Note 2 -Business Segments and Sales of Products

9 Months Ended

Sep. 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 loss 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 nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Total sales:
Greens Creek	$	96,459		$	60,875		$	290,961		$	239,688
Lucky Friday		21,409			28,460			113,167			102,380
Keno Hill		16,001			—			17,582			—
Casa Berardi		46,912			56,939			134,856			181,679
Nevada Operations		—			—			960			268
Other		1,125			65			2,011			65
	$	181,906		$	146,339		$	559,537		$	524,080
Income (loss) from operations:
Greens Creek	$	31,169		$	1,378		$	92,824		$	63,768
Lucky Friday		(4,935	)		4,269			20,161			18,568
Keno Hill		(7,462	)		(2,324	)		(24,145	)		(2,324	)
Casa Berardi		(12,433	)		(5,226	)		(35,492	)		(8,497	)
Nevada Operations		(6,061	)		(8,917	)		(16,981	)		(30,879	)
Other		(12,919	)		(14,639	)		(38,644	)		(43,625	)
	$	(12,641	)	$	(25,459	)	$	(2,277	)	$	(2,989	)

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

	September 30, 2023		December 31, 2022
Total assets:
Greens Creek	$	568,881	$	582,687
Lucky Friday		564,746		571,510
Keno Hill		354,149		276,096
Casa Berardi		694,030		681,631
Nevada Operations		461,706		466,722
Other		317,644		348,526
	$	2,961,156	$	2,927,172

Our sales for the three and nine months ended September 30, 2023 and 2022 are comprised of metal sales and revenue from our environmental remediation services in the Yukon.

Total sales for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Silver	$	74,425		$	45,924		$	235,447		$	182,306
Gold		70,206			69,289			208,216			228,475
Lead		15,719			16,033			62,778			56,912
Zinc		33,066			28,051			91,912			94,865
Less: Smelter and refining charges		(12,550	)		(13,023	)		(40,743	)		(38,543	)
Total metal sales		180,866			146,274			557,610			524,015
Environmental remediation services		1,040			65			1,927			65
Total sales	$	181,906		$	146,339		$	559,537		$	524,080

Sales of metals for the three and nine months ended September 30, 2023 included net gains of $4.0 million and $13.1 million, respectively, on financially-settled forward option contracts for silver, gold, lead and zinc. Sales of metals for the three and nine months ended September 30, 2022 included net gains of $1.6 million and $8.1 million, respectively, on such contracts. See Note 8 for more information.