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Coeur Reports Second Quarter 2015 Results

Revenue of $166.3 million


Published:

Chicago, Illinois - August 4, 2015 - Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE: CDE) reported second quarter 2015 revenue of $166.3 million, adjusted EBITDA1 of $34.7 million, adjusted net loss1 of $0.11 per share, and cash flow from operating activities of $36.9 million. Adjusted costs applicable to sales per silver equivalent ounce1 of $12.56 declined 8% from the first quarter. Adjusted all-in sustaining costs declined 6% from the first quarter to $16.60 per silver equivalent ounce1, the lowest level in over two years of reporting this metric.

"In the second quarter we achieved the strongest financial performance in two years despite the weakest realized silver and gold prices over this time frame," said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. "With nearly every mine outperforming initial cost and production targets, we are raising our production guidance and lowering our cost guidance for 2015. The notable exception is San Bartolomé, where July production was impacted by political disruptions in Bolivia, but is now fully operational.

"I am proud of the progress our employees are making to lower our costs and add high-quality silver and gold ounces to our production profile. However, we have our sights set on higher goals in the coming quarters. In June, we provided a three-year outlook reflecting further cost reductions, quality production growth, and rising EBITDA and free cash flow starting next year. With more than $200 million in liquidity at quarter end and long-dated debt maturities on our balance sheet, we are well-positioned to continue executing our strategy even at current metal prices."

 

Second Quarter 2015 Highlights

  • Silver production was 4.3 million ounces and gold production was 80,855 ounces, or 9.1 million silver equivalent1 ounces, a 13% increase as previously announced on July 9, 2015
  • Adjusted costs applicable to sales were $12.56 and adjusted all-in sustaining costs were $16.60 per silver equivalent ounce1, the lowest level since Coeur began reporting this metric in 2013
  • Adjusted costs applicable to sales per gold ounce1 at Kensington of $745 fell 7% from the first quarter
  • Adjusted costs applicable to sales per silver equivalent ounce1 at Palmarejo declined 9% from the first quarter to $13.21
  • Adjusted costs applicable to sales per silver equivalent ounce1 at Rochester were $12.01, down 7% from the first quarter
  • Adjusted costs applicable to sales per silver ounce1 at San Bartolomé dropped 8% from the first quarter to $13.26
  • Completed the acquisition of Paramount Gold and Silver Corp. and announced an 89% increase in silver reserves and a 76% increase in gold reserves at Palmarejo at a 31% higher average silver grade
  • On June 24, Coeur announced a 39% increase in Wharf's gold reserves. The addition of Wharf represents a 35% increase in Coeur's total gold reserves
  • On June 25, Coeur closed a new $100 million, five-year, senior secured term loan and repaid a pre-existing $50 million bridge loan due in the first quarter of 2016
  • Cash, cash equivalents, and short-term investments were $205.9 million at June 30

Full Year 2015 Outlook
Coeur is raising its 2015 total production guidance by approximately 2% to 33.1 - 35.9 million silver-equivalent ounces, consisting of 14.7 - 15.8 million silver ounces and 306,000 - 335,000 gold ounces. Coeur is also lowering its guidance for all-in sustaining costs per silver equivalent ounce1 by approximately 3% to $17.00 - $18.00. The revised guidance is mainly due to stronger than planned production at lower than expected costs at Palmarejo and Kensington, partially offset by lower than expected production at San Bartolomé, which experienced a temporary cessation of mining activity in July due to political disruptions in Bolivia.

2015 Production Outlook

(silver and silver equivalent ounces in thousands) Silver Gold Total Silver Equivalent
Palmarejo 4,200 - 4,700 62,000 - 67,000 7,920 - 8,720
San Bartolomé 5,300 - 5,500 - 5,300 - 5,500
Rochester 4,700 - 5,000 55,000 - 65,000 8,000 - 8,900
Endeavor 500 - 600 - 500 - 600
Kensington - 115,000 - 125,000 6,900 - 7,500
Wharf - 74,000 - 78,000 4,440 - 4,680
Total 14,700 - 15,800 306,000 - 335,000 33,060 - 35,900

2015 Cost Outlook

(dollars in millions, except per ounce amounts) New 2015 Guidance Old 2015 Guidance
Costs Applicable to Sales per Silver Equivalent Ounce1 - Palmarejo $15.00 - $16.00 $16.25 - $17.75
Costs Applicable to Sales per Silver Ounce1 - San Bartolomé $13.50 - $15.00 $13.50 - $15.00
Costs Applicable to Sales per Silver Equivalent Ounce1 - Rochester $12.50 - $14.00 $12.50 - $14.00
Costs Applicable to Sales per Gold Ounce - Kensington $850 - $900 $900 - $975
Costs Applicable to Sales per Gold Equivalent Ounce1 - Wharf $750 - $825 $750 - $825
Capital Expenditures $95 - $105 $95 - $105
General and Administrative Expenses $36 - $39 $36 - $39
Exploration Expense $13 - $16 $13 - $16
All-in Sustaining Costs per Silver Equivalent Ounce1 $17.00 - $18.00 $17.50 - $18.50

Financial Highlights (Unaudited)

(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Revenue $ 166.3   $ 153.0   $ 140.6   $ 170.9   $ 164.6  
Costs Applicable to Sales $ 119.1   $ 115.1   $ 126.5   $ 125.9   $ 118.7  
General and Administrative Expenses $ 8.5   $ 8.8   $ 9.0   $ 8.5   $ 9.4  
Adjusted EBITDA1 $ 34.7   $ 23.7   $ 7.8   $ 30.7   $ 32.9  
Net Income (Loss) $ (16.7 ) $ (33.3 ) $ (1,079.1 ) $ 3.5   $ (43.1 )
Net Income (Loss) Per Share $ (0.12 ) $ (0.32 ) $ (10.53 ) $ 0.03   $ (0.42 )
Adjusted Net Income (Loss)1 $ (14.5 ) $ (22.7 ) $ (37.5 ) $ (18.5 ) $ (21.5 )
Adjusted Net Income (Loss)1 Per Share $ (0.11 ) $ (0.22 ) $ (0.37 ) $ (0.18 ) $ (0.21 )
Weighted Average Shares 135.0   102.6   102.4   102.6   102.4  
Cash Flow From Operating Activities $ 36.9   $ (4.0 ) $ 0.7   $ 31.3   $ 30.5  
Capital Expenditures $ 23.7   $ 17.6   $ 20.1   $ 16.8   $ 15.4  
Cash, Equivalents & Short-Term Investments $ 205.9   $ 179.6   $ 270.9   $ 295.4   $ 316.8  
Total Debt2 $ 547.7   $ 513.5   $ 468.5   $ 469.5   $ 480.1  
Average Realized Price Per Ounce - Silver $ 16.23   $ 16.77   $ 16.40   $ 19.46   $ 19.60  
Average Realized Price Per Ounce - Gold $ 1,179   $ 1,204   $ 1,186   $ 1,260   $ 1,277  
Silver Ounces Produced 4.3   3.8   4.3   4.3   4.5  
Gold Ounces Produced 80,855   69,734   64,534   64,989   61,025  
Silver Equivalent Ounces Produced1 9.1   8.0   8.3   8.2   8.1  
Silver Ounces Sold 4.0   4.1   4.6   4.3   4.6  
Gold Ounces Sold 84,312   68,420   52,785   69,541   57,751  
Silver Equivalent Ounces Sold1 9.1 8.2   7.9 8.4 8.1
Adjusted Costs Applicable to Sales per AgEq Oz1 $ 12.56   $ 13.71   $ 14.43   $ 14.19   $ 14.00  
Adjusted Costs Applicable to Sales per AuEq Oz1 $ 816   $ 797   $ 792   $ 889   $ 821  
Adjusted All-in Sustaining Costs per AgEq Oz1 $ 16.60   $ 17.66   $ 19.25   $ 18.27   $ 19.10  

 

Financial Results

Second quarter 2015 revenue increased $13.3 million, or 9%, compared with the first quarter to $166.3 million due to a 10% increase in silver equivalent ounces sold, partially offset by lower metal prices. Average realized silver and gold prices decreased 3% and 2%, respectively, compared to the first quarter, to $16.23 per ounce for silver and $1,179 per ounce for gold. Silver contributed 40% of metal sales and gold contributed 60% during the second quarter.

General and administrative expenses decreased 4% from the first quarter to $8.5 million in the second quarter, and were down 9% compared to the second quarter of 2014. Capital expenditures of $23.7 million in the second quarter increased $6.1 million, or 34%, compared to the first quarter due to the inclusion of Wharf for the full quarter as well as higher spending for underground development at Kensington, Guadalupe mine development and additional tailings capacity at Palmarejo, and expanded crushing capacity and increased Stage III leach pad capacity at Rochester. For the first six months of 2015, general and administrative expenses were $17.3 million and capital expenditures were $41.3 million.

Second quarter adjusted EBITDA1 was $34.7 million and adjusted net loss1 was $14.5 million, or $0.11 per share, a 46% increase in adjusted EBITDA1 from $23.7 million and an $8.0 million improvement in adjusted net loss from $22.7 million, or $0.22 per share, in the first quarter mainly due to higher production and lower unit operating costs.

Coeur obtained a five-year $100 million senior secured term loan and repaid a $50 million short-term bridge loan during the second quarter, which raised total debt to $547.7 million at June 30, including $426.2 million in senior unsecured notes due in 2021. Cash, cash equivalents, and short-term investments totaled $205.9 million at the end of the second quarter, yielding a net debt balance of $341.8 million, a 2% increase compared to March 31.

 

Operations

Highlights of second quarter 2015 results for each of the Company's operating segments are provided below.

Palmarejo, Mexico

(Dollars in millions, except per ounce amounts) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Underground Operations:          
  Tons mined 172,730 149,150 187,730 169,656 177,359
  Average silver grade (oz/t) 3.90 4.34 4.49 4.88 6.15
  Average gold grade (oz/t) 0.09 0.07 0.06 0.10 0.11
Surface Operations:          
  Tons mined 257,862 281,481 320,802 343,001 320,583
  Average silver grade (oz/t) 3.47 3.79 2.90 3.09 3.72
  Average gold grade (oz/t) 0.03 0.04 0.03 0.03 0.03
Processing:          
  Total tons milled 435,841 451,918 510,813 518,212 534,718
  Average recovery rate - Ag 78.5% 78.7% 80.2% 82.7% 75.6%
  Average recovery rate - Au 76.2% 73.9% 78.7% 86.9% 78.9%
Silver ounces produced (000's) 1,247 1,354 1,444 1,533 1,761
Gold ounces produced 18,127 15,495 15,237 22,514 23,706
Silver equivalent ounces produced1 (000's) 2,335 2,284 2,359 2,883 3,183
Silver ounces sold (000's) 1,228 1,330 1,375 1,605 1,983
Gold ounces sold 15,706 13,793 16,255 23,600 25,753
Silver equivalent ounces sold1 (000's) 2,170 2,158 2,350 3,021 3,528
Revenues $38.9 $39.4 $42.2 $61.4 $72.4
Costs applicable to sales $30.1 $34.5 $48.1 $46.0 $49.6
Adjusted costs applicable to sales per AgEq ounce1 $13.21 $14.56 $15.70 $14.43 $13.48
Exploration expense $1.8 $1.1 $1.5 $2.6 $1.6
Cash flow from operating activities $9.7 $(0.2) $(3.2) $20.2 $27.4
Sustaining capital expenditures $2.7 $3.1 $5.5 $1.9 $5.3
Development capital expenditures $8.0 $6.1 $5.4 $4.0 $0.3
Total capital expenditures $10.7 $9.2 $10.9 $5.9 $5.6
Free cash flow (before royalties) $(1.0) $(9.4) $(14.1) $14.3 $21.8
Royalties paid $9.8 $10.4 $10.0 $11.4 $12.3
Free cash flow3 $(10.8) $(19.8) $(24.1) $2.9 $9.5
  • Adjusted costs applicable to sales per silver equivalent ounce1 of $13.21 decreased 9% from the first quarter due to lower underground mining costs, which also represented a higher proportion of production. Underground mining costs of $44 per ton quarter declined more than 30% from $64 per ton in the first quarter
  • Palmarejo continues the transition to underground mining at the Guadalupe mine and the Independencia mine (expected beginning early 2016) while mining activities in the historic zones gradually decline. Open-pit mining is expected to end during the second half of 2015
  • Development of the tunnel to Independencia is on track and expected to reach the ore body by the end of 2015
  • Raising 2015 production guidance by approximately 9% to 4.2 - 4.7 million ounces of silver and 62,000 - 67,000 ounces of gold from 3.9 - 4.3 million ounces of silver and 55,000 - 65,000 ounces of gold, while lowering costs applicable to sales per silver equivalent ounce1 guidance by approximately 9% to $15.00 - $16.00 from $16.25 - $17.75

Rochester, Nevada

(Dollars in millions, except per ounce amounts) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Ore tons placed 3,859,965 4,013,879 3,876,944 3,892,421 3,329,582
Average silver grade (oz/t) 0.61 0.74 0.60 0.51 0.58
Average gold grade (oz/t) 0.003 0.004 0.004 0.005 0.003
Silver ounces produced (000's) 1,294 1,144 1,170 1,156 1,112
Gold ounces produced 16,411 13,721 15,764 11,702 9,230
Silver equivalent ounces produced1 (000's) 2,279 1,967 2,116 1,858 1,666
Silver ounces sold (000's) 1,120 1,351 1,154 1,067 1,006
Gold ounces sold 15,085 17,754 14,131 8,932 8,970
Silver equivalent ounces sold1 (000's) 2,025 2,416 2,002 1,603 1,544
Revenues $36.3 $44.0 $36.0 $32.4 $31.2
Costs applicable to sales $24.4 $31.4 $28.7 $23.7 $24.4
Adjusted costs applicable to sales per silver equivalent ounce1 $12.01 $12.95 $13.82 $14.78 $15.73
Exploration expense $0.5 $0.7 $0.6 $0.1 $0.7
Cash flow from operating activities $8.8 $16.4 $10.2 $8.2 $4.3
Sustaining capital expenditures $2.4 $0.8 $2.7 $4.2 $4.0
Development capital expenditures $3.5 $2.5 $- $- $-
Total capital expenditures $5.9 $3.3 $2.7 $4.2 $4.0
Free cash flow3 $2.9 $13.1 $7.5 $4.0 $0.3
  • Second quarter adjusted costs applicable to sales per silver equivalent ounce1 were $12.01, down 7% from the first quarter due to lower crushing and leaching costs. Mining costs per ton of $1.39 declined 9% from $1.53 per ton in the first quarter
  • Operating cash flow of $8.8 million declined from the first quarter due to an increase in metal inventory and a decrease in accounts payable
  • Expected completion of the crushing capacity expansion and increased Stage III leach pad capacity during the third quarter
  • Approval for POA 10 (expansion of Stage IV leach pad and construction of new Stage V leach pad) is expected by early 2016. Minimal preparatory work for the Stage V leach pad expected in 2016 with major construction activity planned for 2017
  • In 2015, Rochester is expected to produce 4.7 - 5.0 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $12.50 - $14.00

Kensington, Alaska

(Dollars in millions, except per ounce amounts) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Tons milled 170,649 164,951 167,417 145,097 163,749
Average gold grade (oz/t) 0.18 0.24 0.21 0.23 0.18
Average recovery rate 94.9% 94.8% 94.2% 93.0% 94.5%
Gold ounces produced 29,845 33,909 33,533 30,773 28,089
Gold ounces sold 36,607 36,873 22,399 37,009 23,028
Revenues $42.5 $44.0 $26.0 $45.9 $29.0
Costs applicable to sales $27.5 $29.4 $18.9 $34.7 $23.2
Adjusted costs applicable to sales per gold ounce1 $745 $797 $792 $889 $821
Exploration expense $0.4 $1.7 $2.8 $2.6 $1.6
Cash flow from operating activities $12.0 $12.3 $(3.7) $17.0 $(0.6)
Sustaining capital expenditures $4.2 $4.1 $3.3 $3.6 $4.0
Development capital expenditures $0.5 $- $0.6 $- $-
Total capital expenditures $4.7 $4.1 $3.9 $3.6 $4.0
Free cash flow3 $7.3 $8.2 $(7.6) $13.4 $(4.6)
  • Strong mill throughput of approximately 1,875 tons per day and lower diesel and mining costs ($51 per ton, down from $55 per ton in the first quarter) caused a 7% decline in adjusted costs applicable to sales per gold ounce1 to $745 in the second quarter. Mining costs per ton declined 7% to $51 from $55 in the first quarter
  • Development of the decline into the high-grade Jualin deposit is now underway. Underground drilling at Jualin is expected to begin in early 2016
  • Raising 2015 production guidance and lowering 2015 cost guidance to 115,000 - 125,000 ounces of gold at costs applicable to sales per gold ounce of $850 - $900, improved approximately 7% from prior guidance of 110,000 - 115,000 ounces of gold at costs applicable to sales per gold ounce of $900 - $975

San Bartolomé, Bolivia

(Dollars in millions, except per ounce amounts) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Tons milled 457,232 406,951 454,135 471,938 437,975
Average silver grade (oz/t) 3.73 3.65 3.77 3.70 3.87
Average recovery rate 87.6% 81.6% 88.0% 86.5% 87.5%
Silver ounces produced (000's) 1,495 1,213 1,507 1,509 1,481
Silver ounces sold (000's) 1,439 1,290 1,987 1,438 1,494
Revenues $23.4 $21.5 $32.6 $28.4 $29.1
Costs applicable to sales $19.2 $19.1 $29.6 $20.4 $20.7
Adjusted costs applicable to sales per silver ounce1 $13.26 $14.47 $14.38 $13.67 $13.85
Exploration expense $- $- $- $- $0.1
Cash flow from operating activities $5.4 $5.0 $2.3 $12.3 $18.9
Sustaining capital expenditures $1.0 $0.9 $2.0 $2.8 $1.7
Development capital expenditures $- $- $- $- $-
Total capital expenditures $1.0 $0.9 $2.0 $2.8 $1.7
Free cash flow3 $4.4 $4.1 $0.3 $9.5 $17.2
  • Higher throughput, grade and recovery resulted in higher production and an 8% decline in adjusted costs applicable to sales per silver ounce to $13.26
  • On July 10, political protests in Potosi, Bolivia prompted a temporary cessation of mining activity at San Bartolomé. Processing activities were restarted on July 31 and mining activities have fully resumed. As a result, 2015 production guidance has been lowered to 5.3 - 5.5 million ounces of silver, down from 5.8 - 6.1 million previously while maintaining costs applicable to sales guidance of $13.50 - $15.00 per silver equivalent ounce1

Wharf, South Dakota

(Dollars in millions, except per ounce amounts) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Ore tons placed 887,409 415,996 - - -
Average gold grade (oz/t) 0.025 0.020 - - -
Gold equivalent ounces produced1 16,794 6,609 - - -
Gold equivalent ounces sold1 17,131 - - - -
Revenues $20.4 $- - - -
Costs applicable to sales $16.6 $- - - -
Adjusted costs applicable to sales per gold equivalent ounce1 $970 $- - - -
Exploration expense $- $- - - -
Cash flow from operating activities $8.2 $(7.2) - - -
Sustaining capital expenditures $1.2 $0.1 - - -
Development capital expenditures $- $- - - -
Total capital expenditures $1.2 $0.1 - - -
Free cash flow3 $7.0 $(7.3) - - -
  • The second quarter was the first full quarter of operating results since the acquisition closed on February 20, 2015
  • In June, Coeur announced a 39% increase in Wharf's gold reserves. A technical report was  filed today, reflecting an after-tax NPV10% of $138 million based on the current mine plan, average annual gold production of almost 90,000 ounces, and average annual operating cash flow of more than $30 million
  • Significantly higher production is expected in the second half of 2015 at lower unit costs mainly due to higher mining rates. For the full year, Wharf is expected to produce 74,000 - 78,000 ounces of gold at costs applicable to sales per gold equivalent ounce1 of $750 - $825. Capital expenditures are expected to be approximately $3.0 million in 2015

Coeur Capital

(Dollars in millions, except per ounce amounts) 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014
Tons milled 191,175 185,299 214,180 199,757 185,538
Average silver grade (oz/t) 2.35 1.69 1.99 1.44 1.41
Average recovery rate 45.4% 42.4% 44.9% 49.1% 42.4%
Silver ounces produced (000's) 204 133 191 141 111
Silver ounces sold (000's) 209 118 192 141 106
Metal sales $3.1 $1.9 $2.7 $2.4 $2.0
Royalty revenue $1.8 $2.0 $0.7 $0.6 $0.9
Costs applicable to sales (Endeavor silver stream) $1.4 $0.6 $1.1 $1.1 $0.8
Costs applicable to sales per silver equivalent ounce1 $6.46 $5.37 $5.69 $7.71 $7.94
Cash flow from operating activities $2.1 $2.2 $1.5 $2.4 $0.8
Free cash flow3 $2.1 $2.2 $1.5 $2.4 $0.8
  • There are five cash-flowing royalties and streams, four non-cash-flowing royalties, and several investments in junior mining companies held in Coeur Capital or its affiliates
  • Coeur Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At June 30, 2015, the Company has received 5.8 million ounces, or 29.0% of the total

Exploration

Costs associated with exploration activities for the second quarter of 2015 were $3.6 million (expensed) for discovery of new silver and gold mineralization and $2.2 million (capitalized) for definition and expansion of mineralized material. These amounts compare to exploration costs of $4.3 million expensed and $4.0 million capitalized in the first quarter. Coeur's exploration program used 11 drill rigs during the second quarter: 4 drills at Palmarejo, 3 at Kensington, 3 at Rochester, and 1 at Wharf. This work resulted in completion of over 120,131 feet (36,616 meters) of combined core and reverse circulation drilling.

Exploration expenses are expected to total $13 - $16 million in 2015, with additional capital allocated to resource conversion. Coeur will continue to use a success-based approach to funding exploration activities, with a near-term focus on higher grade targets at Palmarejo at and near the Guadalupe operation, drilling near-surface oxide targets at La Preciosa, drilling new targets near Wharf, mapping and sampling around Rochester and Kensington, and the selective acquisition and maintenance of early-stage projects.

 

Conference Call Information

Coeur will conduct a conference call and webcast at www.coeur.com to discuss the Company's second quarter results on August 5, 2015 at 11:00 a.m. Eastern time.

            Dial-In Numbers:        (855) 560-2581 (US)
                                                (855) 669-9657 (Canada)
                                                (412) 542-4166 (International)

            Conference ID:            Coeur Mining, Inc.

A replay of the call will be available on Coeur's website through August 19, 2015.

            Replay Numbers:        (877) 344-7529 (US)
                                                (855) 669-9658 (Canada)
                                                (412) 317-0088 (International)
           
            Conference ID:            100 68 701

About Coeur
Coeur Mining is the largest U.S.-based silver producer and a significant gold producer with five precious metals mines in the Americas employing approximately 2,100 people. 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, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. The Company also has a non-operating interest in the Endeavor mine in Australia in addition to royalties on the Cerro Bayo mine in Chile, the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition, the Company has two silver-gold exploration projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America.

Cautionary Statement
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated production, costs, EBITDA, cash flow, capital expenditures, expenses, mining rates, operations at Palmarejo, approval for POA 10, planned capital and expansion projects at Rochester, anticipated returns at Wharf, development activity at Kensington, and exploration efforts. 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 anticipated benefits of recent acquisitions are not realized, the risk that anticipated production, EBITDA, cash flow, and cost levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing 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 environment, the uncertainties inherent in Coeur's production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade variability, any future labor disputes or work stoppages (including those involving third parties), the uncertainties inherent in the estimation of gold and silver reserves and resources, changes that could result from Coeur's future acquisition of new mining properties or businesses, the absence of control over and reliance on third parties to operate mining operations in which Coeur or its subsidiaries hold royalty or streaming interests and risks related to these mining operations including results of mining and exploration activities, environmental, economic and political risks of the jurisdiction in which the mining operations are located, the loss of access to any third-party smelter to which Coeur markets silver and gold, the effects of environmental and other governmental regulations, 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.

W. David Tyler, Coeur's Vice President, Technical Services and a qualified person under Canadian National Instrument 43-101, supervised the preparation of the scientific and technical information concerning Coeur's mineral projects in this news release.  For a description of the key assumptions, parameters and methods used to estimate mineral reserves and 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, socio-political, marketing or other relevant factors, Canadian investors should refer to the Technical Reports for each of Coeur's properties as filed on SEDAR at www.sedar.com.

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 adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs. 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 adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs are important measures in assessing the Company's overall financial performance.

Notes

1. Adjusted EBITDA, adjusted net income (loss), all-in sustaining costs, adjusted all-in sustaining costs, costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), and adjusted costs applicable to sales per silver equivalent ounce are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, 60:1 silver to gold ratio.
2. Includes capital leases. Net of debt discount.
3. Free cash flow is defined as cash flow from operating activities less capital expenditures and royalty payments.

www.coeur.com

Coeur Mining, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)

  Three months ended June 30,   Six months ended June 30,
  2015   2014   2015   2014
  In thousands, except share data
Revenue $ 166,263     $ 164,562     $ 319,219     $ 324,195  
COSTS AND EXPENSES              
Costs applicable to sales 119,097     118,687     234,160     225,583  
Amortization 38,974     41,422     72,064     81,849  
General and administrative 8,451     9,398     17,286     23,294  
Exploration 3,579     5,153     7,845     9,370  
Pre-development, reclamation, and other 2,267     8,760     9,030     15,775  
Total costs and expenses 172,368     183,420     340,385     355,871  
OTHER INCOME (EXPENSE), NET              
Fair value adjustments, net 2,754     (8,282 )   (2,130 )   (19,717 )
Impairment of equity securities (31 )   (934 )   (1,545 )   (3,522 )
Interest income and other, net (2,821 )   (116 )   (3,817 )   (2,100 )
Interest expense, net of capitalized interest (10,734 )   (12,310 )   (21,499 )   (25,365 )
Total other income (expense), net (10,832 )   (21,642 )   (28,991 )   (50,704 )
Income (loss) before income and mining taxes (16,937 )   (40,500 )   (50,157 )   (82,380 )
Income and mining tax (expense) benefit 260     (2,621 )   192     2,068  
NET INCOME (LOSS) $ (16,677 )   $ (43,121 )   $ (49,965 )   $ (80,312 )
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:              
Unrealized gain (loss) on equity securities, net of tax of $7 for the three months ended June 30, 2015 and $487 and $253 for the three and six months ended June 30, 2014, respectively (1,312 )   (773 )   (2,813 )   (401 )
Reclassification adjustments for impairment of equity securities, net of tax of $(362) and $(1,363) for the three and six months ended June 30, 2014, respectively 31     572     1,545     2,159  
Reclassification adjustments for realized loss on sale of equity securities, net of tax of $(10) for the three and six months ended June 30, 2014, respectively 904     17     904     17  
Other comprehensive income (loss) (377 )   (184 )   (364 )   1,775  
COMPREHENSIVE INCOME (LOSS) $ (17,054 )   $ (43,305 )   $ (50,329 )   $ (78,537 )
               
NET INCOME (LOSS) PER SHARE              
Basic $ (0.12 )   $ (0.42 )   $ (0.42 )   $ (0.78 )
               
Diluted $ (0.12 )   $ (0.42 )   $ (0.42 )   $ (0.78 )

Coeur Mining, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows

  Three months ended June 30,   Six months ended June 30,
  2015   2014   2015   2014
  In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income (loss) $ (16,677 )   $ (43,121 )   $ (49,965 )   (80,312 )
Adjustments:              
Amortization 38,974     41,422     72,064     81,849  
Accretion 3,526     4,502     6,676     9,093  
Deferred income taxes (5,053 )   (3,844 )   (7,237 )   (15,705 )
Loss on termination of revolving credit facility -     -     -     3,035  
Fair value adjustments, net (2,754 )   8,282     2,130     19,717  
Stock-based compensation 2,604     2,385     4,754     4,950  
Impairment of equity securities 31     934     1,545     3,522  
Foreign exchange and other 4,224     (54 )   5,303     (869 )
Changes in operating assets and liabilities:              
Receivables (2,342 )   4,921     214     10,544  
Prepaid expenses and other current assets 160     3,551     (1,167 )   (4,558 )
Inventory and ore on leach pads 4,649     (1,606 )   5,333     (15,519 )
Accounts payable and accrued liabilities 9,521     13,118     (6,759 )   5,117  
CASH PROVIDED BY OPERATING ACTIVITIES 36,863     30,490     32,891     20,864  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Capital expenditures (23,677 )   (15,356 )   (41,297 )   (27,292 )
Acquisitions, net of cash acquired (9,152 )   (2,250 )   (111,170 )   (2,250 )
Other (103 )   12     (1,676 )   (13 )
Purchase of short-term investments and equity securities (1,597 )   (2,139 )   (1,873 )   (48,360 )
Sales and maturities of short-term investments 399     800     469     890  
CASH USED IN INVESTING ACTIVITIES (34,130 )   (18,933 )   (155,547 )   (77,025 )
CASH FLOWS FROM FINANCING ACTIVITIES:              
Issuance of notes and bank borrowings 100,000     -     153,500     153,000  
Payments on debt, capital leases, and associated costs (66,626 )   (2,851 )   (75,220 )   (6,962 )
Gold production royalty payments (9,754 )   (12,345 )   (20,122 )   (27,028 )
Other (72 )   (160 )   (495 )   (406 )
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 23,548     (15,356 )   57,663     118,604  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 26,281     (3,799 )   (64,993 )   62,443  
Cash and cash equivalents at beginning of period 179,587     272,932     270,861     206,690  
Cash and cash equivalents at end of period $ 205,868     $ 269,133     $ 205,868     $ 269,133  

Coeur Mining, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

    June 30, 2015
(Unaudited)
  December 31,
 2014
ASSETS   In thousands, except share data
CURRENT ASSETS        
Cash and cash equivalents   $ 205,868     $ 270,861  
Receivables   112,159     116,921  
Inventory   109,207     114,931  
Ore on leach pads   67,458     48,204  
Deferred tax assets   7,262     7,364  
Prepaid expenses and other   17,442     15,523  
    519,396     573,804  
NON-CURRENT ASSETS        
Property, plant and equipment, net   254,574     227,911  
Mining properties, net   864,884     501,192  
Ore on leach pads   32,663     37,889  
Restricted assets   8,377     7,037  
Equity securities   4,216     5,982  
Receivables   26,738     21,686  
Deferred tax assets   64,120     60,151  
Other   11,681     9,915  
TOTAL ASSETS   $ 1,786,649     $ 1,445,567  
LIABILITIES AND STOCKHOLDERS' EQUITY        
CURRENT LIABILITIES        
Accounts payable   $ 42,522     $ 49,052  
Accrued liabilities and other   47,590     51,513  
Debt   9,121     17,498  
Royalty obligations   41,999     43,678  
Reclamation   3,786     3,871  
Deferred tax liabilities   8,078     8,078  
    153,096     173,690  
NON-CURRENT LIABILITIES        
Debt   538,589     451,048  
Royalty obligations   12,675     27,651  
Reclamation   87,538     66,943  
Deferred tax liabilities   223,868     111,006  
Other long-term liabilities   43,233     29,911  
    905,903     686,559  
STOCKHOLDERS' EQUITY        
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 137,122,762 at June 30, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014   1,371     1,034  
Additional paid-in capital   2,982,019     2,789,695  
Accumulated other comprehensive income (loss)   (3,172 )   (2,808 )
Accumulated deficit   (2,252,568 )   (2,202,603 )
    727,650     585,318  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,786,649     $ 1,445,567  

Adjusted EBITDA Reconciliation

(Dollars in thousands except per share amounts) 2Q 2015   1Q 2015   4Q 2014   3Q 2014   2Q 2014
Net income (loss) $ (16,677 )   $ (33,287 )   $ (1,079,038 )   $ 3,466     $ (43,121 )
Interest expense, net of capitalized interest 10,734     10,765     10,566     11,615     12,311  
Interest income and other, net 2,821     997     (3,688 )   213     4,083  
Income tax provision (benefit) (260 )   68     (440,594 )   (16,582 )   2,621  
Amortization 38,974     33,090     38,570     41,985     41,422  
EBITDA 35,592     11,633     (1,474,184 )   40,697     17,316  
Fair value adjustments, net (2,754 )   4,884     (7,229 )   (16,106 )   8,281  
Impairment of equity securities 31     1,514     1,979     1,092     934  
Inventory adjustments 1,805     3,684     14,482     4,993     6,353  
Transaction-related costs 38     1,975     -     -     -  
Write-downs -     -     1,472,721     -     -  
Adjusted EBITDA $ 34,712     $ 23,690     $ 7,769     $ 30,676     $ 32,884  

Adjusted Net Income (Loss) Reconciliation

(Dollars in thousands except per share amounts) 2Q 2015   1Q 2015   4Q 2014   3Q 2014   2Q 2014
Net income (loss) $ (16,677 )   $ (33,287 )   $ (1,079,038 )   $ 3,466     $ (43,121 )
Fair value adjustments, net (2,618 )   4,339     (5,622 )   (13,026 )   6,498  
Stock-based compensation 2,529     2,410     1,807     2,417     2,299  
Impairment of equity securities 31     1,514     1,979     1,092     934  
Accretion of royalty obligation 1,147     1,315     1,992     1,374     1,789  
Write-downs -     -     1,021,756     -     -  
(Gain) loss on debt extinguishments 524     (253 )   (426 )   -     -  
Inventory adjustments 1,805     3,684     14,482     4,993     6,353  
Transaction-related costs 38     1,975     -     -     -  
Deferred tax asset valuation allowance 76     (3,464 )   -     -     -  
Foreign exchange (gain) loss on deferred taxes (1,305 )   (929 )   5,615     (18,801 )   3,711  
Adjusted net income (loss) $ (14,450 )   $ (22,696 )   $ (37,455 )   $ (18,485 )   $ (21,537 )
                   
Adjusted net income (loss) per share $ (0.11 )   $ (0.22 )   $ (0.37 )   $ (0.18 )   $ (0.21 )

Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended June 30, 2015

  Silver   Gold  
In thousands except per ounce amounts Palmarejo San Bartolomé Rochester Endeavor Total Silver   Kensington Wharf Total Gold Total Combined
Costs applicable to sales, including amor-
tization (U.S. GAAP)
$ 39,158   $ 24,428   $ 37,076   $ 3,204   $ 103,866     $ 40,136   $ 20,123   $ 60,259   $ 164,125  
Amor-
tization
9,046   5,271   12,684   1,852   28,853     12,684   3,491   16,175   45,028  
Costs applicable to sales $ 30,112   $ 19,157   $ 24,392   $ 1,352   $ 75,013     $ 27,452   $ 16,632   $ 44,084   $ 119,097  
Silver equivalent ounces sold 2,169,960   1,439,388   2,024,856   209,130   5,843,334           9,067,614  
Gold equivalent ounces sold             36,607   17,131   53,738    
Costs applicable to sales per ounce $ 13.88   $ 13.31   $ 12.05   $ 6.46   $ 12.84     $ 750   $ 971   $ 820   $ 13.13  
Inventory adjustments (0.67 ) (0.05 ) (0.04 ) -   (0.28 )   (5 ) (1 ) (4 ) (0.20 )
Adjusted costs applicable to sales per ounce $ 13.21   $ 13.26   $ 12.01   $ 6.46   $ 12.56     $ 745   $ 970   $ 816   $ 12.93  
                       
Costs applicable to sales                   $ 119,097  
Treatment and refining costs                   1,526  
Sustaining capital                   13,625  
General and administrative               8,451  
Exploration                   3,579  
Reclamation                   4,036  
Project/pre-development costs                   2,030  
All-in sustaining costs                   $ 152,344  
Silver equivalent ounces sold                   5,843,334  
Kensington and Wharf silver equivalent ounces sold               3,224,280  
Consolidated silver equivalent ounces sold                 9,067,614  
All-in sustaining costs per silver equivalent ounce               $ 16.80  
Inventory adjustments                   $ (0.20 )
Adjusted all-in sustaining costs per silver equivalent ounce               $ 16.60  

Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended March 31, 2015

    Silver   Gold    
In thousands except per ounce amounts   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
Costs applicable to sales, including amortization (U.S. GAAP)   $ 41,824     $ 23,818     $ 38,235     $ 1,892     $ 105,769     $ 40,973     $ 146,742  
Amortization   7,333     4,691     6,843     1,259     20,126     11,554     31,680  
Costs applicable to sales   $ 34,491     $ 19,127     $ 31,392     $ 633     $ 85,643     $ 29,419     $ 115,062  
Silver equivalent ounces sold   2,157,612     1,289,867     2,416,103     117,863     5,981,445         8,193,825  
Gold ounces sold                       36,873      
Costs applicable to sales per ounce   $ 15.99     $ 14.83     $ 12.99     $ 5.37     $ 14.32     $ 798     $ 14.04  
Inventory adjustments   (1.43 )   (0.36 )   (0.04 )   -     (0.61 )   (1 )   (0.45 )
Adjusted costs applicable to sales per ounce   $ 14.56     $ 14.47     $ 12.95     $ 5.37     $ 13.71     $ 797     $ 13.59  
                             
Costs applicable to sales                           $ 115,062  
Treatment and refining costs                           1,490  
Sustaining capital                           10,909  
General and administrative                           8,834  
Exploration                           4,266  
Reclamation                           2,924  
Project/pre-development costs                           4,873  
All-in sustaining costs                           $ 148,358  
Silver equivalent ounces sold                           5,981,445  
Kensington silver equivalent ounces sold                           2,212,380  
Consolidated silver equivalent ounces sold                           8,193,825  
All-in sustaining costs per silver equivalent ounce                       $ 18.11  
Inventory adjustments                           $ (0.45 )
Adjusted all-in sustaining costs per silver equivalent ounce                       $ 17.66  

Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended December 31, 2014

    Silver   Gold    
(Dollars in thousands except per ounce amounts)   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
Costs applicable to sales, including amortization (U.S. GAAP)   $ 64,397     $ 34,610     $ 34,611     $ 2,678     $ 136,296     $ 27,383     $ 163,679  
Amortization   16,235     4,993     5,955     1,586     28,769     8,458     37,227  
Costs applicable to sales   $ 48,162     $ 29,617     $ 28,656     $ 1,092     $ 107,527     $ 18,925     $ 126,452  
Silver equivalent ounces sold   2,350,080     1,985,952     2,001,976     191,983     6,529,991         7,873,931  
Gold ounces sold                       22,399      
Costs applicable to sales per ounce   $ 20.49     $ 14.91     $ 14.31     $ 5.69     $ 16.47     $ 845     $ 16.06  
Inventory adjustments   (4.79 )   (0.53 )   (0.49 )   -     (2.04 )   (53 )   (1.84 )
Adjusted costs applicable to sales per ounce   $ 15.70     $ 14.38     $ 13.82     $ 5.69     $ 14.43     $ 792     $ 14.22  
                             
Costs applicable to sales                           $ 126,452  
Treatment and refining costs                           994  
Sustaining capital                           18,492  
General and administrative                           9,036  
Exploration                           5,783  
Reclamation                           1,549  
Project/pre-development costs                           3,721  
All-in sustaining costs                           $ 166,027  
Silver equivalent ounces sold                           6,529,991  
Kensington silver equivalent ounces sold                           1,343,940  
Consolidated silver equivalent ounces sold                           7,873,931  
All-in sustaining costs per silver equivalent ounce                       $ 21.09  
Inventory adjustments                           $ (1.84 )
Adjusted all-in sustaining costs per silver equivalent ounce                       $ 19.25  

Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended September 30, 2014

    Silver   Gold    
(Dollars in thousands except per ounce amounts)   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
Costs applicable to sales, including amortization (U.S. GAAP)   $ 62,481     $ 25,564     $ 29,077     $ 1,998     $ 119,120     $ 47,555     $ 166,675  
Amortization   16,493     5,117     5,359     909     27,878     12,887     40,765  
Costs applicable to sales   $ 45,988     $ 20,447     $ 23,718     $ 1,089     $ 91,242     $ 34,668     $ 125,910  
Silver equivalent ounces sold   3,021,448     1,438,409     1,602,676     141,291      6,203,824         8,424,364  
Gold ounces sold                       37,009      
Costs applicable to sales per ounce   $ 15.22     $ 14.22     $ 14.80     $ 7.71     $ 14.71     $ 937     $ 14.95  
Inventory adjustments   (0.79 )   (0.55 )   (0.02 )   -     (0.52 )   (48 )   (0.59 )
Adjusted costs applicable to sales per ounce   $ 14.43     $ 13.67     $ 14.78     $ 7.71     $ 14.19     $ 889     $ 14.36  
                             
Costs applicable to sales                           $ 125,910  
Treatment and refining costs                           1,425  
Sustaining capital                           12,239  
General and administrative                           8,515  
Exploration                           6,587  
Reclamation                           2,041  
Project/pre-development costs                           2,154  
All-in sustaining costs                           $ 158,871  
Silver equivalent ounces sold                           6,203,824  
Kensington silver equivalent ounces sold                           2,220,540  
Consolidated silver equivalent ounces sold                           8,424,364  
All-in sustaining costs per silver equivalent ounce                       $ 18.86  
Inventory adjustments                           $ (0.59 )
Adjusted all-in sustaining costs per silver equivalent ounce                       $ 18.27  

Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
for Three Months Ended June 30, 2014

    Silver   Gold    
In thousands except per ounce amounts   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
Costs applicable to sales, including amortization (U.S. GAAP)   $ 67,595     $ 25,550     $ 29,406     $ 1,701     $ 124,252     $ 34,784     $ 159,036  
Amortization   18,044     4,855     5,025     859     28,783     11,566     40,349  
Costs applicable to sales   $ 49,551     $ 20,695     $ 24,381     $ 842     $ 95,469     $ 23,218     $ 118,687  
Silver equivalent ounces sold   3,528,240     1,494,100      1,544,461     106,126     6,672,927         8,054,607  
Gold ounces sold                       23,028      
Costs applicable to sales per ounce   $ 14.04     $ 13.85     $ 15.79     $ 7.94     $ 14.31     $ 1,008     $ 14.74  
Inventory adjustments   (0.56 )   -     (0.06 )   -     (0.31 )   (187 )   (0.79 )
Adjusted costs applicable to sales per ounce   $ 13.48     $ 13.85     $ 15.73     $ 7.94     $ 14.00     $ 821     $ 13.95  
                             
Costs applicable to sales                           $ 118,687  
Treatment and refining costs                           963  
Sustaining capital                           17,617  
General and administrative                           9,398  
Exploration                           5,153  
Reclamation                           1,964  
Project/pre-development costs                           6,388  
All-in sustaining costs                           $ 160,170  
Silver equivalent ounces sold                           6,672,927  
Kensington silver equivalent ounces sold                       1,381,680  
Consolidated silver equivalent ounces sold                           8,054,607  
All-in sustaining costs per silver equivalent ounce                       $ 19.89  
Inventory adjustments                           $ (0.79 )
Adjusted all-in sustaining costs per silver equivalent ounce                       $ 19.10  

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

 

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