Note 2 -Business Segments and Sales of Products

6 Months Ended

Jun. 30, 2023

Disclosure Text Block [Abstract]

Segment Reporting Disclosure [Text Block]

Note 2. Business Segments and Sales of Products

We discover, acquire and develop mines and other mineral interests and produce and market (i) concentrates containing silver, gold, lead and zinc, (ii) carbon material containing silver and gold, and (iii) doré containing silver and gold. We are currently organized and managed in five segments: Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations.

General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and environmental remediation services in the Yukon, Canada, are presented as “other.” The nature of the items that reconcile income (loss) from operations to income before income and mining taxes are not related to our reportable segments.

The following tables present information about our reportable segments sales for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net sales to unaffiliated customers:
Greens Creek	$	95,891		$	92,723		$	194,502		$	178,813
Lucky Friday		42,648			35,880			91,758			73,920
Keno Hill		1,581			—			1,581			—
Casa Berardi		36,946			62,639			87,944			124,740
Nevada Operations		687			—			959			268
Other		378			—			887			—
	$	178,131		$	191,242		$	377,631		$	377,741
Income (loss) from operations:
Greens Creek	$	30,414		$	27,803		$	61,655		$	62,389
Lucky Friday		10,526			5,528			25,096			14,299
Keno Hill		(9,920	)		—			(16,683	)		—
Casa Berardi		(9,366	)		(572	)		(23,059	)		(3,271	)
Nevada Operations		(5,510	)		(9,728	)		(10,920	)		(21,963	)
Other		(11,333	)		(15,319	)		(25,725	)		(28,984	)
	$	4,811		$	7,712		$	10,364		$	22,470

The following table presents total assets by reportable segment as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Total assets:
Greens Creek	$	569,367	$	582,687
Lucky Friday		561,012		571,510
Keno Hill		326,796		276,096
Casa Berardi		710,027		681,631
Nevada Operations		463,520		466,722
Other		314,737		348,526
	$	2,945,459	$	2,927,172

Our sales for the three and six months ended June 30, 2023 are comprised of metal sales as described below, and $0.4 million and $0.9 million, respectively, of revenue from our environmental remediation services in the Yukon.

Sales by metal for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Silver	$	79,489		$	70,050		$	161,022		$	136,382
Gold		62,924			82,018			138,010			159,186
Lead		21,657			21,314			47,059			40,878
Zinc		25,903			31,176			58,846			66,814
Less: Smelter and refining charges		(12,220	)		(13,316	)		(28,193	)		(25,519	)
	$	177,753		$	191,242		$	376,744		$	377,741

Sales of metals for the three and six months ended June 30, 2023 included net gains of $8.2 million and $9.1 million, respectively, on financially-settled forward option contracts for silver, gold, lead and zinc. Sales of metals for the three and six months ended June 30, 2022 included net gains of $11.3 million and $6.6 million, respectively, on such contracts. See Note 8 for more information.