10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 1-8491

HECLA MINING COMPANY

(Exact Name of Registrant as Specified in its Charter)

Delaware	77-0664171
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
6500 Mineral Drive, Suite 200 Coeur d’Alene, Idaho	83815-9408
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (208) 769-4100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.25 per share	HL	New York Stock Exchange
Series B Cumulative Convertible Preferred Stock, par value $0.25 per share	HL-PB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No __

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Shares Outstanding November 2, 2023
Common stock, par value $0.25 par value per share	618,232,871

Hecla Mining Company and Subsidiaries

Form 10-Q

For the Quarter Ended September 30, 2023

INDEX*

		Page
PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Operations and Comprehensive Loss - Three Months Ended and Nine Months Ended September 30, 2023 and 2022	3
	Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2023 and 2022	4
	Condensed Consolidated Balance Sheets - September 30, 2023 and December 31, 2022	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity – Three Months Ended and Nine Months Ended September 30, 2023 and 2022	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	Overview	20
	Consolidated Results of Operations	21
	Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)	35
	Financial Liquidity and Capital Resources	46
	Contractual Obligations, Contingent Liabilities and Commitments	48
	Critical Accounting Estimates	48
	Off-Balance Sheet Arrangements	48
	Guarantor Subsidiaries	49
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	53
PART II.	OTHER INFORMATION	53
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54
Signatures		55
*Items 2 and 3 of Part II are omitted as they are not applicable.

2

Part I - Financial Information

Item 1. Financial Statements

Hecla Mining Company and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(Dollars and shares in thousands, except for per-share amounts)

	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Sales	$	181,906		$	146,339		$	559,537		$	524,080
Cost of sales and other direct production costs		112,212			104,900			345,516			326,579
Depreciation, depletion and amortization		36,217			32,992			107,937			106,362
Total cost of sales		148,429			137,892			453,453			432,941
Gross profit		33,477			8,447			106,084			91,139
Other operating expenses:
General and administrative		7,596			11,003			30,449			28,989
Exploration and pre-development		13,686			15,128			25,546			39,136
Ramp-up and suspension costs		21,025			5,092			48,684			16,539
Provision for closed operations and environmental matters		2,256			1,781			6,411			4,154
Other operating (income) expense, net		1,555			902			(2,729	)		5,310
Total other operating expenses		46,118			33,906			108,361			94,128
Loss from operations		(12,641	)		(25,459	)		(2,277	)		(2,989	)
Other income (expense):
Interest expense		(10,710	)		(10,874	)		(31,186	)		(31,785	)
Fair value adjustments, net		(6,397	)		(4,240	)		(5,774	)		(14,703	)
Net foreign exchange gain		4,176			5,667			434			8,111
Other income		1,657			1,853			4,425			4,828
Total other expense		(11,274	)		(7,594	)		(32,101	)		(33,549	)
Loss before income and mining taxes		(23,915	)		(33,053	)		(34,378	)		(36,538	)
Income and mining tax benefit (expense)		1,500			9,527			(6,904	)		3,642
Net loss		(22,415	)		(23,526	)		(41,282	)		(32,896	)
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net loss applicable to common stockholders	$	(22,553	)	$	(23,664	)	$	(41,696	)	$	(33,310	)
Comprehensive loss:
Net loss	$	(22,415	)	$	(23,526	)	$	(41,282	)	$	(32,896	)
Change in fair value of derivative contracts designated as hedge transactions		(11,384	)		(12,692	)		364			19,491
Comprehensive loss	$	(33,799	)	$	(36,218	)	$	(40,918	)	$	(13,405	)
Basic loss per common share after preferred dividends	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)
Diluted loss per common share after preferred dividends	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)
Weighted average number of common shares outstanding - basic		607,896			554,531			604,028			544,000
Weighted average number of common shares outstanding - diluted		607,896			554,531			604,028			544,000
Cash dividends declared per common share	$	0.00625		$	0.00625		$	0.0125		$	0.0125

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

3

Hecla Mining Company and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Nine Months Ended
	September 30, 2023			September 30, 2022
Operating activities:
Net loss	$	(41,282	)	$	(32,896	)
Non-cash elements included in net loss:
Depreciation, depletion and amortization		111,705			106,743
Inventory adjustments		16,332			2,159
Fair value adjustments, net		5,774			3,486
Provision for reclamation and closure costs		7,805			4,789
Stock-based compensation		5,122			4,298
Deferred income taxes		795			(17,828	)
Foreign exchange gain		(434	)		(8,353	)
Other non-cash items, net		1,624			2,454
Change in assets and liabilities:
Accounts receivable		25,020			34,788
Inventories		(24,339	)		(19,472	)
Other current and non-current assets		(15,045	)		(3,420	)
Accounts payable, accrued and other current liabilities		(2,389	)		(21,708	)
Accrued payroll and related benefits		(11,244	)		1,679
Accrued taxes		(1,008	)		(2,652	)
Accrued reclamation and closure costs and other non-current liabilities		(3,821	)		(297	)
Cash provided by operating activities		74,615			53,770
Investing activities:
Additions to properties, plants, equipment and mineral interests		(161,265	)		(93,237	)
Change in restricted cash		—			2,011
Proceeds from sale of investments		—			9,375
Proceeds from disposition of properties, plants and equipment		160			748
Purchases of investments		(1,753	)		(30,540	)
Acquisitions, net		—			8,952
Pre-acquisition advance to Alexco		—			(25,000	)
Net cash used in investing activities		(162,858	)		(127,691	)
Financing activities:
Proceeds from sale of common stock, net		25,888			4,542
Acquisition of treasury stock		(2,036	)		(3,677	)
Borrowing of debt		119,000			25,000
Repayment of debt		(39,000	)		—
Dividends paid to common and preferred stockholders		(11,755	)		(10,549	)
Credit facility fees paid		—			(517	)
Repayments of finance leases		(7,990	)		(5,222	)
Net cash provided by financing activities		84,107			9,577
Effect of exchange rates on cash		77			(804	)
Net decrease in cash, cash equivalents and restricted cash		(4,059	)		(65,148	)
Cash, cash equivalents and restricted cash at beginning of period		105,907			211,063
Cash, cash equivalents and restricted cash at end of period	$	101,848		$	145,915
Supplemental disclosure of cash flow information:
Cash paid for interest	$	37,514		$	37,179
Cash paid for income and mining taxes, net	$	7,385		$	13,061
Significant non-cash investing and financing activities:
Addition of finance lease obligations and right-of-use assets	$	16,092		$	9,692
Common stock issued to ATAC Resources Ltd. shareholders	$	18,789		$	—
Common stock issued to Alexco Resource Corp. shareholders	$	—		$	68,733
Common stock issued to settle acquired silver stream	$	—		$	135,000
Common stock issued to pension plans	$	—		$	5,570

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

4

Hecla Mining Company and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except shares)

	September 30, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	100,685		$	104,743
Accounts receivable:
Trade		16,685			45,146
Other, net		15,286			10,695
Inventories:
Concentrates, doré, stockpiled ore, and metals in transit and in-process		33,993			37,303
Materials and supplies		63,355			53,369
Other current assets		18,410			16,471
Total current assets		248,414			267,727
Investments		16,594			24,018
Restricted cash		1,163			1,164
Properties, plants, equipment and mineral interests, net		2,648,309			2,569,790
Operating lease right-of-use assets		9,163			11,064
Deferred tax assets		3,349			21,105
Other non-current assets		34,164			32,304
Total assets	$	2,961,156		$	2,927,172
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	87,148		$	84,747
Accrued payroll and related benefits		22,671			37,579
Accrued taxes		3,064			4,030
Finance leases		11,293			9,483
Accrued reclamation and closure costs		10,352			8,591
Accrued interest		5,191			14,454
Other current liabilities		5,652			19,582
Total current liabilities		145,371			178,466
Accrued reclamation and closure costs		109,613			108,408
Long-term debt including finance leases		604,953			517,742
Deferred tax liability		109,293			125,846
Other non-current liabilities		14,156			17,743
Total liabilities		983,386			948,205
Commitments and contingencies (Notes 4, 7, 8, and 10)
STOCKHOLDERS’ EQUITY
Preferred stock, 5,000,000 shares authorized:
Series B preferred stock, $0.25 par value, 157,776 shares issued and outstanding, liquidation preference — $7,889		39			39
Common stock, $0.25 par value, authorized 750,000,000 shares; issued September 30, 2023 — 617,767,667 shares and December 31, 2022 — 607,619,495 shares		154,355			151,819
Capital surplus		2,311,266			2,260,290
Accumulated deficit		(456,968	)		(403,931	)
Accumulated other comprehensive income, net		2,812			2,448
Less treasury stock, at cost; September 30, 2023 — 8,535,161 and December 31, 2022 — 8,132,553 shares issued and held in treasury		(33,734	)		(31,698	)
Total stockholders’ equity		1,977,770			1,978,967
Total liabilities and stockholders’ equity	$	2,961,156		$	2,927,172

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

5

Hecla Mining Company and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(Dollars are in thousands, except for share and per share amounts)

	Three Months Ended September 30, 2023
	Series B Preferred Stock		Common Stock		Capital Surplus		Accumulated Deficit			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total
Balances, July 1, 2023	$	39	$	153,334	$	2,289,607	$	(430,606	)	$	14,196		$	(33,734	)	$	1,992,836
Net loss		—		—		—		(22,415	)		—			—			(22,415	)
Stock-based compensation expense		—		—		1,758		—			—			—			1,758
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared		—		—		—		(3,947	)		—			—			(3,947	)
Common stock issued for 401(k) match (283,541 shares)		—		71		1,386		—			—			—			1,457
Common stock issued to ATAC Resources Ltd. shareholders (3,676,904 shares)		—		919		17,870		—			—			—			18,789
Common stock issued to directors (125,063 shares)		—		31		645		—			—			—			676
Other comprehensive (loss)		—		—		—		—			(11,384	)		—			(11,384	)
Balances, September 30, 2023	$	39	$	154,355	$	2,311,266	$	(456,968	)	$	2,812		$	(33,734	)	$	1,977,770

	Three Months Ended September 30, 2022
	Series B Preferred Stock		Common Stock		Capital Surplus		Accumulated Deficit			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total
Balances, July 1, 2022	$	39	$	137,241	$	2,043,621	$	(370,048	)	$	3,727		$	(31,698	)	$	1,782,882
Net loss		—		—		—		(23,526	)		—			—			(23,526	)
Common stock issued to Alexco Resource Corp. shareholders (17,992,875 shares)		—		4,498		64,235		—			—			—			68,733
Common stock issued to settle the acquired silver stream (34,800,990 shares)		—		8,700		126,300		—			—			—			135,000
Common stock issued for 401(k) match (422,860 shares)		—		106		1,472		—			—			—			1,578
Common stock issued under ATM program, net (1,176,861 shares)		—		294		4,248		—			—			—			4,542
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared		—		—		—		(3,522	)		—			—			(3,522	)
Restricted stock units granted		—		—		1,773		—			—			—			1,773
Other comprehensive (loss)		—		—		—		—			(12,692	)		—			(12,692	)
Balances, September 30, 2022	$	39	$	150,839	$	2,241,649	$	(397,096	)	$	(8,965	)	$	(31,698	)	$	1,954,768

	Nine Months Ended September 30, 2023
	Series B Preferred Stock		Common Stock		Capital Surplus			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss), net		Treasury Stock			Total
Balances, January 1, 2023	$	39	$	151,819	$	2,260,290		$	(403,931	)	$	2,448	$	(31,698	)	$	1,978,967
Net loss		—		—		—			(41,282	)		—		—			(41,282	)
Stock-based compensation expense		—		—		4,446			—			—		—			4,446
Incentive compensation units distributed (1,435,193 shares)		—		359		(359	)		—			—		(2,036	)		(2,036	)
Common stock ($0.0125 per share) and Series B Preferred Stock ($1.75 per share) dividends declared		—		—		—			(11,755	)		—		—			(11,755	)
Common stock issued under ATM program, net (4,253,334 shares)		—		1,063		24,825			—			—		—			25,888
Common stock issued for 401(k) match (657,678 shares)		—		164		3,549			—			—		—			3,713
Common stock issued to ATAC Resources Ltd. shareholders (3,676,904 shares)		—		919		17,870			—			—		—			18,789
Common stock issued to directors (125,063 shares)		—		31		645			—			—		—			676
Other comprehensive income		—		—		—			—			364		—			364
Balances, September 30, 2023	$	39	$	154,355	$	2,311,266		$	(456,968	)	$	2,812	$	(33,734	)	$	1,977,770

6

	Nine Months Ended September 30, 2022
	Series B Preferred Stock		Common Stock		Capital Surplus			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss), net			Treasury Stock			Total
Balances, January 1, 2022	$	39	$	136,391	$	2,034,485		$	(353,651	)	$	(28,456	)	$	(28,021	)	$	1,760,787
Net loss		—		—		—			(32,896	)		—			—			(32,896	)
Restricted stock units granted		—		—		3,881			—			—			—			3,881
Restricted stock units and performance stock units distributed (1,789,042 shares)		—		447		(447	)		—			—			(3,677	)		(3,677	)
Common stock issued for 401(k) match (657,678 shares)		—		186		3,283			—			—			—			3,469
Common stock issued to directors (98,310 shares)		—		25		392			—			—			—			417
Common stock issued to pension plans (1,190,000 shares)		—		298		5,272			—			—			—			5,570
Common stock issued to Alexco Resource Corp. shareholders (17,992,875 shares)		—		4,498		64,235			—			—			—			68,733
Common stock issued to settle the acquired silver stream (34,800,990)		—		8,700		126,300			—			—			—			135,000
Common stock issued under ATM program, net (1,176,861 shares)		—		294		4,248			—			—			—			4,542
Common stock ($0.0125 per share) and Series B Preferred Stock ($2.625 per share) dividends declared		—		—		—			(10,549	)		—			—			(10,549	)
Other comprehensive income		—		—		—			—			19,491			—			19,491
Balances, September 30, 2022	$	39	$	150,839	$	2,241,649		$	(397,096	)	$	(8,965	)	$	(31,698	)	$	1,954,768

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

7

Note 1. Basis of Preparation of Financial Statements

The accompanying unaudited interim condensed consolidated financial statements of Hecla Mining Company and its subsidiaries (collectively, “Hecla,” “the Company,” “we,” “our,” or “us,” except where the context requires otherwise) have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required annually by accounting principles generally accepted in the United States of America (“GAAP”). Therefore, this information should be read in conjunction with Hecla Mining Company’s consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). The consolidated December 31, 2022 balance sheet data was derived from our audited consolidated financial statements. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

On July 7, 2023, we completed the acquisition of ATAC Resources Ltd. ("ATAC"), a Canadian publicly traded company, for total consideration of approximately $19.4 million through the issuance of 3,676,904 shares of Hecla common stock to ATAC shareholders based on the share exchange ratio of 0.0166 Hecla share for each ATAC common share, and $0.6 million of acquisition costs. The acquisition was deemed to be an asset acquisition under GAAP as substantially all of the fair value of the gross assets acquired was concentrated in a single asset group being mineral interests. The total consideration was assigned to the estimated fair values of the assets acquired and liabilities assumed, with $18.1 million assigned to mineral interests. As part of the acquisition, we also acquired 5,502,956 units consisting of (i) shares of Cascadia Minerals Ltd. (“Cascadia”) representing a 19.9% stake, and (ii) full warrants with a five-year term for a CAD$2 million cash investment in Cascadia. Cascadia will be managed by the former management of ATAC, who will explore specific properties in the Yukon and British Columbia. We have the right to appoint two directors to Cascadia’s board.

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 five segments: Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations.

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, are presented as “other.” The nature of the items that reconcile income (loss) from operations to loss before income and mining taxes are not related to our reportable segments.

The following tables present information about our reportable segments sales for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Total sales:
Greens Creek	$	96,459		$	60,875		$	290,961		$	239,688
Lucky Friday		21,409			28,460			113,167			102,380
Keno Hill		16,001			—			17,582			—
Casa Berardi		46,912			56,939			134,856			181,679
Nevada Operations		—			—			960			268
Other		1,125			65			2,011			65
	$	181,906		$	146,339		$	559,537		$	524,080
Income (loss) from operations:
Greens Creek	$	31,169		$	1,378		$	92,824		$	63,768
Lucky Friday		(4,935	)		4,269			20,161			18,568
Keno Hill		(7,462	)		(2,324	)		(24,145	)		(2,324	)
Casa Berardi		(12,433	)		(5,226	)		(35,492	)		(8,497	)
Nevada Operations		(6,061	)		(8,917	)		(16,981	)		(30,879	)
Other		(12,919	)		(14,639	)		(38,644	)		(43,625	)
	$	(12,641	)	$	(25,459	)	$	(2,277	)	$	(2,989	)

8

The following table presents total assets by reportable segment as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023		December 31, 2022
Total assets:
Greens Creek	$	568,881	$	582,687
Lucky Friday		564,746		571,510
Keno Hill		354,149		276,096
Casa Berardi		694,030		681,631
Nevada Operations		461,706		466,722
Other		317,644		348,526
	$	2,961,156	$	2,927,172

Our sales for the three and nine months ended September 30, 2023 and 2022 are comprised of metal sales and revenue from our environmental remediation services in the Yukon.

Total sales for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Silver	$	74,425		$	45,924		$	235,447		$	182,306
Gold		70,206			69,289			208,216			228,475
Lead		15,719			16,033			62,778			56,912
Zinc		33,066			28,051			91,912			94,865
Less: Smelter and refining charges		(12,550	)		(13,023	)		(40,743	)		(38,543	)
Total metal sales		180,866			146,274			557,610			524,015
Environmental remediation services		1,040			65			1,927			65
Total sales	$	181,906		$	146,339		$	559,537		$	524,080

Sales of metals for the three and nine months ended September 30, 2023 included net gains of $4.0 million and $13.1 million, respectively, on financially-settled forward option contracts for silver, gold, lead and zinc. Sales of metals for the three and nine months ended September 30, 2022 included net gains of $1.6 million and $8.1 million, respectively, on such contracts. See Note 8 for more information.

Note 3. Income and Mining Taxes

Major components of our income and mining tax benefit (expense) for the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Current:
Domestic	$	(1,182	)	$	253		$	(2,980	)	$	(2,296	)
Foreign		(1,029	)		(1,085	)		(3,050	)		(4,172	)
Total current income and mining tax expense		(2,211	)		(832	)		(6,030	)		(6,468	)
Deferred:
Domestic		(3,696	)		8,156			(17,619	)		915
Foreign		7,407			2,203			16,745			9,195
Total deferred income and mining tax benefit (expense)		3,711			10,359			(874	)		10,110
Total income and mining tax benefit (expense)	$	1,500		$	9,527		$	(6,904	)	$	3,642

The income and mining tax benefit (expense) for the three and nine months ended September 30, 2023 and 2022 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income due primarily to the impact of taxation in foreign jurisdictions, non-recognition of net operating losses and foreign exchange gains and losses in certain jurisdictions.

For the three and nine months ended September 30, 2023, we used the annual effective tax rate method to calculate the tax provision. Valuation allowances on Nevada, Mexico and certain Canadian net operating losses were treated as discrete adjustments to the tax calculation including losses incurred by the acquired Alexco Resource Corp. entities ("Alexco"), which were acquired on September 7, 2022, and losses incurred by ATAC, which was acquired on July 7, 2023.

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Note 4. Employee Benefit Plans

We sponsor three defined benefit pension plans, two of which cover substantially all U.S. employees. Net periodic pension (benefit) cost for the plans consisted of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Service cost	$	949		$	1,566		$	2,847		$	4,697
Interest cost		1,993			1,369			5,979			4,107
Expected return on plan assets		(3,107	)		(3,363	)		(9,321	)		(10,089	)
Amortization of prior service cost		125			128			375			384
Amortization of net loss		(47	)		512			(141	)		1,537
Net periodic pension (benefit) cost	$	(87	)	$	212		$	(261	)	$	636

For the three and nine months ended September 30, 2023 and 2022, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. The net benefit related to all other components of net periodic pension cost of $1.0 million and $3.1 million for the three and nine months ended September 30, 2023, respectively, and $1.4 million and $4.1 million for the three and nine months ended September 30, 2022, respectively, is included in other income on our condensed consolidated statements of operations and comprehensive loss.

Note 5. Loss Per Common Share

We calculate basic loss per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we report net losses, potential dilutive shares of common stock are excluded, as their conversion and exercise would be anti-dilutive.

The following table represents net loss per common share – basic and diluted (in thousands, except income (loss) per share):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator
Net loss	$	(22,415	)	$	(23,526	)	$	(41,282	)	$	(32,896	)
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net loss applicable to common stockholders	$	(22,553	)	$	(23,664	)	$	(41,696	)	$	(33,310	)
Denominator
Basic weighted average common shares		607,896			554,531			604,028			544,000
Dilutive restricted stock units, warrants and deferred shares		—			—			—			—
Diluted weighted average common shares		607,896			554,531			604,028			544,000
Basic loss per common share	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)
Diluted loss per common share	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)

For the three and nine months ended September 30, 2023 and 2022, all outstanding unvested restricted stock units, deferred restricted stock units, warrants and convertible preferred stock were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have an anti-dilutive effect on the calculation of diluted loss per share.

Note 6. Stockholders’ Equity

At-The-Market Equity Distribution Agreement

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including our share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the equity

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distribution agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. Under the agreement, we have sold 8,113,553 shares for proceeds of $43.2 million, net of commissions and fees of $0.7 million. During the three months ended September 30, 2023, we did not sell any shares under the agreement. During the nine months ended September 30, 2023, we sold 4,253,334 shares under the agreement for proceeds of $25.9 million, net of commissions and fees of $0.4 million.

Stock-based Compensation Plans

The Company has stock incentive plans for executives, directors and eligible employees, comprised of performance shares and restricted stock. Stock-based compensation expense for restricted stock unit and performance-based grants (collectively "incentive compensation") to employees and shares issued to non-employee directors totaled $2.4 million and $5.1 million for the three and nine months ended September 30, 2023, respectively, and $1.8 million and $4.3 million for the three and nine months ended September 30, 2022, respectively. At September 30, 2023, there was $9.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Grant date	Award type	Number granted	Grant date fair value per share
June 21, 2023	Restricted stock	1,230,223	$5.05
June 21, 2023	Performance based	314,778	$3.54
August 7, 2023	Restricted stock	51,357	$5.16
August 7, 2023	Performance based	21,318	$3.54

In connection with the vesting of incentive compensation, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the nine months ended September 30, 2023, we withheld 404,514 shares valued at approximately $2.0 million, or approximately $5.03 per share.

Common Stock Dividends

The following table summarizes the dividends our Board of Directors have declared and we have paid during 2023 pursuant to our dividend policy:

Quarter	Prior Quarter Realized Silver Price	Silver-linked component	Minimum component	Total dividend per share
First	22.03	$0.0025	$0.00375	$0.00625
Second	22.62	$0.0025	$0.00375	$0.00625
Third	23.67	$0.0025	$0.00375	$0.00625

Accumulated Other Comprehensive Income (Loss), Net

The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands):

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2023	$	9,162		$	(6,714	)		2,448
Changes in fair value of derivative contracts		8,665			—			8,665
Gains and deferred gains transferred from accumulated other comprehensive income		(2,149	)		—			(2,149	)
Balance March 31, 2023	$	15,678		$	(6,714	)	$	8,964
Changes in fair value of derivative contracts		7,445			—			7,445
Gains and deferred gains transferred from accumulated other comprehensive income		(2,213	)		—			(2,213	)
Balance June 30, 2023	$	20,910		$	(6,714	)	$	14,196
Changes in fair value of derivative contracts		(5,265	)		—			(5,265	)
Gains and deferred gains transferred from accumulated other comprehensive income		(6,119	)		—			(6,119	)
Balance September 30, 2023	$	9,526		$	(6,714	)	$	2,812

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	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2022	$	(4,675	)	$	(23,781	)		(28,456	)
Changes in fair value of derivative contracts		(31,798	)		—			(31,798	)
Gains transferred from accumulated other comprehensive income		(1,367	)		—			(1,367	)
Balance March 31, 2022		(37,840	)		(23,781	)		(61,621	)
Changes in fair value of derivative contracts		61,939			—			61,939
Gains transferred from accumulated other comprehensive income		3,409			—			3,409
Balance June 30, 2022	$	27,508		$	(23,781	)	$	3,727
Changes in fair value of derivative contracts		(16,701	)		—			(16,701	)
Gains transferred from accumulated other comprehensive income		4,009			—			4,009
Balance September 30, 2022	$	14,816		$	(23,781	)	$	(8,965	)

Note 7. Debt, Credit Agreement and Leases

Our debt as of September 30, 2023 and December 31, 2022 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”), our Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”) and any drawn amounts on our $150 million Credit Agreement, which is described separately below. The following tables summarize our long-term debt balances, excluding interest and borrowings under the Credit Agreement, as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	35,677	$	510,677
Unamortized discount/premium and issuance costs		(3,958	)		284		(3,674	)
Long-term debt balance	$	471,042		$	35,961	$	507,003

	December 31, 2022
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	35,614	$	510,614
Unamortized discount/premium and issuance costs		(4,640	)		392		(4,248	)
Long-term debt balance	$	470,360		$	36,006	$	506,366

The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of September 30, 2023 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. The amounts for the IQ Notes are stated in U.S. dollars (“USD”) based on the USD/Canadian dollar (“CAD”) exchange rate as of September 30, 2023.

Twelve-month period ending September 30,	Senior Notes		IQ Notes		Finance Leases			Operating Leases
2024	$	34,438	$	2,324	$	9,313		$	1,802
2025		34,438		37,468		8,888			1,277
2026		34,438		—		6,415			1,273
2027		34,438		—		3,389			1,199
2028		487,912		—		4,156			1,081
Thereafter		—		—		—			5,807
		625,664		39,792		32,161			12,439
Less: effect of discounting		—		—		(2,918	)		(3,069	)
Total	$	625,664	$	39,792	$	29,243		$	9,370

Credit Agreement

On July 21, 2022, we entered into a revolving credit facility (the "Credit Agreement") with various financial institutions (the “Lenders”), Bank of Montreal and Bank of America, N.A. as letters of credit issuers, and Bank of America, N.A., as administrative agent for the Lenders and as swingline lender, to replace our prior credit agreement. The Credit Agreement is a $150 million senior secured revolving facility, with an option to be increased in an aggregate amount not to exceed $75 million. Any revolving loans under the Credit Agreement have a maturity date of July 21, 2026. Proceeds of the revolving loans under the Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the Credit Agreement is based on the Company’s net

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leverage ratio and is calculated at (i) Term Secured Overnight Financing Rate ("SOFR") plus 2% to 3.5% or (ii) Bank of America’s Base Rate plus 1% to 2.5% with Base Rate being the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus .50% or (iii) Term SOFR plus 1.00%. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount.

We are also required to pay a commitment fee of between 0.45% to 0.78750%, depending on our net leverage ratio. Letters of credit issued under the Credit Agreement bear a fee between 2.00% and 3.50% based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure.

Hecla Mining Company and certain of our subsidiaries are the borrowers under the Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the Credit Agreement. As further security, the Credit Agreement is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Green Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group.

At September 30, 2023, we had net draws of $80.0 million outstanding at an interest rate of 8.0%, and $6.7 million of outstanding letters of credit. Letters of credit that are outstanding reduce availability under the Credit Agreement.

We believe we were in compliance with all covenants under the Credit Agreement as of September 30, 2023.

Note 8. Derivative Instruments

General

Our current risk management policy provides that up to 75% of five years of our foreign currency, lead and zinc metals price and silver and gold price exposure may be covered under a derivatives program with certain other limitations. Our program also utilizes derivatives to manage price risk exposure created from when revenue is recognized from a shipment of concentrate until final settlement.

These instruments expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price or currency exchange rate exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions.

Foreign Currency

Our wholly-owned subsidiaries owning the Casa Berardi operation and Keno Hill operation are USD-functional entities which routinely incur expenses denominated in CAD. Such expenses expose us to exchange rate fluctuations between the USD and CAD. We have a program to manage our exposure to fluctuations in the USD exchange rate for these subsidiaries' future operating and capital costs denominated in CAD. The program related to forecasted cash operating costs at Casa Berardi and Keno Hill utilizes forward contracts to buy CAD, some of which are designated as cash flow hedges. As of September 30, 2023, we have a total of 642 forward contracts outstanding to buy a total of CAD $510.8 million having a notional amount of USD$383.6 million for Casa Berardi, Keno Hill, and some corporate Canadian expenses. The CAD contracts that are related to forecasted cash operating costs at Casa Berardi and Keno Hill from 2023-2026 have a total notional value of CAD$406.3 million and have CAD-to-USD exchange rates ranging between 1.27550 and 1.37250 The CAD contracts that are related to forecasted capital expenditures at Casa Berardi from 2023-2026 have a total notional value of CAD$52.6 million at an average CAD-to-USD exchange rate of 1.357. The CAD contracts that are related to forecasted capital expenditures at Keno Hill from 2023-2026 have a total notional value of CAD$27.1 million at an average CAD-to-USD exchange rate of 1.3533.

As of September 30, 2023 and December 31, 2022, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions):

	September 30,		December 31,
Balance sheet line item:	2023		2022
Other current assets	$	0.9	$	1.1
Other non-current assets	$	0.4	$	0.4
Other current liabilities	$	3.3	$	4.0
Other non-current liabilities	$	2.2	$	3.6

Net unrealized losses of $4.9 million related to the effective portion of the foreign currency forward contracts designated as hedges are included in accumulated other comprehensive income (loss) as of September 30, 2023. Unrealized gains and losses will be

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transferred from accumulated other comprehensive income (loss) to current earnings as the underlying operating expenses are recognized. We estimate $2.9 million in net unrealized losses included in accumulated other comprehensive income (loss) as of September 30, 2023 will be reclassified to current earnings in the next twelve months. Net realized losses of $0.6 million and $2.5 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive income (loss) and included in cost of sales and other direct production costs for the three and nine months ended September 30, 2023, respectively. Net losses of $3.2 million and net gains of $0.1 million for the three and nine months ended September 30, 2023, respectively, related to contracts not designated as hedges and no net unrealized gains or losses related to ineffectiveness of the hedges are included in fair value adjustments, net on our consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023, respectively.

Metals Prices

We are currently using financially-settled forward contracts to manage the exposure to:

•changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and

•changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments.

The following tables summarize the quantities of metals committed under forward metals contracts at September 30, 2023 and December 31, 2022:

September 30, 2023	Ounces/pounds under contract (in 000's)								Average price per ounce/pound
	Silver		Gold		Zinc		Lead		Silver		Gold	Zinc		Lead
	(ounces)		(ounces)		(pounds)		(pounds)		(ounces)		(ounces)	(pounds)		(pounds)
Contracts on provisional sales
2023 settlements		931		—		—		11,188	$	23.30	N/A	N/A		$	1.00
Contracts on forecasted sales
2023 settlements		—		—		441		7,992	N/A		N/A	$	1.51	$	0.99
2024 settlements		—		—		—		74,902	N/A		N/A	N/A		$	0.97
2025 settlements		—		—		—		44,754	N/A		N/A	N/A		$	0.97

December 31, 2022	Ounces/pounds under contract (in 000's)								Average price per ounce/pound
	Silver		Gold		Zinc		Lead		Silver		Gold		Zinc		Lead
	(ounces)		(ounces)		(pounds)		(pounds)		(ounces)		(ounces)		(pounds)		(pounds)
Contracts on provisional sales
2023 settlements		3,124		8		18,629		11,960	$	21.55	$	1,795	$	1.38	$	0.98
Contracts on forecasted sales
2023 settlements		—		—		37,533		75,618	N/A		N/A		$	1.34	$	1.00
2024 settlements		—		—		—		45,856	N/A		N/A		N/A		$	0.99

We recorded the following balances for the fair value of the forward metals contracts as of September 30, 2023 and December 31, 2022 (in millions):

	September 30, 2023						December 31, 2022
Balance sheet line item:	Contracts in an asset position		Contracts in a liability position		Net asset (liability)		Contracts in an asset position		Contracts in a liability position			Net asset (liability)
Other current assets	$	1.2	$	—	$	1.2	$	1.2	$	—		$	1.2
Other non-current assets	$	—	$	—	$	—	$	0.1	$	—		$	0.1
Other current liabilities	$	—	$	—	$	—	$	—	$	(12.1	)	$	(12.1	)
Other non-current liabilities	$	—	$	1.1	$	1.1	$	—	$	(2.5	)	$	(2.5	)

Net realized and unrealized gains of $15.1 million related to the effective portion of the forward metals contracts designated as hedges were included in accumulated other comprehensive income (loss) as of September 30, 2023. Unrealized gains and losses will be transferred from accumulated other comprehensive income (loss) to current earnings as the underlying forecasted sales are recognized. We estimate $11.7 million in net realized and unrealized gains included in accumulated other comprehensive income (loss) as of September 30, 2023 would be reclassified to current earnings in the next twelve months. The realized gains arose due to cash settlement of zinc contracts prior to maturity in 2022 and during the second quarter of 2023 for net proceeds of $17.4 million and $7.6 million, respectively. We recognized a net gain of $4.0 million, including a $6.7 million gain transferred from accumulated other comprehensive income (loss), and a net gain of $1.6 million, during the three months ended September 30, 2023 and 2022, respectively. We recognized a net gain of $13.1 million, including a $13.0 million gain transferred from accumulated other comprehensive income (loss), and a net gain of $8.1 million, during the nine months ended September 30, 2023 and 2022, respectively. These gains and losses were recognized on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which are included in sales. The net losses

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and gains recognized on the contracts offset gains and losses related to price adjustments on our provisional concentrate sales due to changes to silver, gold, lead and zinc prices between the time of sale and final settlement.

Credit-risk-related Contingent Features

Certain of our derivative contracts contain cross default provisions which provide that a default under our Credit Agreement would cause a default under the derivative contract. As of September 30, 2023, we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these agreements was $7.1 million as of September 30, 2023, which includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at September 30, 2023, we could have been required to settle our obligations under the agreements at their termination value of $7.1 million.

Note 9. Fair Value Measurement

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Gain (loss) on derivative contracts	$	(2,160	)	$	873		$	1,848		$	(20	)
Unrealized loss on equity securities investments		(4,237	)		(5,110	)		(7,622	)		(14,749	)
Gain on disposition or exchange of investments		—			(3	)		—			66
Total fair value adjustments, net	$	(6,397	)	$	(4,240	)	$	(5,774	)	$	(14,703	)

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 September 30, 2023		Balance at December 31, 2022		Input Hierarchy Level
Assets:
Cash and cash equivalents:
Money market funds and other bank deposits	$	100,685	$	104,743	Level 1
Current and non-current investments:
Equity securities - mining industry		16,594		24,018	Level 1
Trade accounts receivable:
Receivables from provisional concentrate sales		16,685		45,146	Level 2
Restricted cash balances:
Certificates of deposit and other deposits		1,163		1,164	Level 1
Derivative contracts - current and non-current derivatives assets:
Foreign exchange contracts		1,343		1,518	Level 2
Metal forward contracts		1,241		1,309	Level 2
Total assets	$	137,711	$	177,898
Liabilities:
Derivative contracts - current derivatives liabilities and other non-current liabilities:
Foreign exchange contracts	$	5,549	$	7,548	Level 2
Metal forward contracts		1,128		14,643	Level 2
Total liabilities	$	6,677	$	22,191

Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value.

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

Our non-current investments consist of marketable equity securities of companies in the mining industry 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 Casa Berardi operation and the 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 financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement. We also use financially-settled forward contracts to manage the exposure to changes in prices of silver, 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.

At September 30, 2023, our Senior Notes and IQ Notes were recorded at their carrying value of $471.0 million and $36.0 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $460.2 million and $34.2 million, respectively, at September 30, 2023. Quoted market prices, which we consider to be Level 1 inputs, are utilized to estimate fair values of the Senior Notes. Unobservable inputs which we consider to be Level 3, including an assumed current annual yield of 8.06%, are utilized to estimate the fair value of the IQ Notes. See Note 7 for more information.

Note 10. Commitments, Contingencies and Obligations

Johnny M Mine Area near San Mateo, McKinley County and San Mateo Creek Basin, New Mexico

In August 2012, Hecla Limited and the U.S. Environmental Protection Agency (the “EPA”) entered into a Settlement Agreement and Administrative Order on Consent for Removal Action (“Consent Order”) regarding the Johnny M Mine Area near San Mateo, McKinley County, New Mexico. Mining at the Johnny M Mine was conducted for a limited period of time by a predecessor of Hecla Limited, and the EPA had previously asserted that Hecla Limited may be responsible under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) for environmental remediation and past costs incurred by the EPA at the site. Under the Consent Order, Hecla Limited agreed to pay (i) $1.1 million to the EPA for its past response costs at the site and (ii) any future response costs at the site under the Consent Order, in exchange for a covenant not to sue by the EPA. In December 2014, Hecla Limited submitted to the EPA the Engineering Evaluation and Cost Analysis (“EE/CA”) for the site which recommended on-site disposal of mine-related material. In January 2021, the parties began negotiating a new consent order to design and implement the on-site disposal response action recommended in the EE/CA. Based on the foregoing, we believe it is probable that Hecla Limited will incur a liability for the CERCLA removal action and we have accrued $10.1 million, primarily representing estimated current costs to design and implement the remedy, which are subject to change as fieldwork is performed. It is possible that Hecla Limited’s liability will be more than $10.1 million, and any increase in liability could have a material adverse effect on Hecla Limited’s or our results of operations or financial position.

The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. In addition to Johnny M, Hecla Limited’s predecessor was involved at other mining sites within the SMCB. The EPA appears to have deferred consideration of listing the SMCB site on CERCLA’s National Priorities List (“Superfund”) by removing the site from its emphasis list, and is working with various potentially responsible parties (“PRPs”) at the site in order to study and potentially address perceived groundwater issues within the SMCB. The EE/CA discussed above relates primarily to contaminated rock and soil at the Johnny M site, not groundwater and not elsewhere within the SMCB site. It is possible that Hecla Limited’s liability at the Johnny M Site, and for any other mine site within the SMCB at which Hecla Limited’s predecessor may have operated, will be greater than our current accrual of $10.1 million due to the increased scope of required remediation.

In July 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the SMCB site or for costs incurred by the EPA in cleaning up the site. The EPA stated it has incurred approximately $9.6 million in response costs to date. On May 2, 2022, Hecla Limited received a letter from a PRP notifying Hecla Limited that three PRPs will seek cost recovery and

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contribution from Hecla Limited under CERCLA for certain investigatory work performed by the PRPs at the SMCB site. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by the various PRPs.

Carpenter Snow Creek and Barker-Hughesville Sites in Montana

In July 2010, the EPA made a formal request to Hecla for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historical mining district, and in the early 1980s Hecla Limited leased 6 mining claims and performed limited exploration activities at the site. Hecla Limited terminated the mining lease in 1988.

In June 2011, the EPA informed Hecla Limited that it believes Hecla Limited, and several other PRPs, may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA stated in the letter that it has incurred approximately $4.5 million in response costs and estimated that total remediation costs may exceed $100 million. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by various other PRPs.

In February 2017, the EPA made a formal request to Hecla for information regarding the Barker-Hughesville Mining District Superfund site located in Judith Basin and Cascade Counties, Montana. Hecla Limited submitted a response in April 2017. The Barker-Hughesville site is located in a historic mining district, and between approximately June and December 1983, Hecla Limited was party to an agreement with another mining company under which limited exploration activities occurred at or near the site.

In August 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA did not include an amount of its alleged response costs to date. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning past or anticipated future costs at the site and the relative contributions of contamination by various other PRPs.

Lucky Friday Environmental Issues

On July 12, 2022, our Lucky Friday mine received a NOV from the EPA alleging violations of the Clean Water Act between 2018 and 2021 relating primarily to concentration levels of zinc and lead in the mine’s permitted water discharges. Currently, the EPA has not initiated any formal enforcement proceeding against our Lucky Friday subsidiary. In civil judicial cases, the EPA can seek statutory penalties up to $59,973 per day per violation and, in administrative actions, the EPA can seek administrative penalties up to $23,989 per day per violation with a maximum administrative penalty of $299,989 for all alleged violations. The EPA typically pursues administrative penalties. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA.

Litigation Related to Klondex Acquisition

On May 24, 2019, a purported Hecla stockholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against Hecla and certain of our executive officers, one of whom is also a director. The complaint, purportedly brought on behalf of all purchasers of Hecla common stock from March 19, 2018 through and including May 8, 2019, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks, among other things, damages and costs and expenses. Specifically, the complaint alleges that Hecla, under the authority and control of the individual defendants, made certain material false and misleading statements and omitted certain material information regarding Hecla’s Nevada Operations. The complaint alleges that these misstatements and omissions artificially inflated the market price of Hecla common stock during the class period, thus purportedly harming investors. The Court granted our Motion to Dismiss the lawsuit, without prejudice, in February 2023, and the plaintiffs filed an amended complaint in March 2023 which repeats the same claims. We have filed a Motion to Dismiss the amended complaint. We cannot predict the outcome of this lawsuit or estimate damages if plaintiffs were to prevail. We believe that these claims are without merit and intend to defend them vigorously.

Related to this class action lawsuit, Hecla has been named as a nominal defendant in a shareholder derivative lawsuit which also names as defendants certain current and past (i) members of Hecla’s board of directors and (ii) officers of Hecla. The case was filed on May 4, 2022 in the Delaware Chancery Court. In general terms, the suit alleges breaches of fiduciary duties by the individual defendants, waste of corporate assets and unjust enrichment, and seeks damages, purportedly on behalf of Hecla.

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Debt

See Note 7 for information on the commitments related to our debt arrangements as of September 30, 2023.

Other Commitments

Our contractual obligations as of September 30, 2023 included open purchase orders and commitments of approximately $15.0 million, $9.7 million, $10.3 million, $3.5 million and $1.8 million for various capital and non-capital items at Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations, respectively. We also have total commitments of approximately $32.2 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, Casa Berardi, and Keno Hill units, and total commitments of approximately $12.4 million relating to payments on operating leases (see Note 7 for more information). As part of our ongoing business and operations, we are required to provide surety bonds, bank letters of credit, and restricted deposits for various purposes, including financial support for environmental reclamation obligations and workers compensation programs. As of September 30, 2023, we had surety bonds totaling $193.4 million and letters of credit totaling $6.7 million in place as financial support for future reclamation and closure costs, self-insurance, and employee benefit plans. The obligations associated with these instruments are generally related to performance requirements that we address through ongoing operations. As the requirements are met, the beneficiary of the associated instruments cancels or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure of the sites. We believe we are in compliance with all applicable bonding requirements and will be able to satisfy future bonding requirements as they arise.

Other Contingencies

We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently have no basis to conclude that any or all of such contingencies will materially affect our financial position, results of operations or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by us, and there can be no assurance that their ultimate disposition will not have a material adverse effect on our financial position, results of operations or cash flows.

Note 11. Developments in Accounting Pronouncements

Accounting Standards Updates Adopted

In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. Certain of our derivative instruments previously referenced London Interbank Offered Rate ("LIBOR") based rates and have been amended to eliminate the LIBOR-based rate references prior to July 1, 2023. There have been no significant impacts to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates.

Note 12. Subsequent Events

On November 1, 2023, we participated in an equity offering of Dolly Varden Silver Corporation acquiring 15,384,616 shares of common stock for CAD$10 million (USD$7.3 million).

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Forward-Looking Statements

Certain statements contained in this Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk, are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-looking statements include our current expectations and projections about future results, performance, results of litigation, prospects and opportunities, including reserves and other mineralization. We have tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “feel,” “plan,” “estimate,” “project,” “forecast” and similar expressions. These forward-looking statements are based on information currently available to us and are expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

These risks, uncertainties and other factors include, but are not limited to, those set forth under Part I, Item 1A. – Risk Factors in our 2022 Form 10-K. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to Hecla Mining Company or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

In this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), “Hecla,” “the Company,” “we,” “us” and “our” refer to Hecla Mining Company and its consolidated subsidiaries, except where the context requires otherwise. You should read this discussion in conjunction with our consolidated financial statements, the related MD&A and the discussion of our Business and Properties in our 2022 Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”). The results of operations reported and summarized below are not necessarily indicative of future operating results (refer to “Forward-Looking Statements” above for further discussion). References to “Notes” are Notes included in our Notes to Condensed Consolidated Financial Statements (Unaudited). Throughout MD&A, all references to losses or income per share are on a diluted basis.

Overview

Established in 1891, we are the oldest operating precious metals mining company in the United States. We are the largest silver producer in the United States, producing over 45% of the U.S. silver production at our Greens Creek and Lucky Friday operations. We produce gold at our Casa Berardi and Greens Creek operations. In addition, we are developing the Keno Hill mine in the Yukon Territory, Canada which we acquired on September 7, 2022. We began ramp-up of the Keno Hill mill during the second quarter of 2023. Based upon the jurisdictions in which we operate, we believe we have lower political and economic risk compared to other mining companies whose mines are located in other parts of the world. Our exploration interests are located in the United States, Canada and Mexico. Our operating and strategic framework is based on expanding our production and locating and developing new resource potential in a safe and responsible manner.

Third Quarter 2023 Highlights

Operational:

•Produced 3.5 million ounces of silver and 39,269 ounces of gold. See Consolidated Results of Operations below for information on total cost of sales, as well as cash costs and all in sustaining costs ("AISC"), each after by-product credits, per silver and gold ounce for the three-month periods ended September 30, 2023 and 2022.

•Keno Hill produced 0.7 million ounces of silver as ramp-up of production continued during the quarter.

•Advanced the underground development at Keno Hill mine by 2,339 feet.

•Closed the ATAC Resources Ltd. acquisition for total consideration of $19.4 million, of which $18.8 million was in Hecla common stock, adding an over 700 square miles land package comprised of the Rackla and Connaught properties in the Yukon Territory, Canada.

Financial:

•Generated sales of $181.9 million.

•Invested in our operations by making capital expenditures of approximately $55.4 million, including $12.1 million at Greens Creek, $15.5 million at Lucky Friday, $16.2 million at Casa Berardi and $11.5 million at Keno Hill.

•Returned $3.9 million to our stockholders through dividend payments.

•Spent $13.7 million on exploration and pre-development activities.

Year to date 2023 Highlights

Operational:

•Produced 11.4 million ounces of silver and 114,091 ounces of gold. See Consolidated Results of Operations below for information on total cost of sales and cash costs and AISC, each after by-product credits, per silver and gold ounce for the nine-month periods ended September 30, 2023 and 2022.

•Greens Creek increased silver production by 2% compared to the same period in 2023.

•Keno Hill has produced 0.9 million ounces of silver as it continues to ramp-up production.

•Advanced the underground development at Keno Hill mine by 4,541 feet.

Financial:

•Generated sales of $559.5 million.

•Invested in our operations by making capital expenditures of approximately $161.3 million, including $27.5 million at Greens Creek, $46.5 million at Lucky Friday, $54.1 million at Casa Berardi and $32.1 million at Keno Hill.

•Returned $11.8 million to our stockholders through dividend payments.

•Spent $25.5 million on exploration and pre-development activities.

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External Factors that Impact our Results

Our financial results vary as a result of fluctuations in market prices primarily for silver and gold and, to a lesser extent, zinc and lead. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Beginning in 2020, with the onset of the COVID-19 pandemic, and continuing in 2023 because of a series of macro-economic factors, there has been significant volatility in the financial and commodities markets, including the precious metals market. We believe the outlook for precious metals fundamentals in the medium- and long-term are favorable. Refer to “Markets” and see Item 1A. “Risk Factors” contained in Part I of our annual report on Form 10-K for the year ended December 31, 2022 ("2022 Form 10-K"), for further discussion. Because we cannot control the price of our products, the key measures that management focuses on in operating our business are production volumes, payable sales volumes, Cash Cost, After By-product Credits, per Ounce (non-GAAP) and All-In Sustaining Cost, After By-product Credits, per Ounce (“AISC”) (non-GAAP), operating cash flows, capital expenditures, free cash flow and adjusted EBITDA. The average realized prices for all metals sold by us continued to exhibit significant volatility period over period. We have also experienced significant cost inflation across our operations, principally associated with higher energy prices, increased costs for other consumables such as reagents, explosives and steel, and higher labor and contractor costs.

Consolidated Results of Operations

Total sales for the three and nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2023			2022			2023			2022
Silver	$	74,425		$	45,924		$	235,447		$	182,306
Gold		70,206			69,289			208,216			228,475
Lead		15,719			16,033			62,778			56,912
Zinc		33,066			28,051			91,912			94,865
Less: Smelter and refining charges		(12,550	)		(13,023	)		(40,743	)		(38,543	)
Total metal sales		180,866			146,274			557,610			524,015
Environmental remediation services		1,040			65			1,927			65
Total sales	$	181,906		$	146,339		$	559,537		$	524,080

Total metal sales for the three and nine months ended September 30, 2023 and 2022, and the approximate variances attributed to differences in metals prices, sales volumes and smelter terms, were as follows:

(in thousands)	Silver		Gold			Base metals			Less: smelter and refining charges			Total sales of products
Three months ended September 30, 2022	$	45,924	$	69,289		$	44,084		$	(13,023	)	$	146,274
Variances - 2023 versus 2022:
Price		13,104		7,336			8,591			760			29,791
Volume		15,397		(6,419	)		(3,890	)		(418	)		4,670
Smelter terms		—		—			—			131			131
Three months ended September 30, 2023	$	74,425	$	70,206		$	48,785		$	(12,550	)	$	180,866

(in thousands)	Silver		Gold			Base metals			Less: smelter and refining charges			Total sales of products
Nine months ended September 30, 2022	$	182,306	$	228,475		$	151,777		$	(38,543	)	$	524,015
Variances - 2023 versus 2022:
Price		18,808		11,256			(6,057	)		1,489			25,496
Volume		34,333		(31,515	)		8,970			(3,964	)		7,824
Smelter terms		—		—			—			275			275
Nine months ended September 30, 2023	$	235,447	$	208,216		$	154,690		$	(40,743	)	$	557,610

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The fluctuations in sales for the three and nine months ended September 30, 2023 compared to the same periods in 2022 were primarily due to the following two reasons:

•Higher average realized prices for silver, gold and lead partially offset by lower average realized prices for zinc during the three and nine month periods ended September 30, 2023, compared to the same periods in 2022. The table below summarizes spot prices and our realized prices for the commodities we sell:

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Silver –	London PM Fix ($/ounce)	$	23.57	$	19.22	$	23.44	$	21.94
	Realized price per ounce	$	23.71	$	18.30	$	23.28	$	21.25
Gold –	London PM Fix ($/ounce)	$	1,929	$	1,728	$	1,932	$	1,825
	Realized price per ounce	$	1,908	$	1,713	$	1,921	$	1,817
Lead –	LME Final Cash Buyer ($/pound)	$	0.99	$	0.90	$	0.97	$	0.98
	Realized price per pound	$	1.07	$	0.95	$	1.02	$	0.98
Zinc –	LME Final Cash Buyer ($/pound)	$	1.10	$	1.48	$	1.22	$	1.65
	Realized price per pound	$	1.52	$	1.23	$	1.34	$	1.47

Average realized prices typically differ from average market prices primarily because concentrate sales are generally recorded as revenues at the time of shipment at forward prices for the estimated month of settlement, which differ from average market prices. Due to the time elapsed between shipment of concentrates and final settlement with the customers, we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices each period through final settlement. We recorded net positive price adjustments to provisional settlements of $8.1 million and $12.3 million for the three and nine months ended September 30, 2023, respectively, and net negative price adjustments of $6.6 million and $21.5 million for the three and nine months ended September 30, 2022, respectively. The price adjustments related to silver, gold, zinc and lead contained in our concentrate shipments were partially offset by gains and losses on forward contracts for those metals. See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited) for more information. The gains and losses on these contracts are included in revenues and impact the realized prices for silver, gold, lead and zinc. Realized prices are calculated by dividing gross revenues for each metal (which include the price adjustments and gains and losses on the forward contracts discussed above) by the payable quantities of each metal included in concentrate, doré and carbon material shipped during the period.

•Higher quantities of silver sold during the three months ended September 30, 2023 and higher quantities of silver, lead, and zinc, partially offset by lower quantities of gold sold during the nine months ended September 30, 2023 compared to the same periods in 2022. This was primarily due to lower gold production and related sales at Casa Berardi, partially offset by higher gold sales at Greens Creek. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, Casa Berardi Segment and The Nevada Operations Segment sections below for more information on metal production and sales volumes at each of our operating segments. Total metals production and sales volumes for each period are shown in the following table:

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Silver -	Ounces produced		3,533,704		3,549,392		11,407,232		10,525,917
	Payable ounces sold		3,142,227		2,479,724		10,107,415		8,554,894
Gold -	Ounces produced		39,269		44,747		114,091		132,173
	Payable ounces sold		36,792		40,443		108,372		125,721
Lead -	Tons produced		8,024		11,600		34,583		35,794
	Payable tons sold		7,440		8,049		30,848		28,788
Zinc -	Tons produced		14,636		15,859		47,715		47,571
	Payable tons sold		10,993		11,523		34,326		32,328

The difference between what we report as “ounces/tons produced” and “payable ounces/tons sold” is attributable to the difference between the quantities of metals contained in the concentrates we produce versus the portion of those metals actually paid for by our customers according to the terms of our sales contracts. Differences can also arise from inventory changes incidental to shipping schedules, or variances in ore grades which impact the amount of metals contained in concentrates produced and sold.

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Sales, total cost of sales, gross profit (loss), Cash Cost, After By-product Credits, per Ounce (“Cash Cost”) (non-GAAP) and AISC (non-GAAP) at our operating units for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands, except for Cash Cost and AISC):

	Silver												Gold
	Greens Creek			Lucky Friday			Keno Hill			Total Silver (2)			Casa Berardi			Nevada Operations and Other (3)			Total Gold
Three Months Ended September 30, 2023:
Sales	$	96,459		$	21,409		$	16,001		$	133,869		$	46,912		$	1,125		$	48,037
Total cost of sales		(60,322	)		(14,344	)		(16,001	)		(90,667	)		(56,822	)		(940	)		(57,762	)
Gross profit (loss)	$	36,137		$	7,065		$	—		$	43,202		$	(9,910	)	$	185		$	(9,725	)
Cash Cost (1)	$	3.04		$	4.74		$	—		$	3.31		$	1,475		$	—		$	1,475
AISC (1)	$	8.18		$	10.63		$	—		$	11.39		$	1,695		$	—		$	1,695
Three Months Ended September 30, 2022:
Sales	$	60,875		$	28,460		$	—		$	89,335		$	56,939		$	65		$	57,004
Total cost of sales		(52,502	)		(24,164	)		—			(76,666	)		(59,532	)		(1,694	)		(61,226	)
Gross profit (loss)	$	8,373		$	4,296		$	—		$	12,669		$	(2,593	)	$	(1,629	)	$	(4,222	)
Cash Cost (1)	$	2.65		$	5.23		$	—		$	3.43		$	1,349		$	—		$	1,349
AISC (1)	$	7.07		$	15.98		$	—		$	12.93		$	1,669		$	—		$	1,669

	Silver												Gold
	Greens Creek			Lucky Friday			Keno Hill			Total Silver (2)			Casa Berardi			Nevada Operations and Other (3)			Total Gold
Nine Months Ended September 30, 2023
Sales	$	290,961		$	113,167		$	17,582		$	421,710		$	134,856		$	2,971		$	137,827
Total cost of sales		(189,664	)		(81,068	)		(17,582	)		(288,314	)		(162,396	)		(2,743	)		(165,139	)
Gross profit	$	101,297		$	32,099		$	—		$	133,396		$	(27,540	)	$	228		$	(27,312	)
Cash Cost (1)	$	1.81		$	5.51		$	—		$	2.86		$	1,635		$	—		$	1,635
AISC (1)	$	5.67		$	12.21		$	—		$	10.52		$	2,075		$	—		$	2,075
Nine Months Ended September 30, 2022
Sales	$	239,688		$	102,380		$	—		$	342,068		$	181,679		$	333			182,012
Total cost of sales		(162,644	)		(83,779	)		—			(246,423	)		(183,570	)		(2,948	)		(186,518	)
Gross profit	$	77,044		$	18,601		$	—		$	95,645		$	(1,891	)	$	(2,615	)	$	(4,506	)
Cash Cost (1)	$	(0.49	)	$	4.77		$	—		$	1.11		$	1,409		$	—		$	1,409
AISC (1)	$	4.02		$	12.86		$	—		$	9.49		$	1,678		$	—		$	1,678

(1)A reconciliation of these non-GAAP measures to total cost of sales, the most comparable GAAP measure, can be found below in Reconciliation of Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP).

(2)The calculation of AISC for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.

(3)For the three and nine months ended September 30, 2023, Other includes $1.0 million and $1.9 million, respectively, of sales and $0.9 million and $1.7 million, respectively, of cost of sales, from our environmental remediation services in the Yukon. For the three and nine months ended September 30, 2022, Other includes $0.1 million of sales from our environmental remediation services in the Yukon Territory.

While revenue from zinc, lead and gold by-products is significant, we believe that identification of silver as the primary product of Greens Creek, Lucky Friday and Keno Hill is appropriate because:

•silver has historically accounted for a higher proportion of revenue than any other metal and is expected to do so in the future;

•we have historically presented the Greens Creek and Lucky Friday units as primary silver producers, based on the original analysis that justified putting the project into production, and the same analysis applies to the Keno Hill unit, and further we believe that consistency in disclosure is important to our investors regardless of the relationships of metals prices and production from year to year;

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•metallurgical treatment maximizes silver recovery;

•the Greens Creek, Lucky Friday and Keno Hill deposits are massive sulfide deposits containing an unusually high proportion of silver; and

•in most of their working areas, Greens Creek, Lucky Friday and Keno Hill utilize selective mining methods in which silver is the metal targeted for highest recovery.

Accordingly, we believe the identification of gold, lead and zinc as by-product credits at Greens Creek, Lucky Friday and Keno Hill is appropriate because of their lower economic value compared to silver and due to the fact that silver is the primary product we intend to produce at those locations. In addition, we have not consistently received sufficient revenue from any single by-product metal to warrant classification of such as a co-product.

We periodically review our revenues to ensure that reporting of primary products and by-products is appropriate. Because for Greens Creek, Lucky Friday and Keno Hill we consider zinc, lead and gold to be by-products of our silver production, the values of these metals offset operating costs within our calculations of Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce.

We believe the identification of silver as a by-product credit is appropriate at Casa Berardi and Nevada Operations because of its lower economic value compared to gold and due to the fact that gold is the primary product we intend to produce there. In addition, we do not receive sufficient revenue from silver at the Casa Berardi or Nevada Operations to warrant classification of such as a co-product. Because we consider silver to be a by-product of our gold production at Casa Berardi and Nevada Operations, the value of silver offsets operating costs within our calculations of Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce.

We reported a net loss applicable to common stockholders of $22.6 million for the three months ended September 30, 2023, compared to a net loss applicable to common stockholders of $23.7 million in the comparable period in 2022. The following were the significant drivers of changes in net loss applicable to common stockholders compared to 2022:

•Consolidated gross profit increased by $25.0 million. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, The Casa Berardi Segment and The Nevada Operations Segment sections below for a discussion on the key drivers by operating unit.

•Exploration and pre-development decreased by $1.4 million primarily due to lower expenditures across our exploration portfolio.

•Ramp-up and suspension costs increased by $15.9 million primarily due to $12.0 million related to the suspension of operations at Lucky Friday due to the underground fire that occurred in the #2 shaft and $5.1 million of Keno Hill ramp-up activities following the Alexco acquisition, partially offset by a reduction of suspension costs at Nevada Operations.

•Fair value adjustments, net losses increased by $2.2 million primarily due to higher unrealized losses on undesignated derivative contracts of $3.0 million partially offset by lower unrealized losses on our marketable equity securities portfolio of $0.9 million than in the comparable period in 2022.

•Net foreign exchange gain decreased by $1.5 million to $4.2 million reflecting the continued strengthening of the US dollar against the Canadian dollar impact, and related impact on the revaluation of our Canadian monetary assets and liabilities.

We reported a net loss applicable to common stockholders of $41.7 million for the nine months ended September 30, 2023, compared to a net loss applicable to common stockholders of $33.3 million in the comparable period in 2022. The following were the significant drivers of changes in net loss applicable to common stockholders compared to 2022:

•Consolidated gross profit increased by $14.9 million. See The Greens Creek Segment, The Lucky Friday Segment, The Keno Hill Segment, The Casa Berardi Segment and The Nevada Operations Segment sections below for a discussion on the key drivers by operating unit.

•General and administrative costs increased by $1.5 million, reflecting personnel that joined the Company as a result of the September 7, 2022 Alexco acquisition, and compensation adjustments effective July 1, 2023.

•Exploration and pre-development decreased by $13.6 million primarily due to lower expenditures across our exploration portfolio.

•Ramp-up and suspension costs increased by $32.1 million primarily due to $20.4 million of Keno Hill ramp-up activities following the Alexco acquisition, $12.0 million related to the suspension of operations at Lucky Friday in August due to the underground fire that occurred in the #2 shaft, and $2.2 million related to the temporary suspension of operations at Casa Berardi for 21 days in June 2023 following the directives of Quebec's Ministry of Natural Resources and Forests to close certain forest lands and access roads in responses to the Quebec forest fires, partially offset by a reduction of suspension costs at Nevada Operations.

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•Other operating income of $2.7 million in 2023 compared to other operating expense of $5.3 million in 2022, primarily due to the receipt of $5.9 million in insurance proceeds in May related to a coverage lawsuit.

•Fair value adjustments, net loss decreased by $8.9 million to a loss of $5.8 million in 2023 due to a combination of lower unrealized losses on our marketable equity securities portfolio of $7.1 million and unrealized gains on our undesignated derivative book of $1.8 million than in the comparable period in 2022.

•Net foreign exchange gain of $0.4 million, a decrease of $7.7 million in 2023 from the gain of $8.1 million in 2022 reflecting slower strengthening of the US dollar against the Canadian dollar, and the related impact on the revaluation of our Canadian monetary assets and liabilities.

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Greens Creek

Dollars are in thousands (except per ounce and per ton amounts)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Sales	$	96,459		$	60,875		$	290,961		$	239,688
Cost of sales and other direct production costs		(49,307	)		(42,197	)		(151,107	)		(127,290	)
Depreciation, depletion and amortization		(11,015	)		(10,305	)		(38,557	)		(35,354	)
Total cost of sales		(60,322	)		(52,502	)		(189,664	)		(162,644	)
Gross profit	$	36,137		$	8,373		$	101,297		$	77,044
Tons of ore milled		228,978			229,975			694,610			651,220
Production:
Silver (ounces)		2,343,192			2,468,280			7,471,725			7,308,660
Gold (ounces)		15,010			11,412			46,245			35,227
Lead (tons)		4,740			4,428			14,668			14,495
Zinc (tons)		13,224			12,580			38,961			38,470
Payable metal quantities sold:
Silver (ounces)		1,973,606			1,663,909			6,421,060			5,702,301
Gold (ounces)		12,371			7,478			38,025			25,952
Lead (tons)		3,600			2,755			11,506			10,069
Zinc (tons)		9,444			9,138			27,648			25,725
Ore grades:
Silver ounces per ton		13.1			13.6			13.4			13.8
Gold ounces per ton		0.09			0.07			0.09			0.07
Lead percent		2.5	%		2.4	%		2.6	%		2.7	%
Zinc percent		6.5	%		6.3	%		6.3	%		6.7	%
Total production cost per ton	$	200.30		$	185.34		$	197.94		$	191.58
Cash Cost, After By-product Credits, per Silver Ounce (1)	$	3.04		$	2.65		$	1.81		$	(0.49	)
AISC, After By-Product Credits, per Silver Ounce (1)	$	8.18		$	7.07		$	5.67		$	4.02
Capital additions	$	12,060		$	6,988		$	27,546		$	24,748

(1)A reconciliation of these non-GAAP measures to total cost of sales, the most comparable GAAP measure, can be found below in Reconciliation of Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP).

The $27.8 million increase in gross profit for the three months ended September 30, 2023 compared to the same period in 2022 was primarily due to higher sales reflecting a combination or higher realized prices and sales volumes for all metals, partially offset by higher cost of sales and other direct production costs attributable to higher contractor labor maintenance expense, and higher depreciation, depletion and amortization reflecting the higher sales volumes. Capital additions increased by $5.1 million in the same period primarily due to higher mobile equipment purchases and the camp housing project.

The $24.3 million increase in gross profit for the nine months ended September 30, 2023 compared to the same period in 2022 was primarily due to higher sales reflecting higher realized prices for all metals, except zinc, in addition to higher sales volumes of all metals sold, partially offset by higher cost of sales and other direct production costs reflecting more ore mined and processed and cost increases in consumables, labor, maintenance and contractor costs, and higher depreciation, depletion and amortization reflecting the higher sales volumes. Capital additions increased by $2.8 million in the same period primarily due to the camp housing project.

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The charts below illustrate the factors contributing to Cash Cost, After By-product Credits, per Silver Ounce:

 

 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Cash Cost, Before By-product Credits, per Silver Ounce	$	25.48		$	22.69		$	24.03		$	22.24
By-product credits		(22.44	)		(20.04	)		(22.22	)		(22.73	)
Cash Cost, After By-product Credits, per Silver Ounce	$	3.04		$	2.65		$	1.81		$	(0.49	)

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	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
AISC, Before By-product Credits, per Silver Ounce	$	30.62		$	27.11		$	27.89		$	26.75
By-product credits		(22.44	)		(20.04	)		(22.22	)		(22.73	)
AISC, After By-product Credits, per Silver Ounce	$	8.18		$	7.07		$	5.67		$	4.02

The increase in Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the three and nine month periods ended September 30, 2023 compared to the same period in 2022 was primarily due to higher production costs in 2023.

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Lucky Friday

Dollars are in thousands (except per ounce and per ton amounts)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Sales	$	21,409		$	28,460		$	113,167		$	102,380
Cost of sales and other direct production costs		(10,038	)		(16,903	)		(57,327	)		(59,624	)
Depreciation, depletion and amortization		(4,306	)		(7,261	)		(23,741	)		(24,155	)
Total cost of sales		(14,344	)		(24,164	)		(81,068	)		(83,779	)
Gross profit	$	7,065		$	4,296		$	32,099		$	18,601
Tons of ore milled		36,619			90,749			225,965			265,971
Production:
Silver (ounces)		475,414			1,074,230			3,024,544			3,188,565
Lead (tons)		2,957			7,172			19,171			21,299
Zinc (tons)		1,159			3,279			7,810			9,101
Payable metal quantities sold:
Silver (ounces)		534,183			801,115			2,974,835			2,822,281
Lead (tons)		3,330			5,295			18,809			18,720
Zinc (tons)		981			2,385			6,061			6,602
Ore grades:
Silver ounces per ton		13.6			12.5			14.0			12.7
Lead percent		8.6	%		8.5	%		8.9	%		8.5	%
Zinc percent		3.5	%		4.2	%		4.1	%		3.9	%
Total production cost per ton	$	191.81		$	207.10		$	223.44		$	220.41
Cash Cost, After By-product Credits, per Silver Ounce (1)	$	4.74		$	5.23		$	5.51		$	4.77
AISC, After By-product Credits, per Silver Ounce (1)	$	10.63		$	15.98		$	12.21		$	12.86
Capital additions	$	15,494		$	16,125		$	46,518		$	37,278

(1)A reconciliation of these non-GAAP measures to total cost of sales, the most comparable GAAP measure, can be found below in Reconciliation of Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP).

During August 2023, the mine was suspended while repairing an unused station in the #2 ventilation shaft, which is also the secondary egress. The operation remained suspended due to a fire at the unused station. By early September, the fire had been extinguished, normal ventilation was reestablished and the workforce recalled. Following evaluation of alternatives, it was determined that in order to safely bring the mine back into production in the most rapid and cost effective way, a new secondary egress needed to be developed to bypass the damaged portion of the #2 shaft. The new egress will extend an existing ramp 1,600 feet, install a 290-foot-long manway raise, and develop a 850 foot ventilation raise. It is anticipated that this work will result in operations being suspended for the remainder of 2023. The Company has property and business interruption insurance coverage with an underground sub-limit of $50.0 million, and has begun discussions with the insurance provider to recover property damage and business interruption insurance proceeds. There can be no assurance that we will succeed in receiving such proceeds.

Gross profit increased by $2.8 million and $13.5 million for the three and nine month periods ended September 30, 2023, respectively, compared to the same periods in 2022. For both the three and nine month periods ended September 30, 2023, $12.0 million of site specific suspension costs were included within Ramp-up and suspension costs on our condensed consolidated statements of operations and comprehensive loss. For both the three and nine month periods ended September 30, 2023, the increase in gross profit was attributable to higher realized prices for silver and lead, and the impact of mining and processing more high grade material, particularly for silver.

Capital additions decreased by $0.6 million in the three months ended September 30, 2023, compared to the same period in 2022, reflecting lower development and pre-production drilling following suspension of operations in August 2023. Capital additions increased by $9.2 million for the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to expenditures on key projects including the installation of a new service hoist and coarse ore bunker, increased development, and pre-production drilling to achieve a sustained ore production rate for the annual throughput goal of 425,000 tons, prior to suspension of operations in August 2023.

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The charts below illustrate the factors contributing to Cash Cost, After By-product Credits, Per Silver Ounce:

 

 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Cash Cost, Before By-product Credits, per Silver Ounce	$	20.20		$	22.87		$	21.45		$	23.44
By-product credits		(15.46	)		(17.64	)		(15.94	)		(18.67	)
Cash Cost, After By-product Credits, per Silver Ounce	$	4.74		$	5.23		$	5.51		$	4.77

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	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
AISC, Before By-product Credits, per Silver Ounce	$	26.09		$	33.62		$	28.15		$	31.53
By-product credits		(15.46	)		(17.64	)		(15.94	)		(18.67	)
AISC, After By-product Credits, per Silver Ounce	$	10.63		$	15.98		$	12.21		$	12.86

The decrease in Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the three and nine month periods ended September 30, 2023 compared to the same period in 2022 was primarily due to lower by-product credits in 2023.

Keno Hill

Dollars are in thousands (except per ounce and per ton amounts)	Three Months Ended September 30,			Nine Months Ended September 30,
	2023			2023
Sales	$	16,001		$	17,582
Cost of sales and other direct production costs		(14,053	)		(15,373	)
Depreciation, depletion and amortization		(1,948	)		(2,209	)
Total cost of sales		(16,001	)		(17,582	)
Gross profit	$	—		$	—
Tons of ore milled		24,616			36,680
Production:
Silver (ounces)		710,012			894,276
Zinc (tons)		252			943
Lead (tons)		327			744
Payable metal quantities sold:
Silver (ounces)		628,571			694,198
Zinc (tons)		569			617
Lead (tons)		509			533
Ore grades:
Silver ounces per ton		33.0			28.2
Zinc percent		2.5	%		3.1	%
Lead percent		2.4	%		2.1	%

We acquired our Keno Hill operations as part of the Alexco acquisition on September 7, 2022, and have focused on development activities and began ramp-up of the mill during the second quarter. The average throughput during the third quarter was 268 tons per day, with silver grades milled of 33 ounces per ton. Tonnage mined was constrained by delays in infrastructure construction which has impacted development rates. Key underground infrastructure projects include the shotcrete plant, which is now complete, and the cemented rockfill plant, which is expected to be completed at the end of November. With the delay in major construction projects, camp facilities at the mine were constrained, which was also a factor in the slower ramp-up of the mine. Modifications to the secondary crushing circuit are substantially complete, and commissioning is underway. The changes are expected to increase crusher availability and efficiency.

During the three and nine months ended September 30, 2023, Keno Hill recorded sales and cost of sales of $16.0 million and $17.6 million, respectively, related to the concentrate produced and sold. During the three and nine months ended September 30, 2023, $5.1 million and $20.4 million, respectively, of site specific ramp up costs were included with Ramp-up and suspension costs and $1.7 million and $3.1 million, respectively, of site specific exploration costs were included within Exploration and pre-development a reported on our condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2023, Keno Hill recorded capital additions of $11.5 million and $32.1 million, respectively, related to various mine underground development projects, mobile equipment purchases, crushers modification and a camp upgrade.

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Casa Berardi

Dollars are in thousands (except per ounce and per ton amounts)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Sales	$	46,912		$	56,939		$	134,856		$	181,679
Cost of sales and other direct production costs		(37,842	)		(44,443	)		(119,108	)		(137,176	)
Depreciation, depletion and amortization		(18,980	)		(15,089	)		(43,288	)		(46,394	)
Total cost of sales		(56,822	)		(59,532	)		(162,396	)		(183,570	)
Gross loss	$	(9,910	)	$	(2,593	)	$	(27,540	)	$	(1,891	)
Tons of ore milled		343,619			389,941			1,091,477			1,177,709
Production:
Gold (ounces)		24,259			33,335			67,846			96,881
Silver (ounces)		5,084			6,882			16,685			22,329
Payable metal quantities sold:
Gold (ounces)		24,423			32,965			69,804			99,703
Silver (ounces)		5,864			14,700			17,209			23,950
Ore grades:
Gold ounces per ton		0.08			0.10			0.07			0.09
Silver ounces per ton		0.02			0.02			0.02			0.02
Total production cost per ton	$	103.75		$	114.52		$	103.63		$	115.15
Cash Cost, After By-product Credits, per Gold Ounce (1)	$	1,475		$	1,349		$	1,635		$	1,409
AISC, After By-product Credits, per Gold Ounce (1)	$	1,695		$	1,669		$	2,075		$	1,678
Capital additions	$	16,225		$	10,771		$	54,127		$	26,672

(1)A reconciliation of these non-GAAP measures to total cost of sales, the most comparable GAAP measure, can be found below in Reconciliation of Total Cost of Sales (GAAP) to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP).

As part of the transition of the Casa Berardi mine from a combined underground and open pit operation to an open pit only operation, the lower margin east mine underground operations were closed in July 2023 and only the higher margin stopes of the west underground mine will be mined through mid-2024, at which time most underground activity, except for exploration will cease. This strategic change has resulted in production and sales decreasing significantly compared to the three and nine month periods in 2022. Following suspension of underground mining stopping in mid-2024, Casa Berardi is expected to produce gold only from the 160 open pit, and at lower volumes than historic production levels. We expect production from the 160 open pit to conclude during 2027. We forecast a gap in production from 2028 to 2030 when no ore will be mined. During this hiatus, our focus will be on investing in infrastructure and equipment, and on permitting and stripping two expected new open pits, Principal and West Mine Crown Pillar. From 2028 to 2030, there is not expected to be any cash flow from Casa Berardi to offset its operating and capital expenses, and instead our liquidity and capital resources are expected to come from our other operating units. We expect to resume open pit mining at Casa Berardi in 2030, and anticipate that the mine will generate significant free cash flow at the current gold price.

Gross loss increased by $7.3 million to $9.9 million for the three month period ended September 30, 2023, compared to a gross loss of $2.6 million in the same period in 2022. The increase in gross loss includes $3.3 million in product inventory net realizable value write downs attributable to higher depreciation, depletion and amortization expense, reflecting the accelerated amortization of the west underground mine, the purchase of mobile equipment fleet in June and early July 2023 and the cessation of capitalization of any underground mine development costs effective July 2023. Processing of lower grade tonnage from both the underground and surface operations, higher costs related to mill maintenance and optimization activities, and higher fuel and other consumables costs, also contributed to the increased gross loss compared to the same period in 2022. Capital additions increased by $5.5 million in the three months ended September 30, 2023 compared to the same period in 2022, primarily related to the construction of tailings storage facilities.

Gross loss increased by $25.6 million to $27.5 million for the nine month period ended September 30, 2023, compared to a gross loss of $1.9 million for the same period in 2022. This increase in gross loss includes $10.8 million in product inventory net realizable value write downs due to a combination of higher direct production costs during the first six months of the year and higher depreciation, depletion and amortization expense effective July 2023, reflecting the accelerated amortization of the west underground mine. The increase in gross loss was also due to the processing of lower grade ore tonnage from both the underground and surface operations, higher costs related to mill maintenance and optimization activities, higher underground maintenance costs resulting from repairs and replacements of major components for the production fleet, and higher fuel and other consumables costs, compared to the same periods in 2022. Suspension costs amounted to $2.2 million for the nine month period ended September 30, 2023. Casa Berardi's operations were suspended for 20 days in June 2023, due to wildfires in Quebec which resulted in the Quebec Ministry of Natural

32

Resources and Forests closing certain forest lands and access roads. No production or sales took place during the suspension period. Total capital additions increased by $27.5 million for the nine months ended September 30, 2023 compared to the same period in 2022, primarily due to purchases of new surface fleet equipment as the mine transitions from an underground to an open pit operation and the construction of tailings storage facilities.

The charts below illustrate the factors contributing to Cash Cost, After By-product Credits, Per Gold Ounce:

 

 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Cash Cost, Before By-product Credits, per Gold Ounce	$	1,480		$	1,353		$	1,641		$	1,415
By-product credits		(5	)		(4	)		(6	)		(6	)
Cash Cost, After By-product Credits, per Gold Ounce	$	1,475		$	1,349		$	1,635		$	1,409

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	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
AISC, Before By-product Credits, per Gold Ounce	$	1,700		$	1,673		$	2,081		$	1,684
By-product credits		(5	)		(4	)		(6	)		(6	)
AISC, After By-product Credits, per Gold Ounce	$	1,695		$	1,669		$	2,075		$	1,678

The increase in Cash Cost After By-product Credits, per Gold Ounce, for the three and nine month periods ended September 30, 2023 compared to the same periods for 2022 was primarily due to a combination of higher production costs and lower gold production. The lower production for the three and nine month periods ended September 30, 2023 combined with increased sustaining capital also negatively impacted AISC, After By-product Credits, per Gold Ounce.

Nevada Operations

Dollars are in thousands (except per ounce and per ton amounts)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Sales	$	—		$	—		$	960		$	268
Cost of sales and other direct production costs		(34	)		(1,285	)		(877	)		(2,418	)
Depreciation, depletion and amortization		34			(338	)		(140	)		(460	)
Total cost of sales		—			(1,623	)		(1,017	)		(2,878	)
Gross (loss) profit	$	—		$	(1,623	)	$	(57	)	$	(2,610	)
Payable metal quantities sold:
Gold (ounces)		—			—			544			65
Silver (ounces)		—			—			110			6,363

The gross loss of $57 thousand for the nine months ended September 30, 2023 was attributable to write downs of stockpiled material to net realizable value reflecting a lower gold price received for the processing and sale of refractory ore at a third party facility.

Exploration and pre-development activities continued in the three and nine months ended September 30, 2023 and were focused on target generation through detailed modeling and analysis of geological mapping and sampling. Exploration core drilling also began during the second quarter at our Aurora Project.

See Item 1A. Risk Factors - Issues we have faced at certain segments could require us to write-down the associated long-lived assets. We could face similar issues at our other operations. Such write-downs may adversely affect our results of operations and financial condition in our 2022 Form 10-K for a discussion of certain risks relating to our recent and ongoing analysis of the carrying value of the Nevada assets.

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Corporate Matters

Income Taxes

During the three and nine months ended September 30, 2023, an income and mining tax benefit of $1.5 million and an expense of $6.9 million, respectively, resulted in an effective tax rate of 6.3% and -20.1%, respectively. This compares to an income and mining tax benefit of $9.5 million and $3.6 million during the three and nine months ended September 30, 2022, which resulted in an effective tax rate of 29.0% and 10.0%, respectively. The comparability of our income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) mining taxes; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) foreign exchange rates including non-recognition of foreign exchange gains and losses; (v) percentage depletion; and (vi) the non-recognition of tax assets. The effective tax rate will fluctuate, sometimes significantly, period to period. The change in the effective tax rate during the three and nine months ended September 30, 2023 compared to the comparable periods in 2022 is primarily related to the reported consolidated loss as well as the incurred losses at the consolidated Alexco subsidiaries, which were acquired September 7, 2022, and the Nevada operations, for which no tax benefit is recognized due to uncertainty surrounding our ability to utilize these future tax benefits. Since the three months ended March 31, 2022, we have used the annual effective tax rate method to calculate the quarterly tax provision.

Each reporting period we have assessed our deferred tax balances based on a review of long-range forecasts and quarterly activity. A valuation allowance is provided for deferred tax assets for which it is more likely than not the related tax benefits will not be realized. We analyze our deferred tax assets and, if it is determined that we will not realize all or a portion of our deferred tax assets, we will record or increase a valuation allowance. Conversely, if it is determined we will ultimately more likely than not be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact our ability to realize our deferred tax assets. Valuation allowances are provided on deferred tax assets in Nevada, Mexico, and certain Canadian jurisdictions. For additional information, please see risk factors Our accounting and other estimates may be imprecise and Our ability to recognize the benefits of deferred tax assets related to net operating loss carryforwards and other items is dependent on future cash flows and taxable income in Item 1A - Risk Factors in our 2022 Form 10-K.

Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)

The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three and nine months ended September 30, 2023 and 2022.

Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as we report them are the same as those reported by other mining companies.

Cash Cost, After By-product Credits, per Ounce is an important operating statistic that we utilize to measure each mine's operating performance. We use AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure we report, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies, and aggregating Casa Berardi and Nevada Operations for comparison with other gold mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.

Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned

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from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.

In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price received from production. We also use these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.

The Casa Berardi and Nevada Operations and combined gold properties information below reports Cash Cost, After By-product Credits, per Gold Ounce and AISC, After By-product Credits, per Gold Ounce for the production of gold, their primary product, and by-product revenues earned from silver, which is a by-product at Casa Berardi and Nevada Operations. Only costs and ounces produced relating to units with the same primary product are combined to represent Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce. Thus, the gold produced at our Casa Berardi and Nevada Operations units is not included as a by-product credit when calculating Cash Cost, After By-product Credits, per Silver Ounce and AISC, After By-product Credits, per Silver Ounce for the total of Greens Creek and Lucky Friday, our combined silver properties. Similarly, the silver produced at our other two units is not included as a by-product credit when calculating the gold metrics for Casa Berardi and Nevada Operations.

In thousands (except per ounce amounts)	Three Months Ended September 30, 2023
	Greens Creek			Lucky Friday			Keno Hill (6)			Corporate (2)		Total Silver
Total cost of sales	$	60,322		$	14,344		$	16,001		$	—	$	90,667
Depreciation, depletion and amortization		(11,015	)		(4,306	)		(1,948	)		—		(17,269	)
Treatment costs		10,369			1,368			1,033			—		12,770
Change in product inventory		377			(2,450	)		—			—		(2,073	)
Reclamation and other costs		(348	)		(168	)		—			—		(516	)
Exclusion of Lucky Friday cash costs (8)		—			(20	)		—			—		(20	)
Exclusion of Keno Hill cash costs (6)		—			—			(15,086	)		—		(15,086	)
Cash Cost, Before By-product Credits (1)		59,705			8,768			—			—		68,473
Reclamation and other costs		722			101			—			—		823
Sustaining capital		11,330			7,386			—			237		18,953
Exclusion of Lucky Friday sustaining costs (8)		—			(4,934	)		—			—		(4,934	)
General and administrative		—			—			—			7,596		7,596
AISC, Before By-product Credits (1)		71,757			11,321			—			7,833		90,911
By-product credits:
Zinc		(20,027	)		(2,019	)		—			—		(22,046	)
Gold		(25,344	)		—			—			—		(25,344	)
Lead		(7,201	)		(5,368	)		—			—		(12,569	)
Exclusion of Lucky Friday by-product credits (8)		—			676			—			—		676
Total By-product credits		(52,572	)		(6,711	)		—			—		(59,283	)
Cash Cost, After By-product Credits	$	7,133		$	2,057		$	—		$	—	$	9,190
AISC, After By-product Credits	$	19,185		$	4,610		$	—		$	7,833	$	31,628
Ounces produced		2,343			475								2,818
Exclusion of Lucky Friday ounces produced (8)		—			(41	)							(41	)
Divided by ounces produced		2,343			434								2,777
Cash Cost, Before By-product Credits, per Ounce	$	25.48		$	20.20							$	24.66
By-product credits per ounce		(22.44	)		(15.46	)							(21.35	)
Cash Cost, After By-product Credits, per Ounce	$	3.04		$	4.74							$	3.31
AISC, Before By-product Credits, per Ounce	$	30.62		$	26.09							$	32.74
By-product credits per ounce		(22.44	)		(15.46	)							(21.35	)
AISC, After By-product Credits, per Ounce	$	8.18		$	10.63							$	11.39

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In thousands (except per ounce amounts)	Three Months Ended September 30, 2023
	Casa Berardi			Nevada Operations and Other (4)			Total Gold
Total cost of sales	$	56,822		$	940		$	57,762
Depreciation, depletion and amortization		(18,980	)		32			(18,948	)
Treatment costs		254			—			254
Change in product inventory		(1,977	)		—			(1,977	)
Reclamation and other costs		(219	)		—			(219	)
Exclusion of Nevada Operations and Other costs		—			(972	)		(972	)
Cash Cost, Before By-product Credits (1)		35,900			—			35,900
Reclamation and other costs		219			—			219
Sustaining capital		5,133			—			5,133
AISC, Before By-product Credits (1)		41,252			—			41,252
By-product credits:
Silver		(119	)		—			(119	)
Total By-product credits		(119	)		—			(119	)
Cash Cost, After By-product Credits	$	35,781		$	—		$	35,781
AISC, After By-product Credits	$	41,133		$	—		$	41,133
Divided by ounces produced		24			—			24
Cash Cost, Before By-product Credits, per Ounce	$	1,480		$	—		$	1,480
By-product credits per ounce		(5	)		—			(5	)
Cash Cost, After By-product Credits, per Ounce	$	1,475		$	—		$	1,475
AISC, Before By-product Credits, per Ounce	$	1,700		$	—		$	1,700
By-product credits per ounce		(5	)		—			(5	)
AISC, After By-product Credits, per Ounce	$	1,695		$	—		$	1,695

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In thousands (except per ounce amounts)	Three Months Ended September 30, 2023
	Total Silver			Total Gold			Total
Total cost of sales	$	90,667		$	57,762		$	148,429
Depreciation, depletion and amortization		(17,269	)		(18,948	)		(36,217	)
Treatment costs		12,770			254			13,024
Change in product inventory		(2,073	)		(1,977	)		(4,050	)
Reclamation and other costs		(516	)		(219	)		(735	)
Exclusion of Lucky Friday cash costs (8)		(20	)		—			(20	)
Exclusion of Keno Hill cash costs (6)		(15,086	)		—			(15,086	)
Exclusion of Nevada Operations and Other costs		—			(972	)		(972	)
Cash Cost, Before By-product Credits (1)		68,473			35,900			104,373
Reclamation and other costs		823			219			1,042
Sustaining capital		18,953			5,133			24,086
Exclusion of Lucky Friday sustaining costs (8)		(4,934	)		—			(4,934	)
General and administrative		7,596			—			7,596
AISC, Before By-product Credits (1)		90,911			41,252			132,163
By-product credits:
Zinc		(22,046	)		—			(22,046	)
Gold		(25,344	)		—			(25,344	)
Lead		(12,569	)		—			(12,569	)
Silver		—			(119	)		(119	)
Exclusion of Lucky Friday by-product credits (8)		676			—			676
Total By-product credits		(59,283	)		(119	)		(59,402	)
Cash Cost, After By-product Credits	$	9,190		$	35,781		$	44,971
AISC, After By-product Credits	$	31,628		$	41,133		$	72,761
Ounces produced		2,818			24
Exclusion of Lucky Friday ounces produced (8)		(41	)		—
Divided by ounces produced		2,777			24
Cash Cost, Before By-product Credits, per Ounce	$	24.66		$	1,480
By-product credits per ounce		(21.35	)		(5	)
Cash Cost, After By-product Credits, per Ounce	$	3.31		$	1,475
AISC, Before By-product Credits, per Ounce	$	32.74		$	1,700
By-product credits per ounce		(21.35	)		(5	)
AISC, After By-product Credits, per Ounce	$	11.39		$	1,695

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In thousands (except per ounce amounts)	Three Months Ended September 30, 2022 (5)
	Greens Creek			Lucky Friday			Corporate (2)		Total Silver
Total cost of sales	$	52,502		$	24,164		$	—	$	76,666
Depreciation, depletion and amortization		(10,305	)		(7,261	)		—		(17,566	)
Treatment costs		9,477			4,791			—		14,268
Change in product inventory		4,464			3,022			—		7,486
Reclamation and other costs		(118	)		(152	)		—		(270	)
Cash Cost, Before By-product Credits (1)		56,020			24,564			—		80,584
Reclamation and other costs		705			282			—		987
Sustaining capital		10,219			11,264			187		21,670
General and administrative		—			—			11,003		11,003
AISC, Before By-product Credits (1)		66,944			36,110			11,190		114,244
By-product credits:
Zinc		(26,244	)		(7,155	)		—		(33,399	)
Gold		(17,019	)		—			—		(17,019	)
Lead		(6,212	)		(11,796	)		—		(18,008	)
Total By-product credits		(49,475	)		(18,951	)		—		(68,426	)
Cash Cost, After By-product Credits	$	6,545		$	5,613		$	—	$	12,158
AISC, After By-product Credits	$	17,469		$	17,159		$	11,190	$	45,818
Divided by ounces produced		2,469			1,075					3,544
Cash Cost, Before By-product Credits, per Ounce	$	22.69		$	22.87				$	22.74
By-product credits per ounce		(20.04	)		(17.64	)				(19.31	)
Cash Cost, After By-product Credits, per Ounce	$	2.65		$	5.23				$	3.43
AISC, Before By-product Credits, per Ounce	$	27.11		$	33.62				$	32.24
By-product credits per ounce		(20.04	)		(17.64	)				(19.31	)
AISC, After By-product Credits, per Ounce	$	7.07		$	15.98				$	12.93

In thousands (except per ounce amounts)	Three Months Ended September 30, 2022 (5)
	Casa Berardi			Total Gold
Total cost of sales	$	59,532		$	59,532
Depreciation, depletion and amortization		(15,089	)		(15,089	)
Treatment costs		429			429
Change in product inventory		420			420
Reclamation and other costs		(203	)		(203	)
Cash Cost, Before By-product Credits (1)		45,089			45,089
Reclamation and other costs		204			204
Sustaining capital		10,457			10,457
AISC, Before By-product Credits (1)		55,750			55,750
By-product credits:
Silver		(131	)		(131	)
Total By-product credits		(131	)		(131	)
Cash Cost, After By-product Credits	$	44,958		$	44,958
AISC, After By-product Credits	$	55,619		$	55,619
Divided by ounces produced		33			33
Cash Cost, Before By-product Credits, per Ounce	$	1,353		$	1,353
By-product credits per ounce		(4	)		(4	)
Cash Cost, After By-product Credits, per Ounce	$	1,349		$	1,349
AISC, Before By-product Credits, per Ounce	$	1,673		$	1,673
By-product credits per ounce		(4	)		(4	)
AISC, After By-product Credits, per Ounce	$	1,669		$	1,669

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In thousands (except per ounce amounts)	Three Months Ended September 30, 2022 (5)
	Total Silver			Total Gold			Total
Total cost of sales	$	76,666		$	59,532		$	136,198
Depreciation, depletion and amortization		(17,566	)		(15,089	)		(32,655	)
Treatment costs		14,268			429			14,697
Change in product inventory		7,486			420			7,906
Reclamation and other costs		(270	)		(203	)		(473	)
Cash Cost, Before By-product Credits (1)		80,584			45,089			125,673
Reclamation and other costs		987			204			1,191
Sustaining capital		21,670			10,457			32,127
General and administrative		11,003			—			11,003
AISC, Before By-product Credits (1)		114,244			55,750			169,994
By-product credits:
Zinc		(33,399	)		—			(33,399	)
Gold		(17,019	)		—			(17,019	)
Lead		(18,008	)		—			(18,008	)
Silver		—			(131	)		(131	)
Total By-product credits		(68,426	)		(131	)		(68,557	)
Cash Cost, After By-product Credits	$	12,158		$	44,958		$	57,116
AISC, After By-product Credits	$	45,818		$	55,619		$	101,437
Divided by ounces produced		3,544			33
Cash Cost, Before By-product Credits, per Ounce	$	22.74		$	1,353
By-product credits per ounce		(19.31	)		(4	)
Cash Cost, After By-product Credits, per Ounce	$	3.43		$	1,349
AISC, Before By-product Credits, per Ounce	$	32.24		$	1,673
By-product credits per ounce		(19.31	)		(4	)
AISC, After By-product Credits, per Ounce	$	12.93		$	1,669

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In thousands (except per ounce amounts)	Nine Months Ended September 30, 2023
	Greens Creek			Lucky Friday			Keno Hill (6)			Corporate (2)		Total Silver
Total cost of sales	$	189,664		$	81,068		$	17,582		$	—	$	288,314
Depreciation, depletion and amortization		(38,557	)		(23,741	)		(2,209	)		—		(64,507	)
Treatment costs		31,114			10,832			1,146			—		43,092
Change in product inventory		(2,479	)		(3,313	)		—			—		(5,792	)
Reclamation and other costs		(214	)		(826	)		—			—		(1,040	)
Exclusion of Lucky Friday cash costs (8)		—			(20	)		—			—		(20	)
Exclusion of Keno Hill cash costs (6)		—			—			(16,519	)		—		(16,519	)
Cash Cost, Before By-product Credits (1)		179,528			64,000			—			—		243,528
Reclamation and other costs		2,166			671			—			—		2,837
Sustaining capital		26,686			24,251			—			831		51,768
Exclusion of Lucky Friday sustaining costs (8)		—			(4,934	)		—			—		(4,934	)
General and administrative		—			—			—			30,449		30,449
AISC, Before By-product Credits (1)		208,380			83,988			—			31,280		323,648
By-product credits:
Zinc		(64,955	)		(14,284	)		—			—		(79,239	)
Gold		(79,089	)		—			—			—		(79,089	)
Lead		(22,002	)		(33,953	)		—			—		(55,955	)
Exclusion of Lucky Friday by-product credits (8)		—			676			—			—		676
Total By-product credits		(166,046	)		(47,561	)		—			—		(213,607	)
Cash Cost, After By-product Credits	$	13,482		$	16,439		$	—		$	—	$	29,921
AISC, After By-product Credits	$	42,334		$	36,427		$	—		$	31,280	$	110,041
Ounces produced		7,472			3,025								10,497
Exclusion of Lucky Friday ounces produced (8)		—			(41	)							(41	)
Divided by ounces produced		7,472			2,984								10,456
Cash Cost, Before By-product Credits, per Ounce	$	24.03		$	21.45							$	23.29
By-product credits per ounce		(22.22	)		(15.94	)							(20.43	)
Cash Cost, After By-product Credits, per Ounce	$	1.81		$	5.51							$	2.86
AISC, Before By-product Credits, per Ounce	$	27.89		$	28.15							$	30.95
By-product credits per ounce		(22.22	)		(15.94	)							(20.43	)
AISC, After By-product Credits, per Ounce	$	5.67		$	12.21							$	10.52

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In thousands (except per ounce amounts)	Nine Months Ended September 30, 2023
	Casa Berardi (7)			Nevada Operations and Other (4)			Total Gold
Total cost of sales	$	162,396		$	2,743		$	165,139
Depreciation, depletion and amortization		(43,288	)		(142	)		(43,430	)
Treatment costs		1,072			—			1,072
Change in product inventory		(5,345	)		—			(5,345	)
Reclamation and other costs		(655	)		—			(655	)
Exclusion of Casa Berardi cash costs (3)		(2,851	)		—			(2,851	)
Exclusion of Nevada Operations and Other costs		—			(2,601	)		(2,601	)
Cash Cost, Before By-product Credits (1)		111,329			—			111,329
Reclamation and other costs		655			—			655
Sustaining capital		29,175			—			29,175
AISC, Before By-product Credits (1)		141,159			—			141,159
By-product credits:
Silver		(390	)		—			(390	)
Total By-product credits		(390	)		—			(390	)
Cash Cost, After By-product Credits	$	110,939		$	—		$	110,939
AISC, After By-product Credits	$	140,769		$	—		$	140,769
Divided by ounces produced		68			—			68
Cash Cost, Before By-product Credits, per Ounce	$	1,641		$	—		$	1,641
By-product credits per ounce		(6	)		—			(6	)
Cash Cost, After By-product Credits, per Ounce	$	1,635		$	—		$	1,635
AISC, Before By-product Credits, per Ounce	$	2,081		$	—		$	2,081
By-product credits per ounce		(6	)		—			(6	)
AISC, After By-product Credits, per Ounce	$	2,075		$	—		$	2,075

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In thousands (except per ounce amounts)	Nine Months Ended September 30, 2023
	Total Silver			Total Gold			Total
Total cost of sales	$	288,314		$	165,139		$	453,453
Depreciation, depletion and amortization		(64,507	)		(43,430	)		(107,937	)
Treatment costs		43,092			1,072			44,164
Change in product inventory		(5,792	)		(5,345	)		(11,137	)
Reclamation and other costs		(1,040	)		(655	)		(1,695	)
Exclusion of Lucky Friday cash costs (8)		(20	)		—			(20	)
Exclusion of Keno Hill cash costs (6)		(16,519	)		—			(16,519	)
Exclusion of Casa Berardi cash costs (3)		—			(2,851	)		(2,851	)
Exclusion of Nevada Operations and Other costs		—			(2,601	)		(2,601	)
Cash Cost, Before By-product Credits (1)		243,528			111,329			354,857
Reclamation and other costs		2,837			655			3,492
Sustaining capital		51,768			29,175			80,943
Exclusion of Lucky Friday sustaining costs (8)		(4,934	)		—			(4,934	)
General and administrative		30,449			—			30,449
AISC, Before By-product Credits (1)		323,648			141,159			464,807
By-product credits:
Zinc		(79,239	)		—			(79,239	)
Gold		(79,089	)		—			(79,089	)
Lead		(55,955	)		—			(55,955	)
Silver		—			(390	)		(390	)
Exclusion of Lucky Friday by-product credits (8)		676			—			676
Total By-product credits		(213,607	)		(390	)		(213,997	)
Cash Cost, After By-product Credits	$	29,921		$	110,939		$	140,860
AISC, After By-product Credits	$	110,041		$	140,769		$	250,810
Ounces produced		10,497			68
Exclusion of Lucky Friday ounces produced (8)		(41	)		—
Divided by ounces produced		10,456			68
Cash Cost, Before By-product Credits, per Ounce	$	23.29		$	1,641
By-product credits per ounce		(20.43	)		(6	)
Cash Cost, After By-product Credits, per Ounce	$	2.86		$	1,635
AISC, Before By-product Credits, per Ounce	$	30.95		$	2,081
By-product credits per ounce		(20.43	)		(6	)
AISC, After By-product Credits, per Ounce	$	10.52		$	2,075

43

In thousands (except per ounce amounts)	Nine Months Ended September 30, 2022 (5)
	Greens Creek			Lucky Friday			Corporate and other(2)		Total Silver
Total cost of sales	$	162,644		$	83,779		$	—	$	246,423
Depreciation, depletion and amortization		(35,354	)		(24,155	)		—		(59,509	)
Treatment costs		27,369			13,271			—		40,640
Change in product inventory		9,899			2,620			—		12,519
Reclamation and other costs		(1,988	)		(769	)		—		(2,757	)
Cash Cost, Before By-product Credits (1)		162,570			74,746					237,316
Reclamation and other costs		2,115			846					2,961
Sustaining capital		30,843			24,937			334		56,114
General and administrative		—			—			28,989		28,989
AISC, Before By-product Credits (1)		195,528			100,529			29,323		325,380
By-product credits:
Zinc		(87,723	)		(21,358	)		—		(109,081	)
Gold		(55,966	)		—			—		(55,966	)
Lead		(22,449	)		(38,175	)		—		(60,624	)
Total By-product credits		(166,138	)		(59,533	)		—		(225,671	)
Cash Cost, After By-product Credits	$	(3,568	)	$	15,213		$	—	$	11,645
AISC, After By-product Credits	$	29,390		$	40,996		$	29,323	$	99,709
Divided by ounces produced		7,309			3,189					10,498
Cash Cost, Before By-product Credits, per Ounce	$	22.24		$	23.44				$	22.61
By-product credits per ounce		(22.73	)		(18.67	)				(21.50	)
Cash Cost, After By-product Credits, per Ounce	$	(0.49	)	$	4.77				$	1.11
AISC, Before By-product Credits, per Ounce	$	26.75		$	31.53				$	30.99
By-product credits per ounce		(22.73	)		(18.67	)				(21.50	)
AISC, After By-product Credits, per Ounce	$	4.02		$	12.86				$	9.49

In thousands (except per ounce amounts)	Nine Months Ended September 30, 2022 (5)
	Casa Berardi			Total Gold
Total cost of sales	$	183,570		$	183,570
Depreciation, depletion and amortization		(46,394	)		(46,394	)
Treatment costs		1,345			1,345
Change in product inventory		(936	)		(936	)
Reclamation and other costs		(623	)		(623	)
Cash Cost, Before By-product Credits (1)		136,962			136,962
Reclamation and other costs		623			623
Sustaining capital		25,587			25,587
AISC, Before By-product Credits (1)		163,172			163,172
By-product credits:
Silver		(485	)		(485	)
Total By-product credits		(485	)		(485	)
Cash Cost, After By-product Credits	$	136,477		$	136,477
AISC, After By-product Credits	$	162,687		$	162,687
Divided by ounces produced		97			97
Cash Cost, Before By-product Credits, per Ounce	$	1,415		$	1,415
By-product credits per ounce		(6	)		(6	)
Cash Cost, After By-product Credits, per Ounce	$	1,409		$	1,409
AISC, Before By-product Credits, per Ounce	$	1,684		$	1,684
By-product credits per ounce		(6	)		(6	)
AISC, After By-product Credits, per Ounce	$	1,678		$	1,678

44

In thousands (except per ounce amounts)	Nine Months Ended September 30, 2022 (5)
	Total Silver			Total Gold			Total
Total cost of sales	$	246,423		$	183,570		$	429,993
Depreciation, depletion and amortization		(59,509	)		(46,394	)		(105,903	)
Treatment costs		40,640			1,345			41,985
Change in product inventory		12,519			(936	)		11,583
Reclamation and other costs		(2,757	)		(623	)		(3,380	)
Cash Cost, Before By-product Credits (1)		237,316			136,962			374,278
Reclamation and other costs		2,961			623			3,584
Sustaining capital		56,114			25,587			81,701
General and administrative		28,989			—			28,989
AISC, Before By-product Credits (1)		325,380			163,172			488,552
By-product credits:
Zinc		(109,081	)		—			(109,081	)
Gold		(55,966	)		—			(55,966	)
Lead		(60,624	)		—			(60,624	)
Silver		—			(485	)		(485	)
Total By-product credits		(225,671	)		(485	)		(226,156	)
Cash Cost, After By-product Credits	$	11,645		$	136,477		$	148,122
AISC, After By-product Credits	$	99,709		$	162,687		$	262,396
Divided by ounces produced		10,498			97
Cash Cost, Before By-product Credits, per Ounce	$	22.61		$	1,415
By-product credits per ounce		(21.50	)		(6	)
Cash Cost, After By-product Credits, per Ounce	$	1.11		$	1,409
AISC, Before By-product Credits, per Ounce	$	30.99		$	1,684
By-product credits per ounce		(21.50	)		(6	)
AISC, After By-product Credits, per Ounce	$	9.49		$	1,678

(1)Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.

(2)AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.

(3)During the three months ended March 31, 2023, the Company completed the necessary studies to conclude usage of the F-160 pit as a tailings storage facility after mining is complete. As a result, a portion of the mining costs have been excluded from Cash Cost, Before By-product Credits and AISC, Before By-product Credits.

(4)Other includes $0.9 million and $1.7 million of total cost of sales for the three and nine months ended September 30, 2023, respectively, and $0.1 million of total cost of sales for the three and nine months ended September 30, 2022, related to the environmental services business acquired as part of the Alexco acquisition.

(5)Prior year presentation has been adjusted to conform with current year presentation to eliminate exploration costs from the calculation of AISC, Before By-product Credits as exploration is an activity directed at the Corporate level to find new mineral reserve and resource deposits, and therefore we believe it is inappropriate to include exploration costs in the calculation of AISC, Before By-product Credits for a specific mining operation.

(6)Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

(7)Casa Berardi operations were suspended in June 2023 in response to the directive of the Quebec Ministry of Natural Resources and Forests as a result of fires in the region. Suspension costs amounted to $nil and $2.2 million for the three and nine months ended September 30, 2023, respectively, and are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

(8)Lucky Friday operations were suspended in August 2023 following the underground fire in the #2 shaft secondary egress. The portion of cash costs, sustaining costs, by-product credits, and silver production incurred since the suspension are excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.

45

Financial Liquidity and Capital Resources

We have a disciplined cash management strategy of maintaining financial flexibility to execute our capital priorities and provide long-term value to our stockholders. Consistent with that strategy, we aim to maintain an acceptable level of net debt and sufficient liquidity to fund debt service costs, operations, capital expenditures, exploration and pre-development projects, while returning cash to stockholders through dividends and potential share repurchases.

At September 30, 2023, we had $100.7 million in cash and cash equivalents, of which $7.1 million was held in foreign subsidiaries' local currency that we anticipate utilizing for near-term operating, exploration or capital costs by those foreign subsidiaries. We also have USD cash and cash equivalent balances held by our foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with the withholding taxes. We believe that our liquidity and capital resources from our U.S. operations are adequate to fund our U.S. operations and corporate activities.

Pursuant to our common stock dividend policy described in Note 11 of Notes to Consolidated Financial Statements in our 2022 Form 10-K, our board of directors declared and paid dividends on our common stock of $3.8 million in each of the first and second quarters, $3.9 million in the third quarter of 2023 and $3.4 million in each of the first, second and third quarters of 2022. Our dividend policy has a silver-linked component which ties the amount of declared common stock dividends to our realized silver price for the preceding quarter. Another component of our common stock dividend policy anticipates paying an annual minimum dividend.

For illustrative purposes only, the table below summarizes potential dividend amounts under our dividend policy.

Quarterly Average Realized Silver Price ($ per ounce)		Quarterly Silver-Linked Dividend ($ per share)	Annualized Silver-Linked Dividend ($ per share)	Annualized Minimum Dividend ($ per share)	Annualized Dividends per Share: Silver-Linked and Minimum ($ per share)
Less than $20		$—	$—	$0.015	$0.015
$	20	$0.0025	$0.01	$0.015	$0.025
$	25	$0.010	$0.04	$0.015	$0.055
$	30	$0.015	$0.06	$0.015	$0.075
$	35	$0.025	$0.10	$0.015	$0.115
$	40	$0.035	$0.14	$0.015	$0.155
$	45	$0.045	$0.18	$0.015	$0.195
$	50	$0.055	$0.22	$0.015	$0.235

The declaration and payment of dividends on our common stock is at the sole discretion of our board of directors, and there can be no assurance that we will continue to declare and pay common stock dividends in the future.

Pursuant to our stock repurchase program described in Note 11 of Notes to Consolidated Financial Statements in our 2022 Form 10-K, we are authorized to repurchase up to 20 million shares of our outstanding common stock from time to time in open market or privately negotiated transactions, depending on prevailing market conditions and other factors. The repurchase program may be modified, suspended or discontinued by us at any time. Whether or not we engage in repurchases from time to time may depend on a variety of factors, including not only price and cash resources, but customary black-out restrictions, whether we have any material inside information, limitations on share repurchases or cash usage that may be imposed by our credit agreement or in connection with issuances of securities, alternative uses for cash, applicable law, and other investment opportunities from time to time. As of September 30, 2023 and December 31, 2022, 934,100 shares had been purchased in prior periods at an average price of $3.99 per share, leaving 19.1 million shares that may yet be purchased under the program. We have not repurchased any shares since June 2014.

As discussed in Note 6 of Notes to Condensed Consolidated Financial Statements (Unaudited) pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents in “at-the-market” offerings. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The equity distribution agreement can be terminated by us at any time. Any sales of shares under that agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. During the three months ended September 30, 2023, we did not sell any shares under the agreement. During the nine months ended September 30, 2023, we sold 4,253,334 shares under the agreement for proceeds of $25.9 million, net of commissions and fees of $0.4 million.

As a result of our current cash balances, the performance of our current and expected operations, current metals prices, proceeds from potential at-the-market sales of common stock, and availability under our Credit Agreement, we believe we will be able to meet our obligations and other potential cash requirements during the next 12 months and beyond. Our obligations and other uses of cash may include, but are not limited to: debt service obligations related to the Senior Notes and IQ Notes; principal and interest payments

46

under our Credit Agreement; care-and-maintenance; capital expenditures at our operations; potential acquisitions of other mining companies or properties; regulatory matters; litigation; potential repurchases of our common stock under the program described above; and payment of dividends on common stock, if declared by our board of directors.

We currently estimate a range of approximately $225 to $235 million will be spent in 2023 on capital expenditures, primarily for equipment, infrastructure, and development at our mines, including $161.3 million already incurred as of September 30, 2023, before any lease financing. We also estimate exploration and pre-development expenditures will total approximately $32.5 million in 2023, including $25.5 million already incurred as of September 30, 2023. Our expenditures for these items and our related plans for 2023 may change based upon our financial position, metals prices, and other considerations. Our ability to fund the activities described above will depend on our operating performance, metals prices, our ability to estimate revenues and costs, sources of liquidity available to us, including the revolving credit facility, and other factors. A sustained downturn in metals prices, significant increase in operational or capital costs or other uses of cash, our inability to access the credit facility or the sources of liquidity discussed above, or other factors beyond our control could impact our plans.

We may defer some capital investment and/or exploration and pre-development activities, engage in asset sales or secure additional capital if necessary to maintain liquidity. We also may pursue additional acquisition opportunities, which could require additional equity issuances or other forms of financing. There can be no assurance that such financing will be available to us.

Our liquid assets include (in millions):

	September 30, 2023		December 31, 2022
Cash and cash equivalents held in U.S. dollars	$	93.6	$	86.8
Cash and cash equivalents held in foreign currency		7.1		17.9
Total cash and cash equivalents		100.7		104.7
Marketable equity securities - non-current		16.6		24.0
Total cash, cash equivalents and investments	$	117.3	$	128.7

Cash and cash equivalents decreased by $4.0 million in the first nine months of 2023. Cash held in foreign currencies represents balances in Canadian dollars and Mexican Pesos. The value of non-current marketable equity securities decreased by $7.4 million.

	Nine Months Ended
	September 30, 2023		September 30, 2022
Cash provided by operating activities (in millions)	$	74.6	$	53.8

Cash provided by operating activities for the nine months ended September 30, 2023 of $74.6 million represented a $20.8 million increase compared to the $53.8 million provided in the same period for 2022. $42.6 million of the variance was attributable to a higher income adjusted for non cash items in the nine months ended September 30, 2023 reflecting higher realized prices for silver, gold and lead, partially offset by higher total cost of sales. The remaining variance was attributable to changes in net working capital resulting from higher vendor payments and changes in fair value of the net hedge book.

	Nine Months Ended
	September 30, 2023			September 30, 2022
Cash used in investing activities (in millions)	$	(162.9	)	$	(127.7	)

During the nine months ended September 30, 2023, we invested $161.3 million in capital expenditures, an increase of $68.0 million compared to the same period in 2022. The variance was primarily due to $32.1 million invested at Keno Hill during the nine months ended September 30, 2023 and increased capital spending at Casa Berardi and Lucky Friday. During the same period in 2022, we made a pre-acquisition advance of $25.0 million to Alexco and generated proceeds of $9.4 million upon disposal of an investment.

	Nine Months Ended
	September 30, 2023		September 30, 2022
Cash provided by financing activities (in millions)	$	84.1	$	9.6

During the nine months ended September 30, 2023, we had net draws on our revolving credit facility resulting in $80 million outstanding at an interest rate of 8% on September 30, 2023. During the nine months ended September 30, 2023 and 2022, we paid cash dividends on our common and preferred stock totaling $11.8 million and $10.5 million, respectively. During the nine months ended September 30, 2023 and 2022, we issued stock under our ATM program described above for net proceeds of $25.9 million and $4.5 million, respectively. We made repayments on our finance leases of $8.0 million and $5.2 million in the nine months ended September 30, 2023 and 2022, respectively.

47

Contractual Obligations, Contingent Liabilities and Commitments

The table below presents our fixed, non-cancelable contractual obligations and commitments primarily related to our Senior Notes, IQ Notes, credit facility, outstanding purchase orders, certain capital expenditures and lease arrangements as of September 30, 2023 (in thousands):

	Payments Due By Period
	Less than 1 year		1-3 years		4-5 years		More than 5 years		Total
Purchase obligations (1)	$	40,326	$	—	$	—	$	—	$	40,326
Credit facility(2)		80,474		1,302		—		—		81,776
Finance lease commitments (3)		9,313		15,303		7,545		—		32,161
Operating lease commitments (4)		1,802		2,550		2,280		5,807		12,439
Senior Notes (5)		34,438		68,876		522,350		—		625,664
IQ Notes (6)		2,324		37,468		—		—		39,792
Total contractual cash obligations	$	168,677	$	125,499	$	532,175	$	5,807	$	832,158

(1)Consists of open purchase orders and commitments of approximately $15.0 million, $9.7 million, $10.3 million, $3.5 million and $1.8 million for various capital and non-capital items at Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations, respectively.

(2)The Credit Agreement provides for a $150 million revolving credit facility. We had net draws of $80 million and $6.7 million in letters of credit outstanding as of September 30, 2023. The amounts in the table above assume no additional amounts will be drawn in future periods, and include only the standby fee on the current undrawn balance and accrued interest. For more information on our credit facility, see Note 7 of Notes to Condensed Consolidated Financial Statements (Unaudited).

(3)Includes scheduled finance lease payments of $8.9 million, $6.3 million, $8.4 million, and $8.6 million for equipment at Greens Creek, Lucky Friday, Casa Berardi, and Keno Hill, respectively.

(4)We enter into operating leases in the normal course of business. Substantially all lease agreements have fixed payment terms based on the passage of time. Some lease agreements provide us with the option to renew the lease or purchase the leased property. Our future operating lease obligations would change if we exercised these renewal options and if we entered into additional operating lease arrangements.

(5)On February 19, 2020, we completed an offering of $475 million in aggregate principal amount of our Senior Notes due February 15, 2028. The Senior Notes bear interest at a rate of 7.25% per year, with interest payable on February 15 and August 15 of each year. See Note 7 of Notes to Condensed Consolidated Financial Statements (Unaudited) for more information.

(6)On July 9, 2020, we entered into a note purchase agreement pursuant to which we issued our IQ Notes for CAD$50 million (approximately USD$36.8 million at the time of the transaction) in aggregate principal amount. The IQ Notes bear interest on amounts outstanding at a rate of 6.515% per year, payable on January 9 and July 9 of each year. See Note 7 of Notes to Condensed Consolidated Financial Statements (Unaudited) for more information.

We record liabilities for costs associated with mine closure, reclamation of land and other environmental matters. At September 30, 2023, our liabilities for these matters totaled $120.0 million. Future expenditures related to closure, reclamation and environmental expenditures at our sites are difficult to estimate, although we anticipate we will incur expenditures relating to these obligations over the next 30 years. For additional information relating to our environmental obligations, see Note 10 of Notes to Condensed Consolidated Financial Statements (Unaudited).

Critical Accounting Estimates

There have been no significant changes to the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Form 10-K.

Off-Balance Sheet Arrangements

At September 30, 2023, we had no existing off-balance sheet arrangements, as defined under SEC regulations, that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

48

Guarantor Subsidiaries

Presented below are Hecla’s unaudited interim condensed consolidating financial statements as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended, resulting from the guarantees by certain of Hecla's subsidiaries of the Senior Notes and IQ Notes (see Note 7 of Notes to Condensed Consolidated Financial Statements (Unaudited) for more information). The Guarantors consist of the following of Hecla's 100%-owned subsidiaries: Hecla Limited; Silver Hunter Mining Company; Rio Grande Silver, Inc.; Hecla MC Subsidiary, LLC; Hecla Silver Valley, Inc.; Burke Trading, Inc.; Hecla Montana, Inc.; Revett Silver Company; RC Resources, Inc.; Troy Mine Inc.; Revett Exploration, Inc.; Revett Holdings, Inc.; Mines Management, Inc.; Newhi, Inc.; Montanore Minerals Corp.; Hecla Alaska LLC; Hecla Greens Creek Mining Company; Hecla Admiralty Company; Hecla Juneau Mining Company; Klondex Holdings Inc.; Klondex Gold & Silver Mining Co.; Klondex Midas Holdings Limited; Klondex Aurora Mine Inc.; Klondex Hollister Mine Inc.; Hecla Quebec, Inc.; and Alexco Resource Corp. We completed the offering of the Senior Notes on February 19, 2020 under our shelf registration statement previously filed with the SEC. We issued the IQ Notes in four equal tranches between July and October 2020.

The unaudited interim condensed consolidating financial statements below have been prepared from our financial information on the same basis of accounting as the unaudited interim condensed consolidated financial statements set forth elsewhere in this report. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate Hecla, the Guarantors, and our non-guarantor subsidiaries are reflected in the intercompany eliminations column. In the course of preparing consolidated financial statements, we eliminate the effects of various transactions conducted between Hecla and its subsidiaries and among the subsidiaries. While valid at an individual subsidiary level, such activities are eliminated in consolidation because, when taken as a whole, they do not represent business activity with third-party customers, vendors, and other parties. Examples of such eliminations include the following:

•Investments in subsidiaries. The acquisition of a company results in an investment in debt or equity capital on the records of the parent company and a contribution to debt or equity capital on the records of the subsidiary. Such investments and capital contributions are eliminated in consolidation.

•Capital contributions. Certain of Hecla's subsidiaries do not generate cash flow, either at all or that is sufficient to meet their capital needs, and their cash requirements are routinely met with inter-company advances from their parent companies. Generally on an annual basis, when not otherwise intended as debt, the boards of directors of such parent companies declare contributions of capital to their subsidiary companies, which increase the parents' investment and the subsidiaries' additional paid-in capital. Occasionally, parent companies may also subscribe for additional common shares of their subsidiaries. In consolidation, investments in subsidiaries and related additional paid-in capital are eliminated.

•Debt. At times, inter-company debt agreements have been established between certain of Hecla's subsidiaries and their parents. The related debt liability and receivable balances, accrued interest expense (if any) and income activity (if any), and payments of principal and accrued interest amounts (if any) by the subsidiary companies to their parents are eliminated in consolidation.

•Dividends. Certain of Hecla's subsidiaries which generate cash flow routinely provide cash to their parent companies through inter-company transfers. On at least an annual basis, the boards of directors of such subsidiary companies declare dividends to their parent companies, which reduces the subsidiaries' retained earnings and increases the parents' dividend income. In consolidation, such activity is eliminated.

•Deferred taxes. Our ability to realize deferred tax assets and liabilities is considered for two consolidated tax groups of subsidiaries within the United States: The Nevada U.S. Group and the Hecla U.S. Group. Within each tax group, all subsidiaries' estimated future taxable income contributes to the ability of their tax group to realize all such assets and liabilities. However, when Hecla's subsidiaries are viewed independently, we use the separate return method to assess the realizability of each subsidiary's deferred tax assets and whether a valuation allowance is required against such deferred tax assets. In some instances, a parent company or subsidiary may possess deferred tax assets whose realization depends on the future taxable incomes of other subsidiaries on a consolidated-return basis, but would not be considered realizable if such parent or subsidiary filed on a separate stand-alone basis. In such a situation, a valuation allowance is assessed on that subsidiary's deferred tax assets, with the resulting adjustment reported in the eliminations column of the guarantor and parent's financial statements, as is the case in the unaudited interim financial statements set forth below. The separate return method can result in significant eliminations of deferred tax assets and liabilities and related income tax provisions and benefits. Non-current deferred tax asset balances are included in other non-current assets on the consolidating balance sheets and make up a large portion of that item, particularly for the guarantor balances.

Separate financial statements of the Guarantors are not presented because the guarantees by the Guarantors are joint and several and full and unconditional, except for certain customary release provisions, including: (1) the sale or disposal of all or substantially all of the assets of the Guarantor; (2) the sale or other disposition of the capital stock of the Guarantor; (3) the Guarantor is designated as an unrestricted entity in accordance with the applicable provisions of the indenture; (4) Hecla ceases to be a borrower as defined in the indenture; and (5) upon legal or covenant defeasance or satisfaction and discharge of the indenture.

49

Unaudited Interim Condensed Consolidating Balance Sheets

	As of December 31, 2022
	Parent			Guarantors			Non-Guarantors		Eliminations			Consolidated
	(in thousands)
Assets
Cash and cash equivalents	$	69,889		$	20,152		$	14,702	$	—		$	104,743
Other current assets		4,959			147,103			10,922		—		$	162,984
Properties, plants, equipment and mineral interests - net		1,913			2,288,199			279,678		—		$	2,569,790
Intercompany receivable (payable)		(159,442	)		(598,248	)		303,433		454,257		$	—
Investments in subsidiaries		2,128,366			—			—		(2,128,366	)	$	—
Other non-current assets		355,631			20,870			43,241		(330,087	)	$	89,655
Total assets	$	2,401,316		$	1,878,076		$	651,976	$	(2,004,196	)	$	2,927,172
Liabilities and Stockholders' Equity
Current liabilities	$	(93,660	)	$	134,016		$	13,939	$	124,171		$	178,466
Long-term debt		506,364			11,378			0		—		$	517,742
Non-current portion of accrued reclamation		—			101,900			6,508		—		$	108,408
Non-current deferred tax liability		—			113,876			11,970		—		$	125,846
Other non-current liabilities		9,645			6,720			1,378		—		$	17,743
Stockholders' equity		1,978,967			1,510,186			618,181		(2,128,367	)	$	1,978,967
Total liabilities and stockholders' equity	$	2,401,316		$	1,878,076		$	651,976	$	(2,004,196	)	$	2,927,172

	As of September 30, 2023
	Parent			Guarantors			Non-Guarantors		Eliminations			Consolidated
	(in thousands)
Assets
Cash and cash equivalents	$	79,524		$	20,323		$	838	$	—		$	100,685
Other current assets		9,961			130,264			7,504		—			147,729
Properties, plants, equipment and mineral interests, net		—			2,639,949			8,360		—			2,648,309
Intercompany receivable (payable)		(182,251	)		(747,432	)		601,714		327,969			—
Investments in subsidiaries		2,300,473			—			—		(2,300,473	)		—
Other non-current assets		410,122			19,983			13,036		(378,708	)		64,433
Total assets	$	2,617,829		$	2,063,087		$	631,452	$	(2,351,212	)	$	2,961,156
Liabilities and Stockholders' Equity
Current liabilities	$	47,017		$	141,532		$	7,592	$	(50,770	)	$	145,371
Long-term debt		587,003			17,950			—		—			604,953
Non-current portion of accrued reclamation		—			107,589			2,024		—			109,613
Non-current deferred tax liability		—			109,293			—		—			109,293
Other non-current liabilities		6,039			6,720			1,397		—			14,156
Stockholders' equity		1,977,770			1,680,003			620,439		(2,300,442	)		1,977,770
Total liabilities and stockholders' equity	$	2,617,829		$	2,063,087		$	631,452	$	(2,351,212	)	$	2,961,156

Unaudited Interim Condensed Consolidating Statements of Operations

50

	Nine Months Ended September 30, 2023
	Parent			Guarantors			Non-Guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	13,088		$	546,449		$	—		$	—		$	559,537
Cost of sales		(2,535	)		(342,981	)		—			—			(345,516	)
Depreciation, depletion, amortization		—			(107,937	)		—			—			(107,937	)
General and administrative		(12,962	)		(16,389	)		(1,098	)		—			(30,449	)
Exploration and pre-development		(323	)		(22,740	)		(2,483	)		—			(25,546	)
Equity in earnings of subsidiaries		(34,334	)		—			—			34,334			—
Other (expense) income		13,330			(78,562	)		(4,017	)		(15,218	)		(84,467	)
Income (loss) before income and mining taxes		(23,736	)		(22,160	)		(7,598	)		19,116			(34,378	)
(Expense) benefit from income taxes		(17,544	)		(4,575	)		—			15,215			(6,904	)
Net income (loss)		(41,280	)		(26,735	)		(7,598	)		34,331			(41,282	)
Preferred stock dividends		(414	)		—			—			—			(414	)
Income (loss) applicable to common stockholders	$	(41,694	)	$	(26,735	)	$	(7,598	)	$	34,331		$	(41,696	)
Net income (loss)		(41,280	)		(26,735	)		(7,598	)		34,331			(41,282	)
Changes in comprehensive income (loss)		364			—			—			—			364
Comprehensive income (loss)	$	(40,916	)	$	(26,735	)	$	(7,598	)	$	34,331		$	(40,918	)

51

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The following discussion about our exposure to market risks and risk management activities includes forward-looking statements that involve risks and uncertainties, as well as summarizes the financial instruments held by us at September 30, 2023, which are sensitive to changes in commodity prices and foreign exchange rates and are not held for trading purposes. Actual results could differ materially from those projected in the forward-looking statements. In the normal course of business, we also face risks that are either non-financial or non-quantifiable (See Item 1A. – Risk Factors of our 2022 Form 10-K).

Metals Prices

Changes in the market prices of silver, gold, lead and zinc can significantly affect our profitability and cash flow. Metals prices can and often do fluctuate widely and are affected by numerous factors beyond our control (see Item 1A – Risk Factors – A substantial or extended decline in metals prices would have a material adverse effect on us in our 2022 Form 10-K). We utilize financially-settled forward and put option contracts to manage our exposure to changes in prices for silver, gold, zinc and lead.

Provisional Sales

Sales of all metals products sold directly to customers, including by-product metals, are recorded as revenues when all performance obligations have been completed and the transaction price can be determined or reasonably estimated. For concentrate sales, revenues are generally recorded at the time of shipment at forward prices for the estimated month of settlement. Due to the time elapsed between shipment to the customer and the final settlement with the customer we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices until final settlement by the customer. Changes in metals prices between shipment and final settlement will result in changes to revenues previously recorded upon shipment. Metals prices can and often do fluctuate widely and are affected by numerous factors beyond our control (see Item 1A – Risk Factors – A substantial or extended decline in metals prices would have a material adverse effect on us in our 2022 Form 10-K). At September 30, 2023, metals contained in concentrate sales and exposed to future price changes totaled 0.9 million ounces of silver and 5,075 tons of lead. If the price for each metal were to change by 10%, the change in the total value of the concentrates sold would be approximately $3.3 million. As discussed in Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited), we utilize a program designed and intended to mitigate the risk of negative price adjustments with limited mark-to-market financially-settled forward contracts for our silver, gold, zinc and lead sales.

Commodity-Price Risk Management

See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited) and Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2022 Form 10-K for a description of our commodity-price risk management program.

Foreign Currency Risk Management

We operate or have mining interests in Canada, which exposes us to risks associated with fluctuations in the exchange rates between the USD and the CAD. We determined the functional currency for our Canadian operations is the USD. As such, foreign exchange gains and losses associated with the re-measurement of monetary assets and liabilities from CAD to USD are recorded to earnings each period. For the three and nine months ended September 30, 2023, we recognized a net foreign exchange gain of $4.2 million and $0.4 million, respectively, compared to a net foreign exchange gain of $5.7 million and $8.1 million for the three and nine months ended September 30, 2022, respectively. Foreign currency exchange rates are influenced by a number of factors beyond our control. A 10% change in the exchange rate between the USD and CAD from the rate at September 30, 2023 would have resulted in a change of approximately $11.2 million in our net foreign exchange gain or loss. We do not hedge the remeasurement of monetary assets and liabilities. We do hedge some of our operating and capital costs denominated in foreign currency.

See Note 8 of Notes to Condensed Consolidated Financial Statements (Unaudited) and Note 9 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for a description of our foreign currency risk management.

52

Item 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures as required by Securities Exchange Act Rules 13a-15(e) and 15d-15(e) as of the end of the period covered by this report. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures, including controls and procedures designed to ensure that information required to be disclosed by us is accumulated and communicated to our management (including our CEO and CFO), were effective as of September 30, 2023, in assuring them in a timely manner that material information required to be disclosed in this report has been properly recorded, processed, summarized and reported. There were no changes in our internal control over financial reporting during the three months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Internal control systems, no matter how well designed and operated, have inherent limitations. Therefore, even a system which is determined to be effective cannot provide absolute assurance that all control issues have been detected or prevented. Our systems of internal controls are designed to provide reasonable assurance with respect to financial statement preparation and presentation.

Part II - Other Information

Hecla Mining Company and Subsidiaries

Item 1. Legal Proceedings

For information concerning legal proceedings, refer to Note 10 of Notes to Condensed Consolidated Financial Statements (Unaudited), which is incorporated by reference into this Item 1.

Item 1A. Risk Factors

Item 1A. – Risk Factors of our 2022 Form 10-K set forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results.

Item 4. Mine Safety Disclosures

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in exhibit 95 to this Quarterly Report.

Item 5. Other Information

Item 5(c) During the three months ended September 30, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

53

Item 6. Exhibits

Hecla Mining Company and Wholly Owned Subsidiaries

Form 10-Q – September 30, 2023

Index to Exhibits

Exhibit Number	Description
10.1	Form of Change in Control Agreement dated August 16, 2023, between Registrant and Carlos Aguiar, incorporated by reference to exhibit 10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 1-8491). (1)
10.2	Form of Indemnification Agreement dated August 16, 2023, between Registrant and Carlos Aguiar, incorporated by reference to exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 (File No. 1-8491). (1)
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95*	Mine safety information listed in Section 1503 of the Dodd-Frank Act.
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. **
101.SCH	Inline XBRL Taxonomy Extension Schema Document **
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document **
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document **
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document **
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document **
104	Cover Page Interactive Data File (embedded within the Inline XBRL document) **

* Filed herewith

** XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

(1) Indicates a management contract or compensatory plan or arrangement.

Items 2 and 3 of Part II are not applicable and are omitted from this report.

54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		HECLA MINING COMPANY
		(Registrant)
Date:	November 7, 2023	By:	/s/ Phillips S. Baker, Jr.
			Phillips S. Baker, Jr., President,
			Chief Executive Officer and Director
Date:	November 7, 2023	By:	/s/ Russell D. Lawlar
			Russell D. Lawlar, Senior Vice President,
			Chief Financial Officer

55

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Phillips S. Baker, Jr., certify that:

1.I have reviewed this quarterly report on Form 10-Q of Hecla Mining Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2023	By:	/s/ Phillips S. Baker, Jr.
		Phillips S. Baker, Jr.
		President, Chief Executive Officer and Director

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Russell D. Lawlar, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Hecla Mining Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2023	By:	/s/ Russell D. Lawlar
		Russell D. Lawlar
		Senior Vice President, Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS

I, Phillips S. Baker, Jr., President, Chief Executive Officer and Director of Hecla Mining Company (“Hecla”), certify that to my knowledge:

1.This quarterly report of Hecla on Form 10-Q (“report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Hecla.

Date: November 7, 2023	By:	/s/ Phillips S. Baker, Jr.
		Phillips S. Baker, Jr.
		President, Chief Executive Officer and Director

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to Hecla Mining Company and will be retained by Hecla and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished in accordance with Securities and Exchange Commission Release No. 34-47551 and shall not be considered filed as part of the Form 10-Q.

EX-32.2

Exhibit 32.2

CERTIFICATIONS

I, Russell D. Lawlar, Senior Vice President, Chief Financial Officer of Hecla Mining Company (“Hecla”), certify that to my knowledge:

1.This quarterly report of Hecla on Form 10-Q (“report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Hecla.

Date: November 7, 2023	By:	/s/ Russell D. Lawlar
		Russell D. Lawlar
		Senior Vice President, Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to Hecla Mining Company and will be retained by Hecla and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished in accordance with Securities and Exchange Commission Release No. 34-47551 and shall not be considered filed as part of the Form 10-Q.

EX-95

Exhibit 95

Mine Safety Disclosures

Our mines are operated subject to the regulation of the Federal Mine Safety and Health Administration (“MSHA”), under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law, and amended in December 2011. When MSHA believes a violation of the Mine Act has occurred, it may issue a citation for such violation, including a civil penalty or fine, and the mine operator must abate the alleged violation.

As required by the reporting requirements of the Dodd-Frank Act, as amended, the table below presents the following information for the three months ended September 30, 2023.

									Received
								Received	Notice of
							Total	Notice of	Potential	Legal
			Section			Total Dollar	Number	Pattern of	to have	Actions	Legal	Legal
			104(d)			Value of	Of	Violations	Patterns	Pending	Actions	Actions
	Section	Section	Citations	Section	Section	MSHA	Mining	Under	Under	as of Last	Initiated	Resolved
	104 S&S	104(b)	and	110(b)(2)	107(a)	Assessments	Related	Section	Section	Day of	During	During
Mine	Citations	Orders	Orders	Violations	Orders	Proposed	Fatalities	104(e)	104(e)	Period	Period	Period
Greens Creek	0	0	0	—	—	$3,775	—	no	no	0	0	0
Lucky Friday	0	0	0	—	—	$882	—	no	no	1	2	1
Troy	0	0	0	—	—	$0	—	no	no	0	0	0
Fire Creek	0	0	0	---	---	$0	---	no	no	0	0	0
Hollister	0	0	0	--	--	$0	---	no	no	0	0	0
Midas	0	0	0	---	---	$0	---	no	no	0	0	0
Aurora	0	0	0	---	---	$0	---	no	no	0	0	0

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	HECLA MINING COMPANY
Entity Central Index Key	0000719413
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Address, State or Province	ID
Entity Tax Identification Number	77-0664171
Entity Address, Address Line One	6500 Mineral Drive, Suite 200
Entity Address, City or Town	Coeur d’Alene
Entity Address, Postal Zip Code	83815-9408
City Area Code	208
Local Phone Number	769-4100
Entity Common Stock, Shares Outstanding		618,232,871
Entity File Number	1-8491
Entity Incorporation, State or Country Code	DE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.25 per share
Trading Symbol	HL
Security Exchange Name	NYSE
Series B Cumulative Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Series B Cumulative Convertible PreferredStock, par value $0.25 per share
Trading Symbol	HL-PB
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales	$ 181,906	$ 146,339	$ 559,537	$ 524,080
Cost of sales and other direct production costs	112,212	104,900	345,516	326,579
Depreciation, depletion and amortization	36,217	32,992	107,937	106,362
Total cost of sales	148,429	137,892	453,453	432,941
Gross profit	33,477	8,447	106,084	91,139
Other operating expenses:
General and administrative	7,596	11,003	30,449	28,989
Exploration and pre-development	13,686	15,128	25,546	39,136
Ramp-up and suspension costs	21,025	5,092	48,684	16,539
Provision for closed operations and environmental matters	2,256	1,781	6,411	4,154
Other operating (income) expense, net	1,555	902	(2,729)	5,310
Total other operating expenses	46,118	33,906	108,361	94,128
Loss from operations	(12,641)	(25,459)	(2,277)	(2,989)
Other income (expense):
Interest expense	(10,710)	(10,874)	(31,186)	(31,785)
Fair value adjustments, net	(6,397)	(4,240)	(5,774)	(14,703)
Net foreign exchange gain	4,176	5,667	434	8,111
Other income	1,657	1,853	4,425	4,828
Total other expense	(11,274)	(7,594)	(32,101)	(33,549)
Loss before income and mining taxes	(23,915)	(33,053)	(34,378)	(36,538)
Income and mining tax benefit (expense)	1,500	9,527	(6,904)	3,642
Net loss	(22,415)	(23,526)	(41,282)	(32,896)
Preferred stock dividends	(138)	(138)	(414)	(414)
Net loss applicable to common stockholders	(22,553)	(23,664)	(41,696)	(33,310)
Comprehensive income (loss):
Net Income (Loss)	(22,415)	(23,526)	(41,282)	(32,896)
Change in fair value of derivative contracts designated as hedge transactions	(11,384)	(12,692)	364	19,491
Comprehensive loss	$ (33,799)	$ (36,218)	$ (40,918)	$ (13,405)
Basic loss per common share after preferred dividends	$ (0.04)	$ (0.04)	$ (0.07)	$ (0.06)
Diluted loss per common share after preferred dividends	$ (0.04)	$ (0.04)	$ (0.07)	$ (0.06)
Weighted average number of common shares outstanding - basic	607,896,000	554,531,000	604,028,000	544,000,000
Weighted average number of common shares outstanding - diluted	607,896,000	554,531,000	604,028,000	544,000,000
Cash dividends declared per common share	$ 0.00625	$ 0.00625	$ 0.0125	$ 0.0125

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net Income (Loss)	$ (41,282)	$ (32,896)
Non-cash elements included in net (loss) income:
Depreciation, depletion and amortization	111,705	106,743
Inventory adjustments	16,332	2,159
Fair value adjustments, net	5,774	3,486
Provision for reclamation and closure costs	7,805	4,789
Stock-based compensation	5,122	4,298
Deferred income taxes	795	(17,828)
Foreign exchange (gain) loss	(434)	(8,353)
Other non-cash items, net	1,624	2,454
Change in assets and liabilities:
Accounts receivable	25,020	34,788
Inventories	(24,339)	(19,472)
Other current and non-current assets	(15,045)	(3,420)
Accounts payable, accrued and other current liabilities	(2,389)	(21,708)
Accrued payroll and related benefits	(11,244)	1,679
Accrued taxes	(1,008)	(2,652)
Accrued reclamation and closure costs and other non-current liabilities	(3,821)	(297)
Cash provided by operating activities	74,615	53,770
Investing activities:
Additions to properties, plants, equipment and mineral interests	(161,265)	(93,237)
Change in restricted cash	0	2,011
Proceeds from sale of investments	0	9,375
Proceeds from disposition of properties, plants and equipment	160	748
Purchases of investments	(1,753)	(30,540)
Acquisitions, net	0	8,952
Pre-acquisition advance to Alexco	0	(25,000)
Net cash used in investing activities	(162,858)	(127,691)
Financing activities:
Proceeds from sale of common stock, net	25,888	4,542
Acquisition of treasury stock	(2,036)	(3,677)
Borrowing of debt	119,000	25,000
Repayment of debt	(39,000)	0
Dividends paid to common and preferred stockholders	(11,755)	(10,549)
Credit facility fees paid	0	(517)
Repayments of finance leases	(7,990)	(5,222)
Net cash provided by (used in) financing activities	84,107	9,577
Effect of exchange rates on cash	77	(804)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,059)	(65,148)
Cash, cash equivalents and restricted cash at beginning of period	105,907	211,063
Cash, cash equivalents and restricted cash at end of period	101,848	145,915
Supplemental disclosure of cash flow information:
Cash paid for interest	37,514	37,179
Cash paid for income and mining taxes, net	7,385	13,061
Significant non-cash investing and financing activities:
Addition of finance lease obligations and right-of-use assets	16,092	9,692
Common stock issued to ATAC Resources Ltd. shareholders	18,789	0
Common stock issued to Alexco Resource Corp. shareholders	0	68,733
Common stock issued to settle acquired silver stream	0	135,000
Common stock issued to pension plans	$ 0	$ 5,570

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 100,685	$ 104,743
Accounts receivable:
Trade	16,685	45,146
Other, net	15,286	10,695
Inventories:
Concentrates, dore, stockpiled ore, and metals in transit and in-process	33,993	37,303
Materials and supplies	63,355	53,369
Other current assets	18,410	16,471
Total current assets	248,414	267,727
Investments	16,594	24,018
Restricted cash	1,163	1,164
Properties, plants, equipment and mineral interests, net	2,648,309	2,569,790
Operating lease right-of-use assets	9,163	11,064
Deferred tax assets	3,349	21,105
Other non-current assets	34,164	32,304
Total assets	2,961,156	2,927,172
Current liabilities:
Accounts payable and accrued liabilities	87,148	84,747
Accrued payroll and related benefits	22,671	37,579
Accrued taxes	3,064	4,030
Finance leases	11,293	9,483
Accrued reclamation and closure costs	10,352	8,591
Accrued interest	5,191	14,454
Other current liabilities	5,652	19,582
Total current liabilities	145,371	178,466
Accrued reclamation and closure costs	109,613	108,408
Long-term debt including finance leases	604,953	517,742
Deferred tax liability	109,293	125,846
Other non-current liabilities	14,156	17,743
Total liabilities	983,386	948,205
Commitments and contingencies (Notes 4, 7, 8, and 10)
STOCKHOLDERS' EQUITY
Preferred stock, 5,000,000 shares authorized: Series B preferred stock, $0.25 par value, 157,776 shares issued and outstanding, liquidation preference - $7,889	39	39
Common stock, $0.25 par value, authorized 750,000,000 shares; issued September 30, 2023 - 617,767,667 shares and December 31, 2022 -607,619,495 shares	154,355	151,819
Capital surplus	2,311,266	2,260,290
Accumulated deficit	(456,968)	(403,931)
Accumulated other comprehensive income, net	2,812	2,448
Less treasury stock, at cost; September 30, 2023 - 8,535,161 and December 31, 2022 - 8,132,553 shares issued and held in treasury	(33,734)	(31,698)
Total stockholders' equity	1,977,770	1,978,967
Total liabilities and stockholders' equity	$ 2,961,156	$ 2,927,172

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Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Series B preferred stock, par value (in dollars per share)	$ 0.25	$ 0.25
Series B preferred stock, shares issued (in shares)	157,776	157,776
Series B preferred stock, shares outstanding (in shares)	157,776	157,776
Series B preferred stock, liquidation preference	$ 7,889	$ 7,889
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	617,767,667	607,619,495
Treasury Stock, Common, Shares	8,535,161	8,132,553

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Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss), net	Treasury Stock
Balance Begning at Dec. 31, 2021	$ 1,760,787	$ 39	$ 136,391	$ 2,034,485	$ (353,651)	$ (28,456)	$ (28,021)
Net Income (Loss)	(32,896)				(32,896)
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared	(10,549)				(10,549)
Common stock issued for 401(k) match	3,469		186	3,283
Common stock issued to Alexco Resource Corp. shareholders (17,992,875), Value	68,733		4,498	64,235
Common stock issued to settle the acquired silver stream (34,800,990 ), Value	135,000		8,700	126,300
Common stock issued to directors	417		25	392
Restricted stock units granted	3,881			3,881
Restricted stock units and performance stock units distributed (1,789,042 shares), Value	(3,677)		447	(447)			(3,677)
Common stock issued to pension plans	5,570		298	5,272
Common stock issued under ATM program net value	4,542		294	4,248
Other comprehensive income (loss)	19,491					19,491
Balance Ending at Sep. 30, 2022	1,954,768	39	150,839	2,241,649	(397,096)	(8,965)	(31,698)
Balance Begning at Jun. 30, 2022	1,782,882	39	137,241	2,043,621	(370,048)	3,727	(31,698)
Net Income (Loss)	(23,526)				(23,526)
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared	(3,522)				(3,522)
Common stock issued for 401(k) match	1,578		106	1,472
Common stock issued to Alexco Resource Corp. shareholders (17,992,875), Value	68,733		4,498	64,235
Common stock issued to settle the acquired silver stream (34,800,990 ), Value	135,000		8,700	126,300
Restricted stock units granted	1,773			1,773
Common stock issued under ATM program net value	4,542		294	4,248
Other comprehensive income (loss)	(12,692)					(12,692)
Balance Ending at Sep. 30, 2022	1,954,768	39	150,839	2,241,649	(397,096)	(8,965)	(31,698)
Balance Begning at Dec. 31, 2022	1,978,967	39	151,819	2,260,290	(403,931)	2,448	(31,698)
Net Income (Loss)	(41,282)				(41,282)
Stock-based compensation expense	4,446			4,446
Incentive compensation units distributed	(2,036)		359	(359)			(2,036)
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared	(11,755)				(11,755)
Common stock issued for 401(k) match	3,713		164	3,549
Common stock issued to ATAC Resources Ltd. shareholders (3,676,904 shares)	18,789		919	17,870
Common stock issued to directors	676		31	645
Common stock issued under ATM program net value	25,888		1,063	24,825
Other comprehensive income (loss)	364					364
Balance Ending at Sep. 30, 2023	1,977,770	39	154,355	2,311,266	(456,968)	2,812	(33,734)
Balance Begning at Jun. 30, 2023	1,992,836	39	153,334	2,289,607	(430,606)	14,196	(33,734)
Net Income (Loss)	(22,415)				(22,415)
Stock-based compensation expense	1,758			1,758
Common stock ($0.00625 per share) and Series B Preferred Stock ($0.875 per share) dividends declared	(3,947)				(3,947)
Common stock issued for 401(k) match	1,457		71	1,386
Common stock issued to ATAC Resources Ltd. shareholders (3,676,904 shares)	18,789		919	17,870
Common stock issued to directors	676		31	645
Other comprehensive income (loss)	(11,384)					(11,384)
Balance Ending at Sep. 30, 2023	$ 1,977,770	$ 39	$ 154,355	$ 2,311,266	$ (456,968)	$ 2,812	$ (33,734)

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common stock dividends declared, per common share (in dollars per share)	$ 0.00625	$ 0.00625	$ 0.0125	$ 0.0125
Preferred stock dividends declared, per share (in dollars per share)	$ 0.875	$ 0.875	$ 1.75	$ 2.625
Common stock issued for 401(k) match, shares (in shares)	283,541	422,860	657,678	657,678
Incentive compensation units shares			1,435,193
Stock issued to directors, shares (in shares)	125,063		125,063	98,310
Common stock issued under ATM program, net shares		1,176,861	4,253,334	1,176,861
Common stock issued to ATAC Resources Ltd. shareholders (3,676,904 shares)	3,676,904		3,676,904
Common stock issued to Alexco Resource Corp. shareholders (17,992,875 shares), Shares		17,992,875		17,992,875
Common stock issued to settle the acquired silver stream (34,800,990 shares), Shares		34,800,990		34,800,990
Restricted stock units and performance stock units distributed (1,789,042 shares) ,Shares				1,789,042
Common stock issued to pension plans, shares (in shares)				1,190,000

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,415)	$ (23,526)	$ (41,282)	$ (32,896)

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Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Note 1 - Basis of Preparation of Financial Statements

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1. Basis of Preparation of Financial Statements

The accompanying unaudited interim condensed consolidated financial statements of Hecla Mining Company and its subsidiaries (collectively, “Hecla,” “the Company,” “we,” “our,” or “us,” except where the context requires otherwise) have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required annually by accounting principles generally accepted in the United States of America (“GAAP”). Therefore, this information should be read in conjunction with Hecla Mining Company’s consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). The consolidated December 31, 2022 balance sheet data was derived from our audited consolidated financial statements. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

On July 7, 2023, we completed the acquisition of ATAC Resources Ltd. ("ATAC"), a Canadian publicly traded company, for total consideration of approximately $19.4 million through the issuance of 3,676,904 shares of Hecla common stock to ATAC shareholders based on the share exchange ratio of 0.0166 Hecla share for each ATAC common share, and $0.6 million of acquisition costs. The acquisition was deemed to be an asset acquisition under GAAP as substantially all of the fair value of the gross assets acquired was concentrated in a single asset group being mineral interests. The total consideration was assigned to the estimated fair values of the assets acquired and liabilities assumed, with $18.1 million assigned to mineral interests. As part of the acquisition, we also acquired 5,502,956 units consisting of (i) shares of Cascadia Minerals Ltd. (“Cascadia”) representing a 19.9% stake, and (ii) full warrants with a five-year term for a CAD$2 million cash investment in Cascadia. Cascadia will be managed by the former management of ATAC, who will explore specific properties in the Yukon and British Columbia. We have the right to appoint two directors to Cascadia’s board.

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Note 2 -Business Segments and Sales of Products

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

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 five segments: Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations.

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, are presented as “other.” The nature of the items that reconcile income (loss) from operations to loss before income and mining taxes are not related to our reportable segments.

The following tables present information about our reportable segments sales for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Total sales:
Greens Creek	$	96,459		$	60,875		$	290,961		$	239,688
Lucky Friday		21,409			28,460			113,167			102,380
Keno Hill		16,001			—			17,582			—
Casa Berardi		46,912			56,939			134,856			181,679
Nevada Operations		—			—			960			268
Other		1,125			65			2,011			65
	$	181,906		$	146,339		$	559,537		$	524,080
Income (loss) from operations:
Greens Creek	$	31,169		$	1,378		$	92,824		$	63,768
Lucky Friday		(4,935	)		4,269			20,161			18,568
Keno Hill		(7,462	)		(2,324	)		(24,145	)		(2,324	)
Casa Berardi		(12,433	)		(5,226	)		(35,492	)		(8,497	)
Nevada Operations		(6,061	)		(8,917	)		(16,981	)		(30,879	)
Other		(12,919	)		(14,639	)		(38,644	)		(43,625	)
	$	(12,641	)	$	(25,459	)	$	(2,277	)	$	(2,989	)

The following table presents total assets by reportable segment as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023		December 31, 2022
Total assets:
Greens Creek	$	568,881	$	582,687
Lucky Friday		564,746		571,510
Keno Hill		354,149		276,096
Casa Berardi		694,030		681,631
Nevada Operations		461,706		466,722
Other		317,644		348,526
	$	2,961,156	$	2,927,172

Our sales for the three and nine months ended September 30, 2023 and 2022 are comprised of metal sales and revenue from our environmental remediation services in the Yukon.

Total sales for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Silver	$	74,425		$	45,924		$	235,447		$	182,306
Gold		70,206			69,289			208,216			228,475
Lead		15,719			16,033			62,778			56,912
Zinc		33,066			28,051			91,912			94,865
Less: Smelter and refining charges		(12,550	)		(13,023	)		(40,743	)		(38,543	)
Total metal sales		180,866			146,274			557,610			524,015
Environmental remediation services		1,040			65			1,927			65
Total sales	$	181,906		$	146,339		$	559,537		$	524,080

Sales of metals for the three and nine months ended September 30, 2023 included net gains of $4.0 million and $13.1 million, respectively, on financially-settled forward option contracts for silver, gold, lead and zinc. Sales of metals for the three and nine months ended September 30, 2022 included net gains of $1.6 million and $8.1 million, respectively, on such contracts. See Note 8 for more information.

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Note 3 - Income and Mining Taxes

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Income Tax Disclosure [Text Block]

Note 3. Income and Mining Taxes

Major components of our income and mining tax benefit (expense) for the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Current:
Domestic	$	(1,182	)	$	253		$	(2,980	)	$	(2,296	)
Foreign		(1,029	)		(1,085	)		(3,050	)		(4,172	)
Total current income and mining tax expense		(2,211	)		(832	)		(6,030	)		(6,468	)
Deferred:
Domestic		(3,696	)		8,156			(17,619	)		915
Foreign		7,407			2,203			16,745			9,195
Total deferred income and mining tax benefit (expense)		3,711			10,359			(874	)		10,110
Total income and mining tax benefit (expense)	$	1,500		$	9,527		$	(6,904	)	$	3,642

The income and mining tax benefit (expense) for the three and nine months ended September 30, 2023 and 2022 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income due primarily to the impact of taxation in foreign jurisdictions, non-recognition of net operating losses and foreign exchange gains and losses in certain jurisdictions.

For the three and nine months ended September 30, 2023, we used the annual effective tax rate method to calculate the tax provision. Valuation allowances on Nevada, Mexico and certain Canadian net operating losses were treated as discrete adjustments to the tax calculation including losses incurred by the acquired Alexco Resource Corp. entities ("Alexco"), which were acquired on September 7, 2022, and losses incurred by ATAC, which was acquired on July 7, 2023.

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Note 4 - Employee Benefit Plans

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Retirement Benefits [Text Block]

Note 4. Employee Benefit Plans

We sponsor three defined benefit pension plans, two of which cover substantially all U.S. employees. Net periodic pension (benefit) cost for the plans consisted of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Service cost	$	949		$	1,566		$	2,847		$	4,697
Interest cost		1,993			1,369			5,979			4,107
Expected return on plan assets		(3,107	)		(3,363	)		(9,321	)		(10,089	)
Amortization of prior service cost		125			128			375			384
Amortization of net loss		(47	)		512			(141	)		1,537
Net periodic pension (benefit) cost	$	(87	)	$	212		$	(261	)	$	636

For the three and nine months ended September 30, 2023 and 2022, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. The net benefit related to all other components of net periodic pension cost of $1.0 million and $3.1 million for the three and nine months ended September 30, 2023, respectively, and $1.4 million and $4.1 million for the three and nine months ended September 30, 2022, respectively, is included in other income on our condensed consolidated statements of operations and comprehensive loss.

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Note 5 - Loss Per Common Share

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Earnings Per Share [Text Block]

Note 5. Loss Per Common Share

We calculate basic loss per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted income per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we report net losses, potential dilutive shares of common stock are excluded, as their conversion and exercise would be anti-dilutive.

The following table represents net loss per common share – basic and diluted (in thousands, except income (loss) per share):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator
Net loss	$	(22,415	)	$	(23,526	)	$	(41,282	)	$	(32,896	)
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net loss applicable to common stockholders	$	(22,553	)	$	(23,664	)	$	(41,696	)	$	(33,310	)
Denominator
Basic weighted average common shares		607,896			554,531			604,028			544,000
Dilutive restricted stock units, warrants and deferred shares		—			—			—			—
Diluted weighted average common shares		607,896			554,531			604,028			544,000
Basic loss per common share	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)
Diluted loss per common share	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)

For the three and nine months ended September 30, 2023 and 2022, all outstanding unvested restricted stock units, deferred restricted stock units, warrants and convertible preferred stock were excluded from the computation of diluted loss per share, as our reported net loss would cause their conversion and exercise to have an anti-dilutive effect on the calculation of diluted loss per share.

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Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

At-The-Market Equity Distribution Agreement

Pursuant to an equity distribution agreement dated February 18, 2021, we may offer and sell up to 60 million shares of our common stock from time to time to or through sales agents. Sales of the shares, if any, will be made by means of ordinary brokers transactions or as otherwise agreed between the Company and the agents as principals. Whether or not we engage in sales from time to time may depend on a variety of factors, including our share price, our cash resources, customary black-out restrictions, and whether we have any material inside information. The agreement can be terminated by us at any time. Any sales of shares under the equity

distribution agreement are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3. Under the agreement, we have sold 8,113,553 shares for proceeds of $43.2 million, net of commissions and fees of $0.7 million. During the three months ended September 30, 2023, we did not sell any shares under the agreement. During the nine months ended September 30, 2023, we sold 4,253,334 shares under the agreement for proceeds of $25.9 million, net of commissions and fees of $0.4 million.

Stock-based Compensation Plans

The Company has stock incentive plans for executives, directors and eligible employees, comprised of performance shares and restricted stock. Stock-based compensation expense for restricted stock unit and performance-based grants (collectively "incentive compensation") to employees and shares issued to non-employee directors totaled $2.4 million and $5.1 million for the three and nine months ended September 30, 2023, respectively, and $1.8 million and $4.3 million for the three and nine months ended September 30, 2022, respectively. At September 30, 2023, there was $9.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Grant date	Award type	Number granted	Grant date fair value per share
June 21, 2023	Restricted stock	1,230,223	$5.05
June 21, 2023	Performance based	314,778	$3.54
August 7, 2023	Restricted stock	51,357	$5.16
August 7, 2023	Performance based	21,318	$3.54

In connection with the vesting of incentive compensation, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations and pays the obligations in cash. As a result, in the nine months ended September 30, 2023, we withheld 404,514 shares valued at approximately $2.0 million, or approximately $5.03 per share.

Common Stock Dividends

The following table summarizes the dividends our Board of Directors have declared and we have paid during 2023 pursuant to our dividend policy:

Quarter	Prior Quarter Realized Silver Price	Silver-linked component	Minimum component	Total dividend per share
First	22.03	$0.0025	$0.00375	$0.00625
Second	22.62	$0.0025	$0.00375	$0.00625
Third	23.67	$0.0025	$0.00375	$0.00625

Accumulated Other Comprehensive Income (Loss), Net

The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands):

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2023	$	9,162		$	(6,714	)		2,448
Changes in fair value of derivative contracts		8,665			—			8,665
Gains and deferred gains transferred from accumulated other comprehensive income		(2,149	)		—			(2,149	)
Balance March 31, 2023	$	15,678		$	(6,714	)	$	8,964
Changes in fair value of derivative contracts		7,445			—			7,445
Gains and deferred gains transferred from accumulated other comprehensive income		(2,213	)		—			(2,213	)
Balance June 30, 2023	$	20,910		$	(6,714	)	$	14,196
Changes in fair value of derivative contracts		(5,265	)		—			(5,265	)
Gains and deferred gains transferred from accumulated other comprehensive income		(6,119	)		—			(6,119	)
Balance September 30, 2023	$	9,526		$	(6,714	)	$	2,812

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2022	$	(4,675	)	$	(23,781	)		(28,456	)
Changes in fair value of derivative contracts		(31,798	)		—			(31,798	)
Gains transferred from accumulated other comprehensive income		(1,367	)		—			(1,367	)
Balance March 31, 2022		(37,840	)		(23,781	)		(61,621	)
Changes in fair value of derivative contracts		61,939			—			61,939
Gains transferred from accumulated other comprehensive income		3,409			—			3,409
Balance June 30, 2022	$	27,508		$	(23,781	)	$	3,727
Changes in fair value of derivative contracts		(16,701	)		—			(16,701	)
Gains transferred from accumulated other comprehensive income		4,009			—			4,009
Balance September 30, 2022	$	14,816		$	(23,781	)	$	(8,965	)

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Note 7 - Debt, Credit Agreement and Leases

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Debt, Credit Facility and Leases

Note 7. Debt, Credit Agreement and Leases

Our debt as of September 30, 2023 and December 31, 2022 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”), our Series 2020-A Senior Notes due July 9, 2025 (the “IQ Notes”) and any drawn amounts on our $150 million Credit Agreement, which is described separately below. The following tables summarize our long-term debt balances, excluding interest and borrowings under the Credit Agreement, as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	35,677	$	510,677
Unamortized discount/premium and issuance costs		(3,958	)		284		(3,674	)
Long-term debt balance	$	471,042		$	35,961	$	507,003

	December 31, 2022
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	35,614	$	510,614
Unamortized discount/premium and issuance costs		(4,640	)		392		(4,248	)
Long-term debt balance	$	470,360		$	36,006	$	506,366

The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, IQ Notes, and finance and operating leases as of September 30, 2023 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. The amounts for the IQ Notes are stated in U.S. dollars (“USD”) based on the USD/Canadian dollar (“CAD”) exchange rate as of September 30, 2023.

Twelve-month period ending September 30,	Senior Notes		IQ Notes		Finance Leases			Operating Leases
2024	$	34,438	$	2,324	$	9,313		$	1,802
2025		34,438		37,468		8,888			1,277
2026		34,438		—		6,415			1,273
2027		34,438		—		3,389			1,199
2028		487,912		—		4,156			1,081
Thereafter		—		—		—			5,807
		625,664		39,792		32,161			12,439
Less: effect of discounting		—		—		(2,918	)		(3,069	)
Total	$	625,664	$	39,792	$	29,243		$	9,370

Credit Agreement

On July 21, 2022, we entered into a revolving credit facility (the "Credit Agreement") with various financial institutions (the “Lenders”), Bank of Montreal and Bank of America, N.A. as letters of credit issuers, and Bank of America, N.A., as administrative agent for the Lenders and as swingline lender, to replace our prior credit agreement. The Credit Agreement is a $150 million senior secured revolving facility, with an option to be increased in an aggregate amount not to exceed $75 million. Any revolving loans under the Credit Agreement have a maturity date of July 21, 2026. Proceeds of the revolving loans under the Credit Agreement may be used for general corporate purposes. The interest rate on the outstanding loans under the Credit Agreement is based on the Company’s net

leverage ratio and is calculated at (i) Term Secured Overnight Financing Rate ("SOFR") plus 2% to 3.5% or (ii) Bank of America’s Base Rate plus 1% to 2.5% with Base Rate being the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus .50% or (iii) Term SOFR plus 1.00%. For each amount drawn, we elect whether we draw on a one, three or six month basis or annual basis for SOFR. If we elect to draw for greater than six months, we pay interest quarterly on the outstanding amount.

We are also required to pay a commitment fee of between 0.45% to 0.78750%, depending on our net leverage ratio. Letters of credit issued under the Credit Agreement bear a fee between 2.00% and 3.50% based on our net leverage ratio, as well as a fronting fee to each issuing bank at an agreed upon rate per annum on the average daily dollar amount of our letter of credit exposure.

Hecla Mining Company and certain of our subsidiaries are the borrowers under the Credit Agreement, while certain of our other subsidiaries are guarantors of the borrowers’ obligations under the Credit Agreement. As further security, the Credit Agreement is collateralized by a mortgage on the Greens Creek mine, the equity interests of subsidiaries that own the Greens Creek mine or are part of the Greens Creek Joint Venture and our subsidiary Hecla Admiralty Company (the “Greens Creek Group”), and by all of the Green Creek Group’s rights and interests in the Greens Creek Joint Venture Agreement, and in all assets of the joint venture and of any member of the Greens Creek Group.

At September 30, 2023, we had net draws of $80.0 million outstanding at an interest rate of 8.0%, and $6.7 million of outstanding letters of credit. Letters of credit that are outstanding reduce availability under the Credit Agreement.

We believe we were in compliance with all covenants under the Credit Agreement as of September 30, 2023.

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Note 8 - Derivative Instruments

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Derivative Instruments

Note 8. Derivative Instruments

General

Our current risk management policy provides that up to 75% of five years of our foreign currency, lead and zinc metals price and silver and gold price exposure may be covered under a derivatives program with certain other limitations. Our program also utilizes derivatives to manage price risk exposure created from when revenue is recognized from a shipment of concentrate until final settlement.

These instruments expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price exceeds the spot price of the hedged commodity or foreign currency and (ii) price risk to the extent that the spot price or currency exchange rate exceeds the contract price for quantities of our production and/or forecasted costs covered under contract positions.

Foreign Currency

Our wholly-owned subsidiaries owning the Casa Berardi operation and Keno Hill operation are USD-functional entities which routinely incur expenses denominated in CAD. Such expenses expose us to exchange rate fluctuations between the USD and CAD. We have a program to manage our exposure to fluctuations in the USD exchange rate for these subsidiaries' future operating and capital costs denominated in CAD. The program related to forecasted cash operating costs at Casa Berardi and Keno Hill utilizes forward contracts to buy CAD, some of which are designated as cash flow hedges. As of September 30, 2023, we have a total of 642 forward contracts outstanding to buy a total of CAD $510.8 million having a notional amount of USD$383.6 million for Casa Berardi, Keno Hill, and some corporate Canadian expenses. The CAD contracts that are related to forecasted cash operating costs at Casa Berardi and Keno Hill from 2023-2026 have a total notional value of CAD$406.3 million and have CAD-to-USD exchange rates ranging between 1.27550 and 1.37250 The CAD contracts that are related to forecasted capital expenditures at Casa Berardi from 2023-2026 have a total notional value of CAD$52.6 million at an average CAD-to-USD exchange rate of 1.357. The CAD contracts that are related to forecasted capital expenditures at Keno Hill from 2023-2026 have a total notional value of CAD$27.1 million at an average CAD-to-USD exchange rate of 1.3533.

As of September 30, 2023 and December 31, 2022, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions):

	September 30,		December 31,
Balance sheet line item:	2023		2022
Other current assets	$	0.9	$	1.1
Other non-current assets	$	0.4	$	0.4
Other current liabilities	$	3.3	$	4.0
Other non-current liabilities	$	2.2	$	3.6

Net unrealized losses of $4.9 million related to the effective portion of the foreign currency forward contracts designated as hedges are included in accumulated other comprehensive income (loss) as of September 30, 2023. Unrealized gains and losses will be

transferred from accumulated other comprehensive income (loss) to current earnings as the underlying operating expenses are recognized. We estimate $2.9 million in net unrealized losses included in accumulated other comprehensive income (loss) as of September 30, 2023 will be reclassified to current earnings in the next twelve months. Net realized losses of $0.6 million and $2.5 million on contracts related to underlying expenses which have been recognized were transferred from accumulated other comprehensive income (loss) and included in cost of sales and other direct production costs for the three and nine months ended September 30, 2023, respectively. Net losses of $3.2 million and net gains of $0.1 million for the three and nine months ended September 30, 2023, respectively, related to contracts not designated as hedges and no net unrealized gains or losses related to ineffectiveness of the hedges are included in fair value adjustments, net on our consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023, respectively.

Metals Prices

We are currently using financially-settled forward contracts to manage the exposure to:

•changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement; and

•changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments.

The following tables summarize the quantities of metals committed under forward metals contracts at September 30, 2023 and December 31, 2022:

September 30, 2023	Ounces/pounds under contract (in 000's)								Average price per ounce/pound
	Silver		Gold		Zinc		Lead		Silver		Gold	Zinc		Lead
	(ounces)		(ounces)		(pounds)		(pounds)		(ounces)		(ounces)	(pounds)		(pounds)
Contracts on provisional sales
2023 settlements		931		—		—		11,188	$	23.30	N/A	N/A		$	1.00
Contracts on forecasted sales
2023 settlements		—		—		441		7,992	N/A		N/A	$	1.51	$	0.99
2024 settlements		—		—		—		74,902	N/A		N/A	N/A		$	0.97
2025 settlements		—		—		—		44,754	N/A		N/A	N/A		$	0.97

December 31, 2022	Ounces/pounds under contract (in 000's)								Average price per ounce/pound
	Silver		Gold		Zinc		Lead		Silver		Gold		Zinc		Lead
	(ounces)		(ounces)		(pounds)		(pounds)		(ounces)		(ounces)		(pounds)		(pounds)
Contracts on provisional sales
2023 settlements		3,124		8		18,629		11,960	$	21.55	$	1,795	$	1.38	$	0.98
Contracts on forecasted sales
2023 settlements		—		—		37,533		75,618	N/A		N/A		$	1.34	$	1.00
2024 settlements		—		—		—		45,856	N/A		N/A		N/A		$	0.99

We recorded the following balances for the fair value of the forward metals contracts as of September 30, 2023 and December 31, 2022 (in millions):

	September 30, 2023						December 31, 2022
Balance sheet line item:	Contracts in an asset position		Contracts in a liability position		Net asset (liability)		Contracts in an asset position		Contracts in a liability position			Net asset (liability)
Other current assets	$	1.2	$	—	$	1.2	$	1.2	$	—		$	1.2
Other non-current assets	$	—	$	—	$	—	$	0.1	$	—		$	0.1
Other current liabilities	$	—	$	—	$	—	$	—	$	(12.1	)	$	(12.1	)
Other non-current liabilities	$	—	$	1.1	$	1.1	$	—	$	(2.5	)	$	(2.5	)

Net realized and unrealized gains of $15.1 million related to the effective portion of the forward metals contracts designated as hedges were included in accumulated other comprehensive income (loss) as of September 30, 2023. Unrealized gains and losses will be transferred from accumulated other comprehensive income (loss) to current earnings as the underlying forecasted sales are recognized. We estimate $11.7 million in net realized and unrealized gains included in accumulated other comprehensive income (loss) as of September 30, 2023 would be reclassified to current earnings in the next twelve months. The realized gains arose due to cash settlement of zinc contracts prior to maturity in 2022 and during the second quarter of 2023 for net proceeds of $17.4 million and $7.6 million, respectively. We recognized a net gain of $4.0 million, including a $6.7 million gain transferred from accumulated other comprehensive income (loss), and a net gain of $1.6 million, during the three months ended September 30, 2023 and 2022, respectively. We recognized a net gain of $13.1 million, including a $13.0 million gain transferred from accumulated other comprehensive income (loss), and a net gain of $8.1 million, during the nine months ended September 30, 2023 and 2022, respectively. These gains and losses were recognized on the contracts utilized to manage exposure to prices of metals in our concentrate shipments, which are included in sales. The net losses

and gains recognized on the contracts offset gains and losses related to price adjustments on our provisional concentrate sales due to changes to silver, gold, lead and zinc prices between the time of sale and final settlement.

Credit-risk-related Contingent Features

Certain of our derivative contracts contain cross default provisions which provide that a default under our Credit Agreement would cause a default under the derivative contract. As of September 30, 2023, we have not posted any collateral related to these contracts. The fair value of derivatives in a net liability position related to these agreements was $7.1 million as of September 30, 2023, which includes accrued interest but excludes any adjustment for nonperformance risk. If we were in breach of any of these provisions at September 30, 2023, we could have been required to settle our obligations under the agreements at their termination value of $7.1 million.

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Note 9 - Fair Value Measurement

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Fair Value Measurement

Note 9. Fair Value Measurement

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Gain (loss) on derivative contracts	$	(2,160	)	$	873		$	1,848		$	(20	)
Unrealized loss on equity securities investments		(4,237	)		(5,110	)		(7,622	)		(14,749	)
Gain on disposition or exchange of investments		—			(3	)		—			66
Total fair value adjustments, net	$	(6,397	)	$	(4,240	)	$	(5,774	)	$	(14,703	)

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 September 30, 2023		Balance at December 31, 2022		Input Hierarchy Level
Assets:
Cash and cash equivalents:
Money market funds and other bank deposits	$	100,685	$	104,743	Level 1
Current and non-current investments:
Equity securities - mining industry		16,594		24,018	Level 1
Trade accounts receivable:
Receivables from provisional concentrate sales		16,685		45,146	Level 2
Restricted cash balances:
Certificates of deposit and other deposits		1,163		1,164	Level 1
Derivative contracts - current and non-current derivatives assets:
Foreign exchange contracts		1,343		1,518	Level 2
Metal forward contracts		1,241		1,309	Level 2
Total assets	$	137,711	$	177,898
Liabilities:
Derivative contracts - current derivatives liabilities and other non-current liabilities:
Foreign exchange contracts	$	5,549	$	7,548	Level 2
Metal forward contracts		1,128		14,643	Level 2
Total liabilities	$	6,677	$	22,191

Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value.

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

Our non-current investments consist of marketable equity securities of companies in the mining industry 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 Casa Berardi operation and the 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 financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement. We also use financially-settled forward contracts to manage the exposure to changes in prices of silver, 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.

At September 30, 2023, our Senior Notes and IQ Notes were recorded at their carrying value of $471.0 million and $36.0 million, respectively, net of unamortized initial purchaser discount/premium and issuance costs. The estimated fair values of our Senior Notes and IQ Notes were $460.2 million and $34.2 million, respectively, at September 30, 2023. Quoted market prices, which we consider to be Level 1 inputs, are utilized to estimate fair values of the Senior Notes. Unobservable inputs which we consider to be Level 3, including an assumed current annual yield of 8.06%, are utilized to estimate the fair value of the IQ Notes. See Note 7 for more information.

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Note 10 - Commitments, Contingencies and Obligations

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Commitments, Contingencies and Obligations

Note 10. Commitments, Contingencies and Obligations

Johnny M Mine Area near San Mateo, McKinley County and San Mateo Creek Basin, New Mexico

In August 2012, Hecla Limited and the U.S. Environmental Protection Agency (the “EPA”) entered into a Settlement Agreement and Administrative Order on Consent for Removal Action (“Consent Order”) regarding the Johnny M Mine Area near San Mateo, McKinley County, New Mexico. Mining at the Johnny M Mine was conducted for a limited period of time by a predecessor of Hecla Limited, and the EPA had previously asserted that Hecla Limited may be responsible under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) for environmental remediation and past costs incurred by the EPA at the site. Under the Consent Order, Hecla Limited agreed to pay (i) $1.1 million to the EPA for its past response costs at the site and (ii) any future response costs at the site under the Consent Order, in exchange for a covenant not to sue by the EPA. In December 2014, Hecla Limited submitted to the EPA the Engineering Evaluation and Cost Analysis (“EE/CA”) for the site which recommended on-site disposal of mine-related material. In January 2021, the parties began negotiating a new consent order to design and implement the on-site disposal response action recommended in the EE/CA. Based on the foregoing, we believe it is probable that Hecla Limited will incur a liability for the CERCLA removal action and we have accrued $10.1 million, primarily representing estimated current costs to design and implement the remedy, which are subject to change as fieldwork is performed. It is possible that Hecla Limited’s liability will be more than $10.1 million, and any increase in liability could have a material adverse effect on Hecla Limited’s or our results of operations or financial position.

The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 square mile area in New Mexico that contains numerous legacy uranium mines and mills. In addition to Johnny M, Hecla Limited’s predecessor was involved at other mining sites within the SMCB. The EPA appears to have deferred consideration of listing the SMCB site on CERCLA’s National Priorities List (“Superfund”) by removing the site from its emphasis list, and is working with various potentially responsible parties (“PRPs”) at the site in order to study and potentially address perceived groundwater issues within the SMCB. The EE/CA discussed above relates primarily to contaminated rock and soil at the Johnny M site, not groundwater and not elsewhere within the SMCB site. It is possible that Hecla Limited’s liability at the Johnny M Site, and for any other mine site within the SMCB at which Hecla Limited’s predecessor may have operated, will be greater than our current accrual of $10.1 million due to the increased scope of required remediation.

In July 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the SMCB site or for costs incurred by the EPA in cleaning up the site. The EPA stated it has incurred approximately $9.6 million in response costs to date. On May 2, 2022, Hecla Limited received a letter from a PRP notifying Hecla Limited that three PRPs will seek cost recovery and

contribution from Hecla Limited under CERCLA for certain investigatory work performed by the PRPs at the SMCB site. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by the various PRPs.

Carpenter Snow Creek and Barker-Hughesville Sites in Montana

In July 2010, the EPA made a formal request to Hecla for information regarding the Carpenter Snow Creek Superfund site located in Cascade County, Montana. The Carpenter Snow Creek site is located in a historical mining district, and in the early 1980s Hecla Limited leased 6 mining claims and performed limited exploration activities at the site. Hecla Limited terminated the mining lease in 1988.

In June 2011, the EPA informed Hecla Limited that it believes Hecla Limited, and several other PRPs, may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA stated in the letter that it has incurred approximately $4.5 million in response costs and estimated that total remediation costs may exceed $100 million. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning the site, including the relative contributions of contamination by various other PRPs.

In February 2017, the EPA made a formal request to Hecla for information regarding the Barker-Hughesville Mining District Superfund site located in Judith Basin and Cascade Counties, Montana. Hecla Limited submitted a response in April 2017. The Barker-Hughesville site is located in a historic mining district, and between approximately June and December 1983, Hecla Limited was party to an agreement with another mining company under which limited exploration activities occurred at or near the site.

In August 2018, the EPA informed Hecla Limited that it and several other PRPs may be liable for cleanup of the site or for costs incurred by the EPA in cleaning up the site. The EPA did not include an amount of its alleged response costs to date. Hecla Limited cannot with reasonable certainty estimate the amount or range of liability, if any, relating to this matter because of, among other reasons, the lack of information concerning past or anticipated future costs at the site and the relative contributions of contamination by various other PRPs.

Lucky Friday Environmental Issues

On July 12, 2022, our Lucky Friday mine received a NOV from the EPA alleging violations of the Clean Water Act between 2018 and 2021 relating primarily to concentration levels of zinc and lead in the mine’s permitted water discharges. Currently, the EPA has not initiated any formal enforcement proceeding against our Lucky Friday subsidiary. In civil judicial cases, the EPA can seek statutory penalties up to $59,973 per day per violation and, in administrative actions, the EPA can seek administrative penalties up to $23,989 per day per violation with a maximum administrative penalty of $299,989 for all alleged violations. The EPA typically pursues administrative penalties. At this time, we cannot reasonably assess the amount of penalties the EPA may seek, or predict the terms of any potential settlement with the EPA.

Litigation Related to Klondex Acquisition

On May 24, 2019, a purported Hecla stockholder filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against Hecla and certain of our executive officers, one of whom is also a director. The complaint, purportedly brought on behalf of all purchasers of Hecla common stock from March 19, 2018 through and including May 8, 2019, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks, among other things, damages and costs and expenses. Specifically, the complaint alleges that Hecla, under the authority and control of the individual defendants, made certain material false and misleading statements and omitted certain material information regarding Hecla’s Nevada Operations. The complaint alleges that these misstatements and omissions artificially inflated the market price of Hecla common stock during the class period, thus purportedly harming investors. The Court granted our Motion to Dismiss the lawsuit, without prejudice, in February 2023, and the plaintiffs filed an amended complaint in March 2023 which repeats the same claims. We have filed a Motion to Dismiss the amended complaint. We cannot predict the outcome of this lawsuit or estimate damages if plaintiffs were to prevail. We believe that these claims are without merit and intend to defend them vigorously.

Related to this class action lawsuit, Hecla has been named as a nominal defendant in a shareholder derivative lawsuit which also names as defendants certain current and past (i) members of Hecla’s board of directors and (ii) officers of Hecla. The case was filed on May 4, 2022 in the Delaware Chancery Court. In general terms, the suit alleges breaches of fiduciary duties by the individual defendants, waste of corporate assets and unjust enrichment, and seeks damages, purportedly on behalf of Hecla.

Debt

See Note 7 for information on the commitments related to our debt arrangements as of September 30, 2023.

Other Commitments

Our contractual obligations as of September 30, 2023 included open purchase orders and commitments of approximately $15.0 million, $9.7 million, $10.3 million, $3.5 million and $1.8 million for various capital and non-capital items at Greens Creek, Lucky Friday, Keno Hill, Casa Berardi and Nevada Operations, respectively. We also have total commitments of approximately $32.2 million relating to scheduled payments on finance leases, including interest, primarily for equipment at our Greens Creek, Lucky Friday, Casa Berardi, and Keno Hill units, and total commitments of approximately $12.4 million relating to payments on operating leases (see Note 7 for more information). As part of our ongoing business and operations, we are required to provide surety bonds, bank letters of credit, and restricted deposits for various purposes, including financial support for environmental reclamation obligations and workers compensation programs. As of September 30, 2023, we had surety bonds totaling $193.4 million and letters of credit totaling $6.7 million in place as financial support for future reclamation and closure costs, self-insurance, and employee benefit plans. The obligations associated with these instruments are generally related to performance requirements that we address through ongoing operations. As the requirements are met, the beneficiary of the associated instruments cancels or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure of the sites. We believe we are in compliance with all applicable bonding requirements and will be able to satisfy future bonding requirements as they arise.

Other Contingencies

We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently have no basis to conclude that any or all of such contingencies will materially affect our financial position, results of operations or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by us, and there can be no assurance that their ultimate disposition will not have a material adverse effect on our financial position, results of operations or cash flows.

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Note 11 - Developments in Accounting Pronouncements

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Developments in Accounting Pronouncements

Note 11. Developments in Accounting Pronouncements

Accounting Standards Updates Adopted

In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. Certain of our derivative instruments previously referenced London Interbank Offered Rate ("LIBOR") based rates and have been amended to eliminate the LIBOR-based rate references prior to July 1, 2023. There have been no significant impacts to our financial results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates.

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Note 12 - Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent events

Note 12. Subsequent Events

On November 1, 2023, we participated in an equity offering of Dolly Varden Silver Corporation acquiring 15,384,616 shares of common stock for CAD$10 million (USD$7.3 million).

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Note 2 -Business Segments and Sales of Products (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables present information about our reportable segments sales for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Total sales:
Greens Creek	$	96,459		$	60,875		$	290,961		$	239,688
Lucky Friday		21,409			28,460			113,167			102,380
Keno Hill		16,001			—			17,582			—
Casa Berardi		46,912			56,939			134,856			181,679
Nevada Operations		—			—			960			268
Other		1,125			65			2,011			65
	$	181,906		$	146,339		$	559,537		$	524,080
Income (loss) from operations:
Greens Creek	$	31,169		$	1,378		$	92,824		$	63,768
Lucky Friday		(4,935	)		4,269			20,161			18,568
Keno Hill		(7,462	)		(2,324	)		(24,145	)		(2,324	)
Casa Berardi		(12,433	)		(5,226	)		(35,492	)		(8,497	)
Nevada Operations		(6,061	)		(8,917	)		(16,981	)		(30,879	)
Other		(12,919	)		(14,639	)		(38,644	)		(43,625	)
	$	(12,641	)	$	(25,459	)	$	(2,277	)	$	(2,989	)

The following table presents total assets by reportable segment as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023		December 31, 2022
Total assets:
Greens Creek	$	568,881	$	582,687
Lucky Friday		564,746		571,510
Keno Hill		354,149		276,096
Casa Berardi		694,030		681,631
Nevada Operations		461,706		466,722
Other		317,644		348,526
	$	2,961,156	$	2,927,172

Revenue from External Customers by Products and Services [Table Text Block]

Total sales for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Silver	$	74,425		$	45,924		$	235,447		$	182,306
Gold		70,206			69,289			208,216			228,475
Lead		15,719			16,033			62,778			56,912
Zinc		33,066			28,051			91,912			94,865
Less: Smelter and refining charges		(12,550	)		(13,023	)		(40,743	)		(38,543	)
Total metal sales		180,866			146,274			557,610			524,015
Environmental remediation services		1,040			65			1,927			65
Total sales	$	181,906		$	146,339		$	559,537		$	524,080

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Note 3 - Income and Mining Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Major components of our income and mining tax benefit (expense) for the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Current:
Domestic	$	(1,182	)	$	253		$	(2,980	)	$	(2,296	)
Foreign		(1,029	)		(1,085	)		(3,050	)		(4,172	)
Total current income and mining tax expense		(2,211	)		(832	)		(6,030	)		(6,468	)
Deferred:
Domestic		(3,696	)		8,156			(17,619	)		915
Foreign		7,407			2,203			16,745			9,195
Total deferred income and mining tax benefit (expense)		3,711			10,359			(874	)		10,110
Total income and mining tax benefit (expense)	$	1,500		$	9,527		$	(6,904	)	$	3,642

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Note 4 - Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

We sponsor three defined benefit pension plans, two of which cover substantially all U.S. employees. Net periodic pension (benefit) cost for the plans consisted of the following for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Service cost	$	949		$	1,566		$	2,847		$	4,697
Interest cost		1,993			1,369			5,979			4,107
Expected return on plan assets		(3,107	)		(3,363	)		(9,321	)		(10,089	)
Amortization of prior service cost		125			128			375			384
Amortization of net loss		(47	)		512			(141	)		1,537
Net periodic pension (benefit) cost	$	(87	)	$	212		$	(261	)	$	636

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Note 5 - Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table represents net loss per common share – basic and diluted (in thousands, except income (loss) per share):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator
Net loss	$	(22,415	)	$	(23,526	)	$	(41,282	)	$	(32,896	)
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net loss applicable to common stockholders	$	(22,553	)	$	(23,664	)	$	(41,696	)	$	(33,310	)
Denominator
Basic weighted average common shares		607,896			554,531			604,028			544,000
Dilutive restricted stock units, warrants and deferred shares		—			—			—			—
Diluted weighted average common shares		607,896			554,531			604,028			544,000
Basic loss per common share	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)
Diluted loss per common share	$	(0.04	)	$	(0.04	)	$	(0.07	)	$	(0.06	)

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Note 6 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Grant date	Award type	Number granted	Grant date fair value per share
June 21, 2023	Restricted stock	1,230,223	$5.05
June 21, 2023	Performance based	314,778	$3.54
August 7, 2023	Restricted stock	51,357	$5.16
August 7, 2023	Performance based	21,318	$3.54

Summary of Dividends Declared Pursuant to Dividend Policy

The following table summarizes the dividends our Board of Directors have declared and we have paid during 2023 pursuant to our dividend policy:

Quarter	Prior Quarter Realized Silver Price	Silver-linked component	Minimum component	Total dividend per share
First	22.03	$0.0025	$0.00375	$0.00625
Second	22.62	$0.0025	$0.00375	$0.00625
Third	23.67	$0.0025	$0.00375	$0.00625

Schedule of Accumulated other comprehensive income (loss)

The following table lists the beginning balance, quarterly activity and ending balances, net of income and mining tax, of each component of “Accumulated other comprehensive income (loss), net” (in thousands):

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2023	$	9,162		$	(6,714	)		2,448
Changes in fair value of derivative contracts		8,665			—			8,665
Gains and deferred gains transferred from accumulated other comprehensive income		(2,149	)		—			(2,149	)
Balance March 31, 2023	$	15,678		$	(6,714	)	$	8,964
Changes in fair value of derivative contracts		7,445			—			7,445
Gains and deferred gains transferred from accumulated other comprehensive income		(2,213	)		—			(2,213	)
Balance June 30, 2023	$	20,910		$	(6,714	)	$	14,196
Changes in fair value of derivative contracts		(5,265	)		—			(5,265	)
Gains and deferred gains transferred from accumulated other comprehensive income		(6,119	)		—			(6,119	)
Balance September 30, 2023	$	9,526		$	(6,714	)	$	2,812

	Changes in fair value of derivative contracts designated as hedge transactions			Adjustments For Pension Plans			Total Accumulated Other Comprehensive Income (Loss), Net
Balance January 1, 2022	$	(4,675	)	$	(23,781	)		(28,456	)
Changes in fair value of derivative contracts		(31,798	)		—			(31,798	)
Gains transferred from accumulated other comprehensive income		(1,367	)		—			(1,367	)
Balance March 31, 2022		(37,840	)		(23,781	)		(61,621	)
Changes in fair value of derivative contracts		61,939			—			61,939
Gains transferred from accumulated other comprehensive income		3,409			—			3,409
Balance June 30, 2022	$	27,508		$	(23,781	)	$	3,727
Changes in fair value of derivative contracts		(16,701	)		—			(16,701	)
Gains transferred from accumulated other comprehensive income		4,009			—			4,009
Balance September 30, 2022	$	14,816		$	(23,781	)	$	(8,965	)

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Note 7 - Debt, Credit Agreement and Leases (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Schedule of Long-Term Debt Instruments

	September 30, 2023
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	35,677	$	510,677
Unamortized discount/premium and issuance costs		(3,958	)		284		(3,674	)
Long-term debt balance	$	471,042		$	35,961	$	507,003

	December 31, 2022
	Senior Notes			IQ Notes		Total
Principal	$	475,000		$	35,614	$	510,614
Unamortized discount/premium and issuance costs		(4,640	)		392		(4,248	)
Long-term debt balance	$	470,360		$	36,006	$	506,366

Schedule of Maturities of Long Term Debt and Finance and Operating Lease Liabilities

Twelve-month period ending September 30,	Senior Notes		IQ Notes		Finance Leases			Operating Leases
2024	$	34,438	$	2,324	$	9,313		$	1,802
2025		34,438		37,468		8,888			1,277
2026		34,438		—		6,415			1,273
2027		34,438		—		3,389			1,199
2028		487,912		—		4,156			1,081
Thereafter		—		—		—			5,807
		625,664		39,792		32,161			12,439
Less: effect of discounting		—		—		(2,918	)		(3,069	)
Total	$	625,664	$	39,792	$	29,243		$	9,370

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Note 8 - Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]

As of September 30, 2023 and December 31, 2022, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions):

	September 30,		December 31,
Balance sheet line item:	2023		2022
Other current assets	$	0.9	$	1.1
Other non-current assets	$	0.4	$	0.4
Other current liabilities	$	3.3	$	4.0
Other non-current liabilities	$	2.2	$	3.6

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following tables summarize the quantities of metals committed under forward metals contracts at September 30, 2023 and December 31, 2022:

September 30, 2023	Ounces/pounds under contract (in 000's)								Average price per ounce/pound
	Silver		Gold		Zinc		Lead		Silver		Gold	Zinc		Lead
	(ounces)		(ounces)		(pounds)		(pounds)		(ounces)		(ounces)	(pounds)		(pounds)
Contracts on provisional sales
2023 settlements		931		—		—		11,188	$	23.30	N/A	N/A		$	1.00
Contracts on forecasted sales
2023 settlements		—		—		441		7,992	N/A		N/A	$	1.51	$	0.99
2024 settlements		—		—		—		74,902	N/A		N/A	N/A		$	0.97
2025 settlements		—		—		—		44,754	N/A		N/A	N/A		$	0.97

December 31, 2022	Ounces/pounds under contract (in 000's)								Average price per ounce/pound
	Silver		Gold		Zinc		Lead		Silver		Gold		Zinc		Lead
	(ounces)		(ounces)		(pounds)		(pounds)		(ounces)		(ounces)		(pounds)		(pounds)
Contracts on provisional sales
2023 settlements		3,124		8		18,629		11,960	$	21.55	$	1,795	$	1.38	$	0.98
Contracts on forecasted sales
2023 settlements		—		—		37,533		75,618	N/A		N/A		$	1.34	$	1.00
2024 settlements		—		—		—		45,856	N/A		N/A		N/A		$	0.99

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

We recorded the following balances for the fair value of the forward metals contracts as of September 30, 2023 and December 31, 2022 (in millions):

	September 30, 2023						December 31, 2022
Balance sheet line item:	Contracts in an asset position		Contracts in a liability position		Net asset (liability)		Contracts in an asset position		Contracts in a liability position			Net asset (liability)
Other current assets	$	1.2	$	—	$	1.2	$	1.2	$	—		$	1.2
Other non-current assets	$	—	$	—	$	—	$	0.1	$	—		$	0.1
Other current liabilities	$	—	$	—	$	—	$	—	$	(12.1	)	$	(12.1	)
Other non-current liabilities	$	—	$	1.1	$	1.1	$	—	$	(2.5	)	$	(2.5	)

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Note 9 - Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

Table Text Block [Abstract]

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Gain (loss) on derivative contracts	$	(2,160	)	$	873		$	1,848		$	(20	)
Unrealized loss on equity securities investments		(4,237	)		(5,110	)		(7,622	)		(14,749	)
Gain on disposition or exchange of investments		—			(3	)		—			66
Total fair value adjustments, net	$	(6,397	)	$	(4,240	)	$	(5,774	)	$	(14,703	)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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 September 30, 2023		Balance at December 31, 2022		Input Hierarchy Level
Assets:
Cash and cash equivalents:
Money market funds and other bank deposits	$	100,685	$	104,743	Level 1
Current and non-current investments:
Equity securities - mining industry		16,594		24,018	Level 1
Trade accounts receivable:
Receivables from provisional concentrate sales		16,685		45,146	Level 2
Restricted cash balances:
Certificates of deposit and other deposits		1,163		1,164	Level 1
Derivative contracts - current and non-current derivatives assets:
Foreign exchange contracts		1,343		1,518	Level 2
Metal forward contracts		1,241		1,309	Level 2
Total assets	$	137,711	$	177,898
Liabilities:
Derivative contracts - current derivatives liabilities and other non-current liabilities:
Foreign exchange contracts	$	5,549	$	7,548	Level 2
Metal forward contracts		1,128		14,643	Level 2
Total liabilities	$	6,677	$	22,191

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Note 1 - Basis of Preparation of Financial Statements (Details Textual) - ATAC Resources Ltd $ in Millions	Jul. 10, 2023 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Asset acquisition, Consideration transferred, Total non cash consideration	$ 2.0
Asset acquisition, Consideration transferred	$ 19.4
Issuance of Common Share | shares	3,676,904
Share exchange ratio	0.0166%
AcquisitionCosts	$ 0.6
Acquired share | shares	5,502,956
Stake percentage	19.90%
Mineral Interests [Member]
Subsidiary, Sale of Stock [Line Items]
Asset acquisition, Recognized identifiable assets acquired and liabilities assumed, Mineral interests	$ 18.1

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Note 2 - Business Segments and Sales of Products (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financially-settled Forward Contracts [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Derivative, Gain (Loss) on Derivative, Net, Total	$ 4.0	$ 1.6	$ 13.1	$ 8.1

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Note 2 - Business Segments and Sales of Products - Information About Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	$ 181,906	$ 146,339	$ 559,537	$ 524,080
Income (loss) from operations	(12,641)	(25,459)	(2,277)	(2,989)
Identifiable assets	2,961,156		2,961,156		$ 2,927,172
Greens Creek [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	96,459	60,875	290,961	239,688
Income (loss) from operations	31,169	1,378	92,824	63,768
Identifiable assets	568,881		568,881		582,687
Lucky Friday [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	21,409	28,460	113,167	102,380
Income (loss) from operations	(4,935)	4,269	20,161	18,568
Identifiable assets	564,746		564,746		571,510
Keno Hill [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	16,001	0	17,582	0
Income (loss) from operations	(7,462)	(2,324)	(24,145)	(2,324)
Identifiable assets	354,149		354,149		276,096
Casa Berardi [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	46,912	56,939	134,856	181,679
Income (loss) from operations	(12,433)	(5,226)	(35,492)	(8,497)
Identifiable assets	694,030		694,030		681,631
Nevada Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	0	0	960	268
Income (loss) from operations	(6,061)	(8,917)	(16,981)	(30,879)
Identifiable assets	461,706		461,706		466,722
Other Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	1,125	65	2,011	65
Income (loss) from operations	(12,919)	$ (14,639)	(38,644)	$ (43,625)
Identifiable assets	$ 317,644		$ 317,644		$ 348,526

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Note 2 - Business Segments and Sales of Products - Sales of Products (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	$ 181,906	$ 146,339	$ 559,537	$ 524,080
Less: Smelter and refining charges	(12,550)	(13,023)	(40,743)	(38,543)
Silver Contracts [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	74,425	45,924	235,447	182,306
Gold [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	70,206	69,289	208,216	228,475
Lead [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	15,719	16,033	62,778	56,912
Zinc [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	33,066	28,051	91,912	94,865
Total Metal [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	180,866	146,274	557,610	524,015
Environmental Remediation Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total sales	$ 1,040	$ 65	$ 1,927	$ 65

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Note 3 - Income and Mining Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Domestic	$ (1,182)	$ 253	$ (2,980)	$ (2,296)
Foreign	(1,029)	(1,085)	(3,050)	(4,172)
Total current income and mining tax expense	(2,211)	(832)	(6,030)	(6,468)
Domestic	(3,696)	8,156	(17,619)	915
Foreign	7,407	2,203	16,745	9,195
Total deferred income and mining tax benefit (expense)	3,711	10,359	(874)	10,110
Total income and mining tax benefit (expense)	$ 1,500	$ 9,527	$ (6,904)	$ 3,642

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Note 4 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Nonoperating Income (Expense) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ 1.0	$ 1.4	$ 3.1	$ 4.1

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Note 4 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined Benefit Plan, Service Cost	$ 949	$ 1,566	$ 2,847	$ 4,697
Defined Benefit Plan, Interest Cost	1,993	1,369	5,979	4,107
Expected return on plan assets	(3,107)	(3,363)	(9,321)	(10,089)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	125	128	375	384
Amortization of net loss	(47)	512	(141)	1,537
Net periodic pension cost	$ (87)	$ 212	$ (261)	$ 636

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Note 5 - Loss Per Common Share - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Net Income (Loss)	$ (22,415)	$ (23,526)	$ (41,282)	$ (32,896)
Preferred stock dividends	(138)	(138)	(414)	(414)
Net loss applicable to common stockholders	$ (22,553)	$ (23,664)	$ (41,696)	$ (33,310)
Basic weighted average common shares	607,896,000	554,531,000	604,028,000	544,000,000
Diluted weighted average common shares	607,896,000	554,531,000	604,028,000	544,000,000
Basic loss per common share	$ (0.04)	$ (0.04)	$ (0.07)	$ (0.06)
Diluted loss per common share	$ (0.04)	$ (0.04)	$ (0.07)	$ (0.06)

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Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 18, 2021
Subsidiary or Equity Method Investee [Line Items]
Share-Based Payment Arrangement, Expense	$ 2.4	$ 1.8	$ 5.1	$ 4.3
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 9.0		$ 9.0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 6 months
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)			404,514,000
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation			$ 2.0
Shares Withheld for Tax Withholding Obligation, Price Per Share (in dollars per share)	$ 5.03		$ 5.03
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares)	8,113,553,000		8,113,553,000
Stock Issued During Period, Shares, New Issues (in shares)			4,253,334,000
Proceeds from Issuance or Sale of Equity			$ 25.9
Payments of Stock Issuance Costs			$ 0.4
Common stock issued under ATM program, net shares		1,176,861	4,253,334	1,176,861
At the market Offering [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity Distribution Agreement, Maximum Number of Shares to be Sold (in shares)					60,000,000
At the market Offering [Member] | At The Market Equity Distribution Agreement [Member]
Subsidiary or Equity Method Investee [Line Items]
Proceeds from Issuance or Sale of Equity			$ 43.2
Payments of Stock Issuance Costs			$ 0.7

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Note 6 - Stockholders' Equity - Summary of Grants Awarded (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted stock, June 21, 2023 [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of Shares granted awarded, Shares | shares	1,230,223
Grant date fair value per share | $ / shares	$ 5.05
Grant date	Jun. 21, 2023
Restricted stock, August 7, 2023 [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of Shares granted awarded, Shares | shares	51,357
Grant date fair value per share | $ / shares	$ 5.16
Grant date	Aug. 07, 2023
Performance based, June 21, 2023 [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of Shares granted awarded, Shares | shares	314,778
Grant date fair value per share | $ / shares	$ 3.54
Grant date	Jun. 21, 2023
Performance based, August 7, 2023 [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of Shares granted awarded, Shares | shares	21,318
Grant date fair value per share | $ / shares	$ 3.54
Grant date	Aug. 07, 2023

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Note 6 - Stockholders' Equity - Summary of Dividends Declared Pursuant to Dividend Policy (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
First Quarter Dividends Member
Subsidiary or Equity Method Investee [Line Items]
Prior Quarter Realized Silver Price			$ 22.03
Silver-linked component			0.0025
Minimum component			0.00375
Total dividend per share			$ 0.00625
Second Dividends Quarter Member
Subsidiary or Equity Method Investee [Line Items]
Prior Quarter Realized Silver Price		$ 22.62
Silver-linked component		0.0025
Minimum component		0.00375
Total dividend per share		$ 0.00625
Third Quarter Dividends Member
Subsidiary or Equity Method Investee [Line Items]
Prior Quarter Realized Silver Price	$ 23.67
Silver-linked component	0.0025
Minimum component	0.00375
Total dividend per share	$ 0.00625

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Note 6 - Stockholders' Equity - Schedule of Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Balance Begning	$ 1,992,836		$ 1,978,967	$ 1,782,882		$ 1,760,787
Balance Ending	1,977,770	$ 1,992,836		1,954,768	$ 1,782,882
Changes in fair value of derivative contracts designated as hedge transactions [Member]
Balance Begning	20,910	15,678	9,162	27,508	(37,840)	(4,675)
Changes in fair value of derivative contracts	(5,265)	7,445	8,665	(16,701)	61,939	(31,798)
Gains and deferred gains transferred from accumulated other comprehensive income	(6,119)	(2,213)	(2,149)	4,009	3,409	(1,367)
Balance Ending	9,526	20,910	15,678	14,816	27,508	(37,840)
Adjustments For Pension Plans [Member]
Balance Begning	(6,714)	(6,714)	(6,714)	(23,781)	(23,781)	(23,781)
Changes in fair value of derivative contracts	0	0	0	0	0	0
Gains and deferred gains transferred from accumulated other comprehensive income	0	0	0	0	0	0
Balance Ending	(6,714)	(6,714)	(6,714)	(23,781)	(23,781)	(23,781)
Accumulated Distributions in Excess of Net Income [Member]
Balance Begning	14,196	8,964	2,448	3,727	(61,621)	(28,456)
Changes in fair value of derivative contracts	(5,265)	7,445	8,665	(16,701)	61,939	(31,798)
Gains and deferred gains transferred from accumulated other comprehensive income	(6,119)	(2,213)	(2,149)	4,009	3,409	(1,367)
Balance Ending	$ 2,812	$ 14,196	$ 8,964	$ (8,965)	$ 3,727	$ (61,621)

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Note 7 - Debt, Credit Agreement and Leases (Details Textual) - USD ($) $ in Millions		9 Months Ended
	Jul. 21, 2022	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		8.00%
New Credit Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150.0
Letters of credit outstanding, amount		$ 6.7
Line of Credit Facility, Maximum Borrowing Capacity, Option	$ 75.0
Letters of Credit Outstanding, Amount		$ 6.7
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	50.00%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.45%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Debt Instrument, Basis Spread on Variable Rate, Applicable Margin	1.00%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Leverage Ratio Applicable Margin [Member]
Line of Credit Facility [Line Items]
Debt instrument, participation fee, percent	2.00%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.7875%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.50%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.50%
New Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Leverage Ratio Applicable Margin [Member]
Line of Credit Facility [Line Items]
Debt instrument, participation fee, percent	3.50%
New Credit Agreement [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of credit, drawn amount		$ 80.0
Senior Notes [Member] | The 2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7.25%	7.25%
Senior Notes [Member] | New Credit Agreement [Member]
Line of Credit Facility [Line Items]
Letters of credit, drawn amount		$ 150.0

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Note 7 - Debt, Credit Agreement and Leases - Debt Summary (Details) - Senior Notes [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Long-Term Debt, Gross	$ 510,677	$ 510,614
Unamortized discount/premium and issuance costs	(3,674)	(4,248)
Long-term debt balance	507,003	506,366
The 2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Long-Term Debt, Gross	475,000	475,000
Unamortized discount/premium and issuance costs	3,958	(4,640)
Long-term debt balance	471,042	470,360
IQ Notes [Member]
Line of Credit Facility [Line Items]
Long-Term Debt, Gross	35,677	35,614
Unamortized discount/premium and issuance costs	284	392
Long-term debt balance	$ 35,961	$ 36,006

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Note 7 - Debt, Credit Agreement and Leases - Future Payments of Long-term Debt and Finance and Operating Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
2024, operating leases	$ 1,802
2025, operating leases	1,277
2026, operating leases	1,273
2027, operating leases	1,199
2028, operating leases	1,081
Thereafter, operating leases	5,807
Total, operating	12,439
Less: effect of discounting, operating leases	(3,069)
Operating lease liability	9,370
2024, finance leases	9,313
2025, finance leases	8,888
2026, finance leases	6,415
2027, finance leases	3,389
2028, finance leases	4,156
Total, finance leases	32,161
Less: effect of discounting, Finance Leases	(2,918)
Finance lease, liability	29,243
IQ Notes [Member]
Line of Credit Facility [Line Items]
2024, long-term debt	2,324
2025, long-term debt	37,468
Total, long term Debt	39,792
Long-term debt	39,792
Senior Notes [Member]
Line of Credit Facility [Line Items]
2024, long-term debt	34,438
2025, long-term debt	34,438
2026, long-term debt	34,438
2027, long-term debt	34,438
2028, long-term debt	487,912
Total, long term Debt	625,664
Long-term debt	$ 625,664

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Note 8 - Derivative Instruments (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Contract	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Contract	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Maximum Allocation of Forecasted CAD-demonimated Operating Costs	75.00%		75.00%
Forecasted CAD-denominated Operating Costs to be Hedged, Term (Year)			5 years
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 600		$ 2,500
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness			0
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	11,700		11,700
Other Comprehensive Income (Loss) [Member]
Derivative [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	2,900		2,900
Derivative, Gain (Loss) on Derivative, Net, Total	17,400		7,600
Foreign Exchange Forward [Member]
Derivative [Line Items]
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	4,900		4,900
Foreign Exchange Forward [Member] | Casa Berardi [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 52,600		$ 52,600
Derivative, Forward Exchange Rate	0.000001357		0.000001357
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Minimum [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1,275.5000		1,275.5000
Foreign Exchange Forward [Member] | Casa Berardi [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	13,725		13,725
Foreign Exchange Forward [Member] | Keno Hill [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 27,100		$ 27,100
Derivative, Forward Exchange Rate	0.0000013533		0.0000013533
Foreign Exchange Forward [Member] | Casa Berardi and Keno Hill [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 406,300		$ 406,300
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held, Total | Contract	642		642
Derivative, Notional Amount	$ 510,800		$ 510,800
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Casa Berardi and Keno Hill [Member]
Derivative [Line Items]
Derivative, Notional Amount	383,600		383,600
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives	3,200		100
Price Risk Derivative [Member]
Derivative [Line Items]
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	15,100		15,100
Unsettled Concentrate Sales Contracts [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net, Total		$ 4,000	13,100
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net		6,700	13,000
Forecasted Future Concentrate Contracts [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net, Total	1,600	$ 1,600	8,100	$ 8,100
Commodity Contract [Member]
Derivative [Line Items]
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral, Total	7,100		7,100
Derivative, Fair Value, Obligations Under the Agreements	$ 7,100		$ 7,100

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Note 8 - Derivative Instruments - Foreign Currency (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Other current assets	$ 0.9	$ 1.1
Other non-current assets	0.4	0.4
Other current liabilities	3.3	4.0
Other non-current liabilities	$ 2.2	$ 3.6

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Note 8 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 lb oz $ / $ $ / oz	Dec. 31, 2022 oz lb $ / $ $ / oz
Silver 2023 Settlements For Provisional Sales Member
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz	931	3,124
Underlying, Derivative Mass | $ / oz	23.3	21.55
Gold 2023 Settlements For Provisional Sales Member
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz		8
Underlying, Derivative Mass | $ / oz		1,795
Zinc 2023 Settlements For Provisional Sales Member
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb		18,629
Underlying, Derivative Mass | $ / $		1.38
Lead 2023 Settlements For Provisional Sales Member
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	11,188	11,960
Underlying, Derivative Mass | $ / $	1	0.98
Silver2023 Settlements For Forecasted Sales [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz	0
Zinc 2023 Settlements for Forecasted Sales [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	441	37,533
Underlying, Derivative Mass | $ / $	1.51	1.34
Lead 2023 Settlements for Forecasted Sales [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	7,992	75,618
Underlying, Derivative Mass | $ / $	0.99	1
Lead 2024 Settlements for Forecasted Sales [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	74,902	45,856
Underlying, Derivative Mass | $ / $	0.97	0.99
Lead 2025 Settlements For Forecasted Sales [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	44,754
Underlying, Derivative Mass | $ / $	0.97

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Note 8 - Derivative Instruments - Fair Value of Forward and Put Option Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Current Assets [Member]
Derivative [Line Items]
Other current assets	$ 1,200	$ 1,200
Contracts in liability position	0	0
Net asset (liability)	1,200	1,200
Other Non-current Assets [Member]
Derivative [Line Items]
Other current assets	0	100
Contracts in liability position	0	0
Net asset (liability)	0	100
Other Current Liabilities [Member]
Derivative [Line Items]
Other current assets	0	0
Contracts in liability position	0	(12,100)
Net asset (liability)	0	(12,100)
Other Non-current Liabilities [Member]
Derivative [Line Items]
Other current assets	0	0
Contracts in liability position	1,100	(2,500)
Net asset (liability)	$ 1,100	$ (2,500)

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Note 9 - Fair Value Measurement (Details Textual)	Sep. 30, 2023 USD ($)
IQ Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Total	$ 36,000,000
Fair Value, Inputs, Level 1 [Member] | IQ Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	$ 34,200,000
Fair Value, Inputs, Level 3 [Member] | IQ Notes [Member] | Measurement Input, Annual Yield [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Measurement Input	0.0806
Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Total	$ 471,000,000
Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	$ 460,200,000

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Note 9 - Fair Value Measurement - Details of Fair Value Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax
Total fair value adjustments, net	$ (6,397)	$ (4,240)	$ (5,774)	$ (14,703)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss on investments in equity securities	(4,237)	(5,110)	(7,622)	(14,749)
Derivative [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Loss) gain on disposition or exchange of investments	$ (2,160)	$ 873	$ 1,848	$ (20)
Securities Investment [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Securities Investment [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Loss) gain on disposition or exchange of investments	$ 0	$ (3)	$ 0	$ 66

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Note 9 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables from provisional concentrate sales	$ 15,286	$ 10,695
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	137,711	177,898
Total liabilities	6,677	22,191
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and other bank deposits	100,685	104,743
Equity securities	16,594	24,018
Certificates of deposit and other deposits	1,163	1,164
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables from provisional concentrate sales	16,685	45,146
Foreign exchange contracts	1,343	1,518
Metal forward and put option contracts	$ 1,241	$ 1,309
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Foreign exchange contracts	$ 5,549	$ 7,548
Metal forward and put option contracts	$ 1,128	$ 14,643
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities

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Note 10 - Commitments, Contingencies and Obligations (Details Textual) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 12, 2022	Jul. 31, 2018	Aug. 31, 2012	Jun. 30, 2011	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Environmental remediation expense					$ 2,256	$ 1,781	$ 6,411	$ 4,154
Finance lease, liability, to be paid					32,161		32,161
Lessee, operating lease, liability, to be paid					12,439		12,439
Lease Commitments [Member]
Loss Contingencies [Line Items]
Lessee, operating lease, liability, to be paid					12,400		12,400
Performance Obligation Commitments [Member]
Loss Contingencies [Line Items]
Surety Bonds					193,400		193,400
Letters of credit outstanding, amount					6,700		6,700
Greens Creek [Member]
Loss Contingencies [Line Items]
Contractual obligation					32,200		32,200
Greens Creek [Member] | Purchase Orders and Commitment [Member]
Loss Contingencies [Line Items]
Contractual obligation					15,000		15,000
Lucky Friday [Member]
Loss Contingencies [Line Items]
EPA maximum for statutory penalties, per day/violation	$ 59,973
EPA maximum for administrative penalties, per day/violation	23,989
EPA maximum for administrative penalties	$ 299,989
Lucky Friday [Member] | Purchase Orders and Commitment [Member]
Loss Contingencies [Line Items]
Contractual obligation					9,700		9,700
Casa Berardi [Member] | Purchase Orders and Commitment [Member]
Loss Contingencies [Line Items]
Contractual obligation					3,500		3,500
Nevada Operations [Member] | Purchase Orders and Commitment [Member]
Loss Contingencies [Line Items]
Contractual obligation					1,800		1,800
Keno Hill [Member] | Purchase Orders and Commitment [Member]
Loss Contingencies [Line Items]
Contractual obligation					$ 10,300		10,300
Johnny M Mine Area near San Mateo, New Mexico [Member]
Loss Contingencies [Line Items]
Payment of response costs			$ 1,100
Estimated response costs		$ 9,600
Environmental remediation expense			10,100
Johnny M Mine Area near San Mateo, New Mexico [Member] | Environmental Remediation Past Response Costs [Member]
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies, period increase (decrease)			$ 10,100				$ 10,100
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member]
Loss Contingencies [Line Items]
Estimated response costs				$ 4,500
Estimated future response cost				$ 100,000

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Note 12 - Subsequent events (Additional Information) (Details) - Nov. 01, 2023 - Subsequent Event [Member] - Dolly Varden Silver Corporation [Member] $ in Millions	USD ($)	CAD ($)
Subsequent Event [Line Items]
Common stock value	$ 15,384,616
Total Implied Value	$ 7,300,000
Canada
Subsequent Event [Line Items]
Common stock value		$ 10