Note 2 -Business Segments and Sales of Products

9 Months Ended

Sep. 30, 2022

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 four segments: Greens Creek, Lucky Friday, Casa Berardi and Nevada Operations.

General corporate activities not associated with operating mines and their various exploration activities, as well as discontinued operations, exploration and development projects and idle properties, are presented as “other.” Interest expense, interest income and income and mining taxes are considered general corporate items, and are not allocated to our segments.

The following tables present information about our reportable segments for the three and nine months ended September 30, 2022 and 2021 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net sales to unaffiliated customers:
Greens Creek	$	60,875		$	84,806		$	239,688		$	296,978
Lucky Friday		28,460			29,783			102,380			98,550
Casa Berardi		56,939			56,065			181,679			185,098
Nevada Operations		—			22,906			268			41,593
Other		65			—			65			176
	$	146,339		$	193,560		$	524,080		$	622,395
Income (loss) from operations:
Greens Creek	$	1,378		$	26,572		$	63,768		$	127,605
Lucky Friday		4,269			6,187			18,568			24,247
Casa Berardi		(5,226	)		(6,233	)		(8,497	)		4,944
Nevada Operations		(8,917	)		(12,077	)		(30,879	)		(35,558	)
Other		(16,963	)		(23,021	)		(45,949	)		(59,639	)
	$	(25,459	)	$	(8,572	)	$	(2,989	)	$	61,599

The following table presents identifiable assets by reportable segment as of September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022		December 31, 2021
Identifiable assets:
Greens Creek	$	594,811	$	589,944
Lucky Friday		534,114		516,545
Casa Berardi		692,833		701,868
Nevada Operations		467,532		468,985
Other		645,339		451,466
	$	2,934,629	$	2,728,808

Following the acquisition of Alexco (see Note 1), our sales for the three and nine month periods ended September 30, 2022 are comprised of metal sales as described below and $65,000 of environmental services revenue.

Sales by metal for the three- and nine-month periods ended September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Silver	$	45,924		$	61,890		$	182,306		$	232,414
Gold		69,289			94,984			228,475			282,471
Lead		16,033			18,082			56,912			56,198
Zinc		28,051			30,273			94,865			89,501
Less: Smelter and refining charges		(13,023	)		(11,669	)		(38,543	)		(38,189	)
	$	146,274		$	193,560		$	524,015		$	622,395

Sales included net gains of $1.6 million and $8.1 million for the three-and nine-month periods ended September 30, 2022, respectively, on financially-settled forward contracts for silver, gold, lead and zinc contained in our sales. Sales included net gains of $5.0 million and $4.5 million for the three-and nine-month periods ended September 30, 2021, respectively, on such contracts. See Note 8 for more information.