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美國
證券交易委員會
華盛頓特區20549
___________________________________________ 
表格 10-Q
___________________________________________
☑根據《1934年證券交易法》第13或15(d)條款的季度報告
截至2024年6月30日季度結束 2024年9月30日
或
☐
根據1934年證券交易法第13條或第15(d)條的過渡報告
到              天從發票日期計算，被視為商業合理。             
委員會文件編號 001-08641
____________________________________________
 coeurlogob45.jpg
庫爾礦業有限公司。
（依憑章程所載的完整登記名稱）
____________________________________________
特拉華州
82-0109423
（公司註冊地或其他轄區
公司的註冊地點或組織）		(國稅局雇主識別號碼)
識別號碼)
200 S. Wacker Dr.
Suite 2100芝加哥，伊利諾伊州60606
(總部辦公地址)（郵政編碼）
(312) 489-5800
（註冊人的電話號碼，包括區號）
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
普通股（每股面值$0.01）CDE紐約證券交易所
請勾選，以示示意：(1) 在過去12個月內（或在要求提交此類報告的較短期間內），已按照1934年證券交易法第13或15(d)條的規定提交了所有報告；並且(2) 在過去90天內一直遵守這些提交要求：是  ☑不☐
請勾選，以表明在過去12個月內（或者對於需要提交這類文件的較短期間）依照Regulation S-t（本章節第232.405條）的規定，登記人已經提交了每一個必須提交的互動數據文件。是  ☑不☐
勾選該申報人是否屬於大型加速提交人，加速提交人，非加速提交人，更小的報告公司或新興增長公司。請參閱《交易所法》1202條中“大型加速提交人”，“加速提交人”，“更小的報告公司”和“新興增長公司”的定義。
大型加速歸檔人☑加速檔案提交者
☐
非加速歸檔人
☐
較小報告公司
☐
新興成長公司
☐


如果一家新興成長公司，請勾選是否已選擇不使用按照交易所法第13(a)條所提供的遵守任何新的或修訂的財務會計準則所規定的延長過渡期。 ☐
在核准書上打勾表示公司是否為殼公司（如交易所法規定的第1202條所定義）。 是☐不☑
公司有6億股普通股，面值為0.01美元，核准的股份中有 399,240,588 截至2024年11月4日，已發行並流通的股份為


庫爾礦業有限公司。
指数
 頁面
第一部分。
財務資訊
項目1. 基本報表
縮編合併貸方賬戶余額表（未經審計）
未經審核的綜合損益簡明綜合報表
綜合現金流量表（未經核數）
未經審計的綜合股東權益變動表
基本報表註腳（未經審計）
項目2. 管理層對財務狀況和營運結果的討論與分析。
財務結果匯總
營運業績結果
流動性和資本資源
非依照通用會計原則計算的財務績效指標
第三項、市場風險之定量化與定性揭露
第四項。控制和程序
第二部分。
其他信息
項目1. 法律訴訟
第1A項。風險因素
第4項。礦山安全披露。
項目5。其他信息。
項目6. 附件
簽名


3

第I部分

项目1。        基本報表和補充資料

Coeur Mining, Inc.及其子公司
簡明合併資產負債表（未經查核）
2024年9月30日2023年12月31日
資產註釋以千為單位，除股份數據外
流動資產
現金及現金等價物$76,916 $61,633 
應收帳款430,165 31,035 
存貨574,727 76,661 
堆浸場的礦石5148,331 79,400 
預付費用和其他15,833 18,526 
345,972 267,255 
非流動資產
資產、廠房及設備以及採礦物業淨值61,759,454 1,688,288 
堆浸場的礦石534,598 25,987 
受限資產9,339 9,115 
應收帳款4, 1120,161 23,140 
其他58,276 67,063 
總資產$2,227,800 $2,080,848 
負債及股東權益
流動負債
應付賬款$126,387 $115,110 
應計負債及其他17153,285 140,913 
債務727,458 22,636 
整備810,954 10,954 
318,084 289,613 
非流動負債
債務7577,725 522,674 
Reclamation8211,136 203,059 
递延所得税负债6,755 12,360 
其他長期負債30,950 29,239 
826,566 767,332 
承諾事項與可能負擔之事項16
股東權益
普通股，面額 $0.01 ；授權 600,000,000 股份， 399,287,506 2024年9月30日已發行並流通 386,282,957 於2023年12月31日
3,993 3,863 
資本公積額額外增資4,179,270 4,139,870 
其他綜合損益（損失）累積額— 1,331 
累積虧損(3,100,113)(3,121,161)
1,083,150 1,023,903 
總負債及股東權益$2,227,800 $2,080,848 

附註是這些縮編合併基本報表的一部分。
4

庫爾礦業有限公司及附屬公司
綜合損益簡明綜合財務報表（未經審計）
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
 註釋以千為單位，除了股份資料
營業收入3$313,476 $194,583 $748,562 $559,116 
成本和開支
銷售相關成本(1)
3156,742 147,903 447,456 440,596 
攤銷33,216 22,884 88,441 65,187 
總務與行政10,966 9,512 36,611 31,384 
探勘19,567 12,437 42,932 20,007 
前期開發、復耕和其他138,583 8,699 35,401 29,949 
總費用及支出229,074 201,435 650,841 587,123 
其他收入（支出），净额
債務清償的獲益（損失）— 774 417 3,735 
公允價值調整，凈11— (2,010)— 4,629 
利息費用，扣除資本化利息後7(13,280)(7,402)(39,389)(21,703)
其他，淨額133,434 478 11,329 (10,090)
其他綜合損益數額，淨額(9,846)(8,160)(27,643)(23,429)
所得（虧損）在所得和礦業稅前74,556 (15,012)70,078 (51,436)
所得和礦業稅（費用）效益9(25,817)(6,097)(49,030)(26,671)
凈利潤（虧損） $48,739 $(21,109)$21,048 $(78,107)
其他綜合損益：
處指定為現金流量避險的衍生合約的公允價值變動— 7,227 (18,507)7,141 
重新分類調整為現金流量避險的實現（收益）虧損— (4,920)17,176 (7,830)
其他綜合收益（損失） — 2,307 (1,331)(689)
綜合收益（損失）$48,739 $(18,802)$19,717 $(78,796)
每股凈利潤（虧損）14
每股基本收益（損失）：
基礎$0.12 $(0.06)$0.05 $(0.24)
稀釋$0.12 $(0.06)$0.05 $(0.24)
(1) 不包括攤銷。


附註是這些縮編合併基本報表的一部分。
5

庫爾礦業有限公司及附屬公司
未經審計的簡明合併現金流量表
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
 票據 以千爲單位
經營活動產生的現金流量：
$48,739 $(21,109)$21,048 $(78,107)
調整：
攤銷33,216 22,884 88,441 65,187 
增值4,233 4,153 12,463 12,219 
遞延所得稅(816)(3,872)(5,604)1,536 
債務清償盈利7— (774)(417)(3,735)
公平價值調整，淨額11— 2,010 — (4,629)
股票補償102,809 2,635 9,789 8,462 
資產出售或處置損失13— 19 — 12,650 
減值5— 7,727 3,235 22,467 
遞延營收確認16(130)(143)(55,407)(25,358)
其他(1,119)657 10,259 2,798 
經營性資產和負債變動:
應收賬款1,616 (478)(520)1,659 
預付費用和其他流動資產(352)(3,000)3,185 764 
庫存和堆浸式礦石(14,320)(18,620)(53,788)(54,993)
應付賬款及應計費用37,187 5,528 77,757 41,091 
經營活動提供的現金 111,063 (2,383)110,441 2,011 
投資活動產生的現金流量：
資本支出(41,980)(112,273)(135,468)(271,902)
淨收購(10,000)— (10,000)— 
出售資產的收益1 152 25 8,380 
出售投資— — — 41,558 
應收票據的收益4— — — 5,000 
其他(70)(63)(285)(171)
投資活動中使用的現金 (52,049)(112,184)(145,728)(217,135)
籌資活動產生的現金流量：
普通股發行14— 57,522 22,823 168,964 
發行票據和銀行借款淨額扣除發行成本777,500 163,000 327,500 388,000 
償還債務、融資租賃和相關成本7(133,250)(109,268)(297,128)(348,092)
其他(208)(23)(2,018)(2,345)
籌資活動提供的現金（或使用的現金） (55,958)111,231 51,177 206,527 
匯率變動對現金及現金等價物的影響(263)(278)(584)374 
現金、現金等價物和受限制現金的增加（減少）2,793 (3,614)15,306 (8,223)
期初現金、現金等價物及受限制的現金餘額75,891 58,560 63,378 63,169 
期末現金、現金等價物及受限制的現金餘額$78,684 $54,946 $78,684 $54,946 


隨附的附註是這些簡明合併財務報表的組成部分。
6

科爾黛倫礦業公司及子公司
股東權益變動綜合報告（未經審計）
以千爲單位普通股
股票
股份		普通股
2024年6月30日合併財務報表
數值		額外的
實收資本		累積的
$		累積的
其他
綜合
收益（損失）		總計
2023年12月31日的餘額。386,283 $3,863 $4,139,870 $(3,121,161)$1,331 $1,023,903 
— — — (29,117)— (29,117)
其他綜合收益（損失）— — — — (7,478)(7,478)
債務換股交易1,772 18 5,350 — — 5,368 
發行流通股7,705 77 22,908 — — 22,985 
根據長期激勵計劃、年度激勵計劃、袍金用和期權，發行/取消普通股，淨2,823 28 2,440 — — 2,468 
2024年3月31日的結餘398,583 $3,986 $4,170,568 $(3,150,278)$(6,147)$1,018,129 
— — — 1,426 — 1,426 
其他綜合收益（損失）— — — — 6,147 6,147 
肯辛頓皇室解決方案738 7 3,399 — — 3,406 
發行/取消長期激勵計劃、年度激勵計劃、袍金以及期權的普通股份淨利潤(80)(1)2,701 — — 2,700 
2024年6月30日的餘額399,241 $3,992 $4,176,668 $(3,148,852)$— $1,031,808 
— — — 48,739 — 48,739 
發行/取消長期激勵計劃、年度激勵計劃、袍金以及期權的普通股份淨利潤47 1 2,602 — — 2,603 
2024年9月30日的餘額399,288 $3,993 $4,179,270 $(3,100,113)$— $1,083,150 
以千爲單位普通股
股票
股份		普通股
2024年6月30日合併財務報表
數值		額外的
實收資本		累積的
$		累積的
其他
綜合
收益（損失）		總計
2022年12月31日的餘額295,698 $2,957 $3,891,265 $(3,017,549)$12,343 $889,016 
— — — (24,586)— (24,586)
其他綜合收益（損失）— — — — (17,062)(17,062)
根據"市場定價"發行的普通股
股票發行		32,862 329 98,100 — — 98,429 
根據長期激勵計劃、年度激勵計劃、袍金和期權發行／取消的普通股淨2,482 24 715 — — 739 
2023年3月31日的餘額331,042 $3,310 $3,990,080 $(3,042,135)$(4,719)$946,536 
— — — (32,412)— (32,412)
其他綜合收益（損失）— — — — 14,066 14,066 
普通股票發行以清償高級票據13,941 140 45,328 — — 45,468 
普通股票發行於定向增發5,276 53 12,603 — — 12,656 
普通股票發行/取消於長期激勵計劃、年度激勵計劃、袍金用和期權、淨利潤(92)(1)2,449 — — 2,448 
2023年6月30日的餘額350,167 $3,502 $4,050,460 $(3,074,547)$9,347 $988,762 
— — — (21,109)— (21,109)
其他綜合收益（損失）— — — — 2,307 2,307 
普通股票發行於「在市場」股票發行21,700 217 48,920 — — 49,137 
普通股票發行用於償還高級票據7,619 76 18,228 — — 18,304 
定向增發計劃下發行的普通股票3,000 30 8,332 — — 8,362 
在長期激勵計劃、年度激勵計劃、董事酬勞和期權包括在內的普通股發行/註銷207 2 2,613 — — 2,615 
2023年9月30日的餘額382,693 $3,827 $4,128,553 $(3,095,656)$11,654 $1,048,378 

附註是本簡明合併財務報表的組成部分。
7
Coeur Mining, Inc.及其子公司
合併財務報表註釋


注1 - 業務和報告基礎提供的基礎
Coeur Mining，Inc.及其附屬公司(統稱爲「Coeur」或「公司」)的中期未經審計的簡明綜合基本報表。 在管理層的意見中，已納入了爲了公正呈現這些中期報表所必需的所有調整和披露。 這些中期報表中報告的結果可能不代表截至2024年12月31日的年度報表中將報告的結果。 截至2023年12月31日的簡明綜合報表數據源於經審計的綜合基本報表。 因此，應閱讀這些未經審計的中期簡明綜合基本報表，並與公司截至2023年12月31日年度報告第10-K形式中包括的經審計綜合基本報表一同閱讀（「2023年10-K」）。

附註2 - 重要會計政策摘要
重要會計政策
請參閱2023年10-k中包含的第2條註釋——重要會計政策摘要。
使用估計
公司的簡明綜合財務報表是根據美國通用會計準則（「U.S. GAAP」）編制的。公司簡明綜合財務報表的編制要求公司進行會計估計和假設，影響資產和負債的報告金額以及在簡明綜合財務報表日期和報告期內的收入和支出的相關披露。需要使用管理估計和假設的重要領域包括金屬價格和礦產儲量，這是未來現金流估計的基礎，用於減值計算和產量攤銷計算，環境、修復和關閉義務，可回收的銀和黃金對堆存和浸出墊庫存的估計，某些報告單位和資產減值的公允價值估計，遞延稅資產的減值準備金，以及金融工具、股權證券、資產收購、業務合併中確認的資產和負債的公允價值分配，以及衍生工具的公允價值和會計處理。公司的估計基於歷史經驗和其他各種被認爲在情況下是合理的假設。因此，實際結果將與這些財務報表中估計的金額有所不同。
礦石放置在堆浸墊上
堆浸法是通過將礦石放置在不透水墊上，施加稀釋的氰化物溶液來提取銀和黃金，溶解其中一部分的銀和黃金，然後在冶金過程中對其進行回收。公司採用多個集成步驟來科學地測量放置在浸出堆上的礦石中的金屬含量。在爲爆破過程鑽孔前，取樣鑽屑進行化驗，以確定所含金屬的預估數量。公司隨後將礦石通過破碎設施加工，再次對產出進行稱重和取樣化驗。通過使用從採礦操作收集的數據完成與冶金的對賬，對先前的估算進行適當調整。然後將破碎的礦石運輸到浸出堆上，施加浸出溶液。在從浸出堆收集浸出溶液時，不斷進行取樣化驗。浸液的數量通過測流儀在浸取和沉澱過程中進行測量。沉澱後，產品在羅切斯特礦場轉化爲多瑞產品，而在沃夫礦場轉化爲一種金電解陰極泥，代表各礦場生產的最終產品。存貨按成本或淨可變現價值中的較低者計算，成本採用加權平均成本法確定。

金屬的歷史成本預計在12個月內開採的部分被歸類爲流動資產，而預計在12個月後開採的廢礦中所含金屬的歷史成本被歸類爲非流動資產。浸出墊上的礦石價值基於實際生產成本評估，這些成本是爲了生產和堆放礦石到浸出墊上所發生的，減去分配給通過浸出過程回收的礦物的成本。

預計隨着時間推移，預計最終回收的金屬量以及可能從浸出過程中提取的金屬量與時間相關，都需要使用估算，這些估算由於浸出過程的特性而固有地不準確。礦石中含有的金屬量是基於實際重量和化驗分析而得出的。從壓碎礦石中浸出金和銀的速率基於實驗室測試以及Rochester礦山20多年和Wharf礦山30年的浸出堆場運營的實際經驗。公司用於在庫存轉換過程的每個階段測量金屬含量的假設包括基於實驗室測試和化驗得出的估計回收率。公司定期對其估計進行審核，與
8
Coeur Mining, Inc.及其子公司
合併財務報表註釋

實際經驗並在適當時候對其估計進行調整。最終的回收情況直到浸出操作停止後才能知曉。由於假設和估計的變化導致實際數量與估計數量之間的差異，如果不導致淨可變現價值的減記，將在前瞻性基礎上進行覈算。2024年第一季度，公司完成了對其浸出墊上可回收金和白銀盎司的估計量的審查，並確定由於預期浸取時間較長以及有利的恢復相對於先前的估計，羅切斯特遺留（2、3和4階段）浸出墊上的可回收金和白銀的估計支持上調。2024年第一季度，另外增加了6,000盎司黃金和900,000盎司白銀到遺留浸出墊上。Wharf使用了五個可重複使用的堆浸出墊（裝載/卸載）。每個墊都經歷大約24個月的裝礦、浸取、卸載過程，其中包括中和和脫氮處理。在每個墊的浸出週期中，每個墊的修訂估計可回收盎司可能會不時導致上調或下調，這通常不會有重大影響。更新後的可回收盎司估計被視爲估計變更，並在前瞻性基礎上進行覈算。截至2024年9月30日，公司在浸出墊上的可回收黃金和白銀分別爲48,175和6.7百萬。
最近頒佈的會計準則
In November 2023, the FASb issued ASU 2023-07, 基本報表（主題280）：改進可報告分部披露，旨在通過加強對重要分部費用披露的披露要求來改進可報告分部披露。指南於2023年12月15日後開始的財政年度生效，並於2024年12月15日後開始的財政年度內的中期時間生效。允許提前採納。應追溯性地應用該指南至基本報表中呈現的所有先前期間。過渡後，在先前期間披露的分部費用類別和金額應基於在採用期間確定並披露的重要分部費用類別。我們目前正在評估採用此新指南對可報告分部披露的潛在影響，但預計不會影響我們的簡明合併財務報表或披露。
2023年12月，FASB發佈了ASU 2023-09，《利潤稅收(Topic740):提高所得稅透露》於2023年12月14日頒佈，以提高所得稅透露的透明度和決策有用性。根據修正案，公共企業每年必須(1)在比率協調中披露特定類別，(2)爲滿足定量閾值的協調項提供額外信息(如果這些協調項的效果等於或大於通過乘以適用的稅前收入或虧損計算的金額的5%)。此外，公共企業需提供關於比率協調和所支付的所得稅(扣除收到的退款後的淨額)的某些定性透露，其中的分解(1)由聯邦(國家)、州和外國稅款，(2)由支付所得稅(扣除收到的退款後的淨額)等於或大於總所得稅(扣除收到的退款後的淨額)的5%的各個司法管轄區。對於公衆企業，該標準適用於2024年12月15日之後的年度期間。此ASU中的修改需要對收益留存的餘額(或其他適當的股權或淨資產部分)進行累積效果調整，作爲實體採用修改的年度報告期開始時的期初餘額。公司正在評估此標準對公司綜合財務報表的影響。修改了有關所得稅披露規定的規則，要求實體披露：（1）匯率調整中的具體類別，（2）繼續經營之前的所得或虧損，扣除所得稅費用或利益（區分國內和國外），以及（3）繼續經營的所得稅費用或利益（按聯邦、州和國外區分）。ASU 2023-09還要求實體披露其支付給國際、聯邦、州和地方管轄區的所得稅款項等內容。該指導意見適用於2024年12月15日後開始的年度。允許提前應用於尚未發佈或準備發佈的年度財務報表。ASU 2023-09應採用前瞻性方法，但允許追溯應用。我們目前正在評估採納這一新指導對我們的簡明合併財務報表及相關披露可能造成的潛在影響。

9
庫爾礦業有限公司及其子公司
基本報表註

註 3 – 分部報告
公司的營運板塊包括Palmarejo、Rochester、Kensington和Wharf礦山以及Silvertip勘探專案。除了Silvertip勘探專案外，所有營運板塊均從事黃金和/或白銀的發現、採礦和生產。Silvertip勘探專案則從事發現白銀、鋅、鉛和其他相關金屬。其他包括某些礦業權益、戰略性股權投資、公司辦公室、消除營運板塊間交易和其他必要調整至合併金額的項目。
有關公司部門的財務資訊如下（以千為單位）：
2024年9月30日結束的三個月Palmarejo羅切斯特肯辛頓碼頭白銀尖峰 其他總計
營業收入
黃金銷售$55,085 $22,889 $62,164 $83,634 $— $— $223,772 
白銀銷售55,292 33,092 (12)1,332 — — 89,704 
金屬銷售110,377 55,981 62,152 84,966 — — 313,476 
成本和費用
銷售相關成本(1)
47,455 39,409 38,099 31,779 — — 156,742 
攤銷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 
其他營業費用2,650 2,459 636 1,165 2,037 10,602 19,549 
其他收益（費用）
償還債務收益— — — — — — — 
公允價值調整，凈— — — — — — — 
利息費用，淨額(30)(1,113)(245)(128)(1)(11,763)(13,280)
其他，淨額(3)
1,256 (140)(80)(37)52 2,383 3,434 
所得和礦業稅（費用）效益(18,919)(283)— (4,164)— (2,451)(25,817)
凈利潤（虧損） $26,292 $1,302 $13,492 $42,944 $(12,185)$(23,106)$48,739 
分割資產(2)
$320,271 $1,180,633 $208,858 $107,526 $212,607 $53,374 $2,083,269 
資本支出$8,048 $10,121 $19,996 $2,773 $1,035 $7 $41,980 
(1) 不包括攤銷。
(2) 分類資產包括應收款項、預付款項、存貨、不動產、廠房及設備以及礦產權。
(3) 見附錄13 -- 有關額外綜合收益（損失）詳情。
2023年9月30日結束的三個月Palmarejo羅切斯特肯辛頓碼頭Silvertip其他總計
營業收入
黃金銷售$38,994 $8,719 $46,474 $45,316 $— $— $139,503 
白銀銷售38,294 14,929 56 1,801 — — 55,080 
金屬銷售77,288 23,648 46,530 47,117 — — 194,583 
成本和費用
銷售相關成本(1)
48,059 30,532 38,286 31,026 — — 147,903 
攤銷9,024 4,176 6,894 1,588 919 283 22,884 
探勘2,160 303 2,856 — 6,703 415 12,437 
其他營業費用2,611 2,188 900 1,049 3,163 8,301 18,212 
其他收益（費用）
償還債務收益— — — — — 774 774 
公允價值調整，凈— — — — — (2,010)(2,010)
利息費用，淨額241 (555)(583)(120)(13)(6,372)(7,402)
其他，淨額(3)
1,407 (48)(85)(36)(120)(640)478 
所得和礦業稅（費用）效益(4,539)220 — (1,102)— (676)(6,097)
凈利潤（損失）$12,543 $(13,934)$(3,074)$12,196 $(10,918)$(17,923)$(21,110)
分割資產(2)
$313,569 $1,070,307 $169,184 $98,307 $217,321 $66,462 $1,935,150 
資本支出$10,780 $84,368 $15,831 $681 $619 $(6)$112,273 
1) 不包括攤提。
(2) 分類資產包括應收款項、預付款項、存貨、不動產、廠房及設備以及礦產權。
(3) 參閱附註13 — 有關其他綜合收益（損失）的詳細資料。
10
庫爾礦業有限公司及其子公司
基本報表註

截至二零二四年九月三十日止九個月帕尔马雷霍羅徹斯特肯辛頓碼頭銀尖 其他總計
收入
黃金銷售$151,398 $52,938 $156,753 $168,537 $— $— $529,626 
白銀銷售138,603 75,636 (28)4,725 — — 218,936 
金屬銷售290,001 128,574 156,725 173,262 — — 748,562 
成本和費用
適用於銷售的費用(1)
149,976 103,063 118,109 76,308 — — 447,456 
攤銷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 
其他營運費用7,350 11,035 9,391 3,410 7,146 33,680 72,012 
其他收入（費用）
清除債務的收益— — — — — 417 417 
公平價值調整淨值— — — — — — — 
利息費用淨額341 (3,508)(1,215)(405)(11)(34,591)(39,389)
其他, 網(3)
4,683 (256)(243)(124)12 7,257 11,329 
收入和採礦稅（費用）保障(37,913)623 — (7,172)— (4,568)(49,030)
淨收入（虧損） $54,991 $(16,551)$3,290 $77,385 $(30,711)$(67,356)$21,048 
區段資產(2)
$320,271 $1,180,633 $208,858 $107,526 $212,607 $53,374 $2,083,269 
資本支出$20,680 $58,894 $49,731 $4,237 $1,894 $32 $135,468 
(1) 不包括攤銷。
(2) 分類資產包括應收款項、預付款項、存貨、不動產、廠房及設備以及礦產權。
(3) 請查看附註13 - 有關額外綜合收益（損失）的詳細信息。

截至二零二三年九月三十日止九個月帕尔马雷霍羅徹斯特肯辛頓碼頭銀尖其他總計
收入
黃金銷售$114,897 $37,404 $111,136 $124,522 $— $— $387,959 
白銀銷售117,426 49,245 193 4,293 — — 171,157 
金屬銷售232,323 86,649 111,329 128,815 — — 559,116 
成本和費用
適用於銷售的費用(1)
143,915 99,465 114,817 82,399 — — 440,596 
攤銷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 
其他營運費用6,370 6,613 2,844 3,092 14,670 27,745 61,334 
其他收入（費用）
清除債務的收益— — — — — 3,735 3,735 
公平價值調整淨值— — — — — 4,629 4,629 
利息費用淨額541 (1,017)(1,438)(164)(53)(19,572)(21,703)
其他, 網(3)
4,291 (188)(236)(367)(239)(13,351)(10,090)
收入和採礦稅（費用）保障(20,461)596 — (3,822)— (2,984)(26,671)
淨收入（虧損）$35,562 $(34,046)$(31,724)$34,169 $(24,695)$(57,374)$(78,108)
區段資產(2)
$313,569 $1,070,307 $169,184 $98,307 $217,321 $66,462 $1,935,150 
資本支出$32,844 $197,788 $38,189 $952 $1,426 $703 $271,902 
(1) 不包括攤提。
(2) 分割資產包括應收帳款、預付款、存貨、不動產、廠房及設備，以及礦業利益。
(3) 參見附注13--關於其他全面收益（損失）詳細資訊。


資產 2024年9月30日2023年12月31日
報告節段的總資產$2,083,269 $1,943,037 
現金及現金等價物76,916 61,633 
其他資產67,615 76,178 
總合資產$2,227,800 $2,080,848 
11
庫爾礦業有限公司及其子公司
基本報表註

地理信息
長期資產 2024年9月30日2023年12月31日
美國$1,260,793 $1,201,988 
墨西哥269,380 256,906 
加拿大229,129 229,242 
其他152 152 
總計$1,759,454 $1,688,288 
收入截至九月三十日止的三個月截至九月三十日止九個月，
2024202320242023
美国$203,099 $117,295 $458,561 $326,793 
墨西哥110,377 77,288 290,001 232,323 
總計$313,476 $194,583 $748,562 $559,116 


備註 4 – 應收款
    應收帳款包括以下內容：
以千元為單位2024年9月30日2023年12月31日
應收賬款：
應收貿易款項$6,993 $3,858 
增值稅應收款項13,766 15,634 
應付所得稅款項8,786 10,207 
黃金和白銀期貨實現收益 (2)
— 615 
其他620 721 
$30,165 $31,035 
非流動應收賬款：
其他稅款應收款項 (3)
$6,132 $9,111 
递延现金交易 (1)
834 834 
有條件付款 (1)
13,195 13,195 
$20,161 $23,140 
應收賬款總額$50,326 $54,175 
(1) 請參閱第11條--關於2023年10-K中透過透支款和待定款項的公平價值衡量的詳細資訊。
(2) 代表2023年12月黃金和白銀遠期套期保值的實現收益，該合約於隨後月份合約性結算。請參見附註12 -- 衍生金融工具和避險，以瞭解更多有關黃金和白銀遠期套期保值的詳細信息。
(3) 包括Silvertip探勘信貸退款。



12
庫爾礦業有限公司及其子公司
基本報表註

備註 5 – 庫存和堆疊生物浸出資料
    庫存包括以下內容：
以千元為單位2024年9月30日2023年12月31日
存貨：
濃縮$1,987 $3,606 
貴金屬18,376 20,395 
物資54,364 52,660 
$74,727 $76,661 
堆疊在堆肥場上的礦石：
目前$148,331 $79,400 
非流動資產34,598 25,987 
$182,929 $105,387 
長期貨品堆疊（包括在 其他)
$41,716 $46,702 
總庫存和堆疊在堆肥場上的礦石$299,372 $228,750 
    
庫爾以金屬和浸出堆存庫存的攜帶價值以成本或淨實現值中較低者為基準，該成本是使用加權平均成本法確定的。在2024年第一季度，羅徹斯特堆積物的成本超過了其淨實現值，導致非現金減值$4.0美元的應收款項3.2百萬已在認可的$ 金額中認可 銷售相關成本 15.10.8百萬美元 攤銷).

注意事項 6 — 物業、工廠設備及採礦物業，淨值
物業、廠房及設備及礦業物業的淨額如下所列：
以千元為單位2024年9月30日2023年12月31日
礦山開發$1,420,316 $1,358,189 
礦產權益833,564 809,912 
土地9,000 8,318 
設施和設備(1)
1,479,018 947,435 
在建工程(2)
170,256 612,865 
總計$3,912,154 $3,736,719 
累計折舊、減損及攤銷(3)
(2,152,700)(2,048,431)
資產、廠房及設備以及採礦物業淨值$1,759,454 $1,688,288 
(1) 包括 $149.2百萬和$127.62024年9月30日和2023年12月31日分別有百萬美元與設備資產相關的融資租賃資產。
(2) 包括 金額。471.72023年12月31日與羅徹斯特擴建項目相關的 施工 成本。
(3) 包括 $54.1百萬和$37.6分別為2024年9月30日和2023年12月31日，與財務租賃項下資產相關的累積攤銷額為數百萬。
2024年10月3日，該公司進入一項最終協議（“協議”），其中，科爾（Coeur）的全資子公司將根據經法院批准的安排計劃（“交易”）收購silvercrest metals Inc.（“SilverCrest”）發行的所有已發行和流通股份。根據協議條款，silvercrest metals股東將獲得 1.6022 Coeur普通股以換取每一股silvercrest metals普通股（“交換比率”）。根據協議條款，交換比率意味著每股silvercrest metals普通股的考慮為$11.34 ，根據2024年10月3日紐交所（NYSE）上Coeur普通股的收盤價，這意味著每股silvercrest metals普通股的大約總權益價值為$1.7十億。在交易完成後，現有的Coeur股東和silvercrest metals股東分別將擁有合併公司已流通普通股的約 632024年6月30日和2023年12月31日的時間點，公司從Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值，該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率，然後通過現值因子計算折扣，得出相應的現值。時間的流逝以及草擬的里程碑實現時間，現值因子，實現度（如適用）和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的，成功概率分別為%和%，現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 37％。

13
庫爾礦業有限公司及其子公司
基本報表註
除了股東和法院批准外，此交易還須獲得適用的監管機構批准，包括墨西哥反壟斷批准、交易中將發行的Coeur普通股在紐交所掛牌的批准以及符合此類交易的其他某些慣例結束條件。在滿足這些條件的情況下，預計本交易將在2025年第一季末完成。協議包括慣例的交易保護措施，包括互惠性受託人豁免規定、非徵求條款、以及有權匹敵任何更優提議的權利。此外，在某些情況下，若交易未能完成，SilverCrest和Coeur分別需支付1000萬美元的違約金，並且在雙方之間，如交易未能完成，一方需支付給另一方互惠的費用補償金。60百萬和$100SilverCrest和Coeur需支付1000萬美元的違約金，並在某些情況下，若交易未能完成，則一方需支付互惠的費用補償金給另一方。
2023年11月20日，Coeur Mexicana與弗雷斯尼洛公司的子公司簽署了收購協議，以收購帕爾馬雷霍礦附近的採礦特許權。總對價包括大約 $ 的現金支付25百萬，含美元10萬美元在收盤時到期，另外還有 $10在收盤 12 個月後支付（「2025 年到期的遞延現金」），另外還有 $5在收盤24個月後支付的百萬美元（「2026年到期的遞延現金」）。這些優惠將按通貨膨脹調整後的特許權使用費支付 $25 兩者之間每發現一盎司新的黃金當量資源 450,000 和 兩百萬 黃金當量盎司。2024年7月8日，該公司在獲得墨西哥的適用監管批准並支付了美元后結束了收購10萬美元在收盤時到期。這導致了 $23.7百萬增加到 礦產利息 以及 $ 的認可9.3百萬的 應計負債和其他 和 $4.4百萬的 其他長期負債 結算後到期的款項。
羅切斯特的新三階段破碎電路和卡車裝載設施於2024年3月7日完成投入使用，隨之宣佈商業生產和 $528百萬的施工過程在2024年第一季度投入服務。公司成功完成所有板塊破碎電路的增產，至第二季度末實現了日處理能力超過 88,000 噸每天。

未以公允價值計量的金融工具債務
 2024年9月30日2023年12月31日
以千爲單位當前非當前當前非當前
2029年高級票據，淨額(1)
$— $289,874 $— $295,115 
循環授信設施(2)
— 225,000 — 175,000 
融資租賃義務27,458 62,851 22,636 52,559 
$27,458 $577,725 $22,636 $522,674 
(1) 淨待攤債務發行成本$3.2百萬美元和$3.9百萬，分別是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，未攤銷的債務發行成本爲$3.8百萬美元和$2.8 百萬，包括在 其他非流動資產.
14
Coeur Mining, Inc.及其子公司
合併財務報表附註
2029年優先票據
2021年3月，公司完成了一項總額爲$的債券發行375.0根據1933年修訂版本證券法規的規定，公司進行了一項總額爲$的私人定向增發，募集淨收益約爲$萬（「2029年優先票據」）。有關詳情，請參閱2023年10-k文件中包含的第9條附註--債務。367.52021年3月，公司完成了一項總額爲$的債券發行
在2024年3月，該公司以總額爲$交易了5.92029年到期的高級票據本金加利息 1.8百萬股普通股。根據交易日期的公司普通股收盤價，這些交易導致債務攤銷的收益爲0.4百萬美元。交易交易代表對現金流量表中的非現金融資活動。
循環授信設施
截至2024年9月30日，公司擁有$225.0以加權平均利率借入的金額爲百萬 7.5%, $29.6未償還的信用證金額爲百萬，及$145.4可用的金額爲百萬，來自於$400.0百萬循環信貸額度（「 RCF」）。未來的借款可能受到某些財務契約的限制。有關更多詳細信息，請參見2023年10-K中第9節 — 債務。
公司於2024年2月21日達成協議，延長並改善了其RCF（「2024年2月修正案」）。2024年2月修正案等內容，（1）將RCF期限延長約兩年，使其到2027年2月到期，（2）將RCF增加$10公司是一份貸款協議的一方，在2024年5月進行了修訂和重籤（「貸款協議」），其中，增加了該協議下承諾的總本金金額，達到了390 百萬到 $400百萬，（3）將魁北克Desjardins合作聯盟和加拿大國家銀行列爲RCF的貸款人，（4）允許公司在符合一定條件的情況下融資一筆或多筆RCF最高金額爲$100百萬的增量貸款和承諾，其中包括需要相關貸款人承諾提供此增加， （5）允許計入未負債的國內現金用於計算綜合淨槓桿比率， （6）允許排除相關於Silvertip的最高$15百萬未資本化的地下礦山開發成本，用於RCF的目的排除在綜合EBITDA計算中。
融資租賃的義務
公司不時通過融資租賃協議收購採礦設備和設施。2024年9月30日結束的九個月中，該公司主要在羅切斯特簽署了多項新的採礦設備融資安排，金額爲32.4百萬美元，加權平均利率爲6.89%。所有融資租賃義務均在租賃開始時按未來最低租賃付款的現值記錄。有關更多詳細信息，請參見2023年10-K中的附註8--租賃。
利息費用
 截至9月30日的三個月截至9月30日的九個月
以千爲單位2024202320242023
2029年優先票據$3,756 $4,097 $11,331 $13,409 
循環授信設施7,427 4,956 21,399 11,481 
融資租賃義務1,038 1,035 3,294 2,788 
債務發行成本的攤銷581 703 1,779 1,964 
其他債務770 710 2,324 1,450 
資本化利息(292)(4,099)(738)(9,389)
總利息支出，扣除資本化利息$13,280 $7,402 $39,389 $21,703 

15
Coeur Mining, Inc.及其子公司
合併財務報表附註
注意事項 8 — 開墾
開墾和礦山封閉成本主要基於法律和監管要求。管理層估計與礦區復墾相關的成本。管理層持續評估其估計和假設，未來的支出可能與當前估計不同。
公司營運地點資產養老責任的變動如下：
截至9月30日的三個月截至9月30日的九個月
以千爲單位2024202320242023
資產養老義務 - 開始$219,917 $207,960 $214,013 $202,431 
增值4,233 4,153 12,463 12,219 
增加和估算變更— (2,682)— (2,682)
結算(2,060)(1,415)(4,386)(3,952)
資產養老義務 - 結束$222,090 $208,016 $222,090 $208,016 
    
注意9-優先單位收入和礦業稅
    下表總結了元件的組成 淨利潤和礦業稅（支出）收益 於2024年和2023年9月30日結束的三個月和九個月，按重要司法管轄區劃分：
截至9月30日的三個月截至9月30日的九個月
 2024202320242023
以千爲單位稅前收益（虧損）稅（費用）益處稅前收益（虧損）稅（費用）益處稅前收益（虧損）稅（費用）益處稅前收益（虧損）稅（費用）益處
美國$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)
其他司法管轄區(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，公司報告的預計收入和礦業稅費約爲$25.8 百萬，導致有效稅率爲 34.6%. 這與2023年第三季度的收入稅費$6.1 百萬，實際稅率爲(40.6)%相比。公司報告期間的收入和礦業稅（費用）收益及有效稅率的可比性受到多個因素的影響，主要包括：(i) 公司稅前收入的變化；(ii) 該收入的地理分佈；(iii) 礦業稅；(iv) 百分比耗竭；(v) 匯率；和(vi) 不確定稅務事項的影響。因此，有效稅率將會波動，某些時候波動幅度可能很大。
估值準備是針對那些更可能不會實現相關稅收利益的遞延稅資產提供的。公司會分析其遞延稅資產，如果確定公司不會實現全部或部分遞延稅資產，將會記錄或增加估值準備。相反，如果確定公司最終更可能能夠實現全部或部分相關利益，那麼已提供的所有或部分相關估值準備將減少。有多種因素影響公司實現其遞延稅資產的能力。有關更多信息，請參閱標題爲「第1A項 - 風險因素」的部分。
公司或其子公司在美國聯邦轄區以及各州和外國轄區提交所得稅申報表。自2021年起，美國聯邦轄區的追溯期仍然開放，某些其他外國轄區自2017年起追溯期也已開放。關於在未來12個月內可能到期的各種轄區的追溯期，以及與各種轄區的稅務機關之間關於審計相關問題的可能和解，公司的看法是，任何未確認的所得稅利益都不會有進一步減少。
截至2024年9月30日和2023年12月31日，未確認的稅務利益和應計的與所得稅相關的利息和罰款並不顯著。公司的持續做法是將與未確認的稅務利益相關的潛在利息和/或罰款作爲其所得稅費用的一部分予以確認。

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注意事項10- 基於股票的報酬
公司爲高管、董事和合格員工設立了股票激勵計劃。股票獎勵包括績效股份、限制性股票和期權。截止2024年9月30日的三個月和九個月的股票基礎補償費用爲$2.8百萬美元和$9.8百萬美元，相比之下，爲$2.6百萬美元和$8.5在截止2023年9月30日的三個月和九個月中爲$11.3截至2024年9月30日，未確認的股票基礎補償成本爲$，預計將在加權平均剩餘歸屬期內確認 1.6年。
    下表總結了截至2024年9月30日的九個月內授予的補助金：
授予日期限制
股票		授予日期公允
價值
限制性股票		Performance
股份		授權日期公平
價值
在數學、閱讀和科學方面的表現
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- 公允價值計量
 截至9月30日的三個月截至9月30日的九個月
以千爲單位2024202320242023
股權證券價值的變化(1)
$— $(2,010)$— $4,629 
淨公允值調整$— $(2,010)$— $4,629 
(1) 包括持有的股權證券未實現損失爲$2.0百萬美元和$2.3截至2023年9月30日，分別爲三個月和九個月的總營收爲百萬美元。
會計準則建立了一個公允價值等級體系，優先考慮用於測量公允價值的估值技術的輸入。該等級體系對活躍市場中相同資產或負債的未經調整的報價給予最高優先級（第一級），對非活躍市場的報價或可觀察到的輸入給予次級優先級（第二級），而對不可觀察的輸入給予最低優先級（第三級）。
以下表格展示了公司的財務資產和負債，這些資產和負債按照公允價值層次結構內的水平（至少每年一次）進行計量。資產和負債根據對公允價值計量具有重大意義的最低輸入級別進行分類：
 截至2024年9月30日的公允價值
以千爲單位總計一級二級三級
資產:
臨時金屬銷售合同$359 $— $359 $— 
負債：
臨時金屬銷售合同$143 $— $143 $— 
 
 2023年12月31日的公允價值
以千爲單位總計一級二級第三級
資產:
臨時金屬銷售合同$318 $— $318 $— 
白銀期貨3,312 — 3,312 — 
$3,630 $— $3,630 $— 
負債：
黃金期貨$1,981 $— $1,981 $— 
公司的臨時金屬銷售合同包括濃縮物和某些金錠銷售合同，這些合同的價值是使用定價模型計算的，輸入來源於可觀察的市場數據，包括遠期市場價格。
該公司的黃金和白銀遠期合約是使用價格模型進行估值的，其輸入來自可觀察市場數據，包括遠期市場價格、收益率曲線和信貸利差。
截至2024年9月30日的九個月內，沒有資產或負債在公允價值等級之間轉移。
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基本報表中按賬面價值計量的金融資產和金融負債的公允價值，分別爲2024年9月30日和2023年12月31日的數據如下表所示：
 2024年9月30日
以千爲單位賬面價值公允價值一級二級三級
負債：
2029年優先票據(1)
$289,874 $281,899 $— $281,899 $— 
循環授信設施(2)
$225,000 $225,000 $— $225,000 $— 
延期現金到期2025年$9,471 $9,357 $— $9,357 $— 
延期現金到期2026年$4,427 $4,693 $— $4,693 $— 
(1) 未攤銷的債務發行費用淨額爲 $3.2百萬。
(2) 未攤銷的債務發行成本爲 $3.8百萬 包含在 營業收入 中 438 52 NM(3) 521 84 NM(3) 其他非流動資產.
 2023 年 12 月 31 日
以千計賬面價值公允價值第 1 級第 2 級第 3 級
負債：
2029 年優先票據(1)
$295,115 $271,272 $— $271,272 $— 
循環信貸額度(2)
$175,000 $175,000 $— $175,000 $— 
(1) 淨未攤銷債務發行成本 $3.9百萬.
(2) 未攤銷的債務發行成本爲 $2.8百萬 包含在 營業收入 中 438 52 NM(3) 521 84 NM(3) 其他非流動資產.
2029年高級票據的公允價值是通過引用的市場價格估算的。由於該負債是有擔保的，擁有浮動利率，並且沒有顯著的信用風險，RCF的公允價值大致等於賬面價值。
2024年7月，公司完成了對Fresnillo礦業特許權的收購。總考慮額包括一筆現金支付$10 百萬美元，在收盤時到期，2025年到期的遞延現金爲$10 百萬美元，2026年到期的遞延現金爲$5 百萬美元。遞延到2025年和2026年到期的現金的公允價值是使用基於可觀察和不可觀察數據的定價模型估計的，包括收益曲線和信貸價差。通常可以驗證模型輸入，並且不涉及重大管理判斷。此類工具屬於公允價值層次結構的第2級。

注12- 衍生金融工具與對沖活動

公司面臨着各種市場風險，包括金屬價格變化、外匯匯率和利率期貨的影響，並利用衍生品管理正常業務過程中發生的財務風險。衍生品收益和損失列入合同到期的期間的經營現金流量。公司不持有或發行衍生品用於交易或投機目的。
公司可以選擇根據美國通用會計準則將某些衍生工具指定爲對沖工具。公司正式記錄所有指定對沖工具與對沖項目之間的關係，以及其風險管理目標和進行對沖交易的策略。該過程包括將所有被指定爲對沖的衍生工具鏈接到已確認的資產或負債或預測交易，並在簽訂合同時以及持續評估對沖關係的有效性。
衍生工具指定爲現金流量套期策略
爲了保護公司在金屬價格波動中的風險，特別是在資本支出增加的時期，公司已經簽訂了遠期合約。這些合約每月進行淨結算，如果到期時黃金或白銀的實際價格低於固定價格或高於固定價格，則分別會產生實現的收益或損失。公司選擇在這些工具開始時將其指定爲預期交易的現金流對沖。截至2024年9月30日，公司沒有未到期的衍生現金流對沖工具。
現金流量套期交易的有效部分已記錄在 累積其他綜合收益（損失） （AOCI）直到被套期項目確認爲收入。與金屬銷售收入現金流量套期交易相關的遞延收益和損失被確認爲 收入 在與相關銷售同時期內確認。
在公司成立時，進行了對預計交易和對沖工具的評估，並確認對沖關係被視爲完全有效。未來將進行評估，以驗證對沖工具和預計交易的關鍵條款是否持續匹配，以及預計交易是否……
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Remain probable，以及對任何不利發展進行評估，涉及到對手方未履行承諾的風險。關鍵條款或不利發展沒有發生任何變化。
以下內容總結了將衍生工具分類爲現金流量套期交易的公允價值的做法:
 2024年9月30日
以千爲單位預付費和其他其他資產應計負債和其他
黃金期貨$— $— $— 
白銀期貨$— $— $— 
 2023年12月31日
以千爲單位預付費用和其他其他資產應計負債和其他
黃金期貨$— $— $1,981 
白銀期貨$3,312 $— $— 
下表列出了作爲現金流量套期工具指定的衍生工具的稅後收益（損失）已經包含在 其他綜合收益 以及截至2024年和2023年9月30日三個月和九個月的綜合收益表中的數據（以千爲單位）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
AOCI中確認的(損益)金額
黃金期貨$— $6,736 $(10,886)$(1,317)
白銀期貨— 491 (7,621)8,458 
$— $7,227 $(18,507)$7,141 
從AOCI重新分類至收益的(損益)金額
黃金期貨$— $(2,723)$12,867 $(3,615)
白銀期貨— (2,197)4,309 (4,215)
$— $(4,920)$17,176 $(7,830)
非指定爲套期保值工具的衍生品
臨時金屬銷售
公司與第三方冶煉廠、精煉廠和收購客戶簽訂銷售合同，在某些情況下，根據初步分析和報價的金屬價格進行臨時支付。臨時定價的銷售合同包含一個嵌入式衍生品，根據會計準則必須與主合同分開。主合同是在銷售時以遠期價格記錄的應收款項。嵌入式衍生品不符合套期保值會計要求，並且需每個期間通過收益進行公允價值調整，直至最終結算。
截至2024年9月30日，公司持有如下衍生工具，其結算方式如下：
單位爲千，平均價格和名義盎司除外20242025年及以後
臨時黃金銷售合同$31,366 $— 
每盎司平均金價$2,568 $— 
名義盎司12,213 — 
以下總結了衍生工具公允價值分類：
 2024年9月30日
以千爲單位預付費用和其他應計負債和其他
臨時金屬銷售合同$359 $143 
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Coeur Mining, Inc.及其子公司
附註至簡明合併財務報表
 2023年12月31日
以千爲單位預付費用和其他應計負債和其他
臨時金屬銷售合同$318 $— 
以下表示2024年和2023年截至9月30日三個月和九個月的衍生工具按照市值計價的盈虧（以千爲單位）：
 截至9月30日的三個月截至9月30日的九個月
財務報表行衍生品2024202320242023
收入臨時金屬銷售合同$407 $14 $(101)$(305)
信用風險
與任何衍生工具相關的信用風險敞口僅限於基於當前市場價格的未實現收益，如果有的話。爲降低交易對手信用風險，公司與管理層認爲有信用價值的機構簽訂合同，並將信用敞口限制在每家機構。公司不預期其任何交易對手的不履行。

註記13——2021年11月18日，公司發行了總額爲($)的可轉換優先票據。2021年11月23日，票據的首次購買者購買了額外的總額爲($)的票據，總票面額爲($)。2023年9月，該公司與某些持有人私下達成了交換協議。在總體上，公司交換了($)。 其他綜合收益（損失）詳情
前期開發、復墾及其他 包括以下內容:
 截至9月30日的三個月截至9月30日的九個月
以千爲單位2024202320242023
銀尖持續的持有成本$1,675 $2,780 $6,091 $13,569 
資產出售損失176 19 4,352 331 
資產養老增值4,233 4,153 12,463 12,219 
肯辛頓皇室解決方案(1)
— — 6,750 — 
交易成本976 — 976 — 
其他1,523 1,747 4,769 3,830 
開發前、填海和其他$8,583 $8,699 $35,401 $29,949 
(1) 見第16條說明-- 關於肯辛頓特許權和解的承諾與或有事項的更多細節.

其他，淨數 包括以下內容:
 截至9月30日的三個月截至9月30日的九個月
以千計2024202320242023
外匯收益（虧損）$1,708 $421 $3,432 $(107)
處置損失— — — (12,319)
流通股票1,248 — 5,193 — 
RMC 破產分配— — 1,199 1,516 
其他478 57 1,505 820 
其他，淨額$3,434 $478 $11,329 $(10,090)

注14——公司按運營租賃協議在美國租賃辦公空間。公司還與APLD達成協議，使用加密數字貨幣採礦設施，根據使用量每兆瓦小時支付電費。公司已確定，在該協議管理的設施中存在實施運營租賃，始於2023年1月和3月，並選擇不分離租賃和非租賃組成部分。這些運營租賃的支付完全是變量，基於電費的使用量，因此公司不記錄與租賃相關的使用權資產或租賃負債。2024年6月30日和2023年6月30日的變動租賃費用詳見下表。辦公空間和採礦設施構成了公司在運營租賃協議下的重要基礎資產類別。 每股淨收益（損失）
每股基本淨利潤（損失）是通過將可分配給普通股股東的淨利潤（損失）除以公司在該期間內流通的普通股的加權平均數來計算的。稀釋後的每股淨利潤（損失）反映瞭如果證券或其他合同被行使或轉換爲普通股時可能發生的稀釋。
截至2024年9月30日的三個月和九個月，存在某些普通股等價物。 29,130 和 103,916 分別與基於股權的獎勵相關的普通股等價物未計入每股攤薄收益測算中，因爲這些股份會對薄水。相似地，截至2023年9月30日的三個月和九個月，有百萬普通股等價物未計入每股攤薄收益測算。 1.1 百萬美元和 1.6 截至2023年9月30日的三個月和九個月，有百萬普通股等價物未計入每股攤薄收益測算。
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Coeur Mining, Inc.及其子公司
附註至簡明合併財務報表
截至9月30日的三個月截至9月30日的九個月
以千爲單位，除每股金額外2024202320242023
淨利潤(可供普通股股東使用)$48,739 $(21,109)$21,048 $(78,107)
加權平均股數：
基本393,969 356,676 390,936 330,440 
股票基礎補償計劃的影響6,869 — 5,442 — 
攤薄400,838 356,676 396,378 330,440 
每股收益（虧損）:
基本$0.12 $(0.06)$0.05 $(0.24)
攤薄$0.12 $(0.06)$0.05 $(0.24)
2024年2月26日，公司與某些加拿大認可投資者（「投資者」）簽訂了認購協議（「認購協議」），定向增發（「定向增發」）總計 7,704,725每股普通股的面值爲$0.01 每股股價，將發行爲《所得稅法》（加拿大）第66(15)條所定義的「流通股」（「Ft股」），該交易於2024年3月8日結束。定向增發的收益將用於公司的Silvertip勘探項目中的一些符合條件的「加拿大勘探支出」（如《所得稅法》（加拿大）定義的那樣）。初始定向增發籌集的淨收益爲$23.7萬美元用於推遲的承銷佣金和分配給衍生證券認購證明的發行成本，分別。0.9百萬美元，代表超過公司交易價格收到的淨收益（「Ft溢價負債」）。截至2024年9月30日的九個月內，公司確認了與前一年定向增發流通股私募發行相關的部分Ft溢價負債，導致其他方面的收入爲$5.2百萬，包括 其他，淨。 Ft溢價負債包含在 應計負債及其他在壓縮的合併財務報表中，並將在隨後的期間中減少，因爲發生了某些符合資格的「加拿大勘探支出」。
FT股份未在《證券法》下登記，而是根據《證券法》的S條款和/或D條款，向美國以外的合格投資者提供和出售。

注15 - 根據附表A中所列附加擔保人
以下總結的財務信息是爲了滿足《美國證券交易委員會規則S-X》第13-01條的披露要求，該要求源自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（統稱爲「子公司擔保人」）對2029年高級票據的擔保。以下表格展示了(a)母公司Coeur和(b)子公司擔保人的總結財務信息（統稱爲「債務人集團」）。債務人集團的總結財務信息是以合併的方式呈現，消除了債務人集團內各實體之間的內部餘額和交易。如果與公司的某些全資國內和外國子公司之間的往來賬款、應收賬款和交易是重要的，則將其單獨列示在不同的項目中。每個子公司擔保人均由Coeur全資擁有，擔保是全額、無條件且是連帶責任。Coeur從子公司擔保人處通過分紅或貸款獲得資金的能力沒有任何限制。
總結資產負債表
科爾礦業股份有限公司。子公司擔保方
以千爲單位2024年9月30日2023年12月31日2024年9月30日2023年12月31日
流動資產$12,429 $19,850 $228,442 $143,170 
非流動資產(1)
$457,605 $393,773 $1,344,709 $1,286,135 
非保證人內部公司資產$3,854 $— $— $— 
流動負債$19,127 $27,836 $204,205 $198,262 
非流動負債$523,965 $478,488 $216,156 $203,405 
非保證人內部公司負債$3,016 $6,033 $1,609 $1,591 
(1) Coeur Mining, Inc.的非流動資產包括其對擔保子公司的投資。

21
Coeur Mining, Inc.及其子公司
附註至簡明合併財務報表


收入總結報表
截至2024年9月30日的九個月
以千計Coeur Mining, Inc.子公司擔保人
收入$— $458,561 
毛利（虧損）$(609)$111,113 
淨收益（虧損）$21,048 $64,072 

註釋 16 — 承付款和意外開支
墨西哥訴訟事宜
截至2024年9月30日，現金爲$26.9墨西哥政府應支付的本金金額爲百萬美元，這是與法郎·內華達公司子公司根據早前的特許協議支付的增值稅有關的，該協議於2016年終止。法郎-內華達公社（「法內華達」）向一家子公司支付的這些增值稅應付款項，最初已申請並獲得了退款；然而，2011年，墨西哥稅務機構開始拒絕基於VAT不合法應付的增值稅支付的退款。因此，法內華達開始要求將這些作爲不當支付的增值稅支付款項退還，墨西哥稅務機構也予以拒絕。公司自此一直在努力與墨西哥政府追回這些金額（包括重新申請將不當支付作爲退款，而不是法定應退的增值稅退款，訴訟和國際仲裁）。儘管公司在2018年的這一問題上得到了墨西哥稅務法院的有利裁決，但該問題的訴訟在墨西哥行政、上訴法院和最高法院層面持續了數年，其中大部分裁定對法內華達不利，原因是對適用法律和之前法院裁決的解釋，公司及其顧問認爲這些解釋與法律先例相悖、相互牴觸和錯誤。儘管公司認爲自己在法律上有權獲得應收款項全額退款，並打算繼續積極追回，但基於無法追回應收款項以及墨西哥法院不利裁決，公司決定在2021年9月30日對應收款項的賬面價值計提減值準備。法內華達已選擇啓動北美自由貿易協定第11章的仲裁程序，以追回不當支付的增值稅款項以及利息和其他損失。即使在北美自由貿易協定的仲裁獲得成功的情況下，獲得款項的進程可能漫長和不可預測。
此外，與墨西哥政府就在墨西哥執行水權問題的持續訴訟，如果不成功，可能會影響科爾墨西加納獲得足夠供應帕爾馬雷霍項目運營所需的新水源，且如果影響重大，可能會對公司的運營和財務業績產生重大不利影響。
Palmarejo黃金流
Coeur Mexicana目前出售 50%的Palmarejo黃金產量（不包括2015年和2024年收購的某些資產的產量）給franco-nevada公司的子公司（「franco-nevada」），根據黃金流協議，價格低於$800 或者現貨價格每盎司（「franco-nevada黃金流協議」）。franco-nevada黃金流協議取代了2009年1月達成的早期安排，在該安排中，franco-nevada購買了一個權利金，涵蓋了 50%的礦山生命週期內由Coeur Mexicana從其在墨西哥Palmarejo銀黃金礦區生產的黃金，以總金額$78.0與2024年6月的重組有關，我們宣佈關閉在美國以外的辦事處。因此，在2024年6月30日結束的三個月內，我們記錄了總計$的全部減值費用，其中包括$的資產租賃權益減值和$的租賃改進減值，這是我們壓縮合並利潤表中的一般和行政開支。我們在衡量減值金額時考慮了出租意向、出租能力以及當地市場狀況等因素。75.0百萬現金加上一個購買franco-nevada普通股的認股權證，當時估值爲$3.0百萬（「之前的黃金流協議」）。2014年終止之前的黃金流協議，且其最低交付要求在2016年得到滿足，此後根據franco-nevada黃金流協議開始銷售。根據franco-nevada黃金流協議，Coeur Mexicana收到了$22.0 百萬的存入資金，用於滿足黃金流協議下未來的交付。根據公認的會計原則，儘管Coeur Mexicana已滿足償還存入資金給franco-nevada的合同義務，但該存入資金被作爲遞延收入入賬，並在銷售黃金給franco-nevada時按單位生產基礎確認營業收入。由於與存入資金沒有最低義務，因此不被視爲融資，每次交運被視爲一個單獨的履約義務。該流協議代表了ASC 606下的合同負債，要求公司按比例確認存入資金中一部分作爲每盎司交付給franco-nevada的營業收入。剩餘的未攤銷餘額包含在 應計負債及其他 和 其他長期負債 在綜合合併資產負債表上。
以下表格展示了franco-nevada合同負債餘額的變動：
22
Coeur Mining, Inc.及其子公司
附註至簡明合併財務報表
截至9月30日的三個月截至9月30日的九個月
以千爲單位2024202320242023
期初餘額$6,666 $7,196 $6,942 $7,411 
已確認的營業收入(129)(145)(405)(360)
期末餘額$6,537 $7,051 $6,537 $7,051 
金屬銷售預付款
在2019年6月，Coeur修改了其與金屬銷售對手方的現有銷售和購買合同，涉及來自其Kensington礦的黃金濃縮物（「修訂銷售合同」）。此後，修訂銷售合同不時進一步修訂，以允許額外的預付款。在2024年9月，公司收到額外的預付款$25.0百萬，遵循之前收到的預付款的履行。
此外，2023年6月，公司與一家金屬銷售對手方簽訂了銷售和購買合同，用於其Wharf礦的金電解陰極泥和Rochester礦的金銀錠，這兩者在2023年9月經過修改，以增加預付款的最大可用金額爲$12.5百萬美元和$17.5 百萬）。 2024年9月，Wharf礦和Rochester礦分別收到了額外的預付款$12.5百萬美元和$17.5 百萬），在Wharf礦和Rochester礦先前收到的預付款已被充分支付後收到。
金屬銷售預付款代表ASC 606下的合同責任，要求公司根據交付給客戶的每盎司黃金和白銀，按比例確認存款的一部分爲營業收入。剩餘的合同責任包含在 應計負債及其他 的簡明綜合資產負債表中。根據修訂銷售合同的相關條款，科爾維持對黃金和白銀價格的敞口，並預計到2024年9月認可假設責任的剩餘價值。有關細節請參閱2023年10-k中包含的財務政策摘要第2節。
下表顯示了預付款合同責任餘額的逐步展開：
截至9月30日的三個月截至9月30日的九個月
以千計2024202320242023
期初餘額$43,282 $45,012 $55,082 $25,016 
補充54,828 30,311 140,033 75,307 
已確認收入(43,030)(31,000)(140,035)(56,000)
期末餘額$55,080 $44,323 $55,080 $44,323 
肯辛頓皇室事務
2024年3月28日，公司及其子公司Coeur Alaska, Inc.（「Coeur Alaska」）與Maverix Metals Inc.及Maverix Metals (Nevada) Inc.（統稱「Maverix」）簽訂了一項和解協議，以解決與Kensington礦區部分領域相關的權利金條款的訴訟（「Maverix訴訟」）。雖然Coeur Alaska仍然相信其在該事件中的索賠及反索賠是有效的，但由於訴訟事務的固有不確定性，它決定和解是適當的。爲了解除Maverix訴訟，並根據其他常規和解條款，Coeur Alaska與Maverix同意修訂權利金條款，以降低權利金的有效利率，並消除原權利金中規定的成本回收概念。修訂後的權利金現在規定，Coeur Alaska將在Kensington礦區當前邊界內生產的最多兩百萬盎司黃金上支付淨回報權利金，具體稅率爲：(i) 2024年1月1日至2026年12月31日的生產稅率爲：% ，和 (ii) 自2027年1月1日起生產的稅率爲：%。公司還同意向Maverix的一個關聯公司發行最多的股份，包括到2024年4月2日時市值爲$ 百萬的普通股，以及到2025年3月28日時市值爲$ 百萬的普通股（統稱「和解股份」），如果所有的市值不足，將進行現金補償。 兩百萬 盎司 1.25% 的生產 1.5% 的生產 2,455,000 股票3.0$ 百萬3.75$ 百萬 2,455,000 普通股的股份已被髮行。結算條款規定，發行某些部分股權的價值應抵扣應付的特許權使用費，作爲對2024年1月1日之前生產的拖欠款項的支付。2024年4月，公司發行了 737,210 股份用於結算首次股權發行。根據1933年證券法第4(a)(2)條的免註冊要求，結算股份的發行正在進行中。
我們的經營子公司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產品責任爭議。在2024年6月30日結束的六個月中，共有13起新的針對U.S. Silica的索賠。2024年6月30日時，尚有1300多起活躍的與二氧化硅相關的產品責任爭議，U.S. Silica是其中的被告。儘管無法準確預測這些索賠的結果，但在管理層看來，這些事項的最終解決並不會對我們的財務狀況或財務業績產生超過預計負債額的重大不利影響。我們在其他長期負債中記錄了這些索賠的估計負債，而在其他資產中估計了未來的保險賠償額。截至2024年6月30日和2023年12月31日，其他非流動資產中包括了用於第三方產品責任索賠的保險金，而其他長期負債包括了用於第三方產品責任索賠的1,000萬美元和850萬美元的估計負債。
作爲公司及其關聯公司持續業務和運營的一部分，公司及其附屬公司需要提供保證保險單、銀行信用證、銀行擔保以及在某些情況下作爲金銀套期保值抵押和其他一般企業用途的現金作爲財務支持，用於環境整治、復墾、爲黃金和白銀對沖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
附註至簡明合併財務報表
2024 年 9 月 30 日和 2023 年 12 月 31 日，該公司的擔保債券總額爲 $349.5百萬和美元324.8 分別有100萬英鎊作爲未來填海和關閉成本的財政支持。與這些工具相關的義務通常與公司通過持續運營滿足的業績要求有關，公司可能不時被要求提供抵押品，包括減少循環信貸額度下可用性的現金或信用證，以支持這些工具。滿足特定要求後，相關票據的受益人取消和/或將票據退還給發行實體。其中某些工具與擁有長期資產的運營場所有關，在關閉之前將一直處於未償狀態。該公司認爲，它遵守了所有適用的債券義務，並將能夠通過現有或替代手段滿足未來的債券要求。

分紅派息 附加資產負債表詳細信息和補充現金流量信息
應計負債和其他包括以下內容：
以千爲單位2024年9月30日2023年12月31日
應計工資和工資$29,815 $31,722 
流 Through 股份溢價收入1,220 5,563 
遞延收入(1)
55,664 55,547 
收入和採礦稅28,731 11,766 
肯辛頓版稅結算 (1)
3,750 — 
延期現金到期2025年9,471 — 
應計的營業成本12,055 11,081 
衍生品未實現虧損142 1,981 
除所得稅和礦業稅外的其他稅收4,740 5,321 
應計利息負債3,373 7,957 
營運租賃負債4,324 9,975 
應計負債及其他$153,285 $140,913 
(1) 請參見第16條註釋——承諾和或有事項，以獲取有關遞延營業收入負債的更多細節。
下表提供了截至2024年和2023年9月30日的三個月和九個月內，在濃縮合並資產負債表中報告的現金、現金等價物和受限現金的調節，金額總計與濃縮合並現金流量表中顯示的相同。
以千爲單位2024年9月30日2023年9月30日
現金及現金等價物$76,916 $53,223 
限制性現金等價物(1)
1,768 1,723 
現金、現金等價物及限制性現金的總額（見現金流量表）$78,684 $54,946 
(1) 受限現金等價物已納入 預付費用和其他以及受限資產 的資產負債表中。


24

項目2。        分銷計劃
以下管理層討論與分析（「MD&A」）提供了管理層認爲與評估和理解Coeur Mining, Inc.及其子公司（統稱爲「公司」、「我們的」或「我們」）的合併財務狀況和經營結果相關的信息。我們在MD&A中使用某些非GAAP財務業績指標。有關這些指標的詳細描述，請參見本項最後的「非GAAP財務業績指標」。我們提供 適用於銷售的成本 （「CAS」）分配，稱爲共同產品法，基於Palmarejo和Rochester的營業收入貢獻，而基於主要金屬（稱爲副產品法）用於Wharf。來自二次金屬的營業收入，如Wharf的白銀，作爲成本抵免處理。
概覽
我們主要是一家黃金和白銀生產商，在美國和墨西哥擁有運營資產，並在加拿大有一個勘探項目。     
第三季度要點
在本季度，Coeur報告營業收入爲$31350萬，經營活動提供的現金爲$11110萬。我們報告的GAAP淨利潤爲$4870萬，每稀釋股的收益爲$0.12。在非GAAP調整基礎上1公司報告的EBITDA爲$12600萬，淨利潤爲$4720萬，每稀釋股的收益爲$0.12。截止到2024年9月30日的九個月，Coeur報告營業收入爲$74860萬，經營活動提供的現金爲$11040萬。我們報告的GAAP淨利潤爲$2100萬，每稀釋股的收益爲$0.05。在非GAAP調整基礎上1公司報告的EBITDA爲$22280萬，淨利潤爲$2470萬，每稀釋股的收益爲$0.06。

•投資組合中強勁的產量增加和成本降低 所有四個作業的產量提高使黃金產量增加了21%，白銀產量增加了15%，分別達到94,993盎司和300萬盎司。每盎司適用於銷售的黃金和白銀成本較上一季度下降了12%，導致利潤率超過上一期的兩倍。基於強勁的年度產量和成本表現，公司重申了全年指導範圍
•強勁的季度財務業績受較高產量和金屬價格推動 營業收入爲31300萬美元，調整後的EBITDA爲12600萬美元1 分別同比增長了41%和140%。本季度經營性現金流達到11100萬美元，自由現金流達到6900萬美元，達到十年來的最高水平。淨利潤爲4900萬美元，調整後的EBITDA1 在過去十二個月（"LTM"）中，淨利潤增加了2.5倍，達到28700萬美元，與一年前相比
•羅切斯特保持在年底實現吞吐量和產量指導目標 – The recently expanded Rochester silver and gold operation placed approximately 710萬 tons under leach during the quarter leading to production of 120萬 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 - 800萬 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 $17億 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，公司將其未償還的循環信貸額度（「RCF」）餘額減少了5000萬美元，降至22500萬美元，這導致總流動性爲22200萬美元，其中現金爲7700萬美元，並且淨債務與EBITDA的比率在三年來首次降至2.0倍以下。





25

選擇的財務和運營結果
截至三個月截至九個月
2024年9月30日2024年6月30日2024年9月30日2023年9月30日
財務結果： （以千爲單位，除每股金額外）
黃金銷售$223,772 $154,085 $529,626 $387,959 
銀銷售$89,704 $67,941 $218,936 $171,157 
營業收入總額$313,476 $222,026 $748,562 $559,116 
淨利潤（虧損） $48,739 $1,426 $21,048 $(78,107)
每股淨利潤，攤薄$0.12 $0.00 $0.05 $(0.24)
調整後的淨收入（虧損）(1)
$47,157 $(3,405)$24,729 $(71,829)
每股調整後淨利潤（虧損）(1)
$0.12 $(0.01)$0.06 $(0.22)
EBITDA(1)
$121,052 $49,705 $197,908 $35,454 
調整後的EBITDA(1)
$126,041 $52,407 $222,785 $78,012 
總債務(2)
$605,183 $629,327 $605,183 $512,241 
經營業績:
生產的黃金盎司數94,993 78,696 254,433 216,062 
銀產量3,020,566 2,637,950 8,243,276 7,200,410 
黃金盎司已售出96,913 76,932 255,261 215,971 
白銀盎司已售出3,004,501 2,592,727 8,197,663 7,140,067 
每盎司黃金的平均實現價格$2,309 $2,003 $2,075 $1,796 
每盎司銀的平均實現價格$29.86 $26.20 $26.71 $23.97 
(1)請看「非普遍會計準則財務業績衡量指標。」
(2)包括融資租賃。扣除債務發行成本和收到的溢價。

財務綜合結果
2024年9月30日結束的三個月與2024年6月30日結束的三個月相比
收入
我們銷售了96,913盎司的黃金和300萬盎司的白銀，相比於76,932盎司的黃金和260萬盎司的白銀。營業收入增加了$9150萬，增長了41%，這是由於實現的黃金和白銀價格分別提高了15%和14%，黃金和白銀銷量分別增長了26%和16%導致的。公司受益於黃金和白銀現貨價格上漲。黃金銷量增加是由於所有工廠的黃金產量增加，尤其是Palmarejo地點的黃金品位和提取率提高，新三級破碎機的順利完成和Rochester新浸出堆的增產，以及Wharf堆放的噸位和品位提高。白銀銷量增加是由於Palmarejo地點的提高品位和提取率，以及Rochester新浸出堆的增產。黃金和白銀分別佔2024年第三季度銷售收入的71%和29%，相比之下，二季度2024年銷售收入的黃金和白銀分別佔了69%和31%。
以下表格總結了合併金屬銷售情況:
截至三個月增加（減少）百分比變化
以千爲單位2024年9月30日2024年6月30日
黃金銷售$223,772 $154,085 $69,687 45 %
銀銷售89,704 67,941 21,763 32 %
金屬銷售$313,476 $222,026 $91,450 41 %
適用於銷售的成本
銷售相關成本增加了1200萬美金，或8%，主要是由於所有板塊的黃金和白銀銷售量增加。有關銷售相關成本的完整討論，請參見 業務運營結果下方。
26

攤銷
攤銷增加了530萬美元，增長了19%，主要是由於在所有地點出售的更多黃金和白銀盎司。
費用
一般和行政開支減少了30萬美元，或2%，主要是由於員工激勵相關成本降低。
勘探費用增加了670萬美元，增長了52%，主要是由於在Silvertip的持續地表鑽探以及在Palmarejo和Wharf的更高投資。
開發前、復墾和其他費用與2024年第二季度相當。以下表格總結了開發前、復墾和其他費用：
截至三個月增加（減少）百分比變化
以千爲單位2024年9月30日2024年6月30日
銀尖持續的持有成本$1,675 $2,055 $(380)(18)%
資產出售損失176 640 (464)(73)%
資產養老增值4,233 4,154 79 2 %
交易成本976 — 976 100 %
其他1,523 1,741 (218)(13)%
前期開發、圍填海及其他費用$8,583 $8,590 $(7)— %
其他收入和支出
利息費用（扣除資本化利息30萬美元后）保持在1330萬美元，基本相當。
其他淨收益減少到340萬美元，與510萬美元相比，主要是由於在2024年第二季度收到來自共和國金屬公司破產程序的120萬美元分配（「RMC破產分配」）。
收入和採礦稅
截至2024年9月30日的三個月，收入和礦業稅支出約爲2580萬美元，導致有效稅率爲34.6%。相比之下，截至2024年6月30日的三個月，所得稅支出爲720萬美元，有效稅率爲83.4%。公司報告期間的收入和礦業稅（支出）利益以及有效稅率的可比性受到多種因素的影響，主要包括：（i）礦業稅；（ii）所得稅前收入的變動；（iii）收入的地理分佈；（iv）百分比減少；（v）匯率；以及（vi）不確定稅務立場的影響。因此，有效稅率將會波動，有時會出現顯著波動。
下表總結了公司稅前收入（虧損）及所得稅和採礦稅（費用）收益的元件:
截至9月30日的三個月截至6月30日的三個月
 20242024
以千計稅前收入（虧損）稅收（支出）福利稅前收入（虧損）稅收（支出）福利
美國$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)
其他司法管轄區(146)— (45)— 
$74,556 $(25,817)$8,615 $(7,189)
對遞延稅收資產提供減值準備，如果相關稅收利益實現的可能性不大於實現的可能性。公司分析其遞延稅收資產，如果確定公司無法實現全部或部分遞延稅收資產，則會記錄或增加減值準備。相反，如果確定公司最終很可能能夠實現全部或部分提供減值準備的相關利益，那麼將減少全部或部分相關減值準備。有許多因素影響公司實現其遞延稅收資產的能力。有關詳細信息，請參見「項目1A - 風險因素」。
27

淨收入
淨利潤爲4870萬美元，即每稀釋股份0.12美元，相較於140萬美元，即每稀釋股份0.00美元。淨利潤的增長得益於平均實現的黃金和白銀價格分別上漲了15%和14%，以及銷售的黃金和白銀盎司分別增加了26%和16%。這部分被更高的勘探費用和所得稅及採礦稅支出所抵消。調整後淨利潤爲4720萬美元，即每稀釋股份0.12美元，相較於調整後的淨虧損340萬美元，即每稀釋股份0.01美元（見「非GAAP財務業績指標」）。
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:
28

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”.
29

Net Income (Loss)
Net income was $21.0 million, or $0.05 per diluted share, compared to a net loss of $78.1 million, or $0.24 per diluted share. The increase in net income was driven by a 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, lower ongoing costs at Silvertip, the recognition of the FT Premium Liability income of $5.2 million, lower LCM adjustments at Rochester, and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023. This was partially offset by the Kensington royalty settlement of $6.8 million, higher exploration, general and administrative, interest expense and income and mining tax expense, and favorable changes in the fair value of the Company’s equity investments in the first nine months of 2023. Adjusted net income was $24.7 million, or $0.06 per diluted share, compared to adjusted net loss of $71.8 million, or $0.22 per diluted share (see “Non-GAAP Financial Performance Measures”).
2024 Guidance
Production during the third quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2024 production and cost guidance.
The below exploration expense guidance excludes $15 - $20 million of underground mine development and support costs associated with Silvertip
2024 Production Guidance
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
30

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.









31

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.

43

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

Item 4.    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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