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Note 2 - Business Segments and Sales of Products | 3 Months Ended
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Mar. 31, 2024
Disclosure Text Block [Abstract] |
Business Segments, Sales of Products | 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, Keno Hill and Casa Berardi. Effective January 2024 we revised our internal reporting provided to our Chief Operating Decision Maker to no longer include any financial performance information for our Nevada Operations, reflecting the current status of the Nevada Operations being on care and maintenance. General corporate activities not associated with operating mines and their various exploration activities, as well as idle properties and environmental remediation services in the Yukon, Canada, and the previously separately reported Nevada Operations are presented as “Other.” The presentation of the prior period information disclosed below has been revised to reflect this change. The following tables present information about our reportable segments sales for the three months ended March 31, 2024 and 2023 (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Total sales to external customers: |  |  |  |  |  |
Greens Creek |  | $ | 97,310 |  |  | $ | 98,611 |
Lucky Friday |  |  | 35,340 |  |  |  | 49,110 |
Keno Hill |  |  | 10,847 |  |  |  | — |
Casa Berardi |  |  | 41,584 |  |  |  | 50,998 |
Other |  |  | 4,447 |  |  |  | 781 |
|  | $ | 189,528 |  |  | $ | 199,500 |
Income (loss) from operations: |  |  |  |  |  |
Greens Creek |  | $ | 26,216 |  |  | $ | 31,241 |
Lucky Friday |  |  | 22,953 |  |  |  | 14,568 |
Keno Hill |  |  | (9,085 | ) |  |  | (6,763 | )
Casa Berardi |  |  | (17,995 | ) |  |  | (13,693 | )
Other |  |  | (17,025 | ) |  |  | (19,800 | )
|  | $ | 5,064 |  |  | $ | 5,553 |
Reconciliation of income from operations to (loss) income before income and mining taxes: |  |  |  |  |  |
Income from operations: |  | $ | 5,064 |  |  | $ | 5,553 |
Adjustments all attributable to the Other segment |  |  |  |  |  |
Interest expense |  |  | (12,644 | ) |  |  | (10,165 | )
Fair value adjustments, net |  |  | (1,852 | ) |  |  | 3,181 |
Net foreign exchange gain |  |  | 3,982 |  |  |  | 108 |
Other income |  |  | 1,512 |  |  |  | 1,392 |
(Loss) income before income and mining taxes |  | $ | (3,938 | ) |  | $ | 69 |
Other sales for the three months ended March 31, 2024 and 2023 is comprised of revenue from our environmental remediation services subsidiary in the Yukon for both periods presented and Nevada Operations metal sales in the prior period. Lucky Friday's income from operations for the three months ended March 31, 2024, includes $17.4 million of business interruption insurance proceeds received during the quarter related to the fire which suspended Lucky Friday's operations from August 2023 through January 8, 2024. Total sales to external customers for the three months ended March 31, 2024 and 2023 were as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Silver |  | $ | 86,233 |  |  | $ | 81,532 |
Gold |  |  | 67,415 |  |  |  | 75,087 |
Lead |  |  | 19,483 |  |  |  | 25,402 |
Zinc |  |  | 24,964 |  |  |  | 32,943 |
Less: Smelter and refining charges |  |  | (13,014 | ) |  |  | (15,973 | )
Total metal sales |  |  | 185,081 |  |  |  | 198,991 |
Environmental remediation services |  |  | 4,447 |  |  |  | 509 |
Total sales |  | $ | 189,528 |  |  | $ | 199,500 |
Sales of metals for the three months ended March 31, 2024 and 2023 include net gains o f $3.1 million and $0.9 million, respectively, on financially-settled forward contracts for silver, gold, lead and zinc. See Note 8 for more information. The following table presents total assets by reportable segment as of March 31, 2024 and December 31, 2023 (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Total assets: |  |  |  |  |  |
Greens Creek |  | $ | 571,684 |  |  | $ | 569,369 |
Lucky Friday |  |  | 571,700 |  |  |  | 578,110 |
Keno Hill |  |  | 374,630 |  |  |  | 362,986 |
Casa Berardi |  |  | 669,626 |  |  |  | 683,035 |
Other |  |  | 806,618 |  |  |  | 817,604 |
|  | $ | 2,994,258 |  |  | $ | 3,011,104 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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