Quarterly Results

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First Quarter 2016 Highlights

  • Silver production was 3.4 million ounces and gold production was 78,072 ounces, or 8.1 million silver equivalent ounces1, as previously announced on April 7, 2016
  • Silver sales were 3.5 million ounces and gold sales were 79,091 ounces, or 8.3 million silver equivalent ounces1
  • Adjusted all-in sustaining costs were $13.73 per realized silver equivalent ounce1. Using a 60:1 equivalence, adjusted all-in sustaining costs were $16.05 per silver equivalent ounce1
  • Adjusted costs applicable to sales were $11.08 per realized silver equivalent ounce1. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce1 were $12.05
  • Adjusted costs applicable to sales per gold equivalent ounce1 were $721
  • Adjusted EBITDA1 was $34.6 million, a 16% increase from the fourth quarter 2015
  • Capital expenditures totaled $22.2 million, driven by development of the Jualin deposit at Kensington and the Guadalupe and Independencia underground deposits at Palmarejo
  • Cash and equivalents of $173.4 million at March 31, 2016
  • Expected total consideration of $24.8 million from sales of non-core assets

From Coeur's President & Chief Executive Officer, Mitchell J. Krebs

"I am pleased with our strong cost performance in the first quarter, which is tracking at the low-end of cost guidance set at the beginning of the year," said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. "These sustained lower operating costs, combined with the positive momentum we have seen in silver and gold prices so far this year, have led to a 16% increase in adjusted EBITDA1 to $34.6 million.


"We have made significant progress repositioning our assets through industry-leading cost reductions, operational efficiency improvements, and the focus on higher-quality, higher-margin silver and gold ounces, which is reflected in this quarter's results. As underground production rates continue to accelerate at the Guadalupe and Independencia deposits at Palmarejo, ore placement rates at Rochester increase, development of higher-grade mineralization at Kensington progresses, and with the first full-year of contribution from the Wharf mine which we acquired last year, we are well-positioned to generate strong free cash flow later this year."

Financial Highlights

(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) 1Q 2016 4Q 2015
Revenue $ 148.4 $ 164.2
Costs Applicable to Sales $ 101.6 $ 125.3
Adjusted EBITDA1 $ 34.6 $ 29.8
Adjusted Net Income (Loss) $ (6.6) $ 38.6
Adjusted Net Income (Loss)1 Per Share $ (0.04) $ (0.27)
Cash Flow From Operating Activities $ 6.6 $ 44.4
Silver Ounces Sold 3.5 4.4
Gold Ounces Sold 79,091 92,032
Silver Equivalent Ounces Sold1 8.3 9.9
Silver Equivalent Ounces Sold (Realized)1 9.7 11.3
Adjusted Costs Applicable to Sales per AgEq Ounce1 $ 12.05 $ 12.65
Adjusted Costs Applicable to Sales per Realized AgEq Ounce1 $ 11.08 $ 11.71
Adjusted Costs Applicable to Sales per AuEq Ounce1 $ 721 $ 663
Adjusted All-in Sustaining Costs per AgEq Ounce1 $ 16.05 $ 15.66
Adjusted All-in Sustaining Costs per Realized AgEq Ounce1 $ 13.73 $ 13.55
Notes
  1. Adjusted EBITDA, adjusted net income (loss), adjusted all-in sustaining costs, and adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP of the 3Q 2014 Financial Results press release. For purposes of silver and gold equivalence a 60:1 silver to gold ratio is used unless otherwise noted.

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Coeur Mining, Inc.
104 S. Michigan Avenue, Suite 900 Chicago, Illinois, 60603 - (312) 489-5800