Double digit production increases and cost reductions along with higher prices led to
Key Highlights
- Strong production increases and lower costs across the portfolio – Higher production at all four operations drove a 21% increase in gold production and 15% increase in silver production, totaling 94,993 and 3.0 million ounces of gold and silver, respectively. Costs applicable to sales per gold and silver ounce both declined 12% compared to the prior quarter, leading to margins more than double the prior period. Based on strong year-to-date production and cost performance, the Company reaffirmed its full-year guidance ranges
-
Robust quarterly financial performance driven by higher production and metals prices – Revenue of
$313 million and adjusted EBITDA1 of$126 million increased 41% and 140% quarter-over-quarter, respectively. Operating cash flow totaled$111 million and free cash flow reached$69 million during the quarter, their highest levels in over a decade. Net income was$49 million and Adjusted EBITDA1 over the last twelve months (“LTM”) increased 2.5x to$287 million compared to a year ago -
Rochester remains on-track to achieve year-end throughput and production guidance – The recently expandedRochester silver and gold operation placed approximately 7.1 million tons under leach during the quarter leading to production of 1.2 million ounces of silver and 9,690 ounces of gold, representing quarter-over-quarter increases of 19% and 21%, respectively. The Company has reaffirmed full-yearRochester production guidance ranges and expects approximately 7.0 - 8.0 million tons to be placed under leach in the fourth quarter -
Announced acquisition of SilverCrest to create leading global silver company – On
October 4, 2024 , Coeur announced an agreement to acquire SilverCrest Metals Inc. (“SilverCrest”) in an all-stock transaction with an implied value of approximately$1.7 billion as of the announcement date. The acquisition is anticipated to close in the first quarter of 2025 and is expected to materially enhance the Company’s cost and cash flow profile and immediately accelerate the Company’s balance sheet de-leveraging initiative -
Debt reduction initiative underway – During the third quarter, the Company reduced its outstanding revolving credit facility (“RCF”)2 balance by
$50 million to$225 million , leading to total liquidity of$222 million , including$77 million of cash, and a net debt to EBITDA ratio below 2.0x for the first time in three years
“Our strong third quarter operational and financial results signal the beginning of what we expect to be a new chapter of consistent free cash flow for Coeur,” said
“Furthermore, the recently announced acquisition of SilverCrest and its high-grade, low-cost Las Chispas operation, coupled with Rochester’s post-expansion profile, positions Coeur as a leading silver company in terms of production, market capitalization and liquidity, balance sheet flexibility, and cash flow profile at a time when silver’s outlook continues to strengthen.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) |
|
3Q 2024 |
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
|
Gold Sales |
$ |
223.8 |
$ |
154.1 |
|
$ |
151.8 |
|
$ |
187.7 |
|
$ |
139.5 |
|
|
|
$ |
89.7 |
$ |
67.9 |
|
$ |
61.3 |
|
$ |
74.3 |
|
$ |
55.1 |
|
|
Consolidated Revenue |
$ |
313.5 |
$ |
222.0 |
|
$ |
213.1 |
|
$ |
262.1 |
|
$ |
194.6 |
|
|
Costs Applicable to Sales3 |
$ |
156.7 |
$ |
144.7 |
|
$ |
146.0 |
|
$ |
192.3 |
|
$ |
147.9 |
|
|
General and Administrative Expenses |
$ |
11.0 |
$ |
11.2 |
|
$ |
14.4 |
|
$ |
10.2 |
|
$ |
9.5 |
|
|
Net Income (Loss) |
$ |
48.7 |
$ |
1.4 |
|
$ |
(29.1 |
) |
$ |
(25.5 |
) |
$ |
(21.1 |
) |
|
Net Income (Loss) Per Share |
$ |
0.12 |
$ |
0.00 |
|
$ |
(0.08 |
) |
$ |
(0.07 |
) |
$ |
(0.06 |
) |
|
Adjusted Net Income (Loss)1 |
$ |
47.2 |
$ |
(3.4 |
) |
$ |
(19.0 |
) |
$ |
(6.2 |
) |
$ |
(18.6 |
) |
|
Adjusted Net Income (Loss)1 Per Share |
$ |
0.12 |
$ |
(0.01 |
) |
$ |
(0.05 |
) |
$ |
(0.02 |
) |
$ |
(0.05 |
) |
|
Weighted Average Shares Outstanding |
|
400.8 |
|
399.9 |
|
|
385.0 |
|
|
380.5 |
|
|
356.7 |
|
|
EBITDA1 |
$ |
121.1 |
$ |
49.7 |
|
$ |
27.2 |
|
$ |
25.0 |
|
$ |
15.3 |
|
|
Adjusted EBITDA1 |
$ |
126.0 |
$ |
52.4 |
|
$ |
44.3 |
|
$ |
64.3 |
|
$ |
30.6 |
|
|
Cash Flow from Operating Activities |
$ |
111.1 |
$ |
15.2 |
|
$ |
(15.9 |
) |
$ |
65.3 |
|
$ |
(2.4 |
) |
|
Capital Expenditures |
$ |
42.0 |
$ |
51.4 |
|
$ |
42.1 |
|
$ |
92.7 |
|
$ |
112.3 |
|
|
Free Cash Flow1 |
$ |
69.1 |
$ |
(36.2 |
) |
$ |
(58.0 |
) |
$ |
(27.4 |
) |
$ |
(114.7 |
) |
|
Cash, Equivalents & Short-Term Investments |
$ |
76.9 |
$ |
74.1 |
|
$ |
67.5 |
|
$ |
61.6 |
|
$ |
53.2 |
|
|
Total Debt4 |
$ |
605.2 |
$ |
629.3 |
|
$ |
585.6 |
|
$ |
545.3 |
|
$ |
512.2 |
|
|
Average Realized Price Per Ounce – Gold |
$ |
2,309 |
$ |
2,003 |
|
$ |
1,864 |
|
$ |
1,886 |
|
$ |
1,788 |
|
|
Average Realized Price Per Ounce – Silver |
$ |
29.86 |
$ |
26.20 |
|
$ |
23.57 |
|
$ |
24.79 |
|
$ |
24.88 |
|
|
Gold Ounces Produced |
|
94,993 |
|
78,696 |
|
|
80,744 |
|
|
101,609 |
|
|
78,617 |
|
|
Silver Ounces Produced |
|
3.0 |
|
2.6 |
|
|
2.6 |
|
|
3.1 |
|
|
2.3 |
|
|
Gold Ounces Sold |
|
96,913 |
|
76,932 |
|
|
81,416 |
|
|
99,540 |
|
|
78,015 |
|
|
Silver Ounces Sold |
|
3.0 |
|
2.6 |
|
|
2.6 |
|
|
3.0 |
|
|
2.2 |
|
|
Adjusted CAS per AuOz1 |
$ |
1,113 |
$ |
1,264 |
|
$ |
1,267 |
|
$ |
1,225 |
|
$ |
1,273 |
|
|
Adjusted CAS per AgOz1 |
$ |
15.67 |
$ |
17.71 |
|
$ |
14.63 |
|
$ |
17.03 |
|
$ |
17.85 |
|
Financial Results
Third quarter 2024 revenue totaled
Gold and silver sales represented 71% and 29% of quarterly revenue, respectively, compared to 69% and 31% in the prior period. The Company’s
Adjusted Costs applicable to sales per ounce1 of gold and silver each decreased 12% quarter-over-quarter, largely due to higher production in the period. General and administrative expenses remained consistent quarter-over-quarter at
Coeur invested approximately
The Company recorded income tax expense of approximately
Quarterly operating cash flow totaled
Third quarter capital expenditures were
SilverCrest Acquisition Transaction
On
Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively.
Operations
Third quarter 2024 highlights for each of the Company’s operations are provided below.
Palmarejo,
(Dollars in millions, except per ounce amounts) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
Tons milled |
|
413,463 |
|
|
429,561 |
|
|
500,747 |
|
|
500,509 |
|
|
501,722 |
|
Average gold grade (oz/t) |
|
0.070 |
|
|
0.066 |
|
|
0.070 |
|
|
0.060 |
|
|
0.055 |
|
Average silver grade (oz/t) |
|
5.15 |
|
|
4.49 |
|
|
4.34 |
|
|
4.08 |
|
|
3.67 |
|
Average recovery rate – Au |
|
94.8 |
% |
|
89.9 |
% |
|
95.2 |
% |
|
89.4 |
% |
|
97.6 |
% |
Average recovery rate – Ag |
|
85.6 |
% |
|
82.8 |
% |
|
83.7 |
% |
|
79.4 |
% |
|
86.9 |
% |
Gold ounces produced |
|
27,549 |
|
|
25,467 |
|
|
33,160 |
|
|
25,401 |
|
|
26,870 |
|
Silver ounces produced (000’s) |
|
1,823 |
|
|
1,596 |
|
|
1,818 |
|
|
1,622 |
|
|
1,601 |
|
Gold ounces sold |
|
28,655 |
|
|
24,313 |
|
|
33,462 |
|
|
24,848 |
|
|
26,018 |
|
Silver ounces sold (000’s) |
|
1,861 |
|
|
1,542 |
|
|
1,796 |
|
|
1,644 |
|
|
1,534 |
|
Average realized price per gold ounce |
$ |
1,922 |
|
$ |
1,744 |
|
$ |
1,611 |
|
$ |
1,615 |
|
$ |
1,499 |
|
Average realized price per silver ounce |
$ |
29.71 |
|
$ |
26.48 |
|
$ |
23.64 |
|
$ |
24.78 |
|
$ |
24.96 |
|
Metal sales |
$ |
110.4 |
|
$ |
83.2 |
|
$ |
96.4 |
|
$ |
80.9 |
|
$ |
77.3 |
|
Costs applicable to sales3 |
$ |
47.5 |
|
$ |
48.2 |
|
$ |
54.3 |
|
$ |
50.3 |
|
$ |
48.1 |
|
Adjusted CASper AuOz1 |
$ |
818 |
|
$ |
1,006 |
|
$ |
901 |
|
$ |
1,010 |
|
$ |
917 |
|
Adjusted CASper AgOz1 |
$ |
12.60 |
|
$ |
15.24 |
|
$ |
13.18 |
|
$ |
15.26 |
|
$ |
15.56 |
|
Exploration expense |
$ |
4.3 |
|
$ |
2.6 |
|
$ |
2.5 |
|
$ |
2.7 |
|
$ |
2.2 |
|
Cash flow from operating activities |
$ |
55.6 |
|
$ |
23.7 |
|
$ |
25.6 |
|
$ |
24.1 |
|
$ |
22.6 |
|
Sustaining capital expenditures (excludes capital lease payments) |
$ |
4.0 |
|
$ |
3.1 |
|
$ |
4.7 |
|
$ |
6.9 |
|
$ |
8.4 |
|
Development capital expenditures |
$ |
4.0 |
|
$ |
2.8 |
|
$ |
2.1 |
|
$ |
2.0 |
|
$ |
2.4 |
|
Total capital expenditures |
$ |
8.0 |
|
$ |
5.9 |
|
$ |
6.8 |
|
$ |
8.9 |
|
$ |
10.8 |
|
Free cash flow1 |
$ |
47.6 |
|
$ |
17.8 |
|
$ |
18.8 |
|
$ |
15.2 |
|
$ |
11.8 |
|
Operational
- Third quarter gold and silver production totaled 27,549 and 1.8 million ounces, respectively, compared to 25,467 and 1.6 million ounces in the prior period and 26,870 and 1.6 million ounces in the third quarter of 2023
- Higher production during the quarter was primarily driven by higher average grades and recoveries, partially offset by lower tons milled
Financial
-
Adjusted CAS1 for gold and silver on a co-product basis decreased 19% and 17% quarter-over-quarter to
$818 and$12.60 per ounce, respectively, driven by higher metal sales -
Capital expenditures increased 36% quarter-over-quarter to
$8 million , reflecting higher underground development primarily focused onHidalgo , which is expected to create additional operating flexibility by year-end -
Free cash flow1 in the third quarter totaled
$48 million compared to$18 million in the prior period
Exploration
-
Exploration investment for the third quarter totaled approximately
$4 million (substantially all expensed) compared to roughly$3 million (substantially all expensed) in the prior period -
Up to seven rigs were active during the quarter, mainly focused on the
Zapata -Guadalupe corridor, expansion drilling along the western extension of theHidalgo corridor (La Libertad ), and targets withinHidalgo and multiple structures parallel toIndependencia -
Drilling along strike of
La Libertad continues to encounter favorable host rocks and hydrothermal quartz-calcite vein and breccia splay zones with drilling showing potential for future resource expansion -
Exploration and prospecting continue immediately east of the current operation and outside of the area subject to the gold stream. Mapping of recently acquired claims from
Fresnillo located immediately southeast of existing operations has identified brecciated and silicified veins that are believed to be extensions and parallel veins to those currently being mined -
Geological mapping continues to the east of Palmarejo in the
Guazapares area around theSan Miguel andSan Antonio prospects and has successfully identified new vein extensions and parallel structures, signaling promising prospects for future exploration. Scout drilling commenced on one target in this district during the quarter
Other
-
Approximately 30% of Palmarejo’s gold sales in the third quarter were sold under the gold stream agreement at a price of
$800 per ounce, totaling 8,720 ounces. The Company anticipates approximately 30% - 40% of Palmarejo’s 2024 gold sales will be sold under the gold stream agreement
Guidance
- Full-year 2024 production is expected to be 95,000 - 103,000 ounces of gold and 5.9 - 6.7 million ounces of silver
-
CAS1 in 2024 are expected to be
$950 -$1,150 per gold ounce and$15.50 -$16.50 per silver ounce -
Capital expenditures are expected to be
$27 -$37 million , consisting primarily of sustaining capital and underground development
(Dollars in millions, except per ounce amounts) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
Ore tons placed |
|
7,064,623 |
|
|
5,102,800 |
|
|
3,135,571 |
|
|
2,754,058 |
|
|
3,487,173 |
|
Average silver grade (oz/t) |
|
0.57 |
|
|
0.59 |
|
|
0.52 |
|
|
0.44 |
|
|
0.50 |
|
Average gold grade (oz/t) |
|
0.002 |
|
|
0.002 |
|
|
0.002 |
|
|
0.003 |
|
|
0.003 |
|
Silver ounces produced (000’s) |
|
1,155 |
|
|
973 |
|
|
699 |
|
|
1,340 |
|
|
608 |
|
Gold ounces produced |
|
9,690 |
|
|
8,006 |
|
|
5,755 |
|
|
19,847 |
|
|
4,459 |
|
Silver ounces sold (000’s) |
|
1,098 |
|
|
985 |
|
|
735 |
|
|
1,269 |
|
|
606 |
|
Gold ounces sold |
|
9,186 |
|
|
8,150 |
|
|
6,185 |
|
|
19,175 |
|
|
4,432 |
|
Average realized price per silver ounce |
$ |
30.13 |
|
$ |
25.78 |
|
$ |
23.32 |
|
$ |
24.59 |
|
$ |
24.63 |
|
Average realized price per gold ounce |
$ |
2,492 |
|
$ |
2,131 |
|
$ |
2,050 |
|
$ |
1,991 |
|
$ |
1,967 |
|
Metal sales |
$ |
56.0 |
|
$ |
42.8 |
|
$ |
29.8 |
|
$ |
69.4 |
|
$ |
23.6 |
|
Costs applicable to sales3 |
$ |
39.4 |
|
$ |
36.7 |
|
$ |
27.0 |
|
$ |
71.8 |
|
$ |
30.5 |
|
Adjusted CASper AgOz1 |
$ |
20.88 |
|
$ |
21.58 |
|
$ |
18.17 |
|
$ |
19.33 |
|
$ |
23.64 |
|
Adjusted CASper AuOz1 |
$ |
1,735 |
|
$ |
1,813 |
|
$ |
1,630 |
|
$ |
1,564 |
|
$ |
1,899 |
|
Prepayment, working capital cash flow |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
7.5 |
|
Exploration expense |
$ |
1.0 |
|
$ |
1.0 |
|
$ |
0.4 |
|
$ |
0.2 |
|
$ |
0.3 |
|
Cash flow from operating activities |
$ |
3.2 |
|
$ |
(5.9 |
) |
$ |
(18.7 |
) |
$ |
11.6 |
|
$ |
(17.3 |
) |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
7.0 |
|
$ |
9.9 |
|
$ |
15.3 |
|
$ |
13.8 |
|
$ |
7.7 |
|
Development capital expenditures |
$ |
3.1 |
|
$ |
17.6 |
|
$ |
5.9 |
|
$ |
51.7 |
|
$ |
76.7 |
|
Total capital expenditures |
$ |
10.1 |
|
$ |
27.5 |
|
$ |
21.2 |
|
$ |
65.5 |
|
$ |
84.4 |
|
Free cash flow1 |
$ |
(6.9 |
) |
$ |
(33.4 |
) |
$ |
(39.9 |
) |
$ |
(53.9 |
) |
$ |
(101.7 |
) |
Operational
- Silver and gold production in the third quarter totaled 1.2 million and 9,690 ounces, respectively, compared to 973,057 and 8,006 ounces in the prior period and 607,735 and 4,459 ounces in the third quarter of 2023
- Ore tons placed increased 38% quarter-over-quarter to 7.1 million tons, including approximately 6.4 million tons through the new crushing circuit and roughly 650,000 tons of high-grade backfill direct-to-pad material placed on the stage six leach pad. The Company expects to place approximately 7.0 - 8.0 million tons on the stage six leach pad in the fourth quarter
Financial
-
Third quarter adjusted CAS1 for silver and gold on a co-product basis totaled
$20.88 and$1,735 per ounce, respectively, mainly driven by higher metals sales -
Capital expenditures decreased 63% quarter-over-quarter to
$10 million , reflecting lower spend after an earlier-than-expected conclusion of final negotiations with a key construction contractor and corresponding earlier payment of costs in the previous quarter -
Free cash flow1 in the third quarter totaled
$(7) million compared to$(33) million in the prior period
Exploration
-
Exploration investment in the third quarter totaled approximately
$3 million ($1 million expensed and$2 million capitalized) compared to roughly$2 million ($1 million expensed and$1 million capitalized) in the prior quarter -
Near-term exploration objectives at
Rochester aim to augment the grade profile of the current 16-year reserve-only mine life with the goal of enhancing cash flow -
Two diamond drill rigs were active at East Rochester during the quarter targeting the Wedge and Black Ridge Fault areas located immediately east of the
Rochester pit. The holes are testing for extensions to mineralization and for higher grades located along structures -
Other activities during the quarter included re-logging, reinterpreting and geological modeling of core and reverse circulation chips from legacy drillholes, with new geology models for
Nevada Packard andLincoln Hill underway. Additionally, a geophysical magnetics survey was flown over the land package to aid district exploration - Drilling at Nevada Packard is planned for the fourth quarter to confirm the new model and establish controls on higher-grade mineralization that is expected to guide further exploration
Guidance
- Full-year 2024 production is expected to be 4.8 - 6.6 million ounces of silver and 37,000 - 50,000 ounces of gold
-
CAS1 for the second half of 2024 are expected to be
$18.00 -$20.00 per silver ounce and$1,500 -$1,700 per gold ounce -
Capital expenditures are expected to be
$61 -$79 million , which reflects the ramp-up of the completedRochester expansion as well as sustaining capital and an earlier-than-expected conclusion to certain final negotiations and payments related to theRochester expansion that were originally estimated to take place in 2025
Kensington,
(Dollars in millions, except per ounce amounts) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
1Q 2024 |
|
|
4Q 2023 |
|
|
3Q 2023 |
|
Tons milled |
|
165,916 |
|
|
182,043 |
|
|
167,439 |
|
|
177,382 |
|
|
167,950 |
|
Average gold grade (oz/t) |
|
0.16 |
|
|
0.14 |
|
|
0.14 |
|
|
0.16 |
|
|
0.16 |
|
Average recovery rate |
|
90.4 |
% |
|
92.3 |
% |
|
90.8 |
% |
|
92.3 |
% |
|
92.6 |
% |
Gold ounces produced |
|
24,104 |
|
|
23,202 |
|
|
21,434 |
|
|
26,686 |
|
|
24,614 |
|
Gold ounces sold |
|
24,800 |
|
|
23,539 |
|
|
21,183 |
|
|
25,980 |
|
|
24,516 |
|
Average realized price per gold ounce, gross |
$ |
2,563 |
|
$ |
2,223 |
|
$ |
2,105 |
|
$ |
2,016 |
|
$ |
1,956 |
|
Treatment and refining charges per gold ounce |
$ |
56 |
|
$ |
52 |
|
$ |
52 |
|
$ |
58 |
|
$ |
60 |
|
Average realized price per gold ounce, net |
$ |
2,507 |
|
$ |
2,171 |
|
$ |
2,053 |
|
$ |
1,958 |
|
$ |
1,896 |
|
Metal sales |
$ |
62.2 |
|
$ |
51.1 |
|
$ |
43.5 |
|
$ |
51.2 |
|
$ |
46.5 |
|
Costs applicable to sales3 |
$ |
38.1 |
|
$ |
40.7 |
|
$ |
39.3 |
|
$ |
37.9 |
|
$ |
38.3 |
|
Adjusted CAS per AuOz1 |
$ |
1,539 |
|
$ |
1,734 |
|
$ |
1,840 |
|
$ |
1,441 |
|
$ |
1,543 |
|
Prepayment, working capital cash flow |
$ |
11.8 |
|
$ |
(11.8 |
) |
$ |
— |
|
$ |
10.7 |
|
$ |
(10.7 |
) |
Exploration expense |
$ |
2.0 |
|
$ |
1.3 |
|
$ |
1.5 |
|
$ |
1.7 |
|
$ |
2.9 |
|
Cash flow from operating activities |
$ |
38.1 |
|
$ |
(7.2 |
) |
$ |
1.5 |
|
$ |
16.9 |
|
$ |
(4.4 |
) |
Sustaining capital expenditures (excludes capital lease payments) |
$ |
20.0 |
|
$ |
16.5 |
|
$ |
13.3 |
|
$ |
15.1 |
|
$ |
15.8 |
|
Development capital expenditures |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Total capital expenditures |
$ |
20.0 |
|
$ |
16.5 |
|
$ |
13.3 |
|
$ |
15.1 |
|
$ |
15.8 |
|
Free cash flow1 |
$ |
18.1 |
|
$ |
(23.7 |
) |
$ |
(11.8 |
) |
$ |
1.8 |
|
$ |
(20.2 |
) |
Operational
- Gold production in the third quarter totaled 24,104 ounces compared to 23,202 ounces in the prior period and 24,614 ounces in the third quarter of 2023
- Higher production during the quarter was driven by higher average gold grade, partially offset by lower tons milled and average recoveries
Financial
-
Third quarter adjusted CAS1 totaled
$1,539 per ounce compared to$1,734 per ounce in the prior period, reflecting increased metal sales -
Capital expenditures increased 21% quarter-over-quarter to
$20 million . Capital expenditures during the quarter continued to focus on capital development to support the ongoing multi-year development and exploration program aimed at extending mine life -
Free cash flow1 in the third quarter totaled
$18 million compared to$(24) million in the prior period
Exploration
-
Exploration investment in the quarter totaled approximately
$5 million ($2 million expensed and$3 million capitalized), compared to$6 million ($1 million expensed and$4 million capitalized) in the prior period -
Up to three rigs were active at Kensington, with drilling focused on both infill and extension of the current resource boundaries, with some drilling on scout targets in
Lower Kensington east of current deposits. Additionally, an airborne geophysical survey was flown during the quarter -
Geological modelling and interpretation of
Lower Kensington , Upper Kensington and Elmira continued during the quarter to better understand the spectrum of vein types throughout the zones to improve modeling and mining - At Elmira Main and Elmira South, expansion and infill drilling activities continued. The first detailed structural model has been completed and is being incorporated into exploration targeting and resource modeling
- Overall drilling at Kensington continues to demonstrate meaningful progress toward building a reserve base to support mine life for at least the next five years
Guidance
- Full-year 2024 production is expected to be 92,000 - 106,000 gold ounces
-
CAS1 in 2024 are expected to be
$1,525 -$1,725 per gold ounce -
Capital expenditures are expected to be
$63 -$68 million , of which approximately$33 -$39 million and$6 -$13 million is related to accelerated rates of underground development and infill drilling, respectively, as part of the Company’s multi-year exploration program
Wharf,
(Dollars in millions, except per ounce amounts) |
|
3Q24 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
Ore tons placed |
|
1,424,649 |
|
1,162,437 |
|
1,251,955 |
|
1,290,562 |
|
1,254,267 |
|
Average gold grade (oz/t) |
|
0.046 |
|
0.032 |
|
0.021 |
|
0.027 |
|
0.023 |
|
Gold ounces produced |
|
33,650 |
|
22,021 |
|
20,395 |
|
29,675 |
|
22,674 |
|
Silver ounces produced (000’s) |
|
42 |
|
69 |
|
67 |
|
90 |
|
69 |
|
Gold ounces sold |
|
34,272 |
|
20,930 |
|
20,586 |
|
29,537 |
|
23,049 |
|
Silver ounces sold (000’s) |
|
45 |
|
65 |
|
69 |
|
86 |
|
74 |
|
Average realized price per gold ounce |
$ |
2,440 |
$ |
2,064 |
$ |
2,026 |
$ |
1,982 |
$ |
1,966 |
|
Metal sales |
$ |
85.0 |
$ |
45.0 |
$ |
43.3 |
$ |
60.7 |
$ |
47.1 |
|
Costs applicable to sales3 |
$ |
31.8 |
$ |
19.1 |
$ |
25.4 |
$ |
32.4 |
$ |
31.0 |
|
Adjusted CAS per AuOz1 |
$ |
885 |
$ |
822 |
$ |
1,165 |
$ |
997 |
$ |
1,267 |
|
Prepayment, working capital cash flow |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
2.5 |
|
Exploration expense |
$ |
2.3 |
$ |
1.1 |
$ |
0.1 |
$ |
— |
$ |
— |
|
Cash flow from operating activities |
$ |
51.6 |
$ |
17.0 |
$ |
11.1 |
$ |
28.9 |
$ |
19.5 |
|
Sustaining capital expenditures (excludes capital lease payments) |
$ |
2.8 |
$ |
1.2 |
$ |
0.3 |
$ |
1.3 |
$ |
0.6 |
|
Development capital expenditures |
$ |
— |
$ |
— |
$ |
— |
$ |
0.2 |
$ |
0.1 |
|
Total capital expenditures |
$ |
2.8 |
$ |
1.2 |
$ |
0.3 |
$ |
1.5 |
$ |
0.7 |
|
Free cash flow1 |
$ |
48.8 |
$ |
15.8 |
$ |
10.8 |
$ |
27.4 |
$ |
18.8 |
Operational
- Gold production in the third quarter increased 53% quarter-over-quarter to 33,650 ounces, largely due to timing of ounces placed on the leach pads and higher average gold grade due to positive reconciliation of the tons placed. Year-over-year production for the quarter increased 48%
Financial
-
Adjusted CAS1 on a by-product basis increased 8% quarter-over-quarter to
$885 per ounce, largely driven by decreasing favorable recoveries on legacy pads from the prior period -
Capital expenditures increased slightly quarter-over-quarter to approximately
$3 million -
Free cash flow1 in the third quarter totaled an all-time high
$49 million compared to$16 million in the prior period, reflecting higher gold sales
Exploration
-
Exploration investment during the quarter totaled
$2 million (substantially all expensed) compared to$1 million (substantially all expensed) in the prior quarter - Increased exploration investment during the quarter was mainly driven by an expanded program that commenced after opportunities were recognized to meaningfully extend the mine life at Wharf
- Two rigs were active during the quarter at the Juno and North Foley deposits undertaking infill and expansion drilling
Guidance
- Full-year 2024 production is expected to be 86,000 - 96,000 gold ounces
-
CAS1 in 2024 are expected to be
$950 -$1,050 per gold ounce -
Capital expenditures are expected to be
$5 -$7 million
Exploration
The Company’s exploration investment in 2024 is expected to total
Top exploration priorities for the Company’s 2024 exploration program include: (1) building reserves and extending mine life at Kensington to over five years by year-end; (2) pursuing higher grade structures at
During the third quarter, Coeur invested approximately
At Silvertip, exploration investment totaled approximately
The objectives of the 2024 exploration program at Silvertip are to: (1) grow the known mineralized structures such as the Southern Silver zone from underground drilling focusing on along-strike and down-dip potential that has been identified; (2) drill much larger step-outs on major structures using surface drilling with a key focus on the Southern Silver, Saddle and
This three-pronged approach is progressing well with surface mapping and sampling completed during the quarter, surface drilling with two rigs were completed at the end of October and one underground drill rig continuing in November.
2024 Guidance
Production during the third quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2024 production and cost guidance.
The below exploration expense guidance excludes
2024 Production Guidance
|
|
|
|
|
Gold |
|
Silver |
|
|
|
|
|
(oz) |
|
(K oz) |
Palmarejo |
|
|
|
|
95,000 - 103,000 |
|
5,900 - 6,700 |
|
|
|
|
|
37,000 - 50,000 |
|
4,800 - 6,600 |
Kensington |
|
|
|
|
92,000 - 106,000 |
|
— |
Wharf |
|
|
|
|
86,000 - 96,000 |
|
— |
Total |
|
|
|
|
310,000 - 355,000 |
|
10,700 - 13,300 |
2024 Costs Applicable to Sales Guidance
|
|
|
|
|
Gold |
Silver |
|
|
|
|
|
|
($/oz) |
($/oz) |
|
Palmarejo (co-product) |
|
|
|
|
|
|
|
Second Half 2024 Rochester (co-product) |
|
|
|
|
|
|
|
Kensington |
|
|
|
|
|
— |
|
Wharf (by-product) |
|
|
|
|
|
— |
2024 Capital, Exploration and G&A Guidance
|
|
|
|
|
($M) |
Capital Expenditures, Sustaining |
|
|
|
|
|
Capital Expenditures, Development |
|
|
|
|
|
Exploration, Expensed |
|
|
|
|
|
Exploration, Capitalized |
|
|
|
|
|
General & Administrative Expenses |
|
|
|
|
|
Note: The Company’s guidance figures assume estimated prices of
Financial Results and Conference Call
Coeur will host a conference call to discuss its third quarter 2024 financial results on
Dial-In Numbers: |
(855) 560-2581 ( |
|
|
(855) 669-9657 ( |
|
|
(412) 542-4166 (International) |
|
|
|
|
Conference ID: |
|
Hosting the call will be
Replay numbers: |
(877) 344-7529 ( |
|
|
(855) 669-9658 ( |
|
|
(412) 317-0088 (International) |
|
|
|
|
Conference ID: |
829 28 77 |
About Coeur
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Director, Technical Services,
No Offer or Solicitation
Communications in the news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Important Additional Information
In connection with the Transaction, Coeur and SilverCrest intend to file materials with the
Stockholders of Coeur and shareholders of SilverCrest will be able to obtain free copies of the Proxy Statement and the Circular, as each may be amended from time to time, and other relevant documents filed by Coeur and/or SilverCrest with the
Participation in the Solicitation
Coeur, SilverCrest and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under
Non-
We supplement the reporting of our financial information determined under
Notes
-
EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to
U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. -
As of
September 30, 2024 , Coeur had$30 million in outstanding letters of credit and$225 million in outstanding borrowings under its RCF. Future borrowing under the RCF may be subject to certain financial covenants. - Excludes amortization.
- Includes capital leases. Net of debt issuance costs and premium received.
Average Spot Prices
|
|
3Q 2024 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
Average Gold Spot Price Per Ounce |
$ |
2,474 |
$ |
2,338 |
$ |
2,070 |
$ |
1,971 |
$ |
1,928 |
|
Average Silver Spot Price Per Ounce |
$ |
29.43 |
$ |
28.45 |
$ |
23.34 |
$ |
23.20 |
$ |
23.57 |
|
Average Zinc Spot Price Per Pound |
$ |
1.26 |
$ |
1.29 |
$ |
1.11 |
$ |
1.13 |
$ |
1.10 |
|
Average Lead Spot Price Per Pound |
$ |
0.92 |
$ |
0.98 |
$ |
0.94 |
$ |
0.96 |
$ |
0.98 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
|
|
|
||||
ASSETS |
In thousands, except share data |
||||||
CURRENT ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
76,916 |
|
|
$ |
61,633 |
|
Receivables |
|
30,165 |
|
|
|
31,035 |
|
Inventory |
|
74,727 |
|
|
|
76,661 |
|
Ore on leach pads |
|
148,331 |
|
|
|
79,400 |
|
Prepaid expenses and other |
|
15,833 |
|
|
|
18,526 |
|
|
|
345,972 |
|
|
|
267,255 |
|
NON-CURRENT ASSETS |
|
|
|
||||
Property, plant and equipment and mining properties, net |
|
1,759,454 |
|
|
|
1,688,288 |
|
Ore on leach pads |
|
34,598 |
|
|
|
25,987 |
|
Restricted assets |
|
9,339 |
|
|
|
9,115 |
|
Receivables |
|
20,161 |
|
|
|
23,140 |
|
Other |
|
58,276 |
|
|
|
67,063 |
|
TOTAL ASSETS |
$ |
2,227,800 |
|
|
$ |
2,080,848 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
CURRENT LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
126,387 |
|
|
$ |
115,110 |
|
Accrued liabilities and other |
|
153,285 |
|
|
|
140,913 |
|
Debt |
|
27,458 |
|
|
|
22,636 |
|
Reclamation |
|
10,954 |
|
|
|
10,954 |
|
|
|
318,084 |
|
|
|
289,613 |
|
NON-CURRENT LIABILITIES |
|
|
|
||||
Debt |
|
577,725 |
|
|
|
522,674 |
|
Reclamation |
|
211,136 |
|
|
|
203,059 |
|
Deferred tax liabilities |
|
6,755 |
|
|
|
12,360 |
|
Other long-term liabilities |
|
30,950 |
|
|
|
29,239 |
|
|
|
826,566 |
|
|
|
767,332 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Common stock, par value |
|
3,993 |
|
|
|
3,863 |
|
Additional paid-in capital |
|
4,179,270 |
|
|
|
4,139,870 |
|
Accumulated other comprehensive income (loss) |
|
— |
|
|
|
1,331 |
|
Accumulated deficit |
|
(3,100,113 |
) |
|
|
(3,121,161 |
) |
|
|
1,083,150 |
|
|
|
1,023,903 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
2,227,800 |
|
|
$ |
2,080,848 |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
In thousands, except share data |
||||||||||||||
Revenue |
$ |
313,476 |
|
|
$ |
194,583 |
|
|
$ |
748,562 |
|
|
$ |
559,116 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1) |
|
156,742 |
|
|
|
147,903 |
|
|
|
447,456 |
|
|
|
440,596 |
|
Amortization |
|
33,216 |
|
|
|
22,884 |
|
|
|
88,441 |
|
|
|
65,187 |
|
General and administrative |
|
10,966 |
|
|
|
9,512 |
|
|
|
36,611 |
|
|
|
31,384 |
|
Exploration |
|
19,567 |
|
|
|
12,437 |
|
|
|
42,932 |
|
|
|
20,007 |
|
Pre-development, reclamation, and other |
|
8,583 |
|
|
|
8,699 |
|
|
|
35,401 |
|
|
|
29,949 |
|
Total costs and expenses |
|
229,074 |
|
|
|
201,435 |
|
|
|
650,841 |
|
|
|
587,123 |
|
OTHER INCOME (EXPENSE), NET |
|
|
|
|
|
|
|
||||||||
Gain on debt extinguishment |
|
— |
|
|
|
774 |
|
|
|
417 |
|
|
|
3,735 |
|
Fair value adjustments, net |
|
— |
|
|
|
(2,010 |
) |
|
|
— |
|
|
|
4,629 |
|
Interest expense, net of capitalized interest |
|
(13,280 |
) |
|
|
(7,402 |
) |
|
|
(39,389 |
) |
|
|
(21,703 |
) |
Other, net |
|
3,434 |
|
|
|
478 |
|
|
|
11,329 |
|
|
|
(10,090 |
) |
Total other income (expense), net |
|
(9,846 |
) |
|
|
(8,160 |
) |
|
|
(27,643 |
) |
|
|
(23,429 |
) |
Income (loss) before income and mining taxes |
|
74,556 |
|
|
|
(15,012 |
) |
|
|
70,078 |
|
|
|
(51,436 |
) |
Income and mining tax (expense) benefit |
|
(25,817 |
) |
|
|
(6,097 |
) |
|
|
(49,030 |
) |
|
|
(26,671 |
) |
NET INCOME (LOSS) |
$ |
48,739 |
|
|
$ |
(21,109 |
) |
|
$ |
21,048 |
|
|
$ |
(78,107 |
) |
OTHER COMPREHENSIVE INCOME (LOSS): |
|
|
|
|
|
|
|
||||||||
Change in fair value of derivative contracts designated as cash flow hedges |
|
— |
|
|
|
7,227 |
|
|
|
(18,507 |
) |
|
|
7,141 |
|
Reclassification adjustments for realized (gain) loss on cash flow hedges |
|
— |
|
|
|
(4,920 |
) |
|
|
17,176 |
|
|
|
(7,830 |
) |
Other comprehensive income (loss) |
|
— |
|
|
|
2,307 |
|
|
|
(1,331 |
) |
|
|
(689 |
) |
COMPREHENSIVE INCOME (LOSS) |
$ |
48,739 |
|
|
$ |
(18,802 |
) |
|
$ |
19,717 |
|
|
$ |
(78,796 |
) |
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE |
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.12 |
|
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted |
$ |
0.12 |
|
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.24 |
) |
(1) Excludes amortization. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
In thousands |
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
48,739 |
|
|
$ |
(21,109 |
) |
|
$ |
21,048 |
|
|
$ |
(78,107 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization |
|
33,216 |
|
|
|
22,884 |
|
|
|
88,441 |
|
|
|
65,187 |
|
Accretion |
|
4,233 |
|
|
|
4,153 |
|
|
|
12,463 |
|
|
|
12,219 |
|
Deferred taxes |
|
(816 |
) |
|
|
(3,872 |
) |
|
|
(5,604 |
) |
|
|
1,536 |
|
Gain on debt extinguishment |
|
— |
|
|
|
(774 |
) |
|
|
(417 |
) |
|
|
(3,735 |
) |
Fair value adjustments, net |
|
— |
|
|
|
2,010 |
|
|
|
— |
|
|
|
(4,629 |
) |
Stock-based compensation |
|
2,809 |
|
|
|
2,635 |
|
|
|
9,789 |
|
|
|
8,462 |
|
Loss on the sale of assets |
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
12,650 |
|
Write-downs |
|
— |
|
|
|
7,727 |
|
|
|
3,235 |
|
|
|
22,467 |
|
Deferred revenue recognition |
|
(130 |
) |
|
|
(143 |
) |
|
|
(55,407 |
) |
|
|
(25,358 |
) |
Other |
|
(1,119 |
) |
|
|
657 |
|
|
|
10,259 |
|
|
|
2,798 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Receivables |
|
1,616 |
|
|
|
(478 |
) |
|
|
(520 |
) |
|
|
1,659 |
|
Prepaid expenses and other current assets |
|
(352 |
) |
|
|
(3,000 |
) |
|
|
3,185 |
|
|
|
764 |
|
Inventory and ore on leach pads |
|
(14,320 |
) |
|
|
(18,620 |
) |
|
|
(53,788 |
) |
|
|
(54,993 |
) |
Accounts payable and accrued liabilities |
|
37,187 |
|
|
|
5,528 |
|
|
|
77,757 |
|
|
|
41,091 |
|
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
111,063 |
|
|
|
(2,383 |
) |
|
|
110,441 |
|
|
|
2,011 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
(41,980 |
) |
|
|
(112,273 |
) |
|
|
(135,468 |
) |
|
|
(271,902 |
) |
Acquisitions, net |
|
(10,000 |
) |
|
|
— |
|
|
|
(10,000 |
) |
|
|
— |
|
Proceeds from the sale of assets |
|
1 |
|
|
|
152 |
|
|
|
25 |
|
|
|
8,380 |
|
Sale of investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,558 |
|
Proceeds from notes receivable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Other |
|
(70 |
) |
|
|
(63 |
) |
|
|
(285 |
) |
|
|
(171 |
) |
CASH USED IN INVESTING ACTIVITIES |
|
(52,049 |
) |
|
|
(112,184 |
) |
|
|
(145,728 |
) |
|
|
(217,135 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Issuance of common stock |
|
— |
|
|
|
57,522 |
|
|
|
22,823 |
|
|
|
168,964 |
|
Issuance of notes and bank borrowings, net of issuance costs |
|
77,500 |
|
|
|
163,000 |
|
|
|
327,500 |
|
|
|
388,000 |
|
Payments on debt, finance leases, and associated costs |
|
(133,250 |
) |
|
|
(109,268 |
) |
|
|
(297,128 |
) |
|
|
(348,092 |
) |
Other |
|
(208 |
) |
|
|
(23 |
) |
|
|
(2,018 |
) |
|
|
(2,345 |
) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
(55,958 |
) |
|
|
111,231 |
|
|
|
51,177 |
|
|
|
206,527 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(263 |
) |
|
|
(278 |
) |
|
|
(584 |
) |
|
|
374 |
|
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
2,793 |
|
|
|
(3,614 |
) |
|
|
15,306 |
|
|
|
(8,223 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
75,891 |
|
|
|
58,560 |
|
|
|
63,378 |
|
|
|
63,169 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
78,684 |
|
|
$ |
54,946 |
|
|
$ |
78,684 |
|
|
$ |
54,946 |
|
Adjusted EBITDA Reconciliation |
|||||||||||||||||||||||
(Dollars in thousands except per share amounts) |
LTM 3Q
|
|
|
3Q 2024 |
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
||
Net income (loss) |
$ |
(4,457 |
) |
|
$ |
48,739 |
|
|
$ |
1,426 |
|
|
$ |
(29,117 |
) |
|
$ |
(25,505 |
) |
|
$ |
(21,109 |
) |
Interest expense, net of capitalized interest |
|
46,785 |
|
|
|
13,280 |
|
|
|
13,162 |
|
|
|
12,947 |
|
|
|
7,396 |
|
|
|
7,402 |
|
Income tax provision (benefit) |
|
57,515 |
|
|
|
25,817 |
|
|
|
7,189 |
|
|
|
16,024 |
|
|
|
8,485 |
|
|
|
6,097 |
|
Amortization |
|
123,076 |
|
|
|
33,216 |
|
|
|
27,928 |
|
|
|
27,297 |
|
|
|
34,635 |
|
|
|
22,884 |
|
EBITDA |
|
222,919 |
|
|
|
121,052 |
|
|
|
49,705 |
|
|
|
27,151 |
|
|
|
25,011 |
|
|
|
15,274 |
|
Fair value adjustments, net |
|
1,245 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245 |
|
|
|
2,010 |
|
Foreign exchange (gain) loss |
|
(3,079 |
) |
|
|
(1,708 |
) |
|
|
(2,089 |
) |
|
|
365 |
|
|
|
353 |
|
|
|
(421 |
) |
Asset retirement obligation accretion |
|
16,649 |
|
|
|
4,233 |
|
|
|
4,154 |
|
|
|
4,076 |
|
|
|
4,186 |
|
|
|
4,153 |
|
Inventory adjustments and write-downs |
|
24,954 |
|
|
|
1,231 |
|
|
|
1,071 |
|
|
|
4,188 |
|
|
|
18,464 |
|
|
|
8,934 |
|
(Gain) loss on sale of assets and securities |
|
16,899 |
|
|
|
176 |
|
|
|
640 |
|
|
|
3,536 |
|
|
|
12,547 |
|
|
|
19 |
|
RMC bankruptcy distribution |
|
(1,199 |
) |
|
|
— |
|
|
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on debt extinguishment |
|
(119 |
) |
|
|
— |
|
|
|
21 |
|
|
|
(438 |
) |
|
|
298 |
|
|
|
(774 |
) |
Transaction costs |
|
976 |
|
|
|
976 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other adjustments |
|
7,834 |
|
|
|
81 |
|
|
|
104 |
|
|
|
5,461 |
|
|
|
2,188 |
|
|
|
1,453 |
|
Adjusted EBITDA |
$ |
287,079 |
|
|
$ |
126,041 |
|
|
$ |
52,407 |
|
|
$ |
44,339 |
|
|
$ |
64,292 |
|
|
$ |
30,648 |
|
Revenue |
$ |
1,010,652 |
|
|
$ |
313,476 |
|
|
$ |
222,026 |
|
|
$ |
213,060 |
|
|
$ |
262,090 |
|
|
$ |
194,583 |
|
Adjusted EBITDA Margin |
|
28 |
% |
|
|
40 |
% |
|
|
24 |
% |
|
|
21 |
% |
|
|
25 |
% |
|
|
16 |
% |
Adjusted Net Income (Loss) Reconciliation |
|||||||||||||||||||
(Dollars in thousands except per share amounts) |
|
3Q 2024 |
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
Net income (loss) |
$ |
48,739 |
|
|
$ |
1,426 |
|
|
$ |
(29,117 |
) |
|
$ |
(25,505 |
) |
|
$ |
(21,109 |
) |
Fair value adjustments, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245 |
|
|
|
2,010 |
|
Foreign exchange loss (gain) |
|
(2,247 |
) |
|
|
(2,950 |
) |
|
|
484 |
|
|
|
(156 |
) |
|
|
5 |
|
(Gain) loss on sale of assets and securities |
|
176 |
|
|
|
640 |
|
|
|
3,536 |
|
|
|
12,547 |
|
|
|
19 |
|
RMC bankruptcy distribution |
|
— |
|
|
|
(1,199 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on debt extinguishment |
|
— |
|
|
|
21 |
|
|
|
(438 |
) |
|
|
298 |
|
|
|
(774 |
) |
Transaction costs |
|
976 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other adjustments |
|
81 |
|
|
|
104 |
|
|
|
5,461 |
|
|
|
2,188 |
|
|
|
1,453 |
|
Tax effect of adjustments |
|
(568 |
) |
|
|
(1,447 |
) |
|
|
1,053 |
|
|
|
3,165 |
|
|
|
(223 |
) |
Adjusted net income (loss) |
$ |
47,157 |
|
|
$ |
(3,405 |
) |
|
$ |
(19,021 |
) |
|
$ |
(6,218 |
) |
|
$ |
(18,619 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income (loss) per share - Basic |
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
Adjusted net income (loss) per share - Diluted |
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
Consolidated Free Cash Flow Reconciliation |
||||||||||||||||||
(Dollars in thousands) |
|
3Q 2024 |
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
Cash flow from operations |
$ |
111,063 |
|
$ |
15,249 |
|
|
$ |
(15,871 |
) |
|
$ |
65,277 |
|
|
$ |
(2,383 |
) |
Capital expenditures |
|
41,980 |
|
|
51,405 |
|
|
|
42,083 |
|
|
|
92,715 |
|
|
|
112,273 |
|
Free cash flow |
$ |
69,083 |
|
$ |
(36,156 |
) |
|
$ |
(57,954 |
) |
|
$ |
(27,438 |
) |
|
$ |
(114,656 |
) |
Consolidated Operating Cash Flow Before Changes in Working Capital Reconciliation |
|||||||||||||||||||
(Dollars in thousands) |
|
3Q 2024 |
|
|
|
2Q 2024 |
|
|
|
1Q 2024 |
|
|
|
4Q 2023 |
|
|
|
3Q 2023 |
|
Cash provided by (used in) operating activities |
$ |
111,063 |
|
|
$ |
15,249 |
|
|
$ |
(15,871 |
) |
|
$ |
65,277 |
|
|
$ |
(2,383 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Receivables |
|
(1,616 |
) |
|
|
(3,180 |
) |
|
|
5,316 |
|
|
|
726 |
|
|
|
478 |
|
Prepaid expenses and other |
|
352 |
|
|
|
(4,176 |
) |
|
|
639 |
|
|
|
1,225 |
|
|
|
3,000 |
|
Inventories |
|
14,320 |
|
|
|
19,774 |
|
|
|
19,694 |
|
|
|
(7,401 |
) |
|
|
18,620 |
|
Accounts payable and accrued liabilities |
|
(37,187 |
) |
|
|
(185 |
) |
|
|
(40,385 |
) |
|
|
(14,490 |
) |
|
|
(5,528 |
) |
Operating cash flow before changes in working capital |
$ |
86,932 |
|
|
$ |
27,482 |
|
$ |
(30,607 |
) |
|
$ |
45,337 |
|
|
$ |
14,187 |
|
Reconciliation of Costs Applicable to Sales
for Three Months Ended |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
59,439 |
|
|
$ |
49,640 |
|
|
$ |
45,711 |
|
|
$ |
34,198 |
|
|
$ |
794 |
|
|
$ |
189,782 |
|
Amortization |
|
(11,984 |
) |
|
|
(10,231 |
) |
|
|
(7,612 |
) |
|
|
(2,419 |
) |
|
|
(794 |
) |
|
|
(33,040 |
) |
Costs applicable to sales |
$ |
47,455 |
|
|
$ |
39,409 |
|
|
$ |
38,099 |
|
|
$ |
31,779 |
|
|
$ |
— |
|
|
$ |
156,742 |
|
Inventory Adjustments |
|
(572 |
) |
|
|
(536 |
) |
|
|
50 |
|
|
|
(119 |
) |
|
|
— |
|
|
|
(1,177 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
(1,332 |
) |
|
|
— |
|
|
|
(1,320 |
) |
Adjusted costs applicable to sales |
$ |
46,883 |
|
|
$ |
38,873 |
|
|
$ |
38,161 |
|
|
$ |
30,328 |
|
|
$ |
— |
|
|
$ |
154,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
28,655 |
|
|
|
9,186 |
|
|
|
24,800 |
|
|
|
34,272 |
|
|
|
— |
|
|
|
96,913 |
|
Silver ounces |
|
1,860,976 |
|
|
|
1,098,407 |
|
|
|
— |
|
|
|
45,118 |
|
|
|
— |
|
|
|
3,004,501 |
|
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
50 |
% |
|
|
41 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
50 |
% |
|
|
59 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
818 |
|
|
$ |
1,735 |
|
|
$ |
1,539 |
|
|
$ |
885 |
|
|
|
|
$ |
1,113 |
|
||
Silver ($/oz) |
$ |
12.60 |
|
|
$ |
20.88 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
15.67 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales
for Three Months Ended |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
59,070 |
|
|
$ |
45,225 |
|
|
$ |
47,166 |
|
|
$ |
20,181 |
|
|
$ |
790 |
|
|
$ |
172,432 |
|
Amortization |
|
(10,843 |
) |
|
|
(8,570 |
) |
|
|
(6,445 |
) |
|
|
(1,067 |
) |
|
|
(790 |
) |
|
|
(27,715 |
) |
Costs applicable to sales |
$ |
48,227 |
|
|
$ |
36,655 |
|
|
$ |
40,721 |
|
|
$ |
19,114 |
|
|
$ |
— |
|
|
$ |
144,717 |
|
Inventory Adjustments |
|
(252 |
) |
|
|
(617 |
) |
|
|
55 |
|
|
|
(149 |
) |
|
|
— |
|
|
|
(963 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
(1,760 |
) |
|
|
— |
|
|
|
(1,710 |
) |
Adjusted costs applicable to sales |
$ |
47,975 |
|
|
$ |
36,038 |
|
|
$ |
40,826 |
|
|
$ |
17,205 |
|
|
$ |
— |
|
|
$ |
142,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
24,313 |
|
|
|
8,150 |
|
|
|
23,539 |
|
|
|
20,930 |
|
|
|
— |
|
|
|
76,932 |
|
Silver ounces |
|
1,542,395 |
|
|
|
985,269 |
|
|
|
|
|
65,063 |
|
|
|
— |
|
|
|
2,592,727 |
|
||
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
51 |
% |
|
|
41 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
49 |
% |
|
|
59 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
1,006 |
|
|
$ |
1,813 |
|
|
$ |
1,734 |
|
|
$ |
822 |
|
|
|
|
$ |
1,264 |
|
||
Silver ($/oz) |
$ |
15.24 |
|
|
$ |
21.58 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
17.71 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales
for Three Months Ended |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
66,896 |
|
|
$ |
33,632 |
|
|
$ |
44,885 |
|
|
$ |
26,808 |
|
|
$ |
852 |
|
|
$ |
173,073 |
|
Amortization |
|
(12,602 |
) |
|
|
(6,633 |
) |
|
|
(5,596 |
) |
|
|
(1,393 |
) |
|
|
(852 |
) |
|
|
(27,076 |
) |
Costs applicable to sales |
$ |
54,294 |
|
|
$ |
26,999 |
|
|
$ |
39,289 |
|
|
$ |
25,415 |
|
|
$ |
— |
|
|
$ |
145,997 |
|
Inventory Adjustments |
|
(468 |
) |
|
|
(3,555 |
) |
|
|
(283 |
) |
|
|
198 |
|
|
|
— |
|
|
|
(4,108 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(34 |
) |
|
|
(1,633 |
) |
|
|
— |
|
|
|
(1,667 |
) |
Adjusted costs applicable to sales |
$ |
53,826 |
|
|
$ |
23,444 |
|
|
$ |
38,972 |
|
|
$ |
23,980 |
|
|
$ |
— |
|
|
$ |
140,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
33,462 |
|
|
|
6,185 |
|
|
|
21,183 |
|
|
|
20,586 |
|
|
|
— |
|
|
|
81,416 |
|
Silver ounces |
|
1,796,468 |
|
|
|
735,254 |
|
|
|
|
|
68,713 |
|
|
|
— |
|
|
|
2,600,435 |
|
||
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
56 |
% |
|
|
43 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
44 |
% |
|
|
57 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
901 |
|
|
$ |
1,630 |
|
|
$ |
1,840 |
|
|
$ |
1,165 |
|
|
|
|
$ |
1,267 |
|
||
Silver ($/oz) |
$ |
13.18 |
|
|
$ |
18.17 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
14.63 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales
for Three Months Ended |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
60,345 |
|
|
$ |
85,155 |
|
|
$ |
46,207 |
|
|
$ |
34,150 |
|
|
$ |
858 |
|
|
$ |
226,715 |
|
Amortization |
|
(9,949 |
) |
|
|
(13,349 |
) |
|
|
(8,366 |
) |
|
|
(1,892 |
) |
|
|
(858 |
) |
|
|
(34,414 |
) |
Costs applicable to sales |
$ |
50,396 |
|
|
$ |
71,806 |
|
|
$ |
37,841 |
|
|
$ |
32,258 |
|
|
$ |
— |
|
|
$ |
192,301 |
|
Inventory Adjustments |
|
(195 |
) |
|
|
(17,295 |
) |
|
|
(131 |
) |
|
|
(677 |
) |
|
|
— |
|
|
|
(18,298 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(275 |
) |
|
|
(2,146 |
) |
|
|
— |
|
|
|
(2,421 |
) |
Adjusted costs applicable to sales |
$ |
50,201 |
|
|
$ |
54,511 |
|
|
$ |
37,435 |
|
|
$ |
29,435 |
|
|
$ |
— |
|
|
$ |
171,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
24,849 |
|
|
|
19,174 |
|
|
|
25,980 |
|
|
|
29,538 |
|
|
|
— |
|
|
|
99,541 |
|
Silver ounces |
|
1,644,592 |
|
|
|
1,269,236 |
|
|
|
— |
|
|
|
86,510 |
|
|
|
— |
|
|
|
3,000,338 |
|
Zinc pounds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lead pounds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
50 |
% |
|
|
55 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
50 |
% |
|
|
45 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
1,010 |
|
|
$ |
1,564 |
|
|
$ |
1,441 |
|
|
$ |
997 |
|
|
|
|
$ |
1,225 |
|
||
Silver ($/oz) |
$ |
15.26 |
|
|
$ |
19.33 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
17.03 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales
for Three Months Ended |
|||||||||||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
|
Silvertip |
|
Total |
||||||||||||
Costs applicable to sales, including amortization ( |
$ |
57,083 |
|
|
$ |
34,708 |
|
|
$ |
45,180 |
|
|
$ |
32,614 |
|
|
$ |
919 |
|
|
$ |
170,504 |
|
Amortization |
|
(9,024 |
) |
|
|
(4,176 |
) |
|
|
(6,894 |
) |
|
|
(1,588 |
) |
|
|
(919 |
) |
|
|
(22,601 |
) |
Costs applicable to sales |
$ |
48,059 |
|
|
$ |
30,532 |
|
|
$ |
38,286 |
|
|
$ |
31,026 |
|
|
$ |
— |
|
|
$ |
147,903 |
|
Inventory Adjustments |
|
(328 |
) |
|
|
(7,788 |
) |
|
|
(411 |
) |
|
|
(16 |
) |
|
|
— |
|
|
|
(8,543 |
) |
By-product credit |
|
— |
|
|
|
— |
|
|
|
(57 |
) |
|
|
(1,802 |
) |
|
|
— |
|
|
|
(1,859 |
) |
Adjusted costs applicable to sales |
$ |
47,731 |
|
|
$ |
22,744 |
|
|
$ |
37,818 |
|
|
$ |
29,208 |
|
|
$ |
— |
|
|
$ |
137,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces |
|
26,018 |
|
|
|
4,432 |
|
|
|
24,516 |
|
|
|
23,049 |
|
|
|
— |
|
|
|
78,015 |
|
Silver ounces |
|
1,533,975 |
|
|
|
606,083 |
|
|
|
— |
|
|
|
73,677 |
|
|
|
— |
|
|
|
2,213,735 |
|
Zinc pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
Lead pounds |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue Split |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold |
|
50 |
% |
|
|
37 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
||||
Silver |
|
50 |
% |
|
|
63 |
% |
|
|
|
|
|
|
— |
% |
|
|
||||||
Zinc |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
Lead |
|
|
|
|
|
|
|
|
|
— |
% |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz) |
$ |
917 |
|
|
$ |
1,899 |
|
|
$ |
1,543 |
|
|
$ |
1,267 |
|
|
|
|
$ |
1,273 |
|
||
Silver ($/oz) |
$ |
15.56 |
|
|
$ |
23.64 |
|
|
|
|
|
|
$ |
— |
|
|
$ |
17.85 |
|
||||
Zinc ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
||||||||
Lead ($/lb) |
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of Costs Applicable to Sales for Updated 2024 Guidance |
|||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
||||||||
Costs applicable to sales, including amortization ( |
$ |
261,913 |
|
|
$ |
147,456 |
|
|
$ |
195,337 |
|
|
$ |
102,091 |
|
Amortization |
|
(46,953 |
) |
|
|
(42,237 |
) |
|
|
(28,757 |
) |
|
|
(5,694 |
) |
Costs applicable to sales |
$ |
214,960 |
|
|
$ |
105,219 |
|
|
$ |
166,580 |
|
|
$ |
96,397 |
|
By-product credit |
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
(5,328 |
) |
Adjusted costs applicable to sales |
$ |
214,960 |
|
|
$ |
105,219 |
|
|
$ |
166,596 |
|
|
$ |
91,069 |
|
|
|
|
|
|
|
|
|
||||||||
Metal Sales |
|
|
|
|
|
|
|
||||||||
Gold ounces |
|
104,260 |
|
|
|
28,170 |
|
|
|
100,500 |
|
|
|
91,040 |
|
Silver ounces |
|
6,652,590 |
|
|
|
3,197,910 |
|
|
|
|
|
205,600 |
|
||
|
|
|
|
|
|
|
|
||||||||
Revenue Split |
|
|
|
|
|
|
|
||||||||
Gold |
|
51 |
% |
|
|
43 |
% |
|
|
100 |
% |
|
|
100 |
% |
Silver |
|
49 |
% |
|
|
57 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
||||||||
Gold ($/oz) |
|
|
|
|
|
|
|
||||||||
Silver ($/oz) |
|
|
|
|
|
|
|
||||||||
|
Reconciliation of Costs Applicable to Sales for Previous 2024 Guidance |
|||||||||||||||
In thousands (except metal sales, per ounce or per pound amounts) |
Palmarejo |
|
|
|
Kensington |
|
Wharf |
||||||||
Costs applicable to sales, including amortization ( |
$ |
258,870 |
|
|
$ |
129,322 |
|
|
$ |
199,980 |
|
|
$ |
108,330 |
|
Amortization |
|
(37,130 |
) |
|
|
(36,990 |
) |
|
|
(33,530 |
) |
|
|
(6,330 |
) |
Costs applicable to sales |
$ |
221,740 |
|
|
$ |
92,332 |
|
|
$ |
166,450 |
|
|
$ |
102,000 |
|
By-product credit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,550 |
) |
Adjusted costs applicable to sales |
$ |
221,740 |
|
|
$ |
92,332 |
|
|
$ |
166,450 |
|
|
$ |
99,450 |
|
|
|
|
|
|
|
|
|
||||||||
Metal Sales |
|
|
|
|
|
|
|
||||||||
Gold ounces |
|
100,350 |
|
|
|
28,130 |
|
|
|
103,790 |
|
|
|
90,000 |
|
Silver ounces |
|
6,516,830 |
|
|
|
3,927,890 |
|
|
|
|
|
105,920 |
|
||
|
|
|
|
|
|
|
|
||||||||
Revenue Split |
|
|
|
|
|
|
|
||||||||
Gold |
|
51 |
% |
|
|
38 |
% |
|
|
100 |
% |
|
|
100 |
% |
Silver |
|
49 |
% |
|
|
62 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted costs applicable to sales |
|
|
|
|
|
|
|
||||||||
Gold ($/oz) |
|
|
|
|
|
|
|
||||||||
Silver ($/oz) |
|
|
|
|
|
|
|
||||||||
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106838688/en/
Attention:
Phone: (312) 489-5800
www.coeur.com
Source: