Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-08641 | |
Entity Registrant Name | COEUR MINING, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-0109423 | |
Entity Address, Address Line One | 200 S. Wacker Dr. | |
Entity Address, Address Line Two | Suite 2100 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 489-5800 | |
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | CDE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 399,320,531 | |
Entity Central Index Key | 0000215466 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 67,489 | $ 61,633 |
Receivables | 36,494 | 31,035 |
Inventory | 78,230 | 76,661 |
Ore on leach pads | 83,454 | 79,400 |
Prepaid expenses and other | 18,943 | 18,526 |
Current assets | 284,610 | 267,255 |
NON-CURRENT ASSETS | ||
Property, plant and equipment and mining properties, net | 1,697,927 | 1,688,288 |
Ore on leach pads, noncurrent | 43,073 | 25,987 |
Restricted assets | 8,812 | 9,115 |
Receivables, Net, Current | 23,140 | 23,140 |
Other assets | 62,503 | 67,063 |
TOTAL ASSETS | 2,120,065 | 2,080,848 |
CURRENT LIABILITIES | ||
Accounts payable | 120,137 | 115,110 |
Accrued liabilities and other | 131,845 | 140,913 |
Debt | 23,242 | 22,636 |
Reclamation | 10,954 | 10,954 |
Current liabilities | 286,178 | 289,613 |
NON-CURRENT LIABILITIES | ||
Debt | 562,310 | 522,674 |
Reclamation | 206,035 | 203,059 |
Deferred tax liabilities | 16,787 | 12,360 |
Other long-term liabilities | 30,626 | 29,239 |
Non-current liabilities | $ 815,758 | $ 767,332 |
Common Stock, Shares, Outstanding | 398,583,321 | 386,282,957 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 398,583,321 issued and outstanding at March 31, 2024 and 386,282,957 at December 31, 2023 | $ 3,986 | $ 3,863 |
Additional paid-in capital | 4,170,568 | 4,139,870 |
Accumulated other comprehensive income (loss) | (6,147) | 1,331 |
Accumulated deficit | (3,150,278) | (3,121,161) |
Stockholders' equity | 1,018,129 | 1,023,903 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,120,065 | $ 2,080,848 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 398,583,321 | 386,282,957 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Feb. 26, 2024 | Dec. 31, 2023 |
STOCKHOLDERS' EQUITY | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 | |
Common stock, shares issued (in shares) | 398,583,321 | 7,704,725 | 386,282,957 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Revenue | $ 213,060 | $ 187,298 | ||
COSTS AND EXPENSES | ||||
Amortization | 27,297 | 22,708 | ||
General and administrative | 14,404 | 12,083 | ||
Pre-development, reclamation, and other | 18,228 | 10,890 | ||
Total costs and expenses | 216,417 | 203,387 | ||
OTHER INCOME (EXPENSE), NET | ||||
Fair value adjustments, net, pretax | 0 | 10,561 | ||
Interest expense, net of capitalized interest | (12,947) | (7,389) | ||
Other, net | 2,773 | (961) | [1] | |
Total other income (expense), net | (9,736) | 2,211 | ||
Income (loss) before income and mining taxes | (13,093) | (13,878) | ||
Income and mining tax (expense) benefit | (16,024) | (10,708) | ||
NET INCOME (LOSS) | (29,117) | (24,586) | ||
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||
Unrealized gain (loss) on hedger, net of tax | (7,625) | (12,928) | ||
Reclassification adjustments for realized (gain) loss on cash flow hedges | (147) | 4,134 | ||
Other comprehensive income (loss) | (7,478) | (17,062) | ||
COMPREHENSIVE INCOME (LOSS) | $ (36,595) | $ (41,648) | ||
Basic EPS | ||||
Earnings Per Share, Basic | $ (0.08) | $ (0.08) | ||
Diluted EPS | ||||
Earnings Per Share, Diluted | $ (0.08) | $ (0.08) | ||
Gain on debt extinguishment | $ 438 | $ 0 | ||
Product | ||||
COSTS AND EXPENSES | ||||
Costs applicable to sales | [2] | 145,997 | 153,056 | |
Mineral, Exploration | ||||
COSTS AND EXPENSES | ||||
Costs applicable to sales | $ 10,491 | $ 4,650 | ||
[1]See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.[2] Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (29,117) | $ (24,586) |
Adjustments: | ||
Amortization | 27,297 | 22,708 |
Accretion | 4,076 | 3,993 |
Deferred income taxes | 4,429 | 6,451 |
Gain on debt extinguishment | (438) | 0 |
Fair value adjustments, net | 0 | (10,561) |
Stock-based compensation | 4,248 | 3,151 |
Loss on the sale of assets | 0 | (9) |
Inventory Write-down | 3,235 | 13,113 |
Revenue Recognized | (55,159) | (10,115) |
Foreign exchange and other | 10,822 | 2,078 |
Changes in operating assets and liabilities: | ||
Receivables | (5,316) | 3,050 |
Prepaid expenses and other current assets | (639) | (496) |
Inventories | (19,694) | (17,635) |
Accounts payable and accrued liabilities | 40,385 | (26,145) |
Cash provided by (used in) operating activities | (15,871) | (35,003) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (42,083) | (74,048) |
Proceeds from the sale of assets | 24 | 0 |
Sale of investments | 0 | 39,775 |
Proceeds from Collection of Notes Receivable | 0 | 5,000 |
Other | (67) | (44) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (42,126) | (29,317) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Issuance of Common Stock | 22,823 | 98,429 |
Issuance of notes and bank borrowings, net of issuance costs | 135,000 | 75,000 |
Payments on long-term debt, capital leases, and associated costs | (92,225) | (101,897) |
Other | (1,779) | (2,097) |
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | 63,819 | 69,435 |
Effect of exchange rate changes on cash and cash equivalents | 40 | 399 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,862 | 5,514 |
Cash, cash equivalents and restricted cash at beginning of period | 63,378 | 63,169 |
Cash, cash equivalents and restricted cash at end of period | $ 69,240 | $ 68,683 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Private Placement | Common Stock | Common Stock Private Placement | Additional Paid-In Capital | Additional Paid-In Capital Private Placement | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances, in shares at Dec. 31, 2022 | 295,698 | |||||||
Balances at Dec. 31, 2022 | $ 889,016 | $ 2,957 | $ 3,891,265 | $ (3,017,549) | $ 12,343 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (24,586) | (24,586) | ||||||
Other comprehensive income (loss) | (17,062) | (17,062) | ||||||
Common stock issued (in shares) | 32,862 | |||||||
Common stock issued | 98,429 | $ 329 | 98,100 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 2,482 | |||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 739 | $ 24 | 715 | |||||
Balances, in shares at Mar. 31, 2023 | 331,042 | |||||||
Balances at Mar. 31, 2023 | 946,536 | $ 3,310 | 3,990,080 | (3,042,135) | (4,719) | |||
Balances, in shares at Dec. 31, 2023 | 386,283 | |||||||
Balances at Dec. 31, 2023 | 1,023,903 | $ 3,863 | 4,139,870 | (3,121,161) | 1,331 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (29,117) | (29,117) | ||||||
Other comprehensive income (loss) | (7,478) | (7,478) | ||||||
Common stock issued (in shares) | 7,705 | |||||||
Common stock issued | $ 22,985 | $ 77 | $ 22,908 | |||||
Common stock issued for the extinguishment of Senior Notes (in shares) | 1,772 | |||||||
Common stock issued for the extinguishment of Senior Notes | 5,368 | $ 18 | 5,350 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 2,823 | |||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,468 | $ 28 | 2,440 | |||||
Balances, in shares at Mar. 31, 2024 | 398,583 | |||||||
Balances at Mar. 31, 2024 | $ 1,018,129 | $ 3,986 | $ 4,170,568 | $ (3,150,278) | $ (6,147) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation [Abstract] | |
Basis of Accounting | BASIS OF PRESENTATIONThe interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2024. The condensed consolidated December 31, 2023 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 — Summary of Significant Accounting Policies contained in the 2023 10-K. Use of Estimates The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In the first quarter of 2024, the Company completed a review of the estimated recoverable ounces of gold and silver on its leach pads and determined that as a result of longer expected leach time and favorable recoveries relative to previous estimates, that the estimated recoverable gold and silver on the Rochester legacy (Stages II, III and IV) leach pads supported an upward revision. An additional 6,000 ounces of gold and 900,000 ounces of silver were added to the legacy leach pads in the first quarter of 2024. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively. As of March 31, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 30,953 and 4.9 million, respectively. Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” , which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended March 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 53,902 $ 12,681 $ 43,485 $ 41,701 $ — $ — $ 151,769 Silver sales 42,476 17,148 34 1,633 — — 61,291 Metal sales 96,378 29,829 43,519 43,334 — — 213,060 Costs and Expenses Costs applicable to sales (1) 54,294 26,999 39,289 25,415 — — 145,997 Amortization 12,602 6,633 5,596 1,393 852 221 27,297 Exploration 2,485 431 1,545 123 5,280 627 10,491 Other operating expenses 2,254 5,750 7,626 1,101 2,705 13,196 32,632 Other income (expense) Gain on debt extinguishment — — — — — 438 438 Fair value adjustments, net — — — — — — — Interest expense, net (26) (1,340) (471) (152) (6) (10,952) (12,947) Other, net (3) 546 30 (81) (42) (58) 2,378 2,773 Income and mining tax (expense) benefit (11,683) 234 — (1,136) — (3,439) (16,024) Net Income (loss) $ 13,580 $ (11,060) $ (11,089) $ 13,972 $ (8,901) $ (25,619) $ (29,117) Segment assets (2) $ 314,217 $ 1,110,479 $ 182,085 $ 102,351 $ 214,522 $ 57,607 $ 1,981,261 Capital expenditures $ 6,761 $ 21,243 $ 13,258 $ 308 $ 509 $ 4 $ 42,083 (1) Excludes amortization. (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests. (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail. Three Months Ended March 31, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 40,607 $ 16,047 $ 40,124 $ 30,323 $ — $ — $ 127,101 Silver sales 41,700 17,853 74 570 — — 60,197 Metal sales 82,307 33,900 40,198 30,893 — — 187,298 Costs and Expenses Costs applicable to sales (1) 49,265 42,865 37,382 23,544 — — 153,056 Amortization 8,719 5,218 5,844 1,409 1,221 297 22,708 Exploration 1,313 383 996 — 1,497 461 4,650 Other operating expenses 1,526 2,025 984 1,014 6,546 10,878 22,973 Other income (expense) Fair value adjustments, net — — — — — 10,561 10,561 Interest expense, net 122 (175) (530) (14) (22) (6,770) (7,389) Other, net (3) (138) (93) (71) (476) (9) (174) (961) Income and mining tax (expense) benefit (9,702) 239 — (419) — (826) (10,708) Net Income (loss) $ 11,766 $ (16,620) $ (5,609) $ 4,017 $ (9,295) $ (8,845) $ (24,586) Segment assets (2) $ 306,852 $ 877,844 $ 152,946 $ 107,417 $ 242,886 $ 49,056 $ 1,737,001 Capital expenditures $ 10,150 $ 51,962 $ 10,702 $ 121 $ 669 $ 444 $ 74,048 (1) Excludes amortization. (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests. (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail. Assets March 31, 2024 December 31, 2023 Total assets for reportable segments $ 1,981,261 $ 1,943,037 Cash and cash equivalents 67,489 61,633 Other assets 71,315 76,178 Total consolidated assets $ 2,120,065 $ 2,080,848 Geographic Information Long-Lived Assets March 31, 2024 December 31, 2023 United States $ 1,216,739 $ 1,201,988 Mexico 252,226 256,906 Canada 228,809 229,242 Other 153 152 Total $ 1,697,927 $ 1,688,288 Revenue Three months ended March 31, 2024 2023 United States $ 116,682 $ 104,991 Mexico 96,378 82,307 Total $ 213,060 $ 187,298 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands March 31, 2024 December 31, 2023 Current receivables: Trade receivables $ 4,091 $ 3,858 VAT receivable 18,788 15,634 Income tax receivable 13,022 10,207 Gold and silver forwards realized gains (2) — 615 Other 593 721 $ 36,494 $ 31,035 Non-current receivables: Other tax receivable (3) $ 9,111 $ 9,111 Deferred cash consideration (1) 834 834 Contingent consideration (1) 13,195 13,195 $ 23,140 $ 23,140 Total receivables $ 59,634 $ 54,175 (1) See Note 11 -- Fair Value Measurements for additional details on deferred cash consideration and contingent consideration in the 2023 10-K. (2) Represents realized gains on gold and silver forward hedges from December 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges. (3) Consists of exploration credit refunds at Silvertip. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands March 31, 2024 December 31, 2023 Inventory: Concentrate $ 4,238 $ 3,606 Precious metals 19,415 20,395 Supplies 54,577 52,660 $ 78,230 $ 76,661 Ore on Leach Pads: Current $ 83,454 $ 79,400 Non-current 43,073 25,987 $ 126,527 $ 105,387 Long-term Stockpile (included in Other ) $ 41,674 $ 46,702 Total Inventory and Ore on Leach Pads $ 246,431 $ 228,750 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. In the three months ended March 31, 2024, the cost associated with the stock-pile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $4.0 million ($3.2 million was recognized in Costs applicable to sales and $0.8 million in Amortization |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET Property, plant and equipment and mining properties, net consist of the following: In thousands March 31, 2024 December 31, 2023 Mine development $ 1,377,235 $ 1,358,189 Mineral interests 809,912 809,912 Land 9,000 8,318 Facilities and equipment (1) 1,416,594 947,435 Construction in progress (2) 162,191 612,865 Total $ 3,774,932 $ 3,736,719 Accumulated depreciation, depletion and amortization (3) (2,077,005) (2,048,431) Property, plant and equipment and mining properties, net $ 1,697,927 $ 1,688,288 (1) Includes $120.8 million and $127.6 million associated with facilities and equipment assets under finance leases at March 31, 2024 and December 31, 2023, respectively. (2) Includes $18.0 million and $471.7 million of construction costs related to the Rochester Expansion project at March 31, 2024 and December 31, 2023, respectively. (3) Includes $40.1 million and $37.6 million of accumulated amortization related to assets under finance leases at March 31, 2024 and December 31, 2023, respectively. Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024. The crushing circuit has routinely exceeded 70,000 tons per day since commissioning was completed leading to declaration of commercial production and $528 million of construction in process placed into service during the quarter. Ramp-up to sustained nameplate capacity of 88,000 tons per day remains on schedule for the end of the second quarter. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT March 31, 2024 December 31, 2023 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 289,508 $ — $ 295,115 Revolving Credit Facility (2) — 225,000 — 175,000 Finance lease obligations 23,242 47,802 22,636 52,559 $ 23,242 $ 562,310 $ 22,636 $ 522,674 (1) Net of unamortized debt issuance costs of $3.6 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively. (2) Unamortized debt issuance costs of $4.4 million and $2.8 million at March 31, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets . 2029 Senior Notes In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 9 -- Debt contained in the 2023 10-K. During the three months ended March 31, 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock. Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $0.4 million on debt extinguishment. The exchange transaction represents a non-cash financing activity in the Condensed Consolidated Statement of Cash Flow. Revolving Credit Facility At March 31, 2024, the Company had $225.0 million drawn at a weighted-average interest rate of 9.2%, $29.6 million in outstanding letters of credit and $145.4 million available under its $400.0 million revolving credit facility (the “RCF”). Future borrowing may be subject to certain financial covenants. For more details, please see Note 9 -- Debt contained in the 2023 10-K. On February 21, 2024, the Company entered into an agreement to extend and enhance its RCF (the “February 2024 Amendment”). The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF by $10 million from $390 million to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2024, the Company entered into a new lease financing arrangement for mining equipment at Kensington for $1.0 million. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 8 -- Leases in the 2023 10-K. Interest Expense Three Months Ended March 31, In thousands 2024 2023 2029 Senior Notes 3,820 4,805 Revolving Credit Facility 6,454 2,746 Finance lease obligations 1,259 1,280 Amortization of debt issuance costs 619 640 Other debt obligations 797 27 Capitalized interest (2) (2,109) Total interest expense, net of capitalized interest $ 12,947 $ 7,389 |
Reclamation
Reclamation | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations for its operating sites are as follows: Three Months Ended March 31, In thousands 2024 2023 Asset retirement obligation - Beginning $ 214,013 $ 202,431 Accretion 4,076 3,993 Settlements (1,100) (1,044) Asset retirement obligation - Ending $ 216,989 $ 205,380 |
Income and Mining Taxes
Income and Mining Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2024 and 2023 by significant jurisdiction: Three months ended March 31, 2024 2023 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (30,553) $ (3,819) $ (25,780) $ (1,018) Canada (7,584) (114) (9,294) — Mexico 25,204 (12,091) 21,399 (9,690) Other jurisdictions (160) — (203) — $ (13,093) $ (16,024) $ (13,878) $ (10,708) During the first quarter of 2024, the Company reported estimated income and mining tax expense of approximately $16.0 million, resulting in an effective tax rate of (122.4)%. This compares to income tax expense of $10.7 million for an effective tax rate of (77.2)% during the first quarter of 2023. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) mining taxes; (ii) variations in the Company’s income before income taxes; (iii) geographic distribution of that income; (iv) percentage depletion; (v) foreign exchange rate; and (vi) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” in the 2023 10-K. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2020 forward for the U.S. federal jurisdiction and from 2016 forward for certain other foreign jurisdictions. Regarding the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that there will be no further decrease in any unrecognized income tax benefits. At March 31, 2024 and December 31, 2023, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three months ended March 31, 2024 was $4.2 million, compared to $3.2 million in the three months ended March 31, 2023. At March 31, 2024, there was $14.7 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.9 years. The following table summarizes the grants awarded during the three months ended March 31, 2024: Grant date Restricted Grant date fair Performance Grant date fair February 26, 2024 3,087,822 $ 2.55 2,050,899 $ 2.77 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three Months Ended March 31, In thousands 2024 2023 Change in the value of equity securities (1) $ — $ 10,561 Fair value adjustments, net $ — $ 10,561 (1) Includes unrealized losses on held equity securities of $2.8 million for the three months ended March 31, 2023. Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2024 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts $ 809 $ — $ 809 $ — Silver forwards 1,847 — 1,847 — $ 2,656 $ — $ 2,656 $ — Liabilities: Gold forwards $ 7,994 $ — $ 7,994 $ — Fair Value at December 31, 2023 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts 318 — 318 — Silver forwards 3,312 — 3,312 — $ 3,630 $ — $ 3,630 $ — Liabilities: Gold forwards $ 1,981 $ — $ 1,981 $ — The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices. The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, and credit spreads. No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2024. The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2024 and December 31, 2023 is presented in the following table: March 31, 2024 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 289,508 $ 274,638 $ — $ 274,638 $ — Revolving Credit Facility (2) $ 225,000 $ 225,000 $ — $ 225,000 $ — (1) Net of unamortized debt issuance costs of $3.6 million. (2) Unamortized debt issuance costs of $4.4 million included in Other Non-Current Assets . December 31, 2023 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 295,115 $ 271,272 $ — $ 271,272 $ — Revolving Credit Facility (2) $ 175,000 $ 175,000 $ — $ 175,000 $ — (1) Net of unamortized debt issuance costs of $3.9 million . (2) Unamortized debt issuance costs of $2.8 million included in Other Non-Current Assets . The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Designated as Cash Flow Hedging Strategies To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company enters into forward contracts. The contracts are net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At March 31, 2024, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2024 2025 and Thereafter Gold forwards Average gold fixed price per ounce $ 2,100 $ — Notional ounces 49,950 — Silver forwards Average silver fixed price per ounce $ 26.00 $ — Notional ounces 1,800,000 — The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments. As of March 31, 2024, the Company had $6.1 million of net after-tax losses in AOCI related to losses from cash flow hedge transactions, of which $6.1 million of net after-tax losses is expected to be recognized in its Condensed Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income (loss) are dependent on the price of gold and silver for metal contracts. The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: March 31, 2024 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ — $ — $ 7,994 Silver forwards $ 1,847 $ — $ — December 31, 2023 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ — $ — $ 1,981 Silver forwards $ 3,312 $ — $ — The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2024, and 2023, respectively (in thousands). Three Months Ended March 31, 2024 2023 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ (6,992) $ (13,984) Silver forwards (633) 1,056 $ (7,625) $ (12,928) Amount of (Gain) Loss Reclassified from AOCI to Earnings Gold forwards $ 979 $ (2,261) Silver forwards (832) (1,873) $ 147 $ (4,134) Derivatives Not Designated as Hedging Instruments Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. At March 31, 2024, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2024 2025 and Thereafter Provisional gold sales contracts $ 24,885 $ — Average gold price per ounce $ 2,112 $ — Notional ounces 11,781 — The following summarizes the classification of the fair value of the derivative instruments: March 31, 2024 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 809 $ — December 31, 2023 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 318 $ — The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2024, and 2023, respectively (in thousands): Three Months Ended March 31, Financial statement line Derivative 2024 2023 Revenue Provisional metal sales contracts $ 490 $ (249) $ 490 $ (249) Credit Risk |
Additional Comprehensive Income
Additional Comprehensive Income (Loss) Detail | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Additional Comprehensive Income (Loss) Detail | ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL Pre-development, reclamation, and other consists of the following: Three Months Ended March 31, In thousands 2024 2023 Silvertip ongoing carrying costs 2,362 6,180 (Gain) loss on sale of assets 3,536 — Asset retirement accretion 4,076 3,993 Kensington royalty settlement (1) 6,750 — Other 1,504 717 Pre-development, reclamation and other $ 18,228 $ 10,890 (1) See Note 16 -- Commitments and Contingencies for additional details on Kensington royalty settlement. Other, net consists of the following: Three Months Ended March 31, In thousands 2024 2023 Foreign exchange gain (loss) $ (365) $ (1,154) Gain (loss) on dispositions — (9) Flow-through shares 2,490 — Other 648 202 Other, net $ 2,773 $ (961) |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2024 and 2023, there were 43,422 and 366,946 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Three months ended March 31, In thousands except per share amounts 2024 2023 Net income (loss) available to common stockholders $ (29,117) $ (24,586) Weighted average shares: Basic 384,968 300,950 Effect of stock-based compensation plans — — Diluted 384,968 300,950 Income (loss) per share: Basic $ (0.08) $ (0.08) Diluted $ (0.08) $ (0.08) On February 26, 2024, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 7,704,725 shares of common stock, par value $0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on March 8, 2024. The proceeds of the Private Placement Offering will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)). The initial Private Placement Offering raised net proceeds of $23.7 million, of which $0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”). During the quarter the Company recognized the remaining FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $2.5 million included in Other, net. The FT Premium Liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred. The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act. On March 17, 2023, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March 2023 Equity Offering”). The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $3.04 per share, raising net proceeds (after sales commissions) of $98.4 million. Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. SUMMARIZED BALANCE SHEET Coeur Mining, Inc. Guarantor Subsidiaries In thousands March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Current assets $ 18,935 $ 19,850 $ 145,170 $ 143,170 Non-current assets (1) $ 387,015 $ 393,773 $ 1,312,036 $ 1,286,135 Non-guarantor intercompany assets $ — $ — $ — $ — Current liabilities $ 30,112 $ 27,836 $ 189,890 $ 198,262 Non-current liabilities $ 527,122 $ 478,488 $ 200,990 $ 203,405 Non-guarantor intercompany liabilities $ 6,601 $ 6,033 $ 1,595 $ 1,591 (1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. SUMMARIZED STATEMENTS OF INCOME THREE MONTHS ENDED MARCH 31, 2024 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 116,682 Gross profit (loss) $ (221) $ 11,357 Net income (loss) $ (29,117) $ (8,175) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of March 31, 2024, $31.6 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that was due, litigation and international arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable. In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results. Palmarejo Gold Stream Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2016, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet. The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended March 31, In thousands 2024 2023 Opening Balance $ 6,943 $ 7,411 Revenue Recognized (159) (115) Closing Balance $ 6,784 $ 7,296 Metal Sales Prepayments In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. In December 2023, the Company received a $25.0 million prepayment, all of which was recognized as revenue in the first quarter of 2024. In March 2024, the Company received an additional prepayment of $25.0 million. Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold of electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine, which was amended in September 2023 to increase the maximum amount available in prepayments to $12.5 million and $17.5 million, respectively. In December 2023, Wharf and Rochester received prepayments of $12.5 million and $17.5 million, respectively, all of which were recognized as revenue in the first quarter of 2024. In March 2024, Wharf and Rochester received prepayments of $12.5 million and $17.5 million, respectively. The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by June 2024. See Note 2 -- Summary of Significant Accounting Policies contained in the 2023 10-K for additional detail. The following table presents a roll forward of the prepayment contract liability balance: Three Months Ended March 31, In thousands 2024 2023 Opening Balance $ 55,082 $ 25,016 Additions 55,030 111 Revenue Recognized (55,000) (10,000) Closing Balance $ 55,112 $ 15,127 Kensington Royalty Matter On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters. In consideration for the dismissal of the Maverix Litigation and pursuant to other customary terms of settlement, Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty. The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of: (i) 1.25% for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5% for production occurring on or after January 1, 2027. The Company also agreed to issue up to 2,455,000 shares of its common stock to an affiliate of Maverix, including common stock having a then-current fair market value of $3.0 million by April 2, 2024, and common stock having a then-current fair market value of $3.75 million by March 28, 2025 (collectively, the “Settlement Shares”), with a cash-settlement of any shortfall in value if all 2,455,000 shares of common stock are issued. The settlement provides that credit for the value of certain portions of equity issued to be credited against the royalty, as amended, as payment in arrears for production prior to January 1, 2024. In April 2024, the Company issued 737,210 shares to settle the first equity issuance valued at $3.0 million. The issuance of the Settlement Shares is being made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended. Mining Concession On November 20, 2023, Coeur Mexicana signed a purchase agreement with a subsidiary of Fresnillo plc to acquire mining concessions adjacent to the Palmarejo mine. Total consideration includes a cash payment of approximately $25 million, with $10 million due at closing, an additional $10 million payable 12 months after closing, and an additional $5 million payable 24 months after closing. The concessions will be subject to an inflation-adjusted royalty payment of $25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces. Closing is subject to applicable regulatory approvals in Mexico. Other Commitments and Contingencies As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes. As of March 31, 2024 and December 31, 2023, the Company had surety bonds totaling $333.3 million and $324.8 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: In thousands March 31, 2024 December 31, 2023 Accrued salaries and wages $ 22,983 $ 31,722 Flow-through share premium received 3,923 5,563 Deferred revenue (1) 55,595 55,547 Income and mining taxes 7,704 11,766 Kensington royalty settlement (1) 6,750 — Accrued operating costs 12,811 11,081 Unrealized losses on derivatives 7,994 1,981 Taxes other than income and mining 2,104 5,321 Accrued interest payable 3,699 7,957 Operating lease liabilities 8,282 9,975 Accrued liabilities and other $ 131,845 $ 140,913 (1) See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three months ended March 31, 2024 and 2023: In thousands March 31, 2024 March 31, 2023 Cash and cash equivalents $ 67,489 $ 66,977 Restricted cash equivalents 1,751 1,706 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 69,240 $ 68,683 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties [Policy Text Block] | Please see Note 2 — Summary of Significant Accounting Policies contained in the 2023 10-K. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Ore on Leach Pad [Policy Text Block] | Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In the first quarter of 2024, the Company completed a review of the estimated recoverable ounces of gold and silver on its leach pads and determined that as a result of longer expected leach time and favorable recoveries relative to previous estimates, that the estimated recoverable gold and silver on the Rochester legacy (Stages II, III and IV) leach pads supported an upward revision. An additional 6,000 ounces of gold and 900,000 ounces of silver were added to the legacy leach pads in the first quarter of 2024. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively. As of March 31, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 30,953 and 4.9 million, respectively. |
Recent Accounting Standards | Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” , which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended March 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 53,902 $ 12,681 $ 43,485 $ 41,701 $ — $ — $ 151,769 Silver sales 42,476 17,148 34 1,633 — — 61,291 Metal sales 96,378 29,829 43,519 43,334 — — 213,060 Costs and Expenses Costs applicable to sales (1) 54,294 26,999 39,289 25,415 — — 145,997 Amortization 12,602 6,633 5,596 1,393 852 221 27,297 Exploration 2,485 431 1,545 123 5,280 627 10,491 Other operating expenses 2,254 5,750 7,626 1,101 2,705 13,196 32,632 Other income (expense) Gain on debt extinguishment — — — — — 438 438 Fair value adjustments, net — — — — — — — Interest expense, net (26) (1,340) (471) (152) (6) (10,952) (12,947) Other, net (3) 546 30 (81) (42) (58) 2,378 2,773 Income and mining tax (expense) benefit (11,683) 234 — (1,136) — (3,439) (16,024) Net Income (loss) $ 13,580 $ (11,060) $ (11,089) $ 13,972 $ (8,901) $ (25,619) $ (29,117) Segment assets (2) $ 314,217 $ 1,110,479 $ 182,085 $ 102,351 $ 214,522 $ 57,607 $ 1,981,261 Capital expenditures $ 6,761 $ 21,243 $ 13,258 $ 308 $ 509 $ 4 $ 42,083 (1) Excludes amortization. (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests. (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail. Three Months Ended March 31, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 40,607 $ 16,047 $ 40,124 $ 30,323 $ — $ — $ 127,101 Silver sales 41,700 17,853 74 570 — — 60,197 Metal sales 82,307 33,900 40,198 30,893 — — 187,298 Costs and Expenses Costs applicable to sales (1) 49,265 42,865 37,382 23,544 — — 153,056 Amortization 8,719 5,218 5,844 1,409 1,221 297 22,708 Exploration 1,313 383 996 — 1,497 461 4,650 Other operating expenses 1,526 2,025 984 1,014 6,546 10,878 22,973 Other income (expense) Fair value adjustments, net — — — — — 10,561 10,561 Interest expense, net 122 (175) (530) (14) (22) (6,770) (7,389) Other, net (3) (138) (93) (71) (476) (9) (174) (961) Income and mining tax (expense) benefit (9,702) 239 — (419) — (826) (10,708) Net Income (loss) $ 11,766 $ (16,620) $ (5,609) $ 4,017 $ (9,295) $ (8,845) $ (24,586) Segment assets (2) $ 306,852 $ 877,844 $ 152,946 $ 107,417 $ 242,886 $ 49,056 $ 1,737,001 Capital expenditures $ 10,150 $ 51,962 $ 10,702 $ 121 $ 669 $ 444 $ 74,048 (1) Excludes amortization. (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests. (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail. |
Consolidated Assets | Assets March 31, 2024 December 31, 2023 Total assets for reportable segments $ 1,981,261 $ 1,943,037 Cash and cash equivalents 67,489 61,633 Other assets 71,315 76,178 Total consolidated assets $ 2,120,065 $ 2,080,848 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets March 31, 2024 December 31, 2023 United States $ 1,216,739 $ 1,201,988 Mexico 252,226 256,906 Canada 228,809 229,242 Other 153 152 Total $ 1,697,927 $ 1,688,288 |
Revenue by Country | Revenue Three months ended March 31, 2024 2023 United States $ 116,682 $ 104,991 Mexico 96,378 82,307 Total $ 213,060 $ 187,298 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands March 31, 2024 December 31, 2023 Current receivables: Trade receivables $ 4,091 $ 3,858 VAT receivable 18,788 15,634 Income tax receivable 13,022 10,207 Gold and silver forwards realized gains (2) — 615 Other 593 721 $ 36,494 $ 31,035 Non-current receivables: Other tax receivable (3) $ 9,111 $ 9,111 Deferred cash consideration (1) 834 834 Contingent consideration (1) 13,195 13,195 $ 23,140 $ 23,140 Total receivables $ 59,634 $ 54,175 (1) See Note 11 -- Fair Value Measurements for additional details on deferred cash consideration and contingent consideration in the 2023 10-K. (2) Represents realized gains on gold and silver forward hedges from December 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges. (3) Consists of exploration credit refunds at Silvertip. |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands March 31, 2024 December 31, 2023 Inventory: Concentrate $ 4,238 $ 3,606 Precious metals 19,415 20,395 Supplies 54,577 52,660 $ 78,230 $ 76,661 Ore on Leach Pads: Current $ 83,454 $ 79,400 Non-current 43,073 25,987 $ 126,527 $ 105,387 Long-term Stockpile (included in Other ) $ 41,674 $ 46,702 Total Inventory and Ore on Leach Pads $ 246,431 $ 228,750 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. In the three months ended March 31, 2024, the cost associated with the stock-pile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $4.0 million ($3.2 million was recognized in Costs applicable to sales and $0.8 million in Amortization ). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment and mining properties, net consist of the following: In thousands March 31, 2024 December 31, 2023 Mine development $ 1,377,235 $ 1,358,189 Mineral interests 809,912 809,912 Land 9,000 8,318 Facilities and equipment (1) 1,416,594 947,435 Construction in progress (2) 162,191 612,865 Total $ 3,774,932 $ 3,736,719 Accumulated depreciation, depletion and amortization (3) (2,077,005) (2,048,431) Property, plant and equipment and mining properties, net $ 1,697,927 $ 1,688,288 (1) Includes $120.8 million and $127.6 million associated with facilities and equipment assets under finance leases at March 31, 2024 and December 31, 2023, respectively. (2) Includes $18.0 million and $471.7 million of construction costs related to the Rochester Expansion project at March 31, 2024 and December 31, 2023, respectively. (3) Includes $40.1 million and $37.6 million of accumulated amortization related to assets under finance leases at March 31, 2024 and December 31, 2023, respectively. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | March 31, 2024 December 31, 2023 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 289,508 $ — $ 295,115 Revolving Credit Facility (2) — 225,000 — 175,000 Finance lease obligations 23,242 47,802 22,636 52,559 $ 23,242 $ 562,310 $ 22,636 $ 522,674 (1) Net of unamortized debt issuance costs of $3.6 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively. (2) Unamortized debt issuance costs of $4.4 million and $2.8 million at March 31, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets . |
Interest Expenses Incurred for Various Debt Instruments [Table Text Block] | Interest Expense Three Months Ended March 31, In thousands 2024 2023 2029 Senior Notes 3,820 4,805 Revolving Credit Facility 6,454 2,746 Finance lease obligations 1,259 1,280 Amortization of debt issuance costs 619 640 Other debt obligations 797 27 Capitalized interest (2) (2,109) Total interest expense, net of capitalized interest $ 12,947 $ 7,389 |
Reclamation (Tables)
Reclamation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Three Months Ended March 31, In thousands 2024 2023 Asset retirement obligation - Beginning $ 214,013 $ 202,431 Accretion 4,076 3,993 Settlements (1,100) (1,044) Asset retirement obligation - Ending $ 216,989 $ 205,380 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2024 and 2023 by significant jurisdiction: Three months ended March 31, 2024 2023 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (30,553) $ (3,819) $ (25,780) $ (1,018) Canada (7,584) (114) (9,294) — Mexico 25,204 (12,091) 21,399 (9,690) Other jurisdictions (160) — (203) — $ (13,093) $ (16,024) $ (13,878) $ (10,708) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Grants Awarded | The following table summarizes the grants awarded during the three months ended March 31, 2024: Grant date Restricted Grant date fair Performance Grant date fair February 26, 2024 3,087,822 $ 2.55 2,050,899 $ 2.77 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three Months Ended March 31, In thousands 2024 2023 Change in the value of equity securities (1) $ — $ 10,561 Fair value adjustments, net $ — $ 10,561 (1) Includes unrealized losses on held equity securities of $2.8 million for the three months ended March 31, 2023. |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2024 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts $ 809 $ — $ 809 $ — Silver forwards 1,847 — 1,847 — $ 2,656 $ — $ 2,656 $ — Liabilities: Gold forwards $ 7,994 $ — $ 7,994 $ — Fair Value at December 31, 2023 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts 318 — 318 — Silver forwards 3,312 — 3,312 — $ 3,630 $ — $ 3,630 $ — Liabilities: Gold forwards $ 1,981 $ — $ 1,981 $ — |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2024 and December 31, 2023 is presented in the following table: March 31, 2024 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 289,508 $ 274,638 $ — $ 274,638 $ — Revolving Credit Facility (2) $ 225,000 $ 225,000 $ — $ 225,000 $ — (1) Net of unamortized debt issuance costs of $3.6 million. (2) Unamortized debt issuance costs of $4.4 million included in Other Non-Current Assets . December 31, 2023 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 295,115 $ 271,272 $ — $ 271,272 $ — Revolving Credit Facility (2) $ 175,000 $ 175,000 $ — $ 175,000 $ — (1) Net of unamortized debt issuance costs of $3.9 million . (2) Unamortized debt issuance costs of $2.8 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At March 31, 2024, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2024 2025 and Thereafter Gold forwards Average gold fixed price per ounce $ 2,100 $ — Notional ounces 49,950 — Silver forwards Average silver fixed price per ounce $ 26.00 $ — Notional ounces 1,800,000 — At March 31, 2024, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2024 2025 and Thereafter Provisional gold sales contracts $ 24,885 $ — Average gold price per ounce $ 2,112 $ — Notional ounces 11,781 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: March 31, 2024 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ — $ — $ 7,994 Silver forwards $ 1,847 $ — $ — December 31, 2023 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ — $ — $ 1,981 Silver forwards $ 3,312 $ — $ — The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2024, and 2023, respectively (in thousands). Three Months Ended March 31, 2024 2023 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ (6,992) $ (13,984) Silver forwards (633) 1,056 $ (7,625) $ (12,928) Amount of (Gain) Loss Reclassified from AOCI to Earnings Gold forwards $ 979 $ (2,261) Silver forwards (832) (1,873) $ 147 $ (4,134) The following summarizes the classification of the fair value of the derivative instruments: March 31, 2024 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 809 $ — December 31, 2023 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 318 $ — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2024, and 2023, respectively (in thousands): Three Months Ended March 31, Financial statement line Derivative 2024 2023 Revenue Provisional metal sales contracts $ 490 $ (249) $ 490 $ (249) Credit Risk |
Additional Comprehensive Inco_2
Additional Comprehensive Income (Loss) Detail (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Pre-development, reclamation, and other consists of the following: Three Months Ended March 31, In thousands 2024 2023 Silvertip ongoing carrying costs 2,362 6,180 (Gain) loss on sale of assets 3,536 — Asset retirement accretion 4,076 3,993 Kensington royalty settlement (1) 6,750 — Other 1,504 717 Pre-development, reclamation and other $ 18,228 $ 10,890 (1) See Note 16 -- Commitments and Contingencies for additional details on Kensington royalty settlement. |
Schedule of Nonoperating Income (Expense) | Other, net consists of the following: Three Months Ended March 31, In thousands 2024 2023 Foreign exchange gain (loss) $ (365) $ (1,154) Gain (loss) on dispositions — (9) Flow-through shares 2,490 — Other 648 202 Other, net $ 2,773 $ (961) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended March 31, In thousands except per share amounts 2024 2023 Net income (loss) available to common stockholders $ (29,117) $ (24,586) Weighted average shares: Basic 384,968 300,950 Effect of stock-based compensation plans — — Diluted 384,968 300,950 Income (loss) per share: Basic $ (0.08) $ (0.08) Diluted $ (0.08) $ (0.08) |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | SUMMARIZED BALANCE SHEET Coeur Mining, Inc. Guarantor Subsidiaries In thousands March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Current assets $ 18,935 $ 19,850 $ 145,170 $ 143,170 Non-current assets (1) $ 387,015 $ 393,773 $ 1,312,036 $ 1,286,135 Non-guarantor intercompany assets $ — $ — $ — $ — Current liabilities $ 30,112 $ 27,836 $ 189,890 $ 198,262 Non-current liabilities $ 527,122 $ 478,488 $ 200,990 $ 203,405 Non-guarantor intercompany liabilities $ 6,601 $ 6,033 $ 1,595 $ 1,591 (1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. |
Schedule of Comprehensive Income (Loss) | SUMMARIZED STATEMENTS OF INCOME THREE MONTHS ENDED MARCH 31, 2024 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 116,682 Gross profit (loss) $ (221) $ 11,357 Net income (loss) $ (29,117) $ (8,175) |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contract Liability | The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended March 31, In thousands 2024 2023 Opening Balance $ 6,943 $ 7,411 Revenue Recognized (159) (115) Closing Balance $ 6,784 $ 7,296 The following table presents a roll forward of the prepayment contract liability balance: Three Months Ended March 31, In thousands 2024 2023 Opening Balance $ 55,082 $ 25,016 Additions 55,030 111 Revenue Recognized (55,000) (10,000) Closing Balance $ 55,112 $ 15,127 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands March 31, 2024 December 31, 2023 Accrued salaries and wages $ 22,983 $ 31,722 Flow-through share premium received 3,923 5,563 Deferred revenue (1) 55,595 55,547 Income and mining taxes 7,704 11,766 Kensington royalty settlement (1) 6,750 — Accrued operating costs 12,811 11,081 Unrealized losses on derivatives 7,994 1,981 Taxes other than income and mining 2,104 5,321 Accrued interest payable 3,699 7,957 Operating lease liabilities 8,282 9,975 Accrued liabilities and other $ 131,845 $ 140,913 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three months ended March 31, 2024 and 2023: In thousands March 31, 2024 March 31, 2023 Cash and cash equivalents $ 67,489 $ 66,977 Restricted cash equivalents 1,751 1,706 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 69,240 $ 68,683 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |||
Financial information relating to reporting segments | |||||
Revenue | $ 213,060 | $ 187,298 | |||
Amortization | 27,297 | 22,708 | |||
Other operating expenses | 32,632 | 22,973 | |||
Fair value adjustments, net, pretax | 0 | 10,561 | |||
Interest expense, net of capitalized interest | (12,947) | (7,389) | |||
Other, net | 2,773 | (961) | [1] | ||
Income and mining tax (expense) benefit | (16,024) | (10,708) | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (29,117) | (24,586) | |||
Net income (loss) | (29,117) | (24,586) | |||
Assets, Net | [2] | 1,981,261 | 1,737,001 | $ 1,943,037 | |
Capital expenditures | 42,083 | 74,048 | |||
Gain on debt extinguishment | 438 | 0 | |||
Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 12,602 | 8,719 | |||
Other operating expenses | 2,254 | 1,526 | |||
Fair value adjustments, net, pretax | 0 | 0 | |||
Interest expense, net of capitalized interest | (26) | 122 | |||
Other, net | [1] | 546 | (138) | ||
Income and mining tax (expense) benefit | (11,683) | (9,702) | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 13,580 | 11,766 | |||
Assets, Net | [2] | 314,217 | 306,852 | ||
Capital expenditures | 6,761 | 10,150 | |||
Gain on debt extinguishment | 0 | ||||
Rochester | |||||
Financial information relating to reporting segments | |||||
Amortization | 6,633 | 5,218 | |||
Other operating expenses | 5,750 | 2,025 | |||
Fair value adjustments, net, pretax | 0 | 0 | |||
Interest expense, net of capitalized interest | (1,340) | (175) | |||
Other, net | [1] | 30 | (93) | ||
Income and mining tax (expense) benefit | 234 | 239 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (11,060) | (16,620) | |||
Assets, Net | [2] | 1,110,479 | 877,844 | ||
Capital expenditures | 21,243 | 51,962 | |||
Gain on debt extinguishment | 0 | ||||
Kensington | |||||
Financial information relating to reporting segments | |||||
Amortization | 5,596 | 5,844 | |||
Other operating expenses | 7,626 | 984 | |||
Fair value adjustments, net, pretax | 0 | 0 | |||
Interest expense, net of capitalized interest | (471) | (530) | |||
Other, net | [1] | (81) | (71) | ||
Income and mining tax (expense) benefit | 0 | 0 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (11,089) | (5,609) | |||
Assets, Net | [2] | 182,085 | 152,946 | ||
Capital expenditures | 13,258 | 10,702 | |||
Gain on debt extinguishment | 0 | ||||
Wharf | |||||
Financial information relating to reporting segments | |||||
Amortization | 1,393 | 1,409 | |||
Other operating expenses | 1,101 | 1,014 | |||
Fair value adjustments, net, pretax | 0 | 0 | |||
Interest expense, net of capitalized interest | (152) | (14) | |||
Other, net | [1] | (42) | (476) | ||
Income and mining tax (expense) benefit | (1,136) | (419) | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 13,972 | 4,017 | |||
Assets, Net | [2] | 102,351 | 107,417 | ||
Capital expenditures | 308 | 121 | |||
Gain on debt extinguishment | 0 | ||||
Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 852 | 1,221 | |||
Other operating expenses | 2,705 | 6,546 | |||
Fair value adjustments, net, pretax | 0 | 0 | |||
Interest expense, net of capitalized interest | (6) | (22) | |||
Other, net | [1] | (58) | (9) | ||
Income and mining tax (expense) benefit | 0 | 0 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (8,901) | (9,295) | |||
Assets, Net | [2] | 214,522 | 242,886 | ||
Capital expenditures | 509 | 669 | |||
Gain on debt extinguishment | 0 | ||||
Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 221 | 297 | |||
Other operating expenses | 13,196 | 10,878 | |||
Fair value adjustments, net, pretax | 0 | 10,561 | |||
Interest expense, net of capitalized interest | (10,952) | (6,770) | |||
Other, net | [1] | 2,378 | (174) | ||
Income and mining tax (expense) benefit | (3,439) | (826) | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (25,619) | (8,845) | |||
Assets, Net | [2] | 57,607 | 49,056 | ||
Capital expenditures | 4 | 444 | |||
Gain on debt extinguishment | 438 | ||||
Gold [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 151,769 | 127,101 | |||
Gold [Member] | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 53,902 | 40,607 | |||
Gold [Member] | Rochester | |||||
Financial information relating to reporting segments | |||||
Revenue | 12,681 | 16,047 | |||
Gold [Member] | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 43,485 | 40,124 | |||
Gold [Member] | Wharf | |||||
Financial information relating to reporting segments | |||||
Revenue | 41,701 | 30,323 | |||
Gold [Member] | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Gold [Member] | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Silver | |||||
Financial information relating to reporting segments | |||||
Revenue | 61,291 | 60,197 | |||
Product, Silver | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 42,476 | 41,700 | |||
Product, Silver | Rochester | |||||
Financial information relating to reporting segments | |||||
Revenue | 17,148 | 17,853 | |||
Product, Silver | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 34 | 74 | |||
Product, Silver | Wharf | |||||
Financial information relating to reporting segments | |||||
Revenue | 1,633 | 570 | |||
Product, Silver | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Silver | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Metal [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 213,060 | 187,298 | |||
Product, Metal [Member] | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 96,378 | 82,307 | |||
Product, Metal [Member] | Rochester | |||||
Financial information relating to reporting segments | |||||
Revenue | 29,829 | 33,900 | |||
Product, Metal [Member] | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 43,519 | 40,198 | |||
Product, Metal [Member] | Wharf | |||||
Financial information relating to reporting segments | |||||
Revenue | 43,334 | 30,893 | |||
Product, Metal [Member] | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Metal [Member] | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 145,997 | 153,056 | ||
Product | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 54,294 | 49,265 | ||
Product | Rochester | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 26,999 | 42,865 | ||
Product | Kensington | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 39,289 | 37,382 | ||
Product | Wharf | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 25,415 | 23,544 | ||
Product | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 0 | 0 | ||
Product | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | [3] | 0 | 0 | ||
Mineral, Exploration | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 10,491 | 4,650 | |||
Mineral, Exploration | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 2,485 | 1,313 | |||
Mineral, Exploration | Rochester | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 431 | 383 | |||
Mineral, Exploration | Kensington | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 1,545 | 996 | |||
Mineral, Exploration | Wharf | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 123 | 0 | |||
Mineral, Exploration | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 5,280 | 1,497 | |||
Mineral, Exploration | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | $ 627 | $ 461 | |||
[1]See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.[2] Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests. Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,981,261 | $ 1,943,037 | $ 1,737,001 |
Cash and cash equivalents | 67,489 | 61,633 | $ 66,977 | |
Other assets | 71,315 | 76,178 | ||
TOTAL ASSETS | $ 2,120,065 | $ 2,080,848 | ||
[1] Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests. |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 1,697,927 | $ 1,688,288 | |
Revenues | |||
Revenue | 213,060 | $ 187,298 | |
United States | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 1,216,739 | 1,201,988 | |
Revenues | |||
Revenue | 116,682 | 104,991 | |
Canada | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 228,809 | 229,242 | |
Mexico | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 252,226 | 256,906 | |
Revenues | |||
Revenue | 96,378 | $ 82,307 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 153 | $ 152 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 4,091 | $ 3,858 | |
Refundable value added tax | 18,788 | 15,634 | |
Income Taxes Receivable | 13,022 | 10,207 | |
Derivative Asset, Current | [1] | 0 | 615 |
Accounts receivable - other | 593 | 721 | |
Receivables, net current portion | 36,494 | 31,035 | |
Receivables - non-current portion | |||
Other tax receivable | [2] | 9,111 | 9,111 |
Deferred cash consideration (1) | [3] | 834 | 834 |
Contingent consideration (1) | [3] | 13,195 | 13,195 |
Non-current receivables: | 23,140 | 23,140 | |
Total receivables | $ 59,634 | $ 54,175 | |
[1] Represents realized gains on gold and silver forward hedges from December 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges. Consists of exploration credit refunds at Silvertip. See Note 11 -- Fair Value Measurements for additional details on deferred cash consideration and contingent consideration in the 2023 10-K. |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 4,238 | $ 3,606 |
Other Inventory, Net of Reserves | 19,415 | 20,395 |
Inventory, Supplies, Net of Reserves | 54,577 | 52,660 |
Inventory | 78,230 | 76,661 |
Ore on Leach Pad, Current | 83,454 | 79,400 |
Ore on leach pads, noncurrent | 43,073 | 25,987 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 126,527 | 105,387 |
Inventory and Ore on Leach Pads | 246,431 | 228,750 |
Long-Term Inventory Stockpile | $ 41,674 | $ 46,702 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inventory [Line Items] | ||
Inventory Write-down | $ 3,235 | $ 13,113 |
Rochester | ||
Inventory [Line Items] | ||
Inventory Write-down | 4,000 | |
Rochester | Amortization | ||
Inventory [Line Items] | ||
Inventory Write-down | 800 | |
Rochester | Cost of Sales | ||
Inventory [Line Items] | ||
Inventory Write-down | $ 3,200 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Property, plant and equipment | |||
Operational Mining Properties Gross | $ 1,377,235 | $ 1,358,189 | |
Mineral Interest | 809,912 | 809,912 | |
Land | 9,000 | 8,318 | |
Buildings and Improvements, Gross | [1] | 1,416,594 | 947,435 |
Property, Plant and Equipment, Gross | 3,774,932 | 3,736,719 | |
Accumulated depreciation and amortization | [2] | (2,077,005) | (2,048,431) |
Construction in Progress, Gross | [3] | 162,191 | 612,865 |
Property, plant and equipment and mining properties, net | $ 1,697,927 | $ 1,688,288 | |
[1]Includes $120.8 million and $127.6 million associated with facilities and equipment assets under finance leases at March 31, 2024 and December 31, 2023, respectively.[2]Includes $40.1 million and $37.6 million of accumulated amortization related to assets under finance leases at March 31, 2024 and December 31, 2023, respectively. Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024. The crushing circuit has routinely exceeded 70,000 tons per day since commissioning was completed leading to declaration of commercial production and $528 million of construction in process placed into service during the quarter. Ramp-up to sustained nameplate capacity of 88,000 tons per day remains on schedule for the end of the second quarter. |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 120,800 | $ 127,600 | |
Construction in Progress, Gross | [1] | 162,191 | 612,865 |
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | 40,100 | 37,600 | |
Rochester | |||
Property, Plant and Equipment [Line Items] | |||
Construction in Progress, Gross | $ 18,000 | $ 471,700 | |
[1]Includes $18.0 million and $471.7 million of construction costs related to the Rochester Expansion project at March 31, 2024 and December 31, 2023, respectively. |
Property, Plant and Equipment a
Property, Plant and Equipment and Mining Properties, Net (Narrtive) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2024 ton / d | Jun. 30, 2024 ton / d | Mar. 31, 2024 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Crushing circuit production (tons per day) | 70,000 | ||
Forecast | |||
Property, Plant and Equipment [Line Items] | |||
Crushing circuit production (tons per day) | 88,000 | ||
Rochester | |||
Property, Plant and Equipment [Line Items] | |||
Construction in process placed into service | $ | $ 528 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Long term debt and capital lease obligations | |||
Current | $ 23,242 | $ 22,636 | |
Debt | 562,310 | 522,674 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | 3,600 | 3,900 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Debt | [1] | 289,508 | 295,115 |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Debt | [2] | 225,000 | 175,000 |
Finance Lease Obligations | |||
Long term debt and capital lease obligations | |||
Debt | 47,802 | 52,559 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Current | [1] | 0 | 0 |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Current | [2] | 0 | 0 |
Finance Lease Obligations | |||
Long term debt and capital lease obligations | |||
Current | 23,242 | 22,636 | |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | $ 4,400 | $ 2,800 | |
[1] Net of unamortized debt issuance costs of $3.6 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively. Unamortized debt issuance costs of $4.4 million and $2.8 million at March 31, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets |
Debt (Details Textual)
Debt (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 21, 2024 | Mar. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | May 02, 2022 | |
Debt Instrument [Line Items] | |||||
Gain on debt extinguishment | $ 438 | $ 0 | |||
Finance Lease Obligations | 1,000 | ||||
Senior Notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 375,000 | ||||
Proceeds from debt | $ 367,500 | ||||
Extinguishment of debt | $ 5,900 | ||||
Converted shares (in shares) | 1,800 | ||||
Gain on debt extinguishment | $ 400 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Additional increases in RCF | $ 100,000 | ||||
Non-capitalized underground mine development costs | 15,000 | ||||
Line of credit facility | 10,000 | ||||
Letters of credit outstanding, amount | $ 29,600 | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 9.20% | ||||
Long-term debt | $ 225,000 | ||||
Amount available subject to debt covenants | $ 145,400 | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 400,000 | $ 390,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Interest paid on Senior Notes due 2029 | $ 3,820 | $ 4,805 |
Interest paid on Revolving Credit Facility | 6,454 | 2,746 |
Finance Lease, Interest Expense | 1,259 | 1,280 |
Amortization of Debt Issuance Costs | 619 | 640 |
Interest Expense, Other | 797 | 27 |
Interest Costs Capitalized Adjustment | (2) | (2,109) |
Interest Costs Incurred | $ 12,947 | $ 7,389 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset Retirement Obligation | $ 216,989 | $ 205,380 | $ 214,013 | $ 202,431 |
Asset Retirement Obligation, Accretion Expense, Excluding Held for Sale Disposal Group. | 4,076 | 3,993 | ||
Asset Retirement Obligation, Liabilities Settled | $ (1,100) | $ (1,044) |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Examination [Line Items] | ||
Income (loss) before income and mining taxes | $ (13,093) | $ (13,878) |
Tax (expense) benefit | 16,024 | 10,708 |
United States | ||
Income Tax Examination [Line Items] | ||
United States, Income (loss) before tax | (30,553) | (25,780) |
Tax (expense) benefit | (3,819) | (1,018) |
Canada | ||
Income Tax Examination [Line Items] | ||
Foreign, Income (loss) before tax | 7,584 | 9,294 |
Tax (expense) benefit | (114) | 0 |
Mexico | ||
Income Tax Examination [Line Items] | ||
Foreign, Income (loss) before tax | (25,204) | (21,399) |
Tax (expense) benefit | (12,091) | (9,690) |
Other jurisdictions | ||
Income Tax Examination [Line Items] | ||
Foreign, Income (loss) before tax | 160 | 203 |
Tax (expense) benefit | $ 0 | $ 0 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Tax (expense) benefit | $ 16,024 | $ 10,708 |
Effective income tax rate | (122.40%) | (77.20%) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation cost | $ 14.7 | |
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 10 months 24 days | |
Annual Incentive Plan and Long Term Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense for stock based compensation awards | $ 4.2 | $ 3.2 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) - February 26, 2024 | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 3,087,822 |
Grant date fair value of restricted stock | $ / shares | $ 2.55 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 2,050,899 |
Grant date fair value of performance shares | $ / shares | $ 2.77 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Unrealized gain (loss) on equity securities | $ 0 | $ 10,561 |
Fair value adjustments, net | $ 0 | 10,561 |
Marketable Security, Realized Gain (Loss) | $ 2,800 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Assets | $ 2,656 | $ 3,630 |
Gold Forwards | ||
Liabilities: | ||
Fair value of derivative liability | 7,994 | 1,981 |
SIlver Forwards | ||
Assets: | ||
Fair value of other derivative instruments, net | 1,847 | 3,312 |
Level 1 | ||
Assets: | ||
Assets | 0 | 0 |
Level 1 | Gold Forwards | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | SIlver Forwards | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Level 2 | ||
Assets: | ||
Assets | 2,656 | 3,630 |
Level 2 | Gold Forwards | ||
Liabilities: | ||
Fair value of derivative liability | 7,994 | 1,981 |
Level 2 | SIlver Forwards | ||
Assets: | ||
Fair value of other derivative instruments, net | 1,847 | 3,312 |
Level 3 | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | Gold Forwards | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | SIlver Forwards | ||
Assets: | ||
Fair value of other derivative instruments, net | $ 0 | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | $ 562,310 | $ 522,674 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt | [1] | 225,000 | 175,000 |
Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | 289,508 | 295,115 | |
Debt | [2] | 289,508 | 295,115 |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 225,000 | 175,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 225,000 | 175,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 274,638 | 271,272 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 274,638 | 271,272 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | 3,600 | 3,900 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | $ 4,400 | $ 2,800 | |
[1] Unamortized debt issuance costs of $4.4 million and $2.8 million at March 31, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets Net of unamortized debt issuance costs of $3.6 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements $ in Thousands | Mar. 31, 2024 USD ($) oz $ / oz |
2024 | |
Derivative instruments Settlement | |
Notional Amount Derivative | $ | $ 24,885 |
Derivative average price | $ / oz | 2,112 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 11,781 |
2025 and Thereafter | |
Derivative instruments Settlement | |
Notional Amount Derivative | $ | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Recurring | ||
Fair value of the derivative instruments | ||
Assets | $ 2,656 | $ 3,630 |
Fair Value, Recurring | Level 1 | ||
Fair value of the derivative instruments | ||
Assets | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Fair value of the derivative instruments | ||
Assets | 2,656 | 3,630 |
Fair Value, Recurring | Level 3 | ||
Fair value of the derivative instruments | ||
Assets | 0 | 0 |
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 809 | 318 |
Provisional metal sales contracts | Fair Value, Recurring | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 809 | 318 |
Provisional metal sales contracts | Fair Value, Recurring | Level 1 | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 | 0 |
Provisional metal sales contracts | Fair Value, Recurring | Level 2 | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 809 | 318 |
Provisional metal sales contracts | Fair Value, Recurring | Level 3 | ||
Fair value of the derivative instruments | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 | 0 |
SIlver Forwards | Fair Value, Recurring | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 1,847 | 3,312 |
SIlver Forwards | Fair Value, Recurring | Level 1 | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 0 | 0 |
SIlver Forwards | Fair Value, Recurring | Level 2 | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 1,847 | 3,312 |
SIlver Forwards | Fair Value, Recurring | Level 3 | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 0 | 0 |
Gold Forwards | Fair Value, Recurring | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 7,994 | 1,981 |
Gold Forwards | Fair Value, Recurring | Level 1 | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 0 | 0 |
Gold Forwards | Fair Value, Recurring | Level 2 | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 7,994 | 1,981 |
Gold Forwards | Fair Value, Recurring | Level 3 | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Provisional gain (loss) on derivatives and commodity contracts | $ 490 | $ (249) |
Fair value adjustments, net | $ 490 | $ (249) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Provisional gain (loss) on derivatives and commodity contracts | $ 490 | $ (249) |
Unrealized gain (loss) on hedger, net of tax | (7,625) | $ (12,928) |
Designated as Hedging Instrument | Gold Forwards | ||
Derivative [Line Items] | ||
After tax gains in AOCI | 6,100 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 6,100 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gold Forwards | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 0 | $ 0 |
Gold Forwards | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
1981000 | 1,981 | |
Gold Forwards | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 0 | 0 |
SIlver Forwards | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 1,847 | 3,312 |
SIlver Forwards | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
1981000 | 0 | 0 |
SIlver Forwards | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 0 | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument | 3 Months Ended |
Mar. 31, 2024 oz $ / oz | |
Gold Forwards - 2022 | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 2,100 |
Notional ounces | oz | 49,950 |
Gold Forwards - 2023 and Thereafter | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 0 |
Notional ounces | oz | 0 |
Silver Forwards - 2023 | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 26 |
Notional ounces | oz | 1,800,000 |
Silver Forwards - 2024 and Thereafter | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 0 |
Notional ounces | oz | 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) recognized in OCI - effective portion: | $ (7,625) | $ (12,928) |
Gains (losses) reclassified from AOCI into net income - effective portion: | 147 | (4,134) |
Gold Forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) recognized in OCI - effective portion: | (6,992) | (13,984) |
Gains (losses) reclassified from AOCI into net income - effective portion: | 979 | (2,261) |
SIlver Forwards | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gains (losses) recognized in OCI - effective portion: | (633) | 1,056 |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ (832) | $ (1,873) |
Additional Comprehensive Inco_3
Additional Comprehensive Income (Loss) Detail - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Other Income and Expenses [Abstract] | |||
Care and maintenance costs | $ 2,362 | $ 6,180 | |
(Gain) loss on sale of assets | 3,536 | 0 | |
Accretion | 4,076 | 3,993 | |
Royalty settlement | [1] | 6,750 | 0 |
Other Operating Income (Expense), Net | 1,504 | 717 | |
Pre-development, reclamation, and other | $ 18,228 | $ 10,890 | |
[1]See Note 16 -- Commitments and Contingencies for additional details on Kensington royalty settlement |
Additional Comprehensive Inco_4
Additional Comprehensive Income (Loss) Detail - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Other Income and Expenses [Abstract] | |||
Foreign exchange gain (loss) | $ (365) | $ (1,154) | |
Gain (loss) on dispositions | 0 | (9) | |
Flow-through shares | 2,490 | 0 | |
Interest Income, Other | 648 | 202 | |
Other, net | $ 2,773 | $ (961) | [1] |
[1]See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail. |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 17, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Feb. 26, 2024 | Dec. 31, 2023 | |
Earnings Per Share (Textual) [Abstract] | |||||
Number of antidilutive shares of common stock equivalents | 43,422 | 366,946 | |||
Common stock, shares issued (in shares) | 398,583,321 | 7,704,725 | 386,282,957 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock issued for investment (in shares) | 32,861,580 | ||||
Net Income (Loss) Attributable to Coeur Stockholders | |||||
NET INCOME (LOSS) | $ (29,117) | $ (24,586) | |||
Weighted Average Number of Shares Outstanding | |||||
Weighted Average Number of Shares Outstanding, Basic | 384,968,000 | 300,950,000 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | |||
Weighted Average Number of Shares Outstanding, Diluted | 384,968,000 | 300,950,000 | |||
Basic EPS | |||||
Earnings Per Share, Basic | $ (0.08) | $ (0.08) | |||
Diluted EPS | |||||
Earnings Per Share, Diluted | $ (0.08) | $ (0.08) | |||
Private Placement | |||||
Earnings Per Share (Textual) [Abstract] | |||||
Proceeds from (Repurchase of) Equity | $ 23,700 | ||||
Proceeds from repurchase | $ 900 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 17, 2023 | Mar. 31, 2024 | Feb. 26, 2024 | Dec. 31, 2023 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, shares issued (in shares) | 398,583,321 | 7,704,725 | 386,282,957 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Aggregate Value of ATM Program | $ 100 | |||
Price per share | $ 3.04 | |||
Aggregate net proceeds from stock offering | $ 98.4 | |||
Private Placement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from (Repurchase of) Equity | $ 23.7 | |||
Proceeds from repurchase | 0.9 | |||
Flow-through share premium liability income recognition | $ 2.5 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | $ 284,610 | $ 267,255 | |
Current liabilities | 286,178 | 289,613 | |
Non-current liabilities | 815,758 | 767,332 | |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | 18,935 | 19,850 | |
Non-current assets(1) | [1] | 387,015 | 393,773 |
Non-guarantor intercompany assets | 0 | 0 | |
Current liabilities | 30,112 | 27,836 | |
Non-current liabilities | 527,122 | 478,488 | |
Non-guarantor intercompany liabilities | 6,601 | 6,033 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | 145,170 | 143,170 | |
Non-current assets(1) | [1] | 1,312,036 | 1,286,135 |
Non-guarantor intercompany assets | 0 | 0 | |
Current liabilities | 189,890 | 198,262 | |
Non-current liabilities | 200,990 | 203,405 | |
Non-guarantor intercompany liabilities | $ 1,595 | $ 1,591 | |
[1] Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | $ 213,060 | $ 187,298 |
Net income (loss) | (29,117) | $ (24,586) |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 0 | |
Gross Profit | (221) | |
Net income (loss) | (29,117) | |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 116,682 | |
Gross Profit | 11,357 | |
Net income (loss) | $ (8,175) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) ozt in Millions | 3 Months Ended | 36 Months Ended | |||||||||||||
Jan. 01, 2027 | Nov. 20, 2023 oz $ / oz | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | Dec. 31, 2026 | Mar. 28, 2025 USD ($) | Apr. 30, 2024 USD ($) shares | Apr. 02, 2024 USD ($) | Mar. 28, 2024 ozt shares | Feb. 26, 2024 shares | Dec. 31, 2023 USD ($) shares | Nov. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 02, 2014 USD ($) | |
Business Acquisition [Line Items] | |||||||||||||||
Revenue Recognized | $ 55,159,000 | $ 10,115,000 | |||||||||||||
Valued-added Tax Outstanding | $ 31,600,000 | ||||||||||||||
Common stock, shares issued (in shares) | shares | 398,583,321 | 7,704,725 | 386,282,957 | ||||||||||||
Common stock fair value | $ 3,986,000 | $ 3,863,000 | |||||||||||||
Inflation adjusted royalty payment | $ / oz | 25 | ||||||||||||||
Surety Bonds Outstanding | 333,300,000 | 324,800,000 | |||||||||||||
Kensington Royalty Matter | Settled Litigation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Royalty payment | ozt | 2 | ||||||||||||||
Kensington Royalty Matter | Settled Litigation | Subsequent Event | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Common stock, shares issued (in shares) | shares | 737,210 | ||||||||||||||
Common stock fair value | $ 3,000,000 | $ 3,000,000 | |||||||||||||
Kensington Royalty Matter | Settled Litigation | Forecast | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Royalty payment rate | 1.50% | 1.25% | |||||||||||||
Common stock fair value | $ 3,750,000 | ||||||||||||||
Mining Concessions Purchase Agreement Member | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash payment at closing | $ 10,000,000 | ||||||||||||||
Cash payment 12 months after closing | 10,000,000 | ||||||||||||||
Cash payment 24 months after closing | 5,000,000 | ||||||||||||||
Total Consideration | $ 25,000,000 | ||||||||||||||
Minimum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Amount of gold equivalent ounces discovered | oz | 450,000 | ||||||||||||||
Maximum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Amount of gold equivalent ounces discovered | oz | 2,000,000,000,000 | ||||||||||||||
Maximum | Kensington Royalty Matter | Settled Litigation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Common stock, shares issued (in shares) | shares | 2,455,000 | ||||||||||||||
Palmarejo gold production royalty | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Production to be sold, percent | 50% | ||||||||||||||
Price per ounce under agreement | $ 800 | ||||||||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||||||||
Kensington | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue Recognized | (55,000,000) | (10,000,000) | |||||||||||||
Revenue liability | 55,112,000 | $ 15,127,000 | 55,082,000 | $ 25,016,000 | |||||||||||
Kensington | December 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | 25,000,000 | ||||||||||||||
Kensington | December 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | 25,000,000 | ||||||||||||||
Rochester | December 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | 17,500,000 | ||||||||||||||
Rochester | September 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | $ 17,500,000 | ||||||||||||||
Rochester | December 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | 17,500,000 | ||||||||||||||
Wharf | December 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | $ 12,500,000 | ||||||||||||||
Wharf | September 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | $ 12,500,000 | ||||||||||||||
Wharf | December 2023 Prepayment | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue liability | $ 12,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||
Revenue Recognized | $ 55,159 | $ 10,115 |
Franco-Nevada | ||
Business Acquisition [Line Items] | ||
Opening Balance | 6,943 | 7,411 |
Revenue Recognized | (159) | (115) |
Closing Balance | 6,784 | 7,296 |
Kensington | ||
Business Acquisition [Line Items] | ||
Opening Balance | 55,082 | 25,016 |
Additions | 55,030 | 111 |
Revenue Recognized | (55,000) | (10,000) |
Closing Balance | 55,112 | $ 15,127 |
Kensington | December 2023 Prepayment | ||
Business Acquisition [Line Items] | ||
Closing Balance | 25,000 | |
Wharf | December 2023 Prepayment | ||
Business Acquisition [Line Items] | ||
Closing Balance | 12,500 | |
Rochester | December 2023 Prepayment | ||
Business Acquisition [Line Items] | ||
Closing Balance | $ 17,500 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |||
Accrued Salaries, Current | $ 22,983 | $ 31,722 | |
Flow-through share premium received (including over-allotment) | 3,923 | 5,563 | |
Deferred Revenue | [1] | 55,595 | 55,547 |
Accrued Income Taxes, Current | 7,704 | 11,766 | |
Royalty settlement | [1] | 6,750 | 0 |
Other Accrued Liabilities | 12,811 | 11,081 | |
Unrealized Gain (Loss) on Derivatives | 7,994 | 1,981 | |
Accrual for Taxes Other than Income Taxes, Current | 2,104 | 5,321 | |
Interest Payable, Current | 3,699 | 7,957 | |
Operating Lease, Liability, Current | 8,282 | 9,975 | |
Accrued liabilities and other | $ 131,845 | $ 140,913 | |
[1] See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities. |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and Cash Equivalents | $ 67,489 | $ 61,633 | $ 66,977 | |
Restricted Cash Equivalents | 1,751 | 1,706 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 69,240 | $ 63,378 | $ 68,683 | $ 63,169 |