Coeur Mining Inc
For the period ended May 14, 2024. Filed Apr 4, 2024.
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May 14, 2024 · Filed Apr 4, 2024
Contents
Appendix A – Certain Additional Information
Reconciliation of Non-U.S. GAAP Information
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”). These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Adjusted EBITDA Reconciliation
| ($ thousands) | | | 2023 | | | 2022 | | | 2021 |
|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) | | | ($103,612) | | | ($78,107) | | | ($31,322) |
| Interest expense, net of capitalized interest | | | 29,099 | | | 23,861 | | | 16,451 |
| Income tax provision (benefit) | | | 35,156 | | | 14,658 | | | 34,958 |
| Amortization | | | 99,822 | | | 111,626 | | | 128,315 |
| EBITDA | | | $60,465 | | | $72,038 | | | $148,402 |
| Fair value adjustments, net | | | (3,384) | | | 66,668 | | | 543 |
| Foreign exchange (gain) loss | | | 459 | | | 850 | | | 2,779 |
| (Gain) loss on sale of assets and securities | | | 25,197 | | | (64,429) | | | (4,111) |
| RMC bankruptcy distribution | | | (1,516) | | | (1,651) | | | — |
| (Gain) loss on debt extinguishment | | | (3,437) | | | — | | | 9,173 |
| COVID-19 costs | | | 111 | | | 1,739 | | | 6,618 |
| Asset retirement obligation accretion | | | 16,405 | | | 14,232 | | | 11,988 |
| Inventory adjustments and write-downs | | | 43,188 | | | 49,085 | | | 14,738 |
| Valued-added tax write-off | | | — | | | — | | | 25,982 |
| Other adjustments | | | 4,814 | | | 422 | | | — |
| Adjusted EBITDA | | | $142,302 | | | $138,954 | | | $216,112 |
| Coeur Mining 2024 Proxy Statement | | | 99 |
|---|
Gold CAS / oz and Silver CAS / oz
| Year Ended December 31, 2023 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In thousands (except metal sales and per ounce amounts) | | | Palmarejo | | | Rochester | | | Kensington | | | Wharf | | | Silvertip | | | Total |
| Costs applicable to sales, including amortization (U.S. GAAP) | | | $230,018 | | | $197,663 | | | $178,564 | | | $121,351 | | | $4,018 | | | $731,614 |
| Amortization | | | (35,709) | | | (26,392) | | | (25,905) | | | (6,694) | | | (4,018) | | | (98,718) |
| Reported costs applicable to sales | | | $194,309 | | | $171,271 | | | $152,659 | | | $114,657 | | | — | | | $632,896 |
| Inventory adjustments | | | (933) | | | (17,305) | | | (988) | | | (653) | | | — | | | (19,879) |
| By-product credit | | | — | | | — | | | (468) | | | (6,439) | | | — | | | (6,907) |
| Adjusted costs applicable to sales | | | $193,376 | | | $153,966 | | | $151,203 | | | $107,565 | | | — | | | $606,110 |
| Metal Sales | | | | | | | | | | | | | ||||||
| Gold ounces | | | 99,043 | | | 38,449 | | | 84,671 | | | 93,348 | | | — | | | 315,511 |
| Silver ounces | | | 6,534,469 | | | 3,339,780 | | | — | | | 266,156 | | | — | | | 10,140,405 |
| Revenue Split | | | | | | | | | | | | | ||||||
| Gold | | | 52% | | | 50% | | | 100% | | | 100% | | | — | | | |
| Silver | | | 48% | | | 50% | | | — | | | — | | | — | | | |
| Adjusted costs applicable to sales | | | | | | | | | | | | | ||||||
| Gold ($/oz) | | | $957 | | | $1,922 | | | $1,786 | | | $1,152 | | | — | | | $1,355 |
| Silver ($/oz) | | | $15.09 | | | $23.97 | | | | | | | — | | | $18.10 | ||
| 100 | | | Coeur Mining 2024 Proxy Statement |
| Year Ended December 31, 2022 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In thousands (except metal sales and per ounce amounts) | | | Palmarejo | | | Rochester | | | Kensington | | | Wharf | | | Silvertip | | | Total |
| Costs applicable to sales, including amortization (U.S. GAAP) | | | $218,008 | | | $187,792 | | | $194,757 | | | $111,310 | | | $4,912 | | | $716,779 |
| Amortization | | | (35,432) | | | (22,626) | | | (39,032) | | | (8,247) | | | (4,912) | | | (110,249) |
| Reported costs applicable to sales | | | $182,576 | | | $165,166 | | | $155,725 | | | $103,063 | | | — | | | $606,530 |
| Inventory adjustments | | | (599) | | | (9,232) | | | (401) | | | (217) | | | | | (10,449) | |
| By-product credit | | | — | | | — | | | (634) | | | (1,083) | | | | | (1,717) | |
| Adjusted costs applicable to sales | | | $181,977 | | | $155,934 | | | $154,690 | | | $101,763 | | | — | | | $594,364 |
| Metal Sales | | | | | | | | | | | | | ||||||
| Gold ounces | | | 107,157 | | | 34,370 | | | 108,972 | | | 79,469 | | | — | | | 329,968 |
| Silver ounces | | | 6,695,454 | | | 3,028,986 | | | — | | | 47,284 | | | — | | | 9,771,724 |
| Revenue Split | | | | | | | | | | | | | ||||||
| Gold | | | 52% | | | 50% | | | 100% | | | 100% | | | — | | | — |
| Silver | | | 48% | | | 50% | | | | | | | — | | | — | ||
| Adjusted costs applicable to sales | | | | | | | | | | | | | ||||||
| Gold ($/oz) | | | $883 | | | $2,268 | | | $1,420 | | | $1,281 | | | — | | | $1,300 |
| Silver ($/oz) | | | $13.05 | | | $25.74 | | | | | | | — | | | $17.00 | ||
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