Coeur Mining(CDE) - 2025 Q3 - Quarterly Results

Financial Performance - Record third quarter 2025 revenue of $555 million, up from $481 million in the prior quarter and $314 million year-over-year[9] - Adjusted EBITDA for the quarter was a record $299 million, a 23% increase from the prior quarter, contributing to a last twelve-month total of $808 million[5] - Free cash flow increased by 29% to a record $189 million, marking the fifth consecutive quarter of positive free cash flow[5] - Net income for Q3 2025 was $266.82 million, compared to $48.74 million in Q3 2024, representing a year-over-year increase of 448.5%[70] - Cash provided by operating activities for Q3 2025 was $237.71 million, compared to $111.06 million in Q3 2024, indicating a 113.1% increase[71] - The company reported a comprehensive income of $266.82 million for Q3 2025, compared to $48.74 million in Q3 2024[70] Production Metrics - Gold production increased to 111,364 ounces, a 3% increase quarter-over-quarter and a 17% increase year-over-year; silver production reached 4.8 million ounces, up 1% quarter-over-quarter and 57% year-over-year[5] - Third quarter gold production totaled 24,802 ounces, down from 27,272 ounces in the prior quarter, while silver production was 1.5 million ounces compared to 1.7 million ounces[24] - Gold production in Q3 2025 increased to 27,231 ounces, up from 26,555 ounces in Q2 2025 and 24,104 ounces in Q3 2024[37] - Wharf's Q3 2025 gold production increased 16% quarter-over-quarter to 27,990 ounces, driven by higher gold grades[42] - Full-year 2025 gold production guidance increased by 1% to 415,250 ounces, while silver production guidance decreased by 2% to 18.1 million ounces[5] Cost Management - Adjusted CAS for gold and silver on a co-product basis was $887 and $16.44 per ounce, respectively, in the third quarter[24] - Adjusted CAS decreased to $1,659 per ounce in Q3 2025, down from $1,713 per ounce in Q2 2025, primarily due to increased metal sales[40] - The company reported a decrease in total costs applicable to sales from $290,681,000 to $195,097,000 over the reported periods, indicating improved cost management[85][89] - Adjusted costs applicable to sales for gold were $1,260 per ounce, and for silver, it was $13.41 per ounce[85] Cash and Liquidity - Cash and equivalents more than doubled to $266 million compared to the prior quarter-end, with a net leverage ratio decreased to 0.1x[5] - The company’s cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $268.18 million, significantly higher than $78.68 million at the end of Q3 2024[71] - Total debt decreased to $363,516 in Q3 2025 from $380,722 in Q2 2025 and $498,269 in Q1 2025[81] - Net debt significantly reduced to $97,174 in Q3 2025 from $269,076 in Q2 2025 and $420,695 in Q1 2025[81] Tax and Benefits - The company recorded a significant tax benefit of $216 million related to the recognition of U.S. deferred tax assets[12] - Income tax benefit for Q3 2025 was $96.88 million, compared to an expense of $25.82 million in Q3 2024[70] - The effective tax rate is projected to be between 27% and 33% for 2025, with cash taxes estimated at $165 - $195 million[55] Capital Expenditures and Investments - Capital expenditures for the quarter totaled $49 million, with sustaining capital expenditures accounting for approximately 70% of the total[14] - Exploration investment in the third quarter was approximately $30 million, consistent with the prior period[10] - Capital expenditures for 2025 are expected to be $26 - $32 million, unchanged from previous guidance[28] - Exploration investment in 2025 is expected to be $16 - $18 million, which is unchanged from the previous guidance range[28] Guidance and Projections - Full-year 2025 production guidance for gold is now 96,000 - 106,000 ounces (previously 95,000 - 105,000 ounces) and for silver is 6.0 - 6.8 million ounces (previously 5.4 - 6.5 million ounces)[28] - The updated 2025 guidance for general & administrative expenses has been increased to $50 - $55 million, reflecting a non-cash increase in incentive compensation[56] - Gold production guidance for 2025 is set between 850 to 950 dollars per ounce, while silver is projected between 9.25 to 10.25 dollars per ounce[93] Market Conditions - Average realized gold price was $3,148 per ounce, a 4% increase from the prior quarter; average realized silver price was $38.93 per ounce, a 15% increase[9] - The average gold spot price per ounce in Q3 2025 was $3,457, compared to $2,474 in Q3 2024, reflecting a year-over-year increase of approximately 39.7%[65] - The average silver spot price per ounce in Q3 2025 was $39.40, up from $29.43 in Q3 2024, representing a year-over-year increase of about 33.9%[65]