Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-08641 | |
Entity Registrant Name | COEUR MINING, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-0109423 | |
Entity Address, Address Line One | 200 S. Wacker Dr. | |
Entity Address, Address Line Two | Suite 2100 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 489-5800 | |
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | CDE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 382,609,677 | |
Entity Central Index Key | 0000215466 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 53,223 | $ 61,464 |
Receivables | 30,138 | 36,333 |
Inventory | 66,704 | 61,831 |
Ore on leach pads | 114,314 | 82,958 |
Marketable Securities, Current | 7,231 | 32,032 |
Prepaid expenses and other | 25,556 | 25,814 |
Current assets | 297,166 | 300,432 |
NON-CURRENT ASSETS | ||
Property, plant and equipment and mining properties, net | 1,639,248 | 1,389,755 |
Ore on leach pads, noncurrent | 36,627 | 51,268 |
Restricted assets | 8,735 | 9,028 |
Current liabilities | 0 | 12,120 |
Receivables, Net, Current | 22,563 | 22,023 |
Other assets | 65,413 | 61,517 |
TOTAL ASSETS | 2,069,752 | 1,846,143 |
CURRENT LIABILITIES | ||
Accounts payable | 138,979 | 96,123 |
Accrued liabilities and other | 116,562 | 92,863 |
Debt | 22,127 | 24,578 |
Reclamation | 5,796 | 5,796 |
Current liabilities | 283,464 | 219,360 |
NON-CURRENT LIABILITIES | ||
Debt | 490,114 | 491,355 |
Reclamation | 202,220 | 196,635 |
Deferred tax liabilities | 15,390 | 14,459 |
Other long-term liabilities | 30,186 | 35,318 |
Non-current liabilities | $ 737,910 | $ 737,767 |
Common Stock, Shares, Outstanding | 382,693,309 | 295,697,624 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 382,693,309 issued and outstanding at September 30, 2023 and 295,697,624 at December 31, 2022 | $ 3,827 | $ 2,957 |
Additional paid-in capital | 4,128,553 | 3,891,265 |
Accumulated other comprehensive income (loss) | 11,654 | 12,343 |
Accumulated deficit | (3,095,656) | (3,017,549) |
Stockholders' equity | 1,048,378 | 889,016 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,069,752 | $ 1,846,143 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 382,693,309 | 295,697,624 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Sep. 13, 2023 | Jul. 20, 2023 | Jun. 21, 2023 | Dec. 31, 2022 |
STOCKHOLDERS' EQUITY | |||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 | |||
Common stock, shares issued (in shares) | 382,693,309 | 3,000,000 | 5,276,154 | 295,697,624 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenue | $ 194,583 | $ 182,993 | $ 559,116 | $ 575,520 | |
COSTS AND EXPENSES | |||||
Amortization | 22,884 | 29,151 | 65,187 | 83,549 | |
General and administrative | 9,512 | 9,722 | 31,384 | 29,281 | |
Pre-development, reclamation, and other | 8,680 | 9,249 | 29,618 | 29,839 | |
Total costs and expenses | 201,416 | 219,708 | 586,792 | 608,898 | |
OTHER INCOME (EXPENSE), NET | |||||
Fair value adjustments, net, pretax | (2,010) | (13,067) | 4,629 | (65,272) | |
Interest expense, net of capitalized interest | (7,402) | (5,932) | (21,703) | (15,670) | |
Other, net | [1] | 459 | 153 | (10,421) | 2,203 |
Total other income (expense), net | (8,179) | (18,846) | (23,760) | (78,739) | |
Income (loss) before income and mining taxes | (15,012) | (55,561) | (51,436) | (112,117) | |
Income and mining tax (expense) benefit | (6,097) | (1,883) | (26,671) | (15,079) | |
NET INCOME (LOSS) | (21,109) | (57,444) | (78,107) | (127,196) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||||
Unrealized gain (loss) on hedger, net of tax | 7,227 | 29,060 | 7,141 | 58,087 | |
Reclassification adjustments for realized (gain) loss on cash flow hedges | 4,920 | 9,910 | 7,830 | 11,181 | |
Other comprehensive income (loss) | 2,307 | 19,150 | (689) | 46,906 | |
COMPREHENSIVE INCOME (LOSS) | $ (18,802) | $ (38,294) | $ (78,796) | $ (80,290) | |
Basic EPS | |||||
Earnings Per Share, Basic | $ (0.06) | $ (0.21) | $ (0.24) | $ (0.47) | |
Diluted EPS | |||||
Earnings Per Share, Diluted | $ (0.06) | $ (0.21) | $ (0.24) | $ (0.47) | |
Gain on debt extinguishment | $ 774 | $ 0 | $ 3,735 | $ 0 | |
Product | |||||
COSTS AND EXPENSES | |||||
Costs applicable to sales | [2] | 147,903 | 163,180 | 440,596 | 447,126 |
Mineral, Exploration | |||||
COSTS AND EXPENSES | |||||
Costs applicable to sales | $ 12,437 | $ 8,406 | $ 20,007 | $ 19,103 | |
[1]See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail[2]Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ (21,109) | $ (57,444) | $ (78,107) | $ (127,196) |
Adjustments: | ||||
Amortization | 22,884 | 29,151 | 65,187 | 83,549 |
Accretion | 3,596 | 12,219 | 10,588 | |
Deferred income taxes | (3,872) | (4,730) | 1,536 | (12,288) |
Gain on debt extinguishment | (774) | 0 | (3,735) | 0 |
Fair value adjustments, net | 2,010 | 13,067 | (4,629) | 62,133 |
Stock-based compensation | 2,635 | 2,705 | 8,462 | 7,319 |
Gain (Loss) on Disposition of Assets | 19 | 0 | 12,650 | 0 |
Inventory Write-down | 7,727 | 21,204 | 22,467 | 38,018 |
Revenue Recognized | (143) | (10,167) | (25,358) | (10,723) |
Foreign exchange and other | 657 | 1,290 | 2,798 | 824 |
Changes in operating assets and liabilities: | ||||
Receivables | (478) | (119) | 1,659 | 4,099 |
Prepaid expenses and other current assets | (3,000) | (2,075) | 764 | 939 |
Inventories | (18,620) | (13,715) | (54,993) | (42,650) |
Accounts payable and accrued liabilities | 5,528 | (1,880) | 41,091 | (17,512) |
Cash provided by (used in) operating activities | (2,383) | (19,117) | 2,011 | (2,900) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (112,273) | (96,602) | (271,902) | (239,260) |
Proceeds from the sale of assets | 152 | 0 | 8,380 | 16,001 |
Sale of investments | 0 | 40,469 | 41,558 | 40,469 |
Proceeds from Collection of Notes Receivable | 0 | 0 | 5,000 | 0 |
Other | (63) | (42) | (171) | (63) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (112,184) | (56,175) | (217,135) | (182,853) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from Issuance of Common Stock | 57,522 | 0 | 168,964 | 98,335 |
Issuance of notes and bank borrowings, net of issuance costs | 163,000 | 100,000 | 388,000 | 255,000 |
Payments on long-term debt, capital leases, and associated costs | (109,268) | (23,211) | (348,092) | (145,515) |
Other | (23) | (2) | (2,345) | (3,565) |
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | 111,231 | 76,787 | 206,527 | 204,255 |
Effect of exchange rate changes on cash and cash equivalents | (278) | (234) | 374 | 25 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,614) | 1,261 | (8,223) | 18,527 |
Cash, cash equivalents and restricted cash at beginning of period | 58,560 | 75,555 | 63,169 | 58,289 |
Cash, cash equivalents and restricted cash at end of period | $ 54,946 | $ 76,816 | $ 54,946 | $ 76,816 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | At The Market Offering | Private Placement | Common Stock | Common Stock At The Market Offering | Common Stock Private Placement | Additional Paid-In Capital | Additional Paid-In Capital At The Market Offering | Additional Paid-In Capital Private Placement | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances, in shares at Dec. 31, 2021 | 256,919 | ||||||||||
Balances at Dec. 31, 2021 | $ 800,262 | $ 2,569 | $ 3,738,347 | $ (2,939,442) | $ (1,212) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 7,682 | 7,682 | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (4,758) | (4,758) | |||||||||
Common stock issued (in shares) | 22,053 | ||||||||||
Common stock issued | $ 98,499 | $ 220 | $ 98,279 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,862 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1,711) | $ 19 | (1,730) | ||||||||
Balances, in shares at Mar. 31, 2022 | 280,834 | ||||||||||
Balances at Mar. 31, 2022 | 899,974 | $ 2,808 | 3,834,896 | (2,931,760) | (5,970) | ||||||
Balances, in shares at Dec. 31, 2021 | 256,919 | ||||||||||
Balances at Dec. 31, 2021 | 800,262 | $ 2,569 | 3,738,347 | (2,939,442) | (1,212) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (127,196) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 46,906 | ||||||||||
Balances, in shares at Sep. 30, 2022 | 280,836 | ||||||||||
Balances at Sep. 30, 2022 | 821,589 | $ 2,808 | 3,839,725 | (3,066,638) | 45,694 | ||||||
Balances, in shares at Mar. 31, 2022 | 280,834 | ||||||||||
Balances at Mar. 31, 2022 | 899,974 | $ 2,808 | 3,834,896 | (2,931,760) | (5,970) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (77,434) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 32,514 | ||||||||||
Common stock issued under stock-based compensation plans, net (in shares) | (29) | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,127 | $ 0 | 2,127 | ||||||||
Balances, in shares at Jun. 30, 2022 | 280,805 | ||||||||||
Balances at Jun. 30, 2022 | 857,181 | $ 2,808 | 3,837,023 | (3,009,194) | 26,544 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (57,444) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 19,150 | ||||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 31 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,702 | $ 0 | 2,702 | ||||||||
Balances, in shares at Sep. 30, 2022 | 280,836 | ||||||||||
Balances at Sep. 30, 2022 | 821,589 | $ 2,808 | 3,839,725 | (3,066,638) | 45,694 | ||||||
Balances, in shares at Dec. 31, 2022 | 295,698 | ||||||||||
Balances at Dec. 31, 2022 | 889,016 | $ 2,957 | 3,891,265 | (3,017,549) | 12,343 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (24,586) | (24,586) | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (17,062) | (17,062) | |||||||||
Common stock issued (in shares) | 32,862 | ||||||||||
Common stock issued | 98,429 | $ 329 | 98,100 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 2,482 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 739 | $ 24 | 715 | ||||||||
Balances, in shares at Mar. 31, 2023 | 331,042 | ||||||||||
Balances at Mar. 31, 2023 | 946,536 | $ 3,310 | 3,990,080 | (3,042,135) | (4,719) | ||||||
Balances, in shares at Dec. 31, 2022 | 295,698 | ||||||||||
Balances at Dec. 31, 2022 | 889,016 | $ 2,957 | 3,891,265 | (3,017,549) | 12,343 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (78,107) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (689) | ||||||||||
Balances, in shares at Sep. 30, 2023 | 382,693 | ||||||||||
Balances at Sep. 30, 2023 | 1,048,378 | $ 3,827 | 4,128,553 | (3,095,656) | 11,654 | ||||||
Balances, in shares at Mar. 31, 2023 | 331,042 | ||||||||||
Balances at Mar. 31, 2023 | 946,536 | $ 3,310 | 3,990,080 | (3,042,135) | (4,719) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (32,412) | (32,412) | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 14,066 | 14,066 | |||||||||
Common stock issued (in shares) | 5,276 | ||||||||||
Common stock issued | $ 12,656 | $ 53 | $ 12,603 | ||||||||
Stock Issued During Period, Shares, Other | 13,941 | ||||||||||
Stock Issued During Period, Value, Other | 45,468 | $ 140 | 45,328 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | (92) | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,448 | $ (1) | 2,449 | ||||||||
Balances, in shares at Jun. 30, 2023 | 350,167 | ||||||||||
Balances at Jun. 30, 2023 | 988,762 | $ 3,502 | 4,050,460 | (3,074,547) | 9,347 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (21,109) | (21,109) | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,307 | 2,307 | |||||||||
Common stock issued (in shares) | 21,700 | 3,000 | |||||||||
Common stock issued | $ 49,137 | $ 8,362 | $ 217 | $ 30 | $ 48,920 | $ 8,332 | |||||
Stock Issued During Period, Shares, Other | 7,619 | ||||||||||
Stock Issued During Period, Value, Other | 18,304 | $ 76 | 18,228 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 207 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,615 | $ 2 | 2,613 | ||||||||
Balances, in shares at Sep. 30, 2023 | 382,693 | ||||||||||
Balances at Sep. 30, 2023 | $ 1,048,378 | $ 3,827 | $ 4,128,553 | $ (3,095,656) | $ 11,654 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Accounting | BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2023. The condensed consolidated December 31, 2022 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 10-K”). Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 — Summary of Significant Accounting Policies contained in the 2022 10-K. Use of Estimates The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)” , which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures. In March 2022, the FASB issued ASU 2022-01, “ Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method ” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTINGThe Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 38,994 $ 8,719 $ 46,474 $ 45,316 $ — $ — $ 139,503 Silver sales 38,294 14,929 56 1,801 — — 55,080 Metal sales 77,288 23,648 46,530 47,117 — — 194,583 Costs and Expenses Costs applicable to sales (1) 48,059 30,532 38,286 31,026 — — 147,903 Amortization 9,024 4,176 6,894 1,588 919 283 22,884 Exploration 2,160 303 2,856 — 6,703 415 12,437 Other operating expenses 2,611 2,168 907 1,041 3,164 8,301 18,192 Other income (expense) Gain on debt extinguishment — — — — — 774 774 Fair value adjustments, net — — — — — (2,010) (2,010) Interest expense, net 241 (555) (583) (120) (13) (6,372) (7,402) Other, net (3) 1,407 (67) (79) (43) (119) (640) 459 Income and mining tax (expense) benefit (4,539) 220 — (1,102) — (676) (6,097) Net Income (loss) $ 12,543 $ (13,933) $ (3,075) $ 12,197 $ (10,918) $ (17,923) $ (21,109) Segment assets (2) $ 313,569 $ 1,070,307 $ 169,184 $ 98,307 $ 217,321 $ 66,462 $ 1,935,150 Capital expenditures $ 10,780 $ 84,368 $ 15,831 $ 681 $ 619 $ (6) $ 112,273 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Three Months Ended September 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 35,285 $ 16,162 $ 49,010 $ 38,724 $ — $ — $ 139,181 Silver sales 29,551 14,011 97 153 — — 43,812 Metal sales 64,836 30,173 49,107 38,877 — — 182,993 Costs and Expenses Costs applicable to sales (1) 43,244 50,760 40,289 28,887 — — 163,180 Amortization 8,027 6,921 10,369 2,191 1,260 383 29,151 Exploration 1,775 601 2,796 — 2,303 931 8,406 Other operating expenses 812 1,804 425 482 4,966 10,482 18,971 Other income (expense) Gain on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — (13,067) (13,067) Interest expense, net 26 (225) (442) (22) (32) (5,237) (5,932) Other, net (3) 1,142 (101) (62) (167) (85) (574) 153 Income and mining tax (expense) benefit (1,805) 114 — (417) — 225 (1,883) Net Income (loss) $ 10,341 $ (30,125) $ (5,276) $ 6,711 $ (8,646) $ (30,449) $ (57,444) Segment assets (2) $ 294,438 $ 769,391 $ 146,128 $ 90,542 $ 242,142 $ 85,034 $ 1,627,675 Capital expenditures $ 10,844 $ 73,995 $ 7,076 $ 458 $ 3,821 $ 408 $ 96,602 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 114,897 $ 37,404 $ 111,136 $ 124,522 $ — $ — $ 387,959 Silver sales 117,426 49,245 193 4,293 — — 171,157 Metal sales 232,323 86,649 111,329 128,815 — — 559,116 Costs and Expenses Costs applicable to sales (1) 143,915 99,465 114,817 82,399 — — 440,596 Amortization 25,760 13,043 17,539 4,802 3,161 882 65,187 Exploration 5,087 965 6,179 — 6,572 1,204 20,007 Other operating expenses 6,370 6,241 2,875 3,084 14,687 27,745 61,002 Other income (expense) Gain on debt extinguishment — — — — — 3,735 3,735 Fair value adjustments, net — — — — — 4,629 4,629 Interest expense, net 541 (1,017) (1,438) (164) (53) (19,572) (21,703) Other, net (3) 4,291 (559) (206) (374) (222) (13,351) (10,421) Income and mining tax (expense) benefit (20,461) 596 — (3,822) — (2,984) (26,671) Net Income (loss) $ 35,562 $ (34,045) $ (31,725) $ 34,170 $ (24,695) $ (57,374) $ (78,107) Segment assets (2) $ 313,569 $ 1,070,307 $ 169,184 $ 98,307 $ 217,321 $ 66,462 $ 1,935,150 Capital expenditures $ 32,844 $ 197,788 $ 38,189 $ 952 $ 1,426 $ 703 $ 271,902 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine Months Ended September 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 119,486 $ 42,413 $ 143,099 $ 110,259 $ — $ — $ 415,257 Silver sales 114,387 44,632 575 669 — — 160,263 Metal sales 233,873 87,045 143,674 110,928 — — 575,520 Costs and Expenses Costs applicable to sales (1) 135,532 120,988 116,510 74,096 — — 447,126 Amortization 27,150 16,592 28,360 6,500 3,778 1,169 83,549 Exploration 5,071 4,009 4,416 — 2,041 3,566 19,103 Other operating expenses 2,485 5,465 1,348 1,521 16,550 31,751 59,120 Other income (expense) Gain on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — (65,272) (65,272) Interest expense, net (100) (606) (1,111) (49) (150) (13,654) (15,670) Other, net (3) 1,635 (192) 19 506 (320) 555 2,203 Income and mining tax (expense) benefit (24,325) 1,079 127 (2,382) — 10,422 (15,079) Net Income (loss) $ 40,845 $ (59,728) $ (7,925) $ 26,886 $ (22,839) $ (104,435) $ (127,196) Segment assets (2) $ 294,438 $ 769,391 $ 146,128 $ 90,542 $ 242,142 $ 85,034 $ 1,627,675 Capital expenditures $ 34,515 $ 154,001 $ 23,828 $ 2,294 $ 21,383 $ 3,239 $ 239,260 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Assets September 30, 2023 December 31, 2022 Total assets for reportable segments $ 1,935,150 $ 1,669,982 Cash and cash equivalents 53,223 61,464 Other assets 81,379 114,697 Total consolidated assets $ 2,069,752 $ 1,846,143 Geographic Information Long-Lived Assets September 30, 2023 December 31, 2022 United States $ 1,149,301 $ 899,960 Mexico 258,409 251,950 Canada 231,416 237,723 Other 122 122 Total $ 1,639,248 $ 1,389,755 Revenue Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 United States $ 117,295 $ 118,157 $ 326,793 $ 341,647 Mexico 77,288 64,836 232,323 233,873 Total $ 194,583 $ 182,993 $ 559,116 $ 575,520 |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands September 30, 2023 December 31, 2022 Current receivables: Trade receivables $ 2,637 $ 6,302 VAT receivable 15,116 10,741 Income tax receivable 9,791 9,719 Avino note receivable (1) — 4,926 Gold and silver forwards realized gains (2) 1,995 4,059 Other 599 586 $ 30,138 $ 36,333 Non-current receivables: Other tax receivable (3) $ 8,534 $ — Deferred cash consideration (1) — 7,677 Contingent consideration (1) 14,029 14,346 $ 22,563 $ 22,023 Total receivables $ 52,701 $ 58,356 (1) See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration. (2) Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges. (3) Consists of exploration credit refunds at Silvertip. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands September 30, 2023 December 31, 2022 Inventory: Concentrate $ 1,357 $ 2,869 Precious metals 15,924 12,636 Supplies 49,423 46,326 $ 66,704 $ 61,831 Ore on Leach Pads: Current $ 114,314 $ 82,958 Non-current 36,627 51,268 $ 150,941 $ 134,226 Long-term Stockpile (included in Other ) $ 41,990 $ 28,840 Total Inventory and Ore on Leach Pads $ 259,635 $ 224,897 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. During the first nine months of 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down for the three and nine months ended September 30, 2023 of $8.9 million ($7.7 million was recognized in Costs applicable to sales and $1.2 million in Amortization ) and $25.3 million ($22.4 million was recognized in Costs applicable to sales and $2.9 million in Amortization |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investment in Marketable Securities [Abstract] | |
Investment Holdings | INVESTMENTS Equity Securities From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration. At September 30, 2023 In thousands Cost Gross Gross Estimated Equity Securities Avino Silver & Gold Mines Ltd $ 13,720 $ (6,489) $ — $ 7,231 Equity securities $ 13,720 $ (6,489) $ — $ 7,231 At December 31, 2022 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 70,560 $ (38,528) $ — $ 32,032 Integra Resources Corp. 9,455 (7,115) — 2,340 Avino Silver & Gold Mines Ltd 13,720 (4,199) — 9,521 Other 2,233 (1,974) — 259 Equity securities $ 95,968 $ (51,816) $ — $ 44,152 Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Condensed Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . See Note 11 -- Fair Value Measurements for additional details. In January 2023, the Company sold 6.0 million shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $6.70 per share, for net proceeds of $39.8 million. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT September 30, 2023 December 31, 2022 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 303,010 $ — $ 369,212 Revolving Credit Facility (2) — 140,000 — 80,000 Finance lease obligations 22,127 47,104 24,578 42,143 $ 22,127 $ 490,114 $ 24,578 $ 491,355 (1) Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively. (2) Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets . 2029 Senior Notes In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of 5.125% senior notes due 2029 in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 10 -- Debt contained in the 2022 10-K. During the three and nine months ended September 30, 2023, the Company exchanged $19.3 million and $67.8 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 7.6 million and 21.6 million shares of common stock, respectively. Based on the closing price of the Company’s common stock on the date of the exchanges, the exchanges resulted in an aggregate gain of $3.7 million on debt extinguishment. The exchange transactions represent non-cash financing activity in the Condensed Consolidated Statement of Cash Flow. Revolving Credit Facility At September 30, 2023, the Company had $140.0 million drawn at a weighted-average interest rate of 9.2%, $29.6 million in outstanding letters of credit and $220.4 million available under its $390 million revolving credit facility (the “RCF”). Future borrowing may be subject to certain financial covenants. For more details, please see Note 10 -- Debt contained in the 2022 10-K. On August 9, 2023, the Company entered into an amendment (the “August Amendment”) to the RCF. The August Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility during the final stages of the Rochester expansion under (a) the consolidated net leverage and consolidated senior secured leverage ratios at September 30, 2023 through the March 31, 2024, with the ratios returning to the previous levels at June 30, 2024 and (b) the consolidated interest coverage ratio at June 30, 2023 through September 30, 2023 with the ratio returning to the previous level at December 31, 2023, (2) allows up to $50 million, through June 30, 2024, stepping down to $40 million in September 31, 2024, $30 million in December 31, 2024 and $15 million thereafter, for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through June 30, 2024, and (4) restricts certain acquisitions through March 31, 2024. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2023, the Company entered into new lease financing arrangements for mining equipment at Rochester and Kensington for $21.6 million. The new finance lease arrangements represent non-cash investing activities in the Condensed Consolidated Statement of Cash Flow. Additionally, Coeur secured a finance lease package for nearly $60.0 million in 2021, all of which has been funded as of September 30, 2023. This package was earmarked for planned equipment for the Rochester expansion project in 2021, 2022 and 2023 and has an interest rate of 5.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 9 -- Leases contained in the 2022 10-K. Interest Expense Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 2029 Senior Notes $ 4,097 $ 4,805 13,409 $ 14,414 Revolving Credit Facility 4,956 2,512 11,481 5,069 Finance lease obligations 1,035 1,341 2,788 3,916 Amortization of debt issuance costs 703 535 1,964 1,448 Other debt obligations 710 29 1,450 162 Capitalized interest (4,099) (3,290) (9,389) (9,339) Total interest expense, net of capitalized interest $ 7,402 $ 5,932 $ 21,703 $ 15,670 |
Reclamation
Reclamation | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations for its operating sites are as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Asset retirement obligation - Beginning $ 207,960 $ 184,606 $ 202,431 $ 180,156 Accretion 4,153 3,564 12,219 10,482 Additions and changes to estimates (2,682) — (2,682) — Settlements (1,415) (1,507) (3,952) (3,975) Asset retirement obligation - Ending $ 208,016 $ 186,663 $ 208,016 $ 186,663 The commencement of production from the new leach pad and process plant at Rochester in the third quarter of 2023 resulted in an update to the estimated reclamation and mine closure costs. The estimated reclamation and mine closure costs was discounted using a credit adjusted, risk-free interest rate of 8.4%. |
Income and Mining Taxes
Income and Mining Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2023 and 2022 by significant jurisdiction: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (22,674) $ (1,565) $ (59,012) $ (74) $ (83,994) $ (4,847) $ (154,263) $ (2,270) Canada (9,345) — (8,960) — (23,049) — (22,859) (21) Mexico 17,111 (4,532) 12,178 (1,809) 56,045 (21,824) 64,847 (12,788) Other jurisdictions (104) — 233 — (438) — 158 — $ (15,012) $ (6,097) $ (55,561) $ (1,883) $ (51,436) $ (26,671) $ (112,117) $ (15,079) During the third quarter of 2023, the Company reported estimated income and mining tax expense of approximately $6.1 million, resulting in an effective tax rate of (40.6)%. This compares to income tax expense of $1.9 million for an effective tax rate of (3.4)% during the third quarter of 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 rate; (v) the sale of non-core assets; (vi) percentage depletion; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will 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 factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” in the 2022 10-K. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2019 forward for the U.S. federal jurisdiction and from 2016 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by less than $0.1 million in the next twelve months. At September 30, 2023 and December 31, 2022, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and nine months ended September 30, 2023 was $2.6 million and $8.5 million, respectively, compared to $2.5 million and $7.1 million in the three and nine months ended September 31, 2022. At September 30, 2023, there was $10.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years. The following table summarizes the grants awarded during the nine months ended September 30, 2023: Grant date Restricted Grant date fair Performance Grant date fair February 27, 2023 2,596,856 $ 3.00 1,738,581 $ 3.14 June 19, 2023 57,804 $ 3.11 46,340 $ 3.14 August 18, 2023 436,422 $ 2.53 5,308 $ 3.14 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Change in the value of equity securities (1) $ (2,010) $ (13,067) $ 4,629 $ (62,133) Termination of gold zero cost collars — — — (3,139) Fair value adjustments, net $ (2,010) $ (13,067) $ 4,629 $ (65,272) (1) Includes unrealized losses on held equity securities of $2.0 million, and $13.1 million for the three months ended September 30, 2023, and 2022, respectively, and unrealized losses of $2.3 million and $46.5 million for the nine months ended September 30, 2023, and 2022, respectively Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at September 30, 2023 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 7,231 $ 7,231 $ — $ — Provisional metal sales contracts 36 — 36 — Gold forwards 7,411 — 7,411 — Silver forwards 4,243 — 4,243 — $ 18,921 $ 7,231 $ 11,690 $ — Liabilities: Provisional metal sales contracts $ 53 $ — $ 53 $ — Fair Value at December 31, 2022 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities including warrants $ 44,152 $ 43,893 $ 259 $ — Provisional metal sales contracts 299 — 299 — Gold forwards 12,343 — 12,343 — $ 56,794 $ 43,893 $ 12,901 $ — Liabilities: Provisional metal sales contracts $ 10 $ — $ 10 $ — The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. The common share purchase warrants the Company received as consideration in the La Preciosa project sale are valued using a 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 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. The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads. No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2023. The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2023 and December 31, 2022 is presented in the following table: September 30, 2023 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 303,010 $ 258,746 $ — $ 258,746 $ — Revolving Credit Facility (2) $ 140,000 $ 140,000 $ — $ 140,000 $ — (1) Net of unamortized debt issuance costs of $4.2 million (2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets . December 31, 2022 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Promissory note $ 4,926 $ 4,579 $ — $ 4,579 $ — Deferred cash consideration $ 7,677 $ 7,317 $ — $ 7,317 $ — Liabilities: 2029 Senior Notes (1) $ 369,212 $ 291,924 $ — $ 291,924 $ — Revolving Credit Facility (2) $ 80,000 $ 80,000 $ — $ 80,000 $ — (1) Net of unamortized debt issuance costs of $5.8 million. (2) Unamortized debt issuance costs of $3.6 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. In March 2022 the Company completed the sale of the La Preciosa project. The consideration for the sale of La Preciosa project included a promissory note payable to the Company that matured in March 2023 and was paid in full, and deferred cash consideration payable on the first anniversary of initial production from any portion of the La Preciosa project. These assets were valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. 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 consideration for the sale of La Preciosa project also included two 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 $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. These assets were initially measured at fair value at inception and remeasured at fair value on a nonrecurring basis. The fair value of the royalties and the contingent consideration assets were $11.2 million and $1.2 million, respectively, valued as of the date of closing of the transaction and were 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 included 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 as Level 3 of the fair value hierarchy. In May 2023, the Company sold the La Preciosa Deferred Consideration for cash consideration of $7.0 million and deferred consideration of $1.0 million payable on the first anniversary of initial production from any portion of the La Preciosa project resulting in a loss on the sale of $12.3 million, which was recognized in Other, Net in the Condensed Consolidated Statement of Comprehensive Income (Loss). The deferred cash consideration was measured at a fair value of $0.8 million at inception and will be remeasured at fair value on a nonrecurring basis. It was valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. 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 consideration for the sale of Sterling/Crown exploration properties included the right to an additional payment of $50.0 million should the Buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties (including any in-situ ounces mined after the closing of the Transaction) equal to or greater than 3,500,000 gold ounces, subject to certain additional terms and conditions detailed in the stock purchase agreement. The fair value of the contingent consideration asset of $13.0 million valued as of the date of closing of the transaction was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis. The model inputs include significant unobservable inputs, involve significant management judgment and is classified as Level 3 of the fair value hierarchy. The significant unobservable inputs included managements assumption related to the probability (75%) and timing (ranging from 5 years to 30 years) of achieving reported gold resources equal to or greater than 3,500,000 gold ounces and a discount rate of 8.1%. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIESThe Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. 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 hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Designated as Cash Flow Hedging Strategies To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company enters into forward contracts. The contracts are net settled monthly and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, 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 September 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2023 2024 and Thereafter Gold forwards Average gold fixed price per ounce $ 1,977 $ — Notional ounces 55,749 — Silver forwards Average silver fixed price per ounce $ 25.47 $ — Notional ounces 1,245,000 — The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments. As of September 30, 2023, the Company had $11.7 million of net after-tax gains in AOCI related to gains from cash flow hedge transactions, of which $11.7 million of net after-tax gains is expected to be recognized in its Condensed 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 and silver for metal contracts. The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: September 30, 2023 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ 7,411 $ — $ — Silver forwards 4,243 — — December 31, 2022 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ 12,343 $ — $ — The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands). Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ 6,736 $ 29,060 $ (1,317) $ 62,685 Silver forwards 491 — 8,458 — Gold zero cost collars — — — (4,598) $ 7,227 $ 29,060 $ 7,141 $ 58,087 Amount of (Gain) Loss Reclassified from AOCI to Earnings Gold forwards $ (2,723) $ (11,289) $ (3,615) $ (14,399) Silver forwards (2,197) — (4,215) — Gold zero cost collars — 1,379 — 3,218 $ (4,920) $ (9,910) $ (7,830) $ (11,181) 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 sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. Zero Cost Collars To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements. The contracts were net cash settled monthly and, if the price of gold at the time of expiration was between the put and call prices, it 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 the zero cost collars on the date of de-designation, was retained in AOCI and was recognized in earnings in 2022 as the forecasted transactions occurred. At September 30, 2023, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2023 2024 and Thereafter Provisional gold sales contracts $ 26,551 $ — Average gold price per ounce $ 1,920 $ — Notional ounces 13,828 — The following summarizes the classification of the fair value of the derivative instruments: September 30, 2023 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 36 $ 53 December 31, 2022 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 299 $ 10 The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2023, and 2022, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement line Derivative 2023 2022 2023 2022 Revenue Provisional metal sales contracts $ 14 $ (757) $ (305) $ (751) Fair value adjustments, net Terminated zero cost collars — — — (3,139) $ 14 $ (757) $ (305) $ (3,890) Credit Risk |
Additional Comprehensive Income
Additional Comprehensive Income (Loss) Detail | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Additional Comprehensive Income (Loss) Detail | ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL Pre-development, reclamation, and other consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 COVID-19 $ 14 $ 294 $ 92 $ 1,585 Silvertip ongoing carrying costs 2,780 4,628 13,569 15,542 Asset retirement accretion 4,153 3,597 12,219 10,588 Other 1,733 730 3,738 2,124 Pre-development, reclamation and other $ 8,680 $ 9,249 $ 29,618 $ 29,839 Other, net consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Foreign exchange gain (loss) $ 421 $ 93 $ (107) $ (972) Gain (loss) on sale of assets (1) (19) (87) (12,650) 2,365 RMC bankruptcy distribution — — 1,516 — Other 57 147 820 810 Other, net $ 459 $ 153 $ (10,421) $ 2,203 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 shares 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 nine months ended September 30, 2023, there were 1,090,981 and 1,641,510 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, 3,719,764 and 2,013,571 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2022, respectively. Three months ended September 30, Nine months ended September 30, In thousands except per share amounts 2023 2022 2023 2022 Net income (loss) available to common stockholders $ (21,109) $ (57,444) $ (78,107) $ (127,196) Weighted average shares: Basic 356,676 278,105 330,440 272,599 Effect of stock-based compensation plans — — — — Diluted 356,676 278,105 330,440 272,599 Income (loss) per share: Basic $ (0.06) $ (0.21) $ (0.24) $ (0.47) Diluted $ (0.06) $ (0.21) $ (0.24) $ (0.47) On September 13, 2023, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “September 2023 Equity Offering”). The September 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on August 10, 2023 between the Company and BMO Capital Markets Corp., BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 21,699,856 shares of its common stock in the September 2023 Equity Offering at an average price of $2.30 per share, raising net proceeds (after sales commissions) of $49.3 million. Proceeds from the September 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes. On June 21, 2023, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 5,276,154 shares of common stock, par value $0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on June 27, 2023. The Company granted an over-allotment option of up to 3,000,000 additional flow-through shares, which was exercised in full and closed on July 20, 2023. The proceeds of the Private Placement Offering will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)). The initial Private Placement Offering raised net proceeds of $18.2 million, of which $5.1 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”). The FT Premium Liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred. The over-allotment raised net proceeds of $10.5 million, including an additional $2.7 million of FT Premium Liability. The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act. On March 17, 2023, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March 2023 Equity Offering”). The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $3.04 per share, raising net proceeds (after sales commissions) of $98.4 million. Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The following summarized financial information is presented to satisfy disclosure requirements of Rule 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, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and 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 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Current assets $ 32,341 $ 73,692 $ 176,842 $ 137,432 Non-current assets (1) $ 407,492 $ 445,778 $ 1,244,584 $ 991,213 Non-guarantor intercompany assets $ 398 $ 4,391 $ — $ — Current liabilities $ 21,787 $ 19,842 $ 202,444 $ 136,788 Non-current liabilities $ 452,982 $ 457,195 $ 196,055 $ 193,024 Non-guarantor intercompany liabilities $ 84,353 $ 58,257 $ 1,576 $ 1,594 (1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. SUMMARIZED STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30, 2023 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 326,794 Gross profit (loss) $ (883) $ (5,271) Net income (loss) $ (78,108) $ (31,593) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of September 30, 2023, $29.4 million in principal is due from the Mexican government associated with amounts that were paid as VAT 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 refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through litigation and potential arbitration as well as refiling refund requests as undue payments rather than refunds of VAT that was due). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was 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 receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to resolve the matter. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and 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 material adverse impact on the Company’s operations and financial results. Palmarejo Gold Stream Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from 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 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. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet. See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail. The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Opening Balance $ 7,196 $ 7,742 $ 7,411 $ 8,150 Revenue Recognized (145) (167) (360) (575) Closing Balance $ 7,051 $ 7,575 $ 7,051 $ 7,575 Metal Sales Prepayments In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. In December 2022, the Company received a $25.0 million prepayment, all of which was recognized as revenue in the first half of 2023. In June 2023, the Company exercised an option to receive a further $25.0 million prepayment, a portion of which was recognized in revenue in the third quarter of 2023. Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty to allow for a $10.0 million prepayment for deliveries of gold concentrate from its Wharf mine and a $10.0 million prepayment for deliveries of gold and silver doré from its Rochester mine, all of which were recognized as revenue in the third quarter of 2023. In September 2023, the contracts related to Wharf and Rochester were amended to increase the maximum amount available in prepayments to $12.5 million and $17.5 million, respectively, which were received. The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail. The following table presents a roll forward of the prepayment contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Opening Balance $ 45,012 $ 25,012 $ 25,016 $ 15,016 Additions 30,311 361 75,307 10,811 Revenue Recognized (31,000) (10,000) (56,000) (10,454) Closing Balance $ 44,323 $ 15,373 $ 44,323 $ 15,373 Rochester Expansion Project Update Construction of the new three-stage crushing circuit is now complete and first production from the new leach pad and process plant began in mid-September. Commissioning of the process plant is complete and commissioning of the new crusher corridor is underway, with ramp-up expected throughout the remainder of 2023 and into the first half of 2024. Once operating at full capacity, throughput levels are expected to average 32 million tons per year, which is approximately 2.5 times higher than historical levels, making Rochester one of the largest open pit heap leach operations in the world. The total estimated capital for the project remains at $710 - $730 million. Other Commitments and Contingencies |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: In thousands September 30, 2023 December 31, 2022 Accrued salaries and wages $ 28,499 $ 29,868 Flow-through share premium received (including over-allotment) 7,847 — Deferred revenue (1) 44,843 25,736 Income and mining taxes 8,329 7,874 Accrued operating costs 9,362 6,241 Unrealized losses on derivatives 53 10 Taxes other than income and mining 2,703 3,318 Accrued interest payable 4,021 8,256 Operating lease liabilities 10,905 11,560 Accrued liabilities and other $ 116,562 $ 92,863 (1) See Note 16 -- 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 Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2023 and 2022: In thousands September 30, 2023 September 30, 2022 Cash and cash equivalents $ 53,223 $ 75,389 Restricted cash equivalents 1,723 1,427 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 54,946 $ 76,816 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income (loss) | $ (21,109) | $ (32,412) | $ (24,586) | $ (57,444) | $ (77,434) | $ 7,682 | $ (78,107) | $ (127,196) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Recent Accounting Standards | Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)” , which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures. In March 2022, the FASB issued ASU 2022-01, “ Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method ” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 38,994 $ 8,719 $ 46,474 $ 45,316 $ — $ — $ 139,503 Silver sales 38,294 14,929 56 1,801 — — 55,080 Metal sales 77,288 23,648 46,530 47,117 — — 194,583 Costs and Expenses Costs applicable to sales (1) 48,059 30,532 38,286 31,026 — — 147,903 Amortization 9,024 4,176 6,894 1,588 919 283 22,884 Exploration 2,160 303 2,856 — 6,703 415 12,437 Other operating expenses 2,611 2,168 907 1,041 3,164 8,301 18,192 Other income (expense) Gain on debt extinguishment — — — — — 774 774 Fair value adjustments, net — — — — — (2,010) (2,010) Interest expense, net 241 (555) (583) (120) (13) (6,372) (7,402) Other, net (3) 1,407 (67) (79) (43) (119) (640) 459 Income and mining tax (expense) benefit (4,539) 220 — (1,102) — (676) (6,097) Net Income (loss) $ 12,543 $ (13,933) $ (3,075) $ 12,197 $ (10,918) $ (17,923) $ (21,109) Segment assets (2) $ 313,569 $ 1,070,307 $ 169,184 $ 98,307 $ 217,321 $ 66,462 $ 1,935,150 Capital expenditures $ 10,780 $ 84,368 $ 15,831 $ 681 $ 619 $ (6) $ 112,273 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Three Months Ended September 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 35,285 $ 16,162 $ 49,010 $ 38,724 $ — $ — $ 139,181 Silver sales 29,551 14,011 97 153 — — 43,812 Metal sales 64,836 30,173 49,107 38,877 — — 182,993 Costs and Expenses Costs applicable to sales (1) 43,244 50,760 40,289 28,887 — — 163,180 Amortization 8,027 6,921 10,369 2,191 1,260 383 29,151 Exploration 1,775 601 2,796 — 2,303 931 8,406 Other operating expenses 812 1,804 425 482 4,966 10,482 18,971 Other income (expense) Gain on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — (13,067) (13,067) Interest expense, net 26 (225) (442) (22) (32) (5,237) (5,932) Other, net (3) 1,142 (101) (62) (167) (85) (574) 153 Income and mining tax (expense) benefit (1,805) 114 — (417) — 225 (1,883) Net Income (loss) $ 10,341 $ (30,125) $ (5,276) $ 6,711 $ (8,646) $ (30,449) $ (57,444) Segment assets (2) $ 294,438 $ 769,391 $ 146,128 $ 90,542 $ 242,142 $ 85,034 $ 1,627,675 Capital expenditures $ 10,844 $ 73,995 $ 7,076 $ 458 $ 3,821 $ 408 $ 96,602 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 114,897 $ 37,404 $ 111,136 $ 124,522 $ — $ — $ 387,959 Silver sales 117,426 49,245 193 4,293 — — 171,157 Metal sales 232,323 86,649 111,329 128,815 — — 559,116 Costs and Expenses Costs applicable to sales (1) 143,915 99,465 114,817 82,399 — — 440,596 Amortization 25,760 13,043 17,539 4,802 3,161 882 65,187 Exploration 5,087 965 6,179 — 6,572 1,204 20,007 Other operating expenses 6,370 6,241 2,875 3,084 14,687 27,745 61,002 Other income (expense) Gain on debt extinguishment — — — — — 3,735 3,735 Fair value adjustments, net — — — — — 4,629 4,629 Interest expense, net 541 (1,017) (1,438) (164) (53) (19,572) (21,703) Other, net (3) 4,291 (559) (206) (374) (222) (13,351) (10,421) Income and mining tax (expense) benefit (20,461) 596 — (3,822) — (2,984) (26,671) Net Income (loss) $ 35,562 $ (34,045) $ (31,725) $ 34,170 $ (24,695) $ (57,374) $ (78,107) Segment assets (2) $ 313,569 $ 1,070,307 $ 169,184 $ 98,307 $ 217,321 $ 66,462 $ 1,935,150 Capital expenditures $ 32,844 $ 197,788 $ 38,189 $ 952 $ 1,426 $ 703 $ 271,902 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine Months Ended September 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 119,486 $ 42,413 $ 143,099 $ 110,259 $ — $ — $ 415,257 Silver sales 114,387 44,632 575 669 — — 160,263 Metal sales 233,873 87,045 143,674 110,928 — — 575,520 Costs and Expenses Costs applicable to sales (1) 135,532 120,988 116,510 74,096 — — 447,126 Amortization 27,150 16,592 28,360 6,500 3,778 1,169 83,549 Exploration 5,071 4,009 4,416 — 2,041 3,566 19,103 Other operating expenses 2,485 5,465 1,348 1,521 16,550 31,751 59,120 Other income (expense) Gain on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — (65,272) (65,272) Interest expense, net (100) (606) (1,111) (49) (150) (13,654) (15,670) Other, net (3) 1,635 (192) 19 506 (320) 555 2,203 Income and mining tax (expense) benefit (24,325) 1,079 127 (2,382) — 10,422 (15,079) Net Income (loss) $ 40,845 $ (59,728) $ (7,925) $ 26,886 $ (22,839) $ (104,435) $ (127,196) Segment assets (2) $ 294,438 $ 769,391 $ 146,128 $ 90,542 $ 242,142 $ 85,034 $ 1,627,675 Capital expenditures $ 34,515 $ 154,001 $ 23,828 $ 2,294 $ 21,383 $ 3,239 $ 239,260 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail |
Consolidated Assets | Assets September 30, 2023 December 31, 2022 Total assets for reportable segments $ 1,935,150 $ 1,669,982 Cash and cash equivalents 53,223 61,464 Other assets 81,379 114,697 Total consolidated assets $ 2,069,752 $ 1,846,143 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets September 30, 2023 December 31, 2022 United States $ 1,149,301 $ 899,960 Mexico 258,409 251,950 Canada 231,416 237,723 Other 122 122 Total $ 1,639,248 $ 1,389,755 |
Revenue by Country | Revenue Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 United States $ 117,295 $ 118,157 $ 326,793 $ 341,647 Mexico 77,288 64,836 232,323 233,873 Total $ 194,583 $ 182,993 $ 559,116 $ 575,520 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands September 30, 2023 December 31, 2022 Current receivables: Trade receivables $ 2,637 $ 6,302 VAT receivable 15,116 10,741 Income tax receivable 9,791 9,719 Avino note receivable (1) — 4,926 Gold and silver forwards realized gains (2) 1,995 4,059 Other 599 586 $ 30,138 $ 36,333 Non-current receivables: Other tax receivable (3) $ 8,534 $ — Deferred cash consideration (1) — 7,677 Contingent consideration (1) 14,029 14,346 $ 22,563 $ 22,023 Total receivables $ 52,701 $ 58,356 (1) See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration. (2) Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges. (3) Consists of exploration credit refunds at Silvertip. |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands September 30, 2023 December 31, 2022 Inventory: Concentrate $ 1,357 $ 2,869 Precious metals 15,924 12,636 Supplies 49,423 46,326 $ 66,704 $ 61,831 Ore on Leach Pads: Current $ 114,314 $ 82,958 Non-current 36,627 51,268 $ 150,941 $ 134,226 Long-term Stockpile (included in Other ) $ 41,990 $ 28,840 Total Inventory and Ore on Leach Pads $ 259,635 $ 224,897 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. During the first nine months of 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down for the three and nine months ended September 30, 2023 of $8.9 million ($7.7 million was recognized in Costs applicable to sales and $1.2 million in Amortization ) and $25.3 million ($22.4 million was recognized in Costs applicable to sales and $2.9 million in Amortization |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investment in Marketable Securities [Abstract] | |
Investments | From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration. At September 30, 2023 In thousands Cost Gross Gross Estimated Equity Securities Avino Silver & Gold Mines Ltd $ 13,720 $ (6,489) $ — $ 7,231 Equity securities $ 13,720 $ (6,489) $ — $ 7,231 At December 31, 2022 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 70,560 $ (38,528) $ — $ 32,032 Integra Resources Corp. 9,455 (7,115) — 2,340 Avino Silver & Gold Mines Ltd 13,720 (4,199) — 9,521 Other 2,233 (1,974) — 259 Equity securities $ 95,968 $ (51,816) $ — $ 44,152 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | September 30, 2023 December 31, 2022 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 303,010 $ — $ 369,212 Revolving Credit Facility (2) — 140,000 — 80,000 Finance lease obligations 22,127 47,104 24,578 42,143 $ 22,127 $ 490,114 $ 24,578 $ 491,355 (1) Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively. (2) Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets . |
Interest Expenses Incurred for Various Debt Instruments [Table Text Block] | Interest Expense Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 2029 Senior Notes $ 4,097 $ 4,805 13,409 $ 14,414 Revolving Credit Facility 4,956 2,512 11,481 5,069 Finance lease obligations 1,035 1,341 2,788 3,916 Amortization of debt issuance costs 703 535 1,964 1,448 Other debt obligations 710 29 1,450 162 Capitalized interest (4,099) (3,290) (9,389) (9,339) Total interest expense, net of capitalized interest $ 7,402 $ 5,932 $ 21,703 $ 15,670 |
Reclamation (Tables)
Reclamation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Asset retirement obligation - Beginning $ 207,960 $ 184,606 $ 202,431 $ 180,156 Accretion 4,153 3,564 12,219 10,482 Additions and changes to estimates (2,682) — (2,682) — Settlements (1,415) (1,507) (3,952) (3,975) Asset retirement obligation - Ending $ 208,016 $ 186,663 $ 208,016 $ 186,663 The commencement of production from the new leach pad and process plant at Rochester in the third quarter of 2023 resulted in an update to the estimated reclamation and mine closure costs. The estimated reclamation and mine closure costs was discounted using a credit adjusted, risk-free interest rate of 8.4%. |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2023 and 2022 by significant jurisdiction: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (22,674) $ (1,565) $ (59,012) $ (74) $ (83,994) $ (4,847) $ (154,263) $ (2,270) Canada (9,345) — (8,960) — (23,049) — (22,859) (21) Mexico 17,111 (4,532) 12,178 (1,809) 56,045 (21,824) 64,847 (12,788) Other jurisdictions (104) — 233 — (438) — 158 — $ (15,012) $ (6,097) $ (55,561) $ (1,883) $ (51,436) $ (26,671) $ (112,117) $ (15,079) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Grants Awarded | The following table summarizes the grants awarded during the nine months ended September 30, 2023: Grant date Restricted Grant date fair Performance Grant date fair February 27, 2023 2,596,856 $ 3.00 1,738,581 $ 3.14 June 19, 2023 57,804 $ 3.11 46,340 $ 3.14 August 18, 2023 436,422 $ 2.53 5,308 $ 3.14 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Change in the value of equity securities (1) $ (2,010) $ (13,067) $ 4,629 $ (62,133) Termination of gold zero cost collars — — — (3,139) Fair value adjustments, net $ (2,010) $ (13,067) $ 4,629 $ (65,272) (1) Includes unrealized losses on held equity securities of $2.0 million, and $13.1 million for the three months ended September 30, 2023, and 2022, respectively, and unrealized losses of $2.3 million and $46.5 million for the nine months ended September 30, 2023, and 2022, respectively |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at September 30, 2023 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 7,231 $ 7,231 $ — $ — Provisional metal sales contracts 36 — 36 — Gold forwards 7,411 — 7,411 — Silver forwards 4,243 — 4,243 — $ 18,921 $ 7,231 $ 11,690 $ — Liabilities: Provisional metal sales contracts $ 53 $ — $ 53 $ — Fair Value at December 31, 2022 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities including warrants $ 44,152 $ 43,893 $ 259 $ — Provisional metal sales contracts 299 — 299 — Gold forwards 12,343 — 12,343 — $ 56,794 $ 43,893 $ 12,901 $ — Liabilities: Provisional metal sales contracts $ 10 $ — $ 10 $ — |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2023 and December 31, 2022 is presented in the following table: September 30, 2023 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 303,010 $ 258,746 $ — $ 258,746 $ — Revolving Credit Facility (2) $ 140,000 $ 140,000 $ — $ 140,000 $ — (1) Net of unamortized debt issuance costs of $4.2 million (2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets . December 31, 2022 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Promissory note $ 4,926 $ 4,579 $ — $ 4,579 $ — Deferred cash consideration $ 7,677 $ 7,317 $ — $ 7,317 $ — Liabilities: 2029 Senior Notes (1) $ 369,212 $ 291,924 $ — $ 291,924 $ — Revolving Credit Facility (2) $ 80,000 $ 80,000 $ — $ 80,000 $ — (1) Net of unamortized debt issuance costs of $5.8 million. (2) Unamortized debt issuance costs of $3.6 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At September 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2023 2024 and Thereafter Gold forwards Average gold fixed price per ounce $ 1,977 $ — Notional ounces 55,749 — Silver forwards Average silver fixed price per ounce $ 25.47 $ — Notional ounces 1,245,000 — At September 30, 2023, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2023 2024 and Thereafter Provisional gold sales contracts $ 26,551 $ — Average gold price per ounce $ 1,920 $ — Notional ounces 13,828 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: September 30, 2023 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ 7,411 $ — $ — Silver forwards 4,243 — — December 31, 2022 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ 12,343 $ — $ — The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands). Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ 6,736 $ 29,060 $ (1,317) $ 62,685 Silver forwards 491 — 8,458 — Gold zero cost collars — — — (4,598) $ 7,227 $ 29,060 $ 7,141 $ 58,087 Amount of (Gain) Loss Reclassified from AOCI to Earnings Gold forwards $ (2,723) $ (11,289) $ (3,615) $ (14,399) Silver forwards (2,197) — (4,215) — Gold zero cost collars — 1,379 — 3,218 $ (4,920) $ (9,910) $ (7,830) $ (11,181) The following summarizes the classification of the fair value of the derivative instruments: September 30, 2023 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 36 $ 53 December 31, 2022 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 299 $ 10 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2023, and 2022, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement line Derivative 2023 2022 2023 2022 Revenue Provisional metal sales contracts $ 14 $ (757) $ (305) $ (751) Fair value adjustments, net Terminated zero cost collars — — — (3,139) $ 14 $ (757) $ (305) $ (3,890) Credit Risk |
Additional Comprehensive Inco_2
Additional Comprehensive Income (Loss) Detail (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Pre-development, reclamation, and other consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 COVID-19 $ 14 $ 294 $ 92 $ 1,585 Silvertip ongoing carrying costs 2,780 4,628 13,569 15,542 Asset retirement accretion 4,153 3,597 12,219 10,588 Other 1,733 730 3,738 2,124 Pre-development, reclamation and other $ 8,680 $ 9,249 $ 29,618 $ 29,839 |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Foreign exchange gain (loss) $ 421 $ 93 $ (107) $ (972) Gain (loss) on sale of assets (1) (19) (87) (12,650) 2,365 RMC bankruptcy distribution — — 1,516 — Other 57 147 820 810 Other, net $ 459 $ 153 $ (10,421) $ 2,203 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended September 30, Nine months ended September 30, In thousands except per share amounts 2023 2022 2023 2022 Net income (loss) available to common stockholders $ (21,109) $ (57,444) $ (78,107) $ (127,196) Weighted average shares: Basic 356,676 278,105 330,440 272,599 Effect of stock-based compensation plans — — — — Diluted 356,676 278,105 330,440 272,599 Income (loss) per share: Basic $ (0.06) $ (0.21) $ (0.24) $ (0.47) Diluted $ (0.06) $ (0.21) $ (0.24) $ (0.47) |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | SUMMARIZED BALANCE SHEET Coeur Mining, Inc. Guarantor Subsidiaries In thousands September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Current assets $ 32,341 $ 73,692 $ 176,842 $ 137,432 Non-current assets (1) $ 407,492 $ 445,778 $ 1,244,584 $ 991,213 Non-guarantor intercompany assets $ 398 $ 4,391 $ — $ — Current liabilities $ 21,787 $ 19,842 $ 202,444 $ 136,788 Non-current liabilities $ 452,982 $ 457,195 $ 196,055 $ 193,024 Non-guarantor intercompany liabilities $ 84,353 $ 58,257 $ 1,576 $ 1,594 (1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. |
Schedule of Comprehensive Income (Loss) | SUMMARIZED STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30, 2023 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 326,794 Gross profit (loss) $ (883) $ (5,271) Net income (loss) $ (78,108) $ (31,593) |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contract Liability | The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Opening Balance $ 7,196 $ 7,742 $ 7,411 $ 8,150 Revenue Recognized (145) (167) (360) (575) Closing Balance $ 7,051 $ 7,575 $ 7,051 $ 7,575 The following table presents a roll forward of the prepayment contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Opening Balance $ 45,012 $ 25,012 $ 25,016 $ 15,016 Additions 30,311 361 75,307 10,811 Revenue Recognized (31,000) (10,000) (56,000) (10,454) Closing Balance $ 44,323 $ 15,373 $ 44,323 $ 15,373 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands September 30, 2023 December 31, 2022 Accrued salaries and wages $ 28,499 $ 29,868 Flow-through share premium received (including over-allotment) 7,847 — Deferred revenue (1) 44,843 25,736 Income and mining taxes 8,329 7,874 Accrued operating costs 9,362 6,241 Unrealized losses on derivatives 53 10 Taxes other than income and mining 2,703 3,318 Accrued interest payable 4,021 8,256 Operating lease liabilities 10,905 11,560 Accrued liabilities and other $ 116,562 $ 92,863 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2023 and 2022: In thousands September 30, 2023 September 30, 2022 Cash and cash equivalents $ 53,223 $ 75,389 Restricted cash equivalents 1,723 1,427 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 54,946 $ 76,816 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Oct. 02, 2014 | |
Business Acquisition [Line Items] | |||||||||
Inventory Write-down | $ 7,727,000 | $ 21,204,000 | $ 22,467,000 | $ 38,018,000 | |||||
Rochester | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory Write-down | 8,900,000 | 25,300,000 | |||||||
Rochester | Cost of Sales | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory Write-down | 7,700,000 | 22,400,000 | |||||||
Palmarejo gold production royalty | |||||||||
Business Acquisition [Line Items] | |||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||
Production to be sold, percent | 50% | ||||||||
Price per ounce under agreement | $ 800 | ||||||||
Kensington | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | $ 44,323,000 | $ 15,373,000 | $ 44,323,000 | $ 15,373,000 | $ 45,012,000 | $ 25,016,000 | $ 25,012,000 | $ 15,016,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Financial information relating to reporting segments | ||||||||||
Revenue | $ 194,583 | $ 182,993 | $ 559,116 | $ 575,520 | ||||||
Amortization | 22,884 | 29,151 | 65,187 | 83,549 | ||||||
Other operating expenses | 18,192 | 18,971 | 61,002 | 59,120 | ||||||
Fair value adjustments, net, pretax | (2,010) | (13,067) | 4,629 | (65,272) | ||||||
Interest expense, net of capitalized interest | (7,402) | (5,932) | (21,703) | (15,670) | ||||||
Other, net | [1] | 459 | 153 | (10,421) | 2,203 | |||||
Income and mining tax (expense) benefit | (6,097) | (1,883) | (26,671) | (15,079) | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (21,109) | (57,444) | (78,107) | (127,196) | ||||||
Net income (loss) | (21,109) | $ (32,412) | $ (24,586) | (57,444) | $ (77,434) | $ 7,682 | (78,107) | (127,196) | ||
Assets, Net | [2] | 1,935,150 | 1,627,675 | 1,935,150 | 1,627,675 | $ 1,669,982 | ||||
Capital expenditures | 112,273 | 96,602 | 271,902 | 239,260 | ||||||
Gain on debt extinguishment | 774 | 0 | 3,735 | 0 | ||||||
Palmarejo [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Amortization | 9,024 | 8,027 | 25,760 | 27,150 | ||||||
Other operating expenses | 2,611 | 812 | 6,370 | 2,485 | ||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||
Interest expense, net of capitalized interest | 241 | 26 | 541 | (100) | ||||||
Other, net | [1] | 1,407 | 1,142 | 4,291 | 1,635 | |||||
Income and mining tax (expense) benefit | (4,539) | (1,805) | (20,461) | (24,325) | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,543 | 10,341 | 35,562 | 40,845 | ||||||
Assets, Net | [2] | 313,569 | 294,438 | 313,569 | 294,438 | |||||
Capital expenditures | 10,780 | 10,844 | 32,844 | 34,515 | ||||||
Gain on debt extinguishment | 0 | 0 | 0 | 0 | ||||||
Rochester | ||||||||||
Financial information relating to reporting segments | ||||||||||
Amortization | 4,176 | 6,921 | 13,043 | 16,592 | ||||||
Other operating expenses | 2,168 | 1,804 | 6,241 | 5,465 | ||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||
Interest expense, net of capitalized interest | (555) | (225) | (1,017) | (606) | ||||||
Other, net | [1] | (67) | (101) | (559) | (192) | |||||
Income and mining tax (expense) benefit | 220 | 114 | 596 | 1,079 | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (13,933) | (30,125) | (34,045) | (59,728) | ||||||
Assets, Net | [2] | 1,070,307 | 769,391 | 1,070,307 | 769,391 | |||||
Capital expenditures | 84,368 | 73,995 | 197,788 | 154,001 | ||||||
Gain on debt extinguishment | 0 | 0 | 0 | 0 | ||||||
Kensington | ||||||||||
Financial information relating to reporting segments | ||||||||||
Amortization | 6,894 | 10,369 | 17,539 | 28,360 | ||||||
Other operating expenses | 907 | 425 | 2,875 | 1,348 | ||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||
Interest expense, net of capitalized interest | (583) | (442) | (1,438) | (1,111) | ||||||
Other, net | [1] | (79) | (62) | (206) | 19 | |||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | 127 | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (3,075) | (5,276) | (31,725) | (7,925) | ||||||
Assets, Net | [2] | 169,184 | 146,128 | 169,184 | 146,128 | |||||
Capital expenditures | 15,831 | 7,076 | 38,189 | 23,828 | ||||||
Gain on debt extinguishment | 0 | 0 | 0 | 0 | ||||||
Wharf | ||||||||||
Financial information relating to reporting segments | ||||||||||
Amortization | 1,588 | 2,191 | 4,802 | 6,500 | ||||||
Other operating expenses | 1,041 | 482 | 3,084 | 1,521 | ||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||
Interest expense, net of capitalized interest | (120) | (22) | (164) | (49) | ||||||
Other, net | [1] | (43) | (167) | (374) | 506 | |||||
Income and mining tax (expense) benefit | (1,102) | (417) | (3,822) | (2,382) | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,197 | 6,711 | 34,170 | 26,886 | ||||||
Assets, Net | [2] | 98,307 | 90,542 | 98,307 | 90,542 | |||||
Capital expenditures | 681 | 458 | 952 | 2,294 | ||||||
Gain on debt extinguishment | 0 | 0 | 0 | 0 | ||||||
Silvertip [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Amortization | 919 | 1,260 | 3,161 | 3,778 | ||||||
Other operating expenses | 3,164 | 4,966 | 14,687 | 16,550 | ||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||
Interest expense, net of capitalized interest | (13) | (32) | (53) | (150) | ||||||
Other, net | [1] | (119) | (85) | (222) | (320) | |||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | 0 | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (10,918) | (8,646) | (24,695) | (22,839) | ||||||
Assets, Net | [2] | 217,321 | 242,142 | 217,321 | 242,142 | |||||
Capital expenditures | 619 | 3,821 | 1,426 | 21,383 | ||||||
Gain on debt extinguishment | 0 | 0 | 0 | 0 | ||||||
Other Mining Properties [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Amortization | 283 | 383 | 882 | 1,169 | ||||||
Other operating expenses | 8,301 | 10,482 | 27,745 | 31,751 | ||||||
Fair value adjustments, net, pretax | (2,010) | (13,067) | 4,629 | (65,272) | ||||||
Interest expense, net of capitalized interest | (6,372) | (5,237) | (19,572) | (13,654) | ||||||
Other, net | [1] | (640) | (574) | (13,351) | 555 | |||||
Income and mining tax (expense) benefit | (676) | 225 | (2,984) | 10,422 | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (17,923) | (30,449) | (57,374) | (104,435) | ||||||
Assets, Net | [2] | 66,462 | 85,034 | 66,462 | 85,034 | |||||
Capital expenditures | (6) | 408 | 703 | 3,239 | ||||||
Gain on debt extinguishment | 774 | 0 | 3,735 | 0 | ||||||
Gold [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 139,503 | 139,181 | 387,959 | 415,257 | ||||||
Gold [Member] | Palmarejo [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 38,994 | 35,285 | 114,897 | 119,486 | ||||||
Gold [Member] | Rochester | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 8,719 | 16,162 | 37,404 | 42,413 | ||||||
Gold [Member] | Kensington | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 46,474 | 49,010 | 111,136 | 143,099 | ||||||
Gold [Member] | Wharf | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 45,316 | 38,724 | 124,522 | 110,259 | ||||||
Gold [Member] | Silvertip [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||
Gold [Member] | Other Mining Properties [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||
Product, Silver | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 55,080 | 43,812 | 171,157 | 160,263 | ||||||
Product, Silver | Palmarejo [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 38,294 | 29,551 | 117,426 | 114,387 | ||||||
Product, Silver | Rochester | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 14,929 | 14,011 | 49,245 | 44,632 | ||||||
Product, Silver | Kensington | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 56 | 97 | 193 | 575 | ||||||
Product, Silver | Wharf | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 1,801 | 153 | 4,293 | 669 | ||||||
Product, Silver | Silvertip [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||
Product, Silver | Other Mining Properties [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||
Product, Metal [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 194,583 | 182,993 | 559,116 | 575,520 | ||||||
Product, Metal [Member] | Palmarejo [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 77,288 | 64,836 | 232,323 | 233,873 | ||||||
Product, Metal [Member] | Rochester | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 23,648 | 30,173 | 86,649 | 87,045 | ||||||
Product, Metal [Member] | Kensington | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 46,530 | 49,107 | 111,329 | 143,674 | ||||||
Product, Metal [Member] | Wharf | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 47,117 | 38,877 | 128,815 | 110,928 | ||||||
Product, Metal [Member] | Silvertip [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||
Product, Metal [Member] | Other Mining Properties [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||
Product | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 147,903 | 163,180 | 440,596 | 447,126 | |||||
Product | Palmarejo [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 48,059 | 43,244 | 143,915 | 135,532 | |||||
Product | Rochester | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 30,532 | 50,760 | 99,465 | 120,988 | |||||
Product | Kensington | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 38,286 | 40,289 | 114,817 | 116,510 | |||||
Product | Wharf | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 31,026 | 28,887 | 82,399 | 74,096 | |||||
Product | Silvertip [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 0 | 0 | 0 | 0 | |||||
Product | Other Mining Properties [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | [3] | 0 | 0 | 0 | 0 | |||||
Mineral, Exploration | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | 12,437 | 8,406 | 20,007 | 19,103 | ||||||
Mineral, Exploration | Palmarejo [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | 2,160 | 1,775 | 5,087 | 5,071 | ||||||
Mineral, Exploration | Rochester | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | 303 | 601 | 965 | 4,009 | ||||||
Mineral, Exploration | Kensington | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | 2,856 | 2,796 | 6,179 | 4,416 | ||||||
Mineral, Exploration | Wharf | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | 0 | 0 | 0 | 0 | ||||||
Mineral, Exploration | Silvertip [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | 6,703 | 2,303 | 6,572 | 2,041 | ||||||
Mineral, Exploration | Other Mining Properties [Member] | ||||||||||
Financial information relating to reporting segments | ||||||||||
Costs applicable to sales | $ 415 | $ 931 | $ 1,204 | $ 3,566 | ||||||
[1]See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail[2]Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests[3]Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,935,150 | $ 1,669,982 | $ 1,627,675 |
Cash and cash equivalents | 53,223 | 61,464 | $ 75,389 | |
Other assets | 81,379 | 114,697 | ||
TOTAL ASSETS | $ 2,069,752 | $ 1,846,143 | ||
[1]Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 1,639,248 | $ 1,639,248 | $ 1,389,755 | ||
Revenues | |||||
Revenue | 194,583 | $ 182,993 | 559,116 | $ 575,520 | |
United States | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 1,149,301 | 1,149,301 | 899,960 | ||
Revenues | |||||
Revenue | 117,295 | 118,157 | 326,793 | 341,647 | |
Canada | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 231,416 | 231,416 | 237,723 | ||
Mexico | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 258,409 | 258,409 | 251,950 | ||
Revenues | |||||
Revenue | 77,288 | $ 64,836 | 232,323 | $ 233,873 | |
Other Foreign Countries [Member] | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 122 | $ 122 | $ 122 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 2,637 | $ 6,302 | |
Refundable value added tax | 15,116 | 10,741 | |
Income Taxes Receivable | 9,791 | 9,719 | |
Accounts and Financing Receivable, after Allowance for Credit Loss | [1] | 0 | 4,926 |
Derivative Asset, Current | [2] | 1,995 | 4,059 |
Accounts receivable - other | 599 | 586 | |
Receivables, net current portion | 30,138 | 36,333 | |
Other tax receivable | 8,534 | 0 | |
Receivables - non-current portion | |||
Deferred cash consideration (1) | [1] | 0 | 7,677 |
Contingent consideration (1) | [1] | 14,029 | 14,346 |
Non-current receivables: | 22,563 | 22,023 | |
Total receivables | $ 52,701 | $ 58,356 | |
[1]See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration.[2]Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges. (3) Consists of exploration credit refunds at Silvertip. |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 1,357 | $ 2,869 |
Other Inventory, Net of Reserves | 15,924 | 12,636 |
Inventory, Supplies, Net of Reserves | 49,423 | 46,326 |
Inventory | 66,704 | 61,831 |
Ore on Leach Pad, Current | 114,314 | 82,958 |
Ore on leach pads, noncurrent | 36,627 | 51,268 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 150,941 | 134,226 |
Inventory and Ore on Leach Pads | 259,635 | 224,897 |
Long-Term Inventory Stockpile | $ 41,990 | $ 28,840 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Inventory [Line Items] | ||||
Inventory Write-down | $ 7,727 | $ 21,204 | $ 22,467 | $ 38,018 |
Rochester | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 8,900 | 25,300 | ||
Rochester | Amortization | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 1,200 | 2,900 | ||
Rochester | Cost of Sales | ||||
Inventory [Line Items] | ||||
Inventory Write-down | $ 7,700 | $ 22,400 |
Investments (Details)
Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
May 31, 2023 | Jan. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Abstract] | |||||||
Marketable Securities, Realized Gain (Loss) | $ 2,000 | $ 13,100 | $ 2,300 | $ 46,500 | |||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Current liabilities | 0 | 0 | $ 12,120 | ||||
Marketable Securities, Current | 7,231 | 7,231 | 32,032 | ||||
Equity securities | 44,152 | ||||||
Equity securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Cost | 13,720 | 13,720 | 95,968 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 0 | |||||
Equity Securities, FV-NI, Unrealized Gain | 6,489 | 51,816 | |||||
Marketable Securities, Current | 7,231 | 7,231 | |||||
Victoria Gold Corp | Equity securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Cost | 70,560 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | 38,528 | ||||||
Marketable Securities, Current | 32,032 | ||||||
Equity method investment, amount sold (in shares) | 6,000,000 | ||||||
Equity Method Investments, Sale of Stock, Price Per Share | $ 6.70 | ||||||
Proceeds from sale of equity method investments | $ 39,800 | ||||||
Integra Resources Corp. [Member] | Equity securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Cost | 9,455 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | 7,115 | ||||||
Current liabilities | 2,340 | ||||||
Equity method investment, amount sold (in shares) | 3,700,000 | ||||||
Equity Method Investments, Sale of Stock, Price Per Share | $ 0.48 | ||||||
Proceeds from sale of equity method investments | $ 1,800 | ||||||
Avino Silver & Gold Mines Ltd | Equity securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Cost | 13,720 | 13,720 | 13,720 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 0 | |||||
Equity Securities, FV-NI, Unrealized Gain | 6,489 | 4,199 | |||||
Current liabilities | 9,521 | ||||||
Marketable Securities, Current | $ 7,231 | $ 7,231 | |||||
Other Investments [Member] | Equity securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Cost | 2,233 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | $ 1,974 | ||||||
Current liabilities | $ 259 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Long term debt and capital lease obligations | |||
Current | $ 22,127 | $ 24,578 | |
Debt | 490,114 | 491,355 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | 4,200 | 5,800 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Debt | [1] | 303,010 | 369,212 |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Debt | [2] | 140,000 | 80,000 |
Finance Lease Obligations | |||
Long term debt and capital lease obligations | |||
Debt | 47,104 | 42,143 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Current | [1] | 0 | 0 |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Current | [2] | 0 | 0 |
Finance Lease Obligations | |||
Long term debt and capital lease obligations | |||
Current | 22,127 | 24,578 | |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | $ 3,300 | $ 3,600 | |
[1]Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively.[2] Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets |
Debt (Details Textual)
Debt (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | 11 Months Ended | ||||||
Jan. 01, 2025 | Mar. 31, 2021 | Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2024 | Dec. 31, 2022 | May 02, 2022 | |
Debt Instrument [Line Items] | |||||||||||
Gain on debt extinguishment | $ 774 | $ 0 | $ 3,735 | $ 0 | |||||||
Finance Lease Obligations | $ 21,600 | ||||||||||
Rochester Finance Lease | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 60,000 | ||||||||||
Stated interest rate | 5.20% | 5.20% | |||||||||
Senior Notes due 2029 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 375,000 | $ 375,000 | |||||||||
Proceeds from debt | $ 367,500 | ||||||||||
Extinguishment of Debt | $ 67,800 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 21,600 | ||||||||||
Gain on debt extinguishment | $ 3,700 | ||||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding, amount | 29,600 | 29,600 | |||||||||
Revolving Credit Facility | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest coverage ratio | $ 15,000 | $ 40,000 | $ 30,000 | $ 50,000 | |||||||
Revolving Credit Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 140,000 | 140,000 | |||||||||
Amount available subject to debt covenants | $ 220,400 | $ 220,400 | |||||||||
Stated interest rate | 9.20% | 9.20% | |||||||||
Revolving Credit Facility | Credit Agreement | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 390,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Interest paid on Senior Notes due 2029 | $ 4,097 | $ 4,805 | $ 13,409 | $ 14,414 |
Interest paid on Revolving Credit Facility | 4,956 | 2,512 | 11,481 | 5,069 |
Finance Lease, Interest Expense | 1,035 | 1,341 | 2,788 | 3,916 |
Amortization of Debt Issuance Costs | 703 | 535 | 1,964 | 1,448 |
Interest Expense, Other | 710 | 29 | 1,450 | 162 |
Interest Costs Capitalized Adjustment | (4,099) | (3,290) | (9,389) | (9,339) |
Interest Costs Incurred | $ 7,402 | $ 5,932 | $ 21,703 | $ 15,670 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligation | $ 208,016 | $ 186,663 | $ 208,016 | $ 186,663 | $ 207,960 | $ 202,431 | $ 184,606 | $ 180,156 |
Asset Retirement Obligation, Accretion Expense, Excluding Held for Sale Disposal Group. | 4,153 | 3,564 | 12,219 | 10,482 | ||||
Additions and changes to estimates | (2,682) | 0 | (2,682) | 0 | ||||
Asset Retirement Obligation, Liabilities Settled | $ (1,415) | $ (1,507) | $ (3,952) | $ (3,975) |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Examination [Line Items] | ||||
Income (loss) before income and mining taxes | $ (15,012) | $ (55,561) | $ (51,436) | $ (112,117) |
Tax (expense) benefit | 6,097 | 1,883 | 26,671 | 15,079 |
United States | ||||
Income Tax Examination [Line Items] | ||||
United States, Income (loss) before tax | (22,674) | (59,012) | (83,994) | (154,263) |
Tax (expense) benefit | (1,565) | (74) | (4,847) | (2,270) |
Canada | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | 9,345 | 8,960 | 23,049 | 22,859 |
Tax (expense) benefit | 0 | 0 | 0 | (21) |
Mexico | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | (17,111) | (12,178) | (56,045) | (64,847) |
Tax (expense) benefit | (4,532) | (1,809) | (21,824) | (12,788) |
Other jurisdictions | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | 104 | (233) | 438 | (158) |
Tax (expense) benefit | $ 0 | $ 0 | $ 0 | $ 0 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | (40.60%) | (3.40%) | ||
Tax (expense) benefit | $ 6,097 | $ 1,883 | $ 26,671 | $ 15,079 |
Unrecognized income tax liability | $ 100 | $ 100 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for stock based compensation awards | $ 8,500 | |||
Unrecognized stock-based compensation cost | $ 10,500 | $ 10,500 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 7 months 6 days | |||
Annual Incentive Plan and Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for stock based compensation awards | $ 2,600 | $ 2,500 | $ 7,100 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Restricted stock | February 27, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 2,596,856 |
Grant date fair value of restricted stock | $ / shares | $ 3 |
Restricted stock | June 19. 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 57,804 |
Grant date fair value of restricted stock | $ / shares | $ 3.11 |
Restricted stock | August 18. 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 436,422 |
Grant date fair value of restricted stock | $ / shares | $ 2.53 |
Performance shares | February 27, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 1,738,581 |
Grant date fair value of performance shares | $ / shares | $ 3.14 |
Performance shares | June 19. 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 46,340 |
Grant date fair value of performance shares | $ / shares | $ 3.14 |
Performance shares | August 18. 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 5,308 |
Grant date fair value of performance shares | $ / shares | $ 3.14 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | $ (2,010) | $ (13,067) | $ 4,629 | $ (65,272) |
Unrealized gain (loss) on equity securities | (2,010) | (13,067) | 4,629 | (62,133) |
Termination of gold zero cost collars | 0 | 0 | 0 | (3,139) |
Realized gain (loss) on equity securities | $ (2,000) | $ (13,100) | $ (2,300) | $ (46,500) |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Equity securities | $ 44,152 | |
Fair Value, Recurring | ||
Assets: | ||
Assets | $ 18,921 | 56,794 |
Provisional metal sales contracts | Fair Value, Recurring | ||
Liabilities: | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 53 | 10 |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 36 | 299 |
Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 7,411 | 12,343 |
SIlver Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 4,243 | |
Equity Securities | Fair Value, Recurring | ||
Liabilities: | ||
Marketable securities including warrants | 7,231 | 44,152 |
Level 1 | Fair Value, Recurring | ||
Assets: | ||
Assets | 7,231 | 43,893 |
Level 1 | Provisional metal sales contracts | Fair Value, Recurring | ||
Liabilities: | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | 0 |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 | 0 |
Level 1 | Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Level 1 | SIlver Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 1 | Equity Securities | Fair Value, Recurring | ||
Liabilities: | ||
Marketable securities including warrants | 7,231 | 43,893 |
Level 2 | Fair Value, Recurring | ||
Assets: | ||
Assets | 11,690 | 12,901 |
Level 2 | Provisional metal sales contracts | Fair Value, Recurring | ||
Liabilities: | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 53 | 10 |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 36 | 299 |
Level 2 | Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 7,411 | 12,343 |
Level 2 | SIlver Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 4,243 | |
Level 2 | Equity Securities | Fair Value, Recurring | ||
Liabilities: | ||
Marketable securities including warrants | 0 | 259 |
Level 3 | Fair Value, Recurring | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | Provisional metal sales contracts | Fair Value, Recurring | ||
Liabilities: | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | 0 |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 | 0 |
Level 3 | Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Level 3 | SIlver Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 3 | Equity Securities | Fair Value, Recurring | ||
Liabilities: | ||
Marketable securities including warrants | $ 0 | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | $ 490,114 | $ 491,355 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | [1] | 140,000 | 80,000 |
Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | 303,010 | 369,212 | |
Debt | [2] | 303,010 | 369,212 |
Reported Value Measurement | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 7,677 | ||
Reported Value Measurement | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 4,926 | ||
Estimate of Fair Value Measurement | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 7,317 | ||
Estimate of Fair Value Measurement | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 4,579 | ||
Estimate of Fair Value Measurement | Level 1 | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Estimate of Fair Value Measurement | Level 1 | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Estimate of Fair Value Measurement | Level 2 | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 7,317 | ||
Estimate of Fair Value Measurement | Level 2 | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 4,579 | ||
Estimate of Fair Value Measurement | Level 3 | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Estimate of Fair Value Measurement | Level 3 | Notes Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 140,000 | 80,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 140,000 | 80,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 258,746 | 291,924 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 258,746 | 291,924 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | 4,200 | 5,800 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | $ 3,300 | $ 3,600 | |
[1] Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 1 Months Ended | 9 Months Ended | ||
Oct. 27, 2021 USD ($) royalty $ / oz | May 31, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / oz | Sep. 18, 2022 USD ($) oz | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration asset fair value disclosure | $ 13,000,000 | |||
Cash consideration | $ 7,000,000 | |||
Deferred consideration | 1,000,000 | |||
Loss on sale | 12,300,000 | |||
Fair value of cash consideration | $ 800,000 | |||
Measurement Input, Silver Price Volatility | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Disposal group, consideration, measurement input | 0.335 | |||
Measurement Input, Gold Price Volatility | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Disposal group, consideration, measurement input | 0.190 | |||
Measurement Input, Weighted Average Cost of Capital | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Disposal group, consideration, measurement input | 0.155 | |||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assumed silver price (US Dollars per ounce) | $ / oz | 22 | |||
Assumed gold price (US Dollars per ounce) | $ / oz | 1,700 | |||
Contingent Consideration Asset, Measurement Input | 5 years | |||
Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assumed silver price (US Dollars per ounce) | $ / oz | 25 | |||
Assumed gold price (US Dollars per ounce) | $ / oz | 1,930 | |||
Contingent Consideration Asset, Measurement Input | 30 years | |||
Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Royalties receivable fair value disclosure | $ 11,200,000 | |||
Contingent consideration asset fair value disclosure | $ 1,200,000 | |||
Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Disposal group, including discontinued operation, contingent consideration, payments per silver equivalent | $ / oz | 0.25 | |||
Disposal Group, Including Discontinued Operation, Number Of Royalties Disposed Of | royalty | 2 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration, Maximum | $ 50,000,000 | |||
Held-for-sale | AngloGold Ashanti | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | $ 50,000,000 | |||
Gold ounces threshold for contingent consideration | oz | 3,500,000 | |||
Held-for-sale | AngloGold Ashanti | Measurement Input, Discount Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Disposal group, consideration, measurement input | 0.081 | |||
Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discontinued operation, consideration, royalties on properties | 1.25% | |||
Areas Other Than Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discontinued operation, consideration, royalties on properties | 2% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements $ in Thousands | Sep. 30, 2023 USD ($) oz $ / oz |
2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 1,920 |
Notional Amount Derivative | $ | $ 26,551 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 13,828 |
2024 and Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - Silver and Gold Concentrate Sales Agreements - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 36 | $ 299 |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 53 | $ 10 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ 14 | $ (757) | $ (305) | $ (751) |
Termination of gold zero cost collars | 0 | 0 | 0 | 3,139 |
Fair value adjustments, net | $ 14 | $ (757) | $ (305) | $ (3,890) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ 14 | $ (757) | $ (305) | $ (751) |
Unrealized gain (loss) on hedger, net of tax | 7,227 | 29,060 | 7,141 | 58,087 |
Termination of gold zero cost collars | $ 0 | $ 0 | 0 | $ 3,139 |
Designated as Hedging Instrument | Gold Forwards | ||||
Derivative [Line Items] | ||||
After tax gains in AOCI | 11,700 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 11,700 | |||
Designated as Hedging Instrument | Gold zero cost collars | ||||
Derivative [Line Items] | ||||
Unrealized gain (loss) on hedger, net of tax | 7,700 | |||
Termination of gold zero cost collars | 3,100 | |||
Termination of zero gold cost collars recorded to other comprehensive income (loss) | $ 4,600 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gold Forwards | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 7,411 | $ 12,343 |
Gold Forwards | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 0 | 0 |
Gold Forwards | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 0 | $ 0 |
SIlver Forwards | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 4,243 | |
SIlver Forwards | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 0 | |
SIlver Forwards | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument | 9 Months Ended |
Sep. 30, 2023 oz $ / oz | |
Gold Forwards - 2022 | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 1,977 |
Notional ounces | oz | 55,749 |
Gold Forwards - 2023 and Thereafter | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 0 |
Notional ounces | oz | 0 |
Silver Forwards - 2023 | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 25.47 |
Notional ounces | oz | 1,245,000 |
Silver Forwards - 2024 and Thereafter | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 0 |
Notional ounces | oz | 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | $ 7,227 | $ 29,060 | $ 7,141 | $ 58,087 |
Gains (losses) reclassified from AOCI into net income - effective portion: | (4,920) | (9,910) | (7,830) | (11,181) |
Gold Forwards | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 6,736 | 29,060 | (1,317) | 62,685 |
Gains (losses) reclassified from AOCI into net income - effective portion: | (2,723) | (11,289) | (3,615) | (14,399) |
SIlver Forwards | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 491 | 0 | 8,458 | 0 |
Gains (losses) reclassified from AOCI into net income - effective portion: | (2,197) | 0 | (4,215) | 0 |
Gold zero cost collars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 0 | 0 | 0 | (4,598) |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ 0 | $ 1,379 | $ 0 | $ 3,218 |
Additional Comprehensive Inco_3
Additional Comprehensive Income (Loss) Detail - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Covid-19 Related Costs | $ 14 | $ 294 | $ 92 | $ 1,585 |
Care and maintenance costs | 2,780 | 4,628 | 13,569 | 15,542 |
Accretion | 4,153 | 3,597 | 12,219 | 10,588 |
Other Operating Income (Expense), Net | 1,733 | 730 | 3,738 | 2,124 |
Pre-development, reclamation, and other | $ 8,680 | $ 9,249 | $ 29,618 | $ 29,839 |
Additional Comprehensive Inco_4
Additional Comprehensive Income (Loss) Detail - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Other Income and Expenses [Abstract] | |||||
Foreign exchange gain (loss) | $ 421 | $ 93 | $ (107) | $ (972) | |
Gain (loss) on sale of assets(1) | (19) | (87) | (12,650) | 2,365 | |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 1,516 | 0 | |
Interest Income, Other | 57 | 147 | 820 | 810 | |
Other, net | [1] | $ 459 | $ 153 | $ (10,421) | $ 2,203 |
[1]See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 13, 2023 | Mar. 17, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jul. 20, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | |
Earnings Per Share (Textual) [Abstract] | |||||||||||||
Number of antidilutive shares of common stock equivalents | 1,090,981 | 3,719,764 | 1,641,510 | 2,013,571 | |||||||||
Common stock, shares issued (in shares) | 382,693,309 | 382,693,309 | 3,000,000 | 5,276,154 | 295,697,624 | ||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common stock issued for investment (in shares) | 21,699,856 | 32,861,580 | |||||||||||
Net Income (Loss) Attributable to Coeur Stockholders | |||||||||||||
NET INCOME (LOSS) | $ (21,109) | $ (32,412) | $ (24,586) | $ (57,444) | $ (77,434) | $ 7,682 | $ (78,107) | $ (127,196) | |||||
Weighted Average Number of Shares Outstanding | |||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 356,676,000 | 278,105,000 | 330,440,000 | 272,599,000 | |||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 0 | 0 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted | 356,676,000 | 278,105,000 | 330,440,000 | 272,599,000 | |||||||||
Basic EPS | |||||||||||||
Earnings Per Share, Basic | $ (0.06) | $ (0.21) | $ (0.24) | $ (0.47) | |||||||||
Diluted EPS | |||||||||||||
Earnings Per Share, Diluted | $ (0.06) | $ (0.21) | $ (0.24) | $ (0.47) | |||||||||
Private Placement | |||||||||||||
Earnings Per Share (Textual) [Abstract] | |||||||||||||
Proceeds from (Repurchase of) Equity | $ 18,200 | ||||||||||||
Proceeds from repurchase | 5,100 | ||||||||||||
Over-Allotment Option | |||||||||||||
Earnings Per Share (Textual) [Abstract] | |||||||||||||
Proceeds from (Repurchase of) Equity | 10,500 | ||||||||||||
Proceeds from repurchase | $ 2,700 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 13, 2023 | Mar. 17, 2023 | Sep. 30, 2023 | Jun. 21, 2023 | Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate net proceeds from stock offering | $ 49.3 | $ 98.4 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Price per share | $ 2.30 | $ 3.04 | |||
Aggregate Value of ATM Program | $ 50 | $ 100 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | $ 297,166 | $ 300,432 | |
Current liabilities | 283,464 | 219,360 | |
Non-current liabilities | 737,910 | 737,767 | |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | 32,341 | 73,692 | |
Non-current assets(1) | [1] | 407,492 | 445,778 |
Non-guarantor intercompany assets | 398 | 4,391 | |
Current liabilities | 21,787 | 19,842 | |
Non-current liabilities | 452,982 | 457,195 | |
Non-guarantor intercompany liabilities | 84,353 | 58,257 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | 176,842 | 137,432 | |
Non-current assets(1) | [1] | 1,244,584 | 991,213 |
Non-guarantor intercompany assets | 0 | 0 | |
Current liabilities | 202,444 | 136,788 | |
Non-current liabilities | 196,055 | 193,024 | |
Non-guarantor intercompany liabilities | $ 1,576 | $ 1,594 | |
[1]Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | $ 194,583 | $ 182,993 | $ 559,116 | $ 575,520 | ||||
Net income (loss) | $ (21,109) | $ (32,412) | $ (24,586) | $ (57,444) | $ (77,434) | $ 7,682 | (78,107) | $ (127,196) |
Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 0 | |||||||
Gross Profit | (883) | |||||||
Net income (loss) | (78,108) | |||||||
Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 326,794 | |||||||
Gross Profit | (5,271) | |||||||
Net income (loss) | $ (31,593) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Oct. 02, 2014 | |
Business Acquisition [Line Items] | |||||||||
Revenue Recognized | $ 143,000 | $ 10,167,000 | $ 25,358,000 | $ 10,723,000 | |||||
Surety Bonds Outstanding | 332,300,000 | 332,300,000 | $ 326,800,000 | ||||||
Valued-added Tax Outstanding | 29,400,000 | 29,400,000 | |||||||
Minimum | Rochester Expansion Project | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital expenditures incurred but not yet paid | 710,000,000 | ||||||||
Maximum | Rochester Expansion Project | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital expenditures incurred but not yet paid | 730,000,000 | ||||||||
Palmarejo gold production royalty | |||||||||
Business Acquisition [Line Items] | |||||||||
Production to be sold, percent | 50% | ||||||||
Price per ounce under agreement | $ 800 | ||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||
Kensington | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue Recognized | (31,000,000) | (10,000,000) | (56,000,000) | (10,454,000) | |||||
Revenue liability | 44,323,000 | $ 15,373,000 | 44,323,000 | $ 15,373,000 | $ 45,012,000 | 25,016,000 | $ 25,012,000 | $ 15,016,000 | |
Kensington | December 2022 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | 25,000,000 | ||||||||
Kensington | June 2023 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | 25,000,000 | 25,000,000 | |||||||
Wharf Gold Mine | June 2023 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | 10,000,000 | 10,000,000 | |||||||
Rochester | June 2023 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | $ 10,000,000 | $ 10,000,000 | |||||||
Rochester | September 2023 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | 17,500,000 | ||||||||
Wharf | September 2023 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | $ 12,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Revenue Recognized | $ 143 | $ 10,167 | $ 25,358 | $ 10,723 |
Franco-Nevada | ||||
Business Acquisition [Line Items] | ||||
Opening Balance | 7,196 | 7,742 | 7,411 | 8,150 |
Revenue Recognized | (145) | (167) | (360) | (575) |
Closing Balance | 7,051 | 7,575 | 7,051 | 7,575 |
Kensington | ||||
Business Acquisition [Line Items] | ||||
Opening Balance | 45,012 | 25,012 | 25,016 | 15,016 |
Additions | 30,311 | 361 | 75,307 | 10,811 |
Revenue Recognized | (31,000) | (10,000) | (56,000) | (10,454) |
Closing Balance | $ 44,323 | $ 15,373 | $ 44,323 | $ 15,373 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |||
Other Accrued Liabilities | $ 9,362 | $ 6,241 | |
Unrealized Gain (Loss) on Derivatives | 53 | 10 | |
Accrued Income Taxes, Current | 8,329 | 7,874 | |
Accrual for Taxes Other than Income Taxes, Current | 2,703 | 3,318 | |
Interest Payable, Current | 4,021 | 8,256 | |
Operating Lease, Liability, Current | 10,905 | 11,560 | |
Accrued Salaries, Current | 28,499 | 29,868 | |
Flow-through share premium received (including over-allotment) | 7,847 | 0 | |
Deferred Revenue | [1] | 44,843 | 25,736 |
Accrued liabilities and other | $ 116,562 | $ 92,863 | |
[1]See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities. |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and Cash Equivalents | $ 53,223 | $ 61,464 | $ 75,389 | |||
Restricted Cash Equivalents | 1,723 | 1,427 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 54,946 | $ 58,560 | $ 63,169 | $ 76,816 | $ 75,555 | $ 58,289 |