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Segment Reporting (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 55,085 |  |  | $ | 22,889 |  |  | $ | 62,164 |  |  | $ | 83,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 223,772 |
Silver sales | 55,292 |  |  | 33,092 |  |  | (12) |  |  | 1,332 |  |  | — |  |  | — |  |  | 89,704 |
Metal sales | 110,377 |  |  | 55,981 |  |  | 62,152 |  |  | 84,966 |  |  | — |  |  | — |  |  | 313,476 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 47,455 |  |  | 39,409 |  |  | 38,099 |  |  | 31,779 |  |  | — |  |  | — |  |  | 156,742 |
Amortization | 11,984 |  |  | 10,231 |  |  | 7,612 |  |  | 2,419 |  |  | 794 |  |  | 176 |  |  | 33,216 |
Exploration | 4,303 |  |  | 1,044 |  |  | 1,988 |  |  | 2,330 |  |  | 9,405 |  |  | 497 |  |  | 19,567 |
Other operating expenses | 2,650 |  |  | 2,459 |  |  | 636 |  |  | 1,165 |  |  | 2,037 |  |  | 10,602 |  |  | 19,549 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | (30) |  |  | (1,113) |  |  | (245) |  |  | (128) |  |  | (1) |  |  | (11,763) |  |  | (13,280) |
Other, net(3) | 1,256 |  |  | (140) |  |  | (80) |  |  | (37) |  |  | 52 |  |  | 2,383 |  |  | 3,434 |
Income and mining tax (expense) benefit | (18,919) |  |  | (283) |  |  | — |  |  | (4,164) |  |  | — |  |  | (2,451) |  |  | (25,817) |
Net Income (loss) | $ | 26,292 |  |  | $ | 1,302 |  |  | $ | 13,492 |  |  | $ | 42,944 |  |  | $ | (12,185) |  |  | $ | (23,106) |  |  | $ | 48,739 |
Segment assets(2) | $ | 320,271 |  |  | $ | 1,180,633 |  |  | $ | 208,858 |  |  | $ | 107,526 |  |  | $ | 212,607 |  |  | $ | 53,374 |  |  | $ | 2,083,269 |
Capital expenditures | $ | 8,048 |  |  | $ | 10,121 |  |  | $ | 19,996 |  |  | $ | 2,773 |  |  | $ | 1,035 |  |  | $ | 7 |  |  | $ | 41,980 |
(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, 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 |  |  | 2,188 |  |  | 900 |  |  | 1,049 |  |  | 3,163 |  |  | 8,301 |  |  | 18,212 |
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 |  |  | (48) |  |  | (85) |  |  | (36) |  |  | (120) |  |  | (640) |  |  | 478 |
Income and mining tax (expense) benefit | (4,539) |  |  | 220 |  |  | — |  |  | (1,102) |  |  | — |  |  | (676) |  |  | (6,097) |
Net Income (loss) | $ | 12,543 |  |  | $ | (13,934) |  |  | $ | (3,074) |  |  | $ | 12,196 |  |  | $ | (10,918) |  |  | $ | (17,923) |  |  | $ | (21,110) |
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.
Nine Months Ended September 30, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 151,398 |  |  | $ | 52,938 |  |  | $ | 156,753 |  |  | $ | 168,537 |  |  | $ | — |  |  | $ | — |  |  | $ | 529,626 |
Silver sales | 138,603 |  |  | 75,636 |  |  | (28) |  |  | 4,725 |  |  | — |  |  | — |  |  | 218,936 |
Metal sales | 290,001 |  |  | 128,574 |  |  | 156,725 |  |  | 173,262 |  |  | — |  |  | — |  |  | 748,562 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 149,976 |  |  | 103,063 |  |  | 118,109 |  |  | 76,308 |  |  | — |  |  | — |  |  | 447,456 |
Amortization | 35,429 |  |  | 25,434 |  |  | 19,653 |  |  | 4,879 |  |  | 2,436 |  |  | 610 |  |  | 88,441 |
Exploration | 9,366 |  |  | 2,452 |  |  | 4,824 |  |  | 3,579 |  |  | 21,130 |  |  | 1,581 |  |  | 42,932 |
Other operating expenses | 7,350 |  |  | 11,035 |  |  | 9,391 |  |  | 3,410 |  |  | 7,146 |  |  | 33,680 |  |  | 72,012 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 417 |  |  | 417 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | 341 |  |  | (3,508) |  |  | (1,215) |  |  | (405) |  |  | (11) |  |  | (34,591) |  |  | (39,389) |
Other, net(3) | 4,683 |  |  | (256) |  |  | (243) |  |  | (124) |  |  | 12 |  |  | 7,257 |  |  | 11,329 |
Income and mining tax (expense) benefit | (37,913) |  |  | 623 |  |  | — |  |  | (7,172) |  |  | — |  |  | (4,568) |  |  | (49,030) |
Net Income (loss) | $ | 54,991 |  |  | $ | (16,551) |  |  | $ | 3,290 |  |  | $ | 77,385 |  |  | $ | (30,711) |  |  | $ | (67,356) |  |  | $ | 21,048 |
Segment assets(2) | $ | 320,271 |  |  | $ | 1,180,633 |  |  | $ | 208,858 |  |  | $ | 107,526 |  |  | $ | 212,607 |  |  | $ | 53,374 |  |  | $ | 2,083,269 |
Capital expenditures | $ | 20,680 |  |  | $ | 58,894 |  |  | $ | 49,731 |  |  | $ | 4,237 |  |  | $ | 1,894 |  |  | $ | 32 |  |  | $ | 135,468 |
(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 |  |  | 6,613 |  |  | 2,844 |  |  | 3,092 |  |  | 14,670 |  |  | 27,745 |  |  | 61,334 |
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 |  |  | (188) |  |  | (236) |  |  | (367) |  |  | (239) |  |  | (13,351) |  |  | (10,090) |
Income and mining tax (expense) benefit | (20,461) |  |  | 596 |  |  | — |  |  | (3,822) |  |  | — |  |  | (2,984) |  |  | (26,671) |
Net Income (loss) | $ | 35,562 |  |  | $ | (34,046) |  |  | $ | (31,724) |  |  | $ | 34,169 |  |  | $ | (24,695) |  |  | $ | (57,374) |  |  | $ | (78,108) |
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.
Consolidated Assets |
Assets | September 30, 2024 |  | December 31, 2023
Total assets for reportable segments | $ | 2,083,269 |  |  | $ | 1,943,037 |
Cash and cash equivalents | 76,916 |  |  | 61,633 |
Other assets | 67,615 |  |  | 76,178 |
Total consolidated assets | $ | 2,227,800 |  |  | $ | 2,080,848 |
Long Lived Assets by Country | Geographic Information
Long-Lived Assets | September 30, 2024 |  | December 31, 2023
United States | $ | 1,260,793 |  |  | $ | 1,201,988 |
Mexico | 269,380 |  |  | 256,906 |
Canada | 229,129 |  |  | 229,242 |
Other | 152 |  |  | 152 |
Total | $ | 1,759,454 |  |  | $ | 1,688,288 |
Revenue by Country |
Revenue | Three months ended September 30, |  | Nine months ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023 |  |
United States | $ | 203,099 |  |  | $ | 117,295 |  |  | $ | 458,561 |  |  | $ | 326,793 |  |  |
Mexico | 110,377 |  |  | 77,288 |  |  | 290,001 |  |  | 232,323 |  |  |
Total | $ | 313,476 |  |  | $ | 194,583 |  |  | $ | 748,562 |  |  | $ | 559,116 |  |  |

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