Coeur Mining, Inc. (CDE) 10-Q Quarterly Report August 2019

(NYSE: CDE) today reported second quarter 2019 financial results, including revenue of $162.1 million, adjusted EBITDA¹ of $30.6 million and cash flow from operating activities of $26.4 million. Including a non-cash write down of $11.9 million taken in the quarter, the Company reported GAAP net loss from continuing operations of $36.8 million, or $0.18 per share. On an adjusted basis¹, the Company reported a net loss of $23.0 million, or $0.11 per share.

The Company is reaffirming full-year 2019 production guidance of 334,000 - 372,000 ounces of gold, 12.2 - 14.7 million ounces of silver, 25 - 40 million pounds of zinc and 20 - 35 million pounds of lead. In addition, full-year cost guidance is being reaffirmed.

Key Highlights

•

Solid operational and financial performance at Palmarejo - Palmarejo’s gold and silver production increased 22% and 36% quarter-over-quarter, respectively. Higher production was driven by increased mill throughput and improved recovery rates. Second quarter adjusted costs applicable to sales (“CAS”)¹ for gold and silver on a co-product basis were $741 and $9.17 per ounce, respectively, and remained within full-year guidance ranges of $650 - $750 per ounce of gold and $9.00 - $10.00 per ounce of silver

•

Rochester now processing ore through high-pressure grinding roll (“HPGR”) unit - Coeur has successfully commissioned the enhanced crushing circuit, including the HPGR unit, and has recommenced full mining and processing activities. Preliminary metallurgical test work from newly crushed and placed material indicate results in-line with expectations. The new crushing circuit is expected to improve silver recoveries and help reduce operating costs during the remainder of the year

•

Kensington benefiting from the high-grade Jualin deposit - Kensington’s gold production in the second quarter increased by 14% compared to the prior period. Jualin accounted for approximately 17% of Kensington’s production during the quarter, helping to reduce adjusted CAS¹ 15% quarter-over-quarter to $842 per ounce. Increased production from Jualin is expected to contribute to higher production levels and lower unit costs for the remainder of 2019

•

Strongest quarter of operational performance at Silvertip - Second quarter results at Silvertip represented the best period of operational performance since acquisition. Despite lower mill throughput, silver, zinc and lead production increased 44%, 43% and 62%, respectively, compared to the prior quarter, driven by significantly higher feed grades and improved recovery rates. The Company continues to execute key projects targeting mill availability, which are anticipated to drive improved results during the remainder of 2019


•	19% reduction in total debt² in the second quarter - Coeur repaid $82.0 million of outstanding indebtedness, leading to a 19% quarter-over-quarter reduction in total debt². At June 30, 2019, the Company had $53.0 million drawn under its $250.0 million senior secured revolving credit facility, approximately 61% lower compared to the prior period

The following information was filed by Coeur Mining, Inc. (CDE) on Wednesday, August 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Coeur Mining, Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
Exploration expense decreased $0.7 million, or 11%, as a result of lower near-mine exploration costs at Palmarejo and Kensington, as well as lower greenfields explorations expense in the United States and Mexico, partially offset by exploration expense at the Sterling and Crown deposits located in southern Nevada.

Financial - Expense Highlight
Exploration expense decreased $3.7 million, or 28%, as a result of lower near-mine exploration costs at Palmarejo and Kensington, as well as lower greenfields explorations expense in the United States and Mexico, partially offset by exploration expense at the Sterling and Crown deposits located in southern Nevada.
Revenue - Product Highlight
Net cash provided by operating activities decreased $3.7 million in the six months ended June 30, 2019, in line with the Company's expectations, compared to the six months ended June 30, 2018, primarily due lower sales of gold and silver (5% and 11%, respectively) partially offset by the receipt of prepayment of deliveries of concentrate of a $25.0 million prepayment for concentrate deliveries from Kensington and income and mining taxes payments at Palmarejo in 2018.
Financial - Expense Highlight
Expenses General and administrative expenses increased $0.8 million, or 5%, primarily due to higher legal fees.
Other - Other Highlight
Cash Provided by (Used in) Financing Activities from Continuing Operations Net cash used in financing activities in the three months ended June 30, 2019 increased to $41.9 million compared to $4.6 million in the three months ended June 30, 2018.
Other - Other
Net cash used in financing...Read more
Financial - Earnings
Adjusted EBITDA is reconciled to...Read more
Financial - Income
Other Income and Expenses Fair...Read more
Other - Other
Capital expenditures increased to $2.8...Read more
Other - Other
The Third Amendment, among other...Read more
Revenue - Product
Revenue for the three months...Read more
Revenue - Product
Revenue for the six months...Read more
Other - Other
In addition, cash provided by...Read more
Other - Other
In addition, cash provided by...Read more
Other - Other
The combined effective rate of...Read more
Financial - Expense
We believe these measures assist...Read more
Financial - Expense
(2) For the six months...Read more
Other - Other
Other companies may calculate Adjusted...Read more
Financial - Expense
Interest expense (net of capitalized...Read more
Financial - Expense
Interest expense (net of capitalized...Read more
Financial - Earnings
EBITDA and Adjusted EBITDA do...Read more
Other - Other
Among other items, the Amendment...Read more
Revenue - Product
During the three months ended...Read more
Revenue - Product
During the six months ended...Read more
Financial - Earnings
Adjusted net income (loss) is...Read more
Revenue - Product
Management believes that allocating CAS...Read more
Financial - Expense
Increased production from Jualin is...Read more
Revenue - Product
The following table summarizes consolidated...Read more
Revenue - Product
The following table summarizes consolidated...Read more
Financial - Income
This compares to income tax...Read more
Financial - Income
This compares to income tax...Read more
Revenue - Product
Six Months Ended June 30,...Read more
Other - Other
Production is anticipated to increase...Read more
Other - Other
The Company analyzes its deferred...Read more
Other - Other
The Company analyzes its deferred...Read more
Financial - Earnings
These measures may not be...Read more
Other - Other
Unless otherwise noted, we present...Read more
Financial - Income
Other Income and Expenses Fair...Read more
Financial - Expense
We provide Costs applicable to...Read more
Revenue - Product
Amortization Amortization increased $13.7 million,...Read more
Revenue - Product
Amortization Amortization increased $24.8 million,...Read more
Other - Other
Capital expenditures in the three...Read more
Other - Other
Capital expenditures in the six...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Coeur Mining, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 95.1: Exhibit 95.1

Ticker: CDE
CIK: 215466
Form Type: 10-Q Quarterly Report
Accession Number: 0000215466-19-000113
Submitted to the SEC: Wed Aug 07 2019 12:50:25 PM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Gold And Silver Ores