Coeur Mining, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, reflecting a robust recovery from previous losses. For the three months ended September 30, 2024, the company generated revenue of $313.5 million, a 41% increase from $222.0 million in the prior quarter and a substantial rise from $194.6 million in Q3 2023. Year-to-date revenue reached $748.6 million, up 34% from $559.1 million in the same period last year.
The company achieved net income of $48.7 million, or $0.12 per diluted share, for Q3 2024, compared to a net income of $1.4 million in Q2 2024 and a net loss of $21.1 million in Q3 2023. For the nine months ended September 30, 2024, net income was $21.0 million, a significant turnaround from a net loss of $78.1 million in the same period of 2023. Adjusted EBITDA for the third quarter was $126.0 million, compared to $52.4 million in the previous quarter.
Gold and silver production also saw notable increases, with gold production rising to 94,993 ounces in Q3 2024, a 21% increase year-over-year, and silver production reaching 3.0 million ounces, a 15% increase. The costs applicable to sales per gold ounce decreased by 12% compared to the prior quarter, contributing to improved profitability.
Strategically, Coeur Mining announced a definitive agreement on October 3, 2024, to acquire SilverCrest Metals Inc. for an implied total equity value of approximately $1.7 billion. This acquisition is expected to close in late Q1 2025, subject to regulatory approvals. The transaction will result in existing Coeur stockholders owning approximately 63% of the combined company, while SilverCrest shareholders will hold about 37%.
In addition, Coeur completed the purchase of mining concessions adjacent to the Palmarejo mine for $25 million in July 2024, enhancing its asset base. The company also reported a significant increase in cash provided by operating activities, totaling $111.1 million for Q3 2024, compared to $15.2 million in the previous quarter.
As of September 30, 2024, Coeur's total assets amounted to $2.23 billion, up from $2.08 billion at the end of 2023. The company’s cash and cash equivalents increased to $78.7 million, reflecting improved liquidity. Total debt decreased to $605.2 million from $629.3 million in the previous quarter, indicating a focus on debt reduction.
Overall, Coeur Mining's performance in Q3 2024 demonstrates a strong recovery trajectory, driven by increased production, higher sales, and strategic acquisitions aimed at enhancing its operational footprint.
About Coeur Mining, Inc.
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