Quarterly Results

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Fourth Quarter 2016 Highlights

  • Record production of 10.0 million silver equivalent ounces (AgEqOz)1 for the fourth quarter and 36.3 million AgEqOz1 for the full year
  • For primary silver operations, adjusted CAS per average spot AgEqOz1 for the fourth quarter and full year of $11.34 and $10.99, respectively
  • For primary gold operations, fourth quarter and full-year adjusted CAS per gold equivalent ounce (AuEqOz)1 of $676 and $688, respectively
  • Companywide adjusted AISC per average spot AgEqOz1 of $14.52 for the quarter and $14.09 for the full year
  • Capex for the quarter of $29.9 million, driven by ramp-up of Palmarejo underground operations at Guadalupe and Independencia, construction of Stage IV leach pad expansion at Rochester, and continued development of the Jualin decline at Kensington. Full-year capital expenditures of $101.0 million, below Company guidance of $105 - $115 million
  • Debt reduction efforts resulted in a 1.0x total debt1 to LTM adjusted EBITDA1 ratio at year-end
  • Several non-core assets monetized in 2016 for a total consideration of $23.8 million

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

"2016 marked a key inflection point for Coeur. Our silver equivalent production set a new Company record, operating and non-operating costs continued to decline, adjusted EBITDA increased materially, and we achieved strong earnings for the year. In addition, we delivered on our commitment to strengthen our balance sheet by reducing total debt by $280 million,” said Mitchell J. Krebs, Coeur's President and Chief Executive Officer.

"Coeur has entered 2017 well-positioned to continue delivering high-quality growth through ongoing initiatives at our Palmarejo, Kensington, and Rochester operations. In addition, our exploration programs targeting near-mine additions to reserves and resources have been accelerated and are expected to further enhance and extend the economics of our existing operations. Our team has done a terrific job executing our strategic plan and striving to establish a higher standard in all areas of the business."

Financial Highlights

(Amounts in millions, except per share amounts,
gold ounces produced & sold, and per-ounce metrics)
2016 4Q 2016 2015 4Q 2015
Revenue $ 665.8 $ 159.2 $ 646.1 $ 164.2
Costs Applicable to Sales $ 409.5 $ 102.0 $ 479.7 $ 125.3
Net Income (Loss) $ 55.4 $ (8.3) $ (367.2) $ (303.0)
Adjusted Net Income (Loss)1 $ 47.8 $ 2.8 $ (103.6) $ (44.0)
Adjusted EBITDA1 $ 215.2 $ 44.0 $ 127.9 $ 32.9
Cash Flow from Operating Activities $ 125.8 $ 25.5 $ 113.5 $ 43.5
Capital Expenditures $ 101.0 $ 29.9 $ 95.2 $ 30.0
Total Debt1 $ 210.9 $ 210.9 $ 490.4 $ 490.4
Silver Ounces Sold 14.3 3.4 16.5 4.4
Gold Ounces Sold 338,131 87,108 335,882 92,032
Silver Equivalent Ounces Sold1 34.6 8.6 36.7 9.9
Silver Equivalent Ounces Sold (Average Spot)1 39.0 9.6 41.4 11.3
Adjusted CAS per AgEqOz1 $ 11.73 $ 12.05 $ 12.75 $ 12.65
Adjusted CAS per Average Spot AgEqOz1 $ 10.99 $ 11.34 $ 11.87 $ 11.79
Adjusted CAS per AuEqOz1 $ 688 $ 676 $ 764 $ 663
Adjusted AISC per AgEqOz1 $ 15.88 $ 16.13 $ 16.16 $ 15.66
Adjusted AISC per Average Spot AgEqOz1 $ 14.09 $ 14.52 $ 14.32 $ 13.73
Notes
  1. EBITDA, adjusted EBITDA, net debt, total debt to LTM adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), all-in sustaining costs, and adjusted all-in sustaining costs are non-GAAP measures. Please see tables in the Appendix of the earnings release for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, a 60:1 silver to gold ratio is assumed except where noted as average spot prices. Please see table in the earnings release for average silver and gold spot prices during the period and the silver to gold ratio.

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