Delaware (State or other jurisdiction of incorporation or organization) | 1-8641 (Commission File Number) | 82-0109423 (IRS Employer Identification No.) |
Emerging growth company | ¨ |
Exhibit No. | Description |
Exhibit 99.1 |
Exhibit No. | Description |
Exhibit 99.1 |
COEUR MINING, INC. | |
Date: February 20, 2019 | By: /s/ Thomas S. Whelan |
Name: Thomas S. Whelan Title: Senior Vice President and Chief Financial Officer |
• | Strong performance at Palmarejo and Rochester - At Palmarejo, fourth quarter gold and silver production increased 12% and 23% quarter-over-quarter, respectively, while full-year gold and silver production increased 1% and 4%, respectively, compared to 2017. Palmarejo’s fourth quarter and full-year adjusted costs applicable to sales (“CAS”) per average spot silver equivalent ounce (“AgEqOz”)1 decreased 4% and 14%, respectively. At Rochester, fourth quarter silver and gold production increased 14% and 8%, respectively, compared to the third quarter, while full-year silver and gold production both increased 7% compared to 2017. Rochester’s fourth quarter and full-year adjusted CAS per AgEqOz1 decreased 5% and 4%, respectively |
• | Increased production from Jualin resulted in strong fourth quarter results at Kensington - Nearly 10,500 ounces of gold were mined from the high-grade Jualin deposit during the fourth quarter, leading to a 24% increase in the average gold grade, a 32% increase in production (inclusive of pre-commercial), and a 23% reduction in CAS per AuOz1 quarter-over-quarter |
• | Completed acquisition to further enhance portfolio quality and future pipeline - On November 19, 2018, Coeur completed the acquisition of an extensive land package adjacent to its Rochester operation in northern Nevada for $19 million from Alio Gold Inc. The acquisition included the Lincoln Hill Project, which is located approximately four miles west of Rochester and contains estimated gold grades nearly |
• | Continued ramp-up at Silvertip - Operations at Silvertip continued to ramp up during the fourth quarter and into 2019. Despite tracking behind original expectations, the Company continues to target a 1,100 ton per day (“tpd”) (1,000 metric tonne per day ("mtpd")) processing rate by the end of the first quarter. Throughput rates continue to improve, with January representing the best month of operating performance since the ramp-up of the mine and mill began last year. Coeur anticipates receiving approval for the permit amendment application that will allow for a sustained mining and milling rate of 1,100 tpd (1,000 mtpd) on a year-round basis in early 2019 |
• | Weaker-than-expected fourth quarter at Wharf - Fourth quarter results were impacted by the placement of lower grade ore during the quarter and by temporary percolation leach pad issues that resulted in slower-than-anticipated recoveries in the quarter. Full-year results were also impacted by unplanned weather-related downtime experienced in the third quarter and timing of leach pad recoveries. Year-to-date 2019 performance at Wharf has rebounded and the Company expects full-year production to return to levels comparable to prior years |
• | Fourth consecutive year of reserve growth2 as exploration programs continue to deliver solid results - Coeur’s full-year exploration investment totaled $44.0 million, comprised of $25.4 million of expensed exploration and $18.6 million of capitalized exploration. The Company drilled over 690,000 feet (210,300 meters) in 2018, its highest annual total since 2012. Proven and probable reserves from continuing operations totaled 2.8 million ounces of gold, 171.3 million ounces of silver, 291.2 million pounds of zinc and 197.5 million pounds of lead, an overall reserve increase year-over-year.2 The strong reserve growth was driven by the Company’s continued investment in its success-based exploration program |
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce/pound metrics) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 | ||||||||||||||
Revenue | $ | 625.9 | $ | 143.8 | $ | 148.8 | $ | 170.0 | $ | 163.3 | $ | 709.6 | $ | 214.6 | |||||||
Costs Applicable to Sales | $ | 441.0 | $ | 116.6 | $ | 116.9 | $ | 108.2 | $ | 99.3 | $ | 440.3 | $ | 122.0 | |||||||
General and Administrative Expenses | $ | 31.3 | $ | 7.1 | $ | 7.7 | $ | 7.7 | $ | 8.8 | $ | 33.6 | $ | 9.2 | |||||||
Net Income (Loss) | $ | (49.0 | ) | $ | 0.4 | $ | (53.0 | ) | $ | 2.9 | $ | 0.7 | $ | 10.9 | $ | 14.3 | |||||
Net Income (Loss) Per Share | $ | (0.26 | ) | $ | 0.00 | $ | (0.29 | ) | $ | 0.02 | $ | 0.00 | $ | 0.06 | $ | 0.08 | |||||
Adjusted Net Income (Loss)1 | $ | (2.2 | ) | $ | 16.1 | $ | (19.7 | ) | $ | 1.1 | $ | 0.3 | $ | 4.2 | $ | 14.1 | |||||
Adjusted Net Income (Loss)1 Per Share | $ | (0.01 | ) | $ | 0.08 | $ | (0.11 | ) | $ | 0.01 | $ | 0.00 | $ | 0.02 | $ | 0.08 | |||||
Weighted Average Shares Outstanding | 188.6 | 199.5 | 185.2 | 187.5 | 187.6 | 184.1 | 187.0 | ||||||||||||||
EBITDA1 | $ | 87.1 | $ | 7.9 | $ | (12.3 | ) | $ | 42.1 | $ | 49.4 | $ | 202.9 | $ | 69.6 | ||||||
Adjusted EBITDA1 | $ | 157.3 | $ | 36.2 | $ | 24.7 | $ | 48.4 | $ | 49.2 | $ | 203.3 | $ | 77.0 | |||||||
Cash Flow from Operating Activities | $ | 20.1 | $ | 0.1 | $ | 5.8 | $ | (1.3 | ) | $ | 15.5 | $ | 197.2 | $ | 91.8 | ||||||
Capital Expenditures | $ | 140.8 | $ | 17.8 | $ | 39.5 | $ | 41.2 | $ | 42.3 | $ | 136.7 | $ | 47.1 | |||||||
Free Cash Flow1 | $ | (120.7 | ) | $ | (17.7 | ) | $ | (33.7 | ) | $ | (42.5 | ) | $ | (26.8 | ) | $ | 60.4 | $ | 44.8 | ||
Cash, Equivalents & Short-Term Investments | $ | 115.1 | $ | 115.1 | $ | 104.7 | $ | 123.5 | $ | 159.6 | $ | 192.0 | $ | 192.0 | |||||||
Total Debt2 | $ | 458.8 | $ | 458.8 | $ | 429.2 | $ | 419.7 | $ | 414.0 | $ | 411.3 | $ | 411.3 | |||||||
Average Realized Price Per Ounce – Silver | $ | 15.65 | $ | 14.59 | $ | 14.68 | $ | 16.48 | $ | 16.70 | $ | 16.96 | $ | 16.57 | |||||||
Average Realized Price Per Ounce – Gold | $ | 1,218 | $ | 1,214 | $ | 1,150 | $ | 1,241 | $ | 1,268 | $ | 1,204 | $ | 1,224 | |||||||
Average Realized Price Per Pound – Zinc | $ | 1.12 | $ | 1.07 | $ | 0.94 | $ | — | $ | — | $ | — | |||||||||
Average Realized Price Per Pound – Lead | $ | 0.90 | $ | 0.87 | $ | 0.85 | $ | — | $ | — | $ | — | |||||||||
Silver Ounces Produced | 12.8 | 3.5 | 2.9 | 3.2 | 3.2 | 12.1 | 3.7 | ||||||||||||||
Gold Ounces Produced | 359,520 | 92,546 | 87,539 | 94,052 | 85,383 | 383,086 | 118,756 | ||||||||||||||
Zinc Pounds Produced | 4.2 | 3.1 | 1.1 | — | — | — | — | ||||||||||||||
Lead Pounds Produced | 2.1 | 1.7 | 0.4 | — | — | — | — | ||||||||||||||
Silver Equivalent Ounces Produced1 | 34.7 | 9.4 | 8.2 | 8.8 | 8.3 | 35.1 | 10.8 | ||||||||||||||
Silver Equivalent Ounces Produced (Average Spot)1 | 42.3 | 11.2 | 10.1 | 10.6 | 9.9 | 40.4 | 12.8 | ||||||||||||||
Silver Ounces Sold | 12.4 | 3.1 | 2.9 | 3.2 | 3.2 | 12.7 | 3.8 | ||||||||||||||
Gold Ounces Sold | 350,508 | 79,291 | 89,609 | 94,455 | 87,153 | 410,604 | 123,564 | ||||||||||||||
Zinc Pounds Sold | 4.4 | 2.6 | 1.8 | — | — | — | — | ||||||||||||||
Lead Pounds Sold | 2.6 | 1.4 | 1.2 | — | — | — | — | ||||||||||||||
Silver Equivalent Ounces Sold1 | 33.8 | 8.0 | 8.5 | 8.9 | 8.4 | 37.3 | 11.1 | ||||||||||||||
Silver Equivalent Ounces Sold (Average Spot)1 | 41.2 | 10.1 | 10.4 | 10.7 | 10.1 | 43.0 | 13.2 | ||||||||||||||
Adjusted CAS per AgEqOz1 | $ | 10.23 | $ | 11.06 | $ | 10.77 | $ | 9.44 | $ | 9.69 | $ | 10.62 | $ | 9.43 | |||||||
Adjusted CAS per Average Spot AgEqOz1 | $ | 8.83 | $ | 9.35 | $ | 9.22 | $ | 8.26 | $ | 8.48 | $ | 9.59 | $ | 8.35 | |||||||
Adjusted CAS per AuEqOz1 | $ | 978 | $ | 880 | $ | 1,005 | $ | 1,028 | $ | 955 | $ | 822 | $ | 800 | |||||||
Adjusted AISC per AgEqOz1 | $ | 17.74 | $ | 18.33 | $ | 17.70 | $ | 17.62 | $ | 17.20 | $ | 15.90 | $ | 14.45 | |||||||
Adjusted AISC per Average Spot AgEqOz1 | $ | 14.55 | $ | 14.64 | $ | 14.45 | $ | 14.65 | $ | 14.33 | $ | 13.82 | $ | 12.26 |
(Dollars in millions, except per ounce amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 |
Tons milled | 1,382,471 | 378,389 | 300,116 | 344,073 | 359,893 | 1,498,421 | 389,524 |
Average silver grade (oz/t) | 6.49 | 5.96 | 6.26 | 6.86 | 6.88 | 5.62 | 6.92 |
Average gold grade (oz/t) | 0.10 | 0.08 | 0.10 | 0.11 | 0.10 | 0.09 | 0.10 |
Average recovery rate – Ag | 83.8% | 84.0% | 82.2% | 87.5% | 81.4% | 86.0% | 87.0% |
Average recovery rate – Au | 88.9% | 97.6% | 88.8% | 89.9% | 80.4% | 90.0% | 92.0% |
Silver ounces produced (000’s) | 7,516 | 1,893 | 1,544 | 2,066 | 2,013 | 7,242 | 2,346 |
Gold ounces produced | 122,722 | 31,239 | 27,885 | 33,702 | 29,896 | 121,569 | 37,537 |
Silver equivalent ounces produced1 (000’s) | 14,880 | 3,768 | 3,217 | 4,088 | 3,807 | 14,536 | 4,600 |
Silver equivalent ounces produced1 (average spot) (000’s) | 17,429 | 4,528 | 3,796 | 4,728 | 4,382 | 16,207 | 5,209 |
Silver ounces sold (000’s) | 7,229 | 1,534 | 1,572 | 2,092 | 2,031 | 7,586 | 2,343 |
Gold ounces sold | 115,592 | 23,667 | 29,830 | 31,207 | 30,888 | 131,743 | 38,953 |
Silver equivalent ounces sold1 (000’s) | 14,165 | 2,955 | 3,362 | 3,964 | 3,884 | 15,491 | 4,681 |
Silver equivalent ounces sold1 (average spot) (000’s) | 16,566 | 3,530 | 3,981 | 4,557 | 4,479 | 17,301 | 5,331 |
Average realized price per silver ounce | $15.77 | $14.57 | $14.75 | $16.49 | $16.73 | $16.96 | $16.57 |
Average realized price per gold ounce | $1,140 | $1,148 | $1,082 | $1,162 | $1,168 | $1,110 | $1,139 |
Metal sales | $245.8 | $49.6 | $55.5 | $70.7 | $70.0 | $274.8 | $83.2 |
Costs applicable to sales | $120.1 | $27.1 | $31.6 | $30.3 | $31.1 | $146.2 | $36.0 |
Adjusted CAS per AgEqOz1 | $8.46 | $9.11 | $9.39 | $7.64 | $8.01 | $9.36 | $7.54 |
Adjusted CAS per average spot AgEqOz1 | $7.23 | $7.62 | $7.93 | $6.64 | $6.94 | $8.38 | $6.64 |
Exploration expense | $10.5 | $0.1 | $3.2 | $3.2 | $4.0 | $11.9 | $2.7 |
Cash flow from operating activities | $50.5 | $13.3 | $8.6 | $1.3 | $27.3 | $139.9 | $52.1 |
Sustaining capital expenditures (excludes capital lease payments) | $24.4 | $3.6 | $2.0 | $9.5 | $9.3 | $22.5 | $4.9 |
Development capital expenditures | $5.0 | $2.3 | $2.7 | $— | $— | $7.4 | $2.1 |
Total capital expenditures | $29.4 | $5.9 | $4.7 | $9.5 | $9.3 | $29.9 | $7.0 |
Free cash flow1 | $21.1 | $7.4 | $3.9 | $(8.2) | $18.0 | $110.0 | $45.1 |
• | Fourth quarter gold and silver production increased 12% and 23%, respectively, to 31,239 and 1.9 million ounces compared to the prior quarter. Full-year gold and silver production increased 1% and 4%, respectively, to 122,722 ounces and 7.5 million ounces |
• | Higher production during the quarter was driven largely by increased throughput as the Company processed ore that was initially scheduled to be processed in the third quarter |
• | Fourth quarter adjusted CAS per average spot AgEqOz1 decreased 4% to $7.62 compared to the prior quarter and full-year adjusted CAS per average spot AgEqOz1 decreased 14% year-over-year to $7.23. The quarterly decrease was largely due to higher throughput, partially offset by lower grades. The year-over-year decline was primarily due to higher gold and silver grades |
• | Underground development at the La Nación deposit, located between the Independencia and Guadalupe underground mines, remains on-schedule. Production is expected to commence in the second half of 2019, providing additional mill feed to supplement existing ore sources |
• | Palmarejo generated free cash flow1 of $21.1 million for the full year. The decrease compared to the prior year was primarily driven by $39.6 million of cash income and mining taxes paid in 2018, $17.0 million of which was associated with 2017 earnings |
• | Full-year 2019 production is expected to be 95,000 - 105,000 ounces of gold and 6.5 - 7.2 million ounces of silver. Comparatively lower gold production is largely attributable to an expected reduction in overall gold grade |
• | CAS are expected to be $650 - $750 per gold ounce and $9.00 - $10.00 per silver ounce |
• | Capital expenditures are expected to be approximately $40 - $45 million |
(Dollars in millions, except per ounce amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 |
Ore tons placed | 16,169,807 | 3,674,566 | 4,061,082 | 4,083,028 | 4,351,131 | 16,440,270 | 4,171,451 |
Average silver grade (oz/t) | 0.52 | 0.46 | 0.52 | 0.53 | 0.54 | 0.53 | 0.50 |
Average gold grade (oz/t) | 0.004 | 0.004 | 0.004 | 0.004 | 0.003 | 0.003 | 0.003 |
Silver ounces produced (000’s) | 5,038 | 1,466 | 1,290 | 1,125 | 1,157 | 4,714 | 1,361 |
Gold ounces produced | 54,388 | 15,926 | 14,702 | 12,273 | 11,487 | 51,051 | 18,995 |
Silver equivalent ounces produced1 (000’s) | 8,301 | 2,422 | 2,172 | 1,861 | 1,846 | 7,777 | 2,500 |
Silver equivalent ounces produced1 (average spot) (000’s) | 9,431 | 2,809 | 2,477 | 2,095 | 2,067 | 8,478 | 2,808 |
Silver ounces sold (000’s) | 4,855 | 1,391 | 1,248 | 1,097 | 1,119 | 4,931 | 1,457 |
Gold ounces sold | 52,789 | 15,339 | 14,257 | 12,030 | 11,163 | 54,642 | 20,002 |
Silver equivalent ounces sold1 (000’s) | 8,022 | 2,310 | 2,104 | 1,819 | 1,789 | 8,210 | 2,658 |
Silver equivalent ounces sold1 (average spot) (000’s) | 9,118 | 2,683 | 2,400 | 2,048 | 2,004 | 8,961 | 2,969 |
Average realized price per silver ounce | $15.50 | $14.53 | $14.70 | $16.47 | $16.66 | $16.98 | $16.58 |
Average realized price per gold ounce | $1,261 | $1,234 | $1,204 | $1,297 | $1,331 | $1,262 | $1,279 |
Metal sales | $141.8 | $39.1 | $35.5 | $33.7 | $33.5 | $152.7 | $49.7 |
Costs applicable to sales | $105.7 | $29.4 | $27.5 | $24.5 | $24.3 | $107.9 | $34.0 |
Adjusted CAS per AgEqOz1 | $13.04 | $12.57 | $13.04 | $13.36 | $13.33 | $13.08 | $12.77 |
Adjusted CAS per average spot AgEqOz1 | $11.47 | $10.83 | $11.42 | $11.87 | $11.89 | $11.97 | $11.37 |
Exploration expense | $0.3 | — | $0.1 | $0.2 | $— | $1.4 | $0.5 |
Cash flow from operating activities | $33.0 | $17.9 | $5.7 | $6.0 | $3.4 | $32.3 | $26.1 |
Sustaining capital expenditures (excludes capital lease payments) | $10.7 | $7.1 | $2.7 | $0.4 | $0.5 | $2.7 | $0.9 |
Development capital expenditures | $(0.8) | $(4.1) | $0.9 | $0.3 | $2.1 | $38.2 | $5.9 |
Total capital expenditures | $9.9 | $3.0 | $3.6 | $0.7 | $2.6 | $40.9 | $6.8 |
Free cash flow1 | $23.1 | $14.9 | $2.1 | $5.3 | $0.8 | $(8.6) | $19.3 |
• | Silver and gold production during the fourth quarter increased 14% and 8%, respectively, to 1.5 million and 15,926 ounces, compared to the prior quarter. For the full year, silver production was 5.0 million ounces while gold production was 54,388 ounces, both 7% higher than 2017 |
• | Production was positively impacted by the continued strong performance of both the Stage IV and Stage III leach pads. These positive results outweighed the impact of lower crushing rates during the fourth quarter, which were anticipated following the decommissioning of the 15,000 tpd in-pit crusher |
• | Fourth quarter adjusted CAS per average spot AgEqOz1 of $10.83 were 5% lower compared to the prior quarter due to strong production results in combination with lower leaching and processing costs. Full-year CAS per average spot AgEqOz1 of $11.47 were 4% lower than in 2017 |
• | The concrete foundation for the initial high-pressure grinding roll (“HPGR”) unit and its structural erection were completed in late January 2019. Ore production utilizing the HPGR unit is anticipated to commence in the second quarter, with silver recoveries expected to increase beginning mid-year |
• | Free cash flow1 for the fourth quarter increased to $14.9 million from $2.1 million the prior quarter due to improved production and lower capital expenditures. Full-year free cash flow1 of $23.1 million improved substantially from 2017, largely reflecting the first full year of ore placement at the expanded Stage IV leach pad |
• | Full-year 2019 production is expected to be 4.2 - 5.0 million ounces of silver and 40,000 - 50,000 ounces of gold. Given the timing of the installation of the initial HPGR unit and a new secondary crusher, production is expected to be higher during the second half of the year |
• | CAS in 2019 are expected to be $12.50 - $13.50 per silver ounce and $1,000 - $1,100 per gold ounce |
• | Capital expenditures are expected to be approximately $17 - $20 million, including approximately $12 - $15 million associated with the initial HPGR unit |
(Dollars in millions, except per ounce amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 |
Tons milled | 641,058 | 149,998 | 163,603 | 168,751 | 158,706 | 668,727 | 167,631 |
Average gold grade (oz/t) | 0.18 | 0.21 | 0.17 | 0.16 | 0.17 | 0.18 | 0.22 |
Average recovery rate | 92.3% | 91.1% | 90.4% | 92.6% | 94.0% | 93.5% | 92.8% |
Gold ounces produced | 105,570 | 28,421 | 25,515 | 25,570 | 26,064 | 115,094 | 34,932 |
Gold ounces sold | 106,555 | 24,987 | 25,648 | 28,165 | 27,763 | 125,982 | 35,634 |
Average realized price per gold ounce | $1,247 | $1,246 | $1,161 | $1,269 | $1,307 | $1,226 | $1,244 |
Metal sales | $132.9 | $31.1 | $29.8 | $35.7 | $36.3 | $154.5 | $44.3 |
Costs applicable to sales | $112.4 | $21.4 | $28.2 | $34.2 | $28.6 | $116.1 | $32.0 |
Adjusted CAS per AuOz1 | $1,050 | $842 | $1,091 | $1,195 | $1,010 | $920 | $896 |
Exploration expense | $5.9 | $1.3 | $1.6 | $1.4 | $1.6 | $8.6 | $2.8 |
Cash flow from operating activities | $15.3 | $7.9 | $(0.4) | $3.2 | $4.6 | $37.6 | $16.8 |
Sustaining capital expenditures (excludes capital lease payments) | $37.2 | $9.8 | $9.7 | $9.2 | $8.5 | $20.7 | $8.0 |
Development capital expenditures | $7.5 | $0.8 | $2.3 | $1.5 | $2.9 | $15.5 | $4.0 |
Total capital expenditures | $44.7 | $10.6 | $12.0 | $10.7 | $11.4 | $36.2 | $12.0 |
Free cash flow1 | $(29.4) | $(2.7) | $(12.4) | $(7.5) | $(6.8) | $1.4 | $4.8 |
• | Commercial production at Jualin was declared on December 1, 2018. The figures shown in the table above exclude pre-commercial production. Including pre-commercial production, full-year gold production totaled 113,778 ounces in 2018 and was relatively flat year-over-year |
• | Including pre-commercial production, fourth quarter gold production of 35,335 ounces represented a 32% increase quarter-over-quarter and was slightly higher compared to the same period the prior year, largely driven by additional production from Jualin |
• | Average gold grade increased approximately 24% in the fourth quarter to 0.21 ounces per ton (“oz/t”), compared to 0.17 oz/t in the prior quarter, driven primarily by production from Jualin. Average gold grade of 0.18 oz/t for 2018 was flat year-over-year |
• | Approximately 23,000 tons of development ore and 3,000 tons of stope ore were mined from Jualin during the fourth quarter, yielding production (inclusive of pre-commercial) of nearly 10,500 ounces of gold at a grade of 0.40 oz/t. |
• | Adjusted CAS during the fourth quarter declined 23% to $842 per AuOz1, driven primarily by the high-grade production at Jualin. Full-year adjusted CAS per AuOz1 of $1,050, 14% higher compared to 2017, reflected lower recoveries and fewer ounces sold |
• | Negative free cash flow1 of $29.4 million for the year was impacted by increased capital expenditures driven by higher underground development expenditures at Kensington, Jualin and Raven as well as higher mining equipment expenditures |
• | Production in 2019 is expected to be 117,000 - 130,000 ounces of gold |
• | CAS in 2019 are expected to be $950 - $1,050 per ounce |
• | Capital expenditures are expected to be $20 - $25 million in 2019 |
(Dollars in millions, except per ounce amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 |
Ore tons placed | 4,923,774 | 1,644,168 | 1,127,391 | 1,075,820 | 1,076,395 | 4,560,441 | 1,124,785 |
Average gold grade (oz/t) | 0.022 | 0.020 | 0.023 | 0.023 | 0.022 | 0.027 | 0.029 |
Gold ounces produced | 76,840 | 16,960 | 19,437 | 22,507 | 17,936 | 95,372 | 27,292 |
Silver ounces produced (000’s) | 51 | 13 | 13 | 13 | 12 | 64 | 16 |
Gold equivalent ounces produced1 | 77,683 | 17,175 | 19,646 | 22,729 | 18,133 | 96,431 | 27,560 |
Gold ounces sold | 75,572 | 15,306 | 19,874 | 23,053 | 17,339 | 98,237 | 28,975 |
Silver ounces sold (000’s) | 48 | 11 | 12 | 14 | 11 | 74 | 16 |
Gold equivalent ounces sold1 | 76,373 | 15,488 | 20,081 | 23,282 | 17,522 | 99,472 | 29,256 |
Average realized price per gold ounce | $1,267 | $1,247 | $1,198 | $1,285 | $1,341 | $1,269 | $1,278 |
Metal sales | $96.5 | $19.3 | $24.0 | $29.8 | $23.4 | $125.9 | $37.3 |
Costs applicable to sales | $67.2 | $14.6 | $18.0 | $19.3 | $15.3 | $69.3 | $19.9 |
Adjusted CAS per AuEqOz1 | $876 | $938 | $895 | $824 | $870 | $700 | $682 |
Exploration expense | $0.1 | — | $0.1 | $— | $— | $0.3 | $0.1 |
Cash flow from operating activities | $11.9 | $(1.9) | $3.7 | $11.5 | $(1.4) | $49.6 | $17.2 |
Sustaining capital expenditures (excludes capital lease payments) | $3.4 | $0.7 | $1.2 | $1.2 | $0.3 | $5.8 | $1.6 |
Development capital expenditures | $— | $— | $— | $— | $— | $3.0 | $1.7 |
Total capital expenditures | $3.4 | 0.7 | $1.2 | $1.2 | $0.3 | $8.8 | $3.3 |
Free cash flow1 | $8.5 | $(2.6) | $2.5 | $10.3 | $(1.7) | $40.8 | $13.9 |
• | Gold production decreased 13% quarter-over-quarter to 16,960 ounces in the fourth quarter. This was primarily due to the placement of lower grade ore during the quarter as well as temporary percolation issues resulting in slower-than-anticipated recoveries |
• | For the full year, gold production decreased 19% to 76,840 ounces as a result of unplanned weather-related downtime in the third quarter and timing of leach pad recoveries |
• | Tons placed for the full year reached 4.9 million, up from 4.6 million in 2017 and 4.3 million in 2016 |
• | Fourth quarter and full-year adjusted CAS per AuEqOz1 increased 5% and 25%, respectively, to $938 and $876, compared to the prior quarter and 2017, primarily due to lower production levels as well as higher crushing and diesel costs |
• | Free cash flow1 of $8.5 million for the full year was lower than 2017 due to a decline in production resulting from lower average grades and the timing of leach pad recoveries. Since acquiring the operation in February 2015 for $99 million, Wharf has generated $135.7 million of free cash flow1 |
• | Production in 2019 is anticipated to be more in line with historical periods, with gold production expected to be 82,000 - 87,000 ounces. CAS are expected to be $850 - $950 per ounce |
• | Capital expenditures are expected to be approximately $3 - $5 million in 2019 |
(Dollars in millions, except per ounce and per pound amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 |
Tons milled | 49,454 | 38,802 | 10,652 | — | — | — | — |
Average silver grade (oz/t) | 6.19 | 6.06 | 6.66 | — | — | — | — |
Average zinc grade (%) | 6.2% | 5.8% | 8.0% | —% | —% | —% | —% |
Average lead grade (%) | 4.0% | 3.9% | 4.3% | —% | —% | —% | —% |
Average recovery rate – Ag | 59.6% | 60.5% | 56.3% | —% | —% | —% | —% |
Average recovery rate – Zn | 67.8% | 69.1% | 64.5% | —% | —% | —% | —% |
Average recovery rate – Pb | 52.5% | 54.7% | 45.1% | —% | —% | —% | —% |
Silver ounces produced (000's) | 182 | 142 | 40 | — | — | — | — |
Zinc pounds produced (000's) | 4,181 | 3,082 | 1,099 | — | — | — | — |
Lead pounds produced (000's) | 2,072 | 1,659 | 413 | — | — | — | — |
Silver equivalent ounces produced1 (000's) | 537 | 410 | 127 | — | — | — | — |
Silver equivalent ounces produced1 (average spot) (000's) | 641 | 488 | 153 | — | — | — | — |
Silver ounces sold (000's) | 223 | 124 | 99 | — | — | — | — |
Zinc pounds sold (000's) | 4,376 | 2,604 | 1,772 | — | — | — | — |
Lead pounds sold (000's) | 2,649 | 1,419 | 1,230 | — | — | — | — |
Silver equivalent ounces sold1 (000's) | 618 | 351 | 267 | — | — | — | — |
Silver equivalent ounces sold1 (average spot) (000's) | 732 | 418 | 267 | — | — | — | — |
Average realized price per silver ounce | $15.00 | $15.54 | $13.46 | $— | $— | $— | $— |
Average realized price per zinc pound | $1.12 | $1.07 | $0.94 | $— | $— | $— | $— |
Average realized price per lead pound | $0.90 | $0.87 | $0.85 | $— | $— | $— | $— |
Metal sales | $8.9 | $4.8 | $4.1 | $— | $— | $— | $— |
Costs applicable to sales | $35.6 | $24.1 | $11.5 | $— | $— | $— | $— |
Adjusted CAS per AgEqOz1 | $14.40 | $17.40 | $10.46 | $— | $— | $— | $— |
Adjusted CAS per average spot AgEqOz1 | $12.16 | $14.39 | $8.69 | $— | $— | $— | $— |
Exploration expense | $2.7 | $0.3 | $2.3 | $0.1 | $— | $— | $— |
Cash flow from operating activities | $(40.9) | $(34.1) | $(6.8) | $— | $— | $— | $— |
Sustaining capital expenditures (excludes capital lease payments) | $8.6 | $8.2 | $0.4 | $— | $— | $— | $— |
Development capital expenditures | $44.3 | $(10.8) | $17.5 | $19.0 | $18.6 | $— | $— |
Total capital expenditures | $52.9 | $(2.6) | $17.9 | $19.0 | $18.6 | $— | $— |
Free cash flow1 | $(93.8) | $(31.5) | $(24.7) | $(19.0) | $(18.6) | $— | $— |
• | Silvertip achieved commercial production on September 1, 2018. The operating and financial metrics shown in the table above exclude pre-commercial production |
• | On December 27, 2018, Coeur announced an initial reserve estimate and updated resource estimate. The Company filed a technical report in accordance with Canadian National Instrument 43-101 on February 8, 2019 |
• | Including pre-commercial production, production of silver, zinc and lead during the fourth quarter increased 48%, 41% and 42%, respectively, compared to the prior quarter. The increases were primarily driven by comparatively higher mill throughput rates compared to previous quarters |
• | Although throughput has been slower to ramp up due to mill maintenance projects, the Company continues progressing towards its target of a 1,100 tpd (1,000 mtpd) processing rate by the end of the first quarter |
• | The Company remains focused on improvements in four key areas: (i) mill projects targeting higher availability, (ii) maintenance procedures and systems, (iii) supply chain and procurement, and (iv) employee training and development |
• | Recovery rates continued to improve throughout the fourth quarter and are expected to trend higher as mill consistency improves and the flotation circuit is optimized. Average metal grade is also expected to improve as depleted ore from historic stockpiles is replaced with newly-mined underground material |
• | Capital expenditures in the fourth quarter were largely impacted by the first full quarter of commercial production and by a sale-leaseback of the newly-constructed 220-person camp facility |
• | Permitting efforts remain on track to receive approval for the permit amendment application allowing for a year-round mining and milling rate of 1,100 tpd (1,000 mtpd) in early 2019 |
• | 2019 production is expected to total 1.5 - 2.5 million ounces of silver, 25 - 40 million pounds of zinc and 20 - 35 million pounds of lead |
• | CAS are expected to be $14.00 - $16.00 per ounce of silver, $1.00 - $1.25 per pound of zinc and $0.85 - $1.05 per pound of lead |
• | 2019 capital expenditures are expected to total $20 - $25 million |
• | Elimination of silver equivalence - Production and unit cost guidance will focus on site-level figures by metal rather than silver equivalent units |
• | Change in unit cost methodology - Site-level unit cost figures will be presented on a co-product basis, with the exception of Wharf, which will be presented on a by-product basis |
• | Elimination of all-in-sustaining costs (“AISC”) - The Company will no longer provide guidance or financial reporting on AISC |
• | Price and foreign exchange assumptions - The Company will note key price and foreign exchange assumptions underpinning guidance ranges |
Gold | Silver | Zinc | Lead | |
(oz) | (K oz) | (K lbs) | (K lbs) | |
Palmarejo | 95,000 - 105,000 | 6,500 - 7,200 | — | — |
Rochester | 40,000 - 50,000 | 4,200 - 5,000 | — | — |
Kensington | 117,000 - 130,000 | — | — | — |
Wharf | 82,000 - 87,000 | — | — | — |
Silvertip | — | 1,500 - 2,500 | 25,000 - 40,000 | 20,000 - 35,000 |
Total | 334,000 - 372,000 | 12,200 - 14,700 | 25,000 - 40,000 | 20,000 - 35,000 |
Gold | Silver | Zinc | Lead | |
($/oz) | ($/oz) | ($/lb) | ($/lb) | |
Palmarejo (co-product) | $650 - $750 | $9.00 - $10.00 | — | — |
Rochester (co-product) | $1,000 - $1,100 | $12.50 - $13.50 | — | — |
Kensington | $950 - $1,050 | — | — | — |
Wharf (by-product) | $850 - $950 | — | — | — |
Silvertip (co-product) | — | $14.00 - $16.00 | $1.00 - $1.25 | $0.85 - $1.05 |
($M) | ||||
Capital Expenditures, Sustaining | $70 - $80 | |||
Capital Expenditures, Development | $30 - $40 | |||
Exploration, Expensed | $18 - $22 | |||
Exploration, Capitalized | $8 - $12 | |||
General & Administrative Expenses | $32 - $36 |
1. | EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures and gold production royalty payments. Please see table in Appendix for the calculation of consolidated free cash flow. Silver equivalence assumes silver-to-gold, -lead and -zinc ratios of 60:1, 0.05:1 and 0.06:1, respectively, except where noted as average spot prices. Please see the table below for average applicable spot prices and corresponding ratios. Unit cost guidance on a spot equivalent basis assumes silver-to-gold, -zinc and -lead equivalence ratios of 75:1, 0.09:1 and 0.07:1, respectively. |
2. | Year-end 2018 reserves and resources as published by Coeur on February 20, 2019. Figures reflect reserves and resources from continuing operations and exclude the San Bartolomé mine, which Coeur divested on February 28, 2018, through the sale of its 100%-owned Bolivian subsidiary. San Bartolomé is excluded from consolidated operating statistics for all periods presented unless otherwise noted. |
3. | Includes capital leases. Net of debt issuance costs and premium received. |
4. | Full-year 2018 production results and guidance includes pre-commercial production from Kensington (Jualin) and Silvertip. |
2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 | |||||||||||||||
Average Silver Spot Price Per Ounce | $ | 15.71 | $ | 14.54 | $ | 15.02 | $ | 16.53 | $ | 16.77 | $ | 17.05 | $ | 16.73 | |||||||
Average Gold Spot Price Per Ounce | $ | 1,268 | $ | 1,226 | $ | 1,213 | $ | 1,306 | $ | 1,329 | $ | 1,257 | $ | 1,275 | |||||||
Average Silver to Gold Spot Equivalence | 81:1 | 84:1 | 81:1 | 79:1 | 79:1 | 74:1 | 76:1 | ||||||||||||||
Average Zinc Spot Price Per Pound | $ | 1.33 | $ | 1.19 | $ | 1.15 | $ | 1.41 | $ | 1.55 | $ | 1.31 | $ | 1.47 | |||||||
Average Silver to Zinc Spot Equivalence | 0.08:1 | 0.08:1 | 0.08:1 | 0.09:1 | 0.09:1 | 0.08:1 | 0.09:1 | ||||||||||||||
Average Lead Spot Price Per Pound | $ | 1.02 | $ | 0.89 | $ | 0.95 | $ | 1.08 | $ | 1.14 | $ | 1.05 | $ | 1.13 | |||||||
Average Silver to Lead Spot Equivalence | 0.06:1 | 0.06:1 | 0.06:1 | 0.07:1 | 0.07:1 | 0.06:1 | 0.07:1 |
Year ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
In thousands, except share data | |||||||||||
Revenue | $ | 625,904 | $ | 709,598 | $ | 571,897 | |||||
COSTS AND EXPENSES | |||||||||||
Costs applicable to sales(1) | 440,950 | 440,260 | 335,375 | ||||||||
Amortization | 128,473 | 146,549 | 116,528 | ||||||||
General and administrative | 31,345 | 33,616 | 29,275 | ||||||||
Exploration | 25,397 | 30,311 | 12,930 | ||||||||
Pre-development, reclamation, and other | 20,043 | 18,936 | 14,411 | ||||||||
Total costs and expenses | 646,208 | 669,672 | 512,965 | ||||||||
OTHER INCOME (EXPENSE), NET | |||||||||||
Loss on debt extinguishment | — | (9,342 | ) | (21,365 | ) | ||||||
Fair value adjustments, net | 3,638 | (864 | ) | (11,581 | ) | ||||||
Interest expense, net of capitalized interest | (24,364 | ) | (16,440 | ) | (36,896 | ) | |||||
Other, net | (24,705 | ) | 26,643 | 98 | |||||||
Total other income (expense), net | (45,431 | ) | (3 | ) | (69,744 | ) | |||||
Income (loss) before income and mining taxes | (65,735 | ) | 39,923 | (10,812 | ) | ||||||
Income and mining tax (expense) benefit | 16,780 | (28,998 | ) | 33,247 | |||||||
Income (loss) from continuing operations | $ | (48,955 | ) | $ | 10,925 | $ | 22,435 | ||||
Income (loss) from discontinued operations | 550 | (12,244 | ) | 32,917 | |||||||
NET INCOME (LOSS) | $ | (48,405 | ) | $ | (1,319 | ) | $ | 55,352 | |||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||
Unrealized gain (loss) on debt and equity securities | 26 | 3,227 | 3,222 | ||||||||
Reclassification adjustments for impairment of equity securities | — | 426 | 703 | ||||||||
Reclassification adjustments for realized (gain) loss on sale of equity securities | — | 1,354 | (2,691 | ) | |||||||
Other comprehensive income (loss) | 26 | 5,007 | 1,234 | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (48,379 | ) | $ | 3,688 | $ | 56,586 | ||||
NET INCOME (LOSS) PER SHARE | |||||||||||
Basic income (loss) per share: | |||||||||||
Net income (loss) from continuing operations | $ | (0.26 | ) | $ | 0.06 | $ | 0.14 | ||||
Net income (loss) from discontinued operations | 0.00 | (0.07 | ) | 0.21 | |||||||
Basic(2) | $ | (0.26 | ) | $ | (0.01 | ) | $ | 0.35 | |||
Diluted income (loss) per share: | |||||||||||
Net income (loss) from continuing operations | $ | (0.26 | ) | $ | 0.06 | $ | 0.14 | ||||
Net income (loss) from discontinued operations | 0.00 | (0.07 | ) | 0.20 | |||||||
Diluted(2) | $ | (0.26 | ) | $ | (0.01 | ) | $ | 0.34 |
Year ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
In thousands | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (48,405 | ) | $ | (1,319 | ) | $ | 55,352 | |||
(Income) loss from discontinued operations | (550 | ) | 12,244 | (32,917 | ) | ||||||
Adjustments: | |||||||||||
Amortization | 128,473 | 146,549 | 116,528 | ||||||||
Accretion | 13,933 | 9,980 | 9,142 | ||||||||
Deferred taxes | (48,441 | ) | (13,888 | ) | (54,184 | ) | |||||
Loss on debt extinguishment | — | 9,342 | 21,365 | ||||||||
Fair value adjustments, net | (3,638 | ) | 864 | 11,581 | |||||||
Stock-based compensation | 8,328 | 10,541 | 9,715 | ||||||||
Gain on sale of the Joaquin project | — | (21,138 | ) | — | |||||||
Write-downs | 55,297 | — | 4,446 | ||||||||
Other | 7,353 | (7,974 | ) | 356 | |||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (9,260 | ) | 18,895 | (2,783 | ) | ||||||
Prepaid expenses and other current assets | 4,876 | (2,015 | ) | (4,420 | ) | ||||||
Inventory and ore on leach pads | (44,488 | ) | 23,517 | (34,610 | ) | ||||||
Accounts payable and accrued liabilities | (43,370 | ) | 11,562 | (3,110 | ) | ||||||
CASH PROVIDED BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS | 20,108 | 197,160 | 96,461 | ||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS | (2,690 | ) | 11,296 | 29,356 | |||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 17,418 | 208,456 | 125,817 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (140,787 | ) | (136,734 | ) | (94,382 | ) | |||||
Acquisitions, net | 6,914 | (156,248 | ) | (1,417 | ) | ||||||
Proceeds from the sale of assets | 577 | 16,705 | 16,296 | ||||||||
Purchase of investments | (426 | ) | (15,058 | ) | (178 | ) | |||||
Sale of investments | 12,713 | 11,321 | 7,077 | ||||||||
Proceeds from notes receivable | 19,000 | — | — | ||||||||
Other | 11 | 2,864 | 1,756 | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS | (101,998 | ) | (277,150 | ) | (70,848 | ) | |||||
CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS | (28,470 | ) | (1,392 | ) | (6,631 | ) | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (130,468 | ) | (278,542 | ) | (77,479 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of common stock | — | — | 269,556 | ||||||||
Issuance of notes and bank borrowings, net of issuance costs | 95,000 | 342,620 | — | ||||||||
Payments on debt, capital leases, and associated costs | (95,059 | ) | (203,045 | ) | (318,153 | ) | |||||
Gold production royalty payments | — | — | (27,155 | ) | |||||||
Other | (5,160 | ) | (3,746 | ) | 172 | ||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS | (5,219 | ) | 135,829 | (75,580 | ) | ||||||
CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS | (22 | ) | (84 | ) | (4,648 | ) | |||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (5,241 | ) | 135,745 | (80,228 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 28 | 203 | (678 | ) | |||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (118,263 | ) | 65,862 | (32,568 | ) | ||||||
Less net cash provided by (used in) discontinued operations(1) | (32,930 | ) | (10,939 | ) | 1,576 | ||||||
(85,333 | ) | 76,801 | (34,144 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 203,402 | 126,601 | 160,745 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 118,069 | $ | 203,402 | $ | 126,601 |
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | In thousands, except share data | ||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 115,081 | $ | 192,032 | |||
Receivables | 29,744 | 19,069 | |||||
Inventory | 66,279 | 58,230 | |||||
Ore on leach pads | 75,122 | 73,752 | |||||
Prepaid expenses and other | 11,393 | 15,053 | |||||
Assets held for sale | — | 91,421 | |||||
297,619 | 449,557 | ||||||
NON-CURRENT ASSETS | |||||||
Property, plant and equipment, net | 298,451 | 254,737 | |||||
Mining properties, net | 971,567 | 829,569 | |||||
Ore on leach pads | 66,964 | 65,393 | |||||
Restricted assets | 12,133 | 20,847 | |||||
Equity and debt securities | 17,806 | 34,837 | |||||
Receivables | 31,151 | 28,750 | |||||
Other | 16,809 | 17,485 | |||||
TOTAL ASSETS | $ | 1,712,500 | $ | 1,701,175 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 47,210 | $ | 48,592 | |||
Accrued liabilities and other | 82,619 | 94,930 | |||||
Debt | 24,937 | 30,753 | |||||
Reclamation | 6,552 | 3,777 | |||||
Liabilities held for sale | — | 50,677 | |||||
161,318 | 228,729 | ||||||
NON-CURRENT LIABILITIES | |||||||
Debt | 433,889 | 380,569 | |||||
Reclamation | 128,994 | 117,055 | |||||
Deferred tax liabilities | 79,070 | 105,148 | |||||
Other long-term liabilities | 56,717 | 54,697 | |||||
698,670 | 657,469 | ||||||
STOCKHOLDERS’ EQUITY | |||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 203,310,443 issued and outstanding at December 31, 2018 and 185,637,724 at December 31, 2017 | 2,033 | 1,856 | |||||
Additional paid-in capital | 3,443,082 | 3,357,345 | |||||
Accumulated other comprehensive income (loss) | (59 | ) | 2,519 | ||||
Accumulated deficit | (2,592,544 | ) | (2,546,743 | ) | |||
852,512 | 814,977 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,712,500 | $ | 1,701,175 |
(Dollars in thousands except per share amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 | ||||||||||||||||||||
Net income (loss) | $ | (48,405 | ) | $ | 468 | $ | (53,044 | ) | $ | 2,930 | $ | 1,241 | $ | (1,319 | ) | $ | 7,625 | ||||||||||
(Income) loss from discontinued operations, net of tax | (550 | ) | — | — | — | (550 | ) | 12,244 | 6,724 | ||||||||||||||||||
Interest expense, net of capitalized interest | 24,364 | 6,563 | 5,818 | 6,018 | 5,965 | 16,440 | 5,522 | ||||||||||||||||||||
Income tax provision (benefit) | (16,780 | ) | (36,231 | ) | 3,785 | 3,717 | 11,949 | 28,998 | 4,957 | ||||||||||||||||||
Amortization | 128,473 | 37,053 | 31,184 | 29,459 | 30,777 | 146,549 | 44,722 | ||||||||||||||||||||
EBITDA | 87,102 | 7,853 | (12,257 | ) | 42,124 | 49,382 | 202,912 | 69,550 | |||||||||||||||||||
Fair value adjustments, net | (3,638 | ) | (731 | ) | (715 | ) | 2,462 | (4,654 | ) | 864 | — | ||||||||||||||||
Impairment of equity and debt securities | — | — | — | — | — | 426 | — | ||||||||||||||||||||
Foreign exchange (gain) loss | 9,069 | 1,986 | 3,104 | 3,309 | 670 | (1,281 | ) | 672 | |||||||||||||||||||
Gain on sale of Joaquin project | — | — | — | — | — | (21,138 | ) | — | |||||||||||||||||||
(Gain) loss on sale of assets and securities | (19 | ) | 298 | 28 | (586 | ) | 241 | 1 | 499 | ||||||||||||||||||
Gain on repurchase of Rochester royalty | — | — | — | — | — | (2,332 | ) | — | |||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | 9,342 | — | ||||||||||||||||||||
Mexico inflation adjustment | (1,939 | ) | — | — | (1,939 | ) | — | — | |||||||||||||||||||
Transaction costs | 5 | (1,044 | ) | 1,049 | — | — | 3,757 | 2,938 | |||||||||||||||||||
Interest income on notes receivables | (1,776 | ) | (327 | ) | (628 | ) | (573 | ) | (248 | ) | — | ||||||||||||||||
Manquiri sale consideration write-down | 18,599 | — | 18,599 | — | — | — | |||||||||||||||||||||
Silvertip start-up write-down | 26,720 | 17,974 | 8,746 | — | — | — | |||||||||||||||||||||
Rochester In-Pit crusher write-down | 3,441 | — | 3,441 | — | — | — | |||||||||||||||||||||
Receivable write-down | 6,536 | 6,536 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 11,116 | 2,747 | 2,883 | 2,817 | 2,669 | 8,983 | 2,475 | ||||||||||||||||||||
Inventory adjustments and write-downs | 2,093 | 858 | 421 | 817 | 1,126 | 1,806 | 885 | ||||||||||||||||||||
Adjusted EBITDA | $ | 157,309 | $ | 36,150 | $ | 24,671 | $ | 48,431 | $ | 49,186 | $ | 203,340 | $ | 77,019 | |||||||||||||
Revenue | $ | 625,904 | 143,855 | $ | 148,795 | $ | 169,987 | $ | 163,267 | $ | 709,598 | $ | 214,585 | ||||||||||||||
Adjusted EBITDA Margin | 25 | % | 25 | % | 17 | % | 28 | % | 30 | % | 29 | % | 36 | % |
(Dollars in thousands except per share amounts) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 | ||||||||||||||||||||
Net income (loss) | $ | (48,405 | ) | $ | 468 | $ | (53,044 | ) | $ | 2,930 | $ | 1,241 | $ | (1,319 | ) | $ | 7,625 | ||||||||||
(Income) loss from discontinued operations, net of tax | (550 | ) | — | — | — | (550 | ) | 12,244 | 6,724 | ||||||||||||||||||
Fair value adjustments, net | (3,638 | ) | (731 | ) | (715 | ) | 2,462 | (4,654 | ) | 864 | — | ||||||||||||||||
Impairment of equity and debt securities | — | — | — | — | — | 426 | — | ||||||||||||||||||||
Write-downs | — | — | — | — | — | — | |||||||||||||||||||||
Inventory write-downs | — | — | — | — | — | — | |||||||||||||||||||||
Gain on sale of Joaquin project | — | — | — | — | (21,138 | ) | — | ||||||||||||||||||||
(Gain) loss on sale of assets and securities | (19 | ) | 326 | — | (586 | ) | 241 | 1 | 499 | ||||||||||||||||||
Gain on repurchase of Rochester royalty | — | (28 | ) | 28 | — | — | (2,332 | ) | — | ||||||||||||||||||
(Gain) loss on debt extinguishment | — | — | — | — | — | 9,342 | — | ||||||||||||||||||||
Mexico inflation adjustment | (1,939 | ) | — | — | (1,939 | ) | — | — | — | ||||||||||||||||||
Transaction costs | 5 | (1,044 | ) | 1,049 | — | — | 3,757 | 2,938 | |||||||||||||||||||
Deferred tax on reorganization | — | — | — | — | — | — | |||||||||||||||||||||
Interest income on notes receivables | (1,776 | ) | (327 | ) | (628 | ) | (573 | ) | (248 | ) | — | ||||||||||||||||
Manquiri sale consideration write-down | 18,599 | — | 18,599 | — | — | — | |||||||||||||||||||||
Silvertip start-up write-down | 26,720 | 17,974 | 8,746 | — | — | — | |||||||||||||||||||||
Rochester In-Pit crusher write-down | 3,441 | — | 3,441 | — | — | — | |||||||||||||||||||||
Receivable write-down | 6,536 | 6,536 | |||||||||||||||||||||||||
Foreign exchange loss (gain) | 8,611 | (530 | ) | 6,062 | (1,233 | ) | 4,312 | 1,562 | (3,643 | ) | |||||||||||||||||
Tax effect of adjustments(1) | (9,750 | ) | (6,559 | ) | (3,191 | ) | — | — | 816 | — | |||||||||||||||||
Adjusted net income (loss) | $ | (2,165 | ) | $ | 16,085 | $ | (19,653 | ) | $ | 1,061 | $ | 342 | $ | 4,223 | $ | 14,143 | |||||||||||
Adjusted net income (loss) per share - Basic | $ | (0.01 | ) | $ | 0.08 | $ | (0.11 | ) | $ | 0.01 | $ | 0.00 | $ | 0.02 | $ | 0.08 | |||||||||||
Adjusted net income (loss) per share - Diluted | $ | (0.01 | ) | $ | 0.08 | $ | (0.11 | ) | $ | 0.01 | $ | 0.00 | $ | 0.02 | $ | 0.08 |
(Dollars in thousands) | 2018 | 4Q 2018 | 3Q 2018 | 2Q 2018 | 1Q 2018 | 2017 | 4Q 2017 | ||||||||||||||||||||
Cash flow from continuing operations | $ | 20,108 | $ | 72 | $ | 5,789 | $ | (1,294 | ) | $ | 15,541 | $ | 197,160 | $ | 91,811 | ||||||||||||
Capital expenditures from continuing operations | 140,787 | 17,805 | 39,472 | 41,165 | 42,345 | 136,734 | 47,054 | ||||||||||||||||||||
Free cash flow | (120,679 | ) | (17,733 | ) | (33,683 | ) | (42,459 | ) | (26,804 | ) | 60,426 | 44,757 |
Silver | Gold | Total | ||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Silvertip | Total | Kensington | Wharf | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 180,832 | $ | 126,586 | $ | 40,855 | $ | 348,273 | $ | 141,872 | $ | 78,273 | $ | 220,145 | $ | 568,418 | ||||||||||||||||
Amortization | 60,744 | 20,909 | 5,235 | 86,888 | 29,508 | 11,072 | 40,580 | 127,468 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 120,088 | $ | 105,677 | $ | 35,620 | $ | 261,385 | $ | 112,364 | $ | 67,201 | $ | 179,565 | $ | 440,950 | ||||||||||||||||
Silver equivalent ounces sold | 14,164,699 | 8,021,919 | 617,980 | 22,804,598 | 33,780,278 | |||||||||||||||||||||||||||
Gold equivalent ounces sold | 106,555 | 76,373 | 182,928 | |||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 8.48 | $ | 13.17 | $ | 57.64 | $ | 11.46 | $ | 1,055 | $ | 880 | $ | 982 | $ | 13.05 | ||||||||||||||||
Inventory adjustments | (0.02 | ) | (0.13 | ) | (43.24 | ) | (1.23 | ) | (5 | ) | (4 | ) | (4 | ) | (0.85 | ) | ||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 8.46 | $ | 13.04 | $ | 14.40 | $ | 10.23 | $ | 1,050 | $ | 876 | $ | 978 | $ | 12.20 | ||||||||||||||||
Costs applicable to sales per average spot ounce | $ | 7.25 | $ | 11.59 | $ | 48.66 | $ | 9.89 | $ | 10.71 | ||||||||||||||||||||||
Inventory adjustments | (0.02 | ) | (0.12 | ) | (36.50 | ) | (1.06 | ) | (0.70 | ) | ||||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 7.23 | $ | 11.47 | $ | 12.16 | $ | 8.83 | $ | 10.01 | ||||||||||||||||||||||
Costs applicable to sales | $ | 440,950 | ||||||||||||||||||||||||||||||
Treatment and refining costs | 5,469 | |||||||||||||||||||||||||||||||
Sustaining capital(1) | 100,871 | |||||||||||||||||||||||||||||||
General and administrative | 31,345 | |||||||||||||||||||||||||||||||
Exploration | 25,397 | |||||||||||||||||||||||||||||||
Reclamation | 18,668 | |||||||||||||||||||||||||||||||
Project/pre-development costs | 5,266 | |||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 627,966 | ||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 22,804,598 | |||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 10,975,680 | |||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 33,780,278 | |||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.59 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.85 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 17.74 | ||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 41,178,098 | |||||||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 15.25 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.70 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 14.55 |
Silver | Gold | Total | ||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Silvertip | Total | Kensington | Wharf | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 42,119 | $ | 35,365 | $ | 28,246 | $ | 105,730 | $ | 30,703 | $ | 16,839 | $ | 47,542 | $ | 153,272 | ||||||||||||||||
Amortization | 14,992 | 5,992 | 4,161 | 25,145 | 9,437 | 2,184 | 11,621 | 36,766 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 27,127 | $ | 29,373 | $ | 24,085 | $ | 80,585 | $ | 21,266 | $ | 14,655 | $ | 35,921 | $ | 116,506 | ||||||||||||||||
Silver equivalent ounces sold | 2,954,615 | 2,310,196 | 351,315 | 5,616,126 | 8,044,146 | |||||||||||||||||||||||||||
Gold equivalent ounces sold | 24,979 | 15,488 | 40,467 | |||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 9.18 | $ | 12.71 | $ | 68.56 | $ | 14.35 | $ | 851 | $ | 946 | $ | 888 | $ | 14.48 | ||||||||||||||||
Inventory adjustments | (0.07 | ) | (0.14 | ) | (51.16 | ) | (3.29 | ) | (9 | ) | (8 | ) | (8 | ) | (2.34 | ) | ||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 9.11 | $ | 12.57 | $ | 17.40 | $ | 11.06 | $ | 842 | $ | 938 | $ | 880 | $ | 12.14 | ||||||||||||||||
Costs applicable to sales per average spot ounce | $ | 7.68 | $ | 10.95 | $ | 56.71 | $ | 12.14 | $ | 11.60 | ||||||||||||||||||||||
Inventory adjustments | (0.06 | ) | (0.12 | ) | (42.32 | ) | (2.79 | ) | (1.87 | ) | ||||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 7.62 | $ | 10.83 | $ | 14.39 | $ | 9.35 | $ | 9.73 | ||||||||||||||||||||||
Costs applicable to sales | $ | 116,506 | ||||||||||||||||||||||||||||||
Treatment and refining costs | 1,677 | |||||||||||||||||||||||||||||||
Sustaining capital | 29,675 | |||||||||||||||||||||||||||||||
General and administrative | 7,163 | |||||||||||||||||||||||||||||||
Exploration | 4,127 | |||||||||||||||||||||||||||||||
Reclamation | 4,924 | |||||||||||||||||||||||||||||||
Project/pre-development costs | 2,191 | |||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 166,263 | ||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,616,126 | |||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 2,428,020 | |||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,044,146 | |||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 20.67 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (2.34 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 18.33 | ||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 10,070,442 | |||||||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 16.51 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (1.87 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 14.64 |
Silver | Gold | Total | ||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Silvertip | Total | Kensington | Wharf | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 46,348 | $ | 32,842 | $ | 12,608 | $ | 91,798 | $ | 35,153 | $ | 20,857 | $ | 56,010 | $ | 147,808 | ||||||||||||||||
Amortization | 14,794 | 5,294 | 1,073 | 21,161 | 6,912 | 2,878 | 9,790 | 30,951 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 31,554 | $ | 27,548 | $ | 11,535 | $ | 70,637 | $ | 28,241 | $ | 17,979 | $ | 46,220 | $ | 116,857 | ||||||||||||||||
Silver equivalent ounces sold | 3,361,893 | 2,103,584 | 266,666 | 5,732,143 | 8,475,883 | |||||||||||||||||||||||||||
Gold equivalent ounces sold | 25,648 | 20,081 | 45,729 | |||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 9.39 | $ | 13.10 | $ | 43.26 | $ | 12.32 | $ | 1,101 | $ | 895 | $ | 1,011 | $ | 13.79 | ||||||||||||||||
Inventory adjustments | — | (0.06 | ) | (32.80 | ) | (1.55 | ) | (10 | ) | — | (6 | ) | (1.08 | ) | ||||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 9.39 | $ | 13.04 | $ | 10.46 | $ | 10.77 | $ | 1,091 | $ | 895 | $ | 1,005 | $ | 12.71 | ||||||||||||||||
Costs applicable to sales per average spot ounce | $ | 7.93 | $ | 11.48 | $ | 36.69 | $ | 10.55 | $ | 11.25 | ||||||||||||||||||||||
Inventory adjustments | — | (0.06 | ) | (28.00 | ) | (1.33 | ) | (0.88 | ) | |||||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 7.93 | $ | 11.42 | $ | 8.69 | $ | 9.22 | $ | 10.37 | ||||||||||||||||||||||
Costs applicable to sales | $ | 116,857 | ||||||||||||||||||||||||||||||
Treatment and refining costs | 1,551 | |||||||||||||||||||||||||||||||
Sustaining capital | 19,236 | |||||||||||||||||||||||||||||||
General and administrative | 7,729 | |||||||||||||||||||||||||||||||
Exploration | 8,157 | |||||||||||||||||||||||||||||||
Reclamation | 4,545 | |||||||||||||||||||||||||||||||
Project/pre-development costs | 1,137 | |||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 159,212 | ||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,732,143 | |||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 2,743,740 | |||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,475,883 | |||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.78 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (1.08 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 17.70 | ||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 10,385,649 | |||||||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 15.33 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.88 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 14.45 |
Silver | Gold | Total | ||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Total | Kensington | Wharf | Total | ||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 44,943 | $ | 29,244 | $ | 74,187 | $ | 40,668 | $ | 22,611 | $ | 63,279 | $ | 137,466 | ||||||||||||||
Amortization | 14,633 | 4,793 | 19,426 | 6,441 | 3,353 | 9,794 | 29,220 | |||||||||||||||||||||
Costs applicable to sales | $ | 30,310 | $ | 24,451 | $ | 54,761 | $ | 34,227 | $ | 19,258 | $ | 53,485 | $ | 108,246 | ||||||||||||||
Silver equivalent ounces sold | 3,964,208 | 1,819,072 | 5,783,280 | 8,870,100 | ||||||||||||||||||||||||
Gold equivalent ounces sold | 28,165 | 23,282 | 51,447 | |||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 7.65 | $ | 13.44 | $ | 9.47 | $ | 1,215 | $ | 827 | $ | 1,040 | $ | 12.20 | ||||||||||||||
Inventory adjustments | (0.01 | ) | (0.08 | ) | (0.03 | ) | (20 | ) | (3 | ) | (12 | ) | (0.09 | ) | ||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 7.64 | $ | 13.36 | $ | 9.44 | $ | 1,195 | $ | 824 | $ | 1,028 | $ | 12.11 | ||||||||||||||
Costs applicable to sales per average spot ounce | $ | 6.65 | $ | 11.94 | $ | 8.29 | $ | 10.15 | ||||||||||||||||||||
Inventory adjustments | (0.01 | ) | (0.07 | ) | (0.03 | ) | (0.08 | ) | ||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 6.64 | $ | 11.87 | $ | 8.26 | $ | 10.07 | ||||||||||||||||||||
Costs applicable to sales | $ | 108,246 | ||||||||||||||||||||||||||
Treatment and refining costs | 1,046 | |||||||||||||||||||||||||||
Sustaining capital | 28,571 | |||||||||||||||||||||||||||
General and administrative | 7,650 | |||||||||||||||||||||||||||
Exploration | 6,429 | |||||||||||||||||||||||||||
Reclamation | 4,667 | |||||||||||||||||||||||||||
Project/pre-development costs | 517 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 157,126 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,783,280 | |||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 3,086,820 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,870,100 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 17.71 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.09 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 17.62 | ||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 10,667,255 | |||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 14.73 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.08 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 14.65 |
Silver | Gold | Total | ||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Total | Kensington | Wharf | Total | ||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 47,421 | $ | 29,136 | $ | 76,557 | $ | 35,347 | $ | 17,966 | $ | 53,313 | $ | 129,870 | ||||||||||||||
Amortization | 16,325 | 4,831 | 21,156 | 6,717 | 2,657 | 9,374 | 30,530 | |||||||||||||||||||||
Costs applicable to sales | $ | 31,096 | $ | 24,305 | $ | 55,401 | $ | 28,630 | $ | 15,309 | $ | 43,939 | $ | 99,340 | ||||||||||||||
Silver equivalent ounces sold | 3,883,983 | 1,789,007 | 5,672,990 | 8,390,090 | ||||||||||||||||||||||||
Gold equivalent ounces sold | 27,763 | 17,522 | 45,285 | |||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 8.01 | $ | 13.59 | $ | 9.77 | $ | 1,031 | $ | 874 | $ | 970 | $ | 11.84 | ||||||||||||||
Inventory adjustments | — | (0.26 | ) | (0.08 | ) | (21 | ) | (4 | ) | (15 | ) | (0.13 | ) | |||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 8.01 | $ | 13.33 | $ | 9.69 | $ | 1,010 | $ | 870 | $ | 955 | $ | 11.71 | ||||||||||||||
Costs applicable to sales per average spot ounce | $ | 6.94 | $ | 12.13 | $ | 8.55 | $ | 9.87 | ||||||||||||||||||||
Inventory adjustments | — | (0.24 | ) | (0.07 | ) | (0.11 | ) | |||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 6.94 | $ | 11.89 | $ | 8.48 | $ | 9.76 | ||||||||||||||||||||
Costs applicable to sales | $ | 99,340 | ||||||||||||||||||||||||||
Treatment and refining costs | 1,195 | |||||||||||||||||||||||||||
Sustaining capital | 23,389 | |||||||||||||||||||||||||||
General and administrative | 8,804 | |||||||||||||||||||||||||||
Exploration | 6,683 | |||||||||||||||||||||||||||
Reclamation | 4,532 | |||||||||||||||||||||||||||
Project/pre-development costs | 1,421 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 145,364 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,672,990 | |||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 2,717,100 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,390,090 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 17.33 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.13 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 17.20 | ||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 10,066,759 | |||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 14.44 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.11 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 14.33 |
Silver | Gold | Total | ||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Endeavor | Total | Kensington | Wharf | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 219,920 | $ | 130,227 | $ | 1,046 | $ | 351,193 | $ | 152,118 | $ | 82,334 | $ | 234,452 | $ | 585,645 | ||||||||||||||||
Amortization | 73,744 | 22,306 | 301 | 96,351 | 36,022 | 13,012 | 49,034 | 145,385 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 146,176 | $ | 107,921 | $ | 745 | $ | 254,842 | $ | 116,096 | $ | 69,322 | $ | 185,418 | $ | 440,260 | ||||||||||||||||
Silver equivalent ounces sold | 15,490,734 | 8,209,888 | 107,027 | 23,807,649 | 37,334,889 | |||||||||||||||||||||||||||
Gold equivalent ounces sold | 125,982 | 99,472 | 225,454 | |||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 9.44 | $ | 13.15 | $ | 6.96 | $ | 10.70 | $ | 922 | $ | 697 | $ | 822 | $ | 11.79 | ||||||||||||||||
Inventory adjustments | (0.08 | ) | (0.07 | ) | — | (0.08 | ) | (2 | ) | 3 | — | (0.05 | ) | |||||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 9.36 | $ | 13.08 | $ | 6.96 | $ | 10.62 | $ | 920 | $ | 700 | $ | 822 | $ | 11.74 | ||||||||||||||||
Costs applicable to sales per average spot ounce | $ | 8.45 | $ | 12.04 | $ | 9.66 | $ | 10.24 | ||||||||||||||||||||||||
Inventory adjustments | (0.07 | ) | (0.07 | ) | (0.07 | ) | (0.04 | ) | ||||||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 8.38 | $ | 11.97 | $ | 9.59 | $ | 10.20 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 440,260 | ||||||||||||||||||||||||||||||
Treatment and refining costs | 5,912 | |||||||||||||||||||||||||||||||
Sustaining capital(1) | 65,010 | |||||||||||||||||||||||||||||||
General and administrative | 33,616 | |||||||||||||||||||||||||||||||
Exploration | 30,311 | |||||||||||||||||||||||||||||||
Reclamation | 14,910 | |||||||||||||||||||||||||||||||
Project/pre-development costs | 5,543 | |||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 595,562 | ||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 23,807,649 | |||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 13,527,240 | |||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 37,334,889 | |||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 15.95 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.05 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 15.90 | ||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 42,969,841 | |||||||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 13.86 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.04 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 13.82 |
Silver | Gold | Total | ||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | Endeavor | Total | Kensington | Wharf | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 58,775 | $ | 41,006 | $ | — | $ | 99,781 | $ | 42,640 | $ | 24,033 | $ | 66,673 | $ | 166,454 | ||||||||||||||||
Amortization | 22,749 | 6,960 | — | 29,709 | 10,633 | 4,129 | 14,762 | 44,471 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 36,026 | $ | 34,046 | $ | — | $ | 70,072 | $ | 32,007 | $ | 19,904 | $ | 51,911 | $ | 121,983 | ||||||||||||||||
Silver equivalent ounces sold | 4,680,802 | 2,657,975 | — | 7,338,777 | 11,232,057 | |||||||||||||||||||||||||||
Gold equivalent ounces sold | 35,633 | 29,255 | 64,888 | |||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 7.70 | $ | 12.81 | $ | — | $ | 9.55 | $ | 898 | $ | 680 | $ | 800 | $ | 10.86 | ||||||||||||||||
Inventory adjustments | (0.16 | ) | (0.04 | ) | — | (0.12 | ) | (2 | ) | 2 | — | (0.08 | ) | |||||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 7.54 | $ | 12.77 | $ | — | $ | 9.43 | $ | 896 | $ | 682 | $ | 800 | $ | 10.78 | ||||||||||||||||
Costs applicable to sales per average spot ounce | $ | 6.78 | $ | 11.41 | $ | 8.45 | $ | 9.21 | ||||||||||||||||||||||||
Inventory adjustments | (0.14 | ) | (0.04 | ) | (0.10 | ) | (0.07 | ) | ||||||||||||||||||||||||
Adjusted costs applicable to sales per average spot ounce | $ | 6.64 | $ | 11.37 | $ | 8.35 | $ | 9.14 | ||||||||||||||||||||||||
Costs applicable to sales | $ | 121,983 | ||||||||||||||||||||||||||||||
Treatment and refining costs | 1,600 | |||||||||||||||||||||||||||||||
Sustaining capital | 18,520 | |||||||||||||||||||||||||||||||
General and administrative | 9,120 | |||||||||||||||||||||||||||||||
Exploration | 7,455 | |||||||||||||||||||||||||||||||
Reclamation | 4,075 | |||||||||||||||||||||||||||||||
Project/pre-development costs | 578 | |||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 163,331 | ||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 7,338,777 | |||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 3,893,280 | |||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 11,232,057 | |||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 14.53 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.08 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 14.45 | ||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold (average spot) | 13,246,634 | |||||||||||||||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce | $ | 12.33 | ||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.07 | ) | |||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per average spot silver equivalent ounce | $ | 12.26 |
In thousands except per ounce amounts | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | ||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 196,310 | $ | 131,918 | $ | 154,285 | $ | 90,299 | $ | 156,417 | $ | 729,229 | ||||||||||||
Amortization | 62,808 | 21,606 | 36,909 | 11,583 | 57,177 | 190,083 | ||||||||||||||||||
Costs applicable to sales | $ | 133,502 | $ | 110,312 | $ | 117,376 | $ | 78,716 | $ | 99,240 | $ | 539,146 | ||||||||||||
By-product credit | — | — | — | (1,167 | ) | — | (1,167 | ) | ||||||||||||||||
Adjusted costs applicable to sales | $ | 133,502 | $ | 110,312 | $ | 117,376 | $ | 77,549 | $ | 99,240 | $ | 537,979 | ||||||||||||
Metal Sales | ||||||||||||||||||||||||
Gold ounces | 100,000 | 45,000 | 121,000 | 85,500 | ||||||||||||||||||||
Silver ounces | 6,850,000 | 4,800,000 | 75,000 | 2,100,000 | ||||||||||||||||||||
Zinc pounds | 35,000,000 | |||||||||||||||||||||||
Lead pounds | 28,500,000 | |||||||||||||||||||||||
Revenue Split | ||||||||||||||||||||||||
Gold | 52% | 43% | 100% | 100% | — | |||||||||||||||||||
Silver | 48% | 57% | — | — | 32% | |||||||||||||||||||
Zinc | — | — | — | — | 40% | |||||||||||||||||||
Lead | — | — | — | — | 28% | |||||||||||||||||||
Costs applicable to sales per ounce | ||||||||||||||||||||||||
Gold | $650 - $750 | $1,000 - $1,100 | $950 - $1,050 | $850 - $950 | — | |||||||||||||||||||
Silver | $9.00 - $10.00 | $12.50 - $13.50 | — | — | $14.00 - $16.00 | |||||||||||||||||||
Zinc | — | — | — | — | $1.00 - $1.25 | |||||||||||||||||||
Lead | — | — | — | — | $0.85 - $1.05 |
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