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Coeur Reports Second Quarter 2023 Results

09.08.2023  |  Business Wire

Rochester Expansion Near Completion

Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE: CDE) today reported second quarter 2023 financial results, including revenue of $177 million and cash flow from operating activities of $39 million. The Company reported GAAP net loss from continuing operations of $32 million, or $0.10 per share. On an adjusted basis1, Coeur reported EBITDA of $22 million, cash flow from operating activities before changes in working capital of $(7) million and net loss from continuing operations of $20 million, or $0.06 per share.

Key Highlights

  • Rochester expansion approximately 97% complete as of July 31 - Solution is now circulating through the completed Stage VI leach pad and Merrill-Crowe process plant, with initial ounces expected to be recovered next month. Construction completion of the new three-stage crushing circuit is anticipated this quarter. Ramp-up of the expanded operation is set to occur over the remainder of 2023 and into early 2024, leading to expected significant production growth and materially lower costs. The estimated ultimate cost to complete the expansion is expected to be approximately 6 - 9%, or $40 - $60 million, higher than the prior high-end of guidance. The Company has incurred approximately $660 million of total project costs through the end of July
  • Second quarter operating strength at Rochester and Wharf offset lower production at Kensington - Gold and silver production for the quarter totaled 68,406 ounces and 2.4 million ounces, respectively. Stronger production at Rochester and Wharf offset a weaker quarter at Kensington due to excessive water flows and paste backfill issues, which delayed the timing of production from certain stopes
  • Full-year silver production guidance maintained; gold production guidance revised to reflect lower outlook at Kensington - 2023 silver production is expected to be 10 - 12 million ounces. 2023 gold production is expected to be 304,000 - 352,500 ounces, approximately 5% lower than prior full-year gold production guidance, after taking Kensington's lower than anticipated second quarter production into account
  • Balance sheet flexibility maintained to support remaining capital investments - Coeur ended the quarter with total liquidity of approximately $346 million including $57 million of cash, $280 million of available capacity under its $390 million revolving credit facility ("RCF")2, and $9 million of marketable securities
  • State of South Dakota approves Boston Expansion at Wharf - Coeur has received a state mine permit from the South Dakota Board of Minerals and Environment allowing for a fifty-acre expansion of mining operations at Wharf which is expected to add significant certainty to Wharf's current eight-year mine life

"With the bulk of the multi-year expansion at Rochester now behind us, we look forward to beginning to deliver strong production growth and lower costs from Nevada's largest primary silver mine," said Mitchell J. Krebs, President and Chief Executive Officer. "The team at Rochester is set to achieve a major milestone next month by recovering the first silver and gold ounces from the new leach pad and processing facility. The crushing facility is also expected to be complete this quarter, followed by a ramp-up of the newly expanded operation during the remainder of the year and into early 2024. Once ramped up, Rochester is expected to be one of the world's largest operations of its kind with production rates approximately 2.5x higher than recent levels, a significantly lower cost structure, combined with the excellent potential to extend and enhance the mine life from its large, prospective, and under-explored land position.

"Our Palmarejo gold-silver mine in northern Mexico - Coeur's largest single operation - delivered another solid quarter and continues to showcase its large, prospective land position with additional positive exploration results, which were highlighted in a recent press release. Although Kensington had a weaker than anticipated second quarter, the team has worked hard to address first half operational challenges in order to deliver a stronger second half. Our Wharf operation in South Dakota - which is in its 40th year of operation this year and recently produced its three millionth ounce of gold - continued to deliver solid results during the quarter and received state approval to proceed with an expansion that is expected to add certainty and operational flexibility to its current eight-year mine life.

"We remain committed to our strategy of differentiating Coeur Mining by delivering sector-leading growth and higher returns by reinvesting in the attractive exploration and expansion opportunities that exist throughout our portfolio of North American assets."

Financial and Operating Highlights (Unaudited)

(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Gold Sales

$

121.4

$

127.1

$

157.6

$

139.2

$

146.6

Silver Sales

$

55.9

$

60.2

$

52.5

$

43.8

$

57.5

Consolidated Revenue

$

177.2

$

187.3

$

210.1

$

183.0

$

204.1

Costs Applicable to Sales3

$

139.6

$

153.1

$

159.3

$

163.2

$

150.7

General and Administrative Expenses

$

9.8

$

12.1

$

10.2

$

9.7

$

9.3

Net Income (Loss)

$

(32.4

)

$

(24.6

)

$

49.0

$

(57.4

)

$

(77.4

)

Net Income (Loss) Per Share

$

(0.10

)

$

(0.08

)

$

0.17

$

(0.21

)

$

(0.28

)

Adjusted Net Income (Loss)1

$

(20.2

)

$

(33.1

)

$

(17.5

)

$

(44.7

)

$

(13.1

)

Adjusted Net Income (Loss)1 Per Share

$

(0.06

)

$

(0.11

)

$

(0.06

)

$

(0.16

)

$

(0.05

)

Weighted Average Shares Outstanding

333.1

301.0

284.5

278.1

278.0

EBITDA1

$

4.0

$

16.2

$

84.9

$

(20.5

)

$

(32.8

)

Adjusted EBITDA1

$

22.2

$

25.1

$

35.9

$

18.3

$

43.3

Cash Flow from Operating Activities

$

39.4

$

(35.0

)

$

28.5

$

(19.1

)

$

22.6

Capital Expenditures

$

85.6

$

74.0

$

113.1

$

96.6

$

73.2

Free Cash Flow1

$

(46.2

)

$

(109.0

)

$

(84.5

)

$

(115.7

)

$

(50.6

)

Cash, Equivalents & Short-Term Investments

$

56.8

$

67.0

$

61.5

$

75.4

$

74.2

Total Debt4

$

469.4

$

494.1

$

515.9

$

635.7

$

547.5

Average Realized Price Per Ounce - Gold

$

1,809

$

1,794

$

1,787

$

1,702

$

1,729

Average Realized Price Per Ounce - Silver

$

23.91

$

23.25

$

21.14

$

19.09

$

22.61

Gold Ounces Produced

68,406

69,039

87,727

83,438

83,772

Silver Ounces Produced

2.4

2.5

2.4

2.4

2.5

Gold Ounces Sold

67,090

70,866

88,189

81,782

84,786

Silver Ounces Sold

2.3

2.6

2.5

2.3

2.5

Adjusted CAS per AuOz1

$

1,464

$

1,381

$

1,270

$

1,318

$

1,207

Adjusted CAS per AgOz1

$

16.77

$

15.83

$

15.57

$

14.52

$

15.09

Financial Results

Second quarter 2023 revenue totaled $177 million compared to $187 million in the prior period and $204 million in the second quarter of 2022. The Company produced 68,406 and 2.4 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 67,090 ounces of gold and 2.3 million ounces of silver. Average realized gold and silver prices for the quarter were $1,809 and $23.91 per ounce, respectively, compared to $1,794 and $23.25 per ounce in the prior period and $1,729 and $22.61 per ounce in the first quarter of 2022.

Gold and silver sales represented 68% and 32% of quarterly revenue, respectively, compared to 68% and 32% in the prior period. The Company's U.S. operations accounted for approximately 59% of first quarter revenue compared to 56% in the first quarter of 2023.

Costs applicable to sales3 decreased 9% quarter-over-quarter to $140 million, largely due to lower production in the period. General and administrative expenses decreased 19% quarter-over-quarter to $10 million.

Coeur invested approximately $5 million ($3 million expensed and $2 million capitalized) in exploration during the quarter, compared to roughly $7 million ($5 million expensed and $2 million capitalized) in the prior period. See the "Operations" and "Exploration" sections for additional detail on the Company's exploration activities.

The Company recorded income tax expense of approximately $9.9 million during the second quarter. Cash income and mining taxes paid during the period totaled approximately $2.7 million. As of December 31, 2022, Companywide U.S. net operating loss carryforwards totaled approximately $535 million.

Quarterly operating cash flow totaled $39 million compared to $(35) million in the prior period, mainly driven by strong operating performances at Palmarejo, Rochester and Wharf as well as favorable changes in working capital partially offset by the second quarter challenges at Kensington related to stope sequencing.

During the second quarter, Coeur satisfied the remaining $15 million obligation under its prepayment agreement at Kensington and exercised an option to receive an additional $25 million prepayment. The Company also exercised options under new agreements for a $10 million prepayment for deliveries of gold concentrate from Wharf as well as a $10 million prepayment for deliveries of gold and silver doré from Rochester, resulting in a net cash inflow from prepayments of approximately $30 million.

Capital expenditures increased 16% quarter-over-quarter to $86 million as a result of timing of payments on Rochester expansion capital. Expenditures related to the expansion project at Rochester totaled $55 million during the second quarter compared to $47 million in the first quarter. Sustaining and development capital expenditures accounted for approximately 34% and 66%, respectively, of Coeur's total capital investment during the quarter.

Rochester Expansion Project Update

Coeur continued making solid progress on the construction of the Rochester expansion during the quarter as the project nears completion. At the end of July, the project was approximately 97% complete and the Company had incurred $660 million of the total project costs.

Coeur expects to achieve mechanical completion of the crusher corridor in the third quarter, with ramp-up anticipated throughout the second half of 2023 and into early 2024.

The Company also updated its estimate for the expected ultimate cost to complete the expansion, which reflects additional contractor hours required to offset the loss of approximately thirty days due to extreme weather and lower than planned productivity rates driven by a lack of qualified skilled labor. Together with ongoing inflationary impacts and required construction re-work to address issues from previously completed engineering designs, the Company expects the total cost for the project to be approximately 6 - 9%, or $40 - $60 million, above the high end of Coeur's previous guidance range of $650 - $670 million.

Balance Sheet and Liquidity Update

Coeur ended the quarter with total liquidity of approximately $346 million, including $57 million of cash, $280 million of available capacity under its $390 million RCF2 subject to certain financial covenants, and $9 million of marketable securities.

To further enhance the Company's balance sheet flexibility and liquidity during the final stages of the Rochester expansion, Coeur and its RCF banks agreed to amend the terms of the RCF to raise the maximum net leverage ratio from 4.25x to 5.50x for the third quarter of 2023 followed by decreasing the ratio to 4.5x for the fourth quarter of 2023 and the first quarter of 2024 before reverting to a ratio of 3.50x thereafter, among other items.

Hedging Update

During the second quarter, the Company added to its hedge position by executing additional hedges on 1.3 million ounces of its expected 2023 silver production. The Company's hedging strategy continues to focus on mitigating risk during this period of capital intensity. An overview of the hedges in place is outlined below.

3Q 2023

4Q 2023

Total 2023

Gold Ounces Hedged

55,749

55,749

111,498

Avg. Forward Price ($/oz)

$1,977

$1,977

$1,977

Silver Ounces Hedged

1,245,000

1,245,000

2,490,000

Avg. Forward Price ($/oz)

$25.34

$25.47

25.41

Rochester LCM Adjustment

Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Decreases in the market price of gold and silver can affect the value of metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as impact carrying value of long-lived assets. At the end of the second quarter, the cost of ore on leach pads at Rochester exceeded its net realizable value which resulted in a lower of cost or market ("LCM") adjustment of $2 million (approximately $1.6 million in costs applicable to sales2 and $0.5 million of amortization). The non-cash write-down in the three months ended June 30, 2023 includes a $3.9 million recovery of losses recognized in the prior quarter.

Operations

Second quarter 2023 highlights for each of the Company's operations are provided below.

Palmarejo, Mexico

(Dollars in millions, except per ounce amounts)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Tons milled

472,622

533,606

554,247

538,750

539,600

Average gold grade (oz/t)

0.056

0.052

0.051

0.049

0.054

Average silver grade (oz/t)

4.10

4.02

3.16

3.53

3.95

Average recovery rate - Au

87.4

%

90.1

%

92.4

%

93.3

%

92.4

%

Average recovery rate - Ag

83.5

%

81.7

%

85.0

%

84.9

%

84.2

%

Gold ounces produced

23,216

25,118

25,935

24,807

27,109

Silver ounces produced (000's)

1,617

1,752

1,489

1,612

1,795

Gold ounces sold

22,207

25,970

25,252

24,378

29,285

Silver ounces sold (000's)

1,561

1,795

1,490

1,554

1,855

Average realized price per gold ounce

$

1,589

$

1,564

$

1,509

$

1,447

$

1,507

Average realized price per silver ounce

$

23.98

$

23.23

$

21.10

$

19.01

$

22.56

Metal sales

$

72.7

$

82.3

$

69.5

$

64.8

$

86.0

Costs applicable to sales3

$

46.6

$

49.3

$

47.1

$

43.2

$

49.1

Adjusted CAS per AuOz1

$

1,023

$

926

$

1,027

$

948

$

855

Adjusted CAS per AgOz1

$

15.16

$

13.94

$

14.23

$

12.67

$

12.97

Exploration expense

$

1.6

$

1.3

$

1.5

$

1.8

$

1.7

Cash flow from operating activities

$

18.6

$

11.5

$

18.9

$

12.9

$

22.3

Sustaining capital expenditures (excludes capital lease payments)

$

10.7

$

8.6

$

8.1

$

10.8

$

10.1

Development capital expenditures

$

1.2

$

1.6

$

-

$

-

$

-

Total capital expenditures

$

11.9

$

10.2

$

8.1

$

10.8

$

10.1

Free cash flow1

$

6.7

$

1.3

$

10.8

$

2.1

$

12.2

Operational

  • Gold and silver production totaled 23,216 and 1.6 million ounces, respectively, compared to 25,118 and 1.8 million ounces in the prior period and 27,109 and 1.8 million ounces in the second quarter of 2022
  • Production benefited from increased average grades, offset by lower average gold recoveries and decreased mill throughput

Financial

  • Adjusted CAS1 for gold and silver on a co-product basis increased 10% and 9% quarter-over-quarter to $1,023 and $15.16 per ounce, respectively, driven by lower metal sales and a stronger Mexican Peso
  • Capital expenditures increased 17% quarter-over-quarter to $12 million, reflecting increased underground mine development as well as continued work on the open pit tailings backfill project
  • Free cash flow1 totaled $7 million compared to $1 million in the prior period

Exploration

  • Exploration investment increased to approximately $2 million (substantially all expensed), compared to roughly $1 million (substantially all expensed) in the prior period
  • Exploration activities focused on mapping and sampling to the east of the current operation and outside of the area of interest relating to the Franco-Nevada gold stream as well as drilling on the northwest extension of the Hidalgo zone. The aim of the mapping and sampling programs is to build a pipeline of targets for drilling in the coming years
  • One drill rig was active during the quarter, focused on expansion drilling on the northwest extension of the Hidalgo zone (located at the northwest end of the Independencia deposit). In this portion of the system, three mineralized vein arrays have been identified - Hidalgo, Libertad and San Juan. While some results are still pending, visual indicators suggest all holes drilled during the second quarter intersected mineralization
  • Coeur expects four drill rigs to be active at Palmarejo in the third quarter focused on expansion drilling at the Hidalgo zone. Due to Hidalgo's proximity to existing infrastructure, it remains a key focus area for potential future resource additions

Other

  • Approximately 33% of Palmarejo's gold sales were sold under its gold stream agreement at a price of $800 per ounce. The Company anticipates approximately 30% - 40% of Palmarejo's gold sales for 2023 will be sold under the gold stream agreement

Guidance

  • Full-year 2023 production is expected to be 100,000 - 112,500 ounces of gold and 6.5 - 7.5 million ounces of silver
  • CAS1 in 2023 are expected to be $900 - $1,050 per gold ounce and $14.25 - $15.25 per silver ounce
  • Capital expenditures are expected to be $35 - $47 million, consisting primarily of underground development as well as development of the high compression thickener and other elements of the open pit backfill project, which is expected to be completed in the fourth quarter

Rochester, Nevada

(Dollars in millions, except per ounce amounts)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Ore tons placed

2,690,840

2,456,586

2,754,118

3,551,353

4,236,459

Average silver grade (oz/t)

0.42

0.45

0.68

0.37

0.35

Average gold grade (oz/t)

0.003

0.003

0.003

0.004

0.003

Silver ounces produced (000's)

683

761

973

745

689

Gold ounces produced

6,314

8,155

11,589

8,761

8,319

Silver ounces sold (000's)

695

770

975

733

683

Gold ounces sold

6,493

8,349

11,646

8,725

8,071

Average realized price per silver ounce

$

23.70

$

23.19

$

21.10

$

19.10

$

22.42

Average realized price per gold ounce

$

1,946

$

1,922

$

1,893

$

1,852

$

1,883

Metal sales

$

29.1

$

33.9

$

42.6

$

30.2

$

30.5

Costs applicable to sales3

$

26.1

$

42.9

$

44.1

$

50.8

$

38.0

Adjusted CAS per AgOz1

$

20.39

$

20.24

$

17.60

$

18.46

$

20.85

Adjusted CAS per AuOz1

$

1,646

$

1,655

$

1,596

$

1,821

$

1,763

Exploration expense

$

0.3

$

0.4

$

0.6

$

0.6

$

1.5

Cash flow from operating activities

$

(3.8

)

$

(13.5

)

$

(5.5

)

$

(13.7

)

$

(9.1

)

Sustaining capital expenditures (excludes capital lease payments)

$

5.1

$

4.3

$

3.0

$

5.1

$

4.5

Development capital expenditures

$

56.4

$

47.7

$

89.3

$

68.9

$

42.5

Total capital expenditures

$

61.5

$

52.0

$

92.3

$

74.0

$

47.0

Free cash flow1

$

(65.3

)

$

(65.5

)

$

(97.8

)

$

(87.7

)

$

(56.1

)

Operational

  • Silver and gold production totaled 682,656 and 6,314 ounces, respectively, compared to 761,346 and 8,155 ounces in the prior period and 689,169 and 8,319 ounces in the second quarter of 2022
  • Lower production quarter-over-quarter is a result of 2.4 million tons being placed on the new Stage VI leach pad in preparation for the new Merrill-Crowe process plant startup in the third quarter
  • Tons placed increased 10% quarter-over-quarter to roughly 2.7 million, roughly 90% of which were placed on the new Stage VI leach pad

Financial

  • Second quarter adjusted CAS1 figures in the table above and highlighted below exclude the impact of an LCM adjustment totaling approximately $1.6 million related to the net realizable value of metal and leach pad inventory due to higher operating costs exceeding the lower market value of ounces under leach at Rochester
  • Adjusted CAS1 for silver and gold on a co-product basis totaled $20.39 and $1,646 per ounce, respectively, due to continued higher costs as well as the effect of current metals prices
  • Capital expenditures increased 18% quarter-over-quarter to $62 million, reflecting timing of spending related to the Rochester expansion project
  • Free cash flow1 totaled $(65) million compared to $(66) million in the prior period

Exploration

  • Exploration investment decreased 14% quarter-over-quarter to approximately $1 million ($0.3 million expensed and $0.3 million capitalized)
  • Exploration activities focused on geologic logging, interpretation and geological modeling, which will continue through next quarter with drilling planned for the second half of the year at the Rochester pit
  • Additionally, work continued on regional target assessment and ranking. The program will continue for the remainder of the year and systematically thereafter as geological knowledge and understanding of the district increases

Guidance

  • Full-year 2023 production is expected to be 3.5 - 4.5 million ounces of silver and 35,000 - 50,000 ounces of gold. Production in 2023 is expected to be second half weighted with the construction completion of the expansion occurring in the third quarter
  • The Company expects second half 2023 adjusted CAS1 to be similar to actual first half 2023 adjusted CAS1 as Coeur completes and ramps up the Rochester expansion
  • Capital expenditures are expected to be $290 - $310 million (previously $228 - $252 million), which reflects Coeur's current estimate to complete the expansion project

Kensington, Alaska

(Dollars in millions, except per ounce amounts)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Tons milled

152,907

153,337

183,410

175,246

175,722

Average gold grade (oz/t)

0.09

0.15

0.18

0.18

0.17

Average recovery rate

90.9

%

91.2

%

92.4

%

91.1

%

91.6

%

Gold ounces produced

13,193

20,296

30,335

28,214

27,866

Gold ounces sold

13,273

20,902

30,863

27,609

27,666

Average realized price per gold ounce, gross

$

1,991

$

1,983

$

1,942

$

1,808

$

1,842

Treatment and refining charges per gold ounce

$

142

$

63

$

38

$

33

$

34

Average realized price per gold ounce, net

$

1,849

$

1,920

$

1,904

$

1,775

$

1,808

Metal sales

$

24.6

$

40.2

$

58.8

$

49.1

$

50.3

Costs applicable to sales3

$

39.1

$

37.4

$

39.2

$

40.3

$

39.3

Adjusted CAS per AuOz1

$

2,927

$

1,775

$

1,265

$

1,455

$

1,399

Prepayment, working capital cash flow

$

9.9

$

(9.9

)

$

9.6

$

(9.6

)

$

(0.1

)

Exploration expense

$

2.3

$

1.0

$

2.2

$

2.8

$

1.2

Cash flow from operating activities

$

(3.7

)

$

(4.8

)

$

20.8

$

(0.2

)

$

10.7

Sustaining capital expenditures (excludes capital lease payments)

$

11.7

$

10.7

$

7.7

$

7.1

$

8.8

Development capital expenditures

$

-

$

-

$

-

$

-

$

-

Total capital expenditures

$

11.7

$

10.7

$

7.7

$

7.1

$

8.8

Free cash flow1

$

(15.4

)

$

(15.5

)

$

13.1

$

(7.3

)

$

1.9

Operational

  • Gold production totaled 13,193 ounces compared to 20,296 ounces in the prior period and 27,866 ounces in the second quarter of 2022
  • Lower production was driven by significant water inflows from Spring runoff and paste backfill challenges in upper Kensington, which led to stope extraction disruption as well as lower average gold grade as development ore was sent to the mill to make up for lower stope tonnage

Financial

  • Adjusted CAS1 totaled $2,927 per ounce compared to $1,775 per ounce in the prior period, reflecting decreased metal sales
  • Capital expenditures increased 9% quarter-over-quarter to $12 million due to increased capital development to support the ongoing multi-year exploration program aimed at extending mine life
  • Free cash flow1 totaled $(15) million compared to $(16) million in the prior period

Exploration

  • Exploration investment totaled approximately $5 million ($2 million expensed and $3 million capitalized), compared to $3 million ($1 million expensed and $2 million capitalized) in the prior period
  • Up to four underground drill rigs were focused on expansion and infill drilling at Elmira, Kensington and Johnson
  • In 2023, Coeur aims to build on the 2022 success from Upper Kensington (Zones 30, 30A and 30B) with further extensions of these zones. Assay results from second quarter drilling are still pending, but visual logging indicates that the mineralized zones continue
  • In the third quarter, the Company expects to continue with infill and expansion drilling as well as commencing surface and underground scout drilling at Raven and Johnson East targets

Guidance

  • Full-year 2023 production is expected to be 84,000 - 95,000 gold ounces (previously 100,000 - 112,500)
  • CAS1 in 2023 are expected to be $1,650 - $1,750 per gold ounce (previously $1,500 - $1,700 per ounce). The revised figures reflect the lower-than-expected production during the first half of the year
  • Capital expenditures are expected to be $50 - $62 million, of which approximately $28 - $34 million and $6 - $10 million is related to underground and infill drilling, respectively, as part of the multi-year exploration program

Wharf, South Dakota

(Dollars in millions, except per ounce amounts)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Ore tons placed

1,041,846

1,156,794

975,994

1,353,071

1,050,215

Average gold grade (oz/t)

0.022

0.032

0.024

0.019

0.015

Gold ounces produced

25,683

15,470

19,868

21,656

20,478

Silver ounces produced (000's)

88

21

9

13

12

Gold ounces sold

25,117

15,645

20,428

21,070

19,764

Silver ounces sold (000's)

82

24

17

8

6

Average realized price per gold ounce

$

1,946

$

1,938

$

1,895

$

1,838

$

1,886

Metal sales

$

50.8

$

30.9

$

39.0

$

38.9

$

37.4

Costs applicable to sales3

$

27.8

$

23.5

$

28.9

$

28.9

$

24.4

Adjusted CAS per AuOz1

$

1,035

$

1,466

$

1,393

$

1,357

$

1,233

Exploration expense

$

-

$

-

$

-

$

-

$

-

Cash flow from operating activities

$

33.8

$

1.9

$

10.3

$

6.9

$

10.3

Sustaining capital expenditures (excludes capital lease payments)

$

0.1

$

-

$

0.7

$

0.3

$

0.3

Development capital expenditures

$

0.1

$

0.1

$

0.1

$

0.2

$

0.2

Total capital expenditures

$

0.2

$

0.1

$

0.8

$

0.5

$

0.5

Free cash flow1

$

33.6

$

1.8

$

9.5

$

6.4

$

9.8

Operational

  • Gold production increased 66% quarter-over-quarter to 25,683 ounces, largely driven by the timing of ounces placed on the leach pad and due to higher grade ore placed in the first quarter. Year-over-year production increased 25%

Financial

  • Adjusted CAS1 on a by-product basis decreased 29% quarter-over-quarter to $1,035 per ounce, largely driven by higher metal sales
  • Capital expenditures remained consistent quarter-over-quarter at less than $1 million
  • Free cash flow1 totaled $34 million compared to $2 million in the prior period, reflecting higher metal sales

Exploration

  • Exploration investment remained flat quarter-over-quarter
  • Throughout 2023, the focus will remain on geological modeling

Guidance

  • Full-year 2023 production is expected to be 85,000 - 95,000 gold ounces
  • CAS1 in 2023 are expected to be $1,200 - $1,350 per gold ounce
  • Capital expenditures are expected to be $1 - $4 million

Exploration

Coeur had up to 6 active rigs across all sites during the second quarter, for a total investment of approximately $5 million ($3 million expensed and $2 million capitalized), compared to roughly $7 million ($5 million expensed and $2 million capitalized) in the prior period. The Company expects full year 2023 exploration investment to be approximately $40 - $50 million ($30 - $35 million expensed and $10 - $15 million capitalized), with the focus on Kensington, Palmarejo and Silvertip. The Company has invested nearly $245 million in exploration over the last five years, which has resulted in significant additions to reserves and resources across the portfolio.

Exploration investment at the Silvertip silver-zinc-lead exploration project in British Columbia, Canada in the second quarter totaled approximately $(3) million, which reflects the filing for a $6 million refund for 2021 and 2022 Mining Exploration Tax Credits from the province of British Columbia. Excluding the refund, exploration investment at Silvertip totaled approximately $3 million.

During the second quarter, compilation, analysis, interpretation and modeling of all geological data continued at Silvertip. A new detailed geological model is being developed to support year-end resource calculations at the end of 2023. This work is already bearing fruit with new concepts and exploration targets emerging. Additionally, exploration drilling recommenced late in the second quarter with 1 rig drilling scout holes from underground. Up to 2 underground and 2 surface rigs are expected to be active on the property during the second half of the year. The program for the second half of the year aims to add new resources to the south of the existing resource and to perform scout drilling on some high-priority targets. The Company expects to invest $10 - $14 million in exploration in 2023 at Silvertip, of which roughly $6 - $8 million is underground development.

2023 Guidance

Coeur reiterated its 2023 production and cost guidance other than (i) updating production and costs at Kensington and (ii) modifying capital expenditures to reflect the updated estimate to complete the Rochester expansion.

2023 Production Guidance

Previous

Updated

Gold

Silver

Gold

Silver

(oz)

(K oz)

(oz)

(K oz)

Palmarejo

100,000 - 112,500

6,500 - 7,500

100,000 - 112,500

6,500 - 7,500

Rochester

35,000 - 50,000

3,500 - 4,500

35,000 - 50,000

3,500 - 4,500

Kensington

100,000 - 112,500

-

84,000 - 95,000

-

Wharf

85,000 - 95,000

-

85,000 - 95,000

-

Total

320,000 - 370,000

10,000 - 12,000

304,000 - 352,500

10,000 - 12,000

2023 Costs Applicable to Sales Guidance

Previous

Updated

Gold

Silver

Gold

Silver

($/oz)

($/oz)

($/oz)

($/oz)

Palmarejo (co-product)

$900 - $1,050

$14.25 - $15.25

$900 - $1,050

$14.25 - $15.25

Rochester (co-product)

-

-

-

-

Kensington

$1,500 - $1,700

-

$1,650 - $1,750

-

Wharf (by-product)

$1,200 - $1,350

-

$1,200 - $1,350

-

The Company expects second half 2023 adjusted CAS1 at Rochester to be similar to actual first half 2023 adjusted CAS1 as Coeur completes and ramps up the expansion project.

2023 Capital, Exploration and G&A Guidance

Previous

Updated

($M)

($M)

Capital Expenditures, Sustaining

$120 - $145

$148 - $168

Capital Expenditures, Development

$200 - $235

$230 - $264

Exploration, Expensed

$30 - $35

$30 - $35

Exploration, Capitalized

$10 - $15

$10 - $15

General & Administrative Expenses

$36 - $40

$36 - $40

Note: The Company's previous guidance figures assume estimated prices of $1,800/oz gold and $23.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges. The Company's updated guidance figures assume estimated prices of $1,900/oz gold and $23.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

Financial Results and Conference Call

Coeur will host a conference call to discuss its second quarter 2023 financial results on August 10, 2023 at 11:00 a.m. Eastern Time.

Dial-In Numbers:

(855) 560-2581 (U.S.)

(855) 669-9657 (Canada)

(412) 542-4166 (International)

Conference ID:

Coeur Mining

Hosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael "Mick" Routledge, Senior Vice President and Chief Operating Officer, and other members of management. A replay of the call will be available through August 17, 2023.

Replay numbers:

(877) 344-7529 (U.S.)

(855) 669-9658 (Canada)

(412) 317-0088 (International)

Conference ID:

682 69 64

About Coeur

Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead exploration project in British Columbia.

Cautionary Statements

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding strategy, cash flow, growth, returns, capital allocation and investment, cost management, liquidity and balance sheet management, exploration and development efforts and plans, reserve and resource growth, mine life extension, the gold stream agreement at Palmarejo, expectations, plans, costs and timing regarding the Rochester expansion project and the Silvertip project, hedging strategies, anticipated production, costs and expenses and operations at Palmarejo, Rochester, Wharf and Kensington. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the Rochester expansion project is not completed on a timely basis or requires more capital than currently anticipated for completion, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur's production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur's future acquisition of new mining properties or businesses, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, the continued effects of the COVID-19 pandemic, including impacts to workforce, materials and equipment availability, inflationary pressures, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur's ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a "qualified person" under Item 1300 of SEC Regulation S-K, namely our Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company's material properties which are available at www.sec.gov.

Non-U.S. GAAP Measures

We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) or pound (zinc or lead). We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce (gold and silver) and pound (zinc and lead) are important measures in assessing the Company's overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2022.

Notes

1.

EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company's RCF. Please see tables in Appendix for the calculation of consolidated free cash flow, liquidity and adjusted liquidity.

2.

As of June 30, 2023, Coeur had $30 million in outstanding letters of credit and $80 million in outstanding borrowings under its RCF.

3.

Excludes amortization.

4.

Includes capital leases. Net of debt issuance costs and premium received.

Average Spot Prices

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Average Gold Spot Price Per Ounce

$

1,976

$

1,890

$

1,726

$

1,729

$

1,871

Average Silver Spot Price Per Ounce

$

24.13

$

22.55

$

21.17

$

19.23

$

22.60

Average Zinc Spot Price Per Pound

$

1.15

$

1.42

$

1.36

$

1.49

$

1.77

Average Lead Spot Price Per Pound

$

0.96

$

0.97

$

0.95

$

0.90

$

0.99

Coeur Mining, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2023

December 31, 2022

ASSETS

In thousands, except share data

CURRENT ASSETS

Cash and cash equivalents

$

56,845

$

61,464

Receivables

29,615

36,333

Inventory

64,523

61,831

Ore on leach pads

108,768

82,958

Equity securities

9,240

32,032

Prepaid expenses and other

20,194

25,814

289,185

300,432

NON-CURRENT ASSETS

Property, plant and equipment and mining properties, net

1,553,733

1,389,755

Ore on leach pads

34,991

51,268

Restricted assets

8,851

9,028

Equity securities

-

12,120

Receivables

20,888

22,023

Other

64,456

61,517

TOTAL ASSETS

$

1,972,104

$

1,846,143

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable

$

143,146

$

96,123

Accrued liabilities and other

110,386

92,863

Debt

21,110

24,578

Reclamation

5,796

5,796

280,438

219,360

NON-CURRENT LIABILITIES

Debt

448,276

491,355

Reclamation

202,163

196,635

Deferred tax liabilities

19,262

14,459

Other long-term liabilities

33,203

35,318

702,904

737,767

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Common stock, par value $0.01 per share; authorized 600,000,000 shares, 350,166,722 issued and outstanding at June 30, 2023 and 295,697,624 at December 31, 2022

3,502

2,957

Additional paid-in capital

4,050,460

3,891,265

Accumulated other comprehensive income (loss)

9,347

12,343

Accumulated deficit

(3,074,547

)

(3,017,549

)

988,762

889,016

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,972,104

$

1,846,143

Coeur Mining, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

In thousands, except share data

Revenue

$

177,235

$

204,123

$

364,533

$

392,527

COSTS AND EXPENSES

Costs applicable to sales(1)

139,637

150,679

292,693

283,946

Amortization

19,595

27,965

42,303

54,398

General and administrative

9,789

9,287

21,872

19,559

Exploration

2,920

5,279

7,570

10,697

Pre-development, reclamation, and other

10,048

9,178

20,938

20,590

Total costs and expenses

181,989

202,388

385,376

389,190

OTHER INCOME (EXPENSE), NET

Gain on debt extinguishment

2,961

-

2,961

-

Fair value adjustments, net

(3,922

)

(62,810

)

6,639

(52,205

)

Interest expense, net of capitalized interest

(6,912

)

(5,170

)

(14,301

)

(9,738

)

Other, net

(9,919

)

313

(10,880

)

2,050

Total other income (expense), net

(17,792

)

(67,667

)

(15,581

)

(59,893

)

Income (loss) before income and mining taxes

(22,546

)

(65,932

)

(36,424

)

(56,556

)

Income and mining tax (expense) benefit

(9,866

)

(11,502

)

(20,574

)

(13,196

)

NET INCOME (LOSS)

$

(32,412

)

$

(77,434

)

$

(56,998

)

$

(69,752

)

OTHER COMPREHENSIVE INCOME (LOSS):

Change in fair value of derivative contracts designated as cash flow hedges

12,842

34,245

(86

)

29,027

Reclassification adjustments for realized (gain) loss on cash flow hedges

1,224

(1,731

)

(2,910

)

(1,271

)

Other comprehensive income (loss)

14,066

32,514

(2,996

)

27,756

COMPREHENSIVE INCOME (LOSS)

$

(18,346

)

$

(44,920

)

$

(59,994

)

$

(41,996

)

NET INCOME (LOSS) PER SHARE

Basic income (loss) per share:

Basic

$

(0.10

)

$

(0.28

)

$

(0.18

)

$

(0.26

)

Diluted

$

(0.10

)

$

(0.28

)

$

(0.18

)

$

(0.26

)

(1) Excludes amortization.

Coeur Mining, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

In thousands

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

(32,412

)

$

(77,434

)

$

(56,998

)

$

(69,752

)

Adjustments:

Amortization

19,595

27,965

42,303

54,398

Accretion

4,073

3,529

8,066

6,992

Deferred taxes

(1,043

)

704

5,408

(7,558

)

Gain on debt extinguishment

(2,961

)

-

(2,961

)

-

Fair value adjustments, net

3,922

62,810

(6,639

)

49,066

Stock-based compensation

2,676

2,347

5,827

4,614

Loss on the disposition of assets

12,631

-

12,631

-

Write-downs

1,627

9,219

14,740

16,814

Deferred revenue recognition

(15,100

)

(241

)

(25,215

)

(556

)

Other

72

874

2,141

(466

)

Changes in operating assets and liabilities:

Receivables

(913

)

(4,882

)

2,137

4,218

Prepaid expenses and other current assets

4,260

3,523

3,764

3,014

Inventory and ore on leach pads

(18,738

)

(11,263

)

(36,373

)

(28,935

)

Accounts payable and accrued liabilities

61,708

5,493

35,563

(15,632

)

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

39,397

22,644

4,394

16,217

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(85,581

)

(73,156

)

(159,629

)

(142,658

)

Proceeds from the sale of assets

8,228

630

8,228

16,001

Sale of investments

1,783

-

41,558

-

Proceeds from notes receivable

-

-

5,000

-

Other

(64

)

(10

)

(108

)

(21

)

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(75,634

)

(72,536

)

(104,951

)

(126,678

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common stock

13,013

(62

)

111,442

98,335

Issuance of notes and bank borrowings, net of issuance costs

150,000

70,000

225,000

155,000

Payments on debt, finance leases, and associated costs

(136,927

)

(19,037

)

(238,824

)

(122,304

)

Other

(225

)

(160

)

(2,322

)

(3,563

)

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

25,861

50,741

95,296

127,468

Effect of exchange rate changes on cash and cash equivalents

253

(13

)

652

259

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(10,123

)

836

(4,609

)

17,266

Cash, cash equivalents and restricted cash at beginning of period

68,683

74,719

63,169

58,289

Cash, cash equivalents and restricted cash at end of period

$

58,560

$

75,555

$

58,560

$

75,555

Adjusted EBITDA Reconciliation

(Dollars in thousands except per share amounts)

LTM 2Q 2023

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Net income (loss)

$

(65,353

)

$

(32,412

)

$

(24,586

)

$

49,089

$

(57,444

)

$

(77,434

)

Interest expense, net of capitalized interest

28,424

6,912

7,389

8,191

5,932

5,170

Income tax provision (benefit)

22,036

9,866

10,708

(421

)

1,883

11,502

Amortization

99,531

19,595

22,708

28,077

29,151

27,965

EBITDA

84,638

3,961

16,219

84,936

(20,478

)

(32,797

)

Fair value adjustments, net

7,824

3,922

(10,561

)

1,396

13,067

62,810

Foreign exchange (gain) loss

311

(627

)

1,154

(123

)

(93

)

507

Asset retirement obligation accretion

15,306

4,073

3,993

3,643

3,597

3,529

Inventory adjustments and write-downs

46,520

1,603

14,187

8,725

22,005

9,763

(Gain) loss on sale of assets and securities

(49,346

)

12,622

9

(62,064

)

87

(621

)

RMC bankruptcy distribution

(3,167

)

(1,516

)

-

(1,651

)

-

-

Gain on debt extinguishment

(2,961

)

(2,961

)

-

-

-

-

COVID-19 costs

526

21

56

155

294

318

Other adjustments

1,808

1,137

70

782

(181

)

(179

)

Adjusted EBITDA

$

101,459

$

22,235

$

25,127

$

35,799

$

18,298

$

43,330

Revenue

$

757,642

$

177,235

$

187,298

$

210,116

$

182,993

$

204,123

Adjusted EBITDA Margin

13

%

13

%

13

%

17

%

10

%

21

%

Adjusted Net Income (Loss) Reconciliation

(Dollars in thousands except per share amounts)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Net income (loss)

$

(32,412

)

$

(24,586

)

$

49,089

$

(57,444

)

$

(77,434

)

Fair value adjustments, net

3,922

(10,561

)

1,396

13,067

62,810

Foreign exchange loss (gain)

154

1,991

458

(313

)

513

(Gain) loss on sale of assets and securities

12,622

9

(62,064

)

87

(621

)

RMC bankruptcy distribution

(1,516

)

-

(1,651

)

-

-

Gain on debt extinguishment

(2,961

)

-

-

-

-

COVID-19 costs

21

56

155

294

318

Other adjustments

1,137

70

782

(181

)

(179

)

Tax effect of adjustments

(1,120

)

(37

)

(5,616

)

(231

)

1,488

Adjusted net income (loss)

$

(20,153

)

$

(33,058

)

$

(17,451

)

$

(44,721

)

$

(13,105

)

Adjusted net income (loss) per share - Basic

$

(0.06

)

$

(0.11

)

$

(0.06

)

$

(0.16

)

$

(0.05

)

Adjusted net income (loss) per share - Diluted

$

(0.06

)

$

(0.11

)

$

(0.06

)

$

(0.16

)

$

(0.05

)

Consolidated Free Cash Flow Reconciliation

(Dollars in thousands)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Cash flow from operations

$

39,397

$

(35,003

)

$

28,516

$

(19,117

)

$

22,644

Capital expenditures

85,581

74,048

113,094

96,602

73,156

Free cash flow

$

(46,184

)

$

(109,051

)

$

(84,578

)

$

(115,719

)

$

(50,512

)

Consolidated Operating Cash Flow

Before Changes in Working Capital Reconciliation

(Dollars in thousands)

2Q 2023

1Q 2023

4Q 2022

3Q 2022

2Q 2022

Cash provided by (used in) operating activities

$

39,397

$

(35,003

)

$

28,516

$

(19,117

)

$

22,644

Changes in operating assets and liabilities:

Receivables

913

(3,050

)

(353

)

119

4,882

Prepaid expenses and other

(4,260

)

496

699

2,075

(3,523

)

Inventories

18,738

17,635

8,798

13,715

11,263

Accounts payable and accrued liabilities

(61,708

)

26,145

(18,022

)

1,880

(5,493

)

Operating cash flow before changes in working capital

$

(6,920

)

$

6,223

$

19,638

$

(1,328

)

$

29,773

Reconciliation of Costs Applicable to Sales

for Three Months Ended June 30, 2023

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

54,608

$

29,717

$

43,950

$

29,634

$

1,021

$

158,930

Amortization

(8,017

)

(3,649

)

(4,801

)

(1,805

)

(1,021

)

(19,293

)

Costs applicable to sales

$

46,591

$

26,068

$

39,149

$

27,829

$

-

$

139,637

Inventory Adjustments

(209

)

(1,215

)

(239

)

77

-

(1,586

)

By-product credit

-

-

(63

)

(1,922

)

-

(1,985

)

Adjusted costs applicable to sales

$

46,382

$

24,853

$

38,847

$

25,984

$

-

$

136,066

Metal Sales

Gold ounces

22,207

6,493

13,273

25,117

-

67,090

Silver ounces

1,560,743

694,657

-

82,013

-

2,337,413

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

49

%

43

%

100

%

100

%

Silver

51

%

57

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

1,023

$

1,646

$

2,927

$

1,035

$

1,464

Silver ($/oz)

$

15.16

$

20.39

$

-

$

16.77

Zinc ($/lb)

$

-

$

-

Lead ($/lb)

$

-

$

-

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2023

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

57,984

$

48,083

$

43,226

$

24,953

$

1,221

$

175,467

Amortization

(8,719

)

(5,218

)

(5,844

)

(1,409

)

(1,221

)

(22,411

)

Costs applicable to sales

$

49,265

$

42,865

$

37,382

$

23,544

$

-

$

153,056

Inventory Adjustments

(201

)

(13,474

)

(207

)

(38

)

-

(13,920

)

By-product credit

-

-

(74

)

(570

)

(644

)

Adjusted costs applicable to sales

$

49,064

$

29,391

$

37,101

$

22,936

$

-

$

138,492

Metal Sales

Gold ounces

25,970

8,349

20,902

15,645

-

70,866

Silver ounces

1,795,159

769,804

-

23,956

-

2,588,919

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

49

%

47

%

100

%

100

%

Silver

51

%

53

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

926

$

1,655

$

1,775

$

1,466

$

1,381

Silver ($/oz)

$

13.94

$

20.24

$

-

$

15.83

Zinc ($/lb)

$

-

$

-

Lead ($/lb)

$

-

$

-

Reconciliation of Costs Applicable to Sales

for Three Months Ended December 31, 2022

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

55,325

$

50,211

$

49,887

$

30,716

$

1,133

$

187,272

Amortization

(8,281

)

(6,034

)

(10,672

)

(1,748

)

(1,133

)

(27,868

)

Costs applicable to sales

$

47,044

$

44,177

$

39,215

$

28,968

$

-

$

159,404

Inventory Adjustments

103

(8,429

)

(103

)

(106

)

-

(8,535

)

By-product credit

-

-

(59

)

(413

)

-

(472

)

Adjusted costs applicable to sales

$

47,147

$

35,748

$

39,053

$

28,449

$

-

$

150,397

Metal Sales

Gold ounces

25,252

11,646

30,863

20,428

-

88,189

Silver ounces

1,490,444

974,810

-

17,387

-

2,482,641

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

55

%

52

%

100

%

100

%

Silver

45

%

48

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

1,027

$

1,596

$

1,265

$

1,393

$

1,270

Silver ($/oz)

$

14.23

$

17.60

$

-

$

15.57

Zinc ($/lb)

$

-

$

-

Lead ($/lb)

$

-

$

-

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2022

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

51,271

$

57,681

$

50,658

$

31,078

$

1,260

$

191,948

Amortization

(8,027

)

(6,921

)

(10,369

)

(2,191

)

(1,260

)

(28,768

)

Costs applicable to sales

$

43,244

$

50,760

$

40,289

$

28,887

$

-

$

163,180

Inventory Adjustments

(445

)

(21,331

)

(28

)

(152

)

-

(21,956

)

By-product credit

-

-

(97

)

(153

)

-

(250

)

Adjusted costs applicable to sales

$

42,799

$

29,429

$

40,164

$

28,582

$

-

$

140,974

Metal Sales

Gold ounces

24,378

8,725

27,609

21,070

-

81,782

Silver ounces

1,554,288

733,383

-

7,931

-

2,295,602

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

54

%

54

%

100

%

100

%

Silver

46

%

46

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

948

$

1,821

$

1,455

$

1,357

$

1,318

Silver ($/oz)

$

12.67

$

18.46

$

-

$

14.52

Zinc ($/lb)

$

-

$

-

Lead ($/lb)

$

-

$

-

Reconciliation of Costs Applicable to Sales

for Three Months Ended June 30, 2022

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

58,800

$

42,914

$

48,680

$

26,600

$

1,259

$

178,253

Amortization

(9,737

)

(4,961

)

(9,369

)

(2,248

)

(1,259

)

(27,574

)

Costs applicable to sales

$

49,063

$

37,953

$

39,311

$

24,352

$

-

$

150,679

Inventory Adjustments

45

(9,490

)

(362

)

147

-

(9,660

)

By-product credit

-

-

(233

)

(124

)

-

(357

)

Adjusted costs applicable to sales

$

49,108

$

28,463

$

38,716

$

24,375

$

-

$

140,662

Metal Sales

Gold ounces

29,285

8,071

27,666

19,764

-

84,786

Silver ounces

1,854,695

682,677

-

5,828

-

2,543,200

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

51

%

50

%

100

%

100

%

Silver

49

%

50

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

855

$

1,763

$

1,399

$

1,233

$

1,207

Silver ($/oz)

$

12.97

$

20.85

$

-

$

15.09

Zinc ($/lb)

$

-

$

-

Lead ($/lb)

$

-

$

-

Reconciliation of Costs Applicable to Sales for Updated 2023 Guidance

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Kensington

Wharf

Costs applicable to sales, including amortization (U.S. GAAP)

$

233,198

$

183,769

$

118,406

Amortization

(37,547

)

(26,764

)

(6,319

)

Costs applicable to sales

$

195,651

$

157,005

$

112,087

By-product credit

-

-

(3,878

)

Adjusted costs applicable to sales

$

195,651

$

157,005

$

108,209

Metal Sales

Gold ounces

104,618

90,673

88,732

Silver ounces

6,784,929

163,607

Revenue Split

Gold

50%

100%

100%

Silver

50%

Adjusted costs applicable to sales

Gold ($/oz)

$900 - $1,050

$1,650 - $1,750

$1,200 - $1,350

Silver ($/oz)

$14.25 - $15.25

-

Reconciliation of Costs Applicable to Sales for Previous 2023 Guidance

In thousands (except metal sales, per ounce or per pound amounts)

Palmarejo

Kensington

Wharf

Costs applicable to sales, including amortization (U.S. GAAP)

$

240,135

$

198,827

$

115,365

Amortization

(39,570

)

(39,229

)

(5,803

)

Costs applicable to sales

$

200,565

$

159,598

$

109,562

By-product credit

-

-

(759

)

Adjusted costs applicable to sales

$

200,565

$

159,598

$

108,803

Metal Sales

Gold ounces

106,452

106,863

87,388

Silver ounces

6,802,113

-

32,346

Revenue Split

Gold

51%

100%

100%

Silver

49%

Adjusted costs applicable to sales

Gold ($/oz)

$900 - $1,050

$1,500 - $1,700

$1,200 - $1,350

Silver ($/oz)

$14.25 - $15.25



Contact

For Additional Information
Coeur Mining, Inc.
200 S. Wacker Drive, Suite 2100
Chicago, IL 60606
Attention: Jeff Wilhoit, Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com


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