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What changed in Coeur Mining, Inc.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Coeur Mining, Inc.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+411 added−359 removedSource: 10-K (2025-02-19) vs 10-K (2024-02-21)

Top changes in Coeur Mining, Inc.'s 2024 10-K

411 paragraphs added · 359 removed · 293 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

33 edited+4 added−9 removed28 unchanged
Biggest changeOUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: • The Palmarejo gold-silver complex, located in the State of Chihuahua in Northern Mexico, which has been in operation since 2009. The processing facility at the Palmarejo complex is fed by the Guadalupe, Independencia and La Nación underground mines.
Biggest changeOUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: • The Palmarejo gold-silver complex, located in the State of Chihuahua in northern Mexico, which has been in operation since 2009. • The Rochester open pit heap leach silver-gold mine, located in northwestern Nevada, which has been in operation since 1986 and completed a significant expansion in 2024. • The Kensington underground gold mine, located north of Juneau, Alaska, which began operations in 2010. • The Wharf open pit heap leach gold mine, located near Lead, South Dakota, which was acquired by Coeur in 2015. • The newly acquired Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022.
For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are included as exhibits to, and incorporated by reference into, this Report. 9
For a 8 description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are included as exhibits to, and incorporated by reference into, this Report. 9
We also implemented a Total Worker Health program in 2023, that integrates protection from work-related safety and health hazards with promotion of injury and illness-prevention efforts to advance worker well-being both physically and mentally. RESPONSIBILITY At Coeur, we strive for best-in-class environmental performance while meeting the needs of today and respecting the needs of future generations.
We also implemented a Total Worker Health program in 2023, that integrates protection from work-related safety and health hazards with promotion of injury and illness-prevention efforts to advance worker well-being both physically and mentally. 6 RESPONSIBILITY At Coeur, we strive for best-in-class environmental performance while meeting the needs of today and respecting the needs of future generations.
We have maintained an average employee age of 40 years old since 2018 by focusing on building our bench strength and increasing our under 40 population to 33% of our workforce. Diversity & Inclusion Our President & CEO, Mitchell Krebs, was the first precious metals mining CEO to sign the CEO ACTION for Diversity & Inclusion pledge.
We have maintained an average employee age of 40 years old since 2018 by focusing on building our bench strength and increasing our under 40 population to 33% of our workforce. Inclusion Our Chairman, President & CEO, Mitchell Krebs, was the first precious metals mining CEO to sign the CEO ACTION for Diversity & Inclusion pledge.
Prices for these commodities are volatile and can fluctuate due to conditions that are difficult to predict, including inflation, currency fluctuations, global competition for resources, consumer or industrial demand and other factors . For most of these commodities, we have existing alternate sources of supply or alternate sources of supply are readily available.
Prices for these commodities are volatile and can fluctuate due to conditions that are difficult to predict, including inflation, currency fluctuations, global competition for resources, consumer or industrial demand 4 and other factors . For most of these commodities, we have existing alternate sources of supply, or alternate sources of supply are readily available.
Information contained on our website is not a part of this report. 7 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 our mining business, including anticipated mineral reserve and resource estimates, exploration efforts and expenditures, development and expansion initiatives at Rochester, Kensington and Silvertip, expectations about timing of deliveries against the Kensington, Rochester and Wharf prepayments, LCM adjustments at Rochester, permitting, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, environmental, social and governance (“ESG”) and human capital management initiatives, risk management strategies, including hedging, capital resources and use, cash flow maximization, mine life and other strategic initiatives.
Information contained on our website is not a part of this Report. 7 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 our mining business, including anticipated mineral reserve and resource estimates, exploration efforts and expenditures, development and expansion initiatives at Kensington and Silvertip, expectations about timing of deliveries against the Kensington, Rochester and Wharf prepayments, permitting, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, integration of acquisitions, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, environmental, social and governance (“ESG”) and human capital management initiatives, risk management strategies, including hedging, capital resources and use, cash flow maximization, mine life and other strategic initiatives.
Partnerships with organizations like the National Society of Black Engineers (NSBE) and Women in Mining (WiM) at their U.S. university chapters are providing further avenues for recruiting diverse talent.
Partnerships with organizations like the National Society of Black Engineers (NSBE) and Women in Mining (WiM) at their U.S. university chapters are providing further avenues for recruiting.
The doré produced at the Palmarejo complex and Rochester mine, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined by a geographically diverse group of third-party refiners into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets.
The doré produced at the Palmarejo complex, Rochester mine, and newly acquired Las Chispas mine, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined by a geographically diverse group of third-party refiners into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets.
Mexico, where the Palmarejo complex is located, and Canada, where the Silvertip exploration property is located, have both adopted laws and guidelines for environmental permitting that are similar to those in effect in the United States.
Mexico, where the Palmarejo complex and Las Chispas mine are located, and Canada, where the Silvertip exploration property is located, have both adopted laws and guidelines for environmental permitting that are similar to those in effect in the United States.
Factors that could cause actual results to differ materially from those projected in the forward-looking statements include: (i) the risk factors set forth below under Item 1A and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7; (ii) the risk that the Rochester expansion commissioning and ramp up is not completed on a timely basis or requires more capital than currently anticipated; (iii) the risk that anticipated production, cost, expenditure and expense levels at Palmarejo, Rochester, Wharf and Kensington are not attained; (iv) the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions); (v) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment; (vi) the impact of geopolitical conditions, pandemics or epidemics, climate change, extreme weather events and other macro conditions, including disruptions to operations, the need for heightened health and safety protocols, inflation, and disruptions to our vendors, suppliers and the communities where we operate; (vii) the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability; (viii) any future labor disputes or work stoppages (involving us or our subsidiaries or third parties); (ix) the risk of adverse outcomes in litigation; (x) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and resources; (xi) impacts from Coeur’s future acquisition of new mining properties or businesses; (xii) the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production; (xiii) the continued effects of the COVID-19 pandemic, including impacts to workforce, materials and equipment availability; (xiv) inflationary pressures; (xv) continued access to financing sources; (xvi) government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate; (xvii) the effects of environmental and other governmental regulations and government shut-downs; (xviii) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries; and (xix) our ability to raise additional financing necessary to conduct our business, make payments or refinance our debt.
Factors that could cause actual results to differ materially from those projected in the forward-looking statements include: (i) the risk factors set forth below under Item 1A and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7; (ii) the risk that anticipated production, cost, expenditure and expense levels at Las Chispas, Palmarejo, Rochester, Wharf and Kensington are not attained; (iii) the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions); (iv) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment; (v) the impact of geopolitical conditions, pandemics or epidemics, climate change, extreme weather events and other macro conditions, including disruptions to operations, the need for heightened health and safety protocols, inflation, and disruptions to our vendors, suppliers and the communities where we operate; (vi) the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability; (vii) any future labor disputes or work stoppages (involving us or our subsidiaries or third parties); (viii) the risk of adverse outcomes in litigation; (ix) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and resources; (x) impacts from Coeur’s future acquisition of new mining properties or businesses; (xi) the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production; (xii) inflationary pressures; (xiii) continued access to financing sources; (xiv) government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate; (xv) the effects of environmental and other governmental regulations and government shut-downs; (xvi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries; and (xvii) our ability to raise additional financing necessary to conduct our business, make payments or refinance our debt.
This pledge highlights Coeur’s continuing commitment to fostering a diverse, equitable and inclusive workforce, evidenced by programs such as Coeur Heroes , which provided over 80 career opportunities to current and former U.S. Military personnel last year. Fifty percent of our Board members have indicated that they are diverse, 12% of our employees are female, up from 10% in 2020.
This pledge highlights Coeur’s continuing commitment to fostering an inclusive workforce, evidenced by programs such as Coeur Heroes , which provided over 80 career opportunities to current and former U.S. Military personnel last year. Four of our Board members have indicated that they are diverse, and 12% of our employees are female, up from 10% in 2020.
The management team also reviewed the results with employees at each of our operations through facilitated discussions to gain additional insight into the feedback. We developed site-specific action plans to address feedback and monitor progress in the future.
Feedback was reviewed by the management team and our Board of Directors (our “Board”). The management team also reviewed the results with employees at each of our operations through facilitated discussions to gain additional insight into the feedback. We developed site-specific action plans to address feedback and monitor progress in the future.
While we continue to work to increase our overall female population, over 60% of our female employees are supervisor or higher-level positions. In the US and Canada approximately 23% of our workforce is non-white, up from 18% in 2020.
While we continue to work to increase our overall female population, over 60% of our female employees are supervisor or higher-level positions. In the U.S., approximately 23% of our workforce is non-white, up from 18% in 2020.
As a precious metals producer, we have the unique opportunity to supply the raw materials that play a key role in the clean energy transition. We work to protect our environment through an approach of responsible production and a focus on best practices.
As a precious metals producer, we have the unique opportunity to supply the raw materials that play a key role in numerous economic priorities, including clean energy and technology. We work to protect our environment through an approach of responsible production and a focus on best practices.
In order to emphasize the importance of DEI in the workplace, we provided training to our hourly workforce at every operation on topics such as bullying and bystander intervention, as well as education on overall mental wellness to ensure each employee feels respected and included at work.
In order to emphasize the importance of inclusion in the workplace, we provided training to our hourly workforce at every operation on topics such as bullying and bystander intervention, as well as education on overall mental wellness to support each employee feeling respected and included at work.
The costs to comply with these regulatory requirements are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development and continued operation of our properties, the extent of which cannot be predicted. Expenditures for environmental compliance in 2024 are expected to range from $10.4 million to $11.4 million.
The costs to comply with these regulatory requirements are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development and continued operation of our properties, the extent of which cannot be predicted. Expenditures for environmental compliance in 2025 are expected to range from $12.3 million to $13.3 million.
We recognize changes in stakeholder expectations related to various environmental, social and governance issues, including risks and opportunities related to climate change and greenhouse gas (“GHG”) emissions, biodiversity, and tailings. To that end, We Pursue a Higher Standard by expanding our governance and associated management systems and programs against best practices for material topics.
We recognize changes in stakeholder expectations related to various environmental, social and governance issues, including risks and opportunities related to climate change and greenhouse gas (“GHG”) emissions, biodiversity, water stewardship and tailings management. To that end, We Pursue a Higher Standard through our governance and associated management systems and programs for material topics.
Quantitative and Qualitative Disclosures About Market Risk” and “Note 14 – Derivative Financial Instruments in the notes to the Consolidated Financial Statements.” 4 Metal Processing, Marketing and Sales We produce gold and silver doré, as well as gold concentrate.
Quantitative and Qualitative Disclosures About Market Risk” and “Note 13 – Derivative Financial Instruments in the notes to the Consolidated Financial Statements”. Metal Processing, Marketing and Sales We produce gold and silver doré, as well as gold concentrate.
High potential performers and diversity discussions, along with action plans, are reviewed starting from the front-line supervisors to the Chief Operating Officer. Our Board oversees the recruitment, development, and retention of our senior executives. Significant focus is placed on succession planning both for key executive roles and also deeper into the organization.
High potential talent within the organization is identified, and development plans are created starting from our front-line supervisors to our Chief Operating Officer. Our Board oversees the recruitment, development, and retention of our senior executives. Significant focus is placed on succession planning both for key executive roles and also deeper into the organization.
For additional information regarding key regulatory risks, please see the section titled “Risk Factors” included in Item 1A. Permitting The Rochester, Kensington and Wharf mines are subject to extensive U.S. federal and state permitting laws and regulations.
For additional information regarding key regulatory risks, please see “Item 1A - Risk Factors”. Permitting The Rochester, Kensington and Wharf mines are subject to extensive U.S. federal and state permitting laws and regulations.
If we pursue an expansion at Silvertip, it will require new or amended permits. Maintenance of Mining Claims All of the jurisdictions where we operate impose federal, state and/or provincial requirements for maintaining mining claims (United States), mining concessions (Mexico) and mineral claims and mining leases (British Columbia), including fees, reporting, and/or evidence of work, among other requirements.
Maintenance of Mining Claims All of the jurisdictions where we operate impose federal, state and/or provincial requirements for maintaining mining claims (United States), mining concessions (Mexico) and mineral claims and mining leases (British Columbia), including fees, reporting, and/or evidence of work, among other requirements.
For example, we: • further increased the amount of renewable energy in our purchased electricity through formal agreements with energy providers; • actively manage GHG emissions and plan to achieve our 35% net intensity reduction target by the end of 2024 compared to base-year; 20% of the 2022 executive performance share award is tied to achievement of that goal; • enhanced our climate disclosures in-line with recommendations set by the Task Force on Climate-related Financial Disclosures (“TCFD”); • informed by the knowledge and systems developed as part of our first climate scenario analysis (see 2022 ESG report for details), we continue to incorporate climate-related risks and opportunities into our enterprise risk management and long-term business planning and strategy; • developed and implementing a Biodiversity Management Standard; and • formalized a Tailings Management Policy and committed to adopting the Global Industry Standard on Tailings Management (“GISTM”).
For example, we: • further increased the amount of renewable energy in our purchased electricity through formal agreements with energy providers; • actively manage GHG emissions and achieved our 35% net intensity reduction target by the end of 2024 compared to base-year; • enhanced our climate disclosures in-line with recommendations set by the Task Force on Climate-related Financial Disclosures (“TCFD”); • informed by the knowledge and systems developed as part of our first climate scenario analysis, we continue to incorporate climate-related risks and opportunities into our enterprise risk management and long-term business planning and strategy; • developed and are implementing a Biodiversity Management Standard; • drive sound water stewardship whether treating and discharging water at sites where water is abundant or efficiently using water at sites where water is scarce; and • formalized a Tailings Management Policy and committed to adopting the Global Industry Standard on Tailings Management (“GISTM”).
We have received all permits required to operate and carry out the current scope of activities at the Palmarejo complex, Rochester, Kensington and Wharf mines, and the Silvertip exploration property. We are in the process of amending existing permits at our Palmarejo complex to support future planned activities.
We have received all permits required to operate and carry out the current scope of activities at the Palmarejo complex, Las Chispas, Rochester, Kensington and Wharf mines, and the Silvertip exploration property.
Therefore, investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined economically. 8 Technical Report Summaries and Qualified Persons The scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our Senior Director, Technical Services, Christopher Pascoe.
Technical Report Summaries and Qualified Persons The scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our Senior Director, Technical Services, Christopher Pascoe.
Our strong culture of teamwork and our reputation as a responsible company and an engaged community member motivates new employee referrals. We have also created a series of partnership programs in local communities to provide internships, scholarships, and apprenticeships to build a pipeline of potential employees in the next generation.
We have also created a series of partnership programs in local communities to provide internships, scholarships, and apprenticeships to build a pipeline of potential employees in the next 5 generation.
The results of the assessment confirmed our belief that we have an ethical, safe, engaged, and proud workforce and also highlighted areas for improvement that are now being addressed. Recruitment We seek to recruit and retain employees at all levels who embody our purpose statement, We Pursue a Higher Standard , through safe and ethical conduct.
The results of the assessment confirmed our belief that we have an ethical, safe, engaged, and proud workforce and also highlighted areas for improvement that are now being addressed. We intend to conduct another culture assessment in 2025.
Metals Prices and Hedging Activities The financial results of the Company and its operating segments are substantially dependent upon the market prices of gold and silver, which fluctuate widely.
In addition, the Company operates the Silvertip underground silver-zinc-lead exploration project located in northern British Columbia, Canada, which was acquired by Coeur in 2017. Metals Prices and Hedging Activities The financial results of the Company and its operating segments are substantially dependent upon the market prices of gold and silver, which fluctuate widely.
In 2023, we invited all employees to participate in our culture assessment by completing an anonymous survey. Employee participation in 2023 was 84%, which exceeded industry benchmarks. Feedback was reviewed by the management team and our Board of Directors (our “Board”).
The newly acquired Las Chispas mine has 314 employees and approximately 775 people working as contractors. Culture Assessment We are focused on regular evaluation of our culture. In 2023, we invited all employees to participate in our third culture assessment by completing an anonymous survey. Employee participation in 2023 was 84%, which exceeded industry benchmarks.
Over 92% of U.S. employees are enrolled in our medical benefit plan, and over 90% of U.S. employees contribute to our 401(k) plan. Supplemental healthcare is provided above government requirements in both Canada and Mexico. We were a leader in the mining industry by providing domestic partner benefits in 2017 and participation has increased 250% since introduction.
We have determined that our average employee earns over 40% more than the average employee in their local markets according to industry benchmarking. Over 93% of U.S. employees are enrolled in our medical benefit plan, and over 90% of U.S. employees contribute to our 401(k) plan. Supplemental healthcare is provided above government requirements in both Canada and Mexico.
In 2022, we expanded paid parental and primary caregiver leave for US employees. In addition, we have engaged a third-party mental health care provider for innovative care and counseling resources throughout our footprint. This resource leverages technology and clinical best practices to assist our employees and their families gain fast access to highly effective quality care when needed most.
This resource leverages technology and clinical best practices to assist our employees and their families gain fast access to highly effective quality care when needed most.
During 2023, we provided over 40 apprenticeships and internships and worked with organizations such as By the Hand Club in Chicago to educate youth in our communities about career opportunities in mining. 6 Providing career opportunities to local community members and participating in community initiatives creates a closer connection between our operations and local stakeholders and communities.
Local Hire Investing in local communities extends beyond financial support. Since 2018, we have hired an average of 60% of our new hires from local communities. During 2024, we provided over 40 apprenticeships and internships and worked with organizations such as By the Hand Club in Chicago to educate youth in our communities about career opportunities in mining.
At December 31, 2023, we had approximately 2,074 employees (1,097 in the U.S., 68 in Canada and 909 in Mexico) and over 600 people were working as contractors in support of Coeur’s operations. 5 Culture Assessment We are focused on regular evaluation of our culture.
We aim to be an employer of choice by promoting safety first and proactively developing our people, while fostering a healthy and inclusive culture. At December 31, 2024, we had approximately 2,116 employees (1,176 in the U.S., 71 in Canada and 869 in Mexico) and over 700 people were working as contractors in support of Coeur’s operations.
Rewards & Wellness As part of our fundamental need to attract and retain talent, we regularly evaluate our compensation, benefits, and employee wellness offerings. We have determined that our average employee earns over 40% more than the average employee in their local markets according to industry benchmarking.
Providing career opportunities to local community members and participating in community initiatives creates a closer connection between our operations and local stakeholders and communities. Rewards & Wellness As part of our fundamental need to attract and retain talent, we regularly evaluate our compensation, benefits, and employee wellness offerings.
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The Company also carries out exploration activities across the Palmarejo property package. • The Rochester open pit heap leach silver-gold mine located in northwestern Nevada, which has been in operation since 1986.
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We are in the process of amending existing permits at our Palmarejo complex, including a significant operating permit that is set to expire in October 2025, to support future planned activities. If we pursue an expansion at Silvertip, it will require new or amended permits.
Removed
Coeur Rochester commenced a significant expansion project in 2020 (Plan of Operations Amendment No. 11, or “POA 11”) consisting of construction of a new leach pad, crushing facility, process plant and related infrastructure, which is expected to support an extended mine life. The construction of POA11 was completed in the fourth quarter of 2023.
Added
Recruitment We seek to recruit and retain employees at all levels who embody our purpose statement, We Pursue a Higher Standard , through safe and ethical conduct. Our strong culture of teamwork and our reputation as a responsible company and an engaged community member motivates new employee referrals.
Removed
Coeur Rochester also acquired the Lincoln Hill, Gold Ridge, and related exploration assets adjacent to its Rochester mine in 2018. • The Kensington underground gold mine located north of Juneau, Alaska, which began operations in 2010.
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We were a leader in the mining industry by providing domestic partner benefits in 2017 and participation has increased 250% since introduction. In 2022, we expanded paid parental and primary caregiver leave for U.S. employees. In addition, we have engaged a third-party mental health care provider for innovative care and counseling resources.
Removed
Coeur Alaska received a favorable final Record of Decision from the Forest Service for its Plan of Operations Amendment 1 (“POA 1”) on February 24, 2022. POA 1 gives Coeur Alaska the ability to increase tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, current metal prices, and ongoing operational efficiencies.
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Therefore, investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined economically.
Removed
Coeur Alaska is now working on a multi-year exploration and underground development plan including obtaining supplemental permit requirements following this significant milestone. • The Wharf open pit heap leach gold mine located near Lead, South Dakota, which was acquired by Coeur in 2015.
Removed
In addition, the Company operates the Silvertip underground silver-zinc-lead exploration project located in northern British Columbia, Canada, which was acquired by Coeur in 2017. Silvertip commenced commercial production ramp up in 2018. In February 2020, the Company announced a suspension of mining and processing activities at Silvertip.
Removed
While mining activities are suspended, the Company (i) is investing in exploration to potentially further expand the resource and extend the mine life, and (ii) planning for an eventual mill expansion to improve the asset’s cost structure and its ability to deliver sustainable cash flow.
Removed
We aim to be an employer of choice by promoting safety first, proactively developing our people and fostering a diverse and inclusive culture.
Removed
Local Hire Investing in local communities extends beyond financial support. Since 2018, we have hired an average of 60% of our new hires from local communities.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

107 edited+50 added−12 removed127 unchanged
Biggest changeWe may be required to write down certain long-lived assets, due to metal prices, operational challenges or other factors. Such write- downs may adversely affect our results of operations and financial condition. We review our long-lived assets for recoverability pursuant to the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification Section 360.
Biggest changeThere 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. We may be required to write down certain long-lived assets, due to metal prices, operational challenges or other factors. Such write-downs may adversely affect our results of operations and financial condition.
A significant delay or disruption in sales of concentrates or doré as a result of the unexpected disruption in services provided by smelters or refiners or other third parties could have a material adverse effect on our results of operations.
A significant delay or disruption in sales of concentrates or doré as a result of the unexpected disruption in services provided by smelters, refiners or other third parties could have a material adverse effect on our results of operations.
We rely on refiners and smelters to refine and process and, in some cases, purchase the gold and silver doré and gold and silver concentrate produced by our mines. Access to refiners and smelters on economic terms is critical to our ability to sell our products to buyers and generate revenues.
We rely on refiners and smelters to refine, process and, in some cases, purchase the gold and silver doré and concentrate produced by our mines. Access to refiners and smelters on economic terms is critical to our ability to sell our products to buyers and generate revenues.
These risks include the possible unilateral cancellation or forced renegotiation of contracts in which we, directly or indirectly, may have an interest, unfavorable changes in foreign laws and regulations, royalty and tax increases (including taxes associated with the import or export of goods), risks associated with the value-added tax (“VAT”) and income tax refund recovery and collection process, aggressive or punitive tax audits, policy-driven interference with or moratoriums on processing of permit applications or granting water or mineral concessions, erection of trade barriers, including tariffs and duties, claims by governmental entities or indigenous communities, changes to mining and related laws impacting current and future operations, expropriation or nationalization of property and other risks arising out of foreign sovereignty over areas in which our operations are conducted.
These risks include the possible unilateral cancellation or forced renegotiation of contracts in which we, directly or indirectly, may have an interest, unfavorable changes in foreign laws and regulations, royalty and tax increases (including taxes associated with the import or export of goods), risks associated with the value-added tax (“VAT”) and income tax refund recovery and collection process, aggressive or punitive tax audits, policy-driven or punitive interference with or moratoriums on processing of permit applications or granting water or mineral concessions, erection of trade barriers, including tariffs and duties, claims by governmental entities or indigenous communities, changes to mining and related laws impacting current and future operations, expropriation or nationalization of property and other risks arising out of foreign sovereignty over areas in which our operations are conducted.
Our operations outside the United States also expose us to economic and operational risks. Local economic conditions, as well as epidemics, pandemics or natural disasters, can cause shortages of skilled workers and supplies, increase costs and adversely affect the security of operations.
Our operations outside the United States also expose us to economic and operational risks. Our operations outside the United States also expose us to economic and operational risks. Local economic conditions, as well as epidemics, pandemics or natural disasters, can cause shortages of skilled workers and supplies, increase costs and adversely affect the security of operations.
We determined to implement these contracts to provide for a minimum level of revenue from the sales of the covered gold and silver ounces in order to mitigate the risk of not being able to fund all or a portion of the costs of several significant projects at existing operations such as the Rochester expansion as well as provide greater certainty in our planning and budgeting process.
We determined to implement these contracts to provide for a minimum level of revenue from the sales of the covered gold and silver ounces in order to mitigate the risk of not being able to fund all or a portion of the costs of several significant projects at our existing operations, such as the Rochester expansion, as well as provide greater certainty in our planning and budgeting process.
Cybersecurity incidents, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data or machines and equipment, and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information, the corruption of data or the disabling, misuse or malfunction of machines and equipment.
Cybersecurity incidents, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data or machines and equipment, other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information, and the corruption of data or the disabling, misuse or malfunction of machines and equipment.
Third parties with whom we conduct business, including the refiners and smelters that process and, in some cases, purchase the doré and concentrate produced by our mines, are also subject to these risks and may be required to reduce or suspend operations, which could impact our ability to conduct our operations, advance exploration, development and expansion projects, sell our products and generate revenues.
Third parties with whom we conduct business, including the refiners and smelters that process and, in some cases, purchase the doré and concentrate produced by our mines, are also subject to these risks and may be required to reduce or suspend operations, which could impact our ability to conduct our operations, advance exploration, development and expansion projects, or sell our products and generate revenues.
A downgrade by the rating agencies could adversely affect the value of our outstanding debt securities, our existing debt, and our ability to obtain new financing on favorable terms, if at all, increase borrowing costs, and may result in increased collateral requirements under our existing surety bond portfolio, which in turn may adversely affect our results of operations and financial position.
A downgrade by the rating agencies could adversely affect the value of our outstanding debt securities, our existing debt, and our ability to obtain new financing on favorable terms, if at all, may increase borrowing costs, and may result in increased collateral requirements under our existing surety bond portfolio, which in turn may adversely affect our results of operations and financial position.
These covenants, among other things: 18 • limit our ability to obtain additional financing, repurchase outstanding equity or issue debt securities; • require us to meet certain financial covenants including a senior secured leverage ratio, a consolidated net leverage ratio and a consolidated interest coverage ratio; • require a portion of our cash flows to be dedicated to debt service payments instead of other purposes, which reduces the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes; • limit our ability to sell, transfer or otherwise dispose of assets, enter into transactions with and invest capital in affiliates, enter into agreements restricting our subsidiaries’ ability to pay dividends, consolidate, amalgamate, merge or sell all or substantially all of our assets; • increase our vulnerability to general adverse economic and industry conditions; • limit our flexibility in planning for and reacting to changes in the industry in which we compete; and • place us at a disadvantage compared to other, less leveraged competitors.
These covenants, among other things: • limit our ability to obtain additional financing, repurchase outstanding equity or issue debt securities; • require us to meet certain financial covenants including a senior secured leverage ratio, a consolidated net leverage ratio and a consolidated interest coverage ratio; • require a portion of our cash flows to be dedicated to debt service payments instead of other purposes, which reduces the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes; • limit our ability to sell, transfer or otherwise dispose of assets, enter into transactions with and invest capital in affiliates, enter into agreements restricting our subsidiaries’ ability to pay dividends, consolidate, amalgamate, merge or sell all or substantially all of our assets; • increase our vulnerability to general adverse economic and industry conditions; • limit our flexibility in planning for and reacting to changes in the industry in which we compete; and • place us at a disadvantage compared to other, less leveraged competitors.
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.
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.
If there are significant and sustained declines in relevant metal prices, or if we fail to control production and operating costs or realize the mineable ore reserves at its mining properties, we may terminate or suspend mining operations at one or more properties. These events could require a further write-down of the carrying value of our assets.
If there are significant and sustained declines in relevant metal prices, or if we fail to control production and operating costs or realize the mineable ore reserves at our mining properties, we may terminate or suspend mining operations at one or more properties. These events could require a further write-down of the carrying value of our assets.
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”).
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 designated by the U.S. Department of Energy (“DOE”) for long-term mercury management.
Declines in the market prices of gold, silver, zinc or lead may render mineral reserves and mineral resources containing relatively lower grades of mineralization uneconomic to exploit, 10 and we may be required to reduce mineral reserve and mineral resource estimates, discontinue development or mining at one or more of our properties or write down assets as impaired.
Declines in the market prices of gold, silver, zinc or lead may render mineral reserves and mineral resources containing relatively lower grades of mineralization uneconomic to exploit, and we may be required to reduce mineral reserve and mineral resource estimates, discontinue development or mining at one or more of our properties or write down assets as impaired.
If we are unable to maintain our outstanding debt and financial ratios at levels acceptable to the credit rating agencies, or should our business prospects or financial results deteriorate, including as a result of declines in gold or silver prices or other factors beyond our control, our ratings could be downgraded by the rating agencies.
Likewise, if we are unable to maintain our outstanding debt and financial ratios at levels acceptable to the credit rating agencies, or should our business prospects or financial results deteriorate, including as a result of declines in gold or silver prices or other factors beyond our control, our ratings could be downgraded by the rating agencies.
As an example, the ramp up of the Silvertip exploration property, acquired in late 2017, was slower and less profitable than originally anticipated, due primarily to more significant mill availability and maintenance challenges than were anticipated at the time Silvertip was acquired, as well as deteriorating zinc and lead market conditions.
As an example, the ramp up of the Silvertip exploration property, acquired in late 2017, was slower and less profitable 12 than originally anticipated, due primarily to more significant mill availability and maintenance challenges than were anticipated at the time Silvertip was acquired, as well as deteriorating zinc and lead market conditions.
We may also incur large expenditures to recover data, to repair or replace networks or information or to protect against similar future events. 16 We could also be adversely affected by system or network disruptions if new or upgraded information technology systems are defective, not installed properly or not properly integrated into operations.
We may also incur large expenditures to recover data, to repair or replace networks or information or to protect against similar future events. We could also be adversely affected by system or network disruptions if new or upgraded information technology systems are defective, not installed properly or not properly integrated into operations.
Defective title to any of our exploration or mining claims, concessions or rights could result in litigation, insurance claims and potential losses affecting our business as a whole. There may be challenges to the title of any of the claims, concessions or rights comprising our projects that, if successful, could impair development and operations.
Defective title to any of our exploration or mining claims, concessions or rights could result in litigation, insurance claims and potential losses affecting our business as a whole. There may be challenges to the title of any of 22 the claims, concessions or rights comprising our projects that, if successful, could impair development and operations.
As a result, actual operating costs and economic returns of any and all exploration projects may materially differ from the costs and returns estimated, and accordingly, our financial condition, results of operations and cash flows may be negatively affected. 13 The Company may be affected by global supply chain disruptions.
As a result, actual operating costs and economic returns of any and all exploration projects may materially differ from the costs and returns estimated, and accordingly, our financial condition, results of operations and cash flows may be negatively affected. The Company may be affected by global supply chain disruptions.
Laws and regulations may be introduced in some jurisdictions in which we operate which could also limit access to sufficient water resources, adversely affecting our existing operations or our expansion or development plans. We may not be able to recognize the benefits of deferred tax assets.
Laws and regulations may be introduced in the jurisdictions in which we operate which could also limit access to sufficient water resources, adversely affecting our existing operations or our expansion or development plans. We may not be able to recognize the benefits of deferred tax assets.
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.
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. 20 The potential exposure may be significant and could have a material adverse effect on our financial condition and results of operations.
Water shortages may also result from weather or environmental and climate impacts outside of our control. Shortages in water supply could result in production and processing interruptions. In addition, the scarcity of water in certain regions could result in increased costs to obtain sufficient quantities of water to conduct our operations.
Water shortages may also result from weather or environmental and climate impacts outside of our control. Shortages in water supply could result in interruptions to production and processing activities. In addition, the scarcity of water in certain regions could result in increased costs to obtain sufficient quantities of water to conduct our operations.
Assessing the recoverability of deferred tax assets requires management to make significant estimates related to expectations of future taxable income, including application of existing tax laws in each jurisdiction, assumptions about future metals prices, the macroeconomic environment and results of our operations.
Assessing the recoverability of deferred tax assets requires management to make 18 significant estimates related to expectations of future taxable income, including application of existing tax laws in each jurisdiction, assumptions about future metals prices, the macroeconomic environment and results of our operations.
Our ongoing and future success depends on developing and maintaining productive relationships with the communities surrounding our operations, including indigenous peoples who may have rights or may assert rights to certain of our properties, and other stakeholders in our operating locations.
Our success depends on developing and maintaining relationships with local communities and other stakeholders. Our ongoing and future success depends on developing and maintaining productive relationships with the communities surrounding our operations, including indigenous peoples who may have rights or may assert rights to certain of our properties, and other stakeholders in our operating locations.
The agreements governing our outstanding indebtedness restrict our ability to dispose of assets and use the proceeds from those dispositions and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due.
The agreements governing our outstanding indebtedness restrict our ability to dispose of certain assets and use the proceeds from those dispositions and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due.
However, we are unable to predict the scope, nature and timing of any new or increased 20 environmental laws and regulations and therefore cannot predict the ultimate impact of such laws and regulations on our business or financial results.
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.
In addition to the above, any acquisition would be accompanied by risks, including: • a significant change in macroeconomic conditions, including commodity prices, treatment and refining charges or stock prices after we have committed to complete the transaction and established the purchase price or exchange ratio; • additional debt incurred or issued to fund some or all of acquisition consideration (as was the case with Silvertip and Wharf), resulting in increased interest expense and other borrowing costs; 12 • issuance of equity securities as acquisition consideration (which occurred in the Lincoln Hill and Silvertip project acquisitions), resulting in dilution of our existing stockholders; • a material ore body may prove to be below our expectations; • processing facilities may not operate as well as anticipated, and may require significant maintenance, downtime and capital investment, such as the original mill at Silvertip; • difficulties integrating and assimilating the operations and personnel of any acquired companies and supporting expanded operations, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; • difficulties or loss of social license to operate resulting from failure of efforts to establish positive relationships and/or agreements with local communities or local indigenous peoples; and • the acquired business or assets may have significant liabilities, such as environmental liabilities, or significant capital expenditures that we failed to discover or have underestimated.
In addition to the above, any acquisition would be accompanied by risks, including: • a significant change in macroeconomic conditions, including commodity prices, treatment and refining charges or stock prices after we have committed to complete the transaction and established the purchase price or exchange ratio; • additional debt incurred or issued to fund some or all of acquisition consideration (as was the case with Silvertip and Wharf), resulting in increased interest expense and other borrowing costs; • issuance of equity securities as acquisition consideration (which occurred in the acquisition of the Lincoln Hill and Silvertip projects and the SilverCrest Transaction), resulting in dilution of our existing stockholders; • a material ore body may prove to be below our expectations; • processing facilities may not operate as well as anticipated, and may require significant maintenance, downtime and capital investment, as was the case with the original mill at Silvertip; • difficulties integrating and assimilating the operations and personnel of any acquired companies and supporting expanded operations, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; • difficulties or loss of social license to operate resulting from failure of efforts to establish positive relationships and/or agreements with local communities or local indigenous peoples; and • the acquired business or assets may have significant liabilities, such as environmental liabilities, or significant capital expenditures that we failed to discover or have underestimated.
Our ability to timely complete these and future mine expansion and mine life extension projects is dependent on numerous factors, many of which are outside of our control, including, among others, availability of funding on acceptable terms, timing of receipt of permits and approvals from regulatory authorities, obtaining materials and equipment and construction, engineering and other services at favorable prices and terms, and disputes with third-party providers of materials, equipment or services.
Our ability to timely complete these and future mine expansion and mine life extension projects is dependent on numerous factors, many of which are outside of our control, including, among others, availability of funding on acceptable terms, timing of receipt of permits and approvals from regulatory authorities, obtaining materials and equipment, as well as construction, engineering and other services, at favorable prices and terms, and disputes with third-party providers of materials, equipment or services.
In the normal course of our business, we are required to obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently obtained for the Rochester expansion, POA 1 at Kensington and at Palmarejo to allow the deposit of future tailings into the legacy open pit rather than expand the current tailings impoundment facility.
In the normal course of our business, we are required to obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently obtained for the Rochester expansion, POA 1 at Kensington and at Palmarejo to allow the deposit of future tailings into the legacy open pit rather than expanding the current tailings impoundment facility.
Estimates and projections are made by our management and technical personnel and are qualified by, and subject to the assumptions contained or referred in the filing, release or presentation in which they are made, including assumptions about the availability, accessibility, sufficiency and quality of mineralization, recovery rates, our costs of production, the market prices of gold and silver, our ability to sustain and increase production levels, the ability to produce and sell marketable concentrates and doré and related treatment and refining charges, the sufficiency of our infrastructure, the performance of our personnel and equipment, our ability to maintain and obtain mining interests and permits, the state of government and community relations, and our compliance with existing and future laws and regulations.
Estimates and projections are made by our management and technical personnel and are qualified by, and subject to the assumptions contained or referenced in the filing, release or presentation in which they are made, including assumptions about the availability, accessibility, sufficiency and quality of mineralization, recovery rates, our costs of production, the market prices of gold and silver, our ability to sustain and increase production levels, the ability to produce and sell marketable concentrates and dorés and related treatment and refining charges, the sufficiency of our infrastructure, the performance of our personnel and equipment, our ability to maintain and obtain mining interests and permits, the state of government and community relations, and our compliance with existing and future laws and regulations.
We believe our operations can provide valuable benefits to surrounding communities, in terms of direct employment, training and skills development and other benefits associated with ongoing payment of taxes. In addition, we seek to maintain our partnerships and relationships with local communities, including indigenous peoples, and stakeholders in a variety of ways, including in-kind contributions, volunteer time, sponsorships and donations.
We believe our operations can provide valuable benefits to surrounding communities, including through direct employment, training and skills development and other benefits associated with ongoing payment of taxes. In addition, we seek to maintain our partnerships and relationships with local communities, including indigenous peoples, and stakeholders in a variety of ways, including in-kind contributions, volunteer time, sponsorships and donations.
Our business depends on good relations with, and the retention and hiring of, employees. We may experience labor disputes, work stoppages or other disruptions in production that could adversely affect our business and results of operations. Labor disruptions may be used to advocate labor, political or social goals, particularly at non-U.S. mines.
Our business depends on good relations with, and the retention and hiring of, personnel. We may experience labor disputes, work stoppages or other disruptions in production that could adversely affect our business and results of operations. Labor disruptions may be used to advocate labor, political or social goals, particularly at non-U.S. mines.
There may be a risk that the Company may incur liability in the future associated with assets it no longer owns or in which it has a reduced interest. Significant investment risks and operational costs are associated with exploration and development activities. These risks and costs may result in lower economic returns and may adversely affect our business.
There is a risk that the Company may incur liability in the future associated with assets it no longer owns or in which it has a reduced interest. Significant investment risks and operational costs are associated with exploration and development activities. These risks and costs may result in lower economic returns and may adversely affect our business.
We may be unable to continue to attract and retain skilled and experienced employees, which could have an adverse effect on our competitive position or adversely impact our results of operations or financial condition. 17 Continuation of our mining operations is dependent on the availability of sufficient and affordable water supplies.
We may be unable to continue to attract and retain skilled and experienced employees and contractors, which could have an adverse effect on our competitive position or adversely impact our results of operations or financial condition. Continuation of our mining operations is dependent on the availability of sufficient and affordable water supplies.
We have accrued deferred tax assets in various jurisdictions from past operating losses, however, we may not be able to utilize part or all of these assets in the future. We recognize the expected future tax benefit from these assets only if it is considered more likely than not that the tax benefit will be realized.
We have accrued deferred tax assets in various jurisdictions from past operating losses, but may not be able to utilize part or all of these assets in the future. We recognize the expected future tax benefit from these assets only if it is considered more likely than not that the tax benefit will be realized.
Our mining assets are subject to geotechnical and hydrological risks, and a related incident could materially and adversely impact our production, profitability and financial condition and the value of our common stock. Our mining assets are subject to geotechnical and hydrological risks which could impact the structural integrity of our mines, stockpiles, leach pads and tailings storage facilities.
Our mining assets are subject to geotechnical and hydrological risks, and a related incident could materially and adversely impact our production, profitability and financial condition, as well as the value of our common stock. Our mining assets are subject to geotechnical and hydrological risks which could impact the structural integrity of our mines, stockpiles, leach pads and tailings storage facilities.
If a significant portion of our workforce becomes unable to work or travel to our operations due to illness or state or federal government restrictions (including travel restrictions and “shelter-in-place” and similar orders restricting certain activities that may be issued or extended by authorities), we may be forced to reduce or suspend operations at one or more of our mines, which could reduce production, limit exploration activities and development projects and impact liquidity and financial results.
If a significant portion of our workforce becomes unable 17 to work or travel to our operations due to illness or government restrictions (including travel restrictions and “shelter-in-place” and similar orders restricting certain activities that may be issued or extended by authorities), we may be forced to reduce or suspend operations at one or more of our mines, which could reduce production, limit exploration activities and development projects and impact liquidity and financial results.
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.
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, sanctions or tariffs, geopolitical unrest, civil or international hostilities and global pandemics, among others.
RISKS RELATED TO OUR COMMON STOCK We have the ability to issue additional equity securities, including in connection with an acquisition of other companies, which would lead to dilution of our issued and outstanding common stock and may materially and adversely affect the price of our common stock.
RISKS RELATED TO OUR COMMON STOCK We have the ability to issue additional equity securities, including in connection with an acquisition of other companies, including the SilverCrest Transaction, which would lead to dilution of our issued and outstanding common stock and may materially and adversely affect the price of our common stock.
In addition, our ability to successfully obtain key permits and approvals to explore for, develop, operate and expand mines and to conduct our operations will likely depend on our ability to develop, operate, expand and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law.
In addition, our ability to successfully obtain key permits and approvals to explore for minerals and to develop, operate and expand mines, as well as to conduct our operations, will likely depend on our ability to develop, operate, expand and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law.
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.
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 on properties that we currently or previously owned.
Epidemics, pandemics or natural disasters may also impact refiners, smelters or other third parties with whom we have contractual arrangements or have an indirect effect on our ability to obtain refining, smelting or other third-party services. Any delay or loss of access to refiners or smelters may significantly impact our ability to sell doré and concentrate products and generate revenues.
Epidemics, pandemics or natural disasters may also impact refiners, smelters or other third parties with whom we have contractual arrangements or have an indirect effect on our ability to obtain refining, smelting or other third-party services. Any delay or loss of access to refiners or smelters may significantly impact our ability to generate revenues by selling doré and concentrate products.
Mineral reserve and mineral resource estimates are a function of geological and engineering analyses that require us to make assumptions about production costs, recoveries and gold, silver, zinc and lead market prices.
Mineral reserve and mineral resource estimates are a function of geological and engineering analyses that require us to make assumptions about production costs, recoveries and the 10 market prices of gold, silver, zinc and lead.
The commercial viability of a mineral deposit, once developed, depends on a number of factors, including: the particular attributes of the deposit, such as size, grade and proximity to infrastructure; government regulations, including taxes, royalties and land tenure; land use; importing and exporting of minerals; environmental protection; mineral prices; and issuance and maintenance of necessary permits.
The commercial viability of a mineral deposit, once developed, depends on a number of factors, including: the particular attributes of the deposit, including size, grade and proximity to infrastructure; 13 government regulations, including taxes, royalties and land tenure; land use; importing and exporting of minerals; environmental protection; mineral prices; and issuance and maintenance of necessary permits.
Neither our independent registered public accounting firm nor any other independent expert or outside party compiles or examines these forward-looking statements and, accordingly, do not express any opinion or any other form of assurance on these estimates and projections.
Any such information is forward-looking. Neither our independent registered public accounting firm nor any other independent expert or outside party compiles or examines these forward-looking statements and, accordingly, do not express any opinion or any other form of assurance on these estimates and projections.
These contracts could include forward sales or purchase contracts, futures contracts, purchased or sold put and call options and other derivative instruments. We entered into price risk management contracts on 2021, 2022, 2023 and 2024 gold and silver sales.
These contracts could include forward sales or purchase contracts, futures contracts, purchased or sold put and call options and other derivative 16 instruments. We entered into price risk management contracts on certain gold and silver sales in 2021, 2022, 2023 and 2024.
In addition, recent amendments to mining, water and environmental laws in Mexico, and government actions intended to slow or halt the normal processing of permits and granting of water or mineral concessions, could impose additional restrictions on our ability to obtain and maintain mining and water rights and operate in Mexico, among other potentially adverse provisions.
In addition, recent amendments to mining, water and environmental laws in Mexico, and recent government actions under the prior Mexican administration intended to slow or halt the normal processing of permits and granting of water or mineral concessions, could impose additional restrictions on our ability to obtain and maintain mining and water rights and operate in Mexico, among other potentially adverse provisions.
Because mines have limited lives based on proven and probable mineral reserves, our ability to achieve significant additional growth in revenues and cash flows will depend upon our success in further developing and expanding existing properties and the opportunistic acquisition or development and start-up of exploration projects or new mining properties, such 11 as the expected acquisition of mining concessions from a subsidiary of Fresnillo plc that are located adjacent to the existing Palmarejo site.
Because mines have limited lives based on proven and probable mineral reserves, our ability to achieve significant additional growth in revenues and cash flows will depend upon our success in further developing and expanding existing properties and the opportunistic acquisition or development and start-up of exploration projects or new mining properties, such as the acquisition of mining concessions from a subsidiary of Fresnillo plc that are located adjacent to the existing Palmarejo site and the recent acquisition of SilverCrest Metals Inc.
These types of initiatives may not sufficiently offset reductions in revenues, and we may continue to incur losses associated with sustained lower metals prices. Operating costs at our mines are also affected by the price of input commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel and concrete.
These types of initiatives may not sufficiently offset reductions in revenues, and we may continue to incur losses associated with sustained lower metals prices and/or higher treatment and refining charges. Operating costs at our mines are also affected by the price of input commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel and concrete.
In response to lower metal price and/or higher treatment and refining charge environments, we may have to revise our operating plans, including reducing operating costs and capital expenditures, terminating or suspending mining operations at one or more of our properties and discontinuing certain exploration and development plans.
In response to environments of lower metal prices and/or higher treatment and refining charges, we may have to revise our operating plans, including reducing operating costs and capital expenditures, terminating or suspending mining operations at one or more of our properties and discontinuing certain exploration and development plans.
A default by a refiner or smelter on its contractual obligations to us or an insolvency event or bankruptcy filing by a refiner or smelter may result in the loss of all or part of our doré or concentrate in the possession of the refiner or smelter, and such a loss likely would not be insured by our insurance policies.
A default by a refiner or smelter on its contractual obligations to us or an insolvency event or bankruptcy filing by a refiner or smelter may result in the partial or total loss of our doré or concentrate in the possession of the refiner or smelter, and such a loss likely would not be insured by our insurance policies.
Item 1A. Risk Factors RISKS RELATED TO OUR INDUSTRY Our results of operations, cash flows and operating costs are highly dependent upon the market prices of gold and silver and of key input commodities used in our business, which are volatile and beyond our control. Gold and silver are actively traded commodities, and their prices are volatile.
RISKS RELATED TO OUR INDUSTRY Our results of operations, cash flows and operating costs are highly dependent upon the market prices of gold and silver and of key input commodities used in our business, which are volatile and beyond our control. Gold and silver are actively traded commodities, and their prices are volatile.
We have existing agreements with refiners and smelters, some of whom operate their refining or smelting facilities outside the United States. We believe we currently have contractual arrangements with a sufficient number of refiners and smelters so that the loss of any one refiner or smelter would not significantly or materially impact our operations or our ability to generate revenues.
We have existing agreements with refiners and smelters, some of whom operate their refining or smelting facilities outside the United States. We believe our current contractual arrangements are sufficient so that the loss of any one refiner or smelter would not significantly or materially impact our operations or our ability to generate revenues.
In response to several recent tailings dam failures unrelated to our operations that have involved loss of life and resulted in severe property and environmental ecosystem damage, we completed a comprehensive review of our tailings dams and operational practices to characterize our risk profile.
In response to several recent tailings dam failures at third-party operations that have involved loss of life and resulted in severe property and environmental ecosystem damage, we completed a comprehensive review of our tailings dams and operational practices to characterize our risk profile.
No assurances can be given that all mineral reserves will be mined, as mineralized material that may qualify as reserves under applicable standards by virtue of having positive economics may not generate attractive enough returns to be included in our mine plans, due to factors such as the impact of the gold stream at Palmarejo.
No assurances can be given that all mineral reserves will be mined, as mineralized material that may qualify as reserves under applicable standards by virtue of being economic to mine may not generate attractive enough returns to be included in our mine plans, due to factors such as the impact of the gold stream at Palmarejo.
In addition, higher incidences of criminal activity and violence in the area of some of our foreign operations, including drug cartel-related violence in Mexico, could adversely affect our ability to operate in an optimal fashion and may impose greater risks of extortion and theft, greater risks to our personnel, and greater risks to the supply of goods and services to our operations and our property.
In addition, higher incidences of criminal activity and violence in the area of some of our foreign operations, including drug cartel-related violence in Mexico, could adversely affect our ability to operate in an optimal fashion and may impose greater risks of extortion and theft, greater risks to our personnel and property, greater risks to the transport of materials to refineries, and greater risks to the supply of services and goods to our operations, including specialized equipment.
Any of these developments could require us to curtail or terminate operations at our mines, incur significant costs to renegotiate contracts, meet newly-imposed environmental or other standards, pay greater royalties or higher prices for labor or services and recognize higher taxes, address aggressive or punitive tax audit assessments including through litigation, or experience significant delays or obstacles in the recovery of VAT or income tax refunds owed, which could materially and adversely affect financial condition, results of operations and cash flows. 14 Our operations outside the United States also expose us to economic and operational risks.
Any of these developments could require us to curtail or terminate operations at our mines, incur significant costs to renegotiate contracts, meet newly-imposed environmental or other standards, pay greater royalties or higher prices for labor or services and recognize higher taxes, address aggressive or punitive tax audit assessments including through litigation, or experience significant delays or obstacles in the recovery of VAT or income tax refunds owed, which could materially and adversely affect financial condition, results of operations and cash flows.
The price of our common stock increased by 4% and decreased by 5% during the same periods. The trading volume for shares of our common stock also increased significantly during this period.
The price of our common stock increased by 6% and decreased by 6% during the same periods. The trading volume for shares of our common stock also increased significantly during this period.
RISKS RELATED TO INDEBTEDNESS AND FINANCING Our future operating performance may not generate cash flows sufficient to meet debt payment obligations. As of December 31, 2023, we had approximately $545.3 million of outstanding indebtedness. Our ability to make scheduled debt payments on outstanding indebtedness will depend on future results of operations and cash flows.
RISKS RELATED TO INDEBTEDNESS AND FINANCING Our future operating performance may not generate cash flows sufficient to meet debt payment obligations. As of December 31, 2024, we had approximately $590.1 million of outstanding indebtedness. Our ability to make scheduled debt payments on outstanding indebtedness will depend on future results of operations and cash flows.
The right to import and export gold and silver may depend on obtaining certain licenses and quotas, which could be delayed or denied at the discretion of the relevant regulatory authorities, or could become subject to new taxes, tariffs or duties imposed by U.S. or foreign jurisdictions, which could have a material adverse effect on our business, financial condition, or future prospects.
The right to import and export gold and silver may depend on obtaining certain licenses and quotas, which could be delayed or denied at the discretion of the relevant regulatory authorities, or could become subject to new taxes, tariffs or duties imposed by U.S. or foreign jurisdictions, as well as other actions taken in potential trade disputes, which could have a material adverse effect on our business, financial condition, or future prospects.
Any delay in obtaining a permit may require us to revise mine plans or curtail expected production, which could materially adversely affect results of operations and cash flow. In addition, key permits and approvals may be revoked or suspended or may be changed in a manner that adversely affects our operations.
Any delay in obtaining a permit may require us to revise mine plans or curtail expected production, which could have a material adverse effect on results of operations and cash flow. In addition, key permits and approvals may be revoked or suspended or may be changed in a manner that adversely affects our operations.
ESG factors, including climate-related initiatives such as GHG emissions targets and climate risk management, are increasingly becoming a metric for institutional investors to review and assess the performance of the Company and a significant factor in their investment decisions.
ESG factors, including climate-related initiatives such as GHG emissions targets and climate risk management, are a metric used by many institutional investors to review and assess the performance of the Company and a significant factor in their investment decisions.
At Rochester, we completed construction of and are in the process of commissioning and ramping up POA 11, which is a significant additional expansion that includes a three-stage crushing facility, a new leach pad, and a new Merrill-Crowe processing facility and related infrastructure to support the extension of Rochester’s mine life.
At Rochester, we completed the POA 11 expansion, which is a significant additional expansion that includes a three-stage crushing facility, a new leach pad, and a new Merrill-Crowe processing facility and related infrastructure to support the extension of Rochester’s mine life.
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.
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 mercury from our Rochester operation.
We regularly evaluate and engage in discussions or negotiations regarding acquisition opportunities. Any transactions that we contemplate or pursue would involve risks and uncertainties and would be subject to competition from other mining companies. There can be no assurance with respect to the timing, likelihood or business effect of any possible transaction.
Any transactions that we contemplate or pursue would involve risks and uncertainties and would be subject to competition from other mining companies. There can be no assurance with respect to the timing, likelihood or business effect of any possible transaction.
As an example, as disclosed in Note 18 -- Commitments and Contingencies to the Consolidated Financial Statements, we are currently engaged in efforts to recover amounts unduly paid to the Mexican government that are owed to Coeur associated with Coeur Mexicana’s prior royalty agreement, including through international arbitration.
As an example, as disclosed in Note 17 -- Commitments and Contingencies to the Consolidated Financial Statements, we are currently engaged in efforts to recover amounts unduly paid to the Mexican government that are owed to Coeur associated with a prior royalty agreement covering gold production at Palmarejo, including 14 through international arbitration.
To the extent the COVID-19 or any other pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this “Risk Factors” section, such as those relating to our operations and indebtedness and financing.
To the extent any pandemic or other public health threat adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this Item 1A, such as those relating to our operations and indebtedness and financing.
Any unexpected delays or costs associated with the permitting process could impede or delay the development or operation of a mine, which in turn could materially adversely affect our revenues and future growth.
Any unexpected delays or costs associated with the permitting process could impede or delay the development or operation of a mine, which in turn could have a material adverse effect on our revenues and future growth.
Our plans include several significant projects to construct or upgrade mining and processing facilities at our existing mining operations or exploration properties, including the Rochester expansion project now undergoing commissioning and ramp-up, and the POA 1 planned mine life extension at Kensington, and future plans to develop the Silvertip exploration project.
Our plans include several significant projects to construct or upgrade mining and processing facilities at our existing mining operations or exploration properties, including the planned POA 1 mine life extension at Kensington and future development of the Silvertip exploration project.
Notwithstanding our ongoing efforts, local communities and stakeholders can become dissatisfied with our activities or the level of benefits provided, which may result in legal or administrative proceedings, civil unrest, protests, direct action or campaigns against us or our operations. Any such occurrences could materially and adversely affect our financial condition, results of operations and cash flows.
Notwithstanding our ongoing efforts, local communities and stakeholders could become dissatisfied with our activities or the level of benefits provided, which may result in legal or administrative proceedings, civil unrest, protests, direct action or campaigns against us or our operations.
Although our results of operations and cash flow will reflect fluctuations in the prices of the metals we produce, short term volatility in the prices of these metals due to speculation in the market may result in significant changes in the price of our securities, which may not be reflective of our operating performance or financial results.
Speculation in the market may result in short term volatility in the prices of the metals we produce and result in significant changes in the price of our securities, which may not be reflective of our operating performance or financial results.
Illnesses or government restrictions, including potential closure of national borders, related to COVID-19 or a similar public health threat may disrupt the supply of raw goods, equipment, supplies and services upon which our operations rely.
Public health threats and related government restrictions, including potential closure of national borders, may disrupt the supply of raw goods, equipment, supplies and services upon which our operations rely.
During the 12 months ended December 31, 2023, the high and low price for each commodity are set forth in the following table: Metal High Price for 2023 Date Low Price for 2023 Date Gold (per ounce) $2,078 December 28, 2023 $1,809 February 27, 2023 Silver (per ounce) $26.03 April 14, 2023 $20.09 March 10, 2023 Gold and silver prices are affected by many factors beyond the Company’s control, including U.S. dollar strength or weakness, speculation, global currency values, global and regional demand and production, political and economic conditions and other factors.
The high and low prices for each commodity during the 12 months ended December 31, 2024 are set forth in the following table: Metal High Price for 2024 Date Low Price for 2024 Date Gold (per ounce) $2,778 October 30, 2024 $1,985 February 14, 2024 Silver (per ounce) $34.51 October 23, 2024 $22.09 February 14, 2024 Gold and silver prices are affected by many factors beyond the Company’s control, including U.S. dollar strength or weakness, speculation, global currency values, global and regional demand and production, political and economic conditions and other factors.
The Company also agreed to exchange an aggregate $76.0 million principal amount of its 5.125% Senior Notes (the “Senior Notes”) for an aggregate 25.2 million shares of its common stock, par value $0.01 per share, pursuant to 12 privately-negotiated agreements in 2023, with such issuance of common stock made pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended.
In 2024, the Company completed the exchange of $5.9 million principal amount of its 5.125% Senior Notes (the “Senior Notes”) plus accrued interest for 1.8 million shares of its common stock, par value $0.01 per share, pursuant to a privately-negotiated agreement with such issuance of common stock made pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended.
Our ability to pay dividends will be subject to our future earnings, capital requirements and financial condition, as well as our compliance with covenants related to existing or future indebtedness and would only be declared in the discretion of our Board of Directors. 23 Item 1B. Unresolved Staff Comments None.
Our ability to pay dividends will be subject to our future earnings, capital requirements and financial condition, as well as our compliance with covenants related to existing or future indebtedness and would only be declared in the discretion of our Board of Directors. RISKS RELATED TO THE RECENT ACQUISITION OF SILVERCREST METALS INC.
Geotechnical or hydrological failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, lawsuits filed by parties who suffer injuries or property damage from such events, increased monitoring costs, remediation costs, loss of mineral reserves and resources and other impacts, which could have a material adverse effect on our results of operations and financial position as well as the value of our common stock. 15 Our estimates of future production, costs, expenditures and financial results are imprecise, depend upon subjective factors, may not be realized in actual production and such estimates speak only as of their respective dates.
Geotechnical or hydrological failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, fines and penalties, lawsuits filed by parties who suffer injuries or property damage from such events, increased monitoring costs, remediation costs, loss of mineral reserves and resources and other impacts, which could have a material adverse effect on our results of operations and financial position as well as the value of our common stock.
As has been publicized in media coverage, we understand that other mining projects in Mexico are also experiencing extended permitting delays or, in certain circumstances, denials of permits, due to anti-mining policies of the current Mexican Administration.
As has been publicized in media coverage, we understand that other mining projects in Mexico have also experienced extended permitting delays or, in certain circumstances, denials of permits, due to anti-mining policies of the prior Mexican administration which just ended on October 1, 2024.
While initial development of the Palmarejo, Rochester, and Kensington mines has been substantially completed, development work continues to expand these mines while leveraging existing infrastructure. Palmarejo completed open pit mining several years ago and evolved to be an underground-only operation, developing new underground mining operations.
(“SilverCrest”), which operates the Las Chispas mine in Sonora, Mexico (the “SilverCrest Transaction”). While initial development of our operating mines has been substantially completed, development work continues to expand these mines while leveraging existing infrastructure. Palmarejo completed open pit mining several years ago and evolved to be an underground-only operation, developing new underground mining operations.
Even if mineral deposits are found, those deposits may be insufficient in quantity or quality to return a profit from production, or it may take a number of years until production is possible, during which time the economic viability of the project may change. Few properties that are explored are ultimately developed into producing mines.
Mineral exploration involves many risks and is frequently unproductive. Even if mineral deposits are found, those deposits may be insufficient in quantity or quality to return a profit from production, or it may take a number of years until production is possible, during which time the economic viability of the project may change.
There are significant hazards associated with mining activities, some of which may not be fully covered by insurance. The mining business is subject to risks and hazards, including environmental hazards, industrial accidents, the encountering of unusual or unexpected geological formations, geotechnical failures, flooding, earthquakes and periodic interruptions due to inclement or hazardous weather conditions or machine failure.
The mining business is subject to risks and hazards, including environmental hazards, industrial accidents, the encountering of unusual or unexpected geological formations, geotechnical failures, flooding, earthquakes and periodic interruptions due to inclement or hazardous weather conditions or machine failure.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur Senior Director leads our internal team responsible for assessing and managing cybersecurity risks. The Senior Director has approximately 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Defensible Security Architecture, Security Leadership and Strategic Planning, Policy and Leadership certifications, respectively.
Biggest changeThe Senior Director has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute.
Our Board of Directors, with the assistance of the Audit Committee, to whom the Board has delegated to the primary authority and responsibility to oversee cybersecurity risks, oversee the management of risks arising from cybersecurity incidents, and, as noted above, cybersecurity is one of the material risks tracked through our ERM process.
Our Board, with the assistance of the Audit Committee, to whom the Board has delegated to the primary authority and responsibility to oversee cybersecurity risks, oversees the management of risks arising from cybersecurity incidents, and, as noted above, cybersecurity is one of the material risks tracked through our ERM process.
Executive management and other senior leaders participate in the semi-annual updates to our ERM risk register and heat map, and those updates, which incorporate cybersecurity risk and strategy, also are presented to our Board for discussion and feedback annually.
Executive management and other senior leaders participate in the semi-annual updates to our ERM risk register and heat map, and those updates, which incorporate cybersecurity risk and strategy, also are presented to our Board for discussion and feedback at least annually.
Additional information on cybersecurity risks we face can be found above under “Item 1A - Risk Factors,” which should be read in conjunction with the foregoing information. 24
Additional information on cybersecurity risks we face can be found above under “Item 1A - Risk Factors,” which should be read in conjunction with the foregoing information. 26
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Our Senior Director leads our internal team responsible for assessing and managing cybersecurity risks.

Item 2. Properties

Properties — owned and leased real estate

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Biggest change(8) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents. 32 MINERAL RESOURCES Summary Gold Mineral Resources at End of the Fiscal Year Ended December 31, 2023 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo Mine, Mexico (4) 100% 5,674 0.070 396 15,500 0.060 926 21,174 0.062 1,322 4,207 0.091 381 United States Rochester Mine, USA (7) 100% 110,460 0.002 200 27,170 0.002 47 137,630 0.002 247 135,104 0.002 267 Kensington Mine, USA (5) 100% 1,653 0.289 477 1,278 0.268 342 2,931 0.279 819 1,567 0.248 388 Wharf Mine, USA (6) 100% 1,666 0.024 40 22,150 0.021 458 23,816 0.021 498 7,125 0.021 149 Lincoln Hill Project, USA (9) 100% 4,642 0.012 58 27,668 0.011 306 32,310 0.011 364 22,952 0.011 255 Wilco Project, USA (10) 100% — — — — — — — — — 25,736 0.021 531 Total Gold 124,095 0.009 1,171 93,766 0.022 2,079 217,861 0.015 3,250 196,691 0.010 1,971 Summary Silver Mineral Resources at End of the Fiscal Year Ended December 31, 2023 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo Mine, Mexico (4) 100% 5,674 4.56 25,875 15,500 3.85 59,701 21,174 4.04 85,576 4,207 4.50 18,933 United States Rochester Mine, USA (7) 100% 110,460 0.29 31,587 27,170 0.41 11,237 137,630 0.31 42,824 135,104 0.34 45,959 Lincoln Hill Project, USA (9) 100% 4,642 0.34 1,592 27,668 0.31 8,655 32,310 0.32 10,247 22,952 0.36 8,163 Wilco Project, USA (10) 100% — — — — — — — — — 25,736 0.13 3,346 Canada Silvertip Mine, Canada (8) 100% 734 10.56 7,749 6,418 7.78 49,919 7,152 8.06 57,668 2,345 6.86 16,084 Total Silver 121,510 0.55 66,803 76,756 1.69 129,512 198,266 0.99 196,315 190,344 0.49 92,485 Summary Zinc Mineral Resources at End of the Fiscal Year Ended December 31, 2023 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Canada Silvertip Mine, Canada (8) 100% 734 9.9 % 145,703 6,418 10.7 % 1,371,074 7,152 10.6 % 1,516,777 2,345 10.3 % 481,791 Summary Lead Mineral Resources at End of the Fiscal Year Ended December 31, 2023 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Canada Silvertip Mine, Canada (8) 100% 734 7.9 % 115,648 6,418 5.1 % 653,008 7,152 5.4 % 768,656 25,736 4.3 % 199,815 33 (1) Certain definitions: The term “resource” means that it is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quantity that there are reasonable prospects for economic extraction.
Biggest changeMINERAL RESOURCES Summary Gold Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo Mine, Mexico (4) 100% 6,996 0.068 474 15,368 0.062 949 22,363 0.064 1,423 6,577 0.098 643 Las Chispas Mine, Mexico (10) 100% 116 0.305 35 1,094 0.110 120 1,211 0.129 156 1,276 0.113 144 United States Rochester Mine, USA (7) 100% 82,371 0.002 144 40,402 0.003 116 122,773 0.002 260 116,521 0.002 258 Kensington Mine, USA (5) 100% 2,150 0.254 546 1,450 0.235 340 3,600 0.246 886 993 0.229 228 Wharf Mine, USA (6) 100% 10,180 0.017 175 49,155 0.017 845 59,335 0.017 1,019 26,735 0.018 470 Wilco Project, USA (9) 100% — — — — — — — — — 25,736 0.021 531 Total Gold 101,813 0.013 1,374 107,469 0.022 2,370 209,282 0.018 3,744 177,839 0.013 2,273 35 Summary Silver Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo Mine, Mexico (4) 100% 6,996 4.59 32,138 15,368 3.76 57,777 22,363 4.02 89,915 6,577 5.28 34,748 Las Chispas Mine, Mexico (10) 100% 116 31.15 3,623 1,094 9.87 10,798 1,211 11.91 14,421 1,276 7.90 10,088 United States Rochester Mine, USA (7) 100% 82,371 0.28 23,383 40,402 0.34 13,541 122,773 0.30 36,924 116,521 0.36 41,838 Wilco Project, USA (9) 100% — — — — — — — — — 25,736 0.13 3,346 Canada Silvertip Mine, Canada (8) 100% 734 10.56 7,749 6,418 7.78 49,919 7,152 8.06 57,668 2,345 6.86 16,084 Total Silver 90,217 0.74 66,894 63,282 2.09 132,035 153,499 1.30 198,929 152,456 0.70 106,104 Summary Zinc Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Canada Silvertip Mine, Canada (8) 100% 734 9.9 % 145,703 6,418 10.7 % 1,371,074 7,152 10.6 % 1,516,777 2,345 10.3 % 481,791 Summary Lead Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Canada Silvertip Mine, Canada (8) 100% 734 7.9 % 115,648 6,418 5.1 % 653,008 7,152 5.4 % 768,656 2,345 4.3 % 199,815 (1) Certain definitions: The term “resource” means that it is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quantity that there are reasonable prospects for economic extraction.
The mineral estate to these 14 patented lode claims is owned by the State of Alaska, the mineral rights to which are secured by a State of Alaska upland mining lease. • The Company controls properties comprising the Jualin Group, under a lease agreement with Hyak Mining Company, which is valid until August 5, 2035 and thereafter, provided mining and production are actively occurring within and from the leased premises.
The mineral estate to these 14 patented lode claims is owned by the State of Alaska, the mineral rights to which are secured by a State of Alaska upland mining lease. • The Company controls properties comprising the Jualin Group, under a lease agreement with Hyak Mining Company (“Hyak”), which is valid until August 5, 2035 and thereafter, provided mining and production are actively occurring within and from the leased premises.
(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cutoff of US$130/tonne. Mineral Resources are reported insitu using the following assumptions: The estimate use the following key input parameters: lead recovery of 89-90%, zinc recovery of 82-83% and silver recovery of 83-84%.
(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cutoff of US$130/tonne. Mineral Resources are reported insitu using the following assumptions: The estimates use the following key input parameters: lead recovery of 89-90%, zinc recovery of 82-83% and silver recovery of 83-84%.
Stage: Production Location: Lead, South Dakota, USA Mine Type: Open Pit Heap Leach Metals/Mineralization: Gold and Silver by-product; a structurally controlled disseminated gold deposit Product: Electrolytic Cathodic Sludge 28 Ownership: 100% Land Position & Mineral Tenure • The Wharf Group is comprised of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.
Stage: Production Location: Lead, South Dakota, USA Mine Type: Open Pit Heap Leach Metals/Mineralization: Gold and Silver by-product; a structurally controlled disseminated gold deposit Product: Electrolytic Cathodic Sludge Ownership: 100% 30 Land Position & Mineral Tenure • The Wharf Group is comprised of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.
Coordinates for the project centroid are 44°20’03”N Latitude, 103°50’06”W Longitude and the Wharf Mine coordinates are 44°20’39”N Latitude, 103°51’02”W Longitude. All coordinates are in Universal Transverse Mercator (WSG 84). Access is established by paved road with power supplied by a local power company.
Coordinates for the project centroid are 44°20’03”N Latitude, 103°50’06”W Longitude and the Wharf Mine coordinates are 44°20’39”N Latitude, 103°51’02”W Longitude. All coordinates are in Universal Transverse Mercator (WGS 84). Access is established by paved road with power supplied by a local power company.
Changes to database entries are required to be documented; and • Database upload and verification procedures to ensure the accuracy and integrity of the data being entered into the project database(s). These are typically performed using software data-checking routines. Changes to database entries are required to be documented. Data are subject to regular backups.
Changes to database entries are required to be documented; and 33 • Database upload and verification procedures to ensure the accuracy and integrity of the data being entered into the project database(s). These are typically performed using software data-checking routines. Changes to database entries are required to be documented. Data is subject to regular backups.
The centroid location for the Rochester site is 400600 E, 4460300 N and the centroid of Rochester pit is located at 4002045 E, 4460050 N and Nevada Packard open pit is located at 400600 E, 4456675 E. All coordinates are in Universal Transverse Mercator (WSG 84), Zone 11T.
The centroid location for the Rochester site is 400600 E, 4460300 N and the centroid of Rochester pit is located at 4002045 E, 4460050 N and Nevada Packard open pit is located at 400600 E, 4456675 E. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 11T.
All coordinates are in the Universal Transverse Mercator (WSG 84), Zone 12. Access to the property is provided by air, rail, and all-weather paved and gravel roads from the state capitol of Chihuahua.
All coordinates are in the Universal Transverse Mercator (WGS 84), Zone 12. Access to the property is provided by air, rail, and all-weather paved and gravel roads from the state capitol of Chihuahua.
(2) Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2023, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
(2) Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2024, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
Other: • A security interest in the Rochester mine has been granted in favor of the lenders under the RCF (as defined below) • Coeur Rochester is obligated to pay a net smelters return of up to 5% to ASARCO, the prior owner, when the average quarterly market price of silver equals or exceeds $29.79 per ounce indexed for inflation, with the condition that the Rochester mine achieves positive cash flow for the applicable year.
Other: • A security interest in the Rochester mine has been granted in favor of the lenders under the RCF (as defined below) • Coeur Rochester is obligated to pay a net smelters return of up to 5% to ASARCO, the prior owner, when the average quarterly market price of silver equals or exceeds $30.88 per ounce indexed for inflation, with the condition that the Rochester mine achieves positive cash flow for the applicable year.
(3) The Mineral Reserve estimates are current as of December 31, 2023, are reported using the definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
(3) The Mineral Reserve estimates are current as of December 31, 2024, are reported using the definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
Stage: Production Location: State of Chihuahua, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 67,279 net acres Mineral Tenure: 71 wholly-owned mining concessions 25 Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation.
Stage: Production Location: State of Chihuahua, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 74,119 net acres 27 Mineral Tenure: 96 wholly-owned mining concessions Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation.
Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite Product: Doré Ownership: 100% Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 43,441 net acres • 1,465 owned and 347 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 29,942 net acres of public land; • 23 patented lode claims, consisting of approximately 392 acres; • Interests owned in approximately 6,929 gross acres of additional real property; and • Certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license. 26 Key Permit Conditions: The Rochester Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.
Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite Product: Doré Ownership: 100% Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 46,272 net acres • 1,465 owned and 358 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 29,982 net acres of public land; • 23 patented lode claims, consisting of approximately 392 acres; • Interests owned in approximately 9,327.8 gross acres of additional real property; and • Certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license. 28 Key Permit Conditions: The Rochester Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.
Product: Gold Concentrate Ownership: 100% 27 Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres, consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres, 298 Federal unpatented lode claims covering approximately 3,222 net acres, and 13 State of Alaska mining claims covering approximately 95 net acres. • The Jualin Group, totaling approximately 8,366 net acres, is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres, 444 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,814 net acres, a State of Alaska upland mining lease comprising approximately 682 acres, one State of Alaska mining claim comprising approximately three acres and four State-selected mining claims covering approximately 60 acres. • 14 of the 23 patented lode claims cover private surface estate only.
Product: Gold Concentrate Ownership: 100% 29 Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres, consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres, 298 Federal unpatented lode claims covering approximately 3,222 net acres, and 13 State of Alaska mining claims covering approximately 95 net acres. • The Jualin Group, totaling approximately 8,531 net acres, is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres, 452 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,979 net acres, a State of Alaska upland mining lease comprising approximately 682 acres, one State of Alaska mining claim comprising approximately three acres and four State-selected mining claims covering approximately 60 acres. • 14 of the 23 patented lode claims cover private surface estate only.
Silver price of US$20/oz, gold price of US$1,400/oz. Average oxide and sulfide gold recovery is 70%, average carbonaceous gold recovery is 50%. Average oxide and sulfide gold recovery is 60%. Average carbonaceous silver recovery is 50%. Open pit mining cost is US$1.50/ton, processing and processing and G&A cost is US$5.46/ton; average pit slope angles of 50º.
Average oxide and sulfide gold recovery is 70%, average carbonaceous gold recovery is 50%. Average oxide and sulfide gold recovery is 60%. Average carbonaceous silver recovery is 50%. Open pit mining cost is US$1.50/ton, processing and processing and G&A cost is US$5.46/ton; average pit slope angles of 50º.
(7) Mineral Resource estimates are tabulated within a confining pit shell and use the following input parameters: Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cutoff of $3.01/st oxide and US$3.11/st sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%; with a net smelter return cutoff of $5.51/st for oxide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
(7) Mineral Resource estimates are tabulated within a confining pit shell and use the following input parameters: Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cutoff of $3.76/ton 36 oxide and US$3.86/ton sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%; with a net smelter return cutoff of $4.24/ton for oxide; Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%; with a net smelter return cutoff of $4.53/ton for oxide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
In total, the Silvertip mine covers an area of approximately 40,904 hectares (101,076 acres) Other: • Suspended operating activities in February 2020; ongoing exploration and technical work to evaluate and support a potential expansion and restart • Silvertip is obligated to pay a 2.5% net smelter return royalty payable to the royalty holder on all mineral products produced from the Silvertip property, payable quarterly. • Silvertip is party to an agreement with the Kaska Nation which, among other things, provides for annual payments to the Kaska Nation calculated based on the financial performance of the Silvertip property and the average price of silver for the relevant calendar year.
In total, the Silvertip mine covers an area of approximately 51,507 hectares (127,276 acres) Other: • Suspended operating activities in February 2020; ongoing exploration and technical work to evaluate and support a potential future operation • Silvertip is obligated to pay a 2.5% net smelter return royalty payable to Triple Flag on all mineral products produced from the Silvertip property, payable quarterly. • Silvertip is party to an agreement with the Kaska Nation which, among other things, provides for annual payments to the Kaska Nation calculated based on the financial performance of the Silvertip property and the average price of silver for the relevant calendar year.
These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis; and • Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with Qualified Person involvement at the site and corporate levels. 30 Internal controls are discussed where required in the relevant chapters of the technical report summary.
These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis; and • Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with qualified person involvement at the site and corporate levels.
Mineral resources and mineral reserves are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable.
Mineral resources and mineral reserves are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. See “Item 1A - Risk Factors” for additional information.
(7) Mineral Reserve estimates use the following key input parameters: assumption of conventional open pit mining; reported above a gold cut-off grade of 0.010 oz/ton Au; average metallurgical recovery assumption of 79.0%; royalty burden of US$64/oz Au; pit slope angles that vary from 34–50º; mining costs of US$2.44/ton mined, process costs of US$11.71/ton processed (includes general and administrative costs).
(7) Mineral Reserve estimates use the following key input parameters: assumption of conventional open pit mining; reported above a gold cut-off grade of 0.010 oz/ton Au; average metallurgical recovery assumption of 78.0%; royalty burden of US$140.40/oz Au; pit slope angles that vary from 34–50º; mining costs of US$2.56/ton mined, process costs of US$12.02/ton processed (includes general & administrative and sustaining capital costs).
(6) Mineral Resource estimates use the following key input parameters: assumption of conventional open pit mining; reported above a gold cut-off grade of 0.010 oz/ton Au; average metallurgical recovery assumption of 79.0% across all rock types; royalty burden of US$72/oz Au; pit slope angles that vary from 34–50º; mining costs of $2.44/ton mined, process costs of US$11.71/ton processed (includes general and administrative costs).
(6) Mineral Resource estimates use the following key input parameters: assumption of conventional open pit mining; reported above a gold cut-off grade of 0.008 oz/ton Au; average metallurgical recovery assumption of 78.0% across all rock types; royalty burden of US$140.40/oz Au; pit slope angles that vary from 34–50º; mining costs of $2.56/ton mined, process costs of US$12.02/ton processed (includes general & administrative and sustaining capital costs).
The following sub-sections summarize the types of procedures, protocols, guidance and controls that Coeur has in place for its exploration and mineral resource and reserve estimation efforts, and the type of risk assessments that are undertaken.
Internal controls are discussed where required in the relevant chapters of the technical report summary. The following sub-sections summarize the types of procedures, protocols, guidance and controls that Coeur has in place for its exploration and mineral resource and reserve estimation efforts, and the type of risk assessments that are undertaken.
(3) Assumed metal prices for 2023 estimated Mineral Resources were $25.00 per ounce of silver, $1,800 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.
(3) Assumed metal prices for 2024 estimated Mineral Resources were $27.00 per ounce of silver, $2,100 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.
(5) Mineral Resource estimates use the following key input parameters: metal price of $2,000 per ounce gold, assumption of conventional longhole underground mining; reported above a variable gold cut-off grade of 0.124 oz/ton Au; metallurgical recovery assumption of 93.5%; gold payability of 97.5%, mining costs of US$103.67/ton mined; process costs of US$55.06/ton processed; general and administrative costs of US$55.37/ton processed; Sustaining capital US$4.50/ton processed; and concentrate refining and shipping costs of US$108.67/oz sold.
(5) Mineral Resource estimates use the following key input parameters: metal price of $2,300 per ounce gold, assumption of conventional longhole underground mining; reported above a variable gold cut-off grade of 0.115 oz/ton Au; metallurgical recovery assumption of 94.2%; gold payability of 97.5%, mining costs of US$116.09/ton mined; process costs of US$55.14/ton processed; general and administrative costs of US$53.18/ton processed; Sustaining capital US$4.50/ton processed; and concentrate refining and shipping costs of US$97.48/oz sold.
Kensington is currently undertaking a planned expansion under POA 1, which would increase tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, improved metal prices and ongoing operational efficiencies.
Kensington has completed the planned expansion under POA 1, which increased tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, improved metal prices and ongoing operational efficiencies.
(4) Mineral Reserve estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 2.11–2.97 g/t AuEq and an incremental development cut-off grade ranging from 1.16–1.55 g/t AuEq; metallurgical recovery assumption of 92.0% for gold and 83.0% for silver; mining dilution assumes 0.4–1.1 meter of hanging/foot wall waste dilution; mining loss of 15% was applied; variable mining costs that range from US$44.72–US$85.71/tonne, surface haulage costs of US$4.92/tonne, process costs of US$32.70/tonne, general and administrative costs of US$14.06/tonne, and surface/auxiliary support costs of US$3.18/tonne.
(4) Mineral Reserve estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 2.13–2.45 g/t AuEq and an incremental development cut-off grade 1.05 g/t AuEq; metallurgical recovery assumption of 92.0% for gold and 83.0% for silver; mining dilution assumes 0.3–1.5 meter of hanging/foot wall waste dilution; mining loss of 15% was applied; variable mining costs that range from US$57.67–US$74.45/tonne, surface haulage costs of US$4.29/tonne, process costs of US$31.06/tonne, general and administrative costs of US$15.95/tonne, and surface/auxiliary support costs of US$4.42/tonne.
Ore is mined using conventional open pit methods, with gold and silver recovered by heap leaching of crushed open-pit ore placed on pads located within the Rochester mining area. Rochester is currently undergoing commissioning and ramp-up of an expansion under POA 11.
Ore is mined using conventional open pit methods, with gold and silver recovered by heap leaching of crushed open-pit ore placed on pads located within the Rochester mining area. Rochester completed the ramp-up and expansion of the operation in 2024.
Therefore the 2018 Mineral Resource is considered current and is presented unchanged. (10) Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained withed a conceptual measured, indicated and inferred optimized pit shell.
(9) Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained withed a conceptual measured, indicated and inferred optimized pit shell. Silver price of US$20/oz, gold price of US$1,400/oz.
OPERATING STATISTICS Palmarejo Rochester 2023 2022 2021 2023 2022 2021 Gold produced (oz.) 100,605 106,782 109,202 38,775 34,735 27,051 Silver produced (oz.) 6,591,590 6,708,689 6,820,589 3,391,530 3,061,924 3,158,017 Kensington Wharf 2023 2022 2021 2023 2022 2021 Gold produced (oz.) 84,789 109,061 121,140 93,502 79,768 91,136 MINERAL RESERVES AND MINERAL RESOURCES Internal Controls The Company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices.
OPERATING STATISTICS Palmarejo Rochester 2024 2023 2022 2024 2023 2022 Gold produced (oz.) 108,666 100,605 106,782 39,203 38,775 34,735 Silver produced (oz.) 6,779,659 6,591,590 6,708,689 4,377,847 3,391,530 3,061,924 32 Kensington Wharf 2024 2023 2022 2024 2023 2022 Gold produced (oz.) 95,671 84,789 109,061 98,042 93,502 79,768 MINERAL RESERVES AND MINERAL RESOURCES Internal Controls The Company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices.
(4) Mineral Resource estimates use the following key input parameters: Assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 1.87–2.64 g/t AuEq; metallurgical recovery assumption of 92.0% for gold and 83.0% for silver; variable mining costs that range from US$44.72–US$85.71/tonne, surface haulage costs of US$4.92/tonne, process costs of US$32.70/tonne, general and administrative costs of US$14.06/tonne, and surface/auxiliary support costs of US$3.18/tonne.
(4) Mineral Resource estimates use the following key input parameters: Assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 1.83–2.10 g/t AuEq; metallurgical recovery assumption of 92.0% for gold and 83.0% for silver; variable mining costs that range from US$57.67–US$74.45/tonne, surface haulage costs of US$4.29/tonne, process costs of US$31.06/tonne, general and administrative costs of US$15.95/tonne, and surface/auxiliary support costs of US$4.42/tonne.
(2) Assumed metal prices for 2023 Mineral Reserves were $21.00 per ounce of silver, $1,600 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead, except for Kensington at $1,850 per ounce of gold.
(2) Assumed metal prices for 2024 Mineral Reserves were $23.50 per ounce of silver, $1,800 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead, except for Kensington at $2,000 per ounce of gold.
Lead concentrate grade of 53-54%; zinc concentrate grade of 56-57%; mining costs of US$68.77/tonne; processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine.
Lead concentrate grade of 53-54%; zinc concentrate grade of 56-57%; mining costs of US$68.77/tonne; processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine. 2023 metal prices were used to determine the mineral resource which were $25.00 per ounce of silver, $1.30 per pound of zinc, $1.00 per pound of lead.
This royalty encumbers the mineral estate, including the Precambrian Mineral Estate, of much of the lands held by Wharf. • Wharf is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan EXPLORATION PROJECTS Canada (British Columbia) — Silvertip The Silvertip silver-zinc-lead exploration property owned by our wholly-owned subsidiary, Coeur Silvertip Ltd.
This royalty encumbers the mineral estate, including the Precambrian Mineral Estate, of much of the lands held by Wharf. • Wharf is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.
Therefore the 2018 Mineral Resource report is considered current and is presented unchanged. (11) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.
(11) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.
Stage: Exploration Location: Northern British Columbia, Canada (10 miles south of the Yukon Territory Border) Mine Type: Underground Metals/Mineralization: Silver, Zinc and Lead; carbonate-hosted massive sulfide deposit Product: Concentrate Ownership: 100% 29 Land Position & Mineral Tenure: • Sixty-six (66) contiguous mineral claims containing approximately 39,375 hectares (97,298 acres) and two mining leases containing approximately 1,528 hectares (3,777 acres).
Stage: Exploration Location: Northern British Columbia, Canada (10 miles south of the Yukon Territory Border) Mine Type: Underground Metals/Mineralization: Silver, Zinc and Lead; carbonate-hosted massive sulfide deposit Product: Concentrate Ownership: 100% Land Position & Mineral Tenure: • Seventy-Three (73) contiguous mineral claims containing approximately 48,998 hectares (121,076 acres), three mining leases containing approximately 1,828 hectares (4,517 acres), and approximately 681 hectares (1,683 acres) under an option agreement entered into November 2024.
(5) Mineral Reserve estimates are tabulated within a confining pit design and use the following input parameters: Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4-61.0%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cutoff of $3.01/st oxide and US$3.11/st sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%; with a net smelter return cutoff of $5.51/st for oxide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
(5) Mineral Reserve estimates are tabulated within a confining pit design and use the following input parameters: Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4-61.0%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cutoff of $3.76/ton oxide and US$3.86/ton sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%; with a net smelter return cutoff of $4.24/ton for oxide; Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%; with a net smelter return cutoff of $4.53/ton for oxide where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine (6) Mineral Reserve estimates use the following key input parameters: assumption of conventional underground mining; gold price of $2,000/oz; reported above a gold cut-off grade of 0.133 oz/ton Au; metallurgical recovery assumption of 94.2%; gold payability of 97.5%; mining dilution of 15-20%; mining loss of 12% was applied; mining costs of US$116.09/ton mined; process costs of US$55.14/ton processed; general and administrative costs of US$53.18/ton processed; sustaining capital US$4.50/ton processed; and concentrate refining and shipping costs of US$97.48/oz sold.
The royalty ranges from a rate of 1% at $400/oz gold prices to a maximum of 2.5% rate at gold prices above $475/oz. • Coeur Alaska is obligated to pay Hyak Mining Company (“Hyak”) annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S.
(“Triple Flag”) a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of: (i) 1.25% for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5% for production occurring on or after January 1, 2027. • Coeur Alaska is obligated to pay Hyak annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S.
The expansion project included the construction of a new leach pad, a crushing facility equipped with two high-pressure grinding roll units and a prescreen, a Merrill-Crowe process plant, and related infrastructure to support the extension of Rochester’s mine life. Commissioning and ramp-up are expected to be completed in the first half of 2024.
This project included the construction of a new leach pad, a three-stage crushing facility, a Merrill-Crowe process plant, and related infrastructure to support the extension of Rochester’s mine life.
Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.
Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities. Other: • A security interest in the Kensington mine has been granted in favor of the lenders under the RCF. • Coeur Alaska is obligated to pay a subsidiary of Triple Flag Precious Metals Corp.
See Risk Factors in Item 1A for additional information. 31 MINERAL RESERVES Summary Gold Mineral Reserves at End of the Fiscal Year Ended December 31, 2023 (1)(2)(3)(8) Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo (4) 100% 4,203 0.060 252 8,580 0.060 517 12,783 0.060 769 United States Rochester (5) 100% 465,919 0.002 1,135 44,524 0.002 104 510,443 0.002 1,239 Kensington (6) 100% 1,009 0.186 188 1,109 0.201 223 2,118 0.194 411 Wharf (7) 100% 5,931 0.032 188 21,318 0.027 575 27,249 0.028 763 Total Gold 477,062 0.004 1,763 75,531 0.019 1,419 552,593 0.006 3,182 Summary Silver Mineral Reserves at End of the Fiscal Year Ended December 31, 2023 (1)(2)(3)(8) Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo (4) 100% 4,203 4.21 17,698 8,580 3.88 33,283 12,783 3.99 50,981 United States Rochester (5) 100% 465,919 0.38 177,472 44,524 0.35 15,413 510,443 0.38 192,885 Total Silver 470,122 0.42 195,170 53,104 0.92 48,696 523,226 0.47 243,866 (1) Certain definitions: The term “reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination.
MINERAL RESERVES Summary Gold Mineral Reserves at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(9) Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo (4) 100% 3,473 0.059 205 8,373 0.057 475 11,845 0.057 681 Las Chispas (8) 100% 787 0.150 118 2,700 0.088 239 3,486 0.102 357 United States Rochester (5) 100% 468,432 0.002 1,116 59,123 0.003 182 527,555 0.002 1,298 Kensington (6) 100% 1,340 0.186 249 1,427 0.177 252 2,768 0.181 501 Wharf (7) 100% 6,563 0.030 199 22,993 0.024 558 29,556 0.026 757 Total Gold 480,595 0.004 1,887 94,615 0.018 1,706 575,211 0.006 3,593 Summary Silver Mineral Reserves at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(9) Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo (4) 100% 3,473 3.94 13,667 8,373 3.86 32,307 11,845 3.88 45,974 Las Chispas (8) 100% 787 16.00 12,586 2,700 7.75 20,931 3,486 9.61 33,516 United States Rochester (5) 100% 468,432 0.37 172,408 59,123 0.32 18,632 527,555 0.36 191,040 Total Silver 472,691 0.42 198,660 70,195 1.02 71,870 542,887 0.50 270,530 34 (1) Certain definitions: The term “reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination.
Removed
Other: • A security interest in the Kensington mine has been granted in favor of the lenders under the RCF. • Coeur Alaska is obligated to pay the royalty holder a scaled net smelter return royalty on 1 million troy ounces of gold production from certain deposits, after Coeur Alaska recoups the $32.5 million purchase price, plus construction and development expenditures and certain operating, exploration, and development costs.
Added
Mexico - Las Chispas The Las Chispas operation, operated by our wholly-owned subsidiary, Compania Minera La Llamarada S.A. de C.V., consists of: (1) the Las Chispas processing facility; (2) the Las Chispas underground mine; and (3) other nearby deposits and exploration targets.
Removed
(6) Mineral Reserve estimates use the following key input parameters: assumption of conventional underground mining; gold price of $1,850/oz; reported above a gold cut-off grade of 0.135 oz/st Au; metallurgical recovery assumption of 93.5%; gold payability of 97.5%; mining dilution of 20%; mining loss of 12% was applied; mining costs of US$103.67/ton mined; process costs of US$55.06/ton processed; general and administrative costs of US$55.37/ton processed; Sustaining capital US$4.50/ton processed; and concentrate refining and shipping costs of US$108.67/oz sold.
Added
The Las Chispas operation is located on the western edge of the north-trending Sierra Madre Occidental Mountain Range and is geographically adjacent to the Sonora Valley.
Removed
(9) Open Pit Mineral Resource estimates are reported in-situ and are contained within a confining pit shell and use the following key input parameters: reported above an oxide gold equivalent cutoff of 0.15 ounces per ton and 0.20 oz ounces per ton assuming a silver to gold ratio of 60:1; gold recoveries of 64%; silver recoveries of 59%; mining costs of US$3.10/ton; process costs of US$3.60/ton; general and administrative costs of $1.50/ton processed; average pit slope angles of 45º over the life-of-mine.
Added
The Las Chispas operation is located approximately 220 km miles northeast of the city of Hermosillo, in the state of Sonora in Northern Mexico at approximately 30.233902°N latitude and 110.163396°W longitude (580,500E, 3,344,500N), within the Arizpe Mining district. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 12.
Removed
The technical and economic parameters are those that were used in the 2018 Resource Estimation. Based on the QPs review of the estimate, there would be no material change to the Mineral Resource if a gold price of US$1,700/oz, a silver price of US$22/oz or economic parameters were updated.
Added
Access to the property is provided by highway leading from the city of Hermosillo in Sonora, Mexico, and 350 km southwest of Tucson, Arizona.
Added
Stage: Production Location: State of Sonora, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 3,425 net acres 31 Mineral Tenure: 27 wholly-owned mining concessions Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including mineral processing production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, waste generation, and reclamation.
Added
Major authorizations were obtained through the completion of several MIAs (Manifestación de Impacto Ambiental), permits associated with forestry vegetation disturbance of change in soil use (Cambio de Uso de Suelo en Terrenos Forestales), the required authorizations from the National Water Commission (Comisión Nacional del Agua or CONAGUA) for water resource uses, and special handling waste through the Comisión de Ecología y Desarrollo Sustentable del Estado de Sonora (CEDES).
Added
Operational standards and best management practices (BMPs) have been established to maintain compliance with applicable regulatory standards and permits. Monitoring programs are established and there is a conceptual reclamation and closure plan prepared in alignment with relevant standards (e.g., Normas Oficiales Mexicanas, NOMs) that reflects current mining, mitigation, and site facilities.
Added
Other: Compania Minera La Llamarada is obligated to pay a 2% royalty on the Nuevo Lupena and Panuco II concessions for material that has processed grades > 0.5 oz/tonnes gold and > 40 oz/tonnes silver, combined. EXPLORATION PROJECTS Canada (British Columbia) — Silvertip The Silvertip silver-zinc-lead exploration property owned by our wholly-owned subsidiary, Coeur Silvertip Ltd.
Added
(8) Mineral Reserve estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver cut-off grade of 250 g / tonne silver equivalent and an incremental development cut-off grade of 63 g / tonne AgEq; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining dilution assumes 5% for development, 1 meter to 1.5 meters of ELOS (0.5 m – 1.0 m of hanging wall and 0.25 m – 0.5 m of footwall dilution) depending on geotechnical conditions in each stoping location, 0.2 meter ELOS (0.1 m of hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.4 meter ELOS (0.2 m of hanging wall and 0.2 m of footwall dilution), 0.25 m for each exposed backfill floor, and 0.5 m for each exposed backfill wall; mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled; variable production mining costs that range from US$58.06–US$239.51/tonne, development mining costs of US$27.40/tonne, process costs of US$45.72/tonne, site general and administrative costs of US$20.70/tonne, underground general and administrative costs of US$12.81/tonne, and sustaining capital costs of US$7.64/tonne.
Added
(9) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.
Added
Therefore the 2018 Mineral Resource report is considered current and is presented unchanged.
Added
(10) Mineral Resource estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver cut-off grade of 205 g / tonne silver equivalent and an incremental development cut-off grade of 54 g / tonne AgEq; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled; variable production mining costs that range from US$58.06–US$239.51/t, development mining costs of US$27.40/t, process costs of US$45.72/t, site general and administrative costs of US$20.70/t, underground general and administrative costs of US$12.81/t, and sustaining capital costs of US$7.64/t.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+2 added−3 removed1 unchanged
Biggest changeThe issuance of the Shares was pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended. 35 STOCK PERFORMANCE CHART COMPARISON OF CUMULATIVE TOTAL RETURN AMONG COEUR MINING, S&P 500 INDEX AND PEER GROUP INDEX The following performance graph compares the performance of the Company’s common stock during the period beginning December 31, 2018 and ending December 31, 2023 to (i) S&P 500, (ii) a peer group consisting of the following companies: Alamos Gold Inc., B2Gold Corp., Centerra Gold Inc., Eldorado Gold Corporation, Endeavor Mining Corporation, First Majestic Silver Corp., Hecla Mining Company, Hochschild Mining plc, IAMGOLD Corporation, New Gold, Inc., OceanaGold Corporation, Pan American Silver Corporation, and SSR Mining Inc.
Biggest changeThe issuance of the Shares was pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended. 38 STOCK PERFORMANCE CHART COMPARISON OF CUMULATIVE TOTAL RETURN AMONG COEUR MINING, S&P 500 INDEX AND PEER GROUP INDEX The following performance graph compares the performance of the Company’s common stock during the period beginning December 31, 2019 and ending December 31, 2024 to (i) S&P 500, and (ii) the Arca Gold Miners Index (the “TSR Peer Group”), which the Company began using as its peer group index solely for purposes of the relative total stockholder return (“TSR”) calculation under the Company’s equity compensation program beginning in 2023.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol CDE. On February 19, 2024, there were 386,264,324 outstanding shares of the Company’s common stock which were held by approximately 1,079 stockholders of record.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol CDE. On February 17, 2025, there were 638,557,875 outstanding shares of the Company’s common stock which were held by approximately 1,012 stockholders of record.
Pursuant to two privately negotiated agreements dated November 10 and 11, 2023, Coeur exchanged $8.193 million aggregate principal amount of its 5.125% Senior Notes due 2029 for 3,630,625 shares of its common stock, par value $0.01 per share (the “Shares”).
Pursuant to a privately negotiated agreement dated March 14, 2024, Coeur exchanged $5.867 million aggregate principal amount of its 5.125% Senior Notes due 2029 for 1,771,651 shares of its common stock, par value $0.01 per share (the “Shares”).
Removed
(“Peer Group”) and (iii) the Arca Gold Miners Index (the “TSR Peer Group”), which the Company intends to use as its peer group index solely for purposes of the relative total stockholder return (“TSR”) calculation under the Company’s equity compensation program beginning in 2023.
Added
On February 14, the Company completed the closing of the Transaction to acquire SilverCrest. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. In connection with the Transaction, Coeur increased the authorized common shares for issuance to 900,000,000 common shares.
Removed
The Company formerly included Kirkland Lake Gold Ltd., which was acquired in 2022, and Yamana Gold Inc., which was acquired in 2023, in the Peer Group.
Added
Dec. 2019 Dec. 2020 Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Coeur Mining 100.0 128.09 62.38 41.58 40.35 70.79 S&P 500 Index 100.0 118.40 152.39 124.79 157.59 197.02 TSR Peer Group 100.0 122.50 109.18 97.97 106.60 116.35 39
Removed
Dec. 2018 Dec. 2019 Dec. 2020 Dec. 2021 Dec. 2022 Dec. 2023 Coeur Mining 100.0 180.76 231.54 112.75 75.17 72.93 S&P 500 Index 100.0 131.49 155.68 200.37 164.08 207.21 Peer Group 100.0 137.76 219.64 175.52 156.65 189.58 TSR Peer Group 100.0 139.72 171.16 152.55 136.89 148.95 36

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

94 edited+48 added−34 removed91 unchanged
Biggest changeSince acquiring Wharf in February 2015, Coeur has generated cumulative free cash flow of more than four times its original $99.5 million investment while mine life has remained strong at six years compared to the estimated five-year mine life at the time of acquisition • Silvertip drills one of its highest grade intercepts ever – Results have been received for almost half of 2023 drilling in the Southern Silver Zone at the high-grade Silvertip polymetallic exploration project in northern British Columbia, including the highest-grade intercept ever drilled at the Southern Silver Zone in this rapidly growing near area 37 Selected Financial and Operating Results Year Ended December 31, 2023 2022 2021 Financial Results: (in thousands, except per share amounts) Gold sales $ 575,677 $ 572,877 $ 578,911 Silver sales $ 245,529 $ 212,759 $ 253,917 Consolidated Revenue $ 821,206 $ 785,636 $ 832,828 Net income (loss) $ (103,612) $ (78,107) $ (31,322) Net income (loss) per share, diluted $ (0.30) $ (0.28) $ (0.13) Adjusted net income (loss) (1) $ (78,048) $ (89,059) $ (1,393) Adjusted net income (loss) per share, diluted (1) $ (0.23) $ (0.32) $ (0.01) EBITDA (1) $ 60,465 $ 72,038 $ 148,402 Adjusted EBITDA (1) $ 142,302 $ 138,954 $ 216,112 Total debt (2) $ 545,310 $ 515,933 $ 487,501 Operating Results: Gold ounces produced 317,671 330,346 348,529 Silver ounces produced 10,250,906 9,816,680 10,068,112 Gold ounces sold 315,511 329,968 350,347 Silver ounces sold 10,140,405 9,771,724 10,133,837 Average realized price per gold ounce $ 1,825 $ 1,736 $ 1,652 Average realized price per silver ounce $ 24.21 $ 21.77 $ 25.06 (1) See “Non-GAAP Financial Performance Measures.” (2) Includes finance leases.
Biggest changeThese ranges reflect the expected benefit of the recently acquired Las Chispas operation and the first full-year of production from the newly expanded Rochester operation totaling 7.0 - 8.3 million silver ounces and 60,000 - 75,000 gold ounces, representing year-over-year expected increases of 75% and 72%, respectively 40 Selected Financial and Operating Results Year Ended December 31, 2024 2023 2022 Financial Results: (in thousands, except per share amounts) Gold sales $ 734,861 $ 575,677 $ 572,877 Silver sales $ 319,145 $ 245,529 $ 212,759 Consolidated Revenue $ 1,054,006 $ 821,206 $ 785,636 Net income (loss) $ 58,900 $ (103,612) $ (78,107) Net income (loss) per share, diluted $ 0.15 $ (0.30) $ (0.28) Adjusted net income (loss) (1) $ 70,117 $ (78,048) $ (89,059) Adjusted net income (loss) per share, diluted (1) $ 0.18 $ (0.23) $ (0.32) EBITDA (1) $ 302,600 $ 60,465 $ 72,038 Adjusted EBITDA (1) $ 339,152 $ 142,302 $ 138,954 Total debt (2) $ 590,058 $ 545,310 $ 515,933 Operating Results: Gold ounces produced 341,582 317,671 330,346 Silver ounces produced 11,389,519 10,250,906 9,816,680 Gold ounces sold 340,816 315,511 329,968 Silver ounces sold 11,418,821 10,140,405 9,771,724 Average realized price per gold ounce $ 2,156 $ 1,825 $ 1,736 Average realized price per silver ounce $ 27.95 $ 24.21 $ 21.77 (1) See “Non-GAAP Financial Performance Measures”.
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.
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.
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.
Revenue for the year ended December 31, 2023 compared to the year ended December 31, 2022 increased by $35.6 million, of which $53.0 was due to higher average realized gold and silver prices, partially offset $17.4 million as a result of lower volume of gold sales.
Revenue for the year ended December 31, 2023 compared to the year ended December 31, 2022 increased by $35.6 million, of which $53.0 million was due to higher average realized gold and silver prices, partially offset $17.4 million as a result of lower volume of gold sales.
Cash Used in Investing Activities Net cash used in investing activities in the year ended December 31, 2023 was $303.7 million compared to $146.2 million in the year ended December 31, 2022.
Net cash used in investing activities in the year ended December 31, 2023 was $303.7 million compared to $146.2 million in the year ended December 31, 2022.
Cash Provided by Financing Activities Net cash provided by financing activities in the year ended December 31, 2023 was $236.1 million compared to $125.0 million in the year ended December 31, 2022.
Net cash provided by financing activities in the year ended December 31, 2023 was $236.1 million compared to $125.0 million in the year ended December 31, 2022.
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.
Management’s determination of the components of Adjusted net income (loss ) is 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 February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately 2 years so that it now matures in February 2027, (2) increases the RCF by $10 million from $390 million to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100.0 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.
The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF by $10 million from $390 million to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.
Gold and silver prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing.
Gold and silver prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors that may affect the key assumptions used in the Company’s impairment testing.
For a complete discussion of costs applicable to sales, see Results of Operations below. 38 Amortization Amortization decreased $11.8 million, or 11%, primarily due to a decrease in gold ounces sold and longer assumed mine life at Kensington, partially offset by the commencement of production of the new leach pad in mid-September 2023 at Rochester.
For a complete discussion of costs applicable to sales, see Results of Operations below. Amortization Amortization decreased $11.8 million, or 11%, primarily due to a decrease in gold ounces sold and longer assumed mine life at Kensington, partially offset by the commencement of production of the new leach pad in mid-September 2023 at Rochester.
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.
We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, as well as 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.
For a discussion of estimates and assumptions used by management that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of 51 revenue and expenses during the reporting period, and mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.
For a discussion of estimates and assumptions used by management that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of revenue and expenses during the reporting period, and mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.
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 $103.6 million, or $0.30 per diluted share, compared to $78.1 million, or $0.28 per diluted share.
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 Income (Loss) Net loss was $103.6 million, or $0.30 per diluted share, compared to $78.1 million, or $0.28 per diluted share.
These estimates involve assumptions regarding future silver and gold prices, mine geology, mining methods and the related costs to develop and mine the reserves. Changes in these assumptions could result in material adjustments to the Company’s reserve estimates. The Company uses reserve estimates in determining the units-of-production amortization and evaluating mine assets for potential impairment.
These 54 estimates involve assumptions regarding future silver and gold prices, mine geology, mining methods and the related costs to develop and mine the reserves. Changes in these assumptions could result in material adjustments to the Company’s reserve estimates. The Company uses reserve estimates in determining the units-of-production amortization and evaluating mine assets for potential impairment.
This was partially offset by a 4% increase in silver ounces sold, a 5% and 11% increase in average realized gold and silver prices, respectively, favorable changes in the fair value of the Company’s equity investments, and a $3.4 million 40 gain in connection with the exchange of 2029 Senior Notes.
This was partially offset by a 4% increase in silver ounces sold, a 5% and 11% increase in average realized gold and silver prices, respectively, favorable changes in the fair value of the Company’s equity investments, and a $3.4 million gain in connection with the exchange of 2029 Senior Notes.
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.
These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. 57 Adjusted Net Income (Loss) Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations.
In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies 53 in each tax jurisdiction.
In evaluating the realizability of the deferred tax assets, management considers both positive and negative evidence that may exist, such as earnings history, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies in each tax jurisdiction.
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) Costs applicable to sales $ 194,309 $ 171,271 $ 152,659 $ 114,657 $ — $ 632,896 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 Costs applicable to sales Gold ($/oz) $ 961 $ 2,138 $ 1,797 $ 1,159 Silver ($/oz) $ 15.17 $ 26.67 $ — 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) $ 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) Costs applicable to sales $ 194,309 $ 171,271 $ 152,659 $ 114,657 $ — $ 632,896 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 Costs applicable to sales Gold ($/oz) $ 961 $ 2,138 $ 1,797 $ 1,159 $ 1,388 Silver ($/oz) $ 15.17 $ 26.67 $ — $ 19.06 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.
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.
Adjusted EBITDA is the basis of 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.
The Company incurred capital expenditures of $364.6 million in the year ended December 31, 2023 compared with $352.4 million in the year ended December 31, 2022 primarily related to POA 11 construction activities at Rochester and underground development at Palmarejo and Kensington in both periods.
The Company incurred capital expenditures of $364.6 million in the year ended December 31, 2023 compared with $352.4 million in the year ended December 31, 2022 primarily related to construction activities at Rochester and underground development at Palmarejo and Kensington in both periods.
Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected in earnings in the period an estimate is revised. See Note 10 -- Reclamation in the notes to the Consolidated Financial Statements for additional information.
Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected in earnings in the period an estimate is revised. See Note 9 -- Reclamation in the notes to the Consolidated Financial Statements for additional information.
Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 14 -- Derivative Financial Instruments and Hedging Activities for additional information. Income and Mining Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740.
Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 13 -- Derivative Financial Instruments and Hedging Activities for additional information. 56 Income and Mining Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740.
Refer to Note 11 -- Income and Mining Taxes for further discussion on our assertion. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions.
Refer to Note 10 -- Income and Mining Taxes for further discussion on our assertion. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions.
The following tables 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.
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.
The following table summarizes consolidated metal sales: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2023 2022 Gold sales $ 575,677 $ 572,877 $ 2,800 — % Silver sales 245,529 212,759 32,770 15 % Metal sales $ 821,206 $ 785,636 $ 35,570 5 % Costs Applicable to Sales Costs applicable to sales increased $26.4 million, or 4%, primarily due to the increase in ounces sold at Rochester and Wharf and higher operating costs at Palmarejo partially offset by lower net realizable value (“LCM”) adjustments at Rochester.
The following table summarizes consolidated metal sales: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2023 2022 Gold sales $ 575,677 $ 572,877 $ 2,800 — % Silver sales 245,529 212,759 32,770 15 % Metal sales $ 821,206 $ 785,636 $ 35,570 5 % Costs Applicable to Sales Costs applicable to sales increased $26.4 million, or 4%, primarily due to the increase in ounces sold at Rochester and Wharf and higher operating costs at Palmarejo partially offset by lower LCM adjustments at Rochester.
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.
Year Ended December 31, 2024 In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S.
Silvertip Year Ended December 31, 2023 Ongoing carrying costs at Silvertip totaled $15.6 million in 2023 and $21.0 million in the prior year. Capital expenditures in 2023 totaled $2.9 million compared to $24.8 million in the prior year due to planned reduction in capital development expenditures.
Capital expenditures in 2024 totaled $3.6 million. Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Ongoing carrying costs at Silvertip totaled $15.6 million in 2023 and $21.0 million in the prior year. Capital expenditures in 2023 totaled $2.9 million compared to $24.8 million in the prior year due to planned reduction in capital development expenditures.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Year ended December 31, 2023 2022 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (107,021) $ (6,956) $ (107,477) $ 2,516 Canada (33,574) (848) (32,249) (51) Mexico 72,697 (27,352) 77,316 (17,123) Other jurisdictions (558) — (1,039) — $ (68,456) $ (35,156) $ (63,449) $ (14,658) 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.
Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. 45 The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Year ended December 31, 2023 2022 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (107,021) $ (6,956) $ (107,477) $ 2,516 Canada (33,574) (848) (32,249) (51) Mexico 72,697 (27,352) 77,316 (17,123) Other jurisdictions (558) — (1,039) — $ (68,456) $ (35,156) $ (63,449) $ (14,658) 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.
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.
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 IFRS Accounting Standards.
Fair value adjustments, net, increased to a gain of $3.4 million compared to $66.7 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 $14.6 million) increased to $29.1 million from $23.9 million.
Fair value adjustments, net, increased to a gain of $3.4 million compared to $66.7 million loss as a result of an increase in value of the Company’s equity investments. Interest expense (net of capitalized interest of $14.6 million) increased to $29.1 million from $23.9 million.
The following table summarizes pre-development, reclamation, and other expenses: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2023 2022 COVID-19 $ 111 $ 1,739 $ (1,628) (94) % Silvertip ongoing carrying costs 15,616 20,963 (5,347) (26) % (Gain) loss on sale of assets 12,879 (640) 13,519 (2,112) % Asset retirement accretion 16,405 14,232 2,173 15 % Other 9,625 4,353 5,272 121 % Pre-development, reclamation and other expense $ 54,636 $ 40,647 $ 13,989 34 % Other Income and Expenses During the year ended December 31, 2023, the Company incurred a $3.4 million gain in connection with the exchange of $76.0 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 25.2 million shares of common stock.
The following table summarizes pre-development, reclamation, and other expenses: 44 Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2023 2022 Silvertip ongoing carrying costs $ 15,616 $ 20,963 $ (5,347) (26) % Loss on sale of assets 12,879 (640) 13,519 (2,112) % Asset retirement accretion 16,405 14,232 2,173 15 % Other 9,736 6,092 3,644 60 % Pre-development, reclamation and other expense $ 54,636 $ 40,647 $ 13,989 34 % Other Income and Expenses During the year ended December 31, 2023, the Company incurred a $3.4 million gain in connection with the exchange of $76.0 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 25.2 million shares of common stock.
Costs applicable to sales per gold and silver ounces increased 9% and 16%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and unfavorable impact of a strengthening Mexican Peso on employee-related and electricity costs. Amortization increased by $0.3 million to $35.7 million.
Costs applicable to sales per gold and silver ounces increased 9% and 16%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and unfavorable impact of foreign exchange rates on employee-related and electricity costs. Amortization increased by $0.3 million to $35.7 million.
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) Costs applicable to sales $ 182,576 $ 165,166 $ 155,725 $ 103,063 $ — $ 606,530 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 Costs applicable to sales Gold ($/oz) $ 886 $ 2,403 $ 1,423 $ 1,283 Silver ($/oz) $ 13.09 $ 27.26 $ — Year Ended December 31, 2021 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) Costs applicable to sales $ 182,576 $ 165,166 $ 155,725 $ 103,063 $ — $ 606,530 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 Costs applicable to sales Gold ($/oz) $ 886 $ 2,403 $ 1,423 $ 1,283 $ 1,317 Silver ($/oz) $ 13.09 $ 27.26 $ — $ 17.50 61 Reconciliation of Costs Applicable to Sales for 2025 Guidance In thousands (except metal sales and per ounce amounts) Las Chispas Palmarejo Rochester Kensington Wharf Costs applicable to sales, including amortization (U.S.
Capital expenditures increased to $53.3 million from $31.5 million due to the elevated level of investment associated with the multi-year underground development and exploration program designed to potentially extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025.
Capital expenditures increased to $53.3 million from $31.5 million due to the elevated level of investment associated with the multi-year underground development and exploration program aimed at extending and enhancing the mine life, which began in 2022 and is expected to be completed in 2025.
This compares to income tax expense of $35.0 million for an effective tax rate of 961.4% for 2021.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) percentage depletion; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) the non-recognition of tax assets.
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) mining taxes; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) foreign exchange rates; (v) Mexico mining tax rate increase; (vi) percentage depletion; (vii) the sale of non-core assets; and (viii) the impact of uncertain tax positions.
This could have a material adverse impact on the Company, as discussed in more detail under Item 1A – Risk Factors. Cash Provided by Operating Activities Net cash provided by operating activities for the year ended December 31, 2023 was $67.3 million, compared to $25.6 million for the year ended December 31, 2022.
This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”. Cash Provided by Operating Activities Net cash provided by operating activities for the year ended December 31, 2024 was $174.2 million, compared to $67.3 million for the year ended December 31, 2023.
Adjusted EBITDA for the year ended December 31, 2023 was $142.3 million, compared to $139.0 million for the year ended December 31, 2022 (see “Non-GAAP Financial Performance Measures”).
Adjusted EBITDA for the year ended December 31, 2024 was $339.2 million, compared to $142.3 million for the year ended December 31, 2023 (see “Non-GAAP Financial Performance Measures”).
Liquidity and Capital Resources At December 31, 2023, the Company had $63.4 million of cash, cash equivalents and restricted cash and $185.4 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants.
Liquidity and Capital Resources At December 31, 2024, the Company had $56.9 million of cash, cash equivalents and restricted cash and $175.7 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants.
In July 2023, the Company completed the sale of 8,276,154 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 $28.7 million, of which $7.8 million represents net proceeds received in excess of the Company’s average price (“FT Premium Liability”).
In March 2024, the Company completed the sale of 7,704,725 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 approximately $23.7 million, of which $0.9 million represents net proceeds received in excess of the Company’s average price (“FT Premium Liability”).
Guidance figures exclude the impact of any metal sales or foreign exchange hedges. 44 Results of Operations Palmarejo Year Ended December 31, 2023 2022 2021 Tons milled 2,008,459 2,197,808 2,106,741 Average gold grade (oz/t) 0.05 0.05 0.06 Average silver grade (oz/t) 3.97 3.63 3.93 Average recovery rate – Au 91.1 % 92.1 % 92.8 % Average recovery rate – Ag 82.7 % 84.2 % 84.2 % Gold ounces produced 100,605 106,782 109,202 Silver ounces produced 6,591,590 6,708,689 6,820,589 Gold ounces sold 99,043 107,157 108,806 Silver ounces sold 6,534,469 6,695,454 6,805,816 CAS per gold ounce (1) $ 961 $ 886 $ 664 CAS per silver ounce (1) $ 15.17 $ 13.09 $ 11.97 (1) See Non-GAAP Financial Performance Measures.
Guidance figures exclude the impact of any metal sales or foreign exchange hedges. 47 Results of Operations Palmarejo Year Ended December 31, 2024 2023 2022 Tons milled 1,762,779 2,008,459 2,197,808 Average gold grade (oz/t) 0.07 0.05 0.05 Average silver grade (oz/t) 4.52 3.97 3.63 Average recovery rate – Au 93.0 % 91.1 % 92.1 % Average recovery rate – Ag 85.0 % 82.7 % 84.2 % Gold ounces produced 108,666 100,605 106,782 Silver ounces produced 6,779,659 6,591,590 6,708,689 Gold ounces sold 108,783 99,043 107,157 Silver ounces sold 6,796,715 6,534,469 6,695,454 CAS per gold ounce (1) $ 898 $ 961 $ 886 CAS per silver ounce (1) $ 14.38 $ 15.17 $ 13.09 (1) See Non-GAAP Financial Performance Measures.
Other, net decreased to a loss of $7.5 million compared to a gain of $66.3 million as a result of the $12.3 million loss recognized from the sale of La Preciosa Deferred Consideration 2023 and the $62.2 million gain recognized in connection with the sale of the Sterling/Crown exploration properties in 2022. 39 Income and Mining Taxes The Company’s Income and mining tax (expense) benefit consisted of: Year Ended December 31, In thousands 2023 2022 Income and mining tax (expense) benefit at statutory rate $ 14,376 $ 13,249 State tax provision from continuing operations 4,859 2,871 Change in valuation allowance (36,778) (36,670) Percentage depletion 5,649 3,538 Uncertain tax positions 6 655 U.S. and foreign permanent differences (3,056) 365 Foreign exchange rates 1,179 (145) Foreign inflation and indexing 3,077 2,897 Foreign tax rate differences (3,911) (4,994) Mining, foreign withholding, and other taxes (18,265) (11,070) Sale of non-core assets (1,322) 15,447 Other, net (970) (801) Income and mining tax (expense) benefit $ (35,156) $ (14,658) Income and mining tax expense of approximately $35.2 million resulted in an effective tax rate of 51.4% for 2023.
Income and Mining Taxes The Company’s Income and mining tax (expense) benefit consisted of: Year Ended December 31, In thousands 2023 2022 Income and mining tax (expense) benefit at statutory rate $ 14,376 $ 13,249 State tax provision from continuing operations 4,859 2,871 Change in valuation allowance (36,778) (36,670) Percentage depletion 5,649 3,538 Uncertain tax positions 6 655 U.S. and foreign permanent differences (3,056) 365 Foreign exchange rates 1,179 (145) Foreign inflation and indexing 3,077 2,897 Foreign tax rate differences (3,911) (4,994) Foreign withholding and other taxes (1,381) 169 Mining Taxes (16,884) (11,239) Sale of non-core assets (1,322) 15,447 Other, net (970) (801) Income and mining tax (expense) benefit $ (35,156) $ (14,658) Income and mining tax expense of approximately $35.2 million resulted in an effective tax rate of 51.4% for 2023.
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. 2023 Highlights For the full year 2023, Coeur reported revenue of $821.2 million and cash provided by operating activities of $67.3 million. We reported GAAP net loss of $103.6 million, or $0.30 per diluted share.
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. 2024 Highlights For the full year 2024, Coeur reported revenue of $1.1 billion and cash provided by operating activities of $174.2 million. We reported GAAP net income of $58.9 million, or $0.15 per diluted share.
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 $0.28 per diluted share, compared to $31.3 million, or $0.13 per diluted share.
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”. 43 Net Income (Loss) Net income was $58.9 million, or $0.15 per diluted share, compared to a net loss of $103.6 million, or $0.30 per diluted share.
Net of debt issuance costs and premium received. Consolidated Financial Results Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Revenue We sold 315,511 gold ounces and 10.1 million silver ounces, compared to 329,968 gold ounces and 9.8 million silver ounces.
Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Revenue We sold 315,511 gold ounces and 10.1 million silver ounces, compared to 329,968 gold ounces and 9.8 million silver ounces.
Reclamation The Company recognizes obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made.
The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made.
Adjusted EBITDA is reconciled to Net income (loss) in the following table: 55 Year Ended December 31, In thousands except per share amounts 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 Asset retirement obligation accretion 16,405 14,232 11,988 Inventory adjustments and write-downs 43,188 49,085 14,738 (Gain) loss on sale of assets and securities 25,197 (64,429) (4,111) RMC bankruptcy distribution (1,516) (1,651) — VAT write-off — — 25,982 Loss on debt extinguishment — — 9,173 Gain on debt extinguishment (3,437) — — COVID-19 costs 111 1,739 6,618 Other adjustments 4,814 422 — Adjusted EBITDA $ 142,302 $ 138,954 $ 216,112 Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations.
Adjusted EBITDA is reconciled to Net income (loss) in the following table: 58 Year Ended December 31, In thousands 2024 2023 2022 Net income (loss) $ 58,900 $ (103,612) $ (78,107) Interest expense, net of capitalized interest 51,276 29,099 23,861 Income tax provision (benefit) 67,450 35,156 14,658 Amortization 124,974 99,822 111,626 EBITDA 302,600 60,465 72,038 Fair value adjustments, net — (3,384) 66,668 Foreign exchange (gain) loss (4,753) 459 850 Asset retirement obligation accretion 16,778 16,405 14,232 Inventory adjustments and write-downs 8,042 43,188 49,085 (Gain) loss on sale of assets and securities 4,250 25,197 (64,429) RMC bankruptcy distribution (1,294) (1,516) (1,651) (Gain) loss on debt extinguishment (417) (3,437) — Transaction costs 8,517 — — Other adjustments 5,429 4,925 2,161 Adjusted EBITDA $ 339,152 $ 142,302 $ 138,954 Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations.
Capital expenditures increased to $246.4 million from $166.5 million due to planned payments related to the POA 11 expansion project and equipment purchases. 46 Kensington Year ended December 31, 2023 2022 2021 Tons milled 651,576 700,346 667,560 Average gold grade (oz/t) 0.14 0.17 0.19 Average recovery rate 91.9 % 92.5 % 93.2 % Gold ounces produced 84,789 109,061 121,140 Gold ounces sold 84,671 108,972 122,181 CAS per gold ounce (1) $ 1,797 $ 1,423 $ 1,086 (1) See Non-GAAP Financial Performance Measures.
Capital expenditures increased to $263.4 million from $246.4 million due to timing of payments related to the Rochester expansion project. 49 Kensington Year ended December 31, 2024 2023 2022 Tons milled 699,037 651,576 700,346 Average gold grade (oz/t) 0.15 0.14 0.17 Average recovery rate 91.3 % 91.9 % 92.5 % Gold ounces produced 95,671 84,789 109,061 Gold ounces sold 95,361 84,671 108,972 CAS per gold ounce (1) $ 1,655 $ 1,797 $ 1,423 (1) See Non-GAAP Financial Performance Measures.
During the year ended December 31, 2022, the Company drew $15.0 million, net, from the RCF and received net proceeds of $147.4 million from the sale of 36.8 million shares of its common stock in the March Equity Offering and the December Equity Offering.
During the year ended December 31, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $20.0 million, net, from the RCF.
Net cash provided by financing activities in the year ended December 31, 2022 was $125.0 million compared to $158.1 million in the year ended December 31, 2021.
Cash Provided by Financing Activities Net cash provided by financing activities in the year ended December 31, 2024 was $13.9 million compared to $236.1 million in the year ended December 31, 2023.
Amortization decreased to $6.7 million due to higher grade and tons placed and the favorable impact of a longer mine life. Capital expenditures were $2.5 million. 47 Year Ended December 31, 2022 compared to Year Ended December 31, 2021 Gold production decreased 12% driven by lower grades.
Amortization decreased to $6.7 million due to higher grade and tons placed and the favorable impact of a longer mine life. Capital expenditures were $2.5 million.
After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine.
Adjusted net income (loss) is reconciled to Net income (loss) in the following table: 54 Year Ended December 31, In thousands except per share amounts 2023 2022 2021 Net income (loss) $ (103,612) $ (78,107) $ (31,322) Fair value adjustments, net (3,384) 66,668 543 Foreign exchange loss (gain) 1,994 1,648 1,994 (Gain) loss on sale of assets and securities 25,197 (64,429) (4,111) RMC bankruptcy distribution (1,516) (1,651) — VAT write-off — — 25,982 Loss on debt extinguishment — — 9,173 Gain on debt extinguishment (3,437) — — COVID-19 costs 111 1,739 6,618 Other adjustments 4,814 422 — Tax effect of adjustments (1) 1,785 (15,349) (10,270) Adjusted net income (loss) $ (78,048) $ (89,059) $ (1,393) Adjusted net income (loss) per share, Basic $ (0.23) $ (0.32) $ (0.01) Adjusted net income (loss) per share, Diluted $ (0.23) $ (0.32) $ (0.01) (1) For the year ended December 31, 2023, tax effect of adjustments of $1.8 million (8%) is primarily related to the loss on the sale of the La Preciosa Deferred Consideration.
Adjusted net income (loss) is reconciled to Net income (loss) in the following table: Year Ended December 31, In thousands except per share amounts 2024 2023 2022 Net income (loss) $ 58,900 $ (103,612) $ (78,107) Fair value adjustments, net — (3,384) 66,668 Foreign exchange loss (gain) (4,448) 1,994 1,648 (Gain) loss on sale of assets and securities 4,250 25,197 (64,429) RMC bankruptcy distribution (1,294) (1,516) (1,651) (Gain) loss on debt extinguishment (417) (3,437) — Transaction costs 8,517 — — Other adjustments 5,429 4,925 2,161 Tax effect of adjustments (1) (820) 1,785 (15,349) Adjusted net income (loss) $ 70,117 $ (78,048) $ (89,059) Adjusted net income (loss) per share, Basic $ 0.18 $ (0.23) $ (0.32) Adjusted net income (loss) per share, Diluted $ 0.18 $ (0.23) $ (0.32) (1) For the year ended December 31, 2024, tax effect of adjustments of $(0.8) million (-5%) are primarily related to the RMC bankruptcy distribution, and nonrecurring expenses at Palmarejo.
Adjusted net loss was $89.1 million, or $0.32 per diluted share, compared to $1.4 million, or $0.01 per diluted share (see “Non-GAAP Financial Performance Measures”). 2024 Guidance Gold and silver production is expected to increase compared to 2023, driven by the commissioning and ramp-up of the Rochester expansion.
Adjusted net loss was $78.0 million, or $0.23 per diluted share, compared to $89.1 million, or $0.32 per diluted share (see “Non-GAAP Financial Performance Measures”). 2025 Guidance Gold and silver production is expected to increase 20% and 62%, respectively, compared to 2024 based on the midpoint of guidance ranges.
Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. 52 The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis.
Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. As of December 31, 2023, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 25,659 and 3.9 million, respectively.
Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.
Capital expenditures decreased to $41.8 million from $42.6 million due to lower capitalized exploration expenditures partially offset by higher open pit backfill project and underground development expenditures.
Capital expenditures decreased to $30.6 million from $41.8 million due to lower underground development expenditures and the completion of the open pit backfill project in 2023.
Wharf Year ended December 31, 2023 2022 2021 Tons placed 4,743,469 4,506,849 4,702,882 Average gold grade (oz/t) 0.026 0.021 0.027 Gold ounces produced 93,502 79,768 91,136 Silver ounces produced 267,786 46,067 89,506 Gold ounces sold 93,348 79,469 91,663 Silver ounces sold 266,156 47,284 86,397 CAS per gold ounce (1) $ 1,159 $ 1,283 $ 997 (1) See Non-GAAP Financial Performance Measures.
Wharf Year ended December 31, 2024 2023 2022 Tons placed 5,003,935 4,743,469 4,506,849 Average gold grade (oz/t) 0.031 0.026 0.021 Gold ounces produced 98,042 93,502 79,768 Silver ounces produced 232,013 267,786 46,067 Gold ounces sold 98,327 93,348 79,469 Silver ounces sold 232,728 266,156 47,284 CAS per gold ounce (1) $ 935 $ 1,159 $ 1,283 (1) See Non-GAAP Financial Performance Measures. 50 Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Gold production increased 5% driven by higher tons placed and grade placed on the pads, and timing of recoveries.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current.
The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. 55 The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current.
Net cash provided by operating activities was impacted by the following key factors for the applicable periods: Year Ended December 31, In thousands 2023 2022 2021 Cash flow before changes in operating assets and liabilities $ 58,827 $ 71,862 $ 145,615 Changes in operating assets and liabilities: Receivables 933 4,452 (983) Prepaid expenses and other (461) 240 489 Inventories (47,592) (51,448) (27,628) Accounts payable and accrued liabilities 55,581 510 (7,011) Cash provided by (used in) operating activities $ 67,288 $ 25,616 $ 110,482 49 Net cash provided by operating activities increased $41.7 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily due to a 4% increase in silver ounces sold and a 5% and 11% increase in average realized gold and silver prices, the receipt of $55.0 million of prepayments at Kensington, Rochester and Wharf in December 2023, and the receipt of $7.8 million FT Premium Liability, partially offset by a 4% decrease in gold ounces sold, higher operating costs, and timing of VAT collections at Palmarejo.
Net cash provided by operating activities was impacted by the following key factors for the applicable periods: 52 Year Ended December 31, In thousands 2024 2023 2022 Cash flow before changes in operating assets and liabilities $ 162,359 $ 58,827 $ 71,862 Changes in operating assets and liabilities: Receivables (504) 933 4,452 Prepaid expenses and other 2,777 (461) 240 Inventories (69,640) (47,592) (51,448) Accounts payable and accrued liabilities 79,242 55,581 510 Cash provided by operating activities $ 174,234 $ 67,288 $ 25,616 Net cash provided by operating activities increased $106.9 million for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to a 8% and 13% increase in gold and silver ounces sold, respectively, a 18% and 15% increase in average realized gold and silver prices, respectively, partially offset by higher ore placed on leach pads at Rochester and Wharf, lower prepaid revenue at Kensington and increased exploration, general and administrative, interest and income and mining tax expense.
The Company incurred capital expenditures of $352.4 million in the year ended December 31, 2022 compared with $309.8 million in the year ended December 31, 2021. Capital expenditures in the year ended December 31, 2022 were primarily related to POA 11 construction activities at Rochester and underground development at Palmarejo and Kensington.
The Company incurred capital expenditures of $183.2 million in the year ended December 31, 2024 compared with $364.6 million in the year ended December 31, 2023 primarily related to expansion construction and ramp-up activities at Rochester and underground development and exploration at Palmarejo and Kensington in both periods.
Net cash provided by operating activities decreased $84.9 million for the year ended December 31, 2022 compared to the year ended December 31, 2021, primarily due to a 6% and 4% decrease in lower gold and silver ounces sold, respectively, a 13% decrease in average realized silver prices, and higher operating costs, partially offset by a 5% increase in average realized gold prices driven by the favorable impact of realized gains from gold hedges, lower exploration costs, timing of VAT collections at Palmarejo, and lower Silvertip ongoing carrying costs.
Net cash provided by operating activities increased $41.7 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily due to a 4% increase in silver ounces sold and a 5% and 11% increase in average realized gold and silver prices, the receipt of $55.0 million of prepayments at Kensington, Rochester and Wharf in December 2023, and the receipt of $7.8 million FT Premium Liability, partially offset by a 4% decrease in gold ounces sold, higher operating costs, and timing of VAT collections at Palmarejo.
We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer-term.
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 cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2025 capital expenditure guidance.
Revenue for the year ended December 31, 2022 compared to the year ended December 31, 2021 decreased by $47.2 million, of which $43.3 million was due to a lower volume of gold and silver sales and $3.9 million was due to lower average realized silver prices.
Revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 increased by $232.8 million, of which $142.5 million as the result of higher average gold and silver prices and $90.3 million was due to higher volume of gold sales.
Other, net increased to a gain of $66.3 million compared to a loss of $27.0 million in 2021, as a result of the $62.2 million gain recognized in connection with the sale of the Sterling/Crown exploration properties and a write-down of a $26.0 million Mexican VAT receivable in 2021 due to uncertain collectability.
Other, net decreased to a loss of $7.5 million compared to a gain of $66.3 million as a result of the $12.3 million loss recognized from the sale of La Preciosa Deferred Consideration 2023 and the $62.2 million gain recognized in connection with the sale of the Sterling/Crown exploration properties in 2022.
Revenue decreased by $12.5 million, or 6%, of which $24.2 million resulted from lower gold production, partially offset by an increase of $11.7 million due to higher average realized gold prices. Costs applicable to sales per gold ounce increased 31% due to lower production and higher employee-related, maintenance, diesel and other consumable costs primarily due to inflationary pressures.
Revenue increased by $62.7 million, or 39%, of which $37.5 million was due to higher average realized gold prices and $25.2 million resulting from a higher volume of gold production. Costs applicable to sales per gold ounce decreased 8% due to higher production, and lower labor and diesel costs, partially offset by higher outside service and royalty costs.
Revenue decreased by $16.8 million, or 5%, of which $12.0 million was due to lower average realized silver prices and $4.8 million resulting from lower gold and silver production.
Revenue increased by $59.8 million, or 38%, of which $30.3 million was due to higher average realized gold and silver prices and $29.5 million was attributable to a higher volume of gold and silver production.
For the year ended December 31, 2021, tax effect of adjustments of $10.3 million (-27%) is primarily related to the VAT write-off. 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.
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.
Capital expenditures increased to $42.6 million from $36.5 million due to higher underground development, infill drilling activities and flotation and thickener equipment purchases. 45 Rochester Year ended December 31, 2023 2022 2021 Tons placed 11,388,657 14,919,803 13,687,536 Average gold grade (oz/t) 0.003 0.003 0.002 Average silver grade (oz/t) 0.45 0.41 0.42 Gold ounces produced 38,775 34,735 27,051 Silver ounces produced 3,391,530 3,061,924 3,158,017 Gold ounces sold 38,449 34,370 27,697 Silver ounces sold 3,339,780 3,028,986 3,241,624 CAS per gold ounce (1) $ 2,138 $ 2,403 $ 1,801 CAS per silver ounce (1) $ 26.67 $ 27.26 $ 25.10 (1) See Non-GAAP Financial Performance Measures.
Capital expenditures decreased to $41.8 million from $42.6 million due to lower capitalized exploration expenditures partially offset by higher open pit backfill project and underground development expenditures. 48 Rochester Year ended December 31, 2024 2023 2022 Tons placed (1) 23,529,814 11,388,657 14,919,803 Average gold grade (oz/t) 0.002 0.003 0.003 Average silver grade (oz/t) 0.52 0.45 0.41 Gold ounces produced 39,203 38,775 34,735 Silver ounces produced 4,377,847 3,391,530 3,061,924 Gold ounces sold 38,345 38,449 34,370 Silver ounces sold 4,389,378 3,339,780 3,028,986 CAS per gold ounce (2) $ 1,693 $ 2,138 $ 2,403 CAS per silver ounce (2) $ 20.43 $ 26.67 $ 27.26 (1) During the year ended December 31, 2024, 21.5 million and 2.0 million tons of ore were placed on the new leach pad and legacy leach pad, respectively.
Metal sales were $150.0 million, or 19% of Coeur’s metal sales, compared to $166.7 million, or 20% of Coeur’s metal sales. Revenue decreased by $16.7 million, or 10%, of which $23.8 million was due to a lower gold production, partially offset by an increase of $7.1 million due to higher average realized gold prices.
Metal sales were $234.0 million, or 22% of Coeur’s metal sales, compared to $189.5 million, or 23% of Coeur’s metal sales. Revenue increased by $44.5 million, or 23%, of which $33.9 million attributable to higher average realized gold prices and $10.6 million was due to a higher gold production.
Additionally, the below exploration expense guidance excludes $15 - $20 million of underground mine development and support costs associated with Silvertip. 2024 Production Guidance Gold Silver (oz) (K oz) Palmarejo 95,000 - 103,000 5,900 - 6,700 Rochester 37,000 - 50,000 4,800 - 6,600 Kensington 92,000 - 106,000 — Wharf 86,000 - 96,000 — Total 310,000 - 355,000 10,700 - 13,300 43 2024 Costs Applicable to Sales Guidance Gold Silver ($/oz) ($/oz) Palmarejo (co-product) $1,075 - $1,275 $16.50 - $17.50 Second Half 2024 Rochester (co-product) $1,200 - $1,400 $14.00 - $16.00 Kensington $1,525 - $1,725 — Wharf (by-product) $1,100 - $1,200 — 2024 Capital, Exploration and G&A Guidance ($M) Capital Expenditures, Sustaining $116 - $158 Capital Expenditures, Development $19 - $26 Exploration, Expensed $40 - $50 Exploration, Capitalized $7 - $13 General & Administrative Expenses $36 - $40 Note: The Company’s guidance figures assume estimated prices of $2,000/oz gold and $23.75/oz silver as well as CAD of 1.25 and MXN of 17.00.
Additionally, Las Chispas cost guidance excludes the effects of the SilverCrest purchase price allocation. 2025 Production Guidance Gold Silver (oz) (K oz) Las Chispas 42,500 - 52,500 4,250 - 5,250 Palmarejo 95,000 - 105,000 5,400 - 6,500 Rochester 60,000 - 75,000 7,000 - 8,300 Kensington 92,500 - 107,500 — Wharf 90,000 - 100,000 50 - 200 Total 380,000 - 440,000 16,700 - 20,250 46 2025 Costs Applicable to Sales Guidance Gold Silver ($/oz) ($/oz) Las Chispas (co-product) $850 - $950 $9.25 - $10.25 Palmarejo (co-product) $950 - $1,150 $17.00 - $18.00 Rochester (co-product) $1,250 - $1,450 $14.50 - $16.50 Kensington $1,700 - $1,900 — Wharf (by-product) $1,250 - $1,350 — 2025 Capital, Exploration and G&A Guidance ($M) Capital Expenditures, Sustaining $132 - $156 Capital Expenditures, Development $55 - $69 Exploration, Expensed $67 - $77 Exploration, Capitalized $10 - $16 General & Administrative Expenses $44 - $48 Note: The Company’s guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50.
During the year ended December 31, 2021, the Company received net proceeds of $367.5 million from the issuance of the 2029 Senior Notes, and drew $65.0 million, net, from the RCF, partially offset by the tender and redemption of the 2024 Senior Notes for $238.3 million, including premiums. 50 Critical Accounting Policies and Accounting Developments Listed below are the accounting policies that we believe are critical to our financial statements due to the degree of uncertainty regarding the estimates and assumptions involved and the magnitude of the asset, liability, revenue, and expense being reported.
Critical Accounting Policies and Accounting Developments Listed below are the accounting policies that we believe are critical to our financial statements due to the degree of uncertainty regarding the estimates and assumptions involved and the magnitude of the asset, liability, revenue, and expense being reported.
Metal sales were $129.7 million, or 17% of Coeur’s metal sales, compared with $130.8 million, or 16% of Coeur’s metal sales. Revenue decreased by $1.2 million, or 1%, of which $9.1 million was primarily due to lower average realized silver prices, partially offset by an increase of $7.9 million primarily due to higher gold production.
Metal sales were $379.1 million, or 36% of Coeur’s metal sales, compared with $313.2 million, or 38% of Coeur’s metal sales. Revenue increased by $65.9 million, or 21%, of which $41.5 million was due to higher average realized gold and silver prices and $24.3 million was the result of higher volume of gold and silver production.
Revenue decreased by $47.2 million, or 6%, as a result of a 6% and 4% decrease in gold and silver ounces sold, respectively, and a 13% decrease in average realized silver prices, partially offset by a 5% increase in average realized gold prices driven by the favorable impact of realized gains from gold hedges.
Revenue increased by $232.8 million, or 28%, as a result of an 18% and 15% increase in average realized gold and silver prices, respectively, and an 8% and 13% increase in gold and silver ounces sold, respectively.
Year Ended December 31, 2022 compared to Year Ended December 31, 2021 Gold and silver production decreased 2% as a result of 12% and 8% lower gold and silver grades, respectively, partially offset by 4% higher mill throughput. Metal sales were $303.4 million, or 38% of Coeur’s metal sales, compared with $320.3 million, or 38% of Coeur’s metal sales.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Gold and silver production increased 8% and 3%, respectively, as a result of a 40% and 14% increase in gold and silver grades, respectively, and higher gold and silver recovery rates, partially offset by a 12% decrease in mill throughput due to mine sequencing.
Year Ended December 31, 2022 compared to Year Ended December 31, 2021 Gold production decreased 10% as a result of 10% lower grades and lower recoveries, partially offset by 5% higher mill throughput. Metal sales were $202.5 million, or 26% of Coeur’s metal sales, compared to $215.0 million, or 26% of Coeur’s metal sales.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Gold production increased 13% as a result of a 7% increase in grade and higher mill throughput. Metal sales were $225.1 million, or 21% of Coeur’s metal sales, compared to $162.5 million, or 20% of Coeur’s metal sales.
Adjusted net loss was $78.0 million, or $0.23 per diluted share, compared to $89.1 million, or $0.32 per diluted share (see “Non-GAAP Financial Performance Measures”). Year Ended December 31, 2022 compared to Year Ended December 31, 2021 Revenue We sold 329,968 gold ounces and 9.8 million silver ounces, compared to 350,347 gold ounces and 10.1 million silver ounces.
Adjusted net income was $70.1 million, or $0.18 per diluted share, compared to adjusted net loss of $78.0 million, or $0.23 per diluted share (see “Non-GAAP Financial Performance Measures”).
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.
Our current leverage ratio is 1.6 times Adjusted EBITDA as of December 31, 2024. 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.
The increase in net loss was driven by a 6% and 4% decrease in gold and silver ounces sold, respectively, a 13% decrease in average realized silver prices, higher operating costs, including increased LCM adjustments at Rochester, unfavorable changes in the fair value of the Company’s equity investments, and a realized loss of $15.6 million in connection with the sale of Victoria Gold common shares.
The increase in net income was driven by a 18% and 15% increase in average realized gold and silver prices, respectively, and a 8% and 13% increase in gold and silver ounces sold, respectively, lower ongoing costs at Silvertip, the recognition of the FT Premium Liability income of $5.6 million, lower LCM adjustments at Rochester, and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023.
Pre-development, reclamation, and other expenses decreased $3.9 million, or 9%, stemming from lower costs incurred in connection with the Company’s COVID-19 health and safety protocols and lower ongoing carrying costs at Silvertip, partially offset by lower gains from the sale of assets and higher asset retirement accretion.
Pre-development, reclamation, and other expenses decreased $3.4 million, or 6%, stemming from lower losses on the sale of assets and lower ongoing carrying costs at Silvertip, partially offset by the Kensington royalty litigation settlement of $7.2 million and transaction costs of $8.5 million related to the acquisition of SilverCrest.
Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. 42 The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Year ended December 31, 2022 2021 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (107,477) $ 2,516 $ (34,196) $ (6,142) Canada (32,249) (51) (52,299) 1,224 Mexico 77,316 (17,123) 87,233 (30,040) Other jurisdictions (1,039) — 2,898 — $ (63,449) $ (14,658) $ 3,636 $ (34,958) 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 following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Year ended December 31, 2024 2023 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 50,194 $ (13,063) $ (107,021) $ (6,956) Canada (46,702) (1,523) (33,574) (848) Mexico 125,027 (52,864) 72,697 (27,352) Other jurisdictions (2,169) — (558) — $ 126,350 $ (67,450) $ (68,456) $ (35,156) 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.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

12 edited+1 added−4 removed14 unchanged
Biggest changeThe Company had outstanding forward contracts on 94,950 and 3.1 million ounces of gold and silver, respectively, at December 31, 2023 that settle monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp up, and may in the future layer on additional hedges as circumstances warrant.
Biggest changeThe Company had forward contracts for gold and silver that settled monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp-up.
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. 58 Hedging To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production.
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 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.
The forward contracts exposed 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.
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 December 31, 2023.
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 December 31, 2024.
The Company seeks to minimize the credit risk in derivative instruments by entering into transactions 59 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 December 31, 2023.
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 December 31, 2024.
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 14 -- Derivative Financial Instruments in the notes to the Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”.
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 13 -- Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”.
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 contracts were net cash settled and, if the spot price of gold at the time of expiration was lower than the fixed price or higher than the fixed prices, it resulted in a realized gain or loss, respectively.
The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at December 31, 2023 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $1,971 and $1,794 per ounce, respectively, and a short-term and long-term silver price of $23.20 and $23.17 per ounce, respectively.
The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at December 31, 2024 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,663 and $2,437 per ounce, respectively, and a short-term and long-term silver price of $31.38 and $30.23 per ounce, respectively.
At December 31, 2023, the Company had outstanding provisionally priced sales of 15,537 ounces of gold at an average price of $2,032. Changes in gold prices resulted in provisional pricing mark-to-market gain of $30 thousand during the twelve months ended December 31, 2023. A 10% change in realized gold prices would cause revenue to vary by $3.2 million.
At December 31, 2024, the Company had outstanding provisionally priced sales of 14,173 ounces of gold at an average price of $2,642. Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.2 million during 63 the twelve months ended December 31, 2024. A 10% change in realized gold prices would cause revenue to vary by $3.7 million.
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 Item 1A of this Report.
To reduce counter-party credit exposure, the Company entered into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. For additional information, please see the section titled “Item 1A - Risk Factors” in this Report.
For the year ended December 31, 2023, the Company recognized gains of $3.7 million and $7.0 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) .
For the year ended December 31, 2024, the Company recognized a loss of $12.9 million and $4.3 million related to expired gold and silver contracts, respectively.
Investment Risk Equity Price Risk The Company is exposed to changes in the fair value of our investments in equity securities. The Company had no equity securities at December 31, 2023.
Investment Risk Equity Price Risk The Company had no equity securities at December 31, 2024.
Removed
The weighted average fixed price on the forward contracts is $2,076 per ounce of gold and $25.16 per ounce of silver.
Added
The Company had no outstanding gold or silver hedging contracts at December 31, 2024 but the Company did acquire existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest. These zero cost collar hedges settle monthly through March, 2025.
Removed
At December 31, 2023, the fair value of the gold forward contracts was a liability of $2.0 million and the fair value of the silver forward contracts was an asset of $3.3 million.
Removed
A 10% increase and decrease in the price of gold at December 31, 2023 would result in a net realized loss and gain of $14.8 million and $23.7 million, respectively. A 10% increase and decrease in the price of silver at December 31, 2023 would result in a net realized loss and gain of $3.8 million and $11.1 million, respectively.
Removed
The December 31, 2023 closing price of gold and silver was $2,078 and $23.79 per ounce, respectively. As of February 20, 2024, the closing price of gold and silver was $2,029 and $23.06, per ounce, respectively.

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