Hecla Mining Secures $500M Revolving Credit Facility Through 2030

Overview

On September 16, 2026, Hecla Mining Company entered into a new Credit Agreement providing for a $500 million senior secured revolving credit facility with an option to expand aggregate commitments by up to an additional $100 million.

Key Terms & Structure

• Borrowers: Hecla Limited, Hecla Alaska LLC, Hecla Greens Creek Mining Company, and Hecla Juneau Mining Company, with Hecla Mining Company as parent and certain subsidiaries as guarantors.
• Administrative Agent: Bank of America, N.A. (with BofA Securities, Bank of Montreal, and Royal Bank of Canada acting as Joint Lead Arrangers and Joint Bookrunners).
• Maturity: September 16, 2030 (4-year facility), with an option to extend the maturity by one year upon request to lenders.
• Pricing: Variable rates based on Term SOFR or Base Rate plus an applicable margin determined by a pricing grid.
• Notes Basket: Grants capacity to issue up to $500 million of senior unsecured notes during the term of the agreement.

Collateral & Improvement Over Prior Facility

• In connection with the transaction, the Company terminated its prior Credit Agreement dated July 21, 2022 (as amended May 3, 2024).
• The new facility is secured by equity pledges of subsidiaries associated with Greens Creek operations.
• Notable collateral improvement: Unlike the terminated credit agreement, the new facility does not include a mortgage on the Greens Creek mine or a lien across substantially all assets of the Greens Creek Group, unencumbering key operating assets.

Restrictions & Covenants

• Contains customary affirmative and negative covenants, including minimum interest coverage ratio and maximum net leverage ratio requirements.
• Governs restrictions on restricted payments, dividends, share repurchases, asset dispositions, and additional debt incurrence.