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Coeur Mining Reports First Quarter 2023 Results; Reaffirms Full-Year 2023 Guidance
Reaffirms Full-Year 2023 Guidance CHICAGO / May 10, 2023 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported first quarte
About this update from Coeur Mining, Inc.
[{"type":"text","content":"Reaffirms Full-Year 2023 Guidance CHICAGO / May 10, 2023 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported first quarter 2023 financial results, including revenue of $187 million and cash flow from operating activities of $(35) million. The Company reported GAAP net loss from continuing operations of $25 million, or $0.08 per share. On an adjusted basis1, Coeur reported EBITDA of $25 million, cash flow from operating activities before changes in working capital of $6 million and net loss from continuing operations of $33 million, or $0.11 per share. Key Highlights First quarter production stronger than expected and in-line with 2023 guidance – Solid performances at Palmarejo, Rochester and Wharf offset lower production levels at Kensington, leading to total production of 69,039 ounces of gold and 2.5 million ounces of silver. Production levels are expected to increase during the second half of the year due to mine plan sequencing as well as the anticipated ramp-up and commissioning of the Rochester expansion Rochester expansion remains on-track for mid-year construction completion – Coeur began stacking ore on the new Stage VI leach pad and achieved mechanical completion of the new Merrill-Crowe process plant ahead of schedule during the first quarter. As of March 31, 2023, the project was 82% complete and approximately $634 million of the estimated project capital had been committed, of which $560 million had been incurred Balance sheet well-positioned to support remaining Rochester expansion capital requirements – The Company ended the quarter with total liquidity of approximately $382 million, including $67 million of cash, $300 million of available capacity under its $390 million revolving credit facility (“RCF”)2 and $15 million of marketable securities. The Company further bolstered its hedging program with approximately 158,000 ounces of gold hedged at $1,968 per ounce and roughly 3.7 million ounces of silver hedged at $25.04 per ounce in 2023 Exploration success continues at Silvertip and Kensington – The deepest hole ever drilled at Silvertip targeting a magnetic anomaly and potential heat source was successfully completed during the quarter showing occurrences of intrusive porphyry and higher temperature mineralogy. Silvertip continues to impress with its high silver, zinc and l...