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Item 1. Financial Statements

2024-05-01 compared with 2023-11-08 · 216 added, 324 removed, 539 unchanged (50% of the section changed)

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

ASSETS Notes In thousands, except share data

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Ore on leach pads 5 83,454 79,400

Equity securities 6 7,231 32,032

Prepaid expenses and other 18,943 18,526

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Restricted assets 8,812 9,115

Equity securities 6 — 12,120

Receivables 4, 11 23,140 23,140

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Common stock, par value $ 0.01 per share;

authorized 600,000,000 shares, 382,693,309 issued and outstanding at September 30, 2023 and 295,697,624 at December 31, 2022

authorized 600,000,000 shares, 398,583,321 issued and outstanding at March 31, 2024 and 386,282,957 at December 31, 2023

Additional paid-in capital 4,170,568 4,139,870

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

Three Months Ended September 30, Nine Months Ended September 30,

2023 2022 2023 2022

Three Months Ended March 31,

Notes In thousands, except share data

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended September 30, Nine Months Ended September 30,

2023 2022 2023 2022

Three Months Ended March 31,

Notes In thousands

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Other comprehensive income (loss) — — — — ( 7,478 ) ( 7,478 )

Common stock issued under "at the market"

stock offering 32,862 329 98,100 — — 98,429

Debt-for-Equity Exchange 1,772 18 5,350 — — 5,368

Issuance of flow-through shares 7,705 77 22,908 — — 22,985

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,823 28 2,440 — — 2,468

Balances at March 31, 2024 398,583 $ 3,986 $ 4,170,568 $ ( 3,150,278 ) $ ( 6,147 ) $ 1,018,129

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

Net income (loss) — — — ( 21,109 ) ( 21,109 )

Other comprehensive income (loss) — — — 2,307 2,307

Common stock issued under "at the market"

stock offering 21,700 217 48,920 — — 49,137

Common stock issued for the extinguishment of Senior Notes 7,619 76 18,228 — — 18,304

Common stock issued under Private Placement Offering 3,000 30 8,332 — 8,362

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 207 2 2,613 — — 2,615

Balances at September 30, 2023 382,693 $ 3,827 $ 4,128,553 $ ( 3,095,656 ) $ 11,654 $ 1,048,378

In thousands Common

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stock offering 32,862 329 98,100 — — 98,429

Common stock issued/canceled under long-term incentive plans and director fees and options, net 1,862 19 ( 1,730 ) — — ( 1,711 )

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,482 24 715 — — 739

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

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

Net income (loss) — — — ( 57,444 ) — ( 57,444 )

Other comprehensive income (loss) — — — — 19,150 19,150

Common stock issued/canceled under long-term incentive plans and director fees and options, net 31 — 2,702 — — 2,702

Balances at September 30, 2022 280,836 $ 2,808 $ 3,839,725 $ ( 3,066,638 ) $ 45,694 $ 821,589

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

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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, 2023 (the “2023 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

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The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period.

The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments.

The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments.

The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.

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

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.

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

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 II, III and IV) 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.

The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively.

As of March 31, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 30,953 and 4.9 million, respectively.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No.

2020-04, “Reference Rate Reform (Topic 848)” , which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform.

In January 2021, ASU No.

2021-01 was issued which broadened the scope of ASU No.

2020-04 to include certain derivative instruments.

In December 2022, ASU No.

2022-06 was issued which deferred the sunset date of ASU No.

The guidance is effective for all entities as of March 12, 2020 through December 31, 2024.

The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis.

The Company is in the process of reviewing key contracts to identify any contracts that reference the LIBOR and to implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition.

No material impacts are expected to the consolidated financial statements or disclosures.

In March 2022, the FASB issued ASU 2022-01, “ Derivatives and Hedging (Topic 815):

Fair Value Hedging—Portfolio Layer Method ” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “ Derivatives and Hedging (Topic 815):

Targeted Improvements to Accounting for Hedging Activities ”.

The new standard is effective for reporting periods beginning after December 15, 2022.

The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting.

The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

NOTE 3 – SEGMENT REPORTING

The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project.

Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining,

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures” , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted.

The guidance is to be applied retrospectively to all prior periods presented in the financial statements.

Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.

We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” , which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign).

ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes.

The guidance is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.

ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted.

We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures.

Coeur Mining, Inc.

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Notes to Consolidated Financial Statements

and production of gold and/or silver.

NOTE 3 – SEGMENT REPORTING

The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project.

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 is engaged in the discovery of silver, zinc, lead, and other related metals.

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

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

Three Months Ended March 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 53,902 $ 12,681 $ 43,485 $ 41,701 $ — $ — $ 151,769

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

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

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

Gold sales $ 40,607 $ 16,047 $ 40,124 $ 30,323 $ — $ — $ 127,101

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Other income (expense)

Gain on debt extinguishment — — — — — — —

Fair value adjustments, net — — — — — 10,561 10,561

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Notes to Consolidated Financial Statements

Nine Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 114,897 $ 37,404 $ 111,136 $ 124,522 $ — $ — $ 387,959

Silver sales 117,426 49,245 193 4,293 — — 171,157

Metal sales 232,323 86,649 111,329 128,815 — — 559,116

Costs and Expenses

Costs applicable to sales (1)

143,915 99,465 114,817 82,399 — — 440,596

Amortization 25,760 13,043 17,539 4,802 3,161 882 65,187

Exploration 5,087 965 6,179 — 6,572 1,204 20,007

Other operating expenses 6,370 6,241 2,875 3,084 14,687 27,745 61,002

Other income (expense)

Gain on debt extinguishment — — — — — 3,735 3,735

Fair value adjustments, net — — — — — 4,629 4,629

Interest expense, net 541 ( 1,017 ) ( 1,438 ) ( 164 ) ( 53 ) ( 19,572 ) ( 21,703 )

Other, net (3)

4,291 ( 559 ) ( 206 ) ( 374 ) ( 222 ) ( 13,351 ) ( 10,421 )

Income and mining tax (expense) benefit ( 20,461 ) 596 — ( 3,822 ) — ( 2,984 ) ( 26,671 )

Net Income (loss) $ 35,562 $ ( 34,045 ) $ ( 31,725 ) $ 34,170 $ ( 24,695 ) $ ( 57,374 ) $ ( 78,107 )

Segment assets (2)

$ 313,569 $ 1,070,307 $ 169,184 $ 98,307 $ 217,321 $ 66,462 $ 1,935,150

Capital expenditures $ 32,844 $ 197,788 $ 38,189 $ 952 $ 1,426 $ 703 $ 271,902

(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

Nine Months Ended September 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 119,486 $ 42,413 $ 143,099 $ 110,259 $ — $ — $ 415,257

Silver sales 114,387 44,632 575 669 — — 160,263

Metal sales 233,873 87,045 143,674 110,928 — — 575,520

Costs and Expenses

Costs applicable to sales (1)

135,532 120,988 116,510 74,096 — — 447,126

Amortization 27,150 16,592 28,360 6,500 3,778 1,169 83,549

Exploration 5,071 4,009 4,416 — 2,041 3,566 19,103

Other operating expenses 2,485 5,465 1,348 1,521 16,550 31,751 59,120

Other income (expense)

Gain on debt extinguishment — — — — — — —

Fair value adjustments, net — — — — — ( 65,272 ) ( 65,272 )

Interest expense, net ( 100 ) ( 606 ) ( 1,111 ) ( 49 ) ( 150 ) ( 13,654 ) ( 15,670 )

Other, net (3)

1,635 ( 192 ) 19 506 ( 320 ) 555 2,203

Income and mining tax (expense) benefit ( 24,325 ) 1,079 127 ( 2,382 ) — 10,422 ( 15,079 )

Net Income (loss) $ 40,845 $ ( 59,728 ) $ ( 7,925 ) $ 26,886 $ ( 22,839 ) $ ( 104,435 ) $ ( 127,196 )

Segment assets (2)

$ 294,438 $ 769,391 $ 146,128 $ 90,542 $ 242,142 $ 85,034 $ 1,627,675

Capital expenditures $ 34,515 $ 154,001 $ 23,828 $ 2,294 $ 21,383 $ 3,239 $ 239,260

(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 September 30, 2023 December 31, 2022

Assets March 31, 2024 December 31, 2023

Total assets for reportable segments $ 1,981,261 $ 1,943,037

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Total consolidated assets $ 2,120,065 $ 2,080,848

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Geographic Information

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

Long-Lived Assets March 31, 2024 December 31, 2023

United States $ 1,216,739 $ 1,201,988

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Total $ 1,697,927 $ 1,688,288

Revenue Three months ended September 30, Nine months ended September 30,

2023 2022 2023 2022

Revenue Three months ended March 31,

United States $ 116,682 $ 104,991

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Receivables consist of the following:

In thousands September 30, 2023 December 31, 2022

In thousands March 31, 2024 December 31, 2023

Current receivables:

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Income tax receivable 13,022 10,207

Avino note receivable (1)

Gold and silver forwards realized gains (2)

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Other tax receivable (3)

$ 9,111 $ 9,111

Deferred cash consideration (1)

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Total receivables $ 59,634 $ 54,175

(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.

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").

The contingent consideration at September 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 September 2023 that contractually settle in subsequent months.

(1) See Note 11 -- Fair Value Measurements for additional details on deferred cash consideration and contingent consideration in the 2023 10-K.

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

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

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Inventory consists of the following:

In thousands September 30, 2023 December 31, 2022

In thousands March 31, 2024 December 31, 2023

Concentrate $ 4,238 $ 3,606

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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.

During the first nine months of 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down for the three and nine months ended September 30, 2023 of $ 8.9 million ($ 7.7 million was recognized in Costs applicable to sales and $ 1.2 million in Amortization ) and $ 25.3 million ($ 22.4 million was recognized in Costs applicable to sales and $ 2.9 million in Amortization ), respectively.

NOTE 6 – INVESTMENTS

Equity Securities

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 September 30, 2023

In thousands Cost Gross

Gains Estimated

Equity Securities

Avino Silver & Gold Mines Ltd $ 13,720 $ ( 6,489 ) $ — $ 7,231

Equity securities $ 13,720 $ ( 6,489 ) $ — $ 7,231

At December 31, 2022

In thousands Cost Gross

Gains Estimated

Equity Securities

Victoria Gold Corp.

In the three months ended March 31, 2024, the cost associated with the stock-pile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $ 4.0 million ($ 3.2 million was recognized in Costs applicable to sales and $ 0.8 million in Amortization ) .

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET

Property, plant and equipment and mining properties, net consist of the following:

In thousands March 31, 2024 December 31, 2023

Mine development $ 1,377,235 $ 1,358,189

Mineral interests 809,912 809,912

Land 9,000 8,318

Facilities and equipment (1)

1,416,594 947,435

Integra Resources Corp.

Construction in progress (2)

162,191 612,865

Avino Silver & Gold Mines Ltd 13,720 ( 4,199 ) — 9,521

Other 2,233 ( 1,974 ) — 259

Equity securities $ 95,968 $ ( 51,816 ) $ — $ 44,152

Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Condensed Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net .

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

In January 2023, the Company sold 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.

Total $ 3,774,932 $ 3,736,719

Accumulated depreciation, depletion and amortization (3)

( 2,077,005 ) ( 2,048,431 )

Property, plant and equipment and mining properties, net $ 1,697,927 $ 1,688,288

(1) Includes $ 120.8 million and $ 127.6 million associated with facilities and equipment assets under finance leases at March 31, 2024 and December 31, 2023, respectively.

(2) Includes $ 18.0 million and $ 471.7 million of construction costs related to the Rochester Expansion project at March 31, 2024 and December 31, 2023, respectively.

(3) Includes $ 40.1 million and $ 37.6 million of accumulated amortization related to assets under finance leases at March 31, 2024 and December 31, 2023, respectively.

Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024.

The crushing circuit has routinely exceeded 70,000 tons per day since commissioning was completed leading to declaration of commercial production and $ 528 million of construction in process placed into service during the quarter.

Ramp-up to sustained nameplate capacity of 88,000 tons per day remains on schedule for the end of the second quarter.

Coeur Mining, Inc.

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Notes to Consolidated Financial Statements

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

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

In thousands Current Non-Current Current Non-Current

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$ 23,242 $ 562,310 $ 22,636 $ 522,674

(1) Net of unamortized debt issuance costs of $ 4.2 million and $ 5.8 million at September 30, 2023 and December 31, 2022, respectively.

(2) Unamortized debt issuance costs of $ 3.3 million and $ 3.6 million at September 30, 2023 and December 31, 2022, respectively, included in Other Non-Current Assets .

(1) Net of unamortized debt issuance costs of $ 3.6 million and $ 3.9 million at March 31, 2024 and December 31, 2023, respectively.

(2) Unamortized debt issuance costs of $ 4.4 million and $ 2.8 million at March 31, 2024 and December 31, 2023, 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 (the “Securities Act”), 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 senior notes 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”).

For more details, please see Note 9 -- Debt contained in the 2023 10-K.

During the three and nine months ended September 30, 2023, the Company exchanged $19.3 million and $ 67.8 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 7.6 million and 21.6 million shares of common stock, respectively.

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 $ 3.7 million on debt extinguishment.

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

During the three months ended March 31, 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.

Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $ 0.4 million on debt extinguishment.

The exchange transaction represents a non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.

Revolving Credit Facility

At September 30, 2023, the Company had $ 140.0 million drawn at a weighted-average interest rate of 9.2 %, $ 29.6 million in outstanding letters of credit and $ 220.4 million available under its $ 390 million revolving credit facility (the “RCF”).

At March 31, 2024, the Company had $ 225.0 million drawn at a weighted-average interest rate of 9.2 %, $ 29.6 million in outstanding letters of credit and $ 145.4 million available under its $ 400.0 million revolving credit facility (the “RCF”).

Future borrowing may be subject to certain financial covenants.

For more details, please see Note 9 -- Debt contained in the 2023 10-K.

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.

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.

Finance Lease Obligations

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

In the nine months ended September 30, 2023, the Company entered into new lease financing arrangements for mining equipment at Rochester and Kensington for $ 21.6 million.

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 September 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 %.

In the three months ended March 31, 2024, the Company entered into a new lease financing arrangement for mining equipment at Kensington for $ 1.0 million.

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.

For more details, please see Note 8 -- Leases in the 2023 10-K.

Coeur Mining, Inc.

2 unchanged sentences

Interest Expense

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

1 unchanged sentence

Accretion 4,076 3,993

Additions and changes to estimates ( 2,682 ) — ( 2,682 ) —

Settlements ( 1,100 ) ( 1,044 )

Asset retirement obligation - Ending $ 216,989 $ 205,380

The commencement of production from the new leach pad and process plant at Rochester in the third quarter of 2023 resulted in an update to the estimated reclamation and mine closure costs.

The estimated reclamation and mine closure costs was discounted using a credit adjusted, risk-free interest rate of 8.4%.

NOTE 9 - INCOME AND MINING TAXES

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

Three months ended September 30, Nine months ended September 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

The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2024 and 2023 by significant jurisdiction:

Three months ended March 31,

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

United States $ ( 30,553 ) $ ( 3,819 ) $ ( 25,780 ) $ ( 1,018 )

3 unchanged sentences

$ ( 13,093 ) $ ( 16,024 ) $ ( 13,878 ) $ ( 10,708 )

During the third quarter of 2023, the Company reported estimated income and mining tax expense of approximately $ 6.1 million, resulting in an effective tax rate of ( 40.6 )%.

This compares to income tax expense of $ 1.9 million for an effective tax rate of ( 3.4 )% during the third quarter of 2022.

During the first quarter of 2024, the Company reported estimated income and mining tax expense of approximately $ 16.0 million, resulting in an effective tax rate of ( 122.4 )%.

This compares to income tax expense of $ 10.7 million for an effective tax rate of ( 77.2 )% during the first quarter of 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 rate;

(v) the sale of non-core assets;

(vi) percentage depletion;

and (vii) the impact of uncertain tax positions.

(i) mining taxes;

(ii) variations in the Company’s income before income taxes;

(iii) geographic distribution of that income;

(iv) percentage depletion;

(v) foreign exchange rate;

and (vi) the impact of uncertain tax positions.

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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.

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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.

There are a number of factors that impact the Company’s ability to realize its deferred tax assets.

There are a number

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

of factors that impact the Company’s ability to realize its deferred tax assets.

For additional information, please see the section titled “Risk Factors” in the 2023 10-K.

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federal jurisdiction and from 2016 forward for certain other foreign jurisdictions.

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

Regarding the statutes of limitation that will begin to expire within the next 12 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 there will be no further decrease in any unrecognized income tax benefits.

At March 31, 2024 and December 31, 2023, 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.

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

Stock-based compensation expense in the three and nine months ended September 30, 2023 was $ 2.6 million and $ 8.5 million, respectively, compared to $ 2.5 million and $ 7.1 million in the three and nine months ended September 31, 2022.

At September 30, 2023, there was $ 10.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

The following table summarizes the grants awarded during the nine months ended September 30, 2023:

Stock-based compensation expense in the three months ended March 31, 2024 was $ 4.2 million, compared to $ 3.2 million in the three months ended March 31, 2023.

At March 31, 2024, there was $ 14.7 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, 2024:

Grant date Restricted

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February 26, 2024 3,087,822 $ 2.55 2,050,899 $ 2.77

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

August 18, 2023 436,422 $ 2.53 5,308 $ 3.14

NOTE 11 – FAIR VALUE MEASUREMENTS

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

Change in the value of equity securities (1)

$ ( 2,010 ) $ ( 13,067 ) $ 4,629 $ ( 62,133 )

Termination of gold zero cost collars — — — ( 3,139 )

Fair value adjustments, net $ — $ 10,561

(1) Includes unrealized losses on held equity securities of $ 2.0 million, and $ 13.1 million for the three months ended September 30, 2023, and 2022, respectively, and unrealized losses of $ 2.3 million and $ 46.5 million for the nine months ended September 30, 2023, and 2022, respectively

(1) Includes unrealized losses on held equity securities of $ 2.8 million for the three months ended March 31, 2023.

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy.

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 September 30, 2023

Fair Value at March 31, 2024

In thousands Total Level 1 Level 2 Level 3

Equity securities $ 7,231 $ 7,231 $ — $ —

Provisional metal sales contracts $ 809 $ — $ 809 $ —

Gold forwards

7,411 — 7,411 —

Silver forwards 1,847 — 1,847 —

$ 2,656 $ — $ 2,656 $ —

Provisional metal sales contracts $ 53 $ — $ 53 $ —

Gold forwards

$ 7,994 $ — $ 7,994 $ —

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Fair Value at December 31, 2023

In thousands Total Level 1 Level 2 Level 3

Equity securities including warrants $ 44,152 $ 43,893 $ 259 $ —

Provisional metal sales contracts 318 — 318 —

Gold forwards 12,343 — 12,343 —

Silver forwards 3,312 — 3,312 —

$ 3,630 $ — $ 3,630 $ —

Provisional metal sales contracts $ 10 $ — $ 10 $ —

The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices.

Such instruments are classified within Level 1 of the fair value hierarchy.

The common share purchase warrants the Company received as consideration in the La Preciosa project sale are valued using a pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates.

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.

Gold forwards $ 1,981 $ — $ 1,981 $ —

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

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 nine months ended September 30, 2023.

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

September 30, 2023

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, and credit spreads.

No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2024.

The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2024 and December 31, 2023 is presented in the following table:

March 31, 2024

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

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(2) Unamortized debt issuance costs of $ 4.4 million included in Other Non-Current Assets .

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

December 31, 2023

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

Promissory note $ 4,926 $ 4,579 $ — $ 4,579 $ —

Deferred cash consideration $ 7,677 $ 7,317 $ — $ 7,317 $ —

2029 Senior Notes (1)

6 unchanged sentences

The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

In March 2022 the Company completed the sale of the La Preciosa project.

The consideration for the sale of La Preciosa project included a promissory note payable to the Company that matured in March 2023 and was paid in full, and deferred cash consideration payable on the first anniversary of initial production from any portion of the La Preciosa project.

These assets were 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 La Preciosa project also included two royalties:

a 1.25 % net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and a 2.00 % gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of $ 0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $ 50.0 million.

These assets were initially measured at fair value at inception and remeasured at fair value on a nonrecurring basis.

The fair value of the royalties and the contingent consideration assets were $ 11.2 million and $ 1.2 million, respectively, valued as of the date of closing of the transaction and were measured at fair value on a non-recurring basis.

The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models.

The model inputs included significant unobservable inputs and involve significant management judgment.

The significant unobservable inputs included assumptions related to metal prices which assumed silver prices ranging from $ 22 to $ 25 per ounce and gold prices ranging from $ 1,700 to $ 1,930 per ounce as well as volatility assumptions for silver and gold prices ( 33.5 % and 19.0 %, respectively), and an assumed weighted average cost of capital of 15.5 %.

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

In May 2023, the Company sold the La Preciosa Deferred Consideration 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.

The fair value of the contingent consideration asset of $ 13.0 million valued as of the date of closing of the transaction was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

The model inputs include significant unobservable inputs, involve significant management judgment and is classified as Level 3 of the fair value hierarchy.

The significant unobservable inputs included managements assumption related to the probability (75%) and timing (ranging from 5 years to 30 years) of achieving reported gold resources equal to or greater than 3,500,000 gold ounces and a discount rate of 8.1 %.

NOTE 12 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

2 unchanged sentences

The Company does not hold or issue derivatives for trading or speculative purposes.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The Company may elect to designate certain derivatives as hedging instruments under U.S.

3 unchanged sentences

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company enters into forward contracts.

The contracts are net settled monthly and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it would result in a realized gain or loss, respectively.

The contracts are net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it would result in a realized gain or

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

loss, respectively.

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

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

At March 31, 2024, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces 2024 2025 and Thereafter

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

As of September 30, 2023, the Company had $ 11.7 million of net after-tax gains in AOCI related to gains from cash flow hedge transactions, of which $ 11.7 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.

As of March 31, 2024, the Company had $ 6.1 million of net after-tax losses in AOCI related to losses from cash flow hedge transactions, of which $ 6.1 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.

Actual amounts ultimately reclassified to net income (loss) 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:

September 30, 2023

March 31, 2024

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

4 unchanged sentences

Gold forwards $ — $ — $ 1,981

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 nine months ended September 30, 2023 and 2022, respectively (in thousands).

Silver forwards $ 3,312 $ — $ —

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, 2024, and 2023, respectively (in thousands).

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

Three Months Ended September 30, Nine Months Ended September 30,

2023 2022 2023 2022

Three Months Ended March 31,

Amount of Gain (Loss) Recognized in AOCI

1 unchanged sentence

Silver forwards ( 633 ) 1,056

Gold zero cost collars — — — ( 4,598 )

$ ( 7,625 ) $ ( 12,928 )

2 unchanged sentences

Silver forwards ( 832 ) ( 1,873 )

Gold zero cost collars — 1,379 — 3,218

$ 147 $ ( 4,134 )

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The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

Zero Cost Collars

To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements.

The contracts were net cash settled monthly and, if the price of gold at the time of expiration was between the put and call prices, it would expire at no cost to the Company.

If the price of gold at the time of expiration was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively.

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

In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements.

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

At March 31, 2024, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces 2024 2025 and Thereafter

3 unchanged sentences

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

September 30, 2023

March 31, 2024

In thousands Prepaid expenses and other Accrued liabilities and other

3 unchanged sentences

Provisional metal sales contracts $ 318 $ —

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three Months Ended September 30, Nine Months Ended September 30,

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2024, and 2023, respectively (in thousands):

Three Months Ended March 31,

Financial statement line Derivative 2024 2023

Revenue Provisional metal sales contracts $ 490 $ ( 249 )

Fair value adjustments, net Terminated zero cost collars — — — ( 3,139 )

$ 490 $ ( 249 )

2 unchanged sentences

The Company does not anticipate non-performance by any of its counterparties.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 13 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

COVID-19 $ 14 $ 294 $ 92 $ 1,585

Silvertip ongoing carrying costs 2,362 6,180

(Gain) loss on sale of assets 3,536 —

Asset retirement accretion 4,076 3,993

Kensington royalty settlement (1)

Other 1,504 717

Pre-development, reclamation and other $ 18,228 $ 10,890

(1) See Note 16 -- Commitments and Contingencies for additional details on Kensington royalty settlement .

Other, net consists of the following:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

Foreign exchange gain (loss) $ ( 365 ) $ ( 1,154 )

Gain (loss) on sale of assets (1)

( 19 ) ( 87 ) ( 12,650 ) 2,365

RMC bankruptcy distribution — — 1,516 —

Gain (loss) on dispositions — ( 9 )

Flow-through shares 2,490 —

Other 648 202

Other, net $ 2,773 $ ( 961 )

(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 and nine months ended September 30, 2023, there were 1,090,981 and 1,641,510 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, 3,719,764 and 2,013,571 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2022, respectively.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three months ended September 30, Nine months ended September 30,

For the three months ended March 31, 2024 and 2023, there were 43,422 and 366,946 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.

Three months ended March 31,

In thousands except per share amounts 2024 2023

7 unchanged sentences

Diluted $ ( 0.08 ) $ ( 0.08 )

On September 13, 2023, the Company completed a $ 50.0 million “at the market” offering of its common stock, par value $ 0.01 per share (the “September 2023 Equity Offering”).

The September 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on August 10, 2023 between the Company and BMO Capital Markets Corp., BofA Securities, Inc.

and RBC Capital Markets, LLC as sales agents.

The Company sold a total of 21,699,856 shares of its common stock in the September 2023 Equity Offering at an average price of $ 2.30 per share, raising net proceeds (after sales commissions) of $ 49.3 million.

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

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.

On February 26, 2024, 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 7,704,725 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 March 8, 2024.

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 initial Private Placement Offering raised net proceeds of $ 23.7 million, of

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

which $ 0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”).

During the quarter the Company recognized the remaining FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $ 2.5 million included in Other, net.

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.

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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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 15 - SUPPLEMENTAL GUARANTOR INFORMATION

9 unchanged sentences

Guarantor Subsidiaries

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

In thousands March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023

Current assets $ 18,935 $ 19,850 $ 145,170 $ 143,170

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SUMMARIZED STATEMENTS OF INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2023

THREE MONTHS ENDED MARCH 31, 2024

In thousands Coeur Mining, Inc.

3 unchanged sentences

Net income (loss) $ ( 29,117 ) $ ( 8,175 )

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Mexico Litigation Matters

As of September 30, 2023, $ 29.4 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A.

As of March 31, 2024, $ 31.6 million in principal is due from the Mexican government associated with amounts that were paid as VAT 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.

2 unchanged sentences

Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied.

The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through litigation and potential arbitration as well as refiling refund requests as undue payments rather than refunds of VAT that was due).

The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that was due, litigation and international arbitration).

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 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.

Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages.

Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results.

6 unchanged sentences

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 September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

5 unchanged sentences

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, all of which was recognized as revenue in the first half of 2023.

In June 2023, the Company exercised an option to receive a further $ 25.0 million prepayment, a portion of which was recognized in revenue in the third quarter of 2023.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty to allow for a $ 10.0 million prepayment for deliveries of gold concentrate from its Wharf mine and a $ 10.0 million prepayment for deliveries of gold and silver doré from its Rochester mine, all of which were recognized as revenue in the third quarter of 2023.

In September 2023, the contracts related to Wharf and Rochester were amended to increase the maximum amount available in prepayments to $ 12.5 million and $ 17.5 million, respectively, which were received.

In December 2023, the Company received a $ 25.0 million prepayment, all of which was recognized as revenue in the first quarter of 2024.

In March 2024, the Company received an additional prepayment of $ 25.0 million.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold of electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine, which was amended in September 2023 to increase the maximum amount available in prepayments to $ 12.5 million and $ 17.5 million, respectively.

In December 2023, Wharf and Rochester received prepayments of $ 12.5 million and $ 17.5 million, respectively, all of which

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

were recognized as revenue in the first quarter of 2024.

In March 2024, Wharf and Rochester received prepayments of $ 12.5 million and $ 17.5 million, respectively.

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.

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 2024.

See Note 2 -- Summary of Significant Accounting Policies contained in the 2023 10-K for additional detail.

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2024 2023

3 unchanged sentences

Closing Balance $ 55,112 $ 15,127

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Rochester Expansion Project Update

Construction of the new three-stage crushing circuit is now complete and first production from the new leach pad and process plant began in mid-September.

Commissioning of the process plant is complete and commissioning of the new crusher corridor is underway, with ramp-up expected throughout the remainder of 2023 and into the first half of 2024.

Once operating at full capacity, throughput levels are expected to average 32 million tons per year, which is approximately 2.5 times higher than historical levels, making Rochester one of the largest open pit heap leach operations in the world.

The total estimated capital for the project remains at $ 710 - $ 730 million.

Kensington Royalty Matter

On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc.

(“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc.

and Maverix Metals (Nevada) Inc.

(collectively “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”).

While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters.

In consideration for the dismissal of the Maverix Litigation and pursuant to other customary terms of settlement, Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty.

The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of:

(i) 1.25 % for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5 % for production occurring on or after January 1, 2027.

The Company also agreed to issue up to 2,455,000 shares of its common stock to an affiliate of Maverix, including common stock having a then-current fair market value of $ 3.0 million by April 2, 2024, and common stock having a then-current fair market value of $ 3.75 million by March 28, 2025 (collectively, the “Settlement Shares”), with a cash-settlement of any shortfall in value if all 2,455,000 shares of common stock are issued.

The settlement provides that credit for the value of certain portions of equity issued to be credited against the royalty, as amended, as payment in arrears for production prior to January 1, 2024.

In April 2024, the Company issued 737,210 shares to settle the first equity issuance valued at $ 3.0 million.

The issuance of the Settlement Shares is being made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.

Mining Concession

On November 20, 2023, Coeur Mexicana signed a purchase agreement with a subsidiary of Fresnillo plc to acquire mining concessions adjacent to the Palmarejo mine.

Total consideration includes a cash payment of approximately $ 25 million, with $ 10 million due at closing, an additional $ 10 million payable 12 months after closing, and an additional $ 5 million payable 24 months after closing.

The concessions will be subject to an inflation-adjusted royalty payment of $ 25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces.

Closing is subject to applicable regulatory approvals in Mexico.

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 September 30, 2023 and December 31, 2022, the Company had surety bonds totaling $ 332.3 million and $ 326.8 million, respectively, in place as financial support for future reclamation and closure costs.

As of March 31, 2024 and December 31, 2023, the Company had surety bonds totaling $ 333.3 million and $ 324.8 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.

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

Certain of these instruments are associated

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and Subsidiaries

Notes to Condensed Consolidated Financial Statements

with operating sites with long-lived assets and will remain outstanding until closure.

The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

1 unchanged sentence

Accrued liabilities and other consist of the following:

In thousands September 30, 2023 December 31, 2022

In thousands March 31, 2024 December 31, 2023

Accrued salaries and wages $ 22,983 $ 31,722

Flow-through share premium received (including over-allotment) 7,847 —

Flow-through share premium received 3,923 5,563

Deferred revenue (1)

1 unchanged sentence

Income and mining taxes 7,704 11,766

Kensington royalty settlement (1)

Accrued operating costs 12,811 11,081

5 unchanged sentences

(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 and nine months ended September 30, 2023 and 2022:

In thousands September 30, 2023 September 30, 2022

In thousands March 31, 2024 March 31, 2023

Cash and cash equivalents $ 67,489 $ 66,977

Restricted cash equivalents 1,751 1,706

Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 54,946 $ 76,816

Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 69,240 $ 68,683

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