Our current business strategy is to focus our financial and human resources in the following areas: Below is a summary of net income (loss) for each of the last five years (in thousands): Our financial results over the last five years have been impacted by: See  Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations  for a summary  of average market and realized prices for each of the three years ended December 31, 2012, 2011 and 2010. Our results of operations are  significantly impacted by fluctuations in the prices of silver, gold, lead and zinc, which are affected by numerous factors beyond our control. See Item 1A. Risk Factors – Financial Risks – A substantial or extended decline in metals prices would have a material adverse effect on us  for  information on a number of the various factors that can impact prices of the metals we produce. Hecla’s average realized prices for silver, lead,  and zinc were lower in 2012 compared to 2011, while the average realized price for gold increased. Average realized prices for all four metals  increased in 2011 compared to 2010. We believe that market metal price trends are a significant factor in our operating and financial  performance. Because we are unable to predict fluctuations in prices for metals and have limited control over the timing of our concentrate  shipments, there can be no assurance that our realized prices for silver and gold will exceed or even meet average market metals prices for any  future period. In April 2010, we began utilizing financially-settled forward contracts for lead and zinc with the objective of managing the  exposure to changes in prices of lead and zinc contained in our concentrate shipments between the time of sale and final settlement. See  Note 10  of  Notes to Consolidated Financial Statements  for more information on our base metal forward contract programs. 2 [ HL:10-K ]  y Net loss on base metal forward contracts of $10.5 million in 2012, a net gain of $38.0 million in 2011, and a net loss of $20.8 million in 2010.  These gains and losses are related to financially-settled forward contracts on forecasted zinc and lead production as part of a risk management  program initiated in 2010. See  Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Commodity-Price Risk Management  for  more information on our derivatives contracts. y Provision for closed operations and environmental matters of $4.7 million, $9.7 million, $201.1 million, $7.7 million and $4.3 million, respectively,  for the years ended December 31, 2012, 2011, 2010, 2009, and 2008. The $201.1 provision in 2010 included a $193.2 million adjustment to  increase our accrued liability for environmental obligations in Idaho’s Coeur d’Alene Basin as a result of our reaching an agreement with the  United States, the Coeur d’Alene Indian Tribe, and the State of Idaho on proposed financial terms to be incorporated into a comprehensive  settlement of the Coeur d’Alene Basin environmental litigation and related claims. The settlement was finalized upon entry of the Consent  Decree by the Court in September 2011. See  Note 7  of  Notes to Consolidated Financial Statements  for further discussion. y Exploration and pre-development expenditures totaling $49.7 million, $31.4 million, $21.6 million, $9.2 million and $22.5 million for the years  ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively. In addition, we also incurred exploration expenditures of $1.2 million for  the year ended December 31, 2008 at our now divested Venezuelan operations. This amount has been reported in income (loss) from  discontinued operations for that period. y $25.3 million in suspension-related costs at our Lucky Friday unit, including $6.3 million in depreciation, depletion, and amortization in 2012.  Production recommenced at the Lucky Friday in the first quarter of 2013. See  The Lucky Friday Segment  section for more information on the  temporary suspension of production.  y Fluctuations in prices of the metals we produce. The high and low daily closing market prices for silver, gold, lead and zinc for each of the last  five years are as follows: y Continuing to seek opportunities to acquire and invest in other mining properties and companies. Examples include our acquisition of the  Monte Cristo property in Nevada and investments in Dolly Varden Silver Corporation and Canamex Resources Corp. in 2012. y Maintaining and investing in exploration projects in the vicinities of four mining districts we believe to be under-explored and under- developed: North Idaho’s Silver Valley in the historic Coeur d’Alene Mining District; our Greens Creek unit on Alaska’s Admiralty Island located  near Juneau; the silver producing district near Durango, Mexico; and the Creede district of Southwestern Colorado. y Expanding our proven and probable reserves and production capacity at our operating properties. y Returning our Lucky Friday mine to full production during 2013. Limited production recommenced at Lucky Friday in the first quarter of 2013  after the temporary suspension of operations in December 2011. We anticipate production will increase to full production levels by  approximately mid-2013 (see  The Lucky Friday Segment  section below for more information);  y Operating our properties safely, in an environmentally responsible manner, and cost-effectively. Year Ended December 31,  2012 2011 2010 2009 2008 Net income (loss)  $ 14,954 $ 151,164 $ 48,983 $ 67,826 $ (66,563) 2012 2011 2010 2009 2008 Silver (per oz.):  High $ 37.23 $ 48.70 $ 30.70 $ 19.18 $ 20.92 Low $ 26.67 $ 26.16 $ 15.14 $ 10.51 $ 8.88 Gold (per oz.):  High $ 1,791.75 $ 1,895.00 $ 1,421.00 $ 1,212.50 $ 1,011.25 Low $ 1,540.00 $ 1,319.00 $ 1,058.00 $ 810.00 $ 712.50 Lead (per lb.):  High $ 1.06 $ 1.33 $ 1.18 $ 1.11 $ 1.57 Low $ 0.79 $ 0.81 $ 0.71 $ 0.45 $ 0.40 Zinc (per lb.):  High $ 0.99 $ 1.15 $ 1.20 $ 1.17 $ 1.28 Low $ 0.80 $ 0.79 $ 0.72 $ 0.48 $ 0.47