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Segment Reporting | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTINGThe Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. 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
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 |
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 | 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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