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Coeur Reports Second Quarter 2013 Results

CHICAGO--(BUSINESS WIRE)--Aug. 8, 2013-- Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE: CDE) (TSX: CDM) reported metal sales of $204.5 million, cash flow from operating activities of $63.3 million, or $0.63 per share, and capital expenditures of $27.2 million during the second quarter 2013.

The Company produced 4.6 million ounces of silver and 60,757 ounces of gold during the second quarter 2013, representing increases of 21% and 7%, respectively, over the first quarter 2013. Silver and gold production at the Palmarejo mine in Mexico increased 24% and 23%, respectively, compared to the first quarter. Companywide cash operating costs were $8.86 per silver ounce1 and were $1,115 per gold ounce1 at the Company's Kensington gold mine during the second quarter.

The Company reaffirmed its 2013 full-year production guidance of 18.0-19.5 million ounces of silver and 250,000-265,000 ounces of gold. Despite lower gold prices used to calculate by-product credits, Coeur is maintaining its full-year cash operating cost1 guidance of $9.50 - $10.50 per silver ounce, which reflects the effects of the Company's ongoing cost reduction efforts. Although the Company anticipates Kensington's second half cash operating costs per gold ounce1 to be approximately 20% lower than the first half of the year, full-year 2013 cost guidance for Kensington is being revised upward slightly to $950 - $1,000 (compared to prior guidance of $900 - $950). Coeur will provide a three-year production outlook for each of its operations during the second half of 2013.

Second Quarter 2013 Highlights

  • Metal production increased to 4.6 million silver ounces and 60,757 gold ounces, an increase of 21% and 7%, respectively, from the first quarter 2013.
  • Metal sold increased to 5.2 million silver ounces and 63,389 gold ounces from 3.1 million silver ounces and 51,926 gold ounces in the first quarter 2013.
  • Net metal sales were $204.5 million, up 19% compared to the first quarter 2013 despite average realized prices of $22.86 per silver ounce and $1,416 per gold ounce, which were 25% and 13% lower, respectively, than the first quarter 2013.
  • Cash flow from operating activities was $63.3 million, or $0.63 per share, in the second quarter compared to $12.9 million, or $0.14 per share, during the first quarter 2013. Net loss for the second quarter 2013 was $35.0 million, or $0.35 per share, compared with net income of $12.3 million, or $0.14 per share, in the first quarter 2013. Adjusted earnings1 were $(34.6) million, or $(0.35) per share, compared with $6.8 million, or $0.08 per share, in the first quarter 2013.
  • Cash, cash equivalents, and short-term investments were $249.5 million at June 30, 2013, compared with $332.8 million at March 31, 2013. On April 16, 2013, $99.1 million was used as part of the consideration to acquire Orko Silver Corporation. The Company's $100 million revolving credit facility remains undrawn.
  • Effective June 27, 2013, Coeur settled the outstanding claims dispute at Rochester.

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

Mitchell J. Krebs, Coeur's President and Chief Executive Officer, said, "Our second quarter operating performance improved significantly compared to this year's first quarter and last year's fourth quarter. Palmarejo is now performing quite consistently from month-to-month. Our operations and technical teams deserve tremendous credit for the improvements at Palmarejo since late last year. Continued robust silver production from San Bartolomé and higher than planned gold production from Palmarejo are expected to offset lower than expected production levels at Rochester, which encountered poor crusher performance in the first half of the year. We remain enthusiastic about the expansion initiatives underway at Rochester, which we believe can make this long-running operation our largest cash flow generator in the next five years. The Kensington gold mine in Alaska is now demonstrating its ability to operate more consistently as planned. We expect production from Kensington to increase and unit costs to decrease significantly during the second half of the year due to higher grades. Finally, we are beginning a feasibility study on the La Preciosa project in Mexico, which is expected to be completed in mid-2014, and we will be focusing our efforts on optimizing the results of the PEA to improve the project's economics," Mr. Krebs added.

"Since late last year, Coeur has been actively pursuing a four-pronged strategy designed to maximize the Company's net cash flow: (1) identifying and implementing revenue enhancement opportunities at existing operations; (2) reducing operating and non-operating costs; (3) reducing capital spending, completing expansion projects at two of our mines, and targeting significantly lower capital expenditures in 2014; and (4) effectively managing working capital. I am pleased with the results of these initiatives and the targets we have established, which are summarized below and support our expectation to remain net cash flow positive at current price levels:

Revenue Enhancements:

  • Process recovery enhancements at Palmarejo expected to boost silver and gold recovery rates by 5%-10% by year-end, which are expected to result in approximately $30 million of incremental annual metal sales (assuming $20 per ounce silver and $1,300 per ounce gold prices).
  • Re-sequencing of higher-grade stopes at Kensington containing expected 10% higher grade during the second half of 2013, which is anticipated to increase production by approximately 25% and decrease unit operating costs by 20% compared to the first half of 2013.
  • Completion of the $15.1 million process plant expansion project at San Bartolomé by the end of the year, which is expected to increase silver production by 10%-15%, resulting in $11-$17 million of incremental annual metal sales (assuming a $20 per ounce silver price).

Cost Reductions:

  • $19 million of cash operating cost savings versus plan realized during the first half of 2013.
  • $8-$9 million of further cash operating cost reductions targeted during the remainder of the year. The projected cost savings are lower than in the first half due to higher than planned production levels in the second half of 2013.
  • Reducing exploration expense by 17%, or approximately $3 million during the remainder of 2013, and reallocating an additional $3 million of reductions to the La Preciosa project.

Capital Spending Reductions:

  • Eliminated or deferred $24 million of capital projects scheduled for 2013 resulting in full-year expected capital expenditures of $100-$110 million, an 18% decrease compared to prior guidance of $125-$140 million.
  • Targeting 2014 total capital expenditures of less than $80 million in order to maximize company-wide net cash flow.
  • On-track to complete the San Bartolomé process plant expansion project 20%, or $3.7 million, below budget.

Working Capital Improvements:

  • Reduced supplies and materials inventory by $12 million in the first half of 2013.
  • Targeting $30 million of additional working capital reductions during the remainder of 2013 in order to maximize net cash flow.

"After a difficult period for commodity prices since mid-April, silver and gold prices appear to be finding a bottom recently, although we expect continued volatility throughout the remainder of the year. We are seeing modest increases in industrial demand for silver and we believe the overarching rationale for investment demand for silver and gold remains intact. Looking ahead, we anticipate supplies of both silver and gold will tighten as a result of project deferrals, difficult capital markets, reduced exploration expenditures, and greater geopolitical and community-related challenges. Supply from scrap has already shown signs of significant decline, all of which should be supportive of stronger prices over the long-term."

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

Table 1: Financial Highlights (Unaudited)

(All amounts in millions, except per share amounts, average realized prices and gold ounces sold)       2Q 2013       1Q 2013      

Quarter
Variance

      4Q 2012     3Q 2012     2Q 2012
Sales of Metal       $ 204.5         $ 171.8         19 %       $ 205.9       $ 230.6       $ 254.4
Production Costs       $ 142.9         $ 88.8         61 %       $ 107.4       $ 125.0       131.8
Adjusted Earnings (1)       $ (34.6 )       $ 6.8         (609 %)       $ 26.2       $ 25.8       28.0
Adjusted Earnings Per Share(1)       $ (0.35 )       $ 0.08         (538 %)       $ 0.29       $ 0.29       $ 0.31
Net Income       $ (35.0 )       $ 12.3         (385 %)       $ 37.6       $ (15.8 )     23.0
Earnings Per Share       $ (0.35 )       $ 0.14         (350 %)       $ 0.42       $ (0.18 )     $ 0.26
Cash Flow From Operating Activities       $ 63.3         $ 12.9         391 %       $ 61.7       $ 79.7       $ 113.2
Capital Expenditures       $ 27.2         $ 12.8         113 %       $ 21.8       $ 30.0       32.2
Cash, Cash Equivalents & Short-Term Investments       $ 249.5         $ 332.8         (25 %)       $ 126.4       $ 143.6       200.3
Total Debt (net of debt discount)       $ 305.3         $ 305.3         -- %       $ 48.1       $ 47.4       118.8
Weighted Average Shares       99.8         89.9         11 %       89.1       89.4       89.6
Average Realized Price Per Ounce - Silver       $ 22.86         $ 30.30         (25 %)       $ 32.52       $ 30.09       $ 29.28
Average Realized Price Per Ounce - Gold       $ 1,416         $ 1,630         (13 %)       $ 1,709       $ 1,654       $ 1,610
Silver Ounces Sold       5.2         3.1         68 %       3.6       4.5       5.6
Gold Ounces Sold       63,389         51,926         22 %       55,565       59,156       59,579
                                                       

Included in second quarter net loss was a $32 million one-time charge ($22 million non-cash) for the settlement of the Rochester claims dispute litigation and a $17.2 million non-cash writedown of the Company's strategic investments. Both of these non-recurring items were excluded from Coeur's non-U.S. GAAP metric of adjusted earnings1. Adjusted earnings1 were $(34.6) million, or $(0.35) per share, in the second quarter 2013, compared with $28.0 million, or $0.31 per share, in the second quarter 2012 and $6.8 million or $0.08 per share in the first quarter 2013.

On a U.S. GAAP basis, the Company realized a net loss of $35.0 million, or $0.35 per share, in the second quarter 2013 compared with net income of $23.0 million, or $0.26 per share, in the second quarter 2012 and $12.3 million, or $0.14 per share, in the first quarter 2013. Net income for the second quarter 2013 included a positive non-cash fair value adjustment of $66.8 million. The positive fair value adjustment in the second quarter 2012 was $16.0 million. Fair value adjustments are driven primarily by lower or higher gold prices, which decrease or increase, respectively, the estimated future liabilities related to a gold royalty obligation at Palmarejo.

Table 2: Operational Highlights: Production

(silver ounces in thousands)         2Q 2013       1Q 2013      

Quarter
Variance

          Q4 2012       Q3 2012       Q2 2012
          Silver   Gold   Silver   Gold   Silver   Gold       Silver   Gold   Silver   Gold   Silver   Gold
Palmarejo         2,045       28,191       1,646       22,965       24 %   23 %       1,554       19,998       1,833       23,702       2,366       31,258
San Bartolomé         1,523      

--

      1,391      

--

      9 %   n.a.       1,343      

--

      1,526      

--

      1,470      

--

Rochester         844       9,404       648       8,742       30 %   8 %       828       12,055       819       10,599       713       10,120
Martha        

--

     

--

     

--

     

--

      n.a.   n.a.      

--

     

--

      93       76       108       97
Kensington        

--

      23,162      

--

      25,206      

n.a.

  (8 %)      

--

      28,717      

--

      24,391      

--

      21,572
Endeavor         221      

--

      150      

--

      47 %   n.a.       106      

--

      140      

--

      240      

--

Total         4,633       60,757       3,835       56,913       21 %   7 %       3,831       60,770       4,411       58,768       4,897       63,047
                                                                                                       

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

Table 3: Operational Highlights: Cash Operating Costs Per Ounce 1

        2Q 2013       1Q 2013      

Quarter
Variance

      Q4 2012     Q3 2102     Q2 2012
Palmarejo       $ 3.25         $ 2.20         (48 %)       $ 7.55       $ 3.75       $ (0.85 )
San Bartolomé       12.89         13.27         (3 %)       13.97       12.13       11.05  
Rochester       14.75         13.54         9 %       2.17       9.58       9.83  
Martha      

--

       

--

       

n.a.

     

--

      48.12       55.07  
Endeavor       10.62         17.30         (39 %)       19.92       15.97       17.50  
Total       $ 8.86         $ 8.73         1 %       $ 8.97       $ 9.05       $ 6.41  
Kensington       $ 1,115         $ 1,055         6 %       $ 1,065       $ 1,298       $ 1,348  
                                                                   

Palmarejo, Mexico - Rebounding Production Due to Higher Grades; Expected Recovery Rate Improvements

  • Palmarejo produced 2.0 million ounces of silver and 28,191 ounces of gold at cash operating costs of $3.25 per silver ounce1 for the second quarter. In the first quarter of 2013, Palmarejo produced 1.6 million ounces of silver and 22,965 ounces of gold at cash operating costs of $2.20 per silver ounce1.
  • Silver and gold ore grades from both the open pit and from underground operations improved compared to the first quarter 2013, and these grades are expected to be maintained throughout the remainder of the year. Recovery rates are expected to increase 5%-10% by the end of the year.
  • Ongoing cost reduction initiatives at Palmarejo have lowered cash operating costs in the first half of 2013 compared to plan. The initiatives include reductions in outside services, contract services, reagent and consumable consumption, as well as more favorable pricing on key consumables, shorter waste haul distance, and greater cost efficiency within the maintenance systems.
  • The acquisition of the La Curra property potentially adds value as an on-strike extension of Las Animas, part of the Guadalupe system, outside the property boundary subject to the Franco-Nevada gold production royalty. Mine modeling of Las Animas as an open pit operation continues with further drilling planned for the remainder of the year.
  • Guadalupe underground development has now reached the ore horizon. A vent raise to connect the upper and lower parts of the mine is planned for 2014.
  • Mining is ongoing in the upper ore zones in 76 Clavo. Mining in 108 Clavo continues to produce strong silver grade and higher gold grades in 2013. Open pit expansion into the Tucson/Chapotillo is progressing and open pit ore grade material from this new area is being modeled for mining in early 2014.
  • Sales and cash flow from operating activities totaled $86.2 million and $37.2 million, respectively, in the second quarter 2013.
  • Capital expenditures of $9.2 million were incurred at Palmarejo in the second quarter on underground mining equipment and for underground mine development at Palmarejo and Guadalupe.

San Bartolomé, Bolivia - Consistent Performance; Mill Expansion On-Track

  • San Bartolomé produced 1.5 million ounces of silver at cash operating costs of $12.89 per silver ounce1. In the first quarter of 2013, San Bartolomé produced 1.4 million ounces of silver at cash operating costs of $13.27 per silver ounce1.
  • The Company is in the process of increasing processing capacity approximately 10%-15% during 2013. This expansion is expected to have a less than two-year payback and increase the mine's annual production to over 6.0 million ounces of silver for the next several years. This expansion project remains on-schedule for completion by the end of the year and is expected to be completed 20% below budgeted levels.
  • Sales and cash flow from operating activities totaled $49.2 million and $32.8 million, respectively, in the second quarter 2013.
  • Capital expenditures were $3.2 million during the second quarter and consisted primarily of the tailings and process plant expansion project.

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

Rochester, Nevada - Slow First Half of 2013; Anticipate Expansion Announcement by Year-End

  • Rochester produced 843,845 ounces of silver and 9,404 ounces of gold, up 30% and 8% respectively, over the first quarter 2013. This was a smaller rebound than expected due to poor crusher performance during the second quarter.
  • Cash operating costs per silver ounce1 were $14.75, which were 9% higher than the first quarter 2013.
  • Ongoing cost reductions at Rochester include reductions in reagent and consumable consumption, contract services, and power, as well as shorter haul distances. Year-to-date, Rochester's operating costs remain below planned levels. Cash operating costs per silver ounce1 have been negatively impacted by the lower than planned production levels.
  • The Company is investing approximately $4.0 million during 2013 to expand the capacity of the primary crusher from 9.0 million tons to 14.0 million tons. Monthly crusher throughput is expected to accelerate in the second half of 2013, leading to higher anticipated silver and gold production in the second half of 2013.
  • In addition, the Company is expanding the mine's heap leach capacity to approximately 67.0 million tons at an estimated capital cost of approximately $15.0 million. This planned expansion is designed to accommodate sustained higher production rates driven by the processing of ore contained in historic stockpiles. These stockpiles were created during the mine's 26 year operating history when gold and silver prices were significantly lower than current market prices. Coeur expects further reserve increases from this and its ongoing exploration efforts on the stockpiles, and intends to announce future expansion plans at Rochester later in 2013.
  • Effective June 27, 2013, Coeur settled the outstanding claims dispute at Rochester. In connection with the settlement, Coeur acquired the disputed mining claims for $10 million in cash plus a 3.4% net smelter returns royalty covering 39.4 million silver equivalent ounces beginning January 1, 2014.
  • In July, Rochester was recognized for outstanding achievement in safety by the Nevada Mining Association, which will present Rochester with its 2013 1st Place Safety Award for the Surface Operations, Medium Mine category.
  • Sales totaled $34.9 million in the second quarter compared to $39.5 million in the first quarter. Cash flow from operating activities of $(3.4) million in the second quarter 2013 declined from $5.6 million in the first quarter due to the $10 million cash portion of the disputed claims settlement, an increase in ore placed on the leach pad (the related costs of which are added to inventory and subsequently expensed as ounces are recovered from the leach pad), and also due to lower metal prices.
  • Capital expenditures of $6.6 million during the quarter were spent on process plant equipment, the Stage III leach pad expansion, and equipment related to the crusher expansion.

Kensington, Alaska - Improving Gold Grade Expected in Second Half of 2013

  • Kensington produced 23,162 ounces of gold, a decrease of 8% from the first quarter 2013. Cash operating costs per ounce1were $1,115, compared to $1,055 in the first quarter 2013.
  • Average mill head grade of 0.18 oz/t was 10% lower than the first quarter 2013 due to the processing of lower-grade stockpile ore. The gold grade is expected to gradually improve during the second half of 2013 as higher-grade stopes are mined and processed, which we expect will lower unit operating costs 20% compared to the first half of the year.
  • Additional cost reductions targeted for the second half of the year include reductions in contract services and lower underground backfill costs due to lower prices for backfill material.
  • Sales and cash flow from operating activities totaled $30.9 million and $7.6 million, respectively, for the second quarter 2013.
  • Capital expenditures of $7.4 million in the second quarter were spent primarily on underground capital development and reserve category drilling.

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

La Preciosa, Mexico - PEA Completed and Feasibility Work to Begin

  • The results of the PEA provide a solid foundation from which the Company will seek to enhance the project's economics given current silver and gold prices. The PEA indicated an estimated mine life of 17 years, initial capital expenditures of $348 million, and an average annual production rate of 9.1 million ounces over the first 14 years.
  • Coeur will now commence a full feasibility study, along with infill and development drilling. Upon completion of this work in mid-2014, the Company and its Board will evaluate the economics of the optimized project, assess the silver and gold market, and determine whether to proceed with construction.
  • A strong development team continues to be established at the corporate office and in Durango, Mexico.
  • Expenditures in the second half of 2013 are expected to be approximately $15 million, with $3 million for exploration and $12 million for sustainability projects within the community, engineering, access road, and land acquisitions.

Exploration Update

During the second quarter, the Company invested $6.8 million in expensed exploration for discovery of new mineralization and $3.0 million in capitalized exploration for definition of new mineralization.

Coeur's exploration program utilized up to 11 drill rigs: five drills at Palmarejo, three at Kensington (including one drill devoted to definition drilling), two in Argentina (Joaquin and Lejano projects), and one at Rochester.

Palmarejo, Mexico

  • Exploration for discovery of new mineralization was conducted around the Palmarejo surface and underground mine area on new targets generated in 2012 and early 2013. Significant results were obtained from this work, notably hole T4DH-002 from drilling of open pit targets and hole TTDH-003 from drilling of underground targets, which intersected 8.1 meters (true width) grading 352 grams per metric ton (g/t) of silver and 3.4 g/t of gold, and 2.5 meters true grading 720 g/t silver and 5.7 g/t gold, respectively. In addition, drilling underground in the 108 and Interclavos zones, part of the long La Blanca structure, returned favorable results and is expected to contribute to the expansion of Palmarejo's underground-minable reserves.
  • New drilling was completed at El Salto, bordering the Las Animas surface minable reserves, with positive initial results. A phase 2 drilling program is underway and the Company has commenced evaluation of the new La Curra property situated nearby to the southeast. Favorable results from this exploration would have a positive impact on the surface-minable Las Animas portion of the more than 2.6 kilometer-long (1.6 miles) Guadalupe vein system. Notable results include hole TDGH-563 with 3.8 meters true width mineralization grading 478 g/t of silver and 1.29 g/t of gold.
  • The first drilling from underground positions started on Guadalupe Norte. Assays are pending and drilling will continue as this part of the Guadalupe mine is developed.

Kensington, Alaska

  • Exploration work to discover new mineralization continued in the second quarter. As part of this work, surface drilling began on the Jualin area (a historic mine south of main Kensington). This drilling targeted the number 4 vein, a zone of auriferous quartz and sulfide veining situated about 1,500 feet (460 meters) due south of the mill facility. Targets selected to discover and define new mineralization are focusing on those, like Jualin and Raven, with the potential to be higher-grade than the current reserves.
  • Exploration to define and expand known mineralized zones and help expand reserves focused on the southern margins of lower Zone 10 and Zone 50 in main Kensington as well as the northern extent of lower Zone 10. Initial results from widely-spaced drilling have shown new gold mineralization extends more than 200 feet from the south limits of the current mineral reserves.
  • In addition, underground drilling was conducted on the Ann target and the upper extension of Zone 10 at main Kensington.

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

Rochester, Nevada

  • Drilling was performed to expand and define grades and tons of existing stockpiled material in the second quarter. The drilling returned favorable results from the Limerick, South, and North areas. Results from 23 new drill holes were received this quarter. Results from hole LMD13-061 with 120 feet grading 0.67 ounces per short ton (oz/t) of silver and 40 feet of 1.52 oz/t of silver from Limerick and SRD13-109 in the South stockpile which returned 70 feet grading 0.38 oz/t silver and 150 feet grading 0.56 oz/t of silver.

Coeur is reducing its exploration spending by 17%, or approximately $3 million during the remainder of 2013, and reallocating an additional $3 million of reductions to the La Preciosa project.

2013 Outlook

Coeur's estimated 2013 consolidated silver and gold production guidance remains unchanged as shown in Table 4 below, and compares to 2012 silver production of 18.0 million ounces and gold production of 226,486 ounces.

Coeur has maintained its full-year 2013 projected cash operating costs of $9.50 - $10.50 per silver ounce1, which reflects ongoing cost reduction efforts that are expected to offset lower gold prices used to calculate by-product credits. Although the Company anticipates Kensington's second half cash operating costs per gold ounce1 to be 20% lower than the first half of the year, full-year 2013 guidance for Kensington is being revised upward slightly to $950 - $1,000 (compared to prior guidance of $900 - $950). The midpoint of this range is 32% below 2012 cash operating costs per gold ounce1 of $1,358 at Kensington.

Table 4: 2013 Production Outlook

(silver ounces in thousands)       Country           Silver       Gold
Palmarejo       Mexico           7,700-8,300       104,000-109,000
San Bartolomé       Bolivia           5,600-5,900       --
Rochester       Nevada, USA           4,100-4,500       38,000-42,000
Endeavor       Australia           600-800       --
Kensington       Alaska, USA           --       108,000-114,000
Total                   18,000-19,500       250,000-265,000
                             

Conference Call Information

Coeur will hold a conference call and webcast at www.coeur.com to discuss the Company's second quarter 2013 results at 1 p.m. Eastern time on August 8, 2013.

Dial-In Numbers:       (855) 546-8317 (U.S. and Canada)
        (660) 422-4718 (International)
         
Conference ID:       217 88 354
         
A replay of the call will be available on Coeur's website through August 22, 2013.
         
Replay number:       (855) 859-2056 (US and Canada)
         
International replay:       (404) 537-3406 (International)
         
Conference ID:       217 88 354

1.

 

Adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.

     

About Coeur

Coeur Mining, Inc. is the largest U.S.-based primary silver producer and a growing gold producer. The Company has four precious metals mines in the Americas generating strong production, sales, and cash flow. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine in Bolivia, the Rochester silver-gold mine in Nevada and the Kensington gold mine in Alaska. Coeur has a non-operating interest in the Endeavor silver-gold mine in Australia. The Company has two feasibility stage projects, the Joaquin silver project in Argentina and the La Preciosa silver-gold project in Mexico. In addition, Coeur conducts ongoing exploration activities in Mexico, Argentina, Nevada, Alaska and Bolivia. The Company owns strategic investment positions in eight silver and gold development companies with projects in North and South America.

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