Slide 1: Denver Gold Forum
Denver Gold Forum Mitchell J. Krebs, President, Chief Executive Officer, and Director Colorado Springs, CO September 18 ‐ 21, 2016
Slide 2: Cautionary Statements
Cautionary Statements This presentation contains forward‐looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated production, costs, mining rates, mine plans, grades, recovery rates, cash flow, mine life, exploration
Slide 3: Coeur Mining Is Poised for Long-Term Success
Coeur Mining Is Poised for Long‐Term Success Operating Mine 1 Successful repositioning driving strong Exploration Stage Project operational performance Quality production growth Kensington Industry‐leading cost reductions Transitioning to sustainable free cash flow Wharf 2 Focus on returns‐d
Slide 4: Driving Strong Operational Performance
1 Driving Strong Operational Performance Focus on Grade & Scale to Deliver Higher Margin Production Growth Grade Scale 74% higher gold grade and 42% higher silver Palmarejo grade driving 40% reduction in per ounce costs since Q1 2015 Rochester Doubled mining rates between 2013 and 2015, reducing
Slide 5: Industry-Leading Cost Reductions
1 Driving Strong Operational Performance Industry‐Leading Cost Reductions AISC / Realized Ag Eq oz 1 % Cost Reductions ‐ FY 2015 vs. FY 2013 2 U.S. Revenue % of Total Revenue 0.0% 40.0% 80.0% $20.58 OGC 9% YRI (Au) 3% $18.81 MND 2% IAG (9%) ABX (9%) $14.62 $13.93 PPP (10%) $13.36 NGD (10%) FY'13 FY'
Slide 6: Declining G&A Expense
1 Driving Strong Operational Performance Declining G&A Expense G&A as a % of Revenue Coeur G&A Expense $60 10.3% $55.3 $55 8.1% 7.7% $50 7.4% 7.2% 6.5% 6.0% $45 5.6% $40.8 5.1% In Millions 4.7% 4.7% 4.3% $40 2.9% 2.7% 2.6% 2.4% $35 $32.8 $30.0 $30 $25 NGD NEM PPP PAAS CDE ‐ 2013 AG CDE ‐ 2015 GG IAG
Slide 7: Returns-Driven, High Quality Growth
2 Returns‐Driven, High Quality Growth Organic, Low Risk, High Return Growth Initiatives Short‐to‐Medium Term Medium‐to‐Long Term Ongoing expected high‐grade Accelerating mining rates from exploration success with the goal of Palmarejo higher grade Independencia deposit further extending mine life an
Slide 8: Successful Acquisition of Wharf Operation
2 Returns‐Driven, High Quality Growth Successful Acquisition of Wharf Operation Wharf H1 2015 Performance1 Wharf H1 2016 Performance Impact Spot Gold Price of $1,234 2 on Spot Gold Price of $1,310 2 on Gold Price (US$ / oz) Wharf Acquisition Announcement Right Time of Cycle 8/31/2016 Date 1/12/201
Slide 9: Paramount Transaction Extending & Enhancing a Cornerstone Asset
2 Returns‐Driven, High Quality Growth Paramount Transaction Extending & Enhancing a Cornerstone Asset Significant Synergies Unlocked by Consolidating Area Paramount acquisition unlocked synergies with Palmarejo and increased overall asset quality (lower costs, longer life, higher production) Param
Slide 10: New Palmarejo Gold Stream Agreement Driving FCF Growth
2 Returns‐Driven, High Quality Growth New Palmarejo Gold Stream Agreement Driving FCF1 Growth ▪ New, more favorable stream agreement with Franco‐Nevada Barbados took effect in August 2016 ▪ Applies to 50% of gold production from legacy Palmarejo land package ▪ Franco‐Nevada to pay $800 per ounce vs.
Slide 11: Balance Sheet Strength and Flexibility
3 Balance Sheet Strength and Flexibility Significant Increase in Adj. EBITDA1 & Reduction in Gross Leverage LTM Adj. EBITDA1 Total Debt / LTM Adj. EBITDA1 $170.9 5.9x 5.7x $127.0 $135.8 3.9x 3.8x $94.3 $98.6 3.0x 2.4x 1.2x 06/30/15 09/30/15 12/31/15 03/31/16 06/30/16 6/30/15 9/30/15 12/31/15 3/31/16
Slide 12: Seeking to Achieve Among Lowest Leverage Levels in Sector
3 Balance Sheet Strength and Flexibility Seeking to Achieve Among Lowest Leverage Levels in Sector Net Debt / LTM Adj. EBITDA 1 (at 06/30/16) 2.3x 2.1x 2.1x 1.5x 1.5x 0.5x 0.3x 0.3x 0.1x 0.1x n/a n/a n/a n/a n/a n/a n/a HL HOC NGD CDE PPP IAG OGC CDE PF FRES AGI THO KGI FVI EXK PAAS AR SSRI (2) Tota
Slide 13: Delivering on Commitments: Meeting or Exceeding Guidance
4 Delivering on Commitments Building Track Record of Meeting or Exceeding Guidance 2014 Actual Results Relative to Original Guidance Silver Production Gold Production Production CAS (in millions) (in thousands) (in millions) 17.0 17.2 18.2 220 238 249 $478 $500 $530 2015 Actual Results Relative to O
Slide 14: Delivering on Commitments: Non-Core Asset Sales
4 Delivering on Commitments Non‐Core Asset Sales Summary Rationale Successfully monetized majority of royalty assets from Strengthen balance sheet Coeur Capital portfolio, originally formed in November 2013 Non‐core assets Coeur has retained the Endeavor silver stream, Zaruma NSR Attractiv
Slide 15: Coeur Mining is Poised for Long-Term Success
Coeur Mining is Poised for Long‐Term Success Well‐diversified, growing, NYSE‐listed U.S. precious metals mining company Successful repositioning driving strong operational performance Focus on returns‐driven, high quality growth Maintaining Establishing liquidity pipeline of while prioritizing futur
Slide 16: Appendix
Appendix
Slide 17: Well-Diversified, Growing Precious Metals Company
Well‐Diversified, Growing Precious Metals Company 2015 Silver Equivalent Production by Mine (millions of ounces) Revenue by Metal 0.6 22% 36% 34% 40% 48% 48% 60% 4.7 Palmarejo 9.4 Rochester 78% San Bartolomé 64% 66% Gold 7.6 60% Kensington 52% 52% Silver Wharf 40% 7.7 Endeavor 5.4 2009 2010 2011 201
Slide 18: Palmarejo: Rising Production Levels from High-Grade Underground
Palmarejo Rising Production Levels from High‐Grade Underground Location: Chihuahua State, Northern Mexico Production and Cost Performance $15.26 Ownership: 100% $13.03 $13.31 $13.00 Mining: Underground (open pit completed in Q2 2016) $12.83 $13.77 7.6 $11.81 Land Position: 135,131 acres 116.5 6.6 Pr
Slide 19: Palmarejo: Successful Transition to Higher-Grade Underground Mine
Palmarejo Successful Transition to Higher‐Grade Underground Mine Complete Tons Mined Average Recovery Rate 300 281 95.4% 258 247 92.1% 250 284 89.5% short tons (000s) 87.9% 200 216 89.1% 190 189 88.8% 150 173 86.4% 149 102 78.7% 84.7% 78.5% 100 50 35 76.2% 2 73.9% 0 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'
Slide 20: Palmarejo: Significant Growth Potential
Palmarejo Significant Growth Potential Palmarejo Mine Map Area Area of Focus 2016‐2018 (near underground infrastructure) NYSE: CDE 20
Slide 21: Rochester: Higher Mining Rates Leading to Lower Unit Costs
Rochester Higher Mining Rates Leading to Lower Unit Costs and Stronger Cash Flow Production and Cost Performance Location: Near Lovelock, Nevada $16.02 Ownership: 100% $14.31 $15.52 $12.36 $11.75 Mining: Open pit, heap leach $13.76 Land Position: 15,682 net acres $11.27 5.0 4.6 4.2 Product: Silver a
Slide 22: Kensington: Higher Grade Contributes to Strong Production
Kensington Higher Grade Contributes to Strong Production at Lower Costs Location: Near Juneau, Alaska Production and Cost Performance $940 Ownership: 100% $850 Mining: Underground $889 $798 Land Position: 3,969 net acres 126.3 120.0 112.0 117.8 Product: Gold concentrate ounces P&P Reserves: 560,301
Slide 23: Wharf: Lowest Cost Mine and Largest Contributor to FCF
Wharf Coeur’s Lowest Cost Mine and Largest Contributor to FCF 2 Location: Lead, South Dakota Production and Cost Performance $667 Ownership: 100% $970 $556 $716 Mining: Open pit, heap leach $534 32,231 28,433 Land Position: 3,638 net surface acres 23,427 21,186 ounces Product: Electrolytic cathodic
Slide 24: San Bartolomé: Local Ore Purchases Improving Cash Flows
San Bartolomé Local Ore Purchases Contributing to Improved Cash Flows and Lower Costs Location: Potosi, Bolivia Production and Cost Performance $14.22 $14.13 Ownership: 100% $13.63 $13.88 Mining: Surface mining 5.9 5.9 6.0 5.4 Product: Silver doré ounces P&P Reserves: 27.9M oz Ag M&I Resources: 16.9
Slide 25: Costs Per Ton by Mine
Costs Per Ton by Mine Palmarejo 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 Ore tons mined 430,592 437,470 291,401 250,853 285,666 UG mining costs per UG ton mined $44 $41 $47 $39 $33 Total mining costs per ton mined $30 $28 $49 $40 $37 Processing costs per ton processed $26 $25 $30 $23 $22 G&A per ton
Slide 26: Costs Per Ton by Mine
Costs Per Ton by Mine Wharf 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 Ore tons mined 727,409 1,309,744 1,194,130 1,002,663 1,470,631 Mining costs per ton mined $2.27 $2.28 $2.17 $2.43 $1.87 Pad unload costs per ton mined $0.98 $0.17 $0.01 $0.68 $0.25 Total mining costs per ton mined (incl. pad unload)
Slide 27: Costs Tracking Below 2015 Levels and 2016 Guidance Ranges
Costs Tracking Below 2015 Levels and 2016 Guidance Ranges in millions except per ounce costs and gold ounces produced 2015 Actual Result H1 2016 Result 2016 Guidance 2 Costs applicable to sales per silver equivalent ounce – Palmarejo 1 $14.07 $10.44 $12.50 ‐ $13.50 Costs applicable to sales per silv
Slide 28: Dramatic Improvements in Safety Statistics
Dramatic Improvements in Safety Statistics Lost‐Time Injury Frequency Rate (LTIFR) Total Reportable Injury Frequency Rate (TRIFR) 1.4 3 2.77 1.2 2.57 1.15 2.5 1 1.01 2.14 2 0.8 0.83 1.66 1.5 0.6 0.54 1.2 1 0.4 0.33 0.74 0.74 0.25 0.5 0.2 0.17 0 0 2010 2011 2012 2013 2014 2015 YTD 2010 2011 2012 2013
Slide 29: Non-GAAP to U.S. GAAP Reconciliation: Adjusted EBITDA
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Adjusted EBITDA in thousands 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 Net income (loss) $14,497 ($20,396) ($303,000) ($14,219) ($16,677) Interest expense, net of capitalized interest 10,875 11,120 11,758 12,446 10,734 Income tax provision (benefit) (76
Slide 30: Non-GAAP to U.S. GAAP Reconciliation: LTM Adjusted EBITDA
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) LTM Adjusted EBITDA in thousands LTM 6/30/16 LTM 3/31/16 LTM 12/31/15 LTM 9/30/15 LTM 6/30/15 Net income (loss) ($323,118) ($354,291) ($367,182) ($1,174,213) ($1,156,528) Interest expense, net of capitalized interest 46,199 46,058 45,703 44,511 43,680
Slide 31: Non-GAAP to U.S. GAAP Reconciliation: Free Cash Flow
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Consolidated Free Cash Flow Reconciliation in thousands 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 Cash flow from operating activities $45,939 $6,617 $44,414 $36,237 $36,863 Capital expenditures (23,288) (22,172) (30,035) (23,861) (23,677) Gold productio
Slide 32: Non-GAAP Reconciliation: Costs Applicable to Sales Q2 2016
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended June 30, 2016 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended June 30, 2016 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver Costs appli
Slide 33: Non-GAAP Reconciliation: Costs Applicable to Sales Q1 2016
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended March 31, 2016 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended March 31, 2016 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver Costs app
Slide 34: Non-GAAP Reconciliation: Costs Applicable to Sales FY 2015
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Year ended December 31, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Year ended December 31, 2015 Palmarejo Rochester Endeavor Total Silver Kensington Wharf Total Gold Bartolomé Costs applicable to
Slide 35: Non-GAAP Reconciliation: Costs Applicable to Sales Q4 2015
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended December 31, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended December 31, 2015 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver Cos
Slide 36: Non-GAAP Reconciliation: Costs Applicable to Sales Q3 2015
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended September 30, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended September 30, 2015 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver C
Slide 37: Non-GAAP Reconciliation: Costs Applicable to Sales Q2 2015
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Three months ended June 30, 2015 Silver Gold (dollars in thousands except per ounce costs) San Total Total Three months ended June 30, 2015 Palmarejo Rochester Endeavor Kensington Wharf Total Gold Bartolomé Silver Costs appli
Slide 38: Non-GAAP Reconciliation: Costs Applicable to Sales FY 2014
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Full‐year ended December 31, 2014 Silver Gold (dollars in thousands except per ounce costs) San Total Full‐year ended December 31, 2014 Palmarejo Rochester Endeavor Total Kensington Bartolomé Costs applicable to sales, includ
Slide 39: Non-GAAP Reconciliation: Costs Applicable to Sales FY 2013
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) Costs Applicable to Sales Year ended December 31, 2013 Silver Gold (dollars in thousands except per ounce costs) San Total Full‐year ended December 31, 2013 Palmarejo Rochester Endeavor Total Kensington Bartolomé Costs applicable to sales, including a
Slide 40: Non-GAAP Reconciliation: All-In Sustaining Costs
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) All‐In Sustaining Costs in thousands except per ounce costs 2Q 2016 1Q 2016 FY 2015 2Q 2015 FY 2014 FY 2013 Costs applicable to sales, including amortization (U.S. GAAP) $137,540 $128,610 $617,938 $156,828 $635,516 $691,696 Amortization 37,075 27,055
Slide 41: Non-GAAP Reconciliation: AISC Full-Year 2016 Guidance
Non‐GAAP to U.S. GAAP Reconciliation (unaudited) All‐in Sustaining Costs per Silver Equivalent Ounce Full‐Year 2016 Guidance (dollars in thousands except per ounce Silver Gold costs) San Total Full‐Year 2016 Guidance Palmarejo Rochester Endeavor Total Silver Kensington Wharf Total Gold Bartolomé Cos
Slide 42: Coeur's 2015 Mineral Reserves
Coeur’s 2015 Mineral Reserves Grade (oz/ton) Ounces (contained) Year‐end 2015 Location Short tons Silver Gold Silver Gold Proven Reserves Palmarejo Mexico 802,000 6.29 0.077 5,048,000 62,000 Rochester Nevada, USA 96,520,000 0.53 0.003 51,007,000 316,000 Kensington Alaska, USA 338,000 ‐ 0.198 ‐ 67,00
Slide 43: Coeur's 2015 Measured and Indicated Mineral Resources
Coeur’s 2015 Measured and Indicated Mineral Resources (Excluding Reserves) Grade (oz/ton) Ounces (contained) Year‐end 2015 Location Short tons Silver Gold Silver Gold Measured Resources Palmarejo Mexico 134,000 4.86 0.052 651,000 7,000 Rochester Nevada, USA 60,528,000 0.49 0.004 29,709,000 233,000 K
Slide 44: Coeur's 2015 Inferred Mineral Resources
Coeur’s 2015 Inferred Mineral Resources Grade (oz/ton) Ounces (contained) Year‐end 2015 Location Short tons Silver Gold Silver Gold Inferred Resources Palmarejo Mexico 1,721,000 4.79 0.085 8,240,000 147,000 Rochester Nevada, USA 59,597,000 0.52 0.003 31,195,000 179,000 Kensington Alaska, USA 2,059,0
Slide 45: Coeur's 2014 Mineral Reserves
Coeur’s 2014 Mineral Reserves Grade (oz/ton) Ounces (contained) Year‐end 2014 Location Short tons Silver Gold Silver Gold Proven Reserves Rochester Nevada, USA 89,077,000 0.56 0.004 49,786,000 346,000 San Bartolomé Bolivia 1,206,000 2.73 ‐ 3,287,000 ‐ Kensington Alaska, USA 417,000 ‐ 0.187 ‐ 78,000
Slide 46: Coeur's 2014 Measured and Indicated Mineral Resources
Coeur’s 2014 Measured and Indicated Mineral Resources (Excluding Reserves) Grade (oz/ton) Ounces (contained) Year‐end 2014 Location Short tons Silver Gold Silver Gold Measured Resources Rochester Nevada, USA 72,228,000 0.45 0.003 32,565,000 218,000 Martha Argentina ‐ ‐ ‐ ‐ ‐ San Bartolomé Bolivia ‐
Slide 47: Coeur's 2014 Inferred Mineral Resources
Coeur’s 2014 Inferred Mineral Resources Grade (oz/ton) Ounces (contained) Year‐end 2014 Location Short tons Silver Gold Silver Gold Inferred Resources Rochester Nevada, USA 96,039,000 0.42 0.003 40,789,000 263,000 Martha Argentina 204,000 4.75 0.005 969,000 1,000 San Bartolomé Bolivia 66,000 1.68 ‐
Slide 48: Wharf's Historical Mineral Reserves and Resources
Wharf’s Historical Mineral Reserves and Resources Tons Grade (oz/t) Ounces (000s) (000s) Gold Silver Gold Silver Proven and Probable Reserves Proven Reserves 15,179 0.022 0.078 340 1,190 Probable Reserves 8,245 0.026 0.108 220 890 Total Proven and Probable Reserves 23,424 0.024 0.089 560 2,080 Measu
Slide 49: 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 50: Board of Directors
Board of Directors Robert E. Mellor – Former Chairman, Chief Executive Officer and President of Building Materials Holding Corporation (distribution, manufacturing and sales of building materials and component products) from 1997 to January 2010, director from 1991 to January 2010; member of the boa
Slide 51: Contact Information
Contact Information Corporate Office: Coeur Mining, Inc. 104 S. Michigan Ave, Suite 900 Chicago, Illinois 60603 Main Tel: (312) 489‐5800 Stock Ticker: CDE: NYSE Warrant Ticker: CDM.WT: TSX Website: coeur.com Contact: Courtney Lynn Vice President, Investor Relations & Treasurer clynn@coeur.com Rebecc