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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
____________________________________________
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) | |
| | |
| 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 | |
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 | | | $ | |