referred to in ounces of silver and/or gold, rather than in tons of mineralization and grades of silver
and/or gold estimated per ton, is not an indication that such material will ever result in mined ore which is processed into commercial silver or gold.
Cautionary Note Regarding Non-GAAP Measures
Total cash cost per ounce of silver, gold and earnings before adjustments represents non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A
reconciliation of total cash cost to cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) can be found in the Appendix.
Cautionary Statements

3
Qualified Person (QP) Pursuant to Canadian National Instrument 43-101
Dean McDonald, P.Geo., Vice President - Exploration of Hecla Mining Company, who serves as a Qualified Person under National Instrument 43-101,
supervised the preparation of the scientific and technical information concerning Hecla’s mineral projects in this presentation. Information regarding data
verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for the
Greens Creek Mine are contained in a technical report titled “Technical Report for the Greens Creek Mine” dated March 28, 2013, and for the Lucky
Friday Mine are contained in a technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” dated March 28, 2013.
Also included in these two technical reports is a description of the key assumptions, parameters and methods used to estimate mineral reserves and
resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant factors. Copies of these two technical reports are available under Hecla's profile on SEDAR at www.sedar.com.
Dean McDonald, P.Geo., Vice President – Exploration serves as a Qualified Person on all mineral projects except the following:
Casa Berardi
Underground mineral reserve and resource estimates, implementation and the quality control program were prepared and supervised by Sylvain Picard P.
Eng., Principal Mine Geologist for Casa Berardi, and a "qualified person" as defined by the National Instrument 43-101. Mineral reserve and resource
estimates for the Principal Mine and East Mine open pits were prepared by Patrice Live, P.Eng. of BBA Inc. as the "qualified person" for BBA Inc., as
defined by National Instrument 43-101, is. Information of a technical and scientific nature in this presentation has been prepared under the supervision
of Christian Bourcier, P. Eng., General Manager for Casa Berardi, and a "qualified person" as defined by the National Instrument 43-101.
Fayolle
The updated mineral resource estimate was prepared by InnovExplo of Val-d'Or, Quebec, in collaboration with Aurizon's personnel. The Independent and
Qualified Persons for the updated mineral resource estimate, as defined by National Instrument 43-101, are Pierre-Luc Richard , M.Sc., P.Geo. and Alain
Carrier , M.Sc., P.Geo. (InnovExplo Inc.), and the effective date of the estimate is August 3, 2012. Metallurgical testwork was conducted by SGS Mineral
Services of Lakefield, Ontario.
Heva-Hosco
Drill hole planning, implementation and the quality control program is supervised by Martin Demers P.Geo ., General Manager of Exploration, a qualified
person as defined by National Instrument 43-101. Mr. Demers is also responsible for the scientific and technical information in this presentation.
The Feasibility Study was prepared by leading independent industry engineering firms and consultants, all Qualified Persons under National Instruments
43-101, with the collaboration of the Aurizon Technical Group.
BBA Inc.
Patrice Live, Eng. Mining Manager (mineral reserves, pit design, mine planning, financial analysis, mining operating and capital costs).
Angelo Grandillo, Eng. (metallurgical test work, ore processing, milling operating and capital costs).
Roche
Yves Thomassin, M. ScA., (environment, restoration, operating and capital cost estimates).
SGS-Geostat Ltd.
Maxime Dupéré. Geologist (mineral resources)
Qualified Person (QP)

The New Hecla - Strong Assets and Cash Flow
• Diversification of operating base, earnings base and geographic exposure
• Downside protection with base metal hedging policy
• Adds scale and improves liquidity
Low Risk
Diversification
• Robust free cash flow (1)
• Low-cost operations
• Manageable capital associated with growth projects
• Double-digit unlevered pre-tax returns at current and
consensus prices (2)
Growth in Cash
Flow Generation
• Two primary silver and one primary gold mine
• Long-lived assets all with mine lives of ten years or
more
• Strong organic growth potential
• Goal of silver production growth to 15.0 million
ounces by 2017
Growth from
Quality Assets
1. Free Cash Flow (for mines) (non-GAAP measure) defined as Cash Flow from Operations – Capex – Lease Financing – Exploration
2. Current price assumption: $1,575/oz gold. Consensus prices per Bloomberg: Gold prices: 2013: $1,795/oz, 2014: $1,815/oz, 2015: $1,680/oz, 2016 and long-term: $1,600/oz
Addition of Aurizon Creates the Next Chapter of Growth and Diversification in Our 122-Year Mining History
4

5
The New Hecla: Long-Life Mines with Growing Production
Historical Production
Silver Equiv: 489.4mm oz
Gold Equiv: 8.3mm oz
2012 Revenue: $545
million
1. Proven and Probable reserves as of December 31, 2012, see Appendix.
2. In 2012, production at Lucky Friday was suspended.
3. Non-GAAP measure. The Company will need to realize higher-then-current base metals prices in order to reach total consolidated costs of $5.00 per ounce silver cash cost guidance.
 Aurizon acquisition completed June 1, 2013
 Creates a new Hecla with three 100% owned
long-life, low-cost mines
 Each operation has over 10+ years of
mine life
 All situated in U.S. and Canada - stable
and lower risk mining jurisdictions
 Multi-metal production of silver, gold, lead
and zinc with base metals hedging
 Expected 2013 silver production of 8-9 million
ounces at a cash cost of $5.00 per ounce(3)
 Growing silver production to an expected
15 million ounces by 2017
 Pro-forma gold production in 2012 of 192k
ounces; expected to grow to 195k by 2014
 Strong liquidity position
Reserves by Metal (1) 2012A Revenue by Metal
Pro Forma Operational Statistics
(k oz Ag) (k oz Au)
AurizonHecla
0
100
200
300
400
0
3000
6000
9000
12000
2008A 2009A 2010A 2011A 2012A
(2)

North American Focused Asset Portfolio
All operations in lower-risk, mining-friendly jurisdictions
6

Multiple Revenue Streams  Base Metals Hedging
1. Reserves as of December 31, 2012
2. 2011 comparison includes all 3 mines operating.
7
Hecla Standalone Pro Forma
2011 Revenue by Metals²
2011 Revenue by Mines
Proven and Probable Reserves(1)
 Policy is to hedge up to 60% of
the next three years’ production
of lead and zinc
 Locking in revenue to cover
costs
 Currently, base metals hedging
offsets approximately 50% of
cash operating costs at Lucky
Friday and Greens Creek for
next 3 years
 100% unhedged exposure to
silver and gold
Diversified, multi-metal,
multi-revenue mining company

Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
$279
$233 $232
$191
$1692
$189
Hecla Aurizon
$3581
Consistently Strong Balance Sheet
Cash and Cash Equivalents
8
(millions)
1. Pro-forma Hecla and Aurizon cash as of Mach 31, 2013
2. $5.3 million in transaction costs realized in Q1/2013

Issuer
Date
Issued Coupon Maturity
Gross
Proceeds
Current
Rating
Hecla 12-Apr-13 6.875% Sr. Notes 1-May-21 $500 B2/B
Coeur 24-Jan-13 7.875% Sr. Notes 1-Feb-21 $300 B2/B+
Eldorardo Gold 10-Dec-12 6.125% Sr. Notes 15-Dec-20 $600 Ba3/BB
IAMGOLD Corp. 14-Sep-12 6.750% Sr. Notes 1-Oct-20 $650 Ba/BB-
New Gold 8-Nov-12 6.250% Sr. Notes 22-Nov-15 $500 B2/BB-
2-Apr-12 7.000% Sr. Notes 15-Apr-20 $300 B2/BB-
Allied Nevada Gold 18-May-12 8.750% Sr. Notes 1-Jun-19 $400 B3/B
Hudbay Minerals 18-Jan-13 9.500% Sr. Notes 1-Oct-20 $500 B3/B
Senior Notes Overview
Peer Comparison
1. In millions
Source: Company Reports
1
9

Strong Silver Margins
1. Total cash cost per ounce of silver represent non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A reconciliation of total cash costs to cost of sales and other
direct production costs and depreciation, depletion and amortization (GAAP) can be found in the Appendix.
2. Realized prices are calculated by dividing gross revenues for each metal by the payable quantities of each metal included in the concentrate and doré sold during the period.
10
1
Strong Cash Margins
($2.81)
$4.20
$1.91
($1.46) $1.15 $2.70
$7.02
$16.59
$10.20 $13.72
$24.16
$34.15 $29.41 $21.84$13.78
$14.40
$15.63
$22.70
$35.30
$32.11
$28.86
($5)
$0
$5
$10
$15
$20
$25
$30
$35
$40
2007 2008 2009 2010 2011 2012 Q1/13
$/oz
Cash Cost Per Ounce Cash Margin Realized Silver Price
120% 71% 88%
106%
97% 92% 76%
2

Strong Gold Margins at Casa Berardi
11
1. Total cash cost per ounce of gold represents a non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A reconciliation of total cash costs to cost of sales and
other direct production costs and depreciation, depletion and amortization (GAAP) can be found in the Appendix.
2. Realized prices are calculated by dividing gross revenues for each metal by the payable quantities of each metal included in the concentrate and doré sold during the period.
$308
$331
$399 $401
$541 $537
$696
$812
$317
$365
$448
$514
$604
$1,041
$962 $809
$625
$696
$847
$915
$1,145
$1,578
$1,658
$1,621
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2006 2007 2008 2009 2010 2011 2012 Q1/13
$/oz
Cash Cost Per Ounce (1) Cash Margins Realized Gold Price (2)
51%
52%
53%
56%
53%
66%
58%
50%

204
186
9.3 0.3
19.6
5.5 1.9 0.8
$-
$50
$100
$150
$200
$250
$300
Q1/2013 Beg.
Cash
Adj. EBITDA Share Issuance Capex WCC Expl.+ Pre-dev. Interest Exp. &
Other
Q1/2013 Ending
Cash
191
169
33.3 1.9
25.8
11.3
9.2 6.0 5.3
$-
$50
$100
$150
$200
$250
Q1/2013 Beg.
Cash
Adj. EBITDA Cash Gains on
Derivatives
Capex Expl. & Pre-dev. Dividends &
Other
Cash Taxes &
Purchase of
Investments
Aurizon
Acquisition
Costs
Q1/2013 Ending
Cash
Cash Flow Usage: Flexibility
1. Adjusted EBITDA (non-GAAP measure) reconciliation in appendix.
(US$mm)
12
(CAD$mm)
Hecla Cash Bridge Q1 2013
Aurizon Cash Bridge Q1 2013
1
1

2003 2012
45
150
2003 2012
0.8
3.8
Reserve Growth1
2003 - 2012
Silver ounces (millions) Gold ounces (millions)(2)
1. See Proven and Probable reserves data in the Appendix.
2. Includes Aurizon’s reserves for 2012.
233% 375%
13

2012 2017E
6.4
15
Strong, Disciplined Production Growth Anticipated
Silver ounces (millions) (1) Gold ounces (thousands)(2)
134%
2%
1. Hecla’s Lucky Friday mine was closed during 2012.
2. Includes Aurizon’s production levels for 2012.
14

Strong Portfolio of Producing AssetsStrong Portfolio of Producing Assets
15

Portfolio of High Quality, Long-Life Assets
16
Greens Creek Lucky Friday Casa Berardi
Location Alaska Idaho Quebec
Ownership 100% 100% 100%
Primary Metal Ag Ag Au
Primary Metal Grade (oz/t) 12.1 13.4 0.2
Mine Life (Years) 10+ years 25+ years 10+ years
(1)
2013E Metal Production
Ag (mm oz) / Au (koz) 6.0 - 7.0 M oz 2.0 M oz
(2)
125 - 130 koz
(2)
2013E By-Product Cash Cost ($/oz)
(3)
$3.25/oz $11.00/oz $810/oz
2013E Capital (Sustaining Capex) $75 M (~$35 M) $76 M (~$30 M) $102 M (~$30 M)
Proven and Probable Reserves
Gold
100%Silver
61%
Lead
29%
Zinc
10%
Silver
44%
Gold
20%
Lead
10%
Zinc
26%
1. Based on proven and probable reserves only.
2. Lucky Friday and Casa Berardi in transition years.
3. Non-GAAP measure. A reconciliation of total cash costs to cost of sales and other direct production
costs and depreciation, depletion and amortization (GAAP) can be found in the Appendix.

Greens Creek - Q1 Silver Production up 34%
 Produced ~ 200 million ounces of
silver and 1.5 million ounces of gold
since startup in 1989
 6.4 million ounces of silver
production in 2012, with steady
production increases during course
of the year
 Q1 silver production of 1.8 million
ounces, up 34% from a year ago
 Avg. Q1 cash cost of $5.02 per
ounce(1)
 Rehabilitation begins on 29 Ramp,
as part of East Ore project
 Mine life est. 10+ years
17 1. Total cash cost per ounce of silver represents a non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A reconciliation of total cash costs to cost of sales
and other direct production costs and depreciation, depletion and amortization (GAAP) can be found in the Appendix.

Greens Creek - Deep Southwest
18
Location View
Looking North
Southwest
Bench Lower
Southwest
Deep
Southwest
200 South
Model
View Looking North/Northwest
500 Feet

Ramping Up Production at Lucky Friday
 Production recommenced in
February
 Expect production to ramp up and
costs to lower through first half 2013
 Expect full year production of more
than 2 million ounces, increasing to
3 million ounces in 2014
 Two of seven production areas have
restarted, 5900 bypass completed
 #4 Shaft sinking resumed, expected
to access higher grades, extend
mine life
 Mine life est. 25+ years
19

20
Looking NW
Silver Shaft
7500 level
6500 level
#4 Shaft
30 Vein
5900 level
4900 level
4050 level
Current mining from
5900 level access
Lucky Friday - Idaho

Upgrades to the Lucky Friday Ramp System
21

Casa Berardi - Long-Life Gold Asset
Highlights
 Produced 24,400 oz Au in Q1/13
at total cash cost of $812/oz¹
 Expected 2013 gold production of
125,000 to 130,000 ounces
 Potential to increase processing
capacity to 2,400 tpd
 High historical conversion (~65%)
of resources to reserves
 Expected to complete shaft
deepening project in late 2013
 Upside: expected completion of
paste back-fill plant (Q3/13) and
mill expansion (long-term)
22
Location Western Quebec
Ownership 100%
Metal Composition Au
Expected 2013 Production 125 - 130 koz
Estimated 2013 Cash Costs $810/oz
Projected Life of Mine 20+ years
Proven and Probable Reserves (Au) 2 1.46Moz
2013 Capital Program $102M
10+ years(reserve only)
1. Total cash cost per ounce of gold represents a non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A reconciliation of total cash costs to
cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) can be found in the Appendix.
2. See Casa Berardi Proven and Probable reserves data in the Appendix.

0
50
100
150
200
250
300
350
400
450
500
0
20
40
60
80
100
120
SanCristobal(50%)*
Pitarilla(SSRI)*
SanBartolome(CDE)*
GreensCreek(HL)
Pirquitas(SSRI)*
Ying(SVM)
Huaron(PAA)
LuckyFriday(HL)
Palmarejo(CDE)*
Rochester(CDE)*
LaColorada(PAA)
Morococha(PAA)
LaParrilla(FR)
LaEncantada(FR)
SanVicente(PAA)
ManantialEspejo(PAA)
AlamoDorado(PAA)*
Arcata(HOC)
Pallancata(HOC)
GC(SVM)
SanJose(HOC)
SanLuis(SSRI)
SilverGrade-g/t
SilverReserves-Moz
Reserves Grades
High Quality Assets
Silver Reserves and Grades of Primary Silver Mines
Source: Public filings, *Open pit mines - Palmarejo is both open pit and underground.
Peer-leading Silver Grade Profile Results in Low-cost, High-margin Production
SanCristobal(SMM)*
23

Exploration and Pre-DevelopmentExploration and Pre-Development
24

Longitudinal of Middle Vein
25
Reserve and Resource Growth - Middle Vein (Mexico)
 Middle Vein at San Sebastian defined over 3,000 feet
along strike, from surface to over 1,000 feet in depth
 New Inferred Resources of 8.8 million silver ounces and
45,000 ounces gold appears open along strike

Organic Growth - San Juan Silver (Colorado)
 Includes historic Bulldog mine:
produced 25 million ounces of silver
before closing in 1985
 7.6 million ounces of silver Indicated
Resources
 33.1 million ounces of silver Inferred
Resources
 2013 Activities:
 Bulldog decline construction
underway (1,300 feet completed)
Bulldog
Equity
Amethyst
26
21 Square Mile
land Package

New Quebec Gold Assets
 Gold producer and exploration portfolio
in western Quebec
 Heva and Hosco West extension and
the Joanna Hosco Pit
 Large in-pit gold resource at Hosco
 Additional gold resources at Heva
and Hosco West Extension
 Attractive exploration potential
 Growth potential with future open pit
development and shaft deepening at
Casa Berardi
 Significant exploration portfolio
 Portfolio of other earlier stage projects
and investments
27

Precious Metals Fundamentals
Remain Strong
Precious Metals Fundamentals
Remain Strong
28

Silver - The Metal of This Age
 Has the highest electrical conductivity of all the metals
 80% more conductive than aluminum
 50% more conductive than gold, 6% more conductive than copper
 Critically important in the miniaturization of circuits as electronic items
become increasingly compact and users expect more power or utility
 Has superior thermal conductivity
 Transfers heat efficiently; doesn’t overheat
 Highest reflectivity (94%) in visible light of the metals
 Gold 72%, Aluminum 92%
Source – The Silver Institute 201129

Silver Consumption per Capita
United
States
China
India
Japan
Germany
South
Korea
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
(10,000) 10,000 30,000 50,000 70,000
SilverOuncePerCapita
1990 GDP Per Capita (2000 US$)
United
States
China
India
Japan
Germany
South
Korea
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
(10,000) 10,000 30,000 50,000 70,000
SilverOuncePerCapita
2010 GDP Per Capita (2000 US$)
Increasing Silver Consumption Per Person in China and India
30

Free Cash Flow
Secure Multiple
Revenue
Streams
11
22
33
44
66
77
Established
Work Force with
Commitment to
Safety
Operating in
Low Political
Risk
Jurisdictions
Strong Investment Fundamentals
Led by a management team with over 150 years of experience, Hecla is a multi-metal and operationally diversified
company, operating low-cost mines in stable jurisdictions, generating strong and growing cash flow.
LowRisk,StableOperations
StrongCashFlowGeneration
Portfolio of Three
High Quality,
Long-Life
Operations
High
Cash
Margins Strong Investment
Fundamentals
Strong Financial
Position
5
31

S T R O N G I N V E S T M E N T
F U N D A M E N T A L S
O R G A N I C G R O W T HH E C L A P R O P E R T I E SN E W H E C L A
AppendixAppendix

Seasoned Management Team with Significant Experience
Phillips S. Baker, Jr., has 15+ years of
mining experience. He was previously
VP and CFO of Battle Mountain Gold
Company and before that was CFO at
Pegasus Gold Inc.
James A. Sabala, has 30+ years mining
experience. James was previously
executive VP and CFO at Coeur d’Alene
Mines and VP and CFO of Stillwater
Mining.
Lawrence P. Radford, has 30+ years
mining experience. He previously
worked for Kinross Gold as VP of
South American operations overseeing
the La Coipa and Maricunga mines.
Dr. Dean W.A. McDonald, is a geologist with
over 30+ years experience. He was
previously VP of Exploration for Committee
Bay Resources Ltd. and exploration manager
at Miramar Mining Company.
David C. Sienko, was appointed VP and
General Counsel in 2010. Prior to working at
Hecla, he was a partner of K&L Gates LLP,
where he specialized in counseling public and
private entities on securities compliance,
M&A, and corporate governance.
Don Poirier, has 20+ years of mining
experience. Prior to joining Hecla, Mr. Poirier
was a mining analyst with Blackmont Capital
from 2002-2007. Don held other mining
analyst positions from 1988 to 2002.
President and CEO
Senior VP and CFO
VP - Operations
VP - Exploration
VP - Corporate
Development
VP - General
Counsel
Over 150 Years of Combined Experience
33

Q1 2013 - Exploration Program
The first quarter 2013 exploration program focused on:
 Continued expansion of mineralization along the 5250 and 200 South trends at
Greens Creek with the delineation of the newly discovered Deep Southwest
zone.
 At Greens Creek definition drilling along the 200 South bench and limbs to
increase confidence in the resource with goal to convert to reserves.
 Exploration drilling of the Middle vein at San Sebastian has defined new
mineralization near surface to the southeast. Mineralized intercepts of the
North vein define a parallel vein structure north of the Middle vein.
 In-fill drilling of the Middle vein has suggested the continuity of the resource
and increased confidence to define a significant “indicated resource.”
 Narrow, high-grade intersections of the You Like and Midnight veins at the Star
expected to extend the mineralization trends.
 Drilling along the Equity structure at San Juan Silver suggests a steeply
plunging mineralized zone where it intersects the North Amethyst vein trend.
34

Q1 2013 - Pre-Development Programs
The first quarter 2013 pre-development programs were focused on:
 Metallurgical testing of the Middle vein and Hugh zone ores at San Sebastian
to determine the characteristics and appropriate processing methods and mill
design.
 Hydrology studies and optimization of the mining plan and underground
development to access the Middle vein and Hugh zone.
 Advancing the Bulldog decline at San Juan Silver in effort to gain access to the
underground infrastructure to advance confirmation of historic resources and
provide drill platforms in effort to expand the current resource.
 Conceptual studies to determine production viability, rate and sequencing of
mining at the Bulldog and evaluate processing methods, capital and operating
costs and permitting requirements.
 Incorporation of the resource from the Star complex into a broader conceptual
study on the integration with the Lucky Friday mine.
35

Reserves & Resources Update (on Dec. 31, 2012)
36
Silver Gold Lead Zinc Silver Gold Lead Zinc
Tons (Oz/ton) (Oz/ton) (%) (%) (Ounces) (Ounces) (Tons) (Tons)
Proven and Probable Reserves
Proven Ore Reserves
Lucky Friday, USA 2,206,600 12.1 — 7.4 2.7 26,778,900 — 163,350 58,560
Greens Creek, USA 12,000 9.3 0.095 2.7 7.8 112,500 1,100 330 940
Subtotal Proven 2,218,600 26,891,400 1,100 163,680 59,500
Probable Reserves
Lucky Friday, USA 1,931,700 14.8 — 8.7 3.2 28,676,000 — 167,390 62,300
Greens Creek, USA 7,845,600 12.0 0.092 3.4 9.0 94,481,200 718,400 267,410 702,300
Subtotal Probable 9,777,300 123,157,200 718,400 434,800 764,600
Total Proven & Probable 11,995,900 150,048,600 719,500 598,480 824,100
Indicated Resources
Lucky Friday, USA (1) 19,028,600 5.7 — 3.8 2.3 108,704,400 — 731,460 440,470
Greens Creek, USA (2) 448,600 5.9 0.119 3.2 7.0 2,650,500 53,500 14,300 31,580
San Sebastian, Mexico (3) 1,297,300 3.4 0.057 1.1 1.5 4,371,000 73,900 14,640 19,080
San Juan Silver, USA (4) 515,500 14.8 — 2.1 1.1 7,619,600 — 10,760 5,820
Star Complex, USA (5) 1,061,200 3.0 — 6.4 7.5 3,235,200 — 68,340 80,100
Total Indicated Resources 22,351,100 126,580,700 127,400 839,500 577,050
Inferred Resources
Lucky Friday, USA (6) 6,921,900 9.1 — 5.6 2.3 62,651,500 — 384,930 158,240
Greens Creek, USA (7) 3,784,500 11.4 0.100 2.4 6.2 42,977,300 379,200 92,130 233,110
San Sebastian, Mexico (8) 5,695,900 4.2 0.028 0.5 0.6 23,897,400 159,700 25,880 36,040
San Juan Silver, USA (9) 3,078,200 10.7 0.012 1.3 1.1 33,096,400 35,600 40,990 34,980
Star Complex, USA (10) 2,972,300 3.2 — 5.9 5.5 9,377,900 — 174,080 163,480
Monte Cristo, USA (11) 913,300 0.3 0.144 — — 271,000 131,300 — —
Total Inferred Resources 23,366,000 172,000,500 705,900 718,010 625,860
Note: All estimates are in-situ
(1) Indicated Resources from Gold Hunter and Lucky Friday vein systems diluted and factored for expected mining recovery.
(2) Indicated Resources only in Gallagher orebody, factored for dilution and mining recovery.
(3) Indicated Resources diluted to minimum mining width of 2.0 meters for Hugh Zone, 1.5 meters for Andrea Vein.
(4) Indicated Resources diluted to minimum mining width of 6.0 feet for Bulldog.
(5) Indicated Resources diluted to minimum mining width of 4.3 feet.
(6) Inferred Resources from Gold Hunter and Lucky Friday vein systems diluted and factored for expected mining recovery.
(7) Inferred Resources in East Ore, Gallagher, NWW, 200S orebodies, factored for dilution and mining recovery.
(8) Inferred Resources diluted to minimum mining width of 2.0 meters for Hugh Zone, 1.5 meters for Andrea & Middle veins.
San Sebastian Hugh Zone also contains 29,720 tons of Cu at 1.46% Cu within 1,949,800 tons of ore.
(9) Inferred Resources diluted to minimum mining width of 6.0 feet for Bulldog, 5.0 feet for Equity & North Amethyst veins.
(10) In situ Inferred Resources diluted to minimum mining width of 4.3 feet.
(11) Inferred Resources diluted to minimum mining width of 5.0 feet.

Casa Berardi Reserves (on Dec. 31, 2012)
37
Note: All estimates are in-situ; Rounding may affect totals.
1. Open pit mineral reserves were estimated by BBA and underground mineral reserves were estimated by Aurizon personnel.
 Mineral reserves and resources estimates have been completed in accordance with the CIM Standards with regards to mineral reserves and mineral resources estimates.
Mineral resources are exclusive of mineral reserves. Mining depletion for 2012 is included in 2012 Mineral reserves.
 Mineral reserves are estimated at a cut-off grade of 4.12 g/t Au for underground, and 1.2 g/t Au for East Mine open pit and 0.5g/t Au for Principal open pit.
 Mineral reserves are estimated using an average long-term gold price of US$1,350 per ounce and a US$/C$ exchange rate of 1:1.
 A minimum mining width of three meters was used.
 Open pit mineral resources of Principal and East Mine were estimated by BBA. Open pit mineral resources of 160 zone and underground mineral resources of 160 and South
West zones were reported in an internal report by InnovExplo –Consulting
Proven Reserves
Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) Tons Tons
Casa Berardi Canada 100.0% 1,099 -- 0.18 -- -- -- 192 -- --
Total………………… 1,099 -- 192 -- --
Probable Reserves
Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) (Tons) (Tons)
Casa Berardi Canada 100.0% 7,950 -- 0.16 -- -- -- 1,269 -- --
Total………………… 7,950 -- 1,269 -- --
Proven andProbable Reserves
Asset Location Ownership Tons (000) (oz/ton) (oz/ton) % % (000 oz) (000 oz) (Tons) (Tons)
Casa Berardi
(1)
……… Canada 100.0% 9,049 -- 0.16 -- -- -- 1,461 -- --
Total………………… 9,049 -- 1,461 -- --

Reserve Grades vs. Silver Prices
38
Mandalay
First Majestic
Hocschild
Hecla
Endeavour Silver
Fortuna
Pan American
Coeur
Silver Standard
0
50
100
150
200
250
300
350
400
450
$20 $25 $30 $35
SilverGradeoz/t
Silver Price $/oz
Source – Proven and Probable Reserves, Data from Public Filings

Casa Berardi - Long Section
1
39

191
$694
$268
$193
$103
$45
40
$105
$231
0
200
400
600
800
1,000
2009 Ending
Cash
EBITDAX Capex Basin Stmt. Expl.& Predev. Others 2012 PF Ending
Cash
Cash Flow Generation
Adjusted EBITDAX(1)
2009-2012 Cash Bridge(2)
1. Adjusted EBITDAX reconciliation in appendix.
2. Aurizon’s cash of $75 million is net of the cash portion of the transaction after assuming $500 million in notes financing.
3. Includes dividends, Lucky Friday suspension costs and miscellaneous.
AurizonHecla
(3)
(US$mm)
(US$mm)
$143
$235
$288
$171
$287
$0
$100
$200
$300
2009A 2010A 2011A 2012A 2012 Pro forma
40
$116
$171
$41
$190

Hecla EBITDAX Reconciliation
Note: All monetary amounts presented in thousands of dollars.
41
US$ millions 2008A 2009A 2010A 2011A 2012A PF 2012A
Net Income from Continuing Operations ($37,173) $67,826 $48,983 $151,164 $14,954 $21,625
Plus: Depreciation 35,846 63,061 60,235 47,348 50,113 96,530
Plus: Income Taxes 3,807 (7,680) (123,532) 81,978 8,879 18,054
Plus: Interest Expense 19,573 11,326 2,211 2,875 2,427 32,218
Less: Interest and Other Income (3,842) (1,121) (126) 87 (22) (2,258)
Plus: Debt-Related Fees -- 5,973 -- -- -- --
EBITDA $18,211 $139,385 ($12,229) $283,452 $76,351 $166,169
Plus: Loss on Impairment of Investments $373 $3,018 $739 $140 $1,171 $1,171
Plus / (Less): Net Loss (Gain) on Sale of Investments (8,097) (4,070) (588) (611) -- --
Plus / (Less): Loss (Gain) on Derivative Contracts -- -- 20,758 (37,988) 10,457 10,264
Plus: Provision for Closed Operations and Environmental Matters 4,312 7,721 201,136 9,747 4,652 4,652
Plus: Termination of Employee Benefit Plan -- (8,950) -- -- -- --
Plus: Lucky Friday Suspension-Related Costs -- -- -- -- 25,309 25,309
Plus / (Less): Loss (Gain) on Disposition of PPE and Mineral Interests (203) (6,234) 80 -- 275 275
Plus: Pre-Development -- -- -- 4,446 17,916 17,916
Plus: Share-Based Compensation 4,122 2,746 3,446 2,073 3,101 8,415
Adjusted EBITDA $18,718 $133,616 $213,342 $261,259 $139,232 $234,171
Plus: Discretionary exploration expense $22,471 $9,247 $21,605 $26,959 $31,822 $52,708
Adjusted EBITDAX $41,189 $142,863 $234,947 $288,218 $171,054 $286,879

Aurizon EBITDAX Reconciliation
C$ millions 2008A 2009A 2010A 2011A 2012A
Net Income from Continuing Operations $4,921 $36,706 $17,240 $43,931 $31,807
Plus: Income Taxes 6,602 20,706 13,911 42,653 24,266
Plus: Interest Expense 2,692 485 750 1,112 856
Plus: Depreciation 35,582 36,514 34,249 39,131 37,729
Less: Interest and Other Income (1,705) (498) (719) (1,538) (2,236)
EBITDA $48,092 $93,913 $65,431 $125,289 $92,422
Plus / (Less) : Other Net Losses (Gains) ($4,524) ($288) ($2,157) $457 $1,840
Plus / (Less): Loss (Gain) on Derivative Contracts 10,586 (4,946) 4,402 (165) (193)
Plus / (Less): Loss (Gain) on Foreign Exchange (1,059) 2,413 -- -- --
Plus: Non refundable tax credits -- (4,468) -- -- --
Plus / (Less): Capital Taxes (Recoveries) 397 837 -- -- --
Plus: Share-Based Compensation 4,003 2,865 7,564 6,526 5,313
Plus: Pre-Development -- -- -- -- --
Adjusted EBITDA $57,495 $90,326 $75,240 $132,107 $99,382
Plus: Exploration $11,426 $3,769 $15,643 $26,468 $17,899
Adjusted EBITDAX $68,921 $94,095 $90,883 $158,575 $117,281
42

43
Silver - Total Cash Cost GAAP Reconciliation
Reconciliation of Cash Costs per Ounce to Generally Accepted Accounting Principles (GAAP)
(dollars and ounces in thousands, except per ounce - unaudited)
Q1/2013 2012 2011 2010 2009 2008 2007
Total cash costs(1)
13,346$ 17,262$ 10,934$ (15,435)$ 20,958$ 36,621$ (15,873)$
Divided by silver ounces produced 1,901 6,394 9,483 10,566 10,989 8,709 5,643
Total cash cost per ounce produced 7.02$ 2.70$ 1.15$ (1.46)$ 1.91$ 4.20$ (2.81)$
Reconciliation to GAAP:
Total cash costs 13,346$ 17,262$ 10,934$ (15,435)$ 20,958$ 36,621$ (15,873)$
Depreciation, depletion and amortization 14,007$ 43,522$ 47,066$ 60,011$ 62,837$ 35,207$ 12,323$
Treatment costs (18,597)$ (73,355)$ (99,019)$ (92,144)$ (80,830)$ (70,776)$ (27,617)$
By- products credits 46,577$ 190,916$ 254,372$ 267,272$ 206,608$ 164,963$ 112,079$
Change in product inventory (4,604)$ (1,381)$ (4,805)$ 3,660$ 310$ 20,254$ (1,261)$
Suspension-related costs(2)
-$ -$ 4,135$ -$ -$ -$ -$
Reclamation, severance and other costs 103$ 663$ (44)$ 630$ 1,596$ 537$ 203$
Costs of sales and other direct production costs and
depreciation, depletion and amortization (GAAP) 50,832$ 177,627$ 212,639$ 223,994$ 211,479$ 186,806$ 79,854$
1. Cash cost per ounce of silver represents a non-U.S. Generally Accepted Accounting Principles (GAAP) measurement that the Company believes provide management and
investors an indication of net cash flow. Management also uses this measurement for the comparative monitoring of performance of mining operations period-to-period from a cash
flow perspective. “Total cash cost per ounce” is a measure developed by mining companies in an effort to provide a uniform standard for comparison purposes; however, there can
be no assurance that our reporting of this non-GAAP measure is similar to that reported by other mining companies. Cost of sales and other direct production costs and
depreciation, depletion and amortization, was the most comparable financial measures calculated in accordance with GAAP to total cash costs.
2. Production had been temporarily suspended at the Lucky Friday Unit as work was performed to rehabilitate and enhance the Silver Shaft, the primary access from surface to the
underground workings at the Lucky Friday mine. The Silver Shaft work was completed in early 2013 and limited production resumed at the Lucky Friday starting in February 2013.
Care and maintenance costs incurred at the Lucky Friday during the suspension of production are included in a separate line item under Other operating expenses on the
Condensed Consolidated Statement of Operations and Comprehensive Income (Unaudited) in the 10-Q for the quarter ending March 31, 2013, and have been excluded from the
calculation of total cash costs for the three month periods ended March 31, 2013 and 2012.

Gold - Total Cash Cost GAAP Reconciliation
1. Cash cost per ounce of gold represents a non-U.S. Generally Accepted Accounting Principles (GAAP) measurement that the Company believes provide management and
investors an indication of net cash flow. Management also uses this measurement for the comparative monitoring of performance of mining operations period-to-period from a cash
flow perspective. “Total cash cost per ounce” is a measure developed by mining companies in an effort to provide a comparable standard; however, there can be no assurance that
our reporting of this non-GAAP measure is similar to that reported by other mining companies. Cost of sales and other direct production costs and depreciation, depletion and
amortization, was the most comparable financial measures calculated in accordance with GAAP to total cash costs.
44
Reconciliation of Cash Costs per Ounce to International Financial Reporting Standards (2010-2013) & Generally Accepted Accounting Principles (2006-2009)
Q1/2013 2012 2011 2010 2009 2008 2007 2006
Cash Operating Costs
(1)
US$000 21,276$ 93,298$ 88,705$ 75,758$ 63,896$ 63,664$ 53,192$ 2,118$
Divided by gold ounces sold 26,200 133,990 165,250 139,950 159,275 159,404 160,600 6,882
Total cash cost per ounce sold US$/oz 812$ 696$ 537$ 541$ 401$ 399$ 331$ 308$
Reconciliation to IFRS/GAAP:
Cash Operating Costs US$000 21,276$ 93,298$ 88,705$ 75,758$ 63,896$ 63,664$ 53,192$ 2,118$
Average US$/C$ exchange rate 1.008$ 1.000$ 0.989$ 1.030$ 1.142$ 1.070$ 1.080$ 1.150$
Cash Operating Costs C$000 21,453$ 93,259$ 87,735$ 78,031$ 72,936$ 68,120$ 57,447$ 2,436$
Plus: Silver by-product credits 181$ 990$ 1,063$ 632$ 543$ 485$ 392$ -$
Plus: Depreciation and amortization 8,905$ 37,539$ 38,927$ 34,060$ 36,514$ 35,582$ 29,754$ 1,239$
Costs of sales and other direct
production costs and depreciation,
depletion and amortization (IFRS/GAAP) C$000 30,539$ 131,788$ 127,725$ 112,723$ 109,993$ 104,187$ 87,593$ 3,675$

45
Total Cash Cost GAAP Reconciliation
1. Cash costs per ounce of silver represent non- U.S. Generally Accepted Accounting Principles (GAAP) measurements that the Company believes provide management and investors an
indication of net cash flow. Management also uses this measurement for the comparative monitoring of performance of mining operations period-to-period from a cash flow perspective.
"Total cash cost per ounce" is a measure developed by mining companies in an effort to provide a uniform standard for comparison purposes; however, there can be no assurance that
amortization was the most comparable financial measures calculated in accordance with GAAP to total cash costs.
Reconciliation of Cash Costs per Ounce to Generally Accepted Accounting Principles (GAAP)
Q1/13 Q1/12
Total cash costs
1
13,346$ 2,976$
Divided by silver ounces produced 1,901 1,329
Total cash cost per ounce produced 7.02$ 2.24$
Reconciliation to GAAP
Total cash costs 13,346$ 2,976$
Depreciation, depletion and amortization 14,007 9,661
Treatment and freight costs (18,597) (17,695)
By-product credits 46,577 46,353
Change in product inventory (4,604) 1,805
Reclamation and other costs 103 (149)
Cost of sales and other direct production costs and
depreciation, depletion and amortization 50,832$ 42,951$

Greens Creek Cash Cost Reconciliation
46
GREENS CREEK UNIT Q1 2013
Total cash costs $ 8,942
Divided by ounces produced 1,781
Total cash cost per ounce produced $ 5.02
Reconciliation to GAAP:
Total cash costs $ 8,942
Depreciation, depletion and amortization 12,679
Treatment costs (17,813)
By-product credits 44,966
Change in product inventory (4,162)
Reclamation and other costs 99
Cost of sales and other direct production costs and depreciation,
depletion and amortization (GAAP) $ 44,711
1. Cash costs per ounce of silver represent non- U.S. Generally Accepted Accounting Principles (GAAP) measurements that the Company believes provide management and investors an
indication of net cash flow. Management also uses this measurement for the comparative monitoring of performance of mining operations period-to-period from a cash flow perspective.
"Total cash cost per ounce" is a measure developed by mining companies in an effort to provide a uniform standard for comparison purposes; however, there can be no assurance that
amortization was the most comparable financial measures calculated in accordance with GAAP to total cash costs.

Adjusted Earnings Reconciliation
47
Reconciliation of Net Income Applicable to Common Shareholders (GAAP) to
Three Months Ended
March 31
2013 2012
Net income applicable to common shareholders (GAAP) 10,956$ 12,434$
Adjusting items:
(Gains)/losses on derivatives contracts (21,539) 5,231
Environmental accruals 0 769
Provisional price (gains)/losses 2,700 (5,137)
Lucky Friday suspension-related costs 1,498 6,166
Aurizon acquisition costs 5,292 0
Income tax effect of above adjustments 4,458 (2,530)
Adjusted income applicable to common shareholders 3,365$ 16,933$
Weighted average shares - basic 285,171 285,292
Weighted average shares - diluted 297,164 296,928
Basic adjusted income per common share 0.01$ 0.06$
Diluted adjusted income per common share 0.01$ 0.06$
1. Earnings After Adjustments and Earnings After Adjustments per share are non-GAAP measures which are indicators of our performance. They exclude
certain impacts which are of a nature which we believe are not reflective of our underlying performance. Management believes that earnings after adjustments
per common share provides investors with the ability to better evaluate our underlying operating performance.

Hecla Adjusted EBITDA Reconciliation
This presentation refers to a non-GAAP measure of Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), which is a measure of our
operating performance. Adjusted EBITDA is calculated as net income before the following items: interest expense, income tax provision, depreciation, depletion, and
amortization expense, exploration expense, predevelopment expense, Aurizon acquisition costs, Lucky Friday suspension-related costs, interest and other income (expense),
gains and losses on derivative contracts, and provisional price gains and losses. Management believes that, when presented in conjunction with comparable GAAP measures,
Adjusted EBITDA is useful to investors in evaluating our operating performance. The table above reconciles net income to Adjusted EBITDA.
48
Three Months Ended March 31,
2013 2012
Net Income 11,094$ 12,572$
Plus: Interest expense 704 467
Plus: Income taxes 7,415 7,315
Plus: Depreciation, depletion, and amortization 14,711 11,269
Plus: Exploration expense 6,493 5,611
Plus: Pre-development expense 4,791 3,366
Plus: Aurizon acquisition Costs 5,292 0
Plus: Lucky Friday suspension-related costs 1,498 6,166
Plus/(Less): Interest and other (income) expense 113 (149)
Plus/(Less): (Gains)/losses on derivative contracts (21,539) 5,231
Plus/(Less): Provisional price (gains)/losses 2,700 (5,137)
Adjusted EBITDA 33,272$ 46,711$
Reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles (GAAP)

Aurizon Adjusted EBITDA Reconciliation
This presentation refers to a non-GAAP measure of Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), which is a measure of our
operating performance. Adjusted EBITDA is calculated as net income before the following items: interest expense, income tax provision, depreciation, depletion, and
amortization expense, exploration expense, predevelopment expense, Aurizon acquisition costs, Lucky Friday suspension-related costs, interest and other income (expense),
gains and losses on derivative contracts, and provisional price gains and losses. Management believes that, when presented in conjunction with comparable GAAP measures,
Adjusted EBITDA is useful to investors in evaluating our operating performance. The table above reconciles net income to Adjusted EBITDA.
49
Three Months Ended
March 31, 2013
Net Income ($2,936)
Plus: Interest expense $203
Plus: Income taxes $1,711
Plus: Depreciation, depletion and amortization $8,947
Plus: Exploration expense $1,851
Plus: Pre-development expense $0
Plus/(Less): Interest and other (income) expense ($514)
Plus: Debt related fees $0
Adjusted: EBITDA $9,262
Reconciliation of Adjusted EBITDA to Generally Accepted Accounting
Principles (GAAP)

50
Silver Space
Source: MEG, BMO Capital Markets (06/17/13)

Silver Space
51 Source: Company Filings, BMO Capital Markets (06/17/13)

Silver Space
52 Source: Company Filings, BMO Capital Markets (06/17/13)

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