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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
FORM 10-Q
___________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2023
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 001-08641
____________________________________________
 coeurlogob45.jpg
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________
Delaware
82-0109423
 (State or other jurisdiction of
    incorporation or organization)
(I.R.S. Employer
Identification No.)
200 S. Wacker Dr.
Suite 2100Chicago,Illinois60606
(Address of principal executive offices)(Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $.01 per share)CDENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The Company has 600,000,000 shares of common stock, par value of $0.01, authorized of which 382,609,677 shares were issued and outstanding as of November 6, 2023.



COEUR MINING, INC.
INDEX
 Page
Part I.
Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
Notes to Condensed Consolidated Financial Statements (Unaudited)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Financial Results
Results of Operations
Liquidity and Capital Resources
Non-GAAP Financial Performance Measures
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II.
Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures


3


PART I

Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2023December 31, 2022
ASSETSNotesIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$53,223 $61,464 
Receivables430,138 36,333 
Inventory566,704 61,831 
Ore on leach pads5114,314 82,958 
Equity securities67,231 32,032 
Prepaid expenses and other25,556 25,814 
297,166 300,432 
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net1,639,248 1,389,755 
Ore on leach pads536,627 51,268 
Restricted assets8,735 9,028 
Equity securities6 12,120 
Receivables4, 1122,563 22,023 
Other65,413 61,517 
TOTAL ASSETS$2,069,752 $1,846,143 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$138,979 $96,123 
Accrued liabilities and other17116,562 92,863 
Debt722,127 24,578 
Reclamation85,796 5,796 
283,464 219,360 
NON-CURRENT LIABILITIES
Debt7490,114 491,355 
Reclamation8202,220 196,635 
Deferred tax liabilities15,390 14,459 
Other long-term liabilities30,186 35,318 
737,910 737,767 
COMMITMENTS AND CONTINGENCIES16
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 382,693,309 issued and outstanding at September 30, 2023 and 295,697,624 at December 31, 2022
3,827 2,957 
Additional paid-in capital4,128,553 3,891,265 
Accumulated other comprehensive income (loss)11,654 12,343 
Accumulated deficit(3,095,656)(3,017,549)
1,048,378 889,016 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$2,069,752 $1,846,143 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
 NotesIn thousands, except share data
Revenue3$194,583 $182,993 $559,116 $575,520 
COSTS AND EXPENSES
Costs applicable to sales(1)
3147,903 163,180 440,596 447,126 
Amortization22,884 29,151 65,187 83,549 
General and administrative9,512 9,722 31,384 29,281 
Exploration12,437 8,406 20,007 19,103 
Pre-development, reclamation, and other138,680 9,249 29,618 29,839 
Total costs and expenses201,416 219,708 586,792 608,898 
OTHER INCOME (EXPENSE), NET
Gain on debt extinguishment7774  3,735  
Fair value adjustments, net11(2,010)(13,067)4,629 (65,272)
Interest expense, net of capitalized interest7(7,402)(5,932)(21,703)(15,670)
Other, net13459 153 (10,421)2,203 
Total other income (expense), net(8,179)(18,846)(23,760)(78,739)
Income (loss) before income and mining taxes(15,012)(55,561)(51,436)(112,117)
Income and mining tax (expense) benefit9(6,097)(1,883)(26,671)(15,079)
NET INCOME (LOSS) $(21,109)$(57,444)$(78,107)$(127,196)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges7,227 29,060 7,141 58,087 
Reclassification adjustments for realized (gain) loss on cash flow hedges(4,920)(9,910)(7,830)(11,181)
Other comprehensive income (loss) 2,307 19,150 (689)46,906 
COMPREHENSIVE INCOME (LOSS)$(18,802)$(38,294)$(78,796)$(80,290)
NET INCOME (LOSS) PER SHARE14
Basic income (loss) per share:
Basic$(0.06)$(0.21)$(0.24)$(0.47)
Diluted$(0.06)$(0.21)$(0.24)$(0.47)
(1) Excludes amortization.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
 NotesIn thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(21,109)$(57,444)$(78,107)$(127,196)
Adjustments:
Amortization22,884 29,151 65,187 83,549 
Accretion4,153 3,596 12,219 10,588 
Deferred taxes(3,872)(4,730)1,536 (12,288)
Gain on debt extinguishment7(774) (3,735) 
Fair value adjustments, net112,010 13,067 (4,629)62,133 
Stock-based compensation102,635 2,705 8,462 7,319 
Loss on the sale of assets1319  12,650  
Write-downs57,727 21,204 22,467 38,018 
Deferred revenue recognition16(143)(10,167)(25,358)(10,723)
Other657 1,290 2,798 824 
Changes in operating assets and liabilities:
Receivables(478)(119)1,659 4,099 
Prepaid expenses and other current assets(3,000)(2,075)764 939 
Inventory and ore on leach pads(18,620)(13,715)(54,993)(42,650)
Accounts payable and accrued liabilities5,528 (1,880)41,091 (17,512)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (2,383)(19,117)2,011 (2,900)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(112,273)(96,602)(271,902)(239,260)
Proceeds from the sale of assets152  8,380 16,001 
Sale of investments6 40,469 41,558 40,469 
Proceeds from notes receivable4  5,000  
Other(63)(42)(171)(63)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (112,184)(56,175)(217,135)(182,853)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock1457,522  168,964 98,335 
Issuance of notes and bank borrowings, net of issuance costs7163,000 100,000 388,000 255,000 
Payments on debt, finance leases, and associated costs7(109,268)(23,211)(348,092)(145,515)
Other(23)(2)(2,345)(3,565)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 111,231 76,787 206,527 204,255 
Effect of exchange rate changes on cash and cash equivalents(278)(234)374 25 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(3,614)1,261 (8,223)18,527 
Cash, cash equivalents and restricted cash at beginning of period58,560 75,555 63,169 58,289 
Cash, cash equivalents and restricted cash at end of period$54,946 $76,816 $54,946 $76,816 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2022295,698 $2,957 $3,891,265 $(3,017,549)$12,343 $889,016 
Net income (loss)— — — (24,586)— (24,586)
Other comprehensive income (loss)— — — — (17,062)(17,062)
Common stock issued under "at the market"
stock offering
32,862 329 98,100 — — 98,429 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net2,482 24 715 — — 739 
Balances at March 31, 2023331,042 $3,310 $3,990,080 $(3,042,135)$(4,719)$946,536 
Net income (loss)— — — (32,412)— (32,412)
Other comprehensive income (loss)— — — — 14,066 14,066 
Common stock issued for the extinguishment of Senior Notes13,941 140 45,328 — — 45,468 
Common stock issued under Private Placement Offering5,276 53 12,603 — — 12,656 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net(92)(1)2,449 — — 2,448 
Balances at June 30, 2023350,167 $3,502 $4,050,460 $(3,074,547)$9,347 $988,762 
Net income (loss)— — — (21,109)(21,109)
Other comprehensive income (loss)— — — 2,307 2,307 
Common stock issued under "at the market"
stock offering
21,700 217 48,920 — — 49,137 
Common stock issued for the extinguishment of Senior Notes7,619 76 18,228 — — 18,304 
Common stock issued under Private Placement Offering3,000 30 8,332 — 8,362 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net207 2 2,613 — — 2,615 
Balances at September 30, 2023382,693 $3,827 $4,128,553 $(3,095,656)$11,654 $1,048,378 

In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2021256,919 $2,569 $3,738,347 $(2,939,442)$(1,212)$800,262 
Net income (loss)— — — 7,682 — 7,682 
Other comprehensive income (loss)— — — — (4,758)(4,758)
Common stock issued under "at the market"
stock offering
22,053 220 98,279 — — 98,499 
Common stock issued/canceled under long-term incentive plans and director fees and options, net1,862 19 (1,730)— — (1,711)
Balances at March 31, 2022280,834 $2,808 $3,834,896 $(2,931,760)$(5,970)$899,974 
Net income (loss)— — — (77,434)— (77,434)
Other comprehensive income (loss)— — — — 32,514 32,514 
Common stock issued/canceled under long-term incentive plans and director fees and options, net(29) 2,127 — — 2,127 
Balances at June 30, 2022280,805 $2,808 $3,837,023 $(3,009,194)$26,544 $857,181 
Net income (loss)— — — (57,444)— (57,444)
Other comprehensive income (loss)— — — — 19,150 19,150 
Common stock issued/canceled under long-term incentive plans and director fees and options, net31  2,702 — — 2,702 
Balances at September 30, 2022280,836 $2,808 $3,839,725 $(3,066,638)$45,694 $821,589 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7

Coeur Mining, Inc. and Subsidiaries
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, 2023. The condensed consolidated December 31, 2022 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, 2022 (the “2022 10-K”).
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 — Summary of Significant Accounting Policies contained in the 2022 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 in 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.
Recently Issued Accounting Standards
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.
In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

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,
8

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

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 September 30, 2023PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$38,994 $8,719 $46,474 $45,316 $ $ $139,503 
Silver sales38,294 14,929 56 1,801   55,080 
Metal sales77,288 23,648 46,530 47,117   194,583 
Costs and Expenses
Costs applicable to sales(1)
48,059 30,532 38,286 31,026   147,903 
Amortization9,024 4,176 6,894 1,588 919 283 22,884 
Exploration2,160 303 2,856  6,703 415 12,437 
Other operating expenses2,611 2,168 907 1,041 3,164 8,301 18,192 
Other income (expense)
Gain on debt extinguishment     774 774 
Fair value adjustments, net     (2,010)(2,010)
Interest expense, net241 (555)(583)(120)(13)(6,372)(7,402)
Other, net(3)
1,407 (67)(79)(43)(119)(640)459 
Income and mining tax (expense) benefit(4,539)220  (1,102) (676)(6,097)
Net Income (loss) $12,543 $(13,933)$(3,075)$12,197 $(10,918)$(17,923)$(21,109)
Segment assets(2)
$313,569 $1,070,307 $169,184 $98,307 $217,321 $66,462 $1,935,150 
Capital expenditures$10,780 $84,368 $15,831 $681 $619 $(6)$112,273 
(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 September 30, 2022PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$35,285 $16,162 $49,010 $38,724 $ $ $139,181 
Silver sales29,551 14,011 97 153   43,812 
Metal sales64,836 30,173 49,107 38,877   182,993 
Costs and Expenses
Costs applicable to sales(1)
43,244 50,760 40,289 28,887   163,180 
Amortization8,027 6,921 10,369 2,191 1,260 383 29,151 
Exploration1,775 601 2,796  2,303 931 8,406 
Other operating expenses812 1,804 425 482 4,966 10,482 18,971 
Other income (expense)
Gain on debt extinguishment       
Fair value adjustments, net     (13,067)(13,067)
Interest expense, net26 (225)(442)(22)(32)(5,237)(5,932)
Other, net(3)
1,142 (101)(62)(167)(85)(574)153 
Income and mining tax (expense) benefit(1,805)114  (417) 225 (1,883)
Net Income (loss) $10,341 $(30,125)$(5,276)$6,711 $(8,646)$(30,449)$(57,444)
Segment assets(2)
$294,438 $769,391 $146,128 $90,542 $242,142 $85,034 $1,627,675 
Capital expenditures$10,844 $73,995 $7,076 $458 $3,821 $408 $96,602 
(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

9

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

Nine Months Ended September 30, 2023PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$114,897 $37,404 $111,136 $124,522 $ $ $387,959 
Silver sales117,426 49,245 193 4,293   171,157 
Metal sales232,323 86,649 111,329 128,815   559,116 
Costs and Expenses
Costs applicable to sales(1)
143,915 99,465 114,817 82,399   440,596 
Amortization25,760 13,043 17,539 4,802 3,161 882 65,187 
Exploration5,087 965 6,179  6,572 1,204 20,007 
Other operating expenses6,370 6,241 2,875 3,084 14,687 27,745 61,002 
Other income (expense)
Gain on debt extinguishment     3,735 3,735 
Fair value adjustments, net     4,629 4,629 
Interest expense, net541 (1,017)(1,438)(164)(53)(19,572)(21,703)
Other, net(3)
4,291 (559)(206)(374)(222)(13,351)(10,421)
Income and mining tax (expense) benefit(20,461)596  (3,822) (2,984)(26,671)
Net Income (loss) $35,562 $(34,045)$(31,725)$34,170 $(24,695)$(57,374)$(78,107)
Segment assets(2)
$313,569 $1,070,307 $169,184 $98,307 $217,321 $66,462 $1,935,150 
Capital expenditures$32,844 $197,788 $38,189 $952 $1,426 $703 $271,902 
(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

Nine Months Ended September 30, 2022PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$119,486 $42,413 $143,099 $110,259 $ $ $415,257 
Silver sales114,387 44,632 575 669   160,263 
Metal sales233,873 87,045 143,674 110,928   575,520 
Costs and Expenses
Costs applicable to sales(1)
135,532 120,988 116,510 74,096   447,126 
Amortization27,150 16,592 28,360 6,500 3,778 1,169 83,549 
Exploration5,071 4,009 4,416  2,041 3,566 19,103 
Other operating expenses2,485 5,465 1,348 1,521 16,550 31,751 59,120 
Other income (expense)
Gain on debt extinguishment       
Fair value adjustments, net     (65,272)(65,272)
Interest expense, net(100)(606)(1,111)(49)(150)(13,654)(15,670)
Other, net(3)
1,635 (192)19 506 (320)555 2,203 
Income and mining tax (expense) benefit(24,325)1,079 127 (2,382) 10,422 (15,079)
Net Income (loss) $40,845 $(59,728)$(7,925)$26,886 $(22,839)$(104,435)$(127,196)
Segment assets(2)
$294,438 $769,391 $146,128 $90,542 $242,142 $85,034 $1,627,675 
Capital expenditures$34,515 $154,001 $23,828 $