Reaffirms Full-Year 2022 Guidance
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
reported first quarter 2022 financial results, including revenue of
$188 million and cash flow from operating activities of $(6)
million. The Company reported GAAP net income from continuing
operations of $8 million, or $0.03 per share. On an adjusted
basis1, Coeur reported EBITDA of $42 million, cash flow from
operating activities before changes in working capital of $24
million and net loss from continuing operations of $14 million, or
$0.05 per share.
Key Highlights
- First quarter production on plan and in-line with 2022
guidance – Solid performances at Palmarejo and Wharf more than
offset COVID-19 impacts at Kensington and lower production levels
at Rochester, leading to total production of 75,409 ounces of gold
and 2.5 million ounces of silver
- Enhanced liquidity and balance sheet strength – Coeur
recently announced multiple initiatives to bolster its liquidity
and balance sheet flexibility, including increased additional
downside protection from gold hedging in 2022 and 2023, expansion
of its revolving credit facility (“RCF”) by $90 million and the
completion of its $100 million at-the-market (“ATM”) equity
offering
- Rochester expansion project advancing – The Rochester
expansion project continued to advance with construction completion
targeted for mid-2023. Coeur has now committed approximately 80% of
the $597 million capital estimate and has incurred roughly $283
million of the estimated total as of the end of the first
quarter
- New discovery at Silvertip highlights recent exploration
success – Camp Creek West discovery holes support the potential
for significant additional resource expansion at Silvertip. Recent
high-grade intercepts at Kensington and Palmarejo also demonstrate
the potential for further mine life extensions
- Strategic sale of La Preciosa silver project completed –
Coeur closed the sale of the La Preciosa silver project during the
quarter for total fixed proceeds of nearly $36 million, including
$15 million in cash, and additional potential contingent
consideration of up to $59 million plus two royalties covering the
La Preciosa land package
- Kensington POA 1 key federal authorizations received –
The U.S. Forest Service issued the Final Record of Decision
approving Coeur’s proposed amendment to increase tailings and waste
rock storage capacity to accommodate future growth potential at
Kensington. Similarly, the Company also received the U.S. Army
Corps of Engineers Record of Decision and Permit
- Updated greenhouse gas (“GHG”) net intensity targets –
On April 27, 2022, Coeur published its 2021 ESG Report which
included an updated GHG emissions target of a 35% reduction in net
intensity by the end of 2024. The Company’s previous goal was a 25%
net intensity reduction by 2025
“Coeur delivered first quarter gold and silver production
in-line with expectations, and we remain positioned to meet
full-year 2022 guidance,” said Mitchell J. Krebs, President and
Chief Executive Officer. “Our site operating teams continue to
address industry-wide cost pressures through innovative business
improvement initiatives and efficiency enhancements that have
helped to mitigate the impact of global inflation."
“We’re pleased to report that the pace of development activity
at our Rochester POA 11 expansion project continues to accelerate.
Nearly 80% of POA 11’s construction budget has been committed, and
recently-announced liquidity enhancements have provided the funding
and flexibility to support our priority of delivering POA 11
according to plan. Following completion and ramp-up, Rochester is
expected to drive a new growth phase for Coeur, featuring robust
precious metals production and free cash flow from an exclusively
North American asset base with a large and growing U.S.
footprint.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share
amounts, gold/silver ounces produced & sold, and per-ounce
metrics)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Gold Sales
$
129.5
$
146.7
$
147.7
$
146.2
$
138.3
Silver Sales
$
59.0
$
61.2
$
60.2
$
68.7
$
63.8
Consolidated Revenue
$
188.4
$
207.8
$
208.0
$
214.9
$
202.1
Costs Applicable to Sales2
$
133.3
$
136.5
$
134.3
$
132.6
$
108.1
General and Administrative
Expenses
$
10.3
$
9.6
$
8.7
$
10.5
$
11.6
Net Income (Loss)
$
7.7
$
(10.7
)
$
(54.8
)
$
32.1
$
2.1
Net Income (Loss) Per Share
$
0.03
$
(0.04
)
$
(0.21
)
$
0.13
$
0.01
Adjusted Net Income (Loss)1
$
(13.8
)
$
(11.6
)
$
(2.9
)
$
(0.8
)
$
13.9
Adjusted Net Income (Loss)1 Per
Share
$
(0.05
)
$
(0.05
)
$
(0.01
)
$
0.00
$
0.06
Weighted Average Shares
Outstanding
263.6
254.8
254.7
252.1
244.5
EBITDA1
$
40.4
$
28.3
$
(14.2
)
$
84.6
$
49.7
Adjusted EBITDA1
$
41.5
$
48.7
$
48.8
$
52.7
$
65.9
Cash Flow from Operating
Activities
$
(6.4
)
$
35.0
$
21.8
$
58.1
$
(4.4
)
Capital Expenditures
$
69.5
$
100.9
$
71.3
$
78.2
$
59.4
Free Cash Flow1
$
(75.9
)
$
(65.9
)
$
(49.4
)
$
(20.2
)
$
(63.8
)
Cash, Equivalents & Short-Term
Investments
$
73.3
$
56.7
$
85.0
$
124.1
$
154.1
Total Debt3
$
485.5
$
487.5
$
442.4
$
414.2
$
412.1
Average Realized Price Per Ounce –
Gold
$
1,721
$
1,652
$
1,645
$
1,651
$
1,664
Average Realized Price Per Ounce –
Silver
$
24.06
$
23.17
$
24.18
$
26.60
$
26.19
Gold Ounces Produced
75,409
88,946
87,083
87,275
85,225
Silver Ounces Produced
2.5
2.6
2.5
2.6
2.4
Gold Ounces Sold
75,211
88,930
89,804
88,501
83,112
Silver Ounces Sold
2.5
2.6
2.5
2.6
2.4
Financial Results
First quarter 2022 revenue totaled $188 million compared to $208
million in the prior period and $202 million in the first quarter
of 2021. The Company produced 75,409 and 2.5 million ounces of gold
and silver, respectively, during the quarter. Metal sales totaled
75,211 ounces of gold and 2.5 million ounces of silver. Average
realized gold and silver prices for the quarter were $1,721 and
$24.06 per ounce, respectively, compared to $1,652 and $23.17 per
ounce in the prior period and $1,664 and $26.19 per ounce in the
first quarter of 2021.
Gold and silver sales accounted for 69% and 31% of quarterly
revenue, respectively. The Company’s U.S. operations accounted for
approximately 56% of first quarter revenue.
Costs applicable to sales2 decreased slightly
quarter-over-quarter to $133 million, largely due to lower
production in the period. General and administrative expenses
remained consistent during the quarter at $10 million.
Coeur invested approximately $14 million ($5 million expensed
and $8 million capitalized) in exploration during the quarter,
compared to roughly $18 million ($14 million expensed and $4
million capitalized) in the prior period, reflecting lower planned
investment across the portfolio following the Company’s
highest-ever exploration investment in 2021. See the “Operations”
and “Exploration” sections for additional detail on the Company’s
exploration activities.
The Company recorded income tax expense of approximately $2
million during the first quarter. Cash income and mining taxes paid
during the period totaled approximately $18 million, including the
annual payment of the Mexican mining royalty tax of $9 million.
Quarterly operating cash flow totaled $(6) million compared to
$35 million in the prior period, mainly driven by lower metal sales
and changes in working capital. Changes in working capital during
the quarter were $(30) million, compared to $(3) million in the
prior period, largely due to timing of tax payments in Mexico,
semi-annual interest payments and the annual incentive payout,
offset by a cash inflow of $10 million associated with Coeur’s
prepayment agreement at Kensington during the quarter.
Capital expenditures decreased 31% quarter-over-quarter to $70
million compared to $101 million in the prior period. Expenditures
related to the POA 11 expansion project at Rochester totaled $30
million during the quarter compared to $47 million in the fourth
quarter of 2021, primarily driven by the timing of payments.
Sustaining and development capital expenditures accounted for
approximately 40% and 60%, respectively, of Coeur’s total capital
investment during the quarter.
Capital Projects Update
Rochester Expansion
As of March 31, 2022, Coeur has incurred approximately $283
million toward the expansion. With the formalization of the
recently-awarded SMPEI and final major high-voltage electrical
contracts, the Company has committed approximately $477 million of
capital since the inception of the project, representing 80% of the
re-baselined cost estimate of $597 million. Coeur estimates capital
expenditures related to POA 11 in 2022 to be approximately $217 -
$257 million and $131 - $171 million in 2023.
The expansion consists of three major components: (i) a new 300
million ton leach pad, for which civil work is essentially complete
and piping work is near completion; (ii) a Merrill-Crowe process
plant with construction completion scheduled for the first half of
2023; and (iii) a new three-stage crushing circuit with
construction completion scheduled for mid-2023.
Progress on the Merrill-Crowe process plant included completion
of concrete work, the start of equipment setting, and steel and
process pipe rack erection. Work on the crusher corridor included
substantial completion of excavation in the primary crusher area,
completion of concrete work and the start of steel construction in
the secondary crusher areas, and continued advancement of concrete
work in the secondary stock pile reclaim and tertiary crusher
areas. Coeur also began pre-assembly of conveyor components, and
deliveries of equipment and materials for the project continue.
The Company is also advancing detailed engineering, and
equipment procurement is underway for the implementation of
pre-screens into the expansion flowsheet. Coeur intends to align
construction of the pre-screens with the completion of the new
crusher corridor.
Silvertip Expansion and Restart
Coeur continues to advance study work to assess the economics of
a potential expansion and restart of its high-grade Silvertip
silver-zinc-lead development project in British Columbia, Canada
following the completion and commissioning of POA 11. The Company’s
objective remains to complete an evaluation by year-end of higher
throughput scenarios to reduce unit costs and to take advantage of
Silvertip’s expanding, high-grade resource base.
Ongoing exploration activities continues to generate positive
results. Exploration investment in the first quarter totaled
approximately $2 million (substantially all capitalized) compared
to roughly $4 million (substantially all expensed) in the prior
period.
A new zone called Camp Creek West was discovered during the
quarter that is shallower and contains one of the highest-grade
thicknesses ever drilled at Silvertip. The zone is located west of
the Camp Creek Fault in an area that has never been drilled and was
discovered through geophysics. The zone appears to be open to the
west, north and south. During the second quarter of 2022, the
Company plans to continue the infill program in the Southern Silver
and Discovery zones before switching to expansion drilling in the
recently discovered Camp Creek West target later in the year.
Ongoing carrying costs at Silvertip totaled $6 million in the
first quarter, compared to $6 million in the prior period. Capital
expenditures during the first quarter totaled $12 million compared
to $26 million in the prior period as residual costs for completed
mill decommissioning and planned early civil works construction
were paid during the quarter. For 2022, capital expenditures are
expected to be approximately $18 - $24 million, primarily focused
on underground development and infill drilling as well as study
work to evaluate additional opportunities to enhance the economics
of a potential expansion and restart.
Liquidity Update
Coeur ended the quarter with total liquidity of approximately
$288 million, including $73 million of cash and $215 million of
available capacity under its $300 million RCF4. Additionally, Coeur
had $160 million of strategic investments in equity securities.
On May 3, 2022, the Company announced the completion of multiple
initiatives to meaningfully bolster Coeur’s liquidity and
materially enhance its balance sheet flexibility as it advances the
transformational expansion of the Rochester expansion.
- The Company 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
- Coeur completed a previously announced ATM equity offering
program 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
- The Company also 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, Coeur has hedged 38% of
its 2023 expected gold production at an average forward price of
$1,982 per ounce. By converting its existing zero-cost collars into
gold forward sales and adding new forward sales to its hedging
program, the Company has put significant downside price protection
in place during a time of increased capital intensity. Coeur’s
silver price exposure remains unhedged. An overview of the hedges
currently implemented is outlined below:
2022
2023
Gold Ounces Hedged
157,000
112,500
Avg. Forward Price ($/oz)
$1,955
$1,982
Mark-to-Market Adjustments
The Company values its strategic investments in equity
securities as of the end of each reporting period. The estimated
fair values of Coeur’s equity investments in Victoria Gold Corp.,
Avino Silver & Gold Mines Ltd. and Integra Resources Corp. were
$141 million, $13 million and $5 million, respectively, at March
31, 2022 compared to $124 million in Victoria Gold Corp. and $8
million in Integra Resources Corp. at December 31, 2021, resulting
in a non-cash unrealized gain of approximately $14 million during
the first quarter of 2022. This figure is included in “Fair value
adjustments, net” on the Company’s income statement.
Rochester LCM Adjustment
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. At the end
of the first quarter, the cost of ore on leach pads at Rochester
exceeded its net realizable value which resulted in a lower of cost
or market (“LCM”) adjustment of $9 million (approximately $8
million in costs applicable to sales2 and $1 million of
amortization).
Operations
First quarter 2022 highlights for each of the Company’s
operations are provided below.
Palmarejo, Mexico
(Dollars in millions, except per ounce
amounts)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Tons milled
565,211
587,615
517,363
517,373
484,390
Average gold grade (oz/t)
0.056
0.055
0.050
0.058
0.062
Average silver grade (oz/t)
3.87
3.86
3.86
3.94
4.07
Average recovery rate – Au
90.6%
89.7%
93.7%
92.4%
95.7%
Average recovery rate – Ag
83.0%
81.3%
85.5%
81.9%
81.3%
Gold ounces produced
28,931
28,748
24,254
27,595
28,605
Silver ounces produced (000’s)
1,813
1,843
1,708
1,667
1,603
Gold ounces sold
28,242
27,706
24,897
30,516
25,687
Silver ounces sold (000’s)
1,796
1,813
1,715
1,640
1,638
Average realized price per gold
ounce
$1,419
$1,374
$1,335
$1,351
$1,462
Average realized price per silver
ounce
$23.94
$23.26
$24.15
$26.71
$26.12
Metal sales
$83.1
$80.4
$74.6
$85.0
$80.3
Costs applicable to sales2
$43.2
$38.8
$39.0
$41.9
$34.0
Adjusted CAS per AuOz1
$730
$653
$704
$662
$621
Adjusted CAS per AgOz1
$12.43
$11.25
$12.50
$13.34
$10.98
Exploration expense
$1.6
$2.3
$2.8
$1.8
$1.7
Cash flow from operating
activities
$34.3
$32.9
$23.2
$33.4
$13.2
Sustaining capital expenditures
(excludes capital lease payments)
$13.6
$8.3
$8.4
$9.8
$10.0
Development capital
expenditures
$—
$(0.1)
$0.1
$—
$—
Total capital expenditures
$13.6
$8.2
$8.5
$9.8
$10.0
Free cash flow1
$20.7
$24.7
$14.7
$23.6
$3.2
Operational
- First quarter gold and silver production totaled 28,931 and 1.8
million ounces, respectively, compared to 28,748 and 1.8 million
ounces in the prior period and 28,605 and 1.6 million ounces in the
first quarter of 2021
- Production during the quarter benefited from slightly higher
average gold and silver grade as well as increased recoveries,
partially offset by a 4% decrease in mill throughput
Financial
- First quarter adjusted CAS1 for gold and silver on a co-product
basis increased 12% and 10% to $730 and $12.43 per ounce,
respectively, reflecting higher consumable costs as well as
completion of Coeur’s Mexican Peso hedging program in the prior
period
- Capital expenditures increased 66% quarter-over-quarter to $14
million, reflecting continued planned investment in underground
development and infill drilling
- Free cash flow1 in the first quarter totaled $21 million
compared to $25 million in the prior period as a result of
increased capital expenditures as well as the payment of cash
income and mining taxes totaling roughly $17 million, partially
offset by higher metal sales
Exploration
- Exploration investment for the first quarter decreased 14% to
approximately $3 million ($2 million expensed and $1 million
capitalized), compared to roughly $4 million ($2 million expensed
and $1 million capitalized) in the prior period
- Six surface and underground core drill rigs were active during
the quarter. Infill drilling focused on specific zones within the
Guadalupe deposits while surface rigs targeted areas of the
northwest Hidalgo (located within the Independencia deposit) and
Nacion (located within the Guadalupe deposit) zones
- Expansion drilling during the quarter continued to focus on the
Hidalgo and La Carmela (located within the Guazapares district and
outside the gold stream area of influence) zones
- Coeur expects six drill rigs to be active at Palmarejo in the
second quarter of 2022 focused on infill and expansion drilling in
northwest Independencia and Hidalgo zones, and expects to maintain
this pace throughout the year
Other
- Approximately 43% (12,168 ounces) of Palmarejo’s gold sales in
the first quarter were sold under its gold stream agreement at a
price of $800 per ounce. The Company anticipates approximately 38%
- 42% of Palmarejo’s gold sales for 2022 will be sold under the
stream agreement
Guidance
- Full-year 2022 production is expected to be 100,000 - 110,000
ounces of gold and 6.0 - 7.0 million ounces of silver
- CAS1 in 2022 are expected to be $750 - $850 per gold ounce and
$13.50 - $14.50 per silver ounce
- Capital expenditures are expected to be $50 - $55 million
Rochester, Nevada
(Dollars in millions, except per ounce
amounts)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Ore tons placed
4,377,873
3,823,764
3,427,078
3,195,777
3,240,917
Average silver grade (oz/t)
0.34
0.40
0.43
0.38
0.45
Average gold grade (oz/t)
0.003
0.003
0.002
0.003
0.003
Silver ounces produced (000’s)
655
757
739
888
774
Gold ounces produced
6,066
6,864
6,051
7,232
6,904
Silver ounces sold (000’s)
638
801
758
912
771
Gold ounces sold
5,928
7,386
5,559
7,818
6,934
Average realized price per silver
ounce
$24.00
$22.98
$24.27
$26.38
$26.34
Average realized price per gold
ounce
$1,864
$1,797
$1,785
$1,794
$1,794
Metal sales
$26.4
$31.6
$28.3
$38.1
$32.8
Costs applicable to sales2
$32.3
$37.5
$31.7
$38.0
$24.0
Adjusted CAS per AgOz1
$22.06
$21.76
$22.68
$26.09
$19.07
Adjusted CAS per AuOz1
$1,720
$1,707
$1,665
$1,787
$1,300
Exploration expense
$1.9
$2.2
$2.4
$0.9
$0.5
Cash flow from operating
activities
$(19.7)
$(12.3)
$(9.5)
$4.0
$(8.7)
Sustaining capital expenditures
(excludes capital lease payments)
$2.3
$5.8
$2.4
$7.3
$2.0
Development capital
expenditures
$30.8
$48.1
$37.7
$35.0
$28.2
Total capital expenditures
$33.1
$53.9
$40.1
$42.3
$30.2
Free cash flow1
$(52.8)
$(66.2)
$(49.6)
$(38.3)
$(38.9)
Operational
- Silver and gold production in the first quarter totaled 0.7
million and 6,066 ounces, respectively, compared to 0.8 million and
6,864 ounces in the prior period and 0.8 million and 6,904 ounces
in the first quarter of 2021. Lower production in the period is
largely due to lower placement rates in the prior quarter
- Tons placed increased 14% quarter-over-quarter to 4.4 million,
largely related to higher crusher throughput due to improved fleet
availability. Placement rates were supplemented by stacking roughly
1.5 million tons of run-of-mine material during the quarter
- The Company plans to install pre-screens on the existing
crusher corridor aimed at mitigating the impact of fine ore
material and improving recoveries. The experience and knowledge
gained from utilizing pre-screens is expected to be applied to new
screening technology being integrated into the new crusher system
flowsheet for POA 11. Preparation of the initial pre-screen
foundation is underway, including concrete work. During
construction, the project is expected to affect the Company’s
ability to crush material for up to 30 days during the second
quarter
Financial
- First quarter adjusted CAS1 figures in the table above and
highlighted below exclude the impact of an LCM adjustment totaling
approximately $8 million related to the net realizable value of
metal and leach pad inventory
- First quarter adjusted CAS1 for silver and gold on a co-product
basis totaled $22.06 and $1,720 per ounce, respectively, compared
to $21.76 and $1,707 per ounce in the prior period, largely driven
by increased fleet maintenance and consumable costs
- Capital expenditures decreased 39% quarter-over-quarter to $33
million, due primarily to timing of payments related to the POA 11
expansion project
- Free cash flow1 in the first quarter totaled $(53) million
compared to $(66) million in the prior period
Exploration
- Quarterly exploration investment decreased 4%
quarter-over-quarter to approximately $3 million ($2 million
expensed and $1 million capitalized)
- Approval of an updated Plan of Operations for West Rochester
(composed of Lincoln Hill, Independence Hill and Gold Ridge) was
received during the quarter which will allow the Company to
accelerate the exploration program in these areas. Two reverse
circulation drill rigs and one core drill rig were active during
the period. Infill drilling focused within the Rochester pit while
expansion drilling tested the Gold Ridge target
- Coeur plans to have up to two reverse circulation drill rigs
active at Rochester during 2022 to focus on resource expansion in
the Rochester and Nevada Packard pits, and infill drilling at the
Lincoln Hill portion of West Rochester
Guidance
- Full-year 2022 production is expected to be 3.0 - 4.0 million
ounces of silver and 35,000 - 43,000 ounces of gold
- CAS1 in 2022 are expected to be $20.75 - $22.75 per silver
ounce and $1,490 - $1,590 per gold ounce
- Capital expenditures are expected to be $220 - $260
million
Kensington, Alaska
(Dollars in millions, except per ounce
amounts)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Tons milled
165,968
168,295
160,596
168,311
170,358
Average gold grade (oz/t)
0.14
0.21
0.19
0.18
0.19
Average recovery rate
95.3%
93.9%
93.0%
92.7%
93.2%
Gold ounces produced
22,646
33,516
28,621
28,322
30,681
Gold ounces sold
22,834
33,888
29,902
26,796
31,595
Average realized price per gold ounce,
gross
$1,967
$1,790
$1,764
$1,851
$1,754
Treatment and refining charges per gold
ounce
$37
$27
$29
$30
$30
Average realized price per gold ounce,
net
$1,930
$1,763
$1,735
$1,821
$1,724
Metal sales
$44.3
$59.8
$51.9
$48.8
$54.5
Costs applicable to sales2
$36.9
$37.9
$34.6
$29.2
$31.4
Adjusted CAS per AuOz1
$1,610
$1,111
$1,150
$1,088
$989
Prepayment, working capital cash
flow
$10.1
$7.4
$(7.4)
$7.9
$(7.9)
Exploration expense
$0.4
$1.6
$2.7
$1.3
$1.1
Cash flow from operating
activities
$10.9
$26.8
$13.6
$19.4
$11.0
Sustaining capital expenditures
(excludes capital lease payments)
$7.9
$8.0
$6.3
$6.0
$7.2
Development capital
expenditures
$—
$—
$—
$—
$—
Total capital expenditures
$7.9
$8.0
$6.3
$6.0
$7.2
Free cash flow1
$3.0
$18.8
$7.3
$13.4
$3.8
Operational
- Gold production in the first quarter totaled 22,646 ounces
compared to 33,516 ounces in the prior period and 30,681 ounces in
the first quarter of 2021
- Lower production during the period was driven by a decrease in
average gold grade quarter-over-quarter, primarily related to
planned mining in lower grade areas and changes to mine sequencing
due to workforce availability as a result of COVID-19
Financial
- First quarter adjusted CAS1 totaled $1,610 per ounce compared
to $1,111 per ounce in the prior period reflecting higher
consumable costs and employee-related expenses
- Capital expenditures remained relatively consistent
quarter-over-quarter at $8 million
- Free cash flow1 in the first quarter totaled $3 million,
including cash inflow of $10 million associated with the Company’s
prepayment agreement at Kensington. Excluding the effect of the
prepayment, free cash flow1 totaled approximately $(7) million in
the first quarter
Exploration
- Exploration investment in the quarter totaled approximately $2
million (substantially all capitalized), compared to $3 million ($2
million expensed and $1 million capitalized) in the prior
period
- Two underground and one surface core drill rigs were active
during the quarter focused on infill drilling at Elmira, Kensington
Zone 30 and Jualin. As highlighted in the April 28, 2022
exploration update published by Coeur, recent drilling in
Kensington Zone 30 intersected excellent grade thicknesses
- In the second quarter of 2022, three underground drill rigs are
expected to focus on infill drilling at the Elmira vein, and
expansion drilling will commence at the Johnson and Jennifer
veins
Guidance
- Full-year 2022 production is expected to be 110,000 - 120,000
ounces of gold
- CAS1 in 2022 are expected to be $1,150 - $1,250 per gold
ounce
- Capital expenditures are expected to be $27 - $34 million
Wharf, South Dakota
(Dollars in millions, except per ounce
amounts)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Ore tons placed
1,127,569
1,074,189
1,489,169
1,025,481
1,114,043
Average gold grade (oz/t)
0.025
0.022
0.025
0.032
0.030
Gold ounces produced
17,766
19,818
28,157
24,126
19,035
Silver ounces produced (000’s)
12
15
16
33
26
Gold ounces sold
18,207
19,950
29,446
23,371
18,896
Silver ounces sold (000’s)
16
11
18
31
26
Average realized price per gold
ounce
$1,882
$1,799
$1,789
$1,801
$1,791
Metal sales
$34.7
$36.2
$53.1
$42.9
$34.5
Costs applicable to sales2
$20.9
$22.4
$29.1
$23.4
$18.7
Adjusted CAS per AuOz1
$1,118
$1,104
$971
$963
$952
Exploration expense
$—
$(0.1)
$—
$0.1
$0.1
Cash flow from operating
activities
$5.5
$8.4
$24.9
$17.3
$7.8
Sustaining capital expenditures
(excludes capital lease payments)
$0.2
$3.0
$0.3
$0.3
$0.4
Development capital
expenditures
$1.2
$1.2
$0.7
$1.1
$1.1
Total capital expenditures
$1.4
$4.2
$1.0
$1.4
$1.5
Free cash flow1
$4.1
$4.2
$23.9
$15.9
$6.3
Operational
- Gold production in the first quarter totaled 17,766 ounces
compared to 19,818 ounces in the prior period and 19,035 ounces in
the first quarter of 2021, largely due to timing of ounces placed
on the leach pads
- Tons placed and average gold grade increased 5% and 14%
quarter-over-quarter, respectively. Higher placement rates reflect
favorable weather conditions and enhanced crusher performance
Financial
- Adjusted CAS1 on a by-product basis remained relatively
consistent quarter-over-quarter at $1,118 per ounce, largely driven
by increased consumable costs offset by fleet efficiency
improvements
- Capital expenditures in the first quarter totaled $1 million
compared to $4 million in the prior period, primarily related to
timing of capital projects
- Free cash flow1 remained relatively consistent
quarter-over-quarter at $4 million, reflecting a decrease in
capital expenditures offset by lower metal sales
Exploration
- Exploration investment remained relatively consistent
quarter-over-quarter at approximately $1 million (substantially all
capitalized)
- One reverse circulation rig was active during the quarter
focusing on infill targets at the Portland Ridge - Boston claim
group (located on the southern edge of the operation) and Flossie
(located west of Portland Ridge) areas
Guidance
- Full-year 2022 production is expected to be 70,000 - 80,000
ounces
- CAS1 in 2022 are expected to be $1,225 - $1,325 per gold
ounce
- Capital expenditures are expected to be $2 - $5 million
Exploration
Coeur had 17 active rigs across all sites during the first
quarter for a total investment of approximately $14 million ($5
million expensed and $8 million capitalized), compared to roughly
$18 million ($14 million expensed and $4 million capitalized) in
the prior period. The decrease in drilling activity was largely
driven by lower planned investment across the portfolio.
One reverse circulation and two core drill rigs were active at
the Crown exploration property in southern Nevada during the
quarter, primarily focused on the C-Horst, Daisy and SNA deposits.
Results from those targets were encouraging, supporting the
Company’s expectation for resource expansion based on step-out
drilling at all three sites.
Additionally, an amended permit to expand the C-Horst discovery
footprint is expected to be received around mid-year. Following
receipt, Coeur plans to begin testing multiple targets at the
Pipeline Gulch and Tates Wash areas (both located between C-Horst
and SNA) where surface geology, geochemistry and geophysics all
indicate gold mineralization could exist similar to C-Horst.
2022 Guidance
Production during the first quarter was in-line with Coeur’s
expectations, leading the Company to reaffirm 2022 guidance.
2022 Production Guidance
Gold
Silver
(oz)
(K oz)
Palmarejo
100,000 - 110,000
6,000 - 7,000
Rochester
35,000 - 43,000
3,000 - 4,000
Kensington
110,000 - 120,000
—
Wharf
70,000 - 80,000
—
Total
315,000 - 353,000
9,000 - 11,000
2022 Costs Applicable to Sales Guidance
Gold
Silver
($/oz)
($/oz)
Palmarejo (co-product)
$750 - $850
$13.50 - $14.50
Rochester (co-product)
$1,490 - $1,590
$20.75 - $22.75
Kensington
$1,150 - $1,250
—
Wharf (by-product)
$1,225 - $1,325
—
2022 Capital, Exploration and G&A Guidance
($M)
Capital Expenditures,
Sustaining
$115 - $140
Capital Expenditures,
Development
$205 - $250
Exploration, Expensed
$18 - $23
Exploration, Capitalized
$18 - $23
General & Administrative
Expenses
$42 - $46
Note: The Company’s guidance figures
assume estimated prices of $1,800/oz gold and $24.00/oz silver as
well as CAD of 1.25 and MXN of 20.00. Guidance figures exclude the
impact of any metal sales or foreign exchange hedges.
Financial Results and Conference Call
Coeur will host a conference call to discuss its first quarter
2022 financial results on May 5, 2022 at 11:00 a.m. Eastern
Time.
Dial-In Numbers:
(855) 560-2581 (U.S.)
(855) 669-9657 (Canada)
(412) 542-4166 (International)
Conference ID:
Coeur Mining
Hosting the call will be Mitchell J. Krebs, President and Chief
Executive Officer of Coeur, who will be joined by Thomas S. Whelan,
Senior Vice President and Chief Financial Officer, Michael “Mick”
Routledge, Senior Vice President and Chief Operating Officer, and
other members of management. A replay of the call will be available
through May 12, 2022.
Replay numbers:
(877) 344-7529 (U.S.)
(855) 669-9658 (Canada)
(412) 317-0088 (International)
Conference ID:
734 23 77
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 Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding cash flow, capital allocation and
investment, liquidity, exploration and development efforts and
plans, resource growth, expectations regarding the potential
expansion and restart at Silvertip, expectations, plans and timing
regarding the Rochester POA 11 expansion project, hedging
strategies, the impact of inflation, anticipated production, costs
and expenses and operations at Palmarejo, Rochester, Wharf and
Kensington. 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
anticipated production, cost and expense levels are not attained,
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 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 reports on Form 10-K and Form 10-Q. 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.
The scientific and technical information concerning our mineral
projects in this news release have been reviewed and approved by a
“qualified person” under S-K 1300, namely our Director, Technical
Services, Christopher Pascoe. For a description of the key
assumptions, parameters and methods used to estimate mineral
reserves and mineral resources included in this news release, as
well as data verification procedures and a general discussion of
the extent to which the estimates may be affected by any known
environmental, permitting, legal, title, taxation, sociopolitical,
marketing or other relevant factors, please review the Technical
Report Summaries for each of the Company’s material properties
which are available at www.sec.gov.
Non-U.S. GAAP Measures
We supplement the reporting of our financial information
determined under United States generally accepted accounting
principles (U.S. GAAP) with certain non-U.S. GAAP financial
measures, including 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) or pound (zinc or
lead). We believe that these adjusted measures provide meaningful
information to assist management, investors and analysts in
understanding our financial results and assessing our prospects for
future performance. We believe these adjusted financial measures
are important indicators of our recurring operations because they
exclude items that may not be indicative of, or are unrelated to
our core operating results, and provide a better baseline for
analyzing trends in our underlying businesses. We believe EBITDA,
adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted
net income (loss) and adjusted costs applicable to sales per ounce
(gold and silver) and pound (zinc and lead) are important measures
in assessing the Company’s overall financial performance. For
additional explanation regarding our use of non-U.S. GAAP financial
measures, please refer to our Form 10-K for the year ended December
31, 2021.
Notes
1. 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) or pound
(lead and zinc) 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. Please see table in Appendix for the calculation of
consolidated free cash flow.
2. Excludes amortization.
3. Includes capital leases. Net of debt
issuance costs and premium received.
4. As of March 31, 2022, Coeur had $30
million in outstanding letters of credit and $55 million in
borrowings under its RCF.
Average Spot Prices
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Average Gold Spot Price Per Ounce
$
1,877
$
1,795
$
1,781
$
1,816
$
1,794
Average Silver Spot Price Per Ounce
$
24.00
$
23.33
$
23.65
$
26.69
$
26.26
Average Zinc Spot Price Per Pound
$
1.70
$
1.52
$
1.37
$
1.32
$
1.25
Average Lead Spot Price Per Pound
$
1.05
$
1.05
$
1.06
$
0.97
$
0.91
COEUR MINING, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
March 31, 2022
December 31, 2021
ASSETS
In thousands, except share
data
CURRENT ASSETS
Cash and cash equivalents
$
73,330
$
56,664
Receivables
29,221
32,417
Inventory
52,944
51,281
Ore on leach pads
89,406
81,128
Prepaid expenses and other
14,340
13,847
Assets held for sale
—
54,240
259,241
289,577
NON-CURRENT ASSETS
Property, plant and equipment, net
337,455
319,967
Mining properties, net
913,138
852,799
Ore on leach pads
73,133
73,495
Restricted assets
9,254
9,138
Equity securities
161,894
132,197
Other
63,086
57,249
TOTAL ASSETS
$
1,817,201
$
1,734,422
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES
Accounts payable
$
103,266
$
103,901
Accrued liabilities and other
82,438
87,946
Debt
29,620
29,821
Reclamation
2,853
2,931
Liabilities held for sale
—
11,269
218,177
235,868
NON-CURRENT LIABILITIES
Debt
455,868
457,680
Reclamation
181,473
178,957
Deferred tax liabilities
24,647
21,969
Other long-term liabilities
37,062
39,686
699,050
698,292
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share;
authorized 300,000,000 shares, 280,834,764 issued and outstanding
at March 31, 2022 and 256,919,803 at December 31, 2021
2,808
2,569
Additional paid-in capital
3,834,896
3,738,347
Accumulated other comprehensive income
(loss)
(5,970
)
(1,212
)
Accumulated deficit
(2,931,760
)
(2,939,442
)
899,974
800,262
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
1,817,201
$
1,734,422
COEUR MINING, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended March
31,
2022
2021
Notes
In thousands, except share
data
Revenue
3
$
188,404
$
202,117
COSTS AND EXPENSES
Costs applicable to sales(1)
3
133,267
108,147
Amortization
26,433
29,937
General and administrative
10,272
11,554
Exploration
5,418
9,666
Pre-development, reclamation, and
other
14
11,412
13,712
Total costs and expenses
186,802
173,016
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment
8
—
(9,173
)
Fair value adjustments, net
12
10,605
(3,799
)
Interest expense, net of capitalized
interest
8
(4,568
)
(4,910
)
Other, net
14
1,737
3,627
Total other income (expense), net
7,774
(14,255
)
Income (loss) before income and mining
taxes
9,376
14,846
Income and mining tax (expense)
benefit
10
(1,694
)
(12,786
)
NET INCOME (LOSS)
$
7,682
$
2,060
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative
contracts designated as cash flow hedges
(5,218
)
27,357
Reclassification adjustments for realized
(gain) loss on cash flow hedges
460
(2,721
)
Other comprehensive income (loss)
(4,758
)
24,636
COMPREHENSIVE INCOME (LOSS)
$
2,924
$
26,696
NET INCOME (LOSS) PER SHARE
15
Basic income (loss) per share:
Basic
$
0.03
$
0.01
Diluted income (loss) per share:
Diluted
$
0.03
$
0.01
(1) Excludes amortization.
COEUR MINING, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March
31,
2022
2021
Notes
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
7,682
$
2,060
(Income) loss from discontinued
operations
—
—
Adjustments:
Amortization
26,433
29,937
Accretion
3,463
2,905
Deferred taxes
(8,262
)
124
Loss on debt extinguishment
8
—
9,173
Fair value adjustments, net
12
(13,744
)
3,799
Stock-based compensation
11
2,267
4,256
Write-downs
7,595
—
Deferred revenue recognition
17
(315
)
(8,346
)
Other
(1,340
)
(2,328
)
Changes in operating assets and
liabilities:
Receivables
9,100
999
Prepaid expenses and other current
assets
(509
)
(655
)
Inventory and ore on leach pads
(17,672
)
(17,486
)
Accounts payable and accrued
liabilities
(21,125
)
(28,797
)
CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
(6,427
)
(4,359
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(69,502
)
(59,424
)
Proceeds from the sale of assets
15,371
4,588
Sale of investments
—
935
Other
(11
)
(17
)
CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES
(54,142
)
(53,918
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
15
98,397
—
Issuance of notes and bank borrowings, net
of issuance costs
8
85,000
367,493
Payments on debt, finance leases, and
associated costs
7, 8
(103,267
)
(243,967
)
Other
(3,403
)
(3,925
)
CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES
76,727
119,601
Effect of exchange rate changes on cash
and cash equivalents
272
(51
)
INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH
16,430
61,273
Cash, cash equivalents and restricted cash
at beginning of period
58,289
94,170
Cash, cash equivalents and restricted cash
at end of period
$
74,719
$
155,443
Adjusted EBITDA
Reconciliation
(Dollars in thousands except per share
amounts)
LTM 1Q 2022
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Net income (loss)
$
(25,700
)
$
7,682
$
(10,760
)
$
(54,768
)
$
32,146
$
2,060
Interest expense, net of capitalized
interest
16,109
4,568
3,211
3,237
5,093
4,910
Income tax provision (benefit)
23,866
1,694
432
6,400
15,340
12,786
Amortization
124,811
26,433
35,443
30,962
31,973
29,937
EBITDA
139,086
40,377
28,326
(14,169
)
84,552
49,693
Fair value adjustments, net
(13,861
)
(10,605
)
7,543
26,440
(37,239
)
3,799
Foreign exchange (gain) loss
2,565
559
479
1,028
499
773
Asset retirement obligation accretion
12,546
3,463
3,091
3,027
2,965
2,905
Inventory adjustments and write-downs
10,144
8,592
8,109
5,790
267
572
(Gain) loss on sale of assets and
securities
(1,889
)
(1,831
)
471
92
(621
)
(4,053
)
Value-added tax write-off
25,982
—
—
25,982
—
—
Loss on debt extinguishment
—
—
—
—
—
9,173
COVID-19 costs
4,585
972
681
617
2,315
3,005
Adjusted EBITDA
$
179,158
$
41,527
$
48,700
$
48,807
$
52,738
$
65,867
Revenue
$
819,115
$
188,404
$
207,884
$
207,969
$
214,858
$
202,117
Adjusted EBITDA Margin
22
%
22
%
23
%
23
%
25
%
33
%
Adjusted Net Income (Loss)
Reconciliation
(Dollars in thousands except per share
amounts)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Net income (loss)
$
7,682
$
(10,760
)
$
(54,768
)
$
32,146
$
2,060
Fair value adjustments, net
(10,605
)
7,543
26,440
(37,239
)
3,799
Foreign exchange loss (gain)
990
146
388
1,503
(43
)
(Gain) loss on sale of assets and
securities
(1,831
)
471
92
(621
)
(4,053
)
Value-added tax write-off
—
—
25,982
—
—
Loss on debt extinguishment
—
—
—
—
9,173
COVID-19 costs
972
681
617
2,315
3,005
Tax effect of adjustments
(10,990
)
(9,696
)
(1,630
)
1,056
—
Adjusted net income (loss)
$
(13,782
)
$
(11,615
)
$
(2,879
)
$
(840
)
$
13,941
Adjusted net income (loss) per share -
Basic
$
(0.05
)
$
(0.05
)
$
(0.01
)
$
0.00
$
0.06
Adjusted net income (loss) per share -
Diluted
$
(0.05
)
$
(0.05
)
$
(0.01
)
$
0.00
$
0.06
Consolidated Free Cash Flow
Reconciliation
(Dollars in thousands)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Cash flow from operations
$
(6,427
)
$
34,936
$
21,846
$
58,059
$
(4,359
)
Capital expenditures
69,502
100,868
71,266
78,223
59,424
Free cash flow
$
(75,929
)
$
(65,932
)
$
(49,420
)
$
(20,164
)
$
(63,783
)
Consolidated Operating Cash
Flow
Before Changes in Working
Capital Reconciliation
(Dollars in thousands)
1Q 2022
4Q 2021
3Q 2021
2Q 2021
1Q 2021
Cash provided by (used in) operating
activities
$
(6,427
)
$
34,936
$
21,846
$
58,059
$
(4,359
)
Changes in operating assets and
liabilities:
Receivables
(9,100
)
1,999
944
(961
)
(999
)
Prepaid expenses and other
509
104
80
(1,328
)
655
Inventories
17,672
9,581
3,820
(3,259
)
17,486
Accounts payable and accrued
liabilities
21,125
(8,831
)
8,114
(21,069
)
28,797
Operating cash flow before changes in
working capital
$
23,779
$
37,789
$
34,804
$
31,442
$
41,580
Reconciliation of Costs
Applicable to Sales
for Three Months Ended March
31, 2022
In thousands (except metal sales, per
ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including
amortization (U.S. GAAP)
$
52,611
$
36,985
$
45,532
$
22,918
$
1,259
$
159,305
Amortization
(9,386
)
(4,710
)
(8,622
)
(2,061
)
(1,259
)
(26,038
)
Costs applicable to sales
$
43,225
$
32,275
$
36,910
$
20,857
$
—
$
133,267
Inventory Adjustments
(303
)
(8,001
)
92
(106
)
—
(8,318
)
By-product credit
—
—
(245
)
(392
)
—
(637
)
Adjusted costs applicable to
sales
$
42,922
$
24,274
$
36,757
$
20,359
$
—
$
124,312
Metal Sales
Gold ounces
28,242
5,928
22,834
18,207
75,211
Silver ounces
1,796,028
638,116
—
16,138
—
2,450,282
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
42
%
100
%
100
%
Silver
52
%
58
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to
sales
Gold ($/oz)
$
730
$
1,720
$
1,610
$
1,118
Silver ($/oz)
$
12.43
$
22.06
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs
Applicable to Sales
for Three Months Ended
December 31, 2021
In thousands (except metal sales, per
ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including
amortization (U.S. GAAP)
$
48,719
$
42,939
$
53,884
$
24,735
$
1,268
$
171,545
Amortization
(9,985
)
(5,433
)
(15,992
)
(2,411
)
(1,268
)
(35,089
)
Costs applicable to sales
$
38,734
$
37,506
$
37,892
$
22,324
$
—
$
136,456
Inventory Adjustments
(242
)
(7,483
)
(118
)
(53
)
—
(7,896
)
By-product credit
—
—
(123
)
(241
)
—
(364
)
Adjusted costs applicable to
sales
$
38,492
$
30,023
$
37,651
$
22,030
$
—
$
128,196
Metal Sales
Gold ounces
27,706
7,385
33,889
19,950
—
88,930
Silver ounces
1,813,884
800,195
—
2,614,079
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
47
%
42
%
100
%
100
%
Silver
53
%
58
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to
sales
Gold ($/oz)
$
653
$
1,707
$
1,111
$
1,104
Silver ($/oz)
$
11.25
$
21.76
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs
Applicable to Sales
for Three Months Ended
September 30, 2021
In thousands (except metal sales, per
ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including
amortization (U.S. GAAP)
$
47,763
$
36,340
$
47,362
$
32,237
$
1,258
$
164,960
Amortization
(8,747
)
(4,671
)
(12,786
)
(3,158
)
(1,258
)
(30,620
)
Costs applicable to sales
$
39,016
$
31,669
$
34,576
$
29,079
$
—
$
134,340
Inventory Adjustments
(57
)
(5,217
)
(186
)
(61
)
—
(5,521
)
By-product credit
—
—
—
(428
)
—
(428
)
Adjusted costs applicable to
sales
$
38,959
$
26,452
$
34,390
$
28,590
$
—
$
128,391
Metal Sales
Gold ounces
24,897
5,559
29,902
29,446
—
89,804
Silver ounces
1,714,617
758,214
—
18,172
—
2,491,003
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
45
%
35
%
100
%
100
%
Silver
55
%
65
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to
sales
Gold ($/oz)
$
704
$
1,665
$
1,150
$
971
Silver ($/oz)
$
12.50
$
22.68
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs
Applicable to Sales
for Three Months Ended June
30, 2021
In thousands (except metal sales, per
ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including
amortization (U.S. GAAP)
$
50,189
$
44,537
$
41,913
$
26,437
$
1,185
$
164,261
Amortization
(8,271
)
(6,506
)
(12,710
)
(2,994
)
(1,185
)
(31,666
)
Costs applicable to sales
$
41,918
$
38,031
$
29,203
$
23,443
$
—
$
132,595
Inventory Adjustments
155
(272
)
(57
)
(91
)
—
(265
)
By-product credit
—
—
—
(839
)
—
(839
)
Adjusted costs applicable to
sales
$
42,073
$
37,759
$
29,146
$
22,513
$
—
$
131,491
Metal Sales
Gold ounces
30,516
7,818
26,796
23,371
—
88,501
Silver ounces
1,639,620
911,861
—
31,421
—
2,582,902
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
37
%
100
%
100
%
Silver
52
%
63
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to
sales
Gold ($/oz)
$
662
$
1,787
$
1,088
$
963
Silver ($/oz)
$
13.34
$
26.09
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs
Applicable to Sales
for Three Months Ended March
31, 2021
In thousands (except metal sales, per
ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including
amortization (U.S. GAAP)
$
43,047
$
27,610
$
44,839
$
21,207
$
1,086
$
137,789
Amortization
(9,059
)
(3,577
)
(13,445
)
(2,475
)
(1,086
)
(29,642
)
Costs applicable to sales
$
33,988
$
24,033
$
31,394
$
18,732
$
—
$
108,147
Inventory Adjustments
(57
)
(313
)
(151
)
(52
)
—
(573
)
By-product credit
—
—
—
(700
)
—
(700
)
Adjusted costs applicable to
sales
$
33,931
$
23,720
$
31,243
$
17,980
$
—
$
106,874
Metal Sales
Gold ounces
25,687
6,934
31,595
18,896
83,112
Silver ounces
1,637,695
771,354
—
26,455
—
2,435,504
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
47
%
38
%
100
%
100
%
Silver
53
%
62
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to
sales
Gold ($/oz)
$
621
$
1,300
$
989
$
952
Silver ($/oz)
$
10.98
$
19.07
$
—
Zinc ($/lb)
$
—
Lead ($/lb)
$
—
Reconciliation of Costs
Applicable to Sales for 2022 Guidance
In thousands (except metal sales, per
ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Costs applicable to sales, including
amortization (U.S. GAAP)
$
211,800
$
148,540
$
185,494
$
106,175
Amortization
(34,183
)
(20,094
)
(48,763
)
(8,378
)
Costs applicable to sales
$
177,617
$
128,446
$
136,731
$
97,797
By-product credit
—
—
—
(1,802
)
Adjusted costs applicable to
sales
$
177,617
$
128,446
$
136,731
$
95,995
Metal Sales
Gold ounces
105,255
38,912
116,502
75,261
Silver ounces
6,501,289
3,405,155
75,093
Revenue Split
Gold
49
%
46
%
100
%
100
%
Silver
51
%
54
%
Adjusted costs applicable to
sales
Gold ($/oz)
$750 - $850
$1,490 - $1,590
$1,150 - $1,250
$1,225 - $1,325
Silver ($/oz)
$13.50 - $14.50
$20.75 - $22.75
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220504005365/en/
Coeur Mining, Inc. 104 S. Michigan Avenue, Suite 900 Chicago, IL
60603 Attention: Jeff Wilhoit, Director, Investor Relations Phone:
(312) 489-5800 www.coeur.com
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