10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

___________________________________________ 

FORM 10-Q

___________________________________________

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2023

OR

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission file number 001-08641

____________________________________________

 

COEUR MINING, INC.

(Exact name of registrant as specified in its charter)

____________________________________________

Delaware			82-0109423
(State or other jurisdiction of     incorporation or organization)			(I.R.S. Employer Identification No.)
200 S. Wacker Dr.
Suite 2100	Chicago,	Illinois	60606
(Address of principal executive offices)			(Zip Code)

(312) 489-5800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $.01 per share)	CDE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☑    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑

The Company has 600,000,000 shares of common stock, par value of $0.01, authorized of which 382,609,677 shares were issued and outstanding as of November 6, 2023.

COEUR MINING, INC.

INDEX

		Page
Part I.	Financial Information
	Item 1. Financial Statements
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows (Unaudited)	6
	Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	Consolidated Financial Results	26
	Results of Operations	32
	Liquidity and Capital Resources	35
	Non-GAAP Financial Performance Measures	38
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	43
	Item 4. Controls and Procedures	45
Part II.	Other Information	46
	Item 1. Legal Proceedings	46
	Item 1A. Risk Factors	46
	Item 4. Mine Safety Disclosures	47
	Item 5. Other Information	47
	Item 6. Exhibits	47
Signatures		48

3

PART I

Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

		September 30, 2023		December 31, 2022
ASSETS	Notes	In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents		$	53,223	$	61,464
Receivables	4	30,138		36,333
Inventory	5	66,704		61,831
Ore on leach pads	5	114,314		82,958
Equity securities	6	7,231		32,032
Prepaid expenses and other		25,556		25,814
		297,166		300,432
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net		1,639,248		1,389,755
Ore on leach pads	5	36,627		51,268
Restricted assets		8,735		9,028
Equity securities	6	—		12,120
Receivables	4, 11	22,563		22,023
Other		65,413		61,517
TOTAL ASSETS		$	2,069,752	$	1,846,143
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	138,979	$	96,123
Accrued liabilities and other	17	116,562		92,863
Debt	7	22,127		24,578
Reclamation	8	5,796		5,796
		283,464		219,360
NON-CURRENT LIABILITIES
Debt	7	490,114		491,355
Reclamation	8	202,220		196,635
Deferred tax liabilities		15,390		14,459
Other long-term liabilities		30,186		35,318
		737,910		737,767
COMMITMENTS AND CONTINGENCIES	16
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 382,693,309 issued and outstanding at September 30, 2023 and 295,697,624 at December 31, 2022		3,827		2,957
Additional paid-in capital		4,128,553		3,891,265
Accumulated other comprehensive income (loss)		11,654		12,343
Accumulated deficit		(3,095,656)		(3,017,549)
		1,048,378		889,016
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	2,069,752	$	1,846,143

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
	Notes	In thousands, except share data
Revenue	3	$	194,583	$	182,993	$	559,116	$	575,520
COSTS AND EXPENSES
Costs applicable to sales(1)	3	147,903		163,180		440,596		447,126
Amortization		22,884		29,151		65,187		83,549
General and administrative		9,512		9,722		31,384		29,281
Exploration		12,437		8,406		20,007		19,103
Pre-development, reclamation, and other	13	8,680		9,249		29,618		29,839
Total costs and expenses		201,416		219,708		586,792		608,898
OTHER INCOME (EXPENSE), NET
Gain on debt extinguishment	7	774		—		3,735		—
Fair value adjustments, net	11	(2,010)		(13,067)		4,629		(65,272)
Interest expense, net of capitalized interest	7	(7,402)		(5,932)		(21,703)		(15,670)
Other, net	13	459		153		(10,421)		2,203
Total other income (expense), net		(8,179)		(18,846)		(23,760)		(78,739)
Income (loss) before income and mining taxes		(15,012)		(55,561)		(51,436)		(112,117)
Income and mining tax (expense) benefit	9	(6,097)		(1,883)		(26,671)		(15,079)
NET INCOME (LOSS)		$	(21,109)	$	(57,444)	$	(78,107)	$	(127,196)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges		7,227		29,060		7,141		58,087
Reclassification adjustments for realized (gain) loss on cash flow hedges		(4,920)		(9,910)		(7,830)		(11,181)
Other comprehensive income (loss)		2,307		19,150		(689)		46,906
COMPREHENSIVE INCOME (LOSS)		$	(18,802)	$	(38,294)	$	(78,796)	$	(80,290)
NET INCOME (LOSS) PER SHARE	14
Basic income (loss) per share:
Basic		$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)
Diluted		$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)

(1) Excludes amortization.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
	Notes	In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(21,109)	$	(57,444)	$	(78,107)	$	(127,196)
Adjustments:
Amortization		22,884		29,151		65,187		83,549
Accretion		4,153		3,596		12,219		10,588
Deferred taxes		(3,872)		(4,730)		1,536		(12,288)
Gain on debt extinguishment	7	(774)		—		(3,735)		—
Fair value adjustments, net	11	2,010		13,067		(4,629)		62,133
Stock-based compensation	10	2,635		2,705		8,462		7,319
Loss on the sale of assets	13	19		—		12,650		—
Write-downs	5	7,727		21,204		22,467		38,018
Deferred revenue recognition	16	(143)		(10,167)		(25,358)		(10,723)
Other		657		1,290		2,798		824
Changes in operating assets and liabilities:
Receivables		(478)		(119)		1,659		4,099
Prepaid expenses and other current assets		(3,000)		(2,075)		764		939
Inventory and ore on leach pads		(18,620)		(13,715)		(54,993)		(42,650)
Accounts payable and accrued liabilities		5,528		(1,880)		41,091		(17,512)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(2,383)		(19,117)		2,011		(2,900)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(112,273)		(96,602)		(271,902)		(239,260)
Proceeds from the sale of assets		152		—		8,380		16,001
Sale of investments	6	—		40,469		41,558		40,469
Proceeds from notes receivable	4	—		—		5,000		—
Other		(63)		(42)		(171)		(63)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(112,184)		(56,175)		(217,135)		(182,853)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	14	57,522		—		168,964		98,335
Issuance of notes and bank borrowings, net of issuance costs	7	163,000		100,000		388,000		255,000
Payments on debt, finance leases, and associated costs	7	(109,268)		(23,211)		(348,092)		(145,515)
Other		(23)		(2)		(2,345)		(3,565)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		111,231		76,787		206,527		204,255
Effect of exchange rate changes on cash and cash equivalents		(278)		(234)		374		25
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(3,614)		1,261		(8,223)		18,527
Cash, cash equivalents and restricted cash at beginning of period		58,560		75,555		63,169		58,289
Cash, cash equivalents and restricted cash at end of period		$	54,946	$	76,816	$	54,946	$	76,816

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total
Balances at December 31, 2022	295,698	$	2,957	$	3,891,265	$	(3,017,549)	$	12,343	$	889,016
Net income (loss)	—	—		—		(24,586)		—		(24,586)
Other comprehensive income (loss)	—	—		—		—		(17,062)		(17,062)
Common stock issued under "at the market" stock offering	32,862	329		98,100		—		—		98,429
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	2,482	24		715		—		—		739
Balances at March 31, 2023	331,042	$	3,310	$	3,990,080	$	(3,042,135)	$	(4,719)	$	946,536
Net income (loss)	—	—		—		(32,412)		—		(32,412)
Other comprehensive income (loss)	—	—		—		—		14,066		14,066
Common stock issued for the extinguishment of Senior Notes	13,941	140		45,328		—		—		45,468
Common stock issued under Private Placement Offering	5,276	53		12,603		—		—		12,656
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	(92)	(1)		2,449		—		—		2,448
Balances at June 30, 2023	350,167	$	3,502	$	4,050,460	$	(3,074,547)	$	9,347	$	988,762
Net income (loss)	—	—		—		(21,109)				(21,109)
Other comprehensive income (loss)	—	—		—				2,307		2,307
Common stock issued under "at the market" stock offering	21,700	217		48,920		—		—		49,137
Common stock issued for the extinguishment of Senior Notes	7,619	76		18,228		—		—		18,304
Common stock issued under Private Placement Offering	3,000	30		8,332		—				8,362
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	207	2		2,613		—		—		2,615
Balances at September 30, 2023	382,693	$	3,827	$	4,128,553	$	(3,095,656)	$	11,654	$	1,048,378

In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total
Balances at December 31, 2021	256,919	$	2,569	$	3,738,347	$	(2,939,442)	$	(1,212)	$	800,262
Net income (loss)	—	—		—		7,682		—		7,682
Other comprehensive income (loss)	—	—		—		—		(4,758)		(4,758)
Common stock issued under "at the market" stock offering	22,053	220		98,279		—		—		98,499
Common stock issued/canceled under long-term incentive plans and director fees and options, net	1,862	19		(1,730)		—		—		(1,711)
Balances at March 31, 2022	280,834	$	2,808	$	3,834,896	$	(2,931,760)	$	(5,970)	$	899,974
Net income (loss)	—	—		—		(77,434)		—		(77,434)
Other comprehensive income (loss)	—	—		—		—		32,514		32,514
Common stock issued/canceled under long-term incentive plans and director fees and options, net	(29)	—		2,127		—		—		2,127
Balances at June 30, 2022	280,805	$	2,808	$	3,837,023	$	(3,009,194)	$	26,544	$	857,181
Net income (loss)	—	—		—		(57,444)		—		(57,444)
Other comprehensive income (loss)	—	—		—		—		19,150		19,150
Common stock issued/canceled under long-term incentive plans and director fees and options, net	31	—		2,702		—		—		2,702
Balances at September 30, 2022	280,836	$	2,808	$	3,839,725	$	(3,066,638)	$	45,694	$	821,589

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 1 - BASIS OF PRESENTATION

The interim Condensed Consolidated Financial Statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2023. The condensed consolidated December 31, 2022 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 10-K”).

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

Please see Note 2 — Summary of Significant Accounting Policies contained in the 2022 10-K.

Use of Estimates

The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

NOTE 3 – SEGMENT REPORTING

The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining,

8

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	38,994	$	8,719	$	46,474	$	45,316	$	—	$	—	$	139,503
Silver sales	38,294		14,929		56		1,801		—		—		55,080
Metal sales	77,288		23,648		46,530		47,117		—		—		194,583
Costs and Expenses
Costs applicable to sales(1)	48,059		30,532		38,286		31,026		—		—		147,903
Amortization	9,024		4,176		6,894		1,588		919		283		22,884
Exploration	2,160		303		2,856		—		6,703		415		12,437
Other operating expenses	2,611		2,168		907		1,041		3,164		8,301		18,192
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		774		774
Fair value adjustments, net	—		—		—		—		—		(2,010)		(2,010)
Interest expense, net	241		(555)		(583)		(120)		(13)		(6,372)		(7,402)
Other, net(3)	1,407		(67)		(79)		(43)		(119)		(640)		459
Income and mining tax (expense) benefit	(4,539)		220		—		(1,102)		—		(676)		(6,097)
Net Income (loss)	$	12,543	$	(13,933)	$	(3,075)	$	12,197	$	(10,918)	$	(17,923)	$	(21,109)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	10,780	$	84,368	$	15,831	$	681	$	619	$	(6)	$	112,273

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Three Months Ended September 30, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	35,285	$	16,162	$	49,010	$	38,724	$	—	$	—	$	139,181
Silver sales	29,551		14,011		97		153		—		—		43,812
Metal sales	64,836		30,173		49,107		38,877		—		—		182,993
Costs and Expenses
Costs applicable to sales(1)	43,244		50,760		40,289		28,887		—		—		163,180
Amortization	8,027		6,921		10,369		2,191		1,260		383		29,151
Exploration	1,775		601		2,796		—		2,303		931		8,406
Other operating expenses	812		1,804		425		482		4,966		10,482		18,971
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		(13,067)		(13,067)
Interest expense, net	26		(225)		(442)		(22)		(32)		(5,237)		(5,932)
Other, net(3)	1,142		(101)		(62)		(167)		(85)		(574)		153
Income and mining tax (expense) benefit	(1,805)		114		—		(417)		—		225		(1,883)
Net Income (loss)	$	10,341	$	(30,125)	$	(5,276)	$	6,711	$	(8,646)	$	(30,449)	$	(57,444)
Segment assets(2)	$	294,438	$	769,391	$	146,128	$	90,542	$	242,142	$	85,034	$	1,627,675
Capital expenditures	$	10,844	$	73,995	$	7,076	$	458	$	3,821	$	408	$	96,602

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

9

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Nine Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	114,897	$	37,404	$	111,136	$	124,522	$	—	$	—	$	387,959
Silver sales	117,426		49,245		193		4,293		—		—		171,157
Metal sales	232,323		86,649		111,329		128,815		—		—		559,116
Costs and Expenses
Costs applicable to sales(1)	143,915		99,465		114,817		82,399		—		—		440,596
Amortization	25,760		13,043		17,539		4,802		3,161		882		65,187
Exploration	5,087		965		6,179		—		6,572		1,204		20,007
Other operating expenses	6,370		6,241		2,875		3,084		14,687		27,745		61,002
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		3,735		3,735
Fair value adjustments, net	—		—		—		—		—		4,629		4,629
Interest expense, net	541		(1,017)		(1,438)		(164)		(53)		(19,572)		(21,703)
Other, net(3)	4,291		(559)		(206)		(374)		(222)		(13,351)		(10,421)
Income and mining tax (expense) benefit	(20,461)		596		—		(3,822)		—		(2,984)		(26,671)
Net Income (loss)	$	35,562	$	(34,045)	$	(31,725)	$	34,170	$	(24,695)	$	(57,374)	$	(78,107)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	32,844	$	197,788	$	38,189	$	952	$	1,426	$	703	$	271,902

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Nine Months Ended September 30, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	119,486	$	42,413	$	143,099	$	110,259	$	—	$	—	$	415,257
Silver sales	114,387		44,632		575		669		—		—		160,263
Metal sales	233,873		87,045		143,674		110,928		—		—		575,520
Costs and Expenses
Costs applicable to sales(1)	135,532		120,988		116,510		74,096		—		—		447,126
Amortization	27,150		16,592		28,360		6,500		3,778		1,169		83,549
Exploration	5,071		4,009		4,416		—		2,041		3,566		19,103
Other operating expenses	2,485		5,465		1,348		1,521		16,550		31,751		59,120
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		(65,272)		(65,272)
Interest expense, net	(100)		(606)		(1,111)		(49)		(150)		(13,654)		(15,670)
Other, net(3)	1,635		(192)		19		506		(320)		555		2,203
Income and mining tax (expense) benefit	(24,325)		1,079		127		(2,382)		—		10,422		(15,079)
Net Income (loss)	$	40,845	$	(59,728)	$	(7,925)	$	26,886	$	(22,839)	$	(104,435)	$	(127,196)
Segment assets(2)	$	294,438	$	769,391	$	146,128	$	90,542	$	242,142	$	85,034	$	1,627,675
Capital expenditures	$	34,515	$	154,001	$	23,828	$	2,294	$	21,383	$	3,239	$	239,260

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Assets	September 30, 2023		December 31, 2022
Total assets for reportable segments	$	1,935,150	$	1,669,982
Cash and cash equivalents	53,223		61,464
Other assets	81,379		114,697
Total consolidated assets	$	2,069,752	$	1,846,143

10

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Geographic Information

Long-Lived Assets	September 30, 2023		December 31, 2022
United States	$	1,149,301	$	899,960
Mexico	258,409		251,950
Canada	231,416		237,723
Other	122		122
Total	$	1,639,248	$	1,389,755

Revenue	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
United States	$	117,295	$	118,157	$	326,793	$	341,647
Mexico	77,288		64,836		232,323		233,873
Total	$	194,583	$	182,993	$	559,116	$	575,520

NOTE 4 – RECEIVABLES

    Receivables consist of the following:

In thousands	September 30, 2023		December 31, 2022
Current receivables:
Trade receivables	$	2,637	$	6,302
VAT receivable	15,116		10,741
Income tax receivable	9,791		9,719
Avino note receivable (1)	—		4,926
Gold and silver forwards realized gains (2)	1,995		4,059
Other	599		586
	$	30,138	$	36,333
Non-current receivables:
Other tax receivable (3)	$	8,534	$	—
Deferred cash consideration (1)	—		7,677
Contingent consideration (1)	14,029		14,346
	$	22,563	$	22,023
Total receivables	$	52,701	$	58,356

(1) See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration.

(2) Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.

(3) Consists of exploration credit refunds at Silvertip.

11

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 5 – INVENTORY AND ORE ON LEACH PADS

    Inventory consists of the following:

In thousands	September 30, 2023		December 31, 2022
Inventory:
Concentrate	$	1,357	$	2,869
Precious metals	15,924		12,636
Supplies	49,423		46,326
	$	66,704	$	61,831
Ore on Leach Pads:
Current	$	114,314	$	82,958
Non-current	36,627		51,268
	$	150,941	$	134,226
Long-term Stockpile (included in Other)	$	41,990	$	28,840
Total Inventory and Ore on Leach Pads	$	259,635	$	224,897

    

Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. During the first nine months of 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down for the three and nine months ended September 30, 2023 of $8.9 million ($7.7 million was recognized in Costs applicable to sales and $1.2 million in Amortization) and $25.3 million ($22.4 million was recognized in Costs applicable to sales and $2.9 million in Amortization), respectively.

NOTE 6 – INVESTMENTS

Equity Securities

    From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration.

	At September 30, 2023
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Avino Silver & Gold Mines Ltd	$	13,720	$	(6,489)	$	—	$	7,231
Equity securities	$	13,720	$	(6,489)	$	—	$	7,231

	At December 31, 2022
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	70,560	$	(38,528)	$	—	$	32,032
Integra Resources Corp.	9,455		(7,115)		—		2,340
Avino Silver & Gold Mines Ltd	13,720		(4,199)		—		9,521
Other	2,233		(1,974)		—		259
Equity securities	$	95,968	$	(51,816)	$	—	$	44,152

Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Condensed Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. See Note 11 -- Fair Value Measurements for additional details.

In January 2023, the Company sold 6.0 million shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $6.70 per share, for net proceeds of $39.8 million.

12

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

In May 2023, the Company sold 3.7 million shares of common stock of Integra Resources Corporation (“Integra Common Shares”) at a price of $0.48 per share, for net proceeds of $1.8 million.

NOTE 7 – DEBT

	September 30, 2023				December 31, 2022
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	303,010	$	—	$	369,212
Revolving Credit Facility(2)	—		140,000		—		80,000
Finance lease obligations	22,127		47,104		24,578		42,143
	$	22,127	$	490,114	$	24,578	$	491,355

(1) Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively.

(2) Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets.

2029 Senior Notes

In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of 5.125% senior notes due 2029 in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 10 -- Debt contained in the 2022 10-K.

During the three and nine months ended September 30, 2023, the Company exchanged $19.3 million and $67.8 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 7.6 million and 21.6 million shares of common stock, respectively. Based on the closing price of the Company’s common stock on the date of the exchanges, the exchanges resulted in an aggregate gain of $3.7 million on debt extinguishment. The exchange transactions represent non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.

Revolving Credit Facility

At September 30, 2023, the Company had $140.0 million drawn at a weighted-average interest rate of 9.2%, $29.6 million in outstanding letters of credit and $220.4 million available under its $390 million revolving credit facility (the “RCF”). Future borrowing may be subject to certain financial covenants. For more details, please see Note 10 -- Debt contained in the 2022 10-K.

On August 9, 2023, the Company entered into an amendment (the “August Amendment”) to the RCF. The August Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility during the final stages of the Rochester expansion under (a) the consolidated net leverage and consolidated senior secured leverage ratios at September 30, 2023 through the March 31, 2024, with the ratios returning to the previous levels at June 30, 2024 and (b) the consolidated interest coverage ratio at June 30, 2023 through September 30, 2023 with the ratio returning to the previous level at December 31, 2023, (2) allows up to $50 million, through June 30, 2024, stepping down to $40 million in September 31, 2024, $30 million in December 31, 2024 and $15 million thereafter, for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through June 30, 2024, and (4) restricts certain acquisitions through March 31, 2024.

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2023, the Company entered into new lease financing arrangements for mining equipment at Rochester and Kensington for $21.6 million. The new finance lease arrangements represent non-cash investing activities in the Condensed Consolidated Statement of Cash Flow. Additionally, Coeur secured a finance lease package for nearly $60.0 million in 2021, all of which has been funded as of September 30, 2023. This package was earmarked for planned equipment for the Rochester expansion project in 2021, 2022 and 2023 and has an interest rate of 5.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 9 -- Leases contained in the 2022 10-K.

13

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Interest Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
2029 Senior Notes	$	4,097	$	4,805	13,409		$	14,414
Revolving Credit Facility	4,956		2,512		11,481		5,069
Finance lease obligations	1,035		1,341		2,788		3,916
Amortization of debt issuance costs	703		535		1,964		1,448
Other debt obligations	710		29		1,450		162
Capitalized interest	(4,099)		(3,290)		(9,389)		(9,339)
Total interest expense, net of capitalized interest	$	7,402	$	5,932	$	21,703	$	15,670

NOTE 8 – RECLAMATION

Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates.

Changes to the Company’s asset retirement obligations for its operating sites are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Asset retirement obligation - Beginning	$	207,960	$	184,606	$	202,431	$	180,156
Accretion	4,153		3,564		12,219		10,482
Additions and changes to estimates	(2,682)		—		(2,682)		—
Settlements	(1,415)		(1,507)		(3,952)		(3,975)
Asset retirement obligation - Ending	$	208,016	$	186,663	$	208,016	$	186,663

    The commencement of production from the new leach pad and process plant at Rochester in the third quarter of 2023 resulted in an update to the estimated reclamation and mine closure costs. The estimated reclamation and mine closure costs was discounted using a credit adjusted, risk-free interest rate of 8.4%.

NOTE 9 - INCOME AND MINING TAXES

    The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2023 and 2022 by significant jurisdiction:

	Three months ended September 30,								Nine months ended September 30,
	2023				2022				2023				2022
In thousands	Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States	$	(22,674)	$	(1,565)	$	(59,012)	$	(74)	$	(83,994)	$	(4,847)	$	(154,263)	$	(2,270)
Canada	(9,345)		—		(8,960)		—		(23,049)		—		(22,859)		(21)
Mexico	17,111		(4,532)		12,178		(1,809)		56,045		(21,824)		64,847		(12,788)
Other jurisdictions	(104)		—		233		—		(438)		—		158		—
	$	(15,012)	$	(6,097)	$	(55,561)	$	(1,883)	$	(51,436)	$	(26,671)	$	(112,117)	$	(15,079)

    During the third quarter of 2023, the Company reported estimated income and mining tax expense of approximately $6.1 million, resulting in an effective tax rate of (40.6)%. This compares to income tax expense of $1.9 million for an effective tax rate of (3.4)% during the third quarter of 2022. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rate; (v) the sale of non-core assets; (vi) percentage depletion; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

14

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” in the 2022 10-K.

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2019 forward for the U.S. federal jurisdiction and from 2016 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by less than $0.1 million in the next twelve months.

    At September 30, 2023 and December 31, 2022, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

NOTE 10 – STOCK-BASED COMPENSATION

    The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and nine months ended September 30, 2023 was $2.6 million and $8.5 million, respectively, compared to $2.5 million and $7.1 million in the three and nine months ended September 31, 2022. At September 30, 2023, there was $10.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

    The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Grant date	Restricted stock	Grant date fair value of restricted stock		Performance shares	Grant date fair value of performance shares
February 27, 2023	2,596,856	$	3.00	1,738,581	$	3.14
June 19, 2023	57,804	$	3.11	46,340	$	3.14
August 18, 2023	436,422	$	2.53	5,308	$	3.14

NOTE 11 – FAIR VALUE MEASUREMENTS

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Change in the value of equity securities(1)	$	(2,010)	$	(13,067)	$	4,629	$	(62,133)
Termination of gold zero cost collars	—		—		—		(3,139)
Fair value adjustments, net	$	(2,010)	$	(13,067)	$	4,629	$	(65,272)

(1) Includes unrealized losses on held equity securities of $2.0 million, and $13.1 million for the three months ended September 30, 2023, and 2022, respectively, and unrealized losses of $2.3 million and $46.5 million for the nine months ended September 30, 2023, and 2022, respectively

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

15

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value at September 30, 2023
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	7,231	$	7,231	$	—	$	—
Provisional metal sales contracts	36		—		36		—
Gold forwards	7,411		—		7,411		—
Silver forwards	4,243		—		4,243		—
	$	18,921	$	7,231	$	11,690	$	—
Liabilities:
Provisional metal sales contracts	$	53	$	—	$	53	$	—

	Fair Value at December 31, 2022
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities including warrants	$	44,152	$	43,893	$	259	$	—
Provisional metal sales contracts	299		—		299		—
Gold forwards	12,343		—		12,343		—
	$	56,794	$	43,893	$	12,901	$	—
Liabilities:
Provisional metal sales contracts	$	10	$	—	$	10	$	—

The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. The common share purchase warrants the Company received as consideration in the La Preciosa project sale are valued using a pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads.

No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2023.

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2023 and December 31, 2022 is presented in the following table:

	September 30, 2023
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	303,010	$	258,746	$	—	$	258,746	$	—
Revolving Credit Facility(2)	$	140,000	$	140,000	$	—	$	140,000	$	—

(1) Net of unamortized debt issuance costs of $4.2 million

(2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets.

16

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

	December 31, 2022
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Promissory note	$	4,926	$	4,579	$	—	$	4,579	$	—
Deferred cash consideration	$	7,677	$	7,317	$	—	$	7,317	$	—
Liabilities:
2029 Senior Notes(1)	$	369,212	$	291,924	$	—	$	291,924	$	—
Revolving Credit Facility(2)	$	80,000	$	80,000	$	—	$	80,000	$	—

(1) Net of unamortized debt issuance costs of $5.8 million.

(2) Unamortized debt issuance costs of $3.6 million included in Other Non-Current Assets.

The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

In March 2022 the Company completed the sale of the La Preciosa project. The consideration for the sale of La Preciosa project included a promissory note payable to the Company that matured in March 2023 and was paid in full, and deferred cash consideration payable on the first anniversary of initial production from any portion of the La Preciosa project. These assets were valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The consideration for the sale of La Preciosa project also included two royalties: a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of $0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $50.0 million. These assets were initially measured at fair value at inception and remeasured at fair value on a nonrecurring basis. The fair value of the royalties and the contingent consideration assets were $11.2 million and $1.2 million, respectively, valued as of the date of closing of the transaction and were measured at fair value on a non-recurring basis. The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models. The model inputs included significant unobservable inputs and involve significant management judgment. The significant unobservable inputs included assumptions related to metal prices which assumed silver prices ranging from $22 to $25 per ounce and gold prices ranging from $1,700 to $1,930 per ounce as well as volatility assumptions for silver and gold prices (33.5% and 19.0%, respectively), and an assumed weighted average cost of capital of 15.5%. Such instruments are classified as Level 3 of the fair value hierarchy.

In May 2023, the Company sold the La Preciosa Deferred Consideration for cash consideration of $7.0 million and deferred consideration of $1.0 million payable on the first anniversary of initial production from any portion of the La Preciosa project resulting in a loss on the sale of $12.3 million, which was recognized in Other, Net in the Condensed Consolidated Statement of Comprehensive Income (Loss). The deferred cash consideration was measured at a fair value of $0.8 million at inception and will be remeasured at fair value on a nonrecurring basis. It was valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

The consideration for the sale of Sterling/Crown exploration properties included the right to an additional payment of $50.0 million should the Buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties (including any in-situ ounces mined after the closing of the Transaction) equal to or greater than 3,500,000 gold ounces, subject to certain additional terms and conditions detailed in the stock purchase agreement. The fair value of the contingent consideration asset of $13.0 million valued as of the date of closing of the transaction was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis. The model inputs include significant unobservable inputs, involve significant management judgment and is classified as Level 3 of the fair value hierarchy. The significant unobservable inputs included managements assumption related to the probability (75%) and timing (ranging from 5 years to 30 years) of achieving reported gold resources equal to or greater than 3,500,000 gold ounces and a discount rate of 8.1%.

NOTE 12 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.

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Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company enters into forward contracts. The contracts are net settled monthly and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

At September 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2023		2024 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	1,977	$	—
Notional ounces	55,749		—
Silver forwards
Average silver fixed price per ounce	$	25.47	$	—
Notional ounces	1,245,000		—

The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized.

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments.

As of September 30, 2023, the Company had $11.7 million of net after-tax gains in AOCI related to gains from cash flow hedge transactions, of which $11.7 million of net after-tax gains is expected to be recognized in its Condensed Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold and silver for metal contracts.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

	September 30, 2023
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	7,411	$	—	$	—
Silver forwards	4,243		—		—

	December 31, 2022
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	12,343	$	—	$	—

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands).

18

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amount of Gain (Loss) Recognized in AOCI
Gold forwards	$	6,736	$	29,060	$	(1,317)	$	62,685
Silver forwards	491		—		8,458		—
Gold zero cost collars	—		—		—		(4,598)
	$	7,227	$	29,060	$	7,141	$	58,087
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards	$	(2,723)	$	(11,289)	$	(3,615)	$	(14,399)
Silver forwards	(2,197)		—		(4,215)		—
Gold zero cost collars	—		1,379		—		3,218
	$	(4,920)	$	(9,910)	$	(7,830)	$	(11,181)

Derivatives Not Designated as Hedging Instruments

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

Zero Cost Collars

To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements. The contracts were net cash settled monthly and, if the price of gold at the time of expiration was between the put and call prices, it would expire at no cost to the Company. If the price of gold at the time of expiration was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements. The cost to terminate the zero cost collars was $7.7 million, of which $3.1 million was recognized in earnings and the remaining $4.6 million, which represents the fair value of the zero cost collars on the date of de-designation, was retained in AOCI and was recognized in earnings in 2022 as the forecasted transactions occurred.

At September 30, 2023, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2023		2024 and Thereafter
Provisional gold sales contracts	$	26,551	$	—
Average gold price per ounce	$	1,920	$	—
Notional ounces	13,828		—

The following summarizes the classification of the fair value of the derivative instruments:

	September 30, 2023
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	36	$	53

	December 31, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	299	$	10

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2023, and 2022, respectively (in thousands):

19

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

		Three Months Ended September 30,				Nine Months Ended September 30,
Financial statement line	Derivative	2023		2022		2023		2022
Revenue	Provisional metal sales contracts	$	14	$	(757)	$	(305)	$	(751)
Fair value adjustments, net	Terminated zero cost collars	—		—		—		(3,139)
		$	14	$	(757)	$	(305)	$	(3,890)

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

NOTE 13 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

Pre-development, reclamation, and other consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
COVID-19	$	14	$	294	$	92	$	1,585
Silvertip ongoing carrying costs	2,780		4,628		13,569		15,542
Asset retirement accretion	4,153		3,597		12,219		10,588
Other	1,733		730		3,738		2,124
Pre-development, reclamation and other	$	8,680	$	9,249	$	29,618	$	29,839

Other, net consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Foreign exchange gain (loss)	$	421	$	93	$	(107)	$	(972)
Gain (loss) on sale of assets(1)	(19)		(87)		(12,650)		2,365
RMC bankruptcy distribution	—		—		1,516		—
Other	57		147		820		810
Other, net	$	459	$	153	$	(10,421)	$	2,203

(1) See Note 11 -- Fair Value Measurements for additional details on the gain (loss) on sale of assets.

NOTE 14 – NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three and nine months ended September 30, 2023, there were 1,090,981 and 1,641,510 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 3,719,764 and 2,013,571 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2022, respectively.

20

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

	Three months ended September 30,				Nine months ended September 30,
In thousands except per share amounts	2023		2022		2023		2022
Net income (loss) available to common stockholders	$	(21,109)	$	(57,444)	$	(78,107)	$	(127,196)
Weighted average shares:
Basic	356,676		278,105		330,440		272,599
Effect of stock-based compensation plans	—		—		—		—
Diluted	356,676		278,105		330,440		272,599
Income (loss) per share:
Basic	$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)
Diluted	$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)

On September 13, 2023, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “September 2023 Equity Offering”). The September 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on August 10, 2023 between the Company and BMO Capital Markets Corp., BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 21,699,856 shares of its common stock in the September 2023 Equity Offering at an average price of $2.30 per share, raising net proceeds (after sales commissions) of $49.3 million. Proceeds from the September 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

On June 21, 2023, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 5,276,154 shares of common stock, par value $0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on June 27, 2023. The Company granted an over-allotment option of up to 3,000,000 additional flow-through shares, which was exercised in full and closed on July 20, 2023. The proceeds of the Private Placement Offering will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)). The initial Private Placement Offering raised net proceeds of $18.2 million, of which $5.1 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”). The FT Premium Liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred. The over-allotment raised net proceeds of $10.5 million, including an additional $2.7 million of FT Premium Liability.

The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

On March 17, 2023, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March 2023 Equity Offering”). The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $3.04 per share, raising net proceeds (after sales commissions) of $98.4 million. Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

21

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 15 - SUPPLEMENTAL GUARANTOR INFORMATION

The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 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., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. 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.

SUMMARIZED BALANCE SHEET

	Coeur Mining, Inc.				Guarantor Subsidiaries
In thousands	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Current assets	$	32,341	$	73,692	$	176,842	$	137,432
Non-current assets(1)	$	407,492	$	445,778	$	1,244,584	$	991,213
Non-guarantor intercompany assets	$	398	$	4,391	$	—	$	—
Current liabilities	$	21,787	$	19,842	$	202,444	$	136,788
Non-current liabilities	$	452,982	$	457,195	$	196,055	$	193,024
Non-guarantor intercompany liabilities	$	84,353	$	58,257	$	1,576	$	1,594

(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

SUMMARIZED STATEMENTS OF INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2023

In thousands	Coeur Mining, Inc.		Guarantor Subsidiaries
Revenue	$	—	$	326,794
Gross profit (loss)	$	(883)	$	(5,271)
Net income (loss)	$	(78,108)	$	(31,593)

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Mexico Litigation Matters

As of September 30, 2023, $29.4 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through litigation and potential arbitration as well as refiling refund requests as undue payments rather than refunds of VAT that was due). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to resolve the matter. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable.

22

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results.

Palmarejo Gold Stream

Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2016, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet. See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail.

The following table presents a roll forward of the Franco-Nevada contract liability balance:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Opening Balance	$	7,196	$	7,742	$	7,411	$	8,150
Revenue Recognized	(145)		(167)		(360)		(575)
Closing Balance	$	7,051	$	7,575	$	7,051	$	7,575

Metal Sales Prepayments

In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. In December 2022, the Company received a $25.0 million prepayment, all of which was recognized as revenue in the first half of 2023. In June 2023, the Company exercised an option to receive a further $25.0 million prepayment, a portion of which was recognized in revenue in the third quarter of 2023. Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty to allow for a $10.0 million prepayment for deliveries of gold concentrate from its Wharf mine and a $10.0 million prepayment for deliveries of gold and silver doré from its Rochester mine, all of which were recognized as revenue in the third quarter of 2023. In September 2023, the contracts related to Wharf and Rochester were amended to increase the maximum amount available in prepayments to $12.5 million and $17.5 million, respectively, which were received.

The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail.

The following table presents a roll forward of the prepayment contract liability balance:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Opening Balance	$	45,012	$	25,012	$	25,016	$	15,016
Additions	30,311		361		75,307		10,811
Revenue Recognized	(31,000)		(10,000)		(56,000)		(10,454)
Closing Balance	$	44,323	$	15,373	$	44,323	$	15,373

23

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Rochester Expansion Project Update

Construction of the new three-stage crushing circuit is now complete and first production from the new leach pad and process plant began in mid-September. Commissioning of the process plant is complete and commissioning of the new crusher corridor is underway, with ramp-up expected throughout the remainder of 2023 and into the first half of 2024.

Once operating at full capacity, throughput levels are expected to average 32 million tons per year, which is approximately 2.5 times higher than historical levels, making Rochester one of the largest open pit heap leach operations in the world. The total estimated capital for the project remains at $710 - $730 million.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes. As of September 30, 2023 and December 31, 2022, the Company had surety bonds totaling $332.3 million and $326.8 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

NOTE 17 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION

Accrued liabilities and other consist of the following:

In thousands	September 30, 2023		December 31, 2022
Accrued salaries and wages	$	28,499	$	29,868
Flow-through share premium received (including over-allotment)	7,847		—
Deferred revenue (1)	44,843		25,736
Income and mining taxes	8,329		7,874
Accrued operating costs	9,362		6,241
Unrealized losses on derivatives	53		10
Taxes other than income and mining	2,703		3,318
Accrued interest payable	4,021		8,256
Operating lease liabilities	10,905		11,560
Accrued liabilities and other	$	116,562	$	92,863

(1) See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2023 and 2022:

In thousands	September 30, 2023		September 30, 2022
Cash and cash equivalents	$	53,223	$	75,389
Restricted cash equivalents	1,723		1,427
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	54,946	$	76,816

24

Item 2.        Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Wharf. Revenue from secondary metal, such as silver at Wharf, is treated as a cost credit.

Overview

We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.     

Third Quarter Highlights

For the quarter, Coeur reported revenue of $194.6 million and cash used in operating activities of $2.4 million. We reported GAAP net loss of $21.1 million, or $0.06 per diluted share. On a non-GAAP adjusted basis1, the Company reported EBITDA of $30.6 million and net loss of $18.6 million or $0.05 per diluted share. For the nine months ended September 30, 2023, Coeur reported revenue of $559.1 million and cash provided by operating activities of $2.0 million. We reported GAAP net loss of $78.1 million, or $0.24 per diluted share. On a non-GAAP adjusted basis1, the Company reported EBITDA of $78.0 million and net loss of $71.8 million or $0.22 per diluted share.

•Increased revenue and adjusted EBITDA driven by stronger gold production and lower costs – Revenue increased 10% and adjusted EBITDA increased 38% quarter-over-quarter, due to a 15% quarter-over-quarter increase in gold production and a 13% quarter-over-quarter decline in adjusted costs applicable to sales per gold ounce

•Rochester expansion project now complete – First production from the new leach pad and process plant was achieved in mid-September. The legacy crushing circuit is now being decommissioned in preparation of mining expected to begin in that location in 2024

•Material step-up in Rochester production now occurring – During the month of October, Rochester recovered 537,000 ounces of silver and 8,050 ounces of gold, which is more than double the year-to-date monthly average silver production and more than triple the year-to-date monthly average gold production

•Gold production and cost guidance updated; silver guidance remains unchanged – A stronger anticipated fourth quarter at Wharf is expected to offset adjusted gold production guidance at Kensington. The low end of total 2024 production guidance remains unchanged and the overall range has narrowed to 304,000 - 342,500 ounces. Additionally, Kensington cost guidance has been revised to reflect the impact of revised production expectations. Silver full-year production guidance of 10 - 12 million ounces remains unchanged

•Balance sheet and hedging initiatives supporting remaining capital requirements – With elevated capital investment levels related to the recently completed Rochester expansion expected through year-end, Coeur ended the quarter with total liquidity of approximately $280 million. Realized and unrealized gains from the Company’s 2023 gold and silver hedges total nearly $20 million at quarter-end, providing meaningful downside protection through this period of capital intensity

25

Selected Financial and Operating Results

	Three Months Ended				Nine Months Ended
	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Financial Results: (in thousands, except per share amounts)
Gold sales	$	139,503	$	121,355	$	387,959	$	415,257
Silver sales	$	55,080	$	55,880	$	171,157	$	160,263
Consolidated Revenue	$	194,583	$	177,235	$	559,116	$	575,520
Net income (loss)	$	(21,109)	$	(32,412)	$	(78,107)	$	(127,196)
Net income (loss) per share, diluted	$	(0.06)	$	(0.10)	$	(0.24)	$	(0.47)
Adjusted net income (loss)(1)	$	(18,619)	$	(20,153)	$	(71,829)	$	(71,607)
Adjusted net income (loss) per share, diluted(1)	$	(0.05)	$	(0.06)	$	(0.22)	$	(0.26)
EBITDA(1)	$	15,274	$	3,961	$	35,454	$	(12,898)
Adjusted EBITDA(1)	$	30,648	$	22,235	$	78,012	$	103,154
Total debt(2)	$	512,241	$	469,386	$	512,241	$	635,679
Operating Results:
Gold ounces produced	78,617		68,406		216,062		242,619
Silver ounces produced	2,277,386		2,388,141		7,200,410		7,345,171
Gold ounces sold	78,015		67,090		215,971		241,779
Silver ounces sold	2,213,735		2,337,413		7,140,067		7,289,084
Average realized price per gold ounce	$	1,788	$	1,809	$	1,796	$	1,718
Average realized price per silver ounce	$	24.88	$	23.91	$	23.97	$	21.99

(1)See “Non-GAAP Financial Performance Measures.”

(2)Includes finance leases. Net of debt issuance costs and premium received.

Consolidated Financial Results

Three Months Ended September 30, 2023 compared to Three Months Ended June 30, 2023

Revenue

We sold 78,015 gold ounces and 2.2 million silver ounces, compared to 67,090 gold ounces and 2.3 million silver ounces. Revenue increased by $17.3 million, or 10%, as a result of a 16% increase gold ounces sold and a 4% increase in average realized silver prices, partially offset by a 5% decrease in silver ounces sold and a 1% decrease in average realized gold prices. The increase in gold ounces sold was primarily due to higher mill throughput at Palmarejo and Kensington, higher grades at Kensington, partially offset by the timing of production from Rochester’s new leach pad related to startup of the new process plant and timing of recoveries at Wharf. The decrease in silver ounces sold was primarily due to lower silver grades at Palmarejo and the timing of production on the new leach pad related to startup of the new process plant. Gold and silver represented 72% and 28% of third quarter 2023 sales revenue, respectively, compared to 68% and 32% of second quarter 2023 sales revenue, respectively.

The following table summarizes consolidated metal sales:

	Three Months Ended				Increase (Decrease)		Percentage Change
In thousands	September 30, 2023		June 30, 2023
Gold sales	$	139,503	$	121,355	$	18,148	15	%
Silver sales	55,080		55,880		(800)		(1)	%
Metal sales	$	194,583	$	177,235	$	17,348	10	%

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Costs Applicable to Sales

Costs applicable to sales increased $8.3 million, or 6%, primarily due to higher gold ounces sold and a higher net realizable value (“LCM”) adjustments at Rochester. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization

Amortization increased $3.3 million, or 17% primarily due to an increase in gold ounces sold and the commencement of production of the new leach pad in mid-September 2023 at Rochester.

Expenses

General and administrative expenses decreased $0.3 million, or 3%, primarily due to lower employee incentive related costs.

Exploration expense increased $9.5 million, or 326%, driven by accelerated drilling activity at Palmarejo, Kensington and Silvertip.

Pre-development, reclamation, and other expenses decreased $1.4 million, or 14%, stemming from lower ongoing carrying costs at Silvertip.

The following table summarizes pre-development, reclamation, and other expenses:

	Three Months Ended				Increase (Decrease)		Percentage Change
In thousands	September 30, 2023		June 30, 2023
COVID-19	$	14	$	21	$	(7)	(33)	%
Silvertip ongoing carrying costs	2,780		4,609		(1,829)		(40)	%
Asset retirement accretion	4,153		4,073		80		2	%
Other	1,733		1,345		388		29	%
Pre-development, reclamation and other expense	$	8,680	$	10,048	$	(1,368)	(14)	%

Other Income and Expenses

During the third quarter of 2023, the Company incurred a $0.8 million gain in connection with the exchange of $19.3 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 7.6 million shares of common stock. During the second quarter of 2023, the Company incurred a $3.0 million gain in connection with the exchange of $48.5 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 13.9 million shares of common stock.

Fair value adjustments, net, decreased to a loss of $2.0 million compared to $3.9 million as a result of an increase in value of the Company’s equity investments. For additional details on the Company’s equity investments see Note 6 -- Investments.

Interest expense (net of capitalized interest of $4.1 million) increased to $7.4 million from $6.9 million due to higher interest paid under the RCF as a result of increasing interest rates, partially offset by higher capitalized interest, and lower interest payable following the extinguishment of $67.8 million in 2029 Senior Notes.

Other, net decreased to a gain of $0.5 million compared to a loss of $9.9 million as a result of the $12.3 million loss recognized from the sale of La Preciosa Deferred Consideration in the second quarter of 2023.

Income and Mining Taxes

Income and mining tax expense of approximately $6.1 million resulted in an effective tax rate of (40.6)% for the three months ended September 30, 2023. This compares to income tax expense of $9.9 million for an effective tax rate of (43.8)% for the three months ended June 30, 2023. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rate; (v) the sale of non-core assets; (vi) percentage depletion; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

27

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

	Three Months Ended September 30,				Three Months Ended June 30,
	2023				2023
In thousands	Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States	$	(22,674)	$	(1,565)	$	(35,540)	$	(2,264)
Canada	(9,345)		—		(4,410)		—
Mexico	17,111		(4,532)		17,534		(7,602)
Other jurisdictions	(104)		—		(130)		—
	$	(15,012)	$	(6,097)	$	(22,546)	$	(9,866)

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.

Net Loss

Net loss was $21.1 million, or $0.06 per diluted share, compared to $32.4 million, or $0.10 per diluted share. The decrease in net loss was driven by a 16% increase gold ounces sold, a 4% increase in average realized silver prices, favorable changes in the fair value of the Company’s equity investments, and a $12.3 million loss on the sale of the La Preciosa Deferred Consideration recognized in the second quarter of 2023. This was partially offset by a 5% decrease in silver ounces sold, a 1% decrease in average realized gold prices, a higher LCM adjustment at Rochester, and higher exploration costs. Adjusted net loss was $18.6 million, or $0.05 per diluted share, compared to $20.2 million, or $0.06 per diluted share (see “Non-GAAP Financial Performance Measures”).

Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022

Revenue

We sold 215,971 gold ounces and 7.1 million silver ounces, compared to 241,779 gold ounces and 7.3 million silver ounces. Revenue decreased by $16.4 million, or 3%, as a result of a 11% and 2% decrease in gold and silver ounces sold, respectively, partially offset by a 5% and 9% increase in average realized gold and silver prices, respectively. The decrease in gold ounces sold was primarily due to lower mill throughput at Palmarejo and Kensington, lower grades and recoveries at Kensington, and the timing of production from Rochester’s new leach pad related to startup of the new process plant, partially offset by higher grades at Wharf. The decrease in silver ounces sold was primarily due to lower mill throughput at Palmarejo, partially offset by the timing of recoveries and higher grades at Rochester. Gold and silver represented 69% and 31% of 2023 sales revenue, respectively, compared to gold and silver representing 72% and 28% of 2022 sales revenue, respectively.

The following table summarizes consolidated metal sales:

	Nine Months Ended				Increase (Decrease)		Percentage Change
In thousands	September 30, 2023		September 30, 2022
Gold sales	$	387,959	$	415,257	$	(27,298)	(7)	%
Silver sales	171,157		160,263		10,894		7	%
Metal sales	$	559,116	$	575,520	$	(16,404)	(3)	%

Costs Applicable to Sales

Costs applicable to sales decreased $6.5 million, or 1%, primarily due to lower gold and silver ounces sold and lower LCM adjustments at Rochester. For a complete discussion of costs applicable to sales, see Results of Operations below.

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Amortization

Amortization decreased $18.4 million primarily due to lower gold and silver ounces sold and longer assumed mine lives at Palmarejo, Rochester, Kensington and Wharf driven by prior year’s successful investments in exploration.

Expenses

General and administrative expenses increased $2.1 million, or 7%, primarily due to higher employee incentive related costs and corporate administrative costs.

Exploration expense increased $0.9 million, or 5%, driven by accelerated drilling activity at Palmarejo, Kensington and Silvertip, partially offset by the Canadian mining exploration tax credits associated with expenditures at the Silvertip exploration project recognized in the second quarter of 2023.

Pre-development, reclamation, and other expenses decreased $0.2 million, or 1%, stemming from lower ongoing carrying costs at Silvertip and lower costs incurred in connection with the Company’s COVID-19 health and safety protocols, partially offset by higher asset retirement accretion.

The following table summarizes pre-development, reclamation, and other expenses:

	Nine Months Ended September 30,				Increase (Decrease)		Percentage Change
In thousands	2023		2022
COVID-19	$	92	$	1,585	$	(1,493)	(94)	%
Silvertip ongoing carrying costs	13,569		15,542		(1,973)		(13)	%
Asset retirement accretion	12,219		10,588		1,631		15	%
Other	3,738		2,124		1,614		76	%
Pre-development, reclamation and other expense	$	29,618	$	29,839	$	(221)	(1)	%

Other Income and Expenses

During the first nine months of 2023, the Company incurred a $3.7 million gain in connection with the exchange of $67.8 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 21.6 million shares of common stock.

Fair value adjustments, net, increased to a gain of $4.6 million compared to a loss $65.3 million loss as a result of an increase in value of the Company’s equity investments. For additional details on the Company’s equity investments see Note 6 -- Investments.

Interest expense (net of capitalized interest of $9.4 million) increased to $21.7 million from $15.7 million due to higher interest paid under the RCF attributable to higher average debt levels and interest rates, partially offset by lower interest payable following the extinguishment of $67.8 million in 2029 Senior Notes.

Other, net decreased to a loss of $10.4 million compared to a gain of $2.2 million, as a result of the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration.

Income and Mining Taxes

During the nine months of 2023, income and mining tax expense of approximately $26.7 million resulted in an effective tax rate of (51.9)% for 2023. This compares to income tax expense of $15.1 million for an effective tax rate of (13.4)% for 2022. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) the sale of non-core assets; (iv) mining taxes; (v) foreign exchange rates; (vi) the impact of uncertain tax positions; (vii) percentage depletion; and (viii) the non-recognition of tax assets. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

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The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

	Nine Months Ended September 30,
	2023				2022
In thousands	Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States	$	(83,994)	$	(4,847)	$	(154,263)	$	(2,270)
Canada	(23,049)		—		(22,859)		(21)
Mexico	56,045		(21,824)		64,847		(12,788)
Other jurisdictions	(438)		—		158		—
	$	(51,436)	$	(26,671)	$	(112,117)	$	(15,079)

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.

Net Loss

Net loss was $78.1 million, or $0.24 per diluted share, compared to $127.2 million, or $0.47 per diluted share. The decrease in net loss was driven by a 5% and 9% increase in average realized gold and silver prices, respectively, decreased LCM adjustments at Rochester, favorable changes in the fair value of the Company’s equity investments, and a $3.7 million gain in connection with the exchange of 2029 Senior Notes. This was partially offset by a 11% and 2% decrease in gold and silver ounces sold, respectively, higher losses on the sale of assets, interest expense and income and mining taxes. Adjusted net loss was $71.8 million, or $0.22 per diluted share, compared to $71.6 million, or $0.26 per diluted share (see “Non-GAAP Financial Performance Measures”).

2023 Guidance

The Company has made the following changes to its 2023 gold production and cost guidance: (i) the low end of Wharf’s gold production guidance has been revised upward; and (ii) Kensington’s 2023 gold production and cost guidance have been refined to reflect the cumulative impact of paste backfill challenges at Kensington earlier in the year.

2023 Production Guidance

	Previous		Updated
	Gold	Silver	Gold	Silver
	(oz)	(K oz)	(oz)	(K oz)
Palmarejo	100,000 - 112,500	6,500 - 7,500	100,000 - 112,500	6,500 - 7,500
Rochester	35,000 - 50,000	3,500 - 4,500	35,000 - 50,000	3,500 - 4,500
Kensington	84,000 - 95,000	—	81,000 - 85,000	—
Wharf	85,000 - 95,000	—	88,000 - 95,000	—
Total	304,000 - 352,500	10,000 - 12,000	304,000 - 342,500	10,000 - 12,000

2023 Costs Applicable to Sales Guidance

	Previous		Updated
	Gold	Silver	Gold	Silver
	($/oz)	($/oz)	($/oz)	($/oz)
Palmarejo (co-product)	$900 - $1,050	$14.25 - $15.25	$900 - $1,050	$14.25 - $15.25
Rochester (co-product)	—	—	—	—
Kensington	$1,650 - $1,750	—	$1,850 - $1,950	—
Wharf (by-product)	$1,200 - $1,350	—	$1,200 - $1,350	—

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The Company expects second half 2023 CAS at Rochester to be similar to actual first half 2023 CAS as Coeur completes and ramps up the expansion project.

2023 Capital, Exploration and G&A Guidance

	($M)
Capital Expenditures, Sustaining	$148 - $168
Capital Expenditures, Development	$230 - $264
Exploration, Expensed	$30 - $35
Exploration, Capitalized	$10 - $15
General & Administrative Expenses	$36 - $40

Note: The Company’s previous guidance figures assume estimated prices of $1,800/oz gold and $23.00/oz silver as well as CAD of 1.25 and MXN of 20.00. The Company’s updated guidance figures assume estimated prices of $1,900/oz gold and $23.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

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Results of Operations

Palmarejo

	Three Months Ended						Nine Months Ended
	September 30, 2023			June 30, 2023			September 30, 2023			September 30, 2022
Tons milled	501,722			472,622			1,507,950			1,643,561
Average gold grade (oz/t)	0.055			0.056			0.054			0.053
Average silver grade (oz/t)	3.67			4.10			3.93			3.78
Average recovery rate – Au	97.6		%	87.4		%	91.7		%	92.0		%
Average recovery rate – Ag	86.9		%	83.5		%	83.9		%	84.0		%
Gold ounces produced	26,870			23,216			75,204			80,847
Silver ounces produced	1,600,927			1,616,986			4,970,343			5,219,628
Gold ounces sold	26,018			22,207			74,195			81,905
Silver ounces sold	1,533,975			1,560,743			4,889,877			5,205,011
CAS per gold ounce(1)	$	924		$	1,028		$	950		$	844
CAS per silver ounce(1)	$	15.67		$	15.22		$	15.01		$	12.76

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2023 compared to Three Months Ended June 30, 2023

Gold and silver production increased 16% and decreased 1%, respectively, as a result of 6% increase mill throughput, higher gold and silver recoveries, and 2% and 10% lower gold and silver grades, respectively. Metal sales were $77.3 million, or 40% of Coeur’s metal sales, compared with $72.7 million, or 41% of Coeur’s metal sales. Revenue increased by $4.6 million or 6%, of which $5.0 million was due to a higher gold production, partially offset by a decrease of $0.4 million due to lower gold prices. Costs applicable to sales per gold ounce decreased 10% and per silver ounce increased 3%, due to the mix of gold and silver sales and a strengthening Mexican Peso. Amortization of $9.0 million was in-line with prior quarter. Capital expenditures decreased to $10.8 million from $11.9 million due to lower expenditures related to the open pit backfill project and underground development.

Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022

Gold and silver production decreased 7% and 5%, respectively as a result of 8% lower mill throughput, partially offset by 2% and 4% higher gold and silver grades, respectively. Metal sales were $232.3 million, or 42% of Coeur’s metal sales, compared with $233.9 million, or 41% of Coeur’s metal sales. Revenue decreased by $1.6 million or 1%, of which $19.5 million was due to a lower volume of gold and silver production, partially offset by an increase of $17.9 million due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce increased 13% and 18%, respectively, due to the mix of gold and silver sales, lower production, higher employee-related and consumable costs primarily due to continued inflationary pressures and a strengthening Mexican Peso. Amortization decreased to $25.8 million due to a decrease in gold and silver ounces sold and longer assumed mine life. Capital expenditures decreased to $32.8 million from $34.5 million due to lower infill drilling activities.

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Rochester

	Three Months Ended				Nine Months Ended
	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Tons placed(1)	3,487,173		2,690,840		8,634,599		12,165,685
Average gold grade (oz/t)	0.003		0.003		0.003		0.003
Average silver grade (oz/t)	0.50		0.42		0.46		0.35
Gold ounces produced	4,459		6,314		18,928		23,146
Silver ounces produced	607,735		682,656		2,051,737		2,089,225
Gold ounces sold	4,432		6,493		19,274		22,724
Silver ounces sold	606,083		694,657		2,070,544		2,054,176
CAS per gold ounce(2)	$	2,549	$	1,726	$	2,219	$	2,609
CAS per silver ounce(2)	$	31.74	$	21.39	$	27.38	$	30.04

(1)During the three months ended September 30, 2023, 743,551 and 2,743,622 tons were placed on legacy and new leach pads, respectively. During the nine months ended September 30, 2023, 2,407,785 and 6,226,814 tons were placed on legacy and new leach pads, respectively. During the nine months ended September 30, 2022, 11,889,398 and 276,287 tons were placed on legacy and new leach pads, respectively.

(2)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2023 compared to Three Months Ended June 30, 2023

Gold and silver production decreased 29% and 11%, respectively, as a result of the timing of recoveries primarily due to Rochester preparing to transition from the legacy leach pad to the new leach pad associated with the Rochester expansion. Approximately 80% of the tons placed in the third quarter of 2023 were placed onto the new leach pad, which commenced production in mid-September 2023. Metal sales were $23.6 million, or 12% of Coeur’s metal sales, compared with $29.1 million, or 16% of Coeur’s metal sales. Revenue decreased by $5.5 million, or 19%, of which $6.2 million was due to a lower volume of gold and silver production, partially offset by an increase of $0.7 million due to higher average realized gold prices. Costs applicable to sales per gold and silver ounce increased 48% due to a higher LCM adjustment of $7.7 million compared to $1.6 million in the prior period. Amortization increased to $4.2 million due to commencement of production of the new leach pad in mid-September 2023. Capital expenditures increased to $84.4 million from $61.5 million due to timing of payments related to the Rochester expansion project.

Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022

Gold and silver production decreased 18% and 2%, respectively, primarily due to the timing of recoveries. Metal sales were $86.6 million, or 15% of Coeur’s metal sales, compared with $87.0 million, or 15% of Coeur’s metal sales. Revenue decreased by $0.4 million, or 0%, of which $6.3 million was due to a lower volume of silver production, partially offset by an increase of $5.9 million due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 15% and 9%, respectively, due to the mix of gold and silver sales, lower LCM adjustments of $22.4 million compared to $38.0 million in the prior period, lower diesel costs, partially offset by higher employee-related, and maintenance costs. Amortization decreased to $13.0 million due to longer assumed mine life. Capital expenditures increased to $197.8 million from $154.0 million due to timing of payments related to the Rochester expansion project.

Construction of the new three-stage crushing circuit is now complete and first production from the new leach pad and process plant began in mid-September. Commissioning of the process plant is complete and commissioning of the new crusher corridor is underway, with ramp-up expected throughout the remainder of 2023 and into the first half of 2024.

Once operating at full capacity, throughput levels are expected to average 32 million tons per year, which is approximately 2.5 times higher than historical levels, making Rochester one of the largest open pit heap leach operations in the world. The total estimated capital for the project remains at $710 - $730 million.

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Kensington

	Three Months Ended						Nine Months Ended
	September 30, 2023			June 30, 2023			September 30, 2023			September 30, 2022
Tons milled	167,950			152,907			474,194			516,936
Average gold grade (oz/t)	0.16			0.09			0.13			0.16
Average recovery rate	92.6		%	90.9		%	91.7		%	92.5		%
Gold ounces produced	24,614			13,193			58,103			78,726
Gold ounces sold	24,516			13,273			58,691			78,109
CAS per gold ounce(1)	$	1,559		$	2,945		$	1,953		$	1,484

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2023 compared to Three Months Ended June 30, 2023

Gold production increased 87% as a result of 78% higher grades and 10% higher milled throughput. Metal sales were $46.5 million, or 24% of Coeur’s metal sales, compared to $24.6 million, or 14% of Coeur’s metal sales. Revenue increased by $21.9 million, or 89%, of which $21.4 million resulted from a higher volume of gold production, and $0.5 million due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 47% due to higher production. Amortization increased to $6.9 million primarily due to an increase in gold ounces sold. Capital expenditures increased to $15.8 million from $11.7 million due to higher underground development.

Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022

Gold production decreased 26% as a result of 8% lower throughput primarily due to challenges with mine sequencing and stope extraction as well as lower grades and recoveries. Metal sales were $111.3 million, or 20% of Coeur’s metal sales, compared to $143.7 million, or 25% of Coeur’s metal sales. Revenue decreased by $32.3 million, or 23%, of which $36.6 million resulted from a lower volume of gold production, partially offset by an increase of $4.2 million due to higher average realized gold prices. Costs applicable to sales per gold ounce increased 32% due to lower production partially offset by lower diesel and employee-related costs. Amortization decreased to $17.5 million primarily due to a decrease in gold ounces sold and longer assumed mine life. Capital expenditures increased to $38.2 million from $23.8 million due to higher infill drilling and underground development.

Wharf

	Three Months Ended				Nine Months Ended
	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Tons placed	1,254,267		1,041,846		3,452,907		3,530,855
Average gold grade (oz/t)	0.023		0.022		0.026		0.020
Gold ounces produced	22,674		25,683		63,827		59,900
Silver ounces produced	68,724		88,499		178,330		36,318
Gold ounces sold	23,049		25,117		63,811		59,041
Silver ounces sold	73,677		82,013		179,646		29,897
CAS per gold ounce(1)	$	1,268	$	1,031	$	1,224	$	1,244

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2023 compared to Three Months Ended June 30, 2023

Gold production decreased 12% driven by timing of recoveries. Metal sales were $47.1 million, or 24% of Coeur’s metal sales, compared to $50.8 million, or 29% of Coeur’s metal sales. Revenue decreased by $3.7 million, or 7%, of which $4.3 million was due to a lower gold production, partially offset by an increase of $0.6 million due to higher average realized gold prices. Costs applicable to sales per gold ounce increased 23% due to lower production and higher operating costs. Amortization decreased to $1.6 million due to a decrease in gold ounces sold. Capital expenditures were $0.7 million.

Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022

Gold production increased 7% driven by higher grades. Metal sales were $128.8 million, or 23% of Coeur’s metal sales, compared to $110.9 million, or 19% of Coeur’s metal sales. Revenue increased by $17.9 million, or 16%, of which $12.9

34

million was due to a higher volume of gold production, and $5.0 million due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 2% due to lower operating costs driven by lower diesel and other consumable costs. Amortization decreased to $4.8 million due to longer assumed mine life. Capital expenditures were $1.0 million.

Silvertip

Nine Months Ended September 30, 2023

Ongoing carrying costs at Silvertip totaled $13.6 million in the nine months ended September 30, 2023 and $15.5 million in 2022. Capital expenditures in 2023 totaled $1.4 million compared to $21.4 million in the prior year due to planned reduction in capital development expenditures.

Since acquisition, exploration at Silvertip has been consistently successful, with demonstrated resource growth. Multiple new zones have been discovered, resulting in significant increases in resources. In addition, the full geochemical and metal zonation of the deposit is being studied including the critical minerals indium, germanium and gallium that are present in the ore body. The Company anticipates a slower overall timeline to advance the Silvertip project, with the primary focus on growth and achieving a better understanding of the overall deposit. Consistent with Silvertip’s status as a long-term exploration project, the Company reclassified its mineral reserves to measured and indicated resources as of year-end 2022.

Coeur focused on compiling, analyzing and interpreting historical data during the first nine months of the year to increase the understanding of the geological context and mineralization system. Significant work on logging, data collection, analysis and interpretation is ongoing as part of this effort. A new detailed geological model will be compiled to support year-end resource calculations at the end of 2023.

Liquidity and Capital Resources

At September 30, 2023, the Company had $54.9 million of cash, cash equivalents and restricted cash and $220.4 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants. Cash and cash equivalents decreased $8.2 million in the nine months ended September 30, 2023, due to 11% and 2% decrease in gold and silver ounces sold, respectively, $271.9 million of capital expenditures primarily related to the Rochester expansion project and higher costs at our operations due to continued inflationary pressures, partially offset by aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its common stock in the March 2023 Equity Offering and September 2023 Equity Offering, $39.8 million received from the sale of 6.0 million shares of common stock of Victoria Gold (“Victoria Gold Common Shares”), and net proceeds of $28.7 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering (as defined below). Additionally, the Company received net proceeds of $7.0 million from the sale of the La Preciosa Deferred Consideration, $5.0 million received from the Avino note receivable, net proceeds of $1.8 million from the sale of common stock of Integra Resources Corporation, and a 5% and 9% increase in average realized gold and silver prices, respectively.

At September 30, 2023, the Company had $140.0 million drawn, $29.6 million in outstanding letters of credit and $220.4 million available under the RCF. On August 9, 2023, the Company entered into an amendment (the “August Amendment”) to the RCF. The August Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility during the final stages of the Rochester expansion under (a) the consolidated net leverage and consolidated senior secured leverage ratios at September 30, 2023 through the March 31, 2024, with the ratios returning to the previous levels at June 30, 2024 and (b) the consolidated interest coverage ratio at June 30 through September 30, 2023, with the ratio returning to the previous level at December 31, 2023, (2) allows up to $50 million, through June 30, 2024, stepping down to $40 million in September 31, 2024, $30 million in December 31, 2024 and $15 million thereafter, for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through June 30, 2024, and (4) restricts certain acquisitions through March 31, 2024.

In January 2023, the Company completed the sale of 6.0 million Victoria Gold Common Shares at a price of $6.70 per Victoria Gold Common Share, for net proceeds of $39.8 million. At September 30, 2023, the Company held $7.2 million of equity securities.

In May 2023, the Company sold 3.7 million shares of common stock of Integra Resources Corporation (“Integra Common Shares”) at a price of $0.48 per share, for net proceeds of $1.8 million.

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In March 2023, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March 2023 Equity Offering”). The Company sold a total of 32,861,580 shares of common stock in the March 2023 Equity Offering at an average price of $3.04 per share, raising net proceeds (after sales commissions) of $98.4 million.

In June 2023, the Company sold a total of 5,276,154 shares of its common stock (“Private Placement Offering”) issued as “flow-through shares” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), raising net proceeds of $18.2 million, of which $5.1 million represents net proceeds received in excess of the Company’s average price (“FT Premium Liability”). The proceeds of the issuance of FT Shares will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)). The Company granted an over-allotment option of up to 3,000,000 additional flow-through shares, which was exercised in full and closed on July 20, 2023. The over-allotment option raised net proceeds of $10.5 million, including an additional $2.7 million of FT Premium Liability.

In September 2023, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “September 2023 Equity Offering”). The Company sold a total of 21,699,856 shares of its common stock in the September 2023 Equity Offering at an average price of $2.30 per share, raising net proceeds (after sales commissions) of $49.3 million.

The Company had outstanding forward contracts on 55,749 ounces of gold and 1.2 million ounces of silver at September 30, 2023 that settle monthly through December 2023. The Company is targeting to hedge up to 70% of expected gold production and 50% of expected silver production for 2023 in order to protect cash flow during a period of elevated capital expenditures and may in the future layer on additional hedges as circumstances warrant. The weighted average fixed price on the forward contracts is $1,977 per ounce of gold and $25.47 per ounce of silver.

In the first nine months of 2023, the Company exchanged $67.8 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 21.6 million shares of common stock.

We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer-term. We expect to use a combination of cash provided by operating activities under-pinned by our gold and silver hedging programs, additional equity financing, and borrowings under our RCF depending on future commodity prices to fund near term capital requirements, including those described in this report for the Rochester expansion project and in our 2023 capital expenditure guidance. Our longer-term plans contemplate the expansion and restart of Silvertip, as well as the continued exploration to extend mine lives at all of our operating sites.

We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under Item 1A – Risk Factors in the 2022 10-K and Part II, Item 1A of this Report.

Cash Provided by (Used in) Operating Activities

Net cash used in operating activities for the three months ended September 30, 2023 was $2.4 million, compared to net cash provided by operating activities of $39.4 million for the three months ended June 30, 2023. Net cash provided by operating activities for the nine months ended September 30, 2023 was $2.0 million, compared to net cash used in operating activities of $2.9 million for the nine months ended September 30, 2022. Adjusted EBITDA for the three months ended September 30, 2023 was $30.6 million, compared to $22.2 million for the three months ended June 30, 2023. Adjusted EBITDA for the nine months ended September 30, 2023 was $78.0 million, compared to $103.2 million for the nine months ended September 30, 2022 (see “Non-GAAP Financial Performance Measures”). Net cash provided by operating activities was impacted by the following key factors for the applicable periods:

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	Three Months Ended				Nine Months Ended
In thousands	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Cash flow before changes in operating assets and liabilities	$	14,187	$	(6,920)	$	13,490	$	52,224
Changes in operating assets and liabilities:
Receivables	(478)		(913)		1,659		4,099
Prepaid expenses and other	(3,000)		4,260		764		939
Inventories	(18,620)		(18,738)		(54,993)		(42,650)
Accounts payable and accrued liabilities	5,528		61,708		41,091		(17,512)
Cash provided by (used in) operating activities	$	(2,383)	$	39,397	$	2,011	$	(2,900)

Net cash provided operating activities decreased $41.8 million for the three months ended September 30, 2023 compared to the three months ended June 30, 2023, primarily as a result of a 5% decrease in silver ounces sold, a 1% decrease in average realized gold prices, higher exploration costs of $9.5 million, lower metal sales prepayments of $15.0 million received in the third quarter of 2023, and the timing of interest payments, partially offset by a 16% increase gold ounces sold and a 4% increase in average realized silver prices. Revenue for the three months ended September 30, 2023 compared to the three months ended June 30, 2023 increased by $17.3 million, of which $16.5 million was due to the higher volume of gold sales, and $0.9 million as the result of higher average realized silver prices.

Net cash provided by operating activities increased $4.9 million for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, primarily due to a 5% and 9% increase in average realized gold and silver prices, respectively, the receipt of $30.0 million of prepayments in the third quarter of 2023, and the receipt of $7.8 million FT Premium Liability, partially offset by a 11% and 2% decrease in gold and silver ounces sold, respectively, higher operating and costs, and timing of VAT collections at Palmarejo. Revenue for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 decreased by $16.4 million, of which $49.9 million was due to a lower volume of gold and silver sales, partially offset by $33.5 million as the result of higher average realized gold and silver prices.

Cash Provided by Investing Activities

Net cash used in investing activities in the three months ended September 30, 2023 was $112.2 million compared to $75.6 million in the three months ended June 30, 2023. Cash used in investing activities increased primarily due to higher capital expenditures and net proceeds of $7.0 million received from the sale of the La Preciosa Deferred Consideration, and net proceeds of $1.8 million from the sale of common stock of Integra Resources Corporation in the second quarter of 2023. The Company incurred capital expenditures of $112.3 million in the three months ended September 30, 2023 compared with $85.6 million in the three months ended June 30, 2023 primarily related to POA 11 construction activities at Rochester and underground development at Palmarejo and Kensington in both periods.

Net cash used in investing activities in the nine months ended September 30, 2023 was $217.1 million compared to $182.9 million in the nine months ended September 30, 2022. Cash used in investing activities increased due to higher capital expenditures and the receipt of net proceeds of $15.3 million from the sale of the La Preciosa project in 2022, partially offset by net proceeds of $7.0 million received from the sale of the La Preciosa Deferred Consideration, $5.0 million received from the collection of amounts due under the promissory note issued in connection with the sale of the La Preciosa project, and net proceeds of $1.8 million from the sale of common stock of Integra Resources Corporation. The Company incurred capital expenditures of $271.9 million in the nine months ended September 30, 2023 compared with $239.3 million in the nine months ended September 30, 2022 primarily related to POA 11 construction activities at Rochester and underground development at Palmarejo and Kensington in both periods.

Cash Provided by Financing Activities

Net cash provided by financing activities in the three months ended September 30, 2023 was $111.2 million compared to $25.9 million in the three months ended June 30, 2023. During the three months ended September 30, 2023, the Company drew $60.0 million, net, under the RCF, received net proceeds of $49.3 million from the sale of 21.7 million shares of its common stock in the September 2023 Equity Offering, and received net proceeds of $7.8 million from the sale of 3.0 million shares of its common stock issued as the FT Shares. During the three months ended June 30, 2023, the Company drew $20.0 million, net, under the RCF, and received net proceeds of $13.1 million from the sale of 5.3 million shares of its common stock issued as the FT Shares.

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Net cash provided by financing activities in the nine months ended September 30, 2023 was $206.5 million compared to $204.3 million in the nine months ended September 30, 2022. During the nine months ended September 30, 2023, the Company drew $60.0 million, net, under the RCF, received aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its common stock in the March 2023 Equity Offering and September 2023 Equity Offering, and received net proceeds of $20.9 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering. During the nine months ended September 30, 2022, the Company drew $135.0 million, net, from the RCF, and received net proceeds of $98.3 million from the sale of 22.1 million shares of its common stock in the March 2022 Equity Offering.

Critical Accounting Policies and Accounting Developments

See Note 2 - Summary of Significant Accounting Policies contained in the 2022 10-K and Note 2 - Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.

Other Liquidity Matters

We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. operations and corporate activities. The Company has asserted indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about and intentions concerning the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time-to-time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income (loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income (loss) is reconciled to Net income (loss) in the following table:

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	Three Months Ended				Nine Months Ended
In thousands except per share amounts	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Net income (loss)	$	(21,109)	$	(32,412)	$	(78,107)	$	(127,196)
Fair value adjustments, net	2,010		3,922		(4,629)		65,272
Foreign exchange loss (gain)	5		154		2,149		1,190
(Gain) loss on sale of assets and securities	19		12,622		12,650		(2,365)
RMC bankruptcy distribution	—		(1,516)		(1,516)		—
Gain on debt extinguishment	(774)		(2,961)		(3,735)		—
COVID-19 costs	14		21		92		1,585
Other adjustments	1,439		1,137		2,647		(360)
Tax effect of adjustments(1)	(223)		(1,120)		(1,380)		(9,733)
Adjusted net income (loss)	$	(18,619)	$	(20,153)	$	(71,829)	$	(71,607)
Adjusted net income (loss) per share, Basic	$	(0.05)	$	(0.06)	$	(0.22)	$	(0.26)
Adjusted net income (loss) per share, Diluted	$	(0.05)	$	(0.06)	$	(0.22)	$	(0.26)

(1) For the three months ended September 30, 2023, tax effect of adjustments of $0.2 million (-8%) is primarily related to fair value adjustments on the Company’s equity investments, and LCM adjustment recorded at Rochester. For the three months ended June 30, 2023, tax effect of adjustments of $1.1 million (-9%) is primarily related to fair value adjustments on the Company’s equity investments, loss on the sale of the La Preciosa Deferred Consideration and LCM adjustment recorded at Rochester.

For the nine months ended September 30, 2023, tax effect of adjustments of $1.4 million (-25%) is primarily related to the fair value adjustments on the Company’s equity investments, loss on the sale of the La Preciosa Deferred Consideration and LCM adjustment recorded at Rochester. For the nine months ended September 30, 2022, tax effect of adjustments of $9.7 million (-15%) is primarily related to the to the fair value adjustments on the Company’s equity investments and the derecognition of deferred tax liabilities related to the sale of La Preciosa.

EBITDA and Adjusted EBITDA

Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the following table:

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	Three Months Ended				Nine Months Ended
In thousands except per share amounts	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Net income (loss)	$	(21,109)	$	(32,412)	$	(78,107)	$	(127,196)
Interest expense, net of capitalized interest	7,402		6,912		21,703		15,670
Income tax provision (benefit)	6,097		9,866		26,671		15,079
Amortization	22,884		19,595		65,187		83,549
EBITDA	15,274		3,961		35,454		(12,898)
Fair value adjustments, net	2,010		3,922		(4,629)		65,272
Foreign exchange (gain) loss	(421)		(627)		107		972
Asset retirement obligation accretion	4,153		4,073		12,219		10,588
Inventory adjustments and write-downs	8,934		1,603		24,723		40,360
(Gain) loss on sale of assets and securities	19		12,622		12,650		(2,365)
RMC bankruptcy distribution	—		(1,516)		(1,516)		—
Gain on debt extinguishment	(774)		(2,961)		(3,735)		—
COVID-19 costs	14		21		92		1,585
Other adjustments	1,439		1,137		2,647		(360)
Adjusted EBITDA	$	30,648	$	22,235	$	78,012	$	103,154

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.

	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Cash flow from operations	$	(2,383)	$	39,397	$	2,011	$	(2,900)
Capital expenditures	112,273		85,581		271,902		239,260
Free cash flow	$	(114,656)	$	(46,184)	$	(269,891)	$	(242,160)

Operating Cash Flow Before Changes in Working Capital

Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.

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	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2023		June 30, 2023		September 30, 2023		September 30, 2022
Cash provided by (used in) operating activities	$	(2,383)	$	39,397	$	2,011	$	(2,900)
Changes in operating assets and liabilities:
Receivables	478		913		(1,659)		(4,099)
Prepaid expenses and other	3,000		(4,260)		(764)		(939)
Inventories	18,620		18,738		54,993		42,650
Accounts payable and accrued liabilities	(5,528)		(61,708)		(41,091)		17,512
Operating cash flow before changes in working capital	$	14,187	$	(6,920)	$	13,490	$	52,224

Costs Applicable to Sales

Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes that allocating CAS to gold and silver based on gold and silver metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in International Financial Reporting Standards.

Three Months Ended September 30, 2023

In thousands (except metal sales, per ounce or per pound amounts)	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Total
Costs applicable to sales, including amortization (U.S. GAAP)	$	57,083	$	34,708	$	45,180	$	32,614	$	919	$	170,504
Amortization	(9,024)		(4,176)		(6,894)		(1,588)		(919)		(22,601)
Costs applicable to sales	$	48,059	$	30,532	$	38,286	$	31,026	$	—	$	147,903
Metal Sales
Gold ounces	26,018		4,432		24,516		23,049		—		78,015
Silver ounces	1,533,975		606,083		—		73,677		—		2,213,735
Costs applicable to sales
Gold ($/oz)	$	924	$	2,549	$	1,559	$	1,268
Silver ($/oz)	$	15.67	$	31.74					$	—

Three Months Ended June 30, 2023

In thousands (except metal sales, per ounce or per pound amounts)	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Total
Costs applicable to sales, including amortization (U.S. GAAP)	$	54,608	$	29,717	$	43,950	$	29,634	$	1,021	$	158,930
Amortization	(8,017)		(3,649)		(4,801)		(1,805)		(1,021)		(19,293)
Costs applicable to sales	$	46,591	$	26,068	$	39,149	$	27,829	$	—	$	139,637
Metal Sales
Gold ounces	22,207		6,493		13,273		25,117		—		67,090
Silver ounces	1,560,743		694,657		—		82,013		—		2,337,413
Costs applicable to sales
Gold ($/oz)	$	1,028	$	1,726	$	2,945	$	1,031
Silver ($/oz)	$	15.22	$	21.39					$	—

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Nine Months Ended September 30, 2023

In thousands (except metal sales, per ounce and per pound amounts)	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Total
Costs applicable to sales, including amortization (U.S. GAAP)	$	169,675	$	112,508	$	132,356	$	87,201	$	3,161	$	504,901
Amortization	(25,760)		(13,043)		(17,539)		(4,802)		(3,161)		(64,305)
Costs applicable to sales	$	143,915	$	99,465	$	114,817	$	82,399	$	—	$	440,596
Metal Sales
Gold ounces	74,195		19,274		58,691		63,811				215,971
Silver ounces	4,889,877		2,070,544		—		179,646		—		7,140,067
Costs applicable to sales
Gold ($/oz)	$	950	$	2,219	$	1,953	$	1,224
Silver ($/oz)	$	15.01	$	27.38					$	—

Nine Months Ended September 30, 2022

In thousands (except metal sales, per ounce and per pound amounts)	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Total
Costs applicable to sales, including amortization (U.S. GAAP)	$	162,682	$	137,580	$	144,870	$	80,596	$	3,778	$	529,506
Amortization	(27,150)		(16,592)		(28,360)		(6,500)		(3,778)		(82,380)
Costs applicable to sales	$	135,532	$	120,988	$	116,510	$	74,096	$	—	$	447,126
Metal Sales
Gold ounces	81,905		22,724		78,109		59,041				241,779
Silver ounces	5,205,011		2,054,176		—		29,897		—		7,289,084
Costs applicable to sales
Gold ($/oz)	$	844	$	2,609	$	1,484	$	1,244
Silver ($/oz)	$	12.76	$	30.04					$	—

Reconciliation of Costs Applicable to Sales for Updated 2023 Guidance

In thousands (except metal sales, per ounce or per pound amounts)	Palmarejo		Kensington		Wharf
Costs applicable to sales, including amortization (U.S. GAAP)	$	232,269	$	181,642	$	114,698
Amortization	(36,538)		(26,295)		(6,330)
Costs applicable to sales	$	195,731	$	155,347	$	108,368
By-product credit	—		(193)		(5,288)
Adjusted costs applicable to sales	$	195,731	$	155,154	$	103,080
Metal Sales
Gold ounces	99,719		83,310		89,109
Silver ounces	6,558,482				221,306
Revenue Split
Gold	49%		100%		100%
Silver	51%
Adjusted costs applicable to sales
Gold ($/oz)	$900 - $1,050		$1,850 - $1,950		$1,200 - $1,350
Silver ($/oz)	$14.25 - $15.25

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Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, expectations regarding the Rochester expansion project (including future LCM adjustments), the tax treatment of the FT Shares and the risk that related exploration efforts at Silvertip will not occur on a timely basis or at all, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, timing of completion of obligations under prepayment agreements, liquidity management, financing plans, risk management strategies, capital allocation and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in the Q1 2023 10-Q, the Q2 2023 10-Q and in “Risk Factors” section of the 2022 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of the COVID-19 pandemic, equipment and materials availability, and inflationary pressures, (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3.        Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 12 -- Derivative Financial Instruments in the notes to the Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements. Actual results and actions could differ materially from those discussed below.

Gold and Silver Prices

Gold and silver prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.

Decreases in the market price of gold and silver can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.

Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at September 30, 2023 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $1,928 and $1,816 per ounce, respectively, and a short-term and long-term silver price of $23.57 and $23.25 per ounce, respectively.

43

The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.

Hedging

To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production. The Company had outstanding forward contracts on 55,749 and 1.2 million ounces of gold and silver, respectively, at September 30, 2023 that settle monthly through December 2023. The Company is targeting to hedge up to 70% of expected gold production and 50% of expected silver production for 2023 in order to protect cash flow during a period of elevated capital expenditures, and may in the future layer on additional hedges as circumstances warrant. The weighted average fixed price on the forward contracts is $1,977 per ounce of gold and $25.47 per ounce of silver. The contracts are generally net cash settled and, if the spot price of gold at the time of expiration is lower than the fixed price or higher than the fixed prices, it would result in a realized gain or loss, respectively. The forward contracts expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. For additional information, please see the section titled “Risk Factors” in the 2022 10-K and part II, Item 1A of this Report.

At September 30, 2023, the fair value of the gold and silver forward contracts was an asset of $7.4 million and $4.2 million for the gold and silver forward contracts, respectively. For the nine months ended September 30, 2023, the Company recognized a gain $3.6 million and $4.2 million related to expired gold and silver contracts, respectively, in Revenue and the remaining outstanding gold and silver forward contracts were included in Accumulated other comprehensive income (loss). A 10% increase and decrease in the price of gold at September 30, 2023 would result in a net realized loss and gain of $7.3 million and $14.1 million, respectively. A 10% increase and decrease in the price of silver at September 30, 2023 would result in a net realized loss and gain of $0.4 million and $5.7 million, respectively. The September 30, 2023 closing price of gold and silver was $1,871 and $23.08 per ounce, respectively. As of November 7, 2023, the closing price of gold and silver was $1,961 and $22.54, per ounce respectively.

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. At September 30, 2023, the Company had outstanding provisionally priced sales of 13,828 ounces of gold at an average price of $1,920. Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.0 million during the three months ended September 30, 2023. A 10% change in realized gold prices would cause revenue to vary by $2.7 million.

Foreign Currency

The Company operates, or has mineral interests, in several foreign countries including Canada, Mexico, and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.

Foreign Exchange Hedging

To manage foreign currency risk, the Company may enter into foreign currency forward exchange contracts. In 2020, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at September 30, 2023.

44

Interest Rates

Interest Rate Hedging

The Company may use financial instruments to manage exposures to changes in interest rates on loans, which exposes it to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not pose credit risk. The Company seeks to minimize the credit risk in derivative instruments by entering into transactions with what it believes are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at September 30, 2023.

Investment Risk

Equity Price Risk

The Company is exposed to changes in the fair value of our investments in equity securities. For the three months ended September 30, 2023, the Company recognized unrealized losses of $2.0 million in Fair value adjustments, net due to increases in the stock price of those equity securities. At September 30, 2023, the fair value of the equity securities was $7.2 million. A 10% change in realized equity prices would result in an unrealized gain or loss of $0.7 million.

Item 4.    Controls and Procedures

(a)Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives.

The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Changes In Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

45

PART II

Item 1.         Legal Proceedings

See Note 16 -- Commitments and Contingencies in the notes to the Consolidated Financial Statements included herein.

Item 1A.     Risk Factors

Item 1A -- Risk Factors of the 2022 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial condition or operating results. Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarter ended March 31, 2023 (the “Q1 2023 10-Q”), in the Company’s Form 10-Q for the quarter ended June 30, 2023 (the “Q2 2023 10-Q”) and in this Form 10-Q. Except as supplemented and updated in the Q1 2023 10-Q, the Q2 2023 10-Q and below, the risk factors set forth in the 2022 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.

The Company may be affected by global supply chain disruptions.

The Company may face supply chain disruptions as a result of matters outside of the Company’s control or ability to mitigate, such as natural disasters, transportation disruptions, economic instability, geopolitical unrest, civil or international hostilities and global pandemics, among others. Recently, the Russian invasion of Ukraine has resulted in losses of life, displacement of people, and political and economic disruptions on a global scale. There may be unforeseen impacts from these events globally on commodity prices, liquidity and credit or supply chains, and the Company continues to monitor them closely.

Compliance with environmental regulations and litigation based on environmental regulations could require significant expenditures.

Environmental regulations mandate, among other things, the maintenance of air and water quality standards, land development and land reclamation, and set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation and environmental justice provisions are evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for mining companies and their officers, directors and employees. We may incur environmental costs that could have a material adverse effect on financial condition and results of operations. Any failure to remedy an environmental problem could require us to suspend operations or enter into interim compliance measures pending completion of the required remedy. The environmental standards that ultimately may be imposed at a mine site affect the cost of remediation and could exceed the financial accruals that we have made for such remediation. The potential exposure may be significant and could have a material adverse effect on our financial condition and results of operations.

Moreover, governmental authorities and private parties may bring lawsuits based upon damage to property and injury to persons resulting from the environmental, health and safety impacts of prior and current operations, including operations conducted by other mining companies many years ago at sites located on properties that we currently or previously owned. These lawsuits could lead to the imposition of substantial fines, remediation costs, penalties and other civil and criminal sanctions. Substantial costs and liabilities, including for restoring the environment after the closure of mines, are inherent in our operations. We cannot assure that any such law, regulation, enforcement or private claim would not have a material adverse effect on our financial condition, results of operations or cash flows.

Some of the mining waste from our U.S. mines currently are exempt to a limited extent from the extensive set of EPA regulations governing hazardous waste under the Resource Conservation and Recovery Act (“RCRA”). If the EPA were to repeal this exemption and designate these mining wastes as hazardous under RCRA, we would be required to make significant expenditures to manage the waste and to construct hazardous waste storage or disposal facilities. Under the Mercury Export Ban Act of 2008 (“MEBA”), incidental elemental mercury generated at our Rochester mine as part of the processing of ore may not be exported outside of the United States and is required to be stored in a facility capable for long-term mercury management designated by the U.S. Department of Energy (“DOE”). The DOE is undergoing processes to designate such a facility and to establish storage and handling fees, which is not yet final. The outcome could result in material cost being incurred to ship and store Coeur Rochester's mercury. In addition, if any of these wastes causes contamination in or damage to the environment at a U.S. mining facility, that facility could be designated as a “Superfund” site under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). Under CERCLA, any present owner or operator of a Superfund site or the owner or operator at the time of contamination may be held jointly and severally liable regardless of fault and may be forced to undertake extensive remedial cleanup action or to pay for the cleanup efforts. The owner or operator also may be liable to

46

federal, state and tribal/indigenous governmental entities for the cost of damages to natural resources, which could be substantial. Additional regulations or requirements also are imposed on our tailings and waste disposal areas in Alaska under the federal Clean Water Act (“CWA”), in Nevada under the Nevada Water Pollution Control Law which implements the CWA, in South Dakota under the South Dakota Water Pollution Control Act and the Administrative Rules of the State of South Dakota, in British Columbia (Canada) under the Health, Safety and Reclamation Code for Mines in British Columbia, the British Columbia Environmental Management Act and the Canadian Metal and Diamond Mining Effluent Regulations, and in Mexico under the General Law of Ecological Balance and Protection of the Environment (the "GLEBPE") and the regulations under the GLEBPE related to environmental protection in impact assessment matters.

Airborne emissions are subject to controls under air pollution statutes implementing the Clean Air Act in the U.S. and are regulated under the Environmental Management Act in British Columbia (Canada) and the GLEBPE and the regulations under GLEBPE related to prevention and control of the pollution of the atmosphere in Mexico. In addition, there are numerous legislative and regulatory initiatives related to climate change, reductions in greenhouse gas emissions, or energy policy and adoption of these initiatives through legislative actions or administrative policy could have a material adverse effect on results of operations and cash flows. However, we are unable to predict the scope, nature and timing of any new or increased environmental laws and regulations and therefore cannot predict the ultimate impact of such laws and regulations on our business or financial results. We continue to monitor existing and proposed laws and regulations in the jurisdictions in which we operate to consider actions we may take to potentially mitigate any unfavorable impact of such laws or regulations.

In addition, U.S. environmental conservation efforts could result in the withdrawal of certain federal lands from mineral entry under relevant mining law, which could have the effect of restricting our current or future planned activities involving our unpatented mining claims on the affected public lands.

Item 4.     Mine Safety Disclosures

Information pertaining to mine safety matters is reported in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in Exhibit 95.1 attached to this Form 10-Q.

Item 5.     Other Information

(c) Trading Plans

During the quarter ended September 30, 2023, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (as defined in Item 408(a) of Regulation S-K).

Item 6.        Exhibits

10.1	Eighth Amendment to Credit Agreement, August 9, 2023, by and among Coeur Mining, Inc., certain subsidiaries of Coeur Mining, Inc., as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent (Filed herewith).
31.1	Certification of the CEO (Filed herewith).
31.2	Certification of the CFO (Filed herewith).
32.1	CEO Section 1350 Certification (Filed herewith).
32.2	CFO Section 1350 Certification (Filed herewith).
95.1	Mine Safety Disclosure (Filed herewith).
101.INS	XBRL Instance Document*
101.SCH	XBRL Taxonomy Extension Schema*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase*
101.DEF	XBRL Taxonomy Extension Definition Linkbase*
101.LAB	XBRL Taxonomy Extension Label Linkbase*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase*
104	Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

* The following financial information from Coeur Mining, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in XBRL (Extensible Business Reporting Language): Consolidated Balance Sheets,

47

Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows and Consolidated Statement of Changes in Stockholders' Equity.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		COEUR MINING, INC.
		(Registrant)
Dated	November 8, 2023	/s/ Mitchell J. Krebs
		MITCHELL J. KREBS
		President and Chief Executive Officer (Principal Executive Officer)
Dated	November 8, 2023	/s/ Thomas S. Whelan
		THOMAS S. WHELAN
		Senior Vice President and Chief Financial Officer (Principal Financial Officer)
Dated	November 8, 2023	/s/ Ken Watkinson
		KEN WATKINSON
		Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)

48

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

or Rule 15d-14(a) under the Securities Exchange Act of 1934

I, Mitchell J. Krebs, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/  Mitchell J. Krebs
	Mitchell J. Krebs Chief Executive Officer

Date: November 8, 2023

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

or Rule 15d-14(a) under the Securities Exchange Act of 1934

I, Thomas S. Whelan, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/  Thomas S. Whelan
	Thomas S. Whelan Chief Financial Officer

Date: November 8, 2023

EX-32.1

Exhibit 32.1

Certification of the Chief Executive Officer

Pursuant to 18 U.S.C. §1350

    Solely for the purposes of complying with 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned President and Chief Executive Officer of Coeur Mining, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mitchell J. Krebs

Mitchell J. Krebs

November 8, 2023

EX-32.2

Exhibit 32.2

Certification of the Chief Financial Officer

Pursuant to 18 U.S.C. §1350

    Solely for the purposes of complying with 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Financial Officer of Coeur Mining, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Thomas S. Whelan

Thomas S. Whelan

November 8, 2023

EX-95.1

Exhibit 95.1

Mine Safety Disclosure

    In July 2010, the U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires certain disclosures by companies that are required to file periodic reports under the Securities Exchange Act of 1934 and operate mines regulated under the Federal Mine Safety and Health Act of 1977 (“FMSHA”). The following mine safety information is provided pursuant to this legislation for the quarterly period ended September 30, 2023.

    Three of the Company's mines, the Kensington mine, Rochester mine and Wharf mine, are subject to FMSHA. The FMSHA is administered by the Mine Safety and Health Administration (“MSHA”).

Mine or Operating Name	Section 104 S&S Citation (#)	Section 104 (b) Orders (#)	Section 104 (d) Citations and Orders (#)	Section 110 (b) (2) Violations (#)	Section 107 (a) Orders (#)	Total Dollar Value of MSHA Assessments Proposed1 ($)	Total Number of Mining Related Fatalities (#)	Received Notice of Pattern of Violations Under Section 104(e) (Yes/No)	Received Notice of Potential to Have Pattern Under Section 104(e) (Yes/No)	Legal Actions Pending as of Last Day of Period (#)	Legal Actions Initiated During Period (#)	Legal Actions Resolved During Period (#)
Kensington	1	—	1	—	—	$55,359	—	NO	NO	1	—	—
Rochester	—	—	—	—	—	$286	—	NO	NO	—	—	—
Wharf	—	—	—	—	—	$0	—	NO	NO	—	—	—
Totals	1	—	1	—	—	$55,645	—	NO	NO	1	—	—

1.The total dollar value of the Proposed Assessments includes all assessments received during the quarter.

2.Assessments relates to non-reportable citations issued in prior period.

XML

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	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
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Document Period End Date	Sep. 30, 2023
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Entity File Number	001-08641
Entity Registrant Name	COEUR MINING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0109423
Entity Address, Address Line One	200 S. Wacker Dr.
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	489-5800
Title of 12(b) Security	Common Stock (par value $.01 per share)
Trading Symbol	CDE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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Entity Small Business	false
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XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 53,223	$ 61,464
Receivables	30,138	36,333
Inventory	66,704	61,831
Ore on leach pads	114,314	82,958
Marketable Securities, Current	7,231	32,032
Prepaid expenses and other	25,556	25,814
Current assets	297,166	300,432
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net	1,639,248	1,389,755
Ore on leach pads, noncurrent	36,627	51,268
Restricted assets	8,735	9,028
Current liabilities	0	12,120
Receivables, Net, Current	22,563	22,023
Other assets	65,413	61,517
TOTAL ASSETS	2,069,752	1,846,143
CURRENT LIABILITIES
Accounts payable	138,979	96,123
Accrued liabilities and other	116,562	92,863
Debt	22,127	24,578
Reclamation	5,796	5,796
Current liabilities	283,464	219,360
NON-CURRENT LIABILITIES
Debt	490,114	491,355
Reclamation	202,220	196,635
Deferred tax liabilities	15,390	14,459
Other long-term liabilities	30,186	35,318
Non-current liabilities	$ 737,910	$ 737,767
Common Stock, Shares, Outstanding	382,693,309	295,697,624
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 382,693,309 issued and outstanding at September 30, 2023 and 295,697,624 at December 31, 2022	$ 3,827	$ 2,957
Additional paid-in capital	4,128,553	3,891,265
Accumulated other comprehensive income (loss)	11,654	12,343
Accumulated deficit	(3,095,656)	(3,017,549)
Stockholders' equity	1,048,378	889,016
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,069,752	$ 1,846,143
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	382,693,309	295,697,624

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Sep. 13, 2023	Jul. 20, 2023	Jun. 21, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Common stock, par value	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000				600,000,000
Common stock, shares issued (in shares)	382,693,309		3,000,000	5,276,154	295,697,624

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue		$ 194,583	$ 182,993	$ 559,116	$ 575,520
COSTS AND EXPENSES
Amortization		22,884	29,151	65,187	83,549
General and administrative		9,512	9,722	31,384	29,281
Pre-development, reclamation, and other		8,680	9,249	29,618	29,839
Total costs and expenses		201,416	219,708	586,792	608,898
OTHER INCOME (EXPENSE), NET
Fair value adjustments, net, pretax		(2,010)	(13,067)	4,629	(65,272)
Interest expense, net of capitalized interest		(7,402)	(5,932)	(21,703)	(15,670)
Other, net	[1]	459	153	(10,421)	2,203
Total other income (expense), net		(8,179)	(18,846)	(23,760)	(78,739)
Income (loss) before income and mining taxes		(15,012)	(55,561)	(51,436)	(112,117)
Income and mining tax (expense) benefit		(6,097)	(1,883)	(26,671)	(15,079)
NET INCOME (LOSS)		(21,109)	(57,444)	(78,107)	(127,196)
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax:
Unrealized gain (loss) on hedger, net of tax		7,227	29,060	7,141	58,087
Reclassification adjustments for realized (gain) loss on cash flow hedges		4,920	9,910	7,830	11,181
Other comprehensive income (loss)		2,307	19,150	(689)	46,906
COMPREHENSIVE INCOME (LOSS)		$ (18,802)	$ (38,294)	$ (78,796)	$ (80,290)
Basic EPS
Earnings Per Share, Basic		$ (0.06)	$ (0.21)	$ (0.24)	$ (0.47)
Diluted EPS
Earnings Per Share, Diluted		$ (0.06)	$ (0.21)	$ (0.24)	$ (0.47)
Gain on debt extinguishment		$ 774	$ 0	$ 3,735	$ 0
Product
COSTS AND EXPENSES
Costs applicable to sales	[2]	147,903	163,180	440,596	447,126
Mineral, Exploration
COSTS AND EXPENSES
Costs applicable to sales		$ 12,437	$ 8,406	$ 20,007	$ 19,103

[1] See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

[2] Excludes amortization.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (21,109)	$ (57,444)	$ (78,107)	$ (127,196)
Adjustments:
Amortization	22,884	29,151	65,187	83,549
Accretion		3,596	12,219	10,588
Deferred income taxes	(3,872)	(4,730)	1,536	(12,288)
Gain on debt extinguishment	(774)	0	(3,735)	0
Fair value adjustments, net	2,010	13,067	(4,629)	62,133
Stock-based compensation	2,635	2,705	8,462	7,319
Gain (Loss) on Disposition of Assets	19	0	12,650	0
Inventory Write-down	7,727	21,204	22,467	38,018
Revenue Recognized	(143)	(10,167)	(25,358)	(10,723)
Foreign exchange and other	657	1,290	2,798	824
Changes in operating assets and liabilities:
Receivables	(478)	(119)	1,659	4,099
Prepaid expenses and other current assets	(3,000)	(2,075)	764	939
Inventories	(18,620)	(13,715)	(54,993)	(42,650)
Accounts payable and accrued liabilities	5,528	(1,880)	41,091	(17,512)
Cash provided by (used in) operating activities	(2,383)	(19,117)	2,011	(2,900)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(112,273)	(96,602)	(271,902)	(239,260)
Proceeds from the sale of assets	152	0	8,380	16,001
Sale of investments	0	40,469	41,558	40,469
Proceeds from Collection of Notes Receivable	0	0	5,000	0
Other	(63)	(42)	(171)	(63)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(112,184)	(56,175)	(217,135)	(182,853)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Common Stock	57,522	0	168,964	98,335
Issuance of notes and bank borrowings, net of issuance costs	163,000	100,000	388,000	255,000
Payments on long-term debt, capital leases, and associated costs	(109,268)	(23,211)	(348,092)	(145,515)
Other	(23)	(2)	(2,345)	(3,565)
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES	111,231	76,787	206,527	204,255
Effect of exchange rate changes on cash and cash equivalents	(278)	(234)	374	25
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,614)	1,261	(8,223)	18,527
Cash, cash equivalents and restricted cash at beginning of period	58,560	75,555	63,169	58,289
Cash, cash equivalents and restricted cash at end of period	$ 54,946	$ 76,816	$ 54,946	$ 76,816

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Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	At The Market Offering	Private Placement	Common Stock	Common Stock At The Market Offering	Common Stock Private Placement	Additional Paid-In Capital	Additional Paid-In Capital At The Market Offering	Additional Paid-In Capital Private Placement	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balances, in shares at Dec. 31, 2021				256,919
Balances at Dec. 31, 2021	$ 800,262			$ 2,569			$ 3,738,347			$ (2,939,442)	$ (1,212)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,682									7,682
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(4,758)										(4,758)
Common stock issued (in shares)					22,053
Common stock issued		$ 98,499			$ 220			$ 98,279
Common stock issued under stock-based compensation plans, net (in shares)				1,862
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(1,711)			$ 19			(1,730)
Balances, in shares at Mar. 31, 2022				280,834
Balances at Mar. 31, 2022	899,974			$ 2,808			3,834,896			(2,931,760)	(5,970)
Balances, in shares at Dec. 31, 2021				256,919
Balances at Dec. 31, 2021	800,262			$ 2,569			3,738,347			(2,939,442)	(1,212)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(127,196)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	46,906
Balances, in shares at Sep. 30, 2022				280,836
Balances at Sep. 30, 2022	821,589			$ 2,808			3,839,725			(3,066,638)	45,694
Balances, in shares at Mar. 31, 2022				280,834
Balances at Mar. 31, 2022	899,974			$ 2,808			3,834,896			(2,931,760)	(5,970)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(77,434)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	32,514
Common stock issued under stock-based compensation plans, net (in shares)				(29)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,127			$ 0			2,127
Balances, in shares at Jun. 30, 2022				280,805
Balances at Jun. 30, 2022	857,181			$ 2,808			3,837,023			(3,009,194)	26,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(57,444)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	19,150
Common stock issued under stock-based compensation plans, net (in shares)				31
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,702			$ 0			2,702
Balances, in shares at Sep. 30, 2022				280,836
Balances at Sep. 30, 2022	821,589			$ 2,808			3,839,725			(3,066,638)	45,694
Balances, in shares at Dec. 31, 2022				295,698
Balances at Dec. 31, 2022	889,016			$ 2,957			3,891,265			(3,017,549)	12,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(24,586)									(24,586)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(17,062)										(17,062)
Common stock issued (in shares)					32,862
Common stock issued		98,429			$ 329			98,100
Common stock issued under stock-based compensation plans, net (in shares)				2,482
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	739			$ 24			715
Balances, in shares at Mar. 31, 2023				331,042
Balances at Mar. 31, 2023	946,536			$ 3,310			3,990,080			(3,042,135)	(4,719)
Balances, in shares at Dec. 31, 2022				295,698
Balances at Dec. 31, 2022	889,016			$ 2,957			3,891,265			(3,017,549)	12,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(78,107)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(689)
Balances, in shares at Sep. 30, 2023				382,693
Balances at Sep. 30, 2023	1,048,378			$ 3,827			4,128,553			(3,095,656)	11,654
Balances, in shares at Mar. 31, 2023				331,042
Balances at Mar. 31, 2023	946,536			$ 3,310			3,990,080			(3,042,135)	(4,719)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(32,412)									(32,412)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	14,066										14,066
Common stock issued (in shares)						5,276
Common stock issued			$ 12,656			$ 53			$ 12,603
Stock Issued During Period, Shares, Other				13,941
Stock Issued During Period, Value, Other	45,468			$ 140			45,328
Common stock issued under stock-based compensation plans, net (in shares)				(92)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,448			$ (1)			2,449
Balances, in shares at Jun. 30, 2023				350,167
Balances at Jun. 30, 2023	988,762			$ 3,502			4,050,460			(3,074,547)	9,347
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(21,109)									(21,109)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2,307										2,307
Common stock issued (in shares)					21,700	3,000
Common stock issued		$ 49,137	$ 8,362		$ 217	$ 30		$ 48,920	$ 8,332
Stock Issued During Period, Shares, Other				7,619
Stock Issued During Period, Value, Other	18,304			$ 76			18,228
Common stock issued under stock-based compensation plans, net (in shares)				207
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,615			$ 2			2,613
Balances, in shares at Sep. 30, 2023				382,693
Balances at Sep. 30, 2023	$ 1,048,378			$ 3,827			$ 4,128,553			$ (3,095,656)	$ 11,654

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Basis of Presentation

9 Months Ended

Sep. 30, 2023

Basis of Presentation [Abstract]

Basis of Accounting

BASIS OF PRESENTATION

The interim Condensed Consolidated Financial Statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2023. The condensed consolidated December 31, 2022 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 10-K”).

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

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Summary Of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

Please see Note 2 — Summary of Significant Accounting Policies contained in the 2022 10-K.

Use of Estimates

The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

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Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTINGThe Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining,

and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	38,994	$	8,719	$	46,474	$	45,316	$	—	$	—	$	139,503
Silver sales	38,294		14,929		56		1,801		—		—		55,080
Metal sales	77,288		23,648		46,530		47,117		—		—		194,583
Costs and Expenses
Costs applicable to sales(1)	48,059		30,532		38,286		31,026		—		—		147,903
Amortization	9,024		4,176		6,894		1,588		919		283		22,884
Exploration	2,160		303		2,856		—		6,703		415		12,437
Other operating expenses	2,611		2,168		907		1,041		3,164		8,301		18,192
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		774		774
Fair value adjustments, net	—		—		—		—		—		(2,010)		(2,010)
Interest expense, net	241		(555)		(583)		(120)		(13)		(6,372)		(7,402)
Other, net(3)	1,407		(67)		(79)		(43)		(119)		(640)		459
Income and mining tax (expense) benefit	(4,539)		220		—		(1,102)		—		(676)		(6,097)
Net Income (loss)	$	12,543	$	(13,933)	$	(3,075)	$	12,197	$	(10,918)	$	(17,923)	$	(21,109)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	10,780	$	84,368	$	15,831	$	681	$	619	$	(6)	$	112,273

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Three Months Ended September 30, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	35,285	$	16,162	$	49,010	$	38,724	$	—	$	—	$	139,181
Silver sales	29,551		14,011		97		153		—		—		43,812
Metal sales	64,836		30,173		49,107		38,877		—		—		182,993
Costs and Expenses
Costs applicable to sales(1)	43,244		50,760		40,289		28,887		—		—		163,180
Amortization	8,027		6,921		10,369		2,191		1,260		383		29,151
Exploration	1,775		601		2,796		—		2,303		931		8,406
Other operating expenses	812		1,804		425		482		4,966		10,482		18,971
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		(13,067)		(13,067)
Interest expense, net	26		(225)		(442)		(22)		(32)		(5,237)		(5,932)
Other, net(3)	1,142		(101)		(62)		(167)		(85)		(574)		153
Income and mining tax (expense) benefit	(1,805)		114		—		(417)		—		225		(1,883)
Net Income (loss)	$	10,341	$	(30,125)	$	(5,276)	$	6,711	$	(8,646)	$	(30,449)	$	(57,444)
Segment assets(2)	$	294,438	$	769,391	$	146,128	$	90,542	$	242,142	$	85,034	$	1,627,675
Capital expenditures	$	10,844	$	73,995	$	7,076	$	458	$	3,821	$	408	$	96,602

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Nine Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	114,897	$	37,404	$	111,136	$	124,522	$	—	$	—	$	387,959
Silver sales	117,426		49,245		193		4,293		—		—		171,157
Metal sales	232,323		86,649		111,329		128,815		—		—		559,116
Costs and Expenses
Costs applicable to sales(1)	143,915		99,465		114,817		82,399		—		—		440,596
Amortization	25,760		13,043		17,539		4,802		3,161		882		65,187
Exploration	5,087		965		6,179		—		6,572		1,204		20,007
Other operating expenses	6,370		6,241		2,875		3,084		14,687		27,745		61,002
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		3,735		3,735
Fair value adjustments, net	—		—		—		—		—		4,629		4,629
Interest expense, net	541		(1,017)		(1,438)		(164)		(53)		(19,572)		(21,703)
Other, net(3)	4,291		(559)		(206)		(374)		(222)		(13,351)		(10,421)
Income and mining tax (expense) benefit	(20,461)		596		—		(3,822)		—		(2,984)		(26,671)
Net Income (loss)	$	35,562	$	(34,045)	$	(31,725)	$	34,170	$	(24,695)	$	(57,374)	$	(78,107)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	32,844	$	197,788	$	38,189	$	952	$	1,426	$	703	$	271,902

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Nine Months Ended September 30, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	119,486	$	42,413	$	143,099	$	110,259	$	—	$	—	$	415,257
Silver sales	114,387		44,632		575		669		—		—		160,263
Metal sales	233,873		87,045		143,674		110,928		—		—		575,520
Costs and Expenses
Costs applicable to sales(1)	135,532		120,988		116,510		74,096		—		—		447,126
Amortization	27,150		16,592		28,360		6,500		3,778		1,169		83,549
Exploration	5,071		4,009		4,416		—		2,041		3,566		19,103
Other operating expenses	2,485		5,465		1,348		1,521		16,550		31,751		59,120
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		(65,272)		(65,272)
Interest expense, net	(100)		(606)		(1,111)		(49)		(150)		(13,654)		(15,670)
Other, net(3)	1,635		(192)		19		506		(320)		555		2,203
Income and mining tax (expense) benefit	(24,325)		1,079		127		(2,382)		—		10,422		(15,079)
Net Income (loss)	$	40,845	$	(59,728)	$	(7,925)	$	26,886	$	(22,839)	$	(104,435)	$	(127,196)
Segment assets(2)	$	294,438	$	769,391	$	146,128	$	90,542	$	242,142	$	85,034	$	1,627,675
Capital expenditures	$	34,515	$	154,001	$	23,828	$	2,294	$	21,383	$	3,239	$	239,260

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Assets	September 30, 2023		December 31, 2022
Total assets for reportable segments	$	1,935,150	$	1,669,982
Cash and cash equivalents	53,223		61,464
Other assets	81,379		114,697
Total consolidated assets	$	2,069,752	$	1,846,143

Geographic Information

Long-Lived Assets	September 30, 2023		December 31, 2022
United States	$	1,149,301	$	899,960
Mexico	258,409		251,950
Canada	231,416		237,723
Other	122		122
Total	$	1,639,248	$	1,389,755

Revenue	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
United States	$	117,295	$	118,157	$	326,793	$	341,647
Mexico	77,288		64,836		232,323		233,873
Total	$	194,583	$	182,993	$	559,116	$	575,520

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Receivables

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

RECEIVABLES

RECEIVABLES

    Receivables consist of the following:

In thousands	September 30, 2023		December 31, 2022
Current receivables:
Trade receivables	$	2,637	$	6,302
VAT receivable	15,116		10,741
Income tax receivable	9,791		9,719
Avino note receivable (1)	—		4,926
Gold and silver forwards realized gains (2)	1,995		4,059
Other	599		586
	$	30,138	$	36,333
Non-current receivables:
Other tax receivable (3)	$	8,534	$	—
Deferred cash consideration (1)	—		7,677
Contingent consideration (1)	14,029		14,346
	$	22,563	$	22,023
Total receivables	$	52,701	$	58,356

(1) See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration.

(2) Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.

(3) Consists of exploration credit refunds at Silvertip.

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Inventory and Ore on Leach Pads

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY AND ORE ON LEACH PADS

INVENTORY AND ORE ON LEACH PADS    Inventory consists of the following:

In thousands	September 30, 2023		December 31, 2022
Inventory:
Concentrate	$	1,357	$	2,869
Precious metals	15,924		12,636
Supplies	49,423		46,326
	$	66,704	$	61,831
Ore on Leach Pads:
Current	$	114,314	$	82,958
Non-current	36,627		51,268
	$	150,941	$	134,226
Long-term Stockpile (included in Other)	$	41,990	$	28,840
Total Inventory and Ore on Leach Pads	$	259,635	$	224,897

    Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. During the first nine months of 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down for the three and nine months ended September 30, 2023 of $8.9 million ($7.7 million was recognized in Costs applicable to sales and $1.2 million in Amortization) and $25.3 million ($22.4 million was recognized in Costs applicable to sales and $2.9 million in Amortization), respectively.

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Investments

9 Months Ended

Sep. 30, 2023

Investment in Marketable Securities [Abstract]

Investment Holdings

INVESTMENTS

Equity Securities

    From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration.

	At September 30, 2023
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Avino Silver & Gold Mines Ltd	$	13,720	$	(6,489)	$	—	$	7,231
Equity securities	$	13,720	$	(6,489)	$	—	$	7,231

	At December 31, 2022
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	70,560	$	(38,528)	$	—	$	32,032
Integra Resources Corp.	9,455		(7,115)		—		2,340
Avino Silver & Gold Mines Ltd	13,720		(4,199)		—		9,521
Other	2,233		(1,974)		—		259
Equity securities	$	95,968	$	(51,816)	$	—	$	44,152

Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Condensed Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. See Note 11 -- Fair Value Measurements for additional details.

In January 2023, the Company sold 6.0 million shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $6.70 per share, for net proceeds of $39.8 million.

In May 2023, the Company sold 3.7 million shares of common stock of Integra Resources Corporation (“Integra Common Shares”) at a price of $0.48 per share, for net proceeds of $1.8 million.

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Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt Disclosure

DEBT

	September 30, 2023				December 31, 2022
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	303,010	$	—	$	369,212
Revolving Credit Facility(2)	—		140,000		—		80,000
Finance lease obligations	22,127		47,104		24,578		42,143
	$	22,127	$	490,114	$	24,578	$	491,355

(1) Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively.

(2) Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets.

2029 Senior Notes

In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of 5.125% senior notes due 2029 in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 10 -- Debt contained in the 2022 10-K.

During the three and nine months ended September 30, 2023, the Company exchanged $19.3 million and $67.8 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 7.6 million and 21.6 million shares of common stock, respectively. Based on the closing price of the Company’s common stock on the date of the exchanges, the exchanges resulted in an aggregate gain of $3.7 million on debt extinguishment. The exchange transactions represent non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.

Revolving Credit Facility

At September 30, 2023, the Company had $140.0 million drawn at a weighted-average interest rate of 9.2%, $29.6 million in outstanding letters of credit and $220.4 million available under its $390 million revolving credit facility (the “RCF”). Future borrowing may be subject to certain financial covenants. For more details, please see Note 10 -- Debt contained in the 2022 10-K.

On August 9, 2023, the Company entered into an amendment (the “August Amendment”) to the RCF. The August Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility during the final stages of the Rochester expansion under (a) the consolidated net leverage and consolidated senior secured leverage ratios at September 30, 2023 through the March 31, 2024, with the ratios returning to the previous levels at June 30, 2024 and (b) the consolidated interest coverage ratio at June 30, 2023 through September 30, 2023 with the ratio returning to the previous level at December 31, 2023, (2) allows up to $50 million, through June 30, 2024, stepping down to $40 million in September 31, 2024, $30 million in December 31, 2024 and $15 million thereafter, for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through June 30, 2024, and (4) restricts certain acquisitions through March 31, 2024.

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2023, the Company entered into new lease financing arrangements for mining equipment at Rochester and Kensington for $21.6 million. The new finance lease arrangements represent non-cash investing activities in the Condensed Consolidated Statement of Cash Flow. Additionally, Coeur secured a finance lease package for nearly $60.0 million in 2021, all of which has been funded as of September 30, 2023. This package was earmarked for planned equipment for the Rochester expansion project in 2021, 2022 and 2023 and has an interest rate of 5.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 9 -- Leases contained in the 2022 10-K.

Interest Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
2029 Senior Notes	$	4,097	$	4,805	13,409		$	14,414
Revolving Credit Facility	4,956		2,512		11,481		5,069
Finance lease obligations	1,035		1,341		2,788		3,916
Amortization of debt issuance costs	703		535		1,964		1,448
Other debt obligations	710		29		1,450		162
Capitalized interest	(4,099)		(3,290)		(9,389)		(9,339)
Total interest expense, net of capitalized interest	$	7,402	$	5,932	$	21,703	$	15,670

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Reclamation

9 Months Ended

Sep. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

RECLAMATION

RECLAMATION

Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates.

Changes to the Company’s asset retirement obligations for its operating sites are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Asset retirement obligation - Beginning	$	207,960	$	184,606	$	202,431	$	180,156
Accretion	4,153		3,564		12,219		10,482
Additions and changes to estimates	(2,682)		—		(2,682)		—
Settlements	(1,415)		(1,507)		(3,952)		(3,975)
Asset retirement obligation - Ending	$	208,016	$	186,663	$	208,016	$	186,663

    The commencement of production from the new leach pad and process plant at Rochester in the third quarter of 2023 resulted in an update to the estimated reclamation and mine closure costs. The estimated reclamation and mine closure costs was discounted using a credit adjusted, risk-free interest rate of 8.4%.

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Income and Mining Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

INCOME AND MINING TAXES

INCOME AND MINING TAXES

    The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2023 and 2022 by significant jurisdiction:

	Three months ended September 30,								Nine months ended September 30,
	2023				2022				2023				2022
In thousands	Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States	$	(22,674)	$	(1,565)	$	(59,012)	$	(74)	$	(83,994)	$	(4,847)	$	(154,263)	$	(2,270)
Canada	(9,345)		—		(8,960)		—		(23,049)		—		(22,859)		(21)
Mexico	17,111		(4,532)		12,178		(1,809)		56,045		(21,824)		64,847		(12,788)
Other jurisdictions	(104)		—		233		—		(438)		—		158		—
	$	(15,012)	$	(6,097)	$	(55,561)	$	(1,883)	$	(51,436)	$	(26,671)	$	(112,117)	$	(15,079)

    During the third quarter of 2023, the Company reported estimated income and mining tax expense of approximately $6.1 million, resulting in an effective tax rate of (40.6)%. This compares to income tax expense of $1.9 million for an effective tax rate of (3.4)% during the third quarter of 2022. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rate; (v) the sale of non-core assets; (vi) percentage depletion; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” in the 2022 10-K.

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2019 forward for the U.S. federal jurisdiction and from 2016 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by less than $0.1 million in the next twelve months.

    At September 30, 2023 and December 31, 2022, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

    The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and nine months ended September 30, 2023 was $2.6 million and $8.5 million, respectively, compared to $2.5 million and $7.1 million in the three and nine months ended September 31, 2022. At September 30, 2023, there was $10.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

    The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Grant date	Restricted stock	Grant date fair value of restricted stock		Performance shares	Grant date fair value of performance shares
February 27, 2023	2,596,856	$	3.00	1,738,581	$	3.14
June 19, 2023	57,804	$	3.11	46,340	$	3.14
August 18, 2023	436,422	$	2.53	5,308	$	3.14

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Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Change in the value of equity securities(1)	$	(2,010)	$	(13,067)	$	4,629	$	(62,133)
Termination of gold zero cost collars	—		—		—		(3,139)
Fair value adjustments, net	$	(2,010)	$	(13,067)	$	4,629	$	(65,272)

(1) Includes unrealized losses on held equity securities of $2.0 million, and $13.1 million for the three months ended September 30, 2023, and 2022, respectively, and unrealized losses of $2.3 million and $46.5 million for the nine months ended September 30, 2023, and 2022, respectively

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value at September 30, 2023
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	7,231	$	7,231	$	—	$	—
Provisional metal sales contracts	36		—		36		—
Gold forwards	7,411		—		7,411		—
Silver forwards	4,243		—		4,243		—
	$	18,921	$	7,231	$	11,690	$	—
Liabilities:
Provisional metal sales contracts	$	53	$	—	$	53	$	—

	Fair Value at December 31, 2022
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities including warrants	$	44,152	$	43,893	$	259	$	—
Provisional metal sales contracts	299		—		299		—
Gold forwards	12,343		—		12,343		—
	$	56,794	$	43,893	$	12,901	$	—
Liabilities:
Provisional metal sales contracts	$	10	$	—	$	10	$	—

The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. The common share purchase warrants the Company received as consideration in the La Preciosa project sale are valued using a pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads.

No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2023.

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2023 and December 31, 2022 is presented in the following table:

	September 30, 2023
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	303,010	$	258,746	$	—	$	258,746	$	—
Revolving Credit Facility(2)	$	140,000	$	140,000	$	—	$	140,000	$	—

(1) Net of unamortized debt issuance costs of $4.2 million

(2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets.

	December 31, 2022
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Promissory note	$	4,926	$	4,579	$	—	$	4,579	$	—
Deferred cash consideration	$	7,677	$	7,317	$	—	$	7,317	$	—
Liabilities:
2029 Senior Notes(1)	$	369,212	$	291,924	$	—	$	291,924	$	—
Revolving Credit Facility(2)	$	80,000	$	80,000	$	—	$	80,000	$	—

(1) Net of unamortized debt issuance costs of $5.8 million.

(2) Unamortized debt issuance costs of $3.6 million included in Other Non-Current Assets.

The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

In March 2022 the Company completed the sale of the La Preciosa project. The consideration for the sale of La Preciosa project included a promissory note payable to the Company that matured in March 2023 and was paid in full, and deferred cash consideration payable on the first anniversary of initial production from any portion of the La Preciosa project. These assets were valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The consideration for the sale of La Preciosa project also included two royalties: a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of $0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $50.0 million. These assets were initially measured at fair value at inception and remeasured at fair value on a nonrecurring basis. The fair value of the royalties and the contingent consideration assets were $11.2 million and $1.2 million, respectively, valued as of the date of closing of the transaction and were measured at fair value on a non-recurring basis. The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models. The model inputs included significant unobservable inputs and involve significant management judgment. The significant unobservable inputs included assumptions related to metal prices which assumed silver prices ranging from $22 to $25 per ounce and gold prices ranging from $1,700 to $1,930 per ounce as well as volatility assumptions for silver and gold prices (33.5% and 19.0%, respectively), and an assumed weighted average cost of capital of 15.5%. Such instruments are classified as Level 3 of the fair value hierarchy.

In May 2023, the Company sold the La Preciosa Deferred Consideration for cash consideration of $7.0 million and deferred consideration of $1.0 million payable on the first anniversary of initial production from any portion of the La Preciosa project resulting in a loss on the sale of $12.3 million, which was recognized in Other, Net in the Condensed Consolidated Statement of Comprehensive Income (Loss). The deferred cash consideration was measured at a fair value of $0.8 million at inception and will be remeasured at fair value on a nonrecurring basis. It was valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

The consideration for the sale of Sterling/Crown exploration properties included the right to an additional payment of $50.0 million should the Buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties (including any in-situ ounces mined after the closing of the Transaction) equal to or greater than 3,500,000 gold ounces, subject to certain additional terms and conditions detailed in the stock purchase agreement. The fair value of the contingent consideration asset of $13.0 million valued as of the date of closing of the transaction was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis. The model inputs include significant unobservable inputs, involve significant management judgment and is classified as Level 3 of the fair value hierarchy. The significant unobservable inputs included managements assumption related to the probability (75%) and timing (ranging from 5 years to 30 years) of achieving reported gold resources equal to or greater than 3,500,000 gold ounces and a discount rate of 8.1%.

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Derivative Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIESThe Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company enters into forward contracts. The contracts are net settled monthly and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

At September 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2023		2024 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	1,977	$	—
Notional ounces	55,749		—
Silver forwards
Average silver fixed price per ounce	$	25.47	$	—
Notional ounces	1,245,000		—

The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized.

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments.

As of September 30, 2023, the Company had $11.7 million of net after-tax gains in AOCI related to gains from cash flow hedge transactions, of which $11.7 million of net after-tax gains is expected to be recognized in its Condensed Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold and silver for metal contracts.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

	September 30, 2023
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	7,411	$	—	$	—
Silver forwards	4,243		—		—

	December 31, 2022
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	12,343	$	—	$	—

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amount of Gain (Loss) Recognized in AOCI
Gold forwards	$	6,736	$	29,060	$	(1,317)	$	62,685
Silver forwards	491		—		8,458		—
Gold zero cost collars	—		—		—		(4,598)
	$	7,227	$	29,060	$	7,141	$	58,087
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards	$	(2,723)	$	(11,289)	$	(3,615)	$	(14,399)
Silver forwards	(2,197)		—		(4,215)		—
Gold zero cost collars	—		1,379		—		3,218
	$	(4,920)	$	(9,910)	$	(7,830)	$	(11,181)

Derivatives Not Designated as Hedging Instruments

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

Zero Cost Collars

To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements. The contracts were net cash settled monthly and, if the price of gold at the time of expiration was between the put and call prices, it would expire at no cost to the Company. If the price of gold at the time of expiration was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements. The cost to terminate the zero cost collars was $7.7 million, of which $3.1 million was recognized in earnings and the remaining $4.6 million, which represents the fair value of the zero cost collars on the date of de-designation, was retained in AOCI and was recognized in earnings in 2022 as the forecasted transactions occurred.

At September 30, 2023, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2023		2024 and Thereafter
Provisional gold sales contracts	$	26,551	$	—
Average gold price per ounce	$	1,920	$	—
Notional ounces	13,828		—

The following summarizes the classification of the fair value of the derivative instruments:

	September 30, 2023
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	36	$	53

	December 31, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	299	$	10

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2023, and 2022, respectively (in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
Financial statement line	Derivative	2023		2022		2023		2022
Revenue	Provisional metal sales contracts	$	14	$	(757)	$	(305)	$	(751)
Fair value adjustments, net	Terminated zero cost collars	—		—		—		(3,139)
		$	14	$	(757)	$	(305)	$	(3,890)

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

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Additional Comprehensive Income (Loss) Detail

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Additional Comprehensive Income (Loss) Detail

ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

Pre-development, reclamation, and other consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
COVID-19	$	14	$	294	$	92	$	1,585
Silvertip ongoing carrying costs	2,780		4,628		13,569		15,542
Asset retirement accretion	4,153		3,597		12,219		10,588
Other	1,733		730		3,738		2,124
Pre-development, reclamation and other	$	8,680	$	9,249	$	29,618	$	29,839

Other, net consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Foreign exchange gain (loss)	$	421	$	93	$	(107)	$	(972)
Gain (loss) on sale of assets(1)	(19)		(87)		(12,650)		2,365
RMC bankruptcy distribution	—		—		1,516		—
Other	57		147		820		810
Other, net	$	459	$	153	$	(10,421)	$	2,203

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Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three and nine months ended September 30, 2023, there were 1,090,981 and 1,641,510 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 3,719,764 and 2,013,571 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2022, respectively.

	Three months ended September 30,				Nine months ended September 30,
In thousands except per share amounts	2023		2022		2023		2022
Net income (loss) available to common stockholders	$	(21,109)	$	(57,444)	$	(78,107)	$	(127,196)
Weighted average shares:
Basic	356,676		278,105		330,440		272,599
Effect of stock-based compensation plans	—		—		—		—
Diluted	356,676		278,105		330,440		272,599
Income (loss) per share:
Basic	$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)
Diluted	$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)

On September 13, 2023, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “September 2023 Equity Offering”). The September 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on August 10, 2023 between the Company and BMO Capital Markets Corp., BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 21,699,856 shares of its common stock in the September 2023 Equity Offering at an average price of $2.30 per share, raising net proceeds (after sales commissions) of $49.3 million. Proceeds from the September 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

On June 21, 2023, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 5,276,154 shares of common stock, par value $0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on June 27, 2023. The Company granted an over-allotment option of up to 3,000,000 additional flow-through shares, which was exercised in full and closed on July 20, 2023. The proceeds of the Private Placement Offering will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)). The initial Private Placement Offering raised net proceeds of $18.2 million, of which $5.1 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”). The FT Premium Liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred. The over-allotment raised net proceeds of $10.5 million, including an additional $2.7 million of FT Premium Liability.

The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

On March 17, 2023, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March 2023 Equity Offering”). The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $3.04 per share, raising net proceeds (after sales commissions) of $98.4 million. Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

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Supplemental Guarantor Information

9 Months Ended

Sep. 30, 2023

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION

SUPPLEMENTAL GUARANTOR INFORMATION

The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 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., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. 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.

SUMMARIZED BALANCE SHEET

	Coeur Mining, Inc.				Guarantor Subsidiaries
In thousands	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Current assets	$	32,341	$	73,692	$	176,842	$	137,432
Non-current assets(1)	$	407,492	$	445,778	$	1,244,584	$	991,213
Non-guarantor intercompany assets	$	398	$	4,391	$	—	$	—
Current liabilities	$	21,787	$	19,842	$	202,444	$	136,788
Non-current liabilities	$	452,982	$	457,195	$	196,055	$	193,024
Non-guarantor intercompany liabilities	$	84,353	$	58,257	$	1,576	$	1,594

(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

SUMMARIZED STATEMENTS OF INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2023

In thousands	Coeur Mining, Inc.		Guarantor Subsidiaries
Revenue	$	—	$	326,794
Gross profit (loss)	$	(883)	$	(5,271)
Net income (loss)	$	(78,108)	$	(31,593)

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Mexico Litigation Matters

As of September 30, 2023, $29.4 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through litigation and potential arbitration as well as refiling refund requests as undue payments rather than refunds of VAT that was due). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to resolve the matter. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable.

In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results.

Palmarejo Gold Stream

Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2016, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet. See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail.

The following table presents a roll forward of the Franco-Nevada contract liability balance:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Opening Balance	$	7,196	$	7,742	$	7,411	$	8,150
Revenue Recognized	(145)		(167)		(360)		(575)
Closing Balance	$	7,051	$	7,575	$	7,051	$	7,575

Metal Sales Prepayments

In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. In December 2022, the Company received a $25.0 million prepayment, all of which was recognized as revenue in the first half of 2023. In June 2023, the Company exercised an option to receive a further $25.0 million prepayment, a portion of which was recognized in revenue in the third quarter of 2023. Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty to allow for a $10.0 million prepayment for deliveries of gold concentrate from its Wharf mine and a $10.0 million prepayment for deliveries of gold and silver doré from its Rochester mine, all of which were recognized as revenue in the third quarter of 2023. In September 2023, the contracts related to Wharf and Rochester were amended to increase the maximum amount available in prepayments to $12.5 million and $17.5 million, respectively, which were received.

The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail.

The following table presents a roll forward of the prepayment contract liability balance:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Opening Balance	$	45,012	$	25,012	$	25,016	$	15,016
Additions	30,311		361		75,307		10,811
Revenue Recognized	(31,000)		(10,000)		(56,000)		(10,454)
Closing Balance	$	44,323	$	15,373	$	44,323	$	15,373

Rochester Expansion Project Update

Construction of the new three-stage crushing circuit is now complete and first production from the new leach pad and process plant began in mid-September. Commissioning of the process plant is complete and commissioning of the new crusher corridor is underway, with ramp-up expected throughout the remainder of 2023 and into the first half of 2024.

Once operating at full capacity, throughput levels are expected to average 32 million tons per year, which is approximately 2.5 times higher than historical levels, making Rochester one of the largest open pit heap leach operations in the world. The total estimated capital for the project remains at $710 - $730 million.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes. As of September 30, 2023 and December 31, 2022, the Company had surety bonds totaling $332.3 million and $326.8 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

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Additional Balance Sheet Detail and Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION

Accrued liabilities and other consist of the following:

In thousands	September 30, 2023		December 31, 2022
Accrued salaries and wages	$	28,499	$	29,868
Flow-through share premium received (including over-allotment)	7,847		—
Deferred revenue (1)	44,843		25,736
Income and mining taxes	8,329		7,874
Accrued operating costs	9,362		6,241
Unrealized losses on derivatives	53		10
Taxes other than income and mining	2,703		3,318
Accrued interest payable	4,021		8,256
Operating lease liabilities	10,905		11,560
Accrued liabilities and other	$	116,562	$	92,863

(1) See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2023 and 2022:

In thousands	September 30, 2023		September 30, 2022
Cash and cash equivalents	$	53,223	$	75,389
Restricted cash equivalents	1,723		1,427
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	54,946	$	76,816

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (21,109)	$ (32,412)	$ (24,586)	$ (57,444)	$ (77,434)	$ 7,682	$ (78,107)	$ (127,196)

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Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.

Recent Accounting Standards

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition. No material impacts are expected to the consolidated financial statements or disclosures.

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Financial information relating to the reporting segments

Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	38,994	$	8,719	$	46,474	$	45,316	$	—	$	—	$	139,503
Silver sales	38,294		14,929		56		1,801		—		—		55,080
Metal sales	77,288		23,648		46,530		47,117		—		—		194,583
Costs and Expenses
Costs applicable to sales(1)	48,059		30,532		38,286		31,026		—		—		147,903
Amortization	9,024		4,176		6,894		1,588		919		283		22,884
Exploration	2,160		303		2,856		—		6,703		415		12,437
Other operating expenses	2,611		2,168		907		1,041		3,164		8,301		18,192
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		774		774
Fair value adjustments, net	—		—		—		—		—		(2,010)		(2,010)
Interest expense, net	241		(555)		(583)		(120)		(13)		(6,372)		(7,402)
Other, net(3)	1,407		(67)		(79)		(43)		(119)		(640)		459
Income and mining tax (expense) benefit	(4,539)		220		—		(1,102)		—		(676)		(6,097)
Net Income (loss)	$	12,543	$	(13,933)	$	(3,075)	$	12,197	$	(10,918)	$	(17,923)	$	(21,109)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	10,780	$	84,368	$	15,831	$	681	$	619	$	(6)	$	112,273

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Three Months Ended September 30, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	35,285	$	16,162	$	49,010	$	38,724	$	—	$	—	$	139,181
Silver sales	29,551		14,011		97		153		—		—		43,812
Metal sales	64,836		30,173		49,107		38,877		—		—		182,993
Costs and Expenses
Costs applicable to sales(1)	43,244		50,760		40,289		28,887		—		—		163,180
Amortization	8,027		6,921		10,369		2,191		1,260		383		29,151
Exploration	1,775		601		2,796		—		2,303		931		8,406
Other operating expenses	812		1,804		425		482		4,966		10,482		18,971
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		(13,067)		(13,067)
Interest expense, net	26		(225)		(442)		(22)		(32)		(5,237)		(5,932)
Other, net(3)	1,142		(101)		(62)		(167)		(85)		(574)		153
Income and mining tax (expense) benefit	(1,805)		114		—		(417)		—		225		(1,883)
Net Income (loss)	$	10,341	$	(30,125)	$	(5,276)	$	6,711	$	(8,646)	$	(30,449)	$	(57,444)
Segment assets(2)	$	294,438	$	769,391	$	146,128	$	90,542	$	242,142	$	85,034	$	1,627,675
Capital expenditures	$	10,844	$	73,995	$	7,076	$	458	$	3,821	$	408	$	96,602

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Nine Months Ended September 30, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	114,897	$	37,404	$	111,136	$	124,522	$	—	$	—	$	387,959
Silver sales	117,426		49,245		193		4,293		—		—		171,157
Metal sales	232,323		86,649		111,329		128,815		—		—		559,116
Costs and Expenses
Costs applicable to sales(1)	143,915		99,465		114,817		82,399		—		—		440,596
Amortization	25,760		13,043		17,539		4,802		3,161		882		65,187
Exploration	5,087		965		6,179		—		6,572		1,204		20,007
Other operating expenses	6,370		6,241		2,875		3,084		14,687		27,745		61,002
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		3,735		3,735
Fair value adjustments, net	—		—		—		—		—		4,629		4,629
Interest expense, net	541		(1,017)		(1,438)		(164)		(53)		(19,572)		(21,703)
Other, net(3)	4,291		(559)		(206)		(374)		(222)		(13,351)		(10,421)
Income and mining tax (expense) benefit	(20,461)		596		—		(3,822)		—		(2,984)		(26,671)
Net Income (loss)	$	35,562	$	(34,045)	$	(31,725)	$	34,170	$	(24,695)	$	(57,374)	$	(78,107)
Segment assets(2)	$	313,569	$	1,070,307	$	169,184	$	98,307	$	217,321	$	66,462	$	1,935,150
Capital expenditures	$	32,844	$	197,788	$	38,189	$	952	$	1,426	$	703	$	271,902

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Nine Months Ended September 30, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	119,486	$	42,413	$	143,099	$	110,259	$	—	$	—	$	415,257
Silver sales	114,387		44,632		575		669		—		—		160,263
Metal sales	233,873		87,045		143,674		110,928		—		—		575,520
Costs and Expenses
Costs applicable to sales(1)	135,532		120,988		116,510		74,096		—		—		447,126
Amortization	27,150		16,592		28,360		6,500		3,778		1,169		83,549
Exploration	5,071		4,009		4,416		—		2,041		3,566		19,103
Other operating expenses	2,485		5,465		1,348		1,521		16,550		31,751		59,120
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		—		—
Fair value adjustments, net	—		—		—		—		—		(65,272)		(65,272)
Interest expense, net	(100)		(606)		(1,111)		(49)		(150)		(13,654)		(15,670)
Other, net(3)	1,635		(192)		19		506		(320)		555		2,203
Income and mining tax (expense) benefit	(24,325)		1,079		127		(2,382)		—		10,422		(15,079)
Net Income (loss)	$	40,845	$	(59,728)	$	(7,925)	$	26,886	$	(22,839)	$	(104,435)	$	(127,196)
Segment assets(2)	$	294,438	$	769,391	$	146,128	$	90,542	$	242,142	$	85,034	$	1,627,675
Capital expenditures	$	34,515	$	154,001	$	23,828	$	2,294	$	21,383	$	3,239	$	239,260

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Consolidated Assets

Assets	September 30, 2023		December 31, 2022
Total assets for reportable segments	$	1,935,150	$	1,669,982
Cash and cash equivalents	53,223		61,464
Other assets	81,379		114,697
Total consolidated assets	$	2,069,752	$	1,846,143

Long Lived Assets by Country

Geographic Information

Long-Lived Assets	September 30, 2023		December 31, 2022
United States	$	1,149,301	$	899,960
Mexico	258,409		251,950
Canada	231,416		237,723
Other	122		122
Total	$	1,639,248	$	1,389,755

Revenue by Country

Revenue	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
United States	$	117,295	$	118,157	$	326,793	$	341,647
Mexico	77,288		64,836		232,323		233,873
Total	$	194,583	$	182,993	$	559,116	$	575,520

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Receivables (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Receivables

Receivables consist of the following:

In thousands	September 30, 2023		December 31, 2022
Current receivables:
Trade receivables	$	2,637	$	6,302
VAT receivable	15,116		10,741
Income tax receivable	9,791		9,719
Avino note receivable (1)	—		4,926
Gold and silver forwards realized gains (2)	1,995		4,059
Other	599		586
	$	30,138	$	36,333
Non-current receivables:
Other tax receivable (3)	$	8,534	$	—
Deferred cash consideration (1)	—		7,677
Contingent consideration (1)	14,029		14,346
	$	22,563	$	22,023
Total receivables	$	52,701	$	58,356

(1) See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration.

(2) Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.

(3) Consists of exploration credit refunds at Silvertip.

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Inventory and Ore on Leach Pads (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventory consists of the following:

In thousands	September 30, 2023		December 31, 2022
Inventory:
Concentrate	$	1,357	$	2,869
Precious metals	15,924		12,636
Supplies	49,423		46,326
	$	66,704	$	61,831
Ore on Leach Pads:
Current	$	114,314	$	82,958
Non-current	36,627		51,268
	$	150,941	$	134,226
Long-term Stockpile (included in Other)	$	41,990	$	28,840
Total Inventory and Ore on Leach Pads	$	259,635	$	224,897

    Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. During the first nine months of 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down for the three and nine months ended September 30, 2023 of $8.9 million ($7.7 million was recognized in Costs applicable to sales and $1.2 million in Amortization) and $25.3 million ($22.4 million was recognized in Costs applicable to sales and $2.9 million in Amortization), respectively.

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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investment in Marketable Securities [Abstract]

Investments

From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration.

	At September 30, 2023
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Avino Silver & Gold Mines Ltd	$	13,720	$	(6,489)	$	—	$	7,231
Equity securities	$	13,720	$	(6,489)	$	—	$	7,231

	At December 31, 2022
In thousands	Cost		Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Equity Securities
Victoria Gold Corp.	$	70,560	$	(38,528)	$	—	$	32,032
Integra Resources Corp.	9,455		(7,115)		—		2,340
Avino Silver & Gold Mines Ltd	13,720		(4,199)		—		9,521
Other	2,233		(1,974)		—		259
Equity securities	$	95,968	$	(51,816)	$	—	$	44,152

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Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long term debt and capital lease obligations

	September 30, 2023				December 31, 2022
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	303,010	$	—	$	369,212
Revolving Credit Facility(2)	—		140,000		—		80,000
Finance lease obligations	22,127		47,104		24,578		42,143
	$	22,127	$	490,114	$	24,578	$	491,355

(1) Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively.

(2) Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets.

Interest Expenses Incurred for Various Debt Instruments [Table Text Block]

Interest Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
2029 Senior Notes	$	4,097	$	4,805	13,409		$	14,414
Revolving Credit Facility	4,956		2,512		11,481		5,069
Finance lease obligations	1,035		1,341		2,788		3,916
Amortization of debt issuance costs	703		535		1,964		1,448
Other debt obligations	710		29		1,450		162
Capitalized interest	(4,099)		(3,290)		(9,389)		(9,339)
Total interest expense, net of capitalized interest	$	7,402	$	5,932	$	21,703	$	15,670

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Reclamation (Tables)

9 Months Ended

Sep. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Asset retirement obligation - Beginning	$	207,960	$	184,606	$	202,431	$	180,156
Accretion	4,153		3,564		12,219		10,482
Additions and changes to estimates	(2,682)		—		(2,682)		—
Settlements	(1,415)		(1,507)		(3,952)		(3,975)
Asset retirement obligation - Ending	$	208,016	$	186,663	$	208,016	$	186,663

    The commencement of production from the new leach pad and process plant at Rochester in the third quarter of 2023 resulted in an update to the estimated reclamation and mine closure costs. The estimated reclamation and mine closure costs was discounted using a credit adjusted, risk-free interest rate of 8.4%.

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Income and Mining Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2023 and 2022 by significant jurisdiction:

	Three months ended September 30,								Nine months ended September 30,
	2023				2022				2023				2022
In thousands	Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States	$	(22,674)	$	(1,565)	$	(59,012)	$	(74)	$	(83,994)	$	(4,847)	$	(154,263)	$	(2,270)
Canada	(9,345)		—		(8,960)		—		(23,049)		—		(22,859)		(21)
Mexico	17,111		(4,532)		12,178		(1,809)		56,045		(21,824)		64,847		(12,788)
Other jurisdictions	(104)		—		233		—		(438)		—		158		—
	$	(15,012)	$	(6,097)	$	(55,561)	$	(1,883)	$	(51,436)	$	(26,671)	$	(112,117)	$	(15,079)

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Grants Awarded

The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Grant date	Restricted stock	Grant date fair value of restricted stock		Performance shares	Grant date fair value of performance shares
February 27, 2023	2,596,856	$	3.00	1,738,581	$	3.14
June 19, 2023	57,804	$	3.11	46,340	$	3.14
August 18, 2023	436,422	$	2.53	5,308	$	3.14

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Adjustments to Comprehensive income (Loss)

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Change in the value of equity securities(1)	$	(2,010)	$	(13,067)	$	4,629	$	(62,133)
Termination of gold zero cost collars	—		—		—		(3,139)
Fair value adjustments, net	$	(2,010)	$	(13,067)	$	4,629	$	(65,272)

(1) Includes unrealized losses on held equity securities of $2.0 million, and $13.1 million for the three months ended September 30, 2023, and 2022, respectively, and unrealized losses of $2.3 million and $46.5 million for the nine months ended September 30, 2023, and 2022, respectively

Financial assets and liabilities measured at fair value on recurring basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value at September 30, 2023
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	7,231	$	7,231	$	—	$	—
Provisional metal sales contracts	36		—		36		—
Gold forwards	7,411		—		7,411		—
Silver forwards	4,243		—		4,243		—
	$	18,921	$	7,231	$	11,690	$	—
Liabilities:
Provisional metal sales contracts	$	53	$	—	$	53	$	—

	Fair Value at December 31, 2022
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities including warrants	$	44,152	$	43,893	$	259	$	—
Provisional metal sales contracts	299		—		299		—
Gold forwards	12,343		—		12,343		—
	$	56,794	$	43,893	$	12,901	$	—
Liabilities:
Provisional metal sales contracts	$	10	$	—	$	10	$	—

Financial Assets and Liabilities not Measured at Fair Value

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2023 and December 31, 2022 is presented in the following table:

	September 30, 2023
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	303,010	$	258,746	$	—	$	258,746	$	—
Revolving Credit Facility(2)	$	140,000	$	140,000	$	—	$	140,000	$	—

(1) Net of unamortized debt issuance costs of $4.2 million

(2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets.

	December 31, 2022
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Promissory note	$	4,926	$	4,579	$	—	$	4,579	$	—
Deferred cash consideration	$	7,677	$	7,317	$	—	$	7,317	$	—
Liabilities:
2029 Senior Notes(1)	$	369,212	$	291,924	$	—	$	291,924	$	—
Revolving Credit Facility(2)	$	80,000	$	80,000	$	—	$	80,000	$	—

(1) Net of unamortized debt issuance costs of $5.8 million.

(2) Unamortized debt issuance costs of $3.6 million included in Other Non-Current Assets.

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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At September 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2023		2024 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	1,977	$	—
Notional ounces	55,749		—
Silver forwards
Average silver fixed price per ounce	$	25.47	$	—
Notional ounces	1,245,000		—

At September 30, 2023, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2023		2024 and Thereafter
Provisional gold sales contracts	$	26,551	$	—
Average gold price per ounce	$	1,920	$	—
Notional ounces	13,828		—

Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

	September 30, 2023
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	7,411	$	—	$	—
Silver forwards	4,243		—		—

	December 31, 2022
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	12,343	$	—	$	—

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amount of Gain (Loss) Recognized in AOCI
Gold forwards	$	6,736	$	29,060	$	(1,317)	$	62,685
Silver forwards	491		—		8,458		—
Gold zero cost collars	—		—		—		(4,598)
	$	7,227	$	29,060	$	7,141	$	58,087
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards	$	(2,723)	$	(11,289)	$	(3,615)	$	(14,399)
Silver forwards	(2,197)		—		(4,215)		—
Gold zero cost collars	—		1,379		—		3,218
	$	(4,920)	$	(9,910)	$	(7,830)	$	(11,181)

The following summarizes the classification of the fair value of the derivative instruments:

	September 30, 2023
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	36	$	53

	December 31, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	299	$	10

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2023, and 2022, respectively (in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
Financial statement line	Derivative	2023		2022		2023		2022
Revenue	Provisional metal sales contracts	$	14	$	(757)	$	(305)	$	(751)
Fair value adjustments, net	Terminated zero cost collars	—		—		—		(3,139)
		$	14	$	(757)	$	(305)	$	(3,890)

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

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Additional Comprehensive Income (Loss) Detail (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

Pre-development, reclamation, and other consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
COVID-19	$	14	$	294	$	92	$	1,585
Silvertip ongoing carrying costs	2,780		4,628		13,569		15,542
Asset retirement accretion	4,153		3,597		12,219		10,588
Other	1,733		730		3,738		2,124
Pre-development, reclamation and other	$	8,680	$	9,249	$	29,618	$	29,839

Schedule of Other Nonoperating Income (Expense)

Other, net consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Foreign exchange gain (loss)	$	421	$	93	$	(107)	$	(972)
Gain (loss) on sale of assets(1)	(19)		(87)		(12,650)		2,365
RMC bankruptcy distribution	—		—		1,516		—
Other	57		147		820		810
Other, net	$	459	$	153	$	(10,421)	$	2,203

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Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Three months ended September 30,				Nine months ended September 30,
In thousands except per share amounts	2023		2022		2023		2022
Net income (loss) available to common stockholders	$	(21,109)	$	(57,444)	$	(78,107)	$	(127,196)
Weighted average shares:
Basic	356,676		278,105		330,440		272,599
Effect of stock-based compensation plans	—		—		—		—
Diluted	356,676		278,105		330,440		272,599
Income (loss) per share:
Basic	$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)
Diluted	$	(0.06)	$	(0.21)	$	(0.24)	$	(0.47)

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Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

SUMMARIZED BALANCE SHEET

	Coeur Mining, Inc.				Guarantor Subsidiaries
In thousands	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Current assets	$	32,341	$	73,692	$	176,842	$	137,432
Non-current assets(1)	$	407,492	$	445,778	$	1,244,584	$	991,213
Non-guarantor intercompany assets	$	398	$	4,391	$	—	$	—
Current liabilities	$	21,787	$	19,842	$	202,444	$	136,788
Non-current liabilities	$	452,982	$	457,195	$	196,055	$	193,024
Non-guarantor intercompany liabilities	$	84,353	$	58,257	$	1,576	$	1,594

(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

Schedule of Comprehensive Income (Loss)

SUMMARIZED STATEMENTS OF INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2023

In thousands	Coeur Mining, Inc.		Guarantor Subsidiaries
Revenue	$	—	$	326,794
Gross profit (loss)	$	(883)	$	(5,271)
Net income (loss)	$	(78,108)	$	(31,593)

XML

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Contract Liability

The following table presents a roll forward of the Franco-Nevada contract liability balance:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Opening Balance	$	7,196	$	7,742	$	7,411	$	8,150
Revenue Recognized	(145)		(167)		(360)		(575)
Closing Balance	$	7,051	$	7,575	$	7,051	$	7,575

The following table presents a roll forward of the prepayment contract liability balance:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2023		2022		2023		2022
Opening Balance	$	45,012	$	25,012	$	25,016	$	15,016
Additions	30,311		361		75,307		10,811
Revenue Recognized	(31,000)		(10,000)		(56,000)		(10,454)
Closing Balance	$	44,323	$	15,373	$	44,323	$	15,373

XML

Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued liabilities and other consist of the following:

In thousands	September 30, 2023		December 31, 2022
Accrued salaries and wages	$	28,499	$	29,868
Flow-through share premium received (including over-allotment)	7,847		—
Deferred revenue (1)	44,843		25,736
Income and mining taxes	8,329		7,874
Accrued operating costs	9,362		6,241
Unrealized losses on derivatives	53		10
Taxes other than income and mining	2,703		3,318
Accrued interest payable	4,021		8,256
Operating lease liabilities	10,905		11,560
Accrued liabilities and other	$	116,562	$	92,863

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2023 and 2022:

In thousands	September 30, 2023		September 30, 2022
Cash and cash equivalents	$	53,223	$	75,389
Restricted cash equivalents	1,723		1,427
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	54,946	$	76,816

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Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Oct. 02, 2014
Business Acquisition [Line Items]
Inventory Write-down	$ 7,727,000	$ 21,204,000	$ 22,467,000	$ 38,018,000
Rochester
Business Acquisition [Line Items]
Inventory Write-down	8,900,000		25,300,000
Rochester | Cost of Sales
Business Acquisition [Line Items]
Inventory Write-down	7,700,000		22,400,000
Palmarejo gold production royalty
Business Acquisition [Line Items]
Aggregate deposit to be received									$ 22,000,000
Production to be sold, percent									50.00%
Price per ounce under agreement									$ 800
Kensington
Business Acquisition [Line Items]
Revenue liability	$ 44,323,000	$ 15,373,000	$ 44,323,000	$ 15,373,000	$ 45,012,000	$ 25,016,000	$ 25,012,000	$ 15,016,000

XML

Segment Reporting (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Financial information relating to reporting segments
Revenue		$ 194,583			$ 182,993			$ 559,116	$ 575,520
Amortization		22,884			29,151			65,187	83,549
Other operating expenses		18,192			18,971			61,002	59,120
Fair value adjustments, net, pretax		(2,010)			(13,067)			4,629	(65,272)
Interest expense, net of capitalized interest		(7,402)			(5,932)			(21,703)	(15,670)
Other, net	[1]	459			153			(10,421)	2,203
Income and mining tax (expense) benefit		(6,097)			(1,883)			(26,671)	(15,079)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		(21,109)			(57,444)			(78,107)	(127,196)
Net income (loss)		(21,109)	$ (32,412)	$ (24,586)	(57,444)	$ (77,434)	$ 7,682	(78,107)	(127,196)
Assets, Net	[2]	1,935,150			1,627,675			1,935,150	1,627,675	$ 1,669,982
Capital expenditures		112,273			96,602			271,902	239,260
Gain on debt extinguishment		774			0			3,735	0
Palmarejo [Member]
Financial information relating to reporting segments
Amortization		9,024			8,027			25,760	27,150
Other operating expenses		2,611			812			6,370	2,485
Fair value adjustments, net, pretax		0			0			0	0
Interest expense, net of capitalized interest		241			26			541	(100)
Other, net	[1]	1,407			1,142			4,291	1,635
Income and mining tax (expense) benefit		(4,539)			(1,805)			(20,461)	(24,325)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		12,543			10,341			35,562	40,845
Assets, Net	[2]	313,569			294,438			313,569	294,438
Capital expenditures		10,780			10,844			32,844	34,515
Gain on debt extinguishment		0			0			0	0
Rochester
Financial information relating to reporting segments
Amortization		4,176			6,921			13,043	16,592
Other operating expenses		2,168			1,804			6,241	5,465
Fair value adjustments, net, pretax		0			0			0	0
Interest expense, net of capitalized interest		(555)			(225)			(1,017)	(606)
Other, net	[1]	(67)			(101)			(559)	(192)
Income and mining tax (expense) benefit		220			114			596	1,079
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		(13,933)			(30,125)			(34,045)	(59,728)
Assets, Net	[2]	1,070,307			769,391			1,070,307	769,391
Capital expenditures		84,368			73,995			197,788	154,001
Gain on debt extinguishment		0			0			0	0
Kensington
Financial information relating to reporting segments
Amortization		6,894			10,369			17,539	28,360
Other operating expenses		907			425			2,875	1,348
Fair value adjustments, net, pretax		0			0			0	0
Interest expense, net of capitalized interest		(583)			(442)			(1,438)	(1,111)
Other, net	[1]	(79)			(62)			(206)	19
Income and mining tax (expense) benefit		0			0			0	127
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		(3,075)			(5,276)			(31,725)	(7,925)
Assets, Net	[2]	169,184			146,128			169,184	146,128
Capital expenditures		15,831			7,076			38,189	23,828
Gain on debt extinguishment		0			0			0	0
Wharf
Financial information relating to reporting segments
Amortization		1,588			2,191			4,802	6,500
Other operating expenses		1,041			482			3,084	1,521
Fair value adjustments, net, pretax		0			0			0	0
Interest expense, net of capitalized interest		(120)			(22)			(164)	(49)
Other, net	[1]	(43)			(167)			(374)	506
Income and mining tax (expense) benefit		(1,102)			(417)			(3,822)	(2,382)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		12,197			6,711			34,170	26,886
Assets, Net	[2]	98,307			90,542			98,307	90,542
Capital expenditures		681			458			952	2,294
Gain on debt extinguishment		0			0			0	0
Silvertip [Member]
Financial information relating to reporting segments
Amortization		919			1,260			3,161	3,778
Other operating expenses		3,164			4,966			14,687	16,550
Fair value adjustments, net, pretax		0			0			0	0
Interest expense, net of capitalized interest		(13)			(32)			(53)	(150)
Other, net	[1]	(119)			(85)			(222)	(320)
Income and mining tax (expense) benefit		0			0			0	0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		(10,918)			(8,646)			(24,695)	(22,839)
Assets, Net	[2]	217,321			242,142			217,321	242,142
Capital expenditures		619			3,821			1,426	21,383
Gain on debt extinguishment		0			0			0	0
Other Mining Properties [Member]
Financial information relating to reporting segments
Amortization		283			383			882	1,169
Other operating expenses		8,301			10,482			27,745	31,751
Fair value adjustments, net, pretax		(2,010)			(13,067)			4,629	(65,272)
Interest expense, net of capitalized interest		(6,372)			(5,237)			(19,572)	(13,654)
Other, net	[1]	(640)			(574)			(13,351)	555
Income and mining tax (expense) benefit		(676)			225			(2,984)	10,422
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		(17,923)			(30,449)			(57,374)	(104,435)
Assets, Net	[2]	66,462			85,034			66,462	85,034
Capital expenditures		(6)			408			703	3,239
Gain on debt extinguishment		774			0			3,735	0
Gold [Member]
Financial information relating to reporting segments
Revenue		139,503			139,181			387,959	415,257
Gold [Member] | Palmarejo [Member]
Financial information relating to reporting segments
Revenue		38,994			35,285			114,897	119,486
Gold [Member] | Rochester
Financial information relating to reporting segments
Revenue		8,719			16,162			37,404	42,413
Gold [Member] | Kensington
Financial information relating to reporting segments
Revenue		46,474			49,010			111,136	143,099
Gold [Member] | Wharf
Financial information relating to reporting segments
Revenue		45,316			38,724			124,522	110,259
Gold [Member] | Silvertip [Member]
Financial information relating to reporting segments
Revenue		0			0			0	0
Gold [Member] | Other Mining Properties [Member]
Financial information relating to reporting segments
Revenue		0			0			0	0
Product, Silver
Financial information relating to reporting segments
Revenue		55,080			43,812			171,157	160,263
Product, Silver | Palmarejo [Member]
Financial information relating to reporting segments
Revenue		38,294			29,551			117,426	114,387
Product, Silver | Rochester
Financial information relating to reporting segments
Revenue		14,929			14,011			49,245	44,632
Product, Silver | Kensington
Financial information relating to reporting segments
Revenue		56			97			193	575
Product, Silver | Wharf
Financial information relating to reporting segments
Revenue		1,801			153			4,293	669
Product, Silver | Silvertip [Member]
Financial information relating to reporting segments
Revenue		0			0			0	0
Product, Silver | Other Mining Properties [Member]
Financial information relating to reporting segments
Revenue		0			0			0	0
Product, Metal [Member]
Financial information relating to reporting segments
Revenue		194,583			182,993			559,116	575,520
Product, Metal [Member] | Palmarejo [Member]
Financial information relating to reporting segments
Revenue		77,288			64,836			232,323	233,873
Product, Metal [Member] | Rochester
Financial information relating to reporting segments
Revenue		23,648			30,173			86,649	87,045
Product, Metal [Member] | Kensington
Financial information relating to reporting segments
Revenue		46,530			49,107			111,329	143,674
Product, Metal [Member] | Wharf
Financial information relating to reporting segments
Revenue		47,117			38,877			128,815	110,928
Product, Metal [Member] | Silvertip [Member]
Financial information relating to reporting segments
Revenue		0			0			0	0
Product, Metal [Member] | Other Mining Properties [Member]
Financial information relating to reporting segments
Revenue		0			0			0	0
Product
Financial information relating to reporting segments
Costs applicable to sales	[3]	147,903			163,180			440,596	447,126
Product | Palmarejo [Member]
Financial information relating to reporting segments
Costs applicable to sales	[3]	48,059			43,244			143,915	135,532
Product | Rochester
Financial information relating to reporting segments
Costs applicable to sales	[3]	30,532			50,760			99,465	120,988
Product | Kensington
Financial information relating to reporting segments
Costs applicable to sales	[3]	38,286			40,289			114,817	116,510
Product | Wharf
Financial information relating to reporting segments
Costs applicable to sales	[3]	31,026			28,887			82,399	74,096
Product | Silvertip [Member]
Financial information relating to reporting segments
Costs applicable to sales	[3]	0			0			0	0
Product | Other Mining Properties [Member]
Financial information relating to reporting segments
Costs applicable to sales	[3]	0			0			0	0
Mineral, Exploration
Financial information relating to reporting segments
Costs applicable to sales		12,437			8,406			20,007	19,103
Mineral, Exploration | Palmarejo [Member]
Financial information relating to reporting segments
Costs applicable to sales		2,160			1,775			5,087	5,071
Mineral, Exploration | Rochester
Financial information relating to reporting segments
Costs applicable to sales		303			601			965	4,009
Mineral, Exploration | Kensington
Financial information relating to reporting segments
Costs applicable to sales		2,856			2,796			6,179	4,416
Mineral, Exploration | Wharf
Financial information relating to reporting segments
Costs applicable to sales		0			0			0	0
Mineral, Exploration | Silvertip [Member]
Financial information relating to reporting segments
Costs applicable to sales		6,703			2,303			6,572	2,041
Mineral, Exploration | Other Mining Properties [Member]
Financial information relating to reporting segments
Costs applicable to sales		$ 415			$ 931			$ 1,204	$ 3,566

[1] See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

[2] Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

[3] Excludes amortization.

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Segment Reporting (Details 1) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Segment Reporting [Abstract]
Assets, Net	[1]	$ 1,935,150	$ 1,669,982	$ 1,627,675
Cash and cash equivalents		53,223	61,464	$ 75,389
Other assets		81,379	114,697
TOTAL ASSETS		$ 2,069,752	$ 1,846,143

[1] Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

XML

Segment Reporting (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Long Lived Assets
Long Lived Assets in Entity's Country of Domicile	$ 1,639,248		$ 1,639,248		$ 1,389,755
Revenues
Revenue	194,583	$ 182,993	559,116	$ 575,520
United States
Long Lived Assets
Long Lived Assets in Entity's Country of Domicile	1,149,301		1,149,301		899,960
Revenues
Revenue	117,295	118,157	326,793	341,647
Canada
Long Lived Assets
Long Lived Assets in Entity's Country of Domicile	231,416		231,416		237,723
Mexico
Long Lived Assets
Long Lived Assets in Entity's Country of Domicile	258,409		258,409		251,950
Revenues
Revenue	77,288	$ 64,836	232,323	$ 233,873
Other Foreign Countries [Member]
Long Lived Assets
Long Lived Assets in Entity's Country of Domicile	$ 122		$ 122		$ 122

XML

Receivables (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Receivables - current portion
Accounts receivable - trade		$ 2,637	$ 6,302
Refundable value added tax		15,116	10,741
Income Taxes Receivable		9,791	9,719
Accounts and Financing Receivable, after Allowance for Credit Loss	[1]	0	4,926
Derivative Asset, Current	[2]	1,995	4,059
Accounts receivable - other		599	586
Receivables, net current portion		30,138	36,333
Other tax receivable		8,534	0
Receivables - non-current portion
Deferred cash consideration (1)	[1]	0	7,677
Contingent consideration (1)	[1]	14,029	14,346
Non-current receivables:		22,563	22,023
Total receivables		$ 52,701	$ 58,356

[1] See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration. In March 2023, the Company received payment of $5.0 million related to the Avino note receivable. In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"). The contingent consideration at September 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration.

[2] Represents realized gains on gold and silver forward hedges from September 2023 that contractually settle in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.(3) Consists of exploration credit refunds at Silvertip.

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Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory, Finished Goods, Net of Reserves	$ 1,357	$ 2,869
Other Inventory, Net of Reserves	15,924	12,636
Inventory, Supplies, Net of Reserves	49,423	46,326
Inventory	66,704	61,831
Ore on Leach Pad, Current	114,314	82,958
Ore on leach pads, noncurrent	36,627	51,268
Inventory, Ore Stockpiles on Leach Pads, Gross	150,941	134,226
Inventory and Ore on Leach Pads	259,635	224,897
Long-Term Inventory Stockpile	$ 41,990	$ 28,840

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Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Inventory [Line Items]
Inventory Write-down	$ 7,727	$ 21,204	$ 22,467	$ 38,018
Rochester
Inventory [Line Items]
Inventory Write-down	8,900		25,300
Rochester | Amortization
Inventory [Line Items]
Inventory Write-down	1,200		2,900
Rochester | Cost of Sales
Inventory [Line Items]
Inventory Write-down	$ 7,700		$ 22,400

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Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2023	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Abstract]
Marketable Securities, Realized Gain (Loss)			$ 2,000	$ 13,100	$ 2,300	$ 46,500
Investment in Marketable Securities (Textual) [Abstract]
Current liabilities			0		0		$ 12,120
Marketable Securities, Current			7,231		7,231		32,032
Equity securities							44,152
Equity securities
Investment in Marketable Securities (Textual) [Abstract]
Cost			13,720		13,720		95,968
Equity Securities, FV-NI, Unrealized Gain (Loss)					0	0
Equity Securities, FV-NI, Unrealized Gain					6,489	51,816
Marketable Securities, Current			7,231		7,231
Victoria Gold Corp | Equity securities
Investment in Marketable Securities (Textual) [Abstract]
Cost							70,560
Equity Securities, FV-NI, Unrealized Gain (Loss)						0
Equity Securities, FV-NI, Unrealized Gain						38,528
Marketable Securities, Current							32,032
Equity method investment, amount sold (in shares)		6,000,000
Equity Method Investments, Sale of Stock, Price Per Share		$ 6.70
Proceeds from sale of equity method investments		$ 39,800
Integra Resources Corp. [Member] | Equity securities
Investment in Marketable Securities (Textual) [Abstract]
Cost							9,455
Equity Securities, FV-NI, Unrealized Gain (Loss)						0
Equity Securities, FV-NI, Unrealized Gain						7,115
Current liabilities							2,340
Equity method investment, amount sold (in shares)	3,700,000
Equity Method Investments, Sale of Stock, Price Per Share	$ 0.48
Proceeds from sale of equity method investments	$ 1,800
Avino Silver & Gold Mines Ltd | Equity securities
Investment in Marketable Securities (Textual) [Abstract]
Cost			13,720		13,720		13,720
Equity Securities, FV-NI, Unrealized Gain (Loss)					0	0
Equity Securities, FV-NI, Unrealized Gain					6,489	4,199
Current liabilities							9,521
Marketable Securities, Current			$ 7,231		$ 7,231
Other Investments [Member] | Equity securities
Investment in Marketable Securities (Textual) [Abstract]
Cost							2,233
Equity Securities, FV-NI, Unrealized Gain (Loss)						0
Equity Securities, FV-NI, Unrealized Gain						$ 1,974
Current liabilities							$ 259

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Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Long term debt and capital lease obligations
Current		$ 22,127	$ 24,578
Debt		490,114	491,355
Senior Notes due 2029
Long term debt and capital lease obligations
Net unamortized debt issuance costs		4,200	5,800
Senior Notes due 2029
Long term debt and capital lease obligations
Debt	[1]	303,010	369,212
Revolving Credit Facility
Long term debt and capital lease obligations
Debt	[2]	140,000	80,000
Finance Lease Obligations
Long term debt and capital lease obligations
Debt		47,104	42,143
Senior Notes due 2029
Long term debt and capital lease obligations
Current	[1]	0	0
Revolving Credit Facility
Long term debt and capital lease obligations
Current	[2]	0	0
Finance Lease Obligations
Long term debt and capital lease obligations
Current		22,127	24,578
Revolving Credit Facility
Long term debt and capital lease obligations
Net unamortized debt issuance costs		$ 3,300	$ 3,600

[1] Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively.

[2] Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets

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Debt (Details Textual) - USD ($) shares in Thousands, $ in Thousands		1 Months Ended	3 Months Ended			4 Months Ended	9 Months Ended		11 Months Ended
	Jan. 01, 2025	Mar. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2024	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2024	Dec. 31, 2022	May 02, 2022
Debt Instrument [Line Items]
Gain on debt extinguishment				$ 774	$ 0		$ 3,735	$ 0
Finance Lease Obligations							$ 21,600
Rochester Finance Lease | Line of Credit
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 60,000
Stated interest rate				5.20%			5.20%
Senior Notes due 2029
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 375,000			$ 375,000
Proceeds from debt		$ 367,500
Extinguishment of Debt				$ 67,800
Debt Conversion, Converted Instrument, Shares Issued				21,600
Gain on debt extinguishment				$ 3,700
Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount				29,600			29,600
Revolving Credit Facility | Forecast
Debt Instrument [Line Items]
Interest coverage ratio	$ 15,000		$ 40,000			$ 30,000			$ 50,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt				140,000			140,000
Amount available subject to debt covenants				$ 220,400			$ 220,400
Stated interest rate				9.20%			9.20%
Revolving Credit Facility | Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 390,000

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Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Interest paid on Senior Notes due 2029	$ 4,097	$ 4,805	$ 13,409	$ 14,414
Interest paid on Revolving Credit Facility	4,956	2,512	11,481	5,069
Finance Lease, Interest Expense	1,035	1,341	2,788	3,916
Amortization of Debt Issuance Costs	703	535	1,964	1,448
Interest Expense, Other	710	29	1,450	162
Interest Costs Capitalized Adjustment	(4,099)	(3,290)	(9,389)	(9,339)
Interest Costs Incurred	$ 7,402	$ 5,932	$ 21,703	$ 15,670

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Reclamation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	$ 208,016	$ 186,663	$ 208,016	$ 186,663	$ 207,960	$ 202,431	$ 184,606	$ 180,156
Asset Retirement Obligation, Accretion Expense, Excluding Held for Sale Disposal Group.	4,153	3,564	12,219	10,482
Additions and changes to estimates	(2,682)	0	(2,682)	0
Asset Retirement Obligation, Liabilities Settled	$ (1,415)	$ (1,507)	$ (3,952)	$ (3,975)

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Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Examination [Line Items]
Income (loss) before income and mining taxes	$ (15,012)	$ (55,561)	$ (51,436)	$ (112,117)
Tax (expense) benefit	6,097	1,883	26,671	15,079
United States
Income Tax Examination [Line Items]
United States, Income (loss) before tax	(22,674)	(59,012)	(83,994)	(154,263)
Tax (expense) benefit	(1,565)	(74)	(4,847)	(2,270)
Canada
Income Tax Examination [Line Items]
Foreign, Income (loss) before tax	9,345	8,960	23,049	22,859
Tax (expense) benefit	0	0	0	(21)
Mexico
Income Tax Examination [Line Items]
Foreign, Income (loss) before tax	(17,111)	(12,178)	(56,045)	(64,847)
Tax (expense) benefit	(4,532)	(1,809)	(21,824)	(12,788)
Other jurisdictions
Income Tax Examination [Line Items]
Foreign, Income (loss) before tax	104	(233)	438	(158)
Tax (expense) benefit	$ 0	$ 0	$ 0	$ 0

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Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(40.60%)	(3.40%)
Tax (expense) benefit	$ 6,097	$ 1,883	$ 26,671	$ 15,079
Unrecognized income tax liability	$ 100		$ 100

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock based compensation awards			$ 8,500
Unrecognized stock-based compensation cost	$ 10,500		$ 10,500
Unrecognized stock-based compensation cost, weighted-average period recognized			1 year 7 months 6 days
Annual Incentive Plan and Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock based compensation awards	$ 2,600	$ 2,500		$ 7,100

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Stock-Based Compensation - Summary of Grants Awarded (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted stock | February 27, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock | shares	2,596,856
Grant date fair value of restricted stock | $ / shares	$ 3.00
Restricted stock | June 19. 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock | shares	57,804
Grant date fair value of restricted stock | $ / shares	$ 3.11
Restricted stock | August 18. 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock | shares	436,422
Grant date fair value of restricted stock | $ / shares	$ 2.53
Performance shares | February 27, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares | shares	1,738,581
Grant date fair value of performance shares | $ / shares	$ 3.14
Performance shares | June 19. 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares | shares	46,340
Grant date fair value of performance shares | $ / shares	$ 3.14
Performance shares | August 18. 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares | shares	5,308
Grant date fair value of performance shares | $ / shares	$ 3.14

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Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments, net	$ (2,010)	$ (13,067)	$ 4,629	$ (65,272)
Unrealized gain (loss) on equity securities	(2,010)	(13,067)	4,629	(62,133)
Termination of gold zero cost collars	0	0	0	(3,139)
Realized gain (loss) on equity securities	$ (2,000)	$ (13,100)	$ (2,300)	$ (46,500)

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Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Equity securities		$ 44,152
Fair Value, Recurring
Assets:
Assets	$ 18,921	56,794
Provisional metal sales contracts | Fair Value, Recurring
Liabilities:
Embedded Derivative, Fair Value of Embedded Derivative Liability	53	10
Embedded Derivative, Fair Value of Embedded Derivative Asset	36	299
Gold Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	7,411	12,343
SIlver Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	4,243
Equity Securities | Fair Value, Recurring
Liabilities:
Marketable securities including warrants	7,231	44,152
Level 1 | Fair Value, Recurring
Assets:
Assets	7,231	43,893
Level 1 | Provisional metal sales contracts | Fair Value, Recurring
Liabilities:
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Level 1 | Gold Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	0	0
Level 1 | SIlver Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	0
Level 1 | Equity Securities | Fair Value, Recurring
Liabilities:
Marketable securities including warrants	7,231	43,893
Level 2 | Fair Value, Recurring
Assets:
Assets	11,690	12,901
Level 2 | Provisional metal sales contracts | Fair Value, Recurring
Liabilities:
Embedded Derivative, Fair Value of Embedded Derivative Liability	53	10
Embedded Derivative, Fair Value of Embedded Derivative Asset	36	299
Level 2 | Gold Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	7,411	12,343
Level 2 | SIlver Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	4,243
Level 2 | Equity Securities | Fair Value, Recurring
Liabilities:
Marketable securities including warrants	0	259
Level 3   | Fair Value, Recurring
Assets:
Assets	0	0
Level 3   | Provisional metal sales contracts | Fair Value, Recurring
Liabilities:
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Level 3   | Gold Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	0	0
Level 3   | SIlver Forwards | Fair Value, Recurring
Assets:
Fair value of other derivative instruments, net	0
Level 3   | Equity Securities | Fair Value, Recurring
Liabilities:
Marketable securities including warrants	$ 0	$ 0

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Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt		$ 490,114	$ 491,355
Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	[1]	140,000	80,000
Senior Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Book value		303,010	369,212
Debt	[2]	303,010	369,212
Reported Value Measurement | Deferred cash consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			7,677
Reported Value Measurement | Notes Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			4,926
Estimate of Fair Value Measurement | Deferred cash consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			7,317
Estimate of Fair Value Measurement | Notes Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			4,579
Estimate of Fair Value Measurement | Level 1 | Deferred cash consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			0
Estimate of Fair Value Measurement | Level 1 | Notes Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			0
Estimate of Fair Value Measurement | Level 2 | Deferred cash consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			7,317
Estimate of Fair Value Measurement | Level 2 | Notes Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			4,579
Estimate of Fair Value Measurement | Level 3   | Deferred cash consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			0
Estimate of Fair Value Measurement | Level 3   | Notes Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, fair value disclosure			0
Portion at Other than Fair Value Measurement | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		140,000	80,000
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		0	0
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		140,000	80,000
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		0	0
Portion at Other than Fair Value Measurement | Senior Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		258,746	291,924
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		0	0
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		258,746	291,924
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt		0	0
Senior Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unamortized debt issuance costs		4,200	5,800
Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unamortized debt issuance costs		$ 3,300	$ 3,600

[1] Unamortized debt issuance costs of $3.3 million and $3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets

[2] Net of unamortized debt issuance costs of $4.2 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively.

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Fair Value Measurements - Narrative (Details)		1 Months Ended	9 Months Ended
	Oct. 27, 2021 USD ($) royalty $ / oz	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / oz	Sep. 18, 2022 USD ($) oz
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration asset fair value disclosure			$ 13,000,000
Cash consideration		$ 7,000,000
Deferred consideration		1,000,000
Loss on sale		12,300,000
Fair value of cash consideration		$ 800,000
Measurement Input, Silver Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Disposal group, consideration, measurement input			0.335
Measurement Input, Gold Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Disposal group, consideration, measurement input			0.190
Measurement Input, Weighted Average Cost of Capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Disposal group, consideration, measurement input			0.155
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed silver price (US Dollars per ounce) | $ / oz			22
Assumed gold price (US Dollars per ounce) | $ / oz			1,700
Contingent Consideration Asset, Measurement Input			5 years
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed silver price (US Dollars per ounce) | $ / oz			25
Assumed gold price (US Dollars per ounce) | $ / oz			1,930
Contingent Consideration Asset, Measurement Input			30 years
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Royalties receivable fair value disclosure	$ 11,200,000
Contingent consideration asset fair value disclosure	$ 1,200,000
Discontinued Operations, Disposed of by Sale | La Preciosa [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Disposal group, including discontinued operation, contingent consideration, payments per silver equivalent | $ / oz	0.25
Disposal Group, Including Discontinued Operation, Number Of Royalties Disposed Of | royalty	2
Disposal Group, Including Discontinued Operation, Contingent Consideration, Maximum	$ 50,000,000
Held-for-sale | AngloGold Ashanti
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability				$ 50,000,000
Gold ounces threshold for contingent consideration | oz				3,500,000
Held-for-sale | AngloGold Ashanti | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Disposal group, consideration, measurement input				0.081
Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discontinued operation, consideration, royalties on properties	1.25%
Areas Other Than Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discontinued operation, consideration, royalties on properties	2.00%

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Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements $ in Thousands	Sep. 30, 2023 USD ($) oz $ / oz
2018
Derivative instruments Settlement
Derivative average price | $ / oz	1,920
Notional Amount Derivative | $	$ 26,551
Outstanding Provisionally Priced Sales Consists of Gold | oz	13,828
2024 and Thereafter
Derivative instruments Settlement
Derivative average price | $ / oz	0
Notional Amount Derivative | $	$ 0
Outstanding Provisionally Priced Sales Consists of Gold | oz	0

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Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - Silver and Gold Concentrate Sales Agreements - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses and other
Fair value of the derivative instruments
Embedded Derivative, Fair Value of Embedded Derivative Asset	$ 36	$ 299
Accrued liabilities and other
Fair value of the derivative instruments
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 53	$ 10

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Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Provisional gain (loss) on derivatives and commodity contracts	$ 14	$ (757)	$ (305)	$ (751)
Termination of gold zero cost collars	0	0	0	3,139
Fair value adjustments, net	$ 14	$ (757)	$ (305)	$ (3,890)

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Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Provisional gain (loss) on derivatives and commodity contracts	$ 14	$ (757)	$ (305)	$ (751)
Unrealized gain (loss) on hedger, net of tax	7,227	29,060	7,141	58,087
Termination of gold zero cost collars	$ 0	$ 0	0	$ 3,139
Designated as Hedging Instrument | Gold Forwards
Derivative [Line Items]
After tax gains in AOCI			11,700
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			11,700
Designated as Hedging Instrument | Gold zero cost collars
Derivative [Line Items]
Unrealized gain (loss) on hedger, net of tax			7,700
Termination of gold zero cost collars			3,100
Termination of zero gold cost collars recorded to other comprehensive income (loss)			$ 4,600

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Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Gold Forwards | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	$ 7,411	$ 12,343
Gold Forwards | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	0	0
Gold Forwards | Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	0	$ 0
SIlver Forwards | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	4,243
SIlver Forwards | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	0
SIlver Forwards | Other Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	$ 0

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Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2023 oz $ / oz
Gold Forwards - 2022
Derivative [Line Items]
Average gold fixed price per ounce | $ / oz	1,977
Notional ounces | oz	55,749
Gold Forwards - 2023 and Thereafter
Derivative [Line Items]
Average gold fixed price per ounce | $ / oz	0
Notional ounces | oz	0
Silver Forwards - 2023
Derivative [Line Items]
Average gold fixed price per ounce | $ / oz	25.47
Notional ounces | oz	1,245,000
Silver Forwards - 2024 and Thereafter
Derivative [Line Items]
Average gold fixed price per ounce | $ / oz	0
Notional ounces | oz	0

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Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) recognized in OCI - effective portion:	$ 7,227	$ 29,060	$ 7,141	$ 58,087
Gains (losses) reclassified from AOCI into net income - effective portion:	(4,920)	(9,910)	(7,830)	(11,181)
Gold Forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) recognized in OCI - effective portion:	6,736	29,060	(1,317)	62,685
Gains (losses) reclassified from AOCI into net income - effective portion:	(2,723)	(11,289)	(3,615)	(14,399)
SIlver Forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) recognized in OCI - effective portion:	491	0	8,458	0
Gains (losses) reclassified from AOCI into net income - effective portion:	(2,197)	0	(4,215)	0
Gold zero cost collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) recognized in OCI - effective portion:	0	0	0	(4,598)
Gains (losses) reclassified from AOCI into net income - effective portion:	$ 0	$ 1,379	$ 0	$ 3,218

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Additional Comprehensive Income (Loss) Detail - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Covid-19 Related Costs	$ 14	$ 294	$ 92	$ 1,585
Care and maintenance costs	2,780	4,628	13,569	15,542
Accretion	4,153	3,597	12,219	10,588
Other Operating Income (Expense), Net	1,733	730	3,738	2,124
Pre-development, reclamation, and other	$ 8,680	$ 9,249	$ 29,618	$ 29,839

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Additional Comprehensive Income (Loss) Detail - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Foreign exchange gain (loss)		$ 421	$ 93	$ (107)	$ (972)
Gain (loss) on sale of assets(1)		(19)	(87)	(12,650)	2,365
Gain (Loss) Related to Litigation Settlement		0	0	1,516	0
Interest Income, Other		57	147	820	810
Other, net	[1]	$ 459	$ 153	$ (10,421)	$ 2,203

[1] See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

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Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Sep. 13, 2023	Mar. 17, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jul. 20, 2023	Jun. 21, 2023	Dec. 31, 2022
Earnings Per Share (Textual) [Abstract]
Number of antidilutive shares of common stock equivalents			1,090,981			3,719,764			1,641,510	2,013,571
Common stock, shares issued (in shares)			382,693,309						382,693,309		3,000,000	5,276,154	295,697,624
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01						$ 0.01			$ 0.01	$ 0.01
Common stock issued for investment (in shares)	21,699,856	32,861,580
Net Income (Loss) Attributable to Coeur Stockholders
NET INCOME (LOSS)			$ (21,109)	$ (32,412)	$ (24,586)	$ (57,444)	$ (77,434)	$ 7,682	$ (78,107)	$ (127,196)
Weighted Average Number of Shares Outstanding
Weighted Average Number of Shares Outstanding, Basic			356,676,000			278,105,000			330,440,000	272,599,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements			0			0			0	0
Weighted Average Number of Shares Outstanding, Diluted			356,676,000			278,105,000			330,440,000	272,599,000
Basic EPS
Earnings Per Share, Basic			$ (0.06)			$ (0.21)			$ (0.24)	$ (0.47)
Diluted EPS
Earnings Per Share, Diluted			$ (0.06)			$ (0.21)			$ (0.24)	$ (0.47)
Private Placement
Earnings Per Share (Textual) [Abstract]
Proceeds from (Repurchase of) Equity									$ 18,200
Proceeds from repurchase									5,100
Over-Allotment Option
Earnings Per Share (Textual) [Abstract]
Proceeds from (Repurchase of) Equity									10,500
Proceeds from repurchase									$ 2,700

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Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 13, 2023	Mar. 17, 2023	Sep. 30, 2023	Jun. 21, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Aggregate net proceeds from stock offering	$ 49.3	$ 98.4
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Price per share	$ 2.30	$ 3.04
Aggregate Value of ATM Program	$ 50.0	$ 100.0

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Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Current assets		$ 297,166	$ 300,432
Current liabilities		283,464	219,360
Non-current liabilities		737,910	737,767
Coeur Mining, Inc.
Condensed Financial Statements, Captions [Line Items]
Current assets		32,341	73,692
Non-current assets(1)	[1]	407,492	445,778
Non-guarantor intercompany assets		398	4,391
Current liabilities		21,787	19,842
Non-current liabilities		452,982	457,195
Non-guarantor intercompany liabilities		84,353	58,257
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Current assets		176,842	137,432
Non-current assets(1)	[1]	1,244,584	991,213
Non-guarantor intercompany assets		0	0
Current liabilities		202,444	136,788
Non-current liabilities		196,055	193,024
Non-guarantor intercompany liabilities		$ 1,576	$ 1,594

[1] Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

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Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Financial Statements, Captions [Line Items]
Revenue	$ 194,583			$ 182,993			$ 559,116	$ 575,520
Net income (loss)	$ (21,109)	$ (32,412)	$ (24,586)	$ (57,444)	$ (77,434)	$ 7,682	(78,107)	$ (127,196)
Coeur Mining, Inc.
Condensed Financial Statements, Captions [Line Items]
Revenue							0
Gross Profit							(883)
Net income (loss)							(78,108)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenue							326,794
Gross Profit							(5,271)
Net income (loss)							$ (31,593)

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Commitments and Contigencies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Oct. 02, 2014
Business Acquisition [Line Items]
Revenue Recognized	$ 143,000	$ 10,167,000	$ 25,358,000	$ 10,723,000
Surety Bonds Outstanding	332,300,000		332,300,000			$ 326,800,000
Valued-added Tax Outstanding	29,400,000		29,400,000
Minimum | Rochester Expansion Project
Business Acquisition [Line Items]
Capital expenditures incurred but not yet paid			710,000,000
Maximum | Rochester Expansion Project
Business Acquisition [Line Items]
Capital expenditures incurred but not yet paid			730,000,000
Palmarejo gold production royalty
Business Acquisition [Line Items]
Production to be sold, percent									50.00%
Price per ounce under agreement									$ 800
Aggregate deposit to be received									$ 22,000,000
Kensington
Business Acquisition [Line Items]
Revenue Recognized	(31,000,000)	(10,000,000)	(56,000,000)	(10,454,000)
Revenue liability	44,323,000	$ 15,373,000	44,323,000	$ 15,373,000	$ 45,012,000	25,016,000	$ 25,012,000	$ 15,016,000
Kensington | December 2022 Prepayment
Business Acquisition [Line Items]
Revenue liability						25,000,000
Kensington | June 2023 Prepayment
Business Acquisition [Line Items]
Revenue liability	25,000,000		25,000,000
Wharf Gold Mine | June 2023 Prepayment
Business Acquisition [Line Items]
Revenue liability	10,000,000		10,000,000
Rochester | June 2023 Prepayment
Business Acquisition [Line Items]
Revenue liability	$ 10,000,000		$ 10,000,000
Rochester | September 2023 Prepayment
Business Acquisition [Line Items]
Revenue liability						17,500,000
Wharf | September 2023 Prepayment
Business Acquisition [Line Items]
Revenue liability						$ 12,500,000

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Commitments and Contingencies - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Revenue Recognized	$ 143	$ 10,167	$ 25,358	$ 10,723
Franco-Nevada
Business Acquisition [Line Items]
Opening Balance	7,196	7,742	7,411	8,150
Revenue Recognized	(145)	(167)	(360)	(575)
Closing Balance	7,051	7,575	7,051	7,575
Kensington
Business Acquisition [Line Items]
Opening Balance	45,012	25,012	25,016	15,016
Additions	30,311	361	75,307	10,811
Revenue Recognized	(31,000)	(10,000)	(56,000)	(10,454)
Closing Balance	$ 44,323	$ 15,373	$ 44,323	$ 15,373

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Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Other Accrued Liabilities		$ 9,362	$ 6,241
Unrealized Gain (Loss) on Derivatives		53	10
Accrued Income Taxes, Current		8,329	7,874
Accrual for Taxes Other than Income Taxes, Current		2,703	3,318
Interest Payable, Current		4,021	8,256
Operating Lease, Liability, Current		10,905	11,560
Accrued Salaries, Current		28,499	29,868
Flow-through share premium received (including over-allotment)		7,847	0
Deferred Revenue	[1]	44,843	25,736
Accrued liabilities and other		$ 116,562	$ 92,863

[1] See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

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Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Cash and Cash Equivalents	$ 53,223		$ 61,464	$ 75,389
Restricted Cash Equivalents	1,723			1,427
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 54,946	$ 58,560	$ 63,169	$ 76,816	$ 75,555	$ 58,289