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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 42,411 |  |  | $ | 17,368 |  |  | $ | 51,104 |  |  | $ | 43,202 |  |  | $ | — |  |  | $ | — |  |  | $ | 154,085 |
Silver sales | 40,835 |  |  | 25,396 |  |  | (50) |  |  | 1,760 |  |  | — |  |  | — |  |  | 67,941 |
Metal sales | 83,246 |  |  | 42,764 |  |  | 51,054 |  |  | 44,962 |  |  | — |  |  | — |  |  | 222,026 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 48,227 |  |  | 36,655 |  |  | 40,721 |  |  | 19,114 |  |  | — |  |  | — |  |  | 144,717 |
Amortization | 10,843 |  |  | 8,570 |  |  | 6,445 |  |  | 1,067 |  |  | 790 |  |  | 213 |  |  | 27,928 |
Exploration | 2,578 |  |  | 977 |  |  | 1,291 |  |  | 1,126 |  |  | 6,445 |  |  | 457 |  |  | 12,874 |
Other operating expenses | 2,446 |  |  | 2,826 |  |  | 1,129 |  |  | 1,144 |  |  | 2,404 |  |  | 9,882 |  |  | 19,831 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21) |  |  | (21) |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | 397 |  |  | (1,055) |  |  | (499) |  |  | (125) |  |  | (4) |  |  | (11,876) |  |  | (13,162) |
Other, net(3) | 2,881 |  |  | (146) |  |  | (82) |  |  | (45) |  |  | 18 |  |  | 2,496 |  |  | 5,122 |
Income and mining tax (expense) benefit | (7,311) |  |  | 672 |  |  | — |  |  | (1,872) |  |  | — |  |  | 1,322 |  |  | (7,189) |
Net Income (loss) | $ | 15,119 |  |  | $ | (6,793) |  |  | $ | 887 |  |  | $ | 20,469 |  |  | $ | (9,625) |  |  | $ | (18,631) |  |  | $ | 1,426 |
Segment assets(2) | $ | 302,034 |  |  | $ | 1,125,586 |  |  | $ | 196,671 |  |  | $ | 108,268 |  |  | $ | 213,833 |  |  | $ | 51,885 |  |  | $ | 1,998,277 |
Capital expenditures | $ | 5,871 |  |  | $ | 27,530 |  |  | $ | 16,477 |  |  | $ | 1,156 |  |  | $ | 350 |  |  | $ | 21 |  |  | $ | 51,405 |
(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, 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 |  |  | 2,400 |  |  | 960 |  |  | 1,029 |  |  | 4,961 |  |  | 8,566 |  |  | 20,149 |
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 |  |  | (47) |  |  | (80) |  |  | 145 |  |  | (110) |  |  | (12,537) |  |  | (9,607) |
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.
Six Months Ended June 30, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 96,313 |  |  | $ | 30,049 |  |  | $ | 94,589 |  |  | $ | 84,903 |  |  | $ | — |  |  | $ | — |  |  | $ | 305,854 |
Silver sales | 83,311 |  |  | 42,544 |  |  | (16) |  |  | 3,393 |  |  | — |  |  | — |  |  | 129,232 |
Metal sales | 179,624 |  |  | 72,593 |  |  | 94,573 |  |  | 88,296 |  |  | — |  |  | — |  |  | 435,086 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 102,521 |  |  | 63,654 |  |  | 80,010 |  |  | 44,529 |  |  | — |  |  | — |  |  | 290,714 |
Amortization | 23,445 |  |  | 15,203 |  |  | 12,041 |  |  | 2,460 |  |  | 1,642 |  |  | 434 |  |  | 55,225 |
Exploration | 5,063 |  |  | 1,408 |  |  | 2,836 |  |  | 1,249 |  |  | 11,725 |  |  | 1,084 |  |  | 23,365 |
Other operating expenses | 4,700 |  |  | 8,576 |  |  | 8,755 |  |  | 2,245 |  |  | 5,109 |  |  | 23,078 |  |  | 52,463 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 417 |  |  | 417 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | 371 |  |  | (2,395) |  |  | (970) |  |  | (277) |  |  | (10) |  |  | (22,828) |  |  | (26,109) |
Other, net(3) | 3,427 |  |  | (116) |  |  | (163) |  |  | (87) |  |  | (40) |  |  | 4,874 |  |  | 7,895 |
Income and mining tax (expense) benefit | (18,994) |  |  | 906 |  |  | — |  |  | (3,008) |  |  | — |  |  | (2,117) |  |  | (23,213) |
Net Income (loss) | $ | 28,699 |  |  | $ | (17,853) |  |  | $ | (10,202) |  |  | $ | 34,441 |  |  | $ | (18,526) |  |  | $ | (44,250) |  |  | $ | (27,691) |
Segment assets(2) | $ | 302,034 |  |  | $ | 1,125,586 |  |  | $ | 196,671 |  |  | $ | 108,268 |  |  | $ | 213,833 |  |  | $ | 51,885 |  |  | $ | 1,998,277 |
Capital expenditures | $ | 12,632 |  |  | $ | 48,773 |  |  | $ | 29,735 |  |  | $ | 1,464 |  |  | $ | 859 |  |  | $ | 25 |  |  | $ | 93,488 |
(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 |  |  | 4,425 |  |  | 1,944 |  |  | 2,043 |  |  | 11,507 |  |  | 19,444 |  |  | 43,122 |
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 |  |  | (140) |  |  | (151) |  |  | (331) |  |  | (119) |  |  | (12,711) |  |  | (10,568) |
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.
Consolidated Assets |
Assets | June 30, 2024 |  | December 31, 2023
Total assets for reportable segments | $ | 1,998,277 |  |  | $ | 1,943,037 |
Cash and cash equivalents | 74,136 |  |  | 61,633 |
Other assets | 70,636 |  |  | 76,178 |
Total consolidated assets | $ | 2,143,049 |  |  | $ | 2,080,848 |
Long Lived Assets by Country | Geographic Information
Long-Lived Assets | June 30, 2024 |  | December 31, 2023
United States | $ | 1,218,875 |  |  | $ | 1,201,988 |
Mexico | 248,549 |  |  | 256,906 |
Canada | 228,373 |  |  | 229,242 |
Other | 154 |  |  | 152 |
Total | $ | 1,695,951 |  |  | $ | 1,688,288 |
Revenue by Country |
Revenue | Three months ended June 30, |  | Six months ended June 30,
2024 |  | 2023 |  | 2024 |  | 2023 |  |
United States | $ | 138,780 |  |  | $ | 104,507 |  |  | $ | 255,462 |  |  | $ | 209,498 |  |  |
Mexico | 83,246 |  |  | 72,728 |  |  | 179,624 |  |  | 155,035 |  |  |
Total | $ | 222,026 |  |  | $ | 177,235 |  |  | $ | 435,086 |  |  | $ | 364,533 |  |  |

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