Hecla Mining Company (NYSE:HL) today announced that the U.S. Forest Service has issued the final decision notice and finding of no significant impact for the Company's 100% owned copper-silver Libby Exploration Project (Libby Project) in Lincoln County, Montana. This significant milestone advances the exploration phase of a world-class copper and silver deposit located southwest of Libby, Montana.
The Libby Project represents an important step in unlocking the potential of high-grade copper and silver production in northwest Montana. As of December 31, 2024, the Libby Project currently has an Inferred Resource of 112.2 million tons grading 0.7% copper and 1.6 ounces per ton silver, for contained metal of over 1.5 billion pounds of copper and 183 million ounces of silver. Mineralization remains open down dip and to the north, offering potential for further resource expansion. The Rock Lake fault (the fault) is thought to limit mineralization extension to the west, however, the dip of the fault was previously interpreted to be dipping east, whereas new interpretations indicate it may be dipping to the west which would offer the potential to extend mineralization in that direction as well.
"We are pleased to see the U.S. Forest Service advance the Libby Project, and we are grateful the FAST-41 process helped move this important project forward efficiently," said Rob Krcmarov, President and CEO of Hecla. "This approval represents years of collaboration among federal agencies, local and state officials and other stakeholders. The Libby Project exemplifies our commitment to responsibly developing critical minerals in the United States, delivering long-term economic benefits to our communities, and maintaining rigorous environmental stewardship."
U.S. Senator Steve Daines commended the decision, stating, "The Libby Exploration Project will provide good-paying Montana mining jobs without harming our beautiful lands and will help unlock the high value of world class copper and silver. President Trump's administration has proven yet again that they are committed to protecting Made-In-Montana energy and supporting Montana miners."
Senator Daines has been a strong advocate for the project, having sent a letter to the U.S. Forest Service in February 2025 urging approval and speaking about its importance at a Senate Energy and Natural Resources Committee hearing. The Libby Project's exploration phase offers Hecla the opportunity to gather essential geological, hydrological, and environmental data necessary to evaluate the full potential of the deposit. The Company intends to continue to work closely with federal and state agencies and local communities as the project advances.
Consistent with Hecla's position as the United States and Canada's largest silver producer, the Company is open to partnering with a strategic partner who could participate in the exploration phase and beyond, while maintaining the Company's economic exposure to the significant silver resources associated with the project. The Company remains focused on optimizing capital allocation and maximizing shareholder value.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
Cautionary Statement Regarding Forward Looking Statements, Including 2025 Outlook
Cautionary Statements to Investors on Reserves and Resources
This news release uses the terms “inferred mineral resources.” Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of inferred mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and 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. The Company reports reserves and resources under the SEC’s mining disclosure rules (“S-K 1300”) and Canada’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) because the Company is a “reporting issuer” under Canadian securities laws. Unless otherwise indicated, all resource estimates contained in this press release have been prepared in accordance with S-K 1300 as well as NI 43-101.
Qualified Person (QP)
Kurt D. Allen, MSc., CPG, VP-Exploration of Hecla Mining Company and Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, serve as a Qualified Persons under S-K 1300 and NI 43-101 for Hecla’s mineral projects. Mr. Allen supervised the preparation of the scientific and technical information concerning exploration activities while Mr. Jensen supervised the preparation of mineral resources for this news release. Mr. Allen reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes.
