Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 82-0109423 | |||||||||||||
incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
104 S. Michigan Ave. | ||||||||||||||
Suite 900 | Chicago, | Illinois | 60603 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock (par value $.01 per share) | CDE | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company |
Page | |||||||||
Part I. | Financial Information | ||||||||
Item 1. Financial Statements | |||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) | |||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) | |||||||||
Notes to Condensed Consolidated Financial Statements (Unaudited) | |||||||||
Consolidated Financial Results | |||||||||
Results of Operations | |||||||||
Liquidity and Capital Resources | |||||||||
Non-GAAP Financial Performance Measures | |||||||||
Item 4. Controls and Procedures | |||||||||
Part II. | Other Information | ||||||||
Item 1. Legal Proceedings | |||||||||
Item 1A. Risk Factors | |||||||||
Item 4. Mine Safety Disclosures | |||||||||
Item 5. Other Information | |||||||||
Item 6. Exhibits | |||||||||
Signatures |
March 31, 2022 | December 31, 2021 | |||||||||||||
ASSETS | Notes | In thousands, except share data | ||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 73,330 | $ | 56,664 | ||||||||||
Receivables | 4 | 29,221 | 32,417 | |||||||||||
Inventory | 5 | 52,944 | 51,281 | |||||||||||
Ore on leach pads | 5 | 89,406 | 81,128 | |||||||||||
Prepaid expenses and other | 14,340 | 13,847 | ||||||||||||
Assets held for sale | 19 | — | 54,240 | |||||||||||
259,241 | 289,577 | |||||||||||||
NON-CURRENT ASSETS | ||||||||||||||
Property, plant and equipment, net | 337,455 | 319,967 | ||||||||||||
Mining properties, net | 913,138 | 852,799 | ||||||||||||
Ore on leach pads | 5 | 73,133 | 73,495 | |||||||||||
Restricted assets | 9,254 | 9,138 | ||||||||||||
Equity securities | 6 | 161,894 | 132,197 | |||||||||||
Other | 63,086 | 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 other | 18 | 82,438 | 87,946 | |||||||||||
Debt | 7, 8 | 29,620 | 29,821 | |||||||||||
Reclamation | 9 | 2,853 | 2,931 | |||||||||||
Liabilities held for sale | 19 | — | 11,269 | |||||||||||
218,177 | 235,868 | |||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||
Debt | 7, 8 | 455,868 | 457,680 | |||||||||||
Reclamation | 9 | 181,473 | 178,957 | |||||||||||
Deferred tax liabilities | 24,647 | 21,969 | ||||||||||||
Other long-term liabilities | 37,062 | 39,686 | ||||||||||||
699,050 | 698,292 | |||||||||||||
COMMITMENTS AND CONTINGENCIES | 17 | |||||||||||||
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, 2021 | 2,808 | 2,569 | ||||||||||||
Additional paid-in capital | 3,834,896 | 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 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Notes | In thousands, except share data | |||||||||||||||||||||||||||||||
Revenue | 3 | $ | 188,404 | $ | 202,117 | |||||||||||||||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 3 | 133,267 | 108,147 | |||||||||||||||||||||||||||||
Amortization | 26,433 | 29,937 | ||||||||||||||||||||||||||||||
General and administrative | 10,272 | 11,554 | ||||||||||||||||||||||||||||||
Exploration | 5,418 | 9,666 | ||||||||||||||||||||||||||||||
Pre-development, reclamation, and other | 14 | 11,412 | 13,712 | |||||||||||||||||||||||||||||
Total costs and expenses | 186,802 | 173,016 | ||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE), NET | ||||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | (9,173) | ||||||||||||||||||||||||||||||
Fair value adjustments, net | 12 | 10,605 | (3,799) | |||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | 8 | (4,568) | (4,910) | |||||||||||||||||||||||||||||
Other, net | 14 | 1,737 | 3,627 | |||||||||||||||||||||||||||||
Total other income (expense), net | 7,774 | (14,255) | ||||||||||||||||||||||||||||||
Income (loss) before income and mining taxes | 9,376 | 14,846 | ||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | 10 | (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 hedges | 460 | (2,721) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (4,758) | 24,636 | ||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 2,924 | $ | 26,696 | ||||||||||||||||||||||||||||
NET INCOME (LOSS) PER SHARE | 15 | |||||||||||||||||||||||||||||||
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 | |||||||||||||
Notes | In thousands, except share data | |||||||||||||||
Revenue | 3 | $ | 175,963 | $ | 176,247 | $ | 555,455 | $ | 506,641 | |||||||
COSTS AND EXPENSES | ||||||||||||||||
Costs applicable to sales(1) | 3 | 118,924 | 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 extinguishment | 17 | — | (10,040 | ) | (9,342 | ) | (10,040 | ) | ||||||||
Fair value adjustments, net | 10 | — | (961 | ) | (864 | ) | (13,235 | ) | ||||||||
Interest expense, net of capitalized interest | 17 | (3,606 | ) | (8,068 | ) | (10,941 | ) | (30,063 | ) | |||||||
Other, net | 7 | 3,164 | 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) benefit | 8 | (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 SHARE | 9 | |||||||||||||||
Basic | $ | (0.09 | ) | $ | 0.43 | $ | (0.05 | ) | $ | 0.41 | ||||||
Diluted | $ | (0.09 | ) | $ | 0.42 | $ | (0.05 | ) | $ | 0.40 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Notes | In thousands | |||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 7,682 | $ | 2,060 | ||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Amortization | 26,433 | 29,937 | ||||||||||||||||||||||||||||||
Accretion | 3,463 | 2,905 | ||||||||||||||||||||||||||||||
Deferred taxes | (8,262) | 124 | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | 8 | — | 9,173 | |||||||||||||||||||||||||||||
Fair value adjustments, net | 12 | (13,744) | 3,799 | |||||||||||||||||||||||||||||
Stock-based compensation | 11 | 2,267 | 4,256 | |||||||||||||||||||||||||||||
Write-downs | 5 | 7,595 | — | |||||||||||||||||||||||||||||
Deferred revenue recognition | 17 | (315) | (8,346) | |||||||||||||||||||||||||||||
Other | (1,340) | (2,328) | ||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Receivables | 9,100 | 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 assets | 15,371 | 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 stock | 15 | 98,397 | — | |||||||||||||||||||||||||||||
Issuance of notes and bank borrowings, net of issuance costs | 8 | 85,000 | 367,493 | |||||||||||||||||||||||||||||
Payments on debt, finance leases, and associated costs | 7, 8 | (103,267) | (243,967) | |||||||||||||||||||||||||||||
Other | (3,403) | (3,925) | ||||||||||||||||||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 76,727 | 119,601 | ||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 272 | (51) | ||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 16,430 | 61,273 | ||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 58,289 | 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 | |||||||||||||
Notes | In 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 costs | 17 | (2,257 | ) | — | 242,701 | — | ||||||||||
Payments on debt, capital leases, and associated costs | 17 | (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 |
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, 2021 | 256,919 | $ | 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, net | 1,862 | 19 | (1,730) | — | — | (1,711) | |||||||||||||||||||||||||||||
Balances at March 31, 2022 | 280,834 | $ | 2,808 | $ | 3,834,896 | $ | (2,931,760) | $ | (5,970) | $ | 899,974 |
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||
ASSETS | Notes | In thousands, except share data | ||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 236,221 | $ | 162,182 | ||||
Receivables | 13 | 66,415 | 60,431 | |||||
Inventory | 14 | 72,329 | 106,026 | |||||
Ore on leach pads | 14 | 78,801 | 64,167 | |||||
Prepaid expenses and other | 20,360 | 17,981 | ||||||
474,126 | 410,787 | |||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment, net | 15 | 235,058 | 216,796 | |||||
Mining properties, net | 16 | 536,201 | 558,455 | |||||
Ore on leach pads | 14 | 69,805 | 67,231 | |||||
Restricted assets | 12 | 20,953 | 17,597 | |||||
Equity and debt securities | 12 | 29,125 | 4,488 | |||||
Receivables | 13 | 13,461 | 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 | ||||||
Debt | 17 | 14,375 | 12,039 | |||||
Royalty obligations | 10 | — | 4,995 | |||||
Reclamation | 4 | 3,604 | 3,522 | |||||
128,760 | 116,634 | |||||||
NON-CURRENT LIABILITIES | ||||||||
Debt | 17 | 274,523 | 198,857 | |||||
Royalty obligations | 10 | — | 4,292 | |||||
Reclamation | 4 | 104,505 | 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 thousands | Common Stock Shares | Common Stock Par Value | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||
Balances at December 31, 2020 | 243,752 | $ | 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, 2021 | 243,470 | $ | 2,435 | $ | 3,610,631 | $ | (2,906,060) | $ | 13,500 | $ | 720,506 |
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, 2016 | 180,933 | $ | 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, net | 496 | 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 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
Opening Balance | $ | 8,150 | $ | 9,376 | |||||||||||||||||||||||||
Revenue Recognized | (315) | (346) | |||||||||||||||||||||||||||
Closing Balance | $ | 7,835 | $ | 9,030 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
Opening Balance | $ | 15,016 | $ | 15,003 | |||||||||||||||||||||||||
Additions | 10,139 | 101 | |||||||||||||||||||||||||||
Revenue Recognized | — | (8,000) | |||||||||||||||||||||||||||
Closing Balance | $ | 25,155 | $ | 7,104 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gold sales | Gold sales | $ | 40,074 | $ | 11,052 | $ | 44,059 | $ | 34,266 | $ | — | $ | — | $ | 129,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Silver sales | Silver sales | 42,999 | 15,317 | 245 | 392 | — | — | 58,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | Palmarejo | Rochester | Kensington | Wharf | San Bartolomé | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metal sales | $ | 60,677 | $ | 31,156 | $ | 36,603 | $ | 31,334 | $ | 16,043 | $ | 150 | $ | 175,963 | Metal sales | 83,073 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 16,414 | 4,591 | 7,864 | 3,223 | 1,430 | 308 | 33,830 | Amortization | 9,386 | 4,710 | 8,622 | 2,061 | 1,259 | 395 | 26,433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | 4,517 | 531 | 2,966 | 207 | 23 | 1,570 | 9,814 | Exploration | 1,610 | 1,942 | 402 | — | — | 1,464 | 5,418 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 319 | 846 | 356 | 648 | 2,998 | 10,206 | 15,373 | Other operating expenses | 921 | 1,831 | 615 | 512 | 6,494 | 11,311 | 21,684 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments, net | Fair 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 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gold sales | Gold sales | $ | 37,567 | $ | 12,440 | $ | 54,466 | $ | 33,849 | $ | — | $ | — | $ | 138,322 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Silver sales | Silver sales | 42,778 | 20,317 | — | 700 | — | — | 63,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2016 | Palmarejo | Rochester | Kensington | Wharf | San Bartolomé | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metal sales | $ | 30,663 | $ | 37,946 | $ | 40,164 | $ | 39,316 | $ | 27,485 | $ | 812 | $ | 176,386 | Metal sales | 80,345 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 5,761 | 5,244 | 8,046 | 6,461 | 1,723 | 528 | 27,763 | Amortization | 9,059 | 3,577 | 13,445 | 2,475 | 1,086 | 295 | 29,937 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | 1,262 | 129 | 1,208 | 2 | — | 1,105 | 3,706 | Exploration | 1,693 | 472 | 1,109 | 67 | 2,932 | 3,393 | 9,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 305 | 703 | 263 | 521 | 1,165 | 8,647 | 11,604 | Other operating expenses | 1,270 | 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) benefit | 35,671 | 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 |
Nine months ended September 30, 2017 | Palmarejo | 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 | ||||||||||||||||||||
Amortization | 50,995 | 15,345 | 25,389 | 8,883 | 5,053 | 1,215 | 106,880 | ||||||||||||||||||||
Exploration | 9,272 | 990 | 5,785 | 210 | 23 | 6,599 | 22,879 | ||||||||||||||||||||
Other operating expenses | 930 | 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 |
Nine months ended September 30, 2016 | Palmarejo | 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 | ||||||||||||||||||||
Amortization | 27,815 | 15,994 | 26,203 | 15,640 | 5,330 | 2,250 | 93,232 | ||||||||||||||||||||
Exploration | 2,625 | 426 | 2,138 | 2 | — | 2,478 | 7,669 | ||||||||||||||||||||
Write-downs | — | — | — | — | — | 4,446 | 4,446 | ||||||||||||||||||||
Other operating expenses | 898 | 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) benefit | 38,922 | 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 |
Assets | September 30, 2017 | December 31, 2016 | |||||
Total assets for reportable segments | $ | 1,092,430 | $ | 1,122,038 | |||
Cash and cash equivalents | 236,221 | 162,182 | |||||
Other assets | 73,441 | 34,689 | |||||
Total consolidated assets | $ | 1,402,092 | $ | 1,318,909 |
Assets | March 31, 2022 | December 31, 2021 | |||||||||
Total assets for reportable segments | $ | 1,509,637 | $ | 1,424,934 | |||||||
Cash and cash equivalents | 73,330 | 56,664 | |||||||||
Other assets | 234,234 | 252,824 | |||||||||
Total consolidated assets | $ | 1,817,201 | $ | 1,734,422 |
Long-Lived Assets | September 30, 2017 | December 31, 2016 | |||||
Mexico | $ | 366,960 | $ | 397,697 | |||
United States | 375,728 | 338,897 | |||||
Bolivia | 27,662 | 31,539 | |||||
Australia | — | 2,983 | |||||
Argentina | 228 | 10,228 | |||||
Other | 681 | 5,564 | |||||
Total | $ | 771,259 | $ | 786,908 |
Revenue | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
United States | $ | 99,093 | $ | 117,425 | $ | 301,658 | $ | 317,315 | |||||||
Mexico | 60,677 | 30,663 | 191,616 | 109,674 | |||||||||||
Bolivia | 16,043 | 27,485 | 60,441 | 73,948 | |||||||||||
Australia | 150 | 812 | 1,740 | 3,207 | |||||||||||
Other | — | (138 | ) | — | 2,497 | ||||||||||
Total | $ | 175,963 | $ | 176,247 | $ | 555,455 | $ | 506,641 |
Long-Lived Assets | March 31, 2022 | December 31, 2021 | |||||||||
United States | $ | 774,536 | $ | 704,007 | |||||||
Mexico | 247,218 | 244,758 | |||||||||
Canada | 228,715 | 223,876 | |||||||||
Other | 124 | 125 | |||||||||
Total | $ | 1,250,593 | $ | 1,172,766 |
Revenue | Three months ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
United States | $ | 105,331 | $ | 121,772 | |||||||||||||||||||||||||
Mexico | 83,073 | 80,345 | |||||||||||||||||||||||||||
Total | $ | 188,404 | $ | 202,117 |
In thousands | March 31, 2022 | December 31, 2021 | |||||||||
Current receivables: | |||||||||||
Trade receivables | $ | 7,080 | $ | 4,879 | |||||||
VAT receivable | 8,293 | 18,415 | |||||||||
Income tax receivable | 8,827 | 8,418 | |||||||||
Avino note receivable | 4,709 | — | |||||||||
Other | 312 | 705 | |||||||||
$ | 29,221 | $ | 32,417 | ||||||||
In thousands | March 31, 2022 | December 31, 2021 | |||||||||
Inventory: | |||||||||||
Concentrate | $ | 1,943 | $ | 1,643 | |||||||
Precious metals | 11,867 | 11,353 | |||||||||
Supplies | 39,134 | 38,285 | |||||||||
$ | 52,944 | $ | 51,281 | ||||||||
Ore on Leach Pads: | |||||||||||
Current | $ | 89,406 | $ | 81,128 | |||||||
Non-current | 73,133 | 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 |
At March 31, 2022 | |||||||||||||||||||||||
In thousands | Cost | Gross 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 Ltd | 13,720 | (560) | — | 13,160 | |||||||||||||||||||
Other | 2,233 | — | — | 2,233 | |||||||||||||||||||
Equity securities | $ | 154,118 | $ | (4,634) | $ | 12,410 | $ | 161,894 |
At December 31, 2021 | |||||||||||||||||||||||
In thousands | Cost | Gross 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 |
Three months ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
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 liabilities | 1,221 | 589 | |||||||||||||||||||||||||||
Total finance lease cost | $ | 6,428 | $ | 6,477 |
Three months ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
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 |
In thousands | March 31, 2022 | December 31, 2021 | |||||||||
Operating Leases | |||||||||||
Other assets, non-current | $ | 28,369 | $ | 30,987 | |||||||
Accrued liabilities and other | 11,101 | 11,301 | |||||||||
Other long-term liabilities | 16,304 | 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-current | 32,360 | 24,407 | |||||||||
Total finance lease liabilities | $ | 61,980 | $ | 54,228 | |||||||
Weighted Average Remaining Lease Term | |||||||||||
Weighted-average remaining lease term - finance leases | 1.86 | 1.62 | |||||||||
Weighted-average remaining lease term - operating leases | 2.97 | 3.17 | |||||||||
Weighted Average Discount Rate | |||||||||||
Weighted-average discount rate - finance leases | 5.03 | % | 5.08 | % | |||||||
Weighted-average discount rate - operating leases | 5.20 | % | 5.20 | % |
As of March 31, 2022 (In thousands) | |||||||||||
Operating leases | Finance leases | ||||||||||
2022 | $ | 8,664 | $ | 21,022 | |||||||
2023 | 10,868 | 19,304 | |||||||||
2024 | 8,812 | 11,713 | |||||||||
2025 | 213 | 10,164 | |||||||||
2026 | 220 | 5,614 | |||||||||
Thereafter | 945 | 1,135 | |||||||||
Total | $ | 29,722 | $ | 68,952 | |||||||
Less: imputed interest | (2,317) | (6,972) | |||||||||
Net lease obligation | $ | 27,405 | $ | 61,980 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
In thousands | Current | Non-Current | Current | Non-Current | |||||||||||||||||||
2029 Senior Notes, net(1) | $ | — | $ | 368,508 | $ | — | $ | 368,273 | |||||||||||||||
Revolving Credit Facility(2) | — | 55,000 | — | 65,000 | |||||||||||||||||||
Finance lease obligations | 29,620 | 32,360 | 29,821 | 24,407 | |||||||||||||||||||
$ | 29,620 | $ | 455,868 | $ | 29,821 | $ | 457,680 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
2024 Senior Notes | $ | — | $ | 2,591 | |||||||||||||||||||||||||
2029 Senior Notes | 4,805 | 1,602 | |||||||||||||||||||||||||||
Revolving Credit Facility | 1,187 | 480 | |||||||||||||||||||||||||||
Finance lease obligations | 1,221 | 589 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | 417 | 404 | |||||||||||||||||||||||||||
Other debt obligations | 127 | 57 | |||||||||||||||||||||||||||
Capitalized interest | (3,189) | (813) | |||||||||||||||||||||||||||
Total interest expense, net of capitalized interest | $ | 4,568 | $ | 4,910 |
Three Months Ended March 31, | |||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||
Asset retirement obligation - Beginning | $ | 181,888 | $ | 139,274 | |||||||||||||||||||
Accretion | 3,457 | 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 thousands | 2017 | 2016 | 2017 | 2016 | |||||||||||
Asset retirement obligation - Beginning | $ | 101,127 | $ | 85,545 | $ | 97,380 | $ | 82,072 | |||||||
Accretion | 2,455 | 2,059 | 7,190 | 6,027 | |||||||||||
Additions and changes in estimates | 3,116 | (239 | ) | 3,116 | (118 | ) | |||||||||
Settlements | (656 | ) | (183 | ) | (1,644 | ) | (799 | ) | |||||||
Asset retirement obligation - Ending | $ | 106,042 | $ | 87,182 | $ | 106,042 | $ | 87,182 |
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 | — | $ | — |
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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
In thousands | 2017 | 2016 | 2017 | 2016 | |||||||||||
Foreign exchange gain (loss) | $ | 229 | $ | (1,466 | ) | $ | 2,578 | $ | (7,286 | ) | |||||
Gain (loss) on sale of assets and investments | 945 | 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 royalties | 1,172 | — | 1,172 | — | |||||||||||
Impairment of equity securities | — | — | (426 | ) | (20 | ) | |||||||||
Other | 818 | 408 | 2,252 | 1,494 | |||||||||||
Other, net | $ | 3,164 | $ | 6,405 | $ | 28,439 | $ | 5,862 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||||||||||||||||||||
United States | $ | (10,130) | $ | (1,199) | $ | (8,531) | $ | (1,625) | |||||||||||||||||||||||||||
Canada | (7,525) | — | (12,785) | — | |||||||||||||||||||||||||||||||
Mexico | 27,033 | (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 thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||||||||
United States | $ | (6,008 | ) | $ | (2,362 | ) | $ | 3,286 | $ | 10,712 | $ | 8,213 | $ | (2,739 | ) | $ | (5,956 | ) | $ | 8,370 | |||||||
Argentina | 738 | (366 | ) | (301 | ) | 67 | 281 | 1,704 | 3,137 | (183 | ) | ||||||||||||||||
Mexico | 3,210 | (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 jurisdictions | 4,669 | (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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
In thousands except per share amounts | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income (loss) available to common stockholders | $ | (16,652 | ) | $ | 69,557 | $ | (8,944 | ) | $ | 63,660 | |||||
Weighted average shares: | |||||||||||||||
Basic | 179,278 | 161,039 | 179,141 | 155,108 | |||||||||||
Effect of stock-based compensation plans | — | 4,789 | — | 3,284 | |||||||||||
Diluted | 179,278 | 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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
In thousands | 2017 | 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 | ) |
Fair Value at September 30, 2017 | |||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||||
Equity and debt securities | $ | 29,125 | $ | 22,194 | $ | — | $ | 6,931 | |||||||
Other derivative instruments, net | 44 | — | 44 | — | |||||||||||
$ | 29,169 | $ | 22,194 | $ | 44 | $ | 6,931 | ||||||||
Liabilities: | |||||||||||||||
Other derivative instruments, net | $ | 255 | $ | — | $ | 255 | $ | — |
Fair Value at December 31, 2016 | |||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | |||||||||||||||
Equity securities | $ | 4,488 | $ | 4,209 | $ | — | $ | 279 | |||||||
$ | 4,488 | $ | 4,209 | $ | — | $ | 279 | ||||||||
Liabilities: | |||||||||||||||
Rochester royalty obligation | 9,287 | — | — | 9,287 | |||||||||||
Other derivative instruments, net | 762 | — | 762 | — | |||||||||||
$ | 10,049 | $ | — | $ | 762 | $ | 9,287 |
Three Months Ended September 30, 2017 | |||||||||||||||||||
In thousands | Balance 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 thousands | Balance 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 | ) | $ | — |
September 30, 2017 | |||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities: | |||||||||||||||||||
5.875% Senior Notes due 2024(1) | $ | 244,934 | $ | 247,161 | $ | — | $ | 247,161 | $ | — |
December 31, 2016 | |||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Liabilities: | |||||||||||||||||
7.875% Senior Notes due 2021(1) | $ | 175,991 | $ | 184,373 | — | $ | 184,373 | — |
In thousands except average prices and notional ounces | 2017 | Thereafter | |||||
Provisional silver sales contracts | $ | 3,915 | $ | — | |||
Average silver price | $ | 16.86 | $ | — | |||
Notional ounces | 232,200 | — | |||||
Provisional gold sales contracts | $ | 33,887 | $ | — | |||
Average gold price | $ | 1,299 | $ | — | |||
Notional ounces | 26,087 | — |
September 30, 2017 | |||||||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | Current portion of royalty obligation | Non-current portion of royalty obligation | |||||||||||
Provisional silver and gold sales contracts | $ | 44 | $ | 255 | $ | — | $ | — |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Financial statement line | Derivative | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | Provisional silver and gold sales contracts | $ | (45 | ) | $ | (784 | ) | $ | 551 | $ | 378 | |||||
Fair value adjustments, net | Palmarejo gold production royalty | — | (110 | ) | — | (5,866 | ) | |||||||||
Fair value adjustments, net | Silver and gold options | — | — | — | (1,582 | ) | ||||||||||
$ | (45 | ) | $ | (894 | ) | $ | 551 | $ | (7,070 | ) |
At September 30, 2017 | |||||||||||||||
In thousands | Cost | 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 | |||||||||||
Other | 1,482 | (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 thousands | Cost | Gross Unrealized Losses | Gross Unrealized Gains | Estimated Fair Value | |||||||||||
Kootenay Silver, Inc. | $ | 2,645 | $ | — | $ | — | $ | 2,645 | |||||||
Silver Bull Resources, Inc. | 233 | — | 783 | 1,016 | |||||||||||
Other | 229 | — | 598 | 827 | |||||||||||
Equity securities | $ | 3,107 | $ | — | $ | 1,381 | $ | 4,488 |
Less than twelve months | Twelve months or more | Total | ||||||||||||||||||
In thousands | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | ||||||||||||||
Equity securities | $ | 446 | $ | 2,046 | $ | — | $ | — | $ | 446 | $ | 2,046 | ||||||||
Debt securities | 25 | 6,652 | — | — | 25 | 6,652 |
Grant date | Restricted stock | Grant date fair value of restricted stock | Performance shares | Grant date fair value of performance shares | ||||||||||||||||||||||
February 22, 2022 | 1,700,619 | $ | 4.21 | 1,067,118 | $ | 4.38 | ||||||||||||||||||||
In thousands | September 30, 2017 | December 31, 2016 | |||||
Current receivables: | |||||||
Trade receivables | $ | 13,040 | $ | 10,669 | |||
Income tax receivable | 220 | 1,038 | |||||
Value added tax receivable | 51,133 | 46,083 | |||||
Other | 2,022 | 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 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
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) |
In thousands | September 30, 2017 | December 31, 2016 | |||||
Inventory: | |||||||
Concentrate | $ | 8,245 | $ | 17,994 | |||
Precious metals | 24,537 | 47,228 | |||||
Supplies | 39,547 | 40,804 | |||||
$ | 72,329 | $ | 106,026 | ||||
Ore on leach pads: | |||||||
Current | $ | 78,801 | $ | 64,167 | |||
Non-current | 69,805 | 67,231 | |||||
$ | 148,606 | $ | 131,398 | ||||
Total inventory and ore on leach pads | $ | 220,935 | $ | 237,424 |
In thousands | September 30, 2017 | December 31, 2016 | |||||
Land | $ | 9,417 | $ | 7,878 | |||
Facilities and equipment | 670,375 | 650,480 | |||||
Assets under capital leases | 71,624 | 54,968 | |||||
751,416 | 713,326 | ||||||
Accumulated amortization (1) | (546,212 | ) | (524,806 | ) | |||
205,204 | 188,520 | ||||||
Construction in progress | 29,854 | 28,276 | |||||
Property, plant and equipment, net | $ | 235,058 | $ | 216,796 |
Fair Value at March 31, 2022 | |||||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Equity securities including warrants | $ | 164,127 | $ | 161,894 | $ | 2,233 | $ | — | |||||||||||||||
Provisional metal sales contracts | 461 | — | 461 | — | |||||||||||||||||||
$ | 164,588 | $ | 161,894 | $ | 2,694 | $ | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Gold forwards | $ | 1,832 | $ | — | $ | 1,832 | $ | — | |||||||||||||||
Provisional metal sales contracts | 46 | — | 46 | — | |||||||||||||||||||
$ | 1,878 | $ | — | $ | 1,878 | $ | — |
Fair Value at December 31, 2021 | |||||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Equity securities | $ | 132,197 | $ | 132,197 | $ | — | $ | — | |||||||||||||||
Provisional metal sales contracts | 86 | — | 86 | — | |||||||||||||||||||
$ | 132,283 | $ | 132,197 | $ | 86 | $ | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Gold zero cost collars | $ | 1,212 | $ | — | $ | 1,212 | $ | — | |||||||||||||||
Provisional metal sales contracts | 162 | — | 162 | — | |||||||||||||||||||
$ | 1,374 | $ | — | $ | 1,374 | $ | — |
September 30, 2017 | Palmarejo | 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 interests | 629,303 | — | — | 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, 2016 | Palmarejo | 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 interests | 629,303 | — | — | 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 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
In thousands | Current | Non-Current | Current | Non-Current | |||||||||||
2024 Senior Notes, net(1) | $ | — | $ | 244,934 | $ | — | $ | — | |||||||
2021 Senior Notes, net(2) | — | — | — | 175,991 | |||||||||||
Capital lease obligations | 14,375 | 29,589 | 12,039 | 22,866 | |||||||||||
$ | 14,375 | $ | 274,523 | $ | 12,039 | $ | 198,857 |
In thousands | Fair value at December 31, 2021 | Initial valuation | Revaluation | Fair value at March 31, 2022 | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Royalties | $ | — | $ | 11,200 | $ | — | $ | 11,200 | |||||||||||||||||||||||||||
Contingent consideration | $ | — | $ | 1,150 | $ | — | $ | 1,150 | |||||||||||||||||||||||||||
$ | — | $ | 12,350 | $ | — | $ | 12,350 |
March 31, 2022 | |||||||||||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 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 | $ | — |
December 31, 2021 | |||||||||||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
2029 Senior Notes(1) | $ | 368,273 | $ | 337,384 | $ | — | $ | 337,384 | $ | — | |||||||||||||||||||
Revolving Credit Facility(2) | $ | 65,000 | $ | 65,000 | $ | — | $ | 65,000 | $ | — |
In thousands except average prices and notional ounces | 2022 | 2023 and Thereafter | |||||||||
Provisional gold sales contracts | $ | 24,283 | $ | — | |||||||
Average gold price per ounce | $ | 1,938 | $ | — | |||||||
Notional ounces | 12,530 | — |
March 31, 2022 | |||||||||||||||||||||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | |||||||||||||||||||||||||||
Provisional metal sales contracts | $ | 461 | $ | 46 |
December 31, 2021 | |||||||||||||||||||||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | |||||||||||||||||||||||||||
Provisional metal sales contracts | $ | 86 | $ | 162 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
Financial statement line | Derivative | 2022 | 2021 | |||||||||||||||||||||||||||||
Revenue | Provisional metal sales contracts | $ | 492 | $ | (559) | |||||||||||||||||||||||||||
Fair value adjustments, net | Terminated zero cost collars | (3,139) | — | |||||||||||||||||||||||||||||
$ | (2,647) | $ | (559) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
In thousands | 2017 | 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 obligations | 413 | 399 | 1,115 | 1,079 | |||||||||||
Accretion of Palmarejo gold production royalty obligation | — | 49 | — | 1,211 | |||||||||||
Amortization of debt issuance costs | 180 | 388 | 518 | 1,650 | |||||||||||
Accretion of debt premium | — | (90 | ) | (71 | ) | (272 | ) | ||||||||
Other debt obligations | 13 | 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 |
In thousands except average prices and notional ounces | 2022 | 2023 and Thereafter | |||||||||||||||||||||
Gold forwards | |||||||||||||||||||||||
Average gold fixed price per ounce | $ | 1,955 | $ | 1,956 | |||||||||||||||||||
Notional ounces | 157,000 | 75,000 | |||||||||||||||||||||
March 31, 2022 | |||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | |||||||||
Gold forwards | $ | — | $ | 1,832 |
December 31, 2021 | |||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | |||||||||
Gold zero cost collars | $ | — | $ | 1,212 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
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 collars | 460 | 392 | |||||||||||||||||||||||||||
Foreign currency forward exchange contracts | — | (3,113) | |||||||||||||||||||||||||||
$ | 460 | $ | (2,721) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
COVID-19 | $ | 972 | $ | 3,005 | |||||||||||||||||||||||||
Silvertip ongoing carrying costs | 6,159 | 6,921 | |||||||||||||||||||||||||||
Asset retirement accretion | 3,463 | 2,905 | |||||||||||||||||||||||||||
Other | 818 | 881 | |||||||||||||||||||||||||||
Pre-development, reclamation and other | $ | 11,412 | $ | 13,712 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
In thousands | 2022 | 2021 | |||||||||||||||||||||||||||
Foreign exchange gain (loss) | $ | (559) | $ | (773) | |||||||||||||||||||||||||
Gain (loss) on sale of assets | 1,831 | 4,053 | |||||||||||||||||||||||||||
Other | 465 | 347 | |||||||||||||||||||||||||||
Other, net | $ | 1,737 | $ | 3,627 |
Three months ended March 31, | |||||||||||||||||||||||||||||
In thousands except per share amounts | 2022 | 2021 | |||||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 7,682 | $ | 2,060 | |||||||||||||||||||||||||
Weighted average shares: | |||||||||||||||||||||||||||||
Basic | 261,458 | 241,397 | |||||||||||||||||||||||||||
Effect of stock-based compensation plans | 2,105 | 3,123 | |||||||||||||||||||||||||||
Diluted | 263,563 | 244,520 | |||||||||||||||||||||||||||
Income (loss) per share: | |||||||||||||||||||||||||||||
Basic | $ | 0.03 | $ | 0.01 | |||||||||||||||||||||||||
Diluted | $ | 0.03 | $ | 0.01 |
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 | ) |
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 |
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,035 | $ | 18,949 | |||||||||||||||||||||||||
Receivables | 4,569 | 7,553 | |||||||||||||||||||||||||||
Ore on leach pads | — | 89,406 | |||||||||||||||||||||||||||
Inventory | — | 26,815 | |||||||||||||||||||||||||||
Prepaid expenses and other | 8,808 | 1,114 | |||||||||||||||||||||||||||
17,412 | 143,837 | ||||||||||||||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||||||||||
Property, plant and equipment, net | 1,343 | 203,363 | |||||||||||||||||||||||||||
Mining properties, net | 11,200 | 559,217 | |||||||||||||||||||||||||||
Ore on leach pads | — | 73,133 | |||||||||||||||||||||||||||
Restricted assets | 1,493 | 206 | |||||||||||||||||||||||||||
Equity securities | 161,894 | — | |||||||||||||||||||||||||||
Net investment in subsidiaries | 772,325 | 54,326 | |||||||||||||||||||||||||||
Other | 47,455 | 51,214 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 1,013,122 | $ | 1,085,296 | |||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||||||||
Accounts payable | $ | 1,740 | $ | 64,113 | |||||||||||||||||||||||||
Other accrued liabilities | 9,629 | 54,189 | |||||||||||||||||||||||||||
Debt | — | 24,538 | |||||||||||||||||||||||||||
Reclamation | — | 1,561 | |||||||||||||||||||||||||||
11,369 | 144,401 | ||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||||||||||
Debt | 451,522 | 65,909 | |||||||||||||||||||||||||||
Reclamation | — | 127,268 | |||||||||||||||||||||||||||
Deferred tax liabilities | 920 | 7,456 | |||||||||||||||||||||||||||
Other long-term liabilities | 3,142 | 18,956 | |||||||||||||||||||||||||||
Intercompany payable (receivable) | (353,805) | 341,389 | |||||||||||||||||||||||||||
101,779 | 560,978 | ||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Common stock | 2,808 | 19,417 | |||||||||||||||||||||||||||
Additional paid-in capital | 3,834,896 | 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 |
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 |
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 |
In thousands | Coeur 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 other | 8,660 | 813 | |||||||||||||||||||||||||||
11,145 | 128,628 | ||||||||||||||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||||||||||
Property, plant and equipment, net | 1,476 | 188,721 | |||||||||||||||||||||||||||
Mining properties, net | — | 514,397 | |||||||||||||||||||||||||||
Ore on leach pads | — | 73,495 | |||||||||||||||||||||||||||
Restricted assets | 1,496 | 206 | |||||||||||||||||||||||||||
Equity and debt securities | 132,197 | — | |||||||||||||||||||||||||||
Net investment in subsidiaries | 794,254 | 56,623 | |||||||||||||||||||||||||||
Other | 47,317 | 53,511 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 987,885 | $ | 1,015,581 | |||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||||||||
Accounts payable | $ | 1,624 | $ | 59,463 | |||||||||||||||||||||||||
Other accrued liabilities | 16,729 | 45,676 | |||||||||||||||||||||||||||
Debt | — | 23,608 | |||||||||||||||||||||||||||
Reclamation | — | 1,561 | |||||||||||||||||||||||||||
18,353 | 130,308 | ||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||||||||||
Debt | 463,318 | 53,166 | |||||||||||||||||||||||||||
Reclamation | — | 125,695 | |||||||||||||||||||||||||||
Deferred tax liabilities | 751 | 7,422 | |||||||||||||||||||||||||||
Other long-term liabilities | 3,266 | 20,826 | |||||||||||||||||||||||||||
Intercompany payable (receivable) | (298,065) | 286,655 | |||||||||||||||||||||||||||
169,270 | 493,764 | ||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Common stock | 2,569 | 19,356 | |||||||||||||||||||||||||||
Additional paid-in capital | 3,738,347 | 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 |
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 | ) |
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 |
In thousands | Coeur 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 |
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 |
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 |
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 |
In thousands | March 31, 2022 | December 31, 2021 | |||||||||
Accrued salaries and wages | $ | 22,253 | $ | 28,408 | |||||||
Deferred revenue (1) | 26,240 | 16,093 | |||||||||
Income and mining taxes | 7,987 | 13,856 | |||||||||
Accrued operating costs | 6,975 | 5,592 | |||||||||
Unrealized losses on derivatives | 1,878 | 1,374 | |||||||||
Taxes other than income and mining | 2,844 | 3,284 | |||||||||
Accrued interest payable | 3,160 | 8,038 | |||||||||
Operating lease liabilities | 11,101 | 11,301 | |||||||||
Accrued liabilities and other | $ | 82,438 | $ | 87,946 |
In thousands | March 31, 2022 | March 31, 2021 | |||||||||||||||||||||
Cash and cash equivalents | $ | 73,330 | $ | 154,066 | |||||||||||||||||||
Restricted cash equivalents | 1,389 | 1,377 | |||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 74,719 | $ | 155,443 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
In thousands | March 31, 2022 | December 31, 2021 | March 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 produced | 75,409 | 88,946 | 85,225 | ||||||||||||||||||||||||||||||||||||||
Silver ounces produced | 2,479,442 | 2,615,182 | 2,403,143 | ||||||||||||||||||||||||||||||||||||||
Gold ounces sold | 75,211 | 88,930 | 83,112 | ||||||||||||||||||||||||||||||||||||||
Silver ounces sold | 2,450,282 | 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 produced | 3,951,616 | 3,545,697 | 11,858,974 | 10,948,145 | |||||||||||
Gold ounces produced | 93,293 | 84,871 | 264,330 | 255,669 | |||||||||||
Silver equivalent ounces produced | 9,549,196 | 8,637,957 | 27,718,774 | 26,288,285 | |||||||||||
Silver ounces sold | 3,817,063 | 3,394,121 | 12,377,603 | 10,897,097 | |||||||||||
Gold ounces sold | 89,972 | 83,389 | 287,040 | 251,023 | |||||||||||
Silver equivalent ounces sold | 9,215,393 | 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 |
Three Months Ended | Increase (Decrease) | Percentage Change | ||||||||||||||||||
In thousands | March 31, 2022 | December 31, 2021 | ||||||||||||||||||
Gold sales | $ | 129,451 | $ | 146,943 | $ | (17,492) | (12) | % | ||||||||||||
Silver sales | 58,953 | 60,941 | (1,988) | (3) | % | |||||||||||||||
Metal sales | $ | 188,404 | $ | 207,884 | $ | (19,480) | (9) | % |
Three Months Ended | Increase (Decrease) | Percentage Change | ||||||||||||||||||
In thousands | March 31, 2022 | December 31, 2021 | ||||||||||||||||||
COVID-19 | $ | 972 | $ | 681 | $ | 291 | 43 | % | ||||||||||||
Silvertip ongoing carrying costs | 6,159 | 5,971 | 188 | 3 | % | |||||||||||||||
Asset retirement accretion | 3,463 | 3,091 | 372 | 12 | % | |||||||||||||||
Other | 818 | 1,979 | (1,161) | (59) | % | |||||||||||||||
Pre-development, reclamation and other expense | $ | 11,412 | $ | 11,722 | $ | (310) | (3) | % |
Three months ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||
United States | $ | (6,008 | ) | $ | (2,362 | ) | $ | 3,286 | $ | 10,712 | |||
Argentina | 738 | (366 | ) | (301 | ) | 67 | |||||||
Mexico | 3,210 | (9,057 | ) | 3,020 | 37,821 | ||||||||
Bolivia | (5,029 | ) | (518 | ) | 4,325 | 5,904 | |||||||
Other jurisdictions | 4,669 | (1,929 | ) | 4,772 | (49 | ) | |||||||
$ | (2,420 | ) | $ | (14,232 | ) | $ | 15,102 | $ | 54,455 |
Three months ended March 31, | Three months ended December 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||||||||||||||||||||
United States | $ | (10,130) | $ | (1,199) | $ | (25,065) | $ | (1,367) | |||||||||||||||||||||||||||
Canada | (7,525) | — | (12,656) | 1,224 | |||||||||||||||||||||||||||||||
Mexico | 27,033 | (495) | 27,630 | (289) | |||||||||||||||||||||||||||||||
Other jurisdictions | (2) | — | (237) | — | |||||||||||||||||||||||||||||||
$ | 9,376 | $ | (1,694) | $ | (10,328) | $ | (432) |
Three Months Ended | Increase (Decrease) | Percentage Change | ||||||||||||||||||
In thousands | March 31, 2022 | March 31, 2021 | ||||||||||||||||||
Gold sales | $ | 129,451 | $ | 138,322 | $ | (8,871) | (6) | % | ||||||||||||
Silver sales | 58,953 | 63,795 | (4,842) | (8) | % | |||||||||||||||
Metal sales | $ | 188,404 | $ | 202,117 | $ | (13,713) | (7) | % |
Three Months Ended | Increase (Decrease) | Percentage Change | ||||||||||||||||||
In thousands | March 31, 2022 | March 31, 2021 | ||||||||||||||||||
COVID-19 | $ | 972 | $ | 3,005 | $ | (2,033) | (68) | % | ||||||||||||
Silvertip ongoing carrying costs | 6,159 | 6,921 | (762) | (11) | % | |||||||||||||||
Asset retirement accretion | 3,463 | 2,905 | 558 | 19 | % | |||||||||||||||
Other | 818 | 881 | (63) | (7) | % | |||||||||||||||
Pre-development, reclamation and other expense | $ | 11,412 | $ | 13,712 | $ | (2,300) | (17) | % |
Nine months ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||
United States | $ | 8,213 | $ | (2,739 | ) | $ | (5,956 | ) | $ | 8,370 | |||
Argentina | 281 | 1,704 | 3,137 | (183 | ) | ||||||||
Mexico | 9,665 | (23,745 | ) | (1,136 | ) | 42,155 | |||||||
Bolivia | (6,559 | ) | (304 | ) | 10,388 | 5,182 | |||||||
Other jurisdictions | 2,636 | 1,904 | 4,109 | (2,406 | ) | ||||||||
$ | 14,236 | $ | (23,180 | ) | $ | 10,542 | $ | 53,118 |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||||||||||||||||||||
United States | $ | (10,130) | $ | (1,199) | $ | (8,531) | $ | (1,625) | |||||||||||||||||||||||||||
Canada | (7,525) | — | (12,785) | — | |||||||||||||||||||||||||||||||
Mexico | 27,033 | (495) | 32,914 | (11,161) | |||||||||||||||||||||||||||||||
Other jurisdictions | (2) | — | 3,248 | — | |||||||||||||||||||||||||||||||
$ | 9,376 | $ | (1,694) | $ | 14,846 | $ | (12,786) |
(silver and silver equivalent ounces in thousands) | Silver | Gold | Silver Equivalent1 |
Palmarejo | 6,500 - 7,000 | 110,000 - 120,000 | 13,100 - 14,200 |
Rochester | 4,200 - 4,700 | 47,000 - 52,000 | 7,020 - 7,820 |
San Bartolomé | 4,500 - 4,750 | — | 4,500 - 4,750 |
Endeavor | 107 | — | 107 |
Kensington | — | 120,000 - 125,000 | 7,200 - 7,500 |
Wharf | — | 90,000 - 95,000 | 5,400 - 5,700 |
Total | 15,307 - 16,557 | 367,000 - 392,000 | 37,327 - 40,077 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Tons milled | 565,211 | 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 – Au | 90.6 | % | 89.7 | % | 95.7 | % | ||||||||||||||||||||||||||||||||
Average recovery rate – Ag | 83.0 | % | 81.3 | % | 81.3 | % | ||||||||||||||||||||||||||||||||
Gold ounces produced | 28,931 | 28,748 | 28,605 | |||||||||||||||||||||||||||||||||||
Silver ounces produced | 1,812,530 | 1,843,252 | 1,603,274 | |||||||||||||||||||||||||||||||||||
Gold ounces sold | 28,242 | 27,706 | 25,687 | |||||||||||||||||||||||||||||||||||
Silver ounces sold | 1,796,028 | 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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Tons milled | 413,086 | 274,644 | 1,108,897 | 791,319 | |||||||||||
Silver ounces produced | 1,907,548 | 933,200 | 4,894,910 | 3,173,665 | |||||||||||
Gold ounces produced | 28,948 | 16,608 | 84,032 | 50,006 | |||||||||||
Silver equivalent ounces produced | 3,644,428 | 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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Tons placed | 4,262,011 | 4,901,039 | 12,268,819 | 15,677,511 | |||||||||||
Silver ounces produced | 1,069,945 | 1,160,902 | 3,353,608 | 3,286,817 | |||||||||||
Gold ounces produced | 10,955 | 12,120 | 32,056 | 36,521 | |||||||||||
Silver equivalent ounces produced | 1,727,245 | 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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Tons milled | 172,038 | 140,322 | 501,096 | 456,799 | |||||||||||
Gold ounces produced | 27,541 | 26,459 | 80,162 | 90,642 | |||||||||||
Costs applicable to sales/oz(1) | $ | 948 | $ | 862 | $ | 931 | $ | 794 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Tons placed | 4,377,873 | 3,823,763 | 3,240,917 | |||||||||||||||||||||||||||||||||||
Average gold grade (oz/t) | 0.003 | 0.003 | 0.003 | |||||||||||||||||||||||||||||||||||
Average silver grade (oz/t) | 0.34 | 0.40 | 0.45 | |||||||||||||||||||||||||||||||||||
Gold ounces produced | 6,066 | 6,864 | 6,904 | |||||||||||||||||||||||||||||||||||
Silver ounces produced | 655,176 | 757,479 | 773,678 | |||||||||||||||||||||||||||||||||||
Gold ounces sold | 5,928 | 7,385 | 6,934 | |||||||||||||||||||||||||||||||||||
Silver ounces sold | 638,116 | 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 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Tons milled | 165,968 | 168,295 | 170,358 | |||||||||||||||||||||||||||||||||||
Average gold grade (oz/t) | 0.14 | 0.21 | 0.19 | |||||||||||||||||||||||||||||||||||
Average recovery rate | 95.3 | % | 93.9 | % | 93.2 | % | ||||||||||||||||||||||||||||||||
Gold ounces produced | 22,646 | 33,516 | 30,681 | |||||||||||||||||||||||||||||||||||
Gold ounces sold | 22,834 | 33,889 | 31,595 | |||||||||||||||||||||||||||||||||||
CAS per gold ounce(1) | $ | 1,606 | $ | 1,114 | $ | 994 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Tons placed | 1,127,569 | 1,074,189 | 1,114,043 | |||||||||||||||||||||||||||||||||||
Average gold grade (oz/t) | 0.025 | 0.022 | 0.030 | |||||||||||||||||||||||||||||||||||
Gold ounces produced | 17,766 | 19,818 | 19,035 | |||||||||||||||||||||||||||||||||||
Silver ounces produced | 11,736 | 14,451 | 26,191 | |||||||||||||||||||||||||||||||||||
Gold ounces sold | 18,207 | 19,950 | 18,896 | |||||||||||||||||||||||||||||||||||
Silver ounces sold | 16,138 | 10,349 | 26,455 | |||||||||||||||||||||||||||||||||||
CAS per gold ounce(1) | $ | 1,124 | $ | 1,107 | $ | 954 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Tons placed | 1,150,308 | 1,199,008 | 3,435,656 | 3,089,302 | |||||||||||
Gold ounces produced | 25,849 | 29,684 | 68,080 | 78,500 | |||||||||||
Silver ounces produced | 14,817 | 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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Tons milled | 365,554 | 450,409 | 1,167,605 | 1,298,656 | |||||||||||
Silver ounces produced | 956,893 | 1,370,194 | 3,455,961 | 4,210,051 | |||||||||||
Costs applicable to sales/oz(1) | $ | 18.26 | $ | 14.97 | $ | 16.86 | $ | 13.58 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Tons milled | — | 42,335 | 133,905 | 166,740 | |||||||||
Silver ounces produced | 2,413 | 56,066 | 107,026 | 204,097 | |||||||||
Costs applicable to sales/oz(1) | $ | 4.86 | $ | 8.10 | 6.95 | 6.42 |
Three Months Ended | |||||||||||||||||||||||||||||
In thousands | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||
Cash flow before changes in operating assets and liabilities | $ | 23,779 | $ | 37,789 | $ | 41,580 | |||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Receivables | 9,100 | (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 sold | 9,215,393 | 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 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
In thousands | 2017 | 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: | |||||||||||||||
Receivables | 6,529 | 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 liabilities | 7,735 | (18,262 | ) | (2,697 | ) | (12,407 | ) | ||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 29,432 | $ | 47,812 | $ | 113,982 | $ | 100,368 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
In thousands except per share amounts | March 31, 2022 | December 31, 2021 | March 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 costs | 972 | 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 amounts | 2017 | 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 severance | 2,175 | — | 2,175 | — | |||||||||||
Transaction costs | 819 | 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 |
Three months ended September 30, | Nine months ended September 30, | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands except per share amounts | 2017 | 2016 | 2017 | 2016 | In thousands except per share amounts | March 31, 2022 | December 31, 2021 | March 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 interest | 3,606 | 8,068 | 10,941 | 30,063 | Interest expense, net of capitalized interest | 4,568 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 33,830 | 27,763 | 106,880 | 93,232 | Amortization | 26,433 | 35,443 | 29,937 | ||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 35,016 | 50,933 | 132,057 | 133,837 | EBITDA | 40,377 | 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) loss | 559 | 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 severance | 2,175 | — | 2,175 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | 819 | 26 | 819 | 1,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation accretion | 2,511 | 2,096 | 7,352 | 6,221 | Asset retirement obligation accretion | 3,463 | 3,091 | 2,905 | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory adjustments and write-downs | 1,302 | 4,665 | 1,703 | 6,528 | Inventory adjustments and write-downs | 8,592 | 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 extinguishment | Loss on debt extinguishment | — | — | 9,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
COVID-19 costs | COVID-19 costs | 972 | 681 | 3,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 39,477 | $ | 62,725 | $ | 128,125 | $ | 171,137 | Adjusted EBITDA | $ | 41,527 | $ | 48,700 | $ | 65,867 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Cash flow from operations | $ | (6,427) | $ | 34,936 | $ | (4,359) | |||||||||||||||||||||||||||||||||||
Capital expenditures | 69,502 | 100,868 | 59,424 | ||||||||||||||||||||||||||||||||||||||
Free cash flow | $ | (75,929) | $ | 42,224 | $ | (65,932) | $ | (63,783) |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | March 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 other | 509 | 104 | 655 | |||||||||||||||||||||||||||||||||||
Inventories | 17,672 | 9,581 | 17,486 | |||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | 21,125 | (8,831) | 28,797 | |||||||||||||||||||||||||||||||||||
Operating cash flow before changes in working capital | $ | 23,779 | $ | 37,789 | $ | 41,580 |
In thousands (except metal sales, per ounce and per pound amounts) | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||||||||||||||
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 ounces | 28,242 | 5,928 | 22,834 | 18,207 | 75,211 | ||||||||||||||||||||||||||||||
Silver ounces | 1,796,028 | 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) | $ | — |
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 |
In thousands (except metal sales, per ounce and per pound amounts) | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||||||||||||||
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 ounces | 27,706 | 7,385 | 33,889 | 19,950 | — | 88,930 | |||||||||||||||||||||||||||||
Silver ounces | 1,813,884 | 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 |
In thousands (except metal sales, per ounce and per pound amounts) | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||||||||||||||
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 ounces | 25,687 | 6,934 | 31,595 | 18,896 | — | 83,112 | |||||||||||||||||||||||||||||
Silver ounces | 1,637,695 | 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) | $ | — |
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 |
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 |
Silver | Gold | ||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | San Bartolomé | Endeavor | Total Silver | Kensington | Wharf | Total Gold | Total Combined | ||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 215,400 | $ | 118,700 | $ | 86,000 | $ | 1,044 | $ | 421,144 | $ | 153,800 | $ | 83,600 | $ | 237,400 | $ | 658,544 | |||||||||
Amortization | 67,800 | 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 sold | 14,500,000 | 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 |
Silver | Gold | ||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | San Bartolomé | Endeavor | Total Silver | Kensington | Wharf | Total Gold | Total Combined | ||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 228,500 | $ | 113,550 | $ | 92,300 | $ | 1,038 | $ | 435,388 | $ | 136,600 | $ | 82,200 | $ | 218,800 | $ | 654,188 | |||||||||
Amortization | 76,500 | 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 sold | 14,900,000 | 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 |
(b)Changes in Internal Control Over |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
95.1 | |||||
101.INS | XBRL Instance Document* | ||||
101.SCH | XBRL Taxonomy Extension Schema* | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase* | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase* | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase* | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase* | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101). |
COEUR MINING, INC. | |||||||||||
(Registrant) | |||||||||||
Dated | May 4, 2022 | ||||||||||
/s/ Mitchell J. Krebs | |||||||||||
MITCHELL J. KREBS | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
Dated | /s/ | ||||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
Dated | /s/ | ||||||||||
Vice President, |