Coeur Mining (CDE) Q4 2024 earnings summary

Executive summary

• 2024 marked a major inflection point with strong Q4 performance, significant investment, and the $1.58 billion SilverCrest acquisition, adding Las Chispas and positioning the company as a leading global silver and gold producer with a stronger balance sheet.

• Achieved full-year 2024 guidance, with second consecutive quarter of strong earnings and free cash flow, and $80M debt repaid in 2H 2024.

• Significant reserve and resource growth in 2024, positioning for record 2025 results and rapid deleveraging.

• Successful ramp-up and completion of the Rochester expansion, now the largest U.S. source of domestically produced and refined silver.

• Achieved industry-leading safety performance, with injury rates well below industry averages.

Financial highlights

• Full-year 2024 revenue reached $1.1B, up 28% YoY; Q4 revenue was $305M, up 17% from Q4 2023.

• Adjusted EBITDA for 2024 was $339M, up 138% YoY; Q4 adjusted EBITDA was $116M.

• Net income for 2024 was $59M, reversing a $103.6M loss in 2023; Q4 net income was $38M.

• Free cash flow improved to $(9)M in 2024 from $(297)M in 2023; Q4 free cash flow was $16M.

• Gold ounces sold increased 8% and silver ounces sold increased 13% YoY.

Outlook and guidance

• 2025 production guidance: 380,000–440,000 oz gold (+20% YoY) and 16.7–20.3M oz silver (+62% YoY), driven by Las Chispas and Rochester expansion.

• Record levels of EBITDA, earnings, and free cash flow expected in 2025, with $75–$100M free cash flow per quarter starting Q2.

• Net debt to EBITDA targeted to reach nil by year-end 2025.

• Q1 2025 expected to show negative free cash flow due to $75–$85M in cash taxes and SilverCrest transaction costs.

• 2025 cost guidance: Palmarejo $950–$1,150/oz Au, Rochester $1,250–$1,450/oz Au and $14.50–$16.50/oz Ag, Kensington $1,700–$1,900/oz Au, Wharf $1,250–$1,350/oz Au.