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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 | |
|---|---|---|---|---|---|---|---|---|
| -0.06 | -0.90% | 6.57 | 6.78 | 6.55 | 6.70 | 7,782,102 | 01:00:00 |
From May 2024 to Nov 2024
Ramp-up of Rochester Operation Complete; Maintaining 2024 Production Guidance Ranges
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported second quarter 2024 financial results, including revenue of $222 million and cash flow from operating activities of $15 million. The Company reported GAAP net income from continuing operations of $1 million, or $0.00 per share. On an adjusted basis1, Coeur reported EBITDA of $52 million, cash flow from operating activities before changes in working capital of $28 million and net loss from continuing operations of $3 million, or $0.01 per share.
Key Highlights
“The entire portfolio is hitting on all cylinders as we approach the second half free cash flow inflection point following the successful mid-year ramp-up of Rochester,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Improved operating performance at Kensington was especially noteworthy as operational improvements and capital investments over the last two-plus years begin to take hold. Our Palmarejo operation in Mexico has also taken a major step forward with two large, newly-acquired concession blocks that create a highly prospective and contiguous land package to the east of existing operations and outside the gold stream area of interest, which now becomes a key focus of exploration going forward.
“Rochester now stands on the threshold of a sustained period of strong free cash flow generation beginning in the second half of this year, while Kensington continues to move toward its own anticipated return to free cash flow generation in the second half of 2025. Coupled with the near-term growth opportunities at Palmarejo East and at our Wharf operation, along with the longer-term potential at Silvertip, Coeur’s portfolio is well-positioned for success. Planned debt reduction efforts are set to further enhance our unique positioning within our sector as a multi-asset portfolio concentrated in top-tier jurisdictions with unmatched leverage to silver and significant cash flow growth driven by elevated levels of investments over the past five years.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Gold Sales
$
154.1
$
151.8
$
187.7
$
139.5
$
121.4
Silver Sales
$
67.9
$
61.3
$
74.3
$
55.1
$
55.9
Consolidated Revenue
$
222.0
$
213.1
$
262.1
$
194.6
$
177.2
Costs Applicable to Sales2
$
144.7
$
146.0
$
192.3
$
147.9
$
139.6
General and Administrative Expenses
$
11.2
$
14.4
$
10.2
$
9.5
$
9.8
Net Income (Loss)
$
1.4
$
(29.1
)
$
(25.5
)
$
(21.1
)
$
(32.4
)
Net Income (Loss) Per Share
$
0.00
$
(0.08
)
$
(0.07
)
$
(0.06
)
$
(0.10
)
Adjusted Net Income (Loss)1
$
(3.4
)
$
(19.0
)
$
(6.2
)
$
(18.6
)
$
(20.2
)
Adjusted Net Income (Loss)1 Per Share
$
(0.01
)
$
(0.05
)
$
(0.02
)
$
(0.05
)
$
(0.06
)
Weighted Average Shares Outstanding
399.9
385.0
380.5
356.7
333.1
EBITDA1
$
49.7
$
27.2
$
25.0
$
15.3
$
4.0
Adjusted EBITDA1
$
52.4
$
44.3
$
64.3
$
30.6
$
22.2
Cash Flow from Operating Activities
$
15.2
$
(15.9
)
$
65.3
$
(2.4
)
$
39.4
Capital Expenditures
$
51.4
$
42.1
$
92.7
$
112.3
$
85.6
Free Cash Flow1
$
(36.2
)
$
(58.0
)
$
(27.4
)
$
(114.7
)
$
(46.2
)
Cash, Equivalents & Short-Term Investments
$
74.1
$
67.5
$
61.6
$
53.2
$
56.8
Total Debt3
$
629.3
$
585.6
$
545.3
$
512.2
$
469.4
Average Realized Price Per Ounce – Gold
$
2,003
$
1,864
$
1,886
$
1,788
$
1,809
Average Realized Price Per Ounce – Silver
$
26.20
$
23.57
$
24.79
$
24.88
$
23.91
Gold Ounces Produced
78,696
80,744
101,609
78,617
68,406
Silver Ounces Produced
2.6
2.6
3.1
2.3
2.4
Gold Ounces Sold
76,932
81,416
99,540
78,015
67,090
Silver Ounces Sold
2.6
2.6
3.0
2.2
2.3
Adjusted CAS per AuOz1
$
1,264
$
1,267
$
1,225
$
1,273
$
1,464
Adjusted CAS per AgOz1
$
17.71
$
14.63
$
17.03
$
17.85
$
16.77
Financial Results
Second quarter 2024 revenue totaled $222 million compared to $213 million in the prior period and $177 million in the second quarter of 2023. The Company produced 78,696 and 2.6 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 76,932 ounces of gold and 2.6 million ounces of silver. Average realized gold and silver prices for the quarter were $2,003 and $26.20 per ounce, respectively, compared to $1,864 and $23.57 per ounce in the prior period and $1,809 and $23.91 per ounce in the second quarter of 2023.
Gold and silver sales represented 69% and 31% of quarterly revenue, respectively, compared to 71% and 29% in the prior period. The Company’s U.S. operations accounted for approximately 63% of second quarter revenue compared to 55% in the first quarter of 2024.
Costs applicable to sales2 decreased 1% quarter-over-quarter to $145 million, largely due to lower production in the period. General and administrative expenses decreased 22% quarter-over-quarter to $11 million largely driven by annual incentive payouts in the prior period.
Coeur invested approximately $18 million ($13 million expensed and $5 million capitalized) in exploration during the quarter, compared to roughly $14 million ($11 million expensed and $3 million capitalized) in the prior period. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.
The Company recorded income tax expense of approximately $7 million during the second quarter. Cash income and mining taxes paid during the period totaled approximately $4 million.
Quarterly operating cash flow totaled $15 million compared to $(16) million in the prior period, mainly driven by stronger operating performance at Rochester, Kensington and Wharf as well as favorable changes in working capital, reflecting the timing of tax payments in Mexico and semi-annual interest payments on the Company’s 2029 5.125% Senior Notes in the previous period.
Second quarter capital expenditures were $51 million compared to $42 million in the prior period, reflecting timing of payments related to the Rochester expansion as well as increased underground mine development at Kensington. Sustaining and development capital expenditures accounted for approximately $31 million and $20 million, or 60% and 40%, respectively, of Coeur’s total capital investment during the quarter.
Fresnillo Concessions Transaction
On July 8, 2024, Coeur closed the purchase of mining concessions adjacent to the Palmarejo gold-silver complex located in the state of Chihuahua, Mexico from Fresnillo for total cash consideration of $25 million, including $10 million paid at closing, $10 million to be paid in 2025, $5 million to be paid in 2026 and a future royalty on certain ounces discovered on the purchased concessions. This transaction completes Coeur’s district scale land package from the existing operations to the Guazapares area to the Eastern Palmarejo district, filling in two strategic gaps and forming a single contiguous district spanning over 40,000 acres of highly prospective and under-explored ground that sits outside the Franco-Nevada gold stream area of interest.
The set of acquired concessions located nearest the existing operation — the Independencia Sur claim block — covers the southeast extensions of the Independencia and La Nacion veins where mining currently takes place and is expected to be a key focus of the Company’s near-term development efforts. Historical drilling by Fresnillo, mainly along the Independencia vein, comprises approximately 82,000 meters from 111 drillholes. Very little drilling was undertaken along the strike extension of the La Nacion structure and is a high priority for drilling. Other veins, including Portales and Bruno, comprise additional targets for drill testing. No resource estimation under Item 1300 of SEC Regulation S-K currently exists on the property.
Coeur began mapping and surface sampling of the Independencia Sur vein structures in 2023, which have successfully traced the surface expression of the known veins. Future work is initially expected to consist of re-logging drillholes, additional detailed surface mapping and sampling, and incorporation of data into district geographic information system and geologic models. The Company plans to undertake an initial drill program to validate historic drilling and refine targets, with a subsequent expansion program followed by a maiden resource estimate.
The set of acquired concessions located further to the northeast surrounds multiple targets containing mineralization and historic resources, portions of which were added through Coeur’s 2015 acquisition of Paramount Gold and Silver. These concessions are part of a larger and unexplored east Palmarejo district and are expected to be part of a systematic exploration program to consolidate previous exploration on Coeur’s claims, including confirmation and step-out drilling of several advanced targets on the old Paramount claims onto the new Fresnillo claims.
Another northwest trending, sub-parallel trend to Independencia Sur and Guazapares exists between these two areas known as the El Camuchin - Escondida trend. Detailed mapping and sampling over the last two years have outlined several key targets on this trend, one of which is planned to be drilled this year.
Operations
Second quarter 2024 highlights for each of the Company’s operations are provided below.
Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Tons milled
429,561
500,747
500,509
501,722
472,622
Average gold grade (oz/t)
0.066
0.070
0.060
0.055
0.056
Average silver grade (oz/t)
4.49
4.34
4.08
3.67
4.10
Average recovery rate – Au
89.9
%
95.2
%
89.4
%
97.6
%
87.4
%
Average recovery rate – Ag
82.8
%
83.7
%
79.4
%
86.9
%
83.5
%
Gold ounces produced
25,467
33,160
25,401
26,870
23,216
Silver ounces produced (000’s)
1,596
1,818
1,622
1,601
1,617
Gold ounces sold
24,313
33,462
24,848
26,018
22,207
Silver ounces sold (000’s)
1,542
1,796
1,644
1,534
1,561
Average realized price per gold ounce
$
1,744
$
1,611
$
1,615
$
1,499
$
1,589
Average realized price per silver ounce
$
26.48
$
23.64
$
24.78
$
24.96
$
23.98
Metal sales
$
83.2
$
96.4
$
80.9
$
77.3
$
72.7
Costs applicable to sales2
$
48.2
$
54.3
$
50.3
$
48.1
$
46.6
Adjusted CAS per AuOz1
$
1,006
$
901
$
1,010
$
917
$
1,023
Adjusted CAS per AgOz1
$
15.24
$
13.18
$
15.26
$
15.56
$
15.16
Exploration expense
$
2.6
$
2.5
$
2.7
$
2.2
$
1.6
Cash flow from operating activities
$
23.7
$
25.6
$
24.1
$
22.6
$
18.6
Sustaining capital expenditures (excludes capital lease payments)
$
3.1
$
4.7
$
6.9
$
8.4
$
10.7
Development capital expenditures
$
2.8
$
2.1
$
2.0
$
2.4
$
1.2
Total capital expenditures
$
5.9
$
6.8
$
8.9
$
10.8
$
11.9
Free cash flow1
$
17.8
$
18.8
$
15.2
$
11.8
$
6.7
Operational
Financial
Exploration
Other
Guidance
Rochester, Nevada
(Dollars in millions, except per ounce amounts)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Ore tons placed
5,102,800
3,135,571
2,754,058
3,487,173
2,690,840
Average silver grade (oz/t)
0.59
0.52
0.44
0.50
0.42
Average gold grade (oz/t)
0.002
0.002
0.003
0.003
0.003
Silver ounces produced (000’s)
973
699
1,340
608
683
Gold ounces produced
8,006
5,755
19,847
4,459
6,314
Silver ounces sold (000’s)
985
735
1,269
606
695
Gold ounces sold
8,150
6,185
19,175
4,432
6,493
Average realized price per silver ounce
$
25.78
$
23.32
$
24.59
$
24.63
$
23.70
Average realized price per gold ounce
$
2,131
$
2,050
$
1,991
$
1,967
$
1,946
Metal sales
$
42.8
$
29.8
$
69.4
$
23.6
$
29.1
Costs applicable to sales2
$
36.7
$
27.0
$
71.8
$
30.5
$
26.1
Adjusted CAS per AgOz1
$
21.58
$
18.17
$
19.33
$
23.64
$
20.39
Adjusted CAS per AuOz1
$
1,813
$
1,630
$
1,564
$
1,899
$
1,646
Prepayment, working capital cash flow
$
—
$
—
$
—
$
7.5
$
10.0
Exploration expense
$
1.0
$
0.4
$
0.2
$
0.3
$
0.3
Cash flow from operating activities
$
(5.9
)
$
(18.7
)
$
11.6
$
(17.3
)
$
(3.8
)
Sustaining capital expenditures (excludes capital lease payments)
$
9.9
$
15.3
$
13.8
$
7.7
$
5.1
Development capital expenditures
$
17.6
$
5.9
$
51.7
$
76.7
$
56.4
Total capital expenditures
$
27.5
$
21.2
$
65.5
$
84.4
$
61.5
Free cash flow1
$
(33.4
)
$
(39.9
)
$
(53.9
)
$
(101.7
)
$
(65.3
)
Operational
Financial
Exploration
Guidance
Kensington, Alaska
(Dollars in millions, except per ounce amounts)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Tons milled
182,043
167,439
177,382
167,950
152,907
Average gold grade (oz/t)
0.14
0.14
0.16
0.16
0.09
Average recovery rate
92.3
%
90.8
%
92.3
%
92.6
%
90.9
%
Gold ounces produced
23,202
21,434
26,686
24,614
13,193
Gold ounces sold
23,539
21,183
25,980
24,516
13,273
Average realized price per gold ounce, gross
$
2,223
$
2,105
$
2,016
$
1,956
$
1,991
Treatment and refining charges per gold ounce
$
52
$
52
$
58
$
60
$
142
Average realized price per gold ounce, net
$
2,171
$
2,053
$
1,958
$
1,896
$
1,849
Metal sales
$
51.1
$
43.5
$
51.2
$
46.5
$
24.6
Costs applicable to sales2
$
40.7
$
39.3
$
37.9
$
38.3
$
39.1
Adjusted CAS per AuOz1
$
1,734
$
1,840
$
1,441
$
1,543
$
2,927
Prepayment, working capital cash flow
$
(11.8
)
$
—
$
10.7
$
(10.7
)
$
9.9
Exploration expense
$
1.3
$
1.5
$
1.7
$
2.9
$
2.3
Cash flow from operating activities
$
(7.2
)
$
1.5
$
16.9
$
(4.4
)
$
(3.7
)
Sustaining capital expenditures (excludes capital lease payments)
$
16.5
$
13.3
$
15.1
$
15.8
$
11.7
Development capital expenditures
$
—
$
—
$
—
$
—
$
—
Total capital expenditures
$
16.5
$
13.3
$
15.1
$
15.8
$
11.7
Free cash flow1
$
(23.7
)
$
(11.8
)
$
1.8
$
(20.2
)
$
(15.4
)
Operational
Financial
Exploration
Guidance
Wharf, South Dakota
(Dollars in millions, except per ounce amounts)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Ore tons placed
1,162,437
1,251,955
1,290,562
1,254,267
1,041,846
Average gold grade (oz/t)
0.032
0.021
0.027
0.023
0.022
Gold ounces produced
22,021
20,395
29,675
22,674
25,683
Silver ounces produced (000’s)
69
67
90
69
88
Gold ounces sold
20,930
20,586
29,537
23,049
25,117
Silver ounces sold (000’s)
65
69
86
74
82
Average realized price per gold ounce
$
2,064
$
2,026
$
1,982
$
1,966
$
1,946
Metal sales
$
45.0
$
43.3
$
60.7
$
47.1
$
50.8
Costs applicable to sales2
$
19.1
$
25.4
$
32.4
$
31.0
$
27.8
Adjusted CAS per AuOz1
$
822
$
1,165
$
997
$
1,267
$
1,035
Prepayment, working capital cash flow
$
—
$
—
$
—
$
2.5
$
10.0
Exploration expense
$
1.1
$
0.1
$
—
$
—
$
—
Cash flow from operating activities
$
17.0
$
11.1
$
28.9
$
19.5
$
33.8
Sustaining capital expenditures (excludes capital lease payments)
$
1.2
$
0.3
$
1.3
$
0.6
$
0.1
Development capital expenditures
$
—
$
—
$
0.2
$
0.1
$
0.1
Total capital expenditures
$
1.2
$
0.3
$
1.5
$
0.7
$
0.2
Free cash flow1
$
15.8
$
10.8
$
27.4
$
18.8
$
33.6
Operational
Financial
Exploration
Guidance
Exploration
The Company’s exploration investment in 2024 is now expected to total $40 - $50 million for expansion drilling (classified as exploration expense) and $15 - $20 million (previously $7 - $13 million) for infill drilling (capitalized exploration). The full-year guidance range for infill drilling has been increased to reflect additional exploration investment at Wharf to drill the Juno and North Foley targets and at Kensington to continue drilling in zones in Upper and Lower Kensington.
Top exploration priorities for the Company’s 2024 exploration program include: (1) building reserves and extending mine life at Kensington to over five years by year-end; (2) pursuing higher grade structures at Rochester to enhance the near-term margin and cash flow profile of the newly-expanded operation; (3) building out a robust pipeline of inferred resources at Palmarejo to potentially drive future reserve growth; (4) further extending Wharf’s reserve-based mine life; and (5) expanding and enhancing the understanding of the evolving world-class polymetallic Silvertip system located in British Columbia.
During the second quarter, Coeur invested approximately $18 million ($13 million expensed and $5 million capitalized), compared to roughly $14 million ($11 million expensed and $3 million capitalized) in the prior period.
At Silvertip, exploration investment totaled approximately $6 million in the second quarter, compared to $5 million in the prior period. The Company expects to invest $11 - $14 million in exploration at Silvertip in 2024, which excludes $15 - $20 million related to underground mine development and site support costs.
The objectives of the 2024 exploration program at Silvertip are to (1) grow the known mineralized structures such as the Southern Silver zone from underground drilling focusing on along-strike and down-dip potential that has been identified; (2) drill much larger step-outs on major structures using surface drilling with a key focus on the Southern Silver, Saddle and Camp Creek zones; and (3) carry out district-scale field work to identify Silvertip lookalikes and other large structures with potential to host large ore bodies and to identify the outer limits of this large system.
2024 Guidance
The Company has reaffirmed its 2024 production guidance. Due to strong operational performance and cost control measures, Coeur has lowered cost guidance at Palmarejo and Wharf.
With the ramp-up of the new Merrill-Crowe facility and three-stage crusher corridor at Rochester completed, the Company has provided updated cost guidance for Rochester for the second half of 2024, which is reflected below. In addition, Coeur was able to conclude final negotiations with the key construction contractor during the second quarter, leading to an increase in expected 2024 development capital expenditures as certain costs that were originally planned for 2025 were paid during the second quarter. The Company has now paid $725 million of the total $730 million capital cost of the expansion.
Coeur has increased its planned exploration program at Wharf as the Company has identified opportunities to extend mine life at the Juno and North Foley deposits as well as at Kensington. The below exploration expense guidance excludes $15 - $20 million of underground mine development and support costs associated with Silvertip.
2024 Production Guidance
Gold
Silver
(oz)
(K oz)
Palmarejo
95,000 - 103,000
5,900 - 6,700
Rochester
37,000 - 50,000
4,800 - 6,600
Kensington
92,000 - 106,000
—
Wharf
86,000 - 96,000
—
Total
310,000 - 355,000
10,700 - 13,300
2024 Costs Applicable to Sales Guidance
Previous
Updated
Gold
Silver
Gold
Silver
($/oz)
($/oz)
($/oz)
($/oz)
Palmarejo (co-product)
$1,075 - $1,275
$16.50 - $17.50
$950 - $1,150
$15.50 - $16.50
Second Half 2024 Rochester (co-product)
$1,200 - $1,400
$14.00 - $16.00
$1,500 - $1,700
$18.00 - $20.00
Kensington
$1,525 - $1,725
—
$1,525 - $1,725
—
Wharf (by-product)
$1,100 - $1,200
—
$950 - $1,050
—
2024 Capital, Exploration and G&A Guidance
Previous
Updated
($M)
($M)
Capital Expenditures, Sustaining
$116 - $158
$124 - $158
Capital Expenditures, Development
$19 - $26
$36 - $42
Exploration, Expensed
$40 - $50
$40 - $50
Exploration, Capitalized
$7 - $13
$15 - $20
General & Administrative Expenses
$36 - $40
$36 - $40
Note: The Company’s previous guidance figures assume estimated prices of $2,000/oz gold and $23.75/oz silver as well as CAD of 1.25 and MXN of 17.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges. The Company’s updated guidance figures assume estimated prices of $2,300/oz gold and $27.00/oz silver as well as CAD of 1.25 and MXN of 17.00. 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 2024 financial results on August 8, 2024 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, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael “Mick” Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through August 15, 2024.
Replay numbers:
(877) 344-7529 (U.S.)
(855) 669-9658 (Canada)
(412) 317-0088 (International)
Conference ID:
379 87 57
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 polymetallic critical minerals exploration project in British Columbia.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding cash flow, production growth, costs, capital expenditures, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the gold stream agreement at Palmarejo, expectations, plans, costs and timing regarding the Rochester expansion project including anticipated throughput, hedging strategies, and 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 the Rochester expansion does not sustain planned performance, 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 and expanding 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 or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts 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 whom Coeur markets its production, materials and equipment availability, inflationary pressures, continued access to financing sources, 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 Item 1300 of SEC Regulation S-K, namely our Senior Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
Non-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, 2023.
Notes
1.
EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to 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.
2.
Excludes amortization.
3.
Includes capital leases. Net of debt issuance costs and premium received.
Average Spot Prices
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Average Gold Spot Price Per Ounce
$
2,338
$
2,070
$
1,971
$
1,928
$
1,976
Average Silver Spot Price Per Ounce
$
28.45
$
23.34
$
23.20
$
23.57
$
24.13
Average Zinc Spot Price Per Pound
$
1.29
$
1.11
$
1.13
$
1.10
$
1.15
Average Lead Spot Price Per Pound
$
0.98
$
0.94
$
0.96
$
0.98
$
0.96
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2024
December 31, 2023
ASSETS
In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents
$
74,136
$
61,633
Receivables
32,087
31,035
Inventory
76,896
76,661
Ore on leach pads
116,897
79,400
Prepaid expenses and other
12,080
18,526
312,096
267,255
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net
1,695,951
1,688,288
Ore on leach pads
41,226
25,987
Restricted assets
9,026
9,115
Receivables
23,140
23,140
Other
61,610
67,063
TOTAL ASSETS
$
2,143,049
$
2,080,848
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
107,323
$
115,110
Accrued liabilities and other
119,808
140,913
Debt
22,213
22,636
Reclamation
10,954
10,954
260,298
289,613
NON-CURRENT LIABILITIES
Debt
607,114
522,674
Reclamation
208,963
203,059
Deferred tax liabilities
7,571
12,360
Other long-term liabilities
27,295
29,239
850,943
767,332
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 399,240,520 issued and outstanding at June 30, 2024 and 386,282,957 at December 31, 2023
3,992
3,863
Additional paid-in capital
4,176,668
4,139,870
Accumulated other comprehensive income (loss)
—
1,331
Accumulated deficit
(3,148,852
)
(3,121,161
)
1,031,808
1,023,903
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
2,143,049
$
2,080,848
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
In thousands, except share data
Revenue
$
222,026
$
177,235
$
435,086
$
364,533
COSTS AND EXPENSES
Costs applicable to sales(1)
144,717
139,637
290,714
292,693
Amortization
27,928
19,595
55,225
42,303
General and administrative
11,241
9,789
25,645
21,872
Exploration
12,874
2,920
23,365
7,570
Pre-development, reclamation, and other
8,590
10,360
26,818
21,250
Total costs and expenses
205,350
182,301
421,767
385,688
OTHER INCOME (EXPENSE), NET
Gain on debt extinguishment
(21
)
2,961
417
2,961
Fair value adjustments, net
—
(3,922
)
—
6,639
Interest expense, net of capitalized interest
(13,162
)
(6,912
)
(26,109
)
(14,301
)
Other, net
5,122
(9,607
)
7,895
(10,568
)
Total other income (expense), net
(8,061
)
(17,480
)
(17,797
)
(15,269
)
Income (loss) before income and mining taxes
8,615
(22,546
)
(4,478
)
(36,424
)
Income and mining tax (expense) benefit
(7,189
)
(9,866
)
(23,213
)
(20,574
)
NET INCOME (LOSS)
$
1,426
$
(32,412
)
$
(27,691
)
$
(56,998
)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges
(10,881
)
12,842
(18,507
)
(86
)
Reclassification adjustments for realized (gain) loss on cash flow hedges
17,028
1,224
17,176
(2,910
)
Other comprehensive income (loss)
6,147
14,066
(1,331
)
(2,996
)
COMPREHENSIVE INCOME (LOSS)
$
7,573
$
(18,346
)
$
(29,022
)
$
(59,994
)
NET INCOME (LOSS) PER SHARE
Basic income (loss) per share:
Basic
$
0.00
$
(0.10
)
$
(0.07
)
$
(0.18
)
Diluted
$
0.00
$
(0.10
)
$
(0.07
)
$
(0.18
)
(1) Excludes amortization.
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
1,426
$
(32,412
)
$
(27,691
)
$
(56,998
)
Adjustments:
Amortization
27,928
19,595
55,225
42,303
Accretion
4,154
4,073
8,230
8,066
Deferred taxes
(9,217
)
(1,043
)
(4,788
)
5,408
Gain on debt extinguishment
21
(2,961
)
(417
)
(2,961
)
Fair value adjustments, net
—
3,922
—
(6,639
)
Stock-based compensation
2,732
2,676
6,980
5,827
Loss on the sale of assets
—
12,631
—
12,631
Write-downs
—
1,627
3,235
14,740
Deferred revenue recognition
(118
)
(15,100
)
(55,277
)
(25,215
)
Other
556
72
11,378
2,141
Changes in operating assets and liabilities:
Receivables
3,180
(913
)
(2,136
)
2,137
Prepaid expenses and other current assets
4,176
4,260
3,537
3,764
Inventory and ore on leach pads
(19,774
)
(18,738
)
(39,468
)
(36,373
)
Accounts payable and accrued liabilities
185
61,708
40,570
35,563
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
15,249
39,397
(622
)
4,394
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(51,405
)
(85,581
)
(93,488
)
(159,629
)
Proceeds from the sale of assets
—
8,228
24
8,228
Sale of investments
—
1,783
—
41,558
Proceeds from notes receivable
—
—
—
5,000
Other
(148
)
(64
)
(215
)
(108
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
(51,553
)
(75,634
)
(93,679
)
(104,951
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
—
13,013
22,823
111,442
Issuance of notes and bank borrowings, net of issuance costs
115,000
150,000
250,000
225,000
Payments on debt, finance leases, and associated costs
(71,653
)
(136,927
)
(163,878
)
(238,824
)
Other
(31
)
(225
)
(1,810
)
(2,322
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
43,316
25,861
107,135
95,296
Effect of exchange rate changes on cash and cash equivalents
(361
)
253
(321
)
652
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
6,651
(10,123
)
12,513
(4,609
)
Cash, cash equivalents and restricted cash at beginning of period
69,240
68,683
63,378
63,169
Cash, cash equivalents and restricted cash at end of period
$
75,891
$
58,560
$
75,891
$
58,560
Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)
LTM 2Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Net income (loss)
$
(74,305
)
$
1,426
$
(29,117
)
$
(25,505
)
$
(21,109
)
$
(32,412
)
Interest expense, net of capitalized interest
40,907
13,162
12,947
7,396
7,402
6,912
Income tax provision (benefit)
37,795
7,189
16,024
8,485
6,097
9,866
Amortization
112,744
27,928
27,297
34,635
22,884
19,595
EBITDA
117,141
49,705
27,151
25,011
15,274
3,961
Fair value adjustments, net
3,255
—
—
1,245
2,010
3,922
Foreign exchange (gain) loss
(1,792
)
(2,089
)
365
353
(421
)
(627
)
Asset retirement obligation accretion
16,569
4,154
4,076
4,186
4,153
4,073
Inventory adjustments and write-downs
32,657
1,071
4,188
18,464
8,934
1,603
(Gain) loss on sale of assets and securities
16,742
640
3,536
12,547
19
12,622
RMC bankruptcy distribution
(1,199
)
(1,199
)
—
—
—
(1,516
)
(Gain) loss on debt extinguishment
(893
)
21
(438
)
298
(774
)
(2,961
)
Other adjustments
9,206
104
5,461
2,188
1,453
1,158
Adjusted EBITDA
$
191,686
$
52,407
$
44,339
$
64,292
$
30,648
$
22,235
Revenue
$
891,759
$
222,026
$
213,060
$
262,090
$
194,583
$
177,235
Adjusted EBITDA Margin
21
%
24
%
21
%
25
%
16
%
13
%
Adjusted Net Income (Loss) Reconciliation
(Dollars in thousands except per share amounts)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Net income (loss)
$
1,426
$
(29,117
)
$
(25,505
)
$
(21,109
)
$
(32,412
)
Fair value adjustments, net
—
—
1,245
2,010
3,922
Foreign exchange loss (gain)
(2,950
)
484
(156
)
5
154
(Gain) loss on sale of assets and securities
640
3,536
12,547
19
12,622
RMC bankruptcy distribution
(1,199
)
—
—
—
(1,516
)
(Gain) loss on debt extinguishment
21
(438
)
298
(774
)
(2,961
)
Other adjustments
104
5,461
2,188
1,453
1,158
Tax effect of adjustments
(1,447
)
1,053
3,165
(223
)
(1,120
)
Adjusted net income (loss)
$
(3,405
)
$
(19,021
)
$
(6,218
)
$
(18,619
)
$
(20,153
)
Adjusted net income (loss) per share - Basic
$
(0.01
)
$
(0.05
)
$
(0.02
)
$
(0.05
)
$
(0.06
)
Adjusted net income (loss) per share - Diluted
$
(0.01
)
$
(0.05
)
$
(0.02
)
$
(0.05
)
$
(0.06
)
Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Cash flow from operations
$
15,249
$
(15,871
)
$
65,277
$
(2,383
)
$
39,397
Capital expenditures
51,405
42,083
92,715
112,273
85,581
Free cash flow
$
(36,156
)
$
(57,954
)
$
(27,438
)
$
(114,656
)
$
(46,184
)
Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)
2Q 2024
1Q 2024
4Q 2023
3Q 2023
2Q 2023
Cash provided by (used in) operating activities
$
15,249
$
(15,871
)
$
65,277
$
(2,383
)
$
39,397
Changes in operating assets and liabilities:
Receivables
(3,180
)
5,316
726
478
913
Prepaid expenses and other
(4,176
)
639
1,225
3,000
(4,260
)
Inventories
19,774
19,694
(7,401
)
18,620
18,738
Accounts payable and accrued liabilities
(185
)
(40,385
)
(14,490
)
(5,528
)
(61,708
)
Operating cash flow before changes in working capital
$
27,482
$
(30,607
)
$
45,337
$
14,187
$
(6,920
)
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2024
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
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
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
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
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
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
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
57,083
$
34,708
$
45,180
$
32,614
$
919
$
170,504
Amortization
(9,024
)
(4,176
)
(6,894
)
(1,588
)
(919
)
(22,601
)
Costs applicable to sales
$
48,059
$
30,532
$
38,286
$
31,026
$
—
$
147,903
Inventory Adjustments
(328
)
(7,788
)
(411
)
(16
)
—
(8,543
)
By-product credit
—
—
(57
)
(1,802
)
—
(1,859
)
Adjusted costs applicable to sales
$
47,731
$
22,744
$
37,818
$
29,208
$
—
$
137,501
Metal Sales
Gold ounces
26,018
4,432
24,516
23,049
—
78,015
Silver ounces
1,533,975
606,083
—
73,677
—
2,213,735
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
50
%
37
%
100
%
100
%
Silver
50
%
63
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
917
$
1,899
$
1,543
$
1,267
$
1,273
Silver ($/oz)
$
15.56
$
23.64
$
—
$
17.85
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
54,608
$
29,717
$
43,950
$
29,634
$
1,021
$
158,930
Amortization
(8,017
)
(3,649
)
(4,801
)
(1,805
)
(1,021
)
(19,293
)
Costs applicable to sales
$
46,591
$
26,068
$
39,149
$
27,829
$
—
$
139,637
Inventory Adjustments
(209
)
(1,215
)
(239
)
77
—
(1,586
)
By-product credit
—
—
(63
)
(1,922
)
—
(1,985
)
Adjusted costs applicable to sales
$
46,382
$
24,853
$
38,847
$
25,984
$
—
$
136,066
Metal Sales
Gold ounces
22,207
6,493
13,273
25,117
—
67,090
Silver ounces
1,560,743
694,657
—
82,013
—
2,337,413
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
49
%
43
%
100
%
100
%
Silver
51
%
57
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,023
$
1,646
$
2,927
$
1,035
$
1,464
Silver ($/oz)
$
15.16
$
20.39
$
—
$
16.77
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales for Updated 2024 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester(1)
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
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)
$950 - $1,150
$1,500 - $1,700
$1,525 - $1,725
$950 - $1,050
Silver ($/oz)
$15.50 - $16.50
$18.00 - $20.00
Reconciliation of Costs Applicable to Sales for Previous 2024 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester(1)
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
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)
$1,075 - $1,275
$1,200 - $1,400
$1,525 - $1,725
$1,100 - $1,200
Silver ($/oz)
$16.50 - $17.50
$14.00 - $16.00
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807794593/en/
Coeur Mining, Inc. 200 S. Wacker Drive, Suite 2100 Chicago, IL 60606 Attention: Jeff Wilhoit, Senior Director, Investor Relations Phone: (312) 489-5800 www.coeur.com
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