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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 | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.19% | 5.28 | 5.30 | 5.01 | 5.14 | 5,646,531 | 00:59:59 |
Delaware (State or other jurisdiction of incorporation or organization) | 1-8641 (Commission File Number) | 82-0109423 (IRS Employer Identification No.) |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated May 4, 2015 |
COEUR MINING, INC. | |
Date: May 4, 2015 | By: /s/ Peter C. Mitchell |
Name: Peter C. Mitchell Title: Senior Vice President and Chief Financial Officer |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated May 4, 2015 |
• | Silver production was 3.8 million ounces and gold production was 69,734 ounces, or 8.0 million silver equivalent1 ounces as previously announced on April 6, 2015 |
• | Adjusted all-in sustaining costs were $17.66 per silver equivalent ounce1, down 8% from the fourth quarter |
• | Adjusted costs applicable to sales per silver equivalent ounce1 were $13.71, a 5% decrease from the fourth quarter and the lowest level in a year |
• | Adjusted costs applicable to sales per gold ounce1 at Kensington were $797, almost unchanged from the fourth quarter |
• | Adjusted costs applicable to sales per silver equivalent ounce1 at Palmarejo dropped 7% from the fourth quarter to $14.56 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 at Rochester were $12.95, down 6% from the fourth quarter |
• | Acquired the Wharf gold mine from a subsidiary of Goldcorp for $103 million in cash |
• | Cash, cash equivalents, and short-term investments were $179.6 million at March 31, 2015 |
• | Shares issued and outstanding were 136.0 million as of May 1, 2015 |
• | $16.25 - $17.75 per silver equivalent ounce1 at Palmarejo |
• | $12.50 - $14.00 per silver equivalent ounce1 at Rochester |
• | $13.50 - $15.00 per silver equivalent ounce1 at San Bartolomé |
• | $900 - $975 per gold ounce at Kensington |
• | $750 - $825 per gold equivalent ounce1 at Wharf |
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | ||||||||||
Revenue | $ | 153.0 | $ | 140.6 | $ | 170.9 | $ | 164.6 | $ | 159.6 | |||||
Costs Applicable to Sales | $ | 115.1 | $ | 126.5 | $ | 125.9 | $ | 118.7 | $ | 106.9 | |||||
General and Administrative Expenses | $ | 8.8 | $ | 9.0 | $ | 8.5 | $ | 9.4 | $ | 13.9 | |||||
Adjusted EBITDA1 | $ | 21.7 | $ | 7.8 | $ | 25.7 | $ | 32.9 | $ | 31.1 | |||||
Net Income (Loss) | $ | (33.3 | ) | $ | (1,079.1 | ) | $ | 3.5 | $ | (43.1 | ) | $ | (37.2 | ) | |
Earnings Per Share | $ | (0.32 | ) | $ | (10.53 | ) | $ | 0.03 | $ | (0.42 | ) | $ | (0.36 | ) | |
Adjusted Net Income (Loss)1 | $ | (24.4 | ) | $ | (37.5 | ) | $ | (18.5 | ) | $ | (21.5 | ) | $ | (18.8 | ) |
Adjusted Net Income (Loss)1 Per Share | $ | (0.24 | ) | $ | (0.37 | ) | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.18 | ) |
Weighted Average Shares | 102.6 | 102.4 | 102.6 | 102.4 | 102.4 | ||||||||||
Cash Flow From Operating Activities | $ | (4.0 | ) | $ | 0.7 | $ | 31.3 | $ | 30.5 | $ | (9.6 | ) | |||
Capital Expenditures | $ | 17.6 | $ | 20.1 | $ | 16.8 | $ | 15.4 | $ | 11.9 | |||||
Cash, Equivalents & Short-Term Investments | $ | 179.6 | $ | 270.9 | $ | 295.4 | $ | 316.8 | $ | 318.6 | |||||
Total Debt2 | $ | 513.5 | $ | 468.5 | $ | 469.5 | $ | 480.1 | $ | 464.2 | |||||
Average Realized Price Per Ounce - Silver | $ | 16.77 | $ | 16.40 | $ | 19.46 | $ | 19.60 | $ | 20.28 | |||||
Average Realized Price Per Ounce - Gold | $ | 1,204 | $ | 1,186 | $ | 1,260 | $ | 1,277 | $ | 1,279 | |||||
Silver Ounces Produced | 3.8 | 4.3 | 4.3 | 4.5 | 4.1 | ||||||||||
Gold Ounces Produced | 69,734 | 64,534 | 64,989 | 61,025 | 58,836 | ||||||||||
Silver Equivalent Ounces Produced1 | 8.0 | 8.3 | 8.2 | 8.1 | 7.6 | ||||||||||
Silver Ounces Sold | 4.1 | 4.6 | 4.3 | 4.6 | 3.9 | ||||||||||
Gold Ounces Sold | 68,420 | 52,785 | 69,541 | 57,751 | 62,578 | ||||||||||
Silver Equivalent Ounces Sold1 | 8.2 | 7.9 | 8.4 | 8.1 | 7.6 | ||||||||||
Adjusted Costs Applicable to Sales per AgEq Oz1 | $ | 13.71 | $ | 14.43 | $ | 14.19 | $ | 14.00 | $ | 13.09 | |||||
Adj. Costs Applicable to Sales per Au Oz1 (Kensington) | $ | 797 | $ | 792 | $ | 889 | $ | 821 | $ | 879 | |||||
Adjusted All-in Sustaining Costs per AgEq Oz1 | $ | 17.66 | $ | 19.25 | $ | 18.27 | $ | 19.10 | $ | 18.52 |
(Dollars in millions, except per ounce amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 |
Underground Operations: | |||||
Tons mined | 149,150 | 187,730 | 169,656 | 177,359 | 209,854 |
Average silver grade (oz/t) | 4.34 | 4.49 | 4.88 | 6.15 | 5.95 |
Average gold grade (oz/t) | 0.07 | 0.06 | 0.10 | 0.11 | 0.11 |
Surface Operations: | |||||
Tons mined | 281,481 | 320,802 | 343,001 | 320,583 | 358,222 |
Average silver grade (oz/t) | 3.79 | 2.90 | 3.09 | 3.72 | 3.50 |
Average gold grade (oz/t) | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 |
Processing: | |||||
Total tons milled | 451,918 | 510,813 | 518,212 | 534,718 | 571,345 |
Average recovery rate – Ag | 78.7% | 80.2% | 82.7% | 75.6% | 73.3% |
Average recovery rate – Au | 73.9% | 78.7% | 86.9% | 78.9% | 78.0% |
Silver ounces produced (000's) | 1,354 | 1,444 | 1,533 | 1,761 | 1,820 |
Gold ounces produced | 15,495 | 15,237 | 22,514 | 23,706 | 25,216 |
Silver equivalent ounces produced1 (000's) | 2,284 | 2,359 | 2,883 | 3,183 | 3,333 |
Silver ounces sold (000's) | 1,330 | 1,375 | 1,605 | 1,983 | 1,677 |
Gold ounces sold | 13,793 | 16,255 | 23,600 | 25,753 | 26,422 |
Silver equivalent ounces sold1 (000's) | 2,158 | 2,350 | 3,021 | 3,528 | 3,262 |
Revenues | $39.4 | $42.2 | $61.4 | $72.4 | $68.0 |
Costs applicable to sales | $34.5 | $48.1 | $46.0 | $49.6 | $43.6 |
Adjusted costs applicable to sales per AgEq ounce1 | $14.56 | $15.70 | $14.43 | $13.48 | $13.13 |
Exploration expense | $1.1 | $1.5 | $2.6 | $1.6 | $1.0 |
Cash flow from operating activities | $(0.2) | $(3.2) | $20.2 | $27.4 | $10.2 |
Sustaining capital expenditures | $3.1 | $5.5 | $1.9 | $5.3 | $3.7 |
Development capital expenditures | $6.1 | $5.4 | $4.0 | $0.3 | $— |
Total capital expenditures | $9.2 | $10.9 | $5.9 | $5.6 | $3.7 |
Free cash flow (before royalties) | $(9.4) | $(14.1) | $14.3 | $21.8 | $6.5 |
Royalties paid | $10.4 | $10.0 | $11.4 | $12.3 | $14.7 |
Free cash flow3 | $(19.8) | $(24.1) | $2.9 | $9.5 | $(8.2) |
• | Adjusted costs applicable to sales per silver equivalent ounce1 of $14.56 decreased 7% from the fourth quarter of 2014 |
• | Recovery rates for silver and gold declined in the first quarter due to test work completed in the processing plant during the quarter |
• | Cash flow from operating activities of $(0.2) million included a $4.5 million increase in working capital |
• | Palmarejo continues to transition to underground mining at the Guadalupe mine and the Independencia mine (beginning early 2016) while mining activities in the historic zones gradually decline |
• | Open-pit operations are expected to end in the third quarter of 2015 and underground mining at the legacy zones is expected to end by January 2016 |
• | The acquisition of Paramount closed April 17, 2015. On April 27, 2015, Coeur announced an 89% increase in silver reserves and 76% increase in gold reserves at Palmarejo, mainly from the addition of certain Paramount assets. The increase contains an average silver reserve grade 31% higher than Palmarejo's reserves as of December 31, 2014 |
• | Palmarejo’s reserves now total 54.0 million silver ounces and 876,000 gold ounces. Compared to just fifteen months ago, silver reserves have increased 30% and gold reserves have increased 54%. Most importantly, the average silver reserve grade has increased 32% and the average gold reserve grade has increased 55% |
• | In 2015, Palmarejo is expected to produce 3.9 - 4.3 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $16.25 - $17.75 |
(Dollars in millions, except per ounce amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 |
Ore tons placed | 4,013,879 | 3,876,944 | 3,892,421 | 3,329,582 | 3,640,861 |
Average silver grade (oz/t) | 0.74 | 0.60 | 0.51 | 0.58 | 0.59 |
Average gold grade (oz/t) | 0.004 | 0.004 | 0.005 | 0.003 | 0.003 |
Silver ounces produced (000's) | 1,144 | 1,170 | 1,156 | 1,112 | 750 |
Gold ounces produced | 13,721 | 15,764 | 11,702 | 9,230 | 8,192 |
Silver equivalent ounces produced1 (000's) | 1,967 | 2,116 | 1,858 | 1,666 | 1,242 |
Silver ounces sold (000's) | 1,351 | 1,154 | 1,067 | 1,006 | 695 |
Gold ounces sold | 17,754 | 14,131 | 8,932 | 8,970 | 7,770 |
Silver equivalent ounces sold1 (000's) | 2,416 | 2,002 | 1,603 | 1,544 | 1,161 |
Revenues | $44.0 | $36.0 | $32.4 | $31.2 | $24.2 |
Costs applicable to sales | $31.4 | $28.7 | $23.7 | $24.4 | $14.7 |
Adjusted costs applicable to sales per silver equivalent ounce1 | $12.95 | $13.82 | $14.78 | $15.73 | $12.63 |
Exploration expense | $0.7 | $0.6 | $0.1 | $0.7 | $1.2 |
Cash flow from operating activities | $16.4 | $10.2 | $8.2 | $4.3 | $(9.0) |
Sustaining capital expenditures | $0.8 | $2.7 | $4.2 | $4.0 | $1.0 |
Development capital expenditures | $2.5 | $— | $— | $— | $— |
Total capital expenditures | $3.3 | $2.7 | $4.2 | $4.0 | $1.0 |
Free cash flow3 | $13.1 | $7.5 | $4.0 | $0.3 | $(10.0) |
• | First quarter adjusted costs applicable to sales per silver equivalent ounce1 were $12.95, down 6% from the fourth quarter due to lower crushing and leaching costs |
• | The average silver grade increased 23% compared to the fourth quarter and silver equivalent ounces sold increased 21% |
• | Free cash flow3 of $13.1 million in the first quarter was the highest since the fourth quarter of 2012, when realized silver and gold prices averaged $32.52 per ounce and $1,709 per ounce, respectively |
• | Approval for POA 10 (expansion of Stage 4 leach pad and construction of new Stage 5 leach pad) is expected by early 2016 |
• | In 2015, Rochester is expected to produce 4.7 - 5.0 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $12.50 - $14.00 |
(Dollars in millions, except per ounce amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 |
Tons milled | 147,969 | 167,417 | 145,097 | 163,749 | 159,697 |
Average gold grade (oz/t) | 0.24 | 0.21 | 0.23 | 0.18 | 0.17 |
Average recovery rate | 94.8% | 94.2% | 93.0% | 94.5% | 94.5% |
Gold ounces produced | 33,909 | 33,533 | 30,773 | 28,089 | 25,428 |
Gold ounces sold | 36,873 | 22,399 | 37,009 | 23,028 | 28,386 |
Revenues | $44.0 | $26.0 | $45.9 | $29.0 | $36.1 |
Costs applicable to sales | $29.4 | $18.9 | $34.7 | $23.2 | $28.5 |
Adjusted costs applicable to sales per gold ounce1 | $797 | $792 | $889 | $821 | $879 |
Exploration expense | $1.7 | $2.8 | $2.6 | $1.6 | $1.0 |
Cash flow from operating activities | $12.3 | $(3.7) | $17.0 | $(0.6) | $13.9 |
Sustaining capital expenditures | $4.1 | $3.3 | $3.6 | $4.0 | $4.7 |
Development capital expenditures | $— | $0.6 | $— | $— | $— |
Total capital expenditures | $4.1 | $3.9 | $3.6 | $4.0 | $4.7 |
Free cash flow3 | $8.2 | $(7.6) | $13.4 | $(4.6) | $9.2 |
• | Free cash flow3 at Kensington of $8.2 million increased from $(7.6) million in the fourth quarter of 2014 due to a 65% increase in gold ounces sold |
• | A 14% increase in average gold grade enabled lower throughput in the first quarter, with adjusted costs applicable to sales per gold ounce1 below $800 for the second consecutive quarter |
• | Coeur released a re-scoped mine plan at Kensington on April 14, 2015, reflecting the impact of the recently discovered high-grade Jualin zone. Mining rates at Jualin are expected to peak in 2018-2019 when annual production at Kensington is expected to average approximately 143,000 ounces at costs applicable to sales per gold ounce of approximately $760. Recent drilling results suggest the potential to grow the resource at Jualin and extend the 2017 -2019 production profile |
• | In 2015, Kensington is expected to produce 110,000 - 115,000 ounces of gold at costs applicable to sales per gold ounce of $900 - $975 |
(Dollars in millions, except per ounce amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 |
Tons milled | 406,951 | 454,135 | 471,938 | 437,975 | 385,375 |
Average silver grade (oz/t) | 3.65 | 3.77 | 3.70 | 3.87 | 3.88 |
Average recovery rate | 81.6% | 88.0% | 86.5% | 87.5% | 90.5% |
Silver ounces produced (000's) | 1,213 | 1,507 | 1,509 | 1,481 | 1,355 |
Silver ounces sold (000's) | 1,290 | 1,987 | 1,438 | 1,494 | 1,357 |
Revenues | $21.5 | $32.6 | $28.4 | $29.1 | $27.6 |
Costs applicable to sales | $19.1 | $29.6 | $20.4 | $20.7 | $18.9 |
Adjusted costs applicable to sales per silver equivalent ounce1 | $14.47 | $14.38 | $13.67 | $13.85 | $13.93 |
Exploration expense | $— | $— | $— | $0.1 | $— |
Cash flow from operating activities | $5.0 | $2.3 | $12.3 | $18.9 | $4.5 |
Sustaining capital expenditures | $0.9 | $2.0 | $2.8 | $1.7 | $1.4 |
Development capital expenditures | $— | $— | $— | $— | $— |
Total capital expenditures | $0.9 | $2.0 | $2.8 | $1.7 | $1.4 |
Free cash flow3 | $4.1 | $0.3 | $9.5 | $17.2 | $3.1 |
• | Maintenance downtime and heavy rain resulted in processing a greater proportion of stockpiled ore in the first quarter, which negatively impacted the grade and recovery rates. Despite this, adjusted costs applicable to sales per silver equivalent ounce1 remained stable with the fourth quarter of 2014 at San Bartolomé |
• | Free cash flow1 of $4.1 million in the first quarter increased from $0.3 million in the fourth quarter of 2014 due to lower working capital |
• | In 2015, San Bartolomé is expected to produce 5.8 - 6.1 million ounces of silver at costs applicable to sales per silver equivalent ounce1 of $13.50 - $15.00 |
(Dollars in millions, except per ounce amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 |
Ore tons placed | 415,996 | — | — | — | — |
Average gold grade (oz/t) | 0.020 | — | — | — | — |
Gold ounces produced | 6,609 | — | — | — | — |
Revenues | $— | — | — | — | — |
Cash flow from operating activities | $(7.2) | — | — | — | — |
Sustaining capital expenditures | $0.1 | — | — | — | — |
Development capital expenditures | $— | — | — | — | — |
Total capital expenditures | $0.1 | — | — | — | — |
Free cash flow3 | $(7.3) | — | — | — | — |
• | There were no metal sales at Wharf from the February 20, 2015 transaction closing date through the end of the first quarter, as the mine has historically maintained a monthly shipping schedule. The first ore shipment after the transaction closed was in mid-March and the corresponding metal sale occurred in April. Going forward, Coeur expects to increase the frequency of ore shipments at Wharf to more closely align the timing of metal sales with production |
• | In 2015, Wharf is expected to produce 74,000 - 78,000 ounces of gold at costs applicable to sales per gold equivalent ounce1 of $750 - $825 |
(Dollars in millions, except per ounce amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 |
Tons milled | 185,299 | 214,180 | 199,757 | 185,538 | 193,219 |
Average silver grade (oz/t) | 1.69 | 1.99 | 1.44 | 1.41 | 1.65 |
Average recovery rate | 42.4% | 44.9% | 49.1% | 42.4% | 45.9% |
Silver ounces produced (000's) | 133 | 191 | 141 | 111 | 147 |
Silver ounces sold (000's) | 118 | 192 | 141 | 106 | 147 |
Metal sales | $1.9 | $2.7 | $2.4 | $2.0 | $2.9 |
Royalty revenue | $1.5 | $0.7 | $0.6 | $0.9 | $1.0 |
Costs applicable to sales (Endeavor silver stream) | $0.6 | $1.1 | $1.1 | $0.8 | $1.2 |
Costs applicable to sales per silver equivalent ounce1 | $5.37 | $5.69 | $7.71 | $7.94 | $8.05 |
Cash flow from operating activities | $2.2 | $1.5 | $2.4 | $0.8 | $1.8 |
Free cash flow3 | $2.2 | $1.5 | $2.4 | $0.8 | $1.8 |
• | There are five cash-flowing royalties and streams, four non-cash-flowing royalties, and ten investments in junior mining companies held in Coeur Capital or its affiliates |
• | Coeur Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At March 31, 2015, the Company has received 5.6 million ounces, or 28.0% of the total |
(silver and silver equivalent ounces in thousands) | Silver | Gold | Silver Equivalent1 |
Palmarejo | 3,900 - 4,300 | 55,000 - 65,000 | 7,200 - 8,200 |
San Bartolomé | 5,800 - 6,100 | — | 5,800 - 6,100 |
Rochester | 4,700 - 5,000 | 55,000 - 65,000 | 8,000 - 8,900 |
Endeavor | 400 - 600 | — | 400 - 600 |
Kensington | — | 110,000 - 115,000 | 6,600 - 6,900 |
Wharf | — | 74,000 - 78,000 | 4,440 - 4,680 |
Total | 14,800 - 16,000 | 294,000 - 323,000 | 32,440 - 35,380 |
(dollars in millions, except per ounce amounts) | 2015 Guidance | 2014 Result |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Palmarejo | $16.25 - $17.75 | $15.40 |
Costs Applicable to Sales per Silver Equivalent Ounce1 - San Bartolomé | $13.50 - $15.00 | $14.29 |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Rochester | $12.50 - $14.00 | $14.49 |
Costs Applicable to Sales per Gold Ounce1 - Kensington | $900 - 975 | $951 |
Costs Applicable to Sales per Gold Equivalent Ounce1 - Wharf | $750 - $825 | N/A |
Capital Expenditures | $95 - $105 | $64 |
General and Administrative Expenses | $36 - $39 | $41 |
Exploration Expense | $13 - $16 | $22 |
All-in Sustaining Costs per Silver Equivalent Ounce1 | $17.50 - $18.50 | $19.72 |
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
In thousands, except share data | ||||||||
Revenue | $ | 152,956 | $ | 159,633 | ||||
COSTS AND EXPENSES | ||||||||
Costs applicable to sales | 115,062 | 106,896 | ||||||
Amortization | 33,090 | 40,459 | ||||||
General and administrative | 8,834 | 13,896 | ||||||
Exploration | 4,266 | 4,217 | ||||||
Pre-development, reclamation, and other | 6,763 | 6,984 | ||||||
Total costs and expenses | 168,015 | 172,452 | ||||||
OTHER INCOME (EXPENSE), NET | ||||||||
Fair value adjustments, net | (4,884 | ) | (11,436 | ) | ||||
Impairment of equity securities | (1,514 | ) | (2,588 | ) | ||||
Interest income and other, net | (997 | ) | (1,983 | ) | ||||
Interest expense, net of capitalized interest | (10,765 | ) | (13,054 | ) | ||||
Total other income (expense), net | (18,160 | ) | (29,061 | ) | ||||
Income (loss) before income and mining taxes | (33,219 | ) | (41,880 | ) | ||||
Income and mining tax (expense) benefit | (68 | ) | 4,689 | |||||
NET INCOME (LOSS) | $ | (33,287 | ) | $ | (37,191 | ) | ||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | ||||||||
Unrealized gain (loss) on equity securities, net of tax of $578 and $(234) for the three months ended March 31, 2015 and 2014, respectively | (915 | ) | 371 | |||||
Reclassification adjustments for impairment of equity securities, net of tax of $(586) and $(1,001) for the three months ended March 31, 2015 and 2014, respectively | 928 | 1,587 | ||||||
Other comprehensive income (loss) | 13 | 1,958 | ||||||
COMPREHENSIVE INCOME (LOSS) | $ | (33,274 | ) | $ | (35,233 | ) | ||
NET INCOME (LOSS) PER SHARE | ||||||||
Basic | $ | (0.32 | ) | $ | (0.36 | ) | ||
Diluted | $ | (0.32 | ) | $ | (0.36 | ) |
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
In thousands | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (33,287 | ) | (37,191 | ) | ||
Adjustments: | |||||||
Amortization | 33,090 | 40,459 | |||||
Accretion | 3,150 | 4,560 | |||||
Deferred income taxes | (2,184 | ) | (11,781 | ) | |||
Loss on termination of revolving credit facility | — | 3,035 | |||||
Fair value adjustments, net | 4,884 | 11,436 | |||||
Stock-based compensation | 2,150 | 2,565 | |||||
Impairment of equity securities | 1,514 | 2,588 | |||||
Other | 1,079 | (817 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Receivables | 2,556 | 5,622 | |||||
Prepaid expenses and other current assets | (1,327 | ) | (8,109 | ) | |||
Inventory and ore on leach pads | 684 | (13,912 | ) | ||||
Accounts payable and accrued liabilities | (16,281 | ) | (8,082 | ) | |||
CASH USED IN OPERATING ACTIVITIES | (3,972 | ) | (9,627 | ) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | (17,620 | ) | (11,936 | ) | |||
Acquisitions, net of cash acquired | (102,018 | ) | — | ||||
Other | (1,730 | ) | (25 | ) | |||
Purchase of short-term investments and equity securities | (278 | ) | (46,220 | ) | |||
Sales and maturities of short-term investments | 229 | 90 | |||||
CASH USED IN INVESTING ACTIVITIES | (121,417 | ) | (58,091 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Issuance of notes and bank borrowings | 53,500 | 153,000 | |||||
Payments on long-term debt, capital leases, and associated costs | (8,594 | ) | (4,111 | ) | |||
Gold production royalty payments | (10,368 | ) | (14,683 | ) | |||
Other | (423 | ) | (246 | ) | |||
CASH PROVIDED BY FINANCING ACTIVITIES | 34,115 | 133,960 | |||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (91,274 | ) | 66,242 | ||||
Cash and cash equivalents at beginning of period | 270,861 | 206,690 | |||||
Cash and cash equivalents at end of period | $ | 179,587 | $ | 272,932 |
March 31, 2015 (Unaudited) | December 31, 2014 | ||||||
ASSETS | In thousands, except share data | ||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 179,587 | $ | 270,861 | |||
Receivables | 118,390 | 116,921 | |||||
Inventory | 115,337 | 114,931 | |||||
Ore on leach pads | 66,705 | 48,204 | |||||
Deferred tax assets | 7,255 | 7,364 | |||||
Prepaid expenses and other | 18,629 | 15,523 | |||||
505,903 | 573,804 | ||||||
NON-CURRENT ASSETS | |||||||
Property, plant and equipment, net | 254,892 | 227,911 | |||||
Mining properties, net | 572,842 | 501,192 | |||||
Ore on leach pads | 34,425 | 37,889 | |||||
Restricted assets | 9,039 | 7,037 | |||||
Equity securities | 4,488 | 5,982 | |||||
Receivables | 18,933 | 21,686 | |||||
Deferred tax assets | 63,735 | 60,151 | |||||
Other | 11,561 | 9,915 | |||||
TOTAL ASSETS | $ | 1,475,818 | $ | 1,445,567 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 45,387 | $ | 49,052 | |||
Accrued liabilities and other | 40,568 | 51,513 | |||||
Debt | 65,719 | 17,498 | |||||
Royalty obligations | 44,442 | 43,678 | |||||
Reclamation | 3,888 | 3,871 | |||||
Deferred tax liabilities | 8,078 | 8,078 | |||||
208,082 | 173,690 | ||||||
NON-CURRENT LIABILITIES | |||||||
Debt | 447,779 | 451,048 | |||||
Royalty obligations | 21,219 | 27,651 | |||||
Reclamation | 85,899 | 66,943 | |||||
Deferred tax liabilities | 121,799 | 111,006 | |||||
Other long-term liabilities | 37,476 | 29,911 | |||||
714,172 | 686,559 | ||||||
STOCKHOLDERS’ EQUITY | |||||||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | 1,033 | 1,034 | |||||
Additional paid-in capital | 2,791,216 | 2,789,695 | |||||
Accumulated other comprehensive income (loss) | (2,795 | ) | (2,808 | ) | |||
Accumulated deficit | (2,235,890 | ) | (2,202,603 | ) | |||
553,564 | 585,318 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,475,818 | $ | 1,445,567 |
(Dollars in thousands except per share amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | ||||||||||||||
Net income (loss) | $ | (33,287 | ) | $ | (1,079,038 | ) | $ | 3,466 | $ | (43,121 | ) | $ | (37,191 | ) | |||||
Interest expense, net of capitalized interest | 10,765 | 10,566 | 11,615 | 12,311 | 13,054 | ||||||||||||||
Interest income and other, net | 997 | (3,688 | ) | 213 | 4,083 | (1,983 | ) | ||||||||||||
Income tax provision (benefit) | 68 | (440,594 | ) | (16,582 | ) | 2,621 | (4,689 | ) | |||||||||||
Amortization | 33,090 | 38,570 | 41,985 | 41,422 | 40,459 | ||||||||||||||
EBITDA | 11,633 | (1,474,184 | ) | 40,697 | 17,316 | 9,650 | |||||||||||||
Fair value adjustments, net | 4,884 | (7,229 | ) | (16,106 | ) | 8,281 | 11,436 | ||||||||||||
Impairment of equity securities | 1,514 | 1,979 | 1,092 | 934 | 2,588 | ||||||||||||||
Litigation settlements | — | — | — | — | — | ||||||||||||||
Loss on revolver termination | — | — | — | — | 3,035 | ||||||||||||||
Inventory adjustments | 3,684 | 14,482 | 4,993 | 6,353 | 4,373 | ||||||||||||||
Write-downs | — | 1,472,721 | — | — | — | ||||||||||||||
Adjusted EBITDA | $ | 21,715 | $ | 7,769 | $ | 30,676 | $ | 32,884 | $ | 31,082 |
(Dollars in thousands except per share amounts) | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | ||||||||||||||
Net income (loss) | $ | (33,287 | ) | $ | (1,079,038 | ) | $ | 3,466 | $ | (43,121 | ) | $ | (37,191 | ) | |||||
Fair value adjustments, net | 4,339 | (5,622 | ) | (13,026 | ) | 6,498 | 7,827 | ||||||||||||
Stock-based compensation | 2,410 | 1,807 | 2,417 | 2,299 | 2,453 | ||||||||||||||
Impairment of equity securities | 1,514 | 1,979 | 1,092 | 934 | 2,588 | ||||||||||||||
Accretion of royalty obligation | 1,315 | 1,992 | 1,374 | 1,789 | 1,821 | ||||||||||||||
Write-downs | — | 1,021,756 | — | — | — | ||||||||||||||
Litigation settlements | — | — | — | — | — | ||||||||||||||
(Gain) loss on debt extinguishments | — | (426 | ) | — | — | — | |||||||||||||
Loss on revolver termination | — | — | — | — | 3,035 | ||||||||||||||
Inventory adjustments | 3,684 | 14,482 | 4,993 | 6,353 | 4,373 | ||||||||||||||
Deferred tax asset valuation allowance | (3,464 | ) | — | — | — | — | |||||||||||||
Foreign exchange (gain) loss on deferred taxes | (929 | ) | 5,615 | (18,801 | ) | 3,711 | (3,705 | ) | |||||||||||
Adjusted net income (loss) | $ | (24,418 | ) | $ | (37,455 | ) | $ | (18,485 | ) | $ | (21,537 | ) | $ | (18,799 | ) | ||||
Adjusted net income (loss) per share | $ | (0.24 | ) | $ | (0.37 | ) | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.18 | ) |
Silver | Gold | |||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 41,824 | $ | 23,818 | $ | 38,235 | $ | 1,892 | $ | 105,769 | $ | 40,973 | $ | 146,742 | ||||||||||||||
Amortization | 7,333 | 4,691 | 6,843 | 1,259 | 20,126 | 11,554 | 31,680 | |||||||||||||||||||||
Costs applicable to sales | $ | 34,491 | $ | 19,127 | $ | 31,392 | $ | 633 | $ | 85,643 | $ | 29,419 | $ | 115,062 | ||||||||||||||
Silver equivalent ounces sold | 2,157,612 | 1,289,867 | 2,416,103 | 117,863 | 5,981,445 | |||||||||||||||||||||||
Gold ounces sold | 36,873 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 15.99 | $ | 14.83 | $ | 12.99 | $ | 5.37 | $ | 14.32 | $ | 798 | ||||||||||||||||
Inventory adjustments | (1.43 | ) | (0.36 | ) | (0.04 | ) | — | (0.61 | ) | (1 | ) | |||||||||||||||||
Adjusted costs applicable to sales per ounce | 14.56 | 14.47 | 12.95 | 5.37 | 13.71 | 797 | ||||||||||||||||||||||
Treatment and refining costs | 1,490 | |||||||||||||||||||||||||||
Sustaining capital | 10,909 | |||||||||||||||||||||||||||
General and administrative | 8,834 | |||||||||||||||||||||||||||
Exploration | 4,266 | |||||||||||||||||||||||||||
Reclamation | 2,924 | |||||||||||||||||||||||||||
Project/pre-development costs | 4,873 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 148,358 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,981,445 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 2,212,380 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,193,825 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.11 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.45 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 17.66 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 64,397 | $ | 34,610 | $ | 34,611 | $ | 2,678 | $ | 136,296 | $ | 27,383 | $ | 163,679 | ||||||||||||||
Amortization | 16,235 | 4,993 | 5,955 | 1,586 | 28,769 | 8,458 | 37,227 | |||||||||||||||||||||
Costs applicable to sales | $ | 48,162 | $ | 29,617 | $ | 28,656 | $ | 1,092 | $ | 107,527 | $ | 18,925 | $ | 126,452 | ||||||||||||||
Silver equivalent ounces sold | 2,350,080 | 1,985,952 | 2,001,976 | 191,983 | 6,529,991 | |||||||||||||||||||||||
Gold ounces sold | 22,399 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 20.49 | $ | 14.91 | $ | 14.31 | $ | 5.69 | $ | 16.47 | $ | 845 | ||||||||||||||||
Inventory adjustments | (4.79 | ) | (0.53 | ) | (0.49 | ) | — | (2.04 | ) | (53 | ) | |||||||||||||||||
Adjusted costs applicable to sales per ounce | 15.70 | 14.38 | 13.82 | 5.69 | 14.43 | 792 | ||||||||||||||||||||||
Treatment and refining costs | 994 | |||||||||||||||||||||||||||
Sustaining capital | 18,492 | |||||||||||||||||||||||||||
General and administrative | 9,036 | |||||||||||||||||||||||||||
Exploration | 5,783 | |||||||||||||||||||||||||||
Reclamation | 1,549 | |||||||||||||||||||||||||||
Project/pre-development costs | 3,721 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 166,027 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,529,991 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 1,343,940 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 7,873,931 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 21.09 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (1.84 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 19.25 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 62,481 | $ | 25,564 | $ | 29,077 | $ | 1,998 | $ | 119,120 | $ | 47,555 | $ | 166,675 | ||||||||||||||
Amortization | 16,493 | 5,117 | 5,359 | 909 | 27,878 | 12,887 | 40,765 | |||||||||||||||||||||
Costs applicable to sales | $ | 45,988 | $ | 20,447 | $ | 23,718 | $ | 1,089 | $ | 91,242 | $ | 34,668 | $ | 125,910 | ||||||||||||||
Silver equivalent ounces sold | 3,021,448 | 1,438,409 | 1,602,676 | 141,291 | 6,203,824 | |||||||||||||||||||||||
Gold ounces sold | 37,009 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 15.22 | $ | 14.22 | $ | 14.80 | $ | 7.71 | $ | 14.71 | $ | 937 | ||||||||||||||||
Inventory adjustments | (0.79 | ) | (0.55 | ) | (0.02 | ) | — | (0.52 | ) | (48 | ) | |||||||||||||||||
Adjusted costs applicable to sales per ounce | 14.43 | 13.67 | 14.78 | 7.71 | 14.19 | 889 | ||||||||||||||||||||||
Treatment and refining costs | 1,425 | |||||||||||||||||||||||||||
Sustaining capital | 12,239 | |||||||||||||||||||||||||||
General and administrative | 8,515 | |||||||||||||||||||||||||||
Exploration | 6,587 | |||||||||||||||||||||||||||
Reclamation | 2,041 | |||||||||||||||||||||||||||
Project/pre-development costs | 2,154 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 158,871 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,203,824 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 2,220,540 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,424,364 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.86 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.59 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 18.27 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 67,595 | $ | 25,550 | $ | 29,406 | $ | 1,701 | $ | 124,252 | $ | 34,784 | $ | 159,036 | ||||||||||||||
Amortization | 18,044 | 4,855 | 5,025 | 859 | 28,783 | 11,566 | 40,349 | |||||||||||||||||||||
Costs applicable to sales | $ | 49,551 | $ | 20,695 | $ | 24,381 | $ | 842 | $ | 95,469 | $ | 23,218 | $ | 118,687 | ||||||||||||||
Silver equivalent ounces sold | 3,528,219 | 1,494,100 | 1,544,456 | 106,126 | 6,672,901 | |||||||||||||||||||||||
Gold ounces sold | 23,028 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 14.04 | $ | 13.85 | $ | 15.79 | $ | 7.94 | $ | 14.31 | $ | 1,008 | ||||||||||||||||
Inventory adjustments | (0.56 | ) | — | (0.06 | ) | — | (0.31 | ) | (187 | ) | ||||||||||||||||||
Adjusted costs applicable to sales per ounce | 13.48 | 13.85 | 15.73 | 7.94 | 14.00 | 821 | ||||||||||||||||||||||
Treatment and refining costs | 963 | |||||||||||||||||||||||||||
Sustaining capital | 17,617 | |||||||||||||||||||||||||||
General and administrative | 9,398 | |||||||||||||||||||||||||||
Exploration | 5,153 | |||||||||||||||||||||||||||
Reclamation | 1,964 | |||||||||||||||||||||||||||
Project/pre-development costs | 6,388 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 160,170 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,672,901 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 1,381,680 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,054,581 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 19.89 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.79 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 19.10 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 62,233 | $ | 23,358 | $ | 19,159 | $ | 2,135 | $ | 106,885 | $ | 39,240 | $ | 146,125 | ||||||||||||||
Amortization | 18,659 | 4,457 | 4,451 | 953 | 28,520 | 10,709 | 39,229 | |||||||||||||||||||||
Costs applicable to sales | $ | 43,574 | $ | 18,901 | $ | 14,708 | $ | 1,182 | $ | 78,365 | $ | 28,531 | $ | 106,896 | ||||||||||||||
Silver equivalent ounces sold | 3,261,982 | 1,357,307 | 1,160,829 | 146,842 | 5,926,960 | |||||||||||||||||||||||
Gold ounces sold | 28,386 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 13.36 | $ | 13.93 | $ | 12.67 | $ | 8.05 | $ | 13.22 | $ | 1,005 | ||||||||||||||||
Inventory adjustments | (0.23 | ) | — | (0.04 | ) | — | (0.13 | ) | (126 | ) | ||||||||||||||||||
Adjusted costs applicable to sales per ounce | 13.13 | 13.93 | 12.63 | 8.05 | 13.09 | 879 | ||||||||||||||||||||||
Treatment and refining costs | 1,561 | |||||||||||||||||||||||||||
Sustaining capital | 12,851 | |||||||||||||||||||||||||||
General and administrative | 13,896 | |||||||||||||||||||||||||||
Exploration | 4,217 | |||||||||||||||||||||||||||
Reclamation | 1,914 | |||||||||||||||||||||||||||
Project/pre-development costs | 4,325 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 145,660 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,926,960 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 1,703,160 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 7,630,120 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 19.09 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.57 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 18.52 |
1 Year Coeur Mining Chart |
1 Month Coeur Mining Chart |
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