Note 5 - Environmental and Reclamation Activities

12 Months Ended

Dec. 31, 2025

Environmental and Reclamation Activities [Abstract]

Environmental and Reclamation Activities

Note 5: Environmental and Reclamation Activities

The liabilities accrued for our reclamation and closure costs at December 31, 2025 and 2024 were as follows (in thousands):

	2025			2024
Operating properties:
Greens Creek	$	51,634		$	38,737
Lucky Friday		14,914			10,982
Keno Hill		3,733			3,500
Casa Berardi		75,986			17,005
Non-operating properties:
Nevada		35,885			33,700
Troy mine		3,007			3,385
Johnny M		9,703			10,148
All other sites		7,404			7,453
Total		202,266			124,910
Reclamation and closure costs, current		(13,795	)		(13,748	)
Reclamation and closure costs, non-current	$	188,471		$	111,162

The activity in our accrued reclamation and closure cost liability for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

Balance at January 1, 2023		116,999
Accruals for estimated costs and revisions due to changes in reclamation plans		2,923
Accretion expense		7,740
Payment of reclamation obligations		(7,205	)
Balance at December 31, 2023		120,457
Accruals for estimated costs and revisions due to changes in reclamation plans		7,144
Accretion expense		5,806
Payment of reclamation obligations		(8,497	)
Balance at December 31, 2024		124,910
Accruals for estimated costs and revisions due to changes in reclamation plans		75,449
Accretion expense		7,331
Payment of reclamation obligations		(5,424	)
Balance at December 31, 2025	$	202,266

Asset Retirement Obligations

Below is a reconciliation as of December 31, 2025 and 2024 (in thousands) of the asset retirement obligations (“ARO”) which are included in our total accrued reclamation and closure costs of $202.3 million and $124.9 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.

	2025			2024
Balance January 1	$	105,432		$	99,067
Changes in obligations due to changes in reclamation plans		71,504			5,226
Accretion expense		7,331			5,806
Payment of asset retirement obligations		(662	)		(4,667	)
Balance at December 31	$	183,605		$	105,432

Payments for reclamation obligations were incurred at Lucky Friday and Greens Creek, and at our former operating mines San Sebastian, Troy and Johnny M.

The AROs related to the changes described above were discounted using a credit adjusted, risk-free interest rate of between 2.75% and 7.5% and inflation rates ranging from 1.8% to 4%.