Coeur Mining, Inc. · NYSE:CDE
Coeur Mining — BMO Global Metals & Mining Conference 2019
91 slides from Coeur Mining's conference presentation, February 2019
Slide 1: BMO Global Metals & Mining Conference
BMO Global Metals & Mining Conference February 2019 NYSE: CDE NYSE: CDE 1 JC 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 involving strategic priorities and company strategies, expectations regarding environmental, social and governance (“ESG”) in
Slide 3: Who We Are
Who We Are Based in the U.S., Coeur Mining (NYSE: CDE) is a significant producer of gold and silver, and has repositioned its portfolio with a focus on sustainable, high- quality growth and cash flow from a North American asset base Key Highlights 5 operating mines 3 top jurisdictions K ENSINGTON S
Slide 4: Why Invest in Coeur?
Why Invest in Coeur? 90 year-old, U.S.-based, NYSE-listed precious metals company seeking to differentiate itself though a unique mix of size, growth and quality By Asset Balanced, Safe and Unique By Jurisdiction Asset Base By Metal Asset Optimizations Repositioned Portfolio Opportunistic M&A & Dive
Slide 5: Balanced, Safe & Unique Portfolio of Precious Metals Assets
Balanced, Safe & Unique Portfolio of Precious Metals Assets 2010 2018 2% 12% 15% Palmarejo Rochester 39% Kensington 45% Metal Sales by Asset 28% $516M 21% $626M Wharf (% of revenue) Silvertip San Bartolomé 5% Other1 10% 23% 15% U.S. Mexico 45% 2% Canada … by Geography Bolivia (% of revenue) 28% 59%
Slide 6: Track Record of Asset Optimization
Track Record of Asset Optimization • Acquisition of Paramount in 2015 • Renegotiation of FNV stream in 2014, which took effect in 2016 Palmarejo • Transition to 100% underground mining in 2016 • 100% and 63% increases in gold and silver grades, respectively, driving adj. CAS per AgEqOz1 41% lower si
Slide 7: Palmarejo: Long-Term Value Through High-Return Investment
Palmarejo: Long–Term Value Through High-Return Investment Coeur has made numerous strategic investments to reposition Palmarejo as a sustainable, higher-margin, longer-life operation Strategic Investments / Improvements Free Cash Flow1 ($M) $110.0 2015 Acquired adjacent, royalty-free land package In
Slide 8: Rochester: Re-Scoped Mine Plan Doubles NAV
Rochester: Re-Scoped Mine Plan Doubles NAV A re-scoped mine plan and PEA incorporates the positive economic impact expected from the potential addition of HPGR technology to Rochester’s crushing circuit beginning later this year 2017 TR 2018 PEA Δ Highlights of Expected HPGR Impact Mine Life 2031 20
Slide 9: Wharf: A Case Study for Successful M&A
Wharf: A Case Study for Successful M&A Acquired in early 2015, Wharf has already generated a return on investment of approximately 21%1, driven by operational improvements, targeted investments in exploration, and several technical and modeling enhancements $2.5 Free Cash Flow2 $10.3 ($2.6) $13.9 ($
Slide 10: Kensington: High-Grade Transformation Underway
Kensington: High-Grade Transformation Underway Kensington’s updated technical report demonstrates the strong potential impact of a relatively small amount of high-grade mill feed on overall mine economics Highlights of Kensington Technical Report Continued Exploration Potential • 13% increase in exp
Slide 11: Track Record of Opportunistic M&A and Divestitures
Track Record of Opportunistic M&A and Divestitures Company / Asset Type Rationale • Synergistic bolt-on of royalty-free land package adjacent to the Paramount Company’s Palmarejo mine 2015 Acquisition • Primarily stock deal timed to leverage historically-low market Silver & Gold value of target and
Slide 12: Silvertip: Progress of Ramp-Up
Silvertip: Progress of Ramp-Up Ramp-up slower than originally planned largely due to age and condition of processing facility. However, strategy to improve mill performance is leading to steady increases in availability and throughput Summary Update New camp facility • Processing rates reached recor
Slide 13: Silvertip: Performance Update
Silvertip: Performance Update Total Tonnes Processed 16,352 13,880 11,517 9,664 9,794 8,813 6,997 5,580 5,687 4,257 1,571 September November April December October May January July August June March New filter press Average Daily Throughput (Calendar Days) Highlights: (mtpd) 527 • Pyrite tailings fi
Slide 14: Northern Empire & Lincoln Hill: Expanding in Nevada
Northern Empire & Lincoln Hill: Expanding in Nevada In late 2018, Coeur completed two strategic acquisitions of Nevada-based gold and silver assets, further expanding its footprint in one of the world’s top mining jurisdictions Northern Empire Lincoln Hill & Other Acquired October 2018 November 2018
Slide 15: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Mining is capital intensive and requires a disciplined approach to capital allocation with a view toward long-term reserve replacement and growth IRR Opportunities and Advantages Challenges Reflects the Company’s values Safety / Environment / − Mitigates
Slide 16: Success-Based Exploration Program
Success-Based Exploration Program Coeur’s 2018 exploration program was its most aggressive since 2012, with over 690,000 feet (210,300 meters) drilled. In 2019, the Company anticipates investing sufficient capital to replace production and further grow resources Total Exploration Investment 2019E1 E
Slide 17: Palmarejo: Validates Near-Mine Exploration Philosophy
Palmarejo: Validates Near-Mine Exploration Philosophy Exploration at Palmarejo continues to drill new, high-grade discoveries near existing infrastructure with encouraging results • Resource conversion and expansion at Guadalupe and Independencia Mines; up to four drill rigs were active during 2018
Slide 18: Continued Expansion of Reserve and Resource Base
Continued Expansion of Reserve and Resource Base Reserve additions largely replaced companywide 2018 production of gold and silver, and significant resource additions demonstrate potential for further mine life extensions and organic growth Proven & Probable Reserves Measured & Indicated Resources I
Slide 19: Expanding Pipeline of Potential High-Return Organic Growth
Expanding Pipeline of Potential High-Return Organic Growth With the strategic acquisition of additional Nevada-based gold and silver assets, the Company has further bolstered its pipeline of high-return growth opportunities in attractive jurisdictions Near-term focus on stabilizing & optimizing Silv
Slide 20: Flexible, Liquid Balance Sheet
Flexible, Liquid Balance Sheet Improved Leverage Profile $M December 31, 2018 5.875% senior notes due 2024 245.9 Revolving credit facility 135.0 4.2x Capital lease obligations 78.0 TOTAL DEBT $458.8 Cash and cash equivalents $115.1 2.9x Available revolver balance 115.0 2.5x 2.2x TOTAL LIQUIDITY $230
Slide 21: Looking Ahead
Looking Ahead • Palmarejo expecting moderately lower silver production while gold production anticipated to decline due to lower grades • Rochester expected to begin delivering positive results from HPGR unit in 2H 2019 • Wharf anticipating return to historical production and cash flow levels • Kens
Slide 22: 2019 Guidance
2019 Guidance1 Production Outlook Gold (oz) Silver (K oz) Zinc (K lbs) Lead (K lbs) Palmarejo 95,000 – 105,000 6,500 – 7,200 - - Rochester 40,000 – 50,000 4,200 – 5,000 - - Kensington 117,000 – 130,000 - - - Wharf 82,000 – 87,000 - - - Silvertip - 1,500 – 2,500 25,000 – 40,000 20,000 – 35,000 Consol
Slide 23: ESG Highlights
ESG Highlights NYSE: CDE 23 JC 2016
Slide 24: What Matters to Coeur
What Matters to Coeur Environmental • Training and Development • Green House Gas Emissions • Health, Safety & Security • Water Stewardship Society • Air Quality • Investment in Local Communities • Waste Minimization • Indigenous Rights • Biodiversity • Human Rights • Tailings Management Governance •
Slide 25: UN Sustainable Development Goals (SDGs)
UN Sustainable Development Goals (“SDGs”) “The blueprint to achieve a better and more sustainable future for all”1 (1) https://www.un.org/sustainabledevelopment/sustainable-development-goals. NYSE: CDE 25 JC 2016
Slide 26: Coeur Aligns with the SDGs
Coeur Aligns with the SDGs By aligning with the SDGs, and communicating our sustainability and social responsibility actions, we support and contribute to the achievement of the global goals Coeur will focus on ten SDGs that best align with what matters to Coeur Source(s): https://www.un.org/sustain
Slide 27: Ways We Contribute to SDG 6
Ways We Contribute to SDG 6 Ensure availability, sustainable management and sanitation for all • Increase access to water through improved infrastructure – Palmarejo improved water infrastructure in four communities in 2018 and is currently working with a fifth • Apply best management practices to r
Slide 28: Water Stewardship
Water Stewardship Two of our mines are located in water stressed1 regions, making water stewardship not only critical to our values but material to our business. We use water-efficient processes to reduce use and provide a net benefit to the extent possible K ENSINGTON S ILVERTIP W HARF C ORPORATE O
Slide 29: Tale of Two Mines – 2018 in Review
Tale of Two Mines – 2018 in Review Rochester Mine near Lovelock, NV • Located in a water scarce region • Averages about 13 inches of precipitation annually • Zero discharge system; extensive water recycle & reuse • State approved water conservation plan • Annual water conservation education for empl
Slide 30: Tale of Two Mines – 2018 in Review (cont.)
Tale of Two Mines – 2018 in Review (cont.) Wharf Mine located near Lead, SD • Averages about 30 inches of precipitation annually • Three biological water treatment plants onsite treat a combined average of 1,200 gallons of water per minute with the capacity to treat up to 1,800 gallons per minute •
Slide 31: Demonstrating Our Commitment
Demonstrating Our Commitment Biodiversity & Investment in Local Communities Palmarejo operates three large greenhouses, growing local plants. Some can be used for reforestation and others provide produce that the community members can then harvest and sell. Water Biodiversity & Stewardship Closure P
Slide 32: Demonstrating Our Commitment (cont.)
Demonstrating Our Commitment (cont.) Health, Safety & Security & Biodiversity Since being purchased by Coeur, Silvertip has improved their environmental efforts by initiating reclamation efforts to mitigate soil erosion and habitat disruption along the public access road. These efforts lead to a saf
Slide 33: Demonstrating Our Commitment (cont.)
Demonstrating Our Commitment (cont.) Best-in-Class Governance Practices Board Refreshment and • Two new independent directors added to the Board in February 2018 and five Succession Planning directors – or 50% of the Board – added in last six years • Active Board succession planning and refreshment
Slide 34: Industry-Leading Safety Performance
Industry-Leading Safety Performance In 2017, Coeur achieved the National Mining Association CORESafety certification Since 2012, the Company’s injury frequency rates are significantly below industry averages Lost-Time Injury Frequency Rate Total Reportable Injury Frequency Rate Industry average1 Ind
Slide 35: Significantly Improved Corporate Governance Profile
Significantly Improved Corporate Governance Profile Corporate Governance Enhancements Since 2010 2010 2019 Independent Board Chairman Entire Board of Directors is independent other than CEO Gender diversity on the Board Majority voting standard for uncontested Director elections Robu
Slide 36: 2017 CEO Compensation Tied to Stockholder Returns
2017 CEO Compensation Tied to Stockholder Returns 60% of compensation linked to stock performance (Based 100% on Company Performance) NYSE: CDE 36 JC 2016
Slide 37: 2018 Incentive Plan Aligned with Strategic Objectives
2018 Incentive Plan Aligned with Strategic Objectives TRIFR1 % Reduction (with potential modifier PROTECT for top/bottom quartile performance vs. top tier U.S. metals companies) AIP2 15% % Reduction in Significant Spills DEVELOP Three-Year Growth in Reserves and PSU3 50% Measured & Indicated Resourc
Slide 38: Diverse Board Led by Independent Chair
Diverse Board Led by Independent Chair • Nine out of ten Directors are independent (all except CEO); all four main committees comprised of independent directors only • Two new directors appointed in February 2018 having skills and experiences that complement other directors • Balance of newer and lo
Slide 39: Appendix
Appendix NYSE: CDE 39 JC 2016
Slide 40: Palmarejo
Palmarejo Ownership 100% Claims 112,520 net acres Type Underground Crushing, grinding, flotation, CIL, Processing Merrill-Crowe precipitation, refining Metals Silver and gold doré Mine life ~8 years Palmarejo Chihuahua, Northern Mexico Share of Companywide 2019E1 Production 2014-2018 Reserves & Reso
Slide 41: Palmarejo (cont.)
Palmarejo (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $9.39 Capital expenditures $8.63 $8.01 $7.64 $7.54 $7.93 $52.1 $6.94 $7.22 $6.64 $6.64 2,346 38 2,013 2,066 34 1,894 31 30 $27.3 28 1,544 $13.3 $9.3 $9.5 $8.6 $7.0 $5.9 $4.7 $1.3 4
Slide 42: Rochester
Rochester Ownership 100% Claims 16,494 net acres Type Open pit and heap leach Crushing, dump heap leaching, Processing Merrill-Crowe precipitation, refining Metals Silver and gold doré Rochester Mine life ~19 years Nevada, U.S. Share of Companywide 2019E1 Production 2014-2018 Reserves & Resources2 P
Slide 43: Rochester (cont.)
Rochester (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $13.33 $13.36 $13.04 Capital expenditures $12.77 $12.57 $26.1 $11.89 $11.87 $11.37 $11.42 $10.83 1,466 $17.9 1,361 1,290 19 1,157 1,125 16 15 11 12 $6.8 $6.0 $5.7 $3.4 $2.6 $3.6 $3
Slide 44: Rochester: Site Map and Planned Expansion
Rochester: Site Map and Planned Expansion Highlights: • Initial phase includes upgrading the existing X-Pit crushing facility later during the year – Smaller N-Pit crushing facility decommissioned in 2018 – Installation of first HPGR unit currently underway • Second phase of the planned expansion in
Slide 45: What is HPGR?
What is HPGR? High pressure grinding rolls are relatively new to precious metals operations, although the technology has been proven in processing other materials • HPGRs have been used in the aggregates sector for decades, though early challenges associated with surface wear of the rollers delayed
Slide 46: Summary of Rochester PEA
Summary of Rochester PEA1 PEA Highlights 2017 TR 2018 PEA Proven and probable reserves • Re-scoped mine plan and PEA incorporate the Mineralized material tons K tons 244,804 Mineralized material gold grade oz/t 0.003 anticipated economic benefit from: Mineralized material silver grade oz/t 0.46 Meas
Slide 47: Notes to Rochester's Re-Scoped Mine Plan and PEA
Notes to Rochester’s Re-Scoped Mine Plan and PEA (a) 2018 PEA is effective December 31, 2017 and filed March 5, 2018, and the 2017 Technical Report is effective December 31, 2016. (b) Assumed metals prices for estimated Mineral Resources included in the 2018 Technical Report were $20.00 per ounce of
Slide 48: Kensington
Kensington Ownership 100% Claims 12,336 net acres Type Underground Processing Crushing, grinding, flotation Kensington processing Alaska, U.S. Metals Gold concentrate Mine life ~4 years Share of Companywide 2019E1 Production 2014-2018 Reserves & Resources2 P&P Reserves M&I Resources Inferred Resourc
Slide 49: Kensington (cont.)
Kensington (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,195 Capital expenditures $1,091 $16.8 $1,010 $842 $896 35 35 $12.0 $12.0 $11.4 $10.7 $10.6 26 26 27 $7.9 $4.6 $3.2 ($0.4) 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 4Q 2017 1Q 201
Slide 50: Wharf
Wharf Ownership 100% Claims 7,852 net acres Type Open pit and heap leach Crushing, “on-off” heap leaching, Processing spent ore neutralization, carbon absorption/desorption Wharf South Dakota, U.S. Metals Electrolytic cathodic sludge Mine life ~8 years Share of Companywide 2019E1 Production 2015-201
Slide 51: Wharf (cont.)
Wharf (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $938 $895 $870 Capital expenditures $824 $682 $17.2 27 $11.5 23 19 18 17 $3.3 $3.7 $1.2 $1.2 $0.7 $0.3 ($1.4) ($1.9) 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 4Q 2017 1Q 2018 2Q 2018 3Q
Slide 52: Silvertip
Silvertip Ownership 100% Claims 90,156 net acres Type Underground Silvertip British Columbia, Canada Crushing, grinding, flotation Processing processing, concentrate thickening Metals Lead concentrate, zinc concentrate Mine life ~5 years Share of Companywide 2019E1 Production Share of 2018 Reserves
Slide 53: Non-GAAP Reconciliations: Updated Framework
Non-GAAP Reconciliations: Updated Framework NYSE: CDE 53 JC 2016
Slide 54: Illustrative Unit Cost Calculations
Illustrative Unit Cost Calculations Highlighted below are illustrative unit cost calculations utilizing different methodologies for calculating costs applicable to sales (“CAS”) per ounce Silver Equivalents (“AgEqOz”) Co-Product By-Product CAS A A CAS A CAS A Ounces Sold Ounces Sold Ounces Sold Gold
Slide 55: Non-GAAP to U.S. GAAP Reconciliation for Guidance
Non-GAAP to U.S. GAAP Reconciliation for Guidance Unaudited Costs Applicable to Sales Guidance for 2019 ($ thousands, except per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $196,310 $131,918 $154,285 $90,299 $156,4
Slide 56: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Costs Applicable to Sales Year ended December 31, 2018 ($ thousands, except per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $180,832 $126,586 $141,872 $78,273 $40,855 $568,418 A
Slide 57: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales 3 months ended December 30, 2018 ($ thousands, except per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $42,119 $35,364 $30,703 $16,840 $28,247 $
Slide 58: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales 3 months ended September 30, 2018 ($ thousands, except per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $46,349 $32,842 $35,153 $20,856 $12,609
Slide 59: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales 3 months ended June 30, 2018 ($ thousands, except per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $44,944 $29,244 $40,668 $22,611 $137,466 Amor
Slide 60: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales 3 months ended March 31, 2018 ($ thousands, except per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $47,420 $29,136 $35,347 $17,966 $129,870 Amo
Slide 61: Non-GAAP Reconciliations: Other
Non-GAAP Reconciliations: Other NYSE: CDE 61 JC 2016
Slide 62: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Unaudited Adjusted Net Income (Loss) ($ thousands) 2018 4Q 2018 3Q 2018 2Q 2018 1Q 2018 2017 4Q 2017 2016 2015 Net income (loss) ($48,405) $468 ($53,044) $2,930 $1,241 ($1,319) $7,625 $55,352 ($367,183) Income (loss) from discont. ops., net of tax (550) - - - (55
Slide 63: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 2018 4Q 2018 3Q 2018 2Q 2018 1Q 2018 2017 4Q 2017 2016 2015 Net income (loss) ($48,405) $468 ($53,044) $2,930 $1,241 ($1,319) $7,625 $55,352 ($367,183) Income (loss) from discont. ops., net of tax (550) - - - (550)
Slide 64: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Free Cash Flow and Cash Flow From Operating Activities per Share Free Cash Flow, Consolidated ($ thousands) 2018 4Q 2018 3Q 2018 2Q 2018 1Q 2018 2017 4Q 2017 2016 2015 Cash flow from operating activities $20,108 $72 $5,789 ($1,294) $15,541 $197,
Slide 65: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Leverage Ratios (for Continuing Operations in the Period Noted) LTM Adjusted EBITDA Consolidated Debt ($ thousands) 4Q 2018 4Q 2015 ($ thousands) 4Q 2018 4Q 2015 Net income (loss) ($48,405) ($367,183) Cash and cash equivalents 115,081 $200,714 (
Slide 66: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2018 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Silvertip Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $180,832 $1
Slide 67: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2018 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Silvertip Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $42,119
Slide 68: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended September 30, 2018 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Silvertip Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $46,34
Slide 69: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended June 30, 2018 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $44,943 $29,244 $74,1
Slide 70: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2018 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $47,421 $29,136 $76,
Slide 71: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2017 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $219,920 $13
Slide 72: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2017 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $58,775
Slide 73: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2016 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $117,419 $11
Slide 74: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2015 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $170,899 $12
Slide 75: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2014 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Total Costs applicable to sales, including amortization (U.S. GAAP) $256,707 $
Slide 76: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited All-in Sustaining Costs ($ thousands, except per ounce amounts) 2018 4Q 2018 3Q 2018 2Q 2018 1Q 2018 2017 4Q 2017 2016 2015 Costs applicable to sales $440,950 $116,506 $116,857 $108,246 $99,340 $440,260 $121,983 $335,375 $403,827 Treatment and r
Slide 77: Average Spot Equivalence
Average Spot Equivalence Average Spot Prices 2018 4Q 2018 3Q 2018 2Q 2018 1Q 2018 2017 4Q 2017 2016 2015 Average silver spot price per ounce $15.71 $14.54 $15.02 $16.53 $16.77 $17.05 $16.73 $17.14 $15.68 Average gold spot price per ounce $1,268 $1,226 $1,213 $1,306 $1,329 $1,257 $1,275 $1,251 $1,160
Slide 78: Reserves and Resources
Reserves and Resources 2018 Proven and Probable Mineral Reserves Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) PROVEN RESERVES Palmarejo Mexico 1,283,000 0.084 4.97 108,000 6,376,000 Rochester Nevada, USA 228,413,000 0.003
Slide 79: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2018 Measured and Indicated Mineral Resources (excluding Reserves) Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Mexico 604,000 0.086 4.77 52,000 2,880,000 Roches
Slide 80: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2018 Inferred Mineral Resources Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Palmarejo Mexico 5,875,000 0.065 4.36 384,000 25,609,000 Rochester Nevada, USA 235,062,000 0.0
Slide 81: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2017 Proven and Probable Mineral Reserves Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) PROVEN RESERVES Palmarejo Mexico 1,571,000 0.073 3.81 115,000 5,978,000 Rochester Nevada, USA 195,724,0
Slide 82: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2017 Measured and Indicated Mineral Resources (excluding Reserves) Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Mexico 629,000 0.051 3.07 32,000 1,928,000 Roches
Slide 83: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2017 Inferred Mineral Resources Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Palmarejo Mexico 7,336,000 0.050 4.23 369,000 31,061,000 Rochester Nevada, USA 131,570,000 0.0
Slide 84: Reserves and Resources (cont.)
Reserves and Resources (cont.) Wharf’s 2015 Mineral Reserves and Resources Grade Contained Short tons Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) PROVEN AND PROBABLE RESERVES Proven Reserves 11,791,000 0.032 - 374,000 - Probable Reserves 14,984,000 0.023 - 338,000 - Total Proven and Probable Res
Slide 85: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2014 Proven and Probable Mineral Reserves Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) PROVEN RESERVES Palmarejo Mexico 1,089,000 0.043 3.37 46,000 3,670,000 Rochester Nevada, USA 89,077,000
Slide 86: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2014 Measured and Indicated Mineral Resources (excluding Reserves) Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Mexico 417,000 0.062 4.48 - - 26,000 1,870,000 -
Slide 87: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2014 Inferred Mineral Resources Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Palmarejo Mexico 2,065,000 0.116 4.98 - - 240,000 10,286,000 - - Rochester Nevada, USA 96,039,
Slide 88: Reserves and Resources (cont.)
Reserves and Resources (cont.) Wharf’s 2013 Mineral Reserves and Resources Grade (oz/ton) Ounces (contained) Short tons Gold Silver Gold Silver PROVEN AND PROBABLE RESERVES Proven Reserves 15,179,000 0.022 0.078 340,000 1,190,000 Probable Reserves 8,245,000 0.026 0.108 220,000 890,000 Total Proven a
Slide 89: 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 90: 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 b
Slide 91: Contact Information
Contact Information Corporate Office Coeur Mining, Inc. 104 S. Michigan Ave., Suite 900 Chicago, IL 60603 Main Telephone +1 (312) 489-5800 Stock Ticker CDE: NYSE Website www.coeur.com Contact Paul DePartout Director, Investor Relations investors@coeur.com NYSE: CDE 91 JC 2016
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