TABLE OF CONTENTS Special Note on Forward-Looking Statements .................................................................................. 1 PART I Item 1. Business ............................................................................................................................... 1 Introduction ............................................................................................................................. 1 Products and Segments .......................................................................................................... 3 Employees............................................................................................................................... 3 Available Information................................................................................................................ 4 Item 1A. Risk Factors........................................................................................................................ 4 Item 1B. Unresolved Staff Comments............................................................................................. 12 Item 2. Property Descriptions ......................................................................................................... 13 The Greens Creek Unit.......................................................................................................... 13 The Lucky Friday Unit ............................................................................................................ 15 Item 3. Legal Proceedings............................................................................................................... 17 Item 4. Mine Safety Disclosures ..................................................................................................... 18 PART II  Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities .................................................................................... 18 Item 6. Selected Financial Data....................................................................................................... 20 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations .. 21  Overview ............................................................................................................................... 21 Results of Operations............................................................................................................ 22 The Greens Creek Segment .................................................................................................. 23 The Lucky Friday Segment..................................................................................................... 25 Corporate Matters................................................................................................................. 27 Reconciliation of Total Cash Costs (non-GAAP) to Cost of Sales and Other Direct Production Costs and Depreciation, Depletion and Amortization (GAAP) ..................... 27 Financial Liquidity and Capital Resources............................................................................... 28 Contractual Obligations and Contingent Liabilities and Commitments .................................... 30 Off-Balance Sheet Arrangements .......................................................................................... 31 Critical Accounting Estimates ................................................................................................ 31 New Accounting Pronouncements......................................................................................... 32 Forward-Looking Statements................................................................................................. 32 Item 7A. Quantitative and Qualitative Disclosures About Market Risk............................................. 32 Commodity-Price Risk Management...................................................................................... 33 Provisional Sales ................................................................................................................... 33 Item 8. Financial Statements and Supplementary Data.................................................................... 33 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures ............................................................................................................. 34 Item 9A. Controls and Procedures .................................................................................................. 34 Disclosure Controls and Procedures ..................................................................................... 34 Management’s Annual Report on Internal Control over Financial Reporting............................ 34 Attestation Report of Independent Registered Public Accounting Firm................................... 35 Item 9B. Other Information.............................................................................................................. 36 PART III  Item 10. Directors, Executive Officers and Corporate Governance ................................................. 36 Item 11. Executive Compensation ................................................................................................... 37 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ................................................................................................. 37 Item 13. Certain Relationships and Related Transactions and Director Independence ..................... 37 Item 14. Principal Accounting Fees and Services ............................................................................ 37 PART IV  Item 15. Exhibits, Financial Statement Schedules............................................................................ 38 Signatures  ..................................................................................................................................... 38 Index to Consolidated Financial Statements ................................................................................... F-1