Quarterly Results

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First Quarter 2015 Highlights

  • Silver production was 3.8 million ounces and gold production was 69,734 ounces, or 8.0 million silver equivalent1 ounces
  • Adjusted all-in sustaining costs were $17.66 per silver equivalent ounce1, down 8% from the fourth quarter
  • Adjusted costs applicable to sales per silver equivalent ounce1 were $13.71, a 5% decrease from the fourth quarter and the lowest level in a year
  • Adjusted costs applicable to sales per gold ounce1 at Kensington were $797, almost unchanged from the fourth quarter
  • Adjusted costs applicable to sales per silver equivalent ounce1 at Palmarejo dropped 7% from the fourth quarter to $14.56
  • Adjusted costs applicable to sales per silver equivalent ounce1 at Rochester were $12.95, down 6% from the fourth quarter
  • Acquired the Wharf gold mine from a subsidiary of Goldcorp for $103 million in cash
  • Cash, cash equivalents, and short-term investments were $179.6 million at March 31, 2015
  • Shares issued and outstanding were 136.0 million as of May 1, 2015

From Coeur's President & Chief Executive Officer, Mitchell J. Krebs

“We are off to a strong start in 2015, tracking at or below our annual cost guidance in the first quarter. Falling oil prices and a weakening Mexican peso bode well for further cost improvement, as fuel represents approximately 7% of our total operating costs and about 50% of Palmarejo's costs are denominated in pesos,” said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. “In the past three months we closed two acquisitions, released a high-grade, high-margin, re-scoped mine plan for Kensington reflecting a significant new discovery, and announced a near-doubling in silver equivalent reserves at Palmarejo, reflecting higher grades from our Paramount acquisition and last year's discovery at Independencia. These are all important steps in our strategy to reduce unit costs, produce higher-quality ounces, and generate free cash flow at current metal prices. With $180 million in cash and cash equivalents, maintaining sufficient liquidity and a flexible balance sheet remains a top priority.”

Financial Highlights (Unaudited)

(Amounts in millions, expect per share amounts, gold ounces produced & sold, and per-ounce metrics) 1Q 2015 4Q 2014
Revenue $ 153.0 $ 140.6
Costs Applicable to Sales $ 115.1 $ 126.5
Adjusted EBITDA1 $ 21.7 $ 7.8
Net Income (Loss) $ (33.3) $ (1,079.1)
Adjusted Net Income (Loss)1 $ (24.4) $ (37.5)
Cash Flow From Operating Activities $ (4.0) $ 0.7
Silver Ounces Produced 4.1 4.6
Gold Ounces Produced 68,420 52,785
Silver Equivalent Ounces Sold1 8.2 7.9
Adjusted Costs Applicable to Sales per AgEq Oz1 $ 13.71 $ 14.43
Adj. Costs Applicable to Sales per Au Oz1 $ 797 $ 792
Adjusted All-in Sustaining Costs per AgEq Oz1 $ 17.66 $ 19.25
Notes
  1. Adjusted EBITDA, adjusted net income (loss), 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.

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Coeur Mining, Inc.
104 S. Michigan Avenue, Suite 900 Chicago, Illinois, 60603 - (312) 489-5800