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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
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, 2021
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 001-08641
____________________________________________
 
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________
Delaware
82-0109423
 (State or other jurisdiction of
    incorporation or organization)
(I.R.S. Employer
Identification No.)
104 S. Michigan Ave.
Suite 900Chicago,Illinois60603
(Address of principal executive offices)(Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $.01 per share)CDENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The Company has 300,000,000 shares of common stock, par value of $0.01, authorized of which 257,025,778 shares were issued and outstanding as of July 26, 2021.



COEUR MINING, INC.
INDEX
 Page
Part I.
Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
Notes to Condensed Consolidated Financial Statements (Unaudited)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Financial Results
Results of Operations
Liquidity and Capital Resources
Non-GAAP Financial Performance Measures
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II.
Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures


3


PART I

Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2021December 31, 2020
ASSETSNotesIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$124,075 $92,794 
Receivables422,867 23,484 
Inventory554,471 51,210 
Ore on leach pads581,773 74,866 
Prepaid expenses and other20,949 27,254 
304,135 269,608 
NON-CURRENT ASSETS
Property, plant and equipment, net272,558 230,139 
Mining properties, net786,695 716,790 
Ore on leach pads573,487 81,963 
Restricted assets9,274 9,492 
Equity securities6174,370 12,943 
Receivables4, 1726,642 26,447 
Other60,847 56,595 
TOTAL ASSETS$1,708,008 $1,403,977 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$107,362 $90,577 
Accrued liabilities and other1889,311 119,158 
Debt828,876 22,074 
Reclamation92,299 2,299 
227,848 234,108 
NON-CURRENT LIABILITIES
Debt8385,370 253,427 
Reclamation9140,936 136,975 
Deferred tax liabilities39,598 34,202 
Other long-term liabilities45,847 51,786 
611,751 476,390 
COMMITMENTS AND CONTINGENCIES17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 257,046,847 issued and outstanding at June 30, 2021 and 243,751,283 at December 31, 2020
2,570 2,438 
Additional paid-in capital3,732,296 3,610,297 
Accumulated other comprehensive income (loss)7,457 (11,136)
Accumulated deficit(2,873,914)(2,908,120)
868,409 693,479 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,708,008 $1,403,977 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 NotesIn thousands, except share data
Revenue3$214,858 $154,249 $416,975 $327,416 
COSTS AND EXPENSES
Costs applicable to sales(1)
3132,595 90,015 240,742 208,932 
Amortization31,973 27,876 61,910 64,038 
General and administrative10,467 8,616 22,021 17,536 
Exploration12,446 11,855 22,112 18,241 
Pre-development, reclamation, and other12,738 18,675 26,450 25,230 
Total costs and expenses200,219 157,037 373,235 333,977 
OTHER INCOME (EXPENSE), NET
Loss on debt extinguishment8  (9,173) 
Fair value adjustments, net1237,239 10,067 33,440 1,248 
Interest expense, net of capitalized interest8(5,093)(5,765)(10,003)(10,893)
Other, net14701 121 4,328 2,002 
Total other income (expense), net32,847 4,423 18,592 (7,643)
Income (loss) before income and mining taxes47,486 1,635 62,332 (14,204)
Income and mining tax (expense) benefit10(15,340)(2,844)(28,126)1,095 
NET INCOME (LOSS) $32,146 $(1,209)$34,206 $(13,109)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges(2,982)(7,097)24,376 (6,891)
Reclassification adjustments for realized (gain) loss on cash flow hedges(3,061)(679)(5,783)(679)
Other comprehensive income (loss) (6,043)(7,776)18,593 (7,570)
COMPREHENSIVE INCOME (LOSS)$26,103 $(8,985)$52,799 $(20,679)
NET INCOME (LOSS) PER SHARE15
Basic$0.13 $(0.01)$0.14 $(0.05)
Diluted$0.13 $(0.01)$0.14 $(0.05)
(1) Excludes amortization.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 NotesIn thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$32,146 $(1,209)$34,206 $(13,109)
Adjustments:
Amortization31,973 27,876 61,910 64,038 
Accretion2,965 2,908 5,870 5,755 
Deferred taxes5,100 (1,545)5,224 (7,032)
Loss on debt extinguishment8  9,173  
Fair value adjustments, net12(37,239)(10,067)(33,440)(1,248)
Stock-based compensation113,256 2,287 7,512 4,300 
Gain on modification of right of use lease   (4,051)
Write-downs 5,208  15,589 
Deferred revenue recognition17(7,255)(8,134)(15,601)(15,682)
Other496 (913)(1,832)(2,005)
Changes in operating assets and liabilities:
Receivables961 (1,536)1,960 (2,349)
Prepaid expenses and other current assets1,328 1,081 673 735 
Inventory and ore on leach pads3,259 (8,056)(14,227)(29,981)
Accounts payable and accrued liabilities21,069 2,047 (7,728)(13,004)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 58,059 9,947 53,700 1,956 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(78,223)(16,682)(137,647)(38,890)
Proceeds from the sale of assets968 9 5,556 4,515 
Purchase of investments(876) (876) 
Sale of investments 19,802 935 19,802 
Other(13)(183)(30)(200)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (78,144)2,946 (132,062)(14,773)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of notes and bank borrowings, net of issuance costs8 100,000 367,493 150,000 
Payments on debt, finance leases, and associated costs7, 8(9,611)(95,713)(253,578)(101,614)
Silvertip contingent consideration17   (18,750)
Other(233)141 (4,158)(1,832)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (9,844)4,428 109,757 27,804 
Effect of exchange rate changes on cash and cash equivalents(56)929 (107)303 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(29,985)18,250 31,288 15,290 
Cash, cash equivalents and restricted cash at beginning of period155,443 54,058 94,170 57,018 
Cash, cash equivalents and restricted cash at end of period$125,458 $72,308 $125,458 $72,308 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6


COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2020243,752 $2,438 $3,610,297 $(2,908,120)$(11,136)$693,479 
Net income (loss)— — — 2,060 — 2,060 
Other comprehensive income (loss)— — — — 24,636 24,636 
Common stock issued/canceled under long-term incentive plans and director fees and options, net(282)(3)334 — — 331 
Balances at March 31, 2021243,470 $2,435 $3,610,631 $(2,906,060)$13,500 $720,506 
Net income (loss)— — — 32,146 — 32,146 
Other comprehensive income (loss)— — — — (6,043)(6,043)
Common stock issued for investment12,786 128 118,649 118,777 
Common stock issued/canceled under long-term incentive plans and director fees and options, net792 7 3,016 — — 3,023 
Balances at June 30, 2021257,048 $2,570 $3,732,296 $(2,873,914)$7,457 $868,409 

In thousandsCommon
Stock
Shares
Common
Stock Par
Value
Additional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at December 31, 2019 241,529 $2,415 $3,598,472 $(2,933,747)$(136)$667,004 
Net income (loss)— — — (11,900)— (11,900)
Other comprehensive income (loss)— — — — 206 206 
Common stock issued for Silvertip contingent consideration payment878 9 5,286 — — 5,295 
Common stock issued/canceled under long-term incentive plans and director fees and options, net1,179 12 27 — — 39 
Balances at March 31, 2020243,586 $2,436 $3,603,785 $(2,945,647)$70 $660,644 
Net income (loss)— — — (1,209)— (1,209)
Other comprehensive income (loss)— — — — (7,776)(7,776)
Common stock issued/canceled under long-term incentive plans and director fees and options, net146 1 2,197 — — 2,198 
Balances at June 30, 2020243,732 $2,437 $3,605,982 $(2,946,856)$(7,706)$653,857 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements


NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2021. The condensed consolidated December 31, 2020 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2020 10-K.
Use of Estimates
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.
The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In June 2021, the Company updated the
8

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

recovery rate assumption on the Stage IV leach pad at Rochester, based on the historical performance of the leach pad since the third quarter of 2019. This change resulted in an adjustment to the ending ore on leach pads balance with the resulting non-cash charges allocated between Costs Applicable to Sales and Amortization in the amounts of $8.6 million and $2.2 million, respectively.
Revenue Recognition
The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
The following table presents a rollforward of the Franco-Nevada contract liability balance:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2021202020212020
Opening Balance$9,030 $10,505 $9,376 $11,061 
Revenue Recognized(255)(116)(601)(672)
Closing Balance$8,775 $10,389 $8,775 $10,389 
In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In the first half of 2021, the Kensington mine delivered $15.0 million of gold concentrate to the counterparty in satisfaction of this prepayment obligation. The Amended Sales Contract was further amended in July 2021, with an effective date as of June 28, 2021, to include options for Coeur to receive up to two additional prepayments of up to $15.0 million each for deliveries of gold concentrate from the Kensington mine, and Coeur exercised the option to receive the first $15.0 million prepayment in June 2021 (the “June 2021 Prepayment”). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail.
The following table presents a rollforward of the Amended Sales Contract liability balance:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2021202020212020
Opening Balance$7,104 $8,018 $15,003 $15,010 
Additions14,900 15,006 15,001 15,006 
Revenue Recognized(7,000)(8,018)(15,000)(15,010)
Closing Balance$15,004 $15,006 $15,004 $15,006 
Recently Adopted Accounting Standards
In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows.

9

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

NOTE 3 – SEGMENT REPORTING
The Company’s operating segments include the Palmarejo, Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine, which temporarily suspended mining and processing activities in February 2020, is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
In June 2021, Silvertip repurchased from Silvertip Resources Investment Cayman Ltd. for consideration of $7.0 million a net smelter returns royalty of 1.429% on the first 1,434,000 metric tonnes of mineralized material mined, and 1.00% thereafter.
The 2019 novel strain of coronavirus causing a contagious respiratory disease known as COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, poses a material risk to Coeur’s business and operations and the Company expects costs associated with its COVID-19 mitigation and response efforts at each of its operations to continue.
Incremental costs associated with the Company’s COVID-19 health and safety protocols are recorded in Pre-development, reclamation, and other expenses in our Consolidated Statement of Comprehensive Income (Loss) and are included in Other operating expenses in the table below. Because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to estimate the impact of the pandemic on the Company’s operating segments. However, these effects could have a material impact on our operations, and Coeur will continue to monitor the COVID-19 situation closely.
Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended June 30, 2021PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$41,232 $14,026 $48,807 $42,093 $ $ $146,158 
Silver sales43,802 24,059  839   68,700 
Metal sales85,034 38,085 48,807 42,932   214,858 
Costs and Expenses
Costs applicable to sales(1)
41,918 38,031 29,203 23,443   132,595 
Amortization8,271 6,506 12,710 2,994 1,185 307 31,973 
Exploration1,834 936 1,305 76 3,595 4,700 12,446 
Other operating expenses1,453 1,444 2,273 525 5,964 11,546 23,205 
Other income (expense)
Fair value adjustments, net     37,239 37,239 
Interest expense, net(149)(480)(142)(46)181 (4,457)(5,093)
Other, net(371)(92)(42)628 (237)815 701 
Income and mining tax (expense) benefit(7,559)(33)(707)(1,294) (5,747)(15,340)
Net Income (loss) $23,479 $(9,437)$2,425 $15,182 $(10,800)$11,297 $32,146 
Segment assets(2)
$307,287 $435,257 $158,456 $77,436 $189,489 $171,517 $1,339,442 
Capital expenditures$9,795 $42,272 $6,045 $1,402 $18,525 $184 $78,223 
(1) Excludes amortization
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
10

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Three months ended June 30, 2020PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
Revenue
Gold sales$23,669 $8,982 $55,177 $40,074 $ $ $127,902 
Silver sales14,301 11,661  385   26,347 
Zinc sales       
Lead sales       
Metal sales37,970 20,643 55,177 40,459   154,249 
Costs and Expenses
Costs applicable to sales(1)
18,825 18,336 30,382 22,472   90,015 
Amortization7,270 3,012 12,853 3,181 1,231