Coeur Mining, Inc. · NYSE:CDE
Coeur Mining — Denver Gold Forum 2018
84 slides from Coeur Mining's conference presentation, September 2018
Slide 1: Denver Gold Forum
Denver Gold Forum September 2018 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 one of the world’s largest primary silver producers, a significant producer of gold, and has repositioned its portfolio with a focus on sustainable, high-quality growth and cash flow $1.1B market cap 1 $19M 90-day ADTV 1 K ENSINGTON S ILVERTI
Slide 4: Summary of Company Strategy
Summary of Company Strategy Achieve Investable Level of Scale and Relevance 1 • Differentiate through unique mix of size, growth and quality • Maintain leading trading liquidity Deliver Low Cost Production and Growth in Top Jurisdictions 2 • Continue near-term focus on North American assets and oppo
Slide 5: Why Invest in Coeur Mining?
Why Invest in Coeur Mining? 1 Balanced, Safe & Unique Portfolio of Precious Metals Assets 2 Repositioned Portfolio with Quality Growth Potential 3 Disciplined Capital Allocation Framework 4 Creating Long-Term Value Through Exploration 5 Revamped, Flexible Balance Sheet 6 Leading ESG Programs,
Slide 6: Balanced, Safe & Unique Portfolio of Precious Metals Assets
1 Balanced, Safe & Unique Portfolio of Precious Metals Assets 2010 2018E3 6% 7% Palmarejo 14% Rochester 26% 39% Kensington Balanced Asset Mix1 26.1M 46% 37.8M Wharf 19% AgEqOz 2 AgEqOz2 Silvertip 10% San Bartolomé 10% 21% Other1 U.S. 20% Mexico 46% 7% Canada Safe Jurisdictions1 26% 54% Bolivia Austr
Slide 7: Repositioned Portfolio with Quality Growth Potential
2 Repositioned Portfolio with Quality Growth Potential Metal Production1,2 Adjusted EBITDA4 and Adjusted EBITDA Margin4 (oz) ($M) 43.3M 34% 29% 21% 36.0M 44.7M 41.0M 40.2M 39.4M 11% 36.3M 35.6M $194.9 $203.3 33.7M 372,500 32.2M 383,444 $117.7 13.7M 358,170 327,908 17.2M 16.4M 15.9M 249,384 14.8M $58
Slide 8: Track Record of Asset Optimization
Repositioned Portfolio with Quality Growth Potential: Track Record of Asset Optimization • Acquisition of Paramount in 2015 • Renegotiation of FNV stream in 2015 Palmarejo • Transition to 100% underground mining in 2016 • 73% and 120% increases in silver and gold grades, respectively, since 20141 •
Slide 9: Track Record of Opportunistic M&A and Divestitures
Repositioned Portfolio with Quality Growth Potential: 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 Silver & Gold • Primarily stock deal timed to
Slide 10: Silvertip: High-Quality Addition
Silvertip: High-Quality Addition Silvertip is a newly-constructed, high-grade silver-zinc-lead mine located in northern British Columbia • Expected to add high-margin, low-cost cash flow from a low- risk jurisdiction – Completed acquisition in October 2017 for initial consideration of $200 million –
Slide 11: Northern Empire: Compelling Transaction Rationale
Northern Empire: Compelling Transaction Rationale Favorable Mining • Expands Coeur’s existing footprint in Nevada, a top-tier mining jurisdiction Jurisdiction • Sterling’s pit-constrained inferred resource grade of 3.67 g/t1 is one of the highest High Grade among open-pit heap leach projects globall
Slide 12: Northern Empire: Near- and Long-Term Value Potential
Northern Empire: Near- and Long-Term Value Potential Sterling Mine • Quick restart possible with major permits in hand • 4Q 2018 and 2019 drilling to focus on both infill drilling and resource growth • Targeting a NI 43-101 resource update in early 2020 • Expected restart in 2021 • Anticipated budge
Slide 13: Disciplined Capital Allocation Framework
3 Disciplined Capital Allocation Framework Mining is capital intensive and requires a disciplined approach to capital allocation with a view toward long-term reserve replacement and growth IRR Opportunities and Advantages Challenges Reflects the Company’s values Safety / Environment / − Mitigate
Slide 14: Creating Long-Term Value Through Exploration
4 Creating Long-Term Value Through Exploration Total Exploration Investment Proven and Probable Reserves ($M) $50.0 (M oz) $41.9 Expensed 3.0 Capitalized 174.0 55% 2.5 169.5 2.4 $25.4 72% 155.9 $16.9 51% 68% 45% Silver P&P reserves 49% 28% Gold P&P reserves 32% 2015 2016 2017 2018E1 2015 2016 2017 T
Slide 15: Revamped, Flexible Balance Sheet
5 Revamped, Flexible Balance Sheet Total Debt Leverage Ratios1 ($M) 5.5x 23% $546.0 $419.7 3.4x 2.0x 1.4x Total debt-to-LTM adjusted EBITDA2 Net debt-to-LTM adjusted EBITDA2 3Q 2015 2Q 2018 3Q 2015 2Q 2018 Quarterly Interest Expense3 Significant Liquidity ($M) ($M) $12.4 $205.7 $196.5 52% $73.0 $6.0
Slide 16: Leading ESG Programs, Priorities and Initiatives
6 Leading ESG Programs, Priorities and Initiatives Environmental • Training and Development • Green House Gas Emissions • Health, Safety & Security • Biodiversity Society • Waste Minimization • Investment in Local Communities • Water Stewardship • Indigenous Rights • Closure Planning • Human Rights
Slide 17: A Compelling Value Proposition
A Compelling Value Proposition Balanced, Safe & Unique • Silvertip ramp-up Portfolio of Precious Metals Assets • Rochester expansion Repositioned Portfolio with Quality Growth Potential • Kensington transition to higher grades Disciplined Capital Allocation Framework • Palmarejo exploration
Slide 18: 2018 Guidance
2018 Guidance1 2018 Production Outlook Silver (K oz) Gold (oz) Zinc (K lbs) Lead (K lbs) AgEqOz2 (K oz) Palmarejo 7,500 – 7,900 115,000 – 120,000 - - 14,400 – 15,100 Rochester 4,800 – 5,200 48,000 – 52,000 - - 7,680 – 8,320 Kensington - 115,000 – 120,000 - - 6,900 – 7,200 Wharf - 85,000 – 90,000 - -
Slide 19: Appendix
Appendix NYSE: CDE 19 JC 2016
Slide 20: Silvertip
Silvertip Ownership 100% Claims 90,156 net acres Type Underground Silvertip British Columbia, Canada Crushing, grinding, flotation Processing processing, concentrate thickening Metals Lead concentrate, zinc concentrate 2018E1 Production Share of 2017 R&R3 2017 Reserves and Resources3 (AgEqOz2) (AgEq
Slide 21: Exploration at Silvertip Delivers Positive Results
Exploration at Silvertip Delivers Positive Results Highlights: • 44,500 meters (146,000 feet) drilled during initial campaign • At Central Zone, continuity of mineralization confirmed while thicknesses and grades have exceeded early interpretations • Drilling at both Discovery Zone and Silver Creek
Slide 22: Overview of Initial Silvertip Mine Plan
Overview of Initial Silvertip Mine Plan Operating Parameters1 Costs Assumptions1 Units LOM Units LOM Total ore production M tonnes 2.7 Pre-production capex US$M $25 - $35 Initial mine life Years 7.5 Sustaining capex US$M $55 - $65 Average production rate tpd 1,000 Operating costs Average annual prod
Slide 23: Notes to Initial Silvertip Mine Plan
Notes to Initial Silvertip Mine Plan Notes to the Silvertip summary mine plan: (a) This economic analysis is preliminary in nature and is based upon the current resource estimate as set out in this presentation which includes inferred mineral resources. Inferred resources are considered too speculat
Slide 24: Palmarejo
Palmarejo Ownership 100% Claims 112,520 net acres Type Underground Crushing, grinding, flotation, CIL, Processing Merrill-Crowe precipitation, refining Metals Silver and gold doré Mine life ~6 years Palmarejo Chihuahua, Northern Mexico 2018E1 Production Share of 2017 R&R3 2017 Reserves and Resources
Slide 25: Palmarejo (cont.)
Palmarejo (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $11.21 $9.76 Operating cash flow Capital expenditures $10.11 $8.01 $7.64 $7.54 $8.68 $52.1 $6.64 $6.94 $6.64 2,346 38 2,013 2,066 34 1,908 29 30 $27.3 1,457 24 $18.8 $18.5 $11.2 $9.3 $9.5 $5.5 $7.0 $1
Slide 26: Palmarejo: A Confluence of Strategic Successes
Palmarejo: A Confluence of Strategic Successes 2017 represented the culmination of synergistic M&A, development of higher- margin production, and high-return exploration • 2014: Renegotiated FNV Underground Transition and Grades gold stream agreement Silver grade (oz/t) Gold grade (oz/t) 5.62 (took
Slide 27: Palmarejo: Validates Near-Mine Exploration Philosophy
Palmarejo: Validates Near-Mine Exploration Philosophy Exploration at Palmarejo continues to drill new, high-grade discoveries near existing infrastructure with encouraging results • Resource conversion and expansion at Guadalupe and Independencia Mines; two to three drill rigs active in 1H 2018 • Na
Slide 28: Rochester
Rochester Ownership 100% Claims 16,494 net acres Type Open pit and heap leach Crushing, dump heap leaching, Processing Merrill-Crowe precipitation, refining Metals Silver and gold doré Rochester Mine life ~21 years Nevada, U.S. 2018E1 Production Share of 2017 R&R3 2017 Reserves and Resources3 (AgEqO
Slide 29: Rochester (cont.)
Rochester (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $13.69 Operating cash flow $13.54 $13.33 $13.36 $12.77 Capital expenditures $26.1 $12.56 $12.46 $11.89 $11.87 $11.37 1,361 $13.8 1,156 19 1,157 1,125 1,070 $9.7 $6.8 $6.0 11 12 11 11 $3.4 $2.6 $1.6 $0
Slide 30: 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 in early 2019 2017 TR 2018 PEA Highlights of Expected HPGR Impact Mine Life 2031 2038 •
Slide 31: 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 32: 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 will be simultaneously decommissioned by year-end – Installation of first HPGR unit planned for 1Q 2019 • Second phase
Slide 33: 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 34: 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 $20.00 per ounce of
Slide 35: Wharf
Wharf Ownership 100% Claims 7,852 net acres Type Open pit and heap leach Crushing, “on-off” heap leaching, Processing spent ore neutralization, carbon absorption/desorption Wharf South Dakota, U.S. Metals Electrolytic cathodic sludge Mine life ~7 years 2018E1 Production Share of 2017 R&R3 2017 Reser
Slide 36: Wharf (cont.)
Wharf (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $870 Operating cash flow $824 Capital expenditures $737 $719 $682 $17.2 $15.0 27 $11.5 26 23 $8.8 21 18 $3.1 $3.3 $1.5 $1.2 $0.3 ($1.4) 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 2Q 2017 3Q 2017 4Q 2017 1Q 2
Slide 37: 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 $10.3 Free Cash Flow2 $13.9 ($1.7) ($M) $1
Slide 38: Kensington
Kensington Ownership 100% Claims 12,336 net acres Type Underground Processing Crushing, grinding, flotation Kensington processing Alaska, U.S. Metals Gold concentrate Mine life ~5 years 2018E1 Production Share of 2017 R&R3 2017 Reserves and Resources3 (AgEqOz2) (AgEqOz2) Grade (oz/t) Ounces (contain
Slide 39: Kensington (cont.)
Kensington (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,195 Capital expenditures $1,010 $16.8 $952 $946 $896 35 $12.0 $11.4 28 $10.7 26 26 $10.1 26 $9.3 $8.6 $7.0 $4.6 $3.2 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 2Q 2017 3Q 2017 4Q
Slide 40: Kensington: Growth Driven by High-Grade Focus
Kensington: Growth Driven by High-Grade Focus Drilling at Kensington has remained focused on both upgrading resources, as well as discovering and expanding high-grade veins • Resource infill and expansion at Kensington Main – Continued expansion Blocks M and L in lower Kensington – Underway in 2H, i
Slide 41: Kensington: Continued High-Grade Transformation
Kensington: Continued High-Grade Transformation 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 ex
Slide 42: Review of Northern Empire Transaction
Review of Northern Empire Transaction On August 2, 2018, Coeur entered into a definitive agreement to acquire Northern Empire Resources, which owns two high grade oxide gold projects in Southern Nevada, including the past producing Sterling Mine Overview of Transaction • Each Northern Empire shareho
Slide 43: Northern Empire: Aligned with Strategic Objectives
Northern Empire: Aligned with Strategic Objectives • The restart of the Sterling Mine is expected to have a near-term positive impact on Coeur’s Achieve margins and cash flow profile Scale & Relevance • Acquisition of high-quality ounces and a large land package provides Coeur with increased competi
Slide 44: Sterling Gold Project Resource Estimate and Sensitivities
Sterling Gold Project Resource Estimate and Sensitivities Sterling Deposit Inferred Gold Resource Daisy Deposit Inferred Gold Resource Cutoff Average Contained Cutoff Average Contained Resource Type Tonnes Resource Type Tonnes Grade Grade Au Grade Grade Au (Au g/t) (‘000) (Au g/t) (oz ‘000) (Au g/t)
Slide 45: Leading ESG Programs, Priorities and Initiatives
Leading ESG Programs, Priorities and Initiatives Graphics Left to Right: Environment: Water Stewardship Rochester mine water is managed in a closed system which reduces the need for fresh water makeup. Some of the water has been recirculated and reused since 1986 when the mine opened! Social: Health
Slide 46: Alignment with the Sustainable Development Goals
Alignment with the Sustainable Development Goals What are the United Nations’ Sustainable Development Goals (SDGs)? The SDGs are “the blueprint to achieve a better and more sustainable future for all.”1 What do the SDGs have to do with Coeur? By aligning with the SDGs, we join the growing trend of b
Slide 47: What Matters to Coeur – SDG Alignment
What Matters to Coeur – SDG Alignment1 SDG Alignment Case Coeur provides healthcare benefits to 6,243 people across the US, Robust employee health and Canada, and Mexico2 wellness programs; healthcare benefits that extend to spouses and • Over 2,000 employees dependents • ~1,350 spouses/partners • ~
Slide 48: What Matters to Coeur – SDG Alignment (cont.)
What Matters to Coeur – SDG Alignment (cont.)1 SDG Alignment Case In 2017, $53.9 million, 50.4% of Drive economic growth through total Kensington spending, was local procurement and supplier spent with local Juneau development strategies businesses2,3 Pay staff a living wage / above Coeur average wa
Slide 49: What Matters to Coeur – SDG Alignment (cont.)
What Matters to Coeur – SDG Alignment (cont.)1 SDG Alignment Case Develop and implement improved processes to reduce inputs and 50% reduction in waste generated minimize waste and effluent since 20122 resulting from production Design and implement programs to protect biodiversity or implement Roches
Slide 50: ESG Newsworthy Notes
ESG Newsworthy Notes A Reel Winner Community Education is Key Silvertip sponsored, Hooked During the 28th annual Gold Rush on Miracles, an annual fishing Days, Kensington employees tournament that benefits volunteered, participated and British Columbia's Children’s helped educate the Juneau Hospital
Slide 51: 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 52: Significantly Improved Corporate Governance Profile
Significantly Improved Corporate Governance Profile Corporate Governance Enhancements Since 2010 2010 2018 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 53: 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 53 JC 2016
Slide 54: 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 55: 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 56: Non-GAAP Reconciliations
Non-GAAP Reconciliations NYSE: CDE 56 JC 2016
Slide 57: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Unaudited Adjusted Net Income (Loss) ($ thousands) 2Q 2018 1Q 2018 2017 4Q 2017 3Q 2017 2Q 2017 2016 2015 2014 Net income (loss) $2,930 $1,241 ($1,319) $7,625 ($16,652) ($10,955) $55,352 ($367,183) ($1,186,874) Income (loss) from discont. ops., net of tax - (550)
Slide 58: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 2Q 2018 1Q 2018 2017 4Q 2017 3Q 2017 2Q 2017 2016 2015 2014 Net income (loss) $2,930 $1,241 ($1,319) $7,625 ($16,652) ($10,955) $55,352 ($367,183) ($1,186,874) Income (loss) from discont. ops., net of tax - (550) 12
Slide 59: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Free Cash Flow and Cash Flow From Operating Activities per Share Free Cash Flow, Consolidated ($ thousands) 2Q 2018 1Q 2018 2017 4Q 2017 3Q 2017 2Q 2017 2016 2015 2014 Cash flow from operating activities ($1,294) $15,541 $197,160 $91,811 $37,308
Slide 60: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Leverage Ratios (for Continuing Operations in the Period Noted) LTM Adjusted EBITDA Consolidated Debt ($ thousands) 2Q 2018 3Q 2015 ($ thousands) 2Q 2018 3Q 2015 Net income (loss) ($4,856) ($1,174,213) Cash and cash equivalents $123,539 $205,708
Slide 61: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Amortization per Ounce ($ thousands, except per ounce amounts) 2Q 2018 1Q 2018 4Q 2017 3Q 2017 2Q 2017 Amortization $29,220 $30,530 $44,471 $32,112 $30,433 Consolidated silver equivalent ounces sold (average spot) 10,667,255 10,066,759 13,248,33
Slide 62: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended June 30, 2018 Silver Gold ($ 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 $74,1
Slide 63: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2018 Silver Gold ($ 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 $76,
Slide 64: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2017 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $219,920 $13
Slide 65: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2017 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $58,775
Slide 66: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended September 30, 2017 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $49,669
Slide 67: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended June 30, 2017 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $48,325 $29,
Slide 68: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2016 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $117,419 $11
Slide 69: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2015 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP) $170,899 $12
Slide 70: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited Year ended December 31, 2014 Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Endeavor Total Kensington Total Costs applicable to sales, including amortization (U.S. GAAP) $256,707 $112,252 $8,514
Slide 71: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited All-in Sustaining Costs ($ thousands, except per ounce amounts) 2Q 2018 1Q 2018 2017 4Q 2017 3Q 2017 2Q 2017 2016 2015 2014 Costs applicable to sales $108,246 $99,340 $440,260 $121,983 $101,557 $102,229 $335,375 $403,827 $388,286 Treatment and r
Slide 72: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) All-in Sustaining Costs for 2018 Guidance Unaudited Per 60:1 Silver Equivalent Ounce Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Silvertip Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.
Slide 73: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) All-in Sustaining Costs for 2018 Guidance Unaudited Per Spot Silver Equivalent Ounce Silver Gold ($ thousands, except per ounce amounts) Palmarejo Rochester Silvertip Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.
Slide 74: Average Spot Equivalence
Average Spot Equivalence Average Spot Prices 2Q 2018 1Q 2018 2017 4Q 2017 3Q 2017 2Q 2017 2016 2015 2014 Average silver spot price per ounce $16.53 $16.77 $17.05 $16.73 $16.84 $17.21 $17.14 $15.68 $19.08 Average gold spot price per ounce $1,306 $1,329 $1,257 $1,275 $1,278 $1,257 $1,251 $1,160 $1,266
Slide 75: Reserves and Resources
Reserves and Resources 2017 Proven and Probable Mineral Reserves Grade Contained Location Short tons Silver (oz/t) Gold (oz/t) Lead (%) Zinc (%) Silver (oz) Gold (oz) Lead (lbs) Zinc (lbs) PROVEN RESERVES Palmarejo Mexico 1,571,000 3.81 0.073 5,978,000 115,000 Rochester Nevada, USA 195,724,000 0.45
Slide 76: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2017 Measured and Indicated Mineral Resources (excluding Reserves) Grade Contained Location Short tons Silver (oz/t) Gold (oz/t) Lead (%) Zinc (%) Silver (oz) Gold (oz) Lead (lbs) Zinc (lbs) MEASURED RESOURCES Palmarejo Mexico 629,000 3.07 0.051 1,928,000 32,000 Roches
Slide 77: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2017 Inferred Mineral Resources Grade Contained Location Short tons Silver (oz/t) Gold (oz/t) Lead (%) Zinc (%) Silver (oz) Gold (oz) Lead (lbs) Zinc (lbs) INFERRED RESOURCES Palmarejo Mexico 7,336,000 4.23 0.050 31,061,000 369,000 Rochester Nevada, USA 131,570,000 0.4
Slide 78: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2016 Proven and Probable Mineral Reserves Grade (oz/ton) Ounces (contained) Location Short tons Silver Gold Silver Gold PROVEN RESERVES Palmarejo Mexico 1,569,000 4.44 0.080 6,971,000 126,000 Rochester Nevada, USA 143,686,000 0.48 0.004 68,369,000 503,000 Kensington Al
Slide 79: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2016 Measured and Indicated Mineral Resources (excluding Reserves) Grade (oz/ton) Ounces (contained) Location Short tons Silver Gold Silver Gold MEASURED RESOURCES Palmarejo Mexico 818,000 3.20 0.061 2,618,000 50,000 Rochester Nevada, USA 39,732,000 0.59 0.003 23,281,0
Slide 80: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2016 Inferred Mineral Resources Grade (oz/ton) Ounces (contained) Location Short tons Silver Gold Silver Gold INFERRED RESOURCES Palmarejo Mexico 4,726,000 4.35 0.055 20,540,000 258,000 Rochester Nevada, USA 67,778,000 0.52 0.003 35,554,000 178,000 Kensington Alaska, U
Slide 81: Reserves and Resources (cont.)
Reserves and Resources (cont.) Wharf’s Historical Mineral Reserves and Resources Grade (oz/ton) Ounces (contained) Short tons Silver Gold Silver Gold PROVEN AND PROBABLE RESERVES Proven Reserves 15,179,000 0.078 0.022 1,190,000 340,000 Probable Reserves 8,245,000 0.108 0.026 890,000 220,000 Total Pr
Slide 82: 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 83: 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 84: 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 84 JC 2016