Coeur Mining, Inc. (NYSE:CDE) Q3 2023 Earnings Conference Call November 9, 2023 11:00 AM ET
Company Participants
Mitchell Krebs - President & Chief Executive Officer
Michael Routledge - Senior Vice President & Chief Operating Officer
Aoife McGrath - Senior Vice President, Exploration
Thomas Whelan - Senior Vice President & Chief Financial Officer
Conference Call Participants
Mike Parkin - National Bank
Operator
Good day and welcome to the Coeur Mining Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Mitch Krebs, President and CEO. Please go ahead.
Mitchell Krebs
Good day, everyone and thanks for joining our third quarter 2023 earnings call. Before getting underway, please note our cautionary language on forward-looking statements in today's slide deck and refer to our SEC filings on our website.
I'll kick off with a quick overview on Slide 3 before turning the call over to Mick, Aoife and Tom. While silver is set to take a larger role with the Rochester expansion project now behind us, it was the gold side of the business that drove stronger third quarter results. Gold production increased 15% and costs per gold ounce declined 13% which drove a material increase in our adjusted EBITDA. These results were primarily due to a bounce back quarter at Kensington as well as a strong gold quarter at Palmarejo.
In total, quarterly revenue increased 10% to $195 million on total production of approximately 78,000 ounces of gold and 2.3 million ounces of silver. Obviously, the key headline is the completion of the expansion at Rochester. The first ounces were produced from the new leach pad and process plant during the quarter and the focus is now on handing off the new 3-stage crushing circuit to the operating team to ramp it up as safely and quickly as possible which Mick will talk more about in a couple of minutes.
In the meantime, Rochester is delivering a significant step-up in production levels. They recovered over 500,000 ounces of silver and 8,000 ounces of gold in October alone, roughly 2 to 3x higher than in prior months so far this year.
Some of you were able to witness first-hand the size and scale of this operation in September but some recent photos starting on Slide 10 of today's presentation also do a good job of showing the newly expanded infrastructure. With crusher commissioning now underway, work has already started to remove the legacy crusher which allows us to access higher grade ore located beneath it that we plan to mine beginning early next year.