Coeur Reports Third Quarter 2024 Results
Coeur Mining reported strong Q3 2024 results with net income of $49 million and revenue of $313 million. The company achieved significant production increases with gold production up 21% to 94,993 ounces and silver production up 15% to 3.0 million ounces. Operating cash flow reached $111 million, while free cash flow was $69 million. The Rochester operation showed improvement with 7.1 million tons placed under leach. The company announced plans to acquire SilverCrest in a $1.7 billion all-stock transaction expected to close in Q1 2025. Coeur reduced its revolving credit facility by $50 million to $225 million, improving its net debt to EBITDA ratio to below 2.0x.
Coeur Mining ha riportato risultati solidi per il terzo trimestre del 2024 con un utile netto di 49 milioni di dollari e entrate di 313 milioni di dollari. L'azienda ha raggiunto significativi aumenti di produzione con una produzione d'oro aumentata del 21% a 94.993 once e una produzione d'argento aumentata del 15% a 3,0 milioni di once. Il flusso di cassa operativo ha raggiunto 111 milioni di dollari, mentre il flusso di cassa libero è stato di 69 milioni di dollari. L'operazione di Rochester ha mostrato miglioramenti con 7,1 milioni di tonnellate messe sotto cianurazione. L'azienda ha annunciato piani per acquisire SilverCrest in una transazione completamente azionaria da 1,7 miliardi di dollari, prevista per concludersi nel primo trimestre del 2025. Coeur ha ridotto la sua linea di credito revolving di 50 milioni di dollari a 225 milioni di dollari, migliorando il suo rapporto debito netto su EBITDA a meno di 2,0x.
Coeur Mining reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 49 millones de dólares y ingresos de 313 millones de dólares. La compañía logró aumentos significativos en la producción, con una producción de oro que aumentó un 21% a 94,993 onzas y una producción de plata que aumentó un 15% a 3.0 millones de onzas. El flujo de efectivo operativo alcanzó los 111 millones de dólares, mientras que el flujo de caja libre fue de 69 millones de dólares. La operación de Rochester mostró mejoras con 7.1 millones de toneladas puestas en lixiviación. La compañía anunció planes para adquirir SilverCrest en una transacción totalmente de acciones por 1.7 mil millones de dólares, que se espera cerrar en el primer trimestre de 2025. Coeur redujo su línea de crédito revolvente en 50 millones de dólares a 225 millones de dólares, mejorando su relación de deuda neta sobre EBITDA a menos de 2.0x.
Coeur Mining은 2024년 3분기 실적 발표에서 4900만 달러의 순이익과 3억 1300만 달러의 매출을 기록했다고 보고했습니다. 회사는 금 생산이 21% 증가한 94,993온스 및 은 생산이 15% 증가한 300만 온스를 기록하며 상당한 생산 증가를 달성했습니다. 운영 현금 흐름은 1억 1100만 달러에, 자유 현금 흐름은 6900만 달러에 도달했습니다. 로체스터 사업은 710만 톤이 리치에 투입되는 개선을 보여주었습니다. 회사는 2025년 1분기 완료 예정인 17억 달러 전량 주식 거래로 SilverCrest 인수 계획을 발표했습니다. Coeur는 회전 신용 시설을 5000만 달러 줄여 2억 2500만 달러로 조정하였으며, 순 부채 대비 EBITDA 비율을 2.0배 미만으로 개선했습니다.
Coeur Mining a rapporté des résultats solides pour le troisième trimestre de 2024 avec un revenu net de 49 millions de dollars et des revenus de 313 millions de dollars. L'entreprise a réalisé des augmentations significatives de production, avec une production d'or ayant augmenté de 21% pour atteindre 94 993 onces et une production d'argent ayant augmenté de 15% pour atteindre 3,0 millions d'onces. Le flux de trésorerie d'exploitation a atteint 111 millions de dollars, tandis que le flux de trésorerie libre s'élevait à 69 millions de dollars. L'opération de Rochester a montré des améliorations avec 7,1 millions de tonnes mises en lixiviation. L'entreprise a annoncé des plans pour acquérir SilverCrest dans le cadre d'une transaction entièrement en actions de 1,7 milliard de dollars, qui devrait se conclure au premier trimestre de 2025. Coeur a réduit sa ligne de crédit renouvelable de 50 millions de dollars à 225 millions de dollars, améliorant son ratio d'endettement net par rapport à l'EBITDA à moins de 2,0x.
Coeur Mining berichtete über starke Ergebnisse im dritten Quartal 2024 mit einem Nettoeinkommen von 49 Millionen Dollar und Umsätzen von 313 Millionen Dollar. Das Unternehmen erzielte signifikante Produktionssteigerungen mit einer Goldproduktion, die um 21% auf 94.993 Unzen stieg, und einer Silberproduktion, die um 15% auf 3,0 Millionen Unzen zunahm. Der operative Cashflow erreichte 111 Millionen Dollar, während der freie Cashflow bei 69 Millionen Dollar lag. Der Betrieb in Rochester zeigte Verbesserungen mit 7,1 Millionen Tonnen, die in die Laugung eingestellt wurden. Das Unternehmen gab Pläne zur Übernahme von SilverCrest in einer vollständig aktienbasierten Transaktion über 1,7 Milliarden Dollar bekannt, die im ersten Quartal 2025 abgeschlossen werden soll. Coeur reduzierte seine revolvierende Kreditlinie um 50 Millionen Dollar auf 225 Millionen Dollar und verbesserte sein Verhältnis von Nettoschulden zu EBITDA auf unter 2,0x.
- Net income of $49 million, up from $1.4 million in Q2
- Revenue increased 41% quarter-over-quarter to $313 million
- Operating cash flow reached $111 million, highest in over a decade
- Gold and silver production increased 21% and 15% respectively
- Costs applicable to sales decreased 12% for both gold and silver
- $50 million reduction in revolving credit facility
- Total debt remains high at $605.2 million
- Planned SilverCrest acquisition will lead to shareholder dilution
Insights
A highly positive quarter for Coeur Mining marked by substantial improvements across key metrics. Revenue jumped
Production increases were impressive with gold up
Operational excellence is evident across all four mines. Rochester's ramp-up is proceeding well, placing 7.1 million tons under leach with production increases of
The cost reduction achievements are particularly noteworthy given the current inflationary environment. The successful execution across operations positions Coeur well for achieving full-year guidance and suggests potential for continued operational improvements into 2025.
Double digit production increases and cost reductions along with higher prices led to
Key Highlights
-
Strong production increases and lower costs across the portfolio – Higher production at all four operations drove a
21% increase in gold production and15% increase in silver production, totaling 94,993 and 3.0 million ounces of gold and silver, respectively. Costs applicable to sales per gold and silver ounce both declined12% compared to the prior quarter, leading to margins more than double the prior period. Based on strong year-to-date production and cost performance, the Company reaffirmed its full-year guidance ranges -
Robust quarterly financial performance driven by higher production and metals prices – Revenue of
and adjusted EBITDA1 of$313 million increased$126 million 41% and140% quarter-over-quarter, respectively. Operating cash flow totaled and free cash flow reached$111 million during the quarter, their highest levels in over a decade. Net income was$69 million and Adjusted EBITDA1 over the last twelve months (“LTM”) increased 2.5x to$49 million compared to a year ago$287 million -
Rochester remains on-track to achieve year-end throughput and production guidance – The recently expandedRochester silver and gold operation placed approximately 7.1 million tons under leach during the quarter leading to production of 1.2 million ounces of silver and 9,690 ounces of gold, representing quarter-over-quarter increases of19% and21% , respectively. The Company has reaffirmed full-yearRochester production guidance ranges and expects approximately 7.0 - 8.0 million tons to be placed under leach in the fourth quarter -
Announced acquisition of SilverCrest to create leading global silver company – On October 4, 2024, Coeur announced an agreement to acquire SilverCrest Metals Inc. (“SilverCrest”) in an all-stock transaction with an implied value of approximately
as of the announcement date. The acquisition is anticipated to close in the first quarter of 2025 and is expected to materially enhance the Company’s cost and cash flow profile and immediately accelerate the Company’s balance sheet de-leveraging initiative$1.7 billion -
Debt reduction initiative underway – During the third quarter, the Company reduced its outstanding revolving credit facility (“RCF”)2 balance by
to$50 million , leading to total liquidity of$225 million , including$222 million of cash, and a net debt to EBITDA ratio below 2.0x for the first time in three years$77 million
“Our strong third quarter operational and financial results signal the beginning of what we expect to be a new chapter of consistent free cash flow for Coeur,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Although higher prices helped magnify our robust results, the team’s continued focus on operational excellence drove costs down, leading to significantly higher margins.
“Furthermore, the recently announced acquisition of SilverCrest and its high-grade, low-cost Las Chispas operation, coupled with Rochester’s post-expansion profile, positions Coeur as a leading silver company in terms of production, market capitalization and liquidity, balance sheet flexibility, and cash flow profile at a time when silver’s outlook continues to strengthen.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) |
|
3Q 2024 |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
|
Gold Sales |
$ |
223.8 |
$ |
154.1 |
|
$ |
151.8 |
|
$ |
187.7 |
|
$ |
139.5 |
|
|
Silver Sales |
$ |
89.7 |
$ |
67.9 |
|
$ |
61.3 |
|
$ |
74.3 |
|
$ |
55.1 |
|
|
Consolidated Revenue |
$ |
313.5 |
$ |
222.0 |
|
$ |
213.1 |
|
$ |
262.1 |
|
$ |
194.6 |
|
|
Costs Applicable to Sales3 |
$ |
156.7 |
$ |
144.7 |
|
$ |
146.0 |
|
$ |
192.3 |
|
$ |
147.9 |
|
|
General and Administrative Expenses |
$ |
11.0 |
$ |
11.2 |
|
$ |
14.4 |
|
$ |
10.2 |
|
$ |
9.5 |
|
|
Net Income (Loss) |
$ |
48.7 |
$ |
1.4 |
|
$ |
(29.1 |
) |
$ |
(25.5 |
) |
$ |
(21.1 |
) |
|
Net Income (Loss) Per Share |
$ |
0.12 |
$ |
0.00 |
|
$ |
(0.08 |
) |
$ |
(0.07 |
) |
$ |
(0.06 |
) |
|
Adjusted Net Income (Loss)1 |
$ |
47.2 |
$ |
(3.4 |
) |
$ |
(19.0 |
) |
$ |
(6.2 |
) |
$ |
(18.6 |
) |
|
Adjusted Net Income (Loss)1 Per Share |
$ |
0.12 |
$ |
(0.01 |
) |
$ |
(0.05 |
) |
$ |
(0.02 |
) |
$ |
(0.05 |
) |
|
Weighted Average Shares Outstanding |
|
400.8 |
|
399.9 |
|
|
385.0 |
|
|
380.5 |
|
|
356.7 |
|
|
EBITDA1 |
$ |
121.1 |
$ |
49.7 |
|
$ |
27.2 |
|
$ |
25.0 |
|
$ |
15.3 |
|
|
Adjusted EBITDA1 |
$ |
126.0 |
$ |
52.4 |
|
$ |
44.3 |
|
$ |
64.3 |
|
$ |
30.6 |
|
|
Cash Flow from Operating Activities |
$ |
111.1 |
$ |
15.2 |
|
$ |
(15.9 |
) |
$ |
65.3 |
|
$ |
(2.4 |
) |
|
Capital Expenditures |
$ |
42.0 |
$ |
51.4 |
|
$ |
42.1 |
|
$ |
92.7 |
|
$ |
112.3 |
|
|
Free Cash Flow1 |
$ |
69.1 |
$ |
(36.2 |
) |
$ |
(58.0 |
) |
$ |
(27.4 |
) |
$ |
(114.7 |
) |
|
Cash, Equivalents & Short-Term Investments |
$ |
76.9 |
$ |
74.1 |
|
$ |
67.5 |
|
$ |
61.6 |
|
$ |
53.2 |
|
|
Total Debt4 |
$ |
605.2 |
$ |
629.3 |
|
$ |
585.6 |
|
$ |
545.3 |
|
$ |
512.2 |
|
|
Average Realized Price Per Ounce – Gold |
$ |
2,309 |
$ |
2,003 |
|
$ |
1,864 |
|
$ |
1,886 |
|
$ |
1,788 |
|
|
Average Realized Price Per Ounce – Silver |
$ |
29.86 |
$ |
26.20 |
|
$ |
23.57 |
|
$ |
24.79 |
|
$ |
24.88 |
|
|
Gold Ounces Produced |
|
94,993 |
|
78,696 |
|
|
80,744 |
|
|
101,609 |
|
|
78,617 |
|
|
Silver Ounces Produced |
|
3.0 |
|
2.6 |
|
|
2.6 |
|
|
3.1 |
|
|
2.3 |
|
|
Gold Ounces Sold |
|
96,913 |
|
76,932 |
|
|
81,416 |
|
|
99,540 |
|
|
78,015 |
|
|
Silver Ounces Sold |
|
3.0 |
|
2.6 |
|
|
2.6 |
|
|
3.0 |
|
|
2.2 |
|
|
Adjusted CAS per AuOz1 |
$ |
1,113 |
$ |
1,264 |
|
$ |
1,267 |
|
$ |
1,225 |
|
$ |
1,273 |
|
|
Adjusted CAS per AgOz1 |
$ |
15.67 |
$ |
17.71 |
|
$ |
14.63 |
|
$ |
17.03 |
|
$ |
17.85 |
|
Financial Results
Third quarter 2024 revenue totaled
Gold and silver sales represented
Adjusted Costs applicable to sales per ounce1 of gold and silver each decreased
Coeur invested approximately
The Company recorded income tax expense of approximately
Quarterly operating cash flow totaled
Third quarter capital expenditures were
SilverCrest Acquisition Transaction
On October 4, 2024, Coeur announced it had entered into a definitive agreement (the “Agreement”) whereby a wholly-owned subsidiary of Coeur will acquire all of the issued and outstanding shares of SilverCrest pursuant to a
Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately
Operations
Third quarter 2024 highlights for each of the Company’s operations are provided below.
Palmarejo,
(Dollars in millions, except per ounce amounts) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
Tons milled |
|
413,463 |
|
|
429,561 |
|
|
500,747 |
|
|
500,509 |
|
|
501,722 |
|
Average gold grade (oz/t) |
|
0.070 |
|
|
0.066 |
|
|
0.070 |
|
|
0.060 |
|
|
0.055 |
|
Average silver grade (oz/t) |
|
5.15 |
|
|
4.49 |
|
|
4.34 |
|
|
4.08 |
|
|
3.67 |
|
Average recovery rate – Au |
|
94.8 |
% |
|
89.9 |
% |
|
95.2 |
% |
|
89.4 |
% |
|
97.6 |
% |
Average recovery rate – Ag |
|
85.6 |
% |
|
82.8 |
% |
|
83.7 |
% |
|
79.4 |
% |
|
86.9 |
% |
Gold ounces produced |
|
27,549 |
|
|
25,467 |
|
|
33,160 |
|
|
25,401 |
|
|
26,870 |
|
Silver ounces produced (000’s) |
|
1,823 |
|
|
1,596 |
|
|
1,818 |
|
|
1,622 |
|
|
1,601 |
|
Gold ounces sold |
|
28,655 |
|
|
24,313 |
|
|
33,462 |
|
|
24,848 |
|
|
26,018 |
|
Silver ounces sold (000’s) |
|
1,861 |
|
|
1,542 |
|
|
1,796 |
|
|
1,644 |
|
|
1,534 |
|
Average realized price per gold ounce |
$ |
1,922 |
|
$ |
1,744 |
|
$ |
1,611 |
|
$ |
1,615 |
|
$ |
1,499 |
|
Average realized price per silver ounce |
$ |
29.71 |
|
$ |
26.48 |
|
$ |
23.64 |
|
$ |
24.78 |
|
$ |
24.96 |
|
Metal sales |
$ |
110.4 |
|
$ |
83.2 |
|
$ |
96.4 |
|
$ |
80.9 |
|
$ |
77.3 |
|
Costs applicable to sales3 |
$ |
47.5 |
|
$ |
48.2 |
|
$ |
54.3 |
|
$ |
50.3 |
|
$ |
48.1 |
|
Adjusted CAS per AuOz1 |
$ |
818 |
|
$ |
1,006 |
|
$ |
901 |
|
$ |
1,010 |
|
$ |
917 |
|
Adjusted CAS per AgOz1 |
$ |
12.60 |
|
$ |
15.24 |
|
$ |
13.18 |
|
$ |
15.26 |
|
$ |
15.56 |
|
Exploration expense |
$ |
4.3 |
|
$ |
2.6 |
|
$ |
2.5 |
|
$ |
2.7 |
|
$ |
2.2 |
|
Cash flow from operating activities |
$ |
55.6 |
|
$ |
23.7 |
|
$ |
25.6 |
|
$ |
24.1 |
|
$ |
22.6 |
|
Sustaining capital expenditures (excludes capital lease payments) |
$ |
4.0 |
|
$ |
3.1 |
|
$ |
4.7 |
|
$ |
6.9 |
|
$ |
8.4 |
|
Development capital expenditures |
$ |
4.0 |
|
$ |
2.8 |
|
$ |
2.1 |
|
$ |
2.0 |
|
$ |
2.4 |
|
Total capital expenditures |
$ |
8.0 |
|
$ |
5.9 |
|
$ |
6.8 |
|
$ |
8.9 |
|
$ |
10.8 |
|
Free cash flow1 |
$ |
47.6 |
|
$ |
17.8 |
|
$ |
18.8 |
|
$ |
15.2 |
|
$ |
11.8 |
|
Operational
- Third quarter gold and silver production totaled 27,549 and 1.8 million ounces, respectively, compared to 25,467 and 1.6 million ounces in the prior period and 26,870 and 1.6 million ounces in the third quarter of 2023
- Higher production during the quarter was primarily driven by higher average grades and recoveries, partially offset by lower tons milled
Financial
-
Adjusted CAS1 for gold and silver on a co-product basis decreased
19% and17% quarter-over-quarter to and$818 per ounce, respectively, driven by higher metal sales$12.60 -
Capital expenditures increased
36% quarter-over-quarter to , reflecting higher underground development primarily focused on$8 million Hidalgo , which is expected to create additional operating flexibility by year-end -
Free cash flow1 in the third quarter totaled
compared to$48 million in the prior period$18 million
Exploration
-
Exploration investment for the third quarter totaled approximately
(substantially all expensed) compared to roughly$4 million (substantially all expensed) in the prior period$3 million -
Up to seven rigs were active during the quarter, mainly focused on the
Zapata -Guadalupe corridor, expansion drilling along the western extension of theHidalgo corridor (La Libertad ), and targets withinHidalgo and multiple structures parallel toIndependencia -
Drilling along strike of
La Libertad continues to encounter favorable host rocks and hydrothermal quartz-calcite vein and breccia splay zones with drilling showing potential for future resource expansion -
Exploration and prospecting continue immediately east of the current operation and outside of the area subject to the gold stream. Mapping of recently acquired claims from
Fresnillo located immediately southeast of existing operations has identified brecciated and silicified veins that are believed to be extensions and parallel veins to those currently being mined -
Geological mapping continues to the east of Palmarejo in the
Guazapares area around theSan Miguel andSan Antonio prospects and has successfully identified new vein extensions and parallel structures, signaling promising prospects for future exploration. Scout drilling commenced on one target in this district during the quarter
Other
-
Approximately
30% of Palmarejo’s gold sales in the third quarter were sold under the gold stream agreement at a price of per ounce, totaling 8,720 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$16.50 -
Capital expenditures are expected to be
-$27 , consisting primarily of sustaining capital and underground development$37 million
(Dollars in millions, except per ounce amounts) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
Ore tons placed |
|
7,064,623 |
|
|
5,102,800 |
|
|
3,135,571 |
|
|
2,754,058 |
|
|
3,487,173 |
|
Average silver grade (oz/t) |
|
0.57 |
|
|
0.59 |
|
|
0.52 |
|
|
0.44 |
|
|
0.50 |
|
Average gold grade (oz/t) |
|
0.002 |
|
|
0.002 |
|
|
0.002 |
|
|
0.003 |
|
|
0.003 |
|
Silver ounces produced (000’s) |
|
1,155 |
|
|
973 |
|
|
699 |
|
|
1,340 |
|
|
608 |
|
Gold ounces produced |
|
9,690 |
|
|
8,006 |
|
|
5,755 |
|
|
19,847 |
|
|
4,459 |
|
Silver ounces sold (000’s) |
|
1,098 |
|
|
985 |
|
|
735 |
|
|
1,269 |
|
|
606 |
|
Gold ounces sold |
|
9,186 |
|
|
8,150 |
|
|
6,185 |
|
|
19,175 |
|
|
4,432 |
|
Average realized price per silver ounce |
$ |
30.13 |
|
$ |
25.78 |
|
$ |
23.32 |
|
$ |
24.59 |
|
$ |
24.63 |
|
Average realized price per gold ounce |
$ |
2,492 |
|
$ |
2,131 |
|
$ |
2,050 |
|
$ |
1,991 |
|
$ |
1,967 |
|
Metal sales |
$ |
56.0 |
|
$ |
42.8 |
|
$ |
29.8 |
|
$ |
69.4 |
|
$ |
23.6 |
|
Costs applicable to sales3 |
$ |
39.4 |
|
$ |
36.7 |
|
$ |
27.0 |
|
$ |
71.8 |
|
$ |
30.5 |
|
Adjusted CAS per AgOz1 |
$ |
20.88 |
|
$ |
21.58 |
|
$ |
18.17 |
|
$ |
19.33 |
|
$ |
23.64 |
|
Adjusted CAS per AuOz1 |
$ |
1,735 |
|
$ |
1,813 |
|
$ |
1,630 |
|
$ |
1,564 |
|
$ |
1,899 |
|
Prepayment, working capital cash flow |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
7.5 |
|
Exploration expense |
$ |
1.0 |
|
$ |
1.0 |
|
$ |
0.4 |
|
$ |
0.2 |
|
$ |
0.3 |
|
Cash flow from operating activities |
$ |
3.2 |
|
$ |
(5.9 |
) |
$ |
(18.7 |
) |
$ |
11.6 |
|
$ |
(17.3 |
) |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
7.0 |
|
$ |
9.9 |
|
$ |
15.3 |
|
$ |
13.8 |
|
$ |
7.7 |
|
Development capital expenditures |
$ |
3.1 |
|
$ |
17.6 |
|
$ |
5.9 |
|
$ |
51.7 |
|
$ |
76.7 |
|
Total capital expenditures |
$ |
10.1 |
|
$ |
27.5 |
|
$ |
21.2 |
|
$ |
65.5 |
|
$ |
84.4 |
|
Free cash flow1 |
$ |
(6.9 |
) |
$ |
(33.4 |
) |
$ |
(39.9 |
) |
$ |
(53.9 |
) |
$ |
(101.7 |
) |
Operational
- Silver and gold production in the third quarter totaled 1.2 million and 9,690 ounces, respectively, compared to 973,057 and 8,006 ounces in the prior period and 607,735 and 4,459 ounces in the third quarter of 2023
-
Ore tons placed increased
38% quarter-over-quarter to 7.1 million tons, including approximately 6.4 million tons through the new crushing circuit and roughly 650,000 tons of high-grade backfill direct-to-pad material placed on the stage six leach pad. The Company expects to place approximately 7.0 - 8.0 million tons on the stage six leach pad in the fourth quarter
Financial
-
Third quarter adjusted CAS1 for silver and gold on a co-product basis totaled
and$20.88 per ounce, respectively, mainly driven by higher metals sales$1,735 -
Capital expenditures decreased
63% quarter-over-quarter to , reflecting lower spend after an earlier-than-expected conclusion of final negotiations with a key construction contractor and corresponding earlier payment of costs in the previous quarter$10 million -
Free cash flow1 in the third quarter totaled
compared to$(7) million in the prior period$(33) million
Exploration
-
Exploration investment in the third quarter totaled approximately
($3 million expensed and$1 million capitalized) compared to roughly$2 million ($2 million expensed and$1 million capitalized) in the prior quarter$1 million -
Near-term exploration objectives at
Rochester aim to augment the grade profile of the current 16-year reserve-only mine life with the goal of enhancing cash flow -
Two diamond drill rigs were active at East Rochester during the quarter targeting the Wedge and Black Ridge Fault areas located immediately east of the
Rochester pit. The holes are testing for extensions to mineralization and for higher grades located along structures - Other activities during the quarter included re-logging, reinterpreting and geological modeling of core and reverse circulation chips from legacy drillholes, with new geology models for Nevada Packard and Lincoln Hill underway. Additionally, a geophysical magnetics survey was flown over the land package to aid district exploration
- Drilling at Nevada Packard is planned for the fourth quarter to confirm the new model and establish controls on higher-grade mineralization that is expected to guide further exploration
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$1,700 -
Capital expenditures are expected to be
-$61 , which reflects the ramp-up of the completed$79 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) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
Tons milled |
|
165,916 |
|
|
182,043 |
|
|
167,439 |
|
|
177,382 |
|
|
167,950 |
|
Average gold grade (oz/t) |
|
0.16 |
|
|
0.14 |
|
|
0.14 |
|
|
0.16 |
|
|
0.16 |
|
Average recovery rate |
|
90.4 |
% |
|
92.3 |
% |
|
90.8 |
% |
|
92.3 |
% |
|
92.6 |
% |
Gold ounces produced |
|
24,104 |
|
|
23,202 |
|
|
21,434 |
|
|
26,686 |
|
|
24,614 |
|
Gold ounces sold |
|
24,800 |
|
|
23,539 |
|
|
21,183 |
|
|
25,980 |
|
|
24,516 |
|
Average realized price per gold ounce, gross |
$ |
2,563 |
|
$ |
2,223 |
|
$ |
2,105 |
|
$ |
2,016 |
|
$ |
1,956 |
|
Treatment and refining charges per gold ounce |
$ |
56 |
|
$ |
52 |
|
$ |
52 |
|
$ |
58 |
|
$ |
60 |
|
Average realized price per gold ounce, net |
$ |
2,507 |
|
$ |
2,171 |
|
$ |
2,053 |
|
$ |
1,958 |
|
$ |
1,896 |
|
Metal sales |
$ |
62.2 |
|
$ |
51.1 |
|
$ |
43.5 |
|
$ |
51.2 |
|
$ |
46.5 |
|
Costs applicable to sales3 |
$ |
38.1 |
|
$ |
40.7 |
|
$ |
39.3 |
|
$ |
37.9 |
|
$ |
38.3 |
|
Adjusted CAS per AuOz1 |
$ |
1,539 |
|
$ |
1,734 |
|
$ |
1,840 |
|
$ |
1,441 |
|
$ |
1,543 |
|
Prepayment, working capital cash flow |
$ |
11.8 |
|
$ |
(11.8 |
) |
$ |
— |
|
$ |
10.7 |
|
$ |
(10.7 |
) |
Exploration expense |
$ |
2.0 |
|
$ |
1.3 |
|
$ |
1.5 |
|
$ |
1.7 |
|
$ |
2.9 |
|
Cash flow from operating activities |
$ |
38.1 |
|
$ |
(7.2 |
) |
$ |
1.5 |
|
$ |
16.9 |
|
$ |
(4.4 |
) |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
20.0 |
|
$ |
16.5 |
|
$ |
13.3 |
|
$ |
15.1 |
|
$ |
15.8 |
|
Development capital expenditures |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Total capital expenditures |
$ |
20.0 |
|
$ |
16.5 |
|
$ |
13.3 |
|
$ |
15.1 |
|
$ |
15.8 |
|
Free cash flow1 |
$ |
18.1 |
|
$ |
(23.7 |
) |
$ |
(11.8 |
) |
$ |
1.8 |
|
$ |
(20.2 |
) |
Operational
- Gold production in the third quarter totaled 24,104 ounces compared to 23,202 ounces in the prior period and 24,614 ounces in the third quarter of 2023
- Higher production during the quarter was driven by higher average gold grade, partially offset by lower tons milled and average recoveries
Financial
-
Third quarter adjusted CAS1 totaled
per ounce compared to$1,539 per ounce in the prior period, reflecting increased metal sales$1,734 -
Capital expenditures increased
21% 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$20 million -
Free cash flow1 in the third quarter totaled
compared to$18 million in the prior period$(24) million
Exploration
-
Exploration investment in the quarter totaled approximately
($5 million expensed and$2 million capitalized), compared to$3 million ($6 million expensed and$1 million capitalized) in the prior period$4 million -
Up to three rigs were active at
Kensington , with drilling focused on both infill and extension of the current resource boundaries, with some drilling on scout targets in Lower Kensington east of current deposits. Additionally, an airborne geophysical survey was flown during the quarter - Geological modelling and interpretation of Lower Kensington, Upper Kensington and Elmira continued during the quarter to better understand the spectrum of vein types throughout the zones to improve modeling and mining
- At Elmira Main and Elmira South, expansion and infill drilling activities continued. The first detailed structural model has been completed and is being incorporated into exploration targeting and resource modeling
-
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 , of which approximately$68 million -$33 and$39 million -$6 is related to accelerated rates of underground development and infill drilling, respectively, as part of the Company’s multi-year exploration program$13 million
Wharf,
(Dollars in millions, except per ounce amounts) |
|
3Q24 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
Ore tons placed |
|
1,424,649 |
|
1,162,437 |
|
1,251,955 |
|
1,290,562 |
|
1,254,267 |
|
Average gold grade (oz/t) |
|
0.046 |
|
0.032 |
|
0.021 |
|
0.027 |
|
0.023 |
|
Gold ounces produced |
|
33,650 |
|
22,021 |
|
20,395 |
|
29,675 |
|
22,674 |
|
Silver ounces produced (000’s) |
|
42 |
|
69 |
|
67 |
|
90 |
|
69 |
|
Gold ounces sold |
|
34,272 |
|
20,930 |
|
20,586 |
|
29,537 |
|
23,049 |
|
Silver ounces sold (000’s) |
|
45 |
|
65 |
|
69 |
|
86 |
|
74 |
|
Average realized price per gold ounce |
$ |
2,440 |
$ |
2,064 |
$ |
2,026 |
$ |
1,982 |
$ |
1,966 |
|
Metal sales |
$ |
85.0 |
$ |
45.0 |
$ |
43.3 |
$ |
60.7 |
$ |
47.1 |
|
Costs applicable to sales3 |
$ |
31.8 |
$ |
19.1 |
$ |
25.4 |
$ |
32.4 |
$ |
31.0 |
|
Adjusted CAS per AuOz1 |
$ |
885 |
$ |
822 |
$ |
1,165 |
$ |
997 |
$ |
1,267 |
|
Prepayment, working capital cash flow |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
2.5 |
|
Exploration expense |
$ |
2.3 |
$ |
1.1 |
$ |
0.1 |
$ |
— |
$ |
— |
|
Cash flow from operating activities |
$ |
51.6 |
$ |
17.0 |
$ |
11.1 |
$ |
28.9 |
$ |
19.5 |
|
Sustaining capital expenditures (excludes capital lease payments) |
$ |
2.8 |
$ |
1.2 |
$ |
0.3 |
$ |
1.3 |
$ |
0.6 |
|
Development capital expenditures |
$ |
— |
$ |
— |
$ |
— |
$ |
0.2 |
$ |
0.1 |
|
Total capital expenditures |
$ |
2.8 |
$ |
1.2 |
$ |
0.3 |
$ |
1.5 |
$ |
0.7 |
|
Free cash flow1 |
$ |
48.8 |
$ |
15.8 |
$ |
10.8 |
$ |
27.4 |
$ |
18.8 |
Operational
-
Gold production in the third quarter increased
53% quarter-over-quarter to 33,650 ounces, largely due to timing of ounces placed on the leach pads and higher average gold grade due to positive reconciliation of the tons placed. Year-over-year production for the quarter increased48%
Financial
-
Adjusted CAS1 on a by-product basis increased
8% quarter-over-quarter to per ounce, largely driven by decreasing favorable recoveries on legacy pads from the prior period$885 -
Capital expenditures increased slightly quarter-over-quarter to approximately
$3 million -
Free cash flow1 in the third quarter totaled an all-time high
compared to$49 million in the prior period, reflecting higher gold sales$16 million
Exploration
-
Exploration investment during the quarter totaled
(substantially all expensed) compared to$2 million (substantially all expensed) in the prior quarter$1 million - Increased exploration investment during the quarter was mainly driven by an expanded program that commenced after opportunities were recognized to meaningfully extend the mine life at Wharf
- Two rigs were active during the quarter at the Juno and North Foley deposits undertaking infill and expansion drilling
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$1,050 -
Capital expenditures are expected to be
-$5 $7 million
Exploration
The Company’s exploration investment in 2024 is expected to total
Top exploration priorities for the Company’s 2024 exploration program include: (1) building reserves and extending mine life at
During the third quarter, Coeur invested approximately
At Silvertip, exploration investment totaled approximately
The objectives of the 2024 exploration program at Silvertip are to: (1) grow the known mineralized structures such as the Southern Silver zone from underground drilling focusing on along-strike and down-dip potential that has been identified; (2) drill much larger step-outs on major structures using surface drilling with a key focus on the Southern Silver, Saddle and Camp Creek zones; and (3) carry out district-scale field work to identify Silvertip lookalikes and other large structures with potential to host large ore bodies and to identify the outer limits of this large system.
This three-pronged approach is progressing well with surface mapping and sampling completed during the quarter, surface drilling with two rigs were completed at the end of October and one underground drill rig continuing in November.
2024 Guidance
Production during the third quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2024 production and cost guidance.
The below exploration expense guidance excludes
2024 Production Guidance
|
|
|
|
|
Gold |
|
Silver |
|
|
|
|
|
(oz) |
|
(K oz) |
Palmarejo |
|
|
|
|
95,000 - 103,000 |
|
5,900 - 6,700 |
|
|
|
|
|
37,000 - 50,000 |
|
4,800 - 6,600 |
|
|
|
|
|
92,000 - 106,000 |
|
— |
Wharf |
|
|
|
|
86,000 - 96,000 |
|
— |
Total |
|
|
|
|
310,000 - 355,000 |
|
10,700 - 13,300 |
2024 Costs Applicable to Sales Guidance
|
|
|
|
|
Gold |
Silver |
|
|
|
|
|
|
($/oz) |
($/oz) |
|
Palmarejo (co-product) |
|
|
|
|
|
|
|
Second Half 2024 Rochester (co-product) |
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Wharf (by-product) |
|
|
|
|
|
— |
2024 Capital, Exploration and G&A Guidance
|
|
|
|
|
($M) |
Capital Expenditures, Sustaining |
|
|
|
|
|
Capital Expenditures, Development |
|
|
|
|
|
Exploration, Expensed |
|
|
|
|
|
Exploration, Capitalized |
|
|
|
|
|
General & Administrative Expenses |
|
|
|
|
|
Note: The Company’s guidance figures assume estimated prices of
Financial Results and Conference Call
Coeur will host a conference call to discuss its third quarter 2024 financial results on November 7, 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 November 14, 2024.
Replay numbers: |
(877) 344-7529 ( |
|
|
(855) 669-9658 ( |
|
|
(412) 317-0088 (International) |
|
|
|
|
Conference ID: |
829 28 77 |
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.
No Offer or Solicitation
Communications in the news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Important Additional Information
In connection with the Transaction, Coeur and SilverCrest intend to file materials with the Securities and Exchange Commission (the “SEC”) and on SEDAR+, as applicable. Coeur intends to file a definitive proxy statement on Schedule 14A (the “Proxy Statement”) with the SEC in connection with the solicitation of proxies to obtain Coeur stockholder approval of (A) the issuance of shares of common stock of Coeur in connection with the Transaction (the “Stock Issuance”) and (B) the amendment of the Coeur certificate of incorporation to increase the number of authorized shares of Coeur common stock (the “Charter Amendment”), and SilverCrest intends to file a notice of the SilverCrest shareholder meeting and accompanying management information circular (the “Circular”) with the Toronto Stock Exchange and on SEDAR+ and with the SEC in connection with the solicitation of proxies to obtain SilverCrest shareholder approval of the Transaction. After the Proxy Statement is cleared by the SEC, Coeur intends to mail a definitive Proxy Statement to the stockholders of Coeur. This communication is not a substitute for the Proxy Statement, the Circular or for any other document that Coeur or SilverCrest may file with the SEC or on SEDAR+ and/or send to Coeur stockholders and/or SilverCrest’s shareholders in connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF COEUR AND SILVERCREST ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY STATEMENT AND THE CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY COEUR AND/OR SILVERCREST WITH THE SEC OR ON SEDAR+, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT COEUR, SILVERCREST, THE TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.
Stockholders of Coeur and shareholders of SilverCrest will be able to obtain free copies of the Proxy Statement and the Circular, as each may be amended from time to time, and other relevant documents filed by Coeur and/or SilverCrest with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or on SEDAR+ at www.sedarplus.ca, as applicable. Copies of documents filed with the SEC by Coeur will be available free of charge from Coeur’s website at www.coeur.com under the “Investors” tab or by contacting Coeur’s Investor Relations Department at (312) 489-5800 or investors@coeur.com. Copies of documents filed with the SEC or on SEDAR+ by SilverCrest will be available free of charge from SilverCrest’s website at www.silvercrestmetals.com under the “Investors” tab or by contacting SilverCrest’s Investor Relations Department at (604)694-1730 ext. 104.
Participation in the Solicitation
Coeur, SilverCrest and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Coeur’s stockholders and SilverCrest’s shareholders in connection with the Transaction. Information regarding the executive officers and directors of Coeur is included in its definitive proxy statement for its 2024 annual meeting under the headings “Proposal No. 1 – Election of Directors”, “Information about our Executive Officers”, “Compensation Discussion and Analysis”, and “Director Compensation”, which was filed with the SEC on April 4, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/215466/000114036124017966/ny20018623x1_def14a.htm. Information regarding the directors and certain executive officers of SilverCrest is included in its information circular and proxy statement for its 2024 annual meeting under the headings “Compensation of Executive Officers and Directors” and “Compensation Discussion and Analysis”, which was filed on SEDAR+ on April 18, 2024 and is available at https://www.silvercrestmetals.com/_resources/agm/2024-Information-Circular.pdf?v=093009. Additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement, the Circular and other materials when they are filed with the SEC or on SEDAR+ in connection with the Transaction. Free copies of these documents may be obtained as described in the paragraphs above.
Non-
We supplement the reporting of our financial information determined under
Notes
-
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
U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. -
As of September 30, 2024, Coeur had
in outstanding letters of credit and$30 million in outstanding borrowings under its RCF. Future borrowing under the RCF may be subject to certain financial covenants.$225 million - Excludes amortization.
- Includes capital leases. Net of debt issuance costs and premium received.
Average Spot Prices
|
|
3Q 2024 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
Average Gold Spot Price Per Ounce |
$ |
2,474 |
$ |
2,338 |
$ |
2,070 |
$ |
1,971 |
$ |
1,928 |
|
Average Silver Spot Price Per Ounce |
$ |
29.43 |
$ |
28.45 |
$ |
23.34 |
$ |
23.20 |
$ |
23.57 |
|
Average Zinc Spot Price Per Pound |
$ |
1.26 |
$ |
1.29 |
$ |
1.11 |
$ |
1.13 |
$ |
1.10 |
|
Average Lead Spot Price Per Pound |
$ |
0.92 |
$ |
0.98 |
$ |
0.94 |
$ |
0.96 |
$ |
0.98 |
COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
In thousands, except share data |
||||||
CURRENT ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
76,916 |
|
|
$ |
61,633 |
|
Receivables |
|
30,165 |
|
|
|
31,035 |
|
Inventory |
|
74,727 |
|
|
|
76,661 |
|
Ore on leach pads |
|
148,331 |
|
|
|
79,400 |
|
Prepaid expenses and other |
|
15,833 |
|
|
|
18,526 |
|
|
|
345,972 |
|
|
|
267,255 |
|
NON-CURRENT ASSETS |
|
|
|
||||
Property, plant and equipment and mining properties, net |
|
1,759,454 |
|
|
|
1,688,288 |
|
Ore on leach pads |
|
34,598 |
|
|
|
25,987 |
|
Restricted assets |
|
9,339 |
|
|
|
9,115 |
|
Receivables |
|
20,161 |
|
|
|
23,140 |
|
Other |
|
58,276 |
|
|
|
67,063 |
|
TOTAL ASSETS |
$ |
2,227,800 |
|
|
$ |
2,080,848 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
CURRENT LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
126,387 |
|
|
$ |
115,110 |
|
Accrued liabilities and other |
|
153,285 |
|
|
|
140,913 |
|
Debt |
|
27,458 |
|
|
|
22,636 |
|
Reclamation |
|
10,954 |
|
|
|
10,954 |
|
|
|
318,084 |
|
|
|
289,613 |
|
NON-CURRENT LIABILITIES |
|
|
|
||||
Debt |
|
577,725 |
|
|
|
522,674 |
|
Reclamation |
|
211,136 |
|
|
|
203,059 |
|
Deferred tax liabilities |
|
6,755 |
|
|
|
12,360 |
|
Other long-term liabilities |
|
30,950 |
|
|
|
29,239 |
|
|
|
826,566 |
|
|
|
767,332 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Common stock, par value |
|
3,993 |
|
|
|
3,863 |
|
Additional paid-in capital |
|
4,179,270 |
|
|
|
4,139,870 |
|
Accumulated other comprehensive income (loss) |
|
— |
|
|
|
1,331 |
|
Accumulated deficit |
|
(3,100,113 |
) |
|
|
(3,121,161 |
) |
|
|
1,083,150 |
|
|
|
1,023,903 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
2,227,800 |
|
|
$ |
2,080,848 |
|
COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
In thousands, except share data |
||||||||||||||
Revenue |
$ |
313,476 |
|
|
$ |
194,583 |
|
|
$ |
748,562 |
|
|
$ |
559,116 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1) |
|
156,742 |
|
|
|
147,903 |
|
|
|
447,456 |
|
|
|
440,596 |
|
Amortization |
|
33,216 |
|
|
|
22,884 |
|
|
|
88,441 |
|
|
|
65,187 |
|
General and administrative |
|
10,966 |
|
|
|
9,512 |
|
|
|
36,611 |
|
|
|
31,384 |
|
Exploration |
|
19,567 |
|
|
|
12,437 |
|
|
|
42,932 |
|
|
|
20,007 |
|
Pre-development, reclamation, and other |
|
8,583 |
|
|
|
8,699 |
|
|
|
35,401 |
|
|
|
29,949 |
|
Total costs and expenses |
|
229,074 |
|
|
|
201,435 |
|
|
|
650,841 |
|
|
|
587,123 |
|
OTHER INCOME (EXPENSE), NET |
|
|
|
|
|
|
|
||||||||
Gain on debt extinguishment |
|
— |
|
|
|
774 |
|
|
|
417 |
|
|
|
3,735 |
|
Fair value adjustments, net |
|
— |
|
|
|
(2,010 |
) |
|
|
— |
|
|
|
4,629 |
|
Interest expense, net of capitalized interest |
|
(13,280 |
) |
|
|
(7,402 |
) |
|
|
(39,389 |
) |
|
|
(21,703 |
) |
Other, net |
|
3,434 |
|
|
|
478 |
|
|
|
11,329 |
|
|
|
(10,090 |
) |
Total other income (expense), net |
|
(9,846 |
) |
|
|
(8,160 |
) |
|
|
(27,643 |
) |
|
|
(23,429 |
) |
Income (loss) before income and mining taxes |
|
74,556 |
|
|
|
(15,012 |
) |
|
|
70,078 |
|
|
|
(51,436 |
) |
Income and mining tax (expense) benefit |
|
(25,817 |
) |
|
|
(6,097 |
) |
|
|
(49,030 |
) |
|
|
(26,671 |
) |
NET INCOME (LOSS) |
$ |
48,739 |
|
|
$ |
(21,109 |
) |
|
$ |
21,048 |
|
|
$ |
(78,107 |
) |
OTHER COMPREHENSIVE INCOME (LOSS): |
|
|
|
|
|
|
|
||||||||
Change in fair value of derivative contracts designated as cash flow hedges |
|
— |
|
|
|
7,227 |
|
|
|
(18,507 |
) |
|
|
7,141 |
|
Reclassification adjustments for realized (gain) loss on cash flow hedges |
|
— |
|
|
|
(4,920 |
) |
|
|
17,176 |
|
|
|
(7,830 |
) |
Other comprehensive income (loss) |
|
— |
|
|
|
2,307 |
|
|
|
(1,331 |
) |
|
|
(689 |
) |
COMPREHENSIVE INCOME (LOSS) |
$ |
48,739 |
|
|
$ |
(18,802 |
) |
|
$ |
19,717 |
|
|
$ |
(78,796 |
) |
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE |
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.12 |
|
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted |
$ |
0.12 |
|
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.24 |
) |
(1) Excludes amortization. |
COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
In thousands |
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
48,739 |
|
|
$ |
(21,109 |
) |
|
$ |
21,048 |
|
|
$ |
(78,107 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization |
|
33,216 |
|
|
|
22,884 |
|
|
|
88,441 |
|
|
|
65,187 |
|
Accretion |
|
4,233 |
|
|
|
4,153 |
|
|
|
12,463 |
|
|
|
12,219 |
|
Deferred taxes |
|
(816 |
) |
|
|
(3,872 |
) |
|
|
(5,604 |
) |
|
|
1,536 |
|
Gain on debt extinguishment |
|
— |
|
|
|
(774 |
) |
|
|
(417 |
) |
|
|
(3,735 |
) |
Fair value adjustments, net |
|
— |
|
|
|
2,010 |
|
|
|
— |
|
|
|
(4,629 |
) |
Stock-based compensation |
|
2,809 |
|
|
|
2,635 |
|
|
|
9,789 |
|
|
|
8,462 |
|
Loss on the sale of assets |
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
12,650 |
|
Write-downs |
|
— |
|
|
|
7,727 |
|
|
|
3,235 |
|
|
|
22,467 |
|
Deferred revenue recognition |
|
(130 |
) |
|
|
(143 |
) |
|
|
(55,407 |
) |
|
|
(25,358 |
) |
Other |
|
(1,119 |
) |
|
|
657 |
|
|
|
10,259 |
|
|
|
2,798 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Receivables |
|
1,616 |
|
|
|
(478 |
) |
|
|
(520 |
) |
|
|
1,659 |
|
Prepaid expenses and other current assets |
|
(352 |
) |
|
|
(3,000 |
) |
|
|
3,185 |
|
|
|
764 |
|
Inventory and ore on leach pads |
|
(14,320 |
) |
|
|
(18,620 |
) |
|
|
(53,788 |
) |
|
|
(54,993 |
) |
Accounts payable and accrued liabilities |
|
37,187 |
|
|
|
5,528 |
|
|
|
77,757 |
|
|
|
41,091 |
|
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
111,063 |
|
|
|
(2,383 |
) |
|
|
110,441 |
|
|
|
2,011 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
(41,980 |
) |
|
|
(112,273 |
) |
|
|
(135,468 |
) |
|
|
(271,902 |
) |
Acquisitions, net |
|
(10,000 |
) |
|
|
— |
|
|
|
(10,000 |
) |
|
|
— |
|
Proceeds from the sale of assets |
|
1 |
|
|
|
152 |
|
|
|
25 |
|
|
|
8,380 |
|
Sale of investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,558 |
|
Proceeds from notes receivable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Other |
|
(70 |
) |
|
|
(63 |
) |
|
|
(285 |
) |
|
|
(171 |
) |
CASH USED IN INVESTING ACTIVITIES |
|
(52,049 |
) |
|
|
(112,184 |
) |
|
|
(145,728 |
) |
|
|
(217,135 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Issuance of common stock |
|
— |
|
|
|
57,522 |
|
|
|
22,823 |
|
|
|
168,964 |
|
Issuance of notes and bank borrowings, net of issuance costs |
|
77,500 |
|
|
|
163,000 |
|
|
|
327,500 |
|
|
|
388,000 |
|
Payments on debt, finance leases, and associated costs |
|
(133,250 |
) |
|
|
(109,268 |
) |
|
|
(297,128 |
) |
|
|
(348,092 |
) |
Other |
|
(208 |
) |
|
|
(23 |
) |
|
|
(2,018 |
) |
|
|
(2,345 |
) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
(55,958 |
) |
|
|
111,231 |
|
|
|
51,177 |
|
|
|
206,527 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(263 |
) |
|
|
(278 |
) |
|
|
(584 |
) |
|
|
374 |
|
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
2,793 |
|
|
|
(3,614 |
) |
|
|
15,306 |
|
|
|
(8,223 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
75,891 |
|
|
|
58,560 |
|
|
|
63,378 |
|
|
|
63,169 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
78,684 |
|
|
$ |
54,946 |
|
|
$ |
78,684 |
|
|
$ |
54,946 |
|
Adjusted EBITDA Reconciliation |
|||||||||||||||||||||||
(Dollars in thousands except per share amounts) |
LTM 3Q
|
|
|
3Q 2024 |
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
||
Net income (loss) |
$ |
(4,457 |
) |
|
$ |
48,739 |
|
|
$ |
1,426 |
|
|
$ |
(29,117 |
) |
|
$ |
(25,505 |
) |
|
$ |
(21,109 |
) |
Interest expense, net of capitalized interest |
|
46,785 |
|
|
|
13,280 |
|
|
|
13,162 |
|
|
|
12,947 |
|
|
|
7,396 |
|
|
|
7,402 |
|
Income tax provision (benefit) |
|
57,515 |
|
|
|
25,817 |
|
|
|
7,189 |
|
|
|
16,024 |
|
|
|
8,485 |
|
|
|
6,097 |
|
Amortization |
|
123,076 |
|
|
|
33,216 |
|
|
|
27,928 |
|
|
|
27,297 |
|
|
|
34,635 |
|
|
|
22,884 |
|
EBITDA |
|
222,919 |
|
|
|
121,052 |
|
|
|
49,705 |
|
|
|
27,151 |
|
|
|
25,011 |
|
|
|
15,274 |
|
Fair value adjustments, net |
|
1,245 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245 |
|
|
|
2,010 |
|
Foreign exchange (gain) loss |
|
(3,079 |
) |
|
|
(1,708 |
) |
|
|
(2,089 |
) |
|
|
365 |
|
|
|
353 |
|
|
|
(421 |
) |
Asset retirement obligation accretion |
|
16,649 |
|
|
|
4,233 |
|
|
|
4,154 |
|
|
|
4,076 |
|
|
|
4,186 |
|
|
|
4,153 |
|
Inventory adjustments and write-downs |
|
24,954 |
|
|
|
1,231 |
|
|
|
1,071 |
|
|
|
4,188 |
|
|
|
18,464 |
|
|
|
8,934 |
|
(Gain) loss on sale of assets and securities |
|
16,899 |
|
|
|
176 |
|
|
|
640 |
|
|
|
3,536 |
|
|
|
12,547 |
|
|
|
19 |
|
RMC bankruptcy distribution |
|
(1,199 |
) |
|
|
— |
|
|
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on debt extinguishment |
|
(119 |
) |
|
|
— |
|
|
|
21 |
|
|
|
(438 |
) |
|
|
298 |
|
|
|
(774 |
) |
Transaction costs |
|
976 |
|
|
|
976 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other adjustments |
|
7,834 |
|
|
|
81 |
|
|
|
104 |
|
|
|
5,461 |
|
|
|
2,188 |
|
|
|
1,453 |
|
Adjusted EBITDA |
$ |
287,079 |
|
|
$ |
126,041 |
|
|
$ |
52,407 |
|
|
$ |
44,339 |
|
|
$ |
64,292 |
|
|
$ |
30,648 |
|
Revenue |
$ |
1,010,652 |
|
|
$ |
313,476 |
|
|
$ |
222,026 |
|
|
$ |
213,060 |
|
|
$ |
262,090 |
|
|
$ |
194,583 |
|
Adjusted EBITDA Margin |
|
28 |
% |
|
|
40 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
25 |
% |
|
|
16 |
% |
Adjusted Net Income (Loss) Reconciliation |
|||||||||||||||||||
(Dollars in thousands except per share amounts) |
|
3Q 2024 |
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
Net income (loss) |
$ |
48,739 |
|
|
$ |
1,426 |
|
|
$ |
(29,117 |
) |
|
$ |
(25,505 |
) |
|
$ |
(21,109 |
) |
Fair value adjustments, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245 |
|
|
|
2,010 |
|
Foreign exchange loss (gain) |
|
(2,247 |
) |
|
|
(2,950 |
) |
|
|
484 |
|
|
|
(156 |
) |
|
|
5 |
|
(Gain) loss on sale of assets and securities |
|
176 |
|
|
|
640 |
|
|
|
3,536 |
|
|
|
12,547 |
|
|
|
19 |
|
RMC bankruptcy distribution |
|
— |
|
|
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on debt extinguishment |
|
— |
|
|
|
21 |
|
|
|
(438 |
) |
|
|
298 |
|
|
|
(774 |
) |
Transaction costs |
|
976 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other adjustments |
|
81 |
|
|
|
104 |
|
|
|
5,461 |
|
|
|
2,188 |
|
|
|
1,453 |
|
Tax effect of adjustments |
|
(568 |
) |
|
|
(1,447 |
) |
|
|
1,053 |
|
|
|
3,165 |
|
|
|
(223 |
) |
Adjusted net income (loss) |
$ |
47,157 |
|
|
$ |
(3,405 |
) |
|
$ |
(19,021 |
) |
|
$ |
(6,218 |
) |
|
$ |
(18,619 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income (loss) per share - Basic |
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
Adjusted net income (loss) per share - Diluted |
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
Consolidated Free Cash Flow Reconciliation |
||||||||||||||||||
(Dollars in thousands) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
Cash flow from operations |
$ |
111,063 |
|
$ |
15,249 |
|
|
$ |
(15,871 |
) |
|
$ |
65,277 |
|
|
$ |
(2,383 |
) |
Capital expenditures |
|
41,980 |
|
|
51,405 |
|
|
|
42,083 |
|
|
|
92,715 |
|
|
|
112,273 |
|
Free cash flow |
$ |
69,083 |
|
$ |
(36,156 |
) |
|
$ |
(57,954 |
) |
|
$ |
(27,438 |
) |
|
$ |
(114,656 |
) |
Consolidated Operating Cash Flow Before Changes in Working Capital Reconciliation |
|||||||||||||||||||
(Dollars in thousands) |
|
3Q 2024 |
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
Cash provided by (used in) operating activities |
$ |
111,063 |
|
|
$ |
15,249 |
|
|
$ |
(15,871 |
) |
|
$ |
65,277 |
|
|
$ |
(2,383 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Receivables |
|
(1,616 |
) |
|
|
(3,180 |
) |
|
|
5,316 |
|
|
|
726 |
|
|
|
478 |
|
Prepaid expenses and other |
|
352 |
|
|
|
(4,176 |
) |
|
|
639 |
|
|
|
1,225 |
|
|
|
3,000 |
|
Inventories |
|
14,320 |
|
|
|
19,774 |
|
|
|
19,694 |
|
|
|
(7,401 |
) |
|
|
18,620 |
|
Accounts payable and accrued liabilities |
|
(37,187 |
) |
|
|
(185 |
) |
|
|
(40,385 |
) |
|
|
(14,490 |
) |
|
|
(5,528 |
) |
Operating cash flow before changes in working capital |
$ |
86,932 |
|
|
$ |
27,482 |
|
$ |
(30,607 |
) |
|
$ |
45,337 |
|
|
$ |
14,187 |
|
Reconciliation of Costs Applicable to Sales for Three Months Ended September 30, 2024 |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
|
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
59,439 |
|
|
$ |
49,640 |
|
|
$ |
45,711 |
|
|
$ |
34,198 |
|
|
$ |
794 |
|
|
$ |
189,782 |
|
Amortization |
|
(11,984 |
) |
|
|
(10,231 |
) |
|
|
(7,612 |
) |
|
|
(2,419 |
) |
|
|
(794 |
) |
|
|
(33,040 |
) |
Costs applicable to sales |
$ |
47,455 |
|
|
$ |
39,409 |
|
|
$ |
38,099 |
|
|
$ |
31,779 |
|
|
$ |
— |
|
|
$ |
156,742 |
|
Inventory Adjustments |
|
(572 |
) |
|
|
(536 |
) |
|
|
50 |
|
|
|
(119 |
) |
|
|
— |
|
|
|
(1,177 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
(1,332 |
) |
|
|
— |
|
|
|
(1,320 |
) |
Adjusted costs applicable to sales |
$ |
46,883 |
|
|
$ |
38,873 |
|
|
$ |
38,161 |
|
|
$ |
30,328 |
|
|
$ |
— |
|
|
$ |
154,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
28,655 |
|
|
|
9,186 |
|
|
|
24,800 |
|
|
|
34,272 |
|
|
|
— |
|
|
|
96,913 |
|
Silver ounces |
|
1,860,976 |
|
|
|
1,098,407 |
|
|
|
— |
|
|
|
45,118 |
|
|
|
— |
|
|
|
3,004,501 |
|
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
50 |
% |
|
|
41 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
50 |
% |
|
|
59 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
818 |
|
|
$ |
1,735 |
|
|
$ |
1,539 |
|
|
$ |
885 |
|
|
|
|
$ |
1,113 |
|
||
Silver ($/oz) |
$ |
12.60 |
|
|
$ |
20.88 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
15.67 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
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 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 |
|
51 |
% |
|
|
43 |
% |
|
|
100 |
% |
|
|
100 |
% |
Silver |
|
49 |
% |
|
|
57 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
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 |
|
51 |
% |
|
|
38 |
% |
|
|
100 |
% |
|
|
100 |
% |
Silver |
|
49 |
% |
|
|
62 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
||||||||
Gold ($/oz) |
|
|
|
|
|
|
|
||||||||
Silver ($/oz) |
|
|
|
|
|
|
|
||||||||
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106838688/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, Inc.
FAQ
What was Coeur Mining's (CDE) revenue in Q3 2024?
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