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Coeur Mining, Inc. (CDE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Coeur Mining, Inc.

CIK: 215466 Ticker: CDE


NEWS RELEASE             image0a81.jpg

Coeur Reports First Quarter 2020 Results

Chicago, Illinois - April 22, 2020 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported first quarter 2020 financial results, including revenue of
$173.2 million, cash flow from operating activities of $(8.0) million and GAAP net loss from continuing operations of $11.9 million, or $0.05 per share. On an adjusted basis1, the Company reported EBITDA of $46.6 million, cash flow from operating activities prior to changes in working capital of $30.1 million and net loss from continuing operations of $0.8 million, or $0.00 per share.

Key Highlights
Proactive response to managing impacts of global COVID-19 pandemic - As part of Coeur’s corporate crisis management process, a special advisory committee was established in early March to evaluate and address ongoing concerns, risks and challenges associated with COVID-19. Primary objectives of the committee remain (i) protecting the health of Coeur’s workforce and communities, and (ii) ensuring continuity of the Company’s operations to the extent possible
Financial results reflective of key elements of Company strategy - Gold sales represented a record high 74% of quarterly revenue, while Coeur’s three U.S. operations – all of which continue to operate – comprised 56% of quarterly revenue
Strong operational and financial performance at Palmarejo - Palmarejo was the Company’s top performing operation, driven by a 10% increase in gold production quarter-over-quarter. The operation generated $28.9 million in operating cash flow and recorded adjusted costs applicable to sales (“CAS”)1 of $645 per ounce of gold and $8.37 per ounce of silver. Strong operational performance helped to generate $21.8 million of free cash flow1 during the first quarter
Improved crusher performance and major permitting milestone achieved at Rochester - Coeur processed 37,677 tons per day (“tpd”) through the upgraded crusher configuration at Rochester during the first quarter, exceeding its target by 11% and was 33% higher than the prior quarter. The Company also received the Record of Decision from the Bureau of Land Management for Plan of Operations Amendment 11 (“POA 11”), marking a significant achievement toward the planned expansion at Rochester
Advancing exploration efforts across portfolio - Coeur began its largest exploration program in Company history, drilling roughly 20% more footage than the prior period and nearly 60% more than the first quarter of 2019. The increased exploration activity was primarily related to the expanded drilling program underway at Palmarejo and the ramp up in drilling at the Sterling and Crown deposits in southern Nevada. Expanded drilling programs at Kensington and Silvertip also commenced during the quarter
Safe transition and advancing work on pre-feasibility study at Silvertip - The Company safely ramped down Silvertip, completing the transition to a temporary suspension of mining and processing activities announced in February. Zinc and lead markets continued to face significant headwinds during the first quarter, further validating Coeur’s decision to temporarily suspend active mining and processing activities. Work on the pre-feasibility study to evaluate a mill expansion is advancing
Additional execution of opportunistic hedging - The Company continued to add to its zero-cost collar (“ZCC”) gold hedging program during the quarter, with a total of 153,000 and 99,000 ounces now hedged

1

The following information was filed by Coeur Mining, Inc. (CDE) on Wednesday, April 22, 2020 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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Additional Balance Sheet Detail And Supplemental Cash Flow Information
Additional Balance Sheet Detail And Supplemental Cash Flow Information (Details 1)
Additional Balance Sheet Detail And Supplemental Cash Flow Information (Details)
Additional Balance Sheet Detail And Supplemental Cash Flow Information (Tables)
Basis Of Presentation
Commitments And Contigencies (Details Textual)
Commitments And Contingencies
Debt
Debt (Details Textual)
Debt (Details)
Debt (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Summary Of Classification Of Fair Value Of Derivative Instruments (Details)
Derivative Financial Instruments - Summary Of Classification Of Fair Value On Derivatives Designated As Cash Flow Hedges (Details)
Derivative Financial Instruments - Summary Of Derivative Cash Flow Hedges (Details)
Derivative Financial Instruments - Summary Of Mark-To-Market Gain (Losses) On Derivative Instruments (Details)
Derivative Financial Instruments - Summary Of Pre-Tax Gains (Losses) On Derivatives Designated As Cash Flow Hedges (Details)
Derivative Financial Instruments - Summary Of Provisionally Priced Sales (Details)
Discontinued Operations (Notes)
Discontinued Operations - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Summary Of Assets And Liabilities Carried At Book Value (Details)
Fair Value Measurements - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Summary Of Gain (Loss) Derivative Instruments (Details)
Fair Value Measurements - Summary Of Level 3 Financial Assets And Liabilities (Details)
Income And Mining Taxes
Income And Mining Taxes (Tables)
Income And Mining Taxes - Income (Loss) Before Income Taxes (Details)
Income And Mining Taxes - Narrative (Details)
Inventory And Ore On Leach Pads
Inventory And Ore On Leach Pads (Details)
Inventory And Ore On Leach Pads (Tables)
Inventory And Ore On Leach Pads - Narrative (Details)
Investments
Investments (Details)
Investments (Tables)
Leases
Leases (Tables)
Leases - Leases - Narrative (Details)
Leases - Summary Of Lease Cost And Cash Flow Information (Details)
Leases - Summary Of Minimum Future Lease Payments (Details)
Leases - Supplemental Balance Sheet Information (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Summary Of Common Stock Issuance (Details)
Other, Net
Other, Net (Details)
Other, Net (Tables)
Receivables
Receivables (Details)
Receivables (Tables)
Reclamation
Reclamation (Details)
Reclamation (Tables)
Segment Reporting
Segment Reporting (Details 1)
Segment Reporting (Details 2)
Segment Reporting (Details)
Segment Reporting (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details Textual)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Summary Of Grants Awarded (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Summary Of Unearned Income (Details)
Supplemental Guarantor Information
Supplemental Guarantor Information (Tables)
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details)
Supplemental Guarantor Information Condensed Consolidated Statements Of Cash Flows (Details)
Supplemental Guarantor Information Condensed Consolidated Statements Of Comprehensive Income (Loss) (Details)
Ticker: CDE
CIK: 215466
Form Type: 10-Q Quarterly Report
Accession Number: 0000215466-20-000120
Submitted to the SEC: Wed Jul 29 2020 5:24:11 PM EST
Accepted by the SEC: Wed Jul 29 2020
Period: Tuesday, June 30, 2020
Industry: Gold And Silver Ores

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