Hecla Mining (HL) Form 4: COO Adds Equity via RSUs & Performance Rights

Rhea-AI Filing Summary

Hecla Mining Company (HL) filed a Form 4 disclosing insider transactions by Senior Vice-President & Chief Operating Officer Carlos Roberto Aguiar Rodriguez on 23 June 2025.

• Restricted stock units (RSUs): Mr. Aguiar received 65,399 RSUs (Code A) at a reference price of $5.82. These RSUs vest in three equal annual tranches beginning 21 June 2026 and ending 21 June 2028.
• Tax-withholding disposition: To cover tax on previously vested RSUs, the company withheld 10,150 shares (Code F) at $5.82.
• 401(k) allocation: 10,035 shares were credited to the executive’s 401(k) plan (Code J), reflecting 838.167 plan units.
• Performance rights: 65,399 performance rights (exercise price $0) were granted. Payout ranges from $380,625 (target) to $761,250 (200% of target) based on total shareholder-return ranking over 1 Jan 2025–31 Dec 2027. The rights settle in common shares on 1 Jan 2028.

After these transactions Mr. Aguiar’s direct holdings are 327,462 common shares, comprising 84,457 directly held shares, 134,855 performance-based units and 108,150 unvested RSUs. He also holds 10,035 shares indirectly through the 401(k) plan.

Investor take-away: The filing reflects routine executive compensation activity—vesting, tax withholding and new incentive awards—rather than open-market buying or selling. While the additional equity aligns management incentives with shareholders, the share issuance is modest relative to Hecla’s total float and is therefore unlikely to be materially dilutive.

Positive

• Incentive alignment: 65,399 new RSUs and equal-sized performance rights increase executive equity exposure.
• Performance-based compensation: Award tied to relative total shareholder return encourages long-term value creation.

Negative

• Minor dilution risk: Additional shares will be issued upon vesting and performance settlement.
• Share withholding sale: 10,150 shares disposed of to satisfy tax obligations, modestly increasing effective float.

Insights

Corporate Governance Expert

TL;DR: Routine RSU vesting and new performance awards; aligns incentives, minimal dilution—overall neutral.

From a governance standpoint, the actions are standard components of equity-based executive pay. Granting 65,399 RSUs and equivalent performance rights deepens management’s equity exposure, which investors usually view favorably. The tax-withholding sale is automatic, not discretionary selling, signalling no change in sentiment. Share count impact is de-minimis relative to Hecla’s ~600 million shares outstanding. No 10b5-1 plan is cited, but there is also no evidence of opportunistic timing. Net effect: neutral to mildly positive due to incentive alignment.

Securities Analyst

TL;DR: Insider compensation event, not a directional trade—unlikely to move HL stock materially.

The Form 4 lacks market-moving data: no open-market purchase or discretionary sale. The $5.82 reference price merely reflects share withholding. The performance award’s upper bound ($0.76 m) is immaterial versus Hecla’s $3 bn market cap. Investors should monitor eventual TSR results, but the present grant has no immediate earnings or cash-flow impact. I classify the filing as informational only, with negligible valuation effect.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Aguiar Rodriguez Carlos Roberto

(Last) (First) (Middle)

6500 N. MINERAL DR.

SUITE 200

(Street)

COEUR D'ALENE ID 83815

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HECLA MINING CO/DE/ [ HL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP & COO

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/23/2025		F		10,150(1)	D	$5.82	327,462(2)	D
Common Stock	06/23/2025		A		65,399(3)	A	$5.82	327,462(4)	D
Common Stock	06/23/2025		J		10,035(5)	A	$0	10,035	I	401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance rights	$0	06/23/2025		A		65,399(6)		01/01/2028	01/01/2028	Common Stock	65,399	$0	327,462(7)	D

Explanation of Responses:

1. Mr. Aguiar was awarded (i) 15,048 restricted stock units on June 21, 2022; 31,977 restricted stock units on August 7, 2023; and 48,138 restricted stock units on June 21, 2024. One-third of those restricted stock units vested on June 23, 2025. to cover his tax liability on those vested units, Hecla Mining Company withheld 10,150 shares.

2. Consists of 84,457 shares held directly, 134,855 performance-based units, and 108,150 unvested restricted stock units.

3. Award of restricted stock units that vest as follows: 21,800 shares on June 21, 2026; 21,800 shares on June 21, 2027; and 21,799 shares on June 21, 2028.

4. See footnote 2.

5. Held as 838.167 units in Mr. Aguiar's 401(k) account under the Hecla Mining Company Capital Accumulation Plan and estimated to be 10,035 shares.

6. Mr. Aguiar was awarded performance rights representing the contingent right to receive between #380,625 and $761,250 worth of Hecla Mining Company common stock based on Hecla Mining Company's Total Shareholder Return performance over the 3-year period (January 1, 2025 to December 31, 2027) relative to our peers. Examples of the potential grant of shares to Mr. Aguiar under this plan are as follows: 100th percentile rank among peers = maximum award at 200% of target ($761,250 in stock); 50th percentile rank among peers = target award at grant value ($380,625), and 0 percentile rank among peers = threshold award below 25% or target.

7. See footnote 2.

	Tami D. Whitman, Attorney-in-Fact for Carlos Aguiar Rodriguez	06/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Hecla Mining (HL) shares does COO Carlos Aguiar own after the transactions?

He directly holds 327,462 common shares plus an indirect holding of 10,035 shares through his 401(k) plan.

What was the largest acquisition reported on this Form 4?

An award of 65,399 restricted stock units granted on 23 Jun 2025 at a reference price of $5.82.

Did the executive sell any HL shares on the open market?

No. The only disposition was 10,150 shares withheld by the company to cover taxes on vested RSUs.

What are the terms of the newly granted performance rights?

The 65,399 rights vest on 1 Jan 2028 and pay out between $380,625 and $761,250 in stock based on 2025-2027 TSR ranking.

Is this transaction part of a Rule 10b5-1 trading plan?

The filing does not indicate that the transactions were made under a Rule 10b5-1 plan.