株探米国株
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エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
FORM 10-Q
___________________________________________
☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2024
OR
☐
 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 001-08641
____________________________________________
 coeurlogob45.jpg
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________
Delaware
 82-0109423
 (State or other jurisdiction of
    incorporation or organization)		 (I.R.S. Employer
Identification No.)
200 S. Wacker Dr.
Suite 2100 Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock (par value $.01 per share) CDE New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer
☐
Non-accelerated filer
☐
 Smaller reporting company
☐
Emerging growth company
☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
The Company has 600,000,000 shares of common stock, par value of $0.01, authorized of which 399,240,588 shares were issued and outstanding as of November 4, 2024.


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


3

PART I

Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2024 December 31, 2023
ASSETS Notes In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents $ 76,916  $ 61,633 
Receivables 4 30,165  31,035 
Inventory 5 74,727  76,661 
Ore on leach pads 5 148,331  79,400 
Prepaid expenses and other 15,833  18,526 
345,972  267,255 
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net 6 1,759,454  1,688,288 
Ore on leach pads 5 34,598  25,987 
Restricted assets 9,339  9,115 
Receivables 4, 11 20,161  23,140 
Other 58,276  67,063 
TOTAL ASSETS $ 2,227,800  $ 2,080,848 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 126,387  $ 115,110 
Accrued liabilities and other 17 153,285  140,913 
Debt 7 27,458  22,636 
Reclamation 8 10,954  10,954 
318,084  289,613 
NON-CURRENT LIABILITIES
Debt 7 577,725  522,674 
Reclamation 8 211,136  203,059 
Deferred tax liabilities 6,755  12,360 
Other long-term liabilities 30,950  29,239 
826,566  767,332 
COMMITMENTS AND CONTINGENCIES 16
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 399,287,506 issued and outstanding at September 30, 2024 and 386,282,957 at December 31, 2023
 3,993  3,863 
Additional paid-in capital 4,179,270  4,139,870 
Accumulated other comprehensive income (loss) —  1,331 
Accumulated deficit (3,100,113) (3,121,161)
1,083,150  1,023,903 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,227,800  $ 2,080,848 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
  Three Months Ended September 30, Nine Months Ended September 30,
  2024 2023 2024 2023
  Notes In thousands, except share data
Revenue 3 $ 313,476  $ 194,583  $ 748,562  $ 559,116 
COSTS AND EXPENSES
Costs applicable to sales(1)
 3 156,742  147,903  447,456  440,596 
Amortization 33,216  22,884  88,441  65,187 
General and administrative 10,966  9,512  36,611  31,384 
Exploration 19,567  12,437  42,932  20,007 
Pre-development, reclamation, and other 13 8,583  8,699  35,401  29,949 
Total costs and expenses 229,074  201,435  650,841  587,123 
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment —  774  417  3,735 
Fair value adjustments, net 11 —  (2,010) —  4,629 
Interest expense, net of capitalized interest 7 (13,280) (7,402) (39,389) (21,703)
Other, net 13 3,434  478  11,329  (10,090)
Total other income (expense), net (9,846) (8,160) (27,643) (23,429)
Income (loss) before income and mining taxes 74,556  (15,012) 70,078  (51,436)
Income and mining tax (expense) benefit 9 (25,817) (6,097) (49,030) (26,671)
NET INCOME (LOSS) $ 48,739  $ (21,109) $ 21,048  $ (78,107)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges —  7,227  (18,507) 7,141 
Reclassification adjustments for realized (gain) loss on cash flow hedges —  (4,920) 17,176  (7,830)
Other comprehensive income (loss) —  2,307  (1,331) (689)
COMPREHENSIVE INCOME (LOSS) $ 48,739  $ (18,802) $ 19,717  $ (78,796)
NET INCOME (LOSS) PER SHARE 14
Basic income (loss) per share:
Basic $ 0.12  $ (0.06) $ 0.05  $ (0.24)
Diluted $ 0.12  $ (0.06) $ 0.05  $ (0.24)
(1) Excludes amortization.


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  Three Months Ended September 30, Nine Months Ended September 30,
  2024 2023 2024 2023
  Notes In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 48,739  $ (21,109) $ 21,048  $ (78,107)
Adjustments:
Amortization 33,216  22,884  88,441  65,187 
Accretion 4,233  4,153  12,463  12,219 
Deferred taxes (816) (3,872) (5,604) 1,536 
Gain on debt extinguishment 7 —  (774) (417) (3,735)
Fair value adjustments, net 11 —  2,010  —  (4,629)
Stock-based compensation 10 2,809  2,635  9,789  8,462 
Loss on the sale or disposition of assets 13 —  19  —  12,650 
Write-downs 5 —  7,727  3,235  22,467 
Deferred revenue recognition 16 (130) (143) (55,407) (25,358)
Other (1,119) 657  10,259  2,798 
Changes in operating assets and liabilities:
Receivables 1,616  (478) (520) 1,659 
Prepaid expenses and other current assets (352) (3,000) 3,185  764 
Inventory and ore on leach pads (14,320) (18,620) (53,788) (54,993)
Accounts payable and accrued liabilities 37,187  5,528  77,757  41,091 
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 111,063  (2,383) 110,441  2,011 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (41,980) (112,273) (135,468) (271,902)
Acquisitions, net (10,000) —  (10,000) — 
Proceeds from the sale of assets 1  152  25  8,380 
Sale of investments —  —  —  41,558 
Proceeds from notes receivable 4 —  —  —  5,000 
Other (70) (63) (285) (171)
CASH USED IN INVESTING ACTIVITIES (52,049) (112,184) (145,728) (217,135)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 14 —  57,522  22,823  168,964 
Issuance of notes and bank borrowings, net of issuance costs 7 77,500  163,000  327,500  388,000 
Payments on debt, finance leases, and associated costs 7 (133,250) (109,268) (297,128) (348,092)
Other (208) (23) (2,018) (2,345)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (55,958) 111,231  51,177  206,527 
Effect of exchange rate changes on cash and cash equivalents (263) (278) (584) 374 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 2,793  (3,614) 15,306  (8,223)
Cash, cash equivalents and restricted cash at beginning of period 75,891  58,560  63,378  63,169 
Cash, cash equivalents and restricted cash at end of period $ 78,684  $ 54,946  $ 78,684  $ 54,946 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
In thousands Common
Stock
Shares		 Common
Stock Par
Value		 Additional
Paid-In Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Income (Loss)		 Total
Balances at December 31, 2023 386,283  $ 3,863  $ 4,139,870  $ (3,121,161) $ 1,331  $ 1,023,903 
Net income (loss) —  —  —  (29,117) —  (29,117)
Other comprehensive income (loss) —  —  —  —  (7,478) (7,478)
Debt-for-Equity Exchange 1,772  18  5,350  —  —  5,368 
Issuance of flow-through shares 7,705  77  22,908  —  —  22,985 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,823  28  2,440  —  —  2,468 
Balances at March 31, 2024 398,583  $ 3,986  $ 4,170,568  $ (3,150,278) $ (6,147) $ 1,018,129 
Net income (loss) —  —  —  1,426  —  1,426 
Other comprehensive income (loss) —  —  —  —  6,147  6,147 
Kensington royalty settlement 738  7  3,399  —  —  3,406 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net (80) (1) 2,701  —  —  2,700 
Balances at June 30, 2024 399,241  $ 3,992  $ 4,176,668  $ (3,148,852) $ —  $ 1,031,808 
Net income (loss) —  —  —  48,739  —  48,739 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 47  1  2,602  —  —  2,603 
Balances at September 30, 2024 399,288  $ 3,993  $ 4,179,270  $ (3,100,113) $ —  $ 1,083,150 
In thousands Common
Stock
Shares		 Common
Stock Par
Value		 Additional
Paid-In Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Income (Loss)		 Total
Balances at December 31, 2022 295,698  $ 2,957  $ 3,891,265  $ (3,017,549) $ 12,343  $ 889,016 
Net income (loss) —  —  —  (24,586) —  (24,586)
Other comprehensive income (loss) —  —  —  —  (17,062) (17,062)
Common stock issued under "at the market"
stock offering		 32,862  329  98,100  —  —  98,429 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,482  24  715  —  —  739 
Balances at March 31, 2023 331,042  $ 3,310  $ 3,990,080  $ (3,042,135) $ (4,719) $ 946,536 
Net income (loss) —  —  —  (32,412) —  (32,412)
Other comprehensive income (loss) —  —  —  —  14,066  14,066 
Common stock issued for the extinguishment of Senior Notes 13,941  140  45,328  —  —  45,468 
Common stock issued under Private Placement Offering 5,276  53  12,603  —  —  12,656 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net (92) (1) 2,449  —  —  2,448 
Balances at June 30, 2023 350,167  $ 3,502  $ 4,050,460  $ (3,074,547) $ 9,347  $ 988,762 
Net income (loss) —  —  —  (21,109) —  (21,109)
Other comprehensive income (loss) —  —  —  —  2,307  2,307 
Common stock issued under "at the market” stock offering 21,700  217  48,920  —  —  49,137 
Common stock issued for the extinguishment of Senior Notes 7,619  76  18,228  —  —  18,304 
Common stock issued under Private Placement Offering 3,000  30  8,332  —  —  8,362 
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 207  2  2,613  —  —  2,615 
Balances at September 30, 2023 382,693  $ 3,827  $ 4,128,553  $ (3,095,656) $ 11,654  $ 1,048,378 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements


NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2024. The condensed consolidated December 31, 2023 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 — Summary of Significant Accounting Policies contained in the 2023 10-K.
Use of Estimates
The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. 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.

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. 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.

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. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate.
8
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

The ultimate recovery will not be known until leaching operations cease. 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. In the first quarter of 2024, the Company completed a review of the estimated recoverable ounces of gold and silver on its leach pads and determined that as a result of longer expected leach time and favorable recoveries relative to previous estimates, that the estimated recoverable gold and silver on the Rochester legacy (Stages 2, 3 and 4) leach pads supported an upward revision. An additional 6,000 ounces of gold and 900,000 ounces of silver were added to the legacy leach pads in the first quarter of 2024. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively. As of September 30, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 48,175 and 6.7 million, respectively.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on reportable segment disclosures but is not expected to impact our Condensed Consolidated Financial Statements or disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures.

9
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

NOTE 3 – SEGMENT REPORTING
The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total
Revenue
Gold sales $ 55,085  $ 22,889  $ 62,164  $ 83,634  $ —  $ —  $ 223,772 
Silver sales 55,292  33,092  (12) 1,332  —  —  89,704 
Metal sales 110,377  55,981  62,152  84,966  —  —  313,476 
Costs and Expenses
Costs applicable to sales(1)
 47,455  39,409  38,099  31,779  —  —  156,742 
Amortization 11,984  10,231  7,612  2,419  794  176  33,216 
Exploration 4,303  1,044  1,988  2,330  9,405  497  19,567 
Other operating expenses 2,650  2,459  636  1,165  2,037  10,602  19,549 
Other income (expense)
Gain on debt extinguishment —  —  —  —  —  —  — 
Fair value adjustments, net —  —  —  —  —  —  — 
Interest expense, net (30) (1,113) (245) (128) (1) (11,763) (13,280)
Other, net(3)
 1,256  (140) (80) (37) 52  2,383  3,434 
Income and mining tax (expense) benefit (18,919) (283) —  (4,164) —  (2,451) (25,817)
Net Income (loss) $ 26,292  $ 1,302  $ 13,492  $ 42,944  $ (12,185) $ (23,106) $ 48,739 
Segment assets(2)
 $ 320,271  $ 1,180,633  $ 208,858  $ 107,526  $ 212,607  $ 53,374  $ 2,083,269 
Capital expenditures $ 8,048  $ 10,121  $ 19,996  $ 2,773  $ 1,035  $ 7  $ 41,980 
(1) Excludes amortization.
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.
Three Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total
Revenue
Gold sales $ 38,994  $ 8,719  $ 46,474  $ 45,316  $ —  $ —  $ 139,503 
Silver sales 38,294  14,929  56  1,801  —  —  55,080 
Metal sales 77,288  23,648  46,530  47,117  —  —  194,583 
Costs and Expenses
Costs applicable to sales(1)
 48,059  30,532  38,286  31,026  —  —  147,903 
Amortization 9,024  4,176  6,894  1,588  919  283  22,884 
Exploration 2,160  303  2,856  —  6,703  415  12,437 
Other operating expenses 2,611  2,188  900  1,049  3,163  8,301  18,212 
Other income (expense)
Gain on debt extinguishment —  —  —  —  —  774  774 
Fair value adjustments, net —  —  —  —  —  (2,010) (2,010)
Interest expense, net 241  (555) (583) (120) (13) (6,372) (7,402)
Other, net(3)
 1,407  (48) (85) (36) (120) (640) 478 
Income and mining tax (expense) benefit (4,539) 220  —  (1,102) —  (676) (6,097)
Net Income (loss) $ 12,543  $ (13,934) $ (3,074) $ 12,196  $ (10,918) $ (17,923) $ (21,110)
Segment assets(2)
 $ 313,569  $ 1,070,307  $ 169,184  $ 98,307  $ 217,321  $ 66,462  $ 1,935,150 
Capital expenditures $ 10,780  $ 84,368  $ 15,831  $ 681  $ 619  $ (6) $ 112,273 
1) Excludes amortization.
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.
10
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Nine Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total
Revenue
Gold sales $ 151,398  $ 52,938  $ 156,753  $ 168,537  $ —  $ —  $ 529,626 
Silver sales 138,603  75,636  (28) 4,725  —  —  218,936 
Metal sales 290,001  128,574  156,725  173,262  —  —  748,562 
Costs and Expenses
Costs applicable to sales(1)
 149,976  103,063  118,109  76,308  —  —  447,456 
Amortization 35,429  25,434  19,653  4,879  2,436  610  88,441 
Exploration 9,366  2,452  4,824  3,579  21,130  1,581  42,932 
Other operating expenses 7,350  11,035  9,391  3,410  7,146  33,680  72,012 
Other income (expense)
Gain on debt extinguishment —  —  —  —  —  417  417 
Fair value adjustments, net —  —  —  —  —  —  — 
Interest expense, net 341  (3,508) (1,215) (405) (11) (34,591) (39,389)
Other, net(3)
 4,683  (256) (243) (124) 12  7,257  11,329 
Income and mining tax (expense) benefit (37,913) 623  —  (7,172) —  (4,568) (49,030)
Net Income (loss) $ 54,991  $ (16,551) $ 3,290  $ 77,385  $ (30,711) $ (67,356) $ 21,048 
Segment assets(2)
 $ 320,271  $ 1,180,633  $ 208,858  $ 107,526  $ 212,607  $ 53,374  $ 2,083,269 
Capital expenditures $ 20,680  $ 58,894  $ 49,731  $ 4,237  $ 1,894  $ 32  $ 135,468 
(1) Excludes amortization.
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Nine Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total
Revenue
Gold sales $ 114,897  $ 37,404  $ 111,136  $ 124,522  $ —  $ —  $ 387,959 
Silver sales 117,426  49,245  193  4,293  —  —  171,157 
Metal sales 232,323  86,649  111,329  128,815  —  —  559,116 
Costs and Expenses
Costs applicable to sales(1)
 143,915  99,465  114,817  82,399  —  —  440,596 
Amortization 25,760  13,043  17,539  4,802  3,161  882  65,187 
Exploration 5,087  965  6,179  —  6,572  1,204  20,007 
Other operating expenses 6,370  6,613  2,844  3,092  14,670  27,745  61,334 
Other income (expense)
Gain on debt extinguishment —  —  —  —  —  3,735  3,735 
Fair value adjustments, net —  —  —  —  —  4,629  4,629 
Interest expense, net 541  (1,017) (1,438) (164) (53) (19,572) (21,703)
Other, net(3)
 4,291  (188) (236) (367) (239) (13,351) (10,090)
Income and mining tax (expense) benefit (20,461) 596  —  (3,822) —  (2,984) (26,671)
Net Income (loss) $ 35,562  $ (34,046) $ (31,724) $ 34,169  $ (24,695) $ (57,374) $ (78,108)
Segment assets(2)
 $ 313,569  $ 1,070,307  $ 169,184  $ 98,307  $ 217,321  $ 66,462  $ 1,935,150 
Capital expenditures $ 32,844  $ 197,788  $ 38,189  $ 952  $ 1,426  $ 703  $ 271,902 
(1) Excludes amortization.
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.


Assets September 30, 2024 December 31, 2023
Total assets for reportable segments $ 2,083,269  $ 1,943,037 
Cash and cash equivalents 76,916  61,633 
Other assets 67,615  76,178 
Total consolidated assets $ 2,227,800  $ 2,080,848 
11
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Geographic Information
Long-Lived Assets September 30, 2024 December 31, 2023
United States $ 1,260,793  $ 1,201,988 
Mexico 269,380  256,906 
Canada 229,129  229,242 
Other 152  152 
Total $ 1,759,454  $ 1,688,288 
Revenue Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
United States $ 203,099  $ 117,295  $ 458,561  $ 326,793 
Mexico 110,377  77,288  290,001  232,323 
Total $ 313,476  $ 194,583  $ 748,562  $ 559,116 


NOTE 4 – RECEIVABLES
    Receivables consist of the following:
In thousands September 30, 2024 December 31, 2023
Current receivables:
Trade receivables $ 6,993  $ 3,858 
VAT receivable 13,766  15,634 
Income tax receivable 8,786  10,207 
Gold and silver forwards realized gains (2)
 —  615 
Other 620  721 
$ 30,165  $ 31,035 
Non-current receivables:
Other tax receivable (3)
 $ 6,132  $ 9,111 
Deferred cash consideration (1)
 834  834 
Contingent consideration (1)
 13,195  13,195 
$ 20,161  $ 23,140 
Total receivables $ 50,326  $ 54,175 
(1) See Note 11 -- Fair Value Measurements for additional details on deferred cash consideration and contingent consideration in the 2023 10-K.
(2) Represents realized gains on gold and silver forward hedges from December 2023 that contractually settled in subsequent months. See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.
(3) Consists of exploration credit refunds at Silvertip.



12
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

NOTE 5 – INVENTORY AND ORE ON LEACH PADS
    Inventory consists of the following:
In thousands September 30, 2024 December 31, 2023
Inventory:
Concentrate $ 1,987  $ 3,606 
Precious metals 18,376  20,395 
Supplies 54,364  52,660 
$ 74,727  $ 76,661 
Ore on Leach Pads:
Current $ 148,331  $ 79,400 
Non-current 34,598  25,987 
$ 182,929  $ 105,387 
Long-term Stockpile (included in Other)
 $ 41,716  $ 46,702 
Total Inventory and Ore on Leach Pads $ 299,372  $ 228,750 
    
Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. In the first quarter of 2024, the cost associated with the stock-pile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $4.0 million ($3.2 million was recognized in Costs applicable to sales and $0.8 million in Amortization).

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET
Property, plant and equipment and mining properties, net consist of the following:
In thousands September 30, 2024 December 31, 2023
Mine development $ 1,420,316  $ 1,358,189 
Mineral interests 833,564  809,912 
Land 9,000  8,318 
Facilities and equipment(1)
 1,479,018  947,435 
Construction in progress(2)
 170,256  612,865 
Total $ 3,912,154  $ 3,736,719 
Accumulated depreciation, depletion and amortization(3)
 (2,152,700) (2,048,431)
Property, plant and equipment and mining properties, net $ 1,759,454  $ 1,688,288 
(1) Includes $149.2 million and $127.6 million associated with facilities and equipment assets under finance leases at September 30, 2024 and December 31, 2023, respectively.
(2) Includes $471.7 million of construction costs related to the Rochester expansion project at December 31, 2023.
(3) Includes $54.1 million and $37.6 million of accumulated amortization related to assets under finance leases at September 30, 2024 and December 31, 2023, respectively.
On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur will acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, SilverCrest shareholders will receive 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”). The Exchange Ratio implies consideration of $11.34 per SilverCrest common share, based on the closing price of Coeur common shares on the New York Stock Exchange (“NYSE”) on October 3, 2024. This implies a total equity value of approximately $1.7 billion based on SilverCrest’s common shares outstanding. Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively.

13
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including Mexican antitrust approval, approval of the listing of the Coeur common shares to be issued under the Transaction on the NYSE, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the Transaction is expected to close in late Q1 2025. The Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals. Additionally, break fees in the amount of $60 million and $100 million are payable by SilverCrest and Coeur, respectively, and a reciprocal expense reimbursement fee is payable by one party to the other party in certain circumstances if the Transaction is not completed.
On November 20, 2023, Coeur Mexicana signed a purchase agreement with a subsidiary of Fresnillo plc to acquire mining concessions adjacent to the Palmarejo mine. Total consideration includes a cash payment of approximately $25 million, with $10 million due at closing, an additional $10 million payable 12 months after closing (“Deferred Cash Due 2025”), and an additional $5 million payable 24 months after closing (“Deferred Cash Due 2026”). The concessions will be subject to an inflation-adjusted royalty payment of $25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces. On July 8, 2024, the Company closed on the purchase after receiving an applicable regulatory approval in Mexico and provided payment of the $10 million due at closing. This resulted in a $23.7 million increase to Mineral interest and the recognition of $9.3 million of Accrued liabilities and other and $4.4 million of Other long-term liabilities for amounts due after closing.
Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024, leading to declaration of commercial production and $528 million of construction in process placed into service in the first quarter of 2024. The Company successfully completed the ramp-up of all three stages of the crushing circuit at the end the second quarter by achieving daily throughput rates of over 88,000 tons per day.

NOTE 7 – DEBT
  September 30, 2024 December 31, 2023
In thousands Current Non-Current Current Non-Current
2029 Senior Notes, net(1)
 $ —  $ 289,874  $ —  $ 295,115 
Revolving Credit Facility(2)
 —  225,000  —  175,000 
Finance lease obligations 27,458  62,851  22,636  52,559 
$ 27,458  $ 577,725  $ 22,636  $ 522,674 
(1) Net of unamortized debt issuance costs of $3.2 million and $3.9 million at September 30, 2024 and December 31, 2023, respectively.
(2) Unamortized debt issuance costs of $3.8 million and $2.8 million at September 30, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets.
14
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
2029 Senior Notes
In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 9 -- Debt contained in the 2023 10-K.
In March 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock. Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $0.4 million on debt extinguishment. The exchange transaction represents a non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.
Revolving Credit Facility
At September 30, 2024, the Company had $225.0 million drawn at a weighted-average interest rate of 7.5%, $29.6 million in outstanding letters of credit and $145.4 million available under its $400.0 million revolving credit facility (the “RCF”). Future borrowing may be subject to certain financial covenants. For more details, please see Note 9 -- Debt contained in the 2023 10-K.
On February 21, 2024, the Company entered into an agreement to extend and enhance its RCF (the “February 2024 Amendment”). 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.
Finance Lease Obligations
From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2024, the Company entered into multiple new lease financing arrangements for mining equipment primarily at Rochester for $32.4 million at a weighted average interest rate of 6.89%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 8 -- Leases in the 2023 10-K.
Interest Expense
  Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
2029 Senior Notes $ 3,756  $ 4,097  $ 11,331  $ 13,409 
Revolving Credit Facility 7,427  4,956  21,399  11,481 
Finance lease obligations 1,038  1,035  3,294  2,788 
Amortization of debt issuance costs 581  703  1,779  1,964 
Other debt obligations 770  710  2,324  1,450 
Capitalized interest (292) (4,099) (738) (9,389)
Total interest expense, net of capitalized interest $ 13,280  $ 7,402  $ 39,389  $ 21,703 

15
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 8 – RECLAMATION
Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates.
Changes to the Company’s asset retirement obligations for its operating sites are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
Asset retirement obligation - Beginning $ 219,917  $ 207,960  $ 214,013  $ 202,431 
Accretion 4,233  4,153  12,463  12,219 
Additions and changes to estimates —  (2,682) —  (2,682)
Settlements (2,060) (1,415) (4,386) (3,952)
Asset retirement obligation - Ending $ 222,090  $ 208,016  $ 222,090  $ 208,016 
    
NOTE 9 - INCOME AND MINING TAXES
    The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2024 and 2023 by significant jurisdiction:
Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit
United States $ 41,389  $ (4,463) $ (22,674) $ (1,565) $ 7,498  $ (6,605) $ (83,994) $ (4,847)
Canada (12,186) (394) (9,345) —  (30,720) (766) (23,049) — 
Mexico 45,499  (20,960) 17,111  (4,532) 93,651  (41,659) 56,045  (21,824)
Other jurisdictions (146) —  (104) —  (351) —  (438) — 
$ 74,556  $ (25,817) $ (15,012) $ (6,097) $ 70,078  $ (49,030) $ (51,436) $ (26,671)
    During the third quarter of 2024, the Company reported estimated income and mining tax expense of approximately $25.8 million, resulting in an effective tax rate of 34.6%. This compares to income tax expense of $6.1 million for an effective tax rate of (40.6)% during the third quarter of 2023. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in the Company’s income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) percentage depletion; (v) foreign exchange rates; and (vi) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Item 1A - Risk Factors”.
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2021 forward for the U.S. federal jurisdiction and from 2017 forward for certain other foreign jurisdictions. Regarding the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that there will be no further decrease in any unrecognized income tax benefits.
    At September 30, 2024 and December 31, 2023, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

16
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 10 – STOCK-BASED COMPENSATION
    The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and nine months ended September 30, 2024 was $2.8 million and $9.8 million, respectively, compared to $2.6 million and $8.5 million in the three and nine months ended September 30, 2023. At September 30, 2024, there was $11.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.
    The following table summarizes the grants awarded during the nine months ended September 30, 2024:
Grant date Restricted
stock		 Grant date fair
value of
restricted stock		 Performance
shares		 Grant date fair
value of
performance
shares
February 26, 2024 3,087,822  $ 2.55  2,050,899  $ 2.77 
August 9, 2024 77,354  $ 5.44  3,568  $ 2.77 

NOTE 11 – FAIR VALUE MEASUREMENTS
  Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
Change in the value of equity securities(1)
 $ —  $ (2,010) $ —  $ 4,629 
Fair value adjustments, net $ —  $ (2,010) $ —  $ 4,629 
(1) Includes unrealized losses on held equity securities of $2.0 million and $2.3 million for the three and nine months ended September 30, 2023, respectively.
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
  Fair Value at September 30, 2024
In thousands Total Level 1 Level 2 Level 3  
Assets:
Provisional metal sales contracts $ 359  $ —  $ 359  $ — 
Liabilities:
Provisional metal sales contracts $ 143  $ —  $ 143  $ — 
 
  Fair Value at December 31, 2023
In thousands Total Level 1 Level 2 Level 3  
Assets:
Provisional metal sales contracts $ 318  $ —  $ 318  $ — 
Silver forwards 3,312  —  3,312  — 
$ 3,630  $ —  $ 3,630  $ — 
Liabilities:
Gold forwards $ 1,981  $ —  $ 1,981  $ — 
The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.
The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, and credit spreads.
No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2024.
17
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2024 and December 31, 2023 is presented in the following table:
  September 30, 2024
In thousands Book Value Fair Value Level 1 Level 2 Level 3  
Liabilities:
2029 Senior Notes(1)
 $ 289,874  $ 281,899  $ —  $ 281,899  $ — 
Revolving Credit Facility(2)
 $ 225,000  $ 225,000  $ —  $ 225,000  $ — 
Deferred Cash Due 2025 $ 9,471  $ 9,357  $ —  $ 9,357  $ — 
Deferred Cash Due 2026 $ 4,427  $ 4,693  $ —  $ 4,693  $ — 
(1) Net of unamortized debt issuance costs of $3.2 million.
(2) Unamortized debt issuance costs of $3.8 million included in Other Non-Current Assets.
  December 31, 2023
In thousands Book Value Fair Value Level 1 Level 2 Level 3  
Liabilities:
2029 Senior Notes(1)
 $ 295,115  $ 271,272  $ —  $ 271,272  $ — 
Revolving Credit Facility(2)
 $ 175,000  $ 175,000  $ —  $ 175,000  $ — 
(1) Net of unamortized debt issuance costs of $3.9 million.
(2) Unamortized debt issuance costs of $2.8 million included in Other Non-Current Assets.
The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.
In July 2024, the Company completed the purchase of the Fresnillo mining concessions. Total consideration includes a cash payment of $10 million due at closing, the Deferred Cash Due 2025 of $10 million, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

NOTE 12 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
Derivatives Designated as Cash Flow Hedging Strategies
To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company has entered into forward contracts. The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At September 30, 2024, the Company had no outstanding derivative cash flow hedge instruments.
The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized.
At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments.
18
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
There were no such changes in critical terms or adverse developments.
The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
  September 30, 2024
In thousands Prepaid expenses and other Other assets Accrued liabilities and other
Gold forwards $ —  $ —  $ — 
Silver forwards $ —  $ —  $ — 
  December 31, 2023
In thousands Prepaid expenses and other Other assets Accrued liabilities and other
Gold forwards $ —  $ —  $ 1,981 
Silver forwards $ 3,312  $ —  $ — 
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
 Amount of Gain (Loss) Recognized in AOCI
Gold forwards $ —  $ 6,736  $ (10,886) $ (1,317)
Silver forwards —  491  (7,621) 8,458 
$ —  $ 7,227  $ (18,507) $ 7,141 
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards $ —  $ (2,723) $ 12,867  $ (3,615)
Silver forwards —  (2,197) 4,309  (4,215)
$ —  $ (4,920) $ 17,176  $ (7,830)
Derivatives Not Designated as Hedging Instruments
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.
At September 30, 2024, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces 2024 2025 and Thereafter
Provisional gold sales contracts $ 31,366  $ — 
Average gold price per ounce $ 2,568  $ — 
Notional ounces 12,213  — 
The following summarizes the classification of the fair value of the derivative instruments:
  September 30, 2024
In thousands Prepaid expenses and other Accrued liabilities and other
Provisional metal sales contracts $ 359  $ 143 
19
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
  December 31, 2023
In thousands Prepaid expenses and other Accrued liabilities and other
Provisional metal sales contracts $ 318  $ — 
The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):
  Three Months Ended September 30, Nine Months Ended September 30,
Financial statement line Derivative 2024 2023 2024 2023
Revenue Provisional metal sales contracts $ 407  $ 14  $ (101) $ (305)
Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

NOTE 13 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL
Pre-development, reclamation, and other consists of the following:
  Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
Silvertip ongoing carrying costs $ 1,675  $ 2,780  $ 6,091  $ 13,569 
Loss on sale of assets 176  19  4,352  331 
Asset retirement accretion 4,233  4,153  12,463  12,219 
Kensington royalty settlement(1)
 —  —  6,750  — 
Transaction costs 976  —  976  — 
Other 1,523  1,747  4,769  3,830 
Pre-development, reclamation and other $ 8,583  $ 8,699  $ 35,401  $ 29,949 
(1) See Note 16 -- Commitments and Contingencies for additional details on the Kensington royalty settlement.

Other, net consists of the following:
  Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
Foreign exchange gain (loss) $ 1,708  $ 421  $ 3,432  $ (107)
Loss on dispositions —  —  —  (12,319)
Flow-through shares 1,248  —  5,193  — 
RMC bankruptcy distribution —  —  1,199  1,516 
Other 478  57  1,505  820 
Other, net $ 3,434  $ 478  $ 11,329  $ (10,090)

NOTE 14 – NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and nine months ended September 30, 2024, there were 29,130 and 103,916 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 1.1 million and 1.6 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2023, respectively.
20
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Three months ended September 30, Nine months ended September 30,
In thousands except per share amounts 2024 2023 2024 2023
Net income (loss) available to common stockholders $ 48,739  $ (21,109) $ 21,048  $ (78,107)
Weighted average shares:
Basic 393,969  356,676  390,936  330,440 
Effect of stock-based compensation plans 6,869  —  5,442  — 
Diluted 400,838  356,676  396,378  330,440 
Income (loss) per share:
Basic $ 0.12  $ (0.06) $ 0.05  $ (0.24)
Diluted $ 0.12  $ (0.06) $ 0.05  $ (0.24)
On February 26, 2024, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 7,704,725 shares of common stock, par value $0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on March 8, 2024. The proceeds of the Private Placement Offering will be used for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)) at the Company’s Silvertip exploration project. The initial Private Placement Offering raised net proceeds of $23.7 million, of which $0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”). During the nine months ended September 30, 2024, the Company recognized a portion of the FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $5.2 million included in Other, net. The FT Premium Liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred.
The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

NOTE 15 - SUPPLEMENTAL GUARANTOR INFORMATION
The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.
SUMMARIZED BALANCE SHEET
Coeur Mining, Inc. Subsidiary Guarantors
In thousands September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023
Current assets $ 12,429  $ 19,850  $ 228,442  $ 143,170 
Non-current assets(1)
 $ 457,605  $ 393,773  $ 1,344,709  $ 1,286,135 
Non-guarantor intercompany assets $ 3,854  $ —  $ —  $ — 
Current liabilities $ 19,127  $ 27,836  $ 204,205  $ 198,262 
Non-current liabilities $ 523,965  $ 478,488  $ 216,156  $ 203,405 
Non-guarantor intercompany liabilities $ 3,016  $ 6,033  $ 1,609  $ 1,591 
(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

21
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


SUMMARIZED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2024
In thousands Coeur Mining, Inc. Subsidiary Guarantors
Revenue $ —  $ 458,561 
Gross profit (loss) $ (609) $ 111,113 
Net income (loss) $ 21,048  $ 64,072 

NOTE 16 – COMMITMENTS AND CONTINGENCIES
Mexico Litigation Matters
As of September 30, 2024, $26.9 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable.
In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results.
Palmarejo Gold Stream
Coeur Mexicana currently sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50% of the life of mine gold to be produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $78.0 million, consisting of $75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet.
The following table presents a roll forward of the Franco-Nevada contract liability balance:
22
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
Opening Balance $ 6,666  $ 7,196  $ 6,942  $ 7,411 
Revenue Recognized (129) (145) (405) (360)
Closing Balance $ 6,537  $ 7,051  $ 6,537  $ 7,051 
Metal Sales Prepayments
In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. In September 2024, the Company received an additional prepayment of $25.0 million, following the fulfillment of the previous received prepayments.
Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine, both of which were amended in September 2023 to increase the maximum amount available in prepayments to $12.5 million and $17.5 million, respectively. In September 2024, Wharf and Rochester received additional prepayments of $12.5 million and $17.5 million, respectively, following the fulfillment of the previous received prepayments received at Wharf and Rochester.
The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and silver and expects to recognize the remaining value of the accrued liability by September 2024. See Note 2 -- Summary of Significant Accounting Policies contained in the 2023 10-K for additional detail.
The following table presents a roll forward of the prepayment contract liability balance:
Three Months Ended September 30, Nine Months Ended September 30,
In thousands 2024 2023 2024 2023
Opening Balance $ 43,282  $ 45,012  $ 55,082  $ 25,016 
Additions 54,828  30,311  140,033  75,307 
Revenue Recognized (43,030) (31,000) (140,035) (56,000)
Closing Balance $ 55,080  $ 44,323  $ 55,080  $ 44,323 
Kensington Royalty Matter
On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters. In consideration for the dismissal of the Maverix Litigation and pursuant to other customary terms of settlement, Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty. The amended royalty now provides that Coeur Alaska pays 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. The Company also agreed to issue up to 2,455,000 shares of its common stock to an affiliate of Maverix, including common stock having a then-current fair market value of $3.0 million by April 2, 2024, and common stock having a then-current fair market value of $3.75 million by March 28, 2025 (collectively, the “Settlement Shares”), with a cash-settlement of any shortfall in value if all 2,455,000 shares of common stock are issued. The settlement provides that credit for the value of certain portions of equity issued to be credited against the royalty, as amended, as payment in arrears for production prior to January 1, 2024. In April 2024, the Company issued 737,210 shares to settle the first equity issuance. The issuance of the Settlement Shares is being made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.
Other Commitments and Contingencies
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes. As of September 30, 2024 and December 31, 2023, the Company had surety bonds totaling $349.5 million and $324.8 million, respectively, in place as financial support for future reclamation and closure costs.
23
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

NOTE 17 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION
Accrued liabilities and other consist of the following:
In thousands September 30, 2024 December 31, 2023
Accrued salaries and wages $ 29,815  $ 31,722 
Flow-through share premium received 1,220  5,563 
Deferred revenue (1)
 55,664  55,547 
Income and mining taxes 28,731  11,766 
Kensington royalty settlement (1)
 3,750  — 
Deferred Cash Due 2025 9,471  — 
Accrued operating costs 12,055  11,081 
Unrealized losses on derivatives 142  1,981 
Taxes other than income and mining 4,740  5,321 
Accrued interest payable 3,373  7,957 
Operating lease liabilities 4,324  9,975 
Accrued liabilities and other $ 153,285  $ 140,913 
(1) See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2024 and 2023:
In thousands September 30, 2024 September 30, 2023
Cash and cash equivalents $ 76,916  $ 53,223 
Restricted cash equivalents(1)
 1,768  1,723 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 78,684  $ 54,946 
(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet.


24

Item 2.        Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Wharf. Revenue from secondary metal, such as silver at Wharf, is treated as a cost credit.
Overview
We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.     
Third Quarter Highlights
For the quarter, Coeur reported revenue of $313.5 million and cash provided by operating activities of $111.1 million. We reported GAAP net income of $48.7 million, or $0.12 per diluted share. On a non-GAAP adjusted basis1, the Company reported EBITDA of $126.0 million and net income of $47.2 million, or $0.12 per diluted share. For the nine months ended September 30, 2024, Coeur reported revenue of $748.6 million and cash provided by operating activities of $110.4 million. We reported GAAP net income of $21.0 million, or $0.05 per diluted share. On a non-GAAP adjusted basis1, the Company reported EBITDA of $222.8 million and net income of $24.7 million or $0.06 per diluted share.

•Strong production increases and lower costs across the portfolio – Higher production at all four operations drove a 21% increase in gold production and 15% increase in silver production, totaling 94,993 and 3.0 million ounces of gold and silver, respectively. Costs applicable to sales per gold and silver ounce both declined 12% compared to the prior quarter, leading to margins more than double the prior period. Based on strong year-to-date production and cost performance, the Company reaffirmed its full-year guidance ranges
•Robust quarterly financial performance driven by higher production and metals prices – Revenue of $313 million and adjusted EBITDA1 of $126 million increased 41% and 140% quarter-over-quarter, respectively. Operating cash flow totaled $111 million and free cash flow reached $69 million during the quarter, their highest levels in over a decade. Net income was $49 million and Adjusted EBITDA1 over the last twelve months (“LTM”) increased 2.5x to $287 million compared to a year ago
•Rochester remains on-track to achieve year-end throughput and production guidance – The recently expanded Rochester silver and gold operation placed approximately 7.1 million tons under leach during the quarter leading to production of 1.2 million ounces of silver and 9,690 ounces of gold, representing quarter-over-quarter increases of 19% and 21%, respectively. The Company has reaffirmed full-year Rochester production guidance ranges and expects approximately 7.0 - 8.0 million tons to be placed under leach in the fourth quarter
•Announced acquisition of SilverCrest to create leading global silver company – On October 4, 2024, Coeur announced an agreement to acquire SilverCrest Metals Inc. (“SilverCrest”) in an all-stock transaction with an implied value of approximately $1.7 billion as of the announcement date. The acquisition is anticipated to close in the first quarter of 2025 and is expected to materially enhance the Company’s cost and cash flow profile and immediately accelerate the Company’s balance sheet de-leveraging initiative
•Debt reduction initiative underway – During the third quarter, the Company reduced its outstanding revolving credit facility (“RCF”) balance by $50 million to $225 million, leading to total liquidity of $222 million, including $77 million of cash, and a net debt to EBITDA ratio below 2.0x for the first time in three years





25

Selected Financial and Operating Results
Three Months Ended Nine Months Ended
September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Financial Results: (in thousands, except per share amounts)
Gold sales $ 223,772  $ 154,085  $ 529,626  $ 387,959 
Silver sales $ 89,704  $ 67,941  $ 218,936  $ 171,157 
Consolidated Revenue $ 313,476  $ 222,026  $ 748,562  $ 559,116 
Net income (loss) $ 48,739  $ 1,426  $ 21,048  $ (78,107)
Net income (loss) per share, diluted $ 0.12  $ 0.00  $ 0.05  $ (0.24)
Adjusted net income (loss)(1)
 $ 47,157  $ (3,405) $ 24,729  $ (71,829)
Adjusted net income (loss) per share, diluted(1)
 $ 0.12  $ (0.01) $ 0.06  $ (0.22)
EBITDA(1)
 $ 121,052  $ 49,705  $ 197,908  $ 35,454 
Adjusted EBITDA(1)
 $ 126,041  $ 52,407  $ 222,785  $ 78,012 
Total debt(2)
 $ 605,183  $ 629,327  $ 605,183  $ 512,241 
Operating Results:
Gold ounces produced 94,993  78,696  254,433  216,062 
Silver ounces produced 3,020,566  2,637,950  8,243,276  7,200,410 
Gold ounces sold 96,913  76,932  255,261  215,971 
Silver ounces sold 3,004,501  2,592,727  8,197,663  7,140,067 
Average realized price per gold ounce $ 2,309  $ 2,003  $ 2,075  $ 1,796 
Average realized price per silver ounce $ 29.86  $ 26.20  $ 26.71  $ 23.97 
(1)See “Non-GAAP Financial Performance Measures.”
(2)Includes finance leases. Net of debt issuance costs and premium received.

Consolidated Financial Results
Three Months Ended September 30, 2024 compared to Three Months June 30, 2024
Revenue
We sold 96,913 gold ounces and 3.0 million silver ounces, compared to 76,932 gold ounces and 2.6 million silver ounces. Revenue increased by $91.5 million, or 41%, as a result of a 15% and 14% increase in average realized gold and silver prices, respectively, and a 26% and 16% increase in gold and silver ounces sold, respectively. The Company benefited from higher gold and silver spot prices. The increase in gold ounces sold was due to higher gold production at all sites, specifically higher grade and recovery rates at Palmarejo, the successful completion of the ramp-up of the new three-stage crusher and increased production from the new leach pad at Rochester, and higher tons and grade placed on pads at Wharf. The increase in silver ounces sold was due to higher grade and recovery at Palmarejo and the successful completion of the ramp-up of the new three-stage crusher and increased production from the new leach pad at Rochester. Gold and silver represented 71% and 29% of third quarter 2024 sales revenue, respectively, compared to 69% and 31% of second quarter 2024 sales revenue, respectively.
The following table summarizes consolidated metal sales:
Three Months Ended Increase (Decrease) Percentage Change
In thousands September 30, 2024 June 30, 2024
Gold sales $ 223,772  $ 154,085  $ 69,687  45  %
Silver sales 89,704  67,941  21,763  32  %
Metal sales $ 313,476  $ 222,026  $ 91,450  41  %
Costs Applicable to Sales
Costs applicable to sales increased $12.0 million, or 8%, primarily due to higher gold and silver ounces sold at all sites. For a complete discussion of costs applicable to sales, see Results of Operations below.
26

Amortization
Amortization increased $5.3 million, or 19%, and resulted primarily from higher gold and silver ounces sold at all sites.
Expenses
General and administrative expenses decreased $0.3 million, or 2%, primarily due to lower employee incentive related costs.
Exploration expense increased $6.7 million, or 52%, driven by the continued surface drilling at Silvertip and higher investment at Palmarejo and Wharf.
Pre-development, reclamation, and other expenses remained comparable to the second quarter of 2024. The following table summarizes pre-development, reclamation, and other expenses:
Three Months Ended Increase (Decrease) Percentage Change
In thousands September 30, 2024 June 30, 2024
Silvertip ongoing carrying costs $ 1,675  $ 2,055  $ (380) (18) %
Loss on sale of assets 176  640  (464) (73) %
Asset retirement accretion 4,233  4,154  79  2  %
Transaction costs 976  —  976  100  %
Other 1,523  1,741  (218) (13) %
Pre-development, reclamation and other expense $ 8,583  $ 8,590  $ (7) —  %
Other Income and Expenses
Interest expense (net of capitalized interest of $0.3 million) remained comparable at $13.3 million.
Other, net decreased to a gain of $3.4 million compared to $5.1 million primarily due to the receipt of the $1.2 million distribution from the Republic Metal Corporation bankruptcy proceedings (the “RMC Bankruptcy Distribution”) during the second quarter of 2024.
Income and Mining Taxes
Income and mining tax expense of approximately $25.8 million resulted in an effective tax rate of 34.6% for three months ended September 30, 2024. This compares to income tax expense of $7.2 million for an effective tax rate of 83.4% for three months ended June 30, 2024. 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) percentage depletion; (v) foreign exchange rates; and (vi) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:
Three Months Ended September 30, Three Months Ended June 30,
  2024 2024
In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit
United States $ 41,389  $ (4,463) $ (4,660) $ 1,677 
Canada (12,186) (394) (9,628) (258)
Mexico 45,499  (20,960) 22,948  (8,608)
Other jurisdictions (146) —  (45) — 
$ 74,556  $ (25,817) $ 8,615  $ (7,189)
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.
27

Net Income
Net income was $48.7 million, or $0.12 per diluted share, compared to $1.4 million, or $0.00 per diluted share. The increase in net income was driven by a 15% and 14% increase in average realized gold and silver prices, respectively, and a 26% and 16% increase in gold and silver ounces sold, respectively. This was partially offset by higher exploration and income and mining taxes expense. Adjusted net income was $47.2 million, or $0.12 per diluted share, compared to adjusted net loss of $3.4 million, or $0.01 per diluted share (see “Non-GAAP Financial Performance Measures”).
Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Revenue
We sold 255,261 gold ounces and 8.2 million silver ounces, compared to 215,971 gold ounces and 7.1 million silver ounces. Revenue increased by $189.4 million, or 34%, as a result of an 18% and 15% increase in gold and silver ounces sold, respectively, and a 16% and 11% increase in average realized gold and silver prices, respectively. The Company benefited from the higher gold and silver spot prices that were partially offset by realized losses from gold and silver hedges in the first half of 2024 compared to realized gains in the prior year. The Company’s hedge program was concluded as of June 30, 2024. The increase in gold and silver ounces sold was primarily due to higher gold and silver grades and higher recoveries at Palmarejo, higher mill throughput and grades at Kensington and higher tons placed, grade and timing of recoveries at Wharf. Additionally, Rochester produced higher gold and silver ounces following the successful commissioning and ramp-up of the new three stage crusher at Rochester in 2024 and increased production from the new leach pad. Gold and silver represented 71% and 29% of 2024 sales revenue, respectively, compared to 69% and 31% of 2023 sales revenue, respectively.
The following table summarizes consolidated metal sales:
Nine Months Ended September 30, Increase (Decrease) Percentage Change
In thousands 2024 2023
Gold sales $ 529,626  $ 387,959  $ 141,667  37  %
Silver sales 218,936  171,157  47,779  28  %
Metal sales $ 748,562  $ 559,116  $ 189,446  34  %
Costs Applicable to Sales
Costs applicable to sales increased $6.9 million, or 2%, primarily due to higher gold and silver ounces sold, partially offset by the favorable impact of the increase in estimated recoverable ounces on the legacy leach pad and lower adjustments for lower of cost or market (“LCM”) at Rochester. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $23.3 million, or 36%, primarily due to higher gold and silver ounces sold and the commencement of production of the new leach pad in mid-September 2023 and the three-stage crushing circuit in March 2024 at Rochester, partially offset by lower LCM adjustments at Rochester.
Expenses
General and administrative expenses increased $5.2 million, or 17%, primarily due to higher employee incentive, outside service and legal costs.
Exploration expense increased $22.9 million, or 115%, as a result of planned drilling activity at Palmarejo, Kensington, Wharf and Silvertip.
Pre-development, reclamation, and other expenses increased $5.5 million, or 18%, stemming from the Kensington royalty settlement of $6.8 million and higher losses on the sale of assets, partially offset by lower ongoing carrying costs at Silvertip.
The following table summarizes pre-development, reclamation, and other expenses:
28

Nine Months Ended September 30, Increase (Decrease) Percentage Change
In thousands 2024 2023
Silvertip ongoing carrying costs $ 6,091  $ 13,569  $ (7,478) (55) %
Loss on sale of assets 4,352  331  4,021  1,215  %
Asset retirement accretion 12,463  12,219  244  2  %
Kensington royalty settlement 6,750  —  6,750  100  %
Transaction costs 976  —  976  100  %
Other 4,769  3,830  939  25  %
Pre-development, reclamation and other expense $ 35,401  $ 29,949  $ 5,452  18  %
Other Income and Expenses
During the nine months ended September 30, 2024, the Company recognized a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock compared to $3.7 million recognized during the nine months ended September 30, 2023.
The Company did not have fair value adjustments, net, in the first nine months of 2024 following the sale of the Company’s equity investments in 2023.
Interest expense (net of capitalized interest of $0.7 million) increased to $39.4 million from $21.7 million due to higher interest paid under the RCF attributable to higher average debt levels, and lower capitalized interest, partially offset by lower interest paid under the 2029 Senior Notes.
Other, net increased to a gain of $11.3 million compared to a loss of $10.1 million as a result of the recognition of the FT Premium Liability income of $5.2 million following the renouncement of Silvertip exploration expenditures and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023.
Income and Mining Taxes

During the nine months of 2024, income and mining tax expense of approximately $49.0 million resulted in an effective tax rate of 70.0% for 2024. This compares to income tax expense of $26.7 million for an effective tax rate of (51.9)% for 2023. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rates; (v) the sale of non-core assets; (vi) percentage depletion; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:
Nine Months Ended September 30,
  2024 2023
In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit
United States $ 7,498  $ (6,605) $ (83,994) $ (4,847)
Canada (30,720) (766) (23,049) — 
Mexico 93,651  (41,659) 56,045  (21,824)
Other jurisdictions (351) —  (438) — 
$ 70,078  $ (49,030) $ (51,436) $ (26,671)
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.
29

Net Income (Loss)
Net income was $21.0 million, or $0.05 per diluted share, compared to a net loss of $78.1 million, or $0.24 per diluted share. The increase in net income was driven by a 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, lower ongoing costs at Silvertip, the recognition of the FT Premium Liability income of $5.2 million, lower LCM adjustments at Rochester, and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023. This was partially offset by the Kensington royalty settlement of $6.8 million, higher exploration, general and administrative, interest expense and income and mining tax expense, and favorable changes in the fair value of the Company’s equity investments in the first nine months of 2023. Adjusted net income was $24.7 million, or $0.06 per diluted share, compared to adjusted net loss of $71.8 million, or $0.22 per diluted share (see “Non-GAAP Financial Performance Measures”).
2024 Guidance
Production during the third quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2024 production and cost guidance.
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

2024 Costs Applicable to Sales Guidance
Gold Silver
($/oz) ($/oz)
Palmarejo (co-product) $950 - $1,150 $15.50 - $16.50
Second Half 2024 Rochester (co-product) $1,500 - $1,700 $18.00 - $20.00
Kensington $1,525 - $1,725 —
Wharf (by-product) $950 - $1,050 —

2024 Capital, Exploration and G&A Guidance
($M)
Capital Expenditures, Sustaining $124 - $158
Capital Expenditures, Development $36 - $42
Exploration, Expensed $40 - $50
Exploration, Capitalized $15 - $20
General & Administrative Expenses $36 - $40

Note: The Company’s guidance figures assume estimated prices of $2,300/oz gold and $27.00/oz silver as well as CAD of 1.25 and MXN of 17.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges
30

Results of Operations
Palmarejo
Three Months Ended Nine Months Ended
September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Tons milled 413,463  429,561  1,343,771  1,507,950 
Average gold grade (oz/t) 0.070  0.066  0.069  0.054 
Average silver grade (oz/t) 5.15  4.49  4.63  3.93 
Average recovery rate – Au 94.8  % 89.9  % 93.5  % 91.7  %
Average recovery rate – Ag 85.6  % 82.8  % 84.1  % 83.9  %
Gold ounces produced 27,549  25,467  86,176  75,204 
Silver ounces produced 1,823,269  1,596,138  5,237,704  4,970,343 
Gold ounces sold 28,655  24,313  86,430  74,195 
Silver ounces sold 1,860,976  1,542,395  5,199,839  4,889,877 
CAS per gold ounce(1)
 $ 828  $ 1,012  $ 902  $ 950 
CAS per silver ounce(1)
 $ 12.75  $ 15.32  $ 13.84  $ 15.01 
(1)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024
Gold and silver production increased 8% and 14%, respectively, as a result of a 6% and 15% increase in gold and silver grades, respectively, and higher gold and silver recovery rates, partially offset by a 4% decrease in mill throughput due to mine sequencing. Metal sales were $110.4 million, or 35% of Coeur’s metal sales, compared with $83.2 million, or 37% of Coeur’s metal sales. Revenue increased by $27.1 million, or 33%, of which $17.8 million was due to higher volume of gold and silver production, and $9.3 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 18% and 17%, respectively, due to higher production and lower operating costs that benefited from favorable foreign exchange rates. Amortization increased by $1.1 million to $12.0 million due to an 18% and 21% increase in gold and silver ounces sold, respectively. Capital expenditures increased to $8.0 million from $5.9 million due to equipment expenditures and higher underground development focused on Hidalgo.
Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Gold and silver production increased 15% and 5%, respectively, as a result of a 28% and 18% increase in gold and silver grades, respectively, and higher gold and silver recoveries, partially offset by an 11% decrease in mill throughput. Metal sales were $290.0 million, or 39% of Coeur’s metal sales, compared with $232.3 million, or 42% of Coeur’s metal sales. Revenue increased by $57.7 million, or 25%, of which $29.7 million was due to a higher volume of gold and silver production and $28.0 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 5% and 8%, respectively, due to higher production and lower operating costs that benefited from favorable foreign exchange rates. Amortization increased by $9.7 million to $35.4 million due to a 16% and 6% increase in gold and silver ounces sold. Capital expenditures decreased to $20.7 million from $32.8 million due to lower expenditures related to the open pit backfill project, underground development and equipment.









31

Rochester
Three Months Ended Nine Months Ended
September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Tons placed (1)
 7,064,623  5,102,800  15,302,994  8,634,599 
Average gold grade (oz/t) 0.002  0.002  0.002  0.003 
Average silver grade (oz/t) 0.57  0.59  0.56  0.46 
Gold ounces produced 9,690  8,006  23,451  18,928 
Silver ounces produced 1,155,156  973,057  2,827,403  2,051,737 
Gold ounces sold 9,186  8,150  23,521  19,274 
Silver ounces sold 1,098,407  985,269  2,818,930  2,070,544 
CAS per gold ounce(2)
 $ 1,759  $ 1,844  $ 1,797  $ 2,219 
CAS per silver ounce(2)
 $ 21.17  $ 21.95  $ 21.57  $ 27.38 
(1)During the three months ended September 30, 2024, 7.1 million tons of ore were placed on the new leach pad. During the three months ended June 30, 2024, 4.3 million and 0.8 million tons of ore were placed on the new leach pad and legacy leach pad, respectively. During the nine months ended September 30, 2024, 13.3 million and 2.0 million tons of ore were placed on the new leach pad and legacy leach pad, respectively. During the nine months ended September 30, 2023, 6.2 million and 2.4 million tons of ore were placed on the new leach pad and legacy leach pads, respectively.
(2)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024
Gold and silver production increased 21% and 19%, respectively, driven by the successful completion of the ramp-up of the new three-stage crusher at the end of the second quarter and increased production from the new leach pad. Metal sales were $56.0 million, or 18% of Coeur’s metal sales, compared with $42.8 million, or 19% of Coeur’s metal sales. Revenue increased by $13.2 million, or 31%, of which $7.2 million was due to higher average realized gold and silver prices and $6.0 million was attributable to a higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 5% and 4%, respectively, as a result of the increase in tons placed on the new leach pad, partially offset by higher operating costs. Amortization increased by $1.7 million to $10.2 million due to higher gold and silver ounces sold. Capital expenditures decreased to $10.1 million from $27.5 million due to ramp up activities and timing of payments related to the Rochester expansion project in the second quarter.
Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024 leading to declaration of commercial production and $528 million of construction in process placed into service in the first quarter of 2024. The Company successfully completed the ramp-up of all three stages of the crushing circuit by the end the second quarter by achieving throughput rates of over 88,000 tons per day. Ore tons placed increased 38% quarter-over-quarter to 7.1 million tons, including approximately 6.4 million tons through the new crushing circuit and placed on the new leach pad.
Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Gold and silver production increased 24% and 38%, respectively, due to the successful completion of the ramp-up of the new three-stage crusher at the end of the second quarter and increased production from the new leach pad. Metal sales were $128.6 million, or 17% of Coeur’s metal sales, compared with $86.6 million, or 15% of Coeur’s metal sales. Revenue increased by $41.9 million, or 48%, of which $29.6 million was due to a higher volume of gold and silver production, and $12.3 million resulting from higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 19% and 21%, respectively, due to the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, an increase in tons placed on the new stage 6 leach pad and a reduction in LCM adjustments compared to the prior year. Amortization increased by $12.4 million to $25.4 million due to higher gold and silver ounces sold, the commencement of production from the new stage 6 leach pad in mid-September 2023 and the three-stage crushing circuit in March 2024. Capital expenditures decreased to $58.9 million from $197.8 million due to reduced spending related to the Rochester expansion project.





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Kensington
Three Months Ended Nine Months Ended
September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Tons milled 165,916  182,043  515,398  474,194 
Average gold grade (oz/t) 0.16  0.14  0.15  0.13 
Average recovery rate 90.4  % 92.3  % 91.2  % 91.7  %
Gold ounces produced 24,104  23,202  68,740  58,103 
Gold ounces sold 24,800  23,539  69,522  58,691 
CAS per gold ounce(1)
 $ 1,537  $ 1,732  $ 1,699  $ 1,953 
(1)See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024
Gold production increased 4% as a result of higher grade, partially offset by a 9% decrease in mill throughput and lower recovery rates. Metal sales were $62.2 million, or 20% of Coeur’s metal sales, compared to $51.1 million, or 23% of Coeur’s metal sales. Revenue increased by $11.1 million, or 22%, of which $8.0 million was due to higher average realized gold prices and $3.1 million resulting from a higher volume of gold production. Costs applicable to sales per gold ounce decreased 11% due to higher production and lower operating costs. Amortization increased by $1.2 million to $7.6 million primarily due to an increase in gold ounces sold. Capital expenditures increased to $20.0 million from $16.5 million reflecting continued investment associated with the multi-year underground development and exploration program designed to extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025, as well as underground development and tailings dam expansion expenditures.
Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Gold production increased 18% as a result of 15% higher grade and 9% higher mill throughput. Metal sales were $156.7 million, or 21% of Coeur’s metal sales, compared to $111.3 million, or 20% of Coeur’s metal sales. Revenue increased by $45.4 million, or 41%, of which $24.4 million resulting from a higher volume of gold production, and $21.0 million due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 13% due to higher production, partially offset by higher operating costs partially driven by higher royalties. Amortization increased by $2.2 million to $19.7 million primarily due to the increase in gold ounces sold, partially offset the favorable impact of a longer assumed mine life. Capital expenditures increased to $49.7 million from $38.2 million reflecting continued investment associated with the multi-year underground development and exploration program designed to extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025.
Wharf
Three Months Ended Nine Months Ended
September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Tons placed 1,424,649  1,162,437  3,839,041  3,452,907 
Average gold grade (oz/t) 0.046  0.032  0.034  0.026 
Gold ounces produced 33,650  22,021  76,066  63,827 
Silver ounces produced 42,141  68,755  178,169  178,330 
Gold ounces sold 34,272  20,930  75,788  63,811 
Silver ounces sold 45,118  65,063  178,894  179,646 
CAS per gold ounce(1)
 $ 888  $ 829  $ 945  $ 1,224 
(1)See Non-GAAP Financial Performance Measures.
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Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024
Gold production increased 53% driven by higher tons placed and grade, and timing of recoveries. Metal sales were $85.0 million, or 27% of Coeur’s metal sales, compared to $45.0 million, or 20% of Coeur’s metal sales. Revenue increased by $40.0 million, or 89%, of which $32.0 million was due to a higher gold production and $8.0 million attributable to higher average realized gold prices. Costs applicable to sales per gold ounce increased 7% due to higher operating costs driven by higher royalties, partially offset by higher tons and grade placed on the pads. Amortization increased to $2.4 million driven by increased gold ounces sold. Capital expenditures were $2.8 million.

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Gold production increased 19% driven by higher tons placed, grade and timing of recoveries. Metal sales were $173.3 million, or 23% of Coeur’s metal sales, compared to $128.8 million, or 23% of Coeur’s metal sales. Revenue increased by $44.4 million, or 35%, of which $26.6 million was due to a higher gold production and $17.8 million was due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 23% due to higher tons and grade placed on the pads. Amortization remained comparable at $4.9 million due to higher tons and grade placed on the pads, partially offset by the favorable impact of a longer assumed mine life. Capital expenditures were $4.2 million.
Silvertip
Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Exploration expense totaled $21.1 million in the first nine months of 2024 as the Company continued to focus on increasing the mineral resources at Silvertip, which were supported by 376 meters of underground mine development. Ongoing carrying costs at Silvertip totaled $6.1 million in the first nine months of 2024 compared to $13.6 million in 2023. Capital expenditures in the first nine months of 2024 totaled $1.9 million.

Liquidity and Capital Resources
At September 30, 2024, the Company had $78.7 million of cash, cash equivalents and restricted cash and $145.4 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants. Cash and cash equivalents increased $15.3 million in the nine months ended September 30, 2024 due to an 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, the net proceeds of $23.7 million from the sale of 7.7 million shares of common stock in the Private Placement Offering (as defined below), and net draws of $50.0 million under the RCF. This was partially offset by $135.5 million of capital expenditures primarily related to the completion of the Rochester expansion project, and the initial payment of $10.0 million due at closing for the $25.0 million acquisition of mining concessions at Palmarejo.
On February 21, 2024, the Company entered into an agreement to extend and enhance its RCF (the “February 2024 Amendment”). 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.
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”). The proceeds of the issuance of FT Shares will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)), in conducting an exploration and mineral resource evaluation program on the Silvertip property in British Columbia and Yukon to determine the existence, location, extent, and quality of the silver, lead, and zinc on the Silvertip property.
The Company had no outstanding forward contracts at September 30, 2024 following the final settlement in June 2024. The Company has no current plans to implement new hedges but may in the future add new hedges as circumstances warrant.
During the nine months ended September 30, 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock.
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We currently believe we have sufficient sources of funding to meet our business requirements for the next 12 months and longer-term. We expect to use a combination of cash provided by operating activities additional equity financing, and borrowings under our RCF depending on future commodity prices to fund near term capital requirements, including those described in this Report for our 2024 capital expenditure guidance. Our longer-term plans contemplate the expansion and restart of Silvertip, as well as the continued exploration to extend mine lives at all of our operating sites. Our long-term target leverage of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA. Our current leverage ratio is 1.8 times Adjusted EBITDA as of September 30, 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.
If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.
Cash Provided by Operating Activities
Net cash provided by operating activities for the three months ended September 30, 2024 was $111.1 million, compared to $15.2 million for the three months ended June 30, 2024. Net cash provided by operating activities for the nine months ended September 30, 2024 was $110.4 million, compared to $2.0 million for nine months ended September 30, 2023. Adjusted EBITDA for the three months ended September 30, 2024 was $126.0 million, compared to $52.4 million for three months ended June 30, 2024. Adjusted EBITDA for the nine months ended September 30, 2024 was $222.8 million, compared to $78.0 million for the nine months ended September 30, 2023 (see “Non-GAAP Financial Performance Measures”). Net cash provided by operating activities was impacted by the following key factors for the applicable periods:
Three Months Ended Nine Months Ended
In thousands September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Cash flow before changes in operating assets and liabilities $ 86,932  $ 27,482  $ 83,807  $ 13,490 
Changes in operating assets and liabilities:
Receivables 1,616  3,180  (520) 1,659 
Prepaid expenses and other (352) 4,176  3,185  764 
Inventories (14,320) (19,774) (53,788) (54,993)
Accounts payable and accrued liabilities 37,187  185  77,757  41,091 
Cash provided by (used in) operating activities $ 111,063  $ 15,249  $ 110,441  $ 2,011 
Net cash provided by operating activities increased $95.8 million for the three months ended September 30, 2024 compared to the three months ended June 30, 2024, primarily as a result of a 26% and 16% increase in gold and silver ounces sold, respectively, a 15% and 14% increase in average realized gold and silver prices, respectively, timing of account payable payments at Palmarejo, a $25.0 million prepayment received at Kensington, and the receipt of exploration credit refunds at Silvertip, partially offset by higher prepaid insurance, timing of interest payments, and higher exploration expense. Revenue for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 increased by $91.5 million, of which $58.4 million resulting from higher volume of gold and silver sales, and $33.0 million was due to higher average realized gold and silver prices.
Net cash provided by operating activities increased $108.4 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily due to a 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, and an additional $25.0 million prepayment received at Kensington, partially offset higher exploration, general and administrative, and interest expense. Revenue for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 increased by $189.4 million, of which $109.7 million was due to higher volume of gold sales, and $79.7 million as the result of higher average gold and silver prices.
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Cash Used in Investing Activities
Net cash used in investing activities in the three months ended September 30, 2024 was $52.0 million compared to $51.6 million in the three months ended June 30, 2024. Cash used in investing activities increased due to the initial payment of $10.0 million due at closing for the $25.0 million acquisition of mining concessions at Palmarejo, partially offset by lower capital expenditures. The Company incurred capital expenditures of $42.0 million in the three months ended September 30, 2024 compared with $51.4 million in the three months ended June 30, 2024 primarily related to ramp-up activities and timing of payments related to the Rochester expansion project at Rochester and underground development at Palmarejo and Kensington in both periods.
Net cash used in investing activities in the nine months ended September 30, 2024 was $145.7 million compared to $217.1 million in the nine months ended September 30, 2023. Cash used in investing activities decreased due to net proceeds of $39.8 million received from the sale of the Company’s remaining Victoria Gold Common Shares, net proceeds of $7.0 million received from the sale of the La Preciosa Deferred Consideration, $5.0 million received from the sale of the La Preciosa project in 2023, and lower capital expenditures, partially offset by the initial payment of $10.0 million due at closing for the $25.0 million acquisition of mining concessions at Palmarejo. The Company incurred capital expenditures of $135.5 million in the nine months ended September 30, 2024 compared with $271.9 million in the nine months ended September 30, 2023 primarily related to expansion construction and ramp-up activities at Rochester and underground development and exploration at Palmarejo and Kensington in both periods.
Cash Provided by (Used in) Financing Activities
Net cash used in financing activities in the three months ended September 30, 2024 was $56.0 million compared to net cash provided by financing activities of $43.3 million in the three months ended June 30, 2024. During the three months ended September 30, 2024, the Company repaid $50.0 million, net, to the RCF. During the three months ended June 30, 2024, the Company drew $50.0 million, net, from the RCF.
Net cash provided by financing activities in the nine months ended September 30, 2024 was $51.2 million compared to $206.5 million in the nine months ended September 30, 2023. During the nine months ended September 30, 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 $50.0 million, net, from the RCF. During the nine months ended September 30, 2023, the Company drew $60.0 million, net, under the RCF, received aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its common stock in the March 2023 Equity Offering, and received net proceeds of $20.9 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering.

Critical Accounting Policies and Accounting Developments
See Note 2 -- Summary of Significant Accounting Policies contained in the 2023 10-K and Note 2 -- Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. 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.

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. 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.

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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. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. 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. In the first quarter of 2024, the Company completed a review of the estimated recoverable ounces of gold and silver on its leach pads and determined that as a result of longer expected leach time and favorable recoveries relative to previous estimates that the estimated recoverable gold and silver on the Rochester legacy (Stages 2, 3 and 4) leach pads supported an upward revision. An additional 6,000 ounces of gold and 900,000 ounces of silver were added to the legacy leach pads in the first quarter of 2024. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which have not historically been significant. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively. As of September 30, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 48,175 and 6.7 million, respectively.

Other Liquidity Matters
We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. operations and corporate activities. The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.
In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time-to-time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Non-GAAP Financial Performance Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Adjusted Net Income (Loss)
Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income (loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income (loss) is reconciled to Net income (loss) in the following table:
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Three Months Ended Nine Months Ended
In thousands except per share amounts September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Net income (loss) $ 48,739  $ 1,426  $ 21,048  $ (78,107)
Fair value adjustments, net —  —  —  (4,629)
Foreign exchange loss (gain) (2,247) (2,950) (4,713) 2,149 
(Gain) loss on sale of assets and securities 176  640  4,352  12,650 
RMC bankruptcy distribution —  (1,199) (1,199) (1,516)
(Gain) loss on debt extinguishment —  21  (417) (3,735)
Transaction costs 976  —  976  — 
Other adjustments 81  104  5,644  2,739 
Tax effect of adjustments(1)
 (568) (1,447) (962) (1,380)
Adjusted net income (loss) $ 47,157  $ (3,405) $ 24,729  $ (71,829)
Adjusted net income (loss) per share, Basic $ 0.12  $ (0.01) $ 0.06  $ (0.22)
Adjusted net income (loss) per share, Diluted $ 0.12  $ (0.01) $ 0.06  $ (0.22)
(1) For the three months ended September 30, 2024, tax effect of adjustments of $0.6 million (-46%) are primarily related to nonrecurring expenses at Palmarejo. For the three months ended June 30, 2024, tax effect of adjustments of $1.4 million 333% are primarily related to the RMC Bankruptcy Distribution.

For the nine months ended September 30, 2024, tax effect of adjustments of $1.0 million (-10%) are primarily related to the RMC Bankruptcy Distribution, Kensington royalty settlement, nonrecurring expenses at Palmarejo, and LCM adjustment recorded at Rochester. For the nine months ended September 30, 2023, tax effect of adjustments of $1.4 million (-25%) are primarily related to the fair value adjustments on the Company’s equity investments, loss on the sale of the La Preciosa Deferred Consideration and LCM adjustment recorded at Rochester.

EBITDA and Adjusted EBITDA
Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the following table:
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Three Months Ended Nine Months Ended
In thousands except per share amounts September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Net income (loss) $ 48,739  $ 1,426  $ 21,048  $ (78,107)
(Income) loss from discontinued operations, net of tax —  —  —  — 
Interest expense, net of capitalized interest 13,280  13,162  39,389  21,703 
Income tax provision (benefit) 25,817  7,189  49,030  26,671 
Amortization 33,216  27,928  88,441  65,187 
EBITDA 121,052  49,705  197,908  35,454 
Fair value adjustments, net —  —  —  (4,629)
Foreign exchange (gain) loss (1,708) (2,089) (3,432) 107 
Asset retirement obligation accretion 4,233  4,154  12,463  12,219 
Inventory adjustments and write-downs 1,231  1,071  6,490  24,723 
(Gain) loss on sale of assets and securities 176  640  4,352  12,650 
RMC bankruptcy distribution —  (1,199) (1,199) (1,516)
(Gain) loss on debt extinguishment —  21  (417) (3,735)
Transaction costs 976  —  976  — 
Other adjustments 81  104  5,644  2,739 
Adjusted EBITDA $ 126,041  $ 52,407  $ 222,785  $ 78,012 

Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.
Consolidated Three Months Ended Nine Months Ended
(Dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Cash flow from operations $ 111,063  $ 15,249  $ 110,441  $ 2,011 
Capital expenditures 41,980  51,405  135,468  271,902 
Free cash flow $ 69,083  $ (36,156) $ (25,027) $ (269,891)

Operating Cash Flow Before Changes in Working Capital
Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and accrued liabilities as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.
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The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.
Three Months Ended Nine Months Ended
(Dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Cash provided by (used in) operating activities $ 111,063  $ 15,249  $ 110,441  $ 2,011 
Changes in operating assets and liabilities:
Receivables (1,616) (3,180) 520  (1,659)
Prepaid expenses and other 352  (4,176) (3,185) (764)
Inventories 14,320  19,774  53,788  54,993 
Accounts payable and accrued liabilities (37,187) (185) (77,757) (41,091)
Operating cash flow before changes in working capital $ 86,932  $ 27,482  $ 83,807  $ 13,490 

Net Debt and Leverage Ratio
Management defines Net Debt, a non-GAAP financial measure, as Total Debt, less Cash and Cash Equivalents. We define Leverage Ratio, a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA. Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Condensed Consolidated Balance Sheets. Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies. Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP.
The following table presents a reconciliation of Total Debt, the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.
Three Months Ended Nine Months Ended
(Dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023
Total debt $ 605,183  $ 629,327  $ 605,183  $ 512,241 
Cash and cash equivalents (76,916) (74,136) (76,916) (53,223)
Net debt $ 528,267  $ 555,191  $ 528,267  $ 459,018 
Net debt $ 528,267  $ 555,191  $ 528,267  $ 459,018 
Last Twelve Months Adjusted EBITDA $ 287,079  $ 191,686  $ 287,079  $ 113,809 
Leverage ratio 1.8  $ 2.9  $ 1.8  $ 4.0 
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Costs Applicable to Sales
Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes that allocating CAS to gold and silver based on gold and silver metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards.
Three Months Ended September 30, 2024
In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total
Costs applicable to sales, including amortization (U.S. GAAP) $ 59,439  $ 49,640  $ 45,711  $ 34,198  $ 794  $ 189,782 
Amortization (11,984) (10,231) (7,612) (2,419) (794) (33,040)
Costs applicable to sales $ 47,455  $ 39,409  $ 38,099  $ 31,779  $ —  $ 156,742 
Metal Sales
Gold ounces 28,655  9,186  24,800  34,272  —  96,913 
Silver ounces 1,860,976  1,098,407  —  45,118  —  3,004,501 
Costs applicable to sales
Gold ($/oz) $ 828  $ 1,759  $ 1,537  $ 888 
Silver ($/oz) $ 12.75  $ 21.17  $ — 
Three Months Ended June 30, 2024
In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total
Costs applicable to sales, including amortization (U.S. GAAP) $ 59,070  $ 45,225  $ 47,166  $ 20,181  $ 790  $ 172,432 
Amortization (10,843) (8,570) (6,445) (1,067) (790) (27,715)
Costs applicable to sales $ 48,227  $ 36,655  $ 40,721  $ 19,114  $ —  $ 144,717 
Metal Sales
Gold ounces 24,313  8,150  23,539  20,930  —  76,932 
Silver ounces 1,542,395  985,269  —  65,063  —  2,592,727 
Costs applicable to sales
Gold ($/oz) $ 1,012  $ 1,844  $ 1,732  $ 829 
Silver ($/oz) $ 15.32  $ 21.95  $ — 
Nine Months Ended September 30, 2024
In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total
Costs applicable to sales, including amortization (U.S. GAAP) $ 185,405  $ 128,497  $ 137,762  $ 81,187  $ 2,436  $ 535,287 
Amortization (35,429) (25,434) (19,653) (4,879) (2,436) (87,831)
Costs applicable to sales $ 149,976  $ 103,063  $ 118,109  $ 76,308  $ —  $ 447,456 
Metal Sales
Gold ounces 86,430  23,521  69,522  75,788  —  255,261 
Silver ounces 5,199,839  2,818,930  —  178,894  —  8,197,663 
Costs applicable to sales
Gold ($/oz) $ 902  $ 1,797  $ 1,699  $ 945 
Silver ($/oz) $ 13.84  $ 21.57  $ — 
41

Nine Months Ended September 30, 2023
In thousands (except metal sales, per ounce and per pound amounts) Palmarejo Rochester Kensington Wharf Silvertip Total
Costs applicable to sales, including amortization (U.S. GAAP) $ 169,675  $ 112,508  $ 132,356  $ 87,201  $ 3,161  $ 504,901 
Amortization (25,760) (13,043) (17,539) (4,802) (3,161) (64,305)
Costs applicable to sales $ 143,915  $ 99,465  $ 114,817  $ 82,399  $ —  $ 440,596 
Metal Sales
Gold ounces 74,195  19,274  58,691  63,811  215,971 
Silver ounces 4,889,877  2,070,544  —  179,646  —  7,140,067 
Costs applicable to sales
Gold ($/oz) $ 950  $ 2,219  $ 1,953  $ 1,224 
Silver ($/oz) $ 15.01  $ 27.38  $ — 
Reconciliation of Costs Applicable to Sales for Updated 2024 Guidance
In thousands (except metal sales and per ounce amounts) Palmarejo
Rochester(1)
 Kensington Wharf
Costs applicable to sales, including amortization (U.S. GAAP) $ 261,913  $ 147,456  $ 195,337  $ 102,091 
Amortization (46,953) (42,237) (28,757) (5,694)
Costs applicable to sales $ 214,960  $ 105,219  $ 166,580  $ 96,397 
By-product credit —  —  16  (5,328)
Adjusted costs applicable to sales $ 214,960  $ 105,219  $ 166,596  $ 91,069 
Metal Sales
Gold ounces 104,260 28,170 100,500 91,040
Silver ounces 6,652,590 3,197,910 205,600
Revenue Split
Gold 51% 43% 100% 100%
Silver 49% 57%
Adjusted costs applicable to sales
Gold ($/oz) $950 - $1,150 $1,500 - $1,700 $1,525 - $1,725 $950 - $1,050
Silver ($/oz) $15.50 - $16.50 $18.00 - $20.00
(1) Cost guidance for Rochester reflects the second half of 2024.
Reconciliation of Costs Applicable to Sales for Previous 2024 Guidance
In thousands (except metal sales and per ounce amounts) Palmarejo
Rochester(1)
 Kensington Wharf
Costs applicable to sales, including amortization (U.S. GAAP) $ 258,870  $ 129,322  $ 199,980  $ 108,330 
Amortization (37,130) (36,990) (33,530) (6,330)
Costs applicable to sales $ 221,740  $ 92,332  $ 166,450  $ 102,000 
By-product credit —  —  —  (2,550)
Adjusted costs applicable to sales $ 221,740  $ 92,332  $ 166,450  $ 99,450 
Metal Sales
Gold ounces 100,350 28,130 103,790 90,000
Silver ounces 6,516,830 3,927,890 105,920
Revenue Split
Gold 51% 38% 100% 100%
Silver 49% 62%
Adjusted costs applicable to sales
Gold ($/oz) $1,075 - $1,275 $1,200 - $1,400 $1,525 - $1,725 $1,100 - $1,200
Silver ($/oz) $16.50 - $17.50 $14.00 - $16.00
(1) Cost guidance for Rochester reflects the second half of 2024.
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Cautionary Statement Concerning Forward-Looking Statements
This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, the tax treatment of the FT Shares and the risk that related exploration efforts at Silvertip will not occur on a timely basis or at all, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, timing of completion of obligations under prepayment agreements, liquidity management, financing plans, risk management strategies, capital allocation, expectations regarding the planned acquisition of SilverCrest Metals, Inc. including impact on production, cash flow, financial condition and timing of closing, if at all, and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2023 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, and inflationary pressures, (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, and (xiv) the risk that the planned acquisition of SilverCrest Metals Inc. will not occur or achieve the expected benefits to the Company. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
Communications in the news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Important Additional Information
In connection with the Transaction, Coeur and SilverCrest intend to file materials with the Securities and Exchange Commission (the “SEC”) and on SEDAR+, as applicable. Coeur intends to file a definitive proxy statement on Schedule 14A (the “Proxy Statement”) with the SEC in connection with the solicitation of proxies to obtain Coeur stockholder approval of (A) the issuance of shares of common stock of Coeur in connection with the Transaction (the “Stock Issuance”) and (B) the amendment of the Coeur certificate of incorporation to increase the number of authorized shares of Coeur common stock (the “Charter Amendment”), and SilverCrest intends to file a notice of the SilverCrest shareholder meeting and accompanying management information circular (the “Circular”) with the Toronto Stock Exchange and on SEDAR+ and with the SEC in connection with the solicitation of proxies to obtain SilverCrest shareholder approval of the Transaction. After the Proxy Statement is cleared by the SEC, Coeur intends to mail a definitive Proxy Statement to the stockholders of Coeur. This communication is not a substitute for the Proxy Statement, the Circular or for any other document that Coeur or SilverCrest may file with the SEC or on SEDAR+ and/or send to Coeur stockholders and/or SilverCrest’s shareholders in connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF COEUR AND SILVERCREST ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY STATEMENT AND THE CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY COEUR AND/OR SILVERCREST WITH THE SEC OR ON SEDAR+, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT COEUR, SILVERCREST, THE TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.

43

Stockholders of Coeur and shareholders of SilverCrest will be able to obtain free copies of the Proxy Statement and the Circular, as each may be amended from time to time, and other relevant documents filed by Coeur and/or SilverCrest with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or on SEDAR+ at www.sedarplus.ca, as applicable. Copies of documents filed with the SEC by Coeur will be available free of charge from Coeur’s website at www.coeur.com under the “Investors” tab or by contacting Coeur’s Investor Relations Department at (312) 489-5800 or investors@coeur.com. Copies of documents filed with the SEC or on SEDAR+ by SilverCrest will be available free of charge from SilverCrest’s website at www.silvercrestmetals.com under the “Investors” tab or by contacting SilverCrest’s Investor Relations Department at (604) 694-1730 ext. 104.
Participants in the Solicitation
Coeur, SilverCrest and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Coeur’s stockholders and SilverCrest’s shareholders in connection with the Transaction. Information regarding the executive officers and directors of Coeur is included in its definitive proxy statement for its 2024 annual meeting under the headings “Proposal No. 1 – Election of Directors”, “Information about our Executive Officers”, “Compensation Discussion and Analysis”, and “Director Compensation”, which was filed with the SEC on April 4, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/215466/000114036124017966/ny20018623x1_def14a.htm. Information regarding the directors and certain executive officers of SilverCrest is included in its information circular and proxy statement for its 2024 annual meeting under the headings “Compensation of Executive Officers and Directors” and “Compensation Discussion and Analysis”, which was filed on SEDAR+ on April 18, 2024 and is available at https://www.silvercrestmetals.com/_resources/agm/2024-Information-Circular.pdf?v=093009. Additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement, the Circular and other materials when they are filed with the SEC or on SEDAR+ in connection with the Transaction. Free copies of these documents may be obtained as described in the paragraphs above.
Item 3.        Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 12 -- Derivative Financial Instruments in the notes to the Condensed Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements. Actual results and actions could differ materially from those discussed below.
Gold and Silver Prices
Gold and silver prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.
Decreases in the market price of gold and silver can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at September 30, 2024 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,474 and $2,017 per ounce, respectively, and a short-term and long-term silver price of $29.43 and $25.78 per ounce, respectively.
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
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Hedging
To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production. The 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. The contracts are generally net cash settled and, if the spot price of gold at the time of expiration is lower than the fixed price or higher than the fixed prices, it would result in a realized gain or loss, respectively. The forward contracts expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. For additional information, please see the section titled “Item 1A - Risk Factors” in this Report. For the nine months ended September 30, 2024, the Company recognized a loss of $12.9 million and $4.3 million related to expired gold and silver contracts, respectively. The Company had no outstanding gold or silver hedging contracts at September 30, 2024.
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. At September 30, 2024, the Company had outstanding provisionally priced sales of 12,213 ounces of gold at an average price of $2,568. Changes in gold prices resulted in provisional pricing mark-to-market gain of $0.4 million during the three months ended September 30, 2024. A 10% change in realized gold prices would cause revenue to vary by $3.1 million.
Foreign Currency
The Company operates, or has mineral interests, in several foreign countries including Canada, Mexico, and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control, such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.
Foreign Exchange Hedging
To manage foreign currency risk, the Company may enter into foreign currency forward exchange contracts. In 2020, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at September 30, 2024.
Interest Rates
Interest Rate Hedging
The Company may use financial instruments to manage exposures to changes in interest rates on loans, which exposes it to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not pose credit risk. The Company seeks to minimize the credit risk in derivative instruments by entering into transactions with what it believes are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at September 30, 2024.
Investment Risk
Equity Price Risk
The Company had no equity securities at September 30, 2024.

Item 4.
(a)Disclosure Controls and Procedures
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Controls and Procedures As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives.
The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
(b)Changes In Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
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PART II

Item 1.         Legal Proceedings
See Note 16 -- Commitments and Contingencies in the notes to the Condensed Consolidated Financial Statements included herein.

Item 1A.     Risk Factors
Item 1A -- Risk Factors of the 2023 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial condition or operating results. Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarter ended March 31, 2024 (the “Q1 2024 10-Q”), in the Company’s Form 10-Q for the quarter ended June 30, 2024 (the “Q2 2024 10-Q”) and in this Form 10-Q. Except as supplemented and updated in the Q1 2024 10-Q, Q2 2024 10-Q and below, the risk factors set forth in the 2023 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.
Risks Relating to the Proposed Acquisition of SilverCrest Metals Inc.
As disclosed in this Form 10-Q, including in Part 1, Item 1, Note 6 – Property, Plant and Equipment and Mining Properties, Net and Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Company entered into an definitive agreement (the “Arrangement Agreement”) on October 3, 2024 whereby, a wholly-owned subsidiary of Coeur will acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”). There can be no assurance that the Transaction will be completed as expected, in a timely manner or at all. As described below, the Transaction could subject us to significant risks.
The Transaction is subject to a number of conditions which may delay its consummation and could result in additional expenditures of money and resources or reduce the anticipated benefits, or result in termination of the Arrangement Agreement and Coeur having to pay a termination fee.
The Transaction is conditional upon, among other closing conditions, approval of the plan of arrangement by a British Columbia court, approval by shareholders of both Coeur and SilverCrest, including by Coeur’s stockholders to amend Coeur’s certificate of incorporation to increase the authorized stock of the Coeur and to approve the issuance of Coeur common stock to be exchanged as consideration for SilverCrest’s outstanding stock, and approval of the listing of the Coeur common shares to be issued under the Transaction on the NYSE. Additionally, the Transaction is subject to applicable regulatory approvals, including approval by Mexico’s antitrust authority, the Federal Economic Competition Commission (“COFECE”). Many of the conditions to completion of the Transaction are not within our control and we cannot predict when, or if, these conditions will be satisfied. If any of these conditions are not satisfied or waived prior to the outside date set out in the Arrangement Agreement, it is possible that the Arrangement Agreement may be terminated.
Although Coeur and SilverCrest have, subject to certain limitations, agreed to use reasonable best efforts to complete the Transaction promptly, these and other conditions may fail to be satisfied. In addition, completion of the Transaction may take longer and could cost more than we expect. The requirements for obtaining the required regulatory approvals and clearances could delay the completion of the Transaction for a significant period of time or prevent them from occurring. Any delay in completing the Transaction may adversely affect the benefits that Coeur expects to achieve if the Transaction and the integration of businesses were to be completed within the expected timeframe.
Each of Coeur and SilverCrest have certain rights to terminate the Transaction in certain circumstances, including if any closing conditions are not satisfied prior to the outside date set out in the Arrangement Agreement. Although the Arrangement Agreement contains customary deal protection provisions, a change in recommendation by either Coeur’s Board of Directors, the SilverCrest Board of Directors, or both, including as the result of receiving a superior proposal as defined in the Arrangement Agreement, may result in the Transaction not being consummated. The Arrangement Agreement provides that, upon termination of the Arrangement Agreement under certain circumstances, Coeur would be required to pay SilverCrest a termination fee of $100 million and reimburse SilverCrest for expenses incurred in connection with the Transaction. Failure to complete the Transaction in a timely manner, or at all, and payment of relevant termination fees, if applicable, could negatively impact Coeur’s business and negatively impact the trading price of Coeur’s common stock.
Coeur and SilverCrest may be the targets of legal claims, securities class actions, derivative lawsuits and other claims and negative publicity related to the Transaction.
47

Coeur and SilverCrest may be the target of lawsuits that could delay or prevent the Transaction from being consummated or result in significant additional costs. Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into an agreement to acquire a public company or to be acquired. Third parties may also attempt to bring claims against Coeur or SilverCrest in an attempt to delay or block the consummation of the Transaction or to seek other remedy, including additional monetary compensation. Even if the lawsuits are unsuccessful or meritless, significant financial resources and attention from management can be required to defend against these claims and proceedings may result in a delay to closing the Transaction. Such proceedings, among other events, could also subject the Company to negative press coverage or public scrutiny that could impact the ability of Coeur and SilverCrest to consummate the Transaction, as well as negatively impacting the Company’s existing business performance and operations.
Lawsuits that may be brought against Coeur, SilverCrest or their respective directors which could seek, among other things, injunctive relief or other equitable relief, including a request to rescind parts of the Arrangement Agreement already implemented and to otherwise enjoin the parties from consummating the Transaction. One of the conditions to the closing of the Transaction is that no law (including injunction or judgements) is in effect that makes the Transaction illegal or enjoins or prohibits Coeur or SilverCrest from consummating the Transaction. Consequently, if a plaintiff is successful in obtaining an injunction prohibiting completion of the Transaction, that injunction may delay or prevent the Transaction from being completed within the expected timeframe or at all, which may adversely affect Coeur’s and SilverCrest’s respective business, financial position, results of operations and cash flows.
In addition, political and public attitudes towards the Transaction could result in negative press coverage and other adverse public statements affecting Coeur or SilverCrest. There is an increasing level of public concern relating to the perceived effect of mining activities on indigenous communities. Local communities and stakeholders could become dissatisfied with our activities or with change in personnel following the Transaction. Adverse press coverage and other adverse statements could lead to investigations by regulators, legislators and law enforcement officials or in legal claims or otherwise negatively impact the ability of the combined company to take advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on the combined company’s business, financial condition and results of operations.
The issuance of a significant number of shares of Coeur common stock and a resulting "market overhang" could adversely affect the market price of our shares after completion of the Transaction.
At consummation of the Transaction, Coeur will issue shares of its common stock as consideration for the exchange of SilverCrest’s outstanding shares. The increase to the number of outstanding shares of Coeur’s common stock may impact the marketplace’s view of Coeur’s common stock and may lead to adverse changes in the stock’s trading volume and trading price. Conversely, failure to consummate the Transaction may also result in changes to the marketplace’s perception of our business and future strategy that adversely impact our stock’s trading volume and trading price.
Coeur is expected to incur significant transaction costs in connection with the Transaction, which may exceed those anticipated by Coeur.
Coeur expects to continue to incur costs related to the Transaction, as well as additional integration costs if the Transaction is completed. Such fees and expenses include, but are not limited to, financial advisor fees, legal fees, tax and accounting fees, filing and regulatory fees, soliciting fees, and other advisory services fees. Certain of these fees will be incurred regardless of whether the Transaction is completed, while additional fees will be incurred after closing of the Transaction, including for the integration of SilverCrest into Coeur. The timing and amount of fees and expenses to be incurred for the Transaction and post-closing integration of the companies is difficult to predict and may vary significantly from our initial projections.
The combined company may be unable to integrate the businesses of Coeur and SilverCrest successfully or realize the anticipated benefits of the Transaction.
The Company has entered into the Arrangement Agreement with the expectation that the Transaction will result in certain benefits for the combined company. These anticipated benefits are dependent, in part, on the successful integration of SilverCrest into Coeur, which is a complex process that includes strategic decisions on, among other factors, business strategy, staffing, and system integration. Coeur will not have the ability to exercise control over SilverCrest or its operations until the Transaction is completed. SilverCrest’s business and results of operations may be adversely impacted by events that are outside of our control prior to the completion of the Transaction and may adversely impact integration efforts or the financial results of the combined company after the Transaction is completed. The combined company’s performance may be adversely impacted if post-closing integration efforts are not able to be achieved in a timely manner or if the efficiencies and benefits contemplated are not able to be realized. Additionally, management focus on integration matters could result in less attention on the Company’s existing operations that could impact the performance of the Company’s existing business.
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SilverCrest’s public filings are subject to Canadian disclosure standards, which differ from SEC disclosure requirements.
Coeur and SilverCrest report financial results and mineral reserve and mineral resource estimates under different reporting standards. Coeur prepares its financial statements in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”), while SilverCrest prepares its financial statements in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Coeur’s mineral reserve and mineral resource estimates have been prepared in accordance with Item 1300 of SEC Regulation S-K, while SilverCrest’s mineral reserve and mineral resource estimates have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). These varying standards embody different approaches and definitions that could require adjustments, reclassifications, or other different treatment as SilverCrest’s financial statements and mineral reserve and mineral resource estimates are conformed to the standards applicable to the Company, including U.S. GAAP and Item 1300 of SEC Regulation S-K. Furthermore, we have not been involved in the preparation of SilverCrest’s financial statements or its mineral reserve and mineral resource estimates. Although Coeur and its advisors have conducted due diligence on SilverCrest, there can be no guarantee that Coeur is aware of all relevant information, including all potential liabilities of SilverCrest. Consummation of the Transaction and integration of SilverCrest may pose special risks, including one-time write-offs and unanticipated costs. Mineral reserve and resource estimates may be subject to adjustments that differ from the Company’s current expectations and be impacted by a number of factors, including different engineering and geological interpretations and judgements and different pricing assumptions. As a result, it is possible that certain benefits expected from the combination of Coeur and SilverCrest may not be realized.
The combined company will be an international company and will be exposed to political and social risks associated with its foreign operations.
The Company’s operations in Mexico currently expose us to certain economic and operational risks as disclosed in Item 1A – Risk Factors of the 2023 10-K. However, upon consummation of the Transaction, the Company’s exposure to those risks will increase due to the addition of SilverCrest’s operation in Mexico. Increased exposure to currency exchange movements, local economic conditions, local security concerns, and social and political risks associated with foreign operations could result in significant negative impacts on the Company, including to its future results of operations.
The trading price and volume of Coeur common stock may be volatile following the Transaction.
The trading price and volume of Coeur common stock may be volatile following completion of the Transaction. The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock following combination of the companies. As a result, you may suffer a loss on your investment. Following the Transaction, many factors may impair the market for Coeur common stock and the ability of investors to sell shares at an attractive price and could also cause the market price and demand for Coeur common stock to fluctuate substantially, which may negatively affect the price and liquidity of Coeur common stock. Many of these factors and conditions are beyond the control of Coeur or its stockholders.
The consummation of the Transaction may result in one or more ratings organizations taking actions which may adversely affect Coeur's business, financial condition and operating results, as well as the market price of our common stock.
Rating organizations regularly analyze the financial performance and condition of companies and may reevaluate Coeur’s credit ratings following the consummation of the Transaction. Factors that may impact Coeur's credit ratings following consummation of the Transaction include debt levels, planned asset purchases or sales and near-term and long-term production growth, opportunities, liquidity, asset quality, cost structure, product mix and commodity pricing levels. If a ratings downgrade were to occur in connection with the Transaction, Coeur could experience higher borrowing costs in the future and more restrictive covenants which would reduce profitability and diminish operational flexibility. We cannot provide assurance that any of our current ratings will remain in effect following the consummation of the Transaction for any given period of time or that a rating will not be lowered by a rating agency if, in its judgment, circumstances so warrant.
The market price of our common stock may decline if large amounts of our common stock are sold following the Transaction and may be affected by factors different from those that historically have affected or currently affect the market price of our common stock.
The market price of our common stock may fluctuate significantly following completion of the Transaction and holders of our common stock could lose some or all of the value of their investment. If the Transaction is consummated, Coeur will issue shares of Coeur common stock to former SilverCrest shareholders. The Arrangement Agreement contains no restrictions on the ability of former SilverCrest shareholders to sell or otherwise dispose of such shares following completion of the Transaction. Former SilverCrest shareholders may decide not to hold the shares of Coeur common stock that they receive in the Transaction, and Coeur’s historic stockholders may decide to reduce their investment in Coeur as a result of the changes to Coeur’s investment profile as a result of the Transaction.
49

These sales of our common stock (or the perception that these sales may occur) could have the effect of depressing the market price for our common stock. In addition, Coeur’s financial position after completion of the Transaction may differ from its financial position before the completion of the Transaction, and the results of Coeur’s operations and cash flows after the completion of the Transaction may be affected by factors different from those currently affecting its financial position or results of operations and cash flows, all of which could adversely affect the market price of Coeur common stock. Accordingly, the market price and performance of Coeur common stock is likely to be different from the performance of Coeur common stock prior to the Transaction. Furthermore, the stock market has experienced significant price and volume fluctuations in recent times which, if they continue to occur, could have a material adverse effect on the market for, or liquidity of, Coeur common stock, regardless of our actual operating performance.
The Las Chispas mine may become economically unfeasible.
As a result of the Transaction, Coeur’s business will be expanded to include the Las Chispas mine at 84656 Arizpe, Sonora, Mexico. There are risks inherent in operating a precious metals mine. The commercial viability of the Las Chsiaps operation hinges on various elements, including mining and processing costs, deposit characteristics such as size, grade, and infrastructure accessibility, as well as the cyclical nature of metal prices and governmental regulations. Factors such as weather events, permit issues, infrastructure failures, and community-related concerns also pose threats to Las Chispas. While the precise impact of these factors is uncertain, their convergence could render the Las Chispas mine economically unfeasible, potentially leading to closure.
The pendency of the Transaction may cause disruptions in our business, which could have an adverse effect on our business, financial condition or results of operations.
Parties with which we and SilverCrest do business may experience uncertainty associated with the Transaction, including with respect to current or future business relationships with us, SilverCrest or the combined company. Our and SilverCrest’s relationships may be subject to disruption as customers, suppliers and other persons with whom we and SilverCrest have a business relationship may delay or defer certain business decisions or might decide to seek to terminate, change or renegotiate their relationships with us or SilverCrest, as applicable, or consider entering into business relationships with parties other than us or SilverCrest. In addition, our current and prospective associates may experience uncertainty about their future roles, which might adversely affect our ability to attract and retain key personnel and key management and other employees may be difficult to retain or may become distracted from day-to-day operations because matters related to the Transaction may require substantial commitments of their time and resources. These disruptions could have an adverse effect on the results of operations, cash flows and financial position of Coeur, SilverCrest or the combined company following the completion of the Transaction, including an adverse effect on our ability to realize the expected benefits of the Transaction. The risk, and adverse effect, of any disruption could be exacerbated by a delay in the completion of the Transaction or the termination of the Arrangement Agreement.

Item 4.     Mine Safety Disclosures
Information pertaining to mine safety matters is reported in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in Exhibit 95.1 attached to this Form 10-Q.

Item 5.     Other Information
(c)     Trading Plans
    During the quarter ended September 30, 2024, no director or Section 16 officer adopted, modified or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (as defined in Item 408(a) of Regulation S-K).

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Item 6.        Exhibits

31.1
31.2
32.1
32.2
95.1
101.INS XBRL Instance Document*
101.SCH XBRL Taxonomy Extension Schema*
101.CAL XBRL Taxonomy Extension Calculation Linkbase*
101.DEF XBRL Taxonomy Extension Definition Linkbase*
101.LAB XBRL Taxonomy Extension Label Linkbase*
101.PRE XBRL Taxonomy Extension Presentation Linkbase*
104 Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

* The following financial information from Coeur Mining, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (Extensible Business Reporting Language): Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statement of Changes in Stockholders' Equity.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
COEUR MINING, INC.
(Registrant)
Dated November 6, 2024 /s/ Mitchell J. Krebs
MITCHELL J. KREBS
Chairman, President and Chief Executive Officer (Principal Executive Officer)
Dated November 6, 2024 /s/ Thomas S. Whelan
THOMAS S. WHELAN
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
Dated November 6, 2024 /s/ Ken Watkinson
KEN WATKINSON
Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)

51
EX-31.1 2 cde-09302410qex311.htm EX-31.1 Document

Exhibit 31.1
Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)
or Rule 15d-14(a) under the Securities Exchange Act of 1934

 
I, Mitchell J. Krebs, certify that:

 
1.I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.    The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


 
By:  /s/  Mitchell J. Krebs
Mitchell J. Krebs
Chairman, President and Chief Executive Officer (Principal Executive Officer)
Date: November 6, 2024


EX-31.2 3 cde-09302410qex312.htm EX-31.2 Document

Exhibit 31.2
Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)
or Rule 15d-14(a) under the Securities Exchange Act of 1934

 
I, Thomas S. Whelan, certify that:

 
1.I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.    The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


 
By: /s/  Thomas S. Whelan
Thomas S. Whelan
Chief Financial Officer (Principal Financial Officer)
 
Date: November 6, 2024


EX-32.1 4 cde-09302410qex321.htm EX-32.1 Document

Exhibit 32.1

Certification of the Chief Executive Officer
Pursuant to 18 U.S.C. §1350

 
    Solely for the purposes of complying with 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chairman, President and Chief Executive Officer of Coeur Mining, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Mitchell J. Krebs
Mitchell J. Krebs
November 6, 2024
EX-32.2 5 cde-09302410qex322.htm EX-32.2 Document

Exhibit 32.2


Certification of the Chief Financial Officer
Pursuant to 18 U.S.C. §1350

 
    Solely for the purposes of complying with 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Financial Officer of Coeur Mining, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ Thomas S. Whelan
Thomas S. Whelan
November 6, 2024
EX-95.1 6 cde-09302410qex951.htm EX-95.1 Document

Exhibit 95.1
Mine Safety Disclosure
    In July 2010, the U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires certain disclosures by companies that are required to file periodic reports under the Securities Exchange Act of 1934 and operate mines regulated under the Federal Mine Safety and Health Act of 1977 (“FMSHA”). The following mine safety information is provided pursuant to this legislation for the quarterly period ended September 30, 2024.
    Three of the Company's mines, the Kensington mine, Rochester mine and Wharf mine, are subject to FMSHA. The FMSHA is administered by the Mine Safety and Health Administration (“MSHA”).
Mine or Operating Name Section 104 S&S Citation (#) Section 104 (b) Orders (#) Section 104 (d) Citations and Orders (#) Section 110 (b) (2) Violations (#) Section 107 (a) Orders (#)
Total Dollar Value of MSHA Assessments Proposed1
($)
 Total Number of Mining Related Fatalities (#) Received Notice of Pattern of Violations Under Section 104(e) (Yes/No) Received Notice of Potential to Have Pattern Under Section 104(e) (Yes/No) Legal Actions Pending as of Last Day of Period (#) Legal Actions Initiated During Period
(#)		 Legal Actions Resolved During Period
(#)
Kensington — — — — — $735 — NO NO — — —
Rochester — — — — — $147 — NO NO — — —
Wharf — — — — — $147 — NO NO — — —
Totals — — — — — $1,029 — NO NO — — —
1.The total dollar value of the Proposed Assessments includes all assessments received during the quarter.
2.Assessments relates to non-reportable citations issued in prior period.