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Form 10-Q Coeur Mining, Inc. For: Mar 31

May 4, 2022 4:50 PM EDT

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cde-20220331
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The following table summarizes restricted stock activity for the years ended March 31, 2022, 2021, and 2020:
 Restricted Stock
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20181,541,648 $7.14 
Granted1,586,590 4.90 
Vested(797,025)6.36 
Canceled/Forfeited(146,538)5.70 
Outstanding at December 31, 20192,184,675 $5.89 
Granted1,676,634 5.13 
Vested(928,778)6.46 
Canceled/Forfeited(207,807)5.36 
Outstanding at December 31, 20202,724,724 $5.26 
Granted932,442 8.88 
Vested(1,179,857)5.53 
Canceled/Forfeited(332,505)5.83 
Outstanding at December 31, 20212,144,804 $6.60 
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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 March 31, 2022
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
____________________________________________
 cde-20220331_g1.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.)
104 S. Michigan Ave.
Suite 900Chicago,Illinois60603
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $.01 per share)CDENew 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 filerAccelerated 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 300,000,000 shares of common stock, par value of $0.01, authorized of which 280,806,345 shares were issued and outstanding as of May 2, 2022.



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)
March 31, 2022December 31, 2021
ASSETSNotesIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$73,330 $56,664 
Receivables429,221 32,417 
Inventory552,944 51,281 
Ore on leach pads589,406 81,128 
Prepaid expenses and other14,340 13,847 
Assets held for sale19 54,240 
259,241 289,577 
NON-CURRENT ASSETS
Property, plant and equipment, net337,455 319,967 
Mining properties, net913,138 852,799 
Ore on leach pads573,133 73,495 
Restricted assets9,254 9,138 
Equity securities6161,894 132,197 
Other63,086 57,249 
TOTAL ASSETS$1,817,201 $1,734,422 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$103,266 $103,901 
Accrued liabilities and other1882,438 87,946 
Debt7, 829,620 29,821 
Reclamation92,853 2,931 
Liabilities held for sale19 11,269 
218,177 235,868 
NON-CURRENT LIABILITIES
Debt7, 8455,868 457,680 
Reclamation9181,473 178,957 
Deferred tax liabilities24,647 21,969 
Other long-term liabilities37,062 39,686 
699,050 698,292 
COMMITMENTS AND CONTINGENCIES17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 280,834,764 issued and outstanding at March 31, 2022 and 256,919,803 at December 31, 2021
2,808 2,569 
Additional paid-in capital3,834,896 3,738,347 
Accumulated other comprehensive income (loss)(5,970)(1,212)
Accumulated deficit(2,931,760)(2,939,442)
899,974 800,262 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,817,201 $1,734,422 

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 March 31,
 20222021
 NotesIn thousands, except share data
Revenue3$188,404 $202,117 
COSTS AND EXPENSES
Costs applicable to sales(1)
3133,267 108,147 
Amortization26,433 29,937 
General and administrative10,272 11,554 
Exploration5,418 9,666 
Pre-development, reclamation, and other1411,412 13,712 
Total costs and expenses186,802 173,016 
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment (9,173)
Fair value adjustments, net1210,605 (3,799)
Interest expense, net of capitalized interest8(4,568)(4,910)
Other, net141,737 3,627 
Total other income (expense), net7,774 (14,255)
Income (loss) before income and mining taxes9,376 14,846 
Income and mining tax (expense) benefit10(1,694)(12,786)
NET INCOME (LOSS) $7,682 $2,060 
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges(5,218)27,357 
Reclassification adjustments for realized (gain) loss on cash flow hedges460 (2,721)
Other comprehensive income (loss) (4,758)24,636 
COMPREHENSIVE INCOME (LOSS)$2,924 $26,696 
NET INCOME (LOSS) PER SHARE15
Basic income (loss) per share:
Basic$0.03 $0.01 
Diluted$0.03 $0.01 
(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 March 31,
 20222021
 NotesIn thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$7,682 $2,060 
Adjustments:
Amortization26,433 29,937 
Accretion3,463 2,905 
Deferred taxes(8,262)124 
Loss on debt extinguishment8 9,173 
Fair value adjustments, net12(13,744)3,799 
Stock-based compensation112,267 4,256 
Write-downs57,595  
Deferred revenue recognition17(315)(8,346)
Other(1,340)(2,328)
Changes in operating assets and liabilities:
Receivables9,100 999 
Prepaid expenses and other current assets(509)(655)
Inventory and ore on leach pads(17,672)(17,486)
Accounts payable and accrued liabilities(21,125)(28,797)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (6,427)(4,359)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(69,502)(59,424)
Proceeds from the sale of assets15,371 4,588 
Sale of investments 935 
Other(11)(17)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (54,142)(53,918)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock1598,397  
Issuance of notes and bank borrowings, net of issuance costs885,000 367,493 
Payments on debt, finance leases, and associated costs7, 8(103,267)(243,967)
Other(3,403)(3,925)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 76,727 119,601 
Effect of exchange rate changes on cash and cash equivalents272 (51)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH16,430 61,273 
Cash, cash equivalents and restricted cash at beginning of period58,289 94,170 
Cash, cash equivalents and restricted cash at end of period$74,719 $155,443 

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


COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2021256,919 $2,569 $3,738,347 $(2,939,442)$(1,212)$800,262 
Net income (loss)— — — 7,682 — 7,682 
Other comprehensive income (loss)— — — — (4,758)(4,758)
Common stock issued under "at the market"
stock offering
22,053 220 98,279 — — 98,499 
Common stock issued/canceled under long-term incentive plans and director fees and options, net1,862 19 (1,730)— — (1,711)
Balances at March 31, 2022280,834 $2,808 $3,834,896 $(2,931,760)$(5,970)$899,974 


In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2020243,752 $2,438 $3,610,297 $(2,908,120)$(11,136)$693,479 
Net income (loss)— — — 2,060 — 2,060 
Other comprehensive income (loss)— — — — 24,636 24,636 
Common stock issued/canceled under long-term incentive plans and director fees and options, net(282)(3)334 — — 331 
Balances at March 31, 2021243,470 $2,435 $3,610,631 $(2,906,060)$13,500 $720,506 

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, 2022. The condensed consolidated December 31, 2021 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, 2021 (the “2021 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 — Summary of Significant Accounting Policies contained in the 2021 10-K.
Use of Estimates
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's 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 Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Revenue Recognition
The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming 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 Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
The following table presents a roll forward of the Franco-Nevada contract liability balance:
Three Months Ended March 31,
In thousands20222021
Opening Balance$8,150 $9,376 
Revenue Recognized(315)(346)
Closing Balance$7,835 $9,030 
In December 2021, the Company received a $15.0 million prepayment (the “December 2021 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In March 2022, the Company exercised an option to receive a $10.0 million prepayment (the “March 2022 Prepayment). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
8

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

The following table presents a roll forward of the Amended Sales Contract liability balance:
Three Months Ended March 31,
In thousands20222021
Opening Balance$15,016 $15,003 
Additions10,139 101 
Revenue Recognized (8,000)
Closing Balance$25,155 $7,104 
Recently Issued Accounting Standards
In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company plans to adopt the new derivatives and hedging standards effective January 1, 2023 and does not expect the new derivatives and hedging standard to have a material effect on our financial position, results of operations or cash flows.
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 development property. Except for the Silvertip development property, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip development property, which suspended mining and processing activities in February 2020, is engaged in the discovery of silver, zinc and lead. Other includes the Sterling/Crown development properties, other 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 March 31, 2022PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$40,074 $11,052 $44,059 $34,266 $ $ $129,451 
Silver sales42,999 15,317 245 392   58,953 
Metal sales83,073 26,369 44,304 34,658   188,404 
Costs and Expenses
Costs applicable to sales(1)
43,225 32,275 36,910 20,857   133,267 
Amortization9,386 4,710 8,622 2,061 1,259 395 26,433 
Exploration1,610 1,942 402   1,464 5,418 
Other operating expenses921 1,831 615 512 6,494 11,311 21,684 
Other income (expense)
Fair value adjustments, net     10,605 10,605 
Interest expense, net(115)(178)(248)(13)(68)(3,946)(4,568)
Other, net(3)
(339)(48)106 39 (5)1,984 1,737 
Income and mining tax (expense) benefit(12,075)(35) (993) 11,409 (1,694)
Net Income (loss) $15,402 $(14,650)$(2,387)$10,261 $(7,826)$6,882 $7,682 
Segment assets(2)
$288,081 $618,481 $149,840 $91,527 $234,693 $127,015 $1,509,637 
Capital expenditures$13,611 $33,050 $7,924 $1,361 $11,859 $1,697 $69,502 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail

Three Months Ended March 31, 2021PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$37,567 $12,440 $54,466 $33,849 $ $ $138,322 
Silver sales42,778 20,317  700   63,795 
Metal sales80,345 32,757 54,466 34,549   202,117 
Costs and Expenses
Costs applicable to sales(1)
33,988 24,033 31,394 18,732   108,147 
Amortization9,059 3,577 13,445 2,475 1,086 295 29,937 
Exploration1,693 472 1,109 67 2,932 3,393 9,666 
Other operating expenses1,270 1,448 2,995 185 6,555 12,813 25,266 
Other income (expense)
Loss on debt extinguishment     (9,173)(9,173)
Fair value adjustments, net     (3,799)(3,799)
Interest expense, net(187)(222)(232)(37)45 (4,277)(4,910)
Other, net(3)
(665)(61) 24 (102)4,431 3,627 
Income and mining tax (expense) benefit(11,340)(138)(334)(1,129) 155 (12,786)
Net Income (loss) $22,143 $2,806 $4,957 $11,948 $(10,630)$(29,164)$2,060 
Segment assets(2)
$306,648 $388,047 $162,727 $79,018 $169,328 $177,516 $1,283,284 
Capital expenditures$9,983 $30,177 $7,202 $1,481 $10,387 $194 $59,424 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail


10

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

Assets March 31, 2022December 31, 2021
Total assets for reportable segments$1,509,637 $1,424,934 
Cash and cash equivalents73,330 56,664 
Other assets234,234 252,824 
Total consolidated assets$1,817,201 $1,734,422 
Geographic Information
Long-Lived Assets March 31, 2022December 31, 2021
United States$774,536 $704,007 
Mexico247,218 244,758 
Canada228,715 223,876 
Other124 125 
Total$1,250,593 $1,172,766 
RevenueThree months ended March 31,
20222021
United States$105,331 $121,772 
Mexico83,073 80,345 
Total$188,404 $202,117 

NOTE 4 – RECEIVABLES
    Receivables consist of the following:
In thousandsMarch 31, 2022December 31, 2021
Current receivables:
Trade receivables$7,080 $4,879 
VAT receivable8,293 18,415 
Income tax receivable8,827 8,418 
Avino note receivable4,709  
Other312 705 
$29,221 $32,417 



NOTE 5 – INVENTORY AND ORE ON LEACH PADS
    Inventory consists of the following:
11

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

In thousandsMarch 31, 2022December 31, 2021
Inventory:
Concentrate$1,943 $1,643 
Precious metals11,867 11,353 
Supplies39,134 38,285 
$52,944 $51,281 
Ore on Leach Pads:
Current$89,406 $81,128 
Non-current73,133 73,495 
$162,539 $154,623 
Long-term Stockpile (included in Other)
$18,142 $18,027 
Total Inventory and Ore on Leach Pads$233,625 $223,931 
    
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. At the end of the first quarter of 2022, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $8.6 million ($7.6 million was recognized in Costs Applicable to Sales and $1.0 million in Amortization).

NOTE 6 – INVESTMENTS
Equity Securities
    The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies.
At March 31, 2022
In thousandsCostGross
Unrealized
Losses
Gross
Unrealized
Gains
Estimated
Fair Value
Equity Securities
Victoria Gold Corp.$128,710 $ $12,410 $141,120 
Integra Resources Corp.9,455 (4,074) 5,381 
Avino Silver & Gold Mines Ltd13,720 (560) 13,160 
Other2,233   2,233 
Equity securities$154,118 $(4,634)$12,410 $161,894 
At December 31, 2021
In thousandsCostGross
Unrealized
Losses
Gross
Unrealized
Gains
Estimated
Fair Value
Equity Securities
Victoria Gold Corp.$128,710 $(4,499)$ $124,211 
Integra Resources Corp.