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Sep 30, 2022
Coeur Q3 2022 Earnings Report
Coeur's financial results were impacted by lower average realized prices and inflationary pressures, but the company is well-positioned to achieve its full-year 2022 production and cost guidance.
Key Takeaways
Coeur Mining, Inc. reported third quarter 2022 revenue of $183 million and a GAAP net loss from continuing operations of $57 million, or $0.21 per share. The company reaffirmed its full-year production and cost guidance, expecting a strong fourth quarter from all four operations.
Third quarter gold and silver production totaled 83,438 and 2.4 million ounces, respectively, with stronger fourth quarter expected to result in full-year production levels within 2022 guidance ranges.
Pre-screens at Rochester providing intended benefit, driving enhanced operational flexibility and helping to generate a lower average size of crushed material and improved pad permeability.
Rochester expansion remains on track to be completed mid-2023, with the total capital increased by 9 - 12% to $650 - $670 million to reflect recently completed final estimates for the addition of pre-screens into the crusher circuit, higher prices and quantities of steel and concrete, and additional contingency.
Strategic sale of southern Nevada holdings to AngloGold now complete for closing cash consideration of $150 million and deferred cash consideration of $50 million.
Coeur
Coeur
Forward Guidance
Coeur reaffirmed 2022 production and cost 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 2022 gold production is expected to be 100,000 - 110,000 ounces.
- Palmarejo 2022 silver production is expected to be 6,000,000 - 7,000,000 ounces.
- Kensington 2022 gold production is expected to be 110,000 - 120,000 gold ounces.
Challenges Ahead
- Rochester 2022 silver production is expected to be 3,000,000 - 4,000,000 ounces.
- Rochester 2022 gold production is expected to be 35,000 - 43,000 ounces.
- Wharf 2022 gold production is expected to be 70,000 - 80,000 ounces.
- Palmarejo 2022 CAS is expected to be $825 - $925 per gold ounce.
- Palmarejo 2022 CAS is expected to be $12.75 - $13.75 per silver ounce.