Hecla Mining Insider Grant Adds 103k Shares, Performance Rights Valued to $0.6M

Rhea-AI Filing Summary

Hecla Mining Company (HL) – Form 4 insider activity

On 23 June 2025, Vice-President - Sustainability Patrick Shay Malone reported the receipt of two equity awards from Hecla Mining Company:

• Restricted stock units (RSUs): 51,869 common shares, reference price $5.82, coded “A” (award). Vesting schedule: 17,290 shares on 21 Jun 2026, 17,290 on 21 Jun 2027, and 17,289 on 21 Jun 2028.
• Performance rights: 51,869 performance-based units $301,875 (target) to $603,750 (maximum). Expiration date: 1 Jan 2028.

After the grant, Malone directly owns 103,738 common shares and holds 103,738 derivative units. No open-market purchase or sale occurred; the filing reflects compensation-related equity issuance. While the award modestly increases future dilution, it strengthens management’s share-price alignment and signals long-term retention incentives. Given Hecla’s large share base, the transaction is unlikely to be materially price-moving for public investors.

Positive

• Enhanced management-shareholder alignment: Malone’s ownership doubles to 103,738 shares plus performance units, tying compensation to future share performance.
• Performance-based structure: 50% of the award depends on total shareholder return, encouraging value creation over a three-year horizon.

Negative

• No cash purchase signal: The transaction is an equity grant, not an open-market buy, so it provides limited insight into management’s valuation view.
• Potential dilution: Additional shares may be issued upon vesting and performance satisfaction, albeit the percentage is immaterial.

Insights

Corporate Governance Analyst

TL;DR: Routine incentive grant; aligns VP interests, negligible dilution, neutral market impact.

The Form 4 shows an annual equity package rather than a discretionary insider buy. Roughly 0.02 % of Hecla’s ~600 million shares are affected, so dilution risk is de minimis. The mix of time-based RSUs and TSR-linked performance rights adheres to prevailing governance best practices by balancing retention with pay-for-performance. Because no cash outlay was made, the filing does not signal management’s assessment of valuation. Overall, investors should view the disclosure as ordinary-course compensation with limited bearing on near-term valuation.

Portfolio Manager

TL;DR: Insider equity stake rises, but grant-based award provides little trading signal; maintain neutral stance.

The 103,738-share increase boosts Malone’s direct economic exposure to ~US$600k at current prices, improving alignment but not indicating undervaluation the way an open-market purchase would. Vesting over three years and TSR hurdles encourage retention and peer-relative outperformance, which is constructive. Nonetheless, the event does not alter free-float materially or change Hecla’s risk-reward profile for portfolio allocation purposes. I classify the impact as neutral.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Malone Patrick Shay

(Last) (First) (Middle)

106 GLENDALE DRIVE

SUITE A

(Street)

LEAD SD 57754

(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)
	VP - Sustainability

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		A		51,869(1)	A	$5.82	103,738(2)	D

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		51,869(3)		01/01/2028	01/01/2028	Common Stock	51,869	$0	103,738(4)	D

Explanation of Responses:

1. Award of restricted stock units that vest as follows: 17,290 shares on June 21, 2026; 17,290 shares on June 21, 2027; and 17,289 shares on June 21, 2028.

2. Consists of 51,869 performance-based units, and 51,869 unvested restricted stock units.

3. Mr. Malone was awarded performance rights representing the contingent right to receive between $301,875 and $603,750 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. Malone under this plan are as follows: 100th percentile rank among peers = maximum award at 200% of target ($603,750 in stock); 50th percentile rank among peers = target award at grant value ($301,875 in stock), and 0 percentile rank among peers = threshold award below 25% of target.

4. See footnote 2.

	Tami D. Whitman, Attorney-in-Fact for Patrick Malone	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).
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FAQ

How many Hecla Mining (HL) shares did Patrick Malone receive?

He was awarded 51,869 restricted stock units and 51,869 performance rights, totaling 103,738 potential common shares.

What is the vesting schedule for the HL restricted stock units?

The RSUs vest in three tranches: 17,290 on 21 Jun 2026, 17,290 on 21 Jun 2027 and 17,289 on 21 Jun 2028.

How are the performance rights valued?

Payout ranges from $301,875 (target) to $603,750 (maximum) based on Hecla’s 3-year TSR ranking versus peers.

Did the insider buy HL shares on the open market?

No. The Form 4 reports an equity grant, coded “A”, not an open-market purchase or sale.

What is Patrick Malone’s total HL share ownership after the grant?

He now directly owns 103,738 common shares and holds 103,738 derivative units (RSUs + performance rights).