Coeur Mining, Inc. [CDE] Filings

10-Q 1 cde-20240630.htm 10-Q cde-20240630

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 June 30, 2024


☐			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

____________________________________________

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 2100

Chicago,

Illinois

60606

(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $.01 per share)	CDE	New 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 filer

☑

Accelerated 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 399,246,926 shares were issued and outstanding as of August 5, 2024.

COEUR MINING, INC.

INDEX


		Page
Part I.	Financial Information

	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

	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

	Item 3. Quantitative and Qualitative Disclosures about Market Risk	43

	Item 4. Controls and Procedures	45

Part II.	Other Information	46

	Item 1. Legal Proceedings	46

	Item 1A. Risk Factors	46

	Item 4. Mine Safety Disclosures	46

	Item 5. Other Information	46

	Item 6. Exhibits	46

Signatures		47

PART I

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.

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)	3	144,717		139,637		290,714		292,693
Amortization		27,928		19,595		55,225		42,303
General and administrative		11,241		9,789		25,645		21,872
Exploration		12,874		2,920		23,365		7,570

Pre-development, reclamation, and other	13	8,590		10,360		26,818		21,250
Total costs and expenses		205,350		182,301		421,767		385,688
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment		(21)		2,961		417		2,961
Fair value adjustments, net	11	—		(3,922)		—		6,639
Interest expense, net of capitalized interest	7	(13,162)		(6,912)		(26,109)		(14,301)
Other, net	13	5,122		(9,607)		7,895		(10,568)
Total other income (expense), net		(8,061)		(17,480)		(17,797)		(15,269)
Income (loss) before income and mining taxes		8,615		(22,546)		(4,478)		(36,424)
Income and mining tax (expense) benefit	9	(7,189)		(9,866)		(23,213)		(20,574)


NET INCOME (LOSS)		$	1,426	$	(32,412)	$	(27,691)	$	(56,998)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges		(10,881)		12,842		(18,507)		(86)
Reclassification adjustments for realized (gain) loss on cash flow hedges		17,028		1,224		17,176		(2,910)
Other comprehensive income (loss)		6,147		14,066		(1,331)		(2,996)
COMPREHENSIVE INCOME (LOSS)		$	7,573	$	(18,346)	$	(29,022)	$	(59,994)

NET INCOME (LOSS) PER SHARE	14
Basic income (loss) per share:


Basic		$	0.00	$	(0.10)	$	(0.07)	$	(0.18)




Diluted		$	0.00	$	(0.10)	$	(0.07)	$	(0.18)

(1) Excludes amortization.

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

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
	Notes					In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	1,426	$	(32,412)	$	(27,691)	$	(56,998)
Adjustments:
Amortization		27,928		19,595		55,225		42,303
Accretion		4,154		4,073		8,230		8,066
Deferred taxes		(9,217)		(1,043)		(4,788)		5,408
Gain on debt extinguishment	7	21		(2,961)		(417)		(2,961)
Fair value adjustments, net	11	—		3,922		—		(6,639)
Stock-based compensation	10	2,732		2,676		6,980		5,827


Loss on the sale or disposition of assets	13	—		12,631		—		12,631
Write-downs	5	—		1,627		3,235		14,740
Deferred revenue recognition	16	(118)		(15,100)		(55,277)		(25,215)
Other		556		72		11,378		2,141
Changes in operating assets and liabilities:
Receivables		3,180		(913)		(2,136)		2,137
Prepaid expenses and other current assets		4,176		4,260		3,537		3,764
Inventory and ore on leach pads		(19,774)		(18,738)		(39,468)		(36,373)
Accounts payable and accrued liabilities		185		61,708		40,570		35,563
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		15,249		39,397		(622)		4,394
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(51,405)		(85,581)		(93,488)		(159,629)

Proceeds from the sale of assets		—		8,228		24		8,228

Sale of investments		—		1,783		—		41,558
Proceeds from notes receivable	4	—		—		—		5,000
Other		(148)		(64)		(215)		(108)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(51,553)		(75,634)		(93,679)		(104,951)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	14	—		13,013		22,823		111,442
Issuance of notes and bank borrowings, net of issuance costs	7	115,000		150,000		250,000		225,000
Payments on debt, finance leases, and associated costs	7	(71,653)		(136,927)		(163,878)		(238,824)

Other		(31)		(225)		(1,810)		(2,322)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		43,316		25,861		107,135		95,296
Effect of exchange rate changes on cash and cash equivalents		(361)		253		(321)		652
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		6,651		(10,123)		12,513		(4,609)
Cash, cash equivalents and restricted cash at beginning of period		69,240		68,683		63,378		63,169
Cash, cash equivalents and restricted cash at end of period		$	75,891	$	58,560	$	75,891	$	58,560

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

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)


In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total






















Balances at December 31, 2023	386,283	$	3,863	$	4,139,870	$	(3,121,161)	$	1,331	$	1,023,903
Net income (loss)	—	—		—		(29,117)		—		(29,117)
Other comprehensive income (loss)	—	—		—		—		(7,478)		(7,478)
Debt-for-Equity Exchange	1,772	18		5,350		—		—		5,368
Issuance of flow-through shares	7,705	77		22,908		—		—		22,985

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	2,823	28		2,440		—		—		2,468
Balances at March 31, 2024	398,583	$	3,986	$	4,170,568	$	(3,150,278)	$	(6,147)	$	1,018,129
Net income (loss)	—	—		—		1,426		—		1,426
Other comprehensive income (loss)	—	—		—		—		6,147		6,147

Kensington royalty settlement	738	7		3,399		—		—		3,406
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	(80)	(1)		2,701		—		—		2,700
Balances at June 30, 2024	399,241	$	3,992	$	4,176,668	$	(3,148,852)	$	—	$	1,031,808


In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total















Balances at December 31, 2022	295,698	$	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, net	2,482	24		715		—		—		739
Balances at March 31, 2023	331,042	$	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 Notes	13,941	140		45,328		—		—		45,468
Common stock issued under Private Placement Offering	5,276	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, 2023	350,167	$	3,502	$	4,050,460	$	(3,074,547)	$	9,347	$	988,762

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

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, 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, 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

Coeur Mining, Inc. and Subsidiaries

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 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.

Coeur Mining, Inc. and Subsidiaries

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, plant and equipment, and mineral interests.

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.


Three Months Ended June 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	35,296	$	12,638	$	24,538	$	48,883	$	—	$	—	$	121,355
Silver sales	37,432		16,463		63		1,922		—		—		55,880


Metal sales	72,728		29,101		24,601		50,805		—		—		177,235
Costs and Expenses
Costs applicable to sales(1)	46,591		26,068		39,149		27,829		—		—		139,637
Amortization	8,017		3,649		4,801		1,805		1,021		302		19,595
Exploration	1,614		279		2,327		—		(1,628)		328		2,920

Other operating expenses	2,233		2,400		960		1,029		4,961		8,566		20,149
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		2,961		2,961
Fair value adjustments, net	—		—		—		—		—		(3,922)		(3,922)
Interest expense, net	178		(287)		(325)		(30)		(18)		(6,430)		(6,912)
Other, net(3)	3,022		(47)		(80)		145		(110)		(12,537)		(9,607)
Income and mining tax (expense) benefit	(6,220)		137		—		(2,301)		—		(1,482)		(9,866)
Net Income (loss)	$	11,253	$	(3,492)	$	(23,041)	$	17,956	$	(4,482)	$	(30,606)	$	(32,412)

Segment assets(2)	$	311,609	$	977,958	$	160,145	$	103,249	$	217,831	$	61,920	$	1,832,712
Capital expenditures	$	11,914	$	61,458	$	11,656	$	150	$	138	$	265	$	85,581

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.

Coeur Mining, Inc. and Subsidiaries

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
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		2,961		2,961
Fair value adjustments, net	—		—		—		—		—		6,639		6,639
Interest expense, net	300		(462)		(855)		(44)		(40)		(13,200)		(14,301)
Other, net(3)	2,884		(140)		(151)		(331)		(119)		(12,711)		(10,568)
Income and mining tax (expense) benefit	(15,922)		376		—		(2,720)		—		(2,308)		(20,574)
Net Income (loss)	$	23,019	$	(20,112)	$	(28,650)	$	21,973	$	(13,777)	$	(39,451)	$	(56,998)

Segment assets(2)	$	311,609	$	977,958	$	160,145	$	103,249	$	217,831	$	61,920	$	1,832,712
Capital expenditures	$	22,064	$	113,420	$	22,358	$	271	$	807	$	709	$	159,629

(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	June 30, 2024		December 31, 2023
Total assets for reportable segments	$	1,998,277	$	1,943,037
Cash and cash equivalents	74,136		61,633
Other assets	70,636		76,178
Total consolidated assets	$	2,143,049	$	2,080,848

Coeur Mining, Inc. and Subsidiaries

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.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 5 – INVENTORY AND ORE ON LEACH PADS

Inventory consists of the following:


In thousands	June 30, 2024		December 31, 2023
Inventory:
Concentrate	$	3,187	$	3,606
Precious metals	19,413		20,395
Supplies	54,296		52,660
	$	76,896	$	76,661
Ore on Leach Pads:
Current	$	116,897	$	79,400
Non-current	41,226		25,987
	$	158,123	$	105,387

Long-term Stockpile (included in Other)	$	41,714	$	46,702

Total Inventory and Ore on Leach Pads	$	276,733	$	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 first quarter of 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).

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET

Property, plant and equipment and mining properties, net consist of the following:


In thousands	June 30, 2024	December 31, 2023
Mine development	$