Business Description

4 Products and Segments 6 Governmental Regulation 6 Physical Assets 8 Human Capital 8 Available Information 9 Item 1A. Risk Factors 10 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2. Propert ies 34 Summary 35 Greens Creek 42 Lucky Friday 48 Keno Hill 52 Casa Berardi 56 Internal Controls 60 Item 3. Legal Proceedings 60 Item 4. Mine Safety Disclosures 60 PART II 61 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61 Item 6. Reserved 62 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 63 Overview 63 Consolidated Results of Operations 66 Greens Creek 70 Lucky Friday 72 Keno Hill 74 Casa Berardi 76 Corporate Matters 78 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) 78 Financial Liquidity and Capital Resources 89 Contractual Obligations and Contingent Liabilities and Commitments 91 Critical Accounting Estimates 92 i New Accounting Pronouncements 94 Guarantor Subsidiaries 95 Forward-Looking Statements 96 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 96 Provisional Sales 97 Commodity-Price Risk Management 97 Foreign Currency 99 Item 8. Financial Statements and Supplementary Data 100 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100 Item 9A. Controls and Procedures 100 Disclosure Controls and Procedures 100 Management’s Annual Report on Internal Control over Financial Reporting 100 Attestation Report of Independent Registered Public Accounting Firm 102 Item 9B. Other Information 103 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III 103 Item 10. Directors, Executive Officers and Corporate Governance 103 Item 11. Executive Compensation 105 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105 Item 13. Certain Relationships and Related Transactions, and Director Independence 105 Item 14. Principal Accountant Fees and Services 106 PART IV 107 Item 15. Exhibits and Financial Statement Schedules 107 Item 16. Form 10-K Summary 110 Signatures 111 Index to Consolidated Financial Statements F- 1 ii Special Note on Forward-Looking Statements Certain statements contained in this report (including information incorporated by reference) are “forward-looking statements” and are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Our forward-looking statements include our current expectations and projections about future production, results, performance, prospects and opportunities, including reserves and resources. We have tried to identify these forward-looking statements by using words such as “may,” “might,” “will,” “expect,” “anticipate,” “believe,” “could,” “intend,” “plan,” “estimate,” “project” 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 production, results, performance, prospects or opportunities, including reserves and resources, 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 Item 1A. Risk Factors and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. Projections and other forward-looking statements included in this report have been prepared based on assumptions, which we believe to be reasonable, but not in accordance with United States generally accepted accounting principles (“GAAP”) or any guidelines of the Securities and Exchange Commission (“SEC”). Actual results may vary, perhaps materially.…