NEWS RELEASE
Coeur Reports
First Quarter 2015 Results
Adjusted All-in
Sustaining Costs Declined 8% to $17.66 per
Silver Equivalent Ounce
Adjusted Costs
Applicable to Sales of $13.71 per Silver Equivalent Ounce and $797
per Gold Ounce
Chicago,
Illinois - May 4, 2015 - Coeur Mining, Inc. (the "Company" or
"Coeur") (NYSE: CDE) reported first quarter 2015 revenue of $153.0
million, adjusted EBITDA1 of $21.7
million, and adjusted net loss1 of $0.24 per
share. Adjusted all-in sustaining costs declined 8% from the fourth
quarter of 2014 to $17.66 per silver equivalent ounce1, the lowest
level in the two years of reporting this metric. Adjusted costs
applicable to sales per silver equivalent ounce1 of
$13.71 declined 5% from the fourth quarter.
"We are off to a strong start in
2015, tracking at or below our annual cost guidance in the first
quarter. Falling oil prices and a weakening Mexican peso bode well
for further cost improvement, as fuel represents approximately 7%
of our total operating costs and about 50% of Palmarejo's costs are
denominated in pesos," said Mitchell J. Krebs, Coeur's President
and Chief Executive Officer. "In the past three months we closed
two acquisitions, released a high-grade, high-margin, re-scoped
mine plan for Kensington reflecting a significant new discovery,
and announced a near-doubling in silver equivalent reserves at
Palmarejo, reflecting higher grades from our Paramount acquisition
and last year's discovery at Independencia. These are all important
steps in our strategy to reduce unit costs, produce higher-quality
ounces, and generate free cash flow at current metal prices. With
$180 million in cash and cash equivalents, maintaining sufficient
liquidity and a flexible balance sheet remains a top priority."
First Quarter 2015
Highlights
-
Silver production was 3.8 million ounces and
gold production was 69,734 ounces, or 8.0 million silver
equivalent1 ounces as
previously announced on April 6, 2015
-
Adjusted all-in sustaining costs were $17.66 per
silver equivalent ounce1, down 8% from
the fourth quarter
-
Adjusted costs applicable to sales per silver
equivalent ounce1 were $13.71,
a 5% decrease from the fourth quarter and the lowest level in a
year
-
Adjusted costs applicable to sales per gold
ounce1 at Kensington
were $797, almost unchanged from the fourth quarter
-
Adjusted costs applicable to sales per silver
equivalent ounce1 at Palmarejo
dropped 7% from the fourth quarter to $14.56
-
Adjusted costs applicable to sales per silver
equivalent ounce1 at Rochester
were $12.95, down 6% from the fourth quarter
-
Acquired the Wharf gold mine from a subsidiary
of Goldcorp for $103 million in cash
-
Cash, cash equivalents, and short-term
investments were $179.6 million at March 31, 2015
-
Shares issued and outstanding were 136.0 million
as of May 1, 2015
Full Year 2015
Outlook
Coeur is maintaining its 2015 production guidance of 14.8 - 16.0
million silver ounces and 294,000 - 323,000 gold ounces and is also
maintaining its guidance for all-in sustaining costs per silver
equivalent ounce1 of $17.50 -
$18.50 and costs applicable to sales as follows:
-
$16.25 - $17.75 per silver equivalent
ounce1 at
Palmarejo
-
$12.50 - $14.00 per silver equivalent
ounce1 at
Rochester
-
$13.50 - $15.00 per silver equivalent
ounce1 at San
Bartolomé
-
$900 - $975 per gold ounce at Kensington
-
$750 - $825 per gold equivalent ounce1
at Wharf
To incorporate the acquisition of
Paramount Gold and Silver Corp. which closed on April 17, 2015,
Coeur is raising its capital expenditure guidance from $85 - $95
million to $95 - $105 million and its exploration guidance from $10
- $12 million to $13 - $16 million. General and administrative
expense guidance is unchanged at $36 - $39 million.
Financial Highlights
(Unaudited)
(Amounts in millions, except per
share amounts, gold ounces produced & sold, and per-ounce
metrics) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Revenue |
$ |
153.0 |
|
$ |
140.6 |
|
$ |
170.9 |
|
$ |
164.6 |
|
$ |
159.6 |
|
Costs Applicable to Sales |
$ |
115.1 |
|
$ |
126.5 |
|
$ |
125.9 |
|
$ |
118.7 |
|
$ |
106.9 |
|
General and Administrative
Expenses |
$ |
8.8 |
|
$ |
9.0 |
|
$ |
8.5 |
|
$ |
9.4 |
|
$ |
13.9 |
|
Adjusted EBITDA1 |
$ |
21.7 |
|
$ |
7.8 |
|
$ |
25.7 |
|
$ |
32.9 |
|
$ |
31.1 |
|
Net Income (Loss) |
$ |
(33.3 |
) |
$ |
(1,079.1 |
) |
$ |
3.5 |
|
$ |
(43.1 |
) |
$ |
(37.2 |
) |
Earnings Per Share |
$ |
(0.32 |
) |
$ |
(10.53 |
) |
$ |
0.03 |
|
$ |
(0.42 |
) |
$ |
(0.36 |
) |
Adjusted Net Income
(Loss)1 |
$ |
(24.4 |
) |
$ |
(37.5 |
) |
$ |
(18.5 |
) |
$ |
(21.5 |
) |
$ |
(18.8 |
) |
Adjusted Net Income (Loss)1 Per
Share |
$ |
(0.24 |
) |
$ |
(0.37 |
) |
$ |
(0.18 |
) |
$ |
(0.21 |
) |
$ |
(0.18 |
) |
Weighted Average Shares |
102.6 |
|
102.4 |
|
102.6 |
|
102.4 |
|
102.4 |
|
Cash Flow From Operating Activities |
$ |
(4.0 |
) |
$ |
0.7 |
|
$ |
31.3 |
|
$ |
30.5 |
|
$ |
(9.6 |
) |
Capital Expenditures |
$ |
17.6 |
|
$ |
20.1 |
|
$ |
16.8 |
|
$ |
15.4 |
|
$ |
11.9 |
|
Cash, Equivalents & Short-Term
Investments |
$ |
179.6 |
|
$ |
270.9 |
|
$ |
295.4 |
|
$ |
316.8 |
|
$ |
318.6 |
|
Total Debt2 |
$ |
513.5 |
|
$ |
468.5 |
|
$ |
469.5 |
|
$ |
480.1 |
|
$ |
464.2 |
|
Average Realized Price Per Ounce - Silver |
$ |
16.77 |
|
$ |
16.40 |
|
$ |
19.46 |
|
$ |
19.60 |
|
$ |
20.28 |
|
Average Realized Price Per Ounce -
Gold |
$ |
1,204 |
|
$ |
1,186 |
|
$ |
1,260 |
|
$ |
1,277 |
|
$ |
1,279 |
|
Silver Ounces Produced |
3.8 |
|
4.3 |
|
4.3 |
|
4.5 |
|
4.1 |
|
Gold Ounces Produced |
69,734 |
|
64,534 |
|
64,989 |
|
61,025 |
|
58,836 |
|
Silver Equivalent Ounces Produced1 |
8.0 |
|
8.3 |
|
8.2 |
|
8.1 |
|
7.6 |
|
Silver Ounces Sold |
4.1 |
|
4.6 |
|
4.3 |
|
4.6 |
|
3.9 |
|
Gold Ounces Sold |
68,420 |
|
52,785 |
|
69,541 |
|
57,751 |
|
62,578 |
|
Silver Equivalent Ounces
Sold1 |
8.2 |
7.9 |
|
8.4 |
8.1 |
7.6 |
Adjusted Costs Applicable to Sales per AgEq
Oz1 |
$ |
13.71 |
|
$ |
14.43 |
|
$ |
14.19 |
|
$ |
14.00 |
|
$ |
13.09 |
|
Adj. Costs Applicable to Sales per
Au Oz1
(Kensington) |
$ |
797 |
|
$ |
792 |
|
$ |
889 |
|
$ |
821 |
|
$ |
879 |
|
Adjusted All-in Sustaining Costs per AgEq
Oz1 |
$ |
17.66 |
|
$ |
19.25 |
|
$ |
18.27 |
|
$ |
19.10 |
|
$ |
18.52 |
|
Financial
Results
First quarter 2015 revenue
increased $12.4 million, or 9%, compared with the fourth quarter of
2014 to $153.0 million due to a 4% increase in silver equivalent
ounces sold and slightly higher metal prices. Average realized
silver and gold prices each increased 2% compared to the fourth
quarter, at $16.77 per ounce for silver and $1,204 per ounce for
gold. Silver contributed 45% of metal sales and gold contributed
55% during the first quarter.
General and administrative
expenses decreased 2% from the fourth quarter to $8.8 million in
the first quarter, and were down 37% compared to the first quarter
of 2014. Capital expenditures of $17.6 million in the first quarter
declined 12% compared to the fourth quarter.
Adjusted net loss1
was $24.4 million or $0.24 per share in the first quarter, improved
from a loss of $37.5 million, or $0.37 per share, in the fourth
quarter mainly due to lower unit operating costs. The first quarter
adjusted net loss1 mainly
excludes inventory adjustments to net realizable value, foreign
exchange losses on deferred taxes, and fair value adjustments to
royalty obligations and metal hedging contracts.
Cash flow used in operating
activities was $4.0 million in the first quarter, which included a
$14.4 million increase in working capital, mainly due to accrued
interest, payroll, and other benefits. Inventory was nearly
unchanged during the quarter, with inventory reductions at
Kensington and Rochester mostly offset by a $6.7 million increase
at Wharf, as no sales were recorded in the first quarter due to the
shipping schedule at the mine.
Coeur entered into a short-term
credit facility with The Bank of Nova Scotia for $50.0 million,
which raised the total debt balance to $513.5 million as of March
31, 2015, including $437.5 million in senior unsecured notes due in
2021. Cash, cash equivalents, and short-term investments totaled
$179.6 million at the end of the first quarter, yielding a net debt
balance of $333.9 million.
Operations
Highlights of first quarter 2015
results for each of the Company's operating segments are provided
below.
Palmarejo,
Mexico
(Dollars in millions, except per
ounce amounts) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Underground
Operations: |
|
|
|
|
|
Tons mined |
149,150 |
187,730 |
169,656 |
177,359 |
209,854 |
Average silver grade
(oz/t) |
4.34 |
4.49 |
4.88 |
6.15 |
5.95 |
Average gold grade (oz/t) |
0.07 |
0.06 |
0.10 |
0.11 |
0.11 |
Surface
Operations: |
|
|
|
|
|
Tons mined |
281,481 |
320,802 |
343,001 |
320,583 |
358,222 |
Average silver grade
(oz/t) |
3.79 |
2.90 |
3.09 |
3.72 |
3.50 |
Average gold grade (oz/t) |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
Processing: |
|
|
|
|
|
Total tons milled |
451,918 |
510,813 |
518,212 |
534,718 |
571,345 |
Average recovery rate -
Ag |
78.7% |
80.2% |
82.7% |
75.6% |
73.3% |
Average recovery rate - Au |
73.9% |
78.7% |
86.9% |
78.9% |
78.0% |
Silver ounces produced
(000's) |
1,354 |
1,444 |
1,533 |
1,761 |
1,820 |
Gold ounces produced |
15,495 |
15,237 |
22,514 |
23,706 |
25,216 |
Silver equivalent ounces
produced1
(000's) |
2,284 |
2,359 |
2,883 |
3,183 |
3,333 |
Silver ounces sold (000's) |
1,330 |
1,375 |
1,605 |
1,983 |
1,677 |
Gold ounces sold |
13,793 |
16,255 |
23,600 |
25,753 |
26,422 |
Silver equivalent ounces sold1
(000's) |
2,158 |
2,350 |
3,021 |
3,528 |
3,262 |
Revenues |
$39.4 |
$42.2 |
$61.4 |
$72.4 |
$68.0 |
Costs applicable to sales |
$34.5 |
$48.1 |
$46.0 |
$49.6 |
$43.6 |
Adjusted costs applicable to sales
per AgEq ounce1 |
$14.56 |
$15.70 |
$14.43 |
$13.48 |
$13.13 |
Exploration expense |
$1.1 |
$1.5 |
$2.6 |
$1.6 |
$1.0 |
Cash flow from operating
activities |
$(0.2) |
$(3.2) |
$20.2 |
$27.4 |
$10.2 |
Sustaining capital expenditures |
$3.1 |
$5.5 |
$1.9 |
$5.3 |
$3.7 |
Development capital
expenditures |
$6.1 |
$5.4 |
$4.0 |
$0.3 |
$- |
Total capital expenditures |
$9.2 |
$10.9 |
$5.9 |
$5.6 |
$3.7 |
Free cash flow (before
royalties) |
$(9.4) |
$(14.1) |
$14.3 |
$21.8 |
$6.5 |
Royalties paid |
$10.4 |
$10.0 |
$11.4 |
$12.3 |
$14.7 |
Free cash flow3 |
$(19.8) |
$(24.1) |
$2.9 |
$9.5 |
$(8.2) |
-
Adjusted costs applicable to sales per silver
equivalent ounce1 of $14.56
decreased 7% from the fourth quarter of 2014
-
Recovery rates for silver and gold declined in
the first quarter due to test work completed in the processing
plant during the quarter
-
Cash flow from operating activities of $(0.2)
million included a $4.5 million increase in working capital
-
Palmarejo continues to transition to underground
mining at the Guadalupe mine and the Independencia mine (beginning
early 2016) while mining activities in the historic zones gradually
decline
-
Open-pit operations are expected to end in the
third quarter of 2015 and underground mining at the legacy zones is
expected to end by January 2016
-
The acquisition of Paramount closed April 17,
2015. On April 27, 2015, Coeur announced an 89% increase in silver
reserves and 76% increase in gold reserves at Palmarejo, mainly
from the addition of certain Paramount assets. The increase
contains an average silver reserve grade 31% higher than
Palmarejo's reserves as of December 31, 2014
-
Palmarejo's reserves now total 54.0 million
silver ounces and 876,000 gold ounces. Compared to just
fifteen months ago, silver reserves have increased 30% and gold
reserves have increased 54%. Most importantly, the average
silver reserve grade has increased 32% and the average gold reserve
grade has increased 55%
-
In 2015, Palmarejo is expected to produce 3.9 -
4.3 million ounces of silver and 55,000 - 65,000 ounces of gold at
costs applicable to sales per silver equivalent ounce1
of $16.25 - $17.75
Rochester,
Nevada
(Dollars in millions,
except per ounce amounts) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Ore tons placed |
4,013,879 |
3,876,944 |
3,892,421 |
3,329,582 |
3,640,861 |
Average silver grade (oz/t) |
0.74 |
0.60 |
0.51 |
0.58 |
0.59 |
Average gold grade (oz/t) |
0.004 |
0.004 |
0.005 |
0.003 |
0.003 |
Silver ounces produced (000's) |
1,144 |
1,170 |
1,156 |
1,112 |
750 |
Gold ounces produced |
13,721 |
15,764 |
11,702 |
9,230 |
8,192 |
Silver equivalent ounces
produced1
(000's) |
1,967 |
2,116 |
1,858 |
1,666 |
1,242 |
Silver ounces sold
(000's) |
1,351 |
1,154 |
1,067 |
1,006 |
695 |
Gold ounces sold |
17,754 |
14,131 |
8,932 |
8,970 |
7,770 |
Silver equivalent ounces
sold1
(000's) |
2,416 |
2,002 |
1,603 |
1,544 |
1,161 |
Revenues |
$44.0 |
$36.0 |
$32.4 |
$31.2 |
$24.2 |
Costs applicable to sales |
$31.4 |
$28.7 |
$23.7 |
$24.4 |
$14.7 |
Adjusted costs applicable to sales per silver
equivalent ounce1 |
$12.95 |
$13.82 |
$14.78 |
$15.73 |
$12.63 |
Exploration expense |
$0.7 |
$0.6 |
$0.1 |
$0.7 |
$1.2 |
Cash flow from operating activities |
$16.4 |
$10.2 |
$8.2 |
$4.3 |
$(9.0) |
Sustaining capital
expenditures |
$0.8 |
$2.7 |
$4.2 |
$4.0 |
$1.0 |
Development capital expenditures |
$2.5 |
$- |
$- |
$- |
$- |
Total capital
expenditures |
$3.3 |
$2.7 |
$4.2 |
$4.0 |
$1.0 |
Free cash flow3 |
$13.1 |
$7.5 |
$4.0 |
$0.3 |
$(10.0) |
-
First quarter adjusted costs applicable to sales
per silver equivalent ounce1 were $12.95,
down 6% from the fourth quarter due to lower crushing and leaching
costs
-
The average silver grade increased 23% compared
to the fourth quarter and silver equivalent ounces sold increased
21%
-
Free cash flow3 of $13.1
million in the first quarter was the highest since the fourth
quarter of 2012, when realized silver and gold prices averaged
$32.52 per ounce and $1,709 per ounce, respectively
-
Approval for POA 10 (expansion of Stage 4 leach
pad and construction of new Stage 5 leach pad) is expected by early
2016
-
In 2015, Rochester is expected to produce 4.7 -
5.0 million ounces of silver and 55,000 - 65,000 ounces of gold at
costs applicable to sales per silver equivalent ounce1
of $12.50 - $14.00
Kensington, Alaska
(Dollars in millions,
except per ounce amounts) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Tons milled |
147,969 |
167,417 |
145,097 |
163,749 |
159,697 |
Average gold grade (oz/t) |
0.24 |
0.21 |
0.23 |
0.18 |
0.17 |
Average recovery rate |
94.8% |
94.2% |
93.0% |
94.5% |
94.5% |
Gold ounces produced |
33,909 |
33,533 |
30,773 |
28,089 |
25,428 |
Gold ounces sold |
36,873 |
22,399 |
37,009 |
23,028 |
28,386 |
Revenues |
$44.0 |
$26.0 |
$45.9 |
$29.0 |
$36.1 |
Costs applicable to sales |
$29.4 |
$18.9 |
$34.7 |
$23.2 |
$28.5 |
Adjusted costs applicable to sales per
gold ounce1 |
$797 |
$792 |
$889 |
$821 |
$879 |
Exploration expense |
$1.7 |
$2.8 |
$2.6 |
$1.6 |
$1.0 |
Cash flow from operating activities |
$12.3 |
$(3.7) |
$17.0 |
$(0.6) |
$13.9 |
Sustaining capital
expenditures |
$4.1 |
$3.3 |
$3.6 |
$4.0 |
$4.7 |
Development capital expenditures |
$- |
$0.6 |
$- |
$- |
$- |
Total capital
expenditures |
$4.1 |
$3.9 |
$3.6 |
$4.0 |
$4.7 |
Free cash flow3 |
$8.2 |
$(7.6) |
$13.4 |
$(4.6) |
$9.2 |
-
Free cash flow3 at Kensington
of $8.2 million increased from $(7.6) million in the fourth quarter
of 2014 due to a 65% increase in gold ounces sold
-
A 14% increase in average gold grade enabled
lower throughput in the first quarter, with adjusted costs
applicable to sales per gold ounce1 below $800
for the second consecutive quarter
-
Coeur released a re-scoped mine plan at
Kensington on April 14, 2015, reflecting the impact of the recently
discovered high-grade Jualin zone. Mining rates at Jualin are
expected to peak in 2018-2019 when annual production at Kensington
is expected to average approximately 143,000 ounces at costs
applicable to sales per gold ounce of approximately $760. Recent
drilling results suggest the potential to grow the resource at
Jualin and extend the 2017 -2019 production profile
-
In 2015, Kensington is expected to produce
110,000 - 115,000 ounces of gold at costs applicable to sales per
gold ounce of $900 - $975
San Bartolomé,
Bolivia
(Dollars in millions,
except per ounce amounts) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Tons milled |
406,951 |
454,135 |
471,938 |
437,975 |
385,375 |
Average silver grade (oz/t) |
3.65 |
3.77 |
3.70 |
3.87 |
3.88 |
Average recovery rate |
81.6% |
88.0% |
86.5% |
87.5% |
90.5% |
Silver ounces produced (000's) |
1,213 |
1,507 |
1,509 |
1,481 |
1,355 |
Silver ounces sold
(000's) |
1,290 |
1,987 |
1,438 |
1,494 |
1,357 |
Revenues |
$21.5 |
$32.6 |
$28.4 |
$29.1 |
$27.6 |
Costs applicable to sales |
$19.1 |
$29.6 |
$20.4 |
$20.7 |
$18.9 |
Adjusted costs applicable to sales per silver
equivalent ounce1 |
$14.47 |
$14.38 |
$13.67 |
$13.85 |
$13.93 |
Exploration expense |
$- |
$- |
$- |
$0.1 |
$- |
Cash flow from operating activities |
$5.0 |
$2.3 |
$12.3 |
$18.9 |
$4.5 |
Sustaining capital
expenditures |
$0.9 |
$2.0 |
$2.8 |
$1.7 |
$1.4 |
Development capital expenditures |
$- |
$- |
$- |
$- |
$- |
Total capital
expenditures |
$0.9 |
$2.0 |
$2.8 |
$1.7 |
$1.4 |
Free cash flow3 |
$4.1 |
$0.3 |
$9.5 |
$17.2 |
$3.1 |
-
Maintenance downtime and heavy rain resulted in
processing a greater proportion of stockpiled ore in the first
quarter, which negatively impacted the grade and recovery rates.
Despite this, adjusted costs applicable to sales per silver
equivalent ounce1 remained
stable with the fourth quarter of 2014 at San Bartolomé
-
Free cash flow1 of $4.1
million in the first quarter increased from $0.3 million in the
fourth quarter of 2014 due to lower working capital
-
In 2015, San Bartolomé is expected to produce
5.8 - 6.1 million ounces of silver at costs applicable to sales per
silver equivalent ounce1 of $13.50 -
$15.00
Wharf, South
Dakota
(Dollars in millions,
except per ounce amounts) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Ore tons placed |
415,996 |
- |
- |
- |
- |
Average gold grade (oz/t) |
0.020 |
- |
- |
- |
- |
Gold ounces produced |
6,609 |
- |
- |
- |
- |
Revenues |
$- |
- |
- |
- |
- |
Cash flow from operating
activities |
$(7.2) |
- |
- |
- |
- |
Sustaining capital expenditures |
$0.1 |
- |
- |
- |
- |
Development capital
expenditures |
$- |
- |
- |
- |
- |
Total capital expenditures |
$0.1 |
- |
- |
- |
- |
Free cash flow3 |
$(7.3) |
- |
- |
- |
- |
-
There were no metal sales at Wharf from the
February 20, 2015 transaction closing date through the end of the
first quarter, as the mine has historically maintained a monthly
shipping schedule. The first ore shipment after the transaction
closed was in mid-March and the corresponding metal sale occurred
in April. Going forward, Coeur expects to increase the frequency of
ore shipments at Wharf to more closely align the timing of metal
sales with production
-
In 2015, Wharf is expected to produce 74,000 -
78,000 ounces of gold at costs applicable to sales per gold
equivalent ounce1 of $750 -
$825
Coeur
Capital
(Dollars in millions,
except per ounce amounts) |
1Q 2015 |
4Q 2014 |
3Q 2014 |
2Q 2014 |
1Q 2014 |
Tons milled |
185,299 |
214,180 |
199,757 |
185,538 |
193,219 |
Average silver grade (oz/t) |
1.69 |
1.99 |
1.44 |
1.41 |
1.65 |
Average recovery rate |
42.4% |
44.9% |
49.1% |
42.4% |
45.9% |
Silver ounces produced (000's) |
133 |
191 |
141 |
111 |
147 |
Silver ounces sold
(000's) |
118 |
192 |
141 |
106 |
147 |
Metal sales |
$1.9 |
$2.7 |
$2.4 |
$2.0 |
$2.9 |
Royalty revenue |
$1.5 |
$0.7 |
$0.6 |
$0.9 |
$1.0 |
Costs applicable to sales (Endeavor
silver stream) |
$0.6 |
$1.1 |
$1.1 |
$0.8 |
$1.2 |
Costs applicable to sales per
silver equivalent ounce1 |
$5.37 |
$5.69 |
$7.71 |
$7.94 |
$8.05 |
Cash flow from operating activities |
$2.2 |
$1.5 |
$2.4 |
$0.8 |
$1.8 |
Free cash flow3 |
$2.2 |
$1.5 |
$2.4 |
$0.8 |
$1.8 |
-
There are five cash-flowing royalties and
streams, four non-cash-flowing royalties, and ten investments in
junior mining companies held in Coeur Capital or its
affiliates
-
Coeur Capital's largest source of cash flow is
the silver stream on the Endeavor mine in New South Wales,
Australia in which the Company owns 100% of the silver up to a
total of 20.0 million payable ounces. At March 31, 2015, the
Company has received 5.6 million ounces, or 28.0% of the
total
Exploration
Costs associated with exploration
activities for the first quarter of 2015 were $4.3 million
(expensed) for discovery of new silver and gold mineralization and
$4.0 million (capitalized) for definition and expansion of
mineralized material. These amounts compare to exploration costs of
$5.7 million expensed and $2.9 million capitalized in the fourth
quarter of 2014. Coeur's exploration program used 10 drill rigs
during the first quarter: 4 drills at Palmarejo, 4 at Kensington,
and 2 at Rochester. This work resulted in completion of over 86,931
feet (26,496 meters) of combined core and reverse circulation
drilling. Coeur announced high-grade drill results at Kensington on
April 14, 2015 and at Palmarejo on April 28, 2015, demonstrating
Coeur's continued success finding high-grade mineralization near
existing infrastructure.
Exploration expenses are expected
to total $13 - $16 million in 2015, with additional capital
allocated to resource conversion. Coeur will continue to use a
success-based approach to evaluate exploration needs on an ongoing
basis.
2015
Outlook
Coeur's 2015 total production and
cost guidance is shown below. Coeur is raising its guidance for
capital expenditures to $95 - $105 million compared to prior
guidance of $85 - $95 million as well as its guidance for
exploration expenses to $13 - $16 million from $10 - $12 million
for 2015. Prior guidance did not include development capital and
exploration expenses related to the acquisition of Paramount Gold
and Silver Corp.
2015 Production
Outlook
(silver and silver
equivalent ounces in thousands) |
Silver |
Gold |
Silver Equivalent1 |
Palmarejo |
3,900 - 4,300 |
55,000 - 65,000 |
7,200 - 8,200 |
San Bartolomé |
5,800 - 6,100 |
- |
5,800 - 6,100 |
Rochester |
4,700 - 5,000 |
55,000 - 65,000 |
8,000 - 8,900 |
Endeavor |
400 - 600 |
- |
400 - 600 |
Kensington |
- |
110,000 - 115,000 |
6,600 - 6,900 |
Wharf |
- |
74,000 - 78,000 |
4,440 - 4,680 |
Total |
14,800 - 16,000 |
294,000 - 323,000 |
32,440 - 35,380 |
2015 Cost Outlook
(dollars in millions,
except per ounce amounts) |
2015 Guidance |
2014 Result |
Costs Applicable to Sales per
Silver Equivalent Ounce1 -
Palmarejo |
$16.25 - $17.75 |
$15.40 |
Costs Applicable to Sales per Silver Equivalent
Ounce1 - San
Bartolomé |
$13.50 - $15.00 |
$14.29 |
Costs Applicable to Sales per
Silver Equivalent Ounce1 -
Rochester |
$12.50 - $14.00 |
$14.49 |
Costs Applicable to Sales per Gold
Ounce1 -
Kensington |
$900 - 975 |
$951 |
Costs Applicable to Sales per Gold
Equivalent Ounce1 -
Wharf |
$750 - $825 |
N/A |
Capital Expenditures |
$95 - $105 |
$64 |
General and Administrative
Expenses |
$36 - $39 |
$41 |
Exploration Expense |
$13 - $16 |
$22 |
All-in Sustaining Costs per Silver
Equivalent Ounce1 |
$17.50 - $18.50 |
$19.72 |
Downside Price
Protection
The Company's downside metal price
protection program uses put spreads to protect a portion of
expected future production against a sharp decrease in metal
prices, while selling intra-quarter, out-of-the-money call options
when appropriate to offset the net cost of the put spreads. Put
spreads settled and calls sold during the first quarter of 2015
generated cash flow of $1.6 million. Put spreads for the second
quarter of 2015 cover 900,000 ounces of expected silver production
per month with strike prices of $17 per ounce on options purchased
and $15.50 per ounce on options sold.
Conference Call
Information
Coeur will conduct a conference
call and webcast at www.coeur.com to discuss the Company's first
quarter results on May 5, 2015 at 11:00 a.m. Eastern time.
Dial-In Numbers: (888)
317-6016 (US)
(855) 669-9657 (Canada)
(412) 317-6016 (International)
Conference
ID:
Coeur Mining, Inc.
A replay of the call will be available on Coeur's
website through May 19, 2015.
Replay Numbers: (877)
344-7529 (US)
(855) 669-9658 (Canada)
(412) 317-0088 (International)
Conference
ID:
100 63 549
About Coeur
Coeur Mining is the largest U.S.-based silver producer and a
significant gold producer with four precious metals mines in the
Americas employing approximately 2,100 people. Coeur produces from
its wholly owned operations: the Palmarejo silver-gold mine in
Mexico, the San Bartolomé silver mine in Bolivia, the Rochester
silver-gold mine in Nevada, the Kensington gold mine in Alaska, and
the Wharf gold mine in South Dakota. The Company also has a
non-operating interest in the Endeavor mine in Australia in
addition to royalties on the Cerro Bayo mine in Chile, the El Gallo
complex in Mexico, the Zaruma mine in Ecuador, and the Correnso
mine in New Zealand. In addition, the Company has two silver-gold
exploration projects - the La Preciosa project in Mexico and the
Joaquin project in Argentina. The Company also conducts ongoing
exploration activities in Alaska, Argentina, Bolivia, Mexico, and
Nevada. The Company owns strategic investment positions in several
silver and gold development companies with projects in North and
South America.
Cautionary
Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding anticipated production, costs,
capital expenditures, expenses, mining rates, grades, POA 10
approval at Rochester, open-pit and underground mining operations
at Palmarejo, the re-scoped mine plan at Kensington, the timing of
metal sales, and initiatives to achieve lower unit costs, higher
quality ounces, generate free cash flow, maintain sufficient
liquidity and a flexible balance sheet, and minimize exposure to
declining metal prices. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause Coeur's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the risk that
anticipated benefits of the Wharf and Paramount acquisitions are
not realized, the risk that anticipated production and cost levels
are not attained, the risks and hazards inherent in the mining
business (including risks inherent in developing large-scale mining
projects, environmental hazards, industrial accidents, weather or
geologically related conditions), changes in the market prices of
gold and silver and a sustained lower price environment, the
uncertainties inherent in Coeur's production, exploratory and
developmental activities, including risks relating to permitting
and regulatory delays, ground conditions, grade variability, any
future labor disputes or work stoppages (including those involving
third parties), the uncertainties inherent in the estimation of
gold and silver reserves and resources, changes that could result
from Coeur's future acquisition of new mining properties or
businesses, the absence of control over and reliance on third
parties to operate mining operations in which Coeur or its
subsidiaries hold royalty or streaming interests and risks related
to these mining operations including results of mining and
exploration activities, environmental, economic and political risks
of the jurisdiction in which the mining operations are located, the
loss of access to any third-party smelter to which Coeur markets
silver and gold, the effects of environmental and other
governmental regulations, the risks inherent in the ownership or
operation of or investment in mining properties or businesses in
foreign countries, Coeur's ability to raise additional financing
necessary to conduct its business, make payments or refinance its
debt, as well as other uncertainties and risk factors set out in
filings made from time to time with the United States Securities
and Exchange Commission, and the Canadian securities regulators,
including, without limitation, Coeur's most recent reports on Form
10-K and Form 10-Q. Actual results, developments and timetables
could vary significantly from the estimates presented. Readers are
cautioned not to put undue reliance on forward-looking statements.
Coeur disclaims any intent or obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, Coeur undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Coeur, its financial or operating
results or its securities.
W. David Tyler, Coeur's Vice
President, Technical Services and a qualified person under Canadian
National Instrument 43-101, supervised the preparation of the
scientific and technical information concerning Coeur's mineral
projects in this news release. For a description of the key
assumptions, parameters and methods used to estimate mineral
reserves and resources, as well as data verification procedures and
a general discussion of the extent to which the estimates may be
affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant factors,
Canadian investors should refer to the Technical Reports for each
of Coeur's properties as filed on SEDAR at www.sedar.com and the
technical report for Palmarejo to be filed on www.sedar.com during
the second quarter of 2015.
Non-U.S. GAAP
Measures
We supplement the reporting of our
financial information determined under United States generally
accepted accounting principles (U.S. GAAP) with certain non-U.S.
GAAP financial measures, including adjusted EBITDA, adjusted net
income (loss), costs applicable to sales per silver equivalent
ounce (or per gold equivalent ounce), adjusted costs applicable to
sales per silver equivalent ounce, all-in sustaining costs, and
adjusted all-in sustaining costs. We believe that these adjusted
measures provide meaningful information to assist management,
investors and analysts in understanding our financial results and
assessing our prospects for future performance. We believe these
adjusted financial measures are important indicators of our
recurring operations because they exclude items that may not be
indicative of, or are unrelated to our core operating results, and
provide a better baseline for analyzing trends in our underlying
businesses. We believe adjusted EBITDA, adjusted net income (loss),
costs applicable to sales per silver equivalent ounce (or per gold
equivalent ounce), adjusted costs applicable to sales per silver
equivalent ounce, all-in sustaining costs, and adjusted all-in
sustaining costs are important measures in assessing the Company's
overall financial performance.
Notes
1. Adjusted EBITDA, adjusted net income (loss),
all-in sustaining costs, adjusted all-in sustaining costs, costs
applicable to sales per silver equivalent ounce (or per gold
equivalent ounce), and adjusted costs applicable to sales per
silver equivalent ounce are non-GAAP measures. Please see tables in
the Appendix for the reconciliation to U.S. GAAP. For purposes of
silver and gold equivalence, 60:1 silver to gold ratio.
2. Includes capital leases. Net of debt discount.
3. Free cash flow is defined as cash flow from operating activities
less capital expenditures and royalty payments.
For Additional
Information:
Bridget Freas, Director, Investor
Relations
(312) 489-5819
Donna Mirandola, Director, Corporate
Communications
(312) 489-5842
www.coeur.com
Coeur Mining, Inc.
and Subsidiaries
Condensed Consolidated Statements of Comprehensive
Income (Loss)
|
|
Three months ended March 31, |
|
|
2015 |
|
2014 |
|
In thousands,
except share data |
Revenue |
|
$ |
152,956 |
|
|
$ |
159,633 |
|
COSTS AND
EXPENSES |
|
|
|
|
Costs applicable to sales |
|
115,062 |
|
|
106,896 |
|
Amortization |
|
33,090 |
|
|
40,459 |
|
General and administrative |
|
8,834 |
|
|
13,896 |
|
Exploration |
|
4,266 |
|
|
4,217 |
|
Pre-development, reclamation, and other |
|
6,763 |
|
|
6,984 |
|
Total
costs and expenses |
|
168,015 |
|
|
172,452 |
|
OTHER INCOME (EXPENSE), NET |
|
|
|
|
Fair
value adjustments, net |
|
(4,884 |
) |
|
(11,436 |
) |
Impairment of equity securities |
|
(1,514 |
) |
|
(2,588 |
) |
Interest
income and other, net |
|
(997 |
) |
|
(1,983 |
) |
Interest expense, net of capitalized interest |
|
(10,765 |
) |
|
(13,054 |
) |
Total
other income (expense), net |
|
(18,160 |
) |
|
(29,061 |
) |
Income (loss) before income and mining taxes |
|
(33,219 |
) |
|
(41,880 |
) |
Income
and mining tax (expense) benefit |
|
(68 |
) |
|
4,689 |
|
NET
INCOME (LOSS) |
|
$ |
(33,287 |
) |
|
$ |
(37,191 |
) |
OTHER
COMPREHENSIVE INCOME (LOSS), net of tax: |
|
|
|
|
Unrealized gain (loss) on equity securities, net of
tax of $578 and $(234) for the three months ended March 31, 2015
and 2014, respectively |
|
(915 |
) |
|
371 |
|
Reclassification adjustments for impairment of equity securities,
net of tax of $(586) and $(1,001) for the three months ended March
31, 2015 and 2014, respectively |
|
928 |
|
|
1,587 |
|
Other comprehensive income (loss) |
|
13 |
|
|
1,958 |
|
COMPREHENSIVE INCOME (LOSS) |
|
$ |
(33,274 |
) |
|
$ |
(35,233 |
) |
|
|
|
|
|
NET
INCOME (LOSS) PER SHARE |
|
|
|
|
Basic |
|
$ |
(0.32 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
Diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.36 |
) |
Coeur Mining, Inc.
and Subsidiaries
Condensed Consolidated Statements of Cash
Flows
|
Three months ended March 31, |
|
2015 |
|
2014 |
|
In
thousands |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net
income (loss) |
$ |
(33,287 |
) |
|
(37,191 |
) |
Adjustments: |
|
|
|
Amortization |
33,090 |
|
|
40,459 |
|
Accretion |
3,150 |
|
|
4,560 |
|
Deferred
income taxes |
(2,184 |
) |
|
(11,781 |
) |
Loss on termination of revolving credit facility |
- |
|
|
3,035 |
|
Fair
value adjustments, net |
4,884 |
|
|
11,436 |
|
Stock-based compensation |
2,150 |
|
|
2,565 |
|
Impairment of equity securities |
1,514 |
|
|
2,588 |
|
Other |
1,079 |
|
|
(817 |
) |
Changes
in operating assets and liabilities: |
|
|
|
Receivables |
2,556 |
|
|
5,622 |
|
Prepaid
expenses and other current assets |
(1,327 |
) |
|
(8,109 |
) |
Inventory and ore on leach pads |
684 |
|
|
(13,912 |
) |
Accounts
payable and accrued liabilities |
(16,281 |
) |
|
(8,082 |
) |
CASH USED IN OPERATING ACTIVITIES |
(3,972 |
) |
|
(9,627 |
) |
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Capital expenditures |
(17,620 |
) |
|
(11,936 |
) |
Acquisitions, net of cash acquired |
(102,018 |
) |
|
- |
|
Other |
(1,730 |
) |
|
(25 |
) |
Purchase
of short-term investments and equity securities |
(278 |
) |
|
(46,220 |
) |
Sales and maturities of short-term investments |
229 |
|
|
90 |
|
CASH USED
IN INVESTING ACTIVITIES |
(121,417 |
) |
|
(58,091 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Issuance
of notes and bank borrowings |
53,500 |
|
|
153,000 |
|
Payments on long-term debt, capital leases, and
associated costs |
(8,594 |
) |
|
(4,111 |
) |
Gold
production royalty payments |
(10,368 |
) |
|
(14,683 |
) |
Other |
(423 |
) |
|
(246 |
) |
CASH
PROVIDED BY FINANCING ACTIVITIES |
34,115 |
|
|
133,960 |
|
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
(91,274 |
) |
|
66,242 |
|
Cash and
cash equivalents at beginning of period |
270,861 |
|
|
206,690 |
|
Cash and cash equivalents at end of period |
$ |
179,587 |
|
|
$ |
272,932 |
|
Coeur Mining, Inc.
and Subsidiaries
Condensed Consolidated Balance Sheets
|
March 31, 2015
(Unaudited) |
|
December 31,
2014 |
ASSETS |
In thousands, except share data |
CURRENT ASSETS |
|
|
|
Cash and
cash equivalents |
$ |
179,587 |
|
|
$ |
270,861 |
|
Receivables |
118,390 |
|
|
116,921 |
|
Inventory |
115,337 |
|
|
114,931 |
|
Ore on leach pads |
66,705 |
|
|
48,204 |
|
Deferred
tax assets |
7,255 |
|
|
7,364 |
|
Prepaid expenses and other |
18,629 |
|
|
15,523 |
|
|
505,903 |
|
|
573,804 |
|
NON-CURRENT ASSETS |
|
|
|
Property,
plant and equipment, net |
254,892 |
|
|
227,911 |
|
Mining properties, net |
572,842 |
|
|
501,192 |
|
Ore on
leach pads |
34,425 |
|
|
37,889 |
|
Restricted assets |
9,039 |
|
|
7,037 |
|
Equity
securities |
4,488 |
|
|
5,982 |
|
Receivables |
18,933 |
|
|
21,686 |
|
Deferred
tax assets |
63,735 |
|
|
60,151 |
|
Other |
11,561 |
|
|
9,915 |
|
TOTAL
ASSETS |
$ |
1,475,818 |
|
|
$ |
1,445,567 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
CURRENT
LIABILITIES |
|
|
|
Accounts payable |
$ |
45,387 |
|
|
$ |
49,052 |
|
Accrued
liabilities and other |
40,568 |
|
|
51,513 |
|
Debt |
65,719 |
|
|
17,498 |
|
Royalty
obligations |
44,442 |
|
|
43,678 |
|
Reclamation |
3,888 |
|
|
3,871 |
|
Deferred
tax liabilities |
8,078 |
|
|
8,078 |
|
|
208,082 |
|
|
173,690 |
|
NON-CURRENT LIABILITIES |
|
|
|
Debt |
447,779 |
|
|
451,048 |
|
Royalty
obligations |
21,219 |
|
|
27,651 |
|
Reclamation |
85,899 |
|
|
66,943 |
|
Deferred
tax liabilities |
121,799 |
|
|
111,006 |
|
Other long-term liabilities |
37,476 |
|
|
29,911 |
|
|
714,172 |
|
|
686,559 |
|
STOCKHOLDERS' EQUITY |
|
|
|
Common
stock, par value $0.01 per share; authorized 150,000,000 shares,
issued and outstanding 103,299,223 at March 31, 2015 and
103,384,408 at December 31, 2014 |
1,033 |
|
|
1,034 |
|
Additional paid-in capital |
2,791,216 |
|
|
2,789,695 |
|
Accumulated other comprehensive income (loss) |
(2,795 |
) |
|
(2,808 |
) |
Accumulated deficit |
(2,235,890 |
) |
|
(2,202,603 |
) |
|
553,564 |
|
|
585,318 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
1,475,818 |
|
|
$ |
1,445,567 |
|
Adjusted EBITDA
Reconciliation
(Dollars in thousands except per
share amounts) |
1Q 2015 |
|
4Q 2014 |
|
3Q 2014 |
|
2Q 2014 |
|
1Q 2014 |
Net
income (loss) |
$ |
(33,287 |
) |
|
$ |
(1,079,038 |
) |
|
$ |
3,466 |
|
|
$ |
(43,121 |
) |
|
$ |
(37,191 |
) |
Interest expense, net of capitalized interest |
10,765 |
|
|
10,566 |
|
|
11,615 |
|
|
12,311 |
|
|
13,054 |
|
Interest income and other, net |
997 |
|
|
(3,688 |
) |
|
213 |
|
|
4,083 |
|
|
(1,983 |
) |
Income tax provision (benefit) |
68 |
|
|
(440,594 |
) |
|
(16,582 |
) |
|
2,621 |
|
|
(4,689 |
) |
Amortization |
33,090 |
|
|
38,570 |
|
|
41,985 |
|
|
41,422 |
|
|
40,459 |
|
EBITDA |
11,633 |
|
|
(1,474,184 |
) |
|
40,697 |
|
|
17,316 |
|
|
9,650 |
|
Fair
value adjustments, net |
4,884 |
|
|
(7,229 |
) |
|
(16,106 |
) |
|
8,281 |
|
|
11,436 |
|
Impairment of equity securities |
1,514 |
|
|
1,979 |
|
|
1,092 |
|
|
934 |
|
|
2,588 |
|
Litigation settlements |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Loss on revolver termination |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,035 |
|
Inventory adjustments |
3,684 |
|
|
14,482 |
|
|
4,993 |
|
|
6,353 |
|
|
4,373 |
|
Write-downs |
- |
|
|
1,472,721 |
|
|
- |
|
|
- |
|
|
- |
|
Adjusted EBITDA |
$ |
21,715 |
|
|
$ |
7,769 |
|
|
$ |
30,676 |
|
|
$ |
32,884 |
|
|
$ |
31,082 |
|
Adjusted Net Income
(Loss) Reconciliation
(Dollars in thousands except per
share amounts) |
1Q 2015 |
|
4Q 2014 |
|
3Q 2014 |
|
2Q 2014 |
|
1Q 2014 |
Net
income (loss) |
$ |
(33,287 |
) |
|
$ |
(1,079,038 |
) |
|
$ |
3,466 |
|
|
$ |
(43,121 |
) |
|
$ |
(37,191 |
) |
Fair value adjustments, net |
4,339 |
|
|
(5,622 |
) |
|
(13,026 |
) |
|
6,498 |
|
|
7,827 |
|
Stock-based compensation |
2,410 |
|
|
1,807 |
|
|
2,417 |
|
|
2,299 |
|
|
2,453 |
|
Impairment of equity securities |
1,514 |
|
|
1,979 |
|
|
1,092 |
|
|
934 |
|
|
2,588 |
|
Accretion of royalty obligation |
1,315 |
|
|
1,992 |
|
|
1,374 |
|
|
1,789 |
|
|
1,821 |
|
Write-downs |
- |
|
|
1,021,756 |
|
|
- |
|
|
- |
|
|
- |
|
Litigation settlements |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
(Gain) loss on debt extinguishments |
- |
|
|
(426 |
) |
|
- |
|
|
- |
|
|
- |
|
Loss
on revolver termination |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,035 |
|
Inventory adjustments |
3,684 |
|
|
14,482 |
|
|
4,993 |
|
|
6,353 |
|
|
4,373 |
|
Deferred tax asset valuation allowance |
(3,464 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Foreign exchange (gain) loss on deferred taxes |
(929 |
) |
|
5,615 |
|
|
(18,801 |
) |
|
3,711 |
|
|
(3,705 |
) |
Adjusted net income (loss) |
$ |
(24,418 |
) |
|
$ |
(37,455 |
) |
|
$ |
(18,485 |
) |
|
$ |
(21,537 |
) |
|
$ |
(18,799 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) per
share |
$ |
(0.24 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.18 |
) |
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended March 31, 2015
|
|
Silver |
|
Gold |
|
|
In
thousands except per ounce amounts |
|
Palmarejo |
|
San Bartolomé |
|
Rochester |
|
Endeavor |
|
Total |
|
Kensington |
|
Total |
Costs applicable to sales, including amortization
(U.S. GAAP) |
|
$ |
41,824 |
|
|
$ |
23,818 |
|
|
$ |
38,235 |
|
|
$ |
1,892 |
|
|
$ |
105,769 |
|
|
$ |
40,973 |
|
|
$ |
146,742 |
|
Amortization |
|
7,333 |
|
|
4,691 |
|
|
6,843 |
|
|
1,259 |
|
|
20,126 |
|
|
11,554 |
|
|
31,680 |
|
Costs applicable to sales |
|
$ |
34,491 |
|
|
$ |
19,127 |
|
|
$ |
31,392 |
|
|
$ |
633 |
|
|
$ |
85,643 |
|
|
$ |
29,419 |
|
|
$ |
115,062 |
|
Silver
equivalent ounces sold |
|
2,157,612 |
|
|
1,289,867 |
|
|
2,416,103 |
|
|
117,863 |
|
|
5,981,445 |
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
36,873 |
|
|
|
Costs
applicable to sales per ounce |
|
$ |
15.99 |
|
|
$ |
14.83 |
|
|
$ |
12.99 |
|
|
$ |
5.37 |
|
|
$ |
14.32 |
|
|
$ |
798 |
|
|
|
Inventory adjustments |
|
(1.43 |
) |
|
(0.36 |
) |
|
(0.04 |
) |
|
- |
|
|
(0.61 |
) |
|
(1 |
) |
|
|
Adjusted costs applicable to sales per ounce |
|
14.56 |
|
|
14.47 |
|
|
12.95 |
|
|
5.37 |
|
|
13.71 |
|
|
797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,490 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,909 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,834 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,266 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,924 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,873 |
|
All-in
sustaining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
148,358 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,981,445 |
|
Kensington silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,212,380 |
|
Consolidated silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,193,825 |
|
All-in sustaining costs per silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
18.11 |
|
Inventory adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.45 |
) |
Adjusted all-in sustaining costs per silver equivalent
ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
17.66 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended December 31, 2014
|
|
Silver |
|
Gold |
|
|
(Dollars in thousands except per ounce
amounts) |
|
Palmarejo |
|
San Bartolomé |
|
Rochester |
|
Endeavor |
|
Total |
|
Kensington |
|
Total |
Costs applicable to sales, including amortization
(U.S. GAAP) |
|
$ |
64,397 |
|
|
$ |
34,610 |
|
|
$ |
34,611 |
|
|
$ |
2,678 |
|
|
$ |
136,296 |
|
|
$ |
27,383 |
|
|
$ |
163,679 |
|
Amortization |
|
16,235 |
|
|
4,993 |
|
|
5,955 |
|
|
1,586 |
|
|
28,769 |
|
|
8,458 |
|
|
37,227 |
|
Costs applicable to sales |
|
$ |
48,162 |
|
|
$ |
29,617 |
|
|
$ |
28,656 |
|
|
$ |
1,092 |
|
|
$ |
107,527 |
|
|
$ |
18,925 |
|
|
$ |
126,452 |
|
Silver
equivalent ounces sold |
|
2,350,080 |
|
|
1,985,952 |
|
|
2,001,976 |
|
|
191,983 |
|
|
6,529,991 |
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
22,399 |
|
|
|
Costs
applicable to sales per ounce |
|
$ |
20.49 |
|
|
$ |
14.91 |
|
|
$ |
14.31 |
|
|
$ |
5.69 |
|
|
$ |
16.47 |
|
|
$ |
845 |
|
|
|
Inventory adjustments |
|
(4.79 |
) |
|
(0.53 |
) |
|
(0.49 |
) |
|
- |
|
|
(2.04 |
) |
|
(53 |
) |
|
|
Adjusted costs applicable to sales per ounce |
|
15.70 |
|
|
14.38 |
|
|
13.82 |
|
|
5.69 |
|
|
14.43 |
|
|
792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
994 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,492 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,036 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,783 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,549 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,721 |
|
All-in
sustaining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
166,027 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,529,991 |
|
Kensington silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,343,940 |
|
Consolidated silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,873,931 |
|
All-in sustaining costs per silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
21.09 |
|
Inventory adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1.84 |
) |
Adjusted all-in sustaining costs per silver equivalent
ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
19.25 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended September 30, 2014
|
|
Silver |
|
Gold |
|
|
(Dollars in thousands except per ounce
amounts) |
|
Palmarejo |
|
San Bartolomé |
|
Rochester |
|
Endeavor |
|
Total |
|
Kensington |
|
Total |
Costs applicable to sales, including amortization
(U.S. GAAP) |
|
$ |
62,481 |
|
|
$ |
25,564 |
|
|
$ |
29,077 |
|
|
$ |
1,998 |
|
|
$ |
119,120 |
|
|
$ |
47,555 |
|
|
$ |
166,675 |
|
Amortization |
|
16,493 |
|
|
5,117 |
|
|
5,359 |
|
|
909 |
|
|
27,878 |
|
|
12,887 |
|
|
40,765 |
|
Costs applicable to sales |
|
$ |
45,988 |
|
|
$ |
20,447 |
|
|
$ |
23,718 |
|
|
$ |
1,089 |
|
|
$ |
91,242 |
|
|
$ |
34,668 |
|
|
$ |
125,910 |
|
Silver
equivalent ounces sold |
|
3,021,448 |
|
|
1,438,409 |
|
|
1,602,676 |
|
|
141,291 |
|
|
6,203,824 |
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
37,009 |
|
|
|
Costs
applicable to sales per ounce |
|
$ |
15.22 |
|
|
$ |
14.22 |
|
|
$ |
14.80 |
|
|
$ |
7.71 |
|
|
$ |
14.71 |
|
|
$ |
937 |
|
|
|
Inventory adjustments |
|
(0.79 |
) |
|
(0.55 |
) |
|
(0.02 |
) |
|
- |
|
|
(0.52 |
) |
|
(48 |
) |
|
|
Adjusted costs applicable to sales per ounce |
|
14.43 |
|
|
13.67 |
|
|
14.78 |
|
|
7.71 |
|
|
14.19 |
|
|
889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,425 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,239 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,515 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,587 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,041 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,154 |
|
All-in
sustaining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
158,871 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,203,824 |
|
Kensington silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,220,540 |
|
Consolidated silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,424,364 |
|
All-in sustaining costs per silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
18.86 |
|
Inventory adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.59 |
) |
Adjusted all-in sustaining costs per silver equivalent
ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
18.27 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended June 30, 2014
|
|
Silver |
|
Gold |
|
|
(Dollars in thousands except per ounce
amounts) |
|
Palmarejo |
|
San Bartolomé |
|
Rochester |
|
Endeavor |
|
Total |
|
Kensington |
|
Total |
Costs applicable to sales, including amortization
(U.S. GAAP) |
|
$ |
67,595 |
|
|
$ |
25,550 |
|
|
$ |
29,406 |
|
|
$ |
1,701 |
|
|
$ |
124,252 |
|
|
$ |
34,784 |
|
|
$ |
159,036 |
|
Amortization |
|
18,044 |
|
|
4,855 |
|
|
5,025 |
|
|
859 |
|
|
28,783 |
|
|
11,566 |
|
|
40,349 |
|
Costs applicable to sales |
|
$ |
49,551 |
|
|
$ |
20,695 |
|
|
$ |
24,381 |
|
|
$ |
842 |
|
|
$ |
95,469 |
|
|
$ |
23,218 |
|
|
$ |
118,687 |
|
Silver
equivalent ounces sold |
|
3,528,219 |
|
|
1,494,100 |
|
|
1,544,456 |
|
|
106,126 |
|
|
6,672,901 |
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
23,028 |
|
|
|
Costs
applicable to sales per ounce |
|
$ |
14.04 |
|
|
$ |
13.85 |
|
|
$ |
15.79 |
|
|
$ |
7.94 |
|
|
$ |
14.31 |
|
|
$ |
1,008 |
|
|
|
Inventory adjustments |
|
(0.56 |
) |
|
- |
|
|
(0.06 |
) |
|
- |
|
|
(0.31 |
) |
|
(187 |
) |
|
|
Adjusted costs applicable to sales per ounce |
|
13.48 |
|
|
13.85 |
|
|
15.73 |
|
|
7.94 |
|
|
14.00 |
|
|
821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
963 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
17,617 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,398 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,153 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,964 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,388 |
|
All-in
sustaining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
160,170 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,672,901 |
|
Kensington silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,381,680 |
|
Consolidated silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,054,581 |
|
All-in sustaining costs per silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
19.89 |
|
Inventory adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.79 |
) |
Adjusted all-in sustaining costs per silver equivalent
ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
19.10 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended March 31, 2014
|
|
Silver |
|
Gold |
|
|
(Dollars in thousands except per ounce
amounts) |
|
Palmarejo |
|
San Bartolomé |
|
Rochester |
|
Endeavor |
|
Total |
|
Kensington |
|
Total |
Costs applicable to sales, including amortization
(U.S. GAAP) |
|
$ |
62,233 |
|
|
$ |
23,358 |
|
|
$ |
19,159 |
|
|
$ |
2,135 |
|
|
$ |
106,885 |
|
|
$ |
39,240 |
|
|
$ |
146,125 |
|
Amortization |
|
18,659 |
|
|
4,457 |
|
|
4,451 |
|
|
953 |
|
|
28,520 |
|
|
10,709 |
|
|
39,229 |
|
Costs applicable to sales |
|
$ |
43,574 |
|
|
$ |
18,901 |
|
|
$ |
14,708 |
|
|
$ |
1,182 |
|
|
$ |
78,365 |
|
|
$ |
28,531 |
|
|
$ |
106,896 |
|
Silver
equivalent ounces sold |
|
3,261,982 |
|
|
1,357,307 |
|
|
1,160,829 |
|
|
146,842 |
|
|
5,926,960 |
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
28,386 |
|
|
|
Costs
applicable to sales per ounce |
|
$ |
13.36 |
|
|
$ |
13.93 |
|
|
$ |
12.67 |
|
|
$ |
8.05 |
|
|
$ |
13.22 |
|
|
$ |
1,005 |
|
|
|
Inventory adjustments |
|
(0.23 |
) |
|
- |
|
|
(0.04 |
) |
|
- |
|
|
(0.13 |
) |
|
(126 |
) |
|
|
Adjusted costs applicable to sales per ounce |
|
13.13 |
|
|
13.93 |
|
|
12.63 |
|
|
8.05 |
|
|
13.09 |
|
|
879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,561 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,851 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,896 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,217 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,914 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,325 |
|
All-in
sustaining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
145,660 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,926,960 |
|
Kensington silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,703,160 |
|
Consolidated silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,630,120 |
|
All-in sustaining costs per silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
19.09 |
|
Inventory adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.57 |
) |
Adjusted all-in sustaining costs per silver equivalent
ounce |
|
|
|
|
|
|
|
|
|
|
|
$ |
18.52 |
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Coeur Mining, Inc. via Globenewswire
HUG#1918634
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Sep 2023 to Sep 2024