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Segment Reporting (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 38,994 |  |  | $ | 8,719 |  |  | $ | 46,474 |  |  | $ | 45,316 |  |  | $ | — |  |  | $ | — |  |  | $ | 139,503 |
Silver sales | 38,294 |  |  | 14,929 |  |  | 56 |  |  | 1,801 |  |  | — |  |  | — |  |  | 55,080 |
Metal sales | 77,288 |  |  | 23,648 |  |  | 46,530 |  |  | 47,117 |  |  | — |  |  | — |  |  | 194,583 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 48,059 |  |  | 30,532 |  |  | 38,286 |  |  | 31,026 |  |  | — |  |  | — |  |  | 147,903 |
Amortization | 9,024 |  |  | 4,176 |  |  | 6,894 |  |  | 1,588 |  |  | 919 |  |  | 283 |  |  | 22,884 |
Exploration | 2,160 |  |  | 303 |  |  | 2,856 |  |  | — |  |  | 6,703 |  |  | 415 |  |  | 12,437 |
Other operating expenses | 2,611 |  |  | 2,168 |  |  | 907 |  |  | 1,041 |  |  | 3,164 |  |  | 8,301 |  |  | 18,192 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 774 |  |  | 774 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,010) |  |  | (2,010) |
Interest expense, net | 241 |  |  | (555) |  |  | (583) |  |  | (120) |  |  | (13) |  |  | (6,372) |  |  | (7,402) |
Other, net(3) | 1,407 |  |  | (67) |  |  | (79) |  |  | (43) |  |  | (119) |  |  | (640) |  |  | 459 |
Income and mining tax (expense) benefit | (4,539) |  |  | 220 |  |  | — |  |  | (1,102) |  |  | — |  |  | (676) |  |  | (6,097) |
Net Income (loss) | $ | 12,543 |  |  | $ | (13,933) |  |  | $ | (3,075) |  |  | $ | 12,197 |  |  | $ | (10,918) |  |  | $ | (17,923) |  |  | $ | (21,109) |
Segment assets(2) | $ | 313,569 |  |  | $ | 1,070,307 |  |  | $ | 169,184 |  |  | $ | 98,307 |  |  | $ | 217,321 |  |  | $ | 66,462 |  |  | $ | 1,935,150 |
Capital expenditures | $ | 10,780 |  |  | $ | 84,368 |  |  | $ | 15,831 |  |  | $ | 681 |  |  | $ | 619 |  |  | $ | (6) |  |  | $ | 112,273 |
(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 September 30, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 35,285 |  |  | $ | 16,162 |  |  | $ | 49,010 |  |  | $ | 38,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 139,181 |
Silver sales | 29,551 |  |  | 14,011 |  |  | 97 |  |  | 153 |  |  | — |  |  | — |  |  | 43,812 |
Metal sales | 64,836 |  |  | 30,173 |  |  | 49,107 |  |  | 38,877 |  |  | — |  |  | — |  |  | 182,993 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 43,244 |  |  | 50,760 |  |  | 40,289 |  |  | 28,887 |  |  | — |  |  | — |  |  | 163,180 |
Amortization | 8,027 |  |  | 6,921 |  |  | 10,369 |  |  | 2,191 |  |  | 1,260 |  |  | 383 |  |  | 29,151 |
Exploration | 1,775 |  |  | 601 |  |  | 2,796 |  |  | — |  |  | 2,303 |  |  | 931 |  |  | 8,406 |
Other operating expenses | 812 |  |  | 1,804 |  |  | 425 |  |  | 482 |  |  | 4,966 |  |  | 10,482 |  |  | 18,971 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,067) |  |  | (13,067) |
Interest expense, net | 26 |  |  | (225) |  |  | (442) |  |  | (22) |  |  | (32) |  |  | (5,237) |  |  | (5,932) |
Other, net(3) | 1,142 |  |  | (101) |  |  | (62) |  |  | (167) |  |  | (85) |  |  | (574) |  |  | 153 |
Income and mining tax (expense) benefit | (1,805) |  |  | 114 |  |  | — |  |  | (417) |  |  | — |  |  | 225 |  |  | (1,883) |
Net Income (loss) | $ | 10,341 |  |  | $ | (30,125) |  |  | $ | (5,276) |  |  | $ | 6,711 |  |  | $ | (8,646) |  |  | $ | (30,449) |  |  | $ | (57,444) |
Segment assets(2) | $ | 294,438 |  |  | $ | 769,391 |  |  | $ | 146,128 |  |  | $ | 90,542 |  |  | $ | 242,142 |  |  | $ | 85,034 |  |  | $ | 1,627,675 |
Capital expenditures | $ | 10,844 |  |  | $ | 73,995 |  |  | $ | 7,076 |  |  | $ | 458 |  |  | $ | 3,821 |  |  | $ | 408 |  |  | $ | 96,602 |
(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
Nine Months Ended September 30, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 114,897 |  |  | $ | 37,404 |  |  | $ | 111,136 |  |  | $ | 124,522 |  |  | $ | — |  |  | $ | — |  |  | $ | 387,959 |
Silver sales | 117,426 |  |  | 49,245 |  |  | 193 |  |  | 4,293 |  |  | — |  |  | — |  |  | 171,157 |
Metal sales | 232,323 |  |  | 86,649 |  |  | 111,329 |  |  | 128,815 |  |  | — |  |  | — |  |  | 559,116 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 143,915 |  |  | 99,465 |  |  | 114,817 |  |  | 82,399 |  |  | — |  |  | — |  |  | 440,596 |
Amortization | 25,760 |  |  | 13,043 |  |  | 17,539 |  |  | 4,802 |  |  | 3,161 |  |  | 882 |  |  | 65,187 |
Exploration | 5,087 |  |  | 965 |  |  | 6,179 |  |  | — |  |  | 6,572 |  |  | 1,204 |  |  | 20,007 |
Other operating expenses | 6,370 |  |  | 6,241 |  |  | 2,875 |  |  | 3,084 |  |  | 14,687 |  |  | 27,745 |  |  | 61,002 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,735 |  |  | 3,735 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,629 |  |  | 4,629 |
Interest expense, net | 541 |  |  | (1,017) |  |  | (1,438) |  |  | (164) |  |  | (53) |  |  | (19,572) |  |  | (21,703) |
Other, net(3) | 4,291 |  |  | (559) |  |  | (206) |  |  | (374) |  |  | (222) |  |  | (13,351) |  |  | (10,421) |
Income and mining tax (expense) benefit | (20,461) |  |  | 596 |  |  | — |  |  | (3,822) |  |  | — |  |  | (2,984) |  |  | (26,671) |
Net Income (loss) | $ | 35,562 |  |  | $ | (34,045) |  |  | $ | (31,725) |  |  | $ | 34,170 |  |  | $ | (24,695) |  |  | $ | (57,374) |  |  | $ | (78,107) |
Segment assets(2) | $ | 313,569 |  |  | $ | 1,070,307 |  |  | $ | 169,184 |  |  | $ | 98,307 |  |  | $ | 217,321 |  |  | $ | 66,462 |  |  | $ | 1,935,150 |
Capital expenditures | $ | 32,844 |  |  | $ | 197,788 |  |  | $ | 38,189 |  |  | $ | 952 |  |  | $ | 1,426 |  |  | $ | 703 |  |  | $ | 271,902 |
(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
Nine Months Ended September 30, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 119,486 |  |  | $ | 42,413 |  |  | $ | 143,099 |  |  | $ | 110,259 |  |  | $ | — |  |  | $ | — |  |  | $ | 415,257 |
Silver sales | 114,387 |  |  | 44,632 |  |  | 575 |  |  | 669 |  |  | — |  |  | — |  |  | 160,263 |
Metal sales | 233,873 |  |  | 87,045 |  |  | 143,674 |  |  | 110,928 |  |  | — |  |  | — |  |  | 575,520 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 135,532 |  |  | 120,988 |  |  | 116,510 |  |  | 74,096 |  |  | — |  |  | — |  |  | 447,126 |
Amortization | 27,150 |  |  | 16,592 |  |  | 28,360 |  |  | 6,500 |  |  | 3,778 |  |  | 1,169 |  |  | 83,549 |
Exploration | 5,071 |  |  | 4,009 |  |  | 4,416 |  |  | — |  |  | 2,041 |  |  | 3,566 |  |  | 19,103 |
Other operating expenses | 2,485 |  |  | 5,465 |  |  | 1,348 |  |  | 1,521 |  |  | 16,550 |  |  | 31,751 |  |  | 59,120 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (65,272) |  |  | (65,272) |
Interest expense, net | (100) |  |  | (606) |  |  | (1,111) |  |  | (49) |  |  | (150) |  |  | (13,654) |  |  | (15,670) |
Other, net(3) | 1,635 |  |  | (192) |  |  | 19 |  |  | 506 |  |  | (320) |  |  | 555 |  |  | 2,203 |
Income and mining tax (expense) benefit | (24,325) |  |  | 1,079 |  |  | 127 |  |  | (2,382) |  |  | — |  |  | 10,422 |  |  | (15,079) |
Net Income (loss) | $ | 40,845 |  |  | $ | (59,728) |  |  | $ | (7,925) |  |  | $ | 26,886 |  |  | $ | (22,839) |  |  | $ | (104,435) |  |  | $ | (127,196) |
Segment assets(2) | $ | 294,438 |  |  | $ | 769,391 |  |  | $ | 146,128 |  |  | $ | 90,542 |  |  | $ | 242,142 |  |  | $ | 85,034 |  |  | $ | 1,627,675 |
Capital expenditures | $ | 34,515 |  |  | $ | 154,001 |  |  | $ | 23,828 |  |  | $ | 2,294 |  |  | $ | 21,383 |  |  | $ | 3,239 |  |  | $ | 239,260 |
(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 | September 30, 2023 |  | December 31, 2022
Total assets for reportable segments | $ | 1,935,150 |  |  | $ | 1,669,982 |
Cash and cash equivalents | 53,223 |  |  | 61,464 |
Other assets | 81,379 |  |  | 114,697 |
Total consolidated assets | $ | 2,069,752 |  |  | $ | 1,846,143 |
Long Lived Assets by Country | Geographic Information
Long-Lived Assets | September 30, 2023 |  | December 31, 2022
United States | $ | 1,149,301 |  |  | $ | 899,960 |
Mexico | 258,409 |  |  | 251,950 |
Canada | 231,416 |  |  | 237,723 |
Other | 122 |  |  | 122 |
Total | $ | 1,639,248 |  |  | $ | 1,389,755 |
Revenue by Country |
Revenue | Three months ended September 30, |  | Nine months ended September 30,
2023 |  | 2022 |  | 2023 |  | 2022 |  |
United States | $ | 117,295 |  |  | $ | 118,157 |  |  | $ | 326,793 |  |  | $ | 341,647 |  |  |
Mexico | 77,288 |  |  | 64,836 |  |  | 232,323 |  |  | 233,873 |  |  |
Total | $ | 194,583 |  |  | $ | 182,993 |  |  | $ | 559,116 |  |  | $ | 575,520 |  |  |

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