Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION

SUPPLEMENTAL GUARANTOR INFORMATION

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.

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2020

In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	7,594		$	16,832		$	28,469		$	—		$	52,895
Receivables	—			7,014			12,708			—			19,722
Ore on leach pads	—			83,035			—			—			83,035
Inventory	—			24,729			27,128			—			51,857
Prepaid expenses and other	6,649			1,080			6,421			—			14,150
	14,243			132,690			74,726			—			221,659
NON-CURRENT ASSETS
Property, plant and equipment, net	2,176			160,632			79,210			—			242,018
Mining properties, net	—			327,587			375,373			—			702,960
Ore on leach pads	—			66,703			—			—			66,703
Restricted assets	1,468			206			6,449			—			8,123
Equity and debt securities	26,826			—			—			—			26,826
Receivables	—			—			23,149			—			23,149
Net investment in subsidiaries	403,171			82,558			(82,713		)	(403,016		)	—
Other	243,008			50,552			2,622			(238,523		)	57,659
TOTAL ASSETS	$	690,892		$	820,928		$	478,816		$	(641,539	)	$	1,349,097
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	2,070		$	26,138		$	33,311		$	—		$	61,519
Other accrued liabilities	9,327			27,031			13,577			—			49,935
Debt	—			15,469			8,119			—			23,588
Reclamation	—			1,628			1,466			—			3,094
	11,397			70,266			56,473			—			138,136
NON-CURRENT LIABILITIES
Debt	277,062			32,596			248,386			(238,523		)	319,521
Reclamation	—			92,665			42,771			—			135,436
Deferred tax liabilities	366			8,190			27,916			—			36,472
Other long-term liabilities	3,826			37,117			17,945			—			58,888
Intercompany payable (receivable)	(262,403		)	244,608			17,795			—			—
	18,851			415,176			354,813			(238,523		)	550,317
STOCKHOLDERS’ EQUITY
Common stock	2,436			20,401			214,816			(235,217		)	2,436
Additional paid-in capital	3,603,785			338,479			2,018,080			(2,356,559		)	3,603,785
Accumulated deficit	(2,945,647		)	(23,394		)	(2,165,366		)	2,188,760			(2,945,647		)
Accumulated other comprehensive income (loss)	70			—			—			—			70
	660,644			335,486			67,530			(403,016		)	660,644
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	690,892		$	820,928		$	478,816		$	(641,539	)	$	1,349,097

CONDENSED 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

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED MARCH 31, 2020

In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	96,944		$	76,223		$	—		$	173,167
COSTS AND EXPENSES
Costs applicable to sales(1)	—			65,286			53,631			—			118,917
Amortization	215			17,415			18,532			—			36,162
General and administrative	8,910			2			8			—			8,920
Exploration	280			4,363			1,743			—			6,386
Pre-development, reclamation, and other	18			2,616			3,921			—			6,555
Total costs and expenses	9,423			89,682			77,835			—			176,940
OTHER INCOME (EXPENSE), NET
Fair value adjustments, net	(8,819		)	—			—			—			(8,819		)
Other, net	4,615			(9		)	1,002			(3,727		)	1,881
Interest expense, net of capitalized interest	(4,105		)	(736		)	(4,014		)	3,727			(5,128		)
Total other income (expense), net	(8,309		)	(745		)	(3,012		)	—			(12,066		)
Income (loss) from continuing operations before income and mining taxes	(17,732		)	6,517			(4,624		)	—			(15,839		)
Income and mining tax (expense) benefit	(218		)	(518		)	4,675			—			3,939
Income (loss) from continuing operations	(17,950		)	5,999			51			—			(11,900		)
Equity income (loss) in consolidated subsidiaries	6,050			(3,157		)	3,027			(5,920		)	—
Income (loss) from discontinued operations	—			—			—			—			—
NET INCOME (LOSS)	$	(11,900	)	$	2,842		$	3,078		$	(5,920	)	$	(11,900	)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on debt and equity securities	—			—			—			—			—
Unrealized gain (loss) on cash flow hedges, net of tax of $22 for the three months ended March 31, 2020	206			—			—			—			206
COMPREHENSIVE INCOME (LOSS)	$	(11,694	)	$	2,842		$	3,078		$	(5,920	)	$	(11,694	)

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED MARCH 31, 2019

In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	90,699		$	64,171		$	—		$	154,870
COSTS AND EXPENSES
Costs applicable to sales(1)	—			72,022			59,628			—			131,650
Amortization	221			18,445			23,210			—			41,876
General and administrative	9,474			—			—			—			9,474
Exploration	336			1,124			2,254			—			3,714
Pre-development, reclamation, and other	160			1,943			2,331			—			4,434
Total costs and expenses	10,191			93,534			87,423			—			191,148
OTHER INCOME (EXPENSE), NET
Fair value adjustments, net	9,120			—			—			—			9,120
Other, net	4,998			165			(800		)	(4,303		)	60
Interest expense, net of capitalized interest	(5,729		)	(392		)	(4,636		)	4,303			(6,454		)
Total other income (expense), net	8,389			(227		)	(5,436		)	—			2,726
Income (loss) from continuing operations before income and mining taxes	(1,802		)	(3,062		)	(28,688		)	—			(33,552		)
Income and mining tax (expense) benefit	(2,077		)	(32		)	10,767			—			8,658
Income (loss) from continuing operations	(3,879		)	(3,094		)	(17,921		)	—			(24,894		)
Equity income (loss) in consolidated subsidiaries	(21,015		)	(418		)	283			21,150			—
Income (loss) from discontinued operations	5,693			—			—			—			5,693
NET INCOME (LOSS)	$	(19,201	)	$	(3,512	)	$	(17,638	)	$	21,150		$	(19,201	)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Unrealized gain (loss) on debt securities, net of tax	59			—			—			—			59
COMPREHENSIVE INCOME (LOSS)	$	(19,142	)	$	(3,512	)	$	(17,638	)	$	21,150		$	(19,142	)

CONDENSED STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2020

In thousands	Coeur Mining, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(3,457	)	$	2,231		$	(845	)	$	(5,920	)	$	(7,991	)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(21		)	(10,491		)	(11,696		)	—			(22,208		)
Proceeds from the sale of assets	4,500			6			—			—			4,506
Other	—			—			(17		)	—			(17		)
Investments in consolidated subsidiaries	(6,050		)	(39		)	169			5,920			—
Cash provided by (used in) activities of continuing operations	(1,571		)	(10,524		)	(11,544		)	5,920			(17,719		)
Cash provided by (used in) activities of discontinued operations	—			—			—			—			—
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(1,571		)	(10,524		)	(11,544		)	5,920			(17,719		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings, net of issuance costs	50,000			—			—			—			50,000
Payments on debt, capital leases, and associated costs	—			(3,975		)	(1,926		)	—			(5,901		)
Silvertip contingent consideration	—			—			(18,750		)	—			(18,750		)
Net intercompany financing activity	(38,600		)	1,857			36,743			—			—
Other	(1,973		)	—			—			—			(1,973		)
Cash provided by (used in) activities of continuing operations	9,427			(2,118		)	16,067			—			23,376
Cash provided by (used in) activities of discontinued operations	—			—			—			—			—
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	9,427			(2,118		)	16,067			—			23,376
Effect of exchange rate changes on cash and cash equivalents	—			(27		)	(599		)	—			(626		)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4,399			(10,438		)	3,079			—			(2,960		)
Cash, cash equivalents and restricted cash at beginning of period	6,675			27,238			23,105			—			57,018
Cash, cash equivalents and restricted cash at end of period	$	11,074		$	16,800		$	26,184		$	—		$	54,058

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 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	(34,395		)	8,468			(11,069		)	21,150			(15,846		)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(38		)	(14,431		)	(12,969		)	—			(27,438		)
Proceeds from the sale of assets	—			753			94			—			847
Sales of investments	5,168			—			—			—			5,168
Other	1,803			—			(62		)	—			1,741
Investments in consolidated subsidiaries	21,015			—			135			(21,150		)	—
Cash provided by (used in) activities of continuing operations	23,948			(13,678		)	(12,802		)	(21,150		)	(19,682		)
Cash provided by (used in) activities of discontinued operations	—			—			—			—			—
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	23,948			(13,678		)	(12,802		)	(21,150		)	(19,682		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings, net of issuance costs	15,000			—			—			—			15,000
Payments on debt, capital leases, and associated costs	(15,000		)	(4,387		)	(2,969		)	—			(22,356		)
Net intercompany financing activity	10,226			(5,357		)	(4,869		)	—			—
Other	(3,364		)	—			—			—			(3,364		)
Cash provided by (used in) activities of continuing operations	6,862			(9,744		)	(7,838		)	—			(10,720		)
Cash provided by (used in) activities of discontinued operations	—			—			—			—			—
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	6,862			(9,744		)	(7,838		)	—			(10,720		)
Effect of exchange rate changes on cash and cash equivalents	—			3			198			—			201
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	415			(14,951		)	(31,511		)	—			(46,047		)
Cash, cash equivalents and restricted cash at beginning of period	12,747			25,532			79,790			—			118,069
Cash, cash equivalents and restricted cash at end of period	$	13,162		$	10,581		$	48,279		$	—		$	72,022