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

~~NOTE 15 – PROPERTY, PLANT AND EQUIPMENT~~

~~Property, plant and equipment consist of the following:~~

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

~~(1) Includes $24.4 million of accumulated amortization related to assets under capital leases.~~

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

~~NOTE 16 – MINING PROPERTIES~~


	Fair Value at June 30, 2022
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities including warrants	$	99,084	$	98,878	$	206	$	—
Provisional metal sales contracts	7		—		7		—
Gold forwards	29,302		—		29,302		—
	$	128,393	$	98,878	$	29,515	$	—
Liabilities:

Provisional metal sales contracts	$	77	$	—	$	77	$	—

~~Mining properties consist~~


	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	$	—

The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the ~~following (in thousands):~~fair value hierarchy. The Company’s common share purchase warrants received as consideration in the La Preciosa project sale are valued using the pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

The Company’s gold forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads. The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

September 30, 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

~~In February 2017,~~As further discussed in Note 19 — Dispositions, the ~~Company sold~~consideration for the ~~Joaquin silver-gold exploration~~sale of La Preciosa project ~~for~~included 2 royalties, a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of ~~$27.4~~$0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $50.0 million. The fair value of the royalties and the contingent consideration assets were $11.2 million and ~~a 2.0% NSR royalty on the Joaquin project, which is included in Other. The Company recognized a $21.1 million pre-tax gain on this sale, included in~~ ~~Other, net~~ ~~on the Consolidated Statements of Comprehensive Income.~~

In July 2017, the Company sold the Endeavor silver stream and our remaining portfolio of royalties to Metalla for total consideration of $13.0 million comprised of $6.3 million of Metalla shares and a $6.7 million convertible debenture. The Company recognized a $1.2 million, ~~pre-tax gain,~~respectively, valued as of the date of closing of the transaction and are measured at fair value on a non-recurring basis. The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models. The model inputs include significant unobservable inputs and involve significant management judgment. The significant unobservable inputs included assumptions related to metal prices which assumed silver prices ranging from $22 to $25 per ounce and gold prices ranging from $1,700 to $1,930 per ounce as well as volatility assumptions for silver and gold prices (33.5% and 19.0%, respectively), and an assumed weighted average cost of capital of 15.5%. Such instruments are classified within Level 3 of the fair value hierarchy.

No assets or liabilities were transferred between fair value levels in ~~Other, net~~ on the ~~Consolidated Statements~~six months ended June 30, 2022.

The following tables present the changes in the fair value of ~~Comprehensive Income.~~

~~NOTE 17 – DEBT~~the Company's Level 3 financial assets and liabilities in the three and six months ended June 30, 2022.

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

⁽¹⁾~~Net of unamortized debt issuance costs of $5.1 million at September 30, 2017.~~

⁽²⁾~~Net of unamortized debt issuance costs and premium received of $2.0 million at December 31, 2016.~~

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements


	Three Months Ended June 30, 2022
In thousands	Balance at Beginning of the period		Initial valuation		Revaluation		Balance at the end of the period
Assets:
Royalties	$	11,200	$	—	$	—	$	11,200
Contingent consideration	$	1,150	$	—	$	—	$	1,150
	$	12,350	$	—	$	—	$	12,350


	Six Months Ended June 30, 2022
In thousands	Balance at Beginning of the period		Initial valuation		Revaluation		Balance at the end of the period
Assets:
Royalties	$	—	$	11,200	$	—	$	11,200
Contingent consideration	$	—	$	1,150	$	—	$	1,150
	$	—	$	12,350	$	—	$	12,350

~~Revolving Credit Facility~~The fair value of financial assets and liabilities carried at book value in the financial statements at June 30, 2022 and December 31, 2021 is presented in the following table:

~~In September 2017,~~


	June 30, 2022
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Promissory note	$	4,780	$	4,654	$	—	$	4,654	$	—
Deferred cash consideration	$	7,458	$	7,223	$	—	$	7,223	$	—
Liabilities:
2029 Senior Notes(1)	$	368,742	$	243,710	$	—	$	243,710	$	—
Revolving Credit Facility(2)	$	115,000	$	115,000	$	—	$	115,000	$	—

(1) Net of unamortized debt issuance costs of $6.3 million

(2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets.


	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	$	—

(1) Net of unamortized debt issuance costs of $6.7 million.

(2) Unamortized debt issuance costs of $2.4 million included in Other Non-Current Assets.

The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

Also included in the consideration for the sale of La Preciosa project was a promissory note payable to the Company ~~as borrower,~~that matures in March 2023 and ~~certain subsidiaries~~deferred cash consideration payable on the first anniversary of initial production from any portion of the ~~Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”)~~La Preciosa project. These assets were valued using the pricing model with ~~Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, Chicago Branch,~~inputs derived from observable market data, including synthetic credit rating and ~~the Bank of Nova Scotia.~~quoted discount rate. The ~~Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which may~~model inputs can generally be ~~increased by up to $50.0 million in incremental loans~~verified and ~~commitments subject to the terms~~do not involve significant management judgment. Such instruments are classified within Level 2 of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period.fair value hierarchy.

NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The ~~Facility~~Company is ~~secured by substantially all of the assets of the Company and its domestic subsidiaries,~~exposed to various market risks, including the ~~land, mineral rights~~effect of changes in metal prices, foreign currency exchange rates and ~~infrastructure at~~interest rates, and uses derivatives to manage financial exposures that occur in the ~~Kensington, Rochester~~normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and ~~Wharf mines,~~hedged items as well as a pledge of the shares of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement contains financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the Credit Agreement may be accelerated upon the occurrence of certain customary events of default. At September 30, 2017, the Company had $200.0 million available under the Facility with no amounts drawn. Issuance costs of $1.8 million were recorded as prepaid costs and will be amortized over the term of the Facility. On October 12, 2017, the Company drew $100.0 million from the Facility at a rate of 3.5%, which was based on the 1-month LIBOR rate plus a margin of 2.25%.risk management

~~5.875% Senior Notes due 2024~~

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

~~7.875% Senior Notes due 2021~~

Concurrent with the offering of the 2024 Senior Notes, the Company commenced a cash tender offer (the “Tender Offer”) to purchase the outstanding $178.0 million in aggregate principal amount of its 2021 Senior Notes. The Tender Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated May 19, 2017. Holders of the 2021 Senior Notes who tendered their notes were entitled to receive $1,043.88 per $1,000 principal amount of the Notes, plus accrued and unpaid interest. $118.1 million aggregate principal amount of the Notes were tendered and purchased by the Company on May 31, 2017. In accordance with the terms of the indenture governing the 2021 Senior Notes, the remaining $59.9 million aggregate principal amount of the Notes were redeemed on June 30, 2017 at the redemption price of $1,039.38 per $1,000 principal amount, plus accrued and unpaid interest. The Company recorded a loss of $9.3 million as a result of the extinguishment of the 2021 Senior Notes.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

~~Lines~~Derivatives Not Designated as Hedging Instruments

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of ~~Credit~~sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

~~At September 30, 2017,~~Zero Cost Collars

To protect the Company’s ~~subsidiary that holds the San Bartolomé mine had an available line of credit for $12.0 million that matures~~exposure to fluctuations in ~~June 30, 2018, bearing interest at 6.0% per annum, which is secured by machinery and equipment. There was no outstanding balance at September 30, 2017.~~

~~Capital Lease Obligations~~

~~From time to time, the Company acquires mining equipment under capital lease agreements. In the nine months ended September 30, 2017,~~metal prices the Company entered into ~~new lease financing arrangements primarily for diesel generators at Kensington~~Asian (or average value) put and ~~mining equipment at Palmarejo, Rochester,~~call option contracts in net-zero-cost collar arrangements. The contracts were net cash settled monthly and, ~~Kensington. All capital lease obligations are recorded, upon lease inception,~~if the price of gold at the ~~present~~time of expiration is between the put and call prices, would expire at no cost to the Company. If the price of gold at the time of expiration was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements. The cost to terminate the zero cost collars was $7.7 million, of which $3.1 million was recognized in earnings and the remaining $4.6 million, which represents the fair value of ~~future minimum lease payments.~~the zero cost collars on the date of de-designation, was retained in accumulated other comprehensive income (loss) (“AOCI”) and will be recognized in earnings as the forecasted transactions occur. As of June 30, 2022, there was $2.8 million remaining to be recognized in earnings over the next six months.

~~Interest Expense~~At June 30, 2022, the Company had the following derivative instruments that settle as follows:


In thousands except average prices and notional ounces	2022		2023 and Thereafter
Provisional gold sales contracts	$	20,019	$	—
Average gold price per ounce	$	1,846	$	—
Notional ounces	10,842		—

The following summarizes the classification of the fair value of the derivative instruments:


	June 30, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	7	$	77


	December 31, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	86	$	162

The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2022 and 2021, respectively (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Financial statement line	Derivative	2022		2021		2022		2021
Revenue	Provisional metal sales contracts	$	(486)	$	(137)	$	6	$	(697)
Fair value adjustments, net	Exchange agreement embedded derivative	—		664		—		664
Fair value adjustments, net	Terminated zero cost collars	—		—		(3,139)		—
		$	(486)	$	527	$	(3,133)	$	(33)

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices the Company enters into forward contracts. The contracts are net settled monthly and if the actual price of gold at the time of expiration is lower than the fixed price or higher

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

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

than the fixed prices, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

At June 30, 2022, the Company had the following derivative cash flow hedge instruments that settle as follows:


In thousands except average prices and notional ounces	2022		2023 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	1,965	$	1,982
Notional ounces	108,500		112,500

The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized.

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments.

As of June 30, 2022, the Company had $29.3 million of net after-tax gain in AOCI related to gains from cash flow hedge transactions, of which $23.8 million of net after-tax gains is expected to be recognized in its Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold for metal contracts.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:


	June 30, 2022
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	23,820	$	5,482	$	—


	December 31, 2021
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold zero cost collars	$	—	$	—	$	1,212

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021, respectively (in thousands).

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amount of Gain (Loss) Recognized in AOCI
Gold forwards	$	34,245	$	—	$	32,413	$	—
Gold zero cost collars	—		(4,571)		$	(3,386)	$	23,976
Foreign currency forward exchange contracts	—		1,589		—		400
	$	34,245	$	(2,982)	$	29,027	$	24,376

Amount of (Gain) Loss Reclassified From AOCI to Earnings
Gold forwards	$	(3,110)	$	—	$	(3,110)	$	—
Gold zero cost collars	1,379		437		$	1,839	$	828
Foreign currency forward exchange contracts	—		(3,498)		—		(6,611)
	$	(1,731)	$	(3,061)	$	(1,271)	$	(5,783)

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

Pre-development, reclamation, and other consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
In thousands	2022		2021		2022		2021
COVID-19	$	318	$	972	$	1,290	$	5,319
Silvertip ongoing carrying costs	4,754		6,447		10,913		13,368


Asset retirement accretion	3,529		2,962		6,992		5,870
Other	577		2,357		1,395		1,893
Pre-development, reclamation and other	$	9,178	$	12,738	$	20,590	$	26,450

Other, net consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
In thousands	2022		2021		2022		2021
Foreign exchange gain (loss)	$	(506)	$	(499)	$	(1,065)	$	(1,272)
Gain (loss) on sale of assets	621		622		2,452		4,675






Other	198		578		663		925
Other, net	$	313	$	701	$	2,050	$	4,328

NOTE 15 – NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three and six months ended June 30, 2022, there were 1,991,864 and 992,382 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 1,553,030 and 1,558,030 common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2021, respectively.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements


	Three months ended June 30,				Six months ended June 30,
In thousands except per share amounts	2022		2021		2022		2021




Net income (loss) available to common stockholders	$	(77,434)	$	32,146	$	(69,752)	$	34,206

Weighted average shares:
Basic	278,040		249,066		268,884		245,253
Effect of stock-based compensation plans	—		3,066		—		3,240
Diluted	278,040		252,132		268,884		248,493

Income (loss) per share:


Basic	$	(0.28)	$	0.13	$	(0.26)	$	0.14




Diluted	$	(0.28)	$	0.13	$	(0.26)	$	0.14

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

NOTE 1816 - SUPPLEMENTAL GUARANTOR INFORMATION

The following ~~Consolidating Financial Statements are~~summarized financial information is presented to satisfy disclosure requirements of Rule ~~3-10~~13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, ~~and~~ Coeur Capital, Inc., Coeur Sterling, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the ~~2024~~2029 Senior Notes. The following schedules present ~~Consolidating Financial Statements~~summarized financial information of (a) Coeur, the parent ~~company;~~company and (b) the Subsidiary ~~Guarantors;~~Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and ~~(c)~~transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company ~~(collectively, the “Non-Guarantor Subsidiaries”).~~have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.

SUMMARIZED BALANCE SHEET


	Coeur Mining, Inc.				Guarantor Subsidiaries
In thousands	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Current assets	$	124,853	$	11,143	$	151,915	$	128,630

Non-current assets(1)	$	361,197	$	473,145	$	947,241	$	830,330

Non-guarantor intercompany assets	$	8,155	$	19,803	$	—	$	—

Current liabilities	$	13,223	$	18,353	$	167,702	$	130,307

Non-current liabilities	$	87,171	$	139,223	$	574,484	$	461,904

Non-guarantor intercompany liabilities	$	34,397	$	30,045	$	1,715	$	1,650

(1) Coeur Mining, Inc. ~~and Subsidiaries~~

~~Notes to Condensed Consolidated Financial Statements~~

~~CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)~~

~~THREE MONTHS ENDED SEPTEMBER 30, 2017~~

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

~~(1) Excludes amortization.~~

~~CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)~~

~~THREE MONTHS ENDED SEPTEMBER 30, 2016~~’s non-current assets includes its investment in Guarantor Subsidiaries.

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Revenue $ —
$ 117,426
$ 58,821
$ —
$ 176,247
COSTS AND EXPENSES
Costs applicable to sales⁽¹⁾
—
68,189
37,219
—
105,408
Amortization 389
19,750
7,624
—
27,763
General and administrative 6,956
16
141
—
7,113
Exploration 989
1,410
1,307
—
3,706
Pre-development, reclamation, and other 388
1,470
2,633
—
4,491
Total costs and expenses 8,722
90,835
48,924
—
148,481
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishments (10,040 ) —
—
—
(10,040 )
Fair value adjustments, net —
(852 ) (109 ) —
(961 )
Other, net 1,666
3,021
3,178
(1,460 ) 6,405
Interest expense, net of capitalized interest (7,852 ) (209 ) (1,467 ) 1,460
(8,068 )
Total other income (expense), net (16,226 ) 1,960
1,602
—
(12,664 )
Income (Loss) before income and mining taxes (24,948 ) 28,551
11,499
—
15,102
Income and mining tax (expense) benefit (29,312 ) 41,807
41,960
—
54,455
Income (Loss) after income and mining taxes (54,260 ) 70,358
53,459
—
69,557
Equity income (loss) in consolidated subsidiaries 123,818
328
—
(124,146 ) —
NET INCOME (LOSS) $ 69,558
$ 70,686
$ 53,459
$ (124,146 ) $ 69,557
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on equity securities, net of tax 1,387
1,387
—
(1,387 ) 1,387
Reclassification adjustments for impairment of equity securities, net of tax —
—
—
—
—
Reclassification adjustments for realized loss on sale of equity securities, net of tax (2,965 ) (2,485 ) —
2,485
(2,965 )
Other comprehensive income (loss) (1,578 ) (1,098 ) —
1,098
(1,578 )
COMPREHENSIVE INCOME (LOSS) $ 67,980
$ 69,588
$ 53,459
$ (123,048 ) $ 67,979

~~(1) Excludes amortization.~~

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

~~CONDENSED CONSOLIDATING STATEMENT~~SUMMARIZED STATEMENTS OF ~~CASH FLOWS~~INCOME

~~THREE~~SIX MONTHS ENDED ~~SEPTEMBER~~JUNE 30, ~~2017~~2022


In thousands	Coeur Mining, Inc.		Guarantor Subsidiaries
Revenue	$	—	$	223,492


Gross profit (loss)	$	(415)	$	(504)


















Net income (loss)	$	(69,753)	$	(12,422)

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash provided by (used in) operating activities $ (8,682 ) $ 27,407
$ 9,471
$ 1,236
29,432

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (318 ) (23,016 ) (6,127 ) —
(29,461 )
Proceeds from the sale of assets —
76
1,007
—
1,083
Purchase of investments (3,594 ) (1 ) —
—
(3,595 )
Sales of investments —
403
—
—
403
Other (5,783 ) —
(67 ) —
(5,850 )
Investments in consolidated subsidiaries 3,433
7,144
(1,311 ) (9,266 ) —
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,262 )
(15,394 )
(6,498 ) (9,266 ) (37,420 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings (2,257 ) —
—
—
(2,257 )
Payments on debt, capital leases, and associated costs —
(1,894 ) (1,450 ) —
(3,344 )
Net intercompany financing activity 9,266
(12,370 ) (4,926 ) 8,030
—
Other (6 ) —
—
—
(6 )
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,003

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

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

$ 45,664

$ 94,620

$ —

$ 236,221

~~CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS~~

~~THREE MONTHS ENDED SEPTEMBER 30, 2016~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash provided by (used in) operating activities $ 101,581
$ 48,791
$ 21,586
$ (124,146 ) 47,812

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (62 ) (12,550 ) (13,015 ) —
(25,627 )
Acquisitions, net of cash acquired —
—
(1,427 ) —
(1,427 )
Proceeds from the sale of assets 2
560
4,240
—
4,802
Purchase of investments (5 ) (16 ) —
—
(21 )
Sales of investments 2
5,430
—
—
5,432
Other (1,245 ) (7 ) (47 ) —
(1,299 )
Investments in consolidated subsidiaries (117,911 ) 1,356
—
116,555
—
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (119,219 )
(5,227 )
(10,249 )
116,555

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

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

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

$ 51,935

$ 74,721

$ —

$ 222,517

~~Coeur Mining, Inc. and Subsidiaries~~

~~Notes to Condensed Consolidated Financial Statements~~

~~CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)~~

~~NINE MONTHS ENDED SEPTEMBER 30, 2017~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Revenue $ —
$ 301,658
$ 253,797
$ —
$ 555,455
COSTS AND EXPENSES
Costs applicable to sales⁽¹⁾
—
207,385
169,872
—
377,257
Amortization 908
49,617
56,355
—
106,880
General and administrative 24,316
26
245
—
24,587
Exploration 1,197
9,526
12,156
—
22,879
Pre-development, reclamation, and other 1,803
5,593
9,512
—
16,908
Total costs and expenses 28,224
272,147
248,140
—
548,511
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishments (9,342 ) —
—
—
(9,342 )
Fair value adjustments, net —
(864 ) —
—
(864 )
Other, net 20,090
3,332
9,256
(4,239 ) 28,439
Interest expense, net of capitalized interest (9,876 ) (703 ) (4,601 ) 4,239
(10,941 )
Total other income (expense), net 872
1,765
4,655
—
7,292
Loss before income and mining taxes (27,352 ) 31,276
10,312
—
14,236
Income and mining tax (expense) benefit (3,108 ) (3,946 ) (16,126 ) —
(23,180 )
Total loss after income and mining taxes (30,460 ) 27,330
(5,814 ) —
(8,944 )
Equity income (loss) in consolidated subsidiaries 21,516
(546 ) (609 ) (20,361 ) —
NET INCOME (LOSS) $ (8,944 ) $ 26,784
$ (6,423 ) $ (20,361 ) $ (8,944 )
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on marketable securities, net of tax (1,134 ) 756
—
(756 ) (1,134 )
Reclassification adjustments for impairment of equity securities, net of tax 426
(426 ) —
426
426
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 1,300
540
—
(540 ) 1,300
Other comprehensive income (loss) 592
870
—
(870 ) 592
COMPREHENSIVE INCOME (LOSS) $ (8,352 ) $ 27,654
$ (6,423 ) $ (21,231 ) $ (8,352 )

~~(1) Excludes amortization.~~

~~CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)~~

~~NINE MONTHS ENDED SEPTEMBER 30, 2016~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
Revenue $ —
$ 317,587
$ 189,054
$ —
$ 506,641
COSTS AND EXPENSES
Costs applicable to sales⁽¹⁾
—
189,227
118,201
—
307,428
Amortization 1,225
57,983
34,024
—
93,232
General and administrative 22,132
237
420
—
22,789
Exploration 2,091
2,843
2,735
—
7,669
Write-downs —
—
4,446
—
4,446
Pre-development, reclamation, and other 1,774
4,332
6,953
—
13,059
Total costs and expenses 27,222
254,622
166,779
—
448,623
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishments (10,040 ) —
—
—
(10,040 )
Fair value adjustments, net (1,635 ) (5,787 ) (5,813 ) —
(13,235 )
Other, net 3,345
3,082
3,068
(3,633 ) 5,862
Interest expense, net of capitalized interest (28,348 ) (665 ) (4,683 ) 3,633
(30,063 )
Total other income (expense), net (36,678 ) (3,370 ) (7,428 ) —
(47,476 )
Income (Loss) before income and mining taxes (63,900 ) 59,595
14,847
—
10,542
Income and mining tax (expense) benefit (29,768 ) 39,905
42,981
—
53,118
Income (Loss) after income and mining taxes (93,668 ) 99,500
57,828
—
63,660
Equity income (loss) in consolidated subsidiaries 157,328
(4,825 ) —
(152,503 ) —
NET INCOME (LOSS) $ 63,660
$ 94,675
$ 57,828
$ (152,503 ) $ 63,660
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on equity securities, net of tax 4,533
4,466
—
(4,466 ) 4,533
Reclassification adjustments for impairment of equity securities, net of tax 20
20
—
(20 ) 20
Reclassification adjustments for realized loss on sale of equity securities, net of tax (2,691 ) (3,181 ) —
3,181
(2,691 )
Other comprehensive income (loss) 1,862
1,305
—
(1,305 ) 1,862
COMPREHENSIVE INCOME (LOSS) $ 65,522
$ 95,980
$ 57,828
$ (153,808 ) $ 65,522

~~(1) Excludes amortization.~~

~~Coeur Mining, Inc. and Subsidiaries~~

~~Notes to Condensed Consolidated Financial Statements~~

~~CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS~~

~~NINE MONTHS ENDED SEPTEMBER 30, 2017~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash provided by (used in) operating activities $ (18,502 ) $ 59,434
52,577
$ 93,411
$ (20,361 ) 113,982

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

~~CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS~~

~~NINE MONTHS ENDED SEPTEMBER 30, 2016~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash provided by (used in) operating activities $ 98,323
$ 101,368
$ 53,180
$ (152,503 ) 100,368

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (196 ) (38,272 ) (32,619 ) —
(71,087 )
Acquisitions, net of cash acquired —
—
(1,427 ) —
(1,427 )
Proceeds from the sale of assets 2
4,601
11,501
—
16,104
Purchase of investments (104 ) (16 ) —
—
(120 )
Sales of investments 501
6,576
—
—
7,077
Other (4,383 ) 294
(129 ) —
(4,218 )
Investments in consolidated subsidiaries (138,843 ) 25,516
—
113,327
—
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (143,023 ) (1,301 ) (22,674 ) 113,327
(53,671 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 122,584
—
—
—
122,584
Payments on debt, capital leases, and associated costs (104,665 ) (9,001 ) (6,885 ) —
(120,551 )
Gold production royalty payments —
—
(27,155 ) —
(27,155 )
Net intercompany financing activity 26,196
(73,364 ) 7,992
39,176
—
Other 323
—
—
—
323
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 44,438

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

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

~~Coeur Mining, Inc. and Subsidiaries~~

~~Notes to Condensed Consolidated Financial Statements~~

~~CONDENSED CONSOLIDATING BALANCE SHEET~~

~~SEPTEMBER 30, 2017~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 95,937
$ 45,664
$ 94,620
$ —
$ 236,221
Receivables 18
11,085
55,312
—
66,415
Ore on leach pads —
78,801
—
—
78,801
Inventory —
35,371
36,958
—
72,329
Prepaid expenses and other 7,688
2,985
9,687
—
20,360
103,643
173,906
196,577
—
474,126
NON-CURRENT ASSETS
Property, plant and equipment, net 3,940
151,765
79,353
—
235,058
Mining properties, net —
220,022
316,179
—
536,201
Ore on leach pads —
69,805
—
—
69,805
Restricted assets 13,242
227
7,484
—
20,953
Equity and debt securities 27,558
1,567
—
—
29,125
Receivables —
—
13,461
—
13,461
Deferred tax assets —
—
—
—
—
Net investment in subsidiaries 259,259
407
(1,166 ) (258,500 ) —
Other 214,047
10,531
5,168
(206,383 ) 23,363
TOTAL ASSETS $ 621,689
$ 628,230
$ 617,056
$ (464,883 ) $ 1,402,092

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 2,492
$ 25,975
$ 31,721
$ —
$ 60,188
Other accrued liabilities 9,381
14,087
27,125
—
50,593
Debt —
7,885
6,490
—
14,375
Reclamation —
2,754
850
—
3,604
11,873
50,701
66,186
—
128,760
NON-CURRENT LIABILITIES
Debt 244,920
22,838
213,148
(206,383 ) 274,523
Reclamation —
82,043
22,462
—
104,505
Deferred tax liabilities 14,978
6,137
56,075
—
77,190
Other long-term liabilities 2,328
4,061
46,188
—
52,577
Intercompany payable (receivable) (416,947 ) 341,431
75,516
—
—
(154,721 ) 456,510
413,389
(206,383 ) 508,795
STOCKHOLDERS’ EQUITY
Common stock 1,814
250
172,599
(172,849 ) 1,814
Additional paid-in capital 3,318,987
174,111
1,803,807
(1,977,918 ) 3,318,987
Accumulated deficit (2,554,368 ) (49,984 ) (1,838,925 ) 1,888,909
(2,554,368 )
Accumulated other comprehensive income (loss) (1,896 ) (3,358 ) —
3,358
(1,896 )
764,537
121,019
137,481
(258,500 ) 764,537
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 621,689
$ 628,230
$ 617,056
$ (464,883 ) $ 1,402,092

~~Coeur Mining, Inc. and Subsidiaries~~

~~Notes to Condensed Consolidated Financial Statements~~

~~CONDENSED CONSOLIDATING BALANCE SHEET~~

~~DECEMBER 31, 2016~~

In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 58,048
$ 50,023
$ 54,111
$ —
$ 162,182
Receivables 12
6,865
53,554
—
60,431
Ore on leach pads —
64,167
—
—
64,167
Inventory —
49,393
56,633
—
106,026
Prepaid expenses and other 3,803
1,459
12,719
—
17,981
61,863
171,907
177,017
—
410,787
NON-CURRENT ASSETS
Property, plant and equipment, net 3,222
139,885
73,689
—
216,796
Mining properties, net —
195,791
362,664
—
558,455
Ore on leach pads —
67,231
—
—
67,231
Restricted assets 10,170
226
7,201
—
17,597
Equity and debt securities —
4,488
—
—
4,488
Receivables —
—
30,951
—
30,951
Net investment in subsidiaries 273,056
11,650
—
(284,706 ) —
Other 221,381
9,263
3,344
(221,384 ) 12,604
TOTAL ASSETS $ 569,692
$ 600,441
$ 654,866
$ (506,090 ) $ 1,318,909

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 2,153
$ 24,921
$ 26,261
$ —
$ 53,335
Other accrued liabilities 12,881
13,664
16,198
—
42,743
Debt —
6,516
5,523
—
12,039
Royalty obligations —
4,995
—
—
4,995
Reclamation —
2,672
850
—
3,522
15,034
52,768
48,832
—
116,634
NON-CURRENT LIABILITIES
Debt 175,991
15,214
229,036
(221,384 ) 198,857
Royalty obligations —
4,292
—
—
4,292
Reclamation —
75,183
20,621
—
95,804
Deferred tax liabilities 13,810
6,179
54,809
—
74,798
Other long-term liabilities 1,993
4,750
53,294
—
60,037
Intercompany payable (receivable) (405,623 ) 336,813
68,810
—
—
(213,829 ) 442,431
426,570
(221,384 ) 433,788
STOCKHOLDERS’ EQUITY
Common stock 1,809
250
197,913
(198,163 ) 1,809
Additional paid-in capital 3,314,590
181,009
1,864,261
(2,045,270 ) 3,314,590
Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239
(2,545,424 )
Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) —
2,488
(2,488 )
768,487
105,242
179,464
(284,706 ) 768,487
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692
$ 600,441
$ 654,866
$ (506,090 ) $ 1,318,909

~~Coeur Mining, Inc. and Subsidiaries~~

~~Notes to Condensed Consolidated Financial Statements~~

NOTE 1917 – COMMITMENTS AND CONTINGENCIES

~~Labor Union Contract~~Mexico Litigation Matters

As of June 30, 2022, $26.0 million in principal amount is due from the Mexican government associated with VAT that was paid under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received VAT refunds associated with the royalty payments in the normal course; however, in 2011 the Mexican tax authorities began denying Coeur Mexicana’s VAT refunds based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of the VAT as undue payments, which the Mexican tax authorities also denied. The Company ~~maintains~~has since been engaged in ongoing efforts to recover the VAT from the Mexican government (including through litigation and potential arbitration as well as refiling VAT refund requests). Despite a ~~labor agreement with Sindicato de Trabajadores Mineros de la Empresa Manquiri S.A.~~favorable ruling from Mexican tax courts in this matter in 2018, litigation has continued at the ~~San Bartolomé mine~~administrative, appeals court and supreme court levels, most of which has been determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts, based on the continued failure to recover the VAT receivable and recent unfavorable Mexican court decisions, the Company determined to write down the carrying value of the VAT receivable at September 30, 2021. In March 2022, Coeur Mexicana filed an updated notice of intent to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, in ~~Bolivia. The San Bartolomé mine labor agreement, which became effective January 28, 2010,~~connection with this dispute and may elect to formally proceed with arbitration under NAFTA. Outcomes in NAFTA arbitration and the process for recovering funds even if there is ~~currently active~~a successful outcome in NAFTA arbitration can be lengthy and ~~does not~~unpredictable.

In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a ~~fixed term. At September 30, 2017, approximately 11% of~~material adverse impact on the Company’s global labor force was covered by this collective bargaining agreement. The Company cannot predict whether this agreement will be renewed on similar terms or at all, whether future labor disruptions will occur or, if disruptions do occur, how long they will last.operations and financial results.

Palmarejo Gold Stream

~~Effective August 2016,~~ Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from ~~the Paramount~~certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In ~~2015,~~2016, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. At June 30, 2022 the remaining unamortized balance was $7.7 million, which is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.

Kensington Prepayment

~~NOTE 20 – SUBSEQUENT EVENTS~~

~~On September 10, 2017,~~In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Company entered into an Arrangement Agreement (the “Arrangement Agreement”) among the Company, an indirect wholly-owned subsidiary of the Company, JDS Silver Holdings, Ltd. (“JDS Silver”) and Silvertip Resources Investment LLC as representative of the shareholders of JDS Silver. The Arrangement Agreement providesAmended Sales Contract has been further amended to allow for ~~the implementation of a Plan of Arrangement (the “Plan of Arrangement”), pursuant~~additional prepayments, including in June 2021, to which the Company would acquire all of the issued and outstanding common shares of JDS Silver (the “Acquisition”), the owner of the high-grade silver-zinc-lead Silvertip Mine located in northern British Columbia, Canada. On October 16, 2017, the Supreme Court of British Columbia approved the Plan of Arrangement, and the Company completed the Acquisition on October 17, 2017. Total initial considerationprovide options for the Acquisition was $200.0 million, consisting of (i) payments by the Company of approximately $147.5 million in cash and approximately $37.5 million in shares of common stock of the Company, and (ii) the assumption of approximately $15.0 million in existing debt. Additional contingent considerationCoeur to receive up to two additional prepayments of up to ~~$50.0~~$15.0 million ~~may become payable upon~~each. In June 2021 and December 2021, the ~~achievement~~Company exercised these options and received the $15.0 million June 2021 Prepayment and the $15.0 million December 2021 Prepayment. The June 2021 Prepayment was paid back in full before the December 2021 Prepayment was received. In March 2022, the Amended Sales Contract was further amended to allow for an additional $10.0 million prepayment. The additional $10.0 million prepayment was made in March 2022 (the “March 2022 Prepayment”). The Amended Sales Contract was further amended in June 2022 to consolidate the remaining deliveries of ~~certain permitting~~$15.0 million and ~~exploration milestones~~$10.0 million under the December 2021 Prepayment and March 2022 Prepayment (the “June 2022 Consolidated Prepayment”), to extend the repayment period for the June 2022 Consolidated Prepayment, and to provide for future prepayments of up to $25.0 million on a semi-annual basis

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

through the end of 2024, provided all prior outstanding prepayment amounts are paid before such future prepayments are made. The remaining deliveries of the June 2022 Consolidated Prepayment are recognized as a deferred revenue liability and are presented in Accrued liabilities and other on the Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by December ~~31, 2019.~~2022.

~~In connection~~POA 11 Expansion Project

As of June 30, 2022, the total estimated project capital cost remained approximately $600 million. With the commencement of structural, mechanical, piping, electrical and instrumentation construction work, completion of final major high-voltage electrical contracts and initial commitments for the pre-screen addition to the expanded crusher circuit, the Company has committed approximately $523 million and incurred $350 million of the total estimated project cost through June 30, 2022.

The expansion consists of three major components: (i) a new 300-million-ton leach pad, for which civil work is essentially complete and piping work is near completion; (ii) a Merrill-Crowe process plant with construction completion scheduled for the first half of 2023; and (iii) a new three-stage crushing circuit with construction completion scheduled for mid-2023. These scheduled construction completion dates for the project remain unchanged.

Construction of the Merrill-Crowe process plant ramped up during the second quarter, including completion of concrete work, continuation of equipment setting, and the commencement of building and process plant steel pipe rack erection, as well as piping and cable tray installation.

Work on the crusher corridor included (i) continued civil construction in the primary crusher area, (ii) the completion of concrete work, start of steel construction, and setting of conveyor and equipment in the secondary crusher area, (iii) continued advancement of concrete work and start of steel erection in the secondary stock pile reclaim area, (iv) completion of concrete in the tertiary crusher area, and (v) continuation of concrete in the tertiary reclaim and final product load-out areas. Deliveries of equipment and materials for the project continue to support the overall construction schedule.

The Company also recently advanced detailed engineering on the pre-screens. Equipment procurement and construction contract development is well underway as Coeur continues working to align construction of the pre-screens with the completion of the ~~Acquisition,~~new crusher. Final cost estimates related to pre-screens are expected in the third quarter.

The Company began installation of pre-screens on ~~October 12, 2017~~the existing crusher corridor on June 23 and commenced commissioning on July 22. Ramp-up of the pilot system as well as optimization of the product size placed under leach is scheduled to take place during the month of August. The experience and knowledge gained from utilizing pre-screens is expected to facilitate the integration of pre-screen technology into the new crusher system flowsheet for POA 11.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company ~~borrowed $100.0~~and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold hedges and other general corporate purposes. As of June 30, 2022 and December 31, 2021, the Company had surety bonds totaling $315.0 million and $315.1 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION

Accrued liabilities and other consist of the following:

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements


In thousands	June 30, 2022		December 31, 2021
Accrued salaries and wages	$	21,844	$	28,408

Deferred revenue (1)	26,081		16,093
Income and mining taxes	10,214		13,856
Accrued operating costs	8,158		5,592
Unrealized losses on derivatives	77		1,374
Taxes other than income and mining	2,812		3,284
Accrued interest payable	8,072		8,038
Operating lease liabilities	11,076		11,301
Accrued liabilities and other	$	88,334	$	87,946

(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three and six months ended June 30, 2022 and 2021:


In thousands	June 30, 2022		June 30, 2021
Cash and cash equivalents	$	74,159	$	124,075
Restricted cash equivalents	1,396		1,383
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	75,555	$	125,458

NOTE 19 – DISPOSITIONS

On October 27, 2021 the Company entered into a definitive agreement (the “Agreement”) to sell its La Preciosa projected located in the State of Durango, Mexico to Avino (the “La Preciosa Sale”). On March 21, 2022, the La Preciosa Sale was completed.

Coeur and its subsidiaries received the following consideration at closing:

•$15.3 million cash,

•$5.0 million promissory note that matures prior to the first anniversary of the transaction closing, valued at $4.7 million,

•Equity consideration of 14.0 million units, consisting of 1 share of Avino common stock and one half of one common share purchase warrant of Avino common stock, valued at $13.7 million and $2.2 million, respectively. Common share purchase warrants are exercisable at $1.09 per share and expire September 2023.

•In addition, under the ~~revolving credit facility.~~Agreement, Coeur is entitled to the following additional consideration:

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

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

•NaN royalties, valued at $11.2 million, covering the La Preciosa land package, including (i) a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and (ii) a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, offset by the amount of any new mineral reserve contingent payments made to Coeur.

The La Preciosa sale resulted in a gain on the sale of $1.5 million, which was recognized in Other, Net in the condensed consolidated statements of comprehensive income (loss).

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this ~~item.~~Item. We provide ~~certain operational~~Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo, Rochester and ~~financial data~~Silvertip and based on ~~a silver equivalent basis, converting gold~~the primary metal, referred to as the by-product method, for Wharf. Revenue from secondary metal, such as silver at Wharf, is treated as a historical 60:1 ratio of silver ounces to gold ounces, unless otherwise noted. We also provide realized silver equivalent data determined by average spot silver and gold prices during the relevant period.cost credit.

Overview

We are primarily a gold and silver producer with ~~mines~~assets located in the United States, Canada and Mexico

Second Quarter Highlights

For the quarter, Coeur reported revenue of $204.1 million and ~~Bolivia~~cash flow from operating activities of $22.6 million. We reported GAAP net loss of $77.4 million, or $0.28 per diluted share. On an adjusted basis1, the Company reported EBITDA of $43.3 million and ~~exploration projects in~~net loss of $13.1 million or $0.05 per diluted share. For the ~~United States~~six months ended June 30, 2022, Coeur reported revenue of $392.5 million and ~~Mexico. The Palmarejo complex,~~cash flow from operating activities of $16.2 million. We reported GAAP net loss of $69.8 million, or $0.26 per diluted share. On an adjusted basis1, the Company reported EBITDA of $77.3 million and ~~Rochester,~~net loss of $26.9 million or $0.10 per diluted share.

•Reaffirming full-year gold and silver production guidance – Increased gold and silver production during the quarter remains in-line with the Company’s expectations, leading Coeur to reaffirm consolidated and site level production guidance for 2022

•Strong quarterly production increases at Kensington, Wharf and ~~San Bartolomé mines constitute our principal sources of revenue. In October 2017,~~Rochester – Kensington’s gold production increased by 23% versus the Company added its sixth mine to Coeur’s North America-focused platform with the acquisition of the high-grade silver-zinc-lead Silvertip mine (“Silvertip”) located in northern British Columbia, Canada. Silvertip is expected to achieve commercialfirst quarter, driven by an all-time quarterly record mill throughput. Wharf’s gold production ~~in 2018.~~

~~The Company's strategy is to discover, acquire, develop and operate low-cost~~increased by 15% while Rochester’s silver and gold ~~mines that produce long-term cash flow, provide opportunities~~production increased by 5% and 37%, respectively

•Full-year cost guidance updated – The Company has updated its full-year site level cost guidance to reflect inflationary pressures. Additionally, Coeur has elected to increase its planned exploration investment by approximately $11 million in 2022 due to positive drilling results at the Kensington, Palmarejo and Silvertip assets

•Rochester expansion project remains on-track – The ongoing expansion at the Rochester silver and gold operation in Nevada remains on-track for ~~growth through continued exploration,~~completion in mid-2023. The total estimated project capital remains approximately $600 million as of June 30, 2022. Coeur has committed approximately $523 million of the project capital and ~~generate superior and sustainable returns~~has incurred roughly $350 million towards the expansion

•Strategic sale of Victoria Gold shares – Coeur announced the sale of 5 million shares of Victoria Gold Corporation (“Victoria Gold”) stock for ~~stockholders. Management focuses on maximizing~~ net cash ~~flow through identifying~~proceeds of approximately $40 million, which were received on July 5, 2022

•Appointment of Jeane Hull to Board of Directors – Consistent with the Company’s commitment to Board refreshment and ~~implementing revenue enhancement opportunities, reducing operating and non-operating costs, exercising consistent capital discipline, and efficient working capital management.~~best-in-class corporate governance, Jeane Hull has been appointed to Coeur’s Board of Directors

~~Third Quarter Highlights~~

~~Production of 9.5 million silver equivalent ounces, consisting of 4.0 million silver ounces and 93,293 gold ounces~~




	Three Months Ended				Six Months Ended
In thousands	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Financial Results:
Gold sales	$	146,625	$	129,451	$	276,076	$	284,480
Silver sales	$	57,498	$	58,953	$	116,451	$	132,495


Consolidated Revenue	$	204,123	$	188,404	$	392,527	$	416,975
Net income (loss)	$	(77,434)	$	7,682	$	(69,752)	$	34,206
Net income (loss) per share, diluted	$	(0.28)	$	0.03	$	(0.26)	$	0.14
Adjusted net income (loss)(1)	$	(13,104)	$	(13,782)	$	(26,887)	$	13,100
Adjusted net income (loss) per share, diluted(1)	$	(0.05)	$	(0.05)	$	(0.10)	$	0.05
EBITDA(1)	$	(32,797)	$	40,377	$	7,580	$	134,245
Adjusted EBITDA(1)	$	43,330	$	41,527	$	77,261	$	118,603
Total debt(2)	$	547,500	$	485,488	$	547,500	$	414,246
Operating Results:
Gold ounces produced	83,772		75,409		159,181		172,500
Silver ounces produced	2,496,186		2,479,442		4,975,628		4,990,536


Gold ounces sold	84,786		75,211		159,997		171,613
Silver ounces sold	2,543,200		2,450,282		4,993,482		5,018,406


Average realized price per gold ounce	$	1,729	$	1,721	$	1,726	$	1,658
Average realized price per silver ounce	$	22.61	$	24.06	$	23.32	$	26.40

~~Sales of 9.2 million silver equivalent ounces, consisting of 3.8 million silver ounces and 89,972 gold ounces~~

~~Net loss of $16.7 million ($0.09 per share) and adjusted net loss of $18.4 million ($0.10 per share) (see~~(1)See “Non-GAAP Financial Performance ~~Measures”)~~Measures.”

~~Costs applicable to sales were $12.28 per silver equivalent ounce ($11.19 per average spot silver equivalent ounce)~~(2)Includes finance leases. Net of debt issuance costs and ~~$845 per gold equivalent ounce (see “Non-GAAP Financial Performance Measures”)~~premium received.

~~All-in sustaining costs were $17.68 per silver equivalent ounce ($15.30 per average spot silver equivalent ounce) (see “Non-GAAP Financial Performance Measures”)~~

~~Operating cash flow of $29.4 million and adjusted EBITDA of $39.5 million (see “Non-GAAP Financial Performance Measures”)~~

~~Cash and cash equivalents of $236.2 million at September 30, 2017~~

Acquired the Silvertip mine for initial consideration of $200.0 million (closed in October 2017). Additional consideration up to $50.0 million is contingent upon achieving specific future permitting and exploration milestones.

Established a $200.0 million secured revolving credit facility, which may be increased by up to $50.0 million in incremental loans and commitments subject to the terms of the Credit Agreement; drew $100.0 million on October 12, 2017 in connection with the Silvertip closing

~~Selected Financial and Operating Results~~

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


~~(1)~~	~~See~~ “~~Non-GAAP Financial Performance Measures.~~”

Consolidated Financial Results

Three Months Ended ~~September~~June 30, ~~2017~~2022 compared to Three Months Ended ~~September 30, 2016~~March 31, 2022

~~Net Income (Loss)~~Revenue

~~Net loss~~ ~~was $16.7~~We sold 84,786 gold ounces and 2.5 million ~~($0.09 per share)~~silver ounces, compared to ~~Net income~~75,211 gold ounces and 2.5 million silver ounces. Revenue increased by $15.7 million, or 8%, as a result of ~~$69.6 million ($0.42 per share). The decrease~~in ~~Net income~~ ~~is primarily due to~~ a ~~significant tax benefit realized~~13% and 4% increase in ~~2016, lower realized~~gold and silver ~~and gold prices and higher all-in sustaining costs per silver equivalent ounce,~~ounces sold, respectively, partially offset by ~~higher production, lower interest expense and loss on debt extinguishment in the third quarter of 2016.~~

~~Revenue~~

~~Metal sales were lower due to~~ a 6% decrease in average realized silver ~~and~~prices. The increase in gold ~~prices of 14%~~ and ~~6%, respectively, partially offset by higher silver and gold production. The Company sold 3.8 million~~ silver ounces sold was primarily due to higher production at Rochester, Kensington and ~~89,972 gold ounces, compared to sales of 3.4 million silver ounces and 83,389 gold ounces.~~Wharf. Gold ~~contributed 63% of sales~~ and silver ~~contributed 37%, compared~~represented 72% and 28% of second quarter of 2022 sales revenue, respectively. This compares to ~~62% of sales from~~ gold and ~~38% from silver. Metal~~silver represented 69% and 31% of first quarter of 2022 sales ~~from North American operations provided 91% of~~revenue, respectively.

The following table summarizes consolidated ~~revenue, compared to 84%.~~metal sales:


	Three Months Ended				Increase (Decrease)		Percentage Change
In thousands	June 30, 2022		March 31, 2022
Gold sales	$	146,625	$	129,451	$	17,174	13	%
Silver sales	57,498		58,953		(1,455)		(2)	%
Metal sales	$	204,123	$	188,404	$	15,719	8	%

Costs Applicable to Sales

Costs applicable to sales increased $17.4 million, or 13%, primarily due to higher ~~silver~~gold and ~~gold~~silver ounces sold and higher operating costs ~~applicable~~primarily due to ~~sales per gold ounce.~~inflationary pressures relating to consumable costs, most notably higher diesel prices. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization

Amortization increased ~~$6.1~~$1.5 million, or ~~22%~~6%, primarily due to higher gold and silver and ~~gold~~ ounces sold.

Expenses

General and administrative expenses ~~increased 4%~~decreased $1.0 million, or 10%, primarily due to ~~higher professional~~lower compensation and outside service costs.

Exploration expense ~~increased $6.1~~decreased $0.1 million, ~~due to the Company’s expansion of near-mine drilling~~or 3% driven by lower spending at ~~Palmarejo, Kensington and~~ Rochester and ~~regional~~Canadian exploration ~~focused on projects in Nevada and Chihuahua, Mexico.~~investment incentives earned at Silvertip.

Pre-development, reclamation, and other expenses ~~increased 77% due to additional work~~decreased $2.2 million, or 20%, stemming from lower costs incurred in connection with the Company’s COVID-19 health and safety protocols, lower ongoing carrying costs at ~~La Preciosa,~~ Silvertip ~~acquisition~~and lower operating costs at non-core asset locations.

The following table summarizes pre-development, reclamation, and ~~workforce reduction severance at San Bartolomé.~~other expenses:


	Three Months Ended				Increase (Decrease)		Percentage Change
In thousands	June 30, 2022		March 31, 2022
COVID-19	$	318	$	972	$	(654)	(67)	%
Silvertip ongoing carrying costs	4,754		6,159		(1,405)		(23)	%


Asset retirement accretion	3,529		3,463		66		2	%
Other	577		818		(241)		(29)	%
Pre-development, reclamation and other expense	$	9,178	$	11,412	$	(2,234)	(20)	%

Other Income and Expenses

~~In 2016, the Company incurred losses of $10.0 million on extinguishment of debt and non-cash fair~~Fair value adjustments, ~~related~~net, decreased to ~~the Palmarejo gold production royalty which was terminated~~a loss of $62.8 million compared to a gain of $10.6 million as a result of a decrease in the ~~third quarter~~value of ~~2016 and~~ the ~~Rochester royalty obligation which was terminated in~~Company’s equity investments. For additional details on the ~~second quarter of 2017.~~Company’s equity investments see Note 6 -- Investments.

Interest expense (net of capitalized interest of ~~$0.7~~$2.9 million) ~~decreased~~increased to ~~$3.6~~$5.2 million from ~~$8.1~~$4.6 million ~~primarily~~ due to higher interest paid under the RCF and finance lease obligations, and lower ~~debt levels and the lower 2024 Senior Notes interest rate.~~capitalized interest.

Other, net decreased ~~by $3.2~~to a gain of $0.3 million compared to a gain of $1.7 million primarily ~~due~~attributable to ~~lower gains on~~the $1.5 million gain from the sale of ~~non-core assets and investments.~~the La Preciosa project in the first quarter of 2022.

Income and Mining Taxes

During the ~~third~~second quarter of ~~2017, the Company reported estimated~~2022, income and mining tax expense of approximately ~~$14.2~~$11.5 million ~~resulting~~resulted in an effective tax rate of ~~(588.1%).~~17.4% for 2022. This compares to ~~estimated~~ income ~~and mining~~ tax ~~benefit~~expense of ~~$54.5~~$1.7 million for an effective tax rate of ~~(360.6%) during~~18.1% for the ~~third~~first quarter of ~~2016.~~2022. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rates; (v) the impact of uncertain tax positions; (vi) percentage depletion; (vii) the sale of non-core assets; and (viii) the non-recognition of tax assets. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

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

The Company’s effective income and mining tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. Favorable operating results at Palmarejo continued to contribute to higher income and mining tax expense. The three months ended September 30, 2016 benefited from a legal entity reorganization to integrate acquisitions that resulted in a valuation allowance release of $40.8 million and a $15.0 million deferred tax benefit related to unremitted earnings.


	Three Months Ended June 30,		Three months ended March 31,
		2022				2022
In thousands				Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States				$	(85,122)	$	(998)	$	(10,130)	$	(1,199)
Canada				(6,374)		(21)		(7,525)		—
Mexico				25,636		(10,483)		27,033		(495)
Other jurisdictions				(72)		—		(2)		—
				$	(65,932)	$	(11,502)	$	9,376	$	(1,694)

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of ~~risk~~ factors that ~~could~~ impact the Company’s ability to realize its deferred tax assets.

~~Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016~~ For additional information, please see “Item 1A - Risk Factors” in the 2021 10-K.

Net Income (Loss)

Net loss was ~~$8.9~~$77.4 million, ~~($0.05~~or $0.28 per ~~share)~~diluted share, compared to ~~Net~~net income of ~~$63.7~~$7.7 million, ~~($0.40~~or $0.03 per ~~share).~~diluted share. The decrease in ~~Net~~net income ~~is primarily due to a significant tax benefit realized in 2016, lower realized silver and gold prices, and higher all-in sustaining costs per silver equivalent ounce, partially offset~~ was driven by a ~~$21.1 million gain on the sale of the Joaquin project, less unfavorable fair value adjustments, lower interest expense and higher silver and gold production.~~

~~Revenue~~

~~Metal sales increased due to higher silver and gold production, and a reduction in metal inventory, partially offset by a 1% and 4%~~6% decrease in average realized silver prices, higher operating costs, unfavorable changes of $73.4 million and $9.8 million in the fair value of the Company’s equity investments and income tax expense, respectively, partially offset by a 13% and 4% increase in gold ~~prices,~~and silver ounces sold, respectively. ~~The Company~~Adjusted net loss was $13.1 million, or $0.05 per diluted share, compared to an adjusted net loss of $13.8 million, or $0.05 per share (see “Non-GAAP Financial Performance Measures”).

Six Months Ended June 30, 2022 compared to Six Months Ended June 30, 2021

Revenue

We sold ~~12.4~~159,997 gold ounces and 5.0 million silver ounces, ~~and 287,040~~compared to 171,613 gold ounces ~~compared to sales of 10.9~~and 5.0 million silver ounces. Revenue decreased by $24.4 million, or 6%, as a result of a 7% decrease in gold ounces sold and ~~251,023~~an 12% decrease in average realized silver prices, partially offset by a 4% increase in average realized gold ~~ounces.~~prices. The decrease in gold ounces sold was primarily due to lower grades at Kensington. Gold ~~contributed 62% of sales~~ and silver ~~contributed 38%~~accounted for ~~both periods. Royalty~~70% and 30% of 2022 sales revenue, ~~was lower due~~respectively. This compares to ~~the Company’s divestiture~~gold and silver accounting for 68% and 32% of ~~non-core royalty assets throughout 2016 and the first half of 2017. Metal~~2021 sales ~~from North American operations provided 89% of~~ revenue, ~~compared to 85%.~~respectively.

The following table summarizes consolidated metal sales:


	Six Months Ended				Increase (Decrease)		Percentage Change
In thousands	June 30, 2022		June 30, 2021
Gold sales	$	276,076	$	284,480	$	(8,404)	(3)	%
Silver sales	116,451		132,495		(16,044)		(12)	%


Metal sales	$	392,527	$	416,975	$	(24,448)	(6)	%

Costs Applicable to Sales

Costs applicable to sales increased $43.2 million, or 18%, primarily due to higher ~~silver~~operating costs partially due to inflationary pressures related to consumables, most notably higher diesel prices, and ~~gold ounces sold~~employee-related costs and ~~higher mining~~increased maintenance costs, lower of cost or net realizable value (“LCM”) adjustments at Rochester, and ~~processing costs.~~the $6.6 million favorable impact from foreign currency hedges in the comparable period of 2021. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization

Amortization ~~increased $13.6~~decreased $7.5 million, or ~~15%~~12%, primarily due to ~~higher silver and~~lower gold ounces ~~sold.~~sold and longer assumed mine life based on year-end mineral reserve growth.

Expenses

General and administrative expenses ~~increased 8%~~decreased $2.5 million, or 11%, primarily due to ~~higher~~lower compensation ~~severance and professional service~~ costs.

Exploration expense ~~increased $15.2~~decreased $11.4 million, ~~due to~~or 52% driven by lower planned investment across the ~~Company’s expansion of near-mine~~portfolio and Canadian exploration ~~drilling~~investment incentives earned at ~~Palmarejo, Kensington and Rochester as well as regional exploration with a focus on projects in Nevada and Chihuahua, Mexico.~~Silvertip.

Pre-development, reclamation, and other expenses ~~increased 29% to $16.9~~decreased $5.9 million, ~~due to additional work~~or 22%, stemming from lower costs incurred in connection with the Company’s COVID-19 health and safety protocols and lower ongoing carrying costs at ~~La Preciosa,~~ Silvertip, ~~acquisition costs~~partially offset by higher asset retirement accretion.

The following table summarizes pre-development, reclamation, and ~~workforce reduction severance at San Bartolomé.~~other expenses:


	Six Months Ended				Increase (Decrease)		Percentage Change
In thousands	June 30, 2022		June 30, 2021
COVID-19	$	1,290	$	5,319	$	(4,029)	(76)	%
Silvertip ongoing carrying costs	10,913		13,368		(2,455)		(18)	%


Asset retirement accretion	6,992		5,870		1,122		19	%
Other	1,395		1,893		(498)		(26)	%
Pre-development, reclamation and other expense	$	20,590	$	26,450	$	(5,860)	(22)	%

Other Income and Expenses

~~In 2017,~~During the first half of 2021, the Company incurred a ~~$9.3~~$9.2 million loss in connection with the ~~repurchase~~tender and redemption of the ~~2021 7.875%~~5.875% Senior Notes due 2024 (the “2024 Senior Notes”) concurrent with the completed offering of the ~~2024 5.875%~~2029 Senior ~~Notes compared to $10.0 million primarily related to the voluntary repayment of a term loan.~~Notes.

~~Non-cash fair~~Fair value adjustments, net, ~~were~~decreased to a loss of ~~$0.9~~$52.2 million compared to a ~~loss~~gain of ~~$13.2~~$33.4 million ~~primarily due to~~as a result of an decrease in the ~~termination~~value of the ~~Palmarejo gold production royalty in the third quarter of 2016 and the lesser impact of changes in future metal prices~~Company’s equity investments. For additional details on the ~~Rochester royalty obligation, which was repurchased and terminated in May 2017.~~Company’s equity investments see Note 6 -- Investments.

Interest expense (net of capitalized interest of ~~$1.8~~$6.0 million) decreased to ~~$10.9~~$9.7 million from ~~$30.1~~$10.0 million ~~primarily~~ due ~~lower debt levels and a lower~~to higher capitalized interest ~~rate on~~associated with the ~~2024~~POA 11 project at Rochester, partially offset by higher interest paid under the 2029 Senior Notes compared to the ~~2021~~2024 Senior ~~Notes.~~Notes, and higher interest paid under the RCF and finance lease obligations.

Other, net ~~increased by $22.6~~decreased to a gain of $2.1 million ~~primarily~~compared to $4.3 million due to ~~a $21.1 million gain~~lower gains on the sale of ~~the Joaquin project in Argentina and a $2.3 million gain on the repurchase of the Rochester royalty obligation.~~assets.

Income and Mining Taxes

During the first ~~three quarters~~half of ~~2017, the Company reported estimated~~2022, income and mining tax expense of approximately ~~$23.2~~$13.2 million ~~resulting~~resulted in an effective tax rate of ~~162.8%.~~23.3% for 2022. This compares to ~~estimated~~ income ~~and mining~~ tax ~~benefit~~expense of ~~$53.1~~$28.1 million for an effective tax rate of ~~(503.9%) during~~45.1% for 2021. The comparability of the ~~first nine months~~Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) the sale of ~~2016.~~non-core assets; (ii) the non-recognition of tax assets; (iii) variations in our income before income taxes; (iv) geographic distribution of that income; (v) mining taxes; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) percentage depletion. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

Nine months ended September 30,
2017 2016
In 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

The Company’s effective income and mining tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. During the first three quarters of the year, fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $7.2 million, predominately due to the strength of the Mexican Peso. Also, continued favorable operating results at Palmarejo contributed to higher income and mining tax expense. The first three quarters of 2016 benefited from a legal entity reorganization to integrate acquisitions that resulted in a valuation allowance release of $40.8 million and a $15.0 million deferred tax benefit related to unremitted earnings.


	Six months ended June 30,
		2022			2021
In thousands			Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States			$	(95,252)	$	(2,197)	$	21,116	$	(8,853)
Canada			(13,899)		(21)		(25,763)		—
Mexico			52,669		(10,978)		63,741		(19,273)
Other jurisdictions			(74)		—		3,238		—
			$	(56,556)	$	(13,196)	$	62,332	$	(28,126)

of ~~risk~~ factors that ~~could~~ impact the Company’s ability to realize its deferred tax assets.

~~2017 Outlook~~

~~Full-year 2017 production guidance remains unchanged from the revised guidance published~~ For additional information, please see “Item 1A - Risk Factors” in the ~~third~~2021 10-K.

Net Income (Loss)

Net loss was $69.8 million, or $0.26 per diluted share, compared to net income of $34.2 million, or $0.14 per diluted share. The decrease in net income was driven by unfavorable changes in the fair value of the Company’s equity investments, higher operating costs, a 7% decrease in gold ounces sold and an 12% decrease in average realized silver prices, partially offset by a 4% increase in average realized gold prices, a $9.2 million loss on debt extinguishment in the comparable period in 2021 and lower income and mining taxes. Adjusted net loss was $26.9 million, or $0.10 per diluted share, compared to adjusted net income of $13.1 million, or $0.05 per diluted share (see “Non-GAAP Financial Performance Measures”).

2022 Guidance

Production during the second quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2022 production ~~release on October 5, 2017, which reflected lower expected silver production at the San Bartolomé mine due to persistent drought conditions. Revised 2017~~guidance. Updated cost guidance ~~is shown~~reflects industry-wide inflationary pressures on consumables. Updated exploration guidance shows an increase in ~~the table below.~~exploration expense and capitalized exploration The increase in exploration investment reflects additional planned expansion and infill drilling at Silvertip, Palmarejo and Kensington.

~~2017~~2022 Production ~~Outlook~~

(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

~~2017 Cost Outlook~~

Guidance

~~(dollars in millions, except per ounce amounts)~~Gold

~~Previous Guidance~~

~~Revised Guidance~~Silver

~~CAS per AgEqOz~~¹ ~~– Palmarejo~~

~~$10.00 - $10.50~~

(oz)

(K oz)

~~CAS per AgEqOz~~¹ ~~– Rochester~~

Palmarejo

~~$11.50~~

100,000 - ~~$12.00~~110,000

~~$12.50~~

6,000 - ~~$13.00~~7,000

~~CAS per AgOz~~¹ ~~– San Bartolomé~~

Rochester

~~$15.75~~

35,000 - ~~$16.25~~43,000

~~$16.50~~

3,000 - ~~$17.00~~4,000

~~CAS per AuOz~~¹ – Kensington

~~$800~~

110,000 - ~~$850~~120,000

~~$850 - $900~~

—

~~CAS per AuEqOz~~¹ – Wharf

~~$700~~

70,000 - ~~$750~~80,000

~~$700 - $750~~

—

~~Capital Expenditures~~

~~$109 - $129~~

~~$120 - $140~~

~~General and Administrative Expenses~~

~~$28 - $32~~

~~Exploration Expense~~

~~$29 - $31~~

~~$32 - $36~~

~~AISC per AgEqOz~~¹

~~$15.75 - $16.25~~

~~$16.25 - $16.75~~


~~(1)~~Total			~~See~~ “~~Non-GAAP Financial Performance Measures.~~”						315,000 - 353,000						9,000 - 11,000

2022 Costs Applicable to Sales Guidance


	Previous		Updated
	Gold	Silver	Gold	Silver
	($/oz)	($/oz)	($/oz)	($/oz)
Palmarejo (co-product)	$750 - $850	$13.50 - $14.50	$825 - $925	$12.75 - $13.75
Rochester (co-product)	$1,490 - $1,590	$20.75 - $22.75	$1,650 - $1,850	$20.00 - $26.00
Kensington	$1,150 - $1,250		$1,300 - $1,400	—
Wharf (by-product)	$1,225 - $1,325		$1,250 - $1,350	—

2022 Capital, Exploration and G&A Guidance


	Previous	Updated
	($M)	($M)
Capital Expenditures, Sustaining	$115 - $140	$110 - $135
Capital Expenditures, Development	$205 - $250	$220 - $260
Exploration, Expensed	$18 - $23	$25 - $30
Exploration, Capitalized	$18 - $23	$22 - $27
General & Administrative Expenses	$42 - $46	$42 - $46

Note: The Company’s previous guidance figures assume estimated prices of $1,800/oz gold and $24.00/oz silver as well as CAD of 1.25 and MXN of 20.00. The Company’s updated guidance figures assume estimated prices of $1,800/oz gold and $22.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

Results of Operations

~~The Company produced 4.0~~Palmarejo


	Three Months Ended						Six Months Ended
	June 30, 2022			March 31, 2022			June 30, 2022			June 30, 2021
Tons milled	539,600			565,211			1,104,811			1,001,763
Average gold grade (oz/t)	0.054			0.056			0.055			0.060
Average silver grade (oz/t)	3.95			3.87			3.91			4.00
Average recovery rate – Au	92.4		%	90.6		%	91.5		%	94.0		%
Average recovery rate – Ag	84.2		%	83.0		%	83.6		%	81.6		%
Gold ounces produced	27,109			28,931			56,040			56,200
Silver ounces produced	1,795,050			1,812,530			3,607,580			3,269,819
Gold ounces sold	29,285			28,242			57,527			56,203
Silver ounces sold	1,854,695			1,796,028			3,650,723			3,277,315
CAS per gold ounce(1)	$	854		$	735		$	802		$	648
CAS per silver ounce(1)	$	12.96		$	12.51		$	12.64		$	12.04

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2022 compared to Three Months Ended March 31, 2022

Gold production decreased 6% as a result of lower mill throughput and gold grade, partially offset by higher recoveries as a result of blending optimization as well as enhancements in the flotation and solution management processes. Silver production decreased 1% as a result of lower mill throughput, partially offset by higher silver grade and recoveries as a result of blending optimization as well as a drawdown of in-circuit inventory. Metal sales were $86.0 million, ~~ounces~~or 42% of ~~silver and 93,293 ounces~~Coeur’s metal sales, compared with $83.1 million, or 44% of ~~gold in~~Coeur’s metal sales. Revenue for the three months ended ~~September~~June 30, ~~2017, compared~~2022 increased by $2.9 million or 3%, primarily due to ~~3.5 million ounces of silver and 84,871 ounces~~a higher volume of gold ~~in the three months ended September 30, 2016. Silver production~~ ~~increased~~ ~~11% due to higher mill throughput~~ and ~~higher grade at Palmarejo, partially offset by lower tons placed at Rochester and lower grade and mill throughput at San Bartolomé. Gold production~~ ~~increased~~ ~~10% due to higher mill throughput and grade at Palmarejo, partially offset by lower grades at Wharf.~~

~~The Company produced 11.9 million ounces of~~ silver and 264,330 ounces of gold in the nine months ended September 30, 2017, compared to 10.9 million ounces of silver and 255,669 ounces of gold in the nine months ended September 30, 2016. Silver production increased 8% due to higher mill throughput and grade at Palmarejo and timing of leach pad recoveries at Rochester, partially offset by lower mill throughput and grade at San Bartolomé and lower tons placed at Rochester. Gold production ~~increased~~ ~~3% due to higher mill throughput and grade Palmarejo, partially offset by lower grades at Kensington and Wharf.~~

Costs applicable to sales were $12.28 per silver equivalent ounce ($11.19 per average spot silver equivalent ounce) and $845 per gold equivalent ounce in the three months ended September 30, 2017 compared to $12.38 per silver equivalent ounce ($11.91 per average spot silver equivalent ounce) and $767 per gold equivalent ounce in the three months ended September 30, 2016. Costs applicable to sales per silver equivalent ounce remained comparable while costs applicable to sales per gold equivalent ounce increased~~10%in the three months ended September 30, 2017 due to lower grades and production at Kensington and Wharf.~~

Costs applicable to sales were $12.21 per silver equivalent ounce ($11.28 per average spot silver equivalent ounce) and $831 per gold equivalent ounce in the nine months ended September 30, 2017 compared to $11.79 per silver equivalent ounce ($11.02 per average spot silver equivalent ounce) and $716 per gold equivalent ounce in the nine months ended September 30, 2016. Costs applicable to sales per silver equivalent ounce increased 4% in the nine months ended September 30, 2017 due to higher mining and maintenance costs at Rochester and lower production at San Bartolomé. sales.Costs applicable to sales per gold ~~equivalent~~and silver ounce increased16%~~in the nine months ended September 30, 2017~~ and 4%, respectively, due to ~~lower grades~~the mix of gold and ~~production at Kensington~~silver sales, higher employee-related and ~~Wharf.~~

~~All-in sustaining~~consumable costs~~were $17.68 per silver equivalent ounce ($15.30 per average spot silver equivalent ounce) in the three months ended September 30, 2017, compared~~ largely due to $17.02 per silver equivalent ounce ($15.75 per average spot silver equivalent ounce) in the three months ended September 30, 2016. The 4% increase in all-in sustaining costs per silver equivalent ounce in 2017 was primarilyinflationary pressures. Amortization increased to $9.7 million due to higher ~~costs applicable~~ounces sold. Capital expenditures decreased to ~~sales~~$10.1 million reflecting delays in capital project advancements, partially offset by continued planned investment in underground development and ~~exploration expense,~~infill drilling.

Six Months Ended June 30, 2022 compared to Six Months Ended June 30, 2021

Gold production was in-line with the prior year as a result of higher mill throughput, partially offset by lower ~~sustaining capital.~~

~~All-in sustaining costs~~were $16.72 per silver equivalent ounce ($14.86 per average spot silver equivalent ounce) in the nine months ended September 30, 2017, compared to $16.03 per silver equivalent ounce ($14.17 per average spot silver equivalent ounce) in the nine months ended September 30, 2016. The 4% increase in all-in sustaining costs per silver equivalent ounce in 2017 was primarily due togold grade and recoveries. Silver production increased 10% as a result of higher ~~costs applicable to sales~~mill throughput and ~~exploration expense,~~recoveries, partially offset by lower ~~sustaining capital.~~

~~Palmarejo~~

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


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

~~Three Months Ended September 30, 2017 compared to Three Months Ended September 30, 2016~~

~~Silver equivalent production increased 89% due to higher mining rates from Guadalupe and Independencia and higher~~ silver ~~and gold~~ grade. Metal sales were ~~$60.7~~$169.0 million, or ~~34%~~44% of Coeur’s metal sales, compared with ~~$30.7~~$165.4 million, or 40% of Coeur’s metal sales. Revenue for the six months ended June 30, 2022 increased by $3.7 million or 2%, of which $10.6 million resulted from a higher volume of gold and silver sales was partially offset by a decrease of $6.9 million primarily due to lower average realized silver prices.Costs applicable to sales per gold and silver ounce increased 24% and 5%, respectively, due to the mix of gold and silver sales, higher employee-related, maintenance and consumable costs largely due to inflationary pressures, and the absence of the favorable impact of foreign currency hedges ($6.6 million) included in the prior year. Amortization increased to $19.1 million due to increased sales. Capital expenditures increased to $23.7 million from $19.8 million due to higher underground development, infill drilling activities and equipment purchases.

Rochester


	Three Months Ended				Six Months Ended
	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Tons placed	4,236,459		4,377,873		8,614,332		6,436,694
Average gold grade (oz/t)	0.003		0.003		0.003		0.003
Average silver grade (oz/t)	0.35		0.34		0.34		0.41
Gold ounces produced	8,319		6,066		14,385		14,136
Silver ounces produced	689,169		655,176		1,344,345		1,661,985
Gold ounces sold	8,071		5,928		13,999		14,752
Silver ounces sold	682,677		638,116		1,320,793		1,683,215
CAS per gold ounce(1)	$	2,351	$	2,287	$	2,308	$	1,557
CAS per silver ounce(1)	$	27.80	$	29.34	$	28.71	$	23.23

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2022 compared to Three Months Ended March 31, 2022

Gold and silver production increased 37% and 5%, respectively, largely due to increased placement rates from the first quarter. Metal sales were $30.5 million, or 15% of Coeur’s metal sales, compared with $26.4 million, or 14% of Coeur’s metal sales. Revenue for the three months ended June 30, 2022 increased by $4.1 million or 16%, of which $5.0 million was the result of a higher volume of gold and silver sales, partially offset by a $0.9 million decrease as a result of lower average realized silver prices. Costs applicable to sales per gold ounce increased 3% and decreased 5% per silver ounce due to the mix of gold and silver sales and higher maintenance and consumable costs partially due to inflationary pressures. Amortization increased to $5.0 million due to higher ounces sold. Capital expenditures increased to $47.0 million due to timing of payments related to the POA 11 expansion project.

Six Months Ended June 30, 2022 compared to Six Months Ended June 30, 2021

Gold production increased 2% while silver production decreased 19%, as a result of lower tons placed in prior year, lower silver grades and the timing of gold and silver recoveries. Metal sales were $56.9 million, or 14% of Coeur’s metal sales, compared with $70.8 million, or 17% of Coeur’s metal sales. Revenue for the six months ended June 30, 2022 decreased by $14.0 million or 20%, of which $9.8 million was the result of a lower volume of gold and silver sales and $4.2 million was the result of lower average realized silver prices, partially offset by higher average realized gold prices. Costs applicable to sales per gold and silver ounce increased 48% and 24%, respectively, due to the mix of gold and silver sales, higher maintenance and consumable costs partially due to inflationary pressures, and LCM adjustments. Amortization decreased ~~10%~~to $9.7 million due to lower ounces sold. Capital expenditures increased to $80.0 million from $72.4 million due to payments related to the POA 11 expansion project.

The Company also recently advanced detailed engineering on the pre-screens. Equipment procurement and construction contract development is well underway as Coeur continues working to align construction of the pre-screens with the completion of the new crusher. Final cost estimates related to pre-screens are expected in the third quarter.

The Company began installation of pre-screens on the existing crusher corridor on June 23 and commenced commissioning on July 22. Ramp-up of the pilot system as well as optimization of the product size placed under leach is scheduled to take place during the month of August. The experience and knowledge gained from utilizing pre-screens is expected to facilitate the integration of pre-screen technology into the new crusher system flowsheet for POA 11.

Kensington


	Three Months Ended						Six Months Ended
	June 30, 2022			March 31, 2022			June 30, 2022			June 30, 2021
Tons milled	175,722			165,968			341,690			338,669
Average gold grade (oz/t)	0.17			0.14			0.16			0.19
Average recovery rate	91.6		%	95.3		%	93.3		%	92.9		%
Gold ounces produced	27,866			22,646			50,512			59,003
Gold ounces sold	27,666			22,834			50,500			58,391
CAS per gold ounce(1)	$	1,412		$	1,606		$	1,500		$	1,038

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2022 compared to Three Months Ended March 31, 2022

Gold production increased 23% as a result of higher mill throughput and higher grade, partially offset by lower recoveries. Metal sales were $50.3 million, or 25% of Coeur’s metal sales, compared to $44.3 million, or 24% of Coeur’s metal sales. Revenue for the three months ended June 30, 2022 increased by $6.0 million or 13%, of which $8.8 million resulted from a higher volume of gold sales, partially offset by a decrease of $2.8 million due to lower average realized gold prices. Costs applicable to sales per gold ounce decreased 12% due to higher production, partially offset by higher consumable ~~costs.~~costs partially due to inflationary pressures. Amortization increased to ~~$16.4 million, primarily due to due to higher production from Guadalupe and Independencia. Capital expenditures decreased to $5.5 million due to lower underground development at Independencia.~~

~~Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016~~

Silver equivalent production increased 61% due to higher mining rates from Guadalupe and Independencia and higher silver and gold grade, partially offset by lower silver recovery. Metal sales were $191.6 million, or 34% of Coeur’s metal sales, compared with $108.7 million, or 22% of Coeur’s metal sales. Costs applicable to sales per ounce decreased 4% as a result of higher production. Amortization increased to $51.0 million compared to $27.8$9.4 million primarily due to higher ~~production from Guadalupe and Independencia.~~ounces sold. Capital expenditures ~~decreased~~was consistent quarter over quarter at $8.8 million compared to ~~$23.0 million due to lower underground development at Independencia.~~$8.0 million.

~~Rochester~~

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


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

~~Three~~Six Months Ended ~~September~~June 30, ~~2017~~2022 compared to ~~Three~~Six Months Ended ~~September~~June 30, ~~2016~~2021

~~Silver equivalent~~Gold production decreased ~~9% due to~~14% as a result of lower ~~tons placed, partially offset by~~grade and lower mill throughput resulting from the ~~timing~~impact of ~~silver recoveries.~~COVID-19 on workforce availability. Metal sales were ~~$31.2~~$94.6 million, or 18% of Coeur’s metal sales, compared with $37.9 million, or 22% of Coeur’s metal sales. Costs applicable to sales per silver equivalent ounce increased 19% due to lower production, higher waste tons mined as well as higher hauling and maintenance costs. Amortization decreased to $4.6 million compared to $5.2 million due to lower production. Capital expenditures increased to $9.7 million compared to $3.4 million due to the stage IV leach pad expansion and commissioning.

~~Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016~~

Silver equivalent production decreased 4% due to lower tons placed resulting from planned crusher maintenance and higher waste tons mined, partially offset by the timing of silver recoveries. Metal sales were $102.9 million, or 19% of Coeur’s metal sales, compared with $103.7 million, or 21% of Coeur’s metal sales. Costs applicable to sales per silver equivalent ounce increased 12% due to lower placed recoverable ounces, higher waste tons mined as well as higher hauling and maintenance costs. Amortization remained comparable at $15.3 million. Capital expenditures increased to $34.1 million compared to $10.6 million due to the stage IV leach pad expansion and commissioning.

~~Kensington~~

Three months ended September 30, Nine months ended September 30,
2017 2016 2017 2016
Tons 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


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

~~Three Months Ended September 30, 2017 compared to Three Months Ended September 30, 2016~~

~~Gold production increased 4% due to higher mill throughput, partially offset by lower grades mined. Metal sales were $36.6 million, or 21%~~24% of Coeur’s metal sales, compared to ~~$40.2~~$103.3 million, or ~~23%~~25% of Coeur’s metal sales. Revenue for the six months ended June 30, 2022 decreased by $8.7 million or 8%, of which $14.7 million resulted from lower volume of gold sales, partially offset by an increase of $6.0 million due to higher average realized gold prices. Costs applicable to sales per gold ounce ~~were 10%~~increased 45% due to lower production and higher employee-related, maintenance and consumable costs partially due to inflationary pressures. Amortization decreased to $18.0 million primarily due to lower ~~grade, higher maintenance costs and contract services. Amortization remained comparable at $7.9 million.~~ounces sold. Capital expenditures increased to ~~$10.1~~$16.8 million ~~compared to $8.6~~from $13.2 million due to higher ~~rates of~~infill drilling and underground ~~mine~~ development.

~~Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016~~

Gold production decreased 12% due to lower grades mined, partially offset by higher mill throughput. Metal sales were $110.1 million, or 20% of Coeur’s metal sales, compared to $112.4 million, or 22% of Coeur’s metal sales. Costs applicable to sales per ounce were 17% higher, primarily due to lower grade and higher contract services. Amortization was $25.4 million compared to $26.2 million due to lower production, partially offset by higher amortizable mining properties and equipment. Capital expenditures remained comparable at $24.3 million.

Wharf


	Three Months Ended				Six Months Ended
	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Tons placed	1,050,215		1,127,569		2,177,784		2,139,524
Average gold grade (oz/t)	0.015		0.025		0.020		0.031
Gold ounces produced	20,478		17,766		38,244		43,161
Silver ounces produced	11,967		11,736		23,703		58,732
Gold ounces sold	19,764		18,207		37,971		42,267
Silver ounces sold	5,828		16,138		21,966		57,876
CAS per gold ounce(1)	$	1,226	$	1,124	$	1,177	$	961

(1)See Non-GAAP Financial Performance Measures.

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


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

Three Months Ended ~~September~~June 30, ~~2017~~2022 compared to Three Months Ended ~~September 30, 2016~~March 31, 2022

Gold ~~equivalent~~ production ~~decreased 13%~~increased 15% driven by the timing of recoveries due to ~~fewer high-grade tons~~higher grades placed ~~from~~in the ~~Golden Reward deposit.~~first quarter. Metal sales were ~~$31.3~~$37.4 million, or 18% of Coeur’s metal sales, compared to ~~$39.3~~$34.7 million, or ~~22%~~18% of Coeur’s metal sales. Revenue for the three months ended June 30, 2022 increased by $2.7 million or 8%, of which $2.7 million resulted from a higher volume of gold sales. Costs applicable to sales per gold ~~equivalent~~ ounce increased 8%9% due to ~~lower production,~~higher consumable costs partially ~~offset by lower mining, crushing and processing costs.~~due to inflationary pressures. Amortization ~~was $3.2 million compared~~increased to ~~$6.5~~$2.2 million due to ~~lower production and~~ higher ~~life of mine reserves.~~ounces sold. Capital expenditures ~~increased to $3.1 million due to mining equipment purchases.~~were $0.5 million.

~~Nine~~Six Months Ended ~~September~~June 30, ~~2017~~2022 compared to ~~Nine~~Six Months Ended ~~September~~June 30, ~~2016~~2021

Gold ~~equivalent~~ production decreased ~~14% due to lower grade, partially offset~~11% driven by ~~higher tons placed.~~the timing of recoveries. Metal sales were ~~$88.6~~$72.1 million, or ~~16%~~18% of Coeur’s metal sales, compared to ~~$101.3~~$77.5 million, or ~~20%~~19% of Coeur’s metal sales. Revenue for the six months ended June 30, 2022 decreased by $5.4 million, of which $8.9 million was due to a lower volume of gold and silver sales, partially offset by an increase of $3.5 million due to higher average realized gold prices. Costs applicable to sales per gold ~~equivalent~~ ounce increased ~~13%~~22% due to ~~lower production~~higher equipment rental and ~~higher blasting and crushing costs.~~consumable costs partially due to inflationary pressures. Amortization ~~was $8.9 million compared~~decreased to ~~$15.6~~$4.3 million due to lower ~~production and higher life of mine reserves.~~ounces sold. Capital expenditures ~~increased to $5.5 million due to mining equipment purchases.~~were $1.8 million.

~~San Bartolomé~~Silvertip

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


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

~~Three~~Six Months Ended ~~September~~June 30, ~~2017~~2022

Silvertip suspended mining and processing activities, unrelated to COVID-19, in February 2020. Ongoing carrying and suspension costs are included in Pre-development, reclamation, and other.

Coeur continues to advance study work to assess the economics of a potential future expansion and restart of its high-grade Silvertip silver-zinc-lead development project in British Columbia, Canada. The Company’s objective remains to complete an evaluation by year end of higher throughput scenarios to reduce unit costs and to take advantage of Silvertip’s expanding, high-grade resource base.

Ongoing carrying costs at Silvertip totaled $10.9 million in the first half of 2022, compared to ~~Three Months Ended September 30, 2016~~

~~Silver production decreased 30% due~~$13.4 million in the prior year. Capital expenditures during the first half of 2022 totaled $17.6 million compared to ~~lower high-grade ore purchases and mill throughput~~$28.9 million in the prior year due to continued ~~drought conditions~~infill drilling and ~~lower third-party ore purchases. Silver sales were $16.0~~underground development. For 2022, capital expenditures are now expected to be approximately $28 - $36 million ~~or 9%of Coeur’s metal sales, compared with $27.5 million, or 16% of Coeur’s metal sales. Costs applicable to sales per ounce increased due to lower production~~(previously $18 - $24 million). The revised figures reflect increase underground development and ~~an inventory adjustment of $0.6 million. Amortization remained comparable at $1.4 million due to lower life of mine reserves. Capital expenditures decreased to $0.5 million.~~infill drilling.

~~Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016~~

Silver production decreased 18% due to lower high-grade ore purchases and mill throughput due to continued drought conditions and lower third-party ore purchases, partially offset by higher recoveries. Silver sales were $60.4 million, or 11%of Coeur’s metal sales, compared with $73.9 million, or 15% of Coeur’s metal sales. Costs applicable to sales per ounce increased due to lower production and inventory adjustments of $1.6 million. Amortization remained comparable at $5.1 million due to lower life of mine reserves. Capital expenditures decreased to $1.2 million.

~~Endeavor Silver Stream~~

Three months ended September 30, Nine months ended September 30,
2017 2016 2017 2016
Tons milled —
42,335
133,905
166,740
Silver ounces produced 2,413
56,066
107,026
204,097
Costs applicable to sales/oz⁽¹⁾
$ 4.86
$ 8.10
6.95
6.42


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

In July 2017, the Company sold the Endeavor silver stream and our remaining portfolio of royalties for total consideration of $13.0 million to Metalla Royalty & Streaming Ltd. Reported production and financial results include operations through May 2017, as the buyer is entitled to production and any associated sales subject to the stream agreement after June 1, 2017 under the terms of the sale agreement. Amounts presented for the three months ended September 30, 2017 relate to final adjustments for provisional sales.

~~Nine Months Ended September 30, 2017 compared to Nine Months Ended September 30, 2016~~

Silver production at Endeavor decreased due to lower grades. Costs applicable to sales per ounce increased due to the impact of higher silver prices on the Company’s silver price sharing agreement with the Endeavor mine operator. Amortization was $0.3 million compared to $0.9 million due to lower production and lower amortizable mining properties.

Liquidity and Capital Resources

At June 30, 2022, the Company had $75.6 million of cash, cash equivalents and restricted cash and $244.5 million available under the RCF. Cash and cash equivalents increased $17.5 million in the six months ended June 30, 2022, due to the net proceeds of $98.3 million from the sale of 22.1 million shares of its common stock, net proceeds of $15.3 million received from the sale of the La Preciosa project, and a 13% and 4% increase in gold and silver ounces sold, respectively, partially offset by a 6% decrease in average realized silver prices, higher operating costs and capital expenditures related to POA 11 at Rochester.

In March 2022, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “Equity Offering”). The Company sold a total of 22,053,275 shares of common stock in the Equity Offering at an average price of $4.53 per share, raising net proceeds (after sales commissions) of $98.3 million.

On May 2, 2022, the Company entered into an amendment (the “Amendment”) to the RCF to, among other things, increase the maximum principal amount of the RCF by $90.0 million in incremental loans and commitments to an aggregate of $390.0 million. At June 30, 2022, the Company had $115.0 million drawn and $30.0 million in outstanding letters of credit under the RCF. The Company also holds $99.1 million of equity securities including a 17.8% interest in Victoria Gold Corporation (“Victoria Gold”). On June 28, 2022, the Company entered into an agreement to sell 5,000,000 shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $8.34 per Victoria Gold Common Share, which settled on July 5, 2022 for net proceeds of $40.5 million. Following the sale, the Company holds a 9.4% interest in Victoria Gold.

The Company had outstanding forward contracts on 221,000 ounces of gold at June 30, 2022 that settle monthly through December 2023. The Company is targeting to hedge up to 70% of expected gold production in 2022, 50% of expected gold production for the first half of 2023 and 25% of expected gold production for the second half of 2023 in order to protect cash flow during a period of elevated capital expenditures, and may in the future layer on additional hedges as circumstances warrant. The weighted average fixed price on the forward contracts is $1,974 per ounce of gold.

We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer-term. We expect to use a combination of cash provided by operating activities, borrowings under our RCF and additional finance leases to fund near term capital requirements, including those described in this Report for POA 11 and in our 2022 capital expenditure guidance. We also have additional potential sources of funding including proceeds from potential asset sales, and the monetization of our equity investments, including our remaining common shares of Victoria Gold. Our longer-term plans contemplate the expansion and restart of Silvertip, as well as the continued exploration and potential development of our other projects, such as Crown/Sterling and the Lincoln Hill area adjacent to Rochester.

We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under Item 1A – Risk Factors in the 2021 10-K and part II, Item 1A of this report.

Cash Provided by (Used in) Operating Activities

Net cash provided by operating activities for the three ~~and nine~~ months ended ~~September~~June 30, ~~2017~~2022 was ~~$29.4~~$22.6 million, ~~and $114.0 million, respectively,~~ compared to net cash used in operating activities of $6.4 million for the three months ended March 31, 2022. Net cash provided by operating activities ~~of $47.8~~for the six months ended June 30, 2022 was $16.2 million, ~~and $100.4~~compared to $53.7 million ~~respectively,~~for the six months ended June 30, 2021. Adjusted EBITDA for the three ~~and nine~~ months ended ~~September~~June 30, ~~2016, and~~2022 was $43.3 million, compared to $41.5 million for the three months ended March 31, 2022. Adjusted EBITDA for the six months ended June 30, 2022 was $77.3 million, compared to $118.6 million for the six months ended June 30, 2021 (see “Non-GAAP Financial Performance Measures”). Net cash provided by (used in) operating activities was impacted by the following key ~~factors:~~factors for the applicable periods:


	Three Months Ended				Six Months Ended
In thousands	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Cash flow before changes in operating assets and liabilities	$	29,773	$	23,779	$	53,552	$	73,022
Changes in operating assets and liabilities:
Receivables	(4,882)		9,100		4,218		1,960
Prepaid expenses and other	3,523		(509)		3,014		673
Inventories	(11,263)		(17,672)		(28,935)		(14,227)
Accounts payable and accrued liabilities	5,493		(21,125)		(15,632)		(7,728)
Cash provided by (used in) operating activities	$	22,644	$	(6,427)	$	16,217	$	53,700

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


~~(1)~~	~~See Non-GAAP Financial Performance Measures.~~

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

~~Cash~~Net cash provided by operating activities ~~decreased $18.4~~increased $29.1 million for the three months ended ~~September~~June 30, ~~2017~~2022 compared to the three months ended ~~September 30, 2016 due to~~March 31, 2022, primarily as a result of a 13% and 4% increase in gold and silver ounces sold, respectively, mining and income taxes paid at Palmarejo in the first quarter of 2022, lower ~~average realized prices~~exploration costs and ~~higher~~lower Silvertip ongoing carrying costs, ~~applicable to sales per consolidated silver equivalent ounce,~~ partially offset by ~~higher~~a 6% decrease in average realized silver ~~equivalent ounces sold~~prices and ~~favorable working capital adjustments. Metal sales~~timing of VAT collections at Palmarejo. Revenue for the three months ended ~~September~~June 30, ~~2017 decreased $0.4~~2022 compared to the three months ended March 31, 2022 increased by $15.7 million, ~~with $15.7~~of which $18.6 million was due to higher volume of gold and silver sales, partially offset by a decrease of $2.9 million due to lower average realized ~~prices mostly offset by $15.3 million due to higher~~ silver equivalent ounces sold. The $8.2 million working capital decrease in the three months ended September 30, 2017 was primarily due to an increase in accounts payable partially offset by an increase in inventories and prepaid assets, compared to the $10.3 million working capital increase in the three months ended September 30, 2016 primarily due to an increase on ore on leach pads and timing of payments, partially offset by lower trade receivables.prices.

~~Cash~~Net cash provided by operating activities ~~increased $13.6~~decreased $37.5 million for the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2022 compared to the ~~nine~~six months ended ~~September~~June 30, ~~2016~~2021, primarily due to ~~higher silver equivalent~~lower gold ounces sold (7%), a 12% decrease in average realized silver prices, and ~~favorable working capital adjustments,~~higher operating costs, partially offset by ~~higher costs applicable to sales per consolidated silver equivalent ounce and lower~~a 4% increase in average realized ~~prices. Metal sales~~gold prices, lower exploration costs, lower Silvertip ongoing carrying costs, and timing of VAT collections at Palmarejo. Revenue for the ~~nine~~six months ended ~~September~~June 30, ~~2017 increased $52.2~~2022 compared to the six months ended June 30, 2021 decreased by $24.4 million, ~~with $68.5~~of which $20.6 million was due to ~~higher~~lower volume of gold and silver ~~equivalent ounces sold, partially offset by $16.2~~sales and $3.8 million was due to lower average realized silver prices. ~~The $21.6 million working capital decrease in the nine months ended September 30, 2017 was primarily due to the reduction in precious metal inventory and~~

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

Cash Used in Investing Activities

Net cash used in investing activities in the three months ended ~~September~~June 30, ~~2017~~2022 was ~~$37.4~~$72.5 million compared to ~~$18.1~~$54.1 million in the three months ended ~~September 30, 2016,~~March 31, 2022. Cash used in investing activities increased primarily due to the ~~purchase~~timing of ~~strategic equity investments,~~payments related to POA 11 construction activities at Rochester and ~~higher capital expenditures, partially offset by non-core asset sales.~~the impact of the receipt of net proceeds of $15.3 million from the sale of the La Preciosa project in the first quarter of 2022. The Company ~~had~~incurred capital expenditures of ~~$29.5~~$73.2 million in the three months ended ~~September~~June 30, ~~2017~~2022 compared with ~~$25.6~~$69.5 million in the three months ended ~~September 30, 2016. Capital expenditures in the three months ended September 30, 2017 were~~March 31, 2022 primarily related to POA 11 construction activities at Rochester and underground development at Palmarejo and Kensington ~~capitalized conversion drilling, and the Stage IV leach pad expansion and commissioning at Rochester. Capital expenditures~~ in ~~the three months ended September 30, 2016 were primarily related to underground development at Palmarejo and Kensington.~~both periods.

Net cash used in investing activities in the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2022 was ~~$84.1~~$126.7 million compared to ~~$53.7~~$132.1 million in the ~~nine~~six months ended ~~September~~June 30, ~~2016,~~2021. Cash used in investing activities decreased primarily due to ~~higher capital expenditures and~~ the ~~purchase~~receipt of ~~strategic equity investments, partially offset by the~~net proceeds of $15.3 million from the sale of the ~~Joaquin project.~~La Preciosa project in the first quarter of 2022, partially offset by construction activities related to POA 11 at Rochester. The Company ~~had~~incurred capital expenditures of ~~$90.9~~$142.7 million in the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2022 compared with ~~$71.1~~$137.6 million in the ~~nine~~six months ended ~~September~~June 30, ~~2016.~~2021. Capital expenditures in the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2022 were primarily related to POA 11 construction activities at Rochester and underground development at Palmarejo and ~~Kensington, capitalized conversion drilling, and the Stage IV leach pad expansion and commissioning at Rochester.~~Kensington. Capital expenditures in the ~~nine~~six months ended ~~September~~June 30, ~~2016~~2021 were primarily related to POA 11 construction activities at Rochester, potential expansion expenditures at Silvertip and underground development at Palmarejo and Kensington.

The Company is experiencing inflationary pressures, specifically with respect to building materials and fuel as well as overall tightness in the construction market related to capital projects, most notably the POA 11 project at Rochester, and to operating costs company-wide.

Cash Provided by ~~(Used in)~~ Financing Activities

Net cash used in financing activities in the three months ended September 30, 2017 was $5.6 million compared to $64.9 million in the three months ended September 30, 2016, primarily due to issuance costs incurred in connection with the Revolving Credit Facility. During the three months ended September 30, 2016, the Company repaid the Term Loan, partially offset by net proceeds from the settlement of sales of shares of its common stock. In addition, the Company made payments of $7.6 million under the Palmarejo gold production royalty obligation that terminated in July 2016. Coeur Mexicana now sells 50% of Palmarejo gold production (excluding production from Independencia Este, acquired in the 2015 Paramount transaction) for the lesser of $800 or spot price per ounce under a gold stream agreement.

Net cash provided by financing activities in the ~~nine~~three months ended ~~September~~June 30, ~~2017~~2022 was ~~$43.5~~$50.7 million compared to ~~net cash used in financing activities of $24.8~~$76.7 million in the ~~nine~~three months ended ~~September 30, 2016.~~March 31, 2022. During the ~~nine~~three months ended ~~September~~June 30, ~~2017,~~2022, the Company drew $60.0 million, net, from the RCF. During the three months ended March 31, 2022, the Company received net proceeds of ~~approximately $245.0~~$98.3 million from the sale of 22.1 million shares of its common stock in the Equity Offering, partially offset by the net repayment of $10.0 million under the RCF.

Net cash provided by financing activities in the six months ended June 30, 2022 was $127.5 million compared to $109.8 million in the six months ended June 30, 2021. During the six months ended June 30, 2022, the Company borrowed $155.0 million and repaid $105.0 million under the RCF, and received net proceeds of $98.3 million from the sale of 22.1 million shares of its common stock in the Equity Offering. During the six months ended June 30, 2021, the Company received net proceeds of $367.5 million from the issuance of the ~~2024~~2029 Senior Notes, partially offset by the repurchase of the 2021 Senior Notes for $185.5 million, including premiums. Payments of $27.2 million were made in 2016 under the Palmarejo gold production royalty that terminated in July 2016. Coeur Mexicana now sells 50% of Palmarejo gold production (excluding production from Independencia Este, acquired in 2015 Paramount transaction) for the lesser of $800 or spot price per ounce under a gold stream agreement.

~~In September 2017, the Company, as borrower,~~tender and certain subsidiaries of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, Chicago Branch, and the Bank of Nova Scotia. The Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which may be increased by up to $50.0 million in incremental loans and commitments subject to the terms of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period.

The Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines, as well as a pledge of the shares of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement also contains financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the Credit Agreement may be accelerated upon the occurrence of certain customary events of default At September 30, 2017, the Company had $200.0 million available under the Facility with no amounts drawn. Issuance costs of $1.8 million were recorded as prepaid costs and will be amortized over the term of the Facility. On October 12, 2017, the Company drew $100.0 million from the Facility at a rate of 3.5% based on the 1-month LIBOR rate plus a margin of 2.25%.

Critical Accounting Policies and Accounting Developments

See Note 2 - Summary of registered 2024 Senior Notes for privately-placed 2024 Senior Notes which was completed on September 12, 2017. The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance. Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2017. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. At any time prior to June 1, 2020, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the 2024 Senior Notes on or after June 1, 2020, at redemption prices set forthSignificant Accounting Policies contained in the ~~Indenture, together with accrued~~2021 10-K and ~~unpaid interest. At any time prior to June 1, 2020, the Company may use the proceeds~~Note 2 - Summary of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, including any permitted additional 2024 Senior Notes, at a redemption price equal to 105.875% of the principal amount. The Indenture contains covenants that, among other things, limitSignificant Accounting Policies contained in this Report for the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loanscritical accounting policies and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type.estimates.

Other Liquidity Matters

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

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

~~Critical Accounting Policies and Accounting Developments~~

~~Please see Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES contained in the Company’s Form~~

10-K for the year ended December 31, 2016 (the “2016 10-K”) for the Company’s critical accounting policies and estimates. Those critical accounting policies and estimates have been supplemented and updated in this Form 10-Q.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income (loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and ~~are~~is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income (loss) is reconciled to Net income (loss) in the ~~table below:~~following table:


	Three Months Ended				Six Months Ended
In thousands except per share amounts	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Net income (loss)	$	(77,434)	$	7,682	$	(69,752)	$	34,206
Fair value adjustments, net	62,811		(10,605)		52,205		(33,440)
Foreign exchange loss (gain)	513		990		1,503		1,461
(Gain) loss on sale of assets and securities	(621)		(1,831)		(2,452)		(4,674)


Loss on debt extinguishment	—		—		—		9,172






COVID-19 costs	318		972		1,290		5,319

Interest income on notes receivables	(179)		—		(179)		—
Tax effect of adjustments(1)	1,488		(10,990)		(9,502)		1,056
Adjusted net income (loss)	$	(13,104)	$	(13,782)	$	(26,887)	$	13,100

Adjusted net income (loss) per share - Basic	$	(0.05)	$	(0.05)	$	(0.10)	$	0.05
Adjusted net income (loss) per share - Diluted	$	(0.05)	$	(0.05)	$	(0.10)	$	0.05

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

~~(1)~~

For the three months ended September 30, 2017, tax effect of adjustments of $(1.0) million (112.9%) is primarily related to deferred taxes on the Metalla transaction. For the three months ended September 30, 2016, tax effect of adjustments of $(38) thousand (0.5%) is primarily related to the tax gain on the sale of an asset, partially offset by losses on other asset sales where no tax benefit was recognized and tax benefit from fair value adjustment.

(1) For the ~~nine~~three months ended ~~September~~June 30, ~~2017,~~2022, tax effect of adjustments of ~~$0.8~~-$1.5 million ~~(-7.8%~~(2%) is primarily related to ~~a taxable gain~~the to the fair value adjustments on the ~~sale of the Joaquin project and deferred taxes on the Metalla transaction.~~Company’s equity investments. For the ~~nine~~three months ended ~~September 30, 2016,~~March 31, 2022, tax effect of adjustments of ~~$2.6~~$11.0 million ~~(-12.3%~~(96%) is primarily related to ~~a taxable gain on~~the de-recognition of deferred tax liabilities related to the sale of ~~assets~~La Preciosa. For the six months ended June 30, 2022, tax effect of adjustments of $9.5 million (-19%) is primarily related to the de-recognition of deferred tax liabilities related to the sale of La Preciosa and the ~~tax valuation allowance impact from an asset write-down, partially offset by tax benefit from~~ fair value ~~adjustments.~~adjustments on the Company’s equity investments. For the six months ended June 30, 2021, tax effect of adjustments of $1.1 million (-3%) are primarily related to the fair value adjustments on the Company’s equity investments.

EBITDA and Adjusted EBITDA

Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is a measure used in indenture governing the ~~Indenture~~2029 Senior Notes and the ~~Facility~~RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP.Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the ~~table below:~~following table:


	Three months ended September 30,						Nine months ended September 30,							Three Months Ended				Six Months Ended
In thousands except per share amounts	2017			2016			2017			2016			In thousands except per share amounts	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Net income (loss)	$	(16,652	)	$	69,557		$	(8,944	)	$	63,660		Net income (loss)	$	(77,434)	$	7,682	$	(69,752)	$	34,206

Interest expense, net of capitalized interest	3,606			8,068			10,941			30,063			Interest expense, net of capitalized interest	5,170		4,568		9,738		10,003
Income tax provision (benefit)	14,232			(54,455		)	23,180			(53,118		)	Income tax provision (benefit)	11,502		1,694		13,196		28,126
Amortization	33,830			27,763			106,880			93,232			Amortization	27,965		26,433		54,398		61,910
EBITDA	35,016			50,933			132,057			133,837			EBITDA	(32,797)		40,377		7,580		134,245
Fair value adjustments, net	—			961			864			13,235			Fair value adjustments, net	62,810		(10,605)		52,205		(33,440)
Impairment of equity and debt securities	—			—			425			20
Foreign exchange (gain) loss	(229		)	1,466			(2,577		)	7,286			Foreign exchange (gain) loss	507		559		1,065		1,272
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	3,529		3,463		6,992		5,870
Inventory adjustments and write-downs	1,302			4,665			1,703			6,528			Inventory adjustments and write-downs	9,763		8,592		10,760		839
Write-downs	—			—			—			4,446
(Gain) loss on sale of assets and securities													(Gain) loss on sale of assets and securities	(621)		(1,831)		(2,452)		(4,674)

Loss on debt extinguishment													Loss on debt extinguishment	—		—		—		9,172

COVID-19 costs													COVID-19 costs	318		972		1,290		5,319

Interest income on notes receivables													Interest income on notes receivables	(179)		—		(179)		—
Adjusted EBITDA	$	39,477		$	62,725		$	128,125		$	171,137		Adjusted EBITDA	$	43,330	$	41,527	$	77,261	$	118,603

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.


	Three Months Ended						Six Months Ended
(Dollars in thousands)	June 30, 2022				March 31, 2022		June 30, 2022		June 30, 2021
Cash flow from operations	$	22,644			$	(6,427)	$	16,217	$	53,700
Capital expenditures	73,156				69,502		142,658		137,647
Free cash flow	$	(50,512)	$	42,224	$	(75,929)	$	(126,441)	$	(83,947)

Operating Cash Flow Before Changes in Working Capital

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

The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.


	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
Cash provided by (used in) operating activities	$	22,644	$	(6,427)	$	16,217	$	53,700
Changes in operating assets and liabilities:
Receivables	4,882		(9,100)		(4,218)		(1,960)
Prepaid expenses and other	(3,523)		509		(3,014)		(673)
Inventories	11,263		17,672		28,935		14,227
Accounts payable and accrued liabilities	(5,493)		21,125		15,632		7,728
Operating cash flow before changes in working capital	$	29,773	$	23,779	$	53,552	$	73,022

Costs Applicable to Sales ~~and All-in Sustaining Costs~~

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

Three Months Ended ~~September~~June 30, ~~2017~~2022


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)	$	58,800	$	42,914	$	48,680	$	26,600	$	1,259	$	178,253
Amortization	(9,737)		(4,961)		(9,369)		(2,248)		(1,259)		(27,574)
Costs applicable to sales	$	49,063	$	37,953	$	39,311	$	24,352	$	—	$	150,679

Metal Sales
Gold ounces	29,285		8,071		27,666		19,764				84,786
Silver ounces	1,854,695		682,677		—		5,828		—		2,543,200
Zinc pounds									—		—
Lead pounds									—		—







Costs applicable to sales
Gold ($/oz)	$	854	$	2,351	$	1,412	$	1,226
Silver ($/oz)	$	12.96	$	27.80					$	—
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


~~(1)~~	~~Excludes development capital for Jualin, Guadalupe South Portal and Rochester expansion permitting.~~

Three Months Ended ~~September 30, 2016~~March 31, 2022


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
In thousands except per ounce amounts Palmarejo Rochester San Bartolomé Endeavor Total Kensington Wharf Total Total
Costs applicable to sales, including amortization (U.S. GAAP) $ 21,794
$ 27,027
$ 22,536
$ 486
$ 71,843
$ 34,755
$ 26,158
$ 60,913
$ 132,756
Amortization 5,761
5,244
1,723
113
12,841
8,046
6,461
14,507
27,348
Costs applicable to sales $ 16,033
$ 21,783
$ 20,813
$ 373
$ 59,002
$ 26,709
$ 19,697
$ 46,406
$ 105,408
Silver equivalent ounces sold 1,462,401
1,868,085
1,390,552
46,069
4,767,107
8,397,467
Gold equivalent ounces sold 30,998
29,508
60,506

Costs applicable to sales per ounce $ 10.96
$ 11.66
$ 14.97
$ 8.10
$ 12.38
$ 862
$ 668
$ 767
$ 12.55

Costs applicable to sales per average spot ounce $ 10.29
$ 11.11
$ 11.91
$ 11.62

Costs applicable to sales $ 105,408
Treatment and refining costs 761
Sustaining capital⁽¹⁾
19,762
General and administrative 7,113
Exploration 3,706
Reclamation 4,036
Project/pre-development costs 2,133
All-in sustaining costs $ 142,919
Silver equivalent ounces sold 4,767,107
Kensington and Wharf silver equivalent ounces sold 3,630,360
Consolidated silver equivalent ounces sold 8,397,467
All-in sustaining costs per silver equivalent ounce $ 17.02

Consolidated silver equivalent ounces sold (average spot) 9,074,222
All-in sustaining costs per average spot silver equivalent ounce $ 15.75


~~(1)~~	~~Excludes development capital for Jualin, Guadalupe, Independencia and Rochester crushing capacity expansion.~~

~~Nine~~Six Months Ended ~~September~~June 30, ~~2017~~2022


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)	$	111,411	$	79,899	$	94,212	$	49,518	$	2,518	$	337,558
Amortization	(19,123)		(9,671)		(17,991)		(4,309)		(2,518)		(53,612)
Costs applicable to sales	$	92,288	$	70,228	$	76,221	$	45,209	$	—	$	283,946

Metal Sales
Gold ounces	57,527		13,999		50,500		37,971				159,997
Silver ounces	3,650,723		1,320,793		—		21,966		—		4,993,482
Zinc pounds									—		—
Lead pounds									—		—







Costs applicable to sales
Gold ($/oz)	$	802	$	2,308	$	1,500	$	1,177
Silver ($/oz)	$	12.64	$	28.71					$	—
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


~~(1)~~	~~Excludes development capital for Jualin, Guadalupe South Portal and Rochester expansion permitting.~~

~~Nine~~Six Months Ended ~~September~~June 30, ~~2016~~2021


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)	$	93,236	$	72,147	$	86,752	$	47,644	$	2,271	$	302,050
Amortization	(17,330)		(10,083)		(26,155)		(5,469)		(2,271)		(61,308)
Costs applicable to sales	$	75,906	$	62,064	$	60,597	$	42,175	$	—	$	240,742

Metal Sales
Gold ounces	56,203		14,752		58,391		42,267				171,613
Silver ounces	3,277,315		1,683,215				57,876		—		5,018,406
Zinc pounds									—		—
Lead pounds									—		—







Costs applicable to sales
Gold ($/oz)	$	648	$	1,557	$	1,038	$	961
Silver ($/oz)	$	12.04	$	23.23					$	—
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) $ 87,751
$ 81,983
$ 62,285
$ 1,806
$ 233,825
$ 99,941
$ 65,140
$ 165,081
$ 398,906
Amortization 27,815
15,994
5,330
496
49,635
26,203
15,640
41,843
91,478
Costs applicable to sales $ 59,936
$ 65,989
$ 56,955
$ 1,310
$ 184,190
$ 73,738
$ 49,500
$ 123,238
$ 307,428
Silver equivalent ounces sold 5,667,133
5,559,347
4,193,397
204,174
15,624,051
25,958,451
Gold equivalent ounces sold 92,824
79,416
172,240

Costs applicable to sales per ounce $ 10.58

$ 11.87

$ 13.58

$ 6.42

$ 11.79
$ 794

$ 623

$ 716
$ 11.84

Costs applicable to sales per average spot ounce $ 9.58
$ 10.90

$ 11.02
$ 10.47

Costs applicable to sales $ 307,428
Treatment and refining costs 3,047
Sustaining capital⁽¹⁾
57,491
General and administrative 22,789
Exploration 7,669
Reclamation 11,967
Project/pre-development costs 5,789
All-in sustaining costs $ 416,180
Silver equivalent ounces sold 15,624,051
Kensington and Wharf silver equivalent ounces sold 10,334,400
Consolidated silver equivalent ounces sold 25,958,451
All-in sustaining costs per silver equivalent ounce $ 16.03

Consolidated silver equivalent ounces sold (average spot) 29,370,501
All-in sustaining costs per average spot silver equivalent ounce $ 14.17


~~(1)~~	~~Excludes development capital for Jualin, Guadalupe, Independencia and Rochester crushing capacity expansion.~~

Reconciliation of ~~All-in Sustaining~~ Costs ~~per Silver Equivalent Ounce~~Applicable to Sales for ~~Revised 2017~~2022 Guidance

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


In thousands (except metal sales, per ounce or per pound amounts)	Palmarejo		Rochester		Kensington		Wharf
Costs applicable to sales, including amortization (U.S. GAAP)	$	219,862	$	165,031	$	191,055	$	109,179
Amortization	(35,687)		(22,218)		(39,051)		(7,811)
Costs applicable to sales	$	184,175	$	142,813	$	152,004	$	101,368
By-product credit	—		—		—		(745)
Adjusted costs applicable to sales	$	184,175	$	142,813	$	152,004	$	100,623

Metal Sales
Gold ounces	107,034		37,072		113,890		78,757
Silver ounces	6,831,642		3,257,498				32,199



Revenue Split
Gold	51%		47%		100%		100%
Silver	49%		53%



Adjusted costs applicable to sales
Gold ($/oz)	$825 - $925		$1,650 - $1,850		$1,300 - $1,400		$1,250 - $1,350
Silver ($/oz)	$12.75 - $13.75		$20.00 - $26.00

Reconciliation of ~~All-in Sustaining~~ Costs ~~per Silver Equivalent Ounce~~Applicable to Sales for Previous ~~2017~~2022 Guidance


In thousands (except metal sales, per ounce or per pound amounts)	Palmarejo		Rochester		Kensington		Wharf
Costs applicable to sales, including amortization (U.S. GAAP)	$	211,800	$	148,540	$	185,494	$	106,175
Amortization	(34,183)		(20,094)		(48,763)		(8,378)
Costs applicable to sales	$	177,617	$	128,446	$	136,731	$	97,797
By-product credit	—		—		—		(1,802)
Adjusted costs applicable to sales	$	177,617	$	128,446	$	136,731	$	95,995

Metal Sales
Gold ounces	105,255		38,912		116,502		75,261
Silver ounces	6,501,289		3,405,155				75,093



Revenue Split
Gold	49%		46%		100%		100%
Silver	51%		54%



Adjusted costs applicable to sales
Gold ($/oz)	$750 - $850		$1,490 - $1,590		$1,150 - $1,250		$1,225 - $1,325
Silver ($/oz)	$13.50 - $14.50		$20.75 - $22.75

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

Cautionary Statement Concerning Forward-Looking Statements

This report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations at the Company’s properties, exploration and development efforts, strategies, ~~to produce long-term cash flow, provide opportunities for growth through continued exploration, generate superior~~expectations regarding the Rochester POA 11 expansion project, the Silvertip mine's potential expansion and ~~sustainable returns for stockholders, maximize net cash flow, reduce operating and non-operating costs, demonstrate consistent capital discipline, efficiently manage working capital, and statements~~restart, inflation, expectations regarding ~~tax positions,~~ the ~~anticipated results~~consideration received from the sale of the ~~Silvertip acquisition,~~La Preciosa project, hedging strategies, realization of deferred tax assets, expectations about the recovery of VAT in Mexico, timing of completion of obligations under the Amended Sales Contract at Kensington, liquidity management, financing plans, risk management strategies, capital allocation and anticipated production, costs, and ~~expenses, drought conditions in Bolivia, efforts to mitigate risks associated with gold and silver price and foreign currency fluctuations and the adequacy of liquidity and capital resources.~~expenses. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in ~~the~~Part II, Item 1A of this Report and in “Risk Factors” section of the ~~2016~~2021 10-K, ~~in this Report and in the Company’s Quarterly Report on Form 10-Q filed on July 27, 2017,~~ and the risks ~~and uncertainties discussed~~set forth in this MD&A ~~(ii) the risk that the anticipated results~~and Item 3 of ~~the Silvertip acquisition are not realized, (iii)~~this report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), ~~(iv)~~(iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, ~~including any resulting impact on cash flows, (v)~~(iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions and grade and recovery variability, ~~(vi)~~(v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), ~~(vii)~~(vi) the uncertainties inherent in the estimation of ~~gold and silver~~mineral reserves and ~~mineralized material, (viii)~~resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, ~~(ix)~~(viii) the loss of access to any third-party smelter to ~~which~~whom the Company markets ~~silver~~its production, (ix) the potential effects of the COVID-19 pandemic, including impacts to workforce, equipment and ~~gold,~~materials availability, inflationary pressures, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production, (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, ~~(xii) the political risks~~ and ~~uncertainties associated with operations in Bolivia; and (xiii)~~(xii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 1113 -- Derivative Financial Instruments in the notes to the ~~condensed consolidated financial statements.~~Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements. Actual results and actions could differ materially from those discussed below.

Gold, Silver, Zinc and ~~Silver Price~~Lead Prices

Gold, silver, zinc and ~~silver~~lead prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold, silver, zinc and ~~silver.~~lead.

~~Gold and Silver~~

Hedging

To mitigate the risks associated with ~~gold and silver~~metal price fluctuations, the Company may enter into option contracts to hedge future production. The Company had no outstanding forward contracts on 221,000 ounces of gold at June 30, 2022 that settle monthly through December 2023. The Company is targeting to hedge up to 70% of expected gold production through 2022, 50% of expected gold production for the first half of 2023 and ~~silver option~~25% of expected gold production for the second half of 2023 in order to protect cash flow during a period of elevated capital expenditures, and may in the future layer on additional hedges as circumstances warrant. The weighted average fixed price on the forward contracts is $1,974 per ounce of gold. The contracts are generally net cash settled and, if the spot price of gold at ~~September~~the time of expiration is lower than the fixed price or higher than the fixed prices, it would result in a realized gain or loss, respectively. The forward contracts expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. For additional information, please see the section titled “Risk Factors” in the 2021 10-K and part II, Item 1A of this report.

At June 30, ~~2017.~~2022, the fair value of the gold forward contracts was an asset of $29.3 million. For the six months ended June 30, 2022 the Company recognized a gain of $3.1 million related to expired contracts in Revenue and the remaining outstanding forwards contracts were included in accumulated other comprehensive income (loss). A 10% increase and decrease in the price of gold at June 30, 2022 would result in a net realized loss and gain of $7.2 million and $74.8 million, respectively. The closing price of gold was $1,817 per ounce. As of August 2, 2022, the closing price of gold was $1,780 per ounce.

Provisional ~~Silver and Gold~~Metal Sales

The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. ~~Changes in silver and gold prices resulted in provisional pricing mark-to-market losses of $0.1 million and gains of $0.6 million in the three and nine months ended September~~At June 30, ~~2017, respectively, compared to losses of $0.8 million and gains of $0.4 million in the three and nine months ended September 30, 2016, respectively.~~

~~At September 30, 2017,~~2022, the Company had outstanding provisionally priced sales of ~~0.2 million ounces of silver and 26,087~~10,842 ounces of gold at an average price of $1,846. Changes in gold prices resulted in provisional pricing mark-to-market gain of ~~$16.86 and $1,299, respectively.~~$0.01 million during the six months ended June 30, 2022. A 10% change in realized ~~silver price~~gold prices would cause revenue to vary by ~~$0.4 million and a 10% change in realized gold price would cause revenue to vary by $3.4~~$2.0 million.

Foreign Currency

The Company operates, or has mineral interests, in several foreign countries including ~~Australia, Bolivia, Chile,~~Canada, Mexico, ~~Argentina, Ecuador,~~ and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.

Foreign Exchange Hedging

To manage foreign currency risk, the Company may enter into foreign currency forward exchange ~~forward and/or option contracts when~~contracts. In 2020, the Company ~~believes such~~entered into foreign currency forward contracts ~~would be beneficial.~~to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at ~~September~~June 30, ~~2017.~~2022.

Interest Rates

Interest Rate Hedging

We may use financial instruments to manage exposures to changes in interest rates on loans, which exposes us to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, it does not pose credit risk. We seek to minimize the credit risk in derivative instruments by entering into transactions with what we believe are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at June 30, 2022.

Investment Risk

Equity Price Risk

We are exposed to changes in the fair value of our investments in equity securities. For the six months ended June 30, 2022, the Company recognized unrealized losses of $49.1 million in Fair value adjustments, net due to decreases in the stock price of those equity securities. At June 30, 2022, the fair value of the equity securities was $99.1 million. A 10% change in realized equity prices would result in an unrealized gain or loss of $10.0 million.


~~Item 4.~~	~~Controls and Procedures~~


~~(a)~~	~~Disclosure Controls and Procedures~~

Item 4. Controls and Procedures

(a)Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.


~~(b)~~	~~Management’s Report on~~ (b)Changes in Internal Control Over ~~Financial Reporting~~

~~Based on an evaluation by the Company’s Chief Executive Officer and Chief~~ Financial ~~Officer, such officers concluded~~Reporting

~~that there was~~There have been no ~~change~~changes in the Company’s internal control over financial reporting during the three months ended ~~September~~June 30, ~~2017~~2022 that ~~has~~have materially affected, or isare reasonably likely to materially affect, ~~the Company’s~~its internal control over financial reporting.

PART II

Item 1.Legal Proceedings

~~For a discussion of legal proceedings, see~~See Note 1917 -- Commitments and Contingencies in the notes to the Consolidated Financial Statements included herein.

Item 1A.Risk Factors

Item 1A --- Risk Factors of the ~~2016~~2021 10-K ~~and the Company’s Quarterly Report on Form 10-Q filed on July 27, 2017~~ sets forth information relating to important risks and uncertainties that could materially adversely affect the ~~Company's~~Company’s business, financial condition or operating results. Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarter ended March 31, 2022 (the “Q1 2022 10-Q”) and in this Form 10-Q. Except as supplemented and updated in the Q1 2022 10-Q and below, the risk factors set forth in the 2021 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.

~~The Company~~We are required to obtain and renew governmental permits in order to conduct operations, a process which is often costly and time-consuming. Our ability to obtain necessary government permits to expand operations or begin new operations may be ~~unable~~materially affected by third-party activists.

In the normal course of our business, we are required to ~~successfully integrate~~obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently ~~acquired Silvertip~~obtained for POA 11 at Rochester, POA 1 at Kensington and the permitting effort currently underway at Palmarejo to allow the deposit of future tailings into the legacy open pit rather than expand the current tailings impoundment facility. Obtaining and renewing governmental permits is a complex and time-consuming process. The timeliness and success of permitting efforts are contingent upon many variables not within our control, including the interpretation of permit approval requirements administered by the applicable permitting authority and government and third-party sentiment towards the mining industry generally. We may not be able to obtain or renew permits that are necessary to our operations or the cost and time required to obtain or renew permits may exceed our expectations. Any unexpected delays or costs associated with the permitting process could delay the development or impede the operation of a mine, which in turn could materially adversely affect our revenues and future growth. For example, we are currently experiencing prolonged delays by the Mexican federal environmental authority, SEMARNAT, in approving the permit described above to deposit future tailings into the legacy open pit at Palmarejo. We believe we have complied with all applicable requirements for the issuance of the permit, and expected to receive it last year. As has been publicized in media coverage, we understand that other mining projects in Mexico are also experiencing permitting delays or, ~~other acquisitions.~~

~~There~~in certain circumstances, denials of permits. We are engaging in advocacy with government authorities to advance our permit application, which we believe has satisfied all criteria for approval, but there can be no assurance ~~that~~as to the ~~anticipated benefits~~timing of approval. Any further delay in obtaining the recently completed acquisition of the Silvertip mine in British Columbia, Canada, or any future acquisition, will be realized. The success of this and any other acquisition will depend upon the Company’s ability to effectively manage the integration and operations of entities or properties it acquires and to realize other anticipated benefits. The process of managing acquired businesses may involve unforeseen difficulties andpermit may require ~~a disproportionate amount of management resources,~~us to revise mine plans to curtail expected production at Palmarejo due to shortfalls in tailings storage capacity, which ~~may divert management’s focus and resources from other strategic opportunities and from operational matters during this process.~~

~~Any acquisition would be accompanied by risks, including:~~

~~a significant change in commodity prices after the Company has committed to complete the transaction and established the purchase price or exchange ratio;~~

~~a material orebody may prove to be below expectations;~~

difficulties integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; and

~~the acquired business or assets may have unknown liabilities which may be significant.~~

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

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

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

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

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

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

~~Because the Company derives a significant portion of its revenues from sales of silver and gold, and to a lesser extent, lead and zinc as a result of the Silvertip acquisition, its~~2023 results of operations and cash ~~flows will fluctuate~~flow. In addition, key permits and approvals may be revoked or suspended or may be changed in a manner that adversely affects our operations.

Private parties such as environmental activists frequently attempt to intervene in the ~~prices of these metals change. A period of significant and sustained lower gold and silver prices~~permitting process and to persuade regulators to deny necessary permits or seek to overturn permits that have been issued. Obtaining the necessary governmental permits is a ~~lesser extent, lead~~complex and ~~zinc prices, would~~time-consuming process involving numerous jurisdictions and often involving public hearings and costly undertakings. These third-party actions can materially ~~and adversely affect~~increase the Company’s results of operations and cash flows. Additionally, if market prices for silver, gold, lead and zinc decline further or remain at current or lower levels for a sustained period of time, the Company may have to revise its operating plans, including reducing operating costs and capital expenditures, terminating or suspending mining operations at one or more of its properties and discontinuing certain exploration and development plans. The Company may be unable to decrease its costs in an amount sufficient to offset reductions in revenues, and may continue to incur losses.

Operating costs at the Company’s mines are also affected by the price of input commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel and concrete. Prices for these input commodities are volatile and can fluctuate due to conditions that are difficult to predict, including global competition for resources, currency fluctuations, consumer or industrial demand and other factors. Continued volatilitycause delays in the ~~prices~~permitting process and could cause us to not proceed with the development or expansion of ~~commodities~~a mine. In addition, our ability to successfully obtain key permits and ~~other supplies~~approvals to explore for, develop, operate and expand mines and to conduct our operations will likely depend on our ability to develop, operate, expand and close mines in a manner that is consistent with the ~~Company purchases could lead to higher costs,~~creation of social and economic benefits in the surrounding communities, which ~~would adversely affect results of operations and cash flows.~~

~~The terms of the Company’s debt impose restrictions on its operations.~~

~~The agreements governing the Company’s outstanding indebtedness include a number of significant negative covenants. These covenants, among other things:~~

~~limit the Company’s~~may or may not be required by law. Our ability to obtain ~~additional financing, repurchase outstanding equity~~permits and approvals and to successfully operate in particular communities may be adversely impacted by real or ~~issue debt securities;~~

~~require the Company to meet certain financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio;~~

~~require a portion of the Company’s cash flows to be dedicated to debt service payments instead~~perceived detrimental events associated with our activities or those of other ~~purposes, thereby reducing~~mining companies affecting the ~~amount~~environment, human health and safety of ~~cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes;~~

limit the Company’s ability to sell, transfer or otherwise dispose of assets, enter into transactions with and invest capital in affiliates, enter into agreements restricting our subsidiaries’ ability to pay dividends, consolidate, amalgamate, merger or sell all or substantially all of the Company’s assets;

~~increase our vulnerability to general adverse economic and industry conditions;~~

~~limit the Company’s flexibility in planning for and reacting to changes in the industry~~communities in which we ~~compete; and~~operate.

~~place the Company at a disadvantage compared to other, less leveraged competitors.~~

A breach of any of these covenants could result in an event of default under the applicable agreement governing the Company’s outstanding indebtedness that, if not cured or waived, could cause all amounts outstanding with respect to the debt to be due and payable immediately. Acceleration of any debt could result in cross-defaults under the Company’s other debt instruments. The Company’s assets and cash flow may be insufficient to repay borrowings fully under all of its outstanding debt instruments if any of its debt instruments are accelerated upon an event of default, which could force the Company into bankruptcy or liquidation.

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

As of September 30, 2017, the Company had approximately $288.9 million of outstanding indebtedness. On October 12, 2017, the Company borrowed $100.0 million under the Facility. The Company’s ability to make scheduled debt payments on outstanding indebtedness will depend on future results of operations and cash flows. The Company’s results of operations and cash flows, in part, are subject to economic factors beyond its control, including the market prices of silver, gold, lead and zinc. The Company may not be able to generate enough cash flow to meet obligations and commitments under outstanding debt instruments. If the Company cannot generate sufficient cash flow from operations to service debt, it may need to further refinance debt, dispose of assets or issue equity to obtain the necessary funds.

If the Company’s cash flows and capital resources are insufficient to fund its debt services obligations, the Company could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance its indebtedness. The Company cannot predict whether it would be able to refinance debt, issue equity or dispose of assets to raise funds on a timely basis or on satisfactory terms. In a rising interest rate environment, the costs of borrowing additional funds or refinancing outstanding indebtedness would also be expected to increase. The agreements governing the Company’s outstanding indebtedness restrict the Company’s ability to dispose of assets and use the proceeds from those dispositions and may also restrict its ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. The Company may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. If the Company raises additional funds by issuing equity securities or securities convertible into equity securities, holders of its common stock could experience significant dilution of their ownership interest, and these securities could have rights senior to those of the holders of common stock.

Item 4.Mine Safety Disclosures

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

Item 5. Other Information

In accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy, Mitchell J. Krebs, the Company’s President and Chief Executive Officer, entered into a selling plan on May 13, 2022. Under the selling plan, between August 2022 and August 2024, Mr. Krebs will sell a total of 200,000 shares of the Company’s common stock so long as the market price of the common stock is higher than the minimum threshold price specified in the plan.

~~None.~~Rule 10b5-1 permits an insider to implement a written prearranged trading plan entered into at a time when the insider is not aware of any material nonpublic information about the Company and allows the insider to trade on a one-time or regularly scheduled basis regardless of any material nonpublic information about the Company thereafter received by the insider.

Item 6. Exhibits



2.1 3.1			~~Arrangement Agreement, dated September 10, 2017, among~~Certificate of Amendment to Certificate of Incorporation of Coeur Mining, Inc., ~~1132917 B.C. Ltd., JDS Silver Holdings, Ltd. and Silvertip Resources Investment LLC~~effective as of May 10, 2022. (Incorporated ~~herein~~ by reference to Exhibit ~~2.1~~3.1 to the Registrant’s Current Report on Form 8-K filed on ~~September~~May 11, ~~2017~~2022 (File No. 001-08641)).
10.1			Sixth Amendment to Credit Agreement, dated ~~September 29, 2017,~~May 2, 2022, by and among Coeur Mining, Inc., certain subsidiaries of Coeur Mining, Inc., as guarantors, the lenders party thereto and Bank of America, N.A., as administrative ~~agent~~agent. (Incorporated ~~herein~~ by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on ~~October 2, 2017~~May 3, 2022 (File No. 001-08641)).
~~31.1~~10.2			Professional Services Agreement dated April 1, 2022, between Coeur Mining, Inc. and Rasmussen Exploration, Inc. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on April 1, 2022 (File No. 001-08641)).**
31.1			Certification of the CEO (Filed herewith).
31.2			Certification of the CFO (Filed herewith).
32.1			CEO Section 1350 Certification (Filed herewith).
32.2			CFO Section 1350 Certification (Filed herewith).
95.1			Mine Safety Disclosure (Filed herewith).
101.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).

* ~~Management contract or compensatory plan or arrangement.~~

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

** Management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


				COEUR MINING, INC.
				(Registrant)

Dated			August 3, 2022	~~COEUR MINING, INC.~~
		~~(Registrant)~~

~~Dated~~	~~October 25, 2017~~	/s/ Mitchell J. Krebs
				MITCHELL J. KREBS
				President and Chief Executive Officer (Principal Executive Officer)

Dated			~~October 25, 2017~~August 3, 2022	/s/ ~~Peter C. Mitchell~~Thomas S. Whelan
				~~PETER C. MITCHELL~~THOMAS S. WHELAN
				Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Dated			~~October 25, 2017~~August 3, 2022	/s/ ~~Mark Spurbeck~~Ken Watkinson
				~~MARK SPURBECK~~KEN WATKINSON
				Vice President, ~~Finance~~Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)


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


				Page
Part I.			Financial Information

			Item 1. Financial Statements	~~Page~~
~~Part I.~~			~~Financial Information~~
			Condensed Consolidated Balance Sheets (Unaudited)	4
			~~Item 1.~~ ~~Financial Statements~~

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	35

			Condensed Consolidated Statements of Cash Flows (Unaudited)	46

			~~Condensed Consolidated Balance Sheets~~	5

	Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)	67

			Notes to Condensed Consolidated Financial Statements (Unaudited)	78

			Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	3027

			Consolidated Financial Results	3128

			Results of Operations	3433

			Liquidity and Capital Resources	3836

			Non-GAAP Financial Performance Measures	4139

			Item 3. Quantitative and Qualitative Disclosures about Market Risk	4744

			Item 4. Controls and Procedures	4846

Part II.			Other Information	~~Other Information~~47	48

			Item 1. Legal Proceedings	4847

			Item 1A. Risk Factors	4847

			Item 4. Mine Safety Disclosures	5047

			Item 5. Other Information	5048

			Item 6. Exhibits	5148

Signatures				5149


		June 30, 2022		December 31, 2021
ASSETS	Notes	In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents		$	74,159	$	56,664
Receivables	4	32,453		32,417
Inventory	5	54,845		51,281
Ore on leach pads	5	96,589		81,128
Equity securities	6	87,539		—
Prepaid expenses and other		34,045		13,847
Assets held for sale	19	—		54,240
		379,630		289,577
NON-CURRENT ASSETS
Property, plant and equipment, net		357,444		319,967
Mining properties, net		971,047		852,799
Ore on leach pads	5	63,496		73,495
Restricted assets		8,484		9,138
Equity securities	6	11,545		132,197
Receivables	4, 12	8,608		—
Other		60,078		57,249
TOTAL ASSETS		$	1,860,332	$	1,734,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	121,238	$	103,901
Accrued liabilities and other	18	88,334		87,946
Debt	7, 8	28,670		29,821
Reclamation	9	2,853		2,931
Liabilities held for sale	19	—		11,269
		241,095		235,868
NON-CURRENT LIABILITIES
Debt	7, 8	518,830		457,680
Reclamation	9	183,549		178,957
Deferred tax liabilities		25,350		21,969
Other long-term liabilities		34,327		39,686
		762,056		698,292
COMMITMENTS AND CONTINGENCIES	17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 280,805,378 issued and outstanding at June 30, 2022 and 256,919,803 at December 31, 2021		2,808		2,569
Additional paid-in capital		3,837,023		3,738,347
Accumulated other comprehensive income (loss)		26,544		(1,212)
Accumulated deficit		(3,009,194)		(2,939,442)
		857,181		800,262
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,860,332	$	1,734,422


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
Net income (loss)	—	—		—		(77,434)		—		(77,434)
Other comprehensive income (loss)	—	—		—		—		32,514		32,514
Common stock issued/canceled under long-term incentive plans and director fees and options, net	(29)	—		2,127		—		—		2,127
Balances at June 30, 2022	280,805	$	2,808	$	3,837,023	$	(3,009,194)	$	26,544	$	857,181


	Three Months Ended June 30,				Six Months Ended June 30,
In thousands	2022		2021		2022		2021
Opening Balance	$	7,835	$	9,030	$	8,150	$	9,376
Revenue Recognized	(93)		(255)		(408)		(601)
Closing Balance	$	7,742	$	8,775	$	7,742	$	8,775



þ☑			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



¨ ☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



		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


Three Months Ended June 30, 2021	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	41,232	$	14,026	$	48,807	$	42,093	$	—	$	—	$	146,158
Silver sales	43,802		24,059		—		839		—		—		68,700


Metal sales	85,034		38,085		48,807		42,932		—		—		214,858
Costs and Expenses
Costs applicable to sales(1)	41,918		38,031		29,203		23,443		—		—		132,595
Amortization	8,271		6,506		12,710		2,994		1,185		307		31,973
Exploration	1,834		936		1,305		76		3,595		4,700		12,446

Other operating expenses	1,453		1,444		2,273		525		5,964		11,546		23,205
Other income (expense)

Fair value adjustments, net	—		—		—		—		—		37,239		37,239
Interest expense, net	(149)		(480)		(142)		(46)		181		(4,457)		(5,093)
Other, net(3)	(371)		(92)		(42)		628		(237)		815		701
Income and mining tax (expense) benefit	(7,559)		(33)		(707)		(1,294)		—		(5,747)		(15,340)
Net Income (loss)	$	23,479	$	(9,437)	$	2,425	$	15,182	$	(10,800)	$	11,297	$	32,146

Segment assets(2)	$	307,287	$	435,257	$	158,456	$	77,436	$	189,489	$	171,517	$	1,339,442
Capital expenditures	$	9,795	$	42,272	$	6,045	$	1,402	$	18,525	$	184	$	78,223


Six Months Ended June 30, 2021																						Six Months Ended June 30, 2021	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue																						Revenue
Gold sales																						Gold sales	$	78,799	$	26,466	$	103,273	$	75,942	$	—	$	—	$	284,480
Silver sales																						Silver sales	86,580		44,376		—		1,539		—		—		132,495

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	165,379		70,842		103,273		77,481		—		—		416,975
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)	75,906		62,064		60,597		42,175		—		—		240,742
Amortization	5,761			5,244			8,046			6,461			1,723			528			27,763			Amortization	17,330		10,083		26,155		5,469		2,271		602		61,910
Exploration	1,262			129			1,208			2			—			1,105			3,706			Exploration	3,527		1,408		2,414		143		6,527		8,093		22,112

Other operating expenses	305			703			263			521			1,165			8,647			11,604			Other operating expenses	2,723		2,892		5,268		710		12,519		24,359		48,471
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	—		—		—		—		—		33,440		33,440
Interest expense, net	(184		)	(157		)	(30		)	(22		)	(8		)	(7,667		)	(8,068		)	Interest expense, net	(336)		(702)		(374)		(83)		226		(8,734)		(10,003)
Other, net	(2,223		)	17			(7		)	45			549			8,024			6,405
Other, net(3)																						Other, net(3)	(1,036)		(153)		(42)		652		(339)		5,246		4,328
Income and mining tax (expense) benefit	35,671			7,844			—			30,208			5,905			(25,173		)	54,455			Income and mining tax (expense) benefit	(18,899)		(171)		(1,041)		(2,423)		—		(5,592)		(28,126)
Net income (loss)	$	40,456		$	16,940		$	3,901		$	42,866		$	10,230		$	(44,836	)	$	69,557
Net Income (loss)																						Net Income (loss)	$	45,622	$	(6,631)	$	7,382	$	27,130	$	(21,430)	$	(17,867)	$	34,206

Segment assets⁽²⁾	$	430,716		$	212,477		$	192,204		$	105,456		$	81,704		$	87,353		$	1,109,910		Segment assets(2)	$	307,287	$	435,257	$	158,456	$	77,436	$	189,489	$	171,517	$	1,339,442
Capital expenditures	$	10,012		$	3,383		$	8,602		$	567		$	3,001		$	62		$	25,627		Capital expenditures	$	19,778	$	72,449	$	13,247	$	2,883	$	28,912	$	378	$	137,647



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



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


	At June 30, 2022
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	128,710	$	(41,171)	$	—	$	87,539
Integra Resources Corp.	9,455		(5,691)		—		3,764
Avino Silver & Gold Mines Ltd	13,720		(6,145)		—		7,575
Other	2,233		(2,027)		—		206
Equity securities	$	154,118	$	(55,034)	$	—	$	99,084


As of June 30, 2022 (In thousands)
	Operating leases		Finance leases
2022	$	5,715	$	14,092
2023	10,878		21,096
2024	8,812		13,977
2025	213		12,428
2026	220		6,517
Thereafter	946		1,239
Total	$	26,784	$	69,349
Less: imputed interest	(1,865)		(5,591)
Net lease obligation	$	24,919	$	63,758


	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



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



	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


~~(1)~~	~~Net of unamortized debt issuance costs of $5.1 million.~~



	~~December 31, 2016~~
~~In thousands~~	~~Prepaid expenses and other~~	~~Accrued liabilities and other~~	~~Current portion of royalty obligation~~	~~Non-current portion of royalty obligation~~
~~Provisional silver and gold sales contracts~~	—	~~762~~	—	—



	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



	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