(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Emerging growth company |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated February 19, 2020 |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Exhibit No. | Description |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
COEUR MINING, INC. | |
Date: February 19, 2020 | By: /s/ Thomas S. Whelan |
Name: Thomas S. Whelan Title: Senior Vice President and Chief Financial Officer |
• | Solid improvement in annual financial results - Revenue, operating cash flow and adjusted EBITDA1 increased 14%, 357% and 11%, respectively, in 2019. The year-over-year improvement in financial results reflects solid performance from the Company’s primary gold operations as well as higher precious metals prices in 2019 |
• | Strong cost performance from primary gold operations - Full-year adjusted costs applicable to sales (“CAS”)1 at Palmarejo, Kensington and Wharf were below or within their guidance ranges for 2019, leading to strong free cash flow1 at each of these primary gold operations. During 2019, gold sales represented 69% of the Company’s total revenue |
• | Third consecutive quarter of increasing, positive free cash flow1 - Coeur generated $18.4 million of free cash flow1 during the fourth quarter, representing a 63% increase compared to the prior period and a $36.1 million improvement compared to the fourth quarter of 2018. This third consecutive quarter of increasing, positive free cash flow1 was primarily driven by strong performance from the Company’s Palmarejo, Kensington and Wharf operations |
• | Positive results from high-pressure grinding roll (“HPGR”) unit at Rochester - 60-day silver recovery rates from HPGR-crushed ore are in-line with prior test work and are significantly better than recoveries from traditionally-crushed material. Permitting and planning for Plan of Operations Amendment 11 (“POA 11”) expansion advancing on-schedule |
• | $250.8 million impairment, and temporarily suspending mining and processing activities at Silvertip - Reduction in carrying value to $150.0 million and temporary suspension of mining and processing activities driven by further deterioration in zinc and lead market conditions as well as processing facility-related challenges. The Company plans to (i) double its exploration investment in 2020 to potentially further expand the resource and extend the mine life, and (ii) pursue a mill expansion to improve the asset’s cost structure and its ability to deliver sustainable cash flow |
• | Success from 2019 investment in exploration delivered resource growth - The Company focused its exploration efforts primarily on resource expansion drilling in 2019. Measured and indicated resources |
• | Over $160.0 million reduction in total debt2 achieved during 2019 - The Company ended the year with $295.5 million in total debt2, compared to $458.8 million at the end of 2018. This 36% reduction reflects the results of Coeur’s deleveraging initiatives and improved financial performance during 2019 |
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce/pound metrics) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 | ||||||||||||||
Gold Sales | $ | 493.3 | $ | 134.3 | $ | 141.9 | $ | 110.3 | $ | 106.8 | $ | 427.0 | $ | 96.3 | |||||||
Silver Sales | $ | 191.5 | $ | 54.8 | $ | 51.6 | $ | 45.0 | $ | 40.1 | $ | 193.2 | $ | 44.6 | |||||||
Zinc Sales | $ | 12.8 | $ | 2.6 | $ | 2.0 | $ | 2.6 | $ | 5.6 | $ | 3.6 | $ | 1.9 | |||||||
Lead Sales | $ | 13.9 | $ | 3.3 | $ | 4.0 | $ | 4.2 | $ | 2.4 | $ | 2.1 | $ | 1.0 | |||||||
Consolidated Revenue | $ | 711.5 | $ | 195.0 | $ | 199.5 | $ | 162.1 | $ | 154.9 | $ | 625.9 | $ | 143.8 | |||||||
Costs Applicable to Sales3 | $ | 551.2 | $ | 146.6 | $ | 141.0 | $ | 131.9 | $ | 131.7 | $ | 441.0 | $ | 116.6 | |||||||
General and Administrative Expenses | $ | 34.5 | $ | 7.6 | $ | 9.6 | $ | 7.8 | $ | 9.5 | $ | 31.3 | $ | 7.1 | |||||||
Net Income (Loss) | $ | (346.9 | ) | $ | (270.9 | ) | $ | (14.3 | ) | $ | (36.8 | ) | $ | (24.9 | ) | $ | (49.0 | ) | $ | 0.4 | |
Net Income (Loss) Per Share | $ | (1.59 | ) | $ | (1.13 | ) | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.12 | ) | $ | (0.26 | ) | $ | 0.00 | |
Adjusted Net Income (Loss)1 | $ | (54.6 | ) | $ | (3.3 | ) | $ | (5.3 | ) | $ | (23.0 | ) | $ | (23.0 | ) | $ | (2.2 | ) | $ | 16.1 | |
Adjusted Net Income (Loss)1 Per Share | $ | (0.25 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.01 | ) | $ | 0.08 | |
Weighted Average Shares Outstanding | 218.8 | 238.7 | 225.9 | 207.8 | 202.4 | 188.6 | 199.5 | ||||||||||||||
EBITDA1 | $ | (154.4 | ) | $ | (214.5 | ) | $ | 37.6 | $ | 7.7 | $ | 14.8 | $ | 87.1 | $ | 7.9 | |||||
Adjusted EBITDA1 | $ | 173.9 | $ | 59.8 | $ | 61.0 | $ | 30.6 | $ | 26.1 | $ | 157.3 | $ | 36.2 | |||||||
Cash Flow from Operating Activities | $ | 91.9 | $ | 39.3 | $ | 42.0 | $ | 26.4 | $ | (15.8 | ) | $ | 20.1 | $ | 0.1 | ||||||
Capital Expenditures | $ | 99.8 | $ | 21.0 | $ | 30.7 | $ | 20.7 | $ | 27.4 | $ | 140.8 | $ | 17.8 | |||||||
Free Cash Flow1 | $ | (7.9 | ) | $ | 18.4 | $ | 11.3 | $ | 5.7 | $ | (43.3 | ) | $ | (120.7 | ) | $ | (17.7 | ) | |||
Cash, Equivalents & Short-Term Investments | $ | 55.6 | $ | 55.6 | $ | 65.3 | $ | 37.9 | $ | 69.0 | $ | 115.1 | $ | 115.1 | |||||||
Total Debt2 | $ | 295.5 | $ | 295.5 | $ | 298.7 | $ | 370.0 | $ | 456.8 | $ | 458.8 | $ | 458.8 | |||||||
Average Realized Price Per Ounce – Gold | $ | 1,342 | $ | 1,407 | $ | 1,413 | $ | 1,277 | $ | 1,251 | $ | 1,218 | $ | 1,214 | |||||||
Average Realized Price Per Ounce – Silver | $ | 16.07 | $ | 16.99 | $ | 17.17 | $ | 14.75 | $ | 15.22 | $ | 15.65 | $ | 14.59 | |||||||
Average Realized Price Per Pound – Zinc | $ | 0.71 | $ | 0.62 | $ | 0.50 | $ | 0.49 | $ | 1.19 | $ | 0.83 | $ | 0.83 | |||||||
Average Realized Price Per Pound – Lead | $ | 0.84 | $ | 0.78 | $ | 0.92 | $ | 0.82 | $ | 0.86 | $ | 0.80 | $ | 0.80 | |||||||
Gold Ounces Produced | 359,418 | 94,716 | 99,782 | 86,584 | 78,336 | 359,520 | 92,546 | ||||||||||||||
Silver Ounces Produced | 11.7 | 3.1 | 3.0 | 3.1 | 2.5 | 12.8 | 3.5 | ||||||||||||||
Zinc Pounds Produced | 17.1 | 3.9 | 4.2 | 5.3 | 3.7 | 4.2 | 3.1 | ||||||||||||||
Lead Pounds Produced | 16.6 | 4.0 | 4.5 | 5.0 | 3.1 | 2.1 | 1.7 | ||||||||||||||
Gold Ounces Sold | 367,650 | 95,532 | 100,407 | 86,385 | 85,326 | 350,508 | 79,291 | ||||||||||||||
Silver Ounces Sold | 11.9 | 3.3 | 3.0 | 3.0 | 2.6 | 12.4 | 3.1 | ||||||||||||||
Zinc Pounds Sold | 18.2 | 4.1 | 4.1 | 5.3 | 4.7 | 4.4 | 2.6 | ||||||||||||||
Lead Pounds Sold | 16.5 | 4.3 | 4.3 | 5.2 | 2.7 | 2.6 | 1.4 |
• | First quarter: 38,000 ounces of gold at an average floor of $1,411 per ounce and an average ceiling of $1,806 per ounce; |
• | Second quarter: 42,000 ounces of gold at an average floor of $1,417 per ounce and an average ceiling of $1,813 per ounce; |
• | Third quarter: 45,000 ounces of gold at an average floor of $1,437 per ounce and an average ceiling of $1,814 per ounce; and |
• | Fourth quarter: 54,000 ounces of gold at an average floor of $1,471 per ounce and an average ceiling of $1,818 per ounce |
(Dollars in millions, except per ounce amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 |
Tons milled | 1,755,957 | 486,779 | 442,464 | 447,727 | 378,987 | 1,382,471 | 378,389 |
Average gold grade (oz/t) | 0.08 | 0.07 | 0.09 | 0.07 | 0.07 | 0.10 | 0.08 |
Average silver grade (oz/t) | 4.85 | 5.11 | 4.88 | 4.74 | 4.64 | 6.49 | 5.96 |
Average recovery rate – Au | 84.3% | 84.9% | 81.7% | 87.7% | 83.4% | 88.9% | 97.6% |
Average recovery rate – Ag | 79.3% | 81.7% | 79.6% | 81.8% | 72.8% | 83.8% | 84.0% |
Gold ounces produced | 111,932 | 28,702 | 31,779 | 28,246 | 23,205 | 122,722 | 31,239 |
Silver ounces produced (000’s) | 6,762 | 2,029 | 1,720 | 1,735 | 1,278 | 7,516 | 1,893 |
Gold ounces sold | 116,104 | 27,952 | 32,731 | 28,027 | 27,394 | 115,592 | 23,667 |
Silver ounces sold (000’s) | 6,841 | 1,980 | 1,747 | 1,709 | 1,405 | 7,229 | 1,534 |
Average realized price per gold ounce | $1,220 | $1,238 | $1,269 | $1,210 | $1,154 | $1,140 | $1,148 |
Average realized price per silver ounce | $16.23 | $17.28 | $17.05 | $14.86 | $15.39 | $15.77 | $14.57 |
Metal sales | $252.7 | $68.9 | $71.3 | $59.3 | $53.2 | $245.8 | $49.6 |
Costs applicable to sales3 | $141.9 | $34.8 | $37.4 | $36.5 | $33.2 | $120.1 | $27.1 |
Adjusted CAS per AuOz1 | $683 | $622 | $660 | $741 | $713 | $556 | $624 |
Adjusted CAS per AgOz1 | $9.11 | $8.79 | $8.95 | $9.17 | $9.66 | $7.69 | $7.92 |
Exploration expense | $5.7 | $2.0 | $1.6 | $1.1 | $1.0 | $10.5 | $0.1 |
Cash flow from operating activities | $99.2 | $41.4 | $36.3 | $15.6 | $5.9 | $50.5 | $13.3 |
Sustaining capital expenditures (excludes capital lease payments) | $21.9 | $6.2 | $4.7 | $5.0 | $6.0 | $24.4 | $3.6 |
Development capital expenditures | $10.8 | $2.4 | $3.1 | $2.6 | $2.7 | $5.0 | $2.3 |
Total capital expenditures | $32.7 | $8.6 | $7.8 | $7.6 | $8.7 | $29.4 | $5.9 |
Free cash flow1 | $66.5 | $32.8 | $28.5 | $8.0 | $(2.8) | $21.1 | $7.4 |
• | Fourth quarter gold production decreased 10% to 28,702 ounces, while silver production increased 18% to 2.0 million ounces compared to the prior quarter. Full-year gold and silver production decreased by 9% and 10% to 111,932 and 6.8 million ounces, respectively |
• | Fourth quarter gold and silver production benefited from higher mill throughput, which increased 10% quarter-over-quarter. Lower average gold grade led to decreased gold production during the quarter, while an improvement in average silver grade resulted in higher silver production. Lower full-year gold and silver production was due to lower average grades, partially offset by a 27% increase in tons milled |
• | Production at La Nación, located within the Independencia mine complex, continued to successfully ramp up, averaging approximately 700 tons per day ("tpd") during the fourth quarter, which was well in excess of the 400 tpd target. Production from La Nación is expected to remain at approximately 700 tpd in 2020 |
• | Fourth quarter adjusted CAS1 for gold and silver on a co-product basis decreased 6% and 2% to $622 and $8.79 per ounce, respectively, compared to the prior quarter. Continued strong cost performance during the quarter reflects higher average silver grade and effective cost management |
• | For the full year, adjusted CAS1 for gold and silver increased 23% and 18%, respectively, to $683 and $9.11 per ounce, but finished within full-year 2019 guidance ranges of $650 - $750 per gold ounce and |
• | Fourth quarter and full-year capital expenditures increased 10% and 11%, respectively, to $8.6 million and $32.7 million, reflecting ongoing investment in mine development and infrastructure projects |
• | Free cash flow1 in the fourth quarter increased 15% to $32.8 million, while free cash flow1 for the full year totaled $66.5 million and was over-three times higher compared to 2018. Improved free cash flow1 for both periods reflects higher operating cash flow, partially offset by increased investment |
• | Exploration investment for the fourth quarter and full year totaled approximately $2.9 million ($2.0 million expensed and $1.0 million capitalized) and $10.1 million ($5.7 million expensed and $4.5 million capitalized), respectively |
• | Up to seven surface and underground core rigs were active during the fourth quarter, focusing largely on resource expansion drilling near the two underground mine complexes, Independencia and Guadalupe |
• | For the full year, exploration activity was initially focused on infill and resource expansion drilling around the Guadalupe mine complex. As the year progressed, rigs were gradually migrated to the Independencia mine complex where they focused on testing the extension of veins to the north |
• | A total of 63 resource expansion holes and 85 infill holes were completed in 2019 |
• | Full-year 2020 production is expected to be 95,000 - 110,000 ounces of gold and 6.3 - 7.8 million ounces of silver |
• | CAS are expected to be $785 - $885 per gold ounce and $10.35 - $11.35 per silver ounce |
• | Capital expenditures are expected to be approximately $35 - $40 million |
(Dollars in millions, except per ounce amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 |
Ore tons placed | 10,582,518 | 2,612,319 | 2,516,353 | 2,786,287 | 2,667,559 | 16,169,807 | 3,674,566 |
Average silver grade (oz/t) | 0.46 | 0.47 | 0.43 | 0.45 | 0.46 | 0.52 | 0.46 |
Average gold grade (oz/t) | 0.003 | 0.003 | 0.004 | 0.003 | 0.003 | 0.004 | 0.004 |
Silver ounces produced (000’s) | 3,761 | 848 | 982 | 971 | 960 | 5,038 | 1,466 |
Gold ounces produced | 35,400 | 10,634 | 7,901 | 8,609 | 8,256 | 54,388 | 15,926 |
Silver ounces sold (000’s) | 3,845 | 932 | 951 | 962 | 1,000 | 4,855 | 1,391 |
Gold ounces sold | 36,052 | 11,248 | 7,651 | 8,642 | 8,511 | 52,789 | 15,339 |
Average realized price per silver ounce | $16.07 | $17.22 | $17.02 | $14.83 | $15.31 | $15.50 | $14.53 |
Average realized price per gold ounce | $1,393 | $1,484 | $1,476 | $1,295 | $1,299 | $1,261 | $1,234 |
Metal sales | $112.0 | $32.6 | $27.5 | $25.5 | $26.4 | $141.8 | $39.1 |
Costs applicable to sales3 | $100.2 | $25.3 | $27.7 | $24.7 | $22.5 | $105.7 | $29.4 |
Adjusted CAS per AgOz1 | $13.67 | $13.25 | $14.24 | $13.19 | $12.83 | $11.44 | $10.79 |
Adjusted CAS per AuOz1 | $1,193 | $1,142 | $1,230 | $1,153 | $1,092 | $930 | $917 |
Exploration expense | $0.7 | $0.4 | $0.1 | $0.1 | $0.1 | $0.3 | $— |
Cash flow from operating activities | $15.8 | $6.9 | $8.3 | $1.6 | $(1.0) | $33.0 | $17.9 |
Sustaining capital expenditures (excludes capital lease payments) | $2.1 | $0.9 | $(1.0) | $0.4 | $1.8 | $10.7 | $7.1 |
Development capital expenditures | $20.5 | $4.1 | $11.2 | $2.4 | $2.8 | $(0.8) | $(4.1) |
Total capital expenditures | $22.6 | $5.0 | $10.2 | $2.8 | $4.6 | $9.9 | $3.0 |
Free cash flow1 | $(6.8) | $1.9 | $(1.9) | $(1.2) | $(5.6) | $23.1 | $14.9 |
• | Silver production decreased 14% quarter-over-quarter to approximately 0.8 million ounces, while gold production increased 35% to 10,634 ounces. For the full year, silver and gold production decreased 25% and 35% to 3.8 million and 35,400 ounces, respectively |
• | Silver production in the fourth quarter was impacted by lower than anticipated throughput rates related to the secondary crusher, which reduced metal inventory on the Stage III and Stage IV leach pads. Gold production increased largely due to the placement of higher-grade material close to the liner of the Stage IV leach pad early in the fourth quarter |
• | Fourth quarter adjusted CAS1 for silver and gold on a co-product basis both decreased by approximately 7% quarter-over-quarter, totaling $13.25 and $1,142 per ounce, respectively, reflecting higher gold ounces sold |
• | Year-over-year adjusted CAS1 for silver and gold increased 19% and 28%, respectively, to $13.67 and $1,193 per ounce. Higher unit costs in 2019 reflect lower production levels and fewer ounces sold, primarily due to the commissioning and ramp up of the new crushing circuit |
• | Fourth quarter capital expenditures decreased 51% to $5.0 million, bringing the full-year total to $22.6 million (over double the investment in 2018). Capital expenditures during the year were focused on the new crushing circuit, further development of the Stage IV leach pad and initial work on Plan of Operations Amendment 11 |
• | Free cash flow1 totaled $1.9 million and $(6.8) million for the fourth quarter and full year, respectively. Higher free cash flow1 in the fourth quarter resulted from increased metal sales and lower capital expenditures, while full-year results were impacted by the integration of the new crushing circuit |
• | Exploration investment for the fourth quarter and full year totaled approximately $1.0 million ($0.4 million expensed and $0.7 million capitalized) and $1.9 million ($0.7 million expensed and $1.2 million capitalized), respectively |
• | An infill diamond drilling program was completed in the fourth quarter. A portion of the program drilled four holes in the center of the Rochester pit, while the other portion utilized directional drilling techniques to test areas of potential mineralization under the Stage I leach pad at East Rochester |
• | Drilling at the Lincoln Hill project, which was acquired from Alio Gold Inc. in October 2018 for approximately $19.0 million and is located approximately four miles west of Rochester, was also completed during the fourth quarter. Exploration activity was primarily focused on infill drilling to validate the previous owner’s resource model and collect additional information regarding mineralization and host rock |
• | Overall crushing and placement rates were lower as a result of the secondary crusher, which was installed in the beginning of the third quarter to replace a failed larger unit. Coeur expects to process approximately 34,000 tpd through the current crusher configuration during 2020, down from initial expectations of 37,000 tpd. The Company is pursuing opportunities to increase throughput rates to achieve this initial target |
• | Initial HPGR cells on the Stage IV leach pad indicate silver recovery rates in-line with original expectations. The Company has isolated approximately 194,000 tons on the north end of the Stage IV leach pad that have exhibited a 60-day silver recovery rate of approximately 60%, in-line with third-party test work and substantially higher than traditionally-crushed and run-of-mine material which historically exhibit silver recoveries of 36% and 13%, respectively, over the same time period |
• | The final Environmental Impact Statement has been published and Coeur expects to receive the Record of Decision from the Bureau of Land Management for POA11 towards the end of the first quarter. The Company is completing engineering, procurement and construction planning, and expects to request formal approval from its Board of Directors to advance the project in mid-2020 |
• | The Company plans to file an updated technical report in accordance with Canadian National Instrument 43-101 in late 2020 further outlining the expansion, including an updated capital estimate as well as additional operational and financial information regarding the expected impacts of HPGR technology |
• | Full-year 2020 production is expected to be 4.0 - 5.5 million ounces of silver and 27,000 - 33,000 ounces of gold |
• | CAS in 2020 are expected to be $13.25 - $14.50 per silver ounce and $1,175 - $1,325 per gold ounce |
• | Capital expenditures are expected to be approximately $28 - $35 million |
(Dollars in millions, except per ounce amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 |
Tons milled | 658,378 | 167,061 | 166,475 | 160,510 | 164,332 | 641,058 | 149,998 |
Average gold grade (oz/t) | 0.21 | 0.20 | 0.22 | 0.23 | 0.20 | 0.18 | 0.21 |
Average recovery rate | 91.0% | 87.2% | 93.2% | 93.0% | 90.2% | 92.3% | 91.1% |
Gold ounces produced | 127,914 | 29,736 | 34,156 | 34,049 | 29,973 | 105,570 | 28,421 |
Gold ounces sold | 130,495 | 29,293 | 35,452 | 34,415 | 31,335 | 106,555 | 24,979 |
Average realized price per gold ounce, gross | $1,408 | $1,493 | $1,505 | $1,332 | $1,301 | $1,277 | $1,267 |
Treatment and refining charges per gold ounce | $20 | $24 | $20 | $20 | $15 | $30 | $21 |
Average realized price per gold ounce, net | $1,388 | $1,469 | $1,485 | $1,312 | $1,286 | $1,247 | $1,246 |
Metal sales | $181.1 | $43.0 | $52.6 | $45.2 | $40.3 | $132.9 | $31.1 |
Costs applicable to sales3 | $119.6 | $28.8 | $29.5 | $29.1 | $32.2 | $112.4 | $21.4 |
Adjusted CAS per AuOz1 | $910 | $976 | $822 | $842 | $990 | $1,050 | $843 |
Prepayment, working capital cash flow | $15.0 | $4.7 | $(14.7) | $25.0 | $— | $— | $— |
Exploration expense | $5.6 | $1.6 | $1.5 | $2.0 | $0.5 | $5.9 | $1.3 |
Cash flow from operating activities | $72.0 | $19.9 | $4.5 | $41.4 | $6.2 | $15.3 | $7.9 |
Sustaining capital expenditures (excludes capital lease payments) | $23.5 | $4.3 | $4.9 | $4.9 | $9.4 | $37.2 | $9.8 |
Development capital expenditures | $— | $— | $— | $— | $— | $7.5 | $0.8 |
Total capital expenditures | $23.5 | $4.3 | $4.9 | $4.9 | $9.4 | $44.7 | $10.6 |
Free cash flow1 | $48.5 | $15.6 | $(0.4) | $36.5 | $(3.2) | $(29.4) | $(2.7) |
• | Commercial production at Jualin was declared on December 1, 2018. The figures shown in the table above exclude pre-commercial production |
• | Gold production decreased 13% quarter-over-quarter to 29,736 ounces, while full-year gold production increased 21% to 127,914 ounces |
• | Gold production in the fourth quarter was primarily driven by lower average grade as a result of a change in mine sequencing. Lower recoveries during the quarter reflect the settlement of gold shipments made in prior periods |
• | Higher gold production in 2019 was primarily due to an 17% increase in average grade, reflecting a full year of production from the high-grade Jualin deposit |
• | Production from Jualin accounted for approximately 15% and 14% of Kensington’s production during the fourth quarter and full year, respectively |
• | Adjusted CAS1 increased 19% quarter-over-quarter to $976 per ounce, largely due to fewer gold ounces sold. Full-year adjusted CAS1 decreased 13% year-over-year to $910 per ounce, finishing below the low end of its guidance range of $950 - $1,050 per ounce. Strong unit cost performance throughout the year was driven by the contribution of high-grade ore from the Jualin deposit |
• | Capital expenditures of $4.3 million were slightly lower quarter-over-quarter, reflecting ongoing underground development. Full-year capital expenditures decreased 47% year-over-year to $23.5 million, primarily driven by lower investment in underground development, infrastructure projects and infill drilling |
• | Free cash flow1 for the fourth quarter and full year totaled $15.6 million and $48.5 million, respectively, and reflect the impacts of the prepayment. Excluding the effect of the prepayment, free cash flow1 totaled approximately $10.9 million and $33.5 million in the fourth quarter and full year, respectively |
• | Exploration investment for the fourth quarter and full year totaled approximately $1.7 million (substantially all expensed) and $7.6 million ($5.6 million expensed and $2.0 million capitalized), respectively |
• | Two underground core drill rigs were focused on resource expansion drilling at the Eureka and Jualin veins as well as lower Kensington Zone 10 during the fourth quarter. Results were encouraging, particularly at Eureka, while assays from Zone 10 are currently pending |
• | A total of 112 resource expansion holes and 42 infill holes were completed in 2019 |
• | Production in 2020 is expected to be 115,000 - 130,000 ounces of gold |
• | CAS in 2020 are expected to be $900 - $1,000 per ounce |
• | Capital expenditures are expected to be $24 - $28 million in 2020 |
(Dollars in millions, except per ounce amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 |
Ore tons placed | 4,613,359 | 1,100,393 | 1,503,021 | 919,435 | 1,090,510 | 4,923,774 | 1,644,168 |
Average gold grade (oz/t) | 0.023 | 0.023 | 0.027 | 0.023 | 0.020 | 0.022 | 0.020 |
Gold ounces produced | 84,172 | 25,644 | 25,946 | 15,680 | 16,902 | 76,840 | 16,960 |
Silver ounces produced (000’s) | 63 | 20 | 18 | 12 | 13 | 51 | 13 |
Gold ounces sold | 84,999 | 27,039 | 24,573 | 15,301 | 18,086 | 75,572 | 15,306 |
Silver ounces sold (000’s) | 64 | 21 | 17 | 12 | 14 | 48 | 11 |
Average realized price per gold ounce | $1,416 | $1,482 | $1,481 | $1,311 | $1,317 | $1,267 | $1,247 |
Metal sales | $121.4 | $40.5 | $36.7 | $20.2 | $24.0 | $96.5 | $19.3 |
Costs applicable to sales3 | $80.7 | $25.7 | $22.1 | $15.5 | $17.4 | $67.2 | $14.6 |
Adjusted CAS per AuOz1 | $894 | $802 | $887 | $1,002 | $949 | $876 | $939 |
Exploration expense | $0.3 | $0.2 | $0.1 | $— | $— | $0.1 | $— |
Cash flow from operating activities | $39.3 | $17.0 | $17.6 | $0.5 | $4.2 | $11.9 | $(1.9) |
Sustaining capital expenditures (excludes capital lease payments) | $2.2 | $0.8 | $0.8 | $0.2 | $0.4 | $3.4 | $0.7 |
Development capital expenditures | $— | $— | $— | $— | $— | $— | $— |
Total capital expenditures | $2.2 | $0.8 | $0.8 | $0.2 | $0.4 | $3.4 | $0.7 |
Free cash flow1 | $37.1 | $16.2 | $16.8 | $0.3 | $3.8 | $8.5 | $(2.6) |
• | Continued strong gold production totaled 25,644 ounces in the fourth quarter, consistent with the prior period. Full-year gold production increased 10% year-over-year to 84,172 ounces |
• | Consistent production during the quarter was primarily driven by strong crusher performance, placement of additional tons in the prior period and continued stacking of higher-grade ore |
• | Notably, second half gold production increased 58% from the first half of 2019 |
• | Adjusted CAS1 on a by-product basis decreased 10% quarter-over-quarter to $802 per ounce, primarily driven by higher gold and silver ounces sold. Full-year adjusted CAS1 was slightly higher in 2019, totaling $894 per ounce but remaining within its guidance range of $850 - $950 per ounce |
• | Fourth quarter capital expenditures of $0.8 million were consistent quarter-over-quarter. Full-year capital expenditures totaled $2.2 million, compared to $3.4 million in 2018, and were primarily focused on equipment purchases |
• | Fourth quarter and full year free cash flow1 totaled $16.2 million and $37.1 million, respectively. Since acquiring the operation in February 2015 for approximately $99.5 million, Wharf has generated $172.8 million of free cash flow1 |
• | Exploration investment for the fourth quarter and full year was minimal, reflecting limited drilling activity during 2019 |
• | One drill rig completed a small exploration campaign at the Richmond Hill project during the fourth quarter. Only eight holes were completed due to the timing of the program and the arrival of winter weather conditions; drilling is expected to restart in the second quarter of 2020 |
• | Gold production in 2020 is expected to be 80,000 - 90,000 ounces. CAS are expected to be $1,025 - $1,125 per ounce |
• | Capital expenditures are expected to be approximately $2 - $3 million in 2020 |
(Dollars in millions, except per ounce and per pound amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 |
Tons milled | 236,547 | 61,662 | 53,145 | 59,689 | 62,051 | 49,454 | 38,802 |
Average silver grade (oz/t) | 6.84 | 6.97 | 7.54 | 7.48 | 5.50 | 6.19 | 6.06 |
Average zinc grade (%) | 7.1% | 7.5% | 7.6% | 7.5% | 5.9% | 6.2% | 5.8% |
Average lead grade (%) | 4.8% | 4.9% | 5.4% | 5.4% | 3.7% | 4.0% | 3.9% |
Average recovery rate – Ag | 71.8% | 65.1% | 74.8% | 77.0% | 69.9% | 59.6% | 60.5% |
Average recovery rate – Zn | 50.8% | 42.0% | 51.7% | 59.1% | 50.5% | 67.8% | 69.1% |
Average recovery rate – Pb | 72.6% | 66.4% | 78.4% | 77.3% | 66.8% | 52.5% | 54.7% |
Silver ounces produced (000's) | 1,162 | 279 | 300 | 344 | 239 | 182 | 142 |
Zinc pounds produced (000's) | 17,103 | 3,865 | 4,197 | 5,322 | 3,719 | 4,181 | 3,082 |
Lead pounds produced (000's) | 16,556 | 4,021 | 4,478 | 4,980 | 3,077 | 2,072 | 1,659 |
Silver ounces sold (000's) | 1,164 | 294 | 290 | 365 | 215 | 223 | 124 |
Zinc pounds sold (000's) | 18,155 | 4,053 | 4,076 | 5,303 | 4,723 | 4,376 | 2,604 |
Lead pounds sold (000's) | 16,488 | 4,223 | 4,331 | 5,186 | 2,748 | 2,649 | 1,419 |
Average realized price per silver ounce, gross | $16.69 | $16.61 | $19.94 | $15.18 | $14.98 | $15.00 | $15.54 |
Treatment and refining charges per silver ounce | $1.60 | $2.34 | $1.63 | $1.18 | $1.24 | $0.84 | $1.38 |
Average realized price per silver ounce, net | $15.09 | $14.27 | $18.31 | $14.00 | $13.74 | $14.16 | $14.16 |
Average realized price per zinc pound, gross | $1.06 | $1.04 | $0.86 | $0.83 | $1.50 | $1.12 | $1.07 |
Treatment and refining charges per zinc pound | $0.35 | $0.42 | $0.36 | $0.34 | $0.31 | $0.29 | $0.24 |
Average realized price per zinc pound, net | $0.71 | $0.62 | $0.50 | $0.49 | $1.19 | $0.83 | $0.83 |
Average realized price per lead pound, gross | $0.91 | $0.89 | $0.98 | $0.87 | $0.92 | $0.90 | $0.87 |
Treatment and refining charges per lead pound | $0.07 | $0.11 | $0.06 | $0.05 | $0.06 | $0.10 | $0.07 |
Average realized price per lead pound, net | $0.84 | $0.78 | $0.92 | $0.82 | $0.86 | $0.80 | $0.80 |
Metal sales | $44.3 | $10.2 | $11.3 | $11.9 | $10.9 | $8.9 | $4.8 |
Costs applicable to sales3 | $108.8 | $32.0 | $24.2 | $26.2 | $26.4 | $35.6 | $24.1 |
Adjusted CAS per AgOz1 | $12.89 | $11.22 | $14.14 | $13.31 | $13.73 | $14.16 | $17.68 |
Adjusted CAS per ZnLb1 | $0.95 | $0.69 | $0.75 | $1.02 | $1.18 | $0.83 | $0.95 |
Adjusted CAS per PbLb1 | $0.72 | $0.62 | $0.71 | $0.77 | $0.88 | $0.80 | $1.02 |
Exploration expense | $2.5 | $0.9 | $0.8 | $0.7 | $0.1 | $2.7 | $0.3 |
Cash flow from operating activities | $(69.4) | $(28.6) | $(15.3) | $(11.6) | $(13.9) | $(40.9) | $(34.1) |
Sustaining capital expenditures (excludes capital lease payments) | $17.5 | $2.0 | $6.4 | $5.0 | $4.1 | $8.6 | $8.2 |
Development capital expenditures | $— | $— | $— | $— | $— | $44.3 | $(10.8) |
Total capital expenditures | $17.5 | $2.0 | $6.4 | $5.0 | $4.1 | $52.9 | $(2.6) |
Free cash flow1 | $(86.9) | $(30.6) | $(21.7) | $(16.6) | $(18.0) | $(93.8) | $(31.5) |
• | Silvertip achieved commercial production on September 1, 2018. The figures shown in the table above exclude pre-commercial production |
• | Fourth quarter silver, zinc and lead production decreased 7%, 8% and 10% quarter-over-quarter to 0.3 million ounces, 3.9 million pounds and 4.0 million pounds, respectively. Production during the quarter was driven primarily by lower average recovery rates as a result of ongoing mill optimization initiatives |
• | Full-year silver, zinc and lead production totaled 1.2 million ounces, 17.1 million pounds and 16.6 million pounds, respectively |
• | Adjusted CAS1 figures shown in the table above and highlighted below exclude the impact of non-cash write downs of metal inventory |
• | Fourth quarter adjusted CAS1 on a co-product basis were $11.22 per silver ounce, $0.69 per payable zinc pound and $0.62 per payable lead pound, compared to $12.89, $0.95 and $0.72, respectively, for the full year |
• | Capital expenditures during the fourth quarter were $2.0 million and focused primarily on underground development. Full-year capital expenditures totaled $17.5 million, significantly lower year-over-year due to the commencement of commercial production on September 1, 2018 |
• | Free cash flow1 for the fourth quarter and full year totaled $(30.6) million and $(86.9) million, respectively |
• | Exploration investment for the fourth quarter and full year totaled approximately $1.0 million (substantially all expensed) and $1.3 million ($2.5 million expensed and $(0.9) million capitalized), respectively |
• | Up to three surface core drill rigs were active during the fourth quarter, focused primarily on expansion drilling at the Discovery East, South and North zones. A total of 44 resource expansion holes and eight infill holes were completed in 2019 |
• | Mill throughput increased 16% quarter-over-quarter to 61,662 tons but remained below target primarily due to extended planned downtime, which was implemented to complete key projects targeting improved mill availability |
• | Mill stability initiatives throughout 2019 led to improved availability and more consistent operational performance late in the fourth quarter and in the beginning of 2020. Notably, mill availability averaged over 90% in January 2020 |
• | Coeur paid the first milestone payment related the receipt of its amended permit in the fourth quarter. The Company also paid the second milestone payment tied to its year-end reserves and resources in the first quarter of 2020. Each payment totaled $25.0 million, including approximately $18.8 million in cash and $6.3 million in stock |
• | 2020 capital expenditures are expected to total $4 - $6 million |
Gold | Silver | |||
(oz) | (K oz) | |||
Palmarejo | 95,000 - 110,000 | 6,300 - 7,800 | ||
Rochester | 27,000 - 33,000 | 4,000 - 5,500 | ||
Kensington | 115,000 - 130,000 | — | ||
Wharf | 80,000 - 90,000 | — | ||
Total | 317,000 - 363,000 | 10,300 - 13,300 |
Gold | Silver | |||
($/oz) | ($/oz) | |||
Palmarejo (co-product) | $785 - $885 | $10.35 - $11.35 | ||
Rochester (co-product) | $1,175 - $1,325 | $13.25 - $14.50 | ||
Kensington | $900 - $1,000 | — | ||
Wharf (by-product) | $1,025 - $1,125 | — |
($M) | ||||
Capital Expenditures, Sustaining | $65 - $80 | |||
Capital Expenditures, Development | $30 - $35 | |||
Exploration, Expensed | $38 - $44 | |||
Exploration, Capitalized | $6 - $10 | |||
General & Administrative Expenses | $32 - $36 |
1. | EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) 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 and gold production royalty payments. Please see table in Appendix for the calculation of consolidated free cash flow. |
2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 | |||||||||||||||
Average Gold Spot Price Per Ounce | $ | 1,393 | $ | 1,481 | $ | 1,472 | $ | 1,309 | $ | 1,304 | $ | 1,268 | $ | 1,226 | |||||||
Average Silver Spot Price Per Ounce | $ | 16.21 | $ | 17.32 | $ | 16.98 | $ | 14.88 | $ | 15.57 | $ | 15.71 | $ | 14.54 | |||||||
Average Zinc Spot Price Per Pound | $ | 1.16 | $ | 1.08 | $ | 1.07 | $ | 1.25 | $ | 1.23 | $ | 1.33 | $ | 1.19 | |||||||
Average Lead Spot Price Per Pound | $ | 0.91 | $ | 0.93 | $ | 0.92 | $ | 0.85 | $ | 0.92 | $ | 1.02 | $ | 0.89 |
December 31, 2019 | December 31, 2018 | ||||||
ASSETS | In thousands, except share data | ||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 55,645 | $ | 115,081 | |||
Receivables | 18,666 | 29,744 | |||||
Inventory | 55,886 | 66,279 | |||||
Ore on leach pads | 66,192 | 75,122 | |||||
Prepaid expenses and other | 14,047 | 11,393 | |||||
210,436 | 297,619 | ||||||
NON-CURRENT ASSETS | |||||||
Property, plant and equipment, net | 248,789 | 298,451 | |||||
Mining properties, net | 711,955 | 971,567 | |||||
Ore on leach pads | 71,539 | 66,964 | |||||
Restricted assets | 8,752 | 12,133 | |||||
Equity and debt securities | 35,646 | 17,806 | |||||
Receivables | 28,709 | 31,151 | |||||
Other | 62,810 | 16,809 | |||||
TOTAL ASSETS | $ | 1,378,636 | $ | 1,712,500 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 69,176 | $ | 47,210 | |||
Accrued liabilities and other | 95,616 | 82,619 | |||||
Debt | 22,746 | 24,937 | |||||
Reclamation | 3,114 | 6,552 | |||||
190,652 | 161,318 | ||||||
NON-CURRENT LIABILITIES | |||||||
Debt | 272,751 | 433,889 | |||||
Reclamation | 133,417 | 128,994 | |||||
Deferred tax liabilities | 41,976 | 79,070 | |||||
Other long-term liabilities | 72,836 | 56,717 | |||||
520,980 | 698,670 | ||||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS’ EQUITY | |||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 241,529,021 issued and outstanding at December 31, 2019 and 203,310,443 at December 31, 2018 | 2,415 | 2,033 | |||||
Additional paid-in capital | 3,598,472 | 3,443,082 | |||||
Accumulated other comprehensive income (loss) | (136 | ) | (59 | ) | |||
Accumulated deficit | (2,933,747 | ) | (2,592,544 | ) | |||
667,004 | 852,512 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,378,636 | $ | 1,712,500 |
Year ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
In thousands, except share data | |||||||||||
Revenue | $ | 711,502 | $ | 625,904 | $ | 709,598 | |||||
COSTS AND EXPENSES | |||||||||||
Costs applicable to sales(1) | 551,181 | 440,950 | 440,260 | ||||||||
Amortization | 178,876 | 128,473 | 146,549 | ||||||||
General and administrative | 34,493 | 31,345 | 33,616 | ||||||||
Exploration | 22,527 | 25,397 | 30,311 | ||||||||
Impairment of long-lived assets | 250,814 | — | — | ||||||||
Pre-development, reclamation, and other | 18,421 | 20,043 | 18,936 | ||||||||
Total costs and expenses | 1,056,312 | 646,208 | 669,672 | ||||||||
OTHER INCOME (EXPENSE), NET | |||||||||||
Loss on debt extinguishment | (1,281 | ) | — | (9,342 | ) | ||||||
Fair value adjustments, net | 16,030 | 3,638 | (864 | ) | |||||||
Interest expense, net of capitalized interest | (24,771 | ) | (24,364 | ) | (16,440 | ) | |||||
Other, net | (3,193 | ) | (24,705 | ) | 26,643 | ||||||
Total other income (expense), net | (13,215 | ) | (45,431 | ) | (3 | ) | |||||
Income (loss) before income and mining taxes | (358,025 | ) | (65,735 | ) | 39,923 | ||||||
Income and mining tax (expense) benefit | 11,129 | 16,780 | (28,998 | ) | |||||||
Income (loss) from continuing operations | $ | (346,896 | ) | $ | (48,955 | ) | $ | 10,925 | |||
Income (loss) from discontinued operations | 5,693 | 550 | (12,244 | ) | |||||||
NET INCOME (LOSS) | $ | (341,203 | ) | $ | (48,405 | ) | $ | (1,319 | ) | ||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||
Unrealized gain (loss) on debt and equity securities | 26 | 3,227 | |||||||||
Reclassification adjustments for impairment of equity securities | — | — | 426 | ||||||||
Reclassification adjustments for realized (gain) loss on sale of equity securities | — | — | 1,354 | ||||||||
Other comprehensive income (loss) | (77 | ) | 26 | 5,007 | |||||||
COMPREHENSIVE INCOME (LOSS) | $ | (341,280 | ) | $ | (48,379 | ) | $ | 3,688 | |||
NET INCOME (LOSS) PER SHARE | |||||||||||
Basic income (loss) per share: | |||||||||||
Net income (loss) from continuing operations | $ | (1.59 | ) | $ | (0.26 | ) | $ | 0.06 | |||
Net income (loss) from discontinued operations | 0.03 | — | (0.07 | ) | |||||||
Basic(2) | $ | (1.56 | ) | $ | (0.26 | ) | $ | (0.01 | ) | ||
Diluted income (loss) per share: | |||||||||||
Net income (loss) from continuing operations | $ | (1.59 | ) | $ | (0.26 | ) | $ | 0.06 | |||
Net income (loss) from discontinued operations | 0.03 | — | (0.07 | ) | |||||||
Diluted(2) | $ | (1.56 | ) | $ | (0.26 | ) | $ | (0.01 | ) |
Year ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
In thousands | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (341,203 | ) | $ | (48,405 | ) | $ | (1,319 | ) | ||
(Income) loss from discontinued operations | (5,693 | ) | (550 | ) | 12,244 | ||||||
Adjustments: | |||||||||||
Amortization | 178,876 | 128,473 | 146,549 | ||||||||
Accretion | 12,147 | 13,933 | 9,980 | ||||||||
Deferred taxes | (36,817 | ) | (48,441 | ) | (13,888 | ) | |||||
Loss on debt extinguishment | 1,281 | — | 9,342 | ||||||||
Fair value adjustments, net | (16,030 | ) | (3,638 | ) | 864 | ||||||
Stock-based compensation | 9,189 | 8,328 | 10,541 | ||||||||
Gain on sale of the Joaquin project | — | — | (21,138 | ) | |||||||
Impairment of long-lived assets | 250,814 | — | — | ||||||||
Write-downs | 69,246 | 55,297 | — | ||||||||
Deferred revenue recognition | (1,857 | ) | — | ||||||||
Other | 14,281 | 7,353 | (7,974 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (2,739 | ) | (9,260 | ) | 18,895 | ||||||
Prepaid expenses and other current assets | 280 | 4,876 | (2,015 | ) | |||||||
Inventory and ore on leach pads | (62,998 | ) | (44,488 | ) | 23,517 | ||||||
Accounts payable and accrued liabilities | 23,103 | (43,370 | ) | 11,562 | |||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF CONTINUING OPERATIONS | 91,880 | 20,108 | 197,160 | ||||||||
CASH USED IN OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS | — | (2,690 | ) | 11,296 | |||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 91,880 | 17,418 | 208,456 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (99,772 | ) | (140,787 | ) | (136,734 | ) | |||||
Acquisitions, net | — | 6,914 | (156,248 | ) | |||||||
Proceeds from the sale of assets | 1,033 | 577 | 16,705 | ||||||||
Purchase of investments | (5,023 | ) | (426 | ) | (15,058 | ) | |||||
Sale of investments | 2,109 | 12,713 | 11,321 | ||||||||
Proceeds from notes receivable | 7,168 | 19,000 | — | ||||||||
Other | 1,919 | 11 | 2,864 | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS | (92,566 | ) | (101,998 | ) | (277,150 | ) | |||||
CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS | — | (28,470 | ) | (1,392 | ) | ||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (92,566 | ) | (130,468 | ) | (278,542 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of common stock | 123,059 | — | — | ||||||||
Issuance of notes and bank borrowings, net of issuance costs | 60,000 | 95,000 | 342,620 | ||||||||
Payments on debt, finance leases, and associated costs | (221,854 | ) | (95,059 | ) | (203,045 | ) | |||||
Silvertip contingent consideration | (18,697 | ) | — | — | |||||||
Other | (3,404 | ) | (5,160 | ) | (3,746 | ) | |||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS | (60,896 | ) | (5,219 | ) | 135,829 | ||||||
CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS | — | (22 | ) | (84 | ) | ||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (60,896 | ) | (5,241 | ) | 135,745 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 531 | 28 | 203 | ||||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (61,051 | ) | (118,263 | ) | 65,862 | ||||||
Less net cash used in discontinued operations(1) | — | (32,930 | ) | (10,939 | ) | ||||||
(61,051 | ) | (85,333 | ) | 76,801 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 118,069 | 203,402 | 126,601 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 57,018 | $ | 118,069 | $ | 203,402 |
(Dollars in thousands except per share amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 | ||||||||||||||||||||
Net income (loss) | $ | (341,203 | ) | $ | (270,961 | ) | $ | (14,277 | ) | $ | (36,764 | ) | $ | (19,201 | ) | $ | (48,405 | ) | $ | 468 | |||||||
(Income) loss from discontinued operations, net of tax | (5,693 | ) | — | — | — | (5,693 | ) | (550 | ) | — | |||||||||||||||||
Interest expense, net of capitalized interest | 24,771 | 5,512 | 5,980 | 6,825 | 6,454 | 24,364 | 6,563 | ||||||||||||||||||||
Income tax provision (benefit) | (11,129 | ) | 2,857 | 218 | (5,546 | ) | (8,658 | ) | (16,780 | ) | (36,231 | ) | |||||||||||||||
Amortization | 178,876 | 48,118 | 45,678 | 43,204 | 41,876 | 128,473 | 37,053 | ||||||||||||||||||||
EBITDA | (154,378 | ) | (214,474 | ) | 37,599 | 7,719 | 14,778 | 87,102 | 7,853 | ||||||||||||||||||
Fair value adjustments, net | (16,030 | ) | (7,829 | ) | (4,377 | ) | 5,296 | (9,120 | ) | (3,638 | ) | (731 | ) | ||||||||||||||
Foreign exchange (gain) loss | 4,346 | 268 | 2,945 | 468 | 665 | 9,069 | 1,986 | ||||||||||||||||||||
Asset retirement obligation accretion | 12,154 | 3,124 | 3,080 | 3,007 | 2,943 | 11,116 | 2,747 | ||||||||||||||||||||
Inventory adjustments and write-downs | 5,904 | 363 | 5,371 | 2,193 | 1,623 | 2,093 | 858 | ||||||||||||||||||||
(Gain) loss on sale of assets and securities | 714 | 594 | 100 | 72 | (52 | ) | (19 | ) | 298 | ||||||||||||||||||
Impairment of long-lived assets | 250,814 | 250,814 | — | — | — | — | — | ||||||||||||||||||||
Silvertip inventory write-down | 64,610 | 23,325 | 13,966 | 11,872 | 15,447 | 26,720 | 17,974 | ||||||||||||||||||||
Wharf inventory write-down | 3,596 | 3,596 | — | — | — | — | — | ||||||||||||||||||||
Loss on debt extinguishment | 1,282 | — | 1,282 | — | — | — | — | ||||||||||||||||||||
Receivable write-down | 1,040 | — | 1,040 | — | — | 6,536 | 6,536 | ||||||||||||||||||||
Interest income on notes receivables | (198 | ) | — | — | (18 | ) | (180 | ) | (1,776 | ) | (327 | ) | |||||||||||||||
Manquiri sale consideration write-down | — | — | — | — | 18,599 | — | |||||||||||||||||||||
Rochester In-Pit crusher write-down | — | — | — | — | — | 3,441 | — | ||||||||||||||||||||
Mexico inflation adjustment | — | — | — | — | — | (1,939 | ) | — | |||||||||||||||||||
Transaction costs | — | — | — | — | — | 5 | (1,044 | ) | |||||||||||||||||||
Adjusted EBITDA | $ | 173,854 | $ | 59,781 | $ | 61,006 | $ | 30,609 | $ | 26,104 | $ | 157,309 | $ | 36,150 | |||||||||||||
Revenue | $ | 711,502 | $ | 195,040 | $ | 199,469 | $ | 162,123 | $ | 154,870 | $ | 625,904 | 143,855 | ||||||||||||||
Adjusted EBITDA Margin | 24 | % | 31 | % | 31 | % | 19 | % | 17 | % | 25 | % | 25 | % |
(Dollars in thousands except per share amounts) | 2019 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 | ||||||||||||||||||||
Net income (loss) | $ | (341,203 | ) | $ | (270,961 | ) | $ | (14,277 | ) | $ | (36,764 | ) | $ | (19,201 | ) | $ | (48,405 | ) | $ | 468 | |||||||
Income loss from discontinued operations, net of tax | (5,693 | ) | — | — | — | (5,693 | ) | (550 | ) | — | |||||||||||||||||
Fair value adjustments, net | (16,030 | ) | (7,829 | ) | (4,377 | ) | 5,296 | (9,120 | ) | (3,638 | ) | (731 | ) | ||||||||||||||
Foreign exchange loss (gain) | 5,900 | 1,733 | 2,022 | 889 | 1,256 | 8,611 | (530 | ) | |||||||||||||||||||
(Gain) loss on sale of assets and securities | 714 | 594 | 100 | 72 | (52 | ) | (19 | ) | 326 | ||||||||||||||||||
Impairment of long-lived assets | 250,814 | 250,814 | — | — | — | — | — | ||||||||||||||||||||
Silvertip inventory write-down | 64,610 | 23,325 | 13,966 | 11,872 | 15,447 | 26,720 | 17,974 | ||||||||||||||||||||
Wharf inventory write-down | 3,596 | 3,596 | — | — | — | — | — | ||||||||||||||||||||
Loss on debt extinguishment | 1,282 | — | 1,282 | — | — | — | |||||||||||||||||||||
Receivable write-down | 1,040 | — | 1,040 | — | — | 6,536 | 6,536 | ||||||||||||||||||||
Interest income on notes receivables | (198 | ) | — | — | (18 | ) | (180 | ) | (1,776 | ) | (327 | ) | |||||||||||||||
Manquiri sale consideration write-down | — | — | — | — | — | 18,599 | — | ||||||||||||||||||||
Rochester In-Pit crusher write-down | — | — | — | — | — | 3,441 | — | ||||||||||||||||||||
Gain on repurchase of Rochester royalty | — | — | — | — | — | — | (28 | ) | |||||||||||||||||||
Mexico inflation adjustment | — | — | — | — | — | (1,939 | ) | — | |||||||||||||||||||
Transaction costs | — | — | — | — | — | 5 | (1,044 | ) | |||||||||||||||||||
Tax effect of adjustments(1) | (19,415 | ) | (4,572 | ) | (5,096 | ) | (4,332 | ) | (5,415 | ) | (9,750 | ) | (6,559 | ) | |||||||||||||
Adjusted net income (loss) | $ | (54,583 | ) | $ | (3,300 | ) | $ | (5,340 | ) | $ | (22,985 | ) | $ | (22,958 | ) | $ | (2,165 | ) | $ | 16,085 | |||||||
Adjusted net income (loss) per share - Basic | $ | (0.25 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.01 | ) | $ | 0.08 | |||||||
Adjusted net income (loss) per share - Diluted | $ | (0.25 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.01 | ) | $ | 0.08 |
(Dollars in thousands) | 2019 | Q4 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 | 2018 | 4Q 2018 | ||||||||||||||||||
Cash flow from continuing operations | $ | 91,880 | $ | 39,295 | $ | 41,996 | $ | 26,435 | $ | (15,846 | ) | $ | 20,108 | $ | 72 | ||||||||||
Capital expenditures from continuing operations | 99,772 | 20,907 | 30,678 | 20,749 | 27,438 | 140,787 | 17,805 | ||||||||||||||||||
Free cash flow | $ | (7,892 | ) | $ | 18,388 | $ | 11,318 | $ | 5,686 | $ | (43,284 | ) | (120,679 | ) | $ | (17,733 | ) |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 201,306 | $ | 118,246 | $ | 170,194 | $ | 92,969 | $ | 145,496 | $ | 728,211 | |||||||||||
Amortization | (59,379 | ) | (18,041 | ) | (50,592 | ) | (12,280 | ) | (36,738 | ) | (177,030 | ) | |||||||||||
Costs applicable to sales | $ | 141,927 | $ | 100,205 | $ | 119,602 | $ | 80,689 | $ | 108,758 | $ | 551,181 | |||||||||||
Inventory Adjustments | (344 | ) | (4,625 | ) | (913 | ) | (3,617 | ) | (64,610 | ) | (74,109 | ) | |||||||||||
By-product credit | — | — | — | (1,072 | ) | — | (1,072 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 141,583 | $ | 95,580 | $ | 118,689 | $ | 76,000 | $ | 44,148 | $ | 476,000 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 116,104 | 36,052 | 130,495 | 84,999 | 367,650 | ||||||||||||||||||
Silver ounces | 6,841,380 | 3,844,556 | 64,161 | 1,164,470 | 11,914,567 | ||||||||||||||||||
Zinc pounds | 18,154,521 | 18,154,521 | |||||||||||||||||||||
Lead pounds | 16,487,847 | 16,487,847 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 56 | % | 45 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 44 | % | 55 | % | 34 | % | |||||||||||||||||
Zinc | 39 | % | |||||||||||||||||||||
Lead | 27 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 683 | $ | 1,193 | $ | 910 | $ | 894 | |||||||||||||||
Silver ($/oz) | $ | 9.11 | $ | 13.67 | $ | 12.89 | |||||||||||||||||
Zinc ($/lb) | $ | 0.95 | |||||||||||||||||||||
Lead ($/lb) | $ | 0.72 |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 49,590 | $ | 31,100 | $ | 41,537 | $ | 29,818 | $ | 42,189 | $ | 194,234 | |||||||||||
Amortization | (14,799 | ) | (5,791 | ) | (12,776 | ) | (4,072 | ) | (10,166 | ) | (47,604 | ) | |||||||||||
Costs applicable to sales | $ | 34,791 | $ | 25,309 | $ | 28,761 | $ | 25,746 | $ | 32,023 | $ | 146,630 | |||||||||||
Inventory Adjustments | (11 | ) | (116 | ) | (176 | ) | (3,677 | ) | (23,325 | ) | (27,305 | ) | |||||||||||
By-product credit | — | — | — | (373 | ) | — | (373 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 34,780 | $ | 25,193 | $ | 28,585 | $ | 21,696 | $ | 8,698 | $ | 118,952 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 27,953 | 11,248 | 29,293 | 27,039 | — | 95,533 | |||||||||||||||||
Silver ounces | 1,979,315 | 931,326 | 21,132 | 294,498 | 3,226,271 | ||||||||||||||||||
Zinc pounds | 4,052,554 | 4,052,554 | |||||||||||||||||||||
Lead pounds | 4,223,504 | 4,223,504 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 50 | % | 51 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 50 | % | 49 | % | 38 | % | |||||||||||||||||
Zinc | 32 | % | |||||||||||||||||||||
Lead | 30 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 622 | $ | 1,142 | $ | 976 | $ | 802 | |||||||||||||||
Silver ($/oz) | $ | 8.79 | $ | 13.25 | $ | 11.22 | |||||||||||||||||
Zinc ($/lb) | $ | 0.69 | |||||||||||||||||||||
Lead ($/lb) | $ | 0.62 |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 53,237 | $ | 31,999 | $ | 43,085 | $ | 25,385 | $ | 32,457 | $ | 186,163 | |||||||||||
Amortization | (15,840 | ) | (4,250 | ) | (13,552 | ) | (3,301 | ) | (8,268 | ) | (45,211 | ) | |||||||||||
Costs applicable to sales | $ | 37,397 | $ | 27,749 | $ | 29,533 | $ | 22,084 | $ | 24,189 | $ | 140,952 | |||||||||||
Inventory Adjustments | (175 | ) | (4,799 | ) | (405 | ) | (7 | ) | (13,966 | ) | (19,352 | ) | |||||||||||
By-product credit | — | — | — | (293 | ) | — | (293 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 37,222 | $ | 22,950 | $ | 29,128 | $ | 21,784 | $ | 10,223 | $ | 121,307 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 32,731 | 7,651 | 35,452 | 24,573 | 100,407 | ||||||||||||||||||
Silver ounces | 1,747,250 | 951,043 | 16,612 | 289,910 | 3,004,815 | ||||||||||||||||||
Zinc pounds | 4,076,390 | 4,076,390 | |||||||||||||||||||||
Lead pounds | 4,330,862 | 4,330,862 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 58 | % | 41 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 42 | % | 59 | % | 39 | % | |||||||||||||||||
Zinc | 29 | % | |||||||||||||||||||||
Lead | 32 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 660 | $ | 1,230 | $ | 822 | $ | 887 | |||||||||||||||
Silver ($/oz) | $ | 8.95 | $ | 14.24 | $ | 14.14 | |||||||||||||||||
Zinc ($/lb) | $ | 0.75 | |||||||||||||||||||||
Lead ($/lb) | $ | 0.71 |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 50,708 | $ | 28,656 | $ | 41,670 | $ | 17,691 | $ | 36,038 | $ | 174,763 | |||||||||||
Amortization | (14,212 | ) | (3,963 | ) | (12,537 | ) | (2,225 | ) | (9,878 | ) | (42,815 | ) | |||||||||||
Costs applicable to sales | $ | 36,496 | $ | 24,693 | $ | 29,133 | $ | 15,466 | $ | 26,160 | $ | 131,948 | |||||||||||
Inventory Adjustments | (39 | ) | (2,045 | ) | (156 | ) | 48 | (11,872 | ) | (14,064 | ) | ||||||||||||
By-product credit | — | — | — | (188 | ) | — | (188 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 36,457 | $ | 22,648 | $ | 28,977 | $ | 15,326 | $ | 14,288 | $ | 117,696 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 28,027 | 8,642 | 34,415 | 15,301 | — | 86,385 | |||||||||||||||||
Silver ounces | 1,709,406 | 961,634 | 12,364 | 364,961 | 3,048,365 | ||||||||||||||||||
Zinc pounds | 5,302,508 | 5,302,508 | |||||||||||||||||||||
Lead pounds | 5,185,634 | 5,185,634 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 57 | % | 44 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 43 | % | 56 | % | 34 | % | |||||||||||||||||
Zinc | 38 | % | |||||||||||||||||||||
Lead | 28 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 741 | $ | 1,153 | $ | 842 | $ | 1,002 | |||||||||||||||
Silver ($/oz) | $ | 9.17 | $ | 13.19 | $ | 13.31 | |||||||||||||||||
Zinc ($/lb) | $ | 1.02 | |||||||||||||||||||||
Lead ($/lb) | $ | 0.77 |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 47,772 | $ | 26,491 | $ | 43,902 | $ | 20,073 | $ | 34,811 | $ | 173,049 | |||||||||||
Amortization | (14,528 | ) | (4,037 | ) | (11,727 | ) | (2,681 | ) | (8,426 | ) | (41,399 | ) | |||||||||||
Costs applicable to sales | $ | 33,244 | $ | 22,454 | $ | 32,175 | $ | 17,392 | $ | 26,385 | $ | 131,650 | |||||||||||
Inventory Adjustments | (141 | ) | (323 | ) | (1,164 | ) | (5 | ) | (15,447 | ) | (17,080 | ) | |||||||||||
By-product credit | — | — | — | (217 | ) | — | (217 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 33,103 | $ | 22,131 | $ | 31,011 | $ | 17,170 | $ | 10,938 | $ | 114,353 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 27,394 | 8,511 | 31,335 | 18,086 | 85,326 | ||||||||||||||||||
Silver ounces | 1,405,409 | 1,000,453 | — | 14,052 | 215,101 | 2,635,015 | |||||||||||||||||
Zinc pounds | 4,723,069 | 4,723,069 | |||||||||||||||||||||
Lead pounds | 2,747,847 | 2,747,847 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 59 | % | 42 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 41 | % | 58 | % | 27 | % | |||||||||||||||||
Zinc | 51 | % | |||||||||||||||||||||
Lead | 22 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 713 | $ | 1,092 | $ | 990 | $ | 949 | |||||||||||||||
Silver ($/oz) | $ | 9.66 | $ | 12.83 | $ | 13.73 | |||||||||||||||||
Zinc ($/lb) | $ | 1.18 | |||||||||||||||||||||
Lead ($/lb) | $ | 0.88 |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 180,832 | $ | 126,586 | $ | 141,872 | $ | 78,273 | $ | 40,855 | $ | 568,418 | |||||||||||
Amortization | (60,744 | ) | (20,909 | ) | (29,508 | ) | (11,072 | ) | (5,235 | ) | (127,468 | ) | |||||||||||
Costs applicable to sales | $ | 120,088 | $ | 105,677 | $ | 112,364 | $ | 67,201 | $ | 35,620 | $ | 440,950 | |||||||||||
Inventory Adjustments | (254 | ) | (1,063 | ) | (497 | ) | (279 | ) | (26,720 | ) | (28,813 | ) | |||||||||||
By-product credit | — | — | — | (746 | ) | — | (746 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 119,834 | $ | 104,614 | $ | 111,867 | $ | 66,176 | $ | 8,900 | $ | 411,391 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 115,592 | 52,789 | 106,555 | 75,572 | 350,508 | ||||||||||||||||||
Silver ounces | 7,229,179 | 4,854,579 | 48,085 | 222,974 | 12,354,817 | ||||||||||||||||||
Zinc pounds | 4,375,995 | 4,375,995 | |||||||||||||||||||||
Lead pounds | 2,648,920 | 2,648,920 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 54 | % | 47 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 46 | % | 53 | % | 35 | % | |||||||||||||||||
Zinc | 41 | % | |||||||||||||||||||||
Lead | 24 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 556 | $ | 930 | $ | 1,050 | $ | 876 | |||||||||||||||
Silver ($/oz) | $ | 7.69 | $ | 11.44 | $ | 14.16 | |||||||||||||||||
Zinc ($/lb) | $ | 0.83 | |||||||||||||||||||||
Lead ($/lb) | $ | 0.80 |
In thousands except per ounce or per pound amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | |||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 42,119 | $ | 35,365 | $ | 30,703 | $ | 16,839 | $ | 28,246 | $ | 153,272 | |||||||||||
Amortization | (14,992 | ) | (5,992 | ) | (9,437 | ) | (2,184 | ) | (4,161 | ) | (36,766 | ) | |||||||||||
Costs applicable to sales | $ | 27,127 | $ | 29,373 | $ | 21,266 | $ | 14,655 | $ | 24,085 | $ | 116,506 | |||||||||||
Inventory Adjustments | (205 | ) | (312 | ) | (220 | ) | (121 | ) | (17,974 | ) | (18,832 | ) | |||||||||||
By-product credit | — | — | — | (166 | ) | — | (166 | ) | |||||||||||||||
Adjusted costs applicable to sales | $ | 26,922 | $ | 29,061 | $ | 21,046 | $ | 14,368 | $ | 6,111 | $ | 97,508 | |||||||||||
Metal Sales | |||||||||||||||||||||||
Gold ounces | 23,667 | 15,338 | 24,979 | 15,306 | 79,290 | ||||||||||||||||||
Silver ounces | 1,534,595 | 1,389,916 | — | 10,932 | 124,144 | 3,059,587 | |||||||||||||||||
Zinc pounds | 2,603,972 | 2,603,972 | |||||||||||||||||||||
Lead pounds | 1,418,653 | 1,418,653 | |||||||||||||||||||||
Revenue Split | |||||||||||||||||||||||
Gold | 55 | % | 48 | % | 100 | % | 100 | % | |||||||||||||||
Silver | 45 | % | 52 | % | 36 | % | |||||||||||||||||
Zinc | 40 | % | |||||||||||||||||||||
Lead | 24 | % | |||||||||||||||||||||
Adjusted costs applicable to sales | |||||||||||||||||||||||
Gold ($/oz) | $ | 624 | $ | 917 | $ | 843 | $ | 939 | |||||||||||||||
Silver ($/oz) | $ | 7.92 | $ | 10.79 | $ | 17.68 | |||||||||||||||||
Zinc ($/lb) | $ | 0.95 | |||||||||||||||||||||
Lead ($/lb) | $ | 1.02 |
In thousands except per ounce amounts | Palmarejo | Rochester | Kensington | Wharf | |||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 214,717 | $ | 132,647 | $ | 184,651 | $ | 100,828 | |||||||
Amortization | (57,235 | ) | (20,798 | ) | (62,001 | ) | (13,403 | ) | |||||||
Costs applicable to sales | $ | 157,482 | $ | 111,849 | $ | 122,650 | $ | 87,425 | |||||||
By-product credit | — | — | — | (806 | ) | ||||||||||
Adjusted costs applicable to sales | $ | 157,482 | $ | 111,849 | $ | 122,650 | $ | 86,619 | |||||||
Metal Sales | |||||||||||||||
Gold ounces | 102,500 | 30,000 | 125,000 | 82,200 | |||||||||||
Silver ounces | 7,000,000 | 5,300,000 | 46,700 | ||||||||||||
Revenue Split | |||||||||||||||
Gold | 53% | 35% | 100% | 100% | |||||||||||
Silver | 47% | 65% | — | — | |||||||||||
Adjusted costs applicable to sales | |||||||||||||||
Gold ($/oz) | $785 - $885 | $1,175 - $1,325 | $900 - $1,000 | $1,025 - $1,125 | |||||||||||
Silver ($/oz) | $10.35 - $11.35 | $13.25 - $14.50 |
N0I0_*FYS6T
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M9XJ6CI*:%#)-45-3.52-$4%F=F Y)M[T2%!9C0#UZO'')*XBB4LS&@ !))/
M #)/RZJE^1G\Y3X?]&RY+ ;.SN1^06^Z!IZ9L#U,:.OVU1U\#!&I\SV/7.F
M(B -]7V4M7*MB/#?CV'+[FG:[,F.)O&<>2Q \8&@DNY5@0_/PH1*Y'R,JG
M[.C:[/\ Y ,XX>ZWW;^5>?%EWCE\)M.\-4^*BT@N&]+F%: DGC-&%E%:MX@&GK)GV
MC^\SS;[?-%LO,9?=]F6B^%(U;BW7UM9FJ0!_OB0F$THOADZQ1EOK8>\>L-UY
M/8^_L%4;>W-B=+ST @QU%K?^ =7_ -0T_P#UJ/OW7CPZ^F!_+N_[(.^'?_BM
MW3__ +PU%[A;=_\ DJW'_-1_^/'H8V?^XL?^E'1R?9=TIZ][]U[KWOW7NOE)
MY_\ X^G>?_A];Y_]ZZM]SM'_ &:_8/\ .@,?B/VG_#U>3_PGNV#LSM3Y8?)
M'K3L7;>+WAL/??PUW9M?=VU\W3BJQ6=P.6[1VY2U^/K(N#9T8Z71E=&LZ,K@
M, QS=+)!80SPL5=9001Q!"MT9[2JO.Z.*@H:C\QT33^9;_+VWI_+S[V;9TC9
M;178,^3RW0O8]>K3S5^(I6^XK^N=V5ZJ$.X,'&R+(YL:ZD\=:BA_N8XC'9
M-WCW>U\3 E2@=?GY,!_"W\CCTJGO+1K273Q4_"?\A^8_GU7=[.ND?7$AKQR1
MS5%-/!/3U5+64=1-1UU#6T _=>Z][]U[KWOW7NO_]7?X]^Z]U[W[KW7O?NO=5+_ ,R'_C[^I/\
MPWMW_P#NPH/;D?GUH]5P^W.O=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U:U_+:_X]CMS_ ,._ ?\ O.+[:?CUL=66>Z=>Z][]U[KWOW7N
MO>_=>Z+]\I/C9UK\NNA^P_C]VOCVK-H]@89J+[ZF"+E]L9VDD6NVWO#;M2W,
M&1Q5='!6TD@-M<>APT;NK*K*\FV^Z2[@-&0_D1Y@_(C!Z:GA2XB,3\#_ *J_
MEU\X'Y2?MOX;=X[L^/W=6-%/NK;9_B& W+1T\T.V^SMC550T.![&V=-* )
M*.L"F.JIP3)15:S4 _=>Z][]U[KWOW7NO>_=>Z][]U[K__
MU]_CW[KW7O?NO=>]^Z]U4O\ S(?^/OZD_P##>W?_ .["@]N1^?6CU7#[/BX*.$D5D'./F7EK?
M>3]ZFY=YEMVM;R'BARK(<++$X[9(GIVNOV,%8%1TIY9YGV#G/8X>9>6+E;NS
MGJ XPRN,M%*A[HI4J-2-ZAE+(0Q?NH>W-Y]&[[QO8&QZHK74VBDS>$FF=,3N
MW &7R5>W\S&O!5N7II[:Z>;3*A_4K&G(G/._^W?,D7,_+KTD2BRQ$D1W,-:M
M#*.%#QC?XHGHZ_B!+>?.1.7OL^F\I58KKE3-C]Q;
MSHI)*3*;]4$Q5-!@ZA"LE-AVY1YU*RU@N%*4Y/FYV>^GWBKKFUYN4.0IFAVG
M*3W2$K)>>3)"11H[4\"XH\XK33$>_I%["_=MM>3D@YQ]P(5GW%S=;N;&4>,S&5J\SN6MGJ('\./HGAFAJ
M8S!)#'-"T)_ET3J.-(@5C0*&9G;2.7D'F.@?(4[C^S'Y]&&
MVP">Y!;X4S]I\OYY_+KZ 7N*.A5U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=!!W_
M -);'^2/2O9O1/9% N1V5VEM#+[2S<117FI4R,'^0YBAU6"U=!4K#7419$[0RJN
MC)KN"#P01<'W.5DC_10X/]FGE_1'0)F9?'?/XC_AZ#$$, RD%6 92#<%2+@@
MC\'VHZ;Z[]^Z]U=E_P )[_\ MY9@O_%>>ZO_ ':;;]AGF[_DB-_S43_ W1EM
M/^Y@_P!*?\G6^;[BOH4=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7__3W^/?NO=>
M]^Z]U[W[KW52_P#,A_X^_J3_ ,-[=_\ [L*#VY'Y]:/5
^O=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U:U_+:_X]CMS_
M ,._ ?\ O.+[:?CUL=66>Z=>Z][]U[KWOW7ND_NW;.*WKM7 ?KH,?TU_A/S
M'X3_ +7TH9;?>FV?PY/[-OY'U^SU_;U3/D% R^X"KQRQR;FW--#-"ZRP3P3Y
M^IFIZB"5+AXY$971P;,I!'!]B1?A'V#_ #HN/$];#__ F?_P"RQOD7_P"*
MSXC_ -^E2>PCSK_R3H?^:A_XZ>C;9O\
-J5U
M4^0Q.8Q
?0ICG2T]$003$L&33V&J,_^&(9B0
M2. O&X8Z6_LB$!,2P7-/D7]V_Q8CF#QPBRF>>PHSG?NW&,,$;C'%ZC?A"X++S=6:51\2S_C^8?0HWAZL70CV[E_))/Z>8_BG^0]0
M2P,$% @ C(134/_ )@B] A0( !H !X;"]?
!Z&:27#:7OF-W9H*)CELF>>@ !UZ&ZYC\.!B&G&"Z
M@C,S9,XDUN!ER;.[/.,7]@&W*5P V2(8CB-.@"F![&1QRD\6IZPI59G/->;:
M '82Q*FO*PB'* %GH3#AH@@8ZLY@*OP8A.^&Q3C6>$'][#UN]HXXA(!&-*1Z]^N7
M+6$0H4L]E;QGX=*-A;V AZ\\ZF.#$@^)WL,'5&/O-O'J%6C(*=>2NK[FX?MW
M5_!QS47V985=L"C)TUO,WV AQ!]$P--IXDG/7(KR0X,_-VRM V!)/_/5VN+G'5]U1X&7#?@%_S<@7_F6).
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ME9/1UXZ7_^!BT!9TO+0A>]# TD4.7QR)ZQGO:,::I1ZW8 ,D/5;B'H&N9%
M\TZM2\7[[,?)ZE]]H)1]$A*430.E+C6E!*4$I02E!*7T*24H6P5*P&0G-H_L
M^)98_^:?V)1< 55TSD3>+2+ODCB*J8^C*YY%F)UH1?V?SHRSQG3+'"LO9>CC
M :J"@\J:3R4/UD1\2 "W/7
M%\.C21QD7XC3-?DWHJ"B:T![>M0D;UM91>Q5]D>>*?P@IDU59GVJU3BKQA04
M8<0KS-&+7,EF^[=)FWYZ]*&ZSWMV[OBITC/.A(=?_8HW>3I%XG3QFC -2&S6UGVRKEV1/)KV4;=Q\L9>$CZVB#%?'-W9X'[(5O< S$:?&2 Y(#D@,\/W",;:W:0KU6S0=YG ]6?@>G
MY_9./@6BV[ >OT0F-IJ?V)"I"QG#2[)EZJ+D;)?K0VX]W;I6V+]UTMQ%_2;K
M; 5*,.!S8( !%BB'%0?BS;!V%68?:W5)[4$OW2$IF$Y61G
MFH3 !2YNJ2R2.XH'UKE+&L+SR#1T;YE/;NXSY>*$202O0+F7$FU)^BS*_U%G4^XSC@[@4P L1(G' ?A$4+]22(
M^PKB/P.<[GN%1 S0,R4+ZLT>L ?V^(58T<%-CAM&L;@#8&9H^L$5LAFT^- +6[!'QS_\D/_ $OUMS!"QF9PB,C_'[)C^-S?7#.XB#\
MID:5DM0C2=J)H6E7! L \?M .T X@"42!J0T29 75#F4N8
M 12 TD-%]21?YC2/AZRL6$&.L[UO247B8E+RM_;T;B+LXR+0"C@!)^ $G( 3
M< ).P DX 6=OX;2IXYA $VBJAZ9&>E.S5!+V(XESDF27:9,_$@W^F)15"R6#
M]<)05578)XT'HD 4B )1( I$@2@0!:+T(6K7I*$MD\7R5KTJ":-1W$PI2E75C( 3< ).P DX 2?@!)R $W "
MSH4/N, 26*J'Y:ZXIL%!995G!_T,):--]:L;5C_L(D\'_!L.ZGP8-B!''X[/
M#P]DIC@O!JR8] \T_#9,B<, !_@ WR K]/PF;J4; 1\'83/!WR ;UL.AXS_"_@
M'^![ KXZ)O-K%5VD;/[[^M^%AJ1)QO:&3:C#M(PW[Q=:%K.L8L4B#>:+^3$?
M"1JA"6@"FH FH EH IJ )J ): *:T+TF3'][]U*Z6;*^Z8-TR_K?83'[DG%T
MQ?8N"A9]WXLN^3/?1>E-=%ON/*.]+;1NQ7;Y(T/WFI-9OWQD@_N$5>0XB_,1
M([N?\[)\2TY9G&=QDB;UQ:;/IW#)X7>X#_RP)ZL=[(>CN/"8I6\U9M^:9 /^
MC?7KQ79D>3&*TB7_W#0:;[SVBTG,TG3ZU[_MOUZW( O H8;O43N4*A&FVN8!\ 2>
M"N.I^=[69Q8-IJX38L:Z]P]SJ4__,)?Z] ]SJ4__.AWT=JAM&S3PL#4'IOK,
ME)H;*:A]H $^,[W+FKFTI[WL1 >
M,,D9>H+"K9=&QR)L&SZ@K8X*_'#AZQ1.@+J@+JCK,7LB3T);T!:TU M?-#I 8V;0C^,Q4TW(0QT33A4F,9NKEDRKSR?J65Z0%]D%;ECH(/3%2JG5)
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MX=/+ _9[@S_BA0Z4GEX*7<(7O6L44=C^M@ 1ARH@TJYD$SO*063(<
7ZZM[IH[M[Z]ZY6R?Y
M^Q-WY]A?;J_NKYP[9%WWD?.[_;-U_9.#[)M/GZ[N[JYNKO>G>.H%Y")[>Y#D
M>3(Y%[7IO'D7TL&[D-B[^,VZ^_GJ^J?[F^OWJ-^Q.T@25,4\$J^-@ZDTV%2Z
M-[>?4$54\?>ZLR>F%NB**@JR8F!#6OEF,#11M$79@: BVH8AN8(KR;HI*8[D
MV%8](%31N!:[M^('8S>-E!OM7Y;,W/3\J^U\&W?0=Q47TZ,\F8:G>34&4\ X
M;YWK>W3K?+ZYO7]MU'W^
FMU4E%O%V(TH#Z%FXGD>14(-B[//&_HK.IEZ('+YIA])\=0413\G3:
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MNM5S3
IC4VYZR4ZT7$1E/E4T#0'9/BJ3"_>'=/N)=6('W07N
M"KIM8&D\3$
K=K433@W2>&J36<^1#X_94+03V/OLCCAA$HFB(C!EGJ0E,?(1K%#:#(&O
MGF+]+UCQ)Q82?)3^H&%5I5FMK[&"+=E-4!^ [S:"]D';Q.1)I3U K)V=873C
M^38%^>_5%/"(\O\/-N46\B.6F]C\OH%<_K@(0@R+N*^_&_[O;E#*
(66V((
M>%^T T%5,R%FLIU/PD]N4X\\=(SYO&PSV?I?LV274 E[Z"/5/(:Q!R5GNC,
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M]A_NG0Y$0?K"O877)2X$E("OIOWQCI,7 !KFJ0A/&"_)W0,,Z.I1$GW/-%
M.U/FA-BL,R5/]V+3-^C:B]+W?O^=:5S&0?F7&V-EI!G5WB\. 53(W<(%N4B/
M!LCQR/6K\VA\2AZI&H$K/*"E#D81)UBN: CL@$'%"X;'*@1AAC"5O$T\;W#/
M: HVZD\+>+K!W
M(
,'\FSGAEH3)OR8NGSD9*/=6[M^NJ^)<&//KO**-
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M[%&_4=MP"0S&_^EL?'982XL7FL,7.9V^_9NN'?YMTKB?VGG\V/BI
]S+H:M.>(\KMZWI?6WRA^&Q4U1\_3,KI?O515%:4G.43_FV"Y)-.^?
M><;*?7+0B*XPB!U'<,R?&K.%[QWF*6LVV>K!XIKA4K2\^77==!'92)D(O"69
ML)=7G;GHXJKXE0]C@1RM_BZ(7P3H7';SR=5P/!'HSW*P3.\-:3TUR#.IMV[T
ML9G.YQ%_:X[V+KKK[78AH]#
MK@#XZB)8^!:5<<[N2]9APL6*2Z0(BL^,YS.^E-3K?K.P_X=+5AV4$"MHR:>W
MIN!.P$^FD3CND7,C9%)#X-A[IF%R;3#F^O2Z\1)(&2?\;T+>[EGK"TP*?
-*GRV2^:N%G]
MFYMD4 WYN_G@3^,&<9ZFT;AD[V8_/%#-._.M@_F^C6GM/+ZST#S##=Z\G[WI
M_M_,G_S)DOM8!QYF/.MC3V_5;' ?\/%5.7BI- ;/WP4TS34S*UK=)GR@B:2Z
MOD(/_2^+"L*XMA@L'7:2VJ[3CH$GSQ5N ($7C,3&H!#'X7J>!-#CJ9>Z;.!5
MAN,%NPK]YD9N^V634*W*8>WABO*D5=$-J^$X(]4PGY11-B@I83]B-JZ:\]=D
M$%51;W/:3]DURR;LE=9.W-C=8CE'TZ2NH<6!.Z3!0,:4E#'/
MWX\0[,S3*^X"+L'.X]D7S3-L\\W[V9ON_^TG?_*E/H5GX5G;>)9.%TDWK\2[
MWR45_]J8?\7NH5 *14F2C%3#?%)&V: D[$?,QA49,[[2#:."D6B43[*J?.3.
MM+G6L)_*H%LZ)O_P(/R&!_'!$M=6!I=E2.VQ;F,XMA7![RL:SC\)Z =C]!A
M2].!V>_^[%N8_1[/OHG9[_'L\ZD/,/6]G/K&)%PU^STIR"7"@,DT#)B*,*!"
M1RJ[46BOG1.5KU]@;]=V3&H9K58QD$J9VN:,R^"N\P%,R+E^
:EW@3T8I<#OC1*K78)?*U&/8_[[^M_ZGWK^[UXNM#%-
M,K8WJY!B&6_>+^ 7LZQB11O-?I L4_\[+&9?,HZNV-Y%P:+O>]$E?^:[*+V)
M;LN=9[1W,^+QR-#)C9KYXG:9J_VB4Q;G69RD250E>4;R2_*QKL5RL%2+Y>QA
M+9;M-_TR+\CYL&",?.%_');D*!NP 3ECXXJ-+EA!;(,2RS##EAH^G=F%SR])
MN,&%M?Y\PIN1-:\7'Y#EQ2A*EY2 :30"7LL8B5F:3O_ZMQUCIW[--4T\>[UB
ML,Z3$2O)";LAI_DH>J .1E%QE61-\Z))E<]^T6B7^C
DFWL#!X,_)F7%Q*R754FB\3CE7;M(&:ER4D8IP[4DVO
9VE*L\W[_Y\X!RL7C?LI]>OMS3@^^RJ,?AW]9&=EE?)/4"ODL7?
M6;%^O&19E]<_6/.^^LG';%K/FK_=&']>+J9JT:ZT\V1>J9^N__#R;H=V\'7M
M^E6=(CAX>&F[_@PO/GQY<*_CVGS^?WG+T?LU?)C.APU: *G[.,2;@M6S
!' 4T34K34< #07\D'C1'<5>E
MUY7&@N9O[BM>8T+9O#W:/29;X6/ZML+']&T=I8_'$K1^J^HD7Q
9\XQF<&%MV$\5"RSU9/6Z'@QXM:][Z&
M;F*%7.>^1O()00T[<.RGIRC')@GE"!>2[#6$YODYQI7.-J,%=^%4FA'O)/+>
M4'X.*GS)F,.";G)W(^)5GW\$UI(*]7?>,YN[XT9W+$'.P=S*>LGCWJ"9]S-L
M,P=\;,V-N-\X787V'XU0(MQJ([_
VL"T03#HV4]'X^BAV6]FGN/29[%EQOR]W@E#840T]73;Z)UODTP#@NG
M?_]Y>K[R%W=Q13VH*OY+C+LH9ER
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M.%$$$6=4+(>C&Y!2JR 0<*\>^RY+0)V17$U^##JNWQ,9R%ZFO>GLGO08J?
M5%*LL'(*&H"X)H9Q%9?!N!Q*H#F"CLDNS!A<9[)')%^#'F=5W63%__+;?VQ.
M;E-(+88"6L !Y89PR22D)N)EM:*&HP1TH<9 FY(]X'@@8K1Y3 :?O4"%'T52
MC6GT72.9(!:!H)P2*)62EG'F+.U40PRN&=D!N0.%NWT?K3B[J
Cover Document |
Feb. 19, 2020 |
---|---|
Cover page. | |
Entity Central Index Key | 0000215466 |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock (par value $.01 per share) |
Entity Incorporation, State or Country Code | DE |
Document Type | 8-K |
Document Period End Date | Feb. 19, 2020 |
Entity Registrant Name | Coeur Mining, Inc. |
Entity File Number | 1-8641 |
Entity Tax Identification Number | 82-0109423 |
Entity Address, Address Line One | 104 S. Michigan |
Entity Address, Address Line Two | Suite 900 |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60603 |
City Area Code | 312 |
Local Phone Number | 489-5800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Trading Symbol | CDE |
Security Exchange Name | NYSE |
Amendment Flag | false |