Slide 1: 2022 First Quarter Earnings
2022 First Quarter Earnings 11:00 a.m. ET, May 5, 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: First Quarter 2022 Highlights
First Quarter 2022 Highlights • Solid production and unit cost performance amid inflationary pressures • Enhanced liquidity and bolstered balance sheet via multiple initiatives • Rochester expansion advancing with 80% of capital committed • Silvertip discovery holes suggest new area of growth
Slide 4: Financial Summary
Financial Summary ($M, except metal sales, adj. EBITDA margin and per share amounts) 1Q 2022 4Q 2021 QoQ ∆ 1Q 2021 YoY ∆ Metal Sales Gold ounces sold (oz) 75,211 88,930 (15%) 83,112 (10%) Silver ounces sold (M oz) 2.5 2.6 (6%) 2.4 1% Key Financials Revenue $188.4 $207.8 (9%) $202.1 (7%) 1 Exploratio
Slide 5: Inflationary Cost Pressures
Inflationary Cost Pressures Consistent with other companies in the industry, Coeur is experiencing inflationary pressures on its consumable and labor costs Diesel Cost Per Gallon/% of CAS1 Cyanide Cost Per Pound/% of CAS1 +60% $3.62 +41% $1.24 $3.15 $1.05 $1.02 $2.99 14% 12% $0.91 $0.88 $2.62 11% 7%
Slide 6: Production Summary
Production Summary Full-Year Implied 1Q 2022 Guidance1 Progress2 2Q - 4Q 2022 Comments Gold Production (oz) • Improved recoveries, partially offset by lower mill throughput Palmarejo 28,931 100,000 – 110,000 28% 71,069 – 81,069 • Higher average grades quarter-over-quarter • 54% increase in run-of-mi
Slide 7: Investing in Organic Growth Opportunities
Investing in Organic Growth Opportunities Capital Expenditures by Mine Capital Expenditures Composition (% companywide total) (% companywide total) 2% 1% 23% 6% 15% 3% 12% 9% 32% 36% 9% 2021 2022E1 2021 2022E1 $310M $320M-$390M $310M $320M-$390M 68% 64% 54% 68% Palmarejo Rochester Kensington Sustain
Slide 8: Sustaining a Higher Level of Exploration Investment
Sustaining a Higher Level of Exploration Investment Coeur successfully completed the largest exploration program in its history during 2021. The Company expects to have a lower level of exploration investment in 2022, while maintaining its results-driven focus on high-return targets Total Exploratio
Slide 9: Rochester Expansion Update
Rochester Expansion Update1 The expansion of Rochester is expected to drive an anticipated step change in Coeur’s production and cash flow, helping to fundamentally reposition the Company and unlock meaningful long-term value for our stockholders Project Hallmarks Funding Strategy & Capital Overview
Slide 10: Rochester: Expansion Construction Update
Rochester: Expansion Construction Update1 Major construction for the expansion of Rochester continues to advance with solid ongoing environmental and safety performance Stage VI Heap Leach Pad Merrill-Crowe Processing Facility Contingency Ponds Electrical Substation (1) For additional information on
Slide 11: Rochester: Expansion Construction Update (cont.)
Rochester: Expansion Construction Update (cont.)1 Crusher corridor area Secondary Crusher Coarse Ore Foundations Stockpile Stage IV Heap Leach Pad Prescreen Cut Secondary Ore Stockpile Tertiary Crusher Foundations Final Product Stockpile Truck Loadout (1) For additional information on the expansion
Slide 12: Balance Sheet and Hedging Summary
Balance Sheet and Hedging Summary Liquidity Profile1 Debt and Leverage Summary2,3 ($M) ($M) Mar. 31, Dec. 31, Mar. 31, 2021 2021 2022 $160 $548 5.125% senior notes due 2029 $367.6 $368.3 $368.5 $90 $378 $10 Revolving credit facility - 65.0 55.0 $300 $73 $288 $215 Capital lease obligations 44.6 54.2
Slide 13: Coeur's Capital Allocation Framework
Coeur’s Capital Allocation Framework Mining is capital intensive and requires a disciplined approach to capital allocation with a view toward long-term reserve replacement and growth Illustrative Return Key Benefits Key Considerations Safety/ Reflects the Company’s values Environment/ − Mitigate
Slide 14: Looking Ahead: Key Deliverables for 2022
Looking Ahead: Key Deliverables for 2022 • Continue to bolster Coeur’s best-in-class ESG initiatives • Remain on-schedule and on budget with re-baselined POA 11 plan • Continue incorporating operational and technical enhancements at Rochester into POA 11 • Deliver consistent operating and financ
Slide 15: 2022 Guidance
2022 Guidance1 Production Outlook Gold (oz) Silver (K oz) Palmarejo 100,000 – 110,000 6,000 – 7,000 Rochester 35,000 – 43,000 3,000 – 4,000 Kensington 110,000 – 120,000 - Wharf 70,000 – 80,000 - Consolidated 315,000 – 353,000 9,000 – 11,000 CAS Outlook2 Gold ($/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: ESG Goals and Targets
ESG Goals and Targets Environment: Lessen Coeur’s overall environmental impact and reduce costs over time •GHG Emissions: 35% reduction in net intensity by end of 2024 compared to base-year (increase targeted reduction from 25% by 2025) •Permit discharge exceedances: Sustain low incident frequency
Slide 19: Committing to a Higher GHG Reduction Target
Committing to a Higher GHG Reduction Target Several changes to Coeur’s emissions projections are expected to result in a greater reduction in net intensity in 2024 relative to the Company’s 2021 projection. Moving forward, a portion of Coeur’s 2022 long-term incentive program is tied to achievement
Slide 20: 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 21: 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 countless innovative uses that shape the way we live today and enable a more sustainable, healthier tomorrow Au Coeur’s Palmarejo, Roch
Slide 22: Appendix
Appendix NYSE: CDE 22 JC 2016
Slide 23: 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 24: Palmarejo (cont.)
Palmarejo (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $13.34 $12.50 $12.43 Capital expenditures $10.98 $11.25 $33.4 $34.3 $730 $32.9 $704 $662 $653 $621 $23.2 1,843 29 28 1,667 1,708 29 29 1,813 1,603 $13.2 $13.6 24 $10.0 $9.8 $8.5 $8
Slide 25: Rochester
Rochester The Rochester mine is an open pit, heap leach silver-gold operation, located in northern Nevada, which is currently undergoing a significant expansion that is expected to drive a step-change in production and cash flow Asset Overview Share of Companywide 2022E2 Production Ownership 100% Go
Slide 26: Rochester (cont.)
Rochester (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) $1,787 Operating cash flow $53.9 $1,665 $1,707 $1,720 Capital expenditures $26.09 $42.3 $40.1 $1,300 $22.68 $22.06 $33.1 $21.76 $30.2 $19.07 $4.0 888 774 739 757 655 7 7 7 6 6 ($8.7) ($9.5) ($12.3) ($
Slide 27: 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 28: Kensington (cont.)
Kensington (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow2 $1,610 Capital expenditures $1,150 $1,111 $1,088 $21.0 $989 $19.4 34 $18.9 31 28 29 23 $11.5 $8.0 $7.9 $7.2 $6.0 $6.3 $0.8 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1Q 2021 2Q 2021
Slide 29: Wharf
Wharf The Wharf mine is an open pit, heap leach gold operation located in western South Dakota. The property consists of several areas of adjoining gold mineralization, which have been mined as a series of open pits Asset Overview Share of Companywide 2022E2 Production Ownership 100% Gold Employees1
Slide 30: Wharf (cont.)
Wharf (cont.) Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Operating cash flow $1,104 $1,118 Capital expenditures $24.9 $952 $963 $971 $17.3 28 24 19 20 18 $8.4 $7.8 $5.5 $4.2 $1.5 $1.4 $1.0 $1.4 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 1Q 2021 2Q 2021 3Q 2021 4Q
Slide 31: Silvertip
Silvertip The Silvertip development project is one of the highest-grade silver-zinc-lead operations in the world. The site is located in northern British Columbia, Canada and sits within a highly prospective land package Asset Overview Ownership 100% Employees1 101 Claims 98,834 net acres Type Under
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations NYSE: CDE 32 JC 2016
Slide 33: Non-GAAP to U.S. GAAP Reconciliation for Guidance
Non-GAAP to U.S. GAAP Reconciliation for Guidance Unaudited Costs Applicable to Sales Guidance for 2022 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Costs applicable to sales, including amortization (U.S. GAAP) $211,800 $148,540 $185,494 $106,175 Amort
Slide 34: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Costs Applicable to Sales Unaudited 3 months ended March 31, 2022 ($ 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 $45,532 $2
Slide 35: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 12 months ended December 31, 2021 ($ 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 $151,
Slide 36: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended December 31, 2021 ($ 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 $42,939
Slide 37: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended September 30, 2021 ($ 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 $36,34
Slide 38: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended June 30, 2021 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $50,189 $44,537 $41
Slide 39: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2021 ($ thousands, except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $43,047 $27,610 $4
Slide 40: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted Net Income (Loss) ($ thousands) 1Q 2022 2021 4Q 2021 3Q 2021 2Q 2021 1Q 2021 2020 Net income (loss) $7,682 ($31,322) ($10,760) ($54,768) $32,146 $2,060 $25,627 Fair value adjustments, net (10,605) 543 7,543 26,440 (37,239) 3,799 (7,601)
Slide 41: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 1Q 2022 2021 4Q 2021 3Q 2021 2Q 2021 1Q 2021 2020 Net income (loss) $7,682 ($31,322) ($10,760) ($54,768) $32,146 $2,060 $25,627 Interest expense, net of capitalized interest 4,568 16,451 3,211 3,237 5,093 4,910 20,7
Slide 42: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited LTM Adjusted EBITDA ($ thousands) 1Q 2022 4Q 2021 3Q 2021 2Q 2021 1Q 2021 Net income (loss) ($25,700) ($31,322) ($8,682) $72,942 $39,587 Interest expense, net of capitalized interest 16,109 16,451 17,959 19,818 20,490 Income tax provision (benef
Slide 43: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Free Cash Flow ($ thousands) 1Q 2022 2021 4Q 2021 3Q 2021 2Q 2021 1Q 2021 2020 Cash flow from operating activities ($6,427) $110,482 $34,936 $21,846 $58,059 ($4,359) $148,709 Capital expenditures (69,502) (309,781) (100,868) (71,266) (78,223) (5
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: Board of Directors (cont.)
Board of Directors (cont.) Jessica L. McDonald – Ms. McDonald has extensive leadership experience in both the public and private sectors and currently serves as a member of the Boards of Directors of GFL Environmental Inc. and Hydro One Limited. She served as the President and Chief Executive Office
Slide 59: 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 59 JC 2016