Slide 1: 2023 Fourth Quarter and Full-Year Earnings
2023 Fourth Quarter and Full-Year Earnings 11:00 a.m. ET, February 22, 2024 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, growth, anticipated production, costs and expenses, exploration and de
Slide 3: Fourth Quarter and Full-Year 2023 Highlights
Fourth Quarter and Full-Year 2023 Highlights • Strong 4Q production results help achieve full-year guidance • Increased revenue and adj. EBITDA driven by Rochester production step-up • Rochester expansion ramp-up advancing toward 1H expected completion • Wharf delivers all-time record annual c
Slide 4: Production & Unit Cost Scorecard
Production & Unit Cost Scorecard Palmarejo Rochester Kensington Wharf Consolidated Gold Production (oz) 2023 Guidance1 100,000 – 112,500 35,000 – 50,000 81,000 – 85,000 88,000 – 95,000 304,000 – 342,500 2023 Actual 100,605 38,775 84,789 93,502 317,671 Status Silver Production (M oz) 2023 Guidance1 6
Slide 5: Overview of 2024E Production Guidance
Overview of 2024E Production Guidance1 Operation Guidance Range Illustrative Production Profile Commentary ~26% ~25% ~24% ~25% • Lower planned throughput rates vs. 2023 Palmarejo 95,000 – 103,000 • Consistent gold grades expected • Production consistent vs. 2023 1Q 2Q 3Q 4Q ~26% ~32% ~29% • Increase
Slide 6: Rochester Expansion: Ramp-Up Progressing
Rochester Expansion: Ramp-Up Progressing The Rochester expansion in now complete. First production from the new leach pad and process plant began September 2023 and ore is now being fed through the new crushing circuit Project Overview Mining Rates Production Expected increase from 65 ktpd to ~2.5x
Slide 7: Rochester Ramp-Up Breakdown
Rochester Ramp-Up Breakdown Ramp-up is expected to be completed in the first half of 2024, leading to higher expected production and lower CAS per ounce. Average silver grades are expected to be higher while expected gold grades are expected to be lower year-over-year Cost Performance1 $25.74 $23.57
Slide 8: Rochester Expansion: World Class Asset – By the Numbers
Rochester Expansion: World Class Asset – By the Numbers #1 • Largest open pit heap leach operation in North America1 #3 • Third-largest open pit heap leach operation in the world 1 #1 • Largest silver reserve asset in the U.S. 2 #3 • Third-largest silver reserve asset in North America 2 #4 •
Slide 9: Sustaining a Higher Level of Exploration Investment
Sustaining a Higher Level of Exploration Investment Coeur completed another strong year of exploration investment during 2023. The Company remains focused on delivering results through the drill bit in 2024 with significant investments expected at Palmarejo, Kensington and Silvertip targeting resour
Slide 10: Expanded Reserve and Resource Base
Expanded Reserve and Resource Base Coeur’s 2023 exploration program was successful in growing resources via new discoveries. The Company has invested nearly $245 million in exploration over the past five years, contributing to significant overall reserve and resource growth Proven & Probable Reserve
Slide 11: Silvertip: Highest Grade Intercept Ever in Southern Silver Zone
Silvertip: Highest Grade Intercept Ever in Southern Silver Zone Note: For complete tables of all drill results published in 2023, please refer to the following link: NYSE: CDE 11 https://www.coeur.com/news/news-details/2024/Silvertip-Exploration-Drilling-Update. JC 2016
Slide 12: Wharf: A Case Study for Successful M&A
Wharf: A Case Study for Successful M&A Acquired in early 2015 for $99.5 million, Wharf has generated cumulative FCF1 of more than 4x its original investment, driven by operational improvements, targeted investments in exploration, and several technical and modeling enhancements Free Cash Flow2 W h a
Slide 13: Financial Summary
Financial Summary Years Quarters ($M, except metal sales, adj. EBITDA margin and per share amounts) 2023 2022 YoY ∆ 4Q 2023 3Q 2023 QoQ ∆ 4Q 2022 YoY ∆ Metal Sales Gold ounces sold (oz) 315,511 329,968 (4%) 99,540 78,015 28% 88,189 13% Silver ounces sold (M oz) 10.1 9.8 4% 3.0 2.2 35% 2.5 20% Key Fi
Slide 14: Significant Reductions in Capex Expected in 2024
Significant Reductions in Capex Expected in 2024 Capital Expenditures by Mine 2024E Capital Expenditures1 (% companywide total) Site Range Commentary 1% 1% 3% 1% 4% • Underground development 15% Palmarejo $32M - $42M • ~70% - 80% sustaining capital 11% 23% • Fleet enhancement Rochester $50M - $70M 2
Slide 15: Inflationary Cost Pressures Remain
Inflationary Cost Pressures Remain Coeur has continued to experience inflationary pressures – particularly compared to 24 months ago – with recent easing in some areas Diesel Cost Per Gallon Materials, Parts and Supplies Cost +11% +23% $33.5 $34.0 $33.9 $32.5 $31.9 $4.15 $3.62 $3.68 $3.36 $3.49 $27.
Slide 16: Balance Sheet and Hedging Summary
Balance Sheet and Hedging Summary Liquidity Profile1,2 Debt and Leverage Summary1,3 ($M) ($M) Dec. 31, Sept. 30, Dec. 31, 2022 2023 2023 $390 $100 $357 5.125% senior notes due 2029 369.2 303.0 295.1 ($30) $10 $257 Revolving credit facility 80.0 140.0 175.0 $62 $247 $185 Capital lease obligations 66.
Slide 17: Looking Ahead: Key Deliverables for 2024
Looking Ahead: Key Deliverables for 2024 • Safely and successfully complete Rochester ramp-up and transition to optimization efforts • Deliver consistent operating and financial results across portfolio while mitigating inflationary cost pressures • Accelerate incremental, high-return exploration
Slide 18: 2024 Guidance
2024 Guidance1 Production Outlook Gold (oz) Silver (K oz) Palmarejo 95,000 – 103,000 5,900 – 6,700 Rochester 37,000 – 50,000 4,800 – 6,600 Kensington 92,000 – 106,000 - Wharf 86,000 – 96,000 - Consolidated 310,000 – 355,000 10,700 – 13,300 CAS Outlook2 Gold ($/oz) Silver ($/oz) Palmarejo (co-product
Slide 19: ESG Highlights
ESG Highlights NYSE: CDE 19 JC 2016
Slide 20: Tailings Management
Tailings Management Enhanced safety and strengthened governance of tailings facilities across the globe is advancing to prevent catastrophic failures with the goal of zero harm with best practice in planning, design, construction, operation, maintenance, monitoring, closure and post and post-closure
Slide 21: Coeur’s Tailings Facilities
Coeur’s Tailings Facilities Palmarejo Palmarejo Kensington Silvertip Golden Cross (CI, Mexico) (C.I., Mexico) (Alaska U.S.) (B.C. Canada) (New Zealand) Facility Name Facility Name: Facility Name Facility Name Facility Name Final Tailings High-rate thickened Tailings Treatment Tailings Rock Tailings
Slide 22: Formal Adoption of GISTM
Formal Adoption of GISTM To increase transparency into tailings management at Coeur and to bolster existing management practices and governance systems, the Company has decided to formally adopt the Global Industry Standard on Tailings Management (GISTM) Key Highlights •Only 14 percent of non-Intern
Slide 23: GISTM Roadmap
GISTM Timeline with Coeur Milestones GISTM Roadmap GISTM Launched Standard made GISTM Self- Through careful examination, publicly available Q3 2020 assessments followed by Church Q4 2020 internal and external engagement of England petition - Coeur facilities and detailed planning, Coeur Q1 2021 eval
Slide 24: Appendix
Appendix NYSE: CDE 24 JC 2016
Slide 25: Palmarejo
Palmarejo The Palmarejo gold-silver complex is located in the state of Chihuahua, Mexico, consisting of a legacy open pit mine, current underground mining and processing operations as well as several other deposits and exploration targets Asset Overview Share of Companywide 2024E2 Production Ownersh
Slide 26: Palmarejo (cont.)
Palmarejo (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,027 $1,023 $917 $1,010 $926 Capital expenditures $15.16 $15.26 $14.23 $15.56 $13.94 $24.1 $22.6 $18.9 $18.6 1,752 26 1,489 1,617 27 1,601 1,621 25 25 23 $11.5 $11.9 $10.8 $10.2
Slide 27: Rochester
Rochester The Rochester mine is an open pit, heap leach silver-gold operation, located in northern Nevada, which completed a significant expansion in November 2023 that is expected to drive a step-change in production and cash flow Asset Overview Share of Companywide 2024E2 Production Ownership 100%
Slide 28: Rochester (cont.)
Rochester (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,899 Capital expenditures $1,655 $1,646 $92.4 $1,596 $1,564 $84.4 $23.64 $65.6 $61.5 $20.24 $20.39 $19.33 $52.0 $17.60 1,340 20 973 12 761 683 $11.6 608 8 6 4 ($5.5) ($3.8) ($13.
Slide 29: Kensington
Kensington The Kensington mine is an underground gold operation located in southeast Alaska, consisting of the Kensington Main deposit, Raven deposit, Jualin deposit, as well as other nearby deposits and exploration targets Asset Overview Share of Companywide 2024E2 Production Ownership 100% Gold Em
Slide 30: Kensington (cont.)
Kensington (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $2,927 Operating cash flow2 Capital expenditures $15.8 $15.1 $11.7 $1,775 $11.2 $10.7 $1,543 $1,441 $7.6 $1,265 $6.3 $6.1 $5.1 30 27 25 20 13 ($13.6) 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 1
Slide 31: Wharf
Wharf The Wharf mine is an open pit, heap leach gold operation located in western South Dakota. The property consists of several areas of adjoining gold mineralization, which have been mined as a series of open pits Asset Overview Share of Companywide 2024E2 Production Ownership 100% Gold Employees1
Slide 32: Wharf (cont.)
Wharf (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $33.8 $1,466 $1,393 Capital expenditures $1,267 $28.8 $1,035 $997 $19.5 30 26 23 20 $10.3 15 $1.9 $1.5 $0.8 $0.1 $0.1 $0.7 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 1Q 2023 2Q 20
Slide 33: Silvertip
Silvertip The Silvertip exploration project is one of the highest-grade silver-zinc-lead projects in the world. The site is located in northern British Columbia, Canada and sits within a highly prospective land package Asset Overview Ownership 100% Employees1 68 Claims 98,834 net acres Type Undergro
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations NYSE: CDE 34 JC 2016
Slide 35: Non-GAAP to U.S. GAAP Reconciliation for Guidance
Non-GAAP to U.S. GAAP Reconciliation for Guidance Unaudited Costs Applicable to Sales Guidance for 2024 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Costs applicable to sales, including amortization (U.S. GAAP) $258,870 $129,322 $199,980 $108,330 Amort
Slide 36: Non-GAAP to U.S. GAAP Reconciliation for Guidance (cont.)
Non-GAAP to U.S. GAAP Reconciliation for Guidance (cont.) Unaudited Costs Applicable to Sales Guidance for 2023 ($ thousands, except metal sales and per ounce amounts) Palmarejo Kensington Wharf Costs applicable to sales, including amortization (U.S. GAAP) $232,269 $181,642 $114,698 Amortization (36
Slide 37: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Costs Applicable to Sales Unaudited 12 months ended December 31, 2023 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $230,018 $197,663 $178
Slide 38: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2023 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $60,345 $85,155
Slide 39: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended September 30, 2023 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $57,083 $34,70
Slide 40: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended June 30, 2023 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $54,608 $29,717 $43
Slide 41: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2023 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $57,984 $48,083 $4
Slide 42: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 12 months ended December 31, 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $218,008 $187,
Slide 43: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $55,325 $50,211
Slide 44: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted Net Income (Loss) ($ thousands) 2023 4Q 2023 3Q 2023 2Q 2023 1Q 2023 2022 4Q 2022 Net income (loss) ($103,612) ($25,505) ($21,109) ($32,412) ($24,586) ($78,107) $49,089 Fair value adjustments, net (3,384) 1,245 2,010 3,922 (10,561) 66,6
Slide 45: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 2023 4Q 2023 3Q 2023 2Q 2023 1Q 2023 2022 4Q 2022 Net income (loss) ($103,612) ($25,505) ($21,109) ($32,412) ($24,586) ($78,107) $49,089 Interest expense, net of capitalized interest 29,099 7,396 7,402 6,912 7,389 2
Slide 46: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited LTM Adjusted EBITDA ($ thousands) 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 Net income (loss) ($103,612) ($29,018) ($65,353) ($110,375) ($78,107) Interest expense, net of capitalized interest 29,099 29,894 28,424 26,682 23,861 Income tax provision
Slide 47: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Free Cash Flow ($ thousands) 2023 4Q 2023 3Q 2023 2Q 2023 1Q 2023 2022 4Q 2022 Cash flow from operating activities $67,288 $65,277 ($2,383) $39,397 ($35,003) $25,616 $28,516 Capital expenditures (364,617) (92,715) (112,273) (85,581) (74,048) (35
Slide 48: Reserves and Resources
Reserves and Resources 2023 Proven and Probable Mineral Reserves Grade Contained Location Short tons Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) PROVEN RESERVES Palmarejo Mexico 4,203,000 0.060 4.21 252,000 17,698,000 Rochester Nevada, USA 465,919,000 0.002 0.38 1,135,000 177,472,000 Kensington
Slide 49: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2023 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 5,674,000 0.070 4.56 396,000 25,875,000 Ro
Slide 50: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2023 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 4,207,000 0.091 4.50 381,000 18,933,000 Rochester Nevada, USA 135,104,000 0.0
Slide 51: Reserves and Resources (cont.)
Reserves and Resources (cont.) Notes to 2023 Mineral Reserves: (1) The Mineral Reserve estimates are current as of December 31, 2023 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 52: Reserves and Resources (cont.)
Reserves and Resources (cont.) Notes to 2023 Mineral Resources: (1) Mineral Resource estimates are reported exclusive of Mineral Reserves, are current as of December 31, 2023, and are reported using definitions in SK1300 on a 100% ownership basis. Mineral Resource estimates were prepared by the Comp
Slide 53: Reserves and Resources (cont.)
Reserves and Resources (cont.) Notes to 2023 Mineral Resources (cont.): (9) Wilco Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained withed a conceptual measured
Slide 54: 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 55: 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 56: 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 57: 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 58: 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 59: Board of Directors (cont.)
Board of Directors (cont.) Jeane L. Hull – Ms. Hull has over 35 years of mining operational leadership and engineering experience, most notably holding the positions of Chief Operating Officer for Rio Tinto plc at the Kennecott Utah Copper Mine and Executive Vice President and Chief Technical Office
Slide 60: Contact Information
Contact Information Corporate Office Coeur Mining, Inc. 200 S. Wacker Dr., Suite 2100 Chicago, IL 60606 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 60 JC 2016