(d) | Exhibits: |
Exhibit Number | Description of Exhibit | |
99.1 | Press Release issued by the Company on May 7, 2012. |
Coeur d’Alene Mines Corporation | ||||
Date: May 7, 2012 | By: | /s/ Frank L. Hanagarne Jr. | ||
Name: | Frank L. Hanagarne Jr. | |||
Title: | Senior Vice President and Chief Financial Officer |
Exhibit Number | Description of Exhibit | |
99.1 | Press Release issued by the Company on May 7, 2012. |
• | Net metal sales totaled $204.6 million, 3% higher than the first quarter of 2011. |
• | Silver production totaled 4.9 million ounces, 19% higher than last year's first quarter, and gold production totaled 43,901 ounces. |
• | Cash operating costs1 decreased 25% to $6.29 per silver ounce. |
• | Silver and gold sales totaled 4.3 million ounces and 38,884 ounces, respectively. |
• | Operating cash flow1 increased 4% to $93.8 million.2 |
• | General and administrative expenses decreased 38%. |
• | Adjusted earnings1 totaled $41.5 million, or $0.46 per share, an 11% increase over the first quarter of 2011.3 |
• | Average realized prices were $32.61 per ounce for silver and $1,702 per ounce for gold, 4% and 24% higher, respectively, than the first quarter of 2011. |
• | Cash, cash equivalents, and short-term investments totaled $153.2 million4 as of March 31. |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
2. | Net cash provided by operating activities for the first quarter was $17.0 million compared with $35.8 million for the same time period in 2011. This decrease is primarily the result of a significant tax payment in Bolivia and an increase in inventory due to timing differences between ounces produced and ounces sold. |
3. | The Company's U.S. GAAP earnings were negatively impacted by a $23.1 million fair value adjustment, which resulted in net income of $4.0 million, or $0.04 per share, for the first quarter of 2012 compared to net income of $12.5 million, or $0.14 per share, in the first quarter of 2011. |
4. | Excludes marketable securities of $20.3 million. |
US$ in millions (except price of silver and gold) | 1Q 2012 | 1Q 2011 | Quarter Variance | |||||||
Sales of Metal | $ | 204.6 | $ | 199.6 | 3 | % | ||||
Production Costs | $ | 92.6 | $ | 92.5 | — | % | ||||
EBITDA (1) | $ | 96.8 | $ | 88.6 | 9 | % | ||||
Adjusted Earnings (1) | $ | 41.5 | $ | 37.5 | 11 | % | ||||
Adjusted Earnings Per Share(1) | $ | 0.46 | $ | 0.42 | 10 | % | ||||
Net Income | $ | 4.0 | $ | 12.5 | (68 | )% | ||||
EPS | $ | 0.04 | $ | 0.14 | (71 | )% | ||||
Operating Cash Flow (1) | $ | 93.8 | $ | 90.1 | 4 | % | ||||
Capital Expenditures | $ | 31.6 | $ | 15.9 | 99 | % | ||||
Cash and Equivalents | $ | 151.9 | $ | 64.4 | 136 | % | ||||
Total Debt (1) | $ | 122.0 | $ | 168.0 | (27 | )% | ||||
Weighted Average Shares Issued & Outstanding | 89.6 | 89.3 | — | % | ||||||
Avg. Realized Price - Silver | $ | 32.61 | $ | 31.27 | 4 | % | ||||
Avg. Realized Price - Gold | $ | 1,702 | $ | 1,374 | 24 | % |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
(silver ounces in thousands) | 1Q 2012 | 1Q 2011 | Quarter Variance | |||||||||
Silver | Gold | Silver | Gold | Silver | Gold | |||||||
Palmarejo | 2,483 | 31,081 | 1,730 | 27,759 | 44 | % | 12 | % | ||||
San Bartolomé | 1,591 | — | 1,711 | — | (7 | )% | n.a. | |||||
Rochester | 441 | 5,292 | 334 | 1,451 | 32 | % | 265 | % | ||||
Martha | 123 | 84 | 180 | 244 | (32 | )% | (66 | )% | ||||
Kensington | — | 7,444 | — | 23,676 | n.a. | (69 | )% | |||||
Endeavor | 248 | — | 149 | — | 66 | % | n.a. | |||||
Total | 4,886 | 43,901 | 4,104 | 53,130 | 19 | % | (17 | )% |
1Q 2012 | 1Q 2011 | Quarter Variance | |||||||||
Palmarejo | $ | (2.27 | ) | $ | 4.80 | (147 | )% | ||||
San Bartolomé | $ | 10.21 | $ | 9.13 | 12 | % | |||||
Rochester | $ | 23.35 | $ | 10.28 | 127 | % | |||||
Martha | $ | 46.48 | $ | 24.44 | 90 | % | |||||
Endeavor | $ | 16.64 | $ | 17.15 | (3 | )% | |||||
Total | $ | 6.29 | $ | 8.36 | (25 | )% | |||||
Kensington | $ | 2,709 | $ | 989 | 174 | % |
• | First quarter silver production increased 44% to 2.5 million ounces compared to the first quarter of 2011. Over the same period, gold production increased 12% to 31,081 ounces. |
• | Significantly higher tons milled and higher recovery rates, especially for silver, led to higher production levels and lower cash operating1 costs per ounce. |
• | First quarter cash operating costs1 per silver ounce were sharply lower at $(2.27) compared to $4.80 a year ago. |
• | Palmarejo is the Company's largest contributor of sales and operating cash flow1, reaching $123.7 million and $79.1 million respectively, in the first quarter. Capital expenditures were $7.2 million. |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
• | As anticipated, silver production decreased 7% to 1.6 million ounces due to mining lower grade ore, partially offset by a higher recovery rate, compared to a year ago. |
• | Cash operating costs1 increased 12% compared to last year's first quarter to $10.21 per silver ounce. |
• | San Bartolomé contributed $41.4 million in sales and $20.8 million in operating cash flow1 in the first quarter. Capital expenditures were $10.2 million. |
• | The Company announced on April 26, 2012 that Kensington is resuming full production ahead of schedule after completing several critical projects, including an underground paste backfill plant, which is currently being commissioned, upgrading the mine's electrical infrastructure, and construction of several new surface facilities. Underground development and infill drilling are advancing ahead of schedule. |
• | Due to the planned temporary reduction in production that began in December 2011, Kensington produced 7,444 ounces of gold at cash operating costs1 of $2,709 per ounce during the first quarter. |
• | The Company's production guidance for 2012 remains unchanged at 82,600 - 86,500 ounces of gold. Approximately two-thirds of Kensington's gold production is expected in the second half of 2012. |
• | The mine contributed $10.4 million in sales while operating cash flow1 was $(7.8) million in the first quarter of 2012. Capital expenditures were $10.9 million. |
• | Silver production increased 32% in the first quarter to 0.4 million ounces and gold production increased 265% to 5,292 ounces due to initial production from the new leach pad that was constructed in 2011. |
• | Cash operating costs1 were $23.35 per ounce during the first quarter and are expected to decrease steadily as production increases during the remainder of 2012. |
• | The mine contributed $18.8 million in sales and $7.2 million in operating cash flow1 in the first quarter. Capital expenditures were $2.6 million. |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
(silver ounces in thousands) | Country | Silver | Gold |
Palmarejo | Mexico | 8,500-9,000 | 98,000-108,000 |
San Bartolomé | Bolivia | 6,300-6,700 | — |
Rochester | Nevada, USA | 2,600-2,900 | 30,000-35,000 |
Martha | Argentina | 700-900 | 400-500 |
Endeavor | Australia | 400-500 | — |
Kensington | Alaska, USA | — | 82,600-86,500 |
Total | 18,500-20,000 | 210,000-230,000 |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
1. | EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. |
Three months ended March 31, | |||||||
2,012,000 | 2,011,000 | ||||||
Silver Operations: | |||||||
Palmarejo | |||||||
Tons milled | 528,543 | 398,740 | |||||
Ore grade/Ag oz | 6.12 | 5.97 | |||||
Ore grade/Au oz | 0.06 | 0.08 | |||||
Recovery/Ag oz | 76.8 | % | 72.7 | % | |||
Recovery/Au oz | 93.3 | % | 87.4 | % | |||
Silver production ounces | 2,482,814 | 1,729,766 | |||||
Gold production ounces | 31,081 | 27,759 | |||||
Cash operating cost/oz | $ | (2.27 | ) | $ | 4.80 | ||
Cash cost/oz | $ | (2.27 | ) | $ | 4.80 | ||
Total production cost/oz | $ | 13.04 | $ | 24.40 | |||
San Bartolomé | |||||||
Tons milled | 378,104 | 387,668 | |||||
Ore grade/Ag oz | 4.62 | 5.60 | |||||
Recovery/Ag oz | 91.2 | % | 88.6 | % | |||
Silver production ounces | 1,591,292 | 1,710,948 | |||||
Cash operating cost/oz | $ | 10.21 | $ | 9.13 | |||
Cash cost/oz | $ | 11.49 | $ | 10.47 | |||
Total production cost/oz | $ | 14.02 | $ | 13.37 | |||
Martha | |||||||
Tons milled | 34,069 | 17,818 | |||||
Ore grade/Ag oz | 4.43 | 12.06 | |||||
Ore grade/Au oz | — | 0.02 | |||||
Recovery/Ag oz | 81.4 | % | 83.7 | % | |||
Recovery/Au oz | 64.6 | % | 75.3 | % | |||
Silver production ounces | 122,793 | 179,985 | |||||
Gold production ounces | 84 | 244 | |||||
Cash operating cost/oz | $ | 46.48 | $ | 24.44 | |||
Cash cost/oz | $ | 47.15 | $ | 25.46 | |||
Total production cost/oz | $ | 51.85 | $ | 29.28 | |||
Rochester (A) | |||||||
Tons milled | 2,009,518 | — | |||||
Ore grade/Ag oz | 0.55 | — | |||||
Ore grade/Au oz | 0.004 | — | |||||
Recovery/Ag oz | 40.2 | % | — | ||||
Recovery/Au oz | 62.1 | % | — | ||||
Silver production ounces | 441,337 | 333,696 | |||||
Gold production ounces | 5,292 | 1,451 | |||||
Cash operating cost/oz | $ | 23.35 | $ | 10.28 | |||
Cash cost/oz | $ | 24.75 | $ | 11.86 | |||
Total production cost/oz | $ | 28.67 | $ | 13.53 |
Three months ended March 31, | |||||||
2,012,000 | 2,011,000 | ||||||
Endeavor | |||||||
Tons milled | 195,846 | 167,287 | |||||
Ore grade/Ag oz | 3.35 | 2.00 | |||||
Recovery/Ag oz | 37.8 | % | 44.5 | % | |||
Silver production ounces | 247,958 | 149,182 | |||||
Cash operating cost/oz | $ | 16.64 | $ | 17.15 | |||
Cash cost/oz | $ | 16.64 | $ | 17.15 | |||
Total production cost/oz | $ | 23.27 | $ | 21.30 | |||
Gold Operation: | |||||||
Kensington(B) | |||||||
Tons milled | 43,936 | 105,820 | |||||
Ore grade/Au oz | 0.18 | 0.24 | |||||
Recovery/Au oz | 93.4 | % | 92.4 | % | |||
Gold production ounces | 7,444 | 23,676 | |||||
Cash operating cost/oz | $ | 2,709 | $ | 989 | |||
Cash cost/oz | $ | 2,709 | $ | 989 | |||
Total production cost/oz | $ | 3,598 | $ | 1,384 | |||
CONSOLIDATED PRODUCTION TOTALS (B) | |||||||
Total silver ounces | 4,886,194 | 4,103,577 | |||||
Total gold ounces | 43,901 | 53,130 | |||||
Silver Operations:(C) | |||||||
Cash operating cost per oz - silver | $ | 6.29 | $ | 8.36 | |||
Cash cost per oz - silver | $ | 6.85 | $ | 9.10 | |||
Total production cost oz - silver | $ | 16.26 | $ | 19.02 | |||
Gold Operation:(D) | |||||||
Cash operating cost per oz - gold | $ | 2,709 | $ | 989 | |||
Cash cost per oz - gold | $ | 2,709 | $ | 989 | |||
Total production cost per oz - gold | $ | 3,598 | $ | 1,384 | |||
CONSOLIDATED SALES TOTALS (E) | |||||||
Silver ounces sold | 4,290,049 | 3,659,154 | |||||
Gold ounces sold | 38,884 | 65,948 | |||||
Realized price per silver ounce | $ | 32.61 | $ | 31.27 | |||
Realized price per gold ounce | $ | 1,702 | $ | 1,374 |
(A) | The Rochester mine recommenced production in the fourth quarter of 2011. The leach cycle at Rochester requires five to ten years to recover gold and silver contained in the ore. The Company estimates the ultimate recovery to be approximately 61% for silver and 92% for gold. However, ultimate recoveries will not be known until leaching operations cease, which is currently estimated for 2017. Current recovery may vary significantly from ultimate recovery. See Critical Accounting Policies and Estimates – Ore on Leach Pad in the Company’s Form 10-K for the year ended December 31, 2011. |
(B) | Current production ounces and recoveries reflect final metal settlements of previously reported production ounces. |
(C) | Amount includes by-product gold credits deducted in computing cash costs per ounce. |
(D) | Amounts reflect Kensington per ounce statistics only. |
(E) | Units sold at realized metal prices will not match reported metal sales due primarily to the effects on revenues of mark-to-market adjustments on embedded derivatives in the Company’s provisionally priced sales contracts. |
March 31, 2012 | December 31, 2011 | ||||||
ASSETS | (In thousands, except share data) | ||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 151,883 | $ | 175,012 | |||
Short term investments | 1,316 | 20,254 | |||||
Receivables | 84,782 | 83,497 | |||||
Ore on leach pad | 29,773 | 27,252 | |||||
Metal and other inventory | 151,049 | 132,781 | |||||
Deferred tax assets | 2,090 | 1,869 | |||||
Restricted assets | 456 | 60 | |||||
Prepaid expenses and other | 19,943 | 24,218 | |||||
441,292 | 464,943 | ||||||
NON-CURRENT ASSETS | |||||||
Property, plant and equipment, net | 693,569 | 687,676 | |||||
Mining properties, net | 1,975,364 | 2,001,027 | |||||
Ore on leach pad, non-current portion | 10,613 | 6,679 | |||||
Restricted assets | 29,247 | 28,911 | |||||
Marketable securities | 20,268 | 19,844 | |||||
Receivables, non-current portion | 41,641 | 40,314 | |||||
Debt issuance costs, net | 1,633 | 1,889 | |||||
Deferred tax assets | 202 | 263 | |||||
Other | 12,664 | 12,895 | |||||
TOTAL ASSETS | $ | 3,226,493 | $ | 3,264,441 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 64,307 | $ | 78,590 | |||
Accrued liabilities and other | 8,875 | 13,126 | |||||
Accrued income taxes | 13,577 | 47,803 | |||||
Accrued payroll and related benefits | 13,244 | 16,240 | |||||
Accrued interest payable | 1,122 | 559 | |||||
Current portion of capital leases and other debt obligations | 80,857 | 32,602 | |||||
Current portion of royalty obligation | 64,739 | 61,721 | |||||
Current portion of reclamation and mine closure | 1,978 | 1,387 | |||||
Deferred tax liabilities | 284 | 53 | |||||
248,983 | 252,081 | ||||||
NON-CURRENT LIABILITIES | |||||||
Long-term debt and capital leases | 63,934 | 115,861 | |||||
Non-current portion of royalty obligation | 176,119 | 169,788 | |||||
Reclamation and mine closure | 32,488 | 32,371 | |||||
Deferred tax liabilities | 535,180 | 527,573 | |||||
Other long-term liabilities | 28,236 | 30,046 | |||||
835,957 | 875,639 | ||||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, 89,882,510 issued at March 31, 2012 and 89,655,124 issued at December 31, 2011 | 899 | 897 | |||||
Additional paid-in capital | 2,586,063 | 2,585,632 | |||||
Accumulated deficit | (440,858 | ) | (444,833 | ) | |||
Accumulated other comprehensive loss | (4,551 | ) | (4,975 | ) | |||
2,141,553 | 2,136,721 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,226,493 | $ | 3,264,441 |
Three months ended March 31, | |||||||
2012 | 2011 | ||||||
(In thousands, except share data) | |||||||
Sales of metal | $ | 204,564 | $ | 199,624 | |||
Production costs applicable to sales | (92,554 | ) | (92,474 | ) | |||
Depreciation, depletion and amortization | (52,592 | ) | (50,041 | ) | |||
Gross profit | 59,418 | 57,109 | |||||
COSTS AND EXPENSES | |||||||
Administrative and general | 7,596 | 12,231 | |||||
Exploration | 6,567 | 2,762 | |||||
Pre-development, care, maintenance and other | 1,068 | 3,574 | |||||
Total cost and expenses | 15,231 | 18,567 | |||||
OPERATING INCOME | 44,187 | 38,542 | |||||
OTHER INCOME AND EXPENSE | |||||||
Loss on debt extinguishments | — | (467 | ) | ||||
Fair value adjustments, net | (23,113 | ) | (5,302 | ) | |||
Interest income and other | 5,007 | 1,934 | |||||
Interest expense, net of capitalized interest | (6,670 | ) | (9,304 | ) | |||
Total other income and expense | (24,776 | ) | (13,139 | ) | |||
Income before income taxes | 19,411 | 25,403 | |||||
Income tax provision | (15,436 | ) | (12,939 | ) | |||
NET INCOME | 3,975 | 12,464 | |||||
BASIC AND DILUTED INCOME PER SHARE | |||||||
Basic income per share: | |||||||
Net income | $ | 0.04 | $ | 0.14 | |||
Diluted income per share: | |||||||
Net income | $ | 0.04 | $ | 0.14 | |||
Weighted average number of shares of common stock | |||||||
Basic | 89,591 | 89,288 | |||||
Diluted | 89,821 | 89,653 |
Three months ended March 31, | |||||||
2012 | 2011 | ||||||
(In thousands) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 3,975 | $ | 12,464 | |||
Add (deduct) non-cash items | |||||||
Depreciation, depletion and amortization | 52,592 | 50,041 | |||||
Accretion of discount on debt and other assets, net | 541 | 450 | |||||
Accretion of royalty obligation | 4,580 | 5,267 | |||||
Deferred income taxes | 7,677 | 5,870 | |||||
Loss on debt extinguishment | — | 467 | |||||
Fair value adjustments, net | 21,778 | 6,661 | |||||
Loss on foreign currency transactions | 299 | 109 | |||||
Share-based compensation | 2,137 | 8,155 | |||||
Other non-cash charges | 256 | 632 | |||||
Changes in operating assets and liabilities: | |||||||
Receivables and other current assets | (2,956 | ) | (4,841 | ) | |||
Prepaid expenses and other | 4,774 | (19 | ) | ||||
Inventories | (24,722 | ) | (12,493 | ) | |||
Accounts payable and accrued liabilities | (53,929 | ) | (36,977 | ) | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 17,002 | 35,786 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchase of short term investments | (1,035 | ) | (1,229 | ) | |||
Proceeds from sales and maturities of short term investments | 20,018 | 586 | |||||
Capital expenditures | (31,647 | ) | (15,918 | ) | |||
Other | 185 | (51 | ) | ||||
CASH USED IN INVESTING ACTIVITIES | (12,479 | ) | (16,612 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from issuance of notes and bank borrowings | — | 27,500 | |||||
Payments on long-term debt, capital leases, and associated costs | (5,166 | ) | (18,531 | ) | |||
Payments on gold production royalty | (21,374 | ) | (14,618 | ) | |||
Payments on gold lease facility | — | (13,800 | ) | ||||
Additions to restricted assets associated with the Kensington Term Facility | — | (1,325 | ) | ||||
Other | (1,112 | ) | (91 | ) | |||
CASH USED IN FINANCING ACTIVITIES | (27,652 | ) | (20,865 | ) | |||
DECREASE IN CASH AND CASH EQUIVALENTS | (23,129 | ) | (1,691 | ) | |||
Cash and cash equivalents at beginning of period | 175,012 | 66,118 | |||||
Cash and cash equivalents at end of period | $ | 151,883 | $ | 64,427 |
(in thousands) | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by operating activities | $ | 17,002 | $ | 87,412 | $ | 181,911 | $ | 111,065 | $ | 35,786 | |||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | 2,956 | (8,904 | ) | 10,513 | 8,138 | 4,841 | |||||||||
Prepaid expenses and other | (4,774 | ) | 8,839 | 8,697 | (1,354 | ) | 19 | ||||||||
Inventories | 24,722 | 17,574 | (23,234 | ) | 23,575 | 12,493 | |||||||||
Accounts payable and accrued liabilities | 53,929 | (7,452 | ) | (26,930 | ) | (25,585 | ) | 36,977 | |||||||
Operating Cash Flow | $ | 93,835 | $ | 97,469 | $ | 150,957 | $ | 115,839 | $ | 90,116 |
(in thousands) | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||||||
Net income (loss) | $ | 3,975 | $ | 11,364 | $ | 31,060 | $ | 38,611 | $ | 12,464 | |||||||||
Income tax provision | 15,436 | 52,390 | 27,606 | 21,402 | 12,939 | ||||||||||||||
Interest expense, net of capitalized interest | 6,670 | 8,222 | 7,980 | 9,268 | 9,304 | ||||||||||||||
Interest and other income | (5,007 | ) | 4,697 | 6,610 | (2,763 | ) | (1,934 | ) | |||||||||||
Fair value adjustments, net | 23,113 | (19,035 | ) | 53,351 | 12,432 | 5,302 | |||||||||||||
Loss on debt extinguishments | — | 3,886 | 784 | 389 | 467 | ||||||||||||||
Depreciation and depletion | 52,592 | 58,166 | 58,652 | 57,641 | 50,041 | ||||||||||||||
EBITDA | $ | 96,779 | $ | 119,690 | $ | 186,043 | $ | 136,980 | $ | 88,583 |
(in thousands) | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||||||
Net income (loss) | $ | 3,975 | $ | 11,364 | $ | 31,060 | $ | 38,611 | $ | 12,464 | |||||||||
Share Based Compensation | 2,137 | 2,861 | 457 | (3,351 | ) | 8,155 | |||||||||||||
Deferred income tax provision | 7,677 | 38,614 | 3,110 | 4,198 | 5,870 | ||||||||||||||
Interest expense, accretion of royalty obligation | 4,580 | 5,523 | 4,990 | 5,770 | 5,267 | ||||||||||||||
Fair value adjustments, net | 23,113 | (19,035 | ) | 53,351 | 12,432 | 5,302 | |||||||||||||
Loss on debt extinguishments | — | 3,886 | 784 | 389 | 467 | ||||||||||||||
Adjusted Earnings (Loss) | $ | 41,482 | $ | 43,213 | $ | 93,752 | $ | 58,049 | $ | 37,525 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 |
Sales of Metal | $123.7 | $134.3 | $166.9 | $123.7 | $88.2 |
Production Costs | $45.9 | $47.0 | $64.1 | $37.7 | $37.4 |
EBITDA | $76.5 | $83.7 | $100.4 | $84.6 | $50.2 |
Operating Income | $38.8 | $38.7 | $61.6 | $43.0 | $16.5 |
Operating Cash Flow | $79.1 | $77.4 | $91.2 | $81.8 | $48.4 |
Capital Expenditures | $7.2 | $12.1 | $9.5 | $10.3 | $5.1 |
Gross Profit | $40.1 | $44.7 | $61.6 | $44.2 | $17.1 |
Gross Margin | 32.4% | 33.3% | 36.9% | 35.7% | 19.4% |
1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | |
Underground Operations: | |||||
Tons Mined | 158,030 | 191,966 | 143,010 | 144,614 | 143,831 |
Average Silver Grade (oz/t) | 7.82 | 8.04 | 9.36 | 10.08 | 8.30 |
Average Gold Grade (oz/t) | 0.11 | 0.11 | 0.13 | 0.14 | 0.14 |
Surface Operations: | |||||
Tons Mined | 347,609 | 321,881 | 260,618 | 276,699 | 246,879 |
Average Silver Grade (oz/t) | 5.32 | 5.88 | 6.56 | 5.85 | 4.60 |
Average Gold Grade (oz/t) | 0.04 | 0.05 | 0.05 | 0.06 | 0.05 |
Processing: | |||||
Total Tons Milled | 528,543 | 505,619 | 403,978 | 414,719 | 398,740 |
Average Recovery Rate – Ag | 76.8% | 77.9% | 75.9% | 78.3% | 72.7% |
Average Recovery Rate – Au | 93.3% | 92.4% | 93.6% | 95.2% | 87.4% |
Silver Production - oz (000's) | 2,483 | 2,690 | 2,251 | 2,371 | 1,730 |
Gold Production - oz | 31,081 | 34,108 | 29,815 | 33,389 | 27,759 |
Cash Operating Costs/Ag Oz | $(2.27) | $(2.13) | $(1.16) | $(3.68) | $4.80 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Sales of metal | $ | 123.7 | $ | 134.3 | $ | 166.9 | $ | 123.7 | $ | 88.2 | |||||
Production costs applicable to sales | (45.9 | ) | (47.0 | ) | (64.1 | ) | (37.8 | ) | (37.4 | ) | |||||
Administrative and general | — | — | — | — | — | ||||||||||
Exploration | (1.3 | ) | (2.8 | ) | (2.2 | ) | (1.3 | ) | (0.6 | ) | |||||
Care and maintenance and other | — | (0.8 | ) | (0.2 | ) | — | — | ||||||||
Pre-development | — | — | — | — | — | ||||||||||
EBITDA | $ | 76.5 | $ | 83.7 | $ | 100.4 | $ | 84.6 | $ | 50.2 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by operating activities | $ | 63.0 | $ | 70.9 | $ | 104.7 | $ | 62.9 | $ | 10.1 | |||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | 5.4 | 5.7 | (0.8 | ) | 8.9 | (0.4 | ) | ||||||||
Prepaid expenses and other | (1.9 | ) | (3.2 | ) | 3.4 | (0.4 | ) | 1.0 | |||||||
Inventories | 4.6 | 9.9 | (16.2 | ) | 12.0 | 16.1 | |||||||||
Accounts payable and accrued liabilities | 8.0 | (5.9 | ) | 0.1 | (1.6 | ) | 21.6 | ||||||||
Operating Cash Flow | $ | 79.1 | $ | 77.4 | $ | 91.2 | $ | 81.8 | $ | 48.4 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 |
Sales of Metal | $41.4 | $62.8 | $102.8 | $55.6 | $46.3 |
Production Costs | $13.6 | $21.4 | $30.1 | $14.1 | $14.1 |
EBITDA | $27.7 | $41.2 | $72.5 | $41.4 | $32.1 |
Operating Income | $23.5 | $34.9 | $66.7 | $36.2 | $27.0 |
Operating Cash Flow | $20.8 | $28.7 | $49.6 | $25.7 | $23.6 |
Capital Expenditures | $10.2 | $6.5 | $4.4 | $3.3 | $3.5 |
Gross Profit | $23.5 | $35.3 | $66.7 | $36.3 | $27.1 |
Gross Margin | 56.8% | 56.2% | 64.9% | 65.3% | 58.5% |
1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | |
Tons Milled | 378,104 | 371,983 | 428,978 | 378,640 | 387,668 |
Average Silver Grade (oz/t) | 4.6 | 5.4 | 5.4 | 5.2 | 5.6 |
Average Recovery Rate | 91.2% | 90.5% | 88.6% | 87.7% | 88.6% |
Silver Production (000's) | 1,591 | 1,997 | 2,051 | 1,742 | 1,711 |
Cash Operating Costs/Ag Oz | $10.21 | $9.18 | $9.32 | $8.73 | $9.13 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Sales of metal | $ | 41.4 | $ | 62.8 | $ | 102.8 | $ | 55.6 | $ | 46.3 | |||||
Production costs applicable to sales | (13.6 | ) | (21.4 | ) | (30.1 | ) | (14.1 | ) | (14.1 | ) | |||||
Administrative and general | — | — | — | — | — | ||||||||||
Exploration | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||
Care and maintenance and other | — | (0.2 | ) | (0.1 | ) | — | — | ||||||||
Pre-development | — | — | — | — | — | ||||||||||
EBITDA | $ | 27.7 | $ | 41.2 | $ | 72.5 | $ | 41.4 | $ | 32.1 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by (used in) operating activities | $ | (27.4 | ) | $ | 22.3 | $ | 78.1 | $ | 38.2 | $ | 10.5 | ||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | 2.2 | 0.2 | 5.0 | 1.5 | 1.7 | ||||||||||
Prepaid expenses and other | (2.8 | ) | 4.6 | 0.2 | (0.6 | ) | (0.5 | ) | |||||||
Inventories | 4.7 | 2.9 | (7.2 | ) | 4.0 | 4.9 | |||||||||
Accounts payable and accrued liabilities | 44.1 | (1.3 | ) | (26.5 | ) | (17.4 | ) | 7.0 | |||||||
Operating Cash Flow | $ | 20.8 | $ | 28.7 | $ | 49.6 | $ | 25.7 | $ | 23.6 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 |
Sales of Metal | $10.4 | $32.9 | $44.2 | $26.0 | $48.1 |
Production Costs | $17.1 | $31.7 | $24.3 | $12.8 | $32.9 |
EBITDA | $(6.9) | $0.5 | $19.6 | $12.8 | $15.2 |
Operating Income/(Loss) | $(13.6) | $(6.6) | $10.3 | $2.8 | $5.8 |
Operating Cash Flow | $(7.8) | $(4.1) | $14.5 | $11.7 | $14.0 |
Capital Expenditures | $10.9 | $12.0 | $9.2 | $7.4 | $5.4 |
Gross Profit/(Loss) | $(13.3) | $(5.7) | $10.3 | $3.3 | $5.8 |
Gross Margin | (127.9)% | (17.3)% | 23.3% | 12.7% | 12.1% |
1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | |
Tons Milled | 43,936 | 71,700 | 116,255 | 121,565 | 105,820 |
Average Gold Grade (oz/t) | 0.18 | 0.19 | 0.24 | 0.23 | 0.24 |
Average Recovery Rate | 93.4% | 96.5% | 91.7% | 93% | 92.4% |
Gold Production | 7,444 | 13,299 | 25,687 | 25,758 | 23,676 |
Cash Operating Costs/Ag Oz | $2,709 | $1,807 | $973 | $924 | $989 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Sales of metal | $ | 10.4 | $ | 32.9 | $ | 44.2 | $ | 26.0 | $ | 48.1 | |||||
Production costs applicable to sales | (17.1 | ) | (31.7 | ) | (24.3 | ) | (12.8 | ) | (32.9 | ) | |||||
Administrative and general | — | — | — | — | — | ||||||||||
Exploration | (0.2 | ) | (0.5 | ) | (0.3 | ) | (0.3 | ) | — | ||||||
Care and maintenance and other | — | (0.2 | ) | — | (0.1 | ) | — | ||||||||
Pre-development | — | — | — | — | — | ||||||||||
EBITDA | $ | (6.9 | ) | $ | 0.5 | $ | 19.6 | $ | 12.8 | $ | 15.2 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by operating activities | $ | 1.1 | $ | 9.3 | $ | 8.6 | $ | 7.6 | $ | 17.0 | |||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | (10.3 | ) | (5.1 | ) | 5.0 | (1.0 | ) | 8.4 | |||||||
Prepaid expenses and other | (1.0 | ) | 0.5 | 1.3 | 0.2 | (0.1 | ) | ||||||||
Inventories | 3.3 | (10.1 | ) | (1.3 | ) | 8.0 | (12.2 | ) | |||||||
Accounts payable and accrued liabilities | (0.9 | ) | 1.3 | 0.9 | (3.1 | ) | 0.9 | ||||||||
Operating Cash Flow | $ | (7.8 | ) | $ | (4.1 | ) | $ | 14.5 | $ | 11.7 | $ | 14.0 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 |
Sales of Metal | $18.8 | $11.1 | $17.5 | $14.4 | $14.3 |
Production Costs | $9.6 | $4.2 | $11.4 | $5.3 | $7.4 |
EBITDA | $7.2 | $3.2 | $2.7 | $(2.2) | $3.4 |
Operating Income/(Loss) | $5.5 | $4.6 | $2.1 | $(2.9) | $2.9 |
Operating Cash Flow | $7.2 | $3.4 | $2.7 | $(3.9) | $0.9 |
Capital Expenditures | $2.6 | $7.7 | $13.6 | $4.2 | $1.7 |
Gross Profit | $7.6 | $5.9 | $5.5 | $8.5 | $6.4 |
Gross Margin | 40.4% | 53.2% | 31.4% | 59.0% | 44.8% |
1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | |
Silver Production (000's) | 441 | 373 | 352 | 333 | 334 |
Gold Production | 5,292 | 1,993 | 1,435 | 1,397 | 1,451 |
Cash Operating Costs/Ag Oz | $23.35 | $37.99 | $36.71 | $4.34 | $10.28 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Sales of metal | $ | 18.8 | $ | 11.1 | $ | 17.5 | $ | 14.4 | $ | 14.3 | |||||
Production costs applicable to sales | (9.6 | ) | (4.2 | ) | (11.4 | ) | (5.3 | ) | (7.4 | ) | |||||
Administrative and general | — | — | — | — | — | ||||||||||
Exploration | (0.7 | ) | (1.5 | ) | (0.2 | ) | (0.3 | ) | — | ||||||
Care and maintenance and other | (1.3 | ) | (2.2 | ) | (3.2 | ) | (11.0 | ) | (3.5 | ) | |||||
Pre-development | — | — | — | — | — | ||||||||||
EBITDA | $ | 7.2 | $ | 3.2 | $ | 2.7 | $ | (2.2 | ) | $ | 3.4 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by (used in) operating activities | $ | (7.1 | ) | $ | (11.4 | ) | $ | 0.9 | $ | (2.1 | ) | $ | 1.4 | ||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | 0.3 | (0.2 | ) | 0.2 | — | (0.3 | ) | ||||||||
Prepaid expenses and other | 1.4 | 0.7 | 0.7 | 0.4 | (0.1 | ) | |||||||||
Inventories | 11.2 | 14.2 | 5.9 | 0.6 | 1.0 | ||||||||||
Accounts payable and accrued liabilities | 1.4 | 0.1 | (5.0 | ) | (2.8 | ) | (1.1 | ) | |||||||
Operating Cash Flow | $ | 7.2 | $ | 3.4 | $ | 2.7 | $ | (3.9 | ) | $ | 0.9 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 |
Sales of Metal | $3.6 | $2.8 | $6.0 | $4.8 | $(0.3) |
Production Costs | $3.7 | $3.9 | $8.1 | $3.9 | $(0.4) |
EBITDA | $(3.7) | $(3.3) | $(3.8) | $(0.5) | $(1.2) |
Operating Loss | $(4.3) | $(3.0) | $(4.0) | $(0.4) | $(1.8) |
Operating Cash Flow | $(5.1) | $(5.0) | $(1.7) | $(0.9) | $(0.1) |
Capital Expenditures | $0.7 | $1.4 | $1.1 | $0.6 | $0.3 |
Gross Profit/(Loss) | $(0.7) | $(1.7) | $(2.3) | $1.8 | $(0.5) |
Gross Margin | (19.4)% | (60.7)% | (38.3)% | 37.5% | na |
1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | |
Total Tons Milled | 34,069 | 37,141 | 24,086 | 22,122 | 17,818 |
Average Silver Grade (oz/t) | 4.43 | 4.65 | 5.33 | 5.44 | 12.06 |
Average Gold Grade (oz/t) | — | 0.01 | 0.01 | 0.01 | 0.02 |
Average Recovery Rate – Ag | 81.4% | 75.2% | 92.3% | 84% | 83.7% |
Average Recovery Rate – Au | 64.6% | 74.2% | 72.9% | 72.4% | 75.3% |
Silver Production (000's) | 123 | 130 | 119 | 101 | 180 |
Cash Operating Costs/Ag Oz | $46.48 | $33.75 | $39.31 | $38.79 | $24.44 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Sales of metal | $ | 3.6 | $ | 2.8 | $ | 6.0 | $ | 4.8 | $ | (0.3 | ) | ||||
Production costs applicable to sales | (3.7 | ) | (3.9 | ) | (8.2 | ) | (3.8 | ) | 0.4 | ||||||
Administrative and general | — | — | — | — | — | ||||||||||
Exploration | (3.4 | ) | (2.1 | ) | (1.5 | ) | (1.5 | ) | (1.3 | ) | |||||
Care and maintenance and other | (0.2 | ) | (0.1 | ) | (0.1 | ) | — | — | |||||||
Pre-development | — | — | — | — | — | ||||||||||
EBITDA | $ | (3.7 | ) | $ | (3.3 | ) | $ | (3.8 | ) | $ | (0.5 | ) | $ | (1.2 | ) |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by (used in) operating activities | $ | (7.1 | ) | $ | (3.2 | ) | $ | 0.2 | $ | (3.2 | ) | $ | (3.1 | ) | |
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | 3.5 | (0.9 | ) | 2.3 | 0.2 | (5.8 | ) | ||||||||
Prepaid expenses and other | (0.1 | ) | (0.3 | ) | 0.4 | 0.1 | — | ||||||||
Inventories | 0.4 | 0.4 | (3.3 | ) | 0.1 | 4.1 | |||||||||
Accounts payable and accrued liabilities | (1.8 | ) | (1.0 | ) | (1.3 | ) | 1.9 | 4.7 | |||||||
Operating Cash Flow | $ | (5.1 | ) | $ | (5.0 | ) | $ | (1.7 | ) | $ | (0.9 | ) | $ | (0.1 | ) |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 |
Sales of Metal | $6.7 | $2.8 | $6.2 | $6.6 | $3.1 |
Production Costs | $2.7 | $1.0 | $3.2 | $3.3 | $1.1 |
EBITDA | $4.0 | $1.8 | $3.0 | $3.3 | $2.0 |
Operating Income | $2.3 | $1.1 | $2.1 | $2.4 | $1.4 |
Operating Cash Flow | $3.5 | $2.1 | $1.3 | $3.6 | $2.0 |
Capital Expenditures | $— | $— | $— | $— | $— |
Gross Profit | $2.3 | $1.1 | $2.1 | $2.4 | $1.4 |
Gross Margin | 34.3% | 39.3% | 33.9% | 36.4% | 45.2% |
1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | |
Silver Production (000's) | 248 | 111 | 138 | 215 | 149 |
Cash Operating Costs/Ag Oz | $16.64 | $14.74 | $22.26 | $20.04 | $17.15 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Sales of metal | $ | 6.7 | $ | 2.8 | $ | 6.2 | $ | 6.6 | $ | 3.1 | |||||
Production costs applicable to sales | (2.7 | ) | (1.0 | ) | (3.2 | ) | (3.3 | ) | (1.1 | ) | |||||
Administrative and general | — | — | — | — | — | ||||||||||
Exploration | — | — | — | — | — | ||||||||||
Care and maintenance and other | — | — | — | — | — | ||||||||||
Pre-development | — | — | — | — | — | ||||||||||
EBITDA | $ | 4.0 | $ | 1.8 | $ | 3.0 | $ | 3.3 | $ | 2.0 |
in millions of US$ | 1Q 2012 | 4Q 2011 | 3Q 2011 | 2Q 2011 | 1Q 2011 | ||||||||||
Cash provided by operating activities | $ | 2.5 | $ | 2.1 | $ | 2.4 | $ | 2.5 | $ | 2.1 | |||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables and other current assets | 1.7 | (1.2 | ) | (1.4 | ) | 2.7 | (1.0 | ) | |||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||
Inventories | 0.6 | 0.1 | (0.9 | ) | — | 0.9 | |||||||||
Accounts payable and accrued liabilities | (1.3 | ) | 1.1 | 1.2 | (1.6 | ) | — | ||||||||
Operating Cash Flow | $ | 3.5 | $ | 2.1 | $ | 1.3 | $ | 3.6 | $ | 2.0 |
(In thousands except ounces and per ounce costs) | Palmarejo | San Bartolomé | Kensington | Rochester | Martha | Endeavor | Total | |||||||||||||||||||||
Total cash operating cost (Non-U.S. GAAP) | $ | (5,643 | ) | $ | 16,253 | $ | 20,168 | $ | 10,303 | $ | 5,708 | $ | 4,127 | $ | 50,916 | |||||||||||||
Royalties | — | 2,036 | — | 609 | 82 | — | 2,727 | |||||||||||||||||||||
Production taxes | — | — | — | 12 | — | — | 12 | |||||||||||||||||||||
Total cash costs (Non-U.S. GAAP) | $ | (5,643 | ) | $ | 18,289 | $ | 20,168 | $ | 10,924 | $ | 5,790 | $ | 4,127 | $ | 53,655 | |||||||||||||
Add/Subtract: | ||||||||||||||||||||||||||||
Third party smelting costs | — | — | (1,083 | ) | — | (1,975 | ) | (788 | ) | (3,846 | ) | |||||||||||||||||
By-product credit | 52,526 | — | — | 8,957 | 141 | — | 61,624 | |||||||||||||||||||||
Other adjustments | 244 | (194 | ) | 7 | 87 | 57 | — | 201 | ||||||||||||||||||||
Change in inventory | (1,268 | ) | (4,487 | ) | (2,001 | ) | (10,403 | ) | (320 | ) | (601 | ) | (19,080 | ) | ||||||||||||||
Depreciation, depletion and amortization | 37,761 | 4,219 | 6,604 | 1,642 | 520 | 1,644 | 52,390 | |||||||||||||||||||||
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP) | $ | 83,620 | $ | 17,827 | $ | 23,695 | $ | 11,207 | $ | 4,213 | $ | 4,382 | $ | 144,944 | ||||||||||||||
Production of silver (ounces) | 2,482,814 | 1,591,292 | — | 441,337 | 122,793 | 247,958 | 4,886,194 | |||||||||||||||||||||
Cash operating cost per silver ounce | $ | (2.27 | ) | $ | 10.21 | $ | — | $ | 23.35 | $ | 46.48 | $ | 16.64 | $ | 6.29 | |||||||||||||
Cash costs per silver ounce | $ | (2.27 | ) | $ | 11.49 | $ | — | $ | 24.75 | $ | 47.15 | $ | 16.64 | $ | 6.85 | |||||||||||||
Production of gold (ounces) | — | — | 7,444 | — | — | — | 7,444 | |||||||||||||||||||||
Cash operating cost per gold ounce | $ | — | $ | — | $ | 2,709 | $ | — | $ | — | $ | — | $ | 2,709 | ||||||||||||||
Cash cost per gold ounce | $ | — | $ | — | $ | 2,709 | $ | — | $ | — | $ | — | $ | 2,709 |
(In thousands except ounces and per ounce costs) | Palmarejo | San Bartolomé | Kensington | Rochester | Martha | Endeavor | Total | |||||||||||||||||||||
Total cash operating cost (Non-U.S. GAAP) | $ | 8,311 | $ | 15,615 | $ | 23,410 | $ | 3,429 | $ | 4,399 | $ | 2,558 | $ | 57,722 | ||||||||||||||
Royalties | — | 2,304 | — | 330 | 183 | — | 2,817 | |||||||||||||||||||||
Production taxes | — | — | — | 200 | — | — | 200 | |||||||||||||||||||||
Total cash costs (Non-U.S. GAAP) | $ | 8,311 | $ | 17,919 | $ | 23,410 | $ | 3,959 | $ | 4,582 | $ | 2,558 | $ | 60,739 | ||||||||||||||
Add/Subtract: | ||||||||||||||||||||||||||||
Third party smelting costs | — | — | (2,650 | ) | — | (1,373 | ) | (563 | ) | (4,586 | ) | |||||||||||||||||
By-product credit | 38,468 | — | — | 2,015 | 339 | — | 40,822 | |||||||||||||||||||||
Other adjustments | 221 | (189 | ) | — | 42 | 96 | — | 170 | ||||||||||||||||||||
Change in inventory | (9,631 | ) | (3,612 | ) | 12,160 | 1,341 | (4,034 | ) | (895 | ) | (4,671 | ) | ||||||||||||||||
Depreciation, depletion and amortization | 33,666 | 5,143 | 9,365 | 514 | 591 | 619 | 49,898 | |||||||||||||||||||||
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP) | $ | 71,035 | $ | 19,261 | $ | 42,285 | $ | 7,871 | $ | 201 | $ | 1,719 | $ | 142,372 | ||||||||||||||
Production of silver (ounces) | 1,729,766 | 1,710,948 | — | 333,696 | 179,985 | 149,182 | 4,103,577 | |||||||||||||||||||||
Cash operating cost per silver ounce | $ | 4.80 | $ | 9.13 | $ | — | $ | 10.28 | $ | 24.44 | $ | 17.15 | $ | 8.36 | ||||||||||||||
Cash costs per silver ounce | $ | 4.80 | $ | 10.47 | $ | — | $ | 11.86 | $ | 25.46 | $ | 17.15 | $ | 9.10 | ||||||||||||||
Production of gold (ounces) | — | — | 23,676 | — | — | — | 23,676 | |||||||||||||||||||||
Cash operating cost per gold ounce | $ | — | $ | — | $ | 989 | $ | — | $ | — | $ | — | $ | 989 | ||||||||||||||
Cash cost per gold ounce | $ | — | $ | — | $ | 989 | $ | — | $ | — | $ | — | $ | 989 |
I.'W54_WI*>D7FWU
MGPV=/^LN'@8=N15BY(H-M0R+H)LO?5;M+K=S-]?[J])7GOUV+A]<>FEK38X,
MQBUC8W.(R;"&,WEK-[_HMWN24[/U@^J^/1TW(SNE7Y.%F8M;K6FO(NVO#!O?
M58Q]CV^]C?:_]_\`D>Q3^HW7LOJ^!=7FN]2_$>UOKP&E['MWUNL:WV^JWWL?
MM6;]9OK/DYCW?5UE#ND6945WY.>0T>F\[-E7V1V4QS,G^9^T^IZ7TZ_YS^;Z
M'ZM?5^KH."[';9Z]]S_4ONC:'.@,:UC)=LJK8W:QNY)3_]"UUO$SOJI]9!U>
MAF[#LN=;4_AA%L_:<"U_^!>[<_[-N]G\U_H;5VV!]:>@YV.V^O,JJD>^JY[:
M[&'NVRNPC_._F_\`1K3LKKM8ZNUH?6\0YC@""#V &UP1SIM;V1E/2)21T(B
M('AM<$E<_&OR/1;[[JOT/\`P@0>
MK/Q;'TC+K9&"WT[?4=;ZPN#L^T%FVS[,[&#U3++1ZA@BH6.].KZ4L]6U_[_`/,U
M5V7/_,5G$^I?210/VGZG5_]5?C^CZ5CZU\]))*?HJRW._:68^RK+]!U;35
M4S?`?Z%CK6MLIM]+_@OT6_\`7/1]*Q5MG6:\85;\JYS;<,49#A9N=CE[GO.;
M0WT6MR*JRZGJ'IO_`$_ITW6>AZOIU?/R22GZ0S#FOQ>G'";D5Y`<'L%F\-.U
MIW8_4W?IG,9?3O\`TEOJ>GE>C_A%1K/4V"CU1FV,:WJGJ_S@E$@K=J8B:HE"@"2IK)I#ZG/M[X5ZUUO
M[0PQ4\44$$4<$$$:0PPPHL<4,4:A(XHHT"I''&B@*H```L/;/6^LGOW7NB)_
M/OX:0_,CK38V'PF8PVT>T>I^U]A]J=9[XS%!4UU/A*W;NXL94[DQE0M`R5[X
M_<6W8)8VCC8*U7%32-Q$"+*:5].O='L]UZ]TANS]^XCJOK;?_9N?)_@G7FR]
MS[VRP#JC/CMKX6MS=7%&S7`EE@HBJ_7U$>_#KW6C%_+OQF9^\`-,Z]WSV]
M(,]7[BW_`+N^06]X:Q/N:2:79F/JMS;>P7V\NJ,87%YR+$T,$%O&E'3I';2+
M>WFPN.M=;ZWMGK?7O?NO=:B/_"BKXY87:G:73WR4P&/@I6[;QF6ZZ[#6"'3'
MD-S[*HZ2NVMFJOC0];D=JU-112-]6AQ<(/T]N(>(ZT>K=OY)'R&S/?7P7VCC
MMU9&7*;LZ1W#ENFLC7U<[U%=7X3;U)C,ILFKJY)"SR20[1S5)1:R27-&6-R2
M35Q0];ZMX]UZ]T#_`,A8C-T%WA""%,O3_9<08@D*9-EYI02!R0+^_#KW6E)_
M(<%_YB757%[=7]KGZ?3_`'YZ"_\`A];?['V\_P`)ZUUML?S#?F/1?!WXV;A[
MFAQN#W)O-\UMS:_7VRL[DJC&4N[=Q9K+TD=92-/0QSU\=/B]NI6UTLD4;Z%I
MAJX;VTHJ:=;Z,/OKJWK7Y"]