Coeur Mining, Inc. [CDE] Filings

10-Q 1 cde-20230930.htm 10-Q cde-20230930

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


☐			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 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)	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	47

	Item 5. Other Information	47

	Item 6. Exhibits	47

Signatures		48

PART I

Item 1. Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


		September 30, 2023		December 31, 2022
ASSETS	Notes	In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents		$	53,223	$	61,464
Receivables	4	30,138		36,333
Inventory	5	66,704		61,831
Ore on leach pads	5	114,314		82,958
Equity securities	6	7,231		32,032
Prepaid expenses and other		25,556		25,814

		297,166		300,432
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net		1,639,248		1,389,755

Ore on leach pads	5	36,627		51,268
Restricted assets		8,735		9,028
Equity securities	6	—		12,120
Receivables	4, 11	22,563		22,023
Other		65,413		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 other	17	116,562		92,863
Debt	7	22,127		24,578
Reclamation	8	5,796		5,796

		283,464		219,360
NON-CURRENT LIABILITIES
Debt	7	490,114		491,355
Reclamation	8	202,220		196,635
Deferred tax liabilities		15,390		14,459
Other long-term liabilities		30,186		35,318
		737,910		737,767
COMMITMENTS AND CONTINGENCIES	16
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 capital		4,128,553		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.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
	Notes	In thousands, except share data
Revenue	3	$	194,583	$	182,993	$	559,116	$	575,520
COSTS AND EXPENSES
Costs applicable to sales(1)	3	147,903		163,180		440,596		447,126
Amortization		22,884		29,151		65,187		83,549
General and administrative		9,512		9,722		31,384		29,281
Exploration		12,437		8,406		20,007		19,103

Pre-development, reclamation, and other	13	8,680		9,249		29,618		29,839
Total costs and expenses		201,416		219,708		586,792		608,898
OTHER INCOME (EXPENSE), NET
Gain on debt extinguishment	7	774		—		3,735		—
Fair value adjustments, net	11	(2,010)		(13,067)		4,629		(65,272)
Interest expense, net of capitalized interest	7	(7,402)		(5,932)		(21,703)		(15,670)
Other, net	13	459		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) benefit	9	(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 hedges		7,227		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 SHARE	14
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.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
	Notes	In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(21,109)	$	(57,444)	$	(78,107)	$	(127,196)
Adjustments:
Amortization		22,884		29,151		65,187		83,549
Accretion		4,153		3,596		12,219		10,588
Deferred taxes		(3,872)		(4,730)		1,536		(12,288)
Gain on debt extinguishment	7	(774)		—		(3,735)		—
Fair value adjustments, net	11	2,010		13,067		(4,629)		62,133
Stock-based compensation	10	2,635		2,705		8,462		7,319


Loss on the sale of assets	13	19		—		12,650		—
Write-downs	5	7,727		21,204		22,467		38,018
Deferred revenue recognition	16	(143)		(10,167)		(25,358)		(10,723)
Other		657		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 liabilities		5,528		(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 assets		152		—		8,380		16,001

Sale of investments	6	—		40,469		41,558		40,469
Proceeds from notes receivable	4	—		—		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 stock	14	57,522		—		168,964		98,335
Issuance of notes and bank borrowings, net of issuance costs	7	163,000		100,000		388,000		255,000
Payments on debt, finance leases, and associated costs	7	(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 period		58,560		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.

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, 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
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 Notes	7,619	76		18,228		—		—		18,304
Common stock issued under Private Placement Offering	3,000	30		8,332		—				8,362
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	207	2		2,613		—		—		2,615
Balances at September 30, 2023	382,693	$	3,827	$	4,128,553	$	(3,095,656)	$	11,654	$	1,048,378


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, 2021	256,919	$	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, net	1,862	19		(1,730)		—		—		(1,711)
Balances at March 31, 2022	280,834	$	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, 2022	280,805	$	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, net	31	—		2,702		—		—		2,702
Balances at September 30, 2022	280,836	$	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.

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,

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, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	38,994	$	8,719	$	46,474	$	45,316	$	—	$	—	$	139,503
Silver sales	38,294		14,929		56		1,801		—		—		55,080


Metal sales	77,288		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
Amortization	9,024		4,176		6,894		1,588		919		283		22,884
Exploration	2,160		303		2,856		—		6,703		415		12,437

Other operating expenses	2,611		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, net	241		(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, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	35,285	$	16,162	$	49,010	$	38,724	$	—	$	—	$	139,181
Silver sales	29,551		14,011		97		153		—		—		43,812


Metal sales	64,836		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
Amortization	8,027		6,921		10,369		2,191		1,260		383		29,151
Exploration	1,775		601		2,796		—		2,303		931		8,406

Other operating expenses	812		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, net	26		(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

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


Nine Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	114,897	$	37,404	$	111,136	$	124,522	$	—	$	—	$	387,959
Silver sales	117,426		49,245		193		4,293		—		—		171,157


Metal sales	232,323		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
Amortization	25,760		13,043		17,539		4,802		3,161		882		65,187
Exploration	5,087		965		6,179		—		6,572		1,204		20,007

Other operating expenses	6,370		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, net	541		(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, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	119,486	$	42,413	$	143,099	$	110,259	$	—	$	—	$	415,257
Silver sales	114,387		44,632		575		669		—		—		160,263


Metal sales	233,873		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
Amortization	27,150		16,592		28,360		6,500		3,778		1,169		83,549
Exploration	5,071		4,009		4,416		—		2,041		3,566		19,103

Other operating expenses	2,485		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	$