þ
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
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)
|
Large accelerated filer
|
|
þ
|
Accelerated filer
|
|
¨
|
|
|
|
|
||
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
|
¨
|
|
|
Page
|
Part I.
|
|
|
|
|
|
|
Item 1.
Financial Statements
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Stockholders' Equity
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
|
||
|
|
|
|
Consolidated Financial Results
|
|
|
|
|
|
Results of Operations
|
|
|
|
|
|
Liquidity and Capital Resources
|
|
|
|
|
|
Non-GAAP Financial Performance Measures
|
|
|
|
|
|
||
|
|
|
|
Item 4.
Controls and Procedures
|
|
|
|
|
Part II.
|
|
|
|
|
|
|
Item 1.
Legal Proceedings
|
|
|
|
|
|
Item 1A.
Risk Factors
|
|
|
|
|
|
Item 4.
Mine Safety Disclosures
|
|
|
|
|
|
Item 6.
Exhibits
|
|
|
|
|
Signatures
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Notes
|
In thousands, except share data
|
||||||||||||||
Revenue
|
3
|
$
|
166,263
|
|
|
$
|
164,562
|
|
|
$
|
319,219
|
|
|
$
|
324,195
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Costs applicable to sales
(1)
|
3
|
119,097
|
|
|
118,687
|
|
|
234,160
|
|
|
225,583
|
|
||||
Amortization
|
|
38,974
|
|
|
41,422
|
|
|
72,064
|
|
|
81,849
|
|
||||
General and administrative
|
|
8,451
|
|
|
9,398
|
|
|
17,286
|
|
|
23,294
|
|
||||
Exploration
|
|
3,579
|
|
|
5,153
|
|
|
7,845
|
|
|
9,370
|
|
||||
Pre-development, reclamation, and other
|
|
2,267
|
|
|
8,760
|
|
|
9,030
|
|
|
15,775
|
|
||||
Total costs and expenses
|
|
172,368
|
|
|
183,420
|
|
|
340,385
|
|
|
355,871
|
|
||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
||||||||
Fair value adjustments, net
|
9
|
2,754
|
|
|
(8,282
|
)
|
|
(2,130
|
)
|
|
(19,717
|
)
|
||||
Impairment of equity securities
|
12
|
(31
|
)
|
|
(934
|
)
|
|
(1,545
|
)
|
|
(3,522
|
)
|
||||
Interest income and other, net
|
|
(2,821
|
)
|
|
(116
|
)
|
|
(3,817
|
)
|
|
(2,100
|
)
|
||||
Interest expense, net of capitalized interest
|
17
|
(10,734
|
)
|
|
(12,310
|
)
|
|
(21,499
|
)
|
|
(25,365
|
)
|
||||
Total other income (expense), net
|
|
(10,832
|
)
|
|
(21,642
|
)
|
|
(28,991
|
)
|
|
(50,704
|
)
|
||||
Income (loss) before income and mining taxes
|
|
(16,937
|
)
|
|
(40,500
|
)
|
|
(50,157
|
)
|
|
(82,380
|
)
|
||||
Income and mining tax (expense) benefit
|
7
|
260
|
|
|
(2,621
|
)
|
|
192
|
|
|
2,068
|
|
||||
NET INCOME (LOSS)
|
|
$
|
(16,677
|
)
|
|
$
|
(43,121
|
)
|
|
$
|
(49,965
|
)
|
|
$
|
(80,312
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on equity securities, net of tax of $7 for the three months ended June 30, 2015 and $487 and $253 for the three and six months ended June 30, 2014, respectively
|
|
(1,312
|
)
|
|
(773
|
)
|
|
(2,813
|
)
|
|
(401
|
)
|
||||
Reclassification adjustments for impairment of equity securities, net of tax of $(362) and $(1,363) for the three and six months ended June 30, 2014, respectively
|
|
31
|
|
|
572
|
|
|
1,545
|
|
|
2,159
|
|
||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax of $(10) for the three and six months ended June 30, 2014, respectively
|
|
904
|
|
|
17
|
|
|
904
|
|
|
17
|
|
||||
Other comprehensive income (loss)
|
|
(377
|
)
|
|
(184
|
)
|
|
(364
|
)
|
|
1,775
|
|
||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(17,054
|
)
|
|
$
|
(43,305
|
)
|
|
$
|
(50,329
|
)
|
|
$
|
(78,537
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE
|
8
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.12
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.78
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
|
$
|
(0.12
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.78
|
)
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Notes
|
In thousands
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
(16,677
|
)
|
|
$
|
(43,121
|
)
|
|
$
|
(49,965
|
)
|
|
(80,312
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Amortization
|
|
38,974
|
|
|
41,422
|
|
|
72,064
|
|
|
81,849
|
|
||||
Accretion
|
|
3,526
|
|
|
4,502
|
|
|
6,676
|
|
|
9,093
|
|
||||
Deferred income taxes
|
|
(5,053
|
)
|
|
(3,844
|
)
|
|
(7,237
|
)
|
|
(15,705
|
)
|
||||
Loss on termination of revolving credit facility
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,035
|
|
||||
Fair value adjustments, net
|
|
(2,754
|
)
|
|
8,282
|
|
|
2,130
|
|
|
19,717
|
|
||||
Stock-based compensation
|
5
|
2,604
|
|
|
2,385
|
|
|
4,754
|
|
|
4,950
|
|
||||
Impairment of equity securities
|
12
|
31
|
|
|
934
|
|
|
1,545
|
|
|
3,522
|
|
||||
Foreign exchange and other
|
|
4,224
|
|
|
(54
|
)
|
|
5,303
|
|
|
(869
|
)
|
||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Receivables
|
|
(2,342
|
)
|
|
4,921
|
|
|
214
|
|
|
10,544
|
|
||||
Prepaid expenses and other current assets
|
|
160
|
|
|
3,551
|
|
|
(1,167
|
)
|
|
(4,558
|
)
|
||||
Inventory and ore on leach pads
|
|
4,649
|
|
|
(1,606
|
)
|
|
5,333
|
|
|
(15,519
|
)
|
||||
Accounts payable and accrued liabilities
|
|
9,521
|
|
|
13,118
|
|
|
(6,759
|
)
|
|
5,117
|
|
||||
CASH PROVIDED BY OPERATING ACTIVITIES
|
|
36,863
|
|
|
30,490
|
|
|
32,891
|
|
|
20,864
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
(23,677
|
)
|
|
(15,356
|
)
|
|
(41,297
|
)
|
|
(27,292
|
)
|
||||
Acquisitions, net of cash acquired
|
11
|
(9,152
|
)
|
|
(2,250
|
)
|
|
(111,170
|
)
|
|
(2,250
|
)
|
||||
Other
|
|
(103
|
)
|
|
12
|
|
|
(1,676
|
)
|
|
(13
|
)
|
||||
Purchase of short-term investments and equity securities
|
|
(1,597
|
)
|
|
(2,139
|
)
|
|
(1,873
|
)
|
|
(48,360
|
)
|
||||
Sales and maturities of short-term investments
|
|
399
|
|
|
800
|
|
|
469
|
|
|
890
|
|
||||
CASH USED IN INVESTING ACTIVITIES
|
|
(34,130
|
)
|
|
(18,933
|
)
|
|
(155,547
|
)
|
|
(77,025
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Issuance of notes and bank borrowings
|
17
|
100,000
|
|
|
—
|
|
|
153,500
|
|
|
153,000
|
|
||||
Payments on debt, capital leases, and associated costs
|
|
(66,626
|
)
|
|
(2,851
|
)
|
|
(75,220
|
)
|
|
(6,962
|
)
|
||||
Gold production royalty payments
|
|
(9,754
|
)
|
|
(12,345
|
)
|
|
(20,122
|
)
|
|
(27,028
|
)
|
||||
Other
|
|
(72
|
)
|
|
(160
|
)
|
|
(495
|
)
|
|
(406
|
)
|
||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
23,548
|
|
|
(15,356
|
)
|
|
57,663
|
|
|
118,604
|
|
||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
26,281
|
|
|
(3,799
|
)
|
|
(64,993
|
)
|
|
62,443
|
|
||||
Cash and cash equivalents at beginning of period
|
|
179,587
|
|
|
272,932
|
|
|
270,861
|
|
|
206,690
|
|
||||
Cash and cash equivalents at end of period
|
|
$
|
205,868
|
|
|
$
|
269,133
|
|
|
$
|
205,868
|
|
|
$
|
269,133
|
|
|
|
|
June 30, 2015
(Unaudited)
|
|
December 31,
2014 |
||||
ASSETS
|
Notes
|
|
In thousands, except share data
|
||||||
CURRENT ASSETS
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
$
|
205,868
|
|
|
$
|
270,861
|
|
Receivables
|
13
|
|
112,159
|
|
|
116,921
|
|
||
Inventory
|
14
|
|
109,207
|
|
|
114,931
|
|
||
Ore on leach pads
|
14
|
|
67,458
|
|
|
48,204
|
|
||
Deferred tax assets
|
|
|
7,262
|
|
|
7,364
|
|
||
Prepaid expenses and other
|
|
|
17,442
|
|
|
15,523
|
|
||
|
|
|
519,396
|
|
|
573,804
|
|
||
NON-CURRENT ASSETS
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
15
|
|
254,574
|
|
|
227,911
|
|
||
Mining properties, net
|
16
|
|
864,884
|
|
|
501,192
|
|
||
Ore on leach pads
|
14
|
|
32,663
|
|
|
37,889
|
|
||
Restricted assets
|
|
|
8,377
|
|
|
7,037
|
|
||
Equity securities
|
12
|
|
4,216
|
|
|
5,982
|
|
||
Receivables
|
13
|
|
26,738
|
|
|
21,686
|
|
||
Deferred tax assets
|
|
|
64,120
|
|
|
60,151
|
|
||
Other
|
|
|
11,681
|
|
|
9,915
|
|
||
TOTAL ASSETS
|
|
|
$
|
1,786,649
|
|
|
$
|
1,445,567
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Accounts payable
|
|
|
$
|
42,522
|
|
|
$
|
49,052
|
|
Accrued liabilities and other
|
|
|
47,590
|
|
|
51,513
|
|
||
Debt
|
17
|
|
9,121
|
|
|
17,498
|
|
||
Royalty obligations
|
9
|
|
41,999
|
|
|
43,678
|
|
||
Reclamation
|
4
|
|
3,786
|
|
|
3,871
|
|
||
Deferred tax liabilities
|
|
|
8,078
|
|
|
8,078
|
|
||
|
|
|
153,096
|
|
|
173,690
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
|
|
||||
Debt
|
17
|
|
538,589
|
|
|
451,048
|
|
||
Royalty obligations
|
9
|
|
12,675
|
|
|
27,651
|
|
||
Reclamation
|
4
|
|
87,538
|
|
|
66,943
|
|
||
Deferred tax liabilities
|
|
|
223,868
|
|
|
111,006
|
|
||
Other long-term liabilities
|
|
|
43,233
|
|
|
29,911
|
|
||
|
|
|
905,903
|
|
|
686,559
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 137,122,762 at June 30, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014
|
|
|
1,371
|
|
|
1,034
|
|
||
Additional paid-in capital
|
|
|
2,982,019
|
|
|
2,789,695
|
|
||
Accumulated other comprehensive income (loss)
|
|
|
(3,172
|
)
|
|
(2,808
|
)
|
||
Accumulated deficit
|
|
|
(2,252,568
|
)
|
|
(2,202,603
|
)
|
||
|
|
|
727,650
|
|
|
585,318
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
$
|
1,786,649
|
|
|
$
|
1,445,567
|
|
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, 2014
|
103,384
|
|
|
$
|
1,034
|
|
|
$
|
2,789,695
|
|
|
$
|
(2,202,603
|
)
|
|
$
|
(2,808
|
)
|
|
$
|
585,318
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,965
|
)
|
|
—
|
|
|
(49,965
|
)
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(364
|
)
|
|
(364
|
)
|
|||||
Common stock issued for the acquisition of Paramount Gold and Silver Corp.
|
32,667
|
|
|
327
|
|
|
188,490
|
|
|
—
|
|
|
—
|
|
|
188,817
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
1,071
|
|
|
10
|
|
|
3,834
|
|
|
—
|
|
|
—
|
|
|
3,844
|
|
|||||
Balances at June 30, 2015 (Unaudited)
|
137,122
|
|
|
$
|
1,371
|
|
|
$
|
2,982,019
|
|
|
$
|
(2,252,568
|
)
|
|
$
|
(3,172
|
)
|
|
$
|
727,650
|
|
NOTE 1 -
|
BASIS OF PRESENTATION
|
Three months ended June 30, 2015
|
Palmarejo
|
|
San Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Wharf
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
38,875
|
|
|
$
|
23,366
|
|
|
$
|
42,468
|
|
|
$
|
36,340
|
|
|
$
|
20,373
|
|
|
$
|
3,083
|
|
|
$
|
—
|
|
|
$
|
164,505
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,758
|
|
|
—
|
|
|
1,758
|
|
||||||||
|
38,875
|
|
|
23,366
|
|
|
42,468
|
|
|
36,340
|
|
|
20,373
|
|
|
4,841
|
|
|
—
|
|
|
166,263
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
30,112
|
|
|
19,157
|
|
|
27,452
|
|
|
24,392
|
|
|
16,632
|
|
|
1,352
|
|
|
—
|
|
|
119,097
|
|
||||||||
Amortization
|
9,046
|
|
|
5,271
|
|
|
12,684
|
|
|
5,387
|
|
|
3,491
|
|
|
2,619
|
|
|
476
|
|
|
38,974
|
|
||||||||
Exploration
|
1,837
|
|
|
43
|
|
|
432
|
|
|
501
|
|
|
—
|
|
|
75
|
|
|
691
|
|
|
3,579
|
|
||||||||
Other operating expenses
|
324
|
|
|
241
|
|
|
526
|
|
|
307
|
|
|
506
|
|
|
13
|
|
|
8,801
|
|
|
10,718
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income and other, net
|
(505
|
)
|
|
420
|
|
|
(14
|
)
|
|
—
|
|
|
37
|
|
|
(924
|
)
|
|
(1,866
|
)
|
|
(2,852
|
)
|
||||||||
Interest expense, net
|
(844
|
)
|
|
(293
|
)
|
|
(57
|
)
|
|
(205
|
)
|
|
—
|
|
|
—
|
|
|
(9,335
|
)
|
|
(10,734
|
)
|
||||||||
Fair value adjustments, net
|
429
|
|
|
—
|
|
|
—
|
|
|
1,137
|
|
|
—
|
|
|
—
|
|
|
1,188
|
|
|
2,754
|
|
||||||||
Income and mining tax (expense) benefit
|
837
|
|
|
195
|
|
|
(994
|
)
|
|
(350
|
)
|
|
(274
|
)
|
|
(623
|
)
|
|
1,469
|
|
|
260
|
|
||||||||
Net income (loss)
|
$
|
(2,527
|
)
|
|
$
|
(1,024
|
)
|
|
$
|
309
|
|
|
$
|
6,335
|
|
|
$
|
(493
|
)
|
|
$
|
(765
|
)
|
|
$
|
(18,512
|
)
|
|
$
|
(16,677
|
)
|
Segment assets
(2)
|
$
|
657,448
|
|
|
$
|
173,451
|
|
|
$
|
197,241
|
|
|
$
|
190,704
|
|
|
$
|
131,990
|
|
|
$
|
55,896
|
|
|
$
|
78,395
|
|
|
$
|
1,485,125
|
|
Capital expenditures
|
$
|
10,723
|
|
|
$
|
994
|
|
|
$
|
4,714
|
|
|
$
|
5,915
|
|
|
$
|
1,244
|
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
23,677
|
|
Three months ended June 30, 2014
|
Palmarejo
|
|
San Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Metal sales
|
$
|
72,446
|
|
|
$
|
29,078
|
|
|
$
|
29,018
|
|
|
$
|
31,193
|
|
|
$
|
1,971
|
|
|
$
|
—
|
|
|
$
|
163,706
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
—
|
|
|
856
|
|
|||||||
|
72,446
|
|
|
29,078
|
|
|
29,018
|
|
|
31,193
|
|
|
2,827
|
|
|
—
|
|
|
164,562
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales
(1)
|
49,551
|
|
|
20,695
|
|
|
23,218
|
|
|
24,381
|
|
|
842
|
|
|
—
|
|
|
118,687
|
|
|||||||
Amortization
|
18,044
|
|
|
4,855
|
|
|
11,566
|
|
|
5,025
|
|
|
1,419
|
|
|
513
|
|
|
41,422
|
|
|||||||
Exploration
|
1,637
|
|
|
57
|
|
|
1,636
|
|
|
738
|
|
|
109
|
|
|
976
|
|
|
5,153
|
|
|||||||
Other operating expenses
|
325
|
|
|
194
|
|
|
199
|
|
|
844
|
|
|
263
|
|
|
16,333
|
|
|
18,158
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income and other, net
|
(1,202
|
)
|
|
691
|
|
|
4
|
|
|
32
|
|
|
(964
|
)
|
|
389
|
|
|
(1,050
|
)
|
|||||||
Interest expense, net
|
(2,771
|
)
|
|
(11
|
)
|
|
(53
|
)
|
|
(261
|
)
|
|
—
|
|
|
(9,214
|
)
|
|
(12,310
|
)
|
|||||||
Fair value adjustments, net
|
(4,989
|
)
|
|
—
|
|
|
—
|
|
|
(1,837
|
)
|
|
—
|
|
|
(1,456
|
)
|
|
(8,282
|
)
|
|||||||
Income and mining tax (expense) benefit
|
1,342
|
|
|
(2,204
|
)
|
|
—
|
|
|
(419
|
)
|
|
263
|
|
|
(1,603
|
)
|
|
(2,621
|
)
|
|||||||
Net income (loss)
|
$
|
(4,731
|
)
|
|
$
|
1,753
|
|
|
$
|
(7,650
|
)
|
|
$
|
(2,280
|
)
|
|
$
|
(507
|
)
|
|
$
|
(29,706
|
)
|
|
$
|
(43,121
|
)
|
Segment assets
(2)
|
$
|
1,133,851
|
|
|
$
|
309,565
|
|
|
$
|
331,151
|
|
|
$
|
206,665
|
|
|
$
|
67,864
|
|
|
$
|
522,632
|
|
|
$
|
2,571,728
|
|
Capital expenditures
|
$
|
5,589
|
|
|
$
|
1,711
|
|
|
$
|
3,989
|
|
|
$
|
3,956
|
|
|
$
|
—
|
|
|
$
|
111
|
|
|
$
|
15,356
|
|
Six months ended June 30, 2015
|
Palmarejo
|
|
San Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Wharf
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
78,269
|
|
|
$
|
44,913
|
|
|
$
|
86,506
|
|
|
$
|
80,371
|
|
|
$
|
20,373
|
|
|
$
|
5,028
|
|
|
$
|
—
|
|
|
$
|
315,460
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,759
|
|
|
—
|
|
|
3,759
|
|
||||||||
|
78,269
|
|
|
44,913
|
|
|
86,506
|
|
|
80,371
|
|
|
20,373
|
|
|
8,787
|
|
|
—
|
|
|
319,219
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
64,603
|
|
|
38,284
|
|
|
56,871
|
|
|
55,785
|
|
|
16,632
|
|
|
1,985
|
|
|
—
|
|
|
234,160
|
|
||||||||
Amortization
|
16,380
|
|
|
9,961
|
|
|
24,238
|
|
|
12,230
|
|
|
3,491
|
|
|
4,770
|
|
|
994
|
|
|
72,064
|
|
||||||||
Exploration
|
2,960
|
|
|
79
|
|
|
2,094
|
|
|
1,223
|
|
|
—
|
|
|
150
|
|
|
1,339
|
|
|
7,845
|
|
||||||||
Other operating expenses
|
638
|
|
|
485
|
|
|
761
|
|
|
1,448
|
|
|
671
|
|
|
30
|
|
|
22,283
|
|
|
26,316
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income and other, net
|
(1,608
|
)
|
|
872
|
|
|
(18
|
)
|
|
(40
|
)
|
|
54
|
|
|
(2,449
|
)
|
|
(2,173
|
)
|
|
(5,362
|
)
|
||||||||
Interest expense, net
|
(2,184
|
)
|
|
(574
|
)
|
|
(120
|
)
|
|
(430
|
)
|
|
—
|
|
|
—
|
|
|
(18,191
|
)
|
|
(21,499
|
)
|
||||||||
Fair value adjustments, net
|
(1,116
|
)
|
|
—
|
|
|
—
|
|
|
(1,155
|
)
|
|
—
|
|
|
—
|
|
|
141
|
|
|
(2,130
|
)
|
||||||||
Income and mining tax (expense) benefit
|
(534
|
)
|
|
(1,211
|
)
|
|
(994
|
)
|
|
(700
|
)
|
|
412
|
|
|
(24
|
)
|
|
3,243
|
|
|
192
|
|
||||||||
Net income (loss)
|
$
|
(11,754
|
)
|
|
$
|
(4,809
|
)
|
|
$
|
1,410
|
|
|
$
|
7,360
|
|
|
$
|
45
|
|
|
$
|
(621
|
)
|
|
$
|
(41,596
|
)
|
|
$
|
(49,965
|
)
|
Segment assets
(2)
|
$
|
657,448
|
|
|
$
|
173,451
|
|
|
$
|
197,241
|
|
|
$
|
190,704
|
|
|
$
|
131,990
|
|
|
$
|
55,896
|
|
|
$
|
78,395
|
|
|
$
|
1,485,125
|
|
Capital expenditures
|
$
|
19,907
|
|
|
$
|
1,943
|
|
|
$
|
8,859
|
|
|
$
|
9,170
|
|
|
$
|
1,295
|
|
|
$
|
—
|
|
|
$
|
123
|
|
|
$
|
41,297
|
|
Six months ended June 30, 2014
|
Palmarejo
|
|
San Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Metal sales
|
$
|
140,434
|
|
|
$
|
56,632
|
|
|
$
|
65,079
|
|
|
$
|
55,347
|
|
|
$
|
4,860
|
|
|
$
|
—
|
|
|
$
|
322,352
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,843
|
|
|
—
|
|
|
1,843
|
|
|||||||
|
140,434
|
|
|
56,632
|
|
|
65,079
|
|
|
55,347
|
|
|
6,703
|
|
|
—
|
|
|
324,195
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales
(1)
|
93,126
|
|
|
39,595
|
|
|
51,749
|
|
|
39,089
|
|
|
2,024
|
|
|
—
|
|
|
225,583
|
|
|||||||
Amortization
|
36,702
|
|
|
9,313
|
|
|
22,275
|
|
|
9,476
|
|
|
3,121
|
|
|
962
|
|
|
81,849
|
|
|||||||
Exploration
|
2,642
|
|
|
82
|
|
|
2,680
|
|
|
1,912
|
|
|
312
|
|
|
1,742
|
|
|
9,370
|
|
|||||||
Other operating expenses
|
622
|
|
|
335
|
|
|
390
|
|
|
2,189
|
|
|
504
|
|
|
35,029
|
|
|
39,069
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income and other, net
|
(2,772
|
)
|
|
1,373
|
|
|
4
|
|
|
51
|
|
|
(3,512
|
)
|
|
(766
|
)
|
|
(5,622
|
)
|
|||||||
Interest expense, net
|
(5,595
|
)
|
|
(31
|
)
|
|
(75
|
)
|
|
(266
|
)
|
|
—
|
|
|
(19,398
|
)
|
|
(25,365
|
)
|
|||||||
Fair value adjustments, net
|
(15,225
|
)
|
|
—
|
|
|
—
|
|
|
(2,510
|
)
|
|
—
|
|
|
(1,982
|
)
|
|
(19,717
|
)
|
|||||||
Income and mining tax (expense) benefit
|
5,171
|
|
|
(4,969
|
)
|
|
—
|
|
|
(419
|
)
|
|
(25
|
)
|
|
2,310
|
|
|
2,068
|
|
|||||||
Net income (loss)
|
$
|
(11,079
|
)
|
|
$
|
3,680
|
|
|
$
|
(12,086
|
)
|
|
$
|
(463
|
)
|
|
$
|
(2,795
|
)
|
|
$
|
(57,569
|
)
|
|
$
|
(80,312
|
)
|
Segment assets
(2)
|
$
|
1,133,851
|
|
|
$
|
309,565
|
|
|
$
|
331,151
|
|
|
$
|
206,665
|
|
|
$
|
67,864
|
|
|
$
|
522,632
|
|
|
$
|
2,571,728
|
|
Capital expenditures
|
$
|
9,331
|
|
|
$
|
3,152
|
|
|
$
|
8,700
|
|
|
$
|
4,915
|
|
|
$
|
—
|
|
|
$
|
1,194
|
|
|
$
|
27,292
|
|
Assets
|
June 30, 2015
|
|
December 31, 2014
|
||||
Total assets for reportable segments
|
$
|
1,485,125
|
|
|
$
|
1,084,257
|
|
Cash and cash equivalents
|
205,868
|
|
|
270,861
|
|
||
Other assets
|
95,656
|
|
|
90,449
|
|
||
Total consolidated assets
|
$
|
1,786,649
|
|
|
$
|
1,445,567
|
|
Long-Lived Assets
|
June 30, 2015
|
|
December 31, 2014
|
||||
United States
|
$
|
355,289
|
|
|
$
|
275,594
|
|
Mexico
|
620,011
|
|
|
298,101
|
|
||
Bolivia
|
100,386
|
|
|
107,960
|
|
||
Australia
|
18,252
|
|
|
21,362
|
|
||
Argentina
|
10,937
|
|
|
10,970
|
|
||
Other
|
14,583
|
|
|
15,116
|
|
||
Total
|
$
|
1,119,458
|
|
|
$
|
729,103
|
|
Revenue
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||||||
United States
|
$
|
99,180
|
|
|
$
|
60,212
|
|
|
$
|
187,249
|
|
|
$
|
120,427
|
|
Mexico
|
39,443
|
|
|
72,657
|
|
|
79,584
|
|
|
141,167
|
|
||||
Bolivia
|
23,366
|
|
|
29,078
|
|
|
44,913
|
|
|
56,632
|
|
||||
Australia
|
3,083
|
|
|
1,971
|
|
|
5,028
|
|
|
4,860
|
|
||||
Other
|
1,191
|
|
|
644
|
|
|
$
|
2,445
|
|
|
$
|
1,109
|
|
||
Total
|
$
|
166,263
|
|
|
$
|
164,562
|
|
|
$
|
319,219
|
|
|
$
|
324,195
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Asset retirement obligation - Beginning
|
$
|
86,059
|
|
|
$
|
58,460
|
|
|
$
|
67,214
|
|
|
$
|
57,454
|
|
Accretion
|
1,990
|
|
|
1,435
|
|
|
3,614
|
|
|
2,752
|
|
||||
Additions and changes in estimates
|
—
|
|
|
—
|
|
|
18,270
|
|
|
—
|
|
||||
Settlements
|
(448
|
)
|
|
(100
|
)
|
|
(1,497
|
)
|
|
(411
|
)
|
||||
Asset retirement obligation - Ending
|
$
|
87,601
|
|
|
$
|
59,795
|
|
|
$
|
87,601
|
|
|
$
|
59,795
|
|
Grant date
|
|
Restricted
stock
|
|
Grant date fair
value of
restricted stock
|
|
Stock options
|
|
Grant date
fair value of
stock
options
|
|
Performance
shares
|
|
Grant date fair
value of
performance
shares
|
|||||||||
May 13, 2015
|
|
1,217,814
|
|
|
$
|
5.57
|
|
|
310,128
|
|
|
$
|
2.65
|
|
|
809,293
|
|
|
$
|
6.97
|
|
Award Type
|
|
Number of
Exercised Units
|
|
Weighted Average
Exercised Price
|
|
Number of Exercisable Units
|
|
Weighted Average
Exercisable Price |
||||||
Options
|
|
—
|
|
|
$
|
—
|
|
|
331,181
|
|
|
$
|
19.62
|
|
Stock Appreciation Rights
|
|
—
|
|
|
$
|
—
|
|
|
46,572
|
|
|
$
|
14.06
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||||||||||
United States
|
$
|
(9,764
|
)
|
$
|
319
|
|
|
$
|
(31,370
|
)
|
$
|
(146
|
)
|
|
$
|
(30,471
|
)
|
$
|
2,204
|
|
|
$
|
(60,214
|
)
|
$
|
(292
|
)
|
Argentina
|
(656
|
)
|
(1
|
)
|
|
(688
|
)
|
(349
|
)
|
|
(1,352
|
)
|
(2
|
)
|
|
(2,892
|
)
|
4,083
|
|
||||||||
Mexico
|
(5,582
|
)
|
548
|
|
|
(12,710
|
)
|
107
|
|
|
(15,255
|
)
|
(716
|
)
|
|
(28,716
|
)
|
3,828
|
|
||||||||
Bolivia
|
(1,219
|
)
|
196
|
|
|
3,957
|
|
(2,205
|
)
|
|
(3,598
|
)
|
(1,211
|
)
|
|
8,649
|
|
(4,969
|
)
|
||||||||
Other jurisdictions
|
284
|
|
(802
|
)
|
|
311
|
|
(28
|
)
|
|
519
|
|
(83
|
)
|
|
793
|
|
(582
|
)
|
||||||||
|
$
|
(16,937
|
)
|
$
|
260
|
|
|
$
|
(40,500
|
)
|
$
|
(2,621
|
)
|
|
$
|
(50,157
|
)
|
$
|
192
|
|
|
$
|
(82,380
|
)
|
$
|
2,068
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands except per share amounts
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net income (loss) available to common stockholders
|
$
|
(16,677
|
)
|
|
$
|
(43,121
|
)
|
|
$
|
(49,965
|
)
|
|
$
|
(80,312
|
)
|
Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
135,036
|
|
|
102,444
|
|
|
118,897
|
|
|
102,405
|
|
||||
Diluted
|
135,036
|
|
|
102,444
|
|
|
118,897
|
|
|
102,405
|
|
||||
Income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.12
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.78
|
)
|
Diluted
|
$
|
(0.12
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.78
|
)
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Palmarejo royalty obligation embedded derivative
|
|
$
|
385
|
|
|
$
|
(5,061
|
)
|
|
$
|
(1,160
|
)
|
|
$
|
(15,296
|
)
|
Rochester net smelter royalty (NSR) royalty obligation
|
|
1,137
|
|
|
(1,837
|
)
|
|
(1,155
|
)
|
|
(2,510
|
)
|
||||
Silver and gold options
|
|
1,232
|
|
|
(1,374
|
)
|
|
185
|
|
|
(2,868
|
)
|
||||
Foreign exchange contracts
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
957
|
|
||||
Fair value adjustments, net
|
|
$
|
2,754
|
|
|
$
|
(8,282
|
)
|
|
$
|
(2,130
|
)
|
|
$
|
(19,717
|
)
|
|
Fair Value at June 30, 2015
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
4,216
|
|
|
$
|
4,127
|
|
|
$
|
—
|
|
|
$
|
89
|
|
Silver and gold options
|
1,250
|
|
|
—
|
|
|
1,250
|
|
|
—
|
|
||||
|
$
|
5,466
|
|
|
$
|
4,127
|
|
|
$
|
1,250
|
|
|
$
|
89
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
15,281
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,281
|
|
Rochester NSR royalty obligation
|
13,905
|
|
|
—
|
|
|
—
|
|
|
13,905
|
|
||||
Silver and gold options
|
123
|
|
|
—
|
|
|
123
|
|
|
—
|
|
||||
Other derivative instruments, net
|
513
|
|
|
—
|
|
|
513
|
|
|
—
|
|
||||
|
$
|
29,822
|
|
|
$
|
—
|
|
|
$
|
636
|
|
|
$
|
29,186
|
|
|
Fair Value at December 31, 2014
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
5,982
|
|
|
$
|
4,603
|
|
|
$
|
—
|
|
|
$
|
1,379
|
|
Silver and gold options
|
3,882
|
|
|
—
|
|
|
3,882
|
|
|
—
|
|
||||
|
$
|
9,864
|
|
|
$
|
4,603
|
|
|
$
|
3,882
|
|
|
$
|
1,379
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
21,912
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,912
|
|
Rochester NSR royalty obligation
|
15,370
|
|
|
—
|
|
|
—
|
|
|
15,370
|
|
||||
Silver and gold options
|
1,039
|
|
|
—
|
|
|
1,039
|
|
|
—
|
|
||||
Other derivative instruments, net
|
805
|
|
|
—
|
|
|
805
|
|
|
—
|
|
||||
|
$
|
39,126
|
|
|
$
|
—
|
|
|
$
|
1,844
|
|
|
$
|
37,282
|
|
|
Three months ended June 30, 2015
|
||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Balance at the
end of the period |
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
19,250
|
|
|
$
|
(385
|
)
|
|
$
|
(3,584
|
)
|
|
$
|
15,281
|
|
Rochester NSR royalty obligation
|
16,522
|
|
|
(1,137
|
)
|
|
(1,480
|
)
|
|
13,905
|
|
||||
Equity securities
|
1,379
|
|
|
(904
|
)
|
|
(386
|
)
|
|
89
|
|
|
Six months ended June 30, 2015
|
||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Balance at the
end of the
period
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
21,912
|
|
|
$
|
1,159
|
|
|
$
|
(7,790
|
)
|
|
$
|
15,281
|
|
Rochester NSR royalty obligation
|
15,370
|
|
|
1,155
|
|
|
(2,620
|
)
|
|
13,905
|
|
||||
Equity securities
|
1,379
|
|
|
(904
|
)
|
|
(386
|
)
|
|
89
|
|
|
June 30, 2015
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
712
|
|
|
$
|
689
|
|
|
$
|
—
|
|
|
$
|
689
|
|
|
$
|
—
|
|
7.875% Senior Notes due 2021
|
435,234
|
|
|
367,701
|
|
|
—
|
|
|
367,701
|
|
|
—
|
|
|||||
Term Loan due 2020
|
100,000
|
|
|
100,000
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
|||||
San Bartolomé Line of Credit
|
9,141
|
|
|
9,141
|
|
|
—
|
|
|
9,141
|
|
|
—
|
|
|||||
Palmarejo gold production royalty obligation
|
25,488
|
|
|
27,903
|
|
|
—
|
|
|
—
|
|
|
27,903
|
|
|
December 31, 2014
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
5,334
|
|
|
$
|
4,979
|
|
|
$
|
—
|
|
|
$
|
4,979
|
|
|
$
|
—
|
|
7.875% Senior Notes due 2021
|
437,454
|
|
|
343,305
|
|
|
—
|
|
|
343,305
|
|
|
—
|
|
|||||
San Bartolomé Line of Credit
|
14,785
|
|
|
14,785
|
|
|
—
|
|
|
14,785
|
|
|
—
|
|
|||||
Palmarejo gold production royalty obligation
|
34,047
|
|
|
38,290
|
|
|
—
|
|
|
—
|
|
|
38,290
|
|
In thousands except average prices and notional ounces
|
2015
|
|
2016
|
|
Thereafter
|
||||||
Palmarejo gold production royalty
|
$
|
22,220
|
|
|
$
|
23,374
|
|
|
$
|
—
|
|
Average gold price in excess of minimum contractual deduction
|
$
|
762
|
|
|
$
|
760
|
|
|
$
|
—
|
|
Notional ounces
|
29,169
|
|
|
30,744
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Provisional silver sales
|
$
|
12,505
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average silver price
|
$
|
15.84
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
789,479
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Provisional gold sales
|
$
|
52,776
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average gold price
|
$
|
1,193
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
44,238
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Silver put options purchased
|
$
|
15,300
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average silver strike price
|
$
|
17.00
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
900,000
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Silver put options sold
|
$
|
(13,950
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Average silver strike price
|
$
|
15.50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
900,000
|
|
|
—
|
|
|
—
|
|
|
June 30, 2015
|
||||||||||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
|
Current portion of royalty obligation
|
|
Non-current portion of royalty obligation
|
||||||||
Palmarejo gold production royalty
|
—
|
|
|
—
|
|
|
13,878
|
|
|
1,404
|
|
||||
Silver and gold options
|
1,250
|
|
|
123
|
|
|
—
|
|
|
—
|
|
||||
Concentrate sales contracts
|
142
|
|
|
655
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
1,392
|
|
|
$
|
778
|
|
|
$
|
13,878
|
|
|
$
|
1,404
|
|
|
December 31, 2014
|
||||||||||||||
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
|
Current portion of royalty obligation
|
|
Non-current portion of royalty obligation
|
||||||||
Palmarejo gold production royalty
|
—
|
|
|
—
|
|
|
14,405
|
|
|
7,507
|
|
||||
Silver and gold options
|
3,882
|
|
|
1,039
|
|
|
—
|
|
|
—
|
|
||||
Concentrate sales contracts
|
43
|
|
|
848
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
3,925
|
|
|
$
|
1,887
|
|
|
$
|
14,405
|
|
|
$
|
7,507
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
Financial statement line
|
Derivative
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Revenue
|
Concentrate sales contracts
|
|
$
|
(623
|
)
|
|
$
|
7
|
|
|
$
|
291
|
|
|
$
|
872
|
|
Costs applicable to sales
|
Foreign exchange contracts
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(924
|
)
|
||||
Fair value adjustments, net
|
Foreign exchange contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
957
|
|
||||
Fair value adjustments, net
|
Palmarejo gold royalty
|
|
385
|
|
|
(5,061
|
)
|
|
(1,160
|
)
|
|
(15,296
|
)
|
||||
Fair value adjustments, net
|
Silver and gold options
|
|
1,232
|
|
|
(1,374
|
)
|
|
185
|
|
|
(2,868
|
)
|
||||
|
|
|
$
|
994
|
|
|
$
|
(6,438
|
)
|
|
$
|
(684
|
)
|
|
$
|
(17,259
|
)
|
Common shares issued (32,667,327 at $5.78)
|
$
|
188,817
|
|
Cash
|
8,530
|
|
|
Transaction advisory fees and other acquisition costs
|
3,898
|
|
|
Total purchase price
|
201,245
|
|
|
Liabilities assumed:
|
|
||
Accounts payable and accrued liabilities
|
2,737
|
|
|
Deferred income taxes
|
103,089
|
|
|
Total liabilities assumed
|
105,826
|
|
|
Total consideration
|
$
|
307,071
|
|
Assets acquired:
|
|
||
Cash
|
$
|
118
|
|
Receivables and other current assets
|
1,685
|
|
|
Property, plant, and equipment
|
215
|
|
|
Mining properties, net
|
305,053
|
|
|
Total assets acquired
|
$
|
307,071
|
|
Cash
|
$
|
99,840
|
|
Liabilities assumed:
|
|
||
Accounts payable and accrued liabilities
|
5,494
|
|
|
Reclamation
|
18,270
|
|
|
Deferred income taxes
|
9,680
|
|
|
Other non-current liabilities
|
3,750
|
|
|
Total liabilities assumed
|
37,194
|
|
|
Total consideration
|
$
|
137,034
|
|
Assets acquired:
|
|
||
Cash
|
$
|
982
|
|
Receivables
|
3,061
|
|
|
Inventory
|
2,147
|
|
|
Ore on leach pads
|
12,710
|
|
|
Other current assets
|
2,924
|
|
|
Property, plant, and equipment
|
30,055
|
|
|
Mining properties, net
|
81,189
|
|
|
Other non-current assets
|
3,966
|
|
|
Total assets acquired
|
$
|
137,034
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Revenue
|
|
$
|
166,263
|
|
|
$
|
186,104
|
|
|
$
|
337,219
|
|
|
$
|
365,021
|
|
Income (loss) before income and mining taxes
|
|
(16,937
|
)
|
|
(33,391
|
)
|
|
(50,209
|
)
|
|
(70,065
|
)
|
||||
Net income (loss)
|
|
(16,677
|
)
|
|
(35,980
|
)
|
|
(50,017
|
)
|
|
(67,937
|
)
|
|
At June 30, 2015
|
||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||
Equity securities
|
4,285
|
|
|
(939
|
)
|
|
870
|
|
|
4,216
|
|
|
At December 31, 2014
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Equity securities
|
$
|
5,687
|
|
|
$
|
(8
|
)
|
|
$
|
303
|
|
|
$
|
5,982
|
|
|
Less than twelve months
|
|
Twelve months or more
|
|
Total
|
|||||||||||||||
In thousands
|
Unrealized Losses
|
Fair Value
|
|
Unrealized Losses
|
Fair Value
|
|
Unrealized Losses
|
Fair Value
|
||||||||||||
Equity securities
|
$
|
(939
|
)
|
$
|
932
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
(939
|
)
|
$
|
932
|
|
In thousands
|
June 30, 2015
|
|
December 31, 2014
|
||||
Current receivables:
|
|
|
|
||||
Trade receivables
|
$
|
24,791
|
|
|
$
|
20,448
|
|
Income tax receivable
|
28,652
|
|
|
30,045
|
|
||
Value added tax receivable
|
54,925
|
|
|
63,805
|
|
||
Other
|
3,791
|
|
|
2,623
|
|
||
|
$
|
112,159
|
|
|
$
|
116,921
|
|
Non-current receivables:
|
|
|
|
||||
Value added tax receivable
|
$
|
26,738
|
|
|
$
|
21,686
|
|
Total receivables
|
$
|
138,897
|
|
|
$
|
138,607
|
|
In thousands
|
June 30, 2015
|
|
December 31, 2014
|
||||
Inventory:
|
|
|
|
||||
Concentrate
|
$
|
11,761
|
|
|
$
|
23,563
|
|
Precious metals
|
48,336
|
|
|
40,870
|
|
||
Supplies
|
49,110
|
|
|
50,498
|
|
||
|
$
|
109,207
|
|
|
$
|
114,931
|
|
Ore on leach pads:
|
|
|
|
||||
Current
|
$
|
67,458
|
|
|
$
|
48,204
|
|
Non-current
|
32,663
|
|
|
37,889
|
|
||
|
$
|
100,121
|
|
|
$
|
86,093
|
|
Total inventory and ore on leach pads
|
$
|
209,328
|
|
|
$
|
201,024
|
|
In thousands
|
June 30, 2015
|
|
December 31, 2014
|
||||
Land
|
$
|
8,286
|
|
|
$
|
1,752
|
|
Facilities and equipment
|
689,520
|
|
|
647,181
|
|
||
Capital leases
|
26,338
|
|
|
28,680
|
|
||
|
724,144
|
|
|
677,613
|
|
||
Accumulated amortization
|
(491,356
|
)
|
|
(464,852
|
)
|
||
|
232,788
|
|
|
212,761
|
|
||
Construction in progress
|
21,786
|
|
|
15,150
|
|
||
Property, plant and equipment, net
|
$
|
254,574
|
|
|
$
|
227,911
|
|
June 30, 2015
|
Palmarejo
|
|
San
Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Wharf
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||||
Mine development
|
$
|
154,514
|
|
|
$
|
49,419
|
|
|
$
|
224,586
|
|
|
$
|
155,269
|
|
|
$
|
32,056
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
615,844
|
|
Accumulated amortization
|
(127,458
|
)
|
|
(28,592
|
)
|
|
(118,415
|
)
|
|
(120,031
|
)
|
|
(1,571
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
(396,067
|
)
|
|||||||||
|
27,056
|
|
|
20,827
|
|
|
106,171
|
|
|
35,238
|
|
|
30,485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
219,777
|
|
|||||||||
Mineral interests
|
821,913
|
|
|
17,560
|
|
|
—
|
|
|
—
|
|
|
49,601
|
|
|
49,085
|
|
|
10,000
|
|
|
81,461
|
|
|
1,029,620
|
|
|||||||||
Accumulated amortization
|
(340,433
|
)
|
|
(10,762
|
)
|
|
—
|
|
|
—
|
|
|
(3,097
|
)
|
|
—
|
|
|
—
|
|
|
(30,221
|
)
|
|
(384,513
|
)
|
|||||||||
|
481,480
|
|
|
6,798
|
|
|
—
|
|
|
—
|
|
|
46,504
|
|
|
49,085
|
|
|
10,000
|
|
|
51,240
|
|
|
645,107
|
|
|||||||||
Mining properties, net
|
$
|
508,536
|
|
|
$
|
27,625
|
|
|
$
|
106,171
|
|
|
$
|
35,238
|
|
|
$
|
76,989
|
|
|
$
|
49,085
|
|
|
$
|
10,000
|
|
|
$
|
51,240
|
|
|
$
|
864,884
|
|
December 31, 2014
|
Palmarejo
|
|
San
Bartolomé
|
|
Kensington
|
|
Rochester
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||
Mine development
|
$
|
137,821
|
|
|
$
|
49,305
|
|
|
$
|
217,138
|
|
|
$
|
153,535
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
557,799
|
|
Accumulated amortization
|
(121,906
|
)
|
|
(26,106
|
)
|
|
(106,865
|
)
|
|
(113,533
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(368,410
|
)
|
||||||||
|
15,915
|
|
|
23,199
|
|
|
110,273
|
|
|
40,002
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189,389
|
|
||||||||
Mineral interests
|
521,349
|
|
|
17,560
|
|
|
—
|
|
|
—
|
|
|
49,059
|
|
|
10,000
|
|
|
81,461
|
|
|
679,429
|
|
||||||||
Accumulated amortization
|
(332,032
|
)
|
|
(10,143
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,451
|
)
|
|
(367,626
|
)
|
||||||||
|
189,317
|
|
|
7,417
|
|
|
—
|
|
|
—
|
|
|
49,059
|
|
|
10,000
|
|
|
56,010
|
|
|
311,803
|
|
||||||||
Mining properties, net
|
$
|
205,232
|
|
|
$
|
30,616
|
|
|
$
|
110,273
|
|
|
$
|
40,002
|
|
|
$
|
49,059
|
|
|
$
|
10,000
|
|
|
$
|
56,010
|
|
|
$
|
501,192
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||||||||||
In thousands
|
Current
|
|
Non-Current
|
|
Current
|
|
Non-Current
|
||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
—
|
|
|
$
|
712
|
|
|
$
|
5,334
|
|
|
$
|
—
|
|
7.875% Senior Notes due 2021, net
(1)
|
—
|
|
|
426,234
|
|
|
—
|
|
|
427,603
|
|
||||
Term Loan due 2020, net
(2)
|
1,000
|
|
|
93,673
|
|
|
—
|
|
|
—
|
|
||||
San Bartolomé Letter of Credit
|
486
|
|
|
8,655
|
|
|
4,481
|
|
|
10,304
|
|
||||
Capital lease obligations
|
7,635
|
|
|
9,315
|
|
|
7,683
|
|
|
13,141
|
|
||||
|
$
|
9,121
|
|
|
$
|
538,589
|
|
|
$
|
17,498
|
|
|
$
|
451,048
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
6
|
|
|
$
|
43
|
|
|
$
|
43
|
|
|
$
|
86
|
|
7.875% Senior Notes due 2021
|
8,523
|
|
|
8,859
|
|
|
17,085
|
|
|
15,323
|
|
||||
Short-term Loan
|
326
|
|
|
—
|
|
|
326
|
|
|
—
|
|
||||
Term Loan due 2020
|
148
|
|
|
—
|
|
|
148
|
|
|
—
|
|
||||
San Bartolomé Line of Credit
|
293
|
|
|
—
|
|
|
565
|
|
|
—
|
|
||||
Revolving Credit Facility
|
—
|
|
|
—
|
|
|
—
|
|
|
179
|
|
||||
Loss on Revolving Credit Facility
|
—
|
|
|
—
|
|
|
—
|
|
|
3,035
|
|
||||
Capital lease obligations
|
272
|
|
|
333
|
|
|
570
|
|
|
392
|
|
||||
Accretion of Palmarejo gold production royalty obligation
|
1,771
|
|
|
2,898
|
|
|
3,802
|
|
|
6,094
|
|
||||
Amortization of debt issuance costs
|
508
|
|
|
420
|
|
|
913
|
|
|
918
|
|
||||
Accretion of debt premium
|
(104
|
)
|
|
(108
|
)
|
|
(209
|
)
|
|
(144
|
)
|
||||
Capitalized interest
|
(1,009
|
)
|
|
(135
|
)
|
|
(1,744
|
)
|
|
(518
|
)
|
||||
Total interest expense, net of capitalized interest
|
$
|
10,734
|
|
|
$
|
12,310
|
|
|
$
|
21,499
|
|
|
$
|
25,365
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
99,635
|
|
|
$
|
66,628
|
|
|
$
|
—
|
|
|
$
|
166,263
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
68,477
|
|
|
50,620
|
|
|
—
|
|
|
119,097
|
|
|||||
Amortization
|
|
496
|
|
|
21,772
|
|
|
16,706
|
|
|
—
|
|
|
38,974
|
|
|||||
General and administrative
|
|
8,377
|
|
|
7
|
|
|
67
|
|
|
—
|
|
|
8,451
|
|
|||||
Exploration
|
|
591
|
|
|
1,008
|
|
|
1,980
|
|
|
—
|
|
|
3,579
|
|
|||||
Pre-development, reclamation, and other
|
|
(838
|
)
|
|
1,338
|
|
|
1,767
|
|
|
—
|
|
|
2,267
|
|
|||||
Total costs and expenses
|
|
8,626
|
|
|
92,602
|
|
|
71,140
|
|
|
—
|
|
|
172,368
|
|
|||||
Fair value adjustments, net
|
|
1,188
|
|
|
1,138
|
|
|
428
|
|
|
—
|
|
|
2,754
|
|
|||||
Impairment of marketable securities
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|||||
Interest income and other, net
|
|
611
|
|
|
(873
|
)
|
|
(1,614
|
)
|
|
(945
|
)
|
|
(2,821
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(9,336
|
)
|
|
(263
|
)
|
|
(2,080
|
)
|
|
945
|
|
|
(10,734
|
)
|
|||||
Total other income (expense), net
|
|
(7,537
|
)
|
|
(29
|
)
|
|
(3,266
|
)
|
|
—
|
|
|
(10,832
|
)
|
|||||
Loss before income and mining taxes
|
|
(16,163
|
)
|
|
7,004
|
|
|
(7,778
|
)
|
|
—
|
|
|
(16,937
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
1,945
|
|
|
(1,618
|
)
|
|
(67
|
)
|
|
—
|
|
|
260
|
|
|||||
Total loss after income and mining taxes
|
|
(14,218
|
)
|
|
5,386
|
|
|
(7,845
|
)
|
|
—
|
|
|
(16,677
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(2,460
|
)
|
|
(649
|
)
|
|
—
|
|
|
3,109
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(16,678
|
)
|
|
$
|
4,737
|
|
|
$
|
(7,845
|
)
|
|
$
|
3,109
|
|
|
$
|
(16,677
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
(1,312
|
)
|
|
(486
|
)
|
|
—
|
|
|
486
|
|
|
(1,312
|
)
|
|||||
Reclassification adjustments for impairment of marketable securities
|
|
31
|
|
|
31
|
|
|
—
|
|
|
(31
|
)
|
|
31
|
|
|||||
Reclassification adjustments for realized loss on sale of marketable securities
|
|
904
|
|
|
904
|
|
|
—
|
|
|
(904
|
)
|
|
904
|
|
|||||
Other comprehensive income (loss)
|
|
(377
|
)
|
|
449
|
|
|
—
|
|
|
(449
|
)
|
|
(377
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(17,055
|
)
|
|
$
|
5,186
|
|
|
$
|
(7,845
|
)
|
|
$
|
2,660
|
|
|
$
|
(17,054
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
60,748
|
|
|
$
|
103,814
|
|
|
$
|
—
|
|
|
$
|
164,562
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
47,599
|
|
|
71,088
|
|
|
—
|
|
|
118,687
|
|
|||||
Amortization
|
|
448
|
|
|
16,784
|
|
|
24,190
|
|
|
—
|
|
|
41,422
|
|
|||||
General and administrative
|
|
9,716
|
|
|
(163
|
)
|
|
(155
|
)
|
|
—
|
|
|
9,398
|
|
|||||
Exploration
|
|
950
|
|
|
2,483
|
|
|
1,720
|
|
|
—
|
|
|
5,153
|
|
|||||
Pre-development, reclamation, and other
|
|
352
|
|
|
1,307
|
|
|
7,101
|
|
|
—
|
|
|
8,760
|
|
|||||
Total costs and expenses
|
|
11,466
|
|
|
68,010
|
|
|
103,944
|
|
|
—
|
|
|
183,420
|
|
|||||
Fair value adjustments, net
|
|
(1,456
|
)
|
|
(1,837
|
)
|
|
(4,989
|
)
|
|
—
|
|
|
(8,282
|
)
|
|||||
Impairment of marketable securities
|
|
—
|
|
|
(934
|
)
|
|
—
|
|
|
—
|
|
|
(934
|
)
|
|||||
Interest income and other, net
|
|
1,075
|
|
|
12
|
|
|
(507
|
)
|
|
(696
|
)
|
|
(116
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(9,215
|
)
|
|
(314
|
)
|
|
(3,477
|
)
|
|
696
|
|
|
(12,310
|
)
|
|||||
Total other income (expense), net
|
|
(9,596
|
)
|
|
(3,073
|
)
|
|
(8,973
|
)
|
|
—
|
|
|
(21,642
|
)
|
|||||
Loss before income and mining taxes
|
|
(21,062
|
)
|
|
(10,335
|
)
|
|
(9,103
|
)
|
|
—
|
|
|
(40,500
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
273
|
|
|
(419
|
)
|
|
(2,475
|
)
|
|
—
|
|
|
(2,621
|
)
|
|||||
Total loss after income and mining taxes
|
|
(20,789
|
)
|
|
(10,754
|
)
|
|
(11,578
|
)
|
|
—
|
|
|
(43,121
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(22,332
|
)
|
|
121
|
|
|
—
|
|
|
22,211
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(43,121
|
)
|
|
$
|
(10,633
|
)
|
|
$
|
(11,578
|
)
|
|
$
|
22,211
|
|
|
$
|
(43,121
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
(773
|
)
|
|
(847
|
)
|
|
—
|
|
|
847
|
|
|
(773
|
)
|
|||||
Reclassification adjustments for impairment of marketable securities
|
|
572
|
|
|
572
|
|
|
—
|
|
|
(572
|
)
|
|
572
|
|
|||||
Reclassification adjustments for realized loss on sale of marketable securities
|
|
17
|
|
|
17
|
|
|
—
|
|
|
(17
|
)
|
|
17
|
|
|||||
Other comprehensive income (loss)
|
|
(184
|
)
|
|
(258
|
)
|
|
—
|
|
|
258
|
|
|
(184
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(43,305
|
)
|
|
$
|
(10,891
|
)
|
|
$
|
(11,578
|
)
|
|
$
|
22,469
|
|
|
$
|
(43,305
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(7,793
|
)
|
|
$
|
28,679
|
|
|
$
|
12,868
|
|
|
$
|
3,109
|
|
|
36,863
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(75
|
)
|
|
(11,873
|
)
|
|
(11,729
|
)
|
|
—
|
|
|
(23,677
|
)
|
|||||
Purchase of short term investments and marketable securities
|
|
(1,597
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,597
|
)
|
|||||
Sales and maturities of short term investments
|
|
13
|
|
|
386
|
|
|
—
|
|
|
—
|
|
|
399
|
|
|||||
Acquisitions
|
|
(8,170
|
)
|
|
(982
|
)
|
|
—
|
|
|
—
|
|
|
(9,152
|
)
|
|||||
Other
|
|
4
|
|
|
23
|
|
|
(130
|
)
|
|
—
|
|
|
(103
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
(27,904
|
)
|
|
1,634
|
|
|
116
|
|
|
26,154
|
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(37,729
|
)
|
|
(10,812
|
)
|
|
(11,743
|
)
|
|
26,154
|
|
|
(34,130
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
|||||
Payments on debt, capital leases, and associated costs
|
|
(55,286
|
)
|
|
(1,885
|
)
|
|
(9,455
|
)
|
|
—
|
|
|
(66,626
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(9,754
|
)
|
|
—
|
|
|
(9,754
|
)
|
|||||
Net intercompany financing activity
|
|
11,703
|
|
|
5,283
|
|
|
11,535
|
|
|
(28,521
|
)
|
|
—
|
|
|||||
Other
|
|
(72
|
)
|
|
—
|
|
|
742
|
|
|
(742
|
)
|
|
(72
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
56,345
|
|
|
3,398
|
|
|
(6,932
|
)
|
|
(29,263
|
)
|
|
23,548
|
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
10,823
|
|
|
21,265
|
|
|
(5,807
|
)
|
|
—
|
|
|
26,281
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
113,872
|
|
|
5,994
|
|
|
59,721
|
|
|
—
|
|
|
179,587
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
124,695
|
|
|
$
|
27,259
|
|
|
$
|
53,914
|
|
|
$
|
—
|
|
|
$
|
205,868
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(35,100
|
)
|
|
$
|
4,210
|
|
|
$
|
39,169
|
|
|
$
|
22,211
|
|
|
$
|
30,490
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(106
|
)
|
|
(7,945
|
)
|
|
(7,305
|
)
|
|
—
|
|
|
(15,356
|
)
|
|||||
Purchase of short term investments and marketable securities
|
|
(2,106
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(2,139
|
)
|
|||||
Sales and maturities of short term investments
|
|
217
|
|
|
583
|
|
|
—
|
|
|
—
|
|
|
800
|
|
|||||
Acquisitions
|
|
—
|
|
|
(2,250
|
)
|
|
—
|
|
|
—
|
|
|
(2,250
|
)
|
|||||
Other
|
|
—
|
|
|
4
|
|
|
8
|
|
|
—
|
|
|
12
|
|
|||||
Investments in consolidated subsidiaries
|
|
65,832
|
|
|
(121
|
)
|
|
—
|
|
|
(65,711
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
63,837
|
|
|
(9,762
|
)
|
|
(7,297
|
)
|
|
(65,711
|
)
|
|
(18,933
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments on debt, capital leases, and associated costs
|
|
(403
|
)
|
|
(2,131
|
)
|
|
(317
|
)
|
|
—
|
|
|
(2,851
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(12,345
|
)
|
|
—
|
|
|
(12,345
|
)
|
|||||
Net intercompany financing activity
|
|
(20,555
|
)
|
|
7,828
|
|
|
(30,773
|
)
|
|
43,500
|
|
|
—
|
|
|||||
Other
|
|
(160
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(160
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
(21,118
|
)
|
|
5,697
|
|
|
(43,435
|
)
|
|
43,500
|
|
|
(15,356
|
)
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
7,619
|
|
|
145
|
|
|
(11,563
|
)
|
|
—
|
|
|
(3,799
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
204,045
|
|
|
754
|
|
|
68,133
|
|
|
—
|
|
|
272,932
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
211,664
|
|
|
$
|
899
|
|
|
$
|
56,570
|
|
|
$
|
—
|
|
|
$
|
269,133
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
188,307
|
|
|
$
|
130,912
|
|
|
$
|
—
|
|
|
$
|
319,219
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
129,288
|
|
|
104,872
|
|
|
—
|
|
|
234,160
|
|
|||||
Amortization
|
|
998
|
|
|
40,339
|
|
|
30,727
|
|
|
—
|
|
|
72,064
|
|
|||||
General and administrative
|
|
17,127
|
|
|
14
|
|
|
145
|
|
|
—
|
|
|
17,286
|
|
|||||
Exploration
|
|
1,154
|
|
|
3,466
|
|
|
3,225
|
|
|
—
|
|
|
7,845
|
|
|||||
Pre-development, reclamation, and other
|
|
2,550
|
|
|
2,878
|
|
|
3,602
|
|
|
—
|
|
|
9,030
|
|
|||||
Total costs and expenses
|
|
21,829
|
|
|
175,985
|
|
|
142,571
|
|
|
—
|
|
|
340,385
|
|
|||||
Fair value adjustments, net
|
|
142
|
|
|
(1,155
|
)
|
|
(1,117
|
)
|
|
—
|
|
|
(2,130
|
)
|
|||||
Impairment of marketable securities
|
|
—
|
|
|
(1,545
|
)
|
|
—
|
|
|
—
|
|
|
(1,545
|
)
|
|||||
Interest income and other, net
|
|
1,891
|
|
|
(912
|
)
|
|
(3,030
|
)
|
|
(1,766
|
)
|
|
(3,817
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(18,191
|
)
|
|
(551
|
)
|
|
(4,523
|
)
|
|
1,766
|
|
|
(21,499
|
)
|
|||||
Total other income (expense), net
|
|
(16,158
|
)
|
|
(4,163
|
)
|
|
(8,670
|
)
|
|
—
|
|
|
(28,991
|
)
|
|||||
Loss before income and mining taxes
|
|
(37,987
|
)
|
|
8,159
|
|
|
(20,329
|
)
|
|
—
|
|
|
(50,157
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
3,495
|
|
|
(1,282
|
)
|
|
(2,021
|
)
|
|
—
|
|
|
192
|
|
|||||
Total loss after income and mining taxes
|
|
(34,492
|
)
|
|
6,877
|
|
|
(22,350
|
)
|
|
—
|
|
|
(49,965
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(15,473
|
)
|
|
160
|
|
|
—
|
|
|
15,313
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(49,965
|
)
|
|
$
|
7,037
|
|
|
$
|
(22,350
|
)
|
|
$
|
15,313
|
|
|
$
|
(49,965
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
(2,813
|
)
|
|
(1,982
|
)
|
|
—
|
|
|
1,982
|
|
|
(2,813
|
)
|
|||||
Reclassification adjustments for impairment of marketable securities
|
|
1,545
|
|
|
1,545
|
|
|
—
|
|
|
(1,545
|
)
|
|
1,545
|
|
|||||
Reclassification adjustments for realized loss on sale of marketable securities
|
|
904
|
|
|
904
|
|
|
—
|
|
|
(904
|
)
|
|
904
|
|
|||||
Other comprehensive income (loss)
|
|
(364
|
)
|
|
467
|
|
|
—
|
|
|
(467
|
)
|
|
(364
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(50,329
|
)
|
|
$
|
7,504
|
|
|
$
|
(22,350
|
)
|
|
$
|
14,846
|
|
|
$
|
(50,329
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
121,248
|
|
|
$
|
202,947
|
|
|
$
|
—
|
|
|
$
|
324,195
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
90,837
|
|
|
134,746
|
|
|
—
|
|
|
225,583
|
|
|||||
Amortization
|
|
825
|
|
|
32,080
|
|
|
48,944
|
|
|
—
|
|
|
81,849
|
|
|||||
General and administrative
|
|
22,768
|
|
|
3
|
|
|
523
|
|
|
—
|
|
|
23,294
|
|
|||||
Exploration
|
|
1,536
|
|
|
4,904
|
|
|
2,930
|
|
|
—
|
|
|
9,370
|
|
|||||
Pre-development, reclamation, and other
|
|
352
|
|
|
2,843
|
|
|
12,580
|
|
|
—
|
|
|
15,775
|
|
|||||
Total costs and expenses
|
|
25,481
|
|
|
130,667
|
|
|
199,723
|
|
|
—
|
|
|
355,871
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
.
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
(1,982
|
)
|
|
(2,510
|
)
|
|
(15,225
|
)
|
|
—
|
|
|
(19,717
|
)
|
|||||
Impairment of marketable securities
|
|
—
|
|
|
(3,522
|
)
|
|
—
|
|
|
—
|
|
|
(3,522
|
)
|
|||||
Interest income and other, net
|
|
1,915
|
|
|
58
|
|
|
(2,720
|
)
|
|
(1,353
|
)
|
|
(2,100
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(19,398
|
)
|
|
(340
|
)
|
|
(6,980
|
)
|
|
1,353
|
|
|
(25,365
|
)
|
|||||
Total other income (expense), net
|
|
(19,465
|
)
|
|
(6,314
|
)
|
|
(24,925
|
)
|
|
—
|
|
|
(50,704
|
)
|
|||||
Loss before income and mining taxes
|
|
(44,946
|
)
|
|
(15,733
|
)
|
|
(21,701
|
)
|
|
—
|
|
|
(82,380
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
127
|
|
|
(419
|
)
|
|
2,360
|
|
|
—
|
|
|
2,068
|
|
|||||
Total loss after income and mining taxes
|
|
(44,819
|
)
|
|
(16,152
|
)
|
|
(19,341
|
)
|
|
—
|
|
|
(80,312
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(35,493
|
)
|
|
299
|
|
|
—
|
|
|
35,194
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(80,312
|
)
|
|
$
|
(15,853
|
)
|
|
$
|
(19,341
|
)
|
|
$
|
35,194
|
|
|
$
|
(80,312
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
(401
|
)
|
|
(380
|
)
|
|
—
|
|
|
380
|
|
|
(401
|
)
|
|||||
Reclassification adjustments for impairment of marketable securities
|
|
2,159
|
|
|
2,159
|
|
|
—
|
|
|
(2,159
|
)
|
|
2,159
|
|
|||||
Reclassification adjustments for realized loss on sale of marketable securities
|
|
17
|
|
|
17
|
|
|
—
|
|
|
(17
|
)
|
|
17
|
|
|||||
Other comprehensive income (loss)
|
|
1,775
|
|
|
1,796
|
|
|
—
|
|
|
(1,796
|
)
|
|
1,775
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(78,537
|
)
|
|
$
|
(14,057
|
)
|
|
$
|
(19,341
|
)
|
|
$
|
33,398
|
|
|
$
|
(78,537
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(52,711
|
)
|
|
$
|
51,389
|
|
|
$
|
18,900
|
|
|
$
|
15,313
|
|
|
32,891
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(87
|
)
|
|
(19,323
|
)
|
|
(21,887
|
)
|
|
—
|
|
|
(41,297
|
)
|
|||||
Purchase of short term investments and marketable securities
|
|
(1,873
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,873
|
)
|
|||||
Sales and maturities of short term investments
|
|
12
|
|
|
386
|
|
|
71
|
|
|
—
|
|
|
469
|
|
|||||
Acquisitions
|
|
(111,170
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111,170
|
)
|
|||||
Other
|
|
(1,764
|
)
|
|
168
|
|
|
(80
|
)
|
|
—
|
|
|
(1,676
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
(15,683
|
)
|
|
824
|
|
|
116
|
|
|
14,743
|
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(130,565
|
)
|
|
(17,945
|
)
|
|
(21,780
|
)
|
|
14,743
|
|
|
(155,547
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
150,000
|
|
|
—
|
|
|
3,500
|
|
|
—
|
|
|
153,500
|
|
|||||
Payments on debt, capital leases, and associated costs
|
|
(61,868
|
)
|
|
(3,703
|
)
|
|
(9,649
|
)
|
|
—
|
|
|
(75,220
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(20,122
|
)
|
|
—
|
|
|
(20,122
|
)
|
|||||
Net intercompany financing activity
|
|
9,973
|
|
|
(8,263
|
)
|
|
26,811
|
|
|
(28,521
|
)
|
|
—
|
|
|||||
Other
|
|
(495
|
)
|
|
—
|
|
|
1,535
|
|
|
(1,535
|
)
|
|
(495
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
97,610
|
|
|
(11,966
|
)
|
|
2,075
|
|
|
(30,056
|
)
|
|
57,663
|
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
(85,666
|
)
|
|
21,478
|
|
|
(805
|
)
|
|
—
|
|
|
(64,993
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
210,361
|
|
|
5,781
|
|
|
54,719
|
|
|
—
|
|
|
270,861
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
124,695
|
|
|
$
|
27,259
|
|
|
$
|
53,914
|
|
|
$
|
—
|
|
|
$
|
205,868
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(72,723
|
)
|
|
$
|
9,142
|
|
|
$
|
49,251
|
|
|
$
|
35,194
|
|
|
$
|
20,864
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(1,051
|
)
|
|
(13,615
|
)
|
|
(12,626
|
)
|
|
—
|
|
|
(27,292
|
)
|
|||||
Purchase of short term investments and marketable securities
|
|
(47,903
|
)
|
|
(457
|
)
|
|
—
|
|
|
—
|
|
|
(48,360
|
)
|
|||||
Sales and maturities of short term investments
|
|
307
|
|
|
583
|
|
|
—
|
|
|
—
|
|
|
890
|
|
|||||
Acquisitions
|
|
—
|
|
|
(2,250
|
)
|
|
—
|
|
|
—
|
|
|
(2,250
|
)
|
|||||
Other
|
|
—
|
|
|
4
|
|
|
(17
|
)
|
|
—
|
|
|
(13
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
78,993
|
|
|
(299
|
)
|
|
—
|
|
|
(78,694
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
30,346
|
|
|
(16,034
|
)
|
|
(12,643
|
)
|
|
(78,694
|
)
|
|
(77,025
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
153,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153,000
|
|
|||||
Payments on debt, capital leases, and associated costs
|
|
(3,599
|
)
|
|
(2,543
|
)
|
|
(820
|
)
|
|
—
|
|
|
(6,962
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(27,028
|
)
|
|
—
|
|
|
(27,028
|
)
|
|||||
Net intercompany financing activity
|
|
(32,030
|
)
|
|
9,343
|
|
|
(20,813
|
)
|
|
43,500
|
|
|
—
|
|
|||||
Other
|
|
(406
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(406
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
116,965
|
|
|
6,800
|
|
|
(48,661
|
)
|
|
43,500
|
|
|
118,604
|
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
74,588
|
|
|
(92
|
)
|
|
(12,053
|
)
|
|
—
|
|
|
62,443
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
137,076
|
|
|
991
|
|
|
68,623
|
|
|
—
|
|
|
206,690
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
211,664
|
|
|
$
|
899
|
|
|
$
|
56,570
|
|
|
$
|
—
|
|
|
$
|
269,133
|
|
•
|
Metal sales of
$164.5 million
and royalty revenue of
$1.8 million
|
•
|
Production of
9.1 million
silver equivalent ounces, consisting of
4.3 million
silver ounces and
80,855
gold ounces
|
•
|
Costs applicable to sales were
$12.84
per silver equivalent ounce and
$820
per gold equivalent ounce (see "Non-GAAP Financial Performance Measures")
|
•
|
All-in sustaining costs were
$16.80
per silver equivalent ounce (see "Non-GAAP Financial Performance Measures")
|
•
|
General and administrative expenses reduced to
$8.5 million
|
•
|
Adjusted net loss of
$14.5 million
or
$0.11
per share (see "Non-GAAP Financial Performance Measures")
|
•
|
Capital expenditures of
$23.7 million
, including $9.4 million of development capital for the high-grade Guadalupe underground mine at Palmarejo
|
•
|
Completed the Paramount Gold and Silver Corp ("Paramount") acquisition and subsequently announced an 89% and 76% increase in Palmarejo silver and gold reserves, respectively
|
•
|
Announced a 39% increase in gold reserves at Wharf
|
•
|
Secured $100 million term loan due 2020 and simultaneously repaid the $50 million short-term loan
|
•
|
Cash and cash equivalents of
$205.9 million
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Silver ounces produced
|
4,258,941
|
|
|
4,465,387
|
|
|
8,102,522
|
|
|
8,538,159
|
|
||||
Gold ounces produced
|
80,855
|
|
|
61,025
|
|
|
150,589
|
|
|
119,861
|
|
||||
Silver equivalent ounces produced
(1)
|
9,110,241
|
|
|
8,126,887
|
|
|
17,137,862
|
|
|
15,729,819
|
|
||||
Silver ounces sold
|
4,008,894
|
|
|
4,589,547
|
|
|
8,097,519
|
|
|
8,465,014
|
|
||||
Gold ounces sold
|
84,312
|
|
|
57,751
|
|
|
152,733
|
|
|
120,328
|
|
||||
Silver equivalent ounces sold
(1)
|
9,067,614
|
|
|
8,054,607
|
|
|
17,261,499
|
|
|
15,684,694
|
|
||||
Average realized price per silver ounce
|
$
|
16.23
|
|
|
$
|
19.60
|
|
|
$
|
16.50
|
|
|
$
|
19.91
|
|
Average realized price per gold ounce
|
$
|
1,179
|
|
|
$
|
1,277
|
|
|
$
|
1,191
|
|
|
$
|
1,278
|
|
Costs applicable to sales per silver equivalent ounce
(2)
|
$
|
12.84
|
|
|
$
|
14.31
|
|
|
$
|
13.59
|
|
|
$
|
13.80
|
|
Costs applicable to sales per gold equivalent ounce
(2)
|
$
|
820
|
|
|
$
|
1,008
|
|
|
$
|
811
|
|
|
$
|
1,007
|
|
All-in sustaining costs per silver equivalent ounce
(2)
|
$
|
16.80
|
|
|
$
|
19.89
|
|
|
$
|
17.18
|
|
|
$
|
19.58
|
|
(1)
|
Silver equivalent ounces calculated using a 60:1 silver to gold ratio.
|
(2)
|
See "Non-GAAP Financial Performance Measures."
|
|
Three months ended June 30, 2015
|
|
Three months ended June 30, 2014
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(9,764
|
)
|
$
|
319
|
|
|
$
|
(31,370
|
)
|
$
|
(146
|
)
|
Argentina
|
(656
|
)
|
(1
|
)
|
|
(688
|
)
|
(349
|
)
|
||||
Mexico
|
(5,582
|
)
|
548
|
|
|
(12,710
|
)
|
107
|
|
||||
Bolivia
|
(1,219
|
)
|
196
|
|
|
3,957
|
|
(2,205
|
)
|
||||
Other jurisdictions
|
284
|
|
(802
|
)
|
|
311
|
|
(28
|
)
|
||||
|
$
|
(16,937
|
)
|
$
|
260
|
|
|
$
|
(40,500
|
)
|
$
|
(2,621
|
)
|
|
Six months ended June 30, 2015
|
|
Six months ended June 30, 2014
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(30,471
|
)
|
$
|
2,204
|
|
|
$
|
(60,214
|
)
|
$
|
(292
|
)
|
Argentina
|
(1,352
|
)
|
(2
|
)
|
|
(2,892
|
)
|
4,083
|
|
||||
Mexico
|
(15,255
|
)
|
(716
|
)
|
|
(28,716
|
)
|
3,828
|
|
||||
Bolivia
|
(3,598
|
)
|
(1,211
|
)
|
|
8,649
|
|
(4,969
|
)
|
||||
Other jurisdictions
|
519
|
|
(83
|
)
|
|
793
|
|
(582
|
)
|
||||
|
$
|
(50,157
|
)
|
$
|
192
|
|
|
$
|
(82,380
|
)
|
$
|
2,068
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Tons milled
|
435,841
|
|
|
534,718
|
|
|
887,759
|
|
|
1,106,063
|
|
||||
Silver ounces produced
|
1,247,011
|
|
|
1,761,145
|
|
|
2,601,011
|
|
|
3,581,629
|
|
||||
Gold ounces produced
|
18,127
|
|
|
23,706
|
|
|
33,622
|
|
|
48,922
|
|
||||
Silver equivalent ounces produced
|
2,334,631
|
|
|
3,183,505
|
|
|
4,618,331
|
|
|
6,516,949
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
13.88
|
|
|
$
|
14.04
|
|
|
$
|
14.93
|
|
|
$
|
13.71
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Tons placed
|
3,859,965
|
|
|
3,329,582
|
|
|
7,873,844
|
|
|
6,970,443
|
|
||||
Silver ounces produced
|
1,294,371
|
|
|
1,112,239
|
|
|
2,437,941
|
|
|
1,862,601
|
|
||||
Gold ounces produced
|
16,411
|
|
|
9,230
|
|
|
30,132
|
|
|
17,422
|
|
||||
Silver equivalent ounces produced
|
2,279,031
|
|
|
1,666,039
|
|
|
4,245,861
|
|
|
2,907,921
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
12.05
|
|
|
$
|
15.79
|
|
|
$
|
12.56
|
|
|
$
|
14.45
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Tons milled
|
170,649
|
|
|
163,749
|
|
|
335,600
|
|
|
323,446
|
|
||||
Gold ounces produced
|
29,845
|
|
|
28,089
|
|
|
63,754
|
|
|
53,517
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
750
|
|
|
$
|
1,008
|
|
|
$
|
774
|
|
|
$
|
1,007
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Tons placed
|
887,409
|
|
|
—
|
|
|
1,303,405
|
|
|
—
|
|
||||
Silver ounces produced
|
19,336
|
|
|
—
|
|
|
19,336
|
|
|
—
|
|
||||
Gold ounces produced
|
16,472
|
|
|
—
|
|
|
23,081
|
|
|
—
|
|
||||
Gold equivalent ounces produced
|
16,794
|
|
|
—
|
|
|
23,403
|
|
|
—
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
971
|
|
|
$
|
—
|
|
|
$
|
971
|
|
|
$
|
—
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Tons milled
|
457,232
|
|
|
437,975
|
|
|
864,183
|
|
|
823,349
|
|
||||
Silver ounces produced
|
1,494,550
|
|
|
1,481,009
|
|
|
2,707,803
|
|
|
2,836,429
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
13.31
|
|
|
$
|
13.85
|
|
|
$
|
14.03
|
|
|
$
|
13.89
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
Endeavor Silver Stream
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Tons milled
|
191,175
|
|
|
185,538
|
|
|
376,474
|
|
|
378,757
|
|
||||
Silver ounces produced
|
203,673
|
|
|
110,994
|
|
|
336,431
|
|
|
257,500
|
|
||||
Costs applicable to sales/oz
(1)
|
$
|
6.46
|
|
|
$
|
7.94
|
|
|
$
|
6.07
|
|
|
$
|
8.00
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Consolidated silver equivalent ounces sold
|
9,067,614
|
|
|
8,054,607
|
|
|
17,261,499
|
|
|
15,684,694
|
|
||||
Average realized price per silver equivalent ounce
|
$
|
18.34
|
|
|
$
|
20.43
|
|
|
$
|
18.49
|
|
|
$
|
20.67
|
|
Costs applicable to sales per consolidated silver equivalent ounce
(1)
|
(13.13
|
)
|
|
(14.74
|
)
|
|
(13.57
|
)
|
|
(14.38
|
)
|
||||
Operating margin per silver equivalent ounce
|
$
|
5.21
|
|
|
$
|
5.69
|
|
|
$
|
4.92
|
|
|
$
|
6.29
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Cash flow before changes in operating assets and liabilities
|
$
|
24,875
|
|
|
$
|
10,506
|
|
|
$
|
35,270
|
|
|
$
|
25,280
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Receivables and other current assets
|
(2,342
|
)
|
|
4,921
|
|
|
214
|
|
|
10,544
|
|
||||
Prepaid expenses and other
|
160
|
|
|
3,551
|
|
|
(1,167
|
)
|
|
(4,558
|
)
|
||||
Inventories
|
4,649
|
|
|
(1,606
|
)
|
|
5,333
|
|
|
(15,519
|
)
|
||||
Accounts payable and accrued liabilities
|
9,521
|
|
|
13,118
|
|
|
(6,759
|
)
|
|
5,117
|
|
||||
CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
36,863
|
|
|
$
|
30,490
|
|
|
$
|
32,891
|
|
|
$
|
20,864
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
In thousands except per share amounts
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net income (loss)
|
$
|
(16,677
|
)
|
|
$
|
(43,121
|
)
|
|
$
|
(49,965
|
)
|
|
$
|
(80,312
|
)
|
Fair value adjustments, net
|
(2,618
|
)
|
|
6,498
|
|
|
1,721
|
|
|
14,325
|
|
||||
Stock-based compensation
|
2,529
|
|
|
2,299
|
|
|
4,462
|
|
|
4,757
|
|
||||
Impairment of marketable securities
|
31
|
|
|
934
|
|
|
1,545
|
|
|
3,522
|
|
||||
Accretion of royalty obligation
|
1,147
|
|
|
1,789
|
|
|
2,462
|
|
|
3,609
|
|
||||
Loss on debt extinguishment
|
524
|
|
|
—
|
|
|
271
|
|
|
—
|
|
||||
Inventory adjustments
|
1,805
|
|
|
6,353
|
|
|
2,911
|
|
|
5,924
|
|
||||
Revolving Credit Facility termination
|
—
|
|
|
—
|
|
|
—
|
|
|
3,035
|
|
||||
Transaction-related costs
|
38
|
|
|
—
|
|
|
2,013
|
|
|
—
|
|
||||
Deferred tax asset valuation allowance
|
76
|
|
|
—
|
|
|
(3,388
|
)
|
|
—
|
|
||||
Foreign exchange gain on deferred taxes
|
(1,305
|
)
|
|
3,711
|
|
|
(2,234
|
)
|
|
6
|
|
||||
Adjusted net income (loss)
|
$
|
(14,450
|
)
|
|
$
|
(21,537
|
)
|
|
$
|
(40,202
|
)
|
|
$
|
(45,134
|
)
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss) per share
|
$
|
(0.11
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.34
|
)
|
|
$
|
(0.44
|
)
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
San Bartolomé
|
|
Rochester
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
|||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
39,158
|
|
|
$
|
24,428
|
|
|
$
|
37,076
|
|
|
$
|
3,204
|
|
|
$
|
103,866
|
|
|
$
|
40,136
|
|
|
$
|
20,123
|
|
|
$
|
60,259
|
|
|
$
|
164,125
|
|
Amortization
|
|
9,046
|
|
|
5,271
|
|
|
12,684
|
|
|
1,852
|
|
|
28,853
|
|
|
12,684
|
|
|
3,491
|
|
|
16,175
|
|
|
45,028
|
|
|||||||||
Costs applicable to sales
|
|
$
|
30,112
|
|
|
$
|
19,157
|
|
|
$
|
24,392
|
|
|
$
|
1,352
|
|
|
$
|
75,013
|
|
|
$
|
27,452
|
|
|
$
|
16,632
|
|
|
$
|
44,084
|
|
|
$
|
119,097
|
|
Silver equivalent ounces sold
|
|
2,169,960
|
|
|
1,439,388
|
|
|
2,024,856
|
|
|
209,130
|
|
|
5,843,334
|
|
|
|
|
|
|
|
|
9,067,614
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
36,607
|
|
|
17,131
|
|
|
53,738
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
13.88
|
|
|
$
|
13.31
|
|
|
$
|
12.05
|
|
|
$
|
6.46
|
|
|
$
|
12.84
|
|
|
$
|
750
|
|
|
$
|
971
|
|
|
$
|
820
|
|
|
$
|
13.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
119,097
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,526
|
|
|||||||||||||||||
Sustaining capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,625
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,451
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,579
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,036
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,030
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
152,344
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,843,334
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,224,280
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,067,614
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16.80
|
|
|
|
Silver
|
|
Gold
|
|
|
||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
San Bartolomé
|
|
Rochester
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Total
|
||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
67,595
|
|
|
$
|
25,550
|
|
|
$
|
29,406
|
|
|
$
|
1,701
|
|
|
$
|
124,252
|
|
|
$
|
34,784
|
|
|
$
|
159,036
|
|
Amortization
|
|
18,044
|
|
|
4,855
|
|
|
5,025
|
|
|
859
|
|
|
28,783
|
|
|
11,566
|
|
|
40,349
|
|
|||||||
Costs applicable to sales
|
|
$
|
49,551
|
|
|
$
|
20,695
|
|
|
$
|
24,381
|
|
|
$
|
842
|
|
|
$
|
95,469
|
|
|
$
|
23,218
|
|
|
$
|
118,687
|
|
Silver equivalent ounces sold
|
|
3,528,240
|
|
|
1,494,100
|
|
|
1,544,461
|
|
|
106,126
|
|
|
6,672,927
|
|
|
|
|
8,054,607
|
|
||||||||
Gold ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
23,028
|
|
|
|
|||||||||||||
Costs applicable to sales per ounce
|
|
$
|
14.04
|
|
|
$
|
13.85
|
|
|
$
|
15.79
|
|
|
$
|
7.94
|
|
|
$
|
14.31
|
|
|
$
|
1,008
|
|
|
$
|
14.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
118,687
|
|
||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
963
|
|
|||||||||||||
Sustaining capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,617
|
|
|||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,398
|
|
|||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,153
|
|
|||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,964
|
|
|||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,388
|
|
|||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
160,170
|
|
||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,672,927
|
|
|||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
1,381,680
|
|
|||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,054,607
|
|
|||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19.89
|
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
San Bartolomé
|
|
Rochester
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
|||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
80,983
|
|
|
$
|
48,245
|
|
|
$
|
68,015
|
|
|
$
|
5,096
|
|
|
$
|
202,339
|
|
|
$
|
81,109
|
|
|
$
|
20,123
|
|
|
$
|
101,232
|
|
|
$
|
303,571
|
|
Amortization
|
|
16,380
|
|
|
9,961
|
|
|
12,230
|
|
|
3,111
|
|
|
41,682
|
|
|
24,238
|
|
|
3,491
|
|
|
27,729
|
|
|
69,411
|
|
|||||||||
Costs applicable to sales
|
|
$
|
64,603
|
|
|
$
|
38,284
|
|
|
$
|
55,785
|
|
|
$
|
1,985
|
|
|
$
|
160,657
|
|
|
$
|
56,871
|
|
|
$
|
16,632
|
|
|
$
|
73,503
|
|
|
$
|
234,160
|
|
Silver equivalent ounces sold
|
|
4,327,572
|
|
|
2,729,255
|
|
|
4,440,959
|
|
|
326,993
|
|
|
11,824,779
|
|
|
|
|
|
|
|
|
17,261,499
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
73,481
|
|
|
17,131
|
|
|
90,612
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
14.93
|
|
|
$
|
14.03
|
|
|
$
|
12.56
|
|
|
$
|
6.07
|
|
|
$
|
13.59
|
|
|
$
|
774
|
|
|
$
|
971
|
|
|
$
|
811
|
|
|
$
|
13.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
234,160
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,016
|
|
|||||||||||||||||
Sustaining capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,535
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,286
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,845
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,313
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,341
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
296,496
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,824,779
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,436,720
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,261,499
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17.18
|
|
|
|
Silver
|
|
Gold
|
|
|
||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
San Bartolomé
|
|
Rochester
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Total
|
||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
129,828
|
|
|
$
|
48,908
|
|
|
$
|
48,565
|
|
|
$
|
2,135
|
|
|
$
|
230,278
|
|
|
$
|
74,024
|
|
|
$
|
304,302
|
|
Amortization
|
|
36,702
|
|
|
9,313
|
|
|
9,476
|
|
|
953
|
|
|
56,444
|
|
|
22,275
|
|
|
78,719
|
|
|||||||
Costs applicable to sales
|
|
$
|
93,126
|
|
|
$
|
39,595
|
|
|
$
|
39,089
|
|
|
$
|
2,024
|
|
|
$
|
173,834
|
|
|
$
|
51,749
|
|
|
$
|
225,583
|
|
Silver equivalent ounces sold
|
|
6,790,221
|
|
|
2,851,407
|
|
|
2,705,258
|
|
|
252,968
|
|
|
12,599,854
|
|
|
|
|
15,684,694
|
|
||||||||
Gold ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
51,414
|
|
|
|
|||||||||||||
Costs applicable to sales per ounce
|
|
$
|
13.71
|
|
|
$
|
13.89
|
|
|
$
|
14.45
|
|
|
$
|
8.00
|
|
|
$
|
13.80
|
|
|
$
|
1,007
|
|
|
$
|
14.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
225,583
|
|
||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,524
|
|
|||||||||||||
Sustaining capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,403
|
|
|||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,294
|
|
|||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,370
|
|
|||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,877
|
|
|||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,999
|
|
|||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
307,050
|
|
||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,599,854
|
|
|||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
3,084,840
|
|
|||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,684,694
|
|
|||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19.58
|
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Management’s Report on Internal Control Over Financial Reporting
|
|
|
COEUR MINING, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated
|
August 4, 2015
|
/s/ Mitchell J. Krebs
|
|
|
|
MITCHELL J. KREBS
|
|
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
Dated
|
August 4, 2015
|
/s/ Peter C. Mitchell
|
|
|
|
PETER C. MITCHELL
|
|
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
Dated
|
August 4, 2015
|
/s/ Mark Spurbeck
|
|
|
|
MARK SPURBECK
|
|
|
|
Vice President, Finance (Principal Accounting Officer)
|
Date on Which
Restrictions Lapse
|
Number of Shares for
Which Restrictions Lapse
|
Cumulative Number of Shares
for Which Restrictions Lapse
|
|
|
|
|
|
|
(a)
|
By Death, Disability, or Retirement
. In the event the employment of the Participant is terminated due to death, Disability, or Retirement (as defined below) during the Periods of Restriction, the Periods of Restriction and the restrictions imposed on the Restricted Stock held by the Participant at the time of his or her death, Disability, or Retirement shall immediately lapse with all such shares of Common Stock underlying the Restricted Stock becoming immediately transferable by the Participant or his or her estate, subject to applicable federal and state securities laws. For the purposes of this Agreement, “Disability” shall mean the date upon which the Participant becomes entitled to receive benefits pursuant to the Company’s long-term disability plan then in effect. For the purposes of this Agreement, “Retirement” shall mean: (i) any termination of the Participant’s employment other than for Cause after the Participant has attained sixty-five (65) years of age and completed a total of ten (10) or more consecutive years of employment with the Company; or (ii) a retirement approved by the Board.
|
(b)
|
Termination for Other Reasons
. In the event of the Participant’s Termination of Employment with the Company for any reason other than death, Disability, or Retirement during the Periods of Restriction, all shares of Restricted Stock held by the Participant at the time of employment termination and still subject to a Period of Restriction and other restrictions shall be forfeited by the Participant to the Company. The transfer of employment of the Participant between the Company and any Subsidiary (or between Subsidiaries) shall not be deemed a Termination of Employment for the purposes of this Agreement.
|
(a)
|
This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares of Common Stock acquired pursuant to this Agreement, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares of Common Stock are then listed and/or traded, and under any blue sky or state securities laws applicable to such shares of Common Stock. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.
|
(b)
|
The Board or the Committee, as applicable, may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant, except that no such consent will be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminishment has been adequately compensated.
|
(c)
|
The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement.
|
(d)
|
This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
(e)
|
All obligations of the Company under the Plan and this Agreement, with respect to the Restricted Stock, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
(f)
|
To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware.
|
Date
|
Shares for Which Option Becomes Exercisable
|
Cumulative Number of Shares Available for Purchase
|
|
|
|
|
|
|
(a)
|
By Death
. In the event the employment of the Participant is terminated due to death, all outstanding shares of Common Stock underlying the Option not yet vested shall become immediately fully vested and, along with all previously vested shares of Common Stock underlying the Option, shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the Participant’s date of death, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Option by will or by the laws of descent and distribution. In the event the Participant dies within three (3) months following the termination of the Participant’s employment for any reason, all shares of Common Stock underlying the Option that were vested as of such Participant’s Termination of Employment shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the Participant’s date of death, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Award by will or by the laws of descent and distribution.
|
(b)
|
By Disability
. In the event the employment of the Participant is terminated due to Disability (as defined below), all outstanding shares of Common Stock underlying the Option not yet vested shall become immediately fully vested and, along with all previously vested shares of Common Stock underlying the Option, shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the date that the Committee determines the definition of Disability to have been satisfied. For the purposes of this Agreement, “Disability” shall mean the date upon which the Participant becomes entitled to receive benefits pursuant to the Company’s long-term disability plan then in effect.
|
(c)
|
By Retirement
. In the event the employment of the Participant is terminated due to Retirement (as defined below), all outstanding shares of Common Stock underlying the Option not yet vested shall become immediately vested and, along with all previously vested shares of Common Stock underlying the Option, shall remain exercisable until the earlier of the Date of Expiration or the three (3) month anniversary of the Participant’s effective date of Retirement. For the purposes of this Agreement, “Retirement” shall mean: (i) any termination of the Participant’s employment other than for Cause after the Participant has attained sixty-five (65) years of age and completed a total of ten (10) or more consecutive years of employment with the Company; or (ii) a retirement approved by the Board.
|
(d)
|
Termination for Cause
. If the employment of the Participant shall be terminated for Cause, the Participant shall forfeit all of the unexercised shares of Common Stock underlying the Option, whether vested or not.
|
(e)
|
For Other Reasons
. If the employment of the Participant shall terminate for any reason other than the reasons set forth in this Section 3(a) through 3(d) herein, all previously vested shares of Common Stock underlying the Option shall remain exercisable until the earlier of the Date of Expiration or the date occurring three (3) months from the effective date of Termination of Employment. All unvested shares of Common Stock underlying the Option at the date of Termination of Employment shall immediately terminate, and shall be forfeited to the Company.
|
(a)
|
This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares of Common Stock acquired pursuant to the exercise of this Option, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares of Common Stock are then listed and/or traded, and under any blue sky or state securities laws applicable to such shares of Common Stock. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.
|
(b)
|
The Board or the Committee, as applicable, may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant, except that no such consent will be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminishment has been adequately compensated.
|
(c)
|
The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation), domestic or foreign, required by law to be withheld with respect to any exercise of the Participant’s rights under this Agreement.
|
(d)
|
The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement.
|
(e)
|
This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
(f)
|
All obligations of the Company under the Plan and this Agreement, with respect to this Option, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
(g)
|
To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
|
Date
|
Shares for Which Option Becomes Exercisable
|
Cumulative Number of Shares Available for Purchase
|
|
|
|
|
|
|
(a)
|
By Death
. In the event the employment of the Participant is terminated due to death, all outstanding shares of Common Stock underlying the Option not yet vested shall become immediately fully vested and, along with all previously vested shares of Common Stock underlying the Option, shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the Participant’s date of death, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Option by will or by the laws of descent and distribution. In the event the Participant dies within three (3) months following the termination of the Participant’s employment for any reason, all shares of Common Stock underlying the Option that were vested as of such Participant’s Termination of Employment shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the Participant’s date of death, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Award by will or by the laws of descent and distribution.
|
(b)
|
By Disability
. In the event the employment of the Participant is terminated due to Disability (as defined below), all outstanding shares of Common Stock underlying the Option not yet vested shall become immediately fully vested and, along with all previously vested shares of Common Stock underlying the Option, shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the date that the Committee determines the definition of Disability to have been satisfied. For the purposes of this Agreement, “Disability” shall mean the date upon which the Participant becomes entitled to receive benefits pursuant to the Company’s long-term disability plan then in effect.
|
(c)
|
By Retirement
. In the event the employment of the Participant is terminated due to Retirement (as defined below), all outstanding shares of Common Stock underlying the Option not yet vested shall become immediately vested and, along with all previously vested shares of Common Stock underlying the Option, shall remain exercisable until the earlier of the Date of Expiration or the third anniversary of the Participant’s effective date of Retirement. For the purposes of this Agreement, “Retirement” shall mean: (i) any termination of the Participant’s employment other than for Cause after the Participant has attained sixty-five (65) years of age and completed a total of ten (10) or more consecutive years of employment with the Company; or (ii) a retirement approved by the Board.
|
(d)
|
Termination for Cause
. If the employment of the Participant shall be terminated for Cause, the Participant shall forfeit all of the unexercised shares of Common Stock underlying the Option, whether vested or not.
|
(e)
|
For Other Reasons
. If the employment of the Participant shall terminate for any reason other than the reasons set forth in this Section 3(a) through 3(d) herein, all previously vested shares of Common Stock underlying hte Option shall remain exercisable until the earlier of the Date of Expiration or the date occurring three (3) months from the effective date of Termination of Employment. All unvested shares of Common Stock underlying the Option at the date of Termination of Employment shall immediately terminate, and shall be forfeited to the Company.
|
(a)
|
This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares of Common Stock acquired pursuant to the exercise of this Option, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares of Common Stock are then listed and/or traded, and under any blue sky or state securities laws applicable to such shares of Common Stock. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.
|
(b)
|
The Board or the Committee, as applicable, may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant, except that no such consent will be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminishment has been adequately compensated.
|
(c)
|
The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation), domestic or foreign, required by law to be withheld with respect to any exercise of the Participant’s rights under this Agreement.
|
(d)
|
The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement.
|
(e)
|
This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
(f)
|
All obligations of the Company under the Plan and this Agreement, with respect to this Option, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
(g)
|
To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
|
Date
|
Performance Shares Which Become Payable
|
|
|
|
|
(a)
|
By Death, Disability, or Retirement
. In the event the employment of the Participant is terminated due to death, Disability or Retirement (as defined below) during the Performance Period, all
|
(b)
|
For Other Reasons
. If the employment of the Participant shall terminate for any reason other than the reasons set forth in Section 3(a), all unvested Performance Shares subject to this Award at the date of Termination of Employment shall immediately terminate, and shall be forfeited to the Company. The transfer of employment of the Participant between the Company and any Subsidiary (or between Subsidiaries) shall not be deemed a Termination of Employment for the purpose of this Agreement.
|
(a)
|
Earning of Performance Shares.
Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Shares shall be entitled to receive payout on the value and number of Performance Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved, as set forth in further detail on Schedule 1, attached hereto. Notwithstanding the foregoing, the Company has the ability to require the Participant to hold the shares of Common Stock received pursuant to such Award for a specified period of time.
|
(b)
|
Form and Timing of Payment of Performance Shares.
Payment of earned Performance Shares shall be as determined by the Committee. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Shares in the form of cash or in shares of Common Stock (or in a combination thereof) equal to the value of the earned Performance Shares at the close of the applicable Performance Period. Any shares of Common Stock may be granted subject to any restrictions deemed appropriate by the Committee.
|
(c)
|
Dividends and Other Distributions.
At the discretion of the Committee, Participants holding Performance Shares may be entitled to receive dividend equivalents with respect to dividends declared with respect to the shares of Common Stock underlying the Performance Shares. Such dividends may be subject to the accrual, forfeiture, or payout restrictions as determined by the
|
(a)
|
This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares of Common Stock acquired pursuant to the exercise or settlement of this Award, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares of Common Stock are then listed and/or traded, and under any blue sky or state securities laws applicable to such shares of Common Stock. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.
|
(b)
|
The Board or the Committee, as applicable, may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant, except that no such consent will be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminishment has been adequately compensated.
|
(c)
|
The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement.
|
(d)
|
This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
(e)
|
All obligations of the Company under the Plan and this Agreement, with respect to this Award, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
(f)
|
To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
|
Date
|
Number of SARs Which Become Exercisable
|
Cumulative Number of SARs Available for Redemption
|
|
|
|
(a)
|
By Death
. In the event the employment of the Participant is terminated due to death, all outstanding SARs not yet vested shall become immediately fully vested and, along with all previously vested SARs, shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the Participant’s date of death, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Award by will or by the laws of descent and distribution. In the event the Participant dies within three (3) months following the termination of the Participant’s employment for any reason, all SARs that were vested as of such Participant’s Termination of Employment shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the Participant’s date of death, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Award by will or by the laws of descent and distribution.
|
(b)
|
By Disability
. In the event the employment of the Participant is terminated due to Disability (as defined below), all outstanding SARs not yet vested shall become immediately fully vested and, along with all previously vested SARs, shall remain exercisable until the earlier of the Date of Expiration or the first anniversary of the date that the Committee determines the definition of Disability to have been satisfied. For the purposes of this Agreement, “Disability” shall mean the date upon which the Participant becomes entitled to receive benefits pursuant to the Company’s long-term disability plan then in effect.
|
(c)
|
By Retirement
. In the event the employment of the Participant is terminated due to Retirement (as defined below), all outstanding SARs not yet vested shall become immediately vested and, along with all previously vested SARs, shall remain exercisable until the earlier of the Date of Expiration or the third (3
rd
) anniversary of the Participant’s effective date of Retirement. For the purposes of this Agreement, “Retirement” shall mean: (i) any termination of the Participant’s employment other than for Cause after the Participant has attained sixty-five (65) years of age and completed a total of ten (10) or more consecutive years of employment with the Company; or (ii) a retirement approved by the Board.
|
(d)
|
Termination for Cause
. If the employment of the Participant shall be terminated for Cause, the Participant shall forfeit all of the unexercised SARs, whether vested or not.
|
(e)
|
For Other Reasons
. If the employment of the Participant shall terminate for any reason other than the reasons set forth in this Section 3(a) through 3(d) herein, all previously vested SARs shall remain exercisable until the earlier of the Date of Expiration or the date occurring three (3) months from the effective date of Termination of Employment. All unvested SARs at the date of Termination of Employment shall immediately terminate, and shall be forfeited to the Company.
|
(a)
|
This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.
|
(b)
|
The Board or the Committee, as applicable, may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant, except that no such consent will be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminishment has been adequately compensated.
|
(c)
|
The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement.
|
(d)
|
This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
(e)
|
All obligations of the Company under the Plan and this Agreement, with respect to this Award, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
(f)
|
To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
|
Date
|
Performance Units Which Become Payable
|
|
|
(a)
|
By Death, Disability, or Retirement
. In the event the employment of the Participant is terminated due to death, Disability, or Retirement (as defined below) during the Performance
|
(d)
|
Termination for Other Reasons
. In the event of the Participant’s Termination of Employment with the Company for any reason other than death, Disability, or Retirement, all unvested Performance Units at the date of termination shall immediately terminate, and shall be forfeited by the Participant to the Company. The transfer of employment of the Participant between the Company and any Subsidiary (or between Subsidiaries) shall not be deemed a Termination of Employment for the purposes of this Agreement.
|
(a)
|
Value of Performance Units.
Each Performance Unit shall have an initial value that is established by the Committee at the time of grant and set forth above. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the value and/or number of Performance Units that will be paid out to the Participant.
|
(b)
|
Earning of Performance Units.
Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Units shall be entitled to receive payout on the value and number of Performance Units earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals have been achieved, as set forth in further detail on Schedule 1, attached hereto.
|
(c)
|
Form and Timing of Payment of Performance Units.
Payment of earned Performance Units shall be as determined by the Committee. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Units in the form of cash or in shares of Common Stock (or in a combination thereof) equal to the value of the earned Performance Units at the close of the applicable Performance Period.
|
(a)
|
This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.
|
(b)
|
The Board or the Committee, as applicable, may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant, except that no such consent will be required if the Committee determines in its sole discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminishment has been adequately compensated.
|
(c)
|
The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement.
|
(d)
|
This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
(e)
|
All obligations of the Company under the Plan and this Agreement, with respect to this Award, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
(f)
|
To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
By:
|
/s/ Mitchell J. Krebs
|
|
Mitchell J. Krebs
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
By:
|
/s/ Peter C. Mitchell
|
|
Peter C. Mitchell
Chief Financial Officer
|
/s/ Mitchell J. Krebs
|
Mitchell J. Krebs
|
August 4, 2015
|
/s/ Peter C. Mitchell
|
Peter C. Mitchell
|
August 4, 2015
|
Mine or Operating Name
|
Section 104 S&S Citations (#)
|
Section 104 (b) Orders (#)
|
Section 104 (d) Citations and Orders (#)
|
Section 110 (b) (2) Violations (#)
|
Section 107 (a) Orders (#)
|
Total Dollar Value of MSHA Assessments Proposed
(1)
($)
|
Total Number of Mining Related Fatalities (#)
|
Received Notice of Pattern of Violations Under Section 104(e) (Yes/No)
|
Received Notice of Potential to Have Pattern Under Section 104(e) (Yes/No)
|
Legal Actions Pending as of Last Day of Period (#)
|
Legal Actions Initiated During Period
(#)
|
Legal Actions Resolved During Period
(#)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kensington
|
3
|
—
|
—
|
—
|
—
|
$8,122
|
—
|
NO
|
NO
|
7
|
4
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rochester
|
—
|
—
|
—
|
—
|
—
|
$481
|
—
|
NO
|
NO
|
—
|
—
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wharf
|
1
|
—
|
—
|
—
|
—
|
$2,049
|
—
|
NO
|
NO
|
—
|
—
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
4
|
—
|
—
|
—
|
—
|
$10,652
|
—
|
NO
|
NO
|
7
|
4
|
—
|