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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Coeur Mining Inc | NYSE:CDE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.53 | -7.34% | 6.69 | 7.325 | 6.55 | 7.245 | 29,847,331 | 00:56:36 |
From Aug 2024 to Feb 2025
Double digit production increases and cost reductions along with higher prices led to $49 million of net income, $126 million of adjusted EBITDA1, and strong free cash flow
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported third quarter 2024 financial results, including revenue of $313 million and cash flow from operating activities of $111 million. The Company reported GAAP net income from continuing operations of $49 million, or $0.12 per share. On an adjusted basis1, Coeur reported EBITDA of $126 million, cash flow from operating activities before changes in working capital of $87 million and net income from continuing operations of $47 million, or $0.12 per share.
Key Highlights
“Our strong third quarter operational and financial results signal the beginning of what we expect to be a new chapter of consistent free cash flow for Coeur,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Although higher prices helped magnify our robust results, the team’s continued focus on operational excellence drove costs down, leading to significantly higher margins. Rochester continues to gather steam during the second half and remains on-track to deliver a step-change in production and cash flow during the remainder of the year and be well-positioned to deliver a record breaking 2025.
“Furthermore, the recently announced acquisition of SilverCrest and its high-grade, low-cost Las Chispas operation, coupled with Rochester’s post-expansion profile, positions Coeur as a leading silver company in terms of production, market capitalization and liquidity, balance sheet flexibility, and cash flow profile at a time when silver’s outlook continues to strengthen.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Gold Sales
$
223.8
$
154.1
$
151.8
$
187.7
$
139.5
Silver Sales
$
89.7
$
67.9
$
61.3
$
74.3
$
55.1
Consolidated Revenue
$
313.5
$
222.0
$
213.1
$
262.1
$
194.6
Costs Applicable to Sales3
$
156.7
$
144.7
$
146.0
$
192.3
$
147.9
General and Administrative Expenses
$
11.0
$
11.2
$
14.4
$
10.2
$
9.5
Net Income (Loss)
$
48.7
$
1.4
$
(29.1
)
$
(25.5
)
$
(21.1
)
Net Income (Loss) Per Share
$
0.12
$
0.00
$
(0.08
)
$
(0.07
)
$
(0.06
)
Adjusted Net Income (Loss)1
$
47.2
$
(3.4
)
$
(19.0
)
$
(6.2
)
$
(18.6
)
Adjusted Net Income (Loss)1 Per Share
$
0.12
$
(0.01
)
$
(0.05
)
$
(0.02
)
$
(0.05
)
Weighted Average Shares Outstanding
400.8
399.9
385.0
380.5
356.7
EBITDA1
$
121.1
$
49.7
$
27.2
$
25.0
$
15.3
Adjusted EBITDA1
$
126.0
$
52.4
$
44.3
$
64.3
$
30.6
Cash Flow from Operating Activities
$
111.1
$
15.2
$
(15.9
)
$
65.3
$
(2.4
)
Capital Expenditures
$
42.0
$
51.4
$
42.1
$
92.7
$
112.3
Free Cash Flow1
$
69.1
$
(36.2
)
$
(58.0
)
$
(27.4
)
$
(114.7
)
Cash, Equivalents & Short-Term Investments
$
76.9
$
74.1
$
67.5
$
61.6
$
53.2
Total Debt4
$
605.2
$
629.3
$
585.6
$
545.3
$
512.2
Average Realized Price Per Ounce – Gold
$
2,309
$
2,003
$
1,864
$
1,886
$
1,788
Average Realized Price Per Ounce – Silver
$
29.86
$
26.20
$
23.57
$
24.79
$
24.88
Gold Ounces Produced
94,993
78,696
80,744
101,609
78,617
Silver Ounces Produced
3.0
2.6
2.6
3.1
2.3
Gold Ounces Sold
96,913
76,932
81,416
99,540
78,015
Silver Ounces Sold
3.0
2.6
2.6
3.0
2.2
Adjusted CAS per AuOz1
$
1,113
$
1,264
$
1,267
$
1,225
$
1,273
Adjusted CAS per AgOz1
$
15.67
$
17.71
$
14.63
$
17.03
$
17.85
Financial Results
Third quarter 2024 revenue totaled $313 million compared to $222 million in the prior period and $195 million in the third quarter of 2023. The Company produced 94,993 and 3.0 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 96,913 ounces of gold and 3.0 million ounces of silver. Average realized gold and silver prices for the quarter were $2,309 and $29.86 per ounce, respectively, compared to $2,003 and $26.20 per ounce in the prior period and $1,788 and $24.88 per ounce in the third quarter of 2023.
Gold and silver sales represented 71% and 29% of quarterly revenue, respectively, compared to 69% and 31% in the prior period. The Company’s U.S. operations accounted for approximately 65% of third quarter revenue compared to 63% in the second quarter of 2024.
Adjusted Costs applicable to sales per ounce1 of gold and silver each decreased 12% quarter-over-quarter, largely due to higher production in the period. General and administrative expenses remained consistent quarter-over-quarter at $11 million.
Coeur invested approximately $25 million ($20 million expensed and $5 million capitalized) in exploration during the quarter, compared to approximately $18 million ($13 million expensed and $5 million capitalized) in the prior period. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.
The Company recorded income tax expense of approximately $26 million during the third quarter. Cash income and mining taxes paid during the period totaled approximately $9 million.
Quarterly operating cash flow totaled $111 million compared to $15 million in the prior period, mainly driven by stronger operating performance at each site and higher metals prices.
Third quarter capital expenditures were $42 million compared to $51 million in the prior period, reflecting timing of payments related to the Rochester expansion in the prior period. Sustaining and development capital expenditures accounted for approximately $35 million and $7 million, or 84% and 16%, respectively, of Coeur’s total capital investment during the quarter.
SilverCrest Acquisition Transaction
On October 4, 2024, Coeur announced it had entered into a definitive agreement (the “Agreement”) whereby a wholly-owned subsidiary of Coeur will acquire all of the issued and outstanding shares of SilverCrest pursuant to a British Columbia court-approved plan of arrangement (the “Transaction”). Subject to satisfaction of closing conditions, including requisite approvals by the stockholders of Coeur, the shareholders of SilverCrest and applicable regulators, the acquisition is expected to close late in the first quarter of 2025.
Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively.
Operations
Third quarter 2024 highlights for each of the Company’s operations are provided below.
Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Tons milled
413,463
429,561
500,747
500,509
501,722
Average gold grade (oz/t)
0.070
0.066
0.070
0.060
0.055
Average silver grade (oz/t)
5.15
4.49
4.34
4.08
3.67
Average recovery rate – Au
94.8
%
89.9
%
95.2
%
89.4
%
97.6
%
Average recovery rate – Ag
85.6
%
82.8
%
83.7
%
79.4
%
86.9
%
Gold ounces produced
27,549
25,467
33,160
25,401
26,870
Silver ounces produced (000’s)
1,823
1,596
1,818
1,622
1,601
Gold ounces sold
28,655
24,313
33,462
24,848
26,018
Silver ounces sold (000’s)
1,861
1,542
1,796
1,644
1,534
Average realized price per gold ounce
$
1,922
$
1,744
$
1,611
$
1,615
$
1,499
Average realized price per silver ounce
$
29.71
$
26.48
$
23.64
$
24.78
$
24.96
Metal sales
$
110.4
$
83.2
$
96.4
$
80.9
$
77.3
Costs applicable to sales3
$
47.5
$
48.2
$
54.3
$
50.3
$
48.1
Adjusted CAS per AuOz1
$
818
$
1,006
$
901
$
1,010
$
917
Adjusted CAS per AgOz1
$
12.60
$
15.24
$
13.18
$
15.26
$
15.56
Exploration expense
$
4.3
$
2.6
$
2.5
$
2.7
$
2.2
Cash flow from operating activities
$
55.6
$
23.7
$
25.6
$
24.1
$
22.6
Sustaining capital expenditures (excludes capital lease payments)
$
4.0
$
3.1
$
4.7
$
6.9
$
8.4
Development capital expenditures
$
4.0
$
2.8
$
2.1
$
2.0
$
2.4
Total capital expenditures
$
8.0
$
5.9
$
6.8
$
8.9
$
10.8
Free cash flow1
$
47.6
$
17.8
$
18.8
$
15.2
$
11.8
Operational
Financial
Exploration
Other
Guidance
Rochester, Nevada
(Dollars in millions, except per ounce amounts)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Ore tons placed
7,064,623
5,102,800
3,135,571
2,754,058
3,487,173
Average silver grade (oz/t)
0.57
0.59
0.52
0.44
0.50
Average gold grade (oz/t)
0.002
0.002
0.002
0.003
0.003
Silver ounces produced (000’s)
1,155
973
699
1,340
608
Gold ounces produced
9,690
8,006
5,755
19,847
4,459
Silver ounces sold (000’s)
1,098
985
735
1,269
606
Gold ounces sold
9,186
8,150
6,185
19,175
4,432
Average realized price per silver ounce
$
30.13
$
25.78
$
23.32
$
24.59
$
24.63
Average realized price per gold ounce
$
2,492
$
2,131
$
2,050
$
1,991
$
1,967
Metal sales
$
56.0
$
42.8
$
29.8
$
69.4
$
23.6
Costs applicable to sales3
$
39.4
$
36.7
$
27.0
$
71.8
$
30.5
Adjusted CAS per AgOz1
$
20.88
$
21.58
$
18.17
$
19.33
$
23.64
Adjusted CAS per AuOz1
$
1,735
$
1,813
$
1,630
$
1,564
$
1,899
Prepayment, working capital cash flow
$
—
$
—
$
—
$
—
$
7.5
Exploration expense
$
1.0
$
1.0
$
0.4
$
0.2
$
0.3
Cash flow from operating activities
$
3.2
$
(5.9
)
$
(18.7
)
$
11.6
$
(17.3
)
Sustaining capital expenditures (excludes capital lease payments)
$
7.0
$
9.9
$
15.3
$
13.8
$
7.7
Development capital expenditures
$
3.1
$
17.6
$
5.9
$
51.7
$
76.7
Total capital expenditures
$
10.1
$
27.5
$
21.2
$
65.5
$
84.4
Free cash flow1
$
(6.9
)
$
(33.4
)
$
(39.9
)
$
(53.9
)
$
(101.7
)
Operational
Financial
Exploration
Guidance
Kensington, Alaska
(Dollars in millions, except per ounce amounts)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Tons milled
165,916
182,043
167,439
177,382
167,950
Average gold grade (oz/t)
0.16
0.14
0.14
0.16
0.16
Average recovery rate
90.4
%
92.3
%
90.8
%
92.3
%
92.6
%
Gold ounces produced
24,104
23,202
21,434
26,686
24,614
Gold ounces sold
24,800
23,539
21,183
25,980
24,516
Average realized price per gold ounce, gross
$
2,563
$
2,223
$
2,105
$
2,016
$
1,956
Treatment and refining charges per gold ounce
$
56
$
52
$
52
$
58
$
60
Average realized price per gold ounce, net
$
2,507
$
2,171
$
2,053
$
1,958
$
1,896
Metal sales
$
62.2
$
51.1
$
43.5
$
51.2
$
46.5
Costs applicable to sales3
$
38.1
$
40.7
$
39.3
$
37.9
$
38.3
Adjusted CAS per AuOz1
$
1,539
$
1,734
$
1,840
$
1,441
$
1,543
Prepayment, working capital cash flow
$
11.8
$
(11.8
)
$
—
$
10.7
$
(10.7
)
Exploration expense
$
2.0
$
1.3
$
1.5
$
1.7
$
2.9
Cash flow from operating activities
$
38.1
$
(7.2
)
$
1.5
$
16.9
$
(4.4
)
Sustaining capital expenditures (excludes capital lease payments)
$
20.0
$
16.5
$
13.3
$
15.1
$
15.8
Development capital expenditures
$
—
$
—
$
—
$
—
$
—
Total capital expenditures
$
20.0
$
16.5
$
13.3
$
15.1
$
15.8
Free cash flow1
$
18.1
$
(23.7
)
$
(11.8
)
$
1.8
$
(20.2
)
Operational
Financial
Exploration
Guidance
Wharf, South Dakota
(Dollars in millions, except per ounce amounts)
3Q24
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Ore tons placed
1,424,649
1,162,437
1,251,955
1,290,562
1,254,267
Average gold grade (oz/t)
0.046
0.032
0.021
0.027
0.023
Gold ounces produced
33,650
22,021
20,395
29,675
22,674
Silver ounces produced (000’s)
42
69
67
90
69
Gold ounces sold
34,272
20,930
20,586
29,537
23,049
Silver ounces sold (000’s)
45
65
69
86
74
Average realized price per gold ounce
$
2,440
$
2,064
$
2,026
$
1,982
$
1,966
Metal sales
$
85.0
$
45.0
$
43.3
$
60.7
$
47.1
Costs applicable to sales3
$
31.8
$
19.1
$
25.4
$
32.4
$
31.0
Adjusted CAS per AuOz1
$
885
$
822
$
1,165
$
997
$
1,267
Prepayment, working capital cash flow
$
—
$
—
$
—
$
—
$
2.5
Exploration expense
$
2.3
$
1.1
$
0.1
$
—
$
—
Cash flow from operating activities
$
51.6
$
17.0
$
11.1
$
28.9
$
19.5
Sustaining capital expenditures (excludes capital lease payments)
$
2.8
$
1.2
$
0.3
$
1.3
$
0.6
Development capital expenditures
$
—
$
—
$
—
$
0.2
$
0.1
Total capital expenditures
$
2.8
$
1.2
$
0.3
$
1.5
$
0.7
Free cash flow1
$
48.8
$
15.8
$
10.8
$
27.4
$
18.8
Operational
Financial
Exploration
Guidance
Exploration
The Company’s exploration investment in 2024 is expected to total $40 - $50 million for expansion drilling (classified as exploration expense) and $15 - $20 million for infill drilling (capitalized exploration).
Top exploration priorities for the Company’s 2024 exploration program include: (1) building reserves and extending mine life at Kensington to over five years by year-end; (2) pursuing higher grade structures at Rochester to enhance the near-term margin and cash flow profile of the newly-expanded operation; (3) building out a robust pipeline of inferred resources at Palmarejo to potentially drive future reserve growth; (4) further extending Wharf’s reserve-based mine life; and (5) expanding and enhancing the understanding of the evolving world-class polymetallic Silvertip system located in British Columbia.
During the third quarter, Coeur invested approximately $25 million ($20 million expensed and $5 million capitalized), compared to roughly $18 million ($13 million expensed and $5 million capitalized) in the prior period.
At Silvertip, exploration investment totaled approximately $9 million in the third quarter, compared to $6 million in the prior period. The Company expects to invest $11 - $14 million in exploration at Silvertip in 2024, which excludes $15 - $20 million related to underground mine development and site support costs.
The objectives of the 2024 exploration program at Silvertip are to: (1) grow the known mineralized structures such as the Southern Silver zone from underground drilling focusing on along-strike and down-dip potential that has been identified; (2) drill much larger step-outs on major structures using surface drilling with a key focus on the Southern Silver, Saddle and Camp Creek zones; and (3) carry out district-scale field work to identify Silvertip lookalikes and other large structures with potential to host large ore bodies and to identify the outer limits of this large system.
This three-pronged approach is progressing well with surface mapping and sampling completed during the quarter, surface drilling with two rigs were completed at the end of October and one underground drill rig continuing in November.
2024 Guidance
Production during the third quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2024 production and cost guidance.
The below exploration expense guidance excludes $15 - $20 million of underground mine development and support costs associated with Silvertip.
2024 Production Guidance
Gold
Silver
(oz)
(K oz)
Palmarejo
95,000 - 103,000
5,900 - 6,700
Rochester
37,000 - 50,000
4,800 - 6,600
Kensington
92,000 - 106,000
—
Wharf
86,000 - 96,000
—
Total
310,000 - 355,000
10,700 - 13,300
2024 Costs Applicable to Sales Guidance
Gold
Silver
($/oz)
($/oz)
Palmarejo (co-product)
$950 - $1,150
$15.50 - $16.50
Second Half 2024 Rochester (co-product)
$1,500 - $1,700
$18.00 - $20.00
Kensington
$1,525 - $1,725
—
Wharf (by-product)
$950 - $1,050
—
2024 Capital, Exploration and G&A Guidance
($M)
Capital Expenditures, Sustaining
$124 - $158
Capital Expenditures, Development
$36 - $42
Exploration, Expensed
$40 - $50
Exploration, Capitalized
$15 - $20
General & Administrative Expenses
$36 - $40
Note: The Company’s guidance figures assume estimated prices of $2,300/oz gold and $27.00/oz silver as well as CAD of 1.25 and MXN of 17.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
Financial Results and Conference Call
Coeur will host a conference call to discuss its third quarter 2024 financial results on November 7, 2024 at 11:00 a.m. Eastern Time.
Dial-In Numbers:
(855) 560-2581 (U.S.)
(855) 669-9657 (Canada)
(412) 542-4166 (International)
Conference ID:
Coeur Mining
Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael “Mick” Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through November 14, 2024.
Replay numbers:
(877) 344-7529 (U.S.)
(855) 669-9658 (Canada)
(412) 317-0088 (International)
Conference ID:
829 28 77
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding cash flow, production growth, costs, capital expenditures, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the gold stream agreement at Palmarejo, anticipated production, costs and expenses and operations at Palmarejo, Rochester, Wharf and Kensington, and expectations regarding the planned acquisition of SilverCrest, including expected impacts on production cash flow, financial condition and timing of closing, if at all. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the Rochester expansion does not sustain planned performance, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses including the pending acquisition of SilverCrest, the risk that the acquisition of SilverCrest may be delayed or not occur at all, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
No Offer or Solicitation
Communications in the news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Important Additional Information
In connection with the Transaction, Coeur and SilverCrest intend to file materials with the Securities and Exchange Commission (the “SEC”) and on SEDAR+, as applicable. Coeur intends to file a definitive proxy statement on Schedule 14A (the “Proxy Statement”) with the SEC in connection with the solicitation of proxies to obtain Coeur stockholder approval of (A) the issuance of shares of common stock of Coeur in connection with the Transaction (the “Stock Issuance”) and (B) the amendment of the Coeur certificate of incorporation to increase the number of authorized shares of Coeur common stock (the “Charter Amendment”), and SilverCrest intends to file a notice of the SilverCrest shareholder meeting and accompanying management information circular (the “Circular”) with the Toronto Stock Exchange and on SEDAR+ and with the SEC in connection with the solicitation of proxies to obtain SilverCrest shareholder approval of the Transaction. After the Proxy Statement is cleared by the SEC, Coeur intends to mail a definitive Proxy Statement to the stockholders of Coeur. This communication is not a substitute for the Proxy Statement, the Circular or for any other document that Coeur or SilverCrest may file with the SEC or on SEDAR+ and/or send to Coeur stockholders and/or SilverCrest’s shareholders in connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF COEUR AND SILVERCREST ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY STATEMENT AND THE CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY COEUR AND/OR SILVERCREST WITH THE SEC OR ON SEDAR+, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT COEUR, SILVERCREST, THE TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.
Stockholders of Coeur and shareholders of SilverCrest will be able to obtain free copies of the Proxy Statement and the Circular, as each may be amended from time to time, and other relevant documents filed by Coeur and/or SilverCrest with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or on SEDAR+ at www.sedarplus.ca, as applicable. Copies of documents filed with the SEC by Coeur will be available free of charge from Coeur’s website at www.coeur.com under the “Investors” tab or by contacting Coeur’s Investor Relations Department at (312) 489-5800 or investors@coeur.com. Copies of documents filed with the SEC or on SEDAR+ by SilverCrest will be available free of charge from SilverCrest’s website at www.silvercrestmetals.com under the “Investors” tab or by contacting SilverCrest’s Investor Relations Department at (604)694-1730 ext. 104.
Participation in the Solicitation
Coeur, SilverCrest and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Coeur’s stockholders and SilverCrest’s shareholders in connection with the Transaction. Information regarding the executive officers and directors of Coeur is included in its definitive proxy statement for its 2024 annual meeting under the headings “Proposal No. 1 – Election of Directors”, “Information about our Executive Officers”, “Compensation Discussion and Analysis”, and “Director Compensation”, which was filed with the SEC on April 4, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/215466/000114036124017966/ny20018623x1_def14a.htm. Information regarding the directors and certain executive officers of SilverCrest is included in its information circular and proxy statement for its 2024 annual meeting under the headings “Compensation of Executive Officers and Directors” and “Compensation Discussion and Analysis”, which was filed on SEDAR+ on April 18, 2024 and is available at https://www.silvercrestmetals.com/_resources/agm/2024-Information-Circular.pdf?v=093009. Additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement, the Circular and other materials when they are filed with the SEC or on SEDAR+ in connection with the Transaction. Free copies of these documents may be obtained as described in the paragraphs above.
Non-U.S. GAAP Measures
We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) or pound (zinc or lead). We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce (gold and silver) and pound (zinc and lead) are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2023.
Notes
Average Spot Prices
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Average Gold Spot Price Per Ounce
$
2,474
$
2,338
$
2,070
$
1,971
$
1,928
Average Silver Spot Price Per Ounce
$
29.43
$
28.45
$
23.34
$
23.20
$
23.57
Average Zinc Spot Price Per Pound
$
1.26
$
1.29
$
1.11
$
1.13
$
1.10
Average Lead Spot Price Per Pound
$
0.92
$
0.98
$
0.94
$
0.96
$
0.98
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2024
December 31, 2023
ASSETS
In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents
$
76,916
$
61,633
Receivables
30,165
31,035
Inventory
74,727
76,661
Ore on leach pads
148,331
79,400
Prepaid expenses and other
15,833
18,526
345,972
267,255
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net
1,759,454
1,688,288
Ore on leach pads
34,598
25,987
Restricted assets
9,339
9,115
Receivables
20,161
23,140
Other
58,276
67,063
TOTAL ASSETS
$
2,227,800
$
2,080,848
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
126,387
$
115,110
Accrued liabilities and other
153,285
140,913
Debt
27,458
22,636
Reclamation
10,954
10,954
318,084
289,613
NON-CURRENT LIABILITIES
Debt
577,725
522,674
Reclamation
211,136
203,059
Deferred tax liabilities
6,755
12,360
Other long-term liabilities
30,950
29,239
826,566
767,332
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 399,287,506 issued and outstanding at September 30, 2024 and 386,282,957 at December 31, 2023
3,993
3,863
Additional paid-in capital
4,179,270
4,139,870
Accumulated other comprehensive income (loss)
—
1,331
Accumulated deficit
(3,100,113
)
(3,121,161
)
1,083,150
1,023,903
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
2,227,800
$
2,080,848
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
In thousands, except share data
Revenue
$
313,476
$
194,583
$
748,562
$
559,116
COSTS AND EXPENSES
Costs applicable to sales(1)
156,742
147,903
447,456
440,596
Amortization
33,216
22,884
88,441
65,187
General and administrative
10,966
9,512
36,611
31,384
Exploration
19,567
12,437
42,932
20,007
Pre-development, reclamation, and other
8,583
8,699
35,401
29,949
Total costs and expenses
229,074
201,435
650,841
587,123
OTHER INCOME (EXPENSE), NET
Gain on debt extinguishment
—
774
417
3,735
Fair value adjustments, net
—
(2,010
)
—
4,629
Interest expense, net of capitalized interest
(13,280
)
(7,402
)
(39,389
)
(21,703
)
Other, net
3,434
478
11,329
(10,090
)
Total other income (expense), net
(9,846
)
(8,160
)
(27,643
)
(23,429
)
Income (loss) before income and mining taxes
74,556
(15,012
)
70,078
(51,436
)
Income and mining tax (expense) benefit
(25,817
)
(6,097
)
(49,030
)
(26,671
)
NET INCOME (LOSS)
$
48,739
$
(21,109
)
$
21,048
$
(78,107
)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges
—
7,227
(18,507
)
7,141
Reclassification adjustments for realized (gain) loss on cash flow hedges
—
(4,920
)
17,176
(7,830
)
Other comprehensive income (loss)
—
2,307
(1,331
)
(689
)
COMPREHENSIVE INCOME (LOSS)
$
48,739
$
(18,802
)
$
19,717
$
(78,796
)
NET INCOME (LOSS) PER SHARE
Basic income (loss) per share:
Basic
$
0.12
$
(0.06
)
$
0.05
$
(0.24
)
Diluted
$
0.12
$
(0.06
)
$
0.05
$
(0.24
)
(1) Excludes amortization.
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
48,739
$
(21,109
)
$
21,048
$
(78,107
)
Adjustments:
Amortization
33,216
22,884
88,441
65,187
Accretion
4,233
4,153
12,463
12,219
Deferred taxes
(816
)
(3,872
)
(5,604
)
1,536
Gain on debt extinguishment
—
(774
)
(417
)
(3,735
)
Fair value adjustments, net
—
2,010
—
(4,629
)
Stock-based compensation
2,809
2,635
9,789
8,462
Loss on the sale of assets
—
19
—
12,650
Write-downs
—
7,727
3,235
22,467
Deferred revenue recognition
(130
)
(143
)
(55,407
)
(25,358
)
Other
(1,119
)
657
10,259
2,798
Changes in operating assets and liabilities:
Receivables
1,616
(478
)
(520
)
1,659
Prepaid expenses and other current assets
(352
)
(3,000
)
3,185
764
Inventory and ore on leach pads
(14,320
)
(18,620
)
(53,788
)
(54,993
)
Accounts payable and accrued liabilities
37,187
5,528
77,757
41,091
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
111,063
(2,383
)
110,441
2,011
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(41,980
)
(112,273
)
(135,468
)
(271,902
)
Acquisitions, net
(10,000
)
—
(10,000
)
—
Proceeds from the sale of assets
1
152
25
8,380
Sale of investments
—
—
—
41,558
Proceeds from notes receivable
—
—
—
5,000
Other
(70
)
(63
)
(285
)
(171
)
CASH USED IN INVESTING ACTIVITIES
(52,049
)
(112,184
)
(145,728
)
(217,135
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
—
57,522
22,823
168,964
Issuance of notes and bank borrowings, net of issuance costs
77,500
163,000
327,500
388,000
Payments on debt, finance leases, and associated costs
(133,250
)
(109,268
)
(297,128
)
(348,092
)
Other
(208
)
(23
)
(2,018
)
(2,345
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
(55,958
)
111,231
51,177
206,527
Effect of exchange rate changes on cash and cash equivalents
(263
)
(278
)
(584
)
374
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
2,793
(3,614
)
15,306
(8,223
)
Cash, cash equivalents and restricted cash at beginning of period
75,891
58,560
63,378
63,169
Cash, cash equivalents and restricted cash at end of period
$
78,684
$
54,946
$
78,684
$
54,946
Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)
LTM 3Q 2024
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Net income (loss)
$
(4,457
)
$
48,739
$
1,426
$
(29,117
)
$
(25,505
)
$
(21,109
)
Interest expense, net of capitalized interest
46,785
13,280
13,162
12,947
7,396
7,402
Income tax provision (benefit)
57,515
25,817
7,189
16,024
8,485
6,097
Amortization
123,076
33,216
27,928
27,297
34,635
22,884
EBITDA
222,919
121,052
49,705
27,151
25,011
15,274
Fair value adjustments, net
1,245
—
—
—
1,245
2,010
Foreign exchange (gain) loss
(3,079
)
(1,708
)
(2,089
)
365
353
(421
)
Asset retirement obligation accretion
16,649
4,233
4,154
4,076
4,186
4,153
Inventory adjustments and write-downs
24,954
1,231
1,071
4,188
18,464
8,934
(Gain) loss on sale of assets and securities
16,899
176
640
3,536
12,547
19
RMC bankruptcy distribution
(1,199
)
—
(1,199
)
—
—
—
(Gain) loss on debt extinguishment
(119
)
—
21
(438
)
298
(774
)
Transaction costs
976
976
—
—
—
—
Other adjustments
7,834
81
104
5,461
2,188
1,453
Adjusted EBITDA
$
287,079
$
126,041
$
52,407
$
44,339
$
64,292
$
30,648
Revenue
$
1,010,652
$
313,476
$
222,026
$
213,060
$
262,090
$
194,583
Adjusted EBITDA Margin
28
%
40
%
24
%
21
%
25
%
16
%
Adjusted Net Income (Loss) Reconciliation
(Dollars in thousands except per share amounts)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Net income (loss)
$
48,739
$
1,426
$
(29,117
)
$
(25,505
)
$
(21,109
)
Fair value adjustments, net
—
—
—
1,245
2,010
Foreign exchange loss (gain)
(2,247
)
(2,950
)
484
(156
)
5
(Gain) loss on sale of assets and securities
176
640
3,536
12,547
19
RMC bankruptcy distribution
—
(1,199
)
—
—
—
(Gain) loss on debt extinguishment
—
21
(438
)
298
(774
)
Transaction costs
976
—
—
—
—
Other adjustments
81
104
5,461
2,188
1,453
Tax effect of adjustments
(568
)
(1,447
)
1,053
3,165
(223
)
Adjusted net income (loss)
$
47,157
$
(3,405
)
$
(19,021
)
$
(6,218
)
$
(18,619
)
Adjusted net income (loss) per share - Basic
$
0.12
$
(0.01
)
$
(0.05
)
$
(0.02
)
$
(0.05
)
Adjusted net income (loss) per share - Diluted
$
0.12
$
(0.01
)
$
(0.05
)
$
(0.02
)
$
(0.05
)
Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Cash flow from operations
$
111,063
$
15,249
$
(15,871
)
$
65,277
$
(2,383
)
Capital expenditures
41,980
51,405
42,083
92,715
112,273
Free cash flow
$
69,083
$
(36,156
)
$
(57,954
)
$
(27,438
)
$
(114,656
)
Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Cash provided by (used in) operating activities
$
111,063
$
15,249
$
(15,871
)
$
65,277
$
(2,383
)
Changes in operating assets and liabilities:
Receivables
(1,616
)
(3,180
)
5,316
726
478
Prepaid expenses and other
352
(4,176
)
639
1,225
3,000
Inventories
14,320
19,774
19,694
(7,401
)
18,620
Accounts payable and accrued liabilities
(37,187
)
(185
)
(40,385
)
(14,490
)
(5,528
)
Operating cash flow before changes in working capital
$
86,932
$
27,482
$
(30,607
)
$
45,337
$
14,187
Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2024
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
59,439
$
49,640
$
45,711
$
34,198
$
794
$
189,782
Amortization
(11,984
)
(10,231
)
(7,612
)
(2,419
)
(794
)
(33,040
)
Costs applicable to sales
$
47,455
$
39,409
$
38,099
$
31,779
$
—
$
156,742
Inventory Adjustments
(572
)
(536
)
50
(119
)
—
(1,177
)
By-product credit
—
—
12
(1,332
)
—
(1,320
)
Adjusted costs applicable to sales
$
46,883
$
38,873
$
38,161
$
30,328
$
—
$
154,245
Metal Sales
Gold ounces
28,655
9,186
24,800
34,272
—
96,913
Silver ounces
1,860,976
1,098,407
—
45,118
—
3,004,501
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
50
%
41
%
100
%
100
%
Silver
50
%
59
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
818
$
1,735
$
1,539
$
885
$
1,113
Silver ($/oz)
$
12.60
$
20.88
$
—
$
15.67
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2024
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
59,070
$
45,225
$
47,166
$
20,181
$
790
$
172,432
Amortization
(10,843
)
(8,570
)
(6,445
)
(1,067
)
(790
)
(27,715
)
Costs applicable to sales
$
48,227
$
36,655
$
40,721
$
19,114
$
—
$
144,717
Inventory Adjustments
(252
)
(617
)
55
(149
)
—
(963
)
By-product credit
—
—
50
(1,760
)
—
(1,710
)
Adjusted costs applicable to sales
$
47,975
$
36,038
$
40,826
$
17,205
$
—
$
142,044
Metal Sales
Gold ounces
24,313
8,150
23,539
20,930
—
76,932
Silver ounces
1,542,395
985,269
65,063
—
2,592,727
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
51
%
41
%
100
%
100
%
Silver
49
%
59
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,006
$
1,813
$
1,734
$
822
$
1,264
Silver ($/oz)
$
15.24
$
21.58
$
—
$
17.71
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended March 31, 2024
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
66,896
$
33,632
$
44,885
$
26,808
$
852
$
173,073
Amortization
(12,602
)
(6,633
)
(5,596
)
(1,393
)
(852
)
(27,076
)
Costs applicable to sales
$
54,294
$
26,999
$
39,289
$
25,415
$
—
$
145,997
Inventory Adjustments
(468
)
(3,555
)
(283
)
198
—
(4,108
)
By-product credit
—
—
(34
)
(1,633
)
—
(1,667
)
Adjusted costs applicable to sales
$
53,826
$
23,444
$
38,972
$
23,980
$
—
$
140,222
Metal Sales
Gold ounces
33,462
6,185
21,183
20,586
—
81,416
Silver ounces
1,796,468
735,254
68,713
—
2,600,435
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
56
%
43
%
100
%
100
%
Silver
44
%
57
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
901
$
1,630
$
1,840
$
1,165
$
1,267
Silver ($/oz)
$
13.18
$
18.17
$
—
$
14.63
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
60,345
$
85,155
$
46,207
$
34,150
$
858
$
226,715
Amortization
(9,949
)
(13,349
)
(8,366
)
(1,892
)
(858
)
(34,414
)
Costs applicable to sales
$
50,396
$
71,806
$
37,841
$
32,258
$
—
$
192,301
Inventory Adjustments
(195
)
(17,295
)
(131
)
(677
)
—
(18,298
)
By-product credit
—
—
(275
)
(2,146
)
—
(2,421
)
Adjusted costs applicable to sales
$
50,201
$
54,511
$
37,435
$
29,435
$
—
$
171,582
Metal Sales
Gold ounces
24,849
19,174
25,980
29,538
—
99,541
Silver ounces
1,644,592
1,269,236
—
86,510
—
3,000,338
Zinc pounds
—
—
—
—
—
—
Lead pounds
—
—
—
—
—
—
Revenue Split
Gold
50
%
55
%
100
%
100
%
Silver
50
%
45
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,010
$
1,564
$
1,441
$
997
$
1,225
Silver ($/oz)
$
15.26
$
19.33
$
—
$
17.03
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2023
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
57,083
$
34,708
$
45,180
$
32,614
$
919
$
170,504
Amortization
(9,024
)
(4,176
)
(6,894
)
(1,588
)
(919
)
(22,601
)
Costs applicable to sales
$
48,059
$
30,532
$
38,286
$
31,026
$
—
$
147,903
Inventory Adjustments
(328
)
(7,788
)
(411
)
(16
)
—
(8,543
)
By-product credit
—
—
(57
)
(1,802
)
—
(1,859
)
Adjusted costs applicable to sales
$
47,731
$
22,744
$
37,818
$
29,208
$
—
$
137,501
Metal Sales
Gold ounces
26,018
4,432
24,516
23,049
—
78,015
Silver ounces
1,533,975
606,083
—
73,677
—
2,213,735
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
50
%
37
%
100
%
100
%
Silver
50
%
63
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
917
$
1,899
$
1,543
$
1,267
$
1,273
Silver ($/oz)
$
15.56
$
23.64
$
—
$
17.85
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales for Updated 2024 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester(1)
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
261,913
$
147,456
$
195,337
$
102,091
Amortization
(46,953
)
(42,237
)
(28,757
)
(5,694
)
Costs applicable to sales
$
214,960
$
105,219
$
166,580
$
96,397
By-product credit
—
—
16
(5,328
)
Adjusted costs applicable to sales
$
214,960
$
105,219
$
166,596
$
91,069
Metal Sales
Gold ounces
104,260
28,170
100,500
91,040
Silver ounces
6,652,590
3,197,910
205,600
Revenue Split
Gold
51
%
43
%
100
%
100
%
Silver
49
%
57
%
Adjusted costs applicable to sales
Gold ($/oz)
$950 - $1,150
$1,500 - $1,700
$1,525 - $1,725
$950 - $1,050
Silver ($/oz)
$15.50 - $16.50
$18.00 - $20.00
Reconciliation of Costs Applicable to Sales for Previous 2024 Guidance
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester(1)
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
258,870
$
129,322
$
199,980
$
108,330
Amortization
(37,130
)
(36,990
)
(33,530
)
(6,330
)
Costs applicable to sales
$
221,740
$
92,332
$
166,450
$
102,000
By-product credit
—
—
—
(2,550
)
Adjusted costs applicable to sales
$
221,740
$
92,332
$
166,450
$
99,450
Metal Sales
Gold ounces
100,350
28,130
103,790
90,000
Silver ounces
6,516,830
3,927,890
105,920
Revenue Split
Gold
51
%
38
%
100
%
100
%
Silver
49
%
62
%
Adjusted costs applicable to sales
Gold ($/oz)
Silver ($/oz)
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106838688/en/
Coeur Mining, Inc. 200 S. Wacker Drive, Suite 2100 Chicago, IL 60606 Attention: Jeff Wilhoit, Senior Director, Investor Relations Phone: (312) 489-5800 www.coeur.com
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