XML 21 R9.htm IDEA: XBRL DOCUMENT v3.23.3
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, 2023PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$38,994 $8,719 $46,474 $45,316 $— $— $139,503 
Silver sales38,294 14,929 56 1,801 — — 55,080 
Metal sales77,288 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 
Amortization9,024 4,176 6,894 1,588 919 283 22,884 
Exploration2,160 303 2,856 — 6,703 415 12,437 
Other operating expenses2,611 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, net241 (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, 2022PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$35,285 $16,162 $49,010 $38,724 $— $— $139,181 
Silver sales29,551 14,011 97 153 — — 43,812 
Metal sales64,836 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 
Amortization8,027 6,921 10,369 2,191 1,260 383 29,151 
Exploration1,775 601 2,796 — 2,303 931 8,406 
Other operating expenses812 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, net26 (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, 2023PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$114,897 $37,404 $111,136 $124,522 $— $— $387,959 
Silver sales117,426 49,245 193 4,293 — — 171,157 
Metal sales232,323 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 
Amortization25,760 13,043 17,539 4,802 3,161 882 65,187 
Exploration5,087 965 6,179 — 6,572 1,204 20,007 
Other operating expenses6,370 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, net541 (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, 2022PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$119,486 $42,413 $143,099 $110,259 $— $— $415,257 
Silver sales114,387 44,632 575 669 — — 160,263 
Metal sales233,873 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 
Amortization27,150 16,592 28,360 6,500 3,778 1,169 83,549 
Exploration5,071 4,009 4,416 — 2,041 3,566 19,103 
Other operating expenses2,485 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, 2023December 31, 2022
Total assets for reportable segments$1,935,150 $1,669,982 
Cash and cash equivalents53,223 61,464 
Other assets81,379 114,697 
Total consolidated assets$2,069,752 $1,846,143 
Geographic Information
Long-Lived Assets September 30, 2023December 31, 2022
United States$1,149,301 $899,960 
Mexico258,409 251,950 
Canada231,416 237,723 
Other122 122 
Total$1,639,248 $1,389,755 
RevenueThree months ended September 30,Nine months ended September 30,
2023202220232022
United States$117,295 $118,157 $326,793 $341,647 
Mexico77,288 64,836 232,323 233,873 
Total$194,583 $182,993 $559,116 $575,520