Document And Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Feb. 07, 2025 |
Jun. 30, 2024 |
|
| Document Information [Line Items] | |||
| Entity Central Index Key | 0000719413 | ||
| Entity Registrant Name | HECLA MINING COMPANY | ||
| Amendment Flag | false | ||
| Current Fiscal Year End Date | --12-31 | ||
| Document Fiscal Period Focus | FY | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Type | 10-K | ||
| Document Annual Report | true | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Transition Report | false | ||
| Entity File Number | 1-8491 | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Tax Identification Number | 77-0664171 | ||
| Entity Address, Address Line One | 6500 N. Mineral Drive, Suite 200 | ||
| Entity Address, City or Town | Coeur d’Alene | ||
| Entity Address, State or Province | ID | ||
| Entity Address, Postal Zip Code | 83815-9408 | ||
| City Area Code | 208 | ||
| Local Phone Number | 769-4100 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Entity Shell Company | false | ||
| Entity Public Float | $ 2,979,623,680 | ||
| Entity Common Stock, Shares Outstanding | 631,831,137 | ||
| Documents Incorporated by Reference | To the extent herein specifically referenced in Part III, the information contained in the Proxy Statement for the 2025 Annual Meeting of Shareholders of the registrant, which will be filed with the Commission pursuant to Regulation 14A within 120 days of the end of the registrant’s 2024 fiscal year, is incorporated herein by reference. See Part III. | ||
| Auditor Name | BDO USA, P.C. | ||
| Auditor Location | Spokane, Washington | ||
| Auditor Firm ID | 243 | ||
| ICFR Auditor Attestation Flag | true | ||
| Auditor Opinion | Opinion on Internal Control over Financial Reporting
We have audited Hecla Mining Company’s (the “Company’s”) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and our report dated February 13, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. |
||
| Common Stock [Member] | |||
| Document Information [Line Items] | |||
| Title of 12(b) Security | Common Stock, par value $0.25 per share | ||
| Trading Symbol | HL | ||
| Security Exchange Name | NYSE | ||
| Series B Cumulative Preferred Stock [Member] | |||
| Document Information [Line Items] | |||
| Title of 12(b) Security | Series B Cumulative Convertible PreferredStock, par value $0.25 per share | ||
| Trading Symbol | HL-PB | ||
| Security Exchange Name | NYSE |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
| Series B preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
| Series B preferred stock, shares issued (in shares) | 157,756 | 157,776 |
| Series B preferred stock, shares outstanding (in shares) | 157,756 | 157,776 |
| Series B preferred stock, liquidation preference | $ 7,889 | $ 7,889 |
| Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
| Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
| Common stock, shares issued (in shares) | 640,547,918 | 624,647,379 |
| Treasury stock common Share | 8,813,127 | 8,535,161 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 35,802 | $ (84,217) | $ (37,348) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity
Risk Management and Strategy
Hecla’s cybersecurity program uses multiple security measures to protect our assets, designed so that if one line of defense is compromised, additional layers exist as a backup in an effort to ensure that threats are stopped along the way. This program actively identifies internal and external threats and protects computer systems from attack, detects known threats and suspicious activity within the network, and supports response and recovery should a cyber incident occur. As part of this program, we engage third party resources to augment monitoring capabilities and review and assess the security program and advise on improvements. Additionally, we conduct a National Institute of Security and Technology (NIST) self-assessment annually to determine overall security program health. Approximately 10% of our corporate information systems technology (“IT”) budget is devoted to security programming, training, and management. Acceptable IT use policies are in place and communicated to employees and contract staff, and periodic training takes place to educate employees on the importance of cybersecurity and steps to be taken to avoid incidents.
Any material cybersecurity incident that we become aware of follows our standard guidelines for crisis communications and response, engaging personnel, management, and the Board of Directors as appropriate. In cases where the materiality of a cybersecurity incident is not immediately apparent, our Vice President, Information Technology (“VP, IT”) would report the incident to his supervisor, our Senior Vice President - Chief Administrative Officer (“CAO”), and to our Senior Vice President - General Counsel ("GC"). This is consistent with our overall risk management system which relies, in part, on a “chain of command” reporting system in which supervisors monitor their respective departments and constantly seek feedback from employees or vendors in their department for potentially material events. This system is designed to ensure that information reaches the appropriate levels of the Company, including the Board of Directors. In cases where a question of materiality, public disclosure or legal exposure is in question, our CAO or GC will direct the flow of information to other members of management or the Board as appropriate. Additionally, we have standing weekly senior staff meetings where the President and CEO along with each vice president and occasionally other employees meet to discuss current issues the Company is facing. We expect that any cybersecurity incident that our VP, IT believes may be material to the Company will be discussed at these meetings, or sooner if circumstances warrant.
When a cybersecurity incident is detected, we conduct an impact assessment, determine materiality, and take appropriate actions as described above. This process is also followed when notified that a software/services supplier has a cybersecurity incident.
There were no material cyber security incidents discovered in 2024. See Item 1A. Risk Factors - We have had losses that could reoccur in the future; Mining accidents or other adverse events at an operation could decrease our anticipated production or otherwise adversely affect our operations; Our operations may be adversely affected by risks and hazards associated with the mining industry that may not be fully covered by insurance; The price of our stock has a history of volatility and could decline in the future; and Our information technology systems may be vulnerable to disruption which could place our systems at risk from data loss, operational failure, or compromise of confidential information.
Board and Management Oversight
Through the risk management processes identified above, we are confident that any material cybersecurity threats will be brought to the attention to the Board of Directors, either directly or through the Audit Committee which is governed by its charter, including the affirmative responsibility to “periodically review risk assessments from management with respect to cybersecurity, including assessments of the overall threat landscape and related strategies and investments.” One way in which the Audit Committee fulfills that requirement is by receiving regular reports from management on not only known cybersecurity threats or incidents (including related risk assessments), but the landscape more generally, including with respect to known threats, technological advancements, best practices and current events.
In addition to the risk management policies described above, management regularly reviews cyber security planning, including development and management of the program, budgeting, and participation in the incident response plan. The management team involved in this review includes our CEO, CAO, Chief Financial Officer ("CFO"), GC, and the VP, IT. These reviews can also provide topics for discussion at Board and/or Audit Committee meetings.
Our VP, IT, has a degree in Management Information Systems and over 35 years of experience. The fully staffed department includes resources dedicated to cybersecurity who monitors our threat detection and response tools for any attempted or successful hacks or other incursions into our IT environment, both externally and internally. These are reviewed and mitigated where appropriate, and escalated if necessary, via the processes noted above. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Hecla’s cybersecurity program uses multiple security measures to protect our assets, designed so that if one line of defense is compromised, additional layers exist as a backup in an effort to ensure that threats are stopped along the way. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board and Management Oversight
Through the risk management processes identified above, we are confident that any material cybersecurity threats will be brought to the attention to the Board of Directors, either directly or through the Audit Committee which is governed by its charter, including the affirmative responsibility to “periodically review risk assessments from management with respect to cybersecurity, including assessments of the overall threat landscape and related strategies and investments.” One way in which the Audit Committee fulfills that requirement is by receiving regular reports from management on not only known cybersecurity threats or incidents (including related risk assessments), but the landscape more generally, including with respect to known threats, technological advancements, best practices and current events.
In addition to the risk management policies described above, management regularly reviews cyber security planning, including development and management of the program, budgeting, and participation in the incident response plan. The management team involved in this review includes our CEO, CAO, Chief Financial Officer ("CFO"), GC, and the VP, IT. These reviews can also provide topics for discussion at Board and/or Audit Committee meetings.
Our VP, IT, has a degree in Management Information Systems and over 35 years of experience. The fully staffed department includes resources dedicated to cybersecurity who monitors our threat detection and response tools for any attempted or successful hacks or other incursions into our IT environment, both externally and internally. These are reviewed and mitigated where appropriate, and escalated if necessary, via the processes noted above. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Through the risk management processes identified above, we are confident that any material cybersecurity threats will be brought to the attention to the Board of Directors, either directly or through the Audit Committee which is governed by its charter, including the affirmative responsibility to “periodically review risk assessments from management with respect to cybersecurity, including assessments of the overall threat landscape and related strategies and investments.” |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | One way in which the Audit Committee fulfills that requirement is by receiving regular reports from management on not only known cybersecurity threats or incidents (including related risk assessments), but the landscape more generally, including with respect to known threats, technological advancements, best practices and current events. |
| Cybersecurity Risk Role of Management [Text Block] | In addition to the risk management policies described above, management regularly reviews cyber security planning, including development and management of the program, budgeting, and participation in the incident response plan. The management team involved in this review includes our CEO, CAO, Chief Financial Officer ("CFO"), GC, and the VP, IT. These reviews can also provide topics for discussion at Board and/or Audit Committee meetings.
Our VP, IT, has a degree in Management Information Systems and over 35 years of experience. The fully staffed department includes resources dedicated to cybersecurity who monitors our threat detection and response tools for any attempted or successful hacks or other incursions into our IT environment, both externally and internally. These are reviewed and mitigated where appropriate, and escalated if necessary, via the processes noted above. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The management team involved in this review includes our CEO, CAO, Chief Financial Officer ("CFO"), GC, and the VP, IT. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our VP, IT, has a degree in Management Information Systems and over 35 years of experience. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The fully staffed department includes resources dedicated to cybersecurity who monitors our threat detection and response tools for any attempted or successful hacks or other incursions into our IT environment, both externally and internally. These are reviewed and mitigated where appropriate, and escalated if necessary, via the processes noted above. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Note 1 - The Company |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| 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 and Canada. 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.
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, 2024 | |
| 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 Minerals Ltd. ("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 significant 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 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 of marketable securities and investments accounted for under the equity method are included as a component of a separate line item, “fair value adjustments, net,” and "Other income", respectively, both of which are included on our consolidated statements of operations and comprehensive income (loss).
E. Inventories — Major types of inventories include materials and supplies and metals product inventory, which is determined by the stage at which the ore is in the production process (stockpiled ore, in-process and finished goods). Product inventories are stated at the lower of full cost of production or estimated net realizable value based on current metals prices. Materials and supplies inventories are stated at average cost.
Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit.
In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable depreciation, depletion and 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, 2024 and 2023, respectively.
G. Properties, Plants, Equipment and Mine Development – Costs are capitalized when it has been determined an ore body can be economically developed pursuant to certain internal investment criteria. 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 $12.4 million, $17.6 million, and $11.2 million for the years ended December 31, 2024, 2023 and 2022, 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 2 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 probability adjusted undiscounted expected future cash flows that will be generated from operations at each property, potential future asset disposals, 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 expected 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, (iv) market values of mineral interests and (v) potential estimated sales value. 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 probability adjusted undiscounted expected 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 mine development, net.
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 and other direct production costs 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.
The Company's wholly owned subsidiary Elsa Reclamation and Development Company Ltd. ("ERDC"), generates revenue from performing environmental remediation services for the Crown-Indigenous Relations and Northern Affairs Canada ("CIRNAC"), a department of the Federal Government of Canada. ERDC and CIRNAC agree on annual work plans, which detail the scope of activities to be completed. Based on the work plan, the performance obligations to be met and the transaction price is known. Revenue is recognized on a monthly basis, as the required environmental remediation services performance obligations are completed and CIRNAC approves the activities performed. Modification to the scope of work would be agreed to separately with CIRNAC as no work outside of the work plan is reimbursable.
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.
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 and other direct production costs (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, 2024 and 2023, certain of our foreign currency-related forward contracts and metals prices hedges qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI.
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. Reclassifications — Certain amounts in prior years have been reclassified to conform with the 2024 presentation.
U. New Accounting Pronouncements —
Accounting Standards Updates that Became Effective in the Current Period
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. We retrospectively adopted the segment disclosures required under these amended in the year ended December 31, 2024 consolidated financial statements, with no changes to our previously disclosed reportable segments.
Accounting Standards Updates to Become Effective in Future Periods
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. The amendments apply to income tax disclosures only, and we will comply with the additional disclosure requirements required by the standard.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our consolidated financial statements and disclosures. |
Note 3 - Investments |
12 Months Ended |
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Dec. 31, 2024 | |
| Schedule of Investments [Abstract] | |
| Investments | Note 3: Investments
At December 31, 2024 and 2023, the fair value of our non-current investments was $33.9 million and $33.7 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 Resources Ltd. and accounted for under the equity method with a carrying value of $0.7 million and $1.4 million as of December 31, 2024 and 2023, respectively. We invested an additional $0.1 million in Cascadia in 2024, and recognized $0.7 million and $0.3 million in equity losses of Cascadia during 2024 and 2023, respectively, which is included in the line item "Other income" in our Consolidated Statement of Operations and Comprehensive Income (Loss). We acquired marketable equity securities having a cost basis of $9.0 million in 2023. During 2024 we recognized $3.7 million in unrealized gains and in 2023 and 2022, we recognized $0.2 million and $5.6 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 four segments: Greens Creek, Lucky Friday, Keno Hill and Casa Berardi.
Effective January 2024, we revised our internal reporting provided to our Chief Operating Decision Maker ("CODM") to no longer include any financial performance information for our Nevada assets ("Nevada"), reflecting the current status of Nevada being on care and maintenance. General corporate activities not associated with operating mines and their various exploration activities, idle properties and environmental remediation services in the Yukon, Canada, and the previously separately reported Nevada assets are presented as “Other". The presentation of the prior period information disclosed below has been revised to reflect this change.
The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and the allocation of resources by Hecla's President and Chief Executive Officer, who has been identified as our Chief Operating Decision Maker . The CODM evaluates the performance for all of our reportable segments based on segment gross profit or loss. For all segments, the CODM uses segment gross profit or loss to assess segment performance and allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget to actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Significant segment expenses that are components of total cost of goods sold and drive the financial performance of our reportable segments are (i) salaries, wages and other benefits, (ii) contractors, (iii) consumables (iv) change in product inventory and (v) other direct production costs. In further evaluating the operational performance of each segment, the CODM also considers the amount of metals production versus budget, and the grade of the metal processed.
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 gross profit (loss) to income (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, 2024, 2023 and 2022 (in thousands).
(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs. (b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net. Lucky Friday's income from operations for 2024 includes $50.0 million of business interruption and property damage insurance proceeds received during the respective periods related to the fire which suspended Lucky Friday's operations from August 2023 through January 8, 2024. The insurance proceeds received are recorded as part of "Other operating (income) expense, net" in our Consolidated Statements of Operations and Comprehensive Income (Loss).
During 2024, the Company wrote down $14.6 million of property, plant and mine development which had no salvage value. Of this amount, $13.9 million is included in Lucky Friday's income from operations and is related to the remote vein miner machine for which (i) we no longer had a use following the success of the Underhand Closed Bench ("UCB") mining method, (ii) we had been unsuccessful in locating a buyer, and (iii) the vendor advised us during the period that it would discontinue support for the program. The write down is recorded as part of "Write down of Property, Plant and Mine Development" in our Consolidated Statements of Operations and Comprehensive Income (Loss).
(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs. (b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net.
(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs. (b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net. The following are our long-lived assets by geographic area as of December 31, 2024 and 2023 (in thousands):
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 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, 2024, metals contained in concentrate sales and exposed to future price changes totaled 1.5 million ounces of silver, 2,000 ounces of gold, 39,150 tons of zinc, and 52,350 tons 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, 2024, 2023 and 2022 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, 2024, 2023 and 2022 (in thousands):
Metal sales by significant product type for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
Metal sales for 2024, 2023 and 2022 included of $5.8 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, 2024, 2023 and 2022:
Our trade accounts receivable balance related to contracts with customers was $31.5 million, $19.4 million and $45.1 million at December 31, 2024, 2023 and 2022, respectively, and included no allowance for credit losses. Trade accounts receivable balances with significant metals customers as of December 31, 2024, 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.
Our environmental services remediation revenue is all generated by our ERDC subsidiary and all from one customer CIRNAC. Annually, ERDC and CIRNAC agree to detailed work plans ("DWP") covering the planned activities from April 1 to March 31, the Canadian government's fiscal year. All DWPs are a separate performance obligation, which are satisfied over time as the services are performed and CIRNAC approves the work performed. Payment terms are 30 days after receipt of an invoice by CIRNAC. CIRNAC has the ability to cancel the contract with or without cause by providing written notice to the Company. ERDC is owed for work performed as of the date of cancellation. As at December 31, 2024, 2023 and 2022, CIRNAC owed us $8.8 million, $3.6 million and $0.4 million, which is included as part of "Other Accounts Receivable" on our consolidated balance sheet.
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, 2024 and 2023. |
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Note 5 - Environmental and Reclamation Activities |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental and Reclamation Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental and Reclamation Activities | Note 5: Environmental and Reclamation Activities
The liabilities accrued for our reclamation and closure costs at December 31, 2024 and 2023 were as follows (in thousands):
The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
Asset Retirement Obligations
Below is a reconciliation as of December 31, 2024 and 2023 (in thousands) of the asset retirement obligations (“ARO”) which are included in our total accrued reclamation and closure costs of $124.9 million and $120.5 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 and at our former operating mines San Sebastian and Troy.
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 1.8% 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. During July 2024, we closed the Hecla Mining Company Retirement Plan for Employees (the “Hecla Plan”) to new participants. The closure of the Hecla Plan does not affect employees hired prior to July 19, 2024, and they will continue to accrue benefits. Benefits to retirees will continue unchanged.
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, 2024, and the funded status as of December 31, 2024 and 2023 (in thousands):
The following table provides the amounts recognized in the consolidated balance sheets as of December 31, 2024 and 2023 (in thousands):
The benefit obligation and prepaid benefit costs were calculated by applying the following weighted average assumptions:
(1) 5% for 2024 and 2% per year thereafter. (2) 4% for 2024, 3% for 2025 and 2% per year thereafter.
The above assumptions were calculated based on information as of December 31, 2024 and 2023, 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 2024, 2023, and 2022 (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 of $3.9 million, $4.1 million and $5.4 million for 2024, 2023 and 2022, respectively, related to all other components of net periodic pension cost is included in other income on our consolidated statements of operations and comprehensive income (loss).
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, 2024 (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, 2023 (in thousands):
Common stock investments included investments in Hecla common stock as of December 31, 2024 of $18.9 million (2023: $19.9 million for the Hecla Plan and SERP and $2.9 million (2023: $2.9 million) for the Lucky Friday retirement 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, 2024, 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):
The last time we made a contribution to the plans was during 2023 in the form of $1.0 million in shares of our common stock, of which $0.8 million and $0.2 million was contributed to the SERP and Hecla Plan, respectively. We do not expect to be required to contribute to our defined benefit plans in 2025, 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. During 2024 two of our plans had plan assets in excess of the ABO and one did not. During 2023 all three of our plans assets exceeded the ABO (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, 2024, 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 ("401(k) plan") is available to all U.S. salaried and certain hourly employees upon employment. We make a matching contribution in the form of cash or stock of 100% of an employee’s contribution up to 6% of eligible earnings. Our matching contributions, all in Hecla common stock, were $4.8 million, $4.6 million and $4.5 million in 2024, 2023 and 2022, 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, 6% of the employee’s eligible earnings. Our matching contributions were $1.6 million, $1.3 million and $0.6 million in 2024, 2023 and 2022, 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 (provision) benefit for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):
Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):
The annual tax (provision) benefit 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, 2024 and 2023, the net deferred tax liability was $110.3 million and $102.0 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, 2024, the balance of our valuation allowances was $115.1 million compared to $100.9 million at December 31, 2023. We retained a balance of valuation allowance on Hecla US operations at December 31, 2024 of $3.4 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 $39.2 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 $11.6 million was retained on deferred tax assets in Mexico. As of December 31, 2024, a $60.9 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, 2024, 2023 and 2022, are as follows (in thousands):
As of December 31, 2024, for U.S. income tax purposes, we have federal and state net operating loss carryforwards of $818.1 million and $318.2 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 2031. U.S. net operating loss carryforwards of $468.3 million arising in 2018 and future periods have an indefinite carryforward period. We have foreign and provincial net operating loss carryforwards of $183.0 million, which expire between 2026 and 2044. 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, 2024, 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 in the Nevada U.S. Group of $27.5 million as of December 31, 2024. The carryforward results in a future tax benefit of $5.8 million and has an indefinite carryforward period. There are no 163(j) interest limitations in the Hecla US group as of December 31, 2024.
We have excessive interest and financing expense limitation ("EIFEL") carryforwards of $4.7 million in Hecla Quebec as of December 31, 2024. The carryforward results in a future tax benefit of $0.9 million and has an indefinite carryforward period. In the Alexco Group, EIFEL carryforwards of $16.4 million as of December 31, 2024. The carryforward results in a future tax benefit of $4.4 million and has an indefinite carryforward period.
As of December 31, 2024, we have foreign tax credit carryforwards of $1.6 million. The carryforward period for foreign tax credits is 10 years. Our foreign tax credits will expire between 2025 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, nor subject to examinations by foreign tax authorities for years prior to 2018. 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, 2024 or 2023. 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 - Income (Loss) per Common Share |
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| Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (Loss) per Common Share | Note 8: Income (Loss) 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 unvested restricted stock unit awards, deferred restricted stock units, performance based units, warrants and convertible preferred stock (collectively referred to as dilutive units) for periods in which we have reported net income. The 2024 dilutive units exclude the impact of 2,068,000 warrants exerciseable at $8.02 per warrant, due to their anti-dilutive impact. For periods in which we reported net losses, potential dilutive units 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 years ended December 31, 2023 and 2022, all outstanding dilutive units 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, 2024 and 2023 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”), our Investissement Quebec Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”) and any drawn amounts on our $225 million Credit Agreement. These debt arrangements are discussed further below. The following tables summarize our current and long-term debt balances, including principal amounts outstanding under the Credit Agreement, as of December 31, 2024 and 2023 (in thousands):
The following table summarizes the scheduled annual future payments, including interest, for the Senior Notes and IQ Notes as of December 31, 2024 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2024.
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 2024, 2023 and 2022, 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 $35.4 million, $34.4 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.
Since February 15, 2023, the Senior Notes are redeemable in whole or in part, on the redemption dates specified in the Indenture, 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) 100.0% 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 2024, 2023 and 2022, interest expense related to the IQ Notes, including premium and origination fees, totaled $2.2 million, $2.3 million and $2.3 million, respectively. The IQ Notes are due and payable on July 9, 2025.
Credit Agreement
On July 21, 2022, we entered into a revolving credit agreement (the "Original Credit Agreement") with various financial institutions (the “Lenders”), Bank of Montreal and Bank of America, N.A. as letters of credit issuers, and Bank of America, N.A., as administrative agent for the Lenders and as swingline lender. The Original Credit Agreement was amended on May 3, 2024, when we entered into a First Amendment to Credit Agreement (the “First Amendment”), which made certain changes to the Original Credit Agreement (the Original Credit Agreement, as amended, modified and supplemented by the First Amendment, is referred to hereafter as the “Credit Agreement”). The First Amendment modified the Original Credit Agreement as follows:
• Increased the amount available for borrowing to $225 million from $150 million; • Extended the maturity date to July 21, 2028 from July 21, 2026 (the maturity date of the Credit Agreement will be accelerated to August 15, 2027 if our Senior Notes are not refinanced by that date); • National Bank, TD Securities, Bank of Nova Scotia and ING were added as new Lenders and Credit Suisse AG, New York Branch assigned its interests in the Original Credit Agreement to its affiliate UBS AG, Stamford Branch immediately prior to entering into the First Amendment.
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 14 highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus .50% or (iii) Term SOFR plus 1.00%. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount.
We are also required to pay a commitment fee of between 0.45% to 0.78750%, depending on our net leverage ratio. Letters of credit issued under the Credit Agreement bear a fee between 2.00% and 3.50% based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure.
Hecla Mining Company and certain of our subsidiaries are the borrowers under the Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the Credit Agreement. As further security, the Credit Agreement is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Greens Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group.
As of December 31, 2024, $6.2 million (2023: $6.9 million) was used for letters of credit, and $23.0 million (2023: $128.0 million) was drawn on the facility leaving $195.8 million available for borrowing.
We believe we were in compliance with all covenants under the Credit Agreement as of December 31, 2024.
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, 2024, the total liability associated with the finance leases, including certain purchase option amounts, was $21.9 million (2023: $26.8 million), with $8.2 million (2023: $9.8 million) of the and $13.7 million (2023: $17.0 million) classified as . The assets related to these leases are recorded in and mine development, net, on our consolidated balance sheets and totaled $14.0 million as of December 31, 2024 (2023: $20.3 million), net of accumulated depreciation. Expense during 2024, 2023 and 2022 related to finance leases included $7.9 million, $12.6 million and $7.1 million, respectively, for amortization of the related assets, and $0.9 million, $0.9 million and $0.9 million, respectively, for interest expense. The total obligation for future minimum finance lease payments was $24.1 million as of December 31, 2024, with $2.2 million attributed to interest. Our finance leases as of December 31, 2024 had a weighted average remaining term of 1.7 years (2023: 2.2 years) and a weighted average discount rate of 9.7% (2023: 9.9%).
At December 31, 2024, 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, 2024, we have assumed a weighted average discount rate of 5.7% (2023: 6.5%). As of December 31, 2024, the total liability balance associated with the was $8.0 million (2023: $8.6 million), with $0.9 million (2023: $0.8 million) of the liability classified as current as part of Other Current Liabilities and the remaining $7.1 million (2023: $7.8 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 $7.5 million and $8.3 million as of December 31, 2024 and 2023, respectively. During 2024, 2023 and 2022, operating lease expense, and cash paid for operating leases included in net cash provided by operating activities, totaled $3.8 million, $3.1 million and $3.1 million, respectively. The weighted-average remaining lease term for our operating leases as of December 31, 2024 was 7.3 years (2023: 9.8 years).
At December 31, 2024, 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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| 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, 2024, we have a total of 378 forward contracts outstanding to buy a total of CAD $279.3 million having a notional amount of USD$206.6 million with CAD-to-USD exchange rates ranging between 1.2816 and 1.4223, with the following exposures from 2025-2026:
• Forecasted cash operating costs at Casa Berardi and Keno Hill of CAD $198.6 million at an average CAD-to-USD exchange rate of 1.34. • Forecasted capital expenditures at Casa Berardi of CAD$15.8 million at an average CAD-to-USD exchange rate of 1.345. • Forecasted capital expenditures at Keno Hill of CAD$47.7 million at an average CAD-to-USD exchange rate of 1.373. • Forecasted exploration expenditures at Casa Berardi and Keno Hill of CAD$5.6 million at an average CAD-to-USD exchange rate of 1.4025. • Forecasted Corporate costs of CAD$11.7 million at an average CAD-to-USD exchange rate of 1.368.
As of December 31, 2024 and 2023, we recorded the following balances for the fair value of the contracts (in millions):
Net unrealized losses of approximately $8.0 million related to the effective portion of the hedges were included in accumulated other comprehensive income (loss) as of December 31, 2024. Unrealized gains and losses will be transferred from accumulated other comprehensive loss to current earnings as the underlying operating expenses are recognized. We estimate approximately $6.0 million in net unrealized losses included in accumulated other comprehensive income (loss) as of December 31, 2024 will be reclassified to current earnings in the next twelve months.
Net realized losses of approximately $3.8 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive loss and included in cost of sales and other direct production costs for the year ended December 31, 2024. Net unrealized losses of approximately $5.7 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, 2024.
Net realized losses of approximately $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 approximately $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.
Net realized gains of approximately $0.8 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive loss and included in cost of sales and other direct production costs for the year ended December 31, 2022. Net unrealized gains of approximately $0.1 million related to contracts not designated as hedges and no net unrealized gains or losses related to ineffectiveness of the hedges were included in fair value adjustments, net on our consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2022.
Metals Prices
We are currently using financially-settled forward contracts to manage the exposure to: • changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and • changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments.
The following tables summarize the quantities of metals committed under forward sales contracts at December 31, 2024 and 2023:
At December 31, 2024 and 2023, we recorded the following balances for the fair value of forward contracts held at that time (in millions):
Net realized and unrealized gains of approximately $13.4 million related to the effective portion of the contracts designated as hedges were included in accumulated other comprehensive loss as of December 31, 2024. Realized and unrealized gains and losses will be transferred from accumulated other comprehensive loss to current earnings as the underlying forecasted sales transaction is recognized. We estimate approximately $7.9 million in net realized and unrealized gains included in accumulated other comprehensive loss as of December 31, 2024 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 cash proceeds of $8.5 million and $17.4 million, respectively.
We recognized a net gain of $1.3 million, including a $11.4 million gain transferred from accumulated other comprehensive income (loss), during 2024 on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which is included in sales. The net gain recognized on the contracts offsets loss related to price adjustments on our provisional concentrate sales, both of which resulted from changes to silver, gold, lead and zinc prices between the time of sale and final settlement.
We recognized a net gain of $19.7 million during 2023 on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which is included in sales. The net gain recognized on the contracts offsets loss related to price adjustments on our provisional concentrate sales, both of which resulted from changes to silver, gold, lead and zinc prices between the time of sale and final settlement.
We recognized a net loss of $5.8 million during 2022 on the contracts utilized to manage exposure to 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, both of which resulted from changes to silver, gold, lead and zinc prices between the time of sale and final settlement.
Credit-risk-related Contingent Features
Certain of our derivative contracts contain cross default provisions which provide that a default under our revolving credit agreement would cause a default under the derivative contract. As of December 31, 2024, we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these arrangements was $10.2 million as of December 31, 2024, and includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at December 31, 2024, we could have been required to settle our obligations under the agreements at their termination value of $10.2 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 which are carried at 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 which are carried at 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). 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, 2024, our Senior Notes and IQ Notes were recorded at their carrying values of $472.2 million and $33.6 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $478.5 million and $34.1 million, respectively, at December 31, 2024. 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 6.77%, 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 $23.0 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 had 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.
Total quarterly common stock and preferred stock dividends declared by our Board for the years ended December 31, 2024, 2023 and 2022 amounted to $25.5 million, $15.7 million and $12.9 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.
In early February 2025, we revised our common stock dividend policy to eliminate the silver-linked component. We intend to maintain the annual common stock dividend, however the declaration and payment of dividends remain in the sole discretion of our Board of Directors, and there can be no assurance it will declare any future dividend.
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 in ATM offerings. 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 the year ended December 31, 2024, we sold 9,339,287 shares under the agreement for proceeds of $58.4 million, net of commissions and fees of approximately $0.9 million. In total since September 2022 through December 31, 2024, we have sold 23,843,684 shares under the agreement for total proceeds of $132.3 million, net of commissions and fees of $2.1 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, 2024, 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 157,756 shares (2023: 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, 2024, 2023 and 2022 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 for restricted stock units, performance based grants and common stock grants (collectively "incentive compensation") to employees, shares granted to the interim CEO and non-employee directors totaled $8.7 million, $6.6 million and $6.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Over the next twelve months, we expect to recognize $5.6 million in additional compensation expense as outstanding restricted stock units and performance-based shares vest.
Stock Incentive Plan
During 2010, our stockholders voted to approve the adoption of our 2010 Stock Incentive Plan and to reserve up to 20,000,000 shares of common stock for issuance under the plan. In the second quarter of 2019, our stockholders voted to approve an amendment to the plan to restore the number of shares of common stock available for issuance under the 2010 plan to the original 20,000,000 shares (along with other changes). The Board has broad authority under the 2010 plan to fix the terms and conditions of individual agreements with participants, including the duration of the award and any vesting requirements. As of December 31, 2024, there were 10,175,414 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 2024, 2023, and 2022, 150,387, 125,063, and 98,310 shares, respectively, were credited to the non-employee directors. During 2024, 2023, and 2022, $0.8 million, $0.7 million, and $0.4 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, 2024, there were 2,039,789 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, 2024, there was unrecognized compensation expense of $6.8 million related to unvested RSUs to be recognized over a weighted average period of 2.0 years. The fair value of RSUs that vested during 2024, 2023 and 2022 was $4.7 million, $4.6 million and $5.8 million, respectively.
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:
(1) Vested on December 31 and distributed in February of the following year (2) The awards granted in 2022 did not meet the established performance criteria and accordingly were forfeited as unvested
Unvested PSUs will be forfeited by participants upon termination of employment in advance of vesting. At December 31, 2024, there was an unrecognized compensation expense of $1.6 million related to unvested PSUs to be recognized over a weighted average period of 1.6 years. The fair value of PSUs that vested during on December 31, 2023 and 2022, and were distributed in February 2024 and 2023 was $0.7 million and $1.0 million, respectively.
In connection with the vesting of restricted RSUs, 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 2024, we withheld 277,966 shares valued at $1.2 million, or $4.31 per share. 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. These shares become treasury shares unless we cancel them.
Warrants
We have 2,068,000 (2023:4,136,000) warrants outstanding. The warrants were issued as part of the Klondex acquisition purchase consideration in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. During the year end December 31, 2024, the warrant holder of 2,068,000 warrants with an exercise price of $1.57 and an expiration date of February 2029, exercised all their warrants by means of a cashless exercise whereby 1,488,050 shares were issued. The outstanding 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), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
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| 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 Mine Development, net, and Lease Commitments |
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| Properties, Plants, Equipment and Mine Development, net, and Lease Commitments | Note 15: Properties, Plants, Equipment and Mine Development, net, and Lease Commitments
Properties, Plants, Equipment and Mine Development
Our major components of properties, plants, equipment, and mine development are (in thousands):
During 2024, we incurred total capital expenditures of $214.5 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 $49.6 million at Lucky Friday, $47.8 million at Greens Creek, $60.7 million at Casa Berardi and $54.9 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, 2024, mineral interests included VBPP assets of $323.6 million, $388.2 million, $83.3 million and $95.7 million, respectively, at Casa Berardi, Nevada, Greens Creek and Keno Hill, along with various other properties. 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, 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, 2024 and 2023, we have recorded $108.5 million and $106.9 million, respectively, for the gross amount of assets acquired under the finance leases and $94.4 million and $86.5 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mine development. 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 |
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Dec. 31, 2024 | |
| Disclosure Text Block [Abstract] | |
| Commitments, Contingencies, and Obligations | Note 16: Commitments, Contingencies, and Obligations
San Mateo Creek Basin, New Mexico
In July 2018, the EPA informed Hecla Limited that it and several other potentially responsible parties (“PRPs”) may be liable for cleanup of 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. At the time, the EPA stated it had incurred approximately $9.6 million in response costs. Also, in May, 2022, and August, 2024, Hecla Limited received a letter from a PRP notifying Hecla Limited that other PRPs may 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
Effective on October 16, 2024, Hecla Limited and the EPA are parties to a Consent Agreement and Final Order (the “Settlement”) resolving certain liabilities of Hecla Limited under the Clean Water Act involving the Lucky Friday mine’s permitted water discharges between 2018 and 2024. Under the Settlement, Hecla Limited will pay the EPA $174,300 and undertake a Supplemental Environmental Project involving river habitat restoration on the South Fork of the Coeur d’Alene River estimated to cost $299,000.
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 was 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 materially false and misleading statements and omitted certain material information regarding Hecla’s Nevada assets. The complaint was dismissed by the Federal District Court with prejudice on September 30, 2024. On October 28, 2024, the plaintiffs filed a notice of appeal with the United States Court of Appeals for the Second Circuit.
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 members of Hecla’s Board of Directors and certain past 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, 2024.
Other Commitments
Our contractual obligations as of December 31, 2024 included open purchase orders and commitments of $5.8 million, $9.7 million, $11.2 million, and $9.1 million for various capital and non-capital items at Greens Creek, Lucky Friday, Keno Hill, and Casa Berardi, respectively. We also have total commitments of $24.1 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 $10.8 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, 2024, we had surety bonds totaling $213.6 million and letters of credit totaling $6.2 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 2 - Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2024 | |
| 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 Minerals Ltd. ("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. |
| 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 significant 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 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 of marketable securities and investments accounted for under the equity method are included as a component of a separate line item, “fair value adjustments, net,” and "Other income", respectively, both of which are included on our consolidated statements of operations and comprehensive income (loss). |
| Inventories | E. Inventories — Major types of inventories include materials and supplies and metals product inventory, which is determined by the stage at which the ore is in the production process (stockpiled ore, in-process and finished goods). Product inventories are stated at the lower of full cost of production or estimated net realizable value based on current metals prices. Materials and supplies inventories are stated at average cost.
Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit.
In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable depreciation, depletion and 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, 2024 and 2023, respectively. |
| Properties, Plants, Equipment and Mineral Interests | G. Properties, Plants, Equipment and Mine Development – Costs are capitalized when it has been determined an ore body can be economically developed pursuant to certain internal investment criteria. 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 $12.4 million, $17.6 million, and $11.2 million for the years ended December 31, 2024, 2023 and 2022, 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 2 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 probability adjusted undiscounted expected future cash flows that will be generated from operations at each property, potential future asset disposals, 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 expected 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, (iv) market values of mineral interests and (v) potential estimated sales value. 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 probability adjusted undiscounted expected 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 mine development, net.
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 and other direct production costs 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.
The Company's wholly owned subsidiary Elsa Reclamation and Development Company Ltd. ("ERDC"), generates revenue from performing environmental remediation services for the Crown-Indigenous Relations and Northern Affairs Canada ("CIRNAC"), a department of the Federal Government of Canada. ERDC and CIRNAC agree on annual work plans, which detail the scope of activities to be completed. Based on the work plan, the performance obligations to be met and the transaction price is known. Revenue is recognized on a monthly basis, as the required environmental remediation services performance obligations are completed and CIRNAC approves the activities performed. Modification to the scope of work would be agreed to separately with CIRNAC as no work outside of the work plan is reimbursable. |
| 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.
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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 and other direct production costs (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, 2024 and 2023, certain of our foreign currency-related forward contracts and metals prices hedges qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI.
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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. |
| Reclassifications | T. Reclassifications — Certain amounts in prior years have been reclassified to conform with the 2024 presentation. |
| New Accounting Pronouncements | U. New Accounting Pronouncements —
Accounting Standards Updates that Became Effective in the Current Period
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. We retrospectively adopted the segment disclosures required under these amended in the year ended December 31, 2024 consolidated financial statements, with no changes to our previously disclosed reportable segments.
Accounting Standards Updates to Become Effective in Future Periods
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. The amendments apply to income tax disclosures only, and we will comply with the additional disclosure requirements required by the standard.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our consolidated financial statements and disclosures. |
Note 4 - Business Segments, Sales of Products and Significant Customers (Tables) |
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| Schedule of Information About Reportable Segments | The tables below present information about our reportable segments as of and for the years ended December 31, 2024, 2023 and 2022 (in thousands).
(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs. (b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net.
(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs. (b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net.
(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs. (b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net. |
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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, 2024 and 2023 (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, 2024, 2023 and 2022 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, 2024, 2023 and 2022 (in thousands):
Metal sales by significant product type for the years ended December 31, 2024, 2023 and 2022 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, 2024, 2023 and 2022:
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| Summary of Trade Accounts Receivable | Trade accounts receivable balances with significant metals customers as of December 31, 2024, 2023 and 2022 were as follows:
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Note 5 - Environmental and Reclamation Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental and Reclamation Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reclamation and Closure Costs Liabilities | The liabilities accrued for our reclamation and closure costs at December 31, 2024 and 2023 were as follows (in thousands):
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| Schedule of Reclamation and Closure Costs Activities | The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
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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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2024, and the funded status as of December 31, 2024 and 2023 (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, 2024 and 2023 (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:
(1) 5% for 2024 and 2% per year thereafter. (2)
4% for 2024, 3% for 2025 and 2% per year thereafter. |
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| Schedule of net periodic pension cost | Net periodic pension cost for the plans consisted of the following in 2024, 2023, and 2022 (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, 2024 (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. During 2024 two of our plans had plan assets in excess of the ABO and one did not. During 2023 all three of our plans assets exceeded the ABO (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, 2024, 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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income and Mining Tax Benefit (Provision) | Major components of our income and mining tax (provision) benefit for the years ended December 31, 2024, 2023 and 2022 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, 2024, 2023 and 2022 are as follows (in thousands):
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| Schedule of Effective Income Tax Reconciliation | The annual tax (provision) benefit 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, 2024, 2023 and 2022, are as follows (in thousands):
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Note 8 - Income (Loss) per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share Basic and Diluted | The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share):
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Note 9 - Debt, Credit Facility and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt | The following tables summarize our current and long-term debt balances, including principal amounts outstanding under the Credit Agreement, as of December 31, 2024 and 2023 (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, 2024 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2024.
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| Schedule of Annual Maturities of Finance Lease Commitments, Including Interest | At December 31, 2024, 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, 2024, 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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Table Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Foreign Exchange Contracts, Statement of Financial Position | As of December 31, 2024 and 2023, 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, 2024 and 2023:
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| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | At December 31, 2024 and 2023, 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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | Fair value adjustments, net is comprised of the following (in thousands):
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| Schedule of Fair Value, Assets and Liabilities Measured on 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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stockholders' Equity Note, Warrants or Rights |
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| Share-Based Payment Arrangement, Performance Shares, Activity |
(1) Vested on December 31 and distributed in February of the following year (2) The awards granted in 2022 did not meet the established performance criteria and accordingly were forfeited as unvested |
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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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated other comprehensive income (loss), net | 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):
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Note 14 - Product Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Mine Development, net, and Lease Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of properties, plants, equipment, and mine development |
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Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Restricted cash and cash equivalents | $ 1,177 | $ 1,165 | $ 1,164 |
| Capitalized Drilling Costs | $ 12,400 | $ 17,600 | $ 11,200 |
| Minimum [Member] | |||
| Property, Plant and Equipment, Useful Life (Year) | 2 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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Depreciation, depletion and amortization | $ 190,471 | $ 163,672 | $ 145,147 |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Inventories: Concentrates, dore, and stockpiled ore | $ 34,962 | $ 28,823 | ||
| Total current assets | 214,152 | 260,262 | ||
| Properties, plants, equipment and mine development, net | 2,694,119 | 2,666,250 | ||
| Total assets | 2,981,060 | 3,011,104 | $ 2,927,172 | |
| Accrued taxes | 6,312 | 3,501 | ||
| Total current liabilities | 197,838 | 157,460 | ||
| Deferred tax liability | 110,266 | 104,835 | ||
| Total liabilities | 941,546 | 1,043,000 | ||
| Accumulated deficit | (493,529) | (503,861) | ||
| Total shareholders' equity | 2,039,514 | 1,968,104 | 1,978,967 | $ 1,760,787 |
| Total liabilities and shareholders' equity | 2,981,060 | 3,011,104 | ||
| Cost of sales and other direct production costs | 548,245 | 458,504 | 458,811 | |
| Depreciation, depletion and amortization | 183,470 | 148,774 | 143,938 | |
| Total cost of sales | 731,715 | 607,278 | 602,749 | |
| Gross profit | 198,210 | 112,949 | 116,156 | |
| Income from operations | 106,276 | (44,674) | (12,438) | |
| Loss before income and mining taxes | 66,216 | (82,995) | (44,914) | |
| Income and mining tax (provision) benefit | 30,414 | 1,222 | (7,566) | |
| Net Income (Loss) | 35,802 | (84,217) | (37,348) | |
| Loss applicable to common shareholders | 35,250 | (84,769) | (37,900) | |
| Comprehensive loss | $ 19,699 | $ (80,828) | $ (6,444) | |
| Basic income (loss) common share after preferred dividends | $ 0.06 | $ (0.14) | $ (0.07) | |
| Diluted income (loss) per common share after preferred dividends | $ 0.06 | $ (0.14) | $ (0.07) | |
| Depreciation, depletion and amortization | $ 190,471 | $ 163,672 | $ 145,147 | |
| Cash provided by operating activities | $ 218,277 | $ 75,499 | $ 89,890 | |
Note 3 - Investments (Additional Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Investments [Line Items] | |||
| Non-current investments | $ 33.9 | $ 33.7 | |
| Carrying value of non-current investments | 0.7 | 1.4 | |
| Equity Method Investments | 0.1 | ||
| Equity Losses | $ 0.7 | 0.3 | |
| Payments to acquire marketable securities | 9.0 | ||
| Unrealized losses on investment | $ 0.2 | $ 5.6 | |
Note 4 -Business Segments, Sales of Products and Significant Customers - Schedule of Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | $ 2,694,119 | $ 2,666,250 |
| UNITED STATES | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | 1,684,890 | 1,698,285 |
| CANADA | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | 1,001,612 | 960,109 |
| MEXICO | ||
| Segment Reporting Information [Line Items] | ||
| Long-lived assets | $ 7,617 | $ 7,856 |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 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 | 46.40% | 53.70% | 46.60% |
| Lucky Friday [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 22.30% | 16.30% | 20.60% |
| Keno Hill [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 8.20% | 5.00% | 0.00% |
| Casa Berardi [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 23.10% | 24.90% | 32.70% |
| Other [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of sales | 0.00% | 0.10% | 0.10% |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Less: Smelter and refining charges | $ (41,273) | $ (50,909) | $ (51,973) |
| Total consolidated sales | 929,925 | 720,227 | 718,905 |
| Silver Contracts [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | 413,980 | 302,284 | 265,054 |
| Gold [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | 318,256 | 274,613 | 298,910 |
| Lead [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | 87,223 | 72,726 | 83,384 |
| Zinc [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | 130,767 | 116,230 | 123,057 |
| Copper [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | 416 | 0 | 0 |
| Total Metal [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | 909,369 | 714,944 | 718,432 |
| Environmental Remediation Services [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Total consolidated sales | $ 20,556 | $ 5,283 | $ 473 |
Note 4 -Business Segments, Sales of Products and Significant Customers - Schedule of Sales Information by Geographic Area (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | $ 908,079 | $ 695,267 | $ 724,255 |
| Doré and Metals from Doré [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 238,124 | 211,321 | 255,608 |
| Carbon [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 7,670 | 4,333 | 2,607 |
| Silver Concentrate [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 493,584 | 356,941 | 329,165 |
| Zinc Concentrate [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 111,101 | 80,274 | 109,177 |
| Precious Metals Concentrate [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 57,600 | 42,398 | 27,698 |
| UNITED STATES | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 41,079 | 36,307 | 21,938 |
| CANADA | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 457,423 | 375,092 | 406,600 |
| JAPAN | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 44,561 | 52,744 | 51,375 |
| KOREA | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | 181,372 | 127,590 | 107,828 |
| CHINA | |||
| Segment Reporting Information [Line Items] | |||
| Sales by significant product type | $ 183,644 | $ 103,534 | $ 136,514 |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Customer A [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 24.20% | 17.20% | 35.40% |
| Customer B [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 11.80% | 28.10% | 23.90% |
| Customer C [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 15.50% | 18.50% | 11.30% |
| Customer D [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 9.50% | 15.90% | 6.90% |
Note 4 -Business Segments, Sales of Products and Significant Customers - Summary of Trade Accounts Receivable (Details) - Trade Accounts Receivable [Member] - Customer Concentration Risk [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Customer B [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 46.10% | 22.20% | 57.50% |
| Customer C [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 16.80% | 3.30% | 3.10% |
| Customer D [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 28.20% | 2.10% | |
| Customer E [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 7.20% | 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% | ||
| Customer H [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of accounts receivable | 34.80% | ||
Note 5 - Environmental and Reclamation Activities - Schedule of Reclamation and Closure Costs Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | $ 124,910 | $ 120,457 | $ 116,999 | $ 113,231 |
| Reclamation and closure costs, current | $ (13,748) | $ (9,660) | ||
| Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Reclamation Costs, Current | Accrued Reclamation Costs, Current | ||
| Reclamation and closure costs, non-current | $ 111,162 | $ 110,797 | ||
| Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Mine Reclamation and Closing Liability, Noncurrent | Mine Reclamation and Closing Liability, Noncurrent | ||
| Operating Properties [Member] | Greens Creek [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | $ 38,737 | $ 39,893 | ||
| Operating Properties [Member] | Lucky Friday [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | 10,982 | 12,022 | ||
| Operating Properties [Member] | Keno Hill [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | $ 3,500 | $ 3,360 | ||
| Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Employee-related Liabilities, Current | Employee-related Liabilities, Current | ||
| Operating Properties [Member] | Casa Berardi [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | $ 17,005 | $ 11,157 | ||
| Non-Operating Properties [Member] | Nevada Operations [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | 33,700 | 30,539 | ||
| Non-Operating Properties [Member] | San Sebastian [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | 1,509 | 2,061 | ||
| Non-Operating Properties [Member] | Troy Mine [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | 3,385 | 5,238 | ||
| Non-Operating Properties [Member] | Johnny M [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | 10,148 | 10,148 | ||
| Non-Operating Properties [Member] | All Other Sites [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | $ 5,944 | $ 6,039 |
Note 5 - Environmental and Reclamation Activities - Schedule of Reclamation and Closure Costs Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Environmental and Reclamation Activities [Abstract] | |||
| Beginning balance | $ 120,457 | $ 116,999 | $ 113,231 |
| Accruals for estimated costs | (239) | 2,952 | 2,874 |
| Accretion expense | 5,806 | 7,740 | 5,995 |
| Revision of estimated cash flows due to changes in reclamation plans | 7,383 | (29) | 452 |
| Payment of reclamation obligations | (8,497) | (7,205) | (5,553) |
| Ending balance | $ 124,910 | $ 120,457 | $ 116,999 |
Note 5 - Environmental and Reclamation Activities - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Environmental and Reclamation Activities [Abstract] | ||
| Beginning Balance at January 1 | $ 99,067 | $ 96,620 |
| Changes in obligations due to changes in reclamation plans | 5,226 | (29) |
| Accretion expense | 5,806 | 7,740 |
| Payment of asset retirement obligations | (4,667) | (5,264) |
| Ending balance at December 31 | $ 105,432 | $ 99,067 |
Note 5 - Environmental and Reclamation Activities - Additional Information (Details) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Environmental and Reclamation Activities [Line Items] | ||||
| Reclamation and closure costs | $ 124,910 | $ 120,457 | $ 116,999 | $ 113,231 |
| Minimum [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Inflation Rate, Asset Retirement Obligation | 1.80% | |||
| Minimum [Member] | Reclamation and Abandonment Costs [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Derivative liability, measurement input | 0.0575 | |||
| Minimum [Member] | Asset Retirement Obligation [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Derivative liability, measurement input | 0.0275 | |||
| Maximum [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Inflation Rate, Asset Retirement Obligation | 4.00% | |||
| Maximum [Member] | Reclamation and Abandonment Costs [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Derivative liability, measurement input | 0.145 | |||
| Maximum [Member] | Asset Retirement Obligation [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
| Environmental and Reclamation Activities [Line Items] | ||||
| Derivative liability, measurement input | 0.075 |
Note 6 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands |
2 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Feb. 17, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Expected rate of return on plan assets | 7.25% | 7.25% | 7.25% | |
| Defined Benefit Plan Assumed Long Term Rate Basis Spread | 1.00% | |||
| Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 1,756 | ||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 55.00% | |||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
| Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,600 | 1,300 | $ 600 | |
| Capital Accumulation 401(K) Plan [Member] | ||||
| Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4,800 | 4,600 | 4,500 | |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
| Pension plans | ||||
| Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,000 | |||
| Supplemental Employee Retirement Plan [Member] | ||||
| Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 800 | |||
| Common Stock [Member] | Supplemental Employee Retirement Plan [Member] | ||||
| Common stock investments | 18,900 | 19,900 | ||
| Hecla Plans | ||||
| Defined Benefit Plan, Plan Assets, Contributions by Employer | 200 | |||
| Hecla Plans | Common Stock [Member] | ||||
| Common stock investments | 18,900 | 19,900 | ||
| Lucky Friday plan | Common Stock [Member] | ||||
| Common stock investments | 2,900 | 2,900 | ||
| Nonoperating Income (Expense) [Member] | ||||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Except Service cost | $ 3,900 | $ 4,100 | $ 5,400 | |
Note 6 - Employee Benefit Plans - Change in Benefit Obligation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan [Abstract] | |||
| Benefit obligation at beginning of year | $ 149,426 | $ 148,143 | |
| Service cost | 3,659 | 3,794 | $ 6,262 |
| Interest cost | 8,302 | 7,974 | 5,476 |
| Change due to mortality change | 2,430 | 643 | |
| Change due to discount rate change | 10,819 | (3,635) | |
| Actuarial return | 1,714 | 401 | |
| Benefits paid | (8,346) | (7,894) | |
| Benefit obligation at end of year | 168,004 | 149,426 | 148,143 |
| Fair value of plan assets at beginning of year | 176,958 | 175,159 | |
| Actual return on plan assets | 15,722 | 7,937 | |
| Employer contributions | 0 | 1,756 | |
| Benefits paid | (8,346) | (7,894) | |
| Fair value of plan assets at end of year | 184,334 | 176,958 | $ 175,159 |
| Funded status at end of year | $ 16,330 | $ 27,532 | |
Note 6 - Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Liabilities, Current [Abstract] | ||
| Accrued benefit asset | $ 19,879 | $ 28,399 |
| Accrued current benefit liability | (1,556) | (867) |
| Accrued benefit liability | (1,993) | 0 |
| Accumulated other comprehensive loss | 19,489 | 8,031 |
| Net amount recognized | $ 35,819 | $ 35,563 |
Note 6 - Employee Benefit Plans - Benefit Obligation and Prepaid Benefit Costs Assumptions (Details) |
2 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Feb. 17, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Discount rate: net periodic pension cost | 5.14% | 5.77% | |||||
| Discount rate: projected benefit obligation | 5.14% | 5.77% | |||||
| Expected rate of return on plan assets | 7.25% | 7.25% | 7.25% | ||||
| Rate of compensation increase: net periodic pension cost | [1] | 3.00% | |||||
| Rate of compensation increase: projected benefit obligation | [2] | 3.00% | |||||
| Maximum [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Rate of compensation increase: net periodic pension cost | [1] | 5.00% | |||||
| Rate of compensation increase: projected benefit obligation | [2] | 4.00% | |||||
| Minimum [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Rate of compensation increase: net periodic pension cost | [1] | 2.00% | |||||
| Rate of compensation increase: projected benefit obligation | [2] | 2.00% | |||||
| Median [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Rate of compensation increase: projected benefit obligation | [2] | 3.00% | |||||
| |||||||
Note 6 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan [Abstract] | |||
| Service cost | $ 3,659 | $ 3,794 | $ 6,262 |
| Interest cost | 8,302 | 7,974 | 5,476 |
| Expected return on plan assets | $ (12,544) | $ (12,428) | $ (13,452) |
| 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 | $ 265 | $ 500 | $ 511 |
| Amortization of net loss (gain) | 61 | (188) | 2,049 |
| Net periodic pension (benefit) cost | $ (257) | $ (348) | $ 846 |
Note 6 - Employee Benefit Plans - Investment Policy Allocation (Details) |
Dec. 31, 2024 |
|---|---|
| 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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Total fair value | $ 184,334 | $ 176,958 | $ 175,159 |
| Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 109,396 | 103,962 | |
| Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 16,071 | 15,781 | |
| Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 109,396 | 103,962 | |
| Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 16,071 | 15,781 | |
| Fair Value Measured at Net Asset Value Per Share [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 157,402 | 150,377 | |
| Fair Value Measured at Net Asset Value Per Share [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 26,932 | 26,581 | |
| Interest-Bearing Deposits [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 2,699 | 525 | |
| Interest-Bearing Deposits [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 123 | 117 | |
| Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 2,699 | 525 | |
| Interest-Bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 123 | 117 | |
| Common Stock [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 18,874 | 19,933 | |
| Common Stock [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 2,932 | 2,872 | |
| Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 18,874 | 19,933 | |
| Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 2,932 | 2,872 | |
| Mutual Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 87,823 | 83,504 | |
| Mutual Funds [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 13,016 | 12,792 | |
| Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 87,823 | 83,504 | |
| Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 13,016 | 12,792 | |
| Real Estate Investments [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 16,318 | 18,029 | |
| Real Estate Investments [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 3,698 | 4,173 | |
| 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 | ||
| Common Collective Funds [Member] | Hecla Mining Company Retirement Plan [Member] | |||
| Total fair value | 31,688 | 28,386 | |
| Common Collective Funds [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | 7,163 | 6,627 | |
| 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 | 48,006 | 46,415 | |
| Investments Measured At Net Asset Value [Member] | Lucky Friday Pension Plan [Member] | |||
| Total fair value | $ 10,861 | 10,800 | |
| 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, 2024
USD ($)
|
|---|---|
| Defined Benefit Plan [Abstract] | |
| 2025 | $ 10,061 |
| 2026 | 10,171 |
| 2027 | 10,158 |
| 2028 | 10,427 |
| 2029 | 10,610 |
| Years 2030-2033 | $ 53,433 |
Note 6 - Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Plan Assets Exceed ABO [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | $ 48,251 | $ 149,426 |
| Accumulated benefit obligation | 47,262 | 146,336 |
| Fair value of plan assets | 66,573 | $ 176,958 |
| ABO Exceed Plan Assets [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | 119,753 | |
| Accumulated benefit obligation | 116,148 | |
| Fair value of plan assets | $ 117,761 |
Note 6 - Employee Benefit Plans - Pension and Benefit Plan Amounts Included in Accumulated Other Comprehensive Income (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Defined Benefit Plan [Abstract] | |
| Unamortized net loss | $ 19,185 |
| Unamortized prior service cost | $ 304 |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current: | |||
| Domestic | $ (6,758) | $ (3,846) | $ (3,915) |
| Foreign | (3,968) | (3,322) | (5,119) |
| Total current income and mining tax (provision) benefit | (10,726) | (7,168) | (9,034) |
| Deferred: | |||
| Domestic | (30,435) | (17,058) | 2,064 |
| Foreign | 10,747 | 23,004 | 14,536 |
| Total deferred income and mining tax (provision) benefit | (19,688) | 5,946 | 16,600 |
| Total benefit (provision), Amount | $ (30,414) | $ (1,222) | $ 7,566 |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Line Items] | |||
| Total | $ 66,216 | $ (82,995) | $ (44,914) |
| Domestic [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Total | 121,273 | 43,745 | (6,343) |
| Foreign [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Total | $ (55,057) | $ (126,740) | $ (38,571) |
Note 7 - Income and Mining Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Computed “statutory” benefit (provision), Amount | $ (13,905) | $ 17,429 | $ 9,432 |
| Computed “statutory” benefit (provision), Percentage | 22.00% | 21.00% | 21.00% |
| Percentage depletion, Amount | $ 9,895 | $ 4,205 | $ 8,542 |
| Percentage depletion, Percentage | (15.00%) | 5.00% | 19.00% |
| Change in valuation allowance, Amount | $ (14,195) | $ (20,016) | $ (8,113) |
| Change in valuation allowance, Percentage | 21.00% | (24.00%) | (18.00%) |
| State taxes, net of federal tax benefit, Amount | $ (4,823) | $ (2,731) | $ (158) |
| State taxes, net of federal tax benefit, Percentage | 7.00% | (3.00%) | 0.00% |
| Foreign currency remeasurement, Amount | $ 590 | $ (4,155) | $ 4,559 |
| Foreign currency remeasurement, Percentage | (1.00%) | (5.00%) | 10.00% |
| Rate differential on foreign earnings, Amount | $ 3,293 | $ 6,553 | $ 1,515 |
| Rate differential on foreign earnings, Percentage | (5.00%) | 8.00% | 3.00% |
| Compensation, Amount | $ (2,684) | $ (1,636) | $ 173 |
| Compensation, Percentage | 4.00% | (2.00%) | 0.00% |
| Mining and other taxes, Amount | $ (7,661) | $ (1,359) | $ (6,609) |
| Mining and other taxes, Percentage | 12.00% | (2.00%) | (15.00%) |
| Other, Amount | $ (924) | $ 488 | $ (1,775) |
| Other, Percentage | 1.00% | 1.00% | (3.00%) |
| Total benefit (provision), Amount | $ (30,414) | $ (1,222) | $ 7,566 |
| Total benefit (provision), Percentage | 46.00% | (1.00%) | 17.00% |
Note 7 - Income and Mining Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Deferred tax assets: | ||||
| Accrued reclamation costs | $ 34,538 | $ 33,451 | ||
| Deferred exploration | 21,591 | 22,341 | ||
| Foreign net operating losses | 50,763 | 52,091 | ||
| Domestic net operating losses | 191,583 | 214,137 | ||
| Foreign exchange loss | 29,292 | 22,247 | ||
| Foreign tax credit carryforward | 1,576 | 2,026 | ||
| Miscellaneous | 38,443 | 35,060 | ||
| Total deferred tax assets | 367,786 | 381,353 | ||
| Valuation allowance | (115,105) | (100,910) | $ (72,856) | $ (39,152) |
| Total deferred tax assets | 252,681 | 280,443 | ||
| Deferred tax liabilities: | ||||
| Miscellaneous | (8,648) | (12,950) | ||
| Properties, plants and equipment | (354,299) | (369,445) | ||
| Total deferred tax liabilities | (362,947) | (382,395) | ||
| Net deferred tax liability | $ (110,266) | $ (101,952) |
Note 7 - Income and Mining Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Line Items] | |||
| Balance at beginning of year | $ (100,910) | $ (72,856) | $ (39,152) |
| Balance at end of year | (115,105) | (100,910) | (72,856) |
| Increase Due to Uncertainty of Recovery [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Valuation allowance, deferred tax asset | (16,965) | (21,114) | (13,256) |
| Decrease Related to Utilization and Expiration [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Valuation allowance, deferred tax asset | 2,770 | 1,137 | 5,143 |
| Klondex Mines Ltd [Member] | Business Acquisition [Member] | |||
| Income Tax Disclosure [Line Items] | |||
| Valuation allowance, deferred tax asset | $ 0 | $ (8,077) | $ (25,591) |
Note 7 - Income and Mining Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax liabilities | $ 110,266 | $ 101,952 | ||
| Deferred tax assets, valuation allowance | 115,105 | 100,910 | $ 72,856 | $ 39,152 |
| Unrecognized tax benefits | 0 | 0 | ||
| Mexican Tax Authority [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax assets, valuation allowance | 11,600 | |||
| Nevada Operations [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax assets, valuation allowance | 39,200 | |||
| Deferred tax assets, tax credit carryforwards | 5,800 | |||
| Tax credit carryforward, amount | 27,500 | |||
| Foreign Tax Jurisdiction [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Operating loss carryforwards | 183,000 | |||
| Tax credit carryforward, amount | $ 1,600 | |||
| Tax credit carryforward term | 10 years | |||
| Tax credit carryforward, limitations on use | Our foreign tax credits will expire between 2025 and 2026. | |||
| Domestic Tax Jurisdiction [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Tax credit carryforward, valuation allowance | $ 3,400 | |||
| Deferred tax assets, tax credit carryforwards | 900 | |||
| Operating loss carryforwards | 818,100 | $ 318,200 | ||
| Operating loss carryforwards, Indefinite period | 468,300 | |||
| Tax credit carryforward, amount | 4,700 | |||
| Alexco Resource Corp Member | ||||
| Income Tax Disclosure [Line Items] | ||||
| Deferred tax assets, valuation allowance | 60,900 | |||
| Deferred tax assets, tax credit carryforwards | 4,400 | |||
| Tax credit carryforward, amount | $ 16,400 |
Note 8 - Income (Loss) per Common Share (Details Textual) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Warrants exerciseable | 2,068,000,000 | ||
| Warrants exercise price per share | $ 8.02 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 |
Note 8 - Income (Loss) per Common Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Net Income (Loss) | $ 35,802 | $ (84,217) | $ (37,348) |
| Preferred stock dividends | (552) | (552) | (552) |
| Net income (loss) applicable to common stockholders | $ 35,250 | $ (84,769) | $ (37,900) |
| Basic weighted average common shares | 620,848 | 605,668 | 557,344 |
| Dilutive units | 1,687 | 0 | 0 |
| Diluted weighted average common shares | 622,535 | 605,668 | 557,344 |
| Basic income (loss) per common share | $ 0.06 | $ (0.14) | $ (0.07) |
| Diluted income (loss) per common share | $ 0.06 | $ (0.14) | $ (0.07) |
Note 9 - Debt, Credit Facility and Leases (Details Textual) $ in Thousands, $ in Millions |
12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 16, 2026 |
Jul. 21, 2022 |
Jul. 09, 2020
CAD ($)
|
Mar. 19, 2020
USD ($)
|
Feb. 15, 2026 |
Feb. 15, 2025 |
Dec. 31, 2024
USD ($)
|
Feb. 15, 2024 |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021 |
May 03, 2024
USD ($)
|
Jul. 09, 2020
USD ($)
Contract
|
Jul. 09, 2020
CAD ($)
Contract
|
Feb. 19, 2020
USD ($)
|
|
| Proceeds from issuance of long-term debt | $ 279,000 | $ 239,000 | $ 25,000 | ||||||||||||
| Finance lease liability | 21,912 | 26,800 | |||||||||||||
| Finance lease liability, current | 8,200 | 9,800 | |||||||||||||
| Finance lease liability, noncurrent | 13,700 | 17,000 | |||||||||||||
| Finance lease right-of-use asset | 14,000 | 20,300 | |||||||||||||
| Finance lease right-of-use asset, amortization | 7,900 | 12,600 | 7,100 | ||||||||||||
| Finance lease, interest expense | 900 | $ 900 | $ 900 | ||||||||||||
| Finance lease, liability, payment, due | 24,135 | ||||||||||||||
| Finance lease, liability, undiscounted excess amount | $ 2,223 | ||||||||||||||
| Finance lease, weighted average remaining lease term (year) | 1 year 8 months 12 days | 2 years 2 months 12 days | |||||||||||||
| Finance lease, weighted average discount rate, percent | 9.70% | 9.90% | |||||||||||||
| Finance lease, liability, statement of financial position [Extensible Enumeration] | Finance lease liability | Finance lease liability | |||||||||||||
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities | |||||||||||||
| Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Properties, plants, equipment and mine development, net | Properties, plants, equipment and mine development, net | |||||||||||||
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current | Operating lease liability | Operating lease liability | |||||||||||
| Operating lease liability | $ 7,995 | $ 8,600 | |||||||||||||
| Operating lease liability, current | 900 | 800 | |||||||||||||
| Operating lease liability, noncurrent | 7,100 | 7,800 | |||||||||||||
| Operating lease right-of-use asset | 7,544 | 8,349 | |||||||||||||
| Operating lease expense | $ 3,800 | $ 3,100 | $ 3,100 | ||||||||||||
| Operating lease, weighted average remaining lease term (year) | 7 years 3 months 18 days | 9 years 9 months 18 days | |||||||||||||
| Operating lease, weighted average discount rate, percent | 5.70% | 6.50% | |||||||||||||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current | |||||||||||||
| Operating lease, liability, statement of financial position [Extensible Enumeration] | Total current liabilities | Total current liabilities | Operating lease liability | Operating lease liability | |||||||||||
| New Credit Agreement [Member] | |||||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 195,800 | ||||||||||||||
| Long-term line of credit | 6,200 | $ 6,900 | |||||||||||||
| Proceeds from lines of credit | $ 23,000 | 128,000 | |||||||||||||
| New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 150,000 | ||||||||||||||
| Line of credit facility, commitment fee percentage | 0.45% | ||||||||||||||
| New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 225,000 | ||||||||||||||
| 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 | $ 495,184 | $ 636,000 | |||||||||||||
| 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 | 105.438% | ||||||||||||||
| 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 | $ 472,184 | $ 471,270 | |||||||||||||
| Senior Notes [Member] | The 2028 Senior Notes [Member] | Forecast [Member] | |||||||||||||||
| Debt instrument, redemption price, percentage | 100.00% | 101.813% | 103.625% | ||||||||||||
| Senior Notes [Member] | The 2021 Senior Notes [Member] | |||||||||||||||
| Proceeds from issuance of long-term debt | $ 469,500 | ||||||||||||||
| Previously outstanding | 6.875% | ||||||||||||||
| Interest expense debt | $ 35,400 | $ 34,400 | $ 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 | $ 2,200 | $ 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 | 0 | $ 36,730 | $ 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 | ||||||||||||||
| Senior Notes [Member] | New Credit Agreement [Member] | |||||||||||||||
| Letters of credit, drawn amount | $ 225,000 | ||||||||||||||
Note 9 - Debt, Credit Facility and Leases - Debt Summary (Details) $ in Thousands, $ in Millions |
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jul. 09, 2020
CAD ($)
|
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Less: current debt | $ (33,617) | $ 0 | |
| Senior Notes [Member] | |||
| Debt Instrument [Line Items] | |||
| Principal | 531,525 | 639,473 | |
| Unamortized discount/premium and issuance costs | (2,724) | (3,473) | |
| Total debt | 528,801 | ||
| Long-term debt | 495,184 | 636,000 | |
| Less: current debt | (33,617) | ||
| Senior Notes [Member] | The 2028 Senior Notes [Member] | |||
| Debt Instrument [Line Items] | |||
| Principal | 475,000 | 475,000 | |
| Unamortized discount/premium and issuance costs | (2,816) | (3,730) | |
| Total debt | 472,184 | ||
| Long-term debt | 472,184 | 471,270 | |
| Less: current debt | 0 | ||
| Senior Notes [Member] | Credit Agreement [Member] | |||
| Debt Instrument [Line Items] | |||
| Principal | 23,000 | 128,000 | |
| Unamortized discount/premium and issuance costs | 0 | 0 | |
| Total debt | 23,000 | ||
| Long-term debt | 23,000 | 128,000 | |
| Less: current debt | 0 | ||
| Senior Notes [Member] | IQ Notes [Member] | |||
| Debt Instrument [Line Items] | |||
| Principal | 33,525 | 36,473 | |
| Unamortized discount/premium and issuance costs | 92 | 257 | |
| Total debt | 33,617 | ||
| Long-term debt | 0 | $ 36,730 | $ 48.2 |
| Less: current debt | $ (33,617) |
Note 9 - Debt, Credit Facility and Leases - Future Payments of Long-term Debt (Details) - Senior Notes [Member] $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| The 2028 Senior Notes [Member] | |
| 2025 | $ 34,438 |
| 2026 | 34,438 |
| 2027 | 34,437 |
| 2028 | 479,305 |
| Total | 582,618 |
| IQ Notes [Member] | |
| 2025 | 35,709 |
| 2026 | 0 |
| 2027 | 0 |
| 2028 | 0 |
| Total | $ 35,709 |
Note 9 - Debt, Credit Facility and Leases - Maturities of Finance Lease (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Line of Credit Facility [Abstract] | ||||
| 2025, finance lease | $ 9,576 | |||
| 2026, finance lease | 7,849 | |||
| 2027, finance lease | 3,962 | |||
| 2028, finance lease | 1,099 | |||
| 2029, finance lease | 1,099 | |||
| More than 5 years, finance lease | 550 | |||
| Total, finance lease | 24,135 | |||
| Less: effect of interest, finance lease | (2,223) | |||
| Finance lease, liability, statement of financial position [Extensible Enumeration] | Net finance lease obligation | Net finance lease obligation | ||
| Net finance lease obligation | $ 21,912 | $ 26,800 |
Note 9 - Debt, Credit Facility and Leases - Maturities of Operating Lease (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Line of Credit Facility [Abstract] | ||||
| 2025, operating lease | $ 1,299 | |||
| 2026, operating lease | 1,299 | |||
| 2027, operating lease | 1,192 | |||
| 2028, operating lease | 1,054 | |||
| 2029, operating lease | 990 | |||
| More than 5 years, operating lease | 4,916 | |||
| Total, operating lease | 10,750 | |||
| Less: Effect of discounting, operating lease | $ (2,755) | |||
| Operating lease, liability, statement of financial position [Extensible Enumeration] | Total current liabilities | Total current liabilities | Operating lease liability | Operating lease liability |
| Operating lease liability | $ 7,995 | $ 8,600 |
Note 10 - Derivative Instruments (Details Textual) $ in Thousands, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2024
CAD ($)
Contract
|
Dec. 31, 2024
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 | $ 3,800 | $ 3,600 | $ 800 | ||
| Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | 0 | 0 | $ 0 | ||
| Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ 7,900 | ||||
| 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 | 6,000 | ||||
| Price Risk Derivative [Member] | |||||
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 13,400 | ||||
| Foreign Exchange Forward [Member] | |||||
| Derivative, Notional Amount | $ 11.7 | ||||
| Derivative, Forward Exchange Rate | 0.01368 | 0.01368 | |||
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 8,000 | ||||
| Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
| Unrealized Gain (Loss) on Derivatives | 5,700 | 1,200 | $ 100 | ||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | |||||
| Derivative, Notional Amount | $ 15.8 | ||||
| Derivative, Forward Exchange Rate | 0.01345 | 0.01345 | |||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | Minimum [Member] | |||||
| Derivative, Forward Exchange Rate | 0.012816 | 0.012816 | |||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | Maximum [Member] | |||||
| Derivative, Forward Exchange Rate | 0.014223 | 0.014223 | |||
| Foreign Exchange Forward [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | |||||
| Derivative, Number of Instruments Held, Total | Contract | 378 | 378 | |||
| Derivative, Notional Amount | $ 279.3 | $ 206,600 | |||
| Foreign Exchange Forward [Member] | Casa Berardi and Keno Hill [Member] | |||||
| Derivative, Notional Amount | $ 198.6 | ||||
| Derivative, Forward Exchange Rate | 0.0134 | 0.0134 | |||
| Foreign Exchange Forward [Member] | Casa Berardi & Keno Hill [Member] | |||||
| Derivative, Notional Amount | $ 5.6 | ||||
| Derivative, Forward Exchange Rate | 0.014025 | 0.014025 | |||
| Foreign Exchange Forward [Member] | Keno Hill [Member] | |||||
| Derivative, Notional Amount | $ 47.7 | ||||
| Derivative, Forward Exchange Rate | 0.01373 | 0.01373 | |||
| Unsettled Concentrate Sales Contracts [Member] | |||||
| Derivative, Gain (Loss) on Derivative, Net, Total | 1,300 | $ 19,700 | $ 5,800 | ||
| Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 11,400 | ||||
| Zinc Contract 2022 [Member] | Other Comprehensive Income (Loss) [Member] | |||||
| Derivative, Gain (Loss) on Derivative, Net, Total | 8,500 | ||||
| Commodity Contract [Member] | |||||
| Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 10,200 | ||||
| Derivative, Fair Value, Obligations Under the Agreements | $ 10,200 | ||||
| Zinc and Lead Contract 2023 [Member] | Other Comprehensive Income (Loss) [Member] | |||||
| Derivative, Gain (Loss) on Derivative, Net, Total | $ 17,400 | ||||
Note 10 - Derivative Instruments - Foreign Currency (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative [Line Items] | ||
| Current derivative liabilities | $ (8,155) | $ (1,144) |
| Non-current derivatitive liabilities | 2,021 | 364 |
| Foreign Exchange Contract [Member] | ||
| Derivative [Line Items] | ||
| Other current assets | $ 0 | $ 2,700 |
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
| Other non-current assets | $ 0 | $ 2,000 |
| Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
| Current derivative liabilities | $ (8,200) | $ (1,100) |
| Non-current derivatitive liabilities | $ (2,000) | $ (400) |
Note 10 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
oz
lb
$ / £
$ / oz
|
Dec. 31, 2023
lb
oz
$ / £
$ / oz
|
|
| Silver 2024 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 735 | |
| Underlying, Derivative Mass | $ / oz | 24.4 | |
| Gold 2024 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 3 | |
| Underlying, Derivative Mass | $ / oz | 2,045 | |
| Zinc 2024 Settlements for Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 441 | |
| Underlying, Derivative Mass | $ / £ | 1.51 | |
| Silver 2025 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 1,535 | |
| Underlying, Derivative Mass | $ / oz | 31.46 | |
| Gold 2025 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | oz | 2 | |
| Underlying, Derivative Mass | $ / oz | 2,673 | |
| Zinc 2025 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 20,834 | |
| Underlying, Derivative Mass | $ / £ | 1.4 | |
| Lead 2025 Settlements For Provisional Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 14,661 | |
| Underlying, Derivative Mass | $ / £ | 0.97 | |
| Lead 2024 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 | |
| Zinc 2025 Settlements For Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 59,194 | |
| Underlying, Derivative Mass | $ / £ | 1.39 | |
| Lead 2025 Settlements For Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 47,840 | 49,273 |
| Underlying, Derivative Mass | $ / £ | 0.99 | 0.98 |
| Zinc 2026 Settlements For Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 6,283 | |
| Underlying, Derivative Mass | $ / £ | 1.41 | |
| Lead 2026 Settlements For Forecasted Sales [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount, Mass | lb | 52,911 | |
| Underlying, Derivative Mass | $ / £ | 1.03 | |
Note 10 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Contracts in a liability position | $ 8,155 | $ 1,144 |
| Other non-current assets, liability position | $ (2,021) | $ (364) |
| 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 | $ 11,500 | $ 3,100 |
| 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) | 11,500 | 3,100 |
| Forward and Put Option Contracts [Member] | Other Noncurrent Assets [Member] | ||
| Contracts in an asset position | 6,600 | 1,500 |
| Contracts in a liability position | 0 | 0 |
| Net asset (liability) | 6,600 | 1,500 |
| 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 | $ 0 | $ (100) |
| Net asset (liability) | $ 0 | $ (100) |
Note 11 - Fair Value Measurement (Details Textual) |
Dec. 31, 2024
USD ($)
|
|---|---|
| Fair Value, Inputs, Level 1 [Member] | |
| Carrying and fair value | $ 23,000,000 |
| IQ Notes [Member] | |
| Notes Payable, Total | 33,600,000 |
| IQ Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Notes Payable, Fair Value Disclosure | $ 34,100,000 |
| IQ Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Annual Yield [Member] | |
| Debt Instrument, Measurement Input | 0.0677 |
| Senior Notes [Member] | |
| Notes Payable, Total | $ 472,200,000 |
| Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Notes Payable, Fair Value Disclosure | $ 478,500,000 |
Note 11 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 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 | $ (2,204) | $ 2,925 | $ (4,723) |
| Fair Value, Inputs, Level 1 [Member] | |||
| Unrealized gain (loss) on investments in equity securities | 3,703 | (243) | (5,632) |
| Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
| Loss (gain) on derivative contracts | (5,907) | 3,168 | 844 |
| Gain on disposition or exchange of investments | (5,907) | 3,168 | 844 |
| Securities Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
| Loss (gain) on derivative contracts | 0 | 0 | 65 |
| Gain on disposition or exchange of investments | $ 0 | $ 0 | $ 65 |
Note 11 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Receivables from provisional concentrate sales | $ 17,538 | $ 13,691 |
| Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
| Money market funds and other bank deposits | 26,868 | 106,374 |
| Equity securities | 33,158 | 32,284 |
| Certificates of deposit and other deposits | 1,177 | 1,165 |
| Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
| Receivables from provisional concentrate sales | 31,515 | 17,940 |
| Metal forward contracts | $ 18,039 | $ 4,698 |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
| Foreign exchange contracts | $ 0 | $ 4,657 |
| Metal forward contracts | $ 0 | $ 40 |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
| Foreign exchange contracts | $ 10,176 | $ 1,508 |
Note 12 - Stockholders' Equity (Details Textual) |
1 Months Ended | 3 Months Ended | 12 Months Ended | 28 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 29, 2024
USD ($)
|
Feb. 28, 2023
USD ($)
|
Sep. 30, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
Director
$ / shares
shares
|
Dec. 31, 2020
$ / shares
|
Dec. 31, 2019
$ / shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Feb. 15, 2022
$ / shares
|
Feb. 18, 2021
shares
|
Sep. 30, 2020
$ / shares
|
Jul. 20, 2018
shares
|
May 08, 2012
shares
|
Jun. 30, 2010
shares
|
|
| Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.015 | $ 0.01 | $ 0.01 | |||||||||||||
| 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 | ||||||||||||||
| Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,488,050 | |||||||||||||||
| Share Price (in dollars per share) | $ / shares | $ 0 | |||||||||||||||
| Series B preferred stock, shares outstanding (in shares) | shares | 157,756 | 157,776 | 157,756 | |||||||||||||
| Percent of Shareholders' Consent Needed to Create or Issue Stock Ranking Senior to Series B Preferred Stock | 66.00% | 66.00% | ||||||||||||||
| Preferred stock, dividends declared (Quarterly) | $ 552,000 | $ 552,000 | $ 552,000 | |||||||||||||
| Series B preferred stock, liquidation preference | 7,889,000 | 7,889,000 | $ 7,889,000 | |||||||||||||
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,600,000 | $ 5,600,000 | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Measurement Period Used to Value Performance-based Awards (Year) | 3 years | |||||||||||||||
| warrant holder | shares | 2,068,000 | 2,068,000 | ||||||||||||||
| Warrants exercise price per share | $ / shares | $ 8.02 | $ 8.02 | ||||||||||||||
| Number of series B preffered stock coverted | shares | 20 | 40 | ||||||||||||||
| Common stock issued upon conversion of series B preffered stock | shares | 64 | 128 | ||||||||||||||
| Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 6,800,000 | |||||||||||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |||||||||||||||
| Restricted Stock Units Vested | $ 4,700,000 | $ 4,600,000 | $ 5,800,000 | |||||||||||||
| Distributed | $ 700,000 | $ 1,000,000 | ||||||||||||||
| Warrants in Connection with Klondex Mines Acquisition [Member] | ||||||||||||||||
| Class of Warrant or Right, Issued During Period (in shares) | shares | 2,068,000 | 4,136,000 | ||||||||||||||
| Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | |||||||||||||||
| Warrants exercise price per share | $ / shares | $ 1.57 | $ 1.57 | ||||||||||||||
| Satisfy Withholding Obligations [Member] | ||||||||||||||||
| Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 4.31 | $ 5.03 | $ 4.99 | |||||||||||||
| Stock Repurchased During Period, Shares (in shares) | shares | 277,966,000 | 404,514 | 73,725 | |||||||||||||
| Stock Repurchased During Period, Value | $ 1,200,000 | $ 2,000,000 | $ 3,700,000 | |||||||||||||
| 2010 Stock Incentive Plan [Member] | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 20,000,000 | |||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 10,175,414 | 10,175,414 | ||||||||||||||
| Directors Stock Plan [Member] | ||||||||||||||||
| Number of distributed shares | shares | 388,175 | |||||||||||||||
| Number of directors | Director | 2 | |||||||||||||||
| Share-based Payment Arrangement, Expense | $ 800,000 | $ 700,000 | $ 400,000 | |||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 2,039,789 | 2,039,789 | ||||||||||||||
| 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) | shares | 150,387 | 125,063 | 98,310 | |||||||||||||
| Share-Based Payment Arrangement [Member] | ||||||||||||||||
| Share-based Payment Arrangement, Expense | $ 8,700,000 | $ 6,600,000 | $ 6,000,000 | |||||||||||||
| Performance Shares [Member] | ||||||||||||||||
| Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 1,600,000 | |||||||||||||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | |||||||||||||||
| Series B Preferred Stock [Member] | ||||||||||||||||
| Series B preferred stock, shares outstanding (in shares) | shares | 157,756 | 157,776 | 157,756 | |||||||||||||
| 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 | ||||||||||||||
| Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 50 | |||||||||||||||
| Series B preferred stock, liquidation preference | $ 7,900,000 | $ 7,900,000 | ||||||||||||||
| Preferred Stock Conversion Price (in dollars per share) | $ / shares | $ 15.55 | $ 15.55 | ||||||||||||||
| Common Stock Repurchase Program [Member] | ||||||||||||||||
| Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 20 | |||||||||||||||
| Cumulative Stock Repurchased (in shares) | shares | 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) | shares | 9,339,287 | 9,339,287 | 60 | |||||||||||||
| At-the-market Offering [Member] | September 2022 through December 31, 2023 [Member] | ||||||||||||||||
| Payments of Stock Issuance Costs | $ 2,100,000 | |||||||||||||||
| At-the-market Offering [Member] | September 2022 through December 31, 2024 [Member] | ||||||||||||||||
| Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares) | shares | 23,843,684,000 | 23,843,684,000 | ||||||||||||||
| Proceeds from Issuance or Sale of Equity | $ 132,300,000 | |||||||||||||||
| At-the-market Offering [Member] | At The Market Equity Distribution Agreement [Member] | ||||||||||||||||
| Proceeds from Issuance or Sale of Equity | $ 58,400,000 | |||||||||||||||
| Payments of Stock Issuance Costs | 900,000 | |||||||||||||||
| O2024Q4Dividends [Member] | ||||||||||||||||
| Dividends, Common Stock, Total | $ 25,500,000 | |||||||||||||||
| O2023Q4Dividends [Member] | ||||||||||||||||
| Dividends, Common Stock, Total | $ 15,700,000 | |||||||||||||||
| O2022Q4Dividends [Member] | ||||||||||||||||
| Dividends, Common Stock, Total | $ 12,900,000 | |||||||||||||||
Note 12 - Stockholders' Equity - Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Unvested, shares (in shares) | 1,857,248 | 1,796,115 | 2,022,352 |
| Granted, shares (in shares) | 1,538,407 | 1,316,120 | 1,256,532 |
| Forfeited, shares (in shares) | (130,450) | (336,060) | (177,801) |
| Vested | (908,132) | (918,927) | (1,304,968) |
| Unvested, shares (in shares) | 2,357,073 | 1,857,248 | 1,796,115 |
| Unvested, weighted average fair value per share (in dollars per share) | $ 4.28 | $ 4.23 | $ 3.97 |
| Granted (unvested), weighted average fair value per share (in dollars per share) | 5.17 | 5.05 | 4.41 |
| Forfeited, weighted average fair value per share (in dollars per share) | 5 | 4.9 | 4.41 |
| Distributed (vested), weighted average fair value per share (in dollars per share) | 4.45 | 5.05 | 3.97 |
| Unvested, weighted average fair value per share (in dollars per share) | $ 4.76 | $ 4.28 | $ 4.23 |
Note 12 - Stockholders' Equity - Unvested Performance-based Shares (Details) - Performance Shares [Member] - $ / shares |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Unvested, shares (in shares) | 620,802 | 599,858 | 874,422 | ||||
| Granted, shares (in shares) | 542,770 | 336,096 | 322,796 | ||||
| Vested | [1] | (205,425) | (597,360) | ||||
| Forfeited, shares (in shares) | [2] | (290,950) | |||||
| Canceled , shares (in shares) | (109,727) | ||||||
| Unvested, shares (in shares) | 872,622 | 620,802 | 599,858 | ||||
| Unvested, weighted average fair value per share (in dollars per share) | $ 3.63 | $ 5.54 | $ 2.61 | ||||
| Granted (unvested), weighted average fair value per share (in dollars per share) | 3.32 | 3.54 | 3.78 | ||||
| Forfeited, weighted average fair value per share (in dollars per share) | [2] | 3.78 | |||||
| Distributed (vested), weighted average fair value per share (in dollars per share) | [1] | 8.17 | 0.31 | ||||
| Canceled, weighted average fair value per share (in dollars per share) | 5.3 | ||||||
| Unvested, weighted average fair value per share (in dollars per share) | $ 3.39 | $ 3.63 | $ 5.54 | ||||
| |||||||
Note 12 - Stockholders' Equity - Details of Warrants Outstanding (Details) |
Dec. 31, 2024
$ / shares
shares
|
|---|---|
| Warrants exercise price per share | $ 8.02 |
| Warrants Expiring in April 2032 [Member] | |
| Number of warrants (in shares) | shares | 2,068,000 |
| Warrants exercise price per share | $ 8.02 |
Note 13- Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Balance | $ 1,968,104 | $ 1,978,967 | $ 1,760,787 |
| Other comprehensive income | (16,103) | 3,389 | 30,904 |
| Balance | 2,039,514 | 1,968,104 | 1,978,967 |
| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
| Balance | 13,708 | 9,162 | (4,675) |
| Other comprehensive income | (7,714) | 4,546 | 13,837 |
| Balance | 5,994 | 13,708 | 9,162 |
| Balance, beginning | (2,227) | (544) | 4,689 |
| Change , tax | 2,822 | (1,683) | (5,233) |
| Balance, ending | 595 | (2,227) | (544) |
| Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent [Member] | |||
| Balance | (7,871) | (6,714) | (23,781) |
| Other comprehensive income | (8,389) | (1,157) | 17,067 |
| Balance | (16,260) | (7,871) | (6,714) |
| Balance, beginning | 170 | (258) | 6,196 |
| Change , tax | 3,069 | 428 | (6,454) |
| Balance, ending | 3,239 | 170 | (258) |
| AOCI Attributable to Parent [Member] | |||
| Balance | 5,837 | 2,448 | (28,456) |
| Other comprehensive income | (16,103) | 3,389 | 30,904 |
| Balance | (10,266) | 5,837 | 2,448 |
| Balance, beginning | (2,057) | (802) | 10,885 |
| Change , tax | 5,891 | (1,255) | (11,687) |
| Balance, ending | $ 3,834 | $ (2,057) | $ (802) |
Note 14 - Product Inventories - Schedule of Our Major Components of Product Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory [Line Items] | ||
| Product inventories | $ 34,962 | $ 28,823 |
| Concentrates | ||
| Inventory [Line Items] | ||
| Product inventories | 15,030 | 13,328 |
| Stockpiled ore | ||
| Inventory [Line Items] | ||
| Product inventories | 13,168 | 7,168 |
| In-process | ||
| Inventory [Line Items] | ||
| Product inventories | $ 6,764 | $ 8,327 |
Note 15 - Properties, Plants, Equipment and Mine Development, net, and Lease Commitments - Major Components of Property, Plants, Equipment and mine development (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment, Gross | $ 4,704,126 | $ 4,528,510 |
| Less accumulated depreciation, depletion and amortization | 2,010,007 | 1,862,260 |
| Net carrying value | 2,694,119 | 2,666,250 |
| Mining properties, including asset retirement obligations | ||
| Property, Plant and Equipment, Gross | 958,858 | 911,018 |
| Development costs | ||
| Property, Plant and Equipment, Gross | 671,741 | 630,391 |
| Plants and equipment | ||
| Property, Plant and Equipment, Gross | 1,805,236 | 1,666,577 |
| Land | ||
| Property, Plant and Equipment, Gross | 35,680 | 35,112 |
| Mineral interests | ||
| Property, Plant and Equipment, Gross | 1,166,045 | 1,164,390 |
| Construction in progress | ||
| Property, Plant and Equipment, Gross | $ 66,566 | $ 121,022 |
Note 15 - Properties, Plants, Equipment and Mine Development, net, and Lease Commitments (Details textual) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Capital additions (excluding non-cash items) | $ 214.5 | |
| Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 108.5 | $ 106.9 |
| Finance Lease, Right-of-Use Asset, Accumulated Amortization | 94.4 | 86.5 |
| Lucky Friday [Member] | ||
| Capital additions (excluding non-cash items) | 49.6 | |
| Greens Creek [Member] | ||
| Capital additions (excluding non-cash items) | 47.8 | |
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 83.3 | 86.3 |
| Casa Berardi [Member] | ||
| Capital additions (excluding non-cash items) | 60.7 | |
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 323.6 | 323.6 |
| Nevada Operations [Member] | ||
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | 388.2 | 383.6 |
| Keno Hill [Member] | ||
| Capital additions (excluding non-cash items) | 54.9 | |
| Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) | $ 95.7 | $ 102.1 |
Note 16: Commitments, Contingencies, and Obligations (Details Textual) - USD ($) $ in Thousands |
1 Months Ended | |||
|---|---|---|---|---|
Oct. 16, 2024 |
Jul. 31, 2018 |
Jun. 30, 2011 |
Dec. 31, 2024 |
|
| Lessee, operating lease, liability, to be paid | $ 10,750 | |||
| Lease Commitments [Member] | ||||
| Lessee, operating lease, liability, to be paid | 10,800 | |||
| Performance Obligation Commitments [Member] | ||||
| Surety bonds | 213,600 | |||
| Letters of credit outstanding, amount | 6,200 | |||
| Greens Creek [Member] | ||||
| Contractual obligation | 24,100 | |||
| Greens Creek [Member] | Purchase Orders and Commitment [Member] | ||||
| Contractual obligation | 5,800 | |||
| Lucky Friday [Member] | ||||
| Estimated response costs | $ 299,000 | |||
| Payments for legal settlements | $ 174,300 | |||
| Lucky Friday [Member] | Purchase Orders and Commitment [Member] | ||||
| Contractual obligation | 9,700 | |||
| Keno Hill [Member] | Purchase Orders and Commitment [Member] | ||||
| Contractual obligation | 11,200 | |||
| Casa Berardi [Member] | Purchase Orders and Commitment [Member] | ||||
| Contractual obligation | $ 9,100 | |||
| Johnny M Mine Area near San Mateo, New Mexico [Member] | ||||
| Estimated response costs | $ 9,600 | |||
| Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | ||||
| Estimated response costs | $ 4,500 | |||
| Estimated future response cost | $ 100,000 | |||
Note 17 - Subsequent Events (Details Textual) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |