Note 4 - Business Segments, Sales of Products and Significant Customers (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Information About Reportable Segments

The tables below present information about our reportable segments as of and for the years ended December 31, 2025, 2024 and 2023 (in thousands).

Year ended December 31, 2025	Greens Creek	Lucky Friday	Keno Hill	Casa Berardi	Total Reportable Segments	Other	Total
Metal sales	$612,827	$306,640	$145,317	$319,117	$1,383,901	$—	$1,383,901
Environmental remediation services	—	—	—	—	—	39,118	39,118
Intersegment sales	—	—	6,123	—	6,123	—	6,123
Reconciliation of sales	612,827	306,640	151,440	319,117	1,390,024	39,118	1,429,142
Elimination of intersegment sales			(6,123)		(6,123)		(6,123)
Total consolidated sales							1,423,019
Cost of sales and other direct production costs
Salaries, wages and other benefits	75,888	63,134	28,459	50,791	218,272	596	218,868
Contractors	7,425	15,628	14,746	36,247	74,046	37,295	111,341
Materials and consumables	106,959	44,817	27,300	56,077	235,153	679	235,832
Product inventory change	1,258	346	(1,452)	2,774	2,926	—	2,926
Other direct production costs	42,691	(1,290)	2,830	27,597	71,828	4	71,832
Depreciation, depletion and amortization	55,959	51,055	19,769	33,234	160,017	—	160,017
Gross profit	$322,647	$132,950	$53,665	$112,397	$621,659	$544	$622,203
Other operating expenses (a)							107,408
Income from operations							514,795
Other Expense:
Interest expense							(41,581)
Fair value adjustments, net							12,455
Foreign exchange gain, net							(5,764)
Other income							(726)
Income before income and mining taxes							$479,179
Capital additions	$54,617	$72,933	$58,192	$61,514	$247,256	$5,133	$252,389
Identifiable assets	640,011	688,997	505,205	776,947	2,611,160	949,485	3,560,645

(a) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net.

Year ended December 31, 2024	Greens Creek		Lucky Friday			Keno Hill			Casa Berardi			Total Reportable Segments			Other		Total
Metal sales	$	421,574	$	203,154		$	74,962		$	209,679		$	909,369		$	—	$	909,369
Environmental remediation services		—		—			—			—			—			20,556		20,556
Intersegment sales		—		—			3,834			—			3,834			—		3,834
Reconciliation of sales		421,574		203,154			78,796			209,679			913,203			20,556		933,759
Elimination of intersegment sales		—		—			(3,834	)		—			(3,834	)		—		(3,834	)
Total consolidated sales																		929,925
Cost of sales and other direct production costs
Salaries, wages and other benefits		69,990		52,879			29,658			49,345			201,872			206		202,078
Contractors		6,135		14,154			22,960			23,982			67,231			19,696		86,927
Materials and consumables		93,223		39,957			28,648			55,867			217,695			625		218,320
Product inventory change		5,858		(2,628	)		(8,902	)		(3,269	)		(8,941	)		—		(8,941	)
Other direct production costs		39,471		1,281			13,216			24,854			78,822			—		78,822
Transfer to ramp-up and suspension costs(a)		—		(2,207	)		(26,754	)		—			(28,961	)		—		(28,961	)
Depreciation, depletion and amortization		53,450		41,049			16,136			72,835			183,470			—		183,470
Gross profit (loss)	$	153,447	$	58,669		$	—		$	(13,935	)	$	198,181		$	29	$	198,210
Other operating expenses (b)																		91,934
Income from operations																		106,276
Other Expense:
Interest expense																		(49,834	)
Fair value adjustments, net																		(2,204	)
Foreign exchange gain, net																		7,552
Other income																		4,426
Income before income and mining taxes																	$	66,216
Capital additions	$	47,795	$	49,592		$	54,869		$	60,704		$	212,960		$	1,532	$	214,492
Identifiable assets		564,334		587,945			413,982			687,080			2,253,341			727,719		2,981,060

(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs.

(b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net.

Year ended December 31, 2023	Greens Creek		Lucky Friday			Keno Hill			Casa Berardi			Total Reportable Segments			Other			Total
Metal sales	$	384,504	$	116,284		$	35,518		$	177,678		$	713,984		$	960		$	714,944
Environmental remediation services		—		—			—			—			—			5,283			5,283
Intersegment sales		—		—			—			—			—			—			—
Reconciliation of sales		384,504		116,284			35,518			177,678			713,984			6,243			720,227
Elimination of intersegment sales																			—
Total consolidated sales																			720,227
Cost of sales and other direct production costs
Salaries, wages and employee benefits		68,183		43,142			21,569			51,201			184,095			3,029			187,124
Contractors		5,917		8,681			10,472			31,912			56,982			1,125			58,107
Materials and consumables		89,850		27,030			18,018			48,130			183,028			1,606			184,634
Product inventory change		4,266		8,014			(1,163	)		2,913			14,030			269			14,299
Other direct production costs		37,684		(1,460	)		12,138			23,376			71,738			1,207			72,945
Transfer to ramp-up and suspension costs(a)		—		(25,548	)		(29,793	)		(2,228	)		(57,569	)		(1,036	)		(58,605	)
Depreciation, depletion and amortization		53,995		24,325			4,277			66,037			148,634			140			148,774
Gross profit (loss)	$	124,609	$	32,100		$	—		$	(43,663	)	$	113,046		$	(97	)	$	112,949
Other operating expenses (b)																			157,623
Loss from operations																			(44,674	)
Other Expense:
Interest expense																			(43,319	)
Fair value adjustments, net																			2,925
Foreign exchange loss, net																			(3,810	)
Other income																			5,883
Loss before income and mining taxes																		$	(82,995	)
Capital additions	$	43,542	$	65,337		$	44,672		$	70,056		$	223,607		$	280		$	223,887
Identifiable assets		569,369		578,110			362,986			683,035			2,193,500			817,604			3,011,104

(a) Total cost of sales in excess of sales value are transferred to ramp-up and suspension costs.

(b) Other operating expense items include general and administrative, exploration and pre-development, ramp-up and suspension costs, provision for closed operations and environmental matters, write-down of property, plant and equipment and other operating (income) expense, net.

Schedule of Long-lived Assets by Geographic Area

The following are our long-lived assets by geographic area as of December 31, 2025 and 2024 (in thousands):

	2025		2024
United States	$	1,714,956	$	1,684,890
Canada		1,118,271		1,001,612
Mexico		7,600		7,617
Total long-lived assets	$	2,840,827	$	2,694,119

Schedule of Sales Contributed by Each Segment

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

	Year Ended December 31,
	2025			2024			2023
Greens Creek		44.3	%		46.4	%		53.7	%
Lucky Friday		22.1	%		22.3	%		16.3	%
Keno Hill		10.5	%		8.2	%		5.0	%
Casa Berardi		23.1	%		23.1	%		24.9	%
Other		—			—			0.1	%
		100	%		100	%		100	%

Schedule of Sales of Products by Metal

Total sales for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

	Year Ended December 31,
	2025			2024			2023
Silver	$	689,406		$	413,980		$	302,284
Gold		484,090			318,256			274,613
Lead		91,272			87,223			72,726
Zinc		131,954			130,767			116,230
Copper		3,194			416			—
Less: Smelter and refining charges		(16,015	)		(41,273	)		(50,909	)
Total metal sales		1,383,901			909,369			714,944
Environmental remediation services		39,118			20,556			5,283
Total sales	$	1,423,019		$	929,925		$	720,227

Schedule of Sales Information by Geographic Area

The following is metal 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, 2025, 2024 and 2023 (in thousands):

	2025		2024		2023
United States	$	60,679	$	41,079	$	36,307
Canada		647,064		457,423		375,092
Japan		56,233		44,561		52,744
Korea		611,284		181,372		127,590
China		29,804		183,644		103,534
Others		8,458		—		—
Total, excluding gains/losses on derivative contracts	$	1,413,522	$	908,079	$	695,267

Metal sales by significant product type for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Doré and metals from doré - Greens Creek, Casa Berardi	$	354,187	$	238,124	$	211,321
Carbon - Casa Berardi		12,878		7,670		4,333
Silver concentrate - Greens Creek, Lucky Friday, Keno Hill		870,489		493,584		356,941
Zinc concentrate - Greens Creek, Lucky Friday, Keno Hill		138,068		111,101		80,274
Precious metals concentrate - Greens Creek		37,900		57,600		42,398
Total, excluding gains/losses on forward contracts	$	1,413,522	$	908,079	$	695,267

Schedule of Sales from Continuing Operations to Significant Metals Customers

Metal sales from continuing operations to significant metals customers as a percentage of total sales were as follows for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31,
	2025			2024			2023
Customer A - Greens Creek, Lucky Friday		24.5	%		28.1	%		11.8	%
Customer B - Greens Creek, Keno Hill		23.4	%		18.5	%		15.5	%
Customer C - Greens Creek, Casa Berardi		13.9	%		—			—
Customer D - Greens Creek, Casa Berardi		10.4	%		—			—
Customer E - Greens Creek, Keno Hill		10.0	%		15.9	%		9.5	%

Summary of Trade Accounts Receivable

Trade accounts receivable balances with significant metals customers as of December 31, 2025, 2024 and 2023 were as follows:

	2025	2024	2023
Customer A	48.7%	46.1%	22.2%
Customer B	41.3%	16.8%	3.3%
Customer E	5.2%	28.2%	—
Customer H	4.4%	—	—
Customer G	0.4%	7.2%	24.2%
Customer K	—	—	34.8%