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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 | |
---|---|---|---|---|---|---|---|---|
-0.165 | -3.60% | 4.415 | 4.55 | 4.36 | 4.39 | 957,563 | 14:46:00 |
☑
|
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)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock (par value $.01 per share)
|
CDE
|
New York Stock Exchange
|
Large accelerated filer
|
|
☑
|
Accelerated filer
|
|
☐
|
|
|
|
|
|
|
Non-accelerated filer
|
|
☐
|
Smaller reporting company
|
|
☐
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
☐
|
|
Condensed Consolidated Balance Sheets
|
Page
|
Part I.
|
|
|
|
|
|
|
Item 1. Financial Statements
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Stockholders’ Equity
|
|
|
|
|
|
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
|
|
|
September 30, 2019 (unaudited)
|
|
December 31, 2018
|
||||
ASSETS
|
Notes
|
In thousands, except share data
|
||||||
CURRENT ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
65,319
|
|
|
$
|
115,081
|
|
Receivables
|
4
|
37,295
|
|
|
29,744
|
|
||
Inventory
|
5
|
57,478
|
|
|
66,279
|
|
||
Ore on leach pads
|
5
|
75,603
|
|
|
75,122
|
|
||
Prepaid expenses and other
|
|
16,659
|
|
|
11,393
|
|
||
|
|
252,354
|
|
|
297,619
|
|
||
NON-CURRENT ASSETS
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
308,774
|
|
|
298,451
|
|
||
Mining properties, net
|
|
928,078
|
|
|
971,567
|
|
||
Ore on leach pads
|
5
|
68,975
|
|
|
66,964
|
|
||
Restricted assets
|
|
8,248
|
|
|
12,133
|
|
||
Equity and debt securities
|
6
|
22,812
|
|
|
17,806
|
|
||
Receivables
|
4
|
27,580
|
|
|
31,151
|
|
||
Other
|
|
72,796
|
|
|
16,809
|
|
||
TOTAL ASSETS
|
|
$
|
1,689,617
|
|
|
$
|
1,712,500
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
||||
Accounts payable
|
|
$
|
72,927
|
|
|
$
|
47,210
|
|
Accrued liabilities and other
|
19
|
117,606
|
|
|
82,619
|
|
||
Debt
|
8
|
21,939
|
|
|
24,937
|
|
||
Reclamation
|
9
|
6,552
|
|
|
6,552
|
|
||
|
|
219,024
|
|
|
161,318
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
Debt
|
8
|
276,781
|
|
|
433,889
|
|
||
Reclamation
|
9
|
135,101
|
|
|
128,994
|
|
||
Deferred tax liabilities
|
|
51,534
|
|
|
79,070
|
|
||
Other long-term liabilities
|
|
76,370
|
|
|
56,717
|
|
||
|
|
539,786
|
|
|
698,670
|
|
||
COMMITMENTS AND CONTINGENCIES
|
17
|
|
|
|
||||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 240,508,936 issued and outstanding at September 30, 2019 and 203,310,443 at December 31, 2018
|
|
2,405
|
|
|
2,033
|
|
||
Additional paid-in capital
|
|
3,590,056
|
|
|
3,443,082
|
|
||
Accumulated other comprehensive income (loss)
|
|
1,132
|
|
|
(59
|
)
|
||
Accumulated deficit
|
|
(2,662,786
|
)
|
|
(2,592,544
|
)
|
||
|
|
930,807
|
|
|
852,512
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
1,689,617
|
|
|
$
|
1,712,500
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Notes
|
In thousands, except share data
|
||||||||||||||
Revenue
|
3
|
$
|
199,469
|
|
|
$
|
148,795
|
|
|
$
|
516,462
|
|
|
$
|
482,049
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1)
|
3
|
140,952
|
|
|
116,857
|
|
|
404,550
|
|
|
324,443
|
|
||||
Amortization
|
|
45,678
|
|
|
31,184
|
|
|
130,758
|
|
|
91,420
|
|
||||
General and administrative
|
|
9,635
|
|
|
7,729
|
|
|
26,859
|
|
|
24,183
|
|
||||
Exploration
|
|
5,893
|
|
|
8,157
|
|
|
15,326
|
|
|
21,269
|
|
||||
Pre-development, reclamation, and other
|
|
4,851
|
|
|
8,121
|
|
|
13,619
|
|
|
15,966
|
|
||||
Total costs and expenses
|
|
207,009
|
|
|
172,048
|
|
|
591,112
|
|
|
477,281
|
|
||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
||||||||
Loss on debt extinguishment
|
8
|
(1,282
|
)
|
|
—
|
|
|
(1,282
|
)
|
|
—
|
|
||||
Fair value adjustments, net
|
12
|
4,377
|
|
|
715
|
|
|
8,201
|
|
|
2,907
|
|
||||
Interest expense, net of capitalized interest
|
8
|
(5,980
|
)
|
|
(5,818
|
)
|
|
(19,259
|
)
|
|
(17,801
|
)
|
||||
Other, net
|
14
|
(3,634
|
)
|
|
(20,903
|
)
|
|
(2,931
|
)
|
|
(19,846
|
)
|
||||
Total other income (expense), net
|
|
(6,519
|
)
|
|
(26,006
|
)
|
|
(15,271
|
)
|
|
(34,740
|
)
|
||||
Income (loss) before income and mining taxes
|
|
(14,059
|
)
|
|
(49,259
|
)
|
|
(89,921
|
)
|
|
(29,972
|
)
|
||||
Income and mining tax (expense) benefit
|
10
|
(218
|
)
|
|
(3,785
|
)
|
|
13,986
|
|
|
(19,451
|
)
|
||||
Income (loss) from continuing operations
|
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(75,935
|
)
|
|
$
|
(49,423
|
)
|
Income (loss) from discontinued operations
|
18
|
—
|
|
|
—
|
|
|
5,693
|
|
|
550
|
|
||||
NET INCOME (LOSS)
|
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(70,242
|
)
|
|
$
|
(48,873
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on hedges, net of tax of $365 for the three and nine months ended September 30, 2019
|
|
1,132
|
|
|
—
|
|
|
1,132
|
|
|
—
|
|
||||
Unrealized gain (loss) on debt and equity securities
|
|
—
|
|
|
192
|
|
|
59
|
|
|
(173
|
)
|
||||
Other comprehensive income (loss)
|
|
1,132
|
|
|
192
|
|
|
1,191
|
|
|
(173
|
)
|
||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(13,145
|
)
|
|
$
|
(52,852
|
)
|
|
$
|
(69,051
|
)
|
|
$
|
(49,046
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE
|
15
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.27
|
)
|
Net income (loss) from discontinued operations
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Basic(2)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.26
|
)
|
Diluted income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.27
|
)
|
Net income (loss) from discontinued operations
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Diluted(2)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.26
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Notes
|
In thousands
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(70,242
|
)
|
|
$
|
(48,873
|
)
|
(Income) loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
(5,693
|
)
|
|
(550
|
)
|
||||
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Amortization
|
|
45,678
|
|
|
31,184
|
|
|
130,758
|
|
|
91,420
|
|
||||
Accretion
|
|
3,073
|
|
|
3,117
|
|
|
9,023
|
|
|
10,321
|
|
||||
Deferred taxes
|
|
(10,545
|
)
|
|
(3,276
|
)
|
|
(27,962
|
)
|
|
(4,087
|
)
|
||||
Loss on debt extinguishment
|
8
|
1,282
|
|
|
—
|
|
|
1,282
|
|
|
—
|
|
||||
Fair value adjustments, net
|
12
|
(4,377
|
)
|
|
(715
|
)
|
|
(8,201
|
)
|
|
(2,907
|
)
|
||||
Stock-based compensation
|
11
|
2,432
|
|
|
1,942
|
|
|
6,642
|
|
|
6,578
|
|
||||
Inventory write-downs
|
5
|
13,966
|
|
|
30,787
|
|
|
41,285
|
|
|
30,787
|
|
||||
Deferred revenue recognition
|
17
|
(15,250
|
)
|
|
(582
|
)
|
|
(16,008
|
)
|
|
(1,666
|
)
|
||||
Other
|
|
8,994
|
|
|
3,520
|
|
|
15,733
|
|
|
6,846
|
|
||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Receivables
|
|
(3,350
|
)
|
|
(5,930
|
)
|
|
(20,709
|
)
|
|
(16,509
|
)
|
||||
Prepaid expenses and other current assets
|
|
1,375
|
|
|
1,377
|
|
|
(2,143
|
)
|
|
3,868
|
|
||||
Inventory and ore on leach pads
|
|
(9,389
|
)
|
|
(8,156
|
)
|
|
(42,601
|
)
|
|
(19,630
|
)
|
||||
Accounts payable and accrued liabilities
|
|
22,384
|
|
|
5,565
|
|
|
41,421
|
|
|
(35,562
|
)
|
||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF CONTINUING OPERATIONS
|
|
41,996
|
|
|
5,789
|
|
|
52,585
|
|
|
20,036
|
|
||||
CASH USED IN OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,690
|
)
|
||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
41,996
|
|
|
5,789
|
|
|
52,585
|
|
|
17,346
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
(30,678
|
)
|
|
(39,472
|
)
|
|
(78,865
|
)
|
|
(122,982
|
)
|
||||
Proceeds from the sale of assets
|
|
26
|
|
|
393
|
|
|
930
|
|
|
549
|
|
||||
Purchase of investments
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(415
|
)
|
||||
Sale of investments
|
|
1,007
|
|
|
(78
|
)
|
|
2,109
|
|
|
12,682
|
|
||||
Proceeds from notes receivable
|
|
—
|
|
|
15,000
|
|
|
7,168
|
|
|
15,000
|
|
||||
Other
|
|
(57
|
)
|
|
64
|
|
|
1,961
|
|
|
(34
|
)
|
||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS
|
|
(29,702
|
)
|
|
(24,108
|
)
|
|
(66,697
|
)
|
|
(95,200
|
)
|
||||
CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,470
|
)
|
||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(29,702
|
)
|
|
(24,108
|
)
|
|
(66,697
|
)
|
|
(123,670
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Issuance of common stock
|
15
|
73,781
|
|
|
—
|
|
|
122,668
|
|
|
—
|
|
||||
Issuance of notes and bank borrowings, net of issuance costs
|
8
|
30,000
|
|
|
25,000
|
|
|
45,000
|
|
|
40,000
|
|
||||
Payments on debt, finance leases, and associated costs
|
8
|
(87,778
|
)
|
|
(25,533
|
)
|
|
(201,051
|
)
|
|
(48,355
|
)
|
||||
Other
|
|
301
|
|
|
(77
|
)
|
|
(2,958
|
)
|
|
(4,916
|
)
|
||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS
|
|
16,304
|
|
|
(610
|
)
|
|
(36,341
|
)
|
|
(13,271
|
)
|
||||
CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
16,304
|
|
|
(610
|
)
|
|
(36,341
|
)
|
|
(13,293
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
(192
|
)
|
|
183
|
|
|
65
|
|
|
565
|
|
||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
28,406
|
|
|
(18,746
|
)
|
|
(50,388
|
)
|
|
(119,052
|
)
|
||||
Less net cash used in discontinued operations(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,930
|
)
|
||||
|
|
28,406
|
|
|
(18,746
|
)
|
|
(50,388
|
)
|
|
(86,122
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
|
39,275
|
|
|
136,026
|
|
|
118,069
|
|
|
203,402
|
|
||||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
67,681
|
|
|
$
|
117,280
|
|
|
$
|
67,681
|
|
|
$
|
117,280
|
|
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, 2018
|
203,310
|
|
|
$
|
2,033
|
|
|
$
|
3,443,082
|
|
|
$
|
(2,592,544
|
)
|
|
$
|
(59
|
)
|
|
852,512
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,201
|
)
|
|
—
|
|
|
(19,201
|
)
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
1,801
|
|
|
18
|
|
|
(1,053
|
)
|
|
—
|
|
|
—
|
|
|
(1,035
|
)
|
|||||
Balances at March 31, 2019 (Unaudited)
|
205,111
|
|
|
$
|
2,051
|
|
|
$
|
3,442,029
|
|
|
$
|
(2,611,745
|
)
|
|
$
|
—
|
|
|
$
|
832,335
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,764
|
)
|
|
—
|
|
|
(36,764
|
)
|
|||||
Common stock issued under "at the market" stock offering
|
16,631
|
|
|
166
|
|
|
48,721
|
|
|
—
|
|
|
—
|
|
|
48,887
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
117
|
|
|
2
|
|
|
1,986
|
|
|
—
|
|
|
—
|
|
|
1,988
|
|
|||||
Balances at June 30, 2019 (Unaudited)
|
221,859
|
|
|
$
|
2,219
|
|
|
$
|
3,492,736
|
|
|
$
|
(2,648,509
|
)
|
|
$
|
—
|
|
|
$
|
846,446
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,277
|
)
|
|
—
|
|
|
(14,277
|
)
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,132
|
|
|
1,132
|
|
|||||
Common stock issued for the extinguishment of Senior Notes
|
4,452
|
|
|
44
|
|
|
21,246
|
|
|
—
|
|
|
—
|
|
|
21,290
|
|
|||||
Common stock issued under "at the market" stock offering
|
14,220
|
|
|
142
|
|
|
73,639
|
|
|
—
|
|
|
—
|
|
|
73,781
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
(22
|
)
|
|
—
|
|
|
2,435
|
|
|
—
|
|
|
—
|
|
|
2,435
|
|
|||||
Balances at September 30, 2019 (Unaudited)
|
240,509
|
|
|
$
|
2,405
|
|
|
$
|
3,590,056
|
|
|
$
|
(2,662,786
|
)
|
|
$
|
1,132
|
|
|
$
|
930,807
|
|
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, 2017
|
185,638
|
|
|
$
|
1,856
|
|
|
$
|
3,357,345
|
|
|
$
|
(2,546,743
|
)
|
|
$
|
2,519
|
|
|
814,977
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
—
|
|
|
1,241
|
|
|||||
Reclassification of unrealized gain (loss) on equity securities for ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
2,604
|
|
|
(2,604
|
)
|
|
—
|
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
|||||
Common stock issued under stock-based compensation plans, net
|
538
|
|
|
6
|
|
|
(1,635
|
)
|
|
—
|
|
|
—
|
|
|
(1,629
|
)
|
|||||
Balances at March 31, 2018 (Unaudited)
|
186,176
|
|
|
$
|
1,862
|
|
|
$
|
3,355,710
|
|
|
$
|
(2,542,898
|
)
|
|
$
|
(363
|
)
|
|
$
|
814,311
|
|
Net income (loss)
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,930
|
|
|
$
|
—
|
|
|
2,930
|
|
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87
|
)
|
|
(87
|
)
|
|||||
Common stock issued under stock-based compensation plans, net
|
898
|
|
|
9
|
|
|
1,608
|
|
|
—
|
|
|
—
|
|
|
1,617
|
|
|||||
Balances at June 30, 2018 (Unaudited)
|
187,074
|
|
|
$
|
1,871
|
|
|
$
|
3,357,318
|
|
|
$
|
(2,539,968
|
)
|
|
$
|
(450
|
)
|
|
$
|
818,771
|
|
Net income (loss)
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(53,044
|
)
|
|
$
|
—
|
|
|
(53,044
|
)
|
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|
192
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
(47
|
)
|
|
(1
|
)
|
|
1,865
|
|
|
—
|
|
|
—
|
|
|
1,864
|
|
|||||
Balances at September 30, 2018 (Unaudited)
|
187,027
|
|
|
$
|
1,870
|
|
|
$
|
3,359,183
|
|
|
$
|
(2,593,012
|
)
|
|
$
|
(258
|
)
|
|
$
|
767,783
|
|
Three months ended September 30, 2019
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
41,547
|
|
|
$
|
11,290
|
|
|
$
|
52,636
|
|
|
$
|
36,398
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
141,871
|
|
Silver sales
|
29,790
|
|
|
16,191
|
|
|
—
|
|
|
293
|
|
|
5,307
|
|
|
—
|
|
|
51,581
|
|
|||||||
Zinc sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,046
|
|
|
—
|
|
|
2,046
|
|
|||||||
Lead sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,971
|
|
|
—
|
|
|
3,971
|
|
|||||||
Metal sales
|
71,337
|
|
|
27,481
|
|
|
52,636
|
|
|
36,691
|
|
|
11,324
|
|
|
—
|
|
|
199,469
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales(1)
|
37,397
|
|
|
27,749
|
|
|
29,533
|
|
|
22,084
|
|
|
24,189
|
|
|
—
|
|
|
140,952
|
|
|||||||
Amortization
|
15,840
|
|
|
4,250
|
|
|
13,552
|
|
|
3,301
|
|
|
8,268
|
|
|
467
|
|
|
45,678
|
|
|||||||
Exploration
|
1,608
|
|
|
145
|
|
|
1,465
|
|
|
102
|
|
|
828
|
|
|
1,745
|
|
|
5,893
|
|
|||||||
Other operating expenses
|
1,327
|
|
|
1,210
|
|
|
281
|
|
|
698
|
|
|
254
|
|
|
10,716
|
|
|
14,486
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,282
|
)
|
|
(1,282
|
)
|
|||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,377
|
|
|
4,377
|
|
|||||||
Interest expense, net
|
(74
|
)
|
|
(287
|
)
|
|
(453
|
)
|
|
(26
|
)
|
|
(410
|
)
|
|
(4,730
|
)
|
|
(5,980
|
)
|
|||||||
Other, net
|
(2,535
|
)
|
|
(368
|
)
|
|
(99
|
)
|
|
(151
|
)
|
|
(190
|
)
|
|
(291
|
)
|
|
(3,634
|
)
|
|||||||
Income and mining tax (expense) benefit
|
(1,630
|
)
|
|
(2,067
|
)
|
|
—
|
|
|
(1,672
|
)
|
|
916
|
|
|
4,235
|
|
|
(218
|
)
|
|||||||
Income (loss) from continuing operations
|
$
|
10,926
|
|
|
$
|
(8,595
|
)
|
|
$
|
7,253
|
|
|
$
|
8,657
|
|
|
$
|
(21,899
|
)
|
|
$
|
(10,619
|
)
|
|
$
|
(14,277
|
)
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Segment assets(2)
|
$
|
342,274
|
|
|
$
|
283,229
|
|
|
$
|
204,926
|
|
|
$
|
99,600
|
|
|
$
|
417,678
|
|
|
$
|
172,735
|
|
|
$
|
1,520,442
|
|
Capital expenditures
|
$
|
7,818
|
|
|
$
|
10,248
|
|
|
$
|
4,944
|
|
|
$
|
759
|
|
|
$
|
6,359
|
|
|
$
|
550
|
|
|
$
|
30,678
|
|
Three months ended September 30, 2018
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
32,268
|
|
|
$
|
17,171
|
|
|
$
|
29,771
|
|
|
$
|
23,816
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
103,026
|
|
Silver sales
|
23,188
|
|
|
18,353
|
|
|
—
|
|
|
177
|
|
|
1,330
|
|
|
—
|
|
|
43,048
|
|
|||||||
Zinc sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,673
|
|
|
—
|
|
|
1,673
|
|
|||||||
Lead sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,048
|
|
|
—
|
|
|
1,048
|
|
|||||||
Metal sales
|
$
|
55,456
|
|
|
$
|
35,524
|
|
|
$
|
29,771
|
|
|
$
|
23,993
|
|
|
$
|
4,051
|
|
|
$
|
—
|
|
|
$
|
148,795
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales(1)
|
31,554
|
|
|
27,548
|
|
|
28,241
|
|
|
17,979
|
|
|
11,535
|
|
|
—
|
|
|
116,857
|
|
|||||||
Amortization
|
14,794
|
|
|
5,294
|
|
|
6,912
|
|
|
2,878
|
|
|
1,073
|
|
|
233
|
|
|
31,184
|
|
|||||||
Exploration
|
3,195
|
|
|
51
|
|
|
1,640
|
|
|
63
|
|
|
2,333
|
|
|
875
|
|
|
8,157
|
|
|||||||
Other operating expenses
|
771
|
|
|
4,362
|
|
|
333
|
|
|
699
|
|
|
148
|
|
|
9,537
|
|
|
15,850
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
715
|
|
|
715
|
|
|||||||
Interest expense, net
|
(842
|
)
|
|
(115
|
)
|
|
(248
|
)
|
|
(9
|
)
|
|
166
|
|
|
(4,770
|
)
|
|
(5,818
|
)
|
|||||||
Other, net
|
(1,010
|
)
|
|
278
|
|
|
(34
|
)
|
|
(422
|
)
|
|
(447
|
)
|
|
(19,268
|
)
|
|
(20,903
|
)
|
|||||||
Income and mining tax (expense) benefit
|
(6,461
|
)
|
|
(83
|
)
|
|
—
|
|
|
(334
|
)
|
|
4,320
|
|
|
(1,227
|
)
|
|
(3,785
|
)
|
|||||||
Income (loss) from continuing operations
|
$
|
(3,171
|
)
|
|
$
|
(1,651
|
)
|
|
$
|
(7,637
|
)
|
|
$
|
1,609
|
|
|
$
|
(6,999
|
)
|
|
$
|
(35,195
|
)
|
|
$
|
(53,044
|
)
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Segment assets(2)
|
$
|
368,257
|
|
|
$
|
252,291
|
|
|
$
|
225,161
|
|
|
$
|
98,978
|
|
|
405,334
|
|
|
$
|
79,079
|
|
|
$
|
1,429,100
|
|
|
Capital expenditures
|
$
|
4,686
|
|
|
$
|
3,582
|
|
|
$
|
11,960
|
|
|
$
|
1,176
|
|
|
17,949
|
|
|
$
|
119
|
|
|
$
|
39,472
|
|
Nine months ended September 30, 2019
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
107,063
|
|
|
$
|
33,538
|
|
|
$
|
138,083
|
|
|
$
|
80,277
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
358,961
|
|
Silver sales
|
76,821
|
|
|
45,765
|
|
|
—
|
|
|
699
|
|
|
13,373
|
|
|
—
|
|
|
136,658
|
|
|||||||
Zinc sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,284
|
|
|
—
|
|
|
10,284
|
|
|||||||
Lead sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,559
|
|
|
—
|
|
|
10,559
|
|
|||||||
Metal sales
|
183,884
|
|
|
79,303
|
|
|
138,083
|
|
|
80,976
|
|
|
34,216
|
|
|
—
|
|
|
516,462
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales(1)
|
107,137
|
|
|
74,896
|
|
|
90,841
|
|
|
54,942
|
|
|
76,734
|
|
|
—
|
|
|
404,550
|
|
|||||||
Amortization
|
44,580
|
|
|
12,250
|
|
|
37,816
|
|
|
8,207
|
|
|
26,572
|
|
|
1,333
|
|
|
130,758
|
|
|||||||
Exploration
|
3,758
|
|
|
331
|
|
|
3,970
|
|
|
102
|
|
|
1,559
|
|
|
5,606
|
|
|
15,326
|
|
|||||||
Other operating expenses
|
3,798
|
|
|
3,518
|
|
|
962
|
|
|
2,115
|
|
|
881
|
|
|
29,204
|
|
|
40,478
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,282
|
)
|
|
(1,282
|
)
|
|||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,201
|
|
|
8,201
|
|
|||||||
Interest expense, net
|
(322
|
)
|
|
(599
|
)
|
|
(992
|
)
|
|
(75
|
)
|
|
(997
|
)
|
|
(16,274
|
)
|
|
(19,259
|
)
|
|||||||
Other, net
|
(4,149
|
)
|
|
(352
|
)
|
|
(102
|
)
|
|
174
|
|
|
(411
|
)
|
|
1,909
|
|
|
(2,931
|
)
|
|||||||
Income and mining tax (expense) benefit
|
(684
|
)
|
|
(2,737
|
)
|
|
—
|
|
|
(2,149
|
)
|
|
18,256
|
|
|
1,300
|
|
|
13,986
|
|
|||||||
Income (loss) from continuing operations
|
$
|
19,456
|
|
|
$
|
(15,380
|
)
|
|
$
|
3,400
|
|
|
$
|
13,560
|
|
|
$
|
(54,682
|
)
|
|
$
|
(42,289
|
)
|
|
$
|
(75,935
|
)
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
$
|
5,693
|
|
Segment assets(2)
|
$
|
342,274
|
|
|
$
|
283,229
|
|
|
$
|
204,926
|
|
|
$
|
99,600
|
|
|
$
|
417,678
|
|
|
$
|
172,735
|
|
|
$
|
1,520,442
|
|
Capital expenditures
|
$
|
24,060
|
|
|
$
|
17,665
|
|
|
$
|
19,175
|
|
|
$
|
1,361
|
|
|
$
|
15,456
|
|
|
$
|
1,148
|
|
|
$
|
78,865
|
|
Nine months ended September 30, 2018
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
104,595
|
|
|
$
|
47,626
|
|
|
$
|
101,806
|
|
|
$
|
76,686
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
330,713
|
|
|
Silver sales
|
91,642
|
|
|
55,063
|
|
|
—
|
|
|
580
|
|
|
1,330
|
|
|
—
|
|
|
148,615
|
|
|||||||
Zinc sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,673
|
|
|
—
|
|
|
1,673
|
|
|||||||
Lead sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,048
|
|
|
—
|
|
|
1,048
|
|
|||||||
Metal sales
|
196,237
|
|
|
102,689
|
|
|
101,806
|
|
|
77,266
|
|
|
4,051
|
|
|
—
|
|
|
482,049
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Costs applicable to sales(1)
|
92,960
|
|
|
76,304
|
|
|
91,098
|
|
|
52,546
|
|
|
11,535
|
|
|
—
|
|
|
324,443
|
|
|||||||
Amortization
|
45,752
|
|
|
14,918
|
|
|
20,070
|
|
|
8,888
|
|
|
1,073
|
|
|
719
|
|
|
91,420
|
|
|||||||
Exploration
|
10,363
|
|
|
296
|
|
|
4,625
|
|
|
73
|
|
|
2,439
|
|
|
3,473
|
|
|
21,269
|
|
|||||||
Other operating expenses
|
2,252
|
|
|
6,149
|
|
|
981
|
|
|
2,052
|
|
|
173
|
|
|
28,542
|
|
|
40,149
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,907
|
|
|
2,907
|
|
|||||||
Interest expense, net
|
(1,108
|
)
|
|
(338
|
)
|
|
(722
|
)
|
|
(32
|
)
|
|
(490
|
)
|
|
(15,111
|
)
|
|
(17,801
|
)
|
|||||||
Other, net
|
(2,399
|
)
|
|
704
|
|
|
(104
|
)
|
|
(379
|
)
|
|
(25
|
)
|
|
(17,643
|
)
|
|
(19,846
|
)
|
|||||||
Income and mining tax (expense) benefit
|
(22,550
|
)
|
|
(917
|
)
|
|
—
|
|
|
(2,009
|
)
|
|
6,098
|
|
|
(73
|
)
|
|
(19,451
|
)
|
|||||||
Income (loss) from continuing operations
|
$
|
18,853
|
|
|
$
|
4,471
|
|
|
$
|
(15,794
|
)
|
|
$
|
11,287
|
|
|
$
|
(5,586
|
)
|
|
$
|
(62,654
|
)
|
|
$
|
(49,423
|
)
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
550
|
|
|
$
|
550
|
|
|
Segment assets(2)
|
$
|
368,257
|
|
|
$
|
252,291
|
|
|
$
|
225,161
|
|
|
$
|
98,978
|
|
|
405,334
|
|
|
$
|
79,079
|
|
|
$
|
1,429,100
|
|
|
Capital expenditures
|
$
|
23,458
|
|
|
$
|
6,884
|
|
|
$
|
34,032
|
|
|
$
|
2,682
|
|
|
55,623
|
|
|
$
|
303
|
|
|
$
|
122,982
|
|
Assets
|
September 30, 2019
|
|
December 31, 2018
|
||||
Total assets for reportable segments
|
$
|
1,520,442
|
|
|
$
|
1,550,671
|
|
Cash and cash equivalents
|
65,319
|
|
|
115,081
|
|
||
Other assets
|
103,856
|
|
|
46,748
|
|
||
Total consolidated assets
|
$
|
1,689,617
|
|
|
$
|
1,712,500
|
|
Long-Lived Assets
|
September 30, 2019
|
|
December 31, 2018
|
||||
Mexico
|
$
|
324,026
|
|
|
$
|
342,007
|
|
United States
|
506,327
|
|
|
515,649
|
|
||
Canada
|
398,629
|
|
|
404,185
|
|
||
Other
|
7,870
|
|
|
8,177
|
|
||
Total
|
$
|
1,236,852
|
|
|
$
|
1,270,018
|
|
Revenue
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
United States
|
$
|
116,808
|
|
|
$
|
89,289
|
|
|
$
|
298,362
|
|
|
$
|
281,762
|
|
Mexico
|
71,337
|
|
|
55,455
|
|
|
183,884
|
|
|
196,236
|
|
||||
Canada
|
11,324
|
|
|
4,051
|
|
|
34,216
|
|
|
4,051
|
|
||||
Total
|
$
|
199,469
|
|
|
$
|
148,795
|
|
|
$
|
516,462
|
|
|
$
|
482,049
|
|
In thousands
|
September 30, 2019
|
|
December 31, 2018
|
||||
Current receivables:
|
|
|
|
||||
Trade receivables
|
$
|
10,340
|
|
|
$
|
5,147
|
|
Value added tax (“VAT”) receivable
|
19,116
|
|
|
18,609
|
|
||
Income tax receivable
|
7,083
|
|
|
6
|
|
||
Manquiri Notes Receivable
|
—
|
|
|
5,487
|
|
||
Other
|
756
|
|
|
495
|
|
||
|
$
|
37,295
|
|
|
$
|
29,744
|
|
Non-current receivables:
|
|
|
|
||||
VAT receivable(1)
|
$
|
26,880
|
|
|
$
|
26,817
|
|
RMC Receivable(2)
|
700
|
|
|
4,334
|
|
||
|
27,580
|
|
|
31,151
|
|
||
Total receivables
|
$
|
64,875
|
|
|
$
|
60,895
|
|
In thousands
|
September 30, 2019
|
|
December 31, 2018
|
||||
Inventory:
|
|
|
|
||||
Concentrate
|
$
|
7,221
|
|
|
$
|
10,772
|
|
Precious metals
|
14,508
|
|
|
20,761
|
|
||
Supplies
|
35,749
|
|
|
34,746
|
|
||
|
57,478
|
|
|
66,279
|
|
||
Ore on leach pads:
|
|
|
|
||||
Current
|
75,603
|
|
|
75,122
|
|
||
Non-current
|
68,975
|
|
|
66,964
|
|
||
|
144,578
|
|
|
142,086
|
|
||
Total inventory and ore on leach pads
|
$
|
202,056
|
|
|
$
|
208,365
|
|
|
At September 30, 2019
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Equity Securities
|
|
|
|
|
|
|
|
||||||||
Metalla Royalty & Streaming Ltd.
|
$
|
10,463
|
|
|
$
|
—
|
|
|
$
|
10,439
|
|
|
$
|
20,902
|
|
Rockhaven Resources, Ltd.
|
2,064
|
|
|
(577
|
)
|
|
—
|
|
|
1,487
|
|
||||
Other
|
1,305
|
|
|
(882
|
)
|
|
—
|
|
|
423
|
|
||||
Equity securities
|
$
|
13,832
|
|
|
$
|
(1,459
|
)
|
|
$
|
10,439
|
|
|
$
|
22,812
|
|
|
At December 31, 2018
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Equity Securities
|
|
|
|
|
|
|
|
||||||||
Metalla Royalty & Streaming Ltd.
|
$
|
10,695
|
|
|
$
|
—
|
|
|
$
|
2,852
|
|
|
$
|
13,547
|
|
Rockhaven Resources, Ltd.
|
2,064
|
|
|
(452
|
)
|
|
—
|
|
|
1,612
|
|
||||
Other
|
1,376
|
|
|
(946
|
)
|
|
—
|
|
|
430
|
|
||||
Equity securities
|
$
|
14,135
|
|
|
$
|
(1,398
|
)
|
|
$
|
2,852
|
|
|
$
|
15,589
|
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities
|
|
|
|
|
|
|
|
||||||||
Metalla Royalty & Streaming Ltd.
|
$
|
2,271
|
|
|
$
|
(54
|
)
|
|
$
|
—
|
|
|
$
|
2,217
|
|
|
|
|
|
|
|
|
|
||||||||
Equity and debt securities
|
$
|
16,406
|
|
|
$
|
(1,452
|
)
|
|
$
|
2,852
|
|
|
$
|
17,806
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
In thousands
|
September 30, 2019
|
|
September 30, 2019
|
||||
Lease Cost
|
|
|
|
||||
ROU operating lease cost
|
$
|
2,735
|
|
|
$
|
8,850
|
|
|
|
|
|
||||
Short-term operating lease cost
|
$
|
2,899
|
|
|
$
|
9,384
|
|
|
|
|
|
||||
Finance Lease Cost:
|
|
|
|
||||
Amortization of ROU assets
|
$
|
4,287
|
|
|
$
|
14,078
|
|
Interest on lease liabilities
|
1,210
|
|
|
3,459
|
|
||
Total finance lease cost
|
$
|
5,497
|
|
|
$
|
17,537
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
In thousands
|
September 30, 2019
|
|
September 30, 2019
|
||||
Other Information
|
|
|
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
5,634
|
|
|
$
|
18,234
|
|
Operating cash flows from finance leases
|
$
|
1,210
|
|
|
$
|
3,459
|
|
Financing cash flows from finance leases
|
$
|
4,744
|
|
|
$
|
20,210
|
|
In thousands
|
September 30, 2019
|
||
Operating Leases
|
|
||
Other assets, non-current
|
$
|
57,609
|
|
|
|
||
Accrued liabilities and other
|
$
|
13,199
|
|
Other long-term liabilities
|
43,275
|
|
|
Total operating lease liabilities
|
$
|
56,474
|
|
|
|
||
Finance Leases
|
|
||
Property and equipment, gross
|
$
|
117,483
|
|
Accumulated depreciation
|
(34,270
|
)
|
|
Property and equipment, net
|
$
|
83,213
|
|
|
|
||
Debt, current
|
$
|
21,939
|
|
Debt, non-current
|
50,072
|
|
|
Total finance lease liabilities
|
$
|
72,011
|
|
|
|
||
Weighted Average Remaining Lease Term
|
|
||
Weighted-average remaining lease term - finance leases
|
1.84
|
|
|
Weighted-average remaining lease term - operating leases
|
4.94
|
|
|
|
|
||
Weighted Average Discount Rate
|
|
||
Weighted-average discount rate - finance leases
|
5.40
|
%
|
|
Weighted-average discount rate - operating leases
|
5.20
|
%
|
At September 30, (In thousands)
|
|
|
||||
|
Operating leases
|
Finance leases
|
||||
2019
|
$
|
3,430
|
|
$
|
6,323
|
|
2020
|
13,319
|
|
24,933
|
|
||
2021
|
12,920
|
|
23,726
|
|
||
2022
|
12,887
|
|
17,326
|
|
||
2023
|
12,450
|
|
6,201
|
|
||
Thereafter
|
8,605
|
|
1,450
|
|
||
Total
|
$
|
63,611
|
|
$
|
79,959
|
|
Less: imputed interest
|
(7,137
|
)
|
(7,948
|
)
|
||
Net lease obligation
|
$
|
56,474
|
|
$
|
72,011
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
In thousands
|
Current
|
|
Non-Current
|
|
Current
|
|
Non-Current
|
||||||||
2024 Senior Notes, net(1)
|
$
|
—
|
|
|
$
|
226,709
|
|
|
$
|
—
|
|
|
$
|
245,854
|
|
Revolving Credit Facility(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
135,000
|
|
||||
Finance lease obligations
|
21,939
|
|
|
50,072
|
|
|
24,937
|
|
|
53,035
|
|
||||
|
$
|
21,939
|
|
|
$
|
276,781
|
|
|
$
|
24,937
|
|
|
$
|
433,889
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
2024 Senior Notes
|
$
|
3,563
|
|
|
$
|
3,672
|
|
|
$
|
10,907
|
|
|
$
|
11,016
|
|
Revolving Credit Facility
|
963
|
|
|
1,515
|
|
|
4,769
|
|
|
4,035
|
|
||||
Finance lease obligations
|
1,210
|
|
|
512
|
|
|
3,459
|
|
|
1,551
|
|
||||
Amortization of debt issuance costs
|
378
|
|
|
323
|
|
|
1,110
|
|
|
972
|
|
||||
Accretion of Silvertip contingent consideration
|
182
|
|
|
329
|
|
|
541
|
|
|
980
|
|
||||
Other debt obligations
|
58
|
|
|
196
|
|
|
60
|
|
|
312
|
|
||||
Capitalized interest
|
(374
|
)
|
|
(729
|
)
|
|
(1,587
|
)
|
|
(1,065
|
)
|
||||
Total interest expense, net of capitalized interest
|
$
|
5,980
|
|
|
$
|
5,818
|
|
|
$
|
19,259
|
|
|
$
|
17,801
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Asset retirement obligation - Beginning
|
|
$137,545
|
|
|
|
$122,907
|
|
|
$
|
133,508
|
|
|
$
|
118,799
|
|
Accretion
|
3,024
|
|
|
2,830
|
|
|
8,878
|
|
|
8,141
|
|
||||
Settlements
|
(833
|
)
|
|
(1,171
|
)
|
|
(2,650
|
)
|
|
(2,374
|
)
|
||||
Asset retirement obligation - Ending
|
|
$139,736
|
|
|
|
$124,566
|
|
|
$
|
139,736
|
|
|
$
|
124,566
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
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
|
$
|
968
|
|
$
|
13
|
|
|
$
|
(35,250
|
)
|
$
|
(908
|
)
|
|
$
|
(21,914
|
)
|
$
|
(3,549
|
)
|
|
$
|
(45,397
|
)
|
$
|
(2,700
|
)
|
Canada
|
(24,844
|
)
|
1,123
|
|
|
(13,194
|
)
|
4,432
|
|
|
(78,937
|
)
|
18,462
|
|
|
(17,103
|
)
|
6,476
|
|
||||||||
Mexico
|
9,882
|
|
(1,363
|
)
|
|
1,419
|
|
(7,234
|
)
|
|
11,403
|
|
(938
|
)
|
|
35,088
|
|
(23,055
|
)
|
||||||||
Other jurisdictions
|
(65
|
)
|
9
|
|
|
(2,234
|
)
|
(75
|
)
|
|
(473
|
)
|
11
|
|
|
(2,560
|
)
|
(172
|
)
|
||||||||
|
$
|
(14,059
|
)
|
$
|
(218
|
)
|
|
$
|
(49,259
|
)
|
$
|
(3,785
|
)
|
|
$
|
(89,921
|
)
|
$
|
13,986
|
|
|
$
|
(29,972
|
)
|
$
|
(19,451
|
)
|
Grant date
|
|
Restricted
stock
|
|
Grant date fair
value of
restricted stock
|
|
Performance
shares
|
|
Grant date fair
value of
performance
shares
|
||||||
February 5, 2019
|
|
435,173
|
|
|
$
|
5.08
|
|
|
628,943
|
|
|
$
|
5.54
|
|
February 19, 2019
|
|
854,058
|
|
|
$
|
5.17
|
|
|
80,850
|
|
|
$
|
5.54
|
|
May 1, 2019
|
|
87,775
|
|
|
$
|
3.42
|
|
|
—
|
|
|
$
|
—
|
|
June 12, 2019
|
|
102,373
|
|
|
$
|
3.21
|
|
|
—
|
|
|
$
|
—
|
|
July 17, 2019
|
|
27,383
|
|
|
$
|
4.80
|
|
|
—
|
|
|
$
|
—
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Unrealized gain (loss) on equity securities
|
$
|
3,877
|
|
|
$
|
286
|
|
|
$
|
7,515
|
|
|
$
|
(2,898
|
)
|
Realized gain (loss) on equity securities
|
485
|
|
|
(3
|
)
|
|
859
|
|
|
5,199
|
|
||||
Zinc options
|
—
|
|
|
226
|
|
|
—
|
|
|
588
|
|
||||
Interest rate swap, net
|
15
|
|
|
206
|
|
|
(173
|
)
|
|
18
|
|
||||
Fair value adjustments, net
|
$
|
4,377
|
|
|
$
|
715
|
|
|
$
|
8,201
|
|
|
$
|
2,907
|
|
|
Fair Value at September 30, 2019
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
22,812
|
|
|
$
|
22,812
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other derivative instruments, net
|
785
|
|
|
—
|
|
|
785
|
|
|
—
|
|
||||
|
$
|
23,597
|
|
|
$
|
22,812
|
|
|
$
|
785
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Silvertip contingent consideration
|
$
|
49,817
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,817
|
|
Other derivative instruments, net
|
2,162
|
|
|
—
|
|
|
2,162
|
|
|
—
|
|
||||
|
$
|
51,979
|
|
|
$
|
—
|
|
|
$
|
2,162
|
|
|
$
|
49,817
|
|
|
Fair Value at December 31, 2018
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity and debt securities
|
$
|
17,806
|
|
|
$
|
15,589
|
|
|
$
|
—
|
|
|
$
|
2,217
|
|
Other derivative instruments, net
|
914
|
|
|
—
|
|
|
914
|
|
|
—
|
|
||||
|
$
|
18,720
|
|
|
$
|
15,589
|
|
|
$
|
914
|
|
|
$
|
2,217
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Silvertip contingent consideration
|
$
|
49,276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,276
|
|
Other derivative instruments, net
|
644
|
|
|
—
|
|
|
644
|
|
|
—
|
|
||||
|
$
|
49,920
|
|
|
$
|
—
|
|
|
$
|
644
|
|
|
$
|
49,276
|
|
|
Three Months Ended September 30, 2019
|
||||||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Accretion
|
|
Balance at the
end of the period |
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Silvertip contingent consideration
|
$
|
49,635
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
182
|
|
|
$
|
49,817
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Accretion
|
|
Balance at the
end of the period |
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Silvertip contingent consideration
|
$
|
49,276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
541
|
|
|
$
|
49,817
|
|
|
September 30, 2019
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
2024 Senior Notes(1)
|
$
|
226,709
|
|
|
$
|
226,843
|
|
|
$
|
—
|
|
|
$
|
226,843
|
|
|
$
|
—
|
|
Revolving Credit Facility(2)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31, 2018
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Manquiri Notes Receivable
|
$
|
5,487
|
|
|
$
|
5,487
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,487
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
2024 Senior Notes(1)
|
$
|
245,854
|
|
|
$
|
220,446
|
|
|
$
|
—
|
|
|
$
|
220,446
|
|
|
$
|
—
|
|
Revolving Credit Facility(2)
|
$
|
135,000
|
|
|
$
|
135,000
|
|
|
$
|
—
|
|
|
$
|
135,000
|
|
|
$
|
—
|
|
In thousands except average prices and notional ounces
|
2019
|
|
Thereafter
|
||||
Provisional silver sales contracts
|
$
|
10,406
|
|
|
$
|
—
|
|
Average silver price per ounce
|
$
|
17.53
|
|
|
$
|
—
|
|
Notional ounces
|
593,523
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional gold sales contracts
|
$
|
23,032
|
|
|
$
|
—
|
|
Average gold price per ounce
|
$
|
1,472
|
|
|
$
|
—
|
|
Notional ounces
|
15,652
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional zinc sales contracts
|
$
|
14,451
|
|
|
$
|
—
|
|
Average zinc price per pound
|
$
|
1.07
|
|
|
$
|
—
|
|
Notional pounds
|
13,512,379
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional lead sales contracts
|
$
|
7,650
|
|
|
$
|
—
|
|
Average lead price per pound
|
$
|
0.93
|
|
|
$
|
—
|
|
Notional pounds
|
8,212,898
|
|
|
—
|
|
||
|
|
|
|
||||
Fixed interest rate swap payable
|
$
|
240
|
|
|
$
|
—
|
|
Fixed Interest rate
|
2.51
|
%
|
|
—
|
|
||
Notional dollars
|
$
|
37,500
|
|
|
$
|
—
|
|
|
|
|
|
||||
Variable interest rate swap receivable
|
$
|
185
|
|
|
$
|
—
|
|
Average variable interest rate
|
2.37
|
%
|
|
$
|
—
|
|
|
Notional dollars
|
$
|
37,500
|
|
|
$
|
—
|
|
|
September 30, 2019
|
||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
||||
Provisional metal sales contracts
|
$
|
785
|
|
|
$
|
2,107
|
|
Interest rate swaps
|
—
|
|
|
55
|
|
||
|
$
|
785
|
|
|
$
|
2,162
|
|
|
December 31, 2018
|
||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
||||
Provisional metal sales contracts
|
$
|
784
|
|
|
$
|
644
|
|
Zinc options
|
113
|
|
|
—
|
|
||
Interest rate swaps
|
17
|
|
|
—
|
|
||
|
$
|
914
|
|
|
$
|
644
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Financial statement line
|
Derivative
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
Provisional metal sales contracts
|
$
|
233
|
|
|
$
|
34
|
|
|
$
|
(1,461
|
)
|
|
$
|
15
|
|
Fair value adjustments, net
|
Zinc options
|
—
|
|
|
225
|
|
|
—
|
|
|
588
|
|
||||
Fair value adjustments, net
|
Interest rate swaps
|
15
|
|
|
206
|
|
|
(173
|
)
|
|
18
|
|
||||
|
|
$
|
248
|
|
|
$
|
465
|
|
|
$
|
(1,634
|
)
|
|
$
|
621
|
|
In thousands except average prices and notional ounces
|
2019
|
|
2020
|
||||
Gold put options
|
|
|
|
||||
Average gold strike price per ounce
|
$
|
1,405
|
|
|
$
|
1,408
|
|
Notional ounces
|
63,000
|
|
|
96,000
|
|
||
|
|
|
|
||||
Gold call options
|
|
|
|
||||
Average gold strike price per ounce
|
$
|
1,798
|
|
|
$
|
1,803
|
|
Notional ounces
|
63,000
|
|
|
96,000
|
|
|
September 30, 2019
|
||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
||||
Gold zero cost collars
|
$
|
1,497
|
|
|
$
|
—
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Gains (losses) recognized in OCI - effective portion:
|
|
|
|
|
|
|
|
|||||||||
Gold zero cost collars
|
$
|
1,497
|
|
|
$
|
—
|
|
|
$
|
1,497
|
|
|
$
|
—
|
|
|
Gains (losses) reclassified from AOCI into net income - effective portion:
|
|
|
|
|
|
|
|
|||||||||
Gold zero cost collars
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign exchange gain (loss)
|
$
|
(2,945
|
)
|
|
$
|
(3,104
|
)
|
|
$
|
(4,078
|
)
|
|
$
|
(7,083
|
)
|
Write-down of Manquiri consideration
|
—
|
|
|
(18,599
|
)
|
|
—
|
|
|
(18,599
|
)
|
||||
Mexico inflation adjustment
|
—
|
|
|
1,939
|
|
|
—
|
|
|
1,939
|
|
||||
Interest income on notes receivable
|
—
|
|
|
628
|
|
|
199
|
|
|
1,450
|
|
||||
Gain (loss) on sale of assets and investments
|
(100
|
)
|
|
(28
|
)
|
|
(120
|
)
|
|
316
|
|
||||
Other
|
(589
|
)
|
|
(1,739
|
)
|
|
1,068
|
|
|
2,131
|
|
||||
Other, net
|
$
|
(3,634
|
)
|
|
$
|
(20,903
|
)
|
|
$
|
(2,931
|
)
|
|
$
|
(19,846
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands except per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss) available to common stockholders:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(75,935
|
)
|
|
$
|
(49,423
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
5,693
|
|
|
550
|
|
||||
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(70,242
|
)
|
|
$
|
(48,873
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
225,860
|
|
|
185,246
|
|
|
212,098
|
|
|
184,935
|
|
||||
Effect of stock-based compensation plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted
|
225,860
|
|
|
185,246
|
|
|
212,098
|
|
|
184,935
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.27
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Basic(1)
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.27
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Diluted(1)
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.26
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
116,808
|
|
|
$
|
82,661
|
|
|
$
|
—
|
|
|
$
|
199,469
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Costs applicable to sales(1)
|
—
|
|
|
79,367
|
|
|
61,585
|
|
|
—
|
|
|
140,952
|
|
|||||
Amortization
|
216
|
|
|
21,751
|
|
|
23,711
|
|
|
—
|
|
|
45,678
|
|
|||||
General and administrative
|
8,973
|
|
|
208
|
|
|
454
|
|
|
—
|
|
|
9,635
|
|
|||||
Exploration
|
430
|
|
|
5,010
|
|
|
453
|
|
|
—
|
|
|
5,893
|
|
|||||
Pre-development, reclamation, and other
|
15
|
|
|
4,465
|
|
|
371
|
|
|
—
|
|
|
4,851
|
|
|||||
Total costs and expenses
|
9,634
|
|
|
110,801
|
|
|
86,574
|
|
|
—
|
|
|
207,009
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss on debt extinguishment
|
(1,282
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,282
|
)
|
|||||
Fair value adjustments, net
|
4,378
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
4,377
|
|
|||||
Other, net
|
4,557
|
|
|
(814
|
)
|
|
(3,017
|
)
|
|
(4,360
|
)
|
|
(3,634
|
)
|
|||||
Interest expense, net of capitalized interest
|
(4,729
|
)
|
|
(838
|
)
|
|
(4,773
|
)
|
|
4,360
|
|
|
(5,980
|
)
|
|||||
Total other income (expense), net
|
2,924
|
|
|
(1,653
|
)
|
|
(7,790
|
)
|
|
—
|
|
|
(6,519
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(6,710
|
)
|
|
4,354
|
|
|
(11,703
|
)
|
|
—
|
|
|
(14,059
|
)
|
|||||
Income and mining tax (expense) benefit
|
3,808
|
|
|
(3,740
|
)
|
|
(286
|
)
|
|
—
|
|
|
(218
|
)
|
|||||
Income (loss) from continuing operations
|
(2,902
|
)
|
|
614
|
|
|
(11,989
|
)
|
|
—
|
|
|
(14,277
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
(11,371
|
)
|
|
(4
|
)
|
|
95
|
|
|
11,280
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
$
|
(14,273
|
)
|
|
$
|
610
|
|
|
$
|
(11,894
|
)
|
|
$
|
11,280
|
|
|
$
|
(14,277
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Unrealized gain (loss) on debt securities, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unrealized gain (loss) on hedges, net of tax of $363 for the three and nine months ended September 30, 2019
|
1,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,132
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(13,141
|
)
|
|
$
|
610
|
|
|
$
|
(11,894
|
)
|
|
$
|
11,280
|
|
|
$
|
(13,145
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
89,289
|
|
|
$
|
59,506
|
|
|
$
|
—
|
|
|
$
|
148,795
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales(1)
|
—
|
|
|
73,768
|
|
|
43,089
|
|
|
—
|
|
|
116,857
|
|
|||||
Amortization
|
232
|
|
|
15,084
|
|
|
15,868
|
|
|
—
|
|
|
31,184
|
|
|||||
General and administrative
|
7,682
|
|
|
3
|
|
|
44
|
|
|
—
|
|
|
7,729
|
|
|||||
Exploration
|
383
|
|
|
2,245
|
|
|
5,529
|
|
|
—
|
|
|
8,157
|
|
|||||
Pre-development, reclamation, and other
|
1,302
|
|
|
5,456
|
|
|
1,363
|
|
|
—
|
|
|
8,121
|
|
|||||
Total costs and expenses
|
9,599
|
|
|
96,556
|
|
|
65,893
|
|
|
—
|
|
|
172,048
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
745
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
715
|
|
|||||
Other, net
|
(14,194
|
)
|
|
(189
|
)
|
|
(2,599
|
)
|
|
(3,921
|
)
|
|
(20,903
|
)
|
|||||
Interest expense, net of capitalized interest
|
(5,445
|
)
|
|
(372
|
)
|
|
(3,922
|
)
|
|
3,921
|
|
|
(5,818
|
)
|
|||||
Total other income (expense), net
|
(18,894
|
)
|
|
(591
|
)
|
|
(6,521
|
)
|
|
—
|
|
|
(26,006
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(28,493
|
)
|
|
(7,858
|
)
|
|
(12,908
|
)
|
|
—
|
|
|
(49,259
|
)
|
|||||
Income and mining tax (expense) benefit
|
(430
|
)
|
|
(489
|
)
|
|
(2,866
|
)
|
|
—
|
|
|
(3,785
|
)
|
|||||
Income (loss) from continuing operations
|
(28,923
|
)
|
|
(8,347
|
)
|
|
(15,774
|
)
|
|
—
|
|
|
(53,044
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
(24,122
|
)
|
|
(47
|
)
|
|
(174
|
)
|
|
24,343
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
$
|
(53,045
|
)
|
|
$
|
(8,394
|
)
|
|
$
|
(15,948
|
)
|
|
$
|
24,343
|
|
|
$
|
(53,044
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(52,853
|
)
|
|
$
|
(8,394
|
)
|
|
$
|
(15,948
|
)
|
|
$
|
24,343
|
|
|
$
|
(52,852
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$
|
(18,772
|
)
|
|
$
|
24,553
|
|
|
$
|
24,935
|
|
|
$
|
11,280
|
|
|
$
|
41,996
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
(239
|
)
|
|
(16,748
|
)
|
|
(13,691
|
)
|
|
—
|
|
|
(30,678
|
)
|
|||||||
Proceeds from the sale of assets
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|||||||
Sales of investments
|
1,007
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,007
|
|
|||||||
Proceeds from notes receivable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
2
|
|
|
(44
|
)
|
|
(15
|
)
|
|
—
|
|
|
(57
|
)
|
|||||||
Investments in consolidated subsidiaries
|
11,372
|
|
|
45
|
|
|
(137
|
)
|
|
(11,280
|
)
|
|
—
|
|
|||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
12,142
|
|
|
(16,721
|
)
|
|
(13,843
|
)
|
|
(11,280
|
)
|
|
(29,702
|
)
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common stock
|
73,781
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,781
|
|
|||||||
Issuance of notes and bank borrowings, net of issuance costs
|
30,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,000
|
|
|||||||
Payments on debt, capital leases, and associated costs
|
(83,034
|
)
|
|
(3,305
|
)
|
|
(1,439
|
)
|
|
—
|
|
|
(87,778
|
)
|
|||||||
Net intercompany financing activity
|
(6,842
|
)
|
|
(12,322
|
)
|
1
|
|
19,164
|
|
1
|
|
—
|
|
|
—
|
|
|||||
Other
|
301
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301
|
|
|||||||
Cash provided by (used in) activities of continuing operations
|
14,206
|
|
|
(15,627
|
)
|
|
17,725
|
|
|
—
|
|
|
16,304
|
|
|||||||
Cash provided by (used in) activities of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
14,206
|
|
|
(15,627
|
)
|
|
17,725
|
|
|
—
|
|
|
16,304
|
|
|||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
74
|
|
|
(266
|
)
|
|
—
|
|
|
(192
|
)
|
|||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
7,576
|
|
|
(7,721
|
)
|
|
28,551
|
|
|
—
|
|
|
28,406
|
|
|||||||
Cash, cash equivalents and restricted cash at beginning of period
|
4,043
|
|
|
16,669
|
|
|
18,563
|
|
|
—
|
|
|
39,275
|
|
|||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
11,619
|
|
|
$
|
8,948
|
|
|
$
|
47,114
|
|
|
$
|
—
|
|
|
$
|
67,681
|
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$
|
(37,112
|
)
|
|
$
|
7,058
|
|
|
$
|
11,500
|
|
|
$
|
24,343
|
|
|
$
|
5,789
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(119
|
)
|
|
(16,720
|
)
|
|
(22,633
|
)
|
|
—
|
|
|
(39,472
|
)
|
|||||
Proceeds from the sale of assets
|
—
|
|
|
304
|
|
|
89
|
|
|
—
|
|
|
393
|
|
|||||
Purchase of investments
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||||
Sales of investments
|
(126
|
)
|
|
48
|
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
|||||
Proceeds from notes receivable
|
15,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,000
|
|
|||||
Other
|
124
|
|
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
64
|
|
|||||
Investments in consolidated subsidiaries
|
24,121
|
|
|
56
|
|
|
166
|
|
|
(24,343
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
38,985
|
|
|
(16,312
|
)
|
|
(22,438
|
)
|
|
(24,343
|
)
|
|
(24,108
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
25,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,000
|
|
|||||
Payments on debt, capital leases, and associated costs
|
(20,000
|
)
|
|
(3,535
|
)
|
|
(1,998
|
)
|
|
—
|
|
|
(25,533
|
)
|
|||||
Net intercompany financing activity
|
(7,130
|
)
|
|
(4,844
|
)
|
|
11,974
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
(77
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(2,207
|
)
|
|
(8,379
|
)
|
|
9,976
|
|
|
—
|
|
|
(610
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(2
|
)
|
|
185
|
|
|
—
|
|
|
183
|
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(334
|
)
|
|
(17,635
|
)
|
|
(777
|
)
|
|
—
|
|
|
(18,746
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
24,232
|
|
|
40,200
|
|
|
71,594
|
|
|
—
|
|
|
136,026
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
23,898
|
|
|
$
|
22,565
|
|
|
$
|
70,817
|
|
|
$
|
—
|
|
|
$
|
117,280
|
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
298,361
|
|
|
$
|
218,101
|
|
|
$
|
—
|
|
|
$
|
516,462
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales(1)
|
—
|
|
|
220,680
|
|
|
183,870
|
|
|
—
|
|
|
404,550
|
|
|||||
Amortization
|
656
|
|
|
58,922
|
|
|
71,180
|
|
|
—
|
|
|
130,758
|
|
|||||
General and administrative
|
24,429
|
|
|
778
|
|
|
1,652
|
|
|
—
|
|
|
26,859
|
|
|||||
Exploration
|
1,116
|
|
|
8,219
|
|
|
5,991
|
|
|
—
|
|
|
15,326
|
|
|||||
Pre-development, reclamation, and other
|
255
|
|
|
8,397
|
|
|
4,967
|
|
|
—
|
|
|
13,619
|
|
|||||
Total costs and expenses
|
26,456
|
|
|
296,996
|
|
|
267,660
|
|
|
—
|
|
|
591,112
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss on debt extinguishment
|
(1,282
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,282
|
)
|
|||||
Fair value adjustments, net
|
8,210
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
8,201
|
|
|||||
Other, net
|
14,648
|
|
|
(376
|
)
|
|
(4,230
|
)
|
|
(12,973
|
)
|
|
(2,931
|
)
|
|||||
Interest expense, net of capitalized interest
|
(16,273
|
)
|
|
(1,738
|
)
|
|
(14,221
|
)
|
|
12,973
|
|
|
(19,259
|
)
|
|||||
Total other income (expense), net
|
5,303
|
|
|
(2,123
|
)
|
|
(18,451
|
)
|
|
—
|
|
|
(15,271
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(21,153
|
)
|
|
(758
|
)
|
|
(68,010
|
)
|
|
—
|
|
|
(89,921
|
)
|
|||||
Income and mining tax (expense) benefit
|
1,420
|
|
|
(4,888
|
)
|
|
17,454
|
|
|
—
|
|
|
13,986
|
|
|||||
Income (loss) from continuing operations
|
(19,733
|
)
|
|
(5,646
|
)
|
|
(50,556
|
)
|
|
—
|
|
|
(75,935
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
(56,200
|
)
|
|
(634
|
)
|
|
355
|
|
|
56,479
|
|
|
—
|
|
|||||
Income (loss) from discontinued operations
|
5,693
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,693
|
|
|||||
NET INCOME (LOSS)
|
$
|
(70,240
|
)
|
|
$
|
(6,280
|
)
|
|
$
|
(50,201
|
)
|
|
$
|
56,479
|
|
|
$
|
(70,242
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on debt securities, net of tax
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|||||
Unrealized gain (loss) on hedges, net of tax of $363 for the three and nine months ended September 30, 2019
|
1,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,132
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(69,049
|
)
|
|
$
|
(6,280
|
)
|
|
$
|
(50,201
|
)
|
|
$
|
56,479
|
|
|
$
|
(69,051
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
281,762
|
|
|
$
|
200,287
|
|
|
$
|
—
|
|
|
$
|
482,049
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales(1)
|
—
|
|
|
219,948
|
|
|
104,495
|
|
|
—
|
|
|
324,443
|
|
|||||
Amortization
|
714
|
|
|
43,876
|
|
|
46,830
|
|
|
—
|
|
|
91,420
|
|
|||||
General and administrative
|
24,113
|
|
|
15
|
|
|
55
|
|
|
—
|
|
|
24,183
|
|
|||||
Exploration
|
1,168
|
|
|
7,289
|
|
|
12,812
|
|
|
—
|
|
|
21,269
|
|
|||||
Pre-development, reclamation, and other
|
1,912
|
|
|
9,391
|
|
|
4,663
|
|
|
—
|
|
|
15,966
|
|
|||||
Total costs and expenses
|
27,907
|
|
|
280,519
|
|
|
168,855
|
|
|
—
|
|
|
477,281
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
3,335
|
|
|
(428
|
)
|
|
|
|
|
—
|
|
|
2,907
|
|
|||||
Other, net
|
(4,890
|
)
|
|
187
|
|
|
(3,607
|
)
|
|
(11,536
|
)
|
|
(19,846
|
)
|
|||||
Interest expense, net of capitalized interest
|
(15,786
|
)
|
|
(1,092
|
)
|
|
(12,459
|
)
|
|
11,536
|
|
|
(17,801
|
)
|
|||||
Total other income (expense), net
|
(17,341
|
)
|
|
(1,333
|
)
|
|
(16,066
|
)
|
|
—
|
|
|
(34,740
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(45,248
|
)
|
|
(90
|
)
|
|
15,366
|
|
|
—
|
|
|
(29,972
|
)
|
|||||
Income and mining tax (expense) benefit
|
286
|
|
|
(2,997
|
)
|
|
(16,740
|
)
|
|
—
|
|
|
(19,451
|
)
|
|||||
Income (loss) from continuing operations
|
(44,962
|
)
|
|
(3,087
|
)
|
|
(1,374
|
)
|
|
—
|
|
|
(49,423
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
(4,922
|
)
|
|
(113
|
)
|
|
(590
|
)
|
|
5,625
|
|
|
—
|
|
|||||
Income (loss) from discontinued operations
|
1,010
|
|
|
(284
|
)
|
|
(176
|
)
|
|
—
|
|
|
550
|
|
|||||
NET INCOME (LOSS)
|
$
|
(48,874
|
)
|
|
$
|
(3,484
|
)
|
|
$
|
(2,140
|
)
|
|
$
|
5,625
|
|
|
$
|
(48,873
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on debt securities, net of tax
|
(173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(49,047
|
)
|
|
$
|
(3,484
|
)
|
|
$
|
(2,140
|
)
|
|
$
|
5,625
|
|
|
$
|
(49,046
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$
|
(96,935
|
)
|
|
$
|
76,116
|
|
|
$
|
16,925
|
|
|
$
|
56,479
|
|
|
$
|
52,585
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(349
|
)
|
|
(38,999
|
)
|
|
(39,517
|
)
|
|
—
|
|
|
(78,865
|
)
|
|||||
Proceeds from the sale of assets
|
—
|
|
|
836
|
|
|
94
|
|
|
—
|
|
|
930
|
|
|||||
Purchase of investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales of investments
|
2,109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,109
|
|
|||||
Proceeds from notes receivable
|
7,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,168
|
|
|||||
Other
|
2,034
|
|
|
69
|
|
|
(142
|
)
|
|
—
|
|
|
1,961
|
|
|||||
Investments in consolidated subsidiaries
|
56,112
|
|
|
130
|
|
|
237
|
|
|
(56,479
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
67,074
|
|
|
(37,964
|
)
|
|
(39,328
|
)
|
|
(56,479
|
)
|
|
(66,697
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of common stock
|
122,668
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,668
|
|
|||||
Issuance of notes and bank borrowings, net of issuance costs
|
45,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,000
|
|
|||||
Payments on debt, capital leases, and associated costs
|
(180,841
|
)
|
|
(13,445
|
)
|
|
(6,765
|
)
|
|
—
|
|
|
(201,051
|
)
|
|||||
Net intercompany financing activity
|
44,863
|
|
|
(48,628
|
)
|
|
3,765
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
(2,958
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,958
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
28,732
|
|
|
(62,073
|
)
|
|
(3,000
|
)
|
|
—
|
|
|
(36,341
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
76
|
|
|
(11
|
)
|
|
—
|
|
|
65
|
|
|||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(1,129
|
)
|
|
(23,845
|
)
|
|
(25,414
|
)
|
|
—
|
|
|
(50,388
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
12,748
|
|
|
32,793
|
|
|
72,528
|
|
|
—
|
|
|
118,069
|
|
|||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
11,619
|
|
|
$
|
8,948
|
|
|
$
|
47,114
|
|
|
$
|
—
|
|
|
$
|
67,681
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,346
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
12,269
|
|
||||
General and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||
Pre-development, reclamation, and other
|
—
|
|
|
—
|
|
|
—
|
|
|
265
|
|
||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(260
|
)
|
||||
Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(492
|
)
|
||||
Pretax gain on the disposal of the discontinued operation
|
—
|
|
|
—
|
|
|
5,693
|
|
|
1,525
|
|
||||
Total pretax gain or loss on discontinued operations
|
—
|
|
|
—
|
|
|
5,693
|
|
|
1,033
|
|
||||
Income and mining tax (expense) benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(483
|
)
|
||||
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
$
|
550
|
|
In thousands
|
September 30, 2019
|
|
December 31, 2018
|
||||
Accrued salaries and wages
|
$
|
19,554
|
|
|
$
|
22,229
|
|
Silvertip contingent consideration
|
49,817
|
|
|
25,000
|
|
||
Deferred revenue (1)
|
12,488
|
|
|
3,164
|
|
||
Income and mining taxes
|
7,518
|
|
|
16,474
|
|
||
Accrued operating costs
|
6,750
|
|
|
10,524
|
|
||
Taxes other than income and mining
|
3,657
|
|
|
3,639
|
|
||
Accrued interest payable
|
4,623
|
|
|
1,589
|
|
||
Operating lease liabilities
|
13,199
|
|
|
—
|
|
||
Accrued liabilities and other
|
$
|
117,606
|
|
|
$
|
82,619
|
|
In thousands
|
September 30, 2019
|
|
September 30, 2018
|
||||
Cash and cash equivalents
|
$
|
65,319
|
|
|
$
|
104,746
|
|
Restricted cash equivalents
|
2,362
|
|
|
12,534
|
|
||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
$
|
67,681
|
|
|
$
|
117,280
|
|
•
|
Strong increases in quarterly financial results - Revenue, operating cash flow and adjusted EBITDA1 increased 23%, 59% and 99%, respectively, quarter-over-quarter. Strong financial performance was driven by a 15% increase in Companywide gold production and higher precious metals prices during the quarter
|
•
|
Second consecutive quarter of positive free cash flow1 - The Company generated $11.3 million of free cash flow1 during the third quarter, approximately double the amount in the prior period. The second consecutive quarter of positive free cash flow1 was driven by strong performance at Palmarejo and Wharf
|
•
|
Successful commissioning of new crushing circuit at Rochester - Rochester began processing ore through its new three-stage crushing circuit, including the high-pressure grinding roll (“HPGR”) unit, during the quarter. Fourth quarter results are expected to improve, reflecting a full quarter with the new crusher circuit in place
|
•
|
Continued strong performance at Kensington - Kensington produced 34,156 ounces of gold and year-over-year gold production increased 34%. Results reflect the continued benefit of higher-grade ore from Jualin, which is expected to drive production and costs in-line with full-year guidance ranges
|
•
|
19% quarter-over-quarter reduction in total debt2 - Coeur retired over $70.0 million of indebtedness during the quarter, including the remaining balance outstanding under its $250.0 million senior secured revolving credit facility (the “RCF”). The Company has reduced total debt2 by approximately $160.0 million since the beginning of the year. Coeur completed its previously announced $75.0 million at-the-market common stock offering program, raising net proceeds (after sales commissions) of $73.9 million. The Company also exchanged $20.0 million of aggregate principal of its senior unsecured notes for common stock in privately negotiated transactions during the quarter.
|
•
|
72% increase in cash and cash equivalents - Cash and cash equivalents as of September 30, 2019 totaled $65.3 million, 72% higher compared to the prior quarter
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Financial Results from Continuing Operations:
|
|
|
|
|
|
|
|
||||||||
Gold sales
|
$
|
141,871
|
|
|
$
|
103,026
|
|
|
$
|
358,961
|
|
|
$
|
330,713
|
|
Silver sales
|
$
|
51,581
|
|
|
$
|
43,048
|
|
|
$
|
136,658
|
|
|
$
|
148,615
|
|
Zinc sales
|
$
|
2,046
|
|
|
$
|
1,673
|
|
|
$
|
10,284
|
|
|
$
|
1,673
|
|
Lead sales
|
$
|
3,971
|
|
|
$
|
1,048
|
|
|
$
|
10,559
|
|
|
$
|
1,048
|
|
Consolidated Revenue
|
$
|
199,469
|
|
|
$
|
148,795
|
|
|
$
|
516,462
|
|
|
$
|
482,049
|
|
Net income (loss)
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(75,935
|
)
|
|
$
|
(49,423
|
)
|
Net income (loss) per share, diluted
|
$
|
(0.06
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.27
|
)
|
Adjusted net income (loss)(1)
|
$
|
(5,340
|
)
|
|
$
|
(19,653
|
)
|
|
$
|
(51,283
|
)
|
|
$
|
(18,251
|
)
|
Adjusted net income (loss) per share, diluted(1)
|
$
|
(0.02
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.10
|
)
|
EBITDA(1)
|
$
|
37,599
|
|
|
$
|
(12,257
|
)
|
|
$
|
60,096
|
|
|
$
|
79,249
|
|
Adjusted EBITDA(1)
|
$
|
61,006
|
|
|
$
|
24,671
|
|
|
$
|
114,918
|
|
|
$
|
121,397
|
|
Total debt(2)
|
$
|
298,720
|
|
|
$
|
429,190
|
|
|
$
|
298,720
|
|
|
$
|
429,190
|
|
Operating Results from Continuing Operations:
|
|
|
|
|
|
|
|
||||||||
Gold ounces produced
|
99,782
|
|
|
87,539
|
|
|
264,702
|
|
|
266,974
|
|
||||
Silver ounces produced
|
3,019,869
|
|
|
2,886,117
|
|
|
8,571,796
|
|
|
9,272,126
|
|
||||
Zinc pounds produced
|
4,197,110
|
|
|
1,099,408
|
|
|
13,237,837
|
|
|
1,099,408
|
|
||||
Lead pounds produced
|
4,477,653
|
|
|
413,285
|
|
|
12,534,228
|
|
|
413,285
|
|
||||
Gold ounces sold
|
100,407
|
|
|
89,609
|
|
|
272,118
|
|
|
271,217
|
|
||||
Silver ounces sold
|
3,004,815
|
|
|
2,931,513
|
|
|
8,688,195
|
|
|
9,295,230
|
|
||||
Zinc pounds sold
|
4,076,390
|
|
|
1,772,023
|
|
|
14,101,967
|
|
|
1,772,023
|
|
||||
Lead pounds sold
|
4,330,862
|
|
|
1,230,266
|
|
|
12,264,343
|
|
|
1,230,266
|
|
||||
Average realized price per gold ounce
|
$
|
1,413
|
|
|
$
|
1,150
|
|
|
$
|
1,319
|
|
|
$
|
1,219
|
|
Average realized price per silver ounce
|
$
|
17.17
|
|
|
$
|
14.68
|
|
|
$
|
15.73
|
|
|
$
|
15.99
|
|
Average realized price per zinc pound, gross
|
$
|
0.86
|
|
|
$
|
1.20
|
|
|
$
|
1.07
|
|
|
$
|
1.20
|
|
Average realized price per lead pound, gross
|
$
|
0.98
|
|
|
$
|
0.97
|
|
|
$
|
0.92
|
|
|
$
|
0.97
|
|
Financial and Operating Results from Discontinued Operations:(3)
|
|
|
|
|
|
|
|
||||||||
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
$
|
550
|
|
Silver ounces produced
|
—
|
|
|
—
|
|
|
—
|
|
|
643,078
|
|
||||
Gold ounces produced
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
||||
Silver ounces sold
|
—
|
|
|
—
|
|
|
—
|
|
|
704,479
|
|
||||
Gold ounces sold
|
—
|
|
|
—
|
|
|
—
|
|
|
292
|
|
|
Three months ended September 30,
|
|
Increase
|
|
Percent
|
|||||||||
In thousands
|
2019
|
|
2018
|
|
(Decrease)
|
|
Change
|
|||||||
Gold sales
|
$
|
141,871
|
|
|
$
|
103,026
|
|
|
$
|
38,845
|
|
|
38
|
%
|
Silver sales
|
51,581
|
|
|
43,048
|
|
|
8,533
|
|
|
20
|
%
|
|||
Zinc sales
|
2,046
|
|
|
1,673
|
|
|
373
|
|
|
22
|
%
|
|||
Lead sales
|
3,971
|
|
|
1,048
|
|
|
2,923
|
|
|
279
|
%
|
|||
Metal sales
|
$
|
199,469
|
|
|
$
|
148,795
|
|
|
$
|
50,674
|
|
|
34
|
%
|
|
Three months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
968
|
|
$
|
13
|
|
|
$
|
(35,250
|
)
|
$
|
(908
|
)
|
Canada
|
(24,844
|
)
|
1,123
|
|
|
(13,194
|
)
|
4,432
|
|
||||
Mexico
|
9,882
|
|
(1,363
|
)
|
|
1,419
|
|
(7,234
|
)
|
||||
Other jurisdictions
|
(65
|
)
|
9
|
|
|
(2,234
|
)
|
(75
|
)
|
||||
|
$
|
(14,059
|
)
|
$
|
(218
|
)
|
|
$
|
(49,259
|
)
|
$
|
(3,785
|
)
|
|
Nine months ended September 30,
|
|
Increase
|
|
Percent
|
|||||||||
In thousands
|
2019
|
|
2018
|
|
(Decrease)
|
|
Change
|
|||||||
Gold sales
|
$
|
358,961
|
|
|
$
|
330,713
|
|
|
$
|
28,248
|
|
|
9
|
%
|
Silver sales
|
136,658
|
|
|
148,615
|
|
|
(11,957
|
)
|
|
(8
|
)%
|
|||
Zinc sales
|
10,284
|
|
|
1,673
|
|
|
8,611
|
|
|
515
|
%
|
|||
Lead sales
|
10,559
|
|
|
1,048
|
|
|
9,511
|
|
|
908
|
%
|
|||
Metal sales
|
$
|
516,462
|
|
|
$
|
482,049
|
|
|
$
|
34,413
|
|
|
7
|
%
|
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(21,914
|
)
|
$
|
(3,549
|
)
|
|
$
|
(45,397
|
)
|
$
|
(2,700
|
)
|
Canada
|
(78,937
|
)
|
18,462
|
|
|
(17,103
|
)
|
6,476
|
|
||||
Mexico
|
11,403
|
|
(938
|
)
|
|
35,088
|
|
(23,055
|
)
|
||||
Other jurisdictions
|
(473
|
)
|
11
|
|
|
(2,560
|
)
|
(172
|
)
|
||||
|
$
|
(89,921
|
)
|
$
|
13,986
|
|
|
$
|
(29,972
|
)
|
$
|
(19,451
|
)
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons milled
|
442,464
|
|
|
300,116
|
|
1,269,178
|
|
|
1,004,082
|
|
||||
Average gold grade (oz/t)
|
0.09
|
|
|
0.10
|
|
0.08
|
|
|
0.11
|
|
||||
Average silver grade (oz/t)
|
4.88
|
|
|
6.26
|
|
4.76
|
|
|
6.69
|
|
||||
Average recovery rate – Au
|
81.7
|
%
|
|
88.8
|
%
|
84.1
|
%
|
|
86.3
|
%
|
||||
Average recovery rate – Ag
|
79.6
|
%
|
|
82.2
|
%
|
78.4
|
%
|
|
83.8
|
%
|
||||
Gold ounces produced
|
31,779
|
|
|
27,885
|
|
83,230
|
|
|
91,483
|
|
||||
Silver ounces produced
|
1,719,815
|
|
|
1,543,948
|
|
4,732,870
|
|
|
5,622,710
|
|
||||
Gold ounces sold
|
32,731
|
|
|
29,830
|
|
88,152
|
|
|
91,925
|
|
||||
Silver ounces sold
|
1,747,250
|
|
|
1,572,093
|
|
4,862,065
|
|
|
5,694,584
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
663
|
|
|
$
|
614
|
|
$
|
705
|
|
|
$
|
536
|
|
Costs applicable to sales per silver ounce(1)
|
$
|
8.99
|
|
|
$
|
8.43
|
|
$
|
9.25
|
|
|
$
|
7.67
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons placed
|
2,516,353
|
|
|
4,061,082
|
|
7,970,199
|
|
|
12,495,241
|
|
||||
Average gold grade (oz/t)
|
0.004
|
|
|
0.004
|
|
0.003
|
|
|
0.004
|
|
||||
Average silver grade (oz/t)
|
0.43
|
|
|
0.52
|
|
0.45
|
|
|
0.53
|
|
||||
Gold ounces produced
|
7,901
|
|
|
14,702
|
|
24,766
|
|
|
38,462
|
|
||||
Silver ounces produced
|
982,455
|
|
|
1,289,640
|
|
2,913,033
|
|
|
3,571,740
|
|
||||
Gold ounces sold
|
7,651
|
|
|
14,257
|
|
24,804
|
|
|
37,450
|
|
||||
Silver ounces sold
|
951,043
|
|
|
1,248,164
|
|
2,913,130
|
|
|
3,464,663
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
1,487
|
|
|
$
|
927
|
|
$
|
1,268
|
|
|
$
|
937
|
|
Costs applicable to sales per silver ounce(1)
|
$
|
17.21
|
|
|
$
|
11.48
|
|
$
|
14.91
|
|
|
$
|
11.89
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons milled
|
166,475
|
|
|
163,603
|
|
491,317
|
|
|
491,060
|
|
||||
Average gold grade (oz/t)
|
0.22
|
|
|
0.17
|
|
0.22
|
|
|
0.17
|
|
||||
Average recovery rate
|
93.2
|
%
|
|
91.8
|
%
|
92.2
|
%
|
|
92.8
|
%
|
||||
Gold ounces produced
|
34,156
|
|
|
25,515
|
|
98,178
|
|
|
77,149
|
|
||||
Gold ounces sold
|
35,452
|
|
|
25,648
|
|
101,202
|
|
|
81,576
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
833
|
|
|
$
|
1,101
|
|
$
|
898
|
|
|
$
|
1,117
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons placed
|
1,503,021
|
|
|
1,127,391
|
|
3,512,966
|
|
|
3,279,606
|
|
||||
Average gold grade (oz/t)
|
0.027
|
|
|
0.023
|
|
0.024
|
|
|
0.023
|
|
||||
Gold ounces produced
|
25,946
|
|
|
19,437
|
|
58,528
|
|
|
59,880
|
|
||||
Silver ounces produced
|
17,975
|
|
|
12,553
|
|
43,838
|
|
|
37,700
|
|
||||
Gold ounces sold
|
24,573
|
|
|
19,874
|
|
57,960
|
|
|
60,266
|
|
||||
Silver ounces sold
|
16,612
|
|
|
12,425
|
|
43,028
|
|
|
37,152
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
887
|
|
|
$
|
896
|
|
$
|
936
|
|
|
$
|
862
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Tons milled
|
53,145
|
|
|
10,652
|
|
|
174,885
|
|
|
10,652
|
|
||||
Average silver grade (oz/t)
|
7.54
|
|
|
6.66
|
|
|
6.80
|
|
|
6.66
|
|
||||
Average zinc grade (%)
|
7.6
|
%
|
|
8.0
|
%
|
|
7.0
|
%
|
|
8.0
|
%
|
||||
Average lead grade (%)
|
5.4
|
%
|
|
4.3
|
%
|
|
4.8
|
%
|
|
4.3
|
%
|
||||
Average recovery rate – Ag
|
74.8
|
%
|
|
56.3
|
%
|
|
74.2
|
%
|
|
56.3
|
%
|
||||
Average recovery rate – Zn
|
51.7
|
%
|
|
64.5
|
%
|
|
54.1
|
%
|
|
64.5
|
%
|
||||
Average recovery rate – Pb
|
78.4
|
%
|
|
45.1
|
%
|
|
74.8
|
%
|
|
45.1
|
%
|
||||
Silver ounces produced
|
299,624
|
|
|
39,976
|
|
|
882,055
|
|
|
39,976
|
|
||||
Zinc pounds produced
|
4,197,110
|
|
|
1,099,408
|
|
|
13,237,837
|
|
|
1,099,408
|
|
||||
Lead pounds produced
|
4,477,653
|
|
|
413,285
|
|
|
12,534,228
|
|
|
413,285
|
|
||||
Silver ounces sold
|
289,910
|
|
|
98,831
|
|
|
869,972
|
|
|
98,831
|
|
||||
Zinc pounds sold
|
4,076,390
|
|
|
1,772,023
|
|
|
14,101,967
|
|
|
1,772,023
|
|
||||
Lead pounds sold
|
4,330,862
|
|
|
1,230,266
|
|
|
12,264,343
|
|
|
1,230,266
|
|
||||
Costs applicable to sales per silver ounce(1)
|
$
|
32.92
|
|
|
$
|
40.85
|
|
|
$
|
29.09
|
|
|
$
|
40.85
|
|
Costs applicable to sales per zinc pound(1)
|
$
|
1.74
|
|
|
$
|
2.67
|
|
|
$
|
2.24
|
|
|
$
|
2.67
|
|
Costs applicable to sales per lead ounce(1)
|
$
|
1.74
|
|
|
$
|
2.25
|
|
|
$
|
1.62
|
|
|
$
|
2.25
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash flow before changes in operating assets and liabilities
|
$
|
30,976
|
|
|
$
|
12,933
|
|
|
$
|
76,617
|
|
|
$
|
87,869
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Receivables
|
(3,350
|
)
|
|
(5,930
|
)
|
|
(20,709
|
)
|
|
(16,509
|
)
|
||||
Prepaid expenses and other
|
1,375
|
|
|
1,377
|
|
|
(2,143
|
)
|
|
3,868
|
|
||||
Inventories
|
(9,389
|
)
|
|
(8,156
|
)
|
|
(42,601
|
)
|
|
(19,630
|
)
|
||||
Accounts payable and accrued liabilities
|
22,384
|
|
|
5,565
|
|
|
41,421
|
|
|
(35,562
|
)
|
||||
Cash provided by (used in) continuing operating activities
|
$
|
41,996
|
|
|
$
|
5,789
|
|
|
$
|
52,585
|
|
|
$
|
20,036
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands except per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(70,242
|
)
|
|
$
|
(48,873
|
)
|
(Income) loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
(5,693
|
)
|
|
(550
|
)
|
||||
Fair value adjustments, net
|
(4,377
|
)
|
|
(715
|
)
|
|
(8,201
|
)
|
|
(2,907
|
)
|
||||
Silvertip inventory write-down
|
13,966
|
|
|
8,746
|
|
|
41,285
|
|
|
8,746
|
|
||||
(Gain) loss on sale of assets and securities
|
100
|
|
|
28
|
|
|
120
|
|
|
(317
|
)
|
||||
Loss on debt extinguishment
|
1,282
|
|
|
—
|
|
|
1,282
|
|
|
—
|
|
||||
Mexico inflation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,939
|
)
|
||||
Transaction costs
|
—
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
||||
Interest income on notes receivables
|
—
|
|
|
(628
|
)
|
|
(198
|
)
|
|
(1,450
|
)
|
||||
Manquiri sale consideration write-down
|
—
|
|
|
18,599
|
|
|
—
|
|
|
18,599
|
|
||||
Rochester In-Pit crusher write-down
|
—
|
|
|
3,441
|
|
|
—
|
|
|
3,441
|
|
||||
Receivable write-down
|
1,040
|
|
|
—
|
|
|
1,040
|
|
|
—
|
|
||||
Foreign exchange loss (gain)
|
2,022
|
|
|
6,062
|
|
|
4,167
|
|
|
9,141
|
|
||||
Tax effect of adjustments(1)
|
(5,096
|
)
|
|
(3,191
|
)
|
|
(14,843
|
)
|
|
(3,191
|
)
|
||||
Adjusted net income (loss)
|
$
|
(5,340
|
)
|
|
$
|
(19,653
|
)
|
|
$
|
(51,283
|
)
|
|
$
|
(18,251
|
)
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss) per share - Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.10
|
)
|
Adjusted net income (loss) per share - Diluted
|
$
|
(0.02
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.10
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
In thousands except per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
(14,277
|
)
|
|
$
|
(53,044
|
)
|
|
$
|
(70,242
|
)
|
|
$
|
(48,873
|
)
|
(Income) loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
(5,693
|
)
|
|
(550
|
)
|
||||
Interest expense, net of capitalized interest
|
5,980
|
|
|
5,818
|
|
|
19,259
|
|
|
17,801
|
|
||||
Income tax provision (benefit)
|
218
|
|
|
3,785
|
|
|
(13,986
|
)
|
|
19,451
|
|
||||
Amortization
|
45,678
|
|
|
31,184
|
|
|
130,758
|
|
|
91,420
|
|
||||
EBITDA
|
37,599
|
|
|
(12,257
|
)
|
|
60,096
|
|
|
79,249
|
|
||||
Fair value adjustments, net
|
(4,377
|
)
|
|
(715
|
)
|
|
(8,201
|
)
|
|
(2,907
|
)
|
||||
Silvertip inventory write-down
|
13,966
|
|
|
8,746
|
|
|
41,285
|
|
|
8,746
|
|
||||
Foreign exchange (gain) loss
|
2,945
|
|
|
3,104
|
|
|
4,078
|
|
|
7,083
|
|
||||
(Gain) loss on sale of assets and securities
|
100
|
|
|
28
|
|
|
120
|
|
|
(317
|
)
|
||||
Loss on debt extinguishment
|
1,282
|
|
|
—
|
|
|
1,282
|
|
|
—
|
|
||||
Mexico inflation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,939
|
)
|
||||
Transaction costs
|
—
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
||||
Interest income on notes receivables
|
—
|
|
|
(628
|
)
|
|
(198
|
)
|
|
(1,450
|
)
|
||||
Manquiri sale consideration write-down
|
—
|
|
|
18,599
|
|
|
—
|
|
|
18,599
|
|
||||
Rochester In-Pit crusher write-down
|
—
|
|
|
3,441
|
|
|
—
|
|
|
3,441
|
|
||||
Receivable write-down
|
1,040
|
|
|
—
|
|
|
1,040
|
|
|
—
|
|
||||
Asset retirement obligation accretion
|
3,080
|
|
|
2,883
|
|
|
9,030
|
|
|
8,369
|
|
||||
Inventory adjustments and write-downs
|
5,371
|
|
|
421
|
|
|
6,386
|
|
|
1,474
|
|
||||
Adjusted EBITDA
|
$
|
61,006
|
|
|
$
|
24,671
|
|
|
$
|
114,918
|
|
|
$
|
121,397
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash flow from continuing operations
|
$
|
41,996
|
|
|
$
|
5,789
|
|
|
$
|
52,585
|
|
|
$
|
20,036
|
|
Capital expenditures from continuing operations
|
30,678
|
|
|
39,472
|
|
|
78,865
|
|
|
122,982
|
|
||||
Free cash flow
|
$
|
11,318
|
|
|
$
|
(33,683
|
)
|
|
$
|
(26,280
|
)
|
|
(102,946
|
)
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
53,237
|
|
|
$
|
31,999
|
|
|
$
|
43,085
|
|
|
$
|
25,385
|
|
|
$
|
32,457
|
|
|
$
|
186,163
|
|
Amortization
|
(15,840
|
)
|
|
(4,250
|
)
|
|
(13,552
|
)
|
|
(3,301
|
)
|
|
(8,268
|
)
|
|
(45,211
|
)
|
||||||
Costs applicable to sales
|
$
|
37,397
|
|
|
$
|
27,749
|
|
|
$
|
29,533
|
|
|
$
|
22,084
|
|
|
$
|
24,189
|
|
|
$
|
140,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
32,731
|
|
|
7,651
|
|
|
35,452
|
|
|
24,573
|
|
|
|
|
100,407
|
|
|||||||
Silver ounces
|
1,747,250
|
|
|
951,043
|
|
|
|
|
16,612
|
|
|
289,910
|
|
|
3,004,815
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
4,076,390
|
|
|
4,076,390
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
4,330,862
|
|
|
4,330,862
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
663
|
|
|
$
|
1,487
|
|
|
$
|
833
|
|
|
$
|
887
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
8.99
|
|
|
$
|
17.21
|
|
|
|
|
|
|
$
|
32.92
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
1.74
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
1.74
|
|
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
46,348
|
|
|
$
|
32,842
|
|
|
$
|
35,153
|
|
|
$
|
20,857
|
|
|
$
|
12,608
|
|
|
$
|
147,808
|
|
Amortization
|
(14,794
|
)
|
|
(5,294
|
)
|
|
(6,912
|
)
|
|
(2,878
|
)
|
|
(1,073
|
)
|
|
(30,951
|
)
|
||||||
Costs applicable to sales
|
$
|
31,554
|
|
|
$
|
27,548
|
|
|
$
|
28,241
|
|
|
$
|
17,979
|
|
|
$
|
11,535
|
|
|
$
|
116,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
29,830
|
|
|
14,257
|
|
|
25,648
|
|
|
19,874
|
|
|
|
|
89,609
|
|
|||||||
Silver ounces
|
1,572,093
|
|
|
1,248,164
|
|
|
|
|
12,425
|
|
|
98,831
|
|
|
2,931,513
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
1,772,023
|
|
|
1,772,023
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
1,230,266
|
|
|
1,230,266
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
614
|
|
|
$
|
927
|
|
|
$
|
1,101
|
|
|
$
|
896
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
8.43
|
|
|
$
|
11.48
|
|
|
|
|
|
|
$
|
40.85
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
2.67
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
2.25
|
|
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
151,717
|
|
|
$
|
87,146
|
|
|
$
|
128,657
|
|
|
$
|
63,149
|
|
|
$
|
103,306
|
|
|
$
|
533,975
|
|
Amortization
|
(44,580
|
)
|
|
(12,250
|
)
|
|
(37,816
|
)
|
|
(8,207
|
)
|
|
(26,572
|
)
|
|
(129,425
|
)
|
||||||
Costs applicable to sales
|
$
|
107,137
|
|
|
$
|
74,896
|
|
|
$
|
90,841
|
|
|
$
|
54,942
|
|
|
$
|
76,734
|
|
|
$
|
404,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
88,152
|
|
|
24,804
|
|
|
101,202
|
|
|
57,960
|
|
|
|
|
272,118
|
|
|||||||
Silver ounces
|
4,862,065
|
|
|
2,913,130
|
|
|
|
|
43,028
|
|
|
869,972
|
|
|
8,688,195
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
14,101,967
|
|
|
14,101,967
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
12,264,343
|
|
|
12,264,343
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
705
|
|
|
$
|
1,268
|
|
|
$
|
898
|
|
|
$
|
936
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
9.25
|
|
|
$
|
14.91
|
|
|
|
|
|
|
$
|
29.09
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
2.24
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
1.62
|
|
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
138,712
|
|
|
$
|
91,222
|
|
|
$
|
111,168
|
|
|
$
|
61,434
|
|
|
$
|
12,608
|
|
|
$
|
415,144
|
|
Amortization
|
(45,752
|
)
|
|
(14,918
|
)
|
|
(20,070
|
)
|
|
(8,888
|
)
|
|
(1,073
|
)
|
|
(90,701
|
)
|
||||||
Costs applicable to sales
|
$
|
92,960
|
|
|
$
|
76,304
|
|
|
$
|
91,098
|
|
|
$
|
52,546
|
|
|
$
|
11,535
|
|
|
$
|
324,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
91,925
|
|
|
37,450
|
|
|
81,576
|
|
|
60,266
|
|
|
|
|
271,217
|
|
|||||||
Silver ounces
|
5,694,584
|
|
|
3,464,663
|
|
|
|
|
37,152
|
|
|
98,831
|
|
|
9,295,230
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
1,772,023
|
|
|
1,772,023
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
1,230,266
|
|
|
1,230,266
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
536
|
|
|
$
|
937
|
|
|
$
|
1,117
|
|
|
$
|
862
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
7.67
|
|
|
$
|
11.89
|
|
|
|
|
|
|
$
|
40.85
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
2.67
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
2.25
|
|
|
|
Item 4.
|
Controls and Procedures
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Management’s Report on Internal Control Over Financial Reporting
|
|
|
COEUR MINING, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated
|
November 4, 2019
|
/s/ Mitchell J. Krebs
|
|
|
|
MITCHELL J. KREBS
|
|
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
Dated
|
November 4, 2019
|
/s/ Thomas S. Whelan
|
|
|
|
THOMAS S. WHELAN
|
|
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
Dated
|
November 4, 2019
|
/s/ Ken Watkinson
|
|
|
|
KEN WATKINSON
|
|
|
|
Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)
|
1 Year Coeur Mining Chart |
1 Month Coeur Mining Chart |
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