Coeur Provides Balance Sheet and Liquidity Update
03 Maio 2022 - 5:30PM
Business Wire
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
announced the completion of three initiatives to bolster its
liquidity and materially enhance its balance sheet flexibility as
it advances the transformational expansion of its Rochester silver
and gold operation in Nevada.
- Increased its gold hedging program to provide meaningful
downside price protection – Coeur has added to its gold hedging
program to now cover 70% of its 2022 expected gold production at an
average forward price of $1,955 per ounce. Additionally, the
Company has hedged 38% of its 2023 expected gold production at an
average forward price $1,982 per ounce. By converting its existing
zero-cost collars into gold forward sales and adding new forward
sales to its hedging program, the Company has put significant
downside price protection in place for the remainder of the
Rochester expansion, which is scheduled for completion in mid-2023.
The Company’s silver price exposure remains unhedged.
- Expanded its revolving credit facility (“RCF”) –The
Company has worked with its bank lending syndicate to increase its
total available borrowing capacity under its RCF to $390 million
from $300 million. The RCF’s other key terms remain unchanged.
- Completed its existing $100 million at-the-market (“ATM”)
equity offering – Coeur completed a previously announced ATM
program in March with the sale of approximately 22 million shares
of common stock at an average price of $4.53 per share for gross
proceeds of $100 million.
“These three actions provide enhanced funding clarity and
significantly greater balance sheet flexibility as we look to
unlock the value of the ongoing major expansion of our Rochester
silver and gold operation in Nevada, which is expected to help
drive strong free cash flow following completion,” said Thomas S.
Whelan, Senior Vice President and Chief Financial Officer.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with four wholly-owned operations: the
Palmarejo gold-silver complex in Mexico, the Rochester silver-gold
mine in Nevada, the Kensington gold mine in Alaska and the Wharf
gold mine in South Dakota. In addition, the Company wholly-owns the
Silvertip silver-zinc-lead development project in British Columbia
and has interests in several precious metals exploration projects
throughout North America.
Cautionary Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding financial position, liquidity,
balance sheet flexibility, the expansion project at Rochester and
free cash flow. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause
Coeur’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the risk that the
anticipated benefits of the initiatives described in this news
release will not be achieved as expected or at all, the risks and
hazards inherent in the mining business (including risks inherent
in developing large-scale mining projects, environmental hazards,
industrial accidents, weather or geologically-related conditions),
changes in the market prices of gold, silver, zinc and lead and a
sustained lower price or higher treatment and refining charge
environment, the uncertainties inherent in Coeur’s production,
exploratory and developmental activities, including risks relating
to permitting and regulatory delays (including the impact of
government shutdowns), ground conditions, grade and recovery
variability, any future labor disputes or work stoppages (involving
the Company and its subsidiaries or third parties), the
uncertainties inherent in the estimation of mineral reserves,
changes that could result from Coeur’s future acquisition of new
mining properties or businesses, the loss of access or insolvency
of any third-party refiner or smelter to which Coeur markets its
production, the potential effects of the COVID-19 pandemic,
including impacts to workforce, materials and equipment
availability, inflationary pressures, continued access to financing
sources, government orders that may require temporary suspension of
operations at one or more of our sites and effects on our suppliers
or the refiners and smelters to whom the Company markets its
production and on the communities where we operate, the effects of
environmental and other governmental regulations and government
shut-downs, the risks inherent in the ownership or operation of or
investment in mining properties or businesses in foreign countries,
Coeur’s ability to raise additional financing necessary to conduct
its business, make payments or refinance its debt, as well as other
uncertainties and risk factors set out in filings 17 made from time
to time with the United States Securities and Exchange Commission,
and the Canadian securities regulators, including, without
limitation, Coeur’s most recent report on Form 10-K. Actual
results, developments and timetables could vary significantly from
the estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements. Coeur disclaims any intent
or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on
analyses, expectations or statements made by third parties in
respect of Coeur, its financial or operating results or its
securities. This does not constitute an offer of any securities for
sale.
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version on businesswire.com: https://www.businesswire.com/news/home/20220503006300/en/
Coeur Mining, Inc. Attention: Jeff Wilhoit, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
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