Slide 1: Investor Presentation
Investor Presentation June 2017 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 regarding exploration efforts, expectations regarding the anticipated results of the 2024 notes offering, tender offer and re
Slide 3: Coeur Mining is Poised for Long-Term Success
Coeur Mining is Poised for Long-Term Success 1 • Repositioned, lower cost portfolio Balanced precious metals asset base K e n s ingto n Strong execution of high-quality expansions W h arf Rochester Complementary, well-timed strategic acquisitions Lower costs driving higher margins P a l m a
Slide 4: Balanced Precious Metals Asset Base
1 Balanced Precious Metals Asset Base Asset Mix Geographic Mix Metal Mix (% revenue by mine) (% revenue by geography) (% revenue by metal) 100% 2% 2% 100% 2% 100% 1% 1% 12% 14% 14% 19% 19% 31% 28% 80% 80% 80% 47% 21% 28% 21% 20% 63% 4% 60% 60% 60% 11% 43% 22% 16% 40% 40% 40% 45% 69% 21% 64% 45% 53%
Slide 5: Well-Advanced, High-Quality Expansions
1 Well-Advanced, High-Quality Expansions… Focus on grade and scale has delivered sustainable cost reductions and higher margin ounces Grade Scale Palmarejo Palmarejo Ramp up of Guadalupe and Higher grades driving 31%2 Independencia expected to reduction in unit costs since increase production by ove
Slide 6: And Complementary, Well-Timed Acquisitions
1 … And Complementary, Well-Timed Acquisitions… Wharf Resources (February 2015) Cumulative FCF1 ($M) $94.1 • Acquired from Goldcorp for $99 million in cash $86.4 • Significant U.S. NOL tax synergy $72.3 • Improved plant recovery rates by approximately $51.8 15% since acquisition $37.1 • Increased pr
Slide 7: Delivering Record Production
1 … Delivering Record Production… Ramp-up of Palmarejo underground operations expected to drive 50% growth in 2017E production and lead companywide growth and cash flow generation Silver Equivalent1 Production (M oz) 39.7 35.6 36.3 32.5 32.2 2013 2014 2015 2016 2017E 2 (1) Gold and silver equivalenc
Slide 8: At Higher Margins
1 … At Higher Margins Coeur’s cost reductions have been primarily achieved through operational efficiencies, higher recovery rates and decreases in G&A, and to a lesser degree through lower input costs and more favorable foreign exchange rates Companywide Adjusted AISC / AgEqOz1, 2 LTM Adjusted EBIT
Slide 9: Revamped Balance Sheet
2 Revamped Balance Sheet Debt Bridge1 ($M) $558 ($54) $250 ($5) ($5) ($100) ($1) ($11) $293 ($178) $28 $221 ($190) Total Debt 2021 Note Repayment of Repayment of Repayment of Redemption of 2021 Note 2021 Note Δ Cap Leases Total Debt 2024 Note 2021 Note Total Debt Equity-for-Debt San Bartolomé San Ba
Slide 10: Refinancing Completes De-Risking Efforts
2 Refinancing Completes De-Risking Efforts Transaction Rationale • New 5.875% senior unsecured notes due 2024 (“2024 notes”) represent final strategic step to reduce balance sheet risk • Extended debt maturity to 2024 clears sector-wide maturity wall in 2020/2021 • Incremental cash provides flexibil
Slide 11: Forging Ahead on Key Development Projects
3 Forging Ahead on Key Development Projects Near-term organic growth initiatives are well underway and expected to generate high returns by leveraging existing infrastructure Jualin at Kensington Initial production expected late 2017 2019 Rochester’s Stage IV leach pad expansion Commissioning antici
Slide 12: Expanded Exploration Program
3 Expanded Exploration Program Broadened scope of 2017 exploration program expected to build on 2016 efforts by focusing on increasing reserves and expanding mine lives Exploration Program ($M) $40 $3 • Approximately 75% of 2017 exploration budget earmarked for near-mine exploration $4 • 17 drill ri
Slide 13: Looking Ahead
3 Looking Ahead With this solid foundation, Coeur is strengthening its focus on high quality growth • Operational and cost performance Maintain Discipline • Balance sheet conservatism • Culture of continuous improvement • Ramp-up at Palmarejo • Development of Jualin Execute Ongoing Initiatives • Roc
Slide 14: Appendix
Appendix NYSE: CDE 14 JC 2016
Slide 15: 2017 Guidance
2017 Guidance1 2017 Production Outlook (AgOz2 and AgEqOz2 in K oz) Silver Gold AgEqOz2 Palmarejo 6,500 – 7,000 110,000 – 120,000 13,100 – 14,200 Rochester 4,200 – 4,700 47,000 – 52,000 7,020 – 7,820 San Bartolomé 5,400 – 5,900 -- 5,400 – 5,900 Kensington -- 120,000 – 125,000 7,200 – 7,500 Wharf -- 8
Slide 16: Organic Growth Remains a Priority
Organic Growth Remains a Priority Capex by Mine Site 2017 capital expenditures expected to total $109 - $129 million1 2% 6% • $11 - $13 million of capitalized exploration 5% 6% 36% • Palmarejo: $40 - $45 million 36% 2016 29% 2017E1 – Ongoing development of UG operations at $109 – $129 $101 million 3
Slide 17: Palmarejo
Palmarejo Production and Cost Performance Highlights • Development of Guadalupe and Independencia $14.43 $13.03 continues with silver and gold production expected to $12.90 $13.77 increase over 50% from 2016 to 20171 $12.83 $10.55 $10.25 $11.80 • Strong exploration focus on resource conversion and $
Slide 18: New Palmarejo Agreement Driving FCF Growth
New Palmarejo Agreement Driving FCF1 Growth • New, more favorable gold 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. $416 per ounce under the old royalty agreeme
Slide 19: Financial Statement Impacts of FNV Agreement
Financial Statement Impacts of FNV Agreement Previous Royalty Agreement New Stream Agreement Income • 100% of gold sales recorded at spot • Gold sales to FNV recorded at $800 Statement prices per ounce plus deferred revenue • Fair value adjustments recorded to reflect changing gold prices on minimum
Slide 20: Rochester
Rochester Production and Cost Performance Highlights $15.58 • Tons placed in 2016 increased 19% year-over-year to $15.51 $14.31 19.6 million tons, the highest level since Rochester $12.36 first began operating in 1986 $13.77 $11.86 $11.00 • Year-end 2016 silver and gold reserves increased $11.28 $10
Slide 21: Kensington
Kensington Production and Cost Performance Highlights • 2016 production remained near record levels at 124,331 ounces $940 $889 $825 • Development of nearby high-grade Jualin deposit $798 $790 expected to be the main driver of capital expenditures at Kensington in 2017, with initial production antic
Slide 22: Wharf
Wharf Production and Cost Performance Highlights Operated by Goldcorp, Inc. • Acquired in 2015 for $99 million from Goldcorp $924 • Coeur’s lowest cost operation and largest source of $800 $770 $706 FCF4, generating over $94M since acquisition $575 through 1Q 2017 • Improved plant recovery rates by
Slide 23: San Bartolomé
San Bartolomé Production and Cost Performance Highlights • Straightforward operation due to free-digging surface mining techniques (no drilling or blasting) • Sourcing higher-grade, lower-cost ore from local third $14.22 $14.01 $13.63 $13.46 $14.25 parties to increase mill feed grade, reduce costs,
Slide 24: Non-Core Asset Divestitures
Non-Core Asset Divestitures With the close of the Joaquin Project sale, Coeur has opportunistically divested assets for total consideration of $51.2 million since the beginning of 2016 • Strengthens balance sheet • Non-core assets • Attractive valuation environment for streams and royalties • Procee
Slide 25: Non-GAAP to U.S. GAAP Reconciliation
Non-GAAP to U.S. GAAP Reconciliation Unaudited Adjusted Net Income (Loss) ($ thousands) 1Q 2017 2016 4Q 2016 3Q 2016 2Q 2016 1Q 2016 2015 2014 Net income (loss) $18,663 $55,352 ($8,306) $69,557 $14,497 ($20,396) ($367,183) ($1,186,874) Fair value adjustments, net 1,200 11,581 (1,654) 961 3,579 8,695
Slide 26: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Adjusted EBITDA ($ thousands) 1Q 2017 2016 4Q 2016 3Q 2016 2Q 2016 1Q 2016 2015 2014 Net income (loss) $18,663 $55,352 ($8,306) $69,557 $14,497 ($20,396) ($367,183) ($1,186,874) Interest expense, net of capitalized interest 3,586 36,920 6,857 8,
Slide 27: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited LTM Adjusted EBITDA ($ thousands) 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 Net income (loss) $94,411 $55,352 ($239,342) ($323,118) ($354,292) ($367,183) ($1,174,213) Interest expense, net of capitalized interest 29,386 36,920 41,8
Slide 28: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Consolidated Debt ($ thousands) 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 Cash and cash equivalents $210,033 $162,182 $222,517 $257,591 $171,389 $200,714 $205,708 Total debt 219,076 210,896 401,745 511,066 511,101 490,410 545,986 N
Slide 29: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited Consolidated Free Cash Flow ($ thousands) 1Q 2017 2016 4Q 2016 3Q 2016 2Q 2016 1Q 2016 2015 2014 Cash flow from operating activities $55,271 $125,817 $25,449 $47,812 $45,939 $6,617 $113,542 $53,548 Capital expenditures (23,979) (101,013) (29,926
Slide 30: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Costs Applicable to Sales Unaudited 3 months ended March 31, 2017 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAA
Slide 31: 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 San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP
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 December 31, 2016 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S.
Slide 33: 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, 2016 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S.
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 June 30, 2016 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP
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 March 31, 2016 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAA
Slide 36: 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 San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortization (U.S. GAAP
Slide 37: 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 San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Total Costs applicable to sales, including amortization (U.S. GAAP) $256,707 $
Slide 38: 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, 2013 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Total Costs applicable to sales, including amortization (U.S. GAAP) $322,107 $
Slide 39: 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, 2012 Silver Gold San ($ thousands, except per ounce amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Total Costs applicable to sales, including amortization (U.S. GAAP) $344,073 $
Slide 40: 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) 1Q 2017 2016 4Q 2016 3Q 2016 2Q 2016 1Q 2016 2015 2014 2013 Costs applicable to sales $132,712 $409,541 $102,112 $105,408 $100,465 $101,555 $479,654 $477,945 $463,663 Treatment and
Slide 41: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited All-in Sustaining Costs per Silver Equivalent Ounce for 2017 Guidance Silver Gold ($ thousands, except per ounce San amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, including amortiza
Slide 42: Non-GAAP to U.S. GAAP Reconciliation (cont.)
Non-GAAP to U.S. GAAP Reconciliation (cont.) Unaudited All-in Sustaining Costs per 70:1 Spot Silver Equivalent Ounce for 2017 Guidance Silver Gold ($ thousands, except per ounce San amounts) Palmarejo Rochester Bartolomé Endeavor Total Kensington Wharf Total Total Costs applicable to sales, includin
Slide 43: Average Spot Equivalence
Average Spot Equivalence Average Spot Prices 1Q 2017 2016 4Q 2016 3Q 2016 2Q 2016 1Q 2016 2015 2014 2013 Average silver spot price per ounce $17.42 $17.14 $17.19 $19.61 $16.78 $14.85 $15.68 $19.08 $23.76 Average gold spot price per ounce $1,219 $1,251 $1,222 $1,335 $1,260 $1,183 $1,160 $1,266 $1,411
Slide 44: Reserves and Resources
Reserves and Resources 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 Alaska, US
Slide 45: 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 46: 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 47: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2015 Proven and Probable Mineral Reserves Grade (oz/ton) Ounces (contained) 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
Slide 48: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2015 Measured and Indicated Mineral Resources (excluding Reserves) Grade (oz/ton) Ounces (contained) 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
Slide 49: Reserves and Resources (cont.)
Reserves and Resources (cont.) 2015 Inferred Mineral Resources Grade (oz/ton) Ounces (contained) 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, US
Slide 50: Reserves and Resources (cont.)
Reserves and Resources (cont.) Wharf’s Historical Mineral Reserves and Resources Grade (oz/ton) Ounces (contained) (K oz, except grade) Tons 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
Slide 51: 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 52: 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 53: 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 Courtney R. B. Lynn VP, Investor Relations & Treasurer investors@coeur.com NYSE: CDE 53 JC 2016