Slide 1: 2022 Third Quarter Earnings
2022 Third Quarter Earnings 11:00 a.m. ET, November 10, 2022 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: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights • Solid production results with stronger expected 4Q • Recently installed pre-screens at Rochester providing intended benefit • Rochester expansion on track; capital updated • Strategic sale of southern Nevada holdings to AngloGold completed • Nearly $386 millio
Slide 4: Financial Summary
Financial Summary ($M, except metal sales, adj. EBITDA margin and per share amounts) 3Q 2022 2Q 2022 QoQ ∆ 3Q 2021 YoY ∆ Metal Sales Gold ounces sold (oz) 81,782 84,786 (4%) 89,804 (9%) Silver ounces sold (M oz) 2.3 2.5 (10%) 2.5 (8%) Key Financials Revenue $183.0 $204.1 (10%) $208.0 (12%) 1 Explora
Slide 5: Inflationary Cost Pressures
Inflationary Cost Pressures Consistent with macro pressures and industry trends, Coeur continued to experience inflationary pressures on key consumable costs during the third quarter Diesel Cost Per Gallon/% of CAS1 Cyanide Cost Per Pound/% of CAS1 +45% +41% $1.44 $4.55 $4.33 $1.32 $1.24 $3.62 $1.02
Slide 6: Production Summary
Production Summary Progress Full-Year Toward Implied 3Q 2022 YTD Guidance1 Midpoint 4Q 2022 Comments Gold Production (oz) • Improved recoveries through recent enhancements in the Palmarejo 24,807 80,847 100,000 – 110,000 77% 19,153 – 29,153 flotation and solution management processes • Lower average
Slide 7: Investing in Organic Growth Opportunities
Investing in Organic Growth Opportunities Capital Expenditures by Asset Capital Expenditures Composition (% companywide total) (% companywide total) 1% 1% 23% 9% 14% 3% 12% 9% 32% 34% 9% 2021 2022E1 2021 2022E1 $310M $330M-$395M $310M $330M-$395M 68% 66% 54% 66% Palmarejo Rochester Kensington Sustai
Slide 8: Rochester Expansion Update
Rochester Expansion Update1 The expansion of Rochester is expected to drive an anticipated step change in Coeur’s production and cash flow, helping to reposition the Company and unlock meaningful long-term value for our stockholders Project Hallmarks Funding Strategy & Capital Overview $348 million
Slide 9: Rochester Expansion Update (cont.)
Rochester Expansion Update (cont.) Significantly higher throughput is expected to materially drive down costs and lead to strong cash flow over a long mine life. Recent installation of pre-screens on the existing crusher is driving improved product size distribution, which is expected to lead to bet
Slide 10: Rochester: Expansion Construction Update
Rochester: Expansion Construction Update1 Major construction for the expansion of Rochester continues to advance with solid ongoing environmental and safety performance as highlighted by delivery and installation of one of the de-aeration towers (1) For additional information on the expansion of Roc
Slide 11: Rochester: Expansion Construction Update (cont.)
Rochester: Expansion Construction Update (cont.)1 Rochester expansion site overview Stage VI Heap Leach Pad Merrill-Crowe Processing Facility Contingency Ponds Electrical Substation (1) For additional information on the expansion of Rochester, please refer to the technical report summary for Rochest
Slide 12: Rochester: Expansion Construction Update (cont.)
Rochester: Expansion Construction Update (cont.)1 Crusher corridor area Coarse Ore Stage IV Heap Leach Pad Stockpile Secondary Crusher Secondary Ore Stockpile Prescreen Cut Tertiary Crusher Final Product Stockpile Truck Loadout (1) For additional information on the expansion of Rochester, please ref
Slide 13: Balance Sheet and Hedging Summary
Balance Sheet and Hedging Summary Liquidity Profile1 Debt and Leverage Summary1,2,3 ($M) ($M) Sept. 30, 2022 Dec. 31, As 2021 Reported $50 $492 Adjusted $46 $390 $150 $386 $10 5.125% senior notes due 2029 $368.3 $369.0 - 369.0 ($30) Revolving credit facility 65.0 200.0 - 200.0 $75 $236 $160 Capita
Slide 14: Looking Ahead: Key Deliverables for Remainder of 2022
Looking Ahead: Key Deliverables for Remainder of 2022 • Continue to bolster Coeur’s best-in-class ESG initiatives • Remain on-track with POA 11 expansion project • Continue incorporating operational and technical enhancements at Rochester into POA 11 • Deliver consistent operating and financial
Slide 15: 2022 Guidance
2022 Guidance1 Production Outlook Gold (oz) Silver (K oz) Palmarejo 100,000 – 110,000 6,000 – 7,000 Rochester 35,000 – 43,000 3,000 – 4,000 Kensington 110,000 – 120,000 - Wharf 70,000 – 80,000 - Consolidated 315,000 – 353,000 9,000 – 11,000 CAS Outlook2 Gold ($/oz) Silver ($/oz) Palmarejo (co-produc
Slide 16: ESG Highlights
ESG Highlights NYSE: CDE 16 JC 2016
Slide 17: What Matters to Coeur
What Matters to Coeur Coeur strives to be an industry leader in ESG, integrating factors into each aspect of its operations, activities and strategic decision making as the Company looks to the future. The following list includes material environmental, social and governance issues that matter to Co
Slide 18: Recent ESG Accomplishments
Recent ESG Accomplishments Coeur is committed to being an industry leader in its ESG practices, exemplified by the Company’s recent accomplishments Published GHG emissions Mitch Krebs, President & target of 35% reduction in Conducted below 2°C ISS QualityScore of ‘‘1’’ for CEO, served as Chair of Go
Slide 19: Strong Governance Practices
Strong Governance Practices Board Refreshment and Succession Planning ― Four new diverse, independent directors added to the Board since February 20181 ― 50% of directors are diverse (gender or ethnic) ― Active Board succession planning and refreshment Robust Board and Committee Evaluations ―
Slide 20: Well-Established Leadership Team
Well-Established Leadership Team Executive Team Board of Directors Robert E. Mellor Linda L. Adamany Mitchell J. Krebs Thomas S. Whelan Independent Chairman Independent Director President and Senior Vice President and Chief Executive Officer1 Chief Financial Officer Sebastian Edwards Randolph E. Gre
Slide 21: Qualified, Diverse Board
Qualified, Diverse Board Coeur’s Board, which includes a diverse mix of tenures, experiences and skills, is led by an independent chairman, and nine of ten directors are independent Current/ Former Diversity CEO Project (Gender/ Devel./ Ethnic) Mgmt. Culture ESG 90% Govt. Affairs/ HCM Reg- Director
Slide 22: Qualified, Diverse Board (cont.)
Qualified, Diverse Board (cont.) Other Public Committee Name and Principal Occupation Age Director Since Independent Company Boards Memberships Diversity Nom Gov – Chair Robert E. Mellor Chairman of the Board of Monro, Inc. 79 1998 1 CLD Exec -- Chair Linda L. Adamany Lead Director, Jefferies Fina
Slide 23: Industry-Leading Safety Performance
Industry-Leading Safety Performance Coeur has been certified in the National Mining Association’s CORESafety program since 2017 and completed its recertification in July 2021 Coeur’s injury frequency rate remains significantly below industry averages, achieving a Company record-low lost-time injury
Slide 24: Precious Metals Are Coeur to Everyday Life
Precious Metals Are Coeur to Everyday Life Coeur is an important part of the supply chains for gold and silver. Due to their unique properties, gold and silver have numerous innovative uses that shape the way we live today and enable a more sustainable, healthier tomorrow Au Coeur’s Palmarejo, Roche
Slide 25: Appendix
Appendix NYSE: CDE 25 JC 2016
Slide 26: Palmarejo
Palmarejo The Palmarejo gold-silver complex is located in the state of Chihuahua, Mexico, consisting of a legacy open pit mine, current underground mining and processing operations as well as several other deposits and exploration targets Asset Overview Share of Companywide 2022E2 Production Ownersh
Slide 27: Palmarejo (cont.)
Palmarejo (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $948 Capital expenditures $12.50 $12.97 $12.43 $11.25 $34.3 $855 $32.9 $12.67 $704 $730 $653 $23.2 $22.3 1,843 1,708 29 29 1,813 1,795 27 1,612 $13.6 24 25 $12.9 $10.1 $10.8 $8.5 $
Slide 28: Rochester
Rochester The Rochester mine is an open pit, heap leach silver-gold operation, located in northern Nevada, which is currently undergoing a significant expansion that is expected to drive a step-change in production and cash flow Asset Overview Share of Companywide 2022E2 Production Ownership 100% Go
Slide 29: Rochester (cont.)
Rochester (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $1,720 $1,763 $1,821 Operating cash flow $1,665 $1,707 $74.0 Capital expenditures $22.68 $53.9 $21.76 $22.06 $20.85 $47.0 $18.46 $40.1 $33.1 739 757 689 745 655 8 9 6 7 6 ($9.1) ($9.5) ($13.7) ($12.3)
Slide 30: Kensington
Kensington The Kensington mine is an underground gold operation located in southeast Alaska, consisting of the Kensington Main deposit, Raven deposit, Jualin deposit, as well as other nearby deposits and exploration targets Asset Overview Share of Companywide 2022E2 Production Ownership 100% Gold Em
Slide 31: Kensington (cont.)
Kensington (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $1,610 Operating cash flow2 Capital expenditures $1,399 $1,455 $1,150 $1,111 $21.0 $19.4 34 29 28 28 $10.8 23 $9.4 $8.0 $8.8 $7.9 $7.1 $6.3 $0.8 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 3Q 2021 4Q 202
Slide 32: Wharf
Wharf The Wharf mine is an open pit, heap leach gold operation located in western South Dakota. The property consists of several areas of adjoining gold mineralization, which have been mined as a series of open pits Asset Overview Share of Companywide 2022E2 Production Ownership 100% Gold Employees1
Slide 33: Wharf (cont.)
Wharf (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,357 $1,233 Capital expenditures $1,118 $24.9 $1,104 $971 28 20 22 20 $10.3 18 $8.4 $6.9 $5.5 $4.2 $1.0 $1.4 $0.5 $0.5 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 3Q 2021 4Q 2021 1Q 2022
Slide 34: Silvertip
Silvertip The Silvertip development project is one of the highest-grade silver-zinc-lead operations in the world. The site is located in northern British Columbia, Canada and sits within a highly prospective land package Asset Overview Ownership 100% Employees1 101 Claims 98,834 net acres Type Under
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations NYSE: CDE 35 JC 2016
Slide 36: Non-GAAP to U.S. GAAP Reconciliation for Guidance
Non-GAAP to U.S. GAAP Reconciliation for Guidance Unaudited Costs Applicable to Sales Guidance for 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Costs applicable to sales, including amortization (U.S. GAAP) $219,862 $165,031 $191,055 $109,179 Amort
Slide 37: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Costs Applicable to Sales Unaudited 3 months ended September 30, 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $51,271 $57,681 $50,65
Slide 38: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Costs Applicable to Sales Unaudited 3 months ended June 30, 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $58,800 $42,914 $48,680 $26
Slide 39: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $52,611 $36,985 $4
Slide 40: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 12 months ended December 31, 2021 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $189,717 $151,
Slide 41: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2021 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $48,719 $42,939
Slide 42: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended September 30, 2021 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $47,763 $36,34
Slide 43: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted Net Income (Loss) ($ thousands) 3Q 2022 2Q 2022 1Q 2022 2021 4Q 2021 3Q 2021 Net income (loss) ($57,444) ($77,434) $7,682 ($31,322) ($10,760) ($54,768) Fair value adjustments, net 13,067 62,810 (10,605) 543 7,543 26,440 Inventory write-
Slide 44: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 3Q 2022 2Q 2022 1Q 2022 2021 4Q 2021 3Q 2021 Net income (loss) ($57,444) ($77,434) $7,682 ($31,322) ($10,760) ($54,768) Interest expense, net of capitalized interest 5,932 5,170 4,568 16,451 3,211 3,237 Income tax p
Slide 45: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited LTM Adjusted EBITDA ($ thousands) 3Q 2022 2Q 2022 1Q 2022 4Q 2021 3Q 2021 Net income (loss) ($137,956) ($135,280) ($25,700) ($31,322) ($8,682) Interest expense, net of capitalized interest 18,881 16,186 16,109 16,451 17,959 Income tax provision
Slide 46: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Free Cash Flow ($ thousands) 3Q 2022 2Q 2022 1Q 2022 2021 4Q 2021 3Q 2021 Cash flow from operating activities ($19,117) $22,644 ($6,427) $110,482 $34,936 $21,846 Capital expenditures (96,602) (73,156) (69,502) (309,781) (100,868) (71,266) Free c
Slide 47: Reserves and Resources
Reserves and Resources 2021 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 3,754,000 0.066 4.39 247,000 16,480,000 Rochester Nevada, USA 386,008,000 0.00
Slide 48: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2021 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 3,696,000 0.053 3.89 195,000 14,373,000 Ro
Slide 49: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2021 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 4,713,000 0.052 3.70 246,000 17,453,000 Rochester Nevada, USA 128,410,000 0.0
Slide 50: Reserves and Resources (cont.)
Reserves and Resources (cont.) Notes to 2021 Mineral Reserves: (1) The Mineral Reserve estimates are current as of December 31, 2021 and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) and were prepared by the company’s technical staff. (2) Assumed metal
Slide 51: Reserves and Resources (cont.)
Reserves and Resources (cont.) Notes to 2021 Mineral Resources: (1) Mineral Resource estimates are reported exclusive of Mineral Reserves, are current as of December 31, 2021, and are reported using definitions in SK1300 on a 100% ownership basis. Mineral Resource estimates were prepared by the Comp
Slide 52: Reserves and Resources (cont.)
Reserves and Resources (cont.) Notes to 2021 Mineral Resources (cont.): (9) Lincoln Hill Open Pit Mineral Resource estimate is reported in-situ and are contained within a confining pit shell and use the following key input parameters: reported above an oxide gold equivalent cutoff of 0.15 ounces per
Slide 53: Reserves and Resources
Reserves and Resources 2020 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 4,040,000 0.067 4.29 270,000 17,344,000 Rochester Nevada, USA 396,867,000 0.00
Slide 54: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2020 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 1,840,000 0.052 3.67 95,000 6,746,000 Roch
Slide 55: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2020 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 4,345,000 0.064 3.34 280,000 14,525,000 Rochester Nevada, USA 226,049,000 0.0
Slide 56: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2016 Proven and Probable Mineral Reserves Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) PROVEN RESERVES Palmarejo Mexico 1,569,000 0.080 4.44 126,000 6,971,000 Rochester Nevada, USA 143,686,000 0.004 0.48 503,000 68,369,000 Kensing
Slide 57: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2016 Measured and Indicated Mineral Resources (excluding Reserves) Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) MEASURED RESOURCES Palmarejo Mexico 818,000 0.061 3.20 50,000 2,618,000 Rochester Nevada, USA 39,732,000 0.003 0.59 13
Slide 58: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2016 Inferred Mineral Resources Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) INFERRED RESOURCES Palmarejo Mexico 4,726,000 0.055 4.35 258,000 20,540,000 Rochester Nevada, USA 67,778,000 0.003 0.52 178,000 35,554,000 Kensington Ala
Slide 59: 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 60: Board of Directors
Board of Directors Robert E. Mellor – Independent Chairman of the board of Monro, Inc. (auto service provider) since June 2017, and appointed Interim Chief Executive Officer from August 2020 to April 2021. Previously Mr. Mellor was lead independent director from April 2011 to June 2017 and a member
Slide 61: Board of Directors (cont.)
Board of Directors (cont.) Eduardo Luna – Chairman of the Board of Rochester Resources Ltd., Mr. Luna has spent over forty years in the precious metals mining industry and has held prior senior executive and board positions at several companies including Industrial Peñoles, Goldcorp Inc., Luismin SA
Slide 62: 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 NYSE: CDE Website www.coeur.com Contact Jeff Wilhoit Director, Investor Relations investors@coeur.com NYSE: CDE 62 JC 2016