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Item 1. Financial Statements

2023-08-09 compared with 2023-05-10 · 231 added, 159 removed, 600 unchanged (39% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2023 December 31, 2022

June 30, 2023 December 31, 2022

ASSETS Notes In thousands, except share data

8 unchanged sentences

NON-CURRENT ASSETS

Property, plant and equipment, net 416,077 392,320

Mining properties, net 1,050,505 997,435

Property, plant and equipment and mining properties, net 1,553,733 1,389,755

Ore on leach pads 5 34,991 51,268

20 unchanged sentences

Common stock, par value $ 0.01 per share;

authorized 600,000,000 shares, 331,042,396 issued and outstanding at March 31, 2023 and 295,697,624 at December 31, 2022

authorized 600,000,000 shares, 350,166,722 issued and outstanding at June 30, 2023 and 295,697,624 at December 31, 2022

Additional paid-in capital 4,050,460 3,891,265

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2023 2022 2023 2022

Notes In thousands, except share data

9 unchanged sentences

OTHER INCOME (EXPENSE), NET

Gain on debt extinguishment 7 2,961 — 2,961 —

Fair value adjustments, net 11 ( 3,922 ) ( 62,810 ) 6,639 ( 52,205 )

19 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2023 2022 2023 2022

Notes In thousands

4 unchanged sentences

Deferred taxes ( 1,043 ) 704 5,408 ( 7,558 )

Gain on debt extinguishment 7 ( 2,961 ) — ( 2,961 ) —

Fair value adjustments, net 11 3,922 62,810 ( 6,639 ) 49,066

Stock-based compensation 10 2,676 2,347 5,827 4,614

Loss on the sale of assets 13 12,631 — 12,631 —

Write-downs 5 1,627 9,219 14,740 16,814

42 unchanged sentences

Balances at March 31, 2023 331,042 $ 3,310 $ 3,990,080 $ ( 3,042,135 ) $ ( 4,719 ) $ 946,536

Net income (loss) — — — ( 32,412 ) — ( 32,412 )

Other comprehensive income (loss) — — — — 14,066 14,066

Common stock issued for the extinguishment of Senior Notes 13,941 140 45,328 — — 45,468

Common stock issued under Private Placement Offering 5,276 53 12,603 12,656

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 92 ) ( 1 ) 2,449 — — 2,448

Balances at June 30, 2023 350,167 $ 3,502 $ 4,050,460 $ ( 3,074,547 ) $ 9,347 $ 988,762

In thousands Common

12 unchanged sentences

Balances at March 31, 2022 280,834 $ 2,808 $ 3,834,896 $ ( 2,931,760 ) $ ( 5,970 ) $ 899,974

Net income (loss) — — — ( 77,434 ) — ( 77,434 )

Other comprehensive income (loss) — — — — 32,514 32,514

Common stock issued/canceled under long-term incentive plans and director fees and options, net ( 29 ) — 2,127 — — 2,127

Balances at June 30, 2022 280,805 $ 2,808 $ 3,837,023 $ ( 3,009,194 ) $ 26,544 $ 857,181

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

9 unchanged sentences

Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 10-K”).

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

7 unchanged sentences

Accordingly, actual results will differ from the amounts estimated in these financial statements.

Revenue Recognition

The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit from Franco-Nevada for the right and obligation, commencing in 2016, to purchase 50% of Palmarejo’s gold production (excluding production from certain properties acquired in 2015) at the lesser of $800 or market price per ounce.

Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation.

The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada.

The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet.

See Note 16 -- Commitments and Contingencies for additional detail.

The following table presents a roll forward of the Franco-Nevada contract liability balance:

Three Months Ended March 31,

In thousands 2023 2022

Opening Balance $ 7,411 $ 8,150

Revenue Recognized ( 115 ) ( 315 )

Closing Balance $ 7,296 $ 7,835

In December 2022, the Company received a $25.0 million prepayment (the “December 2022 Prepayment”) under the Amended Sales Contract (as defined below).

The December 2022 Prepayment represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer.

The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet.

See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K and Note 16 -- Commitments and Contingencies in this Report for additional detail.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents a roll forward of the Amended Sales Contract liability balance:

Three Months Ended March 31,

In thousands 2023 2022

Opening Balance $ 25,016 $ 15,016

Additions 111 10,139

Revenue Recognized ( 10,000 ) —

Closing Balance $ 15,127 $ 25,155

Recently Issued Accounting Standards

8 unchanged sentences

Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver.

The Silvertip exploration project, which suspended active mining and processing activities in February 2020, is engaged in the discovery of silver, zinc and lead.

The Silvertip exploration project is engaged in the discovery of silver, zinc and lead.

“Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended March 31, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Three Months Ended June 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 35,296 $ 12,638 $ 24,538 $ 48,883 $ — $ — $ 121,355

8 unchanged sentences

Other income (expense)

Gain on debt extinguishment — — — — — 2,961 2,961

Fair value adjustments, net — — — — — ( 3,922 ) ( 3,922 )

10 unchanged sentences

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Three Months Ended June 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 44,127 $ 15,199 $ 50,030 $ 37,269 $ — $ — $ 146,625

Silver sales 41,837 15,304 233 124 — — 57,498

Metal sales 85,964 30,503 50,263 37,393 — — 204,123

Costs and Expenses

Costs applicable to sales (1)

49,063 37,953 39,311 24,352 — — 150,679

Amortization 9,737 4,961 9,369 2,248 1,259 391 27,965

Exploration 1,686 1,466 1,218 — ( 262 ) 1,171 5,279

Other operating expenses 752 1,830 308 527 5,090 9,958 18,465

Other income (expense)

Gain on debt extinguishment — — — — — — —

Fair value adjustments, net — — — — — ( 62,810 ) ( 62,810 )

Interest expense, net ( 11 ) ( 203 ) ( 421 ) ( 14 ) ( 50 ) ( 4,471 ) ( 5,170 )

Other, net (3)

832 ( 43 ) ( 25 ) 634 ( 230 ) ( 855 ) 313

Income and mining tax (expense) benefit ( 10,445 ) 1,000 127 ( 972 ) — ( 1,212 ) ( 11,502 )

Net Income (loss) $ 15,102 $ ( 14,953 ) $ ( 262 ) $ 9,914 $ ( 6,367 ) $ ( 80,868 ) $ ( 77,434 )

Segment assets (2)

$ 292,246 $ 689,215 $ 149,365 $ 90,645 $ 239,348 $ 163,190 $ 1,624,009

Capital expenditures $ 10,060 $ 46,956 $ 8,828 $ 475 $ 5,703 $ 1,134 $ 73,156

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Three Months Ended March 31, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other (4)

Six Months Ended June 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 75,903 $ 28,685 $ 64,662 $ 79,206 $ — $ — $ 248,456

8 unchanged sentences

Other income (expense)

Gain on debt extinguishment — — — — — 2,961 2,961

Fair value adjustments, net — — — — — 6,639 6,639

10 unchanged sentences

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

(4) Includes Sterling/Crown exploration properties and La Preciosa project that were disposed of in 2022, see Note 21 -- Dispositions contained in the 2022 10-K for additional information.

Assets March 31, 2023 December 31, 2022

Six Months Ended June 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 84,201 $ 26,251 $ 94,089 $ 71,535 $ — $ — $ 276,076

Silver sales 84,836 30,621 478 516 — — 116,451

Metal sales 169,037 56,872 94,567 72,051 — — 392,527

Costs and Expenses

Costs applicable to sales (1)

92,288 70,228 76,221 45,209 — — 283,946

Amortization 19,123 9,671 17,991 4,309 2,518 786 54,398

Exploration 3,296 3,408 1,620 — ( 262 ) 2,635 10,697

Other operating expenses 1,673 3,661 923 1,039 11,584 21,269 40,149

Other income (expense)

Gain on debt extinguishment — — — — — — —

Fair value adjustments, net — — — — — ( 52,205 ) ( 52,205 )

Interest expense, net ( 126 ) ( 381 ) ( 669 ) ( 27 ) ( 118 ) ( 8,417 ) ( 9,738 )

Other, net (3)

493 ( 91 ) 81 673 ( 235 ) 1,129 2,050

Income and mining tax (expense) benefit ( 22,520 ) 965 127 ( 1,965 ) — 10,197 ( 13,196 )

Net Income (loss) $ 30,504 $ ( 29,603 ) $ ( 2,649 ) $ 20,175 $ ( 14,193 ) $ ( 73,986 ) $ ( 69,752 )

Segment assets (2)

$ 292,246 $ 689,215 $ 149,365 $ 90,645 $ 239,348 $ 163,190 $ 1,624,009

Capital expenditures $ 23,671 $ 80,006 $ 16,752 $ 1,836 $ 17,562 $ 2,831 $ 142,658

(1) Excludes amortization

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail

Assets June 30, 2023 December 31, 2022

Total assets for reportable segments $ 1,832,712 $ 1,669,982

2 unchanged sentences

Total consolidated assets $ 1,972,104 $ 1,846,143

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Geographic Information

Long-Lived Assets March 31, 2023 December 31, 2022

Long-Lived Assets June 30, 2023 December 31, 2022

United States $ 1,062,114 $ 899,960

3 unchanged sentences

Total $ 1,553,733 $ 1,389,755

Revenue Three months ended March 31,

Revenue Three months ended June 30, Six months ended June 30,

2023 2022 2023 2022

United States $ 104,507 $ 118,159 $ 209,498 $ 223,490

1 unchanged sentence

Total 177,235 $ 204,123 $ 364,533 $ 392,527

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 4 – RECEIVABLES

Receivables consist of the following:

In thousands March 31, 2023 December 31, 2022

In thousands June 30, 2023 December 31, 2022

Current receivables:

7 unchanged sentences

Non-current receivables:

Other tax receivable $ 6,859 $ —

Deferred cash consideration (1)

$ 7,753 $ 7,677

Contingent consideration (1)

2 unchanged sentences

Total receivables $ 50,503 $ 58,356

(1) See Note 11 -- Fair Value Measurements for additional details on the Avino note receivable, deferred cash consideration and contingent consideration.

(1) See Note 11 -- Fair Value Measurements for additional details on the note receivable, deferred cash consideration and contingent consideration.

In March 2023, the Company received payment of $5.0 million related to the Avino note receivable.

(2) Represents realized gains on gold and silver forward hedges from March 2023 that contractually settle in subsequent months.

In May 2023, the Company sold the La Preciosa Deferred Consideration (as defined below).

The contingent consideration at June 30, 2023 relates to consideration received from the sale of Sterling and the contingent consideration received from the sale of the La Preciosa Deferred Consideration.

(2) Represents realized gains on gold and silver forward hedges from June 2023 that contractually settle in subsequent months.

See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 5 – INVENTORY AND ORE ON LEACH PADS

Inventory consists of the following:

In thousands March 31, 2023 December 31, 2022

In thousands June 30, 2023 December 31, 2022

Concentrate $ 2,062 $ 2,869

10 unchanged sentences

Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method.

In the three months ended March 31, 2023, the cost of stockpile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write downs of $ 14.3 million ($ 13.1 million was recognized in Costs applicable to sales and $ 1.2 million in Amortization ).

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

At the end of the first and second quarter of 2023, the cost of stockpile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write-downs for the three and six months ended June 30, 2023 of $ 2.1 million ($ 1.6 million was recognized in Costs applicable to sales and $ 0.5 million in Amortization ) and $ 16.4 million ($ 14.7 million was recognized in Costs applicable to sales and $ 1.7 million in Amortization ), respectively.

The non-cash write-down in the three months ended June 30, 2023 includes a $ 3.9 million recovery of losses recognized in the prior quarter.

NOTE 6 – INVESTMENTS

Equity Securities

The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies.

At March 31, 2023

From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration.

At June 30, 2023

In thousands Cost Gross

1 unchanged sentence

Equity Securities

Integra Resources Corp.

$ 9,455 $ ( 7,472 ) $ — $ 1,983

Avino Silver & Gold Mines Ltd $ 13,720 $ ( 4,483 ) $ — $ 9,237

14 unchanged sentences

See Note 11 -- Fair Value Measurements for additional details.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

In January 2023, the Company sold its remaining 6.0 million shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $ 6.70 per share, for net proceeds of $ 39.8 million.

In May 2023, the Company sold 3.7 million shares of common stock of Integra Resources Corporation (“Integra Common Shares”) at a price of $ 0.48 per share, for net proceeds of $ 1.8 million.

NOTE 7 – DEBT

March 31, 2023 December 31, 2022

June 30, 2023 December 31, 2022

In thousands Current Non-Current Current Non-Current

5 unchanged sentences

$ 21,110 $ 448,276 $ 24,578 $ 491,355

(1) Net of unamortized debt issuance costs of $ 5.6 million and $ 5.8 million at March 31, 2023 and December 31, 2022, respectively.

(2) Unamortized debt issuance costs of $ 3.2 million and $ 3.6 million at March 31, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets .

(1) Net of unamortized debt issuance costs of $ 4.6 million and $ 5.8 million at June 30, 2023 and December 31, 2022, respectively.

(2) Unamortized debt issuance costs of $ 2.8 million and $ 3.6 million at June 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets .

2029 Senior Notes

In March 2021, the Company completed an offering of $ 375.0 million in aggregate principal amount of 5.125% senior notes due 2029 in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $ 367.5 million (the “2029 Senior Notes”).

In March 2021, the Company completed an offering of $ 375.0 million in aggregate principal amount of 5.125% senior notes due 2029 in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), for net proceeds of approximately $ 367.5 million (the “2029 Senior Notes”).

For more details, please see Note 10 -- Debt contained in the 2022 10-K.

In April 2023, the Company exchanged $ 9.5 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 2,155,141 shares of common stock.

In the second quarter of 2023, the Company exchanged $ 48.5 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 13.9 million shares of common stock.

Based on the closing price of the Company’s common stock on the date of the exchanges, the exchanges resulted in an aggregate gain of $ 3.0 million on debt extinguishment.

The exchange transactions represent non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.

Revolving Credit Facility

At March 31, 2023, the Company had $ 60.0 million drawn at an interest rate of 8.3 %, $ 29.5 million in outstanding letters of credit and $ 300.5 million available under its $ 390 million revolving credit facility (the “RCF”).

At June 30, 2023, the Company had $ 80.0 million drawn at an interest rate of 8.7 %, $ 29.5 million in outstanding letters of credit and $ 280.5 million available under its $ 390 million revolving credit facility (the “RCF”).

Future borrowing may be subject to certain financial covenants.

For more details, please see Note 10 -- Debt contained in the 2022 10-K.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

On August 9, 2023, the Company entered into an amendment (the “August Amendment”) to the RCF.

The August Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility during the final stages of the Rochester expansion under (a) the consolidated net leverage and consolidated senior secured leverage ratios at September 30, 2023 through the March 31, 2024, with the ratios returning to the previous levels at June 30, 2024 and (b) the consolidated interest coverage ratio at June 30, 2023 through September 30, 2023 with the ratio returning to the previous level at December 31, 2023, (2) allows up to $ 50 million, through June 30, 2024, stepping down to $ 40 million in September 31, 2024, $ 30 million in December 31, 2024 and $ 15 million thereafter, for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through June 30, 2024, and (4) restricts certain acquisitions through March 31, 2024.

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements.

In the three months ended March 31, 2023, the Company entered into a new lease financing arrangement for mining equipment at Rochester.

Additionally, Coeur secured a finance lease package for nearly $ 60.0 million in 2021, of which $ 57.4 million has been funded as of March 31, 2023.

This package is earmarked for planned equipment purchases for the Rochester expansion project in 2021, 2022 and 2023 and has an interest rate of 5.2 %.

In the six months ended June 30, 2023, the Company entered into a new $ 11.5 million lease financing arrangements for mining equipment at Rochester and Kensington.

The new finance lease arrangements represent non-cash investing activities in the Condensed Consolidated Statement of Cash Flow.

Additionally, Coeur secured a finance lease package for nearly $ 60.0 million in 2021, all of which has been funded as of June 30, 2023.

This package was earmarked for planned equipment for the Rochester expansion project in 2021, 2022 and 2023 and has an interest rate of 5.2 %.

All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments.

For more details, please see Note 9 -- Leases contained in the 2022 10-K.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Interest Expense

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

11 unchanged sentences

Changes to the Company’s asset retirement obligations for its operating sites are as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

4 unchanged sentences

NOTE 9 - INCOME AND MINING TAXES

The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2023 and 2022 by significant jurisdiction:

Three months ended March 31,

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

The following table summarizes the components of Income and mining tax (expense) benefit for the three and six months ended June 30, 2023 and 2022 by significant jurisdiction:

Three months ended June 30, Six months ended June 30,

2023 2022 2023 2022

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

United States $ ( 35,540 ) $ ( 2,264 ) $ ( 85,122 ) $ ( 998 ) $ ( 61,320 ) $ ( 3,282 ) $ ( 95,252 ) $ ( 2,197 )

3 unchanged sentences

$ ( 22,546 ) $ ( 9,866 ) $ ( 65,932 ) $ ( 11,502 ) $ ( 36,424 ) $ ( 20,574 ) $ ( 56,556 ) $ ( 13,196 )

During the first quarter of 2023, the Company reported estimated income and mining tax expense of approximately $ 10.7 million, resulting in an effective tax rate of ( 77.2 )%.

This compares to income tax expense of $ 1.7 million for an effective tax rate of 18.1 % during the first quarter of 2022.

The comparability of the Company’s income and mining tax (expense)

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily:

(i) the sale of non-core assets;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) mining taxes;

(v) foreign exchange rates;

(vi) the impact of uncertain tax positions;

(vii) percentage depletion;

and (viii) the non-recognition of tax assets.

During the second quarter of 2023, the Company reported estimated income and mining tax expense of approximately $ 9.9 million, resulting in an effective tax rate of ( 43.8 )%.

This compares to income tax expense of $ 11.5 million for an effective tax rate of ( 17.4 )% during the second quarter of 2022.

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) the sale of non-core assets;

(v) foreign exchange rate;

(vi) percentage depletion;

and (vii) the impact of uncertain tax positions.

Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

1 unchanged sentence

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 ultimately will 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.

Conversely, if it is determined

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

that the Company ultimately will 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.

5 unchanged sentences

As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by less than $ 0.1 million in the next twelve months.

At March 31, 2023 and December 31, 2022, the Company had $ 0.0 million of unrecognized tax benefits.

At June 30, 2023 and December 31, 2022, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant.

The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

At March 31, 2023 and December 31, 2022, the Company had $ 0.0 million of accrued income-tax-related interest and penalties.

NOTE 10 – STOCK-BASED COMPENSATION

1 unchanged sentence

Stock awards include performance shares, restricted stock and stock options.

Stock-based compensation expense in the three months ended March 31, 2023 was $ 3.2 million, compared to $ 2.3 million in the three months ended March 31, 2022.

At March 31, 2023, there was $ 14.1 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.9 years.

The following table summarizes the grants awarded during the three months ended March 31, 2023:

Stock-based compensation expense in the three and six months ended June 30, 2023 was $ 2.7 million and $ 5.8 million, respectively, compared to $ 2.3 million and $ 4.6 million in the three and six months ended June 31, 2022.

At June 30, 2023, there was $ 12.4 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.8 years.

The following table summarizes the grants awarded during the six months ended June 30, 2023:

Grant date Restricted

3 unchanged sentences

February 27, 2023 2,596,856 $ 3.00 1,738,581 $ 3.14

June 19, 2023 57,804 $ 3.11 46,340 $ 3.14

NOTE 11 – FAIR VALUE MEASUREMENTS

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

3 unchanged sentences

Fair value adjustments, net $ ( 3,922 ) $ ( 62,810 ) $ 6,639 $ ( 52,205 )

(1) Includes unrealized gains on held equity securities of $ 2.8 million, and $ 13.7 million for the three months ended March 31, 2023, and 2022, respectively.

(1) Includes unrealized losses on held equity securities of $ 3.7 million, and $ 62.8 million for the three months ended June 30, 2023, and 2022, respectively, and unrealized losses of $ 0.5 million and $ 49.1 million for the six months ended June 30, 2023, and 2022, respectively

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

5 unchanged sentences

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

Fair Value at March 31, 2023

Fair Value at June 30, 2023

In thousands Total Level 1 Level 2 Level 3

1 unchanged sentence

Provisional metal sales contracts 36 — 36 —

Silver forwards 555 — 555 —

$ 15,717 $ 14,443 $ 1,274 $ —

Gold forwards

3,399 — 3,399 —

Provisional metal sales contracts 184 — 184 —

Silver forwards 5,949 — 5,949 —

$ 18,624 $ 9,237 $ 9,387 $ —

Provisional metal sales contracts $ 67 $ — $ 67 $ —

Fair Value at December 31, 2022

12 unchanged sentences

The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads.

No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2023.

The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2023 and December 31, 2022 is presented in the following table:

March 31, 2023

No assets or liabilities were transferred between fair value levels in the six months ended June 30, 2023.

The fair value of financial assets and liabilities carried at book value in the financial statements at June 30, 2023 and December 31, 2022 is presented in the following table:

June 30, 2023

In thousands Book Value Fair Value Level 1 Level 2 Level 3

Deferred cash consideration $ 7,753 $ 7,338 $ — $ 7,338 $ —

2029 Senior Notes (1)

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Such instruments are classified as Level 3 of the fair value hierarchy.

In May 2023, the Company sold the deferred cash consideration, two royalties, and contingent consideration received in connection with the sale of La Preciosa project (the "La Preciosa Deferred Consideration"), further discussed below, for cash consideration of $ 7.0 million and deferred consideration of $ 1.0 million payable on the first anniversary of initial production from any portion of the La Preciosa project resulting in a loss on the sale of $ 12.3 million, which was recognized in Other, Net in the Condensed Consolidated Statement of Comprehensive Income (Loss).

The deferred cash consideration was measured at a fair value of $ 0.8 million at inception and will be remeasured at fair value on a nonrecurring basis.

It was valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate.

The model inputs can generally be verified and do not involve significant management judgment.

Such instruments are classified within Level 2 of the fair value hierarchy.

The consideration for the sale of Sterling/Crown exploration properties included the right to an additional payment of $ 50.0 million should the Buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties (including any in-situ ounces mined after the closing of the Transaction) equal to or greater than 3,500,000 gold ounces, subject to certain additional terms and conditions detailed in the stock purchase agreement.

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NOTE 12 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Derivative gains and losses are included in operating cash flows in the period in which they contractually settle.

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This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Derivatives Designated as Cash Flow Hedging Strategies

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The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

At March 31, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

At June 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces 2023 2024 and Thereafter

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There have been no such changes in critical terms or adverse developments.

As of March 31, 2023, the Company had $ 4.7 million of net after-tax loss in AOCI related to losses from cash flow hedge transactions, of which $ 4.7 million of net after-tax losses is expected to be recognized in its Condensed Consolidated Statement of Comprehensive Income (Loss) during the next 12 months.

As of June 30, 2023, the Company had $ 9.3 million of net after-tax gains in AOCI related to gains from cash flow hedge transactions, of which $ 9.3 million of net after-tax gains is expected to be recognized in its Condensed Consolidated Statement of Comprehensive Income (Loss) during the next 12 months.

Actual amounts ultimately reclassified to net income are dependent on the price of gold and silver for metal contracts.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

March 31, 2023

June 30, 2023

In thousands Prepaid expenses and other Other assets Accrued liabilities and other

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Gold forwards $ 12,343 $ — $ —

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2023 and 2022, respectively (in thousands).

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022, respectively (in thousands).

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2023 2022 2023 2022

Amount of Gain (Loss) Recognized in AOCI

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The cost to terminate the zero cost collars was $ 7.7 million, of which $ 3.1 million was recognized in earnings and the remaining $ 4.6 million, which represents the fair value of the zero cost collars on the date of de-designation, was retained in AOCI and was recognized in earnings in 2022 as the forecasted transactions occurred.

At March 31, 2023, the Company had the following derivative instruments that settle as follows:

At June 30, 2023, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces 2023 2024 and Thereafter

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The following summarizes the classification of the fair value of the derivative instruments:

March 31, 2023

June 30, 2023

In thousands Prepaid expenses and other Accrued liabilities and other

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Provisional metal sales contracts $ 299 $ 10

The following represent mark-to-market gains (losses) on derivative instruments in the three ended March 31, 2023, and 2022, respectively (in thousands):

The following represent mark-to-market gains (losses) on derivative instruments in the three and six ended June 30, 2023, and 2022, respectively (in thousands):

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Financial statement line Derivative 2023 2022 2023 2022

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Pre-development, reclamation, and other consists of the following:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

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Other, net consists of the following:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

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Gain (loss) on sale of assets (1)

( 12,631 ) 621 ( 12,631 ) 2,452

RMC bankruptcy distribution 1,516 — 1,516 —

Other 569 198 762 663

Other, net $ ( 9,919 ) $ 313 $ ( 10,880 ) $ 2,050

(1) See Note 11 -- Fair Value Measurements for additional details on the gain (loss) on sale of assets.

NOTE 14 – NET INCOME (LOSS) PER SHARE

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Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three months ended March 31, 2023 and 2022, there were 366,946 and 1,151,073 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.

For the three and six months ended June 30, 2023, there were 2,005,184 and 1,672,213 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.

Similarly, 1,991,864 and 992,382 common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2022, respectively.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

In thousands except per share amounts 2023 2022 2023 2022

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Diluted $ ( 0.10 ) $ ( 0.28 ) $ ( 0.18 ) $ ( 0.26 )

On June 21, 2023, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 5,276,154 shares of common stock, par value $ 0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on June 27, 2023.

The Company granted an over-allotment option of up to 3,000,000 additional flow-through shares, which was exercised in full and closed on July 20, 2023.

The proceeds of the Private Placement Offering will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)).

The initial Private Placement Offering raised net proceeds of $ 18.2 million, of which $ 5.1 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”).

The FT Premium Liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred.

The over-allotment raised net proceeds of $ 10.5 million, including an additional $ 2.7 million of FT Premium Liability.

The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

On March 17, 2023, the Company completed a $ 100.0 million “at the market” offering of its common stock, par value $ 0.01 per share (the “March 2023 Equity Offering”).

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Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

On December 11, 2022, the Company completed a $ 50.0 million “at the market” offering of its common stock, par value $ 0.01 per share (the “December 2022 Equity Offering”).

The December 2022 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on November 9, 2022 between the Company and BMO Capital Markets Corp.

and RBC Capital Markets, LLC as sales agents.

The Company sold a total of 14,766,835 shares of its common stock in the December 2022 Equity Offering at an average price of $ 3.39 per share, raising net proceeds (after sales commissions) of $ 49.2 million.

Proceeds from the December 2022 Equity Offering were used to repay outstanding amounts under the RCF.

On March 18, 2022, the Company completed a $ 100.0 million “at the market” offering of its common stock, par value $ 0.01 per share (the “March 2022 Equity Offering”).

The March 2022 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on April 23, 2020 between the Company and BofA Securities, Inc.

and RBC Capital Markets, LLC as sales agents.

The Company sold a total of 22,053,275 shares of its common stock in the March 2022 Equity Offering at an average price of $ 4.53 per share, raising net proceeds (after sales commissions) of $ 98.0 million.

Proceeds from the March 2022 Equity Offering were used to repay outstanding amounts under the RCF.

NOTE 15 - SUPPLEMENTAL GUARANTOR INFORMATION

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Guarantor Subsidiaries

In thousands March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022

In thousands June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022

Current assets $ 30,195 $ 73,692 $ 163,663 $ 137,432

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SUMMARIZED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31, 2023

SIX MONTHS ENDED JUNE 30, 2023

In thousands Coeur Mining, Inc.

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Mexico Litigation Matters

As of March 31, 2023, $ 29.1 million in principal is due from the Mexican government associated with VAT that was paid under Coeur Mexicana, S.A.

As of June 30, 2023, $ 30.9 million in principal is due from the Mexican government associated with VAT that was paid under Coeur Mexicana, S.A.

de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016.

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Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous.

While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts, based on the continued failure to recover the VAT receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the VAT receivable at September 30, 2021.

While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021.

Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to resolve the matter.

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In 2016, Coeur Mexicana received a $ 22.0 million deposit toward future deliveries under the gold stream agreement.

In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its

In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada.

Because there is no minimum obligation

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada.

At March 31, 2023, the remaining unamortized balance was $ 7.3 million, which is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet.

Kensington Prepayment

associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation.

The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada.

The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet.

See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail.

The following table presents a roll forward of the Franco-Nevada contract liability balance:

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

Opening Balance $ 7,296 $ 7,835 $ 7,411 $ 8,150

Revenue Recognized ( 100 ) ( 93 ) ( 215 ) ( 408 )

Closing Balance $ 7,196 $ 7,742 $ 7,196 $ 7,742

Metal Sales Prepayments

In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”).

From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments.

In December 2022, the Company received a $25.0 million prepayment, of which $10.0 million was recognized as revenue in the first quarter of 2023.

The remaining deliveries of the December 2022 Prepayment are recognized as a deferred revenue liability and are presented in Accrued liabilities and other on the Condensed Consolidated Balance Sheet.

Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by June 2023.

In December 2022, the Company received a $ 25.0 million prepayment, all of which was recognized as revenue in the first half of 2023.

In June 2023, the Company exercised an option to receive the $ 25.0 million Kensington June 2023 Prepayment.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty to allow for the $ 10.0 million Wharf 2023 Prepayment for deliveries of gold concentrate from its Wharf mine and the $ 10.0 million Rochester 2023 Prepayment for deliveries of gold and silver doré from its Rochester mine.

The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer.

The remaining contract liability is included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet.

See Note 2 -- Summary of Significant Accounting Policies contained in the 2022 10-K for additional detail.

The following table presents a roll forward of the prepayment contract liability balance:

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2023 2022 2023 2022

Opening Balance $ 15,127 $ 25,155 $ 25,016 $ 15,016

Additions 44,885 311 44,996 10,450

Revenue Recognized ( 15,000 ) ( 454 ) ( 25,000 ) ( 454 )

Closing Balance $ 45,012 $ 25,012 $ 45,012 $ 25,012

Rochester Expansion Project Update

As of March 31, 2023, the Company had committed approximately $ 634 million of capital since inception of the Rochester expansion project, approximately $ 560 million of the estimated project cost had been incurred and the project was 82% complete.

The Company estimates the total capital cost for the project will likely be around the high end of the $650 - $670 million guidance range, which primarily reflects the impact of extreme winter weather on construction productivity during the first quarter.

Mechanical completion remains on target for mid-2023 with ramp-up and commissioning expected to take place during the second half of the year.

The Company expects capital expenditures related to the Rochester expansion to be approximately $197 - $207 million during 2023, with roughly 70% incurred during the first half of the year.

Coeur achieved several key milestones at the Rochester expansion project during the quarter.

Notably, the Company began placing ore on the new Stage VI leach pad on February 1 and achieved mechanical completion of the Merrill-Crowe process plant on March 31, ahead of its second quarter target completion date.

Coeur also energized the 63-kilovolt power system and achieved mechanical completion of the crusher corridor electrical substation.

In addition to achieving mechanical completion ahead of schedule, progress on the Merrill-Crowe plant included (i) completion of the leach recirculation system which will deliver solution to the Stage VI leach pad, (ii) advancement of pre-commissioning of power and process systems, and (iii) completion of control systems programming and acceptance testing.

Coeur also continued to make solid progress on the crusher corridor with the start of steel erection and equipment setting for the pre-screen and further advancement of concrete work in the primary crusher area.

Other work on the crusher corridor included (i) stacker steel and conveyor erection at the primary, secondary and tertiary stockpiles, (ii) topping out of the steel erection at both the secondary and tertiary crushers, (iii) continuation of piping and electrical installation across the crusher corridor, and (iv) completion of control systems programming with acceptance testing now well advanced.

Coeur expects to achieve mechanical completion of the crusher corridor in the third quarter, with ramp-up anticipated throughout the second half of 2023 and into early 2024.

The Company also updated its estimate for the expected ultimate cost to complete the expansion, which reflects additional contractor hours required to offset the loss of approximately thirty days due to extreme weather and lower than planned productivity rates driven by a lack of qualified skilled labor.

Together with ongoing inflationary impacts and required construction re-work to address issues from previously completed engineering designs, the Company expects the total cost for the project to be approximately 6 - 9 %, or $ 40 - $ 60 million above the high end of Coeur’s previous guidance range of $ 650 - $ 670 million.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes.

As of March 31, 2023 and December 31, 2022, the Company had surety bonds totaling $ 319.1 million and $ 326.8 million, respectively, in place as financial support for future reclamation and closure costs.

As of June 30, 2023 and December 31, 2022, the Company had surety bonds totaling $ 314.2 million and $ 326.8 million, respectively, in place as financial support for future reclamation and closure costs.

The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments.

As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity.

As the specific requirements are met, the beneficiary of the associated

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

instrument cancels and/or returns the instrument to the issuing entity.

Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure.

2 unchanged sentences

Accrued liabilities and other consist of the following:

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In thousands March 31, 2023 December 31, 2022

In thousands June 30, 2023 December 31, 2022

Accrued salaries and wages $ 22,486 $ 29,868

Flow-through share premium received (including over-allotment) 5,510 —

Deferred revenue (1)

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(1) See Note 16 -- Commitments and Contingencies for additional details on deferred revenue liabilities

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three months ended March 31, 2023 and 2022:

In thousands March 31, 2023 March 31, 2022

In thousands June 30, 2023 June 30, 2022

Cash and cash equivalents $ 56,845 $ 74,159

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements