Coeur Mining Files Q2 2024 10-Q

TL;DR

Coeur Mining's Q2 2024 10-Q is in. Check financials.

AI Summary

Coeur Mining, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and operational metrics are presented, reflecting the company's activities in gold and silver mining.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Coeur Mining, crucial for understanding the company's performance and future outlook in the precious metals market.

Risk Assessment

Risk Level: medium — Mining companies face inherent risks related to commodity prices, operational challenges, and regulatory environments, which are reflected in their financial filings.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240807 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Coeur Mining, Inc. (company) — Filer of the 10-Q
• 200 SOUTH WACKER DRIVE, SUITE 2100, CHICAGO, IL 60606 (address) — Business and mailing address
• 312-489-5800 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0 — 00 shares of common stock, par value of $0.01, authorized of which 399,246,926 sha

Filing Documents

• cde-20240630.htm (10-Q) — 2212KB
• cde-06302410qex311.htm (EX-31.1) — 10KB
• cde-06302410qex312.htm (EX-31.2) — 10KB
• cde-06302410qex321.htm (EX-32.1) — 3KB
• cde-06302410qex322.htm (EX-32.2) — 3KB
• cde-06302410qex951.htm (EX-95.1) — 31KB
• cde-20240630_g1.jpg (GRAPHIC) — 120KB
• 0000215466-24-000095.txt ( ) — 10902KB
• cde-20240630.xsd (EX-101.SCH) — 63KB
• cde-20240630_cal.xml (EX-101.CAL) — 76KB
• cde-20240630_def.xml (EX-101.DEF) — 312KB
• cde-20240630_lab.xml (EX-101.LAB) — 675KB
• cde-20240630_pre.xml (EX-101.PRE) — 531KB
• cde-20240630_htm.xml (XML) — 2109KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Consolidated Financial Results 26 Results of Operations 32 Liquidity and Capital Resources 35 Non-GAAP Financial Performance Measures 38

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 45

Other Information

Part II. Other Information 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information 46

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 46 Signatures 47 3 PART I

Financial Statements and Supplementary Data

Item 1. Financial Statements and Supplementary Data COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2024 December 31, 2023 ASSETS Notes In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 74,136 $ 61,633 Receivables 4 32,087 31,035 Inventory 5 76,896 76,661 Ore on leach pads 5 116,897 79,400 Prepaid expenses and other 12,080 18,526 312,096 267,255 NON-CURRENT ASSETS Property, plant and equipment and mining properties, net 6 1,695,951 1,688,288 Ore on leach pads 5 41,226 25,987 Restricted assets 9,026 9,115 Receivables 4, 11 23,140 23,140 Other 61,610 67,063 TOTAL ASSETS $ 2,143,049 $ 2,080,848 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 107,323 $ 115,110 Accrued liabilities and other 17 119,808 140,913 Debt 7 22,213 22,636 Reclamation 8 10,954 10,954 260,298 289,613 NON-CURRENT LIABILITIES Debt 7 607,114 522,674 Reclamation 8 208,963 203,059 Deferred tax liabilities 7,571 12,360 Other long-term liabilities 27,295 29,239 850,943 767,332 COMMITMENTS AND CONTINGENCIES 16 STOCKHOLDERS' EQUITY Common stock, par value $ 0.01 per share; authorized 600,000,000 shares, 399,240,520 issued and outstanding at June 30, 2024 and 386,282,957 at December 31, 2023 3,992 3,863 Additional paid-in capital 4,176,668 4,139,870 Accumulated other comprehensive income (loss) — 1,331 Accumulated deficit ( 3,148,852 ) ( 3,121,161 ) 1,031,808 1,023,903 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,143,049 $ 2,080,848 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Notes In thousands, except share data Revenue 3 $ 222,026 $ 177,235 $ 435,086 $ 364,533 COSTS AND EXPENSES Costs applicable to sales (1)

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements NOTE 1 - BASIS OF PRESENTATION The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, "Coeur" or the "Company") are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 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"). NOTE 2 - 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, esti

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 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 2, 3 and 4) 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. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which have not historically been significant. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively. As of June 30, 2024, the Company's estimated recoverable ounces of gold and silver on the leach pads were 38,092 and 5.6 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 period

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements NOTE 3 – 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 June 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 42,411 $ 17,368 $ 51,104 $ 43,202 $ — $ — $ 154,085 Silver sales 40,835 25,396 ( 50 ) 1,760 — — 67,941 Metal sales 83,246 42,764 51,054 44,962 — — 222,026 Costs and Expenses Costs applicable to sales (1) 48,227 36,655 40,721 19,114 — — 144,717 Amortization 10,843 8,570 6,445 1,067 790 213 27,928 Exploration 2,578 977 1,291 1,126 6,445 457 12,874 Other operating expenses 2,446 2,826 1,129 1,144 2,404 9,882 19,831 Other income (expense) Gain on debt extinguishment — — — — — ( 21 ) ( 21 ) Fair value adjustments, net — — — — — — — Interest expense, net 397 ( 1,055 ) ( 499 ) ( 125 ) ( 4 ) ( 11,876 ) ( 13,162 ) Other, net (3) 2,881 ( 146 ) ( 82 ) ( 45 ) 18 2,496 5,122 Income and mining tax (expense) benefit ( 7,311 ) 672 — ( 1,872 ) — 1,322 ( 7,189 ) Net Income (loss) $ 15,119 $ ( 6,793 ) $ 887 $ 20,469 $ ( 9,625 ) $ ( 18,631 ) $ 1,426 Segment assets (2) $ 302,034 $ 1,125,586 $ 196,671 $ 108,268 $ 213,833 $ 51,885 $ 1,998,277 Capital expenditures $ 5,871 $ 27,530 $ 16,477 $ 1,156 $ 350 $ 21 $ 51,405 (1) Excludes amortization. (2) Segment assets include receivables, prepaids, inventories, property, plan

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Six Months Ended June 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 96,313 $ 30,049 $ 94,589 $ 84,903 $ — $ — $ 305,854 Silver sales 83,311 42,544 ( 16 ) 3,393 — — 129,232 Metal sales 179,624 72,593 94,573 88,296 — — 435,086 Costs and Expenses Costs applicable to sales (1) 102,521 63,654 80,010 44,529 — — 290,714 Amortization 23,445 15,203 12,041 2,460 1,642 434 55,225 Exploration 5,063 1,408 2,836 1,249 11,725 1,084 23,365 Other operating expenses 4,700 8,576 8,755 2,245 5,109 23,078 52,463 Other income (expense) Gain on debt extinguishment — — — — — 417 417 Fair value adjustments, net — — — — — — — Interest expense, net 371 ( 2,395 ) ( 970 ) ( 277 ) ( 10 ) ( 22,828 ) ( 26,109 ) Other, net (3) 3,427 ( 116 ) ( 163 ) ( 87 ) ( 40 ) 4,874 7,895 Income and mining tax (expense) benefit ( 18,994 ) 906 — ( 3,008 ) — ( 2,117 ) ( 23,213 ) Net Income (loss) $ 28,699 $ ( 17,853 ) $ ( 10,202 ) $ 34,441 $ ( 18,526 ) $ ( 44,250 ) $ ( 27,691 ) Segment assets (2) $ 302,034 $ 1,125,586 $ 196,671 $ 108,268 $ 213,833 $ 51,885 $ 1,998,277 Capital expenditures $ 12,632 $ 48,773 $ 29,735 $ 1,464 $ 859 $ 25 $ 93,488 (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. Six Months Ended June 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 75,903 $ 28,685 $ 64,662 $ 79,206 $ — $ — $ 248,456 Silver sales 79,132 34,316 137 2,492 — — 116,077 Metal sales 155,035 63,001 64,799 81,698 — — 364,533 Costs and Expenses Costs applicable to sales (1) 95,856 68,933 76,531 51,373 — — 292,693 Amortization 16,736 8,867 10,645 3,214 2,242 599 42,303 Exploration 2,927 662 3,323 — ( 131 ) 789 7,570 Other operating expenses 3,759 4,425 1,944 2,043 11,507 19,444 43,122

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Geographic Information Long-Lived Assets June 30, 2024 December 31, 2023 United States $ 1,218,875 $ 1,201,988 Mexico 248,549 256,906 Canada 228,373 229,242 Other 154 152 Total $ 1,695,951 $ 1,688,288 Revenue Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 United States $ 138,780 $ 104,507 $ 255,462 $ 209,498 Mexico 83,246 72,728 179,624 155,035 Total $ 222,026 $ 177,235 $ 435,086 $ 364,533 NOTE 4 – RECEIVABLES Receivables consist of the following: In thousands June 30, 2024 December 31, 2023 Current receivables: Trade receivables $ 7,404 $ 3,858 VAT receivable 14,899 15,634 Income tax receivable 9,388 10,207 Gold and silver forwards realized gains (2) — 615 Other 396 721 $ 32,087 $ 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 $ 55,227 $ 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 settled 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. 12 Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements NOTE 5 – INVENTORY AND ORE ON LEACH PADS Inventory consists of the

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