Coeur Mining, Inc. [CDE] Filings

10-Q 1 cde-20220331.htm 10-Q cde-20220331

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The following table summarizes restricted stock activity for the years ended March 31, 2022, 2021, and 2020:


	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value












Outstanding at December 31, 2018	1,541,648	$	7.14
Granted	1,586,590	4.90
Vested	(797,025)	6.36
Canceled/Forfeited	(146,538)	5.70
Outstanding at December 31, 2019	2,184,675	$	5.89
Granted	1,676,634	5.13
Vested	(928,778)	6.46
Canceled/Forfeited	(207,807)	5.36
Outstanding at December 31, 2020	2,724,724	$	5.26
Granted	932,442	8.88
Vested	(1,179,857)	5.53
Canceled/Forfeited	(332,505)	5.83
Outstanding at December 31, 2021	2,144,804	$	6.60

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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 March 31, 2022


☐			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.)

104 S. Michigan Ave.

Suite 900

Chicago,

Illinois

60603

(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 300,000,000 shares of common stock, par value of $0.01, authorized of which 280,806,345 shares were issued and outstanding as of May 2, 2022.

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	28

	Consolidated Financial Results	29

	Results of Operations	33

	Liquidity and Capital Resources	36

	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)


		March 31, 2022		December 31, 2021
ASSETS	Notes	In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents		$	73,330	$	56,664

Receivables	4	29,221		32,417
Inventory	5	52,944		51,281
Ore on leach pads	5	89,406		81,128


Prepaid expenses and other		14,340		13,847
Assets held for sale	19	—		54,240
		259,241		289,577
NON-CURRENT ASSETS
Property, plant and equipment, net		337,455		319,967
Mining properties, net		913,138		852,799
Ore on leach pads	5	73,133		73,495
Restricted assets		9,254		9,138
Equity securities	6	161,894		132,197


Other		63,086		57,249

TOTAL ASSETS		$	1,817,201	$	1,734,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	103,266	$	103,901
Accrued liabilities and other	18	82,438		87,946
Debt	7, 8	29,620		29,821

Reclamation	9	2,853		2,931

Liabilities held for sale	19	—		11,269
		218,177		235,868
NON-CURRENT LIABILITIES
Debt	7, 8	455,868		457,680

Reclamation	9	181,473		178,957
Deferred tax liabilities		24,647		21,969
Other long-term liabilities		37,062		39,686

		699,050		698,292
COMMITMENTS AND CONTINGENCIES	17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 280,834,764 issued and outstanding at March 31, 2022 and 256,919,803 at December 31, 2021		2,808		2,569
Additional paid-in capital		3,834,896		3,738,347
Accumulated other comprehensive income (loss)		(5,970)		(1,212)
Accumulated deficit		(2,931,760)		(2,939,442)
		899,974		800,262
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,817,201	$	1,734,422

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 March 31,
			2022		2021
	Notes		In thousands, except share data
Revenue	3		$	188,404	$	202,117
COSTS AND EXPENSES
Costs applicable to sales(1)	3		133,267		108,147
Amortization			26,433		29,937
General and administrative			10,272		11,554
Exploration			5,418		9,666

Pre-development, reclamation, and other	14		11,412		13,712
Total costs and expenses			186,802		173,016
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment			—		(9,173)
Fair value adjustments, net	12		10,605		(3,799)
Interest expense, net of capitalized interest	8		(4,568)		(4,910)
Other, net	14		1,737		3,627
Total other income (expense), net			7,774		(14,255)
Income (loss) before income and mining taxes			9,376		14,846
Income and mining tax (expense) benefit	10		(1,694)		(12,786)


NET INCOME (LOSS)			$	7,682	$	2,060
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges			(5,218)		27,357
Reclassification adjustments for realized (gain) loss on cash flow hedges			460		(2,721)

Other comprehensive income (loss)			(4,758)		24,636
COMPREHENSIVE INCOME (LOSS)			$	2,924	$	26,696

NET INCOME (LOSS) PER SHARE	15
Basic income (loss) per share:


Basic			$	0.03	$	0.01




Diluted			$	0.03	$	0.01

(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 March 31,
			2022		2021
	Notes		In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$	7,682	$	2,060

Adjustments:
Amortization			26,433		29,937
Accretion			3,463		2,905
Deferred taxes			(8,262)		124
Loss on debt extinguishment	8		—		9,173
Fair value adjustments, net	12		(13,744)		3,799
Stock-based compensation	11		2,267		4,256


Write-downs	5		7,595		—
Deferred revenue recognition	17		(315)		(8,346)
Other			(1,340)		(2,328)
Changes in operating assets and liabilities:
Receivables			9,100		999
Prepaid expenses and other current assets			(509)		(655)
Inventory and ore on leach pads			(17,672)		(17,486)
Accounts payable and accrued liabilities			(21,125)		(28,797)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			(6,427)		(4,359)


CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(69,502)		(59,424)

Proceeds from the sale of assets			15,371		4,588

Sale of investments			—		935

Other			(11)		(17)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			(54,142)		(53,918)


CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	15		98,397		—
Issuance of notes and bank borrowings, net of issuance costs	8		85,000		367,493
Payments on debt, finance leases, and associated costs	7, 8		(103,267)		(243,967)

Other			(3,403)		(3,925)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			76,727		119,601


Effect of exchange rate changes on cash and cash equivalents			272		(51)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			16,430		61,273


Cash, cash equivalents and restricted cash at beginning of period			58,289		94,170
Cash, cash equivalents and restricted cash at end of period			$	74,719	$	155,443

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

COEUR MINING, INC. AND SUBSIDIARIES

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, 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


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, 2020	243,752	$	2,438	$	3,610,297	$	(2,908,120)	$	(11,136)	$	693,479
Net income (loss)	—	—		—		2,060		—		2,060
Other comprehensive income (loss)	—	—		—		—		24,636		24,636
Common stock issued/canceled under long-term incentive plans and director fees and options, net	(282)	(3)		334		—		—		331
Balances at March 31, 2021	243,470	$	2,435	$	3,610,631	$	(2,906,060)	$	13,500	$	720,506

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, 2022. The condensed consolidated December 31, 2021 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, 2021 (the “2021 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

Please see Note 2 — Summary of Significant Accounting Policies contained in the 2021 10-K.

Use of Estimates

The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's 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 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.

Revenue Recognition

The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.

The following table presents a roll forward of the Franco-Nevada contract liability balance:


	Three Months Ended March 31,
In thousands	2022		2021
Opening Balance	$	8,150	$	9,376
Revenue Recognized	(315)		(346)
Closing Balance	$	7,835	$	9,030

In December 2021, the Company received a $15.0 million prepayment (the “December 2021 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In March 2022, the Company exercised an option to receive a $10.0 million prepayment (the “March 2022 Prepayment). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents a roll forward of the Amended Sales Contract liability balance:


	Three Months Ended March 31,
In thousands	2022		2021
Opening Balance	$	15,016	$	15,003
Additions	10,139		101
Revenue Recognized	—		(8,000)
Closing Balance	$	25,155	$	7,104

Recently Issued Accounting Standards

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 plans to adopt the new derivatives and hedging standards effective January 1, 2023 and does not expect the new derivatives and hedging standard to have a material effect on our financial position, results of operations or cash flows.

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 development property. Except for the Silvertip development property, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip development property, which suspended mining and processing activities in February 2020, is engaged in the discovery of silver, zinc and lead. Other includes the Sterling/Crown development properties, other 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 March 31, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	40,074	$	11,052	$	44,059	$	34,266	$	—	$	—	$	129,451
Silver sales	42,999		15,317		245		392		—		—		58,953


Metal sales	83,073		26,369		44,304		34,658		—		—		188,404
Costs and Expenses
Costs applicable to sales(1)	43,225		32,275		36,910		20,857		—		—		133,267
Amortization	9,386		4,710		8,622		2,061		1,259		395		26,433
Exploration	1,610		1,942		402		—		—		1,464		5,418

Other operating expenses	921		1,831		615		512		6,494		11,311		21,684
Other income (expense)

Fair value adjustments, net	—		—		—		—		—		10,605		10,605
Interest expense, net	(115)		(178)		(248)		(13)		(68)		(3,946)		(4,568)
Other, net(3)	(339)		(48)		106		39		(5)		1,984		1,737
Income and mining tax (expense) benefit	(12,075)		(35)		—		(993)		—		11,409		(1,694)
Net Income (loss)	$	15,402	$	(14,650)	$	(2,387)	$	10,261	$	(7,826)	$	6,882	$	7,682

Segment assets(2)	$	288,081	$	618,481	$	149,840	$	91,527	$	234,693	$	127,015	$	1,509,637
Capital expenditures	$	13,611	$	33,050	$	7,924	$	1,361	$	11,859	$	1,697	$	69,502

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail


Three Months Ended March 31, 2021	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	37,567	$	12,440	$	54,466	$	33,849	$	—	$	—	$	138,322
Silver sales	42,778		20,317		—		700		—		—		63,795


Metal sales	80,345		32,757		54,466		34,549		—		—		202,117
Costs and Expenses
Costs applicable to sales(1)	33,988		24,033		31,394		18,732		—		—		108,147
Amortization	9,059		3,577		13,445		2,475		1,086		295		29,937
Exploration	1,693		472		1,109		67		2,932		3,393		9,666

Other operating expenses	1,270		1,448		2,995		185		6,555		12,813		25,266
Other income (expense)
Loss on debt extinguishment	—		—		—		—		—		(9,173)		(9,173)
Fair value adjustments, net	—		—		—		—		—		(3,799)		(3,799)
Interest expense, net	(187)		(222)		(232)		(37)		45		(4,277)		(4,910)
Other, net(3)	(665)		(61)		—		24		(102)		4,431		3,627
Income and mining tax (expense) benefit	(11,340)		(138)		(334)		(1,129)		—		155		(12,786)
Net Income (loss)	$	22,143	$	2,806	$	4,957	$	11,948	$	(10,630)	$	(29,164)	$	2,060

Segment assets(2)	$	306,648	$	388,047	$	162,727	$	79,018	$	169,328	$	177,516	$	1,283,284
Capital expenditures	$	9,983	$	30,177	$	7,202	$	1,481	$	10,387	$	194	$	59,424

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements



Assets	March 31, 2022		December 31, 2021
Total assets for reportable segments	$	1,509,637	$	1,424,934
Cash and cash equivalents	73,330		56,664
Other assets	234,234		252,824
Total consolidated assets	$	1,817,201	$	1,734,422

Geographic Information


Long-Lived Assets	March 31, 2022		December 31, 2021
United States	$	774,536	$	704,007
Mexico	247,218		244,758
Canada	228,715		223,876
Other	124		125
Total	$	1,250,593	$	1,172,766


Revenue	Three months ended March 31,
		2022		2021
United States		$	105,331	$	121,772
Mexico		83,073		80,345

Total		$	188,404	$	202,117

NOTE 4 – RECEIVABLES

Receivables consist of the following:


In thousands	March 31, 2022		December 31, 2021
Current receivables:
Trade receivables	$	7,080	$	4,879
VAT receivable	8,293		18,415
Income tax receivable	8,827		8,418
Avino note receivable	4,709		—
Other	312		705
	$	29,221	$	32,417

NOTE 5 – INVENTORY AND ORE ON LEACH PADS

Inventory consists of the following:

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


In thousands	March 31, 2022		December 31, 2021
Inventory:
Concentrate	$	1,943	$	1,643
Precious metals	11,867		11,353
Supplies	39,134		38,285
	$	52,944	$	51,281
Ore on Leach Pads:
Current	$	89,406	$	81,128
Non-current	73,133		73,495
	$	162,539	$	154,623

Long-term Stockpile (included in Other)	$	18,142	$	18,027

Total Inventory and Ore on Leach Pads	$	233,625	$	223,931

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. At the end of the first quarter of 2022, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $8.6 million ($7.6 million was recognized in Costs Applicable to Sales and $1.0 million in Amortization).

NOTE 6 – INVESTMENTS

Equity Securities

The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies.


	At March 31, 2022
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	128,710	$	—	$	12,410	$	141,120
Integra Resources Corp.	9,455		(4,074)		—		5,381
Avino Silver & Gold Mines Ltd	13,720		(560)		—		13,160
Other	2,233		—		—		2,233
Equity securities	$	154,118	$	(4,634)	$	12,410	$	161,894


	At December 31, 2021
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	128,710	$	(4,499)	$	—	$	124,211
Integra Resources Corp.	9,455		(1,469)		—		7,986
Equity securities	$	138,165	$	(5,968)	$	—	$	132,197

Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. See Note 12 -- Fair Value Measurements for additional details.

On March 21, 2022, the Company closed the sale of its La Preciosa silver project. In connection with the closing of the transaction, the Company received 14,000,000 common shares of Avino Silver & Gold Mines Ltd. (“Avino”) (representing approximately 12.0% of Avino’s outstanding common shares). See Note 19 -- Dispositions for additional details on the sale.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 7 – LEASES

Right of Use Assets and Liabilities

The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.


	Three months ended March 31,
In thousands	2022		2021
Lease Cost
Operating lease cost	$	3,016	$