Note 2 -Business Segments and Sales of Products

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

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 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 months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended March 31,
	2022			2021
Sales of products:
Greens Creek	$	86,090		$	98,409
Lucky Friday		38,040			29,122
Casa Berardi		62,101			72,911
Nevada Operations		268			10,237
Other		—			173
	$	186,499		$	210,852
Income (loss) from operations:
Greens Creek	$	34,586		$	44,600
Lucky Friday		8,771			6,323
Casa Berardi		(2,699	)		11,706
Nevada Operations		(12,231	)		(3,140	)
Other		(13,669	)		(18,460	)
	$	14,758		$	41,029

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

	March 31, 2022		December 31, 2021
Identifiable assets:
Greens Creek	$	578,565	$	589,944
Lucky Friday		526,971		516,545
Casa Berardi		710,374		701,868
Nevada Operations		467,092		468,985
Other		455,897		451,466
	$	2,738,899	$	2,728,808

Sales of products by metal for the three-month periods ended March 31, 2022 and 2021 were as follows (in thousands):

	Three Months Ended March 31,
	2022			2021
Silver	$	66,332		$	77,760
Gold		77,168			101,408
Lead		19,564			15,893
Zinc		35,638			29,191
Less: Smelter and refining charges		(12,203	)		(13,400	)
Sales of products	$	186,499		$	210,852

Sales of products for the first three months of 2022 and 2021 included a net loss of $4.8 million and net gain of $2.8 million, respectively, on financially-settled forward option contracts for silver, gold, lead and zinc contained in our sales.  See Note 8 for more information.