What changed in this filing

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Item 1. Financial Statements

2024-11-06 compared with 2024-08-07 · 131 added, 105 removed, 708 unchanged (25% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

ASSETS Notes In thousands, except share data

29 unchanged sentences

Common stock, par value $ 0.01 per share;

authorized 600,000,000 shares, 399,240,520 issued and outstanding at June 30, 2024 and 386,282,957 at December 31, 2023

authorized 600,000,000 shares, 399,287,506 issued and outstanding at September 30, 2024 and 386,282,957 at December 31, 2023

Additional paid-in capital 4,179,270 4,139,870

7 unchanged sentences

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

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

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

2024 2023 2024 2023

32 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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

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

2024 2023 2024 2023

20 unchanged sentences

Capital expenditures ( 41,980 ) ( 112,273 ) ( 135,468 ) ( 271,902 )

Acquisitions, net ( 10,000 ) — ( 10,000 ) —

Proceeds from the sale of assets 1 152 25 8,380

2 unchanged sentences

Other ( 70 ) ( 63 ) ( 285 ) ( 171 )

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ( 51,553 ) ( 75,634 ) ( 93,679 ) ( 104,951 )

CASH USED IN INVESTING ACTIVITIES ( 52,049 ) ( 112,184 ) ( 145,728 ) ( 217,135 )

CASH FLOWS FROM FINANCING ACTIVITIES:

31 unchanged sentences

Balances at June 30, 2024 399,241 $ 3,992 $ 4,176,668 $ ( 3,148,852 ) $ — $ 1,031,808

Net income (loss) — — — 48,739 — 48,739

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 47 1 2,602 — — 2,603

Balances at September 30, 2024 399,288 $ 3,993 $ 4,179,270 $ ( 3,100,113 ) $ — $ 1,083,150

In thousands Common

18 unchanged sentences

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

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

46 unchanged sentences

Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process.

During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which have not historically been significant.

During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant.

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

As of June 30, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 38,092 and 5.6 million, respectively.

As of September 30, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 48,175 and 6.7 million, respectively.

Recently Issued Accounting Standards

5 unchanged sentences

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.

We are currently evaluating the potential impact of adopting this new guidance on reportable segment disclosures but is not expected to impact our Condensed Consolidated Financial Statements or disclosures.

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

14 unchanged sentences

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

Three Months Ended June 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Three Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 55,085 $ 22,889 $ 62,164 $ 83,634 $ — $ — $ 223,772

21 unchanged sentences

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

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

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

Gold sales $ 38,994 $ 8,719 $ 46,474 $ 45,316 $ — $ — $ 139,503

24 unchanged sentences

Notes to Consolidated Financial Statements

Six Months Ended June 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Nine Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 151,398 $ 52,938 $ 156,753 $ 168,537 $ — $ — $ 529,626

21 unchanged sentences

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

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

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

21 unchanged sentences

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

Assets June 30, 2024 December 31, 2023

Assets September 30, 2024 December 31, 2023

Total assets for reportable segments $ 2,083,269 $ 1,943,037

6 unchanged sentences

Geographic Information

Long-Lived Assets June 30, 2024 December 31, 2023

Long-Lived Assets September 30, 2024 December 31, 2023

United States $ 1,260,793 $ 1,201,988

3 unchanged sentences

Total $ 1,759,454 $ 1,688,288

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

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

2024 2023 2024 2023

4 unchanged sentences

Receivables consist of the following:

In thousands June 30, 2024 December 31, 2023

In thousands September 30, 2024 December 31, 2023

Current receivables:

22 unchanged sentences

Inventory consists of the following:

In thousands June 30, 2024 December 31, 2023

In thousands September 30, 2024 December 31, 2023

Concentrate $ 1,987 $ 3,606

13 unchanged sentences

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

In thousands June 30, 2024 December 31, 2023

In thousands September 30, 2024 December 31, 2023

Mine development $ 1,420,316 $ 1,358,189

9 unchanged sentences

Property, plant and equipment and mining properties, net $ 1,759,454 $ 1,688,288

(1) Includes $ 119.8 million and $ 127.6 million associated with facilities and equipment assets under finance leases at June 30, 2024 and December 31, 2023, respectively.

(2) Includes $ 3.5 million and $ 471.7 million of construction costs related to the Rochester expansion project at June 30, 2024 and December 31, 2023, respectively.

(3) Includes $ 47.0 million and $ 37.6 million of accumulated amortization related to assets under finance leases at June 30, 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, leading to declaration of commercial production and $ 528 million of construction in process placed into service in the first quarter of 2024.

The Company successfully completed the ramp-up of all three stages of the crushing circuit at the end the second quarter by achieving daily throughput rates of over 88,000 tons per day.

(1) Includes $ 149.2 million and $ 127.6 million associated with facilities and equipment assets under finance leases at September 30, 2024 and December 31, 2023, respectively.

(2) Includes $ 471.7 million of construction costs related to the Rochester expansion project at December 31, 2023.

(3) Includes $ 54.1 million and $ 37.6 million of accumulated amortization related to assets under finance leases at September 30, 2024 and December 31, 2023, respectively.

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur will acquire all of the issued and outstanding shares of SilverCrest Metals Inc.

(“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”).

Under the terms of the Agreement, SilverCrest shareholders will receive 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

The Exchange Ratio implies consideration of $ 11.34 per SilverCrest common share, based on the closing price of Coeur common shares on the New York Stock Exchange (“NYSE”) on October 3, 2024.

This implies a total equity value of approximately $ 1.7 billion based on SilverCrest’s common shares outstanding.

Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63 % and 37 % of the outstanding common stock of the combined company, respectively.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including Mexican antitrust approval, approval of the listing of the Coeur common shares to be issued under the Transaction on the NYSE, and the satisfaction of certain other closing conditions customary for a transaction of this nature.

Subject to the satisfaction of such conditions, the Transaction is expected to close in late Q1 2025.

The Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals.

Additionally, break fees in the amount of $ 60 million and $ 100 million are payable by SilverCrest and Coeur, respectively, and a reciprocal expense reimbursement fee is payable by one party to the other party in certain circumstances if the Transaction is not completed.

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 (“Deferred Cash Due 2025”), and an additional $ 5 million payable 24 months after closing (“Deferred Cash Due 2026”).

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.

On July 8, 2024, the Company closed on the purchase after receiving an applicable regulatory approval in Mexico and provided payment of the $ 10 million due at closing.

This resulted in a $ 23.7 million increase to Mineral interest and the recognition of $ 9.3 million of Accrued liabilities and other and $ 4.4 million of Other long-term liabilities for amounts due after closing.

The Company successfully completed the ramp-up of all three stages of the crushing circuit at the end the second quarter by achieving daily throughput rates of over 88,000 tons per day.

NOTE 7 – DEBT

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

In thousands Current Non-Current Current Non-Current

5 unchanged sentences

$ 27,458 $ 577,725 $ 22,636 $ 522,674

(1) Net of unamortized debt issuance costs of $ 3.4 million and $ 3.9 million at June 30, 2024 and December 31, 2023, respectively.

(2) Unamortized debt issuance costs of $ 4.2 million and $ 2.8 million at June 30, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets .

(1) Net of unamortized debt issuance costs of $ 3.2 million and $ 3.9 million at September 30, 2024 and December 31, 2023, respectively.

(2) Unamortized debt issuance costs of $ 3.8 million and $ 2.8 million at September 30, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets .

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

2029 Senior Notes

5 unchanged sentences

Revolving Credit Facility

At June 30, 2024, the Company had $ 275.0 million drawn at a weighted-average interest rate of 9.2 %, $ 29.5 million in outstanding letters of credit and $ 95.5 million available under its $ 400.0 million revolving credit facility (the “RCF”).

At September 30, 2024, the Company had $ 225.0 million drawn at a weighted-average interest rate of 7.5 %, $ 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.

4 unchanged sentences

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

In the six months ended June 30, 2024, the Company entered into a new lease financing arrangement for mining equipment at Kensington for $ 1.0 million.

In the nine months ended September 30, 2024, the Company entered into multiple new lease financing arrangements for mining equipment primarily at Rochester for $ 32.4 million at a weighted average interest rate of 6.89%.

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

1 unchanged sentence

Interest Expense

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

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

In thousands 2024 2023 2024 2023

14 unchanged sentences

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

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

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

In thousands 2024 2023 2024 2023

1 unchanged sentence

Accretion 4,233 4,153 12,463 12,219

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

Settlements ( 2,060 ) ( 1,415 ) ( 4,386 ) ( 3,952 )

1 unchanged sentence

NOTE 9 - INCOME AND MINING TAXES

The following table summarizes the components of Income and mining tax (expense) benefit for the three and six months ended June 30, 2024 and 2023 by significant jurisdiction:

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

The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2024 and 2023 by significant jurisdiction:

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

2024 2023 2024 2023

5 unchanged sentences

$ 74,556 $ ( 25,817 ) $ ( 15,012 ) $ ( 6,097 ) $ 70,078 $ ( 49,030 ) $ ( 51,436 ) $ ( 26,671 )

During the second quarter of 2024, the Company reported estimated income and mining tax expense of approximately $ 7.2 million, resulting in an effective tax rate of 83.4 %.

This compares to income tax expense of $ 9.9 million for an effective tax rate of ( 43.8 )% during the second quarter of 2023.

During the third quarter of 2024, the Company reported estimated income and mining tax expense of approximately $ 25.8 million, resulting in an effective tax rate of 34.6 %.

This compares to income tax expense of $ 6.1 million for an effective tax rate of ( 40.6 )% during the third 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) mining taxes;

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

(iii) geographic distribution of that income;

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

(ii) geographic distribution of that income;

(iii) mining taxes;

(iv) percentage depletion;

(v) foreign exchange rate;

(vi) the prior year sale of non-core assets;

and (vii) the impact of uncertain tax positions.

(v) foreign exchange rates;

and (vi) the impact of uncertain tax positions.

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

9 unchanged sentences

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 June 30, 2024 and December 31, 2023, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant.

At September 30, 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.

5 unchanged sentences

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

Stock-based compensation expense in the three and six months ended June 30, 2024 was $ 2.7 million and $ 6.9 million, respectively, compared to $ 2.7 million and $ 5.8 million in the three and six months ended June 30, 2023.

At June 30, 2024, there was $ 13.0 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, 2024:

Stock-based compensation expense in the three and nine months ended September 30, 2024 was $ 2.8 million and $ 9.8 million, respectively, compared to $ 2.6 million and $ 8.5 million in the three and nine months ended September 30, 2023.

At September 30, 2024, there was $ 11.3 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, 2024:

Grant date Restricted

3 unchanged sentences

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

August 9, 2024 77,354 $ 5.44 3,568 $ 2.77

NOTE 11 – FAIR VALUE MEASUREMENTS

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

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

In thousands 2024 2023 2024 2023

2 unchanged sentences

Fair value adjustments, net $ — $ ( 2,010 ) $ — $ 4,629

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

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

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

2 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 June 30, 2024

Fair Value at September 30, 2024

In thousands Total Level 1 Level 2 Level 3

9 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, and credit spreads.

No assets or liabilities were transferred between fair value levels in the six months ended June 30, 2024.

No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2024.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

The fair value of financial assets and liabilities carried at book value in the financial statements at June 30, 2024 and December 31, 2023 is presented in the following table:

June 30, 2024

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2024 and December 31, 2023 is presented in the following table:

September 30, 2024

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

3 unchanged sentences

$ 225,000 $ 225,000 $ — $ 225,000 $ —

Deferred Cash Due 2025 $ 9,471 $ 9,357 $ — $ 9,357 $ —

Deferred Cash Due 2026 $ 4,427 $ 4,693 $ — $ 4,693 $ —

(1) Net of unamortized debt issuance costs of $ 3.2 million.

10 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 July 2024, the Company completed the purchase of the Fresnillo mining concessions.

Total consideration includes a cash payment of $ 10 million due at closing, the Deferred Cash Due 2025 of $ 10 million, and the Deferred Cash Due 2026 of $ 5 million.

The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads.

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.

NOTE 12 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

9 unchanged sentences

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

At June 30, 2024, the Company had no outstanding derivative cash flow hedge instruments.

At September 30, 2024, the Company had no outstanding derivative cash flow hedge instruments.

The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings.

1 unchanged sentence

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective.

Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments.

There were no such changes in critical terms or adverse developments.

Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments.

There were no such changes in critical terms or adverse developments.

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

June 30, 2024

September 30, 2024

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

5 unchanged sentences

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 and six months ended June 30, 2024 and 2023, respectively (in thousands):

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

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, 2024 and 2023, respectively (in thousands):

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

2024 2023 2024 2023

13 unchanged sentences

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

At June 30, 2024, the Company had the following derivative instruments that settle as follows:

At September 30, 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:

June 30, 2024

September 30, 2024

In thousands Prepaid expenses and other Accrued liabilities and other

6 unchanged sentences

Provisional metal sales contracts $ 318 $ —

The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2024 and 2023, respectively (in thousands):

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

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):

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

Financial statement line Derivative 2024 2023 2024 2023

5 unchanged sentences

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

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

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

In thousands 2024 2023 2024 2023

Silvertip ongoing carrying costs $ 1,675 $ 2,780 $ 6,091 $ 13,569

(Gain) loss on sale of assets 640 312 4,176 312

Loss on sale of assets 176 19 4,352 331

Asset retirement accretion 4,233 4,153 12,463 12,219

Kensington royalty settlement (1)

Transaction costs 976 — 976 —

Other 1,523 1,747 4,769 3,830

2 unchanged sentences

Other, net consists of the following:

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

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

In thousands 2024 2023 2024 2023

Foreign exchange gain (loss) $ 1,708 $ 421 $ 3,432 $ ( 107 )

Gain (loss) on dispositions — ( 12,319 ) — ( 12,319 )

Loss on dispositions — — — ( 12,319 )

Flow-through shares 1,248 — 5,193 —

5 unchanged sentences

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 six months ended June 30, 2024, there were 29,130 and 4.6 million 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, 2.0 million and 1.7 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2023, respectively.

For the three and nine months ended September 30, 2024, there were 29,130 and 103,916 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, 1.1 million and 1.6 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2023, respectively.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

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

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

In thousands except per share amounts 2024 2023 2024 2023

10 unchanged sentences

The initial Private Placement Offering raised net proceeds of $ 23.7 million, of which $ 0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”).

During the six months ended June 30, 2024, the Company recognized a portion of the FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $ 3.9 million included in Other, net.

During the nine months ended September 30, 2024, the Company recognized a portion of the FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $ 5.2 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 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”).

The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp.

and RBC Capital Markets, LLC as sales agents.

The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $ 3.04 per share, raising net proceeds (after sales commissions) of $ 98.4 million.

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

NOTE 15 - SUPPLEMENTAL GUARANTOR INFORMATION

6 unchanged sentences

There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

SUMMARIZED BALANCE SHEET

1 unchanged sentence

Subsidiary Guarantors

In thousands June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023

In thousands September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023

Current assets $ 12,429 $ 19,850 $ 228,442 $ 143,170

6 unchanged sentences

(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

SUMMARIZED STATEMENTS OF INCOME

SIX MONTHS ENDED JUNE 30, 2024

NINE MONTHS ENDED SEPTEMBER 30, 2024

In thousands Coeur Mining, Inc.

5 unchanged sentences

Mexico Litigation Matters

As of June 30, 2024, $ 28.7 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A.

As of September 30, 2024, $ 26.9 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.

12 unchanged sentences

The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced.

Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $ 22.0

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

million deposit toward future deliveries under the gold stream agreement.

Under the Franco-Nevada Gold Stream Agreement, 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 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.

3 unchanged sentences

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

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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

In thousands 2024 2023 2024 2023

5 unchanged sentences

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

In March 2024, the Company received an additional prepayment of $ 25.0 million, of which $ 12.0 million was recognized as revenue in the second quarter of 2024.

In September 2024, the Company received an additional prepayment of $ 25.0 million, following the fulfillment of the previous received prepayments.

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

In June 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively, following the fulfillment of the previous received prepayments received at Wharf and Rochester.

In September 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively, following the fulfillment of the previous received prepayments received at Wharf and Rochester.

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.

3 unchanged sentences

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

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

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

In thousands 2024 2023 2024 2023

12 unchanged sentences

(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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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 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.

1 unchanged sentence

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.

On July 8, 2024, the Company closed on the purchase after receiving an applicable regulatory approval in Mexico and provided payment of the $ 10 million due at closing.

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 June 30, 2024 and December 31, 2023, the Company had surety bonds totaling $ 343.6 million and $ 324.8 million, respectively, in place as financial support for future reclamation and closure costs.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

September 30, 2024 and December 31, 2023, the Company had surety bonds totaling $ 349.5 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.

4 unchanged sentences

Accrued liabilities and other consist of the following:

In thousands June 30, 2024 December 31, 2023

In thousands September 30, 2024 December 31, 2023

Accrued salaries and wages $ 29,815 $ 31,722

4 unchanged sentences

Kensington royalty settlement (1)

Deferred Cash Due 2025 9,471 —

Accrued operating costs 12,055 11,081

5 unchanged sentences

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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 six months ended June 30, 2024 and 2023:

In thousands June 30, 2024 June 30, 2023

In thousands September 30, 2024 September 30, 2023

Cash and cash equivalents $ 76,916 $ 53,223

1 unchanged sentence

Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 78,684 $ 54,946

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet.

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