Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

The following Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Coeur Sterling, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2024 Senior Notes. The following schedules present Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly-owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.

CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2019



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	2,985		$	27,217		$	25,443		$	—		$	55,645
Receivables	(65		)	5,978			12,753			—			18,666
Ore on leach pads	—			66,192			—			—			66,192
Inventory	—			24,763			31,123			—			55,886
Prepaid expenses and other	6,202			1,192			6,653			—			14,047
	9,122			125,342			75,972			—			210,436
NON-CURRENT ASSETS
Property, plant and equipment, net	2,370			167,159			79,260			—			248,789
Mining properties, net	4,452			327,685			379,818			—			711,955
Ore on leach pads	—			71,539			—			—			71,539
Restricted assets	1,470			206			7,076			—			8,752
Equity and debt securities	35,646			—			—			—			35,646
Receivables	—			—			28,709			—			28,709
Net investment in subsidiaries	325,723			85,755			(85,740		)	(325,738		)	—
Other	267,281			52,040			20,937			(277,448		)	62,810
TOTAL ASSETS	$	646,064		$	829,726		$	506,032		$	(603,186	)	$	1,378,636

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	1,277		$	26,211		$	41,688		$	—		$	69,176
Other accrued liabilities	9,036			35,547			51,033			—			95,616
Debt	—			15,347			7,399			—			22,746
Reclamation	—			1,628			1,486			—			3,114
	10,313			78,733			101,606			—			190,652
NON-CURRENT LIABILITIES
Debt	226,885			32,989			290,325			(277,448		)	272,751
Reclamation	—			91,524			41,893			—			133,417
Deferred tax liabilities	50			8,104			33,822			—			41,976
Other long-term liabilities	4,225			40,012			28,599			—			72,836
Intercompany payable (receivable)	(262,413		)	246,186			16,227			—			—
	(31,253		)	418,815			410,866			(277,448		)	520,980
STOCKHOLDERS’ EQUITY
Common stock	2,415			20,309			215,792			(236,101		)	2,415
Additional paid-in capital	3,598,472			337,975			1,960,187			(2,298,162		)	3,598,472
Accumulated deficit	(2,933,747		)	(26,106		)	(2,182,419		)	2,208,525			(2,933,747		)
Accumulated other comprehensive income (loss)	(136		)	—			—			—			(136		)
	667,004			332,178			(6,440		)	(325,738		)	667,004
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	646,064		$	829,726		$	506,032		$	(603,186	)	$	1,378,636

CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2018



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	9,768		$	25,518		$	79,795		$	—		$	115,081
Receivables	5,333			5,505			18,906			—			29,744
Ore on leach pads	—			75,122			—			—			75,122
Inventory	—			31,678			34,601			—			66,279
Prepaid expenses and other	4,378			1,846			5,169			—			11,393
	19,479			139,669			138,471			—			297,619
NON-CURRENT ASSETS
Property, plant and equipment, net	2,755			179,152			116,544			—			298,451
Mining properties, net	4,753			235,638			731,176			—			971,567
Ore on leach pads	—			66,964			—			—			66,964
Restricted assets	4,872			207			7,054			—			12,133
Equity and debt securities	17,797			9			—			—			17,806
Receivables	—			1,301			29,850			—			31,151
Net investment in subsidiaries	594,584			57			284			(594,925		)	—
Other	291,249			11,619			2,169			(288,228		)	16,809
TOTAL ASSETS	$	935,489		$	634,616		$	1,025,548		$	(883,153	)	$	1,712,500

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	2,181		$	19,244		$	25,785		—			$	47,210
Other accrued liabilities	22,274			14,124			46,221			—			82,619
Debt	—			16,873			8,064			—			24,937
Reclamation	—			1,911			4,641			—			6,552
	24,455			52,152			84,711			—			161,318
NON-CURRENT LIABILITIES
Debt	380,854			36,377			304,886			(288,228		)	433,889
Reclamation	—			84,092			44,902			—			128,994
Deferred tax liabilities	218			3,855			74,997			—			79,070
Other long-term liabilities	2,465			4,639			49,613			—			56,717
Intercompany payable (receivable)	(325,014		)	303,084			21,930			—			—
	58,523			432,047			496,328			(288,228		)	698,670
STOCKHOLDERS’ EQUITY
Common stock	2,033			19,630			214,400			(234,030		)	2,033
Additional paid-in capital	3,443,082			164,506			2,043,869			(2,208,375		)	3,443,082
Accumulated deficit	(2,592,545		)	(33,719		)	(1,813,760		)	1,847,480			(2,592,544		)
Accumulated other comprehensive income (loss)	(59		)	—			—			—			(59		)
	852,511			150,417			444,509			(594,925		)	852,512
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	935,489		$	634,616		$	1,025,548		$	(883,153	)	$	1,712,500

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 31, 2019



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	414,548		$	296,954		$	—		$	711,502
COSTS AND EXPENSES
Costs applicable to sales⁽¹⁾	—			300,496			250,685			—			551,181
Amortization	876			81,759			96,241			—			178,876
General and administrative	31,913			808			1,772			—			34,493
Exploration	1,492			12,220			8,815			—			22,527
Impairment of long-lived assets	—			—			250,814			—			250,814
Pre-development, reclamation, and other	346			11,204			6,871			—			18,421
Total costs and expenses	34,627			406,487			615,198			—			1,056,312
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment	(1,281		)	—			—			—			(1,281		)
Fair value adjustments, net	16,039			(9		)	—			—			16,030
Other, net	18,993			(1,106		)	(3,941		)	(17,139		)	(3,193		)
Interest expense, net of capitalized interest	(20,774		)	(2,591		)	(18,545		)	17,139			(24,771		)
Total other income (expense), net	12,977			(3,706		)	(22,486		)	—			(13,215		)
Income (loss) from continuing operations before income and mining taxes	(21,650		)	4,355			(340,730		)	—			(358,025		)
Income and mining tax (expense) benefit	(1,518		)	(3,750		)	16,397			—			11,129
Income (loss) from continuing operations	(23,168		)	605			(324,333		)	—			(346,896		)
Equity income (loss) in consolidated subsidiaries	(323,728		)	(10,100		)	9,760			324,068			—
Income (loss) from discontinued operations	5,693			—			—			—			5,693
NET INCOME (LOSS)	$	(341,203	)	$	(9,495	)	$	(314,573	)	$	324,068		$	(341,203	)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on debt and equity securities	59			—			—			—			59
Unrealized gain (loss) on cash flow hedges	(136		)	—			—			—			(136		)
COMPREHENSIVE INCOME (LOSS)	$	(341,280	)	$	(9,495	)	$	(314,573	)	$	324,068		$	(341,280	)

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 31, 2018



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	371,248		$	254,656		$	—		$	625,904
COSTS AND EXPENSES
Costs applicable to sales⁽¹⁾	—			285,242			155,708			—			440,950
Amortization	940			61,489			66,044			—			128,473
General and administrative	30,868			398			79			—			31,345
Exploration	1,496			9,294			14,607			—			25,397
Pre-development, reclamation, and other	1,246			11,351			7,446			—			20,043
Total costs and expenses	34,550			367,774			243,884			—			646,208
OTHER INCOME (EXPENSE), NET
Fair value adjustments, net	4,056			(418		)				—			3,638
Other, net	(403		)	617			(9,462		)	(15,457		)	(24,705		)
Interest expense, net of capitalized interest	(21,563		)	(1,479		)	(16,779		)	15,457			(24,364		)
Total other income (expense), net	(17,910		)	(1,280		)	(26,241		)	—			(45,431		)
Income (loss) from continuing operations before income and mining taxes	(52,460		)	2,194			(15,469		)	—			(65,735		)
Income and mining tax (expense) benefit	(548		)	(1,926		)	19,254			—			16,780
Income (loss) from continuing operations	(53,008		)	268			3,785			—			(48,955		)
Equity income (loss) in consolidated subsidiaries	3,593			(608		)	(74		)	(2,911		)	—
Income (loss) from discontinued operations	1,010			(284		)	(176		)	—			550
NET INCOME (LOSS)	$	(48,405	)	$	(624	)	$	3,535		$	(2,911	)	$	(48,405	)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on debt securities, net of tax	26									—			26
COMPREHENSIVE INCOME (LOSS)	$	(48,379	)	$	(624	)	$	3,535		$	(2,911	)	$	(48,379	)

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 31, 2017



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	433,050		$	276,548		$	—		$	709,598
COSTS AND EXPENSES
Costs applicable to sales⁽¹⁾	—			293,340			146,920			—			440,260
Amortization	1,157			71,340			74,052			—			146,549
General and administrative	33,379			28			209			—			33,616
Exploration	1,592			13,689			15,030			—			30,311
Pre-development, reclamation, and other	4,705			7,497			6,734			—			18,936
Total costs and expenses	40,833			385,894			242,945			—			669,672
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishments	(9,342		)	—			—			—			(9,342		)
Fair value adjustments, net	—			(864		)	—			—			(864		)
Other, net	21,254			2,936			10,179			(7,726		)	26,643
Interest expense, net of capitalized interest	(14,657		)	(975		)	(8,534		)	7,726			(16,440		)
Total other income (expense), net	(2,745		)	1,097			1,645			—			(3		)
Income (loss) from continuing operations before income and mining taxes	(43,578		)	48,253			35,248			—			39,923
Income and mining tax (expense) benefit	2,170			(5,758		)	(25,410		)	—			(28,998		)
Income (loss) from continuing operations	(41,408		)	42,495			9,838			—			10,925
Equity income (loss) in consolidated subsidiaries	40,089			(577		)	4,416			(43,928		)	—
Income (loss) from discontinued operations	—			—			(12,244		)	—			(12,244		)
NET INCOME (LOSS)	$	(1,319	)	$	41,918		$	2,010		$	(43,928	)	$	(1,319	)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on debt securities, net of tax	3,227			915			—			(915		)	3,227
Reclassification adjustments for impairment of equity securities, net of tax	426			426			—			(426		)	426
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax	1,354			486			—			(486		)	1,354
Other comprehensive income (loss)	5,007			1,827			—			(1,827		)	5,007
COMPREHENSIVE INCOME (LOSS)	$	3,688		$	43,745		$	2,010		$	(45,755	)	$	3,688

CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2019



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(377,159	)	$	125,325		$	19,646		$	324,068		$	91,880

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(491		)	(48,324		)	(50,957		)	—			(99,772		)
Proceeds from the sale of assets	—			913			120			—			1,033
Purchase of investments	(5,019		)	(1		)	(3		)	—			(5,023		)
Sales of investments	2,109			—			—			—			2,109
Proceeds from notes receivable	7,168			—			—			—			7,168
Other	2,051			32			(164		)	—			1,919
Investments in consolidated subsidiaries	323,561			180			327			(324,068		)	—
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	329,379			(47,200		)	(50,677		)	(324,068		)	(92,566		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	123,059			—			—			—			123,059
Issuance of notes and bank borrowings, net of issuance costs	60,000			—			—			—			60,000
Payments on debt, capital leases, and associated costs	(195,878		)	(17,364		)	(8,612		)	—			(221,854		)
Silvertip contingent consideration	—			—			(18,697		)	—			(18,697		)
Net intercompany financing activity	57,930			(59,061		)	1,131			—			—
Other	(3,404		)	—			—			—			(3,404		)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	41,707			(76,425		)	(26,178		)	—			(60,896		)
Effect of exchange rate changes on cash and cash equivalents	—			(2		)	533			—			531
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(6,073		)	1,698			(56,676		)	—			(61,051		)
Cash, cash equivalents and restricted cash at beginning of period	12,748			25,540			79,781			—			118,069
Cash, cash equivalents and restricted cash at end of period	$	6,675		$	27,238		$	23,105		$	—		$	57,018

CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2018



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash provided by (used in) activities of continuing operations	$	(45,313	)	$	55,656		$	12,676		$	(2,911	)	20,108
Cash provided by (used in) activities of discontinued operations	—			—			(2,690		)	—			(2,690		)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(45,313		)	55,656			9,986			(2,911		)	17,418

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(390		)	(58,040		)	(82,357		)	—			(140,787		)
Proceeds from the sale of assets	23			446			108			—			577
Purchase of investments	(431		)	—			5			—			(426		)
Sales of investments	11,694			1,019			—			—			12,713
Acquisitions, net of cash acquired	—			—			6,914			—			6,914
Proceeds from notes receivable	19,000			—			—			—			19,000
Other	46			217			(252		)	—			11
Investments in consolidated subsidiaries	(6,288		)	159			3,218			2,911			—
Cash provided by (used in) activities of continuing operations	23,654			(56,199		)	(72,364		)	2,911			(101,998		)
Cash provided by (used in) activities of discontinued operations	—			—			(28,470		)	—			(28,470		)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	23,654			(56,199		)	(100,834		)	2,911			(130,468		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings, net of issuance costs	95,000			—			—			—			95,000
Payments on debt, capital leases, and associated costs	(60,826		)	(12,239		)	(21,994		)	—			(95,059		)
Net intercompany financing activity	(50,640		)	(13,906		)	64,546			—			—
Other	(5,160		)	—			—			—			(5,160		)
Cash provided by (used in) activities of continuing operations	(21,626		)	(26,145		)	42,552			—			(5,219		)
Cash provided by (used in) activities of discontinued operations	—			—			(22		)	—			(22		)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(21,626		)	(26,145		)	42,530			—			(5,241		)
Effect of exchange rate changes on cash and cash equivalents	—			(11		)	39			—			28
Less net cash provided by (used in) discontinued operations	—			—			(32,930		)	—			(32,930		)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(43,285		)	(26,699		)	(15,349		)	—			(85,333		)
Cash, cash equivalents and restricted cash at beginning of period	56,033			52,239			95,130			—			203,402
Cash, cash equivalents and restricted cash at end of period	$	12,748		$	25,540		$	79,781		$	—		$	118,069

CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2017



In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash provided by (used in) activities of continuing operations	$	(8,470	)	$	118,667		$	130,491		$	(43,528	)	197,160
Cash provided by (used in) activities of discontinued operations	—			—			11,296			—			11,296
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(8,470		)	118,667			141,787			(43,528		)	208,456

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,941		)	(85,967		)	(48,826		)	—			(136,734		)
Proceeds from the sale of assets	8,917			6,902			886			—			16,705
Purchase of investments	(15,057		)	(1		)	—			—			(15,058		)
Sales of investments	9,157			2,164			—			—			11,321
Acquisitions, net of cash acquired	(156,248		)	—			—			—			(156,248		)
Other	62			—			2,802			—			2,864
Investments in consolidated subsidiaries	(34,419		)	12,911			(881		)	22,389			—
Cash provided by (used in) activities of continuing operations	(189,529		)	(63,991		)	(46,019		)	22,389			(277,150		)
Cash provided by (used in) activities of discontinued operations	—			—			(1,392		)	—			(1,392		)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(189,529		)	(63,991		)	(47,411		)	22,389			(278,542		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings	342,620			—			—			—			342,620
Payments on debt, capital leases, and associated costs	(185,538		)	(7,926		)	(9,581		)	—			(203,045		)
Net intercompany financing activity	34,359			(44,540		)	9,801			380			—
Other	(3,746		)	—			—			—			(3,746		)
Cash provided by (used in) activities of continuing operations	187,695			(52,466		)	220			380			135,829
Cash provided by (used in) activities of discontinued operations	—			—			(20,843		)	20,759			(84		)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	187,695			(52,466		)	(20,623		)	21,139			135,745
Effect of exchange rate changes on cash and cash equivalents	—			6			197			—			203
Less net cash provided by (used in) discontinued operations	—			—			(10,939		)	—			(10,939		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(10,304		)	2,216			84,889			—			76,801
Cash and cash equivalents at beginning of period	66,337			50,023			10,241						126,601
Cash and cash equivalents at end of period	$	56,033		$	52,239		$	95,130		$	—		$	203,402