Cover Page
Cover Page - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HECLA MINING COMPANY | |
Entity Central Index Key | 0000719413 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | ID | |
Entity Tax Identification Number | 77-0664171 | |
Entity Address, Address Line One | 6500 Mineral Drive, Suite 200 | |
Entity Address, City or Town | Coeur d’Alene | |
Entity Address, Postal Zip Code | 83815-9408 | |
City Area Code | 208 | |
Local Phone Number | 769-4100 | |
Entity Common Stock, Shares Outstanding | 626,290,204 | |
Entity File Number | 1-8491 | |
Entity Incorporation, State or Country Code | DE | |
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 $0.25 per share | |
Trading Symbol | HL-PB | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales | $ 189,528 | $ 199,500 |
Cost of sales and other direct production costs | 121,461 | 125,550 |
Depreciation, depletion and amortization | 48,907 | 39,002 |
Total cost of sales | 170,368 | 164,552 |
Gross profit | 19,160 | 34,948 |
Other operating expenses: | ||
General and administrative | 11,216 | 12,070 |
Exploration and pre-development | 4,342 | 4,967 |
Ramp-up and suspension costs | 14,523 | 11,336 |
Provision for closed operations and environmental matters | 986 | 1,044 |
Other operating (income) expense, net | (16,971) | (22) |
Total other operating expenses | 14,096 | 29,395 |
Income from operations | 5,064 | 5,553 |
Other expense: | ||
Interest expense | (12,644) | (10,165) |
Fair value adjustments, net | (1,852) | 3,181 |
Net foreign exchange gain | 3,982 | 108 |
Other income | 1,512 | 1,392 |
Total other expense | (9,002) | (5,484) |
(Loss) income before income and mining taxes | (3,938) | 69 |
Income and mining tax expense | (1,815) | (3,242) |
Net loss | (5,753) | (3,173) |
Preferred stock dividends | (138) | (138) |
Net loss applicable to common stockholders | (5,891) | (3,311) |
Comprehensive loss: | ||
Net Income (Loss) | (5,753) | (3,173) |
Change in fair value of derivative contracts designated as hedge transactions | (5,403) | 6,516 |
Comprehensive (loss) income | $ (11,156) | $ 3,343 |
Basic loss per common share after preferred dividends | $ (0.01) | $ (0.01) |
Diluted loss per common share after preferred dividends | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - basic | 616,199 | 600,075 |
Weighted average number of common shares outstanding - diluted | 616,199 | 600,075 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net loss | $ (5,753) | $ (3,173) |
Non-cash elements included in net loss: | ||
Depreciation, depletion and amortization | 51,226 | 39,892 |
Inventory adjustments | 7,671 | 4,521 |
Fair value adjustments, net | 1,852 | (3,181) |
Provision for reclamation and closure costs | 1,846 | 1,694 |
Stock-based compensation | 1,164 | 1,190 |
Deferred income taxes | (416) | 558 |
Foreign exchange gain | (3,982) | (2,218) |
Other non-cash items, net | 519 | 186 |
Change in assets and liabilities: | ||
Accounts receivable | (17,864) | 15,477 |
Inventories | (18,746) | (9,239) |
Other current and non-current assets | 5,238 | (9,856) |
Accounts payable, accrued and other current liabilities | (8,819) | (9,304) |
Accrued payroll and related benefits | 5,498 | 4,705 |
Accrued taxes | 2,085 | 2,226 |
Accrued reclamation and closure costs and other non-current liabilities | (4,439) | 7,125 |
Cash provided by operating activities | 17,080 | 40,603 |
Investing activities: | ||
Additions to properties, plants, equipment and mineral interests | (47,589) | (54,443) |
Proceeds from disposition of properties, plants and equipment | 47 | 0 |
Net cash used in investing activities | (47,542) | (54,443) |
Financing activities: | ||
Proceeds from sale of common stock, net | 1,103 | 11,885 |
Acquisition of treasury stock | (1,197) | (482) |
Borrowing of debt | 27,000 | 13,000 |
Repayment of debt | (15,000) | (13,000) |
Dividends paid to common and preferred stockholders | (3,994) | (3,891) |
Repayments of finance leases | (3,033) | (2,464) |
Net cash provided by financing activities | 4,879 | 5,048 |
Effect of exchange rates on cash | (624) | 171 |
Net decrease in cash, cash equivalents and restricted cash and cash equivalents | (26,207) | (8,621) |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 107,539 | 105,907 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 81,332 | 97,286 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 18,706 | 18,621 |
Cash paid for income and mining taxes, net | 127 | 1,634 |
Significant non-cash investing and financing activities: | ||
Addition of finance lease obligations and right-of-use assets | 0 | 850 |
Common stock issued as incentive compensation | 3,355 | 0 |
Common stock issued for 401-K match | $ 1,251 | $ 1,145 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 80,169 | $ 106,374 |
Accounts receivable: | ||
Trade | 30,508 | 14,740 |
Other, net | 19,767 | 18,376 |
Inventories: | ||
Product inventories | 37,414 | 28,823 |
Materials and supplies | 64,718 | 64,824 |
Other current assets | 22,674 | 27,125 |
Total current assets | 255,250 | 260,262 |
Investments | 32,873 | 33,724 |
Restricted cash and cash equivalents | 1,163 | 1,165 |
Properties, plants, equipment and mineral interests, net | 2,663,155 | 2,666,250 |
Operating lease right-of-use assets | 9,187 | 8,349 |
Deferred tax assets | 0 | 2,883 |
Other non-current assets | 32,630 | 38,471 |
Total assets | 2,994,258 | 3,011,104 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 81,289 | 81,599 |
Accrued payroll and related benefits | 28,783 | 28,240 |
Accrued taxes | 5,585 | 3,501 |
Finance leases | 8,610 | 9,752 |
Accrued reclamation and closure costs | 9,660 | 9,660 |
Accrued interest | 5,190 | 14,405 |
Other current liabilities | 13,520 | 10,303 |
Total current liabilities | 152,637 | 157,460 |
Accrued reclamation and closure costs | 111,668 | 110,797 |
Long-term debt including finance leases | 662,482 | 653,063 |
Deferred tax liability | 98,011 | 104,835 |
Other non-current liabilities | 10,830 | 16,845 |
Total liabilities | 1,035,628 | 1,043,000 |
Commitments and contingencies (Notes 4, 7, 8, and 10) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, 5,000,000 shares authorized: Series B preferred stock, $0.25 par value, 157,776 shares issued and outstanding, liquidation preference - $7,889 | 39 | 39 |
Common stock, $0.25 par value, authorized 750,000,000 shares; issued March 31, 2024 - 625,772,397 shares and December 31, 2023 - 624,647,379 shares | 156,447 | 156,076 |
Capital surplus | 2,350,249 | 2,343,747 |
Accumulated deficit | (513,608) | (503,861) |
Accumulated other comprehensive income, net | 434 | 5,837 |
Less treasury stock, at cost; March 31, 2024 - 8,813,127 and December 31, 2023 - 8,535,161 Shares issued and held in treasury | (34,931) | (33,734) |
Total stockholders' equity | 1,958,630 | 1,968,104 |
Total liabilities and stockholders' equity | $ 2,994,258 | $ 3,011,104 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series B preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Series B preferred stock, shares issued (in shares) | 157,776 | 157,776 |
Series B preferred stock, shares outstanding (in shares) | 157,776 | 157,776 |
Series B preferred stock, liquidation preference | $ 7,889 | $ 7,889 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 626,131,125 | 624,647,379 |
Treasury stock cmmon Share | 8,813,127 | 8,535,161 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), net | Treasury Stock |
Balance Begning at Dec. 31, 2022 | $ 1,978,967 | $ 39 | $ 151,819 | $ 2,260,290 | $ (403,931) | $ 2,448 | $ (31,698) |
Net Income (Loss) | (3,173) | (3,173) | |||||
Stock-based compensation expense | 1,190 | 1,190 | |||||
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared | (3,891) | (3,891) | |||||
Common stock issued for 401(k) match | 1,145 | 50 | 1,095 | ||||
Common stock issued under ATM program net value | 11,885 | 542 | 11,343 | ||||
Common stock issued as incentive compensation | (482) | 125 | (125) | (482) | |||
Other comprehensive income (loss) | 6,516 | 6,516 | |||||
Balance Ending at Mar. 31, 2023 | 1,992,157 | 39 | 152,536 | 2,273,793 | (410,995) | 8,964 | (32,180) |
Balance Begning at Dec. 31, 2023 | 1,968,104 | 39 | 156,076 | 2,343,747 | (503,861) | 5,837 | (33,734) |
Net Income (Loss) | (5,753) | (5,753) | |||||
Stock-based compensation expense | 1,164 | 1,164 | |||||
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared | (3,994) | (3,994) | |||||
Common stock issued for 401(k) match | 1,251 | 69 | 1,182 | ||||
Common stock issued under ATM program net value | 1,103 | 62 | 1,041 | ||||
Common stock issued as incentive compensation | (2,158) | 240 | 3,115 | (1,197) | |||
Other comprehensive income (loss) | (5,403) | (5,403) | |||||
Balance Ending at Mar. 31, 2024 | $ 1,958,630 | $ 39 | $ 156,447 | $ 2,350,249 | $ (513,608) | $ 434 | $ (34,931) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common stock dividends declared, per common share (in dollars per share) | $ 625 | $ 0.00625 |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.875 | $ 0.875 |
Common stock issued for 401(k) match, shares (in shares) | 275,570 | 199,623 |
Common stock issued under ATM program, net shares | 248,561 | 2,173,274,000 |
Common stock issued as incentive compensation | 959,615,000 | 498,348,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (5,753) | $ (3,173) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Note 1 - Basis of Preparation o
Note 1 - Basis of Preparation of Financial Statements | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPolicies | Note 1. Bas is of Preparation of Financial Statements The accompanying unaudited interim condensed consolidated financial statements of Hecla Mining Company and its subsidiaries (collectively, “Hecla,” “the Company,” “we,” “our,” or “us,” except where the context requires otherwise) have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required annually by accounting principles generally accepted in the United States of America (“GAAP”). Therefore, this information should be read in conjunction with the Company’s consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The consolidated December 31, 2023 balance sheet data was derived from our audited consolidated financial statements. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. |
Note 2 - Business Segments and
Note 2 - Business Segments and Sales of Products | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Business Segments, Sales of Products | Note 2. Business Segments and Sales of Products We discover, acquire and develop mines and other mineral interests and produce and market (i) concentrates containing silver, gold, lead and zinc, (ii) carbon material containing silver and gold, and (iii) doré containing silver and gold. We are currently organized and managed in four segments: Greens Creek, Lucky Friday, Keno Hill and Casa Berardi. Effective January 2024 we revised our internal reporting provided to our Chief Operating Decision Maker to no longer include any financial performance information for our Nevada Operations, reflecting the current status of the Nevada Operations being on care and maintenance. General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and environmental remediation services in the Yukon, Canada, and the previously separately reported Nevada Operations are presented as “Other.” The presentation of the prior period information disclosed below has been revised to reflect this change. The following tables present information about our reportable segments sales for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Total sales to external customers: Greens Creek $ 97,310 $ 98,611 Lucky Friday 35,340 49,110 Keno Hill 10,847 — Casa Berardi 41,584 50,998 Other 4,447 781 $ 189,528 $ 199,500 Income (loss) from operations: Greens Creek $ 26,216 $ 31,241 Lucky Friday 22,953 14,568 Keno Hill ( 9,085 ) ( 6,763 ) Casa Berardi ( 17,995 ) ( 13,693 ) Other ( 17,025 ) ( 19,800 ) $ 5,064 $ 5,553 Reconciliation of income from operations to (loss) income before income and mining taxes: Income from operations: $ 5,064 $ 5,553 Adjustments all attributable to the Other segment Interest expense ( 12,644 ) ( 10,165 ) Fair value adjustments, net ( 1,852 ) 3,181 Net foreign exchange gain 3,982 108 Other income 1,512 1,392 (Loss) income before income and mining taxes $ ( 3,938 ) $ 69 Other sales for the three months ended March 31, 2024 and 2023 is comprised of revenue from our environmental remediation services subsidiary in the Yukon for both periods presented and Nevada Operations metal sales in the prior period. Lucky Friday's income from operations for the three months ended March 31, 2024, includes $ 17.4 million of business interruption insurance proceeds received during the quarter related to the fire which suspended Lucky Friday's operations from August 2023 through January 8, 2024. Total sales to external customers for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Silver $ 86,233 $ 81,532 Gold 67,415 75,087 Lead 19,483 25,402 Zinc 24,964 32,943 Less: Smelter and refining charges ( 13,014 ) ( 15,973 ) Total metal sales 185,081 198,991 Environmental remediation services 4,447 509 Total sales $ 189,528 $ 199,500 Sales of metals for the three months ended March 31, 2024 and 2023 include net gains o f $ 3.1 million and $ 0.9 million , respectively, on financially-settled forward contracts for silver, gold, lead and zinc. See Note 8 for more information. The following table presents total assets by reportable segment as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Total assets: Greens Creek $ 571,684 $ 569,369 Lucky Friday 571,700 578,110 Keno Hill 374,630 362,986 Casa Berardi 669,626 683,035 Other 806,618 817,604 $ 2,994,258 $ 3,011,104 |
Note 3 - Income and Mining Taxe
Note 3 - Income and Mining Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
IncomeTaxDisclosure | Note 3. Income and Mining Taxes Major components of our income and mining tax (provision) benefit for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Current: Domestic $ ( 992 ) $ ( 1,528 ) Foreign ( 979 ) ( 1,174 ) Total current income and mining tax (provision) ( 1,971 ) ( 2,702 ) Deferred: Domestic ( 5,183 ) ( 5,341 ) Foreign 5,339 4,801 Total deferred income and mining tax benefit (provision) 156 ( 540 ) Total income and mining tax (provision) $ ( 1,815 ) $ ( 3,242 ) The income and mining tax provision for the three months ended March 31, 2024 and 2023 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax loss due primarily to the impact of taxation in foreign jurisdictions, non-recognition of net operating losses and foreign exchange gains and losses in certain jurisdictions. For the three months ended March 31, 2024, we used the annual effective tax rate method to calculate the tax provision. Valuation allowances on Nevada, Mexico and certain Canadian net operating losses were treated as discrete adjustments to the tax provision. |
Note 4 - Employee Benefit Plans
Note 4 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Employee Benefit Plans | Note 4. Employee Benefit Plans We sponsor three defined benefit pension plans, two of which cover substantially all U.S. employees. Net periodic pension (benefit) cost for the plans consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Service cost $ 915 $ 949 Interest cost 2,076 1,993 Expected return on plan assets ( 3,136 ) ( 3,107 ) Amortization of prior service cost 66 125 Amortization of net loss 15 ( 47 ) Net periodic pension (benefit) cost $ ( 64 ) $ ( 87 ) For the three months ended March 31, 2024 and 2023, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. The net benefit related to all other components of net periodic pension cost of $ 1.0 million for each of the three months ended March 31, 2024, and 2023 , is included in other income on our condensed consolidated statements of operations and comprehensive loss. |
Note 5 - Loss Per Common Share
Note 5 - Loss Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Earnings per share | Note 5. Loss Per Common Share We calculate basic loss per common 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. Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we report net losses, potential dilutive shares of common stock are excluded, as their conversion and exercise would be anti-dilutive. The following table represents net loss per common share – basic and diluted (in thousands, except income (loss) per share): Three Months Ended March 31, 2024 2023 Numerator Net loss $ ( 5,753 ) $ ( 3,173 ) Preferred stock dividends ( 138 ) ( 138 ) Net loss applicable to common stockholders $ ( 5,891 ) $ ( 3,311 ) Denominator Basic weighted average common shares 616,199 600,075 Dilutive restricted stock units, warrants and deferred shares — — Diluted weighted average common shares 616,199 600,075 Basic loss per common share $ ( 0.01 ) $ ( 0.01 ) Diluted loss per common share $ ( 0.01 ) $ ( 0.01 ) For the three months ended March 31, 2024 and 2023, all outstanding unvested restricted stock units, deferred restricted stock units, warrants and convertible preferred stock were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have an anti-dilutive effect on the calculation of diluted loss per share. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity 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 our 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. Under the agreement we have sold 14,753,958 shares for total proceeds of $ 76.7 million, net of commissions and fees of $ 1.2 million from September 2022 through March 31, 2024. During the three months ended March 31, 2024 , we sold 248,561 shares under the agreement for proceeds of $ 1.1 million, net of commissions and fees of $ 0.04 million. Stock-based Compensation Plans The Company has stock incentive plans for executives, directors and eligible employees, comprised of performance shares and restricted stock. Stock-based compensation expense for restricted stock unit and performance-based grants (collectively "incentive compensation") to employees totaled $ 1.2 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 , there was $ 5.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.3 years. In connection with the vesting of incentive compensation, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the three months ended March 31, 2024 , we withheld 277,966 shares valued at approximately $ 1.2 million, or approximately $ 4.31 per share. Common Stock Dividends The following table summarizes the dividends our Board of Directors have declared and we have paid during 2024 pursuant to our dividend policy: Quarter Prior Quarter Realized Silver Price Silver-linked component Minimum component Total dividend per share First 2024 23.47 $ 0.0025 $ 0.00375 $ 0.00625 First 2023 22.03 $ 0.0025 $ 0.00375 $ 0.00625 Accumulated Other Comprehensive Income (Loss), Net The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands): Changes in fair value of derivative contracts designated as hedge transactions Adjustments Total Balance January 1, 2024 $ 13,708 $ ( 7,871 ) 5,837 Change in fair value of derivative contracts ( 6,835 ) — ( 6,835 ) Gains and deferred gains transferred from accumulated other comprehensive income 1,432 — 1,432 Balance March 31, 2024 $ 8,305 $ ( 7,871 ) $ 434 Balance January 1, 2023 $ 9,162 $ ( 6,714 ) $ 2,448 Changes in fair value of derivative contracts $ 8,665 — $ 8,665 Gains and deferred gains transferred from accumulated other comprehensive income $ ( 2,149 ) — $ ( 2,149 ) Balance March 31, 2023 $ 15,678 $ ( 6,714 ) $ 8,964 |
Note 7 - Debt, Credit Agreement
Note 7 - Debt, Credit Agreement and Leases | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Debt, Credit Facility and Leases | Note 7. Debt, Credit Agreement and Leases Our debt as of March 31, 2024 and December 31, 2023 consisted of our 7.25 % Senior Notes due February 15, 2028 (“Senior Notes”), our Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”) and any drawn amounts on our $ 150 million Credit Agreement, which is described separately below. The following tables summarize our long-term debt balances, excluding interest and borrowings under the Credit Agreement, as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Senior Notes IQ Notes Total Principal $ 475,000 $ 35,600 $ 510,600 Unamortized discount/premium and issuance costs ( 3,501 ) 211 ( 3,290 ) Long-term debt balance $ 471,499 $ 35,811 $ 507,310 December 31, 2023 Senior Notes IQ Notes Total Principal $ 475,000 $ 36,473 $ 511,473 Unamortized discount/premium and issuance costs ( 3,730 ) 257 ( 3,473 ) Long-term debt balance $ 471,270 $ 36,730 $ 508,000 The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of March 31, 2024 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. The amounts for the IQ Notes are stated in U.S. dollars (“USD”) based on the USD/Canadian dollar (“CAD”) exchange rate as of March 31, 2024. Twelve-month period ending March 31, Senior Notes IQ Notes Finance Leases Operating Leases 2025 $ 34,438 $ 2,322 $ 9,669 $ 2,431 2026 34,438 38,605 7,322 1,297 2027 34,438 — 4,967 1,829 2028 505,131 — 2,237 1,182 2029 1,167 Thereafter — — 1,027 6,736 608,445 40,927 26,389 13,475 Less: effect of discounting — — ( 2,606 ) ( 3,250 ) Total $ 608,445 $ 40,927 $ 23,783 $ 10,225 Credit Agreement On July 21, 2022, we entered into a revolving credit facility (the "Credit Agreement") with various financial institutions (the “Lenders”), Bank of Montreal and Bank of America, N.A. as letters of credit issuers, and Bank of America, N.A., as administrative agent for the Lenders and as swingline lender, to replace our prior credit agreement. The 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. Any revolving loans under the Credit Agreement have a maturity date of July 21, 2026. Proceeds of the revolving loans under the Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the 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 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. Hecla Mining Company and certain of our subsidiaries are the borrowers under the Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the Credit Agreement. As further security, the Credit Agreement 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 Greens 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. At March 31, 2024, we had net draws of $ 140.0 million outstanding at an interest rate o f 8.0 % , and $ 6.8 million of outstanding letters of credit. Letters of credit that are outstanding reduce availability under the Credit Agreement. We believe we were in compliance with all covenants under the Credit Agreement as of March 31, 2024. See Note 13 : for updates regarding the Credit Agreement. |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Derivative Instruments | Note 8. Derivative Instruments General Our current risk management policy provides that up to 75 % of five years of our foreign currency, lead and zinc metals price and silver and gold price exposure may be covered under a derivatives program with certain other limitations. 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 or currency exchange rate 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 and Keno Hill operation 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 related to forecasted cash operating costs at Casa Berardi and Keno Hill utilizes forward contracts to buy CAD, some of which are designated as cash flow hedges. As of March 31, 2024 , we have a total of 493 forward contracts outstanding to buy a total of CAD $ 370.6 million having a notional amount of USD$ 278.6 million for Casa Berardi, Keno Hill, and some corporate Canadian expenses. The CAD contracts related to forecasted cash operating costs at Casa Berardi and Keno Hill from 2024-2026 have a total notional value of CAD$ 299.7 million and have CAD-to-USD exchange rates ranging between 1.278 and 1.3665 The CAD contracts related to forecasted capital expenditures at Casa Berardi from 2024-2026 have a total notional value of CAD$ 35.1 million at an average CAD-to-USD exchange rate of 1.351 . The CAD contracts related to forecasted capital expenditures at Keno Hill from 2024-2026 have a total notional value of CAD$ 19.2 million at an average CAD-to-USD exchange rate of 1.354 . As of March 31, 2024 and December 31, 2023, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions): March 31, December 31, Balance sheet line item: 2024 2023 Other current assets $ 0.4 $ 2.7 Other non-current assets $ 0.3 $ 2.0 Other current liabilities $ ( 3.1 ) $ ( 1.1 ) Other non-current liabilities $ ( 1.2 ) $ ( 0.4 ) Net unrealized losses of $ 3.9 million related to the effective portion of the foreign currency forward contracts designated as hedges are included in accumulated other comprehensive income (loss) as of March 31, 2024 . Unrealized gains and losses will be transferred from accumulated other comprehensive income (loss) to current earnings as the underlying operating expenses are recognized. We estimate $ 2.9 million in net unrealized losses included in accumulated other comprehensive income (loss) as of March 31, 2024 will be reclassified to current earnings in the next twelve months. Net realized losses of $ 0.4 million and $ 0.9 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive income (loss) and included in cost of sales and other direct production costs for the three months ended March 31, 2024 and 2023, respectively. Net losses of $ 1.9 million and net gains of $ 0.7 million for the three months ended March 31, 2024 and 2023, respectively, were related to contracts not designated as hedges. No net unrealized gains or losses related to ineffectiveness of the hedges are included in fair value adjustments, net on our consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, respectively. 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 metals contracts at March 31, 2024 and December 31, 2023: March 31, 2024 Ounces/pounds under contract (in 000's except gold) 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 2024 settlements 2,617 9,060 - 12,015 $ 24.81 $ 2,165 N/A $ 0.98 Contracts on forecasted sales 2024 settlements - - - 45,691 N/A N/A N/A $ 0.98 2025 settlements - - - 43,541 N/A N/A N/A $ 0.98 December 31, 2023 Ounces/pounds under contract (in 000's except gold) 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 735 3 441 15,542 $ 24.40 $ 2,045 $ 1.51 $ 1.00 Contracts on forecasted sales 2024 settlements — — — 56,713 N/A N/A N/A $ 0.98 2025 settlements — — — 49,273 N/A N/A N/A $ 0.98 We recorded the following balances for the fair value of the forward metals contracts as of March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 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 $ 2.4 $ — $ 2.4 $ 3.1 $ — $ 3.1 Other non-current assets $ 0.8 $ — $ 0.8 $ 1.5 $ — $ 1.5 Other current liabilities $ — $ — $ — $ — $ ( 0.1 ) $ ( 0.1 ) Other non-current liabilities $ — $ — $ — $ — $ — $ — Net realized and unrealized gains of $ 12.5 million related to the effective portion of the forward metals contracts designated as hedges were included in accumulated other comprehensive income (loss) as of March 31, 2024 . Unrealized gains and losses will be transferred from accumulated other comprehensive income (loss) to current earnings as the underlying forecasted sales are recognized. We estimate $ 11.2 million in net realized and unrealized gains included in accumulated other comprehensive income (loss) as of March 31, 2024 would 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 and zinc and lead contracts during 2023 for net proceeds of $ 17.4 million and $ 8.5 million, respectively. We recognized a net gain of $ 3.1 million, including a $ 1.9 million gain transferred from accumulated other comprehensive income (loss), and a net gain of $ 0.9 million, including a $ 3.0 million loss transferred from accumulated other comprehensive income(loss) during the three months ended March 31, 2024 and 2023, respectively. These gains and losses were recognized on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which are included in sales. The net losses and gains recognized on the contracts offset gains and losses 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. Credit-risk-related Contingent Features Certain of our derivative contracts contain cross default provisions which provide that a default under our Credit Agreement would cause a default under the derivative contract. As of March 31, 2024 , we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these agreements was $ 5.4 million as of March 31, 2024, which includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at March 31, 2024 , we could have been required to settle our obligations under the agreements at their termination value of $ 5.4 million. |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Fair Value Measurement | Note 9. Fair Value Measurement Fair value adjustments, net is comprised of the following (in thousands): Three Months Ended March 31, 2024 2023 (Loss) gain on derivative contracts $ ( 1,899 ) $ 987 Unrealized gain (loss) on equity securities investments 47 2,194 Total fair value adjustments, net $ ( 1,852 ) $ 3,181 Accounting guidance has established a hierarchy for inputs used to measure assets and liabilities 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; and Level 3: significant unobservable inputs. The table below sets forth our assets and liabilities 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 (in thousands). Description Balance at Balance at Input Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 80,169 $ 106,374 Level 1 Current and non-current investments: Equity securities 32,873 32,284 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 30,508 14,740 Level 2 Restricted cash and cash equivalent balances: Certificates of deposit and other deposits 1,163 1,165 Level 1 Derivative contracts - current and non-current derivative assets: Foreign exchange contracts 685 4,657 Level 2 Metal forward contracts 3,246 4,698 Level 2 Total assets $ 148,644 $ 163,918 Liabilities: Derivative contracts - current and non-current derivative liabilities: Foreign exchange contracts $ 4,267 $ 1,508 Level 2 Metal forward contracts — 40 Level 2 Total liabilities $ 4,267 $ 1,548 Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value. Current and non-current restricted cash and cash equivalent balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value. Our 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 from provisional concentrate sales are subject to final pricing and valued using quoted prices based on forward curves for the particular metals. We use financially-settled forward contracts to manage exposure to changes in the exchange rate between USD and CAD, and the impact on CAD-denominated operating and capital costs incurred at our Casa Berardi operation and the Keno Hill operation (see Note 8 for more information). 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 silver, gold, zinc and lead contained in our forecasted future sales (see Note 8 for more information). 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 March 31, 2024, our Senior Notes and IQ Notes were recorded at their carrying value of $ 471.5 million and $ 35.8 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $ 477.6 million and $ 35.9 million, respectively, at March 31, 2024 . Quoted market prices, which we consider to be Level 1 inputs, are utilized to estimate fair values of the Senior Notes. Unobservable inputs which we consider to be Level 3, including an assumed current annual yield of 8.06 %, are utilized to estimate the fair value of the IQ Notes. See Note 7 for more information. The Credit Agreement, which we consider to be Level 1 in the fair value hierarchy, has a carrying and fair value of $ 140 million. |
Note 10 - Product Inventories
Note 10 - Product Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Product Inventories | Note 10. Product Inventories Our major components of product inventories are (in thousands): March 31, 2024 December 31, 2023 Concentrates $ 16,423 $ 13,328 Stockpiled ore 8,870 7,168 In-process 12,121 8,327 Total product inventories $ 37,414 $ 28,823 |
Note 11 - Commitments, Continge
Note 11 - Commitments, Contingencies and Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Commitments, Contingencies and Obligations | Note 11. 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 have accrued $ 10.1 million, primarily representing estimated current costs to design and implement the remedy, which are subject to change as fieldwork is performed. It is possible that Hecla Limited’s liability will be more than $ 10.1 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 $ 10.1 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 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. Lucky Friday and Keno Hill Environmental Issues On July 12, 2022, our Lucky Friday mine received a notice of violation from the EPA alleging violations of the Clean Water Act 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. On December 14, 2023 and January 29, 2024, our Keno Hill mine received notice from the Yukon government that it is charged with violating the Quartz Mining Act and the Waters Act, two statutes of the Yukon Territory, relating to alleged violations of Keno Hill’s mining license and water license. The allegations are that the mine stored hazardous materials inconsistent with the terms of its mining license on or between April 19, 2022 and July 25, 2023 and exceeded water discharge limits in its water license on June 27 and December 6, 2023. If convicted, the maximum fine for an offense under both of these laws is $ 100,000 per offense. Because we are at the initial stages of this regulatory proceeding, we cannot reasonably predict the outcome of this matter at this time. 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. The Court granted our Motion to Dismiss the lawsuit, without prejudice, in February 2023, and the plaintiffs filed an amended complaint in March 2023 which repeats the same claims. We have filed a Motion to Dismiss the amended complaint. 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 7 for information on the commitments related to our debt arrangements as of March 31, 2024. Other Commitments Our contractual obligations as of March 31, 2024 included open purchase orders and commitments of $ 11.1 million, $ 17.5 million, $ 10.2 million, $ 2.5 million and $ 0.8 million for various capital and non-capital items at Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Other, respectively. We also have total commitments of $ 26.4 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, Casa Berardi, and Keno Hill units, and total commitments of $ 13.5 million relating to payments on operating leases (see Note 7 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 March 31, 2024, we had surety bonds totaling $ 195.3 million and letters of credit totaling $ 6.8 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. |
Note 12 - Developments in Accou
Note 12 - Developments in Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Developments in Accounting Pronouncements | Note 12. Developments in Accounting Pronouncements Accounting Standards Updates Adopted In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. Certain of our derivative instruments previously referenced London Interbank Offered Rate ("LIBOR") based rates and have been amended to eliminate the LIBOR-based rate references prior to July 1, 2023. There have been no significant impacts to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates. Accounting Standards Updates to Become Effective in Future Periods In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We continue to evaluate the impact of this update on our consolidated financial statements and disclosures and don't expect any changes to our current reportable segments. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 13. Subsequent Events On May 3, 2024 we entered into a First Amendment to Credit Agreement (the “First Amendment”), which makes certain changes to our existing Credit Agreement (the “Original Credit Agreement” and the Original Credit Agreement, as amended, modified and supplemented by the First Amendment, the “Credit Agreement”), with the various financial institutions and other persons from time to time party thereto as lenders (the “Lenders”), Bank of Montreal and Bank of America, N.A. as letters of credit issuers, and Bank of America, N.A., as administrative agent for the Lenders and as swingline lender. See Note 7. Debt, Credit Agreement and Leases above for a discussion of our Original Credit Agreement. The Original Credit Agreement remains in effect except for the explicit amendments, modifications and supplements made by the First Amendment. The First Amendment made the following changes to our Original Credit Agreement: • increases the amount available for borrowing to $ 225 million from $ 150 million; • extends the maturity date to July 21, 2028 from July 21, 2026 (the maturity date of the Credit Agreement will be accelerated to August 15 2027 if our Senior Notes are not refinanced by that date); • National Bank, TD Securities, Bank of Nova Scotia and ING are added as new Lenders and Credit Suisse AG, New York Branch assigned its interests in the Original Credit Agreement to its affiliate UBS AG, Stamford Branch immediately prior to entering into the First Amendment. |
Note 2 -Business Segments and S
Note 2 -Business Segments and Sales of Products (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Schedule of Information About Reportable Segments | The following tables present information about our reportable segments sales for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Total sales to external customers: Greens Creek $ 97,310 $ 98,611 Lucky Friday 35,340 49,110 Keno Hill 10,847 — Casa Berardi 41,584 50,998 Other 4,447 781 $ 189,528 $ 199,500 Income (loss) from operations: Greens Creek $ 26,216 $ 31,241 Lucky Friday 22,953 14,568 Keno Hill ( 9,085 ) ( 6,763 ) Casa Berardi ( 17,995 ) ( 13,693 ) Other ( 17,025 ) ( 19,800 ) $ 5,064 $ 5,553 Reconciliation of income from operations to (loss) income before income and mining taxes: Income from operations: $ 5,064 $ 5,553 Adjustments all attributable to the Other segment Interest expense ( 12,644 ) ( 10,165 ) Fair value adjustments, net ( 1,852 ) 3,181 Net foreign exchange gain 3,982 108 Other income 1,512 1,392 (Loss) income before income and mining taxes $ ( 3,938 ) $ 69 The following table presents total assets by reportable segment as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Total assets: Greens Creek $ 571,684 $ 569,369 Lucky Friday 571,700 578,110 Keno Hill 374,630 362,986 Casa Berardi 669,626 683,035 Other 806,618 817,604 $ 2,994,258 $ 3,011,104 |
Schedule of Sales of Products by Metal | Total sales to external customers for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Silver $ 86,233 $ 81,532 Gold 67,415 75,087 Lead 19,483 25,402 Zinc 24,964 32,943 Less: Smelter and refining charges ( 13,014 ) ( 15,973 ) Total metal sales 185,081 198,991 Environmental remediation services 4,447 509 Total sales $ 189,528 $ 199,500 |
Note 3 - Income and Mining Ta_2
Note 3 - Income and Mining Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
ScheduleOfComponentsOfIncomeTaxExpenseBenefit | Major components of our income and mining tax (provision) benefit for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Current: Domestic $ ( 992 ) $ ( 1,528 ) Foreign ( 979 ) ( 1,174 ) Total current income and mining tax (provision) ( 1,971 ) ( 2,702 ) Deferred: Domestic ( 5,183 ) ( 5,341 ) Foreign 5,339 4,801 Total deferred income and mining tax benefit (provision) 156 ( 540 ) Total income and mining tax (provision) $ ( 1,815 ) $ ( 3,242 ) |
Note 4 - Employee Benefit Pla_2
Note 4 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Schedule of Net Periodic Pension Cost | We sponsor three defined benefit pension plans, two of which cover substantially all U.S. employees. Net periodic pension (benefit) cost for the plans consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Service cost $ 915 $ 949 Interest cost 2,076 1,993 Expected return on plan assets ( 3,136 ) ( 3,107 ) Amortization of prior service cost 66 125 Amortization of net loss 15 ( 47 ) Net periodic pension (benefit) cost $ ( 64 ) $ ( 87 ) |
Note 5 - Loss Per Common Share
Note 5 - Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted | The following table represents net loss per common share – basic and diluted (in thousands, except income (loss) per share): Three Months Ended March 31, 2024 2023 Numerator Net loss $ ( 5,753 ) $ ( 3,173 ) Preferred stock dividends ( 138 ) ( 138 ) Net loss applicable to common stockholders $ ( 5,891 ) $ ( 3,311 ) Denominator Basic weighted average common shares 616,199 600,075 Dilutive restricted stock units, warrants and deferred shares — — Diluted weighted average common shares 616,199 600,075 Basic loss per common share $ ( 0.01 ) $ ( 0.01 ) Diluted loss per common share $ ( 0.01 ) $ ( 0.01 ) |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Summary of Dividends Declared Pursuant to Dividend Policy | The following table summarizes the dividends our Board of Directors have declared and we have paid during 2024 pursuant to our dividend policy: Quarter Prior Quarter Realized Silver Price Silver-linked component Minimum component Total dividend per share First 2024 23.47 $ 0.0025 $ 0.00375 $ 0.00625 First 2023 22.03 $ 0.0025 $ 0.00375 $ 0.00625 |
Schedule of Accumulated other comprehensive income (loss) | The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands): Changes in fair value of derivative contracts designated as hedge transactions Adjustments Total Balance January 1, 2024 $ 13,708 $ ( 7,871 ) 5,837 Change in fair value of derivative contracts ( 6,835 ) — ( 6,835 ) Gains and deferred gains transferred from accumulated other comprehensive income 1,432 — 1,432 Balance March 31, 2024 $ 8,305 $ ( 7,871 ) $ 434 Balance January 1, 2023 $ 9,162 $ ( 6,714 ) $ 2,448 Changes in fair value of derivative contracts $ 8,665 — $ 8,665 Gains and deferred gains transferred from accumulated other comprehensive income $ ( 2,149 ) — $ ( 2,149 ) Balance March 31, 2023 $ 15,678 $ ( 6,714 ) $ 8,964 |
Note 7 - Debt, Credit Agreeme_2
Note 7 - Debt, Credit Agreement and Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Schedule of Long-Term Debt Instruments | The following tables summarize our long-term debt balances, excluding interest and borrowings under the Credit Agreement, as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Senior Notes IQ Notes Total Principal $ 475,000 $ 35,600 $ 510,600 Unamortized discount/premium and issuance costs ( 3,501 ) 211 ( 3,290 ) Long-term debt balance $ 471,499 $ 35,811 $ 507,310 December 31, 2023 Senior Notes IQ Notes Total Principal $ 475,000 $ 36,473 $ 511,473 Unamortized discount/premium and issuance costs ( 3,730 ) 257 ( 3,473 ) Long-term debt balance $ 471,270 $ 36,730 $ 508,000 |
Schedule of Maturities of Long Term Debt and Finance and Operating Lease Liabilities | The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of March 31, 2024 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. The amounts for the IQ Notes are stated in U.S. dollars (“USD”) based on the USD/Canadian dollar (“CAD”) exchange rate as of March 31, 2024. Twelve-month period ending March 31, Senior Notes IQ Notes Finance Leases Operating Leases 2025 $ 34,438 $ 2,322 $ 9,669 $ 2,431 2026 34,438 38,605 7,322 1,297 2027 34,438 — 4,967 1,829 2028 505,131 — 2,237 1,182 2029 1,167 Thereafter — — 1,027 6,736 608,445 40,927 26,389 13,475 Less: effect of discounting — — ( 2,606 ) ( 3,250 ) Total $ 608,445 $ 40,927 $ 23,783 $ 10,225 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | As of March 31, 2024 and December 31, 2023, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions): March 31, December 31, Balance sheet line item: 2024 2023 Other current assets $ 0.4 $ 2.7 Other non-current assets $ 0.3 $ 2.0 Other current liabilities $ ( 3.1 ) $ ( 1.1 ) Other non-current liabilities $ ( 1.2 ) $ ( 0.4 ) |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following tables summarize the quantities of metals committed under forward metals contracts at March 31, 2024 and December 31, 2023: March 31, 2024 Ounces/pounds under contract (in 000's except gold) 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 2024 settlements 2,617 9,060 - 12,015 $ 24.81 $ 2,165 N/A $ 0.98 Contracts on forecasted sales 2024 settlements - - - 45,691 N/A N/A N/A $ 0.98 2025 settlements - - - 43,541 N/A N/A N/A $ 0.98 December 31, 2023 Ounces/pounds under contract (in 000's except gold) 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 735 3 441 15,542 $ 24.40 $ 2,045 $ 1.51 $ 1.00 Contracts on forecasted sales 2024 settlements — — — 56,713 N/A N/A N/A $ 0.98 2025 settlements — — — 49,273 N/A N/A N/A $ 0.98 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | We recorded the following balances for the fair value of the forward metals contracts as of March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 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 $ 2.4 $ — $ 2.4 $ 3.1 $ — $ 3.1 Other non-current assets $ 0.8 $ — $ 0.8 $ 1.5 $ — $ 1.5 Other current liabilities $ — $ — $ — $ — $ ( 0.1 ) $ ( 0.1 ) Other non-current liabilities $ — $ — $ — $ — $ — $ — |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Table Text Block [Abstract] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | Fair value adjustments, net is comprised of the following (in thousands): Three Months Ended March 31, 2024 2023 (Loss) gain on derivative contracts $ ( 1,899 ) $ 987 Unrealized gain (loss) on equity securities investments 47 2,194 Total fair value adjustments, net $ ( 1,852 ) $ 3,181 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The table below sets forth our assets and liabilities 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 (in thousands). Description Balance at Balance at Input Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 80,169 $ 106,374 Level 1 Current and non-current investments: Equity securities 32,873 32,284 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 30,508 14,740 Level 2 Restricted cash and cash equivalent balances: Certificates of deposit and other deposits 1,163 1,165 Level 1 Derivative contracts - current and non-current derivative assets: Foreign exchange contracts 685 4,657 Level 2 Metal forward contracts 3,246 4,698 Level 2 Total assets $ 148,644 $ 163,918 Liabilities: Derivative contracts - current and non-current derivative liabilities: Foreign exchange contracts $ 4,267 $ 1,508 Level 2 Metal forward contracts — 40 Level 2 Total liabilities $ 4,267 $ 1,548 |
Note 10. Product Inventories (T
Note 10. Product Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Our Major Components of Product Inventories | Our major components of product inventories are (in thousands): March 31, 2024 December 31, 2023 Concentrates $ 16,423 $ 13,328 Stockpiled ore 8,870 7,168 In-process 12,121 8,327 Total product inventories $ 37,414 $ 28,823 |
Note 2 - Business Segments an_2
Note 2 - Business Segments and Sales of Products (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) Segment | Mar. 31, 2023 USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Number of Reportable Segments | Segment | 4 | |
Lucky Friday [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Business interruption insurance proceeds received | $ 17.4 | |
Financially-settled Forward Contracts [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 3.1 | $ 0.9 |
Note 2 - Business Segments an_3
Note 2 - Business Segments and Sales of Products - Information About Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total sales | $ 189,528 | $ 199,500 | |
Income from operations | 5,064 | 5,553 | |
Interest expense | (12,644) | (10,165) | |
Fair value adjustments, net | (1,852) | 3,181 | |
Net foreign exchange gain | 3,982 | 108 | |
Other income | 1,512 | 1,392 | |
(Loss) income before income and mining taxes | (3,938) | 69 | |
Identifiable assets | 2,994,258 | $ 3,011,104 | |
Greens Creek [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total sales | 97,310 | 98,611 | |
Income from operations | 26,216 | 31,241 | |
Identifiable assets | 571,684 | 569,369 | |
Lucky Friday [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total sales | 35,340 | 49,110 | |
Income from operations | 22,953 | 14,568 | |
Identifiable assets | 571,700 | 578,110 | |
Keno Hill [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total sales | 10,847 | 0 | |
Income from operations | (9,085) | (6,763) | |
Identifiable assets | 374,630 | 362,986 | |
Casa Berardi [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total sales | 41,584 | 50,998 | |
Income from operations | (17,995) | (13,693) | |
Identifiable assets | 669,626 | 683,035 | |
Other Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total sales | 4,447 | 781 | |
Income from operations | (17,025) | $ (19,800) | |
Identifiable assets | $ 806,618 | $ 817,604 |
Business Segments and Sales of
Business Segments and Sales of Products - Information About Reportable Segments (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 189,528 | $ 199,500 |
Greens Creek [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 97,310 | 98,611 |
Zinc [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 24,964 | $ 32,943 |
Note 2 - Business Segments an_4
Note 2 - Business Segments and Sales of Products - Sales of Products (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | $ 189,528 | $ 199,500 |
Less: Smelter and refining charges | (13,014) | (15,973) |
Silver Contracts [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | 86,233 | 81,532 |
Gold [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | 67,415 | 75,087 |
Lead [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | 19,483 | 25,402 |
Zinc [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | 24,964 | 32,943 |
Total Metal [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | 185,081 | 198,991 |
Environmental Remediation Services [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales | $ 4,447 | $ 509 |
Note 3 - Income and Mining Ta_3
Note 3 - Income and Mining Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Current: | ||
Domestic | $ (992) | $ (1,528) |
Foreign | (979) | (1,174) |
Total current income and mining tax provision | (1,971) | (2,702) |
Deferred: | ||
Domestic | (5,183) | (5,341) |
Foreign | 5,339 | 4,801 |
Total deferred income and mining tax benefit (provision) | 156 | (540) |
Total income and mining tax provision | $ (1,815) | $ (3,242) |
Note 4 - Employee Benefit Pla_3
Note 4 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Nonoperating Income (Expense) [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 1 | $ 1 |
Note 4 - Employee Benefit Pla_4
Note 4 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Service cost | $ 915 | $ 949 |
Interest cost | 2,076 | 1,993 |
Expected return on plan assets | (3,136) | (3,107) |
Amortization of prior service benefit | 66 | 125 |
Amortization of net loss | 15 | (47) |
Net periodic pension (benefit) cost | $ (64) | $ (87) |
Note 5 - Loss Per Common Shar_2
Note 5 - Loss Per Common Share - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes To Financial Statements [Abstract] | ||
Net Income (Loss) | $ (5,753) | $ (3,173) |
Preferred stock dividends | (138) | (138) |
Net loss applicable to common stockholders | $ (5,891) | $ (3,311) |
Basic weighted average common shares | 616,199 | 600,075 |
Diluted weighted average common shares | 616,199 | 600,075 |
Basic loss per common share | $ (0.01) | $ (0.01) |
Diluted loss per common share | $ (0.01) | $ (0.01) |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Feb. 18, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Share-Based Payment Arrangement, Expense | $ 1,200 | $ 1,200 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,200 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | ||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 277,966 | ||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,200 | ||
Shares Withheld for Tax Withholding Obligation, Price Per Share (in dollars per share) | $ 4.31 | ||
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | 14,753,958 | ||
Proceeds from Issuance or Sale of Equity | $ 1,100 | ||
Payments of Stock Issuance Costs | $ 40 | ||
Common stock issued under ATM program, net shares | 248,561 | 2,173,274,000 | |
At the market Offering [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | 60,000,000 | ||
At the market Offering [Member] | At The Market Equity Distribution Agreement [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Proceeds from Issuance or Sale of Equity | $ 76,700 | ||
Payments of Stock Issuance Costs | $ 1,200 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Summary of Dividends Declared Pursuant to Dividend Policy (Detail) - First Quarter Dividends Member - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Subsidiary or Equity Method Investee [Line Items] | ||
Prior Quarter Realized Silver Price | $ 23.47 | $ 22.03 |
Silver-linked component | 0.0025 | 0.0025 |
Minimum component | 0.00375 | 0.00375 |
Total dividend per share | $ 0.00625 | $ 0.00625 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Schedule of Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance Begning | $ 1,968,104 | $ 1,978,967 |
Balance Ending | 1,958,630 | 1,992,157 |
Changes in fair value of derivative contracts designated as hedge transactions [Member] | ||
Balance Begning | 13,708 | 9,162 |
Changes in fair value of derivative contracts | (6,835) | 8,665 |
Gains and deferred gains transferred from accumulated other comprehensive income | 1,432 | (2,149) |
Balance Ending | 8,305 | 15,678 |
Adjustments For Pension Plans [Member] | ||
Balance Begning | (7,871) | (6,714) |
Changes in fair value of derivative contracts | 0 | 0 |
Gains and deferred gains transferred from accumulated other comprehensive income | 0 | 0 |
Balance Ending | (7,871) | (6,714) |
Accumulated Distributions in Excess of Net Income [Member] | ||
Balance Begning | 5,837 | 2,448 |
Changes in fair value of derivative contracts | (6,835) | 8,665 |
Gains and deferred gains transferred from accumulated other comprehensive income | 1,432 | (2,149) |
Balance Ending | $ 434 | $ 8,964 |
Note 7 - Debt, Credit Agreeme_3
Note 7 - Debt, Credit Agreement and Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 21, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 8% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150 | ||
Letters of credit outstanding, amount | $ 6.8 | ||
Line of Credit Facility, Maximum Borrowing Capacity, Option | $ 75 | ||
Letters of Credit Outstanding, Amount | $ 6.8 | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.45% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||
Debt Instrument, Basis Spread on Variable Rate, Applicable Margin | 1% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Leverage Ratio Applicable Margin [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, participation fee, percent | 2% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.7875% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Leverage Ratio Applicable Margin [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, participation fee, percent | 3.50% | ||
New Credit Agreement [Member] | Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Letters of credit, drawn amount | $ 140 | ||
Senior Notes [Member] | The 2028 Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | |
Senior Notes [Member] | New Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Letters of credit, drawn amount | $ 150 |
Note 7 - Debt, Credit Agreeme_4
Note 7 - Debt, Credit Agreement and Leases - Debt Summary (Details) - Senior Notes [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Line of Credit Facility [Line Items] | ||
Principal | $ 510,600 | $ 511,473 |
Unamortized discount/premium and issuance costs | (3,290) | (3,473) |
Long-term debt balance | 507,310 | 508,000 |
The 2028 Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal | 475,000 | 475,000 |
Unamortized discount/premium and issuance costs | (3,501) | (3,730) |
Long-term debt balance | 471,499 | 471,270 |
IQ Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Principal | 35,600 | 36,473 |
Unamortized discount/premium and issuance costs | 211 | 257 |
Long-term debt balance | $ 35,811 | $ 36,730 |
Note 7 - Debt, Credit Agreeme_5
Note 7 - Debt, Credit Agreement and Leases - Future Payments of Long-term Debt and Finance and Operating Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Line of Credit Facility [Line Items] | |
2025 | $ 2,431 |
2026 | 1,297 |
2027 | 1,829 |
2028 | 1,182 |
Thereafter | 6,736 |
Less: effect of discounting, operating leases | (3,250) |
Total, operating | 13,475 |
Total | 10,225 |
2025 | 9,669 |
2026 | 7,322 |
2027 | 4,967 |
2028 | 2,237 |
2029 | 1,167 |
Thereafter | 1,027 |
Total, finance leases | 26,389 |
Less: effect of discounting | (2,606) |
Total | 23,783 |
IQ Notes [Member] | |
Line of Credit Facility [Line Items] | |
2025 | 2,322 |
2026 | 38,605 |
Total, long term Debt | 40,927 |
Total | 40,927 |
Senior Notes [Member] | |
Line of Credit Facility [Line Items] | |
2025 | 34,438 |
2026 | 34,438 |
2027 | 34,438 |
2028 | 505,131 |
Total, long term Debt | 608,445 |
Total | $ 608,445 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) $ in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Contract | Mar. 31, 2023 USD ($) | Mar. 31, 2024 CAD ($) Contract | |
Derivative [Line Items] | |||
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 | $ 400 | $ 900 | |
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | 0 | 0 | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 11,200 | ||
Other Comprehensive Income (Loss) [Member] | |||
Derivative [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 2,900 | ||
Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 3,900 | ||
Foreign Exchange Forward [Member] | Casa Berardi [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 35,100 | ||
Derivative, Forward Exchange Rate | 0.01351 | 0.01351 | |
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, Forward Exchange Rate | 0.01278 | 0.01278 | |
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Forward Exchange Rate | 0.013665 | 0.013665 | |
Foreign Exchange Forward [Member] | Keno Hill [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 19.2 | ||
Derivative, Forward Exchange Rate | 0.000001354 | 0.000001354 | |
Foreign Exchange Forward [Member] | Casa Berardi and Keno Hill [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 299.7 | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member] | |||
Derivative [Line Items] | |||
Derivative, Number of Instruments Held, Total | Contract | 493 | 493 | |
Derivative, Notional Amount | $ 370.6 | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi and Keno Hill [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 278,600 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Derivatives | 1,900 | 700 | |
Price Risk Derivative [Member] | |||
Derivative [Line Items] | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 12,500 | ||
Unsettled Concentrate Sales Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | 3,100 | 900 | |
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 1,900 | 3,000 | |
Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral, Total | 5,400 | ||
Derivative, Fair Value, Obligations Under the Agreements | 5,400 | ||
Zinc Contract 2022 [Member] | Other Comprehensive Income (Loss) [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 17,400 | $ 8,500 |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Foreign Currency (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Other current assets | $ 0.4 | $ 2.7 |
Other non-current assets | 0.3 | 2 |
Other current liabilities | (3.1) | (1.1) |
Other non-current liabilities | $ (1.2) | $ (0.4) |
Note 8 - Derivative Instrumen_5
Note 8 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 lb oz $ / $ $ / oz | Dec. 31, 2023 lb oz $ / $ $ / oz | |
Silver 2024 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 2,617 | |
Underlying, Derivative Mass | $ / oz | 24.81 | |
Silver 2023 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 735 | |
Underlying, Derivative Mass | $ / oz | 24.4 | |
Gold 2024 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 9,060 | |
Underlying, Derivative Mass | $ / oz | 2,165 | |
Gold 2023 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 3 | |
Underlying, Derivative Mass | $ / oz | 2,045 | |
Zinc 2023 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | 441 | |
Underlying, Derivative Mass | $ / $ | 1.51 | |
Lead 2024 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | 12,015 | |
Underlying, Derivative Mass | $ / $ | 0.98 | |
Lead 2023 Settlements For Provisional Sales Member | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | 15,542 | |
Underlying, Derivative Mass | $ / $ | 1 | |
Lead 2024 Settlements for Forecasted Sales [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | 45,691 | 56,713 |
Underlying, Derivative Mass | $ / $ | 0.98 | 0.98 |
Zinc 2025 Settlements For Forecasted Sales [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | 0 | |
Lead 2025 Settlements For Forecasted Sales [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Mass | 43,541 | 49,273 |
Underlying, Derivative Mass | $ / $ | 0.98 | 0.98 |
Note 8 - Derivative Instrumen_6
Note 8 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Other current assets | $ 2.4 | $ 3.1 |
Contracts in liability position | 0 | 0 |
Net asset (liability) | 2.4 | 3.1 |
Other Non-current Assets [Member] | ||
Derivative [Line Items] | ||
Other current assets | 0.8 | 1.5 |
Contracts in liability position | 0 | 0 |
Net asset (liability) | 0.8 | 1.5 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Other current assets | 0 | 0 |
Contracts in liability position | 0 | (0.1) |
Net asset (liability) | 0 | (0.1) |
Other Non-current Liabilities [Member] | ||
Derivative [Line Items] | ||
Other current assets | 0 | 0 |
Contracts in liability position | 0 | 0 |
Net asset (liability) | $ 0 | $ 0 |
Forward and Put Option Contracts [Member] | ||
Derivative [Line Items] | ||
Other Non-current assets | Other non-current assets | |
Forward and Put Option Contracts [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Other current assets | Other current assets | |
Forward and Put Option Contracts [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Other current liabilities | Other current liabilities | |
Forward and Put Option Contracts [Member] | Other Non-current Liabilities [Member] | ||
Derivative [Line Items] | ||
Other non current liabilities | Other non-current liabilities |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurement (Details Textual) | Mar. 31, 2024 USD ($) |
IQ Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes Payable, Total | $ 35,800,000 |
Fair Value, Inputs, Level 1 [Member] | IQ Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes Payable, Total | $ 35,900,000 |
Fair Value, Inputs, Level 3 [Member] | IQ Notes [Member] | Measurement Input, Annual Yield [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt Instrument, Measurement Input | 0.0806 |
Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes Payable, Total | $ 471,500,000 |
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notes Payable, Total | $ 477,600,000 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gain (loss) on equity securities investments | Change in fair value of derivative contracts designated as hedge transactions | Change in fair value of derivative contracts designated as hedge transactions |
Total fair value adjustments, net | $ (1,852) | $ 3,181 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gain (loss) on equity securities investments | 47 | 2,194 |
Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
(Loss) gain on derivative contracts | $ (1,899) | $ 987 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from provisional concentrate sales | $ 19,767 | $ 18,376 |
Total assets | 148,644 | 163,918 |
Total liabilities | 4,267 | 1,548 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds and other bank deposits | 80,169 | 106,374 |
Equity securities | 32,873 | 32,284 |
Certificates of deposit and other deposits | 1,163 | 1,165 |
Credit agreement carrying and fair value | 140,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from provisional concentrate sales | 30,508 | 14,740 |
Foreign exchange contracts | 685 | 4,657 |
Metal forward and put option contracts | 3,246 | 4,698 |
Foreign exchange contracts | 4,267 | 1,508 |
Metal forward and put option contracts | $ 0 | $ 40 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Metal forward contracts | Assets | Assets |
Metal forward contracts | Liabilities | Liabilities |
Note 10 - Product Inventories -
Note 10 - Product Inventories - Schedule of Our Major Components of Product Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory [Line Items] | ||
Product inventories | $ 37,414 | $ 28,823 |
Concentrates | ||
Inventory [Line Items] | ||
Product inventories | 16,423 | 13,328 |
Stockpiled ore | ||
Inventory [Line Items] | ||
Product inventories | 8,870 | 7,168 |
In-process | ||
Inventory [Line Items] | ||
Product inventories | $ 12,121 | $ 8,327 |
Note 11 - Commitments, Contin_2
Note 11 - Commitments, Contingencies and Obligations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Dec. 14, 2023 | Jul. 12, 2022 | Jul. 31, 2018 | Aug. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2024 | Mar. 31, 2023 | |
Loss Contingencies [Line Items] | |||||||
Environmental remediation expense | $ 986 | $ 1,044 | |||||
Finance lease, liability, to be paid | 26,389 | ||||||
Lessee, operating lease, liability, to be paid | 13,475 | ||||||
Lease Commitments [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Lessee, operating lease, liability, to be paid | 13,500 | ||||||
Performance Obligation Commitments [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Surety Bonds | 195,300 | ||||||
Letters of credit outstanding, amount | 6,800 | ||||||
Greens Creek [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contractual obligation | 26,400 | ||||||
Greens Creek [Member] | Purchase Orders and Commitment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contractual obligation | 11,100 | ||||||
Lucky Friday [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
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 | $ 299,989 | ||||||
Lucky Friday [Member] | Purchase Orders and Commitment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contractual obligation | 17,500 | ||||||
Keno Hill [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Maximum Offense Fine | $ 100,000 | ||||||
Keno Hill [Member] | Purchase Orders and Commitment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contractual obligation | 10,200 | ||||||
Casa Berardi [Member] | Purchase Orders and Commitment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contractual obligation | 2,500 | ||||||
Nevada Operations [Member] | Purchase Orders and Commitment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contractual obligation | 800 | ||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Payment of response costs | $ 1,100 | ||||||
Estimated response costs | $ 9,600 | ||||||
Environmental remediation expense | 10,100 | ||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Environmental Remediation Past Response Costs [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for environmental loss contingencies, period increase (decrease) | $ 10,100 | $ 10,100 | |||||
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated response costs | $ 4,500 | ||||||
Estimated future response cost | $ 100,000 |
Note 12 - Subsequent events (Ad
Note 12 - Subsequent events (Additional Information) (Details) - Subsequent Event [Member] $ in Millions | May 03, 2024 USD ($) |
MaximumMember | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 225 |
MinimumMember | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 150 |