Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000719413 | |
Entity Registrant Name | HECLA MINING CO/DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-8491 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0664171 | |
Entity Address, Address Line One | 6500 N. Mineral Drive, Suite 200 | |
Entity Address, City or Town | Coeur d'Alene | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83815-9408 | |
City Area Code | 208 | |
Local Phone Number | 769-4100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 535,551,426 | |
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 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.25 per share | |
Trading Symbol | HL | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Sales of products | $ 210,852 | $ 136,925 |
Cost of sales and other direct production costs | 96,709 | 85,887 |
Depreciation, depletion and amortization | 49,331 | 39,666 |
Total cost of sales | 146,040 | 125,553 |
Gross profit | 64,812 | 11,372 |
Other operating expenses: | ||
General and administrative | 8,007 | 8,939 |
Exploration | 5,951 | 2,530 |
Pre-development | 739 | 535 |
Other operating expense | 3,639 | 920 |
Ramp-up and suspension costs | 4,318 | 12,996 |
Provision for closed operations and environmental matters | 3,709 | 516 |
Total other operating expense | 26,363 | 26,436 |
Income (loss) from operations | 38,449 | (15,064) |
Other income (expense): | ||
Gain on exchange of investments | 1,158 | 0 |
Unrealized loss on investments | (3,506) | (978) |
Gain on derivative contracts | 473 | 7,893 |
Net foreign exchange (loss) gain | (2,064) | 6,636 |
Other non-operating expense | (161) | (423) |
Interest expense | (10,744) | (16,311) |
Total other expense | (14,844) | (3,183) |
Income (loss) before income and mining taxes | 23,605 | (18,247) |
Income and mining tax (provision) benefit | (4,634) | 1,062 |
Net income (loss) | 18,971 | (17,185) |
Preferred stock dividends | (138) | (138) |
Income (loss) applicable to common stockholders | 18,833 | (17,323) |
Comprehensive income (loss): | ||
Net income (loss) | 18,971 | (17,185) |
Change in fair value of derivative contracts designated as hedge transactions | 1,832 | (19,335) |
Comprehensive income (loss) | $ 20,803 | $ (36,520) |
Basic income (loss) per common share after preferred dividends (in dollars per share) | $ 0.04 | $ (0.03) |
Diluted income (loss) per common share after preferred dividends (in dollars per share) | $ 0.03 | $ (0.03) |
Weighted average number of common shares outstanding - basic (in shares) | 534,101 | 523,215 |
Weighted average number of common shares outstanding - diluted (in shares) | 540,527 | 523,215 |
Cash dividends per common share (in dollars per share) | $ 0.00875 | $ 0.0025 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income (loss) | $ 18,971 | $ (17,185) |
Non-cash elements included in net income (loss): | ||
Depreciation, depletion and amortization | 49,546 | 41,630 |
Unrealized loss on investments | 3,506 | 978 |
Gain on exchange of investments | (1,158) | 0 |
Provision for reclamation and closure costs | 4,529 | 1,548 |
Stock compensation | 500 | 1,219 |
Deferred taxes | 32 | (3,252) |
Amortization of loan origination fees and loss on extinguishment of debt | 539 | 2,140 |
Gain on derivative contracts | (10,962) | (10,437) |
Foreign exchange loss (gain) | 1,755 | (8,066) |
Other non-cash items, net | 8 | (104) |
Change in assets and liabilities: | ||
Accounts receivable | (2,664) | 9,955 |
Inventories | 2,120 | (6,602) |
Other current and non-current assets | 1,528 | (2,642) |
Accounts payable and accrued liabilities | (24,545) | (11,879) |
Accrued payroll and related benefits | (7,995) | 9,495 |
Accrued taxes | 2,031 | 1,332 |
Accrued reclamation and closure costs and other non-current liabilities | 195 | (3,203) |
Cash provided by operating activities | 37,936 | 4,927 |
Investing activities: | ||
Additions to properties, plants, equipment and mineral interests | (21,413) | (19,870) |
Proceeds from disposition of properties, plants and equipment | 19 | 154 |
Net cash used in investing activities | 21,394 | 19,716 |
Financing activities: | ||
Dividends paid to common stockholders | (4,688) | (1,304) |
Dividends paid to preferred stockholders | (138) | (138) |
Credit facility fees paid | (82) | (458) |
Borrowings on debt | 0 | 679,500 |
Repayments of debt | 0 | (506,500) |
Repayments of finance leases | (1,881) | (1,284) |
Net cash (used in) provided by financing activities | (6,789) | 169,816 |
Effect of exchange rates on cash | 167 | (1,736) |
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 9,920 | 153,291 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 130,883 | 63,477 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 140,803 | 216,768 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 18,406 | 13,984 |
Significant non-cash investing and financing activities: | ||
Addition of finance lease obligations and right-of-use assets | 3,120 | 0 |
Accounts receivable for proceeds on exchange of investments | $ 1,832 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 139,750 | $ 129,830 |
Accounts receivable: | ||
Trade | 35,274 | 27,864 |
Other, net | 8,475 | 11,329 |
Inventories: | ||
Concentrates, doré, and stockpiled ore | 56,917 | 57,936 |
Materials and supplies | 37,335 | 38,608 |
Derivatives assets | 7,195 | 3,470 |
Other current assets | 12,971 | 15,644 |
Total current assets | 297,917 | 284,681 |
Investments | 11,717 | 15,148 |
Restricted cash and investments | 1,053 | 1,053 |
Properties, plants, equipment and mineral interests, net | 2,320,547 | 2,345,219 |
Operating lease right-of-use assets | 9,775 | 10,628 |
Deferred taxes | 3,886 | 2,912 |
Derivatives assets | 6,346 | 4,558 |
Other non-current assets | 3,836 | 3,525 |
Total assets | 2,655,077 | 2,667,724 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 53,130 | 68,516 |
Accrued payroll and related benefits | 22,800 | 31,807 |
Accrued taxes | 7,854 | 8,349 |
Finance leases | 6,706 | 6,491 |
Operating leases | 2,832 | 3,008 |
Accrued reclamation and closure costs | 6,592 | 5,582 |
Accrued interest | 5,175 | 14,157 |
Derivatives liabilities | 3,906 | 11,737 |
Other current liabilities | 123 | 138 |
Total current liabilities | 109,118 | 149,785 |
Finance leases | 10,304 | 9,274 |
Operating leases | 6,954 | 7,634 |
Accrued reclamation and closure costs | 113,671 | 110,466 |
Long-term debt | 507,992 | 507,242 |
Deferred tax liability | 149,220 | 144,330 |
Pension liability | 28,797 | 44,144 |
Other non-current liabilities | 4,146 | 4,364 |
Total liabilities | 930,202 | 977,239 |
Commitments and contingencies (Notes 4, 7, 8, and 10) | ||
Preferred stock, 5,000,000 shares authorized: Series B preferred stock, $0.25 par value, 157,816 shares issued and outstanding, liquidation preference — $7,891 | 39 | 39 |
Common stock, $0.25 par value, 750,000,000 authorized shares; issued March 31, 2021 — 542,154,997 shares and December 31, 2020 — 538,487,415 shares | 135,546 | 134,629 |
Capital surplus | 2,021,072 | 2,003,576 |
Accumulated deficit | (377,229) | (391,374) |
Accumulated other comprehensive loss | (31,057) | (32,889) |
Less treasury stock, at cost; March 31, 2021 and December 31, 2020 - 6,821,044 shares issued and held in treasury | (23,496) | (23,496) |
Total stockholders’ equity | 1,724,875 | 1,690,485 |
Total liabilities and stockholders’ equity | $ 2,655,077 | $ 2,667,724 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series B preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Series B preferred stock, shares issued (in shares) | 157,816 | 157,816 |
Series B preferred stock, shares outstanding (in shares) | 157,816 | 157,816 |
Series B preferred stock, liquidation preference | $ 7,891 | $ 7,891 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 542,154,997 | 537,487,415 |
Treasury stock, shares (in shares) | 6,821,044 | 6,821,044 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2019 | $ 39 | $ 132,292 | $ 1,973,700 | $ (365,186) | $ (37,310) | $ (22,967) | $ 1,680,568 |
Net income (loss) | 0 | 0 | (17,185) | 0 | 0 | (17,185) | |
Restricted stock units granted | 0 | 0 | 1,219 | 0 | 0 | 0 | 1,219 |
Common stock dividends declared | 0 | 0 | 0 | (1,304) | 0 | 0 | (1,304) |
Series B Preferred Stock dividends declared | 0 | 0 | 0 | (138) | 0 | 0 | (138) |
Common stock issued for 401(k) match | 0 | 89 | 1,114 | 0 | 0 | 0 | 1,203 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (19,335) | 0 | (19,335) |
Balances at Mar. 31, 2020 | 39 | 132,381 | 1,976,033 | (383,813) | (56,645) | (22,967) | 1,645,028 |
Balance at Dec. 31, 2020 | 39 | 134,629 | 2,003,576 | (391,374) | (32,889) | (23,496) | 1,690,485 |
Net income (loss) | 0 | 0 | 18,971 | 0 | 0 | 18,971 | |
Restricted stock units granted | 0 | 0 | 483 | 0 | 0 | 0 | 483 |
Common stock dividends declared | 0 | 0 | 0 | (4,688) | 0 | 0 | (4,688) |
Series B Preferred Stock dividends declared | 0 | 0 | 0 | (138) | 0 | 0 | (138) |
Common stock issued for 401(k) match | 0 | 42 | 1,088 | 0 | 0 | 0 | 1,130 |
Shares issued to pension plans | 0 | 875 | 15,925 | 0 | 0 | 0 | 16,800 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 1,832 | 0 | 1,832 |
Balances at Mar. 31, 2021 | $ 39 | $ 135,546 | $ 2,021,072 | $ (377,229) | $ (31,057) | $ (23,496) | $ 1,724,875 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common stock dividends declared, per common share (in dollars per share) | $ 0.00875 | $ 0.0025 |
Preferred stock dividends declared, per share (in dollars per share) | $ 0.875 | $ 0.875 |
Common stock issued for 401(k) match, shares (in shares) | 165,000 | 352,000 |
Shares issued to pension plans, shares (in shares) | 3,500,000 |
Note 1 - Basis of Preparation o
Note 1 - Basis of Preparation of Financial Statements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 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 not 10 December 31, 2020 “2020 10 December 31, 2020 three March 31, 2021 not may December 31, 2021. The 2019 19" March 11, 2020, 19 March 2020, 19, March 24, 2020 April 15, 2020 April 2020, May 30, 2020. March first 2020 2020 first 2021 2020 March 2020. 19 first 2021. We have taken precautionary measures to mitigate the impact of COVID- 19, may 19 Correction of an Immaterial Error During the first 2021 Cost of sales and other direct production costs Income and mining tax provision January 1, 2021. January 1, 2019 January 1, 2020 10 |
Note 2 - Business Segments and
Note 2 - Business Segments and Sales of Products | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
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 concentrates, carbon material and doré containing silver, gold, lead and zinc. We are currently organized and managed in five General corporate activities not not The following tables present information about our reportable segments for the three March 31, 2021 2020 Three Months Ended 2021 2020 Net sales to unaffiliated customers: Greens Creek $ 98,409 $ 53,833 Lucky Friday 29,122 2,830 Casa Berardi 72,911 46,172 San Sebastian 173 9,927 Nevada Operations 10,237 24,163 $ 210,852 $ 136,925 Income (loss) from operations: Greens Creek $ 44,600 $ 4,117 Lucky Friday 6,323 (8,120 ) Casa Berardi 9,117 (3,880 ) San Sebastian (2,263 ) 679 Nevada Operations (3,140 ) 2,889 Other (16,188 ) (10,749 ) $ 38,449 $ (15,064 ) The following table presents identifiable assets by reportable segment as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Identifiable assets: Greens Creek $ 609,612 $ 610,360 Lucky Friday 513,645 520,463 Casa Berardi 683,103 694,522 San Sebastian 41,238 42,617 Nevada Operations 510,514 513,309 Other 296,965 286,453 $ 2,655,077 $ 2,667,724 Sales of products by metal for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Silver $ 77,760 $ 37,572 Gold 101,408 90,694 Lead 15,893 6,420 Zinc 29,191 17,308 Less: Smelter and refining charges (13,400 ) (15,069 ) Sales of products $ 210,852 $ 136,925 Sales of products for the first three 2021 2020 Note 8 |
Note 3 - Income Taxes
Note 3 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 3. Income and Mining Taxes Major components of our income and mining tax (provision) benefit for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Current: Domestic $ (2,277 ) $ (732 ) Foreign (2,286 ) (2,069 ) Total current income and mining tax provision (4,563 ) (2,801 ) Deferred: Domestic 319 1,250 Foreign (390 ) 2,613 Total deferred income and mining tax (provision) benefit (71 ) 3,863 Total income and mining tax (provision) benefit $ (4,634 ) $ 1,062 The income and mining tax (provision) benefit for the three March 31, 2021 2020 Effective January 1, 2021, Cost of Sales and other direct production costs Income and mining tax (provision) benefit three March 31, 2021 |
Note 4 - Employee Benefit Plans
Note 4 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 4. Employee Benefit Plans We sponsor defined benefit pension plans covering substantially all U.S. employees. Net periodic pension cost for the plans consisted of the following for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Service cost $ 1,455 $ 1,334 Interest cost 1,248 1,404 Expected return on plan assets (2,313 ) (1,872 ) Amortization of prior service cost 99 29 Amortization of net loss 1,125 1,163 Net periodic pension cost $ 1,614 $ 2,058 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, and the net expense for the three March 31, 2021 2020 In January 2021, 2021. not 2021, may |
Note 5 - Income (Loss) Per Comm
Note 5 - Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5. Income (Loss) Per Common Share We calculate basic income (loss) per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods. Potential dilutive shares of common stock include outstanding unvested restricted stock awards, performance-based share awards, 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 income (loss) per common share – basic and diluted (in thousands, except income (loss) per share): Three Months Ended March 31, 2021 2020 Numerator Net income (loss) $ 18,971 $ (17,185 ) Preferred stock dividends (138 ) (138 ) Net income (loss) applicable to common shares $ 18,833 $ (17,323 ) Denominator Basic weighted average common shares 534,101 523,215 Dilutive restricted stock units, warrants and deferred shares 6,426 — Diluted weighted average common shares 540,527 523,215 Basic income (loss) per common share $ 0.04 $ (0.03 ) Diluted income (loss) per common share $ 0.03 $ (0.03 ) Diluted income (loss) per share for the three March 31, 2021 2020 no For the three March 31, 2021, one three March 31, 2020, no |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6. Stockholders Equity Stock-based Compensation Plans Stock-based compensation expense for restricted stock unit and performance-based grants to employees and shares issued to non-employee directors totaled $0.5 million and $1.2 million for the first three 2021 2020, Common Stock Dividends On February 18, 2021, March 2021. fourth 2020 During May 2021, first 2021 Quarterly Average Realized Silver Price per Ounce Quarterly Silver-Linked Dividend per Share Annualized Silver-Linked Dividend per Share Annualized Minimum Dividend Annualized Dividends per Share: Silver-Linked and Minimum $25 $0.0075 $0.03 $0.015 $0.045 $30 $0.0125 $0.05 $0.015 $0.065 $35 $0.0225 $0.09 $0.015 $0.105 $40 $0.0325 $0.13 $0.015 $0.145 $45 $0.0425 $0.17 $0.015 $0.185 $50 $0.0525 $0.21 $0.015 $0.225 At-The-Market Equity Distribution Agreement Pursuant to an equity distribution agreement dated February 18, 2021, may not may 1933, 3. March 31, 2021. |
Note 7 - Debt, Credit Facility
Note 7 - Debt, Credit Facility and Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. Debt, Credit Facility and Leases Our debt as of March 31, 2021 December 31, 2020 February 15, 2028 ( 2020 July 9, 2025 ( March 31, 2021 December 31, 2020 March 31, 2021 Senior Notes IQ Notes Total Principal $ 475,000 $ 38,359 $ 513,359 Unamortized discount/premium and issuance costs (6,234 ) 867 (5,367 ) Long-term debt balance $ 468,766 $ 39,226 $ 507,992 December 31, 2020 Senior Notes IQ Notes Total Principal $ 475,000 $ 37,886 $ 512,886 Unamortized discount/premium and issuance costs (6,462 ) 818 (5,644 ) Long-term debt balance $ 468,538 $ 38,704 $ 507,242 The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of March 31, 2021 March 31, 2021. Twelve-month period ending March 31, Senior Notes IQ Notes Finance Leases Operating Leases 2022 $ 34,438 $ 2,499 $ 7,329 $ 3,696 2023 34,438 2,499 5,132 2,706 2024 34,438 2,499 3,643 2,002 2025 34,438 2,499 2,076 549 2026 34,438 39,045 — 525 Thereafter 539,568 — — 2,213 Total $ 711,758 $ 49,041 $ 18,180 $ 11,691 Credit Facility In July 2018, February 7, 2023. March 31, 2021 December 31, 2020, We are also able to obtain letters of credit under the facility, and for any such letters we are 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. There were $20.3 million in letters of credit outstanding as of March 31, 2021. We believe we were in compliance with all covenants under the credit agreement as of March 31, 2021. |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 8. Derivative Instruments General Our current risk management policy provides that up to 75% of: • our future foreign currency-related operating cost exposure for five may • our planned lead and zinc metals price exposure for five These instruments do, however, expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions. Foreign Currency Our wholly-owned subsidiaries owning the Casa Berardi and San Sebastian operations are USD-functional entities which routinely incur expenses denominated in CAD and Mexican pesos ("MXN"), respectively. Such expenses expose us to exchange rate fluctuations between the USD and CAD and MXN. We have a program to manage our exposure to fluctuations in the exchange rate between the USD and CAD and MXN for these subsidiaries' future operating costs denominated in CAD and MXN. The programs utilize forward contracts to buy CAD and MXN, and each contract is designated as a cash flow hedge. As of March 31, 2021, CAD$256.8 USD$194.8 2021 2024 March 31, 2021. As of March 31, 2021 December 31, 2020, March 31, December 31, Balance sheet line item: 2021 2020 Current derivatives assets $ 5.0 $ 3.5 Non-current derivatives assets 4.2 4.2 Net unrealized gains of approximately $9.5 million related to the effective portion of the hedges were included in accumulated other comprehensive loss as of March 31, 2021. March 31, 2021 twelve three March 31, 2021. three March 31, 2021. 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 The following tables summarize the quantities of metals committed under forward sales contracts at March 31, 2021 December 31, 2020: March 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 2021 settlements 1,492 5 12,070 1,587 $ 25.48 $ 1,736 $ 1.26 $ 0.89 Contracts on forecasted sales 2021 settlements — — 33,841 30,479 N/A N/A $ 1.20 $ 0.89 2022 settlements — — 53,407 42,715 N/A N/A $ 1.26 $ 0.96 2023 settlements — — 41,171 — N/A N/A $ 1.27 N/A December 31, 2020 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 2021 settlements 1,282 4 23,314 4,905 $ 25.00 $ 1,858 $ 1.19 $ 0.90 Contracts on forecasted sales 2021 settlements — — 41,577 30,876 N/A N/A $ 1.17 $ 0.88 2022 settlements — — 18,519 — N/A N/A $ 1.28 N/A In June 2019, not December 31, 2020, March 31, 2021. These forward and put option contracts are not We recorded the following balances for the fair value of the forward contracts as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Balance sheet line item: Contracts in an asset position Contracts in a liability position Net asset (liability) Contracts in an asset position Contracts in a liability position Net asset (liability) Current derivatives assets $ 3.3 $ (1.1 ) $ 2.2 $ 0.2 $ (0.2 ) $ — Non-current derivatives assets 2.3 (0.2 ) 2.1 0.5 (0.1 ) 0.4 Current derivatives liability — (3.9 ) (3.9 ) 0.1 (11.8 ) (11.7 ) Other non-current liabilities 0.4 (1.2 ) (0.8 ) — — — We recognized $2.8 million and $1.7 million net gains during the first 2021 2020, We recognized $0.5 million and $7.9 million net gains during the first 2021 2020, first 2021 Credit-risk-related Contingent Features Certain of our derivative contracts contain cross default provisions which provide that a default under our revolving credit agreement would cause a default under the derivative contract. As of March 31, 2021, not March 31, 2021, March 31, 2021, |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9. Fair Value Measurement Accounting guidance has established a hierarchy for inputs used to measure assets and liabilities at fair value on a recurring basis. The three Level 1: Level 2: Level 3: 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 March 31, 2021 Balance at December 31, 2020 Input Hierarchy Level Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 139,750 $ 129,830 Level 1 Current and non-current investments: Equity securities – mining industry 11,717 19,389 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 35,274 27,864 Level 2 Restricted cash balances: Certificates of deposit and other bank deposits 1,053 1,053 Level 1 Derivative contracts - current and non-current derivatives assets: Metal forward and put option contracts 4,349 381 Level 2 Foreign exchange contracts 9,192 7,647 Level 2 Total assets $ 201,335 $ 186,164 Liabilities: Derivative contracts - current derivatives liabilities and other non-current liabilities: Metal forward and put option contracts $ 4,742 $ 11,737 Level 2 Foreign exchange contracts — 19 Level 2 Total Liabilities $ 4,742 $ 11,756 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 Current and non-current restricted cash balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value. Our non-current available for sale securities consist of marketable equity securities of companies in the mining industry which are valued using quoted market prices for each security. Trade accounts receivable from provisional concentrate sales are subject to final pricing and valued using quoted prices based on forward curves for the particular metal. 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 MXN, and the impact on CAD- and MXN-denominated operating costs incurred at our Casa Berardi and San Sebastian units (see 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 Note 8 Our Senior Notes, which were recorded at their carrying value of $468.8 million, net of unamortized initial purchaser discount and issuance costs, had a fair value of $509.7 million at March 31, 2021. 1 Note 7 |
Note 10 - Commitments, Continge
Note 10 - Commitments, Contingencies and Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 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 Lucky Friday Water Permit Matters In December 2013, 308 no. 3 December 2015. may Johnny M Mine Area near San Mateo, McKinley County and San Mateo Creek Basin, New Mexico In May 2011, may August 2012, not December 2014 January 2021, first 2021 December 31, 2020) The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 not not may $9.0 In July 2018, may Carpenter Snow Creek and Barker-Hughesville Sites in Montana In July 2010, 1980s 6 1988. In June 2011, may may In February 2017, April 2017. June December 1983, In August 2018, may not Claim for Indemnification Against CoCa Mines, Inc. In 1991, 2014 2019, 1989 may 2016, may October 30, 2019, Litigation Related to Klondex Acquisition On May 24, 2019, one March 19, 2018 May 8, 2019, 10 20 1934 10b 5 first 2021. Debt See Note 7 March 31, 2021. Other Commitments Our contractual obligations as of March 31, 2021 March 31, 2021 Note 7 March 31, 2021, 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 may may no not |
Note 11 - Developments in Accou
Note 11 - Developments in Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 11. Developments in Accounting Pronouncements Accounting Standards Updates Adopted In December 2019, No. 2019 12 740 December 15, 2020, January 1, 2021, not Accounting Standards Updates to Become Effective in Future Periods In August 2020, No. 2020 06 470 20 815 40 December 15, 2021, |
Note 2 - Business Segments an_2
Note 2 - Business Segments and Sales of Products (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended 2021 2020 Net sales to unaffiliated customers: Greens Creek $ 98,409 $ 53,833 Lucky Friday 29,122 2,830 Casa Berardi 72,911 46,172 San Sebastian 173 9,927 Nevada Operations 10,237 24,163 $ 210,852 $ 136,925 Income (loss) from operations: Greens Creek $ 44,600 $ 4,117 Lucky Friday 6,323 (8,120 ) Casa Berardi 9,117 (3,880 ) San Sebastian (2,263 ) 679 Nevada Operations (3,140 ) 2,889 Other (16,188 ) (10,749 ) $ 38,449 $ (15,064 ) March 31, 2021 December 31, 2020 Identifiable assets: Greens Creek $ 609,612 $ 610,360 Lucky Friday 513,645 520,463 Casa Berardi 683,103 694,522 San Sebastian 41,238 42,617 Nevada Operations 510,514 513,309 Other 296,965 286,453 $ 2,655,077 $ 2,667,724 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2021 2020 Silver $ 77,760 $ 37,572 Gold 101,408 90,694 Lead 15,893 6,420 Zinc 29,191 17,308 Less: Smelter and refining charges (13,400 ) (15,069 ) Sales of products $ 210,852 $ 136,925 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2021 2020 Current: Domestic $ (2,277 ) $ (732 ) Foreign (2,286 ) (2,069 ) Total current income and mining tax provision (4,563 ) (2,801 ) Deferred: Domestic 319 1,250 Foreign (390 ) 2,613 Total deferred income and mining tax (provision) benefit (71 ) 3,863 Total income and mining tax (provision) benefit $ (4,634 ) $ 1,062 |
Note 4 - Employee Benefit Pla_2
Note 4 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2021 2020 Service cost $ 1,455 $ 1,334 Interest cost 1,248 1,404 Expected return on plan assets (2,313 ) (1,872 ) Amortization of prior service cost 99 29 Amortization of net loss 1,125 1,163 Net periodic pension cost $ 1,614 $ 2,058 |
Note 5 - Income (Loss) Per Co_2
Note 5 - Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Numerator Net income (loss) $ 18,971 $ (17,185 ) Preferred stock dividends (138 ) (138 ) Net income (loss) applicable to common shares $ 18,833 $ (17,323 ) Denominator Basic weighted average common shares 534,101 523,215 Dilutive restricted stock units, warrants and deferred shares 6,426 — Diluted weighted average common shares 540,527 523,215 Basic income (loss) per common share $ 0.04 $ (0.03 ) Diluted income (loss) per common share $ 0.03 $ (0.03 ) |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Potential Per Share Dividend Amounts Quarterly Price Levels [Table Text Block] | Quarterly Average Realized Silver Price per Ounce Quarterly Silver-Linked Dividend per Share Annualized Silver-Linked Dividend per Share Annualized Minimum Dividend Annualized Dividends per Share: Silver-Linked and Minimum $25 $0.0075 $0.03 $0.015 $0.045 $30 $0.0125 $0.05 $0.015 $0.065 $35 $0.0225 $0.09 $0.015 $0.105 $40 $0.0325 $0.13 $0.015 $0.145 $45 $0.0425 $0.17 $0.015 $0.185 $50 $0.0525 $0.21 $0.015 $0.225 |
Note 7 - Debt, Credit Facilit_2
Note 7 - Debt, Credit Facility and Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2021 Senior Notes IQ Notes Total Principal $ 475,000 $ 38,359 $ 513,359 Unamortized discount/premium and issuance costs (6,234 ) 867 (5,367 ) Long-term debt balance $ 468,766 $ 39,226 $ 507,992 December 31, 2020 Senior Notes IQ Notes Total Principal $ 475,000 $ 37,886 $ 512,886 Unamortized discount/premium and issuance costs (6,462 ) 818 (5,644 ) Long-term debt balance $ 468,538 $ 38,704 $ 507,242 |
Schedule of Maturities of Long Term Debt and Finance and Operating Lease Liabilities [Table Text Block] | Twelve-month period ending March 31, Senior Notes IQ Notes Finance Leases Operating Leases 2022 $ 34,438 $ 2,499 $ 7,329 $ 3,696 2023 34,438 2,499 5,132 2,706 2024 34,438 2,499 3,643 2,002 2025 34,438 2,499 2,076 549 2026 34,438 39,045 — 525 Thereafter 539,568 — — 2,213 Total $ 711,758 $ 49,041 $ 18,180 $ 11,691 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | March 31, December 31, Balance sheet line item: 2021 2020 Current derivatives assets $ 5.0 $ 3.5 Non-current derivatives assets 4.2 4.2 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | March 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 2021 settlements 1,492 5 12,070 1,587 $ 25.48 $ 1,736 $ 1.26 $ 0.89 Contracts on forecasted sales 2021 settlements — — 33,841 30,479 N/A N/A $ 1.20 $ 0.89 2022 settlements — — 53,407 42,715 N/A N/A $ 1.26 $ 0.96 2023 settlements — — 41,171 — N/A N/A $ 1.27 N/A December 31, 2020 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 2021 settlements 1,282 4 23,314 4,905 $ 25.00 $ 1,858 $ 1.19 $ 0.90 Contracts on forecasted sales 2021 settlements — — 41,577 30,876 N/A N/A $ 1.17 $ 0.88 2022 settlements — — 18,519 — N/A N/A $ 1.28 N/A |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2021 December 31, 2020 Balance sheet line item: Contracts in an asset position Contracts in a liability position Net asset (liability) Contracts in an asset position Contracts in a liability position Net asset (liability) Current derivatives assets $ 3.3 $ (1.1 ) $ 2.2 $ 0.2 $ (0.2 ) $ — Non-current derivatives assets 2.3 (0.2 ) 2.1 0.5 (0.1 ) 0.4 Current derivatives liability — (3.9 ) (3.9 ) 0.1 (11.8 ) (11.7 ) Other non-current liabilities 0.4 (1.2 ) (0.8 ) — — — |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Balance at March 31, 2021 Balance at December 31, 2020 Input Hierarchy Level Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 139,750 $ 129,830 Level 1 Current and non-current investments: Equity securities – mining industry 11,717 19,389 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 35,274 27,864 Level 2 Restricted cash balances: Certificates of deposit and other bank deposits 1,053 1,053 Level 1 Derivative contracts - current and non-current derivatives assets: Metal forward and put option contracts 4,349 381 Level 2 Foreign exchange contracts 9,192 7,647 Level 2 Total assets $ 201,335 $ 186,164 Liabilities: Derivative contracts - current derivatives liabilities and other non-current liabilities: Metal forward and put option contracts $ 4,742 $ 11,737 Level 2 Foreign exchange contracts — 19 Level 2 Total Liabilities $ 4,742 $ 11,756 |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation of Financial Statements (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)oz | Jan. 01, 2021USD ($) | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (377,229) | $ (391,374) | $ 365,200 |
Recognition of Previously Omitted Deferred Income Taxes on Certain State Mining Income Taxes [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (11,900) | ||
Casa Berardi [Member] | |||
Decrease in Expected Gold Production Due to Suspension (Ounce) | oz | 11,700 | ||
Suspension Costs | $ 1,600 | ||
San Sebastian [Member] | |||
Suspension Costs | 1,800 | ||
Greens Creek [Member] | |||
Suspension Costs from Quarantining Employee Per Week | $ 600 | $ 2,300 |
Note 2 - Business Segments an_3
Note 2 - Business Segments and Sales of Products (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Number of Reportable Segments | 5 | |
Derivative, Gain on Derivative | $ 2.8 | $ 1.7 |
Note 2 - Business Segments an_4
Note 2 - Business Segments and Sales of Products - Information About Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 30, 2021 | Dec. 31, 2020 | |
Net sales | $ 210,852 | $ 136,925 | ||
Income (loss) from operations | 38,449 | (15,064) | ||
Identifiable assets | 2,655,077 | $ 2,655,077 | $ 2,667,724 | |
Greens Creek [Member] | ||||
Net sales | 98,409 | 53,833 | ||
Income (loss) from operations | 44,600 | 4,117 | ||
Identifiable assets | 609,612 | 610,360 | ||
Lucky Friday [Member] | ||||
Net sales | 29,122 | 2,830 | ||
Income (loss) from operations | 6,323 | (8,120) | ||
Identifiable assets | 513,645 | 520,463 | ||
Casa Berardi [Member] | ||||
Net sales | 72,911 | 46,172 | ||
Income (loss) from operations | 9,117 | (3,880) | ||
Identifiable assets | 683,103 | 694,522 | ||
San Sebastian [Member] | ||||
Net sales | 173 | 9,927 | ||
Income (loss) from operations | (2,263) | 679 | ||
Identifiable assets | 41,238 | 42,617 | ||
Nevada Operations [Member] | ||||
Net sales | 10,237 | 24,163 | ||
Income (loss) from operations | (3,140) | 2,889 | ||
Identifiable assets | 510,514 | 513,309 | ||
Other Segments [Member] | ||||
Income (loss) from operations | $ (16,188) | $ (10,749) | ||
Identifiable assets | $ 296,965 | $ 286,453 |
Note 2 - Business Segments an_5
Note 2 - Business Segments and Sales of Products - Sales of Products (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Sales of products | $ 210,852 | $ 136,925 |
Less: Smelter and refining charges | (13,400) | (15,069) |
Silver Contracts [Member] | ||
Sales of products | 77,760 | 37,572 |
Gold [Member] | ||
Sales of products | 101,408 | 90,694 |
Lead [Member] | ||
Sales of products | 15,893 | 6,420 |
Zinc [Member] | ||
Sales of products | $ 29,191 | $ 17,308 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 4,634 | $ (1,062) |
Recognition of Previously Omitted Deferred Income Taxes on Certain State Mining Income Taxes [Member] | ||
Income Tax Expense (Benefit), Total | $ 3,100 |
Note 3 - Income Taxes - Major C
Note 3 - Income Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Domestic | $ (2,277) | $ (732) |
Foreign | (2,286) | (2,069) |
Total current income and mining tax provision | (4,563) | (2,801) |
Domestic | 319 | 1,250 |
Foreign | (390) | 2,613 |
Total deferred income and mining tax (provision) benefit | (71) | 3,863 |
Total income and mining tax (provision) benefit | $ (4,634) | $ 1,062 |
Note 4 - Employee Benefit Pla_3
Note 4 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 16.8 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 0.8 | ||
Other Nonoperating Income (Expense) [Member] | |||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 0.2 | $ 0.7 |
Note 4 - Employee Benefit Pla_4
Note 4 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Service cost | $ 1,455 | $ 1,334 |
Interest cost | 1,248 | 1,404 |
Expected return on plan assets | (2,313) | (1,872) |
Amortization of prior service cost | 99 | 29 |
Amortization of net loss | 1,125 | 1,163 |
Net periodic pension cost | $ 1,614 | $ 2,058 |
Note 5 - Income (Loss) Per Co_3
Note 5 - Income (Loss) Per Common Share (Details Textual) | 3 Months Ended |
Mar. 31, 2021shares | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 2,863,038 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 1,536,615 |
Incremental Common Shares Attributable to Dilutive Effect of Deferred Shares (in shares) | 2,026,440 |
Note 5 - Income (Loss) Per Co_4
Note 5 - Income (Loss) Per Common Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) | $ 18,971 | $ (17,185) |
Series B Preferred Stock dividends declared | (138) | (138) |
Income (loss) applicable to common stockholders | $ 18,833 | $ (17,323) |
Weighted average number of common shares outstanding - basic (in shares) | 534,101 | 523,215 |
Dilutive restricted stock units, warrants and deferred shares (in shares) | 6,426 | 0 |
Diluted weighted average common shares (in shares) | 540,527 | 523,215 |
Basic income (loss) per common share after preferred dividends (in dollars per share) | $ 0.04 | $ (0.03) |
Diluted income (loss) per common share after preferred dividends (in dollars per share) | $ 0.03 | $ (0.03) |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | May 06, 2021 | Feb. 18, 2021 | Feb. 16, 2021 | |
Share-based Payment Arrangement, Expense | $ 500,000 | $ 1,200,000 | ||||||
Quarterly Dividends, Common Stock, Cash (in dollars per share) | $ 0.00875 | |||||||
Quarterly Dividends, Common Stock, Cash, Silver Price-linked Component (in dollars per share) | 0.00375 | |||||||
Quarterly Dividends, Common Stock, Cash, Minimum Annual Dividend Component (in dollars per share) | $ 0.005 | |||||||
Dividends, Total | $ 4,700,000 | |||||||
Average Realized Silver Price Per Ounce | $ 25.16 | |||||||
Average Realized Silver Price, Minimum Dividend, Threshold (in dollars per share) | $ 25.66 | $ 25.66 | $ 25.66 | |||||
At-the-market Offering [Member] | ||||||||
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | 60,000 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | |||||||
Subsequent Event [Member] | ||||||||
Quarterly Dividends, Common Stock, Cash (in dollars per share) | $ 0.01 | |||||||
Quarterly Dividends, Common Stock, Cash, Silver Price-linked Component (in dollars per share) | $ 0.075 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Common Stock Dividend Policy (Details) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Quarterly Average Realized Price, Level 1 [Member] | |
Quarterly dividend per share (in dollars per share) | $ 0.0075 |
Annual dividend per share (in dollars per share) | 0.03 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | 0.045 |
Quarterly Average Realized Price, Level 2 [Member] | |
Quarterly dividend per share (in dollars per share) | 0.0125 |
Annual dividend per share (in dollars per share) | 0.05 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | 0.065 |
Quarterly Average Realized Price, Level 3 [Member] | |
Quarterly dividend per share (in dollars per share) | 0.0225 |
Annual dividend per share (in dollars per share) | 0.09 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | 0.105 |
Quarterly Average Realized Price, Level 4 [Member] | |
Quarterly dividend per share (in dollars per share) | 0.0325 |
Annual dividend per share (in dollars per share) | 0.13 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | 0.145 |
Quarterly Average Realized Price, Level 5 [Member] | |
Quarterly dividend per share (in dollars per share) | 0.0425 |
Annual dividend per share (in dollars per share) | 0.17 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | 0.185 |
Quarterly Average Realized Price, Level 6 [Member] | |
Quarterly dividend per share (in dollars per share) | 0.0525 |
Annual dividend per share (in dollars per share) | 0.21 |
Minimum annual component per share (in dollars per share) | 0.015 |
Annualized dividends (in dollars per share) | $ 0.225 |
Note 7 - Debt, Credit Facilit_3
Note 7 - Debt, Credit Facility and Leases (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2018 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||
Long-term Line of Credit, Total | $ 0 | $ 0 | |
Letters of Credit Outstanding, Amount | $ 20,300 | ||
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 | 4.00% | ||
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Principal | $ 513,359 | $ 512,886 |
Unamortized discount/premium and issuance costs | (5,367) | (5,644) |
Long-term debt balance | 507,992 | 507,242 |
The 2028 Senior Notes [Member] | ||
Principal | 475,000 | 475,000 |
Unamortized discount/premium and issuance costs | (6,234) | (6,462) |
Long-term debt balance | 468,766 | 468,538 |
IQ Notes [Member] | ||
Principal | 38,359 | 37,886 |
Unamortized discount/premium and issuance costs | 867 | 818 |
Long-term debt balance | $ 39,226 | $ 38,704 |
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 | Mar. 31, 2021USD ($) |
2022, finance leases | $ 7,329 |
2022, operating leases | 3,696 |
2023, finance leases | 5,132 |
2023, operating leases | 2,706 |
2024, finance leases | 3,643 |
2024, operating leases | 2,002 |
2025, finance leases | 2,076 |
2025, operating leases | 549 |
2026, finance leases | 0 |
2026, operating leases | 525 |
Thereafter, finance leases | 0 |
Thereafter, operating leases | 2,213 |
Total, finance leases | 18,180 |
Total, operating leases | 11,691 |
Senior Notes [Member] | The 2028 Senior Notes [Member] | |
2022 | 34,438 |
2023 | 34,438 |
2024 | 34,438 |
2025 | 34,438 |
2026 | 34,438 |
Thereafter | 539,568 |
Total | 711,758 |
Senior Notes [Member] | IQ Notes [Member] | |
2022 | 2,499 |
2023 | 2,499 |
2024 | 2,499 |
2025 | 2,499 |
2026 | 39,045 |
Thereafter | 0 |
Total | $ 49,041 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) $ in Thousands, $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021USD ($)oz | Mar. 31, 2020USD ($) | Dec. 31, 2020oz$ / oz | Mar. 31, 2021CAD ($) | Mar. 31, 2021MXN ($) | |
Maximum Allocation of Forecasted CAD-demonimated Operating Costs | 75.00% | 75.00% | 75.00% | ||
Forecasted CAD-denominated Operating Costs to be Hedged, Term (Year) | 5 years | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | $ 9,500 | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 600 | ||||
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | 0 | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | 10,962 | $ 10,437 | |||
Other Comprehensive Income (Loss) [Member] | |||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 4,800 | ||||
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Number of Instruments Held, Total | 133 | 133 | 133 | ||
Derivative, Notional Amount | $ 194,800 | $ 256.8 | $ 0 | ||
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |||||
Derivative, Forward Exchange Rate | 1.2702 | 1.2702 | 1.2702 | ||
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |||||
Derivative, Forward Exchange Rate | 1.3785 | 1.3785 | 1.3785 | ||
Silver Contracts [Member] | |||||
Derivative, Average Price Risk Option Strike Price (in USD per Ounce) | $ / oz | 16.50 | ||||
Derivative, Nonmonetary Notional Amount, Mass (Ounce) | oz | 0 | 1,100,000 | |||
Gold Contracts [Member] | |||||
Derivative, Average Price Risk Option Strike Price (in USD per Ounce) | $ / oz | 1,650 | ||||
Derivative, Nonmonetary Notional Amount, Mass (Ounce) | oz | 0 | 12,992 | |||
Unsettled Concentrate Sales Contracts [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 2,800 | 1,700 | |||
Forecasted Future Concentrate Contracts [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | 500 | $ 7,900 | |||
Commodity Contract [Member] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | 6,400 | ||||
Derivative, Fair Value, Obligations Under the Agreements | $ 6,400 |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Foreign Currency (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current derivatives assets | $ 7,195 | $ 3,470 |
Derivatives assets | 6,346 | 4,558 |
Foreign Exchange Contract [Member] | ||
Current derivatives assets | 5,000 | 3,500 |
Derivatives assets | $ 4,200 | $ 4,200 |
Note 8 - Derivative Instrumen_5
Note 8 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021ozlbg$ / oz$ / lb$ / item | Dec. 31, 2020ozlb$ / oz$ / lb | |
Silver 2021 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | oz | 1,492 | 1,282 |
Average price per ounce/pound (in USD per Ounce) | $ / oz | 25.48 | 25 |
Gold 2021 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | oz | 5 | 4 |
Average price per ounce/pound (in USD per Ounce) | $ / oz | 1,736 | 1,858 |
Zinc 2021 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 12,070 | 23,314 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.26 | 1.19 |
Lead 2021 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 1,587 | 4,905 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 0.89 | 0.90 |
Zinc 2021 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 33,841 | 41,577 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.20 | 1.17 |
Lead 2021 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 30,479 | 30,876 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 0.89 | 0.88 |
Zinc 2022 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 53,407 | 18,519 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.26 | 1.28 |
Lead 2022 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | g | 42,715 | |
Average price per ounce/pound (in USD per Ounce) | $ / item | 0.96 | |
Zinc 2023 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 41,171 | |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.27 |
Note 8 - Derivative Instrumen_6
Note 8 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Contracts in asset position | $ 7,195 | $ 3,470 |
Contracts in liability position | (3,906) | (11,737) |
Contracts in asset position | 6,346 | 4,558 |
Forward and Put Option Contracts [Member] | Current Derivatives Assets [Member] | ||
Contracts in asset position | 3,300 | 200 |
Contracts in liability position | (1,100) | (200) |
Net asset (liability) | 2,200 | 0 |
Forward and Put Option Contracts [Member] | Noncurrent Derivative Assets [Member] | ||
Net asset (liability) | 2,100 | 400 |
Contracts in asset position | 2,300 | 500 |
Contracts in liability position | (200) | (100) |
Forward and Put Option Contracts [Member] | Current Derivative Liabilities [Member] | ||
Contracts in asset position | 0 | 100 |
Contracts in liability position | (3,900) | (11,800) |
Net asset (liability) | (3,900) | (11,700) |
Forward and Put Option Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Net asset (liability) | (800) | 0 |
Contracts in asset position | 400 | 0 |
Contracts in liability position | $ (1,200) | $ 0 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurement (Details Textual) - Senior Notes [Member] $ in Millions | Mar. 31, 2021USD ($) |
Notes Payable, Total | $ 468.8 |
Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | $ 509.7 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables from provisional concentrate sales | $ 8,475 | $ 11,329 |
Fair Value, Recurring [Member] | ||
Total assets | 201,335 | 186,164 |
Total liabilities | 4,742 | 11,756 |
Fair Value, Inputs, Level 1 [Member] | ||
Certificates of deposit and other bank deposits | 1,053 | 1,053 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Money market funds and other bank deposits | 139,750 | 129,830 |
Equity securities – mining industry | 11,717 | 19,389 |
Fair Value, Inputs, Level 2 [Member] | ||
Receivables from provisional concentrate sales | 35,274 | 27,864 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Metal forward and put option contracts | 4,349 | 381 |
Foreign exchange contracts | 9,192 | 7,647 |
Metal forward and put option contracts | 4,742 | 11,737 |
Foreign exchange contracts | $ 0 | $ 19 |
Note 10 - Commitments, Contin_2
Note 10 - Commitments, Contingencies and Obligations (Details Textual) - USD ($) $ in Thousands | Oct. 30, 2019 | Jul. 31, 2018 | Dec. 31, 2014 | Aug. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Environmental Remediation Expense | $ 3,709 | $ 516 | ||||||
Contractual Obligation, Total | 2,100 | |||||||
Finance Lease, Liability, Payment, Due, Total | 18,180 | |||||||
Lessee, Operating Lease, Liability, to be Paid, Total | 11,691 | |||||||
Performance Obligation Commitments [Member] | ||||||||
Surety Bonds | 176,800 | |||||||
Letters of Credit Outstanding, Amount | 20,300 | |||||||
Lucky Friday [Member] | ||||||||
Open Purchase Orders | 4,000 | |||||||
Casa Berardi [Member] | ||||||||
Open Purchase Orders | 700 | |||||||
Greens Creek [Member] | ||||||||
Open Purchase Orders | 2,800 | |||||||
Nevada Operations [Member] | ||||||||
Open Purchase Orders | 2,700 | |||||||
PRP Lawsuit in Mineral County, Colorado [Member] | ||||||||
Loss Contingency, Damages Sought, Value | $ 5,000 | |||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | ||||||||
Payment Of Response Costs | $ 1,100 | $ 1,100 | ||||||
Estimated Response Costs | $ 9,600 | 9,000 | $ 6,100 | |||||
Environmental Remediation Expense | $ 9,000 | |||||||
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | ||||||||
Estimated Response Costs | $ 4,500 | |||||||
Estimated Future Response Cost | $ 100,000 |