HECLA MINING CO/DE/, 10-K filed on 2/23/2022
Annual Report
v3.22.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 17, 2022
Jun. 30, 2021
Document Information [Line Items]      
Entity Central Index Key 0000719413    
Entity Registrant Name HECLA MINING CO/DE/    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2021    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Document Transition Report false    
Entity File Number 1-8491    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 77-0664171    
Entity Address, Address Line One 6500 N. Mineral Drive, Suite 200    
Entity Address, City or Town Coeur d’Alene    
Entity Address, State or Province ID    
Entity Address, Postal Zip Code 83815-9408    
City Area Code 208    
Local Phone Number 769-4100    
Entity 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    
Entity Shell Company false    
Entity Public Float     $ 3,959,657,057
Entity Common Stock, Shares Outstanding   538,352,111  
Auditor Name BDO USA, LLP    
Auditor Location Spokane, Washington    
Auditor Firm ID 243    
ICFR Auditor Attestation Flag true    
Series B Cumulative Preferred Stock [Member]      
Document Information [Line Items]      
Title of 12(b) Security Series B Cumulative Convertible Preferred Stock, par value $0.25 per share    
Trading Symbol HL-PB    
Security Exchange Name NYSE    
Common Stock [Member]      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, par value $0.25 per share    
Trading Symbol HL    
Security Exchange Name NYSE    
v3.22.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 807,473 $ 691,873 $ 673,266
Cost of sales and other direct production costs 417,879 382,663 447,985
Depreciation, depletion and amortization: [1] 171,793 148,110 191,451
Total cost of sales 589,672 530,773 639,436
Gross profit 217,801 161,100 33,830
Other operating expenses:      
General and administrative 34,570 35,561 35,832
Exploration and pre-development 47,901 18,295 19,069
Provision for closed operations and environmental matters 14,571 3,929 4,690
Ramp-up and suspension costs 23,012 24,911 12,051
Loss on disposition of properties, plants, equipment and mineral interests 87 572 4,643
Other operating expense 14,240 10,854 4,223
Total other operating expenses 134,381 94,122 80,508
Income (loss) from operations [1] 83,420 66,978 (46,678)
Other expense:      
Fair value adjustments, net (35,792) (11,806) (5,437)
Foreign exchange loss, net 417 (4,605) (8,236)
Other net expense (574) (2,256) (4,429)
Interest expense, net (41,945) (49,569) (48,447)
Total other expense: (77,894) (68,236) (66,549)
Income (loss) before income taxes 5,526 (1,258) (113,227)
Income and mining tax benefit (provision) 29,569 (8,199) 18,318
Net income (loss) 35,095 (9,457) (94,909)
Preferred stock dividends (552) (552) (552)
Income (loss) applicable to common stockholders 34,543 (10,009) (95,461)
Comprehensive income (loss):      
Net income (loss) 35,095 (9,457) (94,909)
Unrealized gain (loss) and amortization of prior service on pension plans 16,740 (3,559) (3,277)
Unrealized (loss) gain on derivative contracts designated as hedge transactions (12,307) 7,980 8,436
Total change in accumulated other comprehensive income (loss), net 4,433 4,421 5,159
Comprehensive income (loss) $ 39,528 $ (5,036) $ (89,750)
Basic income (loss) per common share after preferred dividends (in dollars per share) $ 0.06 $ (0.02) $ (0.19)
Diluted income (loss) per common share after preferred dividends (in dollars per share) $ 0.06 $ (0.02) $ (0.19)
Weighted average number of common shares outstanding – basic (in shares) 536,192 527,329 490,449
Weighted average number of common shares outstanding – diluted (in shares) 542,176 527,329 490,449
[1] Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income (loss) $ 35,095 $ (9,457) $ (94,909)
Non-cash elements included in net income (loss):      
Depreciation, depletion and amortization 172,651 155,006 196,408
Fair value adjustments, net 15,040 (4,690) 7,079
Adjustment of inventory to net realizable value 6,524 0 1,399
Fee on prepayment of debt with shares of common stock 0 0 2,855
Loss on disposition of properties, plants, equipment and mineral interests 87 572 4,643
Provision for reclamation and closure costs 11,514 6,189 6,914
Deferred income taxes (48,049) (3,818) (29,968)
Stock compensation 6,082 6,458 5,668
Amortization of loan origination fees 1,895 3,666 2,637
Foreign exchange (gain) loss (79) 2,680 8,025
Other non-cash items 681 1,794 42
Changes in assets and liabilities:      
Accounts receivable (5,405) (1,080) (10,939)
Inventories 16,919 (13,208) 16,146
Other current and non-current assets (1,678) 2,381 15,618
Accounts payable and accrued liabilities (795) 19,379 (24,355)
Accrued payroll and related benefits 1,270 14,445 9,226
Accrued taxes 6,457 3,561 (3,155)
Accrued reclamation and closure costs and other non-current liabilities 2,128 (3,085) 7,532
Net cash provided by operating activities 220,337 180,793 120,866
Investing activities:      
Additions to properties, plants, equipment and mineral interests (109,048) (91,016) (121,421)
Purchase of carbon credits (869) 0 0
Proceeds from sale or exchange of investments 1,811 0 1,760
Proceeds from disposition of properties, plants, equipment and mineral interests 1,077 331 183
Purchases of investments 0 (2,216) (389)
Net cash used in investing activities 107,029 92,901 119,867
Financing activities:      
Proceeds from issuance of common stock, net of offering costs 0 0 49,019
Dividends paid to common and preferred stockholders (20,672) (9,152) (5,466)
Debt issuance and credit facility fees paid (116) (1,356) (976)
Acquisition of treasury shares from employee equity awards (4,525) (2,745) (2,231)
Borrowings of debt 0 716,327 279,500
Repayments of debt 0 (716,500) (279,500)
Repayments of finance leases (7,285) (5,953) (7,157)
Net cash (used in) provided by financing activities (32,598) (19,379) 33,189
Effect of exchange rates on cash (530) (1,107) 875
Net increase in cash, cash equivalents and restricted cash and cash equivalents 80,180 67,406 35,063
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 130,883 63,477 28,414
Cash, cash equivalents and restricted cash and cash equivalents at end of year 211,063 130,883 63,477
Supplemental disclosure of cash flow information:      
Interest (37,565) (34,853) (42,972)
Income and mining taxes (12,105) 7,913 (3,385)
Significant non-cash investing and financing activities:      
Adjustment to common stock and warrants issued for acquisition of another company 0 0 (325)
Addition of finance lease obligations 4,870 9,113 6,506
Recognition of operating lease liabilities and right-of-use assets 4,874 0 22,365
Common stock contributed to pension plans 22,250 16,032 3,600
Common stock issued for 401(k) match 4,339 4,624 3,862
Payment of accrued compensation in restricted stock units 0 5,096 8,274
Common Stocks issued for prepayment of debt 0 0 33,457
Equity securities received from exchange of investments 3,626 0 0
Marketable equity securities received for sale of mineral interest $ 0 $ 0 $ 2,257
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 210,010 $ 129,830
Accounts receivable:    
Trade 36,437 27,864
Taxes 1,584
Other, net 8,149 9,745
Inventories:    
Concentrates, doré, stockpiled ore, and metals in transit and in-process 25,906 57,567
Materials and supplies 41,859 38,608
Other current assets 19,266 19,114
Total current assets 341,627 284,312
Investments 10,844 15,148
Restricted cash and investments 1,053 1,053
Properties, plants, equipment and mineral interests, net [1] 2,310,810 2,378,074
Operating lease right-of-use assets 12,435 10,628
Deferred tax assets 45,562 2,912
Other non-current assets 6,477 8,083
Total assets [1] 2,728,808 2,700,210
Current liabilities:    
Accounts payable and accrued liabilities 68,100 68,516
Accrued payroll and related benefits 28,714 31,807
Accrued taxes 12,306 5,774
Finance leases 5,612 6,491
Operating leases 2,486 3,008
Accrued reclamation and closure costs 9,259 5,582
Accrued interest 14,454 14,157
Derivative liabilities, current 19,353 11,737
Other current liabilities 99 138
Total current liabilities 160,383 147,210
Finance leases 7,776 9,274
Operating leases 9,950 7,634
Accrued reclamation and closure costs 103,972 110,466
Long-term debt 508,095 507,242
Deferred tax liability 149,706 156,091
Pension liability 4,673 44,144
Derivatives liabilities, noncurrent 18,528 18
Other non-current liabilities 4,938 4,346
Total liabilities 968,021 986,425
Commitments and contingencies (Notes 5, 6, 9, 10, 14 and 15)
Common stock, $0.25 par value, authorized 750,000,000 shares; issued 2021 — 545,534,760 shares and 2020 — 538,487,415 shares 136,391 134,629
Capital surplus 2,034,485 2,003,576
Accumulated deficit (353,651) (368,074)
Accumulated other comprehensive loss, net (28,456) (32,889)
Less treasury stock, at cost; 2021 — 7,395,295 and 2020 — 6,821,044 shares issued and held in treasury (28,021) (23,496)
Total stockholders’ equity 1,760,787 1,713,785
Total liabilities and stockholders’ equity 2,728,808 2,700,210
Series B Preferred Stock [Member]    
Current liabilities:    
Preferred stock, 5,000,000 shares authorized: Series B preferred stock, $0.25 par value, 157,816 shares issued and outstanding, liquidation preference — $7,891 $ 39 $ 39
[1] Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.
v3.22.0.1
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Series B preferred stock, shares outstanding (in shares) 157,816  
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) 545,534,760 538,487,415
Treasury stock, shares (in shares) 7,395,295 6,821,044
Series B Preferred Stock [Member]    
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Series B preferred stock, par value (in dollars per share) $ 0.25 $ 0.25
Series B preferred stock, shares issued (in shares) 157,816 157,816
Series B preferred stock, shares outstanding (in shares) 157,816 157,816
Series B preferred stock, liquidation preference $ 7,891 $ 7,891
v3.22.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Stock [Member]
Total
Balance at Dec. 31, 2018 $ 39 $ 121,956 $ 1,880,481 $ (248,845) $ (42,469) $ (20,736) $ 1,690,426
Net income (loss) 0 0 0 (94,909) 0 0 (94,909)
Adjustment to fair value of warrants issued for purchase of another company 0 0 (325) 0 0 0 (325)
Stock issued to directors 0 63 392 0 0 0 455
Common stock issued for cash, net of offering costs 0 5,353 43,666 0 0 0 49,019
Stock issued for 401(k) match 0 470 3,392 0 0 0 3,862
Restricted stock units granted 0 0 5,213 0 0 0 5,213
Common stock issued for prepayment of debt 0 2,664 30,793 0 0 0 33,457
Common stock and Series B Preferred stock dividends declared 0 0 0 (5,466) 0 0 (5,466)
Common stock issued for employee incentive compensation 0 899 7,375 0 0 (1,595) 6,679
Common stock issued to pension plans 0 596 3,004 0 0 0 3,600
Restricted stock unit distributions 0 291 (291) 0 0 (636) (636)
Change, net of tax 0 0 0 0 5,159 0 5,159
Balance at Dec. 31, 2019 39 132,292 1,973,700 (349,220) (37,310) (22,967) 1,696,534
Net income (loss) 0 0 0 (9,457) 0 0 (9,457)
Stock issued to directors 0 97 1,389 0 0 0 1,486
Stock issued for 401(k) match 0 397 4,227 0 0 0 4,624
Restricted stock units granted 0 0 4,975 0 0 0 4,975
Common stock and Series B Preferred stock dividends declared 0 0 0 (9,151) 0 0 (9,151)
Common stock issued for employee incentive compensation 0 700 4,396 0 0 (1,266) 3,830
Common stock issued to pension plans 0 717 15,315 0 0 0 16,032
Restricted stock unit distributions 0 426 (426) 0 0 (1,479) (1,479)
Change, net of tax 0 0 0 0 4,421 0 4,421
Treasury shares issued to charitable foundation 0 0 0 (246) 0 2,216 1,970
Balance at Dec. 31, 2020 39 134,629 2,003,576 (368,074) (32,889) (23,496) 1,713,785
Net income (loss) 0 0 0 35,095 0 0 35,095
Stock issued to directors 0 52 1,792 0 0 0 1,844
Stock issued for 401(k) match 0 172 4,167 0 0 0 4,339
Restricted stock units granted 0 0 4,238 0 0 0 4,238
Common stock and Series B Preferred stock dividends declared 0 0 0 (20,672) 0 0 (20,672)
Common stock issued to pension plans 0 1,125 21,125 0 0 0 22,250
Restricted stock unit distributions 0 413 (413) 0 0 (4,525) (4,525)
Change, net of tax 0 0 0 0 4,433 0 4,433
Balance at Dec. 31, 2021 $ 39 $ 136,391 $ 2,034,485 $ (353,651) $ (28,456) $ (28,021) $ 1,760,787
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Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Stock issued to directors, shares (in shares) 207,000 391,000 253,000
Common stock issued for cash, shares (in shares)     21,410,000
Common stock issued for 401(k) match, shares (in shares) 685,000 1,584,000 1,882,000
Common stock issued for prepayment of debt , shares (in shares)     10,655,000
Common stock dividends declared, per common share (in dollars per share) $ 0.0375 $ 0.01625 $ 0.01
Preferred stock dividends declared, per share (in dollars per share) $ 2.63 $ 2.63 $ 2.63
Common stock issued for employee incentive compensation, shares (in shares)   2,800,000 3,597,000
Common stock issued to pension plans, shares (in shares) 4,500,000 2,869,000 2,384,000
Restricted stock unit distributions, shares (in shares) 1,653,000 1,702,000 1,164,000
Treasury shares issued to charitable foundation, shares (in shares)   650,000  
v3.22.0.1
Note 1 - The Company
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1: The Company

 

Hecla Mining Company, and its affiliates and subsidiaries (collectively, “Hecla,” “we,” “us” or “the Company”), is the United States leading silver producer currently operating three mines, two silver mines in the United States and a gold mine in Quebec, Canada. The Company also has several exploration and pre-development projects in North America, including Nevada, Montana and Mexico. Hecla Mining Company is a Delaware corporation. 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. The prices of silver, gold, lead and zinc are affected by numerous factors beyond our control.

 

References to “CAD” and “MXN” refer to the Canadian Dollar and Mexican Peso, respectively.
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Note 2 - Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Basis of Presentation and Significant Accounting Policies [Text Block]

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 accounting principles generally accepted in the United States of America (“GAAP”), and include our accounts and our wholly-owned subsidiaries’ accounts. All significant inter-company balances and transactions have been eliminated in consolidation.

 

The 2019 novel strain of coronavirus (“COVID-19”) was characterized as a global pandemic by the World Health Organization on March 11, 2020, and COVID-19 resulted in travel restrictions and business slowdowns or shutdowns in affected areas. In late March 2020, the Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against COVID-19, causing us to suspend our Casa Berardi operations from March 24, 2020 until April 15, 2020 when mining operations resumed. In early April 2020, the Government of Mexico issued a similar order causing us to suspend our San Sebastian operations until May 30, 2020. In addition, restrictions imposed by the State of Alaska in late March 2020 caused us to revise the normal operating procedures for staffing operations at Greens Creek. These suspension orders impacted us in the first half of 2020 by curtailing our expected production of gold at Casa Berardi by approximately 11,700 ounces, which resulted in a reduction in related revenue for that period. We continued to incur costs at Casa Berardi and San Sebastian while operations were suspended. At Casa Berardi and San Sebastian, suspension costs in 2020 totaled $1.6 million and $1.8 million, respectively. At Greens Creek, we incurred costs of approximately $1.0 million in 2021 and $2.3 million in 2020 related to quarantining employees from late March 2020 through the second quarter of 2021. In addition, silver production at Greens Creek in the third quarter of 2021 was 30% lower than in the third quarter of 2020 due to reduced ore grades as a result of mine sequencing, which was impacted by manpower challenges due to COVID-19 and increased competition for labor which we expect to mitigate through schedule changes and other means. At Casa Berardi, we incurred costs of approximately $2.4 million in 2021 related to COVID-19 procedures. At the Lucky Friday, San Sebastian and Nevada Operations units, COVID-19 procedures have been implemented without a significant impact on operating or suspension costs or production. It is possible that future restrictions at any of our operations could have an adverse impact on future operations or financial results beyond 2021.

 

We have taken precautionary measures to mitigate the impact of COVID-19, including implementing operational plans and practices. As long as they are required, the operational practices implemented could continue to have an adverse impact on our operating results due to deferred production and revenues or additional costs. We continue to monitor the rapidly evolving situation and guidance from federal, state, local and foreign governments and public health authorities and may take additional actions based on their recommendations. The extent of the impact of COVID-19 on our business and financial results will also depend on future developments, including the duration and spread of the outbreak and the success of the current vaccination programs being rolled out within the markets in which we operate and the related impact on prices, demand, creditworthiness and other market conditions and governmental reactions, all of which are highly uncertain.

 

In the third quarter of 2021, we identified immaterial errors impacting amounts reported for accumulated depreciation, depletion and amortization (“DDA”) and DDA expense for Casa Berardi from June 1, 2013 through June 30, 2021.  In connection with this DDA adjustment, we also revised our previously issued financial statements for recognition of deferred taxes related to the reclassification of certain state mining income taxes effective January 1, 2021, from Cost of sales and other direct production costs to Income and mining tax provision.  Certain amounts in the condensed consolidated financial statements and notes thereto for the prior period have been revised to correct these immaterial errors.  See Note 3 for more information on the errors and revisions made to amounts reported for the prior periods.

 

B.  Assumptions and Use of Estimates — Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. We consider our most critical accounting estimates to be future metals prices; obligations for environmental, reclamation and closure matters and mineral reserves and resources. Other significant areas requiring the use of management assumptions and estimates relate to reserves for contingencies and litigation; asset impairments, including long-lived assets and investments; 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.

 

D.  Investments — We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations at each reporting date. Current investments are comprised of marketable equity securities and are carried at fair value. Marketable securities we anticipate selling within the next twelve months are included in other current assets. Gains and losses on the sale of securities are recognized on a specific identification basis. Gains and losses are included as a component of a separate line item, “fair value adjustments, net,” on our consolidated statements of operations and comprehensive 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 cost.

 

Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit.

 

In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process, or net realizable value.

 

Finished goods inventory includes doré and concentrates at our operations, doré in transit to refiners or at refiners waiting to be processed, and bullion in our accounts at refineries.

 

F. Restricted Cash and Investments — Restricted cash and investments primarily represent investments in money market funds, certificates of deposit, and bonds of U.S. government agencies and are restricted primarily for reclamation funding or surety bonds. Restricted cash balances are carried at fair value. Non-current restricted cash and investments is reported in a separate line on the consolidated balance sheets and totaled $1.1 million at December 31, 2021 and 2020, respectively.

 

G. Properties, Plants, Equipment and Mineral Interests – Costs are capitalized when it has been determined an ore body can be economically developed.  The development stage begins at new projects when our management and/or board of directors makes the decision to bring a mine into commercial production, and ends when the production stage, or exploitation of reserves, begins.  Expenditures incurred during the development and production stages for new assets, new facilities, alterations to existing facilities that extend the useful lives of those facilities, and major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, shaft sinking, lateral development, drift development, ramps and infrastructure developments. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized.

 

The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production stage are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development stage. Where multiple open pits exist at an operation utilizing common facilities, pre-stripping costs are capitalized at each pit. The production stage of a mine commences when saleable materials, beyond a de minimis amount, are produced. Stripping costs incurred during the production stage are treated as variable production costs included as a component of inventory, to be recognized in cost of sales and other direct production costs in the same period as the revenue from the sale of inventory.

 

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 $5.2 million, $4.4 million, and $14.4 million for the years ended December 31, 2021, 2020 and 2019, respectively, met our criteria for capitalization listed above at our production stage properties.

 

When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in current period net income (loss). 

 

Our mineral interests, which are tangible assets, include acquired undeveloped mineral interests and royalty interests.  Undeveloped mineral interests include: (i) resources which are measured, indicated or inferred with insufficient drill spacing or quality to qualify as proven and probable reserves; and (ii) inferred material and exploration targets not immediately adjacent to existing proven and probable reserves but accessible within the immediate mine infrastructure.  Residual values for undeveloped mineral interests represent the expected fair value of the interests at the time we plan to convert, develop, further explore or dispose of the interests and are evaluated at least annually.

 

H. Depreciation, Depletion and Amortization — Capitalized costs are depreciated or depleted using the straight-line method or units-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 14 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually. Our estimates for reserves and resources are a key component in determining our units-of-production depreciation rates, with net book value of many assets depreciated over remaining estimated reserves. Reserves are estimates made by our professional technical personnel of the amount of metals that they believe could be economically and legally extracted or produced at the time of the reserve determination (discussed in J. Proven and Probable Ore Reserves below). Our estimates of proven and probable ore reserves and resources may change, possibly in the near term, resulting in changes to depreciation, depletion and amortization rates in future reporting periods.

 

Undeveloped mineral interests and value beyond proven and probable reserves are not amortized until such time as there are proven and probable reserves or the related mineralized material is converted to proven and probable reserves.  At that time, the basis of the mineral interest is amortized on a units-of-production basis.  Pursuant to our policy on impairment of long-lived assets (discussed further below), if it is determined that an undeveloped mineral interest cannot be economically converted to proven and probable reserves and its carrying value exceeds its estimated undiscounted future cash flows, the basis of the mineral interest is reduced to its fair value and an impairment loss is recorded to expense in the period in which it is determined to be impaired.

 

I.  Impairment of Long-lived Assets — Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We perform the test for recoverability of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests.

 

Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of resources and exploration targets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows are dependent upon, among other factors, estimates of: (i) metals to be recovered from proven and probable ore reserves and identified resources and exploration targets beyond proven and probable reserves, (ii) future production and capital costs, (iii) estimated metals prices (considering current and historical prices, forward pricing curves and related factors) over the estimated remaining mine life and (iv) market values of mineral interests. It is possible that changes could occur in the near term that could adversely affect our estimate of future cash flows to be generated from our operating properties. If estimated undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized for the difference between the carrying value and fair value of the property.

 

J. Proven and Probable Ore 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 ore reserves are based on financial, engineering and geological estimates, including future metals prices and operating costs, and an assessment of our ability to obtain the permits required to mine and process the material. From time to time, management obtains external audits or reviews of reserves.

 

Reserve estimates will change as existing reserves are depleted through production, as additional reserves are proven and added to the estimates and as market prices of metals, production or capital costs, smelter terms, the grade or tonnage of the deposit, throughput, dilution of the ore or recovery rates change.

 

K. Leases — Contractual arrangements are assessed at inception to determine if they represent or contain a lease. Right-of-use (“ROU”) assets related to operating leases are separately reported in the Consolidated Balance Sheets. ROU assets related to finance leases are included in Properties, plants, equipment and mineral interests, net. Separate current and non-current liabilities for operating and finance leases are reported on the Consolidated Balance Sheets.

 

Operating and finance lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

 

L. Income and Mining Taxes — We provide for federal, state and foreign income taxes currently payable, as well as those deferred, due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. We record deferred tax liabilities and assets 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, Canada.

 

For additional information, see Note 7 — Income Taxes.

 

M. Reclamation and Remediation Costs (Asset Retirement Obligations)  — At our operating properties, we record a liability for the present value of our estimated environmental remediation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred.

 

At our non-operating properties, we accrue costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Accruals for estimated losses from environmental remediation obligations have historically been recognized no later than completion of the remediation feasibility study for such facility and are charged to current earnings under provision for closed operations and environmental matters. Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management’s current estimate of amounts to be incurred when the remediation work is performed, within current laws and regulations.

 

Future closure, reclamation and environmental-related expenditures are difficult to estimate in many circumstances, due to the early stage nature of investigations, uncertainties associated with defining the nature and extent of environmental contamination, the application of laws and regulations by regulatory authorities, and changes in reclamation or remediation technology. We periodically review accrued liabilities for such reclamation and remediation costs as evidence becomes available indicating that our liabilities have potentially changed. Changes in estimates at our non-operating properties are reflected in current period net income (loss). 

 

N. Revenue Recognition and Trade Accounts Receivable — Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues and accounts receivable upon completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré and carbon material, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré or carbon containing the agreed-upon metal quantities to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, we must estimate the prices at which sales of our concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts for some of the metals contained in our concentrate shipments.

 

Refining, selling and shipping costs related to sales of doré, metals from doré, and carbon are recorded to cost of sales as incurred. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customers for treatment, refining, smelting losses, and other charges negotiated by us with the customers. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed costs per ton of concentrate, and price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline.

 

See Note 4 for more information on our sales of products.

 

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 in Canada and San Sebastian in Mexico, we have translated our monetary assets and liabilities at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period net income (loss). Expenses incurred at our foreign operations and denominated in CAD and MXN expose us to exchange rate fluctuations between those currencies and the USD. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts to sell CAD and MXN.

 

We recognized a total net foreign exchange gain of $0.4 million for the year ended December 31, 2021 and losses of $4.6 million and $8.2 million for the years ended December 31, 2020 and 2019, respectively.  

 

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 and MXN. We do not hold or issue derivative financial instruments for speculative trading purposes. We measure derivative contracts as assets or liabilities based on their fair value. Amounts recognized for the fair value of derivative asset and liability positions with the same counterparty and which would be settled on a net basis are offset against each other on our consolidated balance sheets. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to sales of products (for metals price-related contracts) or cost of sales (for foreign currency-related contracts). Ineffective portions of any change in fair value of a derivative are recorded in current period other operating income (expense). For derivatives qualifying as hedges, when the hedged items are sold, extinguished or terminated, or it is determined the hedged transactions are no longer likely to occur, gains or losses on the derivatives are reclassified from OCI to current earnings. As of December 31, 2021 and 2020, our foreign currency-related forward contracts qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI. Our base metals price-related forward contracts were designated as hedges effective November 1, 2021. Prior to November 1, 2021 our metals price-related forward contracts and put option contracts did not qualify for hedge accounting and all unrealized gains and losses were therefore reported in earnings.

 

See Note 10 for additional information on our foreign exchange and metal derivative contracts as of December 31, 2021.

 

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 cost of sales and other direct production costs.   

 

For additional information on our restricted stock unit compensation, see Note 12.

 

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.

 

See Note 8 for additional information.

 

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, the change in fair value of derivative contracts designated as hedge transactions, and cumulative unrecognized changes in the fair value of available for sale debt investments, net of tax, if applicable.

 

T. Reclassifications — Certain amounts in prior years have been reclassified to conform with the 2021 presentation.

 

U. New Accounting Pronouncements —

 

Accounting Standards Updates Adopted

 

In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. The update is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted the update as of January 1, 2021, which did not have a material impact on our consolidated financial statements or disclosures.

 

Accounting Standards Updates to Become Effective in Future Periods

 

In August 2020, the FASB issued ASU No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles to certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. We are evaluating the impact of this update on our consolidated financial statements.
v3.22.0.1
Note 3 - Revision of Previously Issued Financial Statements for Immaterial Misstatements
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Error Correction [Text Block]

Note 3. Revision of Previously Issued Financial Statements for Immaterial Misstatements

 

Casa Berardi DDA

 

In the third quarter of 2021, we determined accumulated DDA and DDA expense at Casa Berardi, an operation within our Hecla Quebec Inc. subsidiary, were overstated for the periods from June 1, 2013 through June 30, 2021 as a result of errors in calculation from the date of acquisition of Casa Berardi. DDA was overstated by approximately $38.2 million in the aggregate over 8 years as a result of errors in the calculation of straight-line depreciation on machinery, equipment and buildings.

 

We assessed the materiality of the effect of the errors on our prior quarterly and annual financial statements, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” and concluded the errors were not material to any of our previously issued financial statements. Consequently, we concluded we would correct these errors prospectively and revise our financial statements when the consolidated balance sheets, statements of operations and comprehensive income and cash flows for such prior periods are included in future filings (the “Revisions”). The Revisions had no net impact on our sales or net cash provided by operating activities for any period presented. The impact of these misstatements on prior periods is more fully disclosed below.

 

Reclassification of State Mining Income Taxes

 

We reclassified certain state mining income taxes from Cost of sales and other direct production costs to Income and mining tax provision effective January 1, 2021. In connection with the revision of our historical financial statements for the correction of the DDA adjustment described above, we revised our previously issued financial statements for this reclassification that required us to recognize previously unrecognized deferred taxes.

 

The following tables present a summary of the impact, by financial statement line item, of the Revisions as of and for the years ended December 31, 2020 and 2019:

 

  

As of and for the Year Ended December 31, 2020

 

(in thousands, except per share amounts)

 

As Previously Reported

  

Adjustment

  

As Revised

 
             

Consolidated Balance Sheet

            

Inventories: Concentrates, doré, and stockpiled ore

 $57,936  $(369) $57,567 

Total current assets

  284,681   (369)  284,312 

Properties, plants, equipment and mineral interests, net

  2,345,219   32,855   2,378,074 

Total assets

  2,667,724   32,486   2,700,210 

Accrued taxes

  8,349   (2,575)  5,774 

Total current liabilities

  149,785   (2,575)  147,210 

Deferred tax liability

  132,475   23,616   156,091 

Total liabilities

  965,384   21,041   986,425 

Accumulated deficit

  (379,519)  11,445   (368,074)

Total shareholders' equity

  1,702,340   11,445   1,713,785 

Total liabilities and shareholders' equity

  2,667,724   32,486   2,700,210 
             

Consolidated Statements of Operations and Comprehensive Income (Loss)

            

Cost of sales and other direct production costs

  389,040   (6,377)  382,663 

Depreciation, depletion and amortization

  157,130   (9,020)  148,110 

Total cost of sales

  546,170   (15,397)  530,773 

Gross profit

  145,703   15,397   161,100 

Income from operations

  51,581   15,397   66,978 

Loss before income and mining taxes

  (16,655)  15,397   (1,258)

Income and mining tax provision

  (135)  (8,064)  (8,199)

Net loss

  (16,790)  7,333   (9,457)

Loss applicable to common shareholders

  (17,342)  7,333   (10,009)

Comprehensive loss

  (12,369)  7,333   (5,036)

Basic loss per common share after preferred dividends

  (0.03)  0.01   (0.02)

Diluted loss per common share after preferred dividends

  (0.03)  0.01   (0.02)
             

Consolidated Statements of Cash Flows

            

Net loss

  (16,790)  7,333   (9,457)

Depreciation, depletion and amortization

  164,026   (9,020)  155,006 

Deferred income taxes

  (5,505)  1,687   (3,818)

Cash provided by operating activities

  180,793   —   180,793 

 

  

As of and for the Year Ended December 31, 2019

 

(in thousands, except per share amounts)

 

As Previously Reported

  

Adjustment

  

As Revised

 
             

Consolidated Balance Sheet

            

Inventories: Concentrates, doré, and stockpiled ore

 $30,364  $(286) $30,078 

Total current assets

  179,124   (286)  178,838 

Properties, plants, equipment and mineral interests, net

  2,423,698   23,752   2,447,450 

Total assets

  2,637,308   23,466   2,660,774 

Deferred tax liability

  138,282   19,355   157,637 

Total liabilities

  944,885   19,355   964,240 

Accumulated deficit

  (353,331)  4,111   (349,220)

Total shareholders' equity

  1,692,423   4,111   1,696,534 

Total liabilities and shareholders' equity

  2,637,308   23,466   2,660,774 

Consolidated Statements of Operations and Comprehensive Income (Loss)

            

Cost of sales and other direct production costs

 $450,349  $(2,364) $447,985 

Depreciation, depletion and amortization

  199,518   (8,067)  191,451 

Total cost of sales

  649,867   (10,431)  639,436 

Gross profit

  23,399   10,431   33,830 

Loss from operations

  (57,109)  10,431   (46,678)

Loss before income and mining taxes

  (123,658)  10,431   (113,227)

Income and mining tax benefit

  24,101   (5,783)  18,318 

Net loss

  (99,557)  4,648   (94,909)

Loss applicable to common shareholders

  (100,109)  4,648   (95,461)

Comprehensive loss

  (94,398)  4,648   (89,750)

Basic loss per common share after preferred dividends

  (0.20)  0.01   (0.19)

Diluted loss per common share after preferred dividends

  (0.20)  0.01   (0.19)
             

Consolidated Statements of Cash Flows

            

Net loss

  (99,557)  4,648   (94,909)

Depreciation, depletion and amortization

  204,475   (8,067)  196,408 

Deferred income taxes

  (33,387)  3,419   (29,968)

Cash provided by operating activities

  120,866   —   120,866 

 
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 4: Business Segments, Sales of Products and Significant Customers

 

We discover, acquire and develop mines and other mineral interests and produce and market concentrates, containing silver, gold (in the case of Greens Creek), 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 reportable segments being: Greens Creek, Lucky Friday, Casa Berardi and the Nevada Operations.

 

General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and San Sebastian, a former operating mine and reportable segment, are presented as “other.”  Interest expense, interest income and income taxes are considered general corporate items, and are not allocated to our segments.

 

The tables below present information about our reportable segments as of and for the years ended December 31, 2021, 2020 and 2019 (in thousands).

 

  

2021

  

2020

  

2019

 

Net sales to unaffiliated customers:

            

Greens Creek

 $384,843  $327,820  $299,722 

Lucky Friday

  131,488   63,025   16,621 

Casa Berardi

  245,152   209,224   192,944 

Nevada Operations

  45,814   58,898   107,769 

Other

  176   32,906   56,210 

Total sales to unaffiliated customers

 $807,473  $691,873  $673,266 

Income (loss) from operations:

            

Greens Creek (1)

 $164,666  $114,607  $87,232 

Lucky Friday

  31,683   (1,711)  (12,520)

Casa Berardi (1)

  5,807   10,379   (25,432)

Nevada Operations

  (46,115)  (6,674)  (49,224)

Other

  (72,621)  (49,623)  (46,734)

Total income (loss) from operations (1)

 $83,420  $66,978  $(46,678)

Capital additions (excluding non-cash items):

            

Greens Creek

 $23,883  $19,685  $29,570 

Lucky Friday

  29,885   25,776   8,989 

Casa Berardi

  49,617   40,840   36,059 

Nevada Operations

  5,470   4,003   42,953 

Other

  193   712   3,850 

Total capital additions

 $109,048  $91,016  $121,421 

 

Depreciation, depletion and amortization:

            

Greens Creek

 $48,710   49,692  $47,587 

Lucky Friday

  26,846   11,473   1,175 

Casa Berardi (1)

  80,744   60,552   65,893 

Nevada Operations

  15,341   22,845   67,024 

Other

  152   3,548   9,772 

Total depreciation, depletion and amortization (1)

 $171,793  $148,110  $191,451 

Other significant non-cash items:

            

Greens Creek

 $3,653  $3,103  $2,868 

Lucky Friday

  1,048   881   996 

Casa Berardi

  1,284   (1,741)  5,203 

Nevada Operations

  7,740   2,039   2,911 

Other (1)

  (20,030)  8,569   (2,684)

Total other significant non-cash items

 $(6,305) $12,851  $9,294 

Identifiable assets:

            

Greens Creek

 $589,944  $610,360  $639,047 

Lucky Friday

  516,545   520,463   440,615 

Casa Berardi (1)

  701,868   727,008   726,977 

Nevada Operations

  468,985   513,309   528,466 

Other

  451,466   329,070   325,669 

Total identifiable assets (1)

 $2,728,808  $2,700,210  $2,660,774 

 

The following are our long-lived assets by geographic area as of December 31, 2021 and 2020 (in thousands):

 

  

2021

  

2020

 

United States

 $1,662,689  $1,701,307 

Canada (1)

  640,367   668,643 

Mexico

  7,754   8,124 

Total long-lived assets (1)

 $2,310,810  $2,378,074 

 

(1) Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.

 

Our products consist of metal concentrates and carbon material, which we sell to custom smelters, metal traders and third-party processors, and unrefined bullion bars (doré), which may be sold as doré or further refined before sale to precious metal traders. Revenue is recognized upon the completion of the performance obligations and transfer of control of the product to the customer.

 

For sales of metals from refined doré, which we currently have at Casa Berardi, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré in 2019 at our Nevada Operations, the performance obligation was met, the transaction price was known, and revenue was recognized at the time of transfer of title and control of the doré containing the agreed-upon metal quantities to the customer. 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, which we had at our Nevada Operations commencing in 2020, 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 and Lucky Friday, 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 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 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, 2021, metals contained in concentrate sales and exposed to future price changes totaled 2.1 million ounces of silver, 6,224 ounces of gold, 27.5 million pounds of zinc, and 12.7 million pounds of lead.  However, as discussed in Note 10, we seek to mitigate the risk of price adjustments by using financially-settled forward contracts for some of our sales.

 

Sales and accounts receivable for concentrate shipments are recorded net of charges for treatment, refining, smelting losses, and other charges negotiated by us with the customers, which represent components of the transaction price. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed treatment and refining costs per ton of concentrate and may include price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline. Costs for shipping concentrates to customers are recorded to cost of sales as incurred.

 

Sales of metal concentrates and metal products are made principally to custom smelters, third-party processors and metal traders. The percentage of sales contributed by each segment is reflected in the following table:

 

  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Greens Creek

  47.6%  47.4%  44.5%

Lucky Friday

  16.3%  9.1%  2.5%

Casa Berardi

  30.4%  30.2%  28.7%

Nevada Operations

  5.7%  8.5%  16.0%

Other

  —%  4.8%  8.3%
   100%  100%  100%

 

Sales of products by metal for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):

 

  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Silver

 $293,646  $260,227  $192,235 

Gold

  362,037   356,166   388,602 

Lead

  75,431   48,776   35,777 

Zinc

  125,292   95,065   89,656 

Less: Smelter and refining charges

  (48,933)  (68,361)  (33,004)

Sales of products

 $807,473  $691,873  $673,266 

 

The following is 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, 2021, 2020 and 2019 (in thousands):

 

  

2021

  

2020

  

2019

 

United States

 $71,278  $115,378  $53,612 

Canada

  419,090   321,896   379,095 

Japan

  63,588   39,418   48,841 

Netherlands

  —   (923)  38,420 

Korea

  203,115   166,402   154,581 

China

  50,945   66,082   — 

Total, excluding gains/losses on forward contracts

 $808,016  $708,253  $674,549 

 

Sales by significant product type for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):

 

  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Doré and metals from doré

 $313,337  $266,536  $340,912 

Carbon

  4,117   60,302   37,645 

Silver concentrate

  345,732   281,050   200,456 

Zinc concentrate

  112,448   76,481   74,160 

Precious metals concentrate

  32,382   23,884   21,376 

Total, excluding gains/losses on forward contracts

 $808,016  $708,253  $674,549 

 

Sales of products for 2021, 2020 and 2019 included net losses of $0.5 million, $16.4 million, and $1.3 million, respectively, on derivative contracts for silver, gold, lead and zinc contained in our sales.  See Note 10 for more information. 

 

Sales from continuing operations to significant metals customers as a percentage of total sales were as follows for the years ended December 31, 2021, 2020 and 2019:

 

  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

CIBC

  37.2%  32.7%  23.1%

Teck Metals Ltd.

  21.5%  16.1%  8.2%

Ocean Partners

  6.2%  13.9%  5.7%

Korea Zinc

  21.6%  13.3%  17.4%

Scotia

  —%  2.9%  24.0%

 

Our trade accounts receivable balance related to contracts with customers was $36.4 million at December 31, 2021 and $27.9 million at December 31, 2020, and included no allowance for doubtful accounts.

 

We have determined our contracts do not include a significant financing component. For doré sales and sales of metal from doré, payment is received at the time the performance obligation is satisfied. Payment for carbon sales is received within a relatively short period of time after the performance obligation is satisfied. The amount of consideration for concentrate sales is variable, and we receive payment for a significant portion of the estimated value of concentrate parcels within a relatively short period of time after the performance obligation is satisfied.

 

We do not incur significant costs to obtain contracts, nor costs to fulfill contracts which are not addressed by other accounting standards. Therefore, we have not recognized an asset for such costs as of December 31, 2021 or December 31, 2020.
v3.22.0.1
Note 5 - Environmental and Reclamation Activities
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Environmental and Reclamation Activities [Text Block]

Note 5: Environmental and Reclamation Activities

 

The liabilities accrued for our reclamation and closure costs at December 31, 2021 and 2020 were as follows (in thousands):

 

 

  

2021

  

2020

 

Operating properties:

        

Greens Creek

 $37,474  $42,716 

Lucky Friday

  13,543   12,818 

Casa Berardi

  12,497   11,730 

Nevada Operations

  27,068   26,062 

Non-operating properties:

        

San Sebastian

  4,451   6,882 

Troy mine

  4,813   5,340 

Johnny M

  8,947   6,065 

Republic

  1,500   1,500 

All other sites

  2,938   2,935 

Total

  113,231   116,048 

Reclamation and closure costs, current

  (9,259)  (5,582)

Reclamation and closure costs, long-term

 $103,972  $110,466 

 

The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):

 

Balance at January 1, 2019

 $108,389 

Accruals for estimated costs

  472 

Accretion expense

  7,122 

Revision of estimated cash flows due to changes in reclamation plans

  (4,522)

Payment of reclamation obligations

  (3,087)

Balance at December 31, 2019

  108,374 

Accretion expense

  5,912 

Revision of estimated cash flows due to changes in reclamation plans

  2,543 

Payment of reclamation obligations

  (781)

Balance at December 31, 2020

  116,048 

Accruals for estimated costs

  4,952 

Accretion expense

  6,454 

Revision of estimated cash flows due to changes in reclamation plans

  (8,781)

Payment of reclamation obligations

  (5,442)

Balance at December 31, 2021

 $113,231 

 

Asset Retirement Obligations

 

Below is a reconciliation as of December 31, 2021 and 2020 (in thousands) of the asset retirement obligations (“ARO”) relating to our operating properties, which are included in our total accrued reclamation and closure costs of $113.2 million and $116.0 million, respectively, discussed above. The estimated reclamation and closure costs were discounted using credit adjusted, risk-free interest rates ranging from 5.75% to 14.5% from the time we incurred the obligation to the time we expect to pay the retirement obligation. 

 

  

2021

  

2020

 

Balance January 1

 $100,208  $91,831 

Changes in obligations due to changes in reclamation plans

  (8,781)  2,543 

Accretion expense

  6,451   5,912 

Payment of reclamation obligations

  (2,845)  (78)

Balance at December 31

 $95,033  $100,208 

 

In 2021, we revised the AROs at Greens Creek, Lucky Friday and Casa Berardi to reflect updates to the estimated timing for reclamation and closure of the mines, resulting in a decreases in the ARO asset and liability of $8.6 million and $0.1 million for Greens Creek and Casa Berardi, respectively, and an increase in the ARO for Lucky Friday of $0.3 million.

 

In 2021, we updated the ARO at Nevada Operations to reflect a revised plan for reclamation and closure of the mines having total estimated undiscounted costs of approximately $35.2 million, an increase from the $34.2 million in the previous plan. However, as a result of discounting, the change resulted in a decrease in the ARO asset and liability of $0.3 million.

 

The AROs related to the changes described above were discounted using a credit adjusted, risk-free interest rate of between 2.75% and 7.5% and inflation rates ranging from 2% to 4%.
v3.22.0.1
Note 6 - Employee Benefit Plans
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 6: Employee Benefit Plans

 

Pensions and Other Post-retirement Plans

 

We sponsor defined benefit pension plans covering substantially all U.S. employees and a Supplemental Excess Retirement Plan (“SERP”) covering certain eligible employees. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2021, and the funded status as of December 31, 2021 and 2020 (in thousands):

 

  

Pension Benefits

 
  

2021

  

2020

 

Change in benefit obligation:

        

Benefit obligation at beginning of year

 $192,954  $172,909 

Service cost

  5,820   5,334 

Interest cost

  4,990   5,618 

Amendments

  550   — 

Change due to mortality change

  548   (1,521)

Change due to discount rate change

  (5,865)  17,040 

Actuarial return (loss)

  4,342   121 

Benefits paid

  (7,477)  (6,547)

Benefit obligation at end of year

  195,862   192,954 

Change in fair value of plan assets:

        

Fair value of plan assets at beginning of year

  148,052   116,067 

Actual return on plan assets

  27,049   14,801 

Employer contributions

  22,250   23,731 

Benefits paid

  (7,477)  (6,547)

Fair value of plan assets at end of year

  189,874   148,052 

Underfunded status at end of year

 $(5,988) $(44,902)

 

The following table provides the amounts recognized in the consolidated balance sheets as of December 31, 2021 and 2020 (in thousands):

 

  

Pension Benefits

 
  

2021

  

2020

 

Current liabilities:

        

Accrued benefit liability

 $(1,315) $(758)

Non- current pension liability:

        

Accrued benefit liability

  (4,673)  (44,144)

Accumulated other comprehensive loss

  29,966   53,085 

Net amount recognized

 $23,978  $8,183 

 

The benefit obligation and prepaid benefit costs were calculated by applying the following weighted average assumptions:

 

  

Pension Benefits

 
  

2021

      

2020

 

Discount rate: net periodic pension cost

  2.64%      3.32%

Discount rate: projected benefit obligation

  2.86%      2.64%

Expected rate of return on plan assets

  6.40%      6.45%

Rate of compensation increase: net periodic pension cost

 

5.00%/2.00%

   (1)  2.00%

Rate of compensation increase: projected benefit obligation

 

5.00%/2.00%

   (1)  2.00%

 

(1) 5.00% for 2022, 2.00% per year thereafter.

 

The above assumptions were calculated based on information as of December 31, 2021 and 2020, 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 2021, 2020, and 2019 (in thousands):

 

  

Pension Benefits

 
  

2021

  

2020

  

2019

 

Service cost

 $5,820  $5,334  $4,401 

Interest cost

  4,990   5,618   6,482 

Expected return on plan assets

  (9,252)  (7,489)  (5,982)

Amortization of prior service benefit

  394   117   61 

Amortization of net gain from earlier periods

  4,502   4,652   4,389 

Net periodic pension cost

 $6,454  $8,232  $9,351 

 

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 expense of $0.6 million, $2.9 million and $5.0 million for 2021, 2020, and 2019, respectively, related to all other components of net periodic pension cost is included in other (expense) income on our consolidated statements of operations and comprehensive (loss) income.

 

Each defined benefit pension plan's statement of investment policy delineates the responsibilities of the board, the committee which administers the plan, the investment manager(s), and investment adviser/consultant, and provides guidelines on investment management. Investment objectives are established for each of the asset categories included in the pension plans with comparisons of performance against appropriate benchmarks. Each plan's policy calls for investments to be supervised by qualified investment managers. The investment managers are monitored on an ongoing basis by our outside consultant, with formal reporting to us and the consultant performed each quarter. The policy sets forth the following allocation of assets:

  

Target

  

Maximum

 

Large cap U.S. equities

  17%  20%

Small cap U.S. equities

  8%  10%

Non-U.S. equities

  25%  30%

U.S. Fixed income

  18%  23%

Emerging markets debt

  5%  8%

Real estate

  15%  18%

Absolute return

  5%  7%

Company stock/Real return

  7%  13%

 

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, 2021 (in thousands):

  

Hecla plans

  

Lucky Friday

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Level 1

  

Level 2

  

Level 3

  

Total

 

Investments measured at fair value

                                

Interest-bearing cash

 $1,835  $—  $—  $1,835  $305  $—  $—  $305 

Common stock

  8,869   —   —   8,869   1,580   —   —   1,580 

Mutual funds

  96,957   —   —   96,957   15,707   —   —   15,707 

Total investments in the fair value hierarchy

  107,661   —   —   107,661   17,592   —   —   17,592 

Investments measured at net asset value

                                

Real estate funds

              19,119               4,482 

Hedge funds

              12,866               2,828 

Common collective funds

              20,626               4,700 

Total investments measured at net asset value

              52,611               12,010 

Total fair value

 $107,661  $—  $—  $160,272  $17,592  $—  $—  $29,602 

 

The fair values by asset category in each defined benefit pension plan, along with their hierarchy levels, were as follows as of December 31, 2020 (in thousands):

 

  

Hecla

  

Lucky Friday

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Level 1

  

Level 2

  

Level 3

  

Total

 

Investments measured at fair value

                                

Interest-bearing cash

 $367  $—  $—  $367  $111  $—  $—  $111 

Common stock

  13,947   —   —   13,947   3,203   —   —   3,203 

Mutual funds

  69,994   —   —   69,994   15,786   —   —   15,786 

Total investments in the fair value hierarchy

  84,308   —   —   84,308   19,100   —   —   19,100 

Investments measured at net asset value

                                

Real estate funds

              12,708               3,428 

Hedge funds

              5,823               1,215 

Common collective funds

              17,545               3,925 

Total investments measured at net asset value

              36,076               8,568 

Total fair value

 $84,308  $—  $—  $120,384  $19,100  $—  $—  $27,668 

 

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, 2021, except as limited by the redemption terms discussed below. The following summarizes information on the asset classes measured using NAV:

 

 

Investment strategy

 

Redemption terms

Real estate funds

Invest in real estate properties among the four major property types (office, industrial, retail and multi-family)

 

Allowed quarterly with notice of between 45 and 60 days

Hedge funds

Invest in a variety of asset classes which aim to diversify sources of returns

 

Allowed quarterly with notice of 90 days

Common collective funds

Invest in U.S. large cap or small/medium cap public equities in actively traded managed equity portfolios

 

Allowed daily or with notice of 30 days

 

The following are estimates of future benefit payments, which reflect expected future service as appropriate, related to our pension plans (in thousands):

 

Year Ending December 31,

 

Pension

Plans

 

2022

 $8,816 

2023

  8,765 

2024

  8,944 

2025

  9,135 

2026

  9,212 

Years 2027-2031

  45,880 

 

During 2021, we contributed $16.8 million and $5.5 million in shares of our common stock to our SERP and our defined benefit pension plans, respectively. We do not expect to be required to contribute to our defined benefit plans in 2022, but we may choose to do so.

 

The following table indicates whether our pension plans had accumulated benefit obligations (“ABO”) in excess of plan assets, or plan assets exceeded ABO (amounts are in thousands).

 

  

December 31, 2021

  

December 31, 2020

 
  

ABO Exceeds Plan Assets

  

Plan Assets Exceed ABO

  

ABO Exceeds Plan Assets

  

Plan Assets Exceed ABO

 

Projected benefit obligation

 $195,862  $—  $192,954  $— 

Accumulated benefit obligation

  191,597   —   189,931   — 

Fair value of plan assets

  189,873   —   148,051   — 

 

For the pension plans, the following amounts are included in “Accumulated other comprehensive loss, net” on our balance sheet as of December 31, 2021, that have not yet been recognized as components of net periodic benefit cost (in thousands):

 

  

Pension

Benefits

 

Unamortized net (gain)/loss

 $28,386 

Unamortized prior service cost

  1,580 

 

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 (“Hecla 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 were approximately $4.3 million in 2021, $4.6 million in 2020, and $3.9 million in 2019 in Hecla common stock.

 

We also maintain a 401(k) plan that is available to all hourly employees at Lucky Friday after completion of six months of service. When an employee meets eligibility requirements we make a matching cash contribution of 55% of the employee’s contribution up to, but not exceeding, 5% of the employee’s eligible earnings.  Our matching contributions were approximately $0.5 million in 2021, $10,000 in 2020, and $10,000 in 2019.
v3.22.0.1
Note 7 - Income and Mining Taxes
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 7: Income and Mining Taxes

 

Major components of our income and mining tax benefit (provision) for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):

 

  

2021

  

2020

  

2019

 
      

Revised

  

Revised

 

Current:

            

Domestic

 $(7,073) $(7,246) $(3,065)

Foreign

  (6,316)  (8,745)  (9,427)

Total current income and mining tax provision

  (13,389)  (15,991)  (12,492)

Deferred:

            

Domestic

  43,708   5,096   13,962 

Foreign

  (750)  2,696   16,848 

Total deferred income and mining tax benefit

  42,958   7,792   30,810 

Total income and mining tax benefit (provision)

 $29,569  $(8,199) $18,318 

 

Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 

 

  

2021

  

2020

  

2019

 
      

Revised

  

Revised

 

Domestic

 $38,003  $(1,400) $(51,165)

Foreign

  (32,477)  142   (62,062)

Total

 $5,526  $(1,258) $(113,227)

 

The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands): 

 

  

2021

  

2020

  

2019

 
          

Revised

  

Revised

 

Computed “statutory” benefit (provision)

 $(1,161)  21% $264   21% $23,778   21%

Percentage depletion

  8,076   (146)  5,327   423   3,030   3 

Change in valuation allowance

  38,058   (689)  786   62   686   — 

State taxes, net of federal tax benefit

  (5,844)  106   (1,164)  (93)  2,648   2 

Foreign currency remeasurement of monetary assets and liabilities

  (3,625)  66   (4,824)  (383)  (8,629)  (8)

Rate differential on foreign earnings

  2,445   (44)  2,362   188   3,999   4 

Compensation

  1,094   (20)  (458)  (36)  (1,056)  (1)

Mining and other taxes

  (6,990)  126   (9,245)  (735)  (4,887)  (4)

Other

  (2,484)  45   (1,247)  (99)  (1,251)  (1)

Total benefit (provision)

 $29,569   (535) % $(8,199)  (652) % $18,318   16%

 

At December 31, 2021 and 2020, the net deferred tax liability was approximately 104.1 million and $153.2 million, respectively. The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands).   

 

  

December 31,

 
  

2021

  

2020

 
      

Revised

 

Deferred tax assets:

        

Accrued reclamation costs

 $31,558  $32,938 

Deferred exploration

  17,959   11,623 

Foreign net operating losses

  18,152   13,303 

Domestic net operating losses

  213,637   198,438 

Pension and benefit obligation

  1,824   12,341 

Foreign exchange loss

  19,542   19,808 

Foreign tax credit carryforward

  2,493   3,358 

Miscellaneous

  29,505   18,385 

Total deferred tax assets

  334,670   310,194 

Valuation allowance

  (39,152)  (77,210)

Total deferred tax assets

  295,518   232,984 

Deferred tax liabilities:

        

Miscellaneous

  (2,751)  (2,551)

Properties, plants and equipment

  (396,911)  (383,612)

Total deferred tax liabilities

  (399,662)  (386,163)

Net deferred tax liability

 $(104,144) $(153,179)

 

As part of the Klondex acquisition in July 2018, we acquired a U.S. consolidated tax group (the “Nevada U.S. Group”) that did not join the existing consolidated U.S. tax group of Hecla Mining Company and subsidiaries (“Hecla U.S. Group”).  Under acquisition accounting, we recorded a net deferred tax liability of $55.2 million.  Net operating losses acquired as of the acquisition date 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 evaluated the positive and negative evidence available to determine the amount of valuation allowance required on our deferred tax assets.  At December 31, 2021, the balance of our valuation allowances was approximately $39.2 million, following release of $58.4 million of Hecla U.S. Group valuation allowance, reflecting our estimate of future taxable income in the Hecla U.S. Group and our ability to utilize net operating losses and other deferred tax assets in future periods. Several factors support the release of the U.S. Group valuation allowance in 2021, including (i) a history of positive earnings and a clear upward trend over the last three years, (ii) the end of a labor strike and return to full production at a significant U.S. mine, the Lucky Friday mine, and (iii) scheduling of deferred tax liabilities and forecast of future taxable income to support utilization of the majority of deferred tax assets, with the exception of $8.9 million of valuation allowance retained on a portion of loss carryforward, foreign tax credit carryforward and certain state tax attributes. Our long-range planning and forecast process, which is finalized in the fourth quarter, is required to evaluate a forecast of future taxable income; thus, the fourth quarter was the appropriate time to lift the valuation allowance.  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 was recorded for $19.4 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 was recognized on deferred tax assets in Mexico for $7.7 million. As of December 31, 2021, a $3.2 million valuation allowance remains in Canadian jurisdictions.  The changes in the valuation allowance for the years ended December 31, 2021, 2020 and 2019, are as follows (in thousands): 

 

  

2021

  

2020

  

2019

 

Balance at beginning of year

 $(77,210) $(86,634) $(94,981)

Valuation allowance on deferred tax assets acquired with the Klondex acquisition

  —   —   5,905 

(Increase) decrease related to non-recognition of deferred tax assets due to uncertainty of recovery and (increase) related to non-utilization of net operating loss carryforwards

  (20,304)  786   686 

Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable

  58,362   8,638   1,756 

Balance at end of year

 $(39,152) $(77,210) $(86,634)

 

As of December 31, 2021, for U.S. income tax purposes, we have federal and state net operating loss carryforwards of $869.2 million and $470.6 million, respectively.  U.S. net operating loss carryforwards for periods arising before December 31, 2017 have a 20-year expiration period, the earliest of which could expire in 2022.  U.S. net operating loss carryforwards of $381.2 million arising in 2018 and future periods have an indefinite carryforward period. We have foreign and provincial net operating loss carryforwards of approximately $69.7 million each, which expire between 2031 and 2041. 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, 2021, 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 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 2005, or examinations by foreign tax authorities for years prior to 2015. We are currently under examination in certain local tax jurisdictions. However, we do not anticipate any material adjustments.

 

We had no unrecognized tax benefits as of December 31, 2021 or 2020.  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.
v3.22.0.1
Note 8 - Income (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

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 restricted stock unit awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we reported net losses, potential dilutive common shares are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented.

 

The following table represents net income (loss) per common share – basic and diluted (in thousands, except income (loss) per share): 

 

  

Year ended December 31,

 
  

2021

  

2020

  

2019

 
      

Revised

  

Revised

 

Numerator

            

Net income (loss)

 $35,095  $(9,457) $(94,909)

Preferred stock dividends

  (552)  (552)  (552)

Net income (loss) applicable to common shares

 $34,543  $(10,009) $(95,461)
             

Denominator

            

Basic weighted average common shares

  536,192   527,329   490,449 

Dilutive stock options, restricted stock units, and warrants

  5,984   —   — 

Diluted weighted average common shares

  542,176   527,329   490,449 
             

Basic income (loss) per common share

 $0.06   $(0.02) $(0.19)

Diluted income (loss) per common share

 $0.06   $(0.02) $(0.19)

 

For the year ended December 31, 2021, the calculation of diluted income per common share included (i) 2,317,007 unvested restricted stock units during the period, (ii) 1,557,503 warrants to purchase one share of common stock and (iii) 2,166,964 deferred shares that were dilutive. For the years ended December 31, 2020 and 2019, all outstanding restricted stock units, warrants and deferred shares were excluded from the computation of diluted loss per share, as our reported net losses for those periods would cause their conversion and exercise to have no effect on the calculation of loss per share.
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 9: Debt, Credit Facility and Leases

 

Debt Summary

 

Our debt as of December 31, 2021 and 2020 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”) and our Investissement Quebec Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”). These debt arrangements are discussed further below. The following tables summarize our long-term debt balances as of December 31, 2021 and 2020 (in thousands):

 

  

December 31, 2021

 
  

Senior Notes

  

IQ Notes

  

Total

 

Principal

 $475,000  $38,051  $513,051 

Unamortized discount/premium and issuance costs

  (5,552)  596   (4,956)

Long-term debt balance

 $469,448  $38,647  $508,095 

 

  

December 31, 2020

 
  

Senior Notes

  

IQ Notes

  

Total

 

Principal

 $475,000  $37,886  $512,886 

Unamortized discount/premium and issuance costs

  (6,462)  818   (5,644)

Long-term debt balance

 $468,538  $38,704  $507,242 

 

The following table summarizes the scheduled annual future payments, including interest, for the Senior Notes and IQ Notes as of December 31, 2021 (in thousands). The amounts for the IQ Notes are stated in USD based on the USD/CAD exchange rate as of December 31, 2021.

 

  

Senior Notes

  

IQ Notes

 

2022

 $34,438  $2,479 

2023

  34,438   2,479 

2024

  34,438   2,479 

2025

  34,438   39,342 

2026

  34,438   — 

2027

  34,438   — 

2028

  479,302   — 

Total

 $685,930  $46,779 

 

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 SEC. 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 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 2021, 2020 and 2019, interest expense on the statement of operations and comprehensive income (loss) 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, $40.2 million and $36.3 million, respectively. Interest expense for 2020 included amounts recorded for (i) interest recognized on both the Senior Notes and 2021 Notes for an overlapping period of approximately one month, as the Senior Notes were issued on February 19, 2020 and the 2021 Notes were redeemed on March 19, 2020, and (ii) $1.7 million in unamortized initial purchaser discount on the 2021 Notes upon redemption.

 

The Senior Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries (the “Guarantors”). The Senior Notes and the guarantees are, respectively, Hecla's and the Guarantors' general senior unsecured obligations and are subordinated to all of Hecla's and the Guarantors' existing and future secured debt to the extent of the assets securing that secured debt.  In addition, the Senior Notes are effectively subordinated to all of the liabilities of Hecla's subsidiaries that are not guaranteeing the Senior Notes, to the extent of the assets of those subsidiaries.

 

The Senior Notes will be redeemable in whole or in part, at any time and from time to time on or after February 15, 2023, on the redemption dates and at the redemption prices specified in the Indenture, plus accrued and unpaid interest, if any, to the date of redemption.  After February 15, 2023, we may redeem some or all of the Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued interest, if any, to the redemption date: (i) 105.438% for the twelve-month period beginning after February 15, 2023, (ii) 103.625% for the twelve-month period beginning after February 15, 2024, (iii) 101.813% for the twelve-month period beginning after February 15, 2025, and (iv) 100.000% after February 15, 2026. We may redeem up to 35% of the Senior Notes before February 15, 2023 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 (approximately 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 are required 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 2021 and 2020, interest expense related to the IQ Notes, including premium and origination fees, totaled $2.3 million and $0.9 million.

 

Ressources Québec Notes

 

In December 2019, we prepaid our CAD$40 million 4.68% Resources Quebec Notes (“RQ Notes”) through issuance of approximately 10.7 million shares of our common stock having a total value of approximately CAD$43.8 million (approximately USD$33.5 million). In 2019, interest expense related to the RQ Notes, including discount and origination fees, totaled $4.2 million, including $2.9 million related to the prepayment of the RQ Notes.

 

Credit Facility

 

In July 2018, we entered into a $250 million senior secured revolving credit facility which replaced our previous $100 million credit facility. The facility has a term ending on February 7, 2023. The credit facility is collateralized by all of our personal property, including our cash and investment accounts and the equity interests in our domestic subsidiaries and the Canadian subsidiaries that own the Casa Berardi mine. The credit facility is also secured by substantially all of the real and personal property of our subsidiaries holding the rights to our Greens Creek mine, the Casa Berardi mine and our Nevada operations, including mortgages on such mines and pledges of our joint venture interests holding 100% ownership of the Greens Creek mine, all of our rights and interests in the joint venture agreement relating to the Greens Creek mine, and all of our rights and interests in the assets of the Greens Creek joint venture. Below is information on the interest rates, standby fee, and financial covenant terms under our current credit facility in place as of December 31, 2021:

 

Interest rates:

    

Spread over the London Interbank Offered Rate

  2.25 - 4.00%

Spread over alternative base rate

  1.25 - 3.00%

Standby fee per annum on undrawn amounts

  0.5625 - 1.00%

Covenant financial ratios:

    

Senior leverage ratio (debt secured by liens/EBITDA)

 

not more than 2.50:1

 

Leverage ratio (total debt less unencumbered cash/EBITDA)

 

not more than 4.00:1

 

Interest coverage ratio (EBITDA/interest expense)

 

not less than 3.00:1

 

 

We are also able to obtain letters of credit under the facility, and for any such letters we are required to pay a participation fee of between 2.25% and 4.00% of the amount of the letters of credit based on our total leverage ratio, as well as a fronting fee to each issuing bank of 0.20% annually on the average daily dollar amount of any outstanding letters of credit. There were $17.3 million in letters of credit outstanding as of December 31, 2021.

 

We believe we were in compliance with all covenants under the credit facility agreement as of December 31, 2021.  There were no amounts outstanding under the credit facility as of December 31, 2021 and 2020.

 

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, 2021, the total liability associated with the finance leases, including certain purchase option amounts, was $13.4 million (2020: $15.8 million), with $5.6 million (2020: $6.5 million) of the liability classified as current and $7.8 million (2020: $9.3 million) classified as non-current. The assets related to these leases are recorded in properties, plants, equipment and mineral interests, net, on our consolidated balance sheets and totaled $18.3 million as of December 31, 2021 (2020: $22.3 million), net of accumulated depreciation. Expense during 2021, 2020 and 2019 related to finance leases included $8.9 million, $7.4 million and $5.9 million, respectively, for amortization of the related assets, and $0.6 million, $0.6 million and $0.7 million, respectively, for interest expense. The total obligation for future minimum finance lease payments was $14.2 million at December 31, 2021, with $0.8 million attributed to interest. Our finance leases as of December 31, 2021 had a weighted average remaining term of approximately 2 years and a weighted average discount rate of approximately 6.3%.

 

At December 31, 2021, the annual maturities of finance lease commitments, including interest, were (in thousands):

 

Twelve-month period ending December 31,

    

2022

 $6,097 

2023

  4,422 

2024

  3,156 

2025

  556 

Total

  14,231 

Less: imputed interest

  (843)

Net finance lease obligation

 $13,388 

 

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, 2021, we have assumed a discount rate of 5.8%. At December 31, 2021, the total liability balance associated with the operating leases was $12.4 million (2020: $10.6 million), with $2.5 million (2020: $3.0 million) of the liability classified as current and the remaining $10.0 million (2020: $7.6 million) classified as non-current. The right-of-use assets for our operating leases are recorded as a non-current asset on our consolidated balance sheets and totaled $12.4 million and $10.6 million as of December 31, 2021 and 2020, respectively. During 2021, 2020 and 2019, operating lease expense, and cash paid for operating leases included in net cash provided by operating activities, totaled $3.9 million, $7.2 million and $7.5 million, respectively. The total obligation for future minimum operating lease payments, including assumed extensions beyond the current lease terms, was $15.8 million at December 31, 2021. The weighted-average remaining lease term for our operating leases as of December 31, 2021 was approximately 6.5 years.

 

At December 31, 2021, the annual maturities of undiscounted operating lease payments, including assumed extensions beyond the current lease terms, were (in thousands):

 

Twelve-month period ending December 31,

    

2022

 $3,153 

2023

  3,011 

2024

  1,084 

2025

  1,058 

2026

  1,059 

More than 5 years

  6,418 

Total

  15,783 

Effect of discounting

  (3,347)

Operating lease liability

 $12,436 

 
v3.22.0.1
Note 10 - Derivative Instruments
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 10: Derivative Instruments

 

General

 

Our current risk management policy provides that up to 75% of:

 

 

•

our future foreign currency-related operating and capital cost exposure for five years into the future may be hedged and for potential additional programs to manage other foreign currency-related exposure areas;

 

•

our planned lead and zinc metals price exposure for five years into the future, with certain other limitations, may be covered under derivatives programs that would establish prices to be realized on future metals sales; and

 

•

our planned silver and gold metals price exposure for five years into the future, with certain other limitations, may be covered under derivatives programs that would establish a floor, but not a ceiling, for prices to be realized on future metals sales. We currently do not utilize this program.

 

In addition, our risk management policy provides that price exposure between the time of shipment and final settlement on silver, gold, lead and zinc contained in our concentrate shipments may be covered under derivatives programs that would establish prices to be realized on those sales.

 

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 exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions.

 

Foreign Currency

 

Our wholly-owned subsidiaries owning the Casa Berardi and San Sebastian mines are USD-functional entities which routinely incur expenses denominated in CAD and MXN, respectively, and such expenses expose us to exchange rate fluctuations between the USD and CAD and MXN. We utilize a program to manage our exposure to fluctuations in the exchange rate between the USD and CAD and the impact on our future operating costs denominated in CAD. In November 2021, initiated a program related to future development costs denominated in CAD, and have used a similar program, on a limited basis, related to interest payments on our IQ Notes (see Note 9). The programs utilize forward contracts to buy CAD. Each contract related to operating costs is designated as a cash flow hedge, while contracts related to development and interest costs have not been designated as hedges as of December 31, 2021. As of December 31, 2021, we had 166 forward contracts outstanding to buy a total of CAD$318.8 million having a notional amount of US$245.3 million. The CAD contracts are related to forecasted cash operating costs at Casa Berardi forecasted to be incurred from 2022 through 2025 and have USD-to-CAD exchange rates ranging between 1.2702 and 1.3753.

 

As of December 31, 2021 and 2020, we recorded the following balances for the fair value of the contracts (in millions):

 

  

December 31,

 

Balance sheet line item:

 

2021

  

2020

 

Other current assets

 $2.7  $3.5 

Other non-current assets

  2.5   4.2 

 

Net unrealized gains of approximately $5.2 million related to the effective portion of the hedges were included in accumulated other comprehensive loss as of December 31, 2021. 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 $2.7 million in net unrealized gains included in accumulated other comprehensive loss as of December 31, 2021 would be reclassified to current earnings in the next twelve months. Net realized gains of approximately $4.7 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, 2021. Net unrealized losses of approximately $0.2 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 income (loss) for the year ended December 31, 2021.

 

Metals Prices

 

We are currently using financially-settled forward contracts to manage the exposure to:

 

•

changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and

 

•

changes in prices of zinc and lead (but not 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, 2021 and 2020:

 

December 31, 2021

 

Ounces/pounds under contract (in 000's)

  

Average price per ounce/pound

 
  

Silver

  

Gold

  

Zinc

  

Lead

  

Silver

  

Gold

  

Zinc

  

Lead

 
  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

 

Contracts on provisional sales

                                

2022 settlements

  1,814   6   13,371   4,575  $23.02  $1,812  $1.39  $0.96 

Contracts on forecasted sales

                                

2022 settlements

  —   —   57,706   59,194   N/A   N/A  $1.28  $0.98 

2023 settlements

  —   —   76,280   71,650   N/A   N/A  $1.29  $1.00 

 

December 31, 2020

 

Ounces/pounds under contract (in 000's)

  

Average price per ounce/pound

 
  

Silver

  

Gold

  

Zinc

  

Lead

  

Silver

  

Gold

  

Zinc

  

Lead

 
  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

 

Contracts on provisional sales

                                

2022 settlements

  1,282   4   23,314   4,905  $25.00  $1,858  $1.19  $0.90 
                                 

Contracts on forecasted sales

                                

2022 settlements

  —   —   41,577   30,876   N/A   N/A  $1.17  $0.88 

2023 settlements

  N/A   N/A   18,519   —   N/A   N/A  $1.28   N/A 

 

Effective November 1, 2021, we designated the contracts for lead and zinc contained in our forecasted future shipments as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive loss until the hedged product ships. Prior to November 1, 2021, these contracts did not qualify for hedge accounting and were therefore marked-to-market through earnings each period. The forward contracts for silver and gold contained in our concentrate shipments have not been designated as hedges and are marked-to-market through earnings each period.

 

At December 31, 2021 and 2020, we recorded the following balances for the fair value of forward and put option contracts held at that time (in millions):

 

  

December 31, 2021

  

December 31, 2020

 

Balance sheet line item:

 

Contracts in

an asset

position

  

Contracts in a

liability

position

  

Net asset

(liability)

  

Contracts in an asset position

  

Contracts in a liability position

  

Net asset (liability)

 

Other current assets

 $—  $—  $—  $0.2  $(0.2) $— 

Other non-current assets

  —   —   —   0.5   (0.1)  0.4 

Current derivatives liability

  0.7   (20.1)  (19.4)  0.1   (11.8)  (11.7)

Non-current derivatives liability

  0.4   (18.9)  (18.5)  —   —   — 

 

Net unrealized losses of approximately $14.6 million related to the effective portion of the contracts designated as hedges were included in accumulated other comprehensive loss as of December 31, 2021, and are net of related deferred taxes. 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 $3.4 million in net unrealized losses included in accumulated other comprehensive loss as of December 31, 2021 would be reclassified to current earnings in the next twelve months. We recognized a $0.5 million net loss during 2021 on the contracts utilized to manage exposure to changes in prices of metals in our concentrate shipments, which is included in sales of products. The net loss recognized on the contracts offsets gains related to price adjustments on our provisional concentrate sales due to changes to silver, gold, lead and zinc prices between the time of sale and final settlement.

 

We recognized a $32.9 million net loss during 2021 on the contracts utilized to manage exposure to changes in prices for forecasted future sales prior to their hedge designation. The net loss on these contracts is included in the fair value adjustments, net line item under other income (expense), as they relate to forecasted future sales, as opposed to sales that have already taken place but are subject to final pricing as discussed in the preceding paragraph.  The net loss for 2021 is the result of increasing silver, gold, zinc and lead prices. During the third quarter of 2019 we settled, prior to their maturity date, contracts in a gain position for cash proceeds to us of approximately $6.7 million, with no such early settlements in 2021 or 2020. These programs, when utilized and the contracts are not settled prior to their maturity, are designed to mitigate the impact of potential future declines in silver, gold, lead and zinc prices from the price levels established in the contracts (see average price information above). When those prices increase compared to the contracts, we incur losses on the contracts.

 

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, 2021, 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 $39.1 million as of December 31, 2021, and includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at December 31, 2021, we could have been required to settle our obligations under the agreements at their termination value of $39.1 million.
v3.22.0.1
Note 11 - Fair Value Measurement
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 11: Fair Value Measurement

 

Fair value adjustments, net is comprised of the following:

 

 

  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Loss on derivative contracts

 $(32,655) $(22,074) $(3,971)

Unrealized (loss) gain on investments in equity securities

  (4,295)  10,268   (2,389)

Gain on disposition or exchange of investments

  1,158   —   923 

Total fair value adjustments, net

 $(35,792) $(11,806) $(5,437)

 

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.

 

  

Balance at

December 31,

2021

  

Balance at

December 31,

2020

 

Input

Hierarchy

Level

Assets:

         
          

Cash and cash equivalents:

         

Money market funds and other bank deposits

 $210,010  $129,830 

Level 1

          

Current and non-current investments:

         

Equity securities – mining industry

  14,470   19,389 

Level 1

          

Trade accounts receivable:

         

Receivables from provisional concentrate sales

  36,437   27,864 

Level 2

          

Derivative contracts - other current assets and other non-current assets:

         

Metal forward and put option contracts

  —   381 

Level 2

Foreign exchange contracts

  5,207   7,647 

Level 2

          

Restricted cash balances:

         

Certificates of deposit and other deposits

  1,053   1,053 

Level 1

          

Total assets

 $267,177  $186,164  
          

Liabilities

         
          

Derivative contracts - current derivative liabilities and other non-current liabilities:

         

Metal forward and put option contracts

 $37,873  $11,737 

Level 2

Foreign exchange contracts

  8   19 

Level 2

          

Total liabilities

 $37,881  $11,756  

 

Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value, and a small portion consists of municipal bonds having maturities of less than 90 days, which are recorded at fair value.

 

Current and non-current restricted cash balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value.

 

Our current and 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 Casa Berardi (see Note 10 for more information). The contracts related to operating costs qualify for hedge accounting, while the contracts related to capital costs have not been designated as hedges. Unrealized gains and losses related to the effective portion of the contracts designated as hedges are included in accumulated other comprehensive loss, and unrealized gains and losses related to the contracts not designated as hedges and the ineffective portion of the contracts designated as hedges are included in earnings each period. The fair value of each contract represents the present value of the difference between the forward exchange rate for the contract settlement period as of the measurement date and the contract settlement exchange rate.

 

We use financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement.  We also use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments (see Note 10 for more information).  Effective November 1, 2021, we designated the contracts for lead and zinc as hedges for accounting purposes, with gains and losses deferred to accumulated other comprehensive income until the hedged product ships. The forward contracts for silver and gold contained in our concentrate shipments have not been designated as hedges and are marked-to-market through earnings each period. The fair value of each forward contract represents the present value of the difference between the forward metal price for the contract settlement period as of the measurement date and the contract settlement metal price.

 

At December 31, 2021, our Senior Notes and IQ Notes were recorded at their carrying values of $469.4 million and $38.6 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs.  The estimated fair values of our Senior Notes and IQ Notes were $510.6 million and $40.5 million, respectively, at December 31, 2021.  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 5.65%, are utilized to estimate the fair value of the IQ Notes.  See Note 9 for more information. 
v3.22.0.1
Note 12 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

Note 12: Stockholders’ Equity

 

Common Stock

 

Subject to the rights of the holders of any outstanding shares of preferred stock, each share of common stock is entitled to: (i) one vote on all matters presented to the stockholders, with no cumulative voting rights; (ii) receive such dividends as may be declared by the board of directors out of funds legally available therefor; and (iii) in the event of our liquidation or dissolution, share ratably in any distribution of our assets.

 

Dividends

 

In September 2011 and February 2012, our board of directors (“Board”) adopted a common stock dividend policy that has two components: (1) a dividend that links the amount of dividends on our common stock to our average quarterly realized silver price in the preceding quarter, and (2) a minimum annual dividend of $0.01 per share of common stock, in each case, payable quarterly, if and when declared. In September 2020, we amended the dividend policy to (1) reduce the minimum quarterly realized silver price threshold for the first component above from $30 per ounce to $25 per ounce, and (2) increased the minimum annual dividend from $0.01 per share to $0.015 per share. In each of May and September 2021, our Board approved an increase in our silver-linked dividend policy by $0.01 per year, and in September 2021 also approved a reduction in the minimum realized silver price threshold to $20 from $25 per ounce. For illustrative purposes only, the table below summarizes potential per share dividend amounts at different quarterly average realized price levels according to the first component of the policy, as amended:

 

Quarterly

Average Realized

Silver Price ($ per

ounce)

  

Quarterly Silver-

Linked Dividend ($

per share)

  

Annualized

Silver-Linked

Dividend ($ per

share)

  

Annualized

Minimum

Dividend ($

per share)

  

Annualized

Dividends per

Share: Silver-

Linked and

Minimum ($

per share)

 
$20  $0.0025  $0.01  $0.015  $0.025 
$25  $0.0100  $0.04  $0.015  $0.055 
$30  $0.0150  $0.06  $0.015  $0.075 
$35  $0.0250  $0.10  $0.015  $0.115 
$40  $0.0350  $0.14  $0.015  $0.155 
$45  $0.0450  $0.18  $0.015  $0.195 
$50  $0.0550  $0.22  $0.015  $0.235 

 

Total quarterly common stock dividends declared by our Board for the years ended December 31, 2021, 2020 and 2019 amounted to $20.1 million, $8.6 million and $4.9 million respectively. The common stock dividend declared by the Board in the third quarter of 2020 and each subsequent quarter has included the silver-linked component, as the realized silver price was above the minimum thresholds applicable to each of those quarters. Prior to 2011, no dividends had been declared on our common stock since 1990. The declaration and payment of common stock dividends is at the sole discretion of our Board.

 

At-The-Market Equity Distribution Agreement

 

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any shares issued 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. No shares have been sold under the agreement as of December 31, 2021.

 

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, 2021, 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 157,816 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. 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.

 

Stock Award Plans

 

We use stock-based compensation plans to aid us in attracting, retaining and motivating our employees, as well as to provide incentives more directly linked to increases in stockholder value. These plans provide for the grant of options to purchase shares of our common stock, the issuance of restricted stock units, performance-based shares and other equity-based awards.

 

Stock-based compensation expense amounts recognized for the years ended December 31, 2021, 2020 and 2019 were approximately $6.1 million, $6.5 million, and $5.7 million, respectively. Over the next twelve months, we expect to recognize approximately $3.6 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, 2021, there were 14,857,886 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 2021, 2020, and 2019, 414,750, 391,244, and 252,819 shares, respectively, were credited to the non-employee directors. During 2021, 2020 and 2019, $1.8 million, $1.5 million, and $0.5 million, respectively, was charged to general and administrative expense associated with the shares issued to the non-employee directors. At December 31, 2021, there were 2,269,269 shares available for grant in the future under the plan.

 

Restricted Stock Units

 

Unvested restricted stock units granted by the Board to employees are summarized as follows:

 

  

Shares

  

Weighted

Average

Grant Date Fair

Value per Share

 

Unvested, January 1, 2019

  2,689,468  $4.14 

Granted (unvested)

  3,312,481  $1.85 

Canceled

  (803,683) $2.62 

Distributed (vested)

  (1,201,098) $4.00 

Unvested, December 31, 2019

  3,997,168  $2.46 

Granted (unvested)

  1,688,111  $3.03 

Canceled

  (70,236) $2.08 

Distributed (vested)

  (1,678,909) $2.83 

Unvested, December 31, 2020

  3,936,134  $2.55 

Granted (unvested)

  629,437  $7.88 

Canceled

  (770,416) $2.82 

Distributed (vested)

  (1,772,803) $2.60 

Unvested, December 31, 2021

  2,022,352  $3.97 

 

The 2,022,352 unvested units at December 31, 2021 are scheduled to vest as follows:

 

1,295,620 

in June 2022

567,257 

in June 2023

159,475 

in June 2024

 

Unvested units 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. Since the earliest grant date of unvested units (which was 2019), we have recognized approximately $4.1 million in compensation expense, including approximately $3.4 million recognized in 2021, and expect to record an additional $3.9 million in compensation expense over the remaining vesting period related to these units.  The latest vesting date for unvested units as of December 31, 2021 is June 2024.

 

Performance-Based Shares

 

We periodically grant performance-based share awards to certain executive employees. The value of the awards (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 awards 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 award.

 

Unvested performance-based share awards granted by the Board to employees are summarized as follows:

 

  

Shares

  

Weighted Average

Grant Date Fair

Value per Share

 

Unvested, January 1, 2019

  660,769  $3.27 

Granted (unvested)

  775,714  $— 

Canceled

  (270,329) $1.09 

Distributed (vested)

  (113,636) $6.13 

Unvested, December 31, 2019

  1,052,518  $1.11 

Granted (unvested)

  298,680  $0.62 

Distributed (vested)

  (165,165) $3.35 

Unvested, December 31, 2020

  1,186,033  $0.68 

Granted (unvested)

  122,462  $13.70 

Canceled

  (174,108) $0.76 

Distributed (vested)

  (218,015) $2.37 

Unvested, December 31, 2021

  916,372  $2.00 

 

Since the earliest grant date of unvested units (which was 2019), we have recognized approximately $0.4 million in compensation expense, with all of that amount recognized in 2021, and expect to record an additional $1.4 million in compensation expense over the remaining vesting period related to these awards. The latest vesting date for unvested units as of December 31, 2021 is December 31, 2023.

 

In connection with the vesting of restricted stock units, performance-based shares 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 2021, we withheld 574,251 shares valued at approximately $4.5 million, or approximately $7.88 per share.  In 2020, we withheld 1,183,773 shares valued at approximately $2.7 million, or approximately $2.32 per share. These shares become treasury shares unless we cancel them.

 

Warrants

 

We have 4,136,000 warrants outstanding since the Klondex acquisition in July 2018. Each warrant entitles the warrant holder to purchase one share of our common stock. The warrants have the following key terms:

 

Number of warrants

  

Exercise price

 

Expiration date

2,068,000  $1.57 

February 2029

2,068,000  $8.02 

April 2032

 

Common stock contributed to the Hecla Charitable Foundation

 

In 2020, we gifted 650,000 shares of our common stock, valued at $2.0 million at the time of the gift, to the Hecla Charitable Foundation (the “Foundation”), and recognized expense for that amount.
v3.22.0.1
Note 13 - Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

Note 13: Accumulated Other Comprehensive Loss

 

The following table lists the beginning balance, yearly activity and ending balance of each component of “Accumulated other comprehensive loss, net” (in thousands):

  

Unrealized

Gains

(Losses)

On Securities

  

Changes in fair value of derivative contracts designated as hedge transactions

  

Adjustments

For Pension Plans

  

Total

Accumulated

Other

Comprehensive

Loss, Net

 

Balance January 1, 2019

 $(13) $(8,784) $(33,672)  (42,469)

2019 change

  —   8,436   (3,277)  5,159 

Balance December 31, 2019

  (13)  (348)  (36,949)  (37,310)

2020 change

  —   7,980   (3,559)  4,421 

Balance December 31, 2020

  (13)  7,632   (40,508)  (32,889)

2021 change

  —   (12,307)  16,740   4,433 

Balance December 31, 2021

 $(13) $(4,675) $(23,768) $(28,456)

 

The amounts above are net of the income tax effect of such balances and activity as summarized in the following table (in thousands):

 

  

Income Tax Effect of:

 
  

Unrealized

Gains

(Losses)

On Securities

  

Changes in fair value of derivative contracts designated as hedge transactions

  

Adjustments

For Pension Plans

  

Total

Accumulated

Other

Comprehensive

Loss, Net

 

Balance January 1, 2019

 $—  $—  $12,575  $12,575 

2019 change

  —   —   —   — 

Balance December 31, 2019

  —   —   12,575   12,575 

2020 change

  —   —   —   — 

Balance December 31, 2020

  —   —   12,575   12,575 

2021 change

  —   4,689   (6,379)  (1,690)

Balance December 31, 2021

 $—  $4,689  $6,196  $10,885 

 

See Note 6 for more information on our employee benefit plans and Note 10 for more information on our derivative instruments.
v3.22.0.1
Note 14 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

Note 14: Properties, Plants, Equipment and Mineral Interests, and Lease Commitments

 

Properties, Plants, Equipment and Mineral Interests

 

Our major components of properties, plants, equipment, and mineral interests are (in thousands):

 

  

December 31,

 
  

2021

  

2020

 
      

Revised

 

Mining properties, including asset retirement obligations

 $818,582  $818,819 

Development costs

  549,666   526,714 

Plants and equipment

  1,446,183   1,410,209 

Land

  34,931   32,983 

Mineral interests

  972,754   969,589 

Construction in progress

  86,903   66,090 
   3,909,019   3,824,404 

Less accumulated depreciation, depletion and amortization

  1,598,209   1,446,330 

Net carrying value

 $2,310,810  $2,378,074 

 

During 2021, we incurred total capital expenditures of approximately $109.0 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 $29.9 million at Lucky Friday, $23.9 million at Greens Creek, $49.6 million at Casa Berardi and $5.5 million at the Nevada Operations.

 

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, 2021, mineral interests included VBPP assets of $323.6 million, $382.9 million and $132.6 million, respectively, at Casa Berardi, Nevada Operations and Greens Creek, 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, 2021 and 2020, we have recorded $78.9 million and $74.0 million, respectively, for the gross amount of assets acquired under the finance leases and $60.6 million and $51.7 million, respectively, in accumulated depreciation on those assets, classified as plants and equipment in Properties, plants, equipment and mineral interests.  See Note 8 for information on future obligations related to our finance leases.
v3.22.0.1
Note 15 - Commitments, Contingencies, and Obligations
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 15: Commitments, Contingencies, and Obligations

 

General

 

We follow GAAP guidance in determining our accruals and disclosures with respect to loss contingencies, and evaluate such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

 

Johnny M Mine Area near San Mateo, McKinley County and San Mateo Creek Basin, New Mexico

 

In May 2011, the EPA made a formal request to Hecla Mining Company for information regarding the Johnny M Mine Area near San Mateo, McKinley County, New Mexico, and asserted that Hecla Mining Company may be responsible under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) for environmental remediation and past costs the EPA has incurred at the site. Mining at the Johnny M Mine was conducted for a limited period of time by a predecessor of our subsidiary, Hecla Limited. In August 2012, Hecla Limited and the EPA entered into a Settlement Agreement and Administrative Order on Consent for Removal Action (“Consent Order”), pursuant to which Hecla Limited agreed to pay (i) $1.1 million to the EPA for its past response costs at the site and (ii) any future response costs at the site under the Consent Order, in exchange for a covenant not to sue by the EPA. Hecla Limited paid the $1.1 million to the EPA for its past response costs and in December 2014 submitted to the EPA the Engineering Evaluation and Cost Analysis (“EE/CA”) for the site which recommended on-site disposal of mine-related material. In January 2021, the EPA contacted Hecla Limited to begin negotiations on a new consent order to design and implement the on-site disposal response action recommended in the EE/CA. Based on the foregoing, we believe it is probable that Hecla Limited will incur a liability for the CERCLA removal action and we increased our accrual to $9.0 million in the first quarter of 2021 ($6.1 million at December 31, 2020) primarily representing estimated costs to begin design and implementation of the remedy. It is possible that Hecla Limited’s liability will be more than $9.0 million, and any increase in liability could have a material adverse effect on Hecla Limited’s or our results of operations or financial position.

 

The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. In addition to Johnny M, Hecla Limited’s predecessor was involved at other mining sites within the SMCB. The EPA appears to have deferred consideration of listing the SMCB site on CERCLA’s National Priorities List (“Superfund”) by removing the site from its emphasis list, and is working with various potentially responsible parties (“PRPs”) at the site in order to study and potentially address perceived groundwater issues within the SMCB. The EE/CA discussed above relates primarily to contaminated rock and soil at the Johnny M site, not groundwater and not elsewhere within the SMCB site. It is possible that Hecla Limited’s liability at the Johnny M Site, and for any other mine site within the SMCB at which Hecla Limited’s predecessor may have operated, will be greater than our current accrual of $9.0 million due to the increased scope of required remediation.

 

In July 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the SMCB site or for costs incurred by the EPA in cleaning up the site. The EPA stated it has incurred approximately $9.6 million in response costs to date. 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 Mining Company for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historic 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 Mining Company 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.

 

Litigation Related to Klondex Acquisition

 

On May 24, 2019, a purported Hecla stockholder filed a putative class action lawsuit in U.S. District Court for the Southern District of New York against Hecla and certain of our executive officers, one of whom is also a director. The complaint, purportedly brought on behalf of all purchasers of Hecla common stock from March 19, 2018 through and including May 8, 2019, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks, among other things, damages and costs and expenses. Specifically, the complaint alleges that Hecla, under the authority and control of the individual defendants, made certain material false and misleading statements and omitted certain material information regarding Hecla’s Nevada Operations. The complaint alleges that these misstatements and omissions artificially inflated the market price of Hecla common stock during the class period, thus purportedly harming investors. Filings with the court regarding our motion to dismiss the lawsuit were completed in the first quarter of 2021. We cannot predict the outcome of this lawsuit or estimate damages if plaintiffs were to prevail. We believe that these claims are without merit and intend to defend them vigorously.

 

Debt

 

See Note 9 for information on the commitments related to our debt arrangements as of December 31, 2021.

 

Other Commitments

 

Our contractual obligations as of December 31, 2021 included open purchase orders and commitments at December 31, 2021 of approximately $10.2 million, $0.1 million, $4.8 million and $3.8 million for various capital and non-capital items at the Lucky Friday, Casa Berardi, Greens Creek and Nevada Operations, respectively. We also have total commitments of approximately $14.2 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, Casa Berardi and Nevada Operations, and total commitments of approximately $15.8 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, 2021, we had surety bonds totaling $182.5 million and letters of credit totaling $17.3 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.
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Note 16 - Subsequent Events
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 16: Subsequent Events

 

On February 15, 2021, the Company acquired 2.5 million shares of a Canadian junior exploration mining company for cash consideration of approximately $5.25 million.
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Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

A. Principles of Consolidation, Basis of Presentation and Other Information — Our Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include our accounts and our wholly-owned subsidiaries’ accounts. All significant inter-company balances and transactions have been eliminated in consolidation.

 

The 2019 novel strain of coronavirus (“COVID-19”) was characterized as a global pandemic by the World Health Organization on March 11, 2020, and COVID-19 resulted in travel restrictions and business slowdowns or shutdowns in affected areas. In late March 2020, the Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against COVID-19, causing us to suspend our Casa Berardi operations from March 24, 2020 until April 15, 2020 when mining operations resumed. In early April 2020, the Government of Mexico issued a similar order causing us to suspend our San Sebastian operations until May 30, 2020. In addition, restrictions imposed by the State of Alaska in late March 2020 caused us to revise the normal operating procedures for staffing operations at Greens Creek. These suspension orders impacted us in the first half of 2020 by curtailing our expected production of gold at Casa Berardi by approximately 11,700 ounces, which resulted in a reduction in related revenue for that period. We continued to incur costs at Casa Berardi and San Sebastian while operations were suspended. At Casa Berardi and San Sebastian, suspension costs in 2020 totaled $1.6 million and $1.8 million, respectively. At Greens Creek, we incurred costs of approximately $1.0 million in 2021 and $2.3 million in 2020 related to quarantining employees from late March 2020 through the second quarter of 2021. In addition, silver production at Greens Creek in the third quarter of 2021 was 30% lower than in the third quarter of 2020 due to reduced ore grades as a result of mine sequencing, which was impacted by manpower challenges due to COVID-19 and increased competition for labor which we expect to mitigate through schedule changes and other means. At Casa Berardi, we incurred costs of approximately $2.4 million in 2021 related to COVID-19 procedures. At the Lucky Friday, San Sebastian and Nevada Operations units, COVID-19 procedures have been implemented without a significant impact on operating or suspension costs or production. It is possible that future restrictions at any of our operations could have an adverse impact on future operations or financial results beyond 2021.

 

We have taken precautionary measures to mitigate the impact of COVID-19, including implementing operational plans and practices. As long as they are required, the operational practices implemented could continue to have an adverse impact on our operating results due to deferred production and revenues or additional costs. We continue to monitor the rapidly evolving situation and guidance from federal, state, local and foreign governments and public health authorities and may take additional actions based on their recommendations. The extent of the impact of COVID-19 on our business and financial results will also depend on future developments, including the duration and spread of the outbreak and the success of the current vaccination programs being rolled out within the markets in which we operate and the related impact on prices, demand, creditworthiness and other market conditions and governmental reactions, all of which are highly uncertain.

 

In the third quarter of 2021, we identified immaterial errors impacting amounts reported for accumulated depreciation, depletion and amortization (“DDA”) and DDA expense for Casa Berardi from June 1, 2013 through June 30, 2021.  In connection with this DDA adjustment, we also revised our previously issued financial statements for recognition of deferred taxes related to the reclassification of certain state mining income taxes effective January 1, 2021, from Cost of sales and other direct production costs to Income and mining tax provision.  Certain amounts in the condensed consolidated financial statements and notes thereto for the prior period have been revised to correct these immaterial errors.  See Note 3 for more information on the errors and revisions made to amounts reported for the prior periods.

 
Use of Estimates, Policy [Policy Text Block]

B.  Assumptions and Use of Estimates — Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods. We consider our most critical accounting estimates to be future metals prices; obligations for environmental, reclamation and closure matters and mineral reserves and resources. Other significant areas requiring the use of management assumptions and estimates relate to reserves for contingencies and litigation; asset impairments, including long-lived assets and investments; 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, Policy [Policy Text Block]

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.

 
Investment, Policy [Policy Text Block]

D.  Investments — We determine the appropriate classification of our investments at the time of purchase and re-evaluate such determinations at each reporting date. Current investments are comprised of marketable equity securities and are carried at fair value. Marketable securities we anticipate selling within the next twelve months are included in other current assets. Gains and losses on the sale of securities are recognized on a specific identification basis. Gains and losses are included as a component of a separate line item, “fair value adjustments, net,” on our consolidated statements of operations and comprehensive income (loss).
Inventory, Policy [Policy Text Block]

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 cost.

 

Stockpiled ore inventory represents ore that has been mined, hauled to the surface, and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the amount of contained metal ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Costs are allocated to a stockpile based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead, depreciation, depletion and amortization relating to mining operations, and removed at each stockpile’s average cost per recoverable unit.

 

In-process inventory represents material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventory is valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mine and stockpile plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process, or net realizable value.

 

Finished goods inventory includes doré and concentrates at our operations, doré in transit to refiners or at refiners waiting to be processed, and bullion in our accounts at refineries.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

F. Restricted Cash and Investments — Restricted cash and investments primarily represent investments in money market funds, certificates of deposit, and bonds of U.S. government agencies and are restricted primarily for reclamation funding or surety bonds. Restricted cash balances are carried at fair value. Non-current restricted cash and investments is reported in a separate line on the consolidated balance sheets and totaled $1.1 million at December 31, 2021 and 2020, respectively.
Property, Plant and Equipment, Policy [Policy Text Block]

G. Properties, Plants, Equipment and Mineral Interests – Costs are capitalized when it has been determined an ore body can be economically developed.  The development stage begins at new projects when our management and/or board of directors makes the decision to bring a mine into commercial production, and ends when the production stage, or exploitation of reserves, begins.  Expenditures incurred during the development and production stages for new assets, new facilities, alterations to existing facilities that extend the useful lives of those facilities, and major mine development expenditures are capitalized, including primary development costs such as costs of building access ways, shaft sinking, lateral development, drift development, ramps and infrastructure developments. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized.

 

The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production stage are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development stage. Where multiple open pits exist at an operation utilizing common facilities, pre-stripping costs are capitalized at each pit. The production stage of a mine commences when saleable materials, beyond a de minimis amount, are produced. Stripping costs incurred during the production stage are treated as variable production costs included as a component of inventory, to be recognized in cost of sales and other direct production costs in the same period as the revenue from the sale of inventory.

 

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 $5.2 million, $4.4 million, and $14.4 million for the years ended December 31, 2021, 2020 and 2019, 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.
Regulatory Depreciation and Amortization, Policy [Policy Text Block]

H. Depreciation, Depletion and Amortization — Capitalized costs are depreciated or depleted using the straight-line method or units-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 14 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually. Our estimates for reserves and resources are a key component in determining our units-of-production depreciation rates, with net book value of many assets depreciated over remaining estimated reserves. Reserves are estimates made by our professional technical personnel of the amount of metals that they believe could be economically and legally extracted or produced at the time of the reserve determination (discussed in J. Proven and Probable Ore Reserves below). Our estimates of proven and probable ore 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 or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

I.  Impairment of Long-lived Assets — Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We perform the test for recoverability of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests.

 

Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of resources and exploration targets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows are dependent upon, among other factors, estimates of: (i) metals to be recovered from proven and probable ore reserves and identified resources and exploration targets beyond proven and probable reserves, (ii) future production and capital costs, (iii) estimated metals prices (considering current and historical prices, forward pricing curves and related factors) over the estimated remaining mine life and (iv) market values of mineral interests. It is possible that changes could occur in the near term that could adversely affect our estimate of future cash flows to be generated from our operating properties. If estimated undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized for the difference between the carrying value and fair value of the property.
Proven and Probable Ore Reserves [Policy Text Block]

J. Proven and Probable Ore 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 ore 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.
Lessee, Leases [Policy Text Block]

K. Leases — Contractual arrangements are assessed at inception to determine if they represent or contain a lease. Right-of-use (“ROU”) assets related to operating leases are separately reported in the Consolidated Balance Sheets. ROU assets related to finance leases are included in Properties, plants, equipment and mineral interests, net. Separate current and non-current liabilities for operating and finance leases are reported on the Consolidated Balance Sheets.

 

Operating and finance lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.
Income Tax, Policy [Policy Text Block]

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 liabilities and assets 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, Canada.

 

For additional information, see Note 7 — Income Taxes.
Reclamation and Remediation Cost [Policy Text Block]

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 [Policy Text Block]

N. Revenue Recognition and Trade Accounts Receivable — Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues and accounts receivable upon completion of the performance obligations and transfer of control of the product to the customer. For sales of metals from refined doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of unrefined doré and carbon material, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré or carbon containing the agreed-upon metal quantities to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, we must estimate the prices at which sales of our concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts for some of the metals contained in our concentrate shipments.

 

Refining, selling and shipping costs related to sales of doré, metals from doré, and carbon are recorded to cost of sales as incurred. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customers for treatment, refining, smelting losses, and other charges negotiated by us with the customers. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by customers include fixed costs per ton of concentrate, and price escalators which allow the customers to participate in the increase of lead and zinc prices above a negotiated baseline.

 

See Note 4 for more information on our sales of products.
Foreign Currency Transactions and Translations Policy [Policy Text Block]

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 in Canada and San Sebastian in Mexico, we have translated our monetary assets and liabilities at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses translated at the average exchange rate for the current period. All translation gains and losses have been included in the current period net income (loss). Expenses incurred at our foreign operations and denominated in CAD and MXN expose us to exchange rate fluctuations between those currencies and the USD. As discussed in P. Risk Management Contracts below, we seek to mitigate this exposure by using financially-settled forward contracts to sell CAD and MXN.

 

We recognized a total net foreign exchange gain of $0.4 million for the year ended December 31, 2021 and losses of $4.6 million and $8.2 million for the years ended December 31, 2020 and 2019, respectively.  
Risk Management Contracts [Policy Text Block]

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 and MXN. We do not hold or issue derivative financial instruments for speculative trading purposes. We measure derivative contracts as assets or liabilities based on their fair value. Amounts recognized for the fair value of derivative asset and liability positions with the same counterparty and which would be settled on a net basis are offset against each other on our consolidated balance sheets. Gains or losses resulting from changes in the fair value of derivatives in each period are recorded either in current earnings or other comprehensive income (“OCI”), depending on the use of the derivative, whether it qualifies for hedge accounting and whether that hedge is effective. Amounts deferred in OCI are reclassified to sales of products (for metals price-related contracts) or cost of sales (for foreign currency-related contracts). Ineffective portions of any change in fair value of a derivative are recorded in current period other operating income (expense). For derivatives qualifying as hedges, when the hedged items are sold, extinguished or terminated, or it is determined the hedged transactions are no longer likely to occur, gains or losses on the derivatives are reclassified from OCI to current earnings. As of December 31, 2021 and 2020, our foreign currency-related forward contracts qualified for hedge accounting, with unrealized gains and loss related to the effective portion of the contracts included in OCI. Our base metals price-related forward contracts were designated as hedges effective November 1, 2021. Prior to November 1, 2021 our metals price-related forward contracts and put option contracts did not qualify for hedge accounting and all unrealized gains and losses were therefore reported in earnings.

 

See Note 10 for additional information on our foreign exchange and metal derivative contracts as of December 31, 2021.
Share-based Payment Arrangement [Policy Text Block]

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 cost of sales and other direct production costs.   

 

For additional information on our restricted stock unit compensation, see Note 12.
Earnings Per Share, Policy [Policy Text Block]

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.

 

See Note 8 for additional information.
Comprehensive Income, Policy [Policy Text Block]

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, the change in fair value of derivative contracts designated as hedge transactions, and cumulative unrecognized changes in the fair value of available for sale debt investments, net of tax, if applicable.
Reclassification, Comparability Adjustment [Policy Text Block] T. Reclassifications — Certain amounts in prior years have been reclassified to conform with the 2021 presentation.
New Accounting Pronouncements, Policy [Policy Text Block]

U. New Accounting Pronouncements —

 

Accounting Standards Updates Adopted

 

In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. The update is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted the update as of January 1, 2021, which did not have a material impact on our consolidated financial statements or disclosures.

 

Accounting Standards Updates to Become Effective in Future Periods

 

In August 2020, the FASB issued ASU No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles to certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. We are evaluating the impact of this update on our consolidated financial statements.
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Note 3 - Revision of Previously Issued Financial Statements for Immaterial Misstatements (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
  

As of and for the Year Ended December 31, 2020

 

(in thousands, except per share amounts)

 

As Previously Reported

  

Adjustment

  

As Revised

 
             

Consolidated Balance Sheet

            

Inventories: Concentrates, doré, and stockpiled ore

 $57,936  $(369) $57,567 

Total current assets

  284,681   (369)  284,312 

Properties, plants, equipment and mineral interests, net

  2,345,219   32,855   2,378,074 

Total assets

  2,667,724   32,486   2,700,210 

Accrued taxes

  8,349   (2,575)  5,774 

Total current liabilities

  149,785   (2,575)  147,210 

Deferred tax liability

  132,475   23,616   156,091 

Total liabilities

  965,384   21,041   986,425 

Accumulated deficit

  (379,519)  11,445   (368,074)

Total shareholders' equity

  1,702,340   11,445   1,713,785 

Total liabilities and shareholders' equity

  2,667,724   32,486   2,700,210 
             

Consolidated Statements of Operations and Comprehensive Income (Loss)

            

Cost of sales and other direct production costs

  389,040   (6,377)  382,663 

Depreciation, depletion and amortization

  157,130   (9,020)  148,110 

Total cost of sales

  546,170   (15,397)  530,773 

Gross profit

  145,703   15,397   161,100 

Income from operations

  51,581   15,397   66,978 

Loss before income and mining taxes

  (16,655)  15,397   (1,258)

Income and mining tax provision

  (135)  (8,064)  (8,199)

Net loss

  (16,790)  7,333   (9,457)

Loss applicable to common shareholders

  (17,342)  7,333   (10,009)

Comprehensive loss

  (12,369)  7,333   (5,036)

Basic loss per common share after preferred dividends

  (0.03)  0.01   (0.02)

Diluted loss per common share after preferred dividends

  (0.03)  0.01   (0.02)
             

Consolidated Statements of Cash Flows

            

Net loss

  (16,790)  7,333   (9,457)

Depreciation, depletion and amortization

  164,026   (9,020)  155,006 

Deferred income taxes

  (5,505)  1,687   (3,818)

Cash provided by operating activities

  180,793   —   180,793 
  

As of and for the Year Ended December 31, 2019

 

(in thousands, except per share amounts)

 

As Previously Reported

  

Adjustment

  

As Revised

 
             

Consolidated Balance Sheet

            

Inventories: Concentrates, doré, and stockpiled ore

 $30,364  $(286) $30,078 

Total current assets

  179,124   (286)  178,838 

Properties, plants, equipment and mineral interests, net

  2,423,698   23,752   2,447,450 

Total assets

  2,637,308   23,466   2,660,774 

Deferred tax liability

  138,282   19,355   157,637 

Total liabilities

  944,885   19,355   964,240 

Accumulated deficit

  (353,331)  4,111   (349,220)

Total shareholders' equity

  1,692,423   4,111   1,696,534 

Total liabilities and shareholders' equity

  2,637,308   23,466   2,660,774 

Consolidated Statements of Operations and Comprehensive Income (Loss)

            

Cost of sales and other direct production costs

 $450,349  $(2,364) $447,985 

Depreciation, depletion and amortization

  199,518   (8,067)  191,451 

Total cost of sales

  649,867   (10,431)  639,436 

Gross profit

  23,399   10,431   33,830 

Loss from operations

  (57,109)  10,431   (46,678)

Loss before income and mining taxes

  (123,658)  10,431   (113,227)

Income and mining tax benefit

  24,101   (5,783)  18,318 

Net loss

  (99,557)  4,648   (94,909)

Loss applicable to common shareholders

  (100,109)  4,648   (95,461)

Comprehensive loss

  (94,398)  4,648   (89,750)

Basic loss per common share after preferred dividends

  (0.20)  0.01   (0.19)

Diluted loss per common share after preferred dividends

  (0.20)  0.01   (0.19)
             

Consolidated Statements of Cash Flows

            

Net loss

  (99,557)  4,648   (94,909)

Depreciation, depletion and amortization

  204,475   (8,067)  196,408 

Deferred income taxes

  (33,387)  3,419   (29,968)

Cash provided by operating activities

  120,866   —   120,866 
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

2021

  

2020

  

2019

 

Net sales to unaffiliated customers:

            

Greens Creek

 $384,843  $327,820  $299,722 

Lucky Friday

  131,488   63,025   16,621 

Casa Berardi

  245,152   209,224   192,944 

Nevada Operations

  45,814   58,898   107,769 

Other

  176   32,906   56,210 

Total sales to unaffiliated customers

 $807,473  $691,873  $673,266 

Income (loss) from operations:

            

Greens Creek (1)

 $164,666  $114,607  $87,232 

Lucky Friday

  31,683   (1,711)  (12,520)

Casa Berardi (1)

  5,807   10,379   (25,432)

Nevada Operations

  (46,115)  (6,674)  (49,224)

Other

  (72,621)  (49,623)  (46,734)

Total income (loss) from operations (1)

 $83,420  $66,978  $(46,678)

Capital additions (excluding non-cash items):

            

Greens Creek

 $23,883  $19,685  $29,570 

Lucky Friday

  29,885   25,776   8,989 

Casa Berardi

  49,617   40,840   36,059 

Nevada Operations

  5,470   4,003   42,953 

Other

  193   712   3,850 

Total capital additions

 $109,048  $91,016  $121,421 

Depreciation, depletion and amortization:

            

Greens Creek

 $48,710   49,692  $47,587 

Lucky Friday

  26,846   11,473   1,175 

Casa Berardi (1)

  80,744   60,552   65,893 

Nevada Operations

  15,341   22,845   67,024 

Other

  152   3,548   9,772 

Total depreciation, depletion and amortization (1)

 $171,793  $148,110  $191,451 

Other significant non-cash items:

            

Greens Creek

 $3,653  $3,103  $2,868 

Lucky Friday

  1,048   881   996 

Casa Berardi

  1,284   (1,741)  5,203 

Nevada Operations

  7,740   2,039   2,911 

Other (1)

  (20,030)  8,569   (2,684)

Total other significant non-cash items

 $(6,305) $12,851  $9,294 

Identifiable assets:

            

Greens Creek

 $589,944  $610,360  $639,047 

Lucky Friday

  516,545   520,463   440,615 

Casa Berardi (1)

  701,868   727,008   726,977 

Nevada Operations

  468,985   513,309   528,466 

Other

  451,466   329,070   325,669 

Total identifiable assets (1)

 $2,728,808  $2,700,210  $2,660,774 
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]
  

2021

  

2020

 

United States

 $1,662,689  $1,701,307 

Canada (1)

  640,367   668,643 

Mexico

  7,754   8,124 

Total long-lived assets (1)

 $2,310,810  $2,378,074 
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Greens Creek

  47.6%  47.4%  44.5%

Lucky Friday

  16.3%  9.1%  2.5%

Casa Berardi

  30.4%  30.2%  28.7%

Nevada Operations

  5.7%  8.5%  16.0%

Other

  —%  4.8%  8.3%
   100%  100%  100%
Revenue from External Customers by Products and Services [Table Text Block]
  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Silver

 $293,646  $260,227  $192,235 

Gold

  362,037   356,166   388,602 

Lead

  75,431   48,776   35,777 

Zinc

  125,292   95,065   89,656 

Less: Smelter and refining charges

  (48,933)  (68,361)  (33,004)

Sales of products

 $807,473  $691,873  $673,266 
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]
  

2021

  

2020

  

2019

 

United States

 $71,278  $115,378  $53,612 

Canada

  419,090   321,896   379,095 

Japan

  63,588   39,418   48,841 

Netherlands

  —   (923)  38,420 

Korea

  203,115   166,402   154,581 

China

  50,945   66,082   — 

Total, excluding gains/losses on forward contracts

 $808,016  $708,253  $674,549 
  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Doré and metals from doré

 $313,337  $266,536  $340,912 

Carbon

  4,117   60,302   37,645 

Silver concentrate

  345,732   281,050   200,456 

Zinc concentrate

  112,448   76,481   74,160 

Precious metals concentrate

  32,382   23,884   21,376 

Total, excluding gains/losses on forward contracts

 $808,016  $708,253  $674,549 
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]
  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

CIBC

  37.2%  32.7%  23.1%

Teck Metals Ltd.

  21.5%  16.1%  8.2%

Ocean Partners

  6.2%  13.9%  5.7%

Korea Zinc

  21.6%  13.3%  17.4%

Scotia

  —%  2.9%  24.0%
v3.22.0.1
Note 5 - Environmental and Reclamation Activities (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
  

2021

  

2020

 

Operating properties:

        

Greens Creek

 $37,474  $42,716 

Lucky Friday

  13,543   12,818 

Casa Berardi

  12,497   11,730 

Nevada Operations

  27,068   26,062 

Non-operating properties:

        

San Sebastian

  4,451   6,882 

Troy mine

  4,813   5,340 

Johnny M

  8,947   6,065 

Republic

  1,500   1,500 

All other sites

  2,938   2,935 

Total

  113,231   116,048 

Reclamation and closure costs, current

  (9,259)  (5,582)

Reclamation and closure costs, long-term

 $103,972  $110,466 
Accrued Reclamation and Closure Cost Liability Activity [Table Text Block]

Balance at January 1, 2019

 $108,389 

Accruals for estimated costs

  472 

Accretion expense

  7,122 

Revision of estimated cash flows due to changes in reclamation plans

  (4,522)

Payment of reclamation obligations

  (3,087)

Balance at December 31, 2019

  108,374 

Accretion expense

  5,912 

Revision of estimated cash flows due to changes in reclamation plans

  2,543 

Payment of reclamation obligations

  (781)

Balance at December 31, 2020

  116,048 

Accruals for estimated costs

  4,952 

Accretion expense

  6,454 

Revision of estimated cash flows due to changes in reclamation plans

  (8,781)

Payment of reclamation obligations

  (5,442)

Balance at December 31, 2021

 $113,231 
Schedule of Change in Asset Retirement Obligation [Table Text Block]
  

2021

  

2020

 

Balance January 1

 $100,208  $91,831 

Changes in obligations due to changes in reclamation plans

  (8,781)  2,543 

Accretion expense

  6,451   5,912 

Payment of reclamation obligations

  (2,845)  (78)

Balance at December 31

 $95,033  $100,208 
v3.22.0.1
Note 6 - Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
  

Pension Benefits

 
  

2021

  

2020

 

Change in benefit obligation:

        

Benefit obligation at beginning of year

 $192,954  $172,909 

Service cost

  5,820   5,334 

Interest cost

  4,990   5,618 

Amendments

  550   — 

Change due to mortality change

  548   (1,521)

Change due to discount rate change

  (5,865)  17,040 

Actuarial return (loss)

  4,342   121 

Benefits paid

  (7,477)  (6,547)

Benefit obligation at end of year

  195,862   192,954 

Change in fair value of plan assets:

        

Fair value of plan assets at beginning of year

  148,052   116,067 

Actual return on plan assets

  27,049   14,801 

Employer contributions

  22,250   23,731 

Benefits paid

  (7,477)  (6,547)

Fair value of plan assets at end of year

  189,874   148,052 

Underfunded status at end of year

 $(5,988) $(44,902)
Pension Benefits Recognized Balance Sheet Location [Table Text Block]
  

Pension Benefits

 
  

2021

  

2020

 

Current liabilities:

        

Accrued benefit liability

 $(1,315) $(758)

Non- current pension liability:

        

Accrued benefit liability

  (4,673)  (44,144)

Accumulated other comprehensive loss

  29,966   53,085 

Net amount recognized

 $23,978  $8,183 
Defined Benefit Plan, Assumptions [Table Text Block]
  

Pension Benefits

 
  

2021

      

2020

 

Discount rate: net periodic pension cost

  2.64%      3.32%

Discount rate: projected benefit obligation

  2.86%      2.64%

Expected rate of return on plan assets

  6.40%      6.45%

Rate of compensation increase: net periodic pension cost

 

5.00%/2.00%

   (1)  2.00%

Rate of compensation increase: projected benefit obligation

 

5.00%/2.00%

   (1)  2.00%
Schedule of Net Benefit Costs [Table Text Block]
  

Pension Benefits

 
  

2021

  

2020

  

2019

 

Service cost

 $5,820  $5,334  $4,401 

Interest cost

  4,990   5,618   6,482 

Expected return on plan assets

  (9,252)  (7,489)  (5,982)

Amortization of prior service benefit

  394   117   61 

Amortization of net gain from earlier periods

  4,502   4,652   4,389 

Net periodic pension cost

 $6,454  $8,232  $9,351 
Investment Policy Allocation [Table Text Block]
  

Target

  

Maximum

 

Large cap U.S. equities

  17%  20%

Small cap U.S. equities

  8%  10%

Non-U.S. equities

  25%  30%

U.S. Fixed income

  18%  23%

Emerging markets debt

  5%  8%

Real estate

  15%  18%

Absolute return

  5%  7%

Company stock/Real return

  7%  13%
Fair Value of Plan Assets by Category [Table Text Block]
  

Hecla plans

  

Lucky Friday

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Level 1

  

Level 2

  

Level 3

  

Total

 

Investments measured at fair value

                                

Interest-bearing cash

 $1,835  $—  $—  $1,835  $305  $—  $—  $305 

Common stock

  8,869   —   —   8,869   1,580   —   —   1,580 

Mutual funds

  96,957   —   —   96,957   15,707   —   —   15,707 

Total investments in the fair value hierarchy

  107,661   —   —   107,661   17,592   —   —   17,592 

Investments measured at net asset value

                                

Real estate funds

              19,119               4,482 

Hedge funds

              12,866               2,828 

Common collective funds

              20,626               4,700 

Total investments measured at net asset value

              52,611               12,010 

Total fair value

 $107,661  $—  $—  $160,272  $17,592  $—  $—  $29,602 
  

Hecla

  

Lucky Friday

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Level 1

  

Level 2

  

Level 3

  

Total

 

Investments measured at fair value

                                

Interest-bearing cash

 $367  $—  $—  $367  $111  $—  $—  $111 

Common stock

  13,947   —   —   13,947   3,203   —   —   3,203 

Mutual funds

  69,994   —   —   69,994   15,786   —   —   15,786 

Total investments in the fair value hierarchy

  84,308   —   —   84,308   19,100   —   —   19,100 

Investments measured at net asset value

                                

Real estate funds

              12,708               3,428 

Hedge funds

              5,823               1,215 

Common collective funds

              17,545               3,925 

Total investments measured at net asset value

              36,076               8,568 

Total fair value

 $84,308  $—  $—  $120,384  $19,100  $—  $—  $27,668 
Schedule of Expected Benefit Payments [Table Text Block]

Year Ending December 31,

 

Pension

Plans

 

2022

 $8,816 

2023

  8,765 

2024

  8,944 

2025

  9,135 

2026

  9,212 

Years 2027-2031

  45,880 
Schedule of Net Funded Status [Table Text Block]
  

December 31, 2021

  

December 31, 2020

 
  

ABO Exceeds Plan Assets

  

Plan Assets Exceed ABO

  

ABO Exceeds Plan Assets

  

Plan Assets Exceed ABO

 

Projected benefit obligation

 $195,862  $—  $192,954  $— 

Accumulated benefit obligation

  191,597   —   189,931   — 

Fair value of plan assets

  189,873   —   148,051   — 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
  

Pension

Benefits

 

Unamortized net (gain)/loss

 $28,386 

Unamortized prior service cost

  1,580 
v3.22.0.1
Note 7 - Income and Mining Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

2021

  

2020

  

2019

 
      

Revised

  

Revised

 

Current:

            

Domestic

 $(7,073) $(7,246) $(3,065)

Foreign

  (6,316)  (8,745)  (9,427)

Total current income and mining tax provision

  (13,389)  (15,991)  (12,492)

Deferred:

            

Domestic

  43,708   5,096   13,962 

Foreign

  (750)  2,696   16,848 

Total deferred income and mining tax benefit

  42,958   7,792   30,810 

Total income and mining tax benefit (provision)

 $29,569  $(8,199) $18,318 
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
  

2021

  

2020

  

2019

 
      

Revised

  

Revised

 

Domestic

 $38,003  $(1,400) $(51,165)

Foreign

  (32,477)  142   (62,062)

Total

 $5,526  $(1,258) $(113,227)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

2021

  

2020

  

2019

 
          

Revised

  

Revised

 

Computed “statutory” benefit (provision)

 $(1,161)  21% $264   21% $23,778   21%

Percentage depletion

  8,076   (146)  5,327   423   3,030   3 

Change in valuation allowance

  38,058   (689)  786   62   686   — 

State taxes, net of federal tax benefit

  (5,844)  106   (1,164)  (93)  2,648   2 

Foreign currency remeasurement of monetary assets and liabilities

  (3,625)  66   (4,824)  (383)  (8,629)  (8)

Rate differential on foreign earnings

  2,445   (44)  2,362   188   3,999   4 

Compensation

  1,094   (20)  (458)  (36)  (1,056)  (1)

Mining and other taxes

  (6,990)  126   (9,245)  (735)  (4,887)  (4)

Other

  (2,484)  45   (1,247)  (99)  (1,251)  (1)

Total benefit (provision)

 $29,569   (535) % $(8,199)  (652) % $18,318   16%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

December 31,

 
  

2021

  

2020

 
      

Revised

 

Deferred tax assets:

        

Accrued reclamation costs

 $31,558  $32,938 

Deferred exploration

  17,959   11,623 

Foreign net operating losses

  18,152   13,303 

Domestic net operating losses

  213,637   198,438 

Pension and benefit obligation

  1,824   12,341 

Foreign exchange loss

  19,542   19,808 

Foreign tax credit carryforward

  2,493   3,358 

Miscellaneous

  29,505   18,385 

Total deferred tax assets

  334,670   310,194 

Valuation allowance

  (39,152)  (77,210)

Total deferred tax assets

  295,518   232,984 

Deferred tax liabilities:

        

Miscellaneous

  (2,751)  (2,551)

Properties, plants and equipment

  (396,911)  (383,612)

Total deferred tax liabilities

  (399,662)  (386,163)

Net deferred tax liability

 $(104,144) $(153,179)
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]
  

2021

  

2020

  

2019

 

Balance at beginning of year

 $(77,210) $(86,634) $(94,981)

Valuation allowance on deferred tax assets acquired with the Klondex acquisition

  —   —   5,905 

(Increase) decrease related to non-recognition of deferred tax assets due to uncertainty of recovery and (increase) related to non-utilization of net operating loss carryforwards

  (20,304)  786   686 

Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable

  58,362   8,638   1,756 

Balance at end of year

 $(39,152) $(77,210) $(86,634)
v3.22.0.1
Note 8 - Income (Loss) Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Year ended December 31,

 
  

2021

  

2020

  

2019

 
      

Revised

  

Revised

 

Numerator

            

Net income (loss)

 $35,095  $(9,457) $(94,909)

Preferred stock dividends

  (552)  (552)  (552)

Net income (loss) applicable to common shares

 $34,543  $(10,009) $(95,461)
             

Denominator

            

Basic weighted average common shares

  536,192   527,329   490,449 

Dilutive stock options, restricted stock units, and warrants

  5,984   —   — 

Diluted weighted average common shares

  542,176   527,329   490,449 
             

Basic income (loss) per common share

 $0.06   $(0.02) $(0.19)

Diluted income (loss) per common share

 $0.06   $(0.02) $(0.19)
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Long-term Debt Instruments [Table Text Block]
  

December 31, 2021

 
  

Senior Notes

  

IQ Notes

  

Total

 

Principal

 $475,000  $38,051  $513,051 

Unamortized discount/premium and issuance costs

  (5,552)  596   (4,956)

Long-term debt balance

 $469,448  $38,647  $508,095 
  

December 31, 2020

 
  

Senior Notes

  

IQ Notes

  

Total

 

Principal

 $475,000  $37,886  $512,886 

Unamortized discount/premium and issuance costs

  (6,462)  818   (5,644)

Long-term debt balance

 $468,538  $38,704  $507,242 
Schedule of Maturities of Long-term Debt [Table Text Block]
  

Senior Notes

  

IQ Notes

 

2022

 $34,438  $2,479 

2023

  34,438   2,479 

2024

  34,438   2,479 

2025

  34,438   39,342 

2026

  34,438   — 

2027

  34,438   — 

2028

  479,302   — 

Total

 $685,930  $46,779 
Schedule of Line of Credit Facilities [Table Text Block]

Interest rates:

    

Spread over the London Interbank Offered Rate

  2.25 - 4.00%

Spread over alternative base rate

  1.25 - 3.00%

Standby fee per annum on undrawn amounts

  0.5625 - 1.00%

Covenant financial ratios:

    

Senior leverage ratio (debt secured by liens/EBITDA)

 

not more than 2.50:1

 

Leverage ratio (total debt less unencumbered cash/EBITDA)

 

not more than 4.00:1

 

Interest coverage ratio (EBITDA/interest expense)

 

not less than 3.00:1

 
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]

Twelve-month period ending December 31,

    

2022

 $6,097 

2023

  4,422 

2024

  3,156 

2025

  556 

Total

  14,231 

Less: imputed interest

  (843)

Net finance lease obligation

 $13,388 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Twelve-month period ending December 31,

    

2022

 $3,153 

2023

  3,011 

2024

  1,084 

2025

  1,058 

2026

  1,059 

More than 5 years

  6,418 

Total

  15,783 

Effect of discounting

  (3,347)

Operating lease liability

 $12,436 
v3.22.0.1
Note 10 - Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]
  

December 31,

 

Balance sheet line item:

 

2021

  

2020

 

Other current assets

 $2.7  $3.5 

Other non-current assets

  2.5   4.2 
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

December 31, 2021

 

Ounces/pounds under contract (in 000's)

  

Average price per ounce/pound

 
  

Silver

  

Gold

  

Zinc

  

Lead

  

Silver

  

Gold

  

Zinc

  

Lead

 
  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

 

Contracts on provisional sales

                                

2022 settlements

  1,814   6   13,371   4,575  $23.02  $1,812  $1.39  $0.96 

Contracts on forecasted sales

                                

2022 settlements

  —   —   57,706   59,194   N/A   N/A  $1.28  $0.98 

2023 settlements

  —   —   76,280   71,650   N/A   N/A  $1.29  $1.00 

December 31, 2020

 

Ounces/pounds under contract (in 000's)

  

Average price per ounce/pound

 
  

Silver

  

Gold

  

Zinc

  

Lead

  

Silver

  

Gold

  

Zinc

  

Lead

 
  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

  

(ounces)

  

(ounces)

  

(pounds)

  

(pounds)

 

Contracts on provisional sales

                                

2022 settlements

  1,282   4   23,314   4,905  $25.00  $1,858  $1.19  $0.90 
                                 

Contracts on forecasted sales

                                

2022 settlements

  —   —   41,577   30,876   N/A   N/A  $1.17  $0.88 

2023 settlements

  N/A   N/A   18,519   —   N/A   N/A  $1.28   N/A 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
  

December 31, 2021

  

December 31, 2020

 

Balance sheet line item:

 

Contracts in

an asset

position

  

Contracts in a

liability

position

  

Net asset

(liability)

  

Contracts in an asset position

  

Contracts in a liability position

  

Net asset (liability)

 

Other current assets

 $—  $—  $—  $0.2  $(0.2) $— 

Other non-current assets

  —   —   —   0.5   (0.1)  0.4 

Current derivatives liability

  0.7   (20.1)  (19.4)  0.1   (11.8)  (11.7)

Non-current derivatives liability

  0.4   (18.9)  (18.5)  —   —   — 
v3.22.0.1
Note 11 - Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]
  

Year Ended December 31,

 
  

2021

  

2020

  

2019

 

Loss on derivative contracts

 $(32,655) $(22,074) $(3,971)

Unrealized (loss) gain on investments in equity securities

  (4,295)  10,268   (2,389)

Gain on disposition or exchange of investments

  1,158   —   923 

Total fair value adjustments, net

 $(35,792) $(11,806) $(5,437)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
  

Balance at

December 31,

2021

  

Balance at

December 31,

2020

 

Input

Hierarchy

Level

Assets:

         
          

Cash and cash equivalents:

         

Money market funds and other bank deposits

 $210,010  $129,830 

Level 1

          

Current and non-current investments:

         

Equity securities – mining industry

  14,470   19,389 

Level 1

          

Trade accounts receivable:

         

Receivables from provisional concentrate sales

  36,437   27,864 

Level 2

          

Derivative contracts - other current assets and other non-current assets:

         

Metal forward and put option contracts

  —   381 

Level 2

Foreign exchange contracts

  5,207   7,647 

Level 2

          

Restricted cash balances:

         

Certificates of deposit and other deposits

  1,053   1,053 

Level 1

          

Total assets

 $267,177  $186,164  
          

Liabilities

         
          

Derivative contracts - current derivative liabilities and other non-current liabilities:

         

Metal forward and put option contracts

 $37,873  $11,737 

Level 2

Foreign exchange contracts

  8   19 

Level 2

          

Total liabilities

 $37,881  $11,756  
v3.22.0.1
Note 12 - Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Potential Per Share Dividend Amounts Quarterly Price Levels [Table Text Block]

Quarterly

Average Realized

Silver Price ($ per

ounce)

  

Quarterly Silver-

Linked Dividend ($

per share)

  

Annualized

Silver-Linked

Dividend ($ per

share)

  

Annualized

Minimum

Dividend ($

per share)

  

Annualized

Dividends per

Share: Silver-

Linked and

Minimum ($

per share)

 
$20  $0.0025  $0.01  $0.015  $0.025 
$25  $0.0100  $0.04  $0.015  $0.055 
$30  $0.0150  $0.06  $0.015  $0.075 
$35  $0.0250  $0.10  $0.015  $0.115 
$40  $0.0350  $0.14  $0.015  $0.155 
$45  $0.0450  $0.18  $0.015  $0.195 
$50  $0.0550  $0.22  $0.015  $0.235 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]
  

Shares

  

Weighted

Average

Grant Date Fair

Value per Share

 

Unvested, January 1, 2019

  2,689,468  $4.14 

Granted (unvested)

  3,312,481  $1.85 

Canceled

  (803,683) $2.62 

Distributed (vested)

  (1,201,098) $4.00 

Unvested, December 31, 2019

  3,997,168  $2.46 

Granted (unvested)

  1,688,111  $3.03 

Canceled

  (70,236) $2.08 

Distributed (vested)

  (1,678,909) $2.83 

Unvested, December 31, 2020

  3,936,134  $2.55 

Granted (unvested)

  629,437  $7.88 

Canceled

  (770,416) $2.82 

Distributed (vested)

  (1,772,803) $2.60 

Unvested, December 31, 2021

  2,022,352  $3.97 
Schedule of Share-based Compensation, Unvested Shares Expected to Vest [Table Text Block]
1,295,620 

in June 2022

567,257 

in June 2023

159,475 

in June 2024
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block]
  

Shares

  

Weighted Average

Grant Date Fair

Value per Share

 

Unvested, January 1, 2019

  660,769  $3.27 

Granted (unvested)

  775,714  $— 

Canceled

  (270,329) $1.09 

Distributed (vested)

  (113,636) $6.13 

Unvested, December 31, 2019

  1,052,518  $1.11 

Granted (unvested)

  298,680  $0.62 

Distributed (vested)

  (165,165) $3.35 

Unvested, December 31, 2020

  1,186,033  $0.68 

Granted (unvested)

  122,462  $13.70 

Canceled

  (174,108) $0.76 

Distributed (vested)

  (218,015) $2.37 

Unvested, December 31, 2021

  916,372  $2.00 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Number of warrants

  

Exercise price

 

Expiration date

2,068,000  $1.57 

February 2029

2,068,000  $8.02 

April 2032
v3.22.0.1
Note 13 - Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Unrealized

Gains

(Losses)

On Securities

  

Changes in fair value of derivative contracts designated as hedge transactions

  

Adjustments

For Pension Plans

  

Total

Accumulated

Other

Comprehensive

Loss, Net

 

Balance January 1, 2019

 $(13) $(8,784) $(33,672)  (42,469)

2019 change

  —   8,436   (3,277)  5,159 

Balance December 31, 2019

  (13)  (348)  (36,949)  (37,310)

2020 change

  —   7,980   (3,559)  4,421 

Balance December 31, 2020

  (13)  7,632   (40,508)  (32,889)

2021 change

  —   (12,307)  16,740   4,433 

Balance December 31, 2021

 $(13) $(4,675) $(23,768) $(28,456)
  

Income Tax Effect of:

 
  

Unrealized

Gains

(Losses)

On Securities

  

Changes in fair value of derivative contracts designated as hedge transactions

  

Adjustments

For Pension Plans

  

Total

Accumulated

Other

Comprehensive

Loss, Net

 

Balance January 1, 2019

 $—  $—  $12,575  $12,575 

2019 change

  —   —   —   — 

Balance December 31, 2019

  —   —   12,575   12,575 

2020 change

  —   —   —   — 

Balance December 31, 2020

  —   —   12,575   12,575 

2021 change

  —   4,689   (6,379)  (1,690)

Balance December 31, 2021

 $—  $4,689  $6,196  $10,885 
v3.22.0.1
Note 14 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

December 31,

 
  

2021

  

2020

 
      

Revised

 

Mining properties, including asset retirement obligations

 $818,582  $818,819 

Development costs

  549,666   526,714 

Plants and equipment

  1,446,183   1,410,209 

Land

  34,931   32,983 

Mineral interests

  972,754   969,589 

Construction in progress

  86,903   66,090 
   3,909,019   3,824,404 

Less accumulated depreciation, depletion and amortization

  1,598,209   1,446,330 

Net carrying value

 $2,310,810  $2,378,074 
v3.22.0.1
Note 2 - Summary of Significant Accounting Policies (Details Textual)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
oz
Dec. 31, 2019
USD ($)
Restricted Cash and Cash Equivalents, Noncurrent, Total   $ 1,053 $ 1,053  
Capitalized Drilling Costs   5,200 4,400 $ 14,400
Foreign Currency Transaction Gain (Loss), Realized   $ 417 $ (4,605) $ (8,236)
Minimum [Member]        
Property, Plant and Equipment, Useful Life (Year)   3 years    
Maximum [Member]        
Property, Plant and Equipment, Useful Life (Year)   14 years    
Casa Berardi [Member]        
Decrease in Expected Gold Production Due to Suspension (Ounce) | oz     11,700  
Suspension Costs     $ 1,600  
Pandemic Related Procedures Costs   $ 2,400    
San Sebastian [Member]        
Suspension Costs     1,800  
Greens Creek [Member]        
Suspension Costs from Quarantining Employee Per Week   $ 1,000 $ 2,300  
Percentage of Increase (Decrease) in Silver Production (30.00%)      
v3.22.0.1
Note 3 - Revision of Previously Issued Financial Statements for Immaterial Misstatements (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Depreciation, Depletion and Amortization, Total   $ 172,651 $ 155,006 $ 196,408
Revision of Prior Period, Adjustment [Member]        
Depreciation, Depletion and Amortization, Total     $ (9,020) $ (8,067)
Revision of Prior Period, Adjustment [Member] | Hecla Quebec. Inc [Member]        
Depreciation, Depletion and Amortization, Total $ 38,200      
v3.22.0.1
Note 3 - Revision of Previously Issued Financial Statements for Immaterial Misstatements (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Inventories: Concentrates, doré, and stockpiled ore   $ 57,567 $ 30,078  
Total current assets $ 341,627 284,312 178,838  
Properties, plants, equipment and mineral interests, net 2,310,810 [1] 2,378,074 [1] 2,447,450  
Total assets [1] 2,728,808 2,700,210 2,660,774  
Accrued taxes 12,306 5,774    
Total current liabilities 160,383 147,210    
Deferred tax liability 149,706 156,091 157,637  
Total liabilities 968,021 986,425 964,240  
Accumulated deficit (353,651) (368,074) (349,220)  
Total shareholders' equity 1,760,787 1,713,785 1,696,534 $ 1,690,426
Total liabilities and shareholders' equity 2,728,808 2,700,210 2,660,774  
Cost of sales and other direct production costs 417,879 382,663 447,985  
Depreciation, depletion and amortization [1] 171,793 148,110 191,451  
Total cost of sales 589,672 530,773 639,436  
Gross profit 217,801 161,100 33,830  
Income from operations [1] 83,420 66,978 (46,678)  
Total 5,526 (1,258) (113,227)  
Income and mining tax benefit (provision) 29,569 (8,199) 18,318  
Net income (loss) 35,095 (9,457) (94,909)  
Loss applicable to common shareholders 34,543 (10,009) (95,461)  
Comprehensive loss $ 39,528 $ (5,036) $ (89,750)  
Basic loss per common share after preferred dividends (in dollars per share) $ 0.06 $ (0.02) $ (0.19)  
Diluted loss per common share after preferred dividends (in dollars per share) $ 0.06 $ (0.02) $ (0.19)  
Depreciation, Depletion and Amortization, Total $ 172,651 $ 155,006 $ 196,408  
Deferred income taxes   (3,818) (29,968)  
Cash provided by operating activities $ 220,337 180,793 120,866  
Previously Reported [Member]        
Inventories: Concentrates, doré, and stockpiled ore   57,936 30,364  
Total current assets   284,681 179,124  
Properties, plants, equipment and mineral interests, net   2,345,219 2,423,698  
Total assets   2,667,724 2,637,308  
Accrued taxes   8,349    
Total current liabilities   149,785    
Deferred tax liability   132,475 138,282  
Total liabilities   965,384 944,885  
Accumulated deficit   (379,519) (353,331)  
Total shareholders' equity   1,702,340 1,692,423  
Total liabilities and shareholders' equity   2,667,724 2,637,308  
Cost of sales and other direct production costs   389,040 450,349  
Depreciation, depletion and amortization   157,130 199,518  
Total cost of sales   546,170 649,867  
Gross profit   145,703 23,399  
Income from operations   51,581 (57,109)  
Total   (16,655) (123,658)  
Income and mining tax benefit (provision)   (135) 24,101  
Net income (loss)   (16,790) (99,557)  
Loss applicable to common shareholders   (17,342) (100,109)  
Comprehensive loss   $ (12,369) $ (94,398)  
Basic loss per common share after preferred dividends (in dollars per share)   $ (0.03) $ (0.20)  
Diluted loss per common share after preferred dividends (in dollars per share)   $ (0.03) $ (0.20)  
Depreciation, Depletion and Amortization, Total   $ 164,026 $ 204,475  
Deferred income taxes   (5,505) (33,387)  
Cash provided by operating activities   180,793 120,866  
Revision of Prior Period, Adjustment [Member]        
Inventories: Concentrates, doré, and stockpiled ore   (369) (286)  
Total current assets   (369) (286)  
Properties, plants, equipment and mineral interests, net   32,855 23,752  
Total assets   32,486 23,466  
Accrued taxes   (2,575)    
Total current liabilities   (2,575)    
Deferred tax liability   23,616 19,355  
Total liabilities   21,041 19,355  
Accumulated deficit   11,445 4,111  
Total shareholders' equity   11,445 4,111  
Total liabilities and shareholders' equity   32,486 23,466  
Cost of sales and other direct production costs   (6,377) (2,364)  
Depreciation, depletion and amortization   (9,020) (8,067)  
Total cost of sales   (15,397) (10,431)  
Gross profit   15,397 10,431  
Income from operations   15,397 10,431  
Total   15,397 10,431  
Income and mining tax benefit (provision)   (8,064) (5,783)  
Net income (loss)   7,333 4,648  
Loss applicable to common shareholders   7,333 4,648  
Comprehensive loss   $ 7,333 $ 4,648  
Basic loss per common share after preferred dividends (in dollars per share)   $ 0.01 $ 0.01  
Diluted loss per common share after preferred dividends (in dollars per share)   $ 0.01 $ 0.01  
Depreciation, Depletion and Amortization, Total   $ (9,020) $ (8,067)  
Deferred income taxes   1,687 3,419  
Cash provided by operating activities   $ 0 $ 0  
[1] Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers (Details Textual)
$ in Thousands, lb in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
oz
lb
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Number of Reportable Segments 4    
Derivative, Loss on Derivative $ 500 $ 16,400 $ 1,300
Accounts Receivable, after Allowance for Credit Loss, Current, Total $ 36,437 27,864  
Accounts Receivable, Allowance for Credit Loss, Ending Balance   $ 0  
Silver Contracts [Member]      
Metals Contained in Concentrates (Ounce) | oz 2.1    
Gold [Member]      
Metals Contained in Concentrates (Ounce) | oz 6,224    
Zinc [Member]      
Metals Contained in Concentrates (Ounce) | lb 27.5    
Lead [Member]      
Metals Contained in Concentrates (Ounce) | lb 12.7    
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers - Information About Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 807,473 $ 691,873 $ 673,266
Net sales 807,473 691,873 673,266
Income (loss) from operations [1] 83,420 66,978 (46,678)
Capital additions (excluding non-cash items 109,048 91,016 121,421
Depreciation, depletion and amortization: [1] 171,793 148,110 191,451
Other significant non-cash items (6,305) 12,851 9,294
Identifiable assets [1] 2,728,808 2,700,210 2,660,774
Greens Creek [Member]      
Net sales 384,843 327,820 299,722
Net sales 384,843 327,820 299,722
Income (loss) from operations [1] 164,666 114,607 87,232
Capital additions (excluding non-cash items 23,883 19,685 29,570
Depreciation, depletion and amortization: 48,710 49,692 47,587
Other significant non-cash items 3,653 3,103 2,868
Identifiable assets 589,944 610,360 639,047
Lucky Friday [Member]      
Net sales 131,488 63,025 16,621
Net sales 131,488 63,025 16,621
Income (loss) from operations 31,683 (1,711) (12,520)
Capital additions (excluding non-cash items 29,885 25,776 8,989
Depreciation, depletion and amortization: 26,846 11,473 1,175
Other significant non-cash items 1,048 881 996
Identifiable assets 516,545 520,463 440,615
Casa Berardi [Member]      
Net sales 245,152 209,224 192,944
Net sales 245,152 209,224 192,944
Income (loss) from operations [1] 5,807 10,379 (25,432)
Capital additions (excluding non-cash items 49,617 40,840 36,059
Depreciation, depletion and amortization: [1] 80,744 60,552 65,893
Other significant non-cash items 1,284 (1,741) 5,203
Identifiable assets [1] 701,868 727,008 726,977
Nevada Operations [Member]      
Net sales 45,814 58,898 107,769
Net sales 45,814 58,898 107,769
Income (loss) from operations (46,115) (6,674) (49,224)
Capital additions (excluding non-cash items 5,470 4,003 42,953
Depreciation, depletion and amortization: 15,341 22,845 67,024
Other significant non-cash items 7,740 2,039 2,911
Identifiable assets 468,985 513,309 528,466
Other Segments [Member]      
Net sales 176 32,906 56,210
Net sales 176 32,906 56,210
Income (loss) from operations (72,621) (49,623) (46,734)
Capital additions (excluding non-cash items 193 712 3,850
Depreciation, depletion and amortization: 152 3,548 9,772
Other significant non-cash items [1] (20,030) 8,569 (2,684)
Identifiable assets $ 451,466 $ 329,070 $ 325,669
[1] Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers - Long-lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Long-lived assets $ 2,310,810 [1] $ 2,378,074 [1] $ 2,447,450
UNITED STATES      
Long-lived assets 1,662,689 1,701,307  
CANADA      
Long-lived assets [1] 640,367 668,643  
MEXICO      
Long-lived assets $ 7,754 $ 8,124  
[1] Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers - Percentage of Sales by Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Percentage of sales 100.00% 100.00% 100.00%
Greens Creek [Member]      
Percentage of sales 47.60% 47.40% 44.50%
Lucky Friday [Member]      
Percentage of sales 16.30% 9.10% 2.50%
Casa Berardi [Member]      
Percentage of sales 30.40% 30.20% 28.70%
Nevada Operations [Member]      
Percentage of sales 5.70% 8.50% 16.00%
Other Segments [Member]      
Percentage of sales 0.00% 4.80% 8.30%
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers - Sales of Products (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 807,473 $ 691,873 $ 673,266
Less: Smelter and refining charges (48,933) (68,361) (33,004)
Silver Contracts [Member]      
Net sales 293,646 260,227 192,235
Gold [Member]      
Net sales 362,037 356,166 388,602
Lead [Member]      
Net sales 75,431 48,776 35,777
Zinc [Member]      
Net sales $ 125,292 $ 95,065 $ 89,656
v3.22.0.1
Note 4 - Business Segments, Sales of Products and Significant Customers - Sales by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Sales by geographical area $ 808,016 $ 708,253 $ 674,549
Sales by significant product type 808,016 708,253 674,549
Doré and Metals from Doré [Member]      
Sales by geographical area 313,337 266,536 340,912
Sales by significant product type 313,337 266,536 340,912
Carbon [Member]      
Sales by geographical area 4,117 60,302 37,645
Sales by significant product type 4,117 60,302 37,645
Silver Concentrate [Member]      
Sales by geographical area 345,732 281,050 200,456
Sales by significant product type 345,732 281,050 200,456
Zinc Concentrate [Member]      
Sales by geographical area 112,448 76,481 74,160
Sales by significant product type 112,448 76,481 74,160
Precious Metals Concentrate [Member]      
Sales by geographical area 32,382 23,884 21,376
Sales by significant product type 32,382 23,884 21,376
UNITED STATES      
Sales by geographical area 71,278 115,378 53,612
Sales by significant product type 71,278 115,378 53,612
CANADA      
Sales by geographical area 419,090 321,896 379,095
Sales by significant product type 419,090 321,896 379,095
JAPAN      
Sales by geographical area 63,588 39,418 48,841
Sales by significant product type 63,588 39,418 48,841
NETHERLANDS      
Sales by geographical area 0 (923) 38,420
Sales by significant product type 0 (923) 38,420
KOREA, REPUBLIC OF      
Sales by geographical area 203,115 166,402 154,581
Sales by significant product type 203,115 166,402 154,581
CHINA      
Sales by geographical area 50,945 66,082 0
Sales by significant product type $ 50,945 $ 66,082 $ 0
v3.22.0.1
Note 4- Business Segments, Sales of Products and Significant Customers - Sales from Continuing Operations to Significant Metals Customers As a Percentage of Total Sales (Details) - Customer Concentration Risk [Member] - Revenue from Contract with Customer Benchmark [Member]
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CIBC [Member]      
Significant metal customers 37.20% 32.70% 23.10%
Teck Metals Ltd [Member]      
Significant metal customers 21.50% 16.10% 8.20%
Ocean Partners [Member]      
Significant metal customers 6.20% 13.90% 5.70%
Korea Zinc [Member]      
Significant metal customers 21.60% 13.30% 17.40%
Scotia [Member]      
Significant metal customers 0.00% 2.90% 24.00%
v3.22.0.1
Note 5 - Environmental and Reclamation Activities (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Accrual for Environmental Loss Contingencies, Ending Balance $ 113,231 $ 116,048 $ 108,374 $ 108,389
Greens Creek [Member]        
Asset Retirement Obligation, Liabilities Incurred 8,600      
Casa Berardi [Member]        
Asset Retirement Obligation, Liabilities Incurred 100      
Lucky Friday [Member]        
Asset Retirement Obligation, Liabilities Incurred 300      
Nevada Operations [Member]        
Asset Retirement Obligation, Liabilities Incurred 300      
Asset Retirement Obligation, Revision of Estimate Before Discounting $ 35,200 $ 34,200    
Minimum [Member]        
Inflation Rate, Asset Retirement Obligation 2.00%      
Minimum [Member] | Reclamation and Abandonment Costs [Member] | Measurement Input, Risk Free Interest Rate [Member]        
Derivative Liability, Measurement Input 0.0575      
Minimum [Member] | Asset Retirement Obligation [Member] | Measurement Input, Risk Free Interest Rate [Member]        
Derivative Liability, Measurement Input 0.0275      
Maximum [Member]        
Inflation Rate, Asset Retirement Obligation 4.00%      
Maximum [Member] | Reclamation and Abandonment Costs [Member] | Measurement Input, Risk Free Interest Rate [Member]        
Derivative Liability, Measurement Input 0.145      
Maximum [Member] | Asset Retirement Obligation [Member] | Measurement Input, Risk Free Interest Rate [Member]        
Derivative Liability, Measurement Input 0.075      
v3.22.0.1
Note 5 - Environmental and Reclamation Activities - Liabilities Accrued for Reclamation and Closure Costs (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reclamation and closure costs $ 113,231 $ 116,048 $ 108,374 $ 108,389
Reclamation and closure costs, current (9,259) (5,582)    
Reclamation and closure costs, long-term 103,972 110,466    
Operating Properties [Member] | Greens Creek [Member]        
Reclamation and closure costs 37,474 42,716    
Operating Properties [Member] | Lucky Friday [Member]        
Reclamation and closure costs 13,543 12,818    
Operating Properties [Member] | Casa Berardi [Member]        
Reclamation and closure costs 12,497 11,730    
Operating Properties [Member] | Nevada Operations [Member]        
Reclamation and closure costs 27,068 26,062    
Operating Properties [Member] | San Sebastian [Member]        
Reclamation and closure costs 4,451 6,882    
Non-Operating Properties [Member] | Troy Mine [Member]        
Reclamation and closure costs 4,813 5,340    
Non-Operating Properties [Member] | Johnny M Mine Area near San Mateo, New Mexico [Member]        
Reclamation and closure costs 8,947 6,065    
Non-Operating Properties [Member] | Republic [Member]        
Reclamation and closure costs 1,500 1,500    
Non-Operating Properties [Member] | All Other Sites [Member]        
Reclamation and closure costs $ 2,938 $ 2,935    
v3.22.0.1
Note 5 - Environmental and Reclamation Activities - Accrued Reclamation and Closure Cost Liability Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Balance $ 116,048 $ 108,374 $ 108,389
Accruals for estimated costs 4,952   472
Accretion expense 6,454 5,912 7,122
Revision of estimated cash flows due to changes in reclamation plans (8,781) 2,543 (4,522)
Payment of reclamation obligations (5,442) (781) (3,087)
Balance $ 113,231 $ 116,048 $ 108,374
v3.22.0.1
Note 5 - Environmental and Reclamation Activities - Reconciliation of Asset Retirement Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Balance January 1 $ 100,208 $ 91,831
Changes in obligations due to changes in reclamation plans (8,781) 2,543
Accretion expense 6,451 5,912
Payment of reclamation obligations (2,845) (78)
Balance at December 31 $ 95,033 $ 100,208
v3.22.0.1
Note 6 - Employee Benefit Plans (Details Textual) - USD ($)
 2 Months Ended 12 Months Ended
Feb. 17, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets   6.40% 6.45%  
Defined Benefit Plan Assumed Long Term Rate Basis Spread   1.00%    
Defined Benefit Plan, Plan Assets, Contributions by Employer   $ 22,250,000 $ 23,731,000  
Defined Contribution Plan, Employer Matching Contribution, Percent of Match   55.00%    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay   5.00%    
Defined Contribution Plan, Employer Discretionary Contribution Amount   $ 500,000 10,000 $ 10,000
Capital Accumulation 401(K) Plan [Member]        
Defined Benefit Plan, Plan Assets, Contributions by Employer   $ 4,300,000 4,600,000 3,900,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Match   100.00%    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay   6.00%    
Supplemental Employee Retirement Plan [Member]        
Defined Benefit Plan, Plan Assets, Contributions by Employer   $ 16,800,000    
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year   5,500,000    
Nonoperating Income (Expense) [Member]        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Except Service cost   $ 600,000 $ 2,900,000 $ 5,000,000.0
Subsequent Event [Member]        
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 7.25%      
v3.22.0.1
Note 6 - Employee Benefit Plans - Change in Benefit Obligation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Benefit obligation at beginning of year $ 192,954 $ 172,909  
Service cost 5,820 5,334 $ 4,401
Interest cost 4,990 5,618 6,482
Amendments 550 0  
Change due to mortality change 548 (1,521)  
Change due to discount rate change (5,865) 17,040  
Actuarial return (loss) 4,342 121  
Benefits paid (7,477) (6,547)  
Benefit obligation at end of year 195,862 192,954 172,909
Fair value of plan assets at beginning of year 148,052 116,067  
Actual return on plan assets 27,049 14,801  
Employer contributions 22,250 23,731  
Benefits paid (7,477) (6,547)  
Fair value of plan assets at end of year 189,874 148,052 $ 116,067
Underfunded status at end of year $ (5,988) $ (44,902)  
v3.22.0.1
Note 6 - Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current liabilities:    
Accrued benefit liability $ (1,315) $ (758)
Accrued benefit liability (4,673) (44,144)
Accumulated other comprehensive loss 29,966 53,085
Net amount recognized $ 23,978 $ 8,183
v3.22.0.1
Note 6 - Employee Benefit Plans - Benefit Obligation and Prepaid Benefit Costs Assumptions (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Discount rate: net periodic pension cost 2.64% 3.32%
Discount rate: projected benefit obligation 2.86% 2.64%
Expected rate of return on plan assets 6.40% 6.45%
Rate of compensation increase: net periodic pension cost 5.00% [1] 2.00%
Rate of compensation increase: projected benefit obligation 5.00% [1] 2.00%
[1] 5.00% for 2022, 2.00% per year thereafter.
v3.22.0.1
Note 6 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Service cost $ 5,820 $ 5,334 $ 4,401
Interest cost 4,990 5,618 6,482
Expected return on plan assets (9,252) (7,489) (5,982)
Amortization of prior service benefit 394 117 61
Amortization of net gain from earlier periods 4,502 4,652 4,389
Net periodic pension cost $ 6,454 $ 8,232 $ 9,351
v3.22.0.1
Note 6 - Employee Benefit Plans - Investment Policy Allocation (Details)
Dec. 31, 2021
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%
Debt Security, Government, Non-US [Member]  
Investment policy allocation 25.00%
Debt Security, Government, Non-US [Member] | Maximum [Member]  
Investment policy allocation 30.00%
Fixed Income Funds [Member]  
Investment policy allocation 18.00%
Fixed Income Funds [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%
Real Return [Member]  
Investment policy allocation 7.00%
Real Return [Member] | Maximum [Member]  
Investment policy allocation 13.00%
v3.22.0.1
Note 6 - Employee Benefit Plans - Fair Value by Asset Category (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Total fair value $ 189,874 $ 148,052 $ 116,067
Hecla Mining Company Retirement Plan [Member]      
Total fair value 160,272 120,384  
Lucky Friday Pension Plan [Member]      
Total fair value 29,602 27,668  
Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 107,661 84,308  
Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 17,592 19,100  
Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 107,661 84,308  
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 17,592 19,100  
Fair Value Measured at Net Asset Value Per Share [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 52,611 36,076  
Fair Value Measured at Net Asset Value Per Share [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 12,010 8,568  
Interest-bearing Deposits [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 1,835 367  
Interest-bearing Deposits [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 305 111  
Interest-bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 1,835 367  
Interest-bearing Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 305 111  
Interest-bearing Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Interest-bearing Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Interest-bearing Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Interest-bearing Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Common Stock [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 8,869 13,947  
Common Stock [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 1,580 3,203  
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 8,869 13,947  
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 1,580 3,203  
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Mutual Funds [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 96,957 69,994  
Mutual Funds [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 15,707 15,786  
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 96,957 69,994  
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 15,707 15,786  
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 0 0  
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 0 0  
Real Estate Investments [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 19,119 12,708  
Real Estate Investments [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 4,482 3,428  
Hedge Funds [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 12,866 5,823  
Hedge Funds [Member] | Lucky Friday Pension Plan [Member]      
Total fair value 2,828 1,215  
Common Collective Funds [Member] | Hecla Mining Company Retirement Plan [Member]      
Total fair value 20,626 17,545  
Common Collective Funds [Member] | Lucky Friday Pension Plan [Member]      
Total fair value $ 4,700 $ 3,925  
v3.22.0.1
Note 6 - Employee Benefit Plans - Future Benefit Payments (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
2022 $ 8,816
2023 8,765
2024 8,944
2025 9,135
2026 9,212
Years 2027-2031 $ 45,880
v3.22.0.1
Note 6 - Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Projected benefit obligation $ 195,862 $ 192,954
Accumulated benefit obligation 191,597 189,931
Fair value of plan assets $ 189,873 $ 148,051
v3.22.0.1
Note 6 - Employee Benefit Plans - Pension and Benefit Plan Amounts Included in Accumulated Other Comprehensive Income (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Unamortized net (gain)/loss $ 28,386
Unamortized prior service cost $ 1,580
v3.22.0.1
Note 7 - Income and Mining Taxes (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Deferred Tax Liabilities, Net, Total $ 104,144 $ 153,179    
Deferred Tax Assets, Valuation Allowance, Total $ 39,152 77,210 $ 86,634 $ 94,981
Operating Loss Carryforwards Expiration Period (Year) 20 years      
Unrecognized Tax Benefits, Ending Balance $ 0 0    
Nevada Operations [Member]        
Deferred Tax Assets, Valuation Allowance, Total 19,400      
Foreign Tax Authority [Member]        
Tax Credit Carryforward, Valuation Allowance 8,900      
Operating Loss Carryforwards, Total 69,700      
Foreign Tax Authority [Member] | Mexican Tax Authority [Member]        
Deferred Tax Assets, Valuation Allowance, Total 7,700      
Foreign Tax Authority [Member] | Canada Revenue Agency [Member]        
Deferred Tax Assets, Valuation Allowance, Total 3,200      
Domestic Tax Authority [Member]        
Operating Loss Carryforwards, Total 869,200      
Operating Loss Carryforwards, Indefinite Carryforward Period 381,200      
State and Local Jurisdiction [Member]        
Operating Loss Carryforwards, Total 470,600      
Decrease Related to Release of Valuation Allowance [Member]        
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ (58,400)      
Klondex Mines Ltd [Member]        
Deferred Tax Liabilities, Net, Total   $ 55,200    
v3.22.0.1
Note 7 - Income and Mining Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Domestic $ (7,073) $ (7,246) $ (3,065)
Foreign (6,316) (8,745) (9,427)
Total current income and mining tax provision (13,389) (15,991) (12,492)
Domestic 43,708 5,096 13,962
Foreign (750) 2,696 16,848
Total deferred income and mining tax benefit 42,958 7,792 30,810
Total benefit (provision) $ 29,569 $ (8,199) $ 18,318
v3.22.0.1
Note 7 - Income and Mining Taxes - Components of Income (Loss) from Operations Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Total $ 5,526 $ (1,258) $ (113,227)
Domestic Tax Authority [Member]      
Income (Loss) from continuing operations 38,003 (1,400) (51,165)
Foreign Tax Authority [Member]      
Income (Loss) from continuing operations $ (32,477) $ 142 $ (62,062)
v3.22.0.1
Note 7 - Income and Mining Taxes - Reconciliation of Statutory Federal Income Tax Rate to Annual Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Computed “statutory” benefit (provision), Amount $ (1,161) $ 264 $ 23,778
Computed “statutory” benefit (provision), Percentage 21.00% 21.00% 21.00%
Percentage depletion, Amount $ 8,076 $ 5,327 $ 3,030
Percentage depletion, Percentage (146.00%) 423.00% 3.00%
Change in valuation allowance, Amount $ 38,058 $ 786 $ 686
Change in valuation allowance, Percentage (689.00%) 62.00% 0.00%
State taxes, net of federal tax benefit, Amount $ (5,844) $ (1,164) $ 2,648
State taxes, net of federal tax benefit, Percentage 106.00% (93.00%) 2.00%
Foreign currency remeasurement of monetary assets and liabilities, Amount $ (3,625) $ (4,824) $ (8,629)
Foreign currency remeasurement of monetary assets and liabilities, Percentage 66.00% (383.00%) (8.00%)
Rate differential on foreign earnings, Amount $ 2,445 $ 2,362 $ 3,999
Rate differential on foreign earnings, Percentage (44.00%) 188.00% 4.00%
Compensation, Amount $ 1,094 $ (458) $ (1,056)
Compensation, Percentage (20.00%) (36.00%) (1.00%)
Mining and other taxes, Amount $ (6,990) $ (9,245) $ (4,887)
Mining and other taxes, percentage 126.00% (735.00%) (4.00%)
Other, Amount $ (2,484) $ (1,247) $ (1,251)
Other, Percentage 45.00% (99.00%) (1.00%)
Total benefit (provision) $ 29,569 $ (8,199) $ 18,318
Total benefit (provision) (535.00%) (652.00%) 16.00%
v3.22.0.1
Note 7 - Income and Mining Taxes - Components of the Net Deferred Tax Asset (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accrued reclamation costs $ 31,558 $ 32,938    
Deferred exploration 17,959 11,623    
Foreign net operating losses 18,152 13,303    
Domestic net operating losses 213,637 198,438    
Pension and benefit obligation 1,824 12,341    
Foreign exchange loss 19,542 19,808    
Foreign tax credit carryforward 2,493 3,358    
Miscellaneous 29,505 18,385    
Total deferred tax assets 334,670 310,194    
Valuation allowance (39,152) (77,210) $ (86,634) $ (94,981)
Total deferred tax assets 295,518 232,984    
Miscellaneous (2,751) (2,551)    
Properties, plants and equipment (396,911) (383,612)    
Total deferred tax liabilities (399,662) (386,163)    
Net deferred tax liability $ (104,144) $ (153,179)    
v3.22.0.1
Note 7 - Income and Mining Taxes - Changes in the Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Balance at beginning of year $ (77,210) $ (86,634) $ (94,981)
Increase Due to Uncertainty of Recovery [Member]      
Valuation allowance, deferred tax asset, increase (decrease) (20,304) 786 686
Decrease Related to Utilization and Expiration [Member]      
Valuation allowance, deferred tax asset, increase (decrease) 58,362 8,638 1,756
Decrease Due to Change in Circumstances and Release of Valuation Allowance [Member]      
Valuation allowance, deferred tax asset, increase (decrease) (39,152) (77,210) (86,634)
Klondex Mines Ltd [Member] | Business Acquisition [Member]      
Valuation allowance, deferred tax asset, increase (decrease) $ 0 $ 0 $ 5,905
v3.22.0.1
Note 8 - Income (Loss) Per Common Share (Details Textual) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) 2,317,007    
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) 1,557,503    
Incremental Common Shares Attributable to Dilutive Effect of Deferred Shares (in shares) 2,166,964    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)   0 0
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Net income (loss) $ 35,095 $ (9,457) $ (94,909)
Preferred stock dividends (552) (552) (552)
Income (loss) applicable to common stockholders $ 34,543 $ (10,009) $ (95,461)
Weighted average number of common shares outstanding – basic (in shares) 536,192 527,329 490,449
Dilutive stock options, restricted stock units, and warrants (in shares) 5,984 0 0
Diluted weighted average common shares (in shares) 542,176 527,329 490,449
Basic income (loss) per common share after preferred dividends (in dollars per share) $ 0.06 $ (0.02) $ (0.19)
Diluted income (loss) per common share after preferred dividends (in dollars per share) $ 0.06 $ (0.02) $ (0.19)
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases (Details Textual)
$ in Thousands, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 16, 2026
Jul. 09, 2020
CAD ($)
Mar. 19, 2020
USD ($)
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2019
CAD ($)
shares
Feb. 15, 2026
Feb. 15, 2025
Feb. 15, 2024
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jul. 09, 2020
USD ($)
Jul. 09, 2020
CAD ($)
Feb. 19, 2020
USD ($)
Jul. 31, 2018
USD ($)
Mar. 05, 2018
CAD ($)
May 31, 2016
USD ($)
Proceeds from Issuance of Long-term Debt, Total                 $ 0 $ 716,327 $ 279,500            
Payments of Debt Issuance Costs                 116 1,356 976            
Paid-in-Kind Prepayment of Debt Fee                 0 0 2,855            
Finance Lease, Liability, Total                 13,388 15,800              
Finance Lease, Liability, Current                 5,612 6,491              
Finance Lease, Liability, Noncurrent                 7,776 9,274              
Finance Lease, Right-of-Use Asset, Amortization                 8,900 7,400 5,900            
Finance Lease, Interest Expense                 600 600 700            
Finance Lease, Liability, Payment, Due, Total                 14,231                
Finance Lease, Liability, Undiscounted Excess Amount                 $ 843                
Finance Lease, Weighted Average Remaining Lease Term (Year)                 2 years                
Finance Lease, Weighted Average Discount Rate, Percent                 6.30%                
Operating Lease, Weighted Average Discount Rate, Percent                 5.80%                
Operating Lease, Liability, Total                 $ 12,436 10,600              
Operating Lease, Liability, Current                 2,486 3,008              
Operating Lease, Liability, Noncurrent                 9,950 7,634              
Operating Lease, Right-of-Use Asset                 12,435 10,628              
Operating Lease, Expense                 3,900 7,200 7,500            
Lessee, Operating Lease, Liability, to be Paid, Total                 $ 15,783                
Operating Lease, Weighted Average Remaining Lease Term (Year)                 6 years 6 months                
Properties, Plants, Equipment and Mineral Interests [Member]                                  
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total                 $ 18,300 22,300              
Revolving Credit Facility [Member]                                  
Line of Credit Facility, Maximum Borrowing Capacity                             $ 250,000   $ 100,000
Letters of Credit Outstanding, Amount                 17,300                
Long-term Line of Credit, Total                 0 0              
Letter of Credit [Member]                                  
Letter of Credit Outstanding, Fronting Fee                             0.20%    
Letter of Credit [Member] | Minimum [Member]                                  
Letter of Credit, Participation Fee, Percent                             2.25%    
Letter of Credit [Member] | Maximum [Member]                                  
Letter of Credit, Participation Fee, Percent                             4.00%    
Conversion of Series 2018A Senior Notes Into Common Stock [Member]                                  
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares       10.7 10.7                        
Debt Conversion, Converted Instrument, Amount       $ 33,500 $ 43.8                        
Senior Notes [Member]                                  
Interest Expense, Debt, Total                 35,400 40,200 36,300            
Long-term Debt, Total                 $ 508,095 $ 507,242              
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      
Proceeds from Issuance of Long-term Debt, Total     $ 469,500                            
Underwriting Discount on Senior Notes                           1.16%      
Debt Instrument, Unamortized Discount, Total                           $ 5,500      
Debt Instrument, Redemption Price, Percentage, Net of Cash Proceeds of Equity Offerings                 35.00%                
Debt Instrument, Redemption Price, Percentage, Including Accrued and Unpaid Interest                 101.00%                
Long-term Debt, Total                 $ 469,448 $ 468,538              
Senior Notes [Member] | The 2028 Senior Notes [Member] | Forecast [Member]                                  
Debt Instrument, Redemption Price, Percentage 100.00%         101.813% 103.625% 105.438%                  
Senior Notes [Member] | The 2021 Senior Notes [Member]                                  
Debt Instrument, Unamortized Discount (Premium), Net, Total                 1,700                
Senior Notes [Member] | IQ Notes [Member]                                  
Debt Instrument, Interest Rate, Stated Percentage                       6.515% 6.515%        
Debt Instrument, Face Amount                       $ 36,800 $ 50.0        
Interest Expense, Debt, Total                 2,300 900              
Debt Instrument, Unamortized Premium, Percentage of Principal                       103.65% 103.65%        
Debt Instrument, Unamortized Premium, Total                         $ 1.8        
Debt Instrument, Effective Annual Yield                       5.74% 5.74%        
Long-term Debt, Total                 $ 38,647 $ 38,704     $ 48.2        
Debt Instrument, Number of Issuance Installments                       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        
Series 2018-A Senior Notes [Member]                                  
Debt Instrument, Interest Rate, Stated Percentage                               4.68%  
Debt Instrument, Face Amount                               $ 40.0  
Interest Expense, Debt, Total                     4,200            
Paid-in-Kind Prepayment of Debt Fee                     $ 2,900            
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases - Debt Summary (Details) - Senior Notes [Member]
$ in Thousands, $ in Millions
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jul. 09, 2020
CAD ($)
Principal $ 513,051 $ 512,886  
Unamortized discount/premium and issuance costs (4,956) (5,644)  
Long-term debt balance 508,095 507,242  
The 2028 Senior Notes [Member]      
Principal 475,000 475,000  
Unamortized discount/premium and issuance costs (5,552) (6,462)  
Long-term debt balance 469,448 468,538  
IQ Notes [Member]      
Principal 38,051 37,886  
Unamortized discount/premium and issuance costs 596 818  
Long-term debt balance $ 38,647 $ 38,704 $ 48.2
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases - Future Payments of Long-term Debt (Details) - Senior Notes [Member]
$ in Thousands
Dec. 31, 2021
USD ($)
The 2028 Senior Notes [Member]  
2022, long-term debt $ 34,438
2023, long-term debt 34,438
2024, long-term debt 34,438
2025, long-term debt 34,438
2026, long-term debt 34,438
2027, long-term debt 34,438
2028, long-term debt 479,302
Total, long-term debt 685,930
IQ Notes [Member]  
2022, long-term debt 2,479
2023, long-term debt 2,479
2024, long-term debt 2,479
2025, long-term debt 39,342
2026, long-term debt 0
2027, long-term debt 0
2028, long-term debt 0
Total, long-term debt $ 46,779
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases - Credit Facility (Details)
 12 Months Ended
Dec. 31, 2021
Maximum [Member]  
Senior leverage ratio (debt secured by liens/EBITDA) 2.50
Leverage ratio (total debt less unencumbered cash/EBITDA) 4.00
Interest coverage ratio (EBITDA/interest expense) 3.00
New Facility [Member] | Minimum [Member]  
Standby fee per annum on undrawn amounts 0.5625%
New Facility [Member] | Maximum [Member]  
Standby fee per annum on undrawn amounts 1.00%
New Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]  
Spread over the London Interbank Offered Rate 2.25%
New Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]  
Spread over the London Interbank Offered Rate 4.00%
New Facility [Member] | Base Rate [Member] | Minimum [Member]  
Spread over the London Interbank Offered Rate 1.25%
New Facility [Member] | Base Rate [Member] | Maximum [Member]  
Spread over the London Interbank Offered Rate 3.00%
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases - Maturities of Finance Lease (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
2022, finance lease $ 6,097  
2023, finance lease 4,422  
2024, finance lease 3,156  
2025, finance lease 556  
Total, finance lease 14,231  
Less: imputed interest, finance lease (843)  
Net finance lease obligation $ 13,388 $ 15,800
v3.22.0.1
Note 9 - Debt, Credit Facility and Leases - Maturities of Operating Lease (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
2022, operating lease $ 3,153  
2023, operating lease 3,011  
2024, operating lease 1,084  
2025, operating lease 1,058  
2026, operating lease 1,059  
More than 5 years, operating lease 6,418  
Total, operating lease 15,783  
Effect of discounting, operating lease (3,347)  
Operating lease liability $ 12,436 $ 10,600
v3.22.0.1
Note 10 - Derivative Instruments (Details Textual)
$ in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
CAD ($)
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   $ 4,700  
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness   0  
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months   (3,400)  
Other Comprehensive Income (Loss) [Member]      
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months   2,700  
Foreign Exchange Contract [Member]      
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax   5,200  
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]      
Unrealized Gain (Loss) on Derivatives   $ (200)  
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member]      
Derivative, Number of Instruments Held, Total   166 166
Derivative, Notional Amount   $ 245,300 $ 318.8
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]      
Derivative, Forward Exchange Rate   1.2702 1.2702
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]      
Derivative, Forward Exchange Rate   1.3753 1.3753
Price Risk Derivative [Member]      
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax   $ (14,600)  
Unsettled Concentrate Sales Contracts [Member]      
Derivative, Gain (Loss) on Derivative, Net, Total   (500)  
Forecasted Future Concentrate Contracts [Member]      
Derivative, Gain (Loss) on Derivative, Net, Total   (32,900)  
Derivative, Gain on Derivative $ 6,700    
Commodity Contract [Member]      
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total   39,100  
Derivative, Fair Value, Obligations Under the Agreements   $ 39,100  
v3.22.0.1
Note 10 - Derivative Instruments - Foreign Currency (Details) - Foreign Exchange Contract [Member] - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other Current Assets [Member]    
Other current assets $ 2.7 $ 3.5
Other Noncurrent Assets [Member]    
Other non-current assets $ 2.5 $ 4.2
v3.22.0.1
Note 10 - Derivative Instruments - Summary of Forward Sales Contracts (Details)
 12 Months Ended
Dec. 31, 2021
lb
g
$ / lb
$ / item
Dec. 31, 2020
oz
lb
$ / lb
$ / oz
Silver 2022 Settlements for Provisional Sales [Member]    
Ounces/pounds under contract (Pound) | oz   1,282
Average price per ounce/pound (in USD per Pound) | $ / oz   25.00
Gold 2022 Settlements for Provisional Sales [Member]    
Ounces/pounds under contract (Pound) | oz   4
Average price per ounce/pound (in USD per Pound) | $ / oz   1,858
Zinc 2022 Settlements for Provisional Sales [Member]    
Ounces/pounds under contract (Pound) | lb 13,371 23,314
Average price per ounce/pound (in USD per Pound) | $ / lb 1.39 1.19
Lead 2022 Settlements for Provisional Sales [Member]    
Ounces/pounds under contract (Pound) | lb 4,575 4,905
Average price per ounce/pound (in USD per Pound) | $ / lb 0.96 0.90
Zinc 2022 Settlements for Forecasted Sales [Member]    
Ounces/pounds under contract (Pound) | lb 57,706 41,577
Average price per ounce/pound (in USD per Pound) | $ / lb 1.28 1.17
Lead 2022 Settlements for Forecasted Sales [Member]    
Ounces/pounds under contract (Pound) | lb 59,194 30,876
Average price per ounce/pound (in USD per Pound) | $ / lb 0.98 0.88
Zinc 2023 Settlements for Forecasted Sales [Member]    
Ounces/pounds under contract (Pound) | lb 76,280 18,519
Average price per ounce/pound (in USD per Pound) | $ / lb 1.29 1.28
Lead 2023 Settlements for Forecasted Sales [Member]    
Ounces/pounds under contract (Pound) | g 71,650  
Average price per ounce/pound (in USD per Pound) | $ / item 1.00  
v3.22.0.1
Note 10 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Other current assets, liability position $ (19,353) $ (11,737)
Other non-current assets, liability position (18,528) (18)
Forward and Put Option Contracts [Member] | Other Current Assets [Member]    
Other current assets 0 200
Other current assets, liability position 0 (200)
Net asset (liability) 0 0
Forward and Put Option Contracts [Member] | Other Noncurrent Assets [Member]    
Net asset (liability) 0 400
Other non-current assets 0 500
Other non-current assets, liability position 0 (100)
Forward and Put Option Contracts [Member] | Current derivatives liability [Member]    
Other current assets 700 100
Other current assets, liability position (20,100) (11,800)
Net asset (liability) (19,400) (11,700)
Forward and Put Option Contracts [Member] | Other Noncurrent Liabilities [Member]    
Net asset (liability) (18,500) 0
Other non-current assets 400 0
Other non-current assets, liability position $ (18,900) $ 0
v3.22.0.1
Note 11 - Fair Value Measurement (Details Textual)
$ in Millions
Dec. 31, 2021
USD ($)
IQ Notes [Member]  
Notes Payable, Total $ 38.6
IQ Notes [Member] | Fair Value, Inputs, Level 1 [Member]  
Notes Payable, Fair Value Disclosure $ 40.5
IQ Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Annual Yield [Member]  
Debt Instrument, Measurement Input 0.0565
Senior Notes [Member]  
Notes Payable, Total $ 469.4
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member]  
Notes Payable, Fair Value Disclosure $ 510.6
v3.22.0.1
Note 11 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unrealized (loss) gain on investments in equity securities $ (4,295) $ 10,268 $ (2,389)
Total fair value adjustments, net (35,792) (11,806) (5,437)
Derivative [Member] | Fair Value, Inputs, Level 3 [Member]      
fair value gain(loss) (32,655) (22,074) (3,971)
Securities Investment [Member] | Fair Value, Inputs, Level 3 [Member]      
fair value gain(loss) $ 1,158 $ 0 $ 923
v3.22.0.1
Note 11 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Receivables from provisional concentrate sales $ 8,149 $ 9,745
Fair Value, Recurring [Member]    
Equity securities – mining industry 14,470 19,389
Total assets 267,177 186,164
Total liabilities 37,881 11,756
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Money market funds and other bank deposits 210,010 129,830
Certificates of deposit and other deposits 1,053 1,053
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Receivables from provisional concentrate sales 36,437 27,864
Metal forward and put option contracts 0 381
Foreign exchange contracts 5,207 7,647
Metal forward and put option contracts 37,873 11,737
Foreign exchange contracts $ 8 $ 19
v3.22.0.1
Note 12 - Stockholders' Equity (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 10 Months Ended 12 Months Ended 36 Months Ended 116 Months Ended
Jul. 20, 2018
Sep. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2021
Feb. 15, 2022
Feb. 18, 2021
Sep. 30, 2020
Dec. 31, 2018
May 08, 2012
Jun. 30, 2010
Average Realized Silver Price, Minimum Dividend, Threshold (in dollars per share)               $ 30         $ 25      
Average Realized Silver Price Per Ounce (in dollars per share)   $ 20         $ 25                  
Stock Issued During Period, Shares, New Issues (in shares)               21,410,000                
Preferred Stock, Shares Outstanding, Ending Balance (in shares)         157,816 157,816     157,816 157,816            
Percent of Shareholders' Consent Needed to Create or Issue Stock Ranking Senior to Series B Preferred Stock         66.67% 66.67%     66.67% 66.67%            
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total         $ 3,600,000 $ 3,600,000     $ 3,600,000 $ 3,600,000            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)         2,022,352 2,022,352     2,022,352 2,022,352            
Share-based Compensation Arrangement by Share-based Payment Award, Measurement Period Used to Value Performance-based Awards (Year)           3 years                    
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares)             650,000                  
Hecla Charitable Foundation [Member]                                
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares)     650,000                          
Stock Issued During Period, Value, Treasury Stock Reissued     $ 2,000,000.0                          
Warrants in Connection with Klondex Mines Acquisition [Member]                                
Class of Warrant or Right, Issued During Period (in shares) 4,136,000                              
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) 1                              
Satisfy Withholding Obligations [Member]                                
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)           $ 7.88 $ 2.32                  
Stock Repurchased During Period, Shares (in shares)           574,251 1,183,773                  
Stock Repurchased During Period, Value           $ 4,500,000 $ 2,700,000                  
2010 Stock Incentive Plan [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)                               20,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)         14,857,886 14,857,886     14,857,886 14,857,886            
Directors Stock Plan [Member]                                
Share-based Payment Arrangement, Expense           $ 1,800,000 $ 1,500,000 $ 500,000                
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)         2,269,269 2,269,269     2,269,269 2,269,269            
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)           414,750 391,244 252,819                
Share-based Payment Arrangement [Member]                                
Share-based Payment Arrangement, Expense           $ 6,100,000 $ 6,500,000 $ 5,700,000                
Restricted Stock Units (RSUs) [Member]                                
Share-based Payment Arrangement, Expense           $ 3,400,000     $ 4,100,000              
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)       3,936,134 2,022,352 2,022,352 3,936,134 3,997,168 2,022,352 2,022,352       2,689,468    
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount         $ 3,900,000 $ 3,900,000     $ 3,900,000 $ 3,900,000            
Performance Shares [Member]                                
Share-based Payment Arrangement, Expense                 $ 400,000              
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)       1,186,033 916,372 916,372 1,186,033 1,052,518 916,372 916,372       660,769    
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount         $ 1,400,000 $ 1,400,000     $ 1,400,000 $ 1,400,000            
Series B Preferred Stock [Member]                                
Preferred Stock, Shares Outstanding, Ending Balance (in shares)       157,816 157,816 157,816 157,816   157,816 157,816            
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share)           $ 3.50                    
Preferred Stock, Redemption Price Per Share (in dollars per share)         $ 50 50     $ 50 $ 50            
Preferred Stock, Liquidation Preference Per Share (in dollars per share)         $ 50 $ 50     $ 50 $ 50            
Preferred Stock, Liquidation Preference, Value       $ 7,891,000 $ 7,891,000 $ 7,891,000 $ 7,891,000   $ 7,891,000 $ 7,891,000            
Preferred Stock Conversion Price (in dollars per share)         $ 15.55 $ 15.55     $ 15.55 $ 15.55            
Subsequent Event [Member]                                
Share Price (in dollars per share)                     $ 0          
Common Stock Repurchase Program [Member]                                
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)                             20,000,000  
Cumulative Stock Repurchased (in shares)         934,100 934,100     934,100 934,100            
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)                   $ 3.99            
At-the-market Offering [Member]                                
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares)                       60        
Stock Issued During Period, Shares, New Issues (in shares)         0                      
Quarterly Dividends [Member]                                
Dividends, Common Stock, Total           $ 20,100,000 $ 8,600,000 $ 4,900,000                
Minimum [Member]                                
Common Stock, Dividends, Per Share, Declared (in dollars per share)           $ 0.01   $ 0.01                
Maximum [Member]                                
Common Stock, Dividends, Per Share, Declared (in dollars per share)       $ 0.015                        
v3.22.0.1
Note 12 - Stockholders' Equity - Common Stock Dividend Policy (Details)
 12 Months Ended
Dec. 31, 2021
$ / shares
Quarterly Average Realized Price, Level 1 [Member]  
Quarterly dividend per share (in dollars per share) $ 0.0025
Annual dividend per share (in dollars per share) 0.01
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) 0.025
Quarterly Average Realized Price, Level 2 [Member]  
Quarterly dividend per share (in dollars per share) 0.0100
Annual dividend per share (in dollars per share) 0.04
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) 0.055
Quarterly Average Realized Price, Level 3 [Member]  
Quarterly dividend per share (in dollars per share) 0.0150
Annual dividend per share (in dollars per share) 0.06
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) 0.075
Quarterly Average Realized Price, Level 4 [Member]  
Quarterly dividend per share (in dollars per share) 0.0250
Annual dividend per share (in dollars per share) 0.10
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) 0.115
Quarterly Average Realized Price, Level 5 [Member]  
Quarterly dividend per share (in dollars per share) 0.0350
Annual dividend per share (in dollars per share) 0.14
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) 0.155
Quarterly Average Realized Price, Level 6 [Member]  
Quarterly dividend per share (in dollars per share) 0.0450
Annual dividend per share (in dollars per share) 0.18
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) 0.195
Quarterly Average Realized Price, Level 7 [Member]  
Quarterly dividend per share (in dollars per share) 0.0550
Annual dividend per share (in dollars per share) 0.22
Minimum annual component per share (in dollars per share) 0.015
Annualized dividends (in dollars per share) $ 0.235
v3.22.0.1
Note 12 - Stockholders' Equity - Unvested Restricted Stock (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unvested, shares (in shares) 2,022,352    
Restricted Stock Units (RSUs) [Member]      
Unvested, shares (in shares) 3,936,134 3,997,168 2,689,468
Unvested, weighted average fair value per share (in dollars per share) $ 2.55 $ 2.46 $ 4.14
Granted, shares (in shares) 629,437 1,688,111 3,312,481
Granted (unvested), weighted average fair value per share (in dollars per share) $ 7.88 $ 3.03 $ 1.85
Canceled, shares (in shares) (770,416) (70,236) (803,683)
Canceled, weighted average fair value per share (in dollars per share) $ 2.82 $ 2.08 $ 2.62
Distributed, shares (in shares) (1,772,803) (1,678,909) (1,201,098)
Distributed (vested), weighted average fair value per share (in dollars per share) $ 2.60 $ 2.83 $ 4.00
Unvested, shares (in shares) 2,022,352 3,936,134 3,997,168
Unvested, weighted average fair value per share (in dollars per share) $ 3.97 $ 2.55 $ 2.46
v3.22.0.1
Note 12 - Stockholders' Equity - Unvested Units Expected to Vest (Details)
Dec. 31, 2021
shares
Unvested units expected to vest (in shares) 2,022,352
Share-based Payment Arrangement, Tranche One [Member]  
Unvested units expected to vest (in shares) 1,295,620
Share-based Payment Arrangement, Tranche Two [Member]  
Unvested units expected to vest (in shares) 567,257
Share-based Payment Arrangement, Tranche Three [Member]  
Unvested units expected to vest (in shares) 159,475
v3.22.0.1
Note 12 - Stockholders' Equity - Unvested Performance-based Shares (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unvested, shares (in shares) 2,022,352    
Performance Shares [Member]      
Unvested, shares (in shares) 1,186,033 1,052,518 660,769
Unvested, weighted average fair value per share (in dollars per share) $ 0.68 $ 1.11 $ 3.27
Granted, shares (in shares) 122,462 298,680 775,714
Granted (unvested), weighted average fair value per share (in dollars per share) $ 13.70 $ 0.62 $ 0
Canceled, shares (in shares) (174,108)   (270,329)
Canceled, weighted average fair value per share (in dollars per share) $ 0.76   $ 1.09
Distributed, shares (in shares) (218,015) (165,165) (113,636)
Distributed (vested), weighted average fair value per share (in dollars per share) $ 2.37 $ 3.35 $ 6.13
Unvested, shares (in shares) 916,372 1,186,033 1,052,518
Unvested, weighted average fair value per share (in dollars per share) $ 2.00 $ 0.68 $ 1.11
v3.22.0.1
Note 12 - Stockholders' Equity - Details of Warrants Outstanding (Details)
Dec. 31, 2021
$ / shares
shares
Warrant Expiring in February 2029 [Member]  
Number of warrants (in shares) | shares 2,068,000
Exercise price (in dollars per share) | $ / shares $ 1.57
Warrants Expiring in April 2032 [Member]  
Number of warrants (in shares) | shares 2,068,000
Exercise price (in dollars per share) | $ / shares $ 8.02
v3.22.0.1
Note 13 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Balance $ 1,713,785 $ 1,696,534 $ 1,690,426
Change, net of tax 4,433 4,421 5,159
Balance 1,760,787 1,713,785 1,696,534
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]      
Balance (13) (13) (13)
Change, net of tax 0 0 0
Balance (13) (13) (13)
Balance, tax 0 0 0
Change, tax 0 0 0
Balance, tax 0 0 0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]      
Balance 7,632 (348) (8,784)
Change, net of tax (12,307) 7,980 8,436
Balance (4,675) 7,632 (348)
Balance, tax 0 0 0
Change, tax 4,689 0 0
Balance, tax 4,689 0 0
Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent [Member]      
Balance (40,508) (36,949) (33,672)
Change, net of tax 16,740 (3,559) (3,277)
Balance (23,768) (40,508) (36,949)
Balance, tax 12,575 12,575 12,575
Change, tax (6,379) 0 0
Balance, tax 6,196 12,575 12,575
AOCI Attributable to Parent [Member]      
Balance (32,889) (37,310) (42,469)
Change, net of tax 4,433 4,421 5,159
Balance (28,456) (32,889) (37,310)
Balance, tax 12,575 12,575 12,575
Change, tax (1,690) 0 0
Balance, tax $ 10,885 $ 12,575 $ 12,575
v3.22.0.1
Note 14 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Payments to Acquire Property, Plant, and Equipment, Total $ 109,048 $ 91,016 $ 121,421
Finance Lease, Right-of-Use Asset, before Accumulated Amortization 78,900 74,000  
Finance Lease, Right-of-Use Asset, Accumulated Amortization 60,600 51,700  
Lucky Friday [Member]      
Payments to Acquire Property, Plant, and Equipment, Total 29,885 25,776 8,989
Greens Creek [Member]      
Payments to Acquire Property, Plant, and Equipment, Total 23,883 19,685 29,570
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) 132,600    
Casa Berardi [Member]      
Payments to Acquire Property, Plant, and Equipment, Total 49,617 40,840 36,059
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) 323,600    
Nevada Operations [Member]      
Payments to Acquire Property, Plant, and Equipment, Total 5,470 $ 4,003 $ 42,953
Mining Assets, Value Beyond Proven and Probable Reserves (VBPP) $ 382,900    
v3.22.0.1
Note 14 - Properties, Plants, Equipment and Mineral Interests, and Lease Commitments - Major Components of Property, Plants, Equipment and Mineral Interests (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, plant and equipment, gross $ 3,909,019 $ 3,824,404  
Less accumulated depreciation, depletion and amortization 1,598,209 1,446,330  
Net carrying value 2,310,810 [1] 2,378,074 [1] $ 2,447,450
Mining Properties Including Asset Retirement Obligations [Member]      
Property, plant and equipment, gross 818,582 818,819  
Mine Development [Member]      
Property, plant and equipment, gross 549,666 526,714  
Plant and Equipment [Member]      
Property, plant and equipment, gross 1,446,183 1,410,209  
Land [Member]      
Property, plant and equipment, gross 34,931 32,983  
Mineral Interests [Member]      
Property, plant and equipment, gross 972,754 969,589  
Construction in Progress [Member]      
Property, plant and equipment, gross $ 86,903 $ 66,090  
[1] Amounts reported as of and for the years ended December 31, 2020 and 2019 have been revised. See Note 3 for more information.
v3.22.0.1
Note 15 - Commitments, Contingencies, and Obligations (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2018
Dec. 31, 2014
Aug. 31, 2012
Jun. 30, 2011
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Environmental Remediation Expense           $ 14,571 $ 3,929 $ 4,690
Finance Lease, Liability, Payment, Due, Total           14,231    
Lessee, Operating Lease, Liability, to be Paid, Total           15,783    
Lease Commitments [Member]                
Finance Lease, Liability, Payment, Due, Total           14,200    
Lessee, Operating Lease, Liability, to be Paid, Total           15,800    
Performance Obligation Commitments [Member]                
Surety Bonds           182,500    
Letters of Credit Outstanding, Amount           17,300    
Lucky Friday [Member] | Purchase Orders and Commitment [Member]                
Contractual Obligation, Total           10,200    
Casa Berardi [Member] | Purchase Orders and Commitment [Member]                
Contractual Obligation, Total           100    
Greens Creek [Member] | Purchase Orders and Commitment [Member]                
Contractual Obligation, Total           4,800    
Nevada Operations [Member] | Purchase Orders and Commitment [Member]                
Contractual Obligation, Total           $ 3,800    
Johnny M Mine Area near San Mateo, New Mexico [Member]                
Payment Of Response Costs   $ 1,100 $ 1,100          
Estimated Response Costs $ 9,600       $ 9,000   $ 6,100  
Environmental Remediation Expense         $ 9,000      
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member]                
Estimated Response Costs       $ 4,500        
Estimated Future Response Cost       $ 100,000        
v3.22.0.1
Note 16 - Subsequent Events (Details Textual) - Canadian Junior Exploration Mining Company [Member]
$ in Thousands, shares in Millions
Feb. 15, 2021
USD ($)
shares
Investment, Number of Shares Acquired (in shares) | shares 2.5
Payments to Acquire Equity Securities, FV-NI | $ $ 5,250