Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
| Series B preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
| Series B preferred stock, shares issued (in shares) | 157,776 | 157,776 |
| Series B preferred stock, shares outstanding (in shares) | 157,776 | 157,776 |
| Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
| Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
| Common stock, shares issued (in shares) | 607,619,495 | 624,647,379 |
| Treasury Stock, Common, Shares | 8,535,161 | 8,132,553 |
| Series B Preferred Stock [Member] | ||
| Series B preferred stock, shares outstanding (in shares) | 157,776 | 157,776 |
| Preferred Stock, Liquidation Preference, Value | $ 7,889 | $ 7,889 |
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Treasury Stock |
Series B Preferred Stock |
Common Stock |
Capital Surplus |
Accumulated Deficit |
Accumulated Other Comprehensive Income (Loss), net |
|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2020 | $ 1,713,785 | $ (23,496) | $ 39 | $ 134,629 | $ 2,003,576 | $ (368,074) | $ (32,889) |
| Net loss | 35,095 | 0 | 0 | 0 | 0 | 35,095 | 0 |
| Stock issued to directors | 1,844 | 0 | 0 | 52 | 1,792 | 0 | 0 |
| Stock issued for 401(k) match | 4,339 | 0 | 0 | 172 | 4,167 | 0 | 0 |
| Restricted stock units granted | 4,238 | 0 | 0 | 0 | 4,238 | 0 | 0 |
| Stock Based Compensation Units Distributed | (4,525) | (4,525) | 413 | (413) | |||
| Common stock and Series B Preferred stock dividends declared | (20,672) | 0 | 0 | 0 | 0 | (20,672) | 0 |
| Common stock issued to pension plans | 22,250 | 0 | 0 | 1,125 | 21,125 | 0 | 0 |
| Other comprehensive income | 4,433 | 0 | 0 | 0 | 0 | 0 | 4,433 |
| Balance at Dec. 31, 2021 | 1,760,787 | (28,021) | 39 | 136,391 | 2,034,485 | (353,651) | (28,456) |
| Net loss | (37,348) | 0 | 0 | 0 | 0 | (37,348) | 0 |
| Stock issued to directors | 417 | 0 | 0 | 25 | 392 | 0 | 0 |
| Stock issued for 401(k) match | 4,470 | 0 | 0 | 245 | 4,225 | 0 | 0 |
| Restricted stock units granted | 5,595 | 0 | 0 | 0 | 5,595 | 0 | 0 |
| Stock Based Compensation Units Distributed | (3,677) | (3,677) | 447 | (447) | |||
| Common stock and Series B Preferred stock dividends declared | (12,932) | 0 | 0 | 0 | 0 | (12,932) | 0 |
| Common stock issued to pension plans | 9,740 | 0 | 0 | 548 | 9,192 | 0 | 0 |
| Common stock issued to Alexco Resource Corp. shareholders | 68,733 | 0 | 0 | 4,498 | 64,235 | 0 | 0 |
| Common stock issued to settle the acquired silver stream | 135,000 | 0 | 0 | 8,700 | 126,300 | 0 | 0 |
| Common stock issued upon conversion of Series B Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common stock issued under ATM program | 17,278 | 0 | 0 | 965 | 16,313 | 0 | 0 |
| Other comprehensive income | 30,904 | 0 | 0 | 0 | 0 | 0 | 30,904 |
| Balance at Dec. 31, 2022 | 1,978,967 | (31,698) | 39 | 151,819 | 2,260,290 | (403,931) | 2,448 |
| Net loss | (84,217) | 0 | 0 | 0 | 0 | (84,217) | 0 |
| Stock issued to directors | 676 | 0 | 0 | 31 | 645 | 0 | 0 |
| Stock issued for 401(k) match | 4,608 | 0 | 0 | 225 | 4,383 | 0 | 0 |
| Restricted stock units granted | 5,922 | 0 | 0 | 0 | 5,922 | 0 | 0 |
| Incentive compensation distributed | (2,036) | (2,036) | 359 | (359) | |||
| Common stock and Series B Preferred stock dividends declared | (15,713) | 0 | 0 | 0 | 0 | (15,713) | 0 |
| Common stock issued to pension plans | 1,035 | 0 | $ 0 | 62 | 973 | 0 | 0 |
| Common stock issued to ATAC Resources Ltd. | $ 18,789 | 0 | 919 | 17,870 | 0 | 0 | |
| Common stock issued to ATAC Resources Ltd. | 3,676,904 | 0 | |||||
| Common stock issued under ATM program | $ 56,684 | 0 | $ 0 | 2,661 | 54,023 | 0 | 0 |
| Other comprehensive income | 3,389 | 0 | 0 | 0 | 0 | 0 | 3,389 |
| Balance at Dec. 31, 2023 | $ 1,968,104 | $ (33,734) | $ 39 | $ 156,076 | $ 2,343,747 | $ (503,861) | $ 5,837 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (84,217) | $ (37,348) | $ 35,095 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Note 1 - The Company |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Notes To Financial Statements [Abstract] | |
| The Company | Note 1: The Company
Hecla Mining Company, and its affiliates and subsidiaries (collectively, “Hecla,” “we,” “us” or “the Company”), is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America. Our current holding company structure dates from the incorporation of Hecla Mining Company in 2006 and the renaming of our subsidiary (previously Hecla Mining Company) as Hecla Limited. Hecla Limited was incorporated on October 14, 1891 as an Idaho Corporation in northern Idaho’s Silver Valley. We believe we are the oldest operating precious metals mining company in the United States and the largest silver producer in the United States. Our corporate offices are in Coeur d’Alene, Idaho and Vancouver, British Columbia. The cash flow and profitability of the Company’s operations are significantly affected by the market price of silver, gold, lead and zinc, which are affected by numerous factors beyond our control.
On July 7, 2023, we completed the acquisition of ATAC Resources Ltd. ("ATAC"), a Canadian publicly traded company, for total consideration of approximately $19.4 million through the issuance of 3,676,904 shares of Hecla common stock to ATAC shareholders based on the share exchange ratio of 0.0166 Hecla share for each ATAC common share, and $0.6 million of acquisition costs. The acquisition was deemed to be an asset acquisition under GAAP as substantially all of the fair value of the gross assets acquired was concentrated in a single asset group being mineral interests. The total consideration was assigned to the estimated fair values of the assets acquired and liabilities assumed, with $18.1 million assigned to mineral interests. As part of the acquisition, we also acquired 5,502,956 units consisting of (i) shares of Cascadia Minerals Ltd. (“Cascadia”) representing a 19.9% stake, and (ii) full warrants with a five-year term for a CAD$2 million cash investment in Cascadia. Cascadia will be managed by the former management of ATAC, who will explore specific properties in the Yukon and British Columbia. We have the right to appoint two directors to Cascadia’s board.
References to “CAD” and “MXN” refer to the Canadian Dollar and Mexican Peso, respectively. |
Note 2 - Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Notes To Financial Statements [Abstract] | |
| Summary of Significant Accounting Policies | Note 2: Summary of Significant Accounting Policies
A. Principles of Consolidation, Basis of Presentation and Other Information — Our Consolidated Financial Statements have been prepared in accordance with GAAP, and include our accounts and our wholly-owned subsidiaries’ accounts. All inter-company balances and transactions have been eliminated in consolidation. Equity method accounting is applied for our investment in Cascadia, over which the Company does not have control, but does have significant influence over the activities that most significantly impact the investments operations and financial performance.
B. Assumptions and Use of Estimates — Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. We consider our most critical accounting estimates to be future metals prices; obligations for environmental, reclamation and closure matters and mineral reserves and resources. Other significant areas requiring the use of management assumptions and estimates relate to reserves for contingencies and litigation; asset impairments, including long-lived assets; valuation of deferred tax assets; and post-employment, post-retirement and other employee benefit assets and liabilities. We have based our estimates on historical experience and various other assumptions that we believe to be reasonable. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions.
C. Cash and Cash Equivalents — Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at fair value. Cash and cash equivalents are invested in money market funds, certificates of deposit, U.S. government and federal agency securities, municipal securities and corporate bonds. At certain times, amounts on deposit may exceed federal deposit insurance limits.
D. Investments — We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations at each reporting date. Currently all our investments are comprised of marketable equity securities and are carried at fair value or accounted for under the equity method. Marketable securities we anticipate selling within the next twelve months are included in other current assets. Gains and losses on the sale of securities are recognized on a specific identification basis. Gains and losses are included as a component of a separate line item, “fair value adjustments, net,” on our consolidated statements of operations and comprehensive (loss) income.
E. Inventories — Major types of inventories include materials and supplies and metals product inventory, which is determined by the stage at which the ore is in the production process (stockpiled ore, in-process and finished goods). Product inventories are stated at the lower of full cost of production or estimated net realizable value based on current metals prices. Materials and supplies inventories are stated at average cost.
Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit.
In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process, or net realizable value.
Finished goods inventory includes doré and concentrates at our operations, doré in transit to refiners or at refiners waiting to be processed, and bullion in our accounts at refineries.
F. Restricted Cash and Cash Equivalents — Restricted cash and cash equivalents primarily represent investments in certificates of deposit and bonds of U.S. government agencies and are restricted primarily for reclamation funding or surety bonds. Restricted cash and cash equivalents balances are carried at fair value. Non-current restricted cash and cash equivalents is reported in a separate line on the consolidated balance sheets and totaled $1.2 million at December 31, 2023 and 2022, respectively.
G. Properties, Plants, Equipment and Mineral Interests – Costs are capitalized when it has been determined an ore body can be economically developed. The development stage begins at new projects when our management and/or board of directors makes the decision to bring a mine into commercial production, and ends when the production stage, or exploitation of reserves, begins. Expenditures incurred during the development and production stages for new assets, new facilities, alterations to existing facilities that extend the useful lives of those facilities, and major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, shaft sinking, lateral development, drift development, ramps and infrastructure developments. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized.
The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production stage are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development stage. Where multiple open pits exist at an operation utilizing common facilities, pre-stripping costs are capitalized at each pit. The production stage of a mine commences when saleable materials, beyond a de minimis amount, are produced. Stripping costs incurred during the production stage are treated as variable production costs included as a component of inventory, to be recognized in cost of sales and other direct production costs in the same period as the revenue from the sale of inventory. When stripping costs incurred during the production phase result in the construction of an asset with an alternative use, such as a tailings storage facility, a portion of those stripping costs are capitalized.
Costs for exploration, pre-development, secondary development at operating mines, including drilling costs related to those activities (discussed further below), and maintenance and repairs on capitalized properties, plants and equipment are charged to operations as incurred. Exploration costs include those relating to activities carried out in search of previously unidentified resources or exploration targets, (a) at undeveloped concessions, or (b) at operating mines already containing proven and probable reserves, where a determination remains pending as to whether new target deposits outside of the existing reserve areas can be economically developed. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to the lack of evidence of economic viability, which is necessary to demonstrate future recoverability of these expenses. At an underground mine, secondary development costs are incurred for preparation of an ore body for production in a specific ore block, stope or work area, providing a relatively short-lived benefit only to the mine area they relate to, and not to the ore body as a whole. Primary development costs benefit long-term production, multiple mine areas, or the ore body as a whole, and are therefore capitalized.
Drilling, development and related costs are either classified as exploration, pre-development or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria: • whether the costs are incurred to further define resources or exploration targets at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; • whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and • whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred.
If all of these criteria are met, drilling, development and related costs are capitalized. Drilling and development costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling and development costs is appropriate: • completion of a favorable economic study and mine plan for the ore body targeted; • authorization of development of the ore body by management and/or the board of directors; and • there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met.
Drilling and related costs of approximately $17.6 million, $11.2 million, and $5.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, met our criteria for capitalization listed above at our production stage properties.
When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in current period net income (loss).
Our mineral interests, which are tangible assets, include acquired undeveloped mineral interests and royalty interests. Undeveloped mineral interests include: (i) resources which are measured, indicated or inferred with insufficient drill spacing or quality to qualify as proven and probable reserves; and (ii) inferred material and exploration targets not immediately adjacent to existing proven and probable reserves but accessible within the immediate mine infrastructure. Residual values for undeveloped mineral interests represent the expected fair value of the interests at the time we plan to convert, develop, further explore or dispose of the interests and are evaluated at least annually.
H. Depreciation, Depletion and Amortization — Capitalized costs are depreciated or depleted using the straight-line method or units-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 14 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually. Our estimates for reserves and resources are a key component in determining our units-of-production depreciation rates, with net book value of many assets depreciated over remaining estimated reserves. Reserves are estimates made by our professional technical personnel of the amount of metals that they believe could be economically and legally extracted or produced at the time of the reserve determination (discussed in J. Proven and Probable Mineral Reserves below). Our estimates of proven and probable mineral reserves and resources may change, possibly in the near term, resulting in changes to depreciation, depletion and amortization rates in future reporting periods.
Undeveloped mineral interests and value beyond proven and probable reserves are not amortized until such time as there are proven and probable reserves or the related mineralized material is converted to proven and probable reserves. At that time, the basis of the mineral interest is amortized on a units-of-production basis. Pursuant to our policy on impairment of long-lived assets (discussed further below), if it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves and its carrying value exceeds its estimated undiscounted future cash flows, the basis of the mineral interest is reduced to its fair value and an impairment loss is recorded to expense in the period in which it is determined to be impaired.
I. Impairment of Long-lived Assets — Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We perform the test for recoverability of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests.
Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of resources and exploration targets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows are dependent upon, among other factors, estimates of: (i) metals to be recovered from proven and probable mineral reserves and identified resources and exploration targets beyond proven and probable reserves, (ii) future production and capital costs, (iii) estimated metals prices (considering current and historical prices, forward pricing curves and related factors) over the estimated remaining mine life and (iv) market values of mineral interests. It is possible that changes could occur in the near term that could adversely affect our estimate of future cash flows to be generated from our operating properties. If estimated undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized for the difference between the carrying value and fair value of the property.
J. Proven and Probable Mineral Reserves — At least annually, management reviews the reserves used to estimate the quantities and grades of ore at our mines which we believe can be recovered and sold economically. Management’s calculations of proven and probable mineral reserves are based on financial, engineering and geological estimates, including future metals prices and operating costs, and an assessment of our ability to obtain the permits required to mine and process the material. From time to time, management obtains external audits or reviews of reserves.
Reserve estimates will change as existing reserves are depleted through production, as additional reserves are proven and added to the estimates and as market prices of metals, production or capital costs, smelter terms, the grade or tonnage of the deposit, throughput, dilution of the ore or recovery rates change.
K. Leases — Contractual arrangements are assessed at inception to determine if they represent or contain a lease. Right-of-use (“ROU”) assets related to operating leases are separately reported in the Consolidated Balance Sheets. ROU assets related to finance leases are included in Properties, plants, equipment and mineral interests, net. Separate current and non-current liabilities for operating and finance leases are reported on the Consolidated Balance Sheets.
Operating and finance lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.
L. Income and Mining Taxes — We provide for federal, state and foreign income taxes currently payable, as well as those deferred, due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. We record deferred tax assets and liabilities for expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse.
We evaluate uncertain tax positions in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized.
We evaluate our ability to realize deferred tax assets by considering the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies. Should we determine that a portion of our deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. When we determine, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance is made in the period such a determination is made.
We classify as income taxes mine license taxes incurred in the states of Alaska and Idaho, the net proceeds taxes incurred in Nevada, mining duties in Mexico, and resource taxes incurred in Quebec and Yukon, Canada.
M. Reclamation and Remediation Costs (Asset Retirement Obligations) — At our operating properties, we record a liability for the present value of our estimated environmental remediation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred.
At our non-operating properties, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Accruals for estimated losses from environmental remediation obligations have historically been recognized no later than completion of the remediation feasibility study for such facility and are charged to current earnings under provision for closed operations and environmental matters. Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management’s current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations.
Future closure, reclamation and environmental-related expenditures are difficult to estimate in many circumstances, due to the early stage nature of investigations, uncertainties associated with defining the nature and extent of environmental contamination, the application of laws and regulations by regulatory authorities, and changes in reclamation or remediation technology. We periodically review accrued liabilities for such reclamation and remediation costs as evidence becomes available indicating that our liabilities have potentially changed. Changes in estimates at our non-operating properties are reflected in current period net income (loss).
N. Revenue Recognition and Trade Accounts Receivable — Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues and accounts receivable upon completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré and carbon material, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré or carbon containing the agreed-upon metal quantities to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, we must estimate the prices at which sales of our concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts for some of the metals contained in our concentrate shipments.
Refining, selling and shipping costs related to sales of doré, metals from doré, and carbon are recorded to cost of sales as incurred. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customers for treatment, refining, smelting losses, and other charges negotiated by us with the customers. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed costs per ton of concentrate, and price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline.
O. Foreign Currency — The functional currency for our operations located in the U.S., Mexico and Canada is the U.S. dollar (“USD”) for all periods presented. Accordingly, for Casa Berardi and Keno Hill in Canada and San Sebastian in Mexico, we have translated our monetary assets and liabilities at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period net income (loss). Expenses incurred at our foreign operations and denominated in CAD and MXN expose us to exchange rate fluctuations between those currencies and the USD. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts to sell CAD and MXN.
P. Risk Management Contracts — We use derivative financial instruments as part of an overall risk-management strategy as a means of managing exposure to changes in metals prices and exchange rate fluctuations between the USD and CAD. We do not hold or issue derivative financial instruments for speculative trading purposes. We measure derivative contracts as assets or liabilities based on their fair value. Amounts recognized for the fair value of derivative asset and liability positions with the same counterparty and which would be settled on a net basis are offset against each other on our consolidated balance sheets. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to sales of products (for metals price-related contracts) or cost of sales (for foreign currency-related contracts). Ineffective portions of any change in fair value of a derivative are recorded in current period other operating income (expense). For derivatives qualifying as hedges, when the hedged items are sold, extinguished or terminated, or it is determined the hedged transactions are no longer likely to occur, gains or losses on the derivatives are reclassified from OCI to current earnings. As of December 31, 2023 and 2022, our foreign currency-related forward contracts qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI. Our base metals price-related forward contracts were designated as hedges effective November 1, 2021. Prior to November 1, 2021 our metals price-related forward contracts and put option contracts did not qualify for hedge accounting and all unrealized gains and losses were therefore reported in earnings.
Q. Stock Based Compensation — The fair values of equity instruments granted to employees that have vesting periods are expensed over the vesting periods on a straight-line basis. The fair values of instruments having no vesting period are expensed when granted. Stock-based compensation expense is recorded among general and administrative expenses, exploration and pre-development and cost of sales and other direct production costs.
R. Basic and Diluted Income (Loss) Per Common Share — We calculate basic income (loss) per share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.
S. Comprehensive Income (Loss) — In addition to net income (loss), comprehensive income (loss) includes certain changes in equity during a period, such as adjustments to minimum pension liabilities, adjustments to recognize the over-funded or under-funded status of our defined benefit pension plans, and the change in fair value of derivative contracts designated as hedge transactions, net of tax, if applicable.
T. New Accounting Pronouncements —
Accounting Standards Updates Adopted
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU 2021-01, Reference Rate Reform (Topic 848): Scope was issued which broadened the scope of ASU 2020-04 to include certain derivative instruments. In December 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, was issued which deferred the sunset date of ASU 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. Certain of our derivative instruments previously referenced London Interbank Offered Rate ("LIBOR") based rates and have been amended to eliminate the LIBOR-based rate references prior to July 1, 2023. There have been no significant impacts to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates.
Accounting Standards Updates to Become Effective in Future Periods
In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. |
Note 3 - Investments |
12 Months Ended |
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Dec. 31, 2023 | |
| Schedule of Investments [Abstract] | |
| Investments | Note 3: Investments
At December 31, 2023 and 2022, the fair value of our non-current investments was $33.7 million and $24.0 million, respectively. Our non-current investments consist of marketable equity securities which are carried at fair value and our investment in Cascadia which was acquired as part of the acquisition of ATAC and accounted for under the equity method. We recognized $0.3 million in equity losses of Cascadia since the acquisition which is included in the line item "Other net expenses" in our Consolidated Statement of Operations and Comprehensive (Loss) Income. We acquired marketable equity securities having a cost basis of $9.0 million and $32.0 million in 2023 and 2022, respectively. During 2023, 2022 and 2021, we recognized $0.2 million, $5.6 million and $4.3 million in net unrealized losses, respectively, in current earnings. |
Note 4 - Business Segments, Sales of Products and Significant Customers |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments, Sales of Products and Significant Customers | Note 4: Business Segments, Sales of Products and Significant Customers
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 five segments: Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations.
General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and environmental remediation services in the Yukon, Canada, are presented as “other.” The nature of the items that reconcile income (loss) from operations to loss before income and mining taxes are not related to our reportable segments.
The tables below present information about our reportable segments as of and for the years ended December 31, 2023, 2022 and 2021 (in thousands).
The following are our long-lived assets by geographic area as of December 31, 2023 and 2022 (in thousands):
Our sales for 2023 are primarily comprised of metal sales and $5.3 million of revenue from our Yukon environmental remediation services.
Our products consist of metal concentrates and carbon material, which we sell to custom smelters, metal traders and third-party processors, and unrefined bullion bars (doré), which may be sold as doré or further refined before sale to precious metal traders. Revenue is recognized upon the completion of the performance obligations and transfer of control of the product to the customer.
For sales of metals from refined doré, which we currently have at Casa Berardi, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. Refining, selling and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred.
For sales of carbon materials, transfer of control takes place, the performance obligation is met, the transaction price is known, and revenue is recognized generally at the time of arrival at the customer's facility.
For concentrate sales, which we currently have at Greens Creek, Lucky Friday, and Keno Hill, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment. Concentrates sold at Lucky Friday typically leave the mine and are received by the customer within the same day. However, there is a period of time between shipment of concentrates from Greens Creek and Keno Hill and their physical receipt by the customer, and judgment is required in determining when control has been transferred to the customer and the performance obligation has been met for those shipments. We have determined control is met, title is transferred and the performance obligation is met upon shipment of concentrate parcels from Greens Creek and Keno Hill because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the parcel and obtained the ability to realize all of the benefits from the product, 3) the concentrate content specifications are known, have been communicated to the customer, and the customer has the significant risks and rewards of ownership of it, 4) it is very unlikely a concentrate parcel from Greens Creek will be rejected by a customer upon physical receipt, and 5) we have the right to payment for the parcel.
Judgment is also required in identifying our concentrate sales performance obligations. Most of our concentrate sales involve “frame contracts” with smelters that can cover multiple years and specify certain terms under which individual parcels of concentrates are sold. However, some terms are not specified in the frame contracts and/or can be renegotiated as part of annual amendments to the frame contract. We have determined parcel shipments represent individual performance obligations satisfied at the point in time when control of the shipment is transferred to the customer.
The consideration we receive for our concentrate sales fluctuates due to changes in metals prices between the time of shipment and final settlement with the customer. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement with the customer. Also, it is unlikely a significant reversal of revenue for any one concentrate parcel will occur. As such, we use the expected value method to price the parcels until the final settlement date occurs, at which time the final transaction price is known. At December 31, 2023, metals contained in concentrate sales and exposed to future price changes totaled 0.7 million ounces of silver, 3,490 ounces of gold, 0.4 million pounds of zinc, and 12 million pounds of lead. However, as discussed in Note 10, we seek to mitigate the risk of price adjustments by using financially-settled forward contracts for some of our sales.
Sales and accounts receivable for concentrate shipments are recorded net of charges for treatment, refining, smelting losses, and other charges negotiated by us with the customers, which represent components of the transaction price. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed treatment and refining costs per ton of concentrate and may include price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline. Costs for shipping concentrates to customers are recorded to cost of sales as incurred.
Sales of metal concentrates and metal products are made principally to custom smelters, third-party processors and metal traders. The percentage of metal sales contributed by each segment is reflected in the following table:
Total sales for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
The following is metal sales information by geographic area based on the location of smelters and metal traders (for concentrate shipments) and the location of parent companies (for doré sales to metal traders) for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Metal sales by significant product type for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Metal sales for 2023, 2022 and 2021 included of $5.8 million, and $0.5 million, respectively, on derivative contracts for silver, gold, lead and zinc contained in our sales. See Note 10 for more information.
Metal sales from continuing operations to significant metals customers as a percentage of total sales were as follows for the years ended December 31, 2023, 2022 and 2021:
Our trade accounts receivable balance related to contracts with customers was $14.7 million and $45.1 million at December 31, 2023 and 2022, respectively, and included no allowance for credit losses. Trade accounts receivable balances with significant metals customers as of December 31, 2023 and 2022 were as follows.
We have determined our contracts do not include a significant financing component. For doré sales and sales of metal from doré, payment is received at the time the performance obligation is satisfied. Payment for carbon sales is received within a relatively short period of time after the performance obligation is satisfied. The amount of consideration for concentrate sales is variable, and we receive payment for a significant portion of the estimated value of concentrate parcels within a relatively short period of time after the performance obligation is satisfied.
We do not incur significant costs to obtain contracts, nor costs to fulfill contracts which are not addressed by other accounting standards. Therefore, we have not recognized an asset for such costs as of December 31, 2023 and 2022. |
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Note 5 - Environmental and Reclamation Activities |
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| Environmental and Reclamation Activities | Note 5: Environmental and Reclamation Activities
The liabilities accrued for our reclamation and closure costs at December 31, 2023 and 2022 were as follows (in thousands):
The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
Asset Retirement Obligations
Below is a reconciliation as of December 31, 2023 and 2022 (in thousands) of the asset retirement obligations (“ARO”) which are included in our total accrued reclamation and closure costs of $120.5 million and $117.0 million, respectively, discussed above. The estimated reclamation and closure costs were discounted using credit adjusted, risk-free interest rates ranging from 5.75% to 14.5% from the time we incurred the obligation to the time we expect to pay the retirement obligation.
Payments for reclamation obligations were incurred at Lucky Friday, Greens Creek, Keno Hill and our former Mexico operation San Sebastian.
The AROs related to the changes described above were discounted using a credit adjusted, risk-free interest rate of between 2.75% and 7.5% and inflation rates ranging from 2% to 4%. |
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Note 6 - Employee Benefit Plans |
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| Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Note 6: Employee Benefit Plans
Pensions and Other Post-retirement Plans
We sponsor defined benefit pension plans covering substantially all U.S. employees and a Supplemental Excess Retirement Plan (“SERP”) covering certain eligible employees. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2023, and the funded status as of December 31, 2023 and 2022 (in thousands):
The following table provides the amounts recognized in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands):
The benefit obligation and prepaid benefit costs were calculated by applying the following weighted average assumptions:
(1) 5% for 2023 and 2% per year thereafter. (2) 4% for 2023, 3% for 2024 and 2% per year thereafter.
The above assumptions were calculated based on information as of December 31, 2023 and 2022, the measurement dates for the plans. The discount rate is based on the yield curve for investment-grade corporate bonds as published by the U.S. Treasury Department. The expected rate of return on plan assets is based upon consideration of the plan’s current asset mix, historical long-term return rates and the plan’s historical performance. Our current assumption for the rate on plan assets is 7.25%. The vested benefit obligation is determined based on the actuarial present value of benefits to which employees are currently entitled, based on employees' expected date of separation or retirement.
Net periodic pension cost for the plans consisted of the following in 2023, 2022, and 2021 (in thousands):
The service cost component of net periodic pension cost is included in the same line items of our consolidated financial statements as other employee compensation costs. The net (benefit)/expense of ($4.1 million), ($5.4 million) and $0.6 million for 2023, 2022 and 2021, respectively, related to all other components of net periodic pension cost is included in other (expense) income on our consolidated statements of operations and comprehensive (loss) income.
Each defined benefit pension plan's statement of investment policy delineates the responsibilities of the board, the committee which administers the plan, the investment manager(s), and investment adviser/consultant, and provides guidelines on investment management. Investment objectives are established for each of the asset categories included in the pension plans with comparisons of performance against appropriate benchmarks. Each plan's policy calls for investments to be supervised by qualified investment managers. The investment managers are monitored on an ongoing basis by our outside consultant, with formal reporting to us and the consultant performed each quarter. The policy sets forth the following allocation of assets:
Each defined benefit pension plan's statement of investment policy and objectives aspires to achieve the assumed long term rate of return on plan assets established by the plan’s actuary plus one percent.
Accounting guidance has established a hierarchy of assets measured at fair value on a recurring basis. The three levels included in the hierarchy are:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: significant other observable inputs
Level 3: significant unobservable inputs
The fair values by asset category in each pension plan, along with their hierarchy levels, are as follows as of December 31, 2023 (in thousands):
The fair values by asset category in each defined benefit pension plan, along with their hierarchy levels, were as follows as of December 31, 2022 (in thousands):
Common stock investments included investments in Hecla common stock as of December 31, 2023 of $19.9 million (2022: $21.7 million for the Hecla Plans and $2.9 million (2022: $3.3 million) for the Lucky Friday plan.
Generally, investments are valued based on information provided by fund managers to each plan's trustee as reviewed by management and its investment advisers. Mutual funds and equities are valued based on available exchange data. Commingled equity funds consist of publicly-traded investments.
Fair value for real estate funds, hedge funds and common collective equity funds is measured using the net asset value per share (or its equivalent) practical expedient (“NAV”), and has not been categorized in the fair value hierarchy. There are no unfunded commitments related to these investments. There are no restrictions on redemptions of these funds as of December 31, 2023, except as limited by the redemption terms discussed below. The following summarizes information on the asset classes measured using NAV:
The following are estimates of future benefit payments, which reflect expected future service as appropriate, related to our pension plans (in thousands):
During 2023 and 2022 we contributed $1.0 million and $5.5 million in shares of our common stock to our defined benefit pension plans, respectively. During 2022 we also contributed $4.2 million in shares of our common stock to our SERP, respectively. We do not expect to be required to contribute to our defined benefit plans in 2024, but we may choose to do so.
The following table indicates whether our pension plans had accumulated benefit obligations (“ABO”) in excess of plan assets, or plan assets exceeded ABO (amounts are in thousands).
For the pension plans, the following amounts are included in “Accumulated other comprehensive income, net” on our balance sheet as of December 31, 2023, that have not yet been recognized as components of net periodic benefit cost (in thousands):
Except for a limited number of employees who participate in the SERP, non-U.S. employees are not eligible to participate in the defined benefit pension plans that we maintain for U.S. employees. Canadian employees participate in Canada's public retirement income system, which includes the following components: (i) the Canada (or Quebec) Pension Plan, which is an employee and employer contributory, earnings-related social insurance program, and (ii) the Old Age Security program. Mexican employees participate in Mexico's public retirement income system, which is based on contributions the employee, employer and the government submit to the retirement savings system. The system is administered through savings accounts managed by private fund managers selected by the participant.
Capital Accumulation Plans
Our Capital Accumulation Plan is available to all U.S. salaried and certain hourly employees upon employment. We make a matching contribution in the form of cash or stock of 100% of an employee’s contribution up to 6% of eligible earnings. Our matching contributions all in Hecla common stock were $4.6 million, $4.5 million and $4.3 million in 2023, 2022 and 2021, respectively.
We also maintain a 401(k) plan that is available to all hourly employees at Lucky Friday after completion of six months of service. When an employee meets eligibility requirements we make a matching cash contribution of 55% of the employee’s contribution up to, but not exceeding, 5% of the employee’s eligible earnings. Our matching contributions were $1.3 million, $0.6 million and $0.5 million in 2023, 2022 and 2021, respectively. |
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Note 7 - Income and Mining Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income and Mining Taxes | Note 7: Income and Mining Taxes
Major components of our income and mining tax benefit (provision) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands):
At December 31, 2023 and 2022, the net deferred tax liability was $102.0 million and $104.7 million, respectively. The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands).
We evaluated the positive and negative evidence available to determine the amount of valuation allowance required on our deferred tax assets. At December 31, 2023, the balance of our valuation allowances was $100.9 million compared to $72.9 million at December 31, 2022. We retained a balance of valuation allowance on Hecla US operations at December 31, 2023 of $4.3 million for state loss carryforwards and foreign tax credits. In the Nevada U.S. Group, the scheduling of reversing deferred tax assets and liabilities determined that existing tax loss carryforwards subject to the limitation of eighty percent reduction of taxable income may be limited in the future. A valuation allowance is recorded for $35.1 million. Due to cessation of operations in Mexico at the end of 2020, we are uncertain when a source of taxable income will be available in that jurisdiction. Therefore, a valuation allowance of $13.2 million was retained on deferred tax assets in Mexico. As of December 31, 2023, a $48.3 million valuation allowance is recorded for Canadian jurisdictions, primarily related to the Alexco acquisition in 2022. The changes in the valuation allowance for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):
As of December 31, 2023, for U.S. income tax purposes, we have federal and state net operating loss carryforwards of $893.6 million and $418.0 million, respectively. U.S. net operating loss carryforwards for periods arising before January 1, 2018 have a 20-year expiration period, the earliest of which could expire in 2028. U.S. net operating loss carryforwards of $408.2 million arising in 2018 and future periods have an indefinite carryforward period. We have foreign and provincial net operating loss carryforwards of $188.5 million each, which expire between 2031 and 2043. Our utilization of U.S. net operating loss carryforwards may be subject to annual limitations if there is a change in control as defined under Internal Revenue Code Section 382. As of December 31, 2023, no change in control has occurred in the Hecla U.S. group. Net operating losses acquired with the Nevada U.S. Group are subject to limitation under Internal Revenue Code Section 382. However, the annual limitation is not expected to have a material impact on our ability to utilize the losses.
We have Internal Revenue Code Section 163(j) interest expense limitation carryforwards of $3.4 million in Hecla US as of December 31, 2023. The carryforward results in a future tax benefit of $0.7 million and has an indefinite carryforward period. In the Nevada U.S. Group we have 163(j) interest expense limitation carryforwards of $20.6 million as of December 31, 2023. The carryforward results in a future tax benefit of $4.3 million and has an indefinite carryforward period.
As of December 31, 2023, we have foreign tax credit carryforwards of $2.0 million. The carryforward period for foreign tax credits is 10 years. Our foreign tax credits will expire between 2024 and 2026.
We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. We are no longer subject to income tax examinations by U.S. federal and state tax authorities for years prior to 2008, or examinations by foreign tax authorities for years prior to 2017. We are currently under examination in certain local Canadian tax jurisdictions. However, we do not anticipate any material adjustments.
We had no unrecognized tax benefits as of December 31, 2023 or 2022. Due to the net operating loss carryover provision, coupled with the lack of any unrecognized tax benefits, we have not provided for any interest or penalties associated with any unrecognized tax benefits. If interest and penalties were to be assessed, our policy is to charge interest to interest expense, and penalties to other operating expense. It is not anticipated that there will be any significant changes to unrecognized tax benefits within the next 12 months. |
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Note 8 - (Loss) Income per Common Share |
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| Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Loss) Income per Common Share | Note 8: (Loss) Income per Common Share We calculate basic income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method for options, warrants, and restricted stock units, and if-converted method for convertible preferred shares. Potential dilutive common shares include outstanding restricted stock unit awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we reported net losses, potential dilutive common shares are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented.
The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share):
For the year ended December 31, 2021, the calculation of diluted income per common share included (i) 2,317,007 unvested restricted stock units during the period, (ii) 1,557,503 warrants to purchase one share of common stock and (iii) 2,166,964 deferred shares that were dilutive. For the years ended December 31, 2023 and 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. |
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Note 9 - Debt, Credit Facility and Leases |
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| Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt, Credit Facility and Leases | Note 9: Debt, Credit Facility and Leases
Debt Summary
Our debt as of December 31, 2023 and 2022 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”) and our Investissement Quebec Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”). These debt arrangements are discussed further below. The following tables summarize our long-term debt balances as of December 31, 2023 and 2022 (in thousands):
The following table summarizes the scheduled annual future payments, including interest, for the Senior Notes and IQ Notes as of December 31, 2023 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2023.
Senior Notes
On February 19, 2020, we completed an offering of $475 million in aggregate principal amount of our Senior Notes under our shelf registration statement previously filed with the Securities and Exchange Commission. The Senior Notes are governed by the Indenture, dated as of February 19, 2020, as amended, among Hecla and certain of our subsidiaries and The Bank of New York Mellon Trust Company, N.A., as trustee. On March 19, 2020, the net proceeds from the offering of the Senior Notes ($469.5 million) were used, together with cash on hand, to redeem all of our previously-outstanding 6.875% Senior Notes that were due in 2021 (the "2021 Notes.")
The Senior Notes are recorded net of a 1.16% initial purchaser discount totaling $5.5 million. The Senior Notes bear interest at a rate of 7.25% per year from the date of issuance or from the most recent payment date on which interest has been paid or provided for. Interest on the Senior Notes is payable on February 15 and August 15 of each year, commencing August 15, 2020. During 2023, 2022 and 2021, interest expense on the statement of operations and comprehensive (loss) income related to the Senior Notes and 2021 Notes and amortization of the initial purchaser discount and fees related to the issuance of the Senior Notes and 2021 Notes totaled $34.4 million, $35.4 million and $35.4 million, respectively.
The Senior Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries (the “Guarantors”). The Senior Notes and the guarantees are, respectively, Hecla's and the Guarantors' general senior unsecured obligations and are subordinated to all of Hecla's and the Guarantors' existing and future secured debt to the extent of the assets securing that secured debt. In addition, the Senior Notes are effectively subordinated to all of the liabilities of Hecla's subsidiaries that are not guaranteeing the Senior Notes, to the extent of the assets of those subsidiaries.
The Senior Notes will be redeemable in whole or in part, at any time and from time to time on or after February 15, 2023, on the redemption dates and at the redemption prices specified in the Indenture, plus accrued and unpaid interest, if any, to the date of redemption. After February 15, 2023, we may redeem some or all of the Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued interest, if any, to the redemption date: (i) 105.438% for the twelve-month period beginning after February 15, 2023, (ii) 103.625% for the twelve-month period beginning after February 15, 2024, (iii) 101.813% for the twelve-month period beginning after February 15, 2025, and (iv) 100.000% after February 15, 2026. Since February 15, 2023, we may redeem up to 35% of the Senior Notes with the net cash proceeds of certain equity offerings.
Upon the occurrence of a change of control (as defined in the Indenture), each holder of Senior Notes will have the right to require us to purchase all or a portion of such holder's Senior Notes pursuant to a change of control offer (as defined in the Indenture), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of holders of the Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.
IQ Notes
On July 9, 2020, we entered into a note purchase agreement pursuant to which we issued CAD$50 million (USD$36.8 million at the time of the transaction) in aggregate principal amount of our IQ Notes to Investissement Québec, a financing arm of the Québec government. Because the IQ notes are denominated in CAD, the reported USD-equivalent principal balance will change with movements in the exchange rate. The IQ Notes were issued at a premium of 103.65%, or CAD$1.8 million, implying an effective annual yield of 5.74% and an aggregate principal amount to be repaid of CAD$48.2 million. The IQ Notes were issued in four equal installments of CAD$12.5 million on July 9, August 9, September 9 and October 9, 2020, with the first installment issued net of CAD$0.6 million in fees. The IQ Notes bear interest on amounts outstanding at a rate of 6.515% per year, payable on January 9 and July 9 of each year, commencing January 9, 2021. The IQ Notes are senior and unsecured and are pari passu in all material respects with the Senior Notes, including with respect to guarantees of the IQ Notes by certain of our subsidiaries. The net proceeds from the IQ Notes are available for general corporate purposes, including open market purchases of a portion of the Senior Notes and to pay for capital expenditures at Casa Berardi. Under the note purchase agreement for the IQ Notes and subject to a force majeure event, we met the requirement to invest in the aggregate CAD$100 million at Casa Berardi and other exploration and development projects in Quebec over the four-year period commencing on July 9, 2020. During 2023, 2022 and 2021, interest expense related to the IQ Notes, including premium and origination fees, totaled $2.3 million, $2.3 million and $2.3 million, respectively.
Credit Agreement
On July 21, 2022, we entered into a Credit Agreement (“Credit Agreement”) with various financial institutions (the “Lenders”), with Bank of America, N.A., as administrative agent for the Lenders and as swingline lender and Bank of Montreal as letters of credit issuers. The 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 Credit Agreement will have a maturity date of July 21, 2026. Proceeds of the revolving loans under the Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the Credit Agreement is based on the Company’s net leverage ratio and is calculated at (i) Term Secured Overnight Financing Rate ("SOFR") plus 2% to 3.5%; or (ii) Bank of America’s Base Rate plus 1% to 2.5% with Base Rate being the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus % or (iii) Term SOFR plus 1.00%. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount.
We are also required to pay a commitment fee of between 0.45% to 0.78750%, depending on our net leverage ratio. Letters of credit issued under the Credit Agreement bear a fee between 2.00% and 3.50% based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure. During 2023 we paid $0.6 million as commitment fees under the Credit Agreement included as part of Interest expense, net.
Hecla Mining Company and certain of our subsidiaries are the borrowers under the Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the Credit Agreement. As further security, the credit facility is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Green Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group.
As of December 31, 2023, $6.9 million (2022: $7.8 million) was used for letters of credit, and $128.0 million (2022: Undrawn) was drawn on the facility leaving $15.1 million available for borrowing.
We believe we were in compliance with all covenants under the Credit Agreement as of December 31, 2023.
Finance Leases
We have entered into various lease agreements, primarily for equipment at our operations, which we have determined to be finance leases. At December 31, 2023, the total liability associated with the finance leases, including certain purchase option amounts, was $26.8 million (2022: $20.9 million), with $9.8 million (2022: $9.5 million) of the and $17.0 million (2022: $11.4 million) classified as non-current. The assets related to these leases are recorded in and mineral interests, net, on our consolidated balance sheets and totaled $20.3 million as of December 31, 2023 (2022: $23.1 million), net of accumulated depreciation. Expense during 2023, 2022 and 2021 related to finance leases included $12.6 million, $7.1 million and $8.9 million, respectively, for amortization of the related assets, and $0.9 million, $0.9 million and $0.6 million, respectively, for interest expense. The total obligation for future minimum finance lease payments was $29.8 million as of December 31, 2023, with $3.0 million attributed to interest. Our finance leases as of December 31, 2023 had a weighted average remaining term of 2.2 years (2022: 1.9 years) and a weighted average discount rate of 9.9% (2022: 6.5%).
At December 31, 2023, the annual maturities of finance lease commitments, including interest, were (in thousands):
Operating Leases
We have entered into various lease agreements, primarily for equipment, buildings and other facilities, and land at our operations and corporate offices, which we have determined to be operating leases. Some of the operating leases allow for extension of the lease beyond the current term at our option. We have considered the likelihood and estimated duration of the extension options in determining the lease term for measurement of the liability and right-of-use asset. For our operating leases as of December 31, 2023, we have assumed a discount rate of 6.5% (2022: 6%). As of December 31, 2023, the total liability balance associated with the operating leases was $8.6 million (2022: $11.1 million), with $0.8 million (2022: $2.5 million) of the liability classified as current as part of and the remaining $7.8 million (2022: $8.6 million) classified as non-current as part of Other Non-Current Liabilities on our balance sheet. The right-of-use assets for our operating leases are recorded as a non-current asset on our consolidated balance sheets and totaled $8.3 million and $11.1 million as of December 31, 2023 and 2022, respectively. During 2023, 2022 and 2021, operating lease expense, and cash paid for operating leases included in net cash provided by operating activities, totaled $3.1 million, $3.1 million and $3.9 million, respectively. The weighted-average remaining lease term for our operating leases as of December 31, 2023 was 9.8 years (2022: 8.9 years).
At December 31, 2023, the annual maturities of undiscounted operating lease payments, including assumed extensions beyond the current lease terms, were (in thousands):
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Note 10 - Derivative Instruments |
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| Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | Note 10: Derivative Instruments
General
Our current risk management policy provides that up to 75% of five years of our foreign currency, lead and zinc metals price and silver and gold price exposure may be covered under a derivatives program with certain other limitations. Our program also utilizes derivatives to manage price risk exposure created from when revenue is recognized from a shipment of concentrate until final settlement.
These instruments expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price or currency exchange rate exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions.
Foreign Currency
Our wholly-owned subsidiaries owning the Casa Berardi operation and Keno Hill operation are USD-functional entities which routinely incur expenses denominated in CAD. Such expenses expose us to exchange rate fluctuations between the USD and CAD. We have a program to manage our exposure to fluctuations in the USD exchange rate for these subsidiaries' future operating and capital costs denominated in CAD. The program related to forecasted cash operating costs at Casa Berardi and Keno Hill utilizes forward contracts to buy CAD, some of which are designated as cash flow hedges. As of December 31, 2023, we have a total of 576 forward contracts outstanding to buy a total of CAD $422.1 million having a notional amount of USD$332.3 million for Casa Berardi, Keno Hill, and some corporate Canadian expenses. The CAD contracts that are related to forecasted cash operating costs at Casa Berardi and Keno Hill from 2024-2026 have a total notional value of CAD$355.4 million and have CAD-to-USD exchange rates ranging between 1.27670 and 1.36920. The CAD contracts that are related to forecasted capital expenditures at Casa Berardi from 2024-2026 have a total notional value of CAD$42.8 million at an average CAD-to-USD exchange rate of 1.353. The CAD contracts that are related to forecasted capital expenditures at Keno Hill from 2024-2026 have a total notional value of CAD$22.9 million at an average CAD-to-USD exchange rate of 1.354.
As of December 31, 2023 and 2022, we recorded the following balances for the fair value of the contracts (in millions):
Net unrealized gains of $1.3 million related to the effective portion of the hedges were included in accumulated other comprehensive income (loss) as of December 31, 2023. Unrealized gains and losses will be transferred from accumulated other comprehensive loss to current earnings as the underlying operating expenses are recognized. We estimate $0.2 million in net unrealized gains included in accumulated other comprehensive income (loss) as of December 31, 2023 will be reclassified to current earnings in the next twelve months. Net realized loses of $3.6 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive loss and included in cost of sales and other direct production costs for the year ended December 31, 2023. Net unrealized gains of $1.2 million related to contracts not designated as hedges and no net unrealized gains or losses related to ineffectiveness of the hedges were included in fair value adjustments, net on our consolidated statements of operations and comprehensive (loss) income for the year ended December 31, 2023.
Metals Prices
We are currently using financially-settled forward contracts to manage the exposure to: • changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and • changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments.
The following tables summarize the quantities of metals committed under forward sales contracts at December 31, 2023 and 2022:
Effective November 1, 2021, we designated the contracts for lead and zinc contained in our forecasted future shipments as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive loss until the hedged product ships. Prior to November 1, 2021, these contracts did not qualify for hedge accounting and were therefore marked-to-market through earnings each period. The forward contracts for silver and gold contained in our concentrate shipments have not been designated as hedges and are marked-to-market through earnings each period.
At December 31, 2023 and 2022, we recorded the following balances for the fair value of forward contracts held at that time (in millions):
Net realized and unrealized gains of $14.6 million related to the effective portion of the contracts designated as hedges were included in accumulated other comprehensive loss as of December 31, 2023. Realized and unrealized gains and losses will be transferred from accumulated other comprehensive loss to current earnings as the underlying forecasted sales transaction is recognized. We estimate $12.6 million in net realized and unrealized gains included in accumulated other comprehensive loss as of December 31, 2023 will be reclassified to current earnings in the next twelve months. The realized gains arose due to cash settlement of zinc and lead contracts in 2023 and zinc contracts in 2022 prior to maturity for proceeds of $8.5 million and $17.4 million, respectively. There were no early settlements in 2021. We recognized a net gain of $19.7 million, including a $20.6 million gain transferred from accumulated other comprehensive income (loss) during 2023 on the contracts utilized to manage exposure to changes in prices of metals in our concentrate shipments, which is included in sales of products. The net loss recognized on the contracts offsets gains related to price adjustments on our provisional concentrate sales due to changes to silver, gold, lead and zinc prices between the time of sale and final settlement.
We recognized a $32.9 million during 2021 on the contracts utilized to manage exposure to changes in prices for forecasted future sales prior to their hedge designation. The net loss on these contracts is included in the fair value adjustments, net line item under other income (expense), as they relate to forecasted future sales, as opposed to sales that have already taken place but are subject to final pricing as discussed in the preceding paragraph. The net loss for 2021 is the result of increasing silver, gold, zinc and lead prices.
Credit-risk-related Contingent Features
Certain of our derivative contracts contain cross default provisions which provide that a default under our revolving credit agreement would cause a default under the derivative contract. As of December 31, 2023, we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these arrangements was $1.6 million as of December 31, 2023, and includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at December 31, 2023, we could have been required to settle our obligations under the agreements at their termination value of $1.6 million. |
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Note 11- Fair Value Measurement |
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| Fair Value Measurement | Note 11: Fair Value Measurement
Fair value adjustments, net is comprised of the following (in thousands):
Accounting guidance has established a hierarchy for inputs used to measure assets and liabilities at fair value on a recurring basis. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels included in the hierarchy are:
Level 1: quoted prices in active markets for identical assets or liabilities;
Level 2: significant other observable inputs; and
Level 3: significant unobservable inputs.
The table below sets forth our assets and liabilities (in thousands) that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category. See Note 6 for information on the fair values of our defined benefit pension plan assets.
Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value.
Current and non-current restricted cash and cash equivalents balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value.
Our non-current investments consist of marketable equity securities of companies in the mining industry which are valued using quoted market prices for each security.
Trade accounts receivable include amounts due to us for shipments of concentrates, doré, metals sold from doré, and carbon material sold to customers. Revenues and the corresponding accounts receivable for sales of metals products are recorded when title and risk of loss transfer to the customer (generally at the time of ship loading, or at the time of arrival at the customer for trucked products). Sales of concentrates are recorded using estimated forward prices for the anticipated month of settlement applied to our estimate of payable metal quantities contained in each shipment. Sales are recorded net of estimated treatment and refining charges, which are also impacted by changes in metals prices and quantities of contained metals. We estimate the prices at which sales of our concentrates will be settled due to the time elapsed between shipment and final settlement with the customer. Receivables for previously recorded concentrate sales are adjusted to reflect estimated forward metals prices at the end of each period until final settlement by the customer. We obtain the forward metals prices used each period from a pricing service. Changes in metals prices between shipment and final settlement result in changes to revenues previously recorded upon shipment.
We use financially-settled forward contracts to manage exposure to changes in the exchange rate between the USD and CAD, and the impact on CAD-denominated operating and capital costs incurred at our Casa Berardi unit and Keno Hill development project (see Note 10 for more information). The contracts related to operating costs qualify for hedge accounting, while the contracts related to capital costs have not been designated as hedges. Unrealized gains and losses related to the effective portion of the contracts designated as hedges are included in accumulated other comprehensive loss, and unrealized gains and losses related to the contracts not designated as hedges and the ineffective portion of the contracts designated as hedges are included in earnings each period. The fair value of each contract represents the present value of the difference between the forward exchange rate for the contract settlement period as of the measurement date and the contract settlement exchange rate.
We use financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement. We also use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments (see Note 10 for more information). Effective November 1, 2021, we designated the contracts for lead and zinc as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive income until the hedged product ships. The forward contracts for silver and gold contained in our concentrate shipments have not been designated as hedges and are marked-to-market through earnings each period. The fair value of each forward contract represents the present value of the difference between the forward metal price for the contract settlement period as of the measurement date and the contract settlement metal price.
At December 31, 2023, our Senior Notes and IQ Notes were recorded at their carrying values of $478.7 million and $36.6 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $481.6 million and $37.2 million, respectively, at December 31, 2023. Quoted prices, which we consider to be Level 1 inputs, are utilized to estimate the fair value of the Senior Notes. Unobservable inputs which we consider to be Level 3, including an assumed current annual yield of 6.63%, are utilized to estimate the fair value of the IQ Notes. The credit agreement, which we consider to be Level 1 in the fair value hierarchy, has a carrying and fair value of $128 million. See Note 11 for more information. |
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Note 12 - Stockholders' Equity |
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| Stockholders' Equity | Note 12: Stockholders’ Equity
Common Stock
Subject to the rights of the holders of any outstanding shares of preferred stock, each share of common stock is entitled to: (i) one vote on all matters presented to the stockholders, with no cumulative voting rights; (ii) receive such dividends as may be declared by the board of directors out of funds legally available therefor; and (iii) in the event of our liquidation or dissolution, share ratably in any distribution of our assets.
Dividends
In September 2011 and February 2012, our Board of Directors (“Board”) adopted a common stock dividend policy that has two components: (1) a dividend that links the amount of dividends on our common stock to our average quarterly realized silver price in the preceding quarter, and (2) a minimum annual dividend of $0.01 per share of common stock, in each case, payable quarterly, if and when declared. In September 2020, we amended the dividend policy to (1) reduce the minimum quarterly realized silver price threshold for the first component above from $30 per ounce to $25 per ounce, and (2) increased the minimum annual dividend from $0.01 per share to $0.015 per share. In each of May and September 2021, our Board approved an increase in our silver-linked dividend policy by $0.01 per year, and in September 2021 also approved a reduction in the minimum realized silver price threshold to $20 from $25 per ounce. For illustrative purposes only, the table below summarizes potential per share dividend amounts at different quarterly average realized price levels according to the first component of the policy, as amended:
Total quarterly common stock dividends declared by our Board for the years ended December 31, 2023, 2022 and 2021 amounted to $15.2 million, $12.4 million and $20.1 million respectively. The common stock dividend declared by the Board in the third quarter of 2020 and each subsequent quarter with the exception of the fourth quarter of 2022 has included the silver-linked component, as the realized silver price was above the minimum thresholds applicable to each of those quarters. Prior to 2011, no dividends had been declared on our common stock since 1990. The declaration and payment of common stock dividends is at the sole discretion of our Board.
At-The-Market Equity Distribution Agreement
Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the equity distribution agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. During March, April and December of 2023, we sold 10,645,198 shares under the agreement for proceeds of $56.7 million, net of commissions and fees of $0.9 million. In total since September 2022 through December 31, 2023, we have sold 14,505,397 shares under the agreement for total proceeds of $74.0 million, net of commissions and fees of $1.2 million.
Common Stock Repurchase Program
In 2012, our Board approved a stock repurchase program under which we are authorized to repurchase up to 20 million shares of our outstanding common stock from time to time in open market or privately negotiated transactions, depending on prevailing market conditions and other factors. The repurchase program may be modified, suspended or discontinued by us at any time. As of December 31, 2023, a total of 934,100 shares have been repurchased under the program, at an average price of $3.99 per share. No shares were purchased under the program during the periods covered by these financial statements.
Preferred Stock
We have 157,776 shares (2022: 157,776 shares) of Series B Preferred Stock (“Preferred Stock”) outstanding which are listed on the New York Stock Exchange. The Preferred Stock ranks senior to our common stock with respect to dividend payments, and amounts due upon liquidation, dissolution or winding up. While the Preferred Stock remains outstanding, we cannot authorize the creation or issuance of any class or series of stock that ranks senior to the Preferred Stock with respect to dividend payments, and amounts due upon liquidation, dissolution or winding up, without the consent of 66 2/3% of the Preferred Stockholders. Preferred Stockholders are entitled to receive, when, as and if declared by our Board, an annual cash dividend of $3.50 per share of Preferred Stock, payable quarterly in arrears. Dividends are cumulative from the date of issuance, regardless of whether we have assets legally available for such payment. Total quarterly preferred stock dividends declared by our Board for the years ended December 31, 2023, 2022 and 2021 amounted to $552,000 per year, respectively. Interest is not payable on any accumulated dividends. The Preferred Stock is redeemable at our option at $50 per share of Preferred Stock, plus any unpaid dividends up to the date of redemption. The Preferred Stock has a liquidation preference of $50 per share of Preferred stock, or $7.9 million, plus an amount per share equal to all dividends undeclared and unpaid thereon to the date of final distribution. Except in limited circumstances, the Preferred Stockholders have no voting rights. Each share of Preferred Stock is convertible, in whole or in part, at the holder’s option into our common stock at a conversion price of $15.55 per common stock. During 2022, 40 shares of Preferred Stock were converted into 128 shares of our common stock.
Stock Award Plans
We use stock-based compensation plans to aid us in attracting, retaining and motivating our employees, as well as to provide incentives more directly linked to increases in stockholder value. These plans provide for the grant of options to purchase shares of our common stock, the issuance of restricted stock units, performance-based shares and other equity-based awards.
Stock-based compensation expense amounts recognized for the years ended December 31, 2023, 2022 and 2021 were $6.6 million, $6.0 million, and $6.1 million, respectively. Over the next twelve months, we expect to recognize $4.2 million in additional compensation expense as outstanding restricted stock units and performance-based shares vest.
Stock Incentive Plan
During 2010, our stockholders voted to approve the adoption of our 2010 Stock Incentive Plan and to reserve up to 20,000,000 shares of common stock for issuance under the plan. In the second quarter of 2019, our stockholders voted to approve an amendment to the plan to restore the number of shares of common stock available for issuance under the 2010 plan to the original 20,000,000 shares (along with other changes). The Board has broad authority under the 2010 plan to fix the terms and conditions of individual agreements with participants, including the duration of the award and any vesting requirements. As of December 31, 2023, there were 12,756,250 shares available for future grant under the 2010 plan.
Directors’ Stock Plan
In 2017, we adopted the amended and restated Hecla Mining Company Stock Plan for Non-Employee Directors (the “Directors’ Stock Plan”), which may be terminated by our board of directors at any time. Each non-employee director is credited each year with that number of shares determined by dividing $120,000 by the average closing price for our common stock on the New York Stock Exchange for the prior calendar year. A minimum of 25% of the shares credited each year is held in trust for the benefit of each director until delivered to the director. Each director may elect, prior to the first day of the applicable year, to have a greater percentage contributed to the trust for that year. Delivery of the shares from the trust occurs upon the earliest of: (1) death or disability; (2) retirement; (3) a cessation of the director’s service for any other reason; (4) a change in control; or (5) at the election of the director at any time, provided, however, that shares must be held in the trust for at least two years prior to delivery. During 2023, 2022, and 2021, 125,063, 98,310, and 207,375 shares, respectively, were credited to the non-employee directors. During 2023, 2022 and 2021, $0.7 million, $0.4 million, and $1.8 million, respectively, was charged to general and administrative expense associated with the shares issued to the non-employee directors. During 2022, two directors retired and 388,175 shares were distributed to them. At December 31, 2023, there were 2,165,894 available for grant in the future under the plan.
Restricted Stock Units
Unvested restricted stock units ("RSU") activity granted by the Board to employees are summarized as follows:
Unvested RSUs will be forfeited by participants upon termination of employment in advance of vesting, with the exception of termination due to retirement if certain criteria are met. At December 31, 2023, there was unrecognized compensation expense of $5.2 million related to unvested RSUs to be recognized over a weighted average period of 1.3 years.
Performance-Based Shares
We periodically grant performance-based share awards ("PSUs") to certain executive employees. The value of the PSUs (if any) is based on the ranking of the market performance of our common stock relative to the performance of the common stock of a group of peer companies over a three-year measurement period. The number of shares to be issued (if any) is based on the value of the PSUs divided by the share price at grant date. The compensation cost is measured using a Monte Carlo simulation to estimate their value at grant date, and the expense related to the performance-based awards (if any) will be recognized on a straight-line basis over the thirty months following that date of the PSUs.
Unvested PSUs activity granted by the Board to eligible employees are summarized as follows:
Unvested PSUs will be forfeited by participants upon termination of employment in advance of vesting. At December 31, 2023, there was an unrecognized compensation expense of $1.0 million related to unvested PSUs to be recognized over a weighted average period of 1.5 years.
In connection with the vesting of restricted stock units, PSUs and other stock grants, employees have in the past, at their election and when permitted by us, chosen to satisfy their tax withholding obligations through net share settlement, pursuant to which we withhold the number of shares necessary to satisfy such withholding obligations and pay the obligations in cash. Pursuant to such net settlements, in 2023, we withheld 404,514 shares valued at $2.0 million, or $5.03 per share. In 2022, we withheld 737,258 shares valued at $3.7 million, or $4.99 per share. In 2021, we withheld 574,251 shares valued at $4.5 million, or $7.88 per share. These shares become treasury shares unless we cancel them.
Warrants
We have 4,136,000 warrants outstanding since the Klondex acquisition in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. The warrants have the following key terms:
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Note 13 - Accumulated Other Comprehensive Income (Loss) |
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| Accumulated Other Comprehensive Income (Loss) | Note 13: Accumulated Other Comprehensive Income (Loss)
The following table lists the beginning balance, yearly activity and ending balance of each component of “Accumulated other comprehensive income (loss), net” (in thousands):
The amounts above are net of the income tax effect of such balances and activity as summarized in the following table (in thousands):
See Note 6 for more information on our employee benefit plans and Note 10 for more information on our derivative instruments. |
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Note 14 - Product Inventories |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Inventories | Note 14: Product Inventories
Product Inventories
Our major components of product inventories are (in thousands):
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Note 15 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Properties, Plants, Equipment and Mineral Interests, and Lease Commitments | Note 15: Properties, Plants, Equipment and Mineral Interests, and Lease Commitments
Properties, Plants, Equipment and Mineral Interests
Our major components of properties, plants, equipment, and mineral interests are (in thousands):
During 2023, we incurred total capital expenditures of $223.9 million. This excludes non-cash items for equipment acquired under finance leases and adjustments for asset retirement obligations, and includes acquisitions of mineral interests and land. The expenditures included $65.3 million at Lucky Friday, $43.5 million at Greens Creek, $70.1 million at Casa Berardi and $44.7 million at Keno Hill.
Mineral interests include amounts for value beyond proven and probable reserves (“VBPP”) related to mines and exploration or pre-development interests acquired by us which are not depleted until the mineralized material they relate to is converted to proven and probable reserves. As of December 31, 2023, mineral interests included VBPP assets of $323.6 million, $383.6 million, $86.3 million and $102.1 million, respectively, at Casa Berardi, Nevada Operations, Greens Creek and Keno Hill, along with various other properties. As of December 31, 2022, mineral interests included VBPP assets of $323.6 million, $383.6 million, $93.8 million, and $102.1 million respectively, at Casa Berardi, Nevada Operations, Greens Creek, and Keno Hill along with various other properties.
Finance Leases
We periodically enter into lease agreements, primarily for equipment at our operations, which we have determined to be finance leases. As of December 31, 2023 and 2022, we have recorded $106.9 million and $90.8 million, respectively, for the gross amount of assets acquired under the finance leases and $86.5 million and $67.7 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mineral interests. See Note 9 for information on future obligations related to our finance leases. |
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Note 16 - Commitments, Contingencies, and Obligations |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Disclosure Text Block [Abstract] | |
| Commitments, Contingencies, and Obligations | Note 16: Commitments, Contingencies, and Obligations
Johnny M Mine Area near San Mateo, McKinley County and San Mateo Creek Basin, New Mexico
In August 2012, Hecla Limited and the U.S. Environmental Protection Agency (the “EPA”) entered into a Settlement Agreement and Administrative Order on Consent for Removal Action (“Consent Order”) regarding the Johnny M Mine Area near San Mateo, McKinley County, New Mexico. Mining at the Johnny M Mine was conducted for a limited period of time by a predecessor of Hecla Limited, and the EPA had previously asserted that Hecla Limited may be responsible under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) for environmental remediation and past costs incurred by the EPA at the site. Under the Consent Order, Hecla Limited agreed to pay (i) $1.1 million to the EPA for its past response costs at the site and (ii) any future response costs at the site under the Consent Order, in exchange for a covenant not to sue by the EPA. In December 2014, Hecla Limited submitted to the EPA the Engineering Evaluation and Cost Analysis (“EE/CA”) for the site which recommended on-site disposal of mine-related material. In January 2021, the parties began negotiating a new consent order to design and implement the on-site disposal response action recommended in the EE/CA. Based on the foregoing, we believe it is probable that Hecla Limited will incur a liability for the CERCLA removal action and we have accrued $10.1 million, primarily representing estimated current costs to design and implement the remedy, which are subject to change as fieldwork is performed. It is possible that Hecla Limited’s liability will be more than $10.1 million, and any increase in liability could have a material adverse effect on Hecla Limited’s or our results of operations or financial position.
The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. In addition to Johnny M, Hecla Limited’s predecessor was involved at other mining sites within the SMCB. The EPA appears to have deferred consideration of listing the SMCB site on CERCLA’s National Priorities List (“Superfund”) by removing the site from its emphasis list, and is working with various potentially responsible parties (“PRPs”) at the site in order to study and potentially address perceived groundwater issues within the SMCB. The EE/CA discussed above relates primarily to contaminated rock and soil at the Johnny M site, not groundwater and not elsewhere within the SMCB site. It is possible that Hecla Limited’s liability at the Johnny M Site, and for any other mine site within the SMCB at which Hecla Limited’s predecessor may have operated, will be greater than our current accrual of $10.1 million due to the increased scope of required remediation.
In July 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the SMCB site or for costs incurred by the EPA in cleaning up the site. The EPA stated it has incurred approximately $9.6 million in response costs to date. On May 2, 2022, Hecla Limited received a letter from a PRP notifying Hecla Limited that three PRPs will seek cost recovery and contribution from Hecla Limited under CERCLA for certain investigatory work performed by the PRPs at the SMCB site. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by the various PRPs.
Carpenter Snow Creek and Barker-Hughesville Sites in Montana
In July 2010, the EPA made a formal request to Hecla for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historical mining district, and in the early 1980s Hecla Limited leased 6 mining claims and performed limited exploration activities at the site. Hecla Limited terminated the mining lease in 1988.
In June 2011, the EPA informed Hecla Limited that it believes Hecla Limited, and several other PRPs, may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA stated in the letter that it has incurred approximately $4.5 million in response costs and estimated that total remediation costs may exceed $100 million. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by various other PRPs.
In February 2017, the EPA made a formal request to Hecla for information regarding the Barker-Hughesville Mining District Superfund site located in Judith Basin and Cascade Counties, Montana. Hecla Limited submitted a response in April 2017. The Barker-Hughesville site is located in a historic mining district, and between approximately June and December 1983, Hecla Limited was party to an agreement with another mining company under which limited exploration activities occurred at or near the site.
In August 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA did not include an amount of its alleged response costs to date. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning past or anticipated future costs at the site and the relative contributions of contamination by various other PRPs.
Lucky Friday and Keno Hill Environmental Issues
On July 12, 2022, our Lucky Friday mine received a notice of violation from the EPA alleging violations of the Clean Water Act between 2018 and 2021 relating primarily to concentration levels of zinc and lead in the mine’s permitted water discharges. Currently, the EPA has not initiated any formal enforcement proceeding against our Lucky Friday subsidiary. In civil judicial cases, the EPA can seek statutory penalties up to $59,973 per day per violation and, in administrative actions, the EPA can seek administrative penalties up to $23,989 per day per violation with a maximum administrative penalty of $299,989 for all alleged violations. The EPA typically pursues administrative penalties. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA.
On December 14, 2023 and January 29, 2024, our Keno Hill mine received notice from the Yukon government that it is charged with violating the Quartz Mining Act and the Waters Act, two statutes of the Yukon Territory, relating to alleged violations of Keno Hill’s mining license and water license. The allegations are that the mine stored hazardous materials inconsistent with the terms of its mining license on or between April 19, 2022 and July 25, 2023 and exceeded water discharge limits in its water license on June 27 and December 6, 2023. If convicted, the maximum fine for an offense under both of these laws is $100,000 per offense. Because we are at the initial stages of this regulatory proceeding, we cannot reasonably predict the outcome of this matter at this time.
Litigation Related to Klondex Acquisition
On May 24, 2019, a purported Hecla stockholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against Hecla and certain of our executive officers, one of whom is also a director. The complaint, purportedly brought on behalf of all purchasers of Hecla common stock from March 19, 2018 through and including May 8, 2019, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks, among other things, damages and costs and expenses. Specifically, the complaint alleges that Hecla, under the authority and control of the individual defendants, made certain material false and misleading statements and omitted certain material information regarding Hecla’s Nevada Operations. The complaint alleges that these misstatements and omissions artificially inflated the market price of Hecla common stock during the class period, thus purportedly harming investors. The Court granted our Motion to Dismiss the lawsuit, without prejudice, in February 2023, and the plaintiffs filed an amended complaint in March 2023 which repeats the same claims. We have filed a Motion to Dismiss the amended complaint. We cannot predict the outcome of this lawsuit or estimate damages if plaintiffs were to prevail. We believe that these claims are without merit and intend to defend them vigorously.
Related to this class action lawsuit, Hecla has been named as a nominal defendant in a shareholder derivative lawsuit which also names as defendants certain current and past (i) members of Hecla’s board of directors and (ii) officers of Hecla. The case was filed on May 4, 2022 in the Delaware Chancery Court. In general terms, the suit alleges breaches of fiduciary duties by the individual defendants, waste of corporate assets and unjust enrichment, and seeks damages, purportedly on behalf of Hecla.
Debt
See Note 9 for information on the commitments related to our debt arrangements as of December 31, 2023.
Other Commitments
Our contractual obligations as of December 31, 2023 included open purchase orders and commitments of $11.4 million, $8.1 million, $10.7 million, $2.8 million and $3.5 million for various capital and non-capital items at Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations, respectively. We also have total commitments of $29.8 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, Casa Berardi, and Keno Hill units, and total commitments of $11.6 million relating to payments on operating leases (see Note 9 for more information). As part of our ongoing business and operations, we are required to provide surety bonds, bank letters of credit, and restricted deposits for various purposes, including financial support for environmental reclamation obligations and workers compensation programs. As of December 31, 2023, we had surety bonds totaling $195.4 million and letters of credit totaling $6.9 million in place as financial support for future reclamation and closure costs, self-insurance, and employee benefit plans. The obligations associated with these instruments are generally related to performance requirements that we address through ongoing operations. As the requirements are met, the beneficiary of the associated instruments cancels or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure of the sites. We believe we are in compliance with all applicable bonding requirements and will be able to satisfy future bonding requirements as they arise.
Other Contingencies
We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently have no basis to conclude that any or all of such contingencies will materially affect our financial position, results of operations or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by us, and there can be no assurance that their ultimate disposition will not have a material adverse effect on our financial position, results of operations or cash flows. |
Note 17 - Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Notes To Financial Statements [Abstract] | |
| Subsequent Events [Text Block] | Note 17: Subsequent events
On February 13, 2024, our Board of Directors declared a quarterly cash dividend of $0.00625 per share of common stock, consisting of $0.00375 per share for the minimum dividend component and $0.0025 per share for the silver-linked dividend component of our dividend policy.
On February 13, 2024, we collected $5.4 million of insurance coverage proceeds related to the Lucky Friday fire insurance coverage claim. |
Note 2 - Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation, Basis of Presentation and Other Information | A. Principles of Consolidation, Basis of Presentation and Other Information — Our Consolidated Financial Statements have been prepared in accordance with GAAP, and include our accounts and our wholly-owned subsidiaries’ accounts. All inter-company balances and transactions have been eliminated in consolidation. Equity method accounting is applied for our investment in Cascadia, over which the Company does not have control, but does have significant influence over the activities that most significantly impact the investments operations and financial performance.
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| Assumptions and Use of Estimates | B. Assumptions and Use of Estimates — Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. We consider our most critical accounting estimates to be future metals prices; obligations for environmental, reclamation and closure matters and mineral reserves and resources. Other significant areas requiring the use of management assumptions and estimates relate to reserves for contingencies and litigation; asset impairments, including long-lived assets; valuation of deferred tax assets; and post-employment, post-retirement and other employee benefit assets and liabilities. We have based our estimates on historical experience and various other assumptions that we believe to be reasonable. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. |
| Cash and Cash Equivalents | C. Cash and Cash Equivalents — Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at fair value. Cash and cash equivalents are invested in money market funds, certificates of deposit, U.S. government and federal agency securities, municipal securities and corporate bonds. At certain times, amounts on deposit may exceed federal deposit insurance limits. |
| Investments | D. Investments — We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations at each reporting date. Currently all our investments are comprised of marketable equity securities and are carried at fair value or accounted for under the equity method. Marketable securities we anticipate selling within the next twelve months are included in other current assets. Gains and losses on the sale of securities are recognized on a specific identification basis. Gains and losses are included as a component of a separate line item, “fair value adjustments, net,” on our consolidated statements of operations and comprehensive (loss) income. |
| Inventories | E. Inventories — Major types of inventories include materials and supplies and metals product inventory, which is determined by the stage at which the ore is in the production process (stockpiled ore, in-process and finished goods). Product inventories are stated at the lower of full cost of production or estimated net realizable value based on current metals prices. Materials and supplies inventories are stated at average cost.
Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit.
In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process, or net realizable value.
Finished goods inventory includes doré and concentrates at our operations, doré in transit to refiners or at refiners waiting to be processed, and bullion in our accounts at refineries. |
| Restricted Cash and Investments | F. Restricted Cash and Cash Equivalents — Restricted cash and cash equivalents primarily represent investments in certificates of deposit and bonds of U.S. government agencies and are restricted primarily for reclamation funding or surety bonds. Restricted cash and cash equivalents balances are carried at fair value. Non-current restricted cash and cash equivalents is reported in a separate line on the consolidated balance sheets and totaled $1.2 million at December 31, 2023 and 2022, respectively. |
| Properties, Plants, Equipment and Mineral Interests | G. Properties, Plants, Equipment and Mineral Interests – Costs are capitalized when it has been determined an ore body can be economically developed. The development stage begins at new projects when our management and/or board of directors makes the decision to bring a mine into commercial production, and ends when the production stage, or exploitation of reserves, begins. Expenditures incurred during the development and production stages for new assets, new facilities, alterations to existing facilities that extend the useful lives of those facilities, and major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, shaft sinking, lateral development, drift development, ramps and infrastructure developments. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized.
The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production stage are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development stage. Where multiple open pits exist at an operation utilizing common facilities, pre-stripping costs are capitalized at each pit. The production stage of a mine commences when saleable materials, beyond a de minimis amount, are produced. Stripping costs incurred during the production stage are treated as variable production costs included as a component of inventory, to be recognized in cost of sales and other direct production costs in the same period as the revenue from the sale of inventory. When stripping costs incurred during the production phase result in the construction of an asset with an alternative use, such as a tailings storage facility, a portion of those stripping costs are capitalized.
Costs for exploration, pre-development, secondary development at operating mines, including drilling costs related to those activities (discussed further below), and maintenance and repairs on capitalized properties, plants and equipment are charged to operations as incurred. Exploration costs include those relating to activities carried out in search of previously unidentified resources or exploration targets, (a) at undeveloped concessions, or (b) at operating mines already containing proven and probable reserves, where a determination remains pending as to whether new target deposits outside of the existing reserve areas can be economically developed. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to the lack of evidence of economic viability, which is necessary to demonstrate future recoverability of these expenses. At an underground mine, secondary development costs are incurred for preparation of an ore body for production in a specific ore block, stope or work area, providing a relatively short-lived benefit only to the mine area they relate to, and not to the ore body as a whole. Primary development costs benefit long-term production, multiple mine areas, or the ore body as a whole, and are therefore capitalized.
Drilling, development and related costs are either classified as exploration, pre-development or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria: • whether the costs are incurred to further define resources or exploration targets at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; • whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and • whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred.
If all of these criteria are met, drilling, development and related costs are capitalized. Drilling and development costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling and development costs is appropriate: • completion of a favorable economic study and mine plan for the ore body targeted; • authorization of development of the ore body by management and/or the board of directors; and • there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met.
Drilling and related costs of approximately $17.6 million, $11.2 million, and $5.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, met our criteria for capitalization listed above at our production stage properties.
When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in current period net income (loss).
Our mineral interests, which are tangible assets, include acquired undeveloped mineral interests and royalty interests. Undeveloped mineral interests include: (i) resources which are measured, indicated or inferred with insufficient drill spacing or quality to qualify as proven and probable reserves; and (ii) inferred material and exploration targets not immediately adjacent to existing proven and probable reserves but accessible within the immediate mine infrastructure. Residual values for undeveloped mineral interests represent the expected fair value of the interests at the time we plan to convert, develop, further explore or dispose of the interests and are evaluated at least annually. |
| Depreciation, Depletion and Amortization | H. Depreciation, Depletion and Amortization — Capitalized costs are depreciated or depleted using the straight-line method or units-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 14 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually. Our estimates for reserves and resources are a key component in determining our units-of-production depreciation rates, with net book value of many assets depreciated over remaining estimated reserves. Reserves are estimates made by our professional technical personnel of the amount of metals that they believe could be economically and legally extracted or produced at the time of the reserve determination (discussed in J. Proven and Probable Mineral Reserves below). Our estimates of proven and probable mineral reserves and resources may change, possibly in the near term, resulting in changes to depreciation, depletion and amortization rates in future reporting periods.
Undeveloped mineral interests and value beyond proven and probable reserves are not amortized until such time as there are proven and probable reserves or the related mineralized material is converted to proven and probable reserves. At that time, the basis of the mineral interest is amortized on a units-of-production basis. Pursuant to our policy on impairment of long-lived assets (discussed further below), if it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves and its carrying value exceeds its estimated undiscounted future cash flows, the basis of the mineral interest is reduced to its fair value and an impairment loss is recorded to expense in the period in which it is determined to be impaired. |
| Impairment of Long-lived Assets | I. Impairment of Long-lived Assets — Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We perform the test for recoverability of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests.
Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of resources and exploration targets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows are dependent upon, among other factors, estimates of: (i) metals to be recovered from proven and probable mineral reserves and identified resources and exploration targets beyond proven and probable reserves, (ii) future production and capital costs, (iii) estimated metals prices (considering current and historical prices, forward pricing curves and related factors) over the estimated remaining mine life and (iv) market values of mineral interests. It is possible that changes could occur in the near term that could adversely affect our estimate of future cash flows to be generated from our operating properties. If estimated undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized for the difference between the carrying value and fair value of the property. |
| Proven and Probable Mineral Reserves | J. Proven and Probable Mineral Reserves — At least annually, management reviews the reserves used to estimate the quantities and grades of ore at our mines which we believe can be recovered and sold economically. Management’s calculations of proven and probable mineral reserves are based on financial, engineering and geological estimates, including future metals prices and operating costs, and an assessment of our ability to obtain the permits required to mine and process the material. From time to time, management obtains external audits or reviews of reserves.
Reserve estimates will change as existing reserves are depleted through production, as additional reserves are proven and added to the estimates and as market prices of metals, production or capital costs, smelter terms, the grade or tonnage of the deposit, throughput, dilution of the ore or recovery rates change. |
| Leases | K. Leases — Contractual arrangements are assessed at inception to determine if they represent or contain a lease. Right-of-use (“ROU”) assets related to operating leases are separately reported in the Consolidated Balance Sheets. ROU assets related to finance leases are included in Properties, plants, equipment and mineral interests, net. Separate current and non-current liabilities for operating and finance leases are reported on the Consolidated Balance Sheets.
Operating and finance lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. |
| Income and Mining Taxes | L. Income and Mining Taxes — We provide for federal, state and foreign income taxes currently payable, as well as those deferred, due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. We record deferred tax assets and liabilities for expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse.
We evaluate uncertain tax positions in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized.
We evaluate our ability to realize deferred tax assets by considering the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies. Should we determine that a portion of our deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. When we determine, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance is made in the period such a determination is made.
We classify as income taxes mine license taxes incurred in the states of Alaska and Idaho, the net proceeds taxes incurred in Nevada, mining duties in Mexico, and resource taxes incurred in Quebec and Yukon, Canada. |
| Reclamation and Remediation Costs (Asset Retirement Obligations) | M. Reclamation and Remediation Costs (Asset Retirement Obligations) — At our operating properties, we record a liability for the present value of our estimated environmental remediation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred.
At our non-operating properties, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Accruals for estimated losses from environmental remediation obligations have historically been recognized no later than completion of the remediation feasibility study for such facility and are charged to current earnings under provision for closed operations and environmental matters. Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management’s current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations.
Future closure, reclamation and environmental-related expenditures are difficult to estimate in many circumstances, due to the early stage nature of investigations, uncertainties associated with defining the nature and extent of environmental contamination, the application of laws and regulations by regulatory authorities, and changes in reclamation or remediation technology. We periodically review accrued liabilities for such reclamation and remediation costs as evidence becomes available indicating that our liabilities have potentially changed. Changes in estimates at our non-operating properties are reflected in current period net income (loss). |
| Revenue Recognition and Trade Accounts Receivable | N. Revenue Recognition and Trade Accounts Receivable — Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues and accounts receivable upon completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré and carbon material, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré or carbon containing the agreed-upon metal quantities to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, we must estimate the prices at which sales of our concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts for some of the metals contained in our concentrate shipments.
Refining, selling and shipping costs related to sales of doré, metals from doré, and carbon are recorded to cost of sales as incurred. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customers for treatment, refining, smelting losses, and other charges negotiated by us with the customers. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed costs per ton of concentrate, and price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline. |
| Foreign Currency | O. Foreign Currency — The functional currency for our operations located in the U.S., Mexico and Canada is the U.S. dollar (“USD”) for all periods presented. Accordingly, for Casa Berardi and Keno Hill in Canada and San Sebastian in Mexico, we have translated our monetary assets and liabilities at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period net income (loss). Expenses incurred at our foreign operations and denominated in CAD and MXN expose us to exchange rate fluctuations between those currencies and the USD. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts to sell CAD and MXN.
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| Risk Management Contracts | P. Risk Management Contracts — We use derivative financial instruments as part of an overall risk-management strategy as a means of managing exposure to changes in metals prices and exchange rate fluctuations between the USD and CAD. We do not hold or issue derivative financial instruments for speculative trading purposes. We measure derivative contracts as assets or liabilities based on their fair value. Amounts recognized for the fair value of derivative asset and liability positions with the same counterparty and which would be settled on a net basis are offset against each other on our consolidated balance sheets. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to sales of products (for metals price-related contracts) or cost of sales (for foreign currency-related contracts). Ineffective portions of any change in fair value of a derivative are recorded in current period other operating income (expense). For derivatives qualifying as hedges, when the hedged items are sold, extinguished or terminated, or it is determined the hedged transactions are no longer likely to occur, gains or losses on the derivatives are reclassified from OCI to current earnings. As of December 31, 2023 and 2022, our foreign currency-related forward contracts qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI. Our base metals price-related forward contracts were designated as hedges effective November 1, 2021. Prior to November 1, 2021 our metals price-related forward contracts and put option contracts did not qualify for hedge accounting and all unrealized gains and losses were therefore reported in earnings.
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| Stock Based Compensation | Q. Stock Based Compensation — The fair values of equity instruments granted to employees that have vesting periods are expensed over the vesting periods on a straight-line basis. The fair values of instruments having no vesting period are expensed when granted. Stock-based compensation expense is recorded among general and administrative expenses, exploration and pre-development and cost of sales and other direct production costs.
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| Basic and Diluted Income (Loss) Per Common Share | R. Basic and Diluted Income (Loss) Per Common Share — We calculate basic income (loss) per share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.
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| Comprehensive Income (Loss) | S. Comprehensive Income (Loss) — In addition to net income (loss), comprehensive income (loss) includes certain changes in equity during a period, such as adjustments to minimum pension liabilities, adjustments to recognize the over-funded or under-funded status of our defined benefit pension plans, and the change in fair value of derivative contracts designated as hedge transactions, net of tax, if applicable. |
| New Accounting Pronouncements | T. New Accounting Pronouncements —
Accounting Standards Updates Adopted
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU 2021-01, Reference Rate Reform (Topic 848): Scope was issued which broadened the scope of ASU 2020-04 to include certain derivative instruments. In December 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, was issued which deferred the sunset date of ASU 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. Certain of our derivative instruments previously referenced London Interbank Offered Rate ("LIBOR") based rates and have been amended to eliminate the LIBOR-based rate references prior to July 1, 2023. There have been no significant impacts to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates.
Accounting Standards Updates to Become Effective in Future Periods
In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. |
Note 4 - Business Segments, Sales of Products and Significant Customers (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Information About Reportable Segments | The tables below present information about our reportable segments as of and for the years ended December 31, 2023, 2022 and 2021 (in thousands).
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| Schedule of Long-lived Assets by Geographic Area | The following are our long-lived assets by geographic area as of December 31, 2023 and 2022 (in thousands):
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| Schedule of Sales Contributed by Each Segment | Sales of metal concentrates and metal products are made principally to custom smelters, third-party processors and metal traders. The percentage of metal sales contributed by each segment is reflected in the following table:
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| Schedule of Sales of Products by Metal | Total sales for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
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| Schedule of Sales Information by Geographic Area | The following is metal sales information by geographic area based on the location of smelters and metal traders (for concentrate shipments) and the location of parent companies (for doré sales to metal traders) for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Metal sales by significant product type for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
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| Schedule of Sales from Continuing Operations to Significant Metals Customers | Metal sales from continuing operations to significant metals customers as a percentage of total sales were as follows for the years ended December 31, 2023, 2022 and 2021:
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| Summary of Trade Accounts Receivable | Trade accounts receivable balances with significant metals customers as of December 31, 2023 and 2022 were as follows.
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Note 5 - Environmental and Reclamation Activities (Tables) |
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| Environmental and Reclamation Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reclamation and Closure Costs Liabilities |
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| Schedule of Reclamation and Closure Costs Activities |
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| Schedule of Change in Asset Retirement Obligation |
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Note 6 - Employee Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the plans' benefit obligations and fair value of assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2023, and the funded status as of December 31, 2023 and 2022 (in thousands):
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| Schedule of the amounts recognized in the consolidated balance sheets | The following table provides the amounts recognized in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands):
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| Schedule of assumptions related to benefit obligation and prepaid benefit costs | The benefit obligation and prepaid benefit costs were calculated by applying the following weighted average assumptions:
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| Schedule of net periodic pension cost | Net periodic pension cost for the plans consisted of the following in 2023, 2022, and 2021 (in thousands):
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| Schedule of allocation of assets |
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| Schedule of fair values of plan by asset category | The fair values by asset category in each pension plan, along with their hierarchy levels, are as follows as of December 31, 2023 (in thousands):
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| Schedule of estimates of future benefit payments | The following are estimates of future benefit payments, which reflect expected future service as appropriate, related to our pension plans (in thousands):
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| Schedule of indication of whether pension plans had accumulated benefit obligations (ABO) in excess of plan assets, or plan assets exceeded ABO | The following table indicates whether our pension plans had accumulated benefit obligations (“ABO”) in excess of plan assets, or plan assets exceeded ABO (amounts are in thousands).
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| Schedule of amounts included in "Accumulated other comprehensive loss, net" | For the pension plans, the following amounts are included in “Accumulated other comprehensive income, net” on our balance sheet as of December 31, 2023, that have not yet been recognized as components of net periodic benefit cost (in thousands):
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Note 7 - Income and Mining Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income and Mining Tax Benefit (Provision) | Major components of our income and mining tax benefit (provision) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
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| Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes | Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
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| Schedule of Effective Income Tax Reconciliation | The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands):
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| Schedule of Components of Net Deferred Tax Assets and Liabilities | The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands).
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| Schedule of Changes in Valuation Allowance | The changes in the valuation allowance for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):
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Note 8 - (Loss) Income per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 9 - Debt, Credit Facility and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt | The following tables summarize our long-term debt balances as of December 31, 2023 and 2022 (in thousands):
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| Scheduled of Annual Future Payments, Including Interest | The following table summarizes the scheduled annual future payments, including interest, for the Senior Notes and IQ Notes as of December 31, 2023 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2023.
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| Schedule of Annual Maturities of Finance Lease Commitments, Including Interest | At December 31, 2023, the annual maturities of finance lease commitments, including interest, were (in thousands):
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| Schedule of Annual Maturities of Undiscounted Operating Lease Payments | At December 31, 2023, the annual maturities of undiscounted operating lease payments, including assumed extensions beyond the current lease terms, were (in thousands):
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Note 10 - Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Table Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Foreign Exchange Contracts, Statement of Financial Position | As of December 31, 2023 and 2022, we recorded the following balances for the fair value of the contracts (in millions):
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| Schedule of Notional Amounts of Outstanding Derivative Positions | The following tables summarize the quantities of metals committed under forward sales contracts at December 31, 2023 and 2022:
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| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | At December 31, 2023 and 2022, we recorded the following balances for the fair value of forward contracts held at that time (in millions):
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Note 11 - Fair Value Measurement (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value adjustments net | Fair value adjustments, net is comprised of the following (in thousands):
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| Schedule of assets and liabilities at fair value on a recurring basis | The table below sets forth our assets and liabilities (in thousands) that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category. See Note 6 for information on the fair values of our defined benefit pension plan assets.
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Note 12 - Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Potential Per Share Dividend Amounts Quarterly Price Levels |
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| Schedule of Stockholders' Equity Note, Warrants or Rights |
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| Share-Based Payment Arrangement, Performance Shares, Activity |
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| Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
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Note 13 - Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated other comprehensive income (loss), net |
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Note 14 - Product Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Our Major Components of Product Inventories | Our major components of product inventories are (in thousands):
|
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Note 15 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of properties, plants, equipment, and mineral interests |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 1 - The Company (Additional Information) (Details) - Jul. 10, 2023 - ATAC Resources Ltd $ in Millions, $ in Millions |
USD ($)
shares
|
CAD ($)
shares
|
|---|---|---|
| Asset Acquisition [Line Items] | ||
| Asset acquisition, Consideration transferred | $ 19.4 | |
| Issuance of Common Share | shares | 3,676,904 | |
| Share exchange ratio | 0.0166% | 0.0166% |
| Acquisition Costs | $ 0.6 | |
| Stake percentage | 19.90% | 19.90% |
| Acquired share | shares | 5,502,956 | 5,502,956 |
| Asset acquisition, Consideration transferred, Total non cash consideration | $ 2 | |
| Mineral Interests [Member] | ||
| Asset Acquisition [Line Items] | ||
| Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Mineral interests | $ 18.1 |
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restricted cash and cash equivalents | $ 1,165 | $ 1,164 | |
| Capitalized Drilling Costs | 17,600 | 11,200 | $ 5,200 |
| Foreign exchange gain (loss), net | $ (3,810) | $ 7,211 | $ 417 |
| Minimum [Member] | |||
| Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
| Maximum [Member] | |||
| Property, Plant and Equipment, Useful Life (Year) | 14 years | ||
Note -Revision of Previously Issued Financial Statements for Immaterial Misstatements (Additional Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Depreciation, depletion and amortization | $ 163,672 | $ 145,147 | $ 172,651 |
Note -Revision of Previously Issued Financial Statements for Immaterial Misstatements - Schedule of Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Inventories: Concentrates, dore, and stockpiled ore | $ 28,823 | $ 37,303 | ||
| Total current assets | 260,262 | 267,727 | ||
| Properties, plants, equipment and mineral interests, net | 2,666,250 | 2,569,790 | ||
| Total assets | 3,011,104 | 2,927,172 | $ 2,728,808 | |
| Accrued taxes | 3,501 | 4,030 | ||
| Total current liabilities | 157,460 | 178,466 | ||
| Deferred tax liability | 104,835 | 125,846 | ||
| Total liabilities | 1,043,000 | 948,205 | ||
| Accumulated deficit | (503,861) | (403,931) | ||
| Total shareholders' equity | 1,968,104 | 1,978,967 | 1,760,787 | $ 1,713,785 |
| Total liabilities and shareholders' equity | 3,011,104 | 2,927,172 | ||
| Cost of sales and other direct production costs | 458,504 | 458,811 | 417,879 | |
| Depreciation, depletion and amortization | 148,774 | 143,938 | 171,793 | |
| Total cost of sales | 607,278 | 602,749 | 589,672 | |
| Gross profit | 112,949 | 116,156 | 217,801 | |
| Income from operations | (44,674) | (12,438) | 83,420 | |
| Loss before income and mining taxes | (82,995) | (44,914) | 5,526 | |
| Income and mining tax (provision) benefit | 1,222 | (7,566) | (29,569) | |
| Net Income (Loss) | (84,217) | (37,348) | 35,095 | |
| Loss applicable to common shareholders | (84,769) | (37,900) | 34,543 | |
| Comprehensive loss | $ (80,828) | $ (6,444) | $ 39,528 | |
| Basic (loss) income per common share after preferred dividends | $ (0.14) | $ (0.07) | $ 0.06 | |
| Diluted (loss) income per common share after preferred dividends | $ (0.14) | $ (0.07) | $ 0.06 | |
| Depreciation, depletion and amortization | $ 163,672 | $ 145,147 | $ 172,651 | |
| Cash provided by operating activities | $ 75,499 | $ 89,890 | $ 220,337 | |
Note 3 - Investments (Additional Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Schedule of Investments [Abstract] | |||
| Non-current investments | $ 33.7 | $ 24.0 | |
| Equity Losses | 0.3 | ||
| Payments to acquire marketable securities | 9.0 | 32.0 | |
| Unrealized losses on investment | $ 0.2 | $ 5.6 | $ 4.3 |
Note 4 -Business Segments, Sales of Products and Significant Customers - Schedule of Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | $ 2,666,250 | $ 2,569,790 |
| UNITED STATES | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | 1,698,285 | 1,670,676 |
| CANADA | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | 960,109 | 891,375 |
| MEXICO | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | $ 7,856 | $ 7,739 |
Note 4 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales Contributed by Each Segment (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 100.00% | 100.00% | 100.00% |
| Greens Creek [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 53.70% | 46.60% | 47.60% |
| Lucky Friday [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 16.30% | 20.60% | 16.30% |
| Keno Hill [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 5.00% | 0.00% | 0.00% |
| Casa Berardi [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 24.90% | 32.70% | 30.40% |
| Nevada Operations [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 0.10% | 0.10% | 5.70% |
| Other Segments [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 0.00% | 0.00% | 0.00% |
Note 4 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales of Products by Metal (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Segment Reporting Information [Line Items] | |||
| Less: Smelter and refining charges | $ (50,909) | $ (51,973) | $ (48,933) |
| Total sales | 720,227 | 718,905 | 807,473 |
| Silver Contracts [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total sales | 302,284 | 265,054 | 293,646 |
| Gold [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total sales | 274,613 | 298,910 | 362,037 |
| Lead [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total sales | 72,726 | 83,384 | 75,431 |
| Zinc [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total sales | 116,230 | 123,057 | 125,292 |
| Total Metal [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total sales | 714,944 | 718,432 | 807,473 |
| Environmental Remediation Services [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total sales | $ 5,283 | $ 473 | $ 0 |
Note 4 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales from Continuing Operations to Significant Metals Customers (Details) - Revenue from Contract with Customer Benchmark [Member] - Customer Concentration Risk [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Customer A [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Concentration Risk, Percentage | 24.20% | 35.40% | 37.20% |
| Customer B [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Concentration Risk, Percentage | 11.80% | 23.90% | 21.50% |
| Customer C [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Concentration Risk, Percentage | 15.50% | 11.30% | 21.60% |
| Customer D [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Concentration Risk, Percentage | 15.80% | 3.50% | 6.20% |
Note 4 -Business Segments, Sales of Products and Significant Customers - Summary of Trade Accounts Receivable (Details) - Trade Accounts Receivable - Customer Concentration Risk [Member] |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Customer B [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Percentage of accounts receivable | 22.20% | 57.50% |
| Customer D [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Percentage of accounts receivable | 34.80% | 0.00% |
| Customer E [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Percentage of accounts receivable | 24.20% | 3.20% |
| Customer F [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Percentage of accounts receivable | 15.90% | |
| Customer G [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Percentage of accounts receivable | 11.80% | |
Note 5 - Environmental and Reclamation Activities - Schedule of Reclamation and Closure Costs Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Environmental and Reclamation Activities [Abstract] | |||
| Beginning balance | $ 116,999 | $ 113,231 | $ 116,048 |
| Accruals for estimated costs | 2,952 | 2,874 | 4,952 |
| Accretion expense | 7,740 | 5,995 | 6,454 |
| Revision of estimated cash flows due to changes in reclamation plans | (29) | 452 | (8,781) |
| Payment of reclamation obligations | (7,205) | (5,553) | (5,442) |
| Ending balance | $ 120,457 | $ 116,999 | $ 113,231 |
Note 5 - Environmental and Reclamation Activities - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Environmental and Reclamation Activities [Abstract] | ||
| Beginning Balance at January 1 | $ 96,620 | $ 95,033 |
| Changes in obligations due to changes in reclamation plans | (29) | 452 |
| Accretion expense | 7,740 | 5,995 |
| Payment of reclamation obligations | (5,264) | (4,860) |
| Ending balance at December 31 | $ 99,067 | $ 96,620 |
Note 6 - Employee Benefit Plans - Change in Benefit Obligation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Benefit Plan [Abstract] | |||
| Benefit obligation at beginning of year | $ 148,143 | $ 195,862 | |
| Service cost | 3,794 | 6,262 | $ 5,820 |
| Interest cost | 7,974 | 5,476 | 4,990 |
| Change due to mortality change | 643 | 486 | |
| Change due to discount rate change | (3,635) | (54,977) | |
| Actuarial return | 401 | 1,841 | |
| Benefits paid | (7,894) | (6,807) | |
| Benefit obligation at end of year | 149,426 | 148,143 | 195,862 |
| Fair value of plan assets at beginning of year | 175,159 | 189,874 | |
| Actual return on plan assets | 7,937 | (18,238) | |
| Employer contributions | 1,756 | 10,330 | |
| Benefits paid | (7,894) | (6,807) | |
| Fair value of plan assets at end of year | 176,958 | 175,159 | $ 189,874 |
| Funded status at end of year | $ 27,532 | $ 27,016 | |
Note 6 - Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Liabilities, Current [Abstract] | ||
| Accrued benefit asset | $ 28,399 | $ 27,806 |
| Accrued benefit liability | (867) | (790) |
| Accumulated other comprehensive loss | 8,031 | 6,446 |
| Net amount recognized | $ 35,563 | $ 33,462 |
Note 6 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Benefit Plan [Abstract] | |||
| Service cost | $ 3,794 | $ 6,262 | $ 5,820 |
| Interest cost | 7,974 | 5,476 | 4,990 |
| Expected return on plan assets | $ (12,428) | $ (13,452) | $ (9,252) |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
| Amortization of prior service benefit | $ 500 | $ 511 | $ 394 |
| Amortization of net (loss) gain | (188) | 2,049 | 4,502 |
| Net periodic pension (benefit) cost | $ (348) | $ 846 | $ 6,454 |
Note 6 - Employee Benefit Plans - Investment Policy Allocation (Details) |
Dec. 31, 2023 |
|---|---|
| Large Cap US Equity [Member] | |
| Investment policy allocation | 17.00% |
| Large Cap US Equity [Member] | Maximum [Member] | |
| Investment policy allocation | 20.00% |
| Small Cap US Equity [Member] | |
| Investment policy allocation | 8.00% |
| Small Cap US Equity [Member] | Maximum [Member] | |
| Investment policy allocation | 10.00% |
| Non-U.S. equity [Member] | |
| Investment policy allocation | 25.00% |
| Non-U.S. equity [Member] | Maximum [Member] | |
| Investment policy allocation | 30.00% |
| U.S. Fixed Income [Member] | |
| Investment policy allocation | 18.00% |
| U.S. Fixed Income [Member] | Maximum [Member] | |
| Investment policy allocation | 23.00% |
| Emerging Market Debt [Member] | |
| Investment policy allocation | 5.00% |
| Emerging Market Debt [Member] | Maximum [Member] | |
| Investment policy allocation | 8.00% |
| Real Estate [Member] | |
| Investment policy allocation | 15.00% |
| Real Estate [Member] | Maximum [Member] | |
| Investment policy allocation | 18.00% |
| Absolute Return [Member] | |
| Investment policy allocation | 5.00% |
| Absolute Return [Member] | Maximum [Member] | |
| Investment policy allocation | 7.00% |
| Company Stock/Real Return [Member] | |
| Investment policy allocation | 7.00% |
| Company Stock/Real Return [Member] | Maximum [Member] | |
| Investment policy allocation | 13.00% |
Note 6 - Employee Benefit Plans - Fair Value by Asset Category (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Total fair value | $ 176,958 | $ 175,159 | $ 189,874 |
| Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 103,962 | 98,289 | |
| Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 15,781 | 15,333 | |
| Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 103,962 | 98,289 | |
| Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 15,781 | 15,333 | |
| Fair Value Measured at Net Asset Value Per Share [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 150,377 | 148,370 | |
| Fair Value Measured at Net Asset Value Per Share [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 26,581 | 26,789 | |
| Interest-Bearing Deposits [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 525 | 743 | |
| Interest-Bearing Deposits [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 117 | 133 | |
| Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 525 | 743 | |
| Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 117 | 133 | |
| Common Stock [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 19,933 | 21,678 | |
| Common Stock [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 2,872 | 3,295 | |
| Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 19,933 | 21,678 | |
| Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 2,872 | 3,295 | |
| Mutual Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 83,504 | 75,868 | |
| Mutual Funds [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 12,792 | 11,905 | |
| Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 83,504 | 75,868 | |
| Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 12,792 | 11,905 | |
| Real Estate Investments [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 18,029 | 23,967 | |
| Real Estate Investments [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 4,173 | 5,550 | |
| Real Estate Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 0 | ||
| Real Estate Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 0 | ||
| Hedge Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 0 | ||
| Hedge Funds [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 0 | ||
| Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 0 | ||
| Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 0 | ||
| Common Collective Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 28,386 | 26,114 | |
| Common Collective Funds [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 6,627 | 5,906 | |
| Common Collective Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 0 | ||
| Common Collective Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 0 | ||
| Investments Measured At Net Asset Value [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 46,415 | 50,081 | |
| Investments Measured At Net Asset Value [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | $ 10,800 | 11,456 | |
| Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 0 | ||
| Investments Measured At Net Asset Value [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | $ 0 |
Note 6 - Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Defined Benefit Plan [Abstract] | |
| 2024 | $ 8,886 |
| 2025 | 10,031 |
| 2026 | 10,005 |
| 2027 | 9,981 |
| 2028 | 10,321 |
| Years 2029-2033 | $ 51,163 |
Note 6 - Employee Benefit Plans - Accumulated Benefit Obligations (Details) - Plan Assets Exceed ABO [Member] - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | $ 149,426 | $ 148,143 |
| Accumulated benefit obligation | 146,336 | 144,816 |
| Fair value of plan assets | $ 176,958 | $ 175,159 |
Note 6 - Employee Benefit Plans - Pension and Benefit Plan Amounts Included in Accumulated Other Comprehensive Income (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Defined Benefit Plan [Abstract] | |
| Unamortized net loss | $ 7,462 |
| Unamortized prior service cost | $ 579 |
Note 7 - Income and Mining Taxes - Schedule of Components of Income and Mining Tax Benefit (Provision) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Current: | |||
| Domestic | $ (3,846) | $ (3,915) | $ (7,073) |
| Foreign | (3,322) | (5,119) | (6,316) |
| Total current income and mining tax provision | (7,168) | (9,034) | (13,389) |
| Deferred: | |||
| Domestic | (17,058) | 2,064 | 43,708 |
| Foreign | 23,004 | 14,536 | (750) |
| Total deferred income and mining tax benefit | 5,946 | 16,600 | 42,958 |
| Total benefit (provision), Amount | $ (1,222) | $ 7,566 | $ 29,569 |
Note 7 - Income and Mining Taxes - Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Line Items] | |||
| Total | $ (82,995) | $ (44,914) | $ 5,526 |
| Domestic [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Total | 43,745 | (6,343) | 38,003 |
| Foreign [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Total | $ (126,740) | $ (38,571) | $ (32,477) |
Note 7 - Income and Mining Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Computed "statutory" benefit (provision), Amount | $ 17,429 | $ 9,432 | $ (1,161) |
| Computed “statutory” benefit (provision), Percentage | 21.00% | 21.00% | 21.00% |
| Percentage depletion, Amount | $ 4,205 | $ 8,542 | $ 8,076 |
| Percentage depletion, Percentage | 5.00% | 19.00% | (146.00%) |
| Change in valuation allowance, Amount | $ (20,016) | $ (8,113) | $ 38,058 |
| Change in valuation allowance, Percentage | (24.00%) | (18.00%) | (689.00%) |
| State taxes, net of federal tax benefit, Amount | $ (2,731) | $ (158) | $ 965 |
| State taxes, net of federal tax benefit, Percentage | (3.00%) | 0.00% | (17.00%) |
| Foreign currency remeasurement of monetary assets and liabilities, Amount | $ (4,155) | $ 4,559 | $ (3,625) |
| Foreign currency remeasurement of monetary assets and liabilities, Percentage | (5.00%) | 10.00% | 66.00% |
| Rate differential on foreign earnings, Amount | $ 6,553 | $ 1,515 | $ 2,445 |
| Rate differential on foreign earnings, Percentage | 8.00% | 3.00% | (44.00%) |
| Compensation, Amount | $ (1,636) | $ 173 | $ 1,094 |
| Compensation, Percentage | (2.00%) | 0.00% | (20.00%) |
| Mining and other taxes, Amount | $ (1,359) | $ (6,609) | $ (13,799) |
| Mining and other taxes, Percentage | (2.00%) | (15.00%) | 250.00% |
| Other, Amount | $ 488 | $ (1,775) | $ (2,484) |
| Other, Percentage | 1.00% | (3.00%) | 45.00% |
| Total benefit (provision), Amount | $ (1,222) | $ 7,566 | $ 29,569 |
| Total benefit (provision), Percentage | (1.00%) | 17.00% | (535.00%) |
Note 7 - Income and Mining Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Deferred tax assets: | ||||
| Accrued reclamation costs | $ 33,451 | $ 33,007 | ||
| Deferred exploration | 22,341 | 22,584 | ||
| Foreign net operating losses | 52,091 | 71,391 | ||
| Domestic net operating losses | 214,137 | 211,381 | ||
| Foreign exchange loss | 22,247 | 24,235 | ||
| Foreign tax credit carryforward | 2,026 | 2,493 | ||
| Miscellaneous | 35,060 | 39,628 | ||
| Total deferred tax assets | 381,353 | 404,719 | ||
| Valuation allowance | (100,910) | (72,856) | $ (39,152) | $ (77,210) |
| Total deferred tax assets | 280,443 | 331,863 | ||
| Deferred tax liabilities: | ||||
| Miscellaneous | (12,950) | (9,020) | ||
| Properties, plants and equipment | (369,445) | (427,584) | ||
| Total deferred tax liabilities | (382,395) | (436,604) | ||
| Net deferred tax liability | $ (101,952) | $ (104,741) |
Note 7 - Income and Mining Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Line Items] | |||
| Balance at beginning of year | $ (72,856) | $ (39,152) | $ (77,210) |
| Balance at end of year | (100,910) | (72,856) | (39,152) |
| Increase Due to Uncertainty of Recovery [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Valuation allowance, deferred tax asset | (21,114) | (13,256) | (20,304) |
| Decrease Related to Utilization and Expiration [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Valuation allowance, deferred tax asset | 1,137 | 5,143 | 58,362 |
| Klondex Mines Ltd [Member] | Business Acquisition [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Valuation allowance, deferred tax asset | $ (8,077) | $ (25,591) | $ 0 |
Note 7 - Income and Mining Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax liabilities | $ 101,952 | $ 104,741 | ||
| Deferred tax assets, valuation allowance | 100,910 | 72,856 | $ 39,152 | $ 77,210 |
| Deferred tax assets, tax credit carryforwards | 4,300 | |||
| Unrecognized tax benefits | 0 | 0 | ||
| Tax credit carryforward, amount | 20,600 | |||
| Mexican Tax Authority [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax assets, valuation allowance | 13,200 | |||
| Nevada Operations [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax assets, valuation allowance | 35,100 | |||
| Foreign Tax Authority [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Operating loss carryforwards | 188,500 | |||
| Tax credit carryforward, amount | $ 2,000 | |||
| Tax credit carryforward term | 10 years | |||
| Tax credit carryforward, limitations on use | Our foreign tax credits will expire between 2024 and 2026. | |||
| Domestic Tax Authority [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Tax credit carryforward, valuation allowance | $ 4,300 | |||
| Deferred tax assets, tax credit carryforwards | 700 | |||
| Operating loss carryforwards | 893,600 | $ 418,000 | ||
| Operating loss carryforwards, Indefinite period | 408,200 | |||
| Tax credit carryforward, amount | 3,400 | |||
| Alexco Resource Corp Member | ||||
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax assets, valuation allowance | $ 48,300 |
Note 8 - (Loss) Income per Common Share (Details Textual) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 2,317,007 | ||
| Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 1,557,503 | ||
| Incremental Common Shares Attributable to Dilutive Effect of Deferred Shares (in shares) | 2,166,964 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 |
Note 8 - (Loss) Income per Common Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Earnings Per Share [Abstract] | |||
| Net Income (Loss) | $ (84,217) | $ (37,348) | $ 35,095 |
| Preferred stock dividends | (552) | (552) | (552) |
| Net (loss) income applicable to common stockholders | $ (84,769) | $ (37,900) | $ 34,543 |
| Basic weighted average common shares | 605,668 | 557,344 | 536,192 |
| Dilutive stock options, restricted stock units, and warrants | 0 | 0 | 5,984 |
| Diluted weighted average common shares | 605,668 | 557,344 | 542,176 |
| Basic (loss) income per common share | $ (0.14) | $ (0.07) | $ 0.06 |
| Diluted (loss) income per common share | $ (0.14) | $ (0.07) | $ 0.06 |
Note 9 - Debt, Credit Facility and Leases (Details Textual) $ in Thousands, $ in Millions |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 16, 2026 |
Jul. 21, 2022
USD ($)
|
Jul. 09, 2020
CAD ($)
|
Mar. 19, 2020
USD ($)
|
Feb. 15, 2026 |
Feb. 15, 2025 |
Feb. 15, 2024 |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jul. 09, 2020
USD ($)
Contract
|
Jul. 09, 2020
CAD ($)
Contract
|
Feb. 19, 2020
USD ($)
|
|
| Proceeds from issuance of long-term debt | $ 239,000 | $ 25,000 | $ 0 | ||||||||||
| Finance lease liability | 26,815 | 20,900 | |||||||||||
| Finance lease liability, current | 9,800 | 9,500 | |||||||||||
| Finance lease liability, noncurrent | 17,000 | 11,400 | |||||||||||
| Finance lease right-of-use asset | 20,300 | 23,100 | |||||||||||
| Finance lease right-of-use asset, amortization | 12,600 | 7,100 | 8,900 | ||||||||||
| Finance lease, interest expense | 900 | $ 900 | $ 600 | ||||||||||
| Finance lease, liability, payment, due | 29,792 | ||||||||||||
| Finance lease, liability, undiscounted excess amount | $ 2,977 | ||||||||||||
| Finance lease, weighted average remaining lease term (year) | 2 years 2 months 12 days | 1 year 10 months 24 days | |||||||||||
| Finance lease, weighted average discount rate, percent | 9.90% | 6.50% | |||||||||||
| Finance lease, liability, statement of financial position [Extensible Enumeration] | Total liabilities | Finance lease liability | Finance lease liability | ||||||||||
| Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Properties, plants, equipment and mineral interests, net | Properties, plants, equipment and mineral interests, net | |||||||||||
| Operating lease liability | $ 8,634 | $ 11,100 | |||||||||||
| Operating lease liability, current | 800 | 2,500 | |||||||||||
| Operating lease liability, noncurrent | 7,800 | 8,600 | |||||||||||
| Operating lease right-of-use asset | 8,349 | 11,064 | |||||||||||
| Operating lease expense | $ 3,100 | $ 3,100 | $ 3,900 | ||||||||||
| Operating lease, weighted average remaining lease term (year) | 9 years 9 months 18 days | 8 years 10 months 24 days | |||||||||||
| Operating lease, weighted average discount rate, percent | 6.50% | 6.00% | |||||||||||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | ||||||||||||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total current liabilities | ||||||||||||
| Operating lease, liability, statement of financial position [Extensible Enumeration] | Total current liabilities | Operating lease liability | Operating lease liability | ||||||||||
| New Credit Agreement [Member] | |||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 15,100 | ||||||||||||
| Long-term line of credit | 6,900 | $ 7,800 | |||||||||||
| Proceeds from lines of credit | 128,000 | ||||||||||||
| New Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||
| Interest expense debt | $ 600 | ||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 150,000 | ||||||||||||
| Line of credit facility, maximum borrowing capacity, option | $ 75,000 | ||||||||||||
| New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
| Line of credit facility, commitment fee percentage | 0.45% | ||||||||||||
| New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
| Line of credit facility, commitment fee percentage | 0.7875% | ||||||||||||
| New Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
| Debt instrument, basis spread on variable rate | 2.00% | ||||||||||||
| New Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
| Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||
| New Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
| Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||
| Debt instrument, basis spread on variable rate, applicable margin | 1.00% | ||||||||||||
| New Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
| Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||
| New Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||
| Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||
| New Credit Agreement [Member] | Leverage Ratio Applicable Margin [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
| Debt instrument, participation fee, percent | 2.00% | ||||||||||||
| New Credit Agreement [Member] | Leverage Ratio Applicable Margin [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
| Debt instrument, participation fee, percent | 3.50% | ||||||||||||
| Senior Notes [Member] | |||||||||||||
| Long-term debt balance | $ 508,000 | $ 506,366 | |||||||||||
| Senior Notes [Member] | The 2028 Senior Notes [Member] | |||||||||||||
| Debt instrument, interest rate, stated percentage | 7.25% | 7.25% | 7.25% | ||||||||||
| Debt instrument, face amount | $ 475,000 | ||||||||||||
| Underwriting discount on senior notes | 1.16% | ||||||||||||
| Debt instrument, unamortized discount | $ 5,500 | ||||||||||||
| Debt instrument, redemption price, percentage, net of cash proceeds of equity offerings | 35.00% | ||||||||||||
| Debt instrument, redemption price, percentage, including accrued and unpaid interest | 101.00% | ||||||||||||
| Long-term debt balance | $ 471,270 | $ 470,360 | |||||||||||
| Senior Notes [Member] | The 2028 Senior Notes [Member] | Forecast [Member] | |||||||||||||
| Debt instrument, redemption price, percentage | 100.00% | 101.813% | 103.625% | 105.438% | |||||||||
| Senior Notes [Member] | The 2021 Senior Notes [Member] | |||||||||||||
| Proceeds from issuance of long-term debt | $ 469,500 | ||||||||||||
| Previously outstanding | 6.875% | ||||||||||||
| Interest expense debt | $ 34,400 | $ 35,400 | $ 35,400 | ||||||||||
| Senior Notes [Member] | IQ Notes [Member] | |||||||||||||
| Debt instrument, interest rate, stated percentage | 7.25% | 7.25% | 6.515% | 6.515% | |||||||||
| Debt instrument, face amount | $ 36,800 | $ 50.0 | |||||||||||
| Interest expense debt | $ 2,300 | $ 2,300 | $ 2,300 | ||||||||||
| Debt instrument, unamortized premium, percentage of principal | 103.65% | 103.65% | |||||||||||
| Debt instrument, unamortized premium | $ 1.8 | ||||||||||||
| Debt instrument, effective annual yield | 5.74% | 5.74% | |||||||||||
| Long-term debt balance | $ 36,730 | $ 36,006 | $ 48.2 | ||||||||||
| Debt instrument, number of issuance installments | Contract | 4 | 4 | |||||||||||
| Proceeds from issuance of debt | $ 12.5 | ||||||||||||
| Payments of debt issuance costs | $ 0.6 | ||||||||||||
| Debt instrument, covenant, investment over next four years | $ 100.0 | ||||||||||||
Note 9 - Debt, Credit Facility and Leases - Debt Summary (Details) - Senior Notes [Member] $ in Thousands, $ in Millions |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jul. 09, 2020
CAD ($)
|
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Principal | $ 511,473 | $ 510,614 | |
| Unamortized discount/premium and issuance costs | (3,473) | (4,248) | |
| Long-term debt balance | 508,000 | 506,366 | |
| The 2028 Senior Notes [Member] | |||
| Debt Instrument [Line Items] | |||
| Principal | 475,000 | 475,000 | |
| Unamortized discount/premium and issuance costs | (3,730) | (4,640) | |
| Long-term debt balance | 471,270 | 470,360 | |
| IQ Notes [Member] | |||
| Debt Instrument [Line Items] | |||
| Principal | 36,473 | 35,614 | |
| Unamortized discount/premium and issuance costs | 257 | 392 | |
| Long-term debt balance | $ 36,730 | $ 36,006 | $ 48.2 |
Note 9 - Debt, Credit Facility and Leases - Future Payments of Long-term Debt (Details) - Senior Notes [Member] $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| The 2028 Senior Notes [Member] | |
| 2024 | $ 34,438 |
| 2025 | 34,438 |
| 2026 | 34,438 |
| 2027 | 34,438 |
| 2028 | 479,303 |
| 2029 | 0 |
| Total | 617,055 |
| IQ Notes [Member] | |
| 2024 | 2,376 |
| 2025 | 37,704 |
| 2026 | 0 |
| 2027 | 0 |
| 2028 | 0 |
| 2029 | 0 |
| Total | $ 40,080 |
Note 9 - Debt, Credit Facility and Leases - Maturities of Finance Lease (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Line of Credit Facility [Abstract] | |||
| 2024, finance lease | $ 11,172 | ||
| 2025, finance lease | 7,744 | ||
| 2026, finance lease | 5,757 | ||
| 2027, finance lease | 5,119 | ||
| 2028, finance lease | 0 | ||
| Total, finance lease | 29,792 | ||
| Less: effect of interest, finance lease | $ (2,977) | ||
| Finance lease, liability, statement of financial position [Extensible Enumeration] | Total liabilities | Net finance lease obligation | Net finance lease obligation |
| Net finance lease obligation | $ 26,815 | $ 20,900 |
Note 9 - Debt, Credit Facility and Leases - Maturities of Operating Lease (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Line of Credit Facility [Abstract] | |||
| 2024, operating lease | $ 1,290 | ||
| 2025, operating lease | 1,278 | ||
| 2026, operating lease | 1,278 | ||
| 2027, operating lease | 1,171 | ||
| 2028, operating lease | 1,033 | ||
| More than 5 years, operating lease | 5,566 | ||
| Total, operating lease | 11,616 | ||
| Less: Effect of discounting, operating lease | $ (2,982) | ||
| Operating lease, liability, statement of financial position [Extensible Enumeration] | Total current liabilities | Operating lease liability | Operating lease liability |
| Operating lease liability | $ 8,634 | $ 11,100 |
Note 10 - Derivative Instruments (Details Textual) $ in Thousands, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2023
CAD ($)
Contract
|
Dec. 31, 2023
USD ($)
Contract
|
|
| Maximum Allocation of Forecasted CAD-demonimated Operating Costs | 75.00% | 75.00% | |||
| Forecasted CAD-denominated Operating Costs to be Hedged, Term (Year) | 5 years | ||||
| Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 3,600 | ||||
| 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 | $ 12,600 | ||||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | ||||
| Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | ||||
| Other Comprehensive Income (Loss) [Member] | |||||
| Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 200 | ||||
| Price Risk Derivative [Member] | |||||
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 14,600 | ||||
| Foreign Exchange Forward [Member] | |||||
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 1,300 | ||||
| Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
| Unrealized Gain (Loss) on Derivatives | 1,200 | ||||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | |||||
| Derivative, Notional Amount | $ 42.8 | ||||
| Derivative, Forward Exchange Rate | 0.01353 | 0.01353 | |||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | Minimum [Member] | |||||
| Derivative, Forward Exchange Rate | 0.012767 | 0.012767 | |||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | Maximum [Member] | |||||
| Derivative, Forward Exchange Rate | 0.013692 | 0.013692 | |||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | |||||
| Derivative, Number of Instruments Held, Total | Contract | 576 | 576 | |||
| Derivative, Notional Amount | $ 422.1 | ||||
| Foreign Exchange Forward [Member] | Casa Berardi and Keno Hill [Member] | |||||
| Derivative, Notional Amount | 355.4 | ||||
| Foreign Exchange Forward [Member] | Casa Berardi and Keno Hill [Member] | Designated as Hedging Instrument [Member] | |||||
| Derivative, Notional Amount | $ 332,300 | ||||
| Foreign Exchange Forward [Member] | Keno Hill [Member] | |||||
| Derivative, Notional Amount | $ 22.9 | ||||
| Derivative, Forward Exchange Rate | 0.01354 | 0.01354 | |||
| Unsettled Concentrate Sales Contracts [Member] | |||||
| Derivative, Gain (Loss) on Derivative, Net, Total | 19,700 | ||||
| Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 20,600 | ||||
| Forecasted Future Concentrate Contracts [Member] | |||||
| Derivative, Gain (Loss) on Derivative, Net, Total | $ (32,900) | ||||
| Zinc Contract 2022 [Member] | Other Comprehensive Income (Loss) [Member] | |||||
| Derivative, Gain (Loss) on Derivative, Net, Total | $ 8,500 | $ 17,400 | |||
| Commodity Contract [Member] | |||||
| Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 1,600 | ||||
| Derivative, Fair Value, Obligations Under the Agreements | $ 1,600 | ||||
Note 10 - Derivative Instruments - Foreign Currency (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivative [Line Items] | ||
| Current derivative liabilities | $ (1,144) | $ (16,125) |
| Non-current derivatitive liabilities | 364 | 6,066 |
| Foreign Exchange Contract [Member] | ||
| Derivative [Line Items] | ||
| Other current assets | $ 2,700 | $ 1,100 |
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
| Other non-current assets | $ 2,000 | $ 400 |
| Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
| Current derivative liabilities | $ (1,100) | $ (4,000) |
| Non-current derivatitive liabilities | $ (400) | $ (3,600) |
Note 10 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
lb
oz
$ / $
$ / oz
|
Dec. 31, 2022
lb
oz
$ / oz
$ / $
|
|
| Silver 2022 Settlements for Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 3,124 | |
| Underlying, Derivative Mass | $ / oz | 21.55 | |
| Silver 2023 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 735 | |
| Underlying, Derivative Mass | $ / oz | 24.4 | |
| Gold 2022 Settlements for Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 8 | |
| Underlying, Derivative Mass | $ / oz | 1,795 | |
| Gold 2023 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 3 | |
| Underlying, Derivative Mass | $ / oz | 2,045 | |
| Zinc 2022 Settlements for Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 18,629 | |
| Underlying, Derivative Mass | $ / $ | 1.38 | |
| Lead 2022 Settlements for Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 11,960 | |
| Underlying, Derivative Mass | $ / $ | 0.98 | |
| Zinc 2022 Settlements for Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 37,533 | |
| Underlying, Derivative Mass | $ / $ | 1.34 | |
| Lead 2022 Settlements for Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 75,618 | |
| Underlying, Derivative Mass | $ / $ | 1 | |
| Zinc 2023 Settlements for Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 441 | |
| Underlying, Derivative Mass | $ / $ | 1.51 | |
| Lead 2023 Settlements for Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 49,273 | 45,856 |
| Underlying, Derivative Mass | $ / $ | 0.98 | 0.99 |
| Lead 2023 Settlements for Provisional Sales[Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 15,542 | |
| Underlying, Derivative Mass | $ / $ | 1 | |
| Lead 2024 Settlements for Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 56,713 | |
| Underlying, Derivative Mass | $ / $ | 0.98 | |
Note 10 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Contracts in a liability position | $ 1,144 | $ 16,125 |
| Other non-current assets, liability position | $ (364) | $ (6,066) |
| Forward and Put Option Contracts [Member] | ||
| Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
| Forward and Put Option Contracts [Member] | Other Current Assets [Member] | ||
| Contracts in an asset position | $ 3,100 | $ 1,200 |
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
| Contracts in a liability position | $ 0 | $ 0 |
| Net asset (liability) | 3,100 | 1,200 |
| Forward and Put Option Contracts [Member] | Other Noncurrent Assets [Member] | ||
| Contracts in an asset position | 1,500 | 100 |
| Contracts in a liability position | 0 | 0 |
| Net asset (liability) | 1,500 | 100 |
| Forward and Put Option Contracts [Member] | Current derivatives liability [Member] | ||
| Contracts in an asset position | $ 0 | $ 0 |
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Contracts in a liability position | Contracts in a liability position |
| Contracts in a liability position | $ (100) | $ (12,100) |
| Net asset (liability) | (100) | (12,100) |
| Forward and Put Option Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
| Contracts in an asset position | 0 | 0 |
| Contracts in a liability position | 0 | (2,500) |
| Net asset (liability) | $ 0 | $ (2,500) |
| Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current assets, liability position | Other non-current assets, liability position |
Note 11 - Fair Value Measurement (Details Textual) |
Dec. 31, 2023
USD ($)
|
|---|---|
| Fair Value, Inputs, Level 1 [Member] | |
| Carrying and fair value | $ 128,000,000 |
| IQ Notes [Member] | |
| Notes Payable, Total | 36,600,000 |
| IQ Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Notes Payable, Fair Value Disclosure | $ 37,200,000 |
| IQ Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Annual Yield [Member] | |
| Debt Instrument, Measurement Input | 0.0663 |
| Senior Notes [Member] | |
| Notes Payable, Total | $ 478,700,000 |
| Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Notes Payable, Fair Value Disclosure | $ 481,600,000 |
Note 11 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent |
| Total fair value adjustments, net | $ 2,925 | $ (4,723) | $ (35,792) |
| Fair Value, Inputs, Level 1 [Member] | |||
| Unrealized (loss) on investments in equity securities | (243) | (5,632) | (4,295) |
| Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
| Gain (loss) on derivative contracts | 3,168 | 844 | (32,655) |
| Gain on disposition or exchange of investments | $ 3,168 | $ 844 | $ (32,655) |
| Securities Investment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
| Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Cost and Expense, Operating | Other Cost and Expense, Operating | Other Cost and Expense, Operating |
| Securities Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
| Gain (loss) on derivative contracts | $ 0 | $ 65 | $ 1,158 |
| Gain on disposition or exchange of investments | $ 0 | $ 65 | $ 1,158 |
Note 11 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other, net | $ 18,376 | $ 10,695 |
| Fair Value, Recurring [Member] | ||
| Total assets | 163,918 | 177,898 |
| Total liabilities | 1,548 | 22,191 |
| Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
| Money market funds and other bank deposits | 106,374 | 104,743 |
| Equity securities – mining industry | 32,284 | 24,018 |
| Certificates of deposit and other deposits | 1,165 | 1,164 |
| Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
| Other, net | 14,740 | 45,146 |
| Metal forward contracts | $ 4,698 | $ 1,309 |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
| Foreign exchange contracts | $ 4,657 | $ 1,518 |
| Metal forward contracts | $ 40 | $ 14,643 |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
| Foreign exchange contracts | $ 1,508 | $ 7,548 |
Note 12 - Stockholders' Equity (Details Textual) |
1 Months Ended | 3 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 20, 2018
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Apr. 30, 2023
USD ($)
shares
|
Mar. 31, 2023
USD ($)
shares
|
Sep. 30, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
Director
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
Dec. 31, 2019
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Feb. 15, 2022
$ / shares
|
Feb. 18, 2021
shares
|
Sep. 30, 2020
$ / shares
|
May 08, 2012
shares
|
Jun. 30, 2010
shares
|
|
| Average Realized Silver Price, Minimum Dividend, Threshold (in dollars per share) | $ / shares | $ 30 | $ 25 | |||||||||||||||
| Average Realized Silver Price Per Ounce (in dollars per share) | $ / shares | $ 20 | $ 25 | |||||||||||||||
| Share Price (in dollars per share) | $ / shares | $ 0 | ||||||||||||||||
| Series B preferred stock, shares outstanding (in shares) | 157,776 | 157,776 | 157,776 | 157,776 | |||||||||||||
| Percent of Shareholders' Consent Needed to Create or Issue Stock Ranking Senior to Series B Preferred Stock | 66.00% | 66.00% | 66.00% | ||||||||||||||
| Preferred stock, dividends declared (Quarterly) | $ | $ 552,000 | $ 552,000 | $ 552,000 | ||||||||||||||
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 4,200,000 | $ 4,200,000 | $ 4,200,000 | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Measurement Period Used to Value Performance-based Awards (Year) | 3 years | ||||||||||||||||
| Conversion of Stock, Shares Converted | 40 | 40 | |||||||||||||||
| Conversion of Stock, Shares Issued | 128 | 128 | |||||||||||||||
| Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ | $ 5,200,000 | ||||||||||||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||||||||||||||||
| Warrants in Connection with Klondex Mines Acquisition [Member] | |||||||||||||||||
| Class of Warrant or Right, Issued During Period (in shares) | 4,136,000 | ||||||||||||||||
| Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||||
| Satisfy Withholding Obligations [Member] | |||||||||||||||||
| Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 5.03 | $ 4.99 | $ 7.88 | ||||||||||||||
| Stock Repurchased During Period, Shares (in shares) | 404,514 | 737,258 | 574,251 | ||||||||||||||
| Stock Repurchased During Period, Value | $ | $ 2,000,000 | $ 3,700,000 | $ 4,500,000 | ||||||||||||||
| 2010 Stock Incentive Plan [Member] | |||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 20,000,000 | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 12,756,250 | 12,756,250 | 12,756,250 | ||||||||||||||
| Directors Stock Plan [Member] | |||||||||||||||||
| Number of distributed shares | 388,175 | ||||||||||||||||
| Number of directors | Director | 2 | ||||||||||||||||
| Share-based Payment Arrangement, Expense | $ | $ 700,000 | $ 400,000 | $ 1,800,000 | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,165,894 | 2,165,894 | 2,165,894 | ||||||||||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Method of Measuring Cost of Award Participant, Numerator | $ | $ 120,000 | ||||||||||||||||
| Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 125,063 | 98,310 | 207,375 | ||||||||||||||
| Share-Based Payment Arrangement [Member] | |||||||||||||||||
| Share-based Payment Arrangement, Expense | $ | $ 6,600,000 | $ 6,000,000 | $ 6,100,000 | ||||||||||||||
| Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
| Unvested units expected to vest (in shares) | 1,857,248 | 3,936,134 | 1,857,248 | 1,796,115 | 2,022,352 | 3,936,134 | 1,857,248 | ||||||||||
| Performance Shares [Member] | |||||||||||||||||
| Unvested units expected to vest (in shares) | 620,802 | 1,813,895 | 620,802 | 599,858 | 874,422 | 1,813,895 | 620,802 | ||||||||||
| Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ | $ 1,000,000 | ||||||||||||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||||||||||||||||
| Series B Preferred Stock [Member] | |||||||||||||||||
| Series B preferred stock, shares outstanding (in shares) | 157,776 | 157,776 | 157,776 | 157,776 | |||||||||||||
| Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ / shares | $ 3.5 | ||||||||||||||||
| Preferred stock, dividends declared (Quarterly) | $ | $ 552,000 | $ 552,000 | $ 552,000 | ||||||||||||||
| Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 50 | $ 50 | $ 50 | ||||||||||||||
| Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 50 | ||||||||||||||||
| Series B preferred stock, liquidation preference | $ | $ 7,889,000 | $ 7,889,000 | $ 7,889,000 | $ 7,889,000 | |||||||||||||
| Preferred Stock Conversion Price (in dollars per share) | $ / shares | $ 15.55 | $ 15.55 | $ 15.55 | ||||||||||||||
| Common Stock Repurchase Program [Member] | |||||||||||||||||
| Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 20,000,000 | ||||||||||||||||
| Cumulative Stock Repurchased (in shares) | 934,100 | 934,100 | 934,100 | ||||||||||||||
| Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 3.99 | ||||||||||||||||
| At-the-market Offering [Member] | |||||||||||||||||
| Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | 10,645,198 | 10,645,198 | 10,645,198 | 10,645,198 | 10,645,198 | 60 | |||||||||||
| Proceeds from sale of shares | $ | $ 56,700,000 | $ 56,700,000 | $ 56,700,000 | $ 56,700,000 | $ 56,700,000 | ||||||||||||
| Fees and commission on sale of shares | $ | $ 900,000 | $ 900,000 | $ 900,000 | ||||||||||||||
| At-the-market Offering [Member] | September 2022 through December 31, 2023 [Member] | |||||||||||||||||
| Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | 14,505,397 | 14,505,397 | 14,505,397 | ||||||||||||||
| Proceeds from sale of shares | $ | $ 74,000,000 | $ 74,000,000 | $ 74,000,000 | ||||||||||||||
| Fees and commission on sale of shares | $ | $ 1,200,000 | ||||||||||||||||
| Quarterly Dividends [Member] | |||||||||||||||||
| Dividends, Common Stock, Total | $ | $ 15,200,000 | $ 12,400,000 | $ 20,100,000 | ||||||||||||||
| Minimum [Member] | |||||||||||||||||
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||
| Maximum [Member] | |||||||||||||||||
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.015 | ||||||||||||||||
Note 12 - Stockholders' Equity - Common Stock Dividend Policy (Details) $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
$ / shares
| |
| Quarterly Average Realized Price, Level 1 [Member] | |
| Quarterly average realized price | $ | $ 20 |
| Quarterly dividend per share (in dollars per share) | $ 0 |
| Annual dividend per share (in dollars per share) | 0 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.015 |
| Quarterly Average Realized Price, Level 2 [Member] | |
| Quarterly average realized price | $ | $ 20 |
| Quarterly dividend per share (in dollars per share) | $ 0.0025 |
| Annual dividend per share (in dollars per share) | 0.01 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.025 |
| Quarterly Average Realized Price, Level 3 [Member] | |
| Quarterly average realized price | $ | $ 25 |
| Quarterly dividend per share (in dollars per share) | $ 0.01 |
| Annual dividend per share (in dollars per share) | 0.04 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.055 |
| Quarterly Average Realized Price, Level 4 [Member] | |
| Quarterly average realized price | $ | $ 30 |
| Quarterly dividend per share (in dollars per share) | $ 0.015 |
| Annual dividend per share (in dollars per share) | 0.06 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.075 |
| Quarterly Average Realized Price, Level 5 [Member] | |
| Quarterly average realized price | $ | $ 35 |
| Quarterly dividend per share (in dollars per share) | $ 0.025 |
| Annual dividend per share (in dollars per share) | 0.1 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.115 |
| Quarterly Average Realized Price, Level 6 [Member] | |
| Quarterly average realized price | $ | $ 40 |
| Quarterly dividend per share (in dollars per share) | $ 0.035 |
| Annual dividend per share (in dollars per share) | 0.14 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.155 |
| Quarterly Average Realized Price, Level 7 [Member] | |
| Quarterly average realized price | $ | $ 45 |
| Quarterly dividend per share (in dollars per share) | $ 0.045 |
| Annual dividend per share (in dollars per share) | 0.18 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.195 |
| Quarterly Average Realized Price Level 8 [Member] | |
| Quarterly average realized price | $ | $ 50 |
| Quarterly dividend per share (in dollars per share) | $ 0.055 |
| Annual dividend per share (in dollars per share) | 0.22 |
| Minimum annual component per share (in dollars per share) | 0.015 |
| Annualized dividends (in dollars per share) | $ 0.235 |
Note 12 - Stockholders' Equity - Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Unvested, shares (in shares) | 1,796,115 | 2,022,352 | 3,936,134 |
| Unvested, weighted average fair value per share (in dollars per share) | $ 4.23 | $ 3.97 | $ 2.55 |
| Granted, shares (in shares) | 1,316,120 | 1,256,532 | 629,437 |
| Granted (unvested), weighted average fair value per share (in dollars per share) | $ 5.05 | $ 4.41 | $ 7.88 |
| Canceled, shares (in shares) | (336,060) | (177,801) | (770,416) |
| Canceled, weighted average fair value per share (in dollars per share) | $ 4.9 | $ 4.41 | $ 2.82 |
| Vested | (918,927) | (1,304,968) | (1,772,803) |
| Distributed (vested), weighted average fair value per share (in dollars per share) | $ 5.05 | $ 3.97 | $ 2.6 |
| Unvested, shares (in shares) | 1,857,248 | 1,796,115 | 2,022,352 |
| Unvested, weighted average fair value per share (in dollars per share) | $ 4.28 | $ 4.23 | $ 3.97 |
Note 12 - Stockholders' Equity - Unvested Performance-based Shares (Details) - Performance Shares [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Unvested, shares (in shares) | 599,858 | 874,422 | 1,813,895 |
| Unvested, weighted average fair value per share (in dollars per share) | $ 5.54 | $ 2.61 | $ 0.41 |
| Granted, shares (in shares) | 336,096 | 322,796 | 122,462 |
| Granted (unvested), weighted average fair value per share (in dollars per share) | $ 3.54 | $ 3.78 | $ 13.7 |
| Canceled, shares (in shares) | (109,727) | (174,108) | |
| Canceled, weighted average fair value per share (in dollars per share) | $ 5.3 | $ 0.76 | |
| Vested | (205,425) | (597,360) | (887,827) |
| Distributed (vested), weighted average fair value per share (in dollars per share) | $ 8.17 | $ 0.31 | $ 0 |
| Unvested, shares (in shares) | 620,802 | 599,858 | 874,422 |
| Unvested, weighted average fair value per share (in dollars per share) | $ 3.63 | $ 5.54 | $ 2.61 |
Note 12 - Stockholders' Equity - Details of Warrants Outstanding (Details) |
Dec. 31, 2023
$ / shares
shares
|
|---|---|
| Warrant Expiring in February 2029 [Member] | |
| Number of warrants (in shares) | shares | 2,068,000 |
| Exercise price (in dollars per share) | $ / shares | $ 1.57 |
| Warrants Expiring in April 2032 [Member] | |
| Number of warrants (in shares) | shares | 2,068,000 |
| Exercise price (in dollars per share) | $ / shares | $ 8.02 |
Note 13- Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Balance | $ 1,978,967 | $ 1,760,787 | $ 1,713,785 |
| Other comprehensive income | 3,389 | 30,904 | 4,433 |
| Balance | 1,968,104 | 1,978,967 | 1,760,787 |
| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
| Balance | 9,162 | (4,675) | 7,632 |
| Other comprehensive income | 4,546 | 13,837 | (12,307) |
| Balance | 13,708 | 9,162 | (4,675) |
| Balance, beginning | (544) | 4,689 | 0 |
| Change , tax | (1,683) | (5,233) | 4,689 |
| Balance, ending | (2,227) | (544) | 4,689 |
| Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent [Member] | |||
| Balance | (6,714) | (23,781) | (40,521) |
| Other comprehensive income | (1,157) | 17,067 | 16,740 |
| Balance | (7,871) | (6,714) | (23,781) |
| Balance, beginning | (258) | 6,196 | 12,575 |
| Change , tax | 428 | (6,454) | (6,379) |
| Balance, ending | 170 | (258) | 6,196 |
| AOCI Attributable to Parent [Member] | |||
| Balance | 2,448 | (28,456) | (32,889) |
| Other comprehensive income | 3,389 | 30,904 | 4,433 |
| Balance | 5,837 | 2,448 | (28,456) |
| Balance, beginning | (802) | 10,885 | 12,575 |
| Change , tax | (1,255) | (11,687) | (1,690) |
| Balance, ending | $ (2,057) | $ (802) | $ 10,885 |
Note 14 - Product Inventories - Schedule of Our Major Components of Product Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Inventory [Line Items] | ||
| Product inventories | $ 28,823 | $ 37,303 |
| Concentrates | ||
| Inventory [Line Items] | ||
| Product inventories | 13,328 | 21,513 |
| Stockpiled ore | ||
| Inventory [Line Items] | ||
| Product inventories | 7,168 | 6,869 |
| In-process | ||
| Inventory [Line Items] | ||
| Product inventories | $ 8,327 | $ 8,921 |
Note 15 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments - Major Components of Property, Plants, Equipment and Mineral Interests (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Property, Plant and Equipment, Gross | $ 4,528,510 | $ 4,315,736 |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,862,260 | 1,745,946 |
| Net carrying value | 2,666,250 | 2,569,790 |
| Mining properties, including asset retirement obligations | ||
| Property, Plant and Equipment, Gross | 911,018 | 871,027 |
| Development costs | ||
| Property, Plant and Equipment, Gross | 630,391 | 588,298 |
| Plants and equipment | ||
| Property, Plant and Equipment, Gross | 1,666,577 | 1,514,906 |
| Land | ||
| Property, Plant and Equipment, Gross | 35,112 | 35,644 |
| Mineral interests | ||
| Property, Plant and Equipment, Gross | 1,164,390 | 1,171,261 |
| Construction in progress | ||
| Property, Plant and Equipment, Gross | $ 121,022 | $ 134,600 |
Note 15 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments (Details textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Capital additions (excluding non-cash items) | $ 223,887 | $ 149,378 | $ 109,048 |
| Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 106,900 | 90,800 | |
| Finance Lease, Right-of-Use Asset, Accumulated Amortization | 86,500 | 67,700 | |
| Lucky Friday [Member] | |||
| Capital additions (excluding non-cash items) | 65,300 | ||
| Greens Creek [Member] | |||
| Capital additions (excluding non-cash items) | 43,500 | ||
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 86,300 | 93,800 | |
| Casa Berardi [Member] | |||
| Capital additions (excluding non-cash items) | 70,100 | ||
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 323,600 | 323,600 | |
| Nevada Operations [Member] | |||
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 383,600 | 383,600 | |
| Keno Hill [Member] | |||
| Capital additions (excluding non-cash items) | 44,700 | ||
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | $ 102,100 | $ 102,100 | |
Note 15 - Commitments, Contingencies, and Obligations (Details Textual) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Dec. 14, 2023 |
Jul. 12, 2022 |
Jul. 31, 2018 |
Aug. 31, 2012 |
Jun. 30, 2011 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Environmental remediation expense | $ 7,575 | $ 8,793 | $ 14,571 | |||||
| Lessee, operating lease, liability, to be paid | 11,616 | |||||||
| Lease Commitments [Member] | ||||||||
| Lessee, operating lease, liability, to be paid | 11,600 | |||||||
| Performance Obligation Commitments [Member] | ||||||||
| Surety bonds | 195,400 | |||||||
| Letters of credit outstanding, amount | 6,900 | |||||||
| Greens Creek [Member] | ||||||||
| Contractual obligation | 29,800 | |||||||
| Greens Creek [Member] | Purchase Orders and Commitment [Member] | ||||||||
| Contractual obligation | 11,400 | |||||||
| Lucky Friday [Member] | ||||||||
| EPA maximum for statutory penalties, per day/violation | $ 59,973 | |||||||
| EPA maximum for administrative penalties, per day/violation | 23,989 | |||||||
| EPA maximum for administrative penalties | $ 299,989 | |||||||
| Lucky Friday [Member] | Purchase Orders and Commitment [Member] | ||||||||
| Contractual obligation | 8,100 | |||||||
| Keno Hill [Member] | ||||||||
| Maximum offense charges/fine | $ 100,000 | |||||||
| Keno Hill [Member] | Purchase Orders and Commitment [Member] | ||||||||
| Contractual obligation | 10,700 | |||||||
| Casa Berardi [Member] | Purchase Orders and Commitment [Member] | ||||||||
| Contractual obligation | 2,800 | |||||||
| Nevada Operations [Member] | Purchase Orders and Commitment [Member] | ||||||||
| Contractual obligation | 3,500 | |||||||
| Johnny M Mine Area near San Mateo, New Mexico [Member] | ||||||||
| Payment of response costs | $ 1,100 | |||||||
| Estimated response costs | $ 9,600 | |||||||
| Environmental remediation expense | 10,100 | |||||||
| Johnny M Mine Area near San Mateo, New Mexico [Member] | Environmental Remediation Past Response Costs [Member] | ||||||||
| Accrual for environmental loss contingencies, period increase (decrease) | $ 10,100 | $ 10,100 | ||||||
| Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | ||||||||
| Estimated response costs | $ 4,500 | |||||||
| Estimated future response cost | $ 100,000 | |||||||
Note 16 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
Feb. 13, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 | |
| Subsequent Event [Member] | |||
| Proceeds from insurance coverage claim | $ 5.4 | ||
| Subsequent Event [Member] | Common Stock [Member] | Cash Dividend | |||
| Common Stock, Par or Stated Value Per Share | $ 0.00625 | ||
| Subsequent Event [Member] | Common Stock [Member] | Cash Dividend | Maximum [Member] | |||
| Common Stock, Par or Stated Value Per Share | 0.00375 | ||
| Subsequent Event [Member] | Common Stock [Member] | Cash Dividend | Minimum [Member] | |||
| Common Stock, Par or Stated Value Per Share | $ 0.0025 |