Coeur Mining(CDE)2025-02-19 21:42Financial Performance - Coeur reported Q4 2024 revenue of $305 million, with full-year revenue reaching $1.1 billion, a 34% increase from $821 million in 2023[1][9]. - Revenue for the year ended December 31, 2024, increased to $1,054,006,000, a 28.4% rise from $821,206,000 in 2023[75]. - Net income for 2024 was $58,900,000, compared to a net loss of $103,612,000 in 2023, marking a significant turnaround[75]. - The company reported a basic income per share of $0.15 for 2024, recovering from a loss of $0.30 per share in 2023[75]. - Adjusted EBITDA for 2024 was $339,152,000, with an adjusted EBITDA margin of 32%[79]. - Cash provided by operating activities for 2024 was $174,234,000, significantly higher than $67,288,000 in 2023[77]. - Free cash flow for 2024 was $(8,954,000), an improvement from $(297,329,000) in 2023[83]. - Total debt as of 4Q 2024 was $590,058,000, with net debt at $534,971,000, indicating a leverage ratio of 1.6[87]. Production and Guidance - Full-year 2024 gold production totaled 341,582 ounces, and silver production was 11.4 million ounces, representing year-over-year increases of 8% and 11%, respectively[3][9]. - 2025 production guidance is set at 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver, reflecting expected year-over-year increases of 20% and 62%, respectively[4][17]. - Gold production in Q4 reached 26,931 ounces, compared to 24,104 ounces in the prior period, with full-year production totaling 95,671 ounces, within the guidance range of 92,000 - 106,000 ounces[37]. - For the full year 2024, gold production reached 108,666 ounces and silver production reached 6.8 million ounces, exceeding guidance ranges of 95,000 - 103,000 ounces of gold and 5.9 - 6.7 million ounces of silver[22]. - Full-year 2025 production is expected to be 92,500 - 107,500 gold ounces, with CAS projected at $1,700 - $1,900 per gold ounce[42]. Costs and Expenses - Adjusted CAS for gold and silver on a co-product basis increased 9% and 26% quarter-over-quarter to $894 and $15.92 per ounce, respectively, driven by lower metal sales[22]. - Adjusted costs applicable to sales for 2024 totaled $595,261,000, with gold sales averaging $1,203 per ounce[89]. - The company is focusing on cost management strategies to enhance profitability across its operations[106]. - Adjusted costs for gold in 2024 are expected to be between $950 and $1,150 per ounce, while silver is projected at $15.50 to $16.50 per ounce[107]. Capital Expenditures and Investments - Capital expenditures for 2024 totaled $183,188,000, a decrease from $364,617,000 in 2023[77]. - Capital expenditures in Q4 2024 increased 24% quarter-over-quarter to $10 million, while full-year capital expenditures decreased 27% to $31 million[22]. - Capital expenditures for 2025 are projected to be $26 - $32 million, primarily for sustaining capital and underground development[26]. - The company invested approximately $77 million in exploration in 2024, significantly up from $41 million in 2023[11]. Strategic Initiatives - The acquisition of SilverCrest for $1.58 billion closed on February 14, 2025, enhancing Coeur's position as a leading global silver company[4][16]. - The company plans to continue its market expansion and product development initiatives to drive future growth[75]. - The exploration program in 2025 will focus on extending and building the resource base adjacent to current resources, following up on key targets outlined in the 2024 regional program[53]. Market Conditions - Average realized prices for gold and silver in 2024 were $2,156 and $27.95 per ounce, respectively, compared to $1,825 and $24.21 per ounce in 2023[9][10]. - The average gold spot price per ounce in 2024 was $2,386, while the average silver spot price was $28.27[69]. - The average zinc spot price per pound in 2024 was $1.26, and the average lead spot price was $0.94[69].