Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 10, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000719413 | ||
Entity Registrant Name | HECLA MINING COMPANY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Securities Act File Number | 1-8491 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0664171 | ||
Entity Address, Address Line One | 6500 N. Mineral Drive, Suite 200 | ||
Entity Address, City or Town | Coeur d’Alene | ||
Entity Address, State or Province | ID | ||
Entity Address, Postal Zip Code | 83815-9408 | ||
City Area Code | 208 | ||
Local Phone Number | 769-4100 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,082,858,911 | ||
Entity Common Stock, Shares Outstanding | 607,822,079 | ||
Documents Incorporated by Reference | To the extent herein specifically referenced in Part III, the information contained in the Proxy Statement for the 2023 Annual Meeting of Shareholders of the registrant, which will be filed with the Commission pursuant to Regulation 14A within 120 days of the end of the registrant’s 2022 fiscal year, is incorporated herein by reference. See Part III. | ||
Auditor Name | BDO USA, LLP | ||
Auditor Location | Spokane, Washington | ||
Auditor Firm ID | 243 | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.25 per share | ||
Trading Symbol | HL | ||
Security Exchange Name | NYSE | ||
Series B Cumulative Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series B Cumulative Convertible PreferredStock, par value $0.25 per share | ||
Trading Symbol | HL-PB | ||
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales | $ 718,905 | $ 807,473 | $ 691,873 |
Cost of sales and other direct production costs | 458,811 | 417,879 | 382,663 |
Depreciation, depletion and amortization | 143,938 | 171,793 | 148,110 |
Total cost of sales | 602,749 | 589,672 | 530,773 |
Gross profit | 116,156 | 217,801 | 161,100 |
Other operating expenses: | |||
General and administrative | 43,384 | 34,570 | 35,561 |
Exploration and pre-development | 46,041 | 47,901 | 18,295 |
Provision for closed operations and environmental matters | 8,793 | 14,571 | 3,929 |
Ramp-up and suspension costs | 24,114 | 23,012 | 24,911 |
Other operating expense | 6,262 | 14,327 | 11,426 |
Total other operating expenses | 128,594 | 134,381 | 94,122 |
(Loss) income from operations | 12,438 | 83,420 | 66,978 |
Other expense: | |||
Fair value adjustments, net | (4,723) | (35,792) | (11,806) |
Foreign exchange gain (loss), net | 7,211 | 417 | (4,605) |
Other net expense | (7,829) | (574) | (2,256) |
Interest expense, net | (42,793) | (41,945) | (49,569) |
Total other expense: | (32,476) | (77,894) | (68,236) |
(Loss) income before income and mining taxes | (44,914) | 5,526 | (1,258) |
Income and mining tax benefit (provision) | 7,566 | 29,569 | (8,199) |
Net (loss) income | (37,348) | 35,095 | (9,457) |
Preferred stock dividends | (552) | (552) | (552) |
Net (loss) income applicable to common shares | (37,900) | 34,543 | (10,009) |
Comprehensive income (loss): | |||
Net (loss) income | (37,348) | 35,095 | (9,457) |
Unrealized gain (loss) and amortization of prior service on pension plans | (17,067) | 16,740 | (3,559) |
Unrealized gain (loss) on derivative contracts designated as hedge transactions | 13,837 | (12,307) | 7,980 |
Total change in accumulated other comprehensive income (loss), net | 30,904 | 4,433 | 4,421 |
Comprehensive (loss) income | $ (6,444) | $ 39,528 | $ (5,036) |
Basic (loss) income per common share after preferred dividends | $ 0.07 | $ 0.06 | $ (0.02) |
Diluted (loss) income per common share after preferred dividends | $ 0.07 | $ 0.06 | $ (0.02) |
Weighted average number of common shares outstanding - basic | 557,344 | 536,192 | 527,329 |
Weighted average number of common shares outstanding - diluted | 557,344 | 542,176 | 527,329 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net (loss) income | $ (37,348) | $ 35,095 | $ (9,457) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation, depletion and amortization | 145,147 | 172,651 | 155,006 |
Fair value adjustments, net | 24,182 | 15,040 | (4,690) |
Adjustment of inventory to net realizable value | 2,646 | 6,524 | 0 |
Provision for reclamation and closure costs | 9,572 | 11,514 | 6,189 |
Deferred income taxes | (25,546) | (48,049) | (3,818) |
Stock compensation | 6,012 | 6,082 | 6,458 |
Foreign exchange (gain) loss | (9,210) | (79) | 2,680 |
Other non-cash items | 3,736 | 2,663 | 6,032 |
Increase (Decrease) in Operating Capital [Abstract] | |||
Accounts receivable | 8,669 | (5,405) | (1,080) |
Inventories | (18,230) | 16,919 | (13,208) |
Other current and non-current assets | (12,388) | (1,678) | 2,381 |
Accounts payable and accrued liabilities | (24,981) | (795) | 19,379 |
Accrued payroll and related benefits | 13,732 | 1,270 | 14,445 |
Accrued taxes | (7,927) | 6,457 | 3,561 |
Accrued reclamation and closure costs and other non-current liabilities | 11,824 | 2,128 | (3,085) |
Net cash provided by operating activities | 89,890 | 220,337 | 180,793 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Additions to properties, plants, equipment and mineral interests | (149,378) | (109,048) | (91,016) |
Purchase of carbon credits | 0 | (869) | 0 |
Payments for pre acquisition advance to alexco | (25,000) | ||
Acquisitions, net | 8,953 | ||
Proceeds from sale or exchange of investments | 9,375 | 1,811 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 748 | 1,077 | 331 |
Purchases of investments | (31,971) | 0 | (2,216) |
Net cash used in investing activities | (187,273) | (107,029) | (92,901) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Proceeds from issuance of common stock, net of offering costs | 17,278 | 0 | 0 |
Dividends paid to common and preferred stockholders | (12,932) | (20,672) | (9,152) |
Acquisition of treasury shares from employee equity awards | (3,677) | (4,525) | (2,745) |
Borrowings of debt | 25,000 | 0 | 716,327 |
Repayments of debt | (25,000) | 0 | (716,500) |
Repayments of finance leases | (7,633) | (7,285) | (5,953) |
Payments for other financing activities | (536) | 116 | 1,356 |
Net cash used in financing activities | (7,500) | (32,598) | (19,379) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | (273) | (530) | (1,107) |
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents | (105,156) | 80,180 | 67,406 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year | 211,063 | 130,883 | 63,477 |
Cash, cash equivalents and restricted cash and cash equivalents at end of year | 105,907 | 211,063 | 130,883 |
Supplemental Cash Flow Information [Abstract] | |||
Interest | (37,200) | (37,565) | (34,853) |
Income and mining taxes | (14,405) | (12,105) | 7,913 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Addition of finance lease obligations | 11,887 | 4,870 | 9,113 |
Recognition of operating lease liabilities and right-of-use assets | 6,842 | 4,874 | 0 |
Common stock contributed to pension plans | 9,740 | 22,250 | 16,032 |
Common stock issued for 401(k) match | 4,470 | 4,339 | 4,624 |
Restricted Stock or Unit Expense | 0 | 0 | 5,096 |
Common stock issued to stockholders | 68,733 | ||
Common stock issued to settle acquired silver stream | 135,000 | ||
Equity securities received from exchange of investments | $ 0 | $ 3,626 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 104,743 | $ 210,010 |
Receivables, Net, Current [Abstract] | ||
Trade | 45,146 | 36,437 |
Other, net | 10,695 | 8,149 |
Inventory, Net [Abstract] | ||
Concentrates, dore, stockpiled ore, and metals in transit and in process | 37,303 | 25,906 |
Materials and supplies | 53,369 | 41,859 |
Other Assets, Current | 16,471 | 19,266 |
Total current assets | 267,727 | 341,627 |
Investments | 24,018 | 10,844 |
Restricted cash and investments | 1,164 | 1,053 |
Properties, plants, equipment and mineral interests, net | 2,569,790 | 2,310,810 |
Operating Lease, Right-of-Use Asset | 11,064 | 12,435 |
Deferred tax assets | 21,105 | 45,562 |
Other non-current assets | 32,304 | 6,477 |
Total assets | 2,927,172 | 2,728,808 |
Liabilities, Current [Abstract] | ||
Accounts payable and accrued liabilities | 84,747 | 68,100 |
Accrued payroll and related benefits | 37,579 | 28,714 |
Accrued taxes | 4,030 | 12,306 |
Accrued reclamation and closure costs | 8,591 | 9,259 |
Accrued interest | 14,454 | 14,454 |
Current derivative liabilities | 16,125 | 19,353 |
Other current liabilities | 3,457 | 2,585 |
Total current liabilities | 178,466 | 160,383 |
Finance leases | 9,483 | 5,612 |
Accrued reclamation and closure costs | 108,408 | 103,972 |
Long-term debt including finance leases | 517,742 | 515,871 |
Deferred tax liability | 125,846 | 149,706 |
Pension liability | 0 | 4,673 |
Non-current derivatitive liabilities | 6,066 | 18,528 |
Other non-current liabilities | 11,677 | 14,888 |
Total liabilities | 948,205 | 968,021 |
Commitments and contingencies (Notes 4, 5, 8, 9, 13 and 14) | ||
Series B preferred stock, $0.25 par value, issued 2022 - 157,776 shares (2021 - 157,816 shares issued and outstanding), liquidation preference - $7,891 | 39 | 39 |
Common stock, $0.25 par value, authorized 750,000,000 shares; issued 2022 - 607,619,495 shares and 2021 - 545,534,760 shares | 151,819 | 136,391 |
Capital surplus | 2,260,290 | 2,034,485 |
Accumulated deficit | (403,931) | (353,651) |
Accumulated other comprehensive income (loss), net | 2,448 | 28,456 |
Less treasury stock, at cost; 2022 - 8,132,553 and 2021 - 7,395,295 shares issued and held in treasury | (31,698) | (28,021) |
Total stockholders’ equity | 1,978,967 | 1,760,787 |
Total liabilities and stockholders’ equity | $ 2,927,172 | $ 2,728,808 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
Preferred Stock, Shares Issued | 157,776 | 157,816 |
Preferred Stock, Shares Outstanding | 157,816 | |
Preferred Stock, Liquidation Preference, Value | $ 7,891 | |
Restricted stock unit distributions, shares (in shares) | 2,192,795 | 1,653,000 |
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 607,619,495 | 545,534,760 |
Treasury Stock, Shares | 8,132,553 | 7,395,295 |
Common stock issued upon conversion of series B preffered stock | 128 | |
Conversion of Stock, Shares Converted | 40 | |
Series B Preferred Stock [Member] | ||
Preferred Stock, Shares Outstanding | 157,776 | 157,816 |
Preferred Stock, Liquidation Preference, Value | $ 7,900 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Series B Preferred Stock | Common Stock | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), net | Treasury Stock |
Balance at Dec. 31, 2019 | $ 1,696,534 | $ 39 | $ 132,292 | $ 1,973,700 | $ (349,220) | $ (37,310) | $ (22,967) |
Net loss | (9,457) | 0 | 0 | (9,457) | 0 | 0 | |
Stock issued to directors | 1,486 | 0 | 97 | 1,389 | 0 | 0 | 0 |
Stock issued for 401(k) match | 4,624 | 0 | 397 | 4,227 | 0 | 0 | 0 |
Restricted stock units granted | 4,975 | 0 | 4,975 | 0 | 0 | 0 | |
Common stock and Series B Preferred stock dividends declared | (9,151) | 0 | 0 | 0 | (9,151) | 0 | 0 |
Common stock issued for employee incentive compensation | 3,830 | 0 | 700 | 4,396 | 0 | (1,266) | |
Common stock issued to pension plans | 16,032 | 0 | 717 | 15,315 | 0 | 0 | |
Restricted stock unit distributions | (1,479) | 0 | 426 | (426) | 0 | 0 | (1,479) |
Other comprehensive income | 4,421 | 0 | 0 | 0 | 4,421 | 0 | |
Treasury shares issued to charitable foundation | (1,970) | 0 | 0 | 0 | 246 | 0 | (2,216) |
Balance at Dec. 31, 2020 | 1,713,785 | 39 | 134,629 | 2,003,576 | (368,074) | (32,889) | (23,496) |
Net loss | 35,095 | 0 | 0 | 0 | 35,095 | 0 | 0 |
Stock issued to directors | 1,844 | 0 | 52 | 1,792 | 0 | 0 | 0 |
Stock issued for 401(k) match | 4,339 | 0 | 172 | 4,167 | 0 | 0 | 0 |
Restricted stock units granted | 4,238 | 0 | 0 | 4,238 | 0 | 0 | 0 |
Common stock and Series B Preferred stock dividends declared | (20,672) | 0 | 0 | 0 | 20,672 | 0 | 0 |
Common stock issued to pension plans | 22,250 | 0 | 1,125 | 21,125 | 0 | 0 | 0 |
Restricted stock unit distributions | (4,525) | 0 | 413 | (413) | 0 | 0 | (4,525) |
Other comprehensive income | 4,433 | 0 | 0 | 0 | 0 | 4,433 | 0 |
Balance at Dec. 31, 2021 | 1,760,787 | 39 | 136,391 | 2,034,485 | (353,651) | (28,456) | (28,021) |
Net loss | (37,348) | 0 | 0 | 0 | (37,348) | 0 | 0 |
Stock issued to directors | 417 | 0 | 25 | 392 | 0 | 0 | 0 |
Stock issued for 401(k) match | 4,470 | 245 | 4,225 | 0 | 0 | 0 | |
Restricted stock units granted | 5,595 | 0 | 0 | 5,595 | 0 | 0 | 0 |
Common stock and Series B Preferred stock dividends declared | (12,932) | 0 | 0 | 0 | 12,932 | 0 | 0 |
Common stock issued to pension plans | 9,740 | 0 | 548 | 9,192 | 0 | 0 | 0 |
Restricted stock unit distributions | (3,677) | 0 | 447 | (447) | (3,677) | ||
Common stock issued to Alexco Resource Corp. shareholders | 68,733 | 4,498 | 64,235 | ||||
Common stock issued to settle the acquired silver stream | 135,000 | 8,700 | 126,300 | ||||
Common stock issued upon conversion of Series B Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock issued under ATM program | 17,278 | 965 | 16,313 | ||||
Other comprehensive income | 30,904 | 0 | 0 | 0 | 0 | 30,904 | 0 |
Balance at Dec. 31, 2022 | $ 1,978,967 | $ 39 | $ 151,819 | $ 2,260,290 | $ (403,931) | $ (2,448) | $ (31,698) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock issued to directors, shares (in shares) | 68,816 | 207,000 | 391,000 |
Common stock issued for 401(k) match, shares (in shares) | 978,964 | 685,000 | 1,584,000 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.0375 | $ 0.0375 | $ 0.01625 |
Preferred Stock, Dividends Per Share, Declared | $ 2.63 | $ 2.63 | $ 2.63 |
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 2,800,000 | ||
Common stock issued to Alexco Resource Corp. shareholders ( in shares) | 17,992,875 | ||
Common stock issued to settle the acquired silver stream (in shares) | 34,800,990 | ||
Common stock issued under ATM program , shares | 3,860,199 | ||
Stock Issued During Period, Shares, Employee Benefit Plan | 2,190,000 | 4,500,000 | 2,869,000 |
Restricted stock unit distributions, shares (in shares) | 2,192,795 | 1,653,000 | 1,702,000 |
Stock Issued During Period, Shares, Treasury Stock Reissued | 650,000 | ||
Number of series B preffered stock coverted | 40 | ||
Common stock issued upon conversion of series B preffered stock | 128 |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: The Company Hecla Mining Company, and its affiliates and subsidiaries (collectively, “Hecla,” “we,” “us” or “the Company”), is the largest silver producer in the United States. 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. Our current holding company structure dates from the incorporation of Hecla Mining Company in 2006 and the renaming of our subsidiary (previously Hecla Mining Company) as Hecla Limited. Hecla Limited was incorporated on October 14, 1891 as an Idaho Corporation in northern Idaho’s Silver Valley. We believe we are the oldest operating precious metals mining company in the United States and the largest silver producer in the United States. Our corporate offices are in Coeur d’Alene, Idaho and Vancouver, British Columbia. The cash flow and profitability of the Company’s operations are significantly affected by the market price of silver, gold, lead and zinc, which are affected by numerous factors beyond our control. On September 7, 2022, we completed the acquisition of the remaining 90.1 % of Alexco Resource Corp. ("Alexco") for non-cash consideration of 17,992,875 shares of Company common stock valued at $ 68.7 million. Total consideration for the acquisition, deemed to be an asset acquisition under accounting principles generally accepted in the United States of America (“GAAP”), was $ 81.5 million of which $ 76.4 million was non-cash, including the fair value of our common stock issued and the fair value of the 9.9 % Alexco investment held by us prior to the completion of the acquisition and previously accounted for as marketable equity securities of $ 7.7 million. Acquisition costs also included transaction costs of $ 5.1 million. The total consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $ 236.6 million, a related deferred tax liability of $ 12.9 million, net liabilities of $ 7.2 million and a silver stream liability of $ 135 million. Immediately following the closure of the acquisition, we settled the silver stream liability with the stream holder for 34,800,990 shares of our common stock. Prior to September 7, 2022, the Company advanced $ 25 million to Alexco to fund its operations on market terms. The advance was assumed upon acquisition and is eliminated upon consolidation. References to “CAD” and “MXN” refer to the Canadian Dollar and Mexican Peso, respectively. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Note 2: Summary of Significant Accounting Policies A. Principles of Consolidation, Basis of Presentation and Other Information — Our Consolidated Financial Statements have been prepared in accordance with GAAP, and include our accounts and our wholly-owned subsidiaries’ accounts. All inter-company balances and transactions have been eliminated in consolidation. B. Assumptions and Use of Estimates — Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. We consider our most critical accounting estimates to be future metals prices; obligations for environmental, reclamation and closure matters and mineral reserves and resources. Other significant areas requiring the use of management assumptions and estimates relate to reserves for contingencies and litigation; asset impairments, including long-lived assets; valuation of deferred tax assets; and post-employment, post-retirement and other employee benefit assets and liabilities. We have based our estimates on historical experience and various other assumptions that we believe to be reasonable. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. C. Cash and Cash Equivalents — Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at fair value. Cash and cash equivalents are invested in money market funds, certificates of deposit, U.S. government and federal agency securities, municipal securities and corporate bonds. D. Investments — We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations at each reporting date. Currently all our investments are comprised of marketable equity securities and are carried at fair value. Marketable securities we anticipate selling within the next twelve months are included in other current assets. Gains and losses on the sale of securities are recognized on a specific identification basis. Gains and losses are included as a component of a separate line item, “fair value adjustments, net,” on our consolidated statements of operations and comprehensive income (loss). E. Inventories — Major types of inventories include materials and supplies and metals product inventory, which is determined by the stage at which the ore is in the production process (stockpiled ore, in-process and finished goods). Product inventories are stated at the lower of full cost of production or estimated net realizable value based on current metals prices. Materials and supplies inventories are stated at average cost. Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit. In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process, or net realizable value. Finished goods inventory includes doré and concentrates at our operations, doré in transit to refiners or at refiners waiting to be processed, and bullion in our accounts at refineries. F. Restricted Cash and Investments — Restricted cash and investments primarily represent investments in money market funds, certificates of deposit, and bonds of U.S. government agencies and are restricted primarily for reclamation funding or surety bonds. Restricted cash balances are carried at fair value. Non-current restricted cash and investments is reported in a separate line on the consolidated balance sheets and totaled $ 1.2 million and $ 1.1 million at December 31, 2022 and 2021, respectively. G. Properties, Plants, Equipment and Mineral Interests – Costs are capitalized when it has been determined an ore body can be economically developed. The development stage begins at new projects when our management and/or board of directors makes the decision to bring a mine into commercial production, and ends when the production stage, or exploitation of reserves, begins. Expenditures incurred during the development and production stages for new assets, new facilities, alterations to existing facilities that extend the useful lives of those facilities, and major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, shaft sinking, lateral development, drift development, ramps and infrastructure developments. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production stage are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development stage. Where multiple open pits exist at an operation utilizing common facilities, pre-stripping costs are capitalized at each pit. The production stage of a mine commences when saleable materials, beyond a de minimis amount, are produced. Stripping costs incurred during the production stage are treated as variable production costs included as a component of inventory, to be recognized in cost of sales and other direct production costs in the same period as the revenue from the sale of inventory. Costs for exploration, pre-development, secondary development at operating mines, including drilling costs related to those activities (discussed further below), and maintenance and repairs on capitalized properties, plants and equipment are charged to operations as incurred. Exploration costs include those relating to activities carried out in search of previously unidentified resources or exploration targets, (a) at undeveloped concessions, or (b) at operating mines already containing proven and probable reserves, where a determination remains pending as to whether new target deposits outside of the existing reserve areas can be economically developed. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to the lack of evidence of economic viability, which is necessary to demonstrate future recoverability of these expenses. At an underground mine, secondary development costs are incurred for preparation of an ore body for production in a specific ore block, stope or work area, providing a relatively short-lived benefit only to the mine area they relate to, and not to the ore body as a whole. Primary development costs benefit long-term production, multiple mine areas, or the ore body as a whole, and are therefore capitalized. Drilling, development and related costs are either classified as exploration, pre-development or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria: • whether the costs are incurred to further define resources or exploration targets at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; • whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and • whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. If all of these criteria are met, drilling, development and related costs are capitalized. Drilling and development costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling and development costs is appropriate: • completion of a favorable economic study and mine plan for the ore body targeted; • authorization of development of the ore body by management and/or the board of directors; and • there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met. Drilling and related costs of approximately $ 11.2 million, $ 5.2 million, and $ 4.4 million for the years ended December 31, 2022, 2021 and 2020, respectively, met our criteria for capitalization listed above at our production stage properties. When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in current period net income (loss). Our mineral interests, which are tangible assets, include acquired undeveloped mineral interests and royalty interests. Undeveloped mineral interests include: (i) resources which are measured, indicated or inferred with insufficient drill spacing or quality to qualify as proven and probable reserves; and (ii) inferred material and exploration targets not immediately adjacent to existing proven and probable reserves but accessible within the immediate mine infrastructure. Residual values for undeveloped mineral interests represent the expected fair value of the interests at the time we plan to convert, develop, further explore or dispose of the interests and are evaluated at least annually. H. Depreciation, Depletion and Amortization — Capitalized costs are depreciated or depleted using the straight-line method or units-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 14 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually. Our estimates for reserves and resources are a key component in determining our units-of-production depreciation rates, with net book value of many assets depreciated over remaining estimated reserves. Reserves are estimates made by our professional technical personnel of the amount of metals that they believe could be economically and legally extracted or produced at the time of the reserve determination (discussed in J. Proven and Probable Mineral Reserves below). Our estimates of proven and probable mineral reserves and resources may change, possibly in the near term, resulting in changes to depreciation, depletion and amortization rates in future reporting periods. Undeveloped mineral interests and value beyond proven and probable reserves are not amortized until such time as there are proven and probable reserves or the related mineralized material is converted to proven and probable reserves. At that time, the basis of the mineral interest is amortized on a units-of-production basis. Pursuant to our policy on impairment of long-lived assets (discussed further below), if it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves and its carrying value exceeds its estimated undiscounted future cash flows, the basis of the mineral interest is reduced to its fair value and an impairment loss is recorded to expense in the period in which it is determined to be impaired. I. Impairment of Long-lived Assets — Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We perform the test for recoverability of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests. Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of resources and exploration targets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows are dependent upon, among other factors, estimates of: (i) metals to be recovered from proven and probable mineral reserves and identified resources and exploration targets beyond proven and probable reserves, (ii) future production and capital costs, (iii) estimated metals prices (considering current and historical prices, forward pricing curves and related factors) over the estimated remaining mine life and (iv) market values of mineral interests. It is possible that changes could occur in the near term that could adversely affect our estimate of future cash flows to be generated from our operating properties. If estimated undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized for the difference between the carrying value and fair value of the property. J. Proven and Probable Mineral Reserves — At least annually, management reviews the reserves used to estimate the quantities and grades of ore at our mines which we believe can be recovered and sold economically. Management’s calculations of proven and probable mineral reserves are based on financial, engineering and geological estimates, including future metals prices and operating costs, and an assessment of our ability to obtain the permits required to mine and process the material. From time to time, management obtains external audits or reviews of reserves. Reserve estimates will change as existing reserves are depleted through production, as additional reserves are proven and added to the estimates and as market prices of metals, production or capital costs, smelter terms, the grade or tonnage of the deposit, throughput, dilution of the ore or recovery rates change. K. Leases — Contractual arrangements are assessed at inception to determine if they represent or contain a lease. Right-of-use (“ROU”) assets related to operating leases are separately reported in the Consolidated Balance Sheets. ROU assets related to finance leases are included in Properties, plants, equipment and mineral interests, net. Separate current and non-current liabilities for operating and finance leases are reported on the Consolidated Balance Sheets. Operating and finance lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. L. Income and Mining Taxes — We provide for federal, state and foreign income taxes currently payable, as well as those deferred, due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. We record deferred tax liabilities and assets for expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. We evaluate uncertain tax positions in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. We evaluate our ability to realize deferred tax assets by considering the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies. Should we determine that a portion of our deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. When we determine, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance is made in the period such a determination is made. We classify as income taxes mine license taxes incurred in the states of Alaska and Idaho, the net proceeds taxes incurred in Nevada, mining duties in Mexico, and resource taxes incurred in Quebec and Yukon, Canada. M. Reclamation and Remediation Costs (Asset Retirement Obligations) — At our operating properties, we record a liability for the present value of our estimated environmental remediation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred. At our non-operating properties, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Accruals for estimated losses from environmental remediation obligations have historically been recognized no later than completion of the remediation feasibility study for such facility and are charged to current earnings under provision for closed operations and environmental matters. Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management’s current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations. Future closure, reclamation and environmental-related expenditures are difficult to estimate in many circumstances, due to the early stage nature of investigations, uncertainties associated with defining the nature and extent of environmental contamination, the application of laws and regulations by regulatory authorities, and changes in reclamation or remediation technology. We periodically review accrued liabilities for such reclamation and remediation costs as evidence becomes available indicating that our liabilities have potentially changed. Changes in estimates at our non-operating properties are reflected in current period net income (loss). N. Revenue Recognition and Trade Accounts Receivable — Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues and accounts receivable upon completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré and carbon material, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré or carbon containing the agreed-upon metal quantities to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, we must estimate the prices at which sales of our concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts for some of the metals contained in our concentrate shipments. Refining, selling and shipping costs related to sales of doré, metals from doré, and carbon are recorded to cost of sales as incurred. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customers for treatment, refining, smelting losses, and other charges negotiated by us with the customers. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed costs per ton of concentrate, and price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline. O. Foreign Currency — The functional currency for our operations located in the U.S., Mexico and Canada is the U.S. dollar (“USD”) for all periods presented. Accordingly, for Casa Berardi and Keno Hill in Canada and San Sebastian in Mexico, we have translated our monetary assets and liabilities at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period net income (loss). Expenses incurred at our foreign operations and denominated in CAD and MXN expose us to exchange rate fluctuations between those currencies and the USD. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts to sell CAD and MXN. We recognized a total net foreign exchange gain of $ 7.2 million and $ 0.4 million for the years ended December 31, 2022 and 2021, respectively, and a loss of $ 4.6 million for the year ended December 31, 2020. P. Risk Management Contracts — We use derivative financial instruments as part of an overall risk-management strategy as a means of managing exposure to changes in metals prices and exchange rate fluctuations between the USD and CAD and MXN. We do not hold or issue derivative financial instruments for speculative trading purposes. We measure derivative contracts as assets or liabilities based on their fair value. Amounts recognized for the fair value of derivative asset and liability positions with the same counterparty and which would be settled on a net basis are offset against each other on our consolidated balance sheets. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to sales of products (for metals price-related contracts) or cost of sales (for foreign currency-related contracts). Ineffective portions of any change in fair value of a derivative are recorded in current period other operating income (expense). For derivatives qualifying as hedges, when the hedged items are sold, extinguished or terminated, or it is determined the hedged transactions are no longer likely to occur, gains or losses on the derivatives are reclassified from OCI to current earnings. As of December 31, 2022 and 2021, our foreign currency-related forward contracts qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI. Our base metals price-related forward contracts were designated as hedges effective November 1, 2021. Prior to November 1, 2021 our metals price-related forward contracts and put option contracts did not qualify for hedge accounting and all unrealized gains and losses were therefore reported in earnings. Q. Stock Based Compensation — The fair values of equity instruments granted to employees that have vesting periods are expensed over the vesting periods on a straight-line basis. The fair values of instruments having no vesting period are expensed when granted. Stock-based compensation expense is recorded among general and administrative expenses, exploration and pre-development and cost of sales and other direct production costs. R. Basic and Diluted Income (Loss) Per Common Share — We calculate basic income (loss) per share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods. S. Comprehensive Income (Loss) — In addition to net income (loss), comprehensive income (loss) includes certain changes in equity during a period, such as adjustments to minimum pension liabilities, adjustments to recognize the over-funded or under-funded status of our defined benefit pension plans, the change in fair value of derivative contracts designated as hedge transactions, and cumulative unrecognized changes in the fair value of available for sale debt investments, net of tax, if applicable. T. Reclassifications — Certain amounts in prior years have been reclassified to conform with the 2022 presentation. U. New Accounting Pronouncements — Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (“FASB") issued ASU No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. We adopted the update as of January 1, 2022, which did not have a material impact on our consolidated financial statements or disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606) . The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The update is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the new standard effective January 1, 2022, which did not have a material impact on our consolidated financial statements or disclosures. Accounting Standards Updates to Become Effective in Future Periods In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform, in response to the 2017 United Kingdom Financial Conduct Authority ("FCA") announcement that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate ("LIBOR"), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicated that the continuation of LIBOR on the current basis would not be guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as SOFR. Our New Credit Agreement references SOFR-based rates, compared to our prior credit facility which referenced LIBOR based- rates. Certain of our derivative instruments reference LIBOR-based rates and were amended to eliminate the LIBOR-based rate references prior to January 1, 2023. We do not expect a significant impact to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed. |
Note 3 - Business Segments, Sal
Note 3 - Business Segments, Sales of Products and Significant Customers | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments, Sales of Products and Significant Customers | Note 3: Business Segments, Sales of Products and Significant Customers We discover, acquire and develop mines and other mineral interests and produce and market concentrates, containing silver, gold (in the case of Greens Creek), lead and zinc, (ii) carbon material containing silver and gold, and (iii) doré containing silver and gold. We are currently organized and managed in five reportable segments being: Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and the Nevada Operations. General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and San Sebastian, a former operating mine and reportable segment, and the acquired Alexco environmental remediation services, are presented as “other.” Interest expense, interest income and income taxes are considered general corporate items, and are not allocated to our segments. The tables below present information about our reportable segments as of and for the years ended December 31, 2022, 2021 and 2020 (in thousands). 2022 2021 2020 Net sales to unaffiliated customers: Greens Creek $ 335,062 $ 384,843 $ 327,820 Lucky Friday 147,814 131,488 63,025 Keno Hill — — — Casa Berardi 235,136 245,152 209,224 Nevada Operations 419 45,814 58,898 Other 474 176 32,906 Total sales to unaffiliated customers $ 718,905 $ 807,473 $ 691,873 Income (loss) from operations: Greens Creek $ 87,297 $ 164,666 $ 114,607 Lucky Friday 27,636 31,683 ( 1,711 ) Keno Hill ( 4,249 ) — — Casa Berardi ( 21,799 ) 5,807 10,379 Nevada Operations ( 38,134 ) ( 46,115 ) ( 6,674 ) Other ( 63,189 ) ( 72,621 ) ( 49,623 ) Total (loss) income from operations $ ( 12,438 ) $ 83,420 $ 66,978 Capital additions (excluding non-cash items): Greens Creek $ 36,898 $ 23,883 $ 19,685 Lucky Friday 50,992 29,885 25,776 Keno Hill 19,725 — — Casa Berardi 39,667 49,617 40,840 Nevada Operations 333 5,470 4,003 Other 1,763 193 712 Total capital additions $ 149,378 $ 109,048 $ 91,016 Depreciation, depletion and amortization: Greens Creek $ 48,911 $ 48,710 49,692 Lucky Friday 33,704 26,846 11,473 Keno Hill — — — Casa Berardi 60,962 80,744 60,552 Nevada Operations 361 15,341 22,845 Other — 152 3,548 Total depreciation, depletion and amortization $ 143,938 $ 171,793 $ 148,110 Other significant non-cash items: Greens Creek $ 2,821 $ 3,653 $ 3,103 Lucky Friday 1,138 1,048 881 Keno Hill 1,669 — — Casa Berardi 1,520 1,284 ( 1,741 ) Nevada Operations 4,384 7,740 2,039 Other ( 816 ) ( 20,030 ) 8,569 Total other significant non-cash items $ 10,716 $ ( 6,305 ) $ 12,851 Identifiable assets: Greens Creek $ 582,687 $ 589,944 $ 610,360 Lucky Friday 571,510 516,545 520,463 Keno Hill 276,096 — — Casa Berardi 681,631 701,868 727,008 Nevada Operations 466,722 468,985 513,309 Other 348,526 451,466 329,070 Total identifiable assets $ 2,927,172 $ 2,728,808 $ 2,700,210 The following are our long-lived assets by geographic area as of December 31, 2022 and 2021 (in thousands): 2022 2021 United States $ 1,670,676 $ 1,662,689 Canada 891,375 640,367 Mexico 7,739 7,754 Total long-lived assets $ 2,569,790 $ 2,310,810 Following the acquisition of Alexco (see Note 1 ), our sales for 2022 are comprised of metal sales as described below and $ 474,000 of environmental services revenue. Our products consist of metal concentrates and carbon material, which we sell to custom smelters, metal traders and third-party processors, and unrefined bullion bars (doré), which may be sold as doré or further refined before sale to precious metal traders. Revenue is recognized upon the completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, which we currently have at Casa Berardi, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. Refining, selling and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. For sales of carbon materials, transfer of control takes place, the performance obligation is met, the transaction price is known, and revenue is recognized generally at the time of arrival at the customer's facility. For concentrate sales, which we currently have at Greens Creek and Lucky Friday, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment. Concentrates sold at Lucky Friday typically leave the mine and are received by the customer within the same day. However, there is a period of time between shipment of concentrates from Greens Creek and their physical receipt by the customer, and judgment is required in determining when control has been transferred to the customer and the performance obligation has been met for those shipments. We have determined control is met, title is transferred and the performance obligation is met upon shipment of concentrate parcels from Greens Creek because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the parcel and obtained the ability to realize all of the benefits from the product, 3) the concentrate content specifications are known, have been communicated to the customer, and the customer has the significant risks and rewards of ownership of it, 4) it is very unlikely a concentrate parcel from Greens Creek will be rejected by a customer upon physical receipt, and 5) we have the right to payment for the parcel. Judgment is also required in identifying our concentrate sales performance obligations. Most of our concentrate sales involve “frame contracts” with smelters that can cover multiple years and specify certain terms under which individual parcels of concentrates are sold. However, some terms are not specified in the frame contracts and/or can be renegotiated as part of annual amendments to the frame contract. We have determined parcel shipments represent individual performance obligations satisfied at the point in time when control of the shipment is transferred to the customer. The consideration we receive for our concentrate sales fluctuates due to changes in metals prices between the time of shipment and final settlement with the customer. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement with the customer. Also, it is unlikely a significant reversal of revenue for any one concentrate parcel will occur. As such, we use the expected value method to price the parcels until the final settlement date occurs, at which time the final transaction price is known. At December 31, 2022, metals contained in concentrate sales and exposed to future price changes totaled 3.1 million ounces of silver, 7,580 ounces of gold, 18.6 million pounds of zinc, and 12 million pounds of lead. However, as discussed in Note 9 , we seek to mitigate the risk of price adjustments by using financially-settled forward contracts for some of our sales. Sales and accounts receivable for concentrate shipments are recorded net of charges for treatment, refining, smelting losses, and other charges negotiated by us with the customers, which represent components of the transaction price. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed treatment and refining costs per ton of concentrate and may include price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline. Costs for shipping concentrates to customers are recorded to cost of sales as incurred. Sales of metal concentrates and metal products are made principally to custom smelters, third-party processors and metal traders. The percentage of sales contributed by each segment is reflected in the following table: Year Ended December 31, 2022 2021 2020 Greens Creek 46.6 % 47.6 % 47.4 % Lucky Friday 20.6 % 16.3 % 9.1 % Casa Berardi 32.7 % 30.4 % 30.2 % Nevada Operations 0.1 % 5.7 % 8.5 % Other — — 4.8 % 100 % 100 % 100 % Sales of metal for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Silver $ 265,054 $ 293,646 $ 260,227 Gold 298,910 362,037 356,166 Lead 83,384 75,431 48,776 Zinc 123,057 125,292 95,065 Less: Smelter and refining charges ( 51,973 ) ( 48,933 ) ( 68,361 ) Sales of products $ 718,432 $ 807,473 $ 691,873 The following is sales information by geographic area based on the location of smelters and metal traders (for concentrate shipments) and the location of parent companies (for doré sales to metal traders) for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 United States $ 21,938 $ 71,278 $ 115,378 Canada 406,600 419,090 321,896 Japan 51,375 63,588 39,418 Netherlands — — ( 923 ) Korea 107,828 203,115 166,402 China 136,514 50,945 66,082 Total, excluding gains/losses on forward contracts $ 724,255 $ 808,016 $ 708,253 Sales by significant product type for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Doré and metals from doré $ 255,608 $ 313,337 $ 266,536 Carbon 2,607 4,117 60,302 Silver concentrate 329,165 345,732 281,050 Zinc concentrate 109,177 112,448 76,481 Precious metals concentrate 27,698 32,382 23,884 Total, excluding gains/losses on forward contracts $ 724,255 $ 808,016 $ 708,253 Sales of products for 2022, 2021 and 2020 included net losses of $ 5.8 million, $ 0.5 million, and $ 16.4 million, respectively, on derivative contracts for silver, gold, lead and zinc contained in our sales. See Note 9 for more information. Sales from continuing operations to significant metals customers as a percentage of total sales were as follows for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Customer A 35.4 % 37.2 % 32.7 % Customer B 23.9 % 21.5 % 16.1 % Customer C 11.3 % 21.6 % 13.3 % Customer D 3.5 % 6.2 % 13.9 % Our trade accounts receivable balance related to contracts with customers was $ 45.1 million and $ 36.4 million at December 31, 2022 and 2021, respectively, and included no allowance for doubtful accounts. We have determined our contracts do not include a significant financing component. For doré sales and sales of metal from doré, payment is received at the time the performance obligation is satisfied. Payment for carbon sales is received within a relatively short period of time after the performance obligation is satisfied. The amount of consideration for concentrate sales is variable, and we receive payment for a significant portion of the estimated value of concentrate parcels within a relatively short period of time after the performance obligation is satisfied. We do not incur significant costs to obtain contracts, nor costs to fulfill contracts which are not addressed by other accounting standards. Therefore, we have not recognized an asset for such costs as of December 31, 2022 and 2021. |
Note 4 - Environmental and Recl
Note 4 - Environmental and Reclamation Activities | 12 Months Ended |
Dec. 31, 2022 | |
Environmental and Reclamation Activities [Abstract] | |
Environmental and Reclamation Activities | Note 4: Environmental and Reclamation Activities The liabilities accrued for our reclamation and closure costs at December 31, 2022 and 2021 were as follows (in thousands): 2022 2021 Operating properties: Greens Creek $ 37,212 $ 37,474 Lucky Friday 13,343 13,543 Keno Hill 4,514 — Casa Berardi 11,352 12,497 Nevada Operations 28,171 27,068 Non-operating properties: San Sebastian 1,989 4,451 Troy mine 6,980 4,813 Johnny M 8,961 8,947 All other sites 4,477 4,438 Total 116,999 113,231 Reclamation and closure costs, current ( 8,591 ) ( 9,259 ) Reclamation and closure costs, long-term $ 108,408 $ 103,972 The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands): Balance at January 1, 2020 $ 108,374 Accretion expense 5,912 Revision of estimated cash flows due to changes in reclamation plans 2,543 Payment of reclamation obligations ( 781 ) Balance at December 31, 2020 116,048 Accruals for estimated costs 4,952 Accretion expense 6,454 Revision of estimated cash flows due to changes in reclamation plans ( 8,781 ) Payment of reclamation obligations ( 5,442 ) Balance at December 31, 2021 113,231 Accruals for estimated costs 2,874 Accretion expense 5,995 Revision of estimated cash flows due to changes in reclamation plans 452 Payment of reclamation obligations ( 5,553 ) Balance at December 31, 2022 $ 116,999 Asset Retirement Obligations Below is a reconciliation as of December 31, 2022 and 2021 (in thousands) of the asset retirement obligations (“ARO”) which are included in our total accrued reclamation and closure costs of $ 117.0 million and $ 113.2 million, respectively, discussed above. The estimated reclamation and closure costs were discounted using credit adjusted, risk-free interest rates ranging from 5.75 % to 14.5 % from the time we incurred the obligation to the time we expect to pay the retirement obligation. 2022 2021 Balance January 1 $ 95,033 $ 100,208 Changes in obligations due to changes in reclamation plans 452 ( 8,781 ) Accretion expense 5,995 6,451 Payment of reclamation obligations ( 4,860 ) ( 2,845 ) Balance at December 31 $ 96,620 $ 95,033 During 2022 following the acquisition of Alexco, we assumed an ARO of $ 4.4 million for Keno Hill. Payments for reclamation obligations were incurred at Lucky Friday and our former Mexico operation San Sebastian. The AROs related to the changes described above were discounted using a credit adjusted, risk-free interest rate of between 2.75 % and 7.5 % and inflation rates ranging from 2 % to 4 %. |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | Note 5: Employee Benefit Plans Pensions and Other Post-retirement Plans We sponsor defined benefit pension plans covering substantially all U.S. employees and a Supplemental Excess Retirement Plan (“SERP”) covering certain eligible employees. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2022, and the funded status as of December 31, 2022 and 2021 (in thousands): Pension Benefits 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 195,862 $ 192,954 Service cost 6,262 5,820 Interest cost 5,476 4,990 Amendments 0 550 Change due to mortality change 486 548 Change due to discount rate change ( 54,977 ) ( 5,865 ) Actuarial return (loss) 1,841 4,342 Benefits paid ( 6,807 ) ( 7,477 ) Benefit obligation at end of year 148,143 195,862 Change in fair value of plan assets: Fair value of plan assets at beginning of year 189,874 148,052 Actual return on plan assets ( 18,238 ) 27,049 Employer contributions 10,330 22,250 Benefits paid ( 6,807 ) ( 7,477 ) Fair value of plan assets at end of year 175,159 189,874 Funded/(underfunded) status at end of year $ 27,016 $ ( 5,988 ) The following table provides the amounts recognized in the consolidated balance sheets as of December 31, 2022 and 2021 (in thousands): Pension Benefits 2022 2021 Non-current assets: Accrued benefit asset $ 27,806 $ — Current pension liability Accrued benefit liability ( 790 ) ( 1,315 ) Non- current pension liability: Accrued benefit liability — ( 4,673 ) Accumulated other comprehensive loss 6,446 29,966 Net amount recognized $ 33,462 $ 23,978 The benefit obligation and prepaid benefit costs were calculated by applying the following weighted average assumptions: Pension Benefits 2022 2021 Discount rate: net periodic pension cost 5.54 % 2.64 % Discount rate: projected benefit obligation 5.54 % 2.86 % Expected rate of return on plan assets 7.25 % 6.40 % Rate of compensation increase: net periodic pension cost 5.00 %/ 2.00 % (1) 5.00 %/ 2.00 % Rate of compensation increase: projected benefit obligation 5.00 %/ 2.00 % (1) 5.00 %/ 2.00 % (1) 5.00% for 2023, 2.00% per year thereafter. The above assumptions were calculated based on information as of December 31, 2022 and 2021, the measurement dates for the plans. The discount rate is based on the yield curve for investment-grade corporate bonds as published by the U.S. Treasury Department. The expected rate of return on plan assets is based upon consideration of the plan’s current asset mix, historical long-term return rates and the plan’s historical performance. Our current assumption for the rate on plan assets is 7.25 %. The vested benefit obligation is determined based on the actuarial present value of benefits to which employees are currently entitled, based on employees' expected date of separation or retirement. Net periodic pension cost for the plans consisted of the following in 2022, 2021, and 2020 (in thousands): Pension Benefits 2022 2021 2020 Service cost $ 6,262 $ 5,820 $ 5,334 Interest cost 5,476 4,990 5,618 Expected return on plan assets ( 13,452 ) ( 9,252 ) ( 7,489 ) Amortization of prior service benefit 511 394 117 Amortization of net gain from earlier periods 2,049 4,502 4,652 Net periodic pension cost $ 846 $ 6,454 $ 8,232 The service cost component of net periodic pension cost is included in the same line items of our consolidated financial statements as other employee compensation costs. The net (benefit)/expense of ($ 5.4 million), $ 0.6 million and $ 2.9 million for 2022, 2021 and 2020, respectively, related to all other components of net periodic pension cost is included in other (expense) income on our consolidated statements of operations and comprehensive (loss) income. Each defined benefit pension plan's statement of investment policy delineates the responsibilities of the board, the committee which administers the plan, the investment manager(s), and investment adviser/consultant, and provides guidelines on investment management. Investment objectives are established for each of the asset categories included in the pension plans with comparisons of performance against appropriate benchmarks. Each plan's policy calls for investments to be supervised by qualified investment managers. The investment managers are monitored on an ongoing basis by our outside consultant, with formal reporting to us and the consultant performed each quarter. The policy sets forth the following allocation of assets: Target Maximum Large cap U.S. equities 17 % 20 % Small cap U.S. equities 8 % 10 % Non-U.S. equities 25 % 30 % U.S. Fixed income 18 % 23 % Emerging markets debt 5 % 8 % Real estate 15 % 18 % Absolute return 5 % 7 % Company stock/Real return 7 % 13 % Each defined benefit pension plan's statement of investment policy and objectives aspires to achieve the assumed long term rate of return on plan assets established by the plan’s actuary plus one percent. Accounting guidance has established a hierarchy of assets measured at fair value on a recurring basis. The three levels included in the hierarchy are: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: significant other observable inputs Level 3: significant unobservable inputs The fair values by asset category in each pension plan, along with their hierarchy levels, are as follows as of December 31, 2022 (in thousands): Hecla plans Lucky Friday Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments measured at fair value Interest-bearing cash $ 743 $ — $ — $ 743 $ 133 $ — $ — $ 133 Common stock 21,678 — — 21,678 3,295 — — 3,295 Mutual funds 75,868 — — 75,868 11,905 — — 11,905 Total investments in the fair value hierarchy 98,289 — — 98,289 15,333 — — 15,333 Investments measured at net asset value Real estate funds — — — 23,967 — — — 5,550 Hedge funds — — — — — — — — Common collective funds — — — 26,114 — — — 5,906 Total investments measured at net asset value — — — 50,081 — — — 11,456 Total fair value $ 98,289 $ — $ — $ 148,370 $ 15,333 $ — $ — $ 26,789 The fair values by asset category in each defined benefit pension plan, along with their hierarchy levels, were as follows as of December 31, 2021 (in thousands): Hecla Lucky Friday Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments measured at fair value Interest-bearing cash $ 1,835 $ — $ — $ 1,835 $ 305 $ — $ — $ 305 Common stock 8,869 — — 8,869 1,580 — — 1,580 Mutual funds 96,957 — — 96,957 15,707 — — 15,707 Total investments in the fair value hierarchy 107,661 — — 107,661 17,592 — — 17,592 Investments measured at net asset value Real estate funds — — — 19,119 — — — 4,482 Hedge funds — — — 12,866 — — — 2,828 Common collective funds — — — 20,626 — — — 4,700 Total investments measured at net asset value — — — 52,611 — — — 12,010 Total fair value $ 107,661 $ — $ — $ 160,272 $ 17,592 $ — $ — $ 29,602 Generally, investments are valued based on information provided by fund managers to each plan's trustee as reviewed by management and its investment advisers. Mutual funds and equities are valued based on available exchange data. Commingled equity funds consist of publicly-traded investments. Fair value for real estate funds, hedge funds and common collective equity funds is measured using the net asset value per share (or its equivalent) practical expedient (“NAV”), and has not been categorized in the fair value hierarchy. There are no unfunded commitments related to these investments. There are no restrictions on redemptions of these funds as of December 31, 2021, except as limited by the redemption terms discussed below. The following summarizes information on the asset classes measured using NAV: Investment strategy Redemption terms Real estate funds Invest in real estate properties among the four major property types (office, industrial, retail and multi-family) Allowed quarterly with notice of between 45 and 60 days Hedge funds Invest in a variety of asset classes which aim to diversify sources of returns Allowed quarterly with notice of 90 days Common collective funds Invest in U.S. large cap or small/medium cap public equities in actively traded managed equity portfolios Allowed daily or with notice of 30 days The following are estimates of future benefit payments, which reflect expected future service as appropriate, related to our pension plans (in thousands): Year Ending December 31, Pension 2023 $ 8,429 2024 8,796 2025 9,649 2026 9,819 2027 9,803 Years 2028-2032 50,279 During 2022 and 2021 we contributed $ 5.5 million in shares of our common stock to our defined benefit pension plans, respectively. During 2022 and 2021 we also contributed $ 4.2 million and $ 16.8 million in shares of our common stock to our SERP, respectively. We do not expect to be required to contribute to our defined benefit plans in 2023, but we may choose to do so. The following table indicates whether our pension plans had accumulated benefit obligations (“ABO”) in excess of plan assets, or plan assets exceeded ABO (amounts are in thousands). December 31, 2022 December 31, 2021 ABO Exceeds Plan Assets Plan Assets Exceed ABO ABO Exceeds Plan Assets Plan Assets Exceed ABO Projected benefit obligation $ — $ 148,143 $ 195,862 $ — Accumulated benefit obligation — 144,816 191,597 — Fair value of plan assets — 175,159 189,874 — For the pension plans, the following amounts are included in “Accumulated other comprehensive income, net” on our balance sheet as of December 31, 2022, that have not yet been recognized as components of net periodic benefit cost (in thousands): Pension Unamortized net (gain)/loss $ 5,377 Unamortized prior service cost 1,069 Except for a limited number of employees who participate in the SERP, non-U.S. employees are not eligible to participate in the defined benefit pension plans that we maintain for U.S. employees. Canadian employees participate in Canada's public retirement income system, which includes the following components: (i) the Canada (or Quebec) Pension Plan, which is an employee and employer contributory, earnings-related social insurance program, and (ii) the Old Age Security program. Mexican employees participate in Mexico's public retirement income system, which is based on contributions the employee, employer and the government submit to the retirement savings system. The system is administered through savings accounts managed by private fund managers selected by the participant. Capital Accumulation Plans Our Capital Accumulation Plan (“Hecla 401(k) Plan”) is available to all U.S. salaried and certain hourly employees upon employment. We make a matching contribution in the form of cash or stock of 100 % of an employee’s contribution up to 6 % of eligible earnings. Our matching contributions all in Hecla common stock were approximately $ 4.5 million, $ 4.3 million and $ 4.6 million in 2022, 2021 and 2020, respectively. We also maintain a 401(k) plan that is available to all hourly employees at Lucky Friday after completion of six months of service. When an employee meets eligibility requirements we make a matching cash contribution of 55 % of the employee’s contribution up to, but not exceeding, 5 % of the employee’s eligible earnings. Our matching contributions were approximately $ 0.6 million, $ 0.5 million and $ 10,000 in 2022, 2021 and 2020, respectively. |
Note 6 - Income and Mining Taxe
Note 6 - Income and Mining Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income and Mining Taxes | Note 6: Income and Mining Taxes Major components of our income and mining tax benefit (provision) for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Current: Domestic $ ( 3,915 ) $ ( 7,073 ) $ ( 7,246 ) Foreign ( 5,119 ) ( 6,316 ) ( 8,745 ) Total current income and mining tax provision ( 9,034 ) ( 13,389 ) ( 15,991 ) Deferred: Domestic 2,064 43,708 5,096 Foreign 14,536 ( 750 ) 2,696 Total deferred income and mining tax benefit 16,600 42,958 7,792 Total income and mining tax benefit (provision) $ 7,566 $ 29,569 $ ( 8,199 ) Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Domestic $ ( 6,343 ) $ 38,003 $ ( 1,400 ) Foreign ( 38,571 ) ( 32,477 ) 142 Total $ ( 44,914 ) $ 5,526 $ ( 1,258 ) The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands): 2022 2021 2020 Computed “statutory” benefit (provision) $ 9,432 21 % $ ( 1,161 ) 21 % $ 264 21 % Percentage depletion 8,542 19 8,076 ( 146 ) 5,327 423 Change in valuation allowance ( 8,113 ) ( 18 ) 38,058 ( 689 ) 786 62 State taxes, net of federal tax benefit ( 158 ) — 965 ( 17 ) ( 1,164 ) ( 93 ) Foreign currency remeasurement of monetary assets and liabilities 4,559 10 ( 3,625 ) 66 ( 4,824 ) ( 383 ) Rate differential on foreign earnings 1,515 3 2,445 ( 44 ) 2,362 188 Compensation 173 — 1,094 ( 20 ) ( 458 ) ( 36 ) Mining and other taxes ( 6,609 ) ( 15 ) ( 13,799 ) 250 ( 9,245 ) ( 735 ) Other ( 1,775 ) ( 3 ) ( 2,484 ) 45 ( 1,247 ) ( 99 ) Total benefit (provision) $ 7,566 17 % $ 29,569 ( 535 )% $ ( 8,199 ) ( 652 )% At December 31, 2022 and 2021, the net deferred tax liability was approximately $ 104.7 million and $ 104.1 million, respectively. The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands). December 31, 2022 2021 Deferred tax assets: Accrued reclamation costs $ 33,007 $ 31,558 Deferred exploration 22,584 17,959 Foreign net operating losses 71,391 18,152 Domestic net operating losses 211,381 213,637 Foreign exchange loss 24,235 19,542 Foreign tax credit carryforward 2,493 2,493 Miscellaneous 39,628 31,329 Total deferred tax assets 404,719 334,670 Valuation allowance ( 72,856 ) ( 39,152 ) Total deferred tax assets 331,863 295,518 Deferred tax liabilities: Miscellaneous ( 9,020 ) ( 2,751 ) Properties, plants and equipment ( 427,584 ) ( 396,911 ) Total deferred tax liabilities ( 436,604 ) ( 399,662 ) Net deferred tax liability $ ( 104,741 ) $ ( 104,144 ) As part of the Klondex Mines Ltd. ("Klondex") acquisition in July 2018, we acquired a U.S. consolidated tax group (the “Nevada U.S. Group”) that did not join the existing consolidated U.S. tax group of Hecla Mining Company and subsidiaries (“Hecla U.S. Group”). We evaluated the positive and negative evidence available to determine the amount of valuation allowance required on our deferred tax assets. At December 31, 2022, the balance of our valuation allowances was approximately $ 72.9 million compared to $ 39.2 million at December 31, 2021. We retained a balance of valuation allowance on Hecla US operations at December 31, 2022 of $ 5.1 million for state loss carryforwards and foreign tax credits. In the Nevada U.S. Group, the scheduling of reversing deferred tax assets and liabilities determined that existing tax loss carryforwards subject to the limitation of eighty percent reduction of taxable income may be limited in the future. A valuation allowance is recorded for $ 28.9 million. Due to cessation of operations in Mexico at the end of 2020, we are uncertain when a source of taxable income will be available in that jurisdiction. Therefore, a valuation allowance of $ 10.1 million was retained on deferred tax assets in Mexico. We acquired Alexco in September 2022 and recorded a valuation allowance of $ 25.6 million against deferred tax assets as part of the acquisition. As of December 31, 2022, a $ 28.8 million valuation allowance is recorded for Canadian jurisdictions, primarily related to the Alexco acquisition in 2022. The changes in the valuation allowance for the years ended December 31, 2022, 2021 and 2020, are as follows (in thousands): 2022 2021 2020 Balance at beginning of year $ ( 39,152 ) $ ( 77,210 ) $ ( 86,634 ) Valuation allowance on deferred tax assets acquired with the Alexco acquisition ( 25,591 ) — — (Increase) decrease related to non-recognition of deferred tax assets due to uncertainty of recovery and (increase) related to non-utilization of net operating loss carryforwards ( 13,256 ) ( 20,304 ) 786 Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable 5,143 58,362 8,638 Balance at end of year $ ( 72,856 ) $ ( 39,152 ) $ ( 77,210 ) As of December 31, 2022, for U.S. income tax purposes, we have federal and state net operating loss carryforwards of $ 873.5 million and $ 437.6 million, respectively. U.S. net operating loss carryforwards for periods arising before January 1, 2018 have a 20-year expiration period, the earliest of which could expire in 2028. U.S. net operating loss carryforwards of $ 372.8 million arising in 2018 and future periods have an indefinite carryforward period. We have foreign and provincial net operating loss carryforwards of approximately $ 262.5 million each, which expire between 2031 and 2042. Our utilization of U.S. net operating loss carryforwards may be subject to annual limitations if there is a change in control as defined under Internal Revenue Code Section 382. As of December 31, 2022, no change in control has occurred in the Hecla U.S. group. Net operating losses acquired with the Nevada U.S. Group are subject to limitation under Internal Revenue Code Section 382. However, the annual limitation is not expected to have a material impact on our ability to utilize the losses. We have Internal Revenue Code Section 163(j) interest expense limitation carryforwards of $ 2.4 million in Hecla US as of December 31, 2022. The carryforward results in a future tax benefit of $ 0.5 million and has an indefinite carryforward period. In the Nevada U.S. Group we have 163(j) interest expense limitation carryforwards of $ 13.7 million as of December 31, 2022. The carryforward results in a future tax benefit of $ 2.9 million and has an indefinite carryforward period. As of December 31, 2022, we have foreign tax credit carryforwards of $ 2.5 million. The carryforward period for foreign tax credits is 10 years. Our foreign tax credits will expire between 2023 and 2026. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. We are no longer subject to income tax examinations by U.S. federal and state tax authorities for years prior to 2005, or examinations by foreign tax authorities for years prior to 2016. We are currently under examination in certain local tax jurisdictions. However, we do not anticipate any material adjustments. We had no unrecognized tax benefits as of December 31, 2022 or 2021. Due to the net operating loss carryover provision, coupled with the lack of any unrecognized tax benefits, we have not provided for any interest or penalties associated with any unrecognized tax benefits. If interest and penalties were to be assessed, our policy is to charge interest to interest expense, and penalties to other operating expense. It is not anticipated that there will be any significant changes to unrecognized tax benefits within the next 12 months. |
Note 7 - Income (Loss) Per Comm
Note 7 - Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Earnings Per Share [Text Block] | Note 7: (Loss) Income per Common Share We calculate basic income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method for options, warrants, and restricted stock units, and if-converted method for convertible preferred shares. Potential dilutive common shares include outstanding restricted stock unit awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we reported net losses, potential dilutive common shares are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented. The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share): Year ended December 31, 2022 2021 2020 Numerator Net (loss) income $ ( 37,348 ) $ 35,095 $ ( 9,457 ) Preferred stock dividends ( 552 ) ( 552 ) ( 552 ) Net (loss) income applicable to common stockholders $ ( 37,900 ) $ 34,543 $ ( 10,009 ) Denominator Basic weighted average common shares 557,344 536,192 527,329 Dilutive stock options, restricted stock units, and warrants — 5,984 — Diluted weighted average common shares 557,344 542,176 527,329 Basic (loss) income per common share $ ( 0.07 ) $ 0.06 $ ( 0.02 ) Diluted (loss) income per common share $ ( 0.07 ) $ 0.06 $ ( 0.02 ) For the year ended December 31, 2021, the calculation of diluted income per common share included (i) 2,317,007 unvested restricted stock units during the period, (ii) 1,557,503 warrants to purchase one share of common stock and (iii) 2,166,964 deferred shares that were dilutive. For the years ended December 31, 2022 and 2020, all outstanding restricted stock units, warrants and deferred shares were excluded from the computation of diluted loss per share, as our reported net losses for those periods would cause their conversion and exercise to have no effect on the calculation of loss per share. |
Note 8 - Debt, Credit Facility
Note 8 - Debt, Credit Facility and Leases | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility [Abstract] | |
Debt, Credit Facility and Leases | Note 8: Debt, Credit Facility and Leases Debt Summary Our debt as of December 31, 2022 and 2021 consisted of our 7.25 % Senior Notes due February 15, 2028 (“Senior Notes”) and our Investissement Quebec Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”). These debt arrangements are discussed further below. The following tables summarize our long-term debt balances as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Senior Notes IQ Notes Total Principal $ 475,000 $ 35,614 $ 510,614 Unamortized discount/premium and issuance costs ( 4,640 ) 392 ( 4,248 ) Long-term debt balance $ 470,360 $ 36,006 $ 506,366 December 31, 2021 Senior Notes IQ Notes Total Principal $ 475,000 $ 38,051 $ 513,051 Unamortized discount/premium and issuance costs ( 5,552 ) 596 ( 4,956 ) Long-term debt balance $ 469,448 $ 38,647 $ 508,095 The following table summarizes the scheduled annual future payments, including interest, for the Senior Notes and IQ Notes as of December 31, 2022 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2022. Senior Notes IQ Notes 2023 $ 34,438 $ 2,320 2024 34,438 2,320 2025 34,438 36,812 2026 34,438 — 2027 34,438 — 2028 479,302 — Total $ 651,492 $ 41,452 Senior Notes On February 19, 2020, we completed an offering of $ 475 million in aggregate principal amount of our Senior Notes under our shelf registration statement previously filed with the Securities and Exchange Commission. The Senior Notes are governed by the Indenture, dated as of February 19, 2020, as amended, among Hecla and certain of our subsidiaries and The Bank of New York Mellon Trust Company, N.A., as trustee. On March 19, 2020, the net proceeds from the offering of the Senior Notes ($ 469.5 million) were used, together with cash on hand, to redeem all of our previously-outstanding 6.875 % Senior Notes that were due in 2021 (the "2021 Notes.") The Senior Notes are recorded net of a 1.16 % initial purchaser discount totaling $ 5.5 million. The Senior Notes bear interest at a rate of 7.25 % per year from the date of issuance or from the most recent payment date on which interest has been paid or provided for. Interest on the Senior Notes is payable on February 15 and August 15 of each year, commencing August 15, 2020. During 2022, 2021 and 2020, interest expense on the statement of operations and comprehensive income (loss) related to the Senior Notes and 2021 Notes and amortization of the initial purchaser discount and fees related to the issuance of the Senior Notes and 2021 Notes totaled $ 35.4 million, $ 35.4 million and $ 40.2 million, respectively. Interest expense for 2020 included amounts recorded for (i) interest recognized on both the Senior Notes and 2021 Notes for an overlapping period of approximately one month, as the Senior Notes were issued on February 19, 2020 and the 2021 Notes were redeemed on March 19, 2020, and (ii) $ 1.7 million in unamortized initial purchaser discount on the 2021 Notes upon redemption. The Senior Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries (the “Guarantors”). The Senior Notes and the guarantees are, respectively, Hecla's and the Guarantors' general senior unsecured obligations and are subordinated to all of Hecla's and the Guarantors' existing and future secured debt to the extent of the assets securing that secured debt. In addition, the Senior Notes are effectively subordinated to all of the liabilities of Hecla's subsidiaries that are not guaranteeing the Senior Notes, to the extent of the assets of those subsidiaries. The Senior Notes will be redeemable in whole or in part, at any time and from time to time on or after February 15, 2023, on the redemption dates and at the redemption prices specified in the Indenture, plus accrued and unpaid interest, if any, to the date of redemption. After February 15, 2023, we may redeem some or all of the Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued interest, if any, to the redemption date: (i) 105.438 % for the twelve-month period beginning after February 15, 2023, (ii) 103.625 % for the twelve-month period beginning after February 15, 2024, (iii) 101.813 % for the twelve-month period beginning after February 15, 2025, and (iv) 100.000 % after February 15, 2026. We may redeem up to 35 % of the Senior Notes before February 15, 2023 with the net cash proceeds of certain equity offerings. Upon the occurrence of a change of control (as defined in the Indenture), each holder of Senior Notes will have the right to require us to purchase all or a portion of such holder's Senior Notes pursuant to a change of control offer (as defined in the Indenture), at a purchase price equal to 101 % of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of holders of the Senior Notes on the relevant record date to receive interest due on the relevant interest payment date. IQ Notes On July 9, 2020, we entered into a note purchase agreement pursuant to which we issued CAD$ 50 million (approximately USD$ 36.8 million at the time of the transaction) in aggregate principal amount of our IQ Notes to Investissement Québec, a financing arm of the Québec government. Because the IQ notes are denominated in CAD, the reported USD-equivalent principal balance will change with movements in the exchange rate. The IQ Notes were issued at a premium of 103.65 %, or CAD$ 1.8 million, implying an effective annual yield of 5.74 % and an aggregate principal amount to be repaid of CAD$ 48.2 million. The IQ Notes were issued in four equal installments of CAD$ 12.5 million on July 9, August 9, September 9 and October 9, 2020, with the first installment issued net of CAD$ 0.6 million in fees. The IQ Notes bear interest on amounts outstanding at a rate of 6.515 % per year, payable on January 9 and July 9 of each year, commencing January 9, 2021. The IQ Notes are senior and unsecured and are pari passu in all material respects with the Senior Notes, including with respect to guarantees of the IQ Notes by certain of our subsidiaries. The net proceeds from the IQ Notes are available for general corporate purposes, including open market purchases of a portion of the Senior Notes and to pay for capital expenditures at Casa Berardi. Under the note purchase agreement for the IQ Notes and subject to a force majeure event, we are required to invest in the aggregate CAD$ 100 million at Casa Berardi and other exploration and development projects in Quebec over the four-year period commencing on July 9, 2020. During 2022, 2021 and 2020, interest expense related to the IQ Notes, including premium and origination fees, totaled $ 2.3 million, $ 2.3 million and $ 0.9 million, respectively. Credit Facility New $ 150 million facility On July 21, 2022, we replaced our prior credit agreement and entered into a Credit Agreement (“New Credit Agreement”) with various financial institutions (the “Lenders”), with Bank of America, N.A., as administrative agent for the Lenders and as swingline lender and Bank of Montreal as letters of credit issuers. The New Credit Agreement is a $ 150 million senior secured revolving facility, with an option to be increased in an aggregate amount not to exceed $ 75 million. The revolving loans under the New Credit Agreement will have a maturity date of July 21, 2026. Proceeds of the revolving loans under the New Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the New Credit Agreement is based on the Company’s net leverage ratio and is calculated at (i) Term Secured Overnight Financing Rate ("SOFR") plus 2 % to 3.5 %; or (ii) Bank of America’s Base Rate plus 1 % to 2.5 % with Base Rate being the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus . 50 % or (iii) Term SOFR plus 1.00 %. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount. We are also required to pay a commitment fee of between 0.45 % to 0.78750 %, depending on our net leverage ratio. Letters of credit issued under the New Credit Agreement bear a fee between 2.00 % and 3.50 % based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure. During 2022 we paid $ 0.3 million as commitment fees under the New Credit Agreement included as part of Interest expense, net . Hecla Mining Company and certain of our subsidiaries are the borrowers under the New Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the New Credit Agreement. As further security, the credit facility is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Green Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group. As of December 31, 2022, $ 7.8 million was used for lines of credit, leaving approximately $ 142.2 million available for borrowing. We believe we were in compliance with all covenants under the New Credit Agreement as of December 31, 2022. Prior $ 250 million facility In July 2018, we entered into a credit agreement (as amended, the “Prior Credit Agreement”) providing for a $ 250 million senior secured revolving credit facility which had a term ending on February 7, 2023. As of December 31, 2021, no amounts were outstanding under the facility. We were also able to obtain letters of credit under the facility, and for any such letters we were required to pay a participation fee of between 2.25 % and 4.00 % of the amount of the letters of credit based on our total leverage ratio, as well as a fronting fee to each issuing bank of 0.20 % annually on the average daily dollar amount of any outstanding letters of credit. In connection with our entry into the New Credit Agreement, the Prior Credit Agreement was terminated on July 21, 2022. We believe we were in compliance with all covenants under the Prior Credit Agreement as of July 21, 2022, and as of December 31, 2021. Finance Leases We have entered into various lease agreements, primarily for equipment at our operations, which we have determined to be finance leases. At December 31, 2022, the total liability associated with the finance leases, including certain purchase option amounts, was $ 20.9 million (2021: $ 13.4 million), with $ 9.5 million (2021: $ 5.6 million) of the liability classified as current and $ 11.4 million (2021: $ 7.8 million) classified as non-current. The assets related to these leases are recorded in properties, plants, equipment and mineral interests, net, on our consolidated balance sheets and totaled $ 23.1 million of December 31, 2022 (2021: $ 18.3 million), net of accumulated depreciation. Expense during 2022, 2021 and 2020 related to finance leases included $ 7.1 million, $ 8.9 million and $ 7.4 million, respectively, for amortization of the related assets, and $ 0.9 million, $ 0.6 million and $ 0.6 million, respectively, for interest expense. The total obligation for future minimum finance lease payments was $ 22.2 million at December 31, 2022, with $ 1.4 million attributed to interest. Our finance leases as of December 31, 2022 had a weighted average remaining term of approximately 1.9 years and a weighted average discount rate of approximately 6.5 %. At December 31, 2022, the annual maturities of finance lease commitments, including interest, were (in thousands): Twelve-month period ending December 31, 2023 $ 9,352 2024 7,185 2025 3,808 2026 1,851 2027 24 Total 22,220 Less: imputed interest ( 1,361 ) Net finance lease obligation $ 20,859 Operating Leases We have entered into various lease agreements, primarily for equipment, buildings and other facilities, and land at our operations and corporate offices, which we have determined to be operating leases. Some of the operating leases allow for extension of the lease beyond the current term at our option. We have considered the likelihood and estimated duration of the extension options in determining the lease term for measurement of the liability and right-of-use asset. For our operating leases as of December 31, 2022, we have assumed a discount rate of 6 %. At December 31, 2022, the total liability balance associated with the operating leases was $ 11.1 million (2021: $ 12.4 million) , with $ 2.5 million (2021: $ 2.5 million) of the liability classified as current as part of Other Current Liabilities and the remaining $ 8.6 million (2021: $ 10.0 million) classified as non-current as part of Other Non-Current Liabilities on our balance sheet. The right-of-use assets for our operating leases are recorded as a non-current asset on our consolidated balance sheets and totaled $ 11.1 million and $ 12.4 million as of December 31, 2022 and 2021, respectively. During 2022, 2021 and 2020, operating lease expense, and cash paid for operating leases included in net cash provided by operating activities, totaled $ 3.1 million, $ 3.9 million and $ 7.2 million, respectively. The weighted-average remaining lease term for our operating leases as of December 31, 2022 was approximately 8.9 years. At December 31, 2022, the annual maturities of undiscounted operating lease payments, including assumed extensions beyond the current lease terms, were (in thousands): Twelve-month period ending December 31, 2023 $ 3,167 2024 1,285 2025 1,274 2026 1,275 2027 1,170 More than 5 years 6,408 Total 14,579 Effect of discounting ( 3,511 ) Operating lease liability $ 11,068 |
Note 9 - Derivative Instruments
Note 9 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 9: Derivative Instruments General Our current risk management policy provides that up to 75 % of five years foreign currency, lead and zinc metals price and silver and gold price exposure may be covered under a derivatives program with certain other limitations. The silver and gold price program can only establish a floor (puts). We are not currently utilizing this silver and gold program. Our program also utilizes derivatives to manage price risk exposure created from when revenue is recognized from a shipment of concentrate until final settlement. These instruments expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions. Foreign Currency Our wholly-owned subsidiaries owning the Casa Berardi operation as well as the recently acquired Keno Hill development property which Alexco owned are USD-functional entities which routinely incur expenses denominated in CAD. Such expenses expose us to exchange rate fluctuations between the USD and CAD. We have a program to manage our exposure to fluctuations in the USD exchange rate for these subsidiaries' future operating and capital costs denominated in CAD. The program utilizes forward contracts to buy CAD, some of which are designated as cash flow hedges. As of December 31, 2022, we have 278 forward contracts outstanding to buy a total of CAD$ 499 million having a notional amount of USD$ 377.4 million and have CAD-to-USD exchange rates ranging between 1.26 and 1.37920 . The CAD contracts that are designed as cash flow hedges of forecasted cash operating costs at Casa Berardi to be incurred from 2023 through 2026 are to purchase CAD$ 427.4 million having a notional amount value of USD$ 325.1 million and have CAD-to-USD exchange rates ranging between 1.26 and 1.3765 . As of December 31, 2022 and 2021, we recorded the following balances for the fair value of the contracts (in millions): December 31, Balance sheet line item: 2022 2021 Other current assets $ 1.1 $ 2.7 Other non-current assets 0.4 2.5 Current derivative liabilities 4.0 — Non-current derivative liabilities 3.6 0.0 Net unrealized losses of approximately $ 7.1 million related to the effective portion of the hedges were included in accumulated other comprehensive income (loss) as of December 31, 2022. Unrealized gains and losses will be transferred from accumulated other comprehensive loss to current earnings as the underlying operating expenses are recognized. We estimate approximately $ 3.7 million in net unrealized losses included in accumulated other comprehensive income (loss) as of December 31, 2022 would be reclassified to current earnings in the next twelve months. Net realized gains of approximately $ 0.8 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive loss and included in cost of sales and other direct production costs for the year ended December 31, 2022. Net unrealized gains of approximately $ 0.1 million related to contracts not designated as hedges and no net unrealized gains or losses related to ineffectiveness of the hedges were included in fair value adjustments, net on our consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2022. Metals Prices We are currently using financially-settled forward contracts to manage the exposure to: • changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and • changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments. The following tables summarize the quantities of metals committed under forward sales contracts at December 31, 2022 and 2021: December 31, 2022 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2023 settlements 3,124 8 18,629 11,960 $ 21.55 $ 1,795 $ 1.38 $ 0.98 Contracts on forecasted sales 2023 settlements — — 37,533 75,618 N/A N/A $ 1.34 $ 1.00 2024 settlements — — — 45,856 N/A N/A N/A $ 0.99 December 31, 2021 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2022 settlements 1,814 6 13,371 4,575 $ 23.02 $ 1,812 $ 1.39 $ 0.96 Contracts on forecasted sales 2022 settlements — — 57,706 59,194 N/A N/A $ 1.28 $ 0.98 2023 settlements — — 76,280 71,650 N/A N/A $ 1.29 $ 1.00 Effective November 1, 2021, we designated the contracts for lead and zinc contained in our forecasted future shipments as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive loss until the hedged product ships. Prior to November 1, 2021, these contracts did not qualify for hedge accounting and were therefore marked-to-market through earnings each period. The forward contracts for silver and gold contained in our concentrate shipments have not been designated as hedges and are marked-to-market through earnings each period. At December 31, 2022 and 2021, we recorded the following balances for the fair value of forward and put option contracts held at that time (in millions): December 31, 2022 December 31, 2021 Balance sheet line item: Contracts in an asset position Contracts in a liability position Net asset (liability) Contracts in an asset position Contracts in a liability position Net asset (liability) Other current assets $ 1.2 $ — $ 1.2 $ — $ — $ — Other non-current assets 0.1 — 0.1 — — — Current derivatives liability 0.0 ( 12.1 ) ( 12.1 ) 0.7 ( 20.1 ) ( 19.4 ) Non-current derivatives liability 0.0 ( 2.5 ) ( 2.5 ) 0.4 ( 18.9 ) ( 18.5 ) Net realized and unrealized gains of approximately $ 16.8 million related to the effective portion of the contracts designated as hedges were included in accumulated other comprehensive loss as of December 31, 2022. Realized and unrealized gains and losses will be transferred from accumulated other comprehensive loss to current earnings as the underlying forecasted sales transaction is recognized. We estimate approximately $ 8.4 million in net realized and unrealized gains included in accumulated other comprehensive loss as of December 31, 2022 will be reclassified to current earnings in the next twelve months. The realized gains arose due to cash settlement of zinc contracts prior to maturity in 2022 for proceeds of $ 17.4 million. There were no early settlements in 2021 or 2020. We recognized a net loss of $ 5.8 million, including a $ 6.0 million loss transferred from accumulated other comprehensive income(loss) during 2022 on the contracts utilized to manage exposure to changes in prices of metals in our concentrate shipments, which is included in sales of products. The net loss recognized on the contracts offsets gains related to price adjustments on our provisional concentrate sales due to changes to silver, gold, lead and zinc prices between the time of sale and final settlement. We recognized a $ 32.9 million net loss during 2021 on the contracts utilized to manage exposure to changes in prices for forecasted future sales prior to their hedge designation. The net loss on these contracts is included in the fair value adjustments, net line item under other income (expense), as they relate to forecasted future sales, as opposed to sales that have already taken place but are subject to final pricing as discussed in the preceding paragraph. The net loss for 2021 is the result of increasing silver, gold, zinc and lead prices. Credit-risk-related Contingent Features Certain of our derivative contracts contain cross default provisions which provide that a default under our revolving credit agreement would cause a default under the derivative contract. As of December 31, 2022, we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these arrangements was $ 22.2 million as of December 31, 2022, and includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at December 31, 2022, we could have been required to settle our obligations under the agreements at their termination value of $ 22.2 million. |
Note 10- Fair Value Measurement
Note 10- Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 10: Fair Value Measurement Fair value adjustments, net is comprised of the following: Year Ended December 31, 2022 2021 2020 Gain (loss) on derivative contracts $ 844 $ ( 32,655 ) $ ( 22,074 ) Unrealized (loss) gain on investments in equity securities ( 5,632 ) ( 4,295 ) 10,268 Gain on disposition or exchange of investments 65 1,158 — Total fair value adjustments, net $ ( 4,723 ) $ ( 35,792 ) $ ( 11,806 ) Accounting guidance has established a hierarchy for inputs used to measure assets and liabilities at fair value on a recurring basis. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels included in the hierarchy are: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: significant other observable inputs; and Level 3: significant unobservable inputs. The table below sets forth our assets and liabilities (in thousands) that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category. See Note 5 for information on the fair values of our defined benefit pension plan assets. Balance at Balance at Input Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 104,743 $ 210,010 Level 1 Current and non-current investments: Equity securities – mining industry 24,018 14,470 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 45,146 36,437 Level 2 Derivative contracts - other current assets and other non-current assets: Metal forward and put option contracts 1,309 — Level 2 Foreign exchange contracts 1,518 5,207 Level 2 Restricted cash balances: Certificates of deposit and other deposits 1,164 1,053 Level 1 Total assets $ 177,898 $ 267,177 Liabilities Derivative contracts - current derivative liabilities and other non-current liabilities: Metal forward and put option contracts $ 14,643 $ 37,873 Level 2 Foreign exchange contracts 7,548 8 Level 2 Total liabilities $ 22,191 $ 37,881 Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value, and a small portion consists of municipal bonds having maturities of less than 90 days, which are recorded at fair value. Current and non-current restricted cash balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value. Our current and non-current investments consist of marketable equity securities of companies in the mining industry which are valued using quoted market prices for each security. Trade accounts receivable include amounts due to us for shipments of concentrates, doré, metals sold from doré, and carbon material sold to customers. Revenues and the corresponding accounts receivable for sales of metals products are recorded when title and risk of loss transfer to the customer (generally at the time of ship loading, or at the time of arrival at the customer for trucked products). Sales of concentrates are recorded using estimated forward prices for the anticipated month of settlement applied to our estimate of payable metal quantities contained in each shipment. Sales are recorded net of estimated treatment and refining charges, which are also impacted by changes in metals prices and quantities of contained metals. We estimate the prices at which sales of our concentrates will be settled due to the time elapsed between shipment and final settlement with the customer. Receivables for previously recorded concentrate sales are adjusted to reflect estimated forward metals prices at the end of each period until final settlement by the customer. We obtain the forward metals prices used each period from a pricing service. Changes in metals prices between shipment and final settlement result in changes to revenues previously recorded upon shipment. We use financially-settled forward contracts to manage exposure to changes in the exchange rate between the USD and CAD, and the impact on CAD-denominated operating and capital costs incurred at our Casa Berardi unit and Keno Hill development project (see Note 9 for more information). The contracts related to operating costs qualify for hedge accounting, while the contracts related to capital costs have not been designated as hedges. Unrealized gains and losses related to the effective portion of the contracts designated as hedges are included in accumulated other comprehensive loss, and unrealized gains and losses related to the contracts not designated as hedges and the ineffective portion of the contracts designated as hedges are included in earnings each period. The fair value of each contract represents the present value of the difference between the forward exchange rate for the contract settlement period as of the measurement date and the contract settlement exchange rate. We use financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement. We also use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments (see Note 9 for more information). Effective November 1, 2021, we designated the contracts for lead and zinc as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive income until the hedged product ships. The forward contracts for silver and gold contained in our concentrate shipments have not been designated as hedges and are marked-to-market through earnings each period. The fair value of each forward contract represents the present value of the difference between the forward metal price for the contract settlement period as of the measurement date and the contract settlement metal price. At December 31, 2022, our Senior Notes and IQ Notes were recorded at their carrying values of $ 470.4 million and $ 36 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $ 471.1 million and $ 35.1 million, respectively, at December 31, 2022. Quoted prices, which we consider to be Level 1 inputs, are utilized to estimate the fair value of the Senior Notes. Unobservable inputs which we consider to be Level 3, including an assumed current annual yield of 7.44 %, are utilized to estimate the fair value of the IQ Notes. See Note 9 for more information. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11: Stockholders’ Equity Common Stock Subject to the rights of the holders of any outstanding shares of preferred stock, each share of common stock is entitled to: (i) one vote on all matters presented to the stockholders, with no cumulative voting rights; (ii) receive such dividends as may be declared by the board of directors out of funds legally available therefor; and (iii) in the event of our liquidation or dissolution, share ratably in any distribution of our assets. Dividends In September 2011 and February 2012, our Board of Directors (“Board”) adopted a common stock dividend policy that has two components: (1) a dividend that links the amount of dividends on our common stock to our average quarterly realized silver price in the preceding quarter, and (2) a minimum annual dividend of $ 0.01 per share of common stock, in each case, payable quarterly, if and when declared. In September 2020, we amended the dividend policy to (1) reduce the minimum quarterly realized silver price threshold for the first component above from $ 30 per ounce to $ 25 per ounce, and (2) increased the minimum annual dividend from $ 0.01 per share to $ 0.015 per share. In each of May and September 2021, our Board approved an increase in our silver-linked dividend policy by $0.01 per year, and in September 2021 also approved a reduction in the minimum realized silver price threshold to $ 20 from $ 25 per ounce. For illustrative purposes only, the table below summarizes potential per share dividend amounts at different quarterly average realized price levels according to the first component of the policy, as amended: Quarterly Average Realized Silver Price ($ per ounce) Quarterly Silver-Linked Dividend ($ per share) Annualized Silver-Linked Dividend ($ per share) Annualized Minimum Dividend ($ per share) Annualized Dividends per Share: Silver-Linked and Minimum ($ per share) <$ 20 $ — $ — $ 0.015 $ 0.015 $ 20 $ 0.0025 $ 0.01 $ 0.015 $ 0.025 $ 25 $ 0.0100 $ 0.04 $ 0.015 $ 0.055 $ 30 $ 0.0150 $ 0.06 $ 0.015 $ 0.075 $ 35 $ 0.0250 $ 0.10 $ 0.015 $ 0.115 $ 40 $ 0.0350 $ 0.14 $ 0.015 $ 0.155 $ 45 $ 0.0450 $ 0.18 $ 0.015 $ 0.195 $ 50 $ 0.0550 $ 0.22 $ 0.015 $ 0.235 Total quarterly common stock dividends declared by our Board for the years ended December 31, 2022, 2021 and 2020 amounted to $ 12.4 million, $ 20.1 million and $ 8.6 million respectively. The common stock dividend declared by the Board in the third quarter of 2020 and each subsequent quarter with the exception of the fourth quarter of 2022 has included the silver-linked component, as the realized silver price was above the minimum thresholds applicable to each of those quarters. Prior to 2011, no dividends had been declared on our common stock since 1990. The declaration and payment of common stock dividends is at the sole discretion of our Board. At-The-Market Equity Distribution Agreement Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the equity distribution agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. As of December 31, 2022, we had sold 3,860,199 shares under the agreement for proceeds of $ 17.3 million, net of commissions and fees of approximately $ 0.3 million. All of the sales occurred during September through December 2022. Common Stock Repurchase Program In 2012, our Board approved a stock repurchase program under which we are authorized to repurchase up to 20 million shares of our outstanding common stock from time to time in open market or privately negotiated transactions, depending on prevailing market conditions and other factors. The repurchase program may be modified, suspended or discontinued by us at any time. As of December 31, 2022, a total of 934,100 shares have been repurchased under the program, at an average price of $ 3.99 per share. No shares were purchased under the program during the periods covered by these financial statements. Preferred Stock We have 157,776 shares (2021: 157,816 shares) of Series B Preferred Stock (“Preferred Stock”) outstanding which are listed on the New York Stock Exchange. The Preferred Stock ranks senior to our common stock with respect to dividend payments, and amounts due upon liquidation, dissolution or winding up. While the Preferred Stock remains outstanding, we cannot authorize the creation or issuance of any class or series of stock that ranks senior to the Preferred Stock with respect to dividend payments, and amounts due upon liquidation, dissolution or winding up, without the consent of 66 2/3% of the Preferred Stockholders. Preferred Stockholders are entitled to receive, when, as and if declared by our Board, an annual cash dividend of $ 3.50 per share of Preferred Stock, payable quarterly in arrears. Dividends are cumulative from the date of issuance, regardless of whether we have assets legally available for such payment. Total quarterly preferred stock dividends declared by our Board for the years ended December 31, 2022, 2021 and 2020 amounted to $ 552,000 per year, respectively. Interest is not payable on any accumulated dividends. The Preferred Stock is redeemable at our option at $ 50 per share of Preferred Stock, plus any unpaid dividends up to the date of redemption. The Preferred Stock has a liquidation preference of $ 50 per share of Preferred stock, or $ 7.9 million, plus an amount per share equal to all dividends undeclared and unpaid thereon to the date of final distribution. Except in limited circumstances, the Preferred Stockholders have no voting rights. Each share of Preferred Stock is convertible, in whole or in part, at the holder’s option into our common stock at a conversion price of $ 15.55 per common stock. During 2022, 40 shares of Preferred Stock were converted into 128 shares of our common stock. Stock Award Plans We use stock-based compensation plans to aid us in attracting, retaining and motivating our employees, as well as to provide incentives more directly linked to increases in stockholder value. These plans provide for the grant of options to purchase shares of our common stock, the issuance of restricted stock units, performance-based shares and other equity-based awards. Stock-based compensation expense amounts recognized for the years ended December 31, 2022, 2021 and 2020 were approximately $ 6.0 million, $ 6.1 million, and $6. 5 million, respectively. Over the next twelve months, we expect to recognize approximately $ 4.6 million in additional compensation expense as outstanding restricted stock units and performance-based shares vest. Stock Incentive Plan During 2010, our stockholders voted to approve the adoption of our 2010 Stock Incentive Plan and to reserve up to 20,000,000 shares of common stock for issuance under the plan. In the second quarter of 2019, our stockholders voted to approve an amendment to the plan to restore the number of shares of common stock available for issuance under the 2010 plan to the original 20,000,000 shares (along with other changes). The Board has broad authority under the 2010 plan to fix the terms and conditions of individual agreements with participants, including the duration of the award and any vesting requirements. As of December 31, 2022, there were 13,808,002 shares available for future grant under the 2010 plan. Directors’ Stock Plan In 2017, we adopted the amended and restated Hecla Mining Company Stock Plan for Non-Employee Directors (the “Directors’ Stock Plan”), which may be terminated by our board of directors at any time. Each non-employee director is credited each year with that number of shares determined by dividing $ 120,000 by the average closing price for our common stock on the New York Stock Exchange for the prior calendar year. A minimum of 25% of the shares credited each year is held in trust for the benefit of each director until delivered to the director. Each director may elect, prior to the first day of the applicable year, to have a greater percentage contributed to the trust for that year. Delivery of the shares from the trust occurs upon the earliest of: (1) death or disability; (2) retirement; (3) a cessation of the director’s service for any other reason; (4) a change in control; or (5) at the election of the director at any time, provided, however, that shares must be held in the trust for at least two years prior to delivery. During 2022, 2021, and 2020, 98,310 , 207,375 , and 391,244 shares, respectively, were credited to the non-employee directors. During 2022, 2021 and 2020, $ 0.4 million, $ 1.8 million, and $ 1.5 million, respectively, was charged to general and administrative expense associated with the shares issued to the non-employee directors. During 2022, two directors retired and 388,175 shares were distributed to them. At December 31, 2022, there were 2,170,959 shares available for grant in the future under the plan. Restricted Stock Units Unvested restricted stock units ("RSU") activity granted by the Board to employees are summarized as follows: Shares Weighted Average Unvested, January 1, 2020 3,997,168 $ 2.46 Granted 1,688,111 $ 3.03 Canceled ( 70,236 ) $ 2.08 Vested ( 1,678,909 ) $ 2.83 Unvested, December 31, 2020 3,936,134 $ 2.55 Granted 629,437 $ 7.88 Canceled ( 770,416 ) $ 2.82 Vested ( 1,772,803 ) $ 2.60 Unvested, December 31, 2021 2,022,352 $ 3.97 Granted 1,256,532 $ 4.41 Canceled ( 177,801 ) $ 4.41 Vested ( 1,304,968 ) $ 3.97 Unvested, December 31, 2022 1,796,115 $ 4.23 Unvested RSU's will be forfeited by participants upon termination of employment in advance of vesting, with the exception of termination due to retirement if certain criteria are met. At December 31, 2022, there was unrecognized compensation expense of $ 4.7 million related to unvested RSUs to be recognized over a weighted average period of 1.1 years. Performance-Based Shares We periodically grant performance-based share awards ("PSUs") to certain executive employees. The value of the PSUs (if any) is based on the ranking of the market performance of our common stock relative to the performance of the common stock of a group of peer companies over a three-year measurement period. The number of shares to be issued (if any) is based on the value of the PSUs divided by the share price at grant date. The compensation cost is measured using a Monte Carlo simulation to estimate their value at grant date, and the expense related to the performance-based awards (if any) will be recognized on a straight-line basis over the thirty months following that date of the PSUs. Unvested PSUs activity granted by the Board to eligible employees are summarized as follows: Shares Weighted Average Unvested, January 1, 2020 1,477,631 $ 0.79 Granted 597,360 $ 0.31 Forfeited ( 261,096 ) $ 2.37 Unvested, December 31, 2020 1,813,895 $ 0.41 Granted 122,462 $ 13.70 Canceled ( 174,108 ) $ 0.76 Vested(1) ( 887,827 ) $ — Unvested, December 31, 2021 874,422 $ 2.61 Granted 322,796 $ 3.78 Vested(1) ( 597,360 ) $ 0.31 Unvested, December 31, 2022 599,858 $ 5.54 (1) Vested on December 31 and distributed in February of the following year Unvested PSUs will be forfeited by participants upon termination of employment in advance of vesting. At December 31, 2022, there was an unrecognized compensation expense of $ 1.4 million related to unvested PSUs to be recognized over a weighted average period of 1.5 years. In connection with the vesting of restricted stock units, PSUs and other stock grants, employees have in the past, at their election and when permitted by us, chosen to satisfy their tax withholding obligations through net share settlement, pursuant to which we withhold the number of shares necessary to satisfy such withholding obligations and pay the obligations in cash. Pursuant to such net settlements, in 2022, we withheld 737,258 shares valued at approximately $ 3.7 million, or approximately $ 4.99 per share. In 2021, we withheld 574,251 shares valued at approximately $ 4.5 million, or approximately $ 7.88 per share. In 2020, we withheld 1,183,773 shares valued at approximately $ 2.7 million, or approximately $ 2.32 per share. These shares become treasury shares unless we cancel them. Warrants We have 4,136,000 warrants outstanding since the Klondex acquisition in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. The warrants have the following key terms: Number of warrants Exercise price Expiration date 2,068,000 $ 1.57 February 2029 2,068,000 $ 8.02 April 2032 Common stock contributed to the Hecla Charitable Foundation In 2020, we gifted 650,000 shares of our common stock, valued at $ 2.0 million at the time of the gift, to the Hecla Charitable Foundation and recognized expense for that amount. |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12: Accumulated Other Comprehensive Loss The following table lists the beginning balance, yearly activity and ending balance of each component of “Accumulated other comprehensive loss, net” (in thousands): Changes in fair value of derivative contracts designated as hedge transactions Adjustments Total Balance January 1, 2020 $ ( 348 ) $ ( 36,962 ) ( 37,310 ) 2020 change 7,980 ( 3,559 ) 4,421 Balance December 31, 2020 7,632 ( 40,521 ) ( 32,889 ) 2021 change ( 12,307 ) 16,740 4,433 Balance December 31, 2021 ( 4,675 ) ( 23,781 ) ( 28,456 ) 2022 change 13,837 17,067 30,904 Balance December 31, 2022 $ 9,162 $ ( 6,714 ) $ 2,448 The amounts above are net of the income tax effect of such balances and activity as summarized in the following table (in thousands): Changes in fair value of derivative contracts designated as hedge transactions Adjustments Total Balance January 1, 2020 $ — $ 12,575 $ 12,575 2020 change — — — Balance December 31, 2020 — 12,575 12,575 2021 change 4,689 ( 6,379 ) ( 1,690 ) Balance December 31, 2021 4,689 6,196 10,885 2022 change ` ( 5,233 ) ( 6,454 ) ( 11,687 ) Balance December 31, 2022 $ ( 544 ) $ ( 258 ) $ ( 802 ) See Note 5 for more information on our employee benefit plans and Note 9 for more information on our derivative instruments. |
Note 13 - Properties, Plants, E
Note 13 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plants, Equipment and Mineral Interests, and Lease Commitments | Note 13: Properties, Plants, Equipment and Mineral Interests, and Lease Commitments Properties, Plants, Equipment and Mineral Interests Our major components of properties, plants, equipment, and mineral interests are (in thousands): December 31, 2022 2021 Mining properties, including asset retirement obligations $ 871,027 $ 818,582 Development costs 588,298 549,666 Plants and equipment 1,514,906 1,446,183 Land 35,644 34,931 Mineral interests 1,171,261 972,754 Construction in progress 134,600 86,903 4,315,736 3,909,019 Less accumulated depreciation, depletion and amortization 1,745,946 1,598,209 Net carrying value $ 2,569,790 $ 2,310,810 During 2022, we incurred total capital expenditures of approximately $ 149.4 million. This excludes non-cash items for equipment acquired under finance leases and adjustments for asset retirement obligations, and includes acquisitions of mineral interests and land. The expenditures included $ 51.0 million at Lucky Friday, $ 36.9 million at Greens Creek, $ 39.7 million at Casa Berardi and $ 19.7 million at Keno Hill. Mineral interests include amounts for value beyond proven and probable reserves (“VBPP”) related to mines and exploration or pre-development interests acquired by us which are not depleted until the mineralized material they relate to is converted to proven and probable reserves. As of December 31, 2022, mineral interests included VBPP assets of $ 323.6 million, $ 383.6 million, $ 93.8 million and $ 102.1 million , respectively, at Casa Berardi, Nevada Operations, Greens Creek and Keno Hill, along with various other properties. As of December 31, 2021, mineral interests included VBPP assets of $ 323.6 million, $ 382.9 million and $ 132.6 million , respectively, at Casa Berardi, Nevada Operations and Greens Creek, along with various other properties. Finance Leases We periodically enter into lease agreements, primarily for equipment at our operations, which we have determined to be finance leases. As of December 31, 2022 and 2021, we have recorded $ 90.8 million and $ 78.9 million, respectively, for the gross amount of assets acquired under the finance leases and $ 67.7 million and $ 60.6 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mineral interests . See Note 7 for information on future obligations related to our finance leases. |
Note 14 - Commitments, Continge
Note 14 - Commitments, Contingencies, and Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 : Commitments, Contingencies, and Obligations Johnny M Mine Area near San Mateo, McKinley County and San Mateo Creek Basin, New Mexico In August 2012, Hecla Limited and the U.S. Environmental Protection Agency (the “EPA”) entered into a Settlement Agreement and Administrative Order on Consent for Removal Action (“Consent Order”) regarding the Johnny M Mine Area near San Mateo, McKinley County, New Mexico. Mining at the Johnny M Mine was conducted for a limited period of time by a predecessor of Hecla Limited, and the EPA had previously asserted that Hecla Limited may be responsible under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) for environmental remediation and past costs incurred by the EPA at the site. Under the Consent Order, Hecla Limited agreed to pay (i) $ 1.1 million to the EPA for its past response costs at the site and (ii) any future response costs at the site under the Consent Order, in exchange for a covenant not to sue by the EPA. In December 2014, Hecla Limited submitted to the EPA the Engineering Evaluation and Cost Analysis (“EE/CA”) for the site which recommended on-site disposal of mine-related material. In January 2021, the parties began negotiating a new consent order to design and implement the on-site disposal response action recommended in the EE/CA. Based on the foregoing, we believe it is probable that Hecla Limited will incur a liability for the CERCLA removal action and we increased our accrual by $ 2.9 million to $ 9.0 million in the first quarter of 2021, primarily representing estimated costs to begin design and implementation of the remedy. It is possible that Hecla Limited’s liability will be more than $ 9.0 million, and any increase in liability could have a material adverse effect on Hecla Limited’s or our results of operations or financial position. The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. In addition to Johnny M, Hecla Limited’s predecessor was involved at other mining sites within the SMCB. The EPA appears to have deferred consideration of listing the SMCB site on CERCLA’s National Priorities List (“Superfund”) by removing the site from its emphasis list, and is working with various potentially responsible parties (“PRPs”) at the site in order to study and potentially address perceived groundwater issues within the SMCB. The EE/CA discussed above relates primarily to contaminated rock and soil at the Johnny M site, not groundwater and not elsewhere within the SMCB site. It is possible that Hecla Limited’s liability at the Johnny M Site, and for any other mine site within the SMCB at which Hecla Limited’s predecessor may have operated, will be greater than our current accrual of $9.0 million due to the increased scope of required remediation. In July 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the SMCB site or for costs incurred by the EPA in cleaning up the site. The EPA stated it has incurred approximately $ 9.6 million in response costs to date. On May 2, 2022, Hecla Limited received a letter from an attorney representing a PRP notifying Hecla Limited that three PRPs will seek cost recovery and contribution from Hecla Limited under CERCLA for certain investigatory work performed by the PRPs at the SMCB site. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by the various PRPs. Carpenter Snow Creek and Barker-Hughesville Sites in Montana In July 2010, the EPA made a formal request to Hecla for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historical mining district, and in the early 1980s Hecla Limited leased 6 mining claims and performed limited exploration activities at the site. Hecla Limited terminated the mining lease in 1988. In June 2011, the EPA informed Hecla Limited that it believes Hecla Limited, and several other PRPs, may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA stated in the letter that it has incurred approximately $ 4.5 million in response costs and estimated that total remediation costs may exceed $ 100 million. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by various other PRPs. In February 2017, the EPA made a formal request to Hecla for information regarding the Barker-Hughesville Mining District Superfund site located in Judith Basin and Cascade Counties, Montana. Hecla Limited submitted a response in April 2017. The Barker-Hughesville site is located in a historic mining district, and between approximately June and December 1983, Hecla Limited was party to an agreement with another mining company under which limited exploration activities occurred at or near the site. In August 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA did not include an amount of its alleged response costs to date. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning past or anticipated future costs at the site and the relative contributions of contamination by various other PRPs. Greens Creek and Lucky Friday Environmental Issues On June 30, 2022, our Greens Creek mine received a Notice of Violation (“NOV”) from the EPA alleging that the mine treated, stored, and disposed of certain hazardous waste without a permit in violation of the Resource Conservation and Recovery Act (“RCRA”), relating to the alleged presence of lead outside the concentrate storage building and the alleged improper reuse/recycling of certain materials produced from the on-site laboratories. The NOV contained two other less significant alleged violations. We disagree with several of the EPA’s allegations on a factual and legal basis. Currently, the EPA has not initiated any formal enforcement proceeding against our Greens Creek subsidiary. In civil judicial cases, EPA can seek statutory penalties up to $ 81,540 per day per violation and, in administrative settlements, the EPA can seek administrative penalties of up to $ 47,423 per day per violation plus the economic benefit of noncompliance. The EPA typically pursues administrative penalties and assesses lower penalties on a per day basis. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA. On July 12, 2022, our Lucky Friday mine received a NOV from the EPA alleging violations of the Clean Water Act (“CWA”) between 2018 and 2021 relating primarily to concentration levels of zinc and lead in the mine’s permitted water discharges. Currently, the EPA has not initiated any formal enforcement proceeding against our Lucky Friday subsidiary. In civil judicial cases, the EPA can seek statutory penalties up to $ 59,973 per day per violation and, in administrative actions, the EPA can seek administrative penalties up to $ 23,989 per day per violation with a maximum administrative penalty of $ 299,989 for all alleged violations. The EPA typically pursues administrative penalties. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA. Litigation Related to Klondex Acquisition On May 24, 2019, a purported Hecla stockholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against Hecla and certain of our executive officers, one of whom is also a director. The complaint, purportedly brought on behalf of all purchasers of Hecla common stock from March 19, 2018 through and including May 8, 2019, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks, among other things, damages and costs and expenses. Specifically, the complaint alleges that Hecla, under the authority and control of the individual defendants, made certain material false and misleading statements and omitted certain material information regarding Hecla’s Nevada Operations. The complaint alleges that these misstatements and omissions artificially inflated the market price of Hecla common stock during the class period, thus purportedly harming investors. Filings with the court regarding our motion to dismiss the lawsuit were completed in the first quarter of 2021. We cannot predict the outcome of this lawsuit or estimate damages if plaintiffs were to prevail. We believe that these claims are without merit and intend to defend them vigorously. Related to this class action lawsuit, Hecla has been named as a nominal defendant in a shareholder derivative lawsuit which also names as defendants certain current and past (i) members of Hecla’s board of directors and (ii) officers of Hecla. The case was filed on May 4, 2022 in the Delaware Chancery Court. In general terms, the suit alleges breaches of fiduciary duties by the individual defendants, waste of corporate assets and unjust enrichment, and seeks damages, purportedly on behalf of Hecla. Debt See Note 8 for information on the commitments related to our debt arrangements as of December 31, 2022. Other Commitments Our contractual obligations as of December 31, 2022 included open purchase orders and commitments of approximately $ 9.8 million, $ 22.8 million, $ 1.7 million, $ 1.9 million and $ 4.5 million for various capital and non-capital items at Greens Creek, Lucky Friday, Casa Berardi, Nevada Operations and Keno Hill, respectively. We also have total commitments of approximately $ 22.2 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, Casa Berardi and Nevada Operations units, and total commitments of approximately $ 14.6 million relating to payments on operating leases (see Note 8 for more information). As part of our ongoing business and operations, we are required to provide surety bonds, bank letters of credit, and restricted deposits for various purposes, including financial support for environmental reclamation obligations and workers compensation programs. As of December 31, 2022, we had surety bonds totaling $ 192.7 million and letters of credit totaling $ 7.8 million in place as financial support for future reclamation and closure costs, self-insurance, and employee benefit plans. The obligations associated with these instruments are generally related to performance requirements that we address through ongoing operations. As the requirements are met, the beneficiary of the associated instruments cancels or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure of the sites. We believe we are in compliance with all applicable bonding requirements and will be able to satisfy future bonding requirements as they arise. Other Contingencies We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently have no basis to conclude that any or all of such contingencies will materially affect our financial position, results of operations or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by us, and there can be no assurance that their ultimate disposition will not have a material adverse effect on our financial position, results of operations or cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation, Basis of Presentation and Other Information | A. Principles of Consolidation, Basis of Presentation and Other Information — Our Consolidated Financial Statements have been prepared in accordance with GAAP, and include our accounts and our wholly-owned subsidiaries’ accounts. All inter-company balances and transactions have been eliminated in consolidation. |
Assumptions and Use of Estimates | B. Assumptions and Use of Estimates — Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. We consider our most critical accounting estimates to be future metals prices; obligations for environmental, reclamation and closure matters and mineral reserves and resources. Other significant areas requiring the use of management assumptions and estimates relate to reserves for contingencies and litigation; asset impairments, including long-lived assets; valuation of deferred tax assets; and post-employment, post-retirement and other employee benefit assets and liabilities. We have based our estimates on historical experience and various other assumptions that we believe to be reasonable. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. |
Cash and Cash Equivalents | C. Cash and Cash Equivalents — Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at fair value. Cash and cash equivalents are invested in money market funds, certificates of deposit, U.S. government and federal agency securities, municipal securities and corporate bonds. |
Investments | D. Investments — We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations at each reporting date. Currently all our investments are comprised of marketable equity securities and are carried at fair value. Marketable securities we anticipate selling within the next twelve months are included in other current assets. Gains and losses on the sale of securities are recognized on a specific identification basis. Gains and losses are included as a component of a separate line item, “fair value adjustments, net,” on our consolidated statements of operations and comprehensive income (loss). |
Inventories | E. Inventories — Major types of inventories include materials and supplies and metals product inventory, which is determined by the stage at which the ore is in the production process (stockpiled ore, in-process and finished goods). Product inventories are stated at the lower of full cost of production or estimated net realizable value based on current metals prices. Materials and supplies inventories are stated at average cost. Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit. In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process, or net realizable value. Finished goods inventory includes doré and concentrates at our operations, doré in transit to refiners or at refiners waiting to be processed, and bullion in our accounts at refineries. |
Restricted Cash and Investments | F. Restricted Cash and Investments — Restricted cash and investments primarily represent investments in money market funds, certificates of deposit, and bonds of U.S. government agencies and are restricted primarily for reclamation funding or surety bonds. Restricted cash balances are carried at fair value. Non-current restricted cash and investments is reported in a separate line on the consolidated balance sheets and totaled $ 1.2 million and $ 1.1 million at December 31, 2022 and 2021, respectively. |
Properties, Plants, Equipment and Mineral Interests | G. Properties, Plants, Equipment and Mineral Interests – Costs are capitalized when it has been determined an ore body can be economically developed. The development stage begins at new projects when our management and/or board of directors makes the decision to bring a mine into commercial production, and ends when the production stage, or exploitation of reserves, begins. Expenditures incurred during the development and production stages for new assets, new facilities, alterations to existing facilities that extend the useful lives of those facilities, and major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, shaft sinking, lateral development, drift development, ramps and infrastructure developments. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production stage are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development stage. Where multiple open pits exist at an operation utilizing common facilities, pre-stripping costs are capitalized at each pit. The production stage of a mine commences when saleable materials, beyond a de minimis amount, are produced. Stripping costs incurred during the production stage are treated as variable production costs included as a component of inventory, to be recognized in cost of sales and other direct production costs in the same period as the revenue from the sale of inventory. Costs for exploration, pre-development, secondary development at operating mines, including drilling costs related to those activities (discussed further below), and maintenance and repairs on capitalized properties, plants and equipment are charged to operations as incurred. Exploration costs include those relating to activities carried out in search of previously unidentified resources or exploration targets, (a) at undeveloped concessions, or (b) at operating mines already containing proven and probable reserves, where a determination remains pending as to whether new target deposits outside of the existing reserve areas can be economically developed. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to the lack of evidence of economic viability, which is necessary to demonstrate future recoverability of these expenses. At an underground mine, secondary development costs are incurred for preparation of an ore body for production in a specific ore block, stope or work area, providing a relatively short-lived benefit only to the mine area they relate to, and not to the ore body as a whole. Primary development costs benefit long-term production, multiple mine areas, or the ore body as a whole, and are therefore capitalized. Drilling, development and related costs are either classified as exploration, pre-development or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria: • whether the costs are incurred to further define resources or exploration targets at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; • whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and • whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. If all of these criteria are met, drilling, development and related costs are capitalized. Drilling and development costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling and development costs is appropriate: • completion of a favorable economic study and mine plan for the ore body targeted; • authorization of development of the ore body by management and/or the board of directors; and • there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met. Drilling and related costs of approximately $ 11.2 million, $ 5.2 million, and $ 4.4 million for the years ended December 31, 2022, 2021 and 2020, respectively, met our criteria for capitalization listed above at our production stage properties. When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in current period net income (loss). Our mineral interests, which are tangible assets, include acquired undeveloped mineral interests and royalty interests. Undeveloped mineral interests include: (i) resources which are measured, indicated or inferred with insufficient drill spacing or quality to qualify as proven and probable reserves; and (ii) inferred material and exploration targets not immediately adjacent to existing proven and probable reserves but accessible within the immediate mine infrastructure. Residual values for undeveloped mineral interests represent the expected fair value of the interests at the time we plan to convert, develop, further explore or dispose of the interests and are evaluated at least annually. |
Depreciation, Depletion and Amortization | H. Depreciation, Depletion and Amortization — Capitalized costs are depreciated or depleted using the straight-line method or units-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 14 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually. Our estimates for reserves and resources are a key component in determining our units-of-production depreciation rates, with net book value of many assets depreciated over remaining estimated reserves. Reserves are estimates made by our professional technical personnel of the amount of metals that they believe could be economically and legally extracted or produced at the time of the reserve determination (discussed in J. Proven and Probable Mineral Reserves below). Our estimates of proven and probable mineral reserves and resources may change, possibly in the near term, resulting in changes to depreciation, depletion and amortization rates in future reporting periods. Undeveloped mineral interests and value beyond proven and probable reserves are not amortized until such time as there are proven and probable reserves or the related mineralized material is converted to proven and probable reserves. At that time, the basis of the mineral interest is amortized on a units-of-production basis. Pursuant to our policy on impairment of long-lived assets (discussed further below), if it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves and its carrying value exceeds its estimated undiscounted future cash flows, the basis of the mineral interest is reduced to its fair value and an impairment loss is recorded to expense in the period in which it is determined to be impaired. |
Impairment of Long-lived Assets | I. Impairment of Long-lived Assets — Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We perform the test for recoverability of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests. Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of resources and exploration targets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows are dependent upon, among other factors, estimates of: (i) metals to be recovered from proven and probable mineral reserves and identified resources and exploration targets beyond proven and probable reserves, (ii) future production and capital costs, (iii) estimated metals prices (considering current and historical prices, forward pricing curves and related factors) over the estimated remaining mine life and (iv) market values of mineral interests. It is possible that changes could occur in the near term that could adversely affect our estimate of future cash flows to be generated from our operating properties. If estimated undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized for the difference between the carrying value and fair value of the property. |
Proven and Probable Ore Reserves | J. Proven and Probable Mineral Reserves — At least annually, management reviews the reserves used to estimate the quantities and grades of ore at our mines which we believe can be recovered and sold economically. Management’s calculations of proven and probable mineral reserves are based on financial, engineering and geological estimates, including future metals prices and operating costs, and an assessment of our ability to obtain the permits required to mine and process the material. From time to time, management obtains external audits or reviews of reserves. Reserve estimates will change as existing reserves are depleted through production, as additional reserves are proven and added to the estimates and as market prices of metals, production or capital costs, smelter terms, the grade or tonnage of the deposit, throughput, dilution of the ore or recovery rates change. |
Leases | K. Leases — Contractual arrangements are assessed at inception to determine if they represent or contain a lease. Right-of-use (“ROU”) assets related to operating leases are separately reported in the Consolidated Balance Sheets. ROU assets related to finance leases are included in Properties, plants, equipment and mineral interests, net. Separate current and non-current liabilities for operating and finance leases are reported on the Consolidated Balance Sheets. Operating and finance lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. |
Income and Mining Taxes | L. Income and Mining Taxes — We provide for federal, state and foreign income taxes currently payable, as well as those deferred, due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. We record deferred tax liabilities and assets for expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. We evaluate uncertain tax positions in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. We evaluate our ability to realize deferred tax assets by considering the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies. Should we determine that a portion of our deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. When we determine, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance is made in the period such a determination is made. We classify as income taxes mine license taxes incurred in the states of Alaska and Idaho, the net proceeds taxes incurred in Nevada, mining duties in Mexico, and resource taxes incurred in Quebec and Yukon, Canada. |
Reclamation and Remediation Costs (Asset Retirement Obligations) | M. Reclamation and Remediation Costs (Asset Retirement Obligations) — At our operating properties, we record a liability for the present value of our estimated environmental remediation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred. At our non-operating properties, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Accruals for estimated losses from environmental remediation obligations have historically been recognized no later than completion of the remediation feasibility study for such facility and are charged to current earnings under provision for closed operations and environmental matters. Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management’s current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations. Future closure, reclamation and environmental-related expenditures are difficult to estimate in many circumstances, due to the early stage nature of investigations, uncertainties associated with defining the nature and extent of environmental contamination, the application of laws and regulations by regulatory authorities, and changes in reclamation or remediation technology. We periodically review accrued liabilities for such reclamation and remediation costs as evidence becomes available indicating that our liabilities have potentially changed. Changes in estimates at our non-operating properties are reflected in current period net income (loss). |
Revenue Recognition and Trade Accounts Receivable | N. Revenue Recognition and Trade Accounts Receivable — Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues and accounts receivable upon completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré and carbon material, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré or carbon containing the agreed-upon metal quantities to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, we must estimate the prices at which sales of our concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts for some of the metals contained in our concentrate shipments. Refining, selling and shipping costs related to sales of doré, metals from doré, and carbon are recorded to cost of sales as incurred. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customers for treatment, refining, smelting losses, and other charges negotiated by us with the customers. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed costs per ton of concentrate, and price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline. |
Foreign Currency | O. Foreign Currency — The functional currency for our operations located in the U.S., Mexico and Canada is the U.S. dollar (“USD”) for all periods presented. Accordingly, for Casa Berardi and Keno Hill in Canada and San Sebastian in Mexico, we have translated our monetary assets and liabilities at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period net income (loss). Expenses incurred at our foreign operations and denominated in CAD and MXN expose us to exchange rate fluctuations between those currencies and the USD. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts to sell CAD and MXN. We recognized a total net foreign exchange gain of $ 7.2 million and $ 0.4 million for the years ended December 31, 2022 and 2021, respectively, and a loss of $ 4.6 million for the year ended December 31, 2020. |
Risk Management Contracts | P. Risk Management Contracts — We use derivative financial instruments as part of an overall risk-management strategy as a means of managing exposure to changes in metals prices and exchange rate fluctuations between the USD and CAD and MXN. We do not hold or issue derivative financial instruments for speculative trading purposes. We measure derivative contracts as assets or liabilities based on their fair value. Amounts recognized for the fair value of derivative asset and liability positions with the same counterparty and which would be settled on a net basis are offset against each other on our consolidated balance sheets. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to sales of products (for metals price-related contracts) or cost of sales (for foreign currency-related contracts). Ineffective portions of any change in fair value of a derivative are recorded in current period other operating income (expense). For derivatives qualifying as hedges, when the hedged items are sold, extinguished or terminated, or it is determined the hedged transactions are no longer likely to occur, gains or losses on the derivatives are reclassified from OCI to current earnings. As of December 31, 2022 and 2021, our foreign currency-related forward contracts qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI. Our base metals price-related forward contracts were designated as hedges effective November 1, 2021. Prior to November 1, 2021 our metals price-related forward contracts and put option contracts did not qualify for hedge accounting and all unrealized gains and losses were therefore reported in earnings. |
Stock Based Compensation | Q. Stock Based Compensation — The fair values of equity instruments granted to employees that have vesting periods are expensed over the vesting periods on a straight-line basis. The fair values of instruments having no vesting period are expensed when granted. Stock-based compensation expense is recorded among general and administrative expenses, exploration and pre-development and cost of sales and other direct production costs. |
Basic and Diluted Income (Loss) Per Common Share | R. Basic and Diluted Income (Loss) Per Common Share — We calculate basic income (loss) per share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods. |
Comprehensive Income (Loss) | S. Comprehensive Income (Loss) — In addition to net income (loss), comprehensive income (loss) includes certain changes in equity during a period, such as adjustments to minimum pension liabilities, adjustments to recognize the over-funded or under-funded status of our defined benefit pension plans, the change in fair value of derivative contracts designated as hedge transactions, and cumulative unrecognized changes in the fair value of available for sale debt investments, net of tax, if applicable. |
Reclassifications | T. Reclassifications — Certain amounts in prior years have been reclassified to conform with the 2022 presentation. |
New Accounting Pronouncements | U. New Accounting Pronouncements — Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (“FASB") issued ASU No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. We adopted the update as of January 1, 2022, which did not have a material impact on our consolidated financial statements or disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606) . The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The update is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the new standard effective January 1, 2022, which did not have a material impact on our consolidated financial statements or disclosures. Accounting Standards Updates to Become Effective in Future Periods In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform, in response to the 2017 United Kingdom Financial Conduct Authority ("FCA") announcement that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate ("LIBOR"), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicated that the continuation of LIBOR on the current basis would not be guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as SOFR. Our New Credit Agreement references SOFR-based rates, compared to our prior credit facility which referenced LIBOR based- rates. Certain of our derivative instruments reference LIBOR-based rates and were amended to eliminate the LIBOR-based rate references prior to January 1, 2023. We do not expect a significant impact to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed. |
Note 3 - Business Segments, S_2
Note 3 - Business Segments, Sales of Products and Significant Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Information About Reportable Segments | The tables below present information about our reportable segments as of and for the years ended December 31, 2022, 2021 and 2020 (in thousands). 2022 2021 2020 Net sales to unaffiliated customers: Greens Creek $ 335,062 $ 384,843 $ 327,820 Lucky Friday 147,814 131,488 63,025 Keno Hill — — — Casa Berardi 235,136 245,152 209,224 Nevada Operations 419 45,814 58,898 Other 474 176 32,906 Total sales to unaffiliated customers $ 718,905 $ 807,473 $ 691,873 Income (loss) from operations: Greens Creek $ 87,297 $ 164,666 $ 114,607 Lucky Friday 27,636 31,683 ( 1,711 ) Keno Hill ( 4,249 ) — — Casa Berardi ( 21,799 ) 5,807 10,379 Nevada Operations ( 38,134 ) ( 46,115 ) ( 6,674 ) Other ( 63,189 ) ( 72,621 ) ( 49,623 ) Total (loss) income from operations $ ( 12,438 ) $ 83,420 $ 66,978 Capital additions (excluding non-cash items): Greens Creek $ 36,898 $ 23,883 $ 19,685 Lucky Friday 50,992 29,885 25,776 Keno Hill 19,725 — — Casa Berardi 39,667 49,617 40,840 Nevada Operations 333 5,470 4,003 Other 1,763 193 712 Total capital additions $ 149,378 $ 109,048 $ 91,016 Depreciation, depletion and amortization: Greens Creek $ 48,911 $ 48,710 49,692 Lucky Friday 33,704 26,846 11,473 Keno Hill — — — Casa Berardi 60,962 80,744 60,552 Nevada Operations 361 15,341 22,845 Other — 152 3,548 Total depreciation, depletion and amortization $ 143,938 $ 171,793 $ 148,110 Other significant non-cash items: Greens Creek $ 2,821 $ 3,653 $ 3,103 Lucky Friday 1,138 1,048 881 Keno Hill 1,669 — — Casa Berardi 1,520 1,284 ( 1,741 ) Nevada Operations 4,384 7,740 2,039 Other ( 816 ) ( 20,030 ) 8,569 Total other significant non-cash items $ 10,716 $ ( 6,305 ) $ 12,851 Identifiable assets: Greens Creek $ 582,687 $ 589,944 $ 610,360 Lucky Friday 571,510 516,545 520,463 Keno Hill 276,096 — — Casa Berardi 681,631 701,868 727,008 Nevada Operations 466,722 468,985 513,309 Other 348,526 451,466 329,070 Total identifiable assets $ 2,927,172 $ 2,728,808 $ 2,700,210 |
Schedule of Long-lived Assets by Geographic Area | The following are our long-lived assets by geographic area as of December 31, 2022 and 2021 (in thousands): 2022 2021 United States $ 1,670,676 $ 1,662,689 Canada 891,375 640,367 Mexico 7,739 7,754 Total long-lived assets $ 2,569,790 $ 2,310,810 |
Schedule of Sales Contributed by Each Segment | Sales of metal concentrates and metal products are made principally to custom smelters, third-party processors and metal traders. The percentage of sales contributed by each segment is reflected in the following table: Year Ended December 31, 2022 2021 2020 Greens Creek 46.6 % 47.6 % 47.4 % Lucky Friday 20.6 % 16.3 % 9.1 % Casa Berardi 32.7 % 30.4 % 30.2 % Nevada Operations 0.1 % 5.7 % 8.5 % Other — — 4.8 % 100 % 100 % 100 % |
Schedule of Sales of Products by Metal | Sales of metal for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Silver $ 265,054 $ 293,646 $ 260,227 Gold 298,910 362,037 356,166 Lead 83,384 75,431 48,776 Zinc 123,057 125,292 95,065 Less: Smelter and refining charges ( 51,973 ) ( 48,933 ) ( 68,361 ) Sales of products $ 718,432 $ 807,473 $ 691,873 |
Schedule of Sales Information by Geographic Area | The following is sales information by geographic area based on the location of smelters and metal traders (for concentrate shipments) and the location of parent companies (for doré sales to metal traders) for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 United States $ 21,938 $ 71,278 $ 115,378 Canada 406,600 419,090 321,896 Japan 51,375 63,588 39,418 Netherlands — — ( 923 ) Korea 107,828 203,115 166,402 China 136,514 50,945 66,082 Total, excluding gains/losses on forward contracts $ 724,255 $ 808,016 $ 708,253 Sales by significant product type for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Doré and metals from doré $ 255,608 $ 313,337 $ 266,536 Carbon 2,607 4,117 60,302 Silver concentrate 329,165 345,732 281,050 Zinc concentrate 109,177 112,448 76,481 Precious metals concentrate 27,698 32,382 23,884 Total, excluding gains/losses on forward contracts $ 724,255 $ 808,016 $ 708,253 |
Schedule of Sales from Continuing Operations to Significant Metals Customers | Sales from continuing operations to significant metals customers as a percentage of total sales were as follows for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Customer A 35.4 % 37.2 % 32.7 % Customer B 23.9 % 21.5 % 16.1 % Customer C 11.3 % 21.6 % 13.3 % Customer D 3.5 % 6.2 % 13.9 % |
Note 4 - Environmental and Re_2
Note 4 - Environmental and Reclamation Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Environmental and Reclamation Activities [Abstract] | |
Schedule of Reclamation and Closure Costs Liabilities | 2022 2021 Operating properties: Greens Creek $ 37,212 $ 37,474 Lucky Friday 13,343 13,543 Keno Hill 4,514 — Casa Berardi 11,352 12,497 Nevada Operations 28,171 27,068 Non-operating properties: San Sebastian 1,989 4,451 Troy mine 6,980 4,813 Johnny M 8,961 8,947 All other sites 4,477 4,438 Total 116,999 113,231 Reclamation and closure costs, current ( 8,591 ) ( 9,259 ) Reclamation and closure costs, long-term $ 108,408 $ 103,972 |
Schedule of Reclamation and Closure Costs Activities | Balance at January 1, 2020 $ 108,374 Accretion expense 5,912 Revision of estimated cash flows due to changes in reclamation plans 2,543 Payment of reclamation obligations ( 781 ) Balance at December 31, 2020 116,048 Accruals for estimated costs 4,952 Accretion expense 6,454 Revision of estimated cash flows due to changes in reclamation plans ( 8,781 ) Payment of reclamation obligations ( 5,442 ) Balance at December 31, 2021 113,231 Accruals for estimated costs 2,874 Accretion expense 5,995 Revision of estimated cash flows due to changes in reclamation plans 452 Payment of reclamation obligations ( 5,553 ) Balance at December 31, 2022 $ 116,999 |
Schedule of Change in Asset Retirement Obligation | 2022 2021 Balance January 1 $ 95,033 $ 100,208 Changes in obligations due to changes in reclamation plans 452 ( 8,781 ) Accretion expense 5,995 6,451 Payment of reclamation obligations ( 4,860 ) ( 2,845 ) Balance at December 31 $ 96,620 $ 95,033 |
Note 5 - Employee Benefit Pla_2
Note 5 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan [Abstract] | |
Schedule of changes in the plans' benefit obligations and fair value of assets | Pension Benefits 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 195,862 $ 192,954 Service cost 6,262 5,820 Interest cost 5,476 4,990 Amendments 0 550 Change due to mortality change 486 548 Change due to discount rate change ( 54,977 ) ( 5,865 ) Actuarial return (loss) 1,841 4,342 Benefits paid ( 6,807 ) ( 7,477 ) Benefit obligation at end of year 148,143 195,862 Change in fair value of plan assets: Fair value of plan assets at beginning of year 189,874 148,052 Actual return on plan assets ( 18,238 ) 27,049 Employer contributions 10,330 22,250 Benefits paid ( 6,807 ) ( 7,477 ) Fair value of plan assets at end of year 175,159 189,874 Funded/(underfunded) status at end of year $ 27,016 $ ( 5,988 ) |
Schedule of the amounts recognized in the consolidated balance sheets | Pension Benefits 2022 2021 Non-current assets: Accrued benefit asset $ 27,806 $ — Current pension liability Accrued benefit liability ( 790 ) ( 1,315 ) Non- current pension liability: Accrued benefit liability — ( 4,673 ) Accumulated other comprehensive loss 6,446 29,966 Net amount recognized $ 33,462 $ 23,978 |
Schedule of assumptions related to benefit obligation and prepaid benefit costs | Pension Benefits 2022 2021 Discount rate: net periodic pension cost 5.54 % 2.64 % Discount rate: projected benefit obligation 5.54 % 2.86 % Expected rate of return on plan assets 7.25 % 6.40 % Rate of compensation increase: net periodic pension cost 5.00 %/ 2.00 % (1) 5.00 %/ 2.00 % Rate of compensation increase: projected benefit obligation 5.00 %/ 2.00 % (1) 5.00 %/ 2.00 % |
Schedule of net periodic pension cost | Pension Benefits 2022 2021 2020 Service cost $ 6,262 $ 5,820 $ 5,334 Interest cost 5,476 4,990 5,618 Expected return on plan assets ( 13,452 ) ( 9,252 ) ( 7,489 ) Amortization of prior service benefit 511 394 117 Amortization of net gain from earlier periods 2,049 4,502 4,652 Net periodic pension cost $ 846 $ 6,454 $ 8,232 |
Schedule of allocation of assets | Target Maximum Large cap U.S. equities 17 % 20 % Small cap U.S. equities 8 % 10 % Non-U.S. equities 25 % 30 % U.S. Fixed income 18 % 23 % Emerging markets debt 5 % 8 % Real estate 15 % 18 % Absolute return 5 % 7 % Company stock/Real return 7 % 13 % |
Schedule of fair values of plan by asset category | Hecla plans Lucky Friday Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments measured at fair value Interest-bearing cash $ 743 $ — $ — $ 743 $ 133 $ — $ — $ 133 Common stock 21,678 — — 21,678 3,295 — — 3,295 Mutual funds 75,868 — — 75,868 11,905 — — 11,905 Total investments in the fair value hierarchy 98,289 — — 98,289 15,333 — — 15,333 Investments measured at net asset value Real estate funds — — — 23,967 — — — 5,550 Hedge funds — — — — — — — — Common collective funds — — — 26,114 — — — 5,906 Total investments measured at net asset value — — — 50,081 — — — 11,456 Total fair value $ 98,289 $ — $ — $ 148,370 $ 15,333 $ — $ — $ 26,789 Hecla Lucky Friday Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments measured at fair value Interest-bearing cash $ 1,835 $ — $ — $ 1,835 $ 305 $ — $ — $ 305 Common stock 8,869 — — 8,869 1,580 — — 1,580 Mutual funds 96,957 — — 96,957 15,707 — — 15,707 Total investments in the fair value hierarchy 107,661 — — 107,661 17,592 — — 17,592 Investments measured at net asset value Real estate funds — — — 19,119 — — — 4,482 Hedge funds — — — 12,866 — — — 2,828 Common collective funds — — — 20,626 — — — 4,700 Total investments measured at net asset value — — — 52,611 — — — 12,010 Total fair value $ 107,661 $ — $ — $ 160,272 $ 17,592 $ — $ — $ 29,602 |
Schedule of estimates of future benefit payments | Year Ending December 31, Pension 2023 $ 8,429 2024 8,796 2025 9,649 2026 9,819 2027 9,803 Years 2028-2032 50,279 |
Schedule of indication of whether pension plans had accumulated benefit obligations (ABO) in excess of plan assets, or plan assets exceeded ABO | December 31, 2022 December 31, 2021 ABO Exceeds Plan Assets Plan Assets Exceed ABO ABO Exceeds Plan Assets Plan Assets Exceed ABO Projected benefit obligation $ — $ 148,143 $ 195,862 $ — Accumulated benefit obligation — 144,816 191,597 — Fair value of plan assets — 175,159 189,874 — |
Schedule of amounts included in "Accumulated other comprehensive loss, net" | Pension Unamortized net (gain)/loss $ 5,377 Unamortized prior service cost 1,069 |
Note 6 - Income and Mining Ta_2
Note 6 - Income and Mining Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income and Mining Tax Benefit (Provision) | Major components of our income and mining tax benefit (provision) for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Current: Domestic $ ( 3,915 ) $ ( 7,073 ) $ ( 7,246 ) Foreign ( 5,119 ) ( 6,316 ) ( 8,745 ) Total current income and mining tax provision ( 9,034 ) ( 13,389 ) ( 15,991 ) Deferred: Domestic 2,064 43,708 5,096 Foreign 14,536 ( 750 ) 2,696 Total deferred income and mining tax benefit 16,600 42,958 7,792 Total income and mining tax benefit (provision) $ 7,566 $ 29,569 $ ( 8,199 ) |
Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes | Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Domestic $ ( 6,343 ) $ 38,003 $ ( 1,400 ) Foreign ( 38,571 ) ( 32,477 ) 142 Total $ ( 44,914 ) $ 5,526 $ ( 1,258 ) |
Schedule of Effective Income Tax Reconciliation | The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands): 2022 2021 2020 Computed “statutory” benefit (provision) $ 9,432 21 % $ ( 1,161 ) 21 % $ 264 21 % Percentage depletion 8,542 19 8,076 ( 146 ) 5,327 423 Change in valuation allowance ( 8,113 ) ( 18 ) 38,058 ( 689 ) 786 62 State taxes, net of federal tax benefit ( 158 ) — 965 ( 17 ) ( 1,164 ) ( 93 ) Foreign currency remeasurement of monetary assets and liabilities 4,559 10 ( 3,625 ) 66 ( 4,824 ) ( 383 ) Rate differential on foreign earnings 1,515 3 2,445 ( 44 ) 2,362 188 Compensation 173 — 1,094 ( 20 ) ( 458 ) ( 36 ) Mining and other taxes ( 6,609 ) ( 15 ) ( 13,799 ) 250 ( 9,245 ) ( 735 ) Other ( 1,775 ) ( 3 ) ( 2,484 ) 45 ( 1,247 ) ( 99 ) Total benefit (provision) $ 7,566 17 % $ 29,569 ( 535 )% $ ( 8,199 ) ( 652 )% |
Schedule of Components of Net Deferred Tax Assets and Liabilities | The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands). December 31, 2022 2021 Deferred tax assets: Accrued reclamation costs $ 33,007 $ 31,558 Deferred exploration 22,584 17,959 Foreign net operating losses 71,391 18,152 Domestic net operating losses 211,381 213,637 Foreign exchange loss 24,235 19,542 Foreign tax credit carryforward 2,493 2,493 Miscellaneous 39,628 31,329 Total deferred tax assets 404,719 334,670 Valuation allowance ( 72,856 ) ( 39,152 ) Total deferred tax assets 331,863 295,518 Deferred tax liabilities: Miscellaneous ( 9,020 ) ( 2,751 ) Properties, plants and equipment ( 427,584 ) ( 396,911 ) Total deferred tax liabilities ( 436,604 ) ( 399,662 ) Net deferred tax liability $ ( 104,741 ) $ ( 104,144 ) |
Schedule of Changes in Valuation Allowance | 2022 2021 2020 Balance at beginning of year $ ( 39,152 ) $ ( 77,210 ) $ ( 86,634 ) Valuation allowance on deferred tax assets acquired with the Alexco acquisition ( 25,591 ) — — (Increase) decrease related to non-recognition of deferred tax assets due to uncertainty of recovery and (increase) related to non-utilization of net operating loss carryforwards ( 13,256 ) ( 20,304 ) 786 Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable 5,143 58,362 8,638 Balance at end of year $ ( 72,856 ) $ ( 39,152 ) $ ( 77,210 ) |
Note 7 - Income (Loss) Per Co_2
Note 7 - Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2022 2021 2020 Numerator Net (loss) income $ ( 37,348 ) $ 35,095 $ ( 9,457 ) Preferred stock dividends ( 552 ) ( 552 ) ( 552 ) Net (loss) income applicable to common stockholders $ ( 37,900 ) $ 34,543 $ ( 10,009 ) Denominator Basic weighted average common shares 557,344 536,192 527,329 Dilutive stock options, restricted stock units, and warrants — 5,984 — Diluted weighted average common shares 557,344 542,176 527,329 Basic (loss) income per common share $ ( 0.07 ) $ 0.06 $ ( 0.02 ) Diluted (loss) income per common share $ ( 0.07 ) $ 0.06 $ ( 0.02 ) |
Note 8 - Debt, Credit Facilit_2
Note 8 - Debt, Credit Facility and Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility [Abstract] | |
Schedule of long term debt | The following tables summarize our long-term debt balances as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Senior Notes IQ Notes Total Principal $ 475,000 $ 35,614 $ 510,614 Unamortized discount/premium and issuance costs ( 4,640 ) 392 ( 4,248 ) Long-term debt balance $ 470,360 $ 36,006 $ 506,366 December 31, 2021 Senior Notes IQ Notes Total Principal $ 475,000 $ 38,051 $ 513,051 Unamortized discount/premium and issuance costs ( 5,552 ) 596 ( 4,956 ) Long-term debt balance $ 469,448 $ 38,647 $ 508,095 |
Scheduled of annual future payments, including interest | The following table summarizes the scheduled annual future payments, including interest, for the Senior Notes and IQ Notes as of December 31, 2022 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2022. Senior Notes IQ Notes 2023 $ 34,438 $ 2,320 2024 34,438 2,320 2025 34,438 36,812 2026 34,438 — 2027 34,438 — 2028 479,302 — Total $ 651,492 $ 41,452 |
Schedule of annual maturities of finance lease commitments, including interest | At December 31, 2022, the annual maturities of finance lease commitments, including interest, were (in thousands): Twelve-month period ending December 31, 2023 $ 9,352 2024 7,185 2025 3,808 2026 1,851 2027 24 Total 22,220 Less: imputed interest ( 1,361 ) Net finance lease obligation $ 20,859 |
Schedule of annual maturities of undiscounted operating lease payments | At December 31, 2022, the annual maturities of undiscounted operating lease payments, including assumed extensions beyond the current lease terms, were (in thousands): Twelve-month period ending December 31, 2023 $ 3,167 2024 1,285 2025 1,274 2026 1,275 2027 1,170 More than 5 years 6,408 Total 14,579 Effect of discounting ( 3,511 ) Operating lease liability $ 11,068 |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | As of December 31, 2022 and 2021, we recorded the following balances for the fair value of the contracts (in millions): December 31, Balance sheet line item: 2022 2021 Other current assets $ 1.1 $ 2.7 Other non-current assets 0.4 2.5 Current derivative liabilities 4.0 — Non-current derivative liabilities 3.6 0.0 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following tables summarize the quantities of metals committed under forward sales contracts at December 31, 2022 and 2021: December 31, 2022 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2023 settlements 3,124 8 18,629 11,960 $ 21.55 $ 1,795 $ 1.38 $ 0.98 Contracts on forecasted sales 2023 settlements — — 37,533 75,618 N/A N/A $ 1.34 $ 1.00 2024 settlements — — — 45,856 N/A N/A N/A $ 0.99 December 31, 2021 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2022 settlements 1,814 6 13,371 4,575 $ 23.02 $ 1,812 $ 1.39 $ 0.96 Contracts on forecasted sales 2022 settlements — — 57,706 59,194 N/A N/A $ 1.28 $ 0.98 2023 settlements — — 76,280 71,650 N/A N/A $ 1.29 $ 1.00 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | At December 31, 2022 and 2021, we recorded the following balances for the fair value of forward and put option contracts held at that time (in millions): December 31, 2022 December 31, 2021 Balance sheet line item: Contracts in an asset position Contracts in a liability position Net asset (liability) Contracts in an asset position Contracts in a liability position Net asset (liability) Other current assets $ 1.2 $ — $ 1.2 $ — $ — $ — Other non-current assets 0.1 — 0.1 — — — Current derivatives liability 0.0 ( 12.1 ) ( 12.1 ) 0.7 ( 20.1 ) ( 19.4 ) Non-current derivatives liability 0.0 ( 2.5 ) ( 2.5 ) 0.4 ( 18.9 ) ( 18.5 ) |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value adjustments net | Fair value adjustments, net is comprised of the following: Year Ended December 31, 2022 2021 2020 Gain (loss) on derivative contracts $ 844 $ ( 32,655 ) $ ( 22,074 ) Unrealized (loss) gain on investments in equity securities ( 5,632 ) ( 4,295 ) 10,268 Gain on disposition or exchange of investments 65 1,158 — Total fair value adjustments, net $ ( 4,723 ) $ ( 35,792 ) $ ( 11,806 ) |
Schedule of assets and liabilities at fair value on a recurring basis | The table below sets forth our assets and liabilities (in thousands) that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category. See Note 5 for information on the fair values of our defined benefit pension plan assets. Balance at Balance at Input Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 104,743 $ 210,010 Level 1 Current and non-current investments: Equity securities – mining industry 24,018 14,470 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 45,146 36,437 Level 2 Derivative contracts - other current assets and other non-current assets: Metal forward and put option contracts 1,309 — Level 2 Foreign exchange contracts 1,518 5,207 Level 2 Restricted cash balances: Certificates of deposit and other deposits 1,164 1,053 Level 1 Total assets $ 177,898 $ 267,177 Liabilities Derivative contracts - current derivative liabilities and other non-current liabilities: Metal forward and put option contracts $ 14,643 $ 37,873 Level 2 Foreign exchange contracts 7,548 8 Level 2 Total liabilities $ 22,191 $ 37,881 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Potential Per Share Dividend Amounts Quarterly Price Levels | Quarterly Average Realized Silver Price ($ per ounce) Quarterly Silver-Linked Dividend ($ per share) Annualized Silver-Linked Dividend ($ per share) Annualized Minimum Dividend ($ per share) Annualized Dividends per Share: Silver-Linked and Minimum ($ per share) <$ 20 $ — $ — $ 0.015 $ 0.015 $ 20 $ 0.0025 $ 0.01 $ 0.015 $ 0.025 $ 25 $ 0.0100 $ 0.04 $ 0.015 $ 0.055 $ 30 $ 0.0150 $ 0.06 $ 0.015 $ 0.075 $ 35 $ 0.0250 $ 0.10 $ 0.015 $ 0.115 $ 40 $ 0.0350 $ 0.14 $ 0.015 $ 0.155 $ 45 $ 0.0450 $ 0.18 $ 0.015 $ 0.195 $ 50 $ 0.0550 $ 0.22 $ 0.015 $ 0.235 |
Schedule of Stockholders' Equity Note, Warrants or Rights | Number of warrants Exercise price Expiration date 2,068,000 $ 1.57 February 2029 2,068,000 $ 8.02 April 2032 |
Share-Based Payment Arrangement, Performance Shares, Activity | Shares Weighted Average Unvested, January 1, 2020 1,477,631 $ 0.79 Granted 597,360 $ 0.31 Forfeited ( 261,096 ) $ 2.37 Unvested, December 31, 2020 1,813,895 $ 0.41 Granted 122,462 $ 13.70 Canceled ( 174,108 ) $ 0.76 Vested(1) ( 887,827 ) $ — Unvested, December 31, 2021 874,422 $ 2.61 Granted 322,796 $ 3.78 Vested(1) ( 597,360 ) $ 0.31 Unvested, December 31, 2022 599,858 $ 5.54 (1) Vested on December 31 and distributed in February of the following year |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Shares Weighted Average Unvested, January 1, 2020 3,997,168 $ 2.46 Granted 1,688,111 $ 3.03 Canceled ( 70,236 ) $ 2.08 Vested ( 1,678,909 ) $ 2.83 Unvested, December 31, 2020 3,936,134 $ 2.55 Granted 629,437 $ 7.88 Canceled ( 770,416 ) $ 2.82 Vested ( 1,772,803 ) $ 2.60 Unvested, December 31, 2021 2,022,352 $ 3.97 Granted 1,256,532 $ 4.41 Canceled ( 177,801 ) $ 4.41 Vested ( 1,304,968 ) $ 3.97 Unvested, December 31, 2022 1,796,115 $ 4.23 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated other comprehensive loss, net | Changes in fair value of derivative contracts designated as hedge transactions Adjustments Total Balance January 1, 2020 $ ( 348 ) $ ( 36,962 ) ( 37,310 ) 2020 change 7,980 ( 3,559 ) 4,421 Balance December 31, 2020 7,632 ( 40,521 ) ( 32,889 ) 2021 change ( 12,307 ) 16,740 4,433 Balance December 31, 2021 ( 4,675 ) ( 23,781 ) ( 28,456 ) 2022 change 13,837 17,067 30,904 Balance December 31, 2022 $ 9,162 $ ( 6,714 ) $ 2,448 Changes in fair value of derivative contracts designated as hedge transactions Adjustments Total Balance January 1, 2020 $ — $ 12,575 $ 12,575 2020 change — — — Balance December 31, 2020 — 12,575 12,575 2021 change 4,689 ( 6,379 ) ( 1,690 ) Balance December 31, 2021 4,689 6,196 10,885 2022 change ` ( 5,233 ) ( 6,454 ) ( 11,687 ) Balance December 31, 2022 $ ( 544 ) $ ( 258 ) $ ( 802 ) |
Note 13 - Properties, Plants,_2
Note 13 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of properties, plants, equipment, and mineral interests | December 31, 2022 2021 Mining properties, including asset retirement obligations $ 871,027 $ 818,582 Development costs 588,298 549,666 Plants and equipment 1,514,906 1,446,183 Land 35,644 34,931 Mineral interests 1,171,261 972,754 Construction in progress 134,600 86,903 4,315,736 3,909,019 Less accumulated depreciation, depletion and amortization 1,745,946 1,598,209 Net carrying value $ 2,569,790 $ 2,310,810 |
Note 1 - The Company (Additiona
Note 1 - The Company (Additional Information) (Details) - Alexco Asset Acquisition [Member] $ / shares in Units, $ in Millions | Sep. 07, 2022 USD ($) $ / shares shares |
Asset Acquisition [Line Items] | |
Noncash or part noncash acquisition, Interest acquired | 90.10% |
Noncash or part noncash acquisition, Noncash financial or equity instrument consideration, Shares issued | shares | 17,992,875 |
Asset acquisition, Consideration transferred, Equity interest issued and issuable | $ 68.7 |
Asset acquisition, Consideration transferred | $ 81.5 |
Asset acquisition, Step acquisition, Investment held in acquiree prior to acquisition, Percentage | 9.90% |
Marketable Securities | $ 7.7 |
Asset Acquisition, Consideration Transferred, Transaction Cost | 5.1 |
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Deferred tax liabilities | 12.9 |
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Net liabilities | 7.2 |
Advance paid to related party | 25 |
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Silver stream liability | $ 135 |
Stock issued during period shares to settle the acquired silver stream | $ / shares | $ 34,800,990 |
Mineral Interests [Member] | |
Asset Acquisition [Line Items] | |
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Mineral interests | $ 236.6 |
Common Stock [Member] | |
Asset Acquisition [Line Items] | |
Asset Acquisition Consideration Transferred Total Non Cash Consideration | $ 76.4 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted cash and investments | $ 1,164 | $ 1,053 | |
Capitalized Drilling Costs | 11,200 | 5,200 | $ 4,400 |
Foreign exchange gain (loss), net | $ 7,211 | $ 417 | $ (4,605) |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 14 years |
Note 3 -Revision of Previously
Note 3 -Revision of Previously Issued Financial Statements for Immaterial Misstatements (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, depletion and amortization | $ 145,147 | $ 172,651 | $ 155,006 |
Note 3 -Revision of Previousl_2
Note 3 -Revision of Previously Issued Financial Statements for Immaterial Misstatements - Schedule of Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total current assets | $ 267,727 | $ 341,627 | ||
Properties, plants, equipment and mineral interests, net | 2,569,790 | 2,310,810 | ||
Total assets | 2,927,172 | 2,728,808 | $ 2,700,210 | |
Accrued taxes | 4,030 | 12,306 | ||
Total current liabilities | 178,466 | 160,383 | ||
Deferred tax liability | 125,846 | 149,706 | ||
Total liabilities | 948,205 | 968,021 | ||
Accumulated deficit | (403,931) | (353,651) | ||
Total shareholders' equity | 1,978,967 | 1,760,787 | 1,713,785 | $ 1,696,534 |
Total liabilities and shareholders' equity | 2,927,172 | 2,728,808 | ||
Cost of sales and other direct production costs | 458,811 | 417,879 | 382,663 | |
Depreciation, depletion and amortization | 143,938 | 171,793 | 148,110 | |
Total cost of sales | 602,749 | 589,672 | 530,773 | |
Gross profit | 116,156 | 217,801 | 161,100 | |
Income from operations | 12,438 | 83,420 | 66,978 | |
Loss before income and mining taxes | (44,914) | 5,526 | (1,258) | |
Income and mining tax benefit (provision) | 7,566 | 29,569 | (8,199) | |
Net (loss) income | (37,348) | 35,095 | (9,457) | |
Loss applicable to common shareholders | (37,900) | 34,543 | (10,009) | |
Comprehensive loss | $ (6,444) | $ 39,528 | $ (5,036) | |
Basic (loss) income per common share after preferred dividends | $ 0.07 | $ 0.06 | $ (0.02) | |
Diluted (loss) income per common share after preferred dividends | $ 0.07 | $ 0.06 | $ (0.02) | |
Depreciation, depletion and amortization | $ 145,147 | $ 172,651 | $ 155,006 | |
Cash provided by operating activities | $ 89,890 | $ 220,337 | $ 180,793 |
Note 3 -Business Segments, Sale
Note 3 -Business Segments, Sales of Products and Significant Customers (Additional Information) (Details) oz in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Segment oz | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | Segment | 5 | ||
Derivative, loss on derivative | $ | $ 5,800,000 | $ 500,000 | $ 16,400,000 |
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | |
Trade | $ | 45,146,000 | $ 36,437,000 | |
Allowance for doubtful accounts | $ | $ 0 | $ 0 | |
Silver Contracts [Member] | |||
Segment Reporting Information [Line Items] | |||
Metals contained in concentrates (Ounce) | oz | 3.1 | ||
Gold [Member] | |||
Segment Reporting Information [Line Items] | |||
Metals contained in concentrates (Ounce) | oz | 7,580 | ||
Zinc [Member] | |||
Segment Reporting Information [Line Items] | |||
Metals contained in concentrates (Ounce) | oz | 18.6 | ||
Lead [Member] | |||
Segment Reporting Information [Line Items] | |||
Metals contained in concentrates (Ounce) | oz | 12 | ||
Environmental Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ | $ 474,000 |
Note 3 -Business Segments, Sa_2
Note 3 -Business Segments, Sales of Products and Significant Customers - Schedule of Information About Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 718,905 | $ 807,473 | $ 691,873 |
Income (loss) from operations | 12,438 | 83,420 | 66,978 |
Capital additions (excluding non-cash items) | 149,378 | 109,048 | 91,016 |
Depreciation, depletion and amortization | 143,938 | 171,793 | 148,110 |
Other significant non-cash items | 10,716 | (6,305) | 12,851 |
Identifiable assets | 2,927,172 | 2,728,808 | 2,700,210 |
Greens Creek [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 335,062 | 384,843 | 327,820 |
Income (loss) from operations | 87,297 | 164,666 | 114,607 |
Capital additions (excluding non-cash items) | 36,898 | 23,883 | 19,685 |
Depreciation, depletion and amortization | 48,911 | 48,710 | 49,692 |
Other significant non-cash items | 2,821 | 3,653 | 3,103 |
Identifiable assets | 582,687 | 589,944 | 610,360 |
Lucky Friday [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 147,814 | 131,488 | 63,025 |
Income (loss) from operations | (27,636) | 31,683 | (1,711) |
Capital additions (excluding non-cash items) | 50,992 | 29,885 | 25,776 |
Depreciation, depletion and amortization | 33,704 | 26,846 | 11,473 |
Other significant non-cash items | 1,138 | 1,048 | 881 |
Identifiable assets | 571,510 | 516,545 | 520,463 |
Keno Hill [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Income (loss) from operations | (4,249) | 0 | 0 |
Capital additions (excluding non-cash items) | 19,725 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 |
Other significant non-cash items | 1,669 | 0 | 0 |
Identifiable assets | 276,096 | 0 | 0 |
Casa Berardi [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 235,136 | 245,152 | 209,224 |
Income (loss) from operations | (21,799) | 5,807 | 10,379 |
Capital additions (excluding non-cash items) | 39,667 | 49,617 | 40,840 |
Depreciation, depletion and amortization | 60,962 | 80,744 | 60,552 |
Other significant non-cash items | 1,520 | 1,284 | (1,741) |
Identifiable assets | 681,631 | 701,868 | 727,008 |
Nevada Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 419 | 45,814 | 58,898 |
Income (loss) from operations | (38,134) | (46,115) | (6,674) |
Capital additions (excluding non-cash items) | 333 | 5,470 | 4,003 |
Depreciation, depletion and amortization | 361 | 15,341 | 22,845 |
Other significant non-cash items | 4,384 | 7,740 | 2,039 |
Identifiable assets | 466,722 | 468,985 | 513,309 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,763 | 193 | 712 |
Income (loss) from operations | (63,189) | (72,621) | (49,623) |
Capital additions (excluding non-cash items) | 474 | 176 | 32,906 |
Depreciation, depletion and amortization | 152 | 3,548 | |
Other significant non-cash items | (816) | (20,030) | 8,569 |
Identifiable assets | $ 348,526 | $ 451,466 | $ 329,070 |
Note 3 -Business Segments, Sa_3
Note 3 -Business Segments, Sales of Products and Significant Customers - Schedule of Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 2,569,790 | $ 2,310,810 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,670,676 | 1,662,689 |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 891,375 | 640,367 |
MEXICO | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 7,739 | $ 7,754 |
Note 3 -Business Segments, Sa_4
Note 3 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales Contributed by Each Segment (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Percentage of sales | 100% | 100% | 100% |
Greens Creek [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 46.60% | 47.60% | 47.40% |
Lucky Friday [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 20.60% | 16.30% | 9.10% |
Casa Berardi [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 32.70% | 30.40% | 30.20% |
Nevada Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 0.10% | 5.70% | 8.50% |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 0% | 0% | 4.80% |
Note 3 -Business Segments, Sa_5
Note 3 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales of Products by Metal (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Less: Smelter and refining charges | $ (51,973) | $ (48,933) | $ (68,361) |
Net sales | 718,905 | 807,473 | 691,873 |
Sales of products | 718,432 | 807,473 | 691,873 |
Silver Contracts [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 265,054 | 293,646 | 260,227 |
Gold [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 298,910 | 362,037 | 356,166 |
Lead [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 83,384 | 75,431 | 48,776 |
Zinc [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 123,057 | $ 125,292 | $ 95,065 |
Note 3 -Business Segments, Sa_6
Note 3 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales Information by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Sales by significant product type | $ 724,255 | $ 808,016 | $ 708,253 |
Doré and Metals from Doré [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 255,608 | 313,337 | 266,536 |
Carbon [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 2,607 | 4,117 | 60,302 |
Silver Concentrate [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 329,165 | 345,732 | 281,050 |
Zinc Concentrate [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 109,177 | 112,448 | 76,481 |
Precious Metals Concentrate [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 27,698 | 32,382 | 23,884 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 21,938 | 71,278 | 115,378 |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 406,600 | 419,090 | 321,896 |
JAPAN | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 51,375 | 63,588 | 39,418 |
NETHERLANDS | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 0 | 0 | (923) |
KOREA | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | 107,828 | 203,115 | 166,402 |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Sales by significant product type | $ 136,514 | $ 50,945 | $ 66,082 |
Note 3 -Business Segments, Sa_7
Note 3 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales from Continuing Operations to Significant Metals Customers (Details) - Revenue from Contract with Customer Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer A [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 35.40% | 37.20% | 32.70% |
Customer B [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 23.90% | 21.50% | 16.10% |
Customer C [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 11.30% | 21.60% | 13.30% |
Customer D [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 3.50% | 6.20% | 13.90% |
Note 4 - Environmental and Re_3
Note 4 - Environmental and Reclamation Activities - Schedule of Reclamation and Closure Costs Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | $ 116,999 | $ 113,231 | $ 116,048 | $ 108,374 |
Reclamation and closure costs, current | $ (8,591) | $ (9,259) | ||
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Reclamation Costs, Current | Accrued Reclamation Costs, Current | ||
Reclamation and closure costs, long-term | $ 108,408 | $ 103,972 | ||
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Mine Reclamation and Closing Liability, Noncurrent | Mine Reclamation and Closing Liability, Noncurrent | ||
Operating Properties [Member] | Greens Creek [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | $ 37,212 | $ 37,474 | ||
Operating Properties [Member] | Lucky Friday [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | 13,343 | 13,543 | ||
Operating Properties [Member] | Casa Berardi [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | 11,352 | 12,497 | ||
Operating Properties [Member] | Nevada Operations [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | 28,171 | $ 27,068 | ||
Non-Operating Properties [Member] | Keno Hill [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | $ 4,514 | |||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Employee-related Liabilities, Current | Employee-related Liabilities, Current | ||
Non-Operating Properties [Member] | San Sebastian [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | $ 1,989 | $ 4,451 | ||
Non-Operating Properties [Member] | Troy Mine [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | 6,980 | 4,813 | ||
Non-Operating Properties [Member] | Johnny M [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | 8,961 | 8,947 | ||
Non-Operating Properties [Member] | All Other Sites [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | $ 4,477 | $ 4,438 |
Note 4 - Environmental and Re_4
Note 4 - Environmental and Reclamation Activities - Schedule of Reclamation and Closure Costs Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Environmental and Reclamation Activities [Abstract] | |||
Beginning balance | $ 113,231 | $ 116,048 | $ 108,374 |
Accruals for estimated costs | 2,874 | 4,952 | |
Accretion expense | 5,995 | 6,454 | 5,912 |
Revision of estimated cash flows due to changes in reclamation plans | 452 | (8,781) | 2,543 |
Payment of reclamation obligations | (5,553) | (5,442) | (781) |
Ending balance | $ 116,999 | $ 113,231 | $ 116,048 |
Note 4 - Environmental and Re_5
Note 4 - Environmental and Reclamation Activities - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Environmental and Reclamation Activities [Abstract] | ||
Beginning Balance at January 1 | $ 95,033 | $ 100,208 |
Changes in obligations due to changes in reclamation plans | 452 | (8,781) |
Accretion expense | 5,995 | 6,451 |
Payment of reclamation obligations | (4,860) | (2,845) |
Ending balance at December 31 | $ 96,620 | $ 95,033 |
Note 4 - Environmental and Re_6
Note 4 - Environmental and Reclamation Activities - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Environmental and Reclamation Activities [Line Items] | ||||
Reclamation and closure costs | $ 113,231 | $ 116,999 | $ 116,048 | $ 108,374 |
Lucky Friday [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Payments Reclamation Obligations | $ 4,400 | |||
Minimum [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Inflation Rate, Asset Retirement Obligation | 2% | |||
Minimum [Member] | Reclamation and Abandonment Costs [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Derivative liability, measurement input | 0.0575 | |||
Minimum [Member] | Asset Retirement Obligation [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Derivative liability, measurement input | 0.0275 | |||
Maximum [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Inflation Rate, Asset Retirement Obligation | 4% | |||
Maximum [Member] | Reclamation and Abandonment Costs [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Derivative liability, measurement input | 0.145 | |||
Maximum [Member] | Asset Retirement Obligation [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Environmental and Reclamation Activities [Line Items] | ||||
Derivative liability, measurement input | 0.075 |
Note 5 - Employee Benefit Pla_3
Note 5 - Employee Benefit Plans (Details Textual) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Feb. 17, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected rate of return on plan assets | 7.25% | 7.25% | 6.40% | |
Defined Benefit Plan Assumed Long Term Rate Basis Spread | 1% | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 10,330,000 | $ 22,250,000 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 55% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 600,000 | 500,000 | $ 10,000 | |
Capital Accumulation 401(K) Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4,500,000 | 4,300,000 | 4,600,000 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | |||
Pension plans | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5,500,000 | 5,500,000 | ||
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4,200,000 | 16,800,000 | ||
Nonoperating Income (Expense) [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Except Service cost | $ (5,400,000) | $ 600,000 | $ 2,900,000 |
Note 5 - Employee Benefit Pla_4
Note 5 - Employee Benefit Plans - Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan [Abstract] | |||
Benefit obligation at beginning of year | $ 195,862 | $ 192,954 | |
Service cost | 6,262 | 5,820 | $ 5,334 |
Interest cost | 5,476 | 4,990 | 5,618 |
Amendments | 0 | 550 | |
Change due to mortality change | 486 | 548 | |
Change due to discount rate change | (54,977) | (5,865) | |
Actuarial return (loss) | 1,841 | 4,342 | |
Benefits paid | (6,807) | (7,477) | |
Benefit obligation at end of year | 148,143 | 195,862 | 192,954 |
Fair value of plan assets at beginning of year | 189,874 | 148,052 | |
Actual return on plan assets | (18,238) | 27,049 | |
Employer contributions | 10,330 | 22,250 | |
Benefits paid | (6,807) | (7,477) | |
Fair value of plan assets at end of year | 175,159 | 189,874 | $ 148,052 |
Funded/(underfunded) status at end of year | $ 27,016 | $ (5,988) |
Note 5 - Employee Benefit Pla_5
Note 5 - Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities, Current [Abstract] | ||
Accrued benefit asset | $ 27,806 | $ 0 |
Accrued benefit liability | (790) | (1,315) |
Accrued benefit liability | 0 | (4,673) |
Accumulated other comprehensive loss | 6,446 | 29,966 |
Net amount recognized | $ 33,462 | $ 23,978 |
Note 5 - Employee Benefit Pla_6
Note 5 - Employee Benefit Plans - Benefit Obligation and Prepaid Benefit Costs Assumptions (Details) | 2 Months Ended | 12 Months Ended | ||
Feb. 17, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate: net periodic pension cost | 5.54% | 2.64% | ||
Discount rate: projected benefit obligation | 5.54% | 2.86% | ||
Expected rate of return on plan assets | 7.25% | 7.25% | 6.40% | |
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Rate of compensation increase: net periodic pension cost | 5% | [1] | 5% | |
Rate of compensation increase: projected benefit obligation | 5% | [1] | 5% | |
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Rate of compensation increase: net periodic pension cost | 2% | [1] | 2% | |
Rate of compensation increase: projected benefit obligation | 2% | [1] | 2% | |
[1] 5.00% for 2023, 2.00% per year thereafter. |
Note 5 - Employee Benefit Pla_7
Note 5 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan [Abstract] | |||
Service cost | $ 6,262 | $ 5,820 | $ 5,334 |
Interest cost | 5,476 | 4,990 | 5,618 |
Expected return on plan assets | $ (13,452) | $ 9,252 | $ (7,489) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
Amortization of prior service benefit | $ 511 | $ 394 | $ 117 |
Amortization of net gain from earlier periods | 2,049 | 4,502 | 4,652 |
Net periodic pension cost | $ 846 | $ 6,454 | $ 8,232 |
Note 5 - Employee Benefit Pla_8
Note 5 - Employee Benefit Plans - Investment Policy Allocation (Details) | Dec. 31, 2022 |
Large Cap US Equity [Member] | |
Investment policy allocation | 17% |
Large Cap US Equity [Member] | Maximum [Member] | |
Investment policy allocation | 20% |
Small Cap US Equity [Member] | |
Investment policy allocation | 8% |
Small Cap US Equity [Member] | Maximum [Member] | |
Investment policy allocation | 10% |
Non-U.S. equity [Member] | |
Investment policy allocation | 25% |
Non-U.S. equity [Member] | Maximum [Member] | |
Investment policy allocation | 30% |
U.S. Fixed Income [Member] | |
Investment policy allocation | 18% |
U.S. Fixed Income [Member] | Maximum [Member] | |
Investment policy allocation | 23% |
Emerging Market Debt [Member] | |
Investment policy allocation | 5% |
Emerging Market Debt [Member] | Maximum [Member] | |
Investment policy allocation | 8% |
Real Estate [Member] | |
Investment policy allocation | 15% |
Real Estate [Member] | Maximum [Member] | |
Investment policy allocation | 18% |
Absolute Return [Member] | |
Investment policy allocation | 5% |
Absolute Return [Member] | Maximum [Member] | |
Investment policy allocation | 7% |
Company Stock/Real Return [Member] | |
Investment policy allocation | 7% |
Company Stock/Real Return [Member] | Maximum [Member] | |
Investment policy allocation | 13% |
Note 5 - Employee Benefit Pla_9
Note 5 - Employee Benefit Plans - Fair Value by Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Total fair value | $ 175,159 | $ 189,874 | $ 148,052 |
Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 98,289 | 107,661 | |
Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 15,333 | 17,592 | |
Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 98,289 | 107,661 | |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 15,333 | 17,592 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 148,370 | 160,272 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 26,789 | 29,602 | |
Interest-Bearing Deposits [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 743 | 1,835 | |
Interest-Bearing Deposits [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 133 | 305 | |
Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 743 | 1,835 | |
Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 133 | 305 | |
Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | ||
Common Stock [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 21,678 | 8,869 | |
Common Stock [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 3,295 | 1,580 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 21,678 | 8,869 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 3,295 | 1,580 | |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | ||
Mutual Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 75,868 | 96,957 | |
Mutual Funds [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 11,905 | 15,707 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 75,868 | 96,957 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 11,905 | 15,707 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | ||
Real Estate Investments [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 23,967 | 19,119 | |
Real Estate Investments [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 5,550 | 4,482 | |
Real Estate Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Real Estate Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Real Estate Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Real Estate Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Real Estate Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Real Estate Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Hedge Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 12,866 | |
Hedge Funds [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 2,828 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Collective Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 26,114 | 20,626 | |
Common Collective Funds [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 5,906 | 4,700 | |
Common Collective Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Collective Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Collective Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Collective Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Collective Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Common Collective Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Investments Measured At Net Asset Value [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 50,081 | 52,611 | |
Investments Measured At Net Asset Value [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 11,456 | 12,010 | |
Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | 0 | 0 | |
Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
Total fair value | 0 | 0 | |
Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
Total fair value | $ 0 | $ 0 |
Note 5 - Employee Benefit Pl_10
Note 5 - Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan [Abstract] | |
2023 | $ 8,429 |
2024 | 8,796 |
2025 | 9,649 |
2026 | 9,819 |
2027 | 9,803 |
Years 2028-2031 | $ 50,279 |
Note 5 - Employee Benefit Pl_11
Note 5 - Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 0 | $ 195,862 |
Accumulated benefit obligation | 0 | 191,597 |
Fair value of plan assets | 0 | $ 189,874 |
Plan Assets Exceed ABO [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 148,143 | |
Accumulated benefit obligation | 144,816 | |
Fair value of plan assets | $ 175,159 |
Note 5 - Employee Benefit Pl_12
Note 5 - Employee Benefit Plans - Pension and Benefit Plan Amounts Included in Accumulated Other Comprehensive Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Defined Benefit Plan [Abstract] | |
Unamortized net (gain)/loss | $ 5,377 |
Unamortized prior service cost | $ 1,069 |
Note 6 - Income and Mining Ta_3
Note 6 - Income and Mining Taxes - Schedule of Components of Income and Mining Tax Benefit (Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Domestic | $ (3,915) | $ (7,073) | $ (7,246) |
Foreign | (5,119) | (6,316) | (8,745) |
Total current income and mining tax provision | (9,034) | (13,389) | (15,991) |
Deferred: | |||
Domestic | 2,064 | 43,708 | 5,096 |
Foreign | (14,536) | (750) | 2,696 |
Total deferred income and mining tax benefit | 16,600 | 42,958 | 7,792 |
Total income and mining tax benefit (provision) | $ 7,566 | $ 29,569 | $ (8,199) |
Note 6 - Income and Mining Ta_4
Note 6 - Income and Mining Taxes - Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |||
(Loss) income before income and mining taxes | $ (44,914) | $ 5,526 | $ (1,258) |
Domestic [Member] | |||
Income Tax Disclosure [Line Items] | |||
(Loss) income before income and mining taxes | (6,343) | 38,003 | (1,400) |
Foreign [Member] | |||
Income Tax Disclosure [Line Items] | |||
(Loss) income before income and mining taxes | $ (38,571) | $ (32,477) | $ 142 |
Note 6 - Income and Mining Ta_5
Note 6 - Income and Mining Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Computed "statutory" benefit (provision), Amount | $ 9,432 | $ (1,161) | $ 264 |
Computed “statutory” benefit (provision), Percentage | 21% | 21% | 21% |
Percentage depletion, Amount | $ 8,542 | $ 8,076 | $ 5,327 |
Percentage depletion, Percentage | 19% | (146.00%) | 423% |
Change in valuation allowance, Amount | $ (8,113) | $ 38,058 | $ 786 |
Change in valuation allowance, Percentage | (18.00%) | (689.00%) | 62% |
State taxes, net of federal tax benefit, Amount | $ (158) | $ 965 | $ (1,164) |
State taxes, net of federal tax benefit, Percentage | 0% | (17.00%) | (93.00%) |
Foreign currency remeasurement of monetary assets and liabilities, Amount | $ (4,559) | $ (3,625) | $ (4,824) |
Foreign currency remeasurement of monetary assets and liabilities, Percentage | 10% | 66% | (383.00%) |
Rate differential on foreign earnings, Amount | $ 1,515 | $ 2,445 | $ 2,362 |
Rate differential on foreign earnings, Percentage | 3% | (44.00%) | 188% |
Compensation, Amount | $ 173 | $ 1,094 | $ (458) |
Compensation, Percentage | 0% | (20.00%) | (36.00%) |
Mining and other taxes, Amount | $ (6,609) | $ (13,799) | $ (9,245) |
Mining and other taxes, Percentage | (15.00%) | 250% | (735.00%) |
Other, Amount | $ (1,775) | $ (2,484) | $ (1,247) |
Other, Percentage | (3.00%) | 45% | (99.00%) |
Total income and mining tax benefit (provision) | $ 7,566 | $ 29,569 | $ (8,199) |
Total benefit (provision), Percentage | 17% | (535.00%) | (652.00%) |
Note 6 - Income and Mining Ta_6
Note 6 - Income and Mining Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||||
Accrued reclamation costs | $ 33,007 | $ 31,558 | ||
Deferred exploration | 22,584 | 17,959 | ||
Foreign net operating losses | 71,391 | 18,152 | ||
Domestic net operating losses | 211,381 | 213,637 | ||
Foreign exchange loss | 24,235 | 19,542 | ||
Foreign tax credit carryforward | 2,493 | 2,493 | ||
Miscellaneous | 39,628 | 31,329 | ||
Total deferred tax assets | 404,719 | 334,670 | ||
Valuation allowance | (72,856) | (39,152) | $ (77,210) | $ (86,634) |
Total deferred tax assets | 331,863 | 295,518 | ||
Deferred tax liabilities: | ||||
Miscellaneous | (9,020) | (2,751) | ||
Properties, plants and equipment | (427,584) | (396,911) | ||
Total deferred tax liabilities | (436,604) | (399,662) | ||
Net deferred tax liability | $ (104,741) | $ (104,144) |
Note 6 - Income and Mining Ta_7
Note 6 - Income and Mining Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |||
Balance at beginning of year | $ (39,152) | $ (77,210) | $ (86,634) |
Balance at end of year | (72,856) | (39,152) | (77,210) |
Increase Due to Uncertainty of Recovery [Member] | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowance, deferred tax asset | (13,256) | (20,304) | 786 |
Decrease Related to Utilization and Expiration [Member] | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowance, deferred tax asset | 5,143 | 58,362 | 8,638 |
Klondex Mines Ltd [Member] | Business Acquisition [Member] | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowance, deferred tax asset | $ 25,591 | $ 0 | $ 0 |
Note 6 - Income and Mining Ta_8
Note 6 - Income and Mining Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||||
Deferred tax liabilities | $ 104,741 | $ 104,144 | ||
Deferred tax assets, valuation allowance | 72,856 | 39,152 | $ 77,210 | $ 86,634 |
Tax Credit Carryforwards | 2,900 | |||
Income Tax Expense (Benefit) | 7,566 | 29,569 | $ (8,199) | |
Unrecognized tax benefits | 0 | 0 | ||
Tax credit Carryforward, Amount | 13,700 | |||
Mexican Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets, valuation allowance | 10,100 | |||
Nevada Operations [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets, valuation allowance | 28,900 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating loss carryforwards | 262,500 | |||
Tax credit Carryforward, Amount | $ 2,500 | |||
Tax credit carryforward term | 10 years | |||
Tax credit carryforward, limitations on use | Our foreign tax credits will expire between 2023 and 2026. | |||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 28,800 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credit carryforward, valuation allowance | 5,100 | |||
Tax Credit Carryforwards | 500 | |||
Operating loss carryforwards | 873,500 | $ 437,600 | ||
Operating loss carryforwards, Indefinite period | 372,800 | |||
Tax credit Carryforward, Amount | 2,400 | |||
Alexco Resource Corp Member | ||||
Income Tax Disclosure [Line Items] | ||||
Valuation allowance, deferred tax asset | $ 25,600 |
Note 7 - Income (Loss) Per Co_3
Note 7 - Income (Loss) Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 2,317,007 | ||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 1,557,503 | ||
Incremental Common Shares Attributable to Dilutive Effect of Deferred Shares (in shares) | 2,166,964 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 |
Note 7 - Income (Loss) Per Co_4
Note 7 - Income (Loss) Per Common Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net (loss) income | $ (37,348) | $ 35,095 | $ (9,457) |
Preferred stock dividends | (552) | (552) | (552) |
Net (loss) income applicable to common shares | $ (37,900) | $ 34,543 | $ (10,009) |
Weighted Average Number of Shares Outstanding, Basic | 557,344 | 536,192 | 527,329 |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | 0 | 5,984 | 0 |
Diluted weighted average common shares (in shares) | 557,344 | 542,176 | 527,329 |
Earnings Per Share, Basic | $ 0.07 | $ 0.06 | $ (0.02) |
Earnings Per Share, Diluted | $ 0.07 | $ 0.06 | $ (0.02) |
Note 8 - Debt, Credit Facilit_3
Note 8 - Debt, Credit Facility and Leases (Details Textual) $ in Thousands, $ in Millions | 12 Months Ended | |||||||||||||
Feb. 16, 2026 | Jul. 21, 2022 USD ($) | Jul. 09, 2020 CAD ($) | Mar. 19, 2020 USD ($) | Feb. 15, 2026 | Feb. 15, 2025 | Feb. 15, 2024 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 09, 2020 USD ($) Contract | Jul. 09, 2020 CAD ($) Contract | Feb. 19, 2020 USD ($) | Jul. 31, 2018 USD ($) | |
Proceeds from Issuance of Long-term Debt, Total | $ 25,000 | $ 0 | $ 716,327 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | |||||||||||||
Net finance lease obligation | 20,859 | 13,400 | ||||||||||||
Finance leases | 9,483 | 5,612 | ||||||||||||
Finance Lease, Liability, Noncurrent | 11,400 | $ 7,800 | ||||||||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 23,100 | |||||||||||||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||||||||||||
Finance Lease, Right-of-Use Asset, Amortization | $ 7,100 | $ 8,900 | 7,400 | |||||||||||
Finance Lease, Interest Expense | 900 | 600 | 600 | |||||||||||
Finance Lease, Liability, Payment, Due, Total | 22,220 | |||||||||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ 1,361 | |||||||||||||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 1 year 10 months 24 days | |||||||||||||
Finance Lease, Weighted Average Discount Rate, Percent | 6.50% | |||||||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 6% | |||||||||||||
Operating Lease, Liability | $ 11,068 | $ 12,400 | ||||||||||||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Operating Lease, Liability | Operating Lease, Liability | ||||||||||||
Operating Lease | $ 2,500 | $ 2,500 | ||||||||||||
Operating Lease, Liability, Noncurrent | 8,600 | 10,000 | ||||||||||||
Operating Lease, Right-of-Use Asset | 11,064 | 12,435 | ||||||||||||
Operating Lease, Expense | 3,100 | 3,900 | 7,200 | |||||||||||
Finance Lease, Liability | $ 20,859 | $ 13,400 | ||||||||||||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Finance Lease, Liability | Finance Lease, Liability | ||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 14,579 | |||||||||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 8 years 10 months 24 days | |||||||||||||
Properties, Plants, Equipment and Mineral Interests [Member] | ||||||||||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 18,300 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||||||||||
Long-term Line of Credit | $ 0 | |||||||||||||
Letter of Credit [Member] | ||||||||||||||
Letter of Credit Outstanding, Fronting Fee | 0.20% | |||||||||||||
Letter of Credit [Member] | Minimum [Member] | ||||||||||||||
Letter of Credit, Participation Fee, Percent | 2.25% | |||||||||||||
Letter of Credit [Member] | Maximum [Member] | ||||||||||||||
Letter of Credit, Participation Fee, Percent | 4% | |||||||||||||
New Credit Agreement [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 142,200 | |||||||||||||
Long-term Line of Credit | 7,800 | |||||||||||||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Interest Expense, Debt, Total | $ 300 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Option | $ 75,000 | |||||||||||||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.45% | |||||||||||||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.7875% | |||||||||||||
New Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||||||
New Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||
New Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Applicable Margin | 1% | |||||||||||||
New Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||
New Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 50% | |||||||||||||
New Credit Agreement [Member] | Leverage Ratio Applicable Margin [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Participation Fee, Percent | 2% | |||||||||||||
New Credit Agreement [Member] | Leverage Ratio Applicable Margin [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument, Participation Fee, Percent | 3.50% | |||||||||||||
Prior Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||||||||||
Senior Notes [Member] | ||||||||||||||
Long-term debt balance | $ 506,366 | $ 508,095 | ||||||||||||
Senior Notes [Member] | The 2028 Senior Notes [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||||||||
Debt Instrument, Face Amount | $ 475,000 | |||||||||||||
Underwriting Discount on Senior Notes | 1.16% | |||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 5,500 | |||||||||||||
Debt Instrument, Redemption Price, Percentage, Net of Cash Proceeds of Equity Offerings | 35% | |||||||||||||
Debt Instrument, Redemption Price, Percentage, Including Accrued and Unpaid Interest | 101% | |||||||||||||
Long-term debt balance | $ 470,360 | $ 469,448 | ||||||||||||
Senior Notes [Member] | The 2028 Senior Notes [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | 101.813% | 103.625% | 105.438% | ||||||||||
Senior Notes [Member] | The 2021 Senior Notes [Member] | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 469,500 | |||||||||||||
Previously Outstanding | 6.875% | |||||||||||||
Interest Expense, Debt, Total | 35,400 | 35,400 | 40,200 | |||||||||||
Debt Instrument, Unamortized Discount (Premium), Net, Total | 1,700 | |||||||||||||
Senior Notes [Member] | IQ Notes [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.515% | 6.515% | ||||||||||||
Debt Instrument, Face Amount | $ 36,800 | $ 50 | ||||||||||||
Interest Expense, Debt, Total | 2,300 | 2,300 | $ 900 | |||||||||||
Debt Instrument, Unamortized Premium, Percentage of Principal | 103.65% | 103.65% | ||||||||||||
Debt Instrument, Unamortized Premium, Total | $ 1.8 | |||||||||||||
Debt Instrument, Effective Annual Yield | 5.74% | 5.74% | ||||||||||||
Long-term debt balance | $ 36,006 | $ 38,647 | $ 48.2 | |||||||||||
Debt Instrument, Number of Issuance Installments | Contract | 4 | 4 | ||||||||||||
Proceeds from Issuance of Debt | $ 12.5 | |||||||||||||
Payments of Debt Issuance Costs | $ 0.6 | |||||||||||||
Debt Instrument, Covenant, Investment Over Next Four Years | $ 100 |
Note 8 - Debt, Credit Facilit_4
Note 8 - Debt, Credit Facility and Leases - Debt Summary (Details) - Senior Notes [Member] $ in Thousands, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 09, 2020 CAD ($) |
Debt Instrument [Line Items] | |||
Principal | $ 510,614 | $ 513,051 | |
Unamortized discount/premium and issuance costs | (4,248) | (4,956) | |
Long-term debt balance | 506,366 | 508,095 | |
The 2028 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 475,000 | 475,000 | |
Unamortized discount/premium and issuance costs | (4,640) | (5,552) | |
Long-term debt balance | 470,360 | 469,448 | |
IQ Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 35,614 | 38,051 | |
Unamortized discount/premium and issuance costs | 392 | 596 | |
Long-term debt balance | $ 36,006 | $ 38,647 | $ 48.2 |
Note 8 - Debt, Credit Facilit_5
Note 8 - Debt, Credit Facility and Leases - Future Payments of Long-term Debt (Details) - Senior Notes [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
The 2028 Senior Notes [Member] | |
2023, long-term debt | $ 34,438 |
2024, long-term debt | 34,438 |
2025, long-term debt | 34,438 |
2026, long-term debt | 34,438 |
2027, long-term debt | 34,438 |
2028, long-term debt | 479,302 |
Total, long-term debt | 651,492 |
IQ Notes [Member] | |
2023, long-term debt | 2,320 |
2024, long-term debt | 2,320 |
2025, long-term debt | 36,812 |
Total, long-term debt | $ 41,452 |
Note 8 - Debt, Credit Facilit_6
Note 8 - Debt, Credit Facility and Leases - Maturities of Finance Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Abstract] | ||
2023, finance lease | $ 9,352 | |
2024, finance lease | 7,185 | |
2025, finance lease | 3,808 | |
2026, finance lease | 1,851 | |
2027, finance lease | 24 | |
Total, finance lease | 22,220 | |
Less: imputed interest, finance lease | (1,361) | |
Net finance lease obligation | $ 20,859 | $ 13,400 |
Note 8 - Debt, Credit Facilit_7
Note 8 - Debt, Credit Facility and Leases - Maturities of Operating Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Abstract] | ||
2023, operating lease | $ 3,167 | |
2024, operating lease | 1,285 | |
2025, operating lease | 1,274 | |
2026, operating lease | 1,275 | |
2027, operating lease | 1,170 | |
More than 5 years, operating lease | 6,408 | |
Total, operating lease | 14,579 | |
Effect of discounting, operating lease | (3,511) | |
Operating Lease, Liability | $ 11,068 | $ 12,400 |
Note 9 - Derivative Instrumen_3
Note 9 - Derivative Instruments (Details Textual) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) Contract | Dec. 31, 2022 USD ($) Contract | |
Maximum Allocation of Forecasted CAD-demonimated Operating Costs | 75% | 75% | ||
Forecasted CAD-denominated Operating Costs to be Hedged, Term (Year) | 5 years | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 800 | |||
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | $ 0 | |||
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ 8,400 | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | |||
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | |||
Other Comprehensive Income (Loss) [Member] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 3,700 | |||
Realize gain on derivative | $ 17,400 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Unrealized Gain (Loss) on Derivatives | (100) | |||
Price Risk Derivative [Member] | ||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 16,800 | |||
Foreign Exchange Forward [Member] | ||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 7,100 | |||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | ||||
Derivative, Notional Amount | $ 427.4 | $ 325,100 | ||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Minimum [Member] | ||||
Derivative, Forward Exchange Rate | 1.26 | 1.26 | ||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Maximum [Member] | ||||
Derivative, Forward Exchange Rate | 1.3765 | 1.3765 | ||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative, Number of Instruments Held, Total | Contract | 278 | 278 | ||
Derivative, Notional Amount | $ 499 | $ 377,400 | ||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | ||||
Derivative, Forward Exchange Rate | 1.26 | 1.26 | ||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | ||||
Derivative, Forward Exchange Rate | 1.37920 | 1.37920 | ||
Unsettled Concentrate Sales Contracts [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | 5,800 | |||
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 6,000 | |||
Forecasted Future Concentrate Contracts [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ (32,900) | |||
Commodity Contract [Member] | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 22,200 | |||
Derivative, Fair Value, Obligations Under the Agreements | $ 22,200 |
Note 9 - Derivative Instrumen_4
Note 9 - Derivative Instruments - Foreign Currency (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current derivative liabilities | $ 16,125,000 | $ 19,353,000 |
Non-current derivatitive liabilities | 6,066,000 | 18,528,000 |
Foreign Exchange Contract [Member] | ||
Other current assets | $ 1,100,000 | $ 2,700,000 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Other non-current assets | $ 400,000 | $ 2,500,000 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Current derivative liabilities | $ 4,000,000 | |
Non-current derivatitive liabilities | $ 3,600,000 | $ 0 |
Note 9 - Derivative Instrumen_5
Note 9 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands | 12 Months Ended | |
Dec. 31, 2022 lb oz $ / $ $ / oz | Dec. 31, 2021 oz lb $ / $ $ / oz | |
Silver 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 1,814 | |
Underlying, Derivative Mass | $ / oz | 23.02 | |
Silver 2023 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 3,124 | |
Underlying, Derivative Mass | $ / oz | 21.55 | |
Gold 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 6 | |
Underlying, Derivative Mass | $ / oz | 1,812 | |
Gold 2023 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 8 | |
Underlying, Derivative Mass | $ / oz | 1,795 | |
Zinc 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 13,371 | |
Underlying, Derivative Mass | $ / $ | 1.39 | |
Lead 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 4,575 | |
Underlying, Derivative Mass | $ / $ | 0.96 | |
Zinc 2022 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 57,706 | |
Underlying, Derivative Mass | $ / $ | 1.34 | 1.28 |
Lead 2022 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 59,194 | |
Underlying, Derivative Mass | $ / $ | 1 | 0.98 |
Zinc 2023 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 37,533 | 76,280 |
Underlying, Derivative Mass | $ / $ | 1.29 | |
Zinc 2023 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 18,629 | |
Underlying, Derivative Mass | $ / $ | 1.38 | |
Zinc 2024 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 0 | |
Lead 2023 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 75,618 | 71,650 |
Underlying, Derivative Mass | $ / $ | 1 | |
Lead 2023 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 11,960 | |
Underlying, Derivative Mass | $ / $ | 0.98 | |
Lead 2024 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | 45,856 | |
Underlying, Derivative Mass | $ / $ | 0.99 |
Note 9 - Derivative Instrumen_6
Note 9 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other current assets, liability position | $ (16,125) | $ (19,353) |
Other non-current assets, liability position | (6,066) | $ (18,528) |
Forward and Put Option Contracts [Member] | ||
Other non-current assets | $ 100 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Forward and Put Option Contracts [Member] | Other Current Assets [Member] | ||
Other current assets | $ 1,200 | $ 0 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Other current assets, liability position | $ 0 | $ 0 |
Net asset (liability) | 1,200 | 0 |
Forward and Put Option Contracts [Member] | Other Noncurrent Assets [Member] | ||
Net asset (liability) | 100 | 0 |
Other non-current assets | 0 | |
Other non-current assets, liability position | 0 | 0 |
Forward and Put Option Contracts [Member] | Current derivatives liability [Member] | ||
Other current assets | $ 0 | $ 700 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets, liability position | Other current assets, liability position |
Other current assets, liability position | $ (12,100) | $ (20,100) |
Net asset (liability) | (12,100) | (19,400) |
Forward and Put Option Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Other current assets | 0 | |
Net asset (liability) | $ 2,500 | (18,500) |
Other non-current assets | $ 400 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current assets, liability position | Other non-current assets, liability position |
Other non-current assets, liability position | $ (2,500) | $ (18,900) |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Details Textual) | Dec. 31, 2022 USD ($) |
IQ Notes [Member] | |
Notes Payable, Total | $ 36,000,000 |
IQ Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | $ 35,100,000 |
IQ Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Annual Yield [Member] | |
Debt Instrument, Measurement Input | 0.0744 |
Senior Notes [Member] | |
Notes Payable, Total | $ 470,400,000 |
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | $ 471,100,000 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent |
Total fair value adjustments, net | $ (4,723) | $ (35,792) | $ (11,806) |
Fair Value, Inputs, Level 1 [Member] | |||
Unrealized (loss) gain on investments in equity securities | (5,632) | (4,295) | 10,268 |
Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Gain (loss) on derivative contracts | 844 | (32,655) | (22,074) |
Gain on disposition or exchange of investments | $ 844 | $ (32,655) | $ (22,074) |
Securities Investment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | Other Cost and Expense, Operating |
Securities Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Gain (loss) on derivative contracts | $ 65 | $ 1,158 | $ 0 |
Gain on disposition or exchange of investments | $ 65 | $ 1,158 | $ 0 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other, net | $ 10,695 | $ 8,149 |
Fair Value, Recurring [Member] | ||
Total assets | 177,898 | 267,177 |
Total liabilities | 22,191 | 37,881 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Money market funds and other bank deposits | 104,743 | 210,010 |
Equity securities – mining industry | 24,018 | 14,470 |
Certificates of deposit and other deposits | 1,164 | 1,053 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Other, net | 45,146 | 36,437 |
Metal forward and put option contracts | $ 1,309 | $ 0 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Foreign exchange contracts | $ 1,518 | $ 5,207 |
Metal forward and put option contracts | $ 14,643 | $ 37,873 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Foreign exchange contracts | $ 7,548 | $ 8 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 20, 2018 shares | Sep. 30, 2021 $ / shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2022 USD ($) Director $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 $ / shares shares | Feb. 15, 2022 $ / shares | Feb. 18, 2021 shares | Sep. 30, 2020 $ / shares | May 08, 2012 shares | Jun. 30, 2010 shares | |
Average Realized Silver Price, Minimum Dividend, Threshold (in dollars per share) | $ / shares | $ 30 | $ 25 | ||||||||||
Average Realized Silver Price Per Ounce (in dollars per share) | $ / shares | $ 20 | $ 25 | ||||||||||
Share Price (in dollars per share) | $ / shares | $ 0 | |||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 157,816 | |||||||||||
Percent of Shareholders' Consent Needed to Create or Issue Stock Ranking Senior to Series B Preferred Stock | 66% | |||||||||||
Preferred stock, dividends declared (Quarterly) | $ | $ 552,000 | $ 552,000 | $ 552,000 | |||||||||
Preferred Stock, Liquidation Preference, Value | $ | $ 7,891,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 4,600,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Measurement Period Used to Value Performance-based Awards (Year) | 3 years | |||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 650,000 | |||||||||||
Conversion of Stock, Shares Converted | 40 | |||||||||||
Conversion of Stock, Shares Issued | 128 | |||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ | $ 4,700,000 | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | |||||||||||
Hecla Charitable Foundation [Member] | ||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 650,000 | |||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ | $ 2,000,000 | |||||||||||
Warrants in Connection with Klondex Mines Acquisition [Member] | ||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 4,136,000 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||
Satisfy Withholding Obligations [Member] | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 4.99 | $ 7.88 | $ 2.32 | |||||||||
Stock Repurchased During Period, Shares (in shares) | 737,258 | 574,251 | 1,183,773 | |||||||||
Stock Repurchased During Period, Value | $ | $ 3,700,000 | $ 4,500,000 | $ 2,700,000 | |||||||||
2010 Stock Incentive Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 20,000,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 13,808,002 | |||||||||||
Directors Stock Plan [Member] | ||||||||||||
Number of distributed shares | 388,175 | |||||||||||
Number of directors | Director | 2 | |||||||||||
Share-based Payment Arrangement, Expense | $ | $ 400,000 | $ 1,800,000 | $ 1,500,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,170,959 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Method of Measuring Cost of Award Participant, Numerator | $ | $ 120,000 | |||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 98,310 | 207,375 | 391,244 | |||||||||
Share-Based Payment Arrangement [Member] | ||||||||||||
Share-based Payment Arrangement, Expense | $ | $ 6,000,000 | $ 6,100,000 | $ 5,000,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Unvested units expected to vest (in shares) | 3,936,134 | 1,796,115 | 2,022,352 | 3,936,134 | 3,997,168 | |||||||
Performance Shares [Member] | ||||||||||||
Unvested units expected to vest (in shares) | 1,813,895 | 599,858 | 874,422 | 1,813,895 | 1,477,631 | |||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ | $ 1,400,000 | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 157,776 | 157,816 | ||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ / shares | $ 3.50 | |||||||||||
Preferred stock, dividends declared (Quarterly) | $ | $ 552,000 | $ 552,000 | $ 552,000 | |||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 50 | |||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 50 | |||||||||||
Preferred Stock, Liquidation Preference, Value | $ | $ 7,900,000 | |||||||||||
Preferred Stock Conversion Price (in dollars per share) | $ / shares | $ 15.55 | |||||||||||
Common Stock Repurchase Program [Member] | ||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 20,000,000 | |||||||||||
Cumulative Stock Repurchased (in shares) | 934,100 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 3.99 | |||||||||||
At-the-market Offering [Member] | ||||||||||||
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | 3,860,199 | 60 | ||||||||||
Proceeds from sale of shares | $ | $ 17,300,000 | |||||||||||
Fees and commission on sale of shares | $ | 300,000 | |||||||||||
Quarterly Dividends [Member] | ||||||||||||
Dividends, Common Stock, Total | $ | $ 12,400,000 | $ 20,100,000 | $ 8,600,000 | |||||||||
Minimum [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Maximum [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.015 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Common Stock Dividend Policy (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Quarterly Average Realized Price, Level 1 [Member] | |
Quarterly average realized price | $ | $ 20 |
Quarterly dividend per share (in dollars per share) | $ 0 |
Annual dividend per share (in dollars per share) | 0 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.015 |
Quarterly Average Realized Price, Level 2 [Member] | |
Quarterly average realized price | $ | $ 20 |
Quarterly dividend per share (in dollars per share) | $ 0.0025 |
Annual dividend per share (in dollars per share) | 0.01 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.025 |
Quarterly Average Realized Price, Level 3 [Member] | |
Quarterly average realized price | $ | $ 25 |
Quarterly dividend per share (in dollars per share) | $ 0.0100 |
Annual dividend per share (in dollars per share) | 0.04 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.055 |
Quarterly Average Realized Price, Level 4 [Member] | |
Quarterly average realized price | $ | $ 30 |
Quarterly dividend per share (in dollars per share) | $ 0.0150 |
Annual dividend per share (in dollars per share) | 0.06 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.075 |
Quarterly Average Realized Price, Level 5 [Member] | |
Quarterly average realized price | $ | $ 35 |
Quarterly dividend per share (in dollars per share) | $ 0.0250 |
Annual dividend per share (in dollars per share) | 0.10 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.115 |
Quarterly Average Realized Price, Level 6 [Member] | |
Quarterly average realized price | $ | $ 40 |
Quarterly dividend per share (in dollars per share) | $ 0.0350 |
Annual dividend per share (in dollars per share) | 0.14 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.155 |
Quarterly Average Realized Price, Level 7 [Member] | |
Quarterly average realized price | $ | $ 45 |
Quarterly dividend per share (in dollars per share) | $ 0.0450 |
Annual dividend per share (in dollars per share) | 0.18 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.195 |
Quarterly Average Realized Price Level 8 [Member] | |
Quarterly average realized price | $ | $ 50 |
Quarterly dividend per share (in dollars per share) | $ 0.0550 |
Annual dividend per share (in dollars per share) | 0.22 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.235 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested, shares (in shares) | 2,022,352 | 3,936,134 | 3,997,168 |
Unvested, weighted average fair value per share (in dollars per share) | $ 3.97 | $ 2.55 | $ 2.46 |
Granted, shares (in shares) | 1,256,532 | 629,437 | 1,688,111 |
Granted (unvested), weighted average fair value per share (in dollars per share) | $ 4.41 | $ 7.88 | $ 3.03 |
Canceled, shares (in shares) | (177,801) | (770,416) | (70,236) |
Canceled, weighted average fair value per share (in dollars per share) | $ 4.41 | $ 2.82 | $ 2.08 |
Vested(1) | (1,304,968) | (1,772,803) | (1,678,909) |
Distributed (vested), weighted average fair value per share (in dollars per share) | $ 3.97 | $ 2.60 | $ 2.83 |
Unvested, shares (in shares) | 1,796,115 | 2,022,352 | 3,936,134 |
Unvested, weighted average fair value per share (in dollars per share) | $ 4.23 | $ 3.97 | $ 2.55 |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Unvested Performance-based Shares (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested, shares (in shares) | 874,422 | 1,813,895 | 1,477,631 |
Unvested, weighted average fair value per share (in dollars per share) | $ 2.61 | $ 0.41 | $ 0.79 |
Granted, shares (in shares) | 322,796 | 122,462 | 597,360 |
Granted (unvested), weighted average fair value per share (in dollars per share) | $ 3.78 | $ 13.70 | $ 0.31 |
Canceled, shares (in shares) | (174,108) | ||
Canceled, weighted average fair value per share (in dollars per share) | $ 0.76 | ||
Vested(1) | (887,827) | (261,096) | (597,360) |
Distributed (vested), weighted average fair value per share (in dollars per share) | $ 0 | $ 2.37 | $ 0.31 |
Unvested, shares (in shares) | 599,858 | 874,422 | 1,813,895 |
Unvested, weighted average fair value per share (in dollars per share) | $ 5.54 | $ 2.61 | $ 0.41 |
Note 11 - Stockholders' Equit_6
Note 11 - Stockholders' Equity - Details of Warrants Outstanding (Details) | Dec. 31, 2022 $ / shares shares |
Warrant Expiring in February 2029 [Member] | |
Number of warrants (in shares) | shares | 2,068,000 |
Exercise price (in dollars per share) | $ / shares | $ 1.57 |
Warrants Expiring in April 2032 [Member] | |
Number of warrants (in shares) | shares | 2,068,000 |
Exercise price (in dollars per share) | $ / shares | $ 8.02 |
Note 12- Accumulated Other Comp
Note 12- Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 1,760,787 | $ 1,713,785 | $ 1,696,534 |
Other comprehensive income | 30,904 | 4,433 | 4,421 |
Balance | 1,978,967 | 1,760,787 | 1,713,785 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Balance | (4,675) | 7,632 | (348) |
Other comprehensive income | 13,837 | (12,307) | 7,980 |
Balance | 9,162 | (4,675) | 7,632 |
Balance, beginning | 4,689 | 0 | 0 |
Change , tax | (5,233) | 4,689 | 0 |
Balance, ending | (544) | 4,689 | 0 |
Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent [Member] | |||
Balance | (23,781) | (40,521) | (36,962) |
Other comprehensive income | (17,067) | 16,740 | (3,559) |
Balance | (6,714) | (23,781) | (40,521) |
Balance, beginning | 6,196 | 12,575 | 12,575 |
Change , tax | (6,454) | (6,379) | 0 |
Balance, ending | (258) | 6,196 | 12,575 |
AOCI Attributable to Parent [Member] | |||
Balance | (28,456) | (32,889) | (37,310) |
Other comprehensive income | 30,904 | 4,433 | 4,421 |
Balance | (2,448) | (28,456) | (32,889) |
Balance, beginning | 10,885 | 12,575 | 12,575 |
Change , tax | (11,687) | (1,690) | 0 |
Balance, ending | $ (802) | $ 10,885 | $ 12,575 |
Note 13 - Properties, Plants,_3
Note 13 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments - Major Components of Property, Plants, Equipment and Mineral Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment, Gross | $ 4,315,736 | $ 3,909,019 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,745,946 | 1,598,209 |
Net carrying value | 2,569,790 | 2,310,810 |
Mining properties, including asset retirement obligations | ||
Property, Plant and Equipment, Gross | 871,027 | 818,582 |
Development costs | ||
Property, Plant and Equipment, Gross | 588,298 | 549,666 |
Plants and equipment | ||
Property, Plant and Equipment, Gross | 1,514,906 | 1,446,183 |
Land | ||
Property, Plant and Equipment, Gross | 35,644 | 34,931 |
Mineral interests | ||
Property, Plant and Equipment, Gross | 1,171,261 | 972,754 |
Construction in progress | ||
Property, Plant and Equipment, Gross | $ 134,600 | $ 86,903 |
Note 13 - Properties, Plants,_4
Note 13 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments (Details textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital additions (excluding non-cash items) | $ 149,378 | $ 109,048 | $ 91,016 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 90,800 | 78,900 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 67,700 | 60,600 | |
Lucky Friday [Member] | |||
Capital additions (excluding non-cash items) | 50,992 | 29,885 | 25,776 |
Greens Creek [Member] | |||
Capital additions (excluding non-cash items) | 36,898 | 23,883 | 19,685 |
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 93,800 | 132,600 | |
Casa Berardi [Member] | |||
Capital additions (excluding non-cash items) | 39,667 | 49,617 | 40,840 |
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 323,600 | 323,600 | |
Nevada Operations [Member] | |||
Capital additions (excluding non-cash items) | 333 | 5,470 | 4,003 |
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 383,600 | 382,900 | |
Keno Hill [Member] | |||
Capital additions (excluding non-cash items) | 19,725 | $ 0 | $ 0 |
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | $ 102,100 |
Note 14 - Commitments, Contin_2
Note 14 - Commitments, Contingencies, and Obligations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 12, 2022 | Jun. 30, 2022 | Jul. 31, 2018 | Aug. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Environmental Remediation Expense | $ 8,793 | $ 14,571 | $ 3,929 | ||||||
Finance Lease, Liability, Payment, Due, Total | 22,220 | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | 14,579 | ||||||||
Lease Commitments [Member] | |||||||||
Finance Lease, Liability, Payment, Due, Total | 22,200 | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | 14,600 | ||||||||
Performance Obligation Commitments [Member] | |||||||||
Surety Bonds | 192,700 | ||||||||
Letters of Credit Outstanding, Amount | 7,800 | ||||||||
Lucky Friday [Member] | |||||||||
EPA Maximum for Statutory Penalties, Per Day/Violation | $ 59,973 | ||||||||
EPA Maximum for Administrative Penalties, Per Day/Violation | 23,989 | ||||||||
EPA Maximum for Administrative Penalties, Total | $ 299,989 | ||||||||
Contractual Obligation, Total | 22,800 | ||||||||
Casa Berardi [Member] | |||||||||
Contractual Obligation, Total | 1,700 | ||||||||
Greens Creek [Member] | |||||||||
EPA Maximum for Statutory Penalties, Per Day/Violation | $ 81,540 | ||||||||
EPA Maximum for Administrative Penalties, Per Day/Violation | $ 47,423 | ||||||||
Contractual Obligation, Total | 9,800 | ||||||||
Nevada Operations [Member] | |||||||||
Contractual Obligation, Total | 1,900 | ||||||||
Keno Hill [Member] | |||||||||
Contractual Obligation, Total | $ 4,500 | ||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | |||||||||
Payment Of Response Costs | $ 1,100 | ||||||||
Estimated Response Costs | $ 9,600 | $ 9,000 | |||||||
Environmental Remediation Expense | 9,000 | ||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Environmental Remediation Past Response Costs [Member] | |||||||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ 2,900 | ||||||||
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | |||||||||
Estimated Response Costs | $ 4,500 | ||||||||
Estimated Future Response Cost | $ 100,000 |