Slide 1: Roth Conference
Roth Conference Mitchell J. Krebs, President, Chief Executive Officer, and Director Orange County, California March 13 – 16, 2016
Slide 2: Cautionary Statements
Cautionary Statements This presentation contains forward‐looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated production, costs, and mining rates, mine plans, grades, recovery rates, cash flow, mine life, explorat
Slide 3: Why Coeur Mining
Why Coeur Mining Well‐diversified, growing, U.S. precious metals company Significant transition well‐underway leading to positive free cash flow Achieving industry‐leading cost reductions Recent acquisitions beginning to have significant impact Strong liquidity position with several near‐term cataly
Slide 4: Diversified Portfolio of Silver and Gold Assets
Diversified Portfolio of Silver and Gold Assets Ticker: Exchange CDE: NYSE Kensington Mine, Alaska Shares Outstanding1 152.6M 2015: 126,266 oz Au 2016E: 115,000 ‐ 125,000 oz Au Avg. Daily Volume1 $15.5M Wharf Mine, South Dakota 2015: 78,132 oz Au 52‐week Low – High1 $1.62 ‐ $6.35 2016E: 90,000 – 95,
Slide 5: Reduced Costs Drive Strong Financial Performance Despite Lower Metal Prices
Reduced Costs Drive Strong Financial Performance Despite Lower Metal Prices 2014 2015 % Change Revenue (millions) $636 $646 2% Silver ounces produced (millions) 17.2 15.9 ‐8% Gold ounces produced (thousands) 249 328 32% Average realized gold price1 $1,252 $1,143 ‐9% Average realized silver price1 $1
Slide 6: Leading Producer of Silver and Gold
Leading Producer of Silver and Gold 2015 Silver Equivalent Production by Mine (millions of ounces) Revenue by Metal 0.6 22% 36% 34% 40% 48% 48% 60% 4.7 Palmarejo 9.4 Rochester 78% San Bartolomé 64% 66% Gold 7.6 60% Kensington 52% 52% Silver Wharf 40% 7.7 Endeavor 5.4 2009 2010 2011 2012 2013 2014 20
Slide 7: Leader in Cost Reductions
Leader in Cost Reductions All‐in Sustaining Costs per Realized AgEq oz1 Decline 30% Since 2013 Companywide Adj. CAS / AgEq oz1 Companywide Adj. CAS / AuEq oz1 $13.96 $14.13 $940 $907 $ per AuEq oz $ per AgEq oz $13.68 $13.68 $12.75 $764 $11.87 FY'13 FY'14 FY'15 FY'13 FY'14 FY'15 Companywide Adj. AIS
Slide 8: Coeur is Consistently and Aggressively Reducing Operating Costs
Coeur is Consistently and Aggressively Reducing Operating Costs % Decline 4Q 2015 vs 4Q 2014 % Decline FY 2015 vs FY 2014 % Decline FY 2015 vs FY 2013 HL (Au) 21% NGD 42% NGD 18% OGC 20% HL (Ag) 22% GG 10% SSRI (Ag) 9% YRI 16% OGC 8% NEM 8% OGC 10% PPP 6% YRI 5% MND 1% ABX 5% IAG 5% ABX 0% IAG 4% MN
Slide 9: Declining G&A; Low Compared with Peer Group
Declining G&A; Low Compared with Peer Group 2015 G&A as % of Revenue Coeur G&A Expense 12.2% $60 $55.3 10.3% $55 8.7% $50 7.8% 7.7% 7.4% 7.2% 6.5% $45 5.9% $40.8 In Millions 5.3% 5.1% 4.8% $40 4.3% 2.7% 2.4% $35 $32.8 2.3% $30.0 $30 $25 NGD NEM PPP PAAS AG CDE ‐ 2013 GG CDE ‐ 2015 IAG HOC OGC YRI SS
Slide 10: Well-Capitalized with Financial Flexibility
Well‐Capitalized with Financial Flexibility Maintained consistent cash balance around $200M since Net debt / LTM Adj. EBITDA1 June 2015 Debt used to fund high‐return, high‐impact investments 4.2x 95% of total debt matures in 2020 or later 4.0x 3.8x Flexibility and simplicity “Liquidity fir
Slide 11: Year-End 2015 Reserves Highlights
Year‐End 2015 Reserves Highlights ▪ Evaluated mineral reserves using short and long‐term reserve price assumptions ▪ 2016 – 2017: $15.50 per silver oz and $1,150 per gold oz ▪ 2018 and beyond: $17.50 per silver oz and $1,250 per gold oz ▪ Key changes since year‐end 2014: ▪ Palmarejo silver and gold
Slide 12: Palmarejo: Transition to High-Grade, High-Margin, Lower-Tonnage Underground Operation
Palmarejo: Transition to High‐Grade, High‐Margin, Lower‐ Tonnage Underground Operation Well Underway $15.70 Highlights $14.56 $13.21 $13.48 Transitioning to underground mining to maximize $14.49 $11.40 $13.52 margins and cash flow $12.07 $12.04 $10.01 Averaged 1,7000 tpd at Guadalupe in 4Q 2015
Slide 13: Quality vs. Quantity: Adding Higher-Grade Silver and Gold Reserves at Palmarejo
Quality vs. Quantity: Adding Higher‐Grade Silver and Gold Reserves at Palmarejo Complex Reserves Continue to Grow at Significantly Higher Grades Despite Lower Reserve Prices Palmarejo Complex Proven & Probable Reserves Palmarejo Complex Proven & Probable Reserves Contained Ounces Silver Contained Ou
Slide 14: Rochester: Larger Scale Mining Driving Lower Costs
Rochester: Larger Scale Mining Driving Lower Costs $12.75 Highlights $11.91 $12.01 $12.01 $12.37 2015 production of 7.8M AgEq oz1 – second year of $13.82 $12.95 double‐digit percent production growth $10.94 $10.89 $11.19 1.3 2015 Adj. CAS / realized AgEq oz1 of $11.27, 18% 1.2 1.1 1.1 1.1 lower
Slide 15: Kensington: Higher Grade and Recoveries Drive Strong Production at Lower Costs
Kensington: Higher Grade and Recoveries Drive Strong Production at Lower Costs Highlights $745 $842 2015 production of 126,266 ounces – 3rd straight $792 $797 $777 year of record operating results 33,533 33,909 33,714 29,845 28,799 Re‐scoped mine plan demonstrates strategy to ounces source ore f
Slide 16: Wharf: Coeur's Lowest Cost Mine and Largest Contributor to FCF
Wharf: Coeur’s Lowest Cost Mine and Largest Contributor to FCF Highlights $970 $716 $556 Acquired in 2015 for $99 million from Goldcorp 32,231 Gold equivalent production1 totaled 79,061 oz at 23,427 adj. CAS/AuEq oz1 of $706 during 10 months under ounces 16,794 Coeur’s ownership in 2015; $556/oz
Slide 17: San Bartolomé: Addition of Higher-Grade, Lower-Cost Ore from Local Sources
San Bartolomé: Addition of Higher‐Grade, Lower‐Cost Ore from Local Sources Highlights $14.38 $14.47 $14.41 $13.26 Straightforward operation due to free‐digging $12.48 surface mining techniques (no drilling or blasting) 1.6 1.5 1.5 Sourcing higher‐grade, lower‐cost ore from local 1.2 1.2 sources
Slide 18: Anticipated Milestones and Upcoming News Flow
Anticipated Milestones and Upcoming News Flow 1Q 2016 1Q 2016 2Q 2016 3Q 2016 3Q 2016 Open‐pit mining Begin drilling high‐ Accelerate Complete Existing FNV gold royalty at Palmarejo to grade inferred production rate at underground mining agreement ends; new cease resources at Independencia at legacy
Slide 19: Investment Considerations
Investment Considerations Well‐advanced repositioning Diversified which may not be portfolio of silver fully appreciated and gold assets Executing strategy to reduce costs, in improve returns, the market and drive significant future free cash flow Delivering on Significant free cash strategy to redu
Slide 20: Highlights from Research Analyst's Reports on CDE Since 4Q 2015
Highlights from Research Analyst’s Reports on CDE Since 4Q 2015 “The rapid decline of metal price over the previous few years placed considerable downward pressure on CDE to rein in costs and look for internal and external growth opportunities. We believe that 2015 was a year of great strides for th
Slide 21: Appendix
Appendix
Slide 22: 2016 Guidance: Expect to Produce 35-37M AgEq oz
2016 Guidance: Expect to Produce 34 – 37M AgEq oz Silver Production Guidance1 Gold Production Guidance1 126,266 120,000 Ounces in thousands 5,850 5,436 5,149 4,631 4,950 92,500 4,050 Ounces 78,132 70,922 69,500 52,588 51,500 629 375 San Bartolomé Rochester Palmarejo Endeavor Kensington Wharf Palmare
Slide 23: Palmarejo: World's 9th Largest Silver Mine
Palmarejo: World’s 9th Largest Silver Mine Location: Chihuahua State, Northern Mexico Ownership: 100% Underground (open pit expected to Mining: be complete in 2Q 2016) Land Position: 135,131 acres Product: Silver and gold doré 2015 Production 2015 Adj. CAS1 P&P Reserves: 44.9M oz Ag, 690,000 oz Au $
Slide 24: Rochester: Second Largest Primary Silver Mine in U.S.
Rochester: Second Largest Primary Silver Mine in U.S. Location: Near Lovelock, Nevada Ownership: 100% Mining: Open pit, heap leach Land Position: 10,800 acres Product: Silver and gold doré 2015 Production 2015 Adj. CAS1 P&P Reserves: 79.3M oz Ag, 477,000 oz Au $12.36 / AgEq oz M&I Resources: 67.5M o
Slide 25: Kensington: Higher-Grade Mine Plan Underway
Kensington: Higher‐Grade Mine Plan Underway Location: Near Juneau, Alaska Ownership: 100% Mining: Underground Land Position: 12,400 acres Product: Gold concentrate 2015 Production 2015 Adj. CAS1 P&P Reserves: 560,000 oz Au M&I Resources: 518,000 oz Au 126,266 oz Au $798 / Au oz Inferred Resources: 6
Slide 26: Wharf: The Newest Addition to Coeur's Portfolio
Wharf: The Newest Addition to Coeur’s Portfolio Location: Lead, South Dakota Ownership: 100% Mining: Open pit, heap leach Land Position: 5,212 acres Product: Electrolytic cathodic sludge 2015 Production 2015 Adj. CAS1,2 P&P Reserves: 712,000 oz Au M&I Resources: 167,000 oz Au 79,061 oz AuEq $706 / A
Slide 27: San Bartolomé: One of the World's Largest Pure Silver Mines
San Bartolomé: One of the World’s Largest Pure Silver Mines Location: Potosi, Bolivia Ownership: 100% Mining: Surface mining Land Position: 30,471 acres Product: Silver doré 2015 Production 2015 Adj. CAS1 P&P Reserves: 27.9M oz Ag M&I Resources: 16.9M oz Ag 5.4 M oz Ag $13.63 / Ag oz Inferred Resour
Slide 28: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Adjusted Net Income (Loss) in thousands FY 2015 4Q 2015 3Q 2015 2Q 2015 1Q 2015 FY 2014 4Q 2014 Net income (loss) ($367,183) ($303,000) ($14,219) ($16,677) ($33,287) ($1,155,884) ($1,079,038) Fair value adjustments, net (4,109) (2,446) (3,384) (2,618)
Slide 29: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Adjusted EBITDA in thousands FY 2015 4Q 2015 3Q 2015 2Q 2015 1Q 2015 4Q 2014 FY 2014 Net income (loss) ($367,183) ($303,000) ($14,219) ($16,677) ($33,287) ($1,079,038) ($1,155,884) Interest expense, net of capitalized interest 45,703 11,758 12,446 10,
Slide 30: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) LTM Adjusted EBITDA LTM in thousands LTM 9/30/15 LTM 6/30/15 LTM 3/31/15 LTM 12/31/14 12/31/2015 Net income (loss) ($367,183) ($1,143,221) ($1,125,536) ($1,151,980) ($1,155,884) Interest expense, net of capitalized interest 45,703 44,511 43,680 45,257
Slide 31: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Year ended December 31, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Year ended December 31, 2015 Palmarejo Rochester Endeavor Total Silver Kensington Wharf Total Gold Bartolomé Costs applicable to
Slide 32: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended December 31, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended December 31, 2015 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver Cos
Slide 33: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended September 30, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended September 30, 2015 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver C
Slide 34: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended June 30, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended June 30, 2015 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver Costs appli
Slide 35: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended March 31, 2015 Silver Gold (dollars in thousands except per ounce costs) Total Three months ended March 31, 2015 San Palmarejo Rochester Endeavor Total Kensington Bartolomé Costs applicable to sales, includ
Slide 36: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended December 31, 2014 Silver Gold (dollars in thousands except per ounce costs) San Total three months ended December 31, 2014 Palmarejo Rochester Endeavor Total Kensington Bartolomé Costs applicable to sales,
Slide 37: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended September 30, 2014 Silver Gold (dollars in thousands except per ounce costs) San Total three months ended September 30, 2014 Palmarejo Rochester Endeavor Total Kensington Bartolomé Costs applicable to sales
Slide 38: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Full‐year ended December 31, 2014 Silver Gold (dollars in thousands except per ounce costs) San Total Full‐year ended December 31, 2014 Palmarejo Rochester Endeavor Total Kensington Bartolomé Costs applicable to sales, includ
Slide 39: Non-GAAP to U.S. GAAP Reconciliation
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) All‐In Sustaining Costs in thousands except per ounce costs FY 2015 4Q 2015 3Q 2015 2Q 2015 1Q 2015 FY 2014 4Q 2014 Costs applicable to sales, including amortization (U.S. GAAP) $617,938 $160,304 $155,929 $164,125 $146,742 $635,516 $163,679 Amortizati
Slide 40: Coeur's Mineral Reserves
Coeur’s Mineral Reserves Grade (oz/ton) Ounces (contained) Year‐end 2015 Location Short tons Silver Gold Silver Gold Proven Reserves Palmarejo Mexico 802,000 6.29 0.077 5,048,000 62,000 Rochester Nevada, USA 96,520,000 0.53 0.003 51,007,000 316,000 Kensington Alaska, USA 338,000 ‐ 0.20 ‐ 67,000 Whar
Slide 41: Coeur's Measured and Indicated Mineral Resources
Coeur’s Measured and Indicated Mineral Resources (Excluding Reserves) Grade (oz/ton) Ounces (contained) Year‐end 2015 Location Short tons Silver Gold Silver Gold Measured Resources Palmarejo Mexico 134,000 4.84 0.051 651,000 7,000 Rochester Nevada, USA 60,528,000 0.49 0.004 29,709,000 233,000 Kensin
Slide 42: Coeur's Inferred Mineral Resources
Coeur’s Inferred Mineral Resources Grade (oz/ton) Ounces (contained) Year‐end 2015 Location Short tons Silver Gold Silver Gold Inferred Resources Palmarejo Mexico 1,721,000 4.79 0.085 8,240,000 147,000 Rochester Nevada, USA 59,597,000 0.52 0.003 31,195,000 179,000 Kensington Alaska, USA 2,059,000 ‐
Slide 43: Executive Leadership
Executive Leadership Mitchell J. Krebs – President and Chief Executive Officer. During his twenty year tenure with Coeur, Mr. Krebs has led nearly $2 billion in capital raising and debt restructuring activities and has facilitated over $2 billion of acquisitions and divestitures. Mr. Krebs was previ
Slide 44: Board of Directors
Board of Directors Robert E. Mellor – Former Chairman, Chief Executive Officer and President of Building Materials Holding Corporation (distribution, manufacturing and sales of building materials and component products) from 1997 to January 2010, director from 1991 to January 2010; member of the boa
Slide 45: Contact Information
Contact Information Corporate Office: Coeur Mining, Inc. 104 S. Michigan Ave, Suite 900 Chicago, Illinois 60603 Main Tel: (312) 489‐5800 Stock Ticker: CDE: NYSE Warrant Ticker: CDM.WT: TSX Website: coeur.com Contact: Rebecca Hussey Senior Analyst, Investor Relations rhussey@coeur.com NYSE: CDE 45