Provides Full-Year 2020 Production and Cost Guidance
Chicago, Illinois - February 19, 2020 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported fourth quarter 2019 financial results, including revenue of $195.0 million and cash flow from
operating activities of $39.3 million. Including non-cash write downs of $277.7 million taken in the quarter, the Company reported GAAP net loss from continuing operations of $270.9 million, or $1.13 per share. On
an adjusted basis1, the Company reported EBITDA of $59.8 million and net loss from continuing operations of $3.3 million, or $0.01 per share.
For the full year, Coeur reported revenue of $711.5 million and cash flow from operating activities of $91.9 million. Including non-cash write downs totaling $320.0 million, the Company reported GAAP net loss from continuing operations of $346.9 million, or $1.59 per share. On an adjusted basis1, the Company reported EBITDA of $173.9 million and net loss from continuing operations of $54.6 million, or $0.25 per share.

Key Highlights
• Solid improvement in annual financial results - Revenue, operating cash flow and adjusted EBITDA1 increased 14%, 357% and 11%, respectively, in 2019. The year-over-year improvement in financial results reflects solid performance from the Company’s primary gold operations as well as higher precious metals
prices in 2019
• Strong cost performance from primary gold operations - Full-year adjusted costs applicable to sales (“CAS”)1 at Palmarejo, Kensington and Wharf were below or within their guidance ranges for 2019, leading to strong free cash flow1 at each of these primary gold operations. During 2019, gold sales
represented 69% of the Company’s total revenue
• Third consecutive quarter of increasing, positive free cash flow1 - Coeur generated $18.4 million of free cash flow1 during the fourth quarter, representing a 63% increase compared to the prior period and
a $36.1 million improvement compared to the fourth quarter of 2018. This third consecutive quarter of increasing, positive free cash flow1 was primarily driven by strong performance from the Company’s Palmarejo, Kensington and Wharf operations
• Positive results from high-pressure grinding roll (“HPGR”) unit at Rochester - 60-day silver recovery rates from HPGR-crushed ore are in-line with prior test work and are significantly better than recoveries from traditionally-crushed material. Permitting and planning for Plan of Operations Amendment 11 (“POA 11”) expansion advancing on-schedule
• $250.8 million impairment, and temporarily suspending mining and processing activities at Silvertip - Reduction in carrying value to $150.0 million and temporary suspension of mining and processing activities driven by further deterioration in zinc and lead market conditions as well as
processing facility-related challenges. The Company plans to (i) double its exploration investment in 2020 to potentially further expand the resource and extend the mine life, and (ii) pursue a mill expansion to improve the asset’s cost structure and its ability to deliver sustainable cash flow
• Success from 2019 investment in exploration delivered resource growth - The Company focused its exploration efforts primarily on resource expansion drilling in 2019. Measured and indicated resources increased across all metals, and inferred gold, zinc and lead resources were higher year-over-year. Proven
and probable silver reserves also increased, while zinc and lead reserves were consistent year-over-year
• Over $160.0 million reduction in total debt2 achieved during 2019 - The Company ended the year with $295.5 million in total debt2, compared to $458.8 million at the end of 2018. This 36% reduction
reflects the results of Coeur’s deleveraging initiatives and improved financial performance during 2019 “Higher precious metals prices and strong performance from our primary gold operations drove a 14% increase in revenue, an 11% increase in adjusted EBITDA1, and a four-fold increase in operating cash flow,” said Mitchell J. Krebs, President and Chief Executive Officer. “Our 2019 results reflect our strategy to discover, develop, and operate a balanced portfolio of North American-based precious metals assets. Palmarejo
delivered over $65.0 million of free cash flow1 last year while Wharf generated over $37.0 million of free cash flow, bringing its cumulative free cash flow1 to over $170.0 million since we acquired the operation in
2015 for $99.5 million. We were also pleased to see Kensington deliver record free cash flow1 after a multiyear effort to discover and develop higher-grade mineralization.” “Despite a weaker than anticipated fourth quarter due to lower crushing rates, our Rochester open-pit, silvergold
mine in Nevada remains our top growth opportunity. We began processing ore through a new crushing circuit during the second half of the year utilizing HPGR technology. Early indications suggest that HPGR
is having its intended impact by increasing and accelerating silver recovery rates. HPGR forms the basis of a larger expansion during the next two years that is expected to position Rochester as a long-life, strong cash
flow generator for the Company.”
Mr. Krebs continued, “The decision to temporarily suspend operating activities at Silvertip, which represented approximately 6% of the Company’s 2019 revenue, was driven by our goal of maximizing the long-term
value of the operation. While we have been successful in executing key projects and improving mill availability, the further deterioration in the zinc and lead markets - particularly for spot concentrate treatment
charges - represents significant headwinds to our ability to generate positive cash flow. While mining and processing activities are paused, we plan to more than double our investment in drilling to further expand Silvertip’s high-grade deposit and extend its mine life. During 2019, we were able to grow Silvertip’s inferred resources by over 70% and its measured and indicated resources by nearly 40%. In addition, we have commenced a pre-feasibility study to evaluate a mill expansion, which we believe will significantly enhance Silvertip’s economics.”
“Looking ahead, our top priorities for 2020 are to (i) advance and execute our strategy to further expand Rochester, (ii) increase our level of investment in exploration, particularly at our most prospective sites, (iii)
evaluate and pursue a successful repositioning of Silvertip, (iv) deliver consistent results from our operations, leading to positive free cash flow1 and lower overall costs, and (v) continue to enhance our leading
environmental, social and governance profile,” concluded Mr. Krebs.

Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold
ounces produced & sold, and per-ounce/pound metrics) 2019 4Q 2019 3Q 2019 2Q 2019 1Q 2019 2018 4Q 2018
Gold Sales $ 493.3 $ 134.3 $ 141.9 $ 110.3 $ 106.8 $ 427.0 $ 96.3
Silver Sales $ 191.5 $ 54.8 $ 51.6 $ 45.0 $ 40.1 $ 193.2 $ 44.6
Zinc Sales $ 12.8 $ 2.6 $ 2.0 $ 2.6 $ 5.6 $ 3.6 $ 1.9
Lead Sales $ 13.9 $ 3.3 $ 4.0 $ 4.2 $ 2.4 $ 2.1 $ 1.0
Consolidated Revenue $ 711.5 $ 195.0 $ 199.5 $ 162.1 $ 154.9 $ 625.9 $ 143.8
Costs Applicable to Sales3 $ 551.2 $ 146.6 $ 141.0 $ 131.9 $ 131.7 $ 441.0 $ 116.6
General and Administrative Expenses $ 34.5 $ 7.6 $ 9.6 $ 7.8 $ 9.5 $ 31.3 $ 7.1
Net Income (Loss) $ (346.9) $ (270.9) $ (14.3) $ (36.8) $ (24.9) $ (49.0) $ 0.4
Net Income (Loss) Per Share $ (1.59) $ (1.13) $ (0.06) $ (0.18) $ (0.12) $ (0.26) $ 0.00
Adjusted Net Income (Loss)1 $ (54.6) $ (3.3) $ (5.3) $ (23.0) $ (23.0) $ (2.2) $ 16.1
Adjusted Net Income (Loss)1 Per Share $ (0.25) $ (0.01) $ (0.02) $ (0.11) $ (0.11) $ (0.01) $ 0.08
Weighted Average Shares Outstanding 218.8 238.7 225.9 207.8 202.4 188.6 199.5
EBITDA1 $ (154.4) $ (214.5) $ 37.6 $ 7.7 $ 14.8 $ 87.1 $ 7.9
Adjusted EBITDA1 $ 173.9 $ 59.8 $ 61.0 $ 30.6 $ 26.1 $ 157.3 $ 36.2
Cash Flow from Operating Activities $ 91.9 $ 39.3 $ 42.0 $ 26.4 $ (15.8) $ 20.1 $ 0.1
Capital Expenditures $ 99.8 $ 21.0 $ 30.7 $ 20.7 $ 27.4 $ 140.8 $ 17.8
Free Cash Flow1 $ (7.9) $ 18.4 $ 11.3 $ 5.7 $ (43.3) $ (120.7) $ (17.7)
Cash, Equivalents & Short-Term Investments $ 55.6 $ 55.6 $ 65.3 $ 37.9 $ 69.0 $ 115.1 $ 115.1
Total Debt2 $ 295.5 $ 295.5 $ 298.7 $ 370.0 $ 456.8 $ 458.8 $ 458.8
Average Realized Price Per Ounce – Gold $ 1,342 $ 1,407 $ 1,413 $ 1,277 $ 1,251 $ 1,218 $ 1,214
Average Realized Price Per Ounce – Silver $ 16.07 $ 16.99 $ 17.17 $ 14.75 $ 15.22 $ 15.65 $ 14.59
Average Realized Price Per Pound – Zinc $ 0.71 $ 0.62 $ 0.50 $ 0.49 $ 1.19 $ 0.83 $ 0.83
Average Realized Price Per Pound – Lead $ 0.84 $ 0.78 $ 0.92 $ 0.82 $ 0.86 $ 0.80 $ 0.80
Gold Ounces Produced 359,418 94,716 99,782 86,584 78,336 359,520 92,546
Silver Ounces Produced 11.7 3.1 3.0 3.1 2.5 12.8 3.5
Zinc Pounds Produced 17.1 3.9 4.2 5.3 3.7 4.2 3.1
Lead Pounds Produced 16.6 4.0 4.5 5.0 3.1 2.1 1.7
Gold Ounces Sold 367,650 95,532 100,407 86,385 85,326 350,508 79,291
Silver Ounces Sold 11.9 3.3 3.0 3.0 2.6 12.4 3.1
Zinc Pounds Sold 18.2 4.1 4.1 5.3 4.7 4.4 2.6
Lead Pounds Sold 16.5 4.3 4.3 5.2 2.7 2.6 1.4
Financial Results
Fourth quarter 2019 revenue of $195.0 million was slightly lower compared to the prior period and 36%
higher compared to the fourth quarter of 2018. During the fourth quarter, the Company sold 95,532 ounces of gold, 3.3 million ounces of silver, 4.1 million pounds of zinc and 4.3 million pounds of lead.
For the full year, the Company generated $711.5 million of revenue, representing a 14% increase year-overyear.
Full-year 2019 metal sales totaled 367,650 ounces of gold, 11.9 million ounces of silver, 18.2 million pounds of zinc and 16.5 million pounds of lead, compared to 350,508 ounces of gold, 12.4 million ounces
of silver, 4.4 million pounds of zinc and 2.6 million pounds of lead in 2018.
Average realized gold and silver prices were slightly lower quarter-over-quarter, totaling $1,407 and $16.99 per ounce, respectively, and were both approximately 16% higher compared to the fourth quarter of 2018.

see & read more on
https://www.coeur.com/_resources/news/nr_20200219.pdf