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Mar 31, 2022
Coeur Q1 2022 Earnings Report
Coeur's financial performance remained solid, marked by in-line gold and silver production and strategic initiatives to enhance liquidity.
Key Takeaways
Coeur Mining, Inc. reported first quarter 2022 financial results, including revenue of $188 million and GAAP net income from continuing operations of $8 million, or $0.03 per share. The Company reaffirmed full-year 2022 guidance and advanced the Rochester expansion project.
First quarter production was on plan and in-line with 2022 guidance, with solid performances at Palmarejo and Wharf offsetting impacts at Kensington and Rochester.
Coeur enhanced liquidity and balance sheet strength through gold hedging, expansion of its revolving credit facility, and completion of an at-the-market equity offering.
The Rochester expansion project continued to advance, with construction completion targeted for mid-2023 and approximately 80% of the capital estimate committed.
A new discovery at Silvertip highlights recent exploration success, alongside high-grade intercepts at Kensington and Palmarejo demonstrating potential for further mine life extensions.
Revenue by Segment
Forward Guidance
Coeur reaffirmed 2022 guidance.
Positive Outlook
- Full-year 2022 gold production is expected to be 315,000 - 353,000 ounces.
- Full-year 2022 silver production is expected to be 9,000,000 - 11,000,000 ounces.
- Palmarejo costs applicable to sales are expected to be $750 - $850 per gold ounce and $13.50 - $14.50 per silver ounce.
- Rochester costs applicable to sales are expected to be $1,490 - $1,590 per gold ounce and $20.75 - $22.75 per silver ounce.
- Kensington costs applicable to sales are expected to be $1,150 - $1,250 per gold ounce.
Challenges Ahead
- Wharf costs applicable to sales are expected to be $1,225 - $1,325 per gold ounce.
- Capital expenditures, sustaining are expected to be $115,000,000 - $140,000,000.
- Capital expenditures, development are expected to be $205,000,000 - $250,000,000.
- Exploration, expensed is expected to be $18,000,000 - $23,000,000.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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