Note 9 - Fair Value Measurement

6 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

Fair Value Measurement

Note 9. Fair Value Measurement

Fair value adjustments, net is comprised of the following (in thousands):

	For the three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Loss on derivative contracts	$	(10,638	)	$	(416	)	$	(20,973	)	$	(669	)
Gain on sale of equity securities investments		70			—			23,745			—
Unrealized gain (loss) on equity securities investments		1,322			4,866			(17,963	)		8,507
Total fair value adjustments, net	$	(9,246	)	$	4,450		$	(15,191	)	$	7,838

Accounting guidance has established a hierarchy for inputs used to measure assets and liabilities at fair value on a recurring basis. The three levels included in the hierarchy are:

Level 1: quoted prices in active markets for identical assets or liabilities;

Level 2: significant other observable inputs; and

Level 3: significant unobservable inputs.

The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands).

Description	Balance at June 30, 2026		Balance at December 31, 2025		Input Hierarchy Level
Assets:
Cash and cash equivalents:
Money market funds and other bank deposits	$	483,482	$	241,558	Level 1
Current and non-current investments:
Equity securities		154,401		107,486	Level 1
Trade accounts receivable:
Receivables from provisional concentrate sales		127,416		170,230	Level 2
Restricted cash and cash equivalent balances:
Certificates of deposit and other deposits		1,170		1,174	Level 1
Derivative contracts - current and non-current derivative assets:
Foreign exchange contracts		306		1,127	Level 2
Metal forward contracts		10,371		15,840	Level 2
Gold-price contingent asset		4,210		—	Level 2
Liabilities:
Derivative contracts - current and non-current derivative liabilities:
Foreign exchange contracts	$	2,100	$	829	Level 2
Metal forward contracts		12,138		38,273	Level 2

Cash and cash equivalents consist primarily of money market funds which are carried at fair value.

Non-current restricted cash and cash equivalent balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value.

Our current and non-current investments consist of marketable equity securities of mining companies and mutual funds held by our SERP which are valued using quoted market prices for each security.

Trade accounts receivable from provisional concentrate sales are subject to final pricing and valued using quoted prices based on forward curves for the particular metals.

We use financially-settled forward contracts to manage exposure to changes in the exchange rate between USD and CAD, and the impact on CAD-denominated operating and capital costs incurred at our Keno Hill operation (see Note 8 for more information). The

fair value of each contract represents the present value of the difference between the forward exchange rate for the contract settlement period as of the measurement date and the contract settlement exchange rate.

We use derivative contracts to (i) manage the exposure to changes in prices of silver, gold, zinc, and lead contained in our concentrate shipments that have not reached final settlement and (ii) manage the exposure to changes in prices of gold, zinc, and lead contained in our forecasted future sales (see Note 8 for more information). The fair value of each forward contract represents the present value of the difference between the forward metal price for the contract settlement period as of the measurement date and the contract settlement metal price.

The gold-price linked contingent assets were part of the consideration for the sale of Hecla Quebec to Orezone (see Note 13). The contingent assets are valued quarterly using an option pricing model with observable inputs.

The Credit Agreement, which we consider to be Level 1 in the fair value hierarchy, has a carrying and fair value of nil.