Slide 1: 2024 Third Quarter Earnings
2024 Third Quarter Earnings 11:00 a.m. ET, November 7, 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: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights • 21% and 15% Q-o-Q increases in gold and silver production • Reaffirmed full-year production and cost guidance • 12% Q-o-Q reduction in CAS per gold and silver ounce • 140% Q-o-Q increase in Adj. EBITDA1 to $126M (LTM: $287M) • Free cash flow inflection achieve
Slide 4: Production Summary
Production Summary Full-Year Implied 3Q 2024 YTD Guidance1 Progress2 4Q 2024 Comments Gold Production (oz) • Production reflects higher average grade Palmarejo 27,549 86,176 95,000 – 103,000 87% 8,824 – 16,824 and recoveries quarter-over-quarter • Lower throughput quarter-over-quarter • See comments
Slide 5: SilverCrest Acquisition Transaction Highlights
SilverCrest Acquisition Transaction Highlights Creates A The combined company is expected to generate peer-leading 2025 Leading Global production of approximately 21 million ounces of silver and 432,000 Silver Company ounces of gold Adds World-Class Las Chispas Las Chispas sold approximately 10.25 m
Slide 6: Rochester Expansion: World Class Asset – By the Numbers
Rochester Expansion: World Class Asset – By the Numbers #1 • Largest open pit heap leach operation in North America1 #3 • Third-largest open pit heap leach operation in the world 1 #1 • Largest silver reserve asset in the U.S. 2 #3 • Third-largest silver reserve asset in North America 2 #4 •
Slide 7: Rochester Expansion: Ramp-Up Complete
Rochester Expansion: Ramp-Up Complete Construction, commissioning and ramp-up of Rochester was completed mid-year once daily throughput rates of over 88,000 tons per day were achieved. At full capacity, throughput levels are expected to be ~32 million tons per year, making Rochester one of the world
Slide 8: Financial Summary
Financial Summary ($M, except metal sales, adj. EBITDA margin and per share amounts) 3Q 2024 2Q 2024 QoQ ∆ 3Q 2023 YoY ∆ Metal Sales Avg. Realized Price Per Ounce (Au) $2,309 $2,003 15% $1,788 29% Avg. Realized Price Per Ounce (Ag) $29.86 $26.20 14% $24.88 20% Gold ounces sold (oz) 96,913 76,932 26%
Slide 9: Sustaining a Higher Level of Exploration Investment
Sustaining a Higher Level of Exploration Investment The Company remains focused on delivering results through the drill bit in 2024 with significant investments at Palmarejo and Silvertip targeting resource expansion and at Kensington and Wharf targeting reserve increases Total Exploration Investmen
Slide 10: Investing in Organic Growth Opportunities
Investing in Organic Growth Opportunities Capital Expenditures by Mine Capital Expenditures Composition (% companywide total) (% companywide total) 1% 1% 1% 3% 3% 15% 18% 22% 11% 35% 2023 36% 2024E1 2023 2024E1 $365M $160M-$200M $365M $160M-$200M 65% 39% 78% 72% Palmarejo Rochester Kensington Sustai
Slide 11: Balance Sheet Update
Balance Sheet Update Liquidity Profile1,2 ($M) $400 $100 $322 ($30) $77 $222 $145 ($225) Revolver Letters Revolver Revolver Cash and Total Revolver Total Potential Capacity of Credit Borrowings Availability Equivalents Liquidity Accordion Liquidity Liquidity Profile Potential Sources of September 30
Slide 12: Looking Ahead: Key Deliverables for 2024
Looking Ahead: Key Deliverables for 2024 • Continue optimizing the expanded Rochester operation • Deliver predictable operating and financial results across portfolio in line with production and cost guidance ranges • Accelerate incremental, high-return exploration investments at Kensington, Palm
Slide 13: 2024 Guidance
2024 Guidance1 Production Outlook Gold (oz) Silver (K oz) Palmarejo 95,000 – 103,000 5,900 – 6,700 Rochester 37,000 – 50,000 4,800 – 6,600 Kensington 92,000 – 106,000 - Wharf 86,000 – 96,000 - Consolidated 310,000 – 355,000 10,700 – 13,300 CAS Outlook2 Gold ($/oz) Silver ($/oz) Palmarejo (co-product
Slide 14: ESG Highlights
ESG Highlights NYSE: CDE 14 JC 2016
Slide 15: Current ESG Efforts: Environmental
Current ESG Efforts: Environmental Environmental protection, stewardship and compliance with environmental laws and regulations is essential to the sustainability of our business Current Objectives Recent Activities Latest Results • DEVELOP meaningful, risk-based water • Invested in technology and •
Slide 16: Current ESG Efforts: Social
Current ESG Efforts: Social Putting people first – including employees, communities and Indigenous People – is central to the business. The Company actively implements a range of social initiatives throughout the Company Current Objectives Recent Activities Latest Results • Foster open and honest co
Slide 17: Industry-Leading Safety Performance
Industry-Leading Safety Performance Coeur has been certified in the National Mining Association’s CORESafety program since 2017 and completed its recertification in July 2021 Coeur’s injury frequency rate remains significantly below industry averages, resulting in the lowest Total Reportable Injury
Slide 18: Appendix
Appendix NYSE: CDE 18 JC 2016
Slide 19: Palmarejo
Palmarejo The Palmarejo gold-silver complex is located in the state of Chihuahua, Mexico, and is an underground mine with processing operations as well as several other deposits and exploration targets Asset Overview Share of Companywide 2024E2 Production Ownership 100% Gold Silver Employees1 909 Cl
Slide 20: Palmarejo (cont.)
Palmarejo (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $15.56 $15.26 $1,006 $901 Capital expenditures $55.6 $1,010 $15.24 $917 $818 $13.18 $12.60 33 1,818 1,823 $24.1 $25.6 $22.6 $23.7 27 1,601 1,621 28 25 25 1,596 $10.8 $8.9 $8.0 $6.8
Slide 21: Rochester
Rochester The Rochester mine is an open pit, heap leach silver-gold operation, located in northern Nevada, which completed a significant expansion that is driving a step-change in production and cash flow Asset Overview Share of Companywide 2024E2 Production Ownership 100% Gold Silver Employees1 370
Slide 22: Rochester (cont.)
Rochester (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,899 $1,813 $1,735 Capital expenditures $1,630 $1,564 $84.4 $23.64 $21.58 $65.6 $20.88 $19.33 $18.17 1,340 20 1,155 973 $27.5 $21.2 699 $11.6 $10.1 608 10 8 $3.2 6 4 ($5.9) ($17.
Slide 23: Kensington
Kensington The Kensington mine is an underground gold operation located in southeast Alaska, consisting of the Kensington Main deposit, Raven deposit, Jualin deposit, as well as other nearby deposits and exploration targets Asset Overview Share of Companywide 2024E2 Production Ownership 100% Gold Em
Slide 24: Kensington (cont.)
Kensington (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow2 Capital expenditures $26.3 $1,840 $1,543 $1,734 $1,441 $1,539 $20.0 $15.8 $16.5 $15.1 27 $13.3 25 23 24 21 $6.3 $6.1 $4.6 $1.5 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 3Q 2023 4Q
Slide 25: Wharf
Wharf The Wharf mine is an open pit, heap leach gold operation located in western South Dakota. The property consists of several areas of adjoining gold mineralization, which have been mined as a series of open pits Asset Overview Share of Companywide 2024E2 Production Ownership 100% Gold Employees1
Slide 26: Wharf (cont.)
Wharf (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,267 $51.6 Capital expenditures $1,165 $997 $885 $822 34 $28.8 30 23 22 $19.5 20 $17.0 $11.1 $1.5 $2.8 $0.7 $0.3 $1.2 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 3Q 2023 4Q 2023 1Q 2024
Slide 27: Silvertip
Silvertip The Silvertip critical minerals exploration project is one of the highest-grade polymetallic projects in the world. The site is located in northern British Columbia, Canada and sits within a highly prospective land package Asset Overview Ownership 100% Employees1 68 Claims 98,834 net acres
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations NYSE: CDE 28 JC 2016
Slide 29: Non-GAAP to U.S. GAAP Reconciliation for Guidance
Non-GAAP to U.S. GAAP Reconciliation for Guidance Unaudited Costs Applicable to Sales Guidance for 2024 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Costs applicable to sales, including amortization (U.S. GAAP) $261,913 $147,456 $195,337 $102,091 Amort
Slide 30: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Costs Applicable to Sales Unaudited 3 months ended September 30, 2024 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $59,439 $49,640 $45,71
Slide 31: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended June 30, 2024 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $59,070 $45,225 $47
Slide 32: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2024 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $66,896 $33,632 $4
Slide 33: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 12 months ended December 31, 2023 ($ 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 $197,
Slide 34: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2023 ($ 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 $85,155
Slide 35: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended September 30, 2023 ($ 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 $34,70
Slide 36: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted Net Income (Loss) ($ thousands) 3Q 2024 2Q 2024 1Q 2024 2023 4Q 2023 3Q 2023 Net income (loss) $48,739 $1,426 ($29,117) ($103,612) ($25,505) ($21,109) Fair value adjustments, net - - - (3,384) 1,245 2,010 Foreign exchange (gain) loss (2
Slide 37: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 3Q 2024 2Q 2024 1Q 2024 2023 4Q 2023 3Q 2023 Net income (loss) $48,739 $1,426 ($29,117) ($103,612) ($25,505) ($21,109) Interest expense, net of capitalized interest 13,280 13,162 12,947 29,099 7,396 7,402 Income tax
Slide 38: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited LTM Adjusted EBITDA ($ thousands) 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 Net income (loss) ($4,457) ($74,305) ($108,142) ($103,612) ($29,018) Interest expense, net of capitalized interest 46,785 40,907 34,656 29,099 29,894 Income tax provision
Slide 39: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Free Cash Flow ($ thousands) 3Q 2024 2Q 2024 1Q 2024 2023 4Q 2023 3Q 2023 Cash flow from operating activities $111,063 $15,249 ($15,871) $67,288 $65,277 ($2,383) Capital expenditures (41,980) (51,405) (42,083) (364,617) (92,715) (112,273) Free c
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: Reserves and Resources (cont.)
Reserves and Resources (cont.) 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 228,413,0
Slide 47: 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 48: 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 49: Executive Leadership
Executive Leadership Mitchell J. Krebs – Chairman, 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
Slide 50: Board of Directors
Board of Directors Mitchell J. Krebs – Chairman, President and Chief Executive Officer. See prior slide. J. Kenneth Thompson – Independent Lead Director. Member of the board of directors of Alaska Air Group, Inc. (parent company of Alaska Airlines, Virgin America Airlines and Horizon Air). Former Ch
Slide 51: Board of Directors (cont.)
Board of Directors (cont.) Eduardo Luna – Non-executive Chairman of the Board of Rochester Resources Ltd. and member of the board of directors of Vizsla Silver Corp., each a junior natural resources company with assets in Mexico. Mr. Luna has spent over forty years in the precious metals mining indu
Slide 52: 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 Senior Director, Investor Relations investors@coeur.com NYSE: CDE 52 JC 2016