Group 1 - Coeur Mining (CDE) is currently outperforming the Basic Materials sector with a year-to-date return of approximately 95.7%, while the sector has an average return of -2.6% [4] - The Zacks Rank for Coeur Mining is 1 (Strong Buy), indicating strong analyst sentiment and a positive earnings outlook, with a 91.7% increase in the consensus estimate for full-year earnings over the past 90 days [3] - Coeur Mining belongs to the Mining - Non Ferrous industry, which has an average year-to-date gain of 8.8%, positioning CDE as a strong performer within its industry [5] Group 2 - The Basic Materials sector includes 233 individual stocks and currently holds a Zacks Sector Rank of 14 out of 16 groups [2] - Another notable stock in the Basic Materials sector is CF Industries (CF), which has returned 10.9% year-to-date, but is still significantly behind Coeur Mining [4] - The Fertilizers industry, which includes CF Industries, has seen a decline of 16% since the beginning of the year, contrasting with the performance of Coeur Mining [6]

Core Viewpoint - Ascentage Pharma has announced the acceptance of a New Drug Application (NDA) for its investigational Bcl-2 selective inhibitor, lisaftoclax, aimed at treating relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) in China, marking a significant milestone as it could become the first domestically developed Bcl-2 inhibitor approved in the country [1][8]. Company Overview - Ascentage Pharma is a global biopharmaceutical company focused on discovering, developing, and commercializing therapies for unmet medical needs, particularly in malignancies [9]. - The company was listed on the Main Board of the Stock Exchange of Hong Kong Limited on October 28, 2019, under the stock code 6855.HK [9]. Product Development - The NDA for lisaftoclax is based on a pivotal Phase II study in China that assessed its efficacy and safety in patients with r/r CLL/SLL, with the overall response rate (ORR) as the primary endpoint [2]. - Lisaftoclax is the first Bcl-2 inhibitor developed in China and the second globally to enter pivotal registrational studies, demonstrating significant clinical benefits [6][8]. Market Need - CLL/SLL is a common hematologic malignancy, particularly in older populations, with over 100,000 new diagnoses globally each year [3]. In China, the incidence is rising, necessitating new treatment options due to the limitations of existing therapies [3][5]. - The introduction of Bcl-2 inhibitors has transformed CLL/SLL treatment, addressing the urgent need for effective and safe therapies for patients with r/r CLL/SLL [4][5]. Clinical Trials - Lisaftoclax is currently being evaluated in multiple registrational Phase III studies, including combinations with Bruton's tyrosine kinase inhibitors (BTKis) and azacitidine for various patient populations [7]. Research and Development - Ascentage Pharma has a robust pipeline of innovative drug candidates, including Bcl-2 inhibitors and other apoptosis-targeted therapies, and has conducted over 40 clinical trials globally [10][12]. - The company has established partnerships with leading biotechnology and pharmaceutical firms, enhancing its research capabilities [12][13].

Core Viewpoint - Monteverde & Associates PC is investigating Coeur Mining, Inc. regarding its proposed merger with SilverCrest Metals Inc., which involves a share exchange agreement [1]. Group 1: Merger Details - Under the merger agreement, holders of SilverCrest Common Shares will receive 1.6022 shares of Coeur Common Stock for each share held [1]. - Upon completion of the merger, existing Coeur stockholders will own approximately 63% of the outstanding Coeur Common Stock, while existing SilverCrest shareholders will own approximately 37% on a fully diluted basis [1]. Group 2: Firm Background - Monteverde & Associates PC is recognized as a Top 50 Firm by ISS Securities Class Action Services Report and has recovered millions for shareholders [1]. - The firm is headquartered in the Empire State Building in New York City and has a successful track record in trial and appellate courts, including the U.S. Supreme Court [2].

Market Overview - The stock market experienced a cooling off period following the presidential election, with profit-taking observed after significant gains in the S&P 500 and Nasdaq indices [1] - The Nasdaq is trading well above its 21-day, 21-week, and 21-month moving averages, indicating potential for further profit-taking in the near term [2] Economic Outlook - A second term for Donald Trump is anticipated to lead to lower corporate taxes and reduced regulatory burdens, which could foster economic growth [3] - The market remains optimistic about the Trump administration's favorable stance on cryptocurrencies, with Bitcoin reaching all-time highs [3] Investment Strategy - Investors are encouraged to utilize Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the market, to identify potential investment opportunities [4][6] - A specific screening strategy, "bt_sow_filtered zacks rank5," is available to help investors narrow down the list of Zacks Rank 1 stocks [7] Company Spotlight: Coeur Mining - Coeur Mining, Inc. is highlighted as a strong investment opportunity, with operations in precious metals production across multiple U.S. locations and Mexico [7] - The company reported a revenue growth of 5% last year, with projections indicating a revenue increase of 28% in 2024 and 29% in 2025, rising from $821 million in FY23 to approximately $1.4 billion in FY25 [7][8] - Coeur Mining is expected to transition from an adjusted loss of -$0.23 per share to a profit of +$0.16 per share in 2024, with a projected earnings increase of 300% in the following year [8] Performance Metrics - Coeur Mining's stock has surged 210% over the past year, significantly outperforming its sector and industry [10] - Despite this growth, the stock is trading 28% below its average Zacks price target of approximately $6.20 per share and at a 50% discount compared to its highly-ranked industry, with a forward P/E ratio of 9.9X [10]

Financial Data and Key Metrics Changes - The company reported a strong quarter with significant increases in quarterly revenue, adjusted EBITDA, net income, and free cash flow, driven by production increases and higher metal prices [4][19] - Free cash flow reached $69 million and adjusted EBITDA was $126 million for the third quarter, reflecting a 15% increase in metal prices and a 12% decrease in operating costs per ounce [19][20] - The net debt-to-EBITDA ratio fell below 2x for the first time in three years, with a $50 million reduction in the revolving credit facility, bringing it to $225 million drawn at quarter end [20][21] Business Line Data and Key Metrics Changes - Rochester achieved a 20% increase in both silver and gold production compared to the prior quarter, with significant progress in reducing per ton costs [10][11] - Palmarejo saw an 8% increase in gold production and a 14% increase in silver production compared to the second quarter, contributing to strong free cash flow [12] - Kensington returned to positive free cash flow of $18 million, aided by higher gold prices, while Wharf set an all-time record high gold production of nearly 34,000 ounces [15][16] Market Data and Key Metrics Changes - The company experienced a favorable market environment with higher gold and silver prices contributing to improved financial performance [4][19] - The acquisition of SilverCrest Metals is expected to enhance the company's position in the silver market, with projected production of over 21 million ounces of silver and 432,000 ounces of gold in 2025 [6][7] Company Strategy and Development Direction - The company is focused on optimizing operations at Rochester and integrating the recently announced acquisition of SilverCrest, aiming for a strong performance in 2025 [8][23] - The strategic acquisition is anticipated to create a global leader in the silver industry, leveraging SilverCrest's low-cost operations and strong balance sheet [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining the free cash flow inflection point into the fourth quarter, driven by continued higher metal prices and production growth [20][23] - The company plans to allocate free cash flow towards debt reduction and potentially building cash reserves for future investments or shareholder returns [21][22] Other Important Information - The company reaffirmed its full-year guidance, indicating expectations for another strong quarter to end the year [9] - The integration planning for SilverCrest is underway, with a focus on a smooth transition post-acquisition [22] Q&A Session Summary Question: Is the reach cycle modeled for Rochester matching production expectations? - Management confirmed that production is tracking as expected, with improvements anticipated as crush sizes are optimized [26][28] Question: What are the remaining hurdles for the SilverCrest acquisition? - The main steps include shareholder votes and regulatory approvals, with expectations for closing in late Q1 2025 [29] Question: How should the cash balance be viewed in relation to debt repayment? - The cash balance is expected to remain stable while prioritizing debt repayment, with potential growth in cash reserves post-repayment [30]

2024 Third Quarter Earnings NYSE: CDE 1 JC 2016 11:00 a.m. ET, November 7, 2024 NYSE: CDE Cautionary Statements JC 2016 This presentation contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements involving strategic priorities and company strategies, growth, anticipated production, costs and expenses, exploration and development efforts, operations, expectations and initiatives at Palmarejo, Rochester, Kensington, Wharf and Silvert ...

Core Insights - Coeur Mining reported quarterly earnings of $0.12 per share, exceeding the Zacks Consensus Estimate of $0.07 per share, and compared to a loss of $0.05 per share a year ago, indicating a significant turnaround [1] - The company achieved revenues of $313.48 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 9.65% and showing a substantial increase from $194.58 million year-over-year [2] - Coeur Mining's stock has increased approximately 86.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 21.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.11 on revenues of $292.3 million, and for the current fiscal year, it is $0.14 on revenues of $1.03 billion [7] - The estimate revisions trend for Coeur Mining is favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6] Industry Context - The Mining - Non Ferrous industry, to which Coeur Mining belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8]

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Coeur Mining, Inc.'s unaudited condensed consolidated financial statements, highlighting increased revenue and a return to net income [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects an increase in total assets, liabilities, and stockholders' equity as of September 30, 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $345,972 | $267,255 | | **Total Assets** | **$2,227,800** | **$2,080,848** | | **Total Current Liabilities** | $318,084 | $289,613 | | **Total Liabilities** | $1,144,650 | $1,056,945 | | **Total Stockholders' Equity** | $1,083,150 | $1,023,903 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company reported a significant financial turnaround with net income for Q3 and the nine months ended September 30, 2024, driven by substantial revenue growth Income Statement Summary (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $313,476 | $194,583 | $748,562 | $559,116 | | **Income (Loss) Before Taxes** | $74,556 | $(15,012) | $70,078 | $(51,436) | | **Net Income (Loss)** | **$48,739** | **$(21,109)** | **$21,048** | **$(78,107)** | | **Diluted EPS** | $0.12 | $(0.06) | $0.05 | $(0.24) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash provided by operating activities significantly improved for the nine months ended September 30, 2024, while investing and financing activities saw reduced cash usage Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Operating Activities** | $110,441 | $2,011 | | **Investing Activities** | $(145,728) | $(217,135) | | **Financing Activities** | $51,177 | $206,527 | | **Increase (Decrease) in Cash** | $15,306 | $(8,223) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of accounting policies, segment performance, a major acquisition agreement, debt structure modifications, and ongoing commitments - The company's operating segments include Palmarejo, Rochester, Kensington, and Wharf mines, and the Silvertip exploration project, with **Palmarejo and Wharf being the largest net income contributors in Q3 2024**[27](index=27&type=chunk)[28](index=28&type=chunk) - On October 3, 2024, Coeur entered into a definitive agreement to acquire SilverCrest Metals Inc. for an implied total equity value of approximately **$1.7 billion**, with the transaction expected to close in late Q1 2025[40](index=40&type=chunk) - The company completed commissioning of Rochester's new crushing circuit on March 7, 2024, placing **$528 million** of construction in process into service during the first quarter[41](index=41&type=chunk) - In February 2024, the company extended its Revolving Credit Facility (RCF) to February 2027 and increased its capacity from **$390 million to $400 million**[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strong financial performance, driven by increased production and higher metal prices, and reaffirms full-year 2024 guidance - Q3 2024 was a strong quarter with **revenue of $313.5 million**, **operating cash flow of $111.1 million**, and **GAAP net income of $48.7 million** ($0.12 per share)[102](index=102&type=chunk) - Key operational achievements in Q3 include a **21% increase in gold production** and a **15% increase in silver production**, with **costs per ounce declining 12%** from the prior quarter[103](index=103&type=chunk) - The company announced an agreement to acquire SilverCrest Metals Inc. in an all-stock transaction valued at approximately **$1.7 billion**, which is expected to enhance cash flow and accelerate deleveraging[103](index=103&type=chunk) - During Q3, the company reduced its outstanding revolving credit facility (RCF) balance by **$50 million to $225 million**, bringing its net debt to EBITDA ratio below **2.0x**[103](index=103&type=chunk) [Consolidated Financial Results](index=26&type=section&id=Consolidated%20Financial%20Results) Consolidated revenue and net income significantly increased in Q3 and the first nine months of 2024, driven by higher sales volumes and metal prices Consolidated Metal Sales (in thousands) | Period | Gold Sales | Silver Sales | Total Metal Sales | | :--- | :--- | :--- | :--- | | **Q3 2024** | $223,772 | $89,704 | $313,476 | | **Q2 2024** | $154,085 | $67,941 | $222,026 | | **9M 2024** | $529,626 | $218,936 | $748,562 | | **9M 2023** | $387,959 | $171,157 | $559,116 | [2024 Guidance](index=30&type=section&id=2024%20Guidance) The company reaffirmed its full-year 2024 guidance for production, costs, and capital expenditures, reflecting strong year-to-date performance 2024 Production Guidance | Metal | Ounces | | :--- | :--- | | **Gold** | 310,000 - 355,000 oz | | **Silver** | 10,700 - 13,300 K oz | 2024 Capital & Exploration Guidance ($M) | Category | Amount ($M) | | :--- | :--- | | **Capital Expenditures, Sustaining** | $124 - $158 | | **Capital Expenditures, Development** | $36 - $42 | | **Exploration, Expensed** | $40 - $50 | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Operational performance improved across all sites in Q3 2024, with increased production and efficiency gains at key mines - **Palmarejo:** Q3 gold and silver production increased **8% and 14% QoQ**, respectively, due to higher grades and recoveries, with costs applicable to sales (CAS) per ounce decreasing significantly[134](index=134&type=chunk) - **Rochester:** Q3 gold and silver production rose **21% and 19% QoQ**, respectively, driven by the successful ramp-up of the new three-stage crusher[137](index=137&type=chunk) - **Kensington:** Q3 gold production increased **4% QoQ** due to higher grades, and CAS per gold ounce decreased **11%**[140](index=140&type=chunk) - **Wharf:** Q3 gold production surged **53% QoQ**, driven by higher tons placed, grade, and timing of recoveries[144](index=144&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with sufficient cash and available credit, and aims for a long-term target of 0.0x Net Debt to Adjusted EBITDA - At quarter-end, the company had **$78.7 million** of cash, cash equivalents, and restricted cash, with **$145.4 million** available under its RCF[147](index=147&type=chunk) - Net cash from operating activities was **$111.1 million** in Q3 2024 and **$110.4 million** for the first nine months of 2024[154](index=154&type=chunk) - Capital expenditures for the first nine months of 2024 were **$135.5 million**, a decrease from **$271.9 million** in the prior-year period, mainly due to reduced spending on the Rochester expansion project[158](index=158&type=chunk) [Non-GAAP Financial Performance Measures](index=37&type=section&id=Non-GAAP%20Financial%20Performance%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA and Free Cash Flow to provide additional insight into its operating performance, showing significant improvements Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 2024 | Q2 2024 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | $48,739 | $1,426 | $21,048 | $(78,107) | | **EBITDA** | $121,052 | $49,705 | $197,908 | $35,454 | | **Adjusted EBITDA** | **$126,041** | **$52,407** | **$222,785** | **$78,012** | Free Cash Flow (in thousands) | Metric | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | **Cash flow from operations** | $111,063 | $15,249 | | **Capital expenditures** | $(41,980) | $(51,405) | | **Free cash flow** | **$69,083** | **$(36,156)** | [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks primarily from fluctuations in gold and silver prices, foreign currency exchange rates, and interest rate changes - The company's profitability is highly sensitive to gold and silver price fluctuations, where a **10% change in realized gold prices** on outstanding provisionally priced sales would cause revenue to vary by **$3.1 million**[201](index=201&type=chunk)[206](index=206&type=chunk) - The company's gold and silver forward contracts, used to protect cash flow during the Rochester expansion, all settled by June 2024, with **no outstanding hedging contracts** at the end of Q3 2024[205](index=205&type=chunk) - Operations in Canada and Mexico expose the company to foreign currency exchange rate risks, which can impact profitability and cash flow[207](index=207&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective in providing reasonable assurance that required information is recorded, processed, and reported in a timely manner[212](index=212&type=chunk) - No material changes were made to the company's internal control over financial reporting during the third quarter of 2024[213](index=213&type=chunk) Part II. Other Information [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 16 of the financial statements for information on ongoing litigation matters concerning VAT refunds and water rights in Mexico - For details on legal proceedings, the report refers to **Note 16 – Commitments and Contingencies**[215](index=215&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, focusing extensively on new risks associated with the proposed acquisition of SilverCrest Metals Inc - The acquisition of SilverCrest is subject to numerous conditions, including shareholder and regulatory approvals, which may delay or prevent its completion, and failure to close could require Coeur to pay a **$100 million termination fee**[218](index=218&type=chunk)[219](index=219&type=chunk)[221](index=221&type=chunk) - The combined company may be unable to successfully integrate SilverCrest's business or realize the anticipated benefits, due to complexities in strategy, staffing, and systems[230](index=230&type=chunk)[231](index=231&type=chunk) - The issuance of a significant number of Coeur shares as consideration could create a "market overhang" and adversely affect the stock price, as former SilverCrest shareholders may sell their new Coeur shares, depressing the market price[226](index=226&type=chunk)[238](index=238&type=chunk) - SilverCrest's financial statements are prepared under IFRS and its mineral estimates under NI 43-101, which differ from Coeur's U.S. GAAP and SEC S-K 1300 standards, posing risks during the conforming and integration process[232](index=232&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety matters as required by the Dodd-Frank Act is provided in Exhibit 95.1, which is attached to this Form 10-Q - Mine safety disclosures are provided in **Exhibit 95.1** of this report[242](index=242&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company reports no director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 2024 - No directors or Section 16 officers adopted, modified, or terminated any Rule 10b5-1 trading plans during the quarter ended September 30, 2024[243](index=243&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications, Mine Safety Disclosures, and financial data in XBRL format - The report includes standard exhibits such as **CEO/CFO certifications**, **mine safety disclosures**, and **XBRL interactive data files**[245](index=245&type=chunk)[246](index=246&type=chunk)

Revenue and Financial Performance - Revenue for Q3 2024 totaled $313 million, a 41% increase quarter-over-quarter and a 60% increase year-over-year[1][6] - Revenue for Q3 2024 increased to $313.5 million, up 61.1% from $194.6 million in Q3 2023[59] - Revenue for Q3 2024 was $313.5 million, compared to $194.6 million in Q3 2023, representing a 61% increase[63] Adjusted EBITDA and Margins - Adjusted EBITDA for Q3 2024 was $126 million, a 140% increase quarter-over-quarter and a 2.5x increase over the last twelve months[1][2] - Adjusted EBITDA for Q3 2024 was $126.0 million, with an Adjusted EBITDA Margin of 28%, up from 16% in Q3 2023[63] Production Metrics - Gold production increased by 21% to 94,993 ounces, and silver production increased by 15% to 3.0 million ounces compared to the prior quarter[2] - Third quarter gold and silver production totaled 27,549 and 1.8 million ounces, respectively, compared to 25,467 and 1.6 million ounces in the prior period[17] - Silver and gold production in the third quarter totaled 1.2 million and 9,690 ounces, respectively, compared to 973,057 and 8,006 ounces in the prior period[21] - Gold production in Q3 2024 at Kensington totaled 24,104 ounces, up from 23,202 ounces in Q2 2024 and 24,614 ounces in Q3 2023, driven by higher average gold grade[24] - Gold production at Wharf increased 53% quarter-over-quarter to 33,650 ounces in Q3 2024, driven by higher average gold grade and timing of ounces placed on leach pads[27] Costs and Margins - Costs applicable to sales per gold and silver ounce both declined by 12% quarter-over-quarter, leading to margins more than double the prior period[2] - Adjusted CAS for gold and silver decreased 19% and 17% quarter-over-quarter to $818 and $12.60 per ounce, respectively[17] - Third quarter adjusted CAS for silver and gold on a co-product basis totaled $20.88 and $1,735 per ounce, respectively[22] - Adjusted CAS at Kensington decreased to $1,539 per ounce in Q3 2024 from $1,734 per ounce in Q2 2024, reflecting increased metal sales[24] - Adjusted CAS at Wharf increased 8% quarter-over-quarter to $885 per ounce in Q3 2024, due to decreasing favorable recoveries on legacy pads[27] Cash Flow and Liquidity - Operating cash flow for Q3 2024 was $111 million, the highest level in over a decade, driven by higher production and metals prices[2][10] - Free cash flow reached $69 million during the quarter, a significant improvement from the prior period's negative $36.2 million[2][5] - Free cash flow in the third quarter totaled $48 million compared to $18 million in the prior period[17] - Free cash flow at Kensington improved to $18 million in Q3 2024 from $(24) million in Q2 2024[24] - Free cash flow at Wharf reached an all-time high of $49 million in Q3 2024, up from $16 million in Q2 2024, reflecting higher gold sales[27] - Cash flow from operating activities in Q3 2024 was $111.1 million, a significant improvement from a negative $2.4 million in Q3 2023[61] - Free cash flow in Q3 2024 was $69.1 million, a significant improvement from a negative $114.7 million in Q3 2023[66] Debt and Financial Position - The company reduced its outstanding revolving credit facility balance by $50 million to $225 million, achieving a net debt to EBITDA ratio below 2.0x for the first time in three years[2] - Coeur had $30 million in outstanding letters of credit and $225 million in outstanding borrowings under its RCF as of September 30, 2024[54] - Total debt increased to $605.2 million, up 13.4% from $533.8 million at the end of 2023[57] - The company issued $77.5 million in notes and bank borrowings in Q3 2024, compared to $163.0 million in Q3 2023[61] Capital Expenditures and Exploration - Exploration investment during the quarter was approximately $25 million, compared to $18 million in the prior period[7][9] - Capital expenditures increased 36% quarter-over-quarter to $8 million, reflecting higher underground development[17] - Capital expenditures in Q3 2024 were $42.0 million, down from $112.3 million in Q3 2023[61] - Total 2024 exploration investment is expected to be $40 - $50 million for expansion drilling and $15 - $20 million for infill drilling[30] - 2024 capital expenditures guidance includes $124 - $158 million for sustaining capital and $36 - $42 million for development capital[40] Acquisitions and Strategic Moves - The acquisition of SilverCrest Metals Inc. was announced, with an implied value of approximately $1.7 billion, expected to close in Q1 2025[2][12] - Coeur is in the process of acquiring SilverCrest, with expected impacts on production, cash flow, and financial condition, though the acquisition may face delays or risks[44] Operational Highlights - Rochester operation placed 7.1 million tons under leach, producing 1.2 million ounces of silver and 9,690 ounces of gold, representing quarter-over-quarter increases of 19% and 21%, respectively[2] - Coeur operates four wholly-owned mining operations: Palmarejo (Mexico), Rochester (Nevada), Kensington (Alaska), and Wharf (South Dakota), along with the Silvertip exploration project in British Columbia[43] Metal Prices - Coeur's average gold spot price per ounce in Q3 2024 was $2,474, up from $2,338 in Q2 2024 and $1,928 in Q3 2023[55] - The average silver spot price per ounce in Q3 2024 was $29.43, compared to $28.45 in Q2 2024 and $23.57 in Q3 2023[55] - Coeur's average zinc spot price per pound in Q3 2024 was $1.26, down from $1.29 in Q2 2024 but up from $1.10 in Q3 2023[55] - The average lead spot price per pound in Q3 2024 was $0.92, compared to $0.98 in Q2 2024 and $0.98 in Q3 2023[55] Net Income and Earnings - Net income for Q3 2024 was $48.7 million, compared to a net loss of $21.1 million in Q3 2023[59] - Basic earnings per share for Q3 2024 were $0.12, compared to a loss of $0.06 per share in Q3 2023[59] - Adjusted net income for Q3 2024 was $47.2 million, compared to an adjusted net loss of $18.6 million in Q3 2023[64] Assets and Liabilities - Total assets increased to $2.23 billion as of September 30, 2024, up from $2.08 billion at the end of 2023[57] - Cash and cash equivalents grew to $76.9 million, a 24.8% increase from $61.6 million at the end of 2023[57] - Ore on leach pads increased significantly to $148.3 million, up 86.8% from $79.4 million at the end of 2023[57] - Cash, cash equivalents, and restricted cash at the end of Q3 2024 were $78.7 million, up from $54.9 million at the end of Q3 2023[61] Costs and Expenses - Costs applicable to sales for Q3 2024 were $156.7 million, up 6.0% from $147.9 million in Q3 2023[59] - Exploration expenses for Q3 2024 increased to $19.6 million, up 57.3% from $12.4 million in Q3 2023[59] - Total costs applicable to sales for Q3 2024 were $189,782 thousand, with adjusted costs applicable to sales at $154,245 thousand[69] - Adjusted costs applicable to sales for gold in Q3 2024 were $1,113 per ounce, while silver was $15.67 per ounce[69] Sales and Revenue Split - Gold sales for Q3 2024 totaled 96,913 ounces, with revenue split at 50% for Palmarejo and 100% for Kensington and Wharf[69] - Silver sales for Q3 2024 were 3,004,501 ounces, with revenue split at 50% for Palmarejo and 59% for Rochester[69] - Gold sales for the three months ended June 30, 2024, were 76,932 ounces, with adjusted costs at $1,264 per ounce[70] - Silver sales for the three months ended June 30, 2024, were 2,592,727 ounces, with adjusted costs at $17.71 per ounce[70] - Gold sales for the three months ended March 31, 2024, were 81,416 ounces, with adjusted costs at $1,267 per ounce[71] - Total adjusted costs applicable to sales for Q4 2023 were $171.58 million, with Palmarejo contributing $50.20 million, Rochester $54.51 million, Kensington $37.44 million, and Wharf $29.44 million[73] - Gold sales for Q4 2023 totaled 99,541 ounces, with Palmarejo contributing 24,849 ounces, Rochester 19,174 ounces, Kensington 25,980 ounces, and Wharf 29,538 ounces[73] - Silver sales for Q4 2023 totaled 3,000,338 ounces, with Palmarejo contributing 1,644,592 ounces, Rochester 1,269,236 ounces, and Wharf 86,510 ounces[73] - Adjusted costs per gold ounce for Q4 2023 were $1,225, with Palmarejo at $1,010, Rochester at $1,564, Kensington at $1,441, and Wharf at $997[73] - Adjusted costs per silver ounce for Q4 2023 were $17.03, with Palmarejo at $15.26 and Rochester at $19.33[73] - Total adjusted costs applicable to sales for Q3 2023 were $137.50 million, with Palmarejo contributing $47.73 million, Rochester $22.74 million, Kensington $37.82 million, and Wharf $29.21 million[74] - Gold sales for Q3 2023 totaled 78,015 ounces, with Palmarejo contributing 26,018 ounces, Rochester 4,432 ounces, Kensington 24,516 ounces, and Wharf 23,049 ounces[74] - Silver sales for Q3 2023 totaled 2,213,735 ounces, with Palmarejo contributing 1,533,975 ounces, Rochester 606,083 ounces, and Wharf 73,677 ounces[74] - Adjusted costs per gold ounce for Q3 2023 were $1,273, with Palmarejo at $917, Rochester at $1,899, Kensington at $1,543, and Wharf at $1,267[74] - Adjusted costs per silver ounce for Q3 2023 were $17.85, with Palmarejo at $15.56 and Rochester at $23.64[74] Guidance and Future Expectations - Full-year 2024 production is expected to be 95,000 - 103,000 ounces of gold and 5.9 - 6.7 million ounces of silver[18] - CAS in 2024 are expected to be $950 - $1,150 per gold ounce and $15.50 - $16.50 per silver ounce[18] - Capital expenditures are expected to be $27 - $37 million, consisting primarily of sustaining capital and underground development[18] - Full-year 2024 production is expected to be 4.8 - 6.6 million ounces of silver and 37,000 - 50,000 ounces of gold[22] - Full-year 2024 production guidance for Kensington is 92,000 - 106,000 gold ounces, with CAS expected to be $1,525 - $1,725 per ounce[25] - Full-year 2024 production guidance for Wharf is 86,000 - 96,000 gold ounces, with CAS expected to be $950 - $1,050 per ounce[29] Non-GAAP Financial Measures - Coeur uses non-GAAP financial measures such as EBITDA, adjusted EBITDA, and free cash flow to assess financial performance, with detailed reconciliations provided in its Form 10-K[53] Liquidity and Financial Covenants - The company's liquidity is defined as cash and cash equivalents plus availability under its RCF, subject to financial covenants[54] Conference Call and Investor Relations - Coeur will host a conference call to discuss its Q3 2024 financial results on November 7, 2024, at 11:00 a.m. Eastern Time[42] Operating Cash Flow - Operating cash flow before changes in working capital for Q3 2024 was $86,932 thousand, a significant increase from $27,482 thousand in Q2 2024 and $14,187 thousand in Q3 2023[68]

Company Overview - Coeur Mining (CDE) is anticipated to report a year-over-year increase in earnings due to higher revenues for the quarter ended September 2024, with earnings expected to be $0.07 per share, reflecting a +240% change from the previous year [1][3] - Revenues are projected to reach $285.9 million, which is a 46.9% increase compared to the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised 65.79% higher in the last 30 days, indicating a positive reassessment by analysts [4] - Coeur Mining has an Earnings ESP of +35%, suggesting a strong likelihood of beating the consensus EPS estimate [10] Historical Performance - In the last reported quarter, Coeur Mining was expected to post a loss of $0.02 per share but actually reported a loss of $0.01, resulting in a surprise of +50% [11] - Over the past four quarters, the company has exceeded consensus EPS estimates two times [12] Industry Context - Another company in the mining sector, Amerigo Resources (ARREF), is expected to report earnings of $0.03 per share for the same quarter, indicating a year-over-year change of +175% [16] - Amerigo Resources has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell), making it challenging to predict a beat on the consensus EPS estimate [17]