Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | HECLA MINING CO/DE/ | |
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 | 606,270,618 | |
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 Preferred Stock, par value $0.25 per share | |
Trading Symbol | HL-PB | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Sales | $ 146,339 | $ 193,560 | $ 524,080 | $ 622,395 |
Cost of sales and other direct production costs | 104,900 | 112,542 | 326,579 | 318,917 |
Depreciation, depletion and amortization | 32,992 | 45,790 | 106,362 | 138,918 |
Total cost of sales | 137,892 | 158,332 | 432,941 | 457,835 |
Gross profit | 8,447 | 35,228 | 91,139 | 164,560 |
Other operating expenses: | ||||
General and administrative | 11,003 | 8,874 | 28,989 | 27,985 |
Exploration and pre-development | 15,128 | 17,108 | 39,136 | 35,039 |
Care and maintenance costs | 5,092 | 6,910 | 16,539 | 17,014 |
Provision for closed operations and environmental matters | 1,781 | 7,564 | 4,154 | 12,297 |
Other operating expense | 902 | 3,344 | 5,310 | 10,626 |
Total other operating expenses | 33,906 | 43,800 | 94,128 | 102,961 |
(Loss) income from operations | (25,459) | (8,572) | (2,989) | 61,599 |
Other income (expense): | ||||
Interest expense | (10,874) | (10,469) | (31,785) | (31,484) |
Fair value adjustments, net | (4,240) | 9,287 | (14,703) | (10,651) |
Net foreign exchange gain | 5,667 | 3,995 | 8,111 | 24 |
Other income (expense) | 1,853 | 247 | 4,828 | (192) |
Total other (expense) income | (7,594) | 3,060 | (33,549) | (42,303) |
(Loss) income before income and mining taxes | (33,053) | (5,512) | (36,538) | 19,296 |
Income and mining tax benefit | 9,527 | 4,533 | 3,642 | 3,924 |
Net (loss) income | (23,526) | (979) | (32,896) | 23,220 |
Preferred stock dividends | (138) | (138) | (414) | (414) |
(Loss) income applicable to common stockholders | (23,664) | (1,117) | (33,310) | 22,806 |
Comprehensive income (loss): | ||||
Net (loss) income | (23,526) | (979) | (32,896) | 23,220 |
Change in fair value of derivative contracts designated as hedge transactions | (12,692) | (6,267) | 19,491 | (2,815) |
Comprehensive (loss) income | $ (36,218) | $ (7,246) | $ (13,405) | $ 20,405 |
Basic (loss) income per common share after preferred dividends (in dollars per share) | $ (0.04) | $ 0 | $ (0.06) | $ 0.04 |
Diluted (loss) income per common share after preferred dividends (in dollars per share) | $ (0.04) | $ 0 | $ (0.06) | $ 0.04 |
Weighted average number of common shares outstanding – basic (in shares) | 554,531 | 536,966 | 544,000 | 535,542 |
Weighted average number of common shares outstanding – diluted (in shares) | 554,531 | 536,966 | 544,000 | 541,769 |
Cash dividends declared per common share (in dollars per share) | $ 0.00625 | $ 0.01 | $ 0.0125 | $ 0.02 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net (loss) income | $ (32,896) | $ 23,220 |
Non-cash elements included in net (loss) income: | ||
Depreciation, depletion and amortization | 106,743 | 139,800 |
Write-down of inventory | 2,159 | 6,524 |
Fair value adjustments, net | 3,486 | (7,978) |
Provision for reclamation and closure costs | 4,789 | 7,821 |
Stock compensation | 4,298 | 4,774 |
Deferred income taxes | (17,828) | (17,886) |
Foreign exchange (gain) loss | (8,353) | 615 |
Other non-cash items, net | 2,454 | 1,167 |
Change in assets and liabilities: | ||
Accounts receivable | 34,788 | (3,798) |
Inventories | (19,472) | 22,372 |
Other current and non-current assets | (3,420) | 1,650 |
Accounts payable, accrued and other current liabilities | (21,708) | (14,689) |
Accrued payroll and related benefits | 1,679 | (1,829) |
Accrued taxes | (2,652) | 2,730 |
Accrued reclamation and closure costs and other non-current liabilities | (297) | 2,489 |
Cash provided by operating activities | 53,770 | 166,982 |
Investing activities: | ||
Additions to properties, plants, equipment and mineral interests | (93,237) | (80,210) |
Change in restricted cash | 2,011 | 0 |
Proceeds from sale of investments | 9,375 | 1,811 |
Proceeds from disposition of properties, plants and equipment | 748 | 562 |
Purchases of investments | (30,540) | 0 |
Acquisitions, net | 8,952 | 0 |
Pre-acquisition advance to Alexco | (25,000) | 0 |
Purchase of carbon credits | 0 | (200) |
Net cash used in investing activities | (127,691) | (78,037) |
Financing activities: | ||
Proceeds from sale of common stock, net | 4,542 | 0 |
Acquisition of treasury stock | (3,677) | (4,525) |
Dividends paid to common and preferred stockholders | (10,549) | (17,169) |
Credit facility fees paid | (517) | (108) |
Draw on revolving credit facility | 25,000 | |
Repayments of finance leases | (5,222) | (5,598) |
Net cash provided by (used in) financing activities | 9,577 | (27,400) |
Effect of exchange rates on cash | (804) | (471) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (65,148) | 61,074 |
Cash, cash equivalents and restricted cash at beginning of period | 211,063 | 130,883 |
Cash, cash equivalents and restricted cash at end of period | 145,915 | 191,957 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 37,179 | 37,173 |
Cash paid for income and mining taxes, net | 13,061 | 10,299 |
Significant non-cash investing and financing activities: | ||
Addition of finance lease obligations and right-of-use assets | 9,692 | 4,006 |
Common stock issued to Alexco Resource Corp. shareholders | 68,733 | 0 |
Common stock issued to settle acquired silver stream | 135,000 | 0 |
Common stock issued to pension plans | $ 5,570 | $ 22,250 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 144,669 | $ 210,010 |
Accounts receivable: | ||
Trade | 12,477 | 36,437 |
Other, net | 12,846 | 8,149 |
Inventories: | ||
Concentrates, doré, and stockpiled ore | 40,985 | 25,906 |
Materials and supplies | 51,020 | 41,859 |
Derivatives assets | 7,190 | 2,709 |
Other current assets | 14,733 | 16,557 |
Total current assets | 283,920 | 341,627 |
Investments | 13,299 | 10,844 |
Restricted cash | 1,246 | 1,053 |
Properties, plants, equipment and mineral interests, net | 2,553,974 | 2,310,810 |
Operating lease right-of-use assets | 11,632 | 12,435 |
Deferred income taxes | 45,562 | 45,562 |
Derivatives assets | 20,794 | 2,503 |
Other non-current assets | 4,202 | 3,974 |
Total assets | 2,934,629 | 2,728,808 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 87,850 | 68,100 |
Accrued payroll and related benefits | 26,385 | 28,714 |
Accrued taxes | 7,344 | 12,306 |
Finance and operating leases | 12,489 | 8,098 |
Accrued interest | 5,184 | 14,454 |
Derivatives liabilities | 5,774 | 19,353 |
Other current liabilities | 5,765 | 99 |
Accrued reclamation and closure costs | 10,594 | 9,259 |
Total current liabilities | 161,385 | 160,383 |
Finance and operating leases | 20,242 | 17,726 |
Accrued reclamation and closure costs | 105,717 | 103,972 |
Long-term debt | 530,745 | 508,095 |
Deferred tax liability | 154,225 | 149,706 |
Derivatives liabilities | 5,560 | 18,528 |
Other non-current liabilities | 1,987 | 9,611 |
Total liabilities | 979,861 | 968,021 |
Commitments and contingencies (Notes 4, 7, 8, and 10) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, 5,000,000 shares authorized: Series B preferred stock, 25 cent par value, 157,776 shares issued and outstanding, liquidation preference – $7,891 | 39 | 39 |
Common stock, 25 cent par value, 750,000,000 authorized shares; issued September 30, 2022 – 603,702,910 shares and December 31, 2021 – 545,534,760 shares | 150,839 | 136,391 |
Capital surplus | 2,241,649 | 2,034,485 |
Accumulated deficit | (397,096) | (353,651) |
Accumulated other comprehensive income (loss) | (8,965) | (28,456) |
Less treasury stock, at cost; September 30, 2022 – 8,132,553 shares and December 31, 2021 – 7,395,295 shares issued and held in treasury | (31,698) | (28,021) |
Total stockholders' equity | 1,954,768 | 1,760,787 |
Total liabilities and stockholders' equity | $ 2,934,629 | $ 2,728,808 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series B preferred stock, par value (in dollars per share) | $ 25 | $ 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 | $ 7,891 | $ 7,891 |
Common stock, par value (in dollars per share) | $ 25 | $ 25 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 603,702,910 | 545,534,760 |
Treasury stock, shares (in shares) | 8,132,553 | 7,395,295 |
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 at Dec. 31, 2020 | $ 1,713,785 | $ 39 | $ 134,629 | $ 2,003,576 | $ (368,074) | $ (32,889) | $ (23,496) |
Net (loss) income | 23,220 | 0 | 0 | 0 | 23,220 | 0 | 0 |
Common stock issued for 401(k) match | 3,455 | 0 | 131 | 3,324 | 0 | 0 | 0 |
Restricted stock units granted | 2,930 | 0 | 0 | 2,930 | 0 | 0 | 0 |
Restricted stock unit distributions | (4,525) | 0 | 413 | (413) | 0 | 0 | (4,525) |
Common stock dividends declared | (16,755) | 0 | 0 | 0 | (16,755) | 0 | 0 |
Series B Preferred Stock dividends declared | (414) | 0 | 0 | 0 | (414) | 0 | 0 |
Common stock issued to directors | 1,844 | 0 | 52 | 1,792 | 0 | 0 | 0 |
Common stock issued to pension plans | 22,250 | 0 | 1,125 | 21,125 | 0 | 0 | 0 |
Other comprehensive income (loss) | (2,815) | 0 | 0 | 0 | 0 | (2,815) | 0 |
Balance at Sep. 30, 2021 | 1,742,975 | 39 | 136,350 | 2,032,334 | (362,023) | (35,704) | (28,021) |
Balance at Jun. 30, 2021 | 1,748,425 | 39 | 136,065 | 2,024,645 | (354,866) | (29,437) | (28,021) |
Net (loss) income | (979) | 0 | 0 | 0 | (979) | 0 | 0 |
Common stock issued for 401(k) match | 1,052 | 0 | 35 | 1,017 | 0 | 0 | 0 |
Restricted stock units granted | 1,472 | 0 | 0 | 1,472 | 0 | 0 | 0 |
Common stock dividends declared | (6,040) | 0 | 0 | 0 | (6,040) | 0 | 0 |
Series B Preferred Stock dividends declared | (138) | 0 | 0 | 0 | (138) | 0 | 0 |
Common stock issued to pension plans | 5,450 | 0 | 250 | 5,200 | 0 | 0 | 0 |
Other comprehensive income (loss) | (6,267) | 0 | 0 | 0 | 0 | (6,267) | 0 |
Balance at Sep. 30, 2021 | 1,742,975 | 39 | 136,350 | 2,032,334 | (362,023) | (35,704) | (28,021) |
Balance at Dec. 31, 2021 | 1,760,787 | 39 | 136,391 | 2,034,485 | (353,651) | (28,456) | (28,021) |
Net (loss) income | (32,896) | 0 | 0 | 0 | (32,896) | 0 | 0 |
Common stock issued to Alexco Resource Corp. shareholders | 68,733 | 0 | 4,498 | 64,235 | 0 | 0 | 0 |
Common stock issued to settle the acquired silver stream | 135,000 | 0 | 8,700 | 126,300 | 0 | 0 | 0 |
Common stock issued for 401(k) match | 3,469 | 0 | 186 | 3,283 | 0 | 0 | 0 |
Common stock issued under ATM program, net | 4,542 | 0 | 294 | 4,248 | 0 | 0 | 0 |
Restricted stock units granted | 3,881 | 0 | 0 | 3,881 | 0 | 0 | 0 |
Restricted stock unit distributions | (3,677) | 0 | 447 | (447) | 0 | 0 | (3,677) |
Common stock dividends declared | (10,135) | 0 | 0 | 0 | (10,135) | 0 | 0 |
Series B Preferred Stock dividends declared | (414) | 0 | 0 | 0 | (414) | 0 | 0 |
Common stock issued to directors | 417 | 0 | 25 | 392 | 0 | 0 | 0 |
Common stock issued to pension plans | 5,570 | 0 | 298 | 5,272 | 0 | 0 | 0 |
Other comprehensive income (loss) | 19,491 | 0 | 0 | 0 | 0 | 19,491 | 0 |
Balance at Sep. 30, 2022 | 1,954,768 | 39 | 150,839 | 2,241,649 | (397,096) | (8,965) | (31,698) |
Balance at Jun. 30, 2022 | 1,782,882 | 39 | 137,241 | 2,043,621 | (370,048) | 3,727 | (31,698) |
Net (loss) income | (23,526) | 0 | 0 | 0 | (23,526) | 0 | 0 |
Common stock issued to Alexco Resource Corp. shareholders | 68,733 | 0 | 4,498 | 64,235 | 0 | 0 | 0 |
Common stock issued to settle the acquired silver stream | 135,000 | 0 | 8,700 | 126,300 | 0 | 0 | 0 |
Common stock issued for 401(k) match | 1,578 | 0 | 106 | 1,472 | 0 | 0 | 0 |
Common stock issued under ATM program, net | 4,542 | 0 | 294 | 4,248 | 0 | 0 | 0 |
Restricted stock units granted | 1,773 | 0 | 0 | 1,773 | 0 | 0 | 0 |
Common stock dividends declared | (3,384) | 0 | 0 | 0 | (3,384) | 0 | 0 |
Series B Preferred Stock dividends declared | (138) | 0 | 0 | 0 | (138) | 0 | 0 |
Other comprehensive income (loss) | (12,692) | 0 | 0 | 0 | 0 | (12,692) | 0 |
Balance at Sep. 30, 2022 | $ 1,954,768 | $ 39 | $ 150,839 | $ 2,241,649 | $ (397,096) | $ (8,965) | $ (31,698) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted stock unit distributions, shares (in shares) | 1,789,042 | 1,653,000 | ||
Common stock dividends declared, per common share (in dollars per share) | $ 0.000625 | $ 0.01125 | $ 0.0125 | $ 0.03125 |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.875 | $ 0.875 | $ 2.625 | $ 2.625 |
Common stock issued for 401(k) match, shares (in shares) | 422,860 | 141,000 | 321,110 | 524,000 |
Stock issued to directors, shares (in shares) | 98,310 | 207,000 | ||
Common stock issued to pension plans, shares (in shares) | 1,000,000 | 1,190,000 | 4,500,000 | |
Common stock issued to Alexco Resources Corp. shareholders, shares (in shares) | 17,992,875 | 17,992,875 | ||
Common stock issued to settle the acquired silver stream, shares (in shares) | 34,800,990 | 34,800,990 | ||
Common stock issued under ATM program, shares (in shares) | 1,176,861 | 1,176,861 |
Note 1 - Basis of Preparation o
Note 1 - Basis of Preparation of Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. Basis 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 10-K 10-K”). On September 7, 2022, the Company completed the acquisition of the remaining 90.1% of Alexco Resource Corp. (“Alexco”) for non-cash consideration of shares of Company common stock valued at $ million. Total consideration for the acquisition, deemed to be an asset acquisition under GAAP, was $ million of which $76.4 million was non cash including the fair value of the Company’s common stock issued and the fair value of the % Alexco investment held by the Company prior to the completion of the acquisition and previously accounted for as marketable equity securities of $7.7 million. Acquisition costs also included transaction costs of $5.1 million. The total consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $ million, a related deferred tax liability of $ million, net liabilities of $7.2 million, and a silver stream liability million. Immediately following the closure of the acquisition, we settled the silver stream liability with the stream holder for shares of Company common stock. The 2019 novel strain of coronavirus (“COVID-19”) COVID-19, COVID-19 COVID-19 uncertain. During the three months ended September 30, 2022, the Company recorded an out-of-period adjustment to correct an immaterial error related to the period ended June 30, 2022. This adjustment increased income taxes related to other comprehensive loss by $12,649 for the three months ended September 30, 2022 to correct the previously recorded tax effect of changes in the fair value of derivative contracts designated as hedge transactions. This adjustment is non-cash, had no impact on net loss applicable to common shareholders and increased accumulated other comprehensive loss for the three months ended September 30, 2022 by $12,649. |
Note 2 -Business Segments and S
Note 2 -Business Segments and Sales of Products | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Segment Reporting Disclosure [Text Block] | 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, Casa Berardi and Nevada Operations. General corporate activities not associated with operating mines and their various exploration activities, as well as discontinued operations, exploration and development projects and idle properties, are presented as “other.” Interest expense, interest income and income and mining taxes are considered general corporate items, and are not allocated to our segments. The following tables present information about our reportable segments for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net sales to unaffiliated customers: Greens Creek $ 60,875 $ 84,806 $ 239,688 $ 296,978 Lucky Friday 28,460 29,783 102,380 98,550 Casa Berardi 56,939 56,065 181,679 185,098 Nevada Operations — 22,906 268 41,593 Other 65 — 65 176 $ 146,339 $ 193,560 $ 524,080 $ 622,395 Income (loss) from operations: Greens Creek $ 1,378 $ 26,572 $ 63,768 $ 127,605 Lucky Friday 4,269 6,187 18,568 24,247 Casa Berardi (5,226 ) (6,233 ) (8,497 ) 4,944 Nevada Operations (8,917 ) (12,077 ) (30,879 ) (35,558 ) Other (16,963 ) (23,021 ) (45,949 ) (59,639 ) $ (25,459 ) $ (8,572 ) $ (2,989 ) $ 61,599 The following table presents identifiable assets by reportable segment as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Identifiable assets: Greens Creek $ 594,811 $ 589,944 Lucky Friday 534,114 516,545 Casa Berardi 692,833 701,868 Nevada Operations 467,532 468,985 Other 645,339 451,466 $ 2,934,629 $ 2,728,808 Following the acquisition of Alexco (see Note 1 Sales by metal for the three- and nine-month periods ended September 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Silver $ 45,924 $ 61,890 $ 182,306 $ 232,414 Gold 69,289 94,984 228,475 282,471 Lead 16,033 18,082 56,912 56,198 Zinc 28,051 30,273 94,865 89,501 Less: Smelter and refining charges (13,023 ) (11,669 ) (38,543 ) (38,189 ) $ 146,274 $ 193,560 $ 524,015 $ 622,395 Sales included net gains of $1.6 million and $8.1 million for the three-and three-and Note 8 |
Note 3 - Income and Mining Taxe
Note 3 - Income and Mining Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Income Tax Disclosure [Text Block] | Note 3. Income and Mining Taxes Major components of our income and mining tax benefit (provision) for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Current: Domestic $ 253 $ (2,176 ) $ (2,296 ) $ (7,489 ) Foreign (1,085 ) (1,578 ) (4,172 ) (4,690 ) Total current income and mining tax provision (832 ) (3,754 ) (6,468 ) (12,179 ) Deferred: Domestic 8,156 3,213 915 8,226 Foreign 2,203 5,074 9,195 7,877 Total deferred income and mining tax benefit 10,359 8,287 10,110 16,103 Total income and mining tax benefit (provision) $ 9,527 $ 4,533 $ 3,642 $ 3,924 The income and mining tax benefit (provision) for the three and nine months ended September 30, 2022 and 2021 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax non-recognition For the three-month and nine-month periods ended September 30, 2022, we used the annual effective tax rate method to calculate the tax provision, a change from the discrete method used for the three- and nine-month periods ended September 30, 2021, due to reversal of a valuation allowance in the fourth quarter of 2021. Valuation allowances on Nevada, Mexico and certain Canadian net operating losses were treated as discrete adjustments to the annual effective tax rate method calculation, partially causing the increase in the income tax rate for the three and nine months ended September 30, 2022, as compared to the three and nine months ended September 30, 2021. |
Note 4 - Employee Benefit Plans
Note 4 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Retirement Benefits [Text Block] | Note 4. Employee Benefit Plans We sponsor three defined benefit pension plans covering substantially all U.S. employees. Net periodic pension cost for the plans consisted of the following for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Service cost $ 1,566 $ 1,455 $ 4,697 $ 4,365 Interest cost 1,369 1,248 4,107 3,744 Expected return on plan assets (3,363 ) (2,313 ) (10,089 ) (6,939 ) Amortization of prior service cost 128 99 384 297 Amortization of net loss 512 1,125 1,537 3,375 Net periodic pension cost $ 212 $ 1,614 $ 636 $ 4,842 For the three- and nine-month periods ended September 30, 2022 and 2021, 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 $1.4 million and $4.1 million, respectively, for the three- and nine-month periods ended September 30, 2022, and net expense of $0.2 million and $0.5 million for the three- and nine-month periods ended September 30, 2021, respectively, is included in other (expense) income on our condensed consolidated statements of operations and comprehensive income (loss). In May 2022 and October 2022, we contributed $5.6 million and $4.2 million, respectively, in shares of our common stock to two of our defined benefit plans. In January 2021 and September 2021, we contributed $16.8 million and $5.4 million, respectively, in shares of our common stock to three of our defined benefit plans. We do not expect to be required to make additional contributions to our defined benefit pension plans in 2022, but may elect to do so. |
Note 5 - (Loss) Income Per Comm
Note 5 - (Loss) Income Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Earnings Per Share [Text Block] | Note 5. (Loss) Income Per Common Share We calculate basic (loss) income 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 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) income per common share – basic and diluted (in thousands, except income (loss) per share): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator Net (loss) income $ (23,526 ) $ (979 ) $ (32,896 ) $ 23,220 Preferred stock dividends (138 ) (138 ) (414 ) (414 ) Net (loss) income applicable to common shares $ (23,664 ) $ (1,117 ) $ (33,310 ) $ 22,806 Denominator Basic weighted average common shares 554,531 536,966 544,000 535,542 Dilutive restricted stock units, warrants and deferred shares — — — 6,227 Diluted weighted average common shares 554,531 536,966 544,000 541,769 Basic (loss) income per common share $ (0.04 ) $ — $ (0.06 ) $ 0.04 Diluted (loss) income per common share $ (0.04 ) $ — $ (0.06 ) $ 0.04 For the three month periods ended September 30, 2022 and 2021, respectively, and the nine month period ended September 30, 2022, all outstanding restricted stock units, warrants and deferred shares were excluded from the computation of diluted loss per share, as our reported net losses for those periods would cause their conversion and exercise to have no effect on the calculation of loss per share. For the nine months ended September 30, 2021, the calculation of diluted income per common share included (i) 2,496,622 restricted stock units, (ii) 1,578,293 warrants to purchase one share of common stock and (iii) 2,152,578 deferred compensation stock units that were dilutive. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity At-The-Market Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including share price, our cash resources, customary black-out S-3. 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 and shares issued to non-employee The following table summarizes the grants awarded during the nine months ended September 30, 2022: Grant date Award type Number granted Grant date fair value June 21, 2022 Restricted stock 1,103,801 $ 4.43 June 21, 2022 Performance based 322,799 $ 3.78 June 28, 2022 Directors retainer 98,310 $ 4.24 September 30, 2022 Restricted stock 121,826 $ 3.94 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 first nine months of 2022, we withheld 737,258 shares valued at approximately $3.7 million, or approximately $4.99 per share. In the first nine months of 2021, we withheld 574,251 shares valued at approximately $4.5 million, or approximately $7.88 per share. Common Stock Dividends The following table summarizes the dividends our Board of Directors have declared and we have paid during 2022 pursuant to our dividend policy: Quarter Realized Silver Price Silver-linked component Minimum component Total dividend per share First $24.68 $0.0025 $0.00375 $0.00625 Second $20.68 $0.0025 $0.00375 $0.00625 |
Note 7 - Debt, Credit Facility
Note 7 - Debt, Credit Facility and Leases | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Debt, Credit Facility and Leases | Note 7. Debt, Credit Facility and Leases Our debt as of September 30, 2022 and December 31, 2021 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”) and our Series 2020-A September 30, 2022 Senior Notes IQ Notes Total Principal $ 475,000 $ 35,194 $ 510,194 Unamortized discount/premium and issuance costs (4,868 ) 419 (4,449 ) Long-term debt balance $ 470,132 $ 35,613 $ 505,745 December 31, 2021 Senior Notes IQ Notes Total Principal $ 475,000 $ 38,051 $ 513,051 Unamortized discount/premium and issuance costs (5,552 ) 596 (4,956 ) Long-term debt balance $ 469,448 $ 38,647 $ 508,095 The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of September 30, 2022 (in thousands). The amounts for the IQ Notes are stated in U.S. dollars (“USD”) based on the USD/Canadian dollar (“CAD”) exchange rate as of September 30, 2022. Twelve-month period ending September 30, Senior Notes IQ Notes Finance Leases Operating Leases 2023 $ 34,438 $ 2,293 $ 9,296 $ 3,101 2024 34,438 2,293 7,206 1,565 2025 34,438 36,964 3,779 1,065 2026 34,438 1,980 1,060 2027 34,438 — 37 979 Thereafter 487,914 — — 5,878 Total $ 660,104 $ 41,550 $ 22,298 $ 13,648 Credit Facility New $150 million facility On July 21, 2022, we entered into a Credit Agreement (“New Credit Agreement”) with the 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 New Credit Agreement is a $150 million senior secured revolving facility, with an option to be increased in an aggregate amount not to exceed $75 million. The revolving loans under the New Credit Agreement will have a maturity date of July 21, 2026. Proceeds of the revolving loans under the New Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the New Credit Agreement is based on the Company’s net leverage ratio and is calculated at (i) Term Secured Overnight Financing Rate (“SOFR”) plus 2% to 3.5%; or (ii) Bank of America’s Base Rate plus 1% to 2.5% with Base Rate being the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus .50% or (iii) Term SOFR plus 1.00%. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount. We are also required to pay a commitment fee of between 0.45% to 0.78750%, depending on our net leverage ratio. Letters of credit issued under the New Credit Agreement bear a fee between 2.00% and 3.50% based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure. Hecla Mining Company and certain of our subsidiaries are the borrowers under the New Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the New Credit Agreement. As further security, the credit facility is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Green Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group. At September 30, 2022, we had drawn $25 million at an interest rate of 7.5% and had $7.8 million in outstanding letters of credit under the New Credit Agreement. Letters of credit that are outstanding reduce availability under the New Credit Agreement. We believe we were in compliance with all covenants under the New Credit Agreement as of September 30, 2022. In July 2018, we entered into a credit agreement (as amended, the “Prior Credit Agreement”) providing for a $250 million senior secured revolving credit facility which had a term ending on February 7, 2023. As of December 31, 2021, no amounts were outstanding under the facility. We were also able to obtain letters of credit under the facility, and for any such letters we were required to pay a participation fee of between 2.25% and 4.00% of the amount of the letters of credit based on our total leverage ratio, as well as a fronting fee to each issuing bank of 0.20% annually on the average daily dollar amount of any outstanding letters of credit. In connection with our entry into the New Credit Agreement, the Prior Credit Agreement was terminated on July 21, 2022. We believe we were in compliance with all covenants under the Prior Credit Agreement as of July 21, 2022. |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Derivative Instruments | Note 8. Derivative Instruments General Our current risk management policy provides that up to 75% of five years foreign currency, lead and zinc metals price and silver and gold price exposure may be covered under a derivatives program with certain other limitations. The silver and gold price program can only establish a floor (puts). We are not currently utilizing this silver and gold program. Our program also utilizes derivatives to manage price risk exposure created from when revenue is recognized from a shipment of concentrate until final settlement. These instruments expose us to (i) credit risk in the form of non-performance Foreign Currency Our wholly-owned subsidiaries owning the Casa Berardi operation as well as the recently acquired Keno Hill development property which Alexco owned are USD-functional forward contracts outstanding to buy a total of CAD$ million having a notional amount of USD$ million. The CAD contracts that are related to forecasted cash operating costs at Casa Berardi to be incurred from through have a total notional value of CAD$ million and have CAD-to-USD exchange rates ranging between and . As of September 30, 2022 and December 31, 2021, we recorded the following balances for the fair value of the contracts (in millions): September 30, December 31, Balance sheet line item: 2022 2021 Current derivatives assets $ 0.3 $ 2.7 Non-current 0.3 2.5 Current derivatives liabilities 5.8 — Non-current 5.6 — Net unrealized losses of approximately $10.8 million related to the effective portion of the hedges were included in accumulated other comprehensive income (loss) as of September 30, 2022. 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 approximately $5.1 million in net unrealized losses included in accumulated other comprehensive income (loss) as of September 30, 2022 will be reclassified to current earnings in the next twelve months. Net realized gains of approximately $0.2 million and $2.0 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 and nine months ended September 30, 2022, respectively. No net unrealized gains or losses related to ineffective hedges were included in current earnings for the nine months ended September 30, 2022. Net losses of approximately $0.8 million and $1.1 million for the three and nine months ended September 30, 2022, respectively, related to contracts not designated as hedges were included in fair value adjustments, net on our consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2022. Metals Prices We are currently using financially-settled forward contracts to manage the exposure to: • changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and • changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments. The following tables summarize the quantities of metals committed under forward sales contracts at September 30, 2022 and December 31, 2021: September 30, 2022 Ounces/pounds under contract (in 000’s) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2022 settlements 2,235 1,840 18,739 14,991 $ 19.54 $ 1,760 $ 1.30 $ 0.96 Contracts on forecasted sales 2022 settlements 2,235 1,840 8,763 1,984 N/A N/A $ 1.32 $ 0.97 2023 settlements — — 71,209 75,618 N/A N/A $ 1.30 $ 1.00 2024 settlements — — 78,760 31,526 N/A N/A $ 1.34 $ 1.00 2025 settlements — — 2,480 — N/A N/A $ 1.33 N/A December 31, 2021 Ounces/pounds under contract (in 000’s) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2022 settlements 1,814 6 13,371 4,575 $ 23.02 $ 1,812 $ 1.39 $ 0.96 Contracts on forecasted sales 2022 settlements — — 57,706 59,194 N/A N/A $ 1.28 $ 0.98 2023 settlements — — 76,280 71,650 N/A N/A $ 1.29 $ 1.00 Effective November 1, 2021, we designated the contracts for lead and zinc contained in our forecasted future shipments as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive loss until the hedged product ships. Prior to November 1, 2021, these contracts had not been designated as hedges for hedge accounting and were therefore marked-to-market marked-to-market We recorded the following balances for the fair value of the forward contracts as of September 30, 2022 and forward and put option contracts as of December 31, 2021 (in millions): September 30, 2022 December 31, 2021 Balance sheet line item: Contracts in an Contracts in Net asset Contracts in Contracts in a Net asset Current derivatives assets $ 6.9 $ — $ 6.9 $ — $ — $ — Non-current $ 20.5 $ — 20.5 $ — $ — $ — Current derivatives liabilities — — — 0.7 (20.1 ) (19.4 ) Non-current — — — 0.4 (18.9 ) (18.5 ) Net unrealized gains of approximately $28.3 million related to the effective portion of the contracts designated as hedges were included in accumulated other comprehensive income (loss) as of September 30, 2022, and are net of related deferred taxes. Unrealized gains and losses will be transferred from accumulated other comprehensive income (loss) to current earnings as the underlying operating sales are recognized. We estimate approximately $6.0 million in net unrealized gains included in accumulated other comprehensive income (loss) as of September 30, 2022 would be reclassified to current earnings in the next twelve months. We recognized a net gain of $1.6 million, including a $4.2 million loss transferred from accumulated other comprehensive income (loss), during the three months ended September 30, 2022. For the nine months ended September 30, 2022, we recognized a net gain of $8.1 million, including a $8.1 million loss transferred from accumulated other comprehensive income (loss). These losses were recognized on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which is included in sales. The net losses and gains recognized on the contracts offset gains and losses related to We recognized a net gain of $12.1 million and a net loss of $4.7 million during the three and nine months ended September 30, 2021, respectively, on the contracts utilized to manage exposure to prices for forecasted future sales, which were not designated as hedges. The net gain or loss on these contracts are included as a separate line item under other income (expense), as they relate to forecasted future sales, as opposed to sales that have already taken place but are subject to final pricing as discussed in the preceding paragraph. Credit-risk-related Contingent Features Certain of our derivative contracts contain cross default provisions which provide that a default under our New Credit Agreement would cause a default under the derivative contract. As of September 30, 2022, 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 $14.2 million as of September 30, 2022, which includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at September 30, 2022, we could have been required to settle our obligations under the agreements at their termination value of $14.2 million. |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Fair Value Measurement | Note 9. Fair Value Measurement Fair value adjustments, net is comprised of the following: Three Months Ended Nine Months Ended September 30, 2022 2021 2022 2021 (Loss) gain on derivative contracts $ 873 $ 12,148 $ (20) $ (4,692 ) Unrealized loss on investments in equity securities (5,110 ) (2,861 ) (14,749 ) (7,117 ) (Loss) gain on disposition or exchange of investments (3 ) — 66 1,158 Total fair value adjustments, net $ (4,240 ) $ 9,287 $ (14,703 ) $ (10,651 ) 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 $ 144,669 $ 210,010 Level 1 Current and non-current Equity securities 13,299 14,470 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 12,477 36,437 Level 2 Restricted cash balances: Certificates of deposit and other deposits 1,246 1,053 Level 1 Derivative contracts – current and non-current Foreign exchange contracts 591 5,207 Level 2 Metal forward and put option contracts 27,393 — Level 2 Total assets $ 199,675 $ 267,177 Liabilities: Derivative contracts – current derivatives liabilities and other non-current Foreign exchange contracts $ 11,334 $ 8 Level 2 Metal forward and put option contracts — 37,873 Level 2 Total liabilities $ 11,334 $ 37,881 Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value, and a small portion consists of municipal bonds having maturities of less than 90 days, which are recorded at fair value. Current and non-current Our non-current 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. The embedded derivative contained in our concentrate sales is adjusted to fair market value through earnings each period prior to final settlement. 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 Note 8 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 At September 30, 2022, our Senior Notes and IQ Notes were recorded at their carrying value of $470.1 million and $35.6 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $442.2 million and $32.7 million, respectively, at September 30, 2022. 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 8.7%, are utilized to estimate the fair value of the IQ Notes. See Note 7 |
Note 10 - Commitments, Continge
Note 10 - Commitments, Contingencies and Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Commitments, Contingencies and Obligations | Note 10. Commitments, Contingencies and Obligations General We follow GAAP guidance in determining our accruals and disclosures with respect to loss contingencies, and evaluate such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. 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 on-site The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. In addition to Johnny M, Hecla Limited’s predecessor was involved at other mining sites within the SMCB. The EPA appears to have deferred consideration of listing the SMCB site on CERCLA’s National Priorities List (“Superfund”) by removing the site from its emphasis list, and is working with various potentially responsible parties (“PRPs”) at the site in order to study and potentially address perceived groundwater issues within the SMCB. The EE/CA discussed above relates primarily to contaminated rock and soil at the Johnny M site, not groundwater and not elsewhere within the SMCB site. It is possible that Hecla Limited’s liability at the Johnny M Site, and for any other mine site within the SMCB at which Hecla Limited’s predecessor may have operated, will be greater than our current accrual of $9.0 million due to the increased scope of required remediation. In July 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the SMCB site or for costs incurred by the EPA in cleaning up the site. The EPA stated it has incurred approximately $9.6 million in response costs to date. On May 2, 2022, Hecla Limited received a letter from an attorney representing a PRP notifying Hecla Limited that three PRPs will seek cost recovery and contribution from Hecla Limited under CERCLA for certain investigatory work performed by the PRPs at the SMCB site. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by the various PRPs. Carpenter Snow Creek and Barker-Hughesville Sites in Montana In July 2010, the EPA made a formal request to Hecla for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historical mining district, and in the early 1980s Hecla Limited leased 6 mining claims and performed limited exploration activities at the site. Hecla Limited terminated the mining lease in 1988. In June 2011, the EPA informed Hecla Limited that it believes Hecla Limited, and several other PRPs, may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA stated in the letter that it has incurred approximately $4.5 million in response costs and estimated that total remediation costs may exceed $100 million. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by various other PRPs. In February 2017, the EPA made a formal request to Hecla for information regarding the Barker-Hughesville Mining District Superfund site located in Judith Basin and Cascade Counties, Montana. Hecla Limited submitted a response in April 2017. The Barker-Hughesville site is located in a historic mining district, and between approximately June and December 1983, Hecla Limited was party to an agreement with another mining company under which limited exploration activities occurred at or near the site. In August 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA did not include an amount of its alleged response costs to date. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning past or anticipated future costs at the site and the relative contributions of contamination by various other PRPs. Greens Creek and Lucky Friday Environmental Issues On June 30, 2022, our Greens Creek mine received a Notice of Violation (“NOV”) from the EPA alleging that the mine treated, stored, and disposed of certain hazardous waste without a permit in violation of the Resource Conservation and Recovery Act (“RCRA”), relating to the alleged presence of lead outside the concentrate storage building and the alleged improper reuse/recycling of certain materials produced from the on-site Currently, the EPA has not initiated any formal enforcement proceeding against our Greens Creek subsidiary. In civil judicial cases, EPA can seek statutory penalties up to $81,540 per day per violation and, in administrative settlements, the EPA can seek administrative penalties of up to $47,423 per day per violation plus the economic benefit of noncompliance. The EPA typically pursues administrative penalties and assesses lower penalties on a per day basis. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA. On July 12, 2022, our Lucky Friday mine received a NOV from the EPA alleging violations of the Clean Water Act (“CWA”) between 2018 and 2021 relating primarily to concentration levels of zinc and lead in the mine’s permitted water discharges. Currently, the EPA has not initiated any formal enforcement proceeding against our Lucky Friday subsidiary. In civil judicial cases, the EPA can seek statutory penalties up to $59,973 per day per violation and, in administrative actions, EPA can seek administrative penalties up to $23,989 per day per violation with a maximum administrative penalty of $299,989 for all alleged violations. The EPA typically pursues administrative penalties. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA. Litigation Related to Klondex Acquisition On May 24, 2019, a purported Hecla stockholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against Hecla and certain of our executive officers, one of whom is also a director. The complaint, purportedly brought on behalf of all purchasers of Hecla common stock from March 19, 2018 through and including May 8, 2019, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 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 Other Commitments Our contractual obligations as of September 30, 2022 included open purchase orders and commitments of approximately $9.0 million, $20.4 million, $1.2 million , and $0.3 million non-capital , Operations and Keno Hill, respectively. Note 7 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 11 - Developments in Accou
Note 11 - Developments in Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Developments in Accounting Pronouncements | Note 11. Developments in Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06 470-20) 815-40): In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers 2014-09, Revenue from Contracts with Customers (Topic 606) Accounting Standards Updates to Become Effective in Future Periods In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) announced that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate (“LIBOR”), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicated that the continuation of LIBOR on the current basis would not be guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as SOFR. Our New Credit Agreement references SOFR-based rates, compared to our prior credit facility which referenced LIBOR based- rates. Certain of our derivative instruments reference LIBOR-based rates and are in the process of being amended to eliminate the LIBOR-based rate references prior to January 1, 2023. We do not expect a significant impact to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed. |
Note 2 -Business Segments and_2
Note 2 -Business Segments and Sales of Products (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present information about our reportable segments for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net sales to unaffiliated customers: Greens Creek $ 60,875 $ 84,806 $ 239,688 $ 296,978 Lucky Friday 28,460 29,783 102,380 98,550 Casa Berardi 56,939 56,065 181,679 185,098 Nevada Operations — 22,906 268 41,593 Other 65 — 65 176 $ 146,339 $ 193,560 $ 524,080 $ 622,395 Income (loss) from operations: Greens Creek $ 1,378 $ 26,572 $ 63,768 $ 127,605 Lucky Friday 4,269 6,187 18,568 24,247 Casa Berardi (5,226 ) (6,233 ) (8,497 ) 4,944 Nevada Operations (8,917 ) (12,077 ) (30,879 ) (35,558 ) Other (16,963 ) (23,021 ) (45,949 ) (59,639 ) $ (25,459 ) $ (8,572 ) $ (2,989 ) $ 61,599 The following table presents identifiable assets by reportable segment as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, Identifiable assets: Greens Creek $ 594,811 $ 589,944 Lucky Friday 534,114 516,545 Casa Berardi 692,833 701,868 Nevada Operations 467,532 468,985 Other 645,339 451,466 $ 2,934,629 $ 2,728,808 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by metal for the three- and nine-month periods ended September 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Silver $ 45,924 $ 61,890 $ 182,306 $ 232,414 Gold 69,289 94,984 228,475 282,471 Lead 16,033 18,082 56,912 56,198 Zinc 28,051 30,273 94,865 89,501 Less: Smelter and refining charges (13,023 ) (11,669 ) (38,543 ) (38,189 ) $ 146,274 $ 193,560 $ 524,015 $ 622,395 |
Note 3 - Income and Mining Ta_2
Note 3 - Income and Mining Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Current: Domestic $ 253 $ (2,176 ) $ (2,296 ) $ (7,489 ) Foreign (1,085 ) (1,578 ) (4,172 ) (4,690 ) Total current income and mining tax provision (832 ) (3,754 ) (6,468 ) (12,179 ) Deferred: Domestic 8,156 3,213 915 8,226 Foreign 2,203 5,074 9,195 7,877 Total deferred income and mining tax benefit 10,359 8,287 10,110 16,103 Total income and mining tax benefit (provision) $ 9,527 $ 4,533 $ 3,642 $ 3,924 |
Note 4 - Employee Benefit Pla_2
Note 4 - Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Service cost $ 1,566 $ 1,455 $ 4,697 $ 4,365 Interest cost 1,369 1,248 4,107 3,744 Expected return on plan assets (3,363 ) (2,313 ) (10,089 ) (6,939 ) Amortization of prior service cost 128 99 384 297 Amortization of net loss 512 1,125 1,537 3,375 Net periodic pension cost $ 212 $ 1,614 $ 636 $ 4,842 |
Note 5 - (Loss) Income Per Co_2
Note 5 - (Loss) Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table represents net (loss) income per common share – basic and diluted (in thousands, except income (loss) per share): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator Net (loss) income $ (23,526 ) $ (979 ) $ (32,896 ) $ 23,220 Preferred stock dividends (138 ) (138 ) (414 ) (414 ) Net (loss) income applicable to common shares $ (23,664 ) $ (1,117 ) $ (33,310 ) $ 22,806 Denominator Basic weighted average common shares 554,531 536,966 544,000 535,542 Dilutive restricted stock units, warrants and deferred shares — — — 6,227 Diluted weighted average common shares 554,531 536,966 544,000 541,769 Basic (loss) income per common share $ (0.04 ) $ — $ (0.06 ) $ 0.04 Diluted (loss) income per common share $ (0.04 ) $ — $ (0.06 ) $ 0.04 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | Grant date Award type Number granted Grant date fair value June 21, 2022 Restricted stock 1,103,801 $ 4.43 June 21, 2022 Performance based 322,799 $ 3.78 June 28, 2022 Directors retainer 98,310 $ 4.24 September 30, 2022 Restricted stock 121,826 $ 3.94 |
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 2022 pursuant to our dividend policy: Quarter Realized Silver Price Silver-linked component Minimum component Total dividend per share First $24.68 $0.0025 $0.00375 $0.00625 Second $20.68 $0.0025 $0.00375 $0.00625 |
Note 7 - Debt, Credit Facilit_2
Note 7 - Debt, Credit Facility and Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Long-Term Debt Instruments | September 30, 2022 Senior Notes IQ Notes Total Principal $ 475,000 $ 35,194 $ 510,194 Unamortized discount/premium and issuance costs (4,868 ) 419 (4,449 ) Long-term debt balance $ 470,132 $ 35,613 $ 505,745 December 31, 2021 Senior Notes IQ Notes Total Principal $ 475,000 $ 38,051 $ 513,051 Unamortized discount/premium and issuance costs (5,552 ) 596 (4,956 ) Long-term debt balance $ 469,448 $ 38,647 $ 508,095 |
Schedule of Maturities of Long Term Debt and Finance and Operating Lease Liabilities | Twelve-month period ending September 30, Senior Notes IQ Notes Finance Leases Operating Leases 2023 $ 34,438 $ 2,293 $ 9,296 $ 3,101 2024 34,438 2,293 7,206 1,565 2025 34,438 36,964 3,779 1,065 2026 34,438 1,980 1,060 2027 34,438 — 37 979 Thereafter 487,914 — — 5,878 Total $ 660,104 $ 41,550 $ 22,298 $ 13,648 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | As of September 30, 2022 and December 31, 2021, we recorded the following balances for the fair value of the contracts (in millions): September 30, December 31, Balance sheet line item: 2022 2021 Current derivatives assets $ 0.3 $ 2.7 Non-current 0.3 2.5 Current derivatives liabilities 5.8 — Non-current 5.6 — |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following tables summarize the quantities of metals committed under forward sales contracts at September 30, 2022 and December 31, 2021: September 30, 2022 Ounces/pounds under contract (in 000’s) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2022 settlements 2,235 1,840 18,739 14,991 $ 19.54 $ 1,760 $ 1.30 $ 0.96 Contracts on forecasted sales 2022 settlements 2,235 1,840 8,763 1,984 N/A N/A $ 1.32 $ 0.97 2023 settlements — — 71,209 75,618 N/A N/A $ 1.30 $ 1.00 2024 settlements — — 78,760 31,526 N/A N/A $ 1.34 $ 1.00 2025 settlements — — 2,480 — N/A N/A $ 1.33 N/A December 31, 2021 Ounces/pounds under contract (in 000’s) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2022 settlements 1,814 6 13,371 4,575 $ 23.02 $ 1,812 $ 1.39 $ 0.96 Contracts on forecasted sales 2022 settlements — — 57,706 59,194 N/A N/A $ 1.28 $ 0.98 2023 settlements — — 76,280 71,650 N/A N/A $ 1.29 $ 1.00 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | We recorded the following balances for the fair value of the forward contracts as of September 30, 2022 and forward and put option contracts as of December 31, 2021 (in millions): September 30, 2022 December 31, 2021 Balance sheet line item: Contracts in an Contracts in Net asset Contracts in Contracts in a Net asset Current derivatives assets $ 6.9 $ — $ 6.9 $ — $ — $ — Non-current $ 20.5 $ — 20.5 $ — $ — $ — Current derivatives liabilities — — — 0.7 (20.1 ) (19.4 ) Non-current — — — 0.4 (18.9 ) (18.5 ) |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three Months Ended Nine Months Ended September 30, 2022 2021 2022 2021 (Loss) gain on derivative contracts $ 873 $ 12,148 $ (20) $ (4,692 ) Unrealized loss on investments in equity securities (5,110 ) (2,861 ) (14,749 ) (7,117 ) (Loss) gain on disposition or exchange of investments (3 ) — 66 1,158 Total fair value adjustments, net $ (4,240 ) $ 9,287 $ (14,703 ) $ (10,651 ) |
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 $ 144,669 $ 210,010 Level 1 Current and non-current Equity securities 13,299 14,470 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 12,477 36,437 Level 2 Restricted cash balances: Certificates of deposit and other deposits 1,246 1,053 Level 1 Derivative contracts – current and non-current Foreign exchange contracts 591 5,207 Level 2 Metal forward and put option contracts 27,393 — Level 2 Total assets $ 199,675 $ 267,177 Liabilities: Derivative contracts – current derivatives liabilities and other non-current Foreign exchange contracts $ 11,334 $ 8 Level 2 Metal forward and put option contracts — 37,873 Level 2 Total liabilities $ 11,334 $ 37,881 |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation of Financial Statements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 07, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
COVID-19 Mitigation Costs | $ 400 | $ 3,100 | ||
Transaction costs | $ 5,100 | |||
Stock issued during period shares to settle the acquired silver stream | 34,800,990 | 34,800,990 | ||
Other comprehensive loss increase adjustments income tax | $ 12,649 | |||
Increase accumulated comprehensive loss | $ 12,649 | |||
Alexco Asset Acquisition [Member] | ||||
Noncash or part noncash acquisition, Interest acquired | 90.10% | |||
Noncash or part noncash acquisition, Noncash financial or equity instrument consideration, Shares issued | 17,992,875 | |||
Asset acquisition, Consideration transferred, Equity interest issued and issuable | $ 68,700 | |||
Asset acquisition, Consideration transferred | $ 81,500 | |||
Asset acquisition, Step acquisition, Investment held in acquiree prior to acquisition, Percentage | 9.90% | |||
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Deferred tax liabilities | $ 12,900 | |||
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Silver stream liability | $ 135,000 | |||
Stock issued during period shares to settle the acquired silver stream | 34,800,990 | |||
Marketable Securities | $ 7,700 | |||
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, net liabilities | 7,200 | |||
Alexco Asset Acquisition [Member] | Common Stock [Member] | ||||
Asset acquisition, Consideration transferred, Total non cash consideration | 76,400 | |||
Alexco Asset Acquisition [Member] | Mineral Interests [Member] | ||||
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Mineral interests | $ 236,600 |
Note 2 - Business Segments and
Note 2 - Business Segments and Sales of Products (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Environmental Services [Member] | ||||
Revenues | $ 65,000 | $ 65,000 | ||
Financially-settled Forward Contracts [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 1,600,000 | $ 5,000,000 | $ 8,100,000 | $ 4,500,000 |
Note 2 - Business Segments an_2
Note 2 - Business Segments and Sales of Products - Information About Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Net sales | $ 146,339 | $ 193,560 | $ 524,080 | $ 622,395 | |
Income (loss) from operations | (25,459) | (8,572) | (2,989) | 61,599 | |
Identifiable assets | 2,934,629 | 2,934,629 | $ 2,728,808 | ||
Greens Creek [Member] | |||||
Net sales | 60,875 | 84,806 | 239,688 | 296,978 | |
Income (loss) from operations | 1,378 | 26,572 | 63,768 | 127,605 | |
Identifiable assets | 594,811 | 594,811 | 589,944 | ||
Lucky Friday [Member] | |||||
Net sales | 28,460 | 29,783 | 102,380 | 98,550 | |
Income (loss) from operations | 4,269 | 6,187 | 18,568 | 24,247 | |
Identifiable assets | 534,114 | 534,114 | 516,545 | ||
Casa Berardi [Member] | |||||
Net sales | 56,939 | 56,065 | 181,679 | 185,098 | |
Income (loss) from operations | (5,226) | (6,233) | (8,497) | 4,944 | |
Identifiable assets | 692,833 | 692,833 | 701,868 | ||
Nevada Operations [Member] | |||||
Net sales | 0 | 22,906 | 268 | 41,593 | |
Income (loss) from operations | (8,917) | (12,077) | (30,879) | (35,558) | |
Identifiable assets | 467,532 | 467,532 | 468,985 | ||
Other Segments [Member] | |||||
Net sales | 65 | 0 | 65 | 176 | |
Income (loss) from operations | (16,963) | $ (23,021) | (45,949) | $ (59,639) | |
Identifiable assets | $ 645,339 | $ 645,339 | $ 451,466 |
Note 2 - Business Segments an_3
Note 2 - Business Segments and Sales of Products - Sales of Products (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 146,339 | $ 193,560 | $ 524,080 | $ 622,395 |
Net sales | 146,274 | 193,560 | 524,015 | 622,395 |
Less: Smelter and refining charges | (13,023) | (11,669) | (38,543) | (38,189) |
Silver Contracts [Member] | ||||
Net sales | 45,924 | 61,890 | 182,306 | 232,414 |
Gold [Member] | ||||
Net sales | 69,289 | 94,984 | 228,475 | 282,471 |
Lead [Member] | ||||
Net sales | 16,033 | 18,082 | 56,912 | 56,198 |
Zinc [Member] | ||||
Net sales | $ 28,051 | $ 30,273 | $ 94,865 | $ 89,501 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Domestic | $ 253 | $ (2,176) | $ (2,296) | $ (7,489) |
Foreign | (1,085) | (1,578) | (4,172) | (4,690) |
Total current income and mining tax provision | (832) | (3,754) | (6,468) | (12,179) |
Domestic | 8,156 | 3,213 | 915 | 8,226 |
Foreign | 2,203 | 5,074 | 9,195 | 7,877 |
Total deferred income and mining tax benefit | 10,359 | 8,287 | 10,110 | 16,103 |
Total income and mining tax benefit (provision) | $ 9,527 | $ 4,533 | $ 3,642 | $ 3,924 |
Note 4 - Employee Benefit Pla_3
Note 4 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2022 | May 31, 2022 | Sep. 30, 2021 | Jan. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plan [Member] | ||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4.2 | $ 5.6 | $ 5.4 | $ 16.8 | ||||
Nonoperating Income (Expense) [Member] | ||||||||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 1.4 | $ 0.2 | $ 4.1 | $ 0.5 |
Note 4 - Employee Benefit Pla_4
Note 4 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan, Service Cost | $ 1,566 | $ 1,455 | $ 4,697 | $ 4,365 |
Defined Benefit Plan, Interest Cost | 1,369 | 1,248 | 4,107 | 3,744 |
Expected return on plan assets | (3,363) | (2,313) | (10,089) | (6,939) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 128 | 99 | 384 | 297 |
Amortization of net loss | 512 | 1,125 | 1,537 | 3,375 |
Net periodic pension cost | $ 212 | $ 1,614 | $ 636 | $ 4,842 |
Note 5 - (Loss) Income Per Co_3
Note 5 - (Loss) Income Per Common Share (Details Textual) | 9 Months Ended |
Sep. 30, 2022 shares | |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 2,496,622 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 1,578,293 |
Incremental Common Shares Attributable to Dilutive Effect of Deferred Shares (in shares) | 2,152,578 |
Note 5 - (Loss) Income Per Co_4
Note 5 - (Loss) Income Per Common Share - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net (loss) income | $ (23,526) | $ (979) | $ (32,896) | $ 23,220 |
Preferred stock dividends | (138) | (138) | (414) | (414) |
Net (loss) income applicable to common shares | $ (23,664) | $ (1,117) | $ (33,310) | $ 22,806 |
Basic weighted average common shares (in shares) | 554,531 | 536,966 | 544,000 | 535,542 |
Dilutive restricted stock units, warrants and deferred shares | 0 | 0 | 0 | 6,227 |
Diluted weighted average common shares (in shares) | 554,531 | 536,966 | 544,000 | 541,769 |
Basic (loss) income per common share (in dollars per share) | $ (0.04) | $ 0 | $ (0.06) | $ 0.04 |
Diluted (loss) income per common share (in dollars per share) | $ (0.04) | $ 0 | $ (0.06) | $ 0.04 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Feb. 18, 2021 | |
Share-Based Payment Arrangement, Expense | $ 1.8 | $ 1.5 | $ 4.3 | $ 4.8 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8.4 | $ 8.4 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 737,258 | 574,251 | |||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 3.7 | $ 4.5 | |||
Shares Withheld for Tax Withholding Obligation, Price Per Share (in dollars per share) | $ 4.99 | $ 7.88 | $ 4.99 | $ 7.88 | |
Stock Issued During Period, Shares, New Issues (in shares) | 1,176,861 | 1,176,861 | |||
At the market Offering [Member] | |||||
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] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,176,861 | ||||
Proceeds from Issuance or Sale of Equity | $ 4.5 | ||||
Payments of Stock Issuance Costs | $ 0.1 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Summary of Grants Awarded (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Restricted Stock [Member] | June Twenty One Two Thousand Twenty Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 1,103,801 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.43 |
Restricted Stock [Member] | September Thirty Two Thousand Twenty Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 121,826 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.94 |
Performance Shares [Member] | June Twenty One Two Thousand Twenty Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 322,799 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.78 |
Share-Based Payment Arrangement [Member] | June Twenty Eight Two Thousand Twenty Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 98,310 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.24 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Summary of Dividends Declared Pursuant to Dividend Policy (Detail) | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
First Quarterly Dividends [Member] | |
Dividends Payable [Line Items] | |
Realized Silver Price | $ 24.68 |
Silver-linked component | 0.0025 |
Minimum component | 0.00375 |
Total dividend per share | 0.00625 |
Second Quarterly Dividends [Member] | |
Dividends Payable [Line Items] | |
Realized Silver Price | 20.68 |
Silver-linked component | 0.0025 |
Minimum component | 0.00375 |
Total dividend per share | $ 0.00625 |
Note 7 - Debt, Credit Facilit_3
Note 7 - Debt, Credit Facility and Leases (Details Textual) - USD ($) | 9 Months Ended | |||
Jul. 21, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 31, 2018 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | |||
Long-Term Line of Credit, Total | $ 0 | |||
Letter of Credit [Member] | ||||
Letter of Credit Outstanding, Fronting Fee | 0.20% | |||
Letter of Credit [Member] | Minimum [Member] | ||||
Letter of Credit, Participation Fee, Percent | 2.25% | |||
Letter of Credit [Member] | Maximum [Member] | ||||
Letter of Credit, Participation Fee, Percent | 4% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | $ 150,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity, Option | $ 75,000,000 | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 50% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.45% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
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] | ||||
Debt Instrument, Participation Fee, Percent | 2% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
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] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Leverage Ratio Applicable Margin [Member] | ||||
Debt Instrument, Participation Fee, Percent | 3.50% | |||
New Credit Agreement [Member] | Letter of Credit [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||
Letters of Credit Outstanding, Amount | $ 7,800,000 | |||
Letters of credit, drawn amount | 25,000,000 | |||
Prior Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | |||
Senior Notes [Member] | The 2028 Senior Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% |
Note 7 - Debt, Credit Facilit_4
Note 7 - Debt, Credit Facility and Leases - Debt Summary (Details) - Senior Notes [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-Term Debt, Gross | $ 510,194 | $ 513,051 |
Unamortized discount/premium and issuance costs | (4,449) | (4,956) |
Long-term debt balance | 505,745 | 508,095 |
The 2028 Senior Notes [Member] | ||
Long-Term Debt, Gross | 475,000 | 475,000 |
Unamortized discount/premium and issuance costs | (4,868) | (5,552) |
Long-term debt balance | 470,132 | 469,448 |
IQ Notes [Member] | ||
Long-Term Debt, Gross | 35,194 | 38,051 |
Unamortized discount/premium and issuance costs | 419 | 596 |
Long-term debt balance | $ 35,613 | $ 38,647 |
Note 7 - Debt, Credit Facilit_5
Note 7 - Debt, Credit Facility and Leases - Future Payments of Long-term Debt and Finance and Operating Leases (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2023, finance leases | $ 9,296 |
2023, operating leases | 3,101 |
2024, finance leases | 7,206 |
2024, operating leases | 1,565 |
2025, finance leases | 3,779 |
2025, operating leases | 1,065 |
2026, finance leases | 1,980 |
2026, operating leases | 1,060 |
2027, finance leases | 37 |
2027, operating leases | 979 |
Thereafter, operating leases | 5,878 |
Total, finance leases | 22,298 |
Total, operating leases | 13,648 |
Senior Notes [Member] | The 2028 Senior Notes [Member] | |
2023, long-term debt | 34,438 |
2024, long-term debt | 34,438 |
2025, long-term debt | 34,438 |
2026, long-term debt | 34,438 |
2027, long-term debt | 34,438 |
Thereafter, long-term debt | 487,914 |
Total, long-term debt | 660,104 |
Senior Notes [Member] | IQ Notes [Member] | |
2023, long-term debt | 2,293 |
2024, long-term debt | 2,293 |
2025, long-term debt | 36,964 |
Total, long-term debt | $ 41,550 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) $ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CAD ($) | |
Maximum Allocation of Forecasted CAD-demonimated Operating Costs | 75% | 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 | $ 0.2 | $ 2 | |
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | 0 | ||
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 6 | 6 | |
Other Comprehensive Income (Loss) [Member] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 5.1 | 5.1 | |
Foreign Exchange Forward [Member] | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 10.8 | $ 10.8 | |
Foreign Exchange Forward [Member] | Casa Berardi [Member] | |||
Derivative, Notional Amount | $ 430.3 | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member] | |||
Derivative, Number of Instruments Held, Total | 296 | 296 | 296 |
Derivative, Notional Amount | $ 408.7 | $ 408.7 | $ 539.9 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member] | Minimum [Member] | |||
Derivative, Forward Exchange Rate | 1.2702 | 1.2702 | 1.2702 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member] | Maximum [Member] | |||
Derivative, Forward Exchange Rate | 1.3714 | 1.3714 | 1.3714 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Unrealized Gain (Loss) on Derivatives | $ 0.8 | $ 1.1 | |
Price Risk Derivative [Member] | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 28.3 | 28.3 | |
Unsettled Concentrate Sales Contracts [Member] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | 1.6 | 8.1 | |
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 4.2 | 8.1 | |
Forecasted Future Concentrate Contracts [Member] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | 12.1 | 4.7 | |
Commodity Contract [Member] | |||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral, Total | 14.2 | 14.2 | |
Derivative, Fair Value, Obligations Under the Agreements | $ 14.2 | $ 14.2 |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Foreign Currency (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current derivatives assets | $ 7,190 | $ 2,709 |
Non-current derivatives assets | 20,794 | 2,503 |
Current derivatives liabilities | 5,774 | 19,353 |
Non-current derivatives liabilities | 5,560 | 18,528 |
Foreign Exchange Contract [Member] | ||
Current derivatives assets | 300 | 2,700 |
Non-current derivatives assets | 300 | 2,500 |
Current derivatives liabilities | 5,800 | 0 |
Non-current derivatives liabilities | $ 5,600 | $ 0 |
Note 8 - Derivative Instrumen_5
Note 8 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 lb oz $ / lb $ / oz | Dec. 31, 2021 lb oz $ / lb $ / oz | |
Silver 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 2,235 | 1,814 |
Underlying, Derivative Mass | $ / oz | 19.54 | 23.02 |
Gold 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 1,840 | 6 |
Underlying, Derivative Mass | $ / oz | 1,760 | 1,812 |
Zinc 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 18,739 | 13,371 |
Underlying, Derivative Mass | $ / lb | 1.3 | 1.39 |
Lead 2022 Settlements for Provisional Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 14,991 | 4,575 |
Underlying, Derivative Mass | $ / lb | 0.96 | 0.96 |
Silver 2022 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 2,235 | 0 |
Gold 2022 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 1,840 | 0 |
Zinc 2022 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 8,763 | 57,706 |
Underlying, Derivative Mass | $ / lb | 1.32 | 1.28 |
Lead 2022 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 1,984 | 59,194 |
Underlying, Derivative Mass | $ / lb | 0.97 | 0.98 |
Silver 2023 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 0 | 0 |
Gold 2023 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 0 | 0 |
Zinc 2023 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 71,209 | 76,280 |
Underlying, Derivative Mass | $ / lb | 1.3 | 1.29 |
Lead 2023 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 75,618 | 71,650 |
Underlying, Derivative Mass | $ / lb | 1 | 1 |
Silver 2024 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 0 | |
Gold 2024 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 0 | |
Zinc 2024 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 78,760 | |
Underlying, Derivative Mass | $ / lb | 1.34 | |
Lead 2024 Settlements for Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 31,526 | |
Underlying, Derivative Mass | $ / lb | 1 | |
Silver 2025 Settlements For Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 0 | |
Gold 2025 Settlements For Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | oz | 0 | |
Zinc 2025 Settlements For Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 2,480 | |
Underlying, Derivative Mass | $ / lb | 1.33 | |
Lead 2025 Settlements For Forecasted Sales [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass | lb | 0 |
Note 8 - Derivative Instrumen_6
Note 8 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current derivatives assets | $ 7,190 | $ 2,709 |
Contracts in liability position | (5,774) | (19,353) |
Forward and Put Option Contracts [Member] | Current Derivatives Assets [Member] | ||
Current derivatives assets | 6,900 | 0 |
Contracts in liability position | 0 | 0 |
Net asset (liability) | 6,900 | 0 |
Forward and Put Option Contracts [Member] | Noncurrent Derivatives Assets [Member] | ||
Current derivatives assets | 20,500 | 0 |
Contracts in liability position | 0 | 0 |
Net asset (liability) | 20,500 | 0 |
Forward and Put Option Contracts [Member] | Current Derivative Liabilities [Member] | ||
Current derivatives assets | 0 | 700 |
Contracts in liability position | 0 | (20,100) |
Net asset (liability) | 0 | (19,400) |
Forward and Put Option Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Current derivatives assets | 0 | 400 |
Contracts in liability position | 0 | (18,900) |
Net asset (liability) | $ 0 | $ (18,500) |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurement (Details Textual) - Senior Notes [Member] $ in Millions | Sep. 30, 2022 USD ($) |
Notes Payable, Total | $ 470.1 |
Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | 442.2 |
IQ Notes [Member] | |
Notes Payable, Total | $ 35.6 |
IQ Notes [Member] | Measurement Input, Annual Yield [Member] | |
Debt Instrument, Measurement Input | 0.087 |
IQ Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | $ 32.7 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total fair value adjustments, net | $ (4,240) | $ 9,287 | $ (14,703) | $ (10,651) |
Fair Value, Inputs, Level 1 [Member] | ||||
Unrealized loss on investments in equity securities | (5,110) | (2,861) | (14,749) | (7,117) |
Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value (Loss) gain | 873 | 12,148 | (20) | (4,692) |
Securities Investment [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value (Loss) gain | $ (3) | $ 0 | $ 66 | $ 1,158 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables from provisional concentrate sales | $ 12,846 | $ 8,149 |
Fair Value, Recurring [Member] | ||
Total assets | 199,675 | 267,177 |
Total liabilities | 11,334 | 37,881 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Money market funds and other bank deposits | 144,669 | 210,010 |
Equity securities | 13,299 | 14,470 |
Certificates of deposit and other deposits | 1,246 | 1,053 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Receivables from provisional concentrate sales | 12,477 | 36,437 |
Foreign exchange contracts | 591 | 5,207 |
Metal forward and put option contracts | 27,393 | 0 |
Foreign exchange contracts | 11,334 | 8 |
Metal forward and put option contracts | $ 0 | $ 37,873 |
Note 10 - Commitments, Contin_2
Note 10 - Commitments, Contingencies and Obligations (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 12, 2022 | Jun. 30, 2022 | Jul. 31, 2018 | Aug. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Environmental Remediation Expense | $ 1,781,000 | $ 7,564,000 | $ 4,154,000 | $ 12,297,000 | ||||||
Finance Lease, Liability, to be Paid, Total | 22,298,000 | 22,298,000 | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | 13,648,000 | 13,648,000 | ||||||||
Lease Commitments [Member] | ||||||||||
Finance Lease, Liability, to be Paid, Total | 22,300,000 | 22,300,000 | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | 13,600,000 | 13,600,000 | ||||||||
Performance Obligation Commitments [Member] | ||||||||||
Surety Bonds | 193,800,000 | 193,800,000 | ||||||||
Letters of Credit Outstanding, Amount | 7,800,000 | 7,800,000 | ||||||||
Greens Creek [Member] | ||||||||||
EPA Maximum for Statutory Penalties, Per Day/Violation | $ 81,540,000 | |||||||||
EPA Maximum for Administrative Penalties, Per Day/Violation | $ 47,423,000 | |||||||||
Greens Creek [Member] | Purchase Orders and Commitment [Member] | ||||||||||
Contractual Obligation, Total | 9,000,000 | 9,000,000 | ||||||||
Lucky Friday [Member] | ||||||||||
EPA Maximum for Statutory Penalties, Per Day/Violation | $ 59,973,000 | |||||||||
EPA Maximum for Administrative Penalties, Per Day/Violation | 23,989,000 | |||||||||
EPA Maximum for Administrative Penalties, Total | $ 299,989,000 | |||||||||
Lucky Friday [Member] | Purchase Orders and Commitment [Member] | ||||||||||
Contractual Obligation, Total | 20,400,000 | 20,400,000 | ||||||||
Casa Berardi [Member] | Purchase Orders and Commitment [Member] | ||||||||||
Contractual Obligation, Total | 1,200,000 | 1,200,000 | ||||||||
Nevada Operations [Member] | Purchase Orders and Commitment [Member] | ||||||||||
Contractual Obligation, Total | 2,600,000 | 2,600,000 | ||||||||
Keno Hill [Member] | Purchase Orders and Commitment [Member] | ||||||||||
Contractual Obligation, Total | $ 300,000 | $ 300,000 | ||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | ||||||||||
Payment Of Response Costs | $ 1,100,000 | |||||||||
Estimated Response Costs | $ 9,600,000 | $ 9,000,000 | ||||||||
Environmental Remediation Expense | 9,000,000 | |||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Environmental Remediation, Past Response Costs [Member] | ||||||||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease), Total | $ 2,900,000 | |||||||||
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | ||||||||||
Estimated Response Costs | $ 4,500,000 | |||||||||
Estimated Future Response Cost | $ 100,000,000 |