UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
FORM 10-Q

þ☑Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2017March 31, 2022
OR
¨
☐		Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission file number 001-08641

____________________________________________ 
cde-20220331_g1.jpg
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)

Delaware82-0109423
(State (State or other jurisdiction of

    incorporation or organization)
(I.R.S. Employer

Identification No.)
104 S. Michigan Ave., Suite 900 Chicago, Illinois60603
Suite 900Chicago,Illinois60603
(Address of principal executive offices)(Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $.01 per share)CDENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  þ☑    No  ¨☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.)    Yes  þ☑    No  ¨☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Large accelerated filerþAccelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company¨☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨☐    No  þ☑
The Company has 300,000,000 shares of common stock, par value of $0.01, authorized of which 185,640,359280,806,345 shares were issued and outstanding as of October 23, 2017.May 2, 2022.



COEUR MINING, INC.
INDEX
Page
Part I.Financial Information
Item 1. Financial StatementsPage
Part I.
Financial Information
Condensed Consolidated Balance Sheets (Unaudited)
4
Item 1. Financial Statements
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
35
Condensed Consolidated Statements of Cash Flows (Unaudited)
46
Condensed Consolidated Balance Sheets
5
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
67
Notes to Condensed Consolidated Financial Statements (Unaudited)
78
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
3028
Consolidated Financial Results
3129
Results of Operations
3433
Liquidity and Capital Resources
3836
Non-GAAP Financial Performance Measures
4138
Item 3. Quantitative and Qualitative Disclosures about Market Risk
4743
Item 4. Controls and Procedures
4845
Part II.Other Information
Other Information46
48
Item 1. Legal Proceedings
4846
Item 1A. Risk Factors
4846
Item 4. Mine Safety Disclosures
5047
Item 5. Other Information
5047
Item 6. Exhibits
5147
Signatures
5148





3

PART I

Item 1.Financial Statements and Supplementary Data


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31, 2022December 31, 2021
ASSETSNotesIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$73,330 $56,664 
Receivables429,221 32,417 
Inventory552,944 51,281 
Ore on leach pads589,406 81,128 
Prepaid expenses and other14,340 13,847 
Assets held for sale19— 54,240 
259,241 289,577 
NON-CURRENT ASSETS
Property, plant and equipment, net337,455 319,967 
Mining properties, net913,138 852,799 
Ore on leach pads573,133 73,495 
Restricted assets9,254 9,138 
Equity securities6161,894 132,197 
Other63,086 57,249 
TOTAL ASSETS$1,817,201 $1,734,422 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$103,266 $103,901 
Accrued liabilities and other1882,438 87,946 
Debt7, 829,620 29,821 
Reclamation92,853 2,931 
Liabilities held for sale19— 11,269 
218,177 235,868 
NON-CURRENT LIABILITIES
Debt7, 8455,868 457,680 
Reclamation9181,473 178,957 
Deferred tax liabilities24,647 21,969 
Other long-term liabilities37,062 39,686 
699,050 698,292 
COMMITMENTS AND CONTINGENCIES17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 280,834,764 issued and outstanding at March 31, 2022 and 256,919,803 at December 31, 20212,808 2,569 
Additional paid-in capital3,834,896 3,738,347 
Accumulated other comprehensive income (loss)(5,970)(1,212)
Accumulated deficit(2,931,760)(2,939,442)
899,974 800,262 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,817,201 $1,734,422 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 Three Months Ended March 31,
 20222021
 NotesIn thousands, except share data
Revenue3$188,404 $202,117 
COSTS AND EXPENSES
Costs applicable to sales(1)
3133,267 108,147 
Amortization26,433 29,937 
General and administrative10,272 11,554 
Exploration5,418 9,666 
Pre-development, reclamation, and other1411,412 13,712 
Total costs and expenses186,802 173,016 
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment— (9,173)
Fair value adjustments, net1210,605 (3,799)
Interest expense, net of capitalized interest8(4,568)(4,910)
Other, net141,737 3,627 
Total other income (expense), net7,774 (14,255)
Income (loss) before income and mining taxes9,376 14,846 
Income and mining tax (expense) benefit10(1,694)(12,786)
NET INCOME (LOSS)$7,682 $2,060 
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges(5,218)27,357 
Reclassification adjustments for realized (gain) loss on cash flow hedges460 (2,721)
Other comprehensive income (loss)(4,758)24,636 
COMPREHENSIVE INCOME (LOSS)$2,924 $26,696 
NET INCOME (LOSS) PER SHARE15
Basic income (loss) per share:
Basic$0.03 $0.01 
Diluted$0.03 $0.01 
  Three months ended September 30, Nine months ended September 30,
  2017 2016 2017 2016
 NotesIn thousands, except share data
Revenue3$175,963
 $176,247
 $555,455
 $506,641
COSTS AND EXPENSES        
Costs applicable to sales(1)
3118,924
 105,408
 377,257
 307,428
Amortization 33,830
 27,763
 106,880
 93,232
General and administrative 7,412
 7,113
 24,587
 22,789
Exploration 9,814
 3,706
 22,879
 7,669
Write-downs —
 —
 —
 4,446
Pre-development, reclamation, and other 7,961
 4,491
 16,908
 13,059
Total costs and expenses 177,941
 148,481

548,511
 448,623
OTHER INCOME (EXPENSE), NET        
Loss on debt extinguishment17—
 (10,040) (9,342) (10,040)
Fair value adjustments, net10—
 (961) (864) (13,235)
Interest expense, net of capitalized interest17(3,606) (8,068) (10,941) (30,063)
Other, net73,164
 6,405
 28,439
 5,862
Total other income (expense), net (442) (12,664)
7,292
 (47,476)
Income (loss) before income and mining taxes (2,420) 15,102

14,236
 10,542
Income and mining tax (expense) benefit8(14,232) 54,455
 (23,180) 53,118
NET INCOME (LOSS) $(16,652) $69,557

$(8,944) $63,660
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 September 30, 2016, respectively 1,066
 1,387
 (1,134) 4,533
Reclassification adjustments for impairment of equity securities —
 —
 426
 20
Reclassification adjustments for realized (gain) loss on sale of equity securities 32
 (2,965) 1,300
 (2,691)
Other comprehensive income (loss) 1,098
 (1,578)
592
 1,862
COMPREHENSIVE INCOME (LOSS) $(15,554) $67,979

$(8,352) $65,522
         
NET INCOME (LOSS) PER SHARE9       
Basic $(0.09) $0.43
 $(0.05) $0.41
         
Diluted $(0.09) $0.42
 $(0.05) $0.40
(1) Excludes amortization.

The accompanying notes are an integral part of these condensed consolidated financial statements.Condensed Consolidated Financial Statements.

5


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Three Months Ended March 31,
 20222021
 NotesIn thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$7,682 $2,060 
Adjustments:
Amortization26,433 29,937 
Accretion3,463 2,905 
Deferred taxes(8,262)124 
Loss on debt extinguishment8— 9,173 
Fair value adjustments, net12(13,744)3,799 
Stock-based compensation112,267 4,256 
Write-downs57,595 — 
Deferred revenue recognition17(315)(8,346)
Other(1,340)(2,328)
Changes in operating assets and liabilities:
Receivables9,100 999 
Prepaid expenses and other current assets(509)(655)
Inventory and ore on leach pads(17,672)(17,486)
Accounts payable and accrued liabilities(21,125)(28,797)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES(6,427)(4,359)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(69,502)(59,424)
Proceeds from the sale of assets15,371 4,588 
Sale of investments— 935 
Other(11)(17)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(54,142)(53,918)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock1598,397 — 
Issuance of notes and bank borrowings, net of issuance costs885,000 367,493 
Payments on debt, finance leases, and associated costs7, 8(103,267)(243,967)
Other(3,403)(3,925)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES76,727 119,601 
Effect of exchange rate changes on cash and cash equivalents272 (51)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH16,430 61,273 
Cash, cash equivalents and restricted cash at beginning of period58,289 94,170 
Cash, cash equivalents and restricted cash at end of period$74,719 $155,443 
  Three months ended September 30, Nine months ended September 30,
  2017 2016 2017 2016
 NotesIn thousands
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $(16,652) $69,557
 (8,944) 63,660
Adjustments:        
Amortization 33,830
 27,763
 106,880
 93,232
Accretion 2,691
 2,184
 7,798
 8,201
Deferred taxes 1,940
 (49,463) (1,529) (66,738)
Loss on debt extinguishment —
 10,040
 9,342
 10,040
Fair value adjustments, net
—
 961
 864
 13,235
Stock-based compensation
2,585
 2,312
 8,127
 7,534
Gain on sale of the Joaquin project —
 —
 (21,138) —
Write-downs —
 —
 —
 4,446
Other (3,157) (5,236) (8,979) (4,743)
Changes in operating assets and liabilities:        
Receivables 6,529
 19,672
 17,719
 10,751
Prepaid expenses and other current assets (3,195) (2,816) (3,882) (2,435)
Inventory and ore on leach pads (2,874) (8,900) 10,421
 (24,408)
Accounts payable and accrued liabilities 7,735
 (18,262) (2,697) (12,407)
CASH PROVIDED BY OPERATING ACTIVITIES 29,432

47,812

113,982
 100,368
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures (29,461) (25,627) (90,922) (71,087)
Acquisitions, net —
 (1,427) —
 (1,427)
Proceeds from the sale of assets 1,083
 4,802
 16,538
 16,104
Purchase of investments (3,595) (21) (13,559) (120)
Sale of investments 403
 5,432
 11,321
 7,077
Other (5,850) (1,299) (7,457) (4,218)
CASH USED IN INVESTING ACTIVITIES (37,420)
(18,140) (84,079)
(53,671)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Issuance of common stock —
 49,513
 —
 122,584
Issuance of notes and bank borrowings, net of issuance costs17(2,257) —
 242,701
 —
Payments on debt, capital leases, and associated costs17(3,344) (107,868) (195,501) (120,551)
Gold production royalty payments —
 (7,563) —
 (27,155)
Other (6) 1,051
 (3,726) 323
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (5,607)
(64,867)
43,474
 (24,799)
Effect of exchange rate changes on cash and cash equivalents (222) 121
 662
 (95)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (13,817) (35,074)
74,039
 21,803
Cash and cash equivalents at beginning of period 250,038
 257,591
 162,182
 200,714
Cash and cash equivalents at end of period $236,221
 $222,517

$236,221
 $222,517


The accompanying notes are an integral part of these condensed consolidated financial statements.Condensed Consolidated Financial Statements.

6

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETSSTATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
In thousandsCommon
Stock
Shares		Common
Stock Par
Value		Additional
Paid-In Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balances at December 31, 2021256,919 $2,569 $3,738,347 $(2,939,442)$(1,212)$800,262 
Net income (loss)— — — 7,682 — 7,682 
Other comprehensive income (loss)— — — — (4,758)(4,758)
Common stock issued under "at the market"
stock offering		22,053 220 98,279 — — 98,499 
Common stock issued/canceled under long-term incentive plans and director fees and options, net1,862 19 (1,730)— — (1,711)
Balances at March 31, 2022280,834 $2,808 $3,834,896 $(2,931,760)$(5,970)$899,974 
  September 30, 2017 (Unaudited) December 31, 2016
ASSETSNotesIn thousands, except share data
CURRENT ASSETS    
Cash and cash equivalents $236,221
 $162,182
Receivables1366,415
 60,431
Inventory1472,329
 106,026
Ore on leach pads1478,801
 64,167
Prepaid expenses and other 20,360
 17,981
  474,126
 410,787
NON-CURRENT ASSETS    
Property, plant and equipment, net15235,058
 216,796
Mining properties, net16536,201
 558,455
Ore on leach pads1469,805
 67,231
Restricted assets1220,953
 17,597
Equity and debt securities1229,125
 4,488
Receivables1313,461
 30,951
Other 23,363
 12,604
TOTAL ASSETS $1,402,092
 $1,318,909
LIABILITIES AND STOCKHOLDERS’ EQUITY    
CURRENT LIABILITIES    
Accounts payable $60,188
 $53,335
Accrued liabilities and other 50,593
 42,743
Debt1714,375
 12,039
Royalty obligations10—
 4,995
Reclamation43,604
 3,522
  128,760
 116,634
NON-CURRENT LIABILITIES    
Debt17274,523
 198,857
Royalty obligations10—
 4,292
Reclamation4104,505
 95,804
Deferred tax liabilities 77,190
 74,798
Other long-term liabilities 52,577
 60,037
  508,795
 433,788
STOCKHOLDERS’ EQUITY    
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,428,717 at September 30, 2017 and 180,933,287 at December 31, 2016 1,814
 1,809
Additional paid-in capital 3,318,987
 3,314,590
Accumulated other comprehensive income (loss) (1,896) (2,488)
Accumulated deficit (2,554,368) (2,545,424)
  764,537
 768,487
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $1,402,092
 $1,318,909



In thousandsCommon
Stock
Shares		Common
Stock Par
Value		Additional
Paid-In Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balances at December 31, 2020243,752 $2,438 $3,610,297 $(2,908,120)$(11,136)$693,479 
Net income (loss)— — — 2,060 — 2,060 
Other comprehensive income (loss)— — — — 24,636 24,636 
Common stock issued/canceled under long-term incentive plans and director fees and options, net(282)(3)334 — — 331 
Balances at March 31, 2021243,470 $2,435 $3,610,631 $(2,906,060)$13,500 $720,506 

The accompanying notes are an integral part of these condensed consolidated financial statements.


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITYCondensed Consolidated Financial Statements.
7
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, 2016180,933
 $1,809
 $3,314,590
 $(2,545,424) $(2,488) $768,487
Net income (loss)—
 —
 —
 (8,944) —
 (8,944)
Other comprehensive income (loss)—
 —
 —
 —
 592
 592
Common stock issued under stock-based compensation plans, net496
 5
 4,397
 —
 —
 4,402
Balances at September 30, 2017 (Unaudited)181,429
 $1,814
 $3,318,987
 $(2,554,368) $(1,896) $764,537
The accompanying notes are an integral part of these condensed consolidated financial statements.
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements




NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2017.2022. The condensed consolidated December 31, 20162021 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.2021 (the “2021 10-K”).


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
RecentSignificant Accounting StandardsPolicies

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) - Clarifying the DefinitionPlease see Note 2 — Summary of a Business,” which clarifies the definition of a business to assist entitiesSignificant Accounting Policies contained in the evaluation2021 10-K.
Use of acquisitions and disposals of assets or businesses. These changes become effective for the Company’s fiscal year beginning January 1, 2018. Estimates
The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows.
In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash,” which will require entities to show the changesCompany's Consolidated Financial Statements have been prepared in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018.accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated statement of cash flows.
In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments,” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows.
In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspectspreparation of the accounting for share-based payment transaction, including income tax consequences, classificationCompany's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of awards as either equity or liabilities, and classification on the statement of cash flows. These changes became effective for the Company’s fiscal year beginning January 1, 2017, and the Company’s adoption had no impact on the Company’s consolidated financial position, results of operations, and cash flows.
In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities forand the rightsrelated disclosure of contingent assets and obligations created by most leases on the balance sheet. These changes become effective for the Company’s fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existingliabilities at or entered into after, the date of initial application,the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Revenue Recognition
The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is requiredno minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
The following table presents a roll forward of the Franco-Nevada contract liability balance:
Three Months Ended March 31,
In thousands20222021
Opening Balance$8,150 $9,376 
Revenue Recognized(315)(346)
Closing Balance$7,835 $9,030 
In December 2021, the Company received a $15.0 million prepayment (the “December 2021 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In March 2022, the Company exercised an option to use certain transition relief.receive a $10.0 million prepayment (the “March 2022 Prepayment). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is currently evaluating the potential impact of implementing these changesincluded in Accrued liabilities and other on the Company’s consolidated financial position, results of operations,Consolidated Balance Sheet. See Note 17 -- Commitments and cash flows.Contingencies for additional detail.
In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,”which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows.
8
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which has subsequently been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees.  The Company does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows.    

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


The following table presents a roll forward of the Amended Sales Contract liability balance:
Three Months Ended March 31,
In thousands20222021
Opening Balance$15,016 $15,003 
Additions10,139 101 
Revenue Recognized— (8,000)
Closing Balance$25,155 $7,104 
Recently Issued Accounting Standards
In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company plans to adopt the new derivatives and hedging standards effective January 1, 2023 and does not expect the new derivatives and hedging standard to have a material effect on our financial position, results of operations or cash flows.
9
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

NOTE 3 – SEGMENT REPORTING
The Company’s operating segments include the Palmarejo, complex, and the Rochester, Kensington and Wharf mines and San Bartolomé mines. AllSilvertip development property. Except for the Silvertip development property, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip development property, which suspended mining and processing activities in February 2020, is engaged in the discovery of silver, zinc and lead. Other includes the La Preciosa project,Sterling/Crown development properties, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. The Company eliminated Coeur Capital as a standalone reportable segment in the first quarter of 2017 and has classified the operating performance, segment assets, and capital expenditures of the Endeavor silver stream and other remaining non-core assets in Other. All prior period amounts have been adjusted to conform to the current presentation.
Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended March 31, 2022Three Months Ended March 31, 2022PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
RevenueRevenue
Gold salesGold sales$40,074 $11,052 $44,059 $34,266 $— $— $129,451 
Silver salesSilver sales42,999 15,317 245 392 — — 58,953 
Three months ended September 30, 2017Palmarejo Rochester Kensington Wharf San Bartolomé Other Total
Revenue             
Metal sales$60,677
 $31,156
 $36,603
 $31,334
 $16,043
 $150
 $175,963
Metal sales83,073 26,369 44,304 34,658 — — 188,404 
Costs and Expenses             Costs and Expenses
Costs applicable to sales(1)
33,255
 23,275
 27,658
 17,330
 17,365
 41
 118,924
Costs applicable to sales(1)
43,225 32,275 36,910 20,857 — — 133,267 
Amortization16,414
 4,591
 7,864
 3,223
 1,430
 308
 33,830
Amortization9,386 4,710 8,622 2,061 1,259 395 26,433 
Exploration4,517
 531
 2,966
 207
 23
 1,570
 9,814
Exploration1,610 1,942 402 — — 1,464 5,418 
Other operating expenses319
 846
 356
 648
 2,998
 10,206
 15,373
Other operating expenses921 1,831 615 512 6,494 11,311 21,684 
Other income (expense)             Other income (expense)
Fair value adjustments, netFair value adjustments, net— — — — — 10,605 10,605 
Interest expense, net(112) (136) (113) (16) (11) (3,218) (3,606)Interest expense, net(115)(178)(248)(13)(68)(3,946)(4,568)
Other, net(218) (73) (28) 4
 754
 2,725
 3,164
Other, net(3)
Other, net(3)
(339)(48)106 39 (5)1,984 1,737 
Income and mining tax (expense) benefit(7,898) 41
 —
 (963) (518) (4,894) (14,232)Income and mining tax (expense) benefit(12,075)(35)— (993)— 11,409 (1,694)
Net income (loss)$(2,056)
$1,745

$(2,382)
$8,951

$(5,548)
$(17,362)
$(16,652)
Net Income (loss)Net Income (loss)$15,402 $(14,650)$(2,387)$10,261 $(7,826)$6,882 $7,682 
Segment assets(2)
$388,044
 $253,477
 $211,052
 $103,843
 $64,463
 $71,551
 $1,092,430
Segment assets(2)
$288,081 $618,481 $149,840 $91,527 $234,693 $127,015 $1,509,637 
Capital expenditures$5,540
 $9,737
 $10,144
 $3,135
 $479
 $426
 $29,461
Capital expenditures$13,611 $33,050 $7,924 $1,361 $11,859 $1,697 $69,502 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail

Three Months Ended March 31, 2021Three Months Ended March 31, 2021PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
RevenueRevenue
Gold salesGold sales$37,567 $12,440 $54,466 $33,849 $— $— $138,322 
Silver salesSilver sales42,778 20,317 — 700 — — 63,795 
Three months ended September 30, 2016Palmarejo Rochester Kensington Wharf San Bartolomé Other Total
Revenue             
Metal sales$30,663
 $37,946
 $40,164
 $39,316
 $27,485
 $812
 $176,386
Metal sales80,345 32,757 54,466 34,549 — — 202,117 
Royalties—
 —
 —
 —
 —
 (139) (139)
30,663

37,946

40,164

39,316

27,485

673

176,247
Costs and Expenses             Costs and Expenses
Costs applicable to sales(1)
16,033
 21,783
 26,709
 19,697
 20,813
 373
 105,408
Costs applicable to sales(1)
33,988 24,033 31,394 18,732 — — 108,147 
Amortization5,761
 5,244
 8,046
 6,461
 1,723
 528
 27,763
Amortization9,059 3,577 13,445 2,475 1,086 295 29,937 
Exploration1,262
 129
 1,208
 2
 —
 1,105
 3,706
Exploration1,693 472 1,109 67 2,932 3,393 9,666 
Other operating expenses305
 703
 263
 521
 1,165
 8,647
 11,604
Other operating expenses1,270 1,448 2,995 185 6,555 12,813 25,266 
Other income (expense)          

 

Other income (expense)
Loss on debt extinguishment—
 —
 —
 —
 —
 (10,040) (10,040)Loss on debt extinguishment— — — — — (9,173)(9,173)
Fair value adjustments, net(110) (851) —
 —
 —
 —
 (961)Fair value adjustments, net— — — — — (3,799)(3,799)
Interest expense, net(184) (157) (30) (22) (8) (7,667) (8,068)Interest expense, net(187)(222)(232)(37)45 (4,277)(4,910)
Other, net(2,223) 17
 (7) 45
 549
 8,024
 6,405
Other, net(3)
Other, net(3)
(665)(61)— 24 (102)4,431 3,627 
Income and mining tax (expense) benefit35,671
 7,844
 —
 30,208
 5,905
 (25,173) 54,455
Income and mining tax (expense) benefit(11,340)(138)(334)(1,129)— 155 (12,786)
Net income (loss)$40,456

$16,940

$3,901

$42,866

$10,230

$(44,836)
$69,557
Net Income (loss)Net Income (loss)$22,143 $2,806 $4,957 $11,948 $(10,630)$(29,164)$2,060 
Segment assets(2)
$430,716
 $212,477
 $192,204
 $105,456
 $81,704
 $87,353
 $1,109,910
Segment assets(2)
$306,648 $388,047 $162,727 $79,018 $169,328 $177,516 $1,283,284 
Capital expenditures$10,012
 $3,383
 $8,602
 $567
 $3,001
 $62
 $25,627
Capital expenditures$9,983 $30,177 $7,202 $1,481 $10,387 $194 $59,424 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
Coeur Mining, Inc. and Subsidiaries(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail
Notes to Condensed Consolidated Financial Statements



10
Nine months ended September 30, 2017Palmarejo Rochester Kensington Wharf San Bartolomé Other Total
Revenue             
Metal sales$191,616
 $102,926
 $110,134
 $88,598
 $60,441
 $1,740
 $555,455
Costs and Expenses            

Costs applicable to sales(1)
110,150
 73,875
 84,089
 49,418
 58,979
 746
 377,257
Amortization50,995
 15,345
 25,389
 8,883
 5,053
 1,215
 106,880
Exploration9,272
 990
 5,785
 210
 23
 6,599
 22,879
Other operating expenses930
 2,487
 1,051
 1,899
 4,048
 31,080
 41,495
Other income (expense)             
Loss on debt extinguishment—
 —
 —
 —
 —
 (9,342) (9,342)
Fair value adjustments, net—
 (864) —
 —
 —
 —
 (864)
Interest expense, net(339) (386) (266) (52) (23) (9,875) (10,941)
Other, net(345) 2,239
 (893) 429
 1,125
 25,884
 28,439
Income and mining tax (expense) benefit(22,313) (413) —
 (2,980) (304) 2,830
 (23,180)
Net income (loss)$(2,728)
$10,805

$(7,339)
$25,585

$(6,864)
$(28,403)
$(8,944)
Segment assets(2)
$388,044
 $253,477
 $211,052
 $103,843
 $64,463
 $71,551
 $1,092,430
Capital expenditures$22,972
 $34,121
 $24,314
 $5,493
 $1,242
 $2,780
 $90,922
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

Nine months ended September 30, 2016Palmarejo Rochester Kensington Wharf San Bartolomé 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
Amortization27,815
 15,994
 26,203
 15,640
 5,330
 2,250
 93,232
Exploration2,625
 426
 2,138
 2
 —
 2,478
 7,669
Write-downs—
 —
 —
 —
 —
 4,446
 4,446
Other operating expenses898
 2,084
 772
 1,702
 2,532
 27,860
 35,848
Other income (expense)          

  
Loss on debt extinguishment—
 —
 —
 —
 —
 (10,040) (10,040)
Fair value adjustments, net(5,814) (5,787) —
 —
 —
 (1,634) (13,235)
Interest expense, net(1,343) (509) (107) (49) (18) (28,037) (30,063)
Other, net(7,818) (3,840) (26) 259
 1,275
 16,012
 5,862
Income and mining tax (expense) benefit38,922
 7,429
 —
 29,972
 5,182
 (28,387) 53,118
Net income (loss)$41,421

$16,489

$9,392

$64,588

$15,570

$(83,800) $63,660
Segment assets(2)
$430,716
 $212,477
 $192,204
 $105,456
 $81,704
 $87,353
 $1,109,910
Capital expenditures$27,690
 $10,557
 $24,228
 $3,488
 $4,839
 $285
 $71,087
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

AssetsSeptember 30, 2017
December 31, 2016
Total assets for reportable segments$1,092,430
 $1,122,038
Cash and cash equivalents236,221
 162,182
Other assets73,441

34,689
Total consolidated assets$1,402,092

$1,318,909

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


AssetsMarch 31, 2022December 31, 2021
Total assets for reportable segments$1,509,637 $1,424,934 
Cash and cash equivalents73,330 56,664 
Other assets234,234 252,824 
Total consolidated assets$1,817,201 $1,734,422 
Geographic Information
Long-Lived AssetsSeptember 30, 2017
December 31, 2016
Mexico$366,960
 $397,697
United States375,728
 338,897
Bolivia27,662
 31,539
Australia—
 2,983
Argentina228
 10,228
Other681
 5,564
Total$771,259

$786,908
RevenueThree months ended September 30, Nine months ended September 30,
2017 2016 2017 2016
United States$99,093
 $117,425
 $301,658
 $317,315
Mexico60,677
 30,663
 191,616
 109,674
Bolivia16,043
 27,485
 60,441
 73,948
Australia150
 812
 1,740
 3,207
Other—

(138) —

2,497
Total$175,963
 $176,247
 $555,455

$506,641
Long-Lived AssetsMarch 31, 2022December 31, 2021
United States$774,536 $704,007 
Mexico247,218 244,758 
Canada228,715 223,876 
Other124 125 
Total$1,250,593 $1,172,766 
RevenueThree months ended March 31,
20222021
United States$105,331 $121,772 
Mexico83,073 80,345 
Total$188,404 $202,117 

NOTE 4 – RECEIVABLES
    Receivables consist of the following:
In thousandsMarch 31, 2022December 31, 2021
Current receivables:
Trade receivables$7,080 $4,879 
VAT receivable8,293 18,415 
Income tax receivable8,827 8,418 
Avino note receivable4,709 — 
Other312 705 
$29,221 $32,417 



NOTE 5 – INVENTORY AND ORE ON LEACH PADS
    Inventory consists of the following:
11
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

In thousandsMarch 31, 2022December 31, 2021
Inventory:
Concentrate$1,943 $1,643 
Precious metals11,867 11,353 
Supplies39,134 38,285 
$52,944 $51,281 
Ore on Leach Pads:
Current$89,406 $81,128 
Non-current73,133 73,495 
$162,539 $154,623 
Long-term Stockpile (included in Other)
$18,142 $18,027 
Total Inventory and Ore on Leach Pads$233,625 $223,931 
Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the first quarter of 2022, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $8.6 million ($7.6 million was recognized in Costs Applicable to Sales and $1.0 million in Amortization).

NOTE 6 – INVESTMENTS
Equity Securities
    The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies.
At March 31, 2022
In thousandsCostGross
Unrealized
Losses		Gross
Unrealized
Gains		Estimated
Fair Value
Equity Securities
Victoria Gold Corp.$128,710 $— $12,410 $141,120 
Integra Resources Corp.9,455 (4,074)— 5,381 
Avino Silver & Gold Mines Ltd13,720 (560)— 13,160 
Other2,233 — — 2,233 
Equity securities$154,118 $(4,634)$12,410 $161,894 
At December 31, 2021
In thousandsCostGross
Unrealized
Losses		Gross
Unrealized
Gains		Estimated
Fair Value
Equity Securities
Victoria Gold Corp.$128,710 $(4,499)$— $124,211 
Integra Resources Corp.9,455 (1,469)— 7,986 
Equity securities$138,165 $(5,968)$— $132,197 
Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. See Note 12 -- Fair Value Measurements for additional details.
On March 21, 2022, the Company closed the sale of its La Preciosa silver project. In connection with the closing of the transaction, the Company received 14,000,000 common shares of Avino Silver & Gold Mines Ltd. (“Avino”) (representing approximately 12.0% of Avino’s outstanding common shares). See Note 19 -- Dispositions for additional details on the sale.


12
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

NOTE 7 – LEASES
Right of Use Assets and Liabilities
The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.
Three months ended March 31,
In thousands20222021
Lease Cost
Operating lease cost$3,016 $3,151 
Short-term operating lease cost$2,608 $3,045 
Finance Lease Cost:
Amortization of leased assets$5,207 $5,888 
Interest on lease liabilities1,221 589 
Total finance lease cost$6,428 $6,477 
Supplemental cash flow information related to leases was as follows:
Three months ended March 31,
In thousands20222021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,624 $6,401 
Operating cash flows from finance leases$1,221 $589 
Financing cash flows from finance leases$8,239 $5,663 
Supplemental balance sheet information related to leases was as follows:
In thousandsMarch 31, 2022December 31, 2021
Operating Leases
Other assets, non-current$28,369 $30,987 
Accrued liabilities and other11,101 11,301 
Other long-term liabilities16,304 18,660 
Total operating lease liabilities$27,405 $29,961 
Finance Leases
Property and equipment, gross$124,996 $115,597 
Accumulated depreciation(64,722)(63,879)
Property and equipment, net$60,274 $51,718 
Debt, current$29,620 $29,821 
Debt, non-current32,360 24,407 
Total finance lease liabilities$61,980 $54,228 
Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases1.861.62
Weighted-average remaining lease term - operating leases2.973.17
Weighted Average Discount Rate
Weighted-average discount rate - finance leases5.03 %5.08 %
Weighted-average discount rate - operating leases5.20 %5.20 %
Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:
13
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

As of March 31, 2022 (In thousands)
Operating leasesFinance leases
2022$8,664 $21,022 
202310,868 19,304 
20248,812 11,713 
2025213 10,164 
2026220 5,614 
Thereafter945 1,135 
Total$29,722 $68,952 
Less: imputed interest(2,317)(6,972)
Net lease obligation$27,405 $61,980 

NOTE 8 – DEBT
 March 31, 2022December 31, 2021
In thousandsCurrentNon-CurrentCurrentNon-Current
2029 Senior Notes, net(1)
$— $368,508 $— $368,273 
Revolving Credit Facility(2)
— 55,000 — 65,000 
Finance lease obligations29,620 32,360 29,821 24,407 
$29,620 $455,868 $29,821 $457,680 
(1) Net of unamortized debt issuance costs of $6.5 million and $6.7 million at March 31, 2022 and December 31, 2021, respectively.
(2) Unamortized debt issuance costs of $2.2 million and $2.4 million at March 31, 2022 and December 31, 2021, respectively, included in Other Non-Current Assets.
2029 Senior Notes
In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 8 -- Debt contained in the 2021 10-K.
Revolving Credit Facility
At March 31, 2022, the Company had $215.0 million available under its $300.0 million revolving credit facility (the “RCF”) provided pursuant to the credit agreement entered into in September 2017 (as amended, the “Credit Agreement”) among the Company, as borrower, and certain subsidiaries of the Company, as guarantors, and Bank of America, N.A, as administrative agent (the “Agent”), and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC (the “RCF Lenders”). At March 31, 2022, the Company had $55.0 million drawn at an interest rate of 2.7% and $30.0 million in outstanding letters of credit under the RCF.
On May 2, 2022, the Company entered into an amendment (the “Amendment”) to the RCF, by and among the Company, certain subsidiaries of the Company, as guarantors, the lenders party thereto and the Agent. The Amendment, among other things, increases the maximum principal amount of the RCF by $90.0 million in incremental loans and commitments to an aggregate of $390.0 million.
Finance Lease Obligations
From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2022, the Company entered into new lease financing arrangements primarily for mining equipment at Rochester and Kensington. Coeur secured a finance lease package for nearly $60 million in 2021, a portion of which has been funded as of March 31, 2022. The package is earmarked for planned equipment purchases for POA 11 in 2022, and has an interest rate of 5.22%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements.
14
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Interest Expense
 Three Months Ended March 31,
In thousands20222021
2024 Senior Notes$— $2,591 
2029 Senior Notes4,805 1,602 
Revolving Credit Facility1,187 480 
Finance lease obligations1,221 589 
Amortization of debt issuance costs417 404 
Other debt obligations127 57 
Capitalized interest(3,189)(813)
Total interest expense, net of capitalized interest$4,568 $4,910 

NOTE 9 – RECLAMATION
Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates.
Changes to the Company’s asset retirement obligations for operating sites are as follows:
Three Months Ended March 31,
In thousands20222021
Asset retirement obligation - Beginning$181,888 $139,274 
Accretion3,457 2,908 
Settlements(1,019)(770)
Asset retirement obligation - Ending$184,326 $141,412 

 Three months ended September 30, Nine months ended September 30,
In thousands2017 2016 2017 2016
Asset retirement obligation - Beginning$101,127
 $85,545
 $97,380
 $82,072
Accretion2,455
 2,059
 7,190
 6,027
Additions and changes in estimates3,116
 (239) 3,116
 (118)
Settlements(656) (183) (1,644) (799)
Asset retirement obligation - Ending$106,042

$87,182
 $106,042
 $87,182
The Company has accrued $2.1 million and $1.9 million at September 30, 2017 and December 31, 2016, respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation.
The Company increased the reclamation liability at Rochester by $3.1 million at September 30, 2017 due to leach pad expansion.

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

NOTE 5 – STOCK-BASED COMPENSATION
The Company has stock incentive plans for executives and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense for the three and nine months ended September 30, 2017 was $2.6 million and $8.1 million, respectively, compared to $2.3 million and $7.5 million for the three and nine months ended September 30, 2016, respectively. At September 30, 2017, there was $7.4 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.
The following table summarizes the grants awarded during the nine months ended September 30, 2017:
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 18, 2017 236,581
 $11.47
 —
 $—
 316,213
 $11.58
March 7, 2017 542,621
 $7.60
 14,820
 $3.91
 —
 $—

The following options and stock appreciation rights were exercisable during the nine months ended September 30, 2017:
Award Type 
Number of 
Exercised Units
 
Weighted Average
Exercised Price
 Number of Exercisable Units Weighted Average
Exercisable Price
Stock options 26,966
 $3.28
 427,730
 $13.62
Stock appreciation rights —
 $—
 42,152
 $14.14

NOTE 6 – RETIREMENT SAVINGS PLAN
The Company has a 401(k) retirement savings plan that covers all eligible U.S. employees. Eligible employees may elect to contribute up to 75% of base salary, subject to ERISA limitations. The Company generally makes matching contributions equal to the employee’s contribution up to 4% of the employee’s salary. The Company may also provide an additional contribution based on an eligible employee’s salary. Total plan expenses recognized for the three and nine months ended September 30, 2017 were $1.8 million and $5.7 million, respectively, compared to $2.3 million and $4.2 million for the three and nine months ended September 30, 2016, respectively. In addition, the Company has a deferred compensation plan for employees whose benefits under the 401(k) plan are limited by federal regulations.

NOTE 7 - OTHER, NET
Other, net consists of the following:
 Three months ended September 30, Nine months ended September 30,
In thousands2017 2016 2017 2016
Foreign exchange gain (loss)$229
 $(1,466) $2,578
 $(7,286)
Gain (loss) on sale of assets and investments945
 7,463
 (607) 11,674
Gain on sale of the Joaquin project—
 —
 21,138
 —
Gain on repurchase of the Rochester royalty obligation—
 —
 2,332
 —
Gain on sale of Endeavor stream and other royalties1,172
 —
 1,172
 —
Impairment of equity securities—
 —
 (426) (20)
Other818

408

2,252
 1,494
Other, net$3,164
 $6,405
 $28,439
 $5,862

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

NOTE 810 - INCOME AND MINING TAXES
The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2017March 31, 2022 and 20162021 by significant jurisdiction:

Three months ended March 31,
 20222021
In thousandsIncome (loss) before taxTax (expense) benefitIncome (loss) before taxTax (expense) benefit
United States$(10,130)$(1,199)$(8,531)$(1,625)
Canada(7,525)— (12,785)— 
Mexico27,033 (495)32,914 (11,161)
Other jurisdictions(2)— 3,248 — 
$9,376 $(1,694)$14,846 $(12,786)
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
In thousandsIncome (loss) before taxTax (expense) benefit Income (loss) before taxTax (expense) benefit Income (loss) before taxTax (expense) benefit Income (loss) before taxTax (expense) benefit
United States$(6,008)$(2,362) $3,286
$10,712
 $8,213
$(2,739) $(5,956)$8,370
Argentina738
(366) (301)67
 281
1,704
 3,137
(183)
Mexico3,210
(9,057) 3,020
37,821
 9,665
(23,745) (1,136)42,155
Bolivia(5,029)(518) 4,325
5,904
 (6,559)(304) 10,388
5,182
Other jurisdictions4,669
(1,929)
4,772
(49)
2,636
1,904

4,109
(2,406)
 $(2,420)$(14,232) $15,102
$54,455
 $14,236
$(23,180) $10,542
$53,118
The Company’s effective income and mining tax rate is a function    During the first quarter of 2022, the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. Fluctuations in foreign exchange rates on deferred tax balances decreasedCompany reported estimated income and mining tax expense by $1.4of approximately $1.7 million, and increased by $7.2resulting in an effective tax rate of 18.1%. This compares to income tax expense of $12.8 million for an effective tax rate of 86.1% during the three and nine months ended September 30, 2017, predominately due tofirst quarter of 2021. The comparability of the Mexican Peso. Also, favorable operating results at Palmarejo contributed to higherCompany’s income and mining tax expense. The three(expense) benefit and nine months ended September 30, 2016 benefited from a legal entity reorganizationeffective tax rate for the reported periods was impacted by multiple factors, primarily: (i) the sale of non-core assets; (ii) the non-recognition of tax assets; (iii) variations in our income before income taxes; (iv) geographic distribution of that income; (v) mining taxes; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) percentage depletion.Therefore, the effective tax rate will fluctuate, sometimes significantly, period to integrate acquisitions that resulted in a valuation allowance release of $40.8 million and a $15.0 million deferred tax benefit related to unremitted earnings.period.
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number
15
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the sectionssection titled “Risk Factors” set forth in the 20162021 10-K.
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 20132018 forward for the U.S. federal jurisdiction and from 20092016 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $1.5 million and $2.5by less than $0.1 million in the next twelve months.
At September 30, 2017March 31, 2022 and December 31, 2016,2021, the Company had $17.5$0.0 million and $19.6$0.3 million of total gross unrecognized tax benefits, respectively. Ifrespectively, that, if recognized, these unrecognized tax benefits would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At September 30, 2017March 31, 2022 and December 31, 2016,2021, the amount of accrued income-tax-related interest and penalties was $8.7$0.0 million and $8.7$0.4 million, respectively.

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

NOTE 9 – NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and nine months ended September 30, 2017, 633,391 and 851,254 common stock equivalents, respectively, related to equity-based awards were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 215,298 and 404,543 common stock equivalents were excluded from the diluted earnings per share calculation for the three and nine months ended September 30, 2016, respectively.
The 3.25% Convertible Senior Notes (“Convertible Notes”) were not included in the computation of diluted net income (loss) per share for the three and nine months ended September 30, 2016 because there is no excess value upon conversion over the principal amount of the Convertible Notes. The outstanding Convertible Notes were redeemed in the third quarter of 2016.
 Three months ended September 30, Nine months ended September 30,
In thousands except per share amounts2017 2016 2017 2016
Net income (loss) available to common stockholders$(16,652) $69,557
 $(8,944) $63,660
Weighted average shares:       
Basic179,278
 161,039
 179,141
 155,108
Effect of stock-based compensation plans—
 4,789
 —
 3,284
Diluted179,278

165,828

179,141

158,392
Income (loss) per share:       
Basic$(0.09) $0.43
 $(0.05)
$0.41
Diluted$(0.09) $0.42
 $(0.05)
$0.40

NOTE 10 – FAIR VALUE MEASUREMENTS
 Three months ended September 30, Nine months ended September 30,
In thousands2017 2016 2017 2016
Rochester royalty obligation$—
 $(851) $(864) $(5,787)
Palmarejo royalty obligation embedded derivative—
 (110) —
 (5,866)
Silver and gold options—

—
 —
 (1,582)
Fair value adjustments, net$—
 $(961) $(864) $(13,235)
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 Fair Value at September 30, 2017
In thousandsTotal Level 1 Level 2 Level 3  
Assets:       
Equity and debt securities$29,125
 $22,194
 $—
 $6,931
Other derivative instruments, net44
 —
 44
 —
 $29,169
 $22,194
 $44
 $6,931
Liabilities:       
Other derivative instruments, net$255
 $—
 $255
 $—
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

 Fair Value at December 31, 2016
In thousandsTotal Level 1 Level 2 Level 3  
Assets:       
Equity securities$4,488
 $4,209
 $—
 $279
 $4,488
 $4,209
 $—
 $279
Liabilities:       
Rochester royalty obligation9,287
 —
 —
 9,287
Other derivative instruments, net762
 —
 762
 —
 $10,049
 $—
 $762
 $9,287
The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. Quoted market prices are not available for certain debt and equity securities; these securities are valued using pricing models, which require the use of observable and unobservable inputs, and are classified within Level 3 of the fair value hierarchy.
The Company’s other derivative instruments, net, relate to concentrate and certain doré sales contracts valued using pricing models, which require inputs that are derived from observable market data, including contractual terms, forward market prices, yield curves, credit spreads, and other unobservable inputs. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
In May 2017, the Company repurchased the Rochester royalty obligation for $5.0 million, resulting in a pre-tax gain of $2.3 million, which is included in Other, net. The fair value of the Rochester royalty obligation was estimated based on observable market data including contractual terms, forward silver and gold prices, yield curves, and credit spreads, as well as the Company’s current mine plan which is considered a significant unobservable input. Therefore, the Company historically classified this obligation as a Level 3 financial liability.
In July 2017, the Company sold the Endeavor silver stream and remaining non-core royalties to Metalla Royalty & Streaming Ltd. (“Metalla”) for total consideration of $13.0 million, including a $6.7 million convertible debenture. The convertible debenture matures June 30, 2027, bears interest at a rate of 5% payable semi-annually, and is convertible into Metalla shares in connection with future equity financings or asset acquisitions by Metalla at the then-current price to maintain the Company’s approximate 19.9% ownership. The fair value of the convertible debenture is estimated based on observable market data including yield curves and credit spreads. Therefore, the Company classifies the convertible debenture in Level 3 of the fair value hierarchy.
No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2017.
The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the nine months ended September 30, 2017:
 Three Months Ended September 30, 2017
In thousandsBalance at the beginning of the period Additions Revaluation Settlements 
Balance at the
end of the
period
Assets:         
Equity and debt securities$258
 $6,677
 $(4) $—
 $6,931
 Nine Months Ended September 30, 2017
In thousandsBalance at the beginning of the period Additions Revaluation Settlements Gain on settlement 
Balance at the
end of the
period
Assets:           
Equity and debt securities$279
 $6,677
 $(25) $—
 $—
 $6,931
Liabilities:           
Rochester royalty obligation$9,287
 —
 $864
 $(7,819) (2,332) $—
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2017 and December 31, 2016 is presented in the following table:
 September 30, 2017
In thousandsBook Value Fair Value Level 1 Level 2 Level 3  
Liabilities:  
      
5.875% Senior Notes due 2024(1)
$244,934
 $247,161
 $—
 $247,161
 $—
(1)Net of unamortized debt issuance costs of $5.1 million.

 December 31, 2016
In thousandsBook Value Fair Value Level 1 Level 2 Level 3  
Liabilities:         
7.875% Senior Notes due 2021(1)
$175,991
 $184,373
 —
 $184,373
 —
(1)Net of unamortized debt issuance costs and premium received of $2.0 million.
The fair value of the 5.875% Senior Notes due 2024 (the “2024 Senior Notes”) and the 7.875% Senior Notes due 2021 (the “2021 Senior Notes”) were estimated using quoted market prices.

NOTE 11 – DERIVATIVE FINANCIAL INSTRUMENTSSTOCK-BASED COMPENSATION
Palmarejo Gold Production Royalty
In January 2009, the Company's subsidiary, Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), entered into a gold production royalty agreement with a subsidiary of Franco-Nevada Corporation that covered 50% of the life of mine production from the Palmarejo mine and legacy adjacent properties. The royalty transaction included a minimum obligation of 4,167 gold ounces per month and terminated upon delivery of 400,000 gold ounces, which occurred in July 2016.
    The price volatility associated with the minimum royalty obligation was considered an embedded derivative.    The Company was required to recognize the change in fair value of the remaining minimum obligation due to changing gold prices. For the threehas stock incentive plans for executives, directors and nine months ended September 30, 2016, the mark-to-market adjustment associated with the change were losses of $0.1 millioneligible employees. Stock awards include performance shares, restricted stock and $5.9 million, respectively. Payments on the royalty obligation decreased the carrying amount of the minimum obligation and the derivative liability. For the three and nine months ended September 30, 2016, realized losses on settlement of the liabilities were $0.1 million and $5.9 million, respectively. The mark-to-market adjustments and realized losses are included in Fair value adjustments, net.
Provisional Silver and Gold Sales
The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. Changes in silver and gold prices resulted in provisional pricing mark-to-market losses of $0.1 million and gains of $0.6 million in the three and nine months ended September 30, 2017, respectively, compared to losses of $0.8 million and gains of $0.4 million in the three and nine months ended September 30, 2016, respectively.
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

At September 30, 2017, the Company had the following provisionally priced sales that settle as follows:
In thousands except average prices and notional ounces2017 Thereafter
    
Provisional silver sales contracts$3,915
 $—
Average silver price$16.86
 $—
Notional ounces232,200
 —
    
Provisional gold sales contracts$33,887
 $—
Average gold price$1,299
 $—
Notional ounces26,087
 —
Silver and Gold Options
During the nine months ended September 30, 2016, the Company had realized losses of $1.6 million, from settled option contracts. At September 30, 2017, the Company had no outstanding gold and silver options contracts.
The following summarizes the classification of the fair value of the derivative instruments:
 September 30, 2017
In thousandsPrepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation
Provisional silver and gold sales contracts$44
 $255
 $—
 $—
December 31, 2016
In thousandsPrepaid expenses and otherAccrued liabilities and otherCurrent portion of royalty obligationNon-current portion of royalty obligation
Provisional silver and gold sales contracts—
762
—
—
The following represent mark-to-market gains (losses) on derivative instruments for the three and nine months ended September 30, 2017 and 2016 (in thousands):
  Three months ended September 30, Nine months ended September 30,
Financial statement lineDerivative2017 2016 2017 2016
RevenueProvisional silver and gold sales contracts$(45) $(784) $551
 $378
Fair value adjustments, netPalmarejo gold production royalty—
 (110) —
 (5,866)
Fair value adjustments, netSilver and gold options—
 —
 —
 (1,582)
  $(45)
$(894) $551
 $(7,070)
Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

NOTE 12 – INVESTMENTS
Equity and Debt Securities
The Company makes strategic investments in equity and debt securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss).
 At September 30, 2017
In thousandsCost 
Gross
Unrealized
Losses
 
Gross
Unrealized
Gains
 
Estimated
Fair Value
Equity Securities       
Metalla Royalty & Streaming Ltd.$6,294
 $—
 $817
 $7,111
Corvus Gold Inc.3,582
 —
 542
 4,124
Almaden Minerals, Ltd.3,125
 —
 102
 3,227
Northern Empire Resources Corp.2,999
 —
 378
 3,377
Rockhaven Resources, Ltd.2,064
 (364) —
 1,700
Kootenay Silver, Inc.928
 —
 40
 968
Other1,482
 (82) 566
 1,966
Equity securities$20,474
 $(446) $2,445
 $22,473
        
Debt Securities       
Metalla Royalty & Streaming Ltd.$6,677
 $(25) $—
 $6,652
        
Equity and debt securities$27,151
 $(471) $2,445
 $29,125

 At December 31, 2016
In thousandsCost 
Gross
Unrealized
Losses
 
Gross
Unrealized
Gains
 
Estimated
Fair Value
Kootenay Silver, Inc.$2,645
 $—
 $—
 $2,645
Silver Bull Resources, Inc.233
 —
 783
 1,016
Other229
 —
 598
 827
Equity securities$3,107
 $—
 $1,381
 $4,488

The Company performs a quarterly assessment on each of its equity and debt securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded no pre-tax other-than-temporary impairment lossesstock options. Stock-based compensation expense in the three months ended September 30, 2017, in Other, net. The Company recorded pre-tax other-than-temporary impairment lossesMarch 31, 2022 and 2021 was $2.3 million and $4.3 million, respectively. At March 31, 2022, there was $13.7 million of $0.4 million in the nine months ended September 30, 2017, in Other, net. No impairment losses were recorded in the three and nine months ended September 30, 2016, in Other, net.unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.9 years.
    The following table summarizes unrealized losses on equity and debt securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated bygrants awarded during the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2017:

 Less than twelve months Twelve months or more Total
In thousandsUnrealized LossesFair Value Unrealized LossesFair Value Unrealized LossesFair Value
Equity securities$446
$2,046
 $—
$—
 $446
$2,046
Debt securities25
6,652
 —
—
 25
6,652
Restricted Assets
The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its asset retirement obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year to the applicable institutions or agencies. At September 30, 2017 and Decemberended March 31, 2016, the Company held certificates of deposit and cash under2022:
Coeur Mining, Inc. and Subsidiaries
Grant dateRestricted
stock		Grant date fair
value of
restricted stock		Performance
shares		Grant date fair
value of
performance
shares
February 22, 20221,700,619 $4.21 1,067,118 $4.38 
Notes to Condensed Consolidated Financial Statements


these agreements of $21.0 million and $17.6 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the obligation. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term.

NOTE 13 – RECEIVABLES
Receivables consist of the following:
In thousandsSeptember 30, 2017 December 31, 2016
Current receivables:   
Trade receivables$13,040
 $10,669
Income tax receivable220
 1,038
Value added tax receivable51,133
 46,083
Other2,022
 2,641
 $66,415
 $60,431
Non-current receivables:   
Value added tax receivable$13,461
 $19,293
Income tax receivable—
 11,658
 13,461
 30,951
Total receivables$79,876
 $91,382

NOTE 1412 – INVENTORY AND ORE ON LEACH PADSFAIR VALUE MEASUREMENTS
Inventory consists of
 Three Months Ended March 31,
In thousands20222021
Unrealized gain (loss) on equity securities$13,744 $(4,568)
Realized gain (loss) on equity securities— 769 
Termination of gold zero cost collars(3,139)— 
Fair value adjustments, net$10,605 $(3,799)
Accounting standards establish a fair value hierarchy that prioritizes the following:inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).
16
In thousandsSeptember 30, 2017 December 31, 2016
Inventory:   
Concentrate$8,245
 $17,994
Precious metals24,537
 47,228
Supplies39,547
 40,804
 $72,329
 $106,026
Ore on leach pads:   
Current$78,801
 $64,167
Non-current69,805
 67,231
 $148,606
 $131,398
Total inventory and ore on leach pads$220,935
 $237,424

NOTE 15 – PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following:
In thousandsSeptember 30, 2017 December 31, 2016
Land$9,417
 $7,878
Facilities and equipment670,375
 650,480
Assets under capital leases71,624
 54,968
 751,416
 713,326
Accumulated amortization (1)
(546,212) (524,806)
 205,204
 188,520
Construction in progress29,854
 28,276
Property, plant and equipment, net$235,058
 $216,796
(1) Includes $24.4 million of accumulated amortization related to assets under capital leases.
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
NOTE 16 – MINING PROPERTIES
 Fair Value at March 31, 2022
In thousandsTotalLevel 1Level 2Level 3  
Assets:
Equity securities including warrants$164,127 $161,894 $2,233 $— 
Provisional metal sales contracts461 — 461 — 
$164,588 $161,894 $2,694 $— 
Liabilities:
Gold forwards$1,832 $— $1,832 $— 
Provisional metal sales contracts46 — 46 — 
$1,878 $— $1,878 $— 
Mining properties consist
 Fair Value at December 31, 2021
In thousandsTotalLevel 1Level 2Level 3  
Assets:
Equity securities$132,197 $132,197 $— $— 
Provisional metal sales contracts86 — 86 — 
$132,283 $132,197 $86 $— 
Liabilities:
Gold zero cost collars$1,212 $— $1,212 $— 
Provisional metal sales contracts162 — 162 — 
$1,374 $— $1,374 $— 
The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the following (in thousands):fair value hierarchy. The Company’s common share purchase warrants received as consideration in the La Preciosa project sale are valued using the pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
The Company’s gold forward contracts valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads. The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.
September 30, 2017Palmarejo Rochester Kensington Wharf 
San
Bartolomé
 La Preciosa Total
Mine development$191,562
 $192,734
 $294,388
 $38,339
 $39,445
 $—
 $756,468
Accumulated amortization(142,262) (142,686) (170,343) (14,984) (33,418) —
 (503,693)
 49,300
 50,048
 124,045
 23,355
 6,027
 —
 252,775
Mineral interests629,303
 —
 —
 45,837
 12,868
 49,085
 737,093
Accumulated amortization(418,512) —
 —
 (23,264)—
(11,891) —
 (453,667)
 210,791
 —
 —
 22,573
 977
 49,085
 283,426
Mining properties, net$260,091
 $50,048
 $124,045
 $45,928
 $7,004
 $49,085
 $536,201
December 31, 2016Palmarejo Rochester Kensington Wharf 
San
Bartolomé
 La Preciosa Joaquin Other Total
Mine development$174,890
 $165,230
 $271,175
 $37,485
 $39,184
 $—
 $—
 $—
 $687,964
Accumulated amortization(134,995) (138,244) (154,744) (11,699) (32,192) —
 

 —
 (471,874)
 39,895
 26,986
 116,431
 25,786
 6,992
 —
 —
 —
 216,090
Mineral interests629,303
 —
 —
 45,837
 12,868
 49,085
 10,000
 37,272
 784,365
Accumulated amortization(381,686) —
 —
 (19,249) (11,695) —
 —
 (29,370) (442,000)
 247,617
 —
 —
 26,588
 1,173
 49,085
 10,000
 7,902
 342,365
Mining properties, net$287,512
 $26,986
 $116,431
 $52,374
 $8,165
 $49,085
 $10,000
 $7,902
 $558,455
In February 2017,As further discussed in Note 19 — Dispositions, the Company soldconsideration for the Joaquin silver-gold explorationsale of La Preciosa project forincluded 2 royalties, a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of $27.4$0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $50.0 million. The fair value of the royalties and the contingent consideration assets were $11.2 million and a 2.0% NSR royalty on the Joaquin project, which is included in Other. The Company recognized a $21.1 million pre-tax gain on this sale, included in Other, net on the Consolidated Statements of Comprehensive Income.
In July 2017, the Company sold the Endeavor silver stream and our remaining portfolio of royalties to Metalla for total consideration of $13.0 million comprised of $6.3 million of Metalla shares and a $6.7 million convertible debenture. The Company recognized a $1.2 million, pre-tax gain,respectively, valued as of the date of closing of the transaction and are measured at fair value on a non-recurring basis. The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models. The model inputs include significant unobservable inputs and involve significant management judgment. The significant unobservable inputs included in Other, net onassumptions related to metal prices which assumed silver prices ranging from $22 to $25 per ounce and gold prices ranging from $1,930 to $1,700 per ounce as well as volatility assumptions for silver and gold prices (33.5% and 19.0%, respectively), and an assumed weighted average cost of capital of 15.5%. Such instruments are classified within Level 3 of the Consolidated Statements of Comprehensive Income.
NOTE 17 – DEBTfair value hierarchy.
17
 September 30, 2017 December 31, 2016
In thousandsCurrent Non-Current Current Non-Current
2024 Senior Notes, net(1)
$—
 $244,934
 $—
 $—
2021 Senior Notes, net(2)
—
 —
 —
 175,991
Capital lease obligations14,375
 29,589
 12,039
 22,866
 $14,375
 $274,523
 $12,039
 $198,857
(1) Net of unamortized debt issuance costs of $5.1 million at September 30, 2017.
(2) Net of unamortized debt issuance costs and premium received of $2.0 million at December 31, 2016.

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

The following table presents the changes in the fair value of the Company's Level 3 financial assets:
Revolving Credit Facility
In thousandsFair value at December 31, 2021Initial valuationRevaluationFair value at March 31, 2022
Assets:
Royalties$— $11,200 $— $11,200 
Contingent consideration$— $1,150 $— $1,150 
$— $12,350 $— $12,350 
In September 2017,No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2022.
The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2022 and December 31, 2021 is presented in the following table:
 March 31, 2022
In thousandsBook ValueFair ValueLevel 1Level 2Level 3  
Assets:
Promissory note$4,709 $4,709 $— $4,709 $— 
Deferred cash consideration$7,350 $7,350 $— $7,350 $— 
Liabilities:
2029 Senior Notes(1)
$368,508 $319,390 $— $319,390 $— 
Revolving Credit Facility(2)
$55,000 $55,000 $— $55,000 $— 
(1) Net of unamortized debt issuance costs of $6.5 million
(2) Unamortized debt issuance costs of $2.2 million included in Other Non-Current Assets.
 December 31, 2021
In thousandsBook ValueFair ValueLevel 1Level 2Level 3  
Liabilities:
2029 Senior Notes(1)
$368,273 $337,384 $— $337,384 $— 
Revolving Credit Facility(2)
$65,000 $65,000 $— $65,000 $— 
(1) Net of unamortized debt issuance costs of $6.7 million.
(2) Unamortized debt issuance costs of $2.4 million included in Other Non-Current Assets.
The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.
Also included in the consideration for the sale of La Preciosa project was a promissory note payable to the Company as borrower,that matures in March 2023 and certain subsidiariesdeferred cash consideration payable on the first anniversary of initial production from any portion of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”)La Preciosa project. These assets were valued using the pricing model with Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, Chicago Branch,inputs derived from observable market data, including synthetic credit rating and the Bank of Nova Scotia.quoted discount rate. The Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which maymodel inputs can generally be increased by up to $50.0 million in incremental loansverified and commitments subject to the termsdo not involve significant management judgment. Such instruments are classified within Level 2 of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period.fair value hierarchy.

NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The FacilityCompany is secured by substantially all of the assets of the Company and its domestic subsidiaries,exposed to various market risks, including the land, mineral rightseffect of changes in metal prices, foreign currency exchange rates and infrastructure atinterest rates, and uses derivatives to manage financial exposures that occur in the Kensington, Rochesternormal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and Wharf mines,hedged items as well as a pledgeits risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the shares of certain of the Company’s subsidiaries.  The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement contains financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio.  Obligations under the Credit Agreement may be accelerated upon the occurrence of certain customary events of default. At September 30, 2017, the Company had $200.0 million available under the Facility with no amounts drawn. Issuance costs of $1.8 million were recorded as prepaid costs and will be amortized over the term of the Facility. On October 12, 2017, the Company drew $100.0 million from the Facility at a rate of 3.5%, which was based on the 1-month LIBOR rate plus a margin of 2.25%.hedging relationships.

18
5.875% Senior Notes due 2024
In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 2024 Senior Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended for net proceeds of approximately $245.0 million. The 2024 Senior Notes are governed by an Indenture dated as of May 31, 2017 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and the Bank of New York Mellon, as trustee. In connection with the sale of the 2024 Senior Notes, the Company entered into a Registration Rights Agreement. On August 4, 2017, the Company commenced an exchange offer of registered 2024 Senior Notes for privately-placed 2024 Senior Notes which was completed on September 12, 2017. The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance.  Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2017. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. At any time prior to June 1, 2020, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the 2024 Senior Notes on or after June 1, 2020, at redemption prices set forth in the Indenture, together with accrued and unpaid interest. At any time prior to June 1, 2020, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, including any permitted additional 2024 Senior Notes, at a redemption price equal to 105.875% of the principal amount. The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type.
7.875% Senior Notes due 2021
Concurrent with the offering of the 2024 Senior Notes, the Company commenced a cash tender offer (the “Tender Offer”) to purchase the outstanding $178.0 million in aggregate principal amount of its 2021 Senior Notes. The Tender Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated May 19, 2017. Holders of the 2021 Senior Notes who tendered their notes were entitled to receive $1,043.88 per $1,000 principal amount of the Notes, plus accrued and unpaid interest. $118.1 million aggregate principal amount of the Notes were tendered and purchased by the Company on May 31, 2017. In accordance with the terms of the indenture governing the 2021 Senior Notes, the remaining $59.9 million aggregate principal amount of the Notes were redeemed on June 30, 2017 at the redemption price of $1,039.38 per $1,000 principal amount, plus accrued and unpaid interest. The Company recorded a loss of $9.3 million as a result of the extinguishment of the 2021 Senior Notes.
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Derivatives Not Designated as Hedging Instruments
LinesProvisional Metal Sales
The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of Creditsale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.
At September 30, 2017,Zero Cost Collars
To protect the Company’s subsidiary that holds the San Bartolomé mine had an available line of credit for $12.0 million that maturesexposure to fluctuations in June 30, 2018, bearing interest at 6.0% per annum, which is secured by machinery and equipment. There was no outstanding balance at September 30, 2017.
Capital Lease Obligations
From time to time, the Company acquires mining equipment under capital lease agreements. In the nine months ended September 30, 2017,metal prices the Company entered into new lease financing arrangements primarily for diesel generators at KensingtonAsian (or average value) put and mining equipment at Palmarejo, Rochester,call option contracts in net-zero-cost collar arrangements. The contracts were net cash settled monthly and, Kensington. All capital lease obligations are recorded, upon lease inception,if the price of gold at the presenttime of expiration is between the put and call prices, would expire at no cost to the Company. If the price of gold at the time of expiration was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements. The cost to terminate the zero cost collars was $7.7 million, of which $3.1 million was recognized in earnings and the remaining $4.6 million, which represents the fair value of future minimum lease payments.the zero cost collars on the date of de-designation, was retained in AOCI and will be recognized in earnings as the forecasted transactions occur.
Interest ExpenseAt March 31, 2022, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces20222023 and Thereafter
Provisional gold sales contracts$24,283 $— 
Average gold price per ounce$1,938 $— 
Notional ounces12,530 — 
    The following summarizes the classification of the fair value of the derivative instruments:
 March 31, 2022
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$461 $46 
 December 31, 2021
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$86 $162 
The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2022 and 2021, respectively (in thousands):
 Three Months Ended March 31,
Financial statement lineDerivative20222021
RevenueProvisional metal sales contracts$492 $(559)
Fair value adjustments, netTerminated zero cost collars(3,139)— 
$(2,647)$(559)
Derivatives Designated as Cash Flow Hedging Strategies
To protect the Company’s exposure to fluctuations in metal prices the Company entered into forward contracts. The contracts are net settled monthly and if the actual price of gold at the time of expiration is lower than the fixed price or higher than the fixed prices, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.
19
 Three months ended September 30, Nine months ended September 30,
In thousands2017 2016 2017 2016
2024 Senior Notes$3,672
 $—
 $4,937
 $—
2021 Senior Notes—
 7,337
 6,221
 22,250
Term Loan due 2020—
 417
 —
 4,939
Capital lease obligations413
 399
 1,115
 1,079
Accretion of Palmarejo gold production royalty obligation—
 49
 —
 1,211
Amortization of debt issuance costs180
 388
 518
 1,650
Accretion of debt premium—
 (90) (71) (272)
Other debt obligations13

40

30

95
Capitalized interest(672) (472) (1,809) (889)
Total interest expense, net of capitalized interest$3,606
 $8,068
 $10,941
 $30,063

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

At March 31, 2022, the Company had the following derivative cash flow hedge instruments that settle as follows:
In thousands except average prices and notional ounces20222023 and Thereafter
Gold forwards
Average gold fixed price per ounce$1,955 $1,956 
Notional ounces157,000 75,000 
The effective portions of cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized.
At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments.
As of March 31, 2022, the Company had $1.8 million of net after-tax loss in AOCI related to losses from cash flow hedge transactions, of which $1.8 million of net after-tax losses is expected to be recognized in its Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold for metal contracts.
The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
March 31, 2022
In thousandsPrepaid expenses and otherAccrued liabilities and other
Gold forwards$— $1,832 
December 31, 2021
In thousandsPrepaid expenses and otherAccrued liabilities and other
Gold zero cost collars$— $1,212 
The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the quarter ended March 31, 2022 and 2021, respectively (in thousands).
20
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Three Months Ended March 31,
20222021
 Amount of Gain (Loss) Recognized in AOCI
Gold forwards$(1,832)$— 
Gold zero cost collars(3,386)28,547 
Foreign currency forward exchange contracts— (1,190)
$(5,218)$27,357 
Amount of (Gain) Loss Reclassified From AOCI to Earnings
Gold forwards$— $— 
Gold zero cost collars460 392 
Foreign currency forward exchange contracts— (3,113)
$460 $(2,721)
Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL
Pre-development, reclamation, and other consists of the following:
 Three Months Ended March 31,
In thousands20222021
COVID-19$972 $3,005 
Silvertip ongoing carrying costs6,159 6,921 
Asset retirement accretion3,463 2,905 
Other818 881 
Pre-development, reclamation and other$11,412 $13,712 

Other, net consists of the following:
 Three Months Ended March 31,
In thousands20222021
Foreign exchange gain (loss)$(559)$(773)
Gain (loss) on sale of assets1,831 4,053 
Other465 347 
Other, net$1,737 $3,627 

NOTE 15 – NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three months ended March 31, 2022 and 2021, there were 1,151,073 and 112,610 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.
21
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Three months ended March 31,
In thousands except per share amounts20222021
Net income (loss) available to common stockholders$7,682 $2,060 
Weighted average shares:
Basic261,458 241,397 
Effect of stock-based compensation plans2,105 3,123 
Diluted263,563 244,520 
Income (loss) per share:
Basic$0.03 $0.01 
Diluted$0.03 $0.01 

On March 18, 2022, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “Equity Offering”). The Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement (the “Sales Agreement”), entered into on April 23, 2020 between the Company and BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 22,053,275 shares of its common stock in the Equity Offering at an average price of $4.53 per share, raising net proceeds (after sales commissions) of $98.0 million. Proceeds from the Equity Offering were used to repay outstanding amounts under the RCF.


NOTE 1816 - SUPPLEMENTAL GUARANTOR INFORMATION
The following Consolidating Financial Statements aresummarized financial information is presented to satisfy disclosure requirements of Rule 3-1013-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, and Coeur Capital, Inc., Coeur Sterling, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 20242029 Senior Notes. The following schedules present Consolidating Financial Statementssummarized financial information of (a) Coeur, the parent company;company and (b) the Subsidiary Guarantors;Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and (c)transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”).have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements22

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
THREE MONTHS ENDED SEPTEMBER 30, 2017
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Revenue $—
 $99,093
 $76,870
 $—
 $175,963
COSTS AND EXPENSES          
Costs applicable to sales(1)
 —
 68,267
 50,657
 —
 118,924
Amortization 286
 15,678
 17,866
 —
 33,830
General and administrative 7,250
 6
 156
 —
 7,412
Exploration 466
 4,582
 4,766
 —
 9,814
Pre-development, reclamation, and other 1,030
 1,922
 5,009
 —
 7,961
Total costs and expenses 9,032
 90,455
 78,454
 —
 177,941
OTHER INCOME (EXPENSE), NET          
Loss on debt extinguishments —
 —
 —
 —
 —
Fair value adjustments, net —
 —
 —
 —
 —
Other, net 2,868
 (4,603) 6,312
 (1,413) 3,164
Interest expense, net of capitalized interest (3,220) (264) (1,535) 1,413
 (3,606)
Total other income (expense), net (352) (4,867) 4,777
 —
 (442)
Loss before income and mining taxes (9,384) 3,771
 3,193
 —
 (2,420)
Income and mining tax (expense) benefit (8,091) (574) (5,567) —
 (14,232)
Total loss after income and mining taxes (17,475) 3,197
 (2,374) —
 (16,652)
Equity income (loss) in consolidated subsidiaries 823
 (1,755) (304) 1,236
 —
NET INCOME (LOSS) $(16,652) $1,442
 $(2,678) $1,236
 $(16,652)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:          
Unrealized gain (loss) on marketable securities, net of tax 1,066
 1,504
 —
 (1,504) 1,066
Reclassification adjustments for impairment of equity securities, net of tax —
 (852) —
 852
 —
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 32
 1,112
 —
 (1,112) 32
Other comprehensive income (loss) 1,098
 1,764
 —
 (1,764) 1,098
COMPREHENSIVE INCOME (LOSS) $(15,554) $3,206
 $(2,678) $(528) $(15,554)
(1) Excludes amortization.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
THREE MONTHS ENDED SEPTEMBER 30, 2016
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
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          
Loss on debt extinguishments (10,040) —
 —
 —
 (10,040)
Fair value adjustments, net —
 (852) (109) —
 (961)
Other, net 1,666
 3,021
 3,178
 (1,460) 6,405
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)
Income (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
Income (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 equity 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
(1) Excludes amortization.

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

SUMMARIZED BALANCE SHEET
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWSMARCH 31, 2022
THREE MONTHS ENDED SEPTEMBER 30, 2017
In thousandsCoeur Mining, Inc.Guarantor Subsidiaries
ASSETS
CURRENT ASSETS
Cash and cash equivalents$4,035 $18,949 
Receivables4,569 7,553 
Ore on leach pads— 89,406 
Inventory— 26,815 
Prepaid expenses and other8,808 1,114 
17,412 143,837 
NON-CURRENT ASSETS
Property, plant and equipment, net1,343 203,363 
Mining properties, net11,200 559,217 
Ore on leach pads— 73,133 
Restricted assets1,493 206 
Equity securities161,894 — 
Net investment in subsidiaries772,325 54,326 
Other47,455 51,214 
TOTAL ASSETS$1,013,122 $1,085,296 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$1,740 $64,113 
Other accrued liabilities9,629 54,189 
Debt— 24,538 
Reclamation— 1,561 
11,369 144,401 
NON-CURRENT LIABILITIES
Debt451,522 65,909 
Reclamation— 127,268 
Deferred tax liabilities920 7,456 
Other long-term liabilities3,142 18,956 
Intercompany payable (receivable)(353,805)341,389 
101,779 560,978 
STOCKHOLDERS’ EQUITY
Common stock2,808 19,417 
Additional paid-in capital3,834,896 340,700 
Accumulated deficit(2,931,760)19,800 
Accumulated other comprehensive income (loss)(5,970)— 
899,974 379,917 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,013,122 $1,085,296 

23
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:          
Cash provided by (used in) operating activities $(8,682) $27,407
 $9,471
 $1,236
 29,432
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Capital expenditures (318) (23,016) (6,127) —
 (29,461)
Proceeds from the sale of assets —
 76
 1,007
 —
 1,083
Purchase of investments (3,594) (1) —
 —
 (3,595)
Sales of investments —
 403
 —
 —
 403
Other (5,783) —
 (67) —
 (5,850)
Investments in consolidated subsidiaries 3,433
 7,144
 (1,311) (9,266) —
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,262)
(15,394)
(6,498) (9,266) (37,420)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Issuance of notes and bank borrowings (2,257) —
 —
 —
 (2,257)
Payments on debt, capital leases, and associated costs —
 (1,894) (1,450) —
 (3,344)
Net intercompany financing activity 9,266
 (12,370) (4,926) 8,030
 —
Other (6) —
 —
 —
 (6)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,003

(14,264)
(6,376)
8,030

(5,607)
Effect of exchange rate changes on cash and cash equivalents —
 3
 (225) —
 (222)
NET CHANGE IN CASH AND CASH EQUIVALENTS (7,941)
(2,248)
(3,628) —
 (13,817)
Cash and cash equivalents at beginning of period 103,878
 47,912
 98,248
 —
 250,038
Cash and cash equivalents at end of period $95,937

$45,664

$94,620

$—

$236,221

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
THREE MONTHS ENDED SEPTEMBER 30, 2016
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:          
Cash provided by (used in) operating activities $101,581
 $48,791
 $21,586
 $(124,146) 47,812
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Capital expenditures (62) (12,550) (13,015) —
 (25,627)
Acquisitions, net of cash acquired —
 —
 (1,427) —
 (1,427)
Proceeds from the sale of assets 2
 560
 4,240
 —
 4,802
Purchase of investments (5) (16) —
 —
 (21)
Sales of investments 2
 5,430
 —
 —
 5,432
Other (1,245) (7) (47) —
 (1,299)
Investments in consolidated subsidiaries (117,911) 1,356
 —
 116,555
 —
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (119,219)
(5,227)
(10,249)
116,555

(18,140)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Issuance of common stock 49,513
 —
 —
 —
 49,513
Payments on debt, capital leases, and associated costs (104,165) (2,498) (1,205) —
 (107,868)
Gold production royalty payments —
 —
 (7,563) —
 (7,563)
Net intercompany financing activity 39,297
 (42,679) (4,209) 7,591
 —
Other 1,051
 —
 —
 —
 1,051
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (14,304)
(45,177)
(12,977)
7,591

(64,867)
Effect of exchange rate changes on cash and cash equivalents —
 —
 121
 —
 121
NET CHANGE IN CASH AND CASH EQUIVALENTS (31,942)
(1,613)
(1,519)
—

(35,074)
Cash and cash equivalents at beginning of period 127,803
 53,548
 76,240
 —
 257,591
Cash and cash equivalents at end of period $95,861

$51,935

$74,721

$—

$222,517


Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

SUMMARIZED BALANCE SHEET
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)DECEMBER 31, 2021
NINE MONTHS ENDED SEPTEMBER 30, 2017
In thousandsCoeur Mining, Inc.Guarantor Subsidiaries
ASSETS
CURRENT ASSETS
Cash and cash equivalents$2,499 $16,126 
Receivables(14)5,607 
Ore on leach pads— 81,128 
Inventory— 24,954 
Prepaid expenses and other8,660 813 
11,145 128,628 
NON-CURRENT ASSETS
Property, plant and equipment, net1,476 188,721 
Mining properties, net— 514,397 
Ore on leach pads— 73,495 
Restricted assets1,496 206 
Equity and debt securities132,197 — 
Net investment in subsidiaries794,254 56,623 
Other47,317 53,511 
TOTAL ASSETS$987,885 $1,015,581 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$1,624 $59,463 
Other accrued liabilities16,729 45,676 
Debt— 23,608 
Reclamation— 1,561 
18,353 130,308 
NON-CURRENT LIABILITIES
Debt463,318 53,166 
Reclamation— 125,695 
Deferred tax liabilities751 7,422 
Other long-term liabilities3,266 20,826 
Intercompany payable (receivable)(298,065)286,655 
169,270 493,764 
STOCKHOLDERS’ EQUITY
Common stock2,569 19,356 
Additional paid-in capital3,738,347 340,701 
Accumulated deficit(2,939,442)31,452 
Accumulated other comprehensive income (loss)(1,212)— 
800,262 391,509 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$987,885 $1,015,581 
24
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Revenue $—
 $301,658
 $253,797
 $—
 $555,455
COSTS AND EXPENSES          
Costs applicable to sales(1)
 —
 207,385
 169,872
 —
 377,257
Amortization 908
 49,617
 56,355
 —
 106,880
General and administrative 24,316
 26
 245
 —
 24,587
Exploration 1,197
 9,526
 12,156
 —
 22,879
Pre-development, reclamation, and other 1,803
 5,593
 9,512
 —
 16,908
Total costs and expenses 28,224
 272,147
 248,140
 —
 548,511
OTHER INCOME (EXPENSE), NET          
Loss on debt extinguishments (9,342) —
 —
 —
 (9,342)
Fair value adjustments, net —
 (864) —
 —
 (864)
Other, net 20,090
 3,332
 9,256
 (4,239) 28,439
Interest expense, net of capitalized interest (9,876) (703) (4,601) 4,239
 (10,941)
Total other income (expense), net 872
 1,765
 4,655
 —
 7,292
Loss before income and mining taxes (27,352) 31,276
 10,312
 —
 14,236
Income and mining tax (expense) benefit (3,108) (3,946) (16,126) —
 (23,180)
Total loss after income and mining taxes (30,460) 27,330
 (5,814) —
 (8,944)
Equity income (loss) in consolidated subsidiaries 21,516
 (546) (609) (20,361) —
NET INCOME (LOSS) $(8,944) $26,784
 $(6,423) $(20,361) $(8,944)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:          
Unrealized gain (loss) on marketable securities, net of tax (1,134) 756
 —
 (756) (1,134)
Reclassification adjustments for impairment of equity securities, net of tax 426
 (426) —
 426
 426
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 1,300
 540
 —
 (540) 1,300
Other comprehensive income (loss) 592
 870
 —
 (870) 592
COMPREHENSIVE INCOME (LOSS) $(8,352) $27,654
 $(6,423) $(21,231) $(8,352)
(1) Excludes amortization.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
NINE MONTHS ENDED SEPTEMBER 30, 2016
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
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          
Loss on debt extinguishments (10,040) —
 —
 —
 (10,040)
Fair value adjustments, net (1,635) (5,787) (5,813) —
 (13,235)
Other, net 3,345
 3,082
 3,068
 (3,633) 5,862
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)
Income (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
Income (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
(1) Excludes amortization.

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


CONDENSED CONSOLIDATING STATEMENTSUMMARIZED STATEMENTS OF CASH FLOWSINCOME
NINETHREE MONTHS ENDED SEPTEMBER 30, 2017MARCH 31, 2022
In thousandsCoeur Mining, Inc.Guarantor Subsidiaries
Revenue$— $105,331 
Gross profit (loss)$(208)$(289)
Net income (loss)$7,682 $(11,592)

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:          
Cash provided by (used in) operating activities $(18,502) $59,434
52,577
$93,411
 $(20,361) 113,982
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Capital expenditures (1,626) (63,928)52,577
(25,368) —
 (90,922)
Proceeds from the sale of assets 8,917
 6,670
52,577
951
 —
 16,538
Purchase of investments (13,558) (1)52,577
—
 —
 (13,559)
Sales of investments 9,157
 2,164
52,577
—
 —
 11,321
Other (7,269) —
52,577
(188) —
 (7,457)
Investments in consolidated subsidiaries (9,571) 7,897
52,577
(1,004) 2,678
 —
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (13,950) (47,198) (25,609) 2,678
 (84,079)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Issuance of notes and bank borrowings 242,701
 —
52,577
—
 —
 242,701
Payments on debt, capital leases, and associated costs (185,538) (5,789)52,577
(4,174) —
 (195,501)
Net intercompany financing activity 16,904
 (10,809)52,577
(23,778) 17,683
 —
Other (3,726) —
52,577
—
 —
 (3,726)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 70,341
 (16,598) (27,952) 17,683
 43,474
Effect of exchange rate changes on cash and cash equivalents —
 3
 659
 —
 662
NET CHANGE IN CASH AND CASH EQUIVALENTS 37,889
 (4,359) 40,509
 —
 74,039
Cash and cash equivalents at beginning of period 58,048
 50,023
 54,111
 —
 162,182
Cash and cash equivalents at end of period $95,937
 $45,664
 $94,620
 $—
 $236,221

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2016
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:          
Cash provided by (used in) operating activities $98,323
 $101,368
 $53,180
 $(152,503) 100,368
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Capital expenditures (196) (38,272) (32,619) —
 (71,087)
Acquisitions, net of cash acquired —
 —
 (1,427) —
 (1,427)
Proceeds from the sale of assets 2
 4,601
 11,501
 —
 16,104
Purchase of investments (104) (16) —
 —
 (120)
Sales of investments 501
 6,576
 —
 —
 7,077
Other (4,383) 294
 (129) —
 (4,218)
Investments in consolidated subsidiaries (138,843) 25,516
 —
 113,327
 —
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (143,023) (1,301) (22,674) 113,327
 (53,671)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Issuance of common stock 122,584
 —
 —
 —
 122,584
Payments on debt, capital leases, and associated costs (104,665) (9,001) (6,885) —
 (120,551)
Gold production royalty payments —
 —
 (27,155) —
 (27,155)
Net intercompany financing activity 26,196
 (73,364) 7,992
 39,176
 —
Other 323
 —
 —
 —
 323
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 44,438

(82,365)
(26,048)
39,176

(24,799)
Effect of exchange rate changes on cash and cash equivalents —
 5
 (100) —
 (95)
NET CHANGE IN CASH AND CASH EQUIVALENTS (262) 17,707
 4,358
 —
 21,803
Cash and cash equivalents at beginning of period 96,123
 34,228
 70,363
 —
 200,714
Cash and cash equivalents at end of period $95,861
 $51,935
 $74,721
 $—
 $222,517


Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2017
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
ASSETS        
CURRENT ASSETS          
Cash and cash equivalents $95,937
 $45,664
 $94,620
 $—
 $236,221
Receivables 18
 11,085
 55,312
 —
 66,415
Ore on leach pads —
 78,801
 —
 —
 78,801
Inventory —
 35,371
 36,958
 —
 72,329
Prepaid expenses and other 7,688
 2,985
 9,687
 —
 20,360
  103,643
 173,906
 196,577
 —
 474,126
NON-CURRENT ASSETS          
Property, plant and equipment, net 3,940
 151,765
 79,353
 —
 235,058
Mining properties, net —
 220,022
 316,179
 —
 536,201
Ore on leach pads —
 69,805
 —
 —
 69,805
Restricted assets 13,242
 227
 7,484
 —
 20,953
Equity and debt securities 27,558
 1,567
 —
 —
 29,125
Receivables —
 —
 13,461
 —
 13,461
Deferred tax assets —
 —
 —
 —
 —
Net investment in subsidiaries 259,259
 407
 (1,166) (258,500) —
Other 214,047
 10,531
 5,168
 (206,383) 23,363
TOTAL ASSETS $621,689
 $628,230
 $617,056
 $(464,883) $1,402,092
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accounts payable $2,492
 $25,975
 $31,721
 $—
 $60,188
Other accrued liabilities 9,381
 14,087
 27,125
 —
 50,593
Debt —
 7,885
 6,490
 —
 14,375
Reclamation —
 2,754
 850
 —
 3,604
  11,873
 50,701
 66,186
 —
 128,760
NON-CURRENT LIABILITIES          
Debt 244,920
 22,838
 213,148
 (206,383) 274,523
Reclamation —
 82,043
 22,462
 —
 104,505
Deferred tax liabilities 14,978
 6,137
 56,075
 —
 77,190
Other long-term liabilities 2,328
 4,061
 46,188
 —
 52,577
Intercompany payable (receivable) (416,947) 341,431
 75,516
 —
 —
  (154,721) 456,510
 413,389
 (206,383) 508,795
STOCKHOLDERS’ EQUITY          
Common stock 1,814
 250
 172,599
 (172,849) 1,814
Additional paid-in capital 3,318,987
 174,111
 1,803,807
 (1,977,918) 3,318,987
Accumulated deficit (2,554,368) (49,984) (1,838,925) 1,888,909
 (2,554,368)
Accumulated other comprehensive income (loss) (1,896) (3,358) —
 3,358
 (1,896)
  764,537
 121,019
 137,481
 (258,500) 764,537
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $621,689
 $628,230
 $617,056
 $(464,883) $1,402,092

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2016
In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
ASSETS        
CURRENT ASSETS          
Cash and cash equivalents $58,048
 $50,023
 $54,111
 $—
 $162,182
Receivables 12
 6,865
 53,554
 —
 60,431
Ore on leach pads —
 64,167
 —
 —
 64,167
Inventory —
 49,393
 56,633
 —
 106,026
Prepaid expenses and other 3,803
 1,459
 12,719
 —
 17,981
  61,863
 171,907
 177,017
 —
 410,787
NON-CURRENT ASSETS          
Property, plant and equipment, net 3,222
 139,885
 73,689
 —
 216,796
Mining properties, net —
 195,791
 362,664
 —
 558,455
Ore on leach pads —
 67,231
 —
 —
 67,231
Restricted assets 10,170
 226
 7,201
 —
 17,597
Equity and debt securities —
 4,488
 —
 —
 4,488
Receivables —
 —
 30,951
 —
 30,951
Net investment in subsidiaries 273,056
 11,650
 —
 (284,706) —
Other 221,381
 9,263
 3,344
 (221,384) 12,604
TOTAL ASSETS $569,692
 $600,441
 $654,866
 $(506,090) $1,318,909
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accounts payable $2,153
 $24,921
 $26,261
 $—
 $53,335
Other accrued liabilities 12,881
 13,664
 16,198
 —
 42,743
Debt —
 6,516
 5,523
 —
 12,039
Royalty obligations —
 4,995
 —
 —
 4,995
Reclamation —
 2,672
 850
 —
 3,522
  15,034
 52,768
 48,832
 —
 116,634
NON-CURRENT LIABILITIES          
Debt 175,991
 15,214
 229,036
 (221,384) 198,857
Royalty obligations —
 4,292
 —
 —
 4,292
Reclamation —
 75,183
 20,621
 —
 95,804
Deferred tax liabilities 13,810
 6,179
 54,809
 —
 74,798
Other long-term liabilities 1,993
 4,750
 53,294
 —
 60,037
Intercompany payable (receivable) (405,623) 336,813
 68,810
 —
 —
  (213,829) 442,431
 426,570
 (221,384) 433,788
STOCKHOLDERS’ EQUITY          
Common stock 1,809
 250
 197,913
 (198,163) 1,809
Additional paid-in capital 3,314,590
 181,009
 1,864,261
 (2,045,270) 3,314,590
Accumulated deficit (2,545,424) (73,529) (1,882,710) 1,956,239
 (2,545,424)
Accumulated other comprehensive income (loss) (2,488) (2,488) —
 2,488
 (2,488)
  768,487
 105,242
 179,464
 (284,706) 768,487
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $569,692
 $600,441
 $654,866
 $(506,090) $1,318,909

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

NOTE 1917 – COMMITMENTS AND CONTINGENCIES
Labor Union ContractMexico Litigation Matters
As of March 31, 2022, $26.0 million is due from the Mexican government associated with VAT that was paid under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received VAT refunds associated with the royalty payments in the normal course; however, in 2011 the Mexican tax authorities began denying Coeur Mexicana’s VAT refunds based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of the VAT as undue payments, which the Mexican tax authorities also denied. The Company maintainshas since been engaged in ongoing efforts to recover the VAT from the Mexican government (including through litigation and potential arbitration as well as refiling VAT refund requests). Despite a labor agreement with Sindicato de Trabajadores Mineros de la Empresa Manquiri S.A.favorable ruling from Mexican tax courts in this matter in 2018, litigation has continued at the San Bartolomé mineadministrative, appeals court and supreme court levels, most of which has been determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts, based on the continued failure to recover the VAT receivable and recent unfavorable Mexican court decisions, the Company determined to write down the carrying value of the VAT receivable at September 30, 2021. In March 2022, Coeur Mexicana filed an updated notice of intent to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, in Bolivia. The San Bartolomé mine labor agreement, which became effective January 28, 2010,connection with this dispute and may elect to formally proceed with arbitration under NAFTA. Outcomes in NAFTA arbitration and the process for recovering funds even if there is currently activea successful outcome in NAFTA arbitration can be lengthy and does notunpredictable.
In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a fixed term. At September 30, 2017, approximately 11% ofmaterial adverse impact on the Company’s global labor force was covered by this collective bargaining agreement. The Company cannot predict whether this agreement will be renewed on similar terms or at all, whether future labor disruptions will occur or, if disruptions do occur, how long they will last.operations and financial results.
Palmarejo Gold Stream
Effective August 2016, Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from the Paramountcertain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2015,2016, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. At March 31, 2022 the remaining unamortized balance was $7.8 million, which is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.

Kensington Prepayment
NOTE 20 – SUBSEQUENT EVENTS
On September 10, 2017,In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments, including in June 2021, to provide options for Coeur to receive up to two additional prepayments of up to $15.0 million each. In June 2021 and December 2021, the Company entered intoexercised these options and received the $15.0 million June 2021 Prepayment and the $15.0 million December 2021 Prepayment. The June 2021 Prepayment was paid back in full before the December 2021 Prepayment was received. In March 2022, the Amended Sales Contract was further amended to allow for an Arrangement Agreementadditional $10.0 million prepayment. The additional $10.0 million prepayment was made in March 2022 (the “Arrangement Agreement”“March 2022 Prepayment”). The remaining deliveries of $15.0 million and $10.0 million under the December 2021 Prepayment and March 2022 Prepayment are recognized as a deferred revenue liability and are presented in Accrued liabilities and other on the Consolidated Balance Sheet. Under the relevant terms of the
25
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by March 2023.
POA 11 Expansion Project
As of March 31, 2022, Coeur incurred approximately $283 million toward the expansion. With the formalization of the recently-awarded structural, mechanical, piping, electrical and instrumentation (“SMPEI”) amongand final major high-voltage electrical contracts, the Company an indirect wholly-owned subsidiaryhas committed approximately $477 million of capital since the inception of the Company, JDS Silver Holdings, Ltd. (“JDS Silver”) and Silvertip Resources Investment LLC as representativeproject, representing 80% of the shareholdersre-baselined cost estimate of JDS Silver. $597 million. Coeur estimates capital expenditures related to POA 11 in 2022 to be approximately $217 - $257 million and $131 - $171 million in 2023.
The Arrangement Agreement providesexpansion consists of three major components: (i) a new 300 million ton leach pad, for which civil work is essentially complete and piping work is near completion; (ii) a Merrill-Crowe process plant with construction completion scheduled for the first half of 2023; and (iii) a new three-stage crushing circuit with construction completion scheduled for mid-2023.
Progress on the Merrill-Crowe process plant included completion of concrete work, the start of equipment setting, and steel and process pipe rack erection. Work on the crusher corridor included substantial completion of excavation in the primary crusher area, completion of concrete work and the start of steel construction in the secondary crusher areas, and continued advancement of concrete work in the secondary stock pile reclaim and tertiary crusher areas. Coeur also began pre-assembly of conveyor components, and deliveries of equipment and materials for the project continue.
The Company is also advancing detailed engineering, and equipment procurement is underway for the implementation of a Plan of Arrangement (the “Plan of Arrangement”), pursuantpre-screens into the expansion flowsheet. Coeur intends to which the Company would acquire allalign construction of the issued and outstanding common shares of JDS Silver (the “Acquisition”), the owner of the high-grade silver-zinc-lead Silvertip Mine located in northern British Columbia, Canada. On October 16, 2017, the Supreme Court of British Columbia approved the Plan of Arrangement, and the Company completed the Acquisition on October 17, 2017. Total initial consideration for the Acquisition was $200.0 million, consisting of (i) payments by the Company of approximately $147.5 million in cash and approximately $37.5 million in shares of common stock of the Company, and (ii) the assumption of approximately $15.0 million in existing debt. Additional contingent consideration of up to $50.0 million may become payable upon the achievement of certain permitting and exploration milestones prior to December 31, 2019.
In connectionpre-screens with the completion of the Acquisition, on October 12, 2017new crusher corridor.
Other Commitments and Contingencies
As part of its ongoing business and operations, the Company borrowed $100.0and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold hedges and other general corporate purposes. As of March 31, 2022 and December 31, 2021, the Company had surety bonds totaling $315.5 million and $315.1 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION
Accrued liabilities and other consist of the following:
In thousandsMarch 31, 2022December 31, 2021
Accrued salaries and wages$22,253 $28,408 
Deferred revenue (1)
26,240 16,093 
Income and mining taxes7,987 13,856 
Accrued operating costs6,975 5,592 
Unrealized losses on derivatives1,878 1,374 
Taxes other than income and mining2,844 3,284 
Accrued interest payable3,160 8,038 
Operating lease liabilities11,101 11,301 
Accrued liabilities and other$82,438 $87,946 
(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities
26
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three months ended March 31, 2022 and 2021:
In thousandsMarch 31, 2022March 31, 2021
Cash and cash equivalents$73,330 $154,066 
Restricted cash equivalents1,389 1,377 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$74,719 $155,443 

NOTE 19 – DISPOSITIONS
On October 27, 2021 the Company entered into a definitive agreement (the “Agreement”) to sell its La Preciosa projected located in the State of Durango, Mexico to Avino (the “La Preciosa Sale”). On March 21, 2022, the La Preciosa Sale was completed.
Coeur and its subsidiaries received the following consideration at closing:
•$15.3 million cash,
•$5.0 million promissory note that matures prior to the first anniversary of the transaction closing, valued at $4.7 million,
•Equity consideration of 14.0 million units, consisting of 1 share of Avino common stock and one half of one common share purchase warrant of Avino common stock, valued at $13.7 million and $2.2 million, respectively. Common share purchase warrants are exercisable at $1.09 per share and expire September 2023.
•In addition, under the revolving credit facility.Agreement, Coeur is entitled to the following additional consideration:

◦$8.8 million deferred cash consideration to be paid no later than the first anniversary of initial production from any portion of the La Preciosa project, valued at $7.4 million,

◦Contingent payments of $0.25 per silver equivalent ounce (subject to an inflationary adjustment) on any new mineral reserves discovered and declared outside of the current resource area at the La Preciosa project, up to a maximum payment of $50.0 million, valued at $1.2 million, and

◦NaN royalties, valued at $11.2 million, covering the La Preciosa land package, including (i) a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and (ii) a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, offset by the amount of any new mineral reserve contingent payments made to Coeur.
The La Preciosa sale resulted in a gain on the sale of $1.6 million, which was recognized in Other, Net in the condensed consolidated statements of comprehensive income (loss).


27

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this item.Item. We provide certain operationalCosts applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo, Rochester and financial dataSilvertip and based on a silver equivalent basis, converting goldthe primary metal, referred to as the by-product method, for Wharf. Revenue from secondary metal, such as silver at Wharf, is treated as a historical 60:1 ratio of silver ounces to gold ounces, unless otherwise noted. We also provide realized silver equivalent data determined by average spot silver and gold prices during the relevant period.cost credit.
Overview
We are primarily a gold and silver producer with minesassets located in the United States, Canada and Mexico     
First Quarter Highlights
For the quarter, Coeur reported revenue of $188.4 million and Bolivia and exploration projects in the United States and Mexico. The Palmarejo complex, and Rochester, Kensington, Wharf, and San Bartolomé mines constitute our principal sourcescash flow from operating activities of revenue. In October 2017,$(6.4) million. We reported GAAP net income of $7.7 million, or $0.03 per diluted share. On an adjusted basis1, the Company added its sixth mine to Coeur’s North America-focused platform with the acquisitionreported EBITDA of the high-grade silver-zinc-lead Silvertip mine (“Silvertip”) located in northern British Columbia, Canada. Silvertip is expected to achieve commercial production in 2018.
The Company's strategy is to discover, acquire, develop$41.5 million and operate low-cost silver and gold mines that produce long-term cash flow, provide opportunities for growth through continued exploration, and generate superior and sustainable returns for stockholders. Management focuses on maximizing net cash flow through identifying and implementing revenue enhancement opportunities, reducing operating and non-operating costs, exercising consistent capital discipline, and efficient working capital management.
Third Quarter Highlights
Production of 9.5 million silver equivalent ounces, consisting of 4.0 million silver ounces and 93,293 gold ounces
Sales of 9.2 million silver equivalent ounces, consisting of 3.8 million silver ounces and 89,972 gold ounces
Net loss of $16.7 million ($0.09 per share) and adjusted net loss of $18.4$13.8 million ($0.10or $0.05 per share) (see “Non-GAAP Financial Performance Measures”)diluted share.
Costs applicable•First quarter production on plan and in-line with 2022 guidance –Solid performances at Palmarejo and Wharf more than offset COVID-19 impacts at Kensington and lower production levels at Rochester, leading to sales were $12.28 pertotal production of 75,409 ounces of gold and 2.5 million ounces of silver equivalent ounce ($11.19 per average spot silver equivalent ounce)
•Enhanced liquidity and $845 perbalance sheet strength –Coeur recently announced multiple initiatives to bolster its liquidity and balance sheet flexibility, including increased additional downside protection from gold equivalent ounce (see “Non-GAAP Financial Performance Measures”)
All-in sustaining costs were $17.68 per silver equivalent ounce ($15.30 per average spot silver equivalent ounce) (see “Non-GAAP Financial Performance Measures”)
Operating cash flowhedging in 2022 and 2023, expansion of $29.4 million and adjusted EBITDA of $39.5 million (see “Non-GAAP Financial Performance Measures”)
Cash and cash equivalents of $236.2 million at September 30, 2017
Acquired the Silvertip mine for initial consideration of $200.0 million (closed in October 2017). Additional consideration up to $50.0 million is contingent upon achieving specific future permitting and exploration milestones.
Established a $200.0 million securedits revolving credit facility which may be increased(“RCF”) by $90 million and the completion of its $100 million at-the-market (“ATM”) equity offering
•Rochester expansion project advancing –The Rochester expansion project continued to advance with construction completion targeted for mid-2023. Coeur has now committed approximately 80% of the $597 million capital estimate and has incurred approximately $283 million of the estimated total as of the end of the first quarter
•New discovery at Silvertip highlights recent exploration success –Camp Creek West discovery holes support the potential for significant additional resource expansion at Silvertip. Recent high-grade intercepts at Kensington and Palmarejo also demonstrate the potential for further mine life extensions
•Strategic sale of La Preciosa silver project completed –Coeur closed the sale of the La Preciosa silver project during the quarter for total fixed proceeds of nearly $36 million, including $15 million in cash, and additional potential contingent consideration of up to $50.0$59 million plus two royalties covering the La Preciosa land package
•Kensington POA 1 key federal authorizations received – The U.S. Forest Service issued the Final Record of Decision approving Coeur’s proposed amendment to increase tailings and waste rock storage capacity to accommodate future growth potential at Kensington. Similarly, the Company also received the U.S. Army Corps of Engineers Record of Decision and Permit
•Updated greenhouse gas (“GHG”) net intensity targets – On April 27, 2022, Coeur published its 2021 ESG Report which included an updated GHG emissions target of a 35% reduction in incremental loans and commitments subject tonet intensity by the termsend of the Credit Agreement; drew $100.0 million on October 12, 2017 in connection with the Silvertip closing2024. The Company’s previous goal was a 25% net intensity reduction by 2025

28




Selected Financial and Operating Results
Three Months Ended
In thousandsMarch 31, 2022December 31, 2021March 31, 2021
Financial Results:
Gold sales$129,451 $146,943 $138,322 
Silver sales$58,953 $60,941 $63,795 
Consolidated Revenue$188,404 $207,884 $202,117 
Net income (loss)$7,682 $(10,760)$2,060 
Net income (loss) per share, diluted$0.03 $(0.04)$0.01 
Adjusted net income (loss)(1)
$(13,782)$(11,615)$13,941 
Adjusted net income (loss) per share, diluted(1)
$(0.05)$(0.05)$0.06 
EBITDA(1)
$40,377 $28,326 $49,693 
Adjusted EBITDA(1)
$41,527 $48,700 $65,867 
Total debt(2)
$485,488 $487,201 $412,125 
Operating Results:
Gold ounces produced75,409 88,946 85,225 
Silver ounces produced2,479,442 2,615,182 2,403,143 
Gold ounces sold75,211 88,930 83,112 
Silver ounces sold2,450,282 2,624,428 2,435,504 
Average realized price per gold ounce$1,721 $1,652 $1,664 
Average realized price per silver ounce$24.06 $23.22 $26.19 
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Metal sales$175,963
 $176,386
 $555,455
 $503,219
Net income (loss)$(16,652) $69,557
 $(8,944) $63,660
Net income (loss) per share, diluted$(0.09) $0.42
 $(0.05) $0.40
Adjusted net income (loss)(1)
$(18,425) $38,555
 $(13,958) $45,045
Adjusted net income (loss) per share, diluted(1)
$(0.10) $0.23
 $(0.08) $0.28
EBITDA(1)
$35,016
 $50,933
 $132,057
 $133,837
Adjusted EBITDA(1)
$39,477
 $62,725
 $128,125
 $171,137
Silver ounces produced3,951,616
 3,545,697
 11,858,974
 10,948,145
Gold ounces produced93,293
 84,871
 264,330
 255,669
Silver equivalent ounces produced9,549,196

8,637,957

27,718,774

26,288,285
Silver ounces sold3,817,063
 3,394,121
 12,377,603
 10,897,097
Gold ounces sold89,972
 83,389
 287,040
 251,023
Silver equivalent ounces sold9,215,393
 8,397,467
 29,599,974
 25,958,451
Average realized price per silver ounce$16.86
 $19.61
 $17.17
 $17.36
Average realized price per gold ounce$1,240
 $1,317
 $1,195
 $1,251
Costs applicable to sales per silver equivalent ounce(1)
$12.28
 $12.38
 $12.21
 $11.79
Costs applicable to sales per average spot silver equivalent ounce(1)
$11.19
 $11.91
 $11.28
 $11.02
Costs applicable to sales per gold equivalent ounce(1)
$845
 $767
 $831
 $716
All-in sustaining costs per silver equivalent ounce(1)
$17.68
 $17.02
 $16.72
 $16.03
All-in sustaining costs per average spot silver equivalent ounce(1)
$15.30
 $15.75
 $14.86
 $14.17
(1)
See “Non-GAAP Financial Performance Measures.”

(1)See “Non-GAAP Financial Performance Measures.”
(2)Includes finance leases. Net of debt issuance costs and premium received.

Consolidated Financial Results
Three Months Ended September 30, 2017March 31, 2022 compared to Three Months Ended September 30, 2016December 31, 2021
Net Income (Loss)Revenue
Net loss was $16.7We sold 75,211 gold ounces and 2.5 million ($0.09 per share)silver ounces, compared to Net income88,930 gold ounces and 2.6 million silver ounces. Revenue decreased by $19.5 million, or 9%, as a result of $69.6 million ($0.42 per share).  The decreasein Net income is primarily due to a significant tax benefit realized in 2016, lower realized silver15% and gold prices and higher all-in sustaining costs per silver equivalent ounce, partially offset by higher production, lower interest expense and loss on debt extinguishment in the third quarter of 2016.
Revenue
Metal sales were lower due to a7% decrease in average realizedgold and silver and gold prices of 14% and 6%,ounces sold, respectively, partially offset by highera 4% increase in average realized gold and silver andprices. The decrease in gold production. The Company sold 3.8 millionand silver ounces sold was primarily due to lower production at Rochester, Kensington and 89,972 gold ounces, compared to sales of 3.4 million silver ounces and 83,389 gold ounces.Wharf. Gold contributed 63% of sales and silver contributed 37%, comparedaccounted for 69% and 31% of 2022 sales revenue, respectively. This compares to 62% of sales from gold and 38% from silver. Metalsilver accounting for 71% and 29% of 2021 sales from North American operations provided 91% ofrevenue, respectively.
The following table summarizes consolidated revenue, compared to 84%.metal sales:
Three Months EndedIncrease (Decrease)Percentage Change
In thousandsMarch 31, 2022December 31, 2021
Gold sales$129,451 $146,943 $(17,492)(12)%
Silver sales58,953 60,941 (1,988)(3)%
Metal sales$188,404 $207,884 $(19,480)(9)%
Costs Applicable to Sales
Costs applicable to sales increaseddecreased $3.2 million, or 2%, primarily due to higherlower gold and silver and gold ounces sold, partially offset by higher operating costs partially due to inflationary pressures and higher costs applicable to sales per gold ounce.the $3.3 million favorable impact from foreign currency hedges in the comparable period of 2021. For a complete discussion of costs applicable to sales, see Results of Operations below.
29

Amortization
Amortization increased $6.1decreased $9.0 million, or 22%25%, primarily due to higherlower gold and silver and gold ounces sold.


Expenses
General and administrative expenses increased 4%$0.6 million, or 7%, primarily due to higher professionalemployee incentive compensation and outside service costs.
Exploration expense increased $6.1decreased $8.2 million, due toor 60% driven by lower planned investment across the Company’s expansion of near-mine drilling at Palmarejo, Kensington and Rochester and regional exploration focused on projects in Nevada and Chihuahua, Mexico.portfolio.
Pre-development, reclamation, and other expenses increased 77% due to additional workdecreased $0.3 million, or 3%, stemming from lower operating costs at La Preciosa, Silvertip acquisitionnoncore asset locations, partially offset by higher costs incurred in connection with the Company’s COVID-19 health and workforce reduction severance at San Bartolomé.safety protocols, and higher asset retirement accretion.
The following table summarizes pre-development, reclamation, and other expenses:
Three Months EndedIncrease (Decrease)Percentage Change
In thousandsMarch 31, 2022December 31, 2021
COVID-19$972 $681 $291 43 %
Silvertip ongoing carrying costs6,159 5,971 188 3 %
Asset retirement accretion3,463 3,091 372 12 %
Other818 1,979 (1,161)(59)%
Pre-development, reclamation and other expense$11,412 $11,722 $(310)(3)%
Other Income and Expenses
In 2016, the Company incurred losses of $10.0 million on extinguishment of debt and non-cash fairFair value adjustments, relatednet, increased to the Palmarejo gold production royalty which was terminateda gain of $10.6 million compared to a loss of $7.5 million as a result of an increase in the third quartervalue of 2016 and the Rochester royalty obligation which was terminated inCompany’s equity investments. For additional details on the second quarter of 2017.Company’s equity investments see Note 6 -- Investments.
Interest expense (net of capitalized interest of $0.7 million) decreased$3.2) increased to $3.6$4.6 million from $8.1$3.2 million primarily due to lower debt levelscapitalized interest and higher interest paid under the lower 2024 Senior Notes interest rate.RCF and finance lease obligations.
Other, net decreased by $3.2increased to a gain of $1.7 million primarily duecompared to lower gains ona loss of $0.5 million attributable to the $1.6 million gain from the sale of non-core assets and investments.the La Preciosa project.
Income and Mining Taxes
During the thirdfirst quarter of 2017, the Company reported estimated2022, income and mining tax expense of approximately $14.2$1.7 million resultingresulted in an effective tax rate of (588.1%).18.1% for 2022. This compares to estimated income and mining tax benefitexpense of $54.5$0.4 million for an effective tax rate of (360.6%) during4.2% for 2021. The comparability of the third quarterCompany’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) the non-recognition of 2016.tax assets and liabilities; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) mining taxes; (v) foreign exchange rates; (vi) the impact of uncertain tax positions; and (vii) percentage depletion. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
30

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:
 Three months ended September 30,
 2017 2016
In thousandsIncome (loss) before taxTax (expense) benefit Income (loss) before taxTax (expense) benefit
United States$(6,008)$(2,362) $3,286
$10,712
Argentina738
(366) (301)67
Mexico3,210
(9,057) 3,020
37,821
Bolivia(5,029)(518) 4,325
5,904
Other jurisdictions4,669
(1,929) 4,772
(49)
 $(2,420)$(14,232) $15,102
$54,455
The Company’s effective income and mining tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. Favorable operating results at Palmarejo continued to contribute to higher income and mining tax expense. The three months ended September 30, 2016 benefited from a legal entity reorganization to integrate acquisitions that resulted in a valuation allowance release of $40.8 million and a $15.0 million deferred tax benefit related to unremitted earnings.
Three months ended March 31,Three months ended December 31,
 20222021
In thousandsIncome (loss) before taxTax (expense) benefitIncome (loss) before taxTax (expense) benefit
United States$(10,130)$(1,199)$(25,065)$(1,367)
Canada(7,525)— (12,656)1,224 
Mexico27,033 (495)27,630 (289)
Other jurisdictions(2)— (237)— 
$9,376 $(1,694)$(10,328)$(432)
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of risk factors that could impact the Company’s ability to realize its deferred tax assets.
Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016 For additional information, please see “Item 1A - Risk Factors” in the 2021 10-K.
Net Income (Loss)
Net lossincome was $8.9$7.7 million, ($0.05or $0.03 per share)diluted share, compared to Netnet loss of $10.8 million, or $0.04 per share. The increase in net income was driven by a 4% increase in average realized gold and silver prices, lower exploration expense, higher gains from the sale of $63.7 million ($0.40 per share).  The decreaseassets, and favorable changes in Net income is primarily due to a significant tax benefit realized in 2016, lower realized silver and gold prices, and higher all-in sustaining costs per silver equivalent ounce,the fair value of the Company’s equity investments, partially offset by a $21.1 million gain on the sale of the Joaquin project, less unfavorable fair value adjustments, lower interest expense15% and 7% decrease in gold and silver ounces sold, respectively, and higher silver and gold production.operating costs. Adjusted net loss was $13.8 million, or $0.05 per diluted share, compared to an adjusted net loss of $11.6 million, or $0.05 per share (see “Non-GAAP Financial Performance Measures”).

Three Months Ended March 31, 2022 compared to Three Months Ended March 31, 2021
Revenue
Metal sales increased dueWe sold 75,211 gold ounces and 2.5 million silver ounces, compared to higher83,112 gold ounces and 2.4 million silver ounces. Revenue decreased by $13.7 million, or 7%, as a result of a 10% decrease in gold ounces sold and gold production, and a reduction in metal inventory, partially offset by a 1% and 4%an 8% decrease in average realized silver andprices, partially offset by a 3% increase in average realized gold prices, respectively.prices. The Company sold 12.4 million silver ounces and 287,040decrease in gold ounces comparedsold was primarily due to sales of 10.9 million silver ounces and 251,023 gold ounces.lower grades at Kensington. Gold contributed 62% of sales and silver contributed 38%accounted for both periods. Royalty69% and 31% of 2022 sales revenue, was lower duerespectively. This compares to the Company’s divestituregold and silver accounting for 68% and 32% of non-core royalty assets throughout 2016 and the first half of 2017. Metal2021 sales from North American operations provided 89% of revenue, compared to 85%.respectively.

The following table summarizes consolidated metal sales:
Three Months EndedIncrease (Decrease)Percentage Change
In thousandsMarch 31, 2022March 31, 2021
Gold sales$129,451 $138,322 $(8,871)(6)%
Silver sales58,953 63,795 (4,842)(8)%
Metal sales$188,404 $202,117 $(13,713)(7)%
Costs Applicable to Sales
Costs applicable to sales increased $25.1 million, or 23%, primarily due to a lower of cost or net realizable value (“LCM”) adjustment of $7.6 million at Rochester, higher silveroperating costs partially due to inflationary pressures, and gold ounces sold and higher mining and processing costs.the $3.1 million favorable impact from foreign currency hedges in the comparable period of 2021. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $13.6decreased $3.5 million, or 15%12%, primarily due to higher silver andlower gold ounces sold.
Expenses
General and administrative expenses increased 8%decreased $1.3 million, or 11%, primarily due to higherlower compensation severance and professional service costs.
Exploration expense increased $15.2decreased $4.2 million, due toor 44% driven by lower planned investment across the Company’s expansion of near-mine exploration drilling at Palmarejo, Kensington and Rochester as well as regional exploration with a focus on projects in Nevada and Chihuahua, Mexico.portfolio.
31

Pre-development, reclamation, and other expenses increased 29% to $16.9decreased $2.3 million, due to additional workor 17%, stemming from lower costs incurred in connection with the Company’s COVID-19 health and safety protocols, and lower ongoing carrying costs at La Preciosa, Silvertip, acquisition costspartially offset by higher asset retirement accretion.
The following table summarizes pre-development, reclamation, and workforce reduction severance at San Bartolomé.other expenses:
Three Months EndedIncrease (Decrease)Percentage Change
In thousandsMarch 31, 2022March 31, 2021
COVID-19$972 $3,005 $(2,033)(68)%
Silvertip ongoing carrying costs6,159 6,921 (762)(11)%
Asset retirement accretion3,463 2,905 558 19 %
Other818 881 (63)(7)%
Pre-development, reclamation and other expense$11,412 $13,712 $(2,300)(17)%
Other Income and Expenses
In 2017,During the first quarter of 2021, the Company incurred a $9.3$9.2 million loss in connection with the repurchasetender and redemption of the 2021 7.875%5.875% Senior Notes due 2024 (the “2024 Senior Notes”) concurrent with the completed offering of the 2024 5.875%2029 Senior Notes compared to $10.0 million primarily related to the voluntary repayment of a term loan.Notes.
Non-cash fairFair value adjustments, net, wereincreased to a lossgain of $0.9$10.6 million compared to a loss of $13.2$3.8 million primarily due toas a result of an increase in the terminationvalue of the Palmarejo gold production royalty in the third quarter of 2016 and the lesser impact of changes in future metal pricesCompany’s equity investments. For additional details on the Rochester royalty obligation, which was repurchased and terminated in May 2017.Company’s equity investments see Note 6 -- Investments.
Interest expense (net of capitalized interest of $1.8$3.2 million) decreased to $10.9$4.6 million from $30.1$4.9 million primarily due lower debt levels and a lowerto higher capitalized interest rate onassociated with the 2024POA 11 project at Rochester, partially offset by higher interest paid under the 2029 Senior Notes compared to the 20212024 Senior Notes.Notes, and higher interest paid under the RCF and finance lease obligations.
Other, net increased by $22.6decreased to a gain of $1.7 million primarilycompared to $3.6 million due to a $21.1 million gainlower gains on the sale of the Joaquin project in Argentina and a $2.3 million gain on the repurchase of the Rochester royalty obligation.assets.
Income and Mining Taxes
During the first three quartersquarter of 2017, the Company reported estimated2022, income and mining tax expense of approximately $23.2$1.7 million resultingresulted in an effective tax rate of 162.8%.18.1% for 2022. This compares to estimated income and mining tax benefitexpense of $53.1$12.8 million for an effective tax rate of (503.9%) during86.1% for 2021. The comparability of the first nine monthsCompany’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) the sale of 2016.non-core assets; (ii) the non-recognition of tax assets; (iii) variations in our income before income taxes; (iv) geographic distribution of that income; (v) mining taxes; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) percentage depletion. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:
 Nine months ended September 30,
 2017 2016
In thousandsIncome (loss) before taxTax (expense) benefit Income (loss) before taxTax (expense) benefit
United States$8,213
$(2,739) $(5,956)$8,370
Argentina281
1,704
 3,137
(183)
Mexico9,665
(23,745) (1,136)42,155
Bolivia(6,559)(304) 10,388
5,182
Other jurisdictions2,636
1,904
 4,109
(2,406)
 $14,236
$(23,180) $10,542
$53,118

The Company’s effective income and mining tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. During the first three quarters of the year, fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $7.2 million, predominately due to the strength of the Mexican Peso. Also, continued favorable operating results at Palmarejo contributed to higher income and mining tax expense. The first three quarters of 2016 benefited from a legal entity reorganization to integrate acquisitions that resulted in a valuation allowance release of $40.8 million and a $15.0 million deferred tax benefit related to unremitted earnings.
Three months ended March 31,
 20222021
In thousandsIncome (loss) before taxTax (expense) benefitIncome (loss) before taxTax (expense) benefit
United States$(10,130)$(1,199)$(8,531)$(1,625)
Canada(7,525)— (12,785)— 
Mexico27,033 (495)32,914 (11,161)
Other jurisdictions(2)— 3,248 — 
$9,376 $(1,694)$14,846 $(12,786)
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of risk factors that could impact the Company’s ability to realize its deferred tax assets.
2017 Outlook
Full-year 2017 production guidance remains unchanged from the revised guidance published For additional information, please see “Item 1A - Risk Factors” in the third quarter production release on October 5, 2017, which reflected2021 10-K.
32

Net Income (Loss)
Net income was $7.7 million, or $0.03 per diluted share, compared to $2.1 million, or $0.01 per share. The increase in net income was driven by lower expected silver production at the San Bartolomé mine due to persistent drought conditions. Revised 2017 cost guidance is shownexploration expense, favorable changes in the table below.fair value of the Company’s equity investments, $9.2 million loss on debt extinguishment in the comparable period in 2021 and lower income and mining taxes, partially offset by higher operating costs, a 10% decrease in gold ounces sold and an 8% decrease in average realized silver prices. Adjusted net loss was $13.8 million, or $0.05 per diluted share, compared to an adjusted net income of $34.3 million, or $0.06 per share (see “Non-GAAP Financial Performance Measures”).
2017 Production Outlook

(silver and silver equivalent ounces in thousands)SilverGold
Silver Equivalent1
Palmarejo6,500 - 7,000110,000 - 120,00013,100 - 14,200
Rochester4,200 - 4,70047,000 - 52,0007,020 - 7,820
San Bartolomé4,500 - 4,750—4,500 - 4,750
Endeavor107—107
Kensington—120,000 - 125,0007,200 - 7,500
Wharf—90,000 - 95,0005,400 - 5,700
Total15,307 - 16,557367,000 - 392,00037,327 - 40,077
2017 Cost Outlook
(dollars in millions, except per ounce amounts)Previous GuidanceRevised Guidance
CAS per AgEqOz1 – Palmarejo
$10.00 - $10.50$10.00 - $10.50
CAS per AgEqOz1 – Rochester
$11.50 - $12.00$12.50 - $13.00
CAS per AgOz1 – San Bartolomé
$15.75 - $16.25$16.50 - $17.00
CAS per AuOz1 – Kensington
$800 - $850$850 - $900
CAS per AuEqOz1 – Wharf
$700 - $750$700 - $750
Capital Expenditures$109 - $129$120 - $140
General and Administrative Expenses$28 - $32$28 - $32
Exploration Expense$29 - $31$32 - $36
AISC per AgEqOz1
$15.75 - $16.25$16.25 - $16.75
(1)
See “Non-GAAP Financial Performance Measures.”

Results of Operations
The Company produced 4.0 million ounces of silver and 93,293 ounces of gold in the three months ended September 30, 2017,Palmarejo
Three Months Ended
March 31, 2022December 31, 2021March 31, 2021
Tons milled565,211 587,615 484,390 
Average gold grade (oz/t)0.056 0.055 0.062 
Average silver grade (oz/t)3.87 3.86 4.07 
Average recovery rate – Au90.6 %89.7 %95.7 %
Average recovery rate – Ag83.0 %81.3 %81.3 %
Gold ounces produced28,931 28,748 28,605 
Silver ounces produced1,812,530 1,843,252 1,603,274 
Gold ounces sold28,242 27,706 25,687 
Silver ounces sold1,796,028 1,813,884 1,637,695 
CAS per gold ounce(1)
$735 $657 $622 
CAS per silver ounce(1)
$12.51 $11.32 $11.00 
(1)See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2022 compared to 3.5 million ouncesThree Months Ended December 31, 2021
Gold production increased 1% as a result of silver and 84,871 ounces ofhigher gold in the three months ended September 30, 2016. Silver production increased 11% due to higher mill throughput and higher grade at Palmarejo, partially offset by lower tons placed at Rochester and lower grade and mill throughput at San Bartolomé. Gold production increased 10% due to higher mill throughput and grade at Palmarejo, partially offset by lower grades at Wharf.

The Company produced 11.9 million ounces of silver and 264,330 ounces of gold in the nine months ended September 30, 2017, compared to 10.9 million ounces of silver and 255,669 ounces of gold in the nine months ended September 30, 2016. Silver production increased 8% due to higher mill throughput and grade at Palmarejo and timing of leach pad recoveries, at Rochester, partially offset by lower mill throughput and grade at San Bartolomé andthroughput. Silver production decreased 2% as a result of lower tons placed at Rochester. Gold production increased 3% due to higher mill throughput, and grade Palmarejo, partially offset by lower grades at Kensingtonhigher silver grade and Wharf.
Costs applicable torecoveries. Metal sales were $12.28 per silver equivalent ounce ($11.19 per average spot silver equivalent ounce) and $845 per gold equivalent ounce in$83.1 million, or 44% of Coeur’s metal sales, compared with $80.3 million, or 39% of Coeur’s metal sales. Revenue for the three months ended September 30, 2017 compared to $12.38 per silver equivalent ounce ($11.91 per average spot silver equivalent ounce) and $767 per gold equivalent ounce in the three months ended September 30, 2016. Costs applicable to sales per silver equivalent ounce remained comparable while costs applicable to sales per gold equivalent ounceMarch 31, 2022 increased10%in the three months ended September 30, 2017 due to lower grades and production at Kensington and Wharf.
Costs applicable to sales were $12.21 per silver equivalent ounce ($11.28 per average spot silver equivalent ounce) and $831 per gold equivalent ounce in the nine months ended September 30, 2017 compared to $11.79 per silver equivalent ounce ($11.02 per average spot silver equivalent ounce) and $716 per gold equivalent ounce in the nine months ended September 30, 2016. Costs applicable to sales per silver equivalent ounce increased by $2.8 million or 4% in the nine months ended September 30, 2017, of which $2.5 million was due to higher miningaverage realized gold and maintenance costs at Rochestersilver prices and lower production at San Bartolomé. $0.3 million was the result of a higher volume of gold sales.Costs applicable to sales per gold equivalentand silver ounce increased16% 12% and 11%, respectively, due to the mix of gold and silver sales, higher consumable costs largely due to inflationary pressures and the absence of the favorable impact of foreign currency hedges of $3.3 million included in the nine months ended September 30, 2017prior quarter. Amortization decreased to $9.4 million due to lower grades and production at Kensington and Wharf.
All-in sustaining costswere $17.68 per silver equivalent ounce ($15.30 per average spot silver equivalent ounce) in the three months ended September 30, 2017, comparedlonger assumed mine life based on year-end mineral reserve growth. Capital expenditures increased to $17.02 per silver equivalent ounce ($15.75 per average spot silver equivalent ounce) in the three months ended September 30, 2016. The 4% increase in all-in sustaining costs per silver equivalent ounce in 2017 was primarily$13.6 million from $8.3 million due to higher costs applicable to salesunderground development, infill drilling activities and exploration expense, partially offset by lower sustaining capital.equipment purchases.
All-in sustaining costswere $16.72 per silver equivalent ounce ($14.86 per average spot silver equivalent ounce) in the nine months ended September 30, 2017, compared to $16.03 per silver equivalent ounce ($14.17 per average spot silver equivalent ounce) in the nine months ended September 30, 2016. The 4% increase in all-in sustaining costs per silver equivalent ounce in 2017 was primarily due to higher costs applicable to sales and exploration expense, partially offset by lower sustaining capital.
Palmarejo
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Tons milled413,086
 274,644
 1,108,897
 791,319
Silver ounces produced1,907,548
 933,200
 4,894,910
 3,173,665
Gold ounces produced28,948
 16,608
 84,032
 50,006
Silver equivalent ounces produced3,644,428
 1,929,680
 9,936,830
 6,174,025
Costs applicable to sales per silver equivalent oz(1)
$9.82
 $10.96
 $10.19
 $10.58
Costs applicable to sales per average spot silver equivalent oz(1)
$8.73
 $10.29
 $9.17
 $9.58
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2017March 31, 2022 compared to Three Months Ended September 30, 2016March 31, 2021
Silver equivalentGold production increased 89% due to higher mining rates from Guadalupe and Independencia and higher silver and gold grade. Metal sales were $60.7 million, or 34% of Coeur’s metal sales, compared with $30.7 million, or 17% of Coeur’s metal sales. Costs applicable to sales per ounce decreased 10%1% as a result of higher production, partially offset by higher consumable costs. Amortization increased to $16.4 million, primarily due to due to higher production from Guadalupe and Independencia. Capital expenditures decreased to $5.5 million due to lower underground development at Independencia.
Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016
Silver equivalent production increased 61% due to higher mining rates from Guadalupe and Independencia and higher silver and gold grade, partially offset by lower silver recovery. Metal sales were $191.6 million, or 34% of Coeur’s metal sales, compared with $108.7 million, or 22% of Coeur’s metal sales. Costs applicable to sales per ounce decreased 4% as a result of higher production. Amortization increased to $51.0 million compared to $27.8 million, primarily due to higher production from Guadalupe and Independencia. Capital expenditures decreased to $23.0 million due to lower underground development at Independencia.

Rochester
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Tons placed4,262,011
 4,901,039
 12,268,819
 15,677,511
Silver ounces produced1,069,945
 1,160,902
 3,353,608
 3,286,817
Gold ounces produced10,955
 12,120
 32,056
 36,521
Silver equivalent ounces produced1,727,245
 1,888,102
 5,276,968
 5,478,077
Costs applicable to sales per silver equivalent oz(1)
$13.91
 $11.66
 $13.31
 $11.87
Costs applicable to sales per average spot silver equivalent oz(1)
$12.66
 $11.11
 $12.32
 $10.90
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2017 compared to Three Months Ended September 30, 2016
Silver equivalent production decreased 9% due to lower tons placed, partially offset by the timing of silver recoveries. Metal sales were $31.2 million, or 18% of Coeur’s metal sales, compared with $37.9 million, or 22% of Coeur’s metal sales. Costs applicable to sales per silver equivalent ounce increased 19% due to lower production, higher waste tons mined as well as higher hauling and maintenance costs. Amortization decreased to $4.6 million compared to $5.2 million due to lower production. Capital expenditures increased to $9.7 million compared to $3.4 million due to the stage IV leach pad expansion and commissioning.
Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016
Silver equivalent production decreased 4% due to lower tons placed resulting from planned crusher maintenance and higher waste tons mined, partially offset by the timing of silver recoveries. Metal sales were $102.9 million, or 19% of Coeur’s metal sales, compared with $103.7 million, or 21% of Coeur’s metal sales. Costs applicable to sales per silver equivalent ounce increased 12% due to lower placed recoverable ounces, higher waste tons mined as well as higher hauling and maintenance costs. Amortization remained comparable at $15.3 million. Capital expenditures increased to $34.1 million compared to $10.6 million due to the stage IV leach pad expansion and commissioning.
Kensington
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Tons milled172,038
 140,322
 501,096
 456,799
Gold ounces produced27,541
 26,459
 80,162
 90,642
Costs applicable to sales/oz(1)
$948
 $862
 $931
 $794
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2017 compared to Three Months Ended September 30, 2016
Gold production increased 4% due to higher mill throughput, partially offset by lower grades mined.gold grade and recoveries. Silver production increased 13% as a result of higher mill throughput and recoveries, partially offset by lower silver grade. Metal sales were $36.6$83.1 million, or 21%44% of Coeur’s metal sales, compared with $80.3 million, or 40% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 increased by $2.7 million or 3%, of which $7.4 million was the result of a higher volume of gold and silver sales, partially offset by a decrease of $4.7 million due to lower average realized gold and silver prices.Costs applicable to sales per gold and silver ounce increased 18% and 14%, respectively, due to the mix of gold and silver sales, higher employee-related, maintenance and consumable costs largely due to inflationary pressures, and the absence of the favorable impact of foreign currency hedges ($3.1 million) included in the prior year quarter. Amortization increased to $9.4 million due to increased sales partially offset by longer assumed mine life based on year-end mineral reserve growth. Capital expenditures increased to $13.6 million from $10.0 million due to higher underground development, infill drilling activities and equipment purchases.
33

Rochester
Three Months Ended
March 31, 2022December 31, 2021March 31, 2021
Tons placed4,377,873 3,823,763 3,240,917 
Average gold grade (oz/t)0.003 0.0030.003
Average silver grade (oz/t)0.34 0.400.45
Gold ounces produced6,066 6,864 6,904 
Silver ounces produced655,176 757,479 773,678 
Gold ounces sold5,928 7,385 6,934 
Silver ounces sold638,116 800,195 771,354 
CAS per gold ounce(1)
$2,287 $2,133 $1,317 
CAS per silver ounce(1)
$29.34 $27.18 $19.32 
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended March 31, 2022 compared to Three Months Ended December 31, 2021
Gold and silver production decreased 12% and 14%, respectively, as a result of lower tons placed in the prior quarter, lower silver grades and the timing of gold and silver recoveries. Metal sales were $26.4 million, or 14% of Coeur’s metal sales, compared with $31.7 million, or 15% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 decreased by $5.3 million or 17%, of which $6.6 million was the result of lower volume of gold and silver sales partially offset by a $1.3 million increase as a result of higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce increased 7% and 8%, respectively, due to the mix of gold and silver sales, higher maintenance and consumable costs partially due to inflationary pressures. Amortization decreased to $4.7 million due to lower gold and silver ounces sold. Capital expenditures decreased to $33.1 million from $53.9 million due to timing of payments related to the POA 11 expansion project.
Three Months Ended March 31, 2022 compared to Three Months Ended March 31, 2021
Gold and silver production decreased 12% and 15%, respectively, as a result of lower tons placed in prior year, lower silver grades and the timing of gold and silver recoveries. Metal sales were $26.4 million, or 14% of Coeur’s metal sales, compared with $32.8 million, or 16% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 decreased by $6.4 million or 20%, of which $5.1 million was the result of a lower volume of gold and silver sales and $1.3 million was the result of lower average realized silver prices. Costs applicable to sales per gold and silver ounce increased 74% and 52%, respectively, due to the mix of gold and silver sales, higher employee-related, maintenance and consumable costs partially due to inflationary pressures, and a LCM adjustment of $7.6 million included in the current year. Amortization increased to $4.7 million due to an LCM adjustment of $1.0 million in the current year. Capital expenditures increased to $33.1 million from $30.2 million due to payments related to the POA 11 expansion project.
As of March 31, 2022, Coeur incurred approximately $283 million toward the expansion. With the formalization of the recently-awarded structural, mechanical, piping, electrical and instrumentation (“SMPEI”) and final major high-voltage electrical contracts, the Company has committed approximately $477 million of capital since the inception of the project, representing 80% of the re-baselined cost estimate of $597 million. Coeur estimates capital expenditures related to POA 11 in 2022 to be approximately $217 - $257 million and $131 - $171 million in 2023.
The expansion consists of three major components: (i) a new 300 million ton leach pad, for which civil work is essentially complete and piping work is near completion; (ii) a Merrill-Crowe process plant with construction completion scheduled for the first half of 2023; and (iii) a new three-stage crushing circuit with construction completion scheduled for mid-2023.
Progress on the Merrill-Crowe process plant included completion of concrete work, the start of equipment setting, and steel and process pipe rack erection. Work on the crusher corridor included substantial completion of excavation in the primary crusher area, completion of concrete work and the start of steel construction in the secondary crusher areas, and continued advancement of concrete work in the secondary stock pile reclaim and tertiary crusher areas. Coeur also began pre-assembly of conveyor components, and deliveries of equipment and materials for the project continue.
The Company is also advancing detailed engineering, and equipment procurement is underway for the implementation of pre-screens into the expansion flowsheet. Coeur intends to align construction of the pre-screens with the completion of the new crusher corridor.
34

Kensington
Three Months Ended
March 31, 2022December 31, 2021March 31, 2021
Tons milled165,968 168,295 170,358 
Average gold grade (oz/t)0.14 0.21 0.19 
Average recovery rate95.3 %93.9 %93.2 %
Gold ounces produced22,646 33,516 30,681 
Gold ounces sold22,834 33,889 31,595 
CAS per gold ounce(1)
$1,606 $1,114 $994 
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended March 31, 2022 compared to Three Months Ended December 31, 2021
Gold production decreased 32% as a result of lower grade and lower mill throughput resulting from the impact of COVID-19 on workforce availability. Metal sales were $44.3 million, or 24% of Coeur’s metal sales, compared to $40.2$59.9 million, or 23%29% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 decreased by $15.5 million or 26%, of which $21.4 million resulted from lower volume of gold sales, partially offset by an increase of $5.9 million due to higher average realized gold prices. Costs applicable to sales per gold ounce were 10%increased 44% due to lower production and higher employee-related, maintenance and consumable costs, partially due to inflationary pressures. Amortization decreased to $8.6 million primarily due to lower grade, higher maintenance costs and contract services. Amortization remained comparableounces sold. Capital expenditures was consistent quarter over quarter at $7.9 million. Capital expenditures increased to $10.1 million compared to $8.6 million, due to higher rates of underground mine development.$8.0 million.
NineThree Months Ended September 30, 2017March 31, 2022 compared to NineThree Months Ended September 30, 2016March 31, 2021
Gold production decreased 12% due to26% as a result of lower grades mined, partially offset by highergrade and lower mill throughput.throughput resulting from the impact of COVID-19 on workforce availability. Metal sales were $110.1$44.3 million, or 20%24% of Coeur’s metal sales, compared to $112.4$54.5 million, or 22%27% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 decreased by $10.2 million or 19%, of which $16.9 million resulted from lower volume of gold sales, partially offset by an increase of $6.7 million due to higher average realized gold prices. Costs applicable to sales per gold ounce were 17%increased 62% due to lower production and higher employee-related, maintenance and consumable costs, partially due to inflationary pressures. Amortization decreased to $8.6 million primarily due to lower grade and higher contract services. Amortization was $25.4ounces sold. Capital expenditures increased to $7.9 million compared to $26.2from $7.2 million due to lower production, partially offset by higher amortizable mining propertiesinfill drilling and equipment. Capital expenditures remained comparable at $24.3 million.


underground development.
Wharf
Three Months Ended
March 31, 2022December 31, 2021March 31, 2021
Tons placed1,127,569 1,074,189 1,114,043 
Average gold grade (oz/t)0.025 0.0220.030
Gold ounces produced17,766 19,818 19,035 
Silver ounces produced11,736 14,451 26,191 
Gold ounces sold18,207 19,950 18,896 
Silver ounces sold16,138 10,349 26,455 
CAS per gold ounce(1)
$1,124 $1,107 $954 
(1)See Non-GAAP Financial Performance Measures.

35

 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Tons placed1,150,308
 1,199,008
 3,435,656
 3,089,302
Gold ounces produced25,849
 29,684
 68,080
 78,500
Silver ounces produced14,817
 25,335
 47,469
 73,515
Gold equivalent ounces produced(1)
26,096

30,106

68,871

79,725
Costs applicable to sales per gold equivalent oz(1)
$720
 $668
 $704
 $623
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2017March 31, 2022 compared to Three Months Ended September 30, 2016December 31, 2021
Gold equivalent production decreased 13% due to fewer high-grade tons placed from10% driven by the Golden Reward deposit.timing of recoveries. Metal sales were $31.3$34.7 million, or 18% of Coeur’s metal sales, compared to $39.3$36.1 million, or 22%17% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 decreased by $1.5 million or 4%, of which $3.2 million resulted from a lower volume of gold sales, partially offset by an increase of $1.7 million due to higher average realized gold and silver prices. Costs applicable to sales per gold ounce increased 2% due to higher consumable and employee-related costs partially due to inflationary pressures. Amortization decreased to $2.1 million due to lower ounces sold. Capital expenditures were $1.4 million.

Three Months Ended March 31, 2022 compared to Three Months Ended March 31, 2021
Gold production decreased 7% driven by the timing of recoveries. Metal sales were $34.7 million, or 18% of Coeur’s metal sales, compared to $34.5 million, or 17% of Coeur’s metal sales. Revenue for the three months ended March 31, 2022 increased slightly by $0.1 million, of which $1.7 million was due to higher average realized gold prices, partially offset by a decrease of $1.6 million resulted from a lower volume of gold and silver sales. Costs applicable to sales per gold equivalent ounce increased 8%18% due to lower production,higher equipment rental, consumable and employee-related costs partially offset by lower mining, crushing and processing costs.due to inflationary pressures. Amortization was $3.2 million compareddecreased to $6.5$2.1 million due to lower production and higher life of mine reserves.ounces sold. Capital expenditures increased to $3.1 million due to mining equipment purchases.were $1.4 million.
Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016Silvertip
Gold equivalent production decreased 14% due to lower grade, partially offset by higher tons placed. Metal sales were $88.6 million, or 16% of Coeur’s metal sales, compared to $101.3 million, or 20% of Coeur’s metal sales. Costs applicable to sales per gold equivalent ounce increased 13% due to lower production and higher blasting and crushing costs. Amortization was $8.9 million compared to $15.6 million due to lower production and higher life of mine reserves. Capital expenditures increased to $5.5 million due to mining equipment purchases.
San Bartolomé
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Tons milled365,554
 450,409
 1,167,605
 1,298,656
Silver ounces produced956,893
 1,370,194
 3,455,961
 4,210,051
Costs applicable to sales/oz(1)
$18.26
 $14.97
 $16.86
 $13.58
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2017March 31, 2022
Silvertip suspended mining and processing activities, unrelated to COVID-19, in February 2020. Ongoing carrying and suspension costs are included in Pre-development, reclamation, and other.
Coeur continues advancing study work to assess the economics of a potential larger expansion and restart of Silvertip. The Company’s objective remains targeting a higher throughput rate to lower unit costs and to take advantage of Silvertip’s expanding resource base, while sequencing an expansion and restart following the completion and commissioning of POA 11. Results from this ongoing work remain on track and are expected to be available by the end of the year.
Coeur continues to generate positive results from ongoing exploration as the Company evaluates various opportunities to enhance the economics of a potential expansion and restart of Silvertip.
Ongoing carrying costs at Silvertip totaled $6.2 million in the first quarter, compared to Three Months Ended September 30, 2016
Silver production decreased 30% due to lower high-grade ore purchases and mill throughput due to continued drought conditions and lower third-party ore purchases. Silver sales were $16.0$6.0 million or 9%of Coeur’s metal sales, compared with $27.5 million, or 16% of Coeur’s metal sales. Costs applicable to sales per ounce increased due to lower production and an inventory adjustment of $0.6 million. Amortization remained comparable at $1.4 million due to lower life of mine reserves.in the prior period. Capital expenditures decreased to $0.5 million.$11.9 million from $26.1 millionas residual costs for completed mill decommissioning and planned early civil works construction were paid during the prior quarter. For 2022, capital expenditures are expected to be approximately $18 - $24 million, primarily focused on underground development and infill drilling as well as study work to evaluate additional opportunities to enhance the economics of a potential expansion and restart.
Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016
Silver production decreased 18%
Liquidity and Capital Resources
At March 31, 2022, the Company had $74.7 million of cash, cash equivalents and restricted cash and $215.0 million available under the RCF. Cash and cash equivalents increased $16.7 million in the three months ended March 31, 2022, due to lower high-grade ore purchasesthe net proceeds of $98.4 million from the sale of 22.1 million shares of its common stock, proceeds of $15.3 million received from the sale of the La Preciosa project, and mill throughput due to continued drought conditionsa 4% increase in average realized gold and lower third-party ore purchases,silver prices. This was partially offset by higher recoveries. Silver sales were $60.4a 15% and 7% decrease in gold and silver ounces sold and capital expenditures related to POA 11 at Rochester.
The RCF was amended in March 2021 to extend the maturity to March 2025 and to potentially allow the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100.0 million. At March 31, 2022, the Company had $55.0 million or 11%drawn and $30.0 million in outstanding letters of Coeur’s metal sales, compared with $73.9credit under the RCF. On May 2, 2022, the Company entered into an amendment (the “Amendment”) to the RCF, by and among the Company, certain subsidiaries of the Company, as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent. The Amendment, among other things, increases the maximum principal amount of the RCF by $90.0 million or 15%in incremental loans and commitments to an aggregate of Coeur’s metal sales. Costs applicable to sales per ounce increased due to lower production and inventory adjustments$390.0 million. The Company also holds $161.9 million of $1.6 million. Amortization remained comparable at $5.1 million due to lower life of mine reserves. Capital expenditures decreased to $1.2 million.
Endeavor Silver Stream
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Tons milled—
 42,335
 133,905
 166,740
Silver ounces produced2,413
 56,066
 107,026
 204,097
Costs applicable to sales/oz(1)
$4.86
 $8.10
 6.95
 6.42
(1)See Non-GAAP Financial Performance Measures.

equity securities including a 17.8% interest in Victoria Gold.
In July 2017,March 2022, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “Equity Offering”). The Company sold a total of 22,053,275 shares of common stock in the Endeavor silver streamEquity Offering at an average price of $4.53 per share, raising net proceeds (after sales commissions) of $98.0 million.
We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer-term. We expect to use a combination of cash provided by operating activities, borrowings under our remaining portfolioRCF and additional finance leases to fund near term capital requirements, including those described in this Report for POA 11 and in our 2022 capital expenditure guidance. We also have additional potential sources of royalties for total considerationfunding including proceeds from potential
36

asset sales, and the monetization of $13.0 million to Metalla Royalty & Streaming Ltd. Reported productionour equity investments, including our investment in Victoria Gold. Our longer-term plans contemplate the expansion and financial results include operations through May 2017,restart of Silvertip, as well as the buyer is entitledcontinued exploration and potential development of our other projects, such as Crown/Sterling and the Lincoln Hill area adjacent to productionRochester.
As of March 31, 2022, Coeur incurred approximately $283 million toward the expansion. With the formalization of the recently-awarded SMPEI and any associated sales subjectfinal major high-voltage electrical contracts, the Company has committed approximately $477 million of capital since the inception of the project, representing 80% of the re-baselined cost estimate of $597 million. Coeur estimates capital expenditures related to POA 11 in 2022 to be approximately $217 - $257 million and $131 - $171 million in 2023.
We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.
If and to the stream agreement after June 1, 2017extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under Item 1A – Risk Factors in the terms2021 10-K and part II, Item 1A of the sale agreement. Amounts presentedthis report.
Cash Provided by (Used in) Operating Activities
Net cash used in operating activities for the three months ended September 30, 2017 relate to final adjustments for provisional sales.
Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016
Silver production at Endeavor decreased due to lower grades. Costs applicable to sales per ounce increased due to the impact of higher silver prices on the Company’s silver price sharing agreement with the Endeavor mine operator. AmortizationMarch 31, 2022 was $0.3$6.4 million, compared to $0.9 million due to lower production and lower amortizable mining properties.

Liquidity and Capital Resources
Cash Provided by Operating Activities
Net cash provided by operating activities for the three and nine months ended September 30, 2017 was $29.4 million and $114.0 million, respectively, compared to net cash provided by operating activities of $47.8$34.9 million and $100.4 million, respectively, for the three and nine months ended September 30, 2016,December 31, 2021 and net cash used in operating activities of $4.4 million for the three months ended March 31, 2021. Adjusted EBITDA for the three months ended March 31, 2022 was $41.5 million, compared to $48.7 million for the three months ended December 31, 2021 and $65.9 million for the three months ended March 31, 2021 (see “Non-GAAP Financial Performance Measures”). Net cash provided by (used in) operating activities was impacted by the following key factors:factors for the applicable periods:
Three Months Ended
In thousandsMarch 31, 2022December 31, 2021March 31, 2021
Cash flow before changes in operating assets and liabilities$23,779 $37,789 $41,580 
Changes in operating assets and liabilities:
Receivables9,100 (1,999)999 
Prepaid expenses and other(509)(104)(655)
Inventories(17,672)(9,581)(17,486)
Accounts payable and accrued liabilities(21,125)8,831 (28,797)
Cash provided by (used in) operating activities$(6,427)$34,936 $(4,359)
 Three months ended September 30, Nine months ended September 30,
 2017 2016 2017 2016
Consolidated silver equivalent ounces sold9,215,393
 8,397,467
 29,599,974
 25,958,451
Average realized price per consolidated silver equivalent ounce$19.09
 $21.00
 $18.77
 $19.39
Costs applicable to sales per consolidated silver equivalent ounce (1)
(12.90) (12.55) (12.75) (11.84)
Operating margin per consolidated silver equivalent ounce$6.19
 $8.45
 $6.02
 $7.55
(1)See Non-GAAP Financial Performance Measures.
 Three months ended September 30, Nine months ended September 30,
In thousands2017 2016 2017 2016
Cash flow before changes in operating assets and liabilities$21,237
 $58,118
 $92,421
 $128,867
Changes in operating assets and liabilities:       
Receivables6,529
 19,672
 17,719
 10,751
Prepaid expenses and other(3,195) (2,816) (3,882) (2,435)
Inventories(2,874) (8,900) 10,421
 (24,408)
Accounts payable and accrued liabilities7,735
 (18,262) (2,697) (12,407)
CASH PROVIDED BY OPERATING ACTIVITIES$29,432
 $47,812
 $113,982
 $100,368
CashNet cash provided by operating activities decreased $18.4$41.4 million for the three months ended September 30, 2017March 31, 2022 compared to the three months ended September 30, 2016 due to lower average realized pricesDecember 31, 2021, primarily as a result of a 15% and higher costs applicable to sales per consolidated7% decrease in gold and silver equivalent ounce,ounces sold, respectively, mining and income taxes at Palmarejo, and timing of metal recoveries at Rochester and Wharf, partially offset by highera 4% increase in average realized gold and silver equivalent ounces soldprices, lower exploration costs and favorable working capital adjustments. Metal salestiming of VAT collections at Palmarejo. Revenue for the three months ended September 30, 2017March 31, 2022 compared to the three months ended December 31, 2021 decreased $0.4by $19.5 million, with $15.7of which $27.8 million was due to lower volume of gold and silver sales, partially offset by $8.3 million due to higher average realized gold and silver prices.
Net cash used in operating activities increased $2.1 million for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, primarily due to lower gold ounces sold (10%), an 8% decrease in average realized silver prices, and higher operating costs, partially offset by a 3% increase in average realized gold prices, lower exploration costs, and timing of VAT collections at Palmarejo. Revenue for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 decreased by $13.7 million, of which $13.3 million was due to lower volume of gold and silver sales and $5.2 million due to lower average realized silver prices, mostlypartially offset by $15.3$4.8 million due to higher silver equivalent ounces sold. The $8.2 million working capital decrease in the three months ended September 30, 2017 was primarily due to an increase in accounts payable partially offset by an increase in inventories and prepaid assets, compared to the $10.3 million working capital increase in the three months ended September 30, 2016 primarily due to an increase on ore on leach pads and timing of payments, partially offset by lower trade receivables.
Cash provided by operating activities increased $13.6 million for the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016 due to higher silver equivalent ounces sold and favorable working capital adjustments, partially offset by higher costs applicable to sales per consolidated silver equivalent ounce and lower average realized gold prices. Metal sales for the nine months ended September 30, 2017 increased $52.2 million, with $68.5 million due to higher silver equivalent ounces sold, partially offset by $16.2 million due to lower average realized prices. The $21.6 million working capital decrease in the nine months ended September 30, 2017 was primarily due to the reduction in precious metal inventory and

37
receivables, compared to the $28.5 million working capital increase in the nine months ended September 30, 2016, primarily due to an increase in ore on leach pads and precious metal inventory, and a reduction in accounts payable partially offset by lower receivables.

Cash Used in Investing Activities
Net cash used in investing activities in the three months ended September 30, 2017March 31, 2022 was $37.4$54.1 million compared to $18.1$99.7 million in the three months ended September 30, 2016,December 31, 2021. Cash used in investing activities decreased primarily due to the purchasetiming of strategic equity investments,payments related to the POA 11 construction activities at Rochester and higher capital expenditures, partially offset by non-core asset sales.the impact of the receipt of net proceeds of $15.3 million from the sale of the La Preciosa project. The Company hadincurred capital expenditures of $29.5$69.5 million in the three months ended September 30, 2017March 31, 2022 compared with $25.6$100.9 million in the three months ended September 30, 2016. Capital expenditures in the three months ended September 30, 2017 wereDecember 31, 2021 primarily related to POA 11 construction activities at Rochester, and underground development at Palmarejo and Kensington capitalized conversion drilling, and the Stage IV leach pad expansion and commissioning at Rochester. Capital expenditures in the three months ended September 30, 2016 were primarily related to underground development at Palmarejo and Kensington.both periods.
Net cash used in investing activities in the ninethree months ended September 30, 2017March 31, 2022 was $84.1$54.1 million compared to $53.7$53.9 million in the ninethree months ended September 30, 2016,March 31, 2021. Cash used in investing activities increased primarily due to higher capital expenditures and the purchase of strategic equity investments,construction activities related to POA 11 at Rochester, partially offset by the impact of the receipt of net proceeds of $15.3 million from the sale of the JoaquinLa Preciosa project. The Company hadincurred capital expenditures of $90.9$69.5 million in the ninethree months ended September 30, 2017March 31, 2022 compared with $71.1$59.4 million in the ninethree months ended September 30, 2016.March 31, 2021. Capital expenditures in the ninethree months ended September 30, 2017March 31, 2022 were primarily related to POA 11 construction activities at Rochester, and underground development at Palmarejo and Kensington, capitalized conversion drilling, and the Stage IV leach pad expansion and commissioning at Rochester.Kensington. Capital expenditures in the ninethree months ended September 30, 2016March 31, 2021 were primarily related to POA 11 construction activities at Rochester, potential expansion expenditures at Silvertip and underground development at Palmarejo and Kensington.
The Company is experiencing inflationary pressures, specifically with respect to building materials and fuel as well as overall tightness in the construction market related to capital projects, most notably the POA 11 project at Rochester, and to operating costs company-wide.
Cash Provided by (Used in) Financing Activities
Net cash used in financing activities in the three months ended September 30, 2017 was $5.6 million compared to $64.9 million in the three months ended September 30, 2016, primarily due to issuance costs incurred in connection with the Revolving Credit Facility. During the three months ended September 30, 2016, the Company repaid the Term Loan, partially offset by net proceeds from the settlement of sales of shares of its common stock. In addition, the Company made payments of $7.6 million under the Palmarejo gold production royalty obligation that terminated in July 2016. Coeur Mexicana now sells 50% of Palmarejo gold production (excluding production from Independencia Este, acquired in the 2015 Paramount transaction) for the lesser of $800 or spot price per ounce under a gold stream agreement.
Net cash provided by financing activities in the ninethree months ended September 30, 2017March 31, 2022 was $43.5$76.7 million compared to net cash used in financing activities of $24.8$36.3 million in the ninethree months ended September 30, 2016.December 31, 2021. During the ninethree months ended September 30, 2017,March 31, 2022, the Company received net proceeds of approximately $245.0$98.4 million from the sale of 22.1 million shares of its common stock in the Equity Offering, partially offset by the net repayment of $10.0 million under the RCF. During the three months ended December 31, 2021, the Company drew $45.0 million, net, from the RCF.
Net cash provided by financing activities in the three months ended March 31, 2022 was $76.7 million compared to $119.6 million in the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company received net proceeds of $98.4 million from the sale of 22.1 million shares of its common stock in the Equity Offering, partially offset by the net repayment of $10.0 million under the RCF. During the three months ended March 31, 2021, the Company received net proceeds of $367.5 million from the issuance of the 20242029 Senior Notes, partially offset by the repurchase of the 2021 Senior Notes for $185.5 million, including premiums. Payments of $27.2 million were made in 2016 under the Palmarejo gold production royalty that terminated in July 2016. Coeur Mexicana now sells 50% of Palmarejo gold production (excluding production from Independencia Este, acquired in 2015 Paramount transaction) for the lesser of $800 or spot price per ounce under a gold stream agreement.
In September 2017, the Company, as borrower,tender and certain subsidiaries of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, Chicago Branch, and the Bank of Nova Scotia. The Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which may be increased by up to $50.0 million in incremental loans and commitments subject to the terms of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period.
The Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines, as well as a pledge of the shares of certain of the Company’s subsidiaries.  The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions.  The Credit Agreement also contains financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio.  Obligations under the Credit Agreement may be accelerated upon the occurrence of certain customary events of default At September 30, 2017, the Company had $200.0 million available under the Facility with no amounts drawn. Issuance costs of $1.8 million were recorded as prepaid costs and will be amortized over the term of the Facility. On October 12, 2017, the Company drew $100.0 million from the Facility at a rate of 3.5% based on the 1-month LIBOR rate plus a margin of 2.25%.

In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 2024 Senior Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended for net proceeds of approximately $245.0 million. The 2024 Senior Notes are governed by an Indenture dated as of May 31, 2017 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and the Bank of New York Mellon, as trustee. In connection with the saleredemption of the 2024 Senior Notes the Company entered into a Registration Rights Agreement. On August 4, 2017, the Company commenced an exchange offerfor $238.3 million, including premiums.

Critical Accounting Policies and Accounting Developments
See Note 2 - Summary of registered 2024 Senior Notes for privately-placed 2024 Senior Notes which was completed on September 12, 2017. The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance.  Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2017. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. At any time prior to June 1, 2020, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the 2024 Senior Notes on or after June 1, 2020, at redemption prices set forthSignificant Accounting Policies contained in the Indenture, together with accrued2021 10-K and unpaid interest. At any time prior to June 1, 2020, the Company may use the proceedsNote 2 - Summary of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, including any permitted additional 2024 Senior Notes, at a redemption price equal to 105.875% of the principal amount. The Indenture contains covenants that, among other things, limitSignificant Accounting Policies contained in this Report for the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loanscritical accounting policies and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type.estimates.
Concurrent with the offering of the 2024 Senior Notes, the Company commenced a cash tender offer (the “Tender Offer”) to purchase the outstanding $178.0 million in aggregate principal amount of its 2021 Senior Notes. The Tender Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated May 19, 2017. Holders of the 2021 Senior Notes who tendered their notes were entitled to receive $1,043.88 per $1,000 principal amount of the Notes, plus accrued and unpaid interest. $118.1 million aggregate principal amount of the Notes were tendered and purchased by the Company on May 31, 2017. In accordance with the terms of the indenture governing the 2021 Senior Notes, the remaining $59.9 million aggregate principal amount of the Notes were redeemed on June 30, 2017 at the redemption price of $1,039.38 per $1,000 principal amount, plus accrued and unpaid interest. The Company recorded a loss of $9.3 million as a result of the extinguishment of the 2021 Senior Notes.

Other Liquidity Matters
We believe that our liquidity and capital resources fromin the U.S. operations are adequate to fund our U.S. operations and corporate activities. The Company has asserted indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about and intentions concerning the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time-to-time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Critical Accounting Policies and Accounting Developments
Please see Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES contained in the Company’s Form
10-K for the year ended December 31, 2016 (the “2016 10-K”) for the Company’s critical accounting policies and estimates. Those critical accounting policies and estimates have been supplemented and updated in this Form 10-Q.


Non-GAAP Financial Performance Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP
38

financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Adjusted Net Income (Loss)
Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income (loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and areis based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income (loss) is reconciled to Net income (loss) in the table below:following table:
Three Months Ended
In thousands except per share amountsMarch 31, 2022December 31, 2021March 31, 2021
Net income (loss)$7,682 $(10,760)$2,060 
Fair value adjustments, net(10,605)7,543 3,799 
Foreign exchange loss (gain)990 146 (43)
(Gain) loss on sale of assets and securities(1,831)471 (4,053)
Loss on debt extinguishment— — 9,173 
COVID-19 costs972 681 3,005 
Tax effect of adjustments(1)
(10,990)(9,696)— 
Adjusted net income (loss)$(13,782)$(11,615)$13,941 
Adjusted net income (loss) per share - Basic$(0.05)$(0.05)$0.06 
Adjusted net income (loss) per share - Diluted$(0.05)$(0.05)$0.06 
 Three months ended September 30, Nine months ended September 30,
In thousands except per share amounts2017 2016 2017 2016
Net income (loss)$(16,652) $69,557
 $(8,944) $63,660
Fair value adjustments, net—
 961
 864
 13,235
Impairment of equity and debt securities—
 —
 425
 20
Write-downs—
 —
 —
 4,446
Inventory write-downs—
 3,689
 —
 3,689
Gain on sale of Joaquin project—
 —
 (21,138) —
(Gain) loss on sale of assets and securities(2,117) (7,462) (565) (11,674)
Gain on repurchase of Rochester royalty—
 —
 (2,332) —
Loss on debt extinguishment—
 10,040
 9,342
 10,040
San Bartolomé workforce severance2,175
 —
 2,175
 —
Transaction costs819
 26
 819
 1,198
Deferred tax on reorganization—
 (40,767) —
 (40,767)
Foreign exchange loss (gain)(1,660) 2,549
 4,580
 (1,384)
Tax effect of adjustments(1)
(990) (38) 816
 2,582
Adjusted net income (loss)$(18,425)
$38,555

$(13,958) $45,045
        
Adjusted net income (loss) per share - Basic$(0.10) $0.24
 $(0.08) $0.29
Adjusted net income (loss) per share - Diluted$(0.10) $0.23
 $(0.08) $0.28
(1)For the three months ended September 30, 2017, tax effect of adjustments of $(1.0) million (112.9%) is primarily related to deferred taxes on the Metalla transaction. For the three months ended September 30, 2016, tax effect of adjustments of $(38) thousand (0.5%) is primarily related to the tax gain on the sale of an asset, partially offset by losses on other asset sales where no tax benefit was recognized and tax benefit from fair value adjustment.

(1) For the ninethree months ended September 30, 2017,March 31, 2022, tax effect of adjustments of $0.8$11.0 million (-7.8%(96%) is primarily related to a taxable gain onthe de-recognition of deferred tax liabilities related to the sale of the Joaquin project and deferred taxes on the Metalla transaction.Proyectos Mineros La Preciosa, S.A. de C.V. For the ninethree months ended September 30, 2016,December 31, 2021, tax effect of adjustments of $2.6$9.7 million (-12.3%(-115%) is primarily related to a taxable gain on the sale of assets and the tax valuation allowance impact from an asset write-down, partially offset by tax benefit from fair value adjustments.VAT write-off.



EBITDA and Adjusted EBITDA
Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is a measure used in indenture governing the Indenture2029 Senior Notes and the FacilityRCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP.Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the table below:following table:
39

Three months ended September 30, Nine months ended September 30,Three Months Ended
In thousands except per share amounts2017 2016 2017 2016In thousands except per share amountsMarch 31, 2022December 31, 2021March 31, 2021
Net income (loss)$(16,652) $69,557
 $(8,944) $63,660
Net income (loss)$7,682 $(10,760)$2,060 
Interest expense, net of capitalized interest3,606
 8,068
 10,941
 30,063
Interest expense, net of capitalized interest4,568 3,211 4,910 
Income tax provision (benefit)14,232
 (54,455) 23,180
 (53,118)Income tax provision (benefit)1,694 432 12,786 
Amortization33,830
 27,763
 106,880
 93,232
Amortization26,433 35,443 29,937 
EBITDA35,016

50,933

132,057

133,837
EBITDA40,377 28,326 49,693 
Fair value adjustments, net—
 961
 864
 13,235
Fair value adjustments, net(10,605)7,543 3,799 
Impairment of equity and debt securities—
 —
 425
 20
Foreign exchange (gain) loss(229) 1,466
 (2,577) 7,286
Foreign exchange (gain) loss559 479 773 
Gain on sale of Joaquin project—
 —
 (21,138) —
(Gain) loss on sale of assets and securities(2,117) (7,462) (565) (11,674)
Gain on repurchase of Rochester royalty—
 —
 (2,332) —
Loss on debt extinguishment—
 10,040
 9,342
 10,040
San Bartolomé workforce severance2,175
 —
 2,175
 —
Transaction costs819
 26
 819
 1,198
Asset retirement obligation accretion2,511
 2,096
 7,352
 6,221
Asset retirement obligation accretion3,463 3,091 2,905 
Inventory adjustments and write-downs1,302
 4,665
 1,703
 6,528
Inventory adjustments and write-downs8,592 8,109 572 
Write-downs—
 —
 —
 4,446
(Gain) loss on sale of assets and securities(Gain) loss on sale of assets and securities(1,831)471 (4,053)
Loss on debt extinguishmentLoss on debt extinguishment— — 9,173 
COVID-19 costsCOVID-19 costs972 681 3,005 
Adjusted EBITDA$39,477

$62,725

$128,125

$171,137
Adjusted EBITDA$41,527 $48,700 $65,867 

Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.
Three Months Ended
(Dollars in thousands)March 31, 2022December 31, 2021March 31, 2021
Cash flow from operations$(6,427)$34,936 $(4,359)
Capital expenditures69,502 100,868 59,424 
Free cash flow$(75,929)$42,224 $(65,932)$(63,783)

Operating Cash Flow Before Changes in Working Capital
Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.
The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.
40

Three Months Ended
(Dollars in thousands)March 31, 2022December 31, 2021March 31, 2021
Cash provided by (used in) operating activities$(6,427)$34,936 $(4,359)
Changes in operating assets and liabilities:
Receivables(9,100)1,999 (999)
Prepaid expenses and other509 104 655 
Inventories17,672 9,581 17,486 
Accounts payable and accrued liabilities21,125 (8,831)28,797 
Operating cash flow before changes in working capital$23,779 $37,789 $41,580 

Costs Applicable to Sales and All-in Sustaining Costs
Management uses Costs applicable to sales (“CAS”) and All-in sustaining costs (“AISC”)CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold, silver, zinc and gold,lead, assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes converting the benefit from sellingthat allocating CAS to gold, into silver, equivalent ounceszinc and lead based on gold, silver, zinc and lead metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS and AISC differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, rather than converting to silver equivalent ounces, differences in the determination of sustaining capital expenditures, and differences in underlying accounting principles and accounting frameworks such as in International Financial Reporting Standards.














Three Months Ended September 30, 2017March 31, 2022
In thousands (except metal sales, per ounce and per pound amounts)PalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$52,611 $36,985 $45,532 $22,918 $1,259 $159,305 
Amortization(9,386)(4,710)(8,622)(2,061)(1,259)(26,038)
Costs applicable to sales$43,225 $32,275 $36,910 $20,857 $— $133,267 
Metal Sales
Gold ounces28,242 5,928 22,834 18,207 75,211 
Silver ounces1,796,028 638,116 — 16,138 — 2,450,282 
Zinc pounds— — 
Lead pounds— — 
Costs applicable to sales
Gold ($/oz)$735 $2,287 $1,606 $1,124 
Silver ($/oz)$12.51 $29.34 $— 
Zinc ($/lb)$— 
Lead ($/lb)$— 
41

  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) $49,669
 $27,866
 $18,795
 $59
 $96,389
 $35,522
 $20,553
 $56,075
 $152,464
Amortization 16,414
 4,591
 1,430
 20
 22,455
 7,864
 3,223
 11,087
 33,542
Costs applicable to sales $33,255
 $23,275
 $17,365
 $39
 $73,934
 $27,658
 $17,330
 $44,988
 $118,922
Silver equivalent ounces sold 3,386,963
 1,673,704
 951,219
 8,027
 6,019,913
       9,215,393
Gold equivalent ounces sold           29,173
 24,085
 53,258
  
Costs applicable to sales per ounce $9.82
 $13.91
 $18.26
 $4.86
 $12.28
 $948
 $720
 $845
 $12.90
                   
Costs applicable to sales per average spot ounce $8.73
 $12.66
     $11.19
       $11.17
                   
Costs applicable to sales                 $118,922
Treatment and refining costs                 1,408
Sustaining capital(1)
                 18,626
General and administrative                 7,412
Exploration                 9,814
Reclamation                 4,364
Project/pre-development costs                 2,337
All-in sustaining costs                 $162,883
Silver equivalent ounces sold                 6,019,913
Kensington and Wharf silver equivalent ounces sold             3,195,480
Consolidated silver equivalent ounces sold               9,215,393
All-in sustaining costs per silver equivalent ounce             $17.68
                   
Consolidated silver equivalent ounces sold (average spot)             10,645,948
All-in sustaining costs per average spot silver equivalent ounce             $15.30
(1)Excludes development capital for Jualin, Guadalupe South Portal and Rochester expansion permitting.

Three Months Ended September 30, 2016December 31, 2021
In thousands (except metal sales, per ounce and per pound amounts)PalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$48,719 $42,939 $53,884 $24,735 $1,268 $171,545 
Amortization(9,985)(5,433)(15,992)(2,411)(1,268)(35,089)
Costs applicable to sales$38,734 $37,506 $37,892 $22,324 $— $136,456 
Metal Sales
Gold ounces27,706 7,385 33,889 19,950 — 88,930 
Silver ounces1,813,884 800,195 — 2,614,079 
Zinc pounds— — 
Lead pounds— — 
Costs applicable to sales
Gold ($/oz)$657 $2,133 $1,114 $1,107 
Silver ($/oz)$11.32 $27.18 $— 
Zinc ($/lb)$— 
Lead ($/lb)$— 

  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) $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 average spot ounce $10.29
 $11.11
     $11.91
       $11.62
                   
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
                   
Consolidated silver equivalent ounces sold (average spot)             9,074,222
All-in sustaining costs per average spot silver equivalent ounce             $15.75
(1)Excludes development capital for Jualin, Guadalupe, Independencia and Rochester crushing capacity expansion.

NineThree Months Ended September 30, 2017March 31, 2021
In thousands (except metal sales, per ounce and per pound amounts)PalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$43,047 $27,610 $44,839 $21,207 $1,086 $137,789 
Amortization(9,059)(3,577)(13,445)(2,475)(1,086)(29,642)
Costs applicable to sales$33,988 $24,033 $31,394 $18,732 $— $108,147 
Metal Sales
Gold ounces25,687 6,934 31,595 18,896 — 83,112 
Silver ounces1,637,695 771,354 — 26,455 — 2,435,504 
Zinc pounds— — 
Lead pounds— — 
Costs applicable to sales
Gold ($/oz)$622 $1,317 $994 $954 
Silver ($/oz)$11.00 $19.32 $— 
Zinc ($/lb)$— 
Lead ($/lb)$— 


42
  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) $161,145

$89,220
 $64,032
 $1,045
 $315,442
 $109,478
 $58,301
 $167,779
 $483,221
Amortization 50,995
 15,345
 5,053
 301
 71,694
 25,389
 8,883
 34,272
 105,966
Costs applicable to sales $110,150
 $73,875
 $58,979
 $744
 $243,748
 $84,089
 $49,418
 $133,507
 $377,255
Silver equivalent ounces sold 10,809,932
 5,551,913
 3,497,263
 107,026
 19,966,134
       29,599,974
Gold equivalent ounces sold           90,348
 70,216
 160,564
  
Costs applicable to sales per ounce $10.19

$13.31
 $16.86
 $6.95
 $12.21
 $931
 $704
 $831
 $12.75
                   
Costs applicable to sales per average spot ounce $9.17
 $12.32
 
 
 $11.28
 
 
 
 $11.33
                   
Costs applicable to sales                 $377,255
Treatment and refining costs                 4,312
Sustaining capital(1)
                 47,795
General and administrative                 24,587
Exploration                 22,879
Reclamation                 12,279
Project/pre-development costs                 5,903
All-in sustaining costs                 $495,010
Silver equivalent ounces sold                 19,966,134
Kensington and Wharf silver equivalent ounces sold             9,633,840
Consolidated silver equivalent ounces sold               29,599,974
All-in sustaining costs per silver equivalent ounce             $16.72
                   
Consolidated silver equivalent ounces sold (average spot)             33,311,575
All-in sustaining costs per average spot silver equivalent ounce             $14.86
(1)Excludes development capital for Jualin, Guadalupe South Portal and Rochester expansion permitting.

Nine Months Ended September 30, 2016

  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) $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 average spot ounce $9.58
 $10.90
 
 
 $11.02
       $10.47
                   
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
                   
Consolidated silver equivalent ounces sold (average spot)             29,370,501
All-in sustaining costs per average spot silver equivalent ounce             $14.17
(1)Excludes development capital for Jualin, Guadalupe, Independencia and Rochester crushing capacity expansion.


Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Revised 2017 Guidance
 SilverGold 
In thousands except per ounce amountsPalmarejoRochesterSan BartoloméEndeavorTotal SilverKensingtonWharfTotal GoldTotal Combined
Costs applicable to sales, including amortization (U.S. GAAP)$215,400
$118,700
$86,000
$1,044
$421,144
$153,800
$83,600
$237,400
$658,544
Amortization67,800
20,500
7,800
300
96,400
38,800
12,800
51,600
148,000
Costs applicable to sales$147,600
$98,200
$78,200
$744
$324,744
$115,000
$70,800
$185,800
$510,544
Silver equivalent ounces sold14,500,000
7,690,000
4,700,000
107,000
26,997,000
   40,557,000
Gold equivalent ounces sold     131,000
95,000
226,000
 
Costs applicable to sales per ounce$10.00 - $10.50$12.50 - $13.00$16.50 - $17.00

$850 - $900$700 - $750

          
Costs applicable to sales        $510,544
Treatment and refining costs        5,100
Sustaining capital, including capital lease payments      70,000
General and administrative        32,000
Exploration        33,000
Reclamation        16,000
Project/pre-development costs        7,000
All-in sustaining costs        $673,644
Silver equivalent ounces sold        26,997,000
Kensington and Wharf silver equivalent ounces sold     13,560,000
Consolidated silver equivalent ounces sold       40,557,000
All-in sustaining costs per silver equivalent ounce     $16.25 - $16.75


Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Previous 2017 Guidance
 SilverGold 
In thousands except per ounce amountsPalmarejoRochesterSan BartoloméEndeavorTotal SilverKensingtonWharfTotal GoldTotal Combined
Costs applicable to sales, including amortization (U.S. GAAP)$228,500
$113,550
$92,300
$1,038
$435,388
$136,600
$82,200
$218,800
$654,188
Amortization76,500
22,550
8,300
281
107,631
29,100
13,200
42,300
149,931
Costs applicable to sales$152,000
$91,000
$84,000
$757
$327,757
$107,500
$69,000
$176,500
$504,257
Silver equivalent ounces sold14,900,000
7,800,000
5,200,000
105,000
28,005,000
   41,505,000
Gold equivalent ounces sold     130,000
95,000
225,000
 
Costs applicable to sales per ounce guidance$10.00 - $10.50$11.50 - $12.00$15.75 - $16.25  $800 - $850$700 - $750  
          
Costs applicable to sales        $504,257
Treatment and refining costs        4,500
Sustaining capital, including capital lease payments      77,000
General and administrative        30,000
Exploration        30,000
Reclamation        15,000
Project/pre-development costs        6,000
All-in sustaining costs        $666,757
Silver equivalent ounces sold        28,005,000
Kensington and Wharf silver equivalent ounces sold     13,500,000
Consolidated silver equivalent ounces sold       41,505,000
All-in sustaining costs per silver equivalent ounce guidance     $15.75 - $16.25


Cautionary Statement Concerning Forward-Looking Statements
This report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations at the Company’s properties, exploration and development efforts, strategies, to produce long-term cash flow, provide opportunities for growth through continued exploration, generate superiorexpectations regarding the Rochester POA 11 expansion project, the Silvertip mine's potential expansion and sustainable returns for stockholders, maximize net cash flow, reduce operatingrestart, supply and non-operating costs, demonstrate consistent capital discipline, efficiently manage working capital, and statementslabor disruption, inflation, expectations regarding tax positions, the anticipated resultsconsideration received from the sale of the Silvertip acquisition,La Preciosa project, hedging strategies, realization of deferred tax assets, expectations about the recovery of VAT in Mexico, timing of completion of obligations under the Amended Sales Contract at Kensington, liquidity management, financing plans, risk management strategies, capital allocation and anticipated production, costs, and expenses, drought conditions in Bolivia, efforts to mitigate risks associated with gold and silver price and foreign currency fluctuations and the adequacy of liquidity and capital resources.expenses. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in thePart II, Item 1A of this Report and in “Risk Factors” section of the 20162021 10-K, in this Report and in the Company’s Quarterly Report on Form 10-Q filed on July 27, 2017, and the risks and uncertainties discussedset forth in this MD&A (ii) the risk that the anticipated resultsand Item 3 of the Silvertip acquisition are not realized, (iii)this report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv)(iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, including any resulting impact on cash flows, (v)(iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions and grade and recovery variability, (vi)(v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vii)(vi) the uncertainties inherent in the estimation of gold and silvermineral reserves and mineralized material, (viii)resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (ix)(viii) the loss of access to any third-party smelter to whichwhom the Company markets silverits production, (ix) the potential effects of the COVID-19 pandemic, including impacts to workforce, equipment and gold,materials availability, inflationary pressures, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production, (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) the political risks and uncertainties associated with operations in Bolivia; and (xiii)(xii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3.Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 1113 -- Derivative Financial Instruments in the notes to the condensed consolidated financial statements.Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements. Actual results and actions could differ materially from those discussed below.
Gold, Silver, Zinc and Silver PriceLead Prices
Gold, silver, zinc and silverlead prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold, silver, zinc and silver.lead.
Gold and Silver
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Hedging
To mitigate the risks associated with gold and silvermetal price fluctuations, the Company may enter into option contracts to hedge future production. The Company had no outstanding forward contracts on 232,000 ounces of gold at March 31, 2022 that settle monthly through June 2023. The Company is targeting to hedge up to 70% of expected gold production through 2022, 50% of expected gold production for the first half of 2023 and silver option25% of expected gold production for the second half of 2023 in order to protect cash flow during a period of elevated capital expenditures, and may in the future layer on additional hedges as circumstances warrant. The weighted average fixed price on the forward contracts is $1,956 per ounce of gold, respectively. The contracts are generally net cash settled and, if the spot price of gold at September 30, 2017.the time of expiration is lower than the fixed price or higher than the fixed prices, it would result in a realized gain or loss, respectively. The forward contracts expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. For additional information, please see the section titled “Risk Factors” in the 2021 10-K and part II, Item 1A of this report.
At March 31, 2022, the fair value of the gold forward contracts was a liability of $1.8 million. For the three months ended March 31, 2022 the Company recognized a loss of $0.5 million related to expired contracts in Revenue and the remaining outstanding forwards contracts were included in accumulated other comprehensive income (loss). A 10% increase in the price of gold at March 31, 2022 would result in a net realized loss of $43.4 million, the closing price of gold was $1,948 per ounce. As of May 3, 2022, the closing price of gold was $1,870 per ounce.
Provisional Silver and GoldMetal Sales
The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. Changes in silver and gold prices resulted in provisional pricing mark-to-market losses of $0.1 million and gains of $0.6 million in the three and nine months ended September 30, 2017, respectively, compared to losses of $0.8 million and gains of $0.4 million in the three and nine months ended September 30, 2016, respectively.
At September 30, 2017,March 31, 2022, the Company had outstanding provisionally priced sales of 0.2 million ounces of silver and 26,08712,530 ounces of gold at an average price of $1,938. Changes in gold prices resulted in provisional pricing mark-to-market loss of $16.86 and $1,299, respectively.$0.5 million during the year ended March 31, 2022. A 10% change in realized silver pricegold prices would cause revenue to vary by $0.4 million and a 10% change in realized gold price would cause revenue to vary by $3.4$2.5 million.
Foreign Currency
The Company operates, or has mineral interests, in several foreign countries including Australia, Bolivia, Chile,Canada, Mexico, Argentina, Ecuador, and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.
Foreign Exchange Hedging
To manage foreign currency risk, the Company may enter into foreign currency forward exchange forward and/or option contracts whencontracts. In 2020, the Company believes suchentered into foreign currency forward contracts would be beneficial.to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at September 30, 2017.March 31, 2022.

Interest Rates
Interest Rate Hedging
We may use financial instruments to manage exposures to changes in interest rates on loans, which exposes us to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, it does not pose credit risk. We seek to minimize the credit risk in derivative instruments by entering into transactions with what we believe are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at March 31, 2022.
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Investment Risk
Equity Price Risk
We are exposed to changes in the fair value of our investments in equity securities. For the three months ended March 31, 2022, the Company recognized unrealized gains of $13.7 million in Fair value adjustments, net due to increases in the stock price of those equity securities. At March 31, 2022, the fair value of the equity securities was $161.9 million. A 10% change in realized equity prices would result in an unrealized gain or loss of $16.2 million.

Item 4.Controls and Procedures
(a)Disclosure Controls and Procedures
Item 4.    Controls and Procedures
(a)Disclosure Controls and Procedures
As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
(b)Management’s Report on
(b)Changes in Internal Control Over Financial Reporting
Based on an evaluation by the Company’s Chief Executive Officer and Chief Financial Officer, such officers concludedReporting
that there wasThere have been no changechanges in the Company’s internal control over financial reporting during the three months ended September 30, 2017March 31, 2022 that hashave materially affected, or isare reasonably likely to materially affect, the Company’sits internal control over financial reporting.

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PART II

Item 1.Legal Proceedings
For a discussion of legal proceedings, seeSee Note 1917 -- Commitments and Contingencies in the notes to the Consolidated Financial Statements included herein.


Item 1A.Risk Factors

Item 1A --- Risk Factors of the 20162021 10-K and the Company’s Quarterly Report on Form 10-Q filed on July 27, 2017 sets forth information relating to important risks and uncertainties that could materially adversely affect the Company'sCompany’s business, financial condition or operating results. Those risk factors have been supplemented and updated in this Form 10-Q. Except as supplemented and updated below, the risk factors set forth in the 2021 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.

Our operations outside the United States also expose us to economic and operational risks.
The Company may be unableOur operations outside the United States also expose us to successfully integrate the recently acquired Silvertip mine or other acquisitions.

There can be no assurance that the anticipated benefits of the recently completed acquisition of the Silvertip mine in British Columbia, Canada, or any future acquisition, will be realized. The success of thiseconomic and any other acquisition will depend upon the Company’s ability to effectively manage the integration and operations of entities or properties it acquires and to realize other anticipated benefits. The process of managing acquired businesses may involve unforeseen difficulties and may require a disproportionate amount of management resources, which may divert management’s focus and resources from other strategic opportunities and from operational matters during this process.

Any acquisition would be accompanied by risks, including:

a significant change in commodity prices after the Company has committed to complete the transaction and established the purchase price or exchange ratio;
a material orebody may prove to be below expectations;
difficulties integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; and
the acquired business or assets may have unknown liabilities which may be significant.

In addition, the Silvertip acquisition was funded, in part, with funds drawn under the Facility, resulting in increased interest expense. In connection with any future acquisition, the Company may incur indebtedness or issue equity securities or securities convertible into equity securities, resulting in increased interest expense, or dilution of the percentage ownership of existing stockholders. The Company cannot predict the impact of future acquisitions on the price of its common stock, or assure that it

would be able to obtain any necessary financing on acceptable terms. Unprofitable acquisitions, or additional indebtedness or issuances of securities in connection with such acquisitions, may negatively affect results of operations.

Finally, the Company’s systems, procedures and controls may be inadequate to support the expansion of our operations resulting from an acquisition or development of a new mine, including the Silvertip mine. The Company’s future operating results could be affected by the ability of its officers and key employees to manage the changing business conditions and to integrate an acquired business or new operation into Coeur. There may also be liabilities, such as environmental liabilities, or significant capital expenditures that the Company failed to discover or have underestimated in connection with any acquisition or development. Any such liabilities or capital expenditure requirements could have a material adverse effect on the Company’s business, financial condition or future prospects.

The Company's results of operations, cash flows and operating costs are highly dependent upon the market prices of silver and gold and, following the Silvertip acquisition, other commodities, including zinc and lead, which are volatile and beyond the Company's control.

Silver, gold, lead and zinc are actively traded commodities, and their prices are volatile. During the twelve months ended September 30, 2017, the price of silver ranged from a low of $15.22 per ounce to a high of $19.35 per ounce, the price of gold ranged from a low of $1,126 per ounce to a high of $1,346 per ounce, the price of lead ranged from a low of $0.89 per pound to a high of $1.14 per pound, and the price of zinc ranged from a low of $1.01 per pound to a high of $1.45 per pound. The closing market prices of silver, gold, lead, and zinc on October 24, 2017 were $17.04 per ounce, $1,276 per ounce, $1.12 per pound, and $1.47 per pound, respectively.

Silver, gold, lead and zinc prices are affected by many factors beyond the Company’s control, including U.S. dollar strength or weakness, speculation, global currency values, the price of products that incorporate silver, gold, lead or zinc, global and regional demand and production, political andrisks. Local economic conditions, as well as epidemics, pandemics or natural disasters, can cause shortages of skilled workers and other factors. In addition, Exchange Traded Funds (“ETFs”), which have substantially facilitated the ability of large and small investors to buy and sell precious metals and base metals, have become significant holders of gold, silver, lead and zinc. Silver and gold prices are also affected by prevailing interest rates and returns on other asset classes, expectations regarding inflation and governmental decisions regarding precious metals stockpiles.

Because the Company derives a significant portion of its revenues from sales of silver and gold, and to a lesser extent, lead and zinc as a result of the Silvertip acquisition, its results of operations and cash flows will fluctuate as the prices of these metals change. A period of significant and sustained lower gold and silver prices and, to a lesser extent, lead and zinc prices, would materiallysupplies, increase costs and adversely affect the Company’s resultssecurity of operations. In addition, higher incidences of criminal activity and violence in the area of some of our foreign operations, including drug cartel-related violence in Mexico, could adversely affect our ability to operate in an optimal fashion and may impose greater risks of extortion, theft and greater risks to our personnel, supply of goods and services to our operations and cash flows. Additionally, if market prices for silver, gold,our property. These conditions, including security concerns in certain communities surrounding the Palmarejo complex in early 2022 impacting third party deliveries of supplies to Palmarejo, could adversely impact our operations and lead and zinc decline further or remain at current orto lower levels for a sustained period of time, the Company may have to revise its operating plans, including reducing operating costsproductivity and capital expenditures, terminating or suspending mining operations at one or more of its properties and discontinuing certain exploration and development plans. The Company may be unable to decrease its costs in an amount sufficient to offset reductions in revenues, and may continue to incur losses.

Operating costs at the Company’s mines are also affected by the price of input commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel and concrete. Prices for these input commodities are volatile and can fluctuate due to conditions that are difficult to predict, including global competition for resources, currency fluctuations, consumer or industrial demand and other factors. Continued volatility in the prices of commodities and other supplies the Company purchases could lead to higher costs, which would adversely affect results of operations and cash flows.

In addition, acts of civil disobedience are not uncommon in areas in Mexico where our operations or projects are located. In recent years, many mining companies have been the targets of actions to restrict their legally entitled access to mining concessions or property. Such acts of civil disobedience often occur with no warning and can result in significant direct and indirect costs. We cannot provide assurance that there will be no disruptions to site access in the future, which could adversely affect our business.

The termsWe sell silver and gold doré, gold concentrate, and silver, zinc and lead concentrates in U.S. dollars, but we conduct operations outside the United States in local currency. Currency exchange movements could also adversely affect our results of the Company’s debt impose restrictions on its operations.

The agreements governing the Company’s outstanding indebtedness includeWe are required to obtain and renew governmental permits in order to conduct operations, a number of significant negative covenants. These covenants, among other things:

limit the Company’sprocess which is often costly and time-consuming. Our ability to obtain additional financing, repurchase outstanding equitynecessary government permits to expand operations or issue debt securities;
require the Company to meet certain financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio;
require a portion of the Company’s cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes;
limit the Company’s ability to sell, transfer or otherwise dispose of assets, enter into transactions with and invest capital in affiliates, enter into agreements restricting our subsidiaries’ ability to pay dividends, consolidate, amalgamate, merger or sell all or substantially all of the Company’s assets;
increase our vulnerability to general adverse economic and industry conditions;
limit the Company’s flexibility in planning for and reacting to changes in the industry in which we compete; and
place the Company at a disadvantage compared to other, less leveraged competitors.

A breach of any of these covenants could result in an event of default under the applicable agreement governing the Company’s outstanding indebtedness that, if not cured or waived, could cause all amounts outstanding with respect to the debt to be due and payable immediately. Acceleration of any debt could result in cross-defaults under the Company’s other debt instruments. The Company’s assets and cash flowbegin new operations may be insufficientmaterially affected by third-party activists.
In the normal course of our business, we are required to repay borrowings fully under all of its outstanding debt instruments if any of its debt instruments are accelerated upon an event of default, which could force the Company into bankruptcy or liquidation.

The Company’s future operating performance may not generate cash flows sufficient to meet debt payment obligations.

As of September 30, 2017, the Company had approximately $288.9 million of outstanding indebtedness. On October 12, 2017, the Company borrowed $100.0 million under the Facility. The Company’s ability to make scheduled debt payments on outstanding indebtedness will depend on future results ofobtain and renew governmental permits for exploration, operations and cash flows. The Company’s resultsexpansion of existing operations and cash flows, in part,for the development of new projects, such as the permits recently obtained for POA 11 at Rochester, POA 1 at Kensington and the permitting effort currently underway at Palmarejo. Obtaining and renewing governmental permits is a complex and time-consuming process. The timeliness and success of permitting efforts are subject to economic factors beyond itscontingent upon many variables not within our control, including the market pricesinterpretation of silver, gold, leadpermit approval requirements administered by the applicable permitting authority and zinc. The Companygovernment and third-party sentiment towards the mining industry generally. We may not be able to generate enough cash flowobtain or renew permits that are necessary to meet obligationsour operations or the cost and commitments under outstanding debt instruments. If the Company cannot generate sufficient cash flow from operations to service debt, it may need to further refinance debt, dispose of assets or issue equitytime required to obtain or renew permits may exceed our expectations. Any unexpected delays or costs associated with the permitting process could delay the development or impede the operation of a mine, which in turn could materially adversely affect our revenues and future growth. In addition, key permits and approvals may be revoked or suspended or may be changed in a manner that adversely affects our operations.
Private parties such as environmental activists frequently attempt to intervene in the permitting process and to persuade regulators to deny necessary permits or seek to overturn permits that have been issued. Obtaining the necessary funds.governmental permits is a complex and time-consuming process involving numerous jurisdictions and often involving public hearings and costly undertakings. These third-party actions can materially increase the costs and cause delays in the permitting process and could cause us to not proceed with the development or expansion of a mine. In addition, our ability to successfully obtain key permits and approvals to explore for, develop, operate and expand mines and to conduct our operations will likely depend on our ability to develop, operate, expand and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law. Our ability to obtain permits and approvals and to successfully operate in particular communities may be adversely impacted by real or perceived detrimental events associated with our activities or those of other mining companies affecting the environment, human health and safety of communities in which we operate.

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If the Company’s cash flows and capital resourcesfuture permitting applications or amendments are insufficient to fund its debt services obligations, the Company could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance its indebtedness. The Company cannot predict whether it would be able to refinance debt, issue equity or dispose of assets to raise fundsnot approved on a timely basis or on satisfactory terms. In a rising interest rate environment,at all, or if the costs of borrowing additional funds or refinancing outstanding indebtedness would alsopermitting process is delayed for any reason, including to address public comments, our plans for continued operations and future growth could be expected to increase. The agreements governing the Company’s outstanding indebtedness restrict the Company’s ability to dispose of assets and use the proceeds from those dispositions and may also restrict its ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. The Company may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. If the Company raises additional funds by issuing equity securities or securities convertible into equity securities, holders of its common stock could experience significant dilution of their ownership interest, and these securitiesmaterially adversely affected, which could have rights senior to thosea material adverse effect on our financial condition and results of the holders of common stock.operations.


Item 4.Mine Safety Disclosures


Information pertaining to mine safety matters is reported in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in Exhibit 95.1 attached to this Form 10-Q.


Item 5.     Other Information

None.





Item 6.        Exhibits
2.1
10.1
ArrangementSeparation and Release of Claims Agreement dated September 10, 2017, amongMarch 31, 2022, between Coeur Mining, Inc., 1132917 B.C. Ltd., JDS Silver Holdings, Ltd. and Silvertip Resources Investment LLCHans Rasmussen.* (Incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on September 11, 2017 (File No. 001-08641)).

10.1
Credit Agreement, dated September 29, 2017, by and among Coeur Mining, Inc., certain subsidiaries of Coeur Mining, Inc., as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2017April 1, 2022 (File No. 001-08641)).*
31.110.2
Professional Services Agreement dated April 1, 2022, between Coeur Mining, Inc. and Rasmussen Exploration, Inc. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on April 1, 2022 (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.INSXBRL Instance Document**
101.SCHXBRL Taxonomy Extension Schema**
101.CALXBRL Taxonomy Extension Calculation Linkbase**
101.DEFXBRL Taxonomy Extension Definition Linkbase**
101.LABXBRL Taxonomy Extension Label Linkbase**
101.PREXBRL Taxonomy Extension Presentation Linkbase**
104Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

*    Management contract or compensatory plan or arrangement.
**    The following financial information from Coeur Mining, Inc.’s Quarterly's Annual Report on Form 10-Q for the three and nine monthsquarter ended September 30, 2017,March 31, 2022, formatted in XBRL (Extensible Business Reporting Language): CondensedConsolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Cash Flows Condensed Consolidated Balance Sheets, and Condensed Consolidated Statement of Changes in Stockholders’Stockholders' Equity.

** Management contract or compensatory plan or arrangement.

47

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
COEUR MINING, INC.
(Registrant)
DatedMay 4, 2022COEUR MINING, INC.
(Registrant)
DatedOctober 25, 2017/s/ Mitchell J. Krebs
MITCHELL J. KREBS
President and Chief Executive Officer (Principal Executive Officer)
DatedOctober 25, 2017May 4, 2022/s/ Peter C. MitchellThomas S. Whelan
PETER C. MITCHELLTHOMAS S. WHELAN
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
DatedOctober 25, 2017May 4, 2022/s/ Mark SpurbeckKen Watkinson
MARK SPURBECKKEN WATKINSON
Vice President, FinanceCorporate Controller and Chief Accounting Officer (Principal Accounting Officer)



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