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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 | |
---|---|---|---|---|---|---|---|---|
-0.155 | -2.93% | 5.135 | 5.44 | 5.09 | 5.27 | 3,359,121 | 18:14:03 |
Rochester Expansion Remains On-Track; Full-Year Production Guidance Reaffirmed; Updated Cost Guidance
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported second quarter 2022 financial results, including revenue of $204 million and cash flow from operating activities of $23 million. The Company reported GAAP net loss from continuing operations of $77 million, or $0.28 per share. On an adjusted basis1, Coeur reported EBITDA of $43 million, cash flow from operating activities before changes in working capital of $30 million and net loss from continuing operations of $13 million, or $0.05 per share.
Key Highlights
“Our second quarter results demonstrate the resilience of Coeur’s multi-asset mine portfolio,” said Mitchell J. Krebs, President and Chief Executive Officer. “Despite weaker gold and silver prices, Company-wide revenue increased 8% versus the prior quarter due to higher production levels from our Kensington, Wharf and Rochester operations. With continued expected production growth during the second half of the year, we remain on track to achieve our 2022 production guidance for gold and silver.
“We have also significantly advanced and de-risked the expansion project taking place at our Rochester operation, which is expected to provide a step-change in Coeur’s production and cash flow profile once completed and commissioned. The project remains on-track to be completed mid-2023 and the total project cost remains approximately $600 million. The Rochester team completed the installation of pre-screens on the existing crushing circuit on July 22, which is providing the team with important operating experience that will be applied to the expansion project.
“Our balance sheet has been further strengthened by recent initiatives and remains sound with total adjusted liquidity1 of nearly $360 million including recent sales of a portion of our equity investments. Following completion of the Rochester expansion, we expect to de-lever the balance sheet from strong anticipated cash flows as we advance and evaluate opportunities to enhance stockholder value, including a potential future expansion and restart of the high-grade Silvertip asset.
“Given ongoing impressive drilling results at Silvertip and Palmarejo and recent positive results from the upper portions of the main Kensington deposit that suggest strong potential for extended mine life, we plan to invest an additional $11 million to accelerate these priority targets during the second half of the year. We remain committed to investing in brownfield exploration and development as a key element of our strategy and an important driver of future returns.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Gold Sales
$
146.6
$
129.5
$
146.7
$
147.7
$
146.2
Silver Sales
$
57.5
$
59.0
$
61.2
$
60.2
$
68.7
Consolidated Revenue
$
204.1
$
188.4
$
207.8
$
208.0
$
214.9
Costs Applicable to Sales2
$
150.7
$
133.3
$
136.5
$
134.3
$
132.6
General and Administrative Expenses
$
9.3
$
10.3
$
9.6
$
8.7
$
10.5
Net Income (Loss)
$
(77.4
)
$
7.7
$
(10.7
)
$
(54.8
)
$
32.1
Net Income (Loss) Per Share
$
(0.28
)
$
0.03
$
(0.04
)
$
(0.21
)
$
0.13
Adjusted Net Income (Loss)1
$
(13.1
)
$
(13.8
)
$
(11.6
)
$
(2.9
)
$
(0.8
)
Adjusted Net Income (Loss)1 Per Share
$
(0.05
)
$
(0.05
)
$
(0.05
)
$
(0.01
)
$
0.00
Weighted Average Shares Outstanding
278.0
263.6
254.8
254.7
252.1
EBITDA1
$
(32.8
)
$
40.4
$
28.3
$
(14.2
)
$
84.6
Adjusted EBITDA1
$
43.3
$
41.5
$
48.7
$
48.8
$
52.7
Cash Flow from Operating Activities
$
22.6
$
(6.4
)
$
35.0
$
21.8
$
58.1
Capital Expenditures
$
73.2
$
69.5
$
100.9
$
71.3
$
78.2
Free Cash Flow1
$
(50.6
)
$
(75.9
)
$
(65.9
)
$
(49.4
)
$
(20.2
)
Cash, Equivalents & Short-Term Investments
$
74.2
$
73.3
$
56.7
$
85.0
$
124.1
Total Debt4
$
547.5
$
485.5
$
487.5
$
442.4
$
414.2
Average Realized Price Per Ounce – Gold
$
1,729
$
1,721
$
1,652
$
1,645
$
1,651
Average Realized Price Per Ounce – Silver
$
22.61
$
24.06
$
23.17
$
24.18
$
26.60
Gold Ounces Produced
83,772
75,409
88,946
87,083
87,275
Silver Ounces Produced
2.5
2.5
2.6
2.5
2.6
Gold Ounces Sold
84,786
75,211
88,930
89,804
88,501
Silver Ounces Sold
2.5
2.5
2.6
2.5
2.6
Financial Results
Second quarter 2022 revenue totaled $204 million compared to $188 million in the prior period and $215 million in the second quarter of 2021. The Company produced 83,772 and 2.5 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 84,786 ounces of gold and 2.5 million ounces of silver. Average realized gold and silver prices for the quarter were $1,729 and $22.61 per ounce, respectively, compared to $1,721 and $24.06 per ounce in the prior period and $1,651 and $26.60 per ounce in the second quarter of 2021.
Gold and silver sales represented 72% and 28% of quarterly revenue, respectively. The Company’s U.S. operations accounted for approximately 58% of second quarter revenue.
Costs applicable to sales2 increased quarter-over-quarter to $151 million, largely due to inflationary pressures on consumable costs. General and administrative expenses decreased slightly quarter-over-quarter to $9 million.
Coeur invested approximately $13 million ($5 million expensed and $8 million capitalized) in exploration during the quarter, compared to roughly $14 million ($5 million expensed and $8 million capitalized) in the prior period, reflecting lower planned investment across the portfolio following the Company’s highest-ever exploration investment in 2021. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.
The Company recorded income tax expense of approximately $12 million during the second quarter. Cash income and mining taxes paid during the period totaled approximately $8 million.
Quarterly operating cash flow totaled $23 million compared to $(6) million in the prior period, mainly driven by higher metal sales and favorable changes in working capital. Changes in working capital during the quarter were $(7) million, compared to $(30) million in the prior period.
Capital expenditures increased 5% quarter-over-quarter to $73 million compared to $70 million in the prior period. Expenditures related to the POA 11 expansion project at Rochester totaled $42 million during the quarter compared to $30 million in the first quarter. Sustaining and development capital expenditures accounted for approximately 37% and 63%, respectively, of Coeur’s total capital investment during the quarter.
Capital Projects Update
Rochester Expansion
As of June 30, 2022, the total estimated project capital cost remained approximately $600 million. With the commencement of structural, mechanical, piping, electrical and instrumentation construction work, completion of final major high-voltage electrical contracts and initial commitments for the pre-screen addition to the expanded crusher circuit, the Company has committed approximately $523 million and incurred $350 million of the total estimated project cost through June 30, 2022.
The expansion consists of three major components: (i) a new 300-million-ton leach pad, for which civil work is essentially complete and piping work is near completion; (ii) a Merrill-Crowe process plant, with construction completion scheduled for the first half of 2023; and (iii) a new three-stage crushing circuit, with construction completion scheduled for mid-2023. These scheduled construction completion dates for the project remain unchanged.
Construction of the Merrill-Crowe process plant ramped up during the second quarter, including completion of concrete work, continuation of equipment setting, and the commencement of building and process plant steel pipe rack erection, as well as piping and cable tray installation.
Work on the crusher corridor included (i) continued civil construction in the primary crusher area, (ii) the completion of concrete work, start of steel construction, and setting of conveyor and equipment in the secondary crusher area, (iii) continued advancement of concrete work and start of steel erection in the secondary stockpile reclaim area, (iv) completion of concrete in the tertiary crusher area, and (v) continuation of concrete work in the tertiary reclaim and final product load-out areas. Deliveries of equipment and materials for the project continue to support the overall construction schedule.
The Company also recently advanced detailed engineering on the pre-screens. Equipment procurement and construction contract development is well underway as Coeur continues working to align construction of the pre-screens with the completion of the new crusher. Final cost estimates related to pre-screens are expected in the third quarter.
Silvertip Expansion and Restart
Coeur continues to advance study work to assess the economics of a potential future expansion and restart of its high-grade Silvertip silver-zinc-lead development project in British Columbia, Canada. The Company’s objective remains to complete an evaluation by year-end of higher throughput scenarios to reduce unit costs and to take advantage of Silvertip’s expanding, high-grade resource base.
Ongoing exploration activities continue to generate positive results. Exploration investment in the second quarter totaled approximately $2 million (substantially all capitalized) compared to roughly $2 million (substantially all capitalized) in the prior period.
Up to three core drill rigs were active during the second quarter focused on infill drilling. Two underground rigs drilled at the Southern Silver and Discovery zones, while one surface rig drilled at the Camp Creek zone. During the third quarter, a second surface rig will be added to target infill and expansion drilling at the Camp Creek and Discovery zones while the underground rigs will focus on infill and expansion drilling at the Southern Silver zone along with testing for chimney feeder structures beneath the Discovery zone.
Ongoing carrying costs at Silvertip totaled $5 million in the second quarter, compared to $6 million in the prior period. Capital expenditures related to infill drilling and underground development during the second quarter totaled $6 million compared to $12 million in the prior period. For full-year 2022, capital expenditures are now expected to be approximately $28 - $36 million (previously $18 - $24 million). The revised figures reflect increased underground development and infill drilling.
Liquidity Update
Coeur ended the quarter with total liquidity of approximately $319 million, including $74 million of cash and $245 million of available capacity under its $390 million revolving credit facility (“RCF”)3. Additionally, Coeur had $99 million of marketable securities at the end of the second quarter.
On June 28, 2022, the Company announced the sale of 5 million shares of Victoria Gold for net proceeds of approximately $40 million, which is not included as part of Coeur’s second quarter results due to timing of settlement.
Hedging Update
The Company did not execute any additional hedges during the second quarter. The Company’s silver price exposure remains unhedged. An overview of the hedges in place are outlined below:
2022
2023
Gold Ounces Hedged
108,500
112,500
Avg. Forward Price ($/oz)
$1,965
$1,982
Mark-to-Market Adjustments
The Company values its strategic investments in equity securities as of the end of each reporting period. The estimated fair values of Coeur’s equity investments in Victoria Gold, Avino Silver & Gold Mines Ltd. and Integra Resources Corp. were $88 million, $8 million and $4 million, respectively, at June 30, 2022 (and does not reflect the sale of Victoria Gold stock that settled subsequent to quarter-end) compared to $141 million, $13 million and $5 million at March 31, 2022, respectively, resulting in a non-cash unrealized loss of approximately $63 million during the second quarter of 2022. This figure is included in “Fair value adjustments, net” on the Company’s income statement.
Rochester LCM Adjustment
Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the second quarter, the cost of ore on leach pads at Rochester exceeded its net realizable value which resulted in a lower of cost or market (“LCM”) adjustment of $10 million (approximately $9 million in costs applicable to sales3 and $1 million of amortization).
Operations
Second quarter 2022 highlights for each of the Company’s operations are provided below.
Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Tons milled
539,600
565,211
587,615
517,363
517,373
Average gold grade (oz/t)
0.054
0.056
0.055
0.050
0.058
Average silver grade (oz/t)
3.95
3.87
3.86
3.86
3.94
Average recovery rate – Au
92.4
%
90.6
%
89.7
%
93.7
%
92.4
%
Average recovery rate – Ag
84.2
%
83.0
%
81.3
%
85.5
%
81.9
%
Gold ounces produced
27,109
28,931
28,748
24,254
27,595
Silver ounces produced (000’s)
1,795
1,813
1,843
1,708
1,667
Gold ounces sold
29,285
28,242
27,706
24,897
30,516
Silver ounces sold (000’s)
1,855
1,796
1,813
1,715
1,640
Average realized price per gold ounce
$
1,507
$
1,419
$
1,374
$
1,335
$
1,351
Average realized price per silver ounce
$
22.56
$
23.94
$
23.26
$
24.15
$
26.71
Metal sales
$
86.0
$
83.1
$
80.4
$
74.6
$
85.0
Costs applicable to sales2
$
49.1
$
43.2
$
38.8
$
39.0
$
41.9
Adjusted CAS per AuOz1
$
855
$
730
$
653
$
704
$
662
Adjusted CAS per AgOz1
$
12.97
$
12.43
$
11.25
$
12.50
$
13.34
Exploration expense
$
1.7
$
1.6
$
2.3
$
2.8
$
1.8
Cash flow from operating activities
$
22.3
$
34.3
$
32.9
$
23.2
$
33.4
Sustaining capital expenditures (excludes capital lease payments)
$
10.1
$
13.6
$
8.3
$
8.4
$
9.8
Development capital expenditures
$
—
$
—
$
(0.1
)
$
0.1
$
—
Total capital expenditures
$
10.1
$
13.6
$
8.2
$
8.5
$
9.8
Free cash flow1
$
12.2
$
20.7
$
24.7
$
14.7
$
23.6
Operational
Financial
Exploration
Other
Guidance
Rochester, Nevada
(Dollars in millions, except per ounce amounts)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Ore tons placed
4,236,459
4,377,873
3,823,764
3,427,078
3,195,777
Average silver grade (oz/t)
0.35
0.34
0.40
0.43
0.38
Average gold grade (oz/t)
0.003
0.003
0.003
0.002
0.003
Silver ounces produced (000’s)
689
655
757
739
888
Gold ounces produced
8,319
6,066
6,864
6,051
7,232
Silver ounces sold (000’s)
683
638
801
758
912
Gold ounces sold
8,071
5,928
7,386
5,559
7,818
Average realized price per silver ounce
$
22.42
$
24.00
$
22.98
$
24.27
$
26.38
Average realized price per gold ounce
$
1,883
$
1,864
$
1,797
$
1,785
$
1,794
Metal sales
$
30.5
$
26.4
$
31.6
$
28.3
$
38.1
Costs applicable to sales2
$
38.0
$
32.3
$
37.5
$
31.7
$
38.0
Adjusted CAS per AgOz1
$
20.85
$
22.06
$
21.76
$
22.68
$
26.09
Adjusted CAS per AuOz1
$
1,763
$
1,720
$
1,707
$
1,665
$
1,787
Exploration expense
$
1.5
$
1.9
$
2.2
$
2.4
$
0.9
Cash flow from operating activities
$
(9.1
)
$
(19.7
)
$
(12.3
)
$
(9.5
)
$
4.0
Sustaining capital expenditures (excludes capital lease payments)
$
4.5
$
2.3
$
5.8
$
2.4
$
7.3
Development capital expenditures
$
42.5
$
30.8
$
48.1
$
37.7
$
35.0
Total capital expenditures
$
47.0
$
33.1
$
53.9
$
40.1
$
42.3
Free cash flow1
$
(56.1
)
$
(52.8
)
$
(66.2
)
$
(49.6
)
$
(38.3
)
Operational
Financial
Exploration
Guidance
Kensington, Alaska
(Dollars in millions, except per ounce amounts)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Tons milled
175,722
165,968
168,295
160,596
168,311
Average gold grade (oz/t)
0.17
0.14
0.21
0.19
0.18
Average recovery rate
91.6
%
95.3
%
93.9
%
93.0
%
92.7
%
Gold ounces produced
27,866
22,646
33,516
28,621
28,322
Gold ounces sold
27,666
22,834
33,888
29,902
26,796
Average realized price per gold ounce, gross
$
1,842
$
1,967
$
1,790
$
1,764
$
1,851
Treatment and refining charges per gold ounce
$
34
$
37
$
27
$
29
$
30
Average realized price per gold ounce, net
$
1,808
$
1,930
$
1,763
$
1,735
$
1,821
Metal sales
$
50.3
$
44.3
$
59.8
$
51.9
$
48.8
Costs applicable to sales2
$
39.3
$
36.9
$
37.9
$
34.6
$
29.2
Adjusted CAS per AuOz1
$
1,399
$
1,610
$
1,111
$
1,150
$
1,088
Prepayment, working capital cash flow
$
(0.1
)
$
10.1
$
7.4
$
(7.4
)
$
7.9
Exploration expense
$
1.2
$
0.4
$
1.6
$
2.7
$
1.3
Cash flow from operating activities
$
10.7
$
10.9
$
26.8
$
13.6
$
19.4
Sustaining capital expenditures (excludes capital lease payments)
$
8.8
$
7.9
$
8.0
$
6.3
$
6.0
Development capital expenditures
$
—
$
—
$
—
$
—
$
—
Total capital expenditures
$
8.8
$
7.9
$
8.0
$
6.3
$
6.0
Free cash flow1
$
1.9
$
3.0
$
18.8
$
7.3
$
13.4
Operational
Financial
Exploration
Guidance
Wharf, South Dakota
(Dollars in millions, except per ounce amounts)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Ore tons placed
1,050,215
1,127,569
1,074,189
1,489,169
1,025,481
Average gold grade (oz/t)
0.015
0.025
0.022
0.025
0.032
Gold ounces produced
20,478
17,766
19,818
28,157
24,126
Silver ounces produced (000’s)
12
12
15
16
33
Gold ounces sold
19,764
18,207
19,950
29,446
23,371
Silver ounces sold (000’s)
6
16
11
18
31
Average realized price per gold ounce
$
1,886
$
1,882
$
1,799
$
1,789
$
1,801
Metal sales
$
37.4
$
34.7
$
36.2
$
53.1
$
42.9
Costs applicable to sales2
$
24.4
$
20.9
$
22.4
$
29.1
$
23.4
Adjusted CAS per AuOz1
$
1,233
$
1,118
$
1,104
$
971
$
963
Exploration expense
$
—
$
—
$
(0.1
)
$
—
$
0.1
Cash flow from operating activities
$
10.3
$
5.5
$
8.4
$
24.9
$
17.3
Sustaining capital expenditures (excludes capital lease payments)
$
0.3
$
0.2
$
3.0
$
0.3
$
0.3
Development capital expenditures
$
0.2
$
1.2
$
1.2
$
0.7
$
1.1
Total capital expenditures
$
0.5
$
1.4
$
4.2
$
1.0
$
1.4
Free cash flow1
$
9.8
$
4.1
$
4.2
$
23.9
$
15.9
Operational
Financial
Exploration
Guidance
Exploration
Coeur had 16 active rigs across all sites during the second quarter, for a total investment of approximately $13 million ($5 million expensed and $8 million capitalized), compared to roughly $14 million ($5 million expensed and $8 million capitalized) in the prior period. The decrease in drilling activity was largely driven by lower planned investment across the portfolio.
One reverse circulation and one core drill rig were active at the Crown exploration property in southern Nevada during the quarter, primarily focused on the C-Horst and Daisy deposits in the Crown area and the Goldspar target near Sterling. Results from those targets were encouraging and ongoing geological review indicates resource expansion upside potential at these deposits.
Additionally, an amended permit to expand the C-Horst discovery footprint is expected to be received during the third quarter. The new permit is expected to allow Coeur to test multiple targets at the Pipeline Gulch and Tates Wash areas (both located between C-Horst and SNA) where indicators from surface geology, geochemistry and geophysics are similar to C-Horst.
The Company now expects to invest $47 - $57 million in exploration in 2022 (previously $36 - $46 million), including $25 - $30 million (previously $18 - $23 million) and $22 - $27 million (previously $18 - $23 million) of expensed and capitalized drilling, respectively. The increase in exploration investment reflects additional planned expansion and infill drilling at Silvertip, Palmarejo and Kensington.
2022 Guidance
Production during the second quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2022 production guidance. Updated cost guidance reflects industry-wide inflationary pressures on consumables.
2022 Production Guidance
Gold
Silver
(oz)
(K oz)
Palmarejo
100,000 - 110,000
6,000 - 7,000
Rochester
35,000 - 43,000
3,000 - 4,000
Kensington
110,000 - 120,000
—
Wharf
70,000 - 80,000
—
Total
315,000 - 353,000
9,000 - 11,000
2022 Costs Applicable to Sales Guidance
Previous
Updated
Gold
Silver
Gold
Silver
($/oz)
($/oz)
($/oz)
($/oz)
Palmarejo (co-product)
$750 - $850
$13.50 - $14.50
$825 - $925
$12.75 - $13.75
Rochester (co-product)
$1,490 - $1,590
$20.75 - $22.75
$1,650 - $1,850
$20.00 - $26.00
Kensington
$1,150 - $1,250
$1,300 - $1,400
—
Wharf (by-product)
$1,225 - $1,325
$1,250 - $1,350
—
2022 Capital, Exploration and G&A Guidance
Previous
Updated
($M)
($M)
Capital Expenditures, Sustaining
$115 - $140
$110 - $135
Capital Expenditures, Development
$205 - $250
$220 - $260
Exploration, Expensed
$18 - $23
$25 - $30
Exploration, Capitalized
$18 - $23
$22 - $27
General & Administrative Expenses
$42 - $46
$42 - $46
Note: The Company’s previous guidance figures assume estimated prices of $1,800/oz gold and $24.00/oz silver as well as CAD of 1.25 and MXN of 20.00. The Company’s updated guidance figures assume estimated prices of $1,800/oz gold and $22.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
Financial Results and Conference Call
Coeur will host a conference call to discuss its second quarter 2022 financial results on August 4, 2022 at 11:00 a.m. Eastern Time.
Dial-In Numbers:
(855) 560-2581 (U.S.)
(855) 669-9657 (Canada)
(412) 542-4166 (International)
Conference ID:
Coeur Mining
Hosting the call will be Mitchell J. Krebs, 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, and other members of management. A replay of the call will be available through August 11, 2022.
Replay numbers:
(877) 344-7529 (U.S.)
(855) 669-9658 (Canada)
(412) 317-0088 (International)
Conference ID:
906 27 55
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead development project in British Columbia and has interests in several precious metals exploration projects throughout North America.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding strategy, cash flow, capital allocation and investment, liquidity, exploration and development efforts and plans, resource growth, expectations regarding the potential expansion and restart at Silvertip, expectations, plans, costs and timing regarding the Rochester POA 11 expansion project, hedging strategies, the impact of inflation, anticipated production, costs and expenses and operations at Palmarejo, Rochester, Wharf and Kensington. 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 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, silver, zinc and lead and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the uncertainties inherent in the estimation of mineral reserves, changes that could result from Coeur’s future acquisition of new mining properties or businesses, the loss of access or insolvency of any third-party refiner or smelter to which Coeur markets its production, the potential effects of the COVID-19 pandemic, including impacts to workforce, materials and equipment availability, inflationary pressures, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, 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 and 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. This does not constitute an offer of any securities for sale.
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under S-K 1300, namely our Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
Non-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 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) or pound (zinc or lead). 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 EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce (gold and silver) and pound (zinc and lead) 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, 2021.
Notes
Average Spot Prices
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Average Gold Spot Price Per Ounce
$
1,871
$
1,877
$
1,795
$
1,781
$
1,816
Average Silver Spot Price Per Ounce
$
22.60
$
24.00
$
23.33
$
23.65
$
26.69
Average Zinc Spot Price Per Pound
$
1.77
$
1.70
$
1.52
$
1.37
$
1.32
Average Lead Spot Price Per Pound
$
0.99
$
1.05
$
1.05
$
1.06
$
0.97
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2022
December 31, 2021
ASSETS
In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents
$
74,159
$
56,664
Receivables
32,453
32,417
Inventory
54,845
51,281
Ore on leach pads
96,589
81,128
Equity securities
87,539
—
Prepaid expenses and other
34,045
13,847
Assets held for sale
—
54,240
379,630
289,577
NON-CURRENT ASSETS
Property, plant and equipment, net
357,444
319,967
Mining properties, net
971,047
852,799
Ore on leach pads
63,496
73,495
Restricted assets
8,484
9,138
Equity securities
11,545
132,197
Receivables
8,608
—
Other
60,078
57,249
TOTAL ASSETS
$
1,860,332
$
1,734,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
121,238
$
103,901
Accrued liabilities and other
88,334
87,946
Debt
28,670
29,821
Reclamation
2,853
2,931
Liabilities held for sale
—
11,269
241,095
235,868
NON-CURRENT LIABILITIES
Debt
518,830
457,680
Reclamation
183,549
178,957
Deferred tax liabilities
25,350
21,969
Other long-term liabilities
34,327
39,686
762,056
698,292
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 280,805,378 issued and outstanding at June 30, 2022 and 256,919,803 at December 31, 2021
2,808
2,569
Additional paid-in capital
3,837,023
3,738,347
Accumulated other comprehensive income (loss)
26,544
(1,212
)
Accumulated deficit
(3,009,194
)
(2,939,442
)
857,181
800,262
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
1,860,332
$
1,734,422
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
In thousands, except share data
Revenue
$
204,123
$
214,858
$
392,527
$
416,975
COSTS AND EXPENSES
Costs applicable to sales(1)
150,679
132,595
283,946
240,742
Amortization
27,965
31,973
54,398
61,910
General and administrative
9,287
10,467
19,559
22,021
Exploration
5,279
12,446
10,697
22,112
Pre-development, reclamation, and other
9,178
12,738
20,590
26,450
Total costs and expenses
202,388
200,219
389,190
373,235
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment
—
—
—
(9,173
)
Fair value adjustments, net
(62,810
)
37,239
(52,205
)
33,440
Interest expense, net of capitalized interest
(5,170
)
(5,093
)
(9,738
)
(10,003
)
Other, net
313
701
2,050
4,328
Total other income (expense), net
(67,667
)
32,847
(59,893
)
18,592
Income (loss) before income and mining taxes
(65,932
)
47,486
(56,556
)
62,332
Income and mining tax (expense) benefit
(11,502
)
(15,340
)
(13,196
)
(28,126
)
NET INCOME (LOSS)
$
(77,434
)
$
32,146
$
(69,752
)
$
34,206
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges
34,245
(2,982
)
29,027
24,376
Reclassification adjustments for realized (gain) loss on cash flow hedges
(1,731
)
(3,061
)
(1,271
)
(5,783
)
Other comprehensive income (loss)
32,514
(6,043
)
27,756
18,593
COMPREHENSIVE INCOME (LOSS)
$
(44,920
)
$
26,103
$
(41,996
)
$
52,799
NET INCOME (LOSS) PER SHARE
Basic income (loss) per share:
Basic
$
(0.28
)
$
0.13
$
(0.26
)
$
0.14
Diluted
$
(0.28
)
$
0.13
$
(0.26
)
$
0.14
(1) Excludes amortization.
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
(77,434
)
$
32,146
$
(69,752
)
$
34,206
Adjustments:
Amortization
27,965
31,973
54,398
61,910
Accretion
3,529
2,965
6,992
5,870
Deferred taxes
704
5,100
(7,558
)
5,224
Loss on debt extinguishment
—
—
—
9,173
Fair value adjustments, net
62,810
(37,239
)
49,066
(33,440
)
Stock-based compensation
2,347
3,256
4,614
7,512
Write-downs
9,219
—
16,814
—
Deferred revenue recognition
(241
)
(7,255
)
(556
)
(15,601
)
Other
874
496
(466
)
(1,832
)
Changes in operating assets and liabilities:
Receivables
(4,882
)
961
4,218
1,960
Prepaid expenses and other current assets
3,523
1,328
3,014
673
Inventory and ore on leach pads
(11,263
)
3,259
(28,935
)
(14,227
)
Accounts payable and accrued liabilities
5,493
21,069
(15,632
)
(7,728
)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
22,644
58,059
16,217
53,700
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(73,156
)
(78,223
)
(142,658
)
(137,647
)
Proceeds from the sale of assets
630
968
16,001
5,556
Purchase of investments
—
(876
)
—
(876
)
Other
(10
)
(13
)
(21
)
(30
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
(72,536
)
(78,144
)
(126,678
)
(132,062
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
(62
)
—
98,335
—
Issuance of notes and bank borrowings, net of issuance costs
70,000
—
155,000
367,493
Payments on debt, finance leases, and associated costs
(19,037
)
(9,611
)
(122,304
)
(253,578
)
Other
(160
)
(233
)
(3,563
)
(4,158
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
50,741
(9,844
)
127,468
109,757
Effect of exchange rate changes on cash and cash equivalents
(13
)
(56
)
259
(107
)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
836
(29,985
)
17,266
31,288
Cash, cash equivalents and restricted cash at beginning of period
74,719
155,443
58,289
94,170
Cash, cash equivalents and restricted cash at end of period
$
75,555
$
125,458
$
75,555
$
125,458
Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)
LTM 2Q 2022
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Net income (loss)
$
(135,280
)
$
(77,434
)
$
7,682
$
(10,760
)
$
(54,768
)
$
32,146
(Income) loss from discontinued operations, net of tax
—
—
—
Interest expense, net of capitalized interest
16,186
5,170
4,568
3,211
3,237
5,093
Income tax provision (benefit)
20,028
11,502
1,694
432
6,400
15,340
Amortization
120,803
27,965
26,433
35,443
30,962
31,973
EBITDA
21,737
(32,797
)
40,377
28,326
(14,169
)
84,552
Fair value adjustments, net
86,188
62,810
(10,605
)
7,543
26,440
(37,239
)
Foreign exchange (gain) loss
2,573
507
559
479
1,028
499
Asset retirement obligation accretion
13,110
3,529
3,463
3,091
3,027
2,965
Inventory adjustments and write-downs
12,045
9,763
8,592
8,109
5,790
267
(Gain) loss on sale of assets and securities
(1,889
)
(621
)
(1,831
)
471
92
(621
)
Value-added tax write-off
25,982
—
—
—
25,982
—
COVID-19 costs
2,588
318
972
681
617
2,315
Interest income on notes receivables
(179
)
(179
)
—
—
—
—
Adjusted EBITDA
$
162,155
$
43,330
$
41,527
$
48,700
$
48,807
$
52,738
Revenue
$
808,380
$
204,123
$
188,404
$
207,884
$
207,969
$
214,858
Adjusted EBITDA Margin
20
%
21
%
22
%
23
%
23
%
25
%
Adjusted Net Income (Loss) Reconciliation
(Dollars in thousands except per share amounts)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Net income (loss)
$
(77,434
)
$
7,682
$
(10,760
)
$
(54,768
)
$
32,146
Fair value adjustments, net
62,811
(10,605
)
7,543
26,440
(37,239
)
Foreign exchange loss (gain)
513
990
146
388
1,503
(Gain) loss on sale of assets and securities
(621
)
(1,831
)
471
92
(621
)
Value-added tax write-off
—
—
—
25,982
—
Loss on debt extinguishment
—
—
—
—
—
COVID-19 costs
318
972
681
617
2,315
Interest income on notes receivables
(179
)
—
—
—
—
Tax effect of adjustments
1,488
(10,990
)
(9,696
)
(1,630
)
1,056
Adjusted net income (loss)
$
(13,104
)
$
(13,782
)
$
(11,615
)
$
(2,879
)
$
(840
)
Adjusted net income (loss) per share - Basic
$
(0.05
)
$
(0.05
)
$
(0.05
)
$
(0.01
)
$
0.00
Adjusted net income (loss) per share - Diluted
$
(0.05
)
$
(0.05
)
$
(0.05
)
$
(0.01
)
$
0.00
Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Cash flow from operations
$
22,644
$
(6,427
)
$
34,936
$
21,846
$
58,059
Capital expenditures
73,156
69,502
100,868
71,266
78,223
Free cash flow
$
(50,512
)
$
(75,929
)
$
(65,932
)
$
(49,420
)
$
(20,164
)
Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)
2Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
Cash provided by (used in) operating activities
$
22,644
$
(6,427
)
$
34,936
$
21,846
$
58,059
Changes in operating assets and liabilities:
Receivables
4,882
(9,100
)
1,999
944
(961
)
Prepaid expenses and other
(3,523
)
509
104
80
(1,328
)
Inventories
11,263
17,672
9,581
3,820
(3,259
)
Accounts payable and accrued liabilities
(5,493
)
21,125
(8,831
)
8,114
(21,069
)
Operating cash flow before changes in working capital
$
29,773
$
23,779
$
37,789
$
34,804
$
31,442
Total Adjusted Liquidity
(Dollars in thousands)
2Q 2022
Cash and cash equivalents
$
74,159
Available capacity under the RCF
244,500
Total liquidity
318,659
Proceeds from sale equity securities settled in subsequent quarter
40,500
Total adjusted liquidity
$
359,159
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2022
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
58,800
$
42,914
$
48,680
$
26,600
$
1,259
$
178,253
Amortization
(9,737
)
(4,961
)
(9,369
)
(2,248
)
(1,259
)
(27,574
)
Costs applicable to sales
$
49,063
$
37,953
$
39,311
$
24,352
$
—
$
150,679
Inventory Adjustments
45
(9,490
)
(362
)
147
—
(9,660
)
By-product credit
—
—
(233
)
(124
)
—
(357
)
Adjusted costs applicable to sales
$
49,108
$
28,463
$
38,716
$
24,375
$
—
$
140,662
Metal Sales
Gold ounces
29,285
8,071
27,666
19,764
—
84,786
Silver ounces
1,854,695
682,677
—
5,828
—
2,543,200
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
51
%
50
%
100
%
100
%
Silver
49
%
50
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
855
$
1,763
$
1,399
$
1,233
Silver ($/oz)
$
12.97
$
20.85
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended March 31, 2022
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
52,611
$
36,985
$
45,532
$
22,918
$
1,259
$
159,305
Amortization
(9,386
)
(4,710
)
(8,622
)
(2,061
)
(1,259
)
(26,038
)
Costs applicable to sales
$
43,225
$
32,275
$
36,910
$
20,857
$
—
$
133,267
Inventory Adjustments
(303
)
(8,001
)
92
(106
)
—
(8,318
)
By-product credit
—
—
(245
)
(392
)
—
(637
)
Adjusted costs applicable to sales
$
42,922
$
24,274
$
36,757
$
20,359
$
—
$
124,312
Metal Sales
Gold ounces
28,242
5,928
22,834
18,207
75,211
Silver ounces
1,796,028
638,116
—
16,138
—
2,450,282
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
42
%
100
%
100
%
Silver
52
%
58
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
730
$
1,720
$
1,610
$
1,118
Silver ($/oz)
$
12.43
$
22.06
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2021
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
48,719
$
42,939
$
53,884
$
24,735
$
1,268
$
171,545
Amortization
(9,985
)
(5,433
)
(15,992
)
(2,411
)
(1,268
)
(35,089
)
Costs applicable to sales
$
38,734
$
37,506
$
37,892
$
22,324
$
—
$
136,456
Inventory Adjustments
(242
)
(7,483
)
(118
)
(53
)
—
(7,896
)
By-product credit
—
—
(123
)
(241
)
—
(364
)
Adjusted costs applicable to sales
$
38,492
$
30,023
$
37,651
$
22,030
$
—
$
128,196
Metal Sales
Gold ounces
27,706
7,385
33,889
19,950
—
88,930
Silver ounces
1,813,884
800,195
—
2,614,079
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
47
%
42
%
100
%
100
%
Silver
53
%
58
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
653
$
1,707
$
1,111
$
1,104
Silver ($/oz)
$
11.25
$
21.76
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2021
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
47,763
$
36,340
$
47,362
$
32,237
$
1,258
$
164,960
Amortization
(8,747
)
(4,671
)
(12,786
)
(3,158
)
(1,258
)
(30,620
)
Costs applicable to sales
$
39,016
$
31,669
$
34,576
$
29,079
$
—
$
134,340
Inventory Adjustments
(57
)
(5,217
)
(186
)
(61
)
—
(5,521
)
By-product credit
—
—
—
(428
)
—
(428
)
Adjusted costs applicable to sales
$
38,959
$
26,452
$
34,390
$
28,590
$
—
$
128,391
Metal Sales
Gold ounces
24,897
5,559
29,902
29,446
—
89,804
Silver ounces
1,714,617
758,214
—
18,172
—
2,491,003
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
45
%
35
%
100
%
100
%
Silver
55
%
65
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
704
$
1,665
$
1,150
$
971
Silver ($/oz)
$
12.50
$
22.68
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2021
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
50,189
$
44,537
$
41,913
$
26,437
$
1,185
$
164,261
Amortization
(8,271
)
(6,506
)
(12,710
)
(2,994
)
(1,185
)
(31,666
)
Costs applicable to sales
$
41,918
$
38,031
$
29,203
$
23,443
$
—
$
132,595
Inventory Adjustments
155
(272
)
(57
)
(91
)
—
(265
)
By-product credit
—
—
—
(839
)
—
(839
)
Adjusted costs applicable to sales
$
42,073
$
37,759
$
29,146
$
22,513
$
—
$
131,491
Metal Sales
Gold ounces
30,516
7,818
26,796
23,371
—
88,501
Silver ounces
1,639,620
911,861
—
31,421
—
2,582,902
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
37
%
100
%
100
%
Silver
52
%
63
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
662
$
1,787
$
1,088
$
963
Silver ($/oz)
$
13.34
$
26.09
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs Applicable to Sales for 2022 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
219,862
$
165,031
$
191,055
$
109,179
Amortization
(35,687
)
(22,218
)
(39,051
)
(7,811
)
Costs applicable to sales
$
184,175
$
142,813
$
152,004
$
101,368
By-product credit
—
—
—
(745
)
Adjusted costs applicable to sales
$
184,175
$
142,813
$
152,004
$
100,623
Metal Sales
Gold ounces
107,034
37,072
113,890
78,757
Silver ounces
6,831,642
3,257,498
32,199
Revenue Split
Gold
51
%
47
%
100
%
100
%
Silver
49
%
53
%
Adjusted costs applicable to sales
Gold ($/oz)
$825 - $925
$1,650 - $1,850
$1,300 - $1,400
$1,250 - $1,350
Silver ($/oz)
$12.75 - $13.75
$20.00 - $26.00
Reconciliation of Costs Applicable to Sales for Previous 2022 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
211,800
$
148,540
$
185,494
$
106,175
Amortization
(34,183
)
(20,094
)
(48,763
)
(8,378
)
Costs applicable to sales
$
177,617
$
128,446
$
136,731
$
97,797
By-product credit
—
—
—
(1,802
)
Adjusted costs applicable to sales
$
177,617
$
128,446
$
136,731
$
95,995
Metal Sales
Gold ounces
105,255
38,912
116,502
75,261
Silver ounces
6,501,289
3,405,155
75,093
Revenue Split
Gold
49
%
46
%
100
%
100
%
Silver
51
%
54
%
Adjusted costs applicable to sales
Gold ($/oz)
$750 - $850
$1,490 - $1,590
$1,150 - $1,250
$1,225 - $1,325
Silver ($/oz)
$13.50 - $14.50
$20.75 - $22.75
View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005339/en/
Coeur Mining, Inc. 104 S. Michigan Avenue, Suite 900 Chicago, IL 60603 Attention: Jeff Wilhoit, Director, Investor Relations Phone: (312) 489-5800 www.coeur.com
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