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Coeur Mining(CDE) - 2022 Q4 - Earnings Call Presentation
2023-02-23 17:53
JC 2016 Cautionary Statements JC 2016 • 2023 guidance reflects strong expected 2H increases from Rochester Financial Summary NYSE: CDE $3.15 $3.62 $4.55 $4.33 $4.15 10% 11% 12% 11% 11% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 +32% +31% Diesel Cost Per Gallon/% of CAS1 Cyanide Cost Per Pound/% of CAS1 $1.05 $1.24 $1.32 $1.44 $1.37 5% 5% 3% 4% 4% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Production & Unit Cost Scorecard Overview of 2023E Production Guidance1 NYSE: CDE • ~80% – 85% sustaining capital Kensington $ ...
Coeur Mining(CDE) - 2022 Q4 - Earnings Call Transcript
2023-02-23 17:51
Coeur Mining, Inc. (NYSE:CDE) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET Company Participants Mitchell Krebs - President and Chief Executive Officer Michael Routledge - Senior Vice President and Chief Operating Officer Thomas Whelan - Senior Vice President and Chief Financial Officer Aoife McGrath - Senior Vice President, Exploration Conference Call Participants Michael Dudas - Vertical Research Partners Operator Good day and welcome to the Coeur Mining Fourth Quarter 2022 Financial Resu ...
Coeur Mining(CDE) - 2022 Q4 - Annual Report
2023-02-21 16:00
Financial Performance - For the full year 2022, Coeur reported revenue of $785.6 million, a decrease of $47.2 million or 6% compared to 2021, primarily due to a 6% decrease in gold ounces sold and a 4% decrease in silver ounces sold [91][94]. - Adjusted EBITDA for 2022 was reported at $138.9 million, down from $216.1 million in 2021 [93][94]. - The company's net loss was $78.1 million, or $0.28 per diluted share, compared to a net loss of $31.3 million, or $0.13 per diluted share in the previous year [107]. - Adjusted net loss was $89.1 million, or $0.32 per diluted share, compared to an adjusted net loss of $1.4 million, or $0.01 per diluted share [109]. - Revenue decreased by $16.7 million, or 10%, primarily due to lower gold production, partially offset by a $7.1 million increase from higher average realized gold prices [142]. - The Company reported a net loss of $78.1 million for the year ended December 31, 2022, compared to a net loss of $31.3 million in 2021 [207]. - Adjusted net income (loss) for 2022 was $(89.1) million, reflecting a significant decrease from $(1.4) million in 2021 [207]. - EBITDA for 2022 was $72.0 million, down from $148.4 million in 2021, indicating a decline in operating performance [210]. Production and Sales - Gold production totaled 330,346 ounces and silver production totaled 9.8 million ounces in 2022, with quarter-over-quarter increases of 5% and 4% respectively in Q4 2022 [91]. - The company expects 2023 gold production of 320,000 - 370,000 ounces and silver production of 10.0 - 12.0 million ounces, driven by increased production from the Wharf operation and the ramp-up at Rochester [91]. - Gold production in 2022 totaled 329,968 ounces, while silver production reached 9,771,724 ounces, reflecting a stable output compared to previous years [218]. - Gold sales totaled 106,452 ounces, while silver sales reached 6,802,113 ounces, contributing to a revenue split of 51% from gold and 49% from silver [222]. Costs and Expenses - Costs applicable to sales increased by $95.0 million, or 19%, primarily due to higher operating costs and inflationary pressures [97]. - General and administrative expenses decreased by $0.9 million, or 2%, primarily due to lower stock-based compensation expenses [99]. - Costs applicable to sales increased by $71.2 million, or 16%, primarily due to inflationary pressures and higher silver ounces sold [113]. - Costs applicable to sales per gold ounce increased by 33% to $886, while costs per silver ounce increased by 9% to $13.09 in 2022 [133]. - The cost per ounce of gold produced in 2022 was $1,423, an increase from $1,086 in 2021, representing a rise of approximately 31% [218]. - Total Costs Applicable to Sales for the year ended December 31, 2022, amounted to $606,530 thousand, compared to $511,539 thousand in 2021, indicating a year-over-year increase of approximately 18.6% [218]. Capital Expenditures and Investments - Capital expenditures for 2023 are projected to be between $320 million and $380 million, including $120 - $145 million for sustaining capital and $200 - $235 million for development [130]. - Capital expenditures increased to $352.4 million in 2022 from $309.8 million in 2021, mainly related to construction activities at Rochester and underground development at Palmarejo and Kensington [167]. - The POA 11 expansion project at Rochester is 74% complete and is on track for mid-year 2023 completion, with total estimated project capital remaining at $650 - $670 million [91]. - Exploration investments led to a 12% increase in gold reserves and a 3% increase in silver reserves year-over-year, with a total investment of approximately $245 million over the last five years [91]. Liquidity and Cash Flow - Coeur's total liquidity at the end of Q4 2022 was approximately $342 million, including $62 million in cash and $280 million available under its revolving credit facility [91]. - Net cash provided by operating activities decreased to $25.6 million in 2022 from $110.5 million in 2021 [164]. - The company’s total cash provided by operating activities for 2022 was $25,616 thousand, a significant decline from $110,482 thousand in 2021 [216]. - Free Cash Flow for 2022 was $(326,738) thousand, a decrease from $(199,299) thousand in 2021, and a significant drop from $49,430 thousand in 2020 [212]. Market and Price Risks - The company is targeting to hedge up to 70% of expected gold production and 50% of expected silver production for 2023 to protect cash flow [159]. - A 10% increase in gold prices would result in a net realized gain of $44.3 million, while a decrease would lead to a loss of $4.8 million [231]. - The company is exposed to foreign currency exchange rate risks due to operations in multiple countries, which may significantly impact profitability and cash flow [233]. Tax and Regulatory Matters - The effective tax rate for 2022 was 23.1%, compared to an effective tax rate of 961.4% for 2021, influenced by various factors including income variations and geographic distribution [105]. - The Company recognizes tax liabilities based on estimates of potential tax audit issues, which may lead to significant adjustments in future periods [201].
Coeur Mining(CDE) - 2022 Q3 - Earnings Call Transcript
2022-11-10 17:43
Coeur Mining, Inc. (NYSE:CDE) Q3 2022 Results Conference Call November 10, 2022 11:00 AM ET Company Participants Mitchell Krebs - President and CEO Mick Routledge - SVP and COO Tom Whelan - SVP and CFO Aoife McGrath - EVP, Exploration Conference Call Participants Operator Good morning, and welcome to the Coeur Mining Third Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask quest ...
Coeur Mining(CDE) - 2022 Q3 - Quarterly Report
2022-11-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ___________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock (par value $.01 per share) CDE New York Stock Exchange Emerging growth company ☐ FORM 10-Q ___________________________________________ ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 OR ☐ Transition Report Pursuan ...
Coeur Mining(CDE) - 2022 Q2 - Earnings Call Transcript
2022-08-04 18:04
Coeur Mining, Inc. (NYSE:CDE) Q2 2022 Results Conference Call August 4, 2022 11:00 AM ET Company Participants Mitch Krebs - Chief Executive Officer Mick Routledge - Senior Vice President and Chief Operating Officer Tom Whelan - Senior Vice President and Chief Financial Officer Aoife McGrath - Senior Vice President of Exploration Conference Call Participants Trevor Turnbull - Scotiabank Mark Reichman - Noble Capital Markets Brian MacArthur - Raymond James Operator Good morning, and welcome to the Coeur Minin ...
Coeur Mining(CDE) - 2022 Q2 - Quarterly Report
2022-08-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ___________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock (par value $.01 per share) CDE New York Stock Exchange Emerging growth company ☐ FORM 10-Q ___________________________________________ ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 OR ☐ Transition Report Pursuant to ...
Coeur Mining(CDE) - 2022 Q1 - Earnings Call Transcript
2022-05-05 19:08
Coeur Mining, Inc. (NYSE:CDE) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET Company Participants Mitchell Krebs – Chief Executive Officer Mick Routledge – Senior Vice President and Chief Operating Officer Tom Whelan – Senior Vice President and Chief Financial Officer Conference Call Participants Trevor Turnbull – Scotiabank Ryan Thompson – BMO Carl Landon – Goldman Sachs Mark Reichman – Noble Capital Markets Operator Good day, and welcome to the Coeur Mining First Quarter 2022 Financial Results C ...
Coeur Mining(CDE) - 2022 Q1 - Earnings Call Presentation
2022-05-05 15:45
2022 First Quarter Earnings NYSE: CDE 1 JC 2016 11:00 a.m. ET, May 5, 2022 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, expectations regarding environmental, social and governance ("ESG") initiatives, goals and targets, growth, anticipated production, costs and expenses, exploration and development efforts, ...
Coeur Mining(CDE) - 2022 Q1 - Quarterly Report
2022-05-03 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ___________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock (par value $.01 per share) CDE New York Stock Exchange Emerging growth company ☐ FORM 10-Q ___________________________________________ ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 OR ☐ Transition Report Pursuant to ...