Quarterly Report (10-q)

Date : 11/04/2019 @ 9:41PM
Source : Edgar (US Regulatory)
Stock : Coeur Mining Inc (CDE)
Quote : 3.39  -0.45 (-11.72%) @ 12:00AM
Coeur Mining share price Chart
After Hours
Last Trade
Last $ 3.45 ▲ 0.06 (1.77%)

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
FORM 10-Q
___________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 001-08641
____________________________________________ 
A021914COEURMININGRPMSHSMB31.JPG
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________
Delaware
 
82-0109423
                                              (State or other jurisdiction of
                                               incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
                                        104 S. Michigan Ave.
 
 
                                         Suite 900
Chicago,
Illinois
 
60603
                                                  (Address of principal executive offices)
 
(Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock (par value $.01 per share)
CDE
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The Company has 300,000,000 shares of common stock, par value of $0.01, authorized of which 240,523,288 shares were issued and outstanding as of November 1, 2019.



COEUR MINING, INC.
INDEX
 
Condensed Consolidated Balance Sheets
Page
Part I.
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
4
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
5
 
 
 
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
6
 
 
 
 
Condensed Consolidated Statement of Changes in Stockholders’ Equity
7
 
 
 
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
8
 
 
 
 
38
 
 
 
 
Consolidated Financial Results
40
 
 
 
 
Results of Operations
43
 
 
 
 
Liquidity and Capital Resources
47
 
 
 
 
Non-GAAP Financial Performance Measures
48
 
 
 
 
53
 
 
 
 
55
 
 
 
Part II.
55
 
 
 
 
55
 
 
 
 
Item 1A. Risk Factors
55
 
 
 
 
55
 
 
 
 
Item 5. Other Information
55
 
 
 
 
Item 6. Exhibits
56
 
 
 
Signatures
56



3


PART I
Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
September 30, 2019 (unaudited)
 
December 31, 2018
ASSETS
Notes
In thousands, except share data
CURRENT ASSETS
 
 
 
 
Cash and cash equivalents
 
$
65,319

 
$
115,081

Receivables
4
37,295

 
29,744

Inventory
5
57,478

 
66,279

Ore on leach pads
5
75,603

 
75,122

Prepaid expenses and other
 
16,659

 
11,393

 
 
252,354

 
297,619

NON-CURRENT ASSETS
 
 
 
 
Property, plant and equipment, net

308,774

 
298,451

Mining properties, net

928,078

 
971,567

Ore on leach pads
5
68,975

 
66,964

Restricted assets

8,248

 
12,133

Equity and debt securities
6
22,812

 
17,806

Receivables
4
27,580

 
31,151

Other
 
72,796

 
16,809

TOTAL ASSETS
 
$
1,689,617

 
$
1,712,500

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
Accounts payable
 
$
72,927

 
$
47,210

Accrued liabilities and other
19
117,606

 
82,619

Debt
8
21,939

 
24,937

Reclamation
9
6,552

 
6,552

 
 
219,024

 
161,318

NON-CURRENT LIABILITIES
 
 
 
 
Debt
8
276,781

 
433,889

Reclamation
9
135,101

 
128,994

Deferred tax liabilities
 
51,534

 
79,070

Other long-term liabilities
 
76,370

 
56,717

 
 
539,786

 
698,670

COMMITMENTS AND CONTINGENCIES
17
 
 
 
STOCKHOLDERS’ EQUITY
 
 
 
 
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 240,508,936 issued and outstanding at September 30, 2019 and 203,310,443 at December 31, 2018
 
2,405

 
2,033

Additional paid-in capital
 
3,590,056

 
3,443,082

Accumulated other comprehensive income (loss)
 
1,132

 
(59
)
Accumulated deficit
 
(2,662,786
)
 
(2,592,544
)
 
 
930,807

 
852,512

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
1,689,617

 
$
1,712,500


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
Notes
In thousands, except share data
Revenue
3
$
199,469

 
$
148,795

 
$
516,462

 
$
482,049

COSTS AND EXPENSES
 
 
 
 
 
 
 
 
Costs applicable to sales(1)
3
140,952

 
116,857

 
404,550

 
324,443

Amortization
 
45,678

 
31,184

 
130,758

 
91,420

General and administrative
 
9,635

 
7,729

 
26,859

 
24,183

Exploration
 
5,893

 
8,157

 
15,326

 
21,269

Pre-development, reclamation, and other
 
4,851

 
8,121

 
13,619

 
15,966

Total costs and expenses
 
207,009

 
172,048

 
591,112

 
477,281

OTHER INCOME (EXPENSE), NET
 
 
 
 
 
 
 
 
Loss on debt extinguishment
8
(1,282
)
 

 
(1,282
)
 

Fair value adjustments, net
12
4,377

 
715

 
8,201

 
2,907

Interest expense, net of capitalized interest
8
(5,980
)
 
(5,818
)
 
(19,259
)
 
(17,801
)
Other, net
14
(3,634
)
 
(20,903
)
 
(2,931
)
 
(19,846
)
Total other income (expense), net
 
(6,519
)
 
(26,006
)
 
(15,271
)
 
(34,740
)
Income (loss) before income and mining taxes
 
(14,059
)
 
(49,259
)
 
(89,921
)
 
(29,972
)
Income and mining tax (expense) benefit
10
(218
)
 
(3,785
)
 
13,986

 
(19,451
)
Income (loss) from continuing operations
 
$
(14,277
)
 
$
(53,044
)
 
$
(75,935
)
 
$
(49,423
)
Income (loss) from discontinued operations
18

 

 
5,693

 
550

NET INCOME (LOSS)
 
$
(14,277
)
 
$
(53,044
)
 
$
(70,242
)
 
$
(48,873
)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
 
 
 
 
 
 
 
 
Unrealized gain (loss) on hedges, net of tax of $365 for the three and nine months ended September 30, 2019
 
1,132

 

 
1,132

 

Unrealized gain (loss) on debt and equity securities
 

 
192

 
59

 
(173
)
Other comprehensive income (loss)
 
1,132

 
192

 
1,191

 
(173
)
COMPREHENSIVE INCOME (LOSS)
 
$
(13,145
)
 
$
(52,852
)
 
$
(69,051
)
 
$
(49,046
)
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) PER SHARE
15
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
(0.06
)
 
$
(0.29
)
 
$
(0.36
)
 
$
(0.27
)
Net income (loss) from discontinued operations
 

 

 
0.03

 

Basic(2)
 
$
(0.06
)
 
$
(0.29
)
 
$
(0.33
)
 
$
(0.26
)
Diluted income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
(0.06
)
 
$
(0.29
)
 
$
(0.36
)
 
$
(0.27
)
Net income (loss) from discontinued operations
 

 

 
0.03

 

Diluted(2)
 
$
(0.06
)
 
$
(0.29
)
 
$
(0.33
)
 
$
(0.26
)
(1) Excludes amortization.
(2) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
Notes
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(14,277
)
 
$
(53,044
)
 
$
(70,242
)
 
$
(48,873
)
(Income) loss from discontinued operations
 

 

 
(5,693
)
 
(550
)
Adjustments:
 
 
 
 
 
 
 
 
Amortization
 
45,678

 
31,184

 
130,758

 
91,420

Accretion
 
3,073

 
3,117

 
9,023

 
10,321

Deferred taxes
 
(10,545
)
 
(3,276
)
 
(27,962
)
 
(4,087
)
Loss on debt extinguishment
8
1,282

 

 
1,282

 

Fair value adjustments, net
12
(4,377
)
 
(715
)
 
(8,201
)
 
(2,907
)
Stock-based compensation
11
2,432

 
1,942

 
6,642

 
6,578

Inventory write-downs
5
13,966

 
30,787

 
41,285

 
30,787

Deferred revenue recognition
17
(15,250
)
 
(582
)
 
(16,008
)
 
(1,666
)
Other
 
8,994

 
3,520

 
15,733

 
6,846

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Receivables
 
(3,350
)
 
(5,930
)
 
(20,709
)
 
(16,509
)
Prepaid expenses and other current assets
 
1,375

 
1,377

 
(2,143
)
 
3,868

Inventory and ore on leach pads
 
(9,389
)
 
(8,156
)
 
(42,601
)
 
(19,630
)
Accounts payable and accrued liabilities
 
22,384

 
5,565

 
41,421

 
(35,562
)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF CONTINUING OPERATIONS
 
41,996

 
5,789


52,585

 
20,036

CASH USED IN OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS
 

 

 

 
(2,690
)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
 
41,996

 
5,789

 
52,585

 
17,346

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
Capital expenditures
 
(30,678
)
 
(39,472
)
 
(78,865
)
 
(122,982
)
Proceeds from the sale of assets
 
26

 
393

 
930

 
549

Purchase of investments
 

 
(15
)
 

 
(415
)
Sale of investments
 
1,007

 
(78
)
 
2,109

 
12,682

Proceeds from notes receivable
 

 
15,000

 
7,168

 
15,000

Other
 
(57
)
 
64

 
1,961

 
(34
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS
 
(29,702
)
 
(24,108
)
 
(66,697
)
 
(95,200
)
CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS
 

 

 

 
(28,470
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
 
(29,702
)
 
(24,108
)
 
(66,697
)
 
(123,670
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
Issuance of common stock
15
73,781

 

 
122,668

 

Issuance of notes and bank borrowings, net of issuance costs
8
30,000

 
25,000

 
45,000

 
40,000

Payments on debt, finance leases, and associated costs
8
(87,778
)
 
(25,533
)
 
(201,051
)
 
(48,355
)
Other
 
301

 
(77
)
 
(2,958
)
 
(4,916
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS
 
16,304

 
(610
)

(36,341
)
 
(13,271
)
CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS
 

 

 

 
(22
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
 
16,304

 
(610
)
 
(36,341
)
 
(13,293
)
Effect of exchange rate changes on cash and cash equivalents
 
(192
)
 
183

 
65

 
565

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 
28,406

 
(18,746
)

(50,388
)
 
(119,052
)
Less net cash used in discontinued operations(1)
 

 

 

 
(32,930
)
 
 
28,406

 
(18,746
)
 
(50,388
)
 
(86,122
)
Cash, cash equivalents and restricted cash at beginning of period
 
39,275

 
136,026

 
118,069

 
203,402

Cash, cash equivalents and restricted cash at end of period
 
$
67,681

 
$
117,280


$
67,681

 
$
117,280

(1) Less net cash used in discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $1,748, during the nine months ended September 30, 2018.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

The following table summarizes the changes in stockholders’ deficit for the nine months ended September 30, 2019:
In thousands
Common
Stock
Shares
 
Common
Stock Par
Value
 
Additional
Paid-In Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balances at December 31, 2018
203,310

 
$
2,033

 
$
3,443,082

 
$
(2,592,544
)
 
$
(59
)
 
852,512

Net income (loss)

 

 

 
(19,201
)
 

 
(19,201
)
Other comprehensive income (loss)

 

 

 

 
59

 
59

Common stock issued under stock-based compensation plans, net
1,801

 
18

 
(1,053
)
 

 

 
(1,035
)
Balances at March 31, 2019 (Unaudited)
205,111

 
$
2,051

 
$
3,442,029

 
$
(2,611,745
)
 
$

 
$
832,335

Net income (loss)

 

 

 
(36,764
)
 

 
(36,764
)
Common stock issued under "at the market" stock offering
16,631

 
166

 
48,721

 

 

 
48,887

Common stock issued under stock-based compensation plans, net
117

 
2

 
1,986

 

 

 
1,988

Balances at June 30, 2019 (Unaudited)
221,859

 
$
2,219

 
$
3,492,736

 
$
(2,648,509
)
 
$

 
$
846,446

Net income (loss)

 

 

 
(14,277
)
 

 
(14,277
)
Other comprehensive income (loss)

 

 

 

 
1,132

 
1,132

Common stock issued for the extinguishment of Senior Notes
4,452

 
44

 
21,246

 

 

 
21,290

Common stock issued under "at the market" stock offering
14,220

 
142

 
73,639

 

 

 
73,781

Common stock issued under stock-based compensation plans, net
(22
)
 

 
2,435

 

 

 
2,435

Balances at September 30, 2019 (Unaudited)
240,509

 
$
2,405

 
$
3,590,056

 
$
(2,662,786
)
 
$
1,132

 
$
930,807


The following table summarizes the changes in stockholders’ deficit for the nine months ended September 30, 2018:
In thousands
Common
Stock
Shares
 
Common
Stock Par
Value
 
Additional
Paid-In Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balances at December 31, 2017
185,638

 
$
1,856

 
$
3,357,345

 
$
(2,546,743
)
 
$
2,519

 
814,977

Net income (loss)

 

 

 
1,241

 

 
1,241

Reclassification of unrealized gain (loss) on equity securities for ASU 2016-01


 

 

 
2,604

 
(2,604
)
 

Other comprehensive income (loss)

 

 

 

 
(278
)
 
(278
)
Common stock issued under stock-based compensation plans, net
538

 
6

 
(1,635
)
 

 

 
(1,629
)
Balances at March 31, 2018 (Unaudited)
186,176


$
1,862


$
3,355,710


$
(2,542,898
)

$
(363
)

$
814,311

Net income (loss)

 
$

 
$

 
$
2,930

 
$

 
2,930

Other comprehensive income (loss)

 

 

 

 
(87
)
 
(87
)
Common stock issued under stock-based compensation plans, net
898

 
9

 
1,608

 

 

 
1,617

Balances at June 30, 2018 (Unaudited)
187,074


$
1,871


$
3,357,318


$
(2,539,968
)

$
(450
)

$
818,771

Net income (loss)

 
$

 
$

 
$
(53,044
)
 
$

 
(53,044
)
Other comprehensive income (loss)

 

 

 

 
192

 
192

Common stock issued under stock-based compensation plans, net
(47
)
 
(1
)
 
1,865

 

 

 
1,864

Balances at September 30, 2018 (Unaudited)
187,027

 
$
1,870

 
$
3,359,183

 
$
(2,593,012
)
 
$
(258
)
 
$
767,783

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2019. The condensed consolidated December 31, 2018 balance sheet data were derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2018 10-K.
Leases
On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below.
From time to time, the Company enters into contractual agreements to lease mining equipment and facilities. Based upon the Company’s assessment of the terms of a specific lease agreement, the Company will classify a lease as either finance or operating. Right-of-use (“ROU”) assets and lease liabilities related to finance leases are presented in Property, plant and equipment, net and Debt on the Condensed Consolidated Balance Sheet. ROU assets and lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in Other asset, non-current, Accrued liabilities and other, and Other long-term liabilities on the Condensed Consolidated Balance Sheet.    
Operating and finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments, is the rate implicit in the lease unless that rate cannot be readily determined, in that case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expenses as incurred and are not included in determining the present value.
Accounting Standards Recently Implemented
In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes became effective for the Company’s fiscal year beginning January 1, 2019 and the Company adopted it using the cumulative-effect adjustment transition method approved by the FASB in July 2018, which does not require the Company to recast the comparative periods presented when transitioning to the new guidance on January 1, 2019. The Company elected to utilize the transition related practical expedients permitted by the new standard. In addition to existing finance leases and other financing obligations, the adoption of the new standard resulted in the recognition of additional ROU assets and lease liabilities related to operating leases of approximately $65.0 million. There was no material impact to the Consolidated Statements of Comprehensive Income (Loss) or the Consolidated Statements of Cash Flows or an impact on the Company’s debt covenant calculations as a result of the adoption of ASU 2016-02. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to leasing arrangements.
Accounting Standards Recently Issued
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The guidance is effective for interim and annual periods for the Company beginning January 1, 2020, with early adoption permitted. The Company is currently evaluating

8

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

the impact of the new standard, but it does not expect this update to have a material impact to the Company's consolidated net income, financial position or cash flows.
    
NOTE 3 – SEGMENT REPORTING
The Company’s operating segments include the Palmarejo complex, and the Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling and Crown projects and La Preciosa project other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
Financial information relating to the Company’s segments is as follows (in thousands):
Three months ended September 30, 2019
Palmarejo
 
Rochester
 
Kensington
 
Wharf
 
Silvertip
 
Other
 
Total
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold sales
$
41,547

 
$
11,290

 
$
52,636

 
$
36,398

 
$

 
$

 
$
141,871

Silver sales
29,790

 
16,191

 

 
293

 
5,307

 

 
51,581

Zinc sales

 

 

 

 
2,046

 

 
2,046

Lead sales

 

 

 

 
3,971

 

 
3,971

Metal sales
71,337

 
27,481

 
52,636

 
36,691

 
11,324

 

 
199,469

Costs and Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs applicable to sales(1)
37,397

 
27,749

 
29,533

 
22,084

 
24,189

 

 
140,952

Amortization
15,840

 
4,250

 
13,552

 
3,301

 
8,268

 
467

 
45,678

Exploration
1,608

 
145

 
1,465

 
102

 
828

 
1,745

 
5,893

Other operating expenses
1,327

 
1,210

 
281

 
698

 
254

 
10,716

 
14,486

Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on debt extinguishment

 

 

 

 

 
(1,282
)
 
(1,282
)
Fair value adjustments, net

 

 

 

 

 
4,377

 
4,377

Interest expense, net
(74
)
 
(287
)
 
(453
)
 
(26
)
 
(410
)
 
(4,730
)
 
(5,980
)
Other, net
(2,535
)
 
(368
)
 
(99
)
 
(151
)
 
(190
)
 
(291
)
 
(3,634
)
Income and mining tax (expense) benefit
(1,630
)
 
(2,067
)
 

 
(1,672
)
 
916

 
4,235

 
(218
)
Income (loss) from continuing operations
$
10,926

 
$
(8,595
)
 
$
7,253

 
$
8,657

 
$
(21,899
)
 
$
(10,619
)
 
$
(14,277
)
Income (loss) from discontinued operations
$

 
$

 
$

 
$

 
$

 
$

 
$

Segment assets(2)
$
342,274

 
$
283,229

 
$
204,926

 
$
99,600

 
$
417,678

 
$
172,735

 
$
1,520,442

Capital expenditures
$
7,818

 
$
10,248

 
$
4,944

 
$
759

 
$
6,359

 
$
550

 
$
30,678

(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests



9

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Three months ended September 30, 2018
Palmarejo
 
Rochester
 
Kensington
 
Wharf
 
Silvertip
 
Other
 
Total
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold sales
$
32,268

 
$
17,171

 
$
29,771

 
$
23,816

 
$

 
$

 
$
103,026

Silver sales
23,188

 
18,353

 

 
177

 
1,330

 

 
43,048

Zinc sales

 

 

 

 
1,673

 

 
1,673

Lead sales

 

 

 

 
1,048

 

 
1,048

Metal sales
$
55,456

 
$
35,524

 
$
29,771

 
$
23,993

 
$
4,051

 
$

 
$
148,795

Costs and Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs applicable to sales(1)
31,554

 
27,548

 
28,241

 
17,979

 
11,535

 

 
116,857

Amortization
14,794

 
5,294

 
6,912

 
2,878

 
1,073

 
233

 
31,184

Exploration
3,195

 
51

 
1,640

 
63

 
2,333

 
875

 
8,157

Other operating expenses
771

 
4,362

 
333

 
699

 
148

 
9,537

 
15,850

Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value adjustments, net

 

 

 

 

 
715

 
715

Interest expense, net
(842
)
 
(115
)
 
(248
)
 
(9
)
 
166

 
(4,770
)
 
(5,818
)
Other, net
(1,010
)
 
278

 
(34
)
 
(422
)
 
(447
)
 
(19,268
)
 
(20,903
)
Income and mining tax (expense) benefit
(6,461
)
 
(83
)
 

 
(334
)
 
4,320

 
(1,227
)
 
(3,785
)
Income (loss) from continuing operations
$
(3,171
)
 
$
(1,651
)
 
$
(7,637
)
 
$
1,609

 
$
(6,999
)
 
$
(35,195
)
 
$
(53,044
)
Income (loss) from discontinued operations
$

 
$

 
$

 
$

 
$

 
$

 
$

Segment assets(2)
$
368,257

 
$
252,291

 
$
225,161

 
$
98,978

 
405,334

 
$
79,079

 
$
1,429,100

Capital expenditures
$
4,686

 
$
3,582

 
$
11,960

 
$
1,176

 
17,949

 
$
119

 
$
39,472

(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
Nine months ended September 30, 2019
Palmarejo
 
Rochester
 
Kensington
 
Wharf
 
Silvertip
 
Other
 
Total
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold sales
$
107,063

 
$
33,538

 
$
138,083

 
$
80,277

 
$

 
$

 
$
358,961

Silver sales
76,821

 
45,765

 

 
699

 
13,373

 

 
136,658

Zinc sales

 

 

 

 
10,284

 

 
10,284

Lead sales

 

 

 

 
10,559

 

 
10,559

Metal sales
183,884

 
79,303

 
138,083

 
80,976

 
34,216

 

 
516,462

Costs and Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs applicable to sales(1)
107,137

 
74,896

 
90,841

 
54,942

 
76,734

 

 
404,550

Amortization
44,580

 
12,250

 
37,816

 
8,207

 
26,572

 
1,333

 
130,758

Exploration
3,758

 
331

 
3,970

 
102

 
1,559

 
5,606

 
15,326

Other operating expenses
3,798

 
3,518

 
962

 
2,115

 
881

 
29,204

 
40,478

Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on debt extinguishment

 

 

 

 

 
(1,282
)
 
(1,282
)
Fair value adjustments, net

 

 

 

 

 
8,201

 
8,201

Interest expense, net
(322
)
 
(599
)
 
(992
)
 
(75
)
 
(997
)
 
(16,274
)
 
(19,259
)
Other, net
(4,149
)
 
(352
)
 
(102
)
 
174

 
(411
)
 
1,909

 
(2,931
)
Income and mining tax (expense) benefit
(684
)
 
(2,737
)
 

 
(2,149
)
 
18,256

 
1,300

 
13,986

Income (loss) from continuing operations
$
19,456


$
(15,380
)
 
$
3,400


$
13,560


$
(54,682
)
 
$
(42,289
)

$
(75,935
)
Income (loss) from discontinued operations
$

 
$

 
$

 
$

 
$

 
$
5,693

 
$
5,693

Segment assets(2)
$
342,274

 
$
283,229

 
$
204,926

 
$
99,600

 
$
417,678

 
$
172,735

 
$
1,520,442

Capital expenditures
$
24,060

 
$
17,665

 
$
19,175

 
$
1,361

 
$
15,456

 
$
1,148

 
$
78,865


(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests



10

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Nine months ended September 30, 2018
Palmarejo
 
Rochester
 
Kensington
 
Wharf
 
Silvertip
 
Other
 
Total
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold sales
$
104,595

 
$
47,626

 
$
101,806

 
$
76,686

 

 
$

 
$
330,713

Silver sales
91,642

 
55,063

 

 
580

 
1,330

 

 
148,615

Zinc sales

 

 

 

 
1,673

 

 
1,673

Lead sales

 

 

 

 
1,048

 

 
1,048

Metal sales
196,237

 
102,689

 
101,806

 
77,266

 
4,051

 

 
482,049

Costs and Expenses
 
 
 
 
 
 
 
 
 
 


 
 
Costs applicable to sales(1)
92,960

 
76,304

 
91,098

 
52,546

 
11,535

 

 
324,443

Amortization
45,752

 
14,918

 
20,070

 
8,888

 
1,073

 
719

 
91,420

Exploration
10,363

 
296

 
4,625

 
73

 
2,439

 
3,473

 
21,269

Other operating expenses
2,252

 
6,149

 
981

 
2,052

 
173

 
28,542

 
40,149

Other income (expense)
 
 
 
 
 
 
 
 
 
 


 
 
Fair value adjustments, net

 

 



 

 
2,907

 
2,907

Interest expense, net
(1,108
)

(338
)
 
(722
)

(32
)
 
(490
)
 
(15,111
)
 
(17,801
)
Other, net
(2,399
)

704

 
(104
)

(379
)
 
(25
)
 
(17,643
)
 
(19,846
)
Income and mining tax (expense) benefit
(22,550
)

(917
)
 


(2,009
)
 
6,098

 
(73
)
 
(19,451
)
Income (loss) from continuing operations
$
18,853


$
4,471


$
(15,794
)

$
11,287


$
(5,586
)
 
$
(62,654
)
 
$
(49,423
)
Income (loss) from discontinued operations
$