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Operational Overview

Hecla is the largest silver producer in the United States and Canada. We also mine gold, lead, and zinc. Hecla owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

Hecla by the Numbers (2024)

4

Operating Mines in North America

16.2 Moz

Silver

142 Koz

Gold

40.3 Ktons

Lead

60.6 Ktons

Zinc

Operational Strategy: Long-Lived Mines in Safe Jurisdictions

Hecla invests in long-lived assets. This allows us to operate with maximum efficiency while also building deep ties to the communities in which we operate.

Our mines are located in North America, primarily in the U.S. These jurisdictions have established transparent regulatory frameworks for environmental compliance, health and safety protections, community engagement, corporate governance, and adherence to human rights. This ensures our operations run efficiently, our workers are protected, and our investors get exposure to silver without taking on the political and currency risks of other countries. Our site locations are also highly rated by the Fraser Institute’s annual survey of mineral and mining companies for investor attractiveness and a region’s policy climate.

  • For investment attractiveness, Hecla operates in 5 of the top 24 regions globally (Nevada 2, Alaska 3, Idaho, 21, Quebec 22, Yukon 24).
  • For Policy Perception, we operate in 1 of the top 10 globally (Nevada, 4) and 3 in the top 24 (Alaska 17, Idaho 21, Quebec 24).

Hecla operates in jurisdictions rated by the Transparency International’s Corruption Perception Index for low corruption. Canada has a ranking of 15 and the U.S. ranking is 28.

An aerial view of a mine.
Hecla Greens Creek Mine

Greens Creek

Alaska
A green mining factory

Lucky Friday

Idaho
An orange truck

Casa Berardi

Quebec
Keno Hill work site

Keno Hill

Yukon Territory

Exploration

North American exploration projects are an essential part of our company’s future. We have exploration properties in world-class silver and gold mining districts throughout North America, and an exploration office and investments in early-stage silver exploration projects in Canada.

Hecla’s Operations

Greens Creek

Alaska, USA

Underground
Workforce: 463 Employees
Small Footprint: Acres Affected 365

2024 Production
8.5 Moz (Ag)
55.2 Koz (Au)
18.3  Ktons (Pb)
51.2  Ktons (Zn)

P&P Reserves
103.7 Moz (Ag)
865 Koz (Au)
240.7 Ktons (Pb)
646  Ktons (Zn)

M&I Resources
107.2 Moz (Ag)
760 Koz (Au)
227.4 Ktons (Pb)
607.6  Ktons (Zn)

Lucky Friday

Idaho, USA

Underground
Workforce: 352 Employees
Small Footprint: Acres Affected 149

2024 Production
4.8 Moz (Ag)
31.3 Ktons (Pb)
13.5 Ktons (Zn)

P&P Reserves
71.8 Moz (Ag)
460.6 Ktons (Pb)
214.5 Ktons (Zn)

M&I Reserves
40.1 Moz (Ag)
273.4 Ktons (Pb)
119.5 Ktons (Zn)

Casa Berardi

Quebec, Canada

Underground
Workforce: 678 Employees
Small Footprint: Acres Affected 1,645

2024 Production
86.6 Koz (Au)
24.2 Koz (Ag)

P&P Reserves
72 Koz (Au)–Underground
1.2 Koz (Au)–Open Pit

M&I Reserves
895 Koz (Au)–Underground
6 Koz (Au)–Open Pit

Keno Hill

Yukon Territory, Canada

Underground 
Workforce: 290 Employees

2024 Production
2.8 Moz (Ag)
2.9 Ktons (Pb)
1.5 Ktons (Zn)

P&P Reserves
64.2 Moz (Ag)
17 Koz (Au)
63.8 Ktons (Pb)
63  Ktons (Zn)

M&I Resources
14.4 Moz (Ag)
12 Koz (Au)
11.6 Ktons (Pb)
22.5  Ktons (Zn)

North America Property Map

Val d'Or, Québec
Connaught (Cu)
Dawson, Yukon
Rackla (Au)
Mayo, Yukon
Keno Hill (Ag, Pb, Zn)
Mayo, Yukon
Heva-Hosco (Au)
Val d'Or, Québec
Casa Berardi (Au)
La Sarre, Québec
Opinaca / Wildcat (Au)
James Bay, Québec
San Sebastian (Ag, Au)
Durango, Mexico
San Juan Silver (Ag, Pb, Zn)
Creede, Colorado
Fire Creek (Au)
Lander County, Nevada
Hollister (Au)
Elko County, Nevada
Monte Cristo (Au)
Esmeralda County, Nevada
Aurora (Au)
Mineral County, Nevada
Midas (Au)
Elko County, Nevada
Lucky Friday (Ag, Pb, Zn)
Mullan, Idaho
Libby Exploration Project (Ag, Cu)
Libby, Montana
Rock Creek (Ag, Cu)
Noxon, Montana
Coeur d'Alene, Idaho
Vancouver, BC
Republic (Au)
Republic Washington
Silver Valley / Star (Ag, Pb, Zn)
Wallace, Idaho
Kinskuch (Ag)
Alice Arm, BC
Greens Creek (Ag, Au, Pb, Zn)
Admiralty Island, Alaska
operating mine / mill
exploration project
corporate office

Reserves and Resources

(As of December 31, 2024 unless otherwise noted)

Proven Reserves (1)
Probable Reserves (7)
Proven & Probable Reserves (1,7)
Measured Resources (9)
Indicated Resources (10)
Measured & Indicated Resources
Inferred Resources (11)
Proven Reserves (1)

Mineral Reserves (1)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (2,3)

9

7.6

0.07

2.4

6.5

–

70

1

220

600

–

Lucky Friday (2,4)

5,285

11.9

–

7.6

3.6

–

62,825

–

400,400

189,860

–

Casa Berardi – Open Pit (2,5)

4,958

–

0.08

–

–

–

–

415

–

–

–

Casa Berardi – Underground (2,5)

87

–

0.15

–

–

–

–

13

–

–

–

Keno Hill (2,6)

13

28.1

–

3.0

1.6

–

364

–

380

200

–

Total

10,352

63,259

429

401,000

190,660

Probable Reserves (7)

Mineral Reserves (1)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (2,3)

10,438

9.9

0.08

2.3

6.2

–

103,641

864

240,450

645,410

–

Lucky Friday (2,4)

790

11.4

–

7.6

3.1

–

9,011

–

60,210

24,620

–

Casa Berardi – Open Pit (2,5)

10,457

–

0.08

–

–

–

–

804

–

–

–

Casa Berardi – Underground (2,5)

391

–

0.15

–

–

–

–

59

–

–

–

Keno Hill (2,6)

2,630

24.3

.01

2.4

2.4

–

17

63,440

62,790

–

Total

24,706

176,566

1,744

364,100

732,820

Proven & Probable Reserves (1,7)

Mineral Reserves (1)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)
Greens Creek (2,3)

10,447

9.9

0.08

2.3

6.2

–

103,711

865

240,670

646,010

–

Lucky Friday (2,4)

6,075

11.4

–

7.6

3.5

–

71,836

–

460,610

214,480

–

Casa Berardi Open Pit (2,5)

15,415

–

0.08

–

–

–

–

1,219

–

–

–

Casa Berardi Underground (2,5)

478

–

0.15

–

–

–

–

72

–

–

–

Keno Hill (2,6)

2,643

24.3

0.01

2.4

2.4

–

64,278

17

63,820

62,990

–

Total

35,058

239,825

2,173

765,100

923,480

Measured Resources (9)

Mineral Resources (8)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12, 13)

–

–

–

–

–

–

–

–

–

–

–

Lucky Friday (12,14)

3,781

8.7

–

5.8

2.6

–

32,795

–

217,490

99,840

–

Casa Berardi – Underground (12, 15)

1,486

–

0.20

–

–

–

–

300

–

–

–

Casa Berardi – Open Pit (12, 15)

84

–

0.03

–

–

–

–

3

–

–

–

Keno Hill (12, 16)

–

–

–

–

–

–

–

–

–

–

–

San Sebastian – Oxide (17)

–

–

–

–

–

–

–

–

–

–

–

San Sebastian – Sulfide (17)

–

–

–

–

–

–

–

–

–

–

–

Fire Creek (18,19)

–

–

–

–

–

–

–

–

–

–

–

Hollister (18,20)

19

4.7

0.57

–

–

–

–

–

–

–

–

Midas (18,21)

2

7.1

0.62

–

–

–

88

11

–

–

–

Heva (22)

–

–

–

–

–

–

15

1

–

–

–

Hosco (22)

–

–

–

–

–

–

–

–

–

–

–

Star (12,23)

–

–

–

–

–

–

–

–

–

–

–

Rackla-Tiger Open Pit (29)

881

–

0.09

–

–

–

–

75

–

–

–

Rackla-Tiger Underground (29)

32

–

0.06

–

–

–

–

2

–

–

–

Rackla-Osiris Open Pit (30)

–

–

–

–

–

–

–

–

–

–

–

Rackla-Osiris Underground (30)

–

–

–

–

–

–

–

–

–

–

–

Total

6,285

32,898

392

217,490

99,840

–

Indicated Resources (10)

Mineral Resources (8)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12, 13)

7,619

14.1

0.10

3.0

8.0

–

107,226

760

227,360

607,600

–

Lucky Friday (12, 14)

845

8.7

–

6.6

2.3

–

7,350

–

55,890

19,700

–

Casa Berardi – Underground (12, 15)

3,522

–

0.17

–

–

–

–

594

–

–

–

Casa Berardi – Open Pit (12, 15)

126

–

0.03

–

–

–

–

4

–

–

–

Keno Hill (12,16)

1,050

13.7

0.01

1.1

2.1

–

14,431

12

11,610

22,460

–

San Sebastian – Oxide (17)

1,233

6.6

0.10

–

–

–

8,146

121

–

–

–

San Sebastian – Sulfide (17)

1,164

5.3

0.01

2.0

3.1

1.3

6,211

15

23,500

35,900

15,240

Fire Creek (18,19)

197

0.8

0.37

–

–

–

162

73

–

–

–

Hollister (18,20)

74

1.8

0.56

–

–

–

134

41

–

–

–

Midas (18,21)

95

5.4

0.40

–

–

–

514

38

–

–

–

Heva (22)

1,208

–

0.05

–

–

–

–

62

–

–

–

Hosco (22)

32,152

–

0.03

–

–

–

–

1,097

–

–

–

Star (12,23)

834

3.4

–

7.2

8.5

–

2,820

–

60,120

70,450

–

Rackla-Tiger Open Pit (29)

3,116

–

0.10

–

–

–

–

311

–

–

–

Rackla-Tiger Underground (29)

960

–

0.08

–

–

–

–

76

–

–

–

Rackla-Osiris Open Pit (30)

4,843

–

0.12

–

–

–

–

577

–

–

–

Rackla-Osiris Underground (30)

927

–

0.13

–

–

–

–

123

–

–

–

Total

61,606

146,994

3,904

378,480

756,110

15,240

Measured & Indicated Resources

Mineral Resources (8)

Tons (000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12, 13)

7,619

14.1

0.10

3.0

8.0

–

107,226

760

227,360

607,600

–

Lucky Friday (12,14)

4,627

8.7

–

6.2

2.5

–

40,145

–

273,380

119,540

–

Casa Berardi – Underground (12, 15)

5,007

–

0.18

–

–

–

–

895

–

–

–

Casa Berardi – Open Pit (12, 15)

210

–

0.03

–

–

–

–

6

–

–

–

Keno Hill (12, 16)

1,050

13.7

0.01

1.1

2.1

–

14,431

12

11,610

22,460

–

San Sebastian – Oxide (17)

1,233

6.6

0.10

–

–

–

8,146

121

–

–

–

San Sebastian – Sulfide (17)

1,164

5.3

0.01

2.0

3.1

1.3

6,211

15

23,500

35,900

15,240

Fire Creek (18,19)

197

0.8

0.37

–

–

–

162

73

–

–

–

Hollister (18,20)

93

2.4

0.56

–

–

–

223

52

–

–

–

Midas (18,21)

97

5.5

0.40

–

–

–

529

39

–

–

–

Heva (22)

1,208

–

0.05

–

–

–

–

62

–

–

–

Hosco (22)

32,152

–

0.03

–

–

–

–

1,097

–

–

–

Star (12,23)

834

3.4

–

7.2

8.5

–

2,820

–

60,120

70,450

–

Rackla-Tiger Open Pit (29)

3,997

–

0.10

–

–

–

–

386

–

–

–

Rackla-Tiger Underground (29)

991

–

0.08

–

–

–

–

78

–

–

–

Rackla-Osiris Open Pit (30)

4,843

–

0.12

–

–

–

–

577

–

–

–

Rackla-Osiris Underground (30)

927

–

0.13

–

–

–

–

123

–

–

–

Total

66,249

179,893

4,296

595,970

855,950

15,240

Inferred Resources (11)

Mineral Resources (8)

Tons(000)Silver(oz/ton)Gold(oz/ton)Lead(%)Zinc(%)Copper(%)Silver(000 oz)Gold(000 oz)Lead(Tons)Zinc(Tons)Copper(Tons)

Greens Creek (12,13)

1,878

13.4

0.08

2.9

6.9

–

25,106

151

54,010

130,120

–

Lucky Friday (12,14)

3,811

10.3

–

7.7

3.2

–

39,183

–

293,010

121,710

–

Casa Berardi – Underground (12, 15)

2,076

–

0.20

–

–

–

–

408

–

–

–

Casa Berardi – Open Pit (12, 15)

577

–

0.10

–

–

–

–

57

–

–

–

Keno Hill (12,16)

1,300

14.8

0.005

1.3

2.7

–

19,270

6

16,450

34,940

–

San Sebastian – Oxide (17)

2,163

7.1

0.06

–

–

–

15,364

134

–

–

–

San Sebastian – Sulfide (17)

326

4.3

0.01

1.7

2.6

0.9

1,388

4

5,680

8,420

3,090

Fire Creek (18, 19)

1,197

0.4

0.42

–

–

–

524

500

–

–

–

Fire Creek Open Pit (24)

74,584

0.1

0.03

–

–

–

5,232

2,178

–

–

–

Hollister (18,20)

742

2.7

0.40

–

–

–

2,037

294

–

–

–

Midas (18,21)

1,480

5.3

0.44

–

–

–

7,918

657

–

–

–

Heva (22)

1,615

–

0.08

–

–

–

–

136

–

–

–

Hosco (22)

14,460

–

0.03

–

–

–

–

461

–

–

–

Star (12,23)

2,044

3.5

–

6.7

6.7

–

7,129

–

137,040

137,570

–

San Juan Silver (12,25)

2,351

15.8

0.01

1.4

1.1

–

37,026

27

47,430

38,020

–

Monte Cristo (26)

523

0.2

0.24

–

–

–

126

101

–

–

–

Rock Creek (12,27)

99,997

1.5

–

–

–

0.7

148,688

–

–

–

658,410

Libby Exploration Project (12,28)

112,185

1.6

–

–

–

0.7

183,346

–

–

–

759,420

Rackla-Tiger Open Pit (29)

30

–

0.05

–

–

–

–

2

–

–

–

Rackla-Tiger Underground (29)

153

–

0.07

–

–

–

–

11

–

–

–

Rackla-Osiris Open Pit (30)

5,919

–

0.09

–

–

–

–

529

–

–

–

Rackla-Osiris Underground (30)

4,398

–

0.12

–

–

–

–

515

–

–

–

Total

333,809

492,337

6,171

553,620

470,780

1,421,920

Note: All estimates are in-situ except for the proven reserves at Greens Creek which are in surface stockpiles. Mineral resources are exclusive of reserves.

(1) The term “reserve” means an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. See footnotes 8 and 9 below.

(2) Mineral reserves are based on $22/oz silver, $1,900/oz gold, $0.90/lb lead, $1.15/lb zinc, unless otherwise stated. All Mineral Reserves are reported in-situ with estimates of mining dilution and mining loss.

(3) The reserve NSR cut-off values for Greens Creek is $230/ton for all zones; metallurgical recoveries (actual 2024): 79% for silver, 72% for gold, 81% for lead, and 89% for zinc.  

(4) The reserve NSR cut-off values for Lucky Friday are $225/ton for the 30 Vein and $236/ton for the Intermediate Veins; metallurgical recoveries (actual 2024): 94% for silver, 94% for lead, and 86% for zinc.

(5) The average reserve cut-off grades at Casa Berardi are 0.12 oz/ton gold (4.1 g/tonne) underground and 0.03 oz/ton gold (1.1 g/tonne) for open pit. Metallurgical recovery (actual 2024): 85% for gold; US$/CAD$ exchange rate: 1:1.35.

(6) The reserve NSR cut-off value at Keno Hill is $235.20/ton (CAD$350/tonne), Metallurgical recovery (actual 2024): 97% for silver, 95% for lead, 87% for zinc; US$/CAD$ exchange rate: 1:1.35.

(7) The term “probable reserves” means the economically mineable part of an indicated and, in some cases, a measured mineral resource. See footnotes 9 and 10 below.

(8) The term “mineral resources” means a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

(9) The term “measured resources” means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

(10) The term “indicated resources” means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower confidence level than a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

(11) The term “inferred resources” means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

(12) Mineral resources are based on $2,000/oz gold, $24/oz silver, $1.15/lb lead, $1.35/lb zinc and $4/lb copper, unless otherwise stated.

(13) The resource NSR cut-off values for Greens Creek is $230/ton for all zones; metallurgical recoveries (actual 2024): 79% for silver, 72% for gold, 81% for lead, and 89% for zinc.

(14) The resource NSR cut-off value for Lucky Friday is $236/ton; metallurgical recoveries (actual 2024): 94% for silver, 94% for lead, and 86% for zinc.

(15) The average resource cut-off grades at Casa Berardi are 0.11 oz/ton gold (3.7 g/tonne) for underground and 0.03 oz/ton gold (1.05 g/tonne) for open pit; metallurgical recovery (actual 2024): 85% for gold; US$/CAD$ exchange rate: 1:1.35.

(16) The resource NSR cut-off value at Keno Hill is $134.40/ton (CAD$200/tonne); using minimum width of 4.9 feet (1.5m); metallurgical recovery (actual 2024): 97% for silver, 95% for lead, 87% for zinc; US$/CAD$ exchange rate: 1:1.35.

(17) Mineral resources for underground zones at San Sebastian reported at a cut-off grade of $158.8/ton ($175/tonne), open pit resources reported at a cut-off grade of $72.6/ton ($80/tonne); Metallurgical recoveries based on grade dependent recovery curves: recoveries at the mean resource grade average 89% for silver and 84% for gold for oxide material and 85% for silver, 83% for gold, 81% for lead, 86% for zinc, and 83% for copper for sulfide material. Resources reported at a minimum mining width of 8.2 feet (2.5m) for Middle Vein, North Vein, and East Francine, 6.5ft (1.98m) for El Toro, El Bronco, and El Tigre, and 4.9 feet (1.5 m) for Hugh Zone and Andrea.

(18) Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater.

(19) Fire Creek underground mineral resources are reported at a gold equivalent cut-off grade of 0.22 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver.

(20) Hollister mineral resources, including the Hatter Graben are reported at a gold equivalent cut-off grade of 0.21 oz/ton. Metallurgical recoveries: 88% for gold and 66% for silver.

(21) Midas mineral resources are reported at a gold equivalent cut-off grade of 0.20 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver. Inferred resources for the Sinter Zone are reported undiluted.

(22) Mineral resources at Heva and Hosco are based on a gold cut-off grade of 0.011 oz/ton (0.37 g/tonnes) for open pit and 0.117 oz/ton (4 g/tonne) for underground and metallurgical recoveries of 95% for gold at Heva and 81.5% and 87.7% for gold at Hosco depending on zone. Heva and Hosco resources are diluted 20% and reported using a 7% mining loss.

(23) Indicated and Inferred resources at the Star property are reported using a minimum mining width of 4.3 feet and an NSR cut-off value of $200/ton; Metallurgical recovery: 93% for silver, 93% for lead, and 87% for zinc.

(24) Inferred open-pit resources for Fire Creek calculated November 30, 2017, using gold and silver recoveries of 65% and 30% for oxide material and 60% and 25% for mixed oxide-sulfide material. Indicated Resources reclassified as Inferred in 2019. Open pit resources are calculated at $1,400 gold and $19.83 silver and cut-off grade of 0.01 Au Equivalent oz/ton and is inclusive of 10% mining dilution and 5% ore loss. Open pit mineral resources exclusive of underground mineral resources. NI43-101 Technical Report for the Fire Creek Project, Lander County, Nevada; Effective Date March 31, 2018; prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining Company, June 28, 2018.

(25) Inferred resources reported at a minimum mining width of 6.0 feet for Bulldog and an NSR cut-off value of $200/ton and 5.0 feet for Equity and North Amethyst veins at an NSR cut-off value of $175/ton; Metallurgical recoveries based on grade dependent recovery curves; metal recoveries at the mean resource grade average 89% silver, 74% lead, and 81% zinc for the Bulldog and a constant 85% gold and 85% silver for North Amethyst and Equity.

(26) Inferred resource at Monte Cristo reported at a minimum mining width of 5.0 feet and a 0.10 oz/ton gold cut-off grade. Metallurgical recovery: 90% for gold and 90% silver.

(27) Inferred resource at Rock Creek reported at a minimum thickness of 15 feet and an NSR cut-off value of $31.50/ton; Metallurgical recoveries: 88% for silver and 92% for copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest in the June 2003 ‘Record of Decision, Rock Creek Project’.

(28) Inferred resource at Libby reported at a minimum thickness of 15 feet and an NSR cut-off value of $31.50/ton NSR; Metallurgical recoveries: 88% for silver and 92% copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest, Montana DEQ in December 2015 ‘Joint Final EIS, Montanore Project’ and the February 2016 U.S Forest Service – Kootenai National Forest ‘Record of Decision, Montanore Project’.

(29) Mineral resources at the Rackla-Tiger Project are based on a gold price of $1,650/oz, metallurgical recovery of 95% for gold, and cut-off grades of 0.02 oz/ton gold for the open pit portion of the resources and 0.04 oz/ton gold for the underground portions of the resources; US$/CAD$ exchange rate: 1:1.3.

(30) Mineral resources at the Rackla-Osiris Project are based on a gold price of $1,850/oz, metallurgical recovery of 83% for gold, and cut-off grades of 0.03 oz/ton gold for the open pit portion of the resources and 0.06 oz/ton gold for the underground portions of the resources; US$/CAD$ exchange rate: 1:1.3.

* Totals may not represent the sum of parts due to rounding.

Reserves & Resources PDF
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