SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 8/04/15 Coeur Mining, Inc. 8-K:2,9 8/04/15 2:1.2M |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 12K 2: EX-99.1 Miscellaneous Exhibit HTML 416K
2Q15 Earnings Release Ex-99.1 |
• | Silver production was 4.3 million ounces and gold production was 80,855 ounces, or 9.1 million silver equivalent1 ounces, a 13% increase as previously announced on July 9, 2015 |
• | Adjusted
costs applicable to sales were $12.56 and adjusted all-in sustaining costs were $16.60 per silver equivalent ounce1, the lowest level since Coeur began reporting this metric in 2013 |
• | Adjusted costs applicable to sales per gold ounce1 at Kensington of $745 fell 7% from the first quarter |
• | Adjusted
costs applicable to sales per silver equivalent ounce1 at Palmarejo declined 9% from the first quarter to $13.21 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 at Rochester were $12.01, down 7% from the first quarter |
• | Adjusted costs applicable to sales per silver ounce1
at San Bartolomé dropped 8% from the first quarter to $13.26 |
• | Completed the acquisition of Paramount Gold and Silver Corp. and announced an 89% increase in silver reserves and a 76% increase in gold reserves at Palmarejo at a 31% higher average silver grade |
• | On June 24, Coeur announced a 39% increase in Wharf's gold reserves. The addition of Wharf represents a 35% increase in Coeur's total gold reserves |
• | On
June 25, Coeur closed a new $100 million, five-year, senior secured term loan and repaid a pre-existing $50 million bridge loan due in the first quarter of 2016 |
• | Cash, cash equivalents, and short-term investments were $205.9 million at June 30 |
(silver and silver equivalent ounces in thousands) | Silver | Gold | Total
Silver Equivalent |
Palmarejo | 4,200 - 4,700 | 62,000 - 67,000 | 7,920 - 8,720 |
San Bartolomé | 5,300 - 5,500 | — | 5,300 - 5,500 |
Rochester | 4,700 - 5,000 | 55,000 - 65,000 | 8,000 - 8,900 |
Endeavor | 500
- 600 | — | 500 - 600 |
Kensington | — | 115,000 - 125,000 | 6,900 - 7,500 |
Wharf | — | 74,000 - 78,000 | 4,440 - 4,680 |
Total | 14,700 - 15,800 | 306,000 - 335,000 | 33,060
- 35,900 |
(dollars in millions, except per ounce amounts) | New 2015 Guidance | Old 2015 Guidance |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Palmarejo | $15.00 - $16.00 | $16.25 - $17.75 |
Costs
Applicable to Sales per Silver Ounce1 - San Bartolomé | $13.50 - $15.00 | $13.50 - $15.00 |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Rochester | $12.50 - $14.00 | $12.50 - $14.00 |
Costs Applicable to Sales per Gold Ounce - Kensington | $850 - $900 | $900 - $975 |
Costs
Applicable to Sales per Gold Equivalent Ounce1 - Wharf | $750 - $825 | $750 - $825 |
Capital Expenditures | $95 - $105 | $95 - $105 |
General and Administrative Expenses | $36 - $39 | $36 - $39 |
Exploration Expense | $13 - $16 | $13
- $16 |
All-in Sustaining Costs per Silver Equivalent Ounce1 | $17.00 - $18.00 | $17.50 - $18.50 |
(Amounts
in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 | ||||||||||
Revenue | $ | 166.3 | $ | 153.0 | $ | 140.6 | $ | 170.9 | $ | 164.6 | |||||
Costs
Applicable to Sales | $ | 119.1 | $ | 115.1 | $ | 126.5 | $ | 125.9 | $ | 118.7 | |||||
General
and Administrative Expenses | $ | 8.5 | $ | 8.8 | $ | 9.0 | $ | 8.5 | $ | 9.4 | |||||
Adjusted
EBITDA1 | $ | 34.7 | $ | 23.7 | $ | 7.8 | $ | 30.7 | $ | 32.9 | |||||
Net
Income (Loss) | $ | (16.7 | ) | $ | (33.3 | ) | $ | (1,079.1 | ) | $ | 3.5 | $ | (43.1 | ) | |
Net
Income (Loss) Per Share | $ | (0.12 | ) | $ | (0.32 | ) | $ | (10.53 | ) | $ | 0.03 | $ | (0.42 | ) | |
Adjusted
Net Income (Loss)1 | $ | (14.5 | ) | $ | (22.7 | ) | $ | (37.5 | ) | $ | (18.5 | ) | $ | (21.5 | ) |
Adjusted
Net Income (Loss)1 Per Share | $ | (0.11 | ) | $ | (0.22 | ) | $ | (0.37 | ) | $ | (0.18 | ) | $ | (0.21 | ) |
Weighted
Average Shares | 135.0 | 102.6 | 102.4 | 102.6 | 102.4 | ||||||||||
Cash Flow From Operating Activities | $ | 36.9 | $ | (4.0 | ) | $ | 0.7 | $ | 31.3 | $ | 30.5 | ||||
Capital
Expenditures | $ | 23.7 | $ | 17.6 | $ | 20.1 | $ | 16.8 | $ | 15.4 | |||||
Cash,
Equivalents & Short-Term Investments | $ | 205.9 | $ | 179.6 | $ | 270.9 | $ | 295.4 | $ | 316.8 | |||||
Total
Debt2 | $ | 547.7 | $ | 513.5 | $ | 468.5 | $ | 469.5 | $ | 480.1 | |||||
Average
Realized Price Per Ounce - Silver | $ | 16.23 | $ | 16.77 | $ | 16.40 | $ | 19.46 | $ | 19.60 | |||||
Average
Realized Price Per Ounce - Gold | $ | 1,179 | $ | 1,204 | $ | 1,186 | $ | 1,260 | $ | 1,277 | |||||
Silver
Ounces Produced | 4.3 | 3.8 | 4.3 | 4.3 | 4.5 | ||||||||||
Gold Ounces Produced | 80,855 | 69,734 | 64,534 | 64,989 | 61,025 | ||||||||||
Silver
Equivalent Ounces Produced1 | 9.1 | 8.0 | 8.3 | 8.2 | 8.1 | ||||||||||
Silver Ounces Sold | 4.0 | 4.1 | 4.6 | 4.3 | 4.6 | ||||||||||
Gold
Ounces Sold | 84,312 | 68,420 | 52,785 | 69,541 | 57,751 | ||||||||||
Silver Equivalent Ounces Sold1 | 9.1 | 8.2 | 7.9 | 8.4 | 8.1 | ||||||||||
Adjusted
Costs Applicable to Sales per AgEq Oz1 | $ | 12.56 | $ | 13.71 | $ | 14.43 | $ | 14.19 | $ | 14.00 | |||||
Adjusted
Costs Applicable to Sales per AuEq Oz1 | $ | 816 | $ | 797 | $ | 792 | $ | 889 | $ | 821 | |||||
Adjusted
All-in Sustaining Costs per AgEq Oz1 | $ | 16.60 | $ | 17.66 | $ | 19.25 | $ | 18.27 | $ | 19.10 |
(Dollars in millions, except per
ounce amounts) | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 |
Underground Operations: | |||||
Tons mined | 172,730 | 149,150 | 187,730 | 169,656 | 177,359 |
Average
silver grade (oz/t) | 3.90 | 4.34 | 4.49 | 4.88 | 6.15 |
Average gold grade (oz/t) | 0.09 | 0.07 | 0.06 | 0.10 | 0.11 |
Surface Operations: | |||||
Tons
mined | 257,862 | 281,481 | 320,802 | 343,001 | 320,583 |
Average silver grade (oz/t) | 3.47 | 3.79 | 2.90 | 3.09 | 3.72 |
Average gold grade (oz/t) | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 |
Processing: | |||||
Total
tons milled | 435,841 | 451,918 | 510,813 | 518,212 | 534,718 |
Average recovery rate – Ag | 78.5% | 78.7% | 80.2% | 82.7% | 75.6% |
Average recovery rate – Au | 76.2% | 73.9% | 78.7% | 86.9% | 78.9% |
Silver
ounces produced (000's) | 1,247 | 1,354 | 1,444 | 1,533 | 1,761 |
Gold ounces produced | 18,127 | 15,495 | 15,237 | 22,514 | 23,706 |
Silver equivalent ounces produced1 (000's) | 2,335 | 2,284 | 2,359 | 2,883 | 3,183 |
Silver
ounces sold (000's) | 1,228 | 1,330 | 1,375 | 1,605 | 1,983 |
Gold ounces sold | 15,706 | 13,793 | 16,255 | 23,600 | 25,753 |
Silver equivalent ounces sold1 (000's) | 2,170 | 2,158 | 2,350 | 3,021 | 3,528 |
Revenues | $38.9 | $39.4 | $42.2 | $61.4 | $72.4 |
Costs
applicable to sales | $30.1 | $34.5 | $48.1 | $46.0 | $49.6 |
Adjusted costs applicable to sales per AgEq ounce1 | $13.21 | $14.56 | $15.70 | $14.43 | $13.48 |
Exploration
expense | $1.8 | $1.1 | $1.5 | $2.6 | $1.6 |
Cash flow from operating activities | $9.7 | $(0.2) | $(3.2) | $20.2 | $27.4 |
Sustaining capital expenditures | $2.7 | $3.1 | $5.5 | $1.9 | $5.3 |
Development
capital expenditures | $8.0 | $6.1 | $5.4 | $4.0 | $0.3 |
Total capital expenditures | $10.7 | $9.2 | $10.9 | $5.9 | $5.6 |
Free cash flow (before royalties) | $(1.0) | $(9.4) | $(14.1) | $14.3 | $21.8 |
Royalties
paid | $9.8 | $10.4 | $10.0 | $11.4 | $12.3 |
Free cash flow3 | $(10.8) | $(19.8) | $(24.1) | $2.9 | $9.5 |
• | Adjusted
costs applicable to sales per silver equivalent ounce1 of $13.21 decreased 9% from the first quarter due to lower underground mining costs, which also represented a higher proportion of production. Underground mining costs of $44 per ton quarter declined more than 30% from $64 per ton in the first quarter |
• | Palmarejo continues the transition to underground mining at the Guadalupe mine and the Independencia mine (expected beginning early 2016) while mining activities in the historic zones gradually decline. Open-pit mining is expected to end during the second half of 2015 |
• | Development
of the tunnel to Independencia is on track and expected to reach the ore body by the end of 2015 |
• | Raising 2015 production guidance by approximately 9% to 4.2 - 4.7 million ounces of silver and 62,000 - 67,000 ounces of gold from 3.9 - 4.3 million ounces of silver and 55,000 - 65,000 ounces of gold, while lowering costs applicable to sales per silver equivalent ounce1 guidance by approximately 9% to $15.00 - $16.00 from $16.25 - $17.75 |
(Dollars
in millions, except per ounce amounts) | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 |
Ore tons placed | 3,859,965 | 4,013,879 | 3,876,944 | 3,892,421 | 3,329,582 |
Average silver grade (oz/t) | 0.61 | 0.74 | 0.60 | 0.51 | 0.58 |
Average
gold grade (oz/t) | 0.003 | 0.004 | 0.004 | 0.005 | 0.003 |
Silver ounces produced (000's) | 1,294 | 1,144 | 1,170 | 1,156 | 1,112 |
Gold ounces produced | 16,411 | 13,721 | 15,764 | 11,702 | 9,230 |
Silver
equivalent ounces produced1 (000's) | 2,279 | 1,967 | 2,116 | 1,858 | 1,666 |
Silver ounces sold (000's) | 1,120 | 1,351 | 1,154 | 1,067 | 1,006 |
Gold
ounces sold | 15,085 | 17,754 | 14,131 | 8,932 | 8,970 |
Silver equivalent ounces sold1 (000's) | 2,025 | 2,416 | 2,002 | 1,603 | 1,544 |
Revenues | $36.3 | $44.0 | $36.0 | $32.4 | $31.2 |
Costs
applicable to sales | $24.4 | $31.4 | $28.7 | $23.7 | $24.4 |
Adjusted costs applicable to sales per silver equivalent ounce1 | $12.01 | $12.95 | $13.82 | $14.78 | $15.73 |
Exploration
expense | $0.5 | $0.7 | $0.6 | $0.1 | $0.7 |
Cash flow from operating activities | $8.8 | $16.4 | $10.2 | $8.2 | $4.3 |
Sustaining capital expenditures | $2.4 | $0.8 | $2.7 | $4.2 | $4.0 |
Development
capital expenditures | $3.5 | $2.5 | $— | $— | $— |
Total capital expenditures | $5.9 | $3.3 | $2.7 | $4.2 | $4.0 |
Free cash flow3 | $2.9 | $13.1 | $7.5 | $4.0 | $0.3 |
• | Second
quarter adjusted costs applicable to sales per silver equivalent ounce1 were $12.01, down 7% from the first quarter due to lower crushing and leaching costs. Mining costs per ton of $1.39 declined 9% from $1.53 per ton in the first quarter |
• | Operating cash flow of $8.8 million declined from the first quarter due to an increase in metal inventory and a decrease in accounts payable |
• | Expected
completion of the crushing capacity expansion and increased Stage III leach pad capacity during the third quarter |
• | Approval for POA 10 (expansion of Stage IV leach pad and construction of new Stage V leach pad) is expected by early 2016. Minimal preparatory work for the Stage V leach pad expected in 2016 with major construction activity planned for 2017 |
• | In 2015, Rochester is expected to produce 4.7 - 5.0 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1
of $12.50 - $14.00 |
(Dollars in millions, except per ounce amounts) | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 |
Tons
milled | 170,649 | 164,951 | 167,417 | 145,097 | 163,749 |
Average gold grade (oz/t) | 0.18 | 0.24 | 0.21 | 0.23 | 0.18 |
Average recovery rate | 94.9% | 94.8% | 94.2% | 93.0% | 94.5% |
Gold
ounces produced | 29,845 | 33,909 | 33,533 | 30,773 | 28,089 |
Gold ounces sold | 36,607 | 36,873 | 22,399 | 37,009 | 23,028 |
Revenues | $42.5 | $44.0 | $26.0 | $45.9 | $29.0 |
Costs
applicable to sales | $27.5 | $29.4 | $18.9 | $34.7 | $23.2 |
Adjusted costs applicable to sales per gold ounce1 | $745 | $797 | $792 | $889 | $821 |
Exploration
expense | $0.4 | $1.7 | $2.8 | $2.6 | $1.6 |
Cash flow from operating activities | $12.0 | $12.3 | $(3.7) | $17.0 | $(0.6) |
Sustaining capital expenditures | $4.2 | $4.1 | $3.3 | $3.6 | $4.0 |
Development
capital expenditures | $0.5 | $— | $0.6 | $— | $— |
Total capital expenditures | $4.7 | $4.1 | $3.9 | $3.6 | $4.0 |
Free cash flow3 | $7.3 | $8.2 | $(7.6) | $13.4 | $(4.6) |
• | Strong
mill throughput of approximately 1,875 tons per day and lower diesel and mining costs ($51 per ton, down from $55 per ton in the first quarter) caused a 7% decline in adjusted costs applicable to sales per gold ounce1 to $745 in the second quarter. Mining costs per ton declined 7% to $51 from $55 in the first quarter |
• | Development of the decline into the high-grade Jualin deposit is now underway. Underground drilling at Jualin is expected to begin in early 2016 |
• | Raising
2015 production guidance and lowering 2015 cost guidance to 115,000 - 125,000 ounces of gold at costs applicable to sales per gold ounce of $850 - $900, improved approximately 7% from prior guidance of 110,000 - 115,000 ounces of gold at costs applicable to sales per gold ounce of $900 - $975 |
(Dollars in millions, except per ounce amounts) | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q
2014 | 2Q 2014 |
Tons milled | 457,232 | 406,951 | 454,135 | 471,938 | 437,975 |
Average silver grade (oz/t) | 3.73 | 3.65 | 3.77 | 3.70 | 3.87 |
Average
recovery rate | 87.6% | 81.6% | 88.0% | 86.5% | 87.5% |
Silver ounces produced (000's) | 1,495 | 1,213 | 1,507 | 1,509 | 1,481 |
Silver ounces sold (000's) | 1,439 | 1,290 | 1,987 | 1,438 | 1,494 |
Revenues | $23.4 | $21.5 | $32.6 | $28.4 | $29.1 |
Costs
applicable to sales | $19.2 | $19.1 | $29.6 | $20.4 | $20.7 |
Adjusted costs applicable to sales per silver ounce1 | $13.26 | $14.47 | $14.38 | $13.67 | $13.85 |
Exploration
expense | $— | $— | $— | $— | $0.1 |
Cash flow from operating activities | $5.4 | $5.0 | $2.3 | $12.3 | $18.9 |
Sustaining capital expenditures | $1.0 | $0.9 | $2.0 | $2.8 | $1.7 |
Development
capital expenditures | $— | $— | $— | $— | $— |
Total capital expenditures | $1.0 | $0.9 | $2.0 | $2.8 | $1.7 |
Free cash flow3 | $4.4 | $4.1 | $0.3 | $9.5 | $17.2 |
• | Higher
throughput, grade and recovery resulted in higher production and an 8% decline in adjusted costs applicable to sales per silver ounce to $13.26 |
• | On July 10, political protests in Potosi, Bolivia prompted a temporary cessation of mining activity at San Bartolomé. Processing activities were restarted on July 31 and mining activities have fully resumed. As a result, 2015 production guidance has been lowered to 5.3 - 5.5 million ounces of silver, down from 5.8 - 6.1 million previously while maintaining costs applicable to sales guidance of $13.50
- $15.00 per silver equivalent ounce1 |
(Dollars in millions, except per ounce amounts) | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | 2Q 2014 |
Ore tons placed | 887,409 | 415,996 | — | — | — |
Average
gold grade (oz/t) | 0.025 | 0.020 | — | — | — |
Gold equivalent ounces produced1 | 16,794 | 6,609 | — | — | — |
Gold equivalent ounces sold1 | 17,131 | — | — | — | — |
Revenues | $20.4 | $— | — | — | — |
Costs
applicable to sales | $16.6 | $— | — | — | — |
Adjusted costs applicable to sales per gold equivalent ounce1 | $970 | $— | — | — | — |
Exploration expense | $— | $— | — | — | — |
Cash
flow from operating activities | $8.2 | $(7.2) | — | — | — |
Sustaining capital expenditures | $1.2 | $0.1 | — | — | — |
Development capital expenditures | $— | $— | — | — | — |
Total
capital expenditures | $1.2 | $0.1 | — | — | — |
Free cash flow3 | $7.0 | $(7.3) | — | — | — |
• | The
second quarter was the first full quarter of operating results since the acquisition closed on February 20, 2015 |
• | In June, Coeur announced a 39% increase in Wharf's gold reserves. A technical report was filed today, reflecting an after-tax NPV10% of $138 million based on the current mine plan, average annual gold production of almost 90,000 ounces, and average annual operating cash flow of more than $30 million |
• | Significantly
higher production is expected in the second half of 2015 at lower unit costs mainly due to higher mining rates. For the full year, Wharf is expected to produce 74,000 - 78,000 ounces of gold at costs applicable to sales per gold equivalent ounce1 of $750 - $825. Capital expenditures are expected to be approximately $3.0 million in 2015 |
(Dollars in millions, except per ounce amounts) | 2Q 2015 | 1Q 2015 | 4Q
2014 | 3Q 2014 | 2Q 2014 |
Tons milled | 191,175 | 185,299 | 214,180 | 199,757 | 185,538 |
Average silver grade (oz/t) | 2.35 | 1.69 | 1.99 | 1.44 | 1.41 |
Average
recovery rate | 45.4% | 42.4% | 44.9% | 49.1% | 42.4% |
Silver ounces produced (000's) | 204 | 133 | 191 | 141 | 111 |
Silver ounces sold (000's) | 209 | 118 | 192 | 141 | 106 |
Metal
sales | $3.1 | $1.9 | $2.7 | $2.4 | $2.0 |
Royalty revenue | $1.8 | $2.0 | $0.7 | $0.6 | $0.9 |
Costs applicable to sales (Endeavor silver stream) | $1.4 | $0.6 | $1.1 | $1.1 | $0.8 |
Costs
applicable to sales per silver equivalent ounce1 | $6.46 | $5.37 | $5.69 | $7.71 | $7.94 |
Cash flow from operating activities | $2.1 | $2.2 | $1.5 | $2.4 | $0.8 |
Free
cash flow3 | $2.1 | $2.2 | $1.5 | $2.4 | $0.8 |
• | There are five cash-flowing royalties and streams, four non-cash-flowing royalties, and several investments in junior mining companies held in Coeur Capital or its affiliates |
• | Coeur
Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At June 30, 2015, the Company has received 5.8 million ounces, or 29.0% of the total |
Three
months ended June 30, | Six months ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
In thousands,
except share data | |||||||||||||||
Revenue | $ | 166,263 | $ | 164,562 | $ | 319,219 | $ | 324,195 | |||||||
COSTS
AND EXPENSES | |||||||||||||||
Costs applicable to sales | 119,097 | 118,687 | 234,160 | 225,583 | |||||||||||
Amortization | 38,974 | 41,422 | 72,064 | 81,849 | |||||||||||
General
and administrative | 8,451 | 9,398 | 17,286 | 23,294 | |||||||||||
Exploration | 3,579 | 5,153 | 7,845 | 9,370 | |||||||||||
Pre-development,
reclamation, and other | 2,267 | 8,760 | 9,030 | 15,775 | |||||||||||
Total costs and expenses | 172,368 | 183,420 | 340,385 | 355,871 | |||||||||||
OTHER
INCOME (EXPENSE), NET | |||||||||||||||
Fair value adjustments, net | 2,754 | (8,282 | ) | (2,130 | ) | (19,717 | ) | ||||||||
Impairment
of equity securities | (31 | ) | (934 | ) | (1,545 | ) | (3,522 | ) | |||||||
Interest income and other, net | (2,821 | ) | (116 | ) | (3,817 | ) | (2,100 | ) | |||||||
Interest
expense, net of capitalized interest | (10,734 | ) | (12,310 | ) | (21,499 | ) | (25,365 | ) | |||||||
Total other income (expense), net | (10,832 | ) | (21,642 | ) | (28,991 | ) | (50,704 | ) | |||||||
Income
(loss) before income and mining taxes | (16,937 | ) | (40,500 | ) | (50,157 | ) | (82,380 | ) | |||||||
Income and mining tax (expense) benefit | 260 | (2,621 | ) | 192 | 2,068 | ||||||||||
NET
INCOME (LOSS) | $ | (16,677 | ) | $ | (43,121 | ) | $ | (49,965 | ) | $ | (80,312 | ) | |||
OTHER
COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||
Unrealized gain (loss) on equity securities, net of tax of $7 for the three months ended June 30, 2015 and $487 and $253 for the three and six months ended June 30, 2014, respectively | (1,312 | ) | (773 | ) | (2,813 | ) | (401 | ) | |||||||
Reclassification
adjustments for impairment of equity securities, net of tax of $(362) and $(1,363) for the three and six months ended June 30, 2014, respectively | 31 | 572 | 1,545 | 2,159 | |||||||||||
Reclassification
adjustments for realized loss on sale of equity securities, net of tax of $(10) for the three and six months ended June 30, 2014, respectively | 904 | 17 | 904 | 17 | |||||||||||
Other
comprehensive income (loss) | (377 | ) | (184 | ) | (364 | ) | 1,775 | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (17,054 | ) | $ | (43,305 | ) | $ | (50,329 | ) | $ | (78,537 | ) | |||
NET
INCOME (LOSS) PER SHARE | |||||||||||||||
Basic | $ | (0.12 | ) | $ | (0.42 | ) | $ | (0.42 | ) | $ | (0.78 | ) | |||
Diluted | $ | (0.12 | ) | $ | (0.42 | ) | $ | (0.42 | ) | $ | (0.78 | ) |
Three months ended June 30, | Six
months ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
In thousands | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net
income (loss) | $ | (16,677 | ) | $ | (43,121 | ) | $ | (49,965 | ) | (80,312 | ) | ||||
Adjustments: | |||||||||||||||
Amortization | 38,974 | 41,422 | 72,064 | 81,849 | |||||||||||
Accretion | 3,526 | 4,502 | 6,676 | 9,093 | |||||||||||
Deferred
income taxes | (5,053 | ) | (3,844 | ) | (7,237 | ) | (15,705 | ) | |||||||
Loss on termination of revolving credit facility | — | — | — | 3,035 | |||||||||||
Fair
value adjustments, net | (2,754 | ) | 8,282 | 2,130 | 19,717 | ||||||||||
Stock-based compensation | 2,604 | 2,385 | 4,754 | 4,950 | |||||||||||
Impairment
of equity securities | 31 | 934 | 1,545 | 3,522 | |||||||||||
Foreign exchange and other | 4,224 | (54 | ) | 5,303 | (869 | ) | |||||||||
Changes
in operating assets and liabilities: | |||||||||||||||
Receivables | (2,342 | ) | 4,921 | 214 | 10,544 | ||||||||||
Prepaid
expenses and other current assets | 160 | 3,551 | (1,167 | ) | (4,558 | ) | |||||||||
Inventory and ore on leach pads | 4,649 | (1,606 | ) | 5,333 | (15,519 | ) | |||||||||
Accounts
payable and accrued liabilities | 9,521 | 13,118 | (6,759 | ) | 5,117 | ||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 36,863 | 30,490 | 32,891 | 20,864 | |||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Capital expenditures | (23,677 | ) | (15,356 | ) | (41,297 | ) | (27,292 | ) | |||||||
Acquisitions,
net of cash acquired | (9,152 | ) | (2,250 | ) | (111,170 | ) | (2,250 | ) | |||||||
Other | (103 | ) | 12 | (1,676 | ) | (13 | ) | ||||||||
Purchase
of short-term investments and equity securities | (1,597 | ) | (2,139 | ) | (1,873 | ) | (48,360 | ) | |||||||
Sales and maturities of short-term investments | 399 | 800 | 469 | 890 | |||||||||||
CASH
USED IN INVESTING ACTIVITIES | (34,130 | ) | (18,933 | ) | (155,547 | ) | (77,025 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Issuance
of notes and bank borrowings | 100,000 | — | 153,500 | 153,000 | |||||||||||
Payments on debt, capital leases, and associated costs | (66,626 | ) | (2,851 | ) | (75,220 | ) | (6,962 | ) | |||||||
Gold
production royalty payments | (9,754 | ) | (12,345 | ) | (20,122 | ) | (27,028 | ) | |||||||
Other | (72 | ) | (160 | ) | (495 | ) | (406 | ) | |||||||
CASH
PROVIDED BY (USED IN) FINANCING ACTIVITIES | 23,548 | (15,356 | ) | 57,663 | 118,604 | ||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 26,281 | (3,799 | ) | (64,993 | ) | 62,443 | |||||||||
Cash
and cash equivalents at beginning of period | 179,587 | 272,932 | 270,861 | 206,690 | |||||||||||
Cash and cash equivalents at end of period | $ | 205,868 | $ | 269,133 | $ | 205,868 | $ | 269,133 |
(Unaudited) | ||||||||
ASSETS | In thousands, except share data | |||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 205,868 | $ | 270,861 | ||||
Receivables | 112,159 | 116,921 | ||||||
Inventory | 109,207 | 114,931 | ||||||
Ore
on leach pads | 67,458 | 48,204 | ||||||
Deferred tax assets | 7,262 | 7,364 | ||||||
Prepaid
expenses and other | 17,442 | 15,523 | ||||||
519,396 | 573,804 | |||||||
NON-CURRENT
ASSETS | ||||||||
Property, plant and equipment, net | 254,574 | 227,911 | ||||||
Mining properties, net | 864,884 | 501,192 | ||||||
Ore
on leach pads | 32,663 | 37,889 | ||||||
Restricted assets | 8,377 | 7,037 | ||||||
Equity
securities | 4,216 | 5,982 | ||||||
Receivables | 26,738 | 21,686 | ||||||
Deferred
tax assets | 64,120 | 60,151 | ||||||
Other | 11,681 | 9,915 | ||||||
TOTAL
ASSETS | $ | 1,786,649 | $ | 1,445,567 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT
LIABILITIES | ||||||||
Accounts payable | $ | 42,522 | $ | 49,052 | ||||
Accrued
liabilities and other | 47,590 | 51,513 | ||||||
Debt | 9,121 | 17,498 | ||||||
Royalty
obligations | 41,999 | 43,678 | ||||||
Reclamation | 3,786 | 3,871 | ||||||
Deferred
tax liabilities | 8,078 | 8,078 | ||||||
153,096 | 173,690 | |||||||
NON-CURRENT
LIABILITIES | ||||||||
Debt | 538,589 | 451,048 | ||||||
Royalty obligations | 12,675 | 27,651 | ||||||
Reclamation | 87,538 | 66,943 | ||||||
Deferred
tax liabilities | 223,868 | 111,006 | ||||||
Other long-term liabilities | 43,233 | 29,911 | ||||||
905,903 | 686,559 | |||||||
STOCKHOLDERS’
EQUITY | ||||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 137,122,762 at June 30, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 1,371 | 1,034 | ||||||
Additional
paid-in capital | 2,982,019 | 2,789,695 | ||||||
Accumulated other comprehensive income (loss) | (3,172 | ) | (2,808 | ) | ||||
Accumulated
deficit | (2,252,568 | ) | (2,202,603 | ) | ||||
727,650 | 585,318 | |||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,786,649 | $ | 1,445,567 |
(Dollars in thousands except per share amounts) | 2Q 2015 | 1Q 2015 | 4Q
2014 | 3Q 2014 | 2Q 2014 | ||||||||||||||
Net income (loss) | $ | (16,677 | ) | $ | (33,287 | ) | $ | (1,079,038 | ) | $ | 3,466 | $ | (43,121 | ) | |||||
Interest
expense, net of capitalized interest | 10,734 | 10,765 | 10,566 | 11,615 | 12,311 | ||||||||||||||
Interest
income and other, net | 2,821 | 997 | (3,688 | ) | 213 | 4,083 | |||||||||||||
Income
tax provision (benefit) | (260 | ) | 68 | (440,594 | ) | (16,582 | ) | 2,621 | |||||||||||
Amortization | 38,974 | 33,090 | 38,570 | 41,985 | 41,422 | ||||||||||||||
EBITDA | 35,592 | 11,633 | (1,474,184 | ) | 40,697 | 17,316 | |||||||||||||
Fair
value adjustments, net | (2,754 | ) | 4,884 | (7,229 | ) | (16,106 | ) | 8,281 | |||||||||||
Impairment
of equity securities | 31 | 1,514 | 1,979 | 1,092 | 934 | ||||||||||||||
Inventory
adjustments | 1,805 | 3,684 | 14,482 | 4,993 | 6,353 | ||||||||||||||
Transaction-related
costs | 38 | 1,975 | — | — | — | ||||||||||||||
Write-downs | — | — | 1,472,721 | — | — | ||||||||||||||
Adjusted
EBITDA | $ | 34,712 | $ | 23,690 | $ | 7,769 | $ | 30,676 | $ | 32,884 |
(Dollars in thousands except per share amounts) | 2Q 2015 | 1Q 2015 | 4Q
2014 | 3Q 2014 | 2Q 2014 | ||||||||||||||
Net income (loss) | $ | (16,677 | ) | $ | (33,287 | ) | $ | (1,079,038 | ) | $ | 3,466 | $ | (43,121 | ) | |||||
Fair
value adjustments, net | (2,618 | ) | 4,339 | (5,622 | ) | (13,026 | ) | 6,498 | |||||||||||
Stock-based
compensation | 2,529 | 2,410 | 1,807 | 2,417 | 2,299 | ||||||||||||||
Impairment
of equity securities | 31 | 1,514 | 1,979 | 1,092 | 934 | ||||||||||||||
Accretion
of royalty obligation | 1,147 | 1,315 | 1,992 | 1,374 | 1,789 | ||||||||||||||
Write-downs | — | — | 1,021,756 | — | — | ||||||||||||||
(Gain)
loss on debt extinguishments | 524 | (253 | ) | (426 | ) | — | — | ||||||||||||
Inventory
adjustments | 1,805 | 3,684 | 14,482 | 4,993 | 6,353 | ||||||||||||||
Transaction-related
costs | 38 | 1,975 | — | — | — | ||||||||||||||
Deferred
tax asset valuation allowance | 76 | (3,464 | ) | — | — | — | |||||||||||||
Foreign
exchange (gain) loss on deferred taxes | (1,305 | ) | (929 | ) | 5,615 | (18,801 | ) | 3,711 | |||||||||||
Adjusted
net income (loss) | $ | (14,450 | ) | $ | (22,696 | ) | $ | (37,455 | ) | $ | (18,485 | ) | $ | (21,537 | ) | ||||
Adjusted
net income (loss) per share | $ | (0.11 | ) | $ | (0.22 | ) | $ | (0.37 | ) | $ | (0.18 | ) | $ | (0.21 | ) |
Silver | Gold | |||||||||||||||||||||||||||||||||||
In
thousands except per ounce amounts | Palmarejo | San Bartolomé | Rochester | Endeavor | Total Silver | Kensington | Wharf | Total
Gold | Total Combined | |||||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 39,158 | $ | 24,428 | $ | 37,076 | $ | 3,204 | $ | 103,866 | $ | 40,136 | $ | 20,123 | $ | 60,259 | $ | 164,125 | ||||||||||||||||||
Amortization | 9,046 | 5,271 | 12,684 | 1,852 | 28,853 | 12,684 | 3,491 | 16,175 | 45,028 | |||||||||||||||||||||||||||
Costs
applicable to sales | $ | 30,112 | $ | 19,157 | $ | 24,392 | $ | 1,352 | $ | 75,013 | $ | 27,452 | $ | 16,632 | $ | 44,084 | $ | 119,097 | ||||||||||||||||||
Silver
equivalent ounces sold | 2,169,960 | 1,439,388 | 2,024,856 | 209,130 | 5,843,334 | 9,067,614 | ||||||||||||||||||||||||||||||
Gold
equivalent ounces sold | 36,607 | 17,131 | 53,738 | |||||||||||||||||||||||||||||||||
Costs
applicable to sales per ounce | $ | 13.88 | $ | 13.31 | $ | 12.05 | $ | 6.46 | $ | 12.84 | $ | 750 | $ | 971 | $ | 820 | $ | 13.13 | ||||||||||||||||||
Inventory
adjustments | (0.67 | ) | (0.05 | ) | (0.04 | ) | — | (0.28 | ) | (5 | ) | (1 | ) | (4 | ) | (0.20 | ) | |||||||||||||||||||
Adjusted
costs applicable to sales per ounce | $ | 13.21 | $ | 13.26 | $ | 12.01 | $ | 6.46 | $ | 12.56 | $ | 745 | $ | 970 | $ | 816 | $ | 12.93 | ||||||||||||||||||
Costs
applicable to sales | $ | 119,097 | ||||||||||||||||||||||||||||||||||
Treatment
and refining costs | 1,526 | |||||||||||||||||||||||||||||||||||
Sustaining
capital | 13,625 | |||||||||||||||||||||||||||||||||||
General
and administrative | 8,451 | |||||||||||||||||||||||||||||||||||
Exploration | 3,579 | |||||||||||||||||||||||||||||||||||
Reclamation | 4,036 | |||||||||||||||||||||||||||||||||||
Project/pre-development
costs | 2,030 | |||||||||||||||||||||||||||||||||||
All-in
sustaining costs | $ | 152,344 | ||||||||||||||||||||||||||||||||||
Silver
equivalent ounces sold | 5,843,334 | |||||||||||||||||||||||||||||||||||
Kensington
and Wharf silver equivalent ounces sold | 3,224,280 | |||||||||||||||||||||||||||||||||||
Consolidated
silver equivalent ounces sold | 9,067,614 | |||||||||||||||||||||||||||||||||||
All-in
sustaining costs per silver equivalent ounce | $ | 16.80 | ||||||||||||||||||||||||||||||||||
Inventory
adjustments | $ | (0.20 | ) | |||||||||||||||||||||||||||||||||
Adjusted
all-in sustaining costs per silver equivalent ounce | $ | 16.60 |
Silver | Gold | |||||||||||||||||||||||||||
In
thousands except per ounce amounts | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs
applicable to sales, including amortization (U.S. GAAP) | $ | 41,824 | $ | 23,818 | $ | 38,235 | $ | 1,892 | $ | 105,769 | $ | 40,973 | $ | 146,742 | ||||||||||||||
Amortization | 7,333 | 4,691 | 6,843 | 1,259 | 20,126 | 11,554 | 31,680 | |||||||||||||||||||||
Costs
applicable to sales | $ | 34,491 | $ | 19,127 | $ | 31,392 | $ | 633 | $ | 85,643 | $ | 29,419 | $ | 115,062 | ||||||||||||||
Silver
equivalent ounces sold | 2,157,612 | 1,289,867 | 2,416,103 | 117,863 | 5,981,445 | 8,193,825 | ||||||||||||||||||||||
Gold
ounces sold | 36,873 | |||||||||||||||||||||||||||
Costs
applicable to sales per ounce | $ | 15.99 | $ | 14.83 | $ | 12.99 | $ | 5.37 | $ | 14.32 | $ | 798 | $ | 14.04 | ||||||||||||||
Inventory
adjustments | (1.43 | ) | (0.36 | ) | (0.04 | ) | — | (0.61 | ) | (1 | ) | (0.45 | ) | |||||||||||||||
Adjusted
costs applicable to sales per ounce | $ | 14.56 | $ | 14.47 | $ | 12.95 | $ | 5.37 | $ | 13.71 | $ | 797 | $ | 13.59 | ||||||||||||||
Costs
applicable to sales | $ | 115,062 | ||||||||||||||||||||||||||
Treatment
and refining costs | 1,490 | |||||||||||||||||||||||||||
Sustaining
capital | 10,909 | |||||||||||||||||||||||||||
General
and administrative | 8,834 | |||||||||||||||||||||||||||
Exploration | 4,266 | |||||||||||||||||||||||||||
Reclamation | 2,924 | |||||||||||||||||||||||||||
Project/pre-development
costs | 4,873 | |||||||||||||||||||||||||||
All-in
sustaining costs | $ | 148,358 | ||||||||||||||||||||||||||
Silver
equivalent ounces sold | 5,981,445 | |||||||||||||||||||||||||||
Kensington
silver equivalent ounces sold | 2,212,380 | |||||||||||||||||||||||||||
Consolidated
silver equivalent ounces sold | 8,193,825 | |||||||||||||||||||||||||||
All-in
sustaining costs per silver equivalent ounce | $ | 18.11 | ||||||||||||||||||||||||||
Inventory
adjustments | $ | (0.45 | ) | |||||||||||||||||||||||||
Adjusted
all-in sustaining costs per silver equivalent ounce | $ | 17.66 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars
in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs
applicable to sales, including amortization (U.S. GAAP) | $ | 64,397 | $ | 34,610 | $ | 34,611 | $ | 2,678 | $ | 136,296 | $ | 27,383 | $ | 163,679 | ||||||||||||||
Amortization | 16,235 | 4,993 | 5,955 | 1,586 | 28,769 | 8,458 | 37,227 | |||||||||||||||||||||
Costs
applicable to sales | $ | 48,162 | $ | 29,617 | $ | 28,656 | $ | 1,092 | $ | 107,527 | $ | 18,925 | $ | 126,452 | ||||||||||||||
Silver
equivalent ounces sold | 2,350,080 | 1,985,952 | 2,001,976 | 191,983 | 6,529,991 | 7,873,931 | ||||||||||||||||||||||
Gold
ounces sold | 22,399 | |||||||||||||||||||||||||||
Costs
applicable to sales per ounce | $ | 20.49 | $ | 14.91 | $ | 14.31 | $ | 5.69 | $ | 16.47 | $ | 845 | $ | 16.06 | ||||||||||||||
Inventory
adjustments | (4.79 | ) | (0.53 | ) | (0.49 | ) | — | (2.04 | ) | (53 | ) | (1.84 | ) | |||||||||||||||
Adjusted
costs applicable to sales per ounce | $ | 15.70 | $ | 14.38 | $ | 13.82 | $ | 5.69 | $ | 14.43 | $ | 792 | $ | 14.22 | ||||||||||||||
Costs
applicable to sales | $ | 126,452 | ||||||||||||||||||||||||||
Treatment
and refining costs | 994 | |||||||||||||||||||||||||||
Sustaining
capital | 18,492 | |||||||||||||||||||||||||||
General
and administrative | 9,036 | |||||||||||||||||||||||||||
Exploration | 5,783 | |||||||||||||||||||||||||||
Reclamation | 1,549 | |||||||||||||||||||||||||||
Project/pre-development
costs | 3,721 | |||||||||||||||||||||||||||
All-in
sustaining costs | $ | 166,027 | ||||||||||||||||||||||||||
Silver
equivalent ounces sold | 6,529,991 | |||||||||||||||||||||||||||
Kensington
silver equivalent ounces sold | 1,343,940 | |||||||||||||||||||||||||||
Consolidated
silver equivalent ounces sold | 7,873,931 | |||||||||||||||||||||||||||
All-in
sustaining costs per silver equivalent ounce | $ | 21.09 | ||||||||||||||||||||||||||
Inventory
adjustments | $ | (1.84 | ) | |||||||||||||||||||||||||
Adjusted
all-in sustaining costs per silver equivalent ounce | $ | 19.25 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars
in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs
applicable to sales, including amortization (U.S. GAAP) | $ | 62,481 | $ | 25,564 | $ | 29,077 | $ | 1,998 | $ | 119,120 | $ | 47,555 | $ | 166,675 | ||||||||||||||
Amortization | 16,493 | 5,117 | 5,359 | 909 | 27,878 | 12,887 | 40,765 | |||||||||||||||||||||
Costs
applicable to sales | $ | 45,988 | $ | 20,447 | $ | 23,718 | $ | 1,089 | $ | 91,242 | $ | 34,668 | $ | 125,910 | ||||||||||||||
Silver
equivalent ounces sold | 3,021,448 | 1,438,409 | 1,602,676 | 141,291 | 6,203,824 | 8,424,364 | ||||||||||||||||||||||
Gold
ounces sold | 37,009 | |||||||||||||||||||||||||||
Costs
applicable to sales per ounce | $ | 15.22 | $ | 14.22 | $ | 14.80 | $ | 7.71 | $ | 14.71 | $ | 937 | $ | 14.95 | ||||||||||||||
Inventory
adjustments | (0.79 | ) | (0.55 | ) | (0.02 | ) | — | (0.52 | ) | (48 | ) | (0.59 | ) | |||||||||||||||
Adjusted
costs applicable to sales per ounce | $ | 14.43 | $ | 13.67 | $ | 14.78 | $ | 7.71 | $ | 14.19 | $ | 889 | $ | 14.36 | ||||||||||||||
Costs
applicable to sales | $ | 125,910 | ||||||||||||||||||||||||||
Treatment
and refining costs | 1,425 | |||||||||||||||||||||||||||
Sustaining
capital | 12,239 | |||||||||||||||||||||||||||
General
and administrative | 8,515 | |||||||||||||||||||||||||||
Exploration | 6,587 | |||||||||||||||||||||||||||
Reclamation | 2,041 | |||||||||||||||||||||||||||
Project/pre-development
costs | 2,154 | |||||||||||||||||||||||||||
All-in
sustaining costs | $ | 158,871 | ||||||||||||||||||||||||||
Silver
equivalent ounces sold | 6,203,824 | |||||||||||||||||||||||||||
Kensington
silver equivalent ounces sold | 2,220,540 | |||||||||||||||||||||||||||
Consolidated
silver equivalent ounces sold | 8,424,364 | |||||||||||||||||||||||||||
All-in
sustaining costs per silver equivalent ounce | $ | 18.86 | ||||||||||||||||||||||||||
Inventory
adjustments | $ | (0.59 | ) | |||||||||||||||||||||||||
Adjusted
all-in sustaining costs per silver equivalent ounce | $ | 18.27 |
Silver | Gold | |||||||||||||||||||||||||||
In
thousands except per ounce amounts | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs
applicable to sales, including amortization (U.S. GAAP) | $ | 67,595 | $ | 25,550 | $ | 29,406 | $ | 1,701 | $ | 124,252 | $ | 34,784 | $ | 159,036 | ||||||||||||||
Amortization | 18,044 | 4,855 | 5,025 | 859 | 28,783 | 11,566 | 40,349 | |||||||||||||||||||||
Costs
applicable to sales | $ | 49,551 | $ | 20,695 | $ | 24,381 | $ | 842 | $ | 95,469 | $ | 23,218 | $ | 118,687 | ||||||||||||||
Silver
equivalent ounces sold | 3,528,240 | 1,494,100 | 1,544,461 | 106,126 | 6,672,927 | 8,054,607 | ||||||||||||||||||||||
Gold
ounces sold | 23,028 | |||||||||||||||||||||||||||
Costs
applicable to sales per ounce | $ | 14.04 | $ | 13.85 | $ | 15.79 | $ | 7.94 | $ | 14.31 | $ | 1,008 | $ | 14.74 | ||||||||||||||
Inventory
adjustments | (0.56 | ) | — | (0.06 | ) | — | (0.31 | ) | (187 | ) | (0.79 | ) | ||||||||||||||||
Adjusted
costs applicable to sales per ounce | $ | 13.48 | $ | 13.85 | $ | 15.73 | $ | 7.94 | $ | 14.00 | $ | 821 | $ | 13.95 | ||||||||||||||
Costs
applicable to sales | $ | 118,687 | ||||||||||||||||||||||||||
Treatment
and refining costs | 963 | |||||||||||||||||||||||||||
Sustaining
capital | 17,617 | |||||||||||||||||||||||||||
General
and administrative | 9,398 | |||||||||||||||||||||||||||
Exploration | 5,153 | |||||||||||||||||||||||||||
Reclamation | 1,964 | |||||||||||||||||||||||||||
Project/pre-development
costs | 6,388 | |||||||||||||||||||||||||||
All-in
sustaining costs | $ | 160,170 | ||||||||||||||||||||||||||
Silver
equivalent ounces sold | 6,672,927 | |||||||||||||||||||||||||||
Kensington
silver equivalent ounces sold | 1,381,680 | |||||||||||||||||||||||||||
Consolidated
silver equivalent ounces sold | 8,054,607 | |||||||||||||||||||||||||||
All-in
sustaining costs per silver equivalent ounce | $ | 19.89 | ||||||||||||||||||||||||||
Inventory
adjustments | $ | (0.79 | ) | |||||||||||||||||||||||||
Adjusted
all-in sustaining costs per silver equivalent ounce | $ | 19.10 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/19/15 | ||||
8/5/15 | ||||
Filed on / For Period End: | 8/4/15 | |||
7/9/15 | 8-K | |||
6/30/15 | ||||
3/31/15 | 10-Q, 8-K, DEF 14A, DEFA14A | |||
2/20/15 | 10-K | |||
12/31/14 | 10-K | |||
9/30/14 | 10-Q | |||
6/30/14 | 10-Q | |||
List all Filings |