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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments at December 31, 2024 included the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Following consummation of the acquisition of SilverCrest Metals, Inc. on February 14, 2025, the Company will add the Las Chispas operating segment. 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. The Company’s Chief Operating Decision Maker (“CODM”), comprised of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Chief Financial Officer, and Michael Routledge, Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies. Financial information relating to the Company’s segments is as follows (in thousands):
Year Ended December 31, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 190,520 |  |  | $ | 91,541 |  |  | $ | 225,200 |  |  | $ | 227,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 734,861 |
Silver sales | 188,540 |  |  | 124,271 |  |  | (71) |  |  | 6,405 |  |  | — |  |  | — |  |  | 319,145 |
Metal sales | 379,060 |  |  | 215,812 |  |  | 225,129 |  |  | 234,005 |  |  | — |  |  | — |  |  | 1,054,006 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 195,458 |  |  | 154,611 |  |  | 157,757 |  |  | 98,366 |  |  | — |  |  | — |  |  | 606,192 |
Amortization | 44,979 |  |  | 41,293 |  |  | 28,201 |  |  | 6,487 |  |  | 3,235 |  |  | 779 |  |  | 124,974 |
Exploration | 13,230 |  |  | 5,070 |  |  | 5,494 |  |  | 6,192 |  |  | 27,332 |  |  | 2,340 |  |  | 59,658 |
Other operating expenses(2) | 8,665 |  |  | 12,963 |  |  | 9,753 |  |  | 4,519 |  |  | 9,923 |  |  | 53,177 |  |  | 99,000 |
Costs and expenses | 262,332 |  |  | 213,937 |  |  | 201,205 |  |  | 115,564 |  |  | 40,490 |  |  | 56,296 |  |  | 889,824 |
Income (loss) from operations | 116,728 |  |  | 1,875 |  |  | 23,924 |  |  | 118,441 |  |  | (40,490) |  |  | (56,296) |  |  | 164,182 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 417 |  |  | 417 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | 324 |  |  | (5,081) |  |  | (1,681) |  |  | (544) |  |  | (11) |  |  | (44,283) |  |  | (51,276) |
Other, net(3) | 7,074 |  |  | (363) |  |  | (312) |  |  | (509) |  |  | (43) |  |  | 7,180 |  |  | 13,027 |
Income (loss) before income and mining taxes | 124,126 |  |  | (3,569) |  |  | 21,931 |  |  | 117,388 |  |  | (40,544) |  |  | (92,982) |  |  | 126,350 |
Income and mining tax (expense) benefit | (45,765) |  |  | (1,778) |  |  | (576) |  |  | (10,679) |  |  | — |  |  | (8,652) |  |  | (67,450) |
Net Income (loss) | $ | 78,361 |  |  | $ | (5,347) |  |  | $ | 21,355 |  |  | $ | 106,709 |  |  | $ | (40,544) |  |  | $ | (101,634) |  |  | $ | 58,900 |
Segment assets(4) | $ | 316,232 |  |  | $ | 1,227,745 |  |  | $ | 223,525 |  |  | $ | 119,407 |  |  | $ | 219,613 |  |  | $ | 55,359 |  |  | $ | 2,161,881 |
Capital expenditures | $ | 30,621 |  |  | $ | 72,676 |  |  | $ | 68,656 |  |  | $ | 7,175 |  |  | $ | 3,597 |  |  | $ | 463 |  |  | $ | 183,188 |
(1) Excludes amortization. (2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail. (4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
Year Ended December 31, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 155,036 |  |  | $ | 75,571 |  |  | $ | 162,010 |  |  | $ | 183,060 |  |  | $ | — |  |  | $ | — |  |  | $ | 575,677 |
Silver sales | 158,171 |  |  | 80,451 |  |  | 468 |  |  | 6,439 |  |  | — |  |  | — |  |  | 245,529 |
Metal sales | 313,207 |  |  | 156,022 |  |  | 162,478 |  |  | 189,499 |  |  | — |  |  | — |  |  | 821,206 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 194,309 |  |  | 171,271 |  |  | 152,659 |  |  | 114,657 |  |  | — |  |  | — |  |  | 632,896 |
Amortization | 35,709 |  |  | 26,392 |  |  | 25,905 |  |  | 6,694 |  |  | 4,018 |  |  | 1,104 |  |  | 99,822 |
Exploration | 7,840 |  |  | 1,221 |  |  | 7,900 |  |  | — |  |  | 12,251 |  |  | 1,750 |  |  | 30,962 |
Other operating expenses(2) | 8,064 |  |  | 26,005 |  |  | 3,440 |  |  | 4,157 |  |  | 17,104 |  |  | 37,471 |  |  | 96,241 |
Costs and expenses | 245,922 |  |  | 224,889 |  |  | 189,904 |  |  | 125,508 |  |  | 33,373 |  |  | 40,325 |  |  | 859,921 |
Income (loss) from operations | 67,285 |  |  | (68,867) |  |  | (27,426) |  |  | 63,991 |  |  | (33,373) |  |  | (40,325) |  |  | (38,715) |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,437 |  |  | 3,437 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,384 |  |  | 3,384 |
Interest expense, net | 844 |  |  | (1,603) |  |  | (1,744) |  |  | (329) |  |  | (63) |  |  | (26,204) |  |  | (29,099) |
Other, net(3) | 4,590 |  |  | (293) |  |  | (311) |  |  | (396) |  |  | (129) |  |  | (10,924) |  |  | (7,463) |
Income (loss) before income and mining taxes | 72,719 |  |  | (70,763) |  |  | (29,481) |  |  | 63,266 |  |  | (33,565) |  |  | (70,632) |  |  | (68,456) |
Income and mining tax (expense) benefit | (26,016) |  |  | (816) |  |  | — |  |  | (7,047) |  |  | — |  |  | (1,277) |  |  | (35,156) |
Net Income (loss) | $ | 46,703 |  |  | $ | (71,579) |  |  | $ | (29,481) |  |  | $ | 56,219 |  |  | $ | (33,565) |  |  | $ | (71,909) |  |  | $ | (103,612) |
Segment assets(4) | $ | 312,879 |  |  | $ | 1,081,442 |  |  | $ | 171,602 |  |  | $ | 102,245 |  |  | $ | 215,545 |  |  | $ | 59,324 |  |  | $ | 1,943,037 |
Capital expenditures | $ | 41,766 |  |  | $ | 263,401 |  |  | $ | 53,316 |  |  | $ | 2,472 |  |  | $ | 2,867 |  |  | $ | 795 |  |  | $ | 364,617 |
(1) Excludes amortization. (2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail. (4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
Year Ended December 31, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 157,595 |  |  | $ | 64,460 |  |  | $ | 201,859 |  |  | $ | 148,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 572,877 |
Silver sales | 145,839 |  |  | 65,203 |  |  | 634 |  |  | 1,083 |  |  | — |  |  | — |  |  | 212,759 |
Metal sales | 303,434 |  |  | 129,663 |  |  | 202,493 |  |  | 150,046 |  |  | — |  |  | — |  |  | 785,636 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 182,576 |  |  | 165,166 |  |  | 155,725 |  |  | 103,063 |  |  | — |  |  | — |  |  | 606,530 |
Amortization | 35,432 |  |  | 22,626 |  |  | 39,032 |  |  | 8,247 |  |  | 4,912 |  |  | 1,377 |  |  | 111,626 |
Exploration | 6,605 |  |  | 4,627 |  |  | 6,637 |  |  | — |  |  | 4,628 |  |  | 4,127 |  |  | 26,624 |
Other operating expenses(2) | 4,372 |  |  | 7,540 |  |  | 1,685 |  |  | 1,379 |  |  | 22,322 |  |  | 42,809 |  |  | 80,107 |
Costs and expenses | 228,985 |  |  | 199,959 |  |  | 203,079 |  |  | 112,689 |  |  | 31,862 |  |  | 48,313 |  |  | 824,887 |
Income (loss) from operations | 74,449 |  |  | (70,296) |  |  | (586) |  |  | 37,357 |  |  | (31,862) |  |  | (48,313) |  |  | (39,251) |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (66,668) |  |  | (66,668) |
Interest expense, net | (12) |  |  | (810) |  |  | (1,446) |  |  | (66) |  |  | (176) |  |  | (21,351) |  |  | (23,861) |
Other, net(3) | 3,204 |  |  | (306) |  |  | (206) |  |  | (62) |  |  | (354) |  |  | 64,055 |  |  | 66,331 |
Income (loss) before income and mining taxes | 77,641 |  |  | (71,412) |  |  | (2,238) |  |  | 37,229 |  |  | (32,392) |  |  | (72,277) |  |  | (63,449) |
Income and mining tax (expense) benefit | (28,771) |  |  | 876 |  |  | 127 |  |  | (2,868) |  |  | — |  |  | 15,978 |  |  | (14,658) |
Net Income (loss) | $ | 48,870 |  |  | $ | (70,536) |  |  | $ | (2,111) |  |  | $ | 34,361 |  |  | $ | (32,392) |  |  | $ | (56,299) |  |  | $ | (78,107) |
Segment assets(4) | $ | 295,715 |  |  | $ | 809,116 |  |  | $ | 148,516 |  |  | $ | 105,209 |  |  | $ | 244,151 |  |  | $ | 67,275 |  |  | $ | 1,669,982 |
Capital expenditures | $ | 42,648 |  |  | $ | 246,360 |  |  | $ | 31,456 |  |  | $ | 3,138 |  |  | $ | 24,797 |  |  | $ | 3,955 |  |  | $ | 352,354 |
(1) Excludes amortization. (2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail. (4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.
Assets | December 31, 2024 |  | December 31, 2023
Total assets for reportable segments | $ | 2,161,881 |  |  | $ | 1,943,037 |
Cash and cash equivalents | 55,087 |  |  | 61,633 |
Other assets | 84,779 |  |  | 76,178 |
Total consolidated assets | $ | 2,301,747 |  |  | $ | 2,080,848 |
Geographic Information
Long-Lived Assets | December 31, 2024 |  | December 31, 2023
United States | $ | 1,312,976 |  |  | $ | 1,201,988 |
Mexico | 267,144 |  |  | 256,906 |
Canada | 237,263 |  |  | 229,242 |
Other | 233 |  |  | 152 |
Total | $ | 1,817,616 |  |  | $ | 1,688,288 |
Revenue |  |  | Year ended December 31,
|  |  |  | 2024 |  | 2023 |  | 2022
United States |  |  |  |  | $ | 674,946 |  |  | $ | 507,999 |  |  | $ | 482,202 |
Mexico |  |  |  |  | 379,060 |  |  | 313,207 |  |  | 303,434 |
Total |  |  |  |  | $ | 1,054,006 |  |  | $ | 821,206 |  |  | $ | 785,636 |
The Company’s doré, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company had seven trading counterparties at December 31, 2024. The Company's sales of doré and electrolytic cathodic sludge product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 79%, 80%, and 74%, of total metal sales for the years ended December 31, 2024, 2023, and 2022, respectively. The Company’s gold concentrate product from the Kensington mine is sold under a long-term offtake agreement and is shipped to geographically diverse third-party smelters who are responsible for arranging the smelting of the concentrate. The Company’s sales of concentrate produced by the Kensington amounted to approximately 21%, 20%, and 26% of total metal sales for the years ended December 31, 2024, 2023, and 2022, respectively. The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not have a material adverse effect on the Company due to the liquidity of the markets and current availability of alternative trading counterparties. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years ended December 31, 2024, 2023, and 2022 (in millions):
| Year ended December 31, |
Customer | 2024 |  | 2023 | 0 | 2022 | Segments reporting revenue
Bank of Montreal | $ | 445.6 |  |  | $ | 367.2 |  |  | $ | 341.5 |  | Palmarejo, Rochester, Wharf
Ocean Partners | $ | 484.5 |  |  | $ | 346.2 |  |  | $ | 168.9 |  | Palmarejo, Rochester, Kensington, Wharf
Asahi | $ | 104.9 |  |  | $ | 63.7 |  |  | $ | 125.3 |  | Palmarejo, Rochester, Kensington, Wharf

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- Definition The entire disclosure for reporting segments including data and tables. 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