Chicago, Illinois - April 22, 2020 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported first quarter 2020 financial results, including revenue of $173.2 million, cash flow from operating activities of $(8.0) million and GAAP net loss from continuing operations of $11.9 million, or $0.05 per share. On an adjusted basis1, the Company reported EBITDA of $46.6 million, cash flow from operating activities prior to changes in working capital of $30.1 million and net loss from continuing operations of $0.8 million, or $0.00 per share.

Key Highlights
• Proactive response to managing impacts of global COVID-19 pandemic - As part of Coeur’s corporate crisis management process, a special advisory committee was established in early March to evaluate and address ongoing concerns, risks and challenges associated with COVID-19. Primary objectives of the committee remain (i) protecting the health of Coeur’s workforce and communities, and (ii) ensuring continuity of the Company’s operations to the extent possible
• Financial results reflective of key elements of Company strategy - Gold sales represented a record high 74% of quarterly revenue, while Coeur’s three U.S. operations – all of which continue to operate – comprised 56% of quarterly revenue
• Strong operational and financial performance at Palmarejo - Palmarejo was the Company’s top performing operation, driven by a 10% increase in gold production quarter-over-quarter. The operation generated $28.9 million in operating cash flow and recorded adjusted costs applicable to sales (“CAS”)1 of $645 per ounce of gold and $8.37 per ounce of silver. Strong operational performance helped to generate $21.8 million of free cash flow1 during the first quarter
• Improved crusher performance and major permitting milestone achieved at Rochester - Coeur processed 37,677 tons per day (“tpd”) through the upgraded crusher configuration at Rochester during the first quarter, exceeding its target by 11% and was 33% higher than the prior quarter. The Company also received the Record of Decision from the Bureau of Land Management for Plan of Operations Amendment 11 (“POA 11”), marking a significant achievement toward the planned expansion at Rochester
• Advancing exploration efforts across portfolio - Coeur began its largest exploration program in Company history, drilling roughly 20% more footage than the prior period and nearly 60% more than the first quarter of 2019. The increased exploration activity was primarily related to the expanded drilling program underway at Palmarejo and the ramp up in drilling at the Sterling and Crown deposits in Southern Nevada. Expanded drilling programs at Kensington and Silvertip also commenced during the quarter
• Safe transition and advancing work on pre-feasibility study at Silvertip - The Company safely ramped down Silvertip, completing the transition to a temporary suspension of mining and processing activities announced in February. Zinc and lead markets continued to face significant headwinds during the first quarter, further validating Coeur’s decision to temporarily suspend active mining and processing activities.
Work on the pre-feasibility study to evaluate a mill expansion is advancing
• Additional execution of opportunistic hedging - The Company continued to add to its zero-cost collar (“ZCC”) gold hedging program during the quarter, with a total of 153,000 and 99,000 ounces now hedged through the remainder of 2020 and in 2021, respectively. Coeur also capitalized on multi-year low exchange rates for the Mexican Peso and Canadian Dollar by securing rate protection on a portion of its foreign currency-denominated expenses over the next two years. The increased hedging activity is being implemented to provide downside protection in preparation for the POA 11 expansion at Rochester, which is expected to be funded with a combination of internally generated cash flow and its senior secured revolving credit facility (“RCF”)
• Bolstered cash balance to enhance financial flexibility - Coeur had $52.9 million of cash and cash equivalents as of March 31, 2020. As a precautionary measure, the Company further bolstered its cash position by drawing down an additional $100.0 million from its RCF shortly after the end of the quarter in response to potential impacts of COVID-19, bringing the total amount drawn to $150.0 million
“Our top priority as we navigate the COVID-19 situation continues to be the health, safety and well-being of our workforce, their families, and the communities where we operate,” said Mitchell J. Krebs, President and Chief Executive Officer. “We have put stringent controls and procedures in place throughout the Company focused on (i) controlling and limiting access to our sites, (ii) screening employees and visitors at entrance points, (iii) reducing exposure risk through a range of social distancing protocols as well as proactive sanitizing and cleaning procedures, and (iv) mandating all office personnel work from home. We have also implemented travel restrictions and reporting requirements for all of our employees.”
“At this time, three of our four active mines remain in operation. Our three U.S. assets continue to operate, while our Palmarejo mine in Mexico has taken steps to suspend active mining and processing activities in accordance with the Mexican government’s decree to suspend non-essential business activities. We safely ramped down mining and processing activities at our Silvertip operation in British Columbia in February and are successfully carrying out site-based activities and advancing our drilling program. Finally, we continue to coordinate with federal, state and local officials, our suppliers, health providers, and other mining companies to share best practices, provide assistance and support to local communities, and ensure we are doing everything possible to mitigate the risks and potential impact of this global health crisis.” Mr. Krebs continued, “Our first quarter consolidated financial results were in-line with our expectations, led again by strong performance from Palmarejo. We made solid progress on several key 2020 priorities , including (i) advancing our efforts to further expand and reposition Rochester as a long-life asset generating strong, consistent cash flow, (ii) increasing our investment in exploration to drive further reserve and resource growth throughout the Company, and (iii) evaluating a potential expansion of Silvertip. Additionally, we have taken proactive steps to maximize our financial flexibility during this period of unprecedented volatility and uncertainty. We look forward to delivering on our key objectives during the remainder of the year in a constructive gold price environment and to navigating the near-term uncertainty related to COVID-19. We remain enthusiastic about the opportunities we are pursuing to deliver high-return growth over the coming years for our stockholders,” concluded Mr. Krebs.

Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces
produced & sold, and per-ounce/pound metrics) 1Q 2020 4Q 2019 3Q 2019 2Q 2019 1Q 2019
Gold Sales $ 127.6 $ 134.3 $ 141.9 $ 110.3 $ 106.8
Silver Sales $ 44.9 $ 54.8 $ 51.6 $ 45.0 $ 40.1
Zinc Sales $ (0.7) $ 2.6 $ 2.0 $ 2.6 $ 5.6
Lead Sales $ 1.3 $ 3.3 $ 4.0 $ 4.2 $ 2.4
Consolidated Revenue $ 173.2 $ 195.0 $ 199.5 $ 162.1 $ 154.9
Costs Applicable to Sales2 $ 118.9 $ 146.6 $ 141.0 $ 131.9 $ 131.7
General and Administrative Expenses $ 8.9 $ 7.6 $ 9.6 $ 7.8 $ 9.5
Net Income (Loss) $ (11.9) $ (270.9) $ (14.3) $ (36.8) $ (24.9)
Net Income (Loss) Per Share $ (0.05) $ (1.13) $ (0.06) $ (0.18) $ (0.12)
Adjusted Net Income (Loss)1 $ (0.8) $ (3.3) $ (5.3) $ (23.0) $ (23.0)
Adjusted Net Income (Loss)1 Per Share $ 0.00 $ (0.01) $ (0.02) $ (0.11) $ (0.11)
Weighted Average Shares Outstanding 240.3 238.7 225.9 207.8 202.4
EBITDA1 $ 25.5 $ (214.5) $ 37.6 $ 7.7 $ 14.8
Adjusted EBITDA1 $ 46.6 $ 59.8 $ 61.0 $ 30.6 $ 26.1
Cash Flow from Operating Activities $ (8.0) $ 39.3 $ 42.0 $ 26.4 $ (15.8)
Capital Expenditures $ 22.2 $ 21.0 $ 30.7 $ 20.7 $ 27.4
Free Cash Flow1 $ (30.2) $ 18.4 $ 11.3 $ 5.7 $ (43.3)
Cash, Equivalents & Short-Term Investments $ 52.9 $ 55.6 $ 65.3 $ 37.9 $ 69.0
Total Debt3 $ 343.1 $ 295.5 $ 298.7 $ 370.0 $ 456.8
Average Realized Price Per Ounce – Gold $ 1,490 $ 1,407 $ 1,413 $ 1,277 $ 1,251
Average Realized Price Per Ounce – Silver $ 16.63 $ 16.99 $ 17.17 $ 14.75 $ 15.22
Average Realized Price Per Pound – Zinc $ (0.21) $ 0.62 $ 0.50 $ 0.49 $ 1.19
Average Realized Price Per Pound – Lead $ 0.54 $ 0.78 $ 0.92 $ 0.82 $ 0.86
Gold Ounces Produced 85,077 94,716 99,782 86,584 78,336
Silver Ounces Produced 2.7 3.1 3.0 3.1 2.5
Zinc Pounds Produced 2.5 3.9 4.2 5.3 3.7
Lead Pounds Produced 2.2 4.0 4.5 5.0 3.1
Gold Ounces Sold 85,635 95,532 100,407 86,385 85,326
Silver Ounces Sold 2.7 3.3 3.0 3.0 2.6
Zinc Pounds Sold 3.2 4.1 4.1 5.3 4.7
Lead Pounds Sold 2.5 4.3 4.3 5.2 2.7

Financial Results
First quarter 2020 revenue totaled $173.2 million compared to $195.0 million in the prior period and $154.9 million in the first quarter of 2019. During the first quarter, the Company produced 85,077 ounces of gold, 2.7 million ounces of silver, 2.5 million pounds of zinc and 2.2 million pounds of lead. Metal sales for the quarter totaled 85,635 ounces of gold, 2.7 million ounces of silver, 3.2 million pounds of zinc and 2.5 million pounds of lead.
Average realized gold and silver prices for the quarter were $1,490 and $16.63 per ounce, respectively, or 6% higher and 2% lower quarter-over-quarter. Average realized zinc and lead prices, net of treatment and refining charges and including the impact of provisional price and quantity adjustments, for the quarter were $(0.21) and $0.54 per pound, respectively, compared to $0.62 and $0.78 per pound in the prior quarter. The significant decrease in base metals prices, combined with the finalization of the annual zinc and lead benchmark treatment charges at $299.75 and $182.50 per tonne, respectively, further validated the Company’s decision to temporarily suspend active mining and processing activities at Silvertip in mid-February.
Gold and silver sales accounted for 74% and 26% of first quarter revenue, respectively, while combined zinc and lead sales were minimal. The Company’s U.S. operations accounted for approximately 56% of first quarter revenue, down modestly from approximately 59% in the prior period.
Costs applicable to sales of $118.9 million were 19% lower quarter-over quarter, reflecting the suspension
of mining and processing activities at Silvertip as well as lower production from Rochester and Wharf. First quarter general and administrative expenses totaled $8.9 million compared to $7.6 million in the prior period, primarily driven by higher employee-related expenses.
First quarter exploration expense was $6.4 million, or 11% lower quarter-over-quarter. The Company focused on infill and expansion drilling at Palmarejo and Sterling as well as expansion drilling at Kensington, Silvertip and the Crown Block. See the “Operations” section and page 16 for additional details on the Company’s exploration activities.
Coeur recorded an income tax benefit of $3.9 million during the first quarter. Cash income and mining taxes paid during the quarter totaled approximately $10.9 million, including the annual payment of the Mexican Mining Royalty Tax of $4.6 million.
Quarterly operating cash flow totaled $(8.0) million, reflecting lower operating cash flow across most of the Company’s operations and unfavorable changes in working capital during the period. Cash flow prior to changes in working capital totaled $30.1 million. Operating cash flow in the first quarter was impacted by Silvertip, including (i) cash outflow of approximately $10.4 million related to an inventory adjustment prior to the suspension of active mining and processing activities in mid-February and (ii) $6.3 million of costs associated with the ramp down, including $3.7 million in one-time costs primarily related to employee severance and contractual obligations. The Company now expects ongoing carrying costs during the suspension to total approximately $4.5 million per quarter, down from its original estimate of approximately $6.0 million per quarter.
Additionally, first quarter operating cash flow includes approximately $7.0 million of cash outflow associated with the Company’s prepayment agreement at Kensington. Coeur expects the remaining $8.0 million cash outflow under the arrangement will occur in the second quarter.
First quarter capital expenditures remained relatively consistent with the prior period, totaling $22.2 million.
Sustaining and development capital expenditures accounted for approximately 77% and 23%, respectively, of the Company’s capital expenditures during the quarter.

COVID-19 Update
Coeur established a special advisory committee to evaluate ongoing concerns, risks and challenges with respect to COVID-19 across its operations and corporate headquarters in early March 2020. The primary goals of the committee include (i) protecting the health, safety and well-being of Coeur’s workforce and communities, and (ii) ensuring the continuity of business operations. The committee meets regularly via video conference and has elevated its level of communications by proactively engaging with various stakeholders, including regulators, government officials, community partners and healthcare providers, among others.
The current status of each of the Company’s operations is highlighted below:

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