Coeur Reports Second Quarter 2024 Results
Coeur Mining (NYSE: CDE) reported its second quarter 2024 financial results, with revenue hitting $222 million and a GAAP net income of $1 million. Adjusted EBITDA was $52 million, while the net loss from continuing operations stood at $3 million.
Key Achievements: The Rochester ramp-up hit throughput rates of over 88,000 tons/day. Both gold and silver production at Rochester rose by 39% QoQ. Average realized gold and silver prices increased by 11% and 10% respectively year-over-year.
Development Highlights: Exploration at Kensington is ongoing, targeting a reserve-based mine life of five years by year-end. The company completed the acquisition of concessions near Palmarejo for $25 million, unlocking significant potential. The hedging program concluded, leaving Coeur fully exposed to commodity prices going forward.
Despite strong performance in several areas, the company remains focused on improving cost management and achieving positive free cash flow in the latter half of 2024.
Coeur Mining (NYSE: CDE) ha riportato i risultati finanziari del secondo trimestre del 2024, con ricavi che hanno raggiunto i 222 milioni di dollari e un utile netto GAAP di 1 milione di dollari. L'EBITDA rettificato è stato di 52 milioni di dollari, mentre la perdita netta dalle operazioni continuative è stata di 3 milioni di dollari.
Risultati Chiave: L'espansione di Rochester ha raggiunto tassi di lavorazione superiori a 88.000 tonnellate/giorno. Sia la produzione di oro che quella di argento a Rochester sono aumentate del 39% su base trimestrale. I prezzi medi realizzati per oro e argento sono aumentati rispettivamente dell'11% e del 10% su base annua.
Risultati dello Sviluppo: L'esplorazione a Kensington è in corso, mirando a una vita mineraria basata sulle riserve di cinque anni entro la fine dell'anno. L'azienda ha completato l'acquisizione di concessioni vicino a Palmarejo per 25 milioni di dollari, sbloccando un potenziale significativo. Il programma di copertura è terminato, lasciando Coeur completamente esposta ai prezzi delle materie prime in futuro.
Nonostante le forti performance in diverse aree, l'azienda rimane concentrata sul miglioramento della gestione dei costi e sul raggiungimento di un flusso di cassa libero positivo nella seconda metà del 2024.
Coeur Mining (NYSE: CDE) reportó sus resultados financieros del segundo trimestre de 2024, con ingresos alcanzando los 222 millones de dólares y una ganancia neta GAAP de 1 millón de dólares. El EBITDA ajustado fue de 52 millones de dólares, mientras que la pérdida neta de las operaciones continuas se situó en 3 millones de dólares.
Logros Clave: La fase de expansión de Rochester alcanzó tasas de procesamiento superiores a 88,000 toneladas/día. Tanto la producción de oro como la de plata en Rochester aumentaron en un 39% en comparación trimestral. Los precios promedios realizados de oro y plata aumentaron un 11% y un 10%, respectivamente, en comparación anual.
Aspectos Destacados del Desarrollo: La exploración en Kensington continúa, con el objetivo de una vida útil minera basada en reservas de cinco años para fin de año. La empresa completó la adquisición de concesiones cerca de Palmarejo por 25 millones de dólares, desbloqueando un potencial significativo. El programa de cobertura concluyó, dejando a Coeur completamente expuesta a los precios de las materias primas en el futuro.
A pesar del sólido desempeño en varias áreas, la empresa se mantiene enfocada en mejorar la gestión de costos y alcanzar un flujo de caja libre positivo en la segunda mitad de 2024.
Coeur Mining (NYSE: CDE)는 2024년 2분기 재무 결과를 발표했으며, 수익이 2억 2천2백만 달러에 도달하고 GAAP 순이익이 100만 달러라고 보고했습니다. 조정 EBITDA는 5천2백만 달러였고, 계속되는 운영에서의 순손실은 300만 달러에 달했습니다.
주요 성과: 로체스터의 생산이 하루 8만8천 톤 이상의 처리 속도에 도달했습니다. 로체스터의 금과 은 생산은 각각 39% 증가했습니다. 평균 금과 은 가격은 전년 대비 각각 11% 및 10% 증가했습니다.
개발 하이라이트: 켄싱턴의 탐사는 계속 진행 중이며, 연말까지 5년의 자원 기반 광산 생애를 목표로 하고 있습니다. 회사는 2천5백만 달러에 팔마레호 근처의 채굴권을 인수 완료하여 상당한 잠재력을 열었습니다. 헤지 프로그램이 종료되어 앞으로 원자재 가격에 완전히 노출된 상태입니다.
여러 분야에서 강력한 성과에도 불구하고 회사는 비용 관리 개선과 2024년 하반기에 긍정적인 자유 현금 흐름을 달성하는 데 집중하고 있습니다.
Coeur Mining (NYSE: CDE) a annoncé ses résultats financiers du deuxième trimestre 2024, avec un chiffre d'affaires atteignant 222 millions de dollars et un bénéfice net GAAP de 1 million de dollars. L'EBITDA ajusté a été de 52 millions de dollars, tandis que la perte nette des opérations continues s'élevait à 3 millions de dollars.
Réalisations clés : L'augmentation de la production à Rochester a atteint des taux de traitement de plus de 88 000 tonnes/jour. La production d'or et d'argent à Rochester a augmenté de 39% par rapport au trimestre précédent. Les prix moyens réalisés pour l'or et l'argent ont augmenté de 11% et 10% respectivement d'une année sur l'autre.
Points saillants du développement : L'exploration à Kensington se poursuit, visant une durée de vie de mine basée sur les réserves de cinq ans d'ici la fin de l'année. L'entreprise a achevé l'acquisition de concessions près de Palmarejo pour 25 millions de dollars, débloquant ainsi un potentiel significatif. Le programme de couverture a pris fin, laissant Coeur complètement exposé aux prix des matières premières à l'avenir.
Malgré une bonne performance dans plusieurs domaines, l'entreprise reste concentrée sur l'amélioration de la gestion des coûts et l'atteinte d'un flux de trésorerie positif au cours de la deuxième moitié de 2024.
Coeur Mining (NYSE: CDE) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, wobei der Umsatz 222 Millionen Dollar erreichte und ein GAAP-Nettogewinn von 1 Million Dollar erzielt wurde. Das bereinigte EBITDA betrug 52 Millionen Dollar, während der Nettogewinn aus fortführenden Betrieben bei 3 Millionen Dollar lag.
Wichtige Errungenschaften: Die Hochlaufphase in Rochester erreichte Durchsatzraten von über 88.000 Tonnen pro Tag. Sowohl die Produktion von Gold als auch Silber in Rochester stieg im Quartalsvergleich um 39%. Die durchschnittlichen realisierten Gold- und Silberpreise erhöhten sich im Vergleich zum Vorjahr um 11% bzw. 10%.
Entwicklungshighlights: Die Erschließung in Kensington läuft weiterhin, mit dem Ziel einer reservebasierten Lebensdauer der Mine von fünf Jahren bis Ende des Jahres. Das Unternehmen hat die Akquisition von Konzessionen in der Nähe von Palmarejo für 25 Millionen Dollar abgeschlossen, was erhebliches Potenzial entfaltet. Das Hedging-Programm wurde abgeschlossen, sodass Coeur zukünftig vollständig den Rohstoffpreisen ausgesetzt ist.
Trotz der starken Leistung in mehreren Bereichen bleibt das Unternehmen darauf fokussiert, das Kostenmanagement zu verbessern und in der zweiten Hälfte des Jahres 2024 einen positiven freien Cash Flow zu erzielen.
- Revenue increased to $222 million, a 25% year-over-year growth.
- Adjusted EBITDA jumped 136% year-over-year to $52 million.
- Rochester's silver and gold production increased by 39% QoQ.
- Average realized gold and silver prices rose by 11% and 10% respectively.
- Kensington's exploration program is progressing well, targeting a five-year mine life.
- Acquisition of key concessions near Palmarejo for $25 million opens growth potential.
- Reported a net loss from continuing operations of $3 million.
- Free cash flow remains negative at $(36) million.
Ramp-up of Rochester Operation Complete; Maintaining 2024 Production Guidance Ranges
Key Highlights
-
Recently expanded
Rochester achieves mid-year target run rates –Rochester successfully completed ramp-up activities by achieving throughput rates of over 88,000 tons per day. Annual throughput levels are expected to be approximately 2.5 times higher than historical levels, or roughly 32 million tons per year, leading to expected strong increases in production and free cash flow and substantially lower unit costs. Rochester’s second quarter silver and gold production both increased39% compared to the first quarter -
Higher prices drove strong revenue and adjusted EBITDA1 increases – The Company’s average realized gold and silver prices increased by approximately
11% and10% year-over-year, respectively. Together with a76% year-over-year increase in gold production atKensington , second quarter revenue increased25% and adjusted EBITDA1 jumped136% year-over-year. Adjusted EBITDA1 over the last twelve months increased to , representing an$192 million 89% year-over-year increase - Continued positive results from Kensington’s multi-year exploration program – The Company’s June 27, 2024 update highlighted Kensington’s successful multi-year development and exploration program, which is expected to be completed in the first half of 2025 and is targeting a year-end reserves-based mine life of over five years at year-end 2024 and a return to positive free cash flow during the second half of next year
- Closed the acquisition of key concessions near Palmarejo – On July 8, 2024, the purchase of two strategic blocks of mining concessions adjacent to the Palmarejo gold-silver complex was completed. The purchase from a subsidiary of Fresnillo plc (“Fresnillo”) unlocks significant near-term and longer-term potential to extend Palmarejo’s mine life to the east of the existing operation
-
Hedging program concluded - The Company’s gold and silver hedging program that was utilized during the construction and ramp-up of
Rochester was completed during the second quarter; Coeur is fully exposed to commodity prices going forward - Silvertip summer exploration program now underway - The robust 2024 program includes large step-out drilling on known structures, significant mapping and sampling, and geophysics to rapidly explore a wider portion of the permitted ground. The program aims to grow near-mine resources through underground drilling, take large step-outs on known structures to assist with rapid resource growth, identify the outer edges of the system, and identify additional, nearby structures with potential to host mineralization similar to Silvertip
-
2024 production guidance ranges maintained; cost guidance adjusted - The Company is maintaining its full-year production guidance ranges of 310,000 - 355,000 gold ounces and 10.7 - 13.3 million silver ounces. Full-year CAS1 guidance at Palmarejo and Wharf have been reduced to reflect strong cost management efforts, while Rochester’s second half CAS1 guidance ranges have been increased to reflect timing of ounces placed under leach. Additionally, the Company is increasing its full-year exploration guidance to reflect additional investment at Wharf and
Kensington based on recent results, while capital expenditure guidance is being increased to reflect the accelerated timing of certain equipment purchases and final payments related to theRochester expansion
“The entire portfolio is hitting on all cylinders as we approach the second half free cash flow inflection point following the successful mid-year ramp-up of Rochester,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Improved operating performance at
“Rochester now stands on the threshold of a sustained period of strong free cash flow generation beginning in the second half of this year, while
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
|
2Q 2023 |
|
Gold Sales |
$ |
154.1 |
|
$ |
151.8 |
|
$ |
187.7 |
|
$ |
139.5 |
|
$ |
121.4 |
|
Silver Sales |
$ |
67.9 |
|
$ |
61.3 |
|
$ |
74.3 |
|
$ |
55.1 |
|
$ |
55.9 |
|
Consolidated Revenue |
$ |
222.0 |
|
$ |
213.1 |
|
$ |
262.1 |
|
$ |
194.6 |
|
$ |
177.2 |
|
Costs Applicable to Sales2 |
$ |
144.7 |
|
$ |
146.0 |
|
$ |
192.3 |
|
$ |
147.9 |
|
$ |
139.6 |
|
General and Administrative Expenses |
$ |
11.2 |
|
$ |
14.4 |
|
$ |
10.2 |
|
$ |
9.5 |
|
$ |
9.8 |
|
Net Income (Loss) |
$ |
1.4 |
|
$ |
(29.1 |
) |
$ |
(25.5 |
) |
$ |
(21.1 |
) |
$ |
(32.4 |
) |
Net Income (Loss) Per Share |
$ |
0.00 |
|
$ |
(0.08 |
) |
$ |
(0.07 |
) |
$ |
(0.06 |
) |
$ |
(0.10 |
) |
Adjusted Net Income (Loss)1 |
$ |
(3.4 |
) |
$ |
(19.0 |
) |
$ |
(6.2 |
) |
$ |
(18.6 |
) |
$ |
(20.2 |
) |
Adjusted Net Income (Loss)1 Per Share |
$ |
(0.01 |
) |
$ |
(0.05 |
) |
$ |
(0.02 |
) |
$ |
(0.05 |
) |
$ |
(0.06 |
) |
Weighted Average Shares Outstanding |
|
399.9 |
|
|
385.0 |
|
|
380.5 |
|
|
356.7 |
|
|
333.1 |
|
EBITDA1 |
$ |
49.7 |
|
$ |
27.2 |
|
$ |
25.0 |
|
$ |
15.3 |
|
$ |
4.0 |
|
Adjusted EBITDA1 |
$ |
52.4 |
|
$ |
44.3 |
|
$ |
64.3 |
|
$ |
30.6 |
|
$ |
22.2 |
|
Cash Flow from Operating Activities |
$ |
15.2 |
|
$ |
(15.9 |
) |
$ |
65.3 |
|
$ |
(2.4 |
) |
$ |
39.4 |
|
Capital Expenditures |
$ |
51.4 |
|
$ |
42.1 |
|
$ |
92.7 |
|
$ |
112.3 |
|
$ |
85.6 |
|
Free Cash Flow1 |
$ |
(36.2 |
) |
$ |
(58.0 |
) |
$ |
(27.4 |
) |
$ |
(114.7 |
) |
$ |
(46.2 |
) |
Cash, Equivalents & Short-Term Investments |
$ |
74.1 |
|
$ |
67.5 |
|
$ |
61.6 |
|
$ |
53.2 |
|
$ |
56.8 |
|
Total Debt3 |
$ |
629.3 |
|
$ |
585.6 |
|
$ |
545.3 |
|
$ |
512.2 |
|
$ |
469.4 |
|
Average Realized Price Per Ounce – Gold |
$ |
2,003 |
|
$ |
1,864 |
|
$ |
1,886 |
|
$ |
1,788 |
|
$ |
1,809 |
|
Average Realized Price Per Ounce – Silver |
$ |
26.20 |
|
$ |
23.57 |
|
$ |
24.79 |
|
$ |
24.88 |
|
$ |
23.91 |
|
Gold Ounces Produced |
|
78,696 |
|
|
80,744 |
|
|
101,609 |
|
|
78,617 |
|
|
68,406 |
|
Silver Ounces Produced |
|
2.6 |
|
|
2.6 |
|
|
3.1 |
|
|
2.3 |
|
|
2.4 |
|
Gold Ounces Sold |
|
76,932 |
|
|
81,416 |
|
|
99,540 |
|
|
78,015 |
|
|
67,090 |
|
Silver Ounces Sold |
|
2.6 |
|
|
2.6 |
|
|
3.0 |
|
|
2.2 |
|
|
2.3 |
|
Adjusted CAS per AuOz1 |
$ |
1,264 |
|
$ |
1,267 |
|
$ |
1,225 |
|
$ |
1,273 |
|
$ |
1,464 |
|
Adjusted CAS per AgOz1 |
$ |
17.71 |
|
$ |
14.63 |
|
$ |
17.03 |
|
$ |
17.85 |
|
$ |
16.77 |
|
Financial Results
Second quarter 2024 revenue totaled
Gold and silver sales represented
Costs applicable to sales2 decreased
Coeur invested approximately
The Company recorded income tax expense of approximately
Quarterly operating cash flow totaled
Second quarter capital expenditures were
Fresnillo Concessions Transaction
On July 8, 2024, Coeur closed the purchase of mining concessions adjacent to the Palmarejo gold-silver complex located in the
The set of acquired concessions located nearest the existing operation — the Independencia Sur claim block — covers the southeast extensions of the
Coeur began mapping and surface sampling of the Independencia Sur vein structures in 2023, which have successfully traced the surface expression of the known veins. Future work is initially expected to consist of re-logging drillholes, additional detailed surface mapping and sampling, and incorporation of data into district geographic information system and geologic models. The Company plans to undertake an initial drill program to validate historic drilling and refine targets, with a subsequent expansion program followed by a maiden resource estimate.
The set of acquired concessions located further to the northeast surrounds multiple targets containing mineralization and historic resources, portions of which were added through Coeur’s 2015 acquisition of Paramount Gold and Silver. These concessions are part of a larger and unexplored east Palmarejo district and are expected to be part of a systematic exploration program to consolidate previous exploration on Coeur’s claims, including confirmation and step-out drilling of several advanced targets on the old Paramount claims onto the new Fresnillo claims.
Another northwest trending, sub-parallel trend to Independencia Sur and
Operations
Second quarter 2024 highlights for each of the Company’s operations are provided below.
Palmarejo,
(Dollars in millions, except per ounce amounts) |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
|
2Q 2023 |
|
Tons milled |
|
429,561 |
|
|
500,747 |
|
|
500,509 |
|
|
501,722 |
|
|
472,622 |
|
Average gold grade (oz/t) |
|
0.066 |
|
|
0.070 |
|
|
0.060 |
|
|
0.055 |
|
|
0.056 |
|
Average silver grade (oz/t) |
|
4.49 |
|
|
4.34 |
|
|
4.08 |
|
|
3.67 |
|
|
4.10 |
|
Average recovery rate – Au |
|
89.9 |
% |
|
95.2 |
% |
|
89.4 |
% |
|
97.6 |
% |
|
87.4 |
% |
Average recovery rate – Ag |
|
82.8 |
% |
|
83.7 |
% |
|
79.4 |
% |
|
86.9 |
% |
|
83.5 |
% |
Gold ounces produced |
|
25,467 |
|
|
33,160 |
|
|
25,401 |
|
|
26,870 |
|
|
23,216 |
|
Silver ounces produced (000’s) |
|
1,596 |
|
|
1,818 |
|
|
1,622 |
|
|
1,601 |
|
|
1,617 |
|
Gold ounces sold |
|
24,313 |
|
|
33,462 |
|
|
24,848 |
|
|
26,018 |
|
|
22,207 |
|
Silver ounces sold (000’s) |
|
1,542 |
|
|
1,796 |
|
|
1,644 |
|
|
1,534 |
|
|
1,561 |
|
Average realized price per gold ounce |
$ |
1,744 |
|
$ |
1,611 |
|
$ |
1,615 |
|
$ |
1,499 |
|
$ |
1,589 |
|
Average realized price per silver ounce |
$ |
26.48 |
|
$ |
23.64 |
|
$ |
24.78 |
|
$ |
24.96 |
|
$ |
23.98 |
|
Metal sales |
$ |
83.2 |
|
$ |
96.4 |
|
$ |
80.9 |
|
$ |
77.3 |
|
$ |
72.7 |
|
Costs applicable to sales2 |
$ |
48.2 |
|
$ |
54.3 |
|
$ |
50.3 |
|
$ |
48.1 |
|
$ |
46.6 |
|
Adjusted CAS per AuOz1 |
$ |
1,006 |
|
$ |
901 |
|
$ |
1,010 |
|
$ |
917 |
|
$ |
1,023 |
|
Adjusted CAS per AgOz1 |
$ |
15.24 |
|
$ |
13.18 |
|
$ |
15.26 |
|
$ |
15.56 |
|
$ |
15.16 |
|
Exploration expense |
$ |
2.6 |
|
$ |
2.5 |
|
$ |
2.7 |
|
$ |
2.2 |
|
$ |
1.6 |
|
Cash flow from operating activities |
$ |
23.7 |
|
$ |
25.6 |
|
$ |
24.1 |
|
$ |
22.6 |
|
$ |
18.6 |
|
Sustaining capital expenditures (excludes capital lease payments) |
$ |
3.1 |
|
$ |
4.7 |
|
$ |
6.9 |
|
$ |
8.4 |
|
$ |
10.7 |
|
Development capital expenditures |
$ |
2.8 |
|
$ |
2.1 |
|
$ |
2.0 |
|
$ |
2.4 |
|
$ |
1.2 |
|
Total capital expenditures |
$ |
5.9 |
|
$ |
6.8 |
|
$ |
8.9 |
|
$ |
10.8 |
|
$ |
11.9 |
|
Free cash flow1 |
$ |
17.8 |
|
$ |
18.8 |
|
$ |
15.2 |
|
$ |
11.8 |
|
$ |
6.7 |
|
Operational
- Second quarter gold and silver production totaled 25,467 and 1.6 million ounces, respectively, compared to 33,160 and 1.8 million ounces in the prior period and 23,216 and 1.6 million ounces in the second quarter of 2023
- Lower production during the quarter was driven primarily by lower throughput due to mine sequencing and decreased average recoveries, partially offset by higher average silver grade
Financial
-
Adjusted CAS1 for gold and silver on a co-product basis increased
12% and16% quarter-over-quarter to and$1,006 per ounce, respectively, driven by lower metal sales$15.24 -
Capital expenditures decreased
13% quarter-over-quarter to , reflecting decreased fleet investment, partially offset by higher underground development primarily focused on$6 million Hidalgo which is expected to create additional operating flexibility in the latter part of 2024 -
Free cash flow1 in the second quarter totaled
compared to$18 million in the prior period$19 million
Exploration
-
Exploration investment for the second quarter remained relatively consistent to the prior quarter at approximately
(substantially all expensed)$3 million -
Up to five rigs were active during the quarter, mainly focused on the Zapata - Guadalupe corridor, expansion drilling along the western extension of the
Hidalgo corridor, and targets withinHidalgo and structures parallel toIndependencia -
Drilling along strike of
La Libertad is encountering favorable host rocks and hydrothermal quartz-calcite vein and breccia zones west of mine resources with drilling ongoing - At the Zapata - Guadalupe target, drilling confirmed the westward strike extensions of the Guadalupe North and Zapata veins and revealed a new structure with promising indications of additional mineralization. This zone is showing excellent potential for future resource expansion
- Exploration efforts continue immediately east of the current operation and outside of the area subject to the gold stream. Mapping has identified brecciated and silicified veins southeast of existing operations, which are believed to run parallel to the primary vein systems currently being mined nearby
-
Ongoing geological mapping in the
Guazapares area to the east of Palmarejo has successfully identified new vein extensions and parallel structures, signaling promising prospects for future exploration
Other
-
Approximately
29% of Palmarejo’s gold sales in the second quarter were sold under the gold stream agreement at a price of per ounce, totaling 7,021 ounces. The Company anticipates approximately$800 30% -40% of Palmarejo’s 2024 gold sales will be sold under the gold stream agreement
Guidance
- Full-year 2024 production is expected to be 95,000 - 103,000 ounces of gold and 5.9 - 6.7 million ounces of silver
-
CAS1 in 2024 are expected to be
-$950 per gold ounce and$1,150 -$15.50 per silver ounce (previously$16.50 -$1,075 per gold ounce and$1,275 -$16.50 per silver ounce)$17.50 -
Capital expenditures are expected to be
-$27 (previously$37 million -$32 ), consisting primarily of sustaining capital and underground development$42 million
(Dollars in millions, except per ounce amounts) |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
|
2Q 2023 |
|
Ore tons placed |
|
5,102,800 |
|
|
3,135,571 |
|
|
2,754,058 |
|
|
3,487,173 |
|
|
2,690,840 |
|
Average silver grade (oz/t) |
|
0.59 |
|
|
0.52 |
|
|
0.44 |
|
|
0.50 |
|
|
0.42 |
|
Average gold grade (oz/t) |
|
0.002 |
|
|
0.002 |
|
|
0.003 |
|
|
0.003 |
|
|
0.003 |
|
Silver ounces produced (000’s) |
|
973 |
|
|
699 |
|
|
1,340 |
|
|
608 |
|
|
683 |
|
Gold ounces produced |
|
8,006 |
|
|
5,755 |
|
|
19,847 |
|
|
4,459 |
|
|
6,314 |
|
Silver ounces sold (000’s) |
|
985 |
|
|
735 |
|
|
1,269 |
|
|
606 |
|
|
695 |
|
Gold ounces sold |
|
8,150 |
|
|
6,185 |
|
|
19,175 |
|
|
4,432 |
|
|
6,493 |
|
Average realized price per silver ounce |
$ |
25.78 |
|
$ |
23.32 |
|
$ |
24.59 |
|
$ |
24.63 |
|
$ |
23.70 |
|
Average realized price per gold ounce |
$ |
2,131 |
|
$ |
2,050 |
|
$ |
1,991 |
|
$ |
1,967 |
|
$ |
1,946 |
|
Metal sales |
$ |
42.8 |
|
$ |
29.8 |
|
$ |
69.4 |
|
$ |
23.6 |
|
$ |
29.1 |
|
Costs applicable to sales2 |
$ |
36.7 |
|
$ |
27.0 |
|
$ |
71.8 |
|
$ |
30.5 |
|
$ |
26.1 |
|
Adjusted CAS per AgOz1 |
$ |
21.58 |
|
$ |
18.17 |
|
$ |
19.33 |
|
$ |
23.64 |
|
$ |
20.39 |
|
Adjusted CAS per AuOz1 |
$ |
1,813 |
|
$ |
1,630 |
|
$ |
1,564 |
|
$ |
1,899 |
|
$ |
1,646 |
|
Prepayment, working capital cash flow |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
7.5 |
|
$ |
10.0 |
|
Exploration expense |
$ |
1.0 |
|
$ |
0.4 |
|
$ |
0.2 |
|
$ |
0.3 |
|
$ |
0.3 |
|
Cash flow from operating activities |
$ |
(5.9 |
) |
$ |
(18.7 |
) |
$ |
11.6 |
|
$ |
(17.3 |
) |
$ |
(3.8 |
) |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
9.9 |
|
$ |
15.3 |
|
$ |
13.8 |
|
$ |
7.7 |
|
$ |
5.1 |
|
Development capital expenditures |
$ |
17.6 |
|
$ |
5.9 |
|
$ |
51.7 |
|
$ |
76.7 |
|
$ |
56.4 |
|
Total capital expenditures |
$ |
27.5 |
|
$ |
21.2 |
|
$ |
65.5 |
|
$ |
84.4 |
|
$ |
61.5 |
|
Free cash flow1 |
$ |
(33.4 |
) |
$ |
(39.9 |
) |
$ |
(53.9 |
) |
$ |
(101.7 |
) |
$ |
(65.3 |
) |
Operational
-
Silver and gold production in the second quarter totaled 973,057 and 8,006 ounces, respectively, compared to 699,190 and 5,755 ounces in the prior period and 682,656 and 6,314 ounces in the second quarter of 2023. Average silver grade increased by
13% and40% compared to the previous period and the second quarter of 2023, respectively -
The Company successfully completed the ramp-up of all three stages of the crushing circuit by the end the second quarter by achieving throughput rates of over 88,000 tons per day. Ore tons placed increased
63% quarter-over-quarter to 5.1 million tons, including approximately 4.3 million tons through the new crushing circuit and placed on the stage 6 leach pad and roughly 0.8 million tons of run-of-mine material placed on the legacy stage 4 leach pad. Crushing and placement rates were lighter than initially planned for the full quarter primarily driven by down days to address ramp-up related adjustments that were identified while mining rates exceeded plan
Financial
-
Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled
and$21.58 per ounce, respectively, mainly driven by increased tons placed from the newly expanded operation as Coeur ramped up production$1,813 -
Capital expenditures increased
30% quarter-over-quarter to , reflecting an earlier-than-expected conclusion of final negotiations with the key construction contractor and corresponding earlier payment of costs originally estimated to take place in 2025$28 million -
Free cash flow1 in the second quarter totaled
compared to$(33) million in the prior period$(40) million
Exploration
-
Exploration investment in the second quarter totaled approximately
($2 million expensed and$1.0 million capitalized) compared to roughly$0.9 million ($1 million expensed and$0.4 million capitalized) in the prior quarter$0.1 million -
One diamond rig commenced drilling at
Rochester during the quarter. The rig is drilling from the east side of theRochester pit to test the Wedge area located adjacent to the pit for potential grade enhancement opportunities in the Wedge area and on structures in the East Rochester portion of the deposit - Second quarter activities also included preparation for additional 2024 drill programs, core and RC chip re-logging, interpretation and geological modeling, with a new geology model for Nevada Packard underway. This work is expected to refine understanding on the controls to mineralization at this deposit and guide remaining 2024 drill planning
- The primary focus of drilling over the balance of 2024 is the assessment of the potential for higher grades on structures identified at Rochester East, immediately east of the pit wall, and Nevada Packard. Near-term exploration objectives aim to augment the grade profile of the current 16-year reserves-only mine life with the goal of enhancing cash flow
Guidance
- Full-year 2024 production is expected to be 4.8 - 6.6 million ounces of silver and 37,000 - 50,000 ounces of gold
-
CAS1 for the second half of 2024 are expected to be
-$18.00 per silver ounce and$20.00 -$1,500 per gold ounce (previously$1,700 -$14.00 per silver ounce and$16.00 -$1,200 per gold ounce)$1,400 -
Capital expenditures are expected to be
-$61 (previously$79 million -$50 ), which reflects fleet enhancements as part of the ramp-up of the newly completed$70 million Rochester expansion as well as sustaining capital and an earlier-than-expected conclusion to certain final negotiations and payments related to theRochester expansion that were originally estimated to take place in 2025
(Dollars in millions, except per ounce amounts) |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
|
2Q 2023 |
|
Tons milled |
|
182,043 |
|
|
167,439 |
|
|
177,382 |
|
|
167,950 |
|
|
152,907 |
|
Average gold grade (oz/t) |
|
0.14 |
|
|
0.14 |
|
|
0.16 |
|
|
0.16 |
|
|
0.09 |
|
Average recovery rate |
|
92.3 |
% |
|
90.8 |
% |
|
92.3 |
% |
|
92.6 |
% |
|
90.9 |
% |
Gold ounces produced |
|
23,202 |
|
|
21,434 |
|
|
26,686 |
|
|
24,614 |
|
|
13,193 |
|
Gold ounces sold |
|
23,539 |
|
|
21,183 |
|
|
25,980 |
|
|
24,516 |
|
|
13,273 |
|
Average realized price per gold ounce, gross |
$ |
2,223 |
|
$ |
2,105 |
|
$ |
2,016 |
|
$ |
1,956 |
|
$ |
1,991 |
|
Treatment and refining charges per gold ounce |
$ |
52 |
|
$ |
52 |
|
$ |
58 |
|
$ |
60 |
|
$ |
142 |
|
Average realized price per gold ounce, net |
$ |
2,171 |
|
$ |
2,053 |
|
$ |
1,958 |
|
$ |
1,896 |
|
$ |
1,849 |
|
Metal sales |
$ |
51.1 |
|
$ |
43.5 |
|
$ |
51.2 |
|
$ |
46.5 |
|
$ |
24.6 |
|
Costs applicable to sales2 |
$ |
40.7 |
|
$ |
39.3 |
|
$ |
37.9 |
|
$ |
38.3 |
|
$ |
39.1 |
|
Adjusted CAS per AuOz1 |
$ |
1,734 |
|
$ |
1,840 |
|
$ |
1,441 |
|
$ |
1,543 |
|
$ |
2,927 |
|
Prepayment, working capital cash flow |
$ |
(11.8 |
) |
$ |
— |
|
$ |
10.7 |
|
$ |
(10.7 |
) |
$ |
9.9 |
|
Exploration expense |
$ |
1.3 |
|
$ |
1.5 |
|
$ |
1.7 |
|
$ |
2.9 |
|
$ |
2.3 |
|
Cash flow from operating activities |
$ |
(7.2 |
) |
$ |
1.5 |
|
$ |
16.9 |
|
$ |
(4.4 |
) |
$ |
(3.7 |
) |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
16.5 |
|
$ |
13.3 |
|
$ |
15.1 |
|
$ |
15.8 |
|
$ |
11.7 |
|
Development capital expenditures |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Total capital expenditures |
$ |
16.5 |
|
$ |
13.3 |
|
$ |
15.1 |
|
$ |
15.8 |
|
$ |
11.7 |
|
Free cash flow1 |
$ |
(23.7 |
) |
$ |
(11.8 |
) |
$ |
1.8 |
|
$ |
(20.2 |
) |
$ |
(15.4 |
) |
Operational
- Gold production in the second quarter totaled 23,202 ounces compared to 21,434 ounces in the prior period and 13,193 ounces in the second quarter of 2023
- Higher production during the quarter was driven by increased tons milled and higher average recoveries
Financial
-
Second quarter adjusted CAS1 totaled
per ounce compared to$1,734 per ounce in the prior period, reflecting increased metal sales$1,840 -
Capital expenditures increased
24% quarter-over-quarter to . Capital expenditures during the quarter continued to focus on capital development to support the ongoing multi-year development and exploration program aimed at extending mine life$17 million -
Free cash flow1 in the second quarter totaled
compared to$(24) million in the prior period$(12) million
Exploration
-
Exploration investment in the quarter totaled approximately
($6 million expensed and$1 million capitalized), compared to$4 million ($4 million expensed and$2 million capitalized) in the prior period$3 million -
Up to four rigs were active at
Kensington , with drilling focused on both infill and extension of the current resource boundaries - At the recently identified Zone 50 in Lower Kensington, drilling continues to show significant growth of the zone, both along strike and down dip
- At Elmira, expansion and infill drilling activities are ongoing, with consistent intersection of broad zones of mineralization, especially notable in the upper sections of the deposit. Elmira Main and Elmira South have now been connected, and recent results in Elmira South suggest that the Elmira Main structure splits into a hanging wall and a footwall structure. Both structures are being traced along strike, with mineralization observed throughout the zone between them. Additionally, detailed structure modelling is also continuing, with the Elmira deposit model now almost complete
-
Overall drilling at
Kensington continues to demonstrate meaningful progress toward building a reserve base to support mine life for at least the next five years
Guidance
- Full-year 2024 production is expected to be 92,000 - 106,000 gold ounces
-
CAS1 in 2024 are expected to be
-$1,525 per gold ounce$1,725 -
Capital expenditures are expected to be
-$63 (previously$68 million -$44 ), of which approximately$56 million -$33 (previously$39 million -$23 ) and$29 million -$6 (previously$13 million -$5 ) is related to accelerated rates of underground development and infill drilling, respectively, as part of the Company’s successful multi-year exploration program$10 million
Wharf,
(Dollars in millions, except per ounce amounts) |
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
Ore tons placed |
|
1,162,437 |
|
1,251,955 |
|
1,290,562 |
|
1,254,267 |
|
1,041,846 |
Average gold grade (oz/t) |
|
0.032 |
|
0.021 |
|
0.027 |
|
0.023 |
|
0.022 |
Gold ounces produced |
|
22,021 |
|
20,395 |
|
29,675 |
|
22,674 |
|
25,683 |
Silver ounces produced (000’s) |
|
69 |
|
67 |
|
90 |
|
69 |
|
88 |
Gold ounces sold |
|
20,930 |
|
20,586 |
|
29,537 |
|
23,049 |
|
25,117 |
Silver ounces sold (000’s) |
|
65 |
|
69 |
|
86 |
|
74 |
|
82 |
Average realized price per gold ounce |
$ |
2,064 |
$ |
2,026 |
$ |
1,982 |
$ |
1,966 |
$ |
1,946 |
Metal sales |
$ |
45.0 |
$ |
43.3 |
$ |
60.7 |
$ |
47.1 |
$ |
50.8 |
Costs applicable to sales2 |
$ |
19.1 |
$ |
25.4 |
$ |
32.4 |
$ |
31.0 |
$ |
27.8 |
Adjusted CAS per AuOz1 |
$ |
822 |
$ |
1,165 |
$ |
997 |
$ |
1,267 |
$ |
1,035 |
Prepayment, working capital cash flow |
$ |
— |
$ |
— |
$ |
— |
$ |
2.5 |
$ |
10.0 |
Exploration expense |
$ |
1.1 |
$ |
0.1 |
$ |
— |
$ |
— |
$ |
— |
Cash flow from operating activities |
$ |
17.0 |
$ |
11.1 |
$ |
28.9 |
$ |
19.5 |
$ |
33.8 |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
1.2 |
$ |
0.3 |
$ |
1.3 |
$ |
0.6 |
$ |
0.1 |
Development capital expenditures |
$ |
— |
$ |
— |
$ |
0.2 |
$ |
0.1 |
$ |
0.1 |
Total capital expenditures |
$ |
1.2 |
$ |
0.3 |
$ |
1.5 |
$ |
0.7 |
$ |
0.2 |
Free cash flow1 |
$ |
15.8 |
$ |
10.8 |
$ |
27.4 |
$ |
18.8 |
$ |
33.6 |
Operational
-
Gold production in the second quarter increased
8% quarter-over-quarter to 22,021 ounces, largely due to timing of ounces placed on the leach pads. Year-over-year production for the quarter decreased14%
Financial
-
Adjusted CAS1 on a by-product basis decreased
29% quarter-over-quarter to per ounce, largely driven by favorable recovery rates from legacy pads$822 -
Capital expenditures increased slightly quarter-over-quarter to approximately
$1 million -
Free cash flow1 in the second quarter totaled
compared to$16 million in the prior period, reflecting higher gold sales and decreased costs$11 million
Exploration
-
Exploration investment during the quarter totaled
(substantially all expensed) compared to$1 million (substantially all expensed) in the prior quarter$0.1 million - During the second quarter, exploration drilling commenced at the Juno deposit with one rig active
- Recently-completed studies of two areas within existing and historical mining zones at Wharf have identified opportunities to meaningfully extend overall mine life. Supplemental funding has been approved for a two-phased drilling program in 2024 and 2025 to test the two targets, Juno and North Foley
Guidance
- Full-year 2024 production is expected to be 86,000 - 96,000 gold ounces
-
CAS1 in 2024 are expected to be
-$950 per gold ounce (previously$1,050 -$1,100 per gold ounce)$1,200 -
Capital expenditures are expected to be
-$5 $7 million
Exploration
The Company’s exploration investment in 2024 is now expected to total
Top exploration priorities for the Company’s 2024 exploration program include: (1) building reserves and extending mine life at
During the second quarter, Coeur invested approximately
At Silvertip, exploration investment totaled approximately
The objectives of the 2024 exploration program at Silvertip are to (1) grow the known mineralized structures such as the Southern Silver zone from underground drilling focusing on along-strike and down-dip potential that has been identified; (2) drill much larger step-outs on major structures using surface drilling with a key focus on the Southern Silver, Saddle and Camp Creek zones; and (3) carry out district-scale field work to identify Silvertip lookalikes and other large structures with potential to host large ore bodies and to identify the outer limits of this large system.
2024 Guidance
The Company has reaffirmed its 2024 production guidance. Due to strong operational performance and cost control measures, Coeur has lowered cost guidance at Palmarejo and Wharf.
With the ramp-up of the new Merrill-Crowe facility and three-stage crusher corridor at
Coeur has increased its planned exploration program at Wharf as the Company has identified opportunities to extend mine life at the Juno and North Foley deposits as well as at
2024 Production Guidance
|
|
|
|
|
Gold |
|
Silver |
|
|
|
|
|
(oz) |
|
(K oz) |
Palmarejo |
|
|
|
|
95,000 - 103,000 |
|
5,900 - 6,700 |
|
|
|
|
|
37,000 - 50,000 |
|
4,800 - 6,600 |
|
|
|
|
|
92,000 - 106,000 |
|
— |
Wharf |
|
|
|
|
86,000 - 96,000 |
|
— |
Total |
|
|
|
|
310,000 - 355,000 |
|
10,700 - 13,300 |
2024 Costs Applicable to Sales Guidance
|
Previous |
|
Updated |
||
|
Gold |
Silver |
|
Gold |
Silver |
|
($/oz) |
($/oz) |
|
($/oz) |
($/oz) |
Palmarejo (co-product) |
|
|
|
|
|
Second Half 2024 Rochester (co-product) |
|
|
|
|
|
|
|
— |
|
|
— |
Wharf (by-product) |
|
— |
|
|
— |
2024 Capital, Exploration and G&A Guidance
|
|
|
Previous |
|
Updated |
|
|
|
($M) |
|
($M) |
Capital Expenditures, Sustaining |
|
|
|
|
|
Capital Expenditures, Development |
|
|
|
|
|
Exploration, Expensed |
|
|
|
|
|
Exploration, Capitalized |
|
|
|
|
|
General & Administrative Expenses |
|
|
|
|
|
Note: The Company’s previous guidance figures assume estimated prices of
Financial Results and Conference Call
Coeur will host a conference call to discuss its second quarter 2024 financial results on August 8, 2024 at 11:00 a.m. Eastern Time.
Dial-In Numbers: |
(855) 560-2581 ( |
|
|
(855) 669-9657 ( |
|
|
(412) 542-4166 (International) |
|
Conference ID: |
Coeur Mining |
Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael “Mick” Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through August 15, 2024.
Replay numbers: |
(877) 344-7529 ( |
|
|
(855) 669-9658 ( |
|
|
(412) 317-0088 (International) |
|
Conference ID: |
379 87 57 |
About Coeur
Coeur Mining, Inc. is a
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
Non-
We supplement the reporting of our financial information determined under
Notes
1. |
EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to |
2. |
Excludes amortization. |
3. |
Includes capital leases. Net of debt issuance costs and premium received. |
Average Spot Prices
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
Average Gold Spot Price Per Ounce |
$ |
2,338 |
$ |
2,070 |
$ |
1,971 |
$ |
1,928 |
$ |
1,976 |
Average Silver Spot Price Per Ounce |
$ |
28.45 |
$ |
23.34 |
$ |
23.20 |
$ |
23.57 |
$ |
24.13 |
Average Zinc Spot Price Per Pound |
$ |
1.29 |
$ |
1.11 |
$ |
1.13 |
$ |
1.10 |
$ |
1.15 |
Average Lead Spot Price Per Pound |
$ |
0.98 |
$ |
0.94 |
$ |
0.96 |
$ |
0.98 |
$ |
0.96 |
COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
In thousands, except share data |
||||||
CURRENT ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
74,136 |
|
|
$ |
61,633 |
|
Receivables |
|
32,087 |
|
|
|
31,035 |
|
Inventory |
|
76,896 |
|
|
|
76,661 |
|
Ore on leach pads |
|
116,897 |
|
|
|
79,400 |
|
Prepaid expenses and other |
|
12,080 |
|
|
|
18,526 |
|
|
|
312,096 |
|
|
|
267,255 |
|
NON-CURRENT ASSETS |
|
|
|
||||
Property, plant and equipment and mining properties, net |
|
1,695,951 |
|
|
|
1,688,288 |
|
Ore on leach pads |
|
41,226 |
|
|
|
25,987 |
|
Restricted assets |
|
9,026 |
|
|
|
9,115 |
|
Receivables |
|
23,140 |
|
|
|
23,140 |
|
Other |
|
61,610 |
|
|
|
67,063 |
|
TOTAL ASSETS |
$ |
2,143,049 |
|
|
$ |
2,080,848 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
CURRENT LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
107,323 |
|
|
$ |
115,110 |
|
Accrued liabilities and other |
|
119,808 |
|
|
|
140,913 |
|
Debt |
|
22,213 |
|
|
|
22,636 |
|
Reclamation |
|
10,954 |
|
|
|
10,954 |
|
|
|
260,298 |
|
|
|
289,613 |
|
NON-CURRENT LIABILITIES |
|
|
|
||||
Debt |
|
607,114 |
|
|
|
522,674 |
|
Reclamation |
|
208,963 |
|
|
|
203,059 |
|
Deferred tax liabilities |
|
7,571 |
|
|
|
12,360 |
|
Other long-term liabilities |
|
27,295 |
|
|
|
29,239 |
|
|
|
850,943 |
|
|
|
767,332 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Common stock, par value |
|
3,992 |
|
|
|
3,863 |
|
Additional paid-in capital |
|
4,176,668 |
|
|
|
4,139,870 |
|
Accumulated other comprehensive income (loss) |
|
— |
|
|
|
1,331 |
|
Accumulated deficit |
|
(3,148,852 |
) |
|
|
(3,121,161 |
) |
|
|
1,031,808 |
|
|
|
1,023,903 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
2,143,049 |
|
|
$ |
2,080,848 |
|
COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
In thousands, except share data |
||||||||||||||
Revenue |
$ |
222,026 |
|
|
$ |
177,235 |
|
|
$ |
435,086 |
|
|
$ |
364,533 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1) |
|
144,717 |
|
|
|
139,637 |
|
|
|
290,714 |
|
|
|
292,693 |
|
Amortization |
|
27,928 |
|
|
|
19,595 |
|
|
|
55,225 |
|
|
|
42,303 |
|
General and administrative |
|
11,241 |
|
|
|
9,789 |
|
|
|
25,645 |
|
|
|
21,872 |
|
Exploration |
|
12,874 |
|
|
|
2,920 |
|
|
|
23,365 |
|
|
|
7,570 |
|
Pre-development, reclamation, and other |
|
8,590 |
|
|
|
10,360 |
|
|
|
26,818 |
|
|
|
21,250 |
|
Total costs and expenses |
|
205,350 |
|
|
|
182,301 |
|
|
|
421,767 |
|
|
|
385,688 |
|
OTHER INCOME (EXPENSE), NET |
|
|
|
|
|
|
|
||||||||
Gain on debt extinguishment |
|
(21 |
) |
|
|
2,961 |
|
|
|
417 |
|
|
|
2,961 |
|
Fair value adjustments, net |
|
— |
|
|
|
(3,922 |
) |
|
|
— |
|
|
|
6,639 |
|
Interest expense, net of capitalized interest |
|
(13,162 |
) |
|
|
(6,912 |
) |
|
|
(26,109 |
) |
|
|
(14,301 |
) |
Other, net |
|
5,122 |
|
|
|
(9,607 |
) |
|
|
7,895 |
|
|
|
(10,568 |
) |
Total other income (expense), net |
|
(8,061 |
) |
|
|
(17,480 |
) |
|
|
(17,797 |
) |
|
|
(15,269 |
) |
Income (loss) before income and mining taxes |
|
8,615 |
|
|
|
(22,546 |
) |
|
|
(4,478 |
) |
|
|
(36,424 |
) |
Income and mining tax (expense) benefit |
|
(7,189 |
) |
|
|
(9,866 |
) |
|
|
(23,213 |
) |
|
|
(20,574 |
) |
NET INCOME (LOSS) |
$ |
1,426 |
|
|
$ |
(32,412 |
) |
|
$ |
(27,691 |
) |
|
$ |
(56,998 |
) |
OTHER COMPREHENSIVE INCOME (LOSS): |
|
|
|
|
|
|
|
||||||||
Change in fair value of derivative contracts designated as cash flow hedges |
|
(10,881 |
) |
|
|
12,842 |
|
|
|
(18,507 |
) |
|
|
(86 |
) |
Reclassification adjustments for realized (gain) loss on cash flow hedges |
|
17,028 |
|
|
|
1,224 |
|
|
|
17,176 |
|
|
|
(2,910 |
) |
Other comprehensive income (loss) |
|
6,147 |
|
|
|
14,066 |
|
|
|
(1,331 |
) |
|
|
(2,996 |
) |
COMPREHENSIVE INCOME (LOSS) |
$ |
7,573 |
|
|
$ |
(18,346 |
) |
|
$ |
(29,022 |
) |
|
$ |
(59,994 |
) |
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE |
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.00 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted |
$ |
0.00 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
(1) Excludes amortization. |
COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
In thousands |
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
1,426 |
|
|
$ |
(32,412 |
) |
|
$ |
(27,691 |
) |
|
$ |
(56,998 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization |
|
27,928 |
|
|
|
19,595 |
|
|
|
55,225 |
|
|
|
42,303 |
|
Accretion |
|
4,154 |
|
|
|
4,073 |
|
|
|
8,230 |
|
|
|
8,066 |
|
Deferred taxes |
|
(9,217 |
) |
|
|
(1,043 |
) |
|
|
(4,788 |
) |
|
|
5,408 |
|
Gain on debt extinguishment |
|
21 |
|
|
|
(2,961 |
) |
|
|
(417 |
) |
|
|
(2,961 |
) |
Fair value adjustments, net |
|
— |
|
|
|
3,922 |
|
|
|
— |
|
|
|
(6,639 |
) |
Stock-based compensation |
|
2,732 |
|
|
|
2,676 |
|
|
|
6,980 |
|
|
|
5,827 |
|
Loss on the sale of assets |
|
— |
|
|
|
12,631 |
|
|
|
— |
|
|
|
12,631 |
|
Write-downs |
|
— |
|
|
|
1,627 |
|
|
|
3,235 |
|
|
|
14,740 |
|
Deferred revenue recognition |
|
(118 |
) |
|
|
(15,100 |
) |
|
|
(55,277 |
) |
|
|
(25,215 |
) |
Other |
|
556 |
|
|
|
72 |
|
|
|
11,378 |
|
|
|
2,141 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Receivables |
|
3,180 |
|
|
|
(913 |
) |
|
|
(2,136 |
) |
|
|
2,137 |
|
Prepaid expenses and other current assets |
|
4,176 |
|
|
|
4,260 |
|
|
|
3,537 |
|
|
|
3,764 |
|
Inventory and ore on leach pads |
|
(19,774 |
) |
|
|
(18,738 |
) |
|
|
(39,468 |
) |
|
|
(36,373 |
) |
Accounts payable and accrued liabilities |
|
185 |
|
|
|
61,708 |
|
|
|
40,570 |
|
|
|
35,563 |
|
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
15,249 |
|
|
|
39,397 |
|
|
|
(622 |
) |
|
|
4,394 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
(51,405 |
) |
|
|
(85,581 |
) |
|
|
(93,488 |
) |
|
|
(159,629 |
) |
Proceeds from the sale of assets |
|
— |
|
|
|
8,228 |
|
|
|
24 |
|
|
|
8,228 |
|
Sale of investments |
|
— |
|
|
|
1,783 |
|
|
|
— |
|
|
|
41,558 |
|
Proceeds from notes receivable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Other |
|
(148 |
) |
|
|
(64 |
) |
|
|
(215 |
) |
|
|
(108 |
) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
(51,553 |
) |
|
|
(75,634 |
) |
|
|
(93,679 |
) |
|
|
(104,951 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Issuance of common stock |
|
— |
|
|
|
13,013 |
|
|
|
22,823 |
|
|
|
111,442 |
|
Issuance of notes and bank borrowings, net of issuance costs |
|
115,000 |
|
|
|
150,000 |
|
|
|
250,000 |
|
|
|
225,000 |
|
Payments on debt, finance leases, and associated costs |
|
(71,653 |
) |
|
|
(136,927 |
) |
|
|
(163,878 |
) |
|
|
(238,824 |
) |
Other |
|
(31 |
) |
|
|
(225 |
) |
|
|
(1,810 |
) |
|
|
(2,322 |
) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
43,316 |
|
|
|
25,861 |
|
|
|
107,135 |
|
|
|
95,296 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(361 |
) |
|
|
253 |
|
|
|
(321 |
) |
|
|
652 |
|
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
6,651 |
|
|
|
(10,123 |
) |
|
|
12,513 |
|
|
|
(4,609 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
69,240 |
|
|
|
68,683 |
|
|
|
63,378 |
|
|
|
63,169 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
75,891 |
|
|
$ |
58,560 |
|
|
$ |
75,891 |
|
|
$ |
58,560 |
|
Adjusted EBITDA Reconciliation |
|||||||||||||||||||||||
(Dollars in thousands except per share amounts) |
LTM 2Q
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
|
|
2Q 2023 |
|
||
Net income (loss) |
$ |
(74,305 |
) |
|
$ |
1,426 |
|
|
$ |
(29,117 |
) |
|
$ |
(25,505 |
) |
|
$ |
(21,109 |
) |
|
$ |
(32,412 |
) |
Interest expense, net of capitalized interest |
|
40,907 |
|
|
|
13,162 |
|
|
|
12,947 |
|
|
|
7,396 |
|
|
|
7,402 |
|
|
|
6,912 |
|
Income tax provision (benefit) |
|
37,795 |
|
|
|
7,189 |
|
|
|
16,024 |
|
|
|
8,485 |
|
|
|
6,097 |
|
|
|
9,866 |
|
Amortization |
|
112,744 |
|
|
|
27,928 |
|
|
|
27,297 |
|
|
|
34,635 |
|
|
|
22,884 |
|
|
|
19,595 |
|
EBITDA |
|
117,141 |
|
|
|
49,705 |
|
|
|
27,151 |
|
|
|
25,011 |
|
|
|
15,274 |
|
|
|
3,961 |
|
Fair value adjustments, net |
|
3,255 |
|
|
|
— |
|
|
|
— |
|
|
|
1,245 |
|
|
|
2,010 |
|
|
|
3,922 |
|
Foreign exchange (gain) loss |
|
(1,792 |
) |
|
|
(2,089 |
) |
|
|
365 |
|
|
|
353 |
|
|
|
(421 |
) |
|
|
(627 |
) |
Asset retirement obligation accretion |
|
16,569 |
|
|
|
4,154 |
|
|
|
4,076 |
|
|
|
4,186 |
|
|
|
4,153 |
|
|
|
4,073 |
|
Inventory adjustments and write-downs |
|
32,657 |
|
|
|
1,071 |
|
|
|
4,188 |
|
|
|
18,464 |
|
|
|
8,934 |
|
|
|
1,603 |
|
(Gain) loss on sale of assets and securities |
|
16,742 |
|
|
|
640 |
|
|
|
3,536 |
|
|
|
12,547 |
|
|
|
19 |
|
|
|
12,622 |
|
RMC bankruptcy distribution |
|
(1,199 |
) |
|
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,516 |
) |
(Gain) loss on debt extinguishment |
|
(893 |
) |
|
|
21 |
|
|
|
(438 |
) |
|
|
298 |
|
|
|
(774 |
) |
|
|
(2,961 |
) |
Other adjustments |
|
9,206 |
|
|
|
104 |
|
|
|
5,461 |
|
|
|
2,188 |
|
|
|
1,453 |
|
|
|
1,158 |
|
Adjusted EBITDA |
$ |
191,686 |
|
|
$ |
52,407 |
|
|
$ |
44,339 |
|
|
$ |
64,292 |
|
|
$ |
30,648 |
|
|
$ |
22,235 |
|
Revenue |
$ |
891,759 |
|
|
$ |
222,026 |
|
|
$ |
213,060 |
|
|
$ |
262,090 |
|
|
$ |
194,583 |
|
|
$ |
177,235 |
|
Adjusted EBITDA Margin |
|
21 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
25 |
% |
|
|
16 |
% |
|
|
13 |
% |
Adjusted Net Income (Loss) Reconciliation |
|||||||||||||||||||
(Dollars in thousands except per share amounts) |
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
|
|
2Q 2023 |
|
Net income (loss) |
$ |
1,426 |
|
|
$ |
(29,117 |
) |
|
$ |
(25,505 |
) |
|
$ |
(21,109 |
) |
|
$ |
(32,412 |
) |
Fair value adjustments, net |
|
— |
|
|
|
— |
|
|
|
1,245 |
|
|
|
2,010 |
|
|
|
3,922 |
|
Foreign exchange loss (gain) |
|
(2,950 |
) |
|
|
484 |
|
|
|
(156 |
) |
|
|
5 |
|
|
|
154 |
|
(Gain) loss on sale of assets and securities |
|
640 |
|
|
|
3,536 |
|
|
|
12,547 |
|
|
|
19 |
|
|
|
12,622 |
|
RMC bankruptcy distribution |
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,516 |
) |
(Gain) loss on debt extinguishment |
|
21 |
|
|
|
(438 |
) |
|
|
298 |
|
|
|
(774 |
) |
|
|
(2,961 |
) |
Other adjustments |
|
104 |
|
|
|
5,461 |
|
|
|
2,188 |
|
|
|
1,453 |
|
|
|
1,158 |
|
Tax effect of adjustments |
|
(1,447 |
) |
|
|
1,053 |
|
|
|
3,165 |
|
|
|
(223 |
) |
|
|
(1,120 |
) |
Adjusted net income (loss) |
$ |
(3,405 |
) |
|
$ |
(19,021 |
) |
|
$ |
(6,218 |
) |
|
$ |
(18,619 |
) |
|
$ |
(20,153 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income (loss) per share - Basic |
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
Adjusted net income (loss) per share - Diluted |
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
Consolidated Free Cash Flow Reconciliation |
|||||||||||||||||||
(Dollars in thousands) |
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
|
|
2Q 2023 |
|
Cash flow from operations |
$ |
15,249 |
|
|
$ |
(15,871 |
) |
|
$ |
65,277 |
|
|
$ |
(2,383 |
) |
|
$ |
39,397 |
|
Capital expenditures |
|
51,405 |
|
|
|
42,083 |
|
|
|
92,715 |
|
|
|
112,273 |
|
|
|
85,581 |
|
Free cash flow |
$ |
(36,156 |
) |
|
$ |
(57,954 |
) |
|
$ |
(27,438 |
) |
|
$ |
(114,656 |
) |
|
$ |
(46,184 |
) |
Consolidated Operating Cash Flow Before Changes in Working Capital Reconciliation |
|||||||||||||||||||
(Dollars in thousands) |
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
|
|
2Q 2023 |
|
Cash provided by (used in) operating activities |
$ |
15,249 |
|
|
$ |
(15,871 |
) |
|
$ |
65,277 |
|
|
$ |
(2,383 |
) |
|
$ |
39,397 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Receivables |
|
(3,180 |
) |
|
|
5,316 |
|
|
|
726 |
|
|
|
478 |
|
|
|
913 |
|
Prepaid expenses and other |
|
(4,176 |
) |
|
|
639 |
|
|
|
1,225 |
|
|
|
3,000 |
|
|
|
(4,260 |
) |
Inventories |
|
19,774 |
|
|
|
19,694 |
|
|
|
(7,401 |
) |
|
|
18,620 |
|
|
|
18,738 |
|
Accounts payable and accrued liabilities |
|
(185 |
) |
|
|
(40,385 |
) |
|
|
(14,490 |
) |
|
|
(5,528 |
) |
|
|
(61,708 |
) |
Operating cash flow before changes in working capital |
$ |
27,482 |
|
|
$ |
(30,607 |
) |
|
$ |
45,337 |
|
|
$ |
14,187 |
|
|
$ |
(6,920 |
) |
Reconciliation of Costs Applicable to Sales for Three Months Ended June 30, 2024 |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
59,070 |
|
|
$ |
45,225 |
|
|
$ |
47,166 |
|
|
$ |
20,181 |
|
|
$ |
790 |
|
|
$ |
172,432 |
|
Amortization |
|
(10,843 |
) |
|
|
(8,570 |
) |
|
|
(6,445 |
) |
|
|
(1,067 |
) |
|
|
(790 |
) |
|
|
(27,715 |
) |
Costs applicable to sales |
$ |
48,227 |
|
|
$ |
36,655 |
|
|
$ |
40,721 |
|
|
$ |
19,114 |
|
|
$ |
— |
|
|
$ |
144,717 |
|
Inventory Adjustments |
|
(252 |
) |
|
|
(617 |
) |
|
|
55 |
|
|
|
(149 |
) |
|
|
— |
|
|
|
(963 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
(1,760 |
) |
|
|
— |
|
|
|
(1,710 |
) |
Adjusted costs applicable to sales |
$ |
47,975 |
|
|
$ |
36,038 |
|
|
$ |
40,826 |
|
|
$ |
17,205 |
|
|
$ |
— |
|
|
$ |
142,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
24,313 |
|
|
|
8,150 |
|
|
|
23,539 |
|
|
|
20,930 |
|
|
|
— |
|
|
|
76,932 |
|
Silver ounces |
|
1,542,395 |
|
|
|
985,269 |
|
|
|
|
|
65,063 |
|
|
|
— |
|
|
|
2,592,727 |
|
||
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
51 |
% |
|
|
41 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
49 |
% |
|
|
59 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
1,006 |
|
|
$ |
1,813 |
|
|
$ |
1,734 |
|
|
$ |
822 |
|
|
|
|
$ |
1,264 |
|
||
Silver ($/oz) |
$ |
15.24 |
|
|
$ |
21.58 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
17.71 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales for Three Months Ended March 31, 2024 |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
66,896 |
|
|
$ |
33,632 |
|
|
$ |
44,885 |
|
|
$ |
26,808 |
|
|
$ |
852 |
|
|
$ |
173,073 |
|
Amortization |
|
(12,602 |
) |
|
|
(6,633 |
) |
|
|
(5,596 |
) |
|
|
(1,393 |
) |
|
|
(852 |
) |
|
|
(27,076 |
) |
Costs applicable to sales |
$ |
54,294 |
|
|
$ |
26,999 |
|
|
$ |
39,289 |
|
|
$ |
25,415 |
|
|
$ |
— |
|
|
$ |
145,997 |
|
Inventory Adjustments |
|
(468 |
) |
|
|
(3,555 |
) |
|
|
(283 |
) |
|
|
198 |
|
|
|
— |
|
|
|
(4,108 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(34 |
) |
|
|
(1,633 |
) |
|
|
— |
|
|
|
(1,667 |
) |
Adjusted costs applicable to sales |
$ |
53,826 |
|
|
$ |
23,444 |
|
|
$ |
38,972 |
|
|
$ |
23,980 |
|
|
$ |
— |
|
|
$ |
140,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
33,462 |
|
|
|
6,185 |
|
|
|
21,183 |
|
|
|
20,586 |
|
|
|
— |
|
|
|
81,416 |
|
Silver ounces |
|
1,796,468 |
|
|
|
735,254 |
|
|
|
|
|
68,713 |
|
|
|
— |
|
|
|
2,600,435 |
|
||
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
56 |
% |
|
|
43 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
44 |
% |
|
|
57 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
901 |
|
|
$ |
1,630 |
|
|
$ |
1,840 |
|
|
$ |
1,165 |
|
|
|
|
$ |
1,267 |
|
||
Silver ($/oz) |
$ |
13.18 |
|
|
$ |
18.17 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
14.63 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales for Three Months Ended December 31, 2023 |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
60,345 |
|
|
$ |
85,155 |
|
|
$ |
46,207 |
|
|
$ |
34,150 |
|
|
$ |
858 |
|
|
$ |
226,715 |
|
Amortization |
|
(9,949 |
) |
|
|
(13,349 |
) |
|
|
(8,366 |
) |
|
|
(1,892 |
) |
|
|
(858 |
) |
|
|
(34,414 |
) |
Costs applicable to sales |
$ |
50,396 |
|
|
$ |
71,806 |
|
|
$ |
37,841 |
|
|
$ |
32,258 |
|
|
$ |
— |
|
|
$ |
192,301 |
|
Inventory Adjustments |
|
(195 |
) |
|
|
(17,295 |
) |
|
|
(131 |
) |
|
|
(677 |
) |
|
|
— |
|
|
|
(18,298 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(275 |
) |
|
|
(2,146 |
) |
|
|
— |
|
|
|
(2,421 |
) |
Adjusted costs applicable to sales |
$ |
50,201 |
|
|
$ |
54,511 |
|
|
$ |
37,435 |
|
|
$ |
29,435 |
|
|
$ |
— |
|
|
$ |
171,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
24,849 |
|
|
|
19,174 |
|
|
|
25,980 |
|
|
|
29,538 |
|
|
|
— |
|
|
|
99,541 |
|
Silver ounces |
|
1,644,592 |
|
|
|
1,269,236 |
|
|
|
— |
|
|
|
86,510 |
|
|
|
— |
|
|
|
3,000,338 |
|
Zinc pounds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lead pounds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
50 |
% |
|
|
55 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
50 |
% |
|
|
45 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
1,010 |
|
|
$ |
1,564 |
|
|
$ |
1,441 |
|
|
$ |
997 |
|
|
|
|
$ |
1,225 |
|
||
Silver ($/oz) |
$ |
15.26 |
|
|
$ |
19.33 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
17.03 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales for Three Months Ended September 30, 2023 |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
57,083 |
|
|
$ |
34,708 |
|
|
$ |
45,180 |
|
|
$ |
32,614 |
|
|
$ |
919 |
|
|
$ |
170,504 |
|
Amortization |
|
(9,024 |
) |
|
|
(4,176 |
) |
|
|
(6,894 |
) |
|
|
(1,588 |
) |
|
|
(919 |
) |
|
|
(22,601 |
) |
Costs applicable to sales |
$ |
48,059 |
|
|
$ |
30,532 |
|
|
$ |
38,286 |
|
|
$ |
31,026 |
|
|
$ |
— |
|
|
$ |
147,903 |
|
Inventory Adjustments |
|
(328 |
) |
|
|
(7,788 |
) |
|
|
(411 |
) |
|
|
(16 |
) |
|
|
— |
|
|
|
(8,543 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(57 |
) |
|
|
(1,802 |
) |
|
|
— |
|
|
|
(1,859 |
) |
Adjusted costs applicable to sales |
$ |
47,731 |
|
|
$ |
22,744 |
|
|
$ |
37,818 |
|
|
$ |
29,208 |
|
|
$ |
— |
|
|
$ |
137,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
26,018 |
|
|
|
4,432 |
|
|
|
24,516 |
|
|
|
23,049 |
|
|
|
— |
|
|
|
78,015 |
|
Silver ounces |
|
1,533,975 |
|
|
|
606,083 |
|
|
|
— |
|
|
|
73,677 |
|
|
|
— |
|
|
|
2,213,735 |
|
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
50 |
% |
|
|
37 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
50 |
% |
|
|
63 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
917 |
|
|
$ |
1,899 |
|
|
$ |
1,543 |
|
|
$ |
1,267 |
|
|
|
|
$ |
1,273 |
|
||
Silver ($/oz) |
$ |
15.56 |
|
|
$ |
23.64 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
17.85 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales for Three Months Ended June 30, 2023 |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
54,608 |
|
|
$ |
29,717 |
|
|
$ |
43,950 |
|
|
$ |
29,634 |
|
|
$ |
1,021 |
|
|
$ |
158,930 |
|
Amortization |
|
(8,017 |
) |
|
|
(3,649 |
) |
|
|
(4,801 |
) |
|
|
(1,805 |
) |
|
|
(1,021 |
) |
|
|
(19,293 |
) |
Costs applicable to sales |
$ |
46,591 |
|
|
$ |
26,068 |
|
|
$ |
39,149 |
|
|
$ |
27,829 |
|
|
$ |
— |
|
|
$ |
139,637 |
|
Inventory Adjustments |
|
(209 |
) |
|
|
(1,215 |
) |
|
|
(239 |
) |
|
|
77 |
|
|
|
— |
|
|
|
(1,586 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(63 |
) |
|
|
(1,922 |
) |
|
|
— |
|
|
|
(1,985 |
) |
Adjusted costs applicable to sales |
$ |
46,382 |
|
|
$ |
24,853 |
|
|
$ |
38,847 |
|
|
$ |
25,984 |
|
|
$ |
— |
|
|
$ |
136,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
22,207 |
|
|
|
6,493 |
|
|
|
13,273 |
|
|
|
25,117 |
|
|
|
— |
|
|
|
67,090 |
|
Silver ounces |
|
1,560,743 |
|
|
|
694,657 |
|
|
|
— |
|
|
|
82,013 |
|
|
|
— |
|
|
|
2,337,413 |
|
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
49 |
% |
|
|
43 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
51 |
% |
|
|
57 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
1,023 |
|
|
$ |
1,646 |
|
|
$ |
2,927 |
|
|
$ |
1,035 |
|
|
|
|
$ |
1,464 |
|
||
Silver ($/oz) |
$ |
15.16 |
|
|
$ |
20.39 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
16.77 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales for Updated 2024 Guidance |
|||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
||||||||
Costs applicable to sales, including amortization ( |
$ |
261,913 |
|
|
$ |
147,456 |
|
|
$ |
195,337 |
|
|
$ |
102,091 |
|
Amortization |
|
(46,953 |
) |
|
|
(42,237 |
) |
|
|
(28,757 |
) |
|
|
(5,694 |
) |
Costs applicable to sales |
$ |
214,960 |
|
|
$ |
105,219 |
|
|
$ |
166,580 |
|
|
$ |
96,397 |
|
By-product credit |
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
(5,328 |
) |
Adjusted costs applicable to sales |
$ |
214,960 |
|
|
$ |
105,219 |
|
|
$ |
166,596 |
|
|
$ |
91,069 |
|
|
|
|
|
|
|
|
|
||||||||
Metal Sales |
|
|
|
|
|
|
|
||||||||
Gold ounces |
|
104,260 |
|
|
|
28,170 |
|
|
|
100,500 |
|
|
|
91,040 |
|
Silver ounces |
|
6,652,590 |
|
|
|
3,197,910 |
|
|
|
|
|
205,600 |
|
||
|
|
|
|
|
|
|
|
||||||||
Revenue Split |
|
|
|
|
|
|
|
||||||||
Gold |
|
|
|
|
|
|
|
||||||||
Silver |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
||||||||
Gold ($/oz) |
|
|
|
|
|
|
|
||||||||
Silver ($/oz) |
|
|
|
|
|
|
|
||||||||
|
Reconciliation of Costs Applicable to Sales for Previous 2024 Guidance |
|||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
||||||||
Costs applicable to sales, including amortization ( |
$ |
258,870 |
|
|
$ |
129,322 |
|
|
$ |
199,980 |
|
|
$ |
108,330 |
|
Amortization |
|
(37,130 |
) |
|
|
(36,990 |
) |
|
|
(33,530 |
) |
|
|
(6,330 |
) |
Costs applicable to sales |
$ |
221,740 |
|
|
$ |
92,332 |
|
|
$ |
166,450 |
|
|
$ |
102,000 |
|
By-product credit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,550 |
) |
Adjusted costs applicable to sales |
$ |
221,740 |
|
|
$ |
92,332 |
|
|
$ |
166,450 |
|
|
$ |
99,450 |
|
|
|
|
|
|
|
|
|
||||||||
Metal Sales |
|
|
|
|
|
|
|
||||||||
Gold ounces |
|
100,350 |
|
|
|
28,130 |
|
|
|
103,790 |
|
|
|
90,000 |
|
Silver ounces |
|
6,516,830 |
|
|
|
3,927,890 |
|
|
|
|
|
105,920 |
|
||
|
|
|
|
|
|
|
|
||||||||
Revenue Split |
|
|
|
|
|
|
|
||||||||
Gold |
|
|
|
|
|
|
|
||||||||
Silver |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
||||||||
Gold ($/oz) |
|
|
|
|
|
|
|
||||||||
Silver ($/oz) |
|
|
|
|
|
|
|
||||||||
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807794593/en/
Coeur Mining, Inc.
200 S. Wacker Drive, Suite 2100
Attention: Jeff Wilhoit, Senior Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com
Source: Coeur Mining
FAQ
What were Coeur Mining's (CDE) Q2 2024 revenue and net income?
How did Coeur Mining's Rochester operation perform in Q2 2024?
What is Coeur Mining's adjusted EBITDA for Q2 2024?
What were Coeur Mining's average realized gold and silver prices in Q2 2024?
What significant acquisition did Coeur Mining complete in Q2 2024?
Is Coeur Mining maintaining its 2024 production guidance?