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美国
证券交易委员会
华盛顿特区20549
___________________________________________ 
表格 10-Q
___________________________________________
☑根据《1934年证券交易法》第13或15(d)条款的季度报告
截至2024年6月30日季度结束 2024年9月30日
或
☐
根据1934年证券交易法第13条或第15(d)条的过渡报告
到              天从发票日期计算，被视为商业合理。             
委员会文件编号 001-08641
____________________________________________
 coeurlogob45.jpg
库尔矿业有限公司。
（依凭章程所载的完整登记名称）
____________________________________________
特拉华州
82-0109423
（公司注册地或其他辖区
公司的注册地点或组织）		(国税局雇主识别号码)
识别号码)
200 S. Wacker Dr.
Suite 2100芝加哥，伊利诺伊州60606
(总部办公地址)（邮政编码）
(312) 489-5800
（注册人的电话号码，包括区号）
根据法案第12(b)条规定注册的证券：
每种类别的名称交易标的（s）每个注册交易所的名称
普通股（每股面值$0.01）CDE纽约证券交易所
请勾选，以示示意：(1) 在过去12个月内（或在要求提交此类报告的较短期间内），已按照1934年证券交易法第13或15(d)条的规定提交了所有报告；并且(2) 在过去90天内一直遵守这些提交要求：是  ☑不☐
请勾选，以表明在过去12个月内（或者对于需要提交这类文件的较短期间）依照Regulation S-t（本章节第232.405条）的规定，登记人已经提交了每一个必须提交的互动数据文件。是  ☑不☐
勾选该申报人是否属于大型加速提交人，加速提交人，非加速提交人，更小的报告公司或新兴增长公司。请参阅《交易所法》1202条中“大型加速提交人”，“加速提交人”，“更小的报告公司”和“新兴增长公司”的定义。
大型加速归档人☑加速档案提交者
☐
非加速归档人
☐
较小报告公司
☐
新兴成长公司
☐


如果一家新兴成长公司，请勾选是否已选择不使用按照交易所法第13(a)条所提供的遵守任何新的或修订的财务会计准则所规定的延长过渡期。 ☐
在核准书上打勾表示公司是否为壳公司（如交易所法规定的第1202条所定义）。 是☐不☑
公司有6亿股普通股，面值为0.01美元，核准的股份中有 399,240,588 截至2024年11月4日，已发行并流通的股份为


库尔矿业有限公司。
指数
 页面
第一部分。
财务资讯
项目1. 基本报表
缩编合并贷方账户余额表（未经审计）
未经审核的综合损益简明综合报表
综合现金流量表（未经核数）
未经审计的综合股东权益变动表
基本报表注脚（未经审计）
项目2. 管理层对财务状况和营运结果的讨论与分析。
财务结果汇总
营运业绩结果
流动性和资本资源
非依照通用会计原则计算的财务绩效指标
第三项、市场风险之定量化与定性揭露
第四项。控制和程序
第二部分。
其他信息
项目1. 法律诉讼
第1A项。风险因素
第4项。矿山安全披露。
项目5。其他信息。
项目6. 附件
签名


3

第I部分

项目1。        基本报表和补充资料

Coeur Mining, Inc.及其子公司
简明合并资产负债表（未经查核）
2024年9月30日2023年12月31日
资产注释以千为单位，除股份数据外
流动资产
现金及现金等价物$76,916 $61,633 
应收帐款430,165 31,035 
存货574,727 76,661 
堆浸场的矿石5148,331 79,400 
预付费用和其他15,833 18,526 
345,972 267,255 
非流动资产
资产、厂房及设备以及采矿物业净值61,759,454 1,688,288 
堆浸场的矿石534,598 25,987 
受限资产9,339 9,115 
应收帐款4, 1120,161 23,140 
其他58,276 67,063 
总资产$2,227,800 $2,080,848 
负债及股东权益
流动负债
应付账款$126,387 $115,110 
应计负债及其他17153,285 140,913 
债务727,458 22,636 
整备810,954 10,954 
318,084 289,613 
非流动负债
债务7577,725 522,674 
Reclamation8211,136 203,059 
递延所得税负债6,755 12,360 
其他长期负债30,950 29,239 
826,566 767,332 
承诺事项与可能负担之事项16
股东权益
普通股，面额 $0.01 ；授权 600,000,000 股份， 399,287,506 2024年9月30日已发行并流通 386,282,957 于2023年12月31日
3,993 3,863 
资本公积额额外增资4,179,270 4,139,870 
其他综合损益（损失）累积额— 1,331 
累积亏损(3,100,113)(3,121,161)
1,083,150 1,023,903 
总负债及股东权益$2,227,800 $2,080,848 

附注是这些缩编合并基本报表的一部分。
4

库尔矿业有限公司及附属公司
综合损益简明综合财务报表（未经审计）
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
 注释以千为单位，除了股份资料
营业收入3$313,476 $194,583 $748,562 $559,116 
成本和开支
销售相关成本(1)
3156,742 147,903 447,456 440,596 
摊销33,216 22,884 88,441 65,187 
总务与行政10,966 9,512 36,611 31,384 
探勘19,567 12,437 42,932 20,007 
前期开发、复耕和其他138,583 8,699 35,401 29,949 
总费用及支出229,074 201,435 650,841 587,123 
其他收入（支出），净额
债务清偿的获益（损失）— 774 417 3,735 
公允价值调整，净11— (2,010)— 4,629 
利息费用，扣除资本化利息后7(13,280)(7,402)(39,389)(21,703)
其他，净额133,434 478 11,329 (10,090)
其他综合损益数额，净额(9,846)(8,160)(27,643)(23,429)
所得（亏损）在所得和矿业税前74,556 (15,012)70,078 (51,436)
所得和矿业税（费用）效益9(25,817)(6,097)(49,030)(26,671)
净利润（亏损） $48,739 $(21,109)$21,048 $(78,107)
其他综合损益：
处指定为现金流量避险的衍生合约的公允价值变动— 7,227 (18,507)7,141 
重新分类调整为现金流量避险的实现（收益）亏损— (4,920)17,176 (7,830)
其他综合收益（损失） — 2,307 (1,331)(689)
综合收益（损失）$48,739 $(18,802)$19,717 $(78,796)
每股净利润（亏损）14
每股基本收益（损失）：
基础$0.12 $(0.06)$0.05 $(0.24)
稀释$0.12 $(0.06)$0.05 $(0.24)
(1) 不包括摊销。


附注是这些缩编合并基本报表的一部分。
5

库尔矿业有限公司及附属公司
未经审计的简明合并现金流量表
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
 票据 以千为单位
经营活动产生的现金流量：
$48,739 $(21,109)$21,048 $(78,107)
调整：
摊销33,216 22,884 88,441 65,187 
增值4,233 4,153 12,463 12,219 
递延所得税(816)(3,872)(5,604)1,536 
债务清偿盈利7— (774)(417)(3,735)
公平价值调整，净额11— 2,010 — (4,629)
股票补偿102,809 2,635 9,789 8,462 
资产出售或处置损失13— 19 — 12,650 
减值5— 7,727 3,235 22,467 
递延营收确认16(130)(143)(55,407)(25,358)
其他(1,119)657 10,259 2,798 
经营性资产和负债变动:
应收账款1,616 (478)(520)1,659 
预付费用和其他流动资产(352)(3,000)3,185 764 
库存和堆浸式矿石(14,320)(18,620)(53,788)(54,993)
应付账款及应计费用37,187 5,528 77,757 41,091 
经营活动提供的现金 111,063 (2,383)110,441 2,011 
投资活动产生的现金流量：
资本支出(41,980)(112,273)(135,468)(271,902)
净收购(10,000)— (10,000)— 
出售资产的收益1 152 25 8,380 
出售投资— — — 41,558 
应收票据的收益4— — — 5,000 
其他(70)(63)(285)(171)
投资活动中使用的现金 (52,049)(112,184)(145,728)(217,135)
筹资活动产生的现金流量：
普通股发行14— 57,522 22,823 168,964 
发行票据和银行借款净额扣除发行成本777,500 163,000 327,500 388,000 
偿还债务、融资租赁和相关成本7(133,250)(109,268)(297,128)(348,092)
其他(208)(23)(2,018)(2,345)
筹资活动提供的现金（或使用的现金） (55,958)111,231 51,177 206,527 
汇率变动对现金及现金等价物的影响(263)(278)(584)374 
现金、现金等价物和受限制现金的增加（减少）2,793 (3,614)15,306 (8,223)
期初现金、现金等价物及受限制的现金余额75,891 58,560 63,378 63,169 
期末现金、现金等价物及受限制的现金余额$78,684 $54,946 $78,684 $54,946 


74.2 
6

科尔黛伦矿业公司及子公司
股东权益变动综合报告（未经审计）
以千为单位普通股
股票
股份		普通股
2024年6月30日合并财务报表
数值		额外的
实收资本		累积的
$		累积的
其他
综合
收益（损失）		总计
2023年12月31日的余额。386,283 $3,863 $4,139,870 $(3,121,161)$1,331 $1,023,903 
— — — (29,117)— (29,117)
其他综合收益（损失）— — — — (7,478)(7,478)
债务换股交易1,772 18 5,350 — — 5,368 
发行流通股7,705 77 22,908 — — 22,985 
根据长期激励计划、年度激励计划、董事费用和期权，发行/取消普通股，净2,823 28 2,440 — — 2,468 
2024年3月31日的结余398,583 $3,986 $4,170,568 $(3,150,278)$(6,147)$1,018,129 
— — — 1,426 — 1,426 
其他综合收益（损失）— — — — 6,147 6,147 
肯辛顿皇室解决方案738 7 3,399 — — 3,406 
发行/取消长期激励计划、年度激励计划、董事费以及期权的普通股份净利润(80)(1)2,701 — — 2,700 
2024年6月30日的余额399,241 $3,992 $4,176,668 $(3,148,852)$— $1,031,808 
— — — 48,739 — 48,739 
发行/取消长期激励计划、年度激励计划、董事费以及期权的普通股份净利润47 1 2,602 — — 2,603 
2024年9月30日的余额399,288 $3,993 $4,179,270 $(3,100,113)$— $1,083,150 
以千为单位普通股
股票
股份		普通股
2024年6月30日合并财务报表
数值		额外的
实收资本		累积的
$		累积的
其他
综合
收益（损失）		总计
2022年12月31日的余额295,698 $2,957 $3,891,265 $(3,017,549)$12,343 $889,016 
— — — (24,586)— (24,586)
其他综合收益（损失）— — — — (17,062)(17,062)
根据"市场定价"发行的普通股
股票发行		32,862 329 98,100 — — 98,429 
根据长期激励计划、年度激励计划、董事费和期权发行／取消的普通股净2,482 24 715 — — 739 
2023年3月31日的余额331,042 $3,310 $3,990,080 $(3,042,135)$(4,719)$946,536 
— — — (32,412)— (32,412)
其他综合收益（损失）— — — — 14,066 14,066 
普通股票发行以清偿高级票据13,941 140 45,328 — — 45,468 
普通股票发行于定向增发5,276 53 12,603 — — 12,656 
普通股票发行/取消于长期激励计划、年度激励计划、董事费用和期权、净利润(92)(1)2,449 — — 2,448 
2023年6月30日的余额350,167 $3,502 $4,050,460 $(3,074,547)$9,347 $988,762 
— — — (21,109)— (21,109)
其他综合收益（损失）— — — — 2,307 2,307 
普通股票发行于“在市场”股票发行21,700 217 48,920 — — 49,137 
普通股票发行用于偿还高级票据7,619 76 18,228 — — 18,304 
定向增发计划下发行的普通股票3,000 30 8,332 — — 8,362 
在长期激励计划、年度激励计划、董事酬劳和期权包括在内的普通股发行/注销207 2 2,613 — — 2,615 
2023年9月30日的余额382,693 $3,827 $4,128,553 $(3,095,656)$11,654 $1,048,378 

附注是本简明合并财务报表的组成部分。
7
Coeur Mining, Inc.及其子公司
合并财务报表注释


注1 - 业务和报告基础提供的基础
Coeur Mining，Inc.及其附属公司(统称为“Coeur”或“公司”)的中期未经审计的简明综合基本报表。 在管理层的意见中，已纳入了为了公正呈现这些中期报表所必需的所有调整和披露。 这些中期报表中报告的结果可能不代表截至2024年12月31日的年度报表中将报告的结果。 截至2023年12月31日的简明综合报表数据源于经审计的综合基本报表。 因此，应阅读这些未经审计的中期简明综合基本报表，并与公司截至2023年12月31日年度报告第10-K形式中包括的经审计综合基本报表一同阅读（“2023年10-K”）。

附注2 - 重要会计政策摘要
重要会计政策
请参阅2023年10-k中包含的第2条注释——重要会计政策摘要。
使用估计
公司的简明综合财务报表是根据美国通用会计准则（“U.S. GAAP”）编制的。公司简明综合财务报表的编制要求公司进行会计估计和假设，影响资产和负债的报告金额以及在简明综合财务报表日期和报告期内的收入和支出的相关披露。需要使用管理估计和假设的重要领域包括金属价格和矿产储量，这是未来现金流估计的基础，用于减值计算和产量摊销计算，环境、修复和关闭义务，可回收的银和黄金对堆存和浸出垫库存的估计，某些报告单位和资产减值的公允价值估计，递延税资产的减值准备金，以及金融工具、股权证券、资产收购、业务合并中确认的资产和负债的公允价值分配，以及衍生工具的公允价值和会计处理。公司的估计基于历史经验和其他各种被认为在情况下是合理的假设。因此，实际结果将与这些财务报表中估计的金额有所不同。
矿石放置在堆浸垫上
堆浸法是通过将矿石放置在不透水垫上，施加稀释的氰化物溶液来提取银和黄金，溶解其中一部分的银和黄金，然后在冶金过程中对其进行回收。公司采用多个集成步骤来科学地测量放置在浸出堆上的矿石中的金属含量。在为爆破过程钻孔前，取样钻屑进行化验，以确定所含金属的预估数量。公司随后将矿石通过破碎设施加工，再次对产出进行称重和取样化验。通过使用从采矿操作收集的数据完成与冶金的对账，对先前的估算进行适当调整。然后将破碎的矿石运输到浸出堆上，施加浸出溶液。在从浸出堆收集浸出溶液时，不断进行取样化验。浸液的数量通过测流仪在浸取和沉淀过程中进行测量。沉淀后，产品在罗切斯特矿场转化为多瑞产品，而在沃夫矿场转化为一种金电解阴极泥，代表各矿场生产的最终产品。存货按成本或净可变现价值中的较低者计算，成本采用加权平均成本法确定。

金属的历史成本预计在12个月内开采的部分被归类为流动资产，而预计在12个月后开采的废矿中所含金属的历史成本被归类为非流动资产。浸出垫上的矿石价值基于实际生产成本评估，这些成本是为了生产和堆放矿石到浸出垫上所发生的，减去分配给通过浸出过程回收的矿物的成本。

预计随着时间推移，预计最终回收的金属量以及可能从浸出过程中提取的金属量与时间相关，都需要使用估算，这些估算由于浸出过程的特性而固有地不准确。矿石中含有的金属量是基于实际重量和化验分析而得出的。从压碎矿石中浸出金和银的速率基于实验室测试以及Rochester矿山20多年和Wharf矿山30年的浸出堆场运营的实际经验。公司用于在库存转换过程的每个阶段测量金属含量的假设包括基于实验室测试和化验得出的估计回收率。公司定期对其估计进行审核，与
8
Coeur Mining, Inc.及其子公司
合并财务报表注释

实际经验并在适当时候对其估计进行调整。最终的回收情况直到浸出操作停止后才能知晓。由于假设和估计的变化导致实际数量与估计数量之间的差异，如果不导致净可变现价值的减记，将在前瞻性基础上进行核算。2024年第一季度，公司完成了对其浸出垫上可回收金和白银盎司的估计量的审查，并确定由于预期浸取时间较长以及有利的恢复相对于先前的估计，罗切斯特遗留（2、3和4阶段）浸出垫上的可回收金和白银的估计支持上调。2024年第一季度，另外增加了6,000盎司黄金和900,000盎司白银到遗留浸出垫上。Wharf使用了五个可重复使用的堆浸出垫（装载/卸载）。每个垫都经历大约24个月的装矿、浸取、卸载过程，其中包括中和和脱氮处理。在每个垫的浸出周期中，每个垫的修订估计可回收盎司可能会不时导致上调或下调，这通常不会有重大影响。更新后的可回收盎司估计被视为估计变更，并在前瞻性基础上进行核算。截至2024年9月30日，公司在浸出垫上的可回收黄金和白银分别为48,175和6.7百万。
最近颁布的会计准则
In November 2023, the FASb issued ASU 2023-07, 基本报表（主题280）：改进可报告分部披露，旨在通过加强对重要分部费用披露的披露要求来改进可报告分部披露。指南于2023年12月15日后开始的财政年度生效，并于2024年12月15日后开始的财政年度内的中期时间生效。允许提前采纳。应追溯性地应用该指南至基本报表中呈现的所有先前期间。过渡后，在先前期间披露的分部费用类别和金额应基于在采用期间确定并披露的重要分部费用类别。我们目前正在评估采用此新指南对可报告分部披露的潜在影响，但预计不会影响我们的简明合并财务报表或披露。
2023年12月，FASB发布了ASU 2023-09，《利润税收(Topic740):提高所得税透露》于2023年12月14日颁布，以提高所得税透露的透明度和决策有用性。根据修正案，公共企业每年必须(1)在比率协调中披露特定类别，(2)为满足定量阈值的协调项提供额外信息(如果这些协调项的效果等于或大于通过乘以适用的税前收入或亏损计算的金额的5%)。此外，公共企业需提供关于比率协调和所支付的所得税(扣除收到的退款后的净额)的某些定性透露，其中的分解(1)由联邦(国家)、州和外国税款，(2)由支付所得税(扣除收到的退款后的净额)等于或大于总所得税(扣除收到的退款后的净额)的5%的各个司法管辖区。对于公众企业，该标准适用于2024年12月15日之后的年度期间。此ASU中的修改需要对收益留存的余额(或其他适当的股权或净资产部分)进行累积效果调整，作为实体采用修改的年度报告期开始时的期初余额。公司正在评估此标准对公司综合财务报表的影响。修改了有关所得税披露规定的规则，要求实体披露：（1）汇率调整中的具体类别，（2）继续经营之前的所得或亏损，扣除所得税费用或利益（区分国内和国外），以及（3）继续经营的所得税费用或利益（按联邦、州和国外区分）。ASU 2023-09还要求实体披露其支付给国际、联邦、州和地方管辖区的所得税款项等内容。该指导意见适用于2024年12月15日后开始的年度。允许提前应用于尚未发布或准备发布的年度财务报表。ASU 2023-09应采用前瞻性方法，但允许追溯应用。我们目前正在评估采纳这一新指导对我们的简明合并财务报表及相关披露可能造成的潜在影响。

9
库尔矿业有限公司及其子公司
基本报表注

注 3 – 分部报告
公司的营运板块包括Palmarejo、Rochester、Kensington和Wharf矿山以及Silvertip勘探专案。除了Silvertip勘探专案外，所有营运板块均从事黄金和/或白银的发现、采矿和生产。Silvertip勘探专案则从事发现白银、锌、铅和其他相关金属。其他包括某些矿业权益、战略性股权投资、公司办公室、消除营运板块间交易和其他必要调整至合并金额的项目。
有关公司部门的财务资讯如下（以千为单位）：
2024年9月30日结束的三个月Palmarejo罗切斯特肯辛顿码头白银尖峰 其他总计
营业收入
黄金销售$55,085 $22,889 $62,164 $83,634 $— $— $223,772 
白银销售55,292 33,092 (12)1,332 — — 89,704 
金属销售110,377 55,981 62,152 84,966 — — 313,476 
成本和费用
销售相关成本(1)
47,455 39,409 38,099 31,779 — — 156,742 
摊销11,984 10,231 7,612 2,419 794 176 33,216 
探勘4,303 1,044 1,988 2,330 9,405 497 19,567 
其他营业费用2,650 2,459 636 1,165 2,037 10,602 19,549 
其他收益（费用）
偿还债务收益— — — — — — — 
公允价值调整，净— — — — — — — 
利息费用，净额(30)(1,113)(245)(128)(1)(11,763)(13,280)
其他，净额(3)
1,256 (140)(80)(37)52 2,383 3,434 
所得和矿业税（费用）效益(18,919)(283)— (4,164)— (2,451)(25,817)
净利润（亏损） $26,292 $1,302 $13,492 $42,944 $(12,185)$(23,106)$48,739 
分割资产(2)
$320,271 $1,180,633 $208,858 $107,526 $212,607 $53,374 $2,083,269 
资本支出$8,048 $10,121 $19,996 $2,773 $1,035 $7 $41,980 
(1) 不包括摊销。
(2) 分类资产包括应收款项、预付款项、存货、不动产、厂房及设备以及矿产权。
(3) 见附录13 -- 有关额外综合收益（损失）详情。
2023年9月30日结束的三个月Palmarejo罗切斯特肯辛顿码头Silvertip其他总计
营业收入
黄金销售$38,994 $8,719 $46,474 $45,316 $— $— $139,503 
白银销售38,294 14,929 56 1,801 — — 55,080 
金属销售77,288 23,648 46,530 47,117 — — 194,583 
成本和费用
销售相关成本(1)
48,059 30,532 38,286 31,026 — — 147,903 
摊销9,024 4,176 6,894 1,588 919 283 22,884 
探勘2,160 303 2,856 — 6,703 415 12,437 
其他营业费用2,611 2,188 900 1,049 3,163 8,301 18,212 
其他收益（费用）
偿还债务收益— — — — — 774 774 
公允价值调整，净— — — — — (2,010)(2,010)
利息费用，净额241 (555)(583)(120)(13)(6,372)(7,402)
其他，净额(3)
1,407 (48)(85)(36)(120)(640)478 
所得和矿业税（费用）效益(4,539)220 — (1,102)— (676)(6,097)
净利润（损失）$12,543 $(13,934)$(3,074)$12,196 $(10,918)$(17,923)$(21,110)
分割资产(2)
$313,569 $1,070,307 $169,184 $98,307 $217,321 $66,462 $1,935,150 
资本支出$10,780 $84,368 $15,831 $681 $619 $(6)$112,273 
1) 不包括摊提。
(2) 分类资产包括应收款项、预付款项、存货、不动产、厂房及设备以及矿产权。
(3) 参阅附注13 — 有关其他综合收益（损失）的详细资料。
10
库尔矿业有限公司及其子公司
基本报表注

截至二零二四年九月三十日止九个月帕尔马雷霍罗彻斯特肯辛顿码头银尖 其他总计
收入
黄金销售$151,398 $52,938 $156,753 $168,537 $— $— $529,626 
白银销售138,603 75,636 (28)4,725 — — 218,936 
金属销售290,001 128,574 156,725 173,262 — — 748,562 
成本和费用
适用于销售的费用(1)
149,976 103,063 118,109 76,308 — — 447,456 
摊销35,429 25,434 19,653 4,879 2,436 610 88,441 
探索9,366 2,452 4,824 3,579 21,130 1,581 42,932 
其他营运费用7,350 11,035 9,391 3,410 7,146 33,680 72,012 
其他收入（费用）
清除债务的收益— — — — — 417 417 
公平价值调整净值— — — — — — — 
利息费用净额341 (3,508)(1,215)(405)(11)(34,591)(39,389)
其他, 网(3)
4,683 (256)(243)(124)12 7,257 11,329 
收入和采矿税（费用）保障(37,913)623 — (7,172)— (4,568)(49,030)
净收入（亏损） $54,991 $(16,551)$3,290 $77,385 $(30,711)$(67,356)$21,048 
区段资产(2)
$320,271 $1,180,633 $208,858 $107,526 $212,607 $53,374 $2,083,269 
资本支出$20,680 $58,894 $49,731 $4,237 $1,894 $32 $135,468 
(1) 不包括摊销。
(2) 分类资产包括应收款项、预付款项、存货、不动产、厂房及设备以及矿产权。
(3) 请查看附注13 - 有关额外综合收益（损失）的详细信息。

截至二零二三年九月三十日止九个月帕尔马雷霍罗彻斯特肯辛顿码头银尖其他总计
收入
黄金销售$114,897 $37,404 $111,136 $124,522 $— $— $387,959 
白银销售117,426 49,245 193 4,293 — — 171,157 
金属销售232,323 86,649 111,329 128,815 — — 559,116 
成本和费用
适用于销售的费用(1)
143,915 99,465 114,817 82,399 — — 440,596 
摊销25,760 13,043 17,539 4,802 3,161 882 65,187 
探索5,087 965 6,179 — 6,572 1,204 20,007 
其他营运费用6,370 6,613 2,844 3,092 14,670 27,745 61,334 
其他收入（费用）
清除债务的收益— — — — — 3,735 3,735 
公平价值调整净值— — — — — 4,629 4,629 
利息费用净额541 (1,017)(1,438)(164)(53)(19,572)(21,703)
其他, 网(3)
4,291 (188)(236)(367)(239)(13,351)(10,090)
收入和采矿税（费用）保障(20,461)596 — (3,822)— (2,984)(26,671)
净收入（亏损）$35,562 $(34,046)$(31,724)$34,169 $(24,695)$(57,374)$(78,108)
区段资产(2)
$313,569 $1,070,307 $169,184 $98,307 $217,321 $66,462 $1,935,150 
资本支出$32,844 $197,788 $38,189 $952 $1,426 $703 $271,902 
(1) 不包括摊提。
(2) 分割资产包括应收帐款、预付款、存货、不动产、厂房及设备，以及矿业利益。
(3) 参见附注13--关于其他全面收益（损失）详细资讯。


资产 2024年9月30日2023年12月31日
报告节段的总资产$2,083,269 $1,943,037 
现金及现金等价物76,916 61,633 
其他资产67,615 76,178 
总合资产$2,227,800 $2,080,848 
11
库尔矿业有限公司及其子公司
基本报表注

地理信息
长期资产 2024年9月30日2023年12月31日
美国$1,260,793 $1,201,988 
墨西哥269,380 256,906 
加拿大229,129 229,242 
其他152 152 
总计$1,759,454 $1,688,288 
收入截至九月三十日止的三个月截至九月三十日止九个月，
2024202320242023
美国$203,099 $117,295 $458,561 $326,793 
墨西哥110,377 77,288 290,001 232,323 
总计$313,476 $194,583 $748,562 $559,116 


备注 4 – 应收款
    应收帐款包括以下内容：
以千元为单位2024年9月30日2023年12月31日
应收账款：
应收贸易款项$6,993 $3,858 
增值税应收款项13,766 15,634 
应付所得税款项8,786 10,207 
黄金和白银期货实现收益 (2)
— 615 
其他620 721 
$30,165 $31,035 
非流动应收账款：
其他税款应收款项 (3)
$6,132 $9,111 
递延现金交易 (1)
834 834 
有条件付款 (1)
13,195 13,195 
$20,161 $23,140 
应收账款总额$50,326 $54,175 
(1) 请参阅第11条--关于2023年10-K中透过透支款和待定款项的公平价值衡量的详细资讯。
(2) 代表2023年12月黄金和白银远期套期保值的实现收益，该合约于随后月份合约性结算。请参见附注12 -- 衍生金融工具和避险，以了解更多有关黄金和白银远期套期保值的详细信息。
(3) 包括Silvertip探勘信贷退款。



12
库尔矿业有限公司及其子公司
基本报表注

备注 5 – 库存和堆叠生物浸出资料
    库存包括以下内容：
以千元为单位2024年9月30日2023年12月31日
存货：
浓缩$1,987 $3,606 
贵金属18,376 20,395 
物资54,364 52,660 
$74,727 $76,661 
堆叠在堆肥场上的矿石：
目前$148,331 $79,400 
非流动资产34,598 25,987 
$182,929 $105,387 
长期货品堆叠（包括在 其他)
$41,716 $46,702 
总库存和堆叠在堆肥场上的矿石$299,372 $228,750 
    
库尔以金属和浸出堆存库存的携带价值以成本或净实现值中较低者为基准，该成本是使用加权平均成本法确定的。在2024年第一季度，罗彻斯特堆积物的成本超过了其净实现值，导致非现金减值$4.0美元的应收款项3.2百万已在认可的$ 金额中认可 销售相关成本 15.10.8百万美元 摊销).

注意事项 6 — 物业、工厂设备及采矿物业，净值
物业、厂房及设备及矿业物业的净额如下所列：
以千元为单位2024年9月30日2023年12月31日
矿山开发$1,420,316 $1,358,189 
矿产权益833,564 809,912 
土地9,000 8,318 
设施和设备(1)
1,479,018 947,435 
在建工程(2)
170,256 612,865 
总计$3,912,154 $3,736,719 
累计折旧、减损及摊销(3)
(2,152,700)(2,048,431)
资产、厂房及设备以及采矿物业净值$1,759,454 $1,688,288 
(1) 包括 $149.2百万和$127.62024年9月30日和2023年12月31日分别有百万美元与设备资产相关的融资租赁资产。
(2) 包括 金额。471.72023年12月31日与罗彻斯特扩建项目相关的 施工 成本。
(3) 包括 $54.1百万和$37.6分别为2024年9月30日和2023年12月31日，与财务租赁项下资产相关的累积摊销额为数百万。
2024年10月3日，该公司进入一项最终协议（“协议”），其中，科尔（Coeur）的全资子公司将根据经法院批准的安排计划（“交易”）收购silvercrest metals Inc.（“SilverCrest”）发行的所有已发行和流通股份。根据协议条款，silvercrest metals股东将获得 1.6022 Coeur普通股以换取每一股silvercrest metals普通股（“交换比率”）。根据协议条款，交换比率意味著每股silvercrest metals普通股的考虑为$11.34 ，根据2024年10月3日纽交所（NYSE）上Coeur普通股的收盘价，这意味著每股silvercrest metals普通股的大约总权益价值为$1.7十亿。在交易完成后，现有的Coeur股东和silvercrest metals股东分别将拥有合并公司已流通普通股的约 632024年6月30日和2023年12月31日的时间点，公司从Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收购中记录的关于监管和产品开发里程碑的待定支付负债的公允价值总和为2.779亿和2.887亿美元。公司使用概率加权情境折现现金流模型评估预期的待定支付负债和相应的与监管和产品开发里程碑相关的负债的公允价值，该方法与预期待定支付负债的初始计量一致。每个潜在情境应用成功概率，然后通过现值因子计算折扣，得出相应的现值。时间的流逝以及草拟的里程碑实现时间，现值因子，实现度（如适用）和成功概率的变化可能导致公允价值测量的调整。与监管和产品开发里程碑相关的待定支付负债的公允价值是以2024年6月30日和2023年12月31日的加权平均成功概率和现值因子计算的，成功概率分别为%和%，现值因子分别为%和%。付款范围的预测财政年度范围为2025年至2031年。所使用的不可观察的输入值按待定支付负债的相对公允价值加权。 37％。

13
库尔矿业有限公司及其子公司
基本报表注
除了股东和法院批准外，此交易还须获得适用的监管机构批准，包括墨西哥反垄断批准、交易中将发行的Coeur普通股在纽交所挂牌的批准以及符合此类交易的其他某些惯例结束条件。在满足这些条件的情况下，预计本交易将在2025年第一季末完成。协议包括惯例的交易保护措施，包括互惠性受托人豁免规定、非征求条款、以及有权匹敌任何更优提议的权利。此外，在某些情况下，若交易未能完成，SilverCrest和Coeur分别需支付1000万美元的违约金，并且在双方之间，如交易未能完成，一方需支付给另一方互惠的费用补偿金。60百万和$100SilverCrest和Coeur需支付1000万美元的违约金，并在某些情况下，若交易未能完成，则一方需支付互惠的费用补偿金给另一方。
2023年11月20日，Coeur Mexicana与弗雷斯尼洛公司的子公司签署了收购协议，以收购帕尔马雷霍矿附近的采矿特许权。总对价包括大约 $ 的现金支付25百万，含美元10万美元在收盘时到期，另外还有 $10在收盘 12 个月后支付（“2025 年到期的递延现金”），另外还有 $5在收盘24个月后支付的百万美元（“2026年到期的递延现金”）。这些优惠将按通货膨胀调整后的特许权使用费支付 $25 两者之间每发现一盎司新的黄金当量资源 450,000 和 两百万 黄金当量盎司。2024年7月8日，该公司在获得墨西哥的适用监管批准并支付了美元后结束了收购10万美元在收盘时到期。这导致了 $23.7百万增加到 矿产利息 以及 $ 的认可9.3百万的 应计负债和其他 和 $4.4百万的 其他长期负债 结算后到期的款项。
罗切斯特的新三阶段破碎电路和卡车装载设施于2024年3月7日完成投入使用，随之宣布商业生产和 $528百万的施工过程在2024年第一季度投入服务。公司成功完成所有板块破碎电路的增产，至第二季度末实现了日处理能力超过 88,000 吨每天。

未以公允价值计量的金融工具债务
 2024年9月30日2023年12月31日
以千为单位当前非当前当前非当前
2029年高级票据，净额(1)
$— $289,874 $— $295,115 
循环授信设施(2)
— 225,000 — 175,000 
融资租赁义务27,458 62,851 22,636 52,559 
$27,458 $577,725 $22,636 $522,674 
(1) 净待摊债务发行成本$3.2百万美元和$3.9百万，分别是2024年9月30日和2023年12月31日。
(2) 截至2024年9月30日和2023年12月31日，未摊销的债务发行成本为$3.8百万美元和$2.8 百万，包括在 其他非流动资产.
14
Coeur Mining, Inc.及其子公司
合并财务报表附注
2029年优先票据
2021年3月，公司完成了一项总额为$的债券发行375.0根据1933年修订版本证券法规的规定，公司进行了一项总额为$的私人定向增发，募集净收益约为$万（“2029年优先票据”）。有关详情，请参阅2023年10-k文件中包含的第9条附注--债务。367.52021年3月，公司完成了一项总额为$的债券发行
在2024年3月，该公司以总额为$交易了5.92029年到期的高级票据本金加利息 1.8百万股普通股。根据交易日期的公司普通股收盘价，这些交易导致债务摊销的收益为0.4百万美元。交易交易代表对现金流量表中的非现金融资活动。
循环授信设施
截至2024年9月30日，公司拥有$225.0以加权平均利率借入的金额为百万 7.5%, $29.6未偿还的信用证金额为百万，及$145.4可用的金额为百万，来自于$400.0百万循环信贷额度（“ RCF”）。未来的借款可能受到某些财务契约的限制。有关更多详细信息，请参见2023年10-K中第9节 — 债务。
公司于2024年2月21日达成协议，延长并改善了其RCF（“2024年2月修正案”）。2024年2月修正案等内容，（1）将RCF期限延长约两年，使其到2027年2月到期，（2）将RCF增加$10公司是一份贷款协议的一方，在2024年5月进行了修订和重签（“贷款协议”），其中，增加了该协议下承诺的总本金金额，达到了390 百万到 $400百万，（3）将魁北克Desjardins合作联盟和加拿大国家银行列为RCF的贷款人，（4）允许公司在符合一定条件的情况下融资一笔或多笔RCF最高金额为$100百万的增量贷款和承诺，其中包括需要相关贷款人承诺提供此增加， （5）允许计入未负债的国内现金用于计算综合净杠杆比率， （6）允许排除相关于Silvertip的最高$15百万未资本化的地下矿山开发成本，用于RCF的目的排除在综合EBITDA计算中。
融资租赁的义务
公司不时通过融资租赁协议收购采矿设备和设施。2024年9月30日结束的九个月中，该公司主要在罗切斯特签署了多项新的采矿设备融资安排，金额为32.4百万美元，加权平均利率为6.89%。所有融资租赁义务均在租赁开始时按未来最低租赁付款的现值记录。有关更多详细信息，请参见2023年10-K中的附注8--租赁。
利息费用
 截至9月30日的三个月截至9月30日的九个月
以千为单位2024202320242023
2029年优先票据$3,756 $4,097 $11,331 $13,409 
循环授信设施7,427 4,956 21,399 11,481 
融资租赁义务1,038 1,035 3,294 2,788 
债务发行成本的摊销581 703 1,779 1,964 
其他债务770 710 2,324 1,450 
资本化利息(292)(4,099)(738)(9,389)
总利息支出，扣除资本化利息$13,280 $7,402 $39,389 $21,703 

15
Coeur Mining, Inc.及其子公司
合并财务报表附注
注意事项 8 — 开垦
开垦和矿山封闭成本主要基于法律和监管要求。管理层估计与矿区复垦相关的成本。管理层持续评估其估计和假设，未来的支出可能与当前估计不同。
公司营运地点资产养老责任的变动如下：
截至9月30日的三个月截至9月30日的九个月
以千为单位2024202320242023
资产养老义务 - 开始$219,917 $207,960 $214,013 $202,431 
增值4,233 4,153 12,463 12,219 
增加和估算变更— (2,682)— (2,682)
结算(2,060)(1,415)(4,386)(3,952)
资产养老义务 - 结束$222,090 $208,016 $222,090 $208,016 
    
注意9-优先单位收入和矿业税
    下表总结了元件的组成 净利润和矿业税（支出）收益 于2024年和2023年9月30日结束的三个月和九个月，按重要司法管辖区划分：
截至9月30日的三个月截至9月30日的九个月
 2024202320242023
以千为单位税前收益（亏损）税（费用）益处税前收益（亏损）税（费用）益处税前收益（亏损）税（费用）益处税前收益（亏损）税（费用）益处
美国$41,389 $(4,463)$(22,674)$(1,565)$7,498 $(6,605)$(83,994)$(4,847)
加拿大(12,186)(394)(9,345)— (30,720)(766)(23,049)— 
墨西哥45,499 (20,960)17,111 (4,532)93,651 (41,659)56,045 (21,824)
其他司法管辖区(146)— (104)— (351)— (438)— 
$74,556 $(25,817)$(15,012)$(6,097)$70,078 $(49,030)$(51,436)$(26,671)
在2024年第三季度，公司报告的预计收入和矿业税费约为$25.8 百万，导致有效税率为 34.6%. 这与2023年第三季度的收入税费$6.1 百万，实际税率为(40.6)%相比。公司报告期间的收入和矿业税（费用）收益及有效税率的可比性受到多个因素的影响，主要包括：(i) 公司税前收入的变化；(ii) 该收入的地理分布；(iii) 矿业税；(iv) 百分比耗竭；(v) 汇率；和(vi) 不确定税务事项的影响。因此，有效税率将会波动，某些时候波动幅度可能很大。
估值准备是针对那些更可能不会实现相关税收利益的递延税资产提供的。公司会分析其递延税资产，如果确定公司不会实现全部或部分递延税资产，将会记录或增加估值准备。相反，如果确定公司最终更可能能够实现全部或部分相关利益，那么已提供的所有或部分相关估值准备将减少。有多种因素影响公司实现其递延税资产的能力。有关更多信息，请参阅标题为“第1A项 - 风险因素”的部分。
公司或其子公司在美国联邦辖区以及各州和外国辖区提交所得税申报表。自2021年起，美国联邦辖区的追溯期仍然开放，某些其他外国辖区自2017年起追溯期也已开放。关于在未来12个月内可能到期的各种辖区的追溯期，以及与各种辖区的税务机关之间关于审计相关问题的可能和解，公司的看法是，任何未确认的所得税利益都不会有进一步减少。
截至2024年9月30日和2023年12月31日，未确认的税务利益和应计的与所得税相关的利息和罚款并不显著。公司的持续做法是将与未确认的税务利益相关的潜在利息和/或罚款作为其所得税费用的一部分予以确认。

16
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
注意事项10- 基于股票的报酬
公司为高管、董事和合格员工设立了股票激励计划。股票奖励包括绩效股份、限制性股票和期权。截止2024年9月30日的三个月和九个月的股票基础补偿费用为$2.8百万美元和$9.8百万美元，相比之下，为$2.6百万美元和$8.5在截止2023年9月30日的三个月和九个月中为$11.3截至2024年9月30日，未确认的股票基础补偿成本为$，预计将在加权平均剩余归属期内确认 1.6年。
    下表总结了截至2024年9月30日的九个月内授予的补助金：
授予日期限制
股票		授予日期公允
价值
限制性股票		Performance
股份		授权日期公平
价值
在数学、阅读和科学方面的表现
股份
2024年2月26日3,087,822 $2.55 2,050,899 $2.77 
2024年8月9日77,354 $5.44 3,568 $2.77 

注11- 公允价值计量
 截至9月30日的三个月截至9月30日的九个月
以千为单位2024202320242023
股权证券价值的变化(1)
$— $(2,010)$— $4,629 
净公允值调整$— $(2,010)$— $4,629 
(1) 包括持有的股权证券未实现损失为$2.0百万美元和$2.3截至2023年9月30日，分别为三个月和九个月的总营收为百万美元。
会计准则建立了一个公允价值等级体系，优先考虑用于测量公允价值的估值技术的输入。该等级体系对活跃市场中相同资产或负债的未经调整的报价给予最高优先级（第一级），对非活跃市场的报价或可观察到的输入给予次级优先级（第二级），而对不可观察的输入给予最低优先级（第三级）。
以下表格展示了公司的财务资产和负债，这些资产和负债按照公允价值层次结构内的水平（至少每年一次）进行计量。资产和负债根据对公允价值计量具有重大意义的最低输入级别进行分类：
 截至2024年9月30日的公允价值
以千为单位总计一级二级三级
资产:
临时金属销售合同$359 $— $359 $— 
负债：
临时金属销售合同$143 $— $143 $— 
 
 2023年12月31日的公允价值
以千为单位总计一级二级第三级
资产:
临时金属销售合同$318 $— $318 $— 
白银期货3,312 — 3,312 — 
$3,630 $— $3,630 $— 
负债：
黄金期货$1,981 $— $1,981 $— 
公司的临时金属销售合同包括浓缩物和某些金锭销售合同，这些合同的价值是使用定价模型计算的，输入来源于可观察的市场数据，包括远期市场价格。
该公司的黄金和白银远期合约是使用价格模型进行估值的，其输入来自可观察市场数据，包括远期市场价格、收益率曲线和信贷利差。
截至2024年9月30日的九个月内，没有资产或负债在公允价值等级之间转移。
17
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
基本报表中按账面价值计量的金融资产和金融负债的公允价值，分别为2024年9月30日和2023年12月31日的数据如下表所示：
 2024年9月30日
以千为单位账面价值公允价值一级二级三级
负债：
2029年优先票据(1)
$289,874 $281,899 $— $281,899 $— 
循环授信设施(2)
$225,000 $225,000 $— $225,000 $— 
延期现金到期2025年$9,471 $9,357 $— $9,357 $— 
延期现金到期2026年$4,427 $4,693 $— $4,693 $— 
(1) 未摊销的债务发行费用净额为 $3.2百万。
(2) 未摊销的债务发行成本为 $3.8百万 包含在 营业收入 中 438 52 NM(3) 521 84 NM(3) 其他非流动资产.
 2023 年 12 月 31 日
以千计账面价值公允价值第 1 级第 2 级第 3 级
负债：
2029 年优先票据(1)
$295,115 $271,272 $— $271,272 $— 
循环信贷额度(2)
$175,000 $175,000 $— $175,000 $— 
(1) 净未摊销债务发行成本 $3.9百万.
(2) 未摊销的债务发行成本为 $2.8百万 包含在 营业收入 中 438 52 NM(3) 521 84 NM(3) 其他非流动资产.
2029年高级票据的公允价值是通过引用的市场价格估算的。由于该负债是有担保的，拥有浮动利率，并且没有显著的信用风险，RCF的公允价值大致等于账面价值。
2024年7月，公司完成了对Fresnillo矿业特许权的收购。总考虑额包括一笔现金支付$10 百万美元，在收盘时到期，2025年到期的递延现金为$10 百万美元，2026年到期的递延现金为$5 百万美元。递延到2025年和2026年到期的现金的公允价值是使用基于可观察和不可观察数据的定价模型估计的，包括收益曲线和信贷价差。通常可以验证模型输入，并且不涉及重大管理判断。此类工具属于公允价值层次结构的第2级。

注12- 衍生金融工具与对冲活动

公司面临着各种市场风险，包括金属价格变化、外汇汇率和利率期货的影响，并利用衍生品管理正常业务过程中发生的财务风险。衍生品收益和损失列入合同到期的期间的经营现金流量。公司不持有或发行衍生品用于交易或投机目的。
公司可以选择根据美国通用会计准则将某些衍生工具指定为对冲工具。公司正式记录所有指定对冲工具与对冲项目之间的关系，以及其风险管理目标和进行对冲交易的策略。该过程包括将所有被指定为对冲的衍生工具链接到已确认的资产或负债或预测交易，并在签订合同时以及持续评估对冲关系的有效性。
衍生工具指定为现金流量套期策略
为了保护公司在金属价格波动中的风险，特别是在资本支出增加的时期，公司已经签订了远期合约。这些合约每月进行净结算，如果到期时黄金或白银的实际价格低于固定价格或高于固定价格，则分别会产生实现的收益或损失。公司选择在这些工具开始时将其指定为预期交易的现金流对冲。截至2024年9月30日，公司没有未到期的衍生现金流对冲工具。
现金流量套期交易的有效部分已记录在 累积其他综合收益（损失） （AOCI）直到被套期项目确认为收入。与金属销售收入现金流量套期交易相关的递延收益和损失被确认为 收入 在与相关销售同时期内确认。
在公司成立时，进行了对预计交易和对冲工具的评估，并确认对冲关系被视为完全有效。未来将进行评估，以验证对冲工具和预计交易的关键条款是否持续匹配，以及预计交易是否……
18
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
Remain probable，以及对任何不利发展进行评估，涉及到对手方未履行承诺的风险。关键条款或不利发展没有发生任何变化。
以下内容总结了将衍生工具分类为现金流量套期交易的公允价值的做法:
 2024年9月30日
以千为单位预付费和其他其他资产应计负债和其他
黄金期货$— $— $— 
白银期货$— $— $— 
 2023年12月31日
以千为单位预付费用和其他其他资产应计负债和其他
黄金期货$— $— $1,981 
白银期货$3,312 $— $— 
下表列出了作为现金流量套期工具指定的衍生工具的税后收益（损失）已经包含在 其他综合收益 以及截至2024年和2023年9月30日三个月和九个月的综合收益表中的数据（以千为单位）：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
AOCI中确认的(损益)金额
黄金期货$— $6,736 $(10,886)$(1,317)
白银期货— 491 (7,621)8,458 
$— $7,227 $(18,507)$7,141 
从AOCI重新分类至收益的(损益)金额
黄金期货$— $(2,723)$12,867 $(3,615)
白银期货— (2,197)4,309 (4,215)
$— $(4,920)$17,176 $(7,830)
非指定为套期保值工具的衍生品
临时金属销售
公司与第三方冶炼厂、精炼厂和收购客户签订销售合同，在某些情况下，根据初步分析和报价的金属价格进行临时支付。临时定价的销售合同包含一个嵌入式衍生品，根据会计准则必须与主合同分开。主合同是在销售时以远期价格记录的应收款项。嵌入式衍生品不符合套期保值会计要求，并且需每个期间通过收益进行公允价值调整，直至最终结算。
截至2024年9月30日，公司持有如下衍生工具，其结算方式如下：
单位为千，平均价格和名义盎司除外20242025年及以后
临时黄金销售合同$31,366 $— 
每盎司平均金价$2,568 $— 
名义盎司12,213 — 
以下总结了衍生工具公允价值分类：
 2024年9月30日
以千为单位预付费用和其他应计负债和其他
临时金属销售合同$359 $143 
19
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
 2023年12月31日
以千为单位预付费用和其他应计负债和其他
临时金属销售合同$318 $— 
以下表示2024年和2023年截至9月30日三个月和九个月的衍生工具按照市值计价的盈亏（以千为单位）：
 截至9月30日的三个月截至9月30日的九个月
财务报表行衍生品2024202320242023
收入临时金属销售合同$407 $14 $(101)$(305)
信用风险
与任何衍生工具相关的信用风险敞口仅限于基于当前市场价格的未实现收益，如果有的话。为降低交易对手信用风险，公司与管理层认为有信用价值的机构签订合同，并将信用敞口限制在每家机构。公司不预期其任何交易对手的不履行。

注记13——2021年11月18日，公司发行了总额为($)的可转换优先票据。2021年11月23日，票据的首次购买者购买了额外的总额为($)的票据，总票面额为($)。2023年9月，该公司与某些持有人私下达成了交换协议。在总体上，公司交换了($)。 其他综合收益（损失）详情
前期开发、复垦及其他 包括以下内容:
 截至9月30日的三个月截至9月30日的九个月
以千为单位2024202320242023
银尖持续的持有成本$1,675 $2,780 $6,091 $13,569 
资产出售损失176 19 4,352 331 
资产养老增值4,233 4,153 12,463 12,219 
肯辛顿皇室解决方案(1)
— — 6,750 — 
交易成本976 — 976 — 
其他1,523 1,747 4,769 3,830 
开发前、填海和其他$8,583 $8,699 $35,401 $29,949 
(1) 见第16条说明-- 关于肯辛顿特许权和解的承诺与或有事项的更多细节.

其他，净数 包括以下内容:
 截至9月30日的三个月截至9月30日的九个月
以千计2024202320242023
外汇收益（亏损）$1,708 $421 $3,432 $(107)
处置损失— — — (12,319)
流通股票1,248 — 5,193 — 
RMC 破产分配— — 1,199 1,516 
其他478 57 1,505 820 
其他，净额$3,434 $478 $11,329 $(10,090)

注14——公司按运营租赁协议在美国租赁办公空间。公司还与APLD达成协议，使用加密数字货币采矿设施，根据使用量每兆瓦小时支付电费。公司已确定，在该协议管理的设施中存在实施运营租赁，始于2023年1月和3月，并选择不分离租赁和非租赁组成部分。这些运营租赁的支付完全是变量，基于电费的使用量，因此公司不记录与租赁相关的使用权资产或租赁负债。2024年6月30日和2023年6月30日的变动租赁费用详见下表。办公空间和采矿设施构成了公司在运营租赁协议下的重要基础资产类别。 每股净收益（损失）
每股基本净利润（损失）是通过将可分配给普通股股东的净利润（损失）除以公司在该期间内流通的普通股的加权平均数来计算的。稀释后的每股净利润（损失）反映了如果证券或其他合同被行使或转换为普通股时可能发生的稀释。
截至2024年9月30日的三个月和九个月，存在某些普通股等价物。 29,130 和 103,916 分别与基于股权的奖励相关的普通股等价物未计入每股摊薄收益测算中，因为这些股份会对薄水。相似地，截至2023年9月30日的三个月和九个月，有百万普通股等价物未计入每股摊薄收益测算。 1.1 百万美元和 1.6 截至2023年9月30日的三个月和九个月，有百万普通股等价物未计入每股摊薄收益测算。
20
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
截至9月30日的三个月截至9月30日的九个月
以千为单位，除每股金额外2024202320242023
净利润(可供普通股股东使用)$48,739 $(21,109)$21,048 $(78,107)
加权平均股数：
基本393,969 356,676 390,936 330,440 
股票基础补偿计划的影响6,869 — 5,442 — 
摊薄400,838 356,676 396,378 330,440 
每股收益（亏损）:
基本$0.12 $(0.06)$0.05 $(0.24)
摊薄$0.12 $(0.06)$0.05 $(0.24)
2024年2月26日，公司与某些加拿大认可投资者（“投资者”）签订了认购协议（“认购协议”），定向增发（“定向增发”）总计 7,704,725每股普通股的面值为$0.01 每股股价，将发行为《所得税法》（加拿大）第66(15)条所定义的“流通股”（“Ft股”），该交易于2024年3月8日结束。定向增发的收益将用于公司的Silvertip勘探项目中的一些符合条件的“加拿大勘探支出”（如《所得税法》（加拿大）定义的那样）。初始定向增发筹集的净收益为$23.7万美元用于推迟的承销佣金和分配给衍生证券认购证明的发行成本，分别。0.9百万美元，代表超过公司交易价格收到的净收益（“Ft溢价负债”）。截至2024年9月30日的九个月内，公司确认了与前一年定向增发流通股私募发行相关的部分Ft溢价负债，导致其他方面的收入为$5.2百万，包括 其他，净。 Ft溢价负债包含在 应计负债及其他在压缩的合并财务报表中，并将在随后的期间中减少，因为发生了某些符合资格的“加拿大勘探支出”。
FT股份未在《证券法》下登记，而是根据《证券法》的S条款和/或D条款，向美国以外的合格投资者提供和出售。

注15 - 根据附表A中所列附加担保人
以下总结的财务信息是为了满足《美国证券交易委员会规则S-X》第13-01条的披露要求，该要求源自Coeur Alaska, Inc.、Coeur Explorations, Inc.、Coeur Rochester, Inc.、Coeur South America corp.、Wharf Resources (U.S.A.), Inc.及其子公司、Coeur Capital, Inc.、Sterling Intermediate Holdco, Inc.和Coeur Sterling Holdings LLC（统称为“子公司担保人”）对2029年高级票据的担保。以下表格展示了(a)母公司Coeur和(b)子公司担保人的总结财务信息（统称为“债务人集团”）。债务人集团的总结财务信息是以合并的方式呈现，消除了债务人集团内各实体之间的内部余额和交易。如果与公司的某些全资国内和外国子公司之间的往来账款、应收账款和交易是重要的，则将其单独列示在不同的项目中。每个子公司担保人均由Coeur全资拥有，担保是全额、无条件且是连带责任。Coeur从子公司担保人处通过分红或贷款获得资金的能力没有任何限制。
总结资产负债表
科尔矿业股份有限公司。子公司担保方
以千为单位2024年9月30日2023年12月31日2024年9月30日2023年12月31日
流动资产$12,429 $19,850 $228,442 $143,170 
非流动资产(1)
$457,605 $393,773 $1,344,709 $1,286,135 
非保证人内部公司资产$3,854 $— $— $— 
流动负债$19,127 $27,836 $204,205 $198,262 
非流动负债$523,965 $478,488 $216,156 $203,405 
非保证人内部公司负债$3,016 $6,033 $1,609 $1,591 
(1) Coeur Mining, Inc.的非流动资产包括其对担保子公司的投资。

21
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表


收入总结报表
截至2024年9月30日的九个月
以千计Coeur Mining, Inc.子公司担保人
收入$— $458,561 
毛利（亏损）$(609)$111,113 
净收益（亏损）$21,048 $64,072 

注释 16 — 承付款和意外开支
墨西哥诉讼事宜
截至2024年9月30日，现金为$26.9墨西哥政府应支付的本金金额为百万美元，这是与法郎·内华达公司子公司根据早前的特许协议支付的增值税有关的，该协议于2016年终止。法郎-内华达公社（“法内华达”）向一家子公司支付的这些增值税应付款项，最初已申请并获得了退款；然而，2011年，墨西哥税务机构开始拒绝基于VAT不合法应付的增值税支付的退款。因此，法内华达开始要求将这些作为不当支付的增值税支付款项退还，墨西哥税务机构也予以拒绝。公司自此一直在努力与墨西哥政府追回这些金额（包括重新申请将不当支付作为退款，而不是法定应退的增值税退款，诉讼和国际仲裁）。尽管公司在2018年的这一问题上得到了墨西哥税务法院的有利裁决，但该问题的诉讼在墨西哥行政、上诉法院和最高法院层面持续了数年，其中大部分裁定对法内华达不利，原因是对适用法律和之前法院裁决的解释，公司及其顾问认为这些解释与法律先例相悖、相互抵触和错误。尽管公司认为自己在法律上有权获得应收款项全额退款，并打算继续积极追回，但基于无法追回应收款项以及墨西哥法院不利裁决，公司决定在2021年9月30日对应收款项的账面价值计提减值准备。法内华达已选择启动北美自由贸易协定第11章的仲裁程序，以追回不当支付的增值税款项以及利息和其他损失。即使在北美自由贸易协定的仲裁获得成功的情况下，获得款项的进程可能漫长和不可预测。
此外，与墨西哥政府就在墨西哥执行水权问题的持续诉讼，如果不成功，可能会影响科尔墨西加纳获得足够供应帕尔马雷霍项目运营所需的新水源，且如果影响重大，可能会对公司的运营和财务业绩产生重大不利影响。
Palmarejo黄金流
Coeur Mexicana目前出售 50%的Palmarejo黄金产量（不包括2015年和2024年收购的某些资产的产量）给franco-nevada公司的子公司（“franco-nevada”），根据黄金流协议，价格低于$800 或者现货价格每盎司（“franco-nevada黄金流协议”）。franco-nevada黄金流协议取代了2009年1月达成的早期安排，在该安排中，franco-nevada购买了一个权利金，涵盖了 50%的矿山生命周期内由Coeur Mexicana从其在墨西哥Palmarejo银黄金矿区生产的黄金，以总金额$78.0与2024年6月的重组有关，我们宣布关闭在美国以外的办事处。因此，在2024年6月30日结束的三个月内，我们记录了总计$的全部减值费用，其中包括$的资产租赁权益减值和$的租赁改进减值，这是我们压缩合并利润表中的一般和行政开支。我们在衡量减值金额时考虑了出租意向、出租能力以及当地市场状况等因素。75.0百万现金加上一个购买franco-nevada普通股的认股权证，当时估值为$3.0百万（“之前的黄金流协议”）。2014年终止之前的黄金流协议，且其最低交付要求在2016年得到满足，此后根据franco-nevada黄金流协议开始销售。根据franco-nevada黄金流协议，Coeur Mexicana收到了$22.0 百万的存入资金，用于满足黄金流协议下未来的交付。根据公认的会计原则，尽管Coeur Mexicana已满足偿还存入资金给franco-nevada的合同义务，但该存入资金被作为递延收入入账，并在销售黄金给franco-nevada时按单位生产基础确认营业收入。由于与存入资金没有最低义务，因此不被视为融资，每次交运被视为一个单独的履约义务。该流协议代表了ASC 606下的合同负债，要求公司按比例确认存入资金中一部分作为每盎司交付给franco-nevada的营业收入。剩余的未摊销余额包含在 应计负债及其他 和 其他长期负债 在综合合并资产负债表上。
以下表格展示了franco-nevada合同负债余额的变动：
22
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
截至9月30日的三个月截至9月30日的九个月
以千计2024202320242023
期初余额$6,666 $7,196 $6,942 $7,411 
已确认收入(129)(145)(405)(360)
期末余额$6,537 $7,051 $6,537 $7,051 
金属销售预付款
在2019年6月，Coeur修改了其与金属销售对手方的现有销售和购买合同，涉及来自其Kensington矿的黄金浓缩物（“修订销售合同”）。此后，修订销售合同不时进一步修订，以允许额外的预付款。在2024年9月，公司收到额外的预付款$25.0百万，遵循之前收到的预付款的履行。
此外，2023年6月，公司与一家金属销售对手方签订了销售和购买合同，用于其Wharf矿的金电解阴极泥和Rochester矿的金银锭，这两者在2023年9月经过修改，以增加预付款的最大可用金额为$12.5百万美元和$17.5 百万）。 2024年9月，Wharf矿和Rochester矿分别收到了额外的预付款$12.5百万美元和$17.5 百万），在Wharf矿和Rochester矿先前收到的预付款已被充分支付后收到。
金属销售预付款代表ASC 606下的合同责任，要求公司根据交付给客户的每盎司黄金和白银，按比例确认存款的一部分为营业收入。剩余的合同责任包含在 应计负债及其他 的简明综合资产负债表中。根据修订销售合同的相关条款，科尔维持对黄金和白银价格的敞口，并预计到2024年9月认可假设责任的剩余价值。有关细节请参阅2023年10-k中包含的财务政策摘要第2节。
下表显示了预付款合同责任余额的逐步展开：
截至9月30日的三个月截至9月30日的九个月
以千计2024202320242023
期初余额$43,282 $45,012 $55,082 $25,016 
补充54,828 30,311 140,033 75,307 
已确认收入(43,030)(31,000)(140,035)(56,000)
期末余额$55,080 $44,323 $55,080 $44,323 
肯辛顿皇室事务
2024年3月28日，公司及其子公司Coeur Alaska, Inc.（“Coeur Alaska”）与Maverix Metals Inc.及Maverix Metals (Nevada) Inc.（统称“Maverix”）签订了一项和解协议，以解决与Kensington矿区部分领域相关的权利金条款的诉讼（“Maverix诉讼”）。虽然Coeur Alaska仍然相信其在该事件中的索赔及反索赔是有效的，但由于诉讼事务的固有不确定性，它决定和解是适当的。为了解除Maverix诉讼，并根据其他常规和解条款，Coeur Alaska与Maverix同意修订权利金条款，以降低权利金的有效利率，并消除原权利金中规定的成本回收概念。修订后的权利金现在规定，Coeur Alaska将在Kensington矿区当前边界内生产的最多两百万盎司黄金上支付净回报权利金，具体税率为：(i) 2024年1月1日至2026年12月31日的生产税率为：% ，和 (ii) 自2027年1月1日起生产的税率为：%。公司还同意向Maverix的一个关联公司发行最多的股份，包括到2024年4月2日时市值为$ 百万的普通股，以及到2025年3月28日时市值为$ 百万的普通股（统称“和解股份”），如果所有的市值不足，将进行现金补偿。 两百万 盎司 1.25% 的生产 1.5% 的生产 2,455,000 股票3.0$ 百万3.75$ 百万 2,455,000 普通股的股份已被发行。结算条款规定，发行某些部分股权的价值应抵扣应付的特许权使用费，作为对2024年1月1日之前生产的拖欠款项的支付。2024年4月，公司发行了 737,210 股份用于结算首次股权发行。根据1933年证券法第4(a)(2)条的免注册要求，结算股份的发行正在进行中。
我们的经营子公司U.S. Silica Company（“U.S. Silica”）已被指控在造成硅肺病的二氧化硅暴露事件中存在产品责任争议。在2024年6月30日结束的六个月中，共有13起新的针对U.S. Silica的索赔。2024年6月30日时，尚有1300多起活跃的与二氧化硅相关的产品责任争议，U.S. Silica是其中的被告。尽管无法准确预测这些索赔的结果，但在管理层看来，这些事项的最终解决并不会对我们的财务状况或财务业绩产生超过预计负债额的重大不利影响。我们在其他长期负债中记录了这些索赔的估计负债，而在其他资产中估计了未来的保险赔偿额。截至2024年6月30日和2023年12月31日，其他非流动资产中包括了用于第三方产品责任索赔的保险金，而其他长期负债包括了用于第三方产品责任索赔的1,000万美元和850万美元的估计负债。
作为公司及其关联公司持续业务和运营的一部分，公司及其附属公司需要提供保证保险单、银行信用证、银行担保以及在某些情况下作为金银套期保值抵押和其他一般企业用途的现金作为财务支持，用于环境整治、复垦、为黄金和白银对冲提供抵押物以及其他一般公司目的。截至
23
Coeur Mining, Inc.及其子公司
附注至简明合并财务报表
2024 年 9 月 30 日和 2023 年 12 月 31 日，该公司的担保债券总额为 $349.5百万和美元324.8 分别有100万英镑作为未来填海和关闭成本的财政支持。与这些工具相关的义务通常与公司通过持续运营满足的业绩要求有关，公司可能不时被要求提供抵押品，包括减少循环信贷额度下可用性的现金或信用证，以支持这些工具。满足特定要求后，相关票据的受益人取消和/或将票据退还给发行实体。其中某些工具与拥有长期资产的运营场所有关，在关闭之前将一直处于未偿状态。该公司认为，它遵守了所有适用的债券义务，并将能够通过现有或替代手段满足未来的债券要求。

分红派息 附加资产负债表详细信息和补充现金流量信息
应计负债和其他包括以下内容：
以千为单位2024年9月30日2023年12月31日
应计工资和工资$29,815 $31,722 
流 Through 股份溢价收入1,220 5,563 
递延收入(1)
55,664 55,547 
收入和采矿税28,731 11,766 
肯辛顿版税结算 (1)
3,750 — 
延期现金到期2025年9,471 — 
应计的营业成本12,055 11,081 
衍生品未实现亏损142 1,981 
除所得税和矿业税外的其他税收4,740 5,321 
应计利息负债3,373 7,957 
营运租赁负债4,324 9,975 
应计负债及其他$153,285 $140,913 
(1) 请参见第16条注释——承诺和或有事项，以获取有关递延营业收入负债的更多细节。
下表提供了截至2024年和2023年9月30日的三个月和九个月内，在浓缩合并资产负债表中报告的现金、现金等价物和受限现金的调节，金额总计与浓缩合并现金流量表中显示的相同。
以千为单位2024年9月30日2023年9月30日
现金及现金等价物$76,916 $53,223 
限制性现金等价物(1)
1,768 1,723 
现金、现金等价物及限制性现金的总额（见现金流量表）$78,684 $54,946 
(1) 受限现金等价物已纳入 预付费用和其他以及受限资产 的资产负债表中。


24

项目2。        分销计划
以下管理层讨论与分析（“MD&A”）提供了管理层认为与评估和理解Coeur Mining, Inc.及其子公司（统称为“公司”、“我们的”或“我们”）的合并财务状况和经营结果相关的信息。我们在MD&A中使用某些非GAAP财务业绩指标。有关这些指标的详细描述，请参见本项最后的“非GAAP财务业绩指标”。我们提供 适用于销售的成本 （“CAS”）分配，称为共同产品法，基于Palmarejo和Rochester的营业收入贡献，而基于主要金属（称为副产品法）用于Wharf。来自二次金属的营业收入，如Wharf的白银，作为成本抵免处理。
概览
我们主要是一家黄金和白银生产商，在美国和墨西哥拥有运营资产，并在加拿大有一个勘探项目。     
第三季度要点
在本季度，Coeur报告营业收入为$31350万，经营活动提供的现金为$11110万。我们报告的GAAP净利润为$4870万，每稀释股的收益为$0.12。在非GAAP调整基础上1公司报告的EBITDA为$12600万，净利润为$4720万，每稀释股的收益为$0.12。截止到2024年9月30日的九个月，Coeur报告营业收入为$74860万，经营活动提供的现金为$11040万。我们报告的GAAP净利润为$2100万，每稀释股的收益为$0.05。在非GAAP调整基础上1公司报告的EBITDA为$22280万，净利润为$2470万，每稀释股的收益为$0.06。

•投资组合中强劲的产量增加和成本降低 所有四个作业的产量提高使黄金产量增加了21%，白银产量增加了15%，分别达到94,993盎司和300万盎司。每盎司适用于销售的黄金和白银成本较上一季度下降了12%，导致利润率超过上一期的两倍。基于强劲的年度产量和成本表现，公司重申了全年指导范围
•强劲的季度财务业绩受较高产量和金属价格推动 营业收入为31300万美元，调整后的EBITDA为12600万美元1 分别同比增长了41%和140%。本季度经营性现金流达到11100万美元，自由现金流达到6900万美元，达到十年来的最高水平。净利润为4900万美元，调整后的EBITDA1 在过去十二个月（"LTM"）中，净利润增加了2.5倍，达到28700万美元，与一年前相比
•罗切斯特保持在年底实现吞吐量和产量指导目标 – The recently expanded Rochester silver and gold operation placed approximately 710万 tons under leach during the quarter leading to production of 120万 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 700 - 800万 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 $17亿 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 在第三季度，公司将其未偿还的循环信贷额度（“RCF”）余额减少了5000万美元，降至22500万美元，这导致总流动性为22200万美元，其中现金为7700万美元，并且净债务与EBITDA的比率在三年来首次降至2.0倍以下。





25

选择的财务和运营结果
截至三个月截至九个月
2024年9月30日2024年6月30日2024年9月30日2023年9月30日
财务结果： （以千为单位，除每股金额外）
黄金销售$223,772 $154,085 $529,626 $387,959 
银销售$89,704 $67,941 $218,936 $171,157 
营业收入总额$313,476 $222,026 $748,562 $559,116 
净利润（亏损） $48,739 $1,426 $21,048 $(78,107)
每股净利润，摊薄$0.12 $0.00 $0.05 $(0.24)
调整后的净收入（亏损）(1)
$47,157 $(3,405)$24,729 $(71,829)
每股调整后净利润（亏损）(1)
$0.12 $(0.01)$0.06 $(0.22)
EBITDA(1)
$121,052 $49,705 $197,908 $35,454 
调整后的EBITDA(1)
$126,041 $52,407 $222,785 $78,012 
总债务(2)
$605,183 $629,327 $605,183 $512,241 
经营业绩:
生产的黄金盎司数94,993 78,696 254,433 216,062 
银产量3,020,566 2,637,950 8,243,276 7,200,410 
黄金盎司已售出96,913 76,932 255,261 215,971 
白银盎司已售出3,004,501 2,592,727 8,197,663 7,140,067 
每盎司黄金的平均实现价格$2,309 $2,003 $2,075 $1,796 
每盎司银的平均实现价格$29.86 $26.20 $26.71 $23.97 
(1)请看“非普遍会计准则财务业绩衡量指标。”
(2)包括融资租赁。扣除债务发行成本和收到的溢价。

财务综合结果
2024年9月30日结束的三个月与2024年6月30日结束的三个月相比
收入
我们销售了96,913盎司的黄金和300万盎司的白银，相比于76,932盎司的黄金和260万盎司的白银。营业收入增加了$9150万，增长了41%，这是由于实现的黄金和白银价格分别提高了15%和14%，黄金和白银销量分别增长了26%和16%导致的。公司受益于黄金和白银现货价格上涨。黄金销量增加是由于所有工厂的黄金产量增加，尤其是Palmarejo地点的黄金品位和提取率提高，新三级破碎机的顺利完成和Rochester新浸出堆的增产，以及Wharf堆放的吨位和品位提高。白银销量增加是由于Palmarejo地点的提高品位和提取率，以及Rochester新浸出堆的增产。黄金和白银分别占2024年第三季度销售收入的71%和29%，相比之下，二季度2024年销售收入的黄金和白银分别占了69%和31%。
以下表格总结了合并金属销售情况:
三个月已结束增加（减少）百分比变化
以千计2024 年 9 月 30 日2024 年 6 月 30 日
黄金销售$223,772 $154,085 $69,687 45 %
白银销售89,704 67,941 21,763 32 %
金属销售$313,476 $222,026 $91,450 41 %
适用于销售的成本
销售相关成本增加了1200万美金，或8%，主要是由于所有板块的黄金和白银销售量增加。有关销售相关成本的完整讨论，请参见 业务运营结果下方。
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摊销
摊销增加了530万美元，增长了19%，主要是由于在所有地点出售的更多黄金和白银盎司。
费用
一般和行政开支减少了30万美元，或2%，主要是由于员工激励相关成本降低。
勘探费用增加了670万美元，增长了52%，主要是由于在Silvertip的持续地表钻探以及在Palmarejo和Wharf的更高投资。
开发前、复垦和其他费用与2024年第二季度相当。以下表格总结了开发前、复垦和其他费用：
截至三个月增加（减少）百分比变化
以千为单位2024年9月30日2024年6月30日
银尖持续的持有成本$1,675 $2,055 $(380)(18)%
资产出售损失176 640 (464)(73)%
资产养老增值4,233 4,154 79 2 %
交易成本976 — 976 100 %
其他1,523 1,741 (218)(13)%
前期开发、围填海及其他费用$8,583 $8,590 $(7)— %
其他收入和支出
利息费用（扣除资本化利息30万美元后）保持在1330万美元，基本相当。
其他净收益减少到340万美元，与510万美元相比，主要是由于在2024年第二季度收到来自共和国金属公司破产程序的120万美元分配（“RMC破产分配”）。
收入和采矿税
截至2024年9月30日的三个月，收入和矿业税支出约为2580万美元，导致有效税率为34.6%。相比之下，截至2024年6月30日的三个月，所得税支出为720万美元，有效税率为83.4%。公司报告期间的收入和矿业税（支出）利益以及有效税率的可比性受到多种因素的影响，主要包括：（i）矿业税；（ii）所得税前收入的变动；（iii）收入的地理分布；（iv）百分比减少；（v）汇率；以及（vi）不确定税务立场的影响。因此，有效税率将会波动，有时会出现显著波动。
下表总结了公司税前收入（亏损）及所得税和采矿税（费用）收益的元件:
截至9月30日的三个月截至6月30日的三个月
 20242024
以千计税前收入（亏损）税收（支出）福利税前收入（亏损）税收（支出）福利
美国$41,389 $(4,463)$(4,660)$1,677 
加拿大(12,186)(394)(9,628)(258)
墨西哥45,499 (20,960)22,948 (8,608)
其他司法管辖区(146)— (45)— 
$74,556 $(25,817)$8,615 $(7,189)
对递延税收资产提供减值准备，如果相关税收利益实现的可能性不大于实现的可能性。公司分析其递延税收资产，如果确定公司无法实现全部或部分递延税收资产，则会记录或增加减值准备。相反，如果确定公司最终很可能能够实现全部或部分提供减值准备的相关利益，那么将减少全部或部分相关减值准备。有许多因素影响公司实现其递延税收资产的能力。有关详细信息，请参见“项目1A - 风险因素”。
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净收入
净利润为4870万美元，即每稀释股份0.12美元，相较于140万美元，即每稀释股份0.00美元。净利润的增长得益于平均实现的黄金和白银价格分别上涨了15%和14%，以及销售的黄金和白银盎司分别增加了26%和16%。这部分被更高的勘探费用和所得税及采矿税支出所抵消。调整后净利润为4720万美元，即每稀释股份0.12美元，相较于调整后的净亏损340万美元，即每稀释股份0.01美元（见“非GAAP财务业绩指标”）。
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 thousands20242023
Gold sales$529,626 $387,959 $141,667 37 %
Silver sales218,936 171,157 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:
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Nine Months Ended September 30,Increase (Decrease)Percentage Change
In thousands20242023
Silvertip ongoing carrying costs$6,091 $13,569 $(7,478)(55)%
Loss on sale of assets4,352 331 4,021 1,215 %
Asset retirement accretion12,463 12,219 244 2 %
Kensington royalty settlement6,750 — 6,750 100 %
Transaction costs976 — 976 100 %
Other4,769 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,
 20242023
In thousandsIncome (loss) before taxTax (expense) benefitIncome (loss) before taxTax (expense) benefit
United States$7,498 $(6,605)$(83,994)$(4,847)
Canada(30,720)(766)(23,049)— 
Mexico93,651 (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”.
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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
GoldSilver
(oz)(K oz)
Palmarejo95,000 - 103,0005,900 - 6,700
Rochester37,000 - 50,0004,800 - 6,600
Kensington92,000 - 106,000—
Wharf86,000 - 96,000—
Total310,000 - 355,00010,700 - 13,300

2024 Costs Applicable to Sales Guidance
GoldSilver
($/oz)($/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
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Results of Operations
Palmarejo
Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2024September 30, 2023
Tons milled413,463 429,561 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 – Au94.8 %89.9 %93.5 %91.7 %
Average recovery rate – Ag85.6 %82.8 %84.1 %83.9 %
Gold ounces produced27,549 25,467 86,176 75,204 
Silver ounces produced1,823,269 1,596,138 5,237,704 4,970,343 
Gold ounces sold28,655 24,313 86,430 74,195 
Silver ounces sold1,860,976 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.









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Rochester
Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2024September 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 produced9,690 8,006 23,451 18,928 
Silver ounces produced1,155,156 973,057 2,827,403 2,051,737 
Gold ounces sold9,186 8,150 23,521 19,274 
Silver ounces sold1,098,407 985,269 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 EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2024September 30, 2023
Tons milled165,916 182,043 515,398 474,194 
Average gold grade (oz/t)0.16 0.14 0.15 0.13 
Average recovery rate90.4 %92.3 %91.2 %91.7 %
Gold ounces produced24,104 23,202 68,740 58,103 
Gold ounces sold24,800 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 EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2024September 30, 2023
Tons placed1,424,649 1,162,437 3,839,041 3,452,907 
Average gold grade (oz/t)0.046 0.032 0.034 0.026 
Gold ounces produced33,650 22,021 76,066 63,827 
Silver ounces produced42,141 68,755 178,169 178,330 
Gold ounces sold34,272 20,930 75,788 63,811 
Silver ounces sold45,118 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 EndedNine Months Ended
In thousandsSeptember 30, 2024June 30, 2024September 30, 2024September 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:
Receivables1,616 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 liabilities37,187 185 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 EndedNine Months Ended
In thousands except per share amountsSeptember 30, 2024June 30, 2024September 30, 2024September 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 securities176 640 4,352 12,650 
RMC bankruptcy distribution— (1,199)(1,199)(1,516)
(Gain) loss on debt extinguishment— 21 (417)(3,735)
Transaction costs976 — 976 — 
Other adjustments81 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 EndedNine Months Ended
In thousands except per share amountsSeptember 30, 2024June 30, 2024September 30, 2024September 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 interest13,280 13,162 39,389 21,703 
Income tax provision (benefit)25,817 7,189 49,030 26,671 
Amortization33,216 27,928 88,441 65,187 
EBITDA121,052 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 accretion4,233 4,154 12,463 12,219 
Inventory adjustments and write-downs1,231 1,071 6,490 24,723 
(Gain) loss on sale of assets and securities176 640 4,352 12,650 
RMC bankruptcy distribution— (1,199)(1,199)(1,516)
(Gain) loss on debt extinguishment— 21 (417)(3,735)
Transaction costs976 — 976 — 
Other adjustments81 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.
ConsolidatedThree Months EndedNine Months Ended
(Dollars in thousands)September 30, 2024June 30, 2024September 30, 2024September 30, 2023
Cash flow from operations$111,063 $15,249 $110,441 $2,011 
Capital expenditures41,980 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 EndedNine Months Ended
(Dollars in thousands)September 30, 2024June 30, 2024September 30, 2024September 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 other352 (4,176)(3,185)(764)
Inventories14,320 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 EndedNine Months Ended
(Dollars in thousands)September 30, 2024June 30, 2024September 30, 2024September 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 ratio1.8 $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)PalmarejoRochesterKensingtonWharfSilvertipTotal
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 $— $156,742 
Metal Sales
Gold ounces28,655 9,186 24,800 34,272 — 96,913 
Silver ounces1,860,976 1,098,407 — 45,118 — 3,004,501 
Costs applicable to sales
Gold ($/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)PalmarejoRochesterKensingtonWharfSilvertipTotal
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 $— $144,717 
Metal Sales
Gold ounces24,313 8,150 23,539 20,930 — 76,932 
Silver ounces1,542,395 985,269 — 65,063 — 2,592,727 
Costs applicable to sales
Gold ($/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)PalmarejoRochesterKensingtonWharfSilvertipTotal
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 $— $447,456 
Metal Sales
Gold ounces86,430 23,521 69,522 75,788 — 255,261 
Silver ounces5,199,839 2,818,930 — 178,894 — 8,197,663 
Costs applicable to sales
Gold ($/oz)$902 $1,797 $1,699 $945 
Silver ($/oz)$13.84 $21.57 $— 
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Nine Months Ended September 30, 2023
In thousands (except metal sales, per ounce and per pound amounts)PalmarejoRochesterKensingtonWharfSilvertipTotal
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 $— $440,596 
Metal Sales
Gold ounces74,195 19,274 58,691 63,811 215,971 
Silver ounces4,889,877 2,070,544 — 179,646 — 7,140,067 
Costs applicable to sales
Gold ($/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)
KensingtonWharf
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 $91,069 
Metal Sales
Gold ounces104,26028,170100,50091,040
Silver ounces6,652,5903,197,910205,600
Revenue Split
Gold51%43%100%100%
Silver49%57%
Adjusted costs applicable to sales
Gold ($/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)
KensingtonWharf
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 $99,450 
Metal Sales
Gold ounces100,35028,130103,79090,000
Silver ounces6,516,8303,927,890105,920
Revenue Split
Gold51%38%100%100%
Silver49%62%
Adjusted costs applicable to sales
Gold ($/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.

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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.    Controls and Procedures
(a)Disclosure Controls and Procedures
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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.
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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
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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. 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.INSXBRL Instance Document*
101.SCHXBRL Taxonomy Extension Schema*
101.CALXBRL Taxonomy Extension Calculation Linkbase*
101.DEFXBRL Taxonomy Extension Definition Linkbase*
101.LABXBRL Taxonomy Extension Label Linkbase*
101.PREXBRL Taxonomy Extension Presentation Linkbase*
104Cover 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)
DatedNovember 6, 2024/s/ Mitchell J. Krebs
MITCHELL J. KREBS
Chairman, President and Chief Executive Officer (Principal Executive Officer)
DatedNovember 6, 2024/s/ Thomas S. Whelan
THOMAS S. WHELAN
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
DatedNovember 6, 2024/s/ Ken Watkinson
KEN WATKINSON
Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)

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