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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Financial information relating to the reporting segments | 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.
Consolidated Assets |
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 |
Long Lived Assets by Country | 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 from External Customers by Geographic Areas |
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 |
Schedule of Revenue by Major Customers by Reporting Segments | 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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