Coeur Reports Fourth Quarter and Full-Year 2021 Results
Provides Full-Year 2022 Guidance
CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported fourth quarter 2021 financial results, including revenue of $208 million and cash flow from operating activities of $35 million. The Company reported GAAP net loss from continuing operations of $11 million, or $0.04 per share, which included a non-cash unrealized loss of $8 million on strategic equity investments, primarily related to Coeur’s 18% equity ownership of Victoria Gold Corp. (“Victoria”) during the quarter. On an adjusted basis1, Coeur reported EBITDA of $49 million, cash flow from operating activities before changes in working capital of $38 million and net loss from continuing operations of $12 million, or $0.05 per share.
For the full year, Coeur reported revenue of $833 million, cash flow from operating activities of $110 million and GAAP net loss from continuing operations of $31 million, or $0.13 per share. On an adjusted basis1, the Company reported EBITDA of $211 million, cash flow from operating activities prior to changes in working capital of $146 million and net loss from continuing operations of $1 million, or $0.01 per share.
Key Highlights
- Solid fourth quarter production growth led to full-year production within guidance ranges – Gold and silver production increased 2% and 6% quarter-over-quarter, respectively, to 88,946 ounces and 2.6 million ounces. Full-year gold and silver production totaled 348,529 ounces and 10.1 million ounces, respectively, within the Company’s consolidated production guidance range for both metals
- Strong cost performance from primary gold operations – Full-year adjusted costs applicable to sales2 at Palmarejo, Kensington and Wharf were within their guidance ranges for 2021 despite inflationary cost headwinds, leading to strong free cash flow1 at each of these primary gold operations. During 2021, gold sales represented 70% of the Company’s total revenue
- Largest exploration program in Company history extended mine lives and drove resource growth – Coeur increased total exploration investment 41% year-over-year to $71 million in 2021, bringing its five-year cumulative investment in exploration to nearly $240 million, which has led to significant increases in reserves and resources. From the 2021 program, mine life extensions at Palmarejo and Wharf as well as significant resource additions at Silvertip and Kensington continue to lay the foundation for future organic growth
- Updated capital and schedule estimates for Rochester expansion provide clarity – The Company estimates the total capital for the Plan of Operations Amendment 11 (“POA 11”) will be approximately $520 million, which is in-line with recent updates. Approximately $236 million has been incurred on the project as of December 31, 2021. In addition, Coeur estimates the cost to incorporate pre-screens into the new crusher circuit and associated re-assessment of project contingency to be approximately $70 – $80 million. Construction is expected to be completed mid-2023 with commissioning to follow. Post-expansion, full-year production is expected to average roughly 8 million ounces of silver and 76,250 ounces of gold with average free cash flow1 of $90 million from 2024 to 2034
- Silvertip trade-off study underway – The Company commenced work to assess the economics of a potential larger expansion and restart of its high-grade Silvertip silver-zinc-lead property in British Columbia. The review is evaluating the potential to target a higher throughput to take advantage of the significant resource growth and on a timetable that would sequence an expansion and restart following completion and commissioning of the Rochester expansion. Results from this ongoing work are expected by the end of the year
- Initial Technical Report Summaries filed under new SEC rules confirm strength and stability of Coeur’s multi-asset portfolio – The Company today filed initial Technical Report Summaries pursuant to Item 1300 of SEC Regulation S-K. Highlights from the reports include reserve-only based mine lives of 8 years at Palmarejo, 13 years at Rochester, 3 years at Kensington and 8 years at Wharf
“Solid contributions from our diversified portfolio led to Coeur’s strongest annual revenue in nearly a decade,” said Mitchell J. Krebs, President and Chief Executive Officer. “Achieving our annual production guidance for both gold and silver was particularly gratifying in light of the global economic disruptions that continue to impact our industry.
“Through it all, our focus remained squarely on advancing the POA 11 expansion project at Rochester in northern Nevada. Comprehensive development and planning work during the fourth quarter has provided significant clarity on costs and timing. We believe the decision to proceed with pre-screens as an expected accretive scope change to the existing project flowsheet will contribute further to Rochester’s overall flexibility. The updated Rochester capital schedule envisions a long-lived linchpin of sustainable production and free cash flow with compelling opportunities for further organic growth.
“We also continued our successful multi-year exploration program by executing the largest drilling campaign in Coeur’s history. Our commitment to delivering organic growth through the drill bit led to further extension of mine lives at Wharf and Palmarejo as well as enhanced understanding of geologic models in all our operating districts. We also made important new discoveries at our Silvertip property in northern British Columbia and Crown property in southern Nevada.
“We have taken advantage of the higher metal prices in recent years to invest in the attractive returns available from brownfield expansions and exploration to position the Company as America’s premier, growing precious metals mining company with a diversified, North American asset base capable of generating attractive returns and sustainable cash flow over the long-term.”
|
Financial and Operating Highlights (Unaudited) |
|||||||||||||||||||||
|
(Amounts in millions, except per share amounts, gold/silver ounces produced & sold, and per-ounce metrics) |
2021 |
4Q 2021 |
3Q 2021 |
2Q 2021 |
1Q 2021 |
2020 |
4Q 2020 |
||||||||||||||
|
Gold Sales |
$ |
578.9 |
|
$ |
146.7 |
|
$ |
147.7 |
|
$ |
146.2 |
|
$ |
138.3 |
|
$ |
584.6 |
$ |
162.0 |
||
|
Silver Sales |
$ |
253.9 |
|
$ |
61.2 |
|
$ |
60.2 |
|
$ |
68.7 |
|
$ |
63.8 |
|
$ |
200.2 |
$ |
66.4 |
||
|
Consolidated Revenue |
$ |
832.8 |
|
$ |
207.8 |
|
$ |
208.0 |
|
$ |
214.9 |
|
$ |
202.1 |
|
$ |
785.5 |
$ |
228.3 |
||
|
Costs Applicable to Sales2 |
$ |
511.5 |
|
$ |
136.5 |
|
$ |
134.3 |
|
$ |
132.6 |
|
$ |
108.1 |
|
$ |
440.3 |
$ |
118.6 |
||
|
General and Administrative Expenses |
$ |
40.4 |
|
$ |
9.6 |
|
$ |
8.7 |
|
$ |
10.5 |
|
$ |
11.6 |
|
$ |
33.7 |
$ |
8.4 |
||
|
Net Income (Loss) |
$ |
(31.3 |
) |
$ |
(10.7 |
) |
$ |
(54.8 |
) |
$ |
32.1 |
|
$ |
2.1 |
|
$ |
25.6 |
$ |
11.9 |
||
|
Net Income (Loss) Per Share |
$ |
(0.13 |
) |
$ |
(0.04 |
) |
$ |
(0.21 |
) |
$ |
0.13 |
|
$ |
0.01 |
|
$ |
0.11 |
$ |
0.05 |
||
|
Adjusted Net Income (Loss)1 |
$ |
(1.4 |
) |
$ |
(11.6 |
) |
$ |
(2.9 |
) |
$ |
(0.8 |
) |
$ |
13.9 |
|
$ |
59.0 |
$ |
19.1 |
||
|
Adjusted Net Income (Loss)1 Per Share |
$ |
(0.01 |
) |
$ |
(0.05 |
) |
$ |
(0.01 |
) |
$ |
0.00 |
|
$ |
0.06 |
|
$ |
0.24 |
$ |
0.08 |
||
|
Weighted Average Shares Outstanding |
|
250.0 |
|
|
254.8 |
|
|
254.7 |
|
|
252.1 |
|
|
244.5 |
|
|
242.5 |
|
244.3 |
||
|
EBITDA1 |
$ |
148.4 |
|
$ |
28.3 |
|
$ |
(14.2 |
) |
$ |
84.6 |
|
$ |
49.7 |
|
$ |
214.8 |
$ |
76.7 |
||
|
Adjusted EBITDA1 |
$ |
210.8 |
|
$ |
48.7 |
|
$ |
48.8 |
|
$ |
52.7 |
|
$ |
65.9 |
|
$ |
263.4 |
$ |
84.0 |
||
|
Cash Flow from Operating Activities |
$ |
110.5 |
|
$ |
35.0 |
|
$ |
21.8 |
|
$ |
58.1 |
|
$ |
(4.4 |
) |
$ |
148.7 |
$ |
67.3 |
||
|
Capital Expenditures |
$ |
309.8 |
|
$ |
100.9 |
|
$ |
71.3 |
|
$ |
78.2 |
|
$ |
59.4 |
|
$ |
99.3 |
$ |
37.4 |
||
|
Free Cash Flow1 |
$ |
(199.3 |
) |
$ |
(65.9 |
) |
$ |
(49.4 |
) |
$ |
(20.2 |
) |
$ |
(63.8 |
) |
$ |
49.4 |
$ |
29.8 |
||
|
Cash, Equivalents & Short-Term Investments |
$ |
56.7 |
|
$ |
56.7 |
|
$ |
85.0 |
|
$ |
124.1 |
|
$ |
154.1 |
|
$ |
92.8 |
$ |
92.8 |
||
|
Total Debt3 |
$ |
487.5 |
|
$ |
487.5 |
|
$ |
442.4 |
|
$ |
414.2 |
|
$ |
412.1 |
|
$ |
275.5 |
$ |
275.5 |
||
|
Average Realized Price Per Ounce – Gold |
$ |
1,652 |
|
$ |
1,652 |
|
$ |
1,645 |
|
$ |
1,651 |
|
$ |
1,664 |
|
$ |
1,641 |
$ |
1,663 |
||
|
Average Realized Price Per Ounce – Silver |
$ |
25.06 |
|
$ |
23.17 |
|
$ |
24.18 |
|
$ |
26.60 |
|
$ |
26.19 |
|
$ |
20.79 |
$ |
24.21 |
||
|
Gold Ounces Produced |
|
348,529 |
|
|
88,946 |
|
|
87,083 |
|
|
87,275 |
|
|
85,225 |
|
|
355,678 |
|
96,377 |
||
|
Silver Ounces Produced |
|
10.1 |
|
|
2.6 |
|
|
2.5 |
|
|
2.6 |
|
|
2.4 |
|
|
9.7 |
|
2.8 |
||
|
Gold Ounces Sold |
|
350,347 |
|
|
88,930 |
|
|
89,804 |
|
|
88,501 |
|
|
83,112 |
|
|
356,251 |
|
97,400 |
||
|
Silver Ounces Sold |
|
10.1 |
|
|
2.6 |
|
|
2.5 |
|
|
2.6 |
|
|
2.4 |
|
|
9.6 |
|
2.7 |
||
Financial Results
Fourth quarter 2021 revenue totaled $208 million compared to $208 million in the prior period and $228 million in the fourth quarter of 2020. The Company produced 88,946 and 2.6 million ounces of gold and silver, respectively, during the quarter. Metal sales totaled 88,930 ounces of gold and 2.6 million ounces of silver. Average realized gold and silver prices for the quarter were $1,652 and $23.17 per ounce, respectively, compared to $1,645 and $24.18 per ounce in the prior period and $1,663 and $24.21 per ounce in the fourth quarter of 2020.
Coeur generated $833 million in revenue during 2021, representing a 6% increase year-over-year and its highest annual revenue in nearly ten years. Full-year gold and silver production totaled 348,529 and 10.1 million ounces, respectively, compared to 355,678 ounces of gold and 9.7 million ounces of silver in 2020. Metal sales in 2021 included 350,347 and 10.1 million ounces of gold and silver, respectively. Average realized gold and silver prices for the year were $1,652 and $25.06 per ounce, respectively, compared to $1,641 and $20.79 per ounce in 2020.
Gold and silver sales accounted for 71% and 29% of quarterly revenue, respectively. For the full year, gold and silver sales accounted for 70% and 30% of revenue. The Company’s U.S. operations accounted for approximately 61% and 62% of fourth quarter and full-year revenue, respectively.
Costs applicable to sales2 remained consistent quarter-over-quarter at $137 million while increasing 16% year-over-year to $512 million. Higher costs during the year were due primarily to increased maintenance and consumable costs driven by inflation.
General and administrative expenses for the fourth quarter and full-year totaled $10 million and $40 million, respectively, compared to $9 million and $34 million in the prior periods, and at the low end of Coeur’s 2021 guidance range of $40 – $45 million. Higher general and administrative expense in the fourth quarter and full-year primarily reflects increased employee-related expenses.
Coeur invested approximately $18 million ($14 million expensed and $4 million capitalized) in exploration during the quarter, compared to roughly $20 million ($15 million expensed and $5 million capitalized) in the prior period. For the full year, the Company invested approximately $71 million ($51 million expensed and $20 million capitalized), compared to roughly $51 million ($43 million expensed and $8 million capitalized), reflecting completion of the largest exploration program in Coeur’s history and within the Company’s 2021 guidance range of $65 – $75 million. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.
Operating costs related to COVID-19 mitigation and response efforts remained relatively steady quarter-over-quarter at $1 million, bringing the full-year expense to approximately $7 million. These costs were primarily driven by employee-related expenses at Kensington and Palmarejo, and are included in “Pre-development, reclamation, and other expenses” on the Company’s income statement. Coeur has maintained rigorous health and safety protocols across its operations aimed at limiting the exposure and transmission of COVID-19 which has led to minimal business interruptions.
The Company recorded income tax expense of approximately $1 million and $35 million during the fourth quarter and for the full year, respectively. Cash income and mining taxes paid during the period totaled approximately $10 million, bringing the full-year figure to $57 million. Cash taxes paid in 2021 primarily reflect income and mining tax payments in Mexico. Additionally, Coeur expects to pay approximately $20 – $25 million in cash taxes during the first quarter of 2022 primarily as a result of its annual tax filings in Mexico.
Quarterly operating cash flow totaled $35 million compared to $22 million in the prior period, largely driven by favorable changes in working capital resulting primarily from the timing of payments. The Company satisfied the remaining $8 million obligation under its prepayment agreement at Kensington and exercised an option to receive an additional $15 million prepayment, resulting in a net cash inflow of approximately $7 million in the fourth quarter. For the full year, operating cash flow decreased 26% to $110 million largely driven by lower profitability at Rochester, Kensington and Wharf.
Capital expenditures increased 42% quarter-over-quarter to $101 million, bringing the full-year total to $310 million and within Coeur’s 2021 guidance range of $280 – $310 million. Higher quarterly capital expenditures were driven by increased investment across the Company’s portfolio. Expenditures related to the POA 11 expansion project at Rochester totaled $47 million and $148 million during the quarter and full-year, respectively. Sustaining and development capital expenditures accounted for approximately 32% and 68%, respectively, of Coeur’s total capital investment in 2021.
Capital Projects Update
Rochester Expansion
As previously disclosed, the Company began seeing inflationary pressures on bids for remaining unawarded contracts on the POA 11 expansion project at Rochester during the second half of 2021, most notably on two structural, mechanical, piping, electrical and instrumentation (“SMPEI”) construction contracts for the Merrill-Crowe process plant and crushing circuit, respectively. Coeur recently selected TIC – The Industrial Company, a subsidiary of Kiewit, as the general SMPEI contractor for construction of the Merrill-Crowe process plant and crusher corridor based on a revised commercial approach from the previous lump-sum commercial model to a single contract. SMPEI work under the initial contract is beginning to advance.
Coeur has also advanced work related to implementation of pre-screens as part of the POA 11 expansion project and has elected to proceed with this scope change enhancement. As previously disclosed, the Company plans to integrate pre-screens into the current crushing system at Rochester, which is expected to drive improved performance while providing valuable operating experience and knowledge that can be applied to the new crushing circuit as part of the POA 11 expansion. Coeur has commenced detailed engineering for pre-screens and intends to align construction of the pre-screens with the completion of the crusher corridor. Installation of pre-screens on the existing crusher system is scheduled for the first half of 2022 with commissioning expected to begin around mid-year.
In connection with the items discussed above, the Company has conducted a comprehensive re-baselining of the overall schedule and costs associated with the original scope of POA 11. Updates to key elements of the project timeline including commissioning are highlighted below:
|
|
Start Date |
Initial Target Completion Date |
Updated Target Completion Date |
|
Stage VI Leach Pad |
2H 2020 ✓ |
Mid-2022 |
Mid-2023 |
|
Merrill-Crowe Process Plant |
1H 2021 ✓ |
YE 2022 |
Mid-2023 |
|
Crushing Circuit |
1H 2021 ✓ |
YE 2022 |
3Q-2023 |
Coeur now estimates the total construction capital for POA 11 to be approximately $597 million, which includes the 10-15% previously announced potential cost escalation as well as $70 – $80 million related to pre-screen implementation and additional project contingency to reflect ongoing COVID and schedule risk. As of December 31, 2021, the Company has incurred approximately $236 million in the expansion and 61% of the capital is now committed (excluding the recently-awarded SMPEI contract, which is expected to be formalized in the first quarter).
Excluding capital leases, Coeur forecasts capital expenditures related to POA 11 to be approximately $217 – $257 million and $131 – $171 million in 2022 and 2023, respectively. Additional details on expected production and capital expenditures for Rochester can be found in the Technical Report Summary filed by the Company with the U.S. Securities and Exchange Commission on February 16, 2022 and summarized below.
|
|
|
|
Average Throughput (tons)4 |
35 million |
|
Life of Mine based on Reserves |
13 years |
|
Strip Ratio |
0.53:1 |
|
Average Production (ounces) (Ag / Au)4 |
8 million / 76,250 |
|
Average Placed Grade (ounce per ton) (Ag / Au) |
0.39 / 0.003 |
|
Recovered Placed Metal (Ag / Au) |
(62% / 92%) |
|
Mining Cost Per Ton4 |
$1.35 |
|
Processing Cost Per Ton4 |
$2.15 |
|
G&A Cost Per Ton4 |
$0.64 |
|
Annual Average Free Cash Flow1,4 |
$90 million |
|
NPV5% |
$348 million |
|
IRR |
17% |
|
Note: for a description of the key assumptions, parameters and methods used to estimate the foregoing, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summary for Rochester which is available at www.sec.gov. |
|
Silvertip Expansion and Restart
As previously disclosed, the Company received preliminary capital estimates for an accelerated expansion and restart which were higher than originally anticipated and reflected overall inflationary pressures as well as supply disruptions and labor market tightness consistent with broader macroeconomic themes.
Coeur continues to generate positive results from ongoing exploration as highlighted by the 62% year-over-year increase in inferred resource tons. The Company continues to evaluate various opportunities to enhance the economics of a potential expansion and restart of Silvertip. Exploration investment in the fourth quarter and full-year totaled approximately $4 million (substantially all expensed) and $19 million ($15 million expensed and $3 million capitalized), respectively.
Up to seven core drill rigs were active during the quarter (five on surface and two underground) focused on expansion drilling at southern portions and deeper extensions of the Southern Silver, Discovery South and Camp Creek zones. A total of approximately 337,000 feet (102,725 meters) were drilled during the year, including roughly 75,100 feet (22,875 meters) drilled during the fourth quarter.
Recent surface drilling from south of the Southern Silver zone has cut 11 horizontal manto-style massive sulfide horizons with greater than 10% sphalerite, further suggesting the mineral system extends to the south. Similarly, surface drilling at the Camp Creek zone discovered a new chimney-style massive sulfide zone west of the Camp Creek fault, an area that remains completely open to expansion. At the end of 2021, all of the extensions from Discovery South, Southern Silver and Camp Creek ore bodies remain completely open for expansion. In 2022, Coeur plans to continue the resource growth program and follow-up drilling activity on the newly discovered zones. Additionally, ongoing metallurgical test work is continuing to validate the Company’s assumptions on potential recovery rates and concentrate qualities.
Ongoing carrying costs at Silvertip totaled $6 million in the fourth quarter, compared to $6 million in the prior period. For the full year, ongoing carrying costs totaled $25 million. Capital expenditures during the fourth quarter totaled $26 million compared to $15 million in the prior period as Coeur completed mill decommissioning and planned early civil works construction during the quarter. For 2022, capital expenditures are expected to be approximately $18 – $24 million, primarily focused on underground development and infill drilling as well as study work to evaluate additional opportunities to enhance the economics of a potential expansion and restart.
Liquidity Update
The Company ended the year with total liquidity of approximately $257 million, including $57 million of cash and $200 million of available capacity under its $300 million revolving credit facility (“RCF”)5. The aggregate borrowing capacity under the RCF may be increased by up to $100 million. Additionally, the Company had $132 million of strategic investments in equity securities and the full $100 million available under its at-the-market common stock offering program established in April 2020 (“ATM Program”).
Hedging Update
The Company did not execute any additional hedges during the fourth quarter. Coeur continues to proactively monitor market conditions to potentially layer in additional hedges on up to 70% of expected gold production in 2022 to provide greater assurance of expected cash flow during this period of elevated capital expenditures. The Company’s silver price exposure remains unhedged. An overview of the hedges currently implemented is outlined below:
|
|
|
2022 |
|
Gold Ounces Hedged |
|
132,000 |
|
Avg. Ceiling ($/oz) |
|
$2,038 |
|
Avg. Floor ($/oz) |
|
$1,630 |
Mark-to-Market Adjustments
The Company values its strategic investments in equity securities as of the end of each reporting period. The estimated fair values of the Company’s equity investments in Victoria Gold Corp. and Integra Resources Corp. were $124 million and $8 million, respectively, at December 31, 2021 compared to $131 million and $9 million, respectively, at September 30, 2021, resulting in a non-cash unrealized loss of $8 million during the fourth quarter of 2021. This figure is included in “Fair value adjustments, net” on the Company’s income statement.
Rochester LCM Adjustment
Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the fourth quarter, the cost of ore on leach pads at Rochester exceeded its net realizable value which resulted in a lower of cost or market (“LCM”) adjustment of $8 million (approximately $7 million in costs applicable to sales2 and $1 million of amortization).
Operations
Fourth quarter and full-year 2021 highlights for each of the Company’s operations are provided below.
|
Palmarejo, Mexico |
|||||||||||||||||||||
|
(Dollars in millions, except per ounce amounts) |
2021 |
4Q 2021 |
3Q 2021 |
2Q 2021 |
1Q 2021 |
2020 |
4Q 2020 |
||||||||||||||
|
Tons milled |
|
2,106,741 |
|
|
587,615 |
|
|
517,363 |
|
|
517,373 |
|
|
484,390 |
|
|
1,751,525 |
|
|
509,848 |
|
|
Average gold grade (oz/t) |
|
0.056 |
|
|
0.055 |
|
|
0.050 |
|
|
0.058 |
|
|
0.062 |
|
|
0.070 |
|
|
0.076 |
|
|
Average silver grade (oz/t) |
|
3.93 |
|
|
3.86 |
|
|
3.86 |
|
|
3.94 |
|
|
4.07 |
|
|
4.45 |
|
|
4.30 |
|
|
Average recovery rate – Au |
|
92.8 |
% |
|
89.7 |
% |
|
93.7 |
% |
|
92.4 |
% |
|
95.7 |
% |
|
89.9 |
% |
|
88.9 |
% |
|
Average recovery rate – Ag |
|
82.4 |
% |
|
81.3 |
% |
|
85.5 |
% |
|
81.9 |
% |
|
81.3 |
% |
|
80.4 |
% |
|
81.3 |
% |
|
Gold ounces produced |
|
109,202 |
|
|
28,748 |
|
|
24,254 |
|
|
27,595 |
|
|
28,605 |
|
|
110,608 |
|
|
34,511 |
|
|
Silver ounces produced (000’s) |
|
6,821 |
|
|
1,843 |
|
|
1,708 |
|
|
1,667 |
|
|
1,603 |
|
|
6,269 |
|
|
1,783 |
|
|
Gold ounces sold |
|
108,806 |
|
|
27,706 |
|
|
24,897 |
|
|
30,516 |
|
|
25,687 |
|
|
110,822 |
|
|
35,359 |
|
|
Silver ounces sold (000’s) |
|
6,806 |
|
|
1,813 |
|
|
1,715 |
|
|
1,640 |
|
|
1,638 |
|
|
6,302 |
|
|
1,767 |
|
|
Average realized price per gold ounce |
$ |
1,380 |
|
$ |
1,374 |
|
$ |
1,335 |
|
$ |
1,351 |
|
$ |
1,462 |
|
$ |
1,390 |
|
$ |
1,395 |
|
|
Average realized price per silver ounce |
$ |
25.00 |
|
$ |
23.26 |
|
$ |
24.15 |
|
$ |
26.71 |
|
$ |
26.12 |
|
$ |
21.03 |
|
$ |
24.45 |
|
|
Metal sales |
$ |
320.3 |
|
$ |
80.4 |
|
$ |
74.6 |
|
$ |
85.0 |
|
$ |
80.3 |
|
$ |
286.6 |
|
$ |
92.5 |
|
|
Costs applicable to sales2 |
$ |
153.7 |
|
$ |
38.8 |
|
$ |
39.0 |
|
$ |
41.9 |
|
$ |
34.0 |
|
$ |
125.2 |
|
$ |
36.1 |
|
|
Adjusted CAS per AuOz1 |
$ |
663 |
|
$ |
653 |
|
$ |
704 |
|
$ |
662 |
|
$ |
621 |
|
$ |
609 |
|
$ |
542 |
|
|
Adjusted CAS per AgOz1 |
$ |
11.95 |
|
$ |
11.25 |
|
$ |
12.50 |
|
$ |
13.34 |
|
$ |
10.98 |
|
$ |
9.13 |
|
$ |
9.61 |
|
|
Exploration expense |
$ |
8.6 |
|
$ |
2.3 |
|
$ |
2.8 |
|
$ |
1.8 |
|
$ |
1.7 |
|
$ |
7.0 |
|
$ |
2.6 |
|
|
Cash flow from operating activities |
$ |
102.7 |
|
$ |
32.9 |
|
$ |
23.2 |
|
$ |
33.4 |
|
$ |
13.2 |
|
$ |
118.3 |
|
$ |
43.2 |
|
|
Sustaining capital expenditures (excludes capital lease payments) |
$ |
36.5 |
|
$ |
8.3 |
|
$ |
8.4 |
|
$ |
9.8 |
|
$ |
10.0 |
|
$ |
25.5 |
|
$ |
9.0 |
|
|
Development capital expenditures |
$ |
— |
|
$ |
(0.1 |
) |
$ |
0.1 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(0.1 |
) |
|
Total capital expenditures |
$ |
36.5 |
|
$ |
8.2 |
|
$ |
8.5 |
|
$ |
9.8 |
|
$ |
10.0 |
|
$ |
25.5 |
|
$ |
8.9 |
|
|
Free cash flow1 |
$ |
66.2 |
|
$ |
24.7 |
|
$ |
14.7 |
|
$ |
23.6 |
|
$ |
3.2 |
|
$ |
92.8 |
|
$ |
34.3 |
|
Contacts
Coeur Mining, Inc.
104 S. Michigan Avenue, Suite 900
Chicago, IL 60603
Attention: Jeff Wilhoit, Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com
