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

Coeur Mining, Inc.

CIK: 215466 Ticker: CDE


NEWS RELEASE             image0a82.jpg

Coeur Reports Second Quarter 2020 Results
Provides Updated Full-Year 2020 Guidance

Chicago, Illinois - July 29, 2020 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported second quarter 2020 financial results, including revenue of
$154.2 million, cash flow from operating activities of $9.9 million and GAAP net loss from continuing operations of $1.2 million, or $0.01 per share. On an adjusted basis1, the Company reported EBITDA of $42.2 million, cash flow from operating activities prior to changes in working capital of $16.4 million and net income from continuing operations of $2.6 million, or $0.01 per share.

Key Highlights
Successful restart of Palmarejo post-suspension - Coeur safely restarted its Palmarejo mine, following receipt of updated guidance from the Mexican government that precious metals mining is now considered an essential business activity. After being temporarily suspended for approximately 45 days, production began ramping up in June and is expected to continue increasing during the second half of the year
Prepared to begin construction on upcoming expansion at Rochester - The Company received authorizations necessary to advance the expansion under Plan of Operations Amendment 11 (“POA 11”) at Rochester. Coeur expects to commence construction on the project in early August 2020
Strong operating and financial results at Kensington and Wharf - Kensington’s gold production remained strong during the second quarter, helping to generate $27.8 million2 in operating cash flow and $23.9 million2 of free cash flow1, compared to $11.9 million3 and $7.1 million3, respectively, in the prior period. Gold production at Wharf increased 60% quarter-over-quarter, leading to $19.1 million and $18.8 million in operating and free cash flow1, respectively, compared to $2.6 million and $2.2 million in the first quarter of 2020
Aggressive investment in exploration - Coeur continued to execute its largest exploration program in Company history, investing $13.0 million, a 60% increase over the prior period and approximately 90% higher than the second quarter of 2019. The Company plans to publish an exploration update in August 2020, outlining program highlights through the first half of the year
Continued execution of hedging program to underpin expected cash flow - The Company took advantage of stronger gold prices to implement additional zero-cost collar (“ZCC”) hedges to support the expected funding requirement for the POA 11 expansion at Rochester, targeting up to 50% of the Company’s expected gold production in 2021 and 2022
Higher cash position and successful debt reduction initiatives - Cash and cash equivalents totaled $70.9 million at June 30, 2020, 34% higher than at the end of the first quarter of 2020. The Company also repaid $90.0 million of its senior secured revolving credit facility (“RCF”) using cash on hand, leaving a $60.0 million balance at the end of the second quarter. Coeur intends to repay the remaining RCF balance by year-end from internally generated cash flow and expects cash to build over the coming quarters in preparation for the expansion at Rochester


1

The following information was filed by Coeur Mining, Inc. (CDE) on Wednesday, July 29, 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: 0000215466-20-000144
Submitted to the SEC: Wed Oct 28 2020 4:42:26 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Gold And Silver Ores

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