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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coeur Mining Inc | NYSE:CDE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 1.04% | 4.84 | 5.08 | 4.764 | 4.90 | 6,442,693 | 01:00:00 |
Coeur Mining, Inc. (the “Company” or “Coeur”) (NYSE: CDE) today reported second quarter 2017 financial results, posting revenue of $173.4 million, net loss of $11.0 million, or $0.06 per share, and adjusted net loss1 of $2.5 million, or $0.01 per share. Second quarter cash flow from operating activities was $29.3 million, adjusted EBITDA1 was $33.4 million, and free cash flow1 was $(8.2) million. Second quarter results reflect significantly higher levels of investment in long-term growth through exploration expense and capital expenditures as well as a $9.3 million one-time expense from the early retirement of debt.
“We accomplished or advanced several strategic priorities during the quarter that are critical to achieving our full-year and longer-term objectives," said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. “Our stepped-up exploration programs targeting higher-grade mineralization at Palmarejo and Kensington are yielding positive results, we significantly strengthened our balance sheet, the development of Jualin remains on-track to commence production later in the year, and we have now begun to stack ore on the new Stage IV leach pad at Rochester.
“Through the first half of the year, we generated $84.6 million of cash flow from operating activities and $23.1 million of free cash flow. As we enter the second half of the year, we anticipate higher production from all five of our operations: Palmarejo due to the rising mining rates we are now seeing from Independencia, Kensington due to higher expected gold grades from three separate areas in the mine, Rochester and Wharf due to higher anticipated mining and crushing rates, and San Bartolomé due to an expected increase in third party ore purchases. Based on these production increases, together with lower expected unit costs, we anticipate delivering additional free cash flow during the remainder of the year.
"Upcoming milestones include initial production from Jualin and the release of an updated Preliminary Economic Assessment (PEA) for La Preciosa, both expected later this year, as well as updated technical reports for Kensington and Rochester planned for early 2018. The updated technical report for Rochester is expected to reflect several operating and capital enhancements, and the updated technical report for Kensington will incorporate the results of the Company's ongoing drill program in Alaska, particularly at Jualin.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)
2Q 2017
1Q 2017
4Q 2016
3Q 2016
2Q 2016
Revenue
$ 173.4 $ 206.1 $ 159.2 $ 176.2 $ 182.0 Costs Applicable to Sales $ 125.6 $ 132.7 $ 102.0 $ 105.4 $ 100.5 General and Administrative Expenses $ 7.0 $ 10.1 $ 6.6 $ 7.1 $ 7.4 Net Income (Loss) $ (11.0 ) $ 18.7 $ (8.3 ) $ 69.6 $ 14.5 Net Income (Loss) Per Share $ (0.06 ) $ 0.10 $ (0.03 ) $ 0.42 $ 0.09 Adjusted Net Income (Loss)1 $ (2.5 ) $ 7.0 $ 2.8 $ 38.6 $ 16.9 Adjusted Net Income (Loss)1 Per Share $ (0.01 ) $ 0.04 $ 0.01 $ 0.23 $ 0.11 Weighted Average Shares Outstanding 179.2 178.9 178.6 161.0 157.9 EBITDA1 $ 23.6 $ 73.4 $ 27.4 $ 50.9 $ 62.1 Adjusted EBITDA1 $ 33.4 $ 56.6 $ 44.0 $ 62.7 $ 72.0 Cash Flow from Operating Activities $ 29.3 $ 55.3 $ 25.5 $ 47.8 $ 45.9 Capital Expenditures $ 37.5 $ 24.0 $ 29.9 $ 25.6 $ 23.3 Free Cash Flow1 $ (8.2 ) $ 31.3 $ (4.5 ) $ 14.6 $ 12.2 Cash, Equivalents & Short-Term Investments $ 250.0 $ 210.0 $ 162.2 $ 222.5 $ 257.6 Total Debt2 $ 284.8 $ 219.1 $ 210.9 $ 401.7 $ 511.1Average Realized Price Per Ounce – Silver
$ 16.98 $ 17.61 $ 16.64 $ 19.61 $ 17.38 Average Realized Price Per Ounce – Gold $ 1,206 $ 1,149 $ 1,170 $ 1,317 $ 1,255 Silver Ounces Produced 4.0 3.9 3.9 3.5 4.0 Gold Ounces Produced 82,819 88,218 102,500 84,871 92,727 Silver Equivalent Ounces Produced1 8.9 9.2 10.0 8.6 9.6 Silver Ounces Sold 4.1 4.5 3.4 3.4 4.0 Gold Ounces Sold 86,194 110,874 87,108 83,389 88,543 Silver Equivalent Ounces Sold1 9.3 11.1 8.6 8.4 9.3 Silver Equivalent Ounces Sold (Average Spot)1 10.4 12.2 9.6 9.1 10.6 Adjusted CAS per AgEqOz1 $ 12.91 $ 11.38 $ 12.05 $ 12.10 $ 10.71 Adjusted CAS per Average Spot AgEqOz1 $ 12.00 $ 10.63 $ 11.34 $ 11.64 $ 9.90 Adjusted CAS per AuEqOz1 $ 860 $ 791 $ 676 $ 712 $ 644 Adjusted AISC per AgEqOz1 $ 17.64 $ 15.02 $ 16.13 $ 16.46 $ 14.82 Adjusted AISC per Average Spot AgEqOz1 $ 15.73 $ 13.66 $ 14.52 $ 15.23 $ 12.95Financial Results
Second quarter revenue was $173.4 million, 16% lower than the first quarter, which benefited from metal inventory carried over from the fourth quarter of 2016. Silver sales contributed 40%, while gold sales contributed 60%. The Company's U.S. operations generated 55% of second quarter revenue. Average realized silver and gold prices were $16.98 and $1,206 per ounce, respectively, representing a decrease of 4% and an increase of 5% quarter-over-quarter. The average realized gold price reflects the sale of 9,683 ounces to Franco-Nevada at a price of $800 per ounce under the gold stream at Palmarejo.
Costs applicable to sales were $125.6 million for the quarter, decreasing 5% versus the first quarter due to lower silver and gold ounces sold, which was partially offset by higher unit costs. General and administrative expenses were $7.0 million, 31% lower than in the first quarter due to lower outside services and employee-related costs. Interest expense, net of capitalized interest, decreased 66% to $3.7 million compared to $10.9 million in the second quarter of 2016 primarily due to lower debt levels and a lower coupon on the new senior notes due 2024.
The successful refinancing of the Company’s senior notes during the quarter resulted in two notable one-time impacts to financial results. Net income and EBITDA1 reflected a $9.3 million one-time expense related to the early redemption of debt, while cash flow from operating activities and free cash flow1 were impacted by the acceleration of $5.1 million of interest, which would have otherwise been paid on August 1, 2017.
Second quarter financial performance was also impacted by higher year-over-year and quarter-over-quarter exploration expense, while free cash flow1 specifically was reduced by higher capital expenditures in the quarter related to key capital projects at Palmarejo, Rochester, and Kensington that are expected to lead to higher production, higher grades, and lower unit costs in the second half of the year.
Operations
Highlights of second quarter 2017 results for each of the Company's operating segments are provided below.
Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)
2Q 2017
1Q 2017
4Q 2016
3Q 2016
2Q 2016
Underground Operations: Tons mined 335,856 355,793 293,706 253,681 283,971 Average silver grade (oz/t) 4.98 4.84 5.00 3.96 5.40 Average gold grade (oz/t) 0.08 0.09 0.09 0.08 0.08 Surface Operations: Tons mined — — — — 1,695 Average silver grade (oz/t) — — — — 7.77 Average gold grade (oz/t) — — — — 0.07 Processing: Total tons milled 335,428 360,383 287,569 274,644 270,142 Average recovery rate – Ag 87.3% 86.5% 89.1% 85.5% 89.5% Average recovery rate – Au 91.1% 93.7% 90.4% 77.7% 86.4% Silver ounces produced (000's) 1,457 1,531 1,269 933 1,307 Gold ounces produced 24,292 30,792 23,906 16,608 18,731 Silver equivalent ounces produced1 (000's) 2,914 3,378 2,703 1,930 2,431 Silver ounces sold (000's) 1,484 1,965 937 778 1,350 Gold ounces sold 25,191 41,045 15,558 11,410 19,214 Silver equivalent ounces sold1 (000's) 2,996 4,427 1,872 1,462 2,502 Silver equivalent ounces sold1 (average spot) (000's) 3,324 4,837 2,042 1,555 2,792 Metal sales $53.2 $77.7 $32.5 $30.7 $48.3 Costs applicable to sales$33.9
$43.0 $20.9 $16.0 $22.9 Adjusted CAS per AgEqOz1 $11.21 $9.68 $11.01 $10.70 $9.02 Adjusted CAS per average spot AgEqOz1 $10.11 $8.87 $10.11 $10.05 $8.09 Exploration expense $3.1 $1.6 $2.4 $1.3 $0.6 Cash flow from operating activities $18.8 $50.5 $(1.7) $13.7 $11.3 Sustaining capital expenditures (excludes capital lease payments) $6.1 $5.0 $3.9 $6.7 $5.5 Development capital expenditures $5.1 $1.2 $4.2 $3.3 $3.4 Total capital expenditures $11.2 $6.2 $8.1 $10.0 $8.9 Free cash flow (before royalties) $7.6 $44.3 $(9.8) $3.7 $2.4 Gold production royalty payments $— $— $— $7.6 $10.5 Free cash flow1 $7.6 $44.3 $(9.8) $(3.9) $(8.1)Rochester, Nevada
(Dollars in millions, except per ounce amounts)
2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Ore tons placed 4,493,100 3,513,708 3,878,487 4,901,039 6,402,013 Average silver grade (oz/t) 0.53 0.58 0.57 0.54 0.54 Average gold grade (oz/t) 0.003 0.002 0.002 0.003 0.003 Silver ounces produced (000's) 1,156 1,127 1,277 1,161 1,197 Gold ounces produced 10,745 10,356 14,231 12,120 13,940 Silver equivalent ounces produced1 (000's) 1,801 1,749 2,131 1,888 2,033 Silver ounces sold (000's) 1,135 1,289 1,205 1,163 1,137 Gold ounces sold 10,658 13,592 12,988 11,751 12,909 Silver equivalent ounces sold1 (000's) 1,774 2,104 1,984 1,868 1,912 Silver equivalent ounces sold1 (average spot) (000's) 1,913 2,240 2,128 1,963 2,106 Metal sales $32.8 $39.0 $36.2 $37.9 $35.8 Costs applicable to sales $24.2 $26.4 $23.7 $21.8 $21.7 Adjusted CAS per AgEqOz1 $13.54 $12.57 $11.99 $11.56 $11.30 Adjusted CAS per average spot AgEqOz1 $12.56 $11.81 $11.16 $11.02 $10.24 Exploration expense $0.3 $0.1 $0.4 $0.1 $0.2 Cash flow from operating activities $(1.1) $5.7 $7.6 $9.5 $9.2 Sustaining capital expenditures (excludes capital lease payments) $1.1 $0.2 $1.5 $1.2 $2.6 Development capital expenditures $12.7 $10.4 $4.3 $2.2 $1.3 Total capital expenditures $13.8 $10.6 $5.8 $3.4 $3.9 Free cash flow1 $(14.9) $(4.9) $1.8 $6.1 $5.3Kensington, Alaska
(Dollars in millions, except per ounce amounts) 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Tons milled 163,163 165,895 163,410 140,322 157,117 Average gold grade (oz/t) 0.17 0.17 0.22 0.20 0.22 Average recovery rate 93.2% 94.0% 94.4% 94.8% 94.1% Gold ounces produced 26,424 26,197 33,688 26,459 32,210 Gold ounces sold 29,031 32,144 28,864 30,998 30,178 Metal sales $35.6 $38.0 $34.2 $40.2 $36.5 Costs applicable to sales $28.0 $28.4 $23.0 $26.7 $22.6 Adjusted CAS per AuOz1 $952 $884 $801 $859 $740 Exploration expense $2.0 $0.8 $1.3 $1.2 $1.0 Cash flow from operating activities $7.0 $4.5 $11.4 $18.0 $7.7 Sustaining capital expenditures (excludes capital lease payments) $3.7 $2.5 $8.9 $5.2 $4.3 Development capital expenditures $4.9 $3.0 $3.7 $3.4 $3.2 Total capital expenditures $8.6 $5.5 $12.6 $8.6 $7.5 Free cash flow1 $(1.6) $(1.0) $(1.2) $9.4 $0.2Wharf, South Dakota
(Dollars in millions, except per ounce amounts) 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Ore tons placed 993,167 1,292,181 1,178,803 1,199,008 915,631 Average silver grade (oz/t) 0.19 0.22 0.29 0.24 0.28 Average gold grade (oz/t) 0.024 0.027 0.027 0.033 0.037 Gold ounces produced 21,358 20,873 30,675 29,684 27,846 Silver ounces produced (000's) 13 20 32 25 35 Gold equivalent ounces produced1 21,568 21,207 31,202 30,106 28,433 Silver ounces sold (000's) 11 33 30 17 33 Gold ounces sold 21,314 24,093 29,698 29,230 26,242 Gold equivalent ounces sold1 21,495 24,636 30,204 29,508 26,786 Metal sales $27.0 $30.3 $35.5 $39.3 $34.0 Costs applicable to sales $15.8 $16.3 $16.9 $19.7 $14.3 Adjusted CAS per AuEqOz1 $737 $670 $556 $559 $534 Exploration expense $— $— $— $— $— Cash flow from operating activities $8.8 $8.6 $15.4 $21.1 $16.2 Sustaining capital expenditures (excludes capital lease payments) $1.5 $0.9 $1.3 $0.6 $1.5 Development capital expenditures $— $— $— $— $— Total capital expenditures $1.5 $0.9 $1.3 $0.6 $1.5 Free cash flow1 $7.3 $7.7 $14.1 $20.5 $14.7San Bartolomé, Bolivia
(Dollars in millions, except per ounce amounts) 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Tons milled 417,784 384,267 368,131 450,409 440,441 Average silver grade (oz/t) 3.31 3.49 3.96 3.43 3.79 Average recovery rate 92.8% 90.7% 86.3% 88.7% 87.4% Silver ounces produced (000's) 1,285 1,215 1,259 1,370 1,458 Silver ounces sold (000's) 1,398 1,148 1,218 1,391 1,418 Metal sales $23.8 $20.6 $19.9 $27.5 $25.2 Costs applicable to sales $23.4 $18.2 $17.3 $20.8 $18.6 Adjusted CAS per AgOz1 $15.96 $15.88 $13.97 $14.40 $12.97 Exploration expense $— $— $— $— $— Cash flow from operating activities $5.2 $11.3 $4.1 $8.6 $11.2 Sustaining capital expenditures (excludes capital lease payments) $0.4 $0.4 $1.8 $3.0 $1.3 Development capital expenditures $— $— $— $— $— Total capital expenditures $0.4 $0.4 $1.8 $3.0 $1.3 Free cash flow1 $4.8 $10.9 $2.3 $5.6 $9.9Exploration
Second quarter expensed exploration increased $2.5 million to $7.8 million compared to the first quarter, while capitalized exploration increased from $2.3 million in the first quarter to $2.9 million. At quarter-end, the Company had 18 drill rigs active across its portfolio compared to 11 one year earlier.
Second Quarter Exploration Highlights
Full-Year 2017 Outlook
Coeur's 2017 production guidance remains unchanged from the revised guidance published July 6, 2017. Revised 2017 cost guidance is shown in the table below.
2017 Production Outlook
(silver and silver equivalent ounces in thousands)
Silver GoldSilver Equivalent1
Palmarejo 6,500 - 7,000 110,000 - 120,000 13,100 - 14,200 Rochester 4,200 - 4,700 47,000 - 52,0007,020 - 7,820
San Bartolomé 5,000 - 5,400 —5,000 - 5,400
Endeavor 105 — 105 Kensington — 120,000 - 125,000 7,200 - 7,500 Wharf — 90,000 - 95,000 5,400 - 5,700 Total 15,805 - 17,205 367,000 - 392,000 37,825 - 40,7252017 Cost Outlook
Previous Guidance (if changed) Current Guidance (dollars in millions, except per ounce amounts) 60:1 70:1 Spot 60:1 70:1 Spot CAS per AgEqOz1 – Palmarejo $10.00 - $10.50 $9.00 - $9.50 CAS per AgEqOz1 – Rochester$11.50 - $12.00
$10.50 - $11.00
CAS per AgOz1 – San Bartolomé $14.00 - $14.50 $15.75 - $16.25 CAS per AuOz1 – Kensington $800 - $850 CAS per AuEqOz1 – Wharf $775 - $825 $700 - $750 Capital Expenditures $109 - $129 General and Administrative Expenses $28 - $32 Exploration Expense $29 - $31 AISC per AgEqOz1$15.75 - $16.25
$14.25 - $14.75
Financial Results and Conference Call
Coeur will report its financial results for second quarter of 2017 on July 26, 2017 after the New York Stock Exchange closes for trading. There will be a conference call on July 27, 2017 at 11:00 a.m. Eastern Time.
Dial-In Numbers: (855) 560-2581 (US) (855) 669-9657 (Canada) (412) 542-4166 (International) Conference ID: Coeur MiningHosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Peter C. Mitchell, Senior Vice President and Chief Financial Officer, Frank L. Hanagarne, Jr., Senior Vice President and Chief Operating Officer, Hans Rasmussen, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through August 10, 2017.
Replay numbers: (877) 344-7529 (US) (855) 669-9658 (Canada) (412) 317-0088 (International) Conference ID: 101 07 016About Coeur
Coeur Mining, Inc. is a well-diversified, growing precious metals producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly-owned operations: the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. In addition, the Company owns the La Preciosa project in Mexico, a silver-gold exploration stage project. Coeur conducts exploration activities in North and South America.
Cautionary Statement
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated production, costs, grades, cash flow, expenditures, growth, interest expense, mining rates, crushing rates, exploration efforts, waste stripping, cyanide volumes, expectations regarding the La Preciosa project and the timing of publication of a PEA, operations at the Palmarejo complex, expectations regarding the Palmarejo gold stream agreement, operations at Rochester and the timing of publication of a new technical report, development efforts at Kensington and the timing of publication of a new technical report for, operations at Wharf, third party ore purchases at San Bartolomé, and expectations regarding the sale of the Endeavor silver stream and other royalty assets. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the sale of the Endeavor silver stream and other royalty assets does not close on a timely basis or at all, the risk that anticipated production, cost, and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and a sustained lower price environment, the uncertainties inherent in Coeur's production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade variability, any future labor disputes or work stoppages, the uncertainties inherent in the estimation of gold and silver reserves, changes that could result from Coeur's future acquisition of new mining properties or businesses, the loss of any third-party smelter to which Coeur markets silver and gold, the effects of environmental and other governmental regulations, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, the political risks and uncertainties associated with operations in Bolivia, Coeur's ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's most recent reports on Form 10-K or Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
Christopher Pascoe, Coeur's Director, Technical Services and a qualified person under Canadian National Instrument 43-101, approved the scientific and technical information concerning Coeur's mineral projects in this news release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and 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, socio-political, marketing or other relevant factors, Canadian investors should refer to the Technical Reports for each of Coeur's properties as filed on SEDAR at sedar.com.
Non-U.S. GAAP Measures
We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs are important measures in assessing the Company's overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2016 and our quarterly report on Form 10-Q for the quarter ended March 31, 2017.
Notes
1. EBITDA, adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, a 60:1 silver to gold ratio is assumed except where noted as average spot prices. Please see table below for average silver and gold spot prices during the period and the silver to gold ratio. Free cash flow is defined as cash flow from operating activities less capital expenditures and gold production royalty payments. Please see table in Appendix for the calculation of consolidated free cash flow.
2. Includes capital leases. Net of debt issuance costs and premium received.
Average Spot Prices
2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Average Silver Spot Price Per Ounce $ 17.21 $ 17.42 $ 17.19 $ 19.61 $ 16.78 Average Gold Spot Price Per Ounce $ 1,257 $ 1,219 $ 1,222 $ 1,335 $ 1,260 Average Silver to Gold Spot Equivalence 73:1 70:1 71:1 68:1 75:1For Additional Information Coeur Mining, Inc.104 S. Michigan Avenue, Suite 900Chicago, IL 60603Attention: Courtney Lynn, Vice President, Investor Relations and TreasurerPhone: (312) 489-5910www.coeur.com
Coeur Mining, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three months ended June 30,
Six months ended June 30,2017
2016 2017 2016 In thousands, except share data Revenue $ 173,354 $ 182,007 $ 379,492 $ 330,394 COSTS AND EXPENSES Costs applicable to sales(1) 125,621 100,465 258,333 202,020 Amortization 32,946 37,505 73,050 65,470 General and administrative 7,042 7,400 17,175 15,676 Exploration 7,813 2,233 13,065 3,963 Write-downs — — — 4,446 Pre-development, reclamation, and other 4,366 4,364 8,947 8,568 Total costs and expenses 177,788 151,967 370,570 300,143 OTHER INCOME (EXPENSE), NET Loss on debt extinguishment (9,342 ) — (9,342 ) — Fair value adjustments, net 336 (3,579 ) (864 ) (12,274 ) Interest expense, net of capitalized interest (3,749 ) (10,875 ) (7,335 ) (21,995 ) Other, net 4,136 (1,857 ) 25,275 (543 ) Total other income (expense), net (8,619 ) (16,311 ) 7,734 (34,812 ) Income (loss) before income and mining taxes (13,053 ) 13,729 16,656 (4,561 ) Income and mining tax (expense) benefit 2,098 768 (8,948 ) (1,338 ) NET INCOME (LOSS) $ (10,955 ) $ 14,497 $ 7,708 $ (5,899 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax of ($1,164) and ($2,174) for the three and six months June 30, 2016, respectively (18 ) 2,103 (2,200 ) 3,146 Reclassification adjustments for impairment of equity securities 305 20 426 20 Reclassification adjustments for realized (gain) loss on sale of equity securities (203 ) (314 ) 1,268 273 Other comprehensive income (loss) 84 1,809 (506 ) 3,439 COMPREHENSIVE INCOME (LOSS) $ (10,871 ) $ 16,306 $ 7,202 $ (2,460 ) NET INCOME (LOSS) PER SHARE Basic $ (0.06 ) $ 0.09 $ 0.04 $ (0.04 ) Diluted $ (0.06 ) $ 0.09 $ 0.04 $ (0.04 ) Coeur Mining, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 In thousands CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (10,955 ) $ 14,497 7,708 (5,899 ) Adjustments: Amortization 32,946 37,505 73,050 65,470 Accretion 2,593 2,848 5,107 6,017 Deferred taxes (4,844 ) (15,170 ) (3,469 ) (17,275 ) Loss on debt extinguishment 9,342 — 9,342 — Fair value adjustments, net (336 ) 3,579 864 12,274 Stock-based compensation 2,235 2,307 5,542 5,222 Gain on sale of the Joaquin project — — (21,138 ) — Write-downs — — — 4,446 Other (3,624 ) 1,930 (5,822 ) 494 Changes in operating assets and liabilities: Receivables (1,916 ) (12,402 ) 11,190 (8,921 ) Prepaid expenses and other current assets 3,612 (898 ) (687 ) 381 Inventory and ore on leach pads (997 ) (7,686 ) 13,295 (15,508 ) Accounts payable and accrued liabilities 1,223 19,429 (10,432 ) 5,855 CASH PROVIDED BY OPERATING ACTIVITIES 29,279 45,939 84,550 52,556 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (37,482 ) (23,288 ) (61,461 ) (45,460 ) Proceeds from the sale of assets 436 7,293 15,455 11,302 Purchase of investments (8,948 ) (92 ) (9,964 ) (99 ) Sale of investments 898 648 10,918 1,645 Other (61 ) (1,446 ) (1,607 ) (2,919 ) CASH USED IN INVESTING ACTIVITIES (45,157 ) (16,885 ) (46,659 ) (35,531 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock — 73,071 — 73,071 Issuance of notes and bank borrowings 244,958 — 244,958 — Payments on debt, capital leases, and associated costs (188,931 ) (6,712 ) (192,157 ) (12,683 ) Gold production royalty payments — (10,461 ) — (19,592 ) Other (473 ) (448 ) (3,720 ) (728 ) CASH PROVIDED BY FINANCING ACTIVITIES 55,554 55,450 49,081 40,068 Effect of exchange rate changes on cash and cash equivalents 329 (302 ) 884 (216 )INCREASE IN CASH AND CASH EQUIVALENTS
40,005 84,202 87,856 56,877 Cash and cash equivalents at beginning of period 210,033 173,389 162,182 200,714 Cash and cash equivalents at end of period $ 250,038 $ 257,591 $ 250,038 $ 257,591 Coeur Mining, Inc. and Subsidiaries Condensed Consolidated Balance Sheets June 30, 2017 (Unaudited) December 31, 2016 ASSETS In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 250,038 $ 162,182 Receivables 69,656 60,431 Inventory 67,895 106,026 Ore on leach pads 75,699 64,167 Prepaid expenses and other 18,563 17,981 481,851 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 227,738 216,796 Mining properties, net 550,247 558,455 Ore on leach pads 69,954 67,231 Restricted assets 19,294 17,597 Equity securities 11,872 4,488 Receivables 15,140 30,951 Other 18,552 12,604 TOTAL ASSETS $ 1,394,648 $ 1,318,909LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES Accounts payable $ 58,800 $ 53,335 Accrued liabilities and other 41,250 42,743 Debt 13,014 12,039 Royalty obligations — 4,995 Reclamation 3,599 3,522 116,663 116,634 NON-CURRENT LIABILITIES Debt 271,766 198,857 Royalty obligations — 4,292 Reclamation 99,541 95,804 Deferred tax liabilities 75,388 74,798 Other long-term liabilities 53,779 60,037 500,474 433,788 STOCKHOLDERS’ EQUITY Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,441,769 at June 30, 2017 and 180,933,287 at December 31, 2016 1,814 1,809 Additional paid-in capital 3,316,407 3,314,590 Accumulated other comprehensive income (loss) (2,994 ) (2,488 ) Accumulated deficit (2,537,716 ) (2,545,424 ) 777,511 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,394,648 $ 1,318,909Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)
LTM LTM2Q 2017 2Q 2017 1Q 2017 2016 4Q 2016 3Q 2016 2Q 2016 2Q 2016 Net income (loss) $ 68,959 $ (10,955 ) $ 18,663 $ 55,352 $ (8,306 ) $ 69,557 $ (323,118 ) $ 14,497 Interest expense, net of capitalized interest 22,260 3,749 3,586 36,920 6,857 8,068 46,199 10,875 Income tax provision (benefit) (46,629 ) (2,098 ) 11,046 (54,239 ) (1,122 ) (54,455 ) (24,733 ) (768 ) Amortization 130,742 32,946 40,104 123,161 29,929 27,763 137,156 37,505
EBITDA
175,332 23,642 73,399 161,194 27,358 50,933 (164,496 ) 62,109 Fair value adjustments, net 171 (336 ) 1,200 11,581 (1,654 ) 961 4,942 3,579 Impairment of equity securities 1,109 305 121 703 683 — 820 20 Foreign exchange (gain) loss 2,552 (1,000 ) (1,349 ) 10,720 3,435 1,466 17,326 5,655 Gain on sale of Joaquin project (21,138 ) — (21,138 ) — — — — — (Gain) loss on sale of assets and securities (5,570 ) (513 ) 2,066 (11,334 ) 339 (7,462 ) (4,701 ) (3,126 ) Gain on repurchase of Rochester royalty (2,332 ) (2,332 ) — — — — — — (Gain) loss on debt extinguishment 30,707 9,342 — 21,365 11,325 10,040 (16,187 ) — Corporate reorganization costs — — — — — — 647 — Transaction-related costs 27 — — 1,199 1 26 1,271 792 Asset retirement obligation accretion 9,083 2,450 2,390 8,369 2,147 2,096 8,530 2,066 Inventory adjustments and write-downs 6,707 1,796 (104 ) 6,917 389 4,665 5,208 946 Write-downs — — — 4,446 — — 317,783 — Adjusted EBITDA $ 196,648 $ 33,354 $ 56,585 $ 215,160 $ 44,023 $ 62,725 $ 171,143 $ 72,041Adjusted Net Income (Loss) Reconciliation
(Dollars in thousands except per share amounts)
2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Net income (loss) $ (10,955 ) $ 18,663 $ (8,306 ) $ 69,557 $ 14,497 Fair value adjustments, net (336 ) 1,200 (1,654 ) 961 3,579 Impairment of marketable securities 305 121 683 — 20 Write-downs — — — 3,689 — Gain on sale of Joaquin project — (21,138 ) — — — (Gain) loss on sale of assets and securities (513 ) 2,066 339 (7,462 ) (3,126 ) Gain on repurchase of Rochester royalty (2,332 ) — — — — Loss on debt extinguishment 9,342 — 11,325 10,040 — Transaction costs — — 1 26 792 Deferred tax on reorganization — — — (40,767 ) — Foreign exchange (gain) loss 1,972 4,268 351 2,549 (2,810 ) Tax effect of adjustments — 1,807 — (38 ) $ 3,996 Adjusted net income (loss) $ (2,517 ) $ 6,987 $ 2,739 $ 38,555 $ 16,948Adjusted net income (loss) per share - Basic
$ (0.01 ) $ 0.04 $ 0.01 $ 0.24 $ 0.11Adjusted net income (loss) per share - Diluted
$ (0.01 ) $ 0.04 $ 0.01 $ 0.23 $ 0.11Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)
2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 Cash flow from operating activities $ 29,279 $ 55,271 $ 25,449 $ 47,812 $ 45,939 Capital expenditures (37,482 ) (23,979 ) (29,926 ) (25,627 ) (23,288 ) Gold production royalty payments — — — (7,563 ) (10,461 ) Free cash flow (8,203 ) 31,292 (4,477 ) 14,622 12,190 Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended June 30, 2017 Silver Gold Total In thousands except per ounce amounts Palmarejo RochesterSanBartolomé
Endeavor Total Kensington Wharf Total Costs applicable to sales, including amortization (U.S. GAAP) $ 48,325 $ 29,099 $ 25,604 $ 586 $ 103,614 $ 36,335 $ 18,317 $ 54,652 $ 158,266 Amortization 14,431 4,938 2,212 168 21,749 8,347 2,549 10,896 32,645 Costs applicable to sales $ 33,894 $ 24,161 $ 23,392 $ 418 $ 81,865 $ 27,988 $ 15,768 $ 43,756 $ 125,621 Silver equivalent ounces sold 2,995,623 1,774,000 1,398,038 59,234 6,226,895 9,258,455 Gold equivalent ounces sold 29,031 21,495 50,526 Costs applicable to sales per ounce $ 11.31 $ 13.62 $ 16.73 $ 7.06 $ 13.15 $ 964 $ 734 $ 866 $ 13.57 Inventory adjustments (0.10 ) (0.08 ) (0.77 ) — (0.24 ) (12 ) 3 (6 ) (0.19 ) Adjusted costs applicable to sales per ounce $ 11.21 $ 13.54 $ 15.96 $ 7.06 $ 12.91 $ 952 $ 737 $ 860 $ 13.38 Costs applicable to sales per average spot ounce $ 10.20 $ 12.63 $ 12.23 $ 12.10 Inventory adjustments (0.09 ) (0.07 ) (0.23 ) (0.17 ) Adjusted costs applicable to sales per average spot ounce $ 10.11 $ 12.56 $ 12.00 $ 11.93 Costs applicable to sales $ 125,621 Treatment and refining costs 1,288 Sustaining capital(1) 17,569 General and administrative 7,042 Exploration 7,813 Reclamation 4,096 Project/pre-development costs 1,677 All-in sustaining costs $165,106
Silver equivalent ounces sold 6,226,895 Kensington and Wharf silver equivalent ounces sold 3,031,560 Consolidated silver equivalent ounces sold 9,258,455 All-in sustaining costs per silver equivalent ounce $ 17.83 Inventory adjustments $ (0.19 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 17.64 Consolidated silver equivalent ounces sold (average spot) 10,384,025 All-in sustaining costs per average spot silver equivalent ounce $ 15.90 Inventory adjustments $ (0.17 ) Adjusted all-in sustaining costs per average spot silver equivalent ounce $ 15.73 Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended March 31, 2017 Silver Gold Total In thousands except per ounce amounts Palmarejo RochesterSanBartolomé
Endeavor Total Kensington Wharf Total Costs applicable to sales, including amortization (U.S. GAAP) $ 63,151 $ 32,255 $ 19,633 $ 400 $ 115,439 $ 37,621 $ 19,431 $ 57,052 $ 172,491 Amortization 20,150 5,816 1,411 113 27,490 9,178 3,111 12,289 39,779 Costs applicable to sales $ 43,001 $ 26,439 $ 18,222 $ 287 $ 87,949 $ 28,443 $ 16,320 $ 44,763 $ 132,712 Silver equivalent ounces sold 4,427,346 2,104,209 1,148,006 39,765 7,719,326 11,126,126 Gold equivalent ounces sold 32,144 24,636 56,780 Costs applicable to sales per ounce $ 9.71 $ 12.56 $ 15.87 $ 7.22 $ 11.39 $ 885 $ 662 $ 788 $ 11.93 Inventory adjustments (0.03 ) 0.01 0.01 — (0.01 ) (1 ) 8 3 0.01 Adjusted costs applicable to sales per ounce $ 9.68 $ 12.57 $ 15.88 $ 7.22 $ 11.38 $ 884 $ 670 $ 791 $ 11.94 Costs applicable to sales per average spot ounce $ 8.89 $ 11.80 $ 10.64 $ 10.85 Inventory adjustments (0.02 ) 0.01 (0.01 ) 0.01 Adjusted costs applicable to sales per average spot ounce $ 8.87 $ 11.81 $ 10.63 $ 10.86 Costs applicable to sales $ 132,712 Treatment and refining costs 1,616 Sustaining capital(1) 11,600 General and administrative 10,133 Exploration 5,252 Reclamation 3,818 Project/pre-development costs 1,889 All-in sustaining costs $ 167,020 Silver equivalent ounces sold 7,719,326 Kensington and Wharf silver equivalent ounces sold 3,406,800 Consolidated silver equivalent ounces sold 11,126,126 All-in sustaining costs per silver equivalent ounce $ 15.01 Inventory adjustments $ 0.01 Adjusted all-in sustaining costs per silver equivalent ounce $ 15.02 Consolidated silver equivalent ounces sold (average spot) 12,235,897 All-in sustaining costs per average spot silver equivalent ounce $ 13.65 Inventory adjustments $ 0.01 Adjusted all-in sustaining costs per average spot silver equivalent ounce $ 13.66 Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended December 31, 2016 Silver Gold Total In thousands except per ounce amounts Palmarejo RochesterSanBartolomé
Endeavor Total Kensington Wharf Total Costs applicable to sales, including amortization (U.S. GAAP) $ 29,667 $ 29,581 $ 18,514 $ 557 $ 78,319 $ 31,577 $ 21,861 $ 53,438 $ 131,757 Amortization 8,784 5,844 1,303 148 16,079 8,584 4,982 13,566 29,645 Costs applicable to sales $ 20,883 $ 23,737 $ 17,211 $ 409 $ 62,240 $ 22,993 $ 16,879 $ 39,872 $ 102,112 Silver equivalent ounces sold 1,871,178 1,983,393 1,217,659 57,903 5,130,133 8,674,273 Gold equivalent ounces sold 28,864 30,205 59,069 Costs applicable to sales per ounce $ 11.16 $ 11.97 $ 14.13 $ 7.06 $ 12.13 $ 797 $ 559 $ 675 $ 11.77 Inventory adjustments (0.15 ) 0.02 (0.16 ) — (0.08 ) 4 (3 ) 1 (0.04 ) Adjusted costs applicable to sales per ounce $ 11.01 $ 11.99 $ 13.97 $ 7.06 $ 12.05 $ 801 $ 556 $ 676 $ 11.73 Costs applicable to sales per average spot ounce $ 10.24 $ 11.14 $ 11.42 $ 10.59 Inventory adjustments (0.13 ) 0.02 (0.08 ) (0.04 ) Adjusted costs applicable to sales per average spot ounce $ 10.11 $ 11.16 $ 11.34 $ 10.55 Costs applicable to sales $ 102,112 Treatment and refining costs 1,261 Sustaining capital 19,850 General and administrative 6,587 Exploration 5,261 Reclamation 3,537 Project/pre-development costs 1,693 All-in sustaining costs $ 140,301 Silver equivalent ounces sold 5,130,133 Kensington and Wharf silver equivalent ounces sold 3,544,140 Consolidated silver equivalent ounces sold 8,674,273 All-in sustaining costs per silver equivalent ounce $ 16.17 Inventory adjustments $ (0.04 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 16.13 Consolidated silver equivalent ounces sold (average spot) 9,636,058 All-in sustaining costs per average spot silver equivalent ounce $ 14.56 Inventory adjustments $ (0.04 ) Adjusted all-in sustaining costs per average spot silver equivalent ounce $ 14.52Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended September 30, 2016
Silver Gold Total In thousands except per ounce amounts Palmarejo RochesterSanBartolomé
Endeavor Total Kensington Wharf Total Costs applicable to sales, including amortization (U.S. GAAP) $ 21,794 $ 27,027 $ 22,536 $ 486 $ 71,843 $ 34,755 $ 26,158 $ 60,913 $ 132,756 Amortization 5,761 5,244 1,723 113 12,841 8,046 6,461 14,507 27,348 Costs applicable to sales $ 16,033 $ 21,783 $ 20,813 $ 373 $ 59,002 $ 26,709 $ 19,697 $ 46,406 $ 105,408 Silver equivalent ounces sold 1,462,401 1,868,085 1,390,552 46,069 4,767,107 8,397,467 Gold equivalent ounces sold 30,998 29,508 60,506 Costs applicable to sales per ounce $ 10.96 $ 11.66 $ 14.97 $ 8.10 $ 12.38 $ 862 $ 668 $ 767 $ 12.55 Inventory adjustments (0.26 ) (0.10 ) (0.57 ) — (0.28 ) (3 ) (109 ) (55 ) (0.56 ) Adjusted costs applicable to sales per ounce $ 10.70 $ 11.56 $ 14.40 $ 8.10 $ 12.10 $ 859 $ 559 $ 712 $ 11.99 Costs applicable to sales per average spot ounce $ 10.29 $ 11.11 $ 11.91 $ 11.62 Inventory adjustments (0.24 ) (0.09 ) (0.27 ) (0.52 ) Adjusted costs applicable to sales per average spot ounce $ 10.05 $ 11.02 $ 11.64 $ 11.10 Costs applicable to sales $ 105,408 Treatment and refining costs 761 Sustaining capital 19,762 General and administrative 7,113 Exploration 3,706 Reclamation 4,036 Project/pre-development costs 2,133 All-in sustaining costs $ 142,919 Silver equivalent ounces sold 4,767,107 Kensington and Wharf silver equivalent ounces sold 3,630,360 Consolidated silver equivalent ounces sold 8,397,467 All-in sustaining costs per silver equivalent ounce $ 17.02 Inventory adjustments $ (0.56 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 16.46 Consolidated silver equivalent ounces sold (average spot) 9,074,222 All-in sustaining costs per average spot silver equivalent ounce $ 15.75 Inventory adjustments $ (0.52 ) Adjusted all-in sustaining costs per average spot silver equivalent ounce $ 15.23Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended June 30, 2016
Silver Gold Total In thousands except per ounce amounts Palmarejo RochesterSanBartolomé
Endeavor Total Kensington Wharf Total Costs applicable to sales, including amortization (U.S. GAAP) $ 37,630 $ 27,158 $ 20,498 $ 365 $ 85,651 $ 32,419 $ 19,470 $ 51,889 $ 137,540 Amortization 14,765 5,437 1,853 84 22,139 9,808 5,128 14,936 37,075 Costs applicable to sales $ 22,865 $ 21,721 $ 18,645 $ 281 $ 63,512 $ 22,611 $ 14,342 $ 36,953 $ 100,465 Silver equivalent ounces sold 2,502,442 1,911,885 1,418,455 35,411 5,868,193 9,286,033 Gold equivalent ounces sold 30,178 26,786 56,964 Costs applicable to sales per ounce $ 9.14 $ 11.36 $ 13.14 $ 7.94 $ 10.82 $ 749 $ 535 $ 649 $ 10.82 Inventory adjustments (0.12 ) (0.06 ) (0.17 ) — (0.11 ) (9 ) (1 ) (5 ) (0.10 ) Adjusted costs applicable to sales per ounce $ 9.02 $ 11.30 $ 12.97 $ 7.94 $ 10.71 $ 740 $ 534 $ 644 $ 10.72 Costs applicable to sales per average spot ounce $ 8.20 $ 10.30 $ 10.00 $ 9.45 Inventory adjustments (0.11 ) (0.06 ) (0.10 ) (0.09 ) Adjusted costs applicable to sales per average spot ounce $ 8.09 $ 10.24 $ 9.90 $ 9.36 Costs applicable to sales $ 100,465 Treatment and refining costs 1,128 Sustaining capital 21,019 General and administrative 7,400 Exploration 2,233 Reclamation 4,170 Project/pre-development costs 2,098 All-in sustaining costs $ 138,513 Silver equivalent ounces sold 5,868,193 Kensington and Wharf silver equivalent ounces sold 3,417,840 Consolidated silver equivalent ounces sold 9,286,033 All-in sustaining costs per silver equivalent ounce $ 14.92 Inventory adjustments $ (0.10 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 14.82 Consolidated silver equivalent ounces sold (average spot) 10,622,163 All-in sustaining costs per average spot silver equivalent ounce $ 13.04 Inventory adjustments $ (0.09 ) Adjusted all-in sustaining costs per average spot silver equivalent ounce $ 12.95 Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for 2017 Guidance Silver Gold In thousands except per ounce amounts Palmarejo Rochester San Bartolomé Endeavor Total Silver Kensington Wharf Total Gold Total Combined Costs applicable to sales, including amortization (U.S. GAAP) $ 228,500 $ 113,550 $ 92,300 $ 1,038 $ 435,388 $ 136,600 $ 82,200 $ 218,800 $ 654,188 Amortization 76,500 22,550 8,300 281 107,631 29,100 13,200 42,300 149,931 Costs applicable to sales $ 152,000 $ 91,000 $ 84,000 $ 757 $ 327,757 $ 107,500 $ 69,000 $ 176,500 $ 504,257 Silver equivalent ounces sold 14,900,000 7,800,000 5,200,000 105,000 28,005,000 41,505,000 Gold equivalent ounces sold 130,000 95,000 225,000 Costs applicable to sales per ounce guidance $10.00 - $10.50 $11.50 - $12.00 $15.75 - $16.25 $800 - $850 $700 - $750 Costs applicable to sales $ 504,257 Treatment and refining costs 4,500 Sustaining capital, including capital lease payments 77,000 General and administrative 30,000 Exploration 30,000 Reclamation 15,000 Project/pre-development costs 6,000 All-in sustaining costs $ 666,757 Silver equivalent ounces sold 28,005,000 Kensington and Wharf silver equivalent ounces sold 13,500,000 Consolidated silver equivalent ounces sold 41,505,000 All-in sustaining costs per silver equivalent ounce guidance $15.75 - $16.25 Reconciliation of All-in Sustaining Costs per 70:1 Spot Silver Equivalent Ounce for 2017 Guidance Silver Gold In thousands except per ounce amounts Palmarejo Rochester San Bartolomé Endeavor Total Silver Kensington Wharf Total Gold Total Combined Costs applicable to sales, including amortization (U.S. GAAP) $ 228,500 $ 113,550 $ 92,300 $ 1,038 $ 435,388 $ 136,600 $ 82,200 $ 218,800 $ 654,188 Amortization 76,500 22,550 8,300 281 107,631 29,100 13,200 42,300 149,931 Costs applicable to sales $ 152,000 $ 91,000 $ 84,000 $ 757 $ 327,757 $ 107,500 $ 69,000 $ 176,500 $ 504,257 Silver equivalent ounces sold 16,100,000 8,300,000 5,200,000 105,000 29,705,000 45,455,000 Gold equivalent ounces sold 130,000 95,000 225,000 Costs applicable to sales per ounce guidance $9.00 - $9.50 $10.50 - $11.00 $15.75-$16.25 $800-$850 $700-$750 Costs applicable to sales $ 504,257 Treatment and refining costs 4,500 Sustaining capital, including capital lease payments 77,000 General and administrative 30,000 Exploration 30,000 Reclamation 15,000 Project/pre-development costs 6,000 All-in sustaining costs $ 666,757 Silver equivalent ounces sold 29,705,000 Kensington and Wharf silver equivalent ounces sold 15,750,000 Consolidated silver equivalent ounces sold 45,455,000 All-in sustaining costs per silver equivalent ounce guidance $14.25 - $14.75
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726006440/en/
Coeur Mining, Inc.Courtney Lynn, 312-489-5910Vice President, Investor Relations and Treasurerwww.coeur.com
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