HECLA MINING CO/DE/

“). At December 31, 2025, metals contained in concentrate sales and exposed to future price changes totaled approximately 3.5 million ounces of silver, 2,272 ounces of gold, 14,028 tons of zinc, and 8,322 tons of lead. If the price for each metal were to change by 10%, the change in the total value of the concentrates sold would be approximately $18.3 million. However, as discussed in”

“Since the first quarter of 2025, we have and continue to utilize Collars to manage our exposure to changes in the price of precious metals in both our provisional concentrate sales, forecasted Keno Hill future concentrate shipments and forecasted Casa Berardi gold sales. These Collars provide us a contractual right to receive at least the minimum price if market prices fall below the minimum price level specified in the contracts, while limiting our potential gains to the maximum price level specified in the contracts, even if market prices rise higher. This strategy helps protect us from sign…”

“In December 2025, we entered into financially-settled put option contracts to manage the exposure of future silver sales to potential declines in market prices of silver. These put options give us the option, but not the obligation, to realize established prices on quantities of silver to be sold in the future. Total premium paid for the put contracts was $25 million and we recorded a $10.4 million unrealized loss on the puts during the year ending December 31, 2025. The following table summarizes the quantities of metals for which we have entered into put contracts and the average exercise pr…”

“At December 31, 2025 and 2024, we recorded the following balances for the fair value of derivative contracts held at that time (in millions):”

“Net realized and unrealized gains of approximately $0.2 million”