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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended June 30, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 35,296 |  |  | $ | 12,638 |  |  | $ | 24,538 |  |  | $ | 48,883 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,355 |
Silver sales | 37,432 |  |  | 16,463 |  |  | 63 |  |  | 1,922 |  |  | — |  |  | — |  |  | 55,880 |
Metal sales | 72,728 |  |  | 29,101 |  |  | 24,601 |  |  | 50,805 |  |  | — |  |  | — |  |  | 177,235 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 46,591 |  |  | 26,068 |  |  | 39,149 |  |  | 27,829 |  |  | — |  |  | — |  |  | 139,637 |
Amortization | 8,017 |  |  | 3,649 |  |  | 4,801 |  |  | 1,805 |  |  | 1,021 |  |  | 302 |  |  | 19,595 |
Exploration | 1,614 |  |  | 279 |  |  | 2,327 |  |  | — |  |  | (1,628) |  |  | 328 |  |  | 2,920 |
Other operating expenses | 2,233 |  |  | 2,048 |  |  | 984 |  |  | 1,029 |  |  | 4,977 |  |  | 8,566 |  |  | 19,837 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,961 |  |  | 2,961 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,922) |  |  | (3,922) |
Interest expense, net | 178 |  |  | (287) |  |  | (325) |  |  | (30) |  |  | (18) |  |  | (6,430) |  |  | (6,912) |
Other, net(3) | 3,022 |  |  | (399) |  |  | (56) |  |  | 145 |  |  | (94) |  |  | (12,537) |  |  | (9,919) |
Income and mining tax (expense) benefit | (6,220) |  |  | 137 |  |  | — |  |  | (2,301) |  |  | — |  |  | (1,482) |  |  | (9,866) |
Net Income (loss) | $ | 11,253 |  |  | $ | (3,492) |  |  | $ | (23,041) |  |  | $ | 17,956 |  |  | $ | (4,482) |  |  | $ | (30,606) |  |  | $ | (32,412) |
Segment assets(2) | $ | 311,609 |  |  | $ | 977,958 |  |  | $ | 160,145 |  |  | $ | 103,249 |  |  | $ | 217,831 |  |  | $ | 61,920 |  |  | $ | 1,832,712 |
Capital expenditures | $ | 11,914 |  |  | $ | 61,458 |  |  | $ | 11,656 |  |  | $ | 150 |  |  | $ | 138 |  |  | $ | 265 |  |  | $ | 85,581 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Three Months Ended June 30, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 44,127 |  |  | $ | 15,199 |  |  | $ | 50,030 |  |  | $ | 37,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 146,625 |
Silver sales | 41,837 |  |  | 15,304 |  |  | 233 |  |  | 124 |  |  | — |  |  | — |  |  | 57,498 |
Metal sales | 85,964 |  |  | 30,503 |  |  | 50,263 |  |  | 37,393 |  |  | — |  |  | — |  |  | 204,123 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 49,063 |  |  | 37,953 |  |  | 39,311 |  |  | 24,352 |  |  | — |  |  | — |  |  | 150,679 |
Amortization | 9,737 |  |  | 4,961 |  |  | 9,369 |  |  | 2,248 |  |  | 1,259 |  |  | 391 |  |  | 27,965 |
Exploration | 1,686 |  |  | 1,466 |  |  | 1,218 |  |  | — |  |  | (262) |  |  | 1,171 |  |  | 5,279 |
Other operating expenses | 752 |  |  | 1,830 |  |  | 308 |  |  | 527 |  |  | 5,090 |  |  | 9,958 |  |  | 18,465 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,810) |  |  | (62,810) |
Interest expense, net | (11) |  |  | (203) |  |  | (421) |  |  | (14) |  |  | (50) |  |  | (4,471) |  |  | (5,170) |
Other, net(3) | 832 |  |  | (43) |  |  | (25) |  |  | 634 |  |  | (230) |  |  | (855) |  |  | 313 |
Income and mining tax (expense) benefit | (10,445) |  |  | 1,000 |  |  | 127 |  |  | (972) |  |  | — |  |  | (1,212) |  |  | (11,502) |
Net Income (loss) | $ | 15,102 |  |  | $ | (14,953) |  |  | $ | (262) |  |  | $ | 9,914 |  |  | $ | (6,367) |  |  | $ | (80,868) |  |  | $ | (77,434) |
Segment assets(2) | $ | 292,246 |  |  | $ | 689,215 |  |  | $ | 149,365 |  |  | $ | 90,645 |  |  | $ | 239,348 |  |  | $ | 163,190 |  |  | $ | 1,624,009 |
Capital expenditures | $ | 10,060 |  |  | $ | 46,956 |  |  | $ | 8,828 |  |  | $ | 475 |  |  | $ | 5,703 |  |  | $ | 1,134 |  |  | $ | 73,156 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Six Months Ended June 30, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 75,903 |  |  | $ | 28,685 |  |  | $ | 64,662 |  |  | $ | 79,206 |  |  | $ | — |  |  | $ | — |  |  | $ | 248,456 |
Silver sales | 79,132 |  |  | 34,316 |  |  | 137 |  |  | 2,492 |  |  | — |  |  | — |  |  | 116,077 |
Metal sales | 155,035 |  |  | 63,001 |  |  | 64,799 |  |  | 81,698 |  |  | — |  |  | — |  |  | 364,533 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 95,856 |  |  | 68,933 |  |  | 76,531 |  |  | 51,373 |  |  | — |  |  | — |  |  | 292,693 |
Amortization | 16,736 |  |  | 8,867 |  |  | 10,645 |  |  | 3,214 |  |  | 2,242 |  |  | 599 |  |  | 42,303 |
Exploration | 2,927 |  |  | 662 |  |  | 3,323 |  |  | — |  |  | (131) |  |  | 789 |  |  | 7,570 |
Other operating expenses | 3,759 |  |  | 4,073 |  |  | 1,968 |  |  | 2,043 |  |  | 11,523 |  |  | 19,444 |  |  | 42,810 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,961 |  |  | 2,961 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,639 |  |  | 6,639 |
Interest expense, net | 300 |  |  | (462) |  |  | (855) |  |  | (44) |  |  | (40) |  |  | (13,200) |  |  | (14,301) |
Other, net(3) | 2,884 |  |  | (492) |  |  | (127) |  |  | (331) |  |  | (103) |  |  | (12,711) |  |  | (10,880) |
Income and mining tax (expense) benefit | (15,922) |  |  | 376 |  |  | — |  |  | (2,720) |  |  | — |  |  | (2,308) |  |  | (20,574) |
Net Income (loss) | $ | 23,019 |  |  | $ | (20,112) |  |  | $ | (28,650) |  |  | $ | 21,973 |  |  | $ | (13,777) |  |  | $ | (39,451) |  |  | $ | (56,998) |
Segment assets(2) | $ | 311,609 |  |  | $ | 977,958 |  |  | $ | 160,145 |  |  | $ | 103,249 |  |  | $ | 217,831 |  |  | $ | 61,920 |  |  | $ | 1,832,712 |
Capital expenditures | $ | 22,064 |  |  | $ | 113,420 |  |  | $ | 22,358 |  |  | $ | 271 |  |  | $ | 807 |  |  | $ | 709 |  |  | $ | 159,629 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Six Months Ended June 30, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 84,201 |  |  | $ | 26,251 |  |  | $ | 94,089 |  |  | $ | 71,535 |  |  | $ | — |  |  | $ | — |  |  | $ | 276,076 |
Silver sales | 84,836 |  |  | 30,621 |  |  | 478 |  |  | 516 |  |  | — |  |  | — |  |  | 116,451 |
Metal sales | 169,037 |  |  | 56,872 |  |  | 94,567 |  |  | 72,051 |  |  | — |  |  | — |  |  | 392,527 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 92,288 |  |  | 70,228 |  |  | 76,221 |  |  | 45,209 |  |  | — |  |  | — |  |  | 283,946 |
Amortization | 19,123 |  |  | 9,671 |  |  | 17,991 |  |  | 4,309 |  |  | 2,518 |  |  | 786 |  |  | 54,398 |
Exploration | 3,296 |  |  | 3,408 |  |  | 1,620 |  |  | — |  |  | (262) |  |  | 2,635 |  |  | 10,697 |
Other operating expenses | 1,673 |  |  | 3,661 |  |  | 923 |  |  | 1,039 |  |  | 11,584 |  |  | 21,269 |  |  | 40,149 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52,205) |  |  | (52,205) |
Interest expense, net | (126) |  |  | (381) |  |  | (669) |  |  | (27) |  |  | (118) |  |  | (8,417) |  |  | (9,738) |
Other, net(3) | 493 |  |  | (91) |  |  | 81 |  |  | 673 |  |  | (235) |  |  | 1,129 |  |  | 2,050 |
Income and mining tax (expense) benefit | (22,520) |  |  | 965 |  |  | 127 |  |  | (1,965) |  |  | — |  |  | 10,197 |  |  | (13,196) |
Net Income (loss) | $ | 30,504 |  |  | $ | (29,603) |  |  | $ | (2,649) |  |  | $ | 20,175 |  |  | $ | (14,193) |  |  | $ | (73,986) |  |  | $ | (69,752) |
Segment assets(2) | $ | 292,246 |  |  | $ | 689,215 |  |  | $ | 149,365 |  |  | $ | 90,645 |  |  | $ | 239,348 |  |  | $ | 163,190 |  |  | $ | 1,624,009 |
Capital expenditures | $ | 23,671 |  |  | $ | 80,006 |  |  | $ | 16,752 |  |  | $ | 1,836 |  |  | $ | 17,562 |  |  | $ | 2,831 |  |  | $ | 142,658 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Consolidated Assets |
Assets | June 30, 2023 |  | December 31, 2022
Total assets for reportable segments | $ | 1,832,712 |  |  | $ | 1,669,982 |
Cash and cash equivalents | 56,845 |  |  | 61,464 |
Other assets | 82,547 |  |  | 114,697 |
Total consolidated assets | $ | 1,972,104 |  |  | $ | 1,846,143 |
Long Lived Assets by Country | Geographic Information
Long-Lived Assets | June 30, 2023 |  | December 31, 2022
United States | $ | 1,062,114 |  |  | $ | 899,960 |
Mexico | 258,467 |  |  | 251,950 |
Canada | 233,030 |  |  | 237,723 |
Other | 122 |  |  | 122 |
Total | $ | 1,553,733 |  |  | $ | 1,389,755 |
Revenue by Country |
Revenue | Three months ended June 30, |  | Six months ended June 30,
2023 |  | 2022 |  | 2023 |  | 2022 |  |
United States | $ | 104,507 |  |  | $ | 118,159 |  |  | $ | 209,498 |  |  | $ | 223,490 |  |  |
Mexico | 72,728 |  |  | 85,964 |  |  | 155,035 |  |  | 169,037 |  |  |
Total | 177,235 |  |  | $ | 204,123 |  |  | $ | 364,533 |  |  | $ | 392,527 |  |  |

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