Quarterly Results

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Third Quarter 2015 Highlights

  • Silver production was 3.8 million ounces and gold production was 85,769 ounces, or 9.0 million silver equivalent1 ounces
  • Silver sales were 4.0 million ounces and gold production was 91,118 ounces, or 9.5 million silver equivalent1 ounces, up 5% from the second quarter
  • Adjusted costs applicable to sales were $12.07 and adjusted all-in sustaining costs were $15.17 per silver equivalent ounce1, the lowest levels since Coeur began reporting these metrics in 2013
  • Adjusted costs applicable to sales per silver equivalent ounce1 at Palmarejo declined 14% from the second quarter to $11.40
  • Adjusted costs applicable to sales per gold equivalent ounce1 at Wharf dropped 26% from the second quarter to $716
  • Cash, cash equivalents, and short-term investments were $205.7 million at September 30

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

“Our third quarter results provide further evidence that our strategic initiatives are dramatically reshaping the Company. At Palmarejo, underground mining rates from the higher-grade Guadalupe deposit averaged 1,700 tons per day during the third quarter and the next target is 2,000 tons per day by the end of the year. Efforts to develop the newly-acquired Independencia underground deposit located approximately 800 meters from Guadalupe remain on-track to reach the ore body by the end of 2015. Mining from Independencia is expected to begin in the first quarter of 2016 and will become a second source of high-grade ore along with Guadalupe. As expected, we intersected high-grade mineralization while driving the tunnel from Guadalupe to Independencia, which has the potential to become a new source of high-grade ore.

“Along with several process-related improvements that have been implemented, the metallurgical characteristics of the ore from Guadalupe are resulting in significantly higher recovery rates for both silver and gold. We filed a new NI 43-101 technical report for Palmarejo today, which reflects the mine’s ongoing transition to underground mining and incorporates Independencia for the first time since closing the acquisition of Paramount Gold and Silver Corp. in April. Also included in the technical report are updated reserves for Palmarejo based on new silver and gold price assumptions, which provides the basis for a robust mine plan for the next seven years. The significant amount of resources and the opportunity to add further reserves and resources through our ongoing drilling activities makes us optimistic about the potential to further extend and enhance Palmarejo's operating and financial profile.”

Financial Highlights (Unaudited)

(Amounts in millions, expect per share amounts, gold ounces produced & sold, and per-ounce metrics) 3Q 2015 2Q 2015
Revenue $ 162.6 $ 166.3
Costs Applicable to Sales $ 120.2 $ 119.1
Adjusted EBITDA1 $ 31.4 $ 34.7
Net Income (Loss) $ (14.4) $ (16.7)
Adjusted Net Income (Loss)1 $ (21.8) $ (14.5)
Cash Flow From Operating Activities $ 36.29 $ 36.9
Silver Ounces Produced 3.8 3.8
Gold Ounces Produced 85,769 69,734
Silver Equivalent Ounces Produced1 9.0 8.0
Adjusted Costs Applicable to Sales per AgEq Oz1 $ 12.07 $ 12.56
Adjusted Costs Applicable to Sales per AuEq Oz1 $ 783 $ 816
Adjusted All-in Sustaining Costs per AgEq Oz1 $ 15.17 $ 16.60
Notes
  1. Adjusted EBITDA, adjusted net income (loss), adjusted all-in sustaining costs, and adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP of the 3Q 2014 Financial Results press release. For purposes of silver and gold equivalence a 60:1 silver to gold ratio is used unless otherwise noted.

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