What caused CDE's Q3 earnings to exceed forecasts?

Coeur Mining's (CDE) Q3 earnings exceeded forecasts due to several key factors:

1. **Strong Production Increases**: Coeur Mining experienced significant increases in production across its operations. For instance, gold production rose by 21%, and silver production increased by 15% compared to the previous quarter. This surge in production was driven by higher throughput rates and improved gold grades at key mines like Palmarejo and Wharf.
2. **Cost Reductions**: The company achieved notable reductions in costs applicable to sales per ounce of gold and silver, which led to enhanced margins. This was partly offset by higher all-in sustaining costs (AISC), which remained a challenge.
3. **Higher Metal Prices**: Benefiting from favorable metal prices, Coeur Mining capitalized on record gold and silver prices, which supported revenue growth and profitability. The average realized gold price increased by approximately 11% year-over-year, while the average realized silver price rose by about 10%.
4. **Debt Reduction and Strong Cash Flow**: Coeur Mining's strategic focus on debt reduction and strong cash flow management contributed to its financial resilience. The company successfully paid down $50 million of its revolving credit facility, resulting in a net debt-to-EBITDA ratio below 2 times. This financial prudence allowed Coeur to navigate challenging market conditions effectively.

In summary, Coeur Mining's Q3 earnings exceeded expectations due to a combination of strong production increases, cost reductions, favorable metal prices, and effective debt management. These factors collectively contributed to the company's robust financial performance and exceeded market forecasts.