☑
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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82-0109423
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||
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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104 S. Michigan Ave.
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Suite 900
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Chicago,
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Illinois
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60603
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock (par value $.01 per share)
|
CDE
|
New York Stock Exchange
|
Large accelerated filer
|
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☑
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Condensed Consolidated Balance Sheets
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Page
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Part I.
|
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Item 1. Financial Statements
|
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Condensed Consolidated Balance Sheets
|
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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
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Condensed Consolidated Statements of Cash Flows (Unaudited)
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Condensed Consolidated Statement of Changes in Stockholders’ Equity
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Notes to Condensed Consolidated Financial Statements (Unaudited)
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Consolidated Financial Results
|
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Results of Operations
|
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Liquidity and Capital Resources
|
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Non-GAAP Financial Performance Measures
|
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Item 4. Controls and Procedures
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Part II.
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||
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Item 1. Legal Proceedings
|
|
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Item 1A. Risk Factors
|
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Item 4. Mine Safety Disclosures
|
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Item 5. Other Information
|
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Item 6. Exhibits
|
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Signatures
|
|
|
June 30, 2019 (unaudited)
|
|
December 31, 2018
|
||||
ASSETS
|
Notes
|
In thousands, except share data
|
||||||
CURRENT ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
37,907
|
|
|
$
|
115,081
|
|
Receivables
|
4
|
38,495
|
|
|
29,744
|
|
||
Inventory
|
5
|
59,048
|
|
|
66,279
|
|
||
Ore on leach pads
|
5
|
72,310
|
|
|
75,122
|
|
||
Prepaid expenses and other
|
|
12,066
|
|
|
11,393
|
|
||
|
|
219,826
|
|
|
297,619
|
|
||
NON-CURRENT ASSETS
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
298,926
|
|
|
298,451
|
|
||
Mining properties, net
|
|
945,839
|
|
|
971,567
|
|
||
Ore on leach pads
|
5
|
76,910
|
|
|
66,964
|
|
||
Restricted assets
|
|
8,730
|
|
|
12,133
|
|
||
Equity and debt securities
|
6
|
19,457
|
|
|
17,806
|
|
||
Receivables
|
4
|
31,871
|
|
|
31,151
|
|
||
Other
|
|
75,671
|
|
|
16,809
|
|
||
TOTAL ASSETS
|
|
$
|
1,677,230
|
|
|
$
|
1,712,500
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
||||
Accounts payable
|
|
$
|
65,676
|
|
|
$
|
47,210
|
|
Accrued liabilities and other
|
19
|
116,187
|
|
|
82,619
|
|
||
Debt
|
8
|
21,772
|
|
|
24,937
|
|
||
Reclamation
|
9
|
6,552
|
|
|
6,552
|
|
||
|
|
210,187
|
|
|
161,318
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
Debt
|
8
|
348,205
|
|
|
433,889
|
|
||
Reclamation
|
9
|
133,127
|
|
|
128,994
|
|
||
Deferred tax liabilities
|
|
61,653
|
|
|
79,070
|
|
||
Other long-term liabilities
|
|
77,612
|
|
|
56,717
|
|
||
|
|
620,597
|
|
|
698,670
|
|
||
COMMITMENTS AND CONTINGENCIES
|
17
|
|
|
|
||||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018
|
|
2,219
|
|
|
2,033
|
|
||
Additional paid-in capital
|
|
3,492,736
|
|
|
3,443,082
|
|
||
Accumulated other comprehensive income (loss)
|
|
—
|
|
|
(59
|
)
|
||
Accumulated deficit
|
|
(2,648,509
|
)
|
|
(2,592,544
|
)
|
||
|
|
846,446
|
|
|
852,512
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
1,677,230
|
|
|
$
|
1,712,500
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Notes
|
In thousands, except share data
|
||||||||||||||
Revenue
|
3
|
$
|
162,123
|
|
|
$
|
169,987
|
|
|
$
|
316,993
|
|
|
$
|
333,254
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1)
|
3
|
131,948
|
|
|
108,246
|
|
|
263,598
|
|
|
207,586
|
|
||||
Amortization
|
|
43,204
|
|
|
29,459
|
|
|
85,080
|
|
|
60,236
|
|
||||
General and administrative
|
|
7,750
|
|
|
7,650
|
|
|
17,224
|
|
|
16,454
|
|
||||
Exploration
|
|
5,719
|
|
|
6,429
|
|
|
9,433
|
|
|
13,112
|
|
||||
Pre-development, reclamation, and other
|
|
4,334
|
|
|
3,620
|
|
|
8,768
|
|
|
7,845
|
|
||||
Total costs and expenses
|
|
192,955
|
|
|
155,404
|
|
|
384,103
|
|
|
305,233
|
|
||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
||||||||
Fair value adjustments, net
|
12
|
(5,296
|
)
|
|
(2,462
|
)
|
|
3,824
|
|
|
2,192
|
|
||||
Interest expense, net of capitalized interest
|
8
|
(6,825
|
)
|
|
(6,018
|
)
|
|
(13,279
|
)
|
|
(11,983
|
)
|
||||
Other, net
|
14
|
643
|
|
|
544
|
|
|
703
|
|
|
1,057
|
|
||||
Total other income (expense), net
|
|
(11,478
|
)
|
|
(7,936
|
)
|
|
(8,752
|
)
|
|
(8,734
|
)
|
||||
Income (loss) before income and mining taxes
|
|
(42,310
|
)
|
|
6,647
|
|
|
(75,862
|
)
|
|
19,287
|
|
||||
Income and mining tax (expense) benefit
|
10
|
5,546
|
|
|
(3,717
|
)
|
|
14,204
|
|
|
(15,666
|
)
|
||||
Income (loss) from continuing operations
|
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(61,658
|
)
|
|
$
|
3,621
|
|
Income (loss) from discontinued operations
|
18
|
—
|
|
|
—
|
|
|
5,693
|
|
|
550
|
|
||||
NET INCOME (LOSS)
|
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(55,965
|
)
|
|
$
|
4,171
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on debt and equity securities
|
|
—
|
|
|
(87
|
)
|
|
59
|
|
|
(365
|
)
|
||||
Other comprehensive income (loss)
|
|
—
|
|
|
(87
|
)
|
|
59
|
|
|
(365
|
)
|
||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(36,764
|
)
|
|
$
|
2,843
|
|
|
$
|
(55,906
|
)
|
|
$
|
3,806
|
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE
|
15
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.02
|
|
Net income (loss) from discontinued operations
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Basic(2)
|
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.02
|
|
Diluted income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.02
|
|
Net income (loss) from discontinued operations
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Diluted(2)
|
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.02
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Notes
|
In thousands
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(55,965
|
)
|
|
$
|
4,171
|
|
(Income) loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
(5,693
|
)
|
|
(550
|
)
|
||||
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Amortization
|
|
43,204
|
|
|
29,459
|
|
|
85,080
|
|
|
60,236
|
|
||||
Accretion
|
|
3,007
|
|
|
3,886
|
|
|
5,950
|
|
|
7,204
|
|
||||
Deferred taxes
|
|
(9,158
|
)
|
|
(1,265
|
)
|
|
(17,417
|
)
|
|
(811
|
)
|
||||
Fair value adjustments, net
|
12
|
5,296
|
|
|
2,462
|
|
|
(3,824
|
)
|
|
(2,192
|
)
|
||||
Stock-based compensation
|
11
|
1,987
|
|
|
1,850
|
|
|
4,210
|
|
|
4,636
|
|
||||
Inventory write-downs
|
5
|
11,872
|
|
|
—
|
|
|
27,319
|
|
|
—
|
|
||||
Other
|
|
4,731
|
|
|
2,174
|
|
|
5,981
|
|
|
2,242
|
|
||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Receivables
|
|
(7,624
|
)
|
|
(8,888
|
)
|
|
(17,359
|
)
|
|
(10,579
|
)
|
||||
Prepaid expenses and other current assets
|
|
(834
|
)
|
|
8,126
|
|
|
(3,518
|
)
|
|
2,491
|
|
||||
Inventory and ore on leach pads
|
|
(14,391
|
)
|
|
(2,766
|
)
|
|
(33,212
|
)
|
|
(11,474
|
)
|
||||
Accounts payable and accrued liabilities
|
|
25,109
|
|
|
(39,262
|
)
|
|
19,037
|
|
|
(41,127
|
)
|
||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF CONTINUING OPERATIONS
|
|
26,435
|
|
|
(1,294
|
)
|
|
10,589
|
|
|
14,247
|
|
||||
CASH USED IN OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,690
|
)
|
||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
26,435
|
|
|
(1,294
|
)
|
|
10,589
|
|
|
11,557
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
(20,749
|
)
|
|
(41,165
|
)
|
|
(48,187
|
)
|
|
(83,510
|
)
|
||||
Proceeds from the sale of assets
|
|
57
|
|
|
96
|
|
|
904
|
|
|
156
|
|
||||
Purchase of investments
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(400
|
)
|
||||
Sale of investments
|
|
1,102
|
|
|
11,141
|
|
|
1,102
|
|
|
12,760
|
|
||||
Proceeds from notes receivable
|
|
2,000
|
|
|
—
|
|
|
7,168
|
|
|
—
|
|
||||
Other
|
|
277
|
|
|
(33
|
)
|
|
2,018
|
|
|
(98
|
)
|
||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS
|
|
(17,313
|
)
|
|
(30,000
|
)
|
|
(36,995
|
)
|
|
(71,092
|
)
|
||||
CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,470
|
)
|
||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(17,313
|
)
|
|
(30,000
|
)
|
|
(36,995
|
)
|
|
(99,562
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Issuance of common stock
|
15
|
48,887
|
|
|
—
|
|
|
48,887
|
|
|
—
|
|
||||
Issuance of notes and bank borrowings, net of issuance costs
|
8
|
—
|
|
|
—
|
|
|
15,000
|
|
|
15,000
|
|
||||
Payments on debt, finance leases, and associated costs
|
8
|
(90,812
|
)
|
|
(4,373
|
)
|
|
(113,273
|
)
|
|
(22,822
|
)
|
||||
Other
|
|
—
|
|
|
(233
|
)
|
|
(3,259
|
)
|
|
(4,839
|
)
|
||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS
|
|
(41,925
|
)
|
|
(4,606
|
)
|
|
(52,645
|
)
|
|
(12,661
|
)
|
||||
CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
(41,925
|
)
|
|
(4,606
|
)
|
|
(52,645
|
)
|
|
(12,683
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
56
|
|
|
(175
|
)
|
|
257
|
|
|
382
|
|
||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
(32,747
|
)
|
|
(36,075
|
)
|
|
(78,794
|
)
|
|
(100,306
|
)
|
||||
Less net cash used in discontinued operations(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,930
|
)
|
||||
|
|
(32,747
|
)
|
|
(36,075
|
)
|
|
(78,794
|
)
|
|
(67,376
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
|
72,022
|
|
|
172,101
|
|
|
118,069
|
|
|
203,402
|
|
||||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
39,275
|
|
|
$
|
136,026
|
|
|
$
|
39,275
|
|
|
$
|
136,026
|
|
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, 2018
|
203,310
|
|
|
$
|
2,033
|
|
|
$
|
3,443,082
|
|
|
$
|
(2,592,544
|
)
|
|
$
|
(59
|
)
|
|
852,512
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,201
|
)
|
|
—
|
|
|
(19,201
|
)
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
1,801
|
|
|
18
|
|
|
(1,053
|
)
|
|
—
|
|
|
—
|
|
|
(1,035
|
)
|
|||||
Balances at March 31, 2019 (Unaudited)
|
205,111
|
|
|
$
|
2,051
|
|
|
$
|
3,442,029
|
|
|
$
|
(2,611,745
|
)
|
|
$
|
—
|
|
|
$
|
832,335
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,764
|
)
|
|
—
|
|
|
(36,764
|
)
|
|||||
Common stock issued under "at the market" stock offering
|
16,631
|
|
|
166
|
|
|
48,721
|
|
|
—
|
|
|
—
|
|
|
48,887
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
117
|
|
|
2
|
|
|
1,986
|
|
|
—
|
|
|
—
|
|
|
1,988
|
|
|||||
Balances at June 30, 2019 (Unaudited)
|
221,859
|
|
|
$
|
2,219
|
|
|
$
|
3,492,736
|
|
|
$
|
(2,648,509
|
)
|
|
$
|
—
|
|
|
$
|
846,446
|
|
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, 2017
|
185,638
|
|
|
$
|
1,856
|
|
|
$
|
3,357,345
|
|
|
$
|
(2,546,743
|
)
|
|
$
|
2,519
|
|
|
814,977
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
—
|
|
|
1,241
|
|
|||||
Reclassification of unrealized gain (loss) on equity securities for ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
2,604
|
|
|
(2,604
|
)
|
|
—
|
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
|||||
Common stock issued under stock-based compensation plans, net
|
538
|
|
|
6
|
|
|
(1,635
|
)
|
|
—
|
|
|
—
|
|
|
(1,629
|
)
|
|||||
Balances at March 31, 2018 (Unaudited)
|
186,176
|
|
|
$
|
1,862
|
|
|
$
|
3,355,710
|
|
|
$
|
(2,542,898
|
)
|
|
$
|
(363
|
)
|
|
$
|
814,311
|
|
Net income (loss)
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,930
|
|
|
$
|
—
|
|
|
2,930
|
|
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87
|
)
|
|
(87
|
)
|
|||||
Common stock issued under stock-based compensation plans, net
|
898
|
|
|
9
|
|
|
1,608
|
|
|
—
|
|
|
—
|
|
|
1,617
|
|
|||||
Balances at June 30, 2018 (Unaudited)
|
187,074
|
|
|
$
|
1,871
|
|
|
$
|
3,357,318
|
|
|
$
|
(2,539,968
|
)
|
|
$
|
(450
|
)
|
|
$
|
818,771
|
|
Three months ended June 30, 2019
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
33,916
|
|
|
$
|
11,195
|
|
|
$
|
45,161
|
|
|
$
|
20,054
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
110,326
|
|
Silver sales
|
25,406
|
|
|
14,257
|
|
|
—
|
|
|
189
|
|
|
5,111
|
|
|
—
|
|
|
44,963
|
|
|||||||
Zinc sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,604
|
|
|
—
|
|
|
2,604
|
|
|||||||
Lead sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,230
|
|
|
—
|
|
|
4,230
|
|
|||||||
Metal sales
|
59,322
|
|
|
25,452
|
|
|
45,161
|
|
|
20,243
|
|
|
11,945
|
|
|
—
|
|
|
162,123
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales(1)
|
36,496
|
|
|
24,693
|
|
|
29,133
|
|
|
15,466
|
|
|
26,160
|
|
|
—
|
|
|
131,948
|
|
|||||||
Amortization
|
14,212
|
|
|
3,963
|
|
|
12,537
|
|
|
2,225
|
|
|
9,878
|
|
|
389
|
|
|
43,204
|
|
|||||||
Exploration
|
1,140
|
|
|
96
|
|
|
2,024
|
|
|
—
|
|
|
670
|
|
|
1,789
|
|
|
5,719
|
|
|||||||
Other operating expenses
|
1,769
|
|
|
1,346
|
|
|
410
|
|
|
753
|
|
|
386
|
|
|
7,420
|
|
|
12,084
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,296
|
)
|
|
(5,296
|
)
|
|||||||
Interest expense, net
|
(112
|
)
|
|
(170
|
)
|
|
(310
|
)
|
|
(28
|
)
|
|
(390
|
)
|
|
(5,815
|
)
|
|
(6,825
|
)
|
|||||||
Other, net
|
(574
|
)
|
|
43
|
|
|
(16
|
)
|
|
239
|
|
|
(33
|
)
|
|
984
|
|
|
643
|
|
|||||||
Income and mining tax (expense) benefit
|
(345
|
)
|
|
(814
|
)
|
|
—
|
|
|
(304
|
)
|
|
7,589
|
|
|
(580
|
)
|
|
5,546
|
|
|||||||
Income (loss) from continuing operations
|
$
|
4,674
|
|
|
$
|
(5,587
|
)
|
|
$
|
731
|
|
|
$
|
1,706
|
|
|
$
|
(17,983
|
)
|
|
$
|
(20,305
|
)
|
|
$
|
(36,764
|
)
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Segment assets(2)
|
$
|
357,415
|
|
|
$
|
274,406
|
|
|
$
|
214,096
|
|
|
$
|
104,070
|
|
|
$
|
415,333
|
|
|
$
|
170,145
|
|
|
$
|
1,535,465
|
|
Capital expenditures
|
$
|
7,566
|
|
|
$
|
2,772
|
|
|
$
|
4,875
|
|
|
$
|
171
|
|
|
$
|
5,020
|
|
|
$
|
345
|
|
|
$
|
20,749
|
|
Three months ended June 30, 2018
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
36,258
|
|
|
$
|
15,599
|
|
|
$
|
35,735
|
|
|
$
|
29,621
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
117,213
|
|
Silver sales
|
34,486
|
|
|
18,069
|
|
|
—
|
|
|
219
|
|
|
—
|
|
|
—
|
|
|
52,774
|
|
|||||||
Metal sales
|
$
|
70,744
|
|
|
$
|
33,668
|
|
|
$
|
35,735
|
|
|
$
|
29,840
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
169,987
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales(1)
|
30,310
|
|
|
24,451
|
|
|
34,227
|
|
|
19,258
|
|
|
—
|
|
|
—
|
|
|
108,246
|
|
|||||||
Amortization
|
14,633
|
|
|
4,793
|
|
|
6,441
|
|
|
3,353
|
|
|
—
|
|
|
239
|
|
|
29,459
|
|
|||||||
Exploration
|
3,198
|
|
|
212
|
|
|
1,395
|
|
|
—
|
|
|
106
|
|
|
1,518
|
|
|
6,429
|
|
|||||||
Other operating expenses
|
750
|
|
|
903
|
|
|
327
|
|
|
688
|
|
|
5
|
|
|
8,597
|
|
|
11,270
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,462
|
)
|
|
(2,462
|
)
|
|||||||
Interest expense, net
|
(147
|
)
|
|
(125
|
)
|
|
(231
|
)
|
|
(11
|
)
|
|
(246
|
)
|
|
(5,258
|
)
|
|
(6,018
|
)
|
|||||||
Other, net
|
755
|
|
|
466
|
|
|
(33
|
)
|
|
64
|
|
|
60
|
|
|
(768
|
)
|
|
544
|
|
|||||||
Income and mining tax (expense) benefit
|
(3,646
|
)
|
|
(463
|
)
|
|
—
|
|
|
(1,036
|
)
|
|
943
|
|
|
485
|
|
|
(3,717
|
)
|
|||||||
Income (loss) from continuing operations
|
$
|
18,815
|
|
|
$
|
3,187
|
|
|
$
|
(6,919
|
)
|
|
$
|
5,558
|
|
|
$
|
646
|
|
|
$
|
(18,357
|
)
|
|
$
|
2,930
|
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Segment assets(2)
|
$
|
373,310
|
|
|
$
|
253,638
|
|
|
$
|
215,753
|
|
|
$
|
99,878
|
|
|
390,155
|
|
|
$
|
115,170
|
|
|
$
|
1,447,904
|
|
|
Capital expenditures
|
$
|
9,479
|
|
|
$
|
669
|
|
|
$
|
10,708
|
|
|
$
|
1,162
|
|
|
19,045
|
|
|
$
|
102
|
|
|
$
|
41,165
|
|
Six months ended June 30, 2019
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
65,516
|
|
|
$
|
22,248
|
|
|
$
|
85,447
|
|
|
$
|
43,879
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
217,090
|
|
Silver sales
|
47,031
|
|
|
29,574
|
|
|
—
|
|
|
406
|
|
|
8,066
|
|
|
—
|
|
|
85,077
|
|
|||||||
Zinc sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,238
|
|
|
—
|
|
|
8,238
|
|
|||||||
Lead sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,588
|
|
|
—
|
|
|
6,588
|
|
|||||||
Metal sales
|
112,547
|
|
|
51,822
|
|
|
85,447
|
|
|
44,285
|
|
|
22,892
|
|
|
—
|
|
|
316,993
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales(1)
|
69,740
|
|
|
47,147
|
|
|
61,308
|
|
|
32,858
|
|
|
52,545
|
|
|
—
|
|
|
263,598
|
|
|||||||
Amortization
|
28,740
|
|
|
8,000
|
|
|
24,264
|
|
|
4,906
|
|
|
18,304
|
|
|
866
|
|
|
85,080
|
|
|||||||
Exploration
|
2,150
|
|
|
186
|
|
|
2,505
|
|
|
—
|
|
|
731
|
|
|
3,861
|
|
|
9,433
|
|
|||||||
Other operating expenses
|
2,471
|
|
|
2,308
|
|
|
681
|
|
|
1,417
|
|
|
627
|
|
|
18,488
|
|
|
25,992
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,824
|
|
|
3,824
|
|
|||||||
Interest expense, net
|
(248
|
)
|
|
(312
|
)
|
|
(539
|
)
|
|
(49
|
)
|
|
(587
|
)
|
|
(11,544
|
)
|
|
(13,279
|
)
|
|||||||
Other, net
|
(1,614
|
)
|
|
16
|
|
|
(3
|
)
|
|
325
|
|
|
(221
|
)
|
|
2,200
|
|
|
703
|
|
|||||||
Income and mining tax (expense) benefit
|
946
|
|
|
(670
|
)
|
|
—
|
|
|
(477
|
)
|
|
17,340
|
|
|
(2,935
|
)
|
|
14,204
|
|
|||||||
Income (loss) from continuing operations
|
$
|
8,530
|
|
|
$
|
(6,785
|
)
|
|
$
|
(3,853
|
)
|
|
$
|
4,903
|
|
|
$
|
(32,783
|
)
|
|
$
|
(31,670
|
)
|
|
$
|
(61,658
|
)
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
$
|
5,693
|
|
Segment assets(2)
|
$
|
357,415
|
|
|
$
|
274,406
|
|
|
$
|
214,096
|
|
|
$
|
104,070
|
|
|
$
|
415,333
|
|
|
$
|
170,145
|
|
|
$
|
1,535,465
|
|
Capital expenditures
|
$
|
16,242
|
|
|
$
|
7,417
|
|
|
$
|
14,231
|
|
|
$
|
602
|
|
|
$
|
9,097
|
|
|
$
|
598
|
|
|
$
|
48,187
|
|
Six months ended June 30, 2018
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gold sales
|
$
|
72,327
|
|
|
$
|
30,455
|
|
|
$
|
72,035
|
|
|
$
|
52,870
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
227,687
|
|
|
Silver sales
|
68,454
|
|
|
36,710
|
|
|
—
|
|
|
403
|
|
|
—
|
|
|
—
|
|
|
105,567
|
|
|||||||
Metal sales
|
140,781
|
|
|
67,165
|
|
|
72,035
|
|
|
53,273
|
|
|
—
|
|
|
—
|
|
|
333,254
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Costs applicable to sales(1)
|
61,406
|
|
|
48,756
|
|
|
62,857
|
|
|
34,567
|
|
|
—
|
|
|
—
|
|
|
207,586
|
|
|||||||
Amortization
|
30,958
|
|
|
9,624
|
|
|
13,158
|
|
|
6,010
|
|
|
—
|
|
|
486
|
|
|
60,236
|
|
|||||||
Exploration
|
7,168
|
|
|
245
|
|
|
2,985
|
|
|
10
|
|
|
106
|
|
|
2,598
|
|
|
13,112
|
|
|||||||
Other operating expenses
|
1,481
|
|
|
1,787
|
|
|
648
|
|
|
1,353
|
|
|
25
|
|
|
19,005
|
|
|
24,299
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fair value adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,192
|
|
|
2,192
|
|
|||||||
Interest expense, net
|
(266
|
)
|
|
(223
|
)
|
|
(474
|
)
|
|
(23
|
)
|
|
(656
|
)
|
|
(10,341
|
)
|
|
(11,983
|
)
|
|||||||
Other, net
|
(1,389
|
)
|
|
426
|
|
|
(70
|
)
|
|
43
|
|
|
422
|
|
|
1,625
|
|
|
1,057
|
|
|||||||
Income and mining tax (expense) benefit
|
(16,089
|
)
|
|
(834
|
)
|
|
—
|
|
|
(1,675
|
)
|
|
1,778
|
|
|
1,154
|
|
|
(15,666
|
)
|
|||||||
Income (loss) from continuing operations
|
$
|
22,024
|
|
|
$
|
6,122
|
|
|
$
|
(8,157
|
)
|
|
$
|
9,678
|
|
|
$
|
1,413
|
|
|
$
|
(27,459
|
)
|
|
$
|
3,621
|
|
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
550
|
|
|
$
|
550
|
|
|
Segment assets(2)
|
$
|
373,310
|
|
|
$
|
253,638
|
|
|
$
|
215,753
|
|
|
$
|
99,878
|
|
|
390,155
|
|
|
$
|
115,170
|
|
|
$
|
1,447,904
|
|
|
Capital expenditures
|
$
|
18,772
|
|
|
$
|
3,302
|
|
|
$
|
22,072
|
|
|
$
|
1,506
|
|
|
37,674
|
|
|
$
|
184
|
|
|
$
|
83,510
|
|
Assets
|
June 30, 2019
|
|
December 31, 2018
|
||||
Total assets for reportable segments
|
$
|
1,535,465
|
|
|
$
|
1,550,671
|
|
Cash and cash equivalents
|
37,907
|
|
|
115,081
|
|
||
Other assets
|
103,858
|
|
|
46,748
|
|
||
Total consolidated assets
|
$
|
1,677,230
|
|
|
$
|
1,712,500
|
|
Long-Lived Assets
|
June 30, 2019
|
|
December 31, 2018
|
||||
Mexico
|
$
|
332,113
|
|
|
$
|
342,007
|
|
United States
|
506,981
|
|
|
515,649
|
|
||
Canada
|
397,825
|
|
|
404,185
|
|
||
Other
|
7,846
|
|
|
8,177
|
|
||
Total
|
$
|
1,244,765
|
|
|
$
|
1,270,018
|
|
Revenue
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
United States
|
$
|
90,855
|
|
|
$
|
99,243
|
|
|
$
|
181,554
|
|
|
$
|
192,473
|
|
Mexico
|
59,322
|
|
|
70,744
|
|
|
112,547
|
|
|
140,781
|
|
||||
Canada
|
11,946
|
|
|
—
|
|
|
22,892
|
|
|
—
|
|
||||
Total
|
$
|
162,123
|
|
|
$
|
169,987
|
|
|
$
|
316,993
|
|
|
$
|
333,254
|
|
In thousands
|
June 30, 2019
|
|
December 31, 2018
|
||||
Current receivables:
|
|
|
|
||||
Trade receivables
|
$
|
8,754
|
|
|
$
|
5,147
|
|
Value added tax receivable
|
18,831
|
|
|
18,609
|
|
||
Income tax receivable
|
10,484
|
|
|
6
|
|
||
Manquiri Notes Receivable
|
—
|
|
|
5,487
|
|
||
Other
|
426
|
|
|
495
|
|
||
|
$
|
38,495
|
|
|
$
|
29,744
|
|
Non-current receivables:
|
|
|
|
||||
Value added tax (“VAT”) receivable(1)
|
$
|
27,537
|
|
|
$
|
26,817
|
|
RMC Receivable(2)
|
4,334
|
|
|
4,334
|
|
||
|
31,871
|
|
|
31,151
|
|
||
Total receivables
|
$
|
70,366
|
|
|
$
|
60,895
|
|
In thousands
|
June 30, 2019
|
|
December 31, 2018
|
||||
Inventory:
|
|
|
|
||||
Concentrate
|
$
|
8,478
|
|
|
$
|
10,772
|
|
Precious metals
|
14,846
|
|
|
20,761
|
|
||
Supplies
|
35,724
|
|
|
34,746
|
|
||
|
59,048
|
|
|
66,279
|
|
||
Ore on leach pads:
|
|
|
|
||||
Current
|
72,310
|
|
|
75,122
|
|
||
Non-current
|
76,910
|
|
|
66,964
|
|
||
|
149,220
|
|
|
142,086
|
|
||
Total inventory and ore on leach pads
|
$
|
208,268
|
|
|
$
|
208,365
|
|
|
At June 30, 2019
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Equity Securities
|
|
|
|
|
|
|
|
||||||||
Metalla Royalty & Streaming Ltd.
|
$
|
10,985
|
|
|
$
|
—
|
|
|
$
|
6,528
|
|
|
$
|
17,513
|
|
Rockhaven Resources, Ltd.
|
2,064
|
|
|
(502
|
)
|
|
—
|
|
|
1,562
|
|
||||
Other
|
1,305
|
|
|
(923
|
)
|
|
—
|
|
|
382
|
|
||||
Equity securities
|
$
|
14,354
|
|
|
$
|
(1,425
|
)
|
|
$
|
6,528
|
|
|
$
|
19,457
|
|
|
At December 31, 2018
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Equity Securities
|
|
|
|
|
|
|
|
||||||||
Metalla Royalty & Streaming Ltd.
|
$
|
10,695
|
|
|
$
|
—
|
|
|
$
|
2,852
|
|
|
$
|
13,547
|
|
Rockhaven Resources, Ltd.
|
2,064
|
|
|
(452
|
)
|
|
—
|
|
|
1,612
|
|
||||
Other
|
1,376
|
|
|
(946
|
)
|
|
—
|
|
|
430
|
|
||||
Equity securities
|
$
|
14,135
|
|
|
$
|
(1,398
|
)
|
|
$
|
2,852
|
|
|
$
|
15,589
|
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities
|
|
|
|
|
|
|
|
||||||||
Metalla Royalty & Streaming Ltd.
|
$
|
2,271
|
|
|
$
|
(54
|
)
|
|
$
|
—
|
|
|
$
|
2,217
|
|
|
|
|
|
|
|
|
|
||||||||
Equity and debt securities
|
$
|
16,406
|
|
|
$
|
(1,452
|
)
|
|
$
|
2,852
|
|
|
$
|
17,806
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
In thousands
|
June 30, 2019
|
|
June 30, 2019
|
||||
Lease Cost
|
|
|
|
||||
ROU operating lease cost
|
$
|
2,666
|
|
|
$
|
6,115
|
|
|
|
|
|
||||
Short-term operating lease cost
|
$
|
3,734
|
|
|
$
|
6,485
|
|
|
|
|
|
||||
Finance Lease Cost:
|
|
|
|
||||
Amortization of ROU assets
|
$
|
4,418
|
|
|
$
|
9,912
|
|
Interest on lease liabilities
|
1,142
|
|
|
2,249
|
|
||
Total finance lease cost
|
$
|
5,560
|
|
|
$
|
12,161
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
In thousands
|
June 30, 2019
|
|
June 30, 2019
|
||||
Other Information
|
|
|
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
6,400
|
|
|
$
|
12,610
|
|
Operating cash flows from finance leases
|
$
|
1,142
|
|
|
$
|
2,249
|
|
Financing cash flows from finance leases
|
$
|
8,812
|
|
|
$
|
16,273
|
|
In thousands
|
June 30, 2019
|
||
Operating Leases
|
|
||
Other assets, non-current
|
$
|
60,139
|
|
|
|
||
Accrued liabilities and other
|
$
|
13,207
|
|
Other long-term liabilities
|
45,796
|
|
|
Total operating lease liabilities
|
$
|
59,003
|
|
|
|
||
Finance Leases
|
|
||
Property and equipment, gross
|
$
|
111,462
|
|
Accumulated depreciation
|
(31,005
|
)
|
|
Property and equipment, net
|
$
|
80,457
|
|
|
|
||
Debt, current
|
$
|
21,772
|
|
Debt, non-current
|
48,968
|
|
|
Total finance lease liabilities
|
$
|
70,740
|
|
|
|
||
Weighted Average Remaining Lease Term
|
|
||
Weighted-average remaining lease term - finance leases
|
1.82 years
|
|
|
Weighted-average remaining lease term - operating leases
|
5.19 years
|
|
|
|
|
||
Weighted Average Discount Rate
|
|
||
Weighted-average discount rate - finance leases
|
5.90
|
%
|
|
Weighted-average discount rate - operating leases
|
5.19
|
%
|
At June 30, (In thousands)
|
|
|
||||
|
Operating leases
|
Finance leases
|
||||
2019
|
$
|
6,864
|
|
$
|
12,474
|
|
2020
|
13,261
|
|
24,880
|
|
||
2021
|
13,048
|
|
23,675
|
|
||
2022
|
13,031
|
|
11,418
|
|
||
2023
|
12,553
|
|
5,389
|
|
||
Thereafter
|
8,605
|
|
1,061
|
|
||
Total
|
$
|
67,362
|
|
$
|
78,897
|
|
Less: imputed interest
|
(8,359
|
)
|
(8,157
|
)
|
||
Net lease obligation
|
$
|
59,003
|
|
$
|
70,740
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
In thousands
|
Current
|
|
Non-Current
|
|
Current
|
|
Non-Current
|
||||||||
2024 Senior Notes, net(1)
|
$
|
—
|
|
|
$
|
246,237
|
|
|
$
|
—
|
|
|
$
|
245,854
|
|
Revolving Credit Facility(2)
|
—
|
|
|
53,000
|
|
|
—
|
|
|
135,000
|
|
||||
Finance lease obligations
|
21,772
|
|
|
48,968
|
|
|
24,937
|
|
|
53,035
|
|
||||
|
$
|
21,772
|
|
|
$
|
348,205
|
|
|
$
|
24,937
|
|
|
$
|
433,889
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
2024 Senior Notes
|
$
|
3,671
|
|
|
$
|
3,672
|
|
|
$
|
7,344
|
|
|
$
|
7,344
|
|
Revolving Credit Facility
|
1,953
|
|
|
1,369
|
|
|
3,806
|
|
|
2,521
|
|
||||
Finance lease obligations
|
1,142
|
|
|
515
|
|
|
2,249
|
|
|
1,039
|
|
||||
Amortization of debt issuance costs
|
390
|
|
|
324
|
|
|
732
|
|
|
649
|
|
||||
Accretion of Silvertip contingent consideration
|
180
|
|
|
327
|
|
|
359
|
|
|
651
|
|
||||
Other debt obligations
|
2
|
|
|
6
|
|
|
2
|
|
|
114
|
|
||||
Capitalized interest
|
(513
|
)
|
|
(195
|
)
|
|
(1,213
|
)
|
|
(335
|
)
|
||||
Total interest expense, net of capitalized interest
|
$
|
6,825
|
|
|
$
|
6,018
|
|
|
$
|
13,279
|
|
|
$
|
11,983
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Asset retirement obligation - Beginning
|
|
$135,741
|
|
|
|
$120,848
|
|
|
$
|
133,508
|
|
|
$
|
118,799
|
|
Accretion
|
2,959
|
|
|
2,766
|
|
|
5,854
|
|
|
5,311
|
|
||||
Settlements
|
(1,155
|
)
|
|
(707
|
)
|
|
(1,817
|
)
|
|
(1,203
|
)
|
||||
Asset retirement obligation - Ending
|
|
$137,545
|
|
|
|
$122,907
|
|
|
$
|
137,545
|
|
|
$
|
122,907
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
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
|
$
|
(16,835
|
)
|
$
|
(1,399
|
)
|
|
$
|
(11,334
|
)
|
$
|
(2,309
|
)
|
|
$
|
(22,882
|
)
|
$
|
(3,561
|
)
|
|
$
|
(10,147
|
)
|
$
|
(1,792
|
)
|
Canada
|
(27,568
|
)
|
7,547
|
|
|
(2,155
|
)
|
1,199
|
|
|
(54,093
|
)
|
17,339
|
|
|
(3,909
|
)
|
2,044
|
|
||||||||
Mexico
|
2,292
|
|
(600
|
)
|
|
20,542
|
|
(2,499
|
)
|
|
1,521
|
|
424
|
|
|
33,669
|
|
(15,821
|
)
|
||||||||
Other jurisdictions
|
(199
|
)
|
(2
|
)
|
|
(406
|
)
|
(108
|
)
|
|
(408
|
)
|
2
|
|
|
(326
|
)
|
(97
|
)
|
||||||||
|
$
|
(42,310
|
)
|
$
|
5,546
|
|
|
$
|
6,647
|
|
$
|
(3,717
|
)
|
|
$
|
(75,862
|
)
|
$
|
14,204
|
|
|
$
|
19,287
|
|
$
|
(15,666
|
)
|
Grant date
|
|
Restricted
stock
|
|
Grant date fair
value of
restricted stock
|
|
Performance
shares
|
|
Grant date fair
value of
performance
shares
|
||||||
February 5, 2019
|
|
435,173
|
|
|
$
|
5.08
|
|
|
628,943
|
|
|
$
|
5.54
|
|
February 19, 2019
|
|
854,058
|
|
|
$
|
5.17
|
|
|
80,850
|
|
|
$
|
5.54
|
|
May 1, 2019
|
|
87,775
|
|
|
$
|
3.42
|
|
|
|
|
|
|||
June 12, 2019
|
|
102,373
|
|
|
$
|
3.21
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Unrealized gain (loss) on equity securities
|
$
|
(5,548
|
)
|
|
$
|
(8,028
|
)
|
|
$
|
3,637
|
|
|
$
|
(3,185
|
)
|
Realized gain (loss) on equity securities
|
384
|
|
|
5,535
|
|
|
375
|
|
|
5,202
|
|
||||
Zinc options
|
—
|
|
|
219
|
|
|
—
|
|
|
363
|
|
||||
Interest rate swap, net
|
(132
|
)
|
|
(188
|
)
|
|
(188
|
)
|
|
(188
|
)
|
||||
Fair value adjustments, net
|
$
|
(5,296
|
)
|
|
$
|
(2,462
|
)
|
|
$
|
3,824
|
|
|
$
|
2,192
|
|
|
Fair Value at June 30, 2019
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
19,457
|
|
|
$
|
19,457
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other derivative instruments, net
|
926
|
|
|
—
|
|
|
926
|
|
|
—
|
|
||||
|
$
|
20,383
|
|
|
$
|
19,457
|
|
|
$
|
926
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Silvertip contingent consideration
|
$
|
49,635
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,635
|
|
Other derivative instruments, net
|
2,660
|
|
|
—
|
|
|
2,660
|
|
|
—
|
|
||||
|
$
|
52,295
|
|
|
$
|
—
|
|
|
$
|
2,660
|
|
|
$
|
49,635
|
|
|
Fair Value at December 31, 2018
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity and debt securities
|
$
|
17,806
|
|
|
$
|
15,589
|
|
|
$
|
—
|
|
|
$
|
2,217
|
|
Other derivative instruments, net
|
914
|
|
|
—
|
|
|
914
|
|
|
—
|
|
||||
|
$
|
18,720
|
|
|
$
|
15,589
|
|
|
$
|
914
|
|
|
$
|
2,217
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Silvertip contingent consideration
|
$
|
49,276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,276
|
|
Other derivative instruments, net
|
644
|
|
|
—
|
|
|
644
|
|
|
—
|
|
||||
|
$
|
49,920
|
|
|
$
|
—
|
|
|
$
|
644
|
|
|
$
|
49,276
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Accretion
|
|
Balance at the
end of the period |
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Silvertip contingent consideration
|
$
|
49,455
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
180
|
|
|
$
|
49,635
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Accretion
|
|
Balance at the
end of the period |
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity and debt securities
|
$
|
2,217
|
|
|
$
|
59
|
|
|
$
|
(2,276
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Silvertip contingent consideration
|
$
|
49,276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
359
|
|
|
$
|
49,635
|
|
|
June 30, 2019
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
2024 Senior Notes(1)
|
$
|
246,237
|
|
|
$
|
240,184
|
|
|
$
|
—
|
|
|
$
|
240,184
|
|
|
$
|
—
|
|
RCF(2)
|
$
|
53,000
|
|
|
$
|
53,000
|
|
|
$
|
—
|
|
|
$
|
53,000
|
|
|
$
|
—
|
|
|
December 31, 2018
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Manquiri Notes Receivable
|
$
|
5,487
|
|
|
$
|
5,487
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,487
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
2024 Senior Notes(1)
|
$
|
245,854
|
|
|
$
|
220,446
|
|
|
$
|
—
|
|
|
$
|
220,446
|
|
|
$
|
—
|
|
RCF(2)
|
$
|
135,000
|
|
|
$
|
135,000
|
|
|
$
|
—
|
|
|
$
|
135,000
|
|
|
$
|
—
|
|
In thousands except average prices and notional ounces
|
2019
|
|
Thereafter
|
||||
Provisional silver sales contracts
|
$
|
10,423
|
|
|
$
|
—
|
|
Average silver price per ounce
|
$
|
15.22
|
|
|
$
|
—
|
|
Notional ounces
|
685,006
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional gold sales contracts
|
$
|
9,663
|
|
|
$
|
—
|
|
Average gold price per ounce
|
$
|
1,302
|
|
|
$
|
—
|
|
Notional ounces
|
7,424
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional zinc sales contracts
|
$
|
16,448
|
|
|
$
|
—
|
|
Average zinc price per pound
|
$
|
1.14
|
|
|
$
|
—
|
|
Notional pounds
|
14,401,624
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional lead sales contracts
|
$
|
7,964
|
|
|
$
|
—
|
|
Average lead price per pound
|
$
|
0.89
|
|
|
$
|
—
|
|
Notional pounds
|
8,996,543
|
|
|
—
|
|
||
|
|
|
|
||||
Fixed interest rate swap payable
|
$
|
967
|
|
|
$
|
—
|
|
Fixed Interest rate
|
2.51
|
%
|
|
—
|
|
||
Notional dollars
|
$
|
75,000
|
|
|
$
|
—
|
|
|
|
|
|
||||
Variable interest rate swap receivable
|
$
|
787
|
|
|
$
|
—
|
|
Average variable interest rate
|
2.49
|
%
|
|
$
|
—
|
|
|
Notional dollars
|
$
|
75,000
|
|
|
$
|
—
|
|
|
June 30, 2019
|
||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
||||
Provisional metal sales contracts
|
$
|
926
|
|
|
$
|
2,480
|
|
Interest rate swaps
|
—
|
|
|
180
|
|
||
|
$
|
926
|
|
|
$
|
2,660
|
|
|
December 31, 2018
|
||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
||||
Provisional metal sales contracts
|
$
|
784
|
|
|
$
|
644
|
|
Zinc options
|
113
|
|
|
—
|
|
||
Interest rate swaps
|
17
|
|
|
—
|
|
||
|
$
|
914
|
|
|
$
|
644
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Financial statement line
|
Derivative
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
Provisional metal sales contracts
|
$
|
(1,944
|
)
|
|
$
|
(273
|
)
|
|
$
|
(1,694
|
)
|
|
$
|
(20
|
)
|
Fair value adjustments, net
|
Zinc options
|
—
|
|
|
219
|
|
|
—
|
|
|
363
|
|
||||
Fair value adjustments, net
|
Interest rate swaps
|
(132
|
)
|
|
(188
|
)
|
|
(188
|
)
|
|
(188
|
)
|
||||
|
|
$
|
(2,076
|
)
|
|
$
|
(242
|
)
|
|
$
|
(1,882
|
)
|
|
$
|
155
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign exchange gain (loss)
|
$
|
(468
|
)
|
|
$
|
(3,309
|
)
|
|
$
|
(1,133
|
)
|
|
$
|
(3,979
|
)
|
Mexico inflation adjustment
|
—
|
|
|
1,939
|
|
|
—
|
|
|
1,939
|
|
||||
Interest income on notes receivable
|
18
|
|
|
573
|
|
|
199
|
|
|
821
|
|
||||
Gain (loss) on sale of assets and investments
|
(72
|
)
|
|
586
|
|
|
(20
|
)
|
|
345
|
|
||||
Other
|
1,165
|
|
|
755
|
|
|
1,657
|
|
|
1,931
|
|
||||
Other, net
|
$
|
643
|
|
|
$
|
544
|
|
|
$
|
703
|
|
|
$
|
1,057
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands except per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss) available to common stockholders:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(61,658
|
)
|
|
$
|
3,621
|
|
Income (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
5,693
|
|
|
550
|
|
||||
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(55,965
|
)
|
|
$
|
4,171
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
207,809
|
|
|
185,183
|
|
|
205,103
|
|
|
184,777
|
|
||||
Effect of stock-based compensation plans
|
—
|
|
|
2,305
|
|
|
—
|
|
|
2,780
|
|
||||
Diluted
|
207,809
|
|
|
187,488
|
|
|
205,103
|
|
|
187,557
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.02
|
|
Income (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Basic(1)
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.02
|
|
Income (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
||||
Diluted(1)
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.02
|
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
90,854
|
|
|
$
|
71,269
|
|
|
$
|
—
|
|
|
$
|
162,123
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Costs applicable to sales(1)
|
—
|
|
|
69,291
|
|
|
62,657
|
|
|
—
|
|
|
131,948
|
|
|||||
Amortization
|
219
|
|
|
18,726
|
|
|
24,259
|
|
|
—
|
|
|
43,204
|
|
|||||
General and administrative
|
5,982
|
|
|
570
|
|
|
1,198
|
|
|
—
|
|
|
7,750
|
|
|||||
Exploration
|
350
|
|
|
2,085
|
|
|
3,284
|
|
|
—
|
|
|
5,719
|
|
|||||
Pre-development, reclamation, and other
|
80
|
|
|
1,989
|
|
|
2,265
|
|
|
—
|
|
|
4,334
|
|
|||||
Total costs and expenses
|
6,631
|
|
|
92,661
|
|
|
93,663
|
|
|
—
|
|
|
192,955
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
(5,288
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(5,296
|
)
|
|||||
Other, net
|
5,093
|
|
|
273
|
|
|
(413
|
)
|
|
(4,310
|
)
|
|
643
|
|
|||||
Interest expense, net of capitalized interest
|
(5,815
|
)
|
|
(508
|
)
|
|
(4,812
|
)
|
|
4,310
|
|
|
(6,825
|
)
|
|||||
Total other income (expense), net
|
(6,010
|
)
|
|
(243
|
)
|
|
(5,225
|
)
|
|
—
|
|
|
(11,478
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(12,641
|
)
|
|
(2,050
|
)
|
|
(27,619
|
)
|
|
—
|
|
|
(42,310
|
)
|
|||||
Income and mining tax (expense) benefit
|
(311
|
)
|
|
(1,116
|
)
|
|
6,973
|
|
|
—
|
|
|
5,546
|
|
|||||
Income (loss) from continuing operations
|
(12,952
|
)
|
|
(3,166
|
)
|
|
(20,646
|
)
|
|
—
|
|
|
(36,764
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
(23,814
|
)
|
|
(212
|
)
|
|
(23
|
)
|
|
24,049
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
$
|
(36,766
|
)
|
|
$
|
(3,378
|
)
|
|
$
|
(20,669
|
)
|
|
$
|
24,049
|
|
|
$
|
(36,764
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(36,766
|
)
|
|
$
|
(3,378
|
)
|
|
$
|
(20,669
|
)
|
|
$
|
24,049
|
|
|
$
|
(36,764
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
99,243
|
|
|
$
|
70,744
|
|
|
$
|
—
|
|
|
$
|
169,987
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales(1)
|
—
|
|
|
77,935
|
|
|
30,311
|
|
|
—
|
|
|
108,246
|
|
|||||
Amortization
|
236
|
|
|
14,587
|
|
|
14,636
|
|
|
—
|
|
|
29,459
|
|
|||||
General and administrative
|
7,634
|
|
|
9
|
|
|
7
|
|
|
—
|
|
|
7,650
|
|
|||||
Exploration
|
326
|
|
|
2,799
|
|
|
3,304
|
|
|
—
|
|
|
6,429
|
|
|||||
Pre-development, reclamation, and other
|
204
|
|
|
1,988
|
|
|
1,428
|
|
|
—
|
|
|
3,620
|
|
|||||
Total costs and expenses
|
8,400
|
|
|
97,318
|
|
|
49,686
|
|
|
—
|
|
|
155,404
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
(2,356
|
)
|
|
(106
|
)
|
|
—
|
|
|
—
|
|
|
(2,462
|
)
|
|||||
Other, net
|
4,829
|
|
|
513
|
|
|
(902
|
)
|
|
(3,896
|
)
|
|
544
|
|
|||||
Interest expense, net of capitalized interest
|
(5,258
|
)
|
|
(367
|
)
|
|
(4,289
|
)
|
|
3,896
|
|
|
(6,018
|
)
|
|||||
Total other income (expense), net
|
(2,785
|
)
|
|
40
|
|
|
(5,191
|
)
|
|
—
|
|
|
(7,936
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(11,185
|
)
|
|
1,965
|
|
|
15,867
|
|
|
—
|
|
|
6,647
|
|
|||||
Income and mining tax (expense) benefit
|
(922
|
)
|
|
(1,388
|
)
|
|
(1,407
|
)
|
|
—
|
|
|
(3,717
|
)
|
|||||
Income (loss) from continuing operations
|
(12,107
|
)
|
|
577
|
|
|
14,460
|
|
|
—
|
|
|
2,930
|
|
|||||
Equity income (loss) in consolidated subsidiaries
|
15,036
|
|
|
(28
|
)
|
|
(246
|
)
|
|
(14,762
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
$
|
2,929
|
|
|
$
|
549
|
|
|
$
|
14,214
|
|
|
$
|
(14,762
|
)
|
|
$
|
2,930
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
2,842
|
|
|
$
|
549
|
|
|
$
|
14,214
|
|
|
$
|
(14,762
|
)
|
|
$
|
2,843
|
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$
|
(43,768
|
)
|
|
$
|
43,095
|
|
|
$
|
3,059
|
|
|
$
|
24,049
|
|
|
$
|
26,435
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
(72
|
)
|
|
(7,820
|
)
|
|
(12,857
|
)
|
|
—
|
|
|
(20,749
|
)
|
|||||||
Proceeds from the sale of assets
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|||||||
Sales of investments
|
1,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,102
|
|
|||||||
Proceeds from notes receivable
|
2,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|||||||
Other
|
230
|
|
|
113
|
|
|
(66
|
)
|
|
—
|
|
|
277
|
|
|||||||
Investments in consolidated subsidiaries
|
23,725
|
|
|
85
|
|
|
239
|
|
|
(24,049
|
)
|
|
—
|
|
|||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
26,985
|
|
|
(7,565
|
)
|
|
(12,684
|
)
|
|
(24,049
|
)
|
|
(17,313
|
)
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common stock
|
48,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,887
|
|
|||||||
Payments on debt, capital leases, and associated costs
|
(82,702
|
)
|
|
(5,753
|
)
|
|
(2,357
|
)
|
|
—
|
|
|
(90,812
|
)
|
|||||||
Net intercompany financing activity
|
41,479
|
|
|
(30,949
|
)
|
1
|
|
(10,530
|
)
|
1
|
|
—
|
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
7,664
|
|
|
(36,702
|
)
|
|
(12,887
|
)
|
|
—
|
|
|
(41,925
|
)
|
|||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(1
|
)
|
|
57
|
|
|
—
|
|
|
56
|
|
|||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(9,119
|
)
|
|
(1,173
|
)
|
|
(22,455
|
)
|
|
—
|
|
|
(32,747
|
)
|
|||||||
Cash, cash equivalents and restricted cash at beginning of period
|
13,162
|
|
|
10,581
|
|
|
48,279
|
|
|
—
|
|
|
72,022
|
|
|||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
4,043
|
|
|
$
|
9,408
|
|
|
$
|
25,824
|
|
|
$
|
—
|
|
|
$
|
39,275
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
$
|
8,363
|
|
|
$
|
20,720
|
|
|
$
|
(15,615
|
)
|
|
$
|
(14,762
|
)
|
|
$
|
(1,294
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(101
|
)
|
|
(12,537
|
)
|
|
(28,527
|
)
|
|
—
|
|
|
(41,165
|
)
|
|||||
Proceeds from the sale of assets
|
|
23
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|||||
Purchase of investments
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|||||
Sales of investments
|
|
10,753
|
|
|
388
|
|
|
—
|
|
|
—
|
|
|
11,141
|
|
|||||
Other
|
|
(79
|
)
|
|
109
|
|
|
(63
|
)
|
|
—
|
|
|
(33
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
(15,037
|
)
|
|
28
|
|
|
247
|
|
|
14,762
|
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(4,480
|
)
|
|
(11,939
|
)
|
|
(28,343
|
)
|
|
14,762
|
|
|
(30,000
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments on debt, capital leases, and associated costs
|
|
—
|
|
|
(2,532
|
)
|
|
(1,841
|
)
|
|
—
|
|
|
(4,373
|
)
|
|||||
Net intercompany financing activity
|
|
(13,987
|
)
|
|
3,354
|
|
|
10,633
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
(233
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(233
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
(14,220
|
)
|
|
822
|
|
|
8,792
|
|
|
—
|
|
|
(4,606
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
(6
|
)
|
|
(169
|
)
|
|
—
|
|
|
(175
|
)
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
(10,337
|
)
|
|
9,597
|
|
|
(35,335
|
)
|
|
—
|
|
|
(36,075
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
34,569
|
|
|
30,603
|
|
|
106,929
|
|
|
—
|
|
|
172,101
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
24,232
|
|
|
$
|
40,200
|
|
|
$
|
71,594
|
|
|
$
|
—
|
|
|
$
|
136,026
|
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
181,553
|
|
|
$
|
135,440
|
|
|
$
|
—
|
|
|
$
|
316,993
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales(1)
|
|
|
|
141,313
|
|
|
122,285
|
|
|
—
|
|
|
263,598
|
|
|||||
Amortization
|
440
|
|
|
37,171
|
|
|
47,469
|
|
|
—
|
|
|
85,080
|
|
|||||
General and administrative
|
15,456
|
|
|
570
|
|
|
1,198
|
|
|
—
|
|
|
17,224
|
|
|||||
Exploration
|
686
|
|
|
3,209
|
|
|
5,538
|
|
|
—
|
|
|
9,433
|
|
|||||
Pre-development, reclamation, and other
|
240
|
|
|
3,932
|
|
|
4,596
|
|
|
—
|
|
|
8,768
|
|
|||||
Total costs and expenses
|
16,822
|
|
|
186,195
|
|
|
181,086
|
|
|
—
|
|
|
384,103
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
3,832
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
3,824
|
|
|||||
Other, net
|
10,091
|
|
|
438
|
|
|
(1,213
|
)
|
|
(8,613
|
)
|
|
703
|
|
|||||
Interest expense, net of capitalized interest
|
(11,544
|
)
|
|
(900
|
)
|
|
(9,448
|
)
|
|
8,613
|
|
|
(13,279
|
)
|
|||||
Total other income (expense), net
|
2,379
|
|
|
(470
|
)
|
|
(10,661
|
)
|
|
—
|
|
|
(8,752
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(14,443
|
)
|
|
(5,112
|
)
|
|
(56,307
|
)
|
|
—
|
|
|
(75,862
|
)
|
|||||
Income and mining tax (expense) benefit
|
(2,388
|
)
|
|
(1,148
|
)
|
|
17,740
|
|
|
—
|
|
|
14,204
|
|
|||||
Income (loss) from continuing operations
|
(16,831
|
)
|
|
(6,260
|
)
|
|
(38,567
|
)
|
|
—
|
|
|
(61,658
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
(44,829
|
)
|
|
(630
|
)
|
|
260
|
|
|
45,199
|
|
|
—
|
|
|||||
Income (loss) from discontinued operations
|
5,693
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,693
|
|
|||||
NET INCOME (LOSS)
|
$
|
(55,967
|
)
|
|
$
|
(6,890
|
)
|
|
$
|
(38,307
|
)
|
|
$
|
45,199
|
|
|
$
|
(55,965
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on debt securities, net of tax
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
(55,908
|
)
|
|
$
|
(6,890
|
)
|
|
$
|
(38,307
|
)
|
|
$
|
45,199
|
|
|
$
|
(55,906
|
)
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
192,473
|
|
|
$
|
140,781
|
|
|
$
|
—
|
|
|
$
|
333,254
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales(1)
|
—
|
|
|
146,180
|
|
|
61,406
|
|
|
—
|
|
|
207,586
|
|
|||||
Amortization
|
482
|
|
|
28,792
|
|
|
30,962
|
|
|
—
|
|
|
60,236
|
|
|||||
General and administrative
|
16,431
|
|
|
12
|
|
|
11
|
|
|
—
|
|
|
16,454
|
|
|||||
Exploration
|
785
|
|
|
5,044
|
|
|
7,283
|
|
|
—
|
|
|
13,112
|
|
|||||
Pre-development, reclamation, and other
|
610
|
|
|
3,935
|
|
|
3,300
|
|
|
—
|
|
|
7,845
|
|
|||||
Total costs and expenses
|
18,308
|
|
|
183,963
|
|
|
102,962
|
|
|
—
|
|
|
305,233
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
2,590
|
|
|
(398
|
)
|
|
—
|
|
|
—
|
|
|
2,192
|
|
|||||
Other, net
|
9,304
|
|
|
376
|
|
|
(1,008
|
)
|
|
(7,615
|
)
|
|
1,057
|
|
|||||
Interest expense, net of capitalized interest
|
(10,341
|
)
|
|
(720
|
)
|
|
(8,537
|
)
|
|
7,615
|
|
|
(11,983
|
)
|
|||||
Total other income (expense), net
|
1,553
|
|
|
(742
|
)
|
|
(9,545
|
)
|
|
—
|
|
|
(8,734
|
)
|
|||||
Income (loss) from continuing operations before income and mining taxes
|
(16,755
|
)
|
|
7,768
|
|
|
28,274
|
|
|
—
|
|
|
19,287
|
|
|||||
Income and mining tax (expense) benefit
|
716
|
|
|
(2,508
|
)
|
|
(13,874
|
)
|
|
—
|
|
|
(15,666
|
)
|
|||||
Income (loss) from continuing operations
|
(16,039
|
)
|
|
5,260
|
|
|
14,400
|
|
|
—
|
|
|
3,621
|
|
|||||
Equity income (loss) in consolidated subsidiaries
|
19,200
|
|
|
(66
|
)
|
|
(416
|
)
|
|
(18,718
|
)
|
|
—
|
|
|||||
Income (loss) from discontinued operations
|
1,010
|
|
|
(284
|
)
|
|
(176
|
)
|
|
—
|
|
|
550
|
|
|||||
NET INCOME (LOSS)
|
$
|
4,171
|
|
|
$
|
4,910
|
|
|
$
|
13,808
|
|
|
$
|
(18,718
|
)
|
|
$
|
4,171
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on debt securities, net of tax
|
(365
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(365
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
3,806
|
|
|
$
|
4,910
|
|
|
$
|
13,808
|
|
|
$
|
(18,718
|
)
|
|
$
|
3,806
|
|
In thousands
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$
|
(78,163
|
)
|
|
$
|
51,563
|
|
|
$
|
(8,010
|
)
|
|
$
|
45,199
|
|
|
$
|
10,589
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(110
|
)
|
|
(22,251
|
)
|
|
(25,826
|
)
|
|
—
|
|
|
(48,187
|
)
|
|||||
Proceeds from the sale of assets
|
—
|
|
|
810
|
|
|
94
|
|
|
—
|
|
|
904
|
|
|||||
Sales of investments
|
1,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,102
|
|
|||||
Proceeds from notes receivable
|
7,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,168
|
|
|||||
Other
|
2,032
|
|
|
113
|
|
|
(127
|
)
|
|
—
|
|
|
2,018
|
|
|||||
Investments in consolidated subsidiaries
|
44,740
|
|
|
85
|
|
|
374
|
|
|
(45,199
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
54,932
|
|
|
(21,243
|
)
|
|
(25,485
|
)
|
|
(45,199
|
)
|
|
(36,995
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of common stock
|
48,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,887
|
|
|||||
Issuance of notes and bank borrowings, net of issuance costs
|
15,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,000
|
|
|||||
Payments on debt, capital leases, and associated costs
|
(97,807
|
)
|
|
(10,140
|
)
|
|
(5,326
|
)
|
|
—
|
|
|
(113,273
|
)
|
|||||
Net intercompany financing activity
|
51,705
|
|
|
(36,306
|
)
|
|
(15,399
|
)
|
|
—
|
|
|
—
|
|
|||||
Other
|
(3,259
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,259
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
14,526
|
|
|
(46,446
|
)
|
|
(20,725
|
)
|
|
—
|
|
|
(52,645
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
2
|
|
|
255
|
|
|
—
|
|
|
257
|
|
|||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(8,705
|
)
|
|
(16,124
|
)
|
|
(53,965
|
)
|
|
—
|
|
|
(78,794
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
12,748
|
|
|
25,532
|
|
|
79,789
|
|
|
—
|
|
|
118,069
|
|
|||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
4,043
|
|
|
$
|
9,408
|
|
|
$
|
25,824
|
|
|
$
|
—
|
|
|
$
|
39,275
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,346
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
||||||||
Costs applicable to sales(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
12,269
|
|
||||
General and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||
Pre-development, reclamation, and other
|
—
|
|
|
—
|
|
|
—
|
|
|
265
|
|
||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(260
|
)
|
||||
Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(492
|
)
|
||||
Pretax gain on the disposal of the discontinued operation
|
—
|
|
|
—
|
|
|
5,693
|
|
|
1,525
|
|
||||
Total pretax gain or loss on discontinued operations
|
—
|
|
|
—
|
|
|
5,693
|
|
|
1,033
|
|
||||
Income and mining tax (expense) benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(483
|
)
|
||||
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
$
|
550
|
|
In thousands
|
June 30, 2019
|
|
December 31, 2018
|
||||
Accrued salaries and wages
|
$
|
14,119
|
|
|
$
|
22,229
|
|
Silvertip contingent consideration
|
49,635
|
|
|
25,000
|
|
||
Deferred revenue (1)
|
26,616
|
|
|
3,164
|
|
||
Income and mining taxes
|
585
|
|
|
16,474
|
|
||
Accrued operating costs
|
7,084
|
|
|
10,524
|
|
||
Taxes other than income and mining
|
3,617
|
|
|
3,639
|
|
||
Accrued interest payable
|
1,324
|
|
|
1,589
|
|
||
Operating lease liabilities
|
13,207
|
|
|
—
|
|
||
Accrued liabilities and other
|
$
|
116,187
|
|
|
$
|
82,619
|
|
In thousands
|
June 30, 2019
|
|
June 30, 2018
|
||||
Cash and cash equivalents
|
$
|
37,907
|
|
|
$
|
123,539
|
|
Restricted cash equivalents
|
1,368
|
|
|
12,487
|
|
||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
$
|
39,275
|
|
|
$
|
136,026
|
|
•
|
Palmarejo recovery rates increased for gold and silver, which led to an increase in production of 22% and 36%, respectively, compared to the first quarter of 2019. On a year over year basis, lower gold and silver grades attributable to mine sequencing contributed to lower gold and silver production and higher costs applicable to sales per gold and silver ounce. Production began at the La Nación deposit, located between the Independencia and Guadalupe underground mines, shortly after the end of the second quarter. Production at La Nación is anticipated to continue ramping up during the third quarter as infrastructure projects are completed, adding approximately 400 tons per day of additional mill feed. Installation of a new thickener remains on budget and on schedule with commissioning activities currently underway. The project is expected to increase metallurgical recoveries for both gold and silver by approximately 2% and has an estimated one-year payback. Full-year 2019 gold and silver production guidance for Palmarejo remains unchanged.
|
•
|
Rochester gold and silver production decreased and costs applicable to sales per gold and silver ounce increased driven by lower ore placement rates due to the commissioning of the new crusher configuration. The Company successfully commissioned the enhanced crushing circuit, including the HPGR unit, and recommenced full mining and processing activities in early August 2019. Preliminary metallurgical test work from newly crushed and placed material indicate results in-line with expectations. The new crushing circuit is expected to improve silver recoveries and lower operating costs during the remainder of the year. The Company is maintaining full-year 2019 silver and gold production guidance for Rochester.
|
•
|
Kensington gold production increased and costs applicable to sales per gold ounce decreased driven by additional ore feed from the high-grade Jualin deposit. Ore from Jualin accounted for approximately 17% of Kensington’s gold production during the quarter. Jualin is expected to account for approximately 20% of Kensington’s total production in 2019. Increased production from Jualin is expected to contribute to higher production levels and lower unit costs for the remainder of 2019.
|
•
|
Wharf gold production decreased largely driven by lower grades, inclement weather, which diluted leach pad solutions, as well as lower crusher throughput. Costs applicable to sales per gold ounce increased due to lower production and higher outside services and processing costs. The Company has engaged a third-party contractor to crush an additional 300,000 tons of ore primarily during the third quarter to supplement operating activities. Production is anticipated to increase for the remainder of 2019 due to the placement of higher-grade ore late in the second quarter, which is expected to continue during the third and fourth quarters. The Company is maintaining full-year 2019 gold production guidance for Wharf. In June 2019, Coeur entered into a purchase option agreement (the “Option Agreement”) with Barrick for the Richmond Hill Project (the “Project”), which is located adjacent to Coeur’s Wharf mine in South Dakota. The option to acquire the Project provides a potential opportunity for Coeur to leverage existing infrastructure to further expand Wharf’s footprint and extend its mine life.
|
•
|
Production at Silvertip, which commenced commercial production in September 2018, was higher driven by higher tons milled, feed grades and recovery rates. Second quarter results at Silvertip represented the best period of operational performance since acquisition as silver, zinc and lead production increased 44%, 43% and 62%, respectively, compared to the first quarter of 2019 driven by significantly higher feed grades and recovery rates across all metals. The Company continues to execute key projects targeting mill availability, which are expected to drive further operational improvements throughout the remainder of the year. Recovery rates continue to trend upward, with recoveries averaging approximately 81%, 63% and 82% for silver, zinc and lead, respectively, during June. The permit amendment application to operate at a year-round mining and milling rate of 1,100 tons (1,000 metric tonnes) per day is expected to be received during the third quarter, which is later than originally expected, but does not have an impact on planned operations. The Company is maintaining full-year 2019 silver, zinc and production guidance for Silvertip.
|
•
|
On June 4, 2019, the Company completed its previously announced $50.0 million at-the-market common stock offering program, raising net proceeds (after sales commissions) of $48.9 million. The Company also amended an existing sales arrangement with a metal sales counterparty covering a portion of its gold concentrate from the Kensington mine in consideration for a $25.0 million prepayment. Together with cash and cash equivalents and proceeds from these transactions the Company repaid a total of $82.0 million of outstanding amounts under its Revolving Credit Facility (the “RCF”) and as of June 30, 2019 had $53.0 million outstanding.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Financial Results from Continuing Operations:
|
|
|
|
|
|
|
|
||||||||
Gold sales
|
$
|
110,326
|
|
|
$
|
117,213
|
|
|
$
|
217,090
|
|
|
$
|
227,687
|
|
Silver sales
|
$
|
44,963
|
|
|
$
|
52,774
|
|
|
$
|
85,077
|
|
|
$
|
105,567
|
|
Zinc sales
|
$
|
2,604
|
|
|
$
|
—
|
|
|
$
|
8,238
|
|
|
$
|
—
|
|
Lead sales
|
$
|
4,230
|
|
|
$
|
—
|
|
|
$
|
6,588
|
|
|
$
|
—
|
|
Consolidated Revenue
|
$
|
162,123
|
|
|
$
|
169,987
|
|
|
$
|
316,993
|
|
|
$
|
333,254
|
|
Net income (loss)
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(61,658
|
)
|
|
$
|
3,621
|
|
Net income (loss) per share, diluted
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.02
|
|
Adjusted net income (loss)(1)
|
$
|
(22,985
|
)
|
|
$
|
1,061
|
|
|
$
|
(45,942
|
)
|
|
$
|
1,403
|
|
Adjusted net income (loss) per share, diluted(1)
|
$
|
(0.11
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.22
|
)
|
|
$
|
0.01
|
|
EBITDA(1)
|
$
|
7,719
|
|
|
$
|
42,124
|
|
|
$
|
22,497
|
|
|
$
|
91,506
|
|
Adjusted EBITDA(1)
|
$
|
30,609
|
|
|
$
|
48,431
|
|
|
$
|
51,174
|
|
|
$
|
97,157
|
|
Operating Results from Continuing Operations:
|
|
|
|
|
|
|
|
||||||||
Gold ounces produced
|
86,584
|
|
|
94,052
|
|
|
164,920
|
|
|
179,435
|
|
||||
Silver ounces produced
|
3,061,493
|
|
|
3,203,899
|
|
|
5,551,927
|
|
|
6,386,009
|
|
||||
Zinc pounds produced
|
5,321,714
|
|
|
—
|
|
|
9,040,727
|
|
|
—
|
|
||||
Lead pounds produced
|
4,979,730
|
|
|
—
|
|
|
8,056,575
|
|
|
—
|
|
||||
Gold ounces sold
|
86,385
|
|
|
94,455
|
|
|
171,711
|
|
|
181,608
|
|
||||
Silver ounces sold
|
3,048,365
|
|
|
3,202,804
|
|
|
5,683,380
|
|
|
6,363,717
|
|
||||
Zinc pounds sold
|
5,302,508
|
|
|
—
|
|
|
10,025,577
|
|
|
—
|
|
||||
Lead pounds sold
|
5,185,634
|
|
|
—
|
|
|
7,933,481
|
|
|
—
|
|
||||
Average realized price per gold ounce
|
$
|
1,277
|
|
|
$
|
1,241
|
|
|
$
|
1,264
|
|
|
$
|
1,254
|
|
Average realized price per silver ounce
|
$
|
14.75
|
|
|
$
|
16.48
|
|
|
$
|
14.97
|
|
|
$
|
16.59
|
|
Average realized price per zinc pound, gross
|
$
|
0.83
|
|
|
$
|
—
|
|
|
$
|
1.15
|
|
|
$
|
—
|
|
Average realized price per lead pound, gross
|
$
|
0.87
|
|
|
$
|
—
|
|
|
$
|
0.89
|
|
|
$
|
—
|
|
Financial and Operating Results from Discontinued Operations:(2)
|
|
|
|
|
|
|
|
||||||||
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
$
|
550
|
|
Silver ounces produced
|
—
|
|
|
—
|
|
|
—
|
|
|
643,078
|
|
||||
Gold ounces produced
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
||||
Silver ounces sold
|
—
|
|
|
—
|
|
|
—
|
|
|
704,479
|
|
||||
Gold ounces sold
|
—
|
|
|
—
|
|
|
—
|
|
|
292
|
|
|
Three Months Ended June 30,
|
|
Increase
|
|
Percent
|
|||||||||
In thousands
|
2019
|
|
2018
|
|
(Decrease)
|
|
Change
|
|||||||
Gold sales
|
$
|
110,326
|
|
|
$
|
117,213
|
|
|
$
|
(6,887
|
)
|
|
(6
|
)%
|
Silver sales
|
44,963
|
|
|
52,774
|
|
|
(7,811
|
)
|
|
(15
|
)%
|
|||
Zinc sales
|
2,604
|
|
|
—
|
|
|
2,604
|
|
|
100
|
%
|
|||
Lead sales
|
4,230
|
|
|
—
|
|
|
4,230
|
|
|
100
|
%
|
|||
Metal sales
|
$
|
162,123
|
|
|
$
|
169,987
|
|
|
$
|
(7,864
|
)
|
|
(5
|
)%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(16,835
|
)
|
$
|
(1,399
|
)
|
|
$
|
(11,334
|
)
|
$
|
(2,309
|
)
|
Canada
|
(27,568
|
)
|
7,547
|
|
|
(2,155
|
)
|
1,199
|
|
||||
Mexico
|
2,292
|
|
(600
|
)
|
|
20,542
|
|
(2,499
|
)
|
||||
Other jurisdictions
|
(199
|
)
|
(2
|
)
|
|
(406
|
)
|
(108
|
)
|
||||
|
$
|
(42,310
|
)
|
$
|
5,546
|
|
|
$
|
6,647
|
|
$
|
(3,717
|
)
|
|
Six Months Ended June 30,
|
|
Increase
|
|
Percent
|
|||||||||
In thousands
|
2019
|
|
2018
|
|
(Decrease)
|
|
Change
|
|||||||
Gold sales
|
$
|
217,090
|
|
|
$
|
227,687
|
|
|
$
|
(10,597
|
)
|
|
(5
|
)%
|
Silver sales
|
85,077
|
|
|
105,567
|
|
|
(20,490
|
)
|
|
(19
|
)%
|
|||
Zinc sales
|
8,238
|
|
|
—
|
|
|
8,238
|
|
|
100
|
%
|
|||
Lead sales
|
6,588
|
|
|
—
|
|
|
6,588
|
|
|
100
|
%
|
|||
Metal sales
|
$
|
316,993
|
|
|
$
|
333,254
|
|
|
$
|
(16,261
|
)
|
|
(5
|
)%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(22,882
|
)
|
$
|
(3,561
|
)
|
|
$
|
(10,147
|
)
|
$
|
(1,792
|
)
|
Canada
|
(54,093
|
)
|
17,339
|
|
|
(3,909
|
)
|
2,044
|
|
||||
Mexico
|
1,521
|
|
424
|
|
|
33,669
|
|
(15,821
|
)
|
||||
Other jurisdictions
|
(408
|
)
|
2
|
|
|
(326
|
)
|
(97
|
)
|
||||
|
$
|
(75,862
|
)
|
$
|
14,204
|
|
|
$
|
19,287
|
|
$
|
(15,666
|
)
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons milled
|
447,727
|
|
|
344,073
|
|
826,714
|
|
|
703,966
|
|
||||
Average gold grade (oz/t)
|
0.07
|
|
|
0.11
|
|
0.07
|
|
|
0.11
|
|
||||
Average silver grade (oz/t)
|
4.74
|
|
|
6.86
|
|
4.69
|
|
|
6.87
|
|
||||
Average recovery rate – Au
|
87.7
|
%
|
|
89.9
|
%
|
85.7
|
%
|
|
85.2
|
%
|
||||
Average recovery rate – Ag
|
81.8
|
%
|
|
87.5
|
%
|
77.7
|
%
|
|
84.4
|
%
|
||||
Gold ounces produced
|
28,246
|
|
|
33,702
|
|
51,451
|
|
|
63,598
|
|
||||
Silver ounces produced
|
1,734,772
|
|
|
2,065,523
|
|
3,013,055
|
|
|
4,078,762
|
|
||||
Gold ounces sold
|
28,027
|
|
|
31,207
|
|
55,421
|
|
|
62,095
|
|
||||
Silver ounces sold
|
1,709,406
|
|
|
2,091,788
|
|
3,114,815
|
|
|
4,122,491
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
742
|
|
|
$
|
495
|
|
$
|
730
|
|
|
$
|
504
|
|
Costs applicable to sales per silver ounce(1)
|
$
|
9.18
|
|
|
$
|
7.10
|
|
$
|
9.40
|
|
|
$
|
7.30
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons placed
|
2,786,287
|
|
|
4,083,028
|
|
5,453,846
|
|
|
8,434,159
|
|
||||
Average gold grade (oz/t)
|
0.003
|
|
|
0.004
|
|
0.003
|
|
|
0.003
|
|
||||
Average silver grade (oz/t)
|
0.45
|
|
|
0.53
|
|
0.46
|
|
|
0.53
|
|
||||
Gold ounces produced
|
8,609
|
|
|
12,273
|
|
16,865
|
|
|
23,760
|
|
||||
Silver ounces produced
|
970,673
|
|
|
1,125,074
|
|
1,930,578
|
|
|
2,282,100
|
|
||||
Gold ounces sold
|
8,642
|
|
|
12,030
|
|
17,153
|
|
|
23,193
|
|
||||
Silver ounces sold
|
961,634
|
|
|
1,097,272
|
|
1,962,087
|
|
|
2,216,499
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
1,257
|
|
|
$
|
935
|
|
$
|
1,182
|
|
|
$
|
946
|
|
Costs applicable to sales per silver ounce(1)
|
$
|
14.38
|
|
|
$
|
12.03
|
|
$
|
13.70
|
|
|
$
|
12.10
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons milled
|
160,510
|
|
|
168,751
|
|
324,842
|
|
|
327,457
|
|
||||
Average gold grade (oz/t)
|
0.23
|
|
|
0.16
|
|
0.22
|
|
|
0.17
|
|
||||
Average recovery rate
|
93.0
|
%
|
|
92.6
|
%
|
91.6
|
%
|
|
93.3
|
%
|
||||
Gold ounces produced
|
34,049
|
|
|
25,570
|
|
64,022
|
|
|
51,634
|
|
||||
Gold ounces sold
|
34,415
|
|
|
28,165
|
|
65,750
|
|
|
55,928
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
847
|
|
|
$
|
1,215
|
|
$
|
932
|
|
|
$
|
1,124
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Tons placed
|
919,435
|
|
|
1,075,820
|
|
2,009,945
|
|
|
2,152,215
|
|
||||
Average gold grade (oz/t)
|
0.023
|
|
|
0.023
|
|
0.021
|
|
|
0.022
|
|
||||
Gold ounces produced
|
15,680
|
|
|
22,507
|
|
32,582
|
|
|
40,443
|
|
||||
Silver ounces produced
|
12,379
|
|
|
13,302
|
|
25,863
|
|
|
25,147
|
|
||||
Gold ounces sold
|
15,301
|
|
|
23,053
|
|
33,387
|
|
|
40,392
|
|
||||
Silver ounces sold
|
12,364
|
|
|
13,744
|
|
26,416
|
|
|
24,727
|
|
||||
Costs applicable to sales per gold ounce(1)
|
$
|
998
|
|
|
$
|
826
|
|
$
|
972
|
|
|
$
|
846
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Tons milled
|
59,689
|
|
|
—
|
|
|
121,740
|
|
|
—
|
|
||||
Average silver grade (oz/t)
|
7.48
|
|
|
—
|
|
|
6.47
|
|
|
—
|
|
||||
Average zinc grade (%)
|
7.5
|
%
|
|
—
|
|
|
6.7
|
%
|
|
—
|
|
||||
Average lead grade (%)
|
5.4
|
%
|
|
—
|
|
|
4.5
|
%
|
|
—
|
|
||||
Average recovery rate – Ag
|
77.0
|
%
|
|
—
|
|
|
73.9
|
%
|
|
—
|
|
||||
Average recovery rate – Zn
|
59.1
|
%
|
|
—
|
|
|
55.2
|
%
|
|
—
|
|
||||
Average recovery rate – Pb
|
77.3
|
%
|
|
—
|
|
|
72.9
|
%
|
|
—
|
|
||||
Silver ounces produced
|
343,669
|
|
|
—
|
|
|
582,431
|
|
|
—
|
|
||||
Zinc pounds produced
|
5,321,714
|
|
|
—
|
|
|
9,040,727
|
|
|
—
|
|
||||
Lead pounds produced
|
4,979,730
|
|
|
—
|
|
|
8,056,575
|
|
|
—
|
|
||||
Silver ounces sold
|
364,961
|
|
|
—
|
|
|
580,062
|
|
|
—
|
|
||||
Zinc pounds sold
|
5,302,508
|
|
|
—
|
|
|
10,025,577
|
|
|
—
|
|
||||
Lead pounds sold
|
5,185,634
|
|
|
—
|
|
|
7,933,481
|
|
|
—
|
|
||||
Costs applicable to sales per silver ounce(1)
|
$
|
24.37
|
|
|
$
|
—
|
|
|
$
|
28.99
|
|
|
$
|
—
|
|
Costs applicable to sales per zinc pound(1)
|
$
|
1.87
|
|
|
$
|
—
|
|
|
$
|
2.20
|
|
|
$
|
—
|
|
Costs applicable to sales per lead ounce(1)
|
$
|
1.41
|
|
|
$
|
—
|
|
|
$
|
1.72
|
|
|
$
|
—
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cash flow before changes in operating assets and liabilities
|
$
|
24,175
|
|
|
$
|
41,496
|
|
|
$
|
45,641
|
|
|
$
|
74,936
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Receivables
|
(7,624
|
)
|
|
(8,888
|
)
|
|
(17,359
|
)
|
|
(10,579
|
)
|
||||
Prepaid expenses and other
|
(834
|
)
|
|
8,126
|
|
|
(3,518
|
)
|
|
2,491
|
|
||||
Inventories
|
(14,391
|
)
|
|
(2,766
|
)
|
|
(33,212
|
)
|
|
(11,474
|
)
|
||||
Accounts payable and accrued liabilities
|
25,109
|
|
|
(39,262
|
)
|
|
19,037
|
|
|
(41,127
|
)
|
||||
Cash provided by (used in) continuing operating activities
|
$
|
26,435
|
|
|
$
|
(1,294
|
)
|
|
$
|
10,589
|
|
|
$
|
14,247
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands except per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(55,965
|
)
|
|
$
|
4,171
|
|
(Income) loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
(5,693
|
)
|
|
(550
|
)
|
||||
Fair value adjustments, net
|
5,296
|
|
|
2,462
|
|
|
(3,824
|
)
|
|
(2,192
|
)
|
||||
Silvertip start-up write-down
|
11,872
|
|
|
—
|
|
|
27,319
|
|
|
—
|
|
||||
(Gain) loss on sale of assets and securities
|
72
|
|
|
(586
|
)
|
|
20
|
|
|
(345
|
)
|
||||
Mexico inflation adjustment
|
—
|
|
|
(1,939
|
)
|
|
—
|
|
|
(1,939
|
)
|
||||
Interest income on notes receivables
|
(18
|
)
|
|
(573
|
)
|
|
(198
|
)
|
|
(821
|
)
|
||||
Foreign exchange loss (gain)
|
889
|
|
|
(1,233
|
)
|
|
2,145
|
|
|
3,079
|
|
||||
Tax effect of adjustments(1)
|
(4,332
|
)
|
|
—
|
|
|
(9,746
|
)
|
|
—
|
|
||||
Adjusted net income (loss)
|
$
|
(22,985
|
)
|
|
$
|
1,061
|
|
|
$
|
(45,942
|
)
|
|
$
|
1,403
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss) per share - Basic
|
$
|
(0.11
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.22
|
)
|
|
$
|
0.01
|
|
Adjusted net income (loss) per share - Diluted
|
$
|
(0.11
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.22
|
)
|
|
$
|
0.01
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
In thousands except per share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
(36,764
|
)
|
|
$
|
2,930
|
|
|
$
|
(55,965
|
)
|
|
$
|
4,171
|
|
(Income) loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
(5,693
|
)
|
|
(550
|
)
|
||||
Interest expense, net of capitalized interest
|
6,825
|
|
|
6,018
|
|
|
13,279
|
|
|
11,983
|
|
||||
Income tax provision (benefit)
|
(5,546
|
)
|
|
3,717
|
|
|
(14,204
|
)
|
|
15,666
|
|
||||
Amortization
|
43,204
|
|
|
29,459
|
|
|
85,080
|
|
|
60,236
|
|
||||
EBITDA
|
7,719
|
|
|
42,124
|
|
|
22,497
|
|
|
91,506
|
|
||||
Fair value adjustments, net
|
5,296
|
|
|
2,462
|
|
|
(3,824
|
)
|
|
(2,192
|
)
|
||||
Silvertip start-up write-down
|
11,872
|
|
|
—
|
|
|
27,319
|
|
|
—
|
|
||||
Foreign exchange (gain) loss
|
468
|
|
|
3,309
|
|
|
1,133
|
|
|
3,979
|
|
||||
(Gain) loss on sale of assets and securities
|
72
|
|
|
(586
|
)
|
|
20
|
|
|
(345
|
)
|
||||
Mexico inflation adjustment
|
—
|
|
|
(1,939
|
)
|
|
—
|
|
|
(1,939
|
)
|
||||
Interest income on notes receivables
|
(18
|
)
|
|
(573
|
)
|
|
(198
|
)
|
|
(821
|
)
|
||||
Asset retirement obligation accretion
|
3,007
|
|
|
2,817
|
|
|
5,950
|
|
|
5,486
|
|
||||
Inventory adjustments and write-downs
|
2,193
|
|
|
817
|
|
|
(1,723
|
)
|
|
1,483
|
|
||||
Adjusted EBITDA
|
$
|
30,609
|
|
|
$
|
48,431
|
|
|
$
|
51,174
|
|
|
$
|
97,157
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
50,708
|
|
|
$
|
28,656
|
|
|
$
|
41,670
|
|
|
$
|
17,691
|
|
|
$
|
36,038
|
|
|
$
|
174,763
|
|
Amortization
|
(14,212
|
)
|
|
(3,963
|
)
|
|
(12,537
|
)
|
|
(2,225
|
)
|
|
(9,878
|
)
|
|
(42,815
|
)
|
||||||
Costs applicable to sales
|
$
|
36,496
|
|
|
$
|
24,693
|
|
|
$
|
29,133
|
|
|
$
|
15,466
|
|
|
$
|
26,160
|
|
|
$
|
131,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
28,027
|
|
|
8,642
|
|
|
34,415
|
|
|
15,301
|
|
|
|
|
86,385
|
|
|||||||
Silver ounces
|
1,709,406
|
|
|
961,634
|
|
|
|
|
12,364
|
|
|
364,961
|
|
|
3,048,365
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
5,302,508
|
|
|
5,302,508
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
5,185,634
|
|
|
5,185,634
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
742
|
|
|
$
|
1,257
|
|
|
$
|
847
|
|
|
$
|
998
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
9.18
|
|
|
$
|
14.38
|
|
|
|
|
|
|
$
|
24.37
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
1.87
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
1.41
|
|
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
44,943
|
|
|
$
|
29,244
|
|
|
$
|
40,668
|
|
|
$
|
22,611
|
|
|
$
|
—
|
|
|
$
|
137,466
|
|
Amortization
|
(14,633
|
)
|
|
(4,793
|
)
|
|
(6,441
|
)
|
|
(3,353
|
)
|
|
—
|
|
|
(29,220
|
)
|
||||||
Costs applicable to sales
|
$
|
30,310
|
|
|
$
|
24,451
|
|
|
$
|
34,227
|
|
|
$
|
19,258
|
|
|
$
|
—
|
|
|
$
|
108,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
31,207
|
|
|
12,030
|
|
|
28
|
|
|
23,053
|
|
|
|
|
94
|
|
|||||||
Silver ounces
|
2,091,788
|
|
|
1,097,272
|
|
|
|
|
13,744
|
|
|
—
|
|
|
3,203
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
495
|
|
|
$
|
935
|
|
|
$
|
1,215
|
|
|
$
|
826
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
7.10
|
|
|
$
|
12.03
|
|
|
|
|
|
|
$
|
—
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
98,480
|
|
|
$
|
55,147
|
|
|
$
|
85,572
|
|
|
$
|
37,764
|
|
|
$
|
70,849
|
|
|
$
|
347,812
|
|
Amortization
|
(28,740
|
)
|
|
(8,000
|
)
|
|
(24,264
|
)
|
|
(4,906
|
)
|
|
(18,304
|
)
|
|
(84,214
|
)
|
||||||
Costs applicable to sales
|
$
|
69,740
|
|
|
$
|
47,147
|
|
|
$
|
61,308
|
|
|
$
|
32,858
|
|
|
$
|
52,545
|
|
|
$
|
263,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
55,421
|
|
|
17,153
|
|
|
65,750
|
|
|
33,387
|
|
|
|
|
171,711
|
|
|||||||
Silver ounces
|
3,114,815
|
|
|
1,962,087
|
|
|
|
|
26,416
|
|
|
580,062
|
|
|
5,683,380
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
10,025,577
|
|
|
10,025,577
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
7,933,481
|
|
|
7,933,481
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
730
|
|
|
$
|
1,182
|
|
|
$
|
932
|
|
|
$
|
972
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
9.40
|
|
|
$
|
13.70
|
|
|
|
|
|
|
$
|
28.99
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
2.20
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
1.72
|
|
|
|
In thousands except per ounce or per pound amounts
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
Silvertip
|
|
Total
|
||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
77,731
|
|
|
$
|
53,587
|
|
|
$
|
69,574
|
|
|
$
|
37,224
|
|
|
$
|
—
|
|
|
$
|
238,116
|
|
Amortization
|
(16,325
|
)
|
|
(4,831
|
)
|
|
(6,717
|
)
|
|
(2,657
|
)
|
|
—
|
|
|
(30,530
|
)
|
||||||
Costs applicable to sales
|
$
|
61,406
|
|
|
$
|
48,756
|
|
|
$
|
62,857
|
|
|
$
|
34,567
|
|
|
$
|
—
|
|
|
$
|
207,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Metal Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ounces
|
62,095
|
|
|
23,193
|
|
|
55,928
|
|
|
40,392
|
|
|
|
|
182
|
|
|||||||
Silver ounces
|
4,122,491
|
|
|
2,216,499
|
|
|
|
|
24,727
|
|
|
—
|
|
|
6,364
|
|
|||||||
Zinc pounds
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||||||||
Lead pounds
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gold ($/oz)
|
$
|
504
|
|
|
$
|
946
|
|
|
$
|
1,124
|
|
|
$
|
846
|
|
|
|
|
|
||||
Silver ($/oz)
|
$
|
7.30
|
|
|
$
|
12.10
|
|
|
|
|
|
|
$
|
—
|
|
|
|
||||||
Zinc ($/lb)
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
||||||||||
Lead ($/lb)
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
Item 4.
|
Controls and Procedures
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Management’s Report on Internal Control Over Financial Reporting
|
|
|
COEUR MINING, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated
|
August 7, 2019
|
/s/ Mitchell J. Krebs
|
|
|
|
MITCHELL J. KREBS
|
|
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
Dated
|
August 7, 2019
|
/s/ Thomas S. Whelan
|
|
|
|
THOMAS S. WHELAN
|
|
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
Dated
|
August 7, 2019
|
/s/ Ken Watkinson
|
|
|
|
KEN WATKINSON
|
|
|
|
Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)
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BORROWER:
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COEUR MINING, INC.,
a Delaware corporation
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President & Chief Executive Officer
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GUARANTORS:
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COEUR EXPLORATIONS, INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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COEUR ROCHESTER, INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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COEUR CAPITAL, INC
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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COEUR ALASKA, INC
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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COEUR SOUTH AMERICA CORP.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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WHARF RESOURCES (U.S.A.), INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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WHARF RESOURCES MANAGEMENT INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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WHARF REWARD MINES INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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WHARF GOLD MINES INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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GOLDEN REWARD MINING COMPANY LIMITED PARTNERSHIP
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By: WHARF GOLD MINES INC., THE GENERAL PARTNER
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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COEUR STERLING HOLDINGS LLC
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By: COEUR MINING, INC., THE SOLE MEMBER
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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STERLING INTERMEDIATE HOLDCO, INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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COEUR STERLING, INC.
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By:
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/s/ Mitchell J. Krebs
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Name:
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Mitchell J. Krebs
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Title:
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President
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ADMINISTRATIVE AGENT:
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BANK OF AMERICA, N.A.,
as Administrative Agent
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By:
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/s/ Lisa Berishaj
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Name:
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Lisa Berishaj
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Title:
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Assistant Vice President
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LENDERS:
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BANK OF AMERICA, N.A.,
as a Lender, L/C Issuer and Swingline Lender
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By:
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/s/ Jonathan M. Phillips
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Name:
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Jonathan M. Phillips
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Title:
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Senior Vice President
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ROYAL BANK OF CANADA,
as a Lender
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By:
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/s/ Stam Fountoulakis
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Name:
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Stam Fountoulakis
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Title:
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Authorized Signatory
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BANK OF MONTREAL, CHICAGO BRANCH,
as a Lender
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By:
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/s/ Brian L. Banke
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Name:
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Brian L. Banke
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Title:
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Managing Director
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THE BANK OF NOVA SCOTIA,
as a Lender
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By:
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/s/ Ian Stephenson
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Name:
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Ian Stephenson
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Title:
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Managing Director
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By:
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/s/ Monik Vora
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Name:
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Monik Vora
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Title:
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Associate Director
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1.
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I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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By:
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/s/ Mitchell J. Krebs
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Mitchell J. Krebs
Chief Executive Officer
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1.
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I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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By:
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/s/ Thomas S. Whelan
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Thomas S. Whelan
Chief Financial Officer
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/s/ Mitchell J. Krebs
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Mitchell J. Krebs
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August 7, 2019
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/s/ Thomas S. Whelan
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Thomas S. Whelan
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August 7, 2019
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Mine or Operating Name
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Section 104 S&S Citation (#)
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Section 104 (b) Orders (#)
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Section 104 (d) Citations and Orders (#)
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Section 110 (b) (2) Violations (#)
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Section 107 (a) Orders (#)
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Total Dollar Value of MSHA Assessments Proposed1,2
($)
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Total Number of Mining Related Fatalities (#)
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Received Notice of Pattern of Violations Under Section 104(e) (Yes/No)
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Received Notice of Potential to Have Pattern Under Section 104(e) (Yes/No)
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Legal Actions Pending as of Last Day of Period (#)
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Legal Actions Initiated During Period
(#)
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Legal Actions Resolved During Period
(#)
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Kensington
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—
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—
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—
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—
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—
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$4,947
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—
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NO
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NO
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—
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—
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—
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Rochester
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—
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—
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—
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—
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—
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$0
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—
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NO
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NO
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—
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—
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—
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Wharf
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2
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—
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—
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—
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—
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$0
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—
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NO
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NO
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—
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—
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—
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Sterling
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—
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—
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—
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—
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—
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$0
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—
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NO
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NO
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—
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—
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—
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Totals
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2
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—
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—
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—
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—
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$4,947
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—
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NO
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NO
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—
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—
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—
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