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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coeur Mining Inc | NYSE:CDE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 1.04% | 4.84 | 5.08 | 4.764 | 4.90 | 6,442,693 | 01:00:00 |
þ
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
|
82-0109423
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
104 S. Michigan Ave., Suite 900 Chicago, Illinois
|
|
60603
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
þ
|
Accelerated filer
|
|
¨
|
|
|
|
|
||
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
|
¨
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Page
|
Part I.
|
|
|
|
|
|
|
Item 1.
Financial Statements
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited)
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
||
|
|
|
|
Consolidated Financial Results
|
|
|
|
|
|
Results of Operations
|
|
|
|
|
|
Liquidity and Capital Resources
|
|
|
|
|
|
Non-GAAP Financial Performance Measures
|
|
|
|
|
|
||
|
|
|
|
Item 4.
Controls and Procedures
|
|
|
|
|
Part II.
|
||
|
|
|
|
Item 1.
Legal Proceedings
|
|
|
|
|
|
Item 1A.
Risk Factors
|
|
|
|
|
|
Item 4.
Mine Safety Disclosures
|
|
|
|
|
|
Item 5. Other Information
|
|
|
|
|
|
Item 6.
Exhibits
|
|
|
|
|
Signatures
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Notes
|
In thousands, except share data
|
||||||||||||||
Revenue
|
3
|
$
|
176,247
|
|
|
$
|
162,552
|
|
|
$
|
506,641
|
|
|
$
|
481,770
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Costs applicable to sales
(1)
|
3
|
105,408
|
|
|
120,237
|
|
|
307,428
|
|
|
354,397
|
|
||||
Amortization
|
|
27,763
|
|
|
35,497
|
|
|
93,232
|
|
|
107,560
|
|
||||
General and administrative
|
|
7,113
|
|
|
6,694
|
|
|
22,789
|
|
|
23,979
|
|
||||
Exploration
|
|
3,706
|
|
|
2,112
|
|
|
7,669
|
|
|
9,957
|
|
||||
Write-downs
|
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
||||
Pre-development, reclamation, and other
|
|
4,491
|
|
|
4,938
|
|
|
13,059
|
|
|
13,968
|
|
||||
Total costs and expenses
|
|
148,481
|
|
|
169,478
|
|
|
448,623
|
|
|
509,861
|
|
||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
||||||||
Fair value adjustments, net
|
10
|
(961
|
)
|
|
5,786
|
|
|
(13,235
|
)
|
|
3,657
|
|
||||
Interest expense, net of capitalized interest
|
18
|
(8,068
|
)
|
|
(12,446
|
)
|
|
(30,063
|
)
|
|
(33,945
|
)
|
||||
Other, net
|
7
|
(3,635
|
)
|
|
(8,893
|
)
|
|
(4,178
|
)
|
|
(14,257
|
)
|
||||
Total other income (expense), net
|
|
(12,664
|
)
|
|
(15,553
|
)
|
|
(47,476
|
)
|
|
(44,545
|
)
|
||||
Income (loss) before income and mining taxes
|
|
15,102
|
|
|
(22,479
|
)
|
|
10,542
|
|
|
(72,636
|
)
|
||||
Income and mining tax (expense) benefit
|
8
|
54,455
|
|
|
8,260
|
|
|
53,118
|
|
|
8,451
|
|
||||
NET INCOME (LOSS)
|
|
$
|
69,557
|
|
|
$
|
(14,219
|
)
|
|
$
|
63,660
|
|
|
$
|
(64,185
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on equity securities, net of tax of $997 and $(1,177) for the three and nine months ended September 30, 2016, respectively
|
|
1,387
|
|
|
(931
|
)
|
|
4,533
|
|
|
(3,744
|
)
|
||||
Reclassification adjustments for impairment of equity securities
|
|
—
|
|
|
483
|
|
|
20
|
|
|
2,028
|
|
||||
Reclassification adjustments for realized (gain) loss on sale of equity securities
|
|
(2,965
|
)
|
|
—
|
|
|
(2,691
|
)
|
|
904
|
|
||||
Other comprehensive income (loss)
|
|
(1,578
|
)
|
|
(448
|
)
|
|
1,862
|
|
|
(812
|
)
|
||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
67,979
|
|
|
$
|
(14,667
|
)
|
|
$
|
65,522
|
|
|
$
|
(64,997
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE
|
9
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.43
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.41
|
|
|
$
|
(0.52
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
|
$
|
0.42
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.40
|
|
|
$
|
(0.52
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Notes
|
In thousands
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
69,557
|
|
|
$
|
(14,219
|
)
|
|
$
|
63,660
|
|
|
(64,185
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Amortization
|
|
27,763
|
|
|
35,497
|
|
|
93,232
|
|
|
107,560
|
|
||||
Accretion
|
|
2,184
|
|
|
3,629
|
|
|
8,201
|
|
|
10,305
|
|
||||
Deferred income taxes
|
|
(49,463
|
)
|
|
(1,233
|
)
|
|
(66,738
|
)
|
|
(8,470
|
)
|
||||
Loss on extinguishment of debt
|
|
10,040
|
|
|
—
|
|
|
10,040
|
|
|
524
|
|
||||
Fair value adjustments, net
|
10
|
961
|
|
|
(5,786
|
)
|
|
13,235
|
|
|
(3,657
|
)
|
||||
Stock-based compensation
|
5
|
2,312
|
|
|
1,639
|
|
|
7,534
|
|
|
6,393
|
|
||||
Impairment of equity securities
|
13
|
—
|
|
|
483
|
|
|
20
|
|
|
2,028
|
|
||||
Write-downs
|
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
||||
Other
|
|
(5,236
|
)
|
|
8,541
|
|
|
(4,763
|
)
|
|
13,321
|
|
||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Receivables
|
|
19,672
|
|
|
11,011
|
|
|
10,751
|
|
|
11,225
|
|
||||
Prepaid expenses and other current assets
|
|
(2,816
|
)
|
|
(2,055
|
)
|
|
(2,435
|
)
|
|
(3,222
|
)
|
||||
Inventory and ore on leach pads
|
|
(8,900
|
)
|
|
5,380
|
|
|
(24,408
|
)
|
|
10,713
|
|
||||
Accounts payable and accrued liabilities
|
|
(18,262
|
)
|
|
(6,117
|
)
|
|
(12,407
|
)
|
|
(12,210
|
)
|
||||
CASH PROVIDED BY OPERATING ACTIVITIES
|
|
47,812
|
|
|
36,770
|
|
|
100,368
|
|
|
70,325
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
(25,627
|
)
|
|
(23,861
|
)
|
|
(71,087
|
)
|
|
(65,158
|
)
|
||||
Acquisitions, net
|
12
|
(1,427
|
)
|
|
(122
|
)
|
|
(1,427
|
)
|
|
(111,290
|
)
|
||||
Proceeds from the sale assets
|
|
4,802
|
|
|
333
|
|
|
16,104
|
|
|
498
|
|
||||
Purchase of investments
|
|
(21
|
)
|
|
(3
|
)
|
|
(120
|
)
|
|
(1,876
|
)
|
||||
Sales and maturities of investments
|
|
5,432
|
|
|
60
|
|
|
7,077
|
|
|
529
|
|
||||
Other
|
|
(1,299
|
)
|
|
7
|
|
|
(4,218
|
)
|
|
(1,836
|
)
|
||||
CASH USED IN INVESTING ACTIVITIES
|
|
(18,140
|
)
|
|
(23,586
|
)
|
|
(53,671
|
)
|
|
(179,133
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Issuance of common stock
|
|
49,513
|
|
|
—
|
|
|
122,584
|
|
|
—
|
|
||||
Issuance of notes and bank borrowings
|
18
|
—
|
|
|
—
|
|
|
—
|
|
|
153,500
|
|
||||
Payments on debt, capital leases, and associated costs
|
|
(107,868
|
)
|
|
(2,618
|
)
|
|
(120,551
|
)
|
|
(77,838
|
)
|
||||
Gold production royalty payments
|
|
(7,563
|
)
|
|
(10,159
|
)
|
|
(27,155
|
)
|
|
(30,281
|
)
|
||||
Other
|
|
1,051
|
|
|
(34
|
)
|
|
323
|
|
|
(529
|
)
|
||||
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES
|
|
(64,867
|
)
|
|
(12,811
|
)
|
|
(24,799
|
)
|
|
44,852
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
121
|
|
|
(533
|
)
|
|
(95
|
)
|
|
(1,197
|
)
|
||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
(35,074
|
)
|
|
(160
|
)
|
|
21,803
|
|
|
(65,153
|
)
|
||||
Cash and cash equivalents at beginning of period
|
|
257,591
|
|
|
205,868
|
|
|
200,714
|
|
|
270,861
|
|
||||
Cash and cash equivalents at end of period
|
|
$
|
222,517
|
|
|
$
|
205,708
|
|
|
$
|
222,517
|
|
|
$
|
205,708
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
Notes
|
|
In thousands, except share data
|
||||||
CURRENT ASSETS
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
$
|
222,517
|
|
|
$
|
200,714
|
|
Receivables
|
14
|
|
67,662
|
|
|
85,992
|
|
||
Inventory
|
15
|
|
89,761
|
|
|
81,711
|
|
||
Ore on leach pads
|
15
|
|
70,446
|
|
|
67,329
|
|
||
Prepaid expenses and other
|
|
|
17,125
|
|
|
10,942
|
|
||
|
|
|
467,511
|
|
|
446,688
|
|
||
NON-CURRENT ASSETS
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
16
|
|
217,401
|
|
|
195,999
|
|
||
Mining properties, net
|
17
|
|
552,054
|
|
|
589,219
|
|
||
Ore on leach pads
|
15
|
|
63,034
|
|
|
44,582
|
|
||
Restricted assets
|
13
|
|
17,740
|
|
|
11,633
|
|
||
Equity securities
|
13
|
|
6,208
|
|
|
2,766
|
|
||
Receivables
|
14
|
|
32,427
|
|
|
24,768
|
|
||
Deferred tax assets
|
|
|
1,854
|
|
|
1,942
|
|
||
Other
|
|
|
12,713
|
|
|
14,892
|
|
||
TOTAL ASSETS
|
|
|
$
|
1,370,942
|
|
|
$
|
1,332,489
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Accounts payable
|
|
|
$
|
49,972
|
|
|
$
|
48,732
|
|
Accrued liabilities and other
|
|
|
43,569
|
|
|
53,953
|
|
||
Debt
|
18
|
|
12,512
|
|
|
10,431
|
|
||
Royalty obligations
|
10
|
|
5,722
|
|
|
24,893
|
|
||
Reclamation
|
4
|
|
1,432
|
|
|
2,071
|
|
||
|
|
|
113,207
|
|
|
140,080
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
|
|
||||
Debt
|
18
|
|
389,233
|
|
|
479,979
|
|
||
Royalty obligations
|
10
|
|
6,556
|
|
|
4,864
|
|
||
Reclamation
|
4
|
|
87,277
|
|
|
83,197
|
|
||
Deferred tax liabilities
|
|
|
81,484
|
|
|
147,132
|
|
||
Other long-term liabilities
|
|
|
60,854
|
|
|
55,761
|
|
||
|
|
|
625,404
|
|
|
770,933
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 167,565,649 at September 30, 2016 and 151,339,136 at December 31, 2015
|
|
|
1,676
|
|
|
1,513
|
|
||
Additional paid-in capital
|
|
|
3,169,631
|
|
|
3,024,461
|
|
||
Accumulated other comprehensive income (loss)
|
|
|
(1,860
|
)
|
|
(3,722
|
)
|
||
Accumulated deficit
|
|
|
(2,537,116
|
)
|
|
(2,600,776
|
)
|
||
|
|
|
632,331
|
|
|
421,476
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
$
|
1,370,942
|
|
|
$
|
1,332,489
|
|
In thousands
|
Common
Stock
Shares
|
|
Common
Stock Par
Value
|
|
Additional
Paid-In Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
|
|||||||||||
Balances at December 31, 2015
|
151,339
|
|
|
$
|
1,513
|
|
|
$
|
3,024,461
|
|
|
$
|
(2,600,776
|
)
|
|
$
|
(3,722
|
)
|
|
$
|
421,476
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
63,660
|
|
|
—
|
|
|
63,660
|
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,862
|
|
|
1,862
|
|
|||||
Issuance of common stock
|
14,286
|
|
|
143
|
|
|
138,181
|
|
|
—
|
|
|
—
|
|
|
138,324
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
1,940
|
|
|
20
|
|
|
6,989
|
|
|
—
|
|
|
—
|
|
|
7,009
|
|
|||||
Balances at September 30, 2016
|
167,565
|
|
|
$
|
1,676
|
|
|
$
|
3,169,631
|
|
|
$
|
(2,537,116
|
)
|
|
$
|
(1,860
|
)
|
|
$
|
632,331
|
|
Three months ended September 30, 2016
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
30,663
|
|
|
$
|
37,946
|
|
|
$
|
40,164
|
|
|
$
|
39,316
|
|
|
$
|
27,485
|
|
|
$
|
812
|
|
|
$
|
—
|
|
|
$
|
176,386
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(139
|
)
|
|
—
|
|
|
(139
|
)
|
||||||||
|
30,663
|
|
|
37,946
|
|
|
40,164
|
|
|
39,316
|
|
|
27,485
|
|
|
673
|
|
|
—
|
|
|
176,247
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Costs applicable to sales
(1)
|
16,033
|
|
|
21,783
|
|
|
26,709
|
|
|
19,697
|
|
|
20,813
|
|
|
373
|
|
|
—
|
|
|
105,408
|
|
||||||||
Amortization
|
5,761
|
|
|
5,244
|
|
|
8,046
|
|
|
6,461
|
|
|
1,723
|
|
|
138
|
|
|
390
|
|
|
27,763
|
|
||||||||
Exploration
|
1,262
|
|
|
129
|
|
|
1,208
|
|
|
2
|
|
|
—
|
|
|
70
|
|
|
1,035
|
|
|
3,706
|
|
||||||||
Write-downs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other operating expenses
|
305
|
|
|
703
|
|
|
263
|
|
|
521
|
|
|
1,165
|
|
|
64
|
|
|
8,583
|
|
|
11,604
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value adjustments, net
|
(110
|
)
|
|
(851
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(961
|
)
|
||||||||
Interest expense, net
|
(184
|
)
|
|
(157
|
)
|
|
(30
|
)
|
|
(22
|
)
|
|
(8
|
)
|
|
(34
|
)
|
|
(7,633
|
)
|
|
(8,068
|
)
|
||||||||
Other, net
|
(2,223
|
)
|
|
17
|
|
|
(7
|
)
|
|
45
|
|
|
549
|
|
|
2,974
|
|
|
(4,990
|
)
|
|
(3,635
|
)
|
||||||||
Income and mining tax (expense) benefit
|
35,671
|
|
|
7,844
|
|
|
—
|
|
|
30,208
|
|
|
5,905
|
|
|
3,803
|
|
|
(28,976
|
)
|
|
54,455
|
|
||||||||
Net income (loss)
|
$
|
40,456
|
|
|
$
|
16,940
|
|
|
$
|
3,901
|
|
|
$
|
42,866
|
|
|
$
|
10,230
|
|
|
$
|
6,771
|
|
|
$
|
(51,607
|
)
|
|
$
|
69,557
|
|
Segment assets
(2)
|
$
|
430,716
|
|
|
$
|
212,477
|
|
|
$
|
192,204
|
|
|
$
|
105,456
|
|
|
$
|
81,704
|
|
|
$
|
9,148
|
|
|
$
|
78,205
|
|
|
$
|
1,109,910
|
|
Capital expenditures
|
$
|
10,012
|
|
|
$
|
3,383
|
|
|
$
|
8,602
|
|
|
$
|
567
|
|
|
$
|
3,001
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
25,627
|
|
Three months ended September 30, 2015
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
49,187
|
|
|
$
|
34,638
|
|
|
$
|
30,466
|
|
|
$
|
27,986
|
|
|
$
|
17,391
|
|
|
$
|
1,264
|
|
|
$
|
—
|
|
|
$
|
160,932
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,620
|
|
|
—
|
|
|
1,620
|
|
||||||||
|
49,187
|
|
|
34,638
|
|
|
30,466
|
|
|
27,986
|
|
|
17,391
|
|
|
2,884
|
|
|
—
|
|
|
162,552
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
34,093
|
|
|
25,436
|
|
|
24,973
|
|
|
17,777
|
|
|
17,483
|
|
|
475
|
|
|
—
|
|
|
120,237
|
|
||||||||
Amortization
|
8,617
|
|
|
6,731
|
|
|
8,499
|
|
|
5,642
|
|
|
3,526
|
|
|
1,983
|
|
|
499
|
|
|
35,497
|
|
||||||||
Exploration
|
1,087
|
|
|
49
|
|
|
217
|
|
|
—
|
|
|
54
|
|
|
(362
|
)
|
|
1,067
|
|
|
2,112
|
|
||||||||
Other operating expenses
|
303
|
|
|
742
|
|
|
254
|
|
|
517
|
|
|
1,059
|
|
|
(38
|
)
|
|
8,795
|
|
|
11,632
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value adjustments, net
|
2,998
|
|
|
1,752
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,036
|
|
|
5,786
|
|
||||||||
Interest expense, net
|
(928
|
)
|
|
(168
|
)
|
|
(51
|
)
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|
(11,199
|
)
|
|
(12,446
|
)
|
||||||||
Other, net
|
(7,870
|
)
|
|
1
|
|
|
1
|
|
|
53
|
|
|
347
|
|
|
(455
|
)
|
|
(970
|
)
|
|
(8,893
|
)
|
||||||||
Income and mining tax (expense) benefit
|
10,370
|
|
|
(1,053
|
)
|
|
406
|
|
|
(907
|
)
|
|
(1,029
|
)
|
|
291
|
|
|
182
|
|
|
8,260
|
|
||||||||
Net income (loss)
|
$
|
9,657
|
|
|
$
|
2,212
|
|
|
$
|
(3,122
|
)
|
|
$
|
3,195
|
|
|
$
|
(5,513
|
)
|
|
$
|
662
|
|
|
$
|
(21,310
|
)
|
|
$
|
(14,219
|
)
|
Segment assets
(2)
|
$
|
653,501
|
|
|
$
|
192,348
|
|
|
$
|
193,712
|
|
|
$
|
124,754
|
|
|
$
|
165,931
|
|
|
$
|
51,553
|
|
|
$
|
76,860
|
|
|
$
|
1,458,659
|
|
Capital expenditures
|
$
|
10,514
|
|
|
$
|
5,281
|
|
|
$
|
5,522
|
|
|
$
|
665
|
|
|
$
|
1,786
|
|
|
$
|
—
|
|
|
$
|
93
|
|
|
$
|
23,861
|
|
Nine months ended September 30, 2016
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
108,748
|
|
|
$
|
103,689
|
|
|
$
|
112,376
|
|
|
$
|
101,250
|
|
|
$
|
73,948
|
|
|
$
|
3,208
|
|
|
$
|
—
|
|
|
$
|
503,219
|
|
Royalties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,422
|
|
|
—
|
|
|
3,422
|
|
||||||||
|
108,748
|
|
|
103,689
|
|
|
112,376
|
|
|
101,250
|
|
|
73,948
|
|
|
6,630
|
|
|
—
|
|
|
506,641
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
59,936
|
|
|
65,989
|
|
|
73,738
|
|
|
49,500
|
|
|
56,955
|
|
|
1,310
|
|
|
—
|
|
|
307,428
|
|
||||||||
Amortization
|
27,815
|
|
|
15,994
|
|
|
26,203
|
|
|
15,640
|
|
|
5,330
|
|
|
1,019
|
|
|
1,231
|
|
|
93,232
|
|
||||||||
Exploration
|
2,625
|
|
|
426
|
|
|
2,138
|
|
|
2
|
|
|
|
|
|
276
|
|
|
2,202
|
|
|
7,669
|
|
||||||||
Write-downs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,446
|
|
|
—
|
|
|
4,446
|
|
||||||||
Other operating expenses
|
898
|
|
|
2,084
|
|
|
772
|
|
|
1,702
|
|
|
2,532
|
|
|
239
|
|
|
27,621
|
|
|
35,848
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value adjustments, net
|
(5,814
|
)
|
|
(5,787
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,634
|
)
|
|
(13,235
|
)
|
||||||||
Interest expense, net
|
(1,343
|
)
|
|
(509
|
)
|
|
(107
|
)
|
|
(49
|
)
|
|
(18
|
)
|
|
(34
|
)
|
|
(28,003
|
)
|
|
(30,063
|
)
|
||||||||
Other, net
|
(7,818
|
)
|
|
(3,840
|
)
|
|
(26
|
)
|
|
259
|
|
|
1,275
|
|
|
6,716
|
|
|
(744
|
)
|
|
(4,178
|
)
|
||||||||
Income and mining tax (expense) benefit
|
38,922
|
|
|
7,429
|
|
|
—
|
|
|
29,972
|
|
|
5,182
|
|
|
236
|
|
|
(28,623
|
)
|
|
53,118
|
|
||||||||
Net income (loss)
|
$
|
41,421
|
|
|
$
|
16,489
|
|
|
$
|
9,392
|
|
|
$
|
64,588
|
|
|
$
|
15,570
|
|
|
$
|
6,258
|
|
|
$
|
(90,058
|
)
|
|
$
|
63,660
|
|
Segment assets
(2)
|
$
|
430,716
|
|
|
$
|
212,477
|
|
|
$
|
192,204
|
|
|
$
|
105,456
|
|
|
$
|
81,704
|
|
|
$
|
9,148
|
|
|
$
|
78,205
|
|
|
$
|
1,109,910
|
|
Capital expenditures
|
$
|
27,690
|
|
|
$
|
10,557
|
|
|
$
|
24,228
|
|
|
$
|
3,488
|
|
|
$
|
4,839
|
|
|
$
|
—
|
|
|
$
|
285
|
|
|
$
|
71,087
|
|
Nine months ended September 30, 2015
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
127,455
|
|
|
$
|
115,010
|
|
|
$
|
116,971
|
|
|
$
|
48,359
|
|
|
$
|
62,304
|
|
|
$
|
6,292
|
|
|
$
|
—
|
|
|
$
|
476,391
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,379
|
|
|
—
|
|
|
5,379
|
|
||||||||
|
127,455
|
|
|
115,010
|
|
|
116,971
|
|
|
48,359
|
|
|
62,304
|
|
|
11,671
|
|
|
—
|
|
|
481,770
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
98,695
|
|
|
81,221
|
|
|
81,844
|
|
|
34,410
|
|
|
55,767
|
|
|
2,460
|
|
|
—
|
|
|
354,397
|
|
||||||||
Amortization
|
24,997
|
|
|
18,962
|
|
|
32,738
|
|
|
9,133
|
|
|
13,487
|
|
|
6,753
|
|
|
1,490
|
|
|
107,560
|
|
||||||||
Exploration
|
4,047
|
|
|
1,272
|
|
|
2,311
|
|
|
—
|
|
|
132
|
|
|
(212
|
)
|
|
2,407
|
|
|
9,957
|
|
||||||||
Other operating expenses
|
940
|
|
|
2,190
|
|
|
1,015
|
|
|
1,188
|
|
|
1,544
|
|
|
(8
|
)
|
|
31,078
|
|
|
37,947
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value adjustments, net
|
1,882
|
|
|
596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,179
|
|
|
3,657
|
|
||||||||
Interest expense, net
|
(3,112
|
)
|
|
(598
|
)
|
|
(172
|
)
|
|
—
|
|
|
(674
|
)
|
|
—
|
|
|
(29,389
|
)
|
|
(33,945
|
)
|
||||||||
Other, net
|
(9,478
|
)
|
|
(38
|
)
|
|
(16
|
)
|
|
108
|
|
|
1,219
|
|
|
(2,904
|
)
|
|
(3,148
|
)
|
|
(14,257
|
)
|
||||||||
Income and mining tax (expense) benefit
|
9,836
|
|
|
(1,753
|
)
|
|
(587
|
)
|
|
(495
|
)
|
|
(2,240
|
)
|
|
266
|
|
|
3,424
|
|
|
8,451
|
|
||||||||
Net income (loss)
|
$
|
(2,096
|
)
|
|
$
|
9,573
|
|
|
$
|
(1,712
|
)
|
|
$
|
3,241
|
|
|
$
|
(10,322
|
)
|
|
$
|
40
|
|
|
$
|
(62,909
|
)
|
|
$
|
(64,185
|
)
|
Segment assets
(2)
|
$
|
653,501
|
|
|
$
|
192,348
|
|
|
$
|
193,712
|
|
|
$
|
124,754
|
|
|
$
|
165,931
|
|
|
$
|
51,553
|
|
|
$
|
76,860
|
|
|
$
|
1,458,659
|
|
Capital expenditures
|
$
|
30,421
|
|
|
$
|
14,451
|
|
|
$
|
14,380
|
|
|
$
|
1,959
|
|
|
$
|
3,729
|
|
|
$
|
—
|
|
|
$
|
218
|
|
|
$
|
65,158
|
|
Assets
|
September 30, 2016
|
|
December 31, 2015
|
||||
Total assets for reportable segments
|
$
|
1,109,910
|
|
|
$
|
1,103,310
|
|
Cash and cash equivalents
|
222,517
|
|
|
200,714
|
|
||
Other assets
|
38,515
|
|
|
28,465
|
|
||
Total consolidated assets
|
$
|
1,370,942
|
|
|
$
|
1,332,489
|
|
Long-Lived Assets
|
September 30, 2016
|
|
December 31, 2015
|
||||
Mexico
|
$
|
403,185
|
|
|
$
|
390,694
|
|
United States
|
327,448
|
|
|
336,210
|
|
||
Bolivia
|
32,361
|
|
|
35,201
|
|
||
Australia
|
3,102
|
|
|
5,952
|
|
||
Argentina
|
10,227
|
|
|
10,871
|
|
||
Other
|
5,513
|
|
|
9,058
|
|
||
Total
|
$
|
781,836
|
|
|
$
|
787,986
|
|
Revenue
|
Three months ended September 30,
|
|
Nine months ended
September 30,
|
||||||||||||
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
United States
|
$
|
117,425
|
|
|
$
|
93,091
|
|
|
$
|
317,315
|
|
|
$
|
280,340
|
|
Mexico
|
30,663
|
|
|
50,170
|
|
|
109,674
|
|
|
129,753
|
|
||||
Bolivia
|
27,485
|
|
|
17,391
|
|
|
73,948
|
|
|
62,304
|
|
||||
Australia
|
812
|
|
|
1,264
|
|
|
3,207
|
|
|
6,292
|
|
||||
Other
|
(138
|
)
|
|
636
|
|
|
2,497
|
|
|
3,081
|
|
||||
Total
|
$
|
176,247
|
|
|
$
|
162,552
|
|
|
$
|
506,641
|
|
|
$
|
481,770
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Asset retirement obligation - Beginning
|
$
|
85,545
|
|
|
$
|
87,601
|
|
|
$
|
82,072
|
|
|
$
|
67,214
|
|
Accretion
|
2,059
|
|
|
2,038
|
|
|
6,027
|
|
|
5,652
|
|
||||
Additions and changes in estimates
|
(239
|
)
|
|
—
|
|
|
(118
|
)
|
|
18,270
|
|
||||
Settlements
|
(183
|
)
|
|
(2,363
|
)
|
|
(799
|
)
|
|
(3,860
|
)
|
||||
Asset retirement obligation - Ending
|
$
|
87,182
|
|
|
$
|
87,276
|
|
|
$
|
87,182
|
|
|
$
|
87,276
|
|
Grant date
|
|
Restricted
stock
|
|
Grant date fair
value of
restricted stock
|
|
Stock options
|
|
Grant date
fair value of
stock
options
|
|
Performance
shares
|
|
Grant date fair
value of
performance
shares
|
|||||||||
January 20, 2016
|
|
1,030,833
|
|
|
$
|
1.81
|
|
|
165,479
|
|
|
$
|
0.86
|
|
|
1,428,314
|
|
|
$
|
1.78
|
|
March 21, 2016
|
|
685,633
|
|
|
$
|
5.76
|
|
|
17,772
|
|
|
$
|
2.84
|
|
|
8,763
|
|
|
$
|
3.76
|
|
August 1, 2016
|
|
34,446
|
|
|
$
|
15.64
|
|
|
|
|
|
|
|
|
|
||||||
September 22, 2016
|
|
17,834
|
|
|
$
|
13.00
|
|
|
|
|
|
|
|
|
|
Award Type
|
|
Number of
Exercised Units
|
|
Weighted Average
Exercised Price
|
|
Number of Exercisable Units
|
|
Weighted Average
Exercisable Price |
||||||
Stock options
|
|
165,369
|
|
|
$
|
7.88
|
|
|
296,186
|
|
|
$
|
18.11
|
|
Stock appreciation rights
|
|
—
|
|
|
$
|
—
|
|
|
42,152
|
|
|
$
|
14.14
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Gain (loss) on extinguishment of debt
|
|
$
|
(10,040
|
)
|
|
$
|
—
|
|
|
$
|
(10,040
|
)
|
|
$
|
(271
|
)
|
Foreign exchange loss
|
|
(1,466
|
)
|
|
(8,910
|
)
|
|
(7,286
|
)
|
|
(13,172
|
)
|
||||
Gain on sale of assets
|
|
4,498
|
|
|
333
|
|
|
8,983
|
|
|
396
|
|
||||
Gain (loss) on sale of investments
|
|
2,965
|
|
|
(12
|
)
|
|
2,691
|
|
|
(916
|
)
|
||||
Impairment of equity securities
|
|
—
|
|
|
(483
|
)
|
|
(20
|
)
|
|
(2,028
|
)
|
||||
Other
|
|
408
|
|
|
179
|
|
|
1,494
|
|
|
1,734
|
|
||||
Other, net
|
|
$
|
(3,635
|
)
|
|
$
|
(8,893
|
)
|
|
$
|
(4,178
|
)
|
|
$
|
(14,257
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||||||||||
United States
|
$
|
3,286
|
|
$
|
10,712
|
|
|
$
|
(16,168
|
)
|
$
|
(1,080
|
)
|
|
$
|
(5,956
|
)
|
$
|
8,370
|
|
|
$
|
(46,640
|
)
|
$
|
1,123
|
|
Argentina
|
(301
|
)
|
67
|
|
|
(731
|
)
|
(2
|
)
|
|
3,137
|
|
(183
|
)
|
|
(2,083
|
)
|
(3
|
)
|
||||||||
Mexico
|
3,020
|
|
37,821
|
|
|
(1,412
|
)
|
11,951
|
|
|
(1,136
|
)
|
42,155
|
|
|
(16,666
|
)
|
11,234
|
|
||||||||
Bolivia
|
4,325
|
|
5,904
|
|
|
(4,483
|
)
|
(1,029
|
)
|
|
10,388
|
|
5,182
|
|
|
(8,081
|
)
|
(2,240
|
)
|
||||||||
Other jurisdictions
|
4,772
|
|
(49
|
)
|
|
315
|
|
(1,580
|
)
|
|
4,109
|
|
(2,406
|
)
|
|
834
|
|
(1,663
|
)
|
||||||||
|
$
|
15,102
|
|
$
|
54,455
|
|
|
$
|
(22,479
|
)
|
$
|
8,260
|
|
|
$
|
10,542
|
|
$
|
53,118
|
|
|
$
|
(72,636
|
)
|
$
|
8,451
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands except per share amounts
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss) available to common stockholders
|
$
|
69,557
|
|
|
$
|
(14,219
|
)
|
|
$
|
63,660
|
|
|
$
|
(64,185
|
)
|
Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
161,039
|
|
|
135,247
|
|
|
155,108
|
|
|
124,478
|
|
||||
Effect of stock-based compensation plans
|
4,789
|
|
|
—
|
|
|
3,284
|
|
|
—
|
|
||||
Diluted
|
165,828
|
|
|
135,247
|
|
|
158,392
|
|
|
124,478
|
|
||||
Income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.43
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.41
|
|
|
$
|
(0.52
|
)
|
Diluted
|
$
|
0.42
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.40
|
|
|
$
|
(0.52
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Palmarejo royalty obligation embedded derivative
|
|
$
|
(110
|
)
|
|
$
|
2,983
|
|
|
$
|
(5,866
|
)
|
|
$
|
1,823
|
|
Rochester net smelter returns (“NSR”) royalty obligation
|
|
(851
|
)
|
|
1,752
|
|
|
(5,787
|
)
|
|
596
|
|
||||
Silver and gold options
|
|
—
|
|
|
1,051
|
|
|
(1,582
|
)
|
|
1,238
|
|
||||
Fair value adjustments, net
|
|
$
|
(961
|
)
|
|
$
|
5,786
|
|
|
$
|
(13,235
|
)
|
|
$
|
3,657
|
|
|
Fair Value at September 30, 2016
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
6,208
|
|
|
$
|
6,201
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Rochester NSR royalty obligation
|
12,278
|
|
|
—
|
|
|
—
|
|
|
12,278
|
|
||||
Other derivative instruments, net
|
130
|
|
|
—
|
|
|
130
|
|
|
—
|
|
||||
|
$
|
12,408
|
|
|
$
|
—
|
|
|
$
|
130
|
|
|
$
|
12,278
|
|
|
Fair Value at December 31, 2015
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
2,766
|
|
|
$
|
2,756
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
4,957
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,957
|
|
Rochester NSR royalty obligation
|
9,593
|
|
|
—
|
|
|
—
|
|
|
9,593
|
|
||||
Other derivative instruments, net
|
508
|
|
|
—
|
|
|
508
|
|
|
—
|
|
||||
|
$
|
15,058
|
|
|
$
|
—
|
|
|
$
|
508
|
|
|
$
|
14,550
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Balance at the
end of the
period
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
3,317
|
|
|
$
|
110
|
|
|
$
|
(3,427
|
)
|
|
$
|
—
|
|
Rochester NSR royalty obligation
|
$
|
12,559
|
|
|
$
|
851
|
|
|
$
|
(1,132
|
)
|
|
$
|
12,278
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Balance at the
end of the
period
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
7
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
4,957
|
|
|
$
|
5,866
|
|
|
$
|
(10,823
|
)
|
|
$
|
—
|
|
Rochester NSR royalty obligation
|
$
|
9,593
|
|
|
$
|
5,787
|
|
|
$
|
(3,102
|
)
|
|
$
|
12,278
|
|
|
September 30, 2016
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
7.875% Senior Notes due 2021
(1)
|
$
|
363,596
|
|
|
$
|
378,577
|
|
|
$
|
—
|
|
|
$
|
378,577
|
|
|
$
|
—
|
|
(1)
|
Net of unamortized debt issuance costs and premium received of
$4.4 million
.
|
|
December 31, 2015
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
712
|
|
|
$
|
693
|
|
|
$
|
—
|
|
|
$
|
693
|
|
|
$
|
—
|
|
7.875% Senior Notes due 2021
(1)
|
373,433
|
|
|
227,487
|
|
|
—
|
|
|
227,487
|
|
|
—
|
|
|||||
Term Loan due 2020
(2)
|
94,489
|
|
|
99,500
|
|
|
—
|
|
|
99,500
|
|
|
—
|
|
|||||
San Bartolomé Lines of Credit
|
4,571
|
|
|
4,571
|
|
|
—
|
|
|
4,571
|
|
|
—
|
|
|||||
Palmarejo gold production royalty obligation
|
15,207
|
|
|
15,580
|
|
|
—
|
|
|
—
|
|
|
15,580
|
|
(1)
|
Net of unamortized debt issuance costs and premium received of
$5.3 million
.
|
(2)
|
Net of unamortized debt issuance costs of
$5.0 million
.
|
In thousands except average prices and notional ounces
|
2016
|
|
Thereafter
|
||||
|
|
|
|
||||
Provisional silver sales
|
$
|
5,349
|
|
|
$
|
—
|
|
Average silver price
|
$
|
19.35
|
|
|
$
|
—
|
|
Notional ounces
|
276,448
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional gold sales
|
$
|
32,150
|
|
|
$
|
—
|
|
Average gold price
|
$
|
1,315
|
|
|
$
|
—
|
|
Notional ounces
|
24,449
|
|
|
—
|
|
||
|
|
|
|
|
September 30, 2016
|
||||||||||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
|
Current portion of royalty obligation
|
|
Non-current portion of royalty obligation
|
||||||||
Provisional silver and gold sales contracts
|
$
|
32
|
|
|
$
|
162
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31, 2015
|
||||||||||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
|
Current portion of royalty obligation
|
|
Non-current portion of royalty obligation
|
||||||||
Palmarejo gold production royalty
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,957
|
|
|
$
|
—
|
|
Provisional silver and gold sales contracts
|
28
|
|
|
536
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
28
|
|
|
$
|
536
|
|
|
$
|
4,957
|
|
|
$
|
—
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Financial statement line
|
Derivative
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
Provisional silver and gold sales contracts
|
|
$
|
(784
|
)
|
|
$
|
82
|
|
|
$
|
378
|
|
|
$
|
373
|
|
Fair value adjustments, net
|
Palmarejo gold royalty
|
|
(110
|
)
|
|
2,983
|
|
|
(5,866
|
)
|
|
1,823
|
|
||||
Fair value adjustments, net
|
Silver and gold options
|
|
—
|
|
|
1,051
|
|
|
(1,582
|
)
|
|
2,662
|
|
||||
|
|
|
$
|
(894
|
)
|
|
$
|
4,116
|
|
|
$
|
(7,070
|
)
|
|
$
|
4,858
|
|
|
|
Three months ended September 30,
|
|
Nine Months Ended September 30, 2016
|
||||||||||||
In thousands
|
|
2016
|
|
2015
|
|
2016
|
|
2015 (Pro Forma)
|
||||||||
Revenue
|
|
$
|
176,247
|
|
|
$
|
162,552
|
|
|
$
|
506,641
|
|
|
$
|
499,770
|
|
Income (loss) before income and mining taxes
|
|
15,102
|
|
|
(22,479
|
)
|
|
10,542
|
|
|
(72,688
|
)
|
||||
Net income (loss)
|
|
69,557
|
|
|
(14,219
|
)
|
|
63,660
|
|
|
(64,237
|
)
|
|
At September 30, 2016
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Kootenay Silver, Inc.
|
$
|
3,366
|
|
|
$
|
—
|
|
|
$
|
1,295
|
|
|
$
|
4,661
|
|
Silver Bull Resources, Inc.
|
232
|
|
|
—
|
|
|
1,175
|
|
|
1,407
|
|
||||
Other
|
191
|
|
|
(51
|
)
|
|
—
|
|
|
140
|
|
||||
Equity securities
|
$
|
3,789
|
|
|
$
|
(51
|
)
|
|
$
|
2,470
|
|
|
$
|
6,208
|
|
|
At December 31, 2015
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Paramount Gold Nevada Corp.
|
$
|
1,470
|
|
|
$
|
(1,036
|
)
|
|
$
|
—
|
|
|
$
|
434
|
|
Northair Silver Corp.
|
725
|
|
|
—
|
|
|
9
|
|
|
734
|
|
||||
Agnico-Eagle Mines Ltd.
|
420
|
|
|
—
|
|
|
518
|
|
|
938
|
|
||||
Silver Bull Resources, Inc.
|
305
|
|
|
—
|
|
|
—
|
|
|
305
|
|
||||
Other
|
466
|
|
|
(143
|
)
|
|
32
|
|
|
355
|
|
||||
Equity securities
|
$
|
3,386
|
|
|
$
|
(1,179
|
)
|
|
$
|
559
|
|
|
$
|
2,766
|
|
|
Less than twelve months
|
|
Twelve months or more
|
|
Total
|
|||||||||||||||
In thousands
|
Unrealized Losses
|
Fair Value
|
|
Unrealized Losses
|
Fair Value
|
|
Unrealized Losses
|
Fair Value
|
||||||||||||
Equity securities
|
$
|
(51
|
)
|
$
|
7
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
(51
|
)
|
$
|
7
|
|
In thousands
|
September 30, 2016
|
|
December 31, 2015
|
||||
Current receivables:
|
|
|
|
||||
Trade receivables
|
$
|
8,093
|
|
|
$
|
17,878
|
|
Income tax receivable
|
557
|
|
|
13,678
|
|
||
Value added tax receivable
|
52,564
|
|
|
50,669
|
|
||
Other
|
6,448
|
|
|
3,767
|
|
||
|
$
|
67,662
|
|
|
$
|
85,992
|
|
Non-current receivables:
|
|
|
|
||||
Value added tax receivable
|
$
|
20,045
|
|
|
$
|
24,768
|
|
Income tax receivable
|
12,382
|
|
|
—
|
|
||
|
32,427
|
|
|
24,768
|
|
||
Total receivables
|
$
|
100,089
|
|
|
$
|
110,760
|
|
In thousands
|
September 30, 2016
|
|
December 31, 2015
|
||||
Inventory:
|
|
|
|
||||
Concentrate
|
$
|
16,567
|
|
|
$
|
16,165
|
|
Precious metals
|
33,290
|
|
|
21,908
|
|
||
Supplies
|
39,904
|
|
|
43,638
|
|
||
|
$
|
89,761
|
|
|
$
|
81,711
|
|
Ore on leach pads:
|
|
|
|
||||
Current
|
$
|
70,446
|
|
|
$
|
67,329
|
|
Non-current
|
63,034
|
|
|
44,582
|
|
||
|
$
|
133,480
|
|
|
$
|
111,911
|
|
Total inventory and ore on leach pads
|
$
|
223,241
|
|
|
$
|
193,622
|
|
In thousands
|
September 30, 2016
|
|
December 31, 2015
|
||||
Land
|
$
|
7,766
|
|
|
$
|
8,287
|
|
Facilities and equipment
|
655,565
|
|
|
654,585
|
|
||
Capital leases
|
54,968
|
|
|
30,648
|
|
||
|
718,299
|
|
|
693,520
|
|
||
Accumulated amortization
|
(517,390
|
)
|
|
(514,509
|
)
|
||
|
200,909
|
|
|
179,011
|
|
||
Construction in progress
|
16,492
|
|
|
16,988
|
|
||
Property, plant and equipment, net
|
$
|
217,401
|
|
|
$
|
195,999
|
|
September 30, 2016
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San
Bartolomé
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||||
Mine development
|
$
|
169,892
|
|
|
$
|
154,997
|
|
|
$
|
259,468
|
|
|
$
|
33,344
|
|
|
$
|
39,685
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
657,386
|
|
Accumulated amortization
|
(133,685
|
)
|
|
(134,429
|
)
|
|
(147,932
|
)
|
|
(11,001
|
)
|
|
(31,793
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(458,840
|
)
|
|||||||||
|
36,207
|
|
|
20,568
|
|
|
111,536
|
|
|
22,343
|
|
|
7,892
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,546
|
|
|||||||||
Mineral interests
|
629,303
|
|
|
—
|
|
|
—
|
|
|
45,837
|
|
|
12,868
|
|
|
49,085
|
|
|
10,000
|
|
|
37,272
|
|
|
784,365
|
|
|||||||||
Accumulated amortization
|
(371,589
|
)
|
|
—
|
|
|
—
|
|
|
(18,335
|
)
|
|
(11,632
|
)
|
|
—
|
|
|
—
|
|
|
(29,301
|
)
|
|
(430,857
|
)
|
|||||||||
|
257,714
|
|
|
—
|
|
|
—
|
|
|
27,502
|
|
|
1,236
|
|
|
49,085
|
|
|
10,000
|
|
|
7,971
|
|
|
353,508
|
|
|||||||||
Mining properties, net
|
$
|
293,921
|
|
|
$
|
20,568
|
|
|
$
|
111,536
|
|
|
$
|
49,845
|
|
|
$
|
9,128
|
|
|
$
|
49,085
|
|
|
$
|
10,000
|
|
|
$
|
7,971
|
|
|
$
|
552,054
|
|
December 31, 2015
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San
Bartolomé
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||||
Mine development
|
$
|
151,828
|
|
|
$
|
149,756
|
|
|
$
|
238,786
|
|
|
$
|
32,318
|
|
|
$
|
39,474
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
612,162
|
|
Accumulated amortization
|
(131,055
|
)
|
|
(126,242
|
)
|
|
(131,236
|
)
|
|
(5,784
|
)
|
|
(30,325
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(424,642
|
)
|
|||||||||
|
20,773
|
|
|
23,514
|
|
|
107,550
|
|
|
26,534
|
|
|
9,149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187,520
|
|
|||||||||
Mineral interests
|
629,303
|
|
|
—
|
|
|
—
|
|
|
45,837
|
|
|
12,868
|
|
|
49,085
|
|
|
10,000
|
|
|
59,343
|
|
|
806,436
|
|
|||||||||
Accumulated amortization
|
(348,268
|
)
|
|
—
|
|
|
—
|
|
|
(10,551
|
)
|
|
(11,400
|
)
|
|
—
|
|
|
—
|
|
|
(34,518
|
)
|
|
(404,737
|
)
|
|||||||||
|
281,035
|
|
|
—
|
|
|
—
|
|
|
35,286
|
|
|
1,468
|
|
|
49,085
|
|
|
10,000
|
|
|
24,825
|
|
|
401,699
|
|
|||||||||
Mining properties, net
|
$
|
301,808
|
|
|
$
|
23,514
|
|
|
$
|
107,550
|
|
|
$
|
61,820
|
|
|
$
|
10,617
|
|
|
$
|
49,085
|
|
|
$
|
10,000
|
|
|
$
|
24,825
|
|
|
$
|
589,219
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
In thousands
|
Current
|
|
Non-Current
|
|
Current
|
|
Non-Current
|
||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
712
|
|
7.875% Senior Notes due 2021, net
(1)
|
—
|
|
|
363,596
|
|
|
—
|
|
|
373,433
|
|
||||
Term Loan due 2020, net
(2)
|
—
|
|
|
—
|
|
|
1,000
|
|
|
93,489
|
|
||||
San Bartolomé Lines of Credit
|
—
|
|
|
—
|
|
|
—
|
|
|
4,571
|
|
||||
Capital lease obligations
|
12,512
|
|
|
25,637
|
|
|
9,431
|
|
|
7,774
|
|
||||
|
$
|
12,512
|
|
|
$
|
389,233
|
|
|
$
|
10,431
|
|
|
$
|
479,979
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
49
|
|
7.875% Senior Notes due 2021
|
7,337
|
|
|
8,523
|
|
|
22,250
|
|
|
25,608
|
|
||||
Short-term Loan
|
—
|
|
|
—
|
|
|
—
|
|
|
326
|
|
||||
Term Loan due 2020
|
417
|
|
|
2,277
|
|
|
4,939
|
|
|
2,425
|
|
||||
San Bartolomé Lines of Credit
|
—
|
|
|
101
|
|
|
15
|
|
|
665
|
|
||||
Capital lease obligations
|
399
|
|
|
229
|
|
|
1,079
|
|
|
799
|
|
||||
Other debt obligations
|
38
|
|
|
8
|
|
|
67
|
|
|
8
|
|
||||
Accretion of Palmarejo gold production royalty obligation
|
49
|
|
|
1,642
|
|
|
1,211
|
|
|
5,444
|
|
||||
Amortization of debt issuance costs
|
388
|
|
|
690
|
|
|
1,650
|
|
|
1,604
|
|
||||
Accretion of debt premium
|
(90
|
)
|
|
(104
|
)
|
|
(272
|
)
|
|
(313
|
)
|
||||
Capitalized interest
|
(472
|
)
|
|
(926
|
)
|
|
(889
|
)
|
|
(2,670
|
)
|
||||
Total interest expense, net of capitalized interest
|
$
|
8,068
|
|
|
$
|
12,446
|
|
|
$
|
30,063
|
|
|
$
|
33,945
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
117,426
|
|
|
$
|
58,821
|
|
|
$
|
—
|
|
|
$
|
176,247
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
68,189
|
|
|
37,219
|
|
|
—
|
|
|
105,408
|
|
|||||
Amortization
|
|
389
|
|
|
19,750
|
|
|
7,624
|
|
|
—
|
|
|
27,763
|
|
|||||
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative
|
|
6,956
|
|
|
16
|
|
|
141
|
|
|
—
|
|
|
7,113
|
|
|||||
Exploration
|
|
989
|
|
|
1,410
|
|
|
1,307
|
|
|
—
|
|
|
3,706
|
|
|||||
Pre-development, reclamation, and other
|
|
388
|
|
|
1,470
|
|
|
2,633
|
|
|
—
|
|
|
4,491
|
|
|||||
Total costs and expenses
|
|
8,722
|
|
|
90,835
|
|
|
48,924
|
|
|
—
|
|
|
148,481
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
—
|
|
|
(852
|
)
|
|
(109
|
)
|
|
—
|
|
|
(961
|
)
|
|||||
Other, net
|
|
(8,374
|
)
|
|
3,021
|
|
|
3,178
|
|
|
(1,460
|
)
|
|
(3,635
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(7,852
|
)
|
|
(209
|
)
|
|
(1,467
|
)
|
|
1,460
|
|
|
(8,068
|
)
|
|||||
Total other income (expense), net
|
|
(16,226
|
)
|
|
1,960
|
|
|
1,602
|
|
|
—
|
|
|
(12,664
|
)
|
|||||
Loss before income and mining taxes
|
|
(24,948
|
)
|
|
28,551
|
|
|
11,499
|
|
|
—
|
|
|
15,102
|
|
|||||
Income and mining tax (expense) benefit
|
|
(29,312
|
)
|
|
41,807
|
|
|
41,960
|
|
|
—
|
|
|
54,455
|
|
|||||
Total loss after income and mining taxes
|
|
(54,260
|
)
|
|
70,358
|
|
|
53,459
|
|
|
—
|
|
|
69,557
|
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
123,818
|
|
|
328
|
|
|
—
|
|
|
(124,146
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
69,558
|
|
|
$
|
70,686
|
|
|
$
|
53,459
|
|
|
$
|
(124,146
|
)
|
|
$
|
69,557
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
1,387
|
|
|
1,387
|
|
|
—
|
|
|
(1,387
|
)
|
|
1,387
|
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
(2,965
|
)
|
|
(2,485
|
)
|
|
—
|
|
|
2,485
|
|
|
(2,965
|
)
|
|||||
Other comprehensive income (loss)
|
|
(1,578
|
)
|
|
(1,098
|
)
|
|
—
|
|
|
1,098
|
|
|
(1,578
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
67,980
|
|
|
$
|
69,588
|
|
|
$
|
53,459
|
|
|
$
|
(123,048
|
)
|
|
$
|
67,979
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
93,417
|
|
|
$
|
69,135
|
|
|
$
|
—
|
|
|
$
|
162,552
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
68,187
|
|
|
52,050
|
|
|
—
|
|
|
120,237
|
|
|||||
Amortization
|
|
495
|
|
|
21,083
|
|
|
13,919
|
|
|
—
|
|
|
35,497
|
|
|||||
General and administrative
|
|
6,563
|
|
|
11
|
|
|
120
|
|
|
—
|
|
|
6,694
|
|
|||||
Exploration
|
|
642
|
|
|
(96
|
)
|
|
1,566
|
|
|
—
|
|
|
2,112
|
|
|||||
Pre-development, reclamation, and other
|
|
887
|
|
|
1,476
|
|
|
2,575
|
|
|
—
|
|
|
4,938
|
|
|||||
Total costs and expenses
|
|
8,587
|
|
|
90,661
|
|
|
70,230
|
|
|
—
|
|
|
169,478
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
1,036
|
|
|
1,751
|
|
|
2,999
|
|
|
—
|
|
|
5,786
|
|
|||||
Other, net
|
|
1,218
|
|
|
(436
|
)
|
|
(8,649
|
)
|
|
(1,026
|
)
|
|
(8,893
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(11,198
|
)
|
|
(220
|
)
|
|
(2,054
|
)
|
|
1,026
|
|
|
(12,446
|
)
|
|||||
Total other income (expense), net
|
|
(8,944
|
)
|
|
1,095
|
|
|
(7,704
|
)
|
|
—
|
|
|
(15,553
|
)
|
|||||
Income (Loss) before income and mining taxes
|
|
(17,531
|
)
|
|
3,851
|
|
|
(8,799
|
)
|
|
—
|
|
|
(22,479
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
516
|
|
|
(1,554
|
)
|
|
9,298
|
|
|
—
|
|
|
8,260
|
|
|||||
Income (Loss) after income and mining taxes
|
|
(17,015
|
)
|
|
2,297
|
|
|
499
|
|
|
—
|
|
|
(14,219
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
2,796
|
|
|
331
|
|
|
—
|
|
|
(3,127
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(14,219
|
)
|
|
$
|
2,628
|
|
|
$
|
499
|
|
|
$
|
(3,127
|
)
|
|
$
|
(14,219
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on equity securities, net of tax
|
|
(931
|
)
|
|
(769
|
)
|
|
—
|
|
|
769
|
|
|
(931
|
)
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
483
|
|
|
483
|
|
|
—
|
|
|
(483
|
)
|
|
483
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other comprehensive income (loss)
|
|
(448
|
)
|
|
(286
|
)
|
|
—
|
|
|
286
|
|
|
(448
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(14,667
|
)
|
|
$
|
2,342
|
|
|
$
|
499
|
|
|
$
|
(2,841
|
)
|
|
$
|
(14,667
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(20,565
|
)
|
|
$
|
28,924
|
|
|
$
|
31,538
|
|
|
$
|
(3,127
|
)
|
|
36,770
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(94
|
)
|
|
(11,468
|
)
|
|
(12,299
|
)
|
|
—
|
|
|
(23,861
|
)
|
|||||
Proceeds from the sale of long-lived assets
|
|
—
|
|
|
42
|
|
|
291
|
|
|
—
|
|
|
333
|
|
|||||
Purchase of investments
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Sales and maturities of investments
|
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|||||
Acquisitions
|
|
(122
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(122
|
)
|
|||||
Other
|
|
(1
|
)
|
|
2
|
|
|
6
|
|
|
—
|
|
|
7
|
|
|||||
Investments in consolidated subsidiaries
|
|
1,206
|
|
|
3,666
|
|
|
1
|
|
|
(4,873
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
986
|
|
|
(7,698
|
)
|
|
(12,001
|
)
|
|
(4,873
|
)
|
|
(23,586
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Payments on long-term debt, capital leases, and associated costs
|
|
(711
|
)
|
|
(1,889
|
)
|
|
(18
|
)
|
|
—
|
|
|
(2,618
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(10,159
|
)
|
|
—
|
|
|
(10,159
|
)
|
|||||
Net intercompany financing activity
|
|
9,333
|
|
|
(24,940
|
)
|
|
7,607
|
|
|
8,000
|
|
|
—
|
|
|||||
Other
|
|
(34
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
8,588
|
|
|
(26,829
|
)
|
|
(2,570
|
)
|
|
8,000
|
|
|
(12,811
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(533
|
)
|
|
—
|
|
|
(533
|
)
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
(10,991
|
)
|
|
(5,603
|
)
|
|
16,434
|
|
|
—
|
|
|
(160
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
124,695
|
|
|
27,259
|
|
|
53,914
|
|
|
—
|
|
|
205,868
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
113,704
|
|
|
$
|
21,656
|
|
|
$
|
70,348
|
|
|
$
|
—
|
|
|
$
|
205,708
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
317,587
|
|
|
$
|
189,054
|
|
|
$
|
—
|
|
|
$
|
506,641
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
189,227
|
|
|
118,201
|
|
|
—
|
|
|
307,428
|
|
|||||
Amortization
|
|
1,225
|
|
|
57,983
|
|
|
34,024
|
|
|
—
|
|
|
93,232
|
|
|||||
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative
|
|
22,132
|
|
|
237
|
|
|
420
|
|
|
—
|
|
|
22,789
|
|
|||||
Exploration
|
|
2,091
|
|
|
2,843
|
|
|
2,735
|
|
|
—
|
|
|
7,669
|
|
|||||
Write-downs
|
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
|
4,446
|
|
|||||
Pre-development, reclamation, and other
|
|
1,774
|
|
|
4,332
|
|
|
6,953
|
|
|
—
|
|
|
13,059
|
|
|||||
Total costs and expenses
|
|
27,222
|
|
|
254,622
|
|
|
166,779
|
|
|
—
|
|
|
448,623
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
(1,635
|
)
|
|
(5,787
|
)
|
|
(5,813
|
)
|
|
—
|
|
|
(13,235
|
)
|
|||||
Other, net
|
|
(6,695
|
)
|
|
3,082
|
|
|
3,068
|
|
|
(3,633
|
)
|
|
(4,178
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(28,348
|
)
|
|
(665
|
)
|
|
(4,683
|
)
|
|
3,633
|
|
|
(30,063
|
)
|
|||||
Total other income (expense), net
|
|
(36,678
|
)
|
|
(3,370
|
)
|
|
(7,428
|
)
|
|
—
|
|
|
(47,476
|
)
|
|||||
Loss before income and mining taxes
|
|
(63,900
|
)
|
|
59,595
|
|
|
14,847
|
|
|
—
|
|
|
10,542
|
|
|||||
Income and mining tax (expense) benefit
|
|
(29,768
|
)
|
|
39,905
|
|
|
42,981
|
|
|
—
|
|
|
53,118
|
|
|||||
Total loss after income and mining taxes
|
|
(93,668
|
)
|
|
99,500
|
|
|
57,828
|
|
|
—
|
|
|
63,660
|
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
157,328
|
|
|
(4,825
|
)
|
|
—
|
|
|
(152,503
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
63,660
|
|
|
$
|
94,675
|
|
|
$
|
57,828
|
|
|
$
|
(152,503
|
)
|
|
$
|
63,660
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on equity securities, net of tax
|
|
4,533
|
|
|
4,466
|
|
|
—
|
|
|
(4,466
|
)
|
|
4,533
|
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
20
|
|
|
20
|
|
|
—
|
|
|
(20
|
)
|
|
20
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
(2,691
|
)
|
|
(3,181
|
)
|
|
—
|
|
|
3,181
|
|
|
(2,691
|
)
|
|||||
Other comprehensive income (loss)
|
|
1,862
|
|
|
1,305
|
|
|
—
|
|
|
(1,305
|
)
|
|
1,862
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
65,522
|
|
|
$
|
95,980
|
|
|
$
|
57,828
|
|
|
$
|
(153,808
|
)
|
|
$
|
65,522
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
281,724
|
|
|
$
|
200,046
|
|
|
$
|
—
|
|
|
$
|
481,770
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
197,475
|
|
|
156,922
|
|
|
—
|
|
|
354,397
|
|
|||||
Amortization
|
|
1,493
|
|
|
61,422
|
|
|
44,645
|
|
|
—
|
|
|
107,560
|
|
|||||
General and administrative
|
|
23,690
|
|
|
25
|
|
|
264
|
|
|
—
|
|
|
23,979
|
|
|||||
Exploration
|
|
1,796
|
|
|
3,370
|
|
|
4,791
|
|
|
—
|
|
|
9,957
|
|
|||||
Pre-development, reclamation, and other
|
|
3,437
|
|
|
4,354
|
|
|
6,177
|
|
|
—
|
|
|
13,968
|
|
|||||
Total costs and expenses
|
|
30,416
|
|
|
266,646
|
|
|
212,799
|
|
|
—
|
|
|
509,861
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
1,178
|
|
|
596
|
|
|
1,883
|
|
|
—
|
|
|
3,657
|
|
|||||
Other, net
|
|
3,108
|
|
|
(2,892
|
)
|
|
(11,681
|
)
|
|
(2,792
|
)
|
|
(14,257
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(29,389
|
)
|
|
(771
|
)
|
|
(6,577
|
)
|
|
2,792
|
|
|
(33,945
|
)
|
|||||
Total other income (expense), net
|
|
(25,103
|
)
|
|
(3,067
|
)
|
|
(16,375
|
)
|
|
—
|
|
|
(44,545
|
)
|
|||||
Income (Loss) before income and mining taxes
|
|
(55,519
|
)
|
|
12,011
|
|
|
(29,128
|
)
|
|
—
|
|
|
(72,636
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
4,011
|
|
|
(2,836
|
)
|
|
7,276
|
|
|
—
|
|
|
8,451
|
|
|||||
Income (Loss) after income and mining taxes
|
|
(51,508
|
)
|
|
9,175
|
|
|
(21,852
|
)
|
|
—
|
|
|
(64,185
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(12,677
|
)
|
|
491
|
|
|
—
|
|
|
12,186
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(64,185
|
)
|
|
$
|
9,666
|
|
|
$
|
(21,852
|
)
|
|
$
|
12,186
|
|
|
$
|
(64,185
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on equity securities, net of tax
|
|
(3,744
|
)
|
|
(2,751
|
)
|
|
—
|
|
|
2,751
|
|
|
(3,744
|
)
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
2,028
|
|
|
2,028
|
|
|
—
|
|
|
(2,028
|
)
|
|
2,028
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
904
|
|
|
904
|
|
|
—
|
|
|
(904
|
)
|
|
904
|
|
|||||
Other comprehensive income (loss)
|
|
(812
|
)
|
|
181
|
|
|
—
|
|
|
(181
|
)
|
|
(812
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(64,997
|
)
|
|
$
|
9,847
|
|
|
$
|
(21,852
|
)
|
|
$
|
12,005
|
|
|
$
|
(64,997
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(73,276
|
)
|
|
$
|
80,313
|
|
|
$
|
51,102
|
|
|
$
|
12,186
|
|
|
70,325
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(181
|
)
|
|
(30,791
|
)
|
|
(34,186
|
)
|
|
—
|
|
|
(65,158
|
)
|
|||||
Proceeds from the sale of long-lived assets
|
|
—
|
|
|
187
|
|
|
311
|
|
|
—
|
|
|
498
|
|
|||||
Purchase of investments
|
|
(1,876
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,876
|
)
|
|||||
Sales and maturities of investments
|
|
12
|
|
|
446
|
|
|
71
|
|
|
—
|
|
|
529
|
|
|||||
Acquisitions
|
|
(111,290
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111,290
|
)
|
|||||
Other
|
|
(1,767
|
)
|
|
25
|
|
|
(94
|
)
|
|
—
|
|
|
(1,836
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
(14,477
|
)
|
|
4,490
|
|
|
117
|
|
|
9,870
|
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(129,579
|
)
|
|
(25,643
|
)
|
|
(33,781
|
)
|
|
9,870
|
|
|
(179,133
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
150,000
|
|
|
—
|
|
|
3,500
|
|
|
—
|
|
|
153,500
|
|
|||||
Payments on long-term debt, capital leases, and associated costs
|
|
(62,579
|
)
|
|
(5,592
|
)
|
|
(9,667
|
)
|
|
—
|
|
|
(77,838
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(30,281
|
)
|
|
—
|
|
|
(30,281
|
)
|
|||||
Net intercompany financing activity
|
|
19,306
|
|
|
(33,203
|
)
|
|
35,953
|
|
|
(22,056
|
)
|
|
—
|
|
|||||
Other
|
|
(529
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(529
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
106,198
|
|
|
(38,795
|
)
|
|
(495
|
)
|
|
(22,056
|
)
|
|
44,852
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(1,197
|
)
|
|
—
|
|
|
(1,197
|
)
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
(96,657
|
)
|
|
15,875
|
|
|
15,629
|
|
|
—
|
|
|
(65,153
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
210,361
|
|
|
5,781
|
|
|
54,719
|
|
|
—
|
|
|
270,861
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
113,704
|
|
|
$
|
21,656
|
|
|
$
|
70,348
|
|
|
$
|
—
|
|
|
$
|
205,708
|
|
•
|
Net income of
$69.6 million
(
$0.42
per share) and adjusted net income of
$38.6 million
(
$0.23
per share) (see “Non-GAAP Financial Performance Measures”)
|
•
|
Production of
8.6 million
silver equivalent ounces, consisting of
3.5 million
silver ounces and
84,871
gold ounces
|
•
|
Costs applicable to sales were
$12.38
per silver equivalent ounce (
$11.96
per realized silver equivalent ounce) and
$767
per gold equivalent ounce (see “Non-GAAP Financial Performance Measures”)
|
•
|
All-in sustaining costs were
$17.02
per silver equivalent ounce (
$15.89
per realized silver equivalent ounce) (see “Non-GAAP Financial Performance Measures”)
|
•
|
Reduced debt by 21%, primarily through the early repayment of the Term Loan due 2020
|
•
|
Satisfied minimum obligation under the Palmarejo royalty agreement; now operating under new gold stream agreement with more favorable terms that are expected to significantly increase free cash flow at Palmarejo
|
•
|
Additional sale of non-core royalty assets completed for total consideration of
$5.4 million
, including $0.7 million in contingent consideration
|
•
|
Capital expenditures of
$25.6 million
, primarily for the development of the Jualin deposit at Kensington and the Guadalupe and Independencia underground deposits at the Palmarejo complex
|
•
|
Commenced a
$200.0 million
“at the market” stock offering, and sold
4,293,785
shares under the offering which generated net proceeds of approximately $53.4 million
|
•
|
Cash and cash equivalents of
$222.5 million
at
September 30, 2016
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Metal sales
|
$
|
176,386
|
|
|
$
|
160,932
|
|
|
$
|
503,219
|
|
|
$
|
476,391
|
|
Net income (loss)
|
$
|
69,557
|
|
|
$
|
(14,219
|
)
|
|
$
|
63,660
|
|
|
$
|
(64,185
|
)
|
Net income (loss) per share, diluted
|
$
|
0.42
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.40
|
|
|
$
|
(0.52
|
)
|
Adjusted net income (loss)
(1)
|
$
|
38,555
|
|
|
$
|
(19,470
|
)
|
|
$
|
45,045
|
|
|
$
|
(61,003
|
)
|
Adjusted net income (loss) per share, diluted
(1)
|
$
|
0.23
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.28
|
|
|
$
|
(0.49
|
)
|
EBITDA
(1)
|
$
|
50,933
|
|
|
$
|
25,464
|
|
|
$
|
133,837
|
|
|
$
|
68,869
|
|
Adjusted EBITDA
(1)
|
$
|
62,725
|
|
|
$
|
33,659
|
|
|
$
|
171,137
|
|
|
$
|
97,266
|
|
Silver ounces produced
|
3,545,697
|
|
|
3,826,439
|
|
|
10,948,145
|
|
|
11,928,961
|
|
||||
Gold ounces produced
|
84,871
|
|
|
85,769
|
|
|
255,669
|
|
|
236,358
|
|
||||
Silver equivalent ounces produced
|
8,637,957
|
|
|
8,972,579
|
|
|
26,288,285
|
|
|
26,110,441
|
|
||||
Silver ounces sold
|
3,394,121
|
|
|
4,045,357
|
|
|
10,897,097
|
|
|
12,142,892
|
|
||||
Gold ounces sold
|
83,389
|
|
|
91,118
|
|
|
251,023
|
|
|
243,851
|
|
||||
Silver equivalent ounces sold
|
8,397,467
|
|
|
9,512,459
|
|
|
25,958,451
|
|
|
26,773,958
|
|
||||
Average realized price per silver ounce
|
$
|
19.61
|
|
|
$
|
14.66
|
|
|
$
|
17.36
|
|
|
$
|
15.89
|
|
Average realized price per gold ounce
|
$
|
1,317
|
|
|
$
|
1,116
|
|
|
$
|
1,251
|
|
|
$
|
1,162
|
|
Costs applicable to sales per silver equivalent ounce
(1)
|
$
|
12.38
|
|
|
$
|
12.22
|
|
|
$
|
11.79
|
|
|
$
|
13.11
|
|
Costs applicable to sales per realized silver equivalent ounce
(1)
|
$
|
11.96
|
|
|
$
|
11.14
|
|
|
$
|
11.10
|
|
|
$
|
12.22
|
|
Costs applicable to sales per gold equivalent ounce
(1)
|
$
|
767
|
|
|
$
|
808
|
|
|
$
|
716
|
|
|
$
|
810
|
|
All-in sustaining costs per silver equivalent ounce
(1)
|
$
|
17.02
|
|
|
$
|
15.41
|
|
|
$
|
16.03
|
|
|
$
|
16.50
|
|
All-in sustaining costs per realized silver equivalent ounce
(1)
|
$
|
15.89
|
|
|
$
|
13.35
|
|
|
$
|
14.36
|
|
|
$
|
14.74
|
|
(1)
|
See
“
Non-GAAP Financial Performance Measures.
”
|
|
Three months ended September 30, 2016
|
|
Three months ended September 30, 2015
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
3,286
|
|
$
|
10,712
|
|
|
$
|
(16,168
|
)
|
$
|
(1,080
|
)
|
Argentina
|
(301
|
)
|
67
|
|
|
(731
|
)
|
(2
|
)
|
||||
Mexico
|
3,020
|
|
37,821
|
|
|
(1,412
|
)
|
11,951
|
|
||||
Bolivia
|
4,325
|
|
5,904
|
|
|
(4,483
|
)
|
(1,029
|
)
|
||||
Other jurisdictions
|
4,772
|
|
(49
|
)
|
|
315
|
|
(1,580
|
)
|
||||
|
$
|
15,102
|
|
$
|
54,455
|
|
|
$
|
(22,479
|
)
|
$
|
8,260
|
|
|
Nine months ended September 30, 2016
|
|
Nine months ended September 30, 2015
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(5,956
|
)
|
$
|
8,370
|
|
|
$
|
(46,640
|
)
|
$
|
1,123
|
|
Argentina
|
3,137
|
|
(183
|
)
|
|
(2,083
|
)
|
(3
|
)
|
||||
Mexico
|
(1,136
|
)
|
42,155
|
|
|
(16,666
|
)
|
11,234
|
|
||||
Bolivia
|
10,388
|
|
5,182
|
|
|
(8,081
|
)
|
(2,240
|
)
|
||||
Other jurisdictions
|
4,109
|
|
(2,406
|
)
|
|
834
|
|
(1,663
|
)
|
||||
|
$
|
10,542
|
|
$
|
53,118
|
|
|
$
|
(72,636
|
)
|
$
|
8,451
|
|
(silver and silver equivalent ounces in thousands)
|
Silver
|
Gold
|
Silver Equivalent
1
|
Palmarejo
|
4,100 - 4,600
|
70,000 - 75,000
|
8,300 - 9,100
|
Rochester
|
4,500 - 5,000
|
48,000 - 55,000
|
7,380 - 8,300
|
San Bartolomé
|
5,500 - 5,800
|
—
|
5,500 - 5,800
|
Endeavor
|
215 - 235
|
—
|
215 - 235
|
Kensington
|
—
|
120,000 - 125,000
|
7,200 - 7,500
|
Wharf
|
80 - 100
|
95,000 - 100,000
|
5,780 - 6,100
|
Total
|
14,395 - 15,735
|
333,000 - 355,000
|
34,375 - 37,035
|
(dollars in millions, except per ounce amounts)
|
Original Guidance
|
Updated Guidance
|
CAS per AgEqOz
1
–
Palmarejo
|
$12.50 - $13.50
|
$10.50 - $11.00
|
CAS per AgEqOz
1
–
Rochester
|
$11.25 - $12.25
|
$11.25 - $12.25
|
CAS per AgOz
1
–
San Bartolomé
|
$13.50 - $14.25
|
$13.50 - $14.25
|
CAS per AuOz
1
–
Kensington
|
$825 - $875
|
$775 - $825
|
CAS per AuEqOz
1
–
Wharf
|
$650 - $750
|
$600 - $650
|
Capital Expenditures
|
$90 - $100
|
$105 - $115
|
General and Administrative Expenses
|
$28 - $32
|
$28 - $32
|
Exploration Expense
|
$11 - $13
|
$14 - $16
|
AISC per AgEqOz
1
|
$16.00 - $17.25
|
$15.75 - $16.25
|
(1)
|
See
“
Non-GAAP Financial Performance Measures.
”
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Tons milled
|
274,644
|
|
|
427,635
|
|
|
791,319
|
|
|
1,315,394
|
|
||||
Silver ounces produced
|
933,200
|
|
|
1,422,066
|
|
|
3,173,665
|
|
|
4,023,077
|
|
||||
Gold ounces produced
|
16,608
|
|
|
22,974
|
|
|
50,006
|
|
|
56,596
|
|
||||
Silver equivalent ounces produced
|
1,929,680
|
|
|
2,800,506
|
|
|
6,174,025
|
|
|
7,418,837
|
|
||||
Costs applicable to sales per silver equivalent oz
(1)
|
$
|
10.96
|
|
|
$
|
11.66
|
|
|
$
|
10.58
|
|
|
$
|
13.61
|
|
Costs applicable to sales per realized silver equivalent oz
(1)
|
$
|
10.38
|
|
|
$
|
10.25
|
|
|
$
|
9.68
|
|
|
$
|
12.38
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Tons placed
|
4,901,039
|
|
|
4,128,868
|
|
|
15,677,511
|
|
|
12,002,712
|
|
||||
Silver ounces produced
|
1,160,902
|
|
|
1,086,189
|
|
|
3,286,817
|
|
|
3,524,130
|
|
||||
Gold ounces produced
|
12,120
|
|
|
10,892
|
|
|
36,521
|
|
|
41,024
|
|
||||
Silver equivalent ounces produced
|
1,888,102
|
|
|
1,739,709
|
|
|
5,478,077
|
|
|
5,985,570
|
|
||||
Costs applicable to sales per silver equivalent oz
(1)
|
$
|
11.66
|
|
|
$
|
12.02
|
|
|
$
|
11.87
|
|
|
$
|
12.39
|
|
Costs applicable to sales per realized silver equivalent oz
(1)
|
$
|
11.16
|
|
|
$
|
10.90
|
|
|
$
|
11.00
|
|
|
$
|
11.33
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Tons milled
|
140,322
|
|
|
165,198
|
|
|
456,799
|
|
|
500,798
|
|
||||
Gold ounces produced
|
26,459
|
|
|
28,799
|
|
|
90,642
|
|
|
92,553
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
862
|
|
|
$
|
889
|
|
|
$
|
794
|
|
|
$
|
806
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
(1)
|
||||||||
Tons placed
|
1,199,008
|
|
|
1,149,744
|
|
|
3,089,302
|
|
|
2,453,149
|
|
||||
Gold ounces produced
|
29,684
|
|
|
23,104
|
|
|
78,500
|
|
|
46,185
|
|
||||
Silver ounces produced
|
25,335
|
|
|
19,365
|
|
|
73,515
|
|
|
38,701
|
|
||||
Gold equivalent ounces produced
(2)
|
30,106
|
|
|
23,427
|
|
|
79,725
|
|
|
46,830
|
|
||||
Costs applicable to sales per gold equivalent oz
(2)
|
$
|
668
|
|
|
$
|
716
|
|
|
$
|
623
|
|
|
$
|
820
|
|
(1)
|
Amounts are post-acquisition (February 20, 2015).
|
(2)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Tons milled
|
450,409
|
|
|
373,201
|
|
|
1,298,656
|
|
|
1,237,384
|
|
||||
Silver ounces produced
|
1,370,194
|
|
|
1,177,986
|
|
|
4,210,051
|
|
|
3,885,789
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
14.97
|
|
|
$
|
14.55
|
|
|
$
|
13.58
|
|
|
$
|
14.19
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Endeavor Silver Stream
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Tons milled
|
42,335
|
|
|
191,913
|
|
|
166,740
|
|
|
568,387
|
|
||||
Silver ounces produced
|
56,066
|
|
|
120,833
|
|
|
204,097
|
|
|
457,264
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
8.10
|
|
|
$
|
4.99
|
|
|
$
|
6.42
|
|
|
$
|
5.83
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Consolidated silver equivalent ounces sold
|
8,397,467
|
|
|
9,512,459
|
|
|
25,958,451
|
|
|
26,773,958
|
|
||||
Average realized price per silver equivalent ounce
|
$
|
21.00
|
|
|
$
|
16.92
|
|
|
$
|
19.39
|
|
|
$
|
17.79
|
|
Costs applicable to sales per company-wide silver equivalent ounce
(1)
|
(12.55
|
)
|
|
(12.64
|
)
|
|
(11.84
|
)
|
|
(13.24
|
)
|
||||
Operating margin per company-wide silver equivalent ounce
|
$
|
8.45
|
|
|
$
|
4.28
|
|
|
$
|
7.55
|
|
|
$
|
4.55
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cash flow before changes in operating assets and liabilities
|
$
|
58,118
|
|
|
$
|
28,551
|
|
|
$
|
128,867
|
|
|
$
|
63,819
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Receivables
|
19,672
|
|
|
11,011
|
|
|
10,751
|
|
|
11,225
|
|
||||
Prepaid expenses and other
|
(2,816
|
)
|
|
(2,055
|
)
|
|
(2,435
|
)
|
|
(3,222
|
)
|
||||
Inventories
|
(8,900
|
)
|
|
5,380
|
|
|
(24,408
|
)
|
|
10,713
|
|
||||
Accounts payable and accrued liabilities
|
(18,262
|
)
|
|
(6,117
|
)
|
|
(12,407
|
)
|
|
(12,210
|
)
|
||||
CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
47,812
|
|
|
$
|
36,770
|
|
|
$
|
100,368
|
|
|
$
|
70,325
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands except per share amounts
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
$
|
69,557
|
|
|
$
|
(14,219
|
)
|
|
$
|
63,660
|
|
|
$
|
(64,185
|
)
|
Fair value adjustments
|
961
|
|
|
(5,786
|
)
|
|
13,235
|
|
|
(3,657
|
)
|
||||
Impairment of marketable securities
|
—
|
|
|
483
|
|
|
20
|
|
|
2,028
|
|
||||
Write-downs
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
||||
Inventory write-downs
|
3,689
|
|
|
—
|
|
|
3,689
|
|
|
—
|
|
||||
Gain on sale of assets
|
(4,498
|
)
|
|
(333
|
)
|
|
(8,983
|
)
|
|
(396
|
)
|
||||
Loss on debt extinguishments
|
10,040
|
|
|
—
|
|
|
10,040
|
|
|
271
|
|
||||
(Gain) loss on sale of securities
|
(2,964
|
)
|
|
11
|
|
|
(2,691
|
)
|
|
916
|
|
||||
Corporate reorganization costs
|
—
|
|
|
514
|
|
|
—
|
|
|
514
|
|
||||
Transaction-related costs
|
26
|
|
|
—
|
|
|
1,198
|
|
|
2,013
|
|
||||
Deferred tax on reorganization
|
(40,767
|
)
|
|
—
|
|
|
(40,767
|
)
|
|
—
|
|
||||
Foreign exchange (gain) loss
|
2,549
|
|
|
(1,182
|
)
|
|
(1,384
|
)
|
|
846
|
|
||||
Tax effect of adjustments
|
(38
|
)
|
|
1,042
|
|
|
2,582
|
|
|
647
|
|
||||
Adjusted net income (loss)
|
$
|
38,555
|
|
|
$
|
(19,470
|
)
|
|
$
|
45,045
|
|
|
$
|
(61,003
|
)
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss) per share - Basic
|
$
|
0.24
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.29
|
|
|
$
|
(0.49
|
)
|
Adjusted net income (loss) per share - Diluted
|
$
|
0.23
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.28
|
|
|
$
|
(0.49
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands except per share amounts
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
$
|
69,557
|
|
|
$
|
(14,219
|
)
|
|
$
|
63,660
|
|
|
$
|
(64,185
|
)
|
Interest expense, net of capitalized interest
|
8,068
|
|
|
12,446
|
|
|
30,063
|
|
|
33,945
|
|
||||
Income tax provision (benefit)
|
(54,455
|
)
|
|
(8,260
|
)
|
|
(53,118
|
)
|
|
(8,451
|
)
|
||||
Amortization
|
27,763
|
|
|
35,497
|
|
|
93,232
|
|
|
107,560
|
|
||||
EBITDA
|
50,933
|
|
|
25,464
|
|
|
133,837
|
|
|
68,869
|
|
||||
Fair value adjustments, net
|
961
|
|
|
(5,786
|
)
|
|
13,235
|
|
|
(3,657
|
)
|
||||
Impairment of equity securities
|
—
|
|
|
483
|
|
|
20
|
|
|
2,028
|
|
||||
Foreign exchange losses
|
1,466
|
|
|
8,910
|
|
|
7,286
|
|
|
13,172
|
|
||||
Gain on sale of assets
|
(4,498
|
)
|
|
(333
|
)
|
|
(8,983
|
)
|
|
(396
|
)
|
||||
Loss on debt extinguishment
|
10,040
|
|
|
—
|
|
|
10,040
|
|
|
271
|
|
||||
(Gain) loss on sale of securities
|
(2,964
|
)
|
|
11
|
|
|
(2,691
|
)
|
|
916
|
|
||||
Corporate reorganization costs
|
—
|
|
|
514
|
|
|
—
|
|
|
514
|
|
||||
Transaction-related costs
|
26
|
|
|
—
|
|
|
1,198
|
|
|
2,013
|
|
||||
Asset retirement obligation accretion
|
2,096
|
|
|
2,116
|
|
|
6,221
|
|
|
5,903
|
|
||||
Inventory adjustments and write-downs
|
4,665
|
|
|
2,280
|
|
|
6,528
|
|
|
7,633
|
|
||||
Write-downs
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
||||
Adjusted EBITDA
|
$
|
62,725
|
|
|
$
|
33,659
|
|
|
$
|
171,137
|
|
|
$
|
97,266
|
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
|||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
21,794
|
|
|
$
|
27,027
|
|
|
$
|
22,536
|
|
|
$
|
486
|
|
|
$
|
71,843
|
|
|
$
|
34,755
|
|
|
$
|
26,158
|
|
|
$
|
60,913
|
|
|
$
|
132,756
|
|
Amortization
|
|
5,761
|
|
|
5,244
|
|
|
1,723
|
|
|
113
|
|
|
12,841
|
|
|
8,046
|
|
|
6,461
|
|
|
14,507
|
|
|
27,348
|
|
|||||||||
Costs applicable to sales
|
|
$
|
16,033
|
|
|
$
|
21,783
|
|
|
$
|
20,813
|
|
|
$
|
373
|
|
|
$
|
59,002
|
|
|
$
|
26,709
|
|
|
$
|
19,697
|
|
|
$
|
46,406
|
|
|
$
|
105,408
|
|
Silver equivalent ounces sold
|
|
1,462,401
|
|
|
1,868,085
|
|
|
1,390,552
|
|
|
46,069
|
|
|
4,767,107
|
|
|
|
|
|
|
|
|
8,397,467
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
30,998
|
|
|
29,508
|
|
|
60,506
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
10.96
|
|
|
$
|
11.66
|
|
|
$
|
14.97
|
|
|
$
|
8.10
|
|
|
$
|
12.38
|
|
|
$
|
862
|
|
|
$
|
668
|
|
|
$
|
767
|
|
|
$
|
12.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales per realized ounce
|
|
$
|
10.38
|
|
|
$
|
11.16
|
|
|
|
|
|
|
$
|
11.96
|
|
|
|
|
|
|
|
|
$
|
11.72
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
105,408
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
761
|
|
|||||||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,762
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,113
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,706
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,036
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,133
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
142,919
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,767,107
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,630,360
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,397,467
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17.02
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
All-in sustaining costs per realized silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15.89
|
|
(1)
|
Excludes development capital for Guadalupe, Independencia and Rochester crushing capacity expansion.
|
|
|
Silver
|
|
Gold
|
|
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
Total
|
||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
42,710
|
|
|
$
|
32,167
|
|
|
$
|
21,009
|
|
|
$
|
1,384
|
|
|
$
|
97,270
|
|
|
$
|
33,472
|
|
|
$
|
23,419
|
|
|
$
|
56,891
|
|
|
$
|
154,161
|
|
Amortization
|
|
8,617
|
|
|
6,731
|
|
|
3,526
|
|
|
909
|
|
|
19,783
|
|
|
8,499
|
|
|
5,642
|
|
|
14,141
|
|
|
33,924
|
|
|||||||||
Costs applicable to sales
|
|
$
|
34,093
|
|
|
$
|
25,436
|
|
|
$
|
17,483
|
|
|
$
|
475
|
|
|
$
|
77,487
|
|
|
$
|
24,973
|
|
|
$
|
17,777
|
|
|
$
|
42,750
|
|
|
$
|
120,237
|
|
Silver equivalent ounces sold
|
|
2,924,947
|
|
|
2,116,353
|
|
|
1,201,959
|
|
|
95,260
|
|
|
6,338,519
|
|
|
|
|
|
|
|
|
9,512,459
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
28,084
|
|
|
24,815
|
|
|
52,899
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
11.66
|
|
|
$
|
12.02
|
|
|
$
|
14.55
|
|
|
$
|
4.99
|
|
|
$
|
12.22
|
|
|
$
|
889
|
|
|
$
|
716
|
|
|
$
|
808
|
|
|
$
|
12.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales per realized ounce
|
|
$
|
10.25
|
|
|
$
|
10.90
|
|
|
|
|
|
|
$
|
11.14
|
|
|
|
|
|
|
|
|
$
|
10.95
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
120,237
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
820
|
|
|||||||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,565
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,694
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,112
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,493
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,648
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
146,569
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,338,519
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,173,940
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,512,459
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15.41
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
All-in sustaining costs per realized silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13.35
|
|
(1)
|
Excludes development capital for Jualin, Independencia and Rochester expansion permitting.
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
|||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
87,751
|
|
|
$
|
81,983
|
|
|
$
|
62,285
|
|
|
$
|
1,806
|
|
|
$
|
233,825
|
|
|
$
|
99,941
|
|
|
$
|
65,140
|
|
|
$
|
165,081
|
|
|
$
|
398,906
|
|
Amortization
|
|
27,815
|
|
|
15,994
|
|
|
5,330
|
|
|
496
|
|
|
49,635
|
|
|
26,203
|
|
|
15,640
|
|
|
41,843
|
|
|
91,478
|
|
|||||||||
Costs applicable to sales
|
|
$
|
59,936
|
|
|
$
|
65,989
|
|
|
$
|
56,955
|
|
|
$
|
1,310
|
|
|
$
|
184,190
|
|
|
$
|
73,738
|
|
|
$
|
49,500
|
|
|
$
|
123,238
|
|
|
$
|
307,428
|
|
Silver equivalent ounces sold
|
|
5,667,133
|
|
|
5,559,347
|
|
|
4,193,397
|
|
|
204,174
|
|
|
15,624,051
|
|
|
|
|
|
|
|
|
25,958,451
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
92,824
|
|
|
79,416
|
|
|
172,240
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
10.58
|
|
|
$
|
11.87
|
|
|
$
|
13.58
|
|
|
$
|
6.42
|
|
|
$
|
11.79
|
|
|
$
|
794
|
|
|
$
|
623
|
|
|
$
|
716
|
|
|
$
|
11.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales per realized ounce
|
|
$
|
9.68
|
|
|
$
|
11.00
|
|
|
|
|
|
|
$
|
11.10
|
|
|
|
|
|
|
|
|
$
|
10.61
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
307,428
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,047
|
|
|||||||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,491
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,789
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,669
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,967
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,789
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
416,180
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,624,051
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,334,400
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,958,451
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16.03
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
All-in sustaining costs per realized silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14.36
|
|
(1)
|
Excludes development capital for Guadalupe, Independencia and Rochester crushing capacity expansion and miscellaneous land purchases.
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
|||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
123,692
|
|
|
$
|
100,183
|
|
|
$
|
69,254
|
|
|
$
|
6,479
|
|
|
$
|
299,608
|
|
|
$
|
114,582
|
|
|
$
|
43,543
|
|
|
$
|
158,125
|
|
|
$
|
457,733
|
|
Amortization
|
|
24,997
|
|
|
18,962
|
|
|
13,487
|
|
|
4,019
|
|
|
61,465
|
|
|
32,738
|
|
|
9,133
|
|
|
41,871
|
|
|
103,336
|
|
|||||||||
Costs applicable to sales
|
|
$
|
98,695
|
|
|
$
|
81,221
|
|
|
$
|
55,767
|
|
|
$
|
2,460
|
|
|
$
|
238,143
|
|
|
$
|
81,844
|
|
|
$
|
34,410
|
|
|
$
|
116,254
|
|
|
$
|
354,397
|
|
Silver equivalent ounces sold
|
|
7,252,519
|
|
|
6,557,312
|
|
|
3,931,214
|
|
|
422,253
|
|
|
18,163,298
|
|
|
|
|
|
|
|
|
26,773,958
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
101,565
|
|
|
41,946
|
|
|
143,511
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
13.61
|
|
|
$
|
12.39
|
|
|
$
|
14.19
|
|
|
$
|
5.83
|
|
|
$
|
13.11
|
|
|
$
|
806
|
|
|
$
|
820
|
|
|
$
|
810
|
|
|
$
|
13.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales per realized ounce
|
|
$
|
12.38
|
|
|
$
|
11.33
|
|
|
|
|
|
|
$
|
12.22
|
|
|
|
|
|
|
|
|
$
|
11.82
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
354,397
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,837
|
|
|||||||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,110
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,979
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,957
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,806
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,769
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
441,855
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,163,298
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,610,660
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,773,958
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16.50
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
All-in sustaining costs per realized silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14.74
|
|
(1)
|
Excludes development capital for Jualin, Independencia and Rochester expansion permitting.
|
|
Silver
|
Gold
|
|
||||||||||||||||||||||||
In thousands except per ounce amounts
|
Palmarejo
|
Rochester
|
San Bartolomé
|
Endeavor
|
Total Silver
|
Kensington
|
Wharf
|
Total Gold
|
Total Combined
|
||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
130,000
|
|
$
|
120,000
|
|
$
|
87,000
|
|
$
|
2,500
|
|
$
|
339,500
|
|
$
|
137,000
|
|
$
|
82,000
|
|
$
|
219,000
|
|
$
|
558,500
|
|
Amortization
|
40,000
|
|
28,000
|
|
7,000
|
|
1,000
|
|
76,000
|
|
37,000
|
|
20,000
|
|
57,000
|
|
133,000
|
|
|||||||||
Costs applicable to sales
|
$
|
90,000
|
|
$
|
92,000
|
|
$
|
80,000
|
|
$
|
1,500
|
|
$
|
263,500
|
|
$
|
100,000
|
|
$
|
62,000
|
|
$
|
162,000
|
|
$
|
425,500
|
|
Silver equivalent ounces sold
|
8,400,000
|
|
7,890,000
|
|
5,700,000
|
|
220,000
|
|
22,210,000
|
|
|
|
|
35,710,000
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
125,000
|
|
100,000
|
|
225,000
|
|
|
|||||||||||||||
Costs applicable to sales per ounce guidance
|
$10.50-$11.00
|
$11.25-$12.25
|
$13.50-$14.25
|
|
|
$775-$825
|
$600-$650
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
$
|
425,500
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
4,500
|
|
|||||||||||||||||
Sustaining capital, including capital lease payments
|
|
|
|
|
|
|
75,000
|
|
|||||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
30,000
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
15,000
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
16,000
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
5,000
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
$
|
571,000
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
22,210,000
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
13,500,000
|
|
||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
35,710,000
|
|
||||||||||||||||||
All-in sustaining costs per silver equivalent ounce guidance
|
|
|
|
|
|
$15.75-$16.25
|
10.1
|
Equity Distribution Agreement, dated as of September 9, 2016, among Coeur Mining, Inc., BMO Capital Markets Corp., Raymond James & Associates, Inc. and RBC Capital Markets, LLC. (Incorporated herein by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K filed on September 9, 2016 (File No. 001-08641))
|
31.1
|
Certification of the CEO (Filed herewith).
|
31.2
|
Certification of the CFO (Filed herewith).
|
32.1
|
CEO Section 1350 Certification (Filed herewith).
|
32.2
|
CFO Section 1350 Certification (Filed herewith).
|
95.1
|
Mine Safety Disclosure (Filed herewith).
|
101.INS
|
XBRL Instance Document*
|
101.SCH
|
XBRL Taxonomy Extension Schema*
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase*
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase*
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase*
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase*
|
|
|
COEUR MINING, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated
|
10/26/2016
|
/s/ Mitchell J. Krebs
|
|
|
|
MITCHELL J. KREBS
|
|
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
Dated
|
10/26/2016
|
/s/ Peter C. Mitchell
|
|
|
|
PETER C. MITCHELL
|
|
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
Dated
|
10/26/2016
|
/s/ Mark Spurbeck
|
|
|
|
MARK SPURBECK
|
|
|
|
Vice President, Finance (Principal Accounting Officer)
|
1 Year Coeur Mining Chart |
1 Month Coeur Mining Chart |
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